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ET Q q 0 0 0 rg BT 98.72 78.45 Td (by ) Tj ET Q q 0 0 0 rg BT 108.68 78.45 Td (check ) Tj ET Q q 0 0 0 rg BT 129.29 78.45 Td (mark ) Tj ET Q q 0 0 0 rg BT 147.69 78.45 Td (whether ) Tj ET Q q 0 0 0 rg BT 175.41 78.45 Td (the ) Tj ET Q q 0 0 0 rg BT 187.14 78.45 Td (registrant: ) Tj ET Q q 0 0 0 rg BT 221.54 78.45 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 232.82 78.45 Td (has ) Tj ET Q q 0 0 0 rg BT 245.45 78.45 Td (filed ) Tj ET Q q 0 0 0 rg BT 262.07 78.45 Td (all ) Tj ET Q q 0 0 0 rg BT 272.02 78.45 Td (reports ) Tj ET Q q 0 0 0 rg BT 296.20 78.45 Td (required ) Tj ET Q q 0 0 0 rg BT 324.81 78.45 Td (to ) Tj ET Q q 0 0 0 rg BT 332.99 78.45 Td (be ) Tj ET Q q 0 0 0 rg BT 342.50 78.45 Td (filed ) Tj ET Q q 0 0 0 rg BT 359.12 78.45 Td (by ) Tj ET Q q 0 0 0 rg BT 369.08 78.45 Td (Section13 ) Tj ET Q q 0 0 0 rg BT 405.03 78.45 Td (or ) Tj ET Q q 0 0 0 rg BT 413.65 78.45 Td (15\(d\) ) Tj ET Q q 0 0 0 rg BT 432.94 78.45 Td (of ) Tj ET Q q 0 0 0 rg BT 441.56 78.45 Td (the ) Tj ET Q q 0 0 0 rg BT 453.30 78.45 Td (Securities ) Tj ET Q q 0 0 0 rg BT 486.80 78.45 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 519.87 78.45 Td (Act ) Tj ET Q q 0 0 0 rg BT 533.38 78.45 Td (of ) Tj ET Q q 0 0 0 rg BT 542.00 78.45 Td (1934 ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 54.00 68.85 Td (during ) Tj ET Q q 0 0 0 rg BT 76.20 68.85 Td (the ) Tj ET Q q 0 0 0 rg BT 87.29 68.85 Td (preceding ) Tj ET Q q 0 0 0 rg BT 120.14 68.85 Td (12 ) Tj ET Q q 0 0 0 rg BT 129.46 68.85 Td (months ) Tj ET Q q 0 0 0 rg BT 154.33 68.85 Td (\(or ) Tj ET Q q 0 0 0 rg BT 164.97 68.85 Td (for ) Tj ET Q q 0 0 0 rg BT 175.62 68.85 Td (such ) Tj ET Q q 0 0 0 rg BT 191.59 68.85 Td (shorter ) Tj ET Q q 0 0 0 rg BT 215.12 68.85 Td (period ) Tj ET Q q 0 0 0 rg BT 236.88 68.85 Td (that ) Tj ET Q q 0 0 0 rg BT 250.19 68.85 Td (the ) Tj ET Q q 0 0 0 rg BT 261.27 68.85 Td (registrant ) Tj ET Q q 0 0 0 rg BT 292.80 68.85 Td (was ) Tj ET Q q 0 0 0 rg BT 306.55 68.85 Td (required ) Tj ET Q q 0 0 0 rg BT 334.52 68.85 Td (to ) Tj ET Q q 0 0 0 rg BT 342.06 68.85 Td (file ) Tj ET Q q 0 0 0 rg BT 354.03 68.85 Td (such ) Tj ET Q q 0 0 0 rg BT 370.01 68.85 Td (reports\), ) Tj ET Q q 0 0 0 rg BT 398.21 68.85 Td (and ) Tj ET Q q 0 0 0 rg BT 411.07 68.85 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 421.71 68.85 Td (has ) Tj ET Q q 0 0 0 rg BT 433.69 68.85 Td (been ) Tj ET Q q 0 0 0 rg BT 450.11 68.85 Td (subject ) Tj ET Q q 0 0 0 rg BT 474.08 68.85 Td (to ) Tj ET Q q 0 0 0 rg BT 481.62 68.85 Td (such ) Tj ET Q q 0 0 0 rg BT 497.60 68.85 Td (filing ) Tj ET Q q 0 0 0 rg BT 516.24 68.85 Td (requirements ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 54.00 59.25 Td (for ) Tj ET Q q 0 0 0 rg BT 65.33 59.25 Td (the ) Tj ET Q q 0 0 0 rg BT 77.10 59.25 Td (past ) Tj ET Q q 0 0 0 rg BT 91.99 59.25 Td (90 ) Tj ET Q q 0 0 0 rg BT 101.99 59.25 Td (days. ) Tj ET Q q 0 0 0 rg BT 120.65 59.25 Td ( ) Tj ET Q q 0 0 0 rg BT 122.65 59.25 Td ( ) Tj ET Q q 0 0 0 rg BT 124.65 59.25 Td ( ) Tj ET Q q 0 0 0 rg BT 126.36 59.25 Td (Y) Tj ET Q q 0 0 0 rg BT 131.33 59.25 Td (es ) Tj ET Q q 0 0 0 rg BT 140.00 59.25 Td ( ) Tj ET Q /GS0 gs q 7.13 0 0 8.27 142.00 57.52 cm /I9 Do Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 149.13 59.25 Td ( ) Tj ET Q q 0 0 0 rg BT 151.13 59.25 Td ( ) Tj ET Q q 0 0 0 rg BT 153.13 59.25 Td ( ) Tj ET Q q 0 0 0 rg BT 155.13 59.25 Td ( ) Tj ET Q q 0 0 0 rg BT 157.13 59.25 Td (No ) Tj ET Q q 0 0 0 rg BT 168.91 59.25 Td ( ) Tj ET Q /GS0 gs q 7.13 0 0 8.27 170.91 57.52 cm /I10 Do Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 46.35 Td (Indicate ) Tj ET Q q 0 0 0 rg BT 98.37 46.35 Td (by ) Tj ET Q q 0 0 0 rg BT 107.97 46.35 Td (check ) Tj ET Q q 0 0 0 rg BT 128.23 46.35 Td (mark ) Tj ET Q q 0 0 0 rg BT 146.27 46.35 Td (whether ) Tj ET Q q 0 0 0 rg BT 173.64 46.35 Td (the ) Tj ET Q q 0 0 0 rg BT 185.02 46.35 Td (registrant ) Tj ET Q q 0 0 0 rg BT 216.84 46.35 Td (has ) Tj ET Q q 0 0 0 rg BT 229.11 46.35 Td (submitted ) Tj ET Q q 0 0 0 rg BT 262.27 46.35 Td (electronically ) Tj ET Q q 0 0 0 rg BT 307.41 46.35 Td (and ) Tj ET Q q 0 0 0 rg BT 320.56 46.35 Td (posted ) Tj ET Q q 0 0 0 rg BT 343.05 46.35 Td (on ) Tj ET Q q 0 0 0 rg BT 352.66 46.35 Td (its ) Tj ET Q q 0 0 0 rg BT 361.82 46.35 Td (corporate ) Tj ET Q q 0 0 0 rg BT 393.52 46.35 Td (W) Tj ET Q q 0 0 0 rg BT 400.43 46.35 Td (eb ) Tj ET Q q 0 0 0 rg BT 409.58 46.35 Td (site, ) Tj ET Q q 0 0 0 rg BT 424.30 46.35 Td (if ) Tj ET Q q 0 0 0 rg BT 430.79 46.35 Td (any) Tj ET Q q 0 0 0 rg BT 441.82 46.35 Td (, ) Tj ET Q q 0 0 0 rg BT 445.43 46.35 Td (every ) Tj ET Q q 0 0 0 rg BT 464.80 46.35 Td (Interactive ) Tj ET Q q 0 0 0 rg BT 500.60 46.35 Td (Data ) Tj ET Q q 0 0 0 rg BT 517.31 46.35 Td (File ) Tj ET Q q 0 0 0 rg BT 531.36 46.35 Td (required ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 54.00 36.75 Td (to ) Tj ET Q q 0 0 0 rg BT 62.26 36.75 Td (be ) Tj ET Q q 0 0 0 rg BT 71.84 36.75 Td (submitted ) Tj ET Q q 0 0 0 rg BT 105.43 36.75 Td (and ) Tj ET Q q 0 0 0 rg BT 119.02 36.75 Td (posted ) Tj ET Q q 0 0 0 rg BT 141.94 36.75 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 171.53 36.75 Td (to ) Tj ET Q q 0 0 0 rg BT 179.79 36.75 Td (Rule ) Tj ET Q q 0 0 0 rg BT 196.93 36.75 Td (405 ) Tj ET Q q 0 0 0 rg BT 210.96 36.75 Td (of ) Tj ET Q q 0 0 0 rg BT 219.66 36.75 Td (Regulation ) Tj ET Q q 0 0 0 rg BT 256.80 36.75 Td (S-T) Tj ET Q q 0 0 0 rg BT 268.66 36.75 Td ( ) Tj ET Q q 0 0 0 rg BT 270.70 36.75 Td (\(232.405 ) Tj ET Q q 0 0 0 rg BT 305.39 36.75 Td (of ) Tj ET Q q 0 0 0 rg BT 314.09 36.75 Td (this ) Tj ET Q q 0 0 0 rg BT 327.69 36.75 Td (chapter\) ) Tj ET Q q 0 0 0 rg BT 355.93 36.75 Td (during ) Tj ET Q q 0 0 0 rg BT 378.85 36.75 Td (the ) Tj ET Q q 0 0 0 rg BT 390.66 36.75 Td (preceding ) Tj ET Q q 0 0 0 rg BT 424.23 36.75 Td (12 ) Tj ET Q q 0 0 0 rg BT 434.27 36.75 Td (months ) Tj ET Q q 0 0 0 rg BT 459.86 36.75 Td (\(or ) Tj ET Q q 0 0 0 rg BT 471.22 36.75 Td (for ) Tj ET Q q 0 0 0 rg BT 482.59 36.75 Td (such ) Tj ET Q q 0 0 0 rg BT 499.29 36.75 Td (shorter ) Tj ET Q q 0 0 0 rg BT 523.54 36.75 Td (period ) Tj ET Q q 0 0 0 rg BT 546.01 36.75 Td (that ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 54.00 27.15 Td (the ) Tj ET Q q 0 0 0 rg BT 65.77 27.15 Td (registrant ) Tj ET Q q 0 0 0 rg BT 97.98 27.15 Td (was ) Tj ET Q q 0 0 0 rg BT 112.43 27.15 Td (required ) Tj ET Q q 0 0 0 rg BT 141.08 27.15 Td (to ) Tj ET Q q 0 0 0 rg BT 149.30 27.15 Td (submit ) Tj ET Q q 0 0 0 rg BT 173.08 27.15 Td (and ) Tj ET Q q 0 0 0 rg BT 186.63 27.15 Td (post ) Tj ET Q q 0 0 0 rg BT 201.97 27.15 Td (such ) Tj ET Q q 0 0 0 rg BT 218.63 27.15 Td (files\). ) Tj ET Q q 0 0 0 rg BT 239.07 27.15 Td (N/A) Tj ET Q endstream endobj 5 0 obj <> endobj 6 0 obj <> stream BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 768.50 Td (Indicate ) Tj ET Q q 0 0 0 rg BT 98.51 768.50 Td (by ) Tj ET Q q 0 0 0 rg BT 108.27 768.50 Td (check ) Tj ET Q q 0 0 0 rg BT 128.67 768.50 Td (mark ) Tj ET Q q 0 0 0 rg BT 146.86 768.50 Td (whether ) Tj ET Q q 0 0 0 rg BT 174.38 768.50 Td (the ) Tj ET Q q 0 0 0 rg BT 185.90 768.50 Td (registrant ) Tj ET Q q 0 0 0 rg BT 217.87 768.50 Td (is ) Tj ET Q q 0 0 0 rg BT 224.95 768.50 Td (a ) Tj ET Q q 0 0 0 rg BT 230.26 768.50 Td (lar) Tj ET Q q 0 0 0 rg BT 238.55 768.50 Td (ge ) Tj ET Q q 0 0 0 rg BT 247.85 768.50 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 285.57 768.50 Td (filer) Tj ET Q q 0 0 0 rg BT 298.57 768.50 Td (, ) Tj ET Q q 0 0 0 rg BT 302.32 768.50 Td (an ) Tj ET Q q 0 0 0 rg BT 311.63 768.50 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 349.34 768.50 Td (filer) Tj ET Q q 0 0 0 rg BT 362.35 768.50 Td (, ) Tj ET Q q 0 0 0 rg BT 366.10 768.50 Td (or ) Tj ET Q q 0 0 0 rg BT 374.52 768.50 Td (a ) Tj ET Q q 0 0 0 rg BT 379.82 768.50 Td (non-accelerated ) Tj ET Q q 0 0 0 rg BT 432.20 768.50 Td (filer) Tj ET Q q 0 0 0 rg BT 445.08 768.50 Td (. ) Tj ET Q q 0 0 0 rg BT 448.83 768.50 Td (See ) Tj ET Q q 0 0 0 rg BT 462.14 768.50 Td (definition ) Tj ET Q q 0 0 0 rg BT 494.99 768.50 Td (of ) Tj ET Q q 0 0 0 rg BT 503.41 768.50 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 544.68 768.50 Td (filer ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 54.00 758.90 Td (and ) Tj ET Q q 0 0 0 rg BT 67.55 758.90 Td (lar) Tj ET Q q 0 0 0 rg BT 75.84 758.90 Td (ge ) Tj ET Q q 0 0 0 rg BT 85.39 758.90 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 123.36 758.90 Td (filer ) Tj ET Q q 0 0 0 rg BT 142.23 758.90 Td (in ) Tj ET Q q 0 0 0 rg BT 150.46 758.90 Td (Rule ) Tj ET Q q 0 0 0 rg BT 167.57 758.90 Td (12b-2 ) Tj ET Q q 0 0 0 rg BT 188.23 758.90 Td (of ) Tj ET Q q 0 0 0 rg BT 196.89 758.90 Td (the ) Tj ET Q q 0 0 0 rg BT 208.67 758.90 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 241.77 758.90 Td (Act. ) Tj ET Q q 0 0 0 rg BT 257.32 758.90 Td (\(Check ) Tj ET Q q 0 0 0 rg BT 282.42 758.90 Td (one\):) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 94.00 739.65 Td (Lar) Tj ET Q q 0 0 0 rg BT 104.96 739.65 Td (ge accelerated filer ) Tj ET Q /GS0 gs q 7.13 0 0 8.27 169.80 737.93 cm /I11 Do Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 272.65 739.65 Td (Accelerated filer ) Tj ET Q /GS0 gs q 7.13 0 0 8.27 330.17 737.93 cm /I12 Do Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 435.05 739.65 Td (Non-accelerated filer ) Tj ET Q /GS0 gs q 7.13 0 0 8.27 506.78 737.93 cm /I13 Do Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 723.00 Td (Indicate ) Tj ET Q q 0 0 0 rg BT 98.76 723.00 Td (by ) Tj ET Q q 0 0 0 rg BT 108.76 723.00 Td (check ) Tj ET Q q 0 0 0 rg BT 129.41 723.00 Td (mark ) Tj ET Q q 0 0 0 rg BT 147.85 723.00 Td (which ) Tj ET Q q 0 0 0 rg BT 169.40 723.00 Td (basis ) Tj ET Q q 0 0 0 rg BT 187.40 723.00 Td (of ) Tj ET Q q 0 0 0 rg BT 196.07 723.00 Td (accounting ) Tj ET Q q 0 0 0 rg BT 233.16 723.00 Td (the ) Tj ET Q q 0 0 0 rg BT 244.94 723.00 Td (registrant ) Tj ET Q q 0 0 0 rg BT 277.15 723.00 Td (has ) Tj ET Q q 0 0 0 rg BT 289.81 723.00 Td (used ) Tj ET Q q 0 0 0 rg BT 306.48 723.00 Td (to ) Tj ET Q q 0 0 0 rg BT 314.70 723.00 Td (prepare ) Tj ET Q q 0 0 0 rg BT 340.68 723.00 Td (the ) Tj ET Q q 0 0 0 rg BT 352.45 723.00 Td (financial ) Tj ET Q q 0 0 0 rg BT 382.44 723.00 Td (statements ) Tj ET Q q 0 0 0 rg BT 418.21 723.00 Td (included ) Tj ET Q q 0 0 0 rg BT 447.75 723.00 Td (in ) Tj ET Q q 0 0 0 rg BT 455.98 723.00 Td (this ) Tj ET Q q 0 0 0 rg BT 469.54 723.00 Td (filing: ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 54.00 713.40 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 70.23 713.40 Td (GAAP) Tj ET Q q 0 0 0 rg BT 91.71 713.40 Td ( ) Tj ET Q q 0 0 0 rg BT 93.71 713.40 Td ( ) Tj ET Q /GS0 gs q 7.13 0 0 8.27 95.71 711.67 cm /I14 Do Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 102.84 713.40 Td ( ) Tj ET Q q 0 0 0 rg BT 104.84 713.40 Td ( ) Tj ET Q q 0 0 0 rg BT 106.84 713.40 Td ( ) Tj ET Q q 0 0 0 rg BT 108.84 713.40 Td ( ) Tj ET Q q 0 0 0 rg BT 110.84 713.40 Td (International ) Tj ET Q q 0 0 0 rg BT 153.71 713.40 Td (Financial ) Tj ET Q q 0 0 0 rg BT 185.48 713.40 Td (Reporting ) Tj ET Q q 0 0 0 rg BT 219.48 713.40 Td (Standards ) Tj ET Q q 0 0 0 rg BT 253.03 713.40 Td (as ) Tj ET Q q 0 0 0 rg BT 261.69 713.40 Td (issued ) Tj ET Q q 0 0 0 rg BT 283.69 713.40 Td (by ) Tj ET Q q 0 0 0 rg BT 293.69 713.40 Td (the ) Tj ET Q q 0 0 0 rg BT 305.46 713.40 Td (International ) Tj ET Q q 0 0 0 rg BT 347.89 713.40 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 387.22 713.40 Td (Standards ) Tj ET Q q 0 0 0 rg BT 420.77 713.40 Td (Board ) Tj ET Q q 0 0 0 rg BT 442.32 713.40 Td ( ) Tj ET Q /GS0 gs q 7.13 0 0 8.27 444.32 711.67 cm /I15 Do Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.45 713.40 Td ( ) Tj ET Q q 0 0 0 rg BT 453.45 713.40 Td ( ) Tj ET Q q 0 0 0 rg BT 455.45 713.40 Td ( ) Tj ET Q q 0 0 0 rg BT 457.45 713.40 Td ( ) Tj ET Q q 0 0 0 rg BT 459.45 713.40 Td (Other ) Tj ET Q q 0 0 0 rg BT 479.67 713.40 Td ( ) Tj ET Q /GS0 gs q 7.13 0 0 8.27 481.67 711.67 cm /I16 Do Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 700.50 Td (If ) Tj ET Q q 0 0 0 rg BT 77.83 700.50 Td (Other ) Tj ET Q q 0 0 0 rg BT 104.65 700.50 Td (has ) Tj ET Q q 0 0 0 rg BT 116.82 700.50 Td (been ) Tj ET Q q 0 0 0 rg BT 133.42 700.50 Td (checked ) Tj ET Q q 0 0 0 rg BT 161.13 700.50 Td (in ) Tj ET Q q 0 0 0 rg BT 168.85 700.50 Td (response ) Tj ET Q q 0 0 0 rg BT 198.35 700.50 Td (to ) Tj ET Q q 0 0 0 rg BT 206.07 700.50 Td (the ) Tj ET Q q 0 0 0 rg BT 217.35 700.50 Td (previous ) Tj ET Q q 0 0 0 rg BT 246.40 700.50 Td (question ) Tj ET Q q 0 0 0 rg BT 275.02 700.50 Td (indicate ) Tj ET Q q 0 0 0 rg BT 301.84 700.50 Td (by ) Tj ET Q q 0 0 0 rg BT 311.34 700.50 Td (check ) Tj ET Q q 0 0 0 rg BT 331.50 700.50 Td (mark ) Tj ET Q q 0 0 0 rg BT 349.44 700.50 Td (which ) Tj ET Q q 0 0 0 rg BT 370.49 700.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 399.98 700.50 Td (statement ) Tj ET Q q 0 0 0 rg BT 432.14 700.50 Td (item ) Tj ET Q q 0 0 0 rg BT 447.86 700.50 Td (the ) Tj ET Q q 0 0 0 rg BT 459.14 700.50 Td (registrant ) Tj ET Q q 0 0 0 rg BT 490.85 700.50 Td (has ) Tj ET Q q 0 0 0 rg BT 503.02 700.50 Td (elected ) Tj ET Q q 0 0 0 rg BT 527.17 700.50 Td (to ) Tj ET Q q 0 0 0 rg BT 534.89 700.50 Td (follow: ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 54.00 690.90 Td (Item ) Tj ET Q q 0 0 0 rg BT 70.66 690.90 Td (17 ) Tj ET Q q 0 0 0 rg BT 80.66 690.90 Td ( ) Tj ET Q /GS0 gs q 7.13 0 0 8.27 82.66 689.17 cm /I17 Do Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.79 690.90 Td ( ) Tj ET Q q 0 0 0 rg BT 91.79 690.90 Td ( ) Tj ET Q q 0 0 0 rg BT 93.79 690.90 Td (or ) Tj ET Q q 0 0 0 rg BT 102.45 690.90 Td ( ) Tj ET Q q 0 0 0 rg BT 104.45 690.90 Td (Item ) Tj ET Q q 0 0 0 rg BT 121.11 690.90 Td (18 ) Tj ET Q q 0 0 0 rg BT 131.11 690.90 Td ( ) Tj ET Q /GS0 gs q 7.13 0 0 8.27 133.11 689.17 cm /I18 Do Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 140.24 690.90 Td (.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 678.00 Td (If ) Tj ET Q q 0 0 0 rg BT 78.33 678.00 Td (this ) Tj ET Q q 0 0 0 rg BT 91.89 678.00 Td (is ) Tj ET Q q 0 0 0 rg BT 99.22 678.00 Td (an ) Tj ET Q q 0 0 0 rg BT 108.77 678.00 Td (annual ) Tj ET Q q 0 0 0 rg BT 132.10 678.00 Td (report, ) Tj ET Q q 0 0 0 rg BT 155.20 678.00 Td (indicate ) Tj ET Q q 0 0 0 rg BT 182.52 678.00 Td (by ) Tj ET Q q 0 0 0 rg BT 192.52 678.00 Td (check ) Tj ET Q q 0 0 0 rg BT 213.17 678.00 Td (mark ) Tj ET Q q 0 0 0 rg BT 231.61 678.00 Td (whether ) Tj ET Q q 0 0 0 rg BT 259.38 678.00 Td (the ) Tj ET Q q 0 0 0 rg BT 271.15 678.00 Td (registrant ) Tj ET Q q 0 0 0 rg BT 303.36 678.00 Td (is ) Tj ET Q q 0 0 0 rg BT 310.70 678.00 Td (a ) Tj ET Q q 0 0 0 rg BT 316.25 678.00 Td (shell ) Tj ET Q q 0 0 0 rg BT 333.36 678.00 Td (company ) Tj ET Q q 0 0 0 rg BT 364.68 678.00 Td (\(as ) Tj ET Q q 0 0 0 rg BT 376.01 678.00 Td (defined ) Tj ET Q q 0 0 0 rg BT 402.00 678.00 Td (in ) Tj ET Q q 0 0 0 rg BT 410.22 678.00 Td (Rule ) Tj ET Q q 0 0 0 rg BT 427.33 678.00 Td (12b-2 ) Tj ET Q q 0 0 0 rg BT 447.99 678.00 Td (of ) Tj ET Q q 0 0 0 rg BT 456.66 678.00 Td (the ) Tj ET Q q 0 0 0 rg BT 468.43 678.00 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 501.53 678.00 Td (Act\). ) Tj ET Q q 0 0 0 rg BT 519.74 678.00 Td ( ) Tj ET Q q 0 0 0 rg BT 521.74 678.00 Td ( ) Tj ET Q q 0 0 0 rg BT 523.74 678.00 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 54.00 668.40 Td (Y) Tj ET Q q 0 0 0 rg BT 58.98 668.40 Td (es ) Tj ET Q q 0 0 0 rg BT 67.64 668.40 Td ( ) Tj ET Q /GS0 gs q 7.13 0 0 8.27 69.64 666.67 cm /I19 Do Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 76.77 668.40 Td ( ) Tj ET Q q 0 0 0 rg BT 78.77 668.40 Td ( ) Tj ET Q q 0 0 0 rg BT 80.77 668.40 Td ( ) Tj ET Q q 0 0 0 rg BT 82.77 668.40 Td ( ) Tj ET Q q 0 0 0 rg BT 84.77 668.40 Td (No ) Tj ET Q q 0 0 0 rg BT 96.55 668.40 Td ( ) Tj ET Q /GS0 gs q 7.13 0 0 8.27 98.55 666.67 cm /I20 Do Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 54.00 655.50 Td (\(APPLICABLE ) Tj ET Q q 0 0 0 rg BT 107.11 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Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 113 453.8833984375 m 283.244140625 453.8833984375 l s q 0 0 1 rg BT 113.00 455.22 Td (History and Development of the Company) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 440.22 Td (B.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 113 438.8833984375 m 190.490234375 438.8833984375 l s q 0 0 1 rg BT 113.00 440.22 Td (Business Overview) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 425.22 Td (C.) 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Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 113 514.8333984375 m 189.3720703125 514.8333984375 l s q 0 0 1 rg BT 113.00 516.17 Td (Exchange Controls) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 501.17 Td (E.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 113 499.8333984375 m 147.84375 499.8333984375 l s q 0 0 1 rg BT 113.00 501.17 Td (T) Tj ET Q q 0 0 1 rg BT 118.41 501.17 Td (axation) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 486.17 Td (F.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 113 484.8333984375 m 231.603515625 484.8333984375 l s q 0 0 1 rg BT 113.00 486.17 Td (Dividends and Paying ) Tj ET Q q 0 0 1 rg BT 203.27 486.17 Td (Agents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 471.17 Td (G.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 113 469.8333984375 m 202.4287109375 469.8333984375 l s q 0 0 1 rg BT 113.00 471.17 Td (Statements by Experts) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 456.17 Td (H.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 113 454.8333984375 m 204.6552734375 454.8333984375 l s q 0 0 1 rg BT 113.00 456.17 Td (Documents on Display) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 441.17 Td (I.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 113 439.8333984375 m 206.0419921875 439.8333984375 l s q 0 0 1 rg BT 113.00 441.17 Td (Subsidiary Information) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 426.17 Td (Item 11.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 113 424.8333984375 m 354.62109375 424.8333984375 l s q 0 0 1 rg BT 113.00 426.17 Td (Quantitative and Qualitative Disclosures ) Tj ET Q q 0 0 1 rg BT 277.40 426.17 Td (About Market Risk) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 411.17 Td (Item 12.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 113 409.8333984375 m 328.5029296875 409.8333984375 l s q 0 0 1 rg BT 113.00 411.17 Td (Description of Securities Other than Equity Securities) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 396.17 Td (A.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 113 394.8333984375 m 174.3720703125 394.8333984375 l s q 0 0 1 rg BT 113.00 396.17 Td (Debt Securities) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 381.17 Td (B.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 113 379.8333984375 m 194.4013671875 379.8333984375 l s q 0 0 1 rg BT 113.00 381.17 Td (W) Tj ET Q q 0 0 1 rg BT 121.64 381.17 Td (arrants and Rights) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 366.17 Td (C.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 113 364.8333984375 m 177.7021484375 364.8333984375 l s q 0 0 1 rg BT 113.00 366.17 Td (Other Securities) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 351.17 Td (D.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 113 349.8333984375 m 227.9609375 349.8333984375 l s q 0 0 1 rg BT 113.00 351.17 Td (American Depositary Shares) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 288.45 330.8333984375 m 321.4724609375 330.8333984375 l s q 0 0 1 rg BT 288.45 332.17 Td (P) Tj ET Q q 0 0 1 rg BT 293.09 332.17 Td (AR) Tj ET Q q 0 0 1 rg BT 306.38 332.17 Td (T) Tj ET Q q 0 0 1 rg BT 312.31 332.17 Td ( II) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 313.17 Td (Item 13.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 113 311.8333984374999 m 311.5400390625 311.8333984374999 l s q 0 0 1 rg BT 113.00 313.17 Td (Defaults, Dividend ) Tj ET Q q 0 0 1 rg BT 191.04 313.17 Td (Arrearages and Delinquencies) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 298.17 Td (Item 14.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 113 296.8333984374999 m 424.3232421875 296.8333984374999 l s q 0 0 1 rg BT 113.00 298.17 Td (Material Modifications to the Rights of Security Holders and Use of Proceeds) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 283.17 Td (Item 15.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 113 281.8333984374999 m 211.3154296875 281.8333984374999 l s q 0 0 1 rg BT 113.00 283.17 Td (Controls and Procedures) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 268.17 Td (Item 16A.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 113 266.8333984374999 m 251.583984375 266.8333984374999 l s q 0 0 1 rg BT 113.00 268.17 Td (Audit Committee Financial Expert) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 253.17 Td (Item 16B.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 113 251.8333984374999 m 172.43359375 251.8333984374999 l s q 0 0 1 rg BT 113.00 253.17 Td (Code of Ethics) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 238.17 Td (Item 16C.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 113 236.8333984374999 m 271.291015625 236.8333984374999 l s q 0 0 1 rg BT 113.00 238.17 Td (Principal ) Tj ET Q q 0 0 1 rg BT 151.05 238.17 Td (Accountant Fees and Services) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 223.17 Td (Item 16D.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 113 221.8333984374999 m 359.9189453125 221.8333984374999 l s q 0 0 1 rg BT 113.00 223.17 Td (Exemptions from the Listing Standards for ) Tj ET Q q 0 0 1 rg BT 286.31 223.17 Td (Audit Committees) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 208.17 Td (Item 16E.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 113 206.8333984374999 m 391.916015625 206.8333984374999 l s q 0 0 1 rg BT 113.00 208.17 Td (Purchases of Equity Securities by the Issuer and ) Tj ET Q q 0 0 1 rg BT 307.40 208.17 Td (Af) Tj ET Q q 0 0 1 rg BT 317.78 208.17 Td (filiated Purchasers) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 193.17 Td (Item 16F.) 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w 0 i [] 0 d 1 J 1 j 3 M 527.5 123.83339843749991 m 542.5 123.83339843749991 l s q 0 0 1 rg BT 527.50 125.17 Td (140) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 527.5 108.83339843749991 m 542.5 108.83339843749991 l s q 0 0 1 rg BT 527.50 110.17 Td (140) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 527.5 93.83339843749991 m 542.5 93.83339843749991 l s q 0 0 1 rg BT 527.50 95.17 Td (140) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 527.5 78.83339843749991 m 542.5 78.83339843749991 l s q 0 0 1 rg BT 527.50 80.17 Td (141) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 11 0 obj <> endobj 12 0 obj <> stream BT 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ET Q q 0 0 0 rg BT 234.38 635.25 Td (may ) Tj ET Q q 0 0 0 rg BT 254.47 635.25 Td (require. ) Tj ET Q q 0 0 0 rg BT 288.16 635.25 Td ( ) Tj ET Q q 0 0 0 rg BT 291.03 635.25 Td (References ) Tj ET Q q 0 0 0 rg BT 338.32 635.25 Td (to ) Tj ET Q q 0 0 0 rg BT 348.98 635.25 Td (Fiat ) Tj ET Q q 0 0 0 rg BT 376.28 635.25 Td (refer ) Tj ET Q q 0 0 0 rg BT 398.03 635.25 Td (solely ) Tj ET Q q 0 0 0 rg BT 424.79 635.25 Td (to ) Tj ET Q q 0 0 0 rg BT 435.44 635.25 Td (Fiat ) Tj ET Q q 0 0 0 rg BT 453.87 635.25 Td (S.p.A., ) Tj ET Q q 0 0 0 rg BT 484.53 635.25 Td (the ) Tj ET Q q 0 0 0 rg BT 499.62 635.25 Td (predecessor ) Tj ET Q q 0 0 0 rg BT 549.70 635.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 623.25 Td (FCA. ) Tj ET Q q 0 0 0 rg BT 78.41 623.25 Td ( ) Tj ET Q q 0 0 0 rg BT 80.87 623.25 Td (References ) Tj ET Q q 0 0 0 rg BT 127.74 623.25 Td (to ) Tj ET Q q 0 0 0 rg BT 137.97 623.25 Td (the ) Tj ET Q q 0 0 0 rg BT 152.64 623.25 Td (Separation ) Tj ET Q q 0 0 0 rg BT 206.74 623.25 Td (refer ) Tj ET Q q 0 0 0 rg BT 228.06 623.25 Td (to ) Tj ET Q q 0 0 0 rg BT 238.30 623.25 Td (the ) Tj ET Q q 0 0 0 rg BT 252.97 623.25 Td (series ) Tj ET Q q 0 0 0 rg BT 278.19 623.25 Td (of ) Tj ET Q q 0 0 0 rg BT 288.98 623.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 339.20 623.25 Td (through ) Tj ET Q q 0 0 0 rg BT 372.76 623.25 Td (which ) Tj ET Q q 0 0 0 rg BT 399.66 623.25 Td (the ) Tj ET Q q 0 0 0 rg BT 414.33 623.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 444.00 623.25 Td (business ) Tj ET Q q 0 0 0 rg BT 480.34 623.25 Td (was ) Tj ET Q q 0 0 0 rg BT 498.35 623.25 Td (separated ) Tj ET Q q 0 0 0 rg BT 538.56 623.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 611.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 72.90 611.25 Td ( ) Tj ET Q q 0 0 0 rg BT 75.40 611.25 Td (as ) Tj ET Q q 0 0 0 rg BT 86.23 611.25 Td (described ) Tj ET Q q 0 0 0 rg BT 127.05 611.25 Td (under ) Tj ET Q q 0 0 0 rg BT 152.32 611.25 Td ("Item ) Tj ET Q q 0 0 0 rg BT 177.22 611.25 Td (4.A. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 196.94 611.25 Td (History ) Tj ET Q q 0 0 0 rg BT 229.44 611.25 Td (and ) Tj ET Q q 0 0 0 rg BT 246.94 611.25 Td (Development ) Tj ET Q q 0 0 0 rg BT 302.20 611.25 Td (of ) Tj ET Q q 0 0 0 rg BT 312.48 611.25 Td (the ) Tj ET Q q 0 0 0 rg BT 327.19 611.25 Td (Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.52 611.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 587.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 587.25 Td (See Basis of Preparation of the Consolidated Financial Statements below for additional information regarding the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 575.25 Td (financial presentation. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 551.25 Td (Note on Pr) Tj ET Q q 0 0 0 rg BT 99.92 551.25 Td (esentation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 527.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 527.25 Td (This ) Tj ET Q q 0 0 0 rg BT 110.21 527.25 Td (document ) Tj ET Q q 0 0 0 rg BT 152.07 527.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 187.83 527.25 Td (the ) Tj ET Q q 0 0 0 rg BT 202.48 527.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 255.45 527.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 292.86 527.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 337.50 527.25 Td (of ) Tj ET Q q 0 0 0 rg BT 348.26 527.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 377.90 527.25 Td (N.V) Tj ET Q q 0 0 0 rg BT 393.56 527.25 Td (. ) Tj ET Q q 0 0 0 rg BT 398.49 527.25 Td (for ) Tj ET Q q 0 0 0 rg BT 412.58 527.25 Td (the ) Tj ET Q q 0 0 0 rg BT 427.22 527.25 Td (years ) Tj ET Q q 0 0 0 rg BT 450.75 527.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 477.06 527.25 Td (December ) Tj ET Q q 0 0 0 rg BT 520.58 527.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 535.51 527.25 Td (2015, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 515.25 Td (2014 ) Tj ET Q q 0 0 0 rg BT 75.46 515.25 Td (and ) Tj ET Q q 0 0 0 rg BT 91.36 515.25 Td (2013 ) Tj ET Q q 0 0 0 rg BT 112.82 515.25 Td (prepared ) Tj ET Q q 0 0 0 rg BT 149.26 515.25 Td (in ) Tj ET Q q 0 0 0 rg BT 158.50 515.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 204.92 515.25 Td (with ) Tj ET Q q 0 0 0 rg BT 224.16 515.25 Td (International ) Tj ET Q q 0 0 0 rg BT 276.71 515.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 315.39 515.25 Td (Reporting ) Tj ET Q q 0 0 0 rg BT 356.84 515.25 Td (Standards ) Tj ET Q q 0 0 0 rg BT 397.74 515.25 Td (as ) Tj ET Q q 0 0 0 rg BT 407.53 515.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 433.99 515.25 Td (by ) Tj ET Q q 0 0 0 rg BT 445.46 515.25 Td (the ) Tj ET Q q 0 0 0 rg BT 459.13 515.25 Td (International ) Tj ET Q q 0 0 0 rg BT 511.36 515.25 Td (Accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 503.25 Td (Standards ) Tj ET Q q 0 0 0 rg BT 97.13 503.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 125.25 503.25 Td (\(IFRS\). ) Tj ET Q q 0 0 0 rg BT 167.83 503.25 Td (W) Tj ET Q q 0 0 0 rg BT 176.47 503.25 Td (e ) Tj ET Q q 0 0 0 rg BT 184.59 503.25 Td (refer ) Tj ET Q q 0 0 0 rg BT 207.15 503.25 Td (to ) Tj ET Q q 0 0 0 rg BT 218.61 503.25 Td (these ) Tj ET Q q 0 0 0 rg BT 242.84 503.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 297.07 503.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 335.74 503.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 381.64 503.25 Td (collectively ) Tj ET Q q 0 0 0 rg BT 431.97 503.25 Td (as ) Tj ET Q q 0 0 0 rg BT 443.99 503.25 Td (the ) Tj ET Q q 0 0 0 rg BT 459.89 503.25 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 520.79 503.25 Td (Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 491.25 Td (Statements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 467.25 Td (Basis ) Tj ET Q q 0 0 0 rg BT 78.17 467.25 Td (of ) Tj ET Q q 0 0 0 rg BT 88.45 467.25 Td (Pr) Tj ET Q q 0 0 0 rg BT 98.08 467.25 Td (eparation ) Tj ET Q q 0 0 0 rg BT 139.46 467.25 Td (of ) Tj ET Q q 0 0 0 rg BT 149.74 467.25 Td (the ) Tj ET Q q 0 0 0 rg BT 164.46 467.25 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 220.29 467.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 261.68 467.25 Td (Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 443.25 Td (As ) Tj ET Q q 0 0 0 rg BT 102.00 443.25 Td (explained ) Tj ET Q q 0 0 0 rg BT 142.76 443.25 Td (in ) Tj ET Q q 0 0 0 rg BT 152.43 443.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 173.76 443.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 180.65 443.25 Td (to ) Tj ET Q q 0 0 0 rg BT 190.32 443.25 Td (the ) Tj ET Q q 0 0 0 rg BT 204.42 443.25 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 259.09 443.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 298.19 443.25 Td (Statements ) Tj ET Q q 0 0 0 rg BT 343.96 443.25 Td (and ) Tj ET Q q 0 0 0 rg BT 360.29 443.25 Td (in ) Tj ET Q q 0 0 0 rg BT 369.96 443.25 Td ("Item ) Tj ET Q q 0 0 0 rg BT 394.25 443.25 Td (4 ) Tj ET Q q 0 0 0 rg BT 401.14 443.25 Td (- ) Tj ET Q q 0 0 0 rg BT 406.36 443.25 Td (Information ) Tj ET Q q 0 0 0 rg BT 456.02 443.25 Td (on ) Tj ET Q q 0 0 0 rg BT 467.91 443.25 Td (the ) Tj ET Q q 0 0 0 rg BT 482.01 443.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 522.79 443.25 Td (- ) Tj ET Q q 0 0 0 rg BT 528.01 443.25 Td (History ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 431.25 Td (and ) Tj ET Q q 0 0 0 rg BT 70.75 431.25 Td (Development ) Tj ET Q q 0 0 0 rg BT 126.93 431.25 Td (of ) Tj ET Q q 0 0 0 rg BT 137.57 431.25 Td (the ) Tj ET Q q 0 0 0 rg BT 152.10 431.25 Td (Company", ) Tj ET Q q 0 0 0 rg BT 199.88 431.25 Td (the ) Tj ET Q q 0 0 0 rg BT 214.41 431.25 Td (separation ) Tj ET Q q 0 0 0 rg BT 257.81 431.25 Td (of ) Tj ET Q q 0 0 0 rg BT 268.46 431.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 297.97 431.25 Td (S.p.A. ) Tj ET Q q 0 0 0 rg BT 325.57 431.25 Td (from ) Tj ET Q q 0 0 0 rg BT 347.32 431.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 366.22 431.25 Td ( ) Tj ET Q q 0 0 0 rg BT 368.53 431.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 386.39 431.25 Td ("Separation"\) ) Tj ET Q q 0 0 0 rg BT 442.96 431.25 Td (was ) Tj ET Q q 0 0 0 rg BT 460.82 431.25 Td (completed ) Tj ET Q q 0 0 0 rg BT 504.78 431.25 Td (on ) Tj ET Q q 0 0 0 rg BT 517.09 431.25 Td (January ) Tj ET Q q 0 0 0 rg BT 550.50 431.25 Td (3, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 419.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 76.88 419.25 Td (through ) Tj ET Q q 0 0 0 rg BT 110.88 419.25 Td (a ) Tj ET Q q 0 0 0 rg BT 118.20 419.25 Td (series ) Tj ET Q q 0 0 0 rg BT 143.85 419.25 Td (of ) Tj ET Q q 0 0 0 rg BT 155.06 419.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 205.71 419.25 Td (including ) Tj ET Q q 0 0 0 rg BT 246.37 419.25 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 258.69 419.25 Td (an ) Tj ET Q q 0 0 0 rg BT 271.01 419.25 Td (intra-group ) Tj ET Q q 0 0 0 rg BT 318.88 419.25 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 372.85 419.25 Td (which ) Tj ET Q q 0 0 0 rg BT 400.18 419.25 Td (resulted ) Tj ET Q q 0 0 0 rg BT 434.72 419.25 Td (in ) Tj ET Q q 0 0 0 rg BT 445.38 419.25 Td (our ) Tj ET Q q 0 0 0 rg BT 461.59 419.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 508.36 419.25 Td (of ) Tj ET Q q 0 0 0 rg BT 519.57 419.25 Td (the ) Tj ET Q q 0 0 0 rg BT 534.67 419.25 Td (assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 407.25 Td (and ) Tj ET Q q 0 0 0 rg BT 70.70 407.25 Td (business ) Tj ET Q q 0 0 0 rg BT 106.84 407.25 Td (of ) Tj ET Q q 0 0 0 rg BT 117.43 407.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 146.90 407.25 Td (North ) Tj ET Q q 0 0 0 rg BT 172.48 407.25 Td (Europe ) Tj ET Q q 0 0 0 rg BT 203.62 407.25 Td (Limited ) Tj ET Q q 0 0 0 rg BT 237.54 407.25 Td (and ) Tj ET Q q 0 0 0 rg BT 254.23 407.25 Td (the ) Tj ET Q q 0 0 0 rg BT 268.71 407.25 Td (transfer ) Tj ET Q q 0 0 0 rg BT 301.50 407.25 Td (by ) Tj ET Q q 0 0 0 rg BT 313.76 407.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 332.66 407.25 Td ( ) Tj ET Q q 0 0 0 rg BT 334.92 407.25 Td (of ) Tj ET Q q 0 0 0 rg BT 345.50 407.25 Td (its ) Tj ET Q q 0 0 0 rg BT 357.21 407.25 Td (90 ) Tj ET Q q 0 0 0 rg BT 369.47 407.25 Td (percent ) Tj ET Q q 0 0 0 rg BT 401.15 407.25 Td (shareholding ) Tj ET Q q 0 0 0 rg BT 455.06 407.25 Td (in ) Tj ET Q q 0 0 0 rg BT 465.10 407.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 494.56 407.25 Td (S.p.A. ) Tj ET Q q 0 0 0 rg BT 522.10 407.25 Td (to ) Tj ET Q q 0 0 0 rg BT 532.14 407.25 Td (us, ) Tj ET Q q 0 0 0 rg BT 545.79 407.25 Td (\(ii\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 395.25 Td (the ) Tj ET Q q 0 0 0 rg BT 69.38 395.25 Td (transfer ) Tj ET Q q 0 0 0 rg BT 103.08 395.25 Td (of ) Tj ET Q q 0 0 0 rg BT 114.57 395.25 Td (Piero ) Tj ET Q q 0 0 0 rg BT 138.83 395.25 Td (Ferrari) Tj ET Q q 0 0 0 rg BT 168.82 395.25 Td (s ) Tj ET Q q 0 0 0 rg BT 175.87 395.25 Td (10 ) Tj ET Q q 0 0 0 rg BT 189.03 395.25 Td (percent ) Tj ET Q q 0 0 0 rg BT 221.62 395.25 Td (shareholding ) Tj ET Q q 0 0 0 rg BT 276.43 395.25 Td (in ) Tj ET Q q 0 0 0 rg BT 287.37 395.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 317.74 395.25 Td (S.p.A. ) Tj ET Q q 0 0 0 rg BT 346.18 395.25 Td (to ) Tj ET Q q 0 0 0 rg BT 357.12 395.25 Td (us, ) Tj ET Q q 0 0 0 rg BT 371.68 395.25 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 389.83 395.25 Td (the ) Tj ET Q q 0 0 0 rg BT 405.21 395.25 Td (initial ) Tj ET Q q 0 0 0 rg BT 431.70 395.25 Td (public ) Tj ET Q q 0 0 0 rg BT 459.85 395.25 Td (of) Tj ET Q q 0 0 0 rg BT 468.00 395.25 Td (fering ) Tj ET Q q 0 0 0 rg BT 495.04 395.25 Td (of ) Tj ET Q q 0 0 0 rg BT 506.53 395.25 Td (our ) Tj ET Q q 0 0 0 rg BT 523.02 395.25 Td (common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 383.25 Td (shares, ) Tj ET Q q 0 0 0 rg BT 83.98 383.25 Td (and ) Tj ET Q q 0 0 0 rg BT 100.90 383.25 Td (\(iv\) ) Tj ET Q q 0 0 0 rg BT 117.82 383.25 Td (the ) Tj ET Q q 0 0 0 rg BT 132.53 383.25 Td (distribution, ) Tj ET Q q 0 0 0 rg BT 183.62 383.25 Td (following ) Tj ET Q q 0 0 0 rg BT 225.00 383.25 Td (the ) Tj ET Q q 0 0 0 rg BT 239.70 383.25 Td (initial ) Tj ET Q q 0 0 0 rg BT 265.51 383.25 Td (public ) Tj ET Q q 0 0 0 rg BT 292.99 383.25 Td (of) Tj ET Q q 0 0 0 rg BT 301.14 383.25 Td (fering, ) Tj ET Q q 0 0 0 rg BT 330.01 383.25 Td (of ) Tj ET Q q 0 0 0 rg BT 340.82 383.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 359.17 383.25 Td () Tj ET Q q 0 0 0 rg BT 361.94 383.25 Td (s ) Tj ET Q q 0 0 0 rg BT 368.32 383.25 Td (remaining ) Tj ET Q q 0 0 0 rg BT 411.35 383.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 443.27 383.25 Td (in ) Tj ET Q q 0 0 0 rg BT 453.53 383.25 Td (us ) Tj ET Q q 0 0 0 rg BT 464.91 383.25 Td (to ) Tj ET Q q 0 0 0 rg BT 475.17 383.25 Td (its ) Tj ET Q q 0 0 0 rg BT 487.11 383.25 Td (shareholders. ) Tj ET Q q 0 0 0 rg BT 542.45 383.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 371.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 105.05 371.25 Td (referred ) Tj ET Q q 0 0 0 rg BT 139.97 371.25 Td (to ) Tj ET Q q 0 0 0 rg BT 151.04 371.25 Td (in ) Tj ET Q q 0 0 0 rg BT 162.11 371.25 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 174.83 371.25 Td (and ) Tj ET Q q 0 0 0 rg BT 192.56 371.25 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 208.06 371.25 Td (are ) Tj ET Q q 0 0 0 rg BT 223.56 371.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 256.83 371.25 Td (in ) Tj ET Q q 0 0 0 rg BT 267.90 371.25 Td (the ) Tj ET Q q 0 0 0 rg BT 283.40 371.25 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 339.46 371.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 379.96 371.25 Td (Statements ) Tj ET Q q 0 0 0 rg BT 427.13 371.25 Td (as ) Tj ET Q q 0 0 0 rg BT 438.75 371.25 Td (the ) Tj ET Q q 0 0 0 rg BT 454.25 371.25 Td (Restructuring ) Tj ET Q q 0 0 0 rg BT 520.85 371.25 Td (and ) Tj ET Q q 0 0 0 rg BT 538.58 371.25 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 359.25 Td (completed ) Tj ET Q q 0 0 0 rg BT 97.92 359.25 Td (in ) Tj ET Q q 0 0 0 rg BT 107.96 359.25 Td (October ) Tj ET Q q 0 0 0 rg BT 142.44 359.25 Td (2015. ) Tj ET Q q 0 0 0 rg BT 167.04 359.25 Td (The ) Tj ET Q q 0 0 0 rg BT 184.85 359.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 230.99 359.25 Td (referred ) Tj ET Q q 0 0 0 rg BT 264.90 359.25 Td (to ) Tj ET Q q 0 0 0 rg BT 274.94 359.25 Td (in ) Tj ET Q q 0 0 0 rg BT 284.99 359.25 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 302.25 359.25 Td (was ) Tj ET Q q 0 0 0 rg BT 320.07 359.25 Td (completed ) Tj ET Q q 0 0 0 rg BT 363.99 359.25 Td (on ) Tj ET Q q 0 0 0 rg BT 376.25 359.25 Td (October ) Tj ET Q q 0 0 0 rg BT 410.73 359.25 Td (21, ) Tj ET Q q 0 0 0 rg BT 425.49 359.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 447.76 359.25 Td (when ) Tj ET Q q 0 0 0 rg BT 471.69 359.25 Td (the ) Tj ET Q q 0 0 0 rg BT 486.17 359.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 533.02 359.25 Td (shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 347.25 Td (were ) Tj ET Q q 0 0 0 rg BT 75.35 347.25 Td (admitted ) Tj ET Q q 0 0 0 rg BT 112.25 347.25 Td (to ) Tj ET Q q 0 0 0 rg BT 121.95 347.25 Td (listing ) Tj ET Q q 0 0 0 rg BT 148.87 347.25 Td (on ) Tj ET Q q 0 0 0 rg BT 160.79 347.25 Td (the ) Tj ET Q q 0 0 0 rg BT 174.93 347.25 Td (New ) Tj ET Q q 0 0 0 rg BT 195.44 347.25 Td (Y) Tj ET Q q 0 0 0 rg BT 201.66 347.25 Td (ork ) Tj ET Q q 0 0 0 rg BT 216.91 347.25 Td (Stock ) Tj ET Q q 0 0 0 rg BT 241.61 347.25 Td (Exchange. ) Tj ET Q q 0 0 0 rg BT 285.31 347.25 Td (The ) Tj ET Q q 0 0 0 rg BT 302.77 347.25 Td (distribution ) Tj ET Q q 0 0 0 rg BT 350.81 347.25 Td (referred ) Tj ET Q q 0 0 0 rg BT 384.36 347.25 Td (to ) Tj ET Q q 0 0 0 rg BT 394.06 347.25 Td (in ) Tj ET Q q 0 0 0 rg BT 403.75 347.25 Td (\(iv\) ) Tj ET Q q 0 0 0 rg BT 420.11 347.25 Td (was ) Tj ET Q q 0 0 0 rg BT 437.58 347.25 Td (completed ) Tj ET Q q 0 0 0 rg BT 481.15 347.25 Td (on ) Tj ET Q q 0 0 0 rg BT 493.06 347.25 Td (January ) Tj ET Q q 0 0 0 rg BT 526.08 347.25 Td (3, ) Tj ET Q q 0 0 0 rg BT 535.50 347.25 Td (2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 327.25 Td (The ) Tj ET Q q 0 0 0 rg BT 107.94 327.25 Td (Restructuring ) Tj ET Q q 0 0 0 rg BT 165.77 327.25 Td (comprised: ) Tj ET Q q 0 0 0 rg BT 213.59 327.25 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 226.42 327.25 Td (a ) Tj ET Q q 0 0 0 rg BT 234.25 327.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 264.30 327.25 Td (reor) Tj ET Q q 0 0 0 rg BT 280.21 327.25 Td (ganization ) Tj ET Q q 0 0 0 rg BT 325.26 327.25 Td (of ) Tj ET Q q 0 0 0 rg BT 336.98 327.25 Td (the ) Tj ET Q q 0 0 0 rg BT 352.59 327.25 Td (group ) Tj ET Q q 0 0 0 rg BT 379.31 327.25 Td (under ) Tj ET Q q 0 0 0 rg BT 405.47 327.25 Td (the ) Tj ET Q q 0 0 0 rg BT 421.08 327.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 463.36 327.25 Td (and ) Tj ET Q q 0 0 0 rg BT 481.19 327.25 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 496.80 327.25 Td (the ) Tj ET Q q 0 0 0 rg BT 512.41 327.25 Td (issuance ) Tj ET Q q 0 0 0 rg BT 549.68 327.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 315.25 Td (promissory ) Tj ET Q q 0 0 0 rg BT 101.00 315.25 Td (note ) Tj ET Q q 0 0 0 rg BT 120.22 315.25 Td (to ) Tj ET Q q 0 0 0 rg BT 129.99 315.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 148.90 315.25 Td ( ) Tj ET Q q 0 0 0 rg BT 150.89 315.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 168.44 315.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 191.78 315.25 Td ( ) Tj ET Q q 0 0 0 rg BT 193.78 315.25 Td (Note\) ) Tj ET Q q 0 0 0 rg BT 222.99 315.25 Td (which ) Tj ET Q q 0 0 0 rg BT 249.42 315.25 Td (was ) Tj ET Q q 0 0 0 rg BT 266.98 315.25 Td (subsequently ) Tj ET Q q 0 0 0 rg BT 321.19 315.25 Td (refinanced ) Tj ET Q q 0 0 0 rg BT 365.38 315.25 Td (through ) Tj ET Q q 0 0 0 rg BT 398.49 315.25 Td (the ) Tj ET Q q 0 0 0 rg BT 412.71 315.25 Td (issuance ) Tj ET Q q 0 0 0 rg BT 448.58 315.25 Td (of ) Tj ET Q q 0 0 0 rg BT 458.91 315.25 Td (third ) Tj ET Q q 0 0 0 rg BT 479.80 315.25 Td (party ) Tj ET Q q 0 0 0 rg BT 502.35 315.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 521.56 315.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 539.11 315.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 558.01 315.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 303.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 75.68 303.25 Td (and ) Tj ET Q q 0 0 0 rg BT 92.35 303.25 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 139.03 303.25 Td (refinancing ) Tj ET Q q 0 0 0 rg BT 186.80 303.25 Td (are ) Tj ET Q q 0 0 0 rg BT 201.24 303.25 Td (described ) Tj ET Q q 0 0 0 rg BT 241.80 303.25 Td (under ) Tj ET Q q 0 0 0 rg BT 266.80 303.25 Td (Item ) Tj ET Q q 0 0 0 rg BT 291.80 303.25 Td (5.B. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 310.71 303.25 Td (Liquidity ) Tj ET Q q 0 0 0 rg BT 349.06 303.25 Td (and ) Tj ET Q q 0 0 0 rg BT 366.30 303.25 Td (Capital ) Tj ET Q q 0 0 0 rg BT 398.54 303.25 Td (Resour) Tj ET Q q 0 0 0 rg BT 426.50 303.25 Td (cesIndebtedness ) Tj ET Q q 0 0 0 rg BT 502.61 303.25 Td (with ) Tj ET Q q 0 0 0 rg BT 522.07 303.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 540.78 303.25 Td ( ) Tj ET Q q 0 0 0 rg BT 543.02 303.25 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 291.25 Td (Refinancing ) Tj ET Q q 0 0 0 rg BT 104.94 291.25 Td (of ) Tj ET Q q 0 0 0 rg BT 115.34 291.25 Td (the ) Tj ET Q q 0 0 0 rg BT 130.18 291.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 148.88 291.25 Td ( ) Tj ET Q q 0 0 0 rg BT 151.51 291.25 Td (Note) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.39 291.25 Td (.\) ) Tj ET Q q 0 0 0 rg BT 183.28 291.25 Td (In ) Tj ET Q q 0 0 0 rg BT 194.23 291.25 Td (preparing ) Tj ET Q q 0 0 0 rg BT 235.17 291.25 Td (the ) Tj ET Q q 0 0 0 rg BT 250.01 291.25 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 305.40 291.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 345.24 291.25 Td (Statements, ) Tj ET Q q 0 0 0 rg BT 394.24 291.25 Td (the ) Tj ET Q q 0 0 0 rg BT 409.08 291.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 450.58 291.25 Td (has ) Tj ET Q q 0 0 0 rg BT 466.54 291.25 Td (retrospectively ) Tj ET Q q 0 0 0 rg BT 528.58 291.25 Td (applied ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 279.25 Td (FCA's ) Tj ET Q q 0 0 0 rg BT 81.77 279.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 104.39 279.25 Td (of ) Tj ET Q q 0 0 0 rg BT 115.34 279.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 161.83 279.25 Td (for ) Tj ET Q q 0 0 0 rg BT 176.11 279.25 Td (the ) Tj ET Q q 0 0 0 rg BT 190.94 279.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 223.00 279.25 Td (prior ) Tj ET Q q 0 0 0 rg BT 245.06 279.25 Td (to ) Tj ET Q q 0 0 0 rg BT 255.46 279.25 Td (the ) Tj ET Q q 0 0 0 rg BT 270.29 279.25 Td (Restructuring ) Tj ET Q q 0 0 0 rg BT 327.35 279.25 Td (presented ) Tj ET Q q 0 0 0 rg BT 368.28 279.25 Td (in ) Tj ET Q q 0 0 0 rg BT 378.68 279.25 Td (the ) Tj ET Q q 0 0 0 rg BT 393.52 279.25 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 448.91 279.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 488.74 279.25 Td (Statements ) Tj ET Q q 0 0 0 rg BT 535.24 279.25 Td (based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 267.25 Td (on ) Tj ET Q q 0 0 0 rg BT 66.50 267.25 Td (the ) Tj ET Q q 0 0 0 rg BT 81.22 267.25 Td (following:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 247.25 Td (\(i\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.00 247.25 Td (The capital reor) Tj ET Q q 0 0 0 rg BT 170.12 247.25 Td (ganization:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.00 223.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.00 223.25 Td (The ) Tj ET Q q 0 0 0 rg BT 147.21 223.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 187.76 223.25 Td (was ) Tj ET Q q 0 0 0 rg BT 204.97 223.25 Td (formed ) Tj ET Q q 0 0 0 rg BT 235.51 223.25 Td (by ) Tj ET Q q 0 0 0 rg BT 247.18 223.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 266.08 223.25 Td ( ) Tj ET Q q 0 0 0 rg BT 267.74 223.25 Td (solely ) Tj ET Q q 0 0 0 rg BT 293.29 223.25 Td (to ) Tj ET Q q 0 0 0 rg BT 302.73 223.25 Td (ef) Tj ET Q q 0 0 0 rg BT 310.32 223.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 326.97 223.25 Td (the ) Tj ET Q q 0 0 0 rg BT 340.84 223.25 Td (Separation ) Tj ET Q q 0 0 0 rg BT 385.27 223.25 Td (and ) Tj ET Q q 0 0 0 rg BT 401.37 223.25 Td (was ) Tj ET Q q 0 0 0 rg BT 418.59 223.25 Td (controlled ) Tj ET Q q 0 0 0 rg BT 460.79 223.25 Td (by ) Tj ET Q q 0 0 0 rg BT 472.45 223.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 491.35 223.25 Td ( ) Tj ET Q q 0 0 0 rg BT 493.02 223.25 Td (until ) Tj ET Q q 0 0 0 rg BT 513.02 223.25 Td (completion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.00 211.25 Td (of ) Tj ET Q q 0 0 0 rg BT 140.74 211.25 Td (the ) Tj ET Q q 0 0 0 rg BT 155.37 211.25 Td (Separation ) Tj ET Q q 0 0 0 rg BT 200.55 211.25 Td (on ) Tj ET Q q 0 0 0 rg BT 212.96 211.25 Td (January ) Tj ET Q q 0 0 0 rg BT 246.47 211.25 Td (3, ) Tj ET Q q 0 0 0 rg BT 256.38 211.25 Td (2016. ) Tj ET Q q 0 0 0 rg BT 281.12 211.25 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 325.45 211.25 Td (the ) Tj ET Q q 0 0 0 rg BT 340.07 211.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 369.14 211.25 Td (reor) Tj ET Q q 0 0 0 rg BT 385.06 211.25 Td (ganization ) Tj ET Q q 0 0 0 rg BT 429.12 211.25 Td (does ) Tj ET Q q 0 0 0 rg BT 449.86 211.25 Td (not ) Tj ET Q q 0 0 0 rg BT 465.05 211.25 Td (meet ) Tj ET Q q 0 0 0 rg BT 486.90 211.25 Td (the ) Tj ET Q q 0 0 0 rg BT 501.52 211.25 Td (definition ) Tj ET Q q 0 0 0 rg BT 542.82 211.25 Td (of ) Tj ET Q q 0 0 0 rg BT 553.56 211.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.00 199.25 Td (business ) Tj ET Q q 0 0 0 rg BT 165.68 199.25 Td (combination ) Tj ET Q q 0 0 0 rg BT 217.46 199.25 Td (in ) Tj ET Q q 0 0 0 rg BT 227.03 199.25 Td (the ) Tj ET Q q 0 0 0 rg BT 241.04 199.25 Td (context ) Tj ET Q q 0 0 0 rg BT 272.26 199.25 Td (of ) Tj ET Q q 0 0 0 rg BT 282.38 199.25 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 305.29 199.25 Td (3 ) Tj ET Q q 0 0 0 rg BT 312.08 199.25 Td (- ) Tj ET Q q 0 0 0 rg BT 317.20 199.25 Td (Business ) Tj ET Q q 0 0 0 rg BT 358.99 199.25 Td (Combinations ) Tj ET Q q 0 0 0 rg BT 421.33 199.25 Td (but ) Tj ET Q q 0 0 0 rg BT 435.90 199.25 Td (rather ) Tj ET Q q 0 0 0 rg BT 461.00 199.25 Td (a ) Tj ET Q q 0 0 0 rg BT 467.23 199.25 Td (combination ) Tj ET Q q 0 0 0 rg BT 519.01 199.25 Td (of ) Tj ET Q q 0 0 0 rg BT 529.13 199.25 Td (entities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.00 187.25 Td (under ) Tj ET Q q 0 0 0 rg BT 155.27 187.25 Td (common ) Tj ET Q q 0 0 0 rg BT 192.77 187.25 Td (control ) Tj ET Q q 0 0 0 rg BT 223.60 187.25 Td (and ) Tj ET Q q 0 0 0 rg BT 240.54 187.25 Td (as ) Tj ET Q q 0 0 0 rg BT 251.37 187.25 Td (such ) Tj ET Q q 0 0 0 rg BT 272.20 187.25 Td (is ) Tj ET Q q 0 0 0 rg BT 281.37 187.25 Td (excluded ) Tj ET Q q 0 0 0 rg BT 319.97 187.25 Td (from ) Tj ET Q q 0 0 0 rg BT 341.91 187.25 Td (the ) Tj ET Q q 0 0 0 rg BT 356.63 187.25 Td (scope ) Tj ET Q q 0 0 0 rg BT 381.90 187.25 Td (of ) Tj ET Q q 0 0 0 rg BT 392.73 187.25 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 416.36 187.25 Td (3. ) Tj ET Q q 0 0 0 rg BT 426.36 187.25 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 449.99 187.25 Td (has ) Tj ET Q q 0 0 0 rg BT 465.82 187.25 Td (no ) Tj ET Q q 0 0 0 rg BT 478.32 187.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 521.91 187.25 Td (guidance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.00 175.25 Td (in ) Tj ET Q q 0 0 0 rg BT 140.99 175.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 188.07 175.25 Td (for ) Tj ET Q q 0 0 0 rg BT 202.93 175.25 Td (such ) Tj ET Q q 0 0 0 rg BT 224.47 175.25 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 277.94 175.25 Td (IAS ) Tj ET Q q 0 0 0 rg BT 297.27 175.25 Td (8 ) Tj ET Q q 0 0 0 rg BT 305.47 175.25 Td (- ) Tj ET Q q 0 0 0 rg BT 312.01 175.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 366.31 175.25 Td (Policies, ) Tj ET Q q 0 0 0 rg BT 403.69 175.25 Td (Changes ) Tj ET Q q 0 0 0 rg BT 441.33 175.25 Td (in ) Tj ET Q q 0 0 0 rg BT 451.61 175.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 501.47 175.25 Td (Estimates ) Tj ET Q q 0 0 0 rg BT 543.56 175.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.00 163.25 Td (Errors ) Tj ET Q q 0 0 0 rg BT 162.08 163.25 Td (states ) Tj ET Q q 0 0 0 rg BT 186.95 163.25 Td (that ) Tj ET Q q 0 0 0 rg BT 204.59 163.25 Td (in ) Tj ET Q q 0 0 0 rg BT 215.02 163.25 Td (the ) Tj ET Q q 0 0 0 rg BT 229.89 163.25 Td (absence ) Tj ET Q q 0 0 0 rg BT 264.19 163.25 Td (of ) Tj ET Q q 0 0 0 rg BT 275.17 163.25 Td (an ) Tj ET Q q 0 0 0 rg BT 287.26 163.25 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 311.04 163.25 Td (which ) Tj ET Q q 0 0 0 rg BT 338.13 163.25 Td (specifically ) Tj ET Q q 0 0 0 rg BT 386.87 163.25 Td (applies ) Tj ET Q q 0 0 0 rg BT 417.84 163.25 Td (to ) Tj ET Q q 0 0 0 rg BT 428.27 163.25 Td (a ) Tj ET Q q 0 0 0 rg BT 435.36 163.25 Td (transaction, ) Tj ET Q q 0 0 0 rg BT 484.38 163.25 Td (the ) Tj ET Q q 0 0 0 rg BT 499.25 163.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 540.79 163.25 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.00 151.25 Td (consider ) Tj ET Q q 0 0 0 rg BT 167.66 151.25 Td (the ) Tj ET Q q 0 0 0 rg BT 183.67 151.25 Td (most ) Tj ET Q q 0 0 0 rg BT 206.90 151.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 235.11 151.25 Td (pronouncements ) Tj ET Q q 0 0 0 rg BT 305.00 151.25 Td (of ) Tj ET Q q 0 0 0 rg BT 317.11 151.25 Td (other ) Tj ET Q q 0 0 0 rg BT 341.45 151.25 Td (standard-setting ) Tj ET Q q 0 0 0 rg BT 409.11 151.25 Td (bodies ) Tj ET Q q 0 0 0 rg BT 439.00 151.25 Td (that ) Tj ET Q q 0 0 0 rg BT 457.78 151.25 Td (use ) Tj ET Q q 0 0 0 rg BT 474.90 151.25 Td (a ) Tj ET Q q 0 0 0 rg BT 483.13 151.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 514.69 151.25 Td (conceptual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.00 139.25 Td (framework ) Tj ET Q q 0 0 0 rg BT 176.70 139.25 Td (to ) Tj ET Q q 0 0 0 rg BT 187.31 139.25 Td (develop ) Tj ET Q q 0 0 0 rg BT 221.80 139.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 268.51 139.25 Td (standards ) Tj ET Q q 0 0 0 rg BT 309.11 139.25 Td (or ) Tj ET Q q 0 0 0 rg BT 320.27 139.25 Td (other ) Tj ET Q q 0 0 0 rg BT 343.65 139.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 390.36 139.25 Td (literature ) Tj ET Q q 0 0 0 rg BT 429.28 139.25 Td (and ) Tj ET Q q 0 0 0 rg BT 446.55 139.25 Td (accepted ) Tj ET Q q 0 0 0 rg BT 484.36 139.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 519.97 139.25 Td (practices, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.00 127.25 Td (to ) Tj ET Q q 0 0 0 rg BT 140.85 127.25 Td (the ) Tj ET Q q 0 0 0 rg BT 156.14 127.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 183.65 127.25 Td (that ) Tj ET Q q 0 0 0 rg BT 201.72 127.25 Td (these ) Tj ET Q q 0 0 0 rg BT 225.34 127.25 Td (do ) Tj ET Q q 0 0 0 rg BT 238.41 127.25 Td (not ) Tj ET Q q 0 0 0 rg BT 254.27 127.25 Td (conflict ) Tj ET Q q 0 0 0 rg BT 287.88 127.25 Td (with ) Tj ET Q q 0 0 0 rg BT 308.73 127.25 Td (the ) Tj ET Q q 0 0 0 rg BT 324.02 127.25 Td (requirements ) Tj ET Q q 0 0 0 rg BT 379.30 127.25 Td (in ) Tj ET Q q 0 0 0 rg BT 390.15 127.25 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 414.35 127.25 Td (for ) Tj ET Q q 0 0 0 rg BT 429.08 127.25 Td (dealing ) Tj ET Q q 0 0 0 rg BT 461.59 127.25 Td (with ) Tj ET Q q 0 0 0 rg BT 482.44 127.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 513.29 127.25 Td (and ) Tj ET Q q 0 0 0 rg BT 530.80 127.25 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.00 115.25 Td (issues ) Tj ET Q q 0 0 0 rg BT 157.02 115.25 Td (or ) Tj ET Q q 0 0 0 rg BT 168.47 115.25 Td (the ) Tj ET Q q 0 0 0 rg BT 183.81 115.25 Td (definitions, ) Tj ET Q q 0 0 0 rg BT 232.21 115.25 Td (recognition ) Tj ET Q q 0 0 0 rg BT 280.88 115.25 Td (criteria ) Tj ET Q q 0 0 0 rg BT 312.31 115.25 Td (and ) Tj ET Q q 0 0 0 rg BT 329.88 115.25 Td (measurement ) Tj ET Q q 0 0 0 rg BT 386.31 115.25 Td (concepts ) Tj ET Q q 0 0 0 rg BT 424.42 115.25 Td (for ) Tj ET Q q 0 0 0 rg BT 439.21 115.25 Td (assets, ) Tj ET Q q 0 0 0 rg BT 468.16 115.25 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 511.01 115.25 Td (income ) Tj ET Q q 0 0 0 rg BT 543.56 115.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.00 103.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 168.64 103.25 Td (in ) Tj ET Q q 0 0 0 rg BT 178.95 103.25 Td (the ) Tj ET Q q 0 0 0 rg BT 193.70 103.25 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 217.36 103.25 Td (Conceptual ) Tj ET Q q 0 0 0 rg BT 265.44 103.25 Td (Framework ) Tj ET Q q 0 0 0 rg BT 314.08 103.25 Td (for ) Tj ET Q q 0 0 0 rg BT 328.27 103.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 368.02 103.25 Td (Reporting ) Tj ET Q q 0 0 0 rg BT 410.55 103.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 428.64 103.25 Td (Framework\). ) Tj ET Q q 0 0 0 rg BT 491.42 103.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 540.76 103.25 Td (, ) Tj ET Q q 0 0 0 rg BT 545.79 103.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.00 91.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 170.72 91.25 Td (has ) Tj ET Q q 0 0 0 rg BT 185.87 91.25 Td (considered ) Tj ET Q q 0 0 0 rg BT 231.02 91.25 Td (the ) Tj ET Q q 0 0 0 rg BT 245.06 91.25 Td (guidance ) Tj ET Q q 0 0 0 rg BT 282.99 91.25 Td (in ) Tj ET Q q 0 0 0 rg BT 292.19 91.25 Td (ASC ) Tj ET Q q 0 0 0 rg BT 313.47 91.25 Td (805-50-30-5 ) Tj ET Q q 0 0 0 rg BT 365.29 91.25 Td (on ) Tj ET Q q 0 0 0 rg BT 377.12 91.25 Td (common ) Tj ET Q q 0 0 0 rg BT 413.94 91.25 Td (control ) Tj ET Q q 0 0 0 rg BT 444.10 91.25 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 496.19 91.25 Td (which ) Tj ET Q q 0 0 0 rg BT 522.46 91.25 Td (indicates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.00 79.25 Td (that ) Tj ET Q q 0 0 0 rg BT 148.61 79.25 Td (the ) Tj ET Q q 0 0 0 rg BT 164.44 79.25 Td (receiving ) Tj ET Q q 0 0 0 rg BT 205.26 79.25 Td (entity ) Tj ET Q q 0 0 0 rg BT 231.65 79.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 250.81 79.25 Td (Company\) ) Tj ET Q q 0 0 0 rg BT 296.65 79.25 Td (is ) Tj ET Q q 0 0 0 rg BT 306.93 79.25 Td (able ) Tj ET Q q 0 0 0 rg BT 327.20 79.25 Td (to ) Tj ET Q q 0 0 0 rg BT 338.60 79.25 Td (reflect ) Tj ET Q q 0 0 0 rg BT 367.74 79.25 Td (the ) Tj ET Q q 0 0 0 rg BT 383.58 79.25 Td (transferred ) Tj ET Q q 0 0 0 rg BT 430.50 79.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 457.44 79.25 Td (and ) Tj ET Q q 0 0 0 rg BT 475.50 79.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 516.33 79.25 Td (in ) Tj ET Q q 0 0 0 rg BT 527.72 79.25 Td (its ) Tj ET Q q 0 0 0 rg BT 540.79 79.25 Td (own ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.00 67.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 176.69 67.25 Td (records ) Tj ET Q q 0 0 0 rg BT 208.95 67.25 Td (at ) Tj ET Q q 0 0 0 rg BT 218.98 67.25 Td (the ) Tj ET Q q 0 0 0 rg BT 234.02 67.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 270.16 67.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 302.98 67.25 Td (in ) Tj ET Q q 0 0 0 rg BT 313.58 67.25 Td (the ) Tj ET Q q 0 0 0 rg BT 328.62 67.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 375.31 67.25 Td (records ) Tj ET Q q 0 0 0 rg BT 407.56 67.25 Td (of ) Tj ET Q q 0 0 0 rg BT 418.72 67.25 Td (the ) Tj ET Q q 0 0 0 rg BT 433.75 67.25 Td (transferring ) Tj ET Q q 0 0 0 rg BT 483.22 67.25 Td (entity ) Tj ET Q q 0 0 0 rg BT 508.82 67.25 Td (\(FCA\). ) Tj ET Q q 0 0 0 rg BT 539.63 67.25 Td (As ) Tj ET Q q 0 0 0 rg BT 553.57 67.25 Td (a ) Tj ET Q endstream endobj 13 0 obj <> endobj 14 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 302.00 30.20 Td (II) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.00 742.10 Td (result, ) Tj ET Q q 0 0 0 rg BT 157.30 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 172.11 742.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 227.47 742.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 267.27 742.10 Td (Statements ) Tj ET Q q 0 0 0 rg BT 313.74 742.10 Td (include ) Tj ET Q q 0 0 0 rg BT 345.76 742.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 364.10 742.10 Td () Tj ET Q q 0 0 0 rg BT 366.88 742.10 Td (s ) Tj ET Q q 0 0 0 rg BT 373.36 742.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 410.92 742.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 449.06 742.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 482.19 742.10 Td (to ) Tj ET Q q 0 0 0 rg BT 492.56 742.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 522.35 742.10 Td (S.p.A. ) Tj ET Q q 0 0 0 rg BT 550.22 742.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.00 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 144.72 730.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 177.21 730.10 Td (of ) Tj ET Q q 0 0 0 rg BT 188.04 730.10 Td (780,542 ) Tj ET Q q 0 0 0 rg BT 228.04 730.10 Td (thousand. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.00 706.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.00 706.10 Td (The ) Tj ET Q q 0 0 0 rg BT 149.67 706.10 Td (retrospective ) Tj ET Q q 0 0 0 rg BT 205.42 706.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 253.42 706.10 Td (for ) Tj ET Q q 0 0 0 rg BT 269.19 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 285.53 706.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 316.30 706.10 Td (reor) Tj ET Q q 0 0 0 rg BT 332.22 706.10 Td (ganization ) Tj ET Q q 0 0 0 rg BT 377.99 706.10 Td (is ) Tj ET Q q 0 0 0 rg BT 388.77 706.10 Td (consistent ) Tj ET Q q 0 0 0 rg BT 432.89 706.10 Td (with ) Tj ET Q q 0 0 0 rg BT 454.79 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 471.12 706.10 Td (principles ) Tj ET Q q 0 0 0 rg BT 514.67 706.10 Td (underlying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.00 694.10 Td (paragraph ) Tj ET Q q 0 0 0 rg BT 172.45 694.10 Td (64 ) Tj ET Q q 0 0 0 rg BT 184.92 694.10 Td (of ) Tj ET Q q 0 0 0 rg BT 195.73 694.10 Td (IAS ) Tj ET Q q 0 0 0 rg BT 214.31 694.10 Td (33 ) Tj ET Q q 0 0 0 rg BT 226.78 694.10 Td (- ) Tj ET Q q 0 0 0 rg BT 232.59 694.10 Td (Earnings ) Tj ET Q q 0 0 0 rg BT 275.05 694.10 Td (per ) Tj ET Q q 0 0 0 rg BT 290.29 694.10 Td (Share ) Tj ET Q q 0 0 0 rg BT 319.97 694.10 Td (which ) Tj ET Q q 0 0 0 rg BT 346.88 694.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 381.56 694.10 Td (calculation ) Tj ET Q q 0 0 0 rg BT 427.90 694.10 Td (of ) Tj ET Q q 0 0 0 rg BT 438.70 694.10 Td (basic ) Tj ET Q q 0 0 0 rg BT 461.72 694.10 Td (and ) Tj ET Q q 0 0 0 rg BT 478.64 694.10 Td (diluted ) Tj ET Q q 0 0 0 rg BT 508.88 694.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 545.23 694.10 Td (per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.00 682.10 Td (share ) Tj ET Q q 0 0 0 rg BT 154.04 682.10 Td (for ) Tj ET Q q 0 0 0 rg BT 168.64 682.10 Td (all ) Tj ET Q q 0 0 0 rg BT 181.58 682.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 213.96 682.10 Td (presented ) Tj ET Q q 0 0 0 rg BT 255.22 682.10 Td (to ) Tj ET Q q 0 0 0 rg BT 265.94 682.10 Td (be ) Tj ET Q q 0 0 0 rg BT 278.32 682.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 314.58 682.10 Td (retrospectively ) Tj ET Q q 0 0 0 rg BT 376.95 682.10 Td (if ) Tj ET Q q 0 0 0 rg BT 386.00 682.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 421.15 682.10 Td (occur ) Tj ET Q q 0 0 0 rg BT 446.29 682.10 Td (to ) Tj ET Q q 0 0 0 rg BT 457.01 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 472.17 682.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 501.77 682.10 Td (structure ) Tj ET Q q 0 0 0 rg BT 539.69 682.10 Td (after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.00 670.10 Td (the ) Tj ET Q q 0 0 0 rg BT 144.43 670.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 183.30 670.10 Td (period ) Tj ET Q q 0 0 0 rg BT 211.05 670.10 Td (but ) Tj ET Q q 0 0 0 rg BT 226.04 670.10 Td (before ) Tj ET Q q 0 0 0 rg BT 253.79 670.10 Td (the ) Tj ET Q q 0 0 0 rg BT 268.22 670.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 305.42 670.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 349.84 670.10 Td (are ) Tj ET Q q 0 0 0 rg BT 364.26 670.10 Td (authorized ) Tj ET Q q 0 0 0 rg BT 408.67 670.10 Td (for ) Tj ET Q q 0 0 0 rg BT 422.54 670.10 Td (issue. ) Tj ET Q q 0 0 0 rg BT 447.26 670.10 Td (SAB ) Tj ET Q q 0 0 0 rg BT 468.76 670.10 Td (T) Tj ET Q q 0 0 0 rg BT 474.17 670.10 Td (opic ) Tj ET Q q 0 0 0 rg BT 493.60 670.10 Td (4C ) Tj ET Q q 0 0 0 rg BT 507.48 670.10 Td (also ) Tj ET Q q 0 0 0 rg BT 525.80 670.10 Td (requires ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.00 658.10 Td (that ) Tj ET Q q 0 0 0 rg BT 147.22 658.10 Td (such ) Tj ET Q q 0 0 0 rg BT 167.78 658.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 202.21 658.10 Td (be ) Tj ET Q q 0 0 0 rg BT 213.87 658.10 Td (given ) Tj ET Q q 0 0 0 rg BT 238.32 658.10 Td (retroactive ) Tj ET Q q 0 0 0 rg BT 283.29 658.10 Td (ef) Tj ET Q q 0 0 0 rg BT 290.88 658.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 308.09 658.10 Td (in ) Tj ET Q q 0 0 0 rg BT 318.09 658.10 Td (the ) Tj ET Q q 0 0 0 rg BT 332.54 658.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 365.29 658.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 388.07 658.10 Td (where ) Tj ET Q q 0 0 0 rg BT 414.72 658.10 Td (they ) Tj ET Q q 0 0 0 rg BT 434.16 658.10 Td (occur ) Tj ET Q q 0 0 0 rg BT 458.59 658.10 Td (after ) Tj ET Q q 0 0 0 rg BT 479.14 658.10 Td (the ) Tj ET Q q 0 0 0 rg BT 493.58 658.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 532.46 658.10 Td (period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.00 646.10 Td (but ) Tj ET Q q 0 0 0 rg BT 145.59 646.10 Td (before ) Tj ET Q q 0 0 0 rg BT 173.95 646.10 Td (the ) Tj ET Q q 0 0 0 rg BT 188.98 646.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 226.77 646.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 271.80 646.10 Td (are ) Tj ET Q q 0 0 0 rg BT 286.82 646.10 Td (authorized ) Tj ET Q q 0 0 0 rg BT 331.84 646.10 Td (for ) Tj ET Q q 0 0 0 rg BT 346.31 646.10 Td (issue. ) Tj ET Q q 0 0 0 rg BT 371.42 646.10 Td (The ) Tj ET Q q 0 0 0 rg BT 389.79 646.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 419.25 646.10 Td (reor) Tj ET Q q 0 0 0 rg BT 435.17 646.10 Td (ganization ) Tj ET Q q 0 0 0 rg BT 479.64 646.10 Td (has ) Tj ET Q q 0 0 0 rg BT 495.78 646.10 Td (been ) Tj ET Q q 0 0 0 rg BT 517.47 646.10 Td (accounted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.00 634.10 Td (for ) Tj ET Q q 0 0 0 rg BT 143.29 634.10 Td (as ) Tj ET Q q 0 0 0 rg BT 153.25 634.10 Td (though ) Tj ET Q q 0 0 0 rg BT 182.66 634.10 Td (it ) Tj ET Q q 0 0 0 rg BT 189.85 634.10 Td (had ) Tj ET Q q 0 0 0 rg BT 205.92 634.10 Td (occurred ) Tj ET Q q 0 0 0 rg BT 242.52 634.10 Td (ef) Tj ET Q q 0 0 0 rg BT 250.11 634.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 278.95 634.10 Td (January ) Tj ET Q q 0 0 0 rg BT 311.67 634.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 320.81 634.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 342.44 634.10 Td (in ) Tj ET Q q 0 0 0 rg BT 351.85 634.10 Td (the ) Tj ET Q q 0 0 0 rg BT 365.69 634.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 420.10 634.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 458.94 634.10 Td (Statements. ) Tj ET Q q 0 0 0 rg BT 506.95 634.10 Td (In ) Tj ET Q q 0 0 0 rg BT 516.91 634.10 Td (particular:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.00 610.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.00 610.10 Td (The ) Tj ET Q q 0 0 0 rg BT 171.29 610.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 207.91 610.10 Td (of ) Tj ET Q q 0 0 0 rg BT 218.98 610.10 Td (156,917,727 ) Tj ET Q q 0 0 0 rg BT 271.72 610.10 Td (common ) Tj ET Q q 0 0 0 rg BT 309.45 610.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 337.18 610.10 Td (and ) Tj ET Q q 0 0 0 rg BT 354.36 610.10 Td (161,917,727 ) Tj ET Q q 0 0 0 rg BT 407.10 610.10 Td (special ) Tj ET Q q 0 0 0 rg BT 437.61 610.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 465.91 610.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 493.64 610.10 Td (in ) Tj ET Q q 0 0 0 rg BT 504.16 610.10 Td (the ) Tj ET Q q 0 0 0 rg BT 519.11 610.10 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.00 598.10 Td (to ) Tj ET Q q 0 0 0 rg BT 163.76 598.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 182.67 598.10 Td ( ) Tj ET Q q 0 0 0 rg BT 185.65 598.10 Td (has ) Tj ET Q q 0 0 0 rg BT 201.97 598.10 Td (been ) Tj ET Q q 0 0 0 rg BT 223.83 598.10 Td (reflected ) Tj ET Q q 0 0 0 rg BT 261.79 598.10 Td (as ) Tj ET Q q 0 0 0 rg BT 273.10 598.10 Td (an ) Tj ET Q q 0 0 0 rg BT 285.53 598.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 321.27 598.10 Td (in ) Tj ET Q q 0 0 0 rg BT 332.03 598.10 Td (share ) Tj ET Q q 0 0 0 rg BT 356.12 598.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 385.75 598.10 Td (and ) Tj ET Q q 0 0 0 rg BT 403.18 598.10 Td (share ) Tj ET Q q 0 0 0 rg BT 427.26 598.10 Td (premium ) Tj ET Q q 0 0 0 rg BT 466.35 598.10 Td (in ) Tj ET Q q 0 0 0 rg BT 477.11 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 492.32 598.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 529.19 598.10 Td (of ) Tj ET Q q 0 0 0 rg BT 540.50 598.10 Td (3.2 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.00 586.10 Td (million ) Tj ET Q q 0 0 0 rg BT 184.39 586.10 Td (and ) Tj ET Q q 0 0 0 rg BT 201.33 586.10 Td (5,096.8 ) Tj ET Q q 0 0 0 rg BT 238.83 586.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 272.72 586.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 320.38 586.10 Td (, ) Tj ET Q q 0 0 0 rg BT 325.38 586.10 Td (with ) Tj ET Q q 0 0 0 rg BT 345.66 586.10 Td (an ) Tj ET Q q 0 0 0 rg BT 357.60 586.10 Td (of) Tj ET Q q 0 0 0 rg BT 365.75 586.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 382.69 586.10 Td (to ) Tj ET Q q 0 0 0 rg BT 392.97 586.10 Td (retained ) Tj ET Q q 0 0 0 rg BT 427.67 586.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 464.04 586.10 Td (of ) Tj ET Q q 0 0 0 rg BT 474.88 586.10 Td (5.1 ) Tj ET Q q 0 0 0 rg BT 494.88 586.10 Td (billion. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.00 574.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.00 574.10 Td (The ) Tj ET Q q 0 0 0 rg BT 170.85 574.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 207.03 574.10 Td (of ) Tj ET Q q 0 0 0 rg BT 217.66 574.10 Td (27,003,873 ) Tj ET Q q 0 0 0 rg BT 264.96 574.10 Td (common ) Tj ET Q q 0 0 0 rg BT 302.26 574.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 329.55 574.10 Td (and ) Tj ET Q q 0 0 0 rg BT 346.29 574.10 Td (special ) Tj ET Q q 0 0 0 rg BT 376.36 574.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 404.22 574.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 431.51 574.10 Td (in ) Tj ET Q q 0 0 0 rg BT 441.59 574.10 Td (the ) Tj ET Q q 0 0 0 rg BT 456.11 574.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 497.30 574.10 Td (to ) Tj ET Q q 0 0 0 rg BT 507.38 574.10 Td (Piero ) Tj ET Q q 0 0 0 rg BT 530.79 574.10 Td (Ferrari ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.00 562.10 Td (has ) Tj ET Q q 0 0 0 rg BT 168.39 562.10 Td (been ) Tj ET Q q 0 0 0 rg BT 189.33 562.10 Td (reflected ) Tj ET Q q 0 0 0 rg BT 226.36 562.10 Td (as ) Tj ET Q q 0 0 0 rg BT 236.75 562.10 Td (an ) Tj ET Q q 0 0 0 rg BT 248.25 562.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 283.06 562.10 Td (in ) Tj ET Q q 0 0 0 rg BT 292.90 562.10 Td (share ) Tj ET Q q 0 0 0 rg BT 316.06 562.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 344.77 562.10 Td (and ) Tj ET Q q 0 0 0 rg BT 361.27 562.10 Td (share ) Tj ET Q q 0 0 0 rg BT 384.43 562.10 Td (premium ) Tj ET Q q 0 0 0 rg BT 422.59 562.10 Td (in ) Tj ET Q q 0 0 0 rg BT 432.43 562.10 Td (the ) Tj ET Q q 0 0 0 rg BT 446.71 562.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 482.66 562.10 Td (of ) Tj ET Q q 0 0 0 rg BT 493.05 562.10 Td (0.6 ) Tj ET Q q 0 0 0 rg BT 512.61 562.10 Td (million ) Tj ET Q q 0 0 0 rg BT 543.56 562.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.00 550.10 Td (877.4 ) Tj ET Q q 0 0 0 rg BT 183.00 550.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 216.89 550.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 264.55 550.10 Td (, ) Tj ET Q q 0 0 0 rg BT 269.55 550.10 Td (with ) Tj ET Q q 0 0 0 rg BT 289.83 550.10 Td (an ) Tj ET Q q 0 0 0 rg BT 301.77 550.10 Td (of) Tj ET Q q 0 0 0 rg BT 309.92 550.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 326.86 550.10 Td (to ) Tj ET Q q 0 0 0 rg BT 337.14 550.10 Td (retained ) Tj ET Q q 0 0 0 rg BT 371.84 550.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 408.21 550.10 Td (of ) Tj ET Q q 0 0 0 rg BT 419.04 550.10 Td (878.0 ) Tj ET Q q 0 0 0 rg BT 449.04 550.10 Td (million.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.00 538.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.00 538.10 Td (The ) Tj ET Q q 0 0 0 rg BT 170.58 538.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 209.82 538.10 Td (number ) Tj ET Q q 0 0 0 rg BT 242.40 538.10 Td (of ) Tj ET Q q 0 0 0 rg BT 252.77 538.10 Td (common ) Tj ET Q q 0 0 0 rg BT 289.79 538.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 319.32 538.10 Td (nominal ) Tj ET Q q 0 0 0 rg BT 354.12 538.10 Td (value ) Tj ET Q q 0 0 0 rg BT 377.81 538.10 Td (per ) Tj ET Q q 0 0 0 rg BT 392.61 538.10 Td (common ) Tj ET Q q 0 0 0 rg BT 429.64 538.10 Td (share, ) Tj ET Q q 0 0 0 rg BT 455.27 538.10 Td (basic ) Tj ET Q q 0 0 0 rg BT 477.85 538.10 Td (and ) Tj ET Q q 0 0 0 rg BT 494.32 538.10 Td (diluted ) Tj ET Q q 0 0 0 rg BT 524.13 538.10 Td (earnings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.00 526.10 Td (per ) Tj ET Q q 0 0 0 rg BT 168.09 526.10 Td (common ) Tj ET Q q 0 0 0 rg BT 205.41 526.10 Td (share ) Tj ET Q q 0 0 0 rg BT 228.82 526.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 265.03 526.10 Td (and ) Tj ET Q q 0 0 0 rg BT 281.79 526.10 Td (other ) Tj ET Q q 0 0 0 rg BT 304.66 526.10 Td (per ) Tj ET Q q 0 0 0 rg BT 319.75 526.10 Td (share ) Tj ET Q q 0 0 0 rg BT 343.17 526.10 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 389.93 526.10 Td (retrospectively ) Tj ET Q q 0 0 0 rg BT 451.67 526.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 479.52 526.10 Td (the ) Tj ET Q q 0 0 0 rg BT 494.06 526.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 523.03 526.10 Td (structure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.00 514.10 Td (of ) Tj ET Q q 0 0 0 rg BT 164.14 514.10 Td (the ) Tj ET Q q 0 0 0 rg BT 179.16 514.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 220.86 514.10 Td (post ) Tj ET Q q 0 0 0 rg BT 240.33 514.10 Td (Restructuring ) Tj ET Q q 0 0 0 rg BT 297.58 514.10 Td (for ) Tj ET Q q 0 0 0 rg BT 312.04 514.10 Td (all ) Tj ET Q q 0 0 0 rg BT 324.85 514.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 357.09 514.10 Td (presented, ) Tj ET Q q 0 0 0 rg BT 400.71 514.10 Td (with ) Tj ET Q q 0 0 0 rg BT 421.30 514.10 Td (the ) Tj ET Q q 0 0 0 rg BT 436.33 514.10 Td (required ) Tj ET Q q 0 0 0 rg BT 472.45 514.10 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 519.69 514.10 Td (presented ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.00 502.10 Td (in ) Tj ET Q q 0 0 0 rg BT 163.28 502.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 189.11 502.10 Td (12 ) Tj ET Q q 0 0 0 rg BT 201.61 502.10 Td (and ) Tj ET Q q 0 0 0 rg BT 218.55 502.10 Td (20 ) Tj ET Q q 0 0 0 rg BT 231.05 502.10 Td (to ) Tj ET Q q 0 0 0 rg BT 241.33 502.10 Td (the ) Tj ET Q q 0 0 0 rg BT 256.04 502.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 311.32 502.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 351.03 502.10 Td (Statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 478.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 478.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.05 478.10 Td (Restructuring ) Tj ET Q q 0 0 0 rg BT 164.98 478.10 Td (was ) Tj ET Q q 0 0 0 rg BT 183.03 478.10 Td (performed ) Tj ET Q q 0 0 0 rg BT 227.18 478.10 Td (based ) Tj ET Q q 0 0 0 rg BT 252.45 478.10 Td (on ) Tj ET Q q 0 0 0 rg BT 264.95 478.10 Td (an ) Tj ET Q q 0 0 0 rg BT 276.88 478.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 328.26 478.10 Td (appraisal ) Tj ET Q q 0 0 0 rg BT 366.85 478.10 Td (performed ) Tj ET Q q 0 0 0 rg BT 411.00 478.10 Td (for ) Tj ET Q q 0 0 0 rg BT 425.16 478.10 Td (Dutch ) Tj ET Q q 0 0 0 rg BT 452.09 478.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 474.03 478.10 Td (requirements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 454.10 Td (\(ii\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.00 454.10 Td (The issuance of the FCA) Tj ET Q q 0 0 0 rg BT 205.87 454.10 Td ( Note:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.00 430.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.00 430.10 Td (The ) Tj ET Q q 0 0 0 rg BT 147.28 430.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 166.18 430.10 Td ( ) Tj ET Q q 0 0 0 rg BT 167.91 430.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 189.08 430.10 Td (and ) Tj ET Q q 0 0 0 rg BT 205.25 430.10 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 251.42 430.10 Td (refinancing ) Tj ET Q q 0 0 0 rg BT 298.68 430.10 Td (were ) Tj ET Q q 0 0 0 rg BT 319.84 430.10 Td (reflected ) Tj ET Q q 0 0 0 rg BT 356.54 430.10 Td (in ) Tj ET Q q 0 0 0 rg BT 366.05 430.10 Td (the ) Tj ET Q q 0 0 0 rg BT 380.00 430.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 434.50 430.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 473.45 430.10 Td (Statements ) Tj ET Q q 0 0 0 rg BT 519.06 430.10 Td (only ) Tj ET Q q 0 0 0 rg BT 538.57 430.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.00 418.10 Td (the ) Tj ET Q q 0 0 0 rg BT 145.42 418.10 Td (dates ) Tj ET Q q 0 0 0 rg BT 169.17 418.10 Td (on ) Tj ET Q q 0 0 0 rg BT 182.38 418.10 Td (which ) Tj ET Q q 0 0 0 rg BT 210.02 418.10 Td (they ) Tj ET Q q 0 0 0 rg BT 230.44 418.10 Td (occurred. ) Tj ET Q q 0 0 0 rg BT 271.12 418.10 Td (In ) Tj ET Q q 0 0 0 rg BT 282.66 418.10 Td (particular) Tj ET Q q 0 0 0 rg BT 320.57 418.10 Td (, ) Tj ET Q q 0 0 0 rg BT 326.27 418.10 Td (the ) Tj ET Q q 0 0 0 rg BT 341.69 418.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 360.59 418.10 Td ( ) Tj ET Q q 0 0 0 rg BT 363.80 418.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 386.44 418.10 Td (for ) Tj ET Q q 0 0 0 rg BT 401.31 418.10 Td (a ) Tj ET Q q 0 0 0 rg BT 408.95 418.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 447.70 418.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 480.90 418.10 Td (of ) Tj ET Q q 0 0 0 rg BT 492.43 418.10 Td (7.9 ) Tj ET Q q 0 0 0 rg BT 513.14 418.10 Td (billion ) Tj ET Q q 0 0 0 rg BT 542.45 418.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.00 406.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 157.41 406.10 Td (on ) Tj ET Q q 0 0 0 rg BT 169.82 406.10 Td (October ) Tj ET Q q 0 0 0 rg BT 204.44 406.10 Td (17, ) Tj ET Q q 0 0 0 rg BT 219.35 406.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 241.76 406.10 Td (and ) Tj ET Q q 0 0 0 rg BT 258.61 406.10 Td (following ) Tj ET Q q 0 0 0 rg BT 299.91 406.10 Td (the ) Tj ET Q q 0 0 0 rg BT 314.54 406.10 Td (application ) Tj ET Q q 0 0 0 rg BT 361.38 406.10 Td (of ) Tj ET Q q 0 0 0 rg BT 372.12 406.10 Td (the ) Tj ET Q q 0 0 0 rg BT 386.75 406.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 424.70 406.10 Td (from ) Tj ET Q q 0 0 0 rg BT 446.54 406.10 Td (the ) Tj ET Q q 0 0 0 rg BT 461.17 406.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 497.46 406.10 Td (of ) Tj ET Q q 0 0 0 rg BT 508.20 406.10 Td (the ) Tj ET Q q 0 0 0 rg BT 522.83 406.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 550.23 406.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.00 394.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 148.90 394.10 Td ( ) Tj ET Q q 0 0 0 rg BT 151.66 394.10 Td (referred ) Tj ET Q q 0 0 0 rg BT 186.05 394.10 Td (to ) Tj ET Q q 0 0 0 rg BT 196.59 394.10 Td (above, ) Tj ET Q q 0 0 0 rg BT 225.72 394.10 Td (the ) Tj ET Q q 0 0 0 rg BT 240.70 394.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 279.00 394.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 311.75 394.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 361.17 394.10 Td (was ) Tj ET Q q 0 0 0 rg BT 379.48 394.10 Td (2.8 ) Tj ET Q q 0 0 0 rg BT 399.74 394.10 Td (billion. ) Tj ET Q q 0 0 0 rg BT 430.91 394.10 Td (The ) Tj ET Q q 0 0 0 rg BT 449.22 394.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 487.52 394.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 520.27 394.10 Td (under ) Tj ET Q q 0 0 0 rg BT 545.80 394.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.00 382.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 148.90 382.10 Td ( ) Tj ET Q q 0 0 0 rg BT 151.19 382.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 172.91 382.10 Td (was ) Tj ET Q q 0 0 0 rg BT 190.75 382.10 Td (repaid ) Tj ET Q q 0 0 0 rg BT 218.02 382.10 Td (on ) Tj ET Q q 0 0 0 rg BT 230.31 382.10 Td (December ) Tj ET Q q 0 0 0 rg BT 273.68 382.10 Td (16, ) Tj ET Q q 0 0 0 rg BT 288.47 382.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 310.75 382.10 Td (using ) Tj ET Q q 0 0 0 rg BT 334.71 382.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 354.77 382.10 Td (deposits ) Tj ET Q q 0 0 0 rg BT 389.83 382.10 Td (held ) Tj ET Q q 0 0 0 rg BT 409.33 382.10 Td (with ) Tj ET Q q 0 0 0 rg BT 429.40 382.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 448.30 382.10 Td ( ) Tj ET Q q 0 0 0 rg BT 450.59 382.10 Td (and ) Tj ET Q q 0 0 0 rg BT 467.31 382.10 Td (for ) Tj ET Q q 0 0 0 rg BT 481.26 382.10 Td (the ) Tj ET Q q 0 0 0 rg BT 495.76 382.10 Td (remainder ) Tj ET Q q 0 0 0 rg BT 538.58 382.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.00 370.10 Td (third ) Tj ET Q q 0 0 0 rg BT 151.39 370.10 Td (party ) Tj ET Q q 0 0 0 rg BT 174.43 370.10 Td (financing. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 338.10 Td (The ) Tj ET Q q 0 0 0 rg BT 107.43 338.10 Td (Group) Tj ET Q q 0 0 0 rg BT 135.76 338.10 Td (s ) Tj ET Q q 0 0 0 rg BT 142.53 338.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 180.38 338.10 Td (information ) Tj ET Q q 0 0 0 rg BT 230.47 338.10 Td (is ) Tj ET Q q 0 0 0 rg BT 240.02 338.10 Td (presented ) Tj ET Q q 0 0 0 rg BT 281.22 338.10 Td (in ) Tj ET Q q 0 0 0 rg BT 291.87 338.10 Td (Euro. ) Tj ET Q q 0 0 0 rg BT 316.69 338.10 Td (In ) Tj ET Q q 0 0 0 rg BT 327.90 338.10 Td (some ) Tj ET Q q 0 0 0 rg BT 351.89 338.10 Td (instances, ) Tj ET Q q 0 0 0 rg BT 393.92 338.10 Td (information ) Tj ET Q q 0 0 0 rg BT 444.01 338.10 Td (is ) Tj ET Q q 0 0 0 rg BT 453.56 338.10 Td (presented ) Tj ET Q q 0 0 0 rg BT 494.75 338.10 Td (in ) Tj ET Q q 0 0 0 rg BT 505.41 338.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 526.07 338.10 Td (Dollars. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 326.10 Td (All ) Tj ET Q q 0 0 0 rg BT 69.70 326.10 Td (references ) Tj ET Q q 0 0 0 rg BT 113.69 326.10 Td (in ) Tj ET Q q 0 0 0 rg BT 124.39 326.10 Td (this ) Tj ET Q q 0 0 0 rg BT 141.75 326.10 Td (document ) Tj ET Q q 0 0 0 rg BT 184.11 326.10 Td (to ) Tj ET Q q 0 0 0 rg BT 194.80 326.10 Td (Euro ) Tj ET Q q 0 0 0 rg BT 226.04 326.10 Td (and ) Tj ET Q q 0 0 0 rg BT 243.40 326.10 Td ( ) Tj ET Q q 0 0 0 rg BT 260.19 326.10 Td (refer ) Tj ET Q q 0 0 0 rg BT 281.98 326.10 Td (to ) Tj ET Q q 0 0 0 rg BT 292.68 326.10 Td (the ) Tj ET Q q 0 0 0 rg BT 307.81 326.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 345.71 326.10 Td (introduced ) Tj ET Q q 0 0 0 rg BT 391.39 326.10 Td (at ) Tj ET Q q 0 0 0 rg BT 401.52 326.10 Td (the ) Tj ET Q q 0 0 0 rg BT 416.66 326.10 Td (start ) Tj ET Q q 0 0 0 rg BT 436.80 326.10 Td (of ) Tj ET Q q 0 0 0 rg BT 448.04 326.10 Td (the ) Tj ET Q q 0 0 0 rg BT 463.18 326.10 Td (third ) Tj ET Q q 0 0 0 rg BT 484.99 326.10 Td (stage ) Tj ET Q q 0 0 0 rg BT 508.45 326.10 Td (of ) Tj ET Q q 0 0 0 rg BT 519.70 326.10 Td (European 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314.10 Td (references ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 302.10 Td (to ) Tj ET Q q 0 0 0 rg BT 64.28 302.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 89.00 302.10 Td (Dollars, ) Tj ET Q q 0 0 0 rg BT 127.88 302.10 Td (U.S.$ ) Tj ET Q q 0 0 0 rg BT 162.04 302.10 Td (and ) Tj ET Q q 0 0 0 rg BT 178.98 302.10 Td ($ ) Tj ET Q q 0 0 0 rg BT 195.35 302.10 Td (refer ) Tj ET Q q 0 0 0 rg BT 216.72 302.10 Td (to ) Tj ET Q q 0 0 0 rg BT 227.00 302.10 Td (the ) Tj ET Q q 0 0 0 rg BT 241.71 302.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 279.19 302.10 Td (of ) Tj ET Q q 0 0 0 rg BT 290.02 302.10 Td (the ) Tj ET Q q 0 0 0 rg BT 304.74 302.10 Td (United ) Tj ET Q q 0 0 0 rg BT 334.45 302.10 Td (States ) Tj ET Q q 0 0 0 rg BT 360.84 302.10 Td (of ) Tj ET Q q 0 0 0 rg BT 371.12 302.10 Td (America ) Tj ET Q q 0 0 0 rg BT 408.04 302.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 426.09 302.10 Td (United ) Tj ET Q q 0 0 0 rg BT 460.25 302.10 Td (States\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 282.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 282.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.30 282.10 Td (language ) Tj ET Q q 0 0 0 rg BT 147.14 282.10 Td (of ) Tj ET Q q 0 0 0 rg BT 158.23 282.10 Td (this ) Tj ET Q q 0 0 0 rg BT 175.42 282.10 Td (document ) Tj ET Q q 0 0 0 rg BT 217.61 282.10 Td (is ) Tj ET Q q 0 0 0 rg BT 227.03 282.10 Td (English. ) Tj ET Q q 0 0 0 rg BT 262.84 282.10 Td (Certain ) Tj ET Q q 0 0 0 rg BT 295.02 282.10 Td (legislative ) Tj ET Q q 0 0 0 rg BT 338.87 282.10 Td (references ) Tj ET Q q 0 0 0 rg BT 382.70 282.10 Td (and ) Tj ET Q q 0 0 0 rg BT 399.89 282.10 Td (technical ) Tj ET Q q 0 0 0 rg BT 438.73 282.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 463.70 282.10 Td (have ) Tj ET Q q 0 0 0 rg BT 485.33 282.10 Td (been ) Tj ET Q q 0 0 0 rg BT 506.96 282.10 Td (cited ) Tj ET Q q 0 0 0 rg BT 529.14 282.10 Td (in ) Tj ET Q q 0 0 0 rg BT 539.67 282.10 Td (their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 270.10 Td (original ) Tj ET Q q 0 0 0 rg BT 87.60 270.10 Td (language ) Tj ET Q q 0 0 0 rg BT 126.20 270.10 Td (in ) Tj ET Q q 0 0 0 rg BT 136.48 270.10 Td (order ) Tj ET Q q 0 0 0 rg BT 160.07 270.10 Td (that ) Tj ET Q q 0 0 0 rg BT 177.57 270.10 Td (the ) Tj ET Q q 0 0 0 rg BT 192.29 270.10 Td (correct ) Tj ET Q q 0 0 0 rg BT 222.54 270.10 Td (technical ) Tj ET Q q 0 0 0 rg BT 261.13 270.10 Td (meaning ) Tj ET Q q 0 0 0 rg BT 298.06 270.10 Td (may ) Tj ET Q q 0 0 0 rg BT 317.78 270.10 Td (be ) Tj ET Q q 0 0 0 rg BT 329.72 270.10 Td (ascribed ) Tj ET Q q 0 0 0 rg BT 365.53 270.10 Td (to ) Tj ET Q q 0 0 0 rg BT 375.81 270.10 Td (them ) Tj ET Q q 0 0 0 rg BT 398.31 270.10 Td (under ) Tj ET Q q 0 0 0 rg BT 423.58 270.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 467.16 270.10 Td (law) Tj ET Q q 0 0 0 rg BT 480.95 270.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 246.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 246.10 Td (Certain ) Tj ET Q q 0 0 0 rg BT 121.93 246.10 Td (totals ) Tj ET Q q 0 0 0 rg BT 146.10 246.10 Td (in ) Tj ET Q q 0 0 0 rg BT 156.38 246.10 Td (the ) Tj ET Q q 0 0 0 rg BT 171.09 246.10 Td (tables ) Tj ET Q q 0 0 0 rg BT 196.92 246.10 Td (included ) Tj ET Q q 0 0 0 rg BT 233.85 246.10 Td (in ) Tj ET Q q 0 0 0 rg BT 244.13 246.10 Td (this ) Tj ET Q q 0 0 0 rg BT 261.08 246.10 Td (document ) Tj ET Q q 0 0 0 rg BT 303.01 246.10 Td (may ) Tj ET Q q 0 0 0 rg BT 322.73 246.10 Td (not ) Tj ET Q q 0 0 0 rg BT 338.01 246.10 Td (add ) Tj ET Q q 0 0 0 rg BT 354.95 246.10 Td (due ) Tj ET Q q 0 0 0 rg BT 371.88 246.10 Td (to ) Tj ET Q q 0 0 0 rg BT 382.16 246.10 Td (rounding.) Tj ET Q endstream endobj 15 0 obj <> endobj 16 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (III) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 731.25 Td (Forward-Looking Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 709.25 Td (Statements contained in this report, particularly those regarding our possible or assumed future performance, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 697.25 Td (competitive strengths, costs, dividends, reserves and growth, industry growth and other trends and projections and estimated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 685.25 Td (company earnings are forward-looking statements that contain risks and uncertainties. In some cases, words such as may) Tj ET Q q 0 0 0 rg BT 549.86 685.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 673.25 Td (will, expect, could, should, intend, estimate, anticipate, believe, outlook, continue, remain, on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 661.25 Td (track, design, tar) Tj ET Q q 0 0 0 rg BT 138.21 661.25 Td (get, objective, goal, plan and similar expressions are used to identify forward-looking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 649.25 Td (statements. ) Tj ET Q q 0 0 0 rg BT 101.03 649.25 Td (These forward-looking statements reflect the respective current views of Ferrari with respect to future events and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 637.25 Td (involve significant risks and uncertainties that could cause actual results to dif) Tj ET Q q 0 0 0 rg BT 366.23 637.25 Td (fer materially from those indicated in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 625.25 Td (forward-looking statements. ) Tj ET Q q 0 0 0 rg BT 169.07 625.25 Td (These factors include, without limitation: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 607.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 607.25 Td (our ability to preserve and enhance the value of the Ferrari brand; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 589.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 589.25 Td (the success of our Formula 1 racing team and the expenses we incur for our Formula 1 activities; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 571.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 571.25 Td (our ability to keep up with advances in high performance car technology and to make appealing designs for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 559.25 Td (our new models; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 541.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 541.25 Td (our ability to preserve our relationship with the automobile collector and enthusiast community; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 523.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 523.25 Td (our low volume strategy; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 505.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 505.25 Td (the ability of Maserati, our engine customer) Tj ET Q q 0 0 0 rg BT 290.82 505.25 Td (, to sell its planned volume of cars; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 487.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 487.25 Td (changes in client preferences and automotive trends; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 469.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 469.25 Td (changes in the general economic environment and changes in demand for luxury goods, including high ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 457.25 Td (performance luxury cars, which is highly volatile; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 439.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 439.25 Td (the impact of increasingly stringent fuel economy) Tj ET Q q 0 0 0 rg BT 314.18 439.25 Td (, emission and safety standards, including the cost of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 427.25 Td (compliance, and any required changes to our products; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 409.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 409.25 Td (our ability to successfully carry out our growth strategy and, particularly) Tj ET Q q 0 0 0 rg BT 405.55 409.25 Td (, our ability to grow our presence in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 397.25 Td (emer) Tj ET Q q 0 0 0 rg BT 135.80 397.25 Td (ging market countries; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 379.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 379.25 Td (competition in the luxury performance automobile industry; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 361.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 361.25 Td (reliance upon a number of key members of executive management and employees, and the ability of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 349.25 Td (current management team to operate and manage ef) Tj ET Q q 0 0 0 rg BT 322.66 349.25 Td (fectively; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 331.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 331.25 Td (the performance of our dealer network on which we depend for sales and services; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 313.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 313.25 Td (increases in costs, disruptions of supply or shortages of components and raw materials; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 295.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 295.25 Td (disruptions at our manufacturing facilities in Maranello and Modena; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 277.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 277.25 Td (our ability to provide or arrange for adequate access to financing for our dealers and clients, and associated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 265.25 Td (risks; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 247.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 247.25 Td (the performance of our licensees for Ferrari-branded products; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 229.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 229.25 Td (our ability to protect our intellectual property rights and to avoid infringing on the intellectual property rights ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 217.25 Td (of others; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 199.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 199.25 Td (product recalls, liability claims and product warranties; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 181.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 181.25 Td (our continued compliance with customs regulations of various jurisdictions; 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Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 299.25 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 112.62 299.25 Td (Income ) Tj ET Q q 0 0 0 rg BT 146.78 299.25 Td (Statement ) Tj ET Q q 0 0 0 rg BT 192.60 299.25 Td (Data) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 221.75 213.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 221.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 221.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 221.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 221.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 221.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 221.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 221.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 221.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 221.75 55.00 -14.00 re f /GS0 gs 0.8 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0.9333333333333333 1 rg /GS0 gs 326.50 165.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 165.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 165.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 165.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 165.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 165.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 165.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 137.75 213.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 137.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 137.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 137.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 137.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 137.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 137.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 137.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 137.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 137.75 55.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 262.75 m 322.5 262.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 262.75 m 326.5 262.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 262.75 m 381.5 262.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 262.75 m 385.5 262.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 262.75 m 440.5 262.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 262.75 m 444.5 262.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 262.75 m 499.5 262.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 262.75 m 503.5 262.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 262.75 m 558.5 262.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 262.75 m 322.5 262.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 248.75 m 322.5 248.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 262.75 m 381.5 262.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 248.75 m 381.5 248.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 262.75 m 440.5 262.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 248.75 m 440.5 248.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 262.75 m 499.5 262.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 248.75 m 499.5 248.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 262.75 m 558.5 262.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 248.75 m 558.5 248.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 347.15 267.20 Td (For the years ended December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 285.50 253.20 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 344.50 253.20 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 403.50 253.20 Td (2013) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 462.50 253.20 Td (2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 521.70 253.20 Td (2011) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 359.60 240.00 Td (\( million, except per share data\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 226.21 Td (Net revenues) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 298.40 226.21 Td (2,854) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 357.40 226.21 Td (2,762) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 416.40 226.21 Td (2,335) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.75 226.21 Td (2,225) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 226.21 Td (2,067) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 212.21 Td (EBIT) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 305.15 212.21 Td (444) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 364.15 212.21 Td (389) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 423.15 212.21 Td (364) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 482.50 212.21 Td (335) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 541.50 212.21 Td (298) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 198.21 Td (Profit before taxes) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 305.15 198.21 Td (434) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 364.15 198.21 Td (398) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 423.15 198.21 Td (366) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 482.50 198.21 Td (334) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 541.50 198.21 Td (301) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 184.21 Td (Net profit) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 305.15 184.21 Td (290) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 364.15 184.21 Td (265) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 423.15 184.21 Td (246) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 482.50 184.21 Td (233) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 541.50 184.21 Td (196) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 170.21 Td (Attributable to:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 69.00 156.20 Td (Owners of the parent) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 305.15 156.20 Td (288) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 364.15 156.20 Td (261) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 423.15 156.20 Td (241) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.50 156.20 Td (225) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.50 156.20 Td (188) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 69.00 142.20 Td (Non-controlling interest) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 314.15 142.20 Td (2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.15 142.20 Td (4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.15 142.20 Td (5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 491.50 142.20 Td (8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.50 142.20 Td (8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 128.21 Td (Basic and diluted earnings per common share \(in Euro\)) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 255.94 132.29 Td (\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 302.90 128.21 Td (1.52) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 361.90 128.21 Td (1.38) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.90 128.21 Td (1.27) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.25 128.21 Td (1.19) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.00 128.21 Td (n.a.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 114.21 Td (Dividends paid per share \(in Euro\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.65 114.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.65 114.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 114.32 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 487.00 114.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.00 114.21 Td (n.a.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 98.25 Td (_____________________________) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 88.65 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 72.00 88.65 Td (Retr) Tj ET Q q 0 0 0 rg BT 85.48 88.65 Td (ospectively ) Tj ET Q q 0 0 0 rg BT 123.09 88.65 Td (r) Tj ET Q q 0 0 0 rg BT 125.90 88.65 Td (eflects ) Tj ET Q q 0 0 0 rg BT 148.41 88.65 Td (the ) Tj ET Q q 0 0 0 rg BT 160.26 88.65 Td (issuance ) Tj ET Q q 0 0 0 rg BT 189.88 88.65 Td (of ) Tj ET Q q 0 0 0 rg BT 198.18 88.65 Td (188,921,600 ) Tj ET Q q 0 0 0 rg BT 240.25 88.65 Td (common ) Tj ET Q q 0 0 0 rg BT 269.43 88.65 Td (shar) Tj ET Q q 0 0 0 rg BT 283.36 88.65 Td (es ) Tj ET Q q 0 0 0 rg BT 292.10 88.65 Td (as ) Tj ET Q q 0 0 0 rg BT 301.29 88.65 Td (if ) Tj ET Q q 0 0 0 rg BT 307.81 88.65 Td (the ) Tj ET Q q 0 0 0 rg BT 319.66 88.65 Td (Restructuring ) Tj ET Q q 0 0 0 rg BT 365.73 88.65 Td (had ) Tj ET Q q 0 0 0 rg BT 379.80 88.65 Td (occurr) Tj ET Q q 0 0 0 rg BT 400.83 88.65 Td (ed ) Tj ET Q q 0 0 0 rg BT 410.46 88.65 Td (on ) Tj ET Q q 0 0 0 rg BT 420.53 88.65 Td (January ) Tj ET Q q 0 0 0 rg BT 448.82 88.65 Td (1, ) Tj ET Q q 0 0 0 rg BT 456.89 88.65 Td (2012. ) Tj ET Q q 0 0 0 rg BT 476.97 88.65 Td (See ) Tj ET Q q 0 0 0 rg BT 490.14 88.65 Td (also ) Tj ET Q q 0 0 0 rg BT 505.55 88.65 Td (Notes ) Tj ET Q q 0 0 0 rg BT 525.85 88.65 Td (12 ) Tj ET Q q 0 0 0 rg BT 535.93 88.65 Td (and ) Tj ET Q q 0 0 0 rg BT 550.00 88.65 Td (20 ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 79.05 Td (to ) Tj ET Q q 0 0 0 rg BT 62.22 79.05 Td (the ) Tj ET Q q 0 0 0 rg BT 74.00 79.05 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 118.66 79.05 Td (Financial ) Tj ET Q q 0 0 0 rg BT 151.77 79.05 Td (Statements. ) Tj ET Q endstream endobj 21 0 obj <> endobj 22 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 303.00 27.70 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 731.25 Td (Consolidated Statement of Financial Position Data ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 667.75 213.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 667.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 667.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 667.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 667.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 667.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 667.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 667.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 667.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 667.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 639.75 213.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 639.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 639.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 639.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 639.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 639.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 639.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 639.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 639.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 639.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 611.75 213.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 611.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 611.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 611.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 611.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 611.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 611.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 611.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 611.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 611.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 583.75 213.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 583.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 583.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 583.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 583.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 583.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 583.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 583.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 583.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 583.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 555.75 213.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 555.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 555.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 555.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 555.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 555.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 555.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 555.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 555.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 555.75 55.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 694.75 m 321.5 694.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 694.75 m 325.5 694.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 694.75 m 380.5 694.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 694.75 m 384.5 694.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 694.75 m 439.5 694.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 694.75 m 443.5 694.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 694.75 m 498.5 694.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 694.75 m 502.5 694.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 694.75 m 557.5 694.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 694.75 m 321.5 694.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 680.75 m 321.5 680.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 694.75 m 380.5 694.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 680.75 m 380.5 680.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 694.75 m 439.5 694.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 680.75 m 439.5 680.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 694.75 m 498.5 694.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 680.75 m 498.5 680.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 694.75 m 557.5 694.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 680.75 m 557.5 680.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 379.45 699.20 Td (At December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 284.50 685.20 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 343.50 685.20 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 402.50 685.20 Td (2013) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.50 685.20 Td (2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 520.70 685.20 Td (2011) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 359.80 672.00 Td (\( million, except shares issued\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 658.21 Td (Cash and cash equivalents) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 304.50 658.21 Td (183) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 363.50 658.21 Td (134) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 422.50 658.21 Td (114) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.50 658.21 Td (100) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.00 658.21 Td (94) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 644.21 Td (Deposits in FCA) Tj ET Q q 0 0 0 rg BT 116.01 644.21 Td ( Group cash management pools ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 231.73 648.29 Td (\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 304.50 644.21 Td (139) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 363.50 644.21 Td (942) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 422.50 644.21 Td (684) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.50 644.21 Td (457) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.50 644.21 Td (529) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 630.21 Td (Total assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 297.75 630.21 Td (3,875) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.75 630.21 Td (4,641) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 415.75 630.21 Td (3,895) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.75 630.21 Td (3,465) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.75 630.21 Td (3,369) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 616.21 Td (Debt) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 297.75 616.21 Td (2,260) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 363.50 616.21 Td (510) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 422.50 616.21 Td (317) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.50 616.21 Td (261) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.50 616.21 Td (522) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 602.21 Td (Total \(deficit\)/equity) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 306.00 602.21 Td (\(19) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 318.00 602.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.75 602.21 Td (2,478) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 415.75 602.21 Td (2,316) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.75 602.21 Td (2,041) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.75 602.21 Td (1,769) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 588.20 Td (\(Deficit\)/Equity attributable to owners of the parent) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 306.00 588.20 Td (\(25) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 318.00 588.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 356.75 588.20 Td (2,470) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 415.75 588.20 Td (2,290) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.75 588.20 Td (2,019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.75 588.20 Td (1,748) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 574.20 Td (Non-controlling interests) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 313.50 574.20 Td (6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 372.50 574.20 Td (8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.00 574.20 Td (26) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 486.00 574.20 Td (22) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 545.00 574.20 Td (21) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 560.21 Td (Share capital ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 104.98 564.29 Td (\(2\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 313.50 560.21 Td (4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.50 560.21 Td (4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.50 560.21 Td (4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.50 560.21 Td (4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 541.00 560.21 Td (n.a.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 546.21 Td (Ordinary shares issued \(in thousands of shares\) ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 228.21 550.29 Td (\(2\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 288.75 546.21 Td (188,922) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 347.75 546.21 Td (188,922) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 406.75 546.21 Td (188,922) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.75 546.21 Td (188,922) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 541.00 546.21 Td (n.a.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 530.25 Td (_____________________________) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 520.65 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 72.00 520.65 Td (Deposits ) Tj ET Q q 0 0 0 rg BT 102.34 520.65 Td (in ) Tj ET Q q 0 0 0 rg BT 110.90 520.65 Td (FCA) Tj ET Q q 0 0 0 rg BT 125.86 520.65 Td ( ) Tj ET Q q 0 0 0 rg BT 128.20 520.65 Td (Gr) Tj ET Q q 0 0 0 rg BT 136.79 520.65 Td (oup ) Tj ET Q q 0 0 0 rg BT 151.13 520.65 Td (cash ) Tj ET Q q 0 0 0 rg BT 168.13 520.65 Td (management ) Tj ET Q q 0 0 0 rg BT 211.35 520.65 Td (pools ) Tj ET Q q 0 0 0 rg BT 231.03 520.65 Td (r) Tj ET Q q 0 0 0 rg BT 233.84 520.65 Td (elate ) Tj ET Q q 0 0 0 rg BT 251.73 520.65 Td (to ) Tj ET Q q 0 0 0 rg BT 260.29 520.65 Td (our ) Tj ET Q q 0 0 0 rg BT 273.74 520.65 Td (participation ) Tj ET Q q 0 0 0 rg BT 317.85 520.65 Td (in ) Tj ET Q q 0 0 0 rg BT 326.41 520.65 Td (a ) Tj ET Q q 0 0 0 rg BT 332.75 520.65 Td (gr) Tj ET Q q 0 0 0 rg BT 339.57 520.65 Td (oup-wide ) Tj ET Q q 0 0 0 rg BT 371.68 520.65 Td (cash ) Tj ET Q q 0 0 0 rg BT 388.68 520.65 Td (management ) Tj ET Q q 0 0 0 rg BT 431.90 520.65 Td (system ) Tj ET Q q 0 0 0 rg BT 455.56 520.65 Td (at ) Tj ET Q q 0 0 0 rg BT 464.13 520.65 Td (FCA) Tj ET Q q 0 0 0 rg BT 479.09 520.65 Td ( ) Tj ET Q q 0 0 0 rg BT 481.43 520.65 Td (prior ) Tj ET Q q 0 0 0 rg BT 500.21 520.65 Td (to ) Tj ET Q q 0 0 0 rg BT 508.78 520.65 Td (the ) Tj ET Q q 0 0 0 rg BT 520.89 520.65 Td (Separation, ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 511.05 Td (wher) Tj ET Q q 0 0 0 rg BT 69.70 511.05 Td (e ) Tj ET Q q 0 0 0 rg BT 76.16 511.05 Td (the ) Tj ET Q q 0 0 0 rg BT 88.83 511.05 Td (operating ) Tj ET Q q 0 0 0 rg BT 122.84 511.05 Td (cash ) Tj ET Q q 0 0 0 rg BT 140.41 511.05 Td (management, ) Tj ET Q q 0 0 0 rg BT 186.19 511.05 Td (main ) Tj ET Q q 0 0 0 rg BT 205.09 511.05 Td (funding ) Tj ET Q q 0 0 0 rg BT 232.43 511.05 Td (operations ) Tj ET Q q 0 0 0 rg BT 269.56 511.05 Td (and ) Tj ET Q q 0 0 0 rg BT 284.46 511.05 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 314.03 511.05 Td (investment ) Tj ET Q q 0 0 0 rg BT 351.14 511.05 Td (of ) Tj ET Q q 0 0 0 rg BT 360.26 511.05 Td (the ) Tj ET Q q 0 0 0 rg BT 372.94 511.05 Td (Gr) Tj ET Q q 0 0 0 rg BT 381.53 511.05 Td (oup ) Tj ET Q q 0 0 0 rg BT 396.43 511.05 Td (wer) Tj ET Q q 0 0 0 rg BT 408.13 511.05 Td (e ) Tj ET Q q 0 0 0 rg BT 414.59 511.05 Td (centrally ) Tj ET Q q 0 0 0 rg BT 445.92 511.05 Td (coor) Tj ET Q q 0 0 0 rg BT 460.29 511.05 Td (dinated ) Tj ET Q q 0 0 0 rg BT 487.19 511.05 Td (by ) Tj ET Q q 0 0 0 rg BT 497.64 511.05 Td (dedicated ) Tj ET Q q 0 0 0 rg BT 531.64 511.05 Td (tr) Tj ET Q q 0 0 0 rg BT 536.68 511.05 Td (easury ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 501.45 Td (companies ) Tj ET Q q 0 0 0 rg BT 90.33 501.45 Td (with ) Tj ET Q q 0 0 0 rg BT 106.22 501.45 Td (the ) Tj ET Q q 0 0 0 rg BT 118.10 501.45 Td (objective ) Tj ET Q q 0 0 0 rg BT 149.08 501.45 Td (of ) Tj ET Q q 0 0 0 rg BT 157.42 501.45 Td (ensuring ) Tj ET Q q 0 0 0 rg BT 187.53 501.45 Td (effective ) Tj ET Q q 0 0 0 rg BT 216.28 501.45 Td (and ) Tj ET Q q 0 0 0 rg BT 230.39 501.45 Td (efficient ) Tj ET Q q 0 0 0 rg BT 258.27 501.45 Td (management ) Tj ET Q q 0 0 0 rg BT 301.26 501.45 Td (of ) Tj ET Q q 0 0 0 rg BT 309.59 501.45 Td (our ) Tj ET Q q 0 0 0 rg BT 322.81 501.45 Td (funds. ) Tj ET Q q 0 0 0 rg BT 344.26 501.45 Td (Following ) Tj ET Q q 0 0 0 rg BT 379.26 501.45 Td (the ) Tj ET Q q 0 0 0 rg BT 391.14 501.45 Td (Separation ) Tj ET Q q 0 0 0 rg BT 428.36 501.45 Td (on ) Tj ET Q q 0 0 0 rg BT 438.47 501.45 Td (January ) Tj ET Q q 0 0 0 rg BT 466.80 501.45 Td (3, ) Tj ET Q q 0 0 0 rg BT 474.91 501.45 Td (2016, ) Tj ET Q q 0 0 0 rg BT 495.02 501.45 Td (these ) Tj ET Q q 0 0 0 rg BT 513.57 501.45 Td (arrangements ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 491.85 Td (wer) Tj ET Q q 0 0 0 rg BT 65.70 491.85 Td (e ) Tj ET Q q 0 0 0 rg BT 71.25 491.85 Td (terminated ) Tj ET Q q 0 0 0 rg BT 107.91 491.85 Td (and ) Tj ET Q q 0 0 0 rg BT 121.91 491.85 Td (we ) Tj ET Q q 0 0 0 rg BT 132.80 491.85 Td (manage ) Tj ET Q q 0 0 0 rg BT 160.13 491.85 Td (our ) Tj ET Q q 0 0 0 rg BT 173.24 491.85 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 201.91 491.85 Td (and ) Tj ET Q q 0 0 0 rg BT 215.91 491.85 Td (tr) Tj ET Q q 0 0 0 rg BT 220.95 491.85 Td (easury ) Tj ET Q q 0 0 0 rg BT 244.27 491.85 Td (function ) Tj ET Q q 0 0 0 rg BT 272.49 491.85 Td (on ) Tj ET Q q 0 0 0 rg BT 282.49 491.85 Td (a ) Tj ET Q q 0 0 0 rg BT 288.49 491.85 Td (standalone ) Tj ET Q q 0 0 0 rg BT 325.60 491.85 Td (basis.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 482.25 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 72.00 482.25 Td (Retr) Tj ET Q q 0 0 0 rg BT 85.48 482.25 Td (ospectively ) Tj ET Q q 0 0 0 rg BT 122.98 482.25 Td (r) Tj ET Q q 0 0 0 rg BT 125.80 482.25 Td (eflects ) Tj ET Q q 0 0 0 rg BT 148.20 482.25 Td (the ) Tj ET Q q 0 0 0 rg BT 159.94 482.25 Td (issuance ) Tj ET Q q 0 0 0 rg BT 189.46 482.25 Td (of ) Tj ET Q q 0 0 0 rg BT 197.65 482.25 Td (188,921,600 ) Tj ET Q q 0 0 0 rg BT 239.62 482.25 Td (common ) Tj ET Q q 0 0 0 rg BT 268.69 482.25 Td (shar) Tj ET Q q 0 0 0 rg BT 282.62 482.25 Td (es ) Tj ET Q q 0 0 0 rg BT 291.25 482.25 Td (and ) Tj ET Q q 0 0 0 rg BT 305.22 482.25 Td (the ) Tj ET Q q 0 0 0 rg BT 316.96 482.25 Td (same ) Tj ET Q q 0 0 0 rg BT 335.37 482.25 Td (number ) Tj ET Q q 0 0 0 rg BT 361.78 482.25 Td (of ) Tj ET Q q 0 0 0 rg BT 369.97 482.25 Td (special ) Tj ET Q q 0 0 0 rg BT 394.60 482.25 Td (voting ) Tj ET Q q 0 0 0 rg BT 416.56 482.25 Td (shar) Tj ET Q q 0 0 0 rg BT 430.49 482.25 Td (es, ) Tj ET Q q 0 0 0 rg BT 441.12 482.25 Td (all ) Tj ET Q q 0 0 0 rg BT 451.53 482.25 Td (with ) Tj ET Q q 0 0 0 rg BT 467.28 482.25 Td (a ) Tj ET Q q 0 0 0 rg BT 473.25 482.25 Td (nominal ) Tj ET Q q 0 0 0 rg BT 501.44 482.25 Td (value ) Tj ET Q q 0 0 0 rg BT 520.73 482.25 Td (of ) Tj ET Q q 0 0 0 rg BT 528.92 482.25 Td (0.01, ) Tj ET Q q 0 0 0 rg BT 550.89 482.25 Td (as ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 472.65 Td (if ) Tj ET Q q 0 0 0 rg BT 60.45 472.65 Td (the ) Tj ET Q q 0 0 0 rg BT 72.22 472.65 Td (Restructuring ) Tj ET Q q 0 0 0 rg BT 118.21 472.65 Td (had ) Tj ET Q q 0 0 0 rg BT 132.21 472.65 Td (occurr) Tj ET Q q 0 0 0 rg BT 153.25 472.65 Td (ed ) Tj ET Q q 0 0 0 rg BT 162.80 472.65 Td (on ) Tj ET Q q 0 0 0 rg BT 172.80 472.65 Td (January ) Tj ET Q q 0 0 0 rg BT 201.01 472.65 Td (1, ) Tj ET Q q 0 0 0 rg BT 209.01 472.65 Td (2012. ) Tj ET Q q 0 0 0 rg BT 229.01 472.65 Td (See ) Tj ET Q q 0 0 0 rg BT 242.11 472.65 Td (also ) Tj ET Q q 0 0 0 rg BT 257.45 472.65 Td (Note ) Tj ET Q q 0 0 0 rg BT 274.56 472.65 Td (20 ) Tj ET Q q 0 0 0 rg BT 284.56 472.65 Td (to ) Tj ET Q q 0 0 0 rg BT 292.78 472.65 Td (the ) Tj ET Q q 0 0 0 rg BT 304.55 472.65 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 349.22 472.65 Td (Financial ) Tj ET Q q 0 0 0 rg BT 382.33 472.65 Td (Statements. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 441.45 Td (Other) Tj ET Q q 0 0 0 rg BT 79.37 441.45 Td ( Statistical Information) Tj ET Q 1 1 1 rg /GS0 gs 53.50 388.95 128.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 363.95 128.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.50 363.95 70.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 363.95 7.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 363.95 70.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 363.95 6.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 363.95 70.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 363.95 6.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 363.95 70.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 363.95 6.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 363.95 71.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 403.95 m 251.5 403.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 403.95 m 258.5 403.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 403.95 m 328.5 403.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 388.95 m 251.5 388.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 388.95 m 328.5 388.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 403.95 m 404.5 403.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 388.95 m 404.5 388.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 403.95 m 480.5 403.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 388.95 m 480.5 388.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 403.95 m 557.5 403.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 388.95 m 557.5 388.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 388.95 m 251.5 388.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 388.95 m 328.5 388.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 388.95 m 404.5 388.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 388.95 m 480.5 388.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 388.95 m 557.5 388.95 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 303.65 408.40 Td (For the years ended December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 207.00 393.40 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 284.00 393.40 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 360.00 393.40 Td (2013) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 436.00 393.40 Td (2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 512.70 393.40 Td (2011) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 368.41 Td (Shipments \(number of cars\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 227.75 368.41 Td (7,664) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 304.75 368.41 Td (7,255) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 380.75 368.41 Td (7,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.75 368.41 Td (7,405) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.75 368.41 Td (7,195) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 352.41 Td (A) Tj ET Q q 0 0 0 rg BT 61.83 352.41 Td (verage number of employees ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 343.41 Td (for the period) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 227.75 343.41 Td (2,954) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 304.75 343.41 Td (2,843) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 380.75 343.41 Td (2,774) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.75 343.41 Td (2,708) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.75 343.41 Td (2,709) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 315.45 Td (Exchange rates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 291.45 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 291.45 Td (These ) Tj ET Q q 0 0 0 rg BT 117.02 291.45 Td (exchange ) Tj ET Q q 0 0 0 rg BT 157.91 291.45 Td (rates ) Tj ET Q q 0 0 0 rg BT 179.92 291.45 Td (are ) Tj ET Q q 0 0 0 rg BT 195.27 291.45 Td (included ) Tj ET Q q 0 0 0 rg BT 232.84 291.45 Td (for ) Tj ET Q q 0 0 0 rg BT 247.64 291.45 Td (informational ) Tj ET Q q 0 0 0 rg BT 305.21 291.45 Td (purposes ) Tj ET Q q 0 0 0 rg BT 343.90 291.45 Td (only ) Tj ET Q q 0 0 0 rg BT 364.82 291.45 Td (and ) Tj ET Q q 0 0 0 rg BT 382.39 291.45 Td (may ) Tj ET Q q 0 0 0 rg BT 402.75 291.45 Td (dif) Tj ET Q q 0 0 0 rg BT 413.68 291.45 Td (fer ) Tj ET Q q 0 0 0 rg BT 427.91 291.45 Td (from ) Tj ET Q q 0 0 0 rg BT 450.49 291.45 Td (the ) Tj ET Q q 0 0 0 rg BT 465.85 291.45 Td (exchange ) Tj ET Q q 0 0 0 rg BT 506.74 291.45 Td (rates ) Tj ET Q q 0 0 0 rg BT 528.75 291.45 Td (used ) Tj ET Q q 0 0 0 rg BT 550.22 291.45 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 279.45 Td (preparation ) Tj ET Q q 0 0 0 rg BT 102.65 279.45 Td (of ) Tj ET Q q 0 0 0 rg BT 114.10 279.45 Td (the ) Tj ET Q q 0 0 0 rg BT 129.43 279.45 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 185.32 279.45 Td (Financial ) Tj ET Q q 0 0 0 rg BT 225.65 279.45 Td (Statements. ) Tj ET Q q 0 0 0 rg BT 275.15 279.45 Td (For ) Tj ET Q q 0 0 0 rg BT 292.15 279.45 Td (a ) Tj ET Q q 0 0 0 rg BT 299.71 279.45 Td (description ) Tj ET Q q 0 0 0 rg BT 347.26 279.45 Td (of ) Tj ET Q q 0 0 0 rg BT 358.71 279.45 Td (the ) Tj ET Q q 0 0 0 rg BT 374.04 279.45 Td (exchange ) Tj ET Q q 0 0 0 rg BT 414.91 279.45 Td (rates ) Tj ET Q q 0 0 0 rg BT 436.90 279.45 Td (used ) Tj ET Q q 0 0 0 rg BT 458.35 279.45 Td (in ) Tj ET Q q 0 0 0 rg BT 469.25 279.45 Td (the ) Tj ET Q q 0 0 0 rg BT 484.58 279.45 Td (preparation ) Tj ET Q q 0 0 0 rg BT 533.23 279.45 Td (of ) Tj ET Q q 0 0 0 rg BT 544.68 279.45 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 267.45 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 110.99 267.45 Td (Financial ) Tj ET Q q 0 0 0 rg BT 152.41 267.45 Td (Statements, ) Tj ET Q q 0 0 0 rg BT 203.00 267.45 Td (please ) Tj ET Q q 0 0 0 rg BT 232.20 267.45 Td (refer ) Tj ET Q q 0 0 0 rg BT 255.28 267.45 Td (to ) Tj ET Q q 0 0 0 rg BT 267.27 267.45 Td (section ) Tj ET Q q 0 0 0 rg BT 299.81 267.45 Td (Significant ) Tj ET Q q 0 0 0 rg BT 346.97 267.45 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 397.84 267.45 Td (Policies ) Tj ET Q q 0 0 0 rg BT 433.72 267.45 Td (of ) Tj ET Q q 0 0 0 rg BT 446.26 267.45 Td (our ) Tj ET Q q 0 0 0 rg BT 463.80 267.45 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 520.79 267.45 Td (Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 255.45 Td (Statements ) Tj ET Q q 0 0 0 rg BT 100.38 255.45 Td (included ) Tj ET Q q 0 0 0 rg BT 137.32 255.45 Td (elsewhere ) Tj ET Q q 0 0 0 rg BT 179.79 255.45 Td (in ) Tj ET Q q 0 0 0 rg BT 190.07 255.45 Td (this ) Tj ET Q q 0 0 0 rg BT 207.02 255.45 Td (document.) Tj ET Q endstream endobj 23 0 obj <> endobj 24 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 303.00 27.70 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 731.10 Td (The table below shows the high, low) Tj ET Q q 0 0 0 rg BT 242.27 731.10 Td (, average and period end noon buying rates in ) Tj ET Q q 0 0 0 rg BT 427.03 731.10 Td (The City of New ) Tj ET Q q 0 0 0 rg BT 496.64 731.10 Td (Y) Tj ET Q q 0 0 0 rg BT 502.87 731.10 Td (ork for cable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (transfers in foreign currencies as certified for customs purposes by the Federal Reserve Bank of New ) Tj ET Q q 0 0 0 rg BT 460.16 719.10 Td (Y) Tj ET Q q 0 0 0 rg BT 466.38 719.10 Td (ork for U.S.$ per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.10 Td (1.00. ) Tj ET Q q 0 0 0 rg BT 81.32 707.10 Td (The average is computed using the noon buying rate on the last business day of each month during the period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 695.10 Td (indicated. ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 665.60 232.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 665.60 5.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 665.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 665.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 665.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 665.60 5.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 665.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 665.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 665.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 639.60 232.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 639.60 5.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 639.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 639.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 639.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 639.60 5.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 639.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 639.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 639.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 613.60 232.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 613.60 5.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 613.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 613.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 613.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 613.60 5.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 613.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 613.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 613.60 63.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 665.6 m 286.5 665.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.5 665.6 m 354.5 665.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 665.6 m 421.5 665.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 665.6 m 489.5 665.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 665.6 m 556.5 665.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 665.6 m 286.5 665.6 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.00 670.05 Td (Period) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 82.49 670.05 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 312.95 670.05 Td (High) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 331.96 670.05 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 380.95 670.05 Td (Low) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 397.95 670.05 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 441.80 670.05 Td (A) Tj ET Q q 0 0 0 rg BT 447.63 670.05 Td (verage) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.12 670.05 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 502.60 670.05 Td (PeriodEnd) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 546.36 670.05 Td ( ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 656.86 Td (Year ended December 31, 2011) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 310.10 656.86 Td (1.4875) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 377.10 656.86 Td (1.2926) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 445.10 656.86 Td (1.3931) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.10 656.86 Td (1.2973) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 643.86 Td (Year ended December 31, 2012) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 310.10 643.86 Td (1.3463) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 377.10 643.86 Td (1.2062) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 445.10 643.86 Td (1.2859) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.10 643.86 Td (1.3186) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 630.86 Td (Year ended December 31, 2013) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 310.10 630.86 Td (1.3816) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 377.10 630.86 Td (1.2774) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 445.10 630.86 Td (1.3281) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.10 630.86 Td (1.3779) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 617.86 Td (Year ended December 31, 2014) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 310.10 617.86 Td (1.3927) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 377.10 617.86 Td (1.2101) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 445.10 617.86 Td (1.3210) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.10 617.86 Td (1.2101) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 604.86 Td (Year ended December 31, 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 310.10 604.86 Td (1.2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 377.10 604.86 Td (1.0524) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 445.10 604.86 Td (1.1032) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.10 604.86 Td (1.0859) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 591.86 Td (Year ended December 31, 2016 \(through February 19, 2016\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 310.10 591.86 Td (1.1362) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 377.10 591.86 Td (1.0743) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 445.10 591.86 Td (1.0832) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.10 591.86 Td (1.1127) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 576.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 552.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 552.10 Td (The table below shows the high and low noon buying rates for Euro for each month during the six months prior to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 540.10 Td (the date of this document.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 498.60 324.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 498.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 498.60 86.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 498.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 498.60 86.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 472.60 324.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 472.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 472.60 86.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 472.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 472.60 86.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 446.60 324.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 446.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 446.60 86.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 446.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 446.60 86.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53.5 498.6 m 377.5 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 498.6 m 467.5 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 498.6 m 471.5 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 498.6 m 557.5 498.6 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 503.05 Td (Period) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 81.49 503.05 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 414.45 503.05 Td (High) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 433.46 503.05 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 505.45 503.05 Td (Low) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 522.45 503.05 Td ( ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 489.86 Td (September 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.60 489.86 Td (1,1358) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 501.60 489.86 Td (1.1104) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 476.86 Td (October 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.60 476.86 Td (1.1437) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 501.60 476.86 Td (1.0524) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 463.86 Td (November 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.60 463.86 Td (1.1026) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 501.60 463.86 Td (1.0562) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 450.86 Td (December 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.60 450.86 Td (1.1025) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 501.60 450.86 Td (1.0573) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 437.86 Td (January 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.60 437.86 Td (1.0964) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 501.60 437.86 Td (1.0743) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 424.86 Td (February 2016 \(through February 19, 2016\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.60 424.86 Td (1.1362) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 501.60 424.86 Td (1.0888) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 397.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 397.10 Td (On ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 104.72 397.10 Td (February 19, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.96 397.10 Td (, the noon buying rate for U.S. Dollars was 1.00 = U.S.$1.1) Tj ET Q q 0 0 0 rg BT 413.43 397.10 Td (127.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 373.10 Td (B. Capitalization and Indebtedness) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 349.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 349.10 Td (Not applicable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 325.10 Td (C. Reason for) Tj ET Q q 0 0 0 rg BT 117.42 325.10 Td ( the Offer) Tj ET Q q 0 0 0 rg BT 158.89 325.10 Td ( and Use of Pr) Tj ET Q q 0 0 0 rg BT 219.26 325.10 Td (oceeds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 301.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 301.10 Td (Not applicable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 277.10 Td (D. Risk Factors) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 255.10 Td (W) Tj ET Q q 0 0 0 rg BT 61.41 255.10 Td (e face a variety of risks in our business. The risks and uncertainties described below ar) Tj ET Q q 0 0 0 rg BT 409.89 255.10 Td (e not the only ones facing us. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 243.10 Td (Additional risks and uncertainties that we ar) Tj ET Q q 0 0 0 rg BT 232.51 243.10 Td (e unawar) Tj ET Q q 0 0 0 rg BT 269.64 243.10 Td (e of or that we curr) Tj ET Q q 0 0 0 rg BT 346.76 243.10 Td (ently believe to be immaterial, may also become ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 231.10 Td (important factors that affect us.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 209.10 Td (Risks Related to Our) Tj ET Q q 0 0 0 rg BT 143.54 209.10 Td ( Business, Strategy and Operations ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 187.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.15 187.10 Td (e may not succeed in preserving and enhancing the value of the Ferrari brand, which we depend upon to drive demand ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 175.10 Td (and revenues. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 153.10 Td (Our financial performance is influenced by the perception and recognition of the Ferrari brand, which, in turn, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 141.10 Td (depends on many factors such as the design, performance, quality and image of our cars, the appeal of our dealerships and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 129.10 Td (stores, the success of our promotional activities including public relations and marketing, as well as our general profile, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 117.10 Td (including our brand) Tj ET Q q 0 0 0 rg BT 135.65 117.10 Td (s image of exclusivity) Tj ET Q q 0 0 0 rg BT 223.04 117.10 Td (. ) Tj ET Q q 0 0 0 rg BT 227.86 117.10 Td (The value of our brand and our ability to achieve premium pricing for Ferrari-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 105.10 Td (branded products may decline if we are unable to maintain the value and image of the Ferrari brand, including, in particular) Tj ET Q q 0 0 0 rg BT 547.86 105.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 93.10 Td (its aura of exclusivity) Tj ET Q q 0 0 0 rg BT 139.72 93.10 Td (. Maintaining the value of our brand will depend significantly on our ability to continue to produce ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 81.10 Td (luxury performance cars of the highest quality) Tj ET Q q 0 0 0 rg BT 238.29 81.10 Td (. ) Tj ET Q q 0 0 0 rg BT 243.11 81.10 Td (The market for luxury goods generally and for luxury automobiles in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 69.10 Td (particular is intensely competitive, and we may not be successful in maintaining and strengthening the appeal of our brand. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 57.10 Td (Client preferences, particularly among luxury goods, can vary over time, sometimes rapidly) Tj ET Q q 0 0 0 rg BT 420.46 57.10 Td (. ) Tj ET Q q 0 0 0 rg BT 425.28 57.10 Td (W) Tj ET Q q 0 0 0 rg BT 433.92 57.10 Td (e are therefore exposed to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 45.10 Td (changing perceptions of our brand image, particularly as we seek to attract new generations of clients. ) Tj ET Q q 0 0 0 rg BT 463.85 45.10 Td (Any failure to preserve ) Tj ET Q endstream endobj 25 0 obj <> endobj 26 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 303.00 41.20 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (and enhance the value of our brand may materially and adversely af) Tj ET Q q 0 0 0 rg BT 325.09 731.10 Td (fect our ability to sell our cars, to maintain premium ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (pricing, and to extend the value of our brand into other activities profitably or at all. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 697.10 Td (W) Tj ET Q q 0 0 0 rg BT 104.64 697.10 Td (e selectively license the Ferrari brand to third parties that produce and sell Ferrari-branded luxury goods and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 685.10 Td (therefore we rely on our licensing partners to preserve and enhance the value of our brand. If our licensees or the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 673.10 Td (manufacturers of these products do not maintain the standards of quality and exclusivity that we believe are consistent with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 661.10 Td (the Ferrari brand, or if such licensees or manufacturers otherwise misuse the Ferrari brand, our reputation and the integrity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 649.10 Td (and value of our brand may be damaged and our business, operating results and financial condition may be materially and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 637.10 Td (adversely af) Tj ET Q q 0 0 0 rg BT 102.40 637.10 Td (fected. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 615.10 Td (Our brand image depends in part on the success of our Formula 1 racing team. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 593.10 Td (The prestige, identity) Tj ET Q q 0 0 0 rg BT 180.60 593.10 Td (, and appeal of the Ferrari brand depend on the continued success of the Scuderia Ferrari ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 581.10 Td (racing team in the Formula 1 ) Tj ET Q q 0 0 0 rg BT 172.12 581.10 Td (W) Tj ET Q q 0 0 0 rg BT 180.76 581.10 Td (orld Championship. ) Tj ET Q q 0 0 0 rg BT 262.52 581.10 Td (The racing team is a key component of our marketing strategy and may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 569.10 Td (be perceived by our clients as a demonstration of the technological capabilities of our Sports and GT) Tj ET Q q 0 0 0 rg BT 456.48 569.10 Td ( cars which also supports ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 557.10 Td (the appeal of other Ferrari-branded luxury goods. ) Tj ET Q q 0 0 0 rg BT 253.75 557.10 Td (The success of our Formula 1 racing team has declined over the past ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 545.10 Td (several years as our most recent driver) Tj ET Q q 0 0 0 rg BT 208.19 545.10 Td () Tj ET Q q 0 0 0 rg BT 210.97 545.10 Td (s championship and constructors) Tj ET Q q 0 0 0 rg BT 344.37 545.10 Td ( championship were in 2007 and 2008, respectively) Tj ET Q q 0 0 0 rg BT 549.78 545.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 533.10 Td (As a result, we are enhancing our focus on Formula 1 activities with the goal of improving racing results and restoring our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 521.10 Td (historical position as the premier racing team in Formula 1. If we are unable to attract and retain the necessary talent to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 509.10 Td (succeed in international competitions or devote the capital necessary to fund successful racing activities, the value of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 497.10 Td (Ferrari brand and the appeal of our cars and other luxury goods may suf) Tj ET Q q 0 0 0 rg BT 341.23 497.10 Td (fer) Tj ET Q q 0 0 0 rg BT 351.77 497.10 Td (. Even if we are able to attract such talent and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 485.10 Td (adequately fund our racing activities, there is no assurance that this will lead to competitive success for our racing team. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 463.10 Td (The success of our racing team depends in particular on our ability to attract and retain top drivers and racing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 451.10 Td (management and engineering talent. Our primary Formula 1 drivers, team managers and other key employees of Scuderia ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 439.10 Td (Ferrari are critical to the success of our racing team and if we were to lose their services, this could have a material adverse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 427.10 Td (ef) Tj ET Q q 0 0 0 rg BT 61.59 427.10 Td (fect on the success of our racing team and correspondingly the Ferrari brand. If we are unable to find adequate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 415.10 Td (replacements or to attract, retain and incentivize drivers and team managers, other key employees or new qualified personnel, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 403.10 Td (the success of our racing team may suf) Tj ET Q q 0 0 0 rg BT 209.04 403.10 Td (fer) Tj ET Q q 0 0 0 rg BT 219.59 403.10 Td (. ) Tj ET Q q 0 0 0 rg BT 224.04 403.10 Td (As the success of our racing team forms a lar) Tj ET Q q 0 0 0 rg BT 404.07 403.10 Td (ge part of our brand identity) Tj ET Q q 0 0 0 rg BT 515.89 403.10 Td (, a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 391.10 Td (sustained period without racing success could detract from the Ferrari brand and, as a result, potential clients) Tj ET Q q 0 0 0 rg BT 491.45 391.10 Td ( enthusiasm for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 379.10 Td (the Ferrari brand and their perception of our cars, which could have an adverse ef) Tj ET Q q 0 0 0 rg BT 379.51 379.10 Td (fect on our business, results of operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 367.10 Td (and financial condition. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 345.10 Td (If we are unable to keep up with advances in high performance car technology) Tj ET Q q 0 0 0 rg BT 377.24 345.10 Td (, our competitive position may suf) Tj ET Q q 0 0 0 rg BT 515.94 345.10 Td (fer) Tj ET Q q 0 0 0 rg BT 527.05 345.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 323.10 Td (Performance cars are characterized by leading-edge technology which is constantly evolving. In particular) Tj ET Q q 0 0 0 rg BT 520.70 323.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 311.10 Td (advances in racing technology often lead to improved technology in road cars. ) Tj ET Q q 0 0 0 rg BT 369.18 311.10 Td (Although we invest heavily in research and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 299.10 Td (development, we may be unable to maintain our leading position in high performance car technology and, as a result, our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 287.10 Td (competitive position may suf) Tj ET Q q 0 0 0 rg BT 170.19 287.10 Td (fer) Tj ET Q q 0 0 0 rg BT 180.74 287.10 Td (. ) Tj ET Q q 0 0 0 rg BT 185.19 287.10 Td (As technologies change, we plan to upgrade or adapt our cars and introduce new models in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 275.10 Td (order to continue to provide cars with the latest technology) Tj ET Q q 0 0 0 rg BT 289.12 275.10 Td (. However) Tj ET Q q 0 0 0 rg BT 330.37 275.10 Td (, our cars may not compete ef) Tj ET Q q 0 0 0 rg BT 448.75 275.10 Td (fectively with our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 263.10 Td (competitors) Tj ET Q q 0 0 0 rg BT 103.80 263.10 Td ( cars if we are not able to develop, source and integrate the latest technology into our cars. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 241.10 Td (Developing and applying new automotive technologies is costly) Tj ET Q q 0 0 0 rg BT 351.69 241.10 Td (, and may become even more costly in the future as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 229.10 Td (available technology advances and competition in the industry increases. If our research and development ef) Tj ET Q q 0 0 0 rg BT 487.27 229.10 Td (forts do not lead ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 217.10 Td (to improvements in car performance relative to the competition, or if we are required to spend more to achieve comparable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 205.10 Td (results, sales of our cars or our profitability may suf) Tj ET Q q 0 0 0 rg BT 260.99 205.10 Td (fer) Tj ET Q q 0 0 0 rg BT 271.54 205.10 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 183.10 Td (If our car designs do not appeal to clients, our brand and competitive position may suf) Tj ET Q q 0 0 0 rg BT 408.29 183.10 Td (fer) Tj ET Q q 0 0 0 rg BT 419.40 183.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 161.10 Td (Design and styling are an integral component of our models and our brand. Our cars have historically been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 149.10 Td (characterized by distinctive designs combining the aerodynamics of a sports car with powerful, elegant lines. ) Tj ET Q q 0 0 0 rg BT 492.29 149.10 Td (W) Tj ET Q q 0 0 0 rg BT 500.93 149.10 Td (e believe our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 137.10 Td (clients purchase our cars for their appearance as well as their performance. However) Tj ET Q q 0 0 0 rg BT 391.49 137.10 Td (, we will need to renew over time the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 125.10 Td (style of our cars to dif) Tj ET Q q 0 0 0 rg BT 141.85 125.10 Td (ferentiate the new models we produce from older models, and to reflect the broader evolution of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 113.10 Td (aesthetics in our markets. ) Tj ET Q q 0 0 0 rg BT 157.96 113.10 Td (W) Tj ET Q q 0 0 0 rg BT 166.59 113.10 Td (e devote great ef) Tj ET Q q 0 0 0 rg BT 232.76 113.10 Td (forts to the design of our cars and most of our current models are designed by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 101.10 Td (Ferrari Design Centre, our in-house design team. If the design of our future models fails to meet the evolving tastes and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 89.10 Td (preferences of our clients and prospective clients, or the appreciation of the wider public, our brand may suf) Tj ET Q q 0 0 0 rg BT 485.61 89.10 Td (fer and our sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 77.10 Td (may be adversely af) Tj ET Q q 0 0 0 rg BT 134.06 77.10 Td (fected. ) Tj ET Q endstream endobj 27 0 obj <> endobj 28 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 303.00 41.20 Td (5) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 731.25 Td (The value of our brand depends in part on the automobile collector and enthusiast community) Tj ET Q q 0 0 0 rg BT 441.44 731.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 709.25 Td (An important factor in the connection of clients to the Ferrari brand is our strong relationship with the active global ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 697.25 Td (community of automotive collectors and enthusiasts, particularly collectors and enthusiasts of Ferrari automobiles. ) Tj ET Q q 0 0 0 rg BT 515.09 697.25 Td (This is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 685.25 Td (influenced by our close ties to the automotive collectors) Tj ET Q q 0 0 0 rg BT 280.41 685.25 Td ( community and our support of related events \(such as car shows and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 673.25 Td (driving events\), at our headquarters in Maranello and through our dealers, the Ferrari museum and af) Tj ET Q q 0 0 0 rg BT 457.30 673.25 Td (filiations with regional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 661.25 Td (Ferrari clubs. ) Tj ET Q q 0 0 0 rg BT 109.63 661.25 Td (The support of this community also depends upon the perception of our cars as collectibles, which we also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 649.25 Td (support through our Ferrari Classiche services, and the active resale market for our automobiles which encourages interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 637.25 Td (over the long term. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 615.25 Td (If there is a change in collector appetite or damage to the Ferrari brand, our ties to and the support we receive from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 603.25 Td (this community may be diminished. Such a loss of enthusiasm for our cars from the automotive collectors) Tj ET Q q 0 0 0 rg BT 480.12 603.25 Td ( community could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 591.25 Td (harm the perception of the Ferrari brand and adversely impact our sales and profitability) Tj ET Q q 0 0 0 rg BT 406.28 591.25 Td (. ) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 54.00 582.55 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 570.55 Td (Demand for luxury goods, including luxury performance cars, is volatile, which may adversely af) Tj ET Q q 0 0 0 rg BT 454.38 570.55 Td (fect our operating ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 558.55 Td (results. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 536.55 Td (V) Tj ET Q q 0 0 0 rg BT 101.93 536.55 Td (olatility of demand for luxury goods, in particular luxury performance cars, may adversely af) Tj ET Q q 0 0 0 rg BT 474.13 536.55 Td (fect our business, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 524.55 Td (operating results and financial condition. ) Tj ET Q q 0 0 0 rg BT 219.88 524.55 Td (The markets in which we sell our cars have been subject to volatility in demand in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 512.55 Td (recent periods. Demand for luxury automobiles depends to a lar) Tj ET Q q 0 0 0 rg BT 308.74 512.55 Td (ge extent on general, economic, political and social ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 500.55 Td (conditions in a given market as well as the introduction of new vehicles and technologies. ) Tj ET Q q 0 0 0 rg BT 415.02 500.55 Td (As a luxury performance car ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 488.55 Td (manufacturer and low volume producer) Tj ET Q q 0 0 0 rg BT 211.87 488.55 Td (, we compete with lar) Tj ET Q q 0 0 0 rg BT 298.05 488.55 Td (ger automobile manufacturers many of which have greater ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 476.55 Td (financial resources in order to withstand changes in the market and disruptions in demand. Demand for our cars may also be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 464.55 Td (af) Tj ET Q q 0 0 0 rg BT 61.59 464.55 Td (fected by factors directly impacting automobile prices or the cost of purchasing and operating automobiles, such as the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 452.55 Td (availability and cost of financing, prices of raw materials and parts and components, fuel costs and governmental regulations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 440.55 Td (including tarif) Tj ET Q q 0 0 0 rg BT 110.75 440.55 Td (fs, import regulation and other taxes, including taxes on luxury goods, resulting in limitations to the use of high ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 428.55 Td (performance sports cars or luxury goods more generally) Tj ET Q q 0 0 0 rg BT 277.44 428.55 Td (. ) Tj ET Q q 0 0 0 rg BT 282.26 428.55 Td (V) Tj ET Q q 0 0 0 rg BT 288.19 428.55 Td (olatility in demand may lead to lower car unit sales, which may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 416.55 Td (result in further downward price pressure and adversely af) Tj ET Q q 0 0 0 rg BT 287.06 416.55 Td (fect our business, operating results and financial condition. ) Tj ET Q q 0 0 0 rg BT 525.15 416.55 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 404.55 Td (ef) Tj ET Q q 0 0 0 rg BT 61.59 404.55 Td (fects may have a more pronounced impact on us given our low volume strategy and relatively smaller scale as compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 392.55 Td (lar) Tj ET Q q 0 0 0 rg BT 64.37 392.55 Td (ge global mass-market automobile manufacturers. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 370.55 Td (Our low volume strategy may limit potential profits. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 348.55 Td (A) Tj ET Q q 0 0 0 rg BT 102.67 348.55 Td ( key to the appeal of the Ferrari brand and our marketing strategy is the aura of exclusivity and the sense of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 336.55 Td (luxury which our brand conveys. ) Tj ET Q q 0 0 0 rg BT 187.86 336.55 Td (A) Tj ET Q q 0 0 0 rg BT 194.53 336.55 Td ( central facet to this exclusivity is the limited number of models and cars we produce and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 324.55 Td (our strategy of maintaining our car waiting lists to reach the optimal combination of exclusivity and client service. Our low ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 312.55 Td (volume strategy is also an important factor in the prices that our clients are willing to pay for our cars. Regulation also af) Tj ET Q q 0 0 0 rg BT 537.29 312.55 Td (fects ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 300.55 Td (our potential for volume growth because we are eligible for certain exemptions from fuel economy and emissions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 288.55 Td (requirements provided we sell less than 10,000 road cars worldwide per year) Tj ET Q q 0 0 0 rg BT 360.57 288.55 Td (. See ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 396.95 288.55 Td (New laws, r) Tj ET Q q 0 0 0 rg BT 444.09 288.55 Td (egulations, or policies of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 276.55 Td (governmental or) Tj ET Q q 0 0 0 rg BT 120.01 276.55 Td (ganizations r) Tj ET Q q 0 0 0 rg BT 172.14 276.55 Td (egar) Tj ET Q q 0 0 0 rg BT 190.10 276.55 Td (ding incr) Tj ET Q q 0 0 0 rg BT 226.12 276.55 Td (eased fuel economy r) Tj ET Q q 0 0 0 rg BT 310.44 276.55 Td (equir) Tj ET Q q 0 0 0 rg BT 331.18 276.55 Td (ements, r) Tj ET Q q 0 0 0 rg BT 367.47 276.55 Td (educed gr) Tj ET Q q 0 0 0 rg BT 406.80 276.55 Td (eenhouse gas or pollutant emissions, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 264.55 Td (or vehicle safety) Tj ET Q q 0 0 0 rg BT 118.98 264.55 Td (, or changes in existing laws, may have a significant effect on our costs of operation and/or how we do ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 252.55 Td (business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.39 252.55 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 230.55 Td (While important to our current marketing strategy) Tj ET Q q 0 0 0 rg BT 295.29 230.55 Td (, our focus on maintaining low volumes and exclusivity limits ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 218.55 Td (our potential sales growth and profitability) Tj ET Q q 0 0 0 rg BT 224.15 218.55 Td (. ) Tj ET Q q 0 0 0 rg BT 228.59 218.55 Td (As a public company) Tj ET Q q 0 0 0 rg BT 312.65 218.55 Td (, we may from time to time face pressure to demonstrate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 206.55 Td (growth including by increasing the volume of cars we sell. Notwithstanding any such pressure, we intend to continue to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 194.55 Td (pursue a low volume strategy in order to maintain our reputation for exclusivity) Tj ET Q q 0 0 0 rg BT 372.16 194.55 Td (, while growing volume in a controlled way to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 182.55 Td (respond to growth in emer) Tj ET Q q 0 0 0 rg BT 159.35 182.55 Td (ging markets and demographic changes. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 160.55 Td (Conversely) Tj ET Q q 0 0 0 rg BT 140.90 160.55 Td (, if we were to change our strategy and increase production of our cars more aggressively) Tj ET Q q 0 0 0 rg BT 497.33 160.55 Td (, we may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 148.55 Td (unable to maintain the exclusivity of the Ferrari brand. If we are unable to balance brand exclusivity with increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 136.55 Td (production, we may erode the desirability and ultimately the consumer demand for our cars. ) Tj ET Q q 0 0 0 rg BT 423.89 136.55 Td (As a result, if we are unable to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 124.55 Td (increase car production meaningfully or introduce new car models without eroding the image of exclusivity in our brand we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 112.55 Td (may be unable to significantly increase our revenues. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 90.55 Td (Our revenues from Formula 1 activities may decline and our related expenses may grow) Tj ET Q q 0 0 0 rg BT 416.67 90.55 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 68.55 Td (Revenues from our Formula 1 activities depend principally on the income from our sponsorship agreements and on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 56.55 Td (our share of Formula 1 revenues from broadcasting and other sources. See Item 4.B. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 398.06 56.55 Td (BusinessFormula 1 ) Tj ET Q q 0 0 0 rg BT 486.77 56.55 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.98 56.55 Td (. If we ) Tj ET Q endstream endobj 29 0 obj <> endobj 30 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 303.00 41.20 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (are unable to renew our existing sponsorship agreements or if we enter into new or renewed sponsorship agreements with less ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (favorable terms, our revenues would decline. In addition, our share of Formula 1 results may decline if either our team) Tj ET Q q 0 0 0 rg BT 531.07 719.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.10 Td (performance worsens compared to other competing teams, or if the overall Formula 1 business suf) Tj ET Q q 0 0 0 rg BT 447.32 707.10 Td (fers. Furthermore, in order ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 695.10 Td (to compete ef) Tj ET Q q 0 0 0 rg BT 108.24 695.10 Td (fectively on track we have been investing significant resources in research and development and to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.10 Td (competitively compensate the best available drivers and other racing team members. ) Tj ET Q q 0 0 0 rg BT 394.25 683.10 Td (These expenses also vary based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 671.10 Td (changes in Formula 1 regulations that require modification to our racing engines and cars. ) Tj ET Q q 0 0 0 rg BT 416.21 671.10 Td (These expenses are expected to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 659.10 Td (continue, and may grow further) Tj ET Q q 0 0 0 rg BT 179.95 659.10 Td (, including as a result of any changes in Formula 1 regulations, which would negatively af) Tj ET Q q 0 0 0 rg BT 539.96 659.10 Td (fect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 647.10 Td (our results of operations. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 625.10 Td (The small number of car models we produce and sell may result in greater volatility in our financial results. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 603.10 Td (W) Tj ET Q q 0 0 0 rg BT 104.64 603.10 Td (e currently depend on the sales of six range models, one special series and one limited edition supercar to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 591.10 Td (generate our revenues. ) Tj ET Q q 0 0 0 rg BT 146.55 591.10 Td (While we anticipate expanding our car of) Tj ET Q q 0 0 0 rg BT 311.85 591.10 Td (ferings, we expect that a limited number of models will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 579.10 Td (continue to account for a lar) Tj ET Q q 0 0 0 rg BT 166.27 579.10 Td (ge portion of our revenues at any given time in the foreseeable future. ) Tj ET Q q 0 0 0 rg BT 447.65 579.10 Td (Therefore, our future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 567.10 Td (operating results depend upon the continued market acceptance of each model in our line-up. ) Tj ET Q q 0 0 0 rg BT 428.40 567.10 Td (There can be no assurance that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 555.10 Td (our cars will continue to be successful in the market. On average it takes about 40 months \(approximately 33 months for M ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 543.10 Td (models\) from the beginning of the development phase to start of production for a new model and the car development process ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 531.10 Td (is capital intensive. ) Tj ET Q q 0 0 0 rg BT 132.87 531.10 Td (As a result, we would likely be unable to replace the revenue lost from one of our main car models if it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 519.10 Td (does not achieve market acceptance. Furthermore, volatility in our revenues and profits is also af) Tj ET Q q 0 0 0 rg BT 440.90 519.10 Td (fected by our special ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 507.10 Td (series and limited edition cars that we launch from time to time and are typically priced higher than our range models. ) Tj ET Q q 0 0 0 rg BT 532.55 507.10 Td (There ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 495.10 Td (can be no assurance that we will be successful in developing, producing and marketing additional new cars that will sustain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 483.10 Td (sales growth in the future. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 461.10 Td (Engine production revenues are dependent on Maserati) Tj ET Q q 0 0 0 rg BT 286.05 461.10 Td (s ability to sell its cars. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 439.10 Td (W) Tj ET Q q 0 0 0 rg BT 104.64 439.10 Td (e produce ) Tj ET Q q 0 0 0 rg BT 146.10 439.10 Td (V8 and ) Tj ET Q q 0 0 0 rg BT 177.58 439.10 Td (V6 engines for Maserati. In particular) Tj ET Q q 0 0 0 rg BT 328.24 439.10 Td (, we have a multi-year arrangement with Maserati to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 427.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 86.87 427.10 Td (V6 engines in an initial production run of up to 178,000 engines in aggregate through 2020, which, based on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 415.10 Td (discussions with Maserati, is expected to increase to up to 260,000 engines in aggregate through 2023 to cater to Maserati) Tj ET Q q 0 0 0 rg BT 544.16 415.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 403.10 Td (planned expanded model range and sales volumes. ) Tj ET Q q 0 0 0 rg BT 258.76 403.10 Td (While Maserati is required to compensate us for certain costs we may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 391.10 Td (incur) Tj ET Q q 0 0 0 rg BT 74.15 391.10 Td (, such as penalties from our suppliers, in the event that the sales of Maserati cars decline, or do not increase at the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 379.10 Td (expected rate, such an event would adversely af) Tj ET Q q 0 0 0 rg BT 244.84 379.10 Td (fect our revenues from the sale of engines. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 357.10 Td (Our business is subject to changes in client preferences and automotive trends. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 335.10 Td (Our continued success depends in part on our ability to originate and define product and automotive trends, as well ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 323.10 Td (as to anticipate and respond promptly to changing consumer demands and automotive trends in the design, styling, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 311.10 Td (technology) Tj ET Q q 0 0 0 rg BT 97.78 311.10 Td (, production, merchandising and pricing of our products. Our products must appeal to a client base whose ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 299.10 Td (preferences cannot be predicted with certainty and are subject to rapid change. Evaluating and responding to client ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 287.10 Td (preferences has become even more complex in recent years, due to our expansion in new geographical markets. If we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 275.10 Td (misjudge the market for our products, we and our dealers may be faced with excess inventories for some cars and missed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 263.10 Td (opportunities with others. In addition, there can be no assurance that we will be able to produce, distribute and market new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 251.10 Td (products ef) Tj ET Q q 0 0 0 rg BT 98.53 251.10 Td (ficiently or that any product category that we may expand or introduce will achieve sales levels suf) Tj ET Q q 0 0 0 rg BT 494.32 251.10 Td (ficient to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 239.10 Td (generate profits. ) Tj ET Q q 0 0 0 rg BT 120.92 239.10 Td (Any of these outcomes could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 344.26 239.10 Td (fect on our business, results of operations and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 227.10 Td (financial condition. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 205.10 Td (Global economic conditions may adversely af) Tj ET Q q 0 0 0 rg BT 240.18 205.10 Td (fect us. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 183.10 Td (Our sales volumes and revenues may be af) Tj ET Q q 0 0 0 rg BT 266.60 183.10 Td (fected by overall general economic conditions. Deteriorating general ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 171.10 Td (economic conditions may af) Tj ET Q q 0 0 0 rg BT 166.84 171.10 Td (fect disposable incomes and reduce consumer wealth impacting client demand, particularly for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 159.10 Td (luxury goods which may negatively impact our profitability and put downward pressure on our prices and volumes. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 147.10 Td (Furthermore, during recessionary periods, social acceptability of luxury purchases may decrease and higher taxes may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 135.10 Td (more likely to be imposed on certain luxury goods including our cars, which may af) Tj ET Q q 0 0 0 rg BT 389.57 135.10 Td (fect our sales. ) Tj ET Q q 0 0 0 rg BT 446.77 135.10 Td (Adverse economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 123.10 Td (conditions may also af) Tj ET Q q 0 0 0 rg BT 144.08 123.10 Td (fect the financial health and performance of our dealers in a manner that will af) Tj ET Q q 0 0 0 rg BT 460.97 123.10 Td (fect sales of our cars or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 111.10 Td (their ability to meet their commitments to us. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 89.10 Td (Many factors af) Tj ET Q q 0 0 0 rg BT 159.13 89.10 Td (fect the level of consumer spending in the luxury performance car industry) Tj ET Q q 0 0 0 rg BT 457.54 89.10 Td (, including the state of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 77.10 Td (the economy as a whole, stock market performance, interest and exchange rates, inflation, political uncertainty) Tj ET Q q 0 0 0 rg BT 495.96 77.10 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 65.10 Td (availability of consumer credit, tax rates, unemployment levels and other matters that influence consumer confidence. In ) Tj ET Q endstream endobj 31 0 obj <> endobj 32 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 303.00 41.20 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (general, although our sales have historically been comparatively resilient in periods of economic turmoil, sales of luxury ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (goods tend to decline during recessionary periods when the level of disposable income tends to be lower or when consumer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.10 Td (confidence is low) Tj ET Q q 0 0 0 rg BT 123.88 707.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 685.10 Td (W) Tj ET Q q 0 0 0 rg BT 104.64 685.10 Td (e distribute our products internationally and we may be af) Tj ET Q q 0 0 0 rg BT 335.78 685.10 Td (fected by downturns in general economic conditions or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 673.10 Td (uncertainties regarding future economic prospects that may impact the countries in which we sell a significant portion of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 661.10 Td (products. In particular) Tj ET Q q 0 0 0 rg BT 142.18 661.10 Td (, the majority of our current sales are in the EU and in the United States; if we are unable to expand in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 649.10 Td (emer) Tj ET Q q 0 0 0 rg BT 73.80 649.10 Td (ging markets, a downturn in mature economies such as the EU and the United States may negatively af) Tj ET Q q 0 0 0 rg BT 485.73 649.10 Td (fect our financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 637.10 Td (performance. In the EU, in particular) Tj ET Q q 0 0 0 rg BT 201.59 637.10 Td (, despite measures taken by several governments and monetary authorities to provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 625.10 Td (financial assistance to certain Eurozone countries and to avoid default on sovereign debt obligations, concerns persist ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 613.10 Td (regarding the debt burden of several countries. ) Tj ET Q q 0 0 0 rg BT 242.64 613.10 Td (These concerns, along with the significant fiscal adjustments carried out in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 601.10 Td (several countries, intended to manage actual or perceived sovereign credit risk, have led to further pressure on economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 589.10 Td (growth and may lead to new periods of recession. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 567.10 Td (A) Tj ET Q q 0 0 0 rg BT 102.67 567.10 Td ( significant decline in the EU or the global economy or in the specific economies of our markets, or in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 555.10 Td (consumers) Tj ET Q q 0 0 0 rg BT 99.36 555.10 Td ( confidence could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 277.13 555.10 Td (fect on our business. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 533.10 Td (New laws, regulations, or policies of governmental organizations regarding increased fuel economy requirements, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 521.10 Td (reduced greenhouse gas or pollutant emissions, or vehicle safety) Tj ET Q q 0 0 0 rg BT 318.35 521.10 Td (, or changes in existing laws, may have a significant ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 509.10 Td (ef) Tj ET Q q 0 0 0 rg BT 61.59 509.10 Td (fect on our costs of operation and/or how we do business. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 487.10 Td (W) Tj ET Q q 0 0 0 rg BT 104.64 487.10 Td (e are subject throughout the world to comprehensive and constantly evolving laws, regulations and policies. ) Tj ET Q q 0 0 0 rg BT 538.51 487.10 Td (W) Tj ET Q q 0 0 0 rg BT 547.15 487.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 475.10 Td (expect the extent of the legal and regulatory requirements af) Tj ET Q q 0 0 0 rg BT 294.55 475.10 Td (fecting our business and our costs of compliance to continue to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 463.10 Td (increase significantly in the future. In Europe and the United States, for example, significant governmental regulation is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 451.10 Td (driven by environmental, fuel economy) Tj ET Q q 0 0 0 rg BT 211.36 451.10 Td (, vehicle safety and noise emission concerns. Evolving regulatory requirements could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 439.10 Td (significantly af) Tj ET Q q 0 0 0 rg BT 114.08 439.10 Td (fect our product development plans and may limit the number and types of cars we sell and where we sell ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 427.10 Td (them, which may af) Tj ET Q q 0 0 0 rg BT 133.24 427.10 Td (fect our revenue. Governmental regulations may increase the costs we incur to design, develop and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 415.10 Td (produce our cars and may af) Tj ET Q q 0 0 0 rg BT 167.38 415.10 Td (fect our product portfolio. Regulation may also result in a change in the character or performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 403.10 Td (characteristics of our cars which may render them less appealing to our clients. ) Tj ET Q q 0 0 0 rg BT 372.04 403.10 Td (W) Tj ET Q q 0 0 0 rg BT 380.67 403.10 Td (e anticipate that the number and extent of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 391.10 Td (these regulations, and their ef) Tj ET Q q 0 0 0 rg BT 171.83 391.10 Td (fect on our cost structure and product line-up, will increase significantly in the future. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 369.10 Td (Current European legislation limits fleet average greenhouse gas emissions for new passenger cars, and new tar) Tj ET Q q 0 0 0 rg BT 541.78 369.10 Td (gets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 357.10 Td (have been set in 2014 with more stringent emission tar) Tj ET Q q 0 0 0 rg BT 272.38 357.10 Td (gets applicable to the 2017-2021 period. Due to our small volume ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 345.10 Td (manufacturer \(SVM\) status we benefit from a derogation from the existing emissions requirement and we are instead ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 333.10 Td (required to meet by 2016 alternative tar) Tj ET Q q 0 0 0 rg BT 212.09 333.10 Td (gets for our fleet of EU-registered vehicles. ) Tj ET Q q 0 0 0 rg BT 387.95 333.10 Td (Therefore, in 2015, we submitted our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 321.10 Td (proposed CO) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 107.05 319.96 Td (2 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.95 321.10 Td (emissions tar) Tj ET Q q 0 0 0 rg BT 163.27 321.10 Td (get for the 2017-2021 period to the EU Commission for approval. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 299.10 Td (In the United States, the U.S. Environmental Protection ) Tj ET Q q 0 0 0 rg BT 320.13 299.10 Td (Agency \(EP) Tj ET Q q 0 0 0 rg BT 372.25 299.10 Td (A\) and the National Highway ) Tj ET Q q 0 0 0 rg BT 497.31 299.10 Td (T) Tj ET Q q 0 0 0 rg BT 503.07 299.10 Td (raf) Tj ET Q q 0 0 0 rg BT 513.98 299.10 Td (fic Safety ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 287.10 Td (Administration \(NHTSA\) have set the federal standards for passenger cars and light trucks to meet certain combined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 275.10 Td (average fuel economy \(CAFE\) levels and more stringent standards have been prescribed for model years 2017 through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 263.10 Td (2025. ) Tj ET Q q 0 0 0 rg BT 78.45 263.10 Td (As a SVM that is able to demonstrate our operational independence from FCA, we expect to benefit from a derogation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 251.10 Td (from currently applicable standards. ) Tj ET Q q 0 0 0 rg BT 200.71 251.10 Td (W) Tj ET Q q 0 0 0 rg BT 209.35 251.10 Td (e have also petitioned the EP) Tj ET Q q 0 0 0 rg BT 324.23 251.10 Td (A) Tj ET Q q 0 0 0 rg BT 330.90 251.10 Td ( for alternative standards for the 2017-2021 model ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 239.10 Td (years, which are aligned to our technical and economic capabilities, and we expect to receive feedback on this proposal by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 227.10 Td (mid-2016. ) Tj ET Q q 0 0 0 rg BT 97.71 227.10 Td (W) Tj ET Q q 0 0 0 rg BT 106.34 227.10 Td (e intend to petition NHTSA) Tj ET Q q 0 0 0 rg BT 216.89 227.10 Td ( for recognition as an independent manufacturer of less than 10,000 vehicles ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 215.10 Td (globally) Tj ET Q q 0 0 0 rg BT 86.12 215.10 Td (, in order to be eligible for alternate CAFE standards, as permitted under the CAFE program. If our petition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 203.10 Td (qualifying for alternate CAFE standards is successful, NHTSA) Tj ET Q q 0 0 0 rg BT 305.06 203.10 Td ( will determine the appropriate level of CAFE applicable to us ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 191.10 Td (for future model years. ) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 54.00 182.40 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 170.40 Td (In addition, we are subject to legislation relating to the emission of other air pollutants such as, among others, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 158.40 Td (T) Tj ET Q q 0 0 0 rg BT 64.20 158.40 Td (ier 3 Motor ) Tj ET Q q 0 0 0 rg BT 116.50 158.40 Td (V) Tj ET Q q 0 0 0 rg BT 122.61 158.40 Td (ehicle Emission and Fuel Standards issued by the EP) Tj ET Q q 0 0 0 rg BT 333.34 158.40 Td (A, and the Zero Emission ) Tj ET Q q 0 0 0 rg BT 438.14 158.40 Td (V) Tj ET Q q 0 0 0 rg BT 444.25 158.40 Td (ehicle regulation in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 146.40 Td (California, which are subject to similar derogations for SVMs, as well as vehicle safety legislation. NHTSA) Tj ET Q q 0 0 0 rg BT 485.02 146.40 Td ( also recently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 134.40 Td (published guidelines for driver distraction, and the associated compliance costs may be substantial. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 112.40 Td (Other governments around the world, such as those in Canada, South Korea, China and certain Middle Eastern ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 100.40 Td (countries are also creating new policies to address these issues which could be even more stringent than the U.S. or European ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 88.40 Td (requirements. ) Tj ET Q q 0 0 0 rg BT 110.65 88.40 Td (As in the United States and Europe, these government policies if applied to us could significantly af) Tj ET Q q 0 0 0 rg BT 510.10 88.40 Td (fect our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 76.40 Td (product development plans. In China, for example, Stage III fuel consumption regulations tar) Tj ET Q q 0 0 0 rg BT 426.77 76.40 Td (get a national average fuel ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 64.40 Td (consumption of 6.9L/100km by 2015 and Stage IV) Tj ET Q q 0 0 0 rg BT 257.69 64.40 Td ( tar) Tj ET Q q 0 0 0 rg BT 270.55 64.40 Td (gets a national average fuel consumption of 5.0L/100km by 2021. In ) Tj ET Q endstream endobj 33 0 obj <> endobj 34 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 303.00 41.20 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (response to severe air quality issues in Beijing and other major Chinese cities, the Chinese government also intends to adopt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (more stringent emissions standards for Mainland China beginning in 2016. It is unclear whether the new standards, if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.10 Td (adopted, will include exceptions for SVMs similar to those currently in place in the United States and in the EU.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 685.10 Td (W) Tj ET Q q 0 0 0 rg BT 104.64 685.10 Td (e could lose our status as a SVM in the EU and/or the United States if we do not continue to meet all of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 673.10 Td (necessary eligibility criteria under applicable regulations as they evolve. In order to meet these criteria we may need to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 661.10 Td (modify our growth plans or other operations. Furthermore, even if we continue to benefit from derogations as a SVM, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 649.10 Td (will be subject to alternative standards that the regulators deem appropriate for our technical and economic capabilities and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 637.10 Td (such alternative standards may be significantly more stringent than those currently applicable to us. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 615.10 Td (Under these existing regulations, as well as new or stricter rules or policies, we could be subject to sizable civil ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 603.10 Td (penalties or have to restrict or modify product of) Tj ET Q q 0 0 0 rg BT 248.20 603.10 Td (ferings drastically to remain in compliance. ) Tj ET Q q 0 0 0 rg BT 424.35 603.10 Td (W) Tj ET Q q 0 0 0 rg BT 432.99 603.10 Td (e may have to incur substantial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 591.10 Td (capital expenditures and research and development expenditures to upgrade products and manufacturing facilities, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 579.10 Td (would have an impact on our cost of production and results of operation. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 557.10 Td (Our growth strategy exposes us to risks. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 535.10 Td (Our growth strategy includes a controlled expansion of our sales and operations, including the launching of new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 523.10 Td (car models and expanding sales and dealer operations in tar) Tj ET Q q 0 0 0 rg BT 291.79 523.10 Td (geted growth regions internationally) Tj ET Q q 0 0 0 rg BT 436.38 523.10 Td (. In particular) Tj ET Q q 0 0 0 rg BT 490.12 523.10 Td (, our growth ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 511.10 Td (strategy requires us to expand operations in regions that we have identified as having relatively high growth potential. ) Tj ET Q q 0 0 0 rg BT 527.86 511.10 Td (W) Tj ET Q q 0 0 0 rg BT 536.50 511.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 499.10 Td (may encounter dif) Tj ET Q q 0 0 0 rg BT 126.57 499.10 Td (ficulties, including more significant competition in entering and establishing ourselves in these markets. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 477.10 Td (Our growth depends on the continued success of our existing cars, as well as the successful design and introduction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 465.10 Td (of new cars. Our ability to create new cars and to sustain existing car models is af) Tj ET Q q 0 0 0 rg BT 380.10 465.10 Td (fected by whether we can successfully ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 453.10 Td (anticipate and respond to consumer preferences and car trends. ) Tj ET Q q 0 0 0 rg BT 307.60 453.10 Td (The failure to develop and launch successful new cars could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 441.10 Td (hinder the growth of our business. ) Tj ET Q q 0 0 0 rg BT 192.59 441.10 Td (Also, any delay in the development or launch of a new product could result in others ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 429.10 Td (bringing new products and technology to market first, which could compromise our competitive position. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 407.10 Td (Our growth strategy may expose us to new business risks that we may not have the expertise, capability or the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 395.10 Td (systems to manage. ) Tj ET Q q 0 0 0 rg BT 134.36 395.10 Td (This strategy will also place significant demands on us by requiring us to continuously evolve and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 383.10 Td (improve our operational, financial and internal controls. Continued expansion also increases the challenges involved in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 371.10 Td (maintaining high levels of quality) Tj ET Q q 0 0 0 rg BT 188.33 371.10 Td (, management and client satisfaction, recruiting, training and retaining suf) Tj ET Q q 0 0 0 rg BT 483.60 371.10 Td (ficient skilled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 359.10 Td (management, technical and marketing personnel. If we are unable to manage these risks or meet these demands, our growth ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 347.10 Td (prospects and our business, results of operation and financial condition could be adversely af) Tj ET Q q 0 0 0 rg BT 425.38 347.10 Td (fected. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 325.10 Td (W) Tj ET Q q 0 0 0 rg BT 104.64 325.10 Td (e currently plan to open additional dealerships and Ferrari stores in various international markets. ) Tj ET Q q 0 0 0 rg BT 496.28 325.10 Td (W) Tj ET Q q 0 0 0 rg BT 504.92 325.10 Td (e do not yet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 313.10 Td (have significant experience directly operating in many of these markets, and in many of them we face established ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 301.10 Td (competitors. Many of these countries have dif) Tj ET Q q 0 0 0 rg BT 237.38 301.10 Td (ferent operational characteristics, including but not limited to employment and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 289.10 Td (labor) Tj ET Q q 0 0 0 rg BT 74.15 289.10 Td (, transportation, logistics, real estate, environmental regulations and local reporting or legal requirements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 267.10 Td (Consumer demand and behavior) Tj ET Q q 0 0 0 rg BT 225.29 267.10 Td (, as well as tastes and purchasing trends may dif) Tj ET Q q 0 0 0 rg BT 417.28 267.10 Td (fer in these markets, and as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 255.10 Td (result, sales of our products may not be successful, or the mar) Tj ET Q q 0 0 0 rg BT 300.70 255.10 Td (gins on those sales may not be in line with those we currently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 243.10 Td (anticipate. Furthermore, such markets will have upfront short-term investment costs that may not be accompanied by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 231.10 Td (suf) Tj ET Q q 0 0 0 rg BT 66.04 231.10 Td (ficient revenues to achieve typical or expected operational and financial performance and therefore may be dilutive to us ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 219.10 Td (in the short-term. In many of these countries, there is significant competition to attract and retain experienced and talented ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 207.10 Td (employees. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 185.10 Td (Consequently) Tj ET Q q 0 0 0 rg BT 150.35 185.10 Td (, if our international expansion plans are unsuccessful, our business, results of operation and financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 173.10 Td (condition could be materially adversely af) Tj ET Q q 0 0 0 rg BT 222.37 173.10 Td (fected. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 151.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.15 151.10 Td (e face competition in the luxury performance car industry) Tj ET Q q 0 0 0 rg BT 300.10 151.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 129.10 Td (W) Tj ET Q q 0 0 0 rg BT 104.64 129.10 Td (e face competition in all product categories and markets in which we operate. ) Tj ET Q q 0 0 0 rg BT 416.56 129.10 Td (W) Tj ET Q q 0 0 0 rg BT 425.19 129.10 Td (e compete with other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 117.10 Td (international luxury performance car manufacturers which own and operate well-known brands of high-quality cars, some of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 105.10 Td (which form part of lar) Tj ET Q q 0 0 0 rg BT 142.12 105.10 Td (ger automotive groups and may have greater financial resources and bar) Tj ET Q q 0 0 0 rg BT 430.15 105.10 Td (gaining power with suppliers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 93.10 Td (than we do, particularly in light of our policy to maintain low volumes in order to preserve and enhance the exclusivity of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 81.10 Td (cars. ) Tj ET Q q 0 0 0 rg BT 74.92 81.10 Td (W) Tj ET Q q 0 0 0 rg BT 83.56 81.10 Td (e believe that we compete primarily on the basis of our brand image, the performance and design of our cars and our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 69.10 Td (reputation for quality) Tj ET Q q 0 0 0 rg BT 138.33 69.10 Td (. If we are unable to compete successfully) Tj ET Q q 0 0 0 rg BT 305.39 69.10 Td (, our business, results of operations and financial condition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 57.10 Td (could be adversely af) Tj ET Q q 0 0 0 rg BT 139.06 57.10 Td (fected. ) Tj ET Q endstream endobj 35 0 obj <> endobj 36 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 303.00 41.20 Td (9) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 731.25 Td (Developments in emerging markets may adversely af) Tj ET Q q 0 0 0 rg BT 270.45 731.25 Td (fect our business. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 709.25 Td (W) Tj ET Q q 0 0 0 rg BT 104.64 709.25 Td (e operate in a number of emer) Tj ET Q q 0 0 0 rg BT 224.40 709.25 Td (ging markets, both directly and through our dealers and we have experienced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 697.25 Td (increasing demand in China and the Middle East. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 675.25 Td (Our strategy contemplates expanding our sales in the Middle East and ) Tj ET Q q 0 0 0 rg BT 377.88 675.25 Td (Asia regions, recognizing the increasing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 663.25 Td (personal wealth in these markets. ) Tj ET Q q 0 0 0 rg BT 189.33 663.25 Td (While demand in these markets has increased in recent years due to sustained economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 651.25 Td (growth and growth in personal income and wealth, we are unable to foresee the extent to which economic growth in these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 639.25 Td (emer) Tj ET Q q 0 0 0 rg BT 73.80 639.25 Td (ging markets will be sustained. For example, recent events in ) Tj ET Q q 0 0 0 rg BT 320.41 639.25 Td (Asia including market turmoil and currency devaluations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 627.25 Td (and potential slowdowns in the rate of growth there and in other emer) Tj ET Q q 0 0 0 rg BT 332.63 627.25 Td (ging markets could limit the opportunity for us to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 615.25 Td (increase unit sales and revenues in those regions in the near term. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 593.25 Td (Our exposure to emer) Tj ET Q q 0 0 0 rg BT 182.73 593.25 Td (ging countries is likely to increase, as we pursue expanded sales in such countries. Economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 581.25 Td (and political developments in emer) Tj ET Q q 0 0 0 rg BT 194.33 581.25 Td (ging markets, including economic crises or political instability) Tj ET Q q 0 0 0 rg BT 443.63 581.25 Td (, have had and could have in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 569.25 Td (the future material adverse ef) Tj ET Q q 0 0 0 rg BT 170.98 569.25 Td (fects on our results of operations and financial condition. Further) Tj ET Q q 0 0 0 rg BT 430.51 569.25 Td (, in certain markets in which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 557.25 Td (we or our dealers operate, required government approvals may limit our ability to act quickly in making decisions on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 545.25 Td (operations in those markets. Other government actions may also impact the market for luxury goods in these markets, such as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 533.25 Td (tax changes or the active discouragement of luxury purchases. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 511.25 Td (Maintaining and strengthening our position in these emer) Tj ET Q q 0 0 0 rg BT 324.94 511.25 Td (ging markets is a key component of our global growth ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 499.25 Td (strategy) Tj ET Q q 0 0 0 rg BT 85.01 499.25 Td (. However) Tj ET Q q 0 0 0 rg BT 126.26 499.25 Td (, initiatives from several global luxury automotive manufacturers have increased competitive pressures for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 487.25 Td (luxury cars in several emer) Tj ET Q q 0 0 0 rg BT 162.11 487.25 Td (ging markets. ) Tj ET Q q 0 0 0 rg BT 218.49 487.25 Td (As these markets continue to grow) Tj ET Q q 0 0 0 rg BT 356.42 487.25 Td (, we anticipate that additional competitors, both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 475.25 Td (international and domestic, will seek to enter these markets and that existing market participants will try to aggressively ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 463.25 Td (protect or increase their market share. Increased competition may result in pricing pressures, reduced mar) Tj ET Q q 0 0 0 rg BT 475.87 463.25 Td (gins and our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 451.25 Td (inability to gain or hold market share, which could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 363.15 451.25 Td (fect on our results of operations and financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 439.25 Td (condition. ) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 54.00 430.55 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 418.55 Td (Our success depends largely on the ability of our current management team to operate and manage ef) Tj ET Q q 0 0 0 rg BT 472.70 418.55 Td (fectively) Tj ET Q q 0 0 0 rg BT 506.19 418.55 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 396.55 Td (Our success depends on the ability of our senior executives and other members of management to ef) Tj ET Q q 0 0 0 rg BT 496.81 396.55 Td (fectively ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 384.55 Td (manage our business as a whole and individual areas of the business. Our management team particularly benefits from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 372.55 Td (leadership of our CEO, ) Tj ET Q q 0 0 0 rg BT 148.70 372.55 Td (Amedeo Felisa, who brings over 40 years of automotive technical experience and skill to his ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 360.55 Td (leadership role and our chairman, Ser) Tj ET Q q 0 0 0 rg BT 203.76 360.55 Td (gio Marchionne, who engineered the operating and financial turnaround of Fiat and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 348.55 Td (Chrysler and the global expansion of our parent company) Tj ET Q q 0 0 0 rg BT 283.29 348.55 Td (, FCA, into the seventh) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 376.06 348.55 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.56 348.55 Td (lar) Tj ET Q q 0 0 0 rg BT 388.93 348.55 Td (gest automaker in the world \(based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 336.55 Td (2014 vehicle sales worldwide\). Our employees, particularly in our production facilities in and around Maranello, Italy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 324.55 Td (include many highly skilled engineers, technicians and artisans. If we were to lose the services of any of these senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 312.55 Td (executives or key employees, this could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 320.10 312.55 Td (fect on our business, operating results and financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 300.55 Td (condition. ) Tj ET Q q 0 0 0 rg BT 96.59 300.55 Td (W) Tj ET Q q 0 0 0 rg BT 105.23 300.55 Td (e have developed succession plans that we believe are appropriate in the circumstances, although it is dif) Tj ET Q q 0 0 0 rg BT 524.07 300.55 Td (ficult to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 288.55 Td (predict with any certainty that we will replace these individuals with persons of equivalent experience and capabilities. If we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 276.55 Td (are unable to find adequate replacements or to attract, retain and incentivize senior executives, other key employees or new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 264.55 Td (qualified personnel, our business, results of operations and financial condition may suf) Tj ET Q q 0 0 0 rg BT 400.68 264.55 Td (fer) Tj ET Q q 0 0 0 rg BT 411.23 264.55 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 242.55 Td (W) Tj ET Q q 0 0 0 rg BT 62.15 242.55 Td (e rely on our dealer network to provide sales and services. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 220.55 Td (W) Tj ET Q q 0 0 0 rg BT 104.64 220.55 Td (e do not own our Ferrari dealers and virtually all of our sales are made through our network of dealerships ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 208.55 Td (located throughout the world. If our dealers are unable to provide sales or service quality that our clients expect or do not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 196.55 Td (otherwise adequately project the Ferrari image and its aura of luxury and exclusivity) Tj ET Q q 0 0 0 rg BT 391.01 196.55 Td (, the Ferrari brand may be negatively ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 184.55 Td (af) Tj ET Q q 0 0 0 rg BT 61.59 184.55 Td (fected. ) Tj ET Q q 0 0 0 rg BT 90.83 184.55 Td (W) Tj ET Q q 0 0 0 rg BT 99.47 184.55 Td (e depend on the quality of our dealership network and our business, operating results and financial condition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 172.55 Td (could be adversely af) Tj ET Q q 0 0 0 rg BT 139.06 172.55 Td (fected if our dealers suf) Tj ET Q q 0 0 0 rg BT 233.28 172.55 Td (fer financial dif) Tj ET Q q 0 0 0 rg BT 295.28 172.55 Td (ficulties or otherwise are unable to perform to our expectations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 150.55 Td (Our growth strategy also depends on our ability to attract a suf) Tj ET Q q 0 0 0 rg BT 346.03 150.55 Td (ficient number of quality new dealers to sell our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 138.55 Td (products in new areas. ) Tj ET Q q 0 0 0 rg BT 145.73 138.55 Td (W) Tj ET Q q 0 0 0 rg BT 154.37 138.55 Td (e may face competition from other luxury performance car manufacturers in attracting quality new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 126.55 Td (dealers, based on, among other things, dealer mar) Tj ET Q q 0 0 0 rg BT 252.09 126.55 Td (gin, incentives and the performance of other dealers in the region. If we are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 114.55 Td (unable to attract a suf) Tj ET Q q 0 0 0 rg BT 139.89 114.55 Td (ficient number of new Ferrari dealers in tar) Tj ET Q q 0 0 0 rg BT 312.14 114.55 Td (geted growth areas, our prospects could be materially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 102.55 Td (adversely af) Tj ET Q q 0 0 0 rg BT 102.40 102.55 Td (fected. ) Tj ET Q endstream endobj 37 0 obj <> endobj 38 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (10) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 731.25 Td (W) Tj ET Q q 0 0 0 rg BT 62.15 731.25 Td (e depend on our suppliers, many of which are single source suppliers; and if these suppliers fail to deliver necessary raw ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 719.25 Td (materials, systems, components and parts of appropriate quality in a timely manner our operations may be disrupted. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 697.25 Td (Our business depends on a significant number of suppliers, which provide the raw materials, components, parts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 685.25 Td (and systems we require to manufacture cars and parts and to operate our business. ) Tj ET Q q 0 0 0 rg BT 383.99 685.25 Td (W) Tj ET Q q 0 0 0 rg BT 392.63 685.25 Td (e use a variety of raw materials in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 673.25 Td (business including aluminum, and precious metals such as palladium and rhodium. ) Tj ET Q q 0 0 0 rg BT 387.93 673.25 Td (W) Tj ET Q q 0 0 0 rg BT 396.57 673.25 Td (e source materials from a limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 661.25 Td (number of suppliers. ) Tj ET Q q 0 0 0 rg BT 138.80 661.25 Td (W) Tj ET Q q 0 0 0 rg BT 147.44 661.25 Td (e cannot guarantee that we will be able to maintain access to these raw materials, and in some cases ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 649.25 Td (this access may be af) Tj ET Q q 0 0 0 rg BT 138.23 649.25 Td (fected by factors outside of our control and the control of our suppliers. In addition, prices for these raw ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 637.25 Td (materials fluctuate and while we seek to manage this exposure, we may not be successful in mitigating these risks. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 615.25 Td (As with raw materials, we are also at risk for supply disruption and shortages in parts and components we purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 603.25 Td (for use in our cars. ) Tj ET Q q 0 0 0 rg BT 131.02 603.25 Td (W) Tj ET Q q 0 0 0 rg BT 139.65 603.25 Td (e source a variety of key components from third parties, including transmissions, brakes, driving-safety ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 591.25 Td (systems, navigation systems, mechanical, electrical and electronic parts, plastic components as well as castings and tires, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 579.25 Td (which makes us dependent upon the suppliers of such components. ) Tj ET Q q 0 0 0 rg BT 324.60 579.25 Td (While we obtain components from multiple sources ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 567.25 Td (whenever possible, similar to other small volume car manufacturers, most of the key components we use in our cars are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 555.25 Td (purchased by us from single source suppliers. ) Tj ET Q q 0 0 0 rg BT 238.78 555.25 Td (W) Tj ET Q q 0 0 0 rg BT 247.42 555.25 Td (e generally do not qualify alternative sources for most of the single-sourced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 543.25 Td (components we use in our cars and we do not maintain long-term agreements with a number of our suppliers. Furthermore, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 531.25 Td (we have limited ability to monitor the financial stability of our suppliers. ) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 54.00 522.55 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 510.55 Td (While we believe that we may be able to establish alternate supply relationships and can obtain or engineer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 498.55 Td (replacement components for our single-sourced components, we may be unable to do so in the short term, or at all, at prices ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 486.55 Td (or costs that we believe are reasonable. Qualifying alternate suppliers or developing our own replacements for certain highly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 474.55 Td (customized components of our cars may be time consuming, costly and may force us to make costly modifications to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 462.55 Td (designs of our cars. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 440.55 Td (In the past, we have replaced certain suppliers because they have failed to provide components that met our quality ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 428.55 Td (control standards. ) Tj ET Q q 0 0 0 rg BT 127.41 428.55 Td (The loss of any single or limited source supplier or the disruption in the supply of components from these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 416.55 Td (suppliers could lead to delays in car deliveries to our clients, which could adversely af) Tj ET Q q 0 0 0 rg BT 398.43 416.55 Td (fect our relationships with our clients ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 404.55 Td (and also materially and adversely af) Tj ET Q q 0 0 0 rg BT 197.93 404.55 Td (fect our operating results and financial condition. Supply of raw materials, parts and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 392.55 Td (components may also be disrupted or interrupted by natural disasters, as was the case in 2012 following the earthquake in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 380.55 Td (Emilia Romagna region of Italy) Tj ET Q q 0 0 0 rg BT 180.54 380.55 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 358.55 Td (Changes in our supply chain have in the past resulted and may in the future result in increased costs and delays in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 346.55 Td (car production. ) Tj ET Q q 0 0 0 rg BT 116.85 346.55 Td (W) Tj ET Q q 0 0 0 rg BT 125.49 346.55 Td (e have also experienced cost increases from certain suppliers in order to meet our quality tar) Tj ET Q q 0 0 0 rg BT 493.78 346.55 Td (gets and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 334.55 Td (development timelines and because of design changes that we have made. ) Tj ET Q q 0 0 0 rg BT 352.05 334.55 Td (W) Tj ET Q q 0 0 0 rg BT 360.68 334.55 Td (e may experience similar cost increases in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 322.55 Td (future. ) Tj ET Q q 0 0 0 rg BT 82.33 322.55 Td (Additionally) Tj ET Q q 0 0 0 rg BT 132.23 322.55 Td (, we are negotiating with existing suppliers for cost reductions, seeking new and less expensive suppliers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 310.55 Td (for certain parts, and attempting to redesign certain parts to make them less expensive to produce. If we are unsuccessful in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 298.55 Td (our ef) Tj ET Q q 0 0 0 rg BT 77.42 298.55 Td (forts to control and reduce supplier costs while maintaining a stable source of high quality supplies, our operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 286.55 Td (results will suf) Tj ET Q q 0 0 0 rg BT 112.71 286.55 Td (fer) Tj ET Q q 0 0 0 rg BT 123.25 286.55 Td (. ) Tj ET Q q 0 0 0 rg BT 127.70 286.55 Td (Additionally) Tj ET Q q 0 0 0 rg BT 177.60 286.55 Td (, cost reduction ef) Tj ET Q q 0 0 0 rg BT 249.06 286.55 Td (forts may disrupt our normal production processes, thereby harming the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 274.55 Td (quality or volume of our production. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 252.55 Td (Furthermore, if our suppliers fail to provide components in a timely manner or at the level of quality necessary to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 240.55 Td (manufacture our cars, our clients may face longer waiting periods which could result in negative publicity) Tj ET Q q 0 0 0 rg BT 477.10 240.55 Td (, harm our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 228.55 Td (reputation and relationship with clients and have a material adverse ef) Tj ET Q q 0 0 0 rg BT 333.71 228.55 Td (fect on our business, operating results and financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 216.55 Td (condition. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 194.55 Td (W) Tj ET Q q 0 0 0 rg BT 62.15 194.55 Td (e depend on our manufacturing facilities in Maranello and Modena. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 172.55 Td (W) Tj ET Q q 0 0 0 rg BT 104.64 172.55 Td (e assemble all of the cars that we sell and manufacture all of the engines we use in our cars and sell to Maserati ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 160.55 Td (at our production facility in Maranello, Italy) Tj ET Q q 0 0 0 rg BT 230.24 160.55 Td (, where we also have our corporate headquarters. ) Tj ET Q q 0 0 0 rg BT 428.30 160.55 Td (W) Tj ET Q q 0 0 0 rg BT 436.94 160.55 Td (e manufacture all of our car ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 148.55 Td (chassis in a nearby facility in Modena, Italy) Tj ET Q q 0 0 0 rg BT 228.30 148.55 Td (. Our Maranello or Modena plants could become unavailable either permanently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 136.55 Td (or temporarily for a number of reasons, including contamination, power shortage or labor unrest. ) Tj ET Q q 0 0 0 rg BT 443.06 136.55 Td (Alternatively) Tj ET Q q 0 0 0 rg BT 495.17 136.55 Td (, changes in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 124.55 Td (law and regulation, including export, tax and employment laws and regulations, or economic conditions, including wage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 112.55 Td (inflation, could make it uneconomic for us to continue manufacturing our cars in Italy) Tj ET Q q 0 0 0 rg BT 397.14 112.55 Td (. In the event that we were unable to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 100.55 Td (continue production at either of these facilities or it became uneconomic for us to continue to do so, we would need to seek ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 88.55 Td (alternative manufacturing arrangements which would take time and reduce our ability to produce suf) Tj ET Q q 0 0 0 rg BT 456.73 88.55 Td (ficient cars to meet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 76.55 Td (demand. Moving manufacturing to other locations may also af) Tj ET Q q 0 0 0 rg BT 303.48 76.55 Td (fect the perception of our brand and car quality among our ) Tj ET Q endstream endobj 39 0 obj <> endobj 40 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.20 41.20 Td (1) Tj ET Q q 0 0 0 rg BT 305.75 41.20 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (clients. Such a transfer would materially reduce our revenues and could require significant investment, which as a result ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 182.92 719.10 Td (fect on our business, results of operations and financial condition. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 697.10 Td (Maranello and Modena are located in the Emilia-Romagna region of Italy which has the potential for seismic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 685.10 Td (activity) Tj ET Q q 0 0 0 rg BT 83.34 685.10 Td (. For instance, in 2012 a major earthquake struck the region, causing production at our facilities to be temporarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 673.10 Td (suspended for a day) Tj ET Q q 0 0 0 rg BT 133.05 673.10 Td (. If major disasters such as earthquakes, fires, floods, hurricanes, wars, terrorist attacks, pandemics or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 661.10 Td (other events occur) Tj ET Q q 0 0 0 rg BT 126.90 661.10 Td (, our headquarters and production facilities may be seriously damaged, or we may have to stop or delay ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 649.10 Td (production and shipment of our cars. ) Tj ET Q q 0 0 0 rg BT 203.14 649.10 Td (As such damages from disasters or unpredictable events could have a material adverse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 637.10 Td (impact on our business, results from operations and financial condition. ) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 54.00 628.40 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 616.40 Td (Car sales depend in part on the availability of af) Tj ET Q q 0 0 0 rg BT 251.88 616.40 Td (fordable financing. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 594.40 Td (In certain regions, financing for new car sales has been available at relatively low interest rates for several years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 582.40 Td (due to, among other things, expansive government monetary policies. ) Tj ET Q q 0 0 0 rg BT 334.86 582.40 Td (T) Tj ET Q q 0 0 0 rg BT 340.27 582.40 Td (o the extent that interest rates rise generally) Tj ET Q q 0 0 0 rg BT 513.72 582.40 Td (, market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 570.40 Td (rates for new car financing are expected to rise as well, which may make our cars less af) Tj ET Q q 0 0 0 rg BT 407.00 570.40 Td (fordable to clients or cause ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 558.40 Td (consumers to purchase less expensive cars, adversely af) Tj ET Q q 0 0 0 rg BT 277.07 558.40 Td (fecting our results of operations and financial condition. ) Tj ET Q q 0 0 0 rg BT 503.40 558.40 Td (Additionally) Tj ET Q q 0 0 0 rg BT 553.30 558.40 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 546.40 Td (if consumer interest rates increase substantially or if financial service providers tighten lending standards or restrict their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 534.40 Td (lending to certain classes of credit, our clients may not desire to or be able to obtain financing to purchase our cars. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 512.40 Td (W) Tj ET Q q 0 0 0 rg BT 62.15 512.40 Td (e may not be able to provide adequate access to financing for our dealers and clients. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 490.40 Td (Our dealers enter into wholesale financing arrangements to purchase cars from us to hold in inventory or to use in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 478.40 Td (showrooms and facilitate retail sales, and retail clients use a variety of finance and lease programs to acquire cars. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 456.40 Td (In most markets, we rely on controlled finance companies and commercial relationships with third parties, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 444.40 Td (including third party financial institutions, to provide financing to our dealers and retail clients. Finance companies are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 432.40 Td (subject to various risks that could negatively af) Tj ET Q q 0 0 0 rg BT 242.38 432.40 Td (fect their ability to provide financing services at competitive rates, including: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 410.40 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 410.40 Td (the performance of loans and leases in their portfolio, which could be materially af) Tj ET Q q 0 0 0 rg BT 446.81 410.40 Td (fected by delinquencies or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 398.40 Td (defaults; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 376.40 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 376.40 Td (higher than expected car return rates and the residual value performance of cars they lease; and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 354.40 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 354.40 Td ( fluctuations in interest rates and currency exchange rates. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 332.40 Td (Any financial services provider) Tj ET Q q 0 0 0 rg BT 221.39 332.40 Td (, including our controlled finance companies, will face other demands on its capital, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 320.40 Td (as well as liquidity issues relating to other investments or to developments in the credit markets. Furthermore, they may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 308.40 Td (subject to regulatory changes that may increase their costs, which may impair their ability to provide competitive financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 296.40 Td (products to our dealers and retail clients. ) Tj ET Q q 0 0 0 rg BT 218.77 296.40 Td (T) Tj ET Q q 0 0 0 rg BT 224.18 296.40 Td (o the extent that a financial services provider is unable or unwilling to provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 284.40 Td (suf) Tj ET Q q 0 0 0 rg BT 66.04 284.40 Td (ficient financing at competitive rates to our dealers and retail clients, such dealers and retail clients may not have suf) Tj ET Q q 0 0 0 rg BT 531.80 284.40 Td (ficient ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 272.40 Td (access to financing to purchase or lease our cars. ) Tj ET Q q 0 0 0 rg BT 250.59 272.40 Td (As a result, our car sales and market share may suf) Tj ET Q q 0 0 0 rg BT 453.39 272.40 Td (fer) Tj ET Q q 0 0 0 rg BT 464.09 272.40 Td (, which would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 260.40 Td (adversely af) Tj ET Q q 0 0 0 rg BT 102.40 260.40 Td (fect our results of operations and financial condition. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 238.40 Td (W) Tj ET Q q 0 0 0 rg BT 62.15 238.40 Td (e rely on our licensing and franchising partners to preserve the value of our licenses and the failure to maintain such ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 226.40 Td (partners could harm our business. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 204.40 Td (W) Tj ET Q q 0 0 0 rg BT 104.64 204.40 Td (e currently have multi-year agreements with licensing partners for various Ferrari-branded products in the sports, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 192.40 Td (lifestyle and luxury retail segments. ) Tj ET Q q 0 0 0 rg BT 199.34 192.40 Td (W) Tj ET Q q 0 0 0 rg BT 207.97 192.40 Td (e also have multi-year agreements with franchising partners for our Ferrari stores and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 180.40 Td (theme park. In the future, we may enter into additional licensing or franchising arrangements. Many of the risks associated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 168.40 Td (with our own products also apply to our licensed products and franchised stores. In addition, there are unique problems that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 156.40 Td (our licensing or franchising partners may experience, including risks associated with each licensing partner) Tj ET Q q 0 0 0 rg BT 483.12 156.40 Td () Tj ET Q q 0 0 0 rg BT 485.89 156.40 Td (s ability to obtain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 144.40 Td (capital, manage its labor relations, maintain relationships with its suppliers, manage its credit and bankruptcy risks, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 132.40 Td (maintain client relationships. ) Tj ET Q q 0 0 0 rg BT 172.13 132.40 Td (While we maintain significant control over the products produced for us by our licensing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 120.40 Td (partners and the franchisees running our Ferrari stores and theme park, any of the foregoing risks, or the inability of any of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 108.40 Td (our licensing or franchising partners to execute on the expected design and quality of the licensed products, Ferrari stores and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 96.40 Td (theme park, or otherwise exercise operational and financial control over its business, may result in loss of revenue and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 84.40 Td (competitive harm to our operations in the product categories where we have entered into such licensing or franchising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 72.40 Td (arrangements. ) Tj ET Q q 0 0 0 rg BT 112.68 72.40 Td (While we select our licensing and franchising partners with care, any negative publicity surrounding such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 60.40 Td (partners could have a negative ef) Tj ET Q q 0 0 0 rg BT 185.70 60.40 Td (fect on licensed products, the Ferrari stores and theme parks or the Ferrari brand. Further) Tj ET Q q 0 0 0 rg BT 540.73 60.40 Td (, ) Tj ET Q endstream endobj 41 0 obj <> endobj 42 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (while we believe that we could replace our existing licensing or franchising partners if required, our inability to do so for any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (period of time could materially adversely af) Tj ET Q q 0 0 0 rg BT 229.31 719.10 Td (fect our revenues and harm our business. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 697.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.15 697.10 Td (e depend on the strength of our trademarks and other intellectual property rights. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 675.10 Td (W) Tj ET Q q 0 0 0 rg BT 104.64 675.10 Td (e believe that our trademarks and other intellectual property rights are fundamental to our success and market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 663.10 Td (position. ) Tj ET Q q 0 0 0 rg BT 91.05 663.10 Td (Therefore, our business depends on our ability to protect and promote our trademarks and other intellectual property ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 651.10 Td (rights. ) Tj ET Q q 0 0 0 rg BT 81.23 651.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 130.56 651.10 Td (, we devote substantial ef) Tj ET Q q 0 0 0 rg BT 231.74 651.10 Td (forts to the establishment and protection of our trademarks and other intellectual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 639.10 Td (property rights such as registered designs and patents on a worldwide basis. ) Tj ET Q q 0 0 0 rg BT 359.03 639.10 Td (W) Tj ET Q q 0 0 0 rg BT 367.67 639.10 Td (e believe that our trademarks and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 627.10 Td (intellectual property rights are adequately supported by applications for registrations, existing registrations and other legal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 615.10 Td (protections in our principal markets. However) Tj ET Q q 0 0 0 rg BT 237.99 615.10 Td (, we cannot exclude the possibility that our intellectual property rights may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 603.10 Td (challenged by others, or that we may be unable to register our trademarks or otherwise adequately protect them in some ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 591.10 Td (jurisdictions. If a third party were to register our trademarks, or similar trademarks, in a country where we have not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 579.10 Td (successfully registered such trademarks, it could create a barrier to our commencing trade under those marks in that country) Tj ET Q q 0 0 0 rg BT 549.00 579.10 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 557.10 Td (Third parties may claim that we infringe their intellectual property rights. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 535.10 Td (W) Tj ET Q q 0 0 0 rg BT 104.64 535.10 Td (e believe that we hold all the rights required for our business operations \(including intellectual property rights ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 523.10 Td (and third-party licenses\). However) Tj ET Q q 0 0 0 rg BT 192.44 523.10 Td (, we are exposed to potential claims from third parties alleging that we infringe their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 511.10 Td (intellectual property rights, since many competitors and suppliers also submit patent applications for their inventions and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 499.10 Td (secure patent protection or other intellectual property rights. If we are unsuccessful defending against any such claim, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 487.10 Td (may be required to pay damages or comply with injunctions which may disrupt our operations. ) Tj ET Q q 0 0 0 rg BT 435.96 487.10 Td (W) Tj ET Q q 0 0 0 rg BT 444.60 487.10 Td (e may also as a result be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 475.10 Td (forced to enter into royalty or licensing agreements on unfavorable terms or to redesign products to comply with third parties) Tj ET Q q 0 0 0 rg BT 556.72 475.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 463.10 Td (intellectual property rights. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 441.10 Td (If our cars do not perform as expected our ability to develop, market and sell our cars could be harmed. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 419.10 Td (Our cars may contain defects in design and manufacture that may cause them not to perform as expected or that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 407.10 Td (may require repair) Tj ET Q q 0 0 0 rg BT 127.30 407.10 Td (. ) Tj ET Q q 0 0 0 rg BT 132.12 407.10 Td (There can be no assurance that we will be able to detect and fix any defects in the cars prior to their sale ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 395.10 Td (to consumers. Our cars may not perform in line with our clients) Tj ET Q q 0 0 0 rg BT 310.97 395.10 Td ( evolving expectations or in a manner that equals or exceeds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 383.10 Td (the performance characteristics of other cars currently available. For example, our newer cars may not have the durability or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 371.10 Td (longevity of current cars, and may not be as easy to repair as other cars currently on the market. ) Tj ET Q q 0 0 0 rg BT 438.58 371.10 Td (Any product defects or any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 359.10 Td (other failure of our performance cars to perform as expected could harm our reputation and result in adverse publicity) Tj ET Q q 0 0 0 rg BT 524.28 359.10 Td (, lost ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 347.10 Td (revenue, delivery delays, product recalls, product liability claims, harm to our brand and reputation, and significant warranty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 335.10 Td (and other expenses, and could have a material adverse impact on our business, operating results and financial condition. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 313.10 Td (Car recalls may be costly and may harm our reputation. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 291.10 Td (W) Tj ET Q q 0 0 0 rg BT 104.64 291.10 Td (e have in the past and we may from time to time in the future be required to recall our products to address ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 279.10 Td (performance, compliance or safety-related issues. ) Tj ET Q q 0 0 0 rg BT 254.56 279.10 Td (W) Tj ET Q q 0 0 0 rg BT 263.20 279.10 Td (e may incur costs for these recalls, including replacement parts and labor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 267.10 Td (to remove and replace the defective parts. For a description of recent instances of recalls, see Item 4.B. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 474.66 267.10 Td (Regulatory Matters) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 255.10 Td (V) Tj ET Q q 0 0 0 rg BT 67.89 255.10 Td (ehicle Safety) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.70 255.10 Td (. In addition, regulatory oversight of recalls, particularly in the vehicle safety) Tj ET Q q 0 0 0 rg BT 430.16 255.10 Td (, has increased recently) Tj ET Q q 0 0 0 rg BT 522.79 255.10 Td (. ) Tj ET Q q 0 0 0 rg BT 527.61 255.10 Td (While ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 243.10 Td (the cost of recent recalls is not material to us, any product recalls can harm our reputation with clients, particularly if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 231.10 Td (consumers call into question the safety) Tj ET Q q 0 0 0 rg BT 208.59 231.10 Td (, reliability or performance of our cars. ) Tj ET Q q 0 0 0 rg BT 366.03 231.10 Td (Any such recalls could harm our reputation and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 219.10 Td (result in adverse publicity) Tj ET Q q 0 0 0 rg BT 156.93 219.10 Td (, lost revenue, delivery delays, product liability claims and other expenses, and could have a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 207.10 Td (material adverse impact on our business, operating results and financial condition. ) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 54.00 198.40 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 186.40 Td (W) Tj ET Q q 0 0 0 rg BT 62.15 186.40 Td (e may become subject to product liability claims, which could harm our financial condition and liquidity if we are not ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 174.40 Td (able to successfully defend or insure against such claims. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 152.40 Td (W) Tj ET Q q 0 0 0 rg BT 104.64 152.40 Td (e may become subject to product liability claims, which could harm our business, operating results and financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 140.40 Td (condition. ) Tj ET Q q 0 0 0 rg BT 96.59 140.40 Td (The automobile industry experiences significant product liability claims and we have inherent risk of exposure to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 128.40 Td (claims in the event our cars do not perform as expected or malfunction resulting in personal injury or death. ) Tj ET Q q 0 0 0 rg BT 486.65 128.40 Td (A) Tj ET Q q 0 0 0 rg BT 493.32 128.40 Td ( successful ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 116.40 Td (product liability claim against us could require us to pay a substantial monetary award. Moreover) Tj ET Q q 0 0 0 rg BT 442.66 116.40 Td (, a product liability claim ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 104.40 Td (could generate substantial negative publicity about our cars and business, adversely af) Tj ET Q q 0 0 0 rg BT 398.16 104.40 Td (fecting our reputation and inhibiting or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 92.40 Td (preventing commercialization of future cars which could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 387.83 92.40 Td (fect on our brand, business, operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 80.40 Td (results and financial condition. ) Tj ET Q q 0 0 0 rg BT 179.62 80.40 Td (While we seek to insure against product liability risks, insurance may be insuf) Tj ET Q q 0 0 0 rg BT 491.86 80.40 Td (ficient to protect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 68.40 Td (against any monetary claims we may face and will not mitigate any reputational harm. ) Tj ET Q q 0 0 0 rg BT 401.39 68.40 Td (Any lawsuit seeking significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 56.40 Td (monetary damages may have a material adverse ef) Tj ET Q q 0 0 0 rg BT 255.67 56.40 Td (fect on our reputation, business and financial condition. ) Tj ET Q q 0 0 0 rg BT 480.43 56.40 Td (W) Tj ET Q q 0 0 0 rg BT 489.06 56.40 Td (e may not be ) Tj ET Q endstream endobj 43 0 obj <> endobj 44 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (able to secure additional product liability insurance coverage on commercially acceptable terms or at reasonable costs when ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (needed, particularly if we face liability for our products and are forced to make a claim under such a policy) Tj ET Q q 0 0 0 rg BT 481.50 719.10 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 697.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.15 697.10 Td (e are exposed to risks in connection with product warranties as well as the provision of services. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 675.10 Td (A) Tj ET Q q 0 0 0 rg BT 102.67 675.10 Td ( number of our contractual and legal requirements oblige us to provide extensive warranties to our clients, dealers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 663.10 Td (and national distributors. ) Tj ET Q q 0 0 0 rg BT 156.03 663.10 Td (There is a risk that, relative to the guarantees and warranties granted, the calculated product prices ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 651.10 Td (and the provisions for our guarantee and warranty risks have been set or will in the future be set too low) Tj ET Q q 0 0 0 rg BT 469.34 651.10 Td (. ) Tj ET Q q 0 0 0 rg BT 474.16 651.10 Td (There is also a risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 639.10 Td (that we will be required to extend the guarantee or warranty originally granted in certain markets for legal reasons, or provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 627.10 Td (services as a courtesy or for reasons of reputation where we are not legally obliged to do so, and for which we will generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 615.10 Td (not be able to recover from suppliers or insurers. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 593.10 Td (If we were to lose our ) Tj ET Q q 0 0 0 rg BT 144.74 593.10 Td (Authorized Economic Operator certificate, we may be required to modify our current business ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 581.10 Td (practices and to incur increased costs, as well as experience shipment delays. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 559.10 Td (Because we ship and sell our cars in numerous countries, the customs regulations of various jurisdictions are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 547.10 Td (important to our business and operations. ) Tj ET Q q 0 0 0 rg BT 221.29 547.10 Td (T) Tj ET Q q 0 0 0 rg BT 226.71 547.10 Td (o expedite customs procedure, we applied for) Tj ET Q q 0 0 0 rg BT 408.18 547.10 Td (, and currently hold, the European ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 535.10 Td (Union) Tj ET Q q 0 0 0 rg BT 81.78 535.10 Td (s ) Tj ET Q q 0 0 0 rg BT 87.62 535.10 Td (Authorized Economic Operator \(AEO\) certificate. ) Tj ET Q q 0 0 0 rg BT 290.68 535.10 Td (The ) Tj ET Q q 0 0 0 rg BT 308.17 535.10 Td (AEO certificate is granted to operators that meet certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 523.10 Td (requirements regarding supply chain security and the safety and compliance with law of the operator) Tj ET Q q 0 0 0 rg BT 457.01 523.10 Td () Tj ET Q q 0 0 0 rg BT 459.79 523.10 Td (s customs controls and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 511.10 Td (procedures. Operators are audited periodically for continued compliance with the requirements. ) Tj ET Q q 0 0 0 rg BT 438.39 511.10 Td (The ) Tj ET Q q 0 0 0 rg BT 455.89 511.10 Td (AEO certificate allows ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 499.10 Td (us to benefit from special expedited customs treatment, which significantly facilitates the shipment of our cars in the various ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 487.10 Td (markets where we operate. However) Tj ET Q q 0 0 0 rg BT 199.92 487.10 Td (, if we were to lose the ) Tj ET Q q 0 0 0 rg BT 292.67 487.10 Td (AEO status, including for failure to meet one of the certification) Tj ET Q q 0 0 0 rg BT 552.31 487.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 475.10 Td (requirements, we would be required to change our business practices and to adopt standard customs procedures for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 463.10 Td (shipment of our cars. ) Tj ET Q q 0 0 0 rg BT 140.74 463.10 Td (This could result in increased costs and shipment delays, which, in turn, could negatively af) Tj ET Q q 0 0 0 rg BT 507.42 463.10 Td (fect our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 451.10 Td (results of operations. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 429.10 Td (Labor laws and collective bargaining agreements with our labor unions could impact our ability to operate ef) Tj ET Q q 0 0 0 rg BT 502.73 429.10 Td (ficiently) Tj ET Q q 0 0 0 rg BT 535.68 429.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 407.10 Td (All of our production employees are represented by trade unions, are covered by collective bar) Tj ET Q q 0 0 0 rg BT 474.28 407.10 Td (gaining agreements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 395.10 Td (and/or are protected by applicable labor relations regulations that may restrict our ability to modify operations and reduce ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 383.10 Td (costs quickly in response to changes in market conditions. ) Tj ET Q q 0 0 0 rg BT 288.78 383.10 Td (These regulations and the provisions in our collective bar) Tj ET Q q 0 0 0 rg BT 517.97 383.10 Td (gaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 371.10 Td (agreements may impede our ability to restructure our business successfully to compete more ef) Tj ET Q q 0 0 0 rg BT 433.98 371.10 Td (ficiently and ef) Tj ET Q q 0 0 0 rg BT 494.33 371.10 Td (fectively) Tj ET Q q 0 0 0 rg BT 528.66 371.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 359.10 Td (especially with those automakers whose employees are not represented by trade unions or are subject to less stringent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 347.10 Td (regulations, which could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 259.29 347.10 Td (fect on our results of operations and financial condition. ) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 54.00 338.40 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 326.40 Td (W) Tj ET Q q 0 0 0 rg BT 62.15 326.40 Td (e are subject to risks associated with exchange rate fluctuations, interest rate changes, credit risk and other market ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 314.40 Td (risks. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 292.40 Td (W) Tj ET Q q 0 0 0 rg BT 104.64 292.40 Td (e operate in numerous markets worldwide and are exposed to market risks stemming from fluctuations in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 280.40 Td (currency and interest rates. ) Tj ET Q q 0 0 0 rg BT 164.04 280.40 Td (The exposure to currency risk is mainly linked to the dif) Tj ET Q q 0 0 0 rg BT 388.80 280.40 Td (ferences in geographic distribution of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 268.40 Td (sourcing and manufacturing activities from those in our commercial activities, as a result of which our cash flows from sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 256.40 Td (are denominated in currencies dif) Tj ET Q q 0 0 0 rg BT 187.65 256.40 Td (ferent from those connected to purchases or production activities. For example, we incur a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 244.40 Td (lar) Tj ET Q q 0 0 0 rg BT 64.37 244.40 Td (ge portion of our capital and operating expenses in Euros while we receive the majority of our revenues in currencies other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 232.40 Td (than Euro. In addition, foreign exchange movements might also negatively af) Tj ET Q q 0 0 0 rg BT 363.17 232.40 Td (fect the relative purchasing power of our clients ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 220.40 Td (which could also have an adverse ef) Tj ET Q q 0 0 0 rg BT 198.20 220.40 Td (fect on our results of operations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 198.40 Td (W) Tj ET Q q 0 0 0 rg BT 104.64 198.40 Td (e seek to manage risks associated with fluctuations in currency through financial hedging instruments. ) Tj ET Q q 0 0 0 rg BT 515.37 198.40 Td (Although ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 186.40 Td (we seek to manage our foreign currency risk in order to minimize any negative ef) Tj ET Q q 0 0 0 rg BT 379.81 186.40 Td (fects caused by rate fluctuations, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 174.40 Td (through hedging activities, there can be no assurance that we will be able to do so successfully) Tj ET Q q 0 0 0 rg BT 431.29 174.40 Td (, and our business, results of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 162.40 Td (operations and financial condition could nevertheless be adversely af) Tj ET Q q 0 0 0 rg BT 329.83 162.40 Td (fected by fluctuations in market rates, particularly if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 150.40 Td (these conditions persist. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 128.40 Td (Our financial services activities are also subject to the risk of insolvency of dealers and retail clients, as well as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 116.40 Td (unfavorable economic conditions in markets where these activities are carried out. Despite our ef) Tj ET Q q 0 0 0 rg BT 442.00 116.40 Td (forts to mitigate such risks ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 104.40 Td (through the credit approval policies applied to dealers and retail clients, there can be no assurances that we will be able to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 92.40 Td (successfully mitigate such risks, particularly with respect to a general change in economic conditions. ) Tj ET Q endstream endobj 45 0 obj <> endobj 46 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (14) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 731.25 Td (Changes in tax, tarif) Tj ET Q q 0 0 0 rg BT 138.84 731.25 Td (f or fiscal policies could adversely af) Tj ET Q q 0 0 0 rg BT 288.62 731.25 Td (fect demand for our products. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 709.25 Td (Imposition of any additional taxes and levies designed to limit the use of automobiles could adversely af) Tj ET Q q 0 0 0 rg BT 513.50 709.25 Td (fect the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 697.25 Td (demand for our vehicles and our results of operations. Changes in corporate and other taxation policies as well as changes in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 685.25 Td (export and other incentives given by various governments or import or tarif) Tj ET Q q 0 0 0 rg BT 355.68 685.25 Td (f policies could also adversely af) Tj ET Q q 0 0 0 rg BT 486.85 685.25 Td (fect our results of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 673.25 Td (operations. ) Tj ET Q q 0 0 0 rg BT 100.47 673.25 Td (While we are managing our product development and production operations on a global basis to reduce costs and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 661.25 Td (lead times, unique national or regional standards can result in additional costs for product development, testing, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 649.25 Td (manufacturing. Governments often require the implementation of new requirements during the middle of a product cycle, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 637.25 Td (which can be substantially more expensive than accommodating these requirements during the design of a new product. ) Tj ET Q q 0 0 0 rg BT 535.90 637.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 625.25 Td (imposition of any additional taxes and levies or change in government policy designed to limit the use of high performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 613.25 Td (sports cars or automobiles more generally could also adversely af) Tj ET Q q 0 0 0 rg BT 315.68 613.25 Td (fect the demand for our cars. ) Tj ET Q q 0 0 0 rg BT 432.95 613.25 Td (The occurrence of the above ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 601.25 Td (may have a material adverse ef) Tj ET Q q 0 0 0 rg BT 177.92 601.25 Td (fect on our business, results of operations and financial condition. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 579.25 Td (W) Tj ET Q q 0 0 0 rg BT 62.15 579.25 Td (e face risks associated with our international operations, including unfavorable regulatory) Tj ET Q q 0 0 0 rg BT 434.32 579.25 Td (, political, tax and labor ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 567.25 Td (conditions and establishing ourselves in new markets, all of which could harm our business. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 545.25 Td (W) Tj ET Q q 0 0 0 rg BT 104.64 545.25 Td (e currently have international operations and subsidiaries in various countries and jurisdictions in Europe, North ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 533.25 Td (America and ) Tj ET Q q 0 0 0 rg BT 107.31 533.25 Td (Asia that are subject to the legal, political, regulatory) Tj ET Q q 0 0 0 rg BT 318.81 533.25 Td (, tax and social requirements and economic conditions in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 521.25 Td (these jurisdictions. ) Tj ET Q q 0 0 0 rg BT 130.94 521.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 180.84 521.25 Td (, as part of our growth strategy) Tj ET Q q 0 0 0 rg BT 303.21 521.25 Td (, we will continue to expand our sales, maintenance, and repair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 509.25 Td (services internationally) Tj ET Q q 0 0 0 rg BT 146.37 509.25 Td (. However) Tj ET Q q 0 0 0 rg BT 187.62 509.25 Td (, such expansion requires us to make significant expenditures, including the establishment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 497.25 Td (of local operating entities, hiring of local employees and establishing facilities in advance of generating any revenue. ) Tj ET Q q 0 0 0 rg BT 523.93 497.25 Td (W) Tj ET Q q 0 0 0 rg BT 532.57 497.25 Td (e are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 485.25 Td (subject to a number of risks associated with international business activities that may increase our costs, impact our ability to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 473.25 Td (sell our cars and require significant management attention. ) Tj ET Q q 0 0 0 rg BT 290.68 473.25 Td (These risks include: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 451.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 451.25 Td (conforming our cars to various international regulatory and safety requirements where our cars are sold, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 439.25 Td (homologation; ) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 72.00 430.55 Td ( ) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 90.00 430.55 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 418.55 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 418.55 Td (dif) Tj ET Q q 0 0 0 rg BT 126.93 418.55 Td (ficulty in establishing, staf) Tj ET Q q 0 0 0 rg BT 232.84 418.55 Td (fing and managing foreign operations; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 396.55 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 396.55 Td (dif) Tj ET Q q 0 0 0 rg BT 126.93 396.55 Td (ficulties attracting clients in new jurisdictions; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 374.55 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 374.55 Td (foreign government taxes, regulations and permit requirements, including foreign taxes that we may not be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 362.55 Td (able to of) Tj ET Q q 0 0 0 rg BT 153.58 362.55 Td (fset against taxes imposed upon us in Italy; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 340.55 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 340.55 Td (fluctuations in foreign currency exchange rates and interest rates, including risks related to any interest rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 328.55 Td (swap or other hedging activities we undertake; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 306.55 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 306.55 Td (our ability to enforce our contractual and intellectual property rights, especially in those foreign countries that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 294.55 Td (do not respect and protect intellectual property rights to the same extent as do the United States, Japan and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 282.55 Td (European countries, which increases the risk of unauthorized, and uncompensated, use of our technology; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 260.55 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 260.55 Td (European Union and foreign government trade restrictions, customs regulations, tarif) Tj ET Q q 0 0 0 rg BT 456.00 260.55 Td (fs and price or exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 248.55 Td (controls; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 226.55 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 226.55 Td (foreign labor laws, regulations and restrictions; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 204.55 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 204.55 Td (preferences of foreign nations for domestically produced cars; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 182.55 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 182.55 Td (changes in diplomatic and trade relationships; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 160.55 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 160.55 Td (political instability) Tj ET Q q 0 0 0 rg BT 190.62 160.55 Td (, natural disasters, war or events of terrorism; and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 138.55 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 138.55 Td (the strength of international economies. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 116.55 Td (If we fail to successfully address these risks, many of which we cannot control, our business, operating results and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 104.55 Td (financial condition could be materially harmed. ) Tj ET Q endstream endobj 47 0 obj <> endobj 48 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (15) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 731.25 Td (Improper conduct of employees, agents, or other representatives could adversely af) Tj ET Q q 0 0 0 rg BT 394.33 731.25 Td (fect our reputation and our business, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 719.25 Td (operating results, and financial condition. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 697.25 Td (Our compliance controls, policies, and procedures may not in every instance protect us from acts committed by our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 685.25 Td (employees, agents, contractors, or collaborators that would violate the laws or regulations of the jurisdictions in which we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 673.25 Td (operate, including employment, foreign corrupt practices, environmental, competition, and other laws and regulations. Such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 661.25 Td (improper actions could subject us to civil or criminal investigations, and monetary and injunctive penalties. In particular) Tj ET Q q 0 0 0 rg BT 534.58 661.25 Td (, our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 649.25 Td (business activities may be subject to anti-corruption laws, regulations or rules of other countries in which we operate. If we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 637.25 Td (fail to comply with any of these regulations, it could adversely impact our operating results and our financial condition. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 625.25 Td (addition, actual or alleged violations could damage our reputation and our ability to conduct business. Furthermore, detecting, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 613.25 Td (investigating, and resolving any actual or alleged violation is expensive and can consume significant time and attention of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 601.25 Td (executive management. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 579.25 Td (Our insurance coverage may not be adequate to protect us against all potential losses to which we may be subject, which ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 567.25 Td (could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 186.85 567.25 Td (fect on our business. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 545.25 Td (W) Tj ET Q q 0 0 0 rg BT 104.64 545.25 Td (e maintain insurance coverage that we believe is adequate to cover normal risks associated with the operation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 533.25 Td (our business. However) Tj ET Q q 0 0 0 rg BT 144.97 533.25 Td (, there can be no assurance that any claim under our insurance policies will be honored fully or timely) Tj ET Q q 0 0 0 rg BT 551.69 533.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 521.25 Td (our insurance coverage will be suf) Tj ET Q q 0 0 0 rg BT 191.27 521.25 Td (ficient in any respect or our insurance premiums will not increase substantially) Tj ET Q q 0 0 0 rg BT 505.80 521.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 509.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 103.34 509.25 Td (, to the extent that we suf) Tj ET Q q 0 0 0 rg BT 203.96 509.25 Td (fer loss or damage that is not covered by insurance or which exceeds our insurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 497.25 Td (coverage, or have to pay higher insurance premiums, our financial condition may be af) Tj ET Q q 0 0 0 rg BT 401.19 497.25 Td (fected. ) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 54.00 488.55 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 476.55 Td (The requirements of being a U.S. public company may strain our resources and divert management) Tj ET Q q 0 0 0 rg BT 466.05 476.55 Td (s attention. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 454.55 Td (As a public company) Tj ET Q q 0 0 0 rg BT 180.05 454.55 Td (, we are or will be required to comply with various corporate governance and financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 442.55 Td (reporting requirements under the Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 253.66 442.55 Td (Act of 2002 \(Sarbanes-Oxley\), the Securities and Exchange ) Tj ET Q q 0 0 0 rg BT 503.29 442.55 Td (Act of 1934, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 430.55 Td (as amended \(the Exchange ) Tj ET Q q 0 0 0 rg BT 167.28 430.55 Td (Act\), and the rules and regulations adopted by the SEC and the Public Corporation ) Tj ET Q q 0 0 0 rg BT 504.15 430.55 Td (Accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 418.55 Td (Oversight Board. Further) Tj ET Q q 0 0 0 rg BT 154.42 418.55 Td (, compliance with various regulatory reporting requires significant commitments of time from our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 406.55 Td (management and our directors, which reduces the time available for the performance of their other responsibilities. If we are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 394.55 Td (unable to comply with the rules and regulations or are otherwise unable to obtain necessary certifications to financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 382.55 Td (statements or other disclosures, this may materially adversely af) Tj ET Q q 0 0 0 rg BT 310.13 382.55 Td (fect our reputation, lead to additional regulatory enforcement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 370.55 Td (actions, and could adversely af) Tj ET Q q 0 0 0 rg BT 177.38 370.55 Td (fect the value of our common shares. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 348.55 Td (Failure to establish and maintain ef) Tj ET Q q 0 0 0 rg BT 201.90 348.55 Td (fective internal controls in accordance with Section404 of Sarbanes-Oxley could have ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 336.55 Td (a material adverse ef) Tj ET Q q 0 0 0 rg BT 139.63 336.55 Td (fect on our business and common share price. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 314.55 Td (As a public company) Tj ET Q q 0 0 0 rg BT 180.05 314.55 Td (, we will be required to document and test our internal control procedures in order to satisfy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 302.55 Td (the requirements of Section404 of Sarbanes-Oxley \(Section 404\), which will require management assessments and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 290.55 Td (certifications of the ef) Tj ET Q q 0 0 0 rg BT 141.83 290.55 Td (fectiveness of our internal control over financial reporting, beginning with our annual report for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 278.55 Td (year ending December31, 2016. During the course of our testing, we may identify deficiencies that we may not be able to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 266.55 Td (remedy in time to meet our deadline for compliance with Section404. ) Tj ET Q q 0 0 0 rg BT 336.79 266.55 Td (W) Tj ET Q q 0 0 0 rg BT 345.43 266.55 Td (e may not be able to conclude on an ongoing basis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 254.55 Td (that we have ef) Tj ET Q q 0 0 0 rg BT 114.62 254.55 Td (fective internal control over financial reporting in accordance with Section404. In addition, under Section404) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 242.55 Td (\(b\) of Sarbanes-Oxley) Tj ET Q q 0 0 0 rg BT 142.21 242.55 Td (, our independent registered public accounting firm will be required to report on the ef) Tj ET Q q 0 0 0 rg BT 487.19 242.55 Td (fectiveness of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 230.55 Td (our internal control over financial reporting but may not be able or willing to issue an unqualified report. If we conclude that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 218.55 Td (our internal control over financial reporting is not ef) Tj ET Q q 0 0 0 rg BT 262.64 218.55 Td (fective, we cannot be certain as to the timing of remediation actions and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 206.55 Td (testing or their ef) Tj ET Q q 0 0 0 rg BT 122.41 206.55 Td (fect on our operations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 184.55 Td (If we are unable to conclude that we have ef) Tj ET Q q 0 0 0 rg BT 272.67 184.55 Td (fective internal control over financial reporting, our independent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 172.55 Td (auditors are unable to provide us with an unqualified report as required by Section404, or we are required to restate our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 160.55 Td (financial statements, we may fail to meet our public reporting obligations and investors could lose confidence in our reported ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 148.55 Td (financial information, or the listing of our common shares on the NYSE could be suspended or terminated, any of which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 136.55 Td (could have a negative ef) Tj ET Q q 0 0 0 rg BT 150.99 136.55 Td (fect on the trading price of our common shares. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 114.55 Td (A) Tj ET Q q 0 0 0 rg BT 60.12 114.55 Td ( disruption in our information technology could compromise confidential and sensitive information. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 92.55 Td (W) Tj ET Q q 0 0 0 rg BT 104.64 92.55 Td (e depend on our information technology and data processing systems to operate our business, and a significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 80.55 Td (malfunction or disruption in the operation of our systems, or a security breach that compromises the confidential and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 68.55 Td (sensitive information stored in those systems, could disrupt our business and adversely impact our ability to compete. Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 56.55 Td (ability to keep our business operating ef) Tj ET Q q 0 0 0 rg BT 213.78 56.55 Td (fectively depends on the functional and ef) Tj ET Q q 0 0 0 rg BT 381.31 56.55 Td (ficient operation of our information, data ) Tj ET Q endstream endobj 49 0 obj <> endobj 50 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (processing and telecommunications systems, including our car design, manufacturing, inventory tracking and billing and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (payment systems. ) Tj ET Q q 0 0 0 rg BT 127.42 719.10 Td (W) Tj ET Q q 0 0 0 rg BT 136.06 719.10 Td (e rely on these systems to enable a number of business processes and help us make a variety of day-to-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.10 Td (day business decisions as well as to track transactions, billings, payments and inventory) Tj ET Q q 0 0 0 rg BT 404.40 707.10 Td (. Such systems are susceptible to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 695.10 Td (malfunctions and interruptions due to equipment damage, power outages, and a range of other hardware, software and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.10 Td (network problems. ) Tj ET Q q 0 0 0 rg BT 131.30 683.10 Td (Those systems are also susceptible to cybercrime, or threats of intentional disruption, which are increasing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 671.10 Td (in terms of sophistication and frequency) Tj ET Q q 0 0 0 rg BT 214.14 671.10 Td (. For any of these reasons, we may experience systems malfunctions or interruptions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 659.10 Td (Although our systems are diversified, including multiple server locations and a range of software applications for dif) Tj ET Q q 0 0 0 rg BT 520.64 659.10 Td (ferent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 647.10 Td (regions and functions, and we are currently under) Tj ET Q q 0 0 0 rg BT 252.08 647.10 Td (going an ef) Tj ET Q q 0 0 0 rg BT 296.89 647.10 Td (fort to assess and ameliorate risks to our systems, a significant or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 635.10 Td (lar) Tj ET Q q 0 0 0 rg BT 64.37 635.10 Td (ge scale malfunction or interruption of any one of our computer or data processing systems could adversely af) Tj ET Q q 0 0 0 rg BT 504.33 635.10 Td (fect our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 623.10 Td (ability to manage and keep our operations running ef) Tj ET Q q 0 0 0 rg BT 265.42 623.10 Td (ficiently) Tj ET Q q 0 0 0 rg BT 298.09 623.10 Td (, and damage our reputation if we are unable to track ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 611.10 Td (transactions and deliver products to our dealers and clients. ) Tj ET Q q 0 0 0 rg BT 292.82 611.10 Td (A) Tj ET Q q 0 0 0 rg BT 299.49 611.10 Td ( malfunction that results in a wider or sustained disruption to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 599.10 Td (our business could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 235.14 599.10 Td (fect on our business, results of operations and financial condition. In addition to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 587.10 Td (supporting our operations, we use our systems to collect and store confidential and sensitive data, including information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 575.10 Td (about our business, our clients and our employees. ) Tj ET Q q 0 0 0 rg BT 257.85 575.10 Td (As our technology continues to evolve, we anticipate that we will collect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 563.10 Td (and store even more data in the future, and that our systems will increasingly use remote communication features that are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 551.10 Td (sensitive to both willful and unintentional security breaches. Much of our value is derived from our confidential business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 539.10 Td (information, including car design, proprietary technology and trade secrets, and to the extent the confidentiality of such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 527.10 Td (information is compromised, we may lose our competitive advantage and our car sales may suf) Tj ET Q q 0 0 0 rg BT 434.54 527.10 Td (fer) Tj ET Q q 0 0 0 rg BT 445.09 527.10 Td (. ) Tj ET Q q 0 0 0 rg BT 449.91 527.10 Td (W) Tj ET Q q 0 0 0 rg BT 458.55 527.10 Td (e also collect, retain and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 515.10 Td (use certain personal information, including data we gather from clients for product development and marketing purposes, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 503.10 Td (data we obtain from employees. In the event of a breach in security that allows third parties access to this personal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 491.10 Td (information, we are subject to a variety of ever) Tj ET Q q 0 0 0 rg BT 241.22 491.10 Td (-changing laws on a global basis that require us to provide notification to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 479.10 Td (data owners, and that subject us to lawsuits, fines and other means of regulatory enforcement. Our reputation could suf) Tj ET Q q 0 0 0 rg BT 528.96 479.10 Td (fer in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 467.10 Td (the event of such a data breach, which could cause consumers to purchase their cars from our competitors. Ultimately) Tj ET Q q 0 0 0 rg BT 523.74 467.10 Td (, any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 455.10 Td (significant compromise in the integrity of our data security could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 420.91 455.10 Td (fect on our business. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 433.10 Td (Risks Related to our) Tj ET Q q 0 0 0 rg BT 140.76 433.10 Td ( Common Shar) Tj ET Q q 0 0 0 rg BT 205.59 433.10 Td (es ) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 54.00 424.40 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 412.40 Td (The market price and trading volume of our common shares may be volatile, which could result in rapid and substantial ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 400.40 Td (losses for our shareholders. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 378.40 Td (The market price of our common shares may be highly volatile and could be subject to wide fluctuations. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 366.40 Td (addition, the trading volume of our common shares may fluctuate and cause significant price variations to occur) Tj ET Q q 0 0 0 rg BT 501.36 366.40 Td (. If the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 354.40 Td (market price of our common shares declines significantly) Tj ET Q q 0 0 0 rg BT 283.00 354.40 Td (, you may be unable to sell your common shares at or above your ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 342.40 Td (purchase price, if at all. ) Tj ET Q q 0 0 0 rg BT 150.16 342.40 Td (The market price of our common shares may fluctuate or decline significantly in the future. Some of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 330.40 Td (the factors that could negatively af) Tj ET Q q 0 0 0 rg BT 192.37 330.40 Td (fect the price of our common shares, or result in fluctuations in the price or trading volume ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 318.40 Td (of our common shares, include: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 296.40 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 296.40 Td (variations in our operating results, or failure to meet the market) Tj ET Q q 0 0 0 rg BT 372.31 296.40 Td (s earnings expectations; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 274.40 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 274.40 Td (publication of research reports about us or the automotive industry) Tj ET Q q 0 0 0 rg BT 381.67 274.40 Td (, or the failure of securities analysts to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 262.40 Td (cover our common shares; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 240.40 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 240.40 Td (departures of any members of our management team or additions or departures of other key personnel; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 218.40 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 218.40 Td (adverse market reaction to any indebtedness we may incur or securities we may issue in the future; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 196.40 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 196.40 Td (actions by shareholders; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 174.40 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 174.40 Td (changes in market valuations of similar companies; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 152.40 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 152.40 Td (changes or proposed changes in laws or regulations, or dif) Tj ET Q q 0 0 0 rg BT 348.53 152.40 Td (fering interpretations thereof, af) Tj ET Q q 0 0 0 rg BT 476.07 152.40 Td (fecting our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 140.40 Td (business, or enforcement of these laws and regulations, or announcements relating to these matters; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 118.40 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 118.40 Td (adverse publicity about the automotive industry generally) Tj ET Q q 0 0 0 rg BT 345.84 118.40 Td (, or particularly scandals relating to the industry) Tj ET Q q 0 0 0 rg BT 536.81 118.40 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 106.40 Td (specifically; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 84.40 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 84.40 Td (litigation and governmental investigations; and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 62.40 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 62.40 Td (general market and economic conditions. ) Tj ET Q endstream endobj 51 0 obj <> endobj 52 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (17) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 731.25 Td (The loyalty voting program may af) Tj ET Q q 0 0 0 rg BT 196.30 731.25 Td (fect the liquidity of our common shares and reduce our common share price) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.64 731.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 512.14 731.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 709.25 Td (The implementation of our loyalty voting program could reduce the trading liquidity and adversely af) Tj ET Q q 0 0 0 rg BT 501.82 709.25 Td (fect the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 697.25 Td (trading prices of our common shares. ) Tj ET Q q 0 0 0 rg BT 205.17 697.25 Td (The loyalty voting program was intended to reward our shareholders for maintaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 685.25 Td (long-term share ownership by granting initial shareholders and persons holding our common shares continuously for at least ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 673.25 Td (three years the option to elect to receive special voting shares. Special voting shares cannot be traded and, if common shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 661.25 Td (participating in the loyalty voting program are sold they must be deregistered from the loyalty register and any corresponding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 649.25 Td (special voting shares transferred to us for no consideration \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 293.65 649.25 Td (om niet) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.37 649.25 Td (\). ) Tj ET Q q 0 0 0 rg BT 331.51 649.25 Td (This loyalty voting program is designed to encourage a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 637.25 Td (stable shareholder base and, conversely) Tj ET Q q 0 0 0 rg BT 211.34 637.25 Td (, it may deter trading by shareholders that may be interested in participating in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 625.25 Td (loyalty voting program. ) Tj ET Q q 0 0 0 rg BT 151.03 625.25 Td (Therefore, the loyalty voting program may reduce liquidity in our common shares and adversely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 613.25 Td (af) Tj ET Q q 0 0 0 rg BT 61.59 613.25 Td (fect their trading price. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 591.25 Td (The interests of our largest shareholders may dif) Tj ET Q q 0 0 0 rg BT 254.11 591.25 Td (fer from the interests of other shareholders. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 569.25 Td (Exor S.p.A. is our lar) Tj ET Q q 0 0 0 rg BT 181.09 569.25 Td (gest shareholder) Tj ET Q q 0 0 0 rg BT 245.94 569.25 Td (, holding approximately 23.5 percent of our common shares and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 557.25 Td (approximately 33.4 percent of our voting power) Tj ET Q q 0 0 0 rg BT 245.34 557.25 Td (. ) Tj ET Q q 0 0 0 rg BT 250.16 557.25 Td (Therefore, Exor will have a significant influence over these matters ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 545.25 Td (submitted to a vote of our shareholders, including matters such as adoption of the annual financial statements, declarations of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 533.25 Td (annual dividends, the election and removal of the members of our Board, capital increases and amendments to our articles of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 521.25 Td (association. In addition, Piero Ferrari, the ) Tj ET Q q 0 0 0 rg BT 222.39 521.25 Td (V) Tj ET Q q 0 0 0 rg BT 229.01 521.25 Td (ice Chairman of Ferrari, holds 10 percent of our common shares and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 509.25 Td (approximately 15.4% of voting interest in us. ) Tj ET Q q 0 0 0 rg BT 237.03 509.25 Td (As a result, he will also have influence in matters submitted to a vote of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 497.25 Td (shareholders. Exor and Piero Ferrari informed us that they have entered into a shareholder agreement pursuant to which they ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 485.25 Td (have undertaken to consult for the purpose of forming, where possible, a common view on the items on the agenda of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 473.25 Td (shareholders meetings. See Item 7. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 200.34 473.25 Td (Major Shar) Tj ET Q q 0 0 0 rg BT 246.36 473.25 Td (eholders and Related Party T) Tj ET Q q 0 0 0 rg BT 363.57 473.25 Td (ransactionsShar) Tj ET Q q 0 0 0 rg BT 437.65 473.25 Td (eholders' ) Tj ET Q q 0 0 0 rg BT 476.55 473.25 Td (Agr) Tj ET Q q 0 0 0 rg BT 491.18 473.25 Td (eement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.49 473.25 Td (. ) Tj ET Q q 0 0 0 rg BT 528.75 473.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 461.25 Td (interests of Exor and Piero Ferrari may in certain cases dif) Tj ET Q q 0 0 0 rg BT 287.07 461.25 Td (fer from those of other shareholders. In addition, the sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 449.25 Td (substantial amounts of our common shares in the public market by Piero Ferrari or the perception that such a sale could occur ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 437.25 Td (could adversely af) Tj ET Q q 0 0 0 rg BT 127.12 437.25 Td (fect the prevailing market price of the common shares.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 415.25 Td (W) Tj ET Q q 0 0 0 rg BT 62.15 415.25 Td (e may have potential conflicts of interest with FCA) Tj ET Q q 0 0 0 rg BT 270.48 415.25 Td ( and Exor and its related companies. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 393.25 Td (Questions relating to conflicts of interest may arise between us and FCA, our former lar) Tj ET Q q 0 0 0 rg BT 447.11 393.25 Td (gest shareholder prior to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 381.25 Td (the Separation, in a number of areas relating to common shareholdings and management, as well as our past and ongoing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 369.25 Td (relationships. Even after the Separation overlaps remain among the directors and of) Tj ET Q q 0 0 0 rg BT 387.59 369.25 Td (ficers of us and FCA. For example, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 357.25 Td (Mr) Tj ET Q q 0 0 0 rg BT 65.67 357.25 Td (.Ser) Tj ET Q q 0 0 0 rg BT 83.82 357.25 Td (gio Marchionne, our Chairman, is the Chief Executive Of) Tj ET Q q 0 0 0 rg BT 314.13 357.25 Td (ficer of FCA) Tj ET Q q 0 0 0 rg BT 364.68 357.25 Td ( and Mr) Tj ET Q q 0 0 0 rg BT 395.79 357.25 Td (.Marchionne and certain of our other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 345.25 Td (directors and of) Tj ET Q q 0 0 0 rg BT 116.57 345.25 Td (ficers may also be directors or of) Tj ET Q q 0 0 0 rg BT 248.01 345.25 Td (ficers of FCA) Tj ET Q q 0 0 0 rg BT 302.45 345.25 Td ( or Exor) Tj ET Q q 0 0 0 rg BT 334.82 345.25 Td (, our and FCA) Tj ET Q q 0 0 0 rg BT 390.93 345.25 Td () Tj ET Q q 0 0 0 rg BT 393.71 345.25 Td (s lar) Tj ET Q q 0 0 0 rg BT 410.46 345.25 Td (gest shareholder) Tj ET Q q 0 0 0 rg BT 475.17 345.25 Td (. ) Tj ET Q q 0 0 0 rg BT 479.99 345.25 Td (These individuals ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 333.25 Td (owe duties both to us and to the other companies that they serve as of) Tj ET Q q 0 0 0 rg BT 331.53 333.25 Td (ficers and/or directors. ) Tj ET Q q 0 0 0 rg BT 424.09 333.25 Td (This may raise conflicts as, for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 321.25 Td (example, these individuals review opportunities that may be appropriate or suitable for both us and such other companies, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 309.25 Td (we pursue business transactions in which both we and such other companies have an interest, such as our arrangement to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 297.25 Td (supply engines for Maserati cars. Exor holds approximately 23.5 percent of our common shares and approximately 33.4 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 285.25 Td (percent of the voting power in us, while it holds approximately 29 percent of the common shares and 44 percent of the voting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 273.25 Td (power in FCA. Exor also owns a controlling interest in CNH Industrial N.V) Tj ET Q q 0 0 0 rg BT 356.01 273.25 Td (., which was part of the FCA) Tj ET Q q 0 0 0 rg BT 470.99 273.25 Td ( group before its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 261.25 Td (spin-of) Tj ET Q q 0 0 0 rg BT 82.15 261.25 Td (f several years ago. ) Tj ET Q q 0 0 0 rg BT 161.65 261.25 Td (These ownership interests could create actual, perceived or potential conflicts of interest when ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 249.25 Td (these parties or our common directors and of) Tj ET Q q 0 0 0 rg BT 232.93 249.25 Td (ficers are faced with decisions that could have dif) Tj ET Q q 0 0 0 rg BT 431.00 249.25 Td (ferent implications for us and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 237.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 72.90 237.25 Td ( or Exor) Tj ET Q q 0 0 0 rg BT 105.27 237.25 Td (, as applicable. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 215.25 Td (Our loyalty voting program may make it more dif) Tj ET Q q 0 0 0 rg BT 256.03 215.25 Td (ficult for shareholders to acquire a controlling interest in Ferrari, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 203.25 Td (change our management or strategy or otherwise exercise influence over us, which may af) Tj ET Q q 0 0 0 rg BT 426.04 203.25 Td (fect the market price of our ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 191.25 Td (common shares. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 169.25 Td (The provisions of our articles of association which establish the loyalty voting program may make it more dif) Tj ET Q q 0 0 0 rg BT 533.77 169.25 Td (ficult ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 157.25 Td (for a third party to acquire, or attempt to acquire, control of our company) Tj ET Q q 0 0 0 rg BT 345.75 157.25 Td (, even if a change of control were considered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 145.25 Td (favorably by shareholders holding a majority of our common shares. ) Tj ET Q q 0 0 0 rg BT 330.32 145.25 Td (As a result of the loyalty voting program, a relatively ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 133.25 Td (lar) Tj ET Q q 0 0 0 rg BT 64.37 133.25 Td (ge proportion of the voting power of Ferrari could be concentrated in a relatively small number of shareholders who would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 121.25 Td (have significant influence over us. Exor has a voting interest in Ferrari of approximately 33.4 percent. Piero Ferrari holds 10 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 109.25 Td (percent of our common shares and, as a result of the loyalty voting mechanism, has approximately 15.4 percent of the voting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 97.25 Td (power in our shares. In addition, Exor and Piero Ferrari informed us that they have entered into a shareholder agreement, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 85.25 Td (summarized under Item 7. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 165.90 85.25 Td (Major Shar) Tj ET Q q 0 0 0 rg BT 211.92 85.25 Td (eholders and Related Party T) Tj ET Q q 0 0 0 rg BT 329.13 85.25 Td (ransactionsShar) Tj ET Q q 0 0 0 rg BT 403.21 85.25 Td (eholders' ) Tj ET Q q 0 0 0 rg BT 442.11 85.25 Td (Agr) Tj ET Q q 0 0 0 rg BT 456.74 85.25 Td (eement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.05 85.25 Td (. ) Tj ET Q q 0 0 0 rg BT 493.94 85.25 Td (As a result, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 73.25 Td (Exor and Piero Ferrari may exercise significant influence on matters involving our shareholders. Exor and Piero Ferrari and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 61.25 Td (other shareholders participating in the loyalty voting program may have the power ef) Tj ET Q q 0 0 0 rg BT 393.71 61.25 Td (fectively to prevent or delay change of ) Tj ET Q endstream endobj 53 0 obj <> endobj 54 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (control or other transactions that may otherwise benefit our shareholders. ) Tj ET Q q 0 0 0 rg BT 349.00 731.10 Td (The loyalty voting program may also prevent or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (discourage shareholder initiatives aimed at changing Ferrari) Tj ET Q q 0 0 0 rg BT 296.69 719.10 Td (s management or strategy or otherwise exerting influence over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.10 Td (Ferrari. See Item 10.B. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 152.58 707.10 Td (Memorandum and ) Tj ET Q q 0 0 0 rg BT 228.50 707.10 Td (Articles of ) Tj ET Q q 0 0 0 rg BT 272.20 707.10 Td (AssociationThe Ferrari Shar) Tj ET Q q 0 0 0 rg BT 396.28 707.10 Td (es, ) Tj ET Q q 0 0 0 rg BT 409.43 707.10 Td (Articles of ) Tj ET Q q 0 0 0 rg BT 453.13 707.10 Td (Association and T) Tj ET Q q 0 0 0 rg BT 524.44 707.10 Td (erms ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 695.10 Td (and Conditions of the Special V) Tj ET Q q 0 0 0 rg BT 179.83 695.10 Td (oting Shar) Tj ET Q q 0 0 0 rg BT 221.40 695.10 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.73 695.10 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 673.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.15 673.10 Td (e are a Dutch public company with limited liability) Tj ET Q q 0 0 0 rg BT 270.11 673.10 Td (, and our shareholders may have rights dif) Tj ET Q q 0 0 0 rg BT 444.95 673.10 Td (ferent to those of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 661.10 Td (shareholders of companies organized in the United States. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 639.10 Td (The rights of our shareholders may be dif) Tj ET Q q 0 0 0 rg BT 261.61 639.10 Td (ferent from the rights of shareholders governed by the laws of U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 627.10 Td (jurisdictions. ) Tj ET Q q 0 0 0 rg BT 108.26 627.10 Td (W) Tj ET Q q 0 0 0 rg BT 116.90 627.10 Td (e are a Dutch public company with limited liability \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 327.12 627.10 Td (naamloze vennootschap) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.94 627.10 Td (\). Our corporate af) Tj ET Q q 0 0 0 rg BT 497.16 627.10 Td (fairs are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 615.10 Td (governed by our articles of association and by the laws governing companies incorporated in the Netherlands. ) Tj ET Q q 0 0 0 rg BT 495.63 615.10 Td (The rights of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 603.10 Td (shareholders and the responsibilities of members of our board of directors may be dif) Tj ET Q q 0 0 0 rg BT 394.56 603.10 Td (ferent from the rights of shareholders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 591.10 Td (and the responsibilities of members of our board of directors in companies governed by the laws of other jurisdictions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 579.10 Td (including the United States. In the performance of its duties, our board of directors is required by Dutch law to consider our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 567.10 Td (interests and the interests of our shareholders, our employees and other stakeholders, in all cases with due observation of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 555.10 Td (principles of reasonableness and fairness. It is possible that some of these parties will have interests that are dif) Tj ET Q q 0 0 0 rg BT 497.86 555.10 Td (ferent from, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 543.10 Td (in addition to, your interests as a shareholder) Tj ET Q q 0 0 0 rg BT 232.85 543.10 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 521.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.15 521.10 Td (e expect to maintain our status as a foreign private issuer under the rules and regulations of the SEC and, thus, are ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 509.10 Td (exempt from a number of rules under the Exchange ) Tj ET Q q 0 0 0 rg BT 270.59 509.10 Td (Act of 1934 and are permitted to file less information with the SEC ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 497.10 Td (than a company incorporated in the United States. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 475.10 Td (As a foreign private issuer) Tj ET Q q 0 0 0 rg BT 205.56 475.10 Td (, we are exempt from rules under the Exchange ) Tj ET Q q 0 0 0 rg BT 401.03 475.10 Td (Act of 1934, as amended \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 463.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 95.37 463.10 Td (Act\) that impose certain disclosure and procedural requirements for proxy solicitations under Section14 of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 451.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 95.37 451.10 Td (Act. In addition, our of) Tj ET Q q 0 0 0 rg BT 187.39 451.10 Td (ficers, directors and principal shareholders are exempt from the reporting and short-swing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 439.10 Td (profit recovery provisions of Section16 of the Exchange ) Tj ET Q q 0 0 0 rg BT 283.11 439.10 Td (Act and the rules under the Exchange ) Tj ET Q q 0 0 0 rg BT 435.00 439.10 Td (Act with respect to their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 427.10 Td (purchases and sales of our common shares. Moreover) Tj ET Q q 0 0 0 rg BT 267.98 427.10 Td (, we are not required to file periodic reports and financial statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 415.10 Td (with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange ) Tj ET Q q 0 0 0 rg BT 507.76 415.10 Td (Act, nor are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 403.10 Td (we required to comply with Regulation FD, which restricts the selective disclosure of material information. ) Tj ET Q q 0 0 0 rg BT 485.28 403.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 534.62 403.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 391.10 Td (there may be less publicly available information concerning us than there is for U.S. public companies. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 369.10 Td (Our ability to pay dividends on our common shares may be limited and the level of future dividends is subject to change. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 347.10 Td (Our current dividend policy is set forth in Item 5. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.12 347.10 Td (Financial Information - Dividend policy) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.20 347.10 Td (. Our payment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 335.10 Td (dividends on our common shares in the future will be subject to business conditions, financial conditions, earnings, cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 323.10 Td (balances, commitments, strategic plans and other factors that our Board of Directors may deem relevant at the time it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 311.10 Td (recommends approval of the dividend. Our dividend policy is subject to change in the future based on changes in statutory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 299.10 Td (requirements, market trends, strategic developments, capital requirements and a number of other factors. In addition, under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 287.10 Td (our articles of association and Dutch law) Tj ET Q q 0 0 0 rg BT 216.63 287.10 Td (, dividends may be declared on our common shares only if the amount of equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 275.10 Td (exceeds the paid up and called up capital plus the reserves that have to be maintained pursuant to Dutch law or the articles of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 263.10 Td (association. Further) Tj ET Q q 0 0 0 rg BT 132.47 263.10 Td (, even if we are permitted under our articles of association and Dutch law to pay cash dividends on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 251.10 Td (common shares, we may not have suf) Tj ET Q q 0 0 0 rg BT 204.06 251.10 Td (ficient cash to pay dividends in cash on our common shares. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 229.10 Td (Our maintenance of two exchange listings may adversely af) Tj ET Q q 0 0 0 rg BT 299.37 229.10 Td (fect liquidity in the market for our common shares and could ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 217.10 Td (result in pricing dif) Tj ET Q q 0 0 0 rg BT 133.56 217.10 Td (ferentials of our common shares between the two exchanges.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 195.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 195.10 Td (Shortly following the completion of the Separation, we listed our common shares on the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 445.21 195.10 Td (Mer) Tj ET Q q 0 0 0 rg BT 461.50 195.10 Td (cato T) Tj ET Q q 0 0 0 rg BT 485.86 195.10 Td (elematico ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 183.10 Td (Azionario) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.45 183.10 Td ( \(MT) Tj ET Q q 0 0 0 rg BT 117.92 183.10 Td (A\). ) Tj ET Q q 0 0 0 rg BT 137.73 183.10 Td (The dual listing of our common shares may split trading between the NYSE and the MT) Tj ET Q q 0 0 0 rg BT 489.91 183.10 Td (A, adversely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 171.10 Td (af) Tj ET Q q 0 0 0 rg BT 61.59 171.10 Td (fect the liquidity of the shares and the development of an active trading market for our common shares in one or both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 159.10 Td (markets and may result in price dif) Tj ET Q q 0 0 0 rg BT 193.22 159.10 Td (ferentials between the exchanges. Dif) Tj ET Q q 0 0 0 rg BT 343.25 159.10 Td (ferences in the trading schedules, as well as volatility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 147.10 Td (in the exchange rate of the two trading currencies, among other factors, may result in dif) Tj ET Q q 0 0 0 rg BT 407.30 147.10 Td (ferent trading prices for our common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 135.10 Td (shares on the two exchanges.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 111.10 Td (It may be dif) Tj ET Q q 0 0 0 rg BT 105.75 111.10 Td (ficult to enforce U.S. judgments against us. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 89.10 Td (W) Tj ET Q q 0 0 0 rg BT 104.64 89.10 Td (e are or) Tj ET Q q 0 0 0 rg BT 134.43 89.10 Td (ganized under the laws of the Netherlands, and a substantial portion of our assets are outside of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 77.10 Td (United States. Most of our directors and senior management and our independent auditors are resident outside the United ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 65.10 Td (States, and all or a substantial portion of their respective assets may be located outside the United States. ) Tj ET Q q 0 0 0 rg BT 474.45 65.10 Td (As a result, it may ) Tj ET Q endstream endobj 55 0 obj <> endobj 56 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (be dif) Tj ET Q q 0 0 0 rg BT 76.87 731.10 Td (ficult for U.S. investors to ef) Tj ET Q q 0 0 0 rg BT 191.39 731.10 Td (fect service of process within the United States upon these persons. It may also be dif) Tj ET Q q 0 0 0 rg BT 532.78 731.10 Td (ficult ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (for U.S. investors to enforce within the United States judgments against us predicated upon the civil liability provisions of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.10 Td (securities laws of the United States or any state thereof. In addition, there is uncertainty as to whether the courts outside the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 695.10 Td (United States would recognize or enforce judgments of U.S. courts obtained against us or our directors and of) Tj ET Q q 0 0 0 rg BT 492.87 695.10 Td (ficers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.10 Td (predicated upon the civil liability provisions of the securities laws of the United States or any state thereof. ) Tj ET Q q 0 0 0 rg BT 483.43 683.10 Td (Therefore, it may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 671.10 Td (be dif) Tj ET Q q 0 0 0 rg BT 76.87 671.10 Td (ficult to enforce U.S. judgments against us, our directors and of) Tj ET Q q 0 0 0 rg BT 330.79 671.10 Td (ficers and our independent auditors. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 649.10 Td (Because we are a recently formed company with a limited separate operating history we need to create separate ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 637.10 Td (administrative and governance functions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 615.10 Td (Because we are a recently formed company we have not been required to maintain many of the administrative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 603.10 Td (functions attendant to a listed company of our size. ) Tj ET Q q 0 0 0 rg BT 260.43 603.10 Td (These include public company financial reporting, internal control and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 591.10 Td (audit, compliance, legal and governance functions. It may take some time for us to employ the persons necessary to staf) Tj ET Q q 0 0 0 rg BT 533.12 591.10 Td (f ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 579.10 Td (these administrative functions internally) Tj ET Q q 0 0 0 rg BT 214.14 579.10 Td (, requiring us to engage external consultants or staf) Tj ET Q q 0 0 0 rg BT 418.07 579.10 Td (f, which may be more expensive. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 567.10 Td (Further) Tj ET Q q 0 0 0 rg BT 83.04 567.10 Td (, this is a significant increase in the amount of employees we have historically employed for administrative matters, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 555.10 Td (constituting a significant new expense. ) Tj ET Q q 0 0 0 rg BT 211.19 555.10 Td (As a result of this increase in administrative requirements, there may be an adverse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 543.10 Td (ef) Tj ET Q q 0 0 0 rg BT 61.59 543.10 Td (fect on our business, operating results and financial condition. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 521.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 73.46 521.10 Td ( creditors may seek to hold us liable for certain FCA) Tj ET Q q 0 0 0 rg BT 288.46 521.10 Td ( obligations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 499.10 Td (One step of our Separation from FCA) Tj ET Q q 0 0 0 rg BT 246.53 499.10 Td ( included a demer) Tj ET Q q 0 0 0 rg BT 317.71 499.10 Td (ger from FCA) Tj ET Q q 0 0 0 rg BT 373.82 499.10 Td ( of our common shares previously held by it. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 487.10 Td (In connection with a demer) Tj ET Q q 0 0 0 rg BT 163.22 487.10 Td (ger under Dutch law) Tj ET Q q 0 0 0 rg BT 244.49 487.10 Td (, the demer) Tj ET Q q 0 0 0 rg BT 289.01 487.10 Td (ged company may continue to be liable for certain obligations of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 475.10 Td (the demer) Tj ET Q q 0 0 0 rg BT 93.52 475.10 Td (ging company that exist at the time of the demer) Tj ET Q q 0 0 0 rg BT 286.90 475.10 Td (ger) Tj ET Q q 0 0 0 rg BT 299.26 475.10 Td (, but only to the extent that the demer) Tj ET Q q 0 0 0 rg BT 448.77 475.10 Td (ging company fails to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 463.10 Td (satisfy such liabilities. Based on other actions taken as part of the Separation, we do not believe we retain any liability for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 451.10 Td (obligations of FCA) Tj ET Q q 0 0 0 rg BT 130.67 451.10 Td ( existing at the time of the Separation. Nevertheless, in the event that FCA) Tj ET Q q 0 0 0 rg BT 427.55 451.10 Td ( fails to satisfy obligations to its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 439.10 Td (creditors existing at the time of the demer) Tj ET Q q 0 0 0 rg BT 220.71 439.10 Td (ger) Tj ET Q q 0 0 0 rg BT 233.08 439.10 Td (, it is possible that those creditors may seek to recover from us, claiming that we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 427.10 Td (remain liable to satisfy such obligations. ) Tj ET Q q 0 0 0 rg BT 217.96 427.10 Td (While we believe we would prevail against any such claim, litigation is inherently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 415.10 Td (costly and uncertain and could have an adverse ef) Tj ET Q q 0 0 0 rg BT 252.62 415.10 Td (fect. See Item 4.A. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 334.53 415.10 Td (History and Development of the Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.11 415.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 393.10 Td (Risks Related to ) Tj ET Q q 0 0 0 rg BT 125.76 393.10 Td (T) Tj ET Q q 0 0 0 rg BT 131.51 393.10 Td (axation ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 371.10 Td (As a result of the demergers and the merger in connection with the Separation, we might be jointly and severally liable ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 359.10 Td (with FCA) Tj ET Q q 0 0 0 rg BT 93.75 359.10 Td ( for certain tax liabilities arisen in the hands of FCA. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 337.10 Td (Although the Italian tax authorities confirmed in a positive advance tax ruling issued on October9, 2015 that the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 325.10 Td (demer) Tj ET Q q 0 0 0 rg BT 78.80 325.10 Td (gers and the Mer) Tj ET Q q 0 0 0 rg BT 146.10 325.10 Td (ger that was carried out in connection with the Separation would be respected as tax-free, neutral ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 313.10 Td (transactions from an Italian income tax perspective, under Italian tax law we may still be held jointly and severally liable, as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 301.10 Td (result of the combined application of the rules governing the allocation of tax liabilities in case of demer) Tj ET Q q 0 0 0 rg BT 471.19 301.10 Td (gers and mer) Tj ET Q q 0 0 0 rg BT 522.65 301.10 Td (gers, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 289.10 Td (with FCA) Tj ET Q q 0 0 0 rg BT 93.18 289.10 Td ( for taxes, penalties, interest and any other tax liability arising in the actions of FCA) Tj ET Q q 0 0 0 rg BT 428.38 289.10 Td ( because of violations of its tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 277.10 Td (obligations related to tax years prior to the two Demer) Tj ET Q q 0 0 0 rg BT 270.70 277.10 Td (gers described in the section Item 4.A. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 431.48 277.10 Td (History and Development of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 265.10 Td (the Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.05 265.10 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 243.10 Td (There may be potential Passive Foreign Investment Company tax considerations for U.S. holders. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 221.10 Td (Shares of our stock would be stock of a passive foreign investment company) Tj ET Q q 0 0 0 rg BT 406.39 221.10 Td (, or a PFIC, for U.S. federal income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 209.10 Td (tax purposes with respect to a U.S. holder \(as defined in Item 10.E. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 329.21 209.10 Td (T) Tj ET Q q 0 0 0 rg BT 333.85 209.10 Td (axationMaterial U.S. Federal Income T) Tj ET Q q 0 0 0 rg BT 500.68 209.10 Td (ax ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 197.10 Td (Consequences) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.21 197.10 Td ( below\) if for any taxable year in which such U.S. holder held shares of our stock, after the application of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 185.10 Td (applicable look-through rules \(i\)75 percent or more of our gross income for the taxable year consists of passive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 173.10 Td (income \(including dividends, interest, gains from the sale or exchange of investment property and rents and royalties other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 161.10 Td (than rents and royalties which are received from unrelated parties in connection with the active conduct of a trade or business, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 149.10 Td (as defined in applicable ) Tj ET Q q 0 0 0 rg BT 151.00 149.10 Td (T) Tj ET Q q 0 0 0 rg BT 156.76 149.10 Td (reasury Regulations\), or \(ii\)at least 50 percent of our assets for the taxable year \(averaged over the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 137.10 Td (year and determined based upon value\) produce or are held for the production of passive income. U.S. persons who own ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 125.10 Td (shares of a PFIC are subject to a disadvantageous U.S. federal income tax regime with respect to the income derived by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 113.10 Td (PFIC, the dividends they receive from the PFIC, and the gain, if any) Tj ET Q q 0 0 0 rg BT 326.35 113.10 Td (, they derive from the sale or other disposition of their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 101.10 Td (shares in the PFIC. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 79.10 Td (While we believe that shares of our stock are not stock of a PFIC for U.S. federal income tax purposes, this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 67.10 Td (conclusion is based on a factual determination made annually and thus is subject to change. Moreover) Tj ET Q q 0 0 0 rg BT 461.26 67.10 Td (, our common shares ) Tj ET Q endstream endobj 57 0 obj <> endobj 58 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (may become stock of a PFIC in future taxable years if there were to be changes in our assets, income or operations. See Item ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (10.E. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.61 719.10 Td (T) Tj ET Q q 0 0 0 rg BT 82.25 719.10 Td (axationPFIC Considerations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.97 719.10 Td ( for a further discussion. ) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 54.00 710.40 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 698.40 Td (The consequences of the loyalty voting program are uncertain. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 676.40 Td (No statutory) Tj ET Q q 0 0 0 rg BT 145.07 676.40 Td (, judicial or administrative authority directly discusses how the receipt, ownership, or disposition of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 664.40 Td (special voting shares should be treated for Italian or U.S. tax purposes and as a result, the tax consequences in those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 652.40 Td (jurisdictions are uncertain. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 630.40 Td (The fair market value of the special voting shares, which may be relevant to the tax consequences, is a factual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 618.40 Td (determination and is not governed by any guidance that directly addresses such a situation. Because, among other things, our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 606.40 Td (special voting shares are not transferable \(other than, in very limited circumstances, together with the associated common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 594.40 Td (shares\) and a shareholder will receive amounts in respect of the special voting shares only if we are liquidated, we believe ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 582.40 Td (and intend to take the position that the fair market value of each special voting share is minimal. However) Tj ET Q q 0 0 0 rg BT 477.63 582.40 Td (, the relevant tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 570.40 Td (authorities could assert that the value of the special voting shares as determined by us is incorrect. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 548.40 Td (The tax treatment of the loyalty voting program is unclear and shareholders are ur) Tj ET Q q 0 0 0 rg BT 423.20 548.40 Td (ged to consult their tax advisors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 536.40 Td (in respect of the consequences of acquiring, owning and disposing of special voting shares. See Item 10.E. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 486.94 536.40 Td (T) Tj ET Q q 0 0 0 rg BT 491.58 536.40 Td (axation) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 524.40 Td (Loyalty V) Tj ET Q q 0 0 0 rg BT 91.50 524.40 Td (oting Pr) Tj ET Q q 0 0 0 rg BT 124.18 524.40 Td (ogram) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.29 524.40 Td ( for a further discussion. ) Tj ET Q endstream endobj 59 0 obj <> endobj 60 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (21) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 731.25 Td (Item 4. Information on the Company) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 707.25 Td (A. ) Tj ET Q q 0 0 0 rg BT 66.22 707.25 Td (History ) Tj ET Q q 0 0 0 rg BT 100.94 707.25 Td (and ) Tj ET Q q 0 0 0 rg BT 119.56 707.25 Td (Development ) Tj ET Q q 0 0 0 rg BT 178.16 707.25 Td (of ) Tj ET Q q 0 0 0 rg BT 188.99 707.25 Td (the ) Tj ET Q q 0 0 0 rg BT 204.82 707.25 Td (Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 683.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 108.34 683.25 Td (company ) Tj ET Q q 0 0 0 rg BT 147.79 683.25 Td (is ) Tj ET Q q 0 0 0 rg BT 157.25 683.25 Td (named ) Tj ET Q q 0 0 0 rg BT 186.69 683.25 Td (after ) Tj ET Q q 0 0 0 rg BT 207.80 683.25 Td (our ) Tj ET Q q 0 0 0 rg BT 223.92 683.25 Td (founder ) Tj ET Q q 0 0 0 rg BT 257.80 683.25 Td (Enzo ) Tj ET Q q 0 0 0 rg BT 281.14 683.25 Td (Ferrari. ) Tj ET Q q 0 0 0 rg BT 315.52 683.25 Td (An ) Tj ET Q q 0 0 0 rg BT 329.92 683.25 Td (Alfa ) Tj ET Q q 0 0 0 rg BT 350.47 683.25 Td (Romeo ) Tj ET Q q 0 0 0 rg BT 382.15 683.25 Td (driver ) Tj ET Q q 0 0 0 rg BT 408.82 683.25 Td (since ) Tj ET Q q 0 0 0 rg BT 432.15 683.25 Td (1924, ) Tj ET Q q 0 0 0 rg BT 457.44 683.25 Td (Enzo ) Tj ET Q q 0 0 0 rg BT 480.78 683.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 510.78 683.25 Td (founded ) Tj ET Q q 0 0 0 rg BT 546.33 683.25 Td (his ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 671.25 Td (own ) Tj ET Q q 0 0 0 rg BT 73.85 671.25 Td (racing ) Tj ET Q q 0 0 0 rg BT 101.47 671.25 Td (team, ) Tj ET Q q 0 0 0 rg BT 126.03 671.25 Td (Scuderia ) Tj ET Q q 0 0 0 rg BT 163.65 671.25 Td (Ferrari, ) Tj ET Q q 0 0 0 rg BT 195.99 671.25 Td (in ) Tj ET Q q 0 0 0 rg BT 206.40 671.25 Td (Modena ) Tj ET Q q 0 0 0 rg BT 241.80 671.25 Td (in ) Tj ET Q q 0 0 0 rg BT 252.21 671.25 Td (1929 ) Tj ET Q q 0 0 0 rg BT 274.84 671.25 Td (initially ) Tj ET Q q 0 0 0 rg BT 308.58 671.25 Td (to ) Tj ET Q q 0 0 0 rg BT 318.98 671.25 Td (race ) Tj ET Q q 0 0 0 rg BT 337.68 671.25 Td (Alfa ) Tj ET Q q 0 0 0 rg BT 358.08 671.25 Td (Romeo ) Tj ET Q q 0 0 0 rg BT 389.60 671.25 Td (cars. ) Tj ET Q q 0 0 0 rg BT 413.33 671.25 Td (In ) Tj ET Q q 0 0 0 rg BT 424.29 671.25 Td (1939 ) Tj ET Q q 0 0 0 rg BT 446.92 671.25 Td (he ) Tj ET Q q 0 0 0 rg BT 458.99 671.25 Td (set ) Tj ET Q q 0 0 0 rg BT 472.73 671.25 Td (up ) Tj ET Q q 0 0 0 rg BT 485.36 671.25 Td (his ) Tj ET Q q 0 0 0 rg BT 499.66 671.25 Td (own ) Tj ET Q q 0 0 0 rg BT 519.51 671.25 Td (company) Tj ET Q q 0 0 0 rg BT 555.52 671.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 659.25 Td (initially ) Tj ET Q q 0 0 0 rg BT 87.95 659.25 Td (called ) Tj ET Q q 0 0 0 rg BT 114.04 659.25 Td (Auto ) Tj ET Q q 0 0 0 rg BT 136.26 659.25 Td (A) Tj ET Q q 0 0 0 rg BT 142.74 659.25 Td (vio ) Tj ET Q q 0 0 0 rg BT 158.36 659.25 Td (Costruzioni. ) Tj ET Q q 0 0 0 rg BT 212.87 659.25 Td (In ) Tj ET Q q 0 0 0 rg BT 224.04 659.25 Td (late ) Tj ET Q q 0 0 0 rg BT 241.32 659.25 Td (1943, ) Tj ET Q q 0 0 0 rg BT 266.67 659.25 Td (Enzo ) Tj ET Q q 0 0 0 rg BT 290.06 659.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 320.11 659.25 Td (moved ) Tj ET Q q 0 0 0 rg BT 350.17 659.25 Td (his ) Tj ET Q q 0 0 0 rg BT 364.68 659.25 Td (headquarters ) Tj ET Q q 0 0 0 rg BT 418.61 659.25 Td (from ) Tj ET Q q 0 0 0 rg BT 440.89 659.25 Td (Modena ) Tj ET Q q 0 0 0 rg BT 476.51 659.25 Td (to ) Tj ET Q q 0 0 0 rg BT 487.13 659.25 Td (Maranello, ) Tj ET Q q 0 0 0 rg BT 533.57 659.25 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 647.25 Td (remains ) Tj ET Q q 0 0 0 rg BT 88.19 647.25 Td (our ) Tj ET Q q 0 0 0 rg BT 104.06 647.25 Td (headquarters ) Tj ET Q q 0 0 0 rg BT 157.69 647.25 Td (to ) Tj ET Q q 0 0 0 rg BT 168.00 647.25 Td (this ) Tj ET Q q 0 0 0 rg BT 184.99 647.25 Td (day) Tj ET Q q 0 0 0 rg BT 198.78 647.25 Td (. ) Tj ET Q q 0 0 0 rg BT 206.14 647.25 Td (The ) Tj ET Q q 0 0 0 rg BT 224.22 647.25 Td (Fiat ) Tj ET Q q 0 0 0 rg BT 242.32 647.25 Td (group ) Tj ET Q q 0 0 0 rg BT 268.19 647.25 Td (acquired ) Tj ET Q q 0 0 0 rg BT 305.15 647.25 Td (a ) Tj ET Q q 0 0 0 rg BT 312.13 647.25 Td (50 ) Tj ET Q q 0 0 0 rg BT 324.67 647.25 Td (percent ) Tj ET Q q 0 0 0 rg BT 356.63 647.25 Td (stake ) Tj ET Q q 0 0 0 rg BT 379.71 647.25 Td (in ) Tj ET Q q 0 0 0 rg BT 390.03 647.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 419.78 647.25 Td (S.p.A. ) Tj ET Q q 0 0 0 rg BT 447.60 647.25 Td (in ) Tj ET Q q 0 0 0 rg BT 457.92 647.25 Td (1969, ) Tj ET Q q 0 0 0 rg BT 482.96 647.25 Td (which ) Tj ET Q q 0 0 0 rg BT 509.93 647.25 Td (increased ) Tj ET Q q 0 0 0 rg BT 550.23 647.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 635.25 Td (90% ) Tj ET Q q 0 0 0 rg BT 74.83 635.25 Td (in ) Tj ET Q q 0 0 0 rg BT 85.11 635.25 Td (1988, ) Tj ET Q q 0 0 0 rg BT 110.11 635.25 Td (after ) Tj ET Q q 0 0 0 rg BT 130.92 635.25 Td (the ) Tj ET Q q 0 0 0 rg BT 145.64 635.25 Td (death ) Tj ET Q q 0 0 0 rg BT 169.80 635.25 Td (of ) Tj ET Q q 0 0 0 rg BT 180.63 635.25 Td (Enzo ) Tj ET Q q 0 0 0 rg BT 203.67 635.25 Td (Ferrari, ) Tj ET Q q 0 0 0 rg BT 235.88 635.25 Td (with ) Tj ET Q q 0 0 0 rg BT 256.16 635.25 Td (the ) Tj ET Q q 0 0 0 rg BT 270.88 635.25 Td (remaining ) Tj ET Q q 0 0 0 rg BT 313.92 635.25 Td (10% ) Tj ET Q q 0 0 0 rg BT 334.75 635.25 Td (held ) Tj ET Q q 0 0 0 rg BT 354.46 635.25 Td (by ) Tj ET Q q 0 0 0 rg BT 366.96 635.25 Td (Enzo ) Tj ET Q q 0 0 0 rg BT 390.01 635.25 Td (Ferrari) Tj ET Q q 0 0 0 rg BT 420.00 635.25 Td (s ) Tj ET Q q 0 0 0 rg BT 426.39 635.25 Td (son, ) Tj ET Q q 0 0 0 rg BT 445.28 635.25 Td (Piero ) Tj ET Q q 0 0 0 rg BT 468.89 635.25 Td (Ferrari.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 611.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 611.25 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 611.25 Td (e ) Tj ET Q q 0 0 0 rg BT 105.46 611.25 Td (recently ) Tj ET Q q 0 0 0 rg BT 140.05 611.25 Td (completed ) Tj ET Q q 0 0 0 rg BT 184.09 611.25 Td (the ) Tj ET Q q 0 0 0 rg BT 198.69 611.25 Td (separation ) Tj ET Q q 0 0 0 rg BT 242.17 611.25 Td (of ) Tj ET Q q 0 0 0 rg BT 252.89 611.25 Td (our ) Tj ET Q q 0 0 0 rg BT 268.61 611.25 Td (business ) Tj ET Q q 0 0 0 rg BT 304.88 611.25 Td (from ) Tj ET Q q 0 0 0 rg BT 326.71 611.25 Td (FCA, ) Tj ET Q q 0 0 0 rg BT 351.05 611.25 Td (through ) Tj ET Q q 0 0 0 rg BT 384.54 611.25 Td (a ) Tj ET Q q 0 0 0 rg BT 391.37 611.25 Td (series ) Tj ET Q q 0 0 0 rg BT 416.53 611.25 Td (of ) Tj ET Q q 0 0 0 rg BT 427.24 611.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 477.39 611.25 Td (which ) Tj ET Q q 0 0 0 rg BT 504.22 611.25 Td (we ) Tj ET Q q 0 0 0 rg BT 518.26 611.25 Td (refer ) Tj ET Q q 0 0 0 rg BT 539.52 611.25 Td (to ) Tj ET Q q 0 0 0 rg BT 549.68 611.25 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 599.25 Td (the ) Tj ET Q q 0 0 0 rg BT 68.72 599.25 Td (Separation, ) Tj ET Q q 0 0 0 rg BT 125.36 599.25 Td (as ) Tj ET Q q 0 0 0 rg BT 136.19 599.25 Td (summarized ) Tj ET Q q 0 0 0 rg BT 187.56 599.25 Td (below) Tj ET Q q 0 0 0 rg BT 211.35 599.25 Td (. ) Tj ET Q q 0 0 0 rg BT 216.35 599.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 575.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 575.25 Td (On October 19, 2015 we completed a restructuring intended to facilitate the initial public of) Tj ET Q q 0 0 0 rg BT 456.65 575.25 Td (fering of our shares \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 563.25 Td (IPO\) which resulted in the establishment of New Business Netherlands N.V) Tj ET Q q 0 0 0 rg BT 365.14 563.25 Td (., then renamed Ferrari N.V) Tj ET Q q 0 0 0 rg BT 474.64 563.25 Td (. \(Predecessor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 551.25 Td (Ferrari\) as the holding company of the Ferrari group holding a 100 percent interest in Ferrari S.p.A. Predecessor Ferrari was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 539.25 Td (originally established as a 100 percent owned subsidiary of FCA) Tj ET Q q 0 0 0 rg BT 312.01 539.25 Td ( on May 24, 2013. ) Tj ET Q q 0 0 0 rg BT 387.29 539.25 Td (As a result of the restructuring, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 527.25 Td (immediately prior to the IPO, FCA) Tj ET Q q 0 0 0 rg BT 193.43 527.25 Td ( held approximately 90% of Predecessor Ferrari common shares and special voting shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 515.25 Td (and Piero Ferrari, the son of our founder) Tj ET Q q 0 0 0 rg BT 215.22 515.25 Td (, held the remainder of Predecessor Ferrari common shares and special voting shares. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 503.25 Td (As part of the restructuring, Predecessor Ferrari incurred debt in order to optimize the capital structure of Predecessor Ferrari ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 491.25 Td (as a public company through the issue by Predecessor Ferrari to FCA) Tj ET Q q 0 0 0 rg BT 330.89 491.25 Td ( of a promissory note \(the FCA) Tj ET Q q 0 0 0 rg BT 459.76 491.25 Td ( Note\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 467.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 467.25 Td (On ) Tj ET Q q 0 0 0 rg BT 104.79 467.25 Td (October ) Tj ET Q q 0 0 0 rg BT 139.57 467.25 Td (20, ) Tj ET Q q 0 0 0 rg BT 154.64 467.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 179.71 467.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 198.61 467.25 Td ( ) Tj ET Q q 0 0 0 rg BT 201.18 467.25 Td (priced ) Tj ET Q q 0 0 0 rg BT 228.73 467.25 Td (an ) Tj ET Q q 0 0 0 rg BT 240.74 467.25 Td (IPO ) Tj ET Q q 0 0 0 rg BT 259.43 467.25 Td (of ) Tj ET Q q 0 0 0 rg BT 270.33 467.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 297.89 467.25 Td (of ) Tj ET Q q 0 0 0 rg BT 308.79 467.25 Td (Predecessor ) Tj ET Q q 0 0 0 rg BT 359.11 467.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 388.89 467.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 416.45 467.25 Td (representing ) Tj ET Q q 0 0 0 rg BT 468.44 467.25 Td (approximately ) Tj ET Q q 0 0 0 rg BT 528.77 467.25 Td (10% ) Tj ET Q q 0 0 0 rg BT 549.67 467.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 455.25 Td (Predecessor ) Tj ET Q q 0 0 0 rg BT 104.65 455.25 Td (Ferrari) Tj ET Q q 0 0 0 rg BT 134.63 455.25 Td (s ) Tj ET Q q 0 0 0 rg BT 141.41 455.25 Td (common ) Tj ET Q q 0 0 0 rg BT 179.29 455.25 Td (share ) Tj ET Q q 0 0 0 rg BT 203.28 455.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 232.82 455.25 Td (and, ) Tj ET Q q 0 0 0 rg BT 252.64 455.25 Td (on ) Tj ET Q q 0 0 0 rg BT 265.53 455.25 Td (October ) Tj ET Q q 0 0 0 rg BT 300.62 455.25 Td (21, ) Tj ET Q q 0 0 0 rg BT 316.01 455.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 341.40 455.25 Td (such ) Tj ET Q q 0 0 0 rg BT 362.61 455.25 Td (common ) Tj ET Q q 0 0 0 rg BT 400.50 455.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 428.37 455.25 Td (started ) Tj ET Q q 0 0 0 rg BT 457.92 455.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 489.13 455.25 Td (on ) Tj ET Q q 0 0 0 rg BT 502.02 455.25 Td (the ) Tj ET Q q 0 0 0 rg BT 517.12 455.25 Td (New ) Tj ET Q q 0 0 0 rg BT 538.46 455.25 Td (Y) Tj ET Q q 0 0 0 rg BT 544.68 455.25 Td (ork ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 443.25 Td (Stock ) Tj ET Q q 0 0 0 rg BT 80.38 443.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 123.41 443.25 Td (under ) Tj ET Q q 0 0 0 rg BT 149.79 443.25 Td (the ) Tj ET Q q 0 0 0 rg BT 165.61 443.25 Td (ticker ) Tj ET Q q 0 0 0 rg BT 191.98 443.25 Td (symbol ) Tj ET Q q 0 0 0 rg BT 225.04 443.25 Td (RACE. ) Tj ET Q q 0 0 0 rg BT 266.69 443.25 Td ( ) Tj ET Q q 0 0 0 rg BT 270.29 443.25 Td (Following ) Tj ET Q q 0 0 0 rg BT 315.02 443.25 Td (completion ) Tj ET Q q 0 0 0 rg BT 363.61 443.25 Td (of ) Tj ET Q q 0 0 0 rg BT 375.55 443.25 Td (the ) Tj ET Q q 0 0 0 rg BT 391.37 443.25 Td (IPO, ) Tj ET Q q 0 0 0 rg BT 413.59 443.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 432.49 443.25 Td ( ) Tj ET Q q 0 0 0 rg BT 436.10 443.25 Td (owned ) Tj ET Q q 0 0 0 rg BT 466.37 443.25 Td (approximately ) Tj ET Q q 0 0 0 rg BT 527.73 443.25 Td (80% ) Tj ET Q q 0 0 0 rg BT 549.67 443.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 431.25 Td (Predecessor ) Tj ET Q q 0 0 0 rg BT 103.83 431.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 133.11 431.25 Td (common ) Tj ET Q q 0 0 0 rg BT 170.18 431.25 Td (shares, ) Tj ET Q q 0 0 0 rg BT 199.75 431.25 Td (Piero ) Tj ET Q q 0 0 0 rg BT 222.93 431.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 252.21 431.25 Td (held ) Tj ET Q q 0 0 0 rg BT 271.50 431.25 Td (approximately ) Tj ET Q q 0 0 0 rg BT 331.34 431.25 Td (10% ) Tj ET Q q 0 0 0 rg BT 351.74 431.25 Td (of ) Tj ET Q q 0 0 0 rg BT 362.14 431.25 Td (Predecessor ) Tj ET Q q 0 0 0 rg BT 411.98 431.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 441.26 431.25 Td (common ) Tj ET Q q 0 0 0 rg BT 478.33 431.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 505.39 431.25 Td (and ) Tj ET Q q 0 0 0 rg BT 521.91 431.25 Td (investors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 419.25 Td (in ) Tj ET Q q 0 0 0 rg BT 64.28 419.25 Td (the ) Tj ET Q q 0 0 0 rg BT 79.00 419.25 Td (IPO ) Tj ET Q q 0 0 0 rg BT 97.61 419.25 Td (held ) Tj ET Q q 0 0 0 rg BT 117.33 419.25 Td (approximately ) Tj ET Q q 0 0 0 rg BT 177.58 419.25 Td (10% ) Tj ET Q q 0 0 0 rg BT 198.41 419.25 Td (of ) Tj ET Q q 0 0 0 rg BT 209.24 419.25 Td (Predecessor ) Tj ET Q q 0 0 0 rg BT 259.50 419.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 289.21 419.25 Td (common ) Tj ET Q q 0 0 0 rg BT 326.71 419.25 Td (shares.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 395.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 395.25 Td (On ) Tj ET Q q 0 0 0 rg BT 103.99 395.25 Td (December ) Tj ET Q q 0 0 0 rg BT 146.85 395.25 Td (16, ) Tj ET Q q 0 0 0 rg BT 161.12 395.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 185.39 395.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 214.36 395.25 Td (repaid ) Tj ET Q q 0 0 0 rg BT 241.12 395.25 Td (the ) Tj ET Q q 0 0 0 rg BT 255.10 395.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 274.01 395.25 Td ( ) Tj ET Q q 0 0 0 rg BT 275.78 395.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 296.98 395.25 Td (with ) Tj ET Q q 0 0 0 rg BT 316.53 395.25 Td (the ) Tj ET Q q 0 0 0 rg BT 330.52 395.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 367.83 395.25 Td (of ) Tj ET Q q 0 0 0 rg BT 377.93 395.25 Td (a ) Tj ET Q q 0 0 0 rg BT 384.14 395.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 403.12 395.25 Td (drawn ) Tj ET Q q 0 0 0 rg BT 429.88 395.25 Td (under ) Tj ET Q q 0 0 0 rg BT 454.42 395.25 Td (a ) Tj ET Q q 0 0 0 rg BT 460.63 395.25 Td (syndicated ) Tj ET Q q 0 0 0 rg BT 505.16 395.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 529.70 395.25 Td (facility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 383.25 Td (with ) Tj ET Q q 0 0 0 rg BT 74.28 383.25 Td (a ) Tj ET Q q 0 0 0 rg BT 81.22 383.25 Td (group ) Tj ET Q q 0 0 0 rg BT 107.05 383.25 Td (of ) Tj ET Q q 0 0 0 rg BT 117.88 383.25 Td (lenders. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 359.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 359.25 Td (The ) Tj ET Q q 0 0 0 rg BT 108.44 359.25 Td (remaining ) Tj ET Q q 0 0 0 rg BT 151.88 359.25 Td (steps ) Tj ET Q q 0 0 0 rg BT 174.78 359.25 Td (of ) Tj ET Q q 0 0 0 rg BT 186.00 359.25 Td (the ) Tj ET Q q 0 0 0 rg BT 201.11 359.25 Td (Separation ) Tj ET Q q 0 0 0 rg BT 246.77 359.25 Td (were ) Tj ET Q q 0 0 0 rg BT 269.10 359.25 Td (carried ) Tj ET Q q 0 0 0 rg BT 299.75 359.25 Td (out ) Tj ET Q q 0 0 0 rg BT 315.42 359.25 Td (through ) Tj ET Q q 0 0 0 rg BT 349.42 359.25 Td (the ) Tj ET Q q 0 0 0 rg BT 364.54 359.25 Td (following ) Tj ET Q q 0 0 0 rg BT 406.32 359.25 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 459.48 359.25 Td (which ) Tj ET Q q 0 0 0 rg BT 486.81 359.25 Td (occurred ) Tj ET Q q 0 0 0 rg BT 524.68 359.25 Td (between ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 347.25 Td (January ) Tj ET Q q 0 0 0 rg BT 87.35 347.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 94.60 347.25 Td (and ) Tj ET Q q 0 0 0 rg BT 111.29 347.25 Td (January ) Tj ET Q q 0 0 0 rg BT 144.64 347.25 Td (3, ) Tj ET Q q 0 0 0 rg BT 154.39 347.25 Td (2016. ) Tj ET Q q 0 0 0 rg BT 178.98 347.25 Td (Through ) Tj ET Q q 0 0 0 rg BT 215.67 347.25 Td (two ) Tj ET Q q 0 0 0 rg BT 232.92 347.25 Td (consecutive ) Tj ET Q q 0 0 0 rg BT 282.37 347.25 Td (demer) Tj ET Q q 0 0 0 rg BT 307.18 347.25 Td (gers ) Tj ET Q q 0 0 0 rg BT 326.09 347.25 Td (under ) Tj ET Q q 0 0 0 rg BT 351.11 347.25 Td (Dutch ) Tj ET Q q 0 0 0 rg BT 377.80 347.25 Td (law ) Tj ET Q q 0 0 0 rg BT 394.49 347.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 412.28 347.25 Td (Demer) Tj ET Q q 0 0 0 rg BT 443.75 347.25 Td (gers\), ) Tj ET Q q 0 0 0 rg BT 472.93 347.25 Td (the ) Tj ET Q q 0 0 0 rg BT 487.40 347.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 514.64 347.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 550.22 347.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 335.25 Td (Predecessor ) Tj ET Q q 0 0 0 rg BT 103.63 335.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 132.70 335.25 Td (previously ) Tj ET Q q 0 0 0 rg BT 176.79 335.25 Td (held ) Tj ET Q q 0 0 0 rg BT 195.88 335.25 Td (by ) Tj ET Q q 0 0 0 rg BT 207.75 335.25 Td (FCA, ) Tj ET Q q 0 0 0 rg BT 231.57 335.25 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 290.64 335.25 Td (to ) Tj ET Q q 0 0 0 rg BT 300.29 335.25 Td (approximately ) Tj ET Q q 0 0 0 rg BT 359.92 335.25 Td (80% ) Tj ET Q q 0 0 0 rg BT 380.12 335.25 Td (of ) Tj ET Q q 0 0 0 rg BT 390.32 335.25 Td (Predecessor ) Tj ET Q q 0 0 0 rg BT 439.95 335.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 469.02 335.25 Td (common ) Tj ET Q q 0 0 0 rg BT 505.89 335.25 Td (share ) Tj ET Q q 0 0 0 rg BT 528.85 335.25 Td (capital, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 323.25 Td (were ) Tj ET Q q 0 0 0 rg BT 75.79 323.25 Td (transferred ) Tj ET Q q 0 0 0 rg BT 121.45 323.25 Td (to ) Tj ET Q q 0 0 0 rg BT 131.59 323.25 Td (holders ) Tj ET Q q 0 0 0 rg BT 163.39 323.25 Td (of ) Tj ET Q q 0 0 0 rg BT 174.08 323.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 192.98 323.25 Td ( ) Tj ET Q q 0 0 0 rg BT 195.34 323.25 Td (common ) Tj ET Q q 0 0 0 rg BT 232.70 323.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 260.05 323.25 Td (and ) Tj ET Q q 0 0 0 rg BT 276.85 323.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 295.75 323.25 Td ( ) Tj ET Q q 0 0 0 rg BT 298.11 323.25 Td (mandatory ) Tj ET Q q 0 0 0 rg BT 343.23 323.25 Td (convertible ) Tj ET Q q 0 0 0 rg BT 390.57 323.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 430.69 323.25 Td (\(MCS\). ) Tj ET Q q 0 0 0 rg BT 472.21 323.25 Td (Immediately ) Tj ET Q q 0 0 0 rg BT 525.11 323.25 Td (after ) Tj ET Q q 0 0 0 rg BT 545.79 323.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 311.25 Td (Demer) Tj ET Q q 0 0 0 rg BT 81.03 311.25 Td (gers, ) Tj ET Q q 0 0 0 rg BT 102.59 311.25 Td (Predecessor ) Tj ET Q q 0 0 0 rg BT 152.76 311.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 182.37 311.25 Td (mer) Tj ET Q q 0 0 0 rg BT 197.74 311.25 Td (ged ) Tj ET Q q 0 0 0 rg BT 214.59 311.25 Td (with ) Tj ET Q q 0 0 0 rg BT 234.77 311.25 Td (and ) Tj ET Q q 0 0 0 rg BT 251.62 311.25 Td (into ) Tj ET Q q 0 0 0 rg BT 269.58 311.25 Td (Ferrari, ) Tj ET Q q 0 0 0 rg BT 301.70 311.25 Td (as ) Tj ET Q q 0 0 0 rg BT 312.43 311.25 Td (surviving ) Tj ET Q q 0 0 0 rg BT 352.62 311.25 Td (company ) Tj ET Q q 0 0 0 rg BT 391.68 311.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 409.63 311.25 Td (Mer) Tj ET Q q 0 0 0 rg BT 430.55 311.25 Td (ger\). ) Tj ET Q q 0 0 0 rg BT 456.00 311.25 Td (Upon ) Tj ET Q q 0 0 0 rg BT 480.63 311.25 Td (ef) Tj ET Q q 0 0 0 rg BT 488.21 311.25 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 535.04 311.25 Td (of ) Tj ET Q q 0 0 0 rg BT 545.78 311.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 299.25 Td (Mer) Tj ET Q q 0 0 0 rg BT 70.48 299.25 Td (ger) Tj ET Q q 0 0 0 rg BT 82.85 299.25 Td (, ) Tj ET Q q 0 0 0 rg BT 87.85 299.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 117.55 299.25 Td (became ) Tj ET Q q 0 0 0 rg BT 150.59 299.25 Td (the ) Tj ET Q q 0 0 0 rg BT 165.30 299.25 Td (holding ) Tj ET Q q 0 0 0 rg BT 198.36 299.25 Td (company ) Tj ET Q q 0 0 0 rg BT 237.52 299.25 Td (of ) Tj ET Q q 0 0 0 rg BT 248.35 299.25 Td (the ) Tj ET Q q 0 0 0 rg BT 263.06 299.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 292.77 299.25 Td (business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 275.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 275.25 Td (Pursuant to the Separation, \(i\) holders of Predecessor Ferrari common shares received one Ferrari common share for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 263.25 Td (each Predecessor Ferrari common share and one Ferrari special voting share for each Predecessor Ferrari special voting share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 251.25 Td (held; \(ii\) FCA) Tj ET Q q 0 0 0 rg BT 110.11 251.25 Td ( shareholders received one Ferrari common share for every 10 FCA) Tj ET Q q 0 0 0 rg BT 380.02 251.25 Td ( common shares and one Ferrari special ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 239.25 Td (voting share for every 10 FCA) Tj ET Q q 0 0 0 rg BT 175.92 239.25 Td ( special voting shares held; and \(iii\) holders of MCS received 0.77369 Ferrari common shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 227.25 Td (for each MCS unit \(consisting of $100 in notional amount of MCS\) held. Ferrari special voting shares held by FCA) Tj ET Q q 0 0 0 rg BT 515.05 227.25 Td ( prior to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 215.25 Td (the Demer) Tj ET Q q 0 0 0 rg BT 95.74 215.25 Td (gers are no longer outstanding.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 191.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 191.25 Td (On January 4, 2016, the business day following ef) Tj ET Q q 0 0 0 rg BT 290.34 191.25 Td (fectiveness of the Mer) Tj ET Q q 0 0 0 rg BT 379.29 191.25 Td (ger) Tj ET Q q 0 0 0 rg BT 391.66 191.25 Td (, Ferrari common shares began trading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 179.25 Td (on the Mercato ) Tj ET Q q 0 0 0 rg BT 116.85 179.25 Td (T) Tj ET Q q 0 0 0 rg BT 122.26 179.25 Td (elematico ) Tj ET Q q 0 0 0 rg BT 163.08 179.25 Td (Azionario, the stock exchange managed by Borsa Italiana. ) Tj ET Q endstream endobj 61 0 obj <> endobj 62 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (22) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 731.25 Td (B. ) Tj ET Q q 0 0 0 rg BT 65.67 731.25 Td (Business ) Tj ET Q q 0 0 0 rg BT 104.85 731.25 Td (Overview) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 701.25 Td (Business ) Tj ET Q q 0 0 0 rg BT 93.18 701.25 Td (Summary) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 677.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 677.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 120.56 677.25 Td (is ) Tj ET Q q 0 0 0 rg BT 130.58 677.25 Td (among ) Tj ET Q q 0 0 0 rg BT 161.15 677.25 Td (the ) Tj ET Q q 0 0 0 rg BT 176.72 677.25 Td (world) Tj ET Q q 0 0 0 rg BT 202.83 677.25 Td (s ) Tj ET Q q 0 0 0 rg BT 210.08 677.25 Td (leading ) Tj ET Q q 0 0 0 rg BT 242.87 677.25 Td (luxury ) Tj ET Q q 0 0 0 rg BT 272.33 677.25 Td (brands ) Tj ET Q q 0 0 0 rg BT 302.34 677.25 Td (focused ) Tj ET Q q 0 0 0 rg BT 336.79 677.25 Td (on ) Tj ET Q q 0 0 0 rg BT 350.15 677.25 Td (the ) Tj ET Q q 0 0 0 rg BT 365.72 677.25 Td (design, ) Tj ET Q q 0 0 0 rg BT 397.68 677.25 Td (engineering, ) Tj ET Q q 0 0 0 rg BT 450.73 677.25 Td (production ) Tj ET Q q 0 0 0 rg BT 497.41 677.25 Td (and ) Tj ET Q q 0 0 0 rg BT 515.21 677.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 534.11 677.25 Td (of ) Tj ET Q q 0 0 0 rg BT 545.79 677.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 665.25 Td (world) Tj ET Q q 0 0 0 rg BT 80.11 665.25 Td (s ) Tj ET Q q 0 0 0 rg BT 85.37 665.25 Td (most ) Tj ET Q q 0 0 0 rg BT 106.20 665.25 Td (recognizable ) Tj ET Q q 0 0 0 rg BT 158.65 665.25 Td (luxury ) Tj ET Q q 0 0 0 rg BT 186.13 665.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 238.03 665.25 Td (sports ) Tj ET Q q 0 0 0 rg BT 263.29 665.25 Td (cars. ) Tj ET Q q 0 0 0 rg BT 283.26 665.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 300.19 665.25 Td (brand ) Tj ET Q q 0 0 0 rg BT 324.33 665.25 Td (symbolizes ) Tj ET Q q 0 0 0 rg BT 370.70 665.25 Td (exclusivity) Tj ET Q q 0 0 0 rg BT 413.93 665.25 Td (, ) Tj ET Q q 0 0 0 rg BT 417.81 665.25 Td (innovation, ) Tj ET Q q 0 0 0 rg BT 464.45 665.25 Td (state-of-the-art ) Tj ET Q q 0 0 0 rg BT 525.23 665.25 Td (sporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 653.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 107.10 653.25 Td (and ) Tj ET Q q 0 0 0 rg BT 124.11 653.25 Td (Italian ) Tj ET Q q 0 0 0 rg BT 152.23 653.25 Td (design ) Tj ET Q q 0 0 0 rg BT 180.91 653.25 Td (and ) Tj ET Q q 0 0 0 rg BT 197.92 653.25 Td (engineering ) Tj ET Q q 0 0 0 rg BT 247.70 653.25 Td (heritage. ) Tj ET Q q 0 0 0 rg BT 284.98 653.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 303.10 653.25 Td (name ) Tj ET Q q 0 0 0 rg BT 327.33 653.25 Td (and ) Tj ET Q q 0 0 0 rg BT 344.35 653.25 Td (history ) Tj ET Q q 0 0 0 rg BT 374.70 653.25 Td (and ) Tj ET Q q 0 0 0 rg BT 391.71 653.25 Td (the ) Tj ET Q q 0 0 0 rg BT 406.50 653.25 Td (image ) Tj ET Q q 0 0 0 rg BT 433.51 653.25 Td (enjoyed ) Tj ET Q q 0 0 0 rg BT 467.74 653.25 Td (by ) Tj ET Q q 0 0 0 rg BT 480.32 653.25 Td (our ) Tj ET Q q 0 0 0 rg BT 496.22 653.25 Td (cars ) Tj ET Q q 0 0 0 rg BT 514.90 653.25 Td (are ) Tj ET Q q 0 0 0 rg BT 529.68 653.25 Td (closely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 641.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 97.26 641.25 Td (with ) Tj ET Q q 0 0 0 rg BT 117.21 641.25 Td (our ) Tj ET Q q 0 0 0 rg BT 132.70 641.25 Td (Formula ) Tj ET Q q 0 0 0 rg BT 168.76 641.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 175.92 641.25 Td (racing ) Tj ET Q q 0 0 0 rg BT 203.08 641.25 Td (team, ) Tj ET Q q 0 0 0 rg BT 227.18 641.25 Td (Scuderia ) Tj ET Q q 0 0 0 rg BT 264.33 641.25 Td (Ferrari, ) Tj ET Q q 0 0 0 rg BT 296.20 641.25 Td (the ) Tj ET Q q 0 0 0 rg BT 310.59 641.25 Td (most ) Tj ET Q q 0 0 0 rg BT 332.20 641.25 Td (successful ) Tj ET Q q 0 0 0 rg BT 375.47 641.25 Td (team ) Tj ET Q q 0 0 0 rg BT 397.07 641.25 Td (in ) Tj ET Q q 0 0 0 rg BT 407.01 641.25 Td (Formula ) Tj ET Q q 0 0 0 rg BT 443.07 641.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 450.23 641.25 Td (history) Tj ET Q q 0 0 0 rg BT 477.36 641.25 Td (. ) Tj ET Q q 0 0 0 rg BT 482.03 641.25 Td (From ) Tj ET Q q 0 0 0 rg BT 505.87 641.25 Td (the ) Tj ET Q q 0 0 0 rg BT 520.25 641.25 Td (inaugural ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 629.25 Td (year ) Tj ET Q q 0 0 0 rg BT 73.54 629.25 Td (of ) Tj ET Q q 0 0 0 rg BT 84.20 629.25 Td (Formula ) Tj ET Q q 0 0 0 rg BT 120.42 629.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 127.76 629.25 Td (in ) Tj ET Q q 0 0 0 rg BT 137.87 629.25 Td (1950 ) Tj ET Q q 0 0 0 rg BT 160.20 629.25 Td (through ) Tj ET Q q 0 0 0 rg BT 193.64 629.25 Td (the ) Tj ET Q q 0 0 0 rg BT 208.19 629.25 Td (present, ) Tj ET Q q 0 0 0 rg BT 241.90 629.25 Td (Scuderia ) Tj ET Q q 0 0 0 rg BT 279.22 629.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 308.76 629.25 Td (has ) Tj ET Q q 0 0 0 rg BT 324.42 629.25 Td (won ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.98 629.25 Td (224) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.98 629.25 Td ( ) Tj ET Q q 0 0 0 rg BT 361.31 629.25 Td (Grand ) Tj ET Q q 0 0 0 rg BT 388.63 629.25 Td (Prix ) Tj ET Q q 0 0 0 rg BT 407.64 629.25 Td (races, ) Tj ET Q q 0 0 0 rg BT 433.01 629.25 Td (16 ) Tj ET Q q 0 0 0 rg BT 445.34 629.25 Td (Constructor ) Tj ET Q q 0 0 0 rg BT 494.72 629.25 Td (W) Tj ET Q q 0 0 0 rg BT 503.36 629.25 Td (orld ) Tj ET Q q 0 0 0 rg BT 521.80 629.25 Td (titles ) Tj ET Q q 0 0 0 rg BT 543.58 629.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 617.25 Td (15 ) Tj ET Q q 0 0 0 rg BT 67.84 617.25 Td (Drivers) Tj ET Q q 0 0 0 rg BT 100.42 617.25 Td ( ) Tj ET Q q 0 0 0 rg BT 103.99 617.25 Td (W) Tj ET Q q 0 0 0 rg BT 112.63 617.25 Td (orld ) Tj ET Q q 0 0 0 rg BT 132.58 617.25 Td (titles. ) Tj ET Q q 0 0 0 rg BT 158.09 617.25 Td (W) Tj ET Q q 0 0 0 rg BT 166.72 617.25 Td (e ) Tj ET Q q 0 0 0 rg BT 175.01 617.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 207.72 617.25 Td (our ) Tj ET Q q 0 0 0 rg BT 224.90 617.25 Td (history ) Tj ET Q q 0 0 0 rg BT 256.52 617.25 Td (of ) Tj ET Q q 0 0 0 rg BT 268.69 617.25 Td (excellence, ) Tj ET Q q 0 0 0 rg BT 317.22 617.25 Td (technological ) Tj ET Q q 0 0 0 rg BT 374.93 617.25 Td (innovation ) Tj ET Q q 0 0 0 rg BT 421.55 617.25 Td (and ) Tj ET Q q 0 0 0 rg BT 439.83 617.25 Td (defining ) Tj ET Q q 0 0 0 rg BT 477.00 617.25 Td (style ) Tj ET Q q 0 0 0 rg BT 499.73 617.25 Td (transcends ) Tj ET Q q 0 0 0 rg BT 545.78 617.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 605.25 Td (automotive ) Tj ET Q q 0 0 0 rg BT 100.61 605.25 Td (industry) Tj ET Q q 0 0 0 rg BT 132.74 605.25 Td (, ) Tj ET Q q 0 0 0 rg BT 136.86 605.25 Td (and ) Tj ET Q q 0 0 0 rg BT 152.92 605.25 Td (is ) Tj ET Q q 0 0 0 rg BT 161.21 605.25 Td (the ) Tj ET Q q 0 0 0 rg BT 175.04 605.25 Td (foundation ) Tj ET Q q 0 0 0 rg BT 219.99 605.25 Td (of ) Tj ET Q q 0 0 0 rg BT 229.94 605.25 Td (the ) Tj ET Q q 0 0 0 rg BT 243.78 605.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 272.60 605.25 Td (brand ) Tj ET Q q 0 0 0 rg BT 296.99 605.25 Td (and ) Tj ET Q q 0 0 0 rg BT 313.05 605.25 Td (image. ) Tj ET Q q 0 0 0 rg BT 341.49 605.25 Td (W) Tj ET Q q 0 0 0 rg BT 350.13 605.25 Td (e ) Tj ET Q q 0 0 0 rg BT 356.18 605.25 Td (design, ) Tj ET Q q 0 0 0 rg BT 386.41 605.25 Td (engineer ) Tj ET Q q 0 0 0 rg BT 422.46 605.25 Td (and ) Tj ET Q q 0 0 0 rg BT 438.52 605.25 Td (produce ) Tj ET Q q 0 0 0 rg BT 472.34 605.25 Td (our ) Tj ET Q q 0 0 0 rg BT 487.29 605.25 Td (cars ) Tj ET Q q 0 0 0 rg BT 505.01 605.25 Td (in ) Tj ET Q q 0 0 0 rg BT 514.41 605.25 Td (Maranello, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 593.25 Td (Italy) Tj ET Q q 0 0 0 rg BT 71.68 593.25 Td (, ) Tj ET Q q 0 0 0 rg BT 76.68 593.25 Td (and ) Tj ET Q q 0 0 0 rg BT 93.61 593.25 Td (sell ) Tj ET Q q 0 0 0 rg BT 110.00 593.25 Td (them ) Tj ET Q q 0 0 0 rg BT 132.50 593.25 Td (in ) Tj ET Q q 0 0 0 rg BT 142.77 593.25 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.04 593.25 Td (60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.04 593.25 Td ( ) Tj ET Q q 0 0 0 rg BT 175.54 593.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 209.70 593.25 Td (worldwide ) Tj ET Q q 0 0 0 rg BT 254.97 593.25 Td (through ) Tj ET Q q 0 0 0 rg BT 288.58 593.25 Td (a ) Tj ET Q q 0 0 0 rg BT 295.51 593.25 Td (network ) Tj ET Q q 0 0 0 rg BT 330.78 593.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.61 593.25 Td (176) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.61 593.25 Td ( ) Tj ET Q q 0 0 0 rg BT 359.11 593.25 Td (authorized ) Tj ET Q q 0 0 0 rg BT 403.81 593.25 Td (dealers ) Tj ET Q q 0 0 0 rg BT 434.63 593.25 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.89 593.25 Td (198) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.89 593.25 Td ( ) Tj ET Q q 0 0 0 rg BT 492.39 593.25 Td (points ) Tj ET Q q 0 0 0 rg BT 519.34 593.25 Td (of ) Tj ET Q q 0 0 0 rg BT 530.17 593.25 Td (sale. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 569.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 569.25 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 569.25 Td (e believe our cars are the epitome of performance, luxury and styling. ) Tj ET Q q 0 0 0 rg BT 379.46 569.25 Td (W) Tj ET Q q 0 0 0 rg BT 388.10 569.25 Td (e currently sell seven models, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 557.25 Td (four sports cars \(488 GTB, 488 Spider) Tj ET Q q 0 0 0 rg BT 207.19 557.25 Td (, F12berlinetta and our special series F12 ) Tj ET Q q 0 0 0 rg BT 374.19 557.25 Td (T) Tj ET Q q 0 0 0 rg BT 379.60 557.25 Td (our de France, or F12tdf\) andthree GT) Tj ET Q q 0 0 0 rg BT 535.48 557.25 Td ( cars ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 545.25 Td (\(California ) Tj ET Q q 0 0 0 rg BT 100.19 545.25 Td (T) Tj ET Q q 0 0 0 rg BT 105.56 545.25 Td (, FF and our new GTC4Lusso\). ) Tj ET Q q 0 0 0 rg BT 233.15 545.25 Td (The 488 GTB and the 488 Spider were launched in 2015 to replace the 458 Italia ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 533.25 Td (and 458 Spider) Tj ET Q q 0 0 0 rg BT 114.15 533.25 Td (, which we produced and sold in 2015 but are now discontinued. ) Tj ET Q q 0 0 0 rg BT 374.47 533.25 Td (The F12tdf, unveiled in October 2015, is our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 521.25 Td (latest special series and follows the 458 Speciale and 458 Speciale ) Tj ET Q q 0 0 0 rg BT 321.42 521.25 Td (A, which we produced and sold in 2015 but are now ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 509.25 Td (discontinued. In February 2016, we unveiled the new GTC4Lusso, our latest GT) Tj ET Q q 0 0 0 rg BT 375.98 509.25 Td ( car) Tj ET Q q 0 0 0 rg BT 390.28 509.25 Td (, which will replace the FF) Tj ET Q q 0 0 0 rg BT 496.68 509.25 Td (, with sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 497.25 Td (expected to begin in the second semester of 2016. ) Tj ET Q q 0 0 0 rg BT 255.43 497.25 Td (W) Tj ET Q q 0 0 0 rg BT 264.06 497.25 Td (e also produce a limited edition supercar) Tj ET Q q 0 0 0 rg BT 425.83 497.25 Td (, LaFerrari, and very limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 485.25 Td (editions series \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 116.76 485.25 Td (Fuoriserie) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.98 485.25 Td (\) and one-of) Tj ET Q q 0 0 0 rg BT 207.67 485.25 Td (f cars.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 461.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 461.25 Td (In 2015, we shipped 7,664 cars, and recorded net revenues of 2,854 million, net profit of 290 million, adjusted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 449.25 Td (earnings before interest, taxes, depreciation, and amortization \(Adjusted EBITDA\) of 748 million and earnings before ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 437.25 Td (interest and taxes \(EBIT\) of 444 million. For additional information regarding ) Tj ET Q q 0 0 0 rg BT 373.38 437.25 Td (Adjusted EBITDA, which is a non-GAAP) Tj ET Q q 0 0 0 rg BT 541.88 437.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 425.25 Td (measure, including a reconciliation of ) Tj ET Q q 0 0 0 rg BT 207.28 425.25 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 282.00 425.25 Td ( to net profit, see Item 5. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 387.24 425.25 Td (Operating and Financial ReviewNon-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 413.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 79.37 413.25 Td ( Financial Measur) Tj ET Q q 0 0 0 rg BT 153.43 413.25 Td (esEBITDA) Tj ET Q q 0 0 0 rg BT 204.91 413.25 Td ( and ) Tj ET Q q 0 0 0 rg BT 224.73 413.25 Td (Adjusted EBITDA.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.16 413.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 389.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 389.25 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 389.25 Td (e pursue a low volume production strategy in order to maintain a reputation of exclusivity and scarcity among ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 377.25 Td (purchasers of our cars and deliberately monitor and maintain our production volumes and delivery wait-times to promote this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 365.25 Td (reputation. ) Tj ET Q q 0 0 0 rg BT 99.36 365.25 Td (W) Tj ET Q q 0 0 0 rg BT 108.00 365.25 Td (e divide our regional markets into EMEA, ) Tj ET Q q 0 0 0 rg BT 278.52 365.25 Td (Americas, Greater China and Rest of ) Tj ET Q q 0 0 0 rg BT 428.19 365.25 Td (AP) Tj ET Q q 0 0 0 rg BT 440.05 365.25 Td (AC, representing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 353.25 Td (respectively ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.81 353.25 Td (44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.81 353.25 Td ( percent, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.73 353.25 Td (34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.73 353.25 Td ( percent, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.66 353.25 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.66 353.25 Td ( percent and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.02 353.25 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.02 353.25 Td ( percent of units shipped in 2015. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 329.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 329.25 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 329.25 Td (e license the Ferrari brand to a selected number of producers and retailers of luxury and lifestyle goods. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 317.25 Td (addition, we design, source and sell Ferrari-branded products through a network of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.79 317.25 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.79 317.25 Td ( franchised, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.94 317.25 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.94 317.25 Td ( owned Ferrari stores ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 305.25 Td (and on our website. ) Tj ET Q q 0 0 0 rg BT 134.26 305.25 Td (As one of the world) Tj ET Q q 0 0 0 rg BT 216.47 305.25 Td (s most recognized premium luxury brands, we believe we are well positioned to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 293.25 Td (selectively expand the presence of the Ferrari brand in attractive and growing lifestyle categories consistent with our image, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 281.25 Td (including sportswear) Tj ET Q q 0 0 0 rg BT 137.19 281.25 Td (, watches, accessories, consumer electronics and theme parks which we believe enhance the brand ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 269.25 Td (experience of our loyal following of clients and Ferrari enthusiasts. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 245.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 245.25 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 245.25 Td (e focus our marketing and promotion ef) Tj ET Q q 0 0 0 rg BT 257.30 245.25 Td (forts in the investments we make in our racing activities, in particular ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 233.25 Td (Scuderia Ferrari) Tj ET Q q 0 0 0 rg BT 121.47 233.25 Td (s participation in the Formula 1 ) Tj ET Q q 0 0 0 rg BT 249.60 233.25 Td (W) Tj ET Q q 0 0 0 rg BT 258.24 233.25 Td (orld Championship, which is one of the most watched annual sports series ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 221.25 Td (in the world, with approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.86 221.25 Td (420) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.86 221.25 Td (million television viewers annually) Tj ET Q q 0 0 0 rg BT 345.52 221.25 Td (. ) Tj ET Q q 0 0 0 rg BT 352.47 221.25 Td (Although our most recent Formula 1 world title ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 209.25 Td (was in 2008, we are enhancing our focus on Formula 1 activities with the goal of improving recent racing results and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 197.25 Td (restoring our historical position as the premier racing team in Formula 1. ) Tj ET Q q 0 0 0 rg BT 347.36 197.25 Td (W) Tj ET Q q 0 0 0 rg BT 356.00 197.25 Td (e believe that these activities support the strength ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 185.25 Td (and awareness of our brand among motor enthusiasts, clients and the general public. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 173.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 161.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 161.25 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 161.25 Td (e will continue focusing our ef) Tj ET Q q 0 0 0 rg BT 220.92 161.25 Td (forts on protecting and enhancing the value of our brand to preserve our strong ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 149.25 Td (financial profile and participate in the premium luxury market growth. ) Tj ET Q q 0 0 0 rg BT 337.89 149.25 Td (W) Tj ET Q q 0 0 0 rg BT 346.53 149.25 Td (e intend to selectively pursue controlled and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 137.25 Td (profitable growth in existing and emer) Tj ET Q q 0 0 0 rg BT 207.39 137.25 Td (ging markets while expanding the Ferrari brand to carefully selected lifestyle ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 125.25 Td (categories.) Tj ET Q endstream endobj 63 0 obj <> endobj 64 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 30.20 Td (23) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 742.25 Td (Industry ) Tj ET Q q 0 0 0 rg BT 93.74 742.25 Td (Overview) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 718.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 718.25 Td (Luxury ) Tj ET Q q 0 0 0 rg BT 123.43 718.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 177.94 718.25 Td (cars ) Tj ET Q q 0 0 0 rg BT 198.03 718.25 Td (share ) Tj ET Q q 0 0 0 rg BT 223.12 718.25 Td (several ) Tj ET Q q 0 0 0 rg BT 255.42 718.25 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 316.60 718.25 Td (with ) Tj ET Q q 0 0 0 rg BT 338.36 718.25 Td (other ) Tj ET Q q 0 0 0 rg BT 362.90 718.25 Td (luxury ) Tj ET Q q 0 0 0 rg BT 393.00 718.25 Td (goods ) Tj ET Q q 0 0 0 rg BT 420.88 718.25 Td (such ) Tj ET Q q 0 0 0 rg BT 443.20 718.25 Td (as ) Tj ET Q q 0 0 0 rg BT 455.52 718.25 Td (quality) Tj ET Q q 0 0 0 rg BT 482.64 718.25 Td (, ) Tj ET Q q 0 0 0 rg BT 489.13 718.25 Td (aesthetics, ) Tj ET Q q 0 0 0 rg BT 534.49 718.25 Td (rarity) Tj ET Q q 0 0 0 rg BT 555.50 718.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 706.25 Td (exclusivity ) Tj ET Q q 0 0 0 rg BT 100.71 706.25 Td (and ) Tj ET Q q 0 0 0 rg BT 117.97 706.25 Td (a ) Tj ET Q q 0 0 0 rg BT 125.23 706.25 Td (high ) Tj ET Q q 0 0 0 rg BT 145.83 706.25 Td (degree ) Tj ET Q q 0 0 0 rg BT 175.30 706.25 Td (of ) Tj ET Q q 0 0 0 rg BT 186.46 706.25 Td (non-functional ) Tj ET Q q 0 0 0 rg BT 248.15 706.25 Td (associations ) Tj ET Q q 0 0 0 rg BT 299.30 706.25 Td (all ) Tj ET Q q 0 0 0 rg BT 312.12 706.25 Td (of ) Tj ET Q q 0 0 0 rg BT 323.27 706.25 Td (which ) Tj ET Q q 0 0 0 rg BT 350.53 706.25 Td (leads ) Tj ET Q q 0 0 0 rg BT 373.91 706.25 Td (to ) Tj ET Q q 0 0 0 rg BT 384.51 706.25 Td (significantly ) Tj ET Q q 0 0 0 rg BT 437.32 706.25 Td (higher ) Tj ET Q q 0 0 0 rg BT 465.69 706.25 Td (pricing ) Tj ET Q q 0 0 0 rg BT 496.84 706.25 Td (as ) Tj ET Q q 0 0 0 rg BT 507.99 706.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 550.24 706.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 694.25 Td (mass ) Tj ET Q q 0 0 0 rg BT 76.46 694.25 Td (market ) Tj ET Q q 0 0 0 rg BT 106.68 694.25 Td (goods ) Tj ET Q q 0 0 0 rg BT 133.04 694.25 Td (within ) Tj ET Q q 0 0 0 rg BT 161.05 694.25 Td (the ) Tj ET Q q 0 0 0 rg BT 175.73 694.25 Td (same ) Tj ET Q q 0 0 0 rg BT 198.74 694.25 Td (category) Tj ET Q q 0 0 0 rg BT 232.51 694.25 Td (. ) Tj ET Q q 0 0 0 rg BT 237.29 694.25 Td (While ) Tj ET Q q 0 0 0 rg BT 264.19 694.25 Td (af) Tj ET Q q 0 0 0 rg BT 271.77 694.25 Td (fected ) Tj ET Q q 0 0 0 rg BT 298.66 694.25 Td (by ) Tj ET Q q 0 0 0 rg BT 311.12 694.25 Td (global ) Tj ET Q q 0 0 0 rg BT 338.57 694.25 Td (macroeconomic ) Tj ET Q q 0 0 0 rg BT 404.89 694.25 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 451.51 694.25 Td (the ) Tj ET Q q 0 0 0 rg BT 466.19 694.25 Td (luxury ) Tj ET Q q 0 0 0 rg BT 494.76 694.25 Td (goods ) Tj ET Q q 0 0 0 rg BT 521.11 694.25 Td (market ) Tj ET Q q 0 0 0 rg BT 551.33 694.25 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 682.25 Td (also ) Tj ET Q q 0 0 0 rg BT 72.42 682.25 Td (impacted ) Tj ET Q q 0 0 0 rg BT 111.38 682.25 Td (by ) Tj ET Q q 0 0 0 rg BT 123.69 682.25 Td (several ) Tj ET Q q 0 0 0 rg BT 154.32 682.25 Td (more ) Tj ET Q q 0 0 0 rg BT 177.18 682.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 210.59 682.25 Td (factors, ) Tj ET Q q 0 0 0 rg BT 242.61 682.25 Td (such ) Tj ET Q q 0 0 0 rg BT 263.25 682.25 Td (as, ) Tj ET Q q 0 0 0 rg BT 276.39 682.25 Td (in ) Tj ET Q q 0 0 0 rg BT 286.48 682.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 313.22 682.25 Td (years, ) Tj ET Q q 0 0 0 rg BT 339.13 682.25 Td (the ) Tj ET Q q 0 0 0 rg BT 353.66 682.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 398.18 682.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 439.36 682.25 Td (growth ) Tj ET Q q 0 0 0 rg BT 470.01 682.25 Td (and ) Tj ET Q q 0 0 0 rg BT 486.76 682.25 Td (wealth ) Tj ET Q q 0 0 0 rg BT 515.72 682.25 Td (creation ) Tj ET Q q 0 0 0 rg BT 550.24 682.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 670.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 83.44 670.25 Td (emer) Tj ET Q q 0 0 0 rg BT 103.24 670.25 Td (ging ) Tj ET Q q 0 0 0 rg BT 123.25 670.25 Td (economies ) Tj ET Q q 0 0 0 rg BT 168.25 670.25 Td (and ) Tj ET Q q 0 0 0 rg BT 184.92 670.25 Td (rising ) Tj ET Q q 0 0 0 rg BT 209.94 670.25 Td (levels ) Tj ET Q q 0 0 0 rg BT 235.49 670.25 Td (of ) Tj ET Q q 0 0 0 rg BT 246.06 670.25 Td (af) Tj ET Q q 0 0 0 rg BT 253.65 670.25 Td (fluence ) Tj ET Q q 0 0 0 rg BT 285.30 670.25 Td (and ) Tj ET Q q 0 0 0 rg BT 301.98 670.25 Td (demand ) Tj ET Q q 0 0 0 rg BT 335.87 670.25 Td (from ) Tj ET Q q 0 0 0 rg BT 357.54 670.25 Td (the ) Tj ET Q q 0 0 0 rg BT 371.99 670.25 Td (emer) Tj ET Q q 0 0 0 rg BT 391.79 670.25 Td (ging ) Tj ET Q q 0 0 0 rg BT 411.81 670.25 Td (middle ) Tj ET Q q 0 0 0 rg BT 441.81 670.25 Td (and ) Tj ET Q q 0 0 0 rg BT 458.48 670.25 Td (upper ) Tj ET Q q 0 0 0 rg BT 483.49 670.25 Td (classes ) Tj ET Q q 0 0 0 rg BT 513.49 670.25 Td (in ) Tj ET Q q 0 0 0 rg BT 523.01 670.25 Td (Asia ) Tj ET Q q 0 0 0 rg BT 543.57 670.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 658.25 Td (a ) Tj ET Q q 0 0 0 rg BT 60.12 658.25 Td (general ) Tj ET Q q 0 0 0 rg BT 91.22 658.25 Td (trend ) Tj ET Q q 0 0 0 rg BT 113.45 658.25 Td (towards ) Tj ET Q q 0 0 0 rg BT 146.79 658.25 Td (urbanization. ) Tj ET Q q 0 0 0 rg BT 200.96 658.25 Td (Particularly ) Tj ET Q q 0 0 0 rg BT 249.29 658.25 Td (following ) Tj ET Q q 0 0 0 rg BT 289.85 658.25 Td (the ) Tj ET Q q 0 0 0 rg BT 303.75 658.25 Td (2008-2009 ) Tj ET Q q 0 0 0 rg BT 348.76 658.25 Td (downturn, ) Tj ET Q q 0 0 0 rg BT 391.28 658.25 Td (this ) Tj ET Q q 0 0 0 rg BT 407.40 658.25 Td (has ) Tj ET Q q 0 0 0 rg BT 422.42 658.25 Td (led ) Tj ET Q q 0 0 0 rg BT 436.31 658.25 Td (the ) Tj ET Q q 0 0 0 rg BT 450.21 658.25 Td (global ) Tj ET Q q 0 0 0 rg BT 476.89 658.25 Td (luxury ) Tj ET Q q 0 0 0 rg BT 504.68 658.25 Td (goods ) Tj ET Q q 0 0 0 rg BT 530.25 658.25 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 646.25 Td (to ) Tj ET Q q 0 0 0 rg BT 64.28 646.25 Td (return ) Tj ET Q q 0 0 0 rg BT 90.66 646.25 Td (to ) Tj ET Q q 0 0 0 rg BT 100.93 646.25 Td (perform ) Tj ET Q q 0 0 0 rg BT 135.64 646.25 Td (better ) Tj ET Q q 0 0 0 rg BT 160.90 646.25 Td (than ) Tj ET Q q 0 0 0 rg BT 180.62 646.25 Td (global ) Tj ET Q q 0 0 0 rg BT 208.12 646.25 Td (GDP) Tj ET Q q 0 0 0 rg BT 227.01 646.25 Td (, ) Tj ET Q q 0 0 0 rg BT 232.01 646.25 Td (as ) Tj ET Q q 0 0 0 rg BT 242.84 646.25 Td (shown ) Tj ET Q q 0 0 0 rg BT 271.46 646.25 Td (in ) Tj ET Q q 0 0 0 rg BT 281.73 646.25 Td (the ) Tj ET Q q 0 0 0 rg BT 296.45 646.25 Td (chart ) Tj ET Q q 0 0 0 rg BT 318.94 646.25 Td (below) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 343.38 646.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 622.25 Td ( ) Tj ET Q /GS0 gs q 504.00 0 0 259.90 54.00 321.34 cm /I23 Do Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 54.00 311.75 Td (Sources: Bain& Company) Tj ET Q q 0 0 0 rg BT 139.47 311.75 Td (, 2015 for Global Personal Luxury Goods Market and ) Tj ET Q q 0 0 0 rg BT 313.07 311.75 Td (W) Tj ET Q q 0 0 0 rg BT 319.98 311.75 Td (orld Bank Data, 1995-2014 for Global GDP) Tj ET Q q 0 0 0 rg BT 459.74 311.75 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 289.75 Td (W) Tj ET Q q 0 0 0 rg BT 105.04 289.75 Td (ithin the luxury goods market, we define our tar) Tj ET Q q 0 0 0 rg BT 296.20 289.75 Td (get market for luxury performance cars as two-door cars ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 277.75 Td (powered by engines producing more than 500 hp and selling at a retail price in excess of Euro 150,000 \(including ) Tj ET Q q 0 0 0 rg BT 510.64 277.75 Td (V) Tj ET Q q 0 0 0 rg BT 516.57 277.75 Td (A) Tj ET Q q 0 0 0 rg BT 522.69 277.75 Td (T\). ) Tj ET Q q 0 0 0 rg BT 536.94 277.75 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 265.75 Td (luxury performance car market historically has followed relatively closely growth patterns in the broader luxury market. ) Tj ET Q q 0 0 0 rg BT 537.26 265.75 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 253.75 Td (luxury performance car market is generally af) Tj ET Q q 0 0 0 rg BT 237.06 253.75 Td (fected by global macroeconomic conditions and, although we and certain other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 241.75 Td (manufacturers have proven relatively resilient, general downturns can have a disproportionate impact on sales of luxury ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 229.75 Td (goods in light of the discretionary nature of consumer spending in this market. Furthermore, because of the emotional nature ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 217.75 Td (of the purchasing decision, economic confidence and factors such as expectations regarding future income streams as well as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 205.75 Td (the social acceptability of luxury goods may impact sales. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 183.75 Td (Following the sharp recession of 2008-2009, the luxury performance car market has been resilient to further ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 171.75 Td (economic downturns and stagnation in the broader economy) Tj ET Q q 0 0 0 rg BT 294.67 171.75 Td (, also a result of the increase of new product launches, although ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 159.75 Td (the luxury performance car market has not yet returned to the pre-recession levels. ) Tj ET Q q 0 0 0 rg BT 385.53 159.75 Td (A) Tj ET Q q 0 0 0 rg BT 392.20 159.75 Td ( sustained period of wealth creation in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 147.75 Td (several ) Tj ET Q q 0 0 0 rg BT 84.26 147.75 Td (Asian countries and, to a lesser extent, in the ) Tj ET Q q 0 0 0 rg BT 265.05 147.75 Td (Americas, has led to an expanding population of potential consumers of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 135.75 Td (luxury goods. Developing consumer preferences in the ) Tj ET Q q 0 0 0 rg BT 275.05 135.75 Td (Asian markets, where the newly af) Tj ET Q q 0 0 0 rg BT 413.71 135.75 Td (fluent are increasingly embracing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 123.75 Td (western brands of luxury products, have also led to higher demand for cars in our segment, which are all produced by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 111.75 Td (established European manufacturers. ) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 96.00 100.55 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 88.55 Td (Additionally) Tj ET Q q 0 0 0 rg BT 145.90 88.55 Td (, the growing appetite of younger af) Tj ET Q q 0 0 0 rg BT 289.29 88.55 Td (fluent purchasers for luxury performance cars has led to new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 76.55 Td (entrants, which in turn has resulted in higher sales overall in the market. ) Tj ET Q endstream endobj 65 0 obj <> endobj 66 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 30.20 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 742.10 Td (Unlike in other segments of the broader luxury market, however) Tj ET Q q 0 0 0 rg BT 352.74 742.10 Td (, in the luxury performance car market, a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 730.10 Td (significant portion of demand is driven by new product launches. ) Tj ET Q q 0 0 0 rg BT 316.81 730.10 Td (The market share of individual producers fluctuates over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 718.10 Td (time reflecting the timing of product launches. New launches tend to drive sales volumes even in dif) Tj ET Q q 0 0 0 rg BT 455.09 718.10 Td (ficult market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 706.10 Td (environments because the novelty) Tj ET Q q 0 0 0 rg BT 189.14 706.10 Td (, exclusivity and excitement a new product is capable of creating and capturing its own ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 694.10 Td (demand from clients. ) Tj ET Q /GS0 gs q 488.00 0 0 288.00 62.00 391.10 cm /I24 Do Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 72.00 359.50 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 90.00 359.50 Td (Data for the Luxury Performance Car Industry include all two door GT) Tj ET Q q 0 0 0 rg BT 317.56 359.50 Td ( and sports cars with power above 500hp, and retail price above Euro ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 90.00 349.90 Td (150,000 \(including ) Tj ET Q q 0 0 0 rg BT 152.74 349.90 Td (V) Tj ET Q q 0 0 0 rg BT 157.48 349.90 Td (A) Tj ET Q q 0 0 0 rg BT 162.38 349.90 Td (T\) sold by ) Tj ET Q q 0 0 0 rg BT 196.82 349.90 Td (Aston Martin, ) Tj ET Q q 0 0 0 rg BT 243.27 349.90 Td (Audi, Bentley) Tj ET Q q 0 0 0 rg BT 287.63 349.90 Td (, Ferrari, Lambor) Tj ET Q q 0 0 0 rg BT 342.57 349.90 Td (ghini, McLaren, Mercedes Benz, Porsche and Rolls-Royce. ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 72.00 340.30 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 90.00 340.30 Td (Ferrari data based on the 22 top countries \(excluding Middle East countries\) for Ferrari annual registrations and sales \(which accounted for ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 90.00 330.70 Td (approximately 85% of the total Ferrari shipments in 2015\). ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 72.00 321.10 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 90.00 321.10 Td (Data for the Luxury Performance Car Industry based on units registered \(in USA, Brazil, Japan, Hong Kong, ) Tj ET Q q 0 0 0 rg BT 440.21 321.10 Td (T) Tj ET Q q 0 0 0 rg BT 444.54 321.10 Td (aiwan, ) Tj ET Q q 0 0 0 rg BT 467.20 321.10 Td (Australia, United Kingdom, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 90.00 311.50 Td (Germany) Tj ET Q q 0 0 0 rg BT 119.25 311.50 Td (, France, Switzerland, Italy) Tj ET Q q 0 0 0 rg BT 205.36 311.50 Td (, Spain, Sweden, Netherlands, Belgium and ) Tj ET Q q 0 0 0 rg BT 346.23 311.50 Td (Austria\) or sold \(in South Korea, ) Tj ET Q q 0 0 0 rg BT 453.40 311.50 Td (Thailand, China, New Zealand, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 90.00 301.90 Td (Singapore and Indonesia\) in each period. Source: USA: US Maker Data Club, Brazil-ANF) Tj ET Q q 0 0 0 rg BT 379.12 301.90 Td (A) Tj ET Q q 0 0 0 rg BT 383.86 301.90 Td (VEA; ) Tj ET Q q 0 0 0 rg BT 404.09 301.90 Td (Austria-OSZ; Belgium-FEBIAC; France-SIV) Tj ET Q q 0 0 0 rg BT 549.25 301.90 Td (; ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 90.00 292.30 Td (Germany-KBA; UK-SMMT) Tj ET Q q 0 0 0 rg BT 180.88 292.30 Td (; Italy-UNRAE; Netherlands- ) Tj ET Q q 0 0 0 rg BT 277.38 292.30 Td (VWE; Spain- ) Tj ET Q q 0 0 0 rg BT 322.56 292.30 Td (TRAFICO; Sweden-BranschData; Switzerland-ASTRA; China-China ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 90.00 282.70 Td (Automobile Industry ) Tj ET Q q 0 0 0 rg BT 158.44 282.70 Td (Association-DataClub; Hong Kong-Hong Kong Motor ) Tj ET Q q 0 0 0 rg BT 335.39 282.70 Td (T) Tj ET Q q 0 0 0 rg BT 340.00 282.70 Td (rader ) Tj ET Q q 0 0 0 rg BT 357.98 282.70 Td (Association; ) Tj ET Q q 0 0 0 rg BT 399.84 282.70 Td (T) Tj ET Q q 0 0 0 rg BT 404.16 282.70 Td (aiwan-Ministry of ) Tj ET Q q 0 0 0 rg BT 464.01 282.70 Td (T) Tj ET Q q 0 0 0 rg BT 468.61 282.70 Td (ransportation and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 90.00 273.10 Td (Communications; ) Tj ET Q q 0 0 0 rg BT 148.45 273.10 Td (Australia-VF) Tj ET Q q 0 0 0 rg BT 190.07 273.10 Td (ACTS-S; Japan-JAIA; Indonesia-GAIKINDO; New Zealand-VF) Tj ET Q q 0 0 0 rg BT 397.43 273.10 Td (ACTS; Singapore-L) Tj ET Q q 0 0 0 rg BT 461.36 273.10 Td (T) Tj ET Q q 0 0 0 rg BT 465.60 273.10 Td (A, MT) Tj ET Q q 0 0 0 rg BT 486.74 273.10 Td (A) Tj ET Q q 0 0 0 rg BT 492.07 273.10 Td ( \(Land ) Tj ET Q q 0 0 0 rg BT 515.03 273.10 Td (T) Tj ET Q q 0 0 0 rg BT 519.64 273.10 Td (ransport ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 90.00 263.50 Td (Authority) Tj ET Q q 0 0 0 rg BT 120.59 263.50 Td (, Motor ) Tj ET Q q 0 0 0 rg BT 146.45 263.50 Td (T) Tj ET Q q 0 0 0 rg BT 151.05 263.50 Td (rader ) Tj ET Q q 0 0 0 rg BT 169.04 263.50 Td (Associations\); South Korea-KAIDA; ) Tj ET Q q 0 0 0 rg BT 289.54 263.50 Td (Thailand -Department of Land ) Tj ET Q q 0 0 0 rg BT 389.36 263.50 Td (T) Tj ET Q q 0 0 0 rg BT 393.96 263.50 Td (ransportation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 239.50 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 239.50 Td (The luxury performance car market has not yet returned to pre-recession levels. However) Tj ET Q q 0 0 0 rg BT 446.95 239.50 Td (, as shown in the chart ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 227.50 Td (above, our sales in recent years have proven less volatile than our competitors. ) Tj ET Q q 0 0 0 rg BT 373.99 227.50 Td (W) Tj ET Q q 0 0 0 rg BT 382.63 227.50 Td (e believe this is due to our strategy of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 215.50 Td (maintaining low volumes compared to demand, as well as the higher number of models in our range and our more frequent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 203.50 Td (product launches compared to our competitors. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 191.50 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 179.50 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 179.50 Td (In 2015, our market share in the luxury performance car market was 24 percent \(22.9 percent in 2014\), with a 24 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 167.50 Td (percent \(25 percent in 2014\) market share in the sports car segment and 24 percent \(18.8 percent in 2014\) market share in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 155.50 Td (GT) Tj ET Q q 0 0 0 rg BT 67.15 155.50 Td ( segment. ) Tj ET Q q 0 0 0 rg BT 107.79 155.50 Td (The chart below set forth our market shares in all geographical markets in which we operate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 143.50 Td ( ) Tj ET Q endstream endobj 67 0 obj <> endobj 68 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 30.20 Td (25) Tj ET Q /GS0 gs q 504.00 0 0 242.30 54.00 506.75 cm /I25 Do Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 98.00 487.15 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 116.00 487.15 Td (Data for the Luxury Performance Car Industry include all two door GT) Tj ET Q q 0 0 0 rg BT 343.56 487.15 Td ( and sports cars with power above 500hp, and retail price above ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 116.00 477.55 Td (Euro 150,000 \(including ) Tj ET Q q 0 0 0 rg BT 196.29 477.55 Td (V) Tj ET Q q 0 0 0 rg BT 201.04 477.55 Td (A) Tj ET Q q 0 0 0 rg BT 205.93 477.55 Td (T\) sold by ) Tj ET Q q 0 0 0 rg BT 240.37 477.55 Td (Aston Martin, ) Tj ET Q q 0 0 0 rg BT 286.82 477.55 Td (Audi, Bentley) Tj ET Q q 0 0 0 rg BT 331.18 477.55 Td (, Ferrari, Lambor) Tj ET Q q 0 0 0 rg BT 386.13 477.55 Td (ghini, McLaren, Mercedes Benz, Porsche and Rolls-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 116.00 467.95 Td (Royce. ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 98.00 448.35 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 116.00 448.35 Td (Ferrari data based on the 22 top countries \(excluding Middle East countries\) for Ferrari annual registrations and sales \(which accounted ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 116.00 438.75 Td (for approximately 85% of the total Ferrari shipments in 2015\). ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 98.00 419.15 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 116.00 419.15 Td (Data for the Luxury Performance Car Industry based on units registered \(in USA, Brazil, Japan, Hong Kong, ) Tj ET Q q 0 0 0 rg BT 466.21 419.15 Td (T) Tj ET Q q 0 0 0 rg BT 470.54 419.15 Td (aiwan, ) Tj ET Q q 0 0 0 rg BT 493.20 419.15 Td (Australia, United ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 116.00 409.55 Td (Kingdom, Germany) Tj ET Q q 0 0 0 rg BT 179.47 409.55 Td (, France, Switzerland, Italy) Tj ET Q q 0 0 0 rg BT 265.59 409.55 Td (, Spain, Sweden, Netherlands, Belgium and ) Tj ET Q q 0 0 0 rg BT 406.45 409.55 Td (Austria\) or sold \(in South Korea, ) Tj ET Q q 0 0 0 rg BT 513.63 409.55 Td (Thailand, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 116.00 399.95 Td (China, New Zealand, Singapore and Indonesia\) in each period. Source: USA: US Maker Data Club, Brazil-ANF) Tj ET Q q 0 0 0 rg BT 475.09 399.95 Td (A) Tj ET Q q 0 0 0 rg BT 479.84 399.95 Td (VEA; ) Tj ET Q q 0 0 0 rg BT 500.06 399.95 Td (Austria-OSZ; ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 116.00 390.35 Td (Belgium-FEBIAC; France-SIV) Tj ET Q q 0 0 0 rg BT 215.62 390.35 Td (; Germany-KBA; UK-SMMT) Tj ET Q q 0 0 0 rg BT 310.72 390.35 Td (; Italy-UNRAE; Netherlands- ) Tj ET Q q 0 0 0 rg BT 407.22 390.35 Td (VWE; Spain- ) Tj ET Q q 0 0 0 rg BT 452.40 390.35 Td (TRAFICO; Sweden-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 116.00 380.75 Td (BranschData; Switzerland-ASTRA; China-China ) Tj ET Q q 0 0 0 rg BT 275.30 380.75 Td (Automobile Industry ) Tj ET Q q 0 0 0 rg BT 343.75 380.75 Td (Association- DataClub; Hong Kong- Hong Kong Motor ) Tj ET Q q 0 0 0 rg BT 524.70 380.75 Td (T) Tj ET Q q 0 0 0 rg BT 529.30 380.75 Td (rader ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 116.00 371.15 Td (Association; ) Tj ET Q q 0 0 0 rg BT 157.85 371.15 Td (T) Tj ET Q q 0 0 0 rg BT 162.18 371.15 Td (aiwan-Ministry of ) Tj ET Q q 0 0 0 rg BT 222.02 371.15 Td (T) Tj ET Q q 0 0 0 rg BT 226.63 371.15 Td (ransportation and Communications; ) Tj ET Q q 0 0 0 rg BT 342.84 371.15 Td (Australia-VF) Tj ET Q q 0 0 0 rg BT 384.46 371.15 Td (ACTS-S; Japan-JAIA; Indonesia-GAIKINDO; New ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 116.00 361.55 Td (Zealand-VF) Tj ET Q q 0 0 0 rg BT 154.06 361.55 Td (ACTS; Singapore-L) Tj ET Q q 0 0 0 rg BT 217.98 361.55 Td (T) Tj ET Q q 0 0 0 rg BT 222.23 361.55 Td (A, MT) Tj ET Q q 0 0 0 rg BT 243.37 361.55 Td (A) Tj ET Q q 0 0 0 rg BT 248.70 361.55 Td ( \(Land ) Tj ET Q q 0 0 0 rg BT 271.66 361.55 Td (T) Tj ET Q q 0 0 0 rg BT 276.27 361.55 Td (ransport ) Tj ET Q q 0 0 0 rg BT 304.04 361.55 Td (Authority) Tj ET Q q 0 0 0 rg BT 334.63 361.55 Td (, Motor ) Tj ET Q q 0 0 0 rg BT 360.48 361.55 Td (T) Tj ET Q q 0 0 0 rg BT 365.09 361.55 Td (rader ) Tj ET Q q 0 0 0 rg BT 383.08 361.55 Td (Associations\); South Korea-KAIDA; ) Tj ET Q q 0 0 0 rg BT 503.58 361.55 Td (Thailand-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 116.00 351.95 Td (Department of Land ) Tj ET Q q 0 0 0 rg BT 182.72 351.95 Td (T) Tj ET Q q 0 0 0 rg BT 187.32 351.95 Td (ransportation. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 329.95 Td (While we monitor our market share as an indicator of our brand appeal, we do not regard market share in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 317.95 Td (luxury performance market as particularly relevant as compared to other segments of the automotive industry) Tj ET Q q 0 0 0 rg BT 490.98 317.95 Td (. ) Tj ET Q q 0 0 0 rg BT 495.80 317.95 Td (W) Tj ET Q q 0 0 0 rg BT 504.43 317.95 Td (e are not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 305.95 Td (focused on market share as a performance metric. Instead, we deliberately manage our supply relative to demand, to defend ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 293.95 Td (and promote our brand exclusivity and premium pricing. In recent years, we have produced a substantially constant number ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 281.95 Td (of cars per year in furtherance of that strategy) Tj ET Q q 0 0 0 rg BT 236.04 281.95 Td (, and, therefore, our market share has decreased as a result of the increase in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 269.95 Td (overall market volumes. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 247.95 Td (Competition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 223.95 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 223.95 Td (Competition in the luxury performance car market is concentrated in a fairly small number of producers, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 211.95 Td (both lar) Tj ET Q q 0 0 0 rg BT 84.64 211.95 Td (ge automotive companies as well as small producers exclusively focused on luxury cars, like us. ) Tj ET Q q 0 0 0 rg BT 471.86 211.95 Td (The luxury ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 199.95 Td (performance car market includes a sports car segment and a GT) Tj ET Q q 0 0 0 rg BT 308.71 199.95 Td ( segment. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 175.95 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 175.95 Td (In the sports car segment our products, are the 488 GTB, 488 Spider) Tj ET Q q 0 0 0 rg BT 362.87 175.95 Td (, F12berlinetta and our latest special series, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 163.95 Td (F12tdf , and our principal competitors are Lambor) Tj ET Q q 0 0 0 rg BT 254.87 163.95 Td (ghini \(Huracn, ) Tj ET Q q 0 0 0 rg BT 319.58 163.95 Td (A) Tj ET Q q 0 0 0 rg BT 326.06 163.95 Td (ventador and ) Tj ET Q q 0 0 0 rg BT 379.93 163.95 Td (A) Tj ET Q q 0 0 0 rg BT 386.41 163.95 Td (ventador SV\), McLaren \(650S, 675L) Tj ET Q q 0 0 0 rg BT 533.23 163.95 Td (T) Tj ET Q q 0 0 0 rg BT 538.60 163.95 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 151.95 Td (570S and 540C\), Porsche \(91) Tj ET Q q 0 0 0 rg BT 171.12 151.95 Td (1 ) Tj ET Q q 0 0 0 rg BT 178.44 151.95 Td (T) Tj ET Q q 0 0 0 rg BT 184.20 151.95 Td (urbo, ) Tj ET Q q 0 0 0 rg BT 207.34 151.95 Td (T) Tj ET Q q 0 0 0 rg BT 213.10 151.95 Td (urbo S and GT3 RS\), Mercedes \(SL) Tj ET Q q 0 0 0 rg BT 356.32 151.95 Td ( 63/65 ) Tj ET Q q 0 0 0 rg BT 383.55 151.95 Td (AMG\), ) Tj ET Q q 0 0 0 rg BT 414.66 151.95 Td (Aston Martin \(V) Tj ET Q q 0 0 0 rg BT 480.21 151.95 Td (anquish and ) Tj ET Q q 0 0 0 rg BT 530.58 151.95 Td (V12 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 139.95 Td (V) Tj ET Q q 0 0 0 rg BT 60.11 139.95 Td (antage/S\) and ) Tj ET Q q 0 0 0 rg BT 116.76 139.95 Td (Audi \(R8 ) Tj ET Q q 0 0 0 rg BT 156.58 139.95 Td (V10 and R8V10 Plus\). In the GT) Tj ET Q q 0 0 0 rg BT 288.89 139.95 Td ( segment our products are the California ) Tj ET Q q 0 0 0 rg BT 452.27 139.95 Td (T) Tj ET Q q 0 0 0 rg BT 457.64 139.95 Td (, FF and new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 127.95 Td (GTC4Lusso \(which will be replacing FF in the second semester of 2016\)) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 0 0 rg BT 345.89 127.95 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 348.39 127.95 Td (models and our principal competitors are Rolls-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 115.95 Td (Royce \(W) Tj ET Q q 0 0 0 rg BT 94.42 115.95 Td (raith\), Bentley \(Continantal GT/GTC, ) Tj ET Q q 0 0 0 rg BT 248.09 115.95 Td (V12 and ) Tj ET Q q 0 0 0 rg BT 284.57 115.95 Td (V8, Speed and S version and GT3-R\), ) Tj ET Q q 0 0 0 rg BT 438.72 115.95 Td (Aston Martin \(DB9\) and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 103.95 Td (Mercedes \(CL) Tj ET Q q 0 0 0 rg BT 111.10 103.95 Td ( 63/65 ) Tj ET Q q 0 0 0 rg BT 138.33 103.95 Td (AMG and S Coup 63/65 ) Tj ET Q q 0 0 0 rg BT 242.50 103.95 Td (AMG\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 81.95 Td (In recent years, the market has shifted somewhat with an increased focus on the GT) Tj ET Q q 0 0 0 rg BT 430.42 81.95 Td ( segment and the lower priced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 69.95 Td (range of the sports car market, with lar) Tj ET Q q 0 0 0 rg BT 208.76 69.95 Td (ger automotive groups expanding their of) Tj ET Q q 0 0 0 rg BT 374.37 69.95 Td (fering of premium cars to enter the luxury ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 57.95 Td (performance car market. ) Tj ET Q endstream endobj 69 0 obj <> endobj 70 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 30.20 Td (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 742.10 Td (Competition in the luxury performance car market is driven by the strength of the brand, and the appeal of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 730.10 Td (products in terms of performance, styling, novelty and innovation as well as on the manufacturers) Tj ET Q q 0 0 0 rg BT 447.59 730.10 Td ( ability to renew its product ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 718.10 Td (of) Tj ET Q q 0 0 0 rg BT 62.15 718.10 Td (ferings regularly in order to continue to stimulate customer demand. Lar) Tj ET Q q 0 0 0 rg BT 351.05 718.10 Td (ger automotive groups with a product of) Tj ET Q q 0 0 0 rg BT 511.94 718.10 Td (fering in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 706.10 Td (the luxury performance car market typically have lar) Tj ET Q q 0 0 0 rg BT 264.55 706.10 Td (ger financial resources compared to the small luxury car producers and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 694.10 Td (therefore may have more flexibility in planning for product launches and capital spending over time. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 670.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 670.10 Td (Competition among similarly positioned luxury performance cars is also driven by price and total cost of ownership. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 658.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 658.10 Td (e believe that the resilience of the value of our cars after a period of ownership is an important competitive factor because it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 646.10 Td (decreases the total cost of ownership for our clients and promotes repeat purchases.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 624.10 Td (Sports ) Tj ET Q q 0 0 0 rg BT 84.28 624.10 Td (and ) Tj ET Q q 0 0 0 rg BT 102.91 624.10 Td (GT) Tj ET Q q 0 0 0 rg BT 117.17 624.10 Td ( ) Tj ET Q q 0 0 0 rg BT 119.67 624.10 Td (Cars ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 600.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 600.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 107.92 600.10 Td (current ) Tj ET Q q 0 0 0 rg BT 138.61 600.10 Td (product ) Tj ET Q q 0 0 0 rg BT 171.53 600.10 Td (range ) Tj ET Q q 0 0 0 rg BT 196.11 600.10 Td (consists ) Tj ET Q q 0 0 0 rg BT 230.16 600.10 Td (of ) Tj ET Q q 0 0 0 rg BT 240.86 600.10 Td (seven ) Tj ET Q q 0 0 0 rg BT 266.00 600.10 Td (models, ) Tj ET Q q 0 0 0 rg BT 299.76 600.10 Td (including ) Tj ET Q q 0 0 0 rg BT 339.91 600.10 Td (six ) Tj ET Q q 0 0 0 rg BT 353.95 600.10 Td (range ) Tj ET Q q 0 0 0 rg BT 378.53 600.10 Td (models ) Tj ET Q q 0 0 0 rg BT 409.79 600.10 Td (and ) Tj ET Q q 0 0 0 rg BT 426.60 600.10 Td (one ) Tj ET Q q 0 0 0 rg BT 443.41 600.10 Td (special ) Tj ET Q q 0 0 0 rg BT 473.55 600.10 Td (series, ) Tj ET Q q 0 0 0 rg BT 501.19 600.10 Td (equipped ) Tj ET Q q 0 0 0 rg BT 540.22 600.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 588.10 Td (either ) Tj ET Q q 0 0 0 rg BT 78.92 588.10 Td (eight ) Tj ET Q q 0 0 0 rg BT 101.06 588.10 Td (or ) Tj ET Q q 0 0 0 rg BT 111.55 588.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 140.35 588.10 Td (cylinder ) Tj ET Q q 0 0 0 rg BT 175.27 588.10 Td (engines ) Tj ET Q q 0 0 0 rg BT 207.97 588.10 Td (and ) Tj ET Q q 0 0 0 rg BT 224.56 588.10 Td (divided ) Tj ET Q q 0 0 0 rg BT 256.71 588.10 Td (into ) Tj ET Q q 0 0 0 rg BT 274.42 588.10 Td (two ) Tj ET Q q 0 0 0 rg BT 291.57 588.10 Td (classes: ) Tj ET Q q 0 0 0 rg BT 324.27 588.10 Td (Sports ) Tj ET Q q 0 0 0 rg BT 351.98 588.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 370.23 588.10 Td (and ) Tj ET Q q 0 0 0 rg BT 386.82 588.10 Td (GT) Tj ET Q q 0 0 0 rg BT 399.97 588.10 Td ( ) Tj ET Q q 0 0 0 rg BT 402.13 588.10 Td (cars. ) Tj ET Q q 0 0 0 rg BT 422.72 588.10 Td (W) Tj ET Q q 0 0 0 rg BT 431.36 588.10 Td (e ) Tj ET Q q 0 0 0 rg BT 437.95 588.10 Td (tar) Tj ET Q q 0 0 0 rg BT 448.31 588.10 Td (get ) Tj ET Q q 0 0 0 rg BT 462.68 588.10 Td (end ) Tj ET Q q 0 0 0 rg BT 479.27 588.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 507.53 588.10 Td (seeking ) Tj ET Q q 0 0 0 rg BT 540.23 588.10 Td (high ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 576.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 107.07 576.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 125.71 576.10 Td (with ) Tj ET Q q 0 0 0 rg BT 146.03 576.10 Td (distinctive ) Tj ET Q q 0 0 0 rg BT 190.24 576.10 Td (design ) Tj ET Q q 0 0 0 rg BT 218.89 576.10 Td (and ) Tj ET Q q 0 0 0 rg BT 235.87 576.10 Td (state ) Tj ET Q q 0 0 0 rg BT 256.74 576.10 Td (of ) Tj ET Q q 0 0 0 rg BT 267.61 576.10 Td (the ) Tj ET Q q 0 0 0 rg BT 282.37 576.10 Td (art ) Tj ET Q q 0 0 0 rg BT 295.46 576.10 Td (technology) Tj ET Q q 0 0 0 rg BT 339.25 576.10 Td (. ) Tj ET Q q 0 0 0 rg BT 344.11 576.10 Td (W) Tj ET Q q 0 0 0 rg BT 353.15 576.10 Td (ithin ) Tj ET Q q 0 0 0 rg BT 374.03 576.10 Td (these ) Tj ET Q q 0 0 0 rg BT 397.12 576.10 Td (parameters, ) Tj ET Q q 0 0 0 rg BT 446.02 576.10 Td (we ) Tj ET Q q 0 0 0 rg BT 460.23 576.10 Td (of) Tj ET Q q 0 0 0 rg BT 468.38 576.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 482.02 576.10 Td (dif) Tj ET Q q 0 0 0 rg BT 492.95 576.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 518.81 576.10 Td (models ) Tj ET Q q 0 0 0 rg BT 550.24 576.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 564.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 75.77 564.10 Td (our ) Tj ET Q q 0 0 0 rg BT 91.44 564.10 Td (clients) Tj ET Q q 0 0 0 rg BT 120.13 564.10 Td ( ) Tj ET Q q 0 0 0 rg BT 122.46 564.10 Td (varying ) Tj ET Q q 0 0 0 rg BT 155.35 564.10 Td (needs ) Tj ET Q q 0 0 0 rg BT 180.45 564.10 Td (and ) Tj ET Q q 0 0 0 rg BT 197.23 564.10 Td (to ) Tj ET Q q 0 0 0 rg BT 207.34 564.10 Td (dif) Tj ET Q q 0 0 0 rg BT 218.27 564.10 Td (ferentiate ) Tj ET Q q 0 0 0 rg BT 258.36 564.10 Td (our ) Tj ET Q q 0 0 0 rg BT 274.02 564.10 Td (line-up ) Tj ET Q q 0 0 0 rg BT 304.68 564.10 Td (from ) Tj ET Q q 0 0 0 rg BT 326.46 564.10 Td (that ) Tj ET Q q 0 0 0 rg BT 343.79 564.10 Td (of ) Tj ET Q q 0 0 0 rg BT 354.46 564.10 Td (other ) Tj ET Q q 0 0 0 rg BT 377.34 564.10 Td (manufacturers, ) Tj ET Q q 0 0 0 rg BT 442.70 564.10 Td (ranging ) Tj ET Q q 0 0 0 rg BT 475.58 564.10 Td (from ) Tj ET Q q 0 0 0 rg BT 497.36 564.10 Td (the ) Tj ET Q q 0 0 0 rg BT 511.91 564.10 Td (exceptional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 552.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 106.95 552.10 Td (of ) Tj ET Q q 0 0 0 rg BT 117.70 552.10 Td (our ) Tj ET Q q 0 0 0 rg BT 133.46 552.10 Td (Sports ) Tj ET Q q 0 0 0 rg BT 161.45 552.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 179.97 552.10 Td (to ) Tj ET Q q 0 0 0 rg BT 190.18 552.10 Td (the ) Tj ET Q q 0 0 0 rg BT 204.82 552.10 Td (luxury ) Tj ET Q q 0 0 0 rg BT 233.35 552.10 Td (and ) Tj ET Q q 0 0 0 rg BT 250.22 552.10 Td (drivability ) Tj ET Q q 0 0 0 rg BT 294.30 552.10 Td (of ) Tj ET Q q 0 0 0 rg BT 305.06 552.10 Td (our ) Tj ET Q q 0 0 0 rg BT 320.81 552.10 Td (GT) Tj ET Q q 0 0 0 rg BT 333.96 552.10 Td ( ) Tj ET Q q 0 0 0 rg BT 336.39 552.10 Td (cars. ) Tj ET Q q 0 0 0 rg BT 357.41 552.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 375.39 552.10 Td (diversified ) Tj ET Q q 0 0 0 rg BT 420.58 552.10 Td (product ) Tj ET Q q 0 0 0 rg BT 453.55 552.10 Td (of) Tj ET Q q 0 0 0 rg BT 461.70 552.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 488.01 552.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 523.76 552.10 Td (dif) Tj ET Q q 0 0 0 rg BT 534.68 552.10 Td (ferent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 540.10 Td (architectures ) Tj ET Q q 0 0 0 rg BT 107.53 540.10 Td (\(such ) Tj ET Q q 0 0 0 rg BT 131.64 540.10 Td (as ) Tj ET Q q 0 0 0 rg BT 142.42 540.10 Td (front-engine ) Tj ET Q q 0 0 0 rg BT 194.29 540.10 Td (and ) Tj ET Q q 0 0 0 rg BT 211.18 540.10 Td (mid-rear ) Tj ET Q q 0 0 0 rg BT 248.05 540.10 Td (engine\), ) Tj ET Q q 0 0 0 rg BT 282.98 540.10 Td (engine ) Tj ET Q q 0 0 0 rg BT 312.09 540.10 Td (sizes ) Tj ET Q q 0 0 0 rg BT 333.97 540.10 Td (\(V8 ) Tj ET Q q 0 0 0 rg BT 351.97 540.10 Td (and ) Tj ET Q q 0 0 0 rg BT 368.68 540.10 Td (V12\), ) Tj ET Q q 0 0 0 rg BT 394.18 540.10 Td (body ) Tj ET Q q 0 0 0 rg BT 416.63 540.10 Td (styles ) Tj ET Q q 0 0 0 rg BT 441.86 540.10 Td (\(such ) Tj ET Q q 0 0 0 rg BT 465.97 540.10 Td (as ) Tj ET Q q 0 0 0 rg BT 476.75 540.10 Td (coupes ) Tj ET Q q 0 0 0 rg BT 506.97 540.10 Td (and ) Tj ET Q q 0 0 0 rg BT 523.85 540.10 Td (spiders\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 528.10 Td (and ) Tj ET Q q 0 0 0 rg BT 70.94 528.10 Td (seating ) Tj ET Q q 0 0 0 rg BT 101.76 528.10 Td (\(2 ) Tj ET Q q 0 0 0 rg BT 112.59 528.10 Td (seaters ) Tj ET Q q 0 0 0 rg BT 142.30 528.10 Td (and ) Tj ET Q q 0 0 0 rg BT 159.24 528.10 Td (2+2 ) Tj ET Q q 0 0 0 rg BT 177.38 528.10 Td (seaters\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 504.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 504.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 108.60 504.10 Td (sports ) Tj ET Q q 0 0 0 rg BT 135.54 504.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 154.68 504.10 Td (are ) Tj ET Q q 0 0 0 rg BT 169.94 504.10 Td (characterized ) Tj ET Q q 0 0 0 rg BT 226.27 504.10 Td (by ) Tj ET Q q 0 0 0 rg BT 239.32 504.10 Td (compact ) Tj ET Q q 0 0 0 rg BT 276.24 504.10 Td (bodies, ) Tj ET Q q 0 0 0 rg BT 307.89 504.10 Td (a ) Tj ET Q q 0 0 0 rg BT 315.38 504.10 Td (design ) Tj ET Q q 0 0 0 rg BT 344.53 504.10 Td (guided ) Tj ET Q q 0 0 0 rg BT 374.79 504.10 Td (by ) Tj ET Q q 0 0 0 rg BT 387.84 504.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 441.41 504.10 Td (and ) Tj ET Q q 0 0 0 rg BT 458.90 504.10 Td (aerodynamics, ) Tj ET Q q 0 0 0 rg BT 519.98 504.10 Td (and ) Tj ET Q q 0 0 0 rg BT 537.46 504.10 Td (often ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 492.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 84.35 492.10 Td (from ) Tj ET Q q 0 0 0 rg BT 106.38 492.10 Td (technologies ) Tj ET Q q 0 0 0 rg BT 159.50 492.10 Td (initially ) Tj ET Q q 0 0 0 rg BT 193.20 492.10 Td (developed ) Tj ET Q q 0 0 0 rg BT 236.88 492.10 Td (for ) Tj ET Q q 0 0 0 rg BT 251.13 492.10 Td (our ) Tj ET Q q 0 0 0 rg BT 267.04 492.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 303.52 492.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 311.11 492.10 Td (single-seaters. ) Tj ET Q q 0 0 0 rg BT 370.43 492.10 Td (They ) Tj ET Q q 0 0 0 rg BT 393.56 492.10 Td (favor ) Tj ET Q q 0 0 0 rg BT 417.25 492.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 470.36 492.10 Td (over ) Tj ET Q q 0 0 0 rg BT 490.71 492.10 Td (comfort, ) Tj ET Q q 0 0 0 rg BT 527.46 492.10 Td (seeking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 480.10 Td (to ) Tj ET Q q 0 0 0 rg BT 64.06 480.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 96.89 480.10 Td (a ) Tj ET Q q 0 0 0 rg BT 103.62 480.10 Td (driver ) Tj ET Q q 0 0 0 rg BT 129.78 480.10 Td (with ) Tj ET Q q 0 0 0 rg BT 149.84 480.10 Td (an ) Tj ET Q q 0 0 0 rg BT 161.56 480.10 Td (immediate ) Tj ET Q q 0 0 0 rg BT 206.05 480.10 Td (response ) Tj ET Q q 0 0 0 rg BT 243.33 480.10 Td (and ) Tj ET Q q 0 0 0 rg BT 260.05 480.10 Td (superior ) Tj ET Q q 0 0 0 rg BT 295.10 480.10 Td (handling, ) Tj ET Q q 0 0 0 rg BT 334.88 480.10 Td (leveraging ) Tj ET Q q 0 0 0 rg BT 379.37 480.10 Td (state ) Tj ET Q q 0 0 0 rg BT 399.98 480.10 Td (of ) Tj ET Q q 0 0 0 rg BT 410.59 480.10 Td (the ) Tj ET Q q 0 0 0 rg BT 425.09 480.10 Td (art ) Tj ET Q q 0 0 0 rg BT 437.92 480.10 Td (vehicle ) Tj ET Q q 0 0 0 rg BT 469.08 480.10 Td (dynamics ) Tj ET Q q 0 0 0 rg BT 509.69 480.10 Td (components ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 468.10 Td (and ) Tj ET Q q 0 0 0 rg BT 71.15 468.10 Td (controls. ) Tj ET Q q 0 0 0 rg BT 108.59 468.10 Td (In ) Tj ET Q q 0 0 0 rg BT 119.63 468.10 Td (our ) Tj ET Q q 0 0 0 rg BT 135.68 468.10 Td (sports ) Tj ET Q q 0 0 0 rg BT 162.29 468.10 Td (car ) Tj ET Q q 0 0 0 rg BT 177.21 468.10 Td (class, ) Tj ET Q q 0 0 0 rg BT 201.87 468.10 Td (we ) Tj ET Q q 0 0 0 rg BT 216.24 468.10 Td (of) Tj ET Q q 0 0 0 rg BT 224.39 468.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 238.21 468.10 Td (three ) Tj ET Q q 0 0 0 rg BT 260.91 468.10 Td (models: ) Tj ET Q q 0 0 0 rg BT 295.29 468.10 Td (two ) Tj ET Q q 0 0 0 rg BT 313.01 468.10 Td (of ) Tj ET Q q 0 0 0 rg BT 324.05 468.10 Td (which ) Tj ET Q q 0 0 0 rg BT 351.21 468.10 Td (are ) Tj ET Q q 0 0 0 rg BT 366.13 468.10 Td (equipped ) Tj ET Q q 0 0 0 rg BT 405.50 468.10 Td (with ) Tj ET Q q 0 0 0 rg BT 426.00 468.10 Td (mid-rear ) Tj ET Q q 0 0 0 rg BT 462.94 468.10 Td (V8 ) Tj ET Q q 0 0 0 rg BT 477.88 468.10 Td (engines, ) Tj ET Q q 0 0 0 rg BT 513.64 468.10 Td (namely ) Tj ET Q q 0 0 0 rg BT 545.79 468.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 456.10 Td (488 ) Tj ET Q q 0 0 0 rg BT 71.46 456.10 Td (GTB ) Tj ET Q q 0 0 0 rg BT 93.92 456.10 Td (\(with ) Tj ET Q q 0 0 0 rg BT 117.50 456.10 Td (670 ) Tj ET Q q 0 0 0 rg BT 134.96 456.10 Td (hp\) ) Tj ET Q q 0 0 0 rg BT 150.75 456.10 Td (which, ) Tj ET Q q 0 0 0 rg BT 180.15 456.10 Td (starting ) Tj ET Q q 0 0 0 rg BT 212.61 456.10 Td (from ) Tj ET Q q 0 0 0 rg BT 234.51 456.10 Td (the ) Tj ET Q q 0 0 0 rg BT 249.19 456.10 Td (second ) Tj ET Q q 0 0 0 rg BT 279.42 456.10 Td (half ) Tj ET Q q 0 0 0 rg BT 297.43 456.10 Td (of ) Tj ET Q q 0 0 0 rg BT 308.22 456.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 333.18 456.10 Td (has ) Tj ET Q q 0 0 0 rg BT 348.98 456.10 Td (replaced ) Tj ET Q q 0 0 0 rg BT 385.30 456.10 Td (the ) Tj ET Q q 0 0 0 rg BT 399.98 456.10 Td (458 ) Tj ET Q q 0 0 0 rg BT 417.44 456.10 Td (Italia, ) Tj ET Q q 0 0 0 rg BT 442.95 456.10 Td (the ) Tj ET Q q 0 0 0 rg BT 457.63 456.10 Td (488 ) Tj ET Q q 0 0 0 rg BT 475.09 456.10 Td (Spider ) Tj ET Q q 0 0 0 rg BT 503.66 456.10 Td (\(with ) Tj ET Q q 0 0 0 rg BT 527.23 456.10 Td (670 ) Tj ET Q q 0 0 0 rg BT 544.69 456.10 Td (hp\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 444.10 Td (which, ) Tj ET Q q 0 0 0 rg BT 83.94 444.10 Td (starting ) Tj ET Q q 0 0 0 rg BT 116.93 444.10 Td (from ) Tj ET Q q 0 0 0 rg BT 139.37 444.10 Td (the ) Tj ET Q q 0 0 0 rg BT 154.59 444.10 Td (fourth ) Tj ET Q q 0 0 0 rg BT 182.02 444.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 213.34 444.10 Td (of ) Tj ET Q q 0 0 0 rg BT 224.67 444.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 250.17 444.10 Td (has ) Tj ET Q q 0 0 0 rg BT 266.50 444.10 Td (replaced ) Tj ET Q q 0 0 0 rg BT 303.36 444.10 Td (the ) Tj ET Q q 0 0 0 rg BT 318.58 444.10 Td (458 ) Tj ET Q q 0 0 0 rg BT 336.58 444.10 Td (Spider; ) Tj ET Q q 0 0 0 rg BT 368.46 444.10 Td (and ) Tj ET Q q 0 0 0 rg BT 385.90 444.10 Td (one ) Tj ET Q q 0 0 0 rg BT 403.34 444.10 Td (equipped ) Tj ET Q q 0 0 0 rg BT 442.99 444.10 Td (with ) Tj ET Q q 0 0 0 rg BT 463.77 444.10 Td (a ) Tj ET Q q 0 0 0 rg BT 471.21 444.10 Td (front ) Tj ET Q q 0 0 0 rg BT 493.43 444.10 Td (V12 ) Tj ET Q q 0 0 0 rg BT 513.65 444.10 Td (engine, ) Tj ET Q q 0 0 0 rg BT 545.81 444.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 432.10 Td (F12berlinetta ) Tj ET Q q 0 0 0 rg BT 109.80 432.10 Td (\(with ) Tj ET Q q 0 0 0 rg BT 133.39 432.10 Td (740 ) Tj ET Q q 0 0 0 rg BT 150.87 432.10 Td (hp\). ) Tj ET Q q 0 0 0 rg BT 169.19 432.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 187.22 432.10 Td (GT) Tj ET Q q 0 0 0 rg BT 200.37 432.10 Td ( ) Tj ET Q q 0 0 0 rg BT 202.85 432.10 Td (cars, ) Tj ET Q q 0 0 0 rg BT 223.93 432.10 Td (while ) Tj ET Q q 0 0 0 rg BT 248.63 432.10 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 298.88 432.10 Td (the ) Tj ET Q q 0 0 0 rg BT 313.58 432.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 366.58 432.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 404.60 432.10 Td (of ) Tj ET Q q 0 0 0 rg BT 415.41 432.10 Td (a ) Tj ET Q q 0 0 0 rg BT 422.33 432.10 Td (Ferrari, ) Tj ET Q q 0 0 0 rg BT 454.52 432.10 Td (are ) Tj ET Q q 0 0 0 rg BT 469.21 432.10 Td (characterized ) Tj ET Q q 0 0 0 rg BT 524.98 432.10 Td (by ) Tj ET Q q 0 0 0 rg BT 537.46 432.10 Td (more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 420.10 Td (refined ) Tj ET Q q 0 0 0 rg BT 84.47 420.10 Td (interiors ) Tj ET Q q 0 0 0 rg BT 119.94 420.10 Td (with ) Tj ET Q q 0 0 0 rg BT 139.87 420.10 Td (a ) Tj ET Q q 0 0 0 rg BT 146.46 420.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 174.15 420.10 Td (focus ) Tj ET Q q 0 0 0 rg BT 197.96 420.10 Td (on ) Tj ET Q q 0 0 0 rg BT 210.11 420.10 Td (comfort ) Tj ET Q q 0 0 0 rg BT 243.92 420.10 Td (and ) Tj ET Q q 0 0 0 rg BT 260.51 420.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 290.43 420.10 Td (of ) Tj ET Q q 0 0 0 rg BT 300.91 420.10 Td (life ) Tj ET Q q 0 0 0 rg BT 316.39 420.10 Td (on-board. ) Tj ET Q q 0 0 0 rg BT 357.13 420.10 Td (In ) Tj ET Q q 0 0 0 rg BT 367.61 420.10 Td (our ) Tj ET Q q 0 0 0 rg BT 383.09 420.10 Td (GT) Tj ET Q q 0 0 0 rg BT 396.24 420.10 Td ( ) Tj ET Q q 0 0 0 rg BT 398.39 420.10 Td (class, ) Tj ET Q q 0 0 0 rg BT 422.48 420.10 Td (we ) Tj ET Q q 0 0 0 rg BT 436.29 420.10 Td (of) Tj ET Q q 0 0 0 rg BT 444.44 420.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 457.69 420.10 Td (one ) Tj ET Q q 0 0 0 rg BT 474.28 420.10 Td (model ) Tj ET Q q 0 0 0 rg BT 501.42 420.10 Td (equipped ) Tj ET Q q 0 0 0 rg BT 540.23 420.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 408.10 Td (our ) Tj ET Q q 0 0 0 rg BT 69.75 408.10 Td (V8 ) Tj ET Q q 0 0 0 rg BT 84.59 408.10 Td (engine ) Tj ET Q q 0 0 0 rg BT 113.85 408.10 Td (with ) Tj ET Q q 0 0 0 rg BT 134.25 408.10 Td (560 ) Tj ET Q q 0 0 0 rg BT 151.86 408.10 Td (hp, ) Tj ET Q q 0 0 0 rg BT 166.97 408.10 Td (the ) Tj ET Q q 0 0 0 rg BT 181.80 408.10 Td (California ) Tj ET Q q 0 0 0 rg BT 224.76 408.10 Td (T) Tj ET Q q 0 0 0 rg BT 230.13 408.10 Td (, ) Tj ET Q q 0 0 0 rg BT 235.24 408.10 Td (and ) Tj ET Q q 0 0 0 rg BT 252.29 408.10 Td (two ) Tj ET Q q 0 0 0 rg BT 269.91 408.10 Td (models ) Tj ET Q q 0 0 0 rg BT 301.41 408.10 Td (equipped ) Tj ET Q q 0 0 0 rg BT 340.67 408.10 Td (with ) Tj ET Q q 0 0 0 rg BT 361.06 408.10 Td (our ) Tj ET Q q 0 0 0 rg BT 376.82 408.10 Td (V12 ) Tj ET Q q 0 0 0 rg BT 396.65 408.10 Td (engine, ) Tj ET Q q 0 0 0 rg BT 428.42 408.10 Td (the ) Tj ET Q q 0 0 0 rg BT 443.25 408.10 Td (FF) Tj ET Q q 0 0 0 rg BT 453.57 408.10 Td (, ) Tj ET Q q 0 0 0 rg BT 458.68 408.10 Td (with ) Tj ET Q q 0 0 0 rg BT 479.07 408.10 Td (660hp ) Tj ET Q q 0 0 0 rg BT 506.69 408.10 Td (\(our ) Tj ET Q q 0 0 0 rg BT 525.96 408.10 Td (first ) Tj ET Q q 0 0 0 rg BT 544.68 408.10 Td (all-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 396.10 Td (wheel ) Tj ET Q q 0 0 0 rg BT 80.44 396.10 Td (drive ) Tj ET Q q 0 0 0 rg BT 103.54 396.10 Td (four ) Tj ET Q q 0 0 0 rg BT 122.76 396.10 Td (seat ) Tj ET Q q 0 0 0 rg BT 140.87 396.10 Td (car\)) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 0 0 rg BT 156.41 396.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 158.97 396.10 Td (and ) Tj ET Q q 0 0 0 rg BT 175.97 396.10 Td (the ) Tj ET Q q 0 0 0 rg BT 190.74 396.10 Td (new ) Tj ET Q q 0 0 0 rg BT 209.96 396.10 Td (GTC4Lusso ) Tj ET Q q 0 0 0 rg BT 261.42 396.10 Td (which ) Tj ET Q q 0 0 0 rg BT 288.41 396.10 Td (will ) Tj ET Q q 0 0 0 rg BT 306.53 396.10 Td (be ) Tj ET Q q 0 0 0 rg BT 318.53 396.10 Td (replacing ) Tj ET Q q 0 0 0 rg BT 358.29 396.10 Td (FF ) Tj ET Q q 0 0 0 rg BT 371.97 396.10 Td (starting ) Tj ET Q q 0 0 0 rg BT 404.53 396.10 Td (from ) Tj ET Q q 0 0 0 rg BT 426.53 396.10 Td (the ) Tj ET Q q 0 0 0 rg BT 441.31 396.10 Td (second ) Tj ET Q q 0 0 0 rg BT 471.63 396.10 Td (semester ) Tj ET Q q 0 0 0 rg BT 509.18 396.10 Td (of ) Tj ET Q q 0 0 0 rg BT 520.07 396.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 544.94 396.10 Td (W) Tj ET Q q 0 0 0 rg BT 553.58 396.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 384.10 Td (also ) Tj ET Q q 0 0 0 rg BT 72.12 384.10 Td (from ) Tj ET Q q 0 0 0 rg BT 93.57 384.10 Td (time ) Tj ET Q q 0 0 0 rg BT 113.35 384.10 Td (to ) Tj ET Q q 0 0 0 rg BT 123.14 384.10 Td (time ) Tj ET Q q 0 0 0 rg BT 142.93 384.10 Td (design, ) Tj ET Q q 0 0 0 rg BT 173.54 384.10 Td (engineer ) Tj ET Q q 0 0 0 rg BT 209.98 384.10 Td (and ) Tj ET Q q 0 0 0 rg BT 226.43 384.10 Td (produce ) Tj ET Q q 0 0 0 rg BT 260.65 384.10 Td (special ) Tj ET Q q 0 0 0 rg BT 290.42 384.10 Td (series ) Tj ET Q q 0 0 0 rg BT 315.20 384.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 333.31 384.10 Td (which ) Tj ET Q q 0 0 0 rg BT 359.76 384.10 Td (are ) Tj ET Q q 0 0 0 rg BT 373.98 384.10 Td (based ) Tj ET Q q 0 0 0 rg BT 398.76 384.10 Td (on ) Tj ET Q q 0 0 0 rg BT 410.77 384.10 Td (our ) Tj ET Q q 0 0 0 rg BT 426.11 384.10 Td (range ) Tj ET Q q 0 0 0 rg BT 450.33 384.10 Td (models ) Tj ET Q q 0 0 0 rg BT 481.22 384.10 Td (but ) Tj ET Q q 0 0 0 rg BT 496.01 384.10 Td (introduce ) Tj ET Q q 0 0 0 rg BT 535.79 384.10 Td (novel ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 372.10 Td (product ) Tj ET Q q 0 0 0 rg BT 88.02 372.10 Td (concepts. ) Tj ET Q q 0 0 0 rg BT 128.73 372.10 Td (These ) Tj ET Q q 0 0 0 rg BT 156.08 372.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 175.65 372.10 Td (are ) Tj ET Q q 0 0 0 rg BT 191.33 372.10 Td (characterized ) Tj ET Q q 0 0 0 rg BT 248.09 372.10 Td (by ) Tj ET Q q 0 0 0 rg BT 261.57 372.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 307.25 372.10 Td (hardware ) Tj ET Q q 0 0 0 rg BT 347.93 372.10 Td (and ) Tj ET Q q 0 0 0 rg BT 365.84 372.10 Td (software ) Tj ET Q q 0 0 0 rg BT 403.74 372.10 Td (mechanical ) Tj ET Q q 0 0 0 rg BT 452.74 372.10 Td (modifications ) Tj ET Q q 0 0 0 rg BT 511.21 372.10 Td (designed ) Tj ET Q q 0 0 0 rg BT 550.23 372.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 360.10 Td (enhance ) Tj ET Q q 0 0 0 rg BT 89.18 360.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 142.12 360.10 Td (and ) Tj ET Q q 0 0 0 rg BT 158.98 360.10 Td (drivability) Tj ET Q q 0 0 0 rg BT 199.99 360.10 Td (. ) Tj ET Q q 0 0 0 rg BT 204.91 360.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 222.89 360.10 Td (special ) Tj ET Q q 0 0 0 rg BT 253.07 360.10 Td (series ) Tj ET Q q 0 0 0 rg BT 278.26 360.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 296.78 360.10 Td (are ) Tj ET Q q 0 0 0 rg BT 311.41 360.10 Td (particularly ) Tj ET Q q 0 0 0 rg BT 359.92 360.10 Td (tar) Tj ET Q q 0 0 0 rg BT 370.29 360.10 Td (geted ) Tj ET Q q 0 0 0 rg BT 394.37 360.10 Td (to ) Tj ET Q q 0 0 0 rg BT 404.57 360.10 Td (collectors ) Tj ET Q q 0 0 0 rg BT 445.86 360.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 465.22 360.10 Td (from ) Tj ET Q q 0 0 0 rg BT 487.08 360.10 Td (a ) Tj ET Q q 0 0 0 rg BT 493.94 360.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 543.56 360.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 348.10 Td (product ) Tj ET Q q 0 0 0 rg BT 87.79 348.10 Td (development ) Tj ET Q q 0 0 0 rg BT 142.69 348.10 Td (standpoint, ) Tj ET Q q 0 0 0 rg BT 190.10 348.10 Td (they ) Tj ET Q q 0 0 0 rg BT 210.56 348.10 Td (facilitate ) Tj ET Q q 0 0 0 rg BT 248.79 348.10 Td (the ) Tj ET Q q 0 0 0 rg BT 264.25 348.10 Td (transition ) Tj ET Q q 0 0 0 rg BT 305.27 348.10 Td (from ) Tj ET Q q 0 0 0 rg BT 327.95 348.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 362.86 348.10 Td (to ) Tj ET Q q 0 0 0 rg BT 373.89 348.10 Td (new ) Tj ET Q q 0 0 0 rg BT 393.79 348.10 Td (range ) Tj ET Q q 0 0 0 rg BT 419.25 348.10 Td (models. ) Tj ET Q q 0 0 0 rg BT 453.88 348.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 472.68 348.10 Td (current ) Tj ET Q q 0 0 0 rg BT 504.24 348.10 Td (special ) Tj ET Q q 0 0 0 rg BT 535.25 348.10 Td (series ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 336.10 Td (model ) Tj ET Q q 0 0 0 rg BT 81.11 336.10 Td (is ) Tj ET Q q 0 0 0 rg BT 89.89 336.10 Td (the ) Tj ET Q q 0 0 0 rg BT 104.21 336.10 Td (F12tdf, ) Tj ET Q q 0 0 0 rg BT 135.50 336.10 Td (equipped ) Tj ET Q q 0 0 0 rg BT 174.26 336.10 Td (with ) Tj ET Q q 0 0 0 rg BT 194.15 336.10 Td (a ) Tj ET Q q 0 0 0 rg BT 200.55 336.10 Td (V12 ) Tj ET Q q 0 0 0 rg BT 219.88 336.10 Td (engine ) Tj ET Q q 0 0 0 rg BT 248.65 336.10 Td (with ) Tj ET Q q 0 0 0 rg BT 268.53 336.10 Td (780 ) Tj ET Q q 0 0 0 rg BT 285.65 336.10 Td (hp. ) Tj ET Q q 0 0 0 rg BT 300.26 336.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 317.92 336.10 Td (458 ) Tj ET Q q 0 0 0 rg BT 335.03 336.10 Td (Speciale ) Tj ET Q q 0 0 0 rg BT 371.01 336.10 Td (and ) Tj ET Q q 0 0 0 rg BT 387.56 336.10 Td (the ) Tj ET Q q 0 0 0 rg BT 401.89 336.10 Td (458 ) Tj ET Q q 0 0 0 rg BT 419.00 336.10 Td (Speciale ) Tj ET Q q 0 0 0 rg BT 454.52 336.10 Td (Aperta ) Tj ET Q q 0 0 0 rg BT 483.84 336.10 Td (special ) Tj ET Q q 0 0 0 rg BT 513.71 336.10 Td (series ) Tj ET Q q 0 0 0 rg BT 538.59 336.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 324.10 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 107.60 324.10 Td (in ) Tj ET Q q 0 0 0 rg BT 117.88 324.10 Td (2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 300.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 300.10 Td (In addition to our range models and special series described above, we also continue the longstanding Ferrari ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 288.10 Td (tradition of limited edition supercars, very limited series \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 284.77 288.10 Td (fuoriserie) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.66 288.10 Td (\) and one-of) Tj ET Q q 0 0 0 rg BT 372.34 288.10 Td (f cars. Our limited edition supercars, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 276.10 Td (we typically launch in seven to 10 year intervals, are the highest expression of Ferrari performance and are often the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 264.10 Td (forerunners of technological innovations for the future range models, with innovative features and futuristic design. ) Tj ET Q q 0 0 0 rg BT 518.40 264.10 Td (W) Tj ET Q q 0 0 0 rg BT 527.04 264.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 252.10 Td (launched our latest supercar) Tj ET Q q 0 0 0 rg BT 165.49 252.10 Td (, LaFerrari, in 2013 with a limited production run of 499 models. Our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 446.00 252.10 Td (fuoriserie) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.88 252.10 Td ( cars can be based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 240.10 Td (on range or special series mechanical components, but are characterized by important exterior body modifications resulting in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 228.10 Td (an innovative product by concept or design. ) Tj ET Q q 0 0 0 rg BT 231.55 228.10 Td (These exclusive cars are linked to specific events or celebrations, such as the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 216.10 Td (Ser) Tj ET Q q 0 0 0 rg BT 67.15 216.10 Td (gio \(named after longtime designer of Ferrari cars, Ser) Tj ET Q q 0 0 0 rg BT 284.94 216.10 Td (gio Pininfarina\) and the F60 ) Tj ET Q q 0 0 0 rg BT 399.65 216.10 Td (America \(celebrating our 60th ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 204.10 Td (anniversary of sales in the United States\). Our one-of) Tj ET Q q 0 0 0 rg BT 266.81 204.10 Td (f cars are designed to meet the varying needs of our most loyal and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 192.10 Td (discerning clients. ) Tj ET Q q 0 0 0 rg BT 129.08 192.10 Td (They reflect the exact design and specifications required by the clients, and are produced as a single, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 180.10 Td (unique vehicle. \(See ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 142.30 180.10 Td (Limited Edition Super) Tj ET Q q 0 0 0 rg BT 239.15 180.10 Td (cars, Fuoriserie and One-Offs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.25 180.10 Td (\). ) Tj ET Q endstream endobj 71 0 obj <> endobj 72 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 30.20 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 742.10 Td (The table below sets forth our unit shipments for the years ended December31, 2015, 2014 and 2013, by geographic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 730.10 Td (market:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 131.50 662.60 104.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 662.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 662.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.50 662.60 27.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 662.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 662.60 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 662.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 662.60 27.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 662.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 662.60 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 662.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 662.60 27.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 662.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 662.60 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 131.50 636.60 104.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 636.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 636.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.50 636.60 27.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 636.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 636.60 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 636.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 636.60 27.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 636.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 636.60 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 636.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 636.60 27.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 636.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 636.60 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 131.50 610.60 104.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 610.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 610.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.50 610.60 27.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 610.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 610.60 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 610.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 610.60 27.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 610.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 610.60 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 610.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 610.60 27.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 610.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 610.60 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 131.50 584.60 104.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 584.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 584.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.50 584.60 27.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 584.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 584.60 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 584.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 584.60 27.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 584.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 584.60 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 584.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 584.60 27.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 584.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 584.60 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 131.50 558.60 104.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 558.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 558.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.50 558.60 27.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 558.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 558.60 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 558.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 558.60 27.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 558.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 558.60 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 558.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 558.60 27.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 558.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 558.60 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 131.50 532.60 104.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 532.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 532.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.50 532.60 27.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 532.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 532.60 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 532.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 532.60 27.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 532.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 532.60 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 532.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 532.60 27.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 532.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 532.60 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 131.50 506.60 104.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 506.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 506.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.50 506.60 27.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 506.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 506.60 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 506.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 506.60 27.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 506.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 506.60 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 506.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 506.60 27.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 506.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 506.60 45.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243.5 683.6 m 270.5 683.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 683.6 m 274.5 683.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 683.6 m 319.5 683.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 683.6 m 323.5 683.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 683.6 m 350.5 683.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 683.6 m 354.5 683.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 683.6 m 399.5 683.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 683.6 m 403.5 683.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 683.6 m 430.5 683.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 683.6 m 434.5 683.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 683.6 m 479.5 683.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243.5 683.6 m 270.5 683.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243.5 662.6 m 270.5 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 662.6 m 319.5 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 683.6 m 350.5 683.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 662.6 m 350.5 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 662.6 m 399.5 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 683.6 m 430.5 683.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 662.6 m 430.5 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 662.6 m 479.5 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243.5 662.6 m 270.5 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 662.6 m 319.5 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 662.6 m 350.5 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 662.6 m 399.5 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 662.6 m 430.5 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 662.6 m 479.5 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243.5 558.6 m 270.5 558.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243.5 545.6 m 270.5 545.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 558.6 m 319.5 558.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 545.6 m 319.5 545.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 558.6 m 350.5 558.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 545.6 m 350.5 545.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 558.6 m 399.5 558.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 545.6 m 399.5 545.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 558.6 m 430.5 558.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 545.6 m 430.5 545.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 558.6 m 479.5 558.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 545.6 m 479.5 545.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243.5 506.6 m 270.5 506.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243.5 494.6 m 270.5 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243.5 492.6 m 270.5 492.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 506.6 m 319.5 506.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 494.6 m 319.5 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 492.6 m 319.5 492.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 506.6 m 350.5 506.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 494.6 m 350.5 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 492.6 m 350.5 492.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 506.6 m 399.5 506.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 494.6 m 399.5 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 492.6 m 399.5 492.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 506.6 m 430.5 506.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 494.6 m 430.5 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 492.6 m 430.5 492.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 506.6 m 479.5 506.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 494.6 m 479.5 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 492.6 m 479.5 492.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 134.00 695.85 Td (\(Number of cars and % of) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 134.00 687.85 Td (total cars\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.90 687.83 Td (For the years ended December 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 248.50 666.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 292.50 666.83 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 666.83 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 372.50 666.83 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 408.50 666.83 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 666.83 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 134.00 653.83 Td (EMEA) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 146.00 640.85 Td (UK) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 255.30 640.85 Td (740) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.00 640.85 Td (9.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.30 640.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.30 640.85 Td (705) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 381.00 640.85 Td (9.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.30 640.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.30 640.85 Td (686) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 461.00 640.85 Td (9.8) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.30 640.85 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 146.00 627.85 Td (Germany) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 255.30 627.85 Td (595) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.00 627.85 Td (7.8) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.30 627.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.30 627.85 Td (616) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 381.00 627.85 Td (8.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.30 627.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.30 627.85 Td (659) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 461.00 627.85 Td (9.4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.30 627.85 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 146.00 614.85 Td (Switzerland) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 255.30 614.85 Td (340) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.00 614.85 Td (4.4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.30 614.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.30 614.85 Td (332) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 381.00 614.85 Td (4.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.30 614.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.30 614.85 Td (350) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 461.00 614.85 Td (5.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.30 614.85 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 146.00 601.85 Td (Italy) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 255.30 601.85 Td (285) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.00 601.85 Td (3.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.30 601.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.30 601.85 Td (243) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 381.00 601.85 Td (3.3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.30 601.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.30 601.85 Td (206) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 461.00 601.85 Td (2.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.30 601.85 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 146.00 588.85 Td (France) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 255.30 588.85 Td (274) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.00 588.85 Td (3.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.30 588.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.30 588.85 Td (253) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 381.00 588.85 Td (3.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.30 588.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.30 588.85 Td (273) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 461.00 588.85 Td (3.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.30 588.85 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 146.00 575.85 Td (Middle East) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 184.88 579.47 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 255.30 575.85 Td (456) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.00 575.85 Td (5.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.30 575.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.30 575.85 Td (521) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 381.00 575.85 Td (7.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.30 575.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.30 575.85 Td (472) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 461.00 575.85 Td (6.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.30 575.85 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 146.00 562.85 Td (Rest of EMEA) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 191.32 566.47 Td (\(2\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 255.30 562.85 Td (661) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.00 562.85 Td (8.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.30 562.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.30 562.85 Td (604) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 381.00 562.85 Td (8.3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.30 562.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.30 562.85 Td (663) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 461.00 562.85 Td (9.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.30 562.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 134.00 549.83 Td (Total EMEA) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 249.30 549.83 Td (3,351) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 297.00 549.83 Td (43.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 311.00 549.83 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 329.30 549.83 Td (3,274) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 377.00 549.83 Td (45.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.00 549.83 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 409.30 549.83 Td (3,309) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.00 549.83 Td (47.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.00 549.83 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 134.00 536.85 Td (Americas) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 164.65 540.48 Td (\(3\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.30 536.85 Td (2,640) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 297.00 536.85 Td (34.4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.30 536.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 329.30 536.85 Td (2,462) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.00 536.85 Td (33.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.30 536.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.30 536.85 Td (2,382) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 457.00 536.85 Td (34.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.30 536.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 134.00 523.85 Td (Greater China) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 179.09 527.48 Td (\(4\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 255.30 523.85 Td (610) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.00 523.85 Td (8.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.30 523.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.30 523.85 Td (675) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 381.00 523.85 Td (9.3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.30 523.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.30 523.85 Td (572) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 461.00 523.85 Td (8.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.30 523.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 134.00 510.85 Td (Rest of ) Tj ET Q q 0 0 0 rg BT 158.45 510.85 Td (AP) Tj ET Q q 0 0 0 rg BT 167.94 510.85 Td (AC) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 179.05 514.48 Td (\(5\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.30 510.85 Td (1,063) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 297.00 510.85 Td (13.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.30 510.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.30 510.85 Td (844) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.00 510.85 Td (11.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.30 510.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.30 510.85 Td (737) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 457.00 510.85 Td (10.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.30 510.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 134.00 497.83 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 249.30 497.83 Td (7,664) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 293.00 497.83 Td (100.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 311.00 497.83 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 329.30 497.83 Td (7,255) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 373.00 497.83 Td (100.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.00 497.83 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 409.30 497.83 Td (7,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.00 497.83 Td (100.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.00 497.83 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 482.10 Td (______________________________) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 472.50 Td (\(1\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 472.50 Td (Middle East includes the United ) Tj ET Q q 0 0 0 rg BT 176.95 472.50 Td (Arab Emirates, Saudi ) Tj ET Q q 0 0 0 rg BT 247.91 472.50 Td (Arabia, Bahrain, Lebanon, Qatar) Tj ET Q q 0 0 0 rg BT 354.58 472.50 Td (, Oman and Kuwait.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 462.90 Td (\(2\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 462.90 Td (Rest of EMEA) Tj ET Q q 0 0 0 rg BT 117.18 462.90 Td ( includes ) Tj ET Q q 0 0 0 rg BT 147.69 462.90 Td (Africa and the other Eur) Tj ET Q q 0 0 0 rg BT 226.05 462.90 Td (opean markets not separately identified.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 453.30 Td (\(3\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 453.30 Td (Americas includes the United States of ) Tj ET Q q 0 0 0 rg BT 197.61 453.30 Td (America, Canada, Mexico, the Caribbean and Central and South ) Tj ET Q q 0 0 0 rg BT 408.11 453.30 Td (America.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 443.70 Td (\(4\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 443.70 Td (Gr) Tj ET Q q 0 0 0 rg BT 80.59 443.70 Td (eater China includes China, Hong Kong and T) Tj ET Q q 0 0 0 rg BT 229.64 443.70 Td (aiwan. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 434.10 Td (\(5\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 434.10 Td (Rest of ) Tj ET Q q 0 0 0 rg BT 95.85 434.10 Td (AP) Tj ET Q q 0 0 0 rg BT 104.59 434.10 Td (AC mainly includes Japan, ) Tj ET Q q 0 0 0 rg BT 192.66 434.10 Td (Australia, Singapor) Tj ET Q q 0 0 0 rg BT 255.48 434.10 Td (e, Indonesia and South Kor) Tj ET Q q 0 0 0 rg BT 342.95 434.10 Td (ea.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 412.50 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 412.50 Td (The table below sets forth our unit shipments for the years ended December31, 2015, 2014 and 2013, with a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 400.50 Td (breakdown of Sports and GT) Tj ET Q q 0 0 0 rg BT 169.91 400.50 Td ( cars:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 133.50 350.00 144.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 350.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.50 350.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.50 350.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 350.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.50 350.00 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 350.00 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 350.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 350.00 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 133.50 322.00 144.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 322.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.50 322.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.50 322.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 322.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.50 322.00 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 322.00 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 322.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 322.00 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 133.50 294.00 144.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 294.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.50 294.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.50 294.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 294.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.50 294.00 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 294.00 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 294.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 294.00 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 133.50 266.00 144.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 266.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.50 266.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.50 266.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 266.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.50 266.00 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 266.00 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 266.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 266.00 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 133.50 238.00 144.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 238.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.50 238.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.50 238.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 238.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.50 238.00 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 238.00 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 238.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 238.00 60.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 364 m 285.5 364 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 364 m 293.5 364 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 364 m 353.5 364 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 364 m 413.5 364 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 364 m 417.5 364 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 364 m 477.5 364 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 364 m 285.5 364 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 350 m 353.5 350 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 350 m 413.5 350 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 350 m 477.5 350 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 350 m 353.5 350 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 350 m 413.5 350 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 350 m 477.5 350 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 308 m 353.5 308 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 294 m 353.5 294 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 308 m 413.5 308 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 294 m 413.5 294 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 308 m 477.5 308 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 294 m 477.5 294 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 252 m 353.5 252 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 238 m 353.5 238 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 252 m 413.5 252 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 238 m 413.5 238 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 252 m 477.5 252 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 238 m 477.5 238 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 225 m 353.5 225 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 223 m 353.5 223 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 225 m 413.5 225 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 223 m 413.5 223 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 225 m 477.5 225 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 223 m 477.5 223 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 136.00 368.45 Td (\(Number of cars\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.90 368.23 Td (For the years ended December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 314.00 354.45 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 374.00 354.45 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 438.00 354.45 Td (2013) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 136.00 340.45 Td (Sports) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 326.45 Td (V8) Tj ET Q BT /F3 7.00 Tf ET BT /F3 4.55 Tf ET q 0 0 0 rg BT 152.00 329.62 Td (\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.40 326.46 Td (3,534) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 389.75 326.46 Td (3,651) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.75 326.46 Td (3,944) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 312.45 Td (V12) Tj ET Q BT /F3 7.00 Tf ET BT /F3 4.55 Tf ET q 0 0 0 rg BT 156.50 315.62 Td (\(2\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.40 312.46 Td (1,169) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 389.75 312.46 Td (1,565) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.75 312.46 Td (1,401) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 136.00 298.45 Td (Total Sports) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 329.40 298.45 Td (4,703) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 389.75 298.45 Td (5,216) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 453.75 298.45 Td (5,345) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 136.00 284.45 Td (GT) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 270.45 Td (V8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.40 270.46 Td (2,638) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 389.75 270.46 Td (1,645) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.75 270.46 Td (1,219) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 256.45 Td (V12) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 336.15 256.46 Td (323) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 396.50 256.46 Td (394) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.50 256.46 Td (436) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 136.00 242.45 Td (Total GT) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 329.40 242.45 Td (2,961) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 389.75 242.45 Td (2,039) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 453.75 242.45 Td (1,655) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 136.00 228.45 Td (TOTAL) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 329.40 228.45 Td (7,664) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 389.75 228.45 Td (7,255) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 453.75 228.45 Td (7,000) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 212.50 Td (______________________________) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 202.90 Td (\(1\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 202.90 Td (Includes 458 Speciale and 458 Speciale ) Tj ET Q q 0 0 0 rg BT 201.15 202.90 Td (A) Tj ET Q q 0 0 0 rg BT 205.89 202.90 Td ( for 2015 and 2014 and 458 Speciale for 2013.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 193.30 Td (\(2\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 193.30 Td (Includes LaFerrari starting fr) Tj ET Q q 0 0 0 rg BT 167.48 193.30 Td (om the fourth quarter of 2013.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 171.70 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 171.70 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 171.70 Td (e are also actively engaged in after sales activities driven, among other things, by the objective of preserving and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 159.70 Td (extending the market value of the cars we sell. ) Tj ET Q q 0 0 0 rg BT 242.08 159.70 Td (W) Tj ET Q q 0 0 0 rg BT 250.72 159.70 Td (e believe our cars) Tj ET Q q 0 0 0 rg BT 323.55 159.70 Td ( performance in terms of value preservation after a period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 147.70 Td (of ownership significantly exceeds that of any other brand in the luxury car segment. High residual value is important to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 135.70 Td (primary market because clients, when purchasing our cars, take into account the expected resale value of the car in assessing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 123.70 Td (the overall cost of ownership. Furthermore, a higher residual value potentially lowers the cost for the owner to switch to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 111.70 Td (new model thereby supporting client loyalty and promoting repeat purchases.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 87.70 Td (Range ) Tj ET Q q 0 0 0 rg BT 83.17 87.70 Td (Models ) Tj ET Q q 0 0 0 rg BT 115.67 87.70 Td (and ) Tj ET Q q 0 0 0 rg BT 133.73 87.70 Td (Special ) Tj ET Q q 0 0 0 rg BT 166.23 87.70 Td (Series) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 63.70 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 63.70 Td (Our ) Tj ET Q q 0 0 0 rg BT 108.27 63.70 Td (products ) Tj ET Q q 0 0 0 rg BT 145.43 63.70 Td (include ) Tj ET Q q 0 0 0 rg BT 177.59 63.70 Td (the ) Tj ET Q q 0 0 0 rg BT 192.53 63.70 Td (range ) Tj ET Q q 0 0 0 rg BT 217.45 63.70 Td (models ) Tj ET Q q 0 0 0 rg BT 249.06 63.70 Td (and ) Tj ET Q q 0 0 0 rg BT 266.22 63.70 Td (special ) Tj ET Q q 0 0 0 rg BT 296.71 63.70 Td (series ) Tj ET Q q 0 0 0 rg BT 322.20 63.70 Td (described ) Tj ET Q q 0 0 0 rg BT 363.23 63.70 Td (below) Tj ET Q q 0 0 0 rg BT 387.02 63.70 Td (. ) Tj ET Q q 0 0 0 rg BT 392.24 63.70 Td (Our ) Tj ET Q q 0 0 0 rg BT 410.52 63.70 Td (range ) Tj ET Q q 0 0 0 rg BT 435.44 63.70 Td (models ) Tj ET Q q 0 0 0 rg BT 467.05 63.70 Td (currently ) Tj ET Q q 0 0 0 rg BT 505.87 63.70 Td (include ) Tj ET Q q 0 0 0 rg BT 538.02 63.70 Td (three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 51.70 Td (sports ) Tj ET Q q 0 0 0 rg BT 80.39 51.70 Td (cars, ) Tj ET Q q 0 0 0 rg BT 101.49 51.70 Td (488 ) Tj ET Q q 0 0 0 rg BT 118.99 51.70 Td (GTB, ) Tj ET Q q 0 0 0 rg BT 143.99 51.70 Td (488 ) Tj ET Q q 0 0 0 rg BT 161.49 51.70 Td (Spider ) Tj ET Q q 0 0 0 rg BT 190.10 51.70 Td (and ) Tj ET Q q 0 0 0 rg BT 207.04 51.70 Td (F12berlinetta, ) Tj ET Q q 0 0 0 rg BT 265.36 51.70 Td (and ) Tj ET Q q 0 0 0 rg BT 282.30 51.70 Td (three ) Tj ET Q q 0 0 0 rg BT 304.78 51.70 Td (GT) Tj ET Q q 0 0 0 rg BT 317.93 51.70 Td ( ) Tj ET Q q 0 0 0 rg BT 320.43 51.70 Td (cars, ) Tj ET Q q 0 0 0 rg BT 341.53 51.70 Td (California ) Tj ET Q q 0 0 0 rg BT 384.39 51.70 Td (T) Tj ET Q q 0 0 0 rg BT 389.76 51.70 Td (, ) Tj ET Q q 0 0 0 rg BT 394.76 51.70 Td (FF ) Tj ET Q q 0 0 0 rg BT 408.38 51.70 Td (and ) Tj ET Q q 0 0 0 rg BT 425.32 51.70 Td (GTC4Lusso.) Tj ET Q endstream endobj 73 0 obj <> endobj 74 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 30.20 Td (28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 742.10 Td (The 488 GTB and the 488 Spider were launched in 2015 to replace the 458 Italia and 458 Spider) Tj ET Q q 0 0 0 rg BT 482.16 742.10 Td (, which we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 730.10 Td (produced and sold in 2015 but are now discontinued. In February 2016, we unveiled the new GTC4Lusso, our latest GT) Tj ET Q q 0 0 0 rg BT 534.28 730.10 Td ( car) Tj ET Q q 0 0 0 rg BT 548.58 730.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 718.10 Td (which will be replacing the FF starting from the second semester of 2016. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 694.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 694.10 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 694.10 Td (e also of) Tj ET Q q 0 0 0 rg BT 132.33 694.10 Td (fer special series cars based on our range models. ) Tj ET Q q 0 0 0 rg BT 332.08 694.10 Td (These cars are characterized by significant hardware ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 682.10 Td (and software modifications \(engine, aerodynamics, and dynamics among others\), designed to enhance performance and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 670.10 Td (drivability when compared to current range models. Our latest special series, unveiled in October 2015, is the F12tdf, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 658.10 Td (is based on the F12berlinetta. ) Tj ET Q q 0 0 0 rg BT 173.79 658.10 Td (The special series models 458 Speciale and 458 Speciale ) Tj ET Q q 0 0 0 rg BT 402.89 658.10 Td (A, were produced and sold in 2015 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 646.10 Td (but are now discontinued.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 622.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 622.10 Td (All of our range and special series models feature highly customizable interior and exterior options such as for) Tj ET Q q 0 0 0 rg BT 531.63 622.10 Td (ged ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 610.10 Td (rims, luxury leathers, seat style, panoramic roof, dashboard and steering wheel inserts \(see ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 422.49 610.10 Td (Personalization Pr) Tj ET Q q 0 0 0 rg BT 506.85 610.10 Td (ogram and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 598.10 Td (T) Tj ET Q q 0 0 0 rg BT 58.64 598.10 Td (ailor Made Pr) Tj ET Q q 0 0 0 rg BT 115.49 598.10 Td (ogram) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.60 598.10 Td (\). ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 574.10 Td (488 ) Tj ET Q q 0 0 0 rg BT 71.50 574.10 Td (GTB) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.39 574.10 Td ( ) Tj ET Q /GS0 gs q 349.95 0 0 196.00 131.00 361.10 cm /I26 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BT 448.85 325.10 Td (exterior ) Tj ET Q q 0 0 0 rg BT 482.63 325.10 Td (and ) Tj ET Q q 0 0 0 rg BT 499.76 325.10 Td (interior ) Tj ET Q q 0 0 0 rg BT 531.89 325.10 Td (design ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 313.10 Td (was ) Tj ET Q q 0 0 0 rg BT 71.31 313.10 Td (developed ) Tj ET Q q 0 0 0 rg BT 114.16 313.10 Td (entirely ) Tj ET Q q 0 0 0 rg BT 146.46 313.10 Td (by ) Tj ET Q q 0 0 0 rg BT 158.22 313.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 187.18 313.10 Td (Design ) Tj ET Q q 0 0 0 rg BT 217.27 313.10 Td (Centre. ) Tj ET Q q 0 0 0 rg BT 248.18 313.10 Td (Its ) Tj ET Q q 0 0 0 rg BT 259.94 313.10 Td (lar) Tj ET Q q 0 0 0 rg BT 270.31 313.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 281.50 313.10 Td (signature ) Tj ET Q q 0 0 0 rg BT 319.92 313.10 Td (air ) Tj ET Q q 0 0 0 rg BT 332.22 313.10 Td (intake ) Tj ET Q q 0 0 0 rg BT 358.41 313.10 Td (scallop ) Tj ET Q q 0 0 0 rg BT 388.50 313.10 Td (evokes ) Tj ET Q q 0 0 0 rg BT 418.02 313.10 Td (the ) Tj ET Q q 0 0 0 rg BT 432.00 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241.10 Td (A) Tj ET Q q 0 0 0 rg BT 342.67 241.10 Td (wards ) Tj ET Q q 0 0 0 rg BT 368.79 241.10 Td ( ) Tj ET Q q 0 0 0 rg BT 376.03 241.10 Td (Best ) Tj ET Q q 0 0 0 rg BT 400.48 241.10 Td (Coup ) Tj ET Q q 0 0 0 rg BT 428.82 241.10 Td (over ) Tj ET Q q 0 0 0 rg BT 448.83 241.10 Td (150,000 ) Tj ET Q q 0 0 0 rg BT 493.00 241.10 Td (and ) Tj ET Q q 0 0 0 rg BT 509.67 241.10 Td (Middle ) Tj ET Q q 0 0 0 rg BT 540.80 241.10 Td (East ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 229.10 Td (Car ) Tj ET Q q 0 0 0 rg BT 70.94 229.10 Td (of ) Tj ET Q q 0 0 0 rg BT 81.77 229.10 Td (the ) Tj ET Q q 0 0 0 rg BT 96.11 229.10 Td (Y) Tj ET Q q 0 0 0 rg BT 102.33 229.10 Td (ear ) Tj ET Q q 0 0 0 rg BT 117.04 229.10 Td (\(MECOTY\) ) Tj ET Q q 0 0 0 rg BT 168.42 229.10 Td ( ) Tj ET Q q 0 0 0 rg BT 175.92 229.10 Td (Best ) Tj ET Q q 0 0 0 rg BT 199.53 229.10 Td (Supercar ) Tj ET Q q 0 0 0 rg BT 237.57 229.10 Td (2015.) 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Q q 0 0 0 rg BT 353.73 512.10 Td (is ) Tj ET Q q 0 0 0 rg BT 362.62 512.10 Td (a ) Tj ET Q q 0 0 0 rg BT 369.26 512.10 Td (two ) Tj ET Q q 0 0 0 rg BT 386.48 512.10 Td (seat ) Tj ET Q q 0 0 0 rg BT 404.23 512.10 Td (coupe ) Tj ET Q q 0 0 0 rg BT 430.32 512.10 Td (with ) Tj ET Q q 0 0 0 rg BT 450.31 512.10 Td (a ) Tj ET Q q 0 0 0 rg BT 456.96 512.10 Td (670 ) Tj ET Q q 0 0 0 rg BT 474.17 512.10 Td (hp ) Tj ET Q q 0 0 0 rg BT 486.38 512.10 Td (mid-rear ) Tj ET Q q 0 0 0 rg BT 523.02 512.10 Td (mounted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 500.10 Td (V8 ) Tj ET Q q 0 0 0 rg BT 68.82 500.10 Td (engine. ) Tj ET Q q 0 0 0 rg BT 100.58 500.10 Td (Its ) Tj ET Q q 0 0 0 rg BT 113.18 500.10 Td (retractable ) Tj ET Q q 0 0 0 rg BT 157.96 500.10 Td (hard ) Tj ET Q q 0 0 0 rg BT 178.33 500.10 Td (top, ) Tj ET Q q 0 0 0 rg BT 196.21 500.10 Td (which ) Tj ET Q q 0 0 0 rg BT 223.25 500.10 Td (saves ) Tj ET Q q 0 0 0 rg BT 247.51 500.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 307.87 500.10 Td (25 ) Tj ET Q q 0 0 0 rg BT 320.47 500.10 Td (kg ) Tj ET Q q 0 0 0 rg BT 333.07 500.10 Td (on ) Tj ET Q q 0 0 0 rg BT 345.67 500.10 Td (a ) Tj ET Q q 0 0 0 rg BT 352.71 500.10 Td (soft ) Tj ET Q q 0 0 0 rg BT 370.31 500.10 Td (top, ) Tj ET Q q 0 0 0 rg BT 388.19 500.10 Td (unfolds ) Tj ET Q q 0 0 0 rg BT 420.79 500.10 Td (and ) Tj ET Q q 0 0 0 rg BT 437.83 500.10 Td (retracts ) Tj ET Q q 0 0 0 rg BT 469.85 500.10 Td (in ) Tj ET Q q 0 0 0 rg BT 480.23 500.10 Td (14 ) Tj ET Q q 0 0 0 rg BT 492.83 500.10 Td (seconds ) Tj ET Q q 0 0 0 rg BT 527.09 500.10 Td (and ) Tj ET Q q 0 0 0 rg BT 544.13 500.10 Td (can ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 488.10 Td (also ) Tj ET Q q 0 0 0 rg BT 72.98 488.10 Td (be ) Tj ET Q q 0 0 0 rg BT 85.30 488.10 Td (raised ) Tj ET Q q 0 0 0 rg BT 112.05 488.10 Td (or ) Tj ET Q q 0 0 0 rg BT 123.25 488.10 Td (lowered ) Tj ET Q q 0 0 0 rg BT 158.34 488.10 Td (while ) Tj ET Q q 0 0 0 rg BT 183.43 488.10 Td (the ) Tj ET Q q 0 0 0 rg BT 198.52 488.10 Td (car ) Tj ET Q q 0 0 0 rg BT 213.60 488.10 Td (is ) Tj ET Q q 0 0 0 rg BT 223.15 488.10 Td (moving. ) Tj ET Q q 0 0 0 rg BT 259.08 488.10 Td (If ) Tj ET Q q 0 0 0 rg BT 268.61 488.10 Td (of) Tj ET Q q 0 0 0 rg BT 276.76 488.10 Td (fers ) Tj ET Q q 0 0 0 rg BT 294.63 488.10 Td (the ) Tj ET Q q 0 0 0 rg BT 309.72 488.10 Td (full ) Tj ET Q q 0 0 0 rg BT 326.48 488.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 372.66 488.10 Td (of ) Tj ET Q q 0 0 0 rg BT 383.86 488.10 Td (sports ) Tj ET Q q 0 0 0 rg BT 410.63 488.10 Td (car ) Tj ET Q q 0 0 0 rg BT 425.71 488.10 Td (driving, ) Tj ET Q q 0 0 0 rg BT 459.97 488.10 Td (especially ) Tj ET Q q 0 0 0 rg BT 502.83 488.10 Td (on ) Tj ET Q q 0 0 0 rg BT 515.70 488.10 Td (mixed ) Tj ET Q q 0 0 0 rg BT 543.57 488.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 476.10 Td (challenging ) Tj ET Q q 0 0 0 rg BT 103.61 476.10 Td (surfaces, ) Tj ET Q q 0 0 0 rg BT 141.83 476.10 Td (but ) Tj ET Q q 0 0 0 rg BT 157.56 476.10 Td (aims ) Tj ET Q q 0 0 0 rg BT 179.41 476.10 Td (to ) Tj ET Q q 0 0 0 rg BT 190.14 476.10 Td (cater ) Tj ET Q q 0 0 0 rg BT 212.52 476.10 Td (to ) Tj ET Q q 0 0 0 rg BT 223.26 476.10 Td (those ) Tj ET Q q 0 0 0 rg BT 247.33 476.10 Td (who ) Tj ET Q q 0 0 0 rg BT 267.51 476.10 Td (do ) Tj ET Q q 0 0 0 rg BT 280.46 476.10 Td (not ) Tj ET Q q 0 0 0 rg BT 296.20 476.10 Td (need ) Tj ET Q q 0 0 0 rg BT 318.04 476.10 Td (to ) Tj ET Q q 0 0 0 rg BT 328.77 476.10 Td (constantly ) Tj ET Q q 0 0 0 rg BT 372.83 476.10 Td (push ) Tj ET Q q 0 0 0 rg BT 394.68 476.10 Td (their ) Tj ET Q q 0 0 0 rg BT 415.97 476.10 Td (car ) Tj ET Q q 0 0 0 rg BT 431.13 476.10 Td (to ) Tj ET Q q 0 0 0 rg BT 441.87 476.10 Td (the ) Tj ET Q q 0 0 0 rg BT 457.04 476.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 478.89 476.10 Td (on ) Tj ET Q q 0 0 0 rg BT 491.85 476.10 Td (the ) Tj ET Q q 0 0 0 rg BT 507.03 476.10 Td (track. ) Tj ET Q q 0 0 0 rg BT 532.47 476.10 Td (Styled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 464.10 Td (entirely ) Tj ET Q q 0 0 0 rg BT 87.29 464.10 Td (in-house ) Tj ET Q q 0 0 0 rg BT 124.48 464.10 Td (at ) Tj ET Q q 0 0 0 rg BT 134.44 464.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 164.40 464.10 Td (Design ) Tj ET Q q 0 0 0 rg BT 195.47 464.10 Td (Centre ) Tj ET Q q 0 0 0 rg BT 224.88 464.10 Td (and ) Tj ET Q q 0 0 0 rg BT 242.06 464.10 Td (designed ) Tj ET Q q 0 0 0 rg BT 280.36 464.10 Td (around ) Tj ET Q q 0 0 0 rg BT 310.88 464.10 Td (the ) Tj ET Q q 0 0 0 rg BT 325.84 464.10 Td (retractable ) Tj ET Q q 0 0 0 rg BT 370.78 464.10 Td (hard ) Tj ET Q q 0 0 0 rg BT 391.29 464.10 Td (top ) Tj ET Q q 0 0 0 rg BT 406.82 464.10 Td (concept, ) Tj ET Q q 0 0 0 rg BT 443.16 464.10 Td (the ) Tj ET Q q 0 0 0 rg BT 458.13 464.10 Td (488 ) Tj ET Q q 0 0 0 rg BT 475.87 464.10 Td (Spider ) Tj ET Q q 0 0 0 rg BT 504.73 464.10 Td (combines ) Tj ET Q q 0 0 0 rg BT 545.80 464.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 452.10 Td (prowess ) Tj ET Q q 0 0 0 rg BT 88.58 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 98.72 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 112.75 452.10 Td (488 ) Tj ET Q q 0 0 0 rg BT 129.56 452.10 Td (GTB ) Tj ET Q q 0 0 0 rg BT 151.37 452.10 Td (coupe) Tj ET Q q 0 0 0 rg BT 178.03 452.10 Td (s ) Tj ET Q q 0 0 0 rg BT 183.73 452.10 Td (mid-rear ) Tj ET Q q 0 0 0 rg BT 219.83 452.10 Td (V8 ) Tj ET Q q 0 0 0 rg BT 233.87 452.10 Td (with ) Tj ET Q q 0 0 0 rg BT 253.46 452.10 Td (innovations ) Tj ET Q q 0 0 0 rg BT 301.93 452.10 Td (in ) Tj ET Q q 0 0 0 rg BT 311.52 452.10 Td (aerodynamics, ) Tj ET Q q 0 0 0 rg BT 371.36 452.10 Td (including ) Tj ET Q q 0 0 0 rg BT 410.95 452.10 Td (a ) Tj ET Q q 0 0 0 rg BT 417.20 452.10 Td (new ) Tj ET Q q 0 0 0 rg BT 435.67 452.10 Td (Ferrari-patented ) Tj ET Q q 0 0 0 rg BT 501.89 452.10 Td (blown ) Tj ET Q q 0 0 0 rg BT 528.70 452.10 Td (spoiler) Tj ET Q q 0 0 0 rg BT 555.51 452.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 440.10 Td (which ) Tj ET Q q 0 0 0 rg BT 81.62 440.10 Td (allows ) Tj ET Q q 0 0 0 rg BT 110.91 440.10 Td (air ) Tj ET Q q 0 0 0 rg BT 124.64 440.10 Td (to ) Tj ET Q q 0 0 0 rg BT 135.60 440.10 Td (enter ) Tj ET Q q 0 0 0 rg BT 158.77 440.10 Td (an ) Tj ET Q q 0 0 0 rg BT 171.39 440.10 Td (intake ) Tj ET Q q 0 0 0 rg BT 199.01 440.10 Td (at ) Tj ET Q q 0 0 0 rg BT 209.41 440.10 Td (the ) Tj ET Q q 0 0 0 rg BT 224.81 440.10 Td (base ) Tj ET Q q 0 0 0 rg BT 245.76 440.10 Td (of ) Tj ET Q q 0 0 0 rg BT 257.27 440.10 Td (the ) Tj ET Q q 0 0 0 rg BT 272.67 440.10 Td (rear ) Tj ET Q q 0 0 0 rg BT 291.39 440.10 Td (screen ) Tj ET Q q 0 0 0 rg BT 320.11 440.10 Td (and ) Tj ET Q q 0 0 0 rg BT 337.73 440.10 Td (exit ) Tj ET Q q 0 0 0 rg BT 355.91 440.10 Td (via ) Tj ET Q q 0 0 0 rg BT 371.31 440.10 Td (the ) Tj ET Q q 0 0 0 rg BT 386.71 440.10 Td (bumper ) Tj ET Q q 0 0 0 rg BT 420.44 440.10 Td (and ) Tj ET Q q 0 0 0 rg BT 438.06 440.10 Td (reduces ) Tj ET Q q 0 0 0 rg BT 471.78 440.10 Td (drag. ) Tj ET Q q 0 0 0 rg BT 495.00 440.10 Td (The ) Tj ET Q q 0 0 0 rg BT 513.73 440.10 Td (488 ) Tj ET Q q 0 0 0 rg BT 531.91 440.10 Td (Spider ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 428.10 Td (accelerates ) Tj ET Q q 0 0 0 rg BT 100.17 428.10 Td (from ) Tj ET Q q 0 0 0 rg BT 121.93 428.10 Td (0 ) Tj ET Q q 0 0 0 rg BT 129.26 428.10 Td (to ) Tj ET Q q 0 0 0 rg BT 139.36 428.10 Td (100 ) Tj ET Q q 0 0 0 rg BT 156.68 428.10 Td (km/h ) Tj ET Q q 0 0 0 rg BT 179.56 428.10 Td (in ) Tj ET Q q 0 0 0 rg BT 189.66 428.10 Td (3.0 ) Tj ET Q q 0 0 0 rg BT 204.49 428.10 Td (seconds ) Tj ET Q q 0 0 0 rg BT 238.47 428.10 Td (and ) Tj ET Q q 0 0 0 rg BT 255.23 428.10 Td (from ) Tj ET Q q 0 0 0 rg BT 276.99 428.10 Td (0 ) Tj ET Q q 0 0 0 rg BT 284.32 428.10 Td (to ) Tj ET Q q 0 0 0 rg BT 294.42 428.10 Td (200 ) Tj ET Q q 0 0 0 rg BT 311.74 428.10 Td (km/h ) Tj ET Q q 0 0 0 rg BT 334.62 428.10 Td (in ) Tj ET Q q 0 0 0 rg BT 344.72 428.10 Td (8.7 ) Tj ET Q q 0 0 0 rg BT 359.54 428.10 Td (seconds ) Tj ET Q q 0 0 0 rg BT 393.53 428.10 Td (and ) Tj ET Q q 0 0 0 rg BT 410.29 428.10 Td (of) Tj ET Q q 0 0 0 rg BT 418.44 428.10 Td (fers ) Tj ET Q q 0 0 0 rg BT 435.75 428.10 Td (exceptional ) Tj ET Q q 0 0 0 rg BT 484.17 428.10 Td (dynamic ) Tj ET Q q 0 0 0 rg BT 520.92 428.10 Td (behavior) Tj ET Q q 0 0 0 rg BT 555.51 428.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 416.10 Td (with ) Tj ET Q q 0 0 0 rg BT 74.30 416.10 Td (close ) Tj ET Q q 0 0 0 rg BT 97.37 416.10 Td (to ) Tj ET Q q 0 0 0 rg BT 107.67 416.10 Td (no ) Tj ET Q q 0 0 0 rg BT 120.19 416.10 Td (turbo ) Tj ET Q q 0 0 0 rg BT 143.82 416.10 Td (lag ) Tj ET Q q 0 0 0 rg BT 158.55 416.10 Td (and ) Tj ET Q q 0 0 0 rg BT 175.51 416.10 Td (response ) Tj ET Q q 0 0 0 rg BT 213.03 416.10 Td (time ) Tj ET Q q 0 0 0 rg BT 233.32 416.10 Td (of ) Tj ET Q q 0 0 0 rg BT 244.17 416.10 Td (just ) Tj ET Q q 0 0 0 rg BT 261.14 416.10 Td (0.8 ) Tj ET Q q 0 0 0 rg BT 276.16 416.10 Td (seconds. ) Tj ET Q q 0 0 0 rg BT 312.84 416.10 Td (Shipments ) Tj ET Q q 0 0 0 rg BT 357.59 416.10 Td (of ) Tj ET Q q 0 0 0 rg BT 368.44 416.10 Td (the ) Tj ET Q q 0 0 0 rg BT 383.18 416.10 Td (first ) Tj ET Q q 0 0 0 rg BT 401.81 416.10 Td (488 ) Tj ET Q q 0 0 0 rg BT 419.33 416.10 Td (Spider ) Tj ET Q q 0 0 0 rg BT 447.96 416.10 Td (models ) Tj ET Q q 0 0 0 rg BT 479.37 416.10 Td (started ) Tj ET Q q 0 0 0 rg BT 508.54 416.10 Td (in ) Tj ET Q q 0 0 0 rg BT 518.84 416.10 Td (the ) Tj ET Q q 0 0 0 rg BT 533.58 416.10 Td (fourth ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 404.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 84.82 404.10 Td (of ) Tj ET Q q 0 0 0 rg BT 95.65 404.10 Td (2015.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 380.10 Td (F12berlinetta) Tj ET Q /GS0 gs q 350.00 0 0 170.00 131.00 193.10 cm /I28 Do Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 169.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 169.10 Td (Launched ) Tj ET Q q 0 0 0 rg BT 131.38 169.10 Td (in ) Tj ET Q q 0 0 0 rg BT 141.12 169.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 165.58 169.10 Td (the ) Tj ET Q q 0 0 0 rg BT 179.75 169.10 Td (F12berlinetta ) Tj ET Q q 0 0 0 rg BT 235.03 169.10 Td (is ) Tj ET Q q 0 0 0 rg BT 243.66 169.10 Td (equipped ) Tj ET Q q 0 0 0 rg BT 282.27 169.10 Td (with ) Tj ET Q q 0 0 0 rg BT 302.01 169.10 Td (a ) Tj ET Q q 0 0 0 rg BT 308.40 169.10 Td (740 ) Tj ET Q q 0 0 0 rg BT 325.36 169.10 Td (hp ) Tj ET Q q 0 0 0 rg BT 337.18 169.10 Td (V12 ) Tj ET Q q 0 0 0 rg BT 356.36 169.10 Td (engine. ) Tj ET Q q 0 0 0 rg BT 387.47 169.10 Td (Built ) Tj ET Q q 0 0 0 rg BT 409.43 169.10 Td (around ) Tj ET Q q 0 0 0 rg BT 439.16 169.10 Td (evolved ) Tj ET Q q 0 0 0 rg BT 472.77 169.10 Td (transaxle ) Tj ET Q q 0 0 0 rg BT 510.83 169.10 Td (architecture ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 157.10 Td (with ) Tj ET Q q 0 0 0 rg BT 74.16 157.10 Td (cutting-edge ) Tj ET Q q 0 0 0 rg BT 126.51 157.10 Td (components ) Tj ET Q q 0 0 0 rg BT 177.21 157.10 Td (and ) Tj ET Q q 0 0 0 rg BT 194.03 157.10 Td (control ) Tj ET Q q 0 0 0 rg BT 224.73 157.10 Td (systems, ) Tj ET Q q 0 0 0 rg BT 261.28 157.10 Td (it ) Tj ET Q q 0 0 0 rg BT 269.21 157.10 Td (sets ) Tj ET Q q 0 0 0 rg BT 286.59 157.10 Td (a ) Tj ET Q q 0 0 0 rg BT 293.41 157.10 Td (new ) Tj ET Q q 0 0 0 rg BT 312.44 157.10 Td (standard ) Tj ET Q q 0 0 0 rg BT 348.70 157.10 Td (in ) Tj ET Q q 0 0 0 rg BT 358.85 157.10 Td (aerodynamics ) Tj ET Q q 0 0 0 rg BT 416.76 157.10 Td (and ) Tj ET Q q 0 0 0 rg BT 433.58 157.10 Td (handling. ) Tj ET Q q 0 0 0 rg BT 473.28 157.10 Td (Though ) Tj ET Q q 0 0 0 rg BT 506.76 157.10 Td (conceived ) Tj ET Q q 0 0 0 rg BT 549.67 157.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 145.10 Td (a ) Tj ET Q q 0 0 0 rg BT 62.28 145.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 116.64 145.10 Td (automobile, ) Tj ET Q q 0 0 0 rg BT 167.97 145.10 Td (the ) Tj ET Q q 0 0 0 rg BT 184.03 145.10 Td (F12berlinetta ) Tj ET Q q 0 0 0 rg BT 241.19 145.10 Td (is ) Tj ET Q q 0 0 0 rg BT 251.70 145.10 Td (capable ) Tj ET Q q 0 0 0 rg BT 286.08 145.10 Td (of ) Tj ET Q q 0 0 0 rg BT 298.25 145.10 Td (both ) Tj ET Q q 0 0 0 rg BT 319.87 145.10 Td (high ) Tj ET Q q 0 0 0 rg BT 341.49 145.10 Td (speed ) Tj ET Q q 0 0 0 rg BT 368.09 145.10 Td (and ) Tj ET Q q 0 0 0 rg BT 386.37 145.10 Td (long-distance ) Tj ET Q q 0 0 0 rg BT 444.09 145.10 Td (driving. ) Tj ET Q q 0 0 0 rg BT 479.31 145.10 Td (In ) Tj ET Q q 0 0 0 rg BT 491.49 145.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 515.33 145.10 Td (it ) Tj ET Q q 0 0 0 rg BT 524.72 145.10 Td (won ) Tj ET Q q 0 0 0 rg BT 545.79 145.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 133.10 Td (International ) Tj ET Q q 0 0 0 rg BT 107.76 133.10 Td (Engine ) Tj ET Q q 0 0 0 rg BT 138.75 133.10 Td (of ) Tj ET Q q 0 0 0 rg BT 149.75 133.10 Td (the ) Tj ET Q q 0 0 0 rg BT 164.24 133.10 Td (Y) Tj ET Q q 0 0 0 rg BT 170.46 133.10 Td (ear ) Tj ET Q q 0 0 0 rg BT 184.75 133.10 Td (A) Tj ET Q q 0 0 0 rg BT 191.05 133.10 Td (ward ) Tj ET Q q 0 0 0 rg BT 213.71 133.10 Td (in ) Tj ET Q q 0 0 0 rg BT 224.16 133.10 Td (both ) Tj ET Q q 0 0 0 rg BT 244.60 133.10 Td (the ) Tj ET Q q 0 0 0 rg BT 259.49 133.10 Td (Best ) Tj ET Q q 0 0 0 rg BT 279.93 133.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 333.69 133.10 Td (category ) Tj ET Q q 0 0 0 rg BT 370.78 133.10 Td (and ) Tj ET Q q 0 0 0 rg BT 387.89 133.10 Td (Best ) Tj ET Q q 0 0 0 rg BT 408.33 133.10 Td (Engine ) Tj ET Q q 0 0 0 rg BT 439.33 133.10 Td (above ) Tj ET Q q 0 0 0 rg BT 465.87 133.10 Td (4.0 ) Tj ET Q q 0 0 0 rg BT 481.04 133.10 Td (liters ) Tj ET Q q 0 0 0 rg BT 503.70 133.10 Td (category) Tj ET Q q 0 0 0 rg BT 537.48 133.10 Td (. ) Tj ET Q q 0 0 0 rg BT 542.45 133.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 121.10 Td (F12berlinetta ) Tj ET Q q 0 0 0 rg BT 109.74 121.10 Td (is ) Tj ET Q q 0 0 0 rg BT 118.83 121.10 Td (the ) Tj ET Q q 0 0 0 rg BT 133.47 121.10 Td (first ) Tj ET Q q 0 0 0 rg BT 152.00 121.10 Td (model ) Tj ET Q q 0 0 0 rg BT 179.42 121.10 Td (launched ) Tj ET Q q 0 0 0 rg BT 217.93 121.10 Td (since ) Tj ET Q q 0 0 0 rg BT 240.90 121.10 Td (the ) Tj ET Q q 0 0 0 rg BT 255.54 121.10 Td (creation ) Tj ET Q q 0 0 0 rg BT 290.16 121.10 Td (of ) Tj ET Q q 0 0 0 rg BT 300.91 121.10 Td (Ferrari) Tj ET Q q 0 0 0 rg BT 330.89 121.10 Td (s ) Tj ET Q q 0 0 0 rg BT 337.21 121.10 Td (in-house ) Tj ET Q q 0 0 0 rg BT 374.07 121.10 Td (styling ) Tj ET Q q 0 0 0 rg BT 403.71 121.10 Td (studio ) Tj ET Q q 0 0 0 rg BT 430.58 121.10 Td (and ) Tj ET Q q 0 0 0 rg BT 447.44 121.10 Td (was ) Tj ET Q q 0 0 0 rg BT 465.42 121.10 Td (awarded ) Tj ET Q q 0 0 0 rg BT 501.70 121.10 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 516.34 121.10 Td (Compasso ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 109.10 Td (dOr) Tj ET Q q 0 0 0 rg BT 73.07 109.10 Td (o) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.07 109.10 Td ( ) Tj ET Q q 0 0 0 rg BT 80.57 109.10 Td (\(Golden ) Tj ET Q q 0 0 0 rg BT 115.84 109.10 Td (Compass\) ) Tj ET Q q 0 0 0 rg BT 158.34 109.10 Td (award ) Tj ET Q q 0 0 0 rg BT 185.27 109.10 Td (in ) Tj ET Q q 0 0 0 rg BT 195.55 109.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 220.55 109.10 Td (the ) Tj ET Q q 0 0 0 rg BT 235.26 109.10 Td (first ) Tj ET Q q 0 0 0 rg BT 253.87 109.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 283.58 109.10 Td (model ) Tj ET Q q 0 0 0 rg BT 311.08 109.10 Td (to ) Tj ET Q q 0 0 0 rg BT 321.35 109.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 352.72 109.10 Td (this ) Tj ET Q q 0 0 0 rg BT 369.66 109.10 Td (distinction.) Tj ET Q endstream endobj 77 0 obj <> endobj 78 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 30.20 Td (30) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 742.10 Td (F12tdf) Tj ET Q /GS0 gs q 345.00 0 0 182.00 133.50 545.10 cm /I29 Do Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 521.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 521.10 Td (Unveiled in October 2015, the F12tdf is our latest special series sports car \(based on the F12berlinetta\), which pays ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 509.10 Td (tribute to the ) Tj ET Q q 0 0 0 rg BT 107.42 509.10 Td (T) Tj ET Q q 0 0 0 rg BT 112.83 509.10 Td (our de France, the legendary endurance road race that Ferrari dominated in the 1950s and 1960s. Designed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 497.10 Td (entirely in-house at Ferrari Design Centre, the F12tdf is a two seat coupe equipped with a 6262cc 65 ) Tj ET Q q 0 0 0 rg BT 461.88 497.10 Td (V12 engine with a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 485.10 Td (maximum power of 780 hp \(compared to the 740 hp of F12berlinetta\) at 8,500 rpm. ) Tj ET Q q 0 0 0 rg BT 391.25 485.10 Td (The F12tdf is the most powerful high ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 473.10 Td (performance Ferrari sports car ever built. Its engine) Tj ET Q q 0 0 0 rg BT 262.80 473.10 Td (s sporty response is assured by a maximum torque of 705 Nm \(up from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 461.10 Td (690 Nm\) at 6,750 rpm with 80% of such force already available at 2,500 rpm. ) Tj ET Q q 0 0 0 rg BT 367.62 461.10 Td (The F12tdf is equipped with a new Ferrari ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 449.10 Td (innovative rear) Tj ET Q q 0 0 0 rg BT 114.05 449.10 Td (-wheel steering system, known as the ) Tj ET Q q 0 0 0 rg BT 268.28 449.10 Td (V) Tj ET Q q 0 0 0 rg BT 274.90 449.10 Td (irtual Short ) Tj ET Q q 0 0 0 rg BT 322.49 449.10 Td (Wheelbase \(or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 383.01 449.10 Td (Passo Corto V) Tj ET Q q 0 0 0 rg BT 440.61 449.10 Td (irtuale) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.28 449.10 Td (\), which together with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 437.10 Td (other vehicle dynamic control systems guarantees the steering wheel response times and turn-in of a competition car while ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 425.10 Td (increasing stability at high speed. ) Tj ET Q q 0 0 0 rg BT 189.90 425.10 Td (These factors combine to produce an outstanding acceleration: 0-100 km/h in 2.9 seconds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 413.10 Td (and 0-200 km/h in 7.9 seconds.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 389.10 Td (California ) Tj ET Q q 0 0 0 rg BT 98.17 389.10 Td (T) Tj ET Q /GS0 gs q 350.00 0 0 166.00 131.00 206.10 cm /I30 Do Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 182.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 182.10 Td (The ) Tj ET Q q 0 0 0 rg BT 107.98 182.10 Td (California ) Tj ET Q q 0 0 0 rg BT 150.78 182.10 Td (T) Tj ET Q q 0 0 0 rg BT 156.15 182.10 Td (, ) Tj ET Q q 0 0 0 rg BT 161.08 182.10 Td (which ) Tj ET Q q 0 0 0 rg BT 187.95 182.10 Td (followed ) Tj ET Q q 0 0 0 rg BT 225.93 182.10 Td (the ) Tj ET Q q 0 0 0 rg BT 240.58 182.10 Td (great ) Tj ET Q q 0 0 0 rg BT 263.00 182.10 Td (success ) Tj ET Q q 0 0 0 rg BT 295.42 182.10 Td (of ) Tj ET Q q 0 0 0 rg BT 306.18 182.10 Td (our ) Tj ET Q q 0 0 0 rg BT 321.95 182.10 Td (2008 ) Tj ET Q q 0 0 0 rg BT 344.38 182.10 Td (California ) Tj ET Q q 0 0 0 rg BT 387.36 182.10 Td (model, ) Tj ET Q q 0 0 0 rg BT 417.28 182.10 Td (is ) Tj ET Q q 0 0 0 rg BT 426.39 182.10 Td (equipped ) Tj ET Q q 0 0 0 rg BT 465.48 182.10 Td (with ) Tj ET Q q 0 0 0 rg BT 485.69 182.10 Td (a ) Tj ET Q q 0 0 0 rg BT 492.56 182.10 Td (560 ) Tj ET Q q 0 0 0 rg BT 509.99 182.10 Td (hp ) Tj ET Q q 0 0 0 rg BT 522.25 182.10 Td (V8 ) Tj ET Q q 0 0 0 rg BT 536.90 182.10 Td (turbo ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 170.10 Td (engine. ) Tj ET Q q 0 0 0 rg BT 85.47 170.10 Td (Launched ) Tj ET Q q 0 0 0 rg BT 127.22 170.10 Td (in ) Tj ET Q q 0 0 0 rg BT 137.31 170.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 162.13 170.10 Td (it ) Tj ET Q q 0 0 0 rg BT 170.01 170.10 Td (is ) Tj ET Q q 0 0 0 rg BT 178.99 170.10 Td (the ) Tj ET Q q 0 0 0 rg BT 193.53 170.10 Td (only ) Tj ET Q q 0 0 0 rg BT 213.63 170.10 Td (GT) Tj ET Q q 0 0 0 rg BT 226.78 170.10 Td ( ) Tj ET Q q 0 0 0 rg BT 229.09 170.10 Td (car ) Tj ET Q q 0 0 0 rg BT 243.62 170.10 Td (in ) Tj ET Q q 0 0 0 rg BT 253.72 170.10 Td (the ) Tj ET Q q 0 0 0 rg BT 268.25 170.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 303.89 170.10 Td (to ) Tj ET Q q 0 0 0 rg BT 313.99 170.10 Td (combine ) Tj ET Q q 0 0 0 rg BT 350.74 170.10 Td (a ) Tj ET Q q 0 0 0 rg BT 357.50 170.10 Td (retractable ) Tj ET Q q 0 0 0 rg BT 402.01 170.10 Td (hard ) Tj ET Q q 0 0 0 rg BT 422.09 170.10 Td (top, ) Tj ET Q q 0 0 0 rg BT 439.69 170.10 Td (rear ) Tj ET Q q 0 0 0 rg BT 457.54 170.10 Td (seats ) Tj ET Q q 0 0 0 rg BT 479.30 170.10 Td (and ) Tj ET Q q 0 0 0 rg BT 496.06 170.10 Td (a ) Tj ET Q q 0 0 0 rg BT 502.82 170.10 Td (ski ) Tj ET Q q 0 0 0 rg BT 516.80 170.10 Td (passage ) Tj ET Q q 0 0 0 rg BT 550.22 170.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 158.10 Td (the ) Tj ET Q q 0 0 0 rg BT 69.07 158.10 Td (spacious ) Tj ET Q q 0 0 0 rg BT 106.36 158.10 Td (trunk. ) Tj ET Q q 0 0 0 rg BT 132.82 158.10 Td (Its ) Tj ET Q q 0 0 0 rg BT 145.67 158.10 Td (new ) Tj ET Q q 0 0 0 rg BT 165.18 158.10 Td (turbochar) Tj ET Q q 0 0 0 rg BT 203.31 158.10 Td (ged ) Tj ET Q q 0 0 0 rg BT 220.39 158.10 Td (V8 ) Tj ET Q q 0 0 0 rg BT 235.47 158.10 Td (engine ) Tj ET Q q 0 0 0 rg BT 264.97 158.10 Td (comes ) Tj ET Q q 0 0 0 rg BT 293.37 158.10 Td (with ) Tj ET Q q 0 0 0 rg BT 314.00 158.10 Td (a ) Tj ET Q q 0 0 0 rg BT 321.29 158.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 356.34 158.10 Td (boost ) Tj ET Q q 0 0 0 rg BT 380.86 158.10 Td (management ) Tj ET Q q 0 0 0 rg BT 434.80 158.10 Td (system. ) Tj ET Q q 0 0 0 rg BT 467.72 158.10 Td (This ) Tj ET Q q 0 0 0 rg BT 488.35 158.10 Td (makes ) Tj ET Q q 0 0 0 rg BT 516.75 158.10 Td (it ) Tj ET Q q 0 0 0 rg BT 525.16 158.10 Td (the ) Tj ET Q q 0 0 0 rg BT 540.22 158.10 Td (only ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 146.10 Td (turbo ) Tj ET Q q 0 0 0 rg BT 77.29 146.10 Td (engine ) Tj ET Q q 0 0 0 rg BT 106.12 146.10 Td (in ) Tj ET Q q 0 0 0 rg BT 116.07 146.10 Td (the ) Tj ET Q q 0 0 0 rg BT 130.47 146.10 Td (world ) Tj ET Q q 0 0 0 rg BT 155.97 146.10 Td (with ) Tj ET Q q 0 0 0 rg BT 175.93 146.10 Td (close ) Tj ET Q q 0 0 0 rg BT 198.65 146.10 Td (to ) Tj ET Q q 0 0 0 rg BT 208.61 146.10 Td (no ) Tj ET Q q 0 0 0 rg BT 220.78 146.10 Td (turbo ) Tj ET Q q 0 0 0 rg BT 244.07 146.10 Td (lag. ) Tj ET Q q 0 0 0 rg BT 260.96 146.10 Td (It ) Tj ET Q q 0 0 0 rg BT 269.25 146.10 Td (also ) Tj ET Q q 0 0 0 rg BT 287.53 146.10 Td (features ) Tj ET Q q 0 0 0 rg BT 321.35 146.10 Td (a ) Tj ET Q q 0 0 0 rg BT 327.97 146.10 Td (revised ) Tj ET Q q 0 0 0 rg BT 359.02 146.10 Td (rear ) Tj ET Q q 0 0 0 rg BT 376.74 146.10 Td (and ) Tj ET Q q 0 0 0 rg BT 393.35 146.10 Td (interior ) Tj ET Q q 0 0 0 rg BT 424.96 146.10 Td (design ) Tj ET Q q 0 0 0 rg BT 453.25 146.10 Td (and ) Tj ET Q q 0 0 0 rg BT 469.86 146.10 Td (a ) Tj ET Q q 0 0 0 rg BT 476.48 146.10 Td (15 ) Tj ET Q q 0 0 0 rg BT 488.66 146.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 520.26 146.10 Td (reduction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 134.10 Td (in ) Tj ET Q q 0 0 0 rg BT 64.46 134.10 Td (fuel ) Tj ET Q q 0 0 0 rg BT 82.68 134.10 Td (consumption ) Tj ET Q q 0 0 0 rg BT 137.02 134.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 179.12 134.10 Td (to ) Tj ET Q q 0 0 0 rg BT 189.58 134.10 Td (its ) Tj ET Q q 0 0 0 rg BT 201.70 134.10 Td (predecessor) Tj ET Q q 0 0 0 rg BT 248.35 134.10 Td (. ) Tj ET Q q 0 0 0 rg BT 253.53 134.10 Td (Its ) Tj ET Q q 0 0 0 rg BT 266.20 134.10 Td (lines, ) Tj ET Q q 0 0 0 rg BT 290.27 134.10 Td (penned ) Tj ET Q q 0 0 0 rg BT 321.82 134.10 Td (by ) Tj ET Q q 0 0 0 rg BT 334.50 134.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 364.38 134.10 Td (Design ) Tj ET Q q 0 0 0 rg BT 395.39 134.10 Td (Centre ) Tj ET Q q 0 0 0 rg BT 424.72 134.10 Td (in ) Tj ET Q q 0 0 0 rg BT 435.18 134.10 Td (collaboration ) Tj ET Q q 0 0 0 rg BT 490.62 134.10 Td (with ) Tj ET Q q 0 0 0 rg BT 511.07 134.10 Td (Pininfarina, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 122.10 Td (were ) Tj ET Q q 0 0 0 rg BT 76.84 122.10 Td (awarded ) Tj ET Q q 0 0 0 rg BT 114.12 122.10 Td (the ) Tj ET Q q 0 0 0 rg BT 129.74 122.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 153.15 122.10 Td (Red ) Tj ET Q q 0 0 0 rg BT 172.67 122.10 Td (Dot ) Tj ET Q q 0 0 0 rg BT 191.08 122.10 Td (Design ) Tj ET Q q 0 0 0 rg BT 222.07 122.10 Td (A) Tj ET Q q 0 0 0 rg BT 228.37 122.10 Td (ward. ) Tj ET Q q 0 0 0 rg BT 254.27 122.10 Td (In ) Tj ET Q q 0 0 0 rg BT 266.01 122.10 Td (January ) Tj ET Q q 0 0 0 rg BT 300.52 122.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 326.43 122.10 Td (we ) Tj ET Q q 0 0 0 rg BT 341.50 122.10 Td (announced ) Tj ET Q q 0 0 0 rg BT 388.22 122.10 Td (the ) Tj ET Q q 0 0 0 rg BT 403.85 122.10 Td (introduction ) Tj ET Q q 0 0 0 rg BT 456.14 122.10 Td (of ) Tj ET Q q 0 0 0 rg BT 467.88 122.10 Td (the ) Tj ET Q q 0 0 0 rg BT 483.51 122.10 Td (Handling ) Tj ET Q q 0 0 0 rg BT 524.13 122.10 Td (Speciale ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 110.10 Td (Package ) Tj ET Q q 0 0 0 rg BT 90.10 110.10 Td (\(HSP\) ) Tj ET Q q 0 0 0 rg BT 126.76 110.10 Td (on ) Tj ET Q q 0 0 0 rg BT 139.54 110.10 Td (the ) Tj ET Q q 0 0 0 rg BT 154.53 110.10 Td (California ) Tj ET Q q 0 0 0 rg BT 197.65 110.10 Td (T) Tj ET Q q 0 0 0 rg BT 203.02 110.10 Td (. ) Tj ET Q q 0 0 0 rg BT 208.10 110.10 Td (The ) Tj ET Q q 0 0 0 rg BT 226.43 110.10 Td (HSP) Tj ET Q q 0 0 0 rg BT 243.66 110.10 Td (, ) Tj ET Q q 0 0 0 rg BT 248.94 110.10 Td (designed ) Tj ET Q q 0 0 0 rg BT 287.27 110.10 Td (to ) Tj ET Q q 0 0 0 rg BT 297.83 110.10 Td (ensure ) Tj ET Q q 0 0 0 rg BT 326.70 110.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 367.24 110.10 Td (performance, ) Tj ET Q q 0 0 0 rg BT 423.04 110.10 Td (handling ) Tj ET Q q 0 0 0 rg BT 460.82 110.10 Td (and ) Tj ET Q q 0 0 0 rg BT 478.03 110.10 Td (response ) Tj ET Q q 0 0 0 rg BT 515.80 110.10 Td (for ) Tj ET Q q 0 0 0 rg BT 530.24 110.10 Td (a ) Tj ET Q q 0 0 0 rg BT 537.46 110.10 Td (more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 98.10 Td (sporty ) Tj ET Q q 0 0 0 rg BT 81.50 98.10 Td (driving ) Tj ET Q q 0 0 0 rg BT 112.89 98.10 Td (experience, ) Tj ET Q q 0 0 0 rg BT 161.19 98.10 Td (will ) Tj ET Q q 0 0 0 rg BT 179.24 98.10 Td (be ) Tj ET Q q 0 0 0 rg BT 191.18 98.10 Td (presented ) Tj ET Q q 0 0 0 rg BT 232.00 98.10 Td (at ) Tj ET Q q 0 0 0 rg BT 241.71 98.10 Td (the ) Tj ET Q q 0 0 0 rg BT 256.43 98.10 Td (Geneva ) Tj ET Q q 0 0 0 rg BT 289.47 98.10 Td (Motor ) Tj ET Q q 0 0 0 rg BT 316.97 98.10 Td (Show ) Tj ET Q q 0 0 0 rg BT 342.25 98.10 Td (in ) Tj ET Q q 0 0 0 rg BT 352.53 98.10 Td (March ) Tj ET Q q 0 0 0 rg BT 381.13 98.10 Td (2016.) Tj ET Q endstream endobj 79 0 obj <> endobj 80 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 30.20 Td (31) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 742.10 Td (FF) Tj ET Q /GS0 gs q 350.00 0 0 184.00 131.00 541.10 cm /I31 Do Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 517.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 517.10 Td (Launched ) Tj ET Q q 0 0 0 rg BT 132.27 517.10 Td (in ) Tj ET Q q 0 0 0 rg BT 142.90 517.10 Td (201) Tj ET Q q 0 0 0 rg BT 157.53 517.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 167.88 517.10 Td (the ) Tj ET Q q 0 0 0 rg BT 182.94 517.10 Td (FF) Tj ET Q q 0 0 0 rg BT 193.26 517.10 Td (, ) Tj ET Q q 0 0 0 rg BT 198.61 517.10 Td (our ) Tj ET Q q 0 0 0 rg BT 214.79 517.10 Td (first ) Tj ET Q q 0 0 0 rg BT 233.75 517.10 Td (four) Tj ET Q q 0 0 0 rg BT 250.21 517.10 Td (-wheel ) Tj ET Q q 0 0 0 rg BT 280.26 517.10 Td (drive ) Tj ET Q q 0 0 0 rg BT 303.66 517.10 Td (model, ) Tj ET Q q 0 0 0 rg BT 334.00 517.10 Td (is ) Tj ET Q q 0 0 0 rg BT 343.52 517.10 Td (equipped ) Tj ET Q q 0 0 0 rg BT 383.02 517.10 Td (with ) Tj ET Q q 0 0 0 rg BT 403.65 517.10 Td (a ) Tj ET Q q 0 0 0 rg BT 410.93 517.10 Td (660 ) Tj ET Q q 0 0 0 rg BT 428.78 517.10 Td (hp ) Tj ET Q q 0 0 0 rg BT 441.42 517.10 Td (V12 ) Tj ET Q q 0 0 0 rg BT 461.49 517.10 Td (engine. ) Tj ET Q q 0 0 0 rg BT 492.87 517.10 Td (Among ) Tj ET Q q 0 0 0 rg BT 525.72 517.10 Td (its ) Tj ET Q q 0 0 0 rg BT 538.01 517.10 Td (main ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 505.10 Td (innovations, ) Tj ET Q q 0 0 0 rg BT 105.94 505.10 Td (the ) Tj ET Q q 0 0 0 rg BT 120.93 505.10 Td (FF ) Tj ET Q q 0 0 0 rg BT 134.83 505.10 Td (features ) Tj ET Q q 0 0 0 rg BT 169.24 505.10 Td (the ) Tj ET Q q 0 0 0 rg BT 184.23 505.10 Td (patented ) Tj ET Q q 0 0 0 rg BT 220.88 505.10 Td (lightweight ) Tj ET Q q 0 0 0 rg BT 269.21 505.10 Td (4RM ) Tj ET Q q 0 0 0 rg BT 292.54 505.10 Td (system, ) Tj ET Q q 0 0 0 rg BT 325.59 505.10 Td (which ) Tj ET Q q 0 0 0 rg BT 352.80 505.10 Td (transmits ) Tj ET Q q 0 0 0 rg BT 392.24 505.10 Td (torque ) Tj ET Q q 0 0 0 rg BT 420.56 505.10 Td (to ) Tj ET Q q 0 0 0 rg BT 431.11 505.10 Td (all ) Tj ET Q q 0 0 0 rg BT 443.88 505.10 Td (four ) Tj ET Q q 0 0 0 rg BT 463.32 505.10 Td (wheels, ) Tj ET Q q 0 0 0 rg BT 496.36 505.10 Td (thus ) Tj ET Q q 0 0 0 rg BT 515.80 505.10 Td (allowing ) Tj ET Q q 0 0 0 rg BT 553.57 505.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 493.10 Td (50 ) Tj ET Q q 0 0 0 rg BT 66.59 493.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 98.61 493.10 Td (saving ) Tj ET Q q 0 0 0 rg BT 127.31 493.10 Td (in ) Tj ET Q q 0 0 0 rg BT 137.69 493.10 Td (weight ) Tj ET Q q 0 0 0 rg BT 167.50 493.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 209.52 493.10 Td (to ) Tj ET Q q 0 0 0 rg BT 219.89 493.10 Td (a ) Tj ET Q q 0 0 0 rg BT 226.92 493.10 Td (traditional ) Tj ET Q q 0 0 0 rg BT 270.61 493.10 Td (four) Tj ET Q q 0 0 0 rg BT 287.07 493.10 Td (-wheel ) Tj ET Q q 0 0 0 rg BT 316.88 493.10 Td (drive ) Tj ET Q q 0 0 0 rg BT 340.02 493.10 Td (system ) Tj ET Q q 0 0 0 rg BT 370.39 493.10 Td (and ) Tj ET Q q 0 0 0 rg BT 387.42 493.10 Td (a ) Tj ET Q q 0 0 0 rg BT 394.46 493.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 419.82 493.10 Td (center ) Tj ET Q q 0 0 0 rg BT 446.84 493.10 Td (of ) Tj ET Q q 0 0 0 rg BT 457.76 493.10 Td (gravity ) Tj ET Q q 0 0 0 rg BT 488.68 493.10 Td (to ) Tj ET Q q 0 0 0 rg BT 499.05 493.10 Td (be ) Tj ET Q q 0 0 0 rg BT 511.08 493.10 Td (maintained. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 481.10 Td (Part ) Tj ET Q q 0 0 0 rg BT 72.81 481.10 Td (of ) Tj ET Q q 0 0 0 rg BT 83.84 481.10 Td (our ) Tj ET Q q 0 0 0 rg BT 99.87 481.10 Td (GT) Tj ET Q q 0 0 0 rg BT 113.02 481.10 Td ( ) Tj ET Q q 0 0 0 rg BT 115.72 481.10 Td (class, ) Tj ET Q q 0 0 0 rg BT 140.36 481.10 Td (the ) Tj ET Q q 0 0 0 rg BT 155.28 481.10 Td (Pininfarina-styled ) Tj ET Q q 0 0 0 rg BT 229.64 481.10 Td ( ) Tj ET Q q 0 0 0 rg BT 232.34 481.10 Td (FF ) Tj ET Q q 0 0 0 rg BT 246.16 481.10 Td (features ) Tj ET Q q 0 0 0 rg BT 280.51 481.10 Td (an ) Tj ET Q q 0 0 0 rg BT 292.65 481.10 Td (elegant ) Tj ET Q q 0 0 0 rg BT 324.22 481.10 Td (two ) Tj ET Q q 0 0 0 rg BT 341.92 481.10 Td (door) Tj ET Q q 0 0 0 rg BT 359.85 481.10 Td (, ) Tj ET Q q 0 0 0 rg BT 365.06 481.10 Td (four ) Tj ET Q q 0 0 0 rg BT 384.42 481.10 Td (seat ) Tj ET Q q 0 0 0 rg BT 402.67 481.10 Td (sporting ) Tj ET Q q 0 0 0 rg BT 438.15 481.10 Td (layout, ) Tj ET Q q 0 0 0 rg BT 468.34 481.10 Td (and ) Tj ET Q q 0 0 0 rg BT 485.48 481.10 Td (the ) Tj ET Q q 0 0 0 rg BT 500.40 481.10 Td (best ) Tj ET Q q 0 0 0 rg BT 519.21 481.10 Td (cabin ) Tj ET Q q 0 0 0 rg BT 543.57 481.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 469.10 Td (luggage ) Tj ET Q q 0 0 0 rg BT 88.16 469.10 Td (space ) Tj ET Q q 0 0 0 rg BT 112.86 469.10 Td (and ) Tj ET Q q 0 0 0 rg BT 129.80 469.10 Td (occupant ) Tj ET Q q 0 0 0 rg BT 168.39 469.10 Td (comfort ) Tj ET Q q 0 0 0 rg BT 202.55 469.10 Td (in ) Tj ET Q q 0 0 0 rg BT 212.83 469.10 Td (its ) Tj ET Q q 0 0 0 rg BT 224.78 469.10 Td (class.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 445.10 Td (GTC4Lusso) Tj ET Q /GS0 gs q 343.00 0 0 219.00 134.50 209.10 cm /I32 Do Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 185.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 185.10 Td (Unveiled in February 2016, the GTC4Lusso is our latest four) Tj ET Q q 0 0 0 rg BT 334.20 185.10 Td (-seater four) Tj ET Q q 0 0 0 rg BT 379.81 185.10 Td (-wheel drive Grand ) Tj ET Q q 0 0 0 rg BT 459.87 185.10 Td (T) Tj ET Q q 0 0 0 rg BT 465.28 185.10 Td (ourer model. Its name ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 173.10 Td (recalls historic Ferrari models, such as the 330GT) Tj ET Q q 0 0 0 rg BT 253.21 173.10 Td ( 2+2 and the 250 GT) Tj ET Q q 0 0 0 rg BT 336.15 173.10 Td ( Berlinetta Lusso, renowned for their combination of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 161.10 Td (elegance and performance. ) Tj ET Q q 0 0 0 rg BT 163.75 161.10 Td (The Ferrari Design-penned GTC4Lusso adds a further refinement to the shooting brake coupe ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 149.10 Td (style to produce a streamlined, tapered silhouette. ) Tj ET Q q 0 0 0 rg BT 254.59 149.10 Td (The GTC4Lusso is equipped with a 6262cc 65 ) Tj ET Q q 0 0 0 rg BT 447.26 149.10 Td (V12 engine with a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 137.10 Td (maximum power of 680 hp, maximum speed of 335/Km/h and acceleration of 0-100 km/h in 3.4 seconds ) Tj ET Q q 0 0 0 rg BT 476.79 137.10 Td (The Ferrari-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 125.10 Td (patented integrated four wheel drive and steering system allows the driver to ef) Tj ET Q q 0 0 0 rg BT 370.38 125.10 Td (fortlessly handle the exceptional torque in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 113.10 Td (variety of road conditions. Production of the GTC4Lusso is expected to start in the second quarter of 2016, and shipments are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 101.10 Td (expected to start in the third quarter of 2016. ) Tj ET Q endstream endobj 81 0 obj <> endobj 82 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 30.20 Td (32) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 742.25 Td (Personalization ) Tj ET Q q 0 0 0 rg BT 120.96 742.25 Td (Program ) Tj ET Q q 0 0 0 rg BT 160.13 742.25 Td (and ) Tj ET Q q 0 0 0 rg BT 178.19 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 183.38 742.25 Td (ailor ) Tj ET Q q 0 0 0 rg BT 205.33 742.25 Td (Made ) Tj ET Q q 0 0 0 rg BT 231.16 742.25 Td (Program ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 718.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 718.25 Td (All ) Tj ET Q q 0 0 0 rg BT 104.34 718.25 Td (of ) Tj ET Q q 0 0 0 rg BT 114.23 718.25 Td (our ) Tj ET Q q 0 0 0 rg BT 129.12 718.25 Td (models ) Tj ET Q q 0 0 0 rg BT 159.57 718.25 Td (feature ) Tj ET Q q 0 0 0 rg BT 188.89 718.25 Td (highly ) Tj ET Q q 0 0 0 rg BT 216.00 718.25 Td (customizable ) Tj ET Q q 0 0 0 rg BT 270.33 718.25 Td (interior ) Tj ET Q q 0 0 0 rg BT 301.32 718.25 Td (and ) Tj ET Q q 0 0 0 rg BT 317.32 718.25 Td (exterior ) Tj ET Q q 0 0 0 rg BT 349.98 718.25 Td (options, ) Tj ET Q q 0 0 0 rg BT 383.49 718.25 Td (which ) Tj ET Q q 0 0 0 rg BT 409.49 718.25 Td (together ) Tj ET Q q 0 0 0 rg BT 443.81 718.25 Td (comprise ) Tj ET Q q 0 0 0 rg BT 482.03 718.25 Td (our ) Tj ET Q q 0 0 0 rg BT 496.92 718.25 Td (personalization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 706.25 Td (catalogue. ) Tj ET Q q 0 0 0 rg BT 97.23 706.25 Td (Some ) Tj ET Q q 0 0 0 rg BT 122.42 706.25 Td (of ) Tj ET Q q 0 0 0 rg BT 133.16 706.25 Td (these ) Tj ET Q q 0 0 0 rg BT 156.12 706.25 Td (options ) Tj ET Q q 0 0 0 rg BT 187.99 706.25 Td (include ) Tj ET Q q 0 0 0 rg BT 219.83 706.25 Td (custom ) Tj ET Q q 0 0 0 rg BT 251.14 706.25 Td (shop ) Tj ET Q q 0 0 0 rg BT 272.44 706.25 Td (wheels, ) Tj ET Q q 0 0 0 rg BT 305.13 706.25 Td (alternate ) Tj ET Q q 0 0 0 rg BT 341.96 706.25 Td (brake ) Tj ET Q q 0 0 0 rg BT 366.58 706.25 Td (caliper ) Tj ET Q q 0 0 0 rg BT 396.20 706.25 Td (colors, ) Tj ET Q q 0 0 0 rg BT 425.55 706.25 Td (parking ) Tj ET Q q 0 0 0 rg BT 458.51 706.25 Td (cameras, ) Tj ET Q q 0 0 0 rg BT 496.18 706.25 Td (magneride ) Tj ET Q q 0 0 0 rg BT 540.80 706.25 Td (dual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 694.25 Td (mode ) Tj ET Q q 0 0 0 rg BT 78.79 694.25 Td (suspension, ) Tj ET Q q 0 0 0 rg BT 127.75 694.25 Td (sport ) Tj ET Q q 0 0 0 rg BT 150.31 694.25 Td (exhaust ) Tj ET Q q 0 0 0 rg BT 183.43 694.25 Td (systems, ) Tj ET Q q 0 0 0 rg BT 220.17 694.25 Td (dif) Tj ET Q q 0 0 0 rg BT 231.09 694.25 Td (ferent ) Tj ET Q q 0 0 0 rg BT 256.98 694.25 Td (panoramic ) Tj ET Q q 0 0 0 rg BT 301.75 694.25 Td (roof ) Tj ET Q q 0 0 0 rg BT 320.98 694.25 Td (options, ) Tj ET Q q 0 0 0 rg BT 355.49 694.25 Td (various ) Tj ET Q q 0 0 0 rg BT 387.50 694.25 Td (door ) Tj ET Q q 0 0 0 rg BT 408.40 694.25 Td (configurations, ) Tj ET Q q 0 0 0 rg BT 471.23 694.25 Td (steering ) Tj ET Q q 0 0 0 rg BT 505.46 694.25 Td (wheel ) Tj ET Q q 0 0 0 rg BT 531.90 694.25 Td (inserts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 682.25 Td (and ) Tj ET Q q 0 0 0 rg BT 70.94 682.25 Td (state ) Tj ET Q q 0 0 0 rg BT 91.76 682.25 Td (of ) Tj ET Q q 0 0 0 rg BT 102.59 682.25 Td (the ) Tj ET Q q 0 0 0 rg BT 117.31 682.25 Td (art ) Tj ET Q q 0 0 0 rg BT 130.36 682.25 Td (custom ) Tj ET Q q 0 0 0 rg BT 161.74 682.25 Td (high ) Tj ET Q q 0 0 0 rg BT 182.02 682.25 Td (fidelity ) Tj ET Q q 0 0 0 rg BT 213.40 682.25 Td (sound ) Tj ET Q q 0 0 0 rg BT 239.80 682.25 Td (systems. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 658.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 658.25 Td (W) Tj ET Q q 0 0 0 rg BT 99.04 658.25 Td (ith ) Tj ET Q q 0 0 0 rg BT 111.77 658.25 Td (our ) Tj ET Q q 0 0 0 rg BT 127.28 658.25 Td (Special ) Tj ET Q q 0 0 0 rg BT 163.32 658.25 Td (Equipment ) Tj ET Q q 0 0 0 rg BT 213.82 658.25 Td (program, ) Tj ET Q q 0 0 0 rg BT 252.37 658.25 Td (we ) Tj ET Q q 0 0 0 rg BT 266.21 658.25 Td (of) Tj ET Q q 0 0 0 rg BT 274.36 658.25 Td (fer ) Tj ET Q q 0 0 0 rg BT 287.63 658.25 Td (clients ) Tj ET Q q 0 0 0 rg BT 315.91 658.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 358.07 658.25 Td (customization ) Tj ET Q q 0 0 0 rg BT 416.35 658.25 Td (choices ) Tj ET Q q 0 0 0 rg BT 448.51 658.25 Td (for ) Tj ET Q q 0 0 0 rg BT 462.34 658.25 Td (their ) Tj ET Q q 0 0 0 rg BT 482.84 658.25 Td (car) Tj ET Q q 0 0 0 rg BT 494.50 658.25 Td (. ) Tj ET Q q 0 0 0 rg BT 499.17 658.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 516.90 658.25 Td (specialists ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 646.25 Td (are ) Tj ET Q q 0 0 0 rg BT 68.45 646.25 Td (able ) Tj ET Q q 0 0 0 rg BT 87.35 646.25 Td (to ) Tj ET Q q 0 0 0 rg BT 97.37 646.25 Td (guide ) Tj ET Q q 0 0 0 rg BT 121.83 646.25 Td (clients ) Tj ET Q q 0 0 0 rg BT 150.18 646.25 Td (in ) Tj ET Q q 0 0 0 rg BT 160.20 646.25 Td (creating ) Tj ET Q q 0 0 0 rg BT 194.65 646.25 Td (a ) Tj ET Q q 0 0 0 rg BT 201.33 646.25 Td (very ) Tj ET Q q 0 0 0 rg BT 221.34 646.25 Td (customized ) Tj ET Q q 0 0 0 rg BT 269.13 646.25 Td (car ) Tj ET Q q 0 0 0 rg BT 283.58 646.25 Td (through ) Tj ET Q q 0 0 0 rg BT 316.93 646.25 Td (a ) Tj ET Q q 0 0 0 rg BT 323.61 646.25 Td (wide ) Tj ET Q q 0 0 0 rg BT 345.29 646.25 Td (catalog ) Tj ET Q q 0 0 0 rg BT 376.41 646.25 Td (of ) Tj ET Q q 0 0 0 rg BT 386.98 646.25 Td (special ) Tj ET Q q 0 0 0 rg BT 416.99 646.25 Td (items ) Tj ET Q q 0 0 0 rg BT 440.90 646.25 Td (such ) Tj ET Q q 0 0 0 rg BT 461.47 646.25 Td (as ) Tj ET Q q 0 0 0 rg BT 472.05 646.25 Td (dif) Tj ET Q q 0 0 0 rg BT 482.97 646.25 Td (ferent ) Tj ET Q q 0 0 0 rg BT 508.53 646.25 Td (types ) Tj ET Q q 0 0 0 rg BT 531.89 646.25 Td (of ) Tj ET Q q 0 0 0 rg BT 542.46 646.25 Td (rare ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 634.25 Td (leathers, ) Tj ET Q q 0 0 0 rg BT 89.49 634.25 Td (custom ) Tj ET Q q 0 0 0 rg BT 120.27 634.25 Td (stitching, ) Tj ET Q q 0 0 0 rg BT 159.11 634.25 Td (special ) Tj ET Q q 0 0 0 rg BT 188.78 634.25 Td (paints, ) Tj ET Q q 0 0 0 rg BT 217.06 634.25 Td (special ) Tj ET Q q 0 0 0 rg BT 246.72 634.25 Td (carbon ) Tj ET Q q 0 0 0 rg BT 275.82 634.25 Td (fiber) Tj ET Q q 0 0 0 rg BT 294.30 634.25 Td (, ) Tj ET Q q 0 0 0 rg BT 298.70 634.25 Td (and ) Tj ET Q q 0 0 0 rg BT 315.03 634.25 Td (personalized ) Tj ET Q q 0 0 0 rg BT 367.46 634.25 Td (luggage ) Tj ET Q q 0 0 0 rg BT 401.01 634.25 Td (sets ) Tj ET Q q 0 0 0 rg BT 417.91 634.25 Td (designed ) Tj ET Q q 0 0 0 rg BT 455.35 634.25 Td (to ) Tj ET Q q 0 0 0 rg BT 465.03 634.25 Td (match ) Tj ET Q q 0 0 0 rg BT 491.36 634.25 Td (the ) Tj ET Q q 0 0 0 rg BT 505.47 634.25 Td (car) Tj ET Q q 0 0 0 rg BT 518.05 634.25 Td () Tj ET Q q 0 0 0 rg BT 520.83 634.25 Td (s ) Tj ET Q q 0 0 0 rg BT 526.62 634.25 Td (interior) Tj ET Q q 0 0 0 rg BT 555.50 634.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 610.25 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Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 502.25 Td (Limited ) Tj ET Q q 0 0 0 rg BT 88.16 502.25 Td (Edition ) Tj ET Q q 0 0 0 rg BT 121.23 502.25 Td (Supercars,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 165.40 502.25 Td ( ) Tj ET Q q 0 0 0 rg BT 167.90 502.25 Td (Fuoriserie) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 211.77 502.25 Td ( ) Tj ET Q q 0 0 0 rg BT 214.27 502.25 Td (and ) Tj ET Q q 0 0 0 rg BT 232.33 502.25 Td (One-Of) Tj ET Q q 0 0 0 rg BT 263.26 502.25 Td (fs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 478.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 478.25 Td (In ) Tj ET Q q 0 0 0 rg BT 101.15 478.25 Td (line ) Tj ET Q q 0 0 0 rg BT 118.96 478.25 Td (with ) Tj ET Q q 0 0 0 rg BT 139.56 478.25 Td (our ) Tj ET Q q 0 0 0 rg BT 155.70 478.25 Td (tradition ) Tj ET Q q 0 0 0 rg BT 192.40 478.25 Td (of ) Tj ET Q q 0 0 0 rg BT 203.55 478.25 Td (supercars ) Tj ET Q q 0 0 0 rg BT 244.13 478.25 Td (starting ) Tj ET Q q 0 0 0 rg BT 276.94 478.25 Td (with ) Tj ET Q q 0 0 0 rg BT 297.53 478.25 Td (the ) Tj ET Q q 0 0 0 rg BT 312.57 478.25 Td (288GT) Tj ET Q q 0 0 0 rg BT 340.72 478.25 Td (O ) Tj ET Q q 0 0 0 rg BT 350.76 478.25 Td (in ) Tj ET Q q 0 0 0 rg BT 361.35 478.25 Td (1984 ) Tj ET Q q 0 0 0 rg BT 384.17 478.25 Td (through ) Tj ET Q q 0 0 0 rg BT 418.10 478.25 Td (to ) Tj ET Q q 0 0 0 rg BT 428.69 478.25 Td (the ) Tj ET Q q 0 0 0 rg BT 443.73 478.25 Td (Enzo, ) Tj ET Q q 0 0 0 rg BT 469.59 478.25 Td (which ) Tj ET Q q 0 0 0 rg BT 496.85 478.25 Td (we ) Tj ET Q q 0 0 0 rg BT 511.32 478.25 Td (launched ) Tj ET Q q 0 0 0 rg BT 550.23 478.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 466.25 Td (2002, ) Tj ET Q q 0 0 0 rg BT 79.25 466.25 Td (we ) Tj ET Q q 0 0 0 rg BT 93.65 466.25 Td (also ) Tj ET Q q 0 0 0 rg BT 112.51 466.25 Td (produce ) Tj ET Q q 0 0 0 rg BT 147.46 466.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 178.53 466.25 Td (edition ) Tj ET Q q 0 0 0 rg BT 209.05 466.25 Td (supercars. ) Tj ET Q q 0 0 0 rg BT 251.86 466.25 Td (These ) Tj ET Q q 0 0 0 rg BT 278.48 466.25 Td (are ) Tj ET Q q 0 0 0 rg BT 293.43 466.25 Td (the ) Tj ET Q q 0 0 0 rg BT 308.40 466.25 Td (highest ) Tj ET Q q 0 0 0 rg BT 340.03 466.25 Td (expression ) Tj ET Q q 0 0 0 rg BT 385.54 466.25 Td (of ) Tj ET Q q 0 0 0 rg BT 396.62 466.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 426.57 466.25 Td (road ) Tj ET Q q 0 0 0 rg BT 447.08 466.25 Td (car ) Tj ET Q q 0 0 0 rg BT 462.04 466.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 515.31 466.25 Td (at ) Tj ET Q q 0 0 0 rg BT 525.27 466.25 Td (the ) Tj ET Q q 0 0 0 rg BT 540.23 466.25 Td (time ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 454.25 Td (and ) Tj ET Q q 0 0 0 rg BT 70.19 454.25 Td (are ) Tj ET Q q 0 0 0 rg BT 84.14 454.25 Td (often ) Tj ET Q q 0 0 0 rg BT 106.44 454.25 Td (the ) Tj ET Q q 0 0 0 rg BT 120.41 454.25 Td (forerunners ) Tj ET Q q 0 0 0 rg BT 168.25 454.25 Td (of ) Tj ET Q q 0 0 0 rg BT 178.33 454.25 Td (technological ) Tj ET Q q 0 0 0 rg BT 233.94 454.25 Td (innovations ) Tj ET Q q 0 0 0 rg BT 282.36 454.25 Td (for ) Tj ET Q q 0 0 0 rg BT 295.77 454.25 Td (future ) Tj ET Q q 0 0 0 rg BT 321.39 454.25 Td (range ) Tj ET Q q 0 0 0 rg BT 345.35 454.25 Td (models, ) Tj ET Q q 0 0 0 rg BT 378.49 454.25 Td (with ) Tj ET Q q 0 0 0 rg BT 398.01 454.25 Td (innovative ) Tj ET Q q 0 0 0 rg BT 441.97 454.25 Td (features ) Tj ET Q q 0 0 0 rg BT 475.37 454.25 Td (and ) Tj ET Q q 0 0 0 rg BT 491.56 454.25 Td (futuristic ) Tj ET Q q 0 0 0 rg BT 529.41 454.25 Td (design. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 442.25 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 108.88 442.25 Td (in ) Tj ET Q q 0 0 0 rg BT 119.06 442.25 Td (connection ) Tj ET Q q 0 0 0 rg BT 165.33 442.25 Td (with ) Tj ET Q q 0 0 0 rg BT 185.50 442.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 215.10 442.25 Td (events ) Tj ET Q q 0 0 0 rg BT 243.04 442.25 Td (or ) Tj ET Q q 0 0 0 rg BT 253.77 442.25 Td (celebrations, ) Tj ET Q q 0 0 0 rg BT 306.98 442.25 Td (we ) Tj ET Q q 0 0 0 rg BT 321.03 442.25 Td (also ) Tj ET Q q 0 0 0 rg BT 339.54 442.25 Td (launch ) Tj ET Q q 0 0 0 rg BT 368.59 442.25 Td (very ) Tj ET Q q 0 0 0 rg BT 388.75 442.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 419.48 442.25 Td (edition ) Tj ET Q q 0 0 0 rg BT 449.65 442.25 Td (cars ) Tj ET Q q 0 0 0 rg BT 468.15 442.25 Td (\(our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 487.20 442.25 Td (fuoriserie) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.09 442.25 Td (\). ) Tj ET Q q 0 0 0 rg BT 534.14 442.25 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 430.25 Td (models ) Tj ET Q q 0 0 0 rg BT 85.58 430.25 Td (can ) Tj ET Q q 0 0 0 rg BT 102.15 430.25 Td (be ) Tj ET Q q 0 0 0 rg BT 114.29 430.25 Td (of) Tj ET Q q 0 0 0 rg BT 122.44 430.25 Td (fered ) Tj ET Q q 0 0 0 rg BT 145.67 430.25 Td (globally) Tj ET Q q 0 0 0 rg BT 177.79 430.25 Td (, ) Tj ET Q q 0 0 0 rg BT 182.99 430.25 Td (or ) Tj ET Q q 0 0 0 rg BT 194.01 430.25 Td (may ) Tj ET Q q 0 0 0 rg BT 213.93 430.25 Td (be ) Tj ET Q q 0 0 0 rg BT 226.06 430.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 257.09 430.25 Td (to ) Tj ET Q q 0 0 0 rg BT 267.56 430.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 301.35 430.25 Td (local ) Tj ET Q q 0 0 0 rg BT 323.48 430.25 Td (markets. ) Tj ET Q q 0 0 0 rg BT 360.33 430.25 Td (Based ) Tj ET Q q 0 0 0 rg BT 387.46 430.25 Td (on ) Tj ET Q q 0 0 0 rg BT 400.16 430.25 Td (an ) Tj ET Q q 0 0 0 rg BT 412.29 430.25 Td (exotic ) Tj ET Q q 0 0 0 rg BT 439.42 430.25 Td (product ) Tj ET Q q 0 0 0 rg BT 472.66 430.25 Td (concept ) Tj ET Q q 0 0 0 rg BT 506.45 430.25 Td (not ) Tj ET Q q 0 0 0 rg BT 521.92 430.25 Td (available ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 418.25 Td (on ) Tj ET Q q 0 0 0 rg BT 67.43 418.25 Td (the ) Tj ET Q q 0 0 0 rg BT 83.08 418.25 Td (standard ) Tj ET Q q 0 0 0 rg BT 120.39 418.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 151.03 418.25 Td (model ) Tj ET Q q 0 0 0 rg BT 179.46 418.25 Td (range, ) Tj ET Q q 0 0 0 rg BT 207.60 418.25 Td (these ) Tj ET Q q 0 0 0 rg BT 231.58 418.25 Td (cars ) Tj ET Q q 0 0 0 rg BT 251.11 418.25 Td (feature ) Tj ET Q q 0 0 0 rg BT 282.30 418.25 Td (completely ) Tj ET Q q 0 0 0 rg BT 330.16 418.25 Td (unique ) Tj ET Q q 0 0 0 rg BT 360.81 418.25 Td (design ) Tj ET Q q 0 0 0 rg BT 390.35 418.25 Td (and ) Tj ET Q q 0 0 0 rg BT 408.22 418.25 Td (specifications ) Tj ET Q q 0 0 0 rg BT 466.63 418.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 509.49 418.25 Td (to ) Tj ET Q q 0 0 0 rg BT 520.70 418.25 Td (our ) Tj ET Q q 0 0 0 rg BT 537.46 418.25 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 406.25 Td (models. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 382.25 Td (LaFerrari) Tj ET Q /GS0 gs q 350.00 0 0 131.00 131.00 234.25 cm /I33 Do Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 210.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 210.25 Td (Launched ) Tj ET Q q 0 0 0 rg BT 132.13 210.25 Td (in ) Tj ET Q q 0 0 0 rg BT 142.61 210.25 Td (2013, ) Tj ET Q q 0 0 0 rg BT 167.81 210.25 Td (LaFerrari ) Tj ET Q q 0 0 0 rg BT 208.27 210.25 Td (is ) Tj ET Q q 0 0 0 rg BT 217.64 210.25 Td (the ) Tj ET Q q 0 0 0 rg BT 232.56 210.25 Td (latest ) Tj ET Q q 0 0 0 rg BT 256.36 210.25 Td (in ) Tj ET Q q 0 0 0 rg BT 266.85 210.25 Td (our ) Tj ET Q q 0 0 0 rg BT 282.88 210.25 Td (line ) Tj ET Q q 0 0 0 rg BT 300.58 210.25 Td (of ) Tj ET Q q 0 0 0 rg BT 311.61 210.25 Td (supercars. ) Tj ET Q q 0 0 0 rg BT 354.57 210.25 Td (Planned ) Tj ET Q q 0 0 0 rg BT 389.49 210.25 Td (for ) Tj ET Q q 0 0 0 rg BT 403.85 210.25 Td (a ) Tj ET Q q 0 0 0 rg BT 410.99 210.25 Td (total ) Tj ET Q q 0 0 0 rg BT 431.47 210.25 Td (production ) Tj ET Q q 0 0 0 rg BT 477.50 210.25 Td (run ) Tj ET Q q 0 0 0 rg BT 493.53 210.25 Td (of ) Tj ET Q q 0 0 0 rg BT 504.56 210.25 Td (just ) Tj ET Q q 0 0 0 rg BT 521.71 210.25 Td (499 ) Tj ET Q q 0 0 0 rg BT 539.42 210.25 Td (cars, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 198.25 Td (LaFerrari ) Tj ET Q q 0 0 0 rg BT 94.37 198.25 Td (is ) Tj ET Q q 0 0 0 rg BT 103.65 198.25 Td (our ) Tj ET Q q 0 0 0 rg BT 119.59 198.25 Td (first ) Tj ET Q q 0 0 0 rg BT 138.31 198.25 Td (car ) Tj ET Q q 0 0 0 rg BT 153.13 198.25 Td (with ) Tj ET Q q 0 0 0 rg BT 173.52 198.25 Td (hybrid ) Tj ET Q q 0 0 0 rg BT 202.24 198.25 Td (technology) Tj ET Q q 0 0 0 rg BT 246.02 198.25 Td (. ) Tj ET Q q 0 0 0 rg BT 250.55 198.25 Td (Alongside ) Tj ET Q q 0 0 0 rg BT 294.27 198.25 Td (its ) Tj ET Q q 0 0 0 rg BT 306.33 198.25 Td (powerful ) Tj ET Q q 0 0 0 rg BT 345.04 198.25 Td (rear) Tj ET Q q 0 0 0 rg BT 360.38 198.25 Td (-wheel ) Tj ET Q q 0 0 0 rg BT 390.20 198.25 Td (drive ) Tj ET Q q 0 0 0 rg BT 413.36 198.25 Td (layout ) Tj ET Q q 0 0 0 rg BT 440.77 198.25 Td (V12 ) Tj ET Q q 0 0 0 rg BT 460.61 198.25 Td (engine ) Tj ET Q q 0 0 0 rg BT 489.87 198.25 Td (\(which ) Tj ET Q q 0 0 0 rg BT 520.25 198.25 Td (generates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 186.25 Td (800 ) Tj ET Q q 0 0 0 rg BT 71.86 186.25 Td (hp\), ) Tj ET Q q 0 0 0 rg BT 90.56 186.25 Td (the ) Tj ET Q q 0 0 0 rg BT 105.64 186.25 Td (hybrid ) Tj ET Q q 0 0 0 rg BT 134.61 186.25 Td (system ) Tj ET Q q 0 0 0 rg BT 165.25 186.25 Td (comprises ) Tj ET Q q 0 0 0 rg BT 208.66 186.25 Td (two ) Tj ET Q q 0 0 0 rg BT 226.53 186.25 Td (electric ) Tj ET Q q 0 0 0 rg BT 258.81 186.25 Td (motors ) Tj ET Q q 0 0 0 rg BT 289.45 186.25 Td (and ) Tj ET Q q 0 0 0 rg BT 306.75 186.25 Td (a ) Tj ET Q q 0 0 0 rg BT 314.06 186.25 Td (special ) Tj ET Q q 0 0 0 rg BT 344.68 186.25 Td (battery ) Tj ET Q q 0 0 0 rg BT 375.31 186.25 Td (consisting ) Tj ET Q q 0 0 0 rg BT 418.73 186.25 Td (of ) Tj ET Q q 0 0 0 rg BT 429.93 186.25 Td (cells ) Tj ET Q q 0 0 0 rg BT 451.11 186.25 Td (developed ) Tj ET Q q 0 0 0 rg BT 495.07 186.25 Td (by ) Tj ET Q q 0 0 0 rg BT 507.94 186.25 Td (the ) Tj ET Q q 0 0 0 rg BT 523.02 186.25 Td (Scuderia ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 174.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 83.91 174.25 Td (where ) Tj ET Q q 0 0 0 rg BT 111.04 174.25 Td (the ) Tj ET Q q 0 0 0 rg BT 125.96 174.25 Td (F138 ) Tj ET Q q 0 0 0 rg BT 149.22 174.25 Td (KERS ) Tj ET Q q 0 0 0 rg BT 177.48 174.25 Td (technology ) Tj ET Q q 0 0 0 rg BT 224.62 174.25 Td (was ) Tj ET Q q 0 0 0 rg BT 242.87 174.25 Td (pioneered. ) Tj ET Q q 0 0 0 rg BT 287.50 174.25 Td (Because ) Tj ET Q q 0 0 0 rg BT 323.52 174.25 Td (the ) Tj ET Q q 0 0 0 rg BT 338.43 174.25 Td (battery ) Tj ET Q q 0 0 0 rg BT 368.90 174.25 Td (generates ) Tj ET Q q 0 0 0 rg BT 409.35 174.25 Td (an ) Tj ET Q q 0 0 0 rg BT 421.49 174.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 464.19 174.25 Td (163 ) Tj ET Q q 0 0 0 rg BT 481.89 174.25 Td (hp, ) Tj ET Q q 0 0 0 rg BT 497.09 174.25 Td (LaFerrari ) Tj ET Q q 0 0 0 rg BT 537.55 174.25 Td (has ) Tj ET Q q 0 0 0 rg BT 553.58 174.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 162.25 Td (combined ) Tj ET Q q 0 0 0 rg BT 95.93 162.25 Td (total ) Tj ET Q q 0 0 0 rg BT 116.20 162.25 Td (of ) Tj ET Q q 0 0 0 rg BT 127.03 162.25 Td (963 ) Tj ET Q q 0 0 0 rg BT 144.53 162.25 Td (hp. ) Tj ET Q q 0 0 0 rg BT 159.52 162.25 Td (LaFerrari) Tj ET Q q 0 0 0 rg BT 200.06 162.25 Td (s ) Tj ET Q q 0 0 0 rg BT 206.45 162.25 Td (HY) Tj ET Q q 0 0 0 rg BT 219.78 162.25 Td (-KERS ) Tj ET Q q 0 0 0 rg BT 251.17 162.25 Td (system ) Tj ET Q q 0 0 0 rg BT 281.45 162.25 Td (is ) Tj ET Q q 0 0 0 rg BT 290.61 162.25 Td (designed ) Tj ET Q q 0 0 0 rg BT 328.66 162.25 Td (to ) Tj ET Q q 0 0 0 rg BT 338.93 162.25 Td (achieve ) Tj ET Q q 0 0 0 rg BT 371.96 162.25 Td (seamless ) Tj ET Q q 0 0 0 rg BT 410.01 162.25 Td (integration ) Tj ET Q q 0 0 0 rg BT 455.83 162.25 Td (and ) Tj ET Q q 0 0 0 rg BT 472.76 162.25 Td (rapid ) Tj ET Q q 0 0 0 rg BT 495.81 162.25 Td (communication ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 150.25 Td (between ) Tj ET Q q 0 0 0 rg BT 91.19 150.25 Td (the ) Tj ET Q q 0 0 0 rg BT 107.01 150.25 Td (V12 ) Tj ET Q q 0 0 0 rg BT 128.11 150.25 Td (and ) Tj ET Q q 0 0 0 rg BT 146.43 150.25 Td (electric ) Tj ET Q q 0 0 0 rg BT 179.73 150.25 Td (motor) Tj ET Q q 0 0 0 rg BT 203.21 150.25 Td (, ) Tj ET Q q 0 0 0 rg BT 209.59 150.25 Td (thus ) Tj ET Q q 0 0 0 rg BT 230.14 150.25 Td (blending ) Tj ET Q q 0 0 0 rg BT 269.01 150.25 Td (extreme ) Tj ET Q q 0 0 0 rg BT 305.09 150.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 359.50 150.25 Td (with ) Tj ET Q q 0 0 0 rg BT 381.15 150.25 Td (maximum ) Tj ET Q q 0 0 0 rg BT 425.58 150.25 Td (ef) Tj ET Q q 0 0 0 rg BT 433.17 150.25 Td (ficiency) Tj ET Q q 0 0 0 rg BT 464.72 150.25 Td (. ) Tj ET Q q 0 0 0 rg BT 470.82 150.25 Td (Thanks ) Tj ET Q q 0 0 0 rg BT 504.14 150.25 Td (to ) Tj ET Q q 0 0 0 rg BT 515.80 150.25 Td (the ) Tj ET Q q 0 0 0 rg BT 531.89 150.25 Td (hybrid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 138.25 Td (technology) Tj ET Q q 0 0 0 rg BT 97.78 138.25 Td (, ) Tj ET Q q 0 0 0 rg BT 102.97 138.25 Td (LaFerrari ) Tj ET Q q 0 0 0 rg BT 143.40 138.25 Td (generates ) Tj ET Q q 0 0 0 rg BT 183.84 138.25 Td (almost ) Tj ET Q q 0 0 0 rg BT 213.19 138.25 Td (50 ) Tj ET Q q 0 0 0 rg BT 225.87 138.25 Td (percent ) Tj ET Q q 0 0 0 rg BT 257.97 138.25 Td (more ) Tj ET Q q 0 0 0 rg BT 281.20 138.25 Td (horsepower ) Tj ET Q q 0 0 0 rg BT 330.54 138.25 Td (than ) Tj ET Q q 0 0 0 rg BT 350.43 138.25 Td (the ) Tj ET Q q 0 0 0 rg BT 365.33 138.25 Td (Enzo, ) Tj ET Q q 0 0 0 rg BT 391.06 138.25 Td (its ) Tj ET Q q 0 0 0 rg BT 403.19 138.25 Td (predecessor) Tj ET Q q 0 0 0 rg BT 449.99 138.25 Td (, ) Tj ET Q q 0 0 0 rg BT 455.17 138.25 Td (and ) Tj ET Q q 0 0 0 rg BT 472.29 138.25 Td (220 ) Tj ET Q q 0 0 0 rg BT 489.97 138.25 Td (hp ) Tj ET Q q 0 0 0 rg BT 502.66 138.25 Td (more ) Tj ET Q q 0 0 0 rg BT 525.89 138.25 Td (than ) Tj ET Q q 0 0 0 rg BT 545.78 138.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 126.25 Td (F12, ) Tj ET Q q 0 0 0 rg BT 74.30 126.25 Td (our ) Tj ET Q q 0 0 0 rg BT 89.86 126.25 Td (most ) Tj ET Q q 0 0 0 rg BT 111.54 126.25 Td (powerful ) Tj ET Q q 0 0 0 rg BT 149.87 126.25 Td (car ) Tj ET Q q 0 0 0 rg BT 164.31 126.25 Td (to ) Tj ET Q q 0 0 0 rg BT 174.33 126.25 Td (date. ) Tj ET Q q 0 0 0 rg BT 195.72 126.25 Td (LaFerrari ) Tj ET Q q 0 0 0 rg BT 235.70 126.25 Td (is ) Tj ET Q q 0 0 0 rg BT 244.61 126.25 Td (the ) Tj ET Q q 0 0 0 rg BT 259.06 126.25 Td (first ) Tj ET Q q 0 0 0 rg BT 277.40 126.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 306.84 126.25 Td (road ) Tj ET Q q 0 0 0 rg BT 326.84 126.25 Td (car ) Tj ET Q q 0 0 0 rg BT 341.29 126.25 Td (to ) Tj ET Q q 0 0 0 rg BT 351.30 126.25 Td (have ) Tj ET Q q 0 0 0 rg BT 372.41 126.25 Td (been ) Tj ET Q q 0 0 0 rg BT 393.52 126.25 Td (entirely ) Tj ET Q q 0 0 0 rg BT 426.29 126.25 Td (styled ) Tj ET Q q 0 0 0 rg BT 452.42 126.25 Td (in ) Tj ET Q q 0 0 0 rg BT 462.43 126.25 Td (house ) Tj ET Q q 0 0 0 rg BT 487.99 126.25 Td (by ) Tj ET Q q 0 0 0 rg BT 500.23 126.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 529.67 126.25 Td (Design ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 111.85 Td (Centre. ) Tj ET Q q 0 0 0 rg BT 85.66 111.85 Td (It ) Tj ET Q q 0 0 0 rg BT 94.26 111.85 Td (was ) Tj ET Q q 0 0 0 rg BT 112.32 111.85 Td (granted ) Tj ET Q q 0 0 0 rg BT 144.80 111.85 Td (the ) Tj ET Q q 0 0 0 rg BT 159.52 111.85 Td (2014 ) Tj ET Q q 0 0 0 rg BT 182.02 111.85 Td (Red ) Tj ET Q q 0 0 0 rg BT 200.63 111.85 Td (Dot ) Tj ET Q q 0 0 0 rg BT 218.13 111.85 Td (Design ) Tj ET Q q 0 0 0 rg BT 248.40 111.85 Td (A) Tj ET Q q 0 0 0 rg BT 254.71 111.85 Td (ward ) Tj ET Q q 0 0 0 rg BT 277.20 111.85 Td (and ) Tj ET Q q 0 0 0 rg BT 294.14 111.85 Td (the ) Tj ET Q q 0 0 0 rg BT 308.85 111.85 Td (Design ) Tj ET Q q 0 0 0 rg BT 339.68 111.85 Td (of ) Tj ET Q q 0 0 0 rg BT 350.51 111.85 Td (the ) Tj ET Q q 0 0 0 rg BT 364.86 111.85 Td (Y) Tj ET Q q 0 0 0 rg BT 371.08 111.85 Td (ear ) Tj ET Q q 0 0 0 rg BT 385.24 111.85 Td (A) Tj ET Q q 0 0 0 rg BT 391.54 111.85 Td (ward ) Tj ET Q q 0 0 0 rg BT 414.03 111.85 Td (at ) Tj ET Q q 0 0 0 rg BT 423.75 111.85 Td (the) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 435.96 111.85 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.96 111.85 Td (2014 ) Tj ET Q q 0 0 0 rg BT 460.91 111.85 Td (AutoDesign ) Tj ET Q q 0 0 0 rg BT 511.19 111.85 Td (A) Tj ET Q q 0 0 0 rg BT 517.49 111.85 Td (wards.) Tj ET Q endstream endobj 83 0 obj <> endobj 84 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 30.20 Td (33) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 742.10 Td (F60 ) Tj ET Q q 0 0 0 rg BT 72.43 742.10 Td (America) Tj ET Q /GS0 gs q 349.90 0 0 191.00 131.00 534.10 cm /I34 Do Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 510.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 510.10 Td (The ) Tj ET Q q 0 0 0 rg BT 107.95 510.10 Td (F60 ) Tj ET Q q 0 0 0 rg BT 125.38 510.10 Td (America, ) Tj ET Q q 0 0 0 rg BT 164.70 510.10 Td (a ) Tj ET Q q 0 0 0 rg BT 171.36 510.10 Td (V12 ) Tj ET Q q 0 0 0 rg BT 190.98 510.10 Td (open ) Tj ET Q q 0 0 0 rg BT 212.82 510.10 Td (air ) Tj ET Q q 0 0 0 rg BT 225.77 510.10 Td (roadster) Tj ET Q q 0 0 0 rg BT 257.57 510.10 Td (, ) Tj ET Q q 0 0 0 rg BT 262.47 510.10 Td (celebrates ) Tj ET Q q 0 0 0 rg BT 304.84 510.10 Td (our ) Tj ET Q q 0 0 0 rg BT 320.57 510.10 Td (60 ) Tj ET Q q 0 0 0 rg BT 332.97 510.10 Td (years ) Tj ET Q q 0 0 0 rg BT 356.47 510.10 Td (in ) Tj ET Q q 0 0 0 rg BT 366.64 510.10 Td (the ) Tj ET Q q 0 0 0 rg BT 381.26 510.10 Td (United ) Tj ET Q q 0 0 0 rg BT 410.88 510.10 Td (States ) Tj ET Q q 0 0 0 rg BT 437.16 510.10 Td (and ) Tj ET Q q 0 0 0 rg BT 454.00 510.10 Td (is ) Tj ET Q q 0 0 0 rg BT 463.07 510.10 Td (available ) Tj ET Q q 0 0 0 rg BT 501.56 510.10 Td (to ) Tj ET Q q 0 0 0 rg BT 511.73 510.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 531.92 510.10 Td (clients ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 498.10 Td (only) Tj ET Q q 0 0 0 rg BT 71.13 498.10 Td (. ) Tj ET Q q 0 0 0 rg BT 76.53 498.10 Td (It ) Tj ET Q q 0 0 0 rg BT 85.53 498.10 Td (combines ) Tj ET Q q 0 0 0 rg BT 126.75 498.10 Td (two ) Tj ET Q q 0 0 0 rg BT 144.65 498.10 Td (of ) Tj ET Q q 0 0 0 rg BT 155.88 498.10 Td (our ) Tj ET Q q 0 0 0 rg BT 171.46 498.10 Td (American ) Tj ET Q q 0 0 0 rg BT 213.79 498.10 Td (clients) Tj ET Q q 0 0 0 rg BT 242.48 498.10 Td ( ) Tj ET Q q 0 0 0 rg BT 245.37 498.10 Td (great ) Tj ET Q q 0 0 0 rg 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517.20 269.10 Td (Americas, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 257.10 Td (\(iii\)Greater ) Tj ET Q q 0 0 0 rg BT 104.25 257.10 Td (China ) Tj ET Q q 0 0 0 rg BT 130.92 257.10 Td (\(which ) Tj ET Q q 0 0 0 rg BT 161.48 257.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 197.38 257.10 Td (The ) Tj ET Q q 0 0 0 rg BT 215.71 257.10 Td (People) Tj ET Q q 0 0 0 rg BT 245.71 257.10 Td (s ) Tj ET Q q 0 0 0 rg BT 252.38 257.10 Td (Republic ) Tj ET Q q 0 0 0 rg BT 291.27 257.10 Td (of ) Tj ET Q q 0 0 0 rg BT 302.38 257.10 Td (China, ) Tj ET Q q 0 0 0 rg BT 331.35 257.10 Td (T) Tj ET Q q 0 0 0 rg BT 336.76 257.10 Td (aiwan ) Tj ET Q q 0 0 0 rg BT 363.42 257.10 Td (and ) Tj ET Q q 0 0 0 rg BT 380.64 257.10 Td (Hong ) Tj ET Q q 0 0 0 rg BT 405.65 257.10 Td (Kong\), ) Tj ET Q q 0 0 0 rg BT 436.48 257.10 Td (and ) Tj ET Q q 0 0 0 rg BT 453.71 257.10 Td (\(iv\)Rest ) Tj ET Q q 0 0 0 rg BT 491.21 257.10 Td (of ) Tj ET Q q 0 0 0 rg BT 501.70 257.10 Td (AP) Tj ET Q q 0 0 0 rg BT 513.57 257.10 Td (AC ) Tj ET Q q 0 0 0 rg BT 530.24 257.10 Td (\(which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 245.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 89.83 245.10 Td (the ) Tj ET Q q 0 0 0 rg BT 104.54 245.10 Td (rest ) Tj ET Q q 0 0 0 rg BT 121.48 245.10 Td (of ) Tj ET Q q 0 0 0 rg BT 131.76 245.10 Td (Asia ) Tj ET Q q 0 0 0 rg BT 152.59 245.10 Td (and ) Tj ET Q q 0 0 0 rg BT 169.53 245.10 Td (Oceania\). ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 221.10 Td (Dealer ) Tj ET Q q 0 0 0 rg BT 84.27 221.10 Td (network) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 197.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 197.10 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 197.10 Td (e ) Tj ET Q q 0 0 0 rg BT 106.15 197.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 123.10 197.10 Td (our ) Tj ET Q q 0 0 0 rg BT 139.50 197.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 158.67 197.10 Td (exclusively ) Tj ET Q q 0 0 0 rg BT 207.29 197.10 Td (through ) Tj ET Q q 0 0 0 rg BT 241.46 197.10 Td (a ) Tj ET Q q 0 0 0 rg BT 248.97 197.10 Td (network ) Tj ET Q q 0 0 0 rg BT 284.81 197.10 Td (of ) Tj ET Q q 0 0 0 rg BT 296.21 197.10 Td (authorized ) Tj ET Q q 0 0 0 rg BT 341.48 197.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 372.87 197.10 Td (\(with ) Tj ET Q q 0 0 0 rg BT 397.05 197.10 Td (the ) Tj ET Q q 0 0 0 rg BT 412.34 197.10 Td (exception ) Tj ET Q q 0 0 0 rg BT 454.28 197.10 Td (of ) Tj ET Q q 0 0 0 rg BT 465.68 197.10 Td (one-of) Tj ET Q q 0 0 0 rg BT 491.60 197.10 Td (fs ) Tj ET Q q 0 0 0 rg BT 501.89 197.10 Td (which ) Tj ET Q q 0 0 0 rg BT 529.40 197.10 Td (we ) Tj ET Q q 0 0 0 rg BT 544.13 197.10 Td (sell ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 185.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 86.82 185.10 Td (to ) Tj ET Q q 0 0 0 rg BT 96.88 185.10 Td (end ) Tj ET Q q 0 0 0 rg BT 113.59 185.10 Td (clients\). ) Tj ET Q q 0 0 0 rg BT 147.80 185.10 Td (In ) Tj ET Q q 0 0 0 rg BT 158.41 185.10 Td (our ) Tj ET Q q 0 0 0 rg BT 174.02 185.10 Td (lar) Tj ET Q q 0 0 0 rg BT 184.39 185.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 199.43 185.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 233.37 185.10 Td (we ) Tj ET Q q 0 0 0 rg BT 247.30 185.10 Td (act ) Tj ET Q q 0 0 0 rg BT 261.24 185.10 Td (as ) Tj ET Q q 0 0 0 rg BT 271.84 185.10 Td (importer ) Tj ET Q q 0 0 0 rg BT 308.56 185.10 Td (either ) Tj ET Q q 0 0 0 rg BT 333.60 185.10 Td (through ) Tj ET Q q 0 0 0 rg BT 366.98 185.10 Td (wholly ) Tj ET Q q 0 0 0 rg BT 397.04 185.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 425.98 185.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 475.47 185.10 Td (or) Tj ET Q q 0 0 0 rg BT 483.40 185.10 Td (, ) Tj ET Q q 0 0 0 rg BT 488.18 185.10 Td (in ) Tj ET Q q 0 0 0 rg BT 498.24 185.10 Td (China, ) Tj ET Q q 0 0 0 rg BT 526.90 185.10 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 173.10 Td (a ) Tj ET Q q 0 0 0 rg BT 61.61 173.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 105.89 173.10 Td (partly ) Tj ET Q q 0 0 0 rg BT 132.38 173.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 162.21 173.10 Td (by ) Tj ET Q q 0 0 0 rg BT 175.38 173.10 Td (a ) Tj ET Q q 0 0 0 rg BT 182.99 173.10 Td (local ) Tj ET Q q 0 0 0 rg BT 205.60 173.10 Td (partner) Tj ET Q q 0 0 0 rg BT 233.51 173.10 Td (, ) Tj ET Q q 0 0 0 rg BT 239.18 173.10 Td (and ) Tj ET Q q 0 0 0 rg BT 256.79 173.10 Td (we ) Tj ET Q q 0 0 0 rg BT 271.62 173.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 288.68 173.10 Td (the ) Tj ET Q q 0 0 0 rg BT 304.07 173.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 323.34 173.10 Td (to ) Tj ET Q q 0 0 0 rg BT 334.28 173.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 365.77 173.10 Td (for ) Tj ET Q q 0 0 0 rg BT 380.60 173.10 Td (resale ) Tj ET Q q 0 0 0 rg BT 407.09 173.10 Td (to ) Tj ET Q q 0 0 0 rg BT 418.04 173.10 Td (end ) Tj ET Q q 0 0 0 rg BT 435.64 173.10 Td (clients. ) Tj ET Q q 0 0 0 rg BT 467.42 173.10 Td (In ) Tj ET Q q 0 0 0 rg BT 478.92 173.10 Td (smaller ) Tj ET Q q 0 0 0 rg BT 511.52 173.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 546.35 173.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 161.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 93.70 161.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 110.09 161.10 Td (the ) Tj ET Q q 0 0 0 rg BT 124.80 161.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 143.40 161.10 Td (to ) Tj ET Q q 0 0 0 rg BT 153.68 161.10 Td (a ) Tj ET Q q 0 0 0 rg BT 160.62 161.10 Td (single ) Tj ET Q q 0 0 0 rg BT 187.00 161.10 Td (importer) Tj ET Q q 0 0 0 rg BT 220.88 161.10 Td (. ) Tj ET Q q 0 0 0 rg BT 225.33 161.10 Td (At ) Tj ET Q q 0 0 0 rg BT 237.83 161.10 Td (December ) Tj ET Q q 0 0 0 rg BT 281.41 161.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 296.41 161.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 321.41 161.10 Td (our ) Tj ET Q q 0 0 0 rg BT 337.24 161.10 Td (network ) Tj ET Q q 0 0 0 rg BT 372.51 161.10 Td (comprised ) Tj ET Q q 0 0 0 rg BT 416.66 161.10 Td (176 ) Tj ET Q q 0 0 0 rg BT 434.16 161.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 464.97 161.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 505.24 161.10 Td (198 ) Tj ET Q q 0 0 0 rg BT 522.74 161.10 Td (points ) Tj ET Q q 0 0 0 rg BT 549.68 161.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 149.10 Td (sale. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 125.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 125.10 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 125.10 Td (e do not own dealerships and, while our strategy does not contemplate owning dealerships, we retain flexibility to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 113.10 Td (consider all market requirements from time to time.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 89.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 89.10 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 89.10 Td (e ) Tj ET Q q 0 0 0 rg BT 105.10 89.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 136.00 89.10 Td (that ) Tj ET Q q 0 0 0 rg BT 153.02 89.10 Td (our ) Tj ET Q q 0 0 0 rg BT 168.38 89.10 Td (careful ) Tj ET Q q 0 0 0 rg BT 198.15 89.10 Td (and ) Tj ET Q q 0 0 0 rg BT 214.62 89.10 Td (strict ) Tj ET Q q 0 0 0 rg BT 236.64 89.10 Td (selection ) Tj ET Q q 0 0 0 rg BT 274.21 89.10 Td (of ) Tj ET Q q 0 0 0 rg BT 284.56 89.10 Td (the ) Tj ET Q q 0 0 0 rg BT 298.80 89.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 329.14 89.10 Td (that ) Tj ET Q q 0 0 0 rg BT 346.17 89.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 362.08 89.10 Td (our ) Tj ET Q q 0 0 0 rg BT 377.43 89.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 395.56 89.10 Td (is ) Tj ET Q q 0 0 0 rg BT 404.25 89.10 Td (a ) Tj ET Q q 0 0 0 rg BT 410.72 89.10 Td (key ) Tj ET Q q 0 0 0 rg BT 427.18 89.10 Td (factor ) Tj ET Q q 0 0 0 rg BT 452.52 89.10 Td (for ) Tj ET Q q 0 0 0 rg BT 466.21 89.10 Td (promoting ) Tj ET Q q 0 0 0 rg BT 509.90 89.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.14 89.10 Td (integrity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 77.10 Td (and ) Tj ET Q q 0 0 0 rg BT 70.96 77.10 Td (success ) Tj ET Q q 0 0 0 rg BT 103.47 77.10 Td (of ) Tj ET Q q 0 0 0 rg BT 114.32 77.10 Td (our ) Tj ET Q q 0 0 0 rg BT 130.17 77.10 Td (brand. ) Tj ET Q q 0 0 0 rg BT 157.96 77.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 176.03 77.10 Td (selection ) Tj ET Q q 0 0 0 rg BT 214.09 77.10 Td (criteria ) Tj ET Q q 0 0 0 rg BT 244.92 77.10 Td (are ) Tj ET Q q 0 0 0 rg BT 259.64 77.10 Td (based ) Tj ET Q q 0 0 0 rg BT 284.93 77.10 Td (on ) Tj ET Q q 0 0 0 rg BT 297.45 77.10 Td (the ) Tj ET Q q 0 0 0 rg BT 312.19 77.10 Td (candidates) Tj ET Q q 0 0 0 rg BT 356.98 77.10 Td ( ) Tj ET Q q 0 0 0 rg BT 359.50 77.10 Td (reputation, ) Tj ET Q q 0 0 0 rg BT 405.06 77.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 442.56 77.10 Td (solidity ) Tj ET Q q 0 0 0 rg BT 475.08 77.10 Td (and ) Tj ET Q q 0 0 0 rg BT 492.04 77.10 Td (track ) Tj ET Q q 0 0 0 rg BT 514.55 77.10 Td (record. ) Tj ET Q q 0 0 0 rg BT 544.92 77.10 Td (W) Tj ET Q q 0 0 0 rg BT 553.56 77.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 65.10 Td (are ) Tj ET Q q 0 0 0 rg BT 68.30 65.10 Td (also ) Tj ET Q q 0 0 0 rg BT 86.50 65.10 Td (mindful ) Tj ET Q q 0 0 0 rg BT 120.25 65.10 Td (to ) Tj ET Q q 0 0 0 rg BT 130.12 65.10 Td (select ) Tj ET Q q 0 0 0 rg BT 154.98 65.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 185.39 65.10 Td (who ) Tj ET Q q 0 0 0 rg BT 204.70 65.10 Td (are ) Tj ET Q q 0 0 0 rg BT 219.00 65.10 Td (able ) Tj ET Q q 0 0 0 rg BT 237.74 65.10 Td (to ) Tj ET Q q 0 0 0 rg BT 247.61 65.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 280.25 65.10 Td (an ) Tj ET Q q 0 0 0 rg BT 291.78 65.10 Td (in-store ) Tj ET Q q 0 0 0 rg BT 324.42 65.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 369.81 65.10 Td (and ) Tj ET Q q 0 0 0 rg BT 386.34 65.10 Td (to ) Tj ET Q q 0 0 0 rg BT 396.21 65.10 Td (market ) Tj ET Q q 0 0 0 rg BT 426.07 65.10 Td (and ) Tj ET Q q 0 0 0 rg BT 442.60 65.10 Td (promote ) Tj ET Q q 0 0 0 rg BT 478.01 65.10 Td (our ) Tj ET Q q 0 0 0 rg BT 493.43 65.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 511.62 65.10 Td (in ) Tj ET Q q 0 0 0 rg BT 521.49 65.10 Td (a ) Tj ET Q q 0 0 0 rg BT 528.02 65.10 Td (manner ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 53.10 Td (intended ) Tj ET Q q 0 0 0 rg BT 90.93 53.10 Td (to ) Tj ET Q q 0 0 0 rg BT 101.21 53.10 Td (preserve ) Tj ET Q q 0 0 0 rg BT 137.58 53.10 Td (the ) Tj ET Q q 0 0 0 rg BT 152.30 53.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 182.00 53.10 Td (brand ) Tj ET Q q 0 0 0 rg BT 207.27 53.10 Td (integrity ) Tj ET Q q 0 0 0 rg BT 243.65 53.10 Td (and ) Tj ET Q q 0 0 0 rg BT 260.59 53.10 Td (to ) Tj ET Q q 0 0 0 rg BT 270.87 53.10 Td (ensure ) Tj ET Q q 0 0 0 rg BT 299.47 53.10 Td (the ) Tj ET Q q 0 0 0 rg BT 314.19 53.10 Td (highest ) Tj ET Q q 0 0 0 rg BT 345.57 53.10 Td (level ) Tj ET Q q 0 0 0 rg BT 367.51 53.10 Td (of ) Tj ET Q q 0 0 0 rg BT 378.34 53.10 Td (client ) Tj ET Q q 0 0 0 rg BT 403.05 53.10 Td (satisfaction. ) Tj ET Q endstream endobj 87 0 obj <> endobj 88 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 30.20 Td (35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 742.10 Td (While ) Tj ET Q q 0 0 0 rg BT 116.73 742.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 147.33 742.10 Td (may ) Tj ET Q q 0 0 0 rg BT 166.84 742.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 186.91 742.10 Td (multiple ) Tj ET Q q 0 0 0 rg BT 222.53 742.10 Td (franchises, ) Tj ET Q q 0 0 0 rg BT 267.86 742.10 Td (we ) Tj ET Q q 0 0 0 rg BT 281.81 742.10 Td (enjoy ) Tj ET Q q 0 0 0 rg BT 306.32 742.10 Td (a ) Tj ET Q q 0 0 0 rg BT 313.05 742.10 Td (high ) Tj ET Q q 0 0 0 rg BT 333.12 742.10 Td (degree ) Tj ET Q q 0 0 0 rg BT 362.06 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 372.68 742.10 Td (prominence ) Tj ET Q q 0 0 0 rg BT 422.17 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 438.90 742.10 Td (level ) Tj ET Q q 0 0 0 rg BT 460.63 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 471.25 742.10 Td (representation ) Tj ET Q q 0 0 0 rg BT 530.18 742.10 Td (at ) Tj ET Q q 0 0 0 rg BT 539.69 742.10 Td (each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 730.10 Td (point ) Tj ET Q q 0 0 0 rg BT 75.90 730.10 Td (of ) Tj ET Q q 0 0 0 rg BT 85.58 730.10 Td (sale, ) Tj ET Q q 0 0 0 rg BT 104.98 730.10 Td (where ) Tj ET Q q 0 0 0 rg BT 130.75 730.10 Td (most ) Tj ET Q q 0 0 0 rg BT 151.55 730.10 Td (of ) Tj ET Q q 0 0 0 rg BT 161.23 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 174.79 730.10 Td (client ) Tj ET Q q 0 0 0 rg BT 198.35 730.10 Td (interface ) Tj ET Q q 0 0 0 rg BT 234.67 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 250.46 730.10 Td (retail ) Tj ET Q q 0 0 0 rg BT 272.34 730.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 316.99 730.10 Td (is ) Tj ET Q q 0 0 0 rg BT 325.01 730.10 Td (exclusive ) Tj ET Q q 0 0 0 rg BT 364.12 730.10 Td (to ) Tj ET Q q 0 0 0 rg BT 373.25 730.10 Td (Ferrari. ) Tj ET Q q 0 0 0 rg BT 404.30 730.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 421.20 730.10 Td (network ) Tj ET Q q 0 0 0 rg BT 455.32 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 471.10 730.10 Td (business ) Tj ET Q q 0 0 0 rg BT 506.34 730.10 Td (development ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 718.10 Td (team ) Tj ET Q q 0 0 0 rg BT 75.28 718.10 Td (works ) Tj ET Q q 0 0 0 rg BT 101.57 718.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 133.96 718.10 Td (with ) Tj ET Q q 0 0 0 rg BT 153.59 718.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 195.98 718.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 226.15 718.10 Td (to ) Tj ET Q q 0 0 0 rg BT 235.77 718.10 Td (ensure ) Tj ET Q q 0 0 0 rg BT 263.72 718.10 Td (various ) Tj ET Q q 0 0 0 rg BT 295.00 718.10 Td (standards ) Tj ET Q q 0 0 0 rg BT 334.62 718.10 Td (are ) Tj ET Q q 0 0 0 rg BT 348.67 718.10 Td (met. ) Tj ET Q q 0 0 0 rg BT 367.61 718.10 Td (All ) Tj ET Q q 0 0 0 rg BT 382.23 718.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 412.40 718.10 Td (must ) Tj ET Q q 0 0 0 rg BT 433.69 718.10 Td (conform ) Tj ET Q q 0 0 0 rg BT 469.42 718.10 Td (to ) Tj ET Q q 0 0 0 rg BT 479.04 718.10 Td (our ) Tj ET Q q 0 0 0 rg BT 494.22 718.10 Td (rigorous ) Tj ET Q q 0 0 0 rg BT 529.40 718.10 Td (design, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 706.10 Td (layout ) Tj ET Q q 0 0 0 rg BT 81.09 706.10 Td (and ) Tj ET Q q 0 0 0 rg BT 97.63 706.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 137.48 706.10 Td (identity ) Tj ET Q q 0 0 0 rg BT 170.12 706.10 Td (guidelines ) Tj ET Q q 0 0 0 rg BT 213.32 706.10 Td (ensuring ) Tj ET Q q 0 0 0 rg BT 249.86 706.10 Td (uniformity ) Tj ET Q q 0 0 0 rg BT 294.73 706.10 Td (of ) Tj ET Q q 0 0 0 rg BT 305.15 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 319.47 706.10 Td (image ) Tj ET Q q 0 0 0 rg BT 346.00 706.10 Td (and ) Tj ET Q q 0 0 0 rg BT 362.53 706.10 Td (client ) Tj ET Q q 0 0 0 rg BT 386.84 706.10 Td (interface. ) Tj ET Q q 0 0 0 rg BT 426.25 706.10 Td (Through ) Tj ET Q q 0 0 0 rg BT 462.79 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 477.10 706.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 505.94 706.10 Td (Academy ) Tj ET Q q 0 0 0 rg BT 546.35 706.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 694.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 87.09 694.10 Td (training ) Tj ET Q q 0 0 0 rg BT 120.74 694.10 Td (to ) Tj ET Q q 0 0 0 rg BT 131.06 694.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 161.93 694.10 Td (for ) Tj ET Q q 0 0 0 rg BT 176.13 694.10 Td (sales, ) Tj ET Q q 0 0 0 rg BT 200.62 694.10 Td (after ) Tj ET Q q 0 0 0 rg BT 221.48 694.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 243.46 694.10 Td (and ) Tj ET Q q 0 0 0 rg BT 260.44 694.10 Td (technical ) Tj ET Q q 0 0 0 rg BT 299.08 694.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 337.72 694.10 Td (to ) Tj ET Q q 0 0 0 rg BT 348.05 694.10 Td (ensure ) Tj ET Q q 0 0 0 rg BT 376.69 694.10 Td (our ) Tj ET Q q 0 0 0 rg BT 392.57 694.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 419.53 694.10 Td (network ) Tj ET Q q 0 0 0 rg BT 454.85 694.10 Td (delivers ) Tj ET Q q 0 0 0 rg BT 489.05 694.10 Td (a ) Tj ET Q q 0 0 0 rg BT 496.03 694.10 Td (consistent ) Tj ET Q q 0 0 0 rg BT 538.57 694.10 Td (level ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 682.10 Td (of ) Tj ET Q q 0 0 0 rg BT 64.84 682.10 Td (market ) Tj ET Q q 0 0 0 rg BT 95.11 682.10 Td (leading ) Tj ET Q q 0 0 0 rg BT 127.06 682.10 Td (standards ) Tj ET Q q 0 0 0 rg BT 167.33 682.10 Td (across ) Tj ET Q q 0 0 0 rg BT 194.83 682.10 Td (diverse ) Tj ET Q q 0 0 0 rg BT 226.22 682.10 Td (cultural ) Tj ET Q q 0 0 0 rg BT 259.27 682.10 Td (environments. ) Tj ET Q q 0 0 0 rg BT 318.54 682.10 Td (W) Tj ET Q q 0 0 0 rg BT 327.17 682.10 Td (e ) Tj ET Q q 0 0 0 rg BT 334.12 682.10 Td (train ) Tj ET Q q 0 0 0 rg BT 354.96 682.10 Td (and ) Tj ET Q q 0 0 0 rg BT 371.90 682.10 Td (monitor ) Tj ET Q q 0 0 0 rg BT 406.08 682.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 436.90 682.10 Td (intensively ) Tj ET Q q 0 0 0 rg BT 483.30 682.10 Td (and ) Tj ET Q q 0 0 0 rg BT 500.24 682.10 Td (we ) Tj ET Q q 0 0 0 rg BT 514.41 682.10 Td (collect ) Tj ET Q q 0 0 0 rg BT 543.57 682.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 670.10 Td (observe ) Tj ET Q q 0 0 0 rg BT 87.43 670.10 Td (data ) Tj ET Q q 0 0 0 rg BT 106.41 670.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 139.28 670.10 Td (to ) Tj ET Q q 0 0 0 rg BT 149.38 670.10 Td (their ) Tj ET Q q 0 0 0 rg BT 170.03 670.10 Td (profitability ) Tj ET Q q 0 0 0 rg BT 220.13 670.10 Td (and ) Tj ET Q q 0 0 0 rg BT 236.89 670.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 274.20 670.10 Td (health ) Tj ET Q q 0 0 0 rg BT 300.96 670.10 Td (in ) Tj ET Q q 0 0 0 rg BT 311.07 670.10 Td (order ) Tj ET Q q 0 0 0 rg BT 334.49 670.10 Td (to ) Tj ET Q q 0 0 0 rg BT 344.60 670.10 Td (prevent ) Tj ET Q q 0 0 0 rg BT 376.91 670.10 Td (or ) Tj ET Q q 0 0 0 rg BT 387.56 670.10 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 422.66 670.10 Td (any ) Tj ET Q q 0 0 0 rg BT 439.42 670.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 472.29 670.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 517.92 670.10 Td (for ) Tj ET Q q 0 0 0 rg BT 531.90 670.10 Td (clients ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 658.10 Td (arising ) Tj ET Q q 0 0 0 rg BT 83.24 658.10 Td (from ) Tj ET Q q 0 0 0 rg BT 104.71 658.10 Td (a ) Tj ET Q q 0 0 0 rg BT 111.17 658.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 137.62 658.10 Td (ceasing ) Tj ET Q q 0 0 0 rg BT 169.63 658.10 Td (to ) Tj ET Q q 0 0 0 rg BT 179.44 658.10 Td (do ) Tj ET Q q 0 0 0 rg BT 191.47 658.10 Td (business ) Tj ET Q q 0 0 0 rg BT 227.38 658.10 Td (or ) Tj ET Q q 0 0 0 rg BT 237.74 658.10 Td (experiencing ) Tj ET Q q 0 0 0 rg BT 291.41 658.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 328.41 658.10 Td (dif) Tj ET Q q 0 0 0 rg BT 339.34 658.10 Td (ficulties. ) Tj ET Q q 0 0 0 rg BT 376.08 658.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 393.66 658.10 Td (representatives ) Tj ET Q q 0 0 0 rg BT 455.66 658.10 Td (visit ) Tj ET Q q 0 0 0 rg BT 474.91 658.10 Td (dealerships ) Tj ET Q q 0 0 0 rg BT 521.92 658.10 Td (regularly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 646.10 Td (to ) Tj ET Q q 0 0 0 rg BT 65.98 646.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 103.49 646.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 153.77 646.10 Td (with ) Tj ET Q q 0 0 0 rg BT 175.75 646.10 Td (our ) Tj ET Q q 0 0 0 rg BT 193.28 646.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 235.24 646.10 Td (standards. ) Tj ET Q q 0 0 0 rg BT 279.40 646.10 Td (W) Tj ET Q q 0 0 0 rg BT 288.04 646.10 Td (e ) Tj ET Q q 0 0 0 rg BT 296.67 646.10 Td (have ) Tj ET Q q 0 0 0 rg BT 319.75 646.10 Td (the ) Tj ET Q q 0 0 0 rg BT 336.16 646.10 Td (right ) Tj ET Q q 0 0 0 rg BT 359.25 646.10 Td (to ) Tj ET Q q 0 0 0 rg BT 371.22 646.10 Td (terminate ) Tj ET Q q 0 0 0 rg BT 413.18 646.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 441.80 646.10 Td (relationships ) Tj ET Q q 0 0 0 rg BT 497.10 646.10 Td (in ) Tj ET Q q 0 0 0 rg BT 509.08 646.10 Td (a ) Tj ET Q q 0 0 0 rg BT 517.71 646.10 Td (variety ) Tj ET Q q 0 0 0 rg BT 549.67 646.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 634.10 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 113.14 634.10 Td (including ) Tj ET Q q 0 0 0 rg BT 153.41 634.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 182.01 634.10 Td (to ) Tj ET Q q 0 0 0 rg BT 192.29 634.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 214.22 634.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 267.24 634.10 Td (or ) Tj ET Q q 0 0 0 rg BT 278.07 634.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 315.55 634.10 Td (standards, ) Tj ET Q q 0 0 0 rg BT 358.32 634.10 Td (or ) Tj ET Q q 0 0 0 rg BT 369.15 634.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 397.75 634.10 Td (to ) Tj ET Q q 0 0 0 rg BT 408.02 634.10 Td (comply ) Tj ET Q q 0 0 0 rg BT 440.52 634.10 Td (with ) Tj ET Q q 0 0 0 rg BT 460.80 634.10 Td (our ) Tj ET Q q 0 0 0 rg BT 476.63 634.10 Td (guidelines.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 610.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 610.10 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 610.10 Td (e ) Tj ET Q q 0 0 0 rg BT 105.90 610.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 139.27 610.10 Td (a ) Tj ET Q q 0 0 0 rg BT 146.53 610.10 Td (suggested ) Tj ET Q q 0 0 0 rg BT 188.79 610.10 Td (retail ) Tj ET Q q 0 0 0 rg BT 212.15 610.10 Td (price ) Tj ET Q q 0 0 0 rg BT 234.96 610.10 Td (or ) Tj ET Q q 0 0 0 rg BT 246.11 610.10 Td (a ) Tj ET Q q 0 0 0 rg BT 253.37 610.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 296.74 610.10 Td (retail ) Tj ET Q q 0 0 0 rg BT 320.10 610.10 Td (price ) Tj ET Q q 0 0 0 rg BT 342.91 610.10 Td (for ) Tj ET Q q 0 0 0 rg BT 357.39 610.10 Td (all ) Tj ET Q q 0 0 0 rg BT 370.21 610.10 Td (of ) Tj ET Q q 0 0 0 rg BT 381.36 610.10 Td (our ) Tj ET Q q 0 0 0 rg BT 397.51 610.10 Td (cars, ) Tj ET Q q 0 0 0 rg BT 418.93 610.10 Td (but ) Tj ET Q q 0 0 0 rg BT 434.53 610.10 Td (each ) Tj ET Q q 0 0 0 rg BT 455.67 610.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 482.91 610.10 Td (is ) Tj ET Q q 0 0 0 rg BT 492.40 610.10 Td (free ) Tj ET Q q 0 0 0 rg BT 510.76 610.10 Td (to ) Tj ET Q q 0 0 0 rg BT 521.36 610.10 Td (negotiate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 598.10 Td (dif) Tj ET Q q 0 0 0 rg BT 64.93 598.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 90.92 598.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 117.46 598.10 Td (with ) Tj ET Q q 0 0 0 rg BT 137.92 598.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 166.69 598.10 Td (and ) Tj ET Q q 0 0 0 rg BT 183.80 598.10 Td (to ) Tj ET Q q 0 0 0 rg BT 194.25 598.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 227.47 598.10 Td (financing. ) Tj ET Q q 0 0 0 rg BT 269.82 598.10 Td (Although ) Tj ET Q q 0 0 0 rg BT 310.27 598.10 Td (many ) Tj ET Q q 0 0 0 rg BT 335.16 598.10 Td (of ) Tj ET Q q 0 0 0 rg BT 346.16 598.10 Td (our ) Tj ET Q q 0 0 0 rg BT 362.16 598.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 390.94 598.10 Td (in ) Tj ET Q q 0 0 0 rg BT 401.39 598.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 431.26 598.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 465.59 598.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 503.80 598.10 Td (our ) Tj ET Q q 0 0 0 rg BT 519.80 598.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 538.57 598.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 586.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 85.31 586.10 Td (without ) Tj ET Q q 0 0 0 rg BT 118.87 586.10 Td (financing, ) Tj ET Q q 0 0 0 rg BT 162.13 586.10 Td (we ) Tj ET Q q 0 0 0 rg BT 176.79 586.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 210.33 586.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 236.09 586.10 Td (or ) Tj ET Q q 0 0 0 rg BT 247.42 586.10 Td (indirect ) Tj ET Q q 0 0 0 rg BT 280.96 586.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 313.38 586.10 Td (and ) Tj ET Q q 0 0 0 rg BT 330.82 586.10 Td (leasing ) Tj ET Q q 0 0 0 rg BT 362.14 586.10 Td (services ) Tj ET Q q 0 0 0 rg BT 397.35 586.10 Td (to ) Tj ET Q q 0 0 0 rg BT 408.13 586.10 Td (retail ) Tj ET Q q 0 0 0 rg BT 431.67 586.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 460.77 586.10 Td (and ) Tj ET Q q 0 0 0 rg BT 478.20 586.10 Td (to ) Tj ET Q q 0 0 0 rg BT 488.98 586.10 Td (dealers. ) Tj ET Q q 0 0 0 rg BT 522.79 586.10 Td (\(See ) Tj ET Q q 0 0 0 rg BT 543.56 586.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 574.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 95.38 574.10 Td (Services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.70 574.10 Td (\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 550.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 550.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.48 550.10 Td (total ) Tj ET Q q 0 0 0 rg BT 129.18 550.10 Td (number ) Tj ET Q q 0 0 0 rg BT 162.66 550.10 Td (of ) Tj ET Q q 0 0 0 rg BT 173.92 550.10 Td (our ) Tj ET Q q 0 0 0 rg BT 190.18 550.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 221.42 550.10 Td (has ) Tj ET Q q 0 0 0 rg BT 237.68 550.10 Td (been ) Tj ET Q q 0 0 0 rg BT 259.49 550.10 Td (relatively ) Tj ET Q q 0 0 0 rg BT 300.18 550.10 Td (stable ) Tj ET Q q 0 0 0 rg BT 326.43 550.10 Td (in ) Tj ET Q q 0 0 0 rg BT 337.14 550.10 Td (recent ) Tj ET Q q 0 0 0 rg BT 364.49 550.10 Td (years ) Tj ET Q q 0 0 0 rg BT 388.52 550.10 Td (and ) Tj ET Q q 0 0 0 rg BT 405.89 550.10 Td (the ) Tj ET Q q 0 0 0 rg BT 421.04 550.10 Td (number ) Tj ET Q q 0 0 0 rg BT 454.51 550.10 Td (of ) Tj ET Q q 0 0 0 rg BT 465.77 550.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 497.02 550.10 Td (as ) Tj ET Q q 0 0 0 rg BT 508.28 550.10 Td (well ) Tj ET Q q 0 0 0 rg BT 528.42 550.10 Td (as ) Tj ET Q q 0 0 0 rg BT 539.68 550.10 Td (their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 538.10 Td (geographical ) Tj ET Q q 0 0 0 rg BT 108.37 538.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 157.21 538.10 Td (tends ) Tj ET Q q 0 0 0 rg BT 181.05 538.10 Td (to ) Tj ET Q q 0 0 0 rg BT 191.55 538.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 219.82 538.10 Td (closely ) Tj ET Q q 0 0 0 rg BT 250.87 538.10 Td (the ) Tj ET Q q 0 0 0 rg BT 265.81 538.10 Td (development ) Tj ET Q q 0 0 0 rg BT 320.19 538.10 Td (or ) Tj ET Q q 0 0 0 rg BT 331.25 538.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 369.51 538.10 Td (development ) Tj ET Q q 0 0 0 rg BT 423.89 538.10 Td (of ) Tj ET Q q 0 0 0 rg BT 434.95 538.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 457.12 538.10 Td (volumes ) Tj ET Q q 0 0 0 rg BT 493.73 538.10 Td (to ) Tj ET Q q 0 0 0 rg BT 504.24 538.10 Td (end ) Tj ET Q q 0 0 0 rg BT 521.41 538.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 550.24 538.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 526.10 Td (our ) Tj ET Q q 0 0 0 rg BT 68.68 526.10 Td (various ) Tj ET Q q 0 0 0 rg BT 99.47 526.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 132.48 526.10 Td (over ) Tj ET Q q 0 0 0 rg BT 151.60 526.10 Td (time. ) Tj ET Q q 0 0 0 rg BT 173.22 526.10 Td (Dealer ) Tj ET Q q 0 0 0 rg BT 201.22 526.10 Td (turnover ) Tj ET Q q 0 0 0 rg BT 236.45 526.10 Td (is ) Tj ET Q q 0 0 0 rg BT 244.47 526.10 Td (relatively ) Tj ET Q q 0 0 0 rg BT 283.58 526.10 Td (low) Tj ET Q q 0 0 0 rg BT 297.93 526.10 Td (, ) Tj ET Q q 0 0 0 rg BT 301.78 526.10 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 341.45 526.10 Td (the ) Tj ET Q q 0 0 0 rg BT 355.01 526.10 Td (strength ) Tj ET Q q 0 0 0 rg BT 388.58 526.10 Td (of ) Tj ET Q q 0 0 0 rg BT 398.26 526.10 Td (the ) Tj ET Q q 0 0 0 rg BT 411.83 526.10 Td (franchise ) Tj ET Q q 0 0 0 rg BT 449.83 526.10 Td (and ) Tj ET Q q 0 0 0 rg BT 465.62 526.10 Td (our ) Tj ET Q q 0 0 0 rg BT 480.30 526.10 Td (selection ) Tj ET Q q 0 0 0 rg BT 517.19 526.10 Td (processes, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 514.10 Td (but ) Tj ET Q q 0 0 0 rg BT 69.28 514.10 Td (is ) Tj ET Q q 0 0 0 rg BT 78.45 514.10 Td (suf) Tj ET Q q 0 0 0 rg BT 90.49 514.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 118.53 514.10 Td (to ) Tj ET Q q 0 0 0 rg BT 128.81 514.10 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 170.17 514.10 Td (an ) Tj ET Q q 0 0 0 rg BT 182.11 514.10 Td (orderly ) Tj ET Q q 0 0 0 rg BT 213.49 514.10 Td (renewal ) Tj ET Q q 0 0 0 rg BT 247.63 514.10 Td (over ) Tj ET Q q 0 0 0 rg BT 267.90 514.10 Td (time ) Tj ET Q q 0 0 0 rg BT 288.17 514.10 Td (and ) Tj ET Q q 0 0 0 rg BT 305.11 514.10 Td (to ) Tj ET Q q 0 0 0 rg BT 315.39 514.10 Td (stimulate ) Tj ET Q q 0 0 0 rg BT 354.55 514.10 Td (the ) Tj ET Q q 0 0 0 rg BT 369.27 514.10 Td (network) Tj ET Q q 0 0 0 rg BT 404.82 514.10 Td (s ) Tj ET Q q 0 0 0 rg BT 411.21 514.10 Td (health ) Tj ET Q q 0 0 0 rg BT 438.14 514.10 Td (and ) Tj ET Q q 0 0 0 rg BT 455.08 514.10 Td (performance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 490.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 490.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.05 490.10 Td (chart ) Tj ET Q q 0 0 0 rg BT 130.53 490.10 Td (below ) Tj ET Q q 0 0 0 rg BT 157.47 490.10 Td (sets ) Tj ET Q q 0 0 0 rg BT 174.97 490.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 196.91 490.10 Td (the ) Tj ET Q q 0 0 0 rg BT 211.63 490.10 Td (geographic ) Tj ET Q q 0 0 0 rg BT 258.55 490.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 307.16 490.10 Td (of ) Tj ET Q q 0 0 0 rg BT 317.99 490.10 Td (our ) Tj ET Q q 0 0 0 rg BT 333.82 490.10 Td (198 ) Tj ET Q q 0 0 0 rg BT 351.32 490.10 Td (points ) Tj ET Q q 0 0 0 rg BT 378.27 490.10 Td (of ) Tj ET Q q 0 0 0 rg BT 389.10 490.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 407.15 490.10 Td (at ) Tj ET Q q 0 0 0 rg BT 416.87 490.10 Td (December ) Tj ET Q q 0 0 0 rg BT 460.45 490.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 475.45 490.10 Td (2015: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 466.10 Td ( ) Tj ET Q /GS0 gs q 504.00 0 0 298.40 54.00 162.70 cm /I37 Do Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 138.70 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 138.70 Td (Our ) Tj ET Q q 0 0 0 rg BT 108.16 138.70 Td (sales ) Tj ET Q q 0 0 0 rg BT 130.20 138.70 Td (are ) Tj ET Q q 0 0 0 rg BT 145.02 138.70 Td (diversified ) Tj ET Q q 0 0 0 rg BT 190.39 138.70 Td (across ) Tj ET Q q 0 0 0 rg BT 217.98 138.70 Td (our ) Tj ET Q q 0 0 0 rg BT 233.92 138.70 Td (dealer ) Tj ET Q q 0 0 0 rg BT 260.95 138.70 Td (network, ) Tj ET Q q 0 0 0 rg BT 298.83 138.70 Td (with ) Tj ET Q q 0 0 0 rg BT 319.21 138.70 Td (the ) Tj ET Q q 0 0 0 rg BT 334.03 138.70 Td (lar) Tj ET Q q 0 0 0 rg BT 344.40 138.70 Td (gest ) Tj ET Q q 0 0 0 rg BT 363.11 138.70 Td (dealer ) Tj ET Q q 0 0 0 rg BT 390.14 138.70 Td (representing ) Tj ET Q q 0 0 0 rg BT 442.17 138.70 Td (approximately ) Tj ET Q q 0 0 0 rg BT 502.54 138.70 Td (2.4 ) Tj ET Q q 0 0 0 rg BT 517.65 138.70 Td (percent ) Tj ET Q q 0 0 0 rg BT 549.68 138.70 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 126.70 Td (sales, ) Tj ET Q q 0 0 0 rg BT 78.44 126.70 Td (and ) Tj ET Q q 0 0 0 rg BT 95.38 126.70 Td (our ) Tj ET Q q 0 0 0 rg BT 111.21 126.70 Td (15 ) Tj ET Q q 0 0 0 rg BT 123.71 126.70 Td (lar) Tj ET Q q 0 0 0 rg BT 134.07 126.70 Td (gest ) Tj ET Q q 0 0 0 rg BT 152.68 126.70 Td (dealers ) Tj ET Q q 0 0 0 rg BT 183.50 126.70 Td (representing ) Tj ET Q q 0 0 0 rg BT 235.42 126.70 Td (24 ) Tj ET Q q 0 0 0 rg BT 247.92 126.70 Td (percent ) Tj ET Q q 0 0 0 rg BT 279.84 126.70 Td (of ) Tj ET Q q 0 0 0 rg BT 290.67 126.70 Td (sales.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 102.70 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 102.70 Td (As ) Tj ET Q q 0 0 0 rg BT 103.20 102.70 Td (part ) Tj ET Q q 0 0 0 rg BT 120.84 102.70 Td (of ) Tj ET Q q 0 0 0 rg BT 131.26 102.70 Td (our ) Tj ET Q q 0 0 0 rg BT 146.68 102.70 Td (supply ) Tj ET Q q 0 0 0 rg BT 175.43 102.70 Td (and ) Tj ET Q q 0 0 0 rg BT 191.96 102.70 Td (demand ) Tj ET Q q 0 0 0 rg BT 225.71 102.70 Td (management, ) Tj ET Q q 0 0 0 rg BT 281.38 102.70 Td (we ) Tj ET Q q 0 0 0 rg BT 295.13 102.70 Td (determine ) Tj ET Q q 0 0 0 rg BT 337.20 102.70 Td (allocations ) Tj ET Q q 0 0 0 rg BT 382.61 102.70 Td (based ) Tj ET Q q 0 0 0 rg BT 407.47 102.70 Td (on ) Tj ET Q q 0 0 0 rg BT 419.56 102.70 Td (various ) Tj ET Q q 0 0 0 rg BT 451.08 102.70 Td (metrics ) Tj ET Q q 0 0 0 rg BT 482.61 102.70 Td (including ) Tj ET Q q 0 0 0 rg BT 522.47 102.70 Td (expected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 90.70 Td (developments ) Tj ET Q q 0 0 0 rg BT 112.10 90.70 Td (in ) Tj ET Q q 0 0 0 rg BT 122.44 90.70 Td (the ) Tj ET Q q 0 0 0 rg BT 137.21 90.70 Td (relevant ) Tj ET Q q 0 0 0 rg BT 171.97 90.70 Td (market, ) Tj ET Q q 0 0 0 rg BT 204.80 90.70 Td (the ) Tj ET Q q 0 0 0 rg BT 219.57 90.70 Td (number ) Tj ET Q q 0 0 0 rg BT 252.68 90.70 Td (of ) Tj ET Q q 0 0 0 rg BT 263.57 90.70 Td (cars ) Tj ET Q q 0 0 0 rg BT 282.22 90.70 Td (sold ) Tj ET Q q 0 0 0 rg BT 301.45 90.70 Td (historically ) Tj ET Q q 0 0 0 rg BT 349.00 90.70 Td (by ) Tj ET Q q 0 0 0 rg BT 361.56 90.70 Td (the ) Tj ET Q q 0 0 0 rg BT 376.33 90.70 Td (various ) Tj ET Q q 0 0 0 rg BT 408.33 90.70 Td (dealers, ) Tj ET Q q 0 0 0 rg BT 441.71 90.70 Td (current ) Tj ET Q q 0 0 0 rg BT 472.58 90.70 Td (order ) Tj ET Q q 0 0 0 rg BT 496.24 90.70 Td (book ) Tj ET Q q 0 0 0 rg BT 518.79 90.70 Td (of ) Tj ET Q q 0 0 0 rg BT 529.68 90.70 Td (dealers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 78.70 Td (and ) Tj ET Q q 0 0 0 rg BT 70.80 78.70 Td (the ) Tj ET Q q 0 0 0 rg BT 85.37 78.70 Td (average ) Tj ET Q q 0 0 0 rg BT 118.81 78.70 Td (waiting ) Tj ET Q q 0 0 0 rg BT 151.16 78.70 Td (time ) Tj ET Q q 0 0 0 rg BT 171.29 78.70 Td (of ) Tj ET Q q 0 0 0 rg BT 181.98 78.70 Td (the ) Tj ET Q q 0 0 0 rg BT 196.56 78.70 Td (end ) Tj ET Q q 0 0 0 rg BT 213.35 78.70 Td (client ) Tj ET Q q 0 0 0 rg BT 237.92 78.70 Td (in ) Tj ET Q q 0 0 0 rg BT 248.06 78.70 Td (the ) Tj ET Q q 0 0 0 rg BT 262.63 78.70 Td (relevant ) Tj ET Q q 0 0 0 rg BT 297.19 78.70 Td (market. ) Tj ET Q q 0 0 0 rg BT 329.64 78.70 Td (W) Tj ET Q q 0 0 0 rg BT 338.28 78.70 Td (e ) Tj ET Q q 0 0 0 rg BT 345.08 78.70 Td (have ) Tj ET Q q 0 0 0 rg BT 366.31 78.70 Td (recently ) Tj ET Q q 0 0 0 rg BT 400.87 78.70 Td (introduced ) Tj ET Q q 0 0 0 rg BT 445.99 78.70 Td (an ) Tj ET Q q 0 0 0 rg BT 457.79 78.70 Td (enhanced ) Tj ET Q q 0 0 0 rg BT 497.90 78.70 Td (order ) Tj ET Q q 0 0 0 rg BT 521.35 78.70 Td (reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 66.70 Td (system ) Tj ET Q q 0 0 0 rg BT 84.64 66.70 Td (which ) Tj ET Q q 0 0 0 rg BT 111.95 66.70 Td (allows ) Tj ET Q q 0 0 0 rg BT 140.92 66.70 Td (us ) Tj ET Q q 0 0 0 rg BT 152.68 66.70 Td (to ) Tj ET Q q 0 0 0 rg BT 163.33 66.70 Td (collect ) Tj ET Q q 0 0 0 rg BT 192.84 66.70 Td (and ) Tj ET Q q 0 0 0 rg BT 210.15 66.70 Td (monitor ) Tj ET Q q 0 0 0 rg BT 244.68 66.70 Td (information ) Tj ET Q q 0 0 0 rg BT 294.76 66.70 Td (regarding ) Tj ET Q q 0 0 0 rg BT 335.94 66.70 Td (end ) Tj ET Q q 0 0 0 rg BT 353.24 66.70 Td (client ) Tj ET Q q 0 0 0 rg BT 378.32 66.70 Td (orders ) Tj ET Q q 0 0 0 rg BT 406.18 66.70 Td (and ) Tj ET Q q 0 0 0 rg BT 423.48 66.70 Td (assists ) Tj ET Q q 0 0 0 rg BT 451.91 66.70 Td (us ) Tj ET Q q 0 0 0 rg BT 463.67 66.70 Td (in ) Tj ET Q q 0 0 0 rg BT 474.31 66.70 Td (production ) Tj ET Q q 0 0 0 rg BT 520.50 66.70 Td (planning, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 54.70 Td (production ) Tj ET Q q 0 0 0 rg BT 99.83 54.70 Td (allocation ) Tj ET Q q 0 0 0 rg BT 141.75 54.70 Td (and ) Tj ET Q q 0 0 0 rg BT 158.69 54.70 Td (dealer ) Tj ET Q q 0 0 0 rg BT 185.62 54.70 Td (management.) Tj ET Q endstream endobj 89 0 obj <> endobj 90 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 30.20 Td (36) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 742.10 Td (Parts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 718.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 718.10 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 718.10 Td (e ) Tj ET Q q 0 0 0 rg BT 105.58 718.10 Td (supply ) Tj ET Q q 0 0 0 rg BT 134.75 718.10 Td (parts ) Tj ET Q q 0 0 0 rg BT 156.68 718.10 Td (for ) Tj ET Q q 0 0 0 rg BT 170.84 718.10 Td (current ) Tj ET Q q 0 0 0 rg BT 201.66 718.10 Td (and ) Tj ET Q q 0 0 0 rg BT 218.60 718.10 Td (older ) Tj ET Q q 0 0 0 rg BT 241.65 718.10 Td (models ) Tj ET Q q 0 0 0 rg BT 273.03 718.10 Td (of ) Tj ET Q q 0 0 0 rg BT 283.86 718.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 313.57 718.10 Td (to ) Tj ET Q q 0 0 0 rg BT 323.85 718.10 Td (our ) Tj ET Q q 0 0 0 rg BT 339.68 718.10 Td (authorized ) Tj ET Q q 0 0 0 rg BT 384.38 718.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 411.30 718.10 Td (network. ) Tj ET Q q 0 0 0 rg BT 449.07 718.10 Td ( ) Tj ET Q q 0 0 0 rg BT 450.00 718.10 Td (In ) Tj ET Q q 0 0 0 rg BT 462.48 718.10 Td (addition ) Tj ET Q q 0 0 0 rg BT 499.40 718.10 Td (to ) Tj ET Q q 0 0 0 rg BT 511.33 718.10 Td (substitution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 706.10 Td (of ) Tj ET Q q 0 0 0 rg BT 65.67 706.10 Td (spare ) Tj ET Q q 0 0 0 rg BT 90.10 706.10 Td (parts ) Tj ET Q q 0 0 0 rg BT 112.88 706.10 Td (during ) Tj ET Q q 0 0 0 rg BT 142.32 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 157.87 706.10 Td (life ) Tj ET Q q 0 0 0 rg BT 174.54 706.10 Td (of ) Tj ET Q q 0 0 0 rg BT 186.20 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 201.76 706.10 Td (car) Tj ET Q q 0 0 0 rg BT 213.56 706.10 Td (, ) Tj ET Q q 0 0 0 rg BT 219.40 706.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 242.17 706.10 Td (are ) Tj ET Q q 0 0 0 rg BT 257.72 706.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 286.60 706.10 Td (by ) Tj ET Q q 0 0 0 rg BT 299.94 706.10 Td (clients) Tj ET Q q 0 0 0 rg BT 328.63 706.10 Td ( ) Tj ET Q q 0 0 0 rg BT 331.96 706.10 Td (demand ) Tj ET Q q 0 0 0 rg BT 366.96 706.10 Td (for ) Tj ET Q q 0 0 0 rg BT 381.95 706.10 Td (parts ) Tj ET Q q 0 0 0 rg BT 404.73 706.10 Td (to ) Tj ET Q q 0 0 0 rg BT 415.84 706.10 Td (customize ) Tj ET Q q 0 0 0 rg BT 459.72 706.10 Td (their ) Tj ET Q q 0 0 0 rg BT 481.38 706.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 500.82 706.10 Td (and ) Tj ET Q q 0 0 0 rg BT 518.59 706.10 Td (maximize ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 694.10 Td (performance, ) Tj ET Q q 0 0 0 rg BT 109.72 694.10 Td (particularly ) Tj ET Q q 0 0 0 rg BT 158.51 694.10 Td (after ) Tj ET Q q 0 0 0 rg BT 179.53 694.10 Td (a ) Tj ET Q q 0 0 0 rg BT 186.67 694.10 Td (change ) Tj ET Q q 0 0 0 rg BT 217.69 694.10 Td (in ) Tj ET Q q 0 0 0 rg BT 228.17 694.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 272.53 694.10 Td (and ) Tj ET Q q 0 0 0 rg BT 289.67 694.10 Td (to ) Tj ET Q q 0 0 0 rg BT 300.15 694.10 Td (compete ) Tj ET Q q 0 0 0 rg BT 336.72 694.10 Td (in ) Tj ET Q q 0 0 0 rg BT 347.20 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 362.12 694.10 Td (Ferrari) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 389.33 694.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.03 694.10 Td (Challenge ) Tj ET Q q 0 0 0 rg BT 435.28 694.10 Td (and ) Tj ET Q q 0 0 0 rg BT 452.42 694.10 Td (other ) Tj ET Q q 0 0 0 rg BT 475.66 694.10 Td (client ) Tj ET Q q 0 0 0 rg BT 500.58 694.10 Td (races. ) Tj ET Q q 0 0 0 rg BT 526.12 694.10 Td (W) Tj ET Q q 0 0 0 rg BT 534.76 694.10 Td (e ) Tj ET Q q 0 0 0 rg BT 541.90 694.10 Td (also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 682.10 Td (supply ) Tj ET Q q 0 0 0 rg BT 83.47 682.10 Td (parts ) Tj ET Q q 0 0 0 rg BT 105.70 682.10 Td (to ) Tj ET Q q 0 0 0 rg BT 116.28 682.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 146.29 682.10 Td (models ) Tj ET Q q 0 0 0 rg BT 177.97 682.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 216.86 682.10 Td (out ) Tj ET Q q 0 0 0 rg BT 232.44 682.10 Td (of ) Tj ET Q q 0 0 0 rg BT 243.57 682.10 Td (production, ) Tj ET Q q 0 0 0 rg BT 292.19 682.10 Td (with ) Tj ET Q q 0 0 0 rg BT 312.76 682.10 Td (stocks ) Tj ET Q q 0 0 0 rg BT 340.56 682.10 Td (dating ) Tj ET Q q 0 0 0 rg BT 368.36 682.10 Td (back ) Tj ET Q q 0 0 0 rg BT 390.03 682.10 Td (to ) Tj ET Q q 0 0 0 rg BT 400.61 682.10 Td (1995. ) Tj ET Q q 0 0 0 rg BT 425.70 682.10 Td (The ) Tj ET Q q 0 0 0 rg BT 444.05 682.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 467.95 682.10 Td (of ) Tj ET Q q 0 0 0 rg BT 479.08 682.10 Td (parts ) Tj ET Q q 0 0 0 rg BT 501.32 682.10 Td (for ) Tj ET Q q 0 0 0 rg BT 515.78 682.10 Td (even ) Tj ET Q q 0 0 0 rg BT 537.45 682.10 Td (older ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 670.10 Td (models ) Tj ET Q q 0 0 0 rg BT 85.01 670.10 Td (is ) Tj ET Q q 0 0 0 rg BT 93.80 670.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 132.02 670.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 160.81 670.10 Td (and ) Tj ET Q q 0 0 0 rg BT 177.37 670.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 215.59 670.10 Td (by ) Tj ET Q q 0 0 0 rg BT 227.71 670.10 Td (a ) Tj ET Q q 0 0 0 rg BT 234.27 670.10 Td (third ) Tj ET Q q 0 0 0 rg BT 255.28 670.10 Td (party ) Tj ET Q q 0 0 0 rg BT 277.96 670.10 Td (which ) Tj ET Q q 0 0 0 rg BT 304.52 670.10 Td (in ) Tj ET Q q 0 0 0 rg BT 314.42 670.10 Td (some ) Tj ET Q q 0 0 0 rg BT 337.65 670.10 Td (cases ) Tj ET Q q 0 0 0 rg BT 360.88 670.10 Td (also ) Tj ET Q q 0 0 0 rg BT 379.11 670.10 Td (manufactures ) Tj ET Q q 0 0 0 rg BT 435.09 670.10 Td (out-of-stock ) Tj ET Q q 0 0 0 rg BT 486.09 670.10 Td (parts ) Tj ET Q q 0 0 0 rg BT 507.66 670.10 Td (based ) Tj ET Q q 0 0 0 rg BT 532.55 670.10 Td (on ) Tj ET Q q 0 0 0 rg BT 544.67 670.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 658.10 Td (design. ) Tj ET Q q 0 0 0 rg BT 85.53 658.10 Td (The ) Tj ET Q q 0 0 0 rg BT 104.23 658.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 122.92 658.10 Td (of ) Tj ET Q q 0 0 0 rg BT 134.40 658.10 Td (parts ) Tj ET Q q 0 0 0 rg BT 156.99 658.10 Td (is ) Tj ET Q q 0 0 0 rg BT 166.81 658.10 Td (a ) Tj ET Q q 0 0 0 rg BT 174.40 658.10 Td (profitable ) Tj ET Q q 0 0 0 rg BT 216.42 658.10 Td (component ) Tj ET Q q 0 0 0 rg BT 264.00 658.10 Td (of ) Tj ET Q q 0 0 0 rg BT 275.48 658.10 Td (our ) Tj ET Q q 0 0 0 rg BT 291.96 658.10 Td (product ) Tj ET Q q 0 0 0 rg BT 325.66 658.10 Td (mix ) Tj ET Q q 0 0 0 rg BT 344.36 658.10 Td (and ) Tj ET Q q 0 0 0 rg BT 361.95 658.10 Td (it ) Tj ET Q q 0 0 0 rg BT 370.66 658.10 Td (is ) Tj ET Q q 0 0 0 rg BT 380.48 658.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 419.16 658.10 Td (to ) Tj ET Q q 0 0 0 rg BT 430.09 658.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 461.00 658.10 Td (from ) Tj ET Q q 0 0 0 rg BT 483.59 658.10 Td (the ) Tj ET Q q 0 0 0 rg BT 498.95 658.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 534.86 658.10 Td (in ) Tj ET Q q 0 0 0 rg BT 545.78 658.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 646.10 Td (number ) Tj ET Q q 0 0 0 rg BT 87.05 646.10 Td (of ) Tj ET Q q 0 0 0 rg BT 97.88 646.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 127.58 646.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 146.18 646.10 Td (in ) Tj ET Q q 0 0 0 rg BT 156.46 646.10 Td (circulation. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 622.10 Td (After ) Tj ET Q q 0 0 0 rg BT 76.50 622.10 Td (Sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 598.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 598.10 Td (Dealers ) Tj ET Q q 0 0 0 rg BT 122.62 598.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 155.25 598.10 Td (after ) Tj ET Q q 0 0 0 rg BT 175.65 598.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 193.28 598.10 Td (services ) Tj ET Q q 0 0 0 rg BT 227.57 598.10 Td (to ) Tj ET Q q 0 0 0 rg BT 237.43 598.10 Td (clients, ) Tj ET Q q 0 0 0 rg BT 268.11 598.10 Td (either ) Tj ET Q q 0 0 0 rg BT 292.96 598.10 Td (at ) Tj ET Q q 0 0 0 rg BT 302.26 598.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 338.77 598.10 Td (adjacent ) Tj ET Q q 0 0 0 rg BT 374.16 598.10 Td (to ) Tj ET Q q 0 0 0 rg BT 384.02 598.10 Td (showrooms, ) Tj ET Q q 0 0 0 rg BT 434.72 598.10 Td (or ) Tj ET Q q 0 0 0 rg BT 445.13 598.10 Td (in ) Tj ET Q q 0 0 0 rg BT 454.99 598.10 Td (stand-alone ) Tj ET Q q 0 0 0 rg BT 503.17 598.10 Td (service ) Tj ET Q q 0 0 0 rg BT 533.57 598.10 Td (points ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 586.10 Td (across ) Tj ET Q q 0 0 0 rg BT 80.30 586.10 Td (240 ) Tj ET Q q 0 0 0 rg BT 96.62 586.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 132.36 586.10 Td (worldwide. ) Tj ET Q q 0 0 0 rg BT 178.65 586.10 Td (After ) Tj ET Q q 0 0 0 rg BT 201.06 586.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 221.81 586.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 259.22 586.10 Td (are ) Tj ET Q q 0 0 0 rg BT 272.74 586.10 Td (very ) Tj ET Q q 0 0 0 rg BT 291.82 586.10 Td (important ) Tj ET Q q 0 0 0 rg BT 332.02 586.10 Td (for ) Tj ET Q q 0 0 0 rg BT 344.99 586.10 Td (our ) Tj ET Q q 0 0 0 rg BT 359.63 586.10 Td (business ) Tj ET Q q 0 0 0 rg BT 394.83 586.10 Td (to ) Tj ET Q q 0 0 0 rg BT 403.93 586.10 Td (ensure ) Tj ET Q q 0 0 0 rg BT 431.34 586.10 Td (the ) Tj ET Q q 0 0 0 rg BT 444.87 586.10 Td (client) Tj ET Q q 0 0 0 rg BT 469.86 586.10 Td (s ) Tj ET Q q 0 0 0 rg BT 475.06 586.10 Td (continued ) Tj ET Q q 0 0 0 rg BT 515.81 586.10 Td (enjoyment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 574.10 Td (of ) Tj ET Q q 0 0 0 rg BT 65.12 574.10 Td (the ) Tj ET Q q 0 0 0 rg BT 80.12 574.10 Td (car ) Tj ET Q q 0 0 0 rg BT 95.12 574.10 Td (and ) Tj ET Q q 0 0 0 rg BT 112.34 574.10 Td (the ) Tj ET Q q 0 0 0 rg BT 127.34 574.10 Td (experience. ) Tj ET Q q 0 0 0 rg BT 175.73 574.10 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 220.43 574.10 Td (we ) Tj ET Q q 0 0 0 rg BT 234.88 574.10 Td (enforce ) Tj ET Q q 0 0 0 rg BT 267.64 574.10 Td (a ) Tj ET Q q 0 0 0 rg BT 274.87 574.10 Td (strict ) Tj ET Q q 0 0 0 rg BT 297.65 574.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 328.21 574.10 Td (control ) Tj ET Q q 0 0 0 rg BT 359.32 574.10 Td (on ) Tj ET Q q 0 0 0 rg BT 372.11 574.10 Td (our ) Tj ET Q q 0 0 0 rg BT 388.23 574.10 Td (dealers) Tj ET Q q 0 0 0 rg BT 419.13 574.10 Td ( ) Tj ET Q q 0 0 0 rg BT 421.92 574.10 Td (services ) Tj ET Q q 0 0 0 rg BT 456.91 574.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 495.80 574.10 Td (and ) Tj ET Q q 0 0 0 rg BT 513.02 574.10 Td (we ) Tj ET Q q 0 0 0 rg BT 527.47 574.10 Td (provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 562.10 Td (continued ) Tj ET Q q 0 0 0 rg BT 96.15 562.10 Td (training ) Tj ET Q q 0 0 0 rg BT 129.97 562.10 Td (and ) Tj ET Q q 0 0 0 rg BT 147.13 562.10 Td (support ) Tj ET Q q 0 0 0 rg BT 179.85 562.10 Td (to ) Tj ET Q q 0 0 0 rg BT 190.35 562.10 Td (the ) Tj ET Q q 0 0 0 rg BT 205.28 562.10 Td (dealers) Tj ET Q q 0 0 0 rg BT 236.19 562.10 Td ( ) Tj ET Q q 0 0 0 rg BT 238.91 562.10 Td (service ) Tj ET Q q 0 0 0 rg BT 269.94 562.10 Td (personnel. ) Tj ET Q q 0 0 0 rg BT 313.84 562.10 Td (This ) Tj ET Q q 0 0 0 rg BT 334.34 562.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 370.38 562.10 Td (our ) Tj ET Q q 0 0 0 rg BT 386.43 562.10 Td (team ) Tj ET Q q 0 0 0 rg BT 408.58 562.10 Td (of ) Tj ET Q q 0 0 0 rg BT 419.63 562.10 Td (flying ) Tj ET Q q 0 0 0 rg BT 450.67 562.10 Td (doctors, ) Tj ET Q q 0 0 0 rg BT 489.77 562.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 519.69 562.10 Td (engineers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 550.10 Td (who ) Tj ET Q q 0 0 0 rg BT 73.72 550.10 Td (regularly ) Tj ET Q q 0 0 0 rg BT 112.32 550.10 Td (travel ) Tj ET Q q 0 0 0 rg BT 137.58 550.10 Td (to ) Tj ET Q q 0 0 0 rg BT 147.86 550.10 Td (service ) Tj ET Q q 0 0 0 rg BT 178.67 550.10 Td (centers ) Tj ET Q q 0 0 0 rg BT 209.49 550.10 Td (to ) Tj ET Q q 0 0 0 rg BT 219.77 550.10 Td (address ) Tj ET Q q 0 0 0 rg BT 252.26 550.10 Td (dif) Tj ET Q q 0 0 0 rg BT 263.18 550.10 Td (ficult ) Tj ET Q q 0 0 0 rg BT 286.79 550.10 Td (technical ) Tj ET Q q 0 0 0 rg BT 325.38 550.10 Td (issues ) Tj ET Q q 0 0 0 rg BT 351.77 550.10 Td (for ) Tj ET Q q 0 0 0 rg BT 365.93 550.10 Td (our ) Tj ET Q q 0 0 0 rg BT 381.76 550.10 Td (clients.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 526.10 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 526.10 Td (e ) Tj ET Q q 0 0 0 rg BT 105.57 526.10 Td (also ) Tj ET Q q 0 0 0 rg BT 124.17 526.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 140.54 526.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 170.23 526.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 188.82 526.10 Td (together ) Tj ET Q q 0 0 0 rg BT 224.08 526.10 Td (with ) Tj ET Q q 0 0 0 rg BT 244.35 526.10 Td (a ) Tj ET Q q 0 0 0 rg BT 251.27 526.10 Td (scheduled ) Tj ET Q q 0 0 0 rg BT 293.75 526.10 Td (program ) Tj ET Q q 0 0 0 rg BT 330.12 526.10 Td (of ) Tj ET Q q 0 0 0 rg BT 340.94 526.10 Td (recommended ) Tj ET Q q 0 0 0 rg BT 400.07 526.10 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 453.09 526.10 Td (services ) Tj ET Q q 0 0 0 rg BT 487.78 526.10 Td (in ) Tj ET Q q 0 0 0 rg BT 498.05 526.10 Td (order ) Tj ET Q q 0 0 0 rg BT 521.64 526.10 Td (to ) Tj ET Q q 0 0 0 rg BT 531.91 526.10 Td (ensure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 514.10 Td (that ) Tj ET Q q 0 0 0 rg BT 71.50 514.10 Td (these ) Tj ET Q q 0 0 0 rg BT 94.54 514.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 113.14 514.10 Td (are ) Tj ET Q q 0 0 0 rg BT 127.85 514.10 Td (maintained ) Tj ET Q q 0 0 0 rg BT 174.78 514.10 Td (to ) Tj ET Q q 0 0 0 rg BT 185.05 514.10 Td (the ) Tj ET Q q 0 0 0 rg BT 199.77 514.10 Td (highest ) Tj ET Q q 0 0 0 rg BT 231.16 514.10 Td (standards ) Tj ET Q q 0 0 0 rg BT 271.43 514.10 Td (to ) Tj ET Q q 0 0 0 rg BT 281.71 514.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 303.64 514.10 Td (our ) Tj ET Q q 0 0 0 rg BT 319.47 514.10 Td (strict ) Tj ET Q q 0 0 0 rg BT 341.96 514.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 396.67 514.10 Td (for ) Tj ET Q q 0 0 0 rg BT 410.83 514.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 463.85 514.10 Td (and ) Tj ET Q q 0 0 0 rg BT 480.79 514.10 Td (safety) Tj ET Q q 0 0 0 rg BT 504.01 514.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 490.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 490.10 Td (While ) Tj ET Q q 0 0 0 rg BT 117.01 490.10 Td (we ) Tj ET Q q 0 0 0 rg BT 131.25 490.10 Td (do ) Tj ET Q q 0 0 0 rg BT 143.83 490.10 Td (not ) Tj ET Q q 0 0 0 rg BT 159.19 490.10 Td (have ) Tj ET Q q 0 0 0 rg BT 180.65 490.10 Td (any ) Tj ET Q q 0 0 0 rg BT 197.67 490.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 223.01 490.10 Td (involvement ) Tj ET Q q 0 0 0 rg BT 275.58 490.10 Td (in ) Tj ET Q q 0 0 0 rg BT 285.94 490.10 Td (pre-owned ) Tj ET Q q 0 0 0 rg BT 331.27 490.10 Td (car ) Tj ET Q q 0 0 0 rg BT 346.06 490.10 Td (sales, ) Tj ET Q q 0 0 0 rg BT 370.58 490.10 Td (we ) Tj ET Q q 0 0 0 rg BT 384.82 490.10 Td (seek ) Tj ET Q q 0 0 0 rg BT 405.17 490.10 Td (to ) Tj ET Q q 0 0 0 rg BT 415.52 490.10 Td (support ) Tj ET Q q 0 0 0 rg BT 448.10 490.10 Td (a ) Tj ET Q q 0 0 0 rg BT 455.12 490.10 Td (healthy ) Tj ET Q q 0 0 0 rg BT 487.14 490.10 Td (secondary ) Tj ET Q q 0 0 0 rg BT 530.25 490.10 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 478.10 Td (in ) Tj ET Q q 0 0 0 rg BT 63.99 478.10 Td (order ) Tj ET Q q 0 0 0 rg BT 87.30 478.10 Td (to ) Tj ET Q q 0 0 0 rg BT 97.29 478.10 Td (promote ) Tj ET Q q 0 0 0 rg BT 132.82 478.10 Td (the ) Tj ET Q q 0 0 0 rg BT 147.25 478.10 Td (value ) Tj ET Q q 0 0 0 rg BT 171.12 478.10 Td (of ) Tj ET Q q 0 0 0 rg BT 181.66 478.10 Td (our ) Tj ET Q q 0 0 0 rg BT 197.20 478.10 Td (brand, ) Tj ET Q q 0 0 0 rg BT 224.68 478.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 254.65 478.10 Td (our ) Tj ET Q q 0 0 0 rg BT 270.20 478.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 298.51 478.10 Td (and ) Tj ET Q q 0 0 0 rg BT 315.16 478.10 Td (facilitate ) Tj ET Q q 0 0 0 rg BT 352.35 478.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 374.00 478.10 Td (of ) Tj ET Q q 0 0 0 rg BT 384.54 478.10 Td (new ) Tj ET Q q 0 0 0 rg BT 403.41 478.10 Td (cars. ) Tj ET Q q 0 0 0 rg BT 424.22 478.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 441.98 478.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 472.51 478.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 505.26 478.10 Td (an ) Tj ET Q q 0 0 0 rg BT 516.91 478.10 Td (inspection ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 466.10 Td (service ) Tj ET Q q 0 0 0 rg BT 84.75 466.10 Td (for ) Tj ET Q q 0 0 0 rg BT 98.85 466.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 127.40 466.10 Td (seeking ) Tj ET Q q 0 0 0 rg BT 160.38 466.10 Td (to ) Tj ET Q q 0 0 0 rg BT 170.60 466.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 186.92 466.10 Td (their ) Tj ET Q q 0 0 0 rg BT 207.69 466.10 Td (car ) Tj ET Q q 0 0 0 rg BT 222.33 466.10 Td (which ) Tj ET Q q 0 0 0 rg BT 249.21 466.10 Td (involves ) Tj ET Q q 0 0 0 rg BT 285.54 466.10 Td (detailed ) Tj ET Q q 0 0 0 rg BT 319.63 466.10 Td (checks ) Tj ET Q q 0 0 0 rg BT 349.27 466.10 Td (on ) Tj ET Q q 0 0 0 rg BT 361.71 466.10 Td (the ) Tj ET Q q 0 0 0 rg BT 376.37 466.10 Td (car ) Tj ET Q q 0 0 0 rg BT 391.01 466.10 Td (and ) Tj ET Q q 0 0 0 rg BT 407.89 466.10 Td (a ) Tj ET Q q 0 0 0 rg BT 414.77 466.10 Td (certification ) Tj ET Q q 0 0 0 rg BT 465.51 466.10 Td (on ) Tj ET Q q 0 0 0 rg BT 477.95 466.10 Td (which ) Tj ET Q q 0 0 0 rg BT 504.83 466.10 Td (the ) Tj ET Q q 0 0 0 rg BT 519.49 466.10 Td (client ) Tj ET Q q 0 0 0 rg BT 544.14 466.10 Td (can ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 454.10 Td (rely) Tj ET Q q 0 0 0 rg BT 68.90 454.10 Td (, ) Tj ET Q q 0 0 0 rg BT 73.96 454.10 Td (covering, ) Tj ET Q q 0 0 0 rg BT 114.00 454.10 Td (among ) Tj ET Q q 0 0 0 rg BT 143.78 454.10 Td (other ) Tj ET Q q 0 0 0 rg BT 166.88 454.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 196.39 454.10 Td (the ) Tj ET Q q 0 0 0 rg BT 211.16 454.10 Td (authenticity ) Tj ET Q q 0 0 0 rg BT 260.93 454.10 Td (of ) Tj ET Q q 0 0 0 rg BT 271.82 454.10 Td (the ) Tj ET Q q 0 0 0 rg BT 286.59 454.10 Td (car) Tj ET Q q 0 0 0 rg BT 298.40 454.10 Td (, ) Tj ET Q q 0 0 0 rg BT 303.46 454.10 Td (the ) Tj ET Q q 0 0 0 rg BT 318.23 454.10 Td (conformity ) Tj ET Q q 0 0 0 rg BT 365.23 454.10 Td (to ) Tj ET Q q 0 0 0 rg BT 375.56 454.10 Td (original ) Tj ET Q q 0 0 0 rg BT 409.22 454.10 Td (technical ) Tj ET Q q 0 0 0 rg BT 447.87 454.10 Td (specifications, ) Tj ET Q q 0 0 0 rg BT 507.91 454.10 Td (and ) Tj ET Q q 0 0 0 rg BT 524.91 454.10 Td (the ) Tj ET Q q 0 0 0 rg BT 539.68 454.10 Td (state ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 442.10 Td (of ) Tj ET Q q 0 0 0 rg BT 64.83 442.10 Td (repair) Tj ET Q q 0 0 0 rg BT 87.59 442.10 Td (. ) Tj ET Q q 0 0 0 rg BT 92.59 442.10 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 147.58 442.10 Td (we ) Tj ET Q q 0 0 0 rg BT 161.74 442.10 Td (of) Tj ET Q q 0 0 0 rg BT 169.89 442.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 183.49 442.10 Td (owners ) Tj ET Q q 0 0 0 rg BT 214.87 442.10 Td (of ) Tj ET Q q 0 0 0 rg BT 225.70 442.10 Td (classic ) Tj ET Q q 0 0 0 rg BT 254.85 442.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 284.56 442.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 303.16 442.10 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 356.19 442.10 Td (and ) Tj ET Q q 0 0 0 rg BT 373.13 442.10 Td (restoration ) Tj ET Q q 0 0 0 rg BT 418.39 442.10 Td (services.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 418.10 Td (Client ) Tj ET Q q 0 0 0 rg BT 82.61 418.10 Td (Relations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 394.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 394.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 107.66 394.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 135.88 394.10 Td (are ) Tj ET Q q 0 0 0 rg BT 150.20 394.10 Td (the ) Tj ET Q q 0 0 0 rg BT 164.53 394.10 Td (backbone ) Tj ET Q q 0 0 0 rg BT 204.95 394.10 Td (of ) Tj ET Q q 0 0 0 rg BT 215.40 394.10 Td (our ) Tj ET Q q 0 0 0 rg BT 230.84 394.10 Td (business ) Tj ET Q q 0 0 0 rg BT 266.84 394.10 Td (together ) Tj ET Q q 0 0 0 rg BT 301.72 394.10 Td (with ) Tj ET Q q 0 0 0 rg BT 321.61 394.10 Td (our ) Tj ET Q q 0 0 0 rg BT 337.05 394.10 Td (brand ) Tj ET Q q 0 0 0 rg BT 361.93 394.10 Td (and ) Tj ET Q q 0 0 0 rg BT 378.48 394.10 Td (our ) Tj ET Q q 0 0 0 rg BT 393.92 394.10 Td (technology) Tj ET Q q 0 0 0 rg BT 437.71 394.10 Td (. ) Tj ET Q q 0 0 0 rg BT 442.16 394.10 Td (W) Tj ET Q q 0 0 0 rg BT 450.80 394.10 Td (e ) Tj ET Q q 0 0 0 rg BT 457.35 394.10 Td (do ) Tj ET Q q 0 0 0 rg BT 469.46 394.10 Td (not ) Tj ET Q q 0 0 0 rg BT 484.35 394.10 Td (promote ) Tj ET Q q 0 0 0 rg BT 519.79 394.10 Td (our ) Tj ET Q q 0 0 0 rg BT 535.23 394.10 Td (brand ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 382.10 Td (or ) Tj ET Q q 0 0 0 rg BT 64.83 382.10 Td (our ) Tj ET Q q 0 0 0 rg BT 80.66 382.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 99.26 382.10 Td (through ) Tj ET Q q 0 0 0 rg BT 132.87 382.10 Td (general ) Tj ET Q q 0 0 0 rg BT 164.79 382.10 Td (advertising. ) Tj ET Q q 0 0 0 rg BT 214.22 382.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 232.28 382.10 Td (main ) Tj ET Q q 0 0 0 rg BT 254.77 382.10 Td (brand ) Tj ET Q q 0 0 0 rg BT 280.04 382.10 Td (marketing ) Tj ET Q q 0 0 0 rg BT 323.08 382.10 Td (and ) Tj ET Q q 0 0 0 rg BT 340.02 382.10 Td (promotional ) Tj ET Q q 0 0 0 rg BT 391.40 382.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 430.00 382.10 Td (have ) Tj ET Q q 0 0 0 rg BT 451.38 382.10 Td (two ) Tj ET Q q 0 0 0 rg BT 468.88 382.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 506.92 382.10 Td (tar) Tj ET Q q 0 0 0 rg BT 517.29 382.10 Td (gets. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 358.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 358.10 Td (Firstly) Tj ET Q q 0 0 0 rg BT 115.47 358.10 Td (, ) Tj ET Q q 0 0 0 rg BT 120.47 358.10 Td (we ) Tj ET Q q 0 0 0 rg BT 134.63 358.10 Td (tar) Tj ET Q q 0 0 0 rg BT 145.00 358.10 Td (get ) Tj ET Q q 0 0 0 rg BT 159.71 358.10 Td (the ) Tj ET Q q 0 0 0 rg BT 174.43 358.10 Td (general ) Tj ET Q q 0 0 0 rg BT 206.35 358.10 Td (public. ) Tj ET Q q 0 0 0 rg BT 236.35 358.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 254.40 358.10 Td (most ) Tj ET Q q 0 0 0 rg BT 276.35 358.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 321.06 358.10 Td (ef) Tj ET Q q 0 0 0 rg BT 328.65 358.10 Td (fort ) Tj ET Q q 0 0 0 rg BT 345.59 358.10 Td (in ) Tj ET Q q 0 0 0 rg BT 355.86 358.10 Td (this ) Tj ET Q q 0 0 0 rg BT 372.81 358.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 403.63 358.10 Td (is ) Tj ET Q q 0 0 0 rg BT 412.80 358.10 Td (centered ) Tj ET Q q 0 0 0 rg BT 449.16 358.10 Td (on ) Tj ET Q q 0 0 0 rg BT 461.66 358.10 Td (our ) Tj ET Q q 0 0 0 rg BT 477.49 358.10 Td (racing ) Tj ET Q q 0 0 0 rg BT 504.98 358.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 543.57 358.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 346.10 Td (the ) Tj ET Q q 0 0 0 rg BT 67.93 346.10 Td (resonance ) Tj ET Q q 0 0 0 rg BT 109.63 346.10 Td (of ) Tj ET Q q 0 0 0 rg BT 119.67 346.10 Td (Scuderia ) Tj ET Q q 0 0 0 rg BT 156.37 346.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 185.30 346.10 Td (\(see ) Tj ET Q q 0 0 0 rg BT 203.11 346.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 207.55 346.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 253.16 346.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 259.75 346.10 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.96 346.10 Td (\). ) Tj ET Q q 0 0 0 rg BT 308.82 346.10 Td (W) Tj ET Q q 0 0 0 rg BT 317.46 346.10 Td (e ) Tj ET Q q 0 0 0 rg BT 323.61 346.10 Td (also ) Tj ET Q q 0 0 0 rg BT 341.44 346.10 Td (engage ) Tj ET Q q 0 0 0 rg BT 371.47 346.10 Td (in ) Tj ET Q q 0 0 0 rg BT 380.96 346.10 Td (other ) Tj ET Q q 0 0 0 rg BT 403.22 346.10 Td (brand-promotional ) Tj ET Q q 0 0 0 rg BT 479.92 346.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 520.24 346.10 Td (including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 334.10 Td (participation ) Tj ET Q q 0 0 0 rg BT 107.04 334.10 Td (in ) Tj ET Q q 0 0 0 rg BT 117.32 334.10 Td (motor ) Tj ET Q q 0 0 0 rg BT 143.70 334.10 Td (shows ) Tj ET Q q 0 0 0 rg BT 171.21 334.10 Td (and ) Tj ET Q q 0 0 0 rg BT 188.15 334.10 Td (other ) Tj ET Q q 0 0 0 rg BT 211.19 334.10 Td (public ) Tj ET Q q 0 0 0 rg BT 238.69 334.10 Td (events. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 310.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 310.10 Td (Secondly) Tj ET Q q 0 0 0 rg BT 126.57 310.10 Td (, ) Tj ET Q q 0 0 0 rg BT 131.46 310.10 Td (we ) Tj ET Q q 0 0 0 rg BT 145.52 310.10 Td (tar) Tj ET Q q 0 0 0 rg BT 155.88 310.10 Td (get ) Tj ET Q q 0 0 0 rg BT 170.50 310.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 204.56 310.10 Td (and ) Tj ET Q q 0 0 0 rg BT 221.39 310.10 Td (prospective ) Tj ET Q q 0 0 0 rg BT 269.88 310.10 Td (clients, ) Tj ET Q q 0 0 0 rg BT 300.88 310.10 Td (seeking ) Tj ET Q q 0 0 0 rg BT 333.82 310.10 Td (to ) Tj ET Q q 0 0 0 rg BT 343.99 310.10 Td (promote ) Tj ET Q q 0 0 0 rg BT 379.71 310.10 Td (clients) Tj ET Q q 0 0 0 rg BT 408.40 310.10 Td ( ) Tj ET Q q 0 0 0 rg BT 410.80 310.10 Td (knowledge ) Tj ET Q q 0 0 0 rg BT 457.07 310.10 Td (of ) Tj ET Q q 0 0 0 rg BT 467.80 310.10 Td (our ) Tj ET Q q 0 0 0 rg BT 483.52 310.10 Td (products, ) Tj ET Q q 0 0 0 rg BT 522.85 310.10 Td (and ) Tj ET Q q 0 0 0 rg BT 539.69 310.10 Td (their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 298.10 Td (enjoyment ) Tj ET Q q 0 0 0 rg BT 99.39 298.10 Td (of ) Tj ET Q q 0 0 0 rg BT 110.89 298.10 Td (our ) Tj ET Q q 0 0 0 rg BT 127.39 298.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 146.67 298.10 Td (both ) Tj ET Q q 0 0 0 rg BT 167.62 298.10 Td (on ) Tj ET Q q 0 0 0 rg BT 180.79 298.10 Td (road ) Tj ET Q q 0 0 0 rg BT 201.73 298.10 Td (and ) Tj ET Q q 0 0 0 rg BT 219.35 298.10 Td (on ) Tj ET Q q 0 0 0 rg BT 232.52 298.10 Td (track, ) Tj ET Q q 0 0 0 rg BT 258.18 298.10 Td (and ) Tj ET Q q 0 0 0 rg BT 275.79 298.10 Td (to ) Tj ET Q q 0 0 0 rg BT 286.74 298.10 Td (foster ) Tj ET Q q 0 0 0 rg BT 312.69 298.10 Td (long ) Tj ET Q q 0 0 0 rg BT 333.64 298.10 Td (term ) Tj ET Q q 0 0 0 rg BT 355.14 298.10 Td (relationships ) Tj ET Q q 0 0 0 rg BT 409.42 298.10 Td (with ) Tj ET Q q 0 0 0 rg BT 430.37 298.10 Td (our ) Tj ET Q q 0 0 0 rg BT 446.87 298.10 Td (clients, ) Tj ET Q q 0 0 0 rg BT 478.65 298.10 Td (which ) Tj ET Q q 0 0 0 rg BT 506.26 298.10 Td (is ) Tj ET Q q 0 0 0 rg BT 516.10 298.10 Td (key ) Tj ET Q q 0 0 0 rg BT 533.72 298.10 Td (to ) Tj ET Q q 0 0 0 rg BT 544.67 298.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 286.10 Td (success. ) Tj ET Q q 0 0 0 rg BT 88.99 286.10 Td (In ) Tj ET Q q 0 0 0 rg BT 99.82 286.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 124.82 286.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 185.08 286.10 Td (59.5 ) Tj ET Q q 0 0 0 rg BT 205.08 286.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 237.00 286.10 Td (of ) Tj ET Q q 0 0 0 rg BT 247.83 286.10 Td (our ) Tj ET Q q 0 0 0 rg BT 263.66 286.10 Td (new ) Tj ET Q q 0 0 0 rg BT 282.82 286.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 301.42 286.10 Td (were ) Tj ET Q q 0 0 0 rg BT 323.35 286.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 342.52 286.10 Td (to ) Tj ET Q q 0 0 0 rg BT 352.80 286.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 382.51 286.10 Td (owners.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 262.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 262.10 Td (By ) Tj ET Q q 0 0 0 rg BT 103.62 262.10 Td (purchasing ) Tj ET Q q 0 0 0 rg BT 149.45 262.10 Td (our ) Tj ET Q q 0 0 0 rg BT 164.73 262.10 Td (cars, ) Tj ET Q q 0 0 0 rg BT 185.27 262.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 213.33 262.10 Td (become ) Tj ET Q q 0 0 0 rg BT 246.37 262.10 Td (part ) Tj ET Q q 0 0 0 rg BT 263.87 262.10 Td (of ) Tj ET Q q 0 0 0 rg BT 274.15 262.10 Td (a ) Tj ET Q q 0 0 0 rg BT 280.54 262.10 Td (select ) Tj ET Q q 0 0 0 rg BT 305.25 262.10 Td (community ) Tj ET Q q 0 0 0 rg BT 352.75 262.10 Td (sharing ) Tj ET Q q 0 0 0 rg BT 384.14 262.10 Td (a ) Tj ET Q q 0 0 0 rg BT 390.53 262.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 424.13 262.10 Td (association ) Tj ET Q q 0 0 0 rg BT 470.52 262.10 Td (with ) Tj ET Q q 0 0 0 rg BT 490.24 262.10 Td (the ) Tj ET Q q 0 0 0 rg BT 504.41 262.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 533.57 262.10 Td (image ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 250.10 Td (and ) Tj ET Q q 0 0 0 rg BT 70.15 250.10 Td (we ) Tj ET Q q 0 0 0 rg BT 83.52 250.10 Td (foster ) Tj ET Q q 0 0 0 rg BT 108.00 250.10 Td (this ) Tj ET Q q 0 0 0 rg BT 124.16 250.10 Td (sense ) Tj ET Q q 0 0 0 rg BT 147.53 250.10 Td (of ) Tj ET Q q 0 0 0 rg BT 157.57 250.10 Td (fellowship ) Tj ET Q q 0 0 0 rg BT 201.50 250.10 Td (with ) Tj ET Q q 0 0 0 rg BT 220.98 250.10 Td (a ) Tj ET Q q 0 0 0 rg BT 227.13 250.10 Td (number ) Tj ET Q q 0 0 0 rg BT 259.39 250.10 Td (of ) Tj ET Q q 0 0 0 rg BT 269.43 250.10 Td (initiatives. ) Tj ET Q q 0 0 0 rg BT 312.96 250.10 Td (W) Tj ET Q q 0 0 0 rg BT 321.59 250.10 Td (e ) Tj ET Q q 0 0 0 rg BT 327.74 250.10 Td (strive ) Tj ET Q q 0 0 0 rg BT 351.67 250.10 Td (to ) Tj ET Q q 0 0 0 rg BT 361.16 250.10 Td (maximize ) Tj ET Q q 0 0 0 rg BT 402.30 250.10 Td (the ) Tj ET Q q 0 0 0 rg BT 416.23 250.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 461.24 250.10 Td (of ) Tj ET Q q 0 0 0 rg BT 471.28 250.10 Td (our ) Tj ET Q q 0 0 0 rg BT 486.32 250.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 514.13 250.10 Td (throughout ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 238.10 Td (their ) Tj ET Q q 0 0 0 rg BT 74.60 238.10 Td (period ) Tj ET Q q 0 0 0 rg BT 102.42 238.10 Td (of ) Tj ET Q q 0 0 0 rg BT 113.02 238.10 Td (interaction ) Tj ET Q q 0 0 0 rg BT 158.05 238.10 Td (with ) Tj ET Q q 0 0 0 rg BT 178.10 238.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 207.58 238.10 Td ( ) Tj ET Q q 0 0 0 rg BT 219.86 238.10 Td (from ) Tj ET Q q 0 0 0 rg BT 241.57 238.10 Td (first ) Tj ET Q q 0 0 0 rg BT 259.95 238.10 Td (contact, ) Tj ET Q q 0 0 0 rg BT 293.59 238.10 Td (through ) Tj ET Q q 0 0 0 rg BT 326.98 238.10 Td (purchasing ) Tj ET Q q 0 0 0 rg BT 373.13 238.10 Td (decision ) Tj ET Q q 0 0 0 rg BT 408.72 238.10 Td (process, ) Tj ET Q q 0 0 0 rg BT 443.49 238.10 Td (to ) Tj ET Q q 0 0 0 rg BT 453.54 238.10 Td (waiting-time ) Tj ET Q q 0 0 0 rg BT 506.91 238.10 Td (management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 226.10 Td (and ) Tj ET Q q 0 0 0 rg BT 70.94 226.10 Td (ownership. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 202.10 Td (Client ) Tj ET Q q 0 0 0 rg BT 81.50 202.10 Td (events) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 178.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 178.10 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 178.10 Td (e ) Tj ET Q q 0 0 0 rg BT 105.58 178.10 Td (or) Tj ET Q q 0 0 0 rg BT 113.73 178.10 Td (ganize ) Tj ET Q q 0 0 0 rg BT 142.32 178.10 Td (a ) Tj ET Q q 0 0 0 rg BT 149.26 178.10 Td (number ) Tj ET Q q 0 0 0 rg BT 182.30 178.10 Td (of ) Tj ET Q q 0 0 0 rg BT 193.13 178.10 Td (client ) Tj ET Q q 0 0 0 rg BT 217.85 178.10 Td (events ) Tj ET Q q 0 0 0 rg BT 245.89 178.10 Td (at ) Tj ET Q q 0 0 0 rg BT 255.61 178.10 Td (Maranello ) Tj ET Q q 0 0 0 rg BT 299.20 178.10 Td (and ) Tj ET Q q 0 0 0 rg BT 316.14 178.10 Td (elsewhere. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 154.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 154.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 107.06 154.10 Td (factory ) Tj ET Q q 0 0 0 rg BT 136.89 154.10 Td (in ) Tj ET Q q 0 0 0 rg BT 146.18 154.10 Td (Maranello ) Tj ET Q q 0 0 0 rg BT 188.78 154.10 Td (is ) Tj ET Q q 0 0 0 rg BT 196.97 154.10 Td (the ) Tj ET Q q 0 0 0 rg BT 210.69 154.10 Td (core ) Tj ET Q q 0 0 0 rg BT 229.41 154.10 Td (of ) Tj ET Q q 0 0 0 rg BT 239.25 154.10 Td (our ) Tj ET Q q 0 0 0 rg BT 254.09 154.10 Td (client ) Tj ET Q q 0 0 0 rg BT 277.82 154.10 Td (engagement ) Tj ET Q q 0 0 0 rg BT 327.64 154.10 Td (strategy ) Tj ET Q q 0 0 0 rg BT 360.81 154.10 Td (and ) Tj ET Q q 0 0 0 rg BT 376.76 154.10 Td (a ) Tj ET Q q 0 0 0 rg BT 382.71 154.10 Td (symbolic ) Tj ET Q q 0 0 0 rg BT 420.88 154.10 Td (hub ) Tj ET Q q 0 0 0 rg BT 437.39 154.10 Td (attracting ) Tj ET Q q 0 0 0 rg BT 476.66 154.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 504.28 154.10 Td (and ) Tj ET Q q 0 0 0 rg BT 520.23 154.10 Td (prospects ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 142.10 Td (worldwide. ) Tj ET Q q 0 0 0 rg BT 102.31 142.10 Td (Upon ) Tj ET Q q 0 0 0 rg BT 127.58 142.10 Td (invitation, ) Tj ET Q q 0 0 0 rg BT 171.45 142.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 200.60 142.10 Td (and ) Tj ET Q q 0 0 0 rg BT 218.08 142.10 Td (prospects ) Tj ET Q q 0 0 0 rg BT 258.89 142.10 Td (can ) Tj ET Q q 0 0 0 rg BT 275.81 142.10 Td (visit ) Tj ET Q q 0 0 0 rg BT 296.08 142.10 Td (the ) Tj ET Q q 0 0 0 rg BT 311.34 142.10 Td (factory) Tj ET Q q 0 0 0 rg BT 339.01 142.10 Td (, ) Tj ET Q q 0 0 0 rg BT 344.55 142.10 Td (witness ) Tj ET Q q 0 0 0 rg BT 377.60 142.10 Td (some ) Tj ET Q q 0 0 0 rg BT 401.75 142.10 Td (of ) Tj ET Q q 0 0 0 rg BT 413.12 142.10 Td (its ) Tj ET Q q 0 0 0 rg BT 425.61 142.10 Td (workings ) Tj ET Q q 0 0 0 rg BT 465.88 142.10 Td (and ) Tj ET Q q 0 0 0 rg BT 483.36 142.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 529.70 142.10 Td (several ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 130.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 83.18 130.10 Td (core ) Tj ET Q q 0 0 0 rg BT 102.36 130.10 Td (values ) Tj ET Q q 0 0 0 rg BT 129.88 130.10 Td (such ) Tj ET Q q 0 0 0 rg BT 150.19 130.10 Td (as ) Tj ET Q q 0 0 0 rg BT 160.49 130.10 Td (heritage, ) Tj ET Q q 0 0 0 rg BT 197.17 130.10 Td (exclusivity ) Tj ET Q q 0 0 0 rg BT 243.02 130.10 Td (and ) Tj ET Q q 0 0 0 rg BT 259.44 130.10 Td (customization. ) Tj ET Q q 0 0 0 rg BT 319.57 130.10 Td (At ) Tj ET Q q 0 0 0 rg BT 331.55 130.10 Td (the ) Tj ET Q q 0 0 0 rg BT 345.74 130.10 Td (factory) Tj ET Q q 0 0 0 rg BT 373.40 130.10 Td (, ) Tj ET Q q 0 0 0 rg BT 377.88 130.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 405.96 130.10 Td (have ) Tj ET Q q 0 0 0 rg BT 426.81 130.10 Td (the ) Tj ET Q q 0 0 0 rg BT 441.00 130.10 Td (opportunity ) Tj ET Q q 0 0 0 rg BT 489.64 130.10 Td (to ) Tj ET Q q 0 0 0 rg BT 499.39 130.10 Td (configure ) Tj ET Q q 0 0 0 rg BT 539.68 130.10 Td (their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 118.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 72.60 118.10 Td (through ) Tj ET Q q 0 0 0 rg BT 106.21 118.10 Td (our ) Tj ET Q q 0 0 0 rg BT 122.04 118.10 Td (personalization ) Tj ET Q q 0 0 0 rg BT 185.63 118.10 Td (and ) Tj ET Q q 0 0 0 rg BT 202.56 118.10 Td (bespoke ) Tj ET Q q 0 0 0 rg BT 237.83 118.10 Td (program ) Tj ET Q q 0 0 0 rg BT 274.21 118.10 Td (\(see ) Tj ET Q q 0 0 0 rg BT 292.81 118.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 297.25 118.10 Td (Personalization ) Tj ET Q q 0 0 0 rg BT 371.97 118.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 381.60 118.10 Td (ogram ) Tj ET Q q 0 0 0 rg BT 410.22 118.10 Td (and ) Tj ET Q q 0 0 0 rg BT 427.72 118.10 Td (T) Tj ET Q q 0 0 0 rg BT 432.36 118.10 Td (ailor ) Tj ET Q q 0 0 0 rg BT 454.31 118.10 Td (Made ) Tj ET Q q 0 0 0 rg BT 479.58 118.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 489.21 118.10 Td (ogram) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.32 118.10 Td (\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 94.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 94.10 Td (Clients ) Tj ET Q q 0 0 0 rg BT 121.26 94.10 Td (are ) Tj ET Q q 0 0 0 rg BT 136.39 94.10 Td (also ) Tj ET Q q 0 0 0 rg BT 155.42 94.10 Td (invited ) Tj ET Q q 0 0 0 rg BT 186.12 94.10 Td (to ) Tj ET Q q 0 0 0 rg BT 196.83 94.10 Td (celebrations ) Tj ET Q q 0 0 0 rg BT 248.06 94.10 Td (and ) Tj ET Q q 0 0 0 rg BT 265.42 94.10 Td (other ) Tj ET Q q 0 0 0 rg BT 288.90 94.10 Td (events ) Tj ET Q q 0 0 0 rg BT 317.37 94.10 Td (that ) Tj ET Q q 0 0 0 rg BT 335.29 94.10 Td (we ) Tj ET Q q 0 0 0 rg BT 349.87 94.10 Td (or) Tj ET Q q 0 0 0 rg BT 358.02 94.10 Td (ganize ) Tj ET Q q 0 0 0 rg BT 387.04 94.10 Td (in ) Tj ET Q q 0 0 0 rg BT 397.74 94.10 Td (various ) Tj ET Q q 0 0 0 rg BT 430.11 94.10 Td (markets. ) Tj ET Q q 0 0 0 rg BT 467.19 94.10 Td (Some ) Tj ET Q q 0 0 0 rg BT 492.89 94.10 Td (recent ) Tj ET Q q 0 0 0 rg BT 520.24 94.10 Td (examples ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 82.10 Td (include ) Tj ET Q q 0 0 0 rg BT 86.56 82.10 Td (the ) Tj ET Q q 0 0 0 rg BT 101.90 82.10 Td (celebrations ) Tj ET Q q 0 0 0 rg BT 153.33 82.10 Td (of ) Tj ET Q q 0 0 0 rg BT 164.79 82.10 Td (the ) Tj ET Q q 0 0 0 rg BT 180.13 82.10 Td (Y) Tj ET Q q 0 0 0 rg BT 190.79 82.10 Td (ear ) Tj ET Q q 0 0 0 rg BT 206.12 82.10 Td (of ) Tj ET Q q 0 0 0 rg BT 217.57 82.10 Td (the ) Tj ET Q q 0 0 0 rg BT 232.91 82.10 Td (Horse ) Tj ET Q q 0 0 0 rg BT 264.36 82.10 Td (in ) Tj ET Q q 0 0 0 rg BT 275.26 82.10 Td (China ) Tj ET Q q 0 0 0 rg BT 302.27 82.10 Td (and ) Tj ET Q q 0 0 0 rg BT 319.83 82.10 Td (the ) Tj ET Q q 0 0 0 rg BT 335.17 82.10 Td (Finali ) Tj ET Q q 0 0 0 rg BT 361.63 82.10 Td (Mondiali ) Tj ET Q q 0 0 0 rg BT 401.42 82.10 Td (in ) Tj ET Q q 0 0 0 rg BT 412.32 82.10 Td (Mugello, ) Tj ET Q q 0 0 0 rg BT 451.83 82.10 Td (Italy) Tj ET Q q 0 0 0 rg BT 469.51 82.10 Td (, ) Tj ET Q q 0 0 0 rg BT 475.13 82.10 Td (which ) Tj ET Q q 0 0 0 rg BT 502.70 82.10 Td (attracted ) Tj ET Q q 0 0 0 rg BT 540.24 82.10 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 70.10 Td (50,000 ) Tj ET Q q 0 0 0 rg BT 84.00 70.10 Td (fans ) Tj ET Q q 0 0 0 rg BT 103.16 70.10 Td (during ) Tj ET Q q 0 0 0 rg BT 131.77 70.10 Td (the ) Tj ET Q q 0 0 0 rg BT 146.49 70.10 Td (racing ) Tj ET Q q 0 0 0 rg BT 173.97 70.10 Td (days.) Tj ET Q endstream endobj 91 0 obj <> endobj 92 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 30.20 Td (37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 742.10 Td (Every ) Tj ET Q q 0 0 0 rg BT 116.20 742.10 Td (new ) Tj ET Q q 0 0 0 rg BT 135.18 742.10 Td (model ) Tj ET Q q 0 0 0 rg BT 162.50 742.10 Td (launch ) Tj ET Q q 0 0 0 rg BT 191.48 742.10 Td (is ) Tj ET Q q 0 0 0 rg BT 200.47 742.10 Td (carefully ) Tj ET Q q 0 0 0 rg BT 238.33 742.10 Td (staged ) Tj ET Q q 0 0 0 rg BT 266.20 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 282.96 742.10 Td (selected ) Tj ET Q q 0 0 0 rg BT 317.49 742.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 345.91 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 362.67 742.10 Td (prospects ) Tj ET Q q 0 0 0 rg BT 402.77 742.10 Td (have ) Tj ET Q q 0 0 0 rg BT 423.97 742.10 Td (preferential ) Tj ET Q q 0 0 0 rg BT 472.37 742.10 Td (access ) Tj ET Q q 0 0 0 rg BT 500.23 742.10 Td (to ) Tj ET Q q 0 0 0 rg BT 510.33 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.87 742.10 Td (new ) Tj ET Q q 0 0 0 rg BT 543.85 742.10 Td (car) Tj ET Q q 0 0 0 rg BT 555.51 742.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 730.10 Td (The ) Tj ET Q q 0 0 0 rg BT 71.93 730.10 Td (new ) Tj ET Q q 0 0 0 rg BT 90.98 730.10 Td (model ) Tj ET Q q 0 0 0 rg BT 118.36 730.10 Td (presentation ) Tj ET Q q 0 0 0 rg BT 169.62 730.10 Td (begins ) Tj ET Q q 0 0 0 rg BT 198.12 730.10 Td (with ) Tj ET Q q 0 0 0 rg BT 218.28 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 232.88 730.10 Td (release ) Tj ET Q q 0 0 0 rg BT 263.03 730.10 Td (of ) Tj ET Q q 0 0 0 rg BT 273.74 730.10 Td (images ) Tj ET Q q 0 0 0 rg BT 304.45 730.10 Td (providing ) Tj ET Q q 0 0 0 rg BT 345.73 730.10 Td (a ) Tj ET Q q 0 0 0 rg BT 352.55 730.10 Td (preliminary) Tj ET Q q 0 0 0 rg BT 398.55 730.10 Td (, ) Tj ET Q q 0 0 0 rg BT 403.44 730.10 Td (often ) Tj ET Q q 0 0 0 rg BT 426.37 730.10 Td (partial ) Tj ET Q q 0 0 0 rg BT 454.30 730.10 Td (view ) Tj ET Q q 0 0 0 rg BT 476.13 730.10 Td (of ) Tj ET Q q 0 0 0 rg BT 486.84 730.10 Td (its ) Tj ET Q q 0 0 0 rg BT 498.68 730.10 Td (design. ) Tj ET Q q 0 0 0 rg BT 529.67 730.10 Td (Clients ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 718.10 Td (are ) Tj ET Q q 0 0 0 rg BT 69.05 718.10 Td (then ) Tj ET Q q 0 0 0 rg BT 89.10 718.10 Td (invited ) Tj ET Q q 0 0 0 rg BT 119.72 718.10 Td (to ) Tj ET Q q 0 0 0 rg BT 130.33 718.10 Td (a ) Tj ET Q q 0 0 0 rg BT 137.61 718.10 Td (preview ) Tj ET Q q 0 0 0 rg BT 172.66 718.10 Td (or ) Tj ET Q q 0 0 0 rg BT 183.83 718.10 Td (world ) Tj ET Q q 0 0 0 rg BT 210.00 718.10 Td (premiere. ) Tj ET Q q 0 0 0 rg BT 250.24 718.10 Td (A) Tj ET Q q 0 0 0 rg BT 256.91 718.10 Td ( ) Tj ET Q q 0 0 0 rg BT 259.75 718.10 Td (public ) Tj ET Q q 0 0 0 rg BT 287.58 718.10 Td (model ) Tj ET Q q 0 0 0 rg BT 315.42 718.10 Td (presentation ) Tj ET Q q 0 0 0 rg BT 367.13 718.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 407.17 718.10 Td (follows ) Tj ET Q q 0 0 0 rg BT 440.01 718.10 Td (at ) Tj ET Q q 0 0 0 rg BT 450.07 718.10 Td (motor ) Tj ET Q q 0 0 0 rg BT 476.79 718.10 Td (shows ) Tj ET Q q 0 0 0 rg BT 504.64 718.10 Td (where ) Tj ET Q q 0 0 0 rg BT 531.91 718.10 Td (clients ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 706.10 Td (are ) Tj ET Q q 0 0 0 rg BT 68.71 706.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 106.75 706.10 Td (access ) Tj ET Q q 0 0 0 rg BT 134.79 706.10 Td (to ) Tj ET Q q 0 0 0 rg BT 145.07 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 159.79 706.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 189.49 706.10 Td (stand. ) Tj ET Q q 0 0 0 rg BT 215.60 706.10 Td (Further ) Tj ET Q q 0 0 0 rg BT 247.54 706.10 Td (country ) Tj ET Q q 0 0 0 rg BT 280.59 706.10 Td (and ) Tj ET Q q 0 0 0 rg BT 297.53 706.10 Td (regional ) Tj ET Q q 0 0 0 rg BT 332.79 706.10 Td (events ) Tj ET Q q 0 0 0 rg BT 360.84 706.10 Td (follow ) Tj ET Q q 0 0 0 rg BT 389.44 706.10 Td (before ) Tj ET Q q 0 0 0 rg BT 417.48 706.10 Td (delivery ) Tj ET Q q 0 0 0 rg BT 452.75 706.10 Td (of ) Tj ET Q q 0 0 0 rg BT 463.58 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 478.29 706.10 Td (first ) Tj ET Q q 0 0 0 rg BT 496.90 706.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 515.50 706.10 Td (to ) Tj ET Q q 0 0 0 rg BT 525.78 706.10 Td (dealers.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 682.10 Td (Driving ) Tj ET Q q 0 0 0 rg BT 88.17 682.10 Td (events) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 658.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 658.10 Td (Driving ) Tj ET Q q 0 0 0 rg BT 123.64 658.10 Td (events ) Tj ET Q q 0 0 0 rg BT 151.72 658.10 Td (serve ) Tj ET Q q 0 0 0 rg BT 175.36 658.10 Td (the ) Tj ET Q q 0 0 0 rg BT 190.11 658.10 Td (dual ) Tj ET Q q 0 0 0 rg BT 209.86 658.10 Td (objective ) Tj ET Q q 0 0 0 rg BT 249.04 658.10 Td (of ) Tj ET Q q 0 0 0 rg BT 259.91 658.10 Td (allowing ) Tj ET Q q 0 0 0 rg BT 297.44 658.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 326.07 658.10 Td (to ) Tj ET Q q 0 0 0 rg BT 336.39 658.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 382.22 658.10 Td (at ) Tj ET Q q 0 0 0 rg BT 391.97 658.10 Td (their ) Tj ET Q q 0 0 0 rg BT 412.83 658.10 Td (best ) Tj ET Q q 0 0 0 rg BT 431.47 658.10 Td (the ) Tj ET Q q 0 0 0 rg BT 446.23 658.10 Td (emotion ) Tj ET Q q 0 0 0 rg BT 481.53 658.10 Td (of ) Tj ET Q q 0 0 0 rg BT 492.40 658.10 Td (driving ) Tj ET Q q 0 0 0 rg BT 523.82 658.10 Td (a ) Tj ET Q q 0 0 0 rg BT 530.79 658.10 Td (Ferrari ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 646.10 Td (car) Tj ET Q q 0 0 0 rg BT 65.81 646.10 Td (, ) Tj ET Q q 0 0 0 rg BT 70.24 646.10 Td (and ) Tj ET Q q 0 0 0 rg BT 86.61 646.10 Td (to ) Tj ET Q q 0 0 0 rg BT 96.31 646.10 Td (foster ) Tj ET Q q 0 0 0 rg BT 121.01 646.10 Td (client ) Tj ET Q q 0 0 0 rg BT 145.15 646.10 Td (loyalty ) Tj ET Q q 0 0 0 rg BT 174.86 646.10 Td (and ) Tj ET Q q 0 0 0 rg BT 191.23 646.10 Td (repeat ) Tj ET Q q 0 0 0 rg BT 217.58 646.10 Td (purchases ) Tj ET Q q 0 0 0 rg BT 258.94 646.10 Td (by ) Tj ET Q q 0 0 0 rg BT 270.87 646.10 Td (creating ) Tj ET Q q 0 0 0 rg BT 305.00 646.10 Td (superior ) Tj ET Q q 0 0 0 rg BT 339.70 646.10 Td (car) Tj ET Q q 0 0 0 rg BT 351.71 646.10 Td (-usage ) Tj ET Q q 0 0 0 rg BT 379.74 646.10 Td (occasions. ) Tj ET Q q 0 0 0 rg BT 422.90 646.10 Td (T) Tj ET Q q 0 0 0 rg BT 428.66 646.10 Td (rack ) Tj ET Q q 0 0 0 rg BT 447.80 646.10 Td (and ) Tj ET Q q 0 0 0 rg BT 464.17 646.10 Td (sporty ) Tj ET Q q 0 0 0 rg BT 491.10 646.10 Td (driving ) Tj ET Q q 0 0 0 rg BT 521.91 646.10 Td (activities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 634.10 Td (are ) Tj ET Q q 0 0 0 rg BT 68.71 634.10 Td (mainly ) Tj ET Q q 0 0 0 rg BT 98.98 634.10 Td (tar) Tj ET Q q 0 0 0 rg BT 109.35 634.10 Td (geted ) Tj ET Q q 0 0 0 rg BT 133.50 634.10 Td (to ) Tj ET Q q 0 0 0 rg BT 143.78 634.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 172.38 634.10 Td (with ) Tj ET Q q 0 0 0 rg BT 192.66 634.10 Td (a ) Tj ET Q q 0 0 0 rg BT 199.60 634.10 Td (preference ) Tj ET Q q 0 0 0 rg BT 244.28 634.10 Td (for ) Tj ET Q q 0 0 0 rg BT 258.44 634.10 Td (sports ) Tj ET Q q 0 0 0 rg BT 284.83 634.10 Td (models. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 610.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 610.10 Td (In ) Tj ET Q q 0 0 0 rg BT 100.57 610.10 Td (addition ) Tj ET Q q 0 0 0 rg BT 135.58 610.10 Td (to ) Tj ET Q q 0 0 0 rg BT 145.60 610.10 Td (several ) Tj ET Q q 0 0 0 rg BT 176.15 610.10 Td (track ) Tj ET Q q 0 0 0 rg BT 198.37 610.10 Td (day ) Tj ET Q q 0 0 0 rg BT 215.05 610.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 255.88 610.10 Td (or) Tj ET Q q 0 0 0 rg BT 264.03 610.10 Td (ganized ) Tj ET Q q 0 0 0 rg BT 297.37 610.10 Td (by ) Tj ET Q q 0 0 0 rg BT 309.60 610.10 Td (local ) Tj ET Q q 0 0 0 rg BT 331.27 610.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 352.95 610.10 Td (departments ) Tj ET Q q 0 0 0 rg BT 404.06 610.10 Td (and ) Tj ET Q q 0 0 0 rg BT 420.74 610.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 451.29 610.10 Td (to ) Tj ET Q q 0 0 0 rg BT 461.31 610.10 Td (allow ) Tj ET Q q 0 0 0 rg BT 485.76 610.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 514.10 610.10 Td (to ) Tj ET Q q 0 0 0 rg BT 524.12 610.10 Td (use ) Tj ET Q q 0 0 0 rg BT 539.69 610.10 Td (their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 598.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 72.06 598.10 Td (on ) Tj ET Q q 0 0 0 rg BT 84.01 598.10 Td (ad-hoc ) Tj ET Q q 0 0 0 rg BT 113.18 598.10 Td (rented ) Tj ET Q q 0 0 0 rg BT 140.12 598.10 Td (tracks, ) Tj ET Q q 0 0 0 rg BT 168.46 598.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 197.62 598.10 Td (has ) Tj ET Q q 0 0 0 rg BT 212.91 598.10 Td (a ) Tj ET Q q 0 0 0 rg BT 219.31 598.10 Td (central ) Tj ET Q q 0 0 0 rg BT 248.47 598.10 Td (department ) Tj ET Q q 0 0 0 rg BT 295.41 598.10 Td (responsible ) Tj ET Q q 0 0 0 rg BT 342.91 598.10 Td (for ) Tj ET Q q 0 0 0 rg BT 356.53 598.10 Td (professionally ) Tj ET Q q 0 0 0 rg BT 415.14 598.10 Td (or) Tj ET Q q 0 0 0 rg BT 423.29 598.10 Td (ganizing ) Tj ET Q q 0 0 0 rg BT 459.68 598.10 Td (races ) Tj ET Q q 0 0 0 rg BT 482.18 598.10 Td (and ) Tj ET Q q 0 0 0 rg BT 498.58 598.10 Td (racing ) Tj ET Q q 0 0 0 rg BT 525.52 598.10 Td (courses, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 586.10 Td (Corse ) Tj ET Q q 0 0 0 rg BT 79.29 586.10 Td (Clienti. ) Tj ET Q q 0 0 0 rg BT 110.41 586.10 Td (The ) Tj ET Q q 0 0 0 rg BT 126.81 586.10 Td (Corse ) Tj ET Q q 0 0 0 rg BT 152.11 586.10 Td (Clienti ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.73 586.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 218.23 586.10 Td (take ) Tj ET Q q 0 0 0 rg BT 236.28 586.10 Td (place ) Tj ET Q q 0 0 0 rg BT 258.78 586.10 Td (on ) Tj ET Q q 0 0 0 rg BT 270.18 586.10 Td (some ) Tj ET Q q 0 0 0 rg BT 292.69 586.10 Td (of ) Tj ET Q q 0 0 0 rg BT 302.42 586.10 Td (the ) Tj ET Q q 0 0 0 rg BT 316.03 586.10 Td (world) Tj ET Q q 0 0 0 rg BT 342.14 586.10 Td (s ) Tj ET Q q 0 0 0 rg BT 347.43 586.10 Td (most ) Tj ET Q q 0 0 0 rg BT 368.28 586.10 Td (famous ) Tj ET Q q 0 0 0 rg BT 399.12 586.10 Td (race ) Tj ET Q q 0 0 0 rg BT 417.17 586.10 Td (tracks, ) Tj ET Q q 0 0 0 rg BT 444.95 586.10 Td (and ) Tj ET Q q 0 0 0 rg BT 460.78 586.10 Td (include ) Tj ET Q q 0 0 0 rg BT 491.62 586.10 Td (both ) Tj ET Q q 0 0 0 rg BT 510.80 586.10 Td (competitive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 574.10 Td (races, ) Tj ET Q q 0 0 0 rg BT 79.33 574.10 Td (such ) Tj ET Q q 0 0 0 rg BT 99.96 574.10 Td (as ) Tj ET Q q 0 0 0 rg BT 110.59 574.10 Td (the ) Tj ET Q q 0 0 0 rg BT 125.10 574.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 154.60 574.10 Td (Challenge ) Tj ET Q q 0 0 0 rg BT 197.44 574.10 Td (Championships, ) Tj ET Q q 0 0 0 rg BT 264.46 574.10 Td (and ) Tj ET Q q 0 0 0 rg BT 281.20 574.10 Td (non-competitive ) Tj ET Q q 0 0 0 rg BT 349.03 574.10 Td (events, ) Tj ET Q q 0 0 0 rg BT 379.38 574.10 Td (such ) Tj ET Q q 0 0 0 rg BT 400.00 574.10 Td (as ) Tj ET Q q 0 0 0 rg BT 410.63 574.10 Td (with ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 430.70 574.10 Td (XX ) Tj ET Q q 0 0 0 rg BT 445.22 574.10 Td (and ) Tj ET Q q 0 0 0 rg BT 462.51 574.10 Td (F1 ) Tj ET Q q 0 0 0 rg BT 475.92 574.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 485.55 574.10 Td (ogramme) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.32 574.10 Td (. ) Tj ET Q q 0 0 0 rg BT 527.95 574.10 Td (The ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 545.79 574.10 Td (XX ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 562.10 Td (and ) Tj ET Q q 0 0 0 rg BT 71.26 562.10 Td (F1 ) Tj ET Q q 0 0 0 rg BT 84.64 562.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 94.27 562.10 Td (ogramme) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.04 562.10 Td ( ) Tj ET Q q 0 0 0 rg BT 134.30 562.10 Td (is ) Tj ET Q q 0 0 0 rg BT 143.24 562.10 Td (a ) Tj ET Q q 0 0 0 rg BT 149.94 562.10 Td (highly ) Tj ET Q q 0 0 0 rg BT 177.76 562.10 Td (selective ) Tj ET Q q 0 0 0 rg BT 215.01 562.10 Td (initiative ) Tj ET Q q 0 0 0 rg BT 252.82 562.10 Td (dedicated ) Tj ET Q q 0 0 0 rg BT 293.40 562.10 Td (to ) Tj ET Q q 0 0 0 rg BT 303.44 562.10 Td (a ) Tj ET Q q 0 0 0 rg BT 310.14 562.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 349.61 562.10 Td (group ) Tj ET Q q 0 0 0 rg BT 375.20 562.10 Td (of ) Tj ET Q q 0 0 0 rg BT 385.80 562.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 414.17 562.10 Td (who ) Tj ET Q q 0 0 0 rg BT 433.65 562.10 Td (own ) Tj ET Q q 0 0 0 rg BT 453.14 562.10 Td (non-homologated ) Tj ET Q q 0 0 0 rg BT 525.95 562.10 Td (GT) Tj ET Q q 0 0 0 rg BT 539.09 562.10 Td ( ) Tj ET Q q 0 0 0 rg BT 541.36 562.10 Td (race ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 550.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 72.75 550.10 Td (and ) Tj ET Q q 0 0 0 rg BT 89.84 550.10 Td (F1 ) Tj ET Q q 0 0 0 rg BT 103.05 550.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 121.80 550.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 166.67 550.10 Td (used ) Tj ET Q q 0 0 0 rg BT 187.65 550.10 Td (in ) Tj ET Q q 0 0 0 rg BT 198.08 550.10 Td (the ) Tj ET Q q 0 0 0 rg BT 212.95 550.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 249.49 550.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 257.14 550.10 Td (Championship. ) Tj ET Q q 0 0 0 rg BT 320.63 550.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 350.48 550.10 Td (Challenge ) Tj ET Q q 0 0 0 rg BT 393.68 550.10 Td (and ) Tj ET Q q 0 0 0 rg BT 410.77 550.10 Td (XX/Formula ) Tj ET Q q 0 0 0 rg BT 464.53 550.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 472.18 550.10 Td (events ) Tj ET Q q 0 0 0 rg BT 500.38 550.10 Td (are ) Tj ET Q q 0 0 0 rg BT 515.24 550.10 Td (sometimes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 538.10 Td (accompanied ) Tj ET Q q 0 0 0 rg BT 109.97 538.10 Td (by ) Tj ET Q q 0 0 0 rg BT 123.18 538.10 Td (so-called ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 162.49 538.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 195.71 538.10 Td (Racing ) Tj ET Q q 0 0 0 rg BT 227.25 538.10 Td (Days) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.80 538.10 Td (. ) Tj ET Q q 0 0 0 rg BT 253.29 538.10 Td (These ) Tj ET Q q 0 0 0 rg BT 280.38 538.10 Td (events ) Tj ET Q q 0 0 0 rg BT 309.15 538.10 Td (are ) Tj ET Q q 0 0 0 rg BT 324.57 538.10 Td (open ) Tj ET Q q 0 0 0 rg BT 347.22 538.10 Td (to ) Tj ET Q q 0 0 0 rg BT 358.22 538.10 Td (non-competing ) Tj ET Q q 0 0 0 rg BT 421.98 538.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 451.30 538.10 Td (and ) Tj ET Q q 0 0 0 rg BT 468.95 538.10 Td (prospects ) Tj ET Q q 0 0 0 rg BT 509.94 538.10 Td (and ) Tj ET Q q 0 0 0 rg BT 527.59 538.10 Td (a ) Tj ET Q q 0 0 0 rg BT 535.25 538.10 Td (wider ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 526.10 Td (audience, ) Tj ET Q q 0 0 0 rg BT 94.53 526.10 Td (and ) Tj ET Q q 0 0 0 rg BT 111.47 526.10 Td (they ) Tj ET Q q 0 0 0 rg BT 131.19 526.10 Td (of) Tj ET Q q 0 0 0 rg BT 139.34 526.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 152.94 526.10 Td (the ) Tj ET Q q 0 0 0 rg BT 167.65 526.10 Td (opportunity ) Tj ET Q q 0 0 0 rg BT 216.82 526.10 Td (for ) Tj ET Q q 0 0 0 rg BT 230.98 526.10 Td (important ) Tj ET Q q 0 0 0 rg BT 272.36 526.10 Td (client ) Tj ET Q q 0 0 0 rg BT 297.07 526.10 Td (gatherings. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 502.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 502.10 Td (In ) Tj ET Q q 0 0 0 rg BT 101.82 502.10 Td (addition ) Tj ET Q q 0 0 0 rg BT 138.09 502.10 Td (to ) Tj ET Q q 0 0 0 rg BT 149.36 502.10 Td (on-track ) Tj ET Q q 0 0 0 rg BT 186.16 502.10 Td (racing, ) Tj ET Q q 0 0 0 rg BT 217.14 502.10 Td (we ) Tj ET Q q 0 0 0 rg BT 232.29 502.10 Td (or) Tj ET Q q 0 0 0 rg BT 240.44 502.10 Td (ganize ) Tj ET Q q 0 0 0 rg BT 270.02 502.10 Td (various ) Tj ET Q q 0 0 0 rg BT 302.95 502.10 Td (on-the-road ) Tj ET Q q 0 0 0 rg BT 353.09 502.10 Td (driving ) Tj ET Q q 0 0 0 rg BT 385.47 502.10 Td (events, ) Tj ET Q q 0 0 0 rg BT 417.01 502.10 Td (including ) Tj ET Q q 0 0 0 rg BT 458.27 502.10 Td (both ) Tj ET Q q 0 0 0 rg BT 479.54 502.10 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 527.46 502.10 Td (formats ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 490.10 Td (\() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.33 490.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 89.24 490.10 Td (Cavalcade) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.01 490.10 Td (\) ) Tj ET Q q 0 0 0 rg BT 137.25 490.10 Td (or ) Tj ET Q q 0 0 0 rg BT 147.49 490.10 Td (with ) Tj ET Q q 0 0 0 rg BT 167.18 490.10 Td (a ) Tj ET Q q 0 0 0 rg BT 173.54 490.10 Td (branded ) Tj ET Q q 0 0 0 rg BT 207.66 490.10 Td (presence ) Tj ET Q q 0 0 0 rg BT 244.54 490.10 Td (within ) Tj ET Q q 0 0 0 rg BT 272.01 490.10 Td (an ) Tj ET Q q 0 0 0 rg BT 283.37 490.10 Td (established ) Tj ET Q q 0 0 0 rg BT 329.71 490.10 Td (driving ) Tj ET Q q 0 0 0 rg BT 360.51 490.10 Td (event. ) Tj ET Q q 0 0 0 rg BT 386.58 490.10 Td (For ) Tj ET Q q 0 0 0 rg BT 402.39 490.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 440.67 490.10 Td (in ) Tj ET Q q 0 0 0 rg BT 450.36 490.10 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 464.49 490.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 496.41 490.10 Td (T) Tj ET Q q 0 0 0 rg BT 501.42 490.10 Td (ribute ) Tj ET Q q 0 0 0 rg BT 527.21 490.10 Td (to ) Tj ET Q q 0 0 0 rg BT 536.91 490.10 Td (Mille ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 478.10 Td (Miglia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.67 478.10 Td ( ) Tj ET Q q 0 0 0 rg BT 83.03 478.10 Td (and ) Tj ET Q q 0 0 0 rg BT 99.83 478.10 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 114.40 478.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 146.76 478.10 Td (T) Tj ET Q q 0 0 0 rg BT 151.77 478.10 Td (ribute ) Tj ET Q q 0 0 0 rg BT 178.02 478.10 Td (to ) Tj ET Q q 0 0 0 rg BT 188.16 478.10 Td (T) Tj ET Q q 0 0 0 rg BT 192.80 478.10 Td (ar) Tj ET Q q 0 0 0 rg BT 201.32 478.10 Td (ga ) Tj ET Q q 0 0 0 rg BT 213.69 478.10 Td (Florio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.24 478.10 Td ( ) Tj ET Q q 0 0 0 rg BT 241.60 478.10 Td (modern ) Tj ET Q q 0 0 0 rg BT 274.51 478.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 304.08 478.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 322.54 478.10 Td (participate ) Tj ET Q q 0 0 0 rg BT 367.10 478.10 Td (in ) Tj ET Q q 0 0 0 rg BT 377.23 478.10 Td (their ) Tj ET Q q 0 0 0 rg BT 397.92 478.10 Td (own ) Tj ET Q q 0 0 0 rg BT 417.50 478.10 Td (regularity ) Tj ET Q q 0 0 0 rg BT 458.74 478.10 Td (rally ) Tj ET Q q 0 0 0 rg BT 479.42 478.10 Td (taking ) Tj ET Q q 0 0 0 rg BT 506.78 478.10 Td (place ) Tj ET Q q 0 0 0 rg BT 530.23 478.10 Td (shortly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 466.10 Td (before ) Tj ET Q q 0 0 0 rg BT 82.04 466.10 Td (the ) Tj ET Q q 0 0 0 rg BT 96.75 466.10 Td (start ) Tj ET Q q 0 0 0 rg BT 116.47 466.10 Td (of ) Tj ET Q q 0 0 0 rg BT 127.30 466.10 Td (the ) Tj ET Q q 0 0 0 rg BT 142.02 466.10 Td (classic ) Tj ET Q q 0 0 0 rg BT 171.17 466.10 Td (Mille ) Tj ET Q q 0 0 0 rg BT 195.34 466.10 Td (Miglia ) Tj ET Q q 0 0 0 rg BT 224.50 466.10 Td (and ) Tj ET Q q 0 0 0 rg BT 241.26 466.10 Td (T) Tj ET Q q 0 0 0 rg BT 246.67 466.10 Td (ar) Tj ET Q q 0 0 0 rg BT 254.26 466.10 Td (ga ) Tj ET Q q 0 0 0 rg BT 266.20 466.10 Td (Florio ) Tj ET Q q 0 0 0 rg BT 293.15 466.10 Td (races. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 442.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 442.10 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 442.10 Td (e ) Tj ET Q q 0 0 0 rg BT 104.74 442.10 Td (see ) Tj ET Q q 0 0 0 rg BT 119.18 442.10 Td (nurturing ) Tj ET Q q 0 0 0 rg BT 158.06 442.10 Td (our ) Tj ET Q q 0 0 0 rg BT 173.06 442.10 Td (clients) Tj ET Q q 0 0 0 rg BT 201.75 442.10 Td ( ) Tj ET Q q 0 0 0 rg BT 203.42 442.10 Td (passion ) Tj ET Q q 0 0 0 rg BT 235.08 442.10 Td (for ) Tj ET Q q 0 0 0 rg BT 248.41 442.10 Td (driving ) Tj ET Q q 0 0 0 rg BT 278.96 442.10 Td (as ) Tj ET Q q 0 0 0 rg BT 288.96 442.10 Td (a ) Tj ET Q q 0 0 0 rg BT 295.06 442.10 Td (key ) Tj ET Q q 0 0 0 rg BT 311.17 442.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 332.27 442.10 Td (for ) Tj ET Q q 0 0 0 rg BT 345.60 442.10 Td (our ) Tj ET Q q 0 0 0 rg BT 360.60 442.10 Td (future ) Tj ET Q q 0 0 0 rg BT 386.14 442.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 435.00 442.10 Td (success, ) Tj ET Q q 0 0 0 rg BT 469.16 442.10 Td (particularly ) Tj ET Q q 0 0 0 rg BT 516.92 442.10 Td (in ) Tj ET Q q 0 0 0 rg BT 526.36 442.10 Td (markets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 430.10 Td (where ) Tj ET Q q 0 0 0 rg BT 81.15 430.10 Td (racing ) Tj ET Q q 0 0 0 rg BT 108.85 430.10 Td (traditions ) Tj ET Q q 0 0 0 rg BT 149.35 430.10 Td (are ) Tj ET Q q 0 0 0 rg BT 164.27 430.10 Td (less ) Tj ET Q q 0 0 0 rg BT 181.99 430.10 Td (pronounced. ) Tj ET Q q 0 0 0 rg BT 234.22 430.10 Td (W) Tj ET Q q 0 0 0 rg BT 242.86 430.10 Td (e ) Tj ET Q q 0 0 0 rg BT 250.02 430.10 Td (of) Tj ET Q q 0 0 0 rg BT 258.17 430.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 271.99 430.10 Td (to ) Tj ET Q q 0 0 0 rg BT 282.48 430.10 Td (our ) Tj ET Q q 0 0 0 rg BT 298.53 430.10 Td (prospective ) Tj ET Q q 0 0 0 rg BT 347.35 430.10 Td (and ) Tj ET Q q 0 0 0 rg BT 364.51 430.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 398.89 430.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 427.71 430.10 Td (interested ) Tj ET Q q 0 0 0 rg BT 469.31 430.10 Td (in ) Tj ET Q q 0 0 0 rg BT 479.80 430.10 Td (new ) Tj ET Q q 0 0 0 rg BT 499.18 430.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 529.11 430.10 Td (models ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 418.10 Td (our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.04 418.10 Td (Esperienza ) Tj ET Q q 0 0 0 rg BT 117.18 418.10 Td (Ferrari) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.18 418.10 Td ( ) Tj ET Q q 0 0 0 rg BT 149.88 418.10 Td (initiative, ) Tj ET Q q 0 0 0 rg BT 190.64 418.10 Td (which ) Tj ET Q q 0 0 0 rg BT 217.78 418.10 Td (consists ) Tj ET Q q 0 0 0 rg BT 252.15 418.10 Td (of ) Tj ET Q q 0 0 0 rg BT 263.19 418.10 Td (driving ) Tj ET Q q 0 0 0 rg BT 294.78 418.10 Td (sessions ) Tj ET Q q 0 0 0 rg BT 330.27 418.10 Td (designed ) Tj ET Q q 0 0 0 rg BT 368.52 418.10 Td (to ) Tj ET Q q 0 0 0 rg BT 379.00 418.10 Td (allow ) Tj ET Q q 0 0 0 rg BT 403.93 418.10 Td (participants ) Tj ET Q q 0 0 0 rg BT 453.28 418.10 Td (to ) Tj ET Q q 0 0 0 rg BT 463.77 418.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 509.77 418.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.69 418.10 Td (pleasure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 406.10 Td (of ) Tj ET Q q 0 0 0 rg BT 64.37 406.10 Td (driving ) Tj ET Q q 0 0 0 rg BT 95.30 406.10 Td (a ) Tj ET Q q 0 0 0 rg BT 101.78 406.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 131.03 406.10 Td (with ) Tj ET Q q 0 0 0 rg BT 150.85 406.10 Td (a ) Tj ET Q q 0 0 0 rg BT 157.33 406.10 Td (team ) Tj ET Q q 0 0 0 rg BT 178.80 406.10 Td (of ) Tj ET Q q 0 0 0 rg BT 189.17 406.10 Td (highly ) Tj ET Q q 0 0 0 rg BT 216.77 406.10 Td (qualified ) Tj ET Q q 0 0 0 rg BT 254.35 406.10 Td (and ) Tj ET Q q 0 0 0 rg BT 270.83 406.10 Td (skilled ) Tj ET Q q 0 0 0 rg BT 299.54 406.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 328.79 406.10 Td (instructors ) Tj ET Q q 0 0 0 rg BT 373.04 406.10 Td (and ) Tj ET Q q 0 0 0 rg BT 389.52 406.10 Td (technicians ) Tj ET Q q 0 0 0 rg BT 436.54 406.10 Td (professionally ) Tj ET Q q 0 0 0 rg BT 495.24 406.10 Td ( ) Tj ET Q q 0 0 0 rg BT 497.28 406.10 Td (trained ) Tj ET Q q 0 0 0 rg BT 527.09 406.10 Td (in ) Tj ET Q q 0 0 0 rg BT 536.91 406.10 Td (high-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 394.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 107.39 394.10 Td (driving. ) Tj ET Q q 0 0 0 rg BT 141.65 394.10 Td (In ) Tj ET Q q 0 0 0 rg BT 152.85 394.10 Td (addition ) Tj ET Q q 0 0 0 rg BT 188.49 394.10 Td (we ) Tj ET Q q 0 0 0 rg BT 203.02 394.10 Td (also ) Tj ET Q q 0 0 0 rg BT 222.00 394.10 Td (of) Tj ET Q q 0 0 0 rg BT 230.15 394.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 244.12 394.10 Td (on-track ) Tj ET Q q 0 0 0 rg BT 280.31 394.10 Td (driving ) Tj ET Q q 0 0 0 rg BT 312.06 394.10 Td (courses ) Tj ET Q q 0 0 0 rg BT 344.92 394.10 Td (to ) Tj ET Q q 0 0 0 rg BT 355.57 394.10 Td (our ) Tj ET Q q 0 0 0 rg BT 371.77 394.10 Td (clients, ) Tj ET Q q 0 0 0 rg BT 403.25 394.10 Td (catering ) Tj ET Q q 0 0 0 rg BT 438.32 394.10 Td (to ) Tj ET Q q 0 0 0 rg BT 448.97 394.10 Td (dif) Tj ET Q q 0 0 0 rg BT 459.89 394.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 486.08 394.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 512.27 394.10 Td (of ) Tj ET Q q 0 0 0 rg BT 523.47 394.10 Td (skill ) Tj ET Q q 0 0 0 rg BT 543.57 394.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 382.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 99.89 382.10 Td (and ) Tj ET Q q 0 0 0 rg BT 116.91 382.10 Td (teaching ) Tj ET Q q 0 0 0 rg BT 153.36 382.10 Td (essential ) Tj ET Q q 0 0 0 rg BT 190.38 382.10 Td (driving ) Tj ET Q q 0 0 0 rg BT 221.85 382.10 Td (skills ) Tj ET Q q 0 0 0 rg BT 245.56 382.10 Td (for ) Tj ET Q q 0 0 0 rg BT 259.80 382.10 Td (high ) Tj ET Q q 0 0 0 rg BT 280.16 382.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 333.27 382.10 Td (cars. ) Tj ET Q q 0 0 0 rg BT 354.45 382.10 Td (In ) Tj ET Q q 0 0 0 rg BT 365.37 382.10 Td (our ) Tj ET Q q 0 0 0 rg BT 381.28 382.10 Td (newer ) Tj ET Q q 0 0 0 rg BT 408.30 382.10 Td (markets, ) Tj ET Q q 0 0 0 rg BT 445.04 382.10 Td (such ) Tj ET Q q 0 0 0 rg BT 465.95 382.10 Td (as ) Tj ET Q q 0 0 0 rg BT 476.87 382.10 Td (China, ) Tj ET Q q 0 0 0 rg BT 505.84 382.10 Td (we ) Tj ET Q q 0 0 0 rg BT 520.08 382.10 Td (also ) Tj ET Q q 0 0 0 rg BT 538.77 382.10 Td (of) Tj ET Q q 0 0 0 rg BT 546.92 382.10 Td (fer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 370.10 Td (complimentary ) Tj ET Q q 0 0 0 rg BT 117.04 370.10 Td (driving ) Tj ET Q q 0 0 0 rg BT 148.42 370.10 Td (courses ) Tj ET Q q 0 0 0 rg BT 180.91 370.10 Td (on ) Tj ET Q q 0 0 0 rg BT 193.41 370.10 Td (track ) Tj ET Q q 0 0 0 rg BT 215.90 370.10 Td (to ) Tj ET Q q 0 0 0 rg BT 226.18 370.10 Td (any ) Tj ET Q q 0 0 0 rg BT 243.12 370.10 Td (new ) Tj ET Q q 0 0 0 rg BT 262.28 370.10 Td (car ) Tj ET Q q 0 0 0 rg BT 276.98 370.10 Td (buyer) Tj ET Q q 0 0 0 rg BT 299.20 370.10 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 346.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 87.06 346.10 Td (Classiche ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 322.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 322.10 Td (Through ) Tj ET Q q 0 0 0 rg BT 126.02 322.10 Td (our ) Tj ET Q q 0 0 0 rg BT 140.92 322.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 174.15 322.10 Td (Classiche ) Tj ET Q q 0 0 0 rg BT 218.49 322.10 Td (service, ) Tj ET Q q 0 0 0 rg BT 250.88 322.10 Td (we ) Tj ET Q q 0 0 0 rg BT 264.12 322.10 Td (of) Tj ET Q q 0 0 0 rg BT 272.27 322.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 284.94 322.10 Td (specialized ) Tj ET Q q 0 0 0 rg BT 330.94 322.10 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 383.04 322.10 Td (and ) Tj ET Q q 0 0 0 rg BT 399.06 322.10 Td (restoration ) Tj ET Q q 0 0 0 rg BT 443.40 322.10 Td (services ) Tj ET Q q 0 0 0 rg BT 477.18 322.10 Td (to ) Tj ET Q q 0 0 0 rg BT 486.54 322.10 Td (owners ) Tj ET Q q 0 0 0 rg BT 517.00 322.10 Td (of ) Tj ET Q q 0 0 0 rg BT 526.90 322.10 Td (Ferraris ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 310.10 Td (older ) Tj ET Q q 0 0 0 rg BT 77.10 310.10 Td (than ) Tj ET Q q 0 0 0 rg BT 96.86 310.10 Td (20 ) Tj ET Q q 0 0 0 rg BT 109.41 310.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 135.38 310.10 Td (W) Tj ET Q q 0 0 0 rg BT 144.02 310.10 Td (e ) Tj ET Q q 0 0 0 rg BT 151.01 310.10 Td (use ) Tj ET Q q 0 0 0 rg BT 166.89 310.10 Td (either ) Tj ET Q q 0 0 0 rg BT 192.20 310.10 Td (original ) Tj ET Q q 0 0 0 rg BT 225.85 310.10 Td (components ) Tj ET Q q 0 0 0 rg BT 276.73 310.10 Td (and ) Tj ET Q q 0 0 0 rg BT 293.72 310.10 Td (spare ) Tj ET Q q 0 0 0 rg BT 317.37 310.10 Td (parts ) Tj ET Q q 0 0 0 rg BT 339.36 310.10 Td (or ) Tj ET Q q 0 0 0 rg BT 350.24 310.10 Td (replicas ) Tj ET Q q 0 0 0 rg BT 383.88 310.10 Td (based ) Tj ET Q q 0 0 0 rg BT 409.20 310.10 Td (on ) Tj ET Q q 0 0 0 rg BT 421.75 310.10 Td (the ) Tj ET Q q 0 0 0 rg BT 436.52 310.10 Td (original ) Tj ET Q q 0 0 0 rg BT 470.17 310.10 Td (specifications ) Tj ET Q q 0 0 0 rg BT 527.70 310.10 Td (and ) Tj ET Q q 0 0 0 rg BT 544.69 310.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 298.10 Td (restoration ) Tj ET Q q 0 0 0 rg BT 98.95 298.10 Td (service ) Tj ET Q q 0 0 0 rg BT 129.45 298.10 Td (of) Tj ET Q q 0 0 0 rg BT 137.60 298.10 Td (fers ) Tj ET Q q 0 0 0 rg BT 154.77 298.10 Td (our ) Tj ET Q q 0 0 0 rg BT 170.29 298.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 198.58 298.10 Td (the ) Tj ET Q q 0 0 0 rg BT 212.98 298.10 Td (opportunity ) Tj ET Q q 0 0 0 rg BT 261.83 298.10 Td (to ) Tj ET Q q 0 0 0 rg BT 271.79 298.10 Td (reinstate ) Tj ET Q q 0 0 0 rg BT 307.85 298.10 Td (any ) Tj ET Q q 0 0 0 rg BT 324.47 298.10 Td (classic ) Tj ET Q q 0 0 0 rg BT 353.31 298.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 382.71 298.10 Td (to ) Tj ET Q q 0 0 0 rg BT 392.67 298.10 Td (its ) Tj ET Q q 0 0 0 rg BT 404.30 298.10 Td (pristine, ) Tj ET Q q 0 0 0 rg BT 438.98 298.10 Td (original ) Tj ET Q q 0 0 0 rg BT 472.27 298.10 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 518.62 298.10 Td (Each ) Tj ET Q q 0 0 0 rg BT 540.79 298.10 Td (year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 286.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 83.71 286.10 Td (Classiche ) Tj ET Q q 0 0 0 rg BT 124.53 286.10 Td (carries ) Tj ET Q q 0 0 0 rg BT 153.68 286.10 Td (out ) Tj ET Q q 0 0 0 rg BT 168.96 286.10 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 221.98 286.10 Td (works ) Tj ET Q q 0 0 0 rg BT 248.93 286.10 Td (on ) Tj ET Q q 0 0 0 rg BT 261.43 286.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 321.69 286.10 Td (40 ) Tj ET Q q 0 0 0 rg BT 334.19 286.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 352.78 286.10 Td (and ) Tj ET Q q 0 0 0 rg BT 369.72 286.10 Td (performs ) Tj ET Q q 0 0 0 rg BT 408.32 286.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 468.58 286.10 Td (10 ) Tj ET Q q 0 0 0 rg BT 481.08 286.10 Td (full ) Tj ET Q q 0 0 0 rg BT 497.47 286.10 Td (restorations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 262.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 262.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 119.76 262.10 Td (Classiche ) Tj ET Q q 0 0 0 rg BT 160.64 262.10 Td (also ) Tj ET Q q 0 0 0 rg BT 179.30 262.10 Td (issues ) Tj ET Q q 0 0 0 rg BT 205.74 262.10 Td (certificates ) Tj ET Q q 0 0 0 rg BT 252.15 262.10 Td (of ) Tj ET Q q 0 0 0 rg BT 263.04 262.10 Td (authenticity ) Tj ET Q q 0 0 0 rg BT 312.80 262.10 Td (to ) Tj ET Q q 0 0 0 rg BT 323.13 262.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 352.89 262.10 Td (models ) Tj ET Q q 0 0 0 rg BT 384.33 262.10 Td (older ) Tj ET Q q 0 0 0 rg BT 407.43 262.10 Td (than ) Tj ET Q q 0 0 0 rg BT 427.20 262.10 Td (20 ) Tj ET Q q 0 0 0 rg BT 439.75 262.10 Td (years ) Tj ET Q q 0 0 0 rg BT 463.40 262.10 Td (and ) Tj ET Q q 0 0 0 rg BT 480.39 262.10 Td (to ) Tj ET Q q 0 0 0 rg BT 490.72 262.10 Td (all ) Tj ET Q q 0 0 0 rg BT 503.27 262.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 533.03 262.10 Td (racing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 250.10 Td (cars, ) Tj ET Q q 0 0 0 rg BT 74.85 250.10 Td (including ) Tj ET Q q 0 0 0 rg BT 114.87 250.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 151.01 250.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 158.26 250.10 Td (single-seaters ) Tj ET Q q 0 0 0 rg BT 214.94 250.10 Td (of ) Tj ET Q q 0 0 0 rg BT 225.52 250.10 Td (any ) Tj ET Q q 0 0 0 rg BT 242.21 250.10 Td (age, ) Tj ET Q q 0 0 0 rg BT 260.84 250.10 Td (to ) Tj ET Q q 0 0 0 rg BT 270.87 250.10 Td (attest ) Tj ET Q q 0 0 0 rg BT 294.22 250.10 Td (the ) Tj ET Q q 0 0 0 rg BT 308.69 250.10 Td (authenticity ) Tj ET Q q 0 0 0 rg BT 358.15 250.10 Td (of ) Tj ET Q q 0 0 0 rg BT 368.73 250.10 Td (the ) Tj ET Q q 0 0 0 rg BT 383.19 250.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 401.54 250.10 Td (and ) Tj ET Q q 0 0 0 rg BT 418.23 250.10 Td (of ) Tj ET Q q 0 0 0 rg BT 428.81 250.10 Td (their ) Tj ET Q q 0 0 0 rg BT 449.39 250.10 Td (components. ) Tj ET Q q 0 0 0 rg BT 502.47 250.10 Td (Each ) Tj ET Q q 0 0 0 rg BT 524.70 250.10 Td (certified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 238.10 Td (car ) Tj ET Q q 0 0 0 rg BT 69.03 238.10 Td (under) Tj ET Q q 0 0 0 rg BT 91.61 238.10 Td (goes ) Tj ET Q q 0 0 0 rg BT 112.76 238.10 Td (a ) Tj ET Q q 0 0 0 rg BT 120.02 238.10 Td (thorough ) Tj ET Q q 0 0 0 rg BT 158.95 238.10 Td (technical ) Tj ET Q q 0 0 0 rg BT 197.86 238.10 Td (inspection, ) Tj ET Q q 0 0 0 rg BT 244.28 238.10 Td (at ) Tj ET Q q 0 0 0 rg BT 254.32 238.10 Td (the ) Tj ET Q q 0 0 0 rg BT 269.36 238.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 299.38 238.10 Td (Classiche ) Tj ET Q q 0 0 0 rg BT 340.53 238.10 Td (workshop ) Tj ET Q q 0 0 0 rg BT 382.79 238.10 Td (in ) Tj ET Q q 0 0 0 rg BT 393.39 238.10 Td (Maranello ) Tj ET Q q 0 0 0 rg BT 437.30 238.10 Td (or ) Tj ET Q q 0 0 0 rg BT 448.45 238.10 Td (at ) Tj ET Q q 0 0 0 rg BT 458.49 238.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 488.51 238.10 Td (of ) Tj ET Q q 0 0 0 rg BT 499.66 238.10 Td (our ) Tj ET Q q 0 0 0 rg BT 515.81 238.10 Td (authorized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 226.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 85.27 226.10 Td (worldwide, ) Tj ET Q q 0 0 0 rg BT 133.49 226.10 Td (to ) Tj ET Q q 0 0 0 rg BT 144.22 226.10 Td (verify ) Tj ET Q q 0 0 0 rg BT 171.06 226.10 Td (that ) Tj ET Q q 0 0 0 rg BT 189.00 226.10 Td (the ) Tj ET Q q 0 0 0 rg BT 204.18 226.10 Td (car) Tj ET Q q 0 0 0 rg BT 216.75 226.10 Td () Tj ET Q q 0 0 0 rg BT 219.53 226.10 Td (s ) Tj ET Q q 0 0 0 rg BT 226.38 226.10 Td (chassis, ) Tj ET Q q 0 0 0 rg BT 260.16 226.10 Td (engine, ) Tj ET Q q 0 0 0 rg BT 292.27 226.10 Td (gearbox, ) Tj ET Q q 0 0 0 rg BT 329.93 226.10 Td (transmission, ) Tj ET Q q 0 0 0 rg BT 385.94 226.10 Td (suspension, ) Tj ET Q q 0 0 0 rg BT 435.29 226.10 Td (brakes, ) Tj ET Q q 0 0 0 rg BT 466.84 226.10 Td (wheels, ) Tj ET Q q 0 0 0 rg BT 500.06 226.10 Td (bodywork ) Tj ET Q q 0 0 0 rg BT 543.57 226.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 214.10 Td (interior ) Tj ET Q q 0 0 0 rg BT 86.11 214.10 Td (are ) Tj ET Q q 0 0 0 rg BT 100.99 214.10 Td (original, ) Tj ET Q q 0 0 0 rg BT 137.26 214.10 Td (or ) Tj ET Q q 0 0 0 rg BT 148.27 214.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 189.82 214.10 Td (comply ) Tj ET Q q 0 0 0 rg BT 222.49 214.10 Td (with, ) Tj ET Q q 0 0 0 rg BT 245.44 214.10 Td (the ) Tj ET Q q 0 0 0 rg BT 260.33 214.10 Td (car) Tj ET Q q 0 0 0 rg BT 272.91 214.10 Td () Tj ET Q q 0 0 0 rg BT 275.68 214.10 Td (s ) Tj ET Q q 0 0 0 rg BT 282.25 214.10 Td (original ) Tj ET Q q 0 0 0 rg BT 316.03 214.10 Td (specifications. ) Tj ET Q q 0 0 0 rg BT 376.18 214.10 Td (If ) Tj ET Q q 0 0 0 rg BT 385.51 214.10 Td (the ) Tj ET Q q 0 0 0 rg BT 400.40 214.10 Td (inspection ) Tj ET Q q 0 0 0 rg BT 444.18 214.10 Td (is ) Tj ET Q q 0 0 0 rg BT 453.52 214.10 Td (successful, ) Tj ET Q q 0 0 0 rg BT 499.80 214.10 Td (our ) Tj ET Q q 0 0 0 rg BT 515.80 214.10 Td (committee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 202.10 Td (of ) Tj ET Q q 0 0 0 rg BT 64.40 202.10 Td (experts, ) Tj ET Q q 0 0 0 rg BT 97.86 202.10 Td (chaired ) Tj ET Q q 0 0 0 rg BT 129.35 202.10 Td (by ) Tj ET Q q 0 0 0 rg BT 141.43 202.10 Td (Piero ) Tj ET Q q 0 0 0 rg BT 164.61 202.10 Td (Ferrari, ) Tj ET Q q 0 0 0 rg BT 196.39 202.10 Td (our ) Tj ET Q q 0 0 0 rg BT 211.65 202.10 Td (V) Tj ET Q q 0 0 0 rg BT 218.27 202.10 Td (ice ) Tj ET Q q 0 0 0 rg BT 232.00 202.10 Td (Chairman, ) Tj ET Q q 0 0 0 rg BT 276.00 202.10 Td (grants ) Tj ET Q q 0 0 0 rg BT 302.52 202.10 Td (the ) Tj ET Q q 0 0 0 rg BT 316.81 202.10 Td (certification. ) Tj ET Q q 0 0 0 rg BT 369.69 202.10 Td (In ) Tj ET Q q 0 0 0 rg BT 380.09 202.10 Td (recent ) Tj ET Q q 0 0 0 rg BT 406.59 202.10 Td (years ) Tj ET Q q 0 0 0 rg BT 429.76 202.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 459.04 202.10 Td (Classiche ) Tj ET Q q 0 0 0 rg BT 499.44 202.10 Td (has ) Tj ET Q q 0 0 0 rg BT 514.85 202.10 Td (on ) Tj ET Q q 0 0 0 rg BT 526.92 202.10 Td (average ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 190.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 86.49 190.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 146.74 190.10 Td (400 ) Tj ET Q q 0 0 0 rg BT 164.24 190.10 Td (certificates ) Tj ET Q q 0 0 0 rg BT 210.60 190.10 Td (of ) Tj ET Q q 0 0 0 rg BT 221.43 190.10 Td (authenticity ) Tj ET Q q 0 0 0 rg BT 271.14 190.10 Td (per ) Tj ET Q q 0 0 0 rg BT 286.41 190.10 Td (year) Tj ET Q q 0 0 0 rg BT 303.06 190.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 166.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 93.72 166.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 100.67 166.10 Td (Activities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 142.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 142.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 108.71 142.10 Td (participation ) Tj ET Q q 0 0 0 rg BT 162.41 142.10 Td (in ) Tj ET Q q 0 0 0 rg BT 173.34 142.10 Td (the ) Tj ET Q q 0 0 0 rg BT 188.72 142.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 225.76 142.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 233.92 142.10 Td (world ) Tj ET Q q 0 0 0 rg BT 260.41 142.10 Td (championship ) Tj ET Q q 0 0 0 rg BT 319.67 142.10 Td (with ) Tj ET Q q 0 0 0 rg BT 340.61 142.10 Td (Scuderia ) Tj ET Q q 0 0 0 rg BT 378.75 142.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 409.12 142.10 Td (is ) Tj ET Q q 0 0 0 rg BT 418.94 142.10 Td (the ) Tj ET Q q 0 0 0 rg BT 434.32 142.10 Td (core ) Tj ET Q q 0 0 0 rg BT 454.68 142.10 Td (element ) Tj ET Q q 0 0 0 rg BT 489.49 142.10 Td (of ) Tj ET Q q 0 0 0 rg BT 500.98 142.10 Td (our ) Tj ET Q q 0 0 0 rg BT 517.47 142.10 Td (marketing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 130.10 Td (ef) Tj ET Q q 0 0 0 rg BT 61.59 130.10 Td (fort ) Tj ET Q q 0 0 0 rg BT 78.58 130.10 Td (and ) Tj ET Q q 0 0 0 rg BT 95.58 130.10 Td (an ) Tj ET Q q 0 0 0 rg BT 107.58 130.10 Td (important ) Tj ET Q q 0 0 0 rg BT 149.02 130.10 Td (source ) Tj ET Q q 0 0 0 rg BT 177.68 130.10 Td (of ) Tj ET Q q 0 0 0 rg BT 188.57 130.10 Td (technological ) Tj ET Q q 0 0 0 rg BT 244.99 130.10 Td (innovation ) Tj ET Q q 0 0 0 rg BT 290.32 130.10 Td (for ) Tj ET Q q 0 0 0 rg BT 304.54 130.10 Td (the ) Tj ET Q q 0 0 0 rg BT 319.32 130.10 Td (engineering, ) Tj ET Q q 0 0 0 rg BT 371.58 130.10 Td (development ) Tj ET Q q 0 0 0 rg BT 425.79 130.10 Td (and ) Tj ET Q q 0 0 0 rg BT 442.78 130.10 Td (production ) Tj ET Q q 0 0 0 rg BT 488.67 130.10 Td (of ) Tj ET Q q 0 0 0 rg BT 499.56 130.10 Td (our ) Tj ET Q q 0 0 0 rg BT 515.45 130.10 Td (Sports ) Tj ET Q q 0 0 0 rg BT 543.57 130.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 118.10 Td (GT) Tj ET Q q 0 0 0 rg BT 67.15 118.10 Td ( ) Tj ET Q q 0 0 0 rg BT 69.36 118.10 Td (cars. ) Tj ET Q q 0 0 0 rg BT 90.01 118.10 Td (The ) Tj ET Q q 0 0 0 rg BT 107.77 118.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 143.87 118.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 151.08 118.10 Td (world ) Tj ET Q q 0 0 0 rg BT 176.62 118.10 Td (championship ) Tj ET Q q 0 0 0 rg BT 234.93 118.10 Td (is ) Tj ET Q q 0 0 0 rg BT 243.81 118.10 Td (the ) Tj ET Q q 0 0 0 rg BT 258.24 118.10 Td (highest ) Tj ET Q q 0 0 0 rg BT 289.34 118.10 Td (class ) Tj ET Q q 0 0 0 rg BT 310.99 118.10 Td (for ) Tj ET Q q 0 0 0 rg BT 324.86 118.10 Td (single-seat ) Tj ET Q q 0 0 0 rg BT 369.83 118.10 Td (auto ) Tj ET Q q 0 0 0 rg BT 389.26 118.10 Td (races, ) Tj ET Q q 0 0 0 rg BT 414.51 118.10 Td (attracting ) Tj ET Q q 0 0 0 rg BT 454.48 118.10 Td (the ) Tj ET Q q 0 0 0 rg BT 468.91 118.10 Td (best ) Tj ET Q q 0 0 0 rg BT 487.23 118.10 Td (drivers, ) Tj ET Q q 0 0 0 rg BT 519.71 118.10 Td (engineers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 106.10 Td (and ) Tj ET Q q 0 0 0 rg BT 70.96 106.10 Td (designers. ) Tj ET Q q 0 0 0 rg BT 113.74 106.10 Td (Importantly) Tj ET Q q 0 0 0 rg BT 160.30 106.10 Td (, ) Tj ET Q q 0 0 0 rg BT 165.32 106.10 Td (with ) Tj ET Q q 0 0 0 rg BT 185.62 106.10 Td (over ) Tj ET Q q 0 0 0 rg BT 205.90 106.10 Td (420million ) Tj ET Q q 0 0 0 rg BT 254.81 106.10 Td (television ) Tj ET Q q 0 0 0 rg BT 296.21 106.10 Td (viewers ) Tj ET Q q 0 0 0 rg BT 329.83 106.10 Td (in ) Tj ET Q q 0 0 0 rg BT 340.12 106.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 362.64 106.10 Td (\(Source: ) Tj ET Q q 0 0 0 rg BT 399.03 106.10 Td (Repucom, ) Tj ET Q q 0 0 0 rg BT 442.37 106.10 Td (2015\), ) Tj ET Q q 0 0 0 rg BT 470.72 106.10 Td (it ) Tj ET Q q 0 0 0 rg BT 478.79 106.10 Td (is ) Tj ET Q q 0 0 0 rg BT 487.98 106.10 Td (the ) Tj ET Q q 0 0 0 rg BT 502.72 106.10 Td (most ) Tj ET Q q 0 0 0 rg BT 524.68 106.10 Td (watched ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 94.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 83.16 94.10 Td (sport ) Tj ET Q q 0 0 0 rg BT 105.66 94.10 Td (series ) Tj ET Q q 0 0 0 rg BT 130.92 94.10 Td (in ) Tj ET Q q 0 0 0 rg BT 141.20 94.10 Td (the ) Tj ET Q q 0 0 0 rg BT 155.92 94.10 Td (world. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 70.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 70.10 Td (Formula 1 cars rely on advanced technology) Tj ET Q q 0 0 0 rg BT 267.07 70.10 Td (, powerful engines and cutting edge aerodynamics, making them the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 58.10 Td (most advanced racing vehicles in motorsports. Single seater Formula 1 racing cars can reach speeds of up to 360 km/h \(220 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 46.10 Td (mph\). ) Tj ET Q q 0 0 0 rg BT 79.93 46.10 Td (While Europe is the sport) Tj ET Q q 0 0 0 rg BT 184.90 46.10 Td (s traditional base, Formula 1) Tj ET Q q 0 0 0 rg BT 301.83 46.10 Td (s reach has expanded significantly and an increasing number of ) Tj ET Q endstream endobj 93 0 obj <> endobj 94 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 30.20 Td (38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 742.10 Td (Grand Prix are held in non-European countries, such as China, Bahrain, United ) Tj ET Q q 0 0 0 rg BT 372.53 742.10 Td (Arab Emirates, Singapore, ) Tj ET Q q 0 0 0 rg BT 480.56 742.10 Td (Australia, Brazil, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 730.10 Td (Canada, Japan, Mexico and the United States. ) Tj ET Q q 0 0 0 rg BT 239.88 730.10 Td (This provides participants in the world championship exceptional visibility on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 718.10 Td (the world stage, as also evidenced by the growing volume of dedicated media to the events, including websites, blogs, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 706.10 Td (magazines and other publications.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 694.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 682.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 108.12 682.10 Td (Scuderia ) Tj ET Q q 0 0 0 rg BT 145.67 682.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 175.44 682.10 Td (has ) Tj ET Q q 0 0 0 rg BT 191.33 682.10 Td (participated ) Tj ET Q q 0 0 0 rg BT 241.10 682.10 Td (in ) Tj ET Q q 0 0 0 rg BT 251.44 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 266.22 682.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 302.67 682.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 310.24 682.10 Td (world ) Tj ET Q q 0 0 0 rg BT 336.13 682.10 Td (championship ) Tj ET Q q 0 0 0 rg BT 394.80 682.10 Td (since ) Tj ET Q q 0 0 0 rg BT 417.91 682.10 Td (its ) Tj ET Q q 0 0 0 rg BT 429.93 682.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 472.49 682.10 Td (in ) Tj ET Q q 0 0 0 rg BT 482.83 682.10 Td (1950, ) Tj ET Q q 0 0 0 rg BT 507.89 682.10 Td (and ) Tj ET Q q 0 0 0 rg BT 524.90 682.10 Td (won ) Tj ET Q q 0 0 0 rg BT 544.68 682.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 670.10 Td (first ) Tj ET Q q 0 0 0 rg BT 72.73 670.10 Td (Grand ) Tj ET Q q 0 0 0 rg BT 100.35 670.10 Td (Prix ) Tj ET Q q 0 0 0 rg BT 119.64 670.10 Td (in ) Tj ET Q q 0 0 0 rg BT 130.04 670.10 Td (1951. ) Tj ET Q q 0 0 0 rg BT 155.16 670.10 Td (Since ) Tj ET Q q 0 0 0 rg BT 180.00 670.10 Td (our ) Tj ET Q q 0 0 0 rg BT 195.96 670.10 Td (debut, ) Tj ET Q q 0 0 0 rg BT 223.30 670.10 Td (we ) Tj ET Q q 0 0 0 rg BT 237.58 670.10 Td (have ) Tj ET Q q 0 0 0 rg BT 259.08 670.10 Td (participated ) Tj ET Q q 0 0 0 rg BT 308.90 670.10 Td (continuously ) Tj ET Q q 0 0 0 rg BT 363.19 670.10 Td (in ) Tj ET Q q 0 0 0 rg BT 373.59 670.10 Td (the ) Tj ET Q q 0 0 0 rg BT 388.43 670.10 Td (world ) Tj ET Q q 0 0 0 rg BT 414.39 670.10 Td (championship ) Tj ET Q q 0 0 0 rg BT 473.12 670.10 Td (and ) Tj ET Q q 0 0 0 rg BT 490.18 670.10 Td (we ) Tj ET Q q 0 0 0 rg BT 504.46 670.10 Td (are ) Tj ET Q q 0 0 0 rg BT 519.29 670.10 Td (the ) Tj ET Q q 0 0 0 rg BT 534.13 670.10 Td (oldest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 658.10 Td (and ) Tj ET Q q 0 0 0 rg BT 70.48 658.10 Td (most ) Tj ET Q q 0 0 0 rg BT 91.97 658.10 Td (successful ) Tj ET Q q 0 0 0 rg BT 135.11 658.10 Td (team ) Tj ET Q q 0 0 0 rg BT 156.58 658.10 Td (in ) Tj ET Q q 0 0 0 rg BT 166.40 658.10 Td (the ) Tj ET Q q 0 0 0 rg BT 180.66 658.10 Td (history ) Tj ET Q q 0 0 0 rg BT 210.48 658.10 Td (of ) Tj ET Q q 0 0 0 rg BT 220.85 658.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 256.78 658.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 266.32 658.10 Td (with ) Tj ET Q q 0 0 0 rg BT 286.14 658.10 Td (224 ) Tj ET Q q 0 0 0 rg BT 303.18 658.10 Td (Grand ) Tj ET Q q 0 0 0 rg BT 330.21 658.10 Td (Prix ) Tj ET Q q 0 0 0 rg BT 348.92 658.10 Td (won. ) Tj ET Q q 0 0 0 rg BT 370.68 658.10 Td (On ) Tj ET Q q 0 0 0 rg BT 384.50 658.10 Td (August ) Tj ET Q q 0 0 0 rg BT 415.43 658.10 Td (23, ) Tj ET Q q 0 0 0 rg BT 429.97 658.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 454.51 658.10 Td (at ) Tj ET Q q 0 0 0 rg BT 463.77 658.10 Td (the ) Tj ET Q q 0 0 0 rg BT 478.03 658.10 Td (Spa-Francorchamps ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 646.10 Td (circuit ) Tj ET Q q 0 0 0 rg BT 82.37 646.10 Td (in ) Tj ET Q q 0 0 0 rg BT 92.98 646.10 Td (Belgium, ) Tj ET Q q 0 0 0 rg BT 132.75 646.10 Td (we ) Tj ET Q q 0 0 0 rg BT 147.24 646.10 Td (competed ) Tj ET Q q 0 0 0 rg BT 188.94 646.10 Td (in ) Tj ET Q q 0 0 0 rg BT 199.55 646.10 Td (our ) Tj ET Q q 0 0 0 rg BT 215.71 646.10 Td (900th ) Tj ET Q q 0 0 0 rg BT 241.32 646.10 Td (Grand ) Tj ET Q q 0 0 0 rg BT 269.14 646.10 Td (Prix ) Tj ET Q q 0 0 0 rg BT 288.64 646.10 Td (race. ) Tj ET Q q 0 0 0 rg BT 310.61 646.10 Td (In ) Tj ET Q q 0 0 0 rg BT 321.77 646.10 Td (the ) Tj ET Q q 0 0 0 rg BT 336.82 646.10 Td (64 ) Tj ET Q q 0 0 0 rg BT 349.65 646.10 Td (years ) Tj ET Q q 0 0 0 rg BT 373.58 646.10 Td (of ) Tj ET Q q 0 0 0 rg BT 384.74 646.10 Td (our ) Tj ET Q q 0 0 0 rg BT 400.90 646.10 Td (racing ) Tj ET Q q 0 0 0 rg BT 428.71 646.10 Td (history) Tj ET Q q 0 0 0 rg BT 455.84 646.10 Td (, ) Tj ET Q q 0 0 0 rg BT 461.17 646.10 Td (we ) Tj ET Q q 0 0 0 rg BT 475.66 646.10 Td (have ) Tj ET Q q 0 0 0 rg BT 497.37 646.10 Td (won ) Tj ET Q q 0 0 0 rg BT 517.42 646.10 Td (15 ) Tj ET Q q 0 0 0 rg BT 530.25 646.10 Td (drivers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 634.10 Td (championships ) Tj ET Q q 0 0 0 rg BT 116.88 634.10 Td (and ) Tj ET Q q 0 0 0 rg BT 134.20 634.10 Td (16 ) Tj ET Q q 0 0 0 rg BT 147.08 634.10 Td (constructors ) Tj ET Q q 0 0 0 rg BT 198.84 634.10 Td (championships, ) Tj ET Q q 0 0 0 rg BT 264.22 634.10 Td (more ) Tj ET Q q 0 0 0 rg BT 287.65 634.10 Td (than ) Tj ET Q q 0 0 0 rg BT 307.75 634.10 Td (any ) Tj ET Q q 0 0 0 rg BT 325.07 634.10 Td (other ) Tj ET Q q 0 0 0 rg BT 348.50 634.10 Td (team. ) Tj ET Q q 0 0 0 rg BT 373.31 634.10 Td (Many ) Tj ET Q q 0 0 0 rg BT 399.52 634.10 Td (of ) Tj ET Q q 0 0 0 rg BT 410.74 634.10 Td (the ) Tj ET Q q 0 0 0 rg BT 425.84 634.10 Td (best ) Tj ET Q q 0 0 0 rg BT 444.83 634.10 Td (known ) Tj ET Q q 0 0 0 rg BT 474.93 634.10 Td (drivers ) Tj ET Q q 0 0 0 rg BT 505.58 634.10 Td (in ) Tj ET Q q 0 0 0 rg BT 516.24 634.10 Td (the ) Tj ET Q q 0 0 0 rg BT 531.34 634.10 Td (sport) Tj ET Q q 0 0 0 rg BT 554.12 634.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 622.10 Td (history ) Tj ET Q q 0 0 0 rg BT 83.53 622.10 Td (have ) Tj ET Q q 0 0 0 rg BT 104.16 622.10 Td (raced ) Tj ET Q q 0 0 0 rg BT 127.56 622.10 Td (in ) Tj ET Q q 0 0 0 rg BT 137.10 622.10 Td (Scuderia ) Tj ET Q q 0 0 0 rg BT 173.84 622.10 Td (Ferrari) Tj ET Q q 0 0 0 rg BT 203.82 622.10 Td (s ) Tj ET Q q 0 0 0 rg BT 209.47 622.10 Td (distinctive ) Tj ET Q q 0 0 0 rg BT 252.88 622.10 Td (red ) Tj ET Q q 0 0 0 rg BT 267.41 622.10 Td (single-seaters ) Tj ET Q q 0 0 0 rg BT 323.58 622.10 Td (including ) Tj ET Q q 0 0 0 rg BT 362.72 622.10 Td (Alberto ) Tj ET Q q 0 0 0 rg BT 394.64 622.10 Td (Ascari, ) Tj ET Q q 0 0 0 rg BT 424.99 622.10 Td (Juan-Manuel ) Tj ET Q q 0 0 0 rg BT 478.95 622.10 Td (Fangio, ) Tj ET Q q 0 0 0 rg BT 510.99 622.10 Td (Niki ) Tj ET Q q 0 0 0 rg BT 530.52 622.10 Td (Lauda, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 610.10 Td (Gilles ) Tj ET Q q 0 0 0 rg BT 80.96 610.10 Td (V) Tj ET Q q 0 0 0 rg BT 87.58 610.10 Td (illeneuve, ) Tj ET Q q 0 0 0 rg BT 129.31 610.10 Td (Alain ) Tj ET Q q 0 0 0 rg BT 154.83 610.10 Td (Prost ) Tj ET Q q 0 0 0 rg BT 178.70 610.10 Td (and ) Tj ET Q q 0 0 0 rg BT 196.45 610.10 Td (Michael ) Tj ET Q q 0 0 0 rg BT 232.52 610.10 Td (Schumacher) Tj ET Q q 0 0 0 rg BT 281.39 610.10 Td (. ) Tj ET Q q 0 0 0 rg BT 287.20 610.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 306.06 610.10 Td (main ) Tj ET Q q 0 0 0 rg BT 329.36 610.10 Td (drivers ) Tj ET Q q 0 0 0 rg BT 360.44 610.10 Td (for ) Tj ET Q q 0 0 0 rg BT 375.41 610.10 Td (the ) Tj ET Q q 0 0 0 rg BT 390.93 610.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 414.24 610.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 451.43 610.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 459.74 610.10 Td (world ) Tj ET Q q 0 0 0 rg BT 486.38 610.10 Td (championship ) Tj ET Q q 0 0 0 rg BT 545.79 610.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 598.10 Td (Sebastian ) Tj ET Q q 0 0 0 rg BT 96.06 598.10 Td (V) Tj ET Q q 0 0 0 rg BT 102.18 598.10 Td (ettel, ) Tj ET Q q 0 0 0 rg BT 125.92 598.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 166.04 598.10 Td (in ) Tj ET Q q 0 0 0 rg BT 177.85 598.10 Td (his ) Tj ET Q q 0 0 0 rg BT 193.55 598.10 Td (second ) Tj ET Q q 0 0 0 rg BT 225.35 598.10 Td (season ) Tj ET Q q 0 0 0 rg BT 256.04 598.10 Td (with ) Tj ET Q q 0 0 0 rg BT 277.84 598.10 Td (Scuderia ) Tj ET Q q 0 0 0 rg BT 316.86 598.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 348.09 598.10 Td (and ) Tj ET Q q 0 0 0 rg BT 366.56 598.10 Td (winner ) Tj ET Q q 0 0 0 rg BT 398.36 598.10 Td (of ) Tj ET Q q 0 0 0 rg BT 410.72 598.10 Td (four ) Tj ET Q q 0 0 0 rg BT 431.41 598.10 Td (of ) Tj ET Q q 0 0 0 rg BT 443.77 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 460.01 598.10 Td (most ) Tj ET Q q 0 0 0 rg BT 483.49 598.10 Td (recent ) Tj ET Q q 0 0 0 rg BT 511.94 598.10 Td (six ) Tj ET Q q 0 0 0 rg BT 527.64 598.10 Td (drivers) Tj ET Q q 0 0 0 rg BT 558.00 598.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 586.10 Td (championship ) Tj ET Q q 0 0 0 rg BT 112.47 586.10 Td (titles, ) Tj ET Q q 0 0 0 rg BT 136.77 586.10 Td (and ) Tj ET Q q 0 0 0 rg BT 153.57 586.10 Td (Kimi ) Tj ET Q q 0 0 0 rg BT 176.49 586.10 Td (Raikkonen, ) Tj ET Q q 0 0 0 rg BT 224.68 586.10 Td (who ) Tj ET Q q 0 0 0 rg BT 244.26 586.10 Td (won ) Tj ET Q q 0 0 0 rg BT 263.85 586.10 Td (our ) Tj ET Q q 0 0 0 rg BT 279.54 586.10 Td (most ) Tj ET Q q 0 0 0 rg BT 301.35 586.10 Td (recent ) Tj ET Q q 0 0 0 rg BT 328.14 586.10 Td (drivers) Tj ET Q q 0 0 0 rg BT 358.49 586.10 Td ( ) Tj ET Q q 0 0 0 rg BT 360.85 586.10 Td (championship ) Tj ET Q q 0 0 0 rg BT 419.32 586.10 Td (in ) Tj ET Q q 0 0 0 rg BT 429.46 586.10 Td (2007. ) Tj ET Q q 0 0 0 rg BT 454.15 586.10 Td (The ) Tj ET Q q 0 0 0 rg BT 472.06 586.10 Td (two ) Tj ET Q q 0 0 0 rg BT 489.42 586.10 Td (drivers ) Tj ET Q q 0 0 0 rg BT 519.55 586.10 Td (have ) Tj ET Q q 0 0 0 rg BT 540.79 586.10 Td (won ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 574.10 Td (a ) Tj ET Q q 0 0 0 rg BT 60.94 574.10 Td (combined ) Tj ET Q q 0 0 0 rg BT 102.87 574.10 Td (62 ) Tj ET Q q 0 0 0 rg BT 115.37 574.10 Td (Grand ) Tj ET Q q 0 0 0 rg BT 142.86 574.10 Td (Prix ) Tj ET Q q 0 0 0 rg BT 162.03 574.10 Td (races.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 550.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 550.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 108.84 550.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 146.01 550.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 154.30 550.10 Td (racing ) Tj ET Q q 0 0 0 rg BT 182.57 550.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 236.38 550.10 Td (has ) Tj ET Q q 0 0 0 rg BT 252.99 550.10 Td (been ) Tj ET Q q 0 0 0 rg BT 275.16 550.10 Td (less ) Tj ET Q q 0 0 0 rg BT 293.44 550.10 Td (successful ) Tj ET Q q 0 0 0 rg BT 337.83 550.10 Td (over ) Tj ET Q q 0 0 0 rg BT 358.88 550.10 Td (the ) Tj ET Q q 0 0 0 rg BT 374.38 550.10 Td (past ) Tj ET Q q 0 0 0 rg BT 393.78 550.10 Td (several ) Tj ET Q q 0 0 0 rg BT 425.38 550.10 Td (years ) Tj ET Q q 0 0 0 rg BT 449.77 550.10 Td (as ) Tj ET Q q 0 0 0 rg BT 461.38 550.10 Td (our ) Tj ET Q q 0 0 0 rg BT 478.00 550.10 Td (most ) Tj ET Q q 0 0 0 rg BT 500.73 550.10 Td (recent ) Tj ET Q q 0 0 0 rg BT 528.44 550.10 Td (driver's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 538.10 Td (championship ) Tj ET Q q 0 0 0 rg BT 112.14 538.10 Td (and ) Tj ET Q q 0 0 0 rg BT 128.62 538.10 Td (constructors' ) Tj ET Q q 0 0 0 rg BT 181.34 538.10 Td (championship ) Tj ET Q q 0 0 0 rg BT 239.48 538.10 Td (were ) Tj ET Q q 0 0 0 rg BT 260.95 538.10 Td (in ) Tj ET Q q 0 0 0 rg BT 270.77 538.10 Td (2007 ) Tj ET Q q 0 0 0 rg BT 292.81 538.10 Td (and ) Tj ET Q q 0 0 0 rg BT 309.29 538.10 Td (2008, ) Tj ET Q q 0 0 0 rg BT 333.83 538.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 381.49 538.10 Td (. ) Tj ET Q q 0 0 0 rg BT 386.03 538.10 Td ( ) Tj ET Q q 0 0 0 rg BT 387.92 538.10 Td (T) Tj ET Q q 0 0 0 rg BT 393.33 538.10 Td (o ) Tj ET Q q 0 0 0 rg BT 400.37 538.10 Td (address ) Tj ET Q q 0 0 0 rg BT 432.40 538.10 Td (this, ) Tj ET Q q 0 0 0 rg BT 451.39 538.10 Td (we ) Tj ET Q q 0 0 0 rg BT 465.09 538.10 Td (have ) Tj ET Q q 0 0 0 rg BT 486.01 538.10 Td (recently ) Tj ET Q q 0 0 0 rg BT 520.25 538.10 Td (enhanced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 526.10 Td (our ) Tj ET Q q 0 0 0 rg BT 69.90 526.10 Td (focus ) Tj ET Q q 0 0 0 rg BT 94.13 526.10 Td (on ) Tj ET Q q 0 0 0 rg BT 106.69 526.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 143.15 526.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 150.71 526.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 189.38 526.10 Td (with ) Tj ET Q q 0 0 0 rg BT 209.73 526.10 Td (the ) Tj ET Q q 0 0 0 rg BT 224.51 526.10 Td (goal ) Tj ET Q q 0 0 0 rg BT 244.29 526.10 Td (of ) Tj ET Q q 0 0 0 rg BT 255.19 526.10 Td (improving ) Tj ET Q q 0 0 0 rg BT 299.42 526.10 Td (racing ) Tj ET Q q 0 0 0 rg BT 326.98 526.10 Td (results ) Tj ET Q q 0 0 0 rg BT 355.65 526.10 Td (and ) Tj ET Q q 0 0 0 rg BT 372.66 526.10 Td (restoring ) Tj ET Q q 0 0 0 rg BT 410.77 526.10 Td (our ) Tj ET Q q 0 0 0 rg BT 426.67 526.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 466.45 526.10 Td (position ) Tj ET Q q 0 0 0 rg BT 501.24 526.10 Td (as ) Tj ET Q q 0 0 0 rg BT 512.14 526.10 Td (the ) Tj ET Q q 0 0 0 rg BT 526.92 526.10 Td (premier ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 514.10 Td (racing ) Tj ET Q q 0 0 0 rg BT 81.81 514.10 Td (team ) Tj ET Q q 0 0 0 rg BT 104.07 514.10 Td (in ) Tj ET Q q 0 0 0 rg BT 114.67 514.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 151.38 514.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 161.71 514.10 Td (In ) Tj ET Q q 0 0 0 rg BT 172.86 514.10 Td (addition ) Tj ET Q q 0 0 0 rg BT 208.46 514.10 Td (to ) Tj ET Q q 0 0 0 rg BT 219.06 514.10 Td (increasing ) Tj ET Q q 0 0 0 rg BT 262.98 514.10 Td (our ) Tj ET Q q 0 0 0 rg BT 279.14 514.10 Td (research ) Tj ET Q q 0 0 0 rg BT 315.27 514.10 Td (and ) Tj ET Q q 0 0 0 rg BT 332.53 514.10 Td (development ) Tj ET Q q 0 0 0 rg BT 387.01 514.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 419.82 514.10 Td (to ) Tj ET Q q 0 0 0 rg BT 430.42 514.10 Td (improve ) Tj ET Q q 0 0 0 rg BT 466.57 514.10 Td (car ) Tj ET Q q 0 0 0 rg BT 481.60 514.10 Td (performance, ) Tj ET Q q 0 0 0 rg BT 537.45 514.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 502.10 Td (ef) Tj ET Q q 0 0 0 rg BT 61.59 502.10 Td (forts ) Tj ET Q q 0 0 0 rg BT 82.20 502.10 Td (have ) Tj ET Q q 0 0 0 rg BT 103.35 502.10 Td (included ) Tj ET Q q 0 0 0 rg BT 140.06 502.10 Td (adding ) Tj ET Q q 0 0 0 rg BT 169.56 502.10 Td (to ) Tj ET Q q 0 0 0 rg BT 179.61 502.10 Td (the ) Tj ET Q q 0 0 0 rg BT 194.11 502.10 Td (racing ) Tj ET Q q 0 0 0 rg BT 221.37 502.10 Td (team ) Tj ET Q q 0 0 0 rg BT 243.08 502.10 Td (in ) Tj ET Q q 0 0 0 rg BT 253.14 502.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 275.42 502.10 Td (Sebastian ) Tj ET Q q 0 0 0 rg BT 315.85 502.10 Td (V) Tj ET Q q 0 0 0 rg BT 321.97 502.10 Td (ettel, ) Tj ET Q q 0 0 0 rg BT 343.96 502.10 Td (one ) Tj ET Q q 0 0 0 rg BT 360.67 502.10 Td (of ) Tj ET Q q 0 0 0 rg BT 371.28 502.10 Td (the ) Tj ET Q q 0 0 0 rg BT 385.78 502.10 Td (most ) Tj ET Q q 0 0 0 rg BT 407.50 502.10 Td (successful ) Tj ET Q q 0 0 0 rg BT 450.88 502.10 Td (drivers ) Tj ET Q q 0 0 0 rg BT 480.93 502.10 Td (in ) Tj ET Q q 0 0 0 rg BT 490.98 502.10 Td (recent ) Tj ET Q q 0 0 0 rg BT 517.68 502.10 Td (years, ) Tj ET Q q 0 0 0 rg BT 543.56 502.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 490.10 Td (Maurizio ) Tj ET Q q 0 0 0 rg BT 92.60 490.10 Td (Arrivabene ) Tj ET Q q 0 0 0 rg BT 140.08 490.10 Td (as ) Tj ET Q q 0 0 0 rg BT 150.91 490.10 Td (team ) Tj ET Q q 0 0 0 rg BT 172.84 490.10 Td (principal.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 466.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 466.10 Td (Participation ) Tj ET Q q 0 0 0 rg BT 143.25 466.10 Td (in ) Tj ET Q q 0 0 0 rg BT 153.18 466.10 Td (the ) Tj ET Q q 0 0 0 rg BT 167.54 466.10 Td (world ) Tj ET Q q 0 0 0 rg BT 193.02 466.10 Td (championship ) Tj ET Q q 0 0 0 rg BT 251.28 466.10 Td (is ) Tj ET Q q 0 0 0 rg BT 260.10 466.10 Td (regulated ) Tj ET Q q 0 0 0 rg BT 299.45 466.10 Td (by ) Tj ET Q q 0 0 0 rg BT 311.60 466.10 Td (bilateral ) Tj ET Q q 0 0 0 rg BT 346.35 466.10 Td (T) Tj ET Q q 0 0 0 rg BT 351.76 466.10 Td (eam ) Tj ET Q q 0 0 0 rg BT 370.09 466.10 Td (Agreements ) Tj ET Q q 0 0 0 rg BT 420.56 466.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 452.13 466.10 Td (into ) Tj ET Q q 0 0 0 rg BT 469.84 466.10 Td (between ) Tj ET Q q 0 0 0 rg BT 505.30 466.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 541.34 466.10 Td (One ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 454.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 454.10 Td (orld ) Tj ET Q q 0 0 0 rg BT 81.09 454.10 Td (Championship ) Tj ET Q q 0 0 0 rg BT 141.77 454.10 Td (Limited ) Tj ET Q q 0 0 0 rg BT 175.78 454.10 Td (\(FOWC\), ) Tj ET Q q 0 0 0 rg BT 216.18 454.10 Td (the ) Tj ET Q q 0 0 0 rg BT 230.74 454.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 266.97 454.10 Td (1) Tj ET Q q 0 0 0 rg BT 274.75 454.10 Td (s ) Tj ET Q q 0 0 0 rg BT 280.99 454.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 330.53 454.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 355.66 454.10 Td (holder) Tj ET Q q 0 0 0 rg BT 380.80 454.10 Td (, ) Tj ET Q q 0 0 0 rg BT 385.65 454.10 Td (and ) Tj ET Q q 0 0 0 rg BT 402.44 454.10 Td (each ) Tj ET Q q 0 0 0 rg BT 423.10 454.10 Td (competing ) Tj ET Q q 0 0 0 rg BT 467.65 454.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 503.89 454.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 511.23 454.10 Td (racing ) Tj ET Q q 0 0 0 rg BT 538.57 454.10 Td (team ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 442.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 96.63 442.10 Td (Ferrari\) ) Tj ET Q q 0 0 0 rg BT 128.69 442.10 Td (and ) Tj ET Q q 0 0 0 rg BT 144.65 442.10 Td (by ) Tj ET Q q 0 0 0 rg BT 156.18 442.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 202.14 442.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 228.66 442.10 Td (by ) Tj ET Q q 0 0 0 rg BT 240.19 442.10 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 253.93 442.10 Td (Federation ) Tj ET Q q 0 0 0 rg BT 299.89 442.10 Td (Internationale ) Tj ET Q q 0 0 0 rg BT 358.62 442.10 Td (de ) Tj ET Q q 0 0 0 rg BT 369.59 442.10 Td (lAutomobile ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.32 442.10 Td (\(FIA\), ) Tj ET Q q 0 0 0 rg BT 450.12 442.10 Td (the ) Tj ET Q q 0 0 0 rg BT 463.86 442.10 Td (motor ) Tj ET Q q 0 0 0 rg BT 489.28 442.10 Td (sport) Tj ET Q q 0 0 0 rg BT 512.05 442.10 Td (s ) Tj ET Q q 0 0 0 rg BT 517.47 442.10 Td (governing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 430.10 Td (body) Tj ET Q q 0 0 0 rg BT 73.35 430.10 Td (. ) Tj ET Q q 0 0 0 rg BT 78.66 430.10 Td (The ) Tj ET Q q 0 0 0 rg BT 97.01 430.10 Td (T) Tj ET Q q 0 0 0 rg BT 102.42 430.10 Td (eam ) Tj ET Q q 0 0 0 rg BT 121.43 430.10 Td (Agreements ) Tj ET Q q 0 0 0 rg BT 172.77 430.10 Td (cover ) Tj ET Q q 0 0 0 rg BT 198.00 430.10 Td (the ) Tj ET Q q 0 0 0 rg BT 213.24 430.10 Td (2013-2020 ) Tj ET Q q 0 0 0 rg BT 259.59 430.10 Td (racing ) Tj ET Q q 0 0 0 rg BT 287.60 430.10 Td (seasons ) Tj ET Q q 0 0 0 rg BT 321.18 430.10 Td (and ) Tj ET Q q 0 0 0 rg BT 338.64 430.10 Td (govern ) Tj ET Q q 0 0 0 rg BT 369.43 430.10 Td (the ) Tj ET Q q 0 0 0 rg BT 384.68 430.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 409.92 430.10 Td (by ) Tj ET Q q 0 0 0 rg BT 422.94 430.10 Td (which ) Tj ET Q q 0 0 0 rg BT 450.40 430.10 Td (the ) Tj ET Q q 0 0 0 rg BT 465.64 430.10 Td (racing ) Tj ET Q q 0 0 0 rg BT 493.65 430.10 Td (teams ) Tj ET Q q 0 0 0 rg BT 520.00 430.10 Td (take ) Tj ET Q q 0 0 0 rg BT 539.68 430.10 Td (their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 418.10 Td (share ) Tj ET Q q 0 0 0 rg BT 77.70 418.10 Td (of ) Tj ET Q q 0 0 0 rg BT 88.63 418.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 138.43 418.10 Td (profits. ) Tj ET Q q 0 0 0 rg BT 169.45 418.10 Td (The ) Tj ET Q q 0 0 0 rg BT 187.59 418.10 Td (FIA) Tj ET Q q 0 0 0 rg BT 203.16 418.10 Td ( ) Tj ET Q q 0 0 0 rg BT 205.76 418.10 Td (regulations, ) Tj ET Q q 0 0 0 rg BT 255.29 418.10 Td (regulate ) Tj ET Q q 0 0 0 rg BT 290.09 418.10 Td (how ) Tj ET Q q 0 0 0 rg BT 309.91 418.10 Td (the ) Tj ET Q q 0 0 0 rg BT 324.73 418.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 343.43 418.10 Td (are ) Tj ET Q q 0 0 0 rg BT 358.24 418.10 Td (manufactured ) Tj ET Q q 0 0 0 rg BT 415.81 418.10 Td (and ) Tj ET Q q 0 0 0 rg BT 432.85 418.10 Td (the ) Tj ET Q q 0 0 0 rg BT 447.66 418.10 Td (teams ) Tj ET Q q 0 0 0 rg BT 473.59 418.10 Td (compete ) Tj ET Q q 0 0 0 rg BT 510.06 418.10 Td (in ) Tj ET Q q 0 0 0 rg BT 520.44 418.10 Td (races ) Tj ET Q q 0 0 0 rg BT 543.58 418.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 406.10 Td (include ) Tj ET Q q 0 0 0 rg BT 86.15 406.10 Td (technical ) Tj ET Q q 0 0 0 rg BT 124.96 406.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 172.12 406.10 Td (governing ) Tj ET Q q 0 0 0 rg BT 215.39 406.10 Td (aspects ) Tj ET Q q 0 0 0 rg BT 246.99 406.10 Td (ranging ) Tj ET Q q 0 0 0 rg BT 280.25 406.10 Td (from ) Tj ET Q q 0 0 0 rg BT 302.41 406.10 Td (tyres, ) Tj ET Q q 0 0 0 rg BT 327.07 406.10 Td (weight, ) Tj ET Q q 0 0 0 rg BT 359.51 406.10 Td (to ) Tj ET Q q 0 0 0 rg BT 370.01 406.10 Td (ignition, ) Tj ET Q q 0 0 0 rg BT 406.35 406.10 Td (fueling ) Tj ET Q q 0 0 0 rg BT 437.39 406.10 Td (and ) Tj ET Q q 0 0 0 rg BT 454.55 406.10 Td (throttle ) Tj ET Q q 0 0 0 rg BT 486.15 406.10 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 543.58 406.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 394.10 Td (sporting ) Tj ET Q q 0 0 0 rg BT 88.57 394.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 134.79 394.10 Td (covering ) Tj ET Q q 0 0 0 rg BT 171.57 394.10 Td (scoring ) Tj ET Q q 0 0 0 rg BT 202.80 394.10 Td (and ) Tj ET Q q 0 0 0 rg BT 219.03 394.10 Td (racing ) Tj ET Q q 0 0 0 rg BT 245.81 394.10 Td (procedures. ) Tj ET Q q 0 0 0 rg BT 293.96 394.10 Td (In ) Tj ET Q q 0 0 0 rg BT 304.08 394.10 Td (return ) Tj ET Q q 0 0 0 rg BT 329.75 394.10 Td (for ) Tj ET Q q 0 0 0 rg BT 343.20 394.10 Td (their ) Tj ET Q q 0 0 0 rg BT 363.32 394.10 Td (participation ) Tj ET Q q 0 0 0 rg BT 415.65 394.10 Td (in ) Tj ET Q q 0 0 0 rg BT 425.22 394.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 460.90 394.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 467.69 394.10 Td (races ) Tj ET Q q 0 0 0 rg BT 490.01 394.10 Td (the ) Tj ET Q q 0 0 0 rg BT 504.02 394.10 Td (teams ) Tj ET Q q 0 0 0 rg BT 529.14 394.10 Td (receive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 382.10 Td (a ) Tj ET Q q 0 0 0 rg BT 60.72 382.10 Td (share ) Tj ET Q q 0 0 0 rg BT 84.09 382.10 Td (of ) Tj ET Q q 0 0 0 rg BT 94.70 382.10 Td (a ) Tj ET Q q 0 0 0 rg BT 101.42 382.10 Td (prize ) Tj ET Q q 0 0 0 rg BT 123.68 382.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 144.29 382.10 Td (based ) Tj ET Q q 0 0 0 rg BT 169.33 382.10 Td (on ) Tj ET Q q 0 0 0 rg BT 181.61 382.10 Td (the ) Tj ET Q q 0 0 0 rg BT 196.11 382.10 Td (profits ) Tj ET Q q 0 0 0 rg BT 224.49 382.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 253.42 382.10 Td (from ) Tj ET Q q 0 0 0 rg BT 275.13 382.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 311.30 382.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 318.58 382.10 Td (related ) Tj ET Q q 0 0 0 rg BT 348.06 382.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 397.53 382.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 435.91 382.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 474.28 382.10 Td (by ) Tj ET Q q 0 0 0 rg BT 486.56 382.10 Td (FOWC, ) Tj ET Q q 0 0 0 rg BT 520.23 382.10 Td (including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 370.10 Td (in ) Tj ET Q q 0 0 0 rg BT 64.20 370.10 Td (particular ) Tj ET Q q 0 0 0 rg BT 104.94 370.10 Td (television ) Tj ET Q q 0 0 0 rg BT 146.24 370.10 Td (broadcasting ) Tj ET Q q 0 0 0 rg BT 199.76 370.10 Td (royalties ) Tj ET Q q 0 0 0 rg BT 236.61 370.10 Td (and ) Tj ET Q q 0 0 0 rg BT 253.48 370.10 Td (other ) Tj ET Q q 0 0 0 rg BT 276.45 370.10 Td (sources, ) Tj ET Q q 0 0 0 rg BT 311.36 370.10 Td (such ) Tj ET Q q 0 0 0 rg BT 332.11 370.10 Td (as ) Tj ET Q q 0 0 0 rg BT 342.87 370.10 Td (racetrack ) Tj ET Q q 0 0 0 rg BT 381.92 370.10 Td (owners) Tj ET Q q 0 0 0 rg BT 413.39 370.10 Td ( ) Tj ET Q q 0 0 0 rg BT 415.81 370.10 Td (fees. ) Tj ET Q q 0 0 0 rg BT 436.84 370.10 Td (Shares ) Tj ET Q q 0 0 0 rg BT 465.92 370.10 Td (in ) Tj ET Q q 0 0 0 rg BT 476.12 370.10 Td (a ) Tj ET Q q 0 0 0 rg BT 482.98 370.10 Td (prize ) Tj ET Q q 0 0 0 rg BT 505.39 370.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 526.15 370.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 550.22 370.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 358.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 116.11 358.10 Td (60 ) Tj ET Q q 0 0 0 rg BT 130.45 358.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 164.22 358.10 Td (of ) Tj ET Q q 0 0 0 rg BT 176.90 358.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 215.12 358.10 Td (before ) Tj ET Q q 0 0 0 rg BT 245.01 358.10 Td (interest, ) Tj ET Q q 0 0 0 rg BT 281.29 358.10 Td (tax, ) Tj ET Q q 0 0 0 rg BT 300.35 358.10 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 354.12 358.10 Td (and ) Tj ET Q q 0 0 0 rg BT 372.90 358.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 427.79 358.10 Td (from ) Tj ET Q q 0 0 0 rg BT 451.57 358.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 503.11 358.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 543.56 358.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 346.10 Td (broadcasting ) Tj ET Q q 0 0 0 rg BT 107.84 346.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 133.36 346.10 Td (are ) Tj ET Q q 0 0 0 rg BT 148.30 346.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 168.26 346.10 Td (to ) Tj ET Q q 0 0 0 rg BT 178.78 346.10 Td (the ) Tj ET Q q 0 0 0 rg BT 193.74 346.10 Td (teams, ) Tj ET Q q 0 0 0 rg BT 222.31 346.10 Td (lar) Tj ET Q q 0 0 0 rg BT 232.67 346.10 Td (gely ) Tj ET Q q 0 0 0 rg BT 252.63 346.10 Td (based ) Tj ET Q q 0 0 0 rg BT 278.14 346.10 Td (on ) Tj ET Q q 0 0 0 rg BT 290.88 346.10 Td (the ) Tj ET Q q 0 0 0 rg BT 305.84 346.10 Td (relative ) Tj ET Q q 0 0 0 rg BT 338.57 346.10 Td (ranking ) Tj ET Q q 0 0 0 rg BT 371.85 346.10 Td (of ) Tj ET Q q 0 0 0 rg BT 382.93 346.10 Td (each ) Tj ET Q q 0 0 0 rg BT 403.98 346.10 Td (team ) Tj ET Q q 0 0 0 rg BT 426.16 346.10 Td (in ) Tj ET Q q 0 0 0 rg BT 436.68 346.10 Td (the ) Tj ET Q q 0 0 0 rg BT 451.64 346.10 Td (championship. ) Tj ET Q q 0 0 0 rg BT 512.78 346.10 Td (W) Tj ET Q q 0 0 0 rg BT 521.42 346.10 Td (e ) Tj ET Q q 0 0 0 rg BT 528.60 346.10 Td (use ) Tj ET Q q 0 0 0 rg BT 544.67 346.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 334.10 Td (share ) Tj ET Q q 0 0 0 rg BT 76.63 334.10 Td (of ) Tj ET Q q 0 0 0 rg BT 86.48 334.10 Td (these ) Tj ET Q q 0 0 0 rg BT 108.56 334.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 148.41 334.10 Td (to ) Tj ET Q q 0 0 0 rg BT 157.72 334.10 Td (defray ) Tj ET Q q 0 0 0 rg BT 184.78 334.10 Td (part ) Tj ET Q q 0 0 0 rg BT 201.85 334.10 Td (of ) Tj ET Q q 0 0 0 rg BT 211.71 334.10 Td (the ) Tj ET Q q 0 0 0 rg BT 225.46 334.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 246.98 334.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 289.60 334.10 Td (with ) Tj ET Q q 0 0 0 rg BT 308.91 334.10 Td (Scuderia ) Tj ET Q q 0 0 0 rg BT 345.42 334.10 Td (Ferrari, ) Tj ET Q q 0 0 0 rg BT 376.66 334.10 Td (including ) Tj ET Q q 0 0 0 rg BT 415.96 334.10 Td (the ) Tj ET Q q 0 0 0 rg BT 429.70 334.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 451.23 334.10 Td (of ) Tj ET Q q 0 0 0 rg BT 461.09 334.10 Td (designing ) Tj ET Q q 0 0 0 rg BT 501.50 334.10 Td (and ) Tj ET Q q 0 0 0 rg BT 517.47 334.10 Td (producing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 322.10 Td (a ) Tj ET Q q 0 0 0 rg BT 60.02 322.10 Td (set ) Tj ET Q q 0 0 0 rg BT 72.72 322.10 Td (of ) Tj ET Q q 0 0 0 rg BT 82.63 322.10 Td (single-seaters ) Tj ET Q q 0 0 0 rg BT 138.64 322.10 Td (each ) Tj ET Q q 0 0 0 rg BT 158.54 322.10 Td (year ) Tj ET Q q 0 0 0 rg BT 177.33 322.10 Td (and ) Tj ET Q q 0 0 0 rg BT 193.35 322.10 Td (the ) Tj ET Q q 0 0 0 rg BT 207.15 322.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 228.74 322.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 271.42 322.10 Td (with ) Tj ET Q q 0 0 0 rg BT 290.78 322.10 Td (managing ) Tj ET Q q 0 0 0 rg BT 331.80 322.10 Td (a ) Tj ET Q q 0 0 0 rg BT 337.82 322.10 Td (racing ) Tj ET Q q 0 0 0 rg BT 364.39 322.10 Td (team ) Tj ET Q q 0 0 0 rg BT 385.41 322.10 Td (including ) Tj ET Q q 0 0 0 rg BT 424.77 322.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 460.23 322.10 Td (of ) Tj ET Q q 0 0 0 rg BT 470.14 322.10 Td (drivers, ) Tj ET Q q 0 0 0 rg BT 502.00 322.10 Td (who ) Tj ET Q q 0 0 0 rg BT 520.80 322.10 Td (generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 310.10 Td (are ) Tj ET Q q 0 0 0 rg BT 68.71 310.10 Td (among ) Tj ET Q q 0 0 0 rg BT 98.42 310.10 Td (the ) Tj ET Q q 0 0 0 rg BT 113.14 310.10 Td (most ) Tj ET Q q 0 0 0 rg BT 135.09 310.10 Td (highly ) Tj ET Q q 0 0 0 rg BT 163.15 310.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 182.86 310.10 Td (athletes ) Tj ET Q q 0 0 0 rg BT 215.90 310.10 Td (in ) Tj ET Q q 0 0 0 rg BT 226.18 310.10 Td (the ) Tj ET Q q 0 0 0 rg BT 240.90 310.10 Td (world) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 264.23 310.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 286.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 286.10 Td (Improvements ) Tj ET Q q 0 0 0 rg BT 149.89 286.10 Td (in ) Tj ET Q q 0 0 0 rg BT 159.79 286.10 Td (technology ) Tj ET Q q 0 0 0 rg BT 206.34 286.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 225.41 286.10 Td (sometimes, ) Tj ET Q q 0 0 0 rg BT 272.80 286.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 307.13 286.10 Td (in ) Tj ET Q q 0 0 0 rg BT 317.03 286.10 Td (regulation, ) Tj ET Q q 0 0 0 rg BT 362.20 286.10 Td (require ) Tj ET Q q 0 0 0 rg BT 392.64 286.10 Td (the ) Tj ET Q q 0 0 0 rg BT 406.98 286.10 Td (design ) Tj ET Q q 0 0 0 rg BT 435.21 286.10 Td (and ) Tj ET Q q 0 0 0 rg BT 451.77 286.10 Td (production ) Tj ET Q q 0 0 0 rg BT 497.22 286.10 Td (of ) Tj ET Q q 0 0 0 rg BT 507.67 286.10 Td (a ) Tj ET Q q 0 0 0 rg BT 514.23 286.10 Td (new ) Tj ET Q q 0 0 0 rg BT 533.02 286.10 Td (racing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 274.10 Td (car ) Tj ET Q q 0 0 0 rg BT 68.07 274.10 Td (every ) Tj ET Q q 0 0 0 rg BT 92.15 274.10 Td (year) Tj ET Q q 0 0 0 rg BT 108.80 274.10 Td (. ) Tj ET Q q 0 0 0 rg BT 113.03 274.10 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 156.81 274.10 Td (we ) Tj ET Q q 0 0 0 rg BT 170.34 274.10 Td (begin ) Tj ET Q q 0 0 0 rg BT 194.43 274.10 Td (designing ) Tj ET Q q 0 0 0 rg BT 235.18 274.10 Td (our ) Tj ET Q q 0 0 0 rg BT 250.38 274.10 Td (single-seaters ) Tj ET Q q 0 0 0 rg BT 306.67 274.10 Td (each ) Tj ET Q q 0 0 0 rg BT 326.85 274.10 Td (year ) Tj ET Q q 0 0 0 rg BT 345.92 274.10 Td (in ) Tj ET Q q 0 0 0 rg BT 355.15 274.10 Td (April ) Tj ET Q q 0 0 0 rg BT 378.13 274.10 Td (in ) Tj ET Q q 0 0 0 rg BT 387.77 274.10 Td (anticipation ) Tj ET Q q 0 0 0 rg BT 436.85 274.10 Td (of ) Tj ET Q q 0 0 0 rg BT 447.05 274.10 Td (the ) Tj ET Q q 0 0 0 rg BT 461.13 274.10 Td (start ) Tj ET Q q 0 0 0 rg BT 480.21 274.10 Td (of ) Tj ET Q q 0 0 0 rg BT 490.41 274.10 Td (the ) Tj ET Q q 0 0 0 rg BT 504.49 274.10 Td (racing ) Tj ET Q q 0 0 0 rg BT 531.34 274.10 Td (season ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 262.10 Td (the ) Tj ET Q q 0 0 0 rg BT 68.82 262.10 Td (following ) Tj ET Q q 0 0 0 rg BT 110.32 262.10 Td (March. ) Tj ET Q q 0 0 0 rg BT 141.33 262.10 Td (While ) Tj ET Q q 0 0 0 rg BT 168.37 262.10 Td (the ) Tj ET Q q 0 0 0 rg BT 183.20 262.10 Td (chassis ) Tj ET Q q 0 0 0 rg BT 214.13 262.10 Td (we ) Tj ET Q q 0 0 0 rg BT 228.40 262.10 Td (build ) Tj ET Q q 0 0 0 rg BT 251.56 262.10 Td (each ) Tj ET Q q 0 0 0 rg BT 272.48 262.10 Td (year ) Tj ET Q q 0 0 0 rg BT 292.30 262.10 Td (are ) Tj ET Q q 0 0 0 rg BT 307.11 262.10 Td (designed ) Tj ET Q q 0 0 0 rg BT 345.26 262.10 Td (to ) Tj ET Q q 0 0 0 rg BT 355.65 262.10 Td (be ) Tj ET Q q 0 0 0 rg BT 367.69 262.10 Td (used ) Tj ET Q q 0 0 0 rg BT 388.63 262.10 Td (throughout ) Tj ET Q q 0 0 0 rg BT 435.12 262.10 Td (the ) Tj ET Q q 0 0 0 rg BT 449.95 262.10 Td (racing ) Tj ET Q q 0 0 0 rg BT 477.54 262.10 Td (season, ) Tj ET Q q 0 0 0 rg BT 509.31 262.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.13 262.10 Td (majority ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 250.10 Td (of ) Tj ET Q q 0 0 0 rg BT 64.83 250.10 Td (other ) Tj ET Q q 0 0 0 rg BT 87.88 250.10 Td (components ) Tj ET Q q 0 0 0 rg BT 138.70 250.10 Td (mounted ) Tj ET Q q 0 0 0 rg BT 176.20 250.10 Td (on ) Tj ET Q q 0 0 0 rg BT 188.70 250.10 Td (our ) Tj ET Q q 0 0 0 rg BT 204.53 250.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 223.13 250.10 Td (are ) Tj ET Q q 0 0 0 rg BT 237.83 250.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 273.66 250.10 Td (from ) Tj ET Q q 0 0 0 rg BT 295.60 250.10 Td (race ) Tj ET Q q 0 0 0 rg BT 314.74 250.10 Td (to ) Tj ET Q q 0 0 0 rg BT 325.02 250.10 Td (race ) Tj ET Q q 0 0 0 rg BT 344.17 250.10 Td (depending ) Tj ET Q q 0 0 0 rg BT 388.32 250.10 Td (on ) Tj ET Q q 0 0 0 rg BT 400.82 250.10 Td (the ) Tj ET Q q 0 0 0 rg BT 415.54 250.10 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 475.23 250.10 Td (of ) Tj ET Q q 0 0 0 rg BT 486.06 250.10 Td (the ) Tj ET Q q 0 0 0 rg BT 500.77 250.10 Td (circuits. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 226.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 226.10 Td (T) Tj ET Q q 0 0 0 rg BT 95.41 226.10 Td (o ) Tj ET Q q 0 0 0 rg BT 103.42 226.10 Td (maximize ) Tj ET Q q 0 0 0 rg BT 145.86 226.10 Td (the ) Tj ET Q q 0 0 0 rg BT 161.09 226.10 Td (performance, ) Tj ET Q q 0 0 0 rg BT 217.13 226.10 Td (ef) Tj ET Q q 0 0 0 rg BT 224.71 226.10 Td (ficiency ) Tj ET Q q 0 0 0 rg BT 259.93 226.10 Td (and ) Tj ET Q q 0 0 0 rg BT 277.38 226.10 Td (safety ) Tj ET Q q 0 0 0 rg BT 304.27 226.10 Td (of ) Tj ET Q q 0 0 0 rg BT 315.61 226.10 Td (our ) Tj ET Q q 0 0 0 rg BT 331.95 226.10 Td (single-seaters, ) Tj ET Q q 0 0 0 rg BT 391.88 226.10 Td (while ) Tj ET Q q 0 0 0 rg BT 417.11 226.10 Td (complying ) Tj ET Q q 0 0 0 rg BT 462.90 226.10 Td (with ) Tj ET Q q 0 0 0 rg BT 483.69 226.10 Td (the ) Tj ET Q q 0 0 0 rg BT 498.92 226.10 Td (strict ) Tj ET Q q 0 0 0 rg BT 521.92 226.10 Td (technical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 214.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 75.69 214.10 Td (and ) Tj ET Q q 0 0 0 rg BT 92.37 214.10 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 139.05 214.10 Td (set ) Tj ET Q q 0 0 0 rg BT 152.41 214.10 Td (out ) Tj ET Q q 0 0 0 rg BT 167.44 214.10 Td (by ) Tj ET Q q 0 0 0 rg BT 179.68 214.10 Td (the ) Tj ET Q q 0 0 0 rg BT 194.15 214.10 Td (FIA, ) Tj ET Q q 0 0 0 rg BT 215.01 214.10 Td (our ) Tj ET Q q 0 0 0 rg BT 230.59 214.10 Td (research ) Tj ET Q q 0 0 0 rg BT 266.14 214.10 Td (and ) Tj ET Q q 0 0 0 rg BT 282.82 214.10 Td (development ) Tj ET Q q 0 0 0 rg BT 336.72 214.10 Td (team ) Tj ET Q q 0 0 0 rg BT 358.40 214.10 Td (plays ) Tj ET Q q 0 0 0 rg BT 381.76 214.10 Td (a ) Tj ET Q q 0 0 0 rg BT 388.45 214.10 Td (key ) Tj ET Q q 0 0 0 rg BT 405.13 214.10 Td (role ) Tj ET Q q 0 0 0 rg BT 422.93 214.10 Td (in ) Tj ET Q q 0 0 0 rg BT 432.95 214.10 Td (the ) Tj ET Q q 0 0 0 rg BT 447.42 214.10 Td (development ) Tj ET Q q 0 0 0 rg BT 501.31 214.10 Td (of ) Tj ET Q q 0 0 0 rg BT 511.89 214.10 Td (our ) Tj ET Q q 0 0 0 rg BT 527.47 214.10 Td (engines ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 202.10 Td (and ) Tj ET Q q 0 0 0 rg BT 70.00 202.10 Td (cars. ) Tj ET Q q 0 0 0 rg BT 90.05 202.10 Td (W) Tj ET Q q 0 0 0 rg BT 98.69 202.10 Td (e ) Tj ET Q q 0 0 0 rg BT 104.69 202.10 Td (often ) Tj ET Q q 0 0 0 rg BT 126.80 202.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 158.90 202.10 Td (technologies ) Tj ET Q q 0 0 0 rg BT 211.01 202.10 Td (initially ) Tj ET Q q 0 0 0 rg BT 243.68 202.10 Td (developed ) Tj ET Q q 0 0 0 rg BT 286.34 202.10 Td (for ) Tj ET Q q 0 0 0 rg BT 299.56 202.10 Td (racing ) Tj ET Q q 0 0 0 rg BT 326.11 202.10 Td (to ) Tj ET Q q 0 0 0 rg BT 335.46 202.10 Td (our ) Tj ET Q q 0 0 0 rg BT 350.35 202.10 Td (road ) Tj ET Q q 0 0 0 rg BT 369.68 202.10 Td (cars. ) Tj ET Q q 0 0 0 rg BT 389.84 202.10 Td (Examples ) Tj ET Q q 0 0 0 rg BT 430.84 202.10 Td (include ) Tj ET Q q 0 0 0 rg BT 461.84 202.10 Td (traction ) Tj ET Q q 0 0 0 rg BT 493.95 202.10 Td (control ) Tj ET Q q 0 0 0 rg BT 523.83 202.10 Td (systems, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 190.10 Td (gear ) Tj ET Q q 0 0 0 rg BT 73.78 190.10 Td (shifting ) Tj ET Q q 0 0 0 rg BT 106.92 190.10 Td (steering ) Tj ET Q q 0 0 0 rg BT 141.15 190.10 Td (wheels, ) Tj ET Q q 0 0 0 rg BT 174.00 190.10 Td (and ) Tj ET Q q 0 0 0 rg BT 191.01 190.10 Td (the ) Tj ET Q q 0 0 0 rg BT 205.81 190.10 Td (use ) Tj ET Q q 0 0 0 rg BT 221.71 190.10 Td (and ) Tj ET Q q 0 0 0 rg BT 238.73 190.10 Td (development ) Tj ET Q q 0 0 0 rg BT 292.96 190.10 Td (of ) Tj ET Q q 0 0 0 rg BT 303.86 190.10 Td (carbon ) Tj ET Q q 0 0 0 rg BT 333.65 190.10 Td (fiber) Tj ET Q q 0 0 0 rg BT 352.12 190.10 Td (, ) Tj ET Q q 0 0 0 rg BT 357.20 190.10 Td (which ) Tj ET Q q 0 0 0 rg BT 384.22 190.10 Td (makes ) Tj ET Q q 0 0 0 rg BT 412.34 190.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 431.02 190.10 Td (lighter ) Tj ET Q q 0 0 0 rg BT 459.70 190.10 Td (and ) Tj ET Q q 0 0 0 rg BT 476.71 190.10 Td (faster) Tj ET Q q 0 0 0 rg BT 498.37 190.10 Td (. ) Tj ET Q q 0 0 0 rg BT 503.45 190.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 521.57 190.10 Td (road ) Tj ET Q q 0 0 0 rg BT 541.92 190.10 Td (cars ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 178.10 Td (\(especially ) Tj ET Q q 0 0 0 rg BT 99.26 178.10 Td (our ) Tj ET Q q 0 0 0 rg BT 114.53 178.10 Td (sports ) Tj ET Q q 0 0 0 rg BT 140.37 178.10 Td (car ) Tj ET Q q 0 0 0 rg BT 154.52 178.10 Td (models\) ) Tj ET Q q 0 0 0 rg BT 188.68 178.10 Td (have ) Tj ET Q q 0 0 0 rg BT 209.50 178.10 Td (benefited ) Tj ET Q q 0 0 0 rg BT 248.65 178.10 Td (from ) Tj ET Q q 0 0 0 rg BT 270.03 178.10 Td (the ) Tj ET Q q 0 0 0 rg BT 284.19 178.10 Td (know-how ) Tj ET Q q 0 0 0 rg BT 328.91 178.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 365.28 178.10 Td (in ) Tj ET Q q 0 0 0 rg BT 375.00 178.10 Td (the ) Tj ET Q q 0 0 0 rg BT 389.17 178.10 Td (wind ) Tj ET Q q 0 0 0 rg BT 411.11 178.10 Td (tunnel ) Tj ET Q q 0 0 0 rg BT 438.05 178.10 Td (by ) Tj ET Q q 0 0 0 rg BT 450.00 178.10 Td (our ) Tj ET Q q 0 0 0 rg BT 465.27 178.10 Td (racing ) Tj ET Q q 0 0 0 rg BT 492.20 178.10 Td (car ) Tj ET Q q 0 0 0 rg BT 506.35 178.10 Td (development ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 166.10 Td (teams, ) Tj ET Q q 0 0 0 rg BT 82.10 166.10 Td (enjoying ) Tj ET Q q 0 0 0 rg BT 119.37 166.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 149.40 166.10 Td (stability ) Tj ET Q q 0 0 0 rg BT 183.89 166.10 Td (as ) Tj ET Q q 0 0 0 rg BT 194.50 166.10 Td (they ) Tj ET Q q 0 0 0 rg BT 213.99 166.10 Td (reach ) Tj ET Q q 0 0 0 rg BT 237.91 166.10 Td (high ) Tj ET Q q 0 0 0 rg BT 257.96 166.10 Td (speeds ) Tj ET Q q 0 0 0 rg BT 286.90 166.10 Td (on ) Tj ET Q q 0 0 0 rg BT 299.17 166.10 Td (and ) Tj ET Q q 0 0 0 rg BT 315.88 166.10 Td (of) Tj ET Q q 0 0 0 rg BT 324.03 166.10 Td (f ) Tj ET Q q 0 0 0 rg BT 329.64 166.10 Td (the ) Tj ET Q q 0 0 0 rg BT 344.13 166.10 Td (track. ) Tj ET Q q 0 0 0 rg BT 368.89 166.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 386.71 166.10 Td (research ) Tj ET Q q 0 0 0 rg BT 422.29 166.10 Td (and ) Tj ET Q q 0 0 0 rg BT 439.01 166.10 Td (development ) Tj ET Q q 0 0 0 rg BT 492.93 166.10 Td (team ) Tj ET Q q 0 0 0 rg BT 514.64 166.10 Td (focused ) Tj ET Q q 0 0 0 rg BT 548.01 166.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 154.10 Td (combining ) Tj ET Q q 0 0 0 rg BT 100.31 154.10 Td (minimal ) Tj ET Q q 0 0 0 rg BT 137.17 154.10 Td (lap ) Tj ET Q q 0 0 0 rg BT 152.92 154.10 Td (times ) Tj ET Q q 0 0 0 rg BT 178.12 154.10 Td (with ) Tj ET Q q 0 0 0 rg BT 199.43 154.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 243.51 154.10 Td (ef) Tj ET Q q 0 0 0 rg BT 251.10 154.10 Td (ficiency) Tj ET Q q 0 0 0 rg BT 282.65 154.10 Td (, ) Tj ET Q q 0 0 0 rg BT 288.69 154.10 Td (leading ) Tj ET Q q 0 0 0 rg BT 321.65 154.10 Td (to ) Tj ET Q q 0 0 0 rg BT 332.96 154.10 Td (advances ) Tj ET Q q 0 0 0 rg BT 373.14 154.10 Td (in ) Tj ET Q q 0 0 0 rg BT 384.45 154.10 Td (kinetic ) Tj ET Q q 0 0 0 rg BT 415.20 154.10 Td (ener) Tj ET Q q 0 0 0 rg BT 432.22 154.10 Td (gy ) Tj ET Q q 0 0 0 rg BT 445.76 154.10 Td (recovery ) Tj ET Q q 0 0 0 rg BT 484.26 154.10 Td (system, ) Tj ET Q q 0 0 0 rg BT 518.07 154.10 Td (or ) Tj ET Q q 0 0 0 rg BT 529.94 154.10 Td (KERS, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 142.10 Td (technology) Tj ET Q q 0 0 0 rg BT 97.78 142.10 Td (. ) Tj ET Q q 0 0 0 rg BT 103.17 142.10 Td (KERS ) Tj ET Q q 0 0 0 rg BT 131.61 142.10 Td (recovers ) Tj ET Q q 0 0 0 rg BT 168.36 142.10 Td (a ) Tj ET Q q 0 0 0 rg BT 175.68 142.10 Td (moving ) Tj ET Q q 0 0 0 rg BT 209.12 142.10 Td (vehicle) Tj ET Q q 0 0 0 rg BT 240.77 142.10 Td (s ) Tj ET Q q 0 0 0 rg BT 247.55 142.10 Td (kinetic ) Tj ET Q q 0 0 0 rg BT 277.65 142.10 Td (ener) Tj ET Q q 0 0 0 rg BT 294.67 142.10 Td (gy ) Tj ET Q q 0 0 0 rg BT 307.55 142.10 Td (while ) Tj ET Q q 0 0 0 rg BT 332.65 142.10 Td (braking, ) Tj ET Q q 0 0 0 rg BT 368.58 142.10 Td (storing ) Tj ET Q q 0 0 0 rg BT 399.25 142.10 Td (it ) Tj ET Q q 0 0 0 rg BT 407.69 142.10 Td (in ) Tj ET Q q 0 0 0 rg BT 418.35 142.10 Td (a ) Tj ET Q q 0 0 0 rg BT 425.67 142.10 Td (reservoir) Tj ET Q q 0 0 0 rg BT 460.66 142.10 Td (. ) Tj ET Q q 0 0 0 rg BT 466.04 142.10 Td (Building ) Tj ET Q q 0 0 0 rg BT 503.93 142.10 Td (on ) Tj ET Q q 0 0 0 rg BT 516.81 142.10 Td (our ) Tj ET Q q 0 0 0 rg BT 533.02 142.10 Td (racing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 130.10 Td (team) Tj ET Q q 0 0 0 rg BT 76.21 130.10 Td (s ) Tj ET Q q 0 0 0 rg BT 82.60 130.10 Td (expertise, ) Tj ET Q q 0 0 0 rg BT 123.70 130.10 Td (we ) Tj ET Q q 0 0 0 rg BT 137.86 130.10 Td (developed ) Tj ET Q q 0 0 0 rg BT 181.45 130.10 Td (a ) Tj ET Q q 0 0 0 rg BT 188.39 130.10 Td (hybrid ) Tj ET Q q 0 0 0 rg BT 217.00 130.10 Td (KERS ) Tj ET Q q 0 0 0 rg BT 245.06 130.10 Td (system, ) Tj ET Q q 0 0 0 rg BT 277.84 130.10 Td (for ) Tj ET Q q 0 0 0 rg BT 292.00 130.10 Td (our ) Tj ET Q q 0 0 0 rg BT 307.83 130.10 Td (LaFerrari ) Tj ET Q q 0 0 0 rg BT 348.08 130.10 Td (road ) Tj ET Q q 0 0 0 rg BT 368.35 130.10 Td (car) Tj ET Q q 0 0 0 rg BT 380.01 130.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 106.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 106.10 Td (The ) Tj ET Q q 0 0 0 rg BT 107.89 106.10 Td (high ) Tj ET Q q 0 0 0 rg BT 128.01 106.10 Td (brand ) Tj ET Q q 0 0 0 rg BT 153.11 106.10 Td (visibility ) Tj ET Q q 0 0 0 rg BT 191.02 106.10 Td (we ) Tj ET Q q 0 0 0 rg BT 205.02 106.10 Td (achieve ) Tj ET Q q 0 0 0 rg BT 237.89 106.10 Td (through ) Tj ET Q q 0 0 0 rg BT 271.34 106.10 Td (success ) Tj ET Q q 0 0 0 rg BT 303.67 106.10 Td (in ) Tj ET Q q 0 0 0 rg BT 313.79 106.10 Td (the ) Tj ET Q q 0 0 0 rg BT 328.34 106.10 Td (world ) Tj ET Q q 0 0 0 rg BT 354.02 106.10 Td (championship ) Tj ET Q q 0 0 0 rg BT 412.46 106.10 Td (has ) Tj ET Q q 0 0 0 rg BT 428.13 106.10 Td (historically ) Tj ET Q q 0 0 0 rg BT 475.46 106.10 Td (enabled ) Tj ET Q q 0 0 0 rg BT 508.89 106.10 Td (us ) Tj ET Q q 0 0 0 rg BT 520.13 106.10 Td (to ) Tj ET Q q 0 0 0 rg BT 530.24 106.10 Td (benefit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 94.10 Td (from ) Tj ET Q q 0 0 0 rg BT 75.83 94.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 120.43 94.10 Td (sponsorships. ) Tj ET Q q 0 0 0 rg BT 176.99 94.10 Td (Philip ) Tj ET Q q 0 0 0 rg BT 203.27 94.10 Td (Morris ) Tj ET Q q 0 0 0 rg BT 232.88 94.10 Td (International ) Tj ET Q q 0 0 0 rg BT 286.36 94.10 Td (has ) Tj ET Q q 0 0 0 rg BT 302.08 94.10 Td (been ) Tj ET Q q 0 0 0 rg BT 323.34 94.10 Td (Scuderia ) Tj ET Q q 0 0 0 rg BT 360.71 94.10 Td (Ferrari) Tj ET Q q 0 0 0 rg BT 390.70 94.10 Td (s ) Tj ET Q q 0 0 0 rg BT 396.98 94.10 Td (of) Tj ET Q q 0 0 0 rg BT 405.13 94.10 Td (ficial ) Tj ET Q q 0 0 0 rg BT 428.06 94.10 Td (sponsor ) Tj ET Q q 0 0 0 rg BT 461.56 94.10 Td (for ) Tj ET Q q 0 0 0 rg BT 475.61 94.10 Td (over ) Tj ET Q q 0 0 0 rg BT 495.76 94.10 Td (forty ) Tj ET Q q 0 0 0 rg BT 517.59 94.10 Td (years ) Tj ET Q q 0 0 0 rg BT 541.08 94.10 Td (and, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 82.10 Td (together ) Tj ET Q q 0 0 0 rg BT 88.74 82.10 Td (with ) Tj ET Q q 0 0 0 rg BT 108.50 82.10 Td (Shell ) Tj ET Q q 0 0 0 rg BT 131.04 82.10 Td (\(our ) Tj ET Q q 0 0 0 rg BT 149.67 82.10 Td (of) Tj ET Q q 0 0 0 rg BT 157.82 82.10 Td (ficial ) Tj ET Q q 0 0 0 rg BT 180.35 82.10 Td (sponsor ) Tj ET Q q 0 0 0 rg BT 213.44 82.10 Td (since ) Tj ET Q q 0 0 0 rg BT 235.96 82.10 Td (1996\) ) Tj ET Q q 0 0 0 rg BT 261.27 82.10 Td (and ) Tj ET Q q 0 0 0 rg BT 277.69 82.10 Td (Banco ) Tj ET Q q 0 0 0 rg BT 305.22 82.10 Td (Santander ) Tj ET Q q 0 0 0 rg BT 347.18 82.10 Td (\(our ) Tj ET Q q 0 0 0 rg BT 365.82 82.10 Td (of) Tj ET Q q 0 0 0 rg BT 373.97 82.10 Td (ficial ) Tj ET Q q 0 0 0 rg BT 396.49 82.10 Td (sponsor ) Tj ET Q q 0 0 0 rg BT 429.58 82.10 Td (since ) Tj ET Q q 0 0 0 rg BT 452.11 82.10 Td (2008\) ) Tj ET Q q 0 0 0 rg BT 477.42 82.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 507.16 82.10 Td (our ) Tj ET Q q 0 0 0 rg BT 522.47 82.10 Td (principal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 70.10 Td (of) Tj ET Q q 0 0 0 rg BT 62.15 70.10 Td (ficial ) Tj ET Q q 0 0 0 rg BT 85.08 70.10 Td (sponsors. ) Tj ET Q q 0 0 0 rg BT 124.97 70.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 150.13 70.10 Td (of) Tj ET Q q 0 0 0 rg BT 158.27 70.10 Td (ficial ) Tj ET Q q 0 0 0 rg BT 181.20 70.10 Td (sponsors ) Tj ET Q q 0 0 0 rg BT 218.59 70.10 Td (include ) Tj ET Q q 0 0 0 rg BT 250.24 70.10 Td (TNT) Tj ET Q q 0 0 0 rg BT 269.50 70.10 Td ( ) Tj ET Q q 0 0 0 rg BT 271.89 70.10 Td (\(Ener) Tj ET Q q 0 0 0 rg BT 293.91 70.10 Td (gy ) Tj ET Q q 0 0 0 rg BT 306.30 70.10 Td (Drink\), ) Tj ET Q q 0 0 0 rg BT 337.32 70.10 Td (Alfa ) Tj ET Q q 0 0 0 rg BT 357.48 70.10 Td (Romeo, ) Tj ET Q q 0 0 0 rg BT 391.25 70.10 Td (UPS, ) Tj ET Q q 0 0 0 rg BT 414.48 70.10 Td (Kaspersky ) Tj ET Q q 0 0 0 rg BT 459.08 70.10 Td (lab, ) Tj ET Q q 0 0 0 rg BT 476.01 70.10 Td (W) Tj ET Q q 0 0 0 rg BT 484.65 70.10 Td (eichai, ) Tj ET Q q 0 0 0 rg BT 513.41 70.10 Td (Hublot ) Tj ET Q q 0 0 0 rg BT 543.57 70.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 58.10 Td (Claro. ) Tj ET Q q 0 0 0 rg BT 81.35 58.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 99.54 58.10 Td (of) Tj ET Q q 0 0 0 rg BT 107.69 58.10 Td (ficial ) Tj ET Q q 0 0 0 rg BT 130.86 58.10 Td (suppliers ) Tj ET Q q 0 0 0 rg BT 169.61 58.10 Td (include, ) Tj ET Q q 0 0 0 rg BT 204.17 58.10 Td (among ) Tj ET Q q 0 0 0 rg BT 234.02 58.10 Td (others, ) Tj ET Q q 0 0 0 rg BT 263.60 58.10 Td (Pirelli, ) Tj ET Q q 0 0 0 rg BT 293.17 58.10 Td (Puma, ) Tj ET Q q 0 0 0 rg BT 321.09 58.10 Td (Oakley) Tj ET Q q 0 0 0 rg BT 349.31 58.10 Td (, ) Tj ET Q q 0 0 0 rg BT 354.45 58.10 Td (IVECO, ) Tj ET Q q 0 0 0 rg BT 390.14 58.10 Td (Mahle, ) Tj ET Q q 0 0 0 rg BT 420.82 58.10 Td (NGK, ) Tj ET Q q 0 0 0 rg BT 447.62 58.10 Td (Magneti ) Tj ET Q q 0 0 0 rg BT 483.58 58.10 Td (Marelli ) Tj ET Q q 0 0 0 rg BT 515.64 58.10 Td (and ) Tj ET Q q 0 0 0 rg BT 532.72 58.10 Td (OMR. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 46.10 Td (V) Tj ET Q q 0 0 0 rg BT 60.62 46.10 Td (isibility ) Tj ET Q q 0 0 0 rg BT 94.94 46.10 Td (and ) Tj ET Q q 0 0 0 rg BT 113.13 46.10 Td (placement ) Tj ET Q q 0 0 0 rg BT 157.98 46.10 Td (of ) Tj ET Q q 0 0 0 rg BT 170.07 46.10 Td (a ) Tj ET Q q 0 0 0 rg BT 178.26 46.10 Td (sponsor) Tj ET Q q 0 0 0 rg BT 209.74 46.10 Td () Tj ET Q q 0 0 0 rg BT 212.52 46.10 Td (s ) Tj ET Q q 0 0 0 rg BT 220.17 46.10 Td (logo ) Tj ET Q q 0 0 0 rg BT 241.71 46.10 Td (reflects ) Tj ET Q q 0 0 0 rg BT 274.89 46.10 Td (the ) Tj ET Q q 0 0 0 rg BT 290.86 46.10 Td (level ) Tj ET Q q 0 0 0 rg BT 314.05 46.10 Td (of ) Tj ET Q q 0 0 0 rg BT 326.14 46.10 Td (sponsorship ) Tj ET Q q 0 0 0 rg BT 377.67 46.10 Td (fees. ) Tj ET Q q 0 0 0 rg BT 400.03 46.10 Td (Historically) Tj ET Q q 0 0 0 rg BT 446.59 46.10 Td (, ) Tj ET Q q 0 0 0 rg BT 452.85 46.10 Td (our ) Tj ET Q q 0 0 0 rg BT 469.94 46.10 Td (sponsors ) Tj ET Q q 0 0 0 rg BT 508.70 46.10 Td (have ) Tj ET Q q 0 0 0 rg BT 531.33 46.10 Td (sought ) Tj ET Q endstream endobj 95 0 obj <> endobj 96 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 30.20 Td (39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 742.10 Td (advertising ) Tj ET Q q 0 0 0 rg BT 100.21 742.10 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 154.76 742.10 Td (on ) Tj ET Q q 0 0 0 rg BT 166.54 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 180.54 742.10 Td (chassis ) Tj ET Q q 0 0 0 rg BT 210.65 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 220.76 742.10 Td (our ) Tj ET Q q 0 0 0 rg BT 235.87 742.10 Td (cars, ) Tj ET Q q 0 0 0 rg BT 256.24 742.10 Td (on ) Tj ET Q q 0 0 0 rg BT 268.02 742.10 Td (clothes ) Tj ET Q q 0 0 0 rg BT 298.13 742.10 Td (worn ) Tj ET Q q 0 0 0 rg BT 320.46 742.10 Td (by ) Tj ET Q q 0 0 0 rg BT 332.24 742.10 Td (our ) Tj ET Q q 0 0 0 rg BT 347.34 742.10 Td (team ) Tj ET Q q 0 0 0 rg BT 368.56 742.10 Td (members ) Tj ET Q q 0 0 0 rg BT 406.99 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 423.21 742.10 Td (drivers, ) Tj ET Q q 0 0 0 rg BT 455.26 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 471.47 742.10 Td (in ) Tj ET Q q 0 0 0 rg BT 481.03 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 495.03 742.10 Td (right ) Tj ET Q q 0 0 0 rg BT 515.69 742.10 Td (to ) Tj ET Q q 0 0 0 rg BT 525.25 742.10 Td (mention ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 730.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 83.71 730.10 Td (in ) Tj ET Q q 0 0 0 rg BT 93.99 730.10 Td (their ) Tj ET Q q 0 0 0 rg BT 114.81 730.10 Td (marketing ) Tj ET Q q 0 0 0 rg BT 157.85 730.10 Td (materials. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 706.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 706.10 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 706.10 Td (e ) Tj ET Q q 0 0 0 rg BT 105.37 706.10 Td (utilize ) Tj ET Q q 0 0 0 rg BT 132.66 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 147.18 706.10 Td (platform ) Tj ET Q q 0 0 0 rg BT 183.91 706.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 221.75 706.10 Td (by ) Tj ET Q q 0 0 0 rg BT 234.05 706.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 270.23 706.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 277.53 706.10 Td (for ) Tj ET Q q 0 0 0 rg BT 291.49 706.10 Td (a ) Tj ET Q q 0 0 0 rg BT 298.22 706.10 Td (number ) Tj ET Q q 0 0 0 rg BT 331.07 706.10 Td (of ) Tj ET Q q 0 0 0 rg BT 341.69 706.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 385.09 706.10 Td (marketing ) Tj ET Q q 0 0 0 rg BT 427.92 706.10 Td (initiatives, ) Tj ET Q q 0 0 0 rg BT 472.16 706.10 Td (such ) Tj ET Q q 0 0 0 rg BT 492.79 706.10 Td (as ) Tj ET Q q 0 0 0 rg BT 503.42 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 517.93 706.10 Td (hosting ) Tj ET Q q 0 0 0 rg BT 549.68 706.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 694.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 82.05 694.10 Td (and ) Tj ET Q q 0 0 0 rg BT 98.43 694.10 Td (other ) Tj ET Q q 0 0 0 rg BT 120.92 694.10 Td (key ) Tj ET Q q 0 0 0 rg BT 137.31 694.10 Td (partners ) Tj ET Q q 0 0 0 rg BT 171.46 694.10 Td (in ) Tj ET Q q 0 0 0 rg BT 181.18 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 195.34 694.10 Td (Scuderia ) Tj ET Q q 0 0 0 rg BT 232.27 694.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 261.43 694.10 Td (paddock ) Tj ET Q q 0 0 0 rg BT 297.25 694.10 Td (to ) Tj ET Q q 0 0 0 rg BT 306.97 694.10 Td (watch ) Tj ET Q q 0 0 0 rg BT 332.79 694.10 Td (Grand ) Tj ET Q q 0 0 0 rg BT 359.73 694.10 Td (Prix ) Tj ET Q q 0 0 0 rg BT 378.34 694.10 Td (races, ) Tj ET Q q 0 0 0 rg BT 403.32 694.10 Td (and ) Tj ET Q q 0 0 0 rg BT 419.71 694.10 Td (our ) Tj ET Q q 0 0 0 rg BT 434.98 694.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 470.81 694.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 477.76 694.10 Td (drivers ) Tj ET Q q 0 0 0 rg BT 507.47 694.10 Td (participation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 682.10 Td (in ) Tj ET Q q 0 0 0 rg BT 64.28 682.10 Td (various ) Tj ET Q q 0 0 0 rg BT 96.22 682.10 Td (promotional ) Tj ET Q q 0 0 0 rg BT 147.60 682.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 186.20 682.10 Td (for ) Tj ET Q q 0 0 0 rg BT 200.36 682.10 Td (our ) Tj ET Q q 0 0 0 rg BT 216.19 682.10 Td (road ) Tj ET Q q 0 0 0 rg BT 236.46 682.10 Td (cars. ) Tj ET Q q 0 0 0 rg BT 257.37 682.10 Td (W) Tj ET Q q 0 0 0 rg BT 266.01 682.10 Td (e ) Tj ET Q q 0 0 0 rg BT 272.95 682.10 Td (often ) Tj ET Q q 0 0 0 rg BT 296.00 682.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 312.38 682.10 Td (older ) Tj ET Q q 0 0 0 rg BT 335.43 682.10 Td (single-seaters ) Tj ET Q q 0 0 0 rg BT 392.35 682.10 Td (to ) Tj ET Q q 0 0 0 rg BT 402.63 682.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 431.24 682.10 Td (for ) Tj ET Q q 0 0 0 rg BT 445.40 682.10 Td (use ) Tj ET Q q 0 0 0 rg BT 461.23 682.10 Td (in ) Tj ET Q q 0 0 0 rg BT 471.50 682.10 Td (amateur ) Tj ET Q q 0 0 0 rg BT 506.21 682.10 Td (racing.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 658.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 658.10 Td (More ) Tj ET Q q 0 0 0 rg BT 114.66 658.10 Td (generally) Tj ET Q q 0 0 0 rg BT 151.22 658.10 Td (, ) Tj ET Q q 0 0 0 rg BT 156.72 658.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 193.61 658.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 201.61 658.10 Td (Racing ) Tj ET Q q 0 0 0 rg BT 232.94 658.10 Td (allows ) Tj ET Q q 0 0 0 rg BT 262.05 658.10 Td (us ) Tj ET Q q 0 0 0 rg BT 273.95 658.10 Td (to ) Tj ET Q q 0 0 0 rg BT 284.73 658.10 Td (promote ) Tj ET Q q 0 0 0 rg BT 321.05 658.10 Td (and ) Tj ET Q q 0 0 0 rg BT 338.50 658.10 Td (market ) Tj ET Q q 0 0 0 rg BT 369.26 658.10 Td (our ) Tj ET Q q 0 0 0 rg BT 385.60 658.10 Td (brand ) Tj ET Q q 0 0 0 rg BT 411.37 658.10 Td (and ) Tj ET Q q 0 0 0 rg BT 428.81 658.10 Td (technology ) Tj ET Q q 0 0 0 rg BT 476.25 658.10 Td (to ) Tj ET Q q 0 0 0 rg BT 487.03 658.10 Td (a ) Tj ET Q q 0 0 0 rg BT 494.47 658.10 Td (global ) Tj ET Q q 0 0 0 rg BT 522.47 658.10 Td (audience ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 646.10 Td (without ) Tj ET Q q 0 0 0 rg BT 86.81 646.10 Td (resorting ) Tj ET Q q 0 0 0 rg BT 124.62 646.10 Td (to ) Tj ET Q q 0 0 0 rg BT 134.65 646.10 Td (traditional ) Tj ET Q q 0 0 0 rg BT 178.00 646.10 Td (advertising ) Tj ET Q q 0 0 0 rg BT 224.69 646.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 265.55 646.10 Td (therefore ) Tj ET Q q 0 0 0 rg BT 303.89 646.10 Td (preserving ) Tj ET Q q 0 0 0 rg BT 348.35 646.10 Td (the ) Tj ET Q q 0 0 0 rg BT 362.82 646.10 Td (aura ) Tj ET Q q 0 0 0 rg BT 382.29 646.10 Td (of ) Tj ET Q q 0 0 0 rg BT 392.87 646.10 Td (exclusivity ) Tj ET Q q 0 0 0 rg BT 439.01 646.10 Td (around ) Tj ET Q q 0 0 0 rg BT 469.03 646.10 Td (our ) Tj ET Q q 0 0 0 rg BT 484.62 646.10 Td (brand ) Tj ET Q q 0 0 0 rg BT 509.64 646.10 Td (and ) Tj ET Q q 0 0 0 rg BT 526.34 646.10 Td (limiting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 634.10 Td (the ) Tj ET Q q 0 0 0 rg BT 68.72 634.10 Td (marketing ) Tj ET Q q 0 0 0 rg BT 111.76 634.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 134.26 634.10 Td (that ) Tj ET Q q 0 0 0 rg BT 151.75 634.10 Td (we, ) Tj ET Q q 0 0 0 rg BT 168.41 634.10 Td (as ) Tj ET Q q 0 0 0 rg BT 179.24 634.10 Td (a ) Tj ET Q q 0 0 0 rg BT 186.18 634.10 Td (company ) Tj ET Q q 0 0 0 rg BT 225.34 634.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 265.60 634.10 Td (in ) Tj ET Q q 0 0 0 rg BT 275.88 634.10 Td (the ) Tj ET Q q 0 0 0 rg BT 290.60 634.10 Td (luxury ) Tj ET Q q 0 0 0 rg BT 319.21 634.10 Td (space, ) Tj ET Q q 0 0 0 rg BT 346.41 634.10 Td (would ) Tj ET Q q 0 0 0 rg BT 373.91 634.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 415.29 634.10 Td (incur) Tj ET Q q 0 0 0 rg BT 435.28 634.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 610.10 Td (The ) Tj ET Q q 0 0 0 rg BT 71.50 610.10 Td (Mugello ) Tj ET Q q 0 0 0 rg BT 107.33 610.10 Td (Cir) Tj ET Q q 0 0 0 rg BT 120.29 610.10 Td (cuit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 586.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 586.10 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 586.10 Td (e ) Tj ET Q q 0 0 0 rg BT 105.89 586.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 143.12 586.10 Td (the ) Tj ET Q q 0 0 0 rg BT 158.15 586.10 Td (international ) Tj ET Q q 0 0 0 rg BT 211.49 586.10 Td (Mugello ) Tj ET Q q 0 0 0 rg BT 248.19 586.10 Td (circuit ) Tj ET Q q 0 0 0 rg BT 276.54 586.10 Td (in ) Tj ET Q q 0 0 0 rg BT 287.13 586.10 Td (Scarperia, ) Tj ET Q q 0 0 0 rg BT 330.20 586.10 Td (near ) Tj ET Q q 0 0 0 rg BT 350.21 586.10 Td (Florence, ) Tj ET Q q 0 0 0 rg BT 390.51 586.10 Td (in ) Tj ET Q q 0 0 0 rg BT 401.10 586.10 Td (1988. ) Tj ET Q q 0 0 0 rg BT 426.20 586.10 Td (W) Tj ET Q q 0 0 0 rg BT 434.84 586.10 Td (e ) Tj ET Q q 0 0 0 rg BT 442.09 586.10 Td (have ) Tj ET Q q 0 0 0 rg BT 463.78 586.10 Td (renovated ) Tj ET Q q 0 0 0 rg BT 506.01 586.10 Td (its ) Tj ET Q q 0 0 0 rg BT 518.27 586.10 Td (buildings, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 574.10 Td (5.2 ) Tj ET Q q 0 0 0 rg BT 69.37 574.10 Td (km ) Tj ET Q q 0 0 0 rg BT 85.02 574.10 Td (race ) Tj ET Q q 0 0 0 rg BT 104.53 574.10 Td (track ) Tj ET Q q 0 0 0 rg BT 127.39 574.10 Td (and ) Tj ET Q q 0 0 0 rg BT 144.70 574.10 Td (other ) Tj ET Q q 0 0 0 rg BT 168.12 574.10 Td (testing ) Tj ET Q q 0 0 0 rg BT 197.65 574.10 Td (and ) Tj ET Q q 0 0 0 rg BT 214.96 574.10 Td (racing ) Tj ET Q q 0 0 0 rg BT 242.81 574.10 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 282.61 574.10 Td (making ) Tj ET Q q 0 0 0 rg BT 315.48 574.10 Td (Mugello, ) Tj ET Q q 0 0 0 rg BT 354.74 574.10 Td (we ) Tj ET Q q 0 0 0 rg BT 369.27 574.10 Td (believe, ) Tj ET Q q 0 0 0 rg BT 403.51 574.10 Td (one ) Tj ET Q q 0 0 0 rg BT 420.82 574.10 Td (of ) Tj ET Q q 0 0 0 rg BT 432.02 574.10 Td (the ) Tj ET Q q 0 0 0 rg BT 447.10 574.10 Td (world) Tj ET Q q 0 0 0 rg BT 473.21 574.10 Td (s ) Tj ET Q q 0 0 0 rg BT 479.97 574.10 Td (finest ) Tj ET Q q 0 0 0 rg BT 505.06 574.10 Td (circuits ) Tj ET Q q 0 0 0 rg BT 537.36 574.10 Td (of ) Tj ET Q q 0 0 0 rg BT 548.56 574.10 Td (its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 562.10 Td (type, ) Tj ET Q q 0 0 0 rg BT 76.22 562.10 Td (with ) Tj ET Q q 0 0 0 rg BT 96.50 562.10 Td (FIA) Tj ET Q q 0 0 0 rg BT 112.06 562.10 Td ( ) Tj ET Q q 0 0 0 rg BT 114.56 562.10 Td (Grade ) Tj ET Q q 0 0 0 rg BT 141.49 562.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 148.99 562.10 Td (and ) Tj ET Q q 0 0 0 rg BT 165.92 562.10 Td (FIM ) Tj ET Q q 0 0 0 rg BT 186.21 562.10 Td (Grade ) Tj ET Q q 0 0 0 rg BT 212.58 562.10 Td (A) Tj ET Q q 0 0 0 rg BT 219.25 562.10 Td ( ) Tj ET Q q 0 0 0 rg BT 221.75 562.10 Td (certifications, ) Tj ET Q q 0 0 0 rg BT 278.95 562.10 Td (the ) Tj ET Q q 0 0 0 rg BT 293.67 562.10 Td (highest ) Tj ET Q q 0 0 0 rg BT 325.05 562.10 Td (level ) Tj ET Q q 0 0 0 rg BT 346.99 562.10 Td (of ) Tj ET Q q 0 0 0 rg BT 357.82 562.10 Td (homologation ) Tj ET Q q 0 0 0 rg BT 415.87 562.10 Td (for ) Tj ET Q q 0 0 0 rg BT 430.03 562.10 Td (a ) Tj ET Q q 0 0 0 rg BT 436.97 562.10 Td (track- ) Tj ET Q q 0 0 0 rg BT 462.78 562.10 Td (race. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 538.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 538.10 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 538.10 Td (e ) Tj ET Q q 0 0 0 rg BT 105.64 538.10 Td (perform ) Tj ET Q q 0 0 0 rg BT 140.41 538.10 Td (promotional ) Tj ET Q q 0 0 0 rg BT 191.86 538.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 230.52 538.10 Td (in ) Tj ET Q q 0 0 0 rg BT 240.86 538.10 Td (order ) Tj ET Q q 0 0 0 rg BT 264.52 538.10 Td (to ) Tj ET Q q 0 0 0 rg BT 274.86 538.10 Td (rent ) Tj ET Q q 0 0 0 rg BT 292.97 538.10 Td (the ) Tj ET Q q 0 0 0 rg BT 307.75 538.10 Td (Mugello ) Tj ET Q q 0 0 0 rg BT 344.20 538.10 Td (circuit ) Tj ET Q q 0 0 0 rg BT 372.31 538.10 Td (to ) Tj ET Q q 0 0 0 rg BT 382.65 538.10 Td (event ) Tj ET Q q 0 0 0 rg BT 406.87 538.10 Td (or) Tj ET Q q 0 0 0 rg BT 415.02 538.10 Td (ganizers ) Tj ET Q q 0 0 0 rg BT 450.90 538.10 Td (who ) Tj ET Q q 0 0 0 rg BT 470.68 538.10 Td (regularly ) Tj ET Q q 0 0 0 rg BT 509.34 538.10 Td (host ) Tj ET Q q 0 0 0 rg BT 528.57 538.10 Td (leading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 526.10 Td (car ) Tj ET Q q 0 0 0 rg BT 68.98 526.10 Td (and ) Tj ET Q q 0 0 0 rg BT 86.19 526.10 Td (motorbike ) Tj ET Q q 0 0 0 rg BT 130.07 526.10 Td (races ) Tj ET Q q 0 0 0 rg BT 153.38 526.10 Td (at ) Tj ET Q q 0 0 0 rg BT 163.37 526.10 Td (the ) Tj ET Q q 0 0 0 rg BT 178.36 526.10 Td (circuit, ) Tj ET Q q 0 0 0 rg BT 209.18 526.10 Td (including ) Tj ET Q q 0 0 0 rg BT 249.72 526.10 Td (the ) Tj ET Q q 0 0 0 rg BT 264.71 526.10 Td (MotoGP) Tj ET Q q 0 0 0 rg BT 298.79 526.10 Td ( ) Tj ET Q q 0 0 0 rg BT 301.37 526.10 Td (W) Tj ET Q q 0 0 0 rg BT 310.01 526.10 Td (orld ) Tj ET Q q 0 0 0 rg BT 328.89 526.10 Td (Championship ) Tj ET Q q 0 0 0 rg BT 390.00 526.10 Td (since ) Tj ET Q q 0 0 0 rg BT 413.32 526.10 Td (1992. ) Tj ET Q q 0 0 0 rg BT 438.59 526.10 Td (Many ) Tj ET Q q 0 0 0 rg BT 464.69 526.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 501.35 526.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 509.13 526.10 Td (constructors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 514.10 Td (have ) Tj ET Q q 0 0 0 rg BT 75.38 514.10 Td (also ) Tj ET Q q 0 0 0 rg BT 93.99 514.10 Td (used ) Tj ET Q q 0 0 0 rg BT 114.82 514.10 Td (our ) Tj ET Q q 0 0 0 rg BT 130.65 514.10 Td (Mugello ) Tj ET Q q 0 0 0 rg BT 167.03 514.10 Td (circuit ) Tj ET Q q 0 0 0 rg BT 195.07 514.10 Td (for ) Tj ET Q q 0 0 0 rg BT 209.23 514.10 Td (their ) Tj ET Q q 0 0 0 rg BT 230.06 514.10 Td (development ) Tj ET Q q 0 0 0 rg BT 284.21 514.10 Td (tests. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 490.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 490.10 Td (In ) Tj ET Q q 0 0 0 rg BT 100.86 490.10 Td (201) Tj ET Q q 0 0 0 rg BT 115.49 490.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 125.53 490.10 Td (the ) Tj ET Q q 0 0 0 rg BT 140.28 490.10 Td (Mugello ) Tj ET Q q 0 0 0 rg BT 176.70 490.10 Td (circuit ) Tj ET Q q 0 0 0 rg BT 204.78 490.10 Td (won ) Tj ET Q q 0 0 0 rg BT 224.53 490.10 Td (its ) Tj ET Q q 0 0 0 rg BT 236.51 490.10 Td (fifth ) Tj ET Q q 0 0 0 rg BT 256.26 490.10 Td (Best ) Tj ET Q q 0 0 0 rg BT 281.02 490.10 Td (Grand ) Tj ET Q q 0 0 0 rg BT 308.54 490.10 Td (Prix ) Tj ET Q q 0 0 0 rg BT 332.18 490.10 Td (award, ) Tj ET Q q 0 0 0 rg BT 361.65 490.10 Td (the ) Tj ET Q q 0 0 0 rg BT 376.40 490.10 Td (highest ) Tj ET Q q 0 0 0 rg BT 407.82 490.10 Td (honor ) Tj ET Q q 0 0 0 rg BT 433.68 490.10 Td (given ) Tj ET Q q 0 0 0 rg BT 458.43 490.10 Td (by ) Tj ET Q q 0 0 0 rg BT 470.97 490.10 Td (the ) Tj ET Q q 0 0 0 rg BT 485.72 490.10 Td (motor ) Tj ET Q q 0 0 0 rg BT 512.14 490.10 Td (sport ) Tj ET Q q 0 0 0 rg BT 534.67 490.10 Td (world ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 478.10 Td (for ) Tj ET Q q 0 0 0 rg BT 68.16 478.10 Td (MotoGP) Tj ET Q q 0 0 0 rg BT 102.24 478.10 Td ( ) Tj ET Q q 0 0 0 rg BT 104.74 478.10 Td (or) Tj ET Q q 0 0 0 rg BT 112.89 478.10 Td (ganizers. ) Tj ET Q q 0 0 0 rg BT 151.03 478.10 Td (The ) Tj ET Q q 0 0 0 rg BT 169.07 478.10 Td (Mugello ) Tj ET Q q 0 0 0 rg BT 205.46 478.10 Td (circuit ) Tj ET Q q 0 0 0 rg BT 233.50 478.10 Td (is ) Tj ET Q q 0 0 0 rg BT 242.67 478.10 Td (the ) Tj ET Q q 0 0 0 rg BT 257.39 478.10 Td (only ) Tj ET Q q 0 0 0 rg BT 277.67 478.10 Td (track ) Tj ET Q q 0 0 0 rg BT 300.15 478.10 Td (race ) Tj ET Q q 0 0 0 rg BT 319.30 478.10 Td (to ) Tj ET Q q 0 0 0 rg BT 329.58 478.10 Td (have ) Tj ET Q q 0 0 0 rg BT 350.95 478.10 Td (received ) Tj ET Q q 0 0 0 rg BT 387.32 478.10 Td (this ) Tj ET Q q 0 0 0 rg BT 404.26 478.10 Td (award ) Tj ET Q q 0 0 0 rg BT 431.19 478.10 Td (five ) Tj ET Q q 0 0 0 rg BT 449.24 478.10 Td (times.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 454.10 Td (Brand ) Tj ET Q q 0 0 0 rg BT 83.18 454.10 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 430.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 430.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 119.49 430.10 Td (is ) Tj ET Q q 0 0 0 rg BT 128.45 430.10 Td (one ) Tj ET Q q 0 0 0 rg BT 145.17 430.10 Td (of ) Tj ET Q q 0 0 0 rg BT 155.78 430.10 Td (the ) Tj ET Q q 0 0 0 rg BT 170.28 430.10 Td (world) Tj ET Q q 0 0 0 rg BT 196.39 430.10 Td (s ) Tj ET Q q 0 0 0 rg BT 202.57 430.10 Td (leading ) Tj ET Q q 0 0 0 rg BT 234.29 430.10 Td (luxury ) Tj ET Q q 0 0 0 rg BT 262.68 430.10 Td (brands. ) Tj ET Q q 0 0 0 rg BT 293.96 430.10 Td (W) Tj ET Q q 0 0 0 rg BT 302.59 430.10 Td (e ) Tj ET Q q 0 0 0 rg BT 309.32 430.10 Td (engage ) Tj ET Q q 0 0 0 rg BT 339.92 430.10 Td (in ) Tj ET Q q 0 0 0 rg BT 349.98 430.10 Td (brand ) Tj ET Q q 0 0 0 rg BT 375.03 430.10 Td (development ) Tj ET Q q 0 0 0 rg BT 428.97 430.10 Td (and ) Tj ET Q q 0 0 0 rg BT 445.69 430.10 Td (protection ) Tj ET Q q 0 0 0 rg BT 488.52 430.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 526.90 430.10 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 418.10 Td (licensing ) Tj ET Q q 0 0 0 rg BT 93.56 418.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 133.11 418.10 Td (with ) Tj ET Q q 0 0 0 rg BT 154.34 418.10 Td (selected ) Tj ET Q q 0 0 0 rg BT 190.00 418.10 Td (partners, ) Tj ET Q q 0 0 0 rg BT 228.17 418.10 Td (retail ) Tj ET Q q 0 0 0 rg BT 252.16 418.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 291.72 418.10 Td (through ) Tj ET Q q 0 0 0 rg BT 326.28 418.10 Td (a ) Tj ET Q q 0 0 0 rg BT 334.18 418.10 Td (chain ) Tj ET Q q 0 0 0 rg BT 359.29 418.10 Td (of ) Tj ET Q q 0 0 0 rg BT 371.07 418.10 Td (franchised ) Tj ET Q q 0 0 0 rg BT 416.18 418.10 Td (or ) Tj ET Q q 0 0 0 rg BT 427.96 418.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 461.96 418.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 501.51 418.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 532.17 418.10 Td (stores, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 406.10 Td (licensed ) Tj ET Q q 0 0 0 rg BT 90.67 406.10 Td (theme ) Tj ET Q q 0 0 0 rg BT 119.00 406.10 Td (park ) Tj ET Q q 0 0 0 rg BT 140.67 406.10 Td (and ) Tj ET Q q 0 0 0 rg BT 159.01 406.10 Td (the ) Tj ET Q q 0 0 0 rg BT 175.13 406.10 Td (development ) Tj ET Q q 0 0 0 rg BT 230.68 406.10 Td (of ) Tj ET Q q 0 0 0 rg BT 242.91 406.10 Td (a ) Tj ET Q q 0 0 0 rg BT 251.25 406.10 Td (line ) Tj ET Q q 0 0 0 rg BT 270.15 406.10 Td (of ) Tj ET Q q 0 0 0 rg BT 282.38 406.10 Td (products ) Tj ET Q q 0 0 0 rg BT 320.72 406.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 341.29 406.10 Td (exclusively ) Tj ET Q q 0 0 0 rg BT 390.73 406.10 Td (in ) Tj ET Q q 0 0 0 rg BT 402.41 406.10 Td (our ) Tj ET Q q 0 0 0 rg BT 419.64 406.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 450.75 406.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 477.98 406.10 Td (and ) Tj ET Q q 0 0 0 rg BT 496.32 406.10 Td (on ) Tj ET Q q 0 0 0 rg BT 510.23 406.10 Td (our ) Tj ET Q q 0 0 0 rg BT 527.46 406.10 Td (website ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 54 392.7669921875 m 144.146484375 392.7669921875 l s q 0 0 0 rg BT 54.00 394.10 Td (www) Tj ET Q q 0 0 0 rg BT 75.02 394.10 Td (.store.ferrari.com) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.15 394.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 370.10 Td (Licensing ) Tj ET Q q 0 0 0 rg BT 97.06 370.10 Td (and ) Tj ET Q q 0 0 0 rg BT 115.12 370.10 Td (Theme ) Tj ET Q q 0 0 0 rg BT 145.94 370.10 Td (Park) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 346.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 346.10 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 346.10 Td (e ) Tj ET Q q 0 0 0 rg BT 106.10 346.10 Td (enter ) Tj ET Q q 0 0 0 rg BT 129.12 346.10 Td (into ) Tj ET Q q 0 0 0 rg BT 147.70 346.10 Td (license ) Tj ET Q q 0 0 0 rg BT 178.49 346.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 227.05 346.10 Td (with ) Tj ET Q q 0 0 0 rg BT 247.86 346.10 Td (a ) Tj ET Q q 0 0 0 rg BT 255.32 346.10 Td (number ) Tj ET Q q 0 0 0 rg BT 288.90 346.10 Td (of ) Tj ET Q q 0 0 0 rg BT 300.25 346.10 Td (licensees ) Tj ET Q q 0 0 0 rg BT 339.38 346.10 Td (for ) Tj ET Q q 0 0 0 rg BT 354.06 346.10 Td (the ) Tj ET Q q 0 0 0 rg BT 369.31 346.10 Td (design, ) Tj ET Q q 0 0 0 rg BT 400.94 346.10 Td (development ) Tj ET Q q 0 0 0 rg BT 455.62 346.10 Td (and ) Tj ET Q q 0 0 0 rg BT 473.09 346.10 Td (production ) Tj ET Q q 0 0 0 rg BT 519.44 346.10 Td (of ) Tj ET Q q 0 0 0 rg BT 530.80 346.10 Td (Ferrari ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 334.10 Td (branded ) Tj ET Q q 0 0 0 rg BT 88.71 334.10 Td (products. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 310.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 310.10 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 310.10 Td (e ) Tj ET Q q 0 0 0 rg BT 106.01 310.10 Td (carefully ) Tj ET Q q 0 0 0 rg BT 144.48 310.10 Td (select ) Tj ET Q q 0 0 0 rg BT 170.18 310.10 Td (our ) Tj ET Q q 0 0 0 rg BT 186.45 310.10 Td (licensees ) Tj ET Q q 0 0 0 rg BT 225.48 310.10 Td (through ) Tj ET Q q 0 0 0 rg BT 259.53 310.10 Td (a ) Tj ET Q q 0 0 0 rg BT 266.90 310.10 Td (rigorous ) Tj ET Q q 0 0 0 rg BT 303.17 310.10 Td (process ) Tj ET Q q 0 0 0 rg BT 336.10 310.10 Td (and ) Tj ET Q q 0 0 0 rg BT 353.47 310.10 Td (we ) Tj ET Q q 0 0 0 rg BT 368.07 310.10 Td (contractually ) Tj ET Q q 0 0 0 rg BT 423.20 310.10 Td (seek ) Tj ET Q q 0 0 0 rg BT 443.91 310.10 Td (to ) Tj ET Q q 0 0 0 rg BT 454.62 310.10 Td (ensure ) Tj ET Q q 0 0 0 rg BT 483.66 310.10 Td (that ) Tj ET Q q 0 0 0 rg BT 501.59 310.10 Td (our ) Tj ET Q q 0 0 0 rg BT 517.86 310.10 Td (brand ) Tj ET Q q 0 0 0 rg BT 543.56 310.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 298.10 Td (intellectual ) Tj ET Q q 0 0 0 rg BT 100.35 298.10 Td (property ) Tj ET Q q 0 0 0 rg BT 136.15 298.10 Td (are ) Tj ET Q q 0 0 0 rg BT 150.28 298.10 Td (protected ) Tj ET Q q 0 0 0 rg BT 189.40 298.10 Td (and ) Tj ET Q q 0 0 0 rg BT 205.76 298.10 Td (that ) Tj ET Q q 0 0 0 rg BT 222.68 298.10 Td (the ) Tj ET Q q 0 0 0 rg BT 236.82 298.10 Td (products ) Tj ET Q q 0 0 0 rg BT 273.18 298.10 Td (which ) Tj ET Q q 0 0 0 rg BT 299.54 298.10 Td (will ) Tj ET Q q 0 0 0 rg BT 317.02 298.10 Td (eventually ) Tj ET Q q 0 0 0 rg BT 360.60 298.10 Td (bear ) Tj ET Q q 0 0 0 rg BT 379.73 298.10 Td (our ) Tj ET Q q 0 0 0 rg BT 394.98 298.10 Td (brand ) Tj ET Q q 0 0 0 rg BT 419.67 298.10 Td (are ) Tj ET Q q 0 0 0 rg BT 433.80 298.10 Td (of ) Tj ET Q q 0 0 0 rg BT 444.05 298.10 Td (adequate ) Tj ET Q q 0 0 0 rg BT 481.51 298.10 Td (quality) Tj ET Q q 0 0 0 rg BT 508.63 298.10 Td (, ) Tj ET Q q 0 0 0 rg BT 513.05 298.10 Td (appearance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 286.10 Td (and ) Tj ET Q q 0 0 0 rg BT 70.94 286.10 Td (market ) Tj ET Q q 0 0 0 rg BT 101.20 286.10 Td (positioning.) Tj ET Q endstream endobj 97 0 obj <> endobj 98 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 30.20 Td (40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 742.10 Td (The table below sets forth our current licensing mix. ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 705.60 250.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 705.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.50 705.60 250.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 668.60 250.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 668.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.50 668.60 250.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 631.60 250.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 631.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.50 631.60 250.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 567.60 250.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 567.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.50 567.60 250.00 -23.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53.5 705.6 m 303.5 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307.5 705.6 m 557.5 705.6 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 160.25 710.05 Td (Category) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.85 710.05 Td (Principal Licensees) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 696.86 Td (Accessories) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 310.00 696.86 Td (o Oakley \(sunglasses\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 310.00 687.86 Td (o Tods \(shoes and leather goods\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 673.86 Td (Consumer electronics) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 310.00 673.86 Td (o Various) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 659.86 Td (Sportswear) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 310.00 659.86 Td (o Puma) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 645.86 Td (Theme Parks) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 310.00 645.86 Td (o Ferrari World, Abu Dhabi) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 310.00 636.86 Td (o Ferrariland, Port Aventura) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 622.86 Td (Toys) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 310.00 622.86 Td (o Bburago \(play-set\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 310.00 613.86 Td (o Lego \(Lego toys\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 599.86 Td (Video games) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 310.00 599.86 Td (o Electronic ) Tj ET Q q 0 0 0 rg BT 362.23 599.86 Td (Arts) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 310.00 590.86 Td (o Microsoft) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 310.00 581.86 Td (o Sony Polyphony) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 310.00 572.86 Td (o Ubisoft ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 558.86 Td (Watches) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 310.00 558.86 Td (o Hublot \(co-branded high-luxury watches\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 310.00 549.86 Td (o Movado \(Scuderia Ferrari ) Tj ET Q q 0 0 0 rg BT 419.05 549.86 Td (W) Tj ET Q q 0 0 0 rg BT 426.83 549.86 Td (atches\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 535.86 Td (Other \(including collectors' models, kid apparels, and accessories,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 526.86 Td (stationary and credit cards\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 310.00 535.86 Td (o Various) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 498.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 498.10 Td (A) Tj ET Q q 0 0 0 rg BT 96.67 498.10 Td ( ) Tj ET Q q 0 0 0 rg BT 98.42 498.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 142.39 498.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 173.03 498.10 Td (of ) Tj ET Q q 0 0 0 rg BT 183.11 498.10 Td (our ) Tj ET Q q 0 0 0 rg BT 198.19 498.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 235.48 498.10 Td (from ) Tj ET Q q 0 0 0 rg BT 256.67 498.10 Td (licensing ) Tj ET Q q 0 0 0 rg BT 294.53 498.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 332.38 498.10 Td (consists ) Tj ET Q q 0 0 0 rg BT 365.81 498.10 Td (of ) Tj ET Q q 0 0 0 rg BT 375.89 498.10 Td (royalties ) Tj ET Q q 0 0 0 rg BT 412.08 498.10 Td (we ) Tj ET Q q 0 0 0 rg BT 425.49 498.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 456.10 498.10 Td (in ) Tj ET Q q 0 0 0 rg BT 465.63 498.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 511.26 498.10 Td (with ) Tj ET Q q 0 0 0 rg BT 530.79 498.10 Td (Ferrari ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 486.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 486.10 Td (orld, ) Tj ET Q q 0 0 0 rg BT 84.18 486.10 Td (our ) Tj ET Q q 0 0 0 rg BT 100.44 486.10 Td (theme ) Tj ET Q q 0 0 0 rg BT 127.80 486.10 Td (park ) Tj ET Q q 0 0 0 rg BT 148.50 486.10 Td (in ) Tj ET Q q 0 0 0 rg BT 158.56 486.10 Td (Abu ) Tj ET Q q 0 0 0 rg BT 178.71 486.10 Td (Dhabi ) Tj ET Q q 0 0 0 rg BT 206.08 486.10 Td (\(1) Tj ET Q q 0 0 0 rg BT 214.04 486.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 221.97 486.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 254.32 486.10 Td (of ) Tj ET Q q 0 0 0 rg BT 265.58 486.10 Td (royalties ) Tj ET Q q 0 0 0 rg BT 302.94 486.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 344.74 486.10 Td (by ) Tj ET Q q 0 0 0 rg BT 357.67 486.10 Td (licensing ) Tj ET Q q 0 0 0 rg BT 396.70 486.10 Td (activities\). ) Tj ET Q q 0 0 0 rg BT 441.56 486.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 471.48 486.10 Td (W) Tj ET Q q 0 0 0 rg BT 480.12 486.10 Td (orld ) Tj ET Q q 0 0 0 rg BT 499.16 486.10 Td (opened ) Tj ET Q q 0 0 0 rg BT 530.96 486.10 Td (on ) Tj ET Q q 0 0 0 rg BT 543.46 486.10 Td (Y) Tj ET Q q 0 0 0 rg BT 549.68 486.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 474.10 Td (Island ) Tj ET Q q 0 0 0 rg BT 80.25 474.10 Td (on ) Tj ET Q q 0 0 0 rg BT 102.06 474.10 Td (the ) Tj ET Q q 0 0 0 rg BT 116.08 474.10 Td (North ) Tj ET Q q 0 0 0 rg BT 141.22 474.10 Td (East ) Tj ET Q q 0 0 0 rg BT 160.25 474.10 Td (side ) Tj ET Q q 0 0 0 rg BT 178.17 474.10 Td (of ) Tj ET Q q 0 0 0 rg BT 187.90 474.10 Td (Abu ) Tj ET Q q 0 0 0 rg BT 206.94 474.10 Td (Dhabi) Tj ET Q q 0 0 0 rg BT 234.15 474.10 Td (s ) Tj ET Q q 0 0 0 rg BT 239.85 474.10 Td (mainland ) Tj ET Q q 0 0 0 rg BT 278.87 474.10 Td (in ) Tj ET Q q 0 0 0 rg BT 288.46 474.10 Td (2010 ) Tj ET Q q 0 0 0 rg BT 310.27 474.10 Td (and ) Tj ET Q q 0 0 0 rg BT 326.52 474.10 Td (it ) Tj ET Q q 0 0 0 rg BT 333.88 474.10 Td (is ) Tj ET Q q 0 0 0 rg BT 342.36 474.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 380.27 474.10 Td (the ) Tj ET Q q 0 0 0 rg BT 394.29 474.10 Td (only ) Tj ET Q q 0 0 0 rg BT 413.88 474.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 453.45 474.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 482.47 474.10 Td (theme ) Tj ET Q q 0 0 0 rg BT 508.71 474.10 Td (park. ) Tj ET Q q 0 0 0 rg BT 530.79 474.10 Td (Ferrari ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 462.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 462.10 Td (orld) Tj ET Q q 0 0 0 rg BT 81.52 462.10 Td (s ) Tj ET Q q 0 0 0 rg BT 87.15 462.10 Td (iconic ) Tj ET Q q 0 0 0 rg BT 113.31 462.10 Td (sleek ) Tj ET Q q 0 0 0 rg BT 135.59 462.10 Td (red ) Tj ET Q q 0 0 0 rg BT 150.08 462.10 Td (roof ) Tj ET Q q 0 0 0 rg BT 168.48 462.10 Td (is ) Tj ET Q q 0 0 0 rg BT 176.88 462.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 209.15 462.10 Td (inspired ) Tj ET Q q 0 0 0 rg BT 243.09 462.10 Td (by ) Tj ET Q q 0 0 0 rg BT 254.82 462.10 Td (the ) Tj ET Q q 0 0 0 rg BT 268.77 462.10 Td (classic ) Tj ET Q q 0 0 0 rg BT 297.16 462.10 Td (double ) Tj ET Q q 0 0 0 rg BT 326.10 462.10 Td (curve ) Tj ET Q q 0 0 0 rg BT 350.04 462.10 Td (side ) Tj ET Q q 0 0 0 rg BT 367.88 462.10 Td (profile ) Tj ET Q q 0 0 0 rg BT 396.26 462.10 Td (of ) Tj ET Q q 0 0 0 rg BT 406.32 462.10 Td (the ) Tj ET Q q 0 0 0 rg BT 420.27 462.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 449.21 462.10 Td (GT) Tj ET Q q 0 0 0 rg BT 462.36 462.10 Td ( ) Tj ET Q q 0 0 0 rg BT 464.09 462.10 Td (body) Tj ET Q q 0 0 0 rg BT 483.44 462.10 Td (, ) Tj ET Q q 0 0 0 rg BT 487.67 462.10 Td (spanning ) Tj ET Q q 0 0 0 rg BT 525.51 462.10 Td (200,000 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 450.10 Td (square ) Tj ET Q q 0 0 0 rg BT 81.99 450.10 Td (meters ) Tj ET Q q 0 0 0 rg BT 110.53 450.10 Td (and ) Tj ET Q q 0 0 0 rg BT 126.86 450.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 162.07 450.10 Td (the ) Tj ET Q q 0 0 0 rg BT 176.17 450.10 Td (lar) Tj ET Q q 0 0 0 rg BT 186.54 450.10 Td (gest ) Tj ET Q q 0 0 0 rg BT 204.54 450.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 233.63 450.10 Td (logo ) Tj ET Q q 0 0 0 rg BT 253.30 450.10 Td (ever ) Tj ET Q q 0 0 0 rg BT 272.40 450.10 Td (created. ) Tj ET Q q 0 0 0 rg BT 305.65 450.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 334.61 450.10 Td (W) Tj ET Q q 0 0 0 rg BT 343.25 450.10 Td (orld ) Tj ET Q q 0 0 0 rg BT 360.83 450.10 Td (Abu ) Tj ET Q q 0 0 0 rg BT 379.94 450.10 Td (Dhabi ) Tj ET Q q 0 0 0 rg BT 406.27 450.10 Td (of) Tj ET Q q 0 0 0 rg BT 414.42 450.10 Td (fers ) Tj ET Q q 0 0 0 rg BT 431.30 450.10 Td (an ) Tj ET Q q 0 0 0 rg BT 442.63 450.10 Td (all-around ) Tj ET Q q 0 0 0 rg BT 485.61 450.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 514.71 450.10 Td (experience ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 438.10 Td (to ) Tj ET Q q 0 0 0 rg BT 63.79 438.10 Td (children ) Tj ET Q q 0 0 0 rg BT 98.56 438.10 Td (and ) Tj ET Q q 0 0 0 rg BT 115.00 438.10 Td (adults ) Tj ET Q q 0 0 0 rg BT 140.89 438.10 Td (alike. ) Tj ET Q q 0 0 0 rg BT 164.69 438.10 Td (The ) Tj ET Q q 0 0 0 rg BT 182.24 438.10 Td (attractions ) Tj ET Q q 0 0 0 rg BT 225.90 438.10 Td (include ) Tj ET Q q 0 0 0 rg BT 257.34 438.10 Td (futuristic ) Tj ET Q q 0 0 0 rg BT 295.45 438.10 Td (4D ) Tj ET Q q 0 0 0 rg BT 309.68 438.10 Td (rides ) Tj ET Q q 0 0 0 rg BT 331.13 438.10 Td (such ) Tj ET Q q 0 0 0 rg BT 351.46 438.10 Td (as ) Tj ET Q q 0 0 0 rg BT 361.80 438.10 Td (the ) Tj ET Q q 0 0 0 rg BT 376.02 438.10 Td (child-friendly ) Tj ET Q q 0 0 0 rg BT 433.01 438.10 Td (Speed ) Tj ET Q q 0 0 0 rg BT 459.46 438.10 Td (of ) Tj ET Q q 0 0 0 rg BT 469.79 438.10 Td (Magic ) Tj ET Q q 0 0 0 rg BT 497.35 438.10 Td (and ) Tj ET Q q 0 0 0 rg BT 513.79 438.10 Td (the ) Tj ET Q q 0 0 0 rg BT 528.02 438.10 Td (world) Tj ET Q q 0 0 0 rg BT 554.12 438.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 426.10 Td (fastest ) Tj ET Q q 0 0 0 rg BT 81.59 426.10 Td (roller) Tj ET Q q 0 0 0 rg BT 103.04 426.10 Td (-coaster ) Tj ET Q q 0 0 0 rg BT 136.73 426.10 Td (which ) Tj ET Q q 0 0 0 rg BT 163.21 426.10 Td (reaches ) Tj ET Q q 0 0 0 rg BT 195.22 426.10 Td (speeds ) Tj ET Q q 0 0 0 rg BT 223.92 426.10 Td (of ) Tj ET Q q 0 0 0 rg BT 234.29 426.10 Td (240 ) Tj ET Q q 0 0 0 rg BT 251.33 426.10 Td (km/h ) Tj ET Q q 0 0 0 rg BT 273.93 426.10 Td (and ) Tj ET Q q 0 0 0 rg BT 290.41 426.10 Td (simulates ) Tj ET Q q 0 0 0 rg BT 330.22 426.10 Td (the ) Tj ET Q q 0 0 0 rg BT 344.48 426.10 Td (breathtaking ) Tj ET Q q 0 0 0 rg BT 396.50 426.10 Td (adrenaline ) Tj ET Q q 0 0 0 rg BT 440.18 426.10 Td (rush ) Tj ET Q q 0 0 0 rg BT 459.44 426.10 Td (of ) Tj ET Q q 0 0 0 rg BT 469.81 426.10 Td (a ) Tj ET Q q 0 0 0 rg BT 476.29 426.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 505.54 426.10 Td (single-seater) Tj ET Q q 0 0 0 rg BT 555.52 426.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 414.10 Td (In ) Tj ET Q q 0 0 0 rg BT 65.03 414.10 Td (the ) Tj ET Q q 0 0 0 rg BT 79.95 414.10 Td (G-Force ) Tj ET Q q 0 0 0 rg BT 115.96 414.10 Td (experience, ) Tj ET Q q 0 0 0 rg BT 164.46 414.10 Td (visitors ) Tj ET Q q 0 0 0 rg BT 196.61 414.10 Td (are ) Tj ET Q q 0 0 0 rg BT 211.52 414.10 Td (launched ) Tj ET Q q 0 0 0 rg BT 250.31 414.10 Td (62 ) Tj ET Q q 0 0 0 rg BT 263.01 414.10 Td (meters ) Tj ET Q q 0 0 0 rg BT 292.37 414.10 Td (upwards ) Tj ET Q q 0 0 0 rg BT 328.95 414.10 Td (and ) Tj ET Q q 0 0 0 rg BT 346.08 414.10 Td (over ) Tj ET Q q 0 0 0 rg BT 366.55 414.10 Td (the ) Tj ET Q q 0 0 0 rg BT 381.47 414.10 Td (roof ) Tj ET Q q 0 0 0 rg BT 400.83 414.10 Td (of ) Tj ET Q q 0 0 0 rg BT 411.86 414.10 Td (the ) Tj ET Q q 0 0 0 rg BT 426.77 414.10 Td (Park ) Tj ET Q q 0 0 0 rg BT 447.80 414.10 Td (before ) Tj ET Q q 0 0 0 rg BT 476.04 414.10 Td (being ) Tj ET Q q 0 0 0 rg BT 500.95 414.10 Td (pulled ) Tj ET Q q 0 0 0 rg BT 528.65 414.10 Td (back ) Tj ET Q q 0 0 0 rg BT 550.22 414.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 402.10 Td (earth.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 378.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 378.10 Td (In ) Tj ET Q q 0 0 0 rg BT 100.40 378.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 122.46 378.10 Td (we ) Tj ET Q q 0 0 0 rg BT 136.19 378.10 Td (reached ) Tj ET Q q 0 0 0 rg BT 169.34 378.10 Td (an ) Tj ET Q q 0 0 0 rg BT 180.85 378.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 224.55 378.10 Td (with ) Tj ET Q q 0 0 0 rg BT 244.40 378.10 Td (PortA) Tj ET Q q 0 0 0 rg BT 267.55 378.10 Td (ventura ) Tj ET Q q 0 0 0 rg BT 299.60 378.10 Td (Entertainment ) Tj ET Q q 0 0 0 rg BT 358.31 378.10 Td (S.A.U. ) Tj ET Q q 0 0 0 rg BT 387.89 378.10 Td (to ) Tj ET Q q 0 0 0 rg BT 397.73 378.10 Td (open ) Tj ET Q q 0 0 0 rg BT 419.24 378.10 Td (Ferrari) Tj ET Q q 0 0 0 rg BT 449.22 378.10 Td (s ) Tj ET Q q 0 0 0 rg BT 455.18 378.10 Td (first ) Tj ET Q q 0 0 0 rg BT 473.36 378.10 Td (European ) Tj ET Q q 0 0 0 rg BT 513.74 378.10 Td (theme ) Tj ET Q q 0 0 0 rg BT 540.24 378.10 Td (park ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 366.10 Td (at ) Tj ET Q q 0 0 0 rg BT 63.44 366.10 Td (the ) Tj ET Q q 0 0 0 rg BT 77.89 366.10 Td (PortA) Tj ET Q q 0 0 0 rg BT 101.04 366.10 Td (ventura ) Tj ET Q q 0 0 0 rg BT 133.25 366.10 Td (resort ) Tj ET Q q 0 0 0 rg BT 158.25 366.10 Td (near ) Tj ET Q q 0 0 0 rg BT 177.68 366.10 Td (Barcelona ) Tj ET Q q 0 0 0 rg BT 220.44 366.10 Td (in ) Tj ET Q q 0 0 0 rg BT 230.45 366.10 Td (Spain. ) Tj ET Q q 0 0 0 rg BT 257.96 366.10 Td (PortA) Tj ET Q q 0 0 0 rg BT 281.11 366.10 Td (ventura ) Tj ET Q q 0 0 0 rg BT 313.32 366.10 Td (Entertainment ) Tj ET Q q 0 0 0 rg BT 372.19 366.10 Td (S.A.U. ) Tj ET Q q 0 0 0 rg BT 401.93 366.10 Td (has ) Tj ET Q q 0 0 0 rg BT 417.48 366.10 Td (announced ) Tj ET Q q 0 0 0 rg BT 463.03 366.10 Td (a ) Tj ET Q q 0 0 0 rg BT 469.69 366.10 Td (planned ) Tj ET Q q 0 0 0 rg BT 503.58 366.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 549.69 366.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 354.10 Td (100million ) Tj ET Q q 0 0 0 rg BT 108.37 354.10 Td (and ) Tj ET Q q 0 0 0 rg BT 125.78 354.10 Td (the ) Tj ET Q q 0 0 0 rg BT 140.97 354.10 Td (park ) Tj ET Q q 0 0 0 rg BT 161.71 354.10 Td (is ) Tj ET Q q 0 0 0 rg BT 171.35 354.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 209.86 354.10 Td (to ) Tj ET Q q 0 0 0 rg BT 220.61 354.10 Td (open ) Tj ET Q q 0 0 0 rg BT 243.02 354.10 Td (in ) Tj ET Q q 0 0 0 rg BT 253.78 354.10 Td (2017) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 273.78 354.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.28 354.10 Td ( ) Tj ET Q q 0 0 0 rg BT 279.25 354.10 Td (In ) Tj ET Q q 0 0 0 rg BT 290.55 354.10 Td (the ) Tj ET Q q 0 0 0 rg BT 305.74 354.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 348.15 354.10 Td (we ) Tj ET Q q 0 0 0 rg BT 362.78 354.10 Td (aim ) Tj ET Q q 0 0 0 rg BT 380.75 354.10 Td (to ) Tj ET Q q 0 0 0 rg BT 391.50 354.10 Td (open ) Tj ET Q q 0 0 0 rg BT 413.92 354.10 Td (one ) Tj ET Q q 0 0 0 rg BT 431.33 354.10 Td (theme ) Tj ET Q q 0 0 0 rg BT 458.74 354.10 Td (park ) Tj ET Q q 0 0 0 rg BT 479.48 354.10 Td (in ) Tj ET Q q 0 0 0 rg BT 490.23 354.10 Td (each ) Tj ET Q q 0 0 0 rg BT 511.52 354.10 Td (of ) Tj ET Q q 0 0 0 rg BT 522.82 354.10 Td (the ) Tj ET Q q 0 0 0 rg BT 538.01 354.10 Td (main ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 342.10 Td (geographic ) Tj ET Q q 0 0 0 rg BT 100.92 342.10 Td (areas ) Tj ET Q q 0 0 0 rg BT 123.96 342.10 Td (where ) Tj ET Q q 0 0 0 rg BT 150.89 342.10 Td (we ) Tj ET Q q 0 0 0 rg BT 165.05 342.10 Td (operate, ) Tj ET Q q 0 0 0 rg BT 199.47 342.10 Td (including ) Tj ET Q q 0 0 0 rg BT 239.75 342.10 Td (North ) Tj ET Q q 0 0 0 rg BT 265.03 342.10 Td (America ) Tj ET Q q 0 0 0 rg BT 301.95 342.10 Td (and ) Tj ET Q q 0 0 0 rg BT 318.34 342.10 Td (Asia.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 318.10 Td (Retail ) Tj ET Q q 0 0 0 rg BT 80.94 318.10 Td (and ) Tj ET Q q 0 0 0 rg BT 99.00 318.10 Td (E-Commerce) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 294.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 294.10 Td (Through ) Tj ET Q q 0 0 0 rg BT 127.86 294.10 Td (our ) Tj ET Q q 0 0 0 rg BT 144.60 294.10 Td (network ) Tj ET Q q 0 0 0 rg BT 180.79 294.10 Td (of ) Tj ET Q q 0 0 0 rg BT 192.54 294.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 223.16 294.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 249.91 294.10 Td (\(franchised ) Tj ET Q q 0 0 0 rg BT 298.30 294.10 Td (or ) Tj ET Q q 0 0 0 rg BT 310.05 294.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 344.00 294.10 Td (managed\), ) Tj ET Q q 0 0 0 rg BT 389.35 294.10 Td (we ) Tj ET Q q 0 0 0 rg BT 404.42 294.10 Td (of) Tj ET Q q 0 0 0 rg BT 412.57 294.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 427.09 294.10 Td (a ) Tj ET Q q 0 0 0 rg BT 434.94 294.10 Td (wide ) Tj ET Q q 0 0 0 rg BT 457.80 294.10 Td (range ) Tj ET Q q 0 0 0 rg BT 483.42 294.10 Td (of ) Tj ET Q q 0 0 0 rg BT 495.17 294.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 525.79 294.10 Td (branded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 282.10 Td (products, ) Tj ET Q q 0 0 0 rg BT 93.37 282.10 Td (including ) Tj ET Q q 0 0 0 rg BT 133.57 282.10 Td (a ) Tj ET Q q 0 0 0 rg BT 140.44 282.10 Td (line ) Tj ET Q q 0 0 0 rg BT 157.86 282.10 Td (of ) Tj ET Q q 0 0 0 rg BT 168.62 282.10 Td (products ) Tj ET Q q 0 0 0 rg BT 205.48 282.10 Td (exclusively ) Tj ET Q q 0 0 0 rg BT 253.45 282.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 272.55 282.10 Td (in ) Tj ET Q q 0 0 0 rg BT 282.76 282.10 Td (our ) Tj ET Q q 0 0 0 rg BT 298.52 282.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 328.15 282.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 353.91 282.10 Td (and ) Tj ET Q q 0 0 0 rg BT 370.78 282.10 Td (on ) Tj ET Q q 0 0 0 rg BT 383.21 282.10 Td (our ) Tj ET Q q 0 0 0 rg BT 398.96 282.10 Td (website. ) Tj ET Q q 0 0 0 rg BT 433.90 282.10 Td (All ) Tj ET Q q 0 0 0 rg BT 449.11 282.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 478.74 282.10 Td (branded ) Tj ET Q q 0 0 0 rg BT 513.38 282.10 Td (product ) Tj ET Q q 0 0 0 rg BT 546.35 282.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 270.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 70.24 270.10 Td (in ) Tj ET Q q 0 0 0 rg BT 80.38 270.10 Td (our ) Tj ET Q q 0 0 0 rg BT 96.06 270.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 121.75 270.10 Td (and ) Tj ET Q q 0 0 0 rg BT 138.54 270.10 Td (on ) Tj ET Q q 0 0 0 rg BT 150.89 270.10 Td (our ) Tj ET Q q 0 0 0 rg BT 166.58 270.10 Td (website ) Tj ET Q q 0 0 0 rg BT 199.48 270.10 Td (are ) Tj ET Q q 0 0 0 rg BT 214.04 270.10 Td (either ) Tj ET Q q 0 0 0 rg BT 239.16 270.10 Td (manufactured ) Tj ET Q q 0 0 0 rg BT 296.49 270.10 Td (by ) Tj ET Q q 0 0 0 rg BT 308.84 270.10 Td (our ) Tj ET Q q 0 0 0 rg BT 324.53 270.10 Td (licensees, ) Tj ET Q q 0 0 0 rg BT 365.48 270.10 Td (or ) Tj ET Q q 0 0 0 rg BT 376.16 270.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 409.06 270.10 Td (sourced ) Tj ET Q q 0 0 0 rg BT 442.51 270.10 Td (from ) Tj ET Q q 0 0 0 rg BT 464.30 270.10 Td (our ) Tj ET Q q 0 0 0 rg BT 479.99 270.10 Td (selected ) Tj ET Q q 0 0 0 rg BT 514.55 270.10 Td (network ) Tj ET Q q 0 0 0 rg BT 549.67 270.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 258.10 Td (suppliers. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 234.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 234.10 Td (At ) Tj ET Q q 0 0 0 rg BT 102.27 234.10 Td (December ) Tj ET Q q 0 0 0 rg BT 145.63 234.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 160.40 234.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 185.17 234.10 Td (there ) Tj ET Q q 0 0 0 rg BT 207.43 234.10 Td (were ) Tj ET Q q 0 0 0 rg BT 229.13 234.10 Td (a ) Tj ET Q q 0 0 0 rg BT 235.84 234.10 Td (total ) Tj ET Q q 0 0 0 rg BT 255.89 234.10 Td (of ) Tj ET Q q 0 0 0 rg BT 266.49 234.10 Td (37 ) Tj ET Q q 0 0 0 rg BT 278.76 234.10 Td (retail ) Tj ET Q q 0 0 0 rg BT 301.57 234.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 331.05 234.10 Td (stores, ) Tj ET Q q 0 0 0 rg BT 359.15 234.10 Td (including ) Tj ET Q q 0 0 0 rg BT 399.20 234.10 Td (those ) Tj ET Q q 0 0 0 rg BT 422.58 234.10 Td (in ) Tj ET Q q 0 0 0 rg BT 432.63 234.10 Td (Maranello, ) Tj ET Q q 0 0 0 rg BT 478.50 234.10 Td (Milan, ) Tj ET Q q 0 0 0 rg BT 507.16 234.10 Td (Macau, ) Tj ET Q q 0 0 0 rg BT 539.13 234.10 Td (New ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 222.10 Td (Y) Tj ET Q q 0 0 0 rg BT 60.22 222.10 Td (ork, ) Tj ET Q q 0 0 0 rg BT 77.96 222.10 Td (Las ) Tj ET Q q 0 0 0 rg BT 94.18 222.10 Td (V) Tj ET Q q 0 0 0 rg BT 100.29 222.10 Td (egas, ) Tj ET Q q 0 0 0 rg BT 122.48 222.10 Td (Miami ) Tj ET Q q 0 0 0 rg BT 151.05 222.10 Td (and ) Tj ET Q q 0 0 0 rg BT 167.41 222.10 Td (Los ) Tj ET Q q 0 0 0 rg BT 183.90 222.10 Td (Angeles ) Tj ET Q q 0 0 0 rg BT 218.58 222.10 Td (\(United ) Tj ET Q q 0 0 0 rg BT 251.04 222.10 Td (States\), ) Tj ET Q q 0 0 0 rg BT 282.67 222.10 Td (Johannesbur) Tj ET Q q 0 0 0 rg BT 332.48 222.10 Td (g ) Tj ET Q q 0 0 0 rg BT 339.40 222.10 Td (\(South ) Tj ET Q q 0 0 0 rg BT 367.56 222.10 Td (Africa\), ) Tj ET Q q 0 0 0 rg BT 400.84 222.10 Td (Dubai ) Tj ET Q q 0 0 0 rg BT 427.19 222.10 Td (and ) Tj ET Q q 0 0 0 rg BT 443.12 222.10 Td (Abu ) Tj ET Q q 0 0 0 rg BT 462.26 222.10 Td (Dhabi ) Tj ET Q q 0 0 0 rg BT 488.61 222.10 Td (\(UAE\), ) Tj ET Q q 0 0 0 rg BT 520.24 222.10 Td (including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 210.10 Td (25 ) Tj ET Q q 0 0 0 rg BT 66.50 210.10 Td (franchised ) Tj ET Q q 0 0 0 rg BT 110.65 210.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 136.48 210.10 Td (and ) Tj ET Q q 0 0 0 rg BT 153.41 210.10 Td (12 ) Tj ET Q q 0 0 0 rg BT 165.91 210.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 191.74 210.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 220.90 210.10 Td (and ) Tj ET Q q 0 0 0 rg BT 237.84 210.10 Td (operated ) Tj ET Q q 0 0 0 rg BT 274.77 210.10 Td (by ) Tj ET Q q 0 0 0 rg BT 287.27 210.10 Td (us. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 186.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 186.10 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 186.10 Td (e ) Tj ET Q q 0 0 0 rg BT 104.87 186.10 Td (require ) Tj ET Q q 0 0 0 rg BT 134.98 186.10 Td (all ) Tj ET Q q 0 0 0 rg BT 146.77 186.10 Td (franchisees ) Tj ET Q q 0 0 0 rg BT 193.54 186.10 Td (to ) Tj ET Q q 0 0 0 rg BT 203.11 186.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 234.33 186.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 263.33 186.10 Td (stores ) Tj ET Q q 0 0 0 rg BT 288.46 186.10 Td (according ) Tj ET Q q 0 0 0 rg BT 329.68 186.10 Td (to ) Tj ET Q q 0 0 0 rg BT 339.25 186.10 Td (our ) Tj ET Q q 0 0 0 rg BT 354.37 186.10 Td (standards. ) Tj ET Q q 0 0 0 rg BT 396.44 186.10 Td (Stores ) Tj ET Q q 0 0 0 rg BT 423.23 186.10 Td (are ) Tj ET Q q 0 0 0 rg BT 437.23 186.10 Td (designed, ) Tj ET Q q 0 0 0 rg BT 477.07 186.10 Td (decorated, ) Tj ET Q q 0 0 0 rg BT 520.23 186.10 Td (furnished ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 174.10 Td (and ) Tj ET Q q 0 0 0 rg BT 70.94 174.10 Td (stocked ) Tj ET Q q 0 0 0 rg BT 103.99 174.10 Td (according ) Tj ET Q q 0 0 0 rg BT 145.91 174.10 Td (to ) Tj ET Q q 0 0 0 rg BT 156.19 174.10 Td (our ) Tj ET Q q 0 0 0 rg BT 172.02 174.10 Td (directions ) Tj ET Q q 0 0 0 rg BT 213.95 174.10 Td (and ) Tj ET Q q 0 0 0 rg BT 230.89 174.10 Td (specifications.) 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Tj ET Q q 0 0 0 rg BT 83.76 138.10 Td (Generally) Tj ET Q q 0 0 0 rg BT 122.54 138.10 Td (, ) Tj ET Q q 0 0 0 rg BT 126.76 138.10 Td (we ) Tj ET Q q 0 0 0 rg BT 140.15 138.10 Td (require ) Tj ET Q q 0 0 0 rg BT 170.19 138.10 Td (that ) Tj ET Q q 0 0 0 rg BT 186.91 138.10 Td (applicants ) Tj ET Q q 0 0 0 rg BT 229.18 138.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 250.34 138.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 279.27 138.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 319.89 138.10 Td (working ) Tj ET Q q 0 0 0 rg BT 354.94 138.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 383.32 138.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 437.25 138.10 Td (and ) Tj ET Q q 0 0 0 rg BT 453.41 138.10 Td (have ) Tj ET Q q 0 0 0 rg BT 474.01 138.10 Td (the ) Tj ET Q q 0 0 0 rg BT 487.96 138.10 Td (requisite ) Tj ET Q q 0 0 0 rg BT 524.12 138.10 Td (business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 126.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 89.99 126.10 Td (and ) Tj ET Q q 0 0 0 rg BT 105.99 126.10 Td (resources. 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(aerodynamic ) Tj ET Q q 0 0 0 rg BT 455.62 396.00 Td (solutions ) Tj ET Q q 0 0 0 rg BT 494.56 396.00 Td (in ) Tj ET Q q 0 0 0 rg BT 505.16 396.00 Td (the ) Tj ET Q q 0 0 0 rg BT 520.20 396.00 Td (sleek ) Tj ET Q q 0 0 0 rg BT 543.58 396.00 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 384.00 Td (powerful ) Tj ET Q q 0 0 0 rg BT 92.72 384.00 Td (lines ) Tj ET Q q 0 0 0 rg BT 114.22 384.00 Td (typical ) Tj ET Q q 0 0 0 rg BT 144.05 384.00 Td (of ) Tj ET Q q 0 0 0 rg BT 155.00 384.00 Td (our ) Tj ET Q q 0 0 0 rg BT 170.94 384.00 Td (cars. ) Tj ET Q q 0 0 0 rg BT 191.97 384.00 Td (The ) Tj ET Q q 0 0 0 rg BT 210.13 384.00 Td (interiors ) Tj ET Q q 0 0 0 rg BT 246.08 384.00 Td (of ) Tj ET Q q 0 0 0 rg BT 257.02 384.00 Td (our ) Tj ET Q q 0 0 0 rg BT 272.97 384.00 Td (cars ) Tj ET Q q 0 0 0 rg BT 291.69 384.00 Td (seek ) Tj ET Q q 0 0 0 rg BT 312.07 384.00 Td (to ) Tj ET Q q 0 0 0 rg BT 322.47 384.00 Td (balance ) Tj ET Q q 0 0 0 rg BT 355.62 384.00 Td (functionality) Tj ET Q q 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336.00 Td (tradition. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 312.00 Td (For the design of our cars we have relied historically on our highly successful collaboration with the Italian car ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 300.00 Td (design firm Pininfarina. During over 60 years of collaboration with Pininfarina, our cars have been granted several renowned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 288.00 Td (design awards, including: 458 Italia \(Best in Show assigned by ) Tj ET Q q 0 0 0 rg BT 307.58 288.00 Td (Autoweek magazine, 2009, Car of the ) Tj ET Q q 0 0 0 rg BT 461.60 288.00 Td (Y) Tj ET Q q 0 0 0 rg BT 467.82 288.00 Td (ear and Supercar of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 276.00 Td (the ) Tj ET Q q 0 0 0 rg BT 68.35 276.00 Td (Y) Tj ET Q q 0 0 0 rg BT 74.57 276.00 Td (ear assigned by BBC ) Tj ET Q q 0 0 0 rg BT 161.04 276.00 Td (T) Tj ET Q q 0 0 0 rg BT 166.45 276.00 Td (op Gear Magazine, 2009 and Chi Ȕ Cars of the ) Tj ET Q q 0 0 0 rg BT 365.18 276.00 Td (Y) Tj ET Q q 0 0 0 rg BT 371.40 276.00 Td (ear 2010\), California \(Best Buy and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 264.00 Td (Recommended ) Tj ET Q q 0 0 0 rg BT 115.93 264.00 Td (A) Tj ET Q q 0 0 0 rg BT 122.23 264.00 Td (wards 2009 assigned by Chinese magazine ) Tj ET Q q 0 0 0 rg BT 295.53 264.00 Td (Auto ) Tj ET Q q 0 0 0 rg BT 317.85 264.00 Td (W) Tj ET Q q 0 0 0 rg BT 326.49 264.00 Td (orld Magazine and Oriental ) Tj ET Q q 0 0 0 rg BT 438.67 264.00 Td (A) Tj ET Q q 0 0 0 rg BT 444.97 264.00 Td (ward for Best Design, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 252.00 Td (2009\), Enzo \(Best in Show 2002-Paris Motor Show 2002\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 228.00 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 228.00 Td (In 2010 we established the Ferrari Design Centre, our in-house design department, in order to improve our control ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 216.00 Td (over the design process and ensure long-term continuity of the Ferrari style. Its mission is to define and evolve the stylistic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 204.00 Td (direction of the marque, imprinting all new products with a modern stamp, according to a futuristic, uncompromised vision. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 192.00 Td (All concepts and works from Ferrari Design Centre are marked with our logo Ferrari Design \(see ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 458.31 192.00 Td (Intellectual ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 180.00 Td (Pr) Tj ET Q q 0 0 0 rg BT 63.63 180.00 Td (operty) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.18 180.00 Td (\). 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 466.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.00 466.10 Td (458 ) Tj ET Q q 0 0 0 rg BT 125.26 466.10 Td (Speciale) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.14 466.10 Td (: ) Tj ET Q q 0 0 0 rg BT 164.18 466.10 Td (Supercar ) Tj ET Q q 0 0 0 rg BT 206.42 466.10 Td (of ) Tj ET Q q 0 0 0 rg BT 217.01 466.10 Td (the ) Tj ET Q q 0 0 0 rg BT 231.16 466.10 Td (Y) Tj ET Q q 0 0 0 rg BT 237.38 466.10 Td (ear ) Tj ET Q q 0 0 0 rg BT 251.85 466.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 278.56 466.10 Td (\(T) Tj ET Q q 0 0 0 rg BT 287.30 466.10 Td (op ) Tj ET Q q 0 0 0 rg BT 299.56 466.10 Td (Gear ) Tj ET Q q 0 0 0 rg BT 321.25 466.10 Td (UK\); ) Tj ET Q q 0 0 0 rg BT 354.07 466.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 380.77 466.10 Td (Car ) Tj ET Q q 0 0 0 rg BT 397.48 466.10 Td (of ) Tj ET Q q 0 0 0 rg BT 408.07 466.10 Td (the ) Tj ET Q q 0 0 0 rg BT 422.22 466.10 Td (Y) Tj ET Q q 0 0 0 rg BT 428.44 466.10 Td (ear ) Tj ET Q q 0 0 0 rg BT 447.35 466.10 Td (\(Evo ) Tj ET Q q 0 0 0 rg BT 469.05 466.10 Td (UK\); ) Tj ET Q q 0 0 0 rg BT 501.87 466.10 Td (James ) Tj ET Q q 0 0 0 rg BT 533.01 466.10 Td (May) Tj ET Q q 0 0 0 rg BT 554.12 466.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 454.10 Td (Car ) Tj ET Q q 0 0 0 rg BT 125.36 454.10 Td (of ) Tj ET Q q 0 0 0 rg BT 136.61 454.10 Td (the ) Tj ET Q q 0 0 0 rg BT 151.32 454.10 Td (Y) Tj ET Q q 0 0 0 rg BT 157.54 454.10 Td (ear ) Tj ET Q q 0 0 0 rg BT 172.67 454.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 200.03 454.10 Td (\(T) Tj ET Q q 0 0 0 rg BT 208.77 454.10 Td (op ) Tj ET Q q 0 0 0 rg BT 221.69 454.10 Td (Gear ) Tj ET Q q 0 0 0 rg BT 244.04 454.10 Td (UK\); ) Tj ET Q q 0 0 0 rg BT 277.52 454.10 Td (Supercar ) Tj ET Q q 0 0 0 rg BT 320.42 454.10 Td (of ) Tj ET Q q 0 0 0 rg BT 331.67 454.10 Td (the ) Tj ET Q q 0 0 0 rg BT 346.37 454.10 Td (Y) Tj ET Q q 0 0 0 rg BT 352.59 454.10 Td (ear ) Tj ET Q q 0 0 0 rg BT 367.72 454.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 395.08 454.10 Td (\(Evo ) Tj ET Q q 0 0 0 rg BT 417.45 454.10 Td (Middle ) Tj ET Q q 0 0 0 rg BT 449.25 454.10 Td (East\); ) Tj ET Q q 0 0 0 rg BT 475.50 454.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 502.86 454.10 Td (Britain) Tj ET Q q 0 0 0 rg BT 533.41 454.10 Td (s ) Tj ET Q q 0 0 0 rg BT 540.23 454.10 Td (Best ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 442.10 Td (Driver) Tj ET Q q 0 0 0 rg BT 134.47 442.10 Td () Tj ET Q q 0 0 0 rg BT 137.25 442.10 Td (s ) Tj ET Q q 0 0 0 rg BT 143.64 442.10 Td (Car ) Tj ET Q q 0 0 0 rg BT 165.02 442.10 Td (\(Autocar ) Tj ET Q q 0 0 0 rg BT 203.05 442.10 Td (UK\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 418.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.00 418.10 Td (458 ) Tj ET Q q 0 0 0 rg BT 125.50 418.10 Td (Speciale ) Tj ET Q q 0 0 0 rg BT 161.69 418.10 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.80 418.10 Td (: ) Tj ET Q q 0 0 0 rg BT 173.08 418.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 227.23 418.10 Td (of ) Tj ET Q q 0 0 0 rg BT 238.06 418.10 Td (the ) Tj ET Q q 0 0 0 rg BT 252.40 418.10 Td (Y) Tj ET Q q 0 0 0 rg BT 258.63 418.10 Td (ear ) Tj ET Q q 0 0 0 rg BT 273.33 418.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 300.27 418.10 Td (\(T) Tj ET Q q 0 0 0 rg BT 309.01 418.10 Td (op ) Tj ET Q q 0 0 0 rg BT 321.51 418.10 Td (Gear ) Tj ET Q q 0 0 0 rg BT 343.44 418.10 Td (UK\). ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 394.10 Td (Product ) Tj ET Q q 0 0 0 rg BT 89.28 394.10 Td (Development ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 370.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 370.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 107.45 370.10 Td (product ) Tj ET Q q 0 0 0 rg BT 139.90 370.10 Td (development ) Tj ET Q q 0 0 0 rg BT 193.45 370.10 Td (process ) Tj ET Q q 0 0 0 rg BT 225.34 370.10 Td (is ) Tj ET Q q 0 0 0 rg BT 233.91 370.10 Td (highly ) Tj ET Q q 0 0 0 rg BT 261.37 370.10 Td (structured ) Tj ET Q q 0 0 0 rg BT 303.26 370.10 Td (with ) Tj ET Q q 0 0 0 rg BT 322.94 370.10 Td (the ) Tj ET Q q 0 0 0 rg BT 337.05 370.10 Td (aim ) Tj ET Q q 0 0 0 rg BT 353.95 370.10 Td (of ) Tj ET Q q 0 0 0 rg BT 364.18 370.10 Td (allowing ) Tj ET Q q 0 0 0 rg BT 401.08 370.10 Td (us ) Tj ET Q q 0 0 0 rg BT 411.87 370.10 Td (to ) Tj ET Q q 0 0 0 rg BT 421.55 370.10 Td (respond ) Tj ET Q q 0 0 0 rg BT 455.11 370.10 Td (quickly ) Tj ET Q q 0 0 0 rg BT 487.01 370.10 Td (to ) Tj ET Q q 0 0 0 rg BT 496.69 370.10 Td (market ) Tj ET Q q 0 0 0 rg BT 526.35 370.10 Td (demand ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 358.10 Td (and ) Tj ET Q q 0 0 0 rg BT 70.86 358.10 Td (technological ) Tj ET Q q 0 0 0 rg BT 127.15 358.10 Td (breakthroughs ) Tj ET Q q 0 0 0 rg BT 186.78 358.10 Td (and ) Tj ET Q q 0 0 0 rg BT 203.64 358.10 Td (to ) Tj ET Q q 0 0 0 rg BT 213.84 358.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 251.25 358.10 Td (our ) Tj ET Q q 0 0 0 rg BT 267.00 358.10 Td (position ) Tj ET Q q 0 0 0 rg BT 301.65 358.10 Td (at ) Tj ET Q q 0 0 0 rg BT 311.29 358.10 Td (the ) Tj ET Q q 0 0 0 rg BT 325.93 358.10 Td (top ) Tj ET Q q 0 0 0 rg BT 341.13 358.10 Td (end ) Tj ET Q q 0 0 0 rg BT 357.99 358.10 Td (of ) Tj ET Q q 0 0 0 rg BT 368.74 358.10 Td (the ) Tj ET Q q 0 0 0 rg BT 383.38 358.10 Td (market ) Tj ET Q q 0 0 0 rg BT 413.57 358.10 Td (for ) Tj ET Q q 0 0 0 rg BT 427.65 358.10 Td (car ) Tj ET Q q 0 0 0 rg BT 442.28 358.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 495.22 358.10 Td (and ) Tj ET Q q 0 0 0 rg BT 512.08 358.10 Td (luxury) Tj ET Q q 0 0 0 rg BT 537.54 358.10 Td (. ) Tj ET Q q 0 0 0 rg BT 542.46 358.10 Td (Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 346.10 Td (technology ) Tj ET Q q 0 0 0 rg BT 100.11 346.10 Td (team ) Tj ET Q q 0 0 0 rg BT 121.21 346.10 Td (is ) Tj ET Q q 0 0 0 rg BT 129.55 346.10 Td (comprised ) Tj ET Q q 0 0 0 rg BT 172.88 346.10 Td (of ) Tj ET Q q 0 0 0 rg BT 182.88 346.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 242.32 346.10 Td (590 ) Tj ET Q q 0 0 0 rg BT 258.99 346.10 Td (engineers ) Tj ET Q q 0 0 0 rg BT 298.98 346.10 Td (and ) Tj ET Q q 0 0 0 rg BT 315.09 346.10 Td (technicians ) Tj ET Q q 0 0 0 rg BT 361.74 346.10 Td (at ) Tj ET Q q 0 0 0 rg BT 370.63 346.10 Td (December ) Tj ET Q q 0 0 0 rg BT 413.38 346.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 427.56 346.10 Td (2015. ) Tj ET Q q 0 0 0 rg BT 451.36 346.10 Td (All ) Tj ET Q q 0 0 0 rg BT 465.81 346.10 Td (of ) Tj ET Q q 0 0 0 rg BT 475.81 346.10 Td (our ) Tj ET Q q 0 0 0 rg BT 490.82 346.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 508.59 346.10 Td (are ) Tj ET Q q 0 0 0 rg BT 522.47 346.10 Td (designed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 334.10 Td (and ) Tj ET Q q 0 0 0 rg BT 70.94 334.10 Td (engineered ) Tj ET Q q 0 0 0 rg BT 117.30 334.10 Td (in ) Tj ET Q q 0 0 0 rg BT 127.58 334.10 Td (Italy) Tj ET Q q 0 0 0 rg BT 145.25 334.10 Td (, ) Tj ET Q q 0 0 0 rg BT 150.25 334.10 Td (at ) Tj ET Q q 0 0 0 rg BT 159.97 334.10 Td (our ) Tj ET Q q 0 0 0 rg BT 175.80 334.10 Td (factories ) Tj ET Q q 0 0 0 rg BT 212.73 334.10 Td (in ) Tj ET Q q 0 0 0 rg BT 223.00 334.10 Td (Maranello ) Tj ET Q q 0 0 0 rg BT 266.60 334.10 Td (and ) Tj ET Q q 0 0 0 rg BT 283.54 334.10 Td (Modena ) Tj ET Q q 0 0 0 rg BT 318.80 334.10 Td (\(Carrozzeria ) Tj ET Q q 0 0 0 rg BT 371.27 334.10 Td (Scaglietti\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 310.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 310.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 110.12 310.10 Td (product ) Tj ET Q q 0 0 0 rg BT 145.23 310.10 Td (development ) Tj ET Q q 0 0 0 rg BT 201.45 310.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 239.34 310.10 Td (innovation ) Tj ET Q q 0 0 0 rg BT 286.67 310.10 Td (programs, ) Tj ET Q q 0 0 0 rg BT 331.51 310.10 Td (components ) Tj ET Q q 0 0 0 rg BT 384.40 310.10 Td (programs ) Tj ET Q q 0 0 0 rg BT 426.73 310.10 Td (and ) Tj ET Q q 0 0 0 rg BT 445.74 310.10 Td (car ) Tj ET Q q 0 0 0 rg BT 462.51 310.10 Td (programs, ) Tj ET Q q 0 0 0 rg BT 507.34 310.10 Td (with ) Tj ET Q q 0 0 0 rg BT 529.69 310.10 Td (regular ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 298.10 Td (management ) Tj ET Q q 0 0 0 rg BT 107.27 298.10 Td (reviews ) Tj ET Q q 0 0 0 rg BT 140.55 298.10 Td (and ) Tj ET Q q 0 0 0 rg BT 157.17 298.10 Td (detailed ) Tj ET Q q 0 0 0 rg BT 191.01 298.10 Td (cycle ) Tj ET Q q 0 0 0 rg BT 214.28 298.10 Td (milestones. ) Tj ET Q q 0 0 0 rg BT 261.74 298.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 279.47 298.10 Td (components ) Tj ET Q q 0 0 0 rg BT 329.98 298.10 Td (programs ) Tj ET Q q 0 0 0 rg BT 369.93 298.10 Td (are ) Tj ET Q q 0 0 0 rg BT 384.32 298.10 Td (intended ) Tj ET Q q 0 0 0 rg BT 420.94 298.10 Td (to ) Tj ET Q q 0 0 0 rg BT 430.90 298.10 Td (ensure ) Tj ET Q q 0 0 0 rg BT 459.18 298.10 Td (technological ) Tj ET Q q 0 0 0 rg BT 515.23 298.10 Td (innovation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 286.10 Td (and ) Tj ET Q q 0 0 0 rg BT 70.94 286.10 Td (support ) Tj ET Q q 0 0 0 rg BT 103.44 286.10 Td (the ) Tj ET Q q 0 0 0 rg BT 118.16 286.10 Td (development ) Tj ET Q q 0 0 0 rg BT 172.31 286.10 Td (of ) Tj ET Q q 0 0 0 rg BT 183.14 286.10 Td (future ) Tj ET Q q 0 0 0 rg BT 209.51 286.10 Td (models ) Tj ET Q q 0 0 0 rg BT 240.90 286.10 Td (rather ) Tj ET Q q 0 0 0 rg BT 266.71 286.10 Td (than ) Tj ET Q q 0 0 0 rg BT 286.43 286.10 Td (to ) Tj ET Q q 0 0 0 rg BT 296.71 286.10 Td (create ) Tj ET Q q 0 0 0 rg BT 323.07 286.10 Td (an ) Tj ET Q q 0 0 0 rg BT 335.01 286.10 Td (of) Tj ET Q q 0 0 0 rg BT 347.60 286.10 Td (f ) Tj ET Q q 0 0 0 rg BT 353.43 286.10 Td (the ) Tj ET Q q 0 0 0 rg BT 368.15 286.10 Td (shelf ) Tj ET Q q 0 0 0 rg BT 394.52 286.10 Td (catalog ) Tj ET Q q 0 0 0 rg BT 425.89 286.10 Td (of ) Tj ET Q q 0 0 0 rg BT 436.72 286.10 Td (available ) Tj ET Q q 0 0 0 rg BT 475.31 286.10 Td (components.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 262.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 262.10 Td (All ) Tj ET Q q 0 0 0 rg BT 105.55 262.10 Td (our ) Tj ET Q q 0 0 0 rg BT 121.64 262.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 140.51 262.10 Td (are ) Tj ET Q q 0 0 0 rg BT 155.48 262.10 Td (designed ) Tj ET Q q 0 0 0 rg BT 193.80 262.10 Td (and ) Tj ET Q q 0 0 0 rg BT 211.00 262.10 Td (manufactured ) Tj ET Q q 0 0 0 rg BT 268.74 262.10 Td (based ) Tj ET Q q 0 0 0 rg BT 294.28 262.10 Td (on ) Tj ET Q q 0 0 0 rg BT 307.05 262.10 Td (two ) Tj ET Q q 0 0 0 rg BT 324.81 262.10 Td (highly ) Tj ET Q q 0 0 0 rg BT 353.14 262.10 Td (modular ) Tj ET Q q 0 0 0 rg BT 389.23 262.10 Td (architectures ) Tj ET Q q 0 0 0 rg BT 443.08 262.10 Td (incorporating ) Tj ET Q q 0 0 0 rg BT 499.72 262.10 Td (front ) Tj ET Q q 0 0 0 rg BT 521.92 262.10 Td (and ) Tj ET Q q 0 0 0 rg BT 539.13 262.10 Td (mid-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 250.10 Td (rear ) Tj ET Q q 0 0 0 rg BT 72.18 250.10 Td (engines ) Tj ET Q q 0 0 0 rg BT 105.37 250.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 153.03 250.10 Td (. ) Tj ET Q q 0 0 0 rg BT 157.98 250.10 Td (This ) Tj ET Q q 0 0 0 rg BT 178.40 250.10 Td (allows ) Tj ET Q q 0 0 0 rg BT 207.15 250.10 Td (for ) Tj ET Q q 0 0 0 rg BT 221.45 250.10 Td (flexible ) Tj ET Q q 0 0 0 rg BT 254.63 250.10 Td (manufacturing ) Tj ET Q q 0 0 0 rg BT 315.59 250.10 Td (at ) Tj ET Q q 0 0 0 rg BT 325.44 250.10 Td (low ) Tj ET Q q 0 0 0 rg BT 343.09 250.10 Td (volumes ) Tj ET Q q 0 0 0 rg BT 379.61 250.10 Td (and ) Tj ET Q q 0 0 0 rg BT 396.69 250.10 Td (easy ) Tj ET Q q 0 0 0 rg BT 417.10 250.10 Td (adaptation ) Tj ET Q q 0 0 0 rg BT 461.40 250.10 Td (to ) Tj ET Q q 0 0 0 rg BT 471.82 250.10 Td (dif) Tj ET Q q 0 0 0 rg BT 482.74 250.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 508.70 250.10 Td (models ) Tj ET Q q 0 0 0 rg BT 540.23 250.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 238.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 85.16 238.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 127.98 238.10 Td (investment. ) Tj ET Q q 0 0 0 rg BT 177.20 238.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 195.58 238.10 Td (architectures ) Tj ET Q q 0 0 0 rg BT 249.49 238.10 Td (utilize ) Tj ET Q q 0 0 0 rg BT 277.32 238.10 Td (a ) Tj ET Q q 0 0 0 rg BT 284.59 238.10 Td (number ) Tj ET Q q 0 0 0 rg BT 317.96 238.10 Td (of ) Tj ET Q q 0 0 0 rg BT 329.13 238.10 Td (common ) Tj ET Q q 0 0 0 rg BT 366.95 238.10 Td (structures, ) Tj ET Q q 0 0 0 rg BT 411.16 238.10 Td (reducing ) Tj ET Q q 0 0 0 rg BT 448.98 238.10 Td (tooling ) Tj ET Q q 0 0 0 rg BT 480.15 238.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 526.86 238.10 Td (for ) Tj ET Q q 0 0 0 rg BT 541.35 238.10 Td (new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 226.10 Td (model ) Tj ET Q q 0 0 0 rg BT 81.78 226.10 Td (production. ) Tj ET Q q 0 0 0 rg BT 130.19 226.10 Td (When ) Tj ET Q q 0 0 0 rg BT 156.86 226.10 Td (developing ) Tj ET Q q 0 0 0 rg BT 204.08 226.10 Td (a ) Tj ET Q q 0 0 0 rg BT 211.31 226.10 Td (new ) Tj ET Q q 0 0 0 rg BT 230.76 226.10 Td (platform, ) Tj ET Q q 0 0 0 rg BT 270.48 226.10 Td (we ) Tj ET Q q 0 0 0 rg BT 284.93 226.10 Td (focus ) Tj ET Q q 0 0 0 rg BT 309.37 226.10 Td (on ) Tj ET Q q 0 0 0 rg BT 322.16 226.10 Td (innovation, ) Tj ET Q q 0 0 0 rg BT 370.22 226.10 Td (leveraging ) Tj ET Q q 0 0 0 rg BT 415.21 226.10 Td (on ) Tj ET Q q 0 0 0 rg BT 428.00 226.10 Td (our ) Tj ET Q q 0 0 0 rg BT 444.12 226.10 Td (collaboration ) Tj ET Q q 0 0 0 rg BT 499.67 226.10 Td (with ) Tj ET Q q 0 0 0 rg BT 520.23 226.10 Td (the ) Tj ET Q q 0 0 0 rg BT 535.24 226.10 Td (select ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 214.10 Td (research ) Tj ET Q q 0 0 0 rg BT 90.22 214.10 Td (centers ) Tj ET Q q 0 0 0 rg BT 121.45 214.10 Td (and ) Tj ET Q q 0 0 0 rg BT 138.80 214.10 Td (universities, ) Tj ET Q q 0 0 0 rg BT 190.31 214.10 Td (and ) Tj ET Q q 0 0 0 rg BT 207.66 214.10 Td (flexibility) Tj ET Q q 0 0 0 rg BT 246.45 214.10 Td (, ) Tj ET Q q 0 0 0 rg BT 251.87 214.10 Td (allowing ) Tj ET Q q 0 0 0 rg BT 289.77 214.10 Td (us ) Tj ET Q q 0 0 0 rg BT 301.58 214.10 Td (to ) Tj ET Q q 0 0 0 rg BT 312.27 214.10 Td (respond ) Tj ET Q q 0 0 0 rg BT 346.84 214.10 Td (ef) Tj ET Q q 0 0 0 rg BT 354.43 214.10 Td (ficiently ) Tj ET Q q 0 0 0 rg BT 390.66 214.10 Td (to ) Tj ET Q q 0 0 0 rg BT 401.35 214.10 Td (potentially ) Tj ET Q q 0 0 0 rg BT 447.03 214.10 Td (varied ) Tj ET Q q 0 0 0 rg BT 474.93 214.10 Td (market ) Tj ET Q q 0 0 0 rg BT 505.61 214.10 Td (demand. ) Tj ET Q q 0 0 0 rg BT 542.47 214.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 202.10 Td (flexibility ) Tj ET Q q 0 0 0 rg BT 95.71 202.10 Td (of ) Tj ET Q q 0 0 0 rg BT 106.31 202.10 Td (our ) Tj ET Q q 0 0 0 rg BT 121.92 202.10 Td (platforms ) Tj ET Q q 0 0 0 rg BT 162.52 202.10 Td (enables ) Tj ET Q q 0 0 0 rg BT 194.77 202.10 Td (us ) Tj ET Q q 0 0 0 rg BT 205.94 202.10 Td (to ) Tj ET Q q 0 0 0 rg BT 215.99 202.10 Td (introduce ) Tj ET Q q 0 0 0 rg BT 256.03 202.10 Td (our ) Tj ET Q q 0 0 0 rg BT 271.63 202.10 Td (highly ) Tj ET Q q 0 0 0 rg BT 299.46 202.10 Td (innovative ) Tj ET Q q 0 0 0 rg BT 343.94 202.10 Td (contents ) Tj ET Q q 0 0 0 rg BT 379.54 202.10 Td (on ) Tj ET Q q 0 0 0 rg BT 391.81 202.10 Td (a ) Tj ET Q q 0 0 0 rg BT 398.53 202.10 Td (wide ) Tj ET Q q 0 0 0 rg BT 420.24 202.10 Td (range ) Tj ET Q q 0 0 0 rg BT 444.72 202.10 Td (of ) Tj ET Q q 0 0 0 rg BT 455.32 202.10 Td (models ) Tj ET Q q 0 0 0 rg BT 486.48 202.10 Td (while, ) Tj ET Q q 0 0 0 rg BT 513.47 202.10 Td (at ) Tj ET Q q 0 0 0 rg BT 522.96 202.10 Td (the ) Tj ET Q q 0 0 0 rg BT 537.45 202.10 Td (same ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 190.10 Td (time, ) Tj ET Q q 0 0 0 rg BT 76.77 190.10 Td (reducing ) Tj ET Q q 0 0 0 rg BT 114.26 190.10 Td (the ) Tj ET Q q 0 0 0 rg BT 128.98 190.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 152.02 190.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 174.52 190.10 Td (connected ) Tj ET Q q 0 0 0 rg BT 217.55 190.10 Td (to ) Tj ET Q q 0 0 0 rg BT 227.83 190.10 Td (the ) Tj ET Q q 0 0 0 rg BT 242.55 190.10 Td (use ) Tj ET Q q 0 0 0 rg BT 258.38 190.10 Td (of ) Tj ET Q q 0 0 0 rg BT 269.21 190.10 Td (multiple ) Tj ET Q q 0 0 0 rg BT 305.04 190.10 Td (platforms. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 166.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 166.10 Td (Consistent ) Tj ET Q q 0 0 0 rg BT 134.79 166.10 Td (with ) Tj ET Q q 0 0 0 rg BT 155.13 166.10 Td (our ) Tj ET Q q 0 0 0 rg BT 171.02 166.10 Td (mission ) Tj ET Q q 0 0 0 rg BT 204.69 166.10 Td (to ) Tj ET Q q 0 0 0 rg BT 215.03 166.10 Td (develop ) Tj ET Q q 0 0 0 rg BT 249.25 166.10 Td (cutting ) Tj ET Q q 0 0 0 rg BT 279.58 166.10 Td (edge ) Tj ET Q q 0 0 0 rg BT 301.02 166.10 Td (sports ) Tj ET Q q 0 0 0 rg BT 327.47 166.10 Td (and ) Tj ET Q q 0 0 0 rg BT 344.47 166.10 Td (GT) Tj ET Q q 0 0 0 rg BT 357.62 166.10 Td ( ) Tj ET Q q 0 0 0 rg BT 360.18 166.10 Td (cars, ) Tj ET Q q 0 0 0 rg BT 381.34 166.10 Td (our ) Tj ET Q q 0 0 0 rg BT 397.23 166.10 Td (product ) Tj ET Q q 0 0 0 rg BT 430.33 166.10 Td (development ) Tj ET Q q 0 0 0 rg BT 484.54 166.10 Td (ef) Tj ET Q q 0 0 0 rg BT 492.13 166.10 Td (forts ) Tj ET Q q 0 0 0 rg BT 513.02 166.10 Td (continually ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 154.10 Td (focus ) Tj ET Q q 0 0 0 rg BT 78.03 154.10 Td (on ) Tj ET Q q 0 0 0 rg BT 90.39 154.10 Td (improving ) Tj ET Q q 0 0 0 rg BT 134.43 154.10 Td (core ) Tj ET Q q 0 0 0 rg BT 154.00 154.10 Td (components, ) Tj ET Q q 0 0 0 rg BT 207.19 154.10 Td (such ) Tj ET Q q 0 0 0 rg BT 227.89 154.10 Td (as ) Tj ET Q q 0 0 0 rg BT 238.59 154.10 Td (the ) Tj ET Q q 0 0 0 rg BT 253.17 154.10 Td (powertrain, ) Tj ET Q q 0 0 0 rg BT 301.35 154.10 Td (car ) Tj ET Q q 0 0 0 rg BT 315.93 154.10 Td (dynamics, ) Tj ET Q q 0 0 0 rg BT 359.12 154.10 Td (and ) Tj ET Q q 0 0 0 rg BT 375.93 154.10 Td (the ) Tj ET Q q 0 0 0 rg BT 390.51 154.10 Td (use ) Tj ET Q q 0 0 0 rg BT 406.21 154.10 Td (of ) Tj ET Q q 0 0 0 rg BT 416.91 154.10 Td (materials ) Tj ET Q q 0 0 0 rg BT 455.92 154.10 Td (such ) Tj ET Q q 0 0 0 rg BT 476.62 154.10 Td (as ) Tj ET Q q 0 0 0 rg BT 487.32 154.10 Td (special ) Tj ET Q q 0 0 0 rg BT 517.45 154.10 Td (aluminum ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 142.10 Td (alloys ) Tj ET Q q 0 0 0 rg BT 80.39 142.10 Td (and ) Tj ET Q q 0 0 0 rg BT 97.33 142.10 Td (carbon ) Tj ET Q q 0 0 0 rg BT 127.03 142.10 Td (fiber ) Tj ET Q q 0 0 0 rg BT 148.41 142.10 Td (\(see ) Tj ET Q q 0 0 0 rg BT 167.01 142.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 171.45 142.10 Td (Design, ) Tj ET Q q 0 0 0 rg BT 213.67 142.10 Td (Development ) Tj ET Q q 0 0 0 rg BT 268.92 142.10 Td (and ) Tj ET Q q 0 0 0 rg BT 286.42 142.10 Td (ManufacturingPr) Tj ET Q q 0 0 0 rg BT 364.94 142.10 Td (oduction ) Tj ET Q q 0 0 0 rg BT 402.43 142.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 412.06 142.10 Td (ocess) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.72 142.10 Td (\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 118.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 118.10 Td (The ) Tj ET Q q 0 0 0 rg BT 109.23 118.10 Td (expertise ) Tj ET Q q 0 0 0 rg BT 149.00 118.10 Td (we ) Tj ET Q q 0 0 0 rg BT 164.35 118.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 202.45 118.10 Td (in ) Tj ET Q q 0 0 0 rg BT 213.91 118.10 Td (these ) Tj ET Q q 0 0 0 rg BT 238.14 118.10 Td (fields ) Tj ET Q q 0 0 0 rg BT 264.04 118.10 Td (has ) Tj ET Q q 0 0 0 rg BT 281.05 118.10 Td (recently ) Tj ET Q q 0 0 0 rg BT 316.93 118.10 Td (guided ) Tj ET Q q 0 0 0 rg BT 347.83 118.10 Td (our ) Tj ET Q q 0 0 0 rg BT 364.84 118.10 Td (ef) Tj ET Q q 0 0 0 rg BT 372.43 118.10 Td (forts ) Tj ET Q q 0 0 0 rg BT 394.44 118.10 Td (to ) Tj ET Q q 0 0 0 rg BT 405.90 118.10 Td (combine ) Tj ET Q q 0 0 0 rg BT 444.02 118.10 Td (improved ) Tj ET Q q 0 0 0 rg BT 486.03 118.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 540.23 118.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 106.10 Td (reductions ) Tj ET Q q 0 0 0 rg BT 98.15 106.10 Td (in ) Tj ET Q q 0 0 0 rg BT 108.42 106.10 Td (CO) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 122.31 104.67 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.56 106.10 Td ( ) Tj ET Q q 0 0 0 rg BT 128.05 106.10 Td (emissions. ) Tj ET Q q 0 0 0 rg BT 172.49 106.10 Td (In ) Tj ET Q q 0 0 0 rg BT 183.31 106.10 Td (recent ) Tj ET Q q 0 0 0 rg BT 210.23 106.10 Td (years, ) Tj ET Q q 0 0 0 rg BT 236.32 106.10 Td (calls ) Tj ET Q q 0 0 0 rg BT 257.13 106.10 Td (for ) Tj ET Q q 0 0 0 rg BT 271.29 106.10 Td (CO) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 285.18 104.67 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.43 106.10 Td ( ) Tj ET Q q 0 0 0 rg BT 290.92 106.10 Td (emissions ) Tj ET Q q 0 0 0 rg BT 332.86 106.10 Td (reductions ) Tj ET Q q 0 0 0 rg BT 377.01 106.10 Td (have ) Tj ET Q q 0 0 0 rg BT 398.37 106.10 Td (come ) Tj ET Q q 0 0 0 rg BT 422.52 106.10 Td (from ) Tj ET Q q 0 0 0 rg BT 444.45 106.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 488.04 106.10 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 529.97 106.10 Td (as ) Tj ET Q q 0 0 0 rg BT 540.79 106.10 Td (well ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 94.10 Td (as ) Tj ET Q q 0 0 0 rg BT 65.21 94.10 Td (market ) Tj ET Q q 0 0 0 rg BT 95.85 94.10 Td (demand. ) Tj ET Q q 0 0 0 rg BT 132.89 94.10 Td (LaFerrari ) Tj ET Q q 0 0 0 rg BT 173.52 94.10 Td (is ) Tj ET Q q 0 0 0 rg BT 183.07 94.10 Td (an ) Tj ET Q q 0 0 0 rg BT 195.39 94.10 Td (example ) Tj ET Q q 0 0 0 rg BT 232.14 94.10 Td (of ) Tj ET Q q 0 0 0 rg BT 243.35 94.10 Td (such ) Tj ET Q q 0 0 0 rg BT 264.56 94.10 Td (ef) Tj ET Q q 0 0 0 rg BT 272.15 94.10 Td (forts, ) Tj ET Q q 0 0 0 rg BT 295.86 94.10 Td (and ) Tj ET Q q 0 0 0 rg BT 313.18 94.10 Td (we ) Tj ET Q q 0 0 0 rg BT 327.72 94.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 359.47 94.10 Td (it ) Tj ET Q q 0 0 0 rg BT 367.91 94.10 Td (shows ) Tj ET Q q 0 0 0 rg BT 395.79 94.10 Td (our ) Tj ET Q q 0 0 0 rg BT 412.00 94.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 440.43 94.10 Td (to ) Tj ET Q q 0 0 0 rg BT 451.09 94.10 Td (apply ) Tj ET Q q 0 0 0 rg BT 476.19 94.10 Td (our ) Tj ET Q q 0 0 0 rg BT 492.40 94.10 Td (core ) Tj ET Q q 0 0 0 rg BT 512.49 94.10 Td (mechanical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 82.10 Td (know-how ) Tj ET Q q 0 0 0 rg BT 99.27 82.10 Td (to ) Tj ET Q q 0 0 0 rg BT 109.55 82.10 Td (new ) Tj ET Q q 0 0 0 rg BT 128.71 82.10 Td (and ) Tj ET Q q 0 0 0 rg BT 145.65 82.10 Td (expanding ) Tj ET Q q 0 0 0 rg BT 189.81 82.10 Td (fields ) Tj ET Q q 0 0 0 rg BT 214.52 82.10 Td (such ) Tj ET Q q 0 0 0 rg BT 235.35 82.10 Td (as ) Tj ET Q q 0 0 0 rg BT 246.18 82.10 Td (hybrid ) Tj ET Q q 0 0 0 rg BT 274.79 82.10 Td (technology) Tj ET Q q 0 0 0 rg BT 318.58 82.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 58.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 58.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.82 58.10 Td (design ) Tj ET Q q 0 0 0 rg BT 138.19 58.10 Td (and ) Tj ET Q q 0 0 0 rg BT 155.90 58.10 Td (development ) Tj ET Q q 0 0 0 rg BT 210.82 58.10 Td (process ) Tj ET Q q 0 0 0 rg BT 244.08 58.10 Td (for ) Tj ET Q q 0 0 0 rg BT 259.01 58.10 Td (a ) Tj ET Q q 0 0 0 rg BT 266.72 58.10 Td (new ) Tj ET Q q 0 0 0 rg BT 286.65 58.10 Td (model ) Tj ET Q q 0 0 0 rg BT 314.91 58.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 354.27 58.10 Td (takes ) Tj ET Q q 0 0 0 rg BT 378.09 58.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 439.12 58.10 Td (40 ) Tj ET Q q 0 0 0 rg BT 452.39 58.10 Td (months, ) Tj ET Q q 0 0 0 rg BT 487.60 58.10 Td (depending ) Tj ET Q q 0 0 0 rg BT 532.53 58.10 Td (on ) Tj ET Q q 0 0 0 rg BT 545.80 58.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 46.10 Td (modifications ) Tj ET Q q 0 0 0 rg BT 111.70 46.10 Td (\(approximately ) Tj ET Q q 0 0 0 rg BT 175.50 46.10 Td (33 ) Tj ET Q q 0 0 0 rg BT 188.21 46.10 Td (months ) Tj ET Q q 0 0 0 rg BT 220.37 46.10 Td (for ) Tj ET Q q 0 0 0 rg BT 234.74 46.10 Td (M ) Tj ET Q q 0 0 0 rg BT 246.34 46.10 Td (models\), ) Tj ET Q q 0 0 0 rg BT 283.77 46.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 324.79 46.10 Td (from ) Tj ET Q q 0 0 0 rg BT 346.94 46.10 Td (the ) Tj ET Q q 0 0 0 rg BT 361.87 46.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 404.57 46.10 Td (of ) Tj ET Q q 0 0 0 rg BT 415.61 46.10 Td (the ) Tj ET Q q 0 0 0 rg BT 430.54 46.10 Td (development ) Tj ET Q q 0 0 0 rg BT 484.90 46.10 Td (project ) Tj ET Q q 0 0 0 rg BT 515.37 46.10 Td (to ) Tj ET Q q 0 0 0 rg BT 525.86 46.10 Td (the ) Tj ET Q q 0 0 0 rg BT 540.79 46.10 Td (start ) Tj ET Q endstream endobj 103 0 obj <> endobj 104 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 30.20 Td (43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 64.70 742.10 Td (production. ) Tj ET Q q 0 0 0 rg BT 112.72 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 121.36 742.10 Td (e ) Tj ET Q q 0 0 0 rg BT 128.17 742.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 159.41 742.10 Td (this ) Tj ET Q q 0 0 0 rg BT 176.23 742.10 Td (fast ) Tj ET Q q 0 0 0 rg BT 193.04 742.10 Td (development ) Tj ET Q q 0 0 0 rg BT 247.06 742.10 Td (is ) Tj ET Q q 0 0 0 rg BT 256.10 742.10 Td (made ) Tj ET Q q 0 0 0 rg BT 280.12 742.10 Td (possible ) Tj ET Q q 0 0 0 rg BT 315.27 742.10 Td (by ) Tj ET Q q 0 0 0 rg BT 327.64 742.10 Td (our ) Tj ET Q q 0 0 0 rg BT 343.34 742.10 Td (dedicated ) Tj ET Q q 0 0 0 rg BT 384.02 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 400.83 742.10 Td (concentrated ) Tj ET Q q 0 0 0 rg BT 454.28 742.10 Td (development ) Tj ET Q q 0 0 0 rg BT 508.30 742.10 Td (team ) Tj ET Q q 0 0 0 rg BT 530.10 742.10 Td (as ) Tj ET Q q 0 0 0 rg BT 540.80 742.10 Td (well ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 730.10 Td (as ) Tj ET Q q 0 0 0 rg BT 64.75 730.10 Td (by ) Tj ET Q q 0 0 0 rg BT 77.16 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 91.79 730.10 Td (clarity ) Tj ET Q q 0 0 0 rg BT 119.75 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 136.61 730.10 Td (focus ) Tj ET Q q 0 0 0 rg BT 160.68 730.10 Td (of ) Tj ET Q q 0 0 0 rg BT 171.43 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 186.06 730.10 Td (product ) Tj ET Q q 0 0 0 rg BT 219.03 730.10 Td (marketing ) Tj ET Q q 0 0 0 rg BT 261.98 730.10 Td (objectives. ) Tj ET Q q 0 0 0 rg BT 307.44 730.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 325.41 730.10 Td (product ) Tj ET Q q 0 0 0 rg BT 358.37 730.10 Td (marketing ) Tj ET Q q 0 0 0 rg BT 401.33 730.10 Td (team ) Tj ET Q q 0 0 0 rg BT 423.18 730.10 Td (is ) Tj ET Q q 0 0 0 rg BT 432.27 730.10 Td (integrally ) Tj ET Q q 0 0 0 rg BT 473.00 730.10 Td (involved ) Tj ET Q q 0 0 0 rg BT 510.41 730.10 Td (in ) Tj ET Q q 0 0 0 rg BT 520.61 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 535.24 730.10 Td (entire ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 718.10 Td (development ) Tj ET Q q 0 0 0 rg BT 108.15 718.10 Td (process, ) Tj ET Q q 0 0 0 rg BT 143.14 718.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 185.64 718.10 Td (with ) Tj ET Q q 0 0 0 rg BT 205.91 718.10 Td (the ) Tj ET Q q 0 0 0 rg BT 220.63 718.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 246.46 718.10 Td (product ) Tj ET Q q 0 0 0 rg BT 279.51 718.10 Td (brief ) Tj ET Q q 0 0 0 rg BT 300.88 718.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 320.32 718.10 Td (thereafter) Tj ET Q q 0 0 0 rg BT 358.22 718.10 Td (, ) Tj ET Q q 0 0 0 rg BT 363.22 718.10 Td (through ) Tj ET Q q 0 0 0 rg BT 396.83 718.10 Td (systematic ) Tj ET Q q 0 0 0 rg BT 441.54 718.10 Td (interaction.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 694.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 694.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.59 694.10 Td (cadence ) Tj ET Q q 0 0 0 rg BT 143.82 694.10 Td (of ) Tj ET Q q 0 0 0 rg BT 155.20 694.10 Td (production ) Tj ET Q q 0 0 0 rg BT 201.56 694.10 Td (launches ) Tj ET Q q 0 0 0 rg BT 239.59 694.10 Td (is ) Tj ET Q q 0 0 0 rg BT 249.30 694.10 Td (designed ) Tj ET Q q 0 0 0 rg BT 287.89 694.10 Td (to ) Tj ET Q q 0 0 0 rg BT 298.71 694.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 336.74 694.10 Td (our ) Tj ET Q q 0 0 0 rg BT 353.12 694.10 Td (product ) Tj ET Q q 0 0 0 rg BT 386.70 694.10 Td (portfolio) Tj ET Q q 0 0 0 rg BT 424.48 694.10 Td (s ) Tj ET Q q 0 0 0 rg BT 431.41 694.10 Td (leading ) Tj ET Q q 0 0 0 rg BT 463.89 694.10 Td (position ) Tj ET Q q 0 0 0 rg BT 499.16 694.10 Td (in ) Tj ET Q q 0 0 0 rg BT 509.98 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 525.23 694.10 Td (industry ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 682.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 89.98 682.10 Td (and ) Tj ET Q q 0 0 0 rg BT 107.07 682.10 Td (optimize ) Tj ET Q q 0 0 0 rg BT 144.72 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 159.59 682.10 Td (length ) Tj ET Q q 0 0 0 rg BT 187.23 682.10 Td (of ) Tj ET Q q 0 0 0 rg BT 198.22 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 213.09 682.10 Td (model ) Tj ET Q q 0 0 0 rg BT 240.74 682.10 Td (lifecycle ) Tj ET Q q 0 0 0 rg BT 277.81 682.10 Td (relative ) Tj ET Q q 0 0 0 rg BT 310.45 682.10 Td (to ) Tj ET Q q 0 0 0 rg BT 320.88 682.10 Td (demand, ) Tj ET Q q 0 0 0 rg BT 357.69 682.10 Td (while ) Tj ET Q q 0 0 0 rg BT 382.56 682.10 Td (limiting ) Tj ET Q q 0 0 0 rg BT 416.88 682.10 Td (research ) Tj ET Q q 0 0 0 rg BT 452.84 682.10 Td (and ) Tj ET Q q 0 0 0 rg BT 469.93 682.10 Td (development ) Tj ET Q q 0 0 0 rg BT 524.24 682.10 Td (spend ) Tj ET Q q 0 0 0 rg BT 550.22 682.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 670.10 Td (maximize ) Tj ET Q q 0 0 0 rg BT 95.93 670.10 Td (its ) Tj ET Q q 0 0 0 rg BT 107.88 670.10 Td (productivity) Tj ET Q q 0 0 0 rg BT 156.11 670.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 646.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 646.10 Td (Generally) Tj ET Q q 0 0 0 rg BT 128.77 646.10 Td (, ) Tj ET Q q 0 0 0 rg BT 133.73 646.10 Td (we ) Tj ET Q q 0 0 0 rg BT 147.85 646.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 167.53 646.10 Td (for ) Tj ET Q q 0 0 0 rg BT 181.65 646.10 Td (a ) Tj ET Q q 0 0 0 rg BT 188.55 646.10 Td (four ) Tj ET Q q 0 0 0 rg BT 207.67 646.10 Td (to ) Tj ET Q q 0 0 0 rg BT 217.91 646.10 Td (five ) Tj ET Q q 0 0 0 rg BT 235.92 646.10 Td (year ) Tj ET Q q 0 0 0 rg BT 255.58 646.10 Td (life ) Tj ET Q q 0 0 0 rg BT 271.37 646.10 Td (cycle ) Tj ET Q q 0 0 0 rg BT 294.92 646.10 Td (for ) Tj ET Q q 0 0 0 rg BT 309.04 646.10 Td (our ) Tj ET Q q 0 0 0 rg BT 324.83 646.10 Td (range ) Tj ET Q q 0 0 0 rg BT 349.50 646.10 Td (models. ) Tj ET Q q 0 0 0 rg BT 382.80 646.10 Td (After ) Tj ET Q q 0 0 0 rg BT 406.36 646.10 Td (four ) Tj ET Q q 0 0 0 rg BT 425.48 646.10 Td (to ) Tj ET Q q 0 0 0 rg BT 435.72 646.10 Td (five ) Tj ET Q q 0 0 0 rg BT 453.73 646.10 Td (years, ) Tj ET Q q 0 0 0 rg BT 479.78 646.10 Td (we ) Tj ET Q q 0 0 0 rg BT 493.90 646.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 531.35 646.10 Td (launch ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 634.10 Td (a ) Tj ET Q q 0 0 0 rg BT 63.35 634.10 Td (modified ) Tj ET Q q 0 0 0 rg BT 113.24 634.10 Td (or ) Tj ET Q q 0 0 0 rg BT 126.49 634.10 Td (M ) Tj ET Q q 0 0 0 rg BT 149.17 634.10 Td (model ) Tj ET Q q 0 0 0 rg BT 179.08 634.10 Td (based ) Tj ET Q q 0 0 0 rg BT 206.76 634.10 Td (on ) Tj ET Q q 0 0 0 rg BT 221.67 634.10 Td (the ) Tj ET Q q 0 0 0 rg BT 238.80 634.10 Td (same ) Tj ET Q q 0 0 0 rg BT 264.26 634.10 Td (platform ) Tj ET Q q 0 0 0 rg BT 303.60 634.10 Td (but ) Tj ET Q q 0 0 0 rg BT 321.30 634.10 Td (featuring ) Tj ET Q q 0 0 0 rg BT 362.30 634.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 409.43 634.10 Td (aesthetic ) Tj ET Q q 0 0 0 rg BT 449.32 634.10 Td (updates ) Tj ET Q q 0 0 0 rg BT 484.78 634.10 Td (and ) Tj ET Q q 0 0 0 rg BT 504.13 634.10 Td (technological ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 622.10 Td (improvements. ) Tj ET Q q 0 0 0 rg BT 116.78 622.10 Td (This ) Tj ET Q q 0 0 0 rg BT 137.87 622.10 Td (is, ) Tj ET Q q 0 0 0 rg BT 150.35 622.10 Td (for ) Tj ET Q q 0 0 0 rg BT 165.32 622.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 205.01 622.10 Td (the ) Tj ET Q q 0 0 0 rg BT 220.53 622.10 Td (case ) Tj ET Q q 0 0 0 rg BT 241.05 622.10 Td (of ) Tj ET Q q 0 0 0 rg BT 252.69 622.10 Td (the ) Tj ET Q q 0 0 0 rg BT 268.22 622.10 Td (California ) Tj ET Q q 0 0 0 rg BT 311.83 622.10 Td (T) Tj ET Q q 0 0 0 rg BT 317.20 622.10 Td (, ) Tj ET Q q 0 0 0 rg BT 323.01 622.10 Td (launched ) Tj ET Q q 0 0 0 rg BT 362.41 622.10 Td (in ) Tj ET Q q 0 0 0 rg BT 373.50 622.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 399.31 622.10 Td (which ) Tj ET Q q 0 0 0 rg BT 427.06 622.10 Td (replaced ) Tj ET Q q 0 0 0 rg BT 464.23 622.10 Td (and ) Tj ET Q q 0 0 0 rg BT 481.98 622.10 Td (updated ) Tj ET Q q 0 0 0 rg BT 516.95 622.10 Td (the ) Tj ET Q q 0 0 0 rg BT 532.48 622.10 Td (earlier ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 610.10 Td (California, ) Tj ET Q q 0 0 0 rg BT 99.47 610.10 Td (featuring ) Tj ET Q q 0 0 0 rg BT 137.99 610.10 Td (new ) Tj ET Q q 0 0 0 rg BT 157.07 610.10 Td (sheet-metal, ) Tj ET Q q 0 0 0 rg BT 208.09 610.10 Td (new ) Tj ET Q q 0 0 0 rg BT 227.17 610.10 Td (interior) Tj ET Q q 0 0 0 rg BT 256.21 610.10 Td (, ) Tj ET Q q 0 0 0 rg BT 261.13 610.10 Td (a ) Tj ET Q q 0 0 0 rg BT 268.00 610.10 Td (revised ) Tj ET Q q 0 0 0 rg BT 299.30 610.10 Td (chassis ) Tj ET Q q 0 0 0 rg BT 330.06 610.10 Td (and ) Tj ET Q q 0 0 0 rg BT 346.92 610.10 Td (a ) Tj ET Q q 0 0 0 rg BT 353.78 610.10 Td (new ) Tj ET Q q 0 0 0 rg BT 372.87 610.10 Td (turbochar) Tj ET Q q 0 0 0 rg BT 411.00 610.10 Td (ged ) Tj ET Q q 0 0 0 rg BT 427.87 610.10 Td (powertrain. ) Tj ET Q q 0 0 0 rg BT 475.94 610.10 Td (T) Tj ET Q q 0 0 0 rg BT 481.35 610.10 Td (ypically) Tj ET Q q 0 0 0 rg BT 512.91 610.10 Td (, ) Tj ET Q q 0 0 0 rg BT 517.83 610.10 Td (four ) Tj ET Q q 0 0 0 rg BT 536.92 610.10 Td (years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 598.10 Td (after ) Tj ET Q q 0 0 0 rg BT 75.73 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 91.37 598.10 Td (launch ) Tj ET Q q 0 0 0 rg BT 121.44 598.10 Td (of ) Tj ET Q q 0 0 0 rg BT 133.19 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 148.82 598.10 Td (M-model, ) Tj ET Q q 0 0 0 rg BT 191.95 598.10 Td (we ) Tj ET Q q 0 0 0 rg BT 207.03 598.10 Td (start ) Tj ET Q q 0 0 0 rg BT 227.66 598.10 Td (production ) Tj ET Q q 0 0 0 rg BT 274.41 598.10 Td (of ) Tj ET Q q 0 0 0 rg BT 286.15 598.10 Td (an ) Tj ET Q q 0 0 0 rg BT 299.01 598.10 Td (entirely ) Tj ET Q q 0 0 0 rg BT 332.97 598.10 Td (new ) Tj ET Q q 0 0 0 rg BT 353.04 598.10 Td (model ) Tj ET Q q 0 0 0 rg BT 381.46 598.10 Td (based ) Tj ET Q q 0 0 0 rg BT 407.64 598.10 Td (on ) Tj ET Q q 0 0 0 rg BT 421.06 598.10 Td (an ) Tj ET Q q 0 0 0 rg BT 433.92 598.10 Td (completely ) Tj ET Q q 0 0 0 rg BT 481.76 598.10 Td (new ) Tj ET Q q 0 0 0 rg BT 501.84 598.10 Td (or ) Tj ET Q q 0 0 0 rg BT 513.58 598.10 Td (overhauled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 586.10 Td (platform. ) Tj ET Q q 0 0 0 rg BT 92.98 586.10 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 137.10 586.10 Td (the ) Tj ET Q q 0 0 0 rg BT 151.52 586.10 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 198.15 586.10 Td (life ) Tj ET Q q 0 0 0 rg BT 213.68 586.10 Td (cycle ) Tj ET Q q 0 0 0 rg BT 236.97 586.10 Td (of ) Tj ET Q q 0 0 0 rg BT 247.51 586.10 Td (each ) Tj ET Q q 0 0 0 rg BT 268.03 586.10 Td (of ) Tj ET Q q 0 0 0 rg BT 278.56 586.10 Td (our ) Tj ET Q q 0 0 0 rg BT 294.09 586.10 Td (models ) Tj ET Q q 0 0 0 rg BT 325.18 586.10 Td (is ) Tj ET Q q 0 0 0 rg BT 334.06 586.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 394.02 586.10 Td (eight ) Tj ET Q q 0 0 0 rg BT 416.22 586.10 Td (to ) Tj ET Q q 0 0 0 rg BT 426.20 586.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 445.62 586.10 Td (years, ) Tj ET Q q 0 0 0 rg BT 471.42 586.10 Td (and ) Tj ET Q q 0 0 0 rg BT 488.07 586.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 525.26 586.10 Td (we ) Tj ET Q q 0 0 0 rg BT 539.12 586.10 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 574.10 Td (launched ) Tj ET Q q 0 0 0 rg BT 92.54 574.10 Td (one ) Tj ET Q q 0 0 0 rg BT 109.42 574.10 Td (new ) Tj ET Q q 0 0 0 rg BT 128.52 574.10 Td (model ) Tj ET Q q 0 0 0 rg BT 155.96 574.10 Td (every ) Tj ET Q q 0 0 0 rg BT 180.61 574.10 Td (year ) Tj ET Q q 0 0 0 rg BT 200.26 574.10 Td (while ) Tj ET Q q 0 0 0 rg BT 224.93 574.10 Td (keeping ) Tj ET Q q 0 0 0 rg BT 259.02 574.10 Td (four ) Tj ET Q q 0 0 0 rg BT 278.13 574.10 Td (or ) Tj ET Q q 0 0 0 rg BT 288.90 574.10 Td (more ) Tj ET Q q 0 0 0 rg BT 311.89 574.10 Td (range ) Tj ET Q q 0 0 0 rg BT 336.54 574.10 Td (models ) Tj ET Q q 0 0 0 rg BT 367.87 574.10 Td (in ) Tj ET Q q 0 0 0 rg BT 378.10 574.10 Td (production ) Tj ET Q q 0 0 0 rg BT 423.87 574.10 Td (at ) Tj ET Q q 0 0 0 rg BT 433.53 574.10 Td (any ) Tj ET Q q 0 0 0 rg BT 450.41 574.10 Td (time. ) Tj ET Q q 0 0 0 rg BT 472.95 574.10 Td (The ) Tj ET Q q 0 0 0 rg BT 490.94 574.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 517.26 574.10 Td (life ) Tj ET Q q 0 0 0 rg BT 533.02 574.10 Td (cycles ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 562.10 Td (of ) Tj ET Q q 0 0 0 rg BT 65.56 562.10 Td (our ) Tj ET Q q 0 0 0 rg BT 82.12 562.10 Td (models ) Tj ET Q q 0 0 0 rg BT 114.24 562.10 Td (vary ) Tj ET Q q 0 0 0 rg BT 135.24 562.10 Td (depending ) Tj ET Q q 0 0 0 rg BT 180.12 562.10 Td (on ) Tj ET Q q 0 0 0 rg BT 193.35 562.10 Td (various ) Tj ET Q q 0 0 0 rg BT 226.02 562.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 256.46 562.10 Td (including ) Tj ET Q q 0 0 0 rg BT 297.46 562.10 Td (market ) Tj ET Q q 0 0 0 rg BT 328.45 562.10 Td (response. ) Tj ET Q q 0 0 0 rg BT 369.17 562.10 Td (Special ) Tj ET Q q 0 0 0 rg BT 401.84 562.10 Td (series ) Tj ET Q q 0 0 0 rg BT 427.84 562.10 Td (have ) Tj ET Q q 0 0 0 rg BT 449.94 562.10 Td (dif) Tj ET Q q 0 0 0 rg BT 460.87 562.10 Td (ferent, ) Tj ET Q q 0 0 0 rg BT 489.92 562.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 528.14 562.10 Td (shorter) Tj ET Q q 0 0 0 rg BT 555.50 562.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 550.10 Td (lifecycles. ) Tj ET Q q 0 0 0 rg BT 97.13 550.10 Td (W) Tj ET Q q 0 0 0 rg BT 105.77 550.10 Td (e ) Tj ET Q q 0 0 0 rg BT 112.71 550.10 Td (usually ) Tj ET Q q 0 0 0 rg BT 144.09 550.10 Td (utilize ) Tj ET Q q 0 0 0 rg BT 171.58 550.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 214.07 550.10 Td (platforms ) Tj ET Q q 0 0 0 rg BT 254.90 550.10 Td (for ) Tj ET Q q 0 0 0 rg BT 269.06 550.10 Td (production ) Tj ET Q q 0 0 0 rg BT 314.88 550.10 Td (of ) Tj ET Q q 0 0 0 rg BT 325.71 550.10 Td (our ) Tj ET Q q 0 0 0 rg BT 341.54 550.10 Td (supercars, ) Tj ET Q q 0 0 0 rg BT 384.30 550.10 Td (such ) Tj ET Q q 0 0 0 rg BT 405.13 550.10 Td (as ) Tj ET Q q 0 0 0 rg BT 415.96 550.10 Td (LaFerrari.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 526.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 526.10 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 526.10 Td (e ) Tj ET Q q 0 0 0 rg BT 104.55 526.10 Td (also ) Tj ET Q q 0 0 0 rg BT 122.13 526.10 Td (run ) Tj ET Q q 0 0 0 rg BT 136.94 526.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 169.51 526.10 Td (programs ) Tj ET Q q 0 0 0 rg BT 208.75 526.10 Td (for ) Tj ET Q q 0 0 0 rg BT 221.88 526.10 Td (our ) Tj ET Q q 0 0 0 rg BT 236.69 526.10 Td (most ) Tj ET Q q 0 0 0 rg BT 257.61 526.10 Td (critical ) Tj ET Q q 0 0 0 rg BT 286.85 526.10 Td (components, ) Tj ET Q q 0 0 0 rg BT 339.15 526.10 Td (independently ) Tj ET Q q 0 0 0 rg BT 397.27 526.10 Td (from ) Tj ET Q q 0 0 0 rg BT 418.18 526.10 Td (the ) Tj ET Q q 0 0 0 rg BT 431.88 526.10 Td (development ) Tj ET Q q 0 0 0 rg BT 485.00 526.10 Td (of ) Tj ET Q q 0 0 0 rg BT 494.80 526.10 Td (new ) Tj ET Q q 0 0 0 rg BT 512.94 526.10 Td (car ) Tj ET Q q 0 0 0 rg BT 526.62 526.10 Td (models. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 514.10 Td (This ) Tj ET Q q 0 0 0 rg BT 74.03 514.10 Td (is ) Tj ET Q q 0 0 0 rg BT 82.96 514.10 Td (the ) Tj ET Q q 0 0 0 rg BT 97.43 514.10 Td (case ) Tj ET Q q 0 0 0 rg BT 116.89 514.10 Td (of ) Tj ET Q q 0 0 0 rg BT 127.47 514.10 Td (our ) Tj ET Q q 0 0 0 rg BT 143.05 514.10 Td (engines, ) Tj ET Q q 0 0 0 rg BT 178.35 514.10 Td (which ) Tj ET Q q 0 0 0 rg BT 205.04 514.10 Td (we ) Tj ET Q q 0 0 0 rg BT 218.96 514.10 Td (manufacture ) Tj ET Q q 0 0 0 rg BT 271.18 514.10 Td (according ) Tj ET Q q 0 0 0 rg BT 312.86 514.10 Td (to ) Tj ET Q q 0 0 0 rg BT 322.89 514.10 Td (cycle ) Tj ET Q q 0 0 0 rg BT 346.24 514.10 Td (milestones ) Tj ET Q q 0 0 0 rg BT 391.27 514.10 Td (not ) Tj ET Q q 0 0 0 rg BT 406.30 514.10 Td (necessarily ) Tj ET Q q 0 0 0 rg BT 452.97 514.10 Td (connected ) Tj ET Q q 0 0 0 rg BT 495.76 514.10 Td (with ) Tj ET Q q 0 0 0 rg BT 515.79 514.10 Td (the ) Tj ET Q q 0 0 0 rg BT 530.26 514.10 Td (release ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 502.10 Td (of ) Tj ET Q q 0 0 0 rg BT 64.51 502.10 Td (a ) Tj ET Q q 0 0 0 rg BT 71.13 502.10 Td (new ) Tj ET Q q 0 0 0 rg BT 89.97 502.10 Td (car ) Tj ET Q q 0 0 0 rg BT 104.35 502.10 Td (model. ) Tj ET Q q 0 0 0 rg BT 134.03 502.10 Td (Since ) Tj ET Q q 0 0 0 rg BT 158.42 502.10 Td (201) Tj ET Q q 0 0 0 rg BT 173.05 502.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 182.73 502.10 Td (we ) Tj ET Q q 0 0 0 rg BT 196.57 502.10 Td (have ) Tj ET Q q 0 0 0 rg BT 217.63 502.10 Td (also ) Tj ET Q q 0 0 0 rg BT 235.91 502.10 Td (been ) Tj ET Q q 0 0 0 rg BT 256.97 502.10 Td (producing ) Tj ET Q q 0 0 0 rg BT 299.70 502.10 Td (the ) Tj ET Q q 0 0 0 rg BT 314.09 502.10 Td (new ) Tj ET Q q 0 0 0 rg BT 332.93 502.10 Td (F160 ) Tj ET Q q 0 0 0 rg BT 355.67 502.10 Td (3.0-litre ) Tj ET Q q 0 0 0 rg BT 389.63 502.10 Td (V6 ) Tj ET Q q 0 0 0 rg BT 403.87 502.10 Td (T) Tj ET Q q 0 0 0 rg BT 409.63 502.10 Td (urbo ) Tj ET Q q 0 0 0 rg BT 430.14 502.10 Td (engine ) Tj ET Q q 0 0 0 rg BT 458.97 502.10 Td (exclusively ) Tj ET Q q 0 0 0 rg BT 506.69 502.10 Td (for ) Tj ET Q q 0 0 0 rg BT 520.53 502.10 Td (Maserati. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 490.10 Td (In ) Tj ET Q q 0 0 0 rg BT 65.64 490.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 91.45 490.10 Td (we ) Tj ET Q q 0 0 0 rg BT 106.42 490.10 Td (produced ) Tj ET Q q 0 0 0 rg BT 146.94 490.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 208.01 490.10 Td (21,500 ) Tj ET Q q 0 0 0 rg BT 238.82 490.10 Td (F160 ) Tj ET Q q 0 0 0 rg BT 262.69 490.10 Td (engines ) Tj ET Q q 0 0 0 rg BT 296.55 490.10 Td (for ) Tj ET Q q 0 0 0 rg BT 311.52 490.10 Td (Maserati. ) Tj ET Q q 0 0 0 rg BT 352.32 490.10 Td (\(See ) Tj ET Q q 0 0 0 rg BT 373.39 490.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 377.83 490.10 Td (Manufacturing ) Tj ET Q q 0 0 0 rg BT 450.03 490.10 Td (of ) Tj ET Q q 0 0 0 rg BT 461.12 490.10 Td (Engines ) Tj ET Q q 0 0 0 rg BT 496.65 490.10 Td (for ) Tj ET Q q 0 0 0 rg BT 511.63 490.10 Td (Maserati) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.74 490.10 Td (\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 478.10 Td (Many ) Tj ET Q q 0 0 0 rg BT 79.56 478.10 Td (of ) Tj ET Q q 0 0 0 rg BT 90.11 478.10 Td (our ) Tj ET Q q 0 0 0 rg BT 105.67 478.10 Td (components, ) Tj ET Q q 0 0 0 rg BT 158.72 478.10 Td (such ) Tj ET Q q 0 0 0 rg BT 179.27 478.10 Td (as ) Tj ET Q q 0 0 0 rg BT 189.83 478.10 Td (those ) Tj ET Q q 0 0 0 rg BT 213.16 478.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 245.93 478.10 Td (to ) Tj ET Q q 0 0 0 rg BT 255.93 478.10 Td (transmission, ) Tj ET Q q 0 0 0 rg BT 311.22 478.10 Td (power ) Tj ET Q q 0 0 0 rg BT 338.43 478.10 Td (steering, ) Tj ET Q q 0 0 0 rg BT 374.81 478.10 Td (navigation ) Tj ET Q q 0 0 0 rg BT 419.25 478.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 453.15 478.10 Td (and ) Tj ET Q q 0 0 0 rg BT 469.81 478.10 Td (the ) Tj ET Q q 0 0 0 rg BT 484.25 478.10 Td (instrument ) Tj ET Q q 0 0 0 rg BT 529.25 478.10 Td (cluster) Tj ET Q q 0 0 0 rg BT 555.51 478.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 466.10 Td (are ) Tj ET Q q 0 0 0 rg BT 68.71 466.10 Td (co-designed ) Tj ET Q q 0 0 0 rg BT 119.52 466.10 Td (by ) Tj ET Q q 0 0 0 rg BT 132.02 466.10 Td (us ) Tj ET Q q 0 0 0 rg BT 143.41 466.10 Td (and ) Tj ET Q q 0 0 0 rg BT 160.35 466.10 Td (our ) Tj ET Q q 0 0 0 rg BT 176.18 466.10 Td (suppliers ) Tj ET Q q 0 0 0 rg BT 214.79 466.10 Td (based ) Tj ET Q q 0 0 0 rg BT 240.06 466.10 Td (on ) Tj ET Q q 0 0 0 rg BT 252.56 466.10 Td (our ) Tj ET Q q 0 0 0 rg BT 268.39 466.10 Td (specifications.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 442.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 442.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 107.28 442.10 Td (research ) Tj ET Q q 0 0 0 rg BT 142.30 442.10 Td (and ) Tj ET Q q 0 0 0 rg BT 158.47 442.10 Td (development ) Tj ET Q q 0 0 0 rg BT 211.84 442.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 255.22 442.10 Td (constantly ) Tj ET Q q 0 0 0 rg BT 298.05 442.10 Td (focus ) Tj ET Q q 0 0 0 rg BT 321.43 442.10 Td (on ) Tj ET Q q 0 0 0 rg BT 333.15 442.10 Td (innovating ) Tj ET Q q 0 0 0 rg BT 377.65 442.10 Td (our ) Tj ET Q q 0 0 0 rg BT 392.71 442.10 Td (cars) Tj ET Q q 0 0 0 rg BT 411.39 442.10 Td ( ) Tj ET Q q 0 0 0 rg BT 413.12 442.10 Td (concept ) Tj ET Q q 0 0 0 rg BT 445.93 442.10 Td (and ) Tj ET Q q 0 0 0 rg BT 462.09 442.10 Td (package, ) Tj ET Q q 0 0 0 rg BT 499.07 442.10 Td (on ) Tj ET Q q 0 0 0 rg BT 510.80 442.10 Td (powertrains ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 430.10 Td (design, ) Tj ET Q q 0 0 0 rg BT 85.11 430.10 Td (car ) Tj ET Q q 0 0 0 rg BT 99.82 430.10 Td (architecture ) Tj ET Q q 0 0 0 rg BT 149.50 430.10 Td (and ) Tj ET Q q 0 0 0 rg BT 166.44 430.10 Td (components ) Tj ET Q q 0 0 0 rg BT 217.27 430.10 Td (development. ) Tj ET Q q 0 0 0 rg BT 273.92 430.10 Td (\(See ) Tj ET Q q 0 0 0 rg BT 294.19 430.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 298.62 430.10 Td (Resear) Tj ET Q q 0 0 0 rg BT 334.91 430.10 Td (ch ) Tj ET Q q 0 0 0 rg BT 346.85 430.10 Td (and ) Tj ET Q q 0 0 0 rg BT 364.35 430.10 Td (Development) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.11 430.10 Td (\). ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 406.10 Td (Procurement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 382.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 382.10 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 382.10 Td (e ) Tj ET Q q 0 0 0 rg BT 106.97 382.10 Td (source ) Tj ET Q q 0 0 0 rg BT 136.95 382.10 Td (a ) Tj ET Q q 0 0 0 rg BT 145.28 382.10 Td (variety ) Tj ET Q q 0 0 0 rg BT 176.93 382.10 Td (of ) Tj ET Q q 0 0 0 rg BT 189.15 382.10 Td (components ) Tj ET Q q 0 0 0 rg BT 241.37 382.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 286.36 382.10 Td (transmissions, ) Tj ET Q q 0 0 0 rg BT 347.20 382.10 Td (brakes, ) Tj ET Q q 0 0 0 rg BT 379.69 382.10 Td (driving-safety ) Tj ET Q q 0 0 0 rg BT 439.67 382.10 Td (systems, ) Tj ET Q q 0 0 0 rg BT 477.73 382.10 Td (navigation ) Tj ET Q q 0 0 0 rg BT 523.83 382.10 Td (systems, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 370.10 Td (mechanical, ) Tj ET Q q 0 0 0 rg BT 104.44 370.10 Td (electrical ) Tj ET Q q 0 0 0 rg BT 143.49 370.10 Td (and ) Tj ET Q q 0 0 0 rg BT 160.35 370.10 Td (electronic, ) Tj ET Q q 0 0 0 rg BT 204.68 370.10 Td (plastic ) Tj ET Q q 0 0 0 rg BT 233.20 370.10 Td (components ) Tj ET Q q 0 0 0 rg BT 283.94 370.10 Td (as ) Tj ET Q q 0 0 0 rg BT 294.68 370.10 Td (well ) Tj ET Q q 0 0 0 rg BT 314.31 370.10 Td (as ) Tj ET Q q 0 0 0 rg BT 325.06 370.10 Td (castings ) Tj ET Q q 0 0 0 rg BT 359.69 370.10 Td (and ) Tj ET Q q 0 0 0 rg BT 376.54 370.10 Td (tires\), ) Tj ET Q q 0 0 0 rg BT 402.00 370.10 Td (raw ) Tj ET Q q 0 0 0 rg BT 419.41 370.10 Td (materials ) Tj ET Q q 0 0 0 rg BT 458.47 370.10 Td (\(aluminum, ) Tj ET Q q 0 0 0 rg BT 507.27 370.10 Td (and ) Tj ET Q q 0 0 0 rg BT 524.12 370.10 Td (precious ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 358.10 Td (metals ) Tj ET Q q 0 0 0 rg BT 82.60 358.10 Td (including ) Tj ET Q q 0 0 0 rg BT 122.88 358.10 Td (palladium ) Tj ET Q q 0 0 0 rg BT 165.37 358.10 Td (and ) Tj ET Q q 0 0 0 rg BT 182.31 358.10 Td (rhodium\), ) Tj ET Q q 0 0 0 rg BT 224.52 358.10 Td (supplies, ) Tj ET Q q 0 0 0 rg BT 262.30 358.10 Td (utilities, ) Tj ET Q q 0 0 0 rg BT 297.30 358.10 Td (logistics ) Tj ET Q q 0 0 0 rg BT 333.14 358.10 Td (and ) Tj ET Q q 0 0 0 rg BT 350.07 358.10 Td (other ) Tj ET Q q 0 0 0 rg BT 373.12 358.10 Td (services ) Tj ET Q q 0 0 0 rg BT 407.83 358.10 Td (from ) Tj ET Q q 0 0 0 rg BT 429.77 358.10 Td (numerous ) Tj ET Q q 0 0 0 rg BT 471.71 358.10 Td (suppliers.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 334.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 334.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 108.18 334.10 Td (focus ) Tj ET Q q 0 0 0 rg BT 132.46 334.10 Td (on ) Tj ET Q q 0 0 0 rg BT 145.08 334.10 Td (excellence, ) Tj ET Q q 0 0 0 rg BT 192.39 334.10 Td (in ) Tj ET Q q 0 0 0 rg BT 202.80 334.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 227.64 334.10 Td (of ) Tj ET Q q 0 0 0 rg BT 238.59 334.10 Td (luxury ) Tj ET Q q 0 0 0 rg BT 267.32 334.10 Td (and ) Tj ET Q q 0 0 0 rg BT 284.38 334.10 Td (performance, ) Tj ET Q q 0 0 0 rg BT 340.03 334.10 Td (require ) Tj ET Q q 0 0 0 rg BT 370.97 334.10 Td (us ) Tj ET Q q 0 0 0 rg BT 382.48 334.10 Td (to ) Tj ET Q q 0 0 0 rg BT 392.89 334.10 Td (select ) Tj ET Q q 0 0 0 rg BT 418.27 334.10 Td (suppliers ) Tj ET Q q 0 0 0 rg BT 457.00 334.10 Td (and ) Tj ET Q q 0 0 0 rg BT 474.07 334.10 Td (partners ) Tj ET Q q 0 0 0 rg BT 508.90 334.10 Td (that ) Tj ET Q q 0 0 0 rg BT 526.52 334.10 Td (are ) Tj ET Q q 0 0 0 rg BT 541.35 334.10 Td (able ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 322.10 Td (to ) Tj ET Q q 0 0 0 rg BT 65.39 322.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 88.43 322.10 Td (our ) Tj ET Q q 0 0 0 rg BT 105.37 322.10 Td (high ) Tj ET Q q 0 0 0 rg BT 126.76 322.10 Td (standards. ) Tj ET Q q 0 0 0 rg BT 170.64 322.10 Td (For ) Tj ET Q q 0 0 0 rg BT 188.14 322.10 Td (the ) Tj ET Q q 0 0 0 rg BT 203.97 322.10 Td (sourcing ) Tj ET Q q 0 0 0 rg BT 242.01 322.10 Td (of ) Tj ET Q q 0 0 0 rg BT 253.95 322.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 284.77 322.10 Td (key ) Tj ET Q q 0 0 0 rg BT 302.81 322.10 Td (components ) Tj ET Q q 0 0 0 rg BT 354.75 322.10 Td (with ) Tj ET Q q 0 0 0 rg BT 376.14 322.10 Td (highly ) Tj ET Q q 0 0 0 rg BT 405.30 322.10 Td (technological ) Tj ET Q q 0 0 0 rg BT 462.78 322.10 Td (specifications, ) Tj ET Q q 0 0 0 rg BT 523.87 322.10 Td (we ) Tj ET Q q 0 0 0 rg BT 539.14 322.10 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 310.10 Td (developed ) Tj ET Q q 0 0 0 rg BT 97.86 310.10 Td (strongly ) Tj ET Q q 0 0 0 rg BT 133.41 310.10 Td (syner) Tj ET Q q 0 0 0 rg BT 154.89 310.10 Td (gic ) Tj ET Q q 0 0 0 rg BT 169.87 310.10 Td (relationships ) Tj ET Q q 0 0 0 rg BT 223.75 310.10 Td (with ) Tj ET Q q 0 0 0 rg BT 244.29 310.10 Td (some ) Tj ET Q q 0 0 0 rg BT 268.17 310.10 Td (of ) Tj ET Q q 0 0 0 rg BT 279.27 310.10 Td (our ) Tj ET Q q 0 0 0 rg BT 295.37 310.10 Td (suppliers, ) Tj ET Q q 0 0 0 rg BT 336.74 310.10 Td (which ) Tj ET Q q 0 0 0 rg BT 363.95 310.10 Td (we ) Tj ET Q q 0 0 0 rg BT 378.38 310.10 Td (consider ) Tj ET Q q 0 0 0 rg BT 415.03 310.10 Td (key ) Tj ET Q q 0 0 0 rg BT 436.67 310.10 Td (strategic ) Tj ET Q q 0 0 0 rg BT 473.31 310.10 Td (innovation ) Tj ET Q q 0 0 0 rg BT 518.85 310.10 Td (partners. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 298.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 298.10 Td (e ) Tj ET Q q 0 0 0 rg BT 69.34 298.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 107.70 298.10 Td (rely ) Tj ET Q q 0 0 0 rg BT 125.51 298.10 Td (on ) Tj ET Q q 0 0 0 rg BT 137.78 298.10 Td (14 ) Tj ET Q q 0 0 0 rg BT 150.04 298.10 Td (key ) Tj ET Q q 0 0 0 rg BT 166.74 298.10 Td (strategic ) Tj ET Q q 0 0 0 rg BT 202.88 298.10 Td (innovation ) Tj ET Q q 0 0 0 rg BT 247.92 298.10 Td (partners, ) Tj ET Q q 0 0 0 rg BT 284.89 298.10 Td (including ) Tj ET Q q 0 0 0 rg BT 324.93 298.10 Td (GETRAG ) Tj ET Q q 0 0 0 rg BT 367.74 298.10 Td (and ) Tj ET Q q 0 0 0 rg BT 384.45 298.10 Td (Brembo ) Tj ET Q q 0 0 0 rg BT 418.93 298.10 Td (for ) Tj ET Q q 0 0 0 rg BT 432.85 298.10 Td (the ) Tj ET Q q 0 0 0 rg BT 447.33 298.10 Td (supply ) Tj ET Q q 0 0 0 rg BT 476.27 298.10 Td (of ) Tj ET Q q 0 0 0 rg BT 486.86 298.10 Td (transmissions ) Tj ET Q q 0 0 0 rg BT 543.58 298.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 286.10 Td (brakes ) Tj ET Q q 0 0 0 rg BT 83.80 286.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 131.46 286.10 Td (. ) Tj ET Q q 0 0 0 rg BT 137.40 286.10 Td (W) Tj ET Q q 0 0 0 rg BT 146.04 286.10 Td (e ) Tj ET Q q 0 0 0 rg BT 154.18 286.10 Td (have ) Tj ET Q q 0 0 0 rg BT 176.77 286.10 Td (also ) Tj ET Q q 0 0 0 rg BT 196.58 286.10 Td (developed ) Tj ET Q q 0 0 0 rg BT 241.38 286.10 Td (strong ) Tj ET Q q 0 0 0 rg BT 270.08 286.10 Td (relationships ) Tj ET Q q 0 0 0 rg BT 324.89 286.10 Td (with ) Tj ET Q q 0 0 0 rg BT 346.37 286.10 Td (other ) Tj ET Q q 0 0 0 rg BT 370.63 286.10 Td (industrial ) Tj ET Q q 0 0 0 rg BT 412.10 286.10 Td (partners ) Tj ET Q q 0 0 0 rg BT 448.02 286.10 Td (for ) Tj ET Q q 0 0 0 rg BT 463.38 286.10 Td (bodyworks ) Tj ET Q q 0 0 0 rg BT 511.53 286.10 Td (and ) Tj ET Q q 0 0 0 rg BT 529.67 286.10 Td (chassis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 274.10 Td (manufacturing ) Tj ET Q q 0 0 0 rg BT 115.00 274.10 Td (and ) Tj ET Q q 0 0 0 rg BT 132.12 274.10 Td (for ) Tj ET Q q 0 0 0 rg BT 146.46 274.10 Td (powertrain ) Tj ET Q q 0 0 0 rg BT 192.46 274.10 Td (and ) Tj ET Q q 0 0 0 rg BT 209.59 274.10 Td (transmissions, ) Tj ET Q q 0 0 0 rg BT 269.22 274.10 Td (among ) Tj ET Q q 0 0 0 rg BT 299.12 274.10 Td (other ) Tj ET Q q 0 0 0 rg BT 322.35 274.10 Td (things. ) Tj ET Q q 0 0 0 rg BT 351.98 274.10 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 389.67 274.10 Td (to ) Tj ET Q q 0 0 0 rg BT 400.13 274.10 Td (our ) Tj ET Q q 0 0 0 rg BT 416.15 274.10 Td (make-or) Tj ET Q q 0 0 0 rg BT 449.26 274.10 Td (-buy ) Tj ET Q q 0 0 0 rg BT 470.28 274.10 Td (strategy) Tj ET Q q 0 0 0 rg BT 501.28 274.10 Td (, ) Tj ET Q q 0 0 0 rg BT 506.47 274.10 Td (we ) Tj ET Q q 0 0 0 rg BT 520.81 274.10 Td (generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 262.10 Td (retain ) Tj ET Q q 0 0 0 rg BT 80.15 262.10 Td (production ) Tj ET Q q 0 0 0 rg BT 126.86 262.10 Td (in-house ) Tj ET Q q 0 0 0 rg BT 164.68 262.10 Td (whenever ) Tj ET Q q 0 0 0 rg BT 206.94 262.10 Td (we ) Tj ET Q q 0 0 0 rg BT 221.98 262.10 Td (have ) Tj ET Q q 0 0 0 rg BT 244.24 262.10 Td (an ) Tj ET Q q 0 0 0 rg BT 257.07 262.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 289.89 262.10 Td (in ) Tj ET Q q 0 0 0 rg BT 301.05 262.10 Td (preserving ) Tj ET Q q 0 0 0 rg BT 346.64 262.10 Td (or ) Tj ET Q q 0 0 0 rg BT 358.36 262.10 Td (developing ) Tj ET Q q 0 0 0 rg BT 406.18 262.10 Td (technological ) Tj ET Q q 0 0 0 rg BT 463.43 262.10 Td (know-how ) Tj ET Q q 0 0 0 rg BT 509.59 262.10 Td (or ) Tj ET Q q 0 0 0 rg BT 521.30 262.10 Td (when ) Tj ET Q q 0 0 0 rg BT 546.35 262.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 250.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 85.16 250.10 Td (that ) Tj ET Q q 0 0 0 rg BT 102.45 250.10 Td (outsourcing ) Tj ET Q q 0 0 0 rg BT 151.96 250.10 Td (would ) Tj ET Q q 0 0 0 rg BT 179.25 250.10 Td (impair ) Tj ET Q q 0 0 0 rg BT 207.65 250.10 Td (the ) Tj ET Q q 0 0 0 rg BT 222.15 250.10 Td (ef) Tj ET Q q 0 0 0 rg BT 229.74 250.10 Td (ficiency ) Tj ET Q q 0 0 0 rg BT 264.23 250.10 Td (and ) Tj ET Q q 0 0 0 rg BT 280.96 250.10 Td (flexibility ) Tj ET Q q 0 0 0 rg BT 322.69 250.10 Td (of ) Tj ET Q q 0 0 0 rg BT 333.32 250.10 Td (our ) Tj ET Q q 0 0 0 rg BT 348.94 250.10 Td (production ) Tj ET Q q 0 0 0 rg BT 394.55 250.10 Td (process. ) Tj ET Q q 0 0 0 rg BT 429.17 250.10 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 473.38 250.10 Td (we ) Tj ET Q q 0 0 0 rg BT 487.33 250.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 524.05 250.10 Td (to ) Tj ET Q q 0 0 0 rg BT 534.12 250.10 Td (invest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 238.10 Td (in ) Tj ET Q q 0 0 0 rg BT 64.28 238.10 Td (the ) Tj ET Q q 0 0 0 rg BT 79.00 238.10 Td (skills ) Tj ET Q q 0 0 0 rg BT 102.61 238.10 Td (and ) Tj ET Q q 0 0 0 rg BT 119.55 238.10 Td (processes ) Tj ET Q q 0 0 0 rg BT 160.37 238.10 Td (required ) Tj ET Q q 0 0 0 rg BT 196.19 238.10 Td (for ) Tj ET Q q 0 0 0 rg BT 210.35 238.10 Td (low-volume ) Tj ET Q q 0 0 0 rg BT 261.17 238.10 Td (production ) Tj ET Q q 0 0 0 rg BT 307.00 238.10 Td (of ) Tj ET Q q 0 0 0 rg BT 317.83 238.10 Td (components ) Tj ET Q q 0 0 0 rg BT 368.65 238.10 Td (that ) Tj ET Q q 0 0 0 rg BT 386.15 238.10 Td (we ) Tj ET Q q 0 0 0 rg BT 400.31 238.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 431.68 238.10 Td (improve ) Tj ET Q q 0 0 0 rg BT 467.51 238.10 Td (product ) Tj ET Q q 0 0 0 rg BT 500.55 238.10 Td (quality) Tj ET Q q 0 0 0 rg BT 527.68 238.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 214.10 Td (For the year ended December31, 2015, the purchases from our five lar) Tj ET Q q 0 0 0 rg BT 379.60 214.10 Td (gest suppliers by value accounted for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 202.10 Td (approximately 25 percent of total procurement costs, and no supplier accounted for more than ten percent of our total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 190.10 Td (procurement costs. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 166.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 166.10 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 166.10 Td (e recognize the contribution of our suppliers to our success through various initiatives, including Podio Ferrari and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 154.10 Td (Key Innovation Partners, events devoted to Ferrari) Tj ET Q q 0 0 0 rg BT 259.22 154.10 Td (s suppliers who displayed particular excellence or innovative flair) Tj ET Q q 0 0 0 rg BT 521.91 154.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 130.10 Td (Production ) Tj ET Q q 0 0 0 rg BT 102.62 130.10 Td (Process) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 106.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 106.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 109.89 106.10 Td (production ) Tj ET Q q 0 0 0 rg BT 157.54 106.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 196.31 106.10 Td (are ) Tj ET Q q 0 0 0 rg BT 212.85 106.10 Td (located ) Tj ET Q q 0 0 0 rg BT 246.05 106.10 Td (in ) Tj ET Q q 0 0 0 rg BT 258.16 106.10 Td (Maranello ) Tj ET Q q 0 0 0 rg BT 303.59 106.10 Td (and ) Tj ET Q q 0 0 0 rg BT 322.36 106.10 Td (in ) Tj ET Q q 0 0 0 rg BT 334.48 106.10 Td (Modena, ) Tj ET Q q 0 0 0 rg BT 374.08 106.10 Td (Italy ) Tj ET Q q 0 0 0 rg BT 396.74 106.10 Td (\(see ) Tj ET Q q 0 0 0 rg BT 417.17 106.10 Td (Item ) Tj ET Q q 0 0 0 rg BT 444.27 106.10 Td (4.D. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 465.82 106.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 475.45 106.10 Td (operties, ) Tj ET Q q 0 0 0 rg BT 514.50 106.10 Td (Plant, ) Tj ET Q q 0 0 0 rg BT 543.00 106.10 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 94.10 Td (Equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.33 94.10 Td (\). ) Tj ET Q q 0 0 0 rg BT 110.09 94.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 128.15 94.10 Td (production ) Tj ET Q q 0 0 0 rg BT 173.97 94.10 Td (processes ) Tj ET Q q 0 0 0 rg BT 214.79 94.10 Td (include ) Tj ET Q q 0 0 0 rg BT 246.72 94.10 Td (supply ) Tj ET Q q 0 0 0 rg BT 275.89 94.10 Td (chain ) Tj ET Q q 0 0 0 rg BT 300.05 94.10 Td (management, ) Tj ET Q q 0 0 0 rg BT 356.14 94.10 Td (production ) Tj ET Q q 0 0 0 rg BT 401.96 94.10 Td (and ) Tj ET Q q 0 0 0 rg BT 418.90 94.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 467.52 94.10 Td (logistics.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 70.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 70.10 Td (Notwithstanding ) Tj ET Q q 0 0 0 rg BT 159.45 70.10 Td (the ) Tj ET Q q 0 0 0 rg BT 174.45 70.10 Td (low ) Tj ET Q q 0 0 0 rg BT 192.23 70.10 Td (volumes ) Tj ET Q q 0 0 0 rg BT 228.90 70.10 Td (of ) Tj ET Q q 0 0 0 rg BT 240.01 70.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 258.89 70.10 Td (produced, ) Tj ET Q q 0 0 0 rg BT 301.38 70.10 Td (our ) Tj ET Q q 0 0 0 rg BT 317.49 70.10 Td (production ) Tj ET Q q 0 0 0 rg BT 363.60 70.10 Td (process ) Tj ET Q q 0 0 0 rg BT 396.37 70.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 431.36 70.10 Td (a ) Tj ET Q q 0 0 0 rg BT 438.58 70.10 Td (great ) Tj ET Q q 0 0 0 rg BT 461.35 70.10 Td (variety ) Tj ET Q q 0 0 0 rg BT 491.90 70.10 Td (of ) Tj ET Q q 0 0 0 rg BT 503.01 70.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 530.24 70.10 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 58.10 Td (40,000 ) Tj ET Q q 0 0 0 rg BT 86.48 58.10 Td (product ) Tj ET Q q 0 0 0 rg BT 122.00 58.10 Td (identifier ) Tj ET Q q 0 0 0 rg BT 163.63 58.10 Td (codes ) Tj ET Q q 0 0 0 rg BT 191.37 58.10 Td (sourced ) Tj ET Q q 0 0 0 rg BT 227.45 58.10 Td (from ) Tj ET Q q 0 0 0 rg BT 251.86 58.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 314.60 58.10 Td (1,000 ) Tj ET Q q 0 0 0 rg BT 342.07 58.10 Td (total ) Tj ET Q q 0 0 0 rg BT 364.82 58.10 Td (suppliers ) Tj ET Q q 0 0 0 rg BT 405.91 58.10 Td (entailing ) Tj ET Q q 0 0 0 rg BT 455.88 58.10 Td (a ) Tj ET Q q 0 0 0 rg BT 465.29 58.10 Td (complex ) Tj ET Q q 0 0 0 rg BT 504.70 58.10 Td (supply ) Tj ET Q q 0 0 0 rg BT 536.35 58.10 Td (chain ) Tj ET Q endstream endobj 105 0 obj <> endobj 106 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 30.20 Td (44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 742.10 Td (management ) Tj ET Q q 0 0 0 rg BT 108.52 742.10 Td (to ) Tj ET Q q 0 0 0 rg BT 119.73 742.10 Td (ensure ) Tj ET Q q 0 0 0 rg BT 149.25 742.10 Td (continuity ) Tj ET Q q 0 0 0 rg BT 193.23 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 204.99 742.10 Td (production. ) Tj ET Q q 0 0 0 rg BT 254.25 742.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 273.23 742.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 297.77 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 309.53 742.10 Td (supplies ) Tj ET Q q 0 0 0 rg BT 345.73 742.10 Td (is ) Tj ET Q q 0 0 0 rg BT 355.83 742.10 Td (warehoused ) Tj ET Q q 0 0 0 rg BT 407.02 742.10 Td (in ) Tj ET Q q 0 0 0 rg BT 418.23 742.10 Td (Ubersetto, ) Tj ET Q q 0 0 0 rg BT 463.03 742.10 Td (near ) Tj ET Q q 0 0 0 rg BT 483.67 742.10 Td (Maranello, ) Tj ET Q q 0 0 0 rg BT 530.69 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 548.56 742.10 Td (its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 730.10 Td (management ) Tj ET Q q 0 0 0 rg BT 107.59 730.10 Td (is ) Tj ET Q q 0 0 0 rg BT 116.76 730.10 Td (outsourced ) Tj ET Q q 0 0 0 rg BT 163.14 730.10 Td (to ) Tj ET Q q 0 0 0 rg BT 173.41 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 188.13 730.10 Td (logistics ) Tj ET Q q 0 0 0 rg BT 223.97 730.10 Td (company ) Tj ET Q q 0 0 0 rg BT 263.12 730.10 Td (Kuehne& ) Tj ET Q q 0 0 0 rg BT 307.00 730.10 Td (Nagel.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 706.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 706.10 Td (Most ) Tj ET Q q 0 0 0 rg BT 112.92 706.10 Td (of ) Tj ET Q q 0 0 0 rg BT 123.60 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 138.17 706.10 Td (manufacturing ) Tj ET Q q 0 0 0 rg BT 198.83 706.10 Td (process ) Tj ET Q q 0 0 0 rg BT 231.18 706.10 Td (takes ) Tj ET Q q 0 0 0 rg BT 254.08 706.10 Td (place ) Tj ET Q q 0 0 0 rg BT 277.52 706.10 Td (in ) Tj ET Q q 0 0 0 rg BT 287.66 706.10 Td (Maranello, ) Tj ET Q q 0 0 0 rg BT 333.60 706.10 Td (including ) Tj ET Q q 0 0 0 rg BT 373.73 706.10 Td (aluminum ) Tj ET Q q 0 0 0 rg BT 416.64 706.10 Td (alloy ) Tj ET Q q 0 0 0 rg BT 438.98 706.10 Td (casting ) Tj ET Q q 0 0 0 rg BT 469.66 706.10 Td (in ) Tj ET Q q 0 0 0 rg BT 479.79 706.10 Td (our ) Tj ET Q q 0 0 0 rg BT 495.48 706.10 Td (foundry) Tj ET Q q 0 0 0 rg BT 526.49 706.10 Td (, ) Tj ET Q q 0 0 0 rg BT 531.34 706.10 Td (engine ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 694.10 Td (construction, ) Tj ET Q q 0 0 0 rg BT 109.18 694.10 Td (mechanical ) Tj ET Q q 0 0 0 rg BT 157.96 694.10 Td (machining, ) Tj ET Q q 0 0 0 rg BT 205.91 694.10 Td (painting, ) Tj ET Q q 0 0 0 rg BT 244.43 694.10 Td (car ) Tj ET Q q 0 0 0 rg BT 259.89 694.10 Td (assembly) Tj ET Q q 0 0 0 rg BT 296.46 694.10 Td (, ) Tj ET Q q 0 0 0 rg BT 302.20 694.10 Td (and ) Tj ET Q q 0 0 0 rg BT 319.89 694.10 Td (bench ) Tj ET Q q 0 0 0 rg BT 347.01 694.10 Td (testing; ) Tj ET Q q 0 0 0 rg BT 379.70 694.10 Td (at ) Tj ET Q q 0 0 0 rg BT 390.17 694.10 Td (our ) Tj ET Q q 0 0 0 rg BT 406.74 694.10 Td (second ) Tj ET Q q 0 0 0 rg BT 437.76 694.10 Td (plant ) Tj ET Q q 0 0 0 rg BT 461.00 694.10 Td (in ) Tj ET Q q 0 0 0 rg BT 472.03 694.10 Td (Modena ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 508.04 694.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.37 694.10 Td (Carrozzeria ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 682.10 Td (Scaglietti\) ) Tj ET Q q 0 0 0 rg BT 98.42 682.10 Td (we ) Tj ET Q q 0 0 0 rg BT 113.40 682.10 Td (manufacture ) Tj ET Q q 0 0 0 rg BT 166.69 682.10 Td (our ) Tj ET Q q 0 0 0 rg BT 183.34 682.10 Td (cars) Tj ET Q q 0 0 0 rg BT 202.03 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 205.35 682.10 Td (aluminum ) Tj ET Q q 0 0 0 rg BT 249.22 682.10 Td (bodyworks ) Tj ET Q q 0 0 0 rg BT 296.98 682.10 Td (and ) Tj ET Q q 0 0 0 rg BT 314.74 682.10 Td (chassis. ) Tj ET Q q 0 0 0 rg BT 348.16 682.10 Td (All ) Tj ET Q q 0 0 0 rg BT 364.26 682.10 Td (parts ) Tj ET Q q 0 0 0 rg BT 387.02 682.10 Td (and ) Tj ET Q q 0 0 0 rg BT 404.78 682.10 Td (components ) Tj ET Q q 0 0 0 rg BT 456.42 682.10 Td (not ) Tj ET Q q 0 0 0 rg BT 472.52 682.10 Td (produced ) Tj ET Q q 0 0 0 rg BT 513.05 682.10 Td (in ) Tj ET Q q 0 0 0 rg BT 524.15 682.10 Td (house ) Tj ET Q q 0 0 0 rg BT 550.80 682.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 670.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 83.71 670.10 Td (are ) Tj ET Q q 0 0 0 rg BT 98.41 670.10 Td (sourced ) Tj ET Q q 0 0 0 rg BT 132.01 670.10 Td (from ) Tj ET Q q 0 0 0 rg BT 153.95 670.10 Td (our ) Tj ET Q q 0 0 0 rg BT 169.78 670.10 Td (panel ) Tj ET Q q 0 0 0 rg BT 193.94 670.10 Td (of ) Tj ET Q q 0 0 0 rg BT 204.77 670.10 Td (suppliers ) Tj ET Q q 0 0 0 rg BT 243.38 670.10 Td (\(see ) Tj ET Q q 0 0 0 rg BT 261.97 670.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 266.41 670.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 284.93 670.10 Td (ocur) Tj ET Q q 0 0 0 rg BT 302.89 670.10 Td (ement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.77 670.10 Td (\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 646.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 646.10 Td (In ) Tj ET Q q 0 0 0 rg BT 100.75 646.10 Td (recent ) Tj ET Q q 0 0 0 rg BT 127.60 646.10 Td (years ) Tj ET Q q 0 0 0 rg BT 151.13 646.10 Td (we ) Tj ET Q q 0 0 0 rg BT 165.21 646.10 Td (have ) Tj ET Q q 0 0 0 rg BT 186.51 646.10 Td (made ) Tj ET Q q 0 0 0 rg BT 210.59 646.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 255.23 646.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 305.42 646.10 Td (in ) Tj ET Q q 0 0 0 rg BT 315.63 646.10 Td (our ) Tj ET Q q 0 0 0 rg BT 331.38 646.10 Td (manufacturing ) Tj ET Q q 0 0 0 rg BT 392.12 646.10 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 431.47 646.10 Td (and ) Tj ET Q q 0 0 0 rg BT 448.33 646.10 Td (between ) Tj ET Q q 0 0 0 rg BT 484.07 646.10 Td (2002 ) Tj ET Q q 0 0 0 rg BT 506.50 646.10 Td (and ) Tj ET Q q 0 0 0 rg BT 523.36 646.10 Td (2012 ) Tj ET Q q 0 0 0 rg BT 545.78 646.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 634.10 Td (plants ) Tj ET Q q 0 0 0 rg BT 81.51 634.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 116.80 634.10 Td (our ) Tj ET Q q 0 0 0 rg BT 133.76 634.10 Td (production ) Tj ET Q q 0 0 0 rg BT 180.70 634.10 Td (processes ) Tj ET Q q 0 0 0 rg BT 222.65 634.10 Td (were ) Tj ET Q q 0 0 0 rg BT 245.70 634.10 Td (entirely ) Tj ET Q q 0 0 0 rg BT 279.86 634.10 Td (renovated ) Tj ET Q q 0 0 0 rg BT 322.91 634.10 Td (or ) Tj ET Q q 0 0 0 rg BT 334.86 634.10 Td (rebuilt. ) Tj ET Q q 0 0 0 rg BT 366.83 634.10 Td (W) Tj ET Q q 0 0 0 rg BT 375.47 634.10 Td (e ) Tj ET Q q 0 0 0 rg BT 383.53 634.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 404.37 634.10 Td (our ) Tj ET Q q 0 0 0 rg BT 421.32 634.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 468.83 634.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 508.55 634.10 Td (based ) Tj ET Q q 0 0 0 rg BT 534.94 634.10 Td (on ) Tj ET Q q 0 0 0 rg BT 548.56 634.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 622.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 95.10 622.10 Td (plant ) Tj ET Q q 0 0 0 rg BT 117.87 622.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 145.08 622.10 Td (life ) Tj ET Q q 0 0 0 rg BT 161.18 622.10 Td (of ) Tj ET Q q 0 0 0 rg BT 172.29 622.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 232.82 622.10 Td (20 ) Tj ET Q q 0 0 0 rg BT 245.60 622.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 271.97 622.10 Td (Equipment, ) Tj ET Q q 0 0 0 rg BT 321.13 622.10 Td (on ) Tj ET Q q 0 0 0 rg BT 333.91 622.10 Td (the ) Tj ET Q q 0 0 0 rg BT 348.90 622.10 Td (other ) Tj ET Q q 0 0 0 rg BT 372.22 622.10 Td (hand, ) Tj ET Q q 0 0 0 rg BT 396.94 622.10 Td (may ) Tj ET Q q 0 0 0 rg BT 416.93 622.10 Td (require ) Tj ET Q q 0 0 0 rg BT 448.02 622.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 493.57 622.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 540.23 622.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 610.10 Td (the ) Tj ET Q q 0 0 0 rg BT 68.34 610.10 Td (introduction ) Tj ET Q q 0 0 0 rg BT 119.34 610.10 Td (of ) Tj ET Q q 0 0 0 rg BT 129.79 610.10 Td (new ) Tj ET Q q 0 0 0 rg BT 148.57 610.10 Td (models, ) Tj ET Q q 0 0 0 rg BT 182.07 610.10 Td (particularly ) Tj ET Q q 0 0 0 rg BT 230.28 610.10 Td (in ) Tj ET Q q 0 0 0 rg BT 240.18 610.10 Td (the ) Tj ET Q q 0 0 0 rg BT 254.51 610.10 Td (case ) Tj ET Q q 0 0 0 rg BT 273.84 610.10 Td (of ) Tj ET Q q 0 0 0 rg BT 284.29 610.10 Td (shell ) Tj ET Q q 0 0 0 rg BT 305.29 610.10 Td (tools ) Tj ET Q q 0 0 0 rg BT 326.86 610.10 Td (for ) Tj ET Q q 0 0 0 rg BT 340.64 610.10 Td (the ) Tj ET Q q 0 0 0 rg BT 354.98 610.10 Td (foundry) Tj ET Q q 0 0 0 rg BT 385.99 610.10 Td (, ) Tj ET Q q 0 0 0 rg BT 390.61 610.10 Td (tools ) Tj ET Q q 0 0 0 rg BT 412.17 610.10 Td (for ) Tj ET Q q 0 0 0 rg BT 425.95 610.10 Td (machining, ) Tj ET Q q 0 0 0 rg BT 472.78 610.10 Td (feature ) Tj ET Q q 0 0 0 rg BT 502.66 610.10 Td (tools ) Tj ET Q q 0 0 0 rg BT 524.22 610.10 Td (for ) Tj ET Q q 0 0 0 rg BT 538.00 610.10 Td (body ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 598.10 Td (welding ) Tj ET Q q 0 0 0 rg BT 88.72 598.10 Td (and ) Tj ET Q q 0 0 0 rg BT 105.66 598.10 Td (special ) Tj ET Q q 0 0 0 rg BT 135.92 598.10 Td (mounting ) Tj ET Q q 0 0 0 rg BT 176.75 598.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 221.47 598.10 Td (for ) Tj ET Q q 0 0 0 rg BT 235.63 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 250.34 598.10 Td (assembly) Tj ET Q q 0 0 0 rg BT 286.91 598.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 574.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 574.10 Td (At ) Tj ET Q q 0 0 0 rg BT 103.47 574.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 163.02 574.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 188.99 574.10 Td (our ) Tj ET Q q 0 0 0 rg BT 205.79 574.10 Td (production ) Tj ET Q q 0 0 0 rg BT 252.58 574.10 Td (processes ) Tj ET Q q 0 0 0 rg BT 294.37 574.10 Td (employed ) Tj ET Q q 0 0 0 rg BT 337.27 574.10 Td (over ) Tj ET Q q 0 0 0 rg BT 358.51 574.10 Td (1,250 ) Tj ET Q q 0 0 0 rg BT 384.48 574.10 Td (engineers, ) Tj ET Q q 0 0 0 rg BT 428.76 574.10 Td (technicians ) Tj ET Q q 0 0 0 rg BT 477.21 574.10 Td (and ) Tj ET Q q 0 0 0 rg BT 495.12 574.10 Td (other ) Tj ET Q q 0 0 0 rg BT 519.13 574.10 Td (personnel ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 562.10 Td (\(approximately ) Tj ET Q q 0 0 0 rg BT 117.52 562.10 Td (1,150 ) Tj ET Q q 0 0 0 rg BT 142.46 562.10 Td (engineering ) Tj ET Q q 0 0 0 rg BT 192.09 562.10 Td (and ) Tj ET Q q 0 0 0 rg BT 208.97 562.10 Td (production ) Tj ET Q q 0 0 0 rg BT 254.73 562.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 299.92 562.10 Td (and ) Tj ET Q q 0 0 0 rg BT 316.80 562.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 376.99 562.10 Td (100 ) Tj ET Q q 0 0 0 rg BT 394.42 562.10 Td (white ) Tj ET Q q 0 0 0 rg BT 419.07 562.10 Td (collar ) Tj ET Q q 0 0 0 rg BT 444.27 562.10 Td (employees\). ) Tj ET Q q 0 0 0 rg BT 495.30 562.10 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 550.22 562.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 550.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 76.21 550.10 Td (we ) Tj ET Q q 0 0 0 rg BT 90.07 550.10 Td (employed ) Tj ET Q q 0 0 0 rg BT 131.71 550.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 173.91 550.10 Td (232 ) Tj ET Q q 0 0 0 rg BT 191.11 550.10 Td (temporary ) Tj ET Q q 0 0 0 rg BT 234.41 550.10 Td (engineers ) Tj ET Q q 0 0 0 rg BT 274.94 550.10 Td (and ) Tj ET Q q 0 0 0 rg BT 291.58 550.10 Td (production ) Tj ET Q q 0 0 0 rg BT 337.11 550.10 Td (employees. ) Tj ET Q q 0 0 0 rg BT 384.42 550.10 Td (W) Tj ET Q q 0 0 0 rg BT 393.06 550.10 Td (e ) Tj ET Q q 0 0 0 rg BT 399.70 550.10 Td (have ) Tj ET Q q 0 0 0 rg BT 420.79 550.10 Td (a ) Tj ET Q q 0 0 0 rg BT 427.43 550.10 Td (flexible ) Tj ET Q q 0 0 0 rg BT 460.18 550.10 Td (production ) Tj ET Q q 0 0 0 rg BT 505.71 550.10 Td (or) Tj ET Q q 0 0 0 rg BT 513.86 550.10 Td (ganization, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 538.10 Td (which ) Tj ET Q q 0 0 0 rg BT 80.93 538.10 Td (allows ) Tj ET Q q 0 0 0 rg BT 109.53 538.10 Td (us ) Tj ET Q q 0 0 0 rg BT 120.92 538.10 Td (to ) Tj ET Q q 0 0 0 rg BT 131.19 538.10 Td (adjust ) Tj ET Q q 0 0 0 rg BT 157.57 538.10 Td (production ) Tj ET Q q 0 0 0 rg BT 203.38 538.10 Td (capacity ) Tj ET Q q 0 0 0 rg BT 239.19 538.10 Td (to ) Tj ET Q q 0 0 0 rg BT 249.46 538.10 Td (accommodate ) Tj ET Q q 0 0 0 rg BT 307.48 538.10 Td (our ) Tj ET Q q 0 0 0 rg BT 323.30 538.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 361.33 538.10 Td (production ) Tj ET Q q 0 0 0 rg BT 407.14 538.10 Td (requirements. ) Tj ET Q q 0 0 0 rg BT 464.16 538.10 Td (This ) Tj ET Q q 0 0 0 rg BT 484.43 538.10 Td (is ) Tj ET Q q 0 0 0 rg BT 493.59 538.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 533.30 538.10 Td (due ) Tj ET Q q 0 0 0 rg BT 550.23 538.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 526.10 Td (the ) Tj ET Q q 0 0 0 rg BT 68.91 526.10 Td (low ) Tj ET Q q 0 0 0 rg BT 86.60 526.10 Td (volume ) Tj ET Q q 0 0 0 rg BT 119.28 526.10 Td (of ) Tj ET Q q 0 0 0 rg BT 130.30 526.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 149.09 526.10 Td (we ) Tj ET Q q 0 0 0 rg BT 163.44 526.10 Td (produce ) Tj ET Q q 0 0 0 rg BT 198.34 526.10 Td (per ) Tj ET Q q 0 0 0 rg BT 213.80 526.10 Td (year ) Tj ET Q q 0 0 0 rg BT 233.70 526.10 Td (and ) Tj ET Q q 0 0 0 rg BT 250.83 526.10 Td (to ) Tj ET Q q 0 0 0 rg BT 261.29 526.10 Td (our ) Tj ET Q q 0 0 0 rg BT 277.32 526.10 Td (highly ) Tj ET Q q 0 0 0 rg BT 305.56 526.10 Td (skilled ) Tj ET Q q 0 0 0 rg BT 334.92 526.10 Td (and ) Tj ET Q q 0 0 0 rg BT 352.05 526.10 Td (flexible ) Tj ET Q q 0 0 0 rg BT 385.28 526.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 426.84 526.10 Td (base ) Tj ET Q q 0 0 0 rg BT 447.30 526.10 Td (that ) Tj ET Q q 0 0 0 rg BT 464.99 526.10 Td (can ) Tj ET Q q 0 0 0 rg BT 481.55 526.10 Td (be ) Tj ET Q q 0 0 0 rg BT 493.68 526.10 Td (deployed ) Tj ET Q q 0 0 0 rg BT 533.03 526.10 Td (across ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 514.10 Td (various ) Tj ET Q q 0 0 0 rg BT 86.12 514.10 Td (production ) Tj ET Q q 0 0 0 rg BT 132.13 514.10 Td (areas. ) Tj ET Q q 0 0 0 rg BT 157.84 514.10 Td (In ) Tj ET Q q 0 0 0 rg BT 168.85 514.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 206.81 514.10 Td (we ) Tj ET Q q 0 0 0 rg BT 221.15 514.10 Td (can ) Tj ET Q q 0 0 0 rg BT 237.71 514.10 Td (adjust ) Tj ET Q q 0 0 0 rg BT 264.27 514.10 Td (our ) Tj ET Q q 0 0 0 rg BT 280.28 514.10 Td (make-or) Tj ET Q q 0 0 0 rg BT 313.40 514.10 Td (-buy ) Tj ET Q q 0 0 0 rg BT 334.41 514.10 Td (strategies ) Tj ET Q q 0 0 0 rg BT 374.85 514.10 Td (to ) Tj ET Q q 0 0 0 rg BT 385.31 514.10 Td (address ) Tj ET Q q 0 0 0 rg BT 417.98 514.10 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 467.88 514.10 Td (in ) Tj ET Q q 0 0 0 rg BT 478.34 514.10 Td (the ) Tj ET Q q 0 0 0 rg BT 493.23 514.10 Td (level ) Tj ET Q q 0 0 0 rg BT 515.35 514.10 Td (of ) Tj ET Q q 0 0 0 rg BT 526.36 514.10 Td (demand ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 502.10 Td (on ) Tj ET Q q 0 0 0 rg BT 66.36 502.10 Td (our ) Tj ET Q q 0 0 0 rg BT 82.06 502.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 114.96 502.10 Td (production ) Tj ET Q q 0 0 0 rg BT 160.65 502.10 Td (resources. ) Tj ET Q q 0 0 0 rg BT 203.27 502.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 221.19 502.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 257.98 502.10 Td (can ) Tj ET Q q 0 0 0 rg BT 274.22 502.10 Td (accommodate ) Tj ET Q q 0 0 0 rg BT 332.11 502.10 Td (a ) Tj ET Q q 0 0 0 rg BT 338.91 502.10 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 386.82 502.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 421.93 502.10 Td (in ) Tj ET Q q 0 0 0 rg BT 432.08 502.10 Td (production ) Tj ET Q q 0 0 0 rg BT 477.76 502.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 519.55 502.10 Td (to ) Tj ET Q q 0 0 0 rg BT 529.69 502.10 Td (current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 490.10 Td (output ) Tj ET Q q 0 0 0 rg BT 82.20 490.10 Td (with ) Tj ET Q q 0 0 0 rg BT 102.62 490.10 Td (the ) Tj ET Q q 0 0 0 rg BT 117.48 490.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 152.88 490.10 Td (of ) Tj ET Q q 0 0 0 rg BT 163.86 490.10 Td (weekend ) Tj ET Q q 0 0 0 rg BT 202.04 490.10 Td (shifts ) Tj ET Q q 0 0 0 rg BT 226.35 490.10 Td (or) Tj ET Q q 0 0 0 rg BT 234.28 490.10 Td (, ) Tj ET Q q 0 0 0 rg BT 239.42 490.10 Td (to ) Tj ET Q q 0 0 0 rg BT 249.85 490.10 Td (address ) Tj ET Q q 0 0 0 rg BT 282.48 490.10 Td (special ) Tj ET Q q 0 0 0 rg BT 312.89 490.10 Td (peaks ) Tj ET Q q 0 0 0 rg BT 338.30 490.10 Td (in ) Tj ET Q q 0 0 0 rg BT 348.72 490.10 Td (demand, ) Tj ET Q q 0 0 0 rg BT 385.52 490.10 Td (temporary ) Tj ET Q q 0 0 0 rg BT 429.26 490.10 Td (employees. ) Tj ET Q q 0 0 0 rg BT 477.17 490.10 Td (Production ) Tj ET Q q 0 0 0 rg BT 523.70 490.10 Td (could ) Tj ET Q q 0 0 0 rg BT 548.56 490.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 478.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 93.28 478.10 Td (even ) Tj ET Q q 0 0 0 rg BT 113.69 478.10 Td (further ) Tj ET Q q 0 0 0 rg BT 142.42 478.10 Td (with ) Tj ET Q q 0 0 0 rg BT 161.73 478.10 Td (the ) Tj ET Q q 0 0 0 rg BT 175.47 478.10 Td (introduction ) Tj ET Q q 0 0 0 rg BT 225.88 478.10 Td (of ) Tj ET Q q 0 0 0 rg BT 235.74 478.10 Td (a ) Tj ET Q q 0 0 0 rg BT 241.71 478.10 Td (second ) Tj ET Q q 0 0 0 rg BT 271.01 478.10 Td (shift ) Tj ET Q q 0 0 0 rg BT 290.31 478.10 Td (on ) Tj ET Q q 0 0 0 rg BT 301.84 478.10 Td (car ) Tj ET Q q 0 0 0 rg BT 315.58 478.10 Td (assembly ) Tj ET Q q 0 0 0 rg BT 354.32 478.10 Td (lines ) Tj ET Q q 0 0 0 rg BT 374.74 478.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 415.69 478.10 Td (to ) Tj ET Q q 0 0 0 rg BT 425.00 478.10 Td (the ) Tj ET Q q 0 0 0 rg BT 438.74 478.10 Td (single ) Tj ET Q q 0 0 0 rg BT 464.16 478.10 Td (shift ) Tj ET Q q 0 0 0 rg BT 483.46 478.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 521.08 478.10 Td (operated. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 466.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 466.10 Td (e ) Tj ET Q q 0 0 0 rg BT 70.01 466.10 Td (constantly ) Tj ET Q q 0 0 0 rg BT 114.05 466.10 Td (work ) Tj ET Q q 0 0 0 rg BT 137.54 466.10 Td (to ) Tj ET Q q 0 0 0 rg BT 148.25 466.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 183.94 466.10 Td (the ) Tj ET Q q 0 0 0 rg BT 199.10 466.10 Td (utilization ) Tj ET Q q 0 0 0 rg BT 242.58 466.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 260.50 466.10 Td (and ) Tj ET Q q 0 0 0 rg BT 277.88 466.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 307.46 466.10 Td (the ) Tj ET Q q 0 0 0 rg BT 322.61 466.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 356.09 466.10 Td (scrap ) Tj ET Q q 0 0 0 rg BT 380.12 466.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 398.04 466.10 Td (and ) Tj ET Q q 0 0 0 rg BT 415.42 466.10 Td (we ) Tj ET Q q 0 0 0 rg BT 430.01 466.10 Td (closely ) Tj ET Q q 0 0 0 rg BT 461.28 466.10 Td (monitor ) Tj ET Q q 0 0 0 rg BT 495.88 466.10 Td (an ) Tj ET Q q 0 0 0 rg BT 508.25 466.10 Td (index ) Tj ET Q q 0 0 0 rg BT 533.40 466.10 Td (of ) Tj ET Q q 0 0 0 rg BT 544.67 466.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 454.10 Td (production ) Tj ET Q q 0 0 0 rg BT 100.21 454.10 Td (ef) Tj ET Q q 0 0 0 rg BT 107.80 454.10 Td (ficiency) Tj ET Q q 0 0 0 rg BT 139.35 454.10 Td (. ) Tj ET Q q 0 0 0 rg BT 144.74 454.10 Td (In ) Tj ET Q q 0 0 0 rg BT 155.96 454.10 Td (the ) Tj ET Q q 0 0 0 rg BT 171.06 454.10 Td (past ) Tj ET Q q 0 0 0 rg BT 190.06 454.10 Td (few ) Tj ET Q q 0 0 0 rg BT 207.93 454.10 Td (years ) Tj ET Q q 0 0 0 rg BT 231.92 454.10 Td (we ) Tj ET Q q 0 0 0 rg BT 246.47 454.10 Td (have ) Tj ET Q q 0 0 0 rg BT 268.23 454.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 302.76 454.10 Td (our ) Tj ET Q q 0 0 0 rg BT 318.98 454.10 Td (cycle ) Tj ET Q q 0 0 0 rg BT 342.96 454.10 Td (time ) Tj ET Q q 0 0 0 rg BT 363.62 454.10 Td (by ) Tj ET Q q 0 0 0 rg BT 376.51 454.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 437.16 454.10 Td (three ) Tj ET Q q 0 0 0 rg BT 460.03 454.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 492.34 454.10 Td (per ) Tj ET Q q 0 0 0 rg BT 508.00 454.10 Td (year) Tj ET Q q 0 0 0 rg BT 524.65 454.10 Td (. ) Tj ET Q q 0 0 0 rg BT 529.83 454.10 Td (W) Tj ET Q q 0 0 0 rg BT 538.47 454.10 Td (e ) Tj ET Q q 0 0 0 rg BT 545.79 454.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 442.10 Td (also ) Tj ET Q q 0 0 0 rg BT 72.61 442.10 Td (committed ) Tj ET Q q 0 0 0 rg BT 117.88 442.10 Td (to ) Tj ET Q q 0 0 0 rg BT 128.16 442.10 Td (improve ) Tj ET Q q 0 0 0 rg BT 163.98 442.10 Td (the ) Tj ET Q q 0 0 0 rg BT 178.70 442.10 Td (reliability ) Tj ET Q q 0 0 0 rg BT 220.07 442.10 Td (of ) Tj ET Q q 0 0 0 rg BT 230.90 442.10 Td (our ) Tj ET Q q 0 0 0 rg BT 246.73 442.10 Td (cars, ) Tj ET Q q 0 0 0 rg BT 267.83 442.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 296.98 442.10 Td (their ) Tj ET Q q 0 0 0 rg BT 317.80 442.10 Td (defects, ) Tj ET Q q 0 0 0 rg BT 351.12 442.10 Td (and ) Tj ET Q q 0 0 0 rg BT 368.06 442.10 Td (optimize ) Tj ET Q q 0 0 0 rg BT 405.55 442.10 Td (their ) Tj ET Q q 0 0 0 rg BT 426.37 442.10 Td (finishing.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 418.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 418.10 Td (Unlike ) Tj ET Q q 0 0 0 rg BT 119.72 418.10 Td (most ) Tj ET Q q 0 0 0 rg BT 141.68 418.10 Td (low ) Tj ET Q q 0 0 0 rg BT 159.18 418.10 Td (volume ) Tj ET Q q 0 0 0 rg BT 191.69 418.10 Td (car ) Tj ET Q q 0 0 0 rg BT 206.40 418.10 Td (producers, ) Tj ET Q q 0 0 0 rg BT 250.83 418.10 Td (we ) Tj ET Q q 0 0 0 rg BT 265.00 418.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 296.93 418.10 Td (our ) Tj ET Q q 0 0 0 rg BT 312.77 418.10 Td (own ) Tj ET Q q 0 0 0 rg BT 332.50 418.10 Td (foundry ) Tj ET Q q 0 0 0 rg BT 366.66 418.10 Td (and ) Tj ET Q q 0 0 0 rg BT 383.61 418.10 Td (machining ) Tj ET Q q 0 0 0 rg BT 428.32 418.10 Td (department ) Tj ET Q q 0 0 0 rg BT 475.81 418.10 Td (producing ) Tj ET Q q 0 0 0 rg BT 518.86 418.10 Td (several ) Tj ET Q q 0 0 0 rg BT 549.69 418.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 406.10 Td (the ) Tj ET Q q 0 0 0 rg BT 68.12 406.10 Td (main ) Tj ET Q q 0 0 0 rg BT 90.02 406.10 Td (components ) Tj ET Q q 0 0 0 rg BT 140.25 406.10 Td (of ) Tj ET Q q 0 0 0 rg BT 150.48 406.10 Td (our ) Tj ET Q q 0 0 0 rg BT 165.72 406.10 Td (engines, ) Tj ET Q q 0 0 0 rg BT 200.67 406.10 Td (such ) Tj ET Q q 0 0 0 rg BT 220.90 406.10 Td (as ) Tj ET Q q 0 0 0 rg BT 231.14 406.10 Td (engine ) Tj ET Q q 0 0 0 rg BT 259.70 406.10 Td (blocks, ) Tj ET Q q 0 0 0 rg BT 290.21 406.10 Td (cylinders ) Tj ET Q q 0 0 0 rg BT 328.77 406.10 Td (heads ) Tj ET Q q 0 0 0 rg BT 353.44 406.10 Td (and ) Tj ET Q q 0 0 0 rg BT 369.79 406.10 Td (crankshafts. ) Tj ET Q q 0 0 0 rg BT 419.59 406.10 Td (W) Tj ET Q q 0 0 0 rg BT 428.23 406.10 Td (e ) Tj ET Q q 0 0 0 rg BT 434.57 406.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 465.35 406.10 Td (this ) Tj ET Q q 0 0 0 rg BT 481.70 406.10 Td (accelerates ) Tj ET Q q 0 0 0 rg BT 527.45 406.10 Td (product ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 394.10 Td (development ) Tj ET Q q 0 0 0 rg BT 108.15 394.10 Td (and ) Tj ET Q q 0 0 0 rg BT 125.09 394.10 Td (results ) Tj ET Q q 0 0 0 rg BT 153.70 394.10 Td (in ) Tj ET Q q 0 0 0 rg BT 163.98 394.10 Td (components ) Tj ET Q q 0 0 0 rg BT 214.80 394.10 Td (that ) Tj ET Q q 0 0 0 rg BT 232.30 394.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 254.23 394.10 Td (our ) Tj ET Q q 0 0 0 rg BT 270.06 394.10 Td (specifications ) Tj ET Q q 0 0 0 rg BT 327.54 394.10 Td (more ) Tj ET Q q 0 0 0 rg BT 350.59 394.10 Td (closely) Tj ET Q q 0 0 0 rg BT 378.26 394.10 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 370.10 Td (Engine ) Tj ET Q q 0 0 0 rg BT 84.83 370.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 94.45 370.10 Td (oduction) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 346.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 346.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 107.72 346.10 Td (engines ) Tj ET Q q 0 0 0 rg BT 140.44 346.10 Td (are ) Tj ET Q q 0 0 0 rg BT 154.82 346.10 Td (produced ) Tj ET Q q 0 0 0 rg BT 194.20 346.10 Td (according ) Tj ET Q q 0 0 0 rg BT 235.80 346.10 Td (to ) Tj ET Q q 0 0 0 rg BT 245.75 346.10 Td (a ) Tj ET Q q 0 0 0 rg BT 252.36 346.10 Td (vertical ) Tj ET Q q 0 0 0 rg BT 284.51 346.10 Td (structure, ) Tj ET Q q 0 0 0 rg BT 324.17 346.10 Td (from ) Tj ET Q q 0 0 0 rg BT 345.78 346.10 Td (the ) Tj ET Q q 0 0 0 rg BT 360.17 346.10 Td (casting ) Tj ET Q q 0 0 0 rg BT 390.66 346.10 Td (of ) Tj ET Q q 0 0 0 rg BT 401.16 346.10 Td (aluminum ) Tj ET Q q 0 0 0 rg BT 443.89 346.10 Td (in ) Tj ET Q q 0 0 0 rg BT 453.84 346.10 Td (our ) Tj ET Q q 0 0 0 rg BT 469.34 346.10 Td (foundry ) Tj ET Q q 0 0 0 rg BT 503.17 346.10 Td (up ) Tj ET Q q 0 0 0 rg BT 515.34 346.10 Td (to ) Tj ET Q q 0 0 0 rg BT 525.29 346.10 Td (the ) Tj ET Q q 0 0 0 rg BT 539.68 346.10 Td (final ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 334.10 Td (assembly ) Tj ET Q q 0 0 0 rg BT 94.40 334.10 Td (and ) Tj ET Q q 0 0 0 rg BT 112.01 334.10 Td (testing ) Tj ET Q q 0 0 0 rg BT 141.86 334.10 Td (of ) Tj ET Q q 0 0 0 rg BT 153.37 334.10 Td (the ) Tj ET Q q 0 0 0 rg BT 168.76 334.10 Td (engine. ) Tj ET Q q 0 0 0 rg BT 201.09 334.10 Td (Several ) Tj ET Q q 0 0 0 rg BT 234.26 334.10 Td (of ) Tj ET Q q 0 0 0 rg BT 245.77 334.10 Td (the ) Tj ET Q q 0 0 0 rg BT 261.16 334.10 Td (main ) Tj ET Q q 0 0 0 rg BT 284.34 334.10 Td (components ) Tj ET Q q 0 0 0 rg BT 335.84 334.10 Td (of ) Tj ET Q q 0 0 0 rg BT 347.35 334.10 Td (our ) Tj ET Q q 0 0 0 rg BT 363.86 334.10 Td (engines, ) Tj ET Q q 0 0 0 rg BT 400.08 334.10 Td (such ) Tj ET Q q 0 0 0 rg BT 421.59 334.10 Td (as ) Tj ET Q q 0 0 0 rg BT 433.10 334.10 Td (blocks ) Tj ET Q q 0 0 0 rg BT 462.39 334.10 Td (and ) Tj ET Q q 0 0 0 rg BT 480.01 334.10 Td (cylinders ) Tj ET Q q 0 0 0 rg BT 519.84 334.10 Td (heads ) Tj ET Q q 0 0 0 rg BT 545.79 334.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 322.10 Td (produced ) Tj ET Q q 0 0 0 rg BT 93.27 322.10 Td (at ) Tj ET Q q 0 0 0 rg BT 102.56 322.10 Td (our ) Tj ET Q q 0 0 0 rg BT 117.96 322.10 Td (foundry ) Tj ET Q q 0 0 0 rg BT 151.69 322.10 Td (in ) Tj ET Q q 0 0 0 rg BT 161.53 322.10 Td (Maranello. ) Tj ET Q q 0 0 0 rg BT 207.19 322.10 Td (For ) Tj ET Q q 0 0 0 rg BT 223.15 322.10 Td (this ) Tj ET Q q 0 0 0 rg BT 239.67 322.10 Td (purpose, ) Tj ET Q q 0 0 0 rg BT 275.90 322.10 Td (we ) Tj ET Q q 0 0 0 rg BT 289.63 322.10 Td (use ) Tj ET Q q 0 0 0 rg BT 305.02 322.10 Td (a ) Tj ET Q q 0 0 0 rg BT 311.53 322.10 Td (special ) Tj ET Q q 0 0 0 rg BT 341.36 322.10 Td (aluminum ) Tj ET Q q 0 0 0 rg BT 383.98 322.10 Td (alloy ) Tj ET Q q 0 0 0 rg BT 406.04 322.10 Td (that ) Tj ET Q q 0 0 0 rg BT 423.11 322.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 458.50 322.10 Td (seven ) Tj ET Q q 0 0 0 rg BT 483.34 322.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 514.83 322.10 Td (silicon ) Tj ET Q q 0 0 0 rg BT 543.56 322.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 310.10 Td (a ) Tj ET Q q 0 0 0 rg BT 60.57 310.10 Td (trace ) Tj ET Q q 0 0 0 rg BT 82.13 310.10 Td (of ) Tj ET Q q 0 0 0 rg BT 92.59 310.10 Td (iron, ) Tj ET Q q 0 0 0 rg BT 113.34 310.10 Td (which ) Tj ET Q q 0 0 0 rg BT 139.91 310.10 Td (improves ) Tj ET Q q 0 0 0 rg BT 179.26 310.10 Td (mechanical ) Tj ET Q q 0 0 0 rg BT 226.92 310.10 Td (integrity) Tj ET Q q 0 0 0 rg BT 260.15 310.10 Td (, ) Tj ET Q q 0 0 0 rg BT 264.79 310.10 Td (and ) Tj ET Q q 0 0 0 rg BT 281.36 310.10 Td (our ) Tj ET Q q 0 0 0 rg BT 296.82 310.10 Td (own ) Tj ET Q q 0 0 0 rg BT 316.18 310.10 Td (shell ) Tj ET Q q 0 0 0 rg BT 337.20 310.10 Td (and ) Tj ET Q q 0 0 0 rg BT 353.77 310.10 Td (sand ) Tj ET Q q 0 0 0 rg BT 374.23 310.10 Td (casting ) Tj ET Q q 0 0 0 rg BT 404.69 310.10 Td (molds. ) Tj ET Q q 0 0 0 rg BT 433.78 310.10 Td (Once ) Tj ET Q q 0 0 0 rg BT 457.01 310.10 Td (all ) Tj ET Q q 0 0 0 rg BT 469.14 310.10 Td (components ) Tj ET Q q 0 0 0 rg BT 519.60 310.10 Td (are ) Tj ET Q q 0 0 0 rg BT 533.94 310.10 Td (ready) Tj ET Q q 0 0 0 rg BT 555.49 310.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 298.10 Td (engines ) Tj ET Q q 0 0 0 rg BT 86.77 298.10 Td (are ) Tj ET Q q 0 0 0 rg BT 101.21 298.10 Td (assembled, ) Tj ET Q q 0 0 0 rg BT 147.59 298.10 Td (on ) Tj ET Q q 0 0 0 rg BT 159.82 298.10 Td (dif) Tj ET Q q 0 0 0 rg BT 170.75 298.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 196.29 298.10 Td (lines ) Tj ET Q q 0 0 0 rg BT 217.41 298.10 Td (for ) Tj ET Q q 0 0 0 rg BT 231.30 298.10 Td (our ) Tj ET Q q 0 0 0 rg BT 246.69 298.10 Td (V8 ) Tj ET Q q 0 0 0 rg BT 261.14 298.10 Td (engines, ) Tj ET Q q 0 0 0 rg BT 296.26 298.10 Td (V12 ) Tj ET Q q 0 0 0 rg BT 315.71 298.10 Td (engines ) Tj ET Q q 0 0 0 rg BT 348.48 298.10 Td (and ) Tj ET Q q 0 0 0 rg BT 365.15 298.10 Td (for ) Tj ET Q q 0 0 0 rg BT 379.04 298.10 Td (the ) Tj ET Q q 0 0 0 rg BT 393.32 298.10 Td (V6 ) Tj ET Q q 0 0 0 rg BT 407.77 298.10 Td (engines ) Tj ET Q q 0 0 0 rg BT 440.54 298.10 Td (we ) Tj ET Q q 0 0 0 rg BT 454.43 298.10 Td (manufacture ) Tj ET Q q 0 0 0 rg BT 506.63 298.10 Td (for ) Tj ET Q q 0 0 0 rg BT 520.52 298.10 Td (Maserati. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 286.10 Td (The ) Tj ET Q q 0 0 0 rg BT 71.81 286.10 Td (assembly ) Tj ET Q q 0 0 0 rg BT 111.29 286.10 Td (process ) Tj ET Q q 0 0 0 rg BT 143.55 286.10 Td (is ) Tj ET Q q 0 0 0 rg BT 152.49 286.10 Td (a ) Tj ET Q q 0 0 0 rg BT 159.19 286.10 Td (combination ) Tj ET Q q 0 0 0 rg BT 211.45 286.10 Td (of ) Tj ET Q q 0 0 0 rg BT 222.04 286.10 Td (automatic ) Tj ET Q q 0 0 0 rg BT 263.74 286.10 Td (and ) Tj ET Q q 0 0 0 rg BT 280.44 286.10 Td (manual ) Tj ET Q q 0 0 0 rg BT 312.14 286.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 358.56 286.10 Td (Since ) Tj ET Q q 0 0 0 rg BT 383.04 286.10 Td (start ) Tj ET Q q 0 0 0 rg BT 402.53 286.10 Td (of ) Tj ET Q q 0 0 0 rg BT 413.12 286.10 Td (the ) Tj ET Q q 0 0 0 rg BT 427.60 286.10 Td (assembly ) Tj ET Q q 0 0 0 rg BT 467.09 286.10 Td (process, ) Tj ET Q q 0 0 0 rg BT 501.84 286.10 Td (each ) Tj ET Q q 0 0 0 rg BT 522.42 286.10 Td (engine ) Tj ET Q q 0 0 0 rg BT 551.34 286.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 274.10 Td (identified ) Tj ET Q q 0 0 0 rg BT 94.49 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142.10 Td (trained ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 130.10 Td (specialists ) Tj ET Q q 0 0 0 rg BT 98.42 130.10 Td (also ) Tj ET Q q 0 0 0 rg BT 117.85 130.10 Td (perform ) Tj ET Q q 0 0 0 rg BT 153.37 130.10 Td (surface ) Tj ET Q q 0 0 0 rg BT 185.56 130.10 Td (controls ) Tj ET Q q 0 0 0 rg BT 221.09 130.10 Td (to ) Tj ET Q q 0 0 0 rg BT 232.19 130.10 Td (the ) Tj ET Q q 0 0 0 rg BT 247.72 130.10 Td (aluminum ) Tj ET Q q 0 0 0 rg BT 291.59 130.10 Td (panels ) Tj ET Q q 0 0 0 rg BT 320.46 130.10 Td (and ) Tj ET Q q 0 0 0 rg BT 338.21 130.10 Td (work ) Tj ET Q q 0 0 0 rg BT 362.08 130.10 Td (any ) Tj ET Q q 0 0 0 rg BT 379.84 130.10 Td (imperfections ) Tj ET Q q 0 0 0 rg BT 438.14 130.10 Td (on ) Tj ET Q q 0 0 0 rg BT 451.46 130.10 Td (it ) Tj ET Q q 0 0 0 rg BT 460.33 130.10 Td (by ) Tj ET Q q 0 0 0 rg BT 473.65 130.10 Td (either ) Tj ET Q q 0 0 0 rg BT 499.73 130.10 Td (filing ) Tj ET Q q 0 0 0 rg BT 524.71 130.10 Td (or ) Tj ET Q q 0 0 0 rg BT 536.36 130.10 Td (panel 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(carefully ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 46.10 Td (brushed ) Tj ET Q q 0 0 0 rg BT 87.72 46.10 Td (with ) Tj ET Q q 0 0 0 rg BT 107.55 46.10 Td (emu ) Tj ET Q q 0 0 0 rg BT 126.83 46.10 Td (feathers ) Tj ET Q q 0 0 0 rg BT 160.53 46.10 Td (\(because ) Tj ET Q q 0 0 0 rg BT 197.57 46.10 Td (of ) Tj ET Q q 0 0 0 rg BT 207.96 46.10 Td (their ) Tj ET Q q 0 0 0 rg BT 228.34 46.10 Td (natural ) Tj ET Q q 0 0 0 rg BT 258.16 46.10 Td (anti-electrostatic ) Tj ET Q q 0 0 0 rg BT 326.85 46.10 Td (properties\) ) Tj ET Q q 0 0 0 rg BT 372.22 46.10 Td (to ) Tj ET Q q 0 0 0 rg BT 382.06 46.10 Td (clean ) Tj ET Q q 0 0 0 rg BT 405.21 46.10 Td (of) Tj ET Q q 0 0 0 rg BT 413.36 46.10 Td (f ) Tj ET Q q 0 0 0 rg BT 418.75 46.10 Td (any ) Tj ET Q q 0 0 0 rg BT 435.25 46.10 Td (dirt ) Tj ET Q q 0 0 0 rg BT 451.19 46.10 Td (particles ) Tj ET Q q 0 0 0 rg BT 487.12 46.10 Td (or ) Tj ET Q q 0 0 0 rg BT 497.51 46.10 Td (impurities. ) Tj ET Q q 0 0 0 rg BT 542.47 46.10 Td (The ) Tj ET Q 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q 0 0 0 rg BT 490.80 742.10 Td (a ) Tj ET Q q 0 0 0 rg BT 497.47 742.10 Td (fixing ) Tj ET Q q 0 0 0 rg BT 523.58 742.10 Td (gas ) Tj ET Q q 0 0 0 rg BT 539.14 742.10 Td (fired ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 730.10 Td (oven ) Tj ET Q q 0 0 0 rg BT 75.38 730.10 Td (at ) Tj ET Q q 0 0 0 rg BT 84.54 730.10 Td (140 ) Tj ET Q q 0 0 0 rg BT 101.49 730.10 Td (degrees. ) Tj ET Q q 0 0 0 rg BT 136.47 730.10 Td (Primers ) Tj ET Q q 0 0 0 rg BT 169.52 730.10 Td (are ) Tj ET Q q 0 0 0 rg BT 183.68 730.10 Td (then ) Tj ET Q q 0 0 0 rg BT 202.84 730.10 Td (applied ) Tj ET Q q 0 0 0 rg BT 234.22 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 250.60 730.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 273.09 730.10 Td (at ) Tj ET Q q 0 0 0 rg BT 282.25 730.10 Td (190 ) Tj ET Q q 0 0 0 rg BT 299.20 730.10 Td (degrees ) Tj ET Q q 0 0 0 rg BT 331.68 730.10 Td (until ) Tj ET Q q 0 0 0 rg BT 351.96 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 366.12 730.10 Td (completely ) Tj ET Q q 0 0 0 rg BT 412.50 730.10 Td (grey ) Tj ET Q q 0 0 0 rg BT 432.21 730.10 Td (body-shell ) Tj ET Q q 0 0 0 rg BT 476.37 730.10 Td (is ) Tj ET Q q 0 0 0 rg BT 484.98 730.10 Td (ready ) Tj ET Q q 0 0 0 rg BT 509.14 730.10 Td (for ) Tj ET Q q 0 0 0 rg BT 522.74 730.10 Td (painting. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 718.10 Td (Painting ) Tj ET Q q 0 0 0 rg BT 89.89 718.10 Td (is ) Tj ET Q q 0 0 0 rg BT 99.12 718.10 Td (automated ) Tj ET Q q 0 0 0 rg BT 143.32 718.10 Td (for ) Tj ET Q q 0 0 0 rg BT 157.54 718.10 Td (the ) Tj ET Q q 0 0 0 rg BT 172.31 718.10 Td (lar) Tj ET Q q 0 0 0 rg BT 182.67 718.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 198.00 718.10 Td (surfaces, ) Tj ET Q q 0 0 0 rg BT 235.81 718.10 Td (while ) Tj ET Q q 0 0 0 rg BT 260.58 718.10 Td (it ) Tj ET Q q 0 0 0 rg BT 268.70 718.10 Td (is ) Tj ET Q q 0 0 0 rg BT 277.92 718.10 Td (done ) Tj ET Q q 0 0 0 rg BT 299.91 718.10 Td (by ) Tj ET Q q 0 0 0 rg BT 312.47 718.10 Td (hand ) Tj ET Q q 0 0 0 rg BT 334.46 718.10 Td (for ) Tj ET Q q 0 0 0 rg BT 348.68 718.10 Td (some ) Tj ET Q q 0 0 0 rg BT 372.34 718.10 Td (other ) Tj ET Q q 0 0 0 rg BT 395.44 718.10 Td (localized ) Tj ET Q q 0 0 0 rg BT 434.09 718.10 Td (areas. ) Tj ET Q q 0 0 0 rg BT 459.50 718.10 Td (The ) Tj ET Q q 0 0 0 rg BT 477.60 718.10 Td (whole ) Tj ET Q q 0 0 0 rg BT 504.59 718.10 Td (car ) Tj ET Q q 0 0 0 rg BT 519.35 718.10 Td (is ) Tj ET Q q 0 0 0 rg BT 528.58 718.10 Td (painted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 706.10 Td (at ) Tj ET Q q 0 0 0 rg BT 63.57 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 78.14 706.10 Td (same ) Tj ET Q q 0 0 0 rg BT 101.04 706.10 Td (time ) Tj ET Q q 0 0 0 rg BT 121.17 706.10 Td (to ) Tj ET Q q 0 0 0 rg BT 131.30 706.10 Td (ensure ) Tj ET Q q 0 0 0 rg BT 159.75 706.10 Td (color ) Tj ET Q q 0 0 0 rg BT 182.65 706.10 Td (harmony) Tj ET Q q 0 0 0 rg BT 217.55 706.10 Td (. ) Tj ET Q q 0 0 0 rg BT 222.23 706.10 Td (The ) Tj ET Q q 0 0 0 rg BT 240.13 706.10 Td (bodies ) Tj ET Q q 0 0 0 rg BT 268.60 706.10 Td (are ) Tj ET Q q 0 0 0 rg BT 283.16 706.10 Td (finally ) Tj ET Q q 0 0 0 rg BT 311.61 706.10 Td (polished ) Tj ET Q q 0 0 0 rg BT 347.85 706.10 Td (with ) Tj ET Q q 0 0 0 rg BT 367.99 706.10 Td (lacquer ) Tj ET Q q 0 0 0 rg BT 399.76 706.10 Td (to ) Tj ET Q q 0 0 0 rg BT 409.89 706.10 Td (fix ) Tj ET Q q 0 0 0 rg BT 423.36 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 437.93 706.10 Td (paint ) Tj ET Q q 0 0 0 rg BT 460.28 706.10 Td (and ) Tj ET Q q 0 0 0 rg BT 477.07 706.10 Td (give ) Tj ET Q q 0 0 0 rg BT 496.64 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 511.21 706.10 Td (bodies ) Tj ET Q q 0 0 0 rg BT 539.67 706.10 Td (their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 694.10 Td (final ) Tj ET Q q 0 0 0 rg BT 74.83 694.10 Td (finish. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 670.10 Td (Assembly ) Tj ET Q q 0 0 0 rg BT 94.27 670.10 Td (Line ) Tj ET Q q 0 0 0 rg BT 114.55 670.10 Td (and ) Tj ET Q q 0 0 0 rg BT 132.05 670.10 Td (Final ) Tj ET Q q 0 0 0 rg BT 156.21 670.10 Td (Checks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 646.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 646.10 Td (The ) Tj ET Q q 0 0 0 rg BT 107.96 646.10 Td (final ) Tj ET Q q 0 0 0 rg BT 128.69 646.10 Td (assembly ) Tj ET Q q 0 0 0 rg BT 168.31 646.10 Td (of ) Tj ET Q q 0 0 0 rg BT 179.05 646.10 Td (our ) Tj ET Q q 0 0 0 rg BT 194.79 646.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 213.30 646.10 Td (takes ) Tj ET Q q 0 0 0 rg BT 236.26 646.10 Td (place ) Tj ET Q q 0 0 0 rg BT 259.76 646.10 Td (in ) Tj ET Q q 0 0 0 rg BT 269.94 646.10 Td (our ) Tj ET Q q 0 0 0 rg BT 285.68 646.10 Td (new ) Tj ET Q q 0 0 0 rg BT 304.75 646.10 Td (body-shop ) Tj ET Q q 0 0 0 rg BT 349.38 646.10 Td (built ) Tj ET Q q 0 0 0 rg BT 370.13 646.10 Td (in ) Tj ET Q q 0 0 0 rg BT 380.31 646.10 Td (2008. ) Tj ET Q q 0 0 0 rg BT 404.69 646.10 Td (Assembly ) Tj ET Q q 0 0 0 rg BT 447.10 646.10 Td (of ) Tj ET Q q 0 0 0 rg BT 457.84 646.10 Td (our ) Tj ET Q q 0 0 0 rg BT 473.58 646.10 Td (eight ) Tj ET Q q 0 0 0 rg BT 495.98 646.10 Td (and ) Tj ET Q q 0 0 0 rg BT 512.83 646.10 Td (12 ) Tj ET Q q 0 0 0 rg BT 525.24 646.10 Td (cylinder ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 634.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 72.48 634.10 Td (are ) Tj ET Q q 0 0 0 rg BT 87.06 634.10 Td (carried ) Tj ET Q q 0 0 0 rg BT 117.19 634.10 Td (out ) Tj ET Q q 0 0 0 rg BT 132.35 634.10 Td (separately) Tj ET Q q 0 0 0 rg BT 172.23 634.10 Td (. ) Tj ET Q q 0 0 0 rg BT 177.11 634.10 Td (For ) Tj ET Q q 0 0 0 rg BT 193.38 634.10 Td (each ) Tj ET Q q 0 0 0 rg BT 214.07 634.10 Td (model, ) Tj ET Q q 0 0 0 rg BT 243.95 634.10 Td (the ) Tj ET Q q 0 0 0 rg BT 258.54 634.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 284.25 634.10 Td (assembly ) Tj ET Q q 0 0 0 rg BT 323.84 634.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 367.88 634.10 Td (take ) Tj ET Q q 0 0 0 rg BT 386.91 634.10 Td (place ) Tj ET Q q 0 0 0 rg BT 410.38 634.10 Td (simultaneously ) Tj ET Q q 0 0 0 rg BT 473.31 634.10 Td (on ) Tj ET Q q 0 0 0 rg BT 485.69 634.10 Td (dif) Tj ET Q q 0 0 0 rg BT 496.62 634.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 522.31 634.10 Td (lines ) Tj ET Q q 0 0 0 rg BT 543.58 634.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 622.10 Td (sections ) Tj ET Q q 0 0 0 rg BT 88.72 622.10 Td (to ) Tj ET Q q 0 0 0 rg BT 99.00 622.10 Td (maximize ) Tj ET Q q 0 0 0 rg BT 140.92 622.10 Td (ef) Tj ET Q q 0 0 0 rg BT 148.51 622.10 Td (ficiency) Tj ET Q q 0 0 0 rg BT 180.06 622.10 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 598.10 Td (Personalization ) Tj ET Q q 0 0 0 rg BT 119.83 598.10 Td (and ) Tj ET Q q 0 0 0 rg BT 137.33 598.10 Td (Road ) Tj ET Q q 0 0 0 rg BT 160.94 598.10 Td (T) Tj ET Q q 0 0 0 rg BT 165.59 598.10 Td (ests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 574.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 574.10 Td (The ) Tj ET Q q 0 0 0 rg BT 107.99 574.10 Td (final ) Tj ET Q q 0 0 0 rg BT 128.76 574.10 Td (stage ) Tj ET Q q 0 0 0 rg BT 151.75 574.10 Td (of ) Tj ET Q q 0 0 0 rg BT 162.52 574.10 Td (our ) Tj ET Q q 0 0 0 rg BT 178.29 574.10 Td (car ) Tj ET Q q 0 0 0 rg BT 192.94 574.10 Td (production ) Tj ET Q q 0 0 0 rg BT 238.71 574.10 Td (is ) Tj ET Q q 0 0 0 rg BT 247.82 574.10 Td (the ) Tj ET Q q 0 0 0 rg BT 262.48 574.10 Td (fitting ) Tj ET Q q 0 0 0 rg BT 289.37 574.10 Td (of ) Tj ET Q q 0 0 0 rg BT 300.14 574.10 Td (all ) Tj ET Q q 0 0 0 rg BT 312.58 574.10 Td (bespoke ) Tj ET Q q 0 0 0 rg BT 347.79 574.10 Td (interiors, ) Tj ET Q q 0 0 0 rg BT 386.06 574.10 Td (components ) Tj ET Q q 0 0 0 rg BT 436.83 574.10 Td (and ) Tj ET Q q 0 0 0 rg BT 453.71 574.10 Td (special ) Tj ET Q q 0 0 0 rg BT 483.92 574.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 528.57 574.10 Td (options ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 562.10 Td (that ) Tj ET Q q 0 0 0 rg BT 71.80 562.10 Td (our ) Tj ET Q q 0 0 0 rg BT 87.94 562.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 116.85 562.10 Td (choose ) Tj ET Q q 0 0 0 rg BT 147.43 562.10 Td (as ) Tj ET Q q 0 0 0 rg BT 158.57 562.10 Td (part ) Tj ET Q q 0 0 0 rg BT 176.92 562.10 Td (of ) Tj ET Q q 0 0 0 rg BT 188.06 562.10 Td (our ) Tj ET Q q 0 0 0 rg BT 204.20 562.10 Td (personalization ) Tj ET Q q 0 0 0 rg BT 268.09 562.10 Td (program ) Tj ET Q q 0 0 0 rg BT 304.78 562.10 Td (\(see ) Tj ET Q q 0 0 0 rg BT 323.68 562.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 328.12 562.10 Td (Personalization ) Tj ET Q q 0 0 0 rg BT 403.16 562.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 412.78 562.10 Td (ogram ) Tj ET Q q 0 0 0 rg BT 441.71 562.10 Td (and ) Tj ET Q q 0 0 0 rg BT 459.51 562.10 Td (T) Tj ET Q q 0 0 0 rg BT 464.16 562.10 Td (ailor ) Tj ET Q q 0 0 0 rg BT 486.41 562.10 Td (Made ) Tj ET Q q 0 0 0 rg BT 511.99 562.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 521.62 562.10 Td (ogram) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.73 562.10 Td (\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 550.10 Td (After ) Tj ET Q q 0 0 0 rg BT 77.60 550.10 Td (the ) Tj ET Q q 0 0 0 rg BT 92.32 550.10 Td (personalization ) Tj ET Q q 0 0 0 rg BT 155.90 550.10 Td (phase, ) Tj ET Q q 0 0 0 rg BT 183.67 550.10 Td (every ) Tj ET Q q 0 0 0 rg BT 208.38 550.10 Td (car ) Tj ET Q q 0 0 0 rg BT 223.09 550.10 Td (completes ) Tj ET Q q 0 0 0 rg BT 266.13 550.10 Td (a ) Tj ET Q q 0 0 0 rg BT 273.07 550.10 Td (40-kilometer ) Tj ET Q q 0 0 0 rg BT 327.22 550.10 Td (road ) Tj ET Q q 0 0 0 rg BT 347.49 550.10 Td (test-drive. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 526.10 Td (Finishing ) Tj ET Q q 0 0 0 rg BT 94.83 526.10 Td (and ) Tj ET Q q 0 0 0 rg BT 112.33 526.10 Td (Cleaning) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 502.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 502.10 Td (After ) Tj ET Q q 0 0 0 rg BT 113.68 502.10 Td (the ) Tj ET Q q 0 0 0 rg BT 128.48 502.10 Td (road ) Tj ET Q q 0 0 0 rg BT 148.83 502.10 Td (test ) Tj ET Q q 0 0 0 rg BT 165.29 502.10 Td (all ) Tj ET Q q 0 0 0 rg BT 177.87 502.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 196.55 502.10 Td (go ) Tj ET Q q 0 0 0 rg BT 209.13 502.10 Td (to ) Tj ET Q q 0 0 0 rg BT 219.49 502.10 Td (the ) Tj ET Q q 0 0 0 rg BT 234.28 502.10 Td (finishing ) Tj ET Q q 0 0 0 rg BT 272.42 502.10 Td (department. ) Tj ET Q q 0 0 0 rg BT 322.30 502.10 Td (There, ) Tj ET Q q 0 0 0 rg BT 350.69 502.10 Td (we ) Tj ET Q q 0 0 0 rg BT 364.93 502.10 Td (thoroughly ) Tj ET Q q 0 0 0 rg BT 411.40 502.10 Td (clean ) Tj ET Q q 0 0 0 rg BT 435.07 502.10 Td (interior ) Tj ET Q q 0 0 0 rg BT 467.09 502.10 Td (and ) Tj ET Q q 0 0 0 rg BT 484.11 502.10 Td (exterior) Tj ET Q q 0 0 0 rg BT 514.80 502.10 Td (, ) Tj ET Q q 0 0 0 rg BT 519.88 502.10 Td (check ) Tj ET Q q 0 0 0 rg BT 545.78 502.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 490.10 Td (whole ) Tj ET Q q 0 0 0 rg BT 80.94 490.10 Td (car) Tj ET Q q 0 0 0 rg BT 92.75 490.10 Td (, ) Tj ET Q q 0 0 0 rg BT 97.75 490.10 Td (polish ) Tj ET Q q 0 0 0 rg BT 124.69 490.10 Td (and ) Tj ET Q q 0 0 0 rg BT 141.63 490.10 Td (finish ) Tj ET Q q 0 0 0 rg BT 166.91 490.10 Td (the ) Tj ET Q q 0 0 0 rg BT 181.63 490.10 Td (bodies ) Tj ET Q q 0 0 0 rg BT 210.24 490.10 Td (to ) Tj ET Q q 0 0 0 rg BT 220.51 490.10 Td (give ) Tj ET Q q 0 0 0 rg BT 240.23 490.10 Td (them ) Tj ET Q q 0 0 0 rg BT 262.73 490.10 Td (their ) Tj ET Q q 0 0 0 rg BT 283.55 490.10 Td (final ) Tj ET Q q 0 0 0 rg BT 304.38 490.10 Td (appearance. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 466.10 Td (Manufacturing ) Tj ET Q q 0 0 0 rg BT 119.85 466.10 Td (of ) Tj ET Q q 0 0 0 rg BT 130.68 466.10 Td (Engines ) Tj ET Q q 0 0 0 rg BT 167.09 466.10 Td (for ) Tj ET Q q 0 0 0 rg BT 181.81 466.10 Td (Maserati) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.48 466.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 442.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 442.10 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 442.10 Td (e ) Tj ET Q q 0 0 0 rg BT 105.47 442.10 Td (have ) Tj ET Q q 0 0 0 rg BT 126.74 442.10 Td (been ) Tj ET Q q 0 0 0 rg BT 148.01 442.10 Td (producing ) Tj ET Q q 0 0 0 rg BT 190.95 442.10 Td (engines ) Tj ET Q q 0 0 0 rg BT 223.89 442.10 Td (for ) Tj ET Q q 0 0 0 rg BT 237.95 442.10 Td (Maserati ) Tj ET Q q 0 0 0 rg BT 275.33 442.10 Td (since ) Tj ET Q q 0 0 0 rg BT 298.27 442.10 Td (2003. ) Tj ET Q q 0 0 0 rg BT 322.99 442.10 Td (The ) Tj ET Q q 0 0 0 rg BT 340.76 442.10 Td (V8 ) Tj ET Q q 0 0 0 rg BT 355.37 442.10 Td (engines ) Tj ET Q q 0 0 0 rg BT 388.31 442.10 Td (that ) Tj ET Q q 0 0 0 rg BT 405.70 442.10 Td (we ) Tj ET Q q 0 0 0 rg BT 419.76 442.10 Td (historically ) Tj ET Q q 0 0 0 rg BT 467.14 442.10 Td (produced ) Tj ET Q q 0 0 0 rg BT 506.74 442.10 Td (and ) Tj ET Q q 0 0 0 rg BT 523.57 442.10 Td (continue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 430.10 Td (to ) Tj ET Q q 0 0 0 rg BT 64.46 430.10 Td (produce ) Tj ET Q q 0 0 0 rg BT 99.36 430.10 Td (for ) Tj ET Q q 0 0 0 rg BT 113.70 430.10 Td (Maserati ) Tj ET Q q 0 0 0 rg BT 151.37 430.10 Td (are ) Tj ET Q q 0 0 0 rg BT 166.27 430.10 Td (variants ) Tj ET Q q 0 0 0 rg BT 200.61 430.10 Td (of ) Tj ET Q q 0 0 0 rg BT 211.62 430.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 241.51 430.10 Td (families ) Tj ET Q q 0 0 0 rg BT 276.41 430.10 Td (of ) Tj ET Q q 0 0 0 rg BT 287.43 430.10 Td (engines ) Tj ET Q q 0 0 0 rg BT 320.66 430.10 Td (and ) Tj ET Q q 0 0 0 rg BT 337.78 430.10 Td (are ) Tj ET Q q 0 0 0 rg BT 352.68 430.10 Td (mounted ) Tj ET Q q 0 0 0 rg BT 390.36 430.10 Td (on ) Tj ET Q q 0 0 0 rg BT 403.04 430.10 Td (Maserati) Tj ET Q q 0 0 0 rg BT 440.81 430.10 Td (s ) Tj ET Q q 0 0 0 rg BT 447.38 430.10 Td (highest ) Tj ET Q q 0 0 0 rg BT 478.96 430.10 Td (performing ) Tj ET Q q 0 0 0 rg BT 526.63 430.10 Td (models, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 418.10 Td (such ) Tj ET Q q 0 0 0 rg BT 74.48 418.10 Td (as ) Tj ET Q q 0 0 0 rg BT 84.97 418.10 Td (the ) Tj ET Q q 0 0 0 rg BT 99.34 418.10 Td (Quattroporte ) Tj ET Q q 0 0 0 rg BT 152.58 418.10 Td (\(turbo ) Tj ET Q q 0 0 0 rg BT 179.18 418.10 Td (engines\), ) Tj ET Q q 0 0 0 rg BT 217.71 418.10 Td (the ) Tj ET Q q 0 0 0 rg BT 232.08 418.10 Td (Granturismo ) Tj ET Q q 0 0 0 rg BT 284.78 418.10 Td (and ) Tj ET Q q 0 0 0 rg BT 301.37 418.10 Td (the ) Tj ET Q q 0 0 0 rg BT 315.74 418.10 Td (Grancabrio ) Tj ET Q q 0 0 0 rg BT 362.87 418.10 Td (\(aspirated ) Tj ET Q q 0 0 0 rg BT 404.44 418.10 Td (engines\). ) Tj ET Q q 0 0 0 rg BT 442.50 418.10 Td (All ) Tj ET Q q 0 0 0 rg BT 457.43 418.10 Td (of ) Tj ET Q q 0 0 0 rg BT 467.91 418.10 Td (the ) Tj ET Q q 0 0 0 rg BT 482.13 418.10 Td (V8 ) Tj ET Q q 0 0 0 rg BT 496.50 418.10 Td (engines ) Tj ET Q q 0 0 0 rg BT 529.20 418.10 Td (that ) Tj ET Q q 0 0 0 rg BT 546.35 418.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 406.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 70.10 406.10 Td (to ) Tj ET Q q 0 0 0 rg BT 80.10 406.10 Td (Maserati ) Tj ET Q q 0 0 0 rg BT 117.30 406.10 Td (are ) Tj ET Q q 0 0 0 rg BT 131.72 406.10 Td (manufactured ) Tj ET Q q 0 0 0 rg BT 188.91 406.10 Td (and ) Tj ET Q q 0 0 0 rg BT 205.57 406.10 Td (assembled ) Tj ET Q q 0 0 0 rg BT 249.44 406.10 Td (according ) Tj ET Q q 0 0 0 rg BT 291.08 406.10 Td (to ) Tj ET Q q 0 0 0 rg BT 301.08 406.10 Td (the ) Tj ET Q q 0 0 0 rg BT 315.51 406.10 Td (same ) Tj ET Q q 0 0 0 rg BT 338.27 406.10 Td (production ) Tj ET Q q 0 0 0 rg BT 383.81 406.10 Td (processes ) Tj ET Q q 0 0 0 rg BT 424.35 406.10 Td (we ) Tj ET Q q 0 0 0 rg BT 438.23 406.10 Td (adopt ) Tj ET Q q 0 0 0 rg BT 462.66 406.10 Td (for ) Tj ET Q q 0 0 0 rg BT 476.54 406.10 Td (the ) Tj ET Q q 0 0 0 rg BT 490.81 406.10 Td (V8s ) Tj ET Q q 0 0 0 rg BT 509.14 406.10 Td (equipped ) Tj ET Q q 0 0 0 rg BT 548.01 406.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 394.10 Td (our ) Tj ET Q q 0 0 0 rg BT 70.67 394.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 90.10 394.10 Td (\(see ) Tj ET Q q 0 0 0 rg BT 109.54 394.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 113.98 394.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 132.50 394.10 Td (oduction ) Tj ET Q q 0 0 0 rg BT 170.83 394.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 180.46 394.10 Td (ocess) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.12 394.10 Td (\). ) Tj ET Q q 0 0 0 rg BT 215.73 394.10 Td (In ) Tj ET Q q 0 0 0 rg BT 227.39 394.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 253.23 394.10 Td (we ) Tj ET Q q 0 0 0 rg BT 268.23 394.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 288.24 394.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 349.33 394.10 Td (379 ) Tj ET Q q 0 0 0 rg BT 367.43 394.10 Td (V8 ) Tj ET Q q 0 0 0 rg BT 382.99 394.10 Td (turbo ) Tj ET Q q 0 0 0 rg BT 407.43 394.10 Td (engines ) Tj ET Q q 0 0 0 rg BT 441.32 394.10 Td (and ) Tj ET Q q 0 0 0 rg BT 459.09 394.10 Td (approximately) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 516.85 401.03 3.34 -9.09 re f /GS0 gs q 0 0 0 rg BT 516.85 394.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.19 394.10 Td (2,921 ) Tj ET Q q 0 0 0 rg BT 545.79 394.10 Td (V8 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 382.10 Td (aspirated ) Tj ET Q q 0 0 0 rg BT 92.51 382.10 Td (engines ) Tj ET Q q 0 0 0 rg BT 125.47 382.10 Td (to ) Tj ET Q q 0 0 0 rg BT 135.67 382.10 Td (Maserati. ) Tj ET Q q 0 0 0 rg BT 175.57 382.10 Td (In ) Tj ET Q q 0 0 0 rg BT 186.31 382.10 Td (201) Tj ET Q q 0 0 0 rg BT 200.94 382.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 208.36 382.10 Td (we ) Tj ET Q q 0 0 0 rg BT 222.44 382.10 Td (began ) Tj ET Q q 0 0 0 rg BT 248.73 382.10 Td (producing ) Tj ET Q q 0 0 0 rg BT 291.69 382.10 Td (a ) Tj ET Q q 0 0 0 rg BT 298.55 382.10 Td (family ) Tj ET Q q 0 0 0 rg BT 327.07 382.10 Td (of ) Tj ET Q q 0 0 0 rg BT 337.81 382.10 Td (engines ) Tj ET Q q 0 0 0 rg BT 370.77 382.10 Td (exclusively ) Tj ET Q q 0 0 0 rg BT 418.73 382.10 Td (for ) Tj ET Q q 0 0 0 rg BT 432.81 382.10 Td (Maserati, ) Tj ET Q q 0 0 0 rg BT 472.71 382.10 Td (namely ) Tj ET Q q 0 0 0 rg BT 504.56 382.10 Td (the ) Tj ET Q q 0 0 0 rg BT 519.19 382.10 Td (F160 ) Tj ET Q q 0 0 0 rg BT 542.17 382.10 Td (3.0-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 370.10 Td (litre ) Tj ET Q q 0 0 0 rg BT 71.62 370.10 Td (V6 ) Tj ET Q q 0 0 0 rg BT 85.35 370.10 Td (T) Tj ET Q q 0 0 0 rg BT 91.11 370.10 Td (urbo ) Tj ET Q q 0 0 0 rg BT 111.07 370.10 Td (engines, ) Tj ET Q q 0 0 0 rg BT 145.75 370.10 Td (in ) Tj ET Q q 0 0 0 rg BT 155.16 370.10 Td (much ) Tj ET Q q 0 0 0 rg BT 179.01 370.10 Td (lar) Tj ET Q q 0 0 0 rg BT 189.38 370.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 203.78 370.10 Td (production ) Tj ET Q q 0 0 0 rg BT 248.74 370.10 Td (volumes. ) Tj ET Q q 0 0 0 rg BT 286.76 370.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 303.94 370.10 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 355.54 370.10 Td (with ) Tj ET Q q 0 0 0 rg BT 374.95 370.10 Td (Maserati ) Tj ET Q q 0 0 0 rg BT 411.57 370.10 Td (is ) Tj ET Q q 0 0 0 rg BT 419.87 370.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 457.60 370.10 Td (governed ) Tj ET Q q 0 0 0 rg BT 496.44 370.10 Td (by ) Tj ET Q q 0 0 0 rg BT 508.07 370.10 Td (a ) Tj ET Q q 0 0 0 rg BT 514.14 370.10 Td (framework ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 358.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 97.31 358.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 128.39 358.10 Td (into ) Tj ET Q q 0 0 0 rg BT 145.62 358.10 Td (in ) Tj ET Q q 0 0 0 rg BT 155.06 358.10 Td (December ) Tj ET Q q 0 0 0 rg BT 197.81 358.10 Td (2014. ) Tj ET Q q 0 0 0 rg BT 221.97 358.10 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 258.64 358.10 Td (to ) Tj ET Q q 0 0 0 rg BT 268.08 358.10 Td (this ) Tj ET Q q 0 0 0 rg BT 284.20 358.10 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 330.00 358.10 Td (the ) Tj ET Q q 0 0 0 rg BT 343.88 358.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 368.88 358.10 Td (production ) Tj ET Q q 0 0 0 rg BT 413.87 358.10 Td (run ) Tj ET Q q 0 0 0 rg BT 428.86 358.10 Td (consists ) Tj ET Q q 0 0 0 rg BT 462.20 358.10 Td (of ) Tj ET Q q 0 0 0 rg BT 472.19 358.10 Td (up ) Tj ET Q q 0 0 0 rg BT 483.86 358.10 Td (to ) Tj ET Q q 0 0 0 rg BT 493.30 358.10 Td (178,000 ) Tj ET Q q 0 0 0 rg BT 527.47 358.10 Td (engines ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 346.10 Td (in ) Tj ET Q q 0 0 0 rg BT 64.28 346.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 105.64 346.10 Td (through ) Tj ET Q q 0 0 0 rg BT 139.24 346.10 Td (2020. ) Tj ET Q q 0 0 0 rg BT 164.24 346.10 Td (Based ) Tj ET Q q 0 0 0 rg BT 191.18 346.10 Td (on ) Tj ET Q q 0 0 0 rg BT 203.67 346.10 Td (our ) Tj ET Q q 0 0 0 rg BT 219.50 346.10 Td (discussions ) Tj ET Q q 0 0 0 rg BT 267.56 346.10 Td (with ) Tj ET Q q 0 0 0 rg BT 287.84 346.10 Td (Maserati, ) Tj ET Q q 0 0 0 rg BT 327.82 346.10 Td (we ) Tj ET Q q 0 0 0 rg BT 341.98 346.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 370.57 346.10 Td (the ) Tj ET Q q 0 0 0 rg BT 385.28 346.10 Td (production ) Tj ET Q q 0 0 0 rg BT 431.10 346.10 Td (run ) Tj ET Q q 0 0 0 rg BT 446.93 346.10 Td (to ) Tj ET Q q 0 0 0 rg BT 457.21 346.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 492.46 346.10 Td (to ) Tj ET Q q 0 0 0 rg BT 502.74 346.10 Td (up ) Tj ET Q q 0 0 0 rg BT 515.23 346.10 Td (to ) Tj ET Q q 0 0 0 rg BT 525.51 346.10 Td (260,000 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 334.10 Td (engines ) Tj ET Q q 0 0 0 rg BT 87.66 334.10 Td (in ) Tj ET Q q 0 0 0 rg BT 98.54 334.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 140.52 334.10 Td (through ) Tj ET Q q 0 0 0 rg BT 174.73 334.10 Td (2023 ) Tj ET Q q 0 0 0 rg BT 197.84 334.10 Td (to ) Tj ET Q q 0 0 0 rg BT 208.73 334.10 Td (cater ) Tj ET Q q 0 0 0 rg BT 231.26 334.10 Td (to ) Tj ET Q q 0 0 0 rg BT 242.15 334.10 Td (Maserati) Tj ET Q q 0 0 0 rg BT 279.92 334.10 Td (s ) Tj ET Q q 0 0 0 rg BT 286.92 334.10 Td (planned ) Tj ET Q q 0 0 0 rg BT 321.68 334.10 Td (expanded ) Tj ET Q q 0 0 0 rg BT 363.11 334.10 Td (model ) Tj ET Q q 0 0 0 rg BT 391.21 334.10 Td (range ) Tj ET Q q 0 0 0 rg BT 416.53 334.10 Td (and ) Tj ET Q q 0 0 0 rg BT 434.07 334.10 Td (sales. ) Tj ET Q q 0 0 0 rg BT 458.90 334.10 Td (V) Tj ET Q q 0 0 0 rg BT 464.83 334.10 Td (olumes ) Tj ET Q q 0 0 0 rg BT 496.83 334.10 Td (and ) Tj ET Q q 0 0 0 rg BT 514.37 334.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 545.81 334.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 322.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 89.91 322.10 Td (from ) Tj ET Q q 0 0 0 rg BT 111.94 322.10 Td (time ) Tj ET Q q 0 0 0 rg BT 132.30 322.10 Td (to ) Tj ET Q q 0 0 0 rg BT 142.67 322.10 Td (time ) Tj ET Q q 0 0 0 rg BT 163.03 322.10 Td (to ) Tj ET Q q 0 0 0 rg BT 173.39 322.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 201.51 322.10 Td (Maserati) Tj ET Q q 0 0 0 rg BT 239.28 322.10 Td (s ) Tj ET Q q 0 0 0 rg BT 245.76 322.10 Td (changing ) Tj ET Q q 0 0 0 rg BT 285.00 322.10 Td (requirements. ) Tj ET Q q 0 0 0 rg BT 342.29 322.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 369.87 322.10 Td (the ) Tj ET Q q 0 0 0 rg BT 384.67 322.10 Td (framework ) Tj ET Q q 0 0 0 rg BT 431.13 322.10 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 477.86 322.10 Td (Maserati ) Tj ET Q q 0 0 0 rg BT 515.43 322.10 Td (is ) Tj ET Q q 0 0 0 rg BT 524.69 322.10 Td (required ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 310.10 Td (to ) Tj ET Q q 0 0 0 rg BT 63.91 310.10 Td (compensate ) Tj ET Q q 0 0 0 rg BT 113.24 310.10 Td (us ) Tj ET Q q 0 0 0 rg BT 124.26 310.10 Td (for ) Tj ET Q q 0 0 0 rg BT 138.05 310.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 167.39 310.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 189.52 310.10 Td (we ) Tj ET Q q 0 0 0 rg BT 203.31 310.10 Td (may ) Tj ET Q q 0 0 0 rg BT 222.65 310.10 Td (incur) Tj ET Q q 0 0 0 rg BT 242.80 310.10 Td (, ) Tj ET Q q 0 0 0 rg BT 247.43 310.10 Td (such ) Tj ET Q q 0 0 0 rg BT 267.89 310.10 Td (as ) Tj ET Q q 0 0 0 rg BT 278.35 310.10 Td (penalties ) Tj ET Q q 0 0 0 rg BT 316.02 310.10 Td (from ) Tj ET Q q 0 0 0 rg BT 337.59 310.10 Td (our ) Tj ET Q q 0 0 0 rg BT 353.05 310.10 Td (suppliers, ) Tj ET Q q 0 0 0 rg BT 393.79 310.10 Td (if ) Tj ET Q q 0 0 0 rg BT 402.03 310.10 Td (there ) Tj ET Q q 0 0 0 rg BT 424.15 310.10 Td (is ) Tj ET Q q 0 0 0 rg BT 432.95 310.10 Td (a ) Tj ET Q q 0 0 0 rg BT 439.52 310.10 Td (shortfall ) Tj ET Q q 0 0 0 rg BT 474.97 310.10 Td (in ) Tj ET Q q 0 0 0 rg BT 484.88 310.10 Td (the ) Tj ET Q q 0 0 0 rg BT 499.23 310.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 528.01 310.10 Td (volume ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 298.10 Td (of ) Tj ET Q q 0 0 0 rg BT 64.92 298.10 Td (engines ) Tj ET Q q 0 0 0 rg BT 98.06 298.10 Td (actually ) Tj ET Q q 0 0 0 rg BT 132.30 298.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 175.43 298.10 Td (by ) Tj ET Q q 0 0 0 rg BT 188.02 298.10 Td (Maserati ) Tj ET Q q 0 0 0 rg BT 225.60 298.10 Td (in ) Tj ET Q q 0 0 0 rg BT 235.97 298.10 Td (that ) Tj ET Q q 0 0 0 rg BT 253.56 298.10 Td (year) Tj ET Q q 0 0 0 rg BT 270.21 298.10 Td (. ) Tj ET Q q 0 0 0 rg BT 275.30 298.10 Td (In ) Tj ET Q q 0 0 0 rg BT 286.23 298.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 311.32 298.10 Td (we ) Tj ET Q q 0 0 0 rg BT 325.57 298.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 344.83 298.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 405.18 298.10 Td (21,500 ) Tj ET Q q 0 0 0 rg BT 435.09 298.10 Td (V6 ) Tj ET Q q 0 0 0 rg BT 449.90 298.10 Td (engines ) Tj ET Q q 0 0 0 rg BT 483.04 298.10 Td (to ) Tj ET Q q 0 0 0 rg BT 493.41 298.10 Td (Maserati ) Tj ET Q q 0 0 0 rg BT 530.99 298.10 Td (in ) Tj ET Q q 0 0 0 rg BT 541.36 298.10 Td (four ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 286.10 Td (dif) Tj ET Q q 0 0 0 rg BT 64.93 286.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 90.74 286.10 Td (versions, ) Tj ET Q q 0 0 0 rg BT 129.07 286.10 Td (ranging ) Tj ET Q q 0 0 0 rg BT 162.12 286.10 Td (from ) Tj ET Q q 0 0 0 rg BT 184.06 286.10 Td (330 ) Tj ET Q q 0 0 0 rg BT 201.56 286.10 Td (hp ) Tj ET Q q 0 0 0 rg BT 214.06 286.10 Td (to ) Tj ET Q q 0 0 0 rg BT 224.34 286.10 Td (410 ) Tj ET Q q 0 0 0 rg BT 241.84 286.10 Td (hp.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 262.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 262.10 Td (In ) Tj ET Q q 0 0 0 rg BT 100.83 262.10 Td (order ) Tj ET Q q 0 0 0 rg BT 124.43 262.10 Td (to ) Tj ET Q q 0 0 0 rg BT 134.71 262.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 156.64 262.10 Td (the ) Tj ET Q q 0 0 0 rg BT 171.18 262.10 Td (V6 ) Tj ET Q q 0 0 0 rg BT 185.90 262.10 Td (volumes ) Tj ET Q q 0 0 0 rg BT 222.29 262.10 Td (and ) Tj ET Q q 0 0 0 rg BT 239.22 262.10 Td (specifications ) Tj ET Q q 0 0 0 rg BT 296.70 262.10 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 353.91 262.10 Td (we ) Tj ET Q q 0 0 0 rg BT 368.07 262.10 Td (built ) Tj ET Q q 0 0 0 rg BT 388.90 262.10 Td (a ) Tj ET Q q 0 0 0 rg BT 395.84 262.10 Td (dedicated ) Tj ET Q q 0 0 0 rg BT 436.65 262.10 Td (assembly ) Tj ET Q q 0 0 0 rg BT 476.37 262.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 507.19 262.10 Td (at ) Tj ET Q q 0 0 0 rg BT 516.90 262.10 Td (Maranello ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 250.10 Td (with ) Tj ET Q q 0 0 0 rg BT 73.89 250.10 Td (a ) Tj ET Q q 0 0 0 rg BT 80.44 250.10 Td (much ) Tj ET Q q 0 0 0 rg BT 104.77 250.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 132.43 250.10 Td (level ) Tj ET Q q 0 0 0 rg BT 153.97 250.10 Td (of ) Tj ET Q q 0 0 0 rg BT 164.42 250.10 Td (industrialization ) Tj ET Q q 0 0 0 rg BT 231.51 250.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 273.05 250.10 Td (to ) Tj ET Q q 0 0 0 rg BT 282.94 250.10 Td (production ) Tj ET Q q 0 0 0 rg BT 328.38 250.10 Td (of ) Tj ET Q q 0 0 0 rg BT 338.82 250.10 Td (our ) Tj ET Q q 0 0 0 rg BT 354.11 250.10 Td (V12 ) Tj ET Q q 0 0 0 rg BT 373.44 250.10 Td (and ) Tj ET Q q 0 0 0 rg BT 389.84 250.10 Td (V8 ) Tj ET Q q 0 0 0 rg BT 404.17 250.10 Td (engines. ) Tj ET Q q 0 0 0 rg BT 439.33 250.10 Td (Due ) Tj ET Q q 0 0 0 rg BT 458.10 250.10 Td (to ) Tj ET Q q 0 0 0 rg BT 467.99 250.10 Td (the ) Tj ET Q q 0 0 0 rg BT 482.32 250.10 Td (lar) Tj ET Q q 0 0 0 rg BT 492.69 250.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 507.57 250.10 Td (volumes ) Tj ET Q q 0 0 0 rg BT 543.56 250.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 238.10 Td (product ) Tj ET Q q 0 0 0 rg BT 86.98 238.10 Td (specifications, ) Tj ET Q q 0 0 0 rg BT 146.90 238.10 Td (our ) Tj ET Q q 0 0 0 rg BT 162.67 238.10 Td (make-or) Tj ET Q q 0 0 0 rg BT 195.79 238.10 Td (-buy ) Tj ET Q q 0 0 0 rg BT 216.55 238.10 Td (strategy ) Tj ET Q q 0 0 0 rg BT 250.65 238.10 Td (for ) Tj ET Q q 0 0 0 rg BT 264.75 238.10 Td (the ) Tj ET Q q 0 0 0 rg BT 279.40 238.10 Td (production ) Tj ET Q q 0 0 0 rg BT 325.16 238.10 Td (of ) Tj ET Q q 0 0 0 rg BT 335.76 238.10 Td (V6 ) Tj ET Q q 0 0 0 rg BT 350.42 238.10 Td (F160 ) Tj ET Q q 0 0 0 rg BT 373.42 238.10 Td (engines ) Tj ET Q q 0 0 0 rg BT 406.40 238.10 Td (also ) Tj ET Q q 0 0 0 rg BT 424.95 238.10 Td (dif) Tj ET Q q 0 0 0 rg BT 435.87 238.10 Td (fers ) Tj ET Q q 0 0 0 rg BT 453.30 238.10 Td (from ) Tj ET Q q 0 0 0 rg BT 475.18 238.10 Td (the ) Tj ET Q q 0 0 0 rg BT 489.83 238.10 Td (one ) Tj ET Q q 0 0 0 rg BT 506.71 238.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 550.24 238.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 226.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 85.17 226.10 Td (engines. ) Tj ET Q q 0 0 0 rg BT 121.90 226.10 Td (The ) Tj ET Q q 0 0 0 rg BT 141.41 226.10 Td (vast ) Tj ET Q q 0 0 0 rg BT 161.49 226.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 199.34 226.10 Td (of ) Tj ET Q q 0 0 0 rg BT 211.63 226.10 Td (the ) Tj ET Q q 0 0 0 rg BT 227.82 226.10 Td (engine ) Tj ET Q q 0 0 0 rg BT 258.44 226.10 Td (components ) Tj ET Q q 0 0 0 rg BT 310.73 226.10 Td (are ) Tj ET Q q 0 0 0 rg BT 326.90 226.10 Td (sourced ) Tj ET Q q 0 0 0 rg BT 361.97 226.10 Td (externally ) Tj ET Q q 0 0 0 rg BT 405.91 226.10 Td (from ) Tj ET Q q 0 0 0 rg BT 429.32 226.10 Td (our ) Tj ET Q q 0 0 0 rg BT 446.61 226.10 Td (panel ) Tj ET Q q 0 0 0 rg BT 472.24 226.10 Td (of ) Tj ET Q q 0 0 0 rg BT 484.53 226.10 Td (suppliers ) Tj ET Q q 0 0 0 rg BT 524.61 226.10 Td (\(see ) Tj ET Q q 0 0 0 rg BT 544.67 226.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 549.11 226.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 214.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 63.63 214.10 Td (ocur) Tj ET Q q 0 0 0 rg BT 81.59 214.10 Td (ement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.46 214.10 Td (\) ) Tj ET Q q 0 0 0 rg BT 115.73 214.10 Td (and ) Tj ET Q q 0 0 0 rg BT 132.67 214.10 Td (then ) Tj ET Q q 0 0 0 rg BT 152.39 214.10 Td (assembled ) Tj ET Q q 0 0 0 rg BT 196.54 214.10 Td (in ) Tj ET Q q 0 0 0 rg BT 206.82 214.10 Td (Maranello ) Tj ET Q q 0 0 0 rg BT 250.42 214.10 Td (on ) Tj ET Q q 0 0 0 rg BT 262.92 214.10 Td (our ) Tj ET Q q 0 0 0 rg BT 278.75 214.10 Td (highly ) Tj ET Q q 0 0 0 rg BT 306.80 214.10 Td (automatized ) Tj ET Q q 0 0 0 rg BT 357.99 214.10 Td (V6 ) Tj ET Q q 0 0 0 rg BT 372.71 214.10 Td (assembly ) Tj ET Q q 0 0 0 rg BT 412.43 214.10 Td (line. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 190.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 190.10 Td (From ) Tj ET Q q 0 0 0 rg BT 114.17 190.10 Td (the ) Tj ET Q q 0 0 0 rg BT 128.89 190.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 146.93 190.10 Td (of ) Tj ET Q q 0 0 0 rg BT 157.76 190.10 Td (engines ) Tj ET Q q 0 0 0 rg BT 190.81 190.10 Td (to ) Tj ET Q q 0 0 0 rg BT 201.09 190.10 Td (Maserati, ) Tj ET Q q 0 0 0 rg BT 241.07 190.10 Td (we ) Tj ET Q q 0 0 0 rg BT 255.23 190.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 292.71 190.10 Td (net ) Tj ET Q q 0 0 0 rg BT 307.43 190.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 345.46 190.10 Td (of ) Tj ET Q q 0 0 0 rg BT 356.29 190.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 416.55 190.10 Td (177 ) Tj ET Q q 0 0 0 rg BT 439.05 190.10 Td (million ) Tj ET Q q 0 0 0 rg BT 470.44 190.10 Td (in ) Tj ET Q q 0 0 0 rg BT 480.72 190.10 Td (2015.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 166.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 96.50 166.10 Td (Services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 142.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 142.10 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 142.10 Td (e ) Tj ET Q q 0 0 0 rg BT 105.98 142.10 Td (of) Tj ET Q q 0 0 0 rg BT 114.13 142.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 128.13 142.10 Td (retail ) Tj ET Q q 0 0 0 rg BT 151.58 142.10 Td (client ) Tj ET Q q 0 0 0 rg BT 176.70 142.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 217.37 142.10 Td (for ) Tj ET Q q 0 0 0 rg BT 231.93 142.10 Td (the ) Tj ET Q q 0 0 0 rg BT 247.06 142.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 285.50 142.10 Td (of ) Tj ET Q q 0 0 0 rg BT 296.73 142.10 Td (our ) Tj ET Q q 0 0 0 rg BT 312.97 142.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 331.97 142.10 Td (through ) Tj ET Q q 0 0 0 rg BT 365.99 142.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 396.10 142.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 436.22 142.10 Td (Services ) Tj ET Q q 0 0 0 rg BT 473.00 142.10 Td (S.p.A. ) Tj ET Q q 0 0 0 rg BT 501.19 142.10 Td (\(FFS\). ) Tj ET Q q 0 0 0 rg BT 538.81 142.10 Td (FFS, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 130.10 Td (together ) Tj ET Q q 0 0 0 rg BT 88.74 130.10 Td (with ) Tj ET Q q 0 0 0 rg BT 108.49 130.10 Td (its ) Tj ET Q q 0 0 0 rg BT 119.91 130.10 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 171.60 130.10 Td (operates ) Tj ET Q q 0 0 0 rg BT 206.89 130.10 Td (in ) Tj ET Q q 0 0 0 rg BT 216.65 130.10 Td (our ) Tj ET Q q 0 0 0 rg BT 231.95 130.10 Td (major ) Tj ET Q q 0 0 0 rg BT 257.25 130.10 Td (markets, ) Tj ET Q q 0 0 0 rg BT 293.38 130.10 Td (including ) Tj ET Q q 0 0 0 rg BT 333.13 130.10 Td (UK, ) Tj ET Q q 0 0 0 rg BT 352.04 130.10 Td (Germany ) Tj ET Q q 0 0 0 rg BT 391.22 130.10 Td (and ) Tj ET Q q 0 0 0 rg BT 407.64 130.10 Td (the ) Tj ET Q q 0 0 0 rg BT 421.83 130.10 Td (United ) Tj ET Q q 0 0 0 rg BT 451.02 130.10 Td (States. ) Tj ET Q q 0 0 0 rg BT 479.24 130.10 Td (W) Tj ET Q q 0 0 0 rg BT 487.87 130.10 Td (e ) Tj ET Q q 0 0 0 rg BT 494.29 130.10 Td (also ) Tj ET Q q 0 0 0 rg BT 512.37 130.10 Td (of) Tj ET Q q 0 0 0 rg BT 520.52 130.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 533.59 130.10 Td (dealer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 118.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 94.43 118.10 Td (through ) Tj ET Q q 0 0 0 rg BT 128.21 118.10 Td (FFS ) Tj ET Q q 0 0 0 rg BT 147.56 118.10 Td (in ) Tj ET Q q 0 0 0 rg BT 158.00 118.10 Td (the ) Tj ET Q q 0 0 0 rg BT 172.89 118.10 Td (United ) Tj ET Q q 0 0 0 rg BT 202.77 118.10 Td (States. ) Tj ET Q q 0 0 0 rg BT 231.83 118.10 Td (Until ) Tj ET Q q 0 0 0 rg BT 255.05 118.10 Td (December ) Tj ET Q q 0 0 0 rg BT 298.80 118.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 321.47 118.10 Td (we ) Tj ET Q q 0 0 0 rg BT 335.80 118.10 Td (of) Tj ET Q q 0 0 0 rg BT 343.95 118.10 Td (fered ) Tj ET Q q 0 0 0 rg BT 367.15 118.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 394.24 118.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 434.67 118.10 Td (in ) Tj ET Q q 0 0 0 rg BT 445.12 118.10 Td (UK, ) Tj ET Q q 0 0 0 rg BT 464.73 118.10 Td (Germany) Tj ET Q q 0 0 0 rg BT 501.29 118.10 Td (, ) Tj ET Q q 0 0 0 rg BT 506.46 118.10 Td (Belgium ) Tj ET Q q 0 0 0 rg BT 543.57 118.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 106.10 Td (Switzerland ) Tj ET Q q 0 0 0 rg BT 104.26 106.10 Td (and ) Tj ET Q q 0 0 0 rg BT 121.20 106.10 Td (until ) Tj ET Q q 0 0 0 rg BT 142.04 106.10 Td (May ) Tj ET Q q 0 0 0 rg BT 162.87 106.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 185.37 106.10 Td (in ) Tj ET Q q 0 0 0 rg BT 195.65 106.10 Td (Japan. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 82.10 Td (Through FFS, we of) Tj ET Q q 0 0 0 rg BT 176.93 82.10 Td (fer a range of flexible, bespoke financial and ancillary services to clients \(both new and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 70.10 Td (recurrent\) interested in purchasing a wide range of cars, from our current product range of Sports and GT) Tj ET Q q 0 0 0 rg BT 474.77 70.10 Td ( Cars, to older pre-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 58.10 Td (owned models, to classic models, special series and competition cars, including retired Formula 1 single-seaters. FFS also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 46.10 Td (provides special financing arrangements to a selected group of our most valuable and loyal customers. ) Tj ET Q endstream endobj 109 0 obj <> endobj 110 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 30.20 Td (46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 742.10 Td (In December 2014, we entered into a partnership with FGA) Tj ET Q q 0 0 0 rg BT 333.71 742.10 Td ( Capital S.p.A. \(now FCA) Tj ET Q q 0 0 0 rg BT 437.33 742.10 Td ( Bank S.p.A. or FCAB\), a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 730.10 Td (50/50 joint venture between FCA) Tj ET Q q 0 0 0 rg BT 187.32 730.10 Td ( Italy S.p.A. and Crdit ) Tj ET Q q 0 0 0 rg BT 282.31 730.10 Td (Agricole Consumer Finance S.A. FCAB operates in 16 European ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 718.10 Td (countries and we believe that our partnership with FCAB will enable us to extend the reach of our dealer and retail financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 706.10 Td (services to a lar) Tj ET Q q 0 0 0 rg BT 116.29 706.10 Td (ger number of markets in which we operate. Our relationship with FCAB is not expected to change following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 694.10 Td (the Separation. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 672.10 Td (In May 2015, we entered into a partnership with JACCS Co., Ltd to promote sales volume growth in the Japanese ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 660.10 Td (market with a full scale customer and dealer finance arrangement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 638.10 Td ( In light of our recent partnership with FCAB and JACCS Co., Ltd, and also due to recent changes to the banking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 626.10 Td (and financial laws in Italy) Tj ET Q q 0 0 0 rg BT 157.20 626.10 Td (, we requested and obtained the cancellation of FFS from the list of regulated financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 614.10 Td (intermediaries. ) Tj ET Q q 0 0 0 rg BT 116.02 614.10 Td (W) Tj ET Q q 0 0 0 rg BT 124.65 614.10 Td (e are working on expanding our partnerships in additional markets. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 590.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 590.10 Td (At December 31, 2015, FFS) Tj ET Q q 0 0 0 rg BT 205.55 590.10 Td (s portfolio of financial receivables was 1,171 million in aggregate, including 668 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 578.10 Td (million in the ) Tj ET Q q 0 0 0 rg BT 109.83 578.10 Td (Americas \(57 percent of total\) and 503 million in EMEA) Tj ET Q q 0 0 0 rg BT 341.72 578.10 Td ( \(43 percent of total\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 542.10 Td (Resear) Tj ET Q q 0 0 0 rg BT 83.25 542.10 Td (ch and Development ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 520.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 520.10 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 520.10 Td (e engage in research and development activities aimed at improving the design, performance, safety) Tj ET Q q 0 0 0 rg BT 497.55 520.10 Td (, ef) Tj ET Q q 0 0 0 rg BT 510.14 520.10 Td (ficiency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 508.10 Td (and reliability of our cars. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 486.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 486.10 Td (Our research and development center is in Maranello and, at December31, 2015, included approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.84 486.10 Td (320) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.84 486.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 474.10 Td (employees who are part of our broader technology team. Our personnel support product development ef) Tj ET Q q 0 0 0 rg BT 469.52 474.10 Td (forts and have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 462.10 Td (expertise in a number of disciplines, including mechanical, electrical, materials, computer science and chemical engineering. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 438.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 438.10 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 438.10 Td (e capitalized development costs of 154 million in 2015, 145million in 2014, and 93million in 2013. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 416.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 416.10 Td (Research and development costs expensed during each period mainly include the research and development incurred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 404.10 Td (for the Formula 1 racing activities to support the development of the sports and GT) Tj ET Q q 0 0 0 rg BT 386.52 404.10 Td ( car models and prototypes, which are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 392.10 Td (expensed as incurred. ) Tj ET Q q 0 0 0 rg BT 142.67 392.10 Td (The following table summarizes our research and development expenditures in the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 380.10 Td (December31, 2015, 2014 and 2013: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 328.60 259.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 328.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 328.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 328.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 328.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 328.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 300.60 259.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 300.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 300.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 300.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 300.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 300.60 79.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 355.6 m 391.5 355.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 355.6 m 395.5 355.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 355.6 m 474.5 355.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 355.6 m 478.5 355.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 355.6 m 557.5 355.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 355.6 m 391.5 355.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 341.6 m 391.5 341.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 355.6 m 395.5 355.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 355.6 m 474.5 355.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 341.6 m 474.5 341.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 355.6 m 478.5 355.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 355.6 m 557.5 355.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 341.6 m 557.5 341.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 300.6 m 391.5 300.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 287.6 m 391.5 287.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 285.6 m 391.5 285.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 300.6 m 474.5 300.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 287.6 m 474.5 287.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 285.6 m 474.5 285.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 300.6 m 557.5 300.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 287.6 m 557.5 287.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 285.6 m 557.5 285.6 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 371.15 360.05 Td (For the years ended December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.50 346.05 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 425.50 346.05 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 508.50 346.05 Td (2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.35 332.85 Td (\( thousand\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 319.06 Td (Amortization of capitalized development costs) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 358.75 319.06 Td (114,856) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 441.75 319.06 Td (125,497) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 524.75 319.06 Td (120,444) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 305.06 Td (Research and development costs expensed during the period) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 358.75 305.06 Td (446,726) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 441.75 305.06 Td (415,336) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 524.75 305.06 Td (358,850) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 291.05 Td (Total research and development costs) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 358.75 291.05 Td (561,582) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 441.75 291.05 Td (540,833) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 291.05 Td (479,294) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 275.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 263.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 263.10 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 263.10 Td (e transfer technologies developed by our racing team to our Sports and GT) Tj ET Q q 0 0 0 rg BT 397.26 263.10 Td ( models across all core vehicle ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 251.10 Td (development areas, such as aerodynamics, powertrain, and car dynamics. ) Tj ET Q q 0 0 0 rg BT 348.99 251.10 Td (T) Tj ET Q q 0 0 0 rg BT 354.40 251.10 Td (o that end, we also transfer research and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 239.10 Td (development personnel between the Formula 1 team and the sports and GT) Tj ET Q q 0 0 0 rg BT 354.01 239.10 Td ( cars team, and the two teams regularly join forces ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 227.10 Td (for ad-hoc projects in areas such as combustion engine, new materials or computational fluid dynamics for aerodynamic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 215.10 Td (performance. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 191.10 Td (V) Tj ET Q q 0 0 0 rg BT 59.56 191.10 Td (ehicle Concept ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 169.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 169.10 Td (Achieving the most ef) Tj ET Q q 0 0 0 rg BT 178.41 169.10 Td (ficient combination of lightweight materials and optimal weight distribution gives our cars ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 157.10 Td (their superior longitudinal and lateral driving dynamics. ) Tj ET Q q 0 0 0 rg BT 279.87 157.10 Td (W) Tj ET Q q 0 0 0 rg BT 288.51 157.10 Td (e employ a range of technologies to reduce car weight. For our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 145.10 Td (range models we are currently developing an aluminum lightweight chassis and body) Tj ET Q q 0 0 0 rg BT 394.65 145.10 Td (, which is lighter than a carbon fiber ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 133.10 Td (chassis. For LaFerrari we are currently using state of the art carbon fiber technologies, which we developed in conjunction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 121.10 Td (with our Formula 1 research and development team. ) Tj ET Q q 0 0 0 rg BT 265.14 121.10 Td (W) Tj ET Q q 0 0 0 rg BT 273.78 121.10 Td (e are currently developing a new architecture, aimed at further ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 109.10 Td (reducing car weight and increasing performance, and thus improving stif) Tj ET Q q 0 0 0 rg BT 344.83 109.10 Td (fness and reducing noise, vibration and harshness ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 97.10 Td (\(NVH\), among other things. ) Tj ET Q endstream endobj 111 0 obj <> endobj 112 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (47) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 731.25 Td (Powertrain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 709.25 Td (The powertrain is a core area of our research and development. ) Tj ET Q q 0 0 0 rg BT 350.33 709.25 Td (As with other research and development areas, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 697.25 Td (powertrain research benefits from a constant exchange between the Formula 1 team and designers of our Sports and GT) Tj ET Q q 0 0 0 rg BT 533.10 697.25 Td ( cars. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 675.25 Td (Engines ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 651.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 651.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 107.87 651.25 Td (V12 engines) Tj ET Q q 0 0 0 rg BT 160.73 651.25 Td ( output ranges from 660 hp \(in the FF\), to 780 hp \(in the F12tdf\), and up to 800 hp \(in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 639.25 Td (LaFerrari\). ) Tj ET Q q 0 0 0 rg BT 99.90 639.25 Td (This range highlights our versatility in developing ) Tj ET Q q 0 0 0 rg BT 302.75 639.25 Td (V12 aspirated engines, as there are no other carmakers which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 627.25 Td (currently boast such specific high power ratios. ) Tj ET Q q 0 0 0 rg BT 245.43 627.25 Td (W) Tj ET Q q 0 0 0 rg BT 254.47 627.25 Td (ith the new California ) Tj ET Q q 0 0 0 rg BT 344.26 627.25 Td (T) Tj ET Q q 0 0 0 rg BT 350.19 627.25 Td ( and the 488 GTB, we transitioned from aspirated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 615.25 Td (V8 engines to turbo char) Tj ET Q q 0 0 0 rg BT 152.68 615.25 Td (ged engines. ) Tj ET Q q 0 0 0 rg BT 204.99 615.25 Td (This allowed us to increase specific engine power more than 20 percent, while reducing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 603.25 Td (emissions by up to eight percent. ) Tj ET Q q 0 0 0 rg BT 187.59 603.25 Td (All Ferrari turbo engines are designed to have the same throttle response delivered by a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 591.25 Td (naturally aspirated car) Tj ET Q q 0 0 0 rg BT 142.29 591.25 Td (. ) Tj ET Q q 0 0 0 rg BT 147.11 591.25 Td (T) Tj ET Q q 0 0 0 rg BT 152.52 591.25 Td (o achieve this goal we are investing in cutting edge turbo char) Tj ET Q q 0 0 0 rg BT 400.31 591.25 Td (ging technologies \(such as aluminum-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 579.25 Td (titanium-alloys and ball bearings\), with our strategic partner IHI.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 557.25 Td (T) Tj ET Q q 0 0 0 rg BT 101.41 557.25 Td (o further improve ef) Tj ET Q q 0 0 0 rg BT 182.03 557.25 Td (ficiency with respect to emissions and performance we continuously improve on our engines, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 545.25 Td (researching new materials with higher specifications for friction, thermal and mechanical stress. ) Tj ET Q q 0 0 0 rg BT 440.34 545.25 Td (W) Tj ET Q q 0 0 0 rg BT 448.98 545.25 Td (e are also investing in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 533.25 Td (technologies that improve the combustion process, with research focusing on high pressure injection and tumble flaps. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 511.25 Td (T) Tj ET Q q 0 0 0 rg BT 59.01 511.25 Td (ransmissions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 487.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 487.25 Td (Our 7-shift double clutch gearbox is a core element of Ferrari powertrains. ) Tj ET Q q 0 0 0 rg BT 390.55 487.25 Td (The architecture of the gearbox, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 475.25 Td (combined with the shifting technologies developed by Ferrari, allow for one of the fastest and most performance orientated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 463.25 Td (shifts on the market. ) Tj ET Q q 0 0 0 rg BT 137.97 463.25 Td (The 488 GTB demonstrates the potential of this gearbox, reaching the 4th gear limiter in full ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 451.25 Td (acceleration in six seconds.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 429.25 Td (V) Tj ET Q q 0 0 0 rg BT 59.56 429.25 Td (ehicle dynamics ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 407.25 Td (Suspension, braking systems and tires are key elements of vehicle dynamics. Our vehicle suspensions allow for a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 395.25 Td (very rigid and direct force transmission which increases the response of the car) Tj ET Q q 0 0 0 rg BT 369.60 395.25 Td (, and we combine those with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 383.25 Td (magnetorheological ride dampers. ) Tj ET Q q 0 0 0 rg BT 192.66 383.25 Td (W) Tj ET Q q 0 0 0 rg BT 201.29 383.25 Td (e continuously collaborate with our strategic partners in our ef) Tj ET Q q 0 0 0 rg BT 450.20 383.25 Td (fort to increase damper ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 371.25 Td (dynamics. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 349.25 Td (All Ferraris are equipped with carbon ceramic brakes, renowned for superior breaking performance. ) Tj ET Q q 0 0 0 rg BT 498.15 349.25 Td (W) Tj ET Q q 0 0 0 rg BT 507.19 349.25 Td (ith the 458 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 337.25 Td (Speciale we introduced a new generation of carbon ceramic brakes with even higher breaking performance and reduced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 325.25 Td (weight. ) Tj ET Q q 0 0 0 rg BT 86.04 325.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.67 325.25 Td (e plan on equipping future vehicles with these brakes. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 303.25 Td (Aerodynamics ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 281.25 Td (W) Tj ET Q q 0 0 0 rg BT 104.64 281.25 Td (e are constantly seeking to improve the aerodynamics of our models, working specifically on drag resistance and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 269.25 Td (downforce. ) Tj ET Q q 0 0 0 rg BT 101.58 269.25 Td (The new 488 GTB has an aerodynamic ef) Tj ET Q q 0 0 0 rg BT 268.28 269.25 Td (ficiency of 1.67 due to its specially designed front and its rear spoiler) Tj ET Q q 0 0 0 rg BT 544.60 269.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 257.25 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 257.25 Td (e also use passive and active spoiler systems. ) Tj ET Q q 0 0 0 rg BT 245.47 257.25 Td (Thanks to our collaboration with the racing team, who assist with calculations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 245.25 Td (and testing, we believe we are able to develop innovative solutions in shorter timeframes. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 221.25 Td (Hybrid technology ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 199.25 Td (W) Tj ET Q q 0 0 0 rg BT 105.04 199.25 Td (ith LaFerrari we developed not only a supercar with cutting edge engine performance and driving dynamics, but ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 187.25 Td (also a highly sophisticated hybrid car) Tj ET Q q 0 0 0 rg BT 202.58 187.25 Td (. In conjunction with our partner Magneti Marelli, we developed a compact electric ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 175.25 Td (power unit \(120KW\)and DC/DC char) Tj ET Q q 0 0 0 rg BT 207.39 175.25 Td (ger) Tj ET Q q 0 0 0 rg BT 219.61 175.25 Td (. ) Tj ET Q q 0 0 0 rg BT 224.43 175.25 Td (The battery \(120KW/2,3KWH\)was developed in conjunction with our Formula 1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 163.25 Td (team, who has extensive know-how in high performance powertrains. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 141.25 Td (The LaFerrari project greatly expanded our knowledge of powertrain electrification \(and its implications on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 129.25 Td (performance and ef) Tj ET Q q 0 0 0 rg BT 131.55 129.25 Td (ficiency\). ) Tj ET Q q 0 0 0 rg BT 171.90 129.25 Td (W) Tj ET Q q 0 0 0 rg BT 180.54 129.25 Td (e actively work to improve performance and ef) Tj ET Q q 0 0 0 rg BT 368.33 129.25 Td (ficiency of electric powertrains and to extend ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 117.25 Td (the range of electric components in our cars \(e.g. electric power steering\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 93.25 Td (Intellectual ) Tj ET Q q 0 0 0 rg BT 104.83 93.25 Td (Pr) Tj ET Q q 0 0 0 rg BT 115.19 93.25 Td (operty) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 69.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 69.25 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 69.25 Td (e ) Tj ET Q q 0 0 0 rg BT 105.61 69.25 Td (own ) Tj ET Q q 0 0 0 rg BT 125.37 69.25 Td (a ) Tj ET Q q 0 0 0 rg BT 132.35 69.25 Td (number ) Tj ET Q q 0 0 0 rg BT 165.44 69.25 Td (of ) Tj ET Q q 0 0 0 rg BT 176.30 69.25 Td (design ) Tj ET Q q 0 0 0 rg BT 204.95 69.25 Td (and ) Tj ET Q q 0 0 0 rg BT 221.93 69.25 Td (utility ) Tj ET Q q 0 0 0 rg BT 248.36 69.25 Td (patents ) Tj ET Q q 0 0 0 rg BT 279.22 69.25 Td (and ) Tj ET Q q 0 0 0 rg BT 296.20 69.25 Td (registered ) Tj ET Q q 0 0 0 rg BT 338.16 69.25 Td (designs. ) Tj ET Q q 0 0 0 rg BT 373.01 69.25 Td (W) Tj ET Q q 0 0 0 rg BT 381.65 69.25 Td (e ) Tj ET Q q 0 0 0 rg BT 388.63 69.25 Td (expect ) Tj ET Q q 0 0 0 rg BT 417.26 69.25 Td (the ) Tj ET Q q 0 0 0 rg BT 432.01 69.25 Td (number ) Tj ET Q q 0 0 0 rg BT 465.10 69.25 Td (to ) Tj ET Q q 0 0 0 rg BT 475.42 69.25 Td (grow ) Tj ET Q q 0 0 0 rg BT 498.50 69.25 Td (as ) Tj ET Q q 0 0 0 rg BT 509.37 69.25 Td (we ) Tj ET Q q 0 0 0 rg BT 523.57 69.25 Td (continue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 57.25 Td (to ) Tj ET Q q 0 0 0 rg BT 64.28 57.25 Td (pursue ) Tj ET Q q 0 0 0 rg BT 93.44 57.25 Td (technological ) Tj ET Q q 0 0 0 rg BT 149.81 57.25 Td (innovations ) Tj ET Q q 0 0 0 rg BT 198.97 57.25 Td (and ) Tj ET Q q 0 0 0 rg BT 215.91 57.25 Td (to ) Tj ET Q q 0 0 0 rg BT 226.19 57.25 Td (develop ) Tj ET Q q 0 0 0 rg BT 260.34 57.25 Td (our ) Tj ET Q q 0 0 0 rg BT 276.17 57.25 Td (design ) Tj ET Q q 0 0 0 rg BT 304.78 57.25 Td (and ) Tj ET Q q 0 0 0 rg BT 321.72 57.25 Td (brand ) Tj ET Q q 0 0 0 rg BT 346.99 57.25 Td (activities. ) Tj ET Q endstream endobj 113 0 obj <> endobj 114 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 30.20 Td (48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 742.10 Td (e ) Tj ET Q q 0 0 0 rg BT 105.41 742.10 Td (file ) Tj ET Q q 0 0 0 rg BT 121.07 742.10 Td (patent ) Tj ET Q q 0 0 0 rg BT 147.83 742.10 Td (applications ) Tj ET Q q 0 0 0 rg BT 198.49 742.10 Td (in ) Tj ET Q q 0 0 0 rg BT 208.60 742.10 Td (Europe, ) Tj ET Q q 0 0 0 rg BT 242.31 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 259.08 742.10 Td (around ) Tj ET Q q 0 0 0 rg BT 289.18 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 303.73 742.10 Td (world ) Tj ET Q q 0 0 0 rg BT 329.39 742.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 372.83 742.10 Td (in ) Tj ET Q q 0 0 0 rg BT 382.94 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 397.49 742.10 Td (United ) Tj ET Q q 0 0 0 rg BT 427.04 742.10 Td (States\) ) Tj ET Q q 0 0 0 rg BT 456.59 742.10 Td (to ) Tj ET Q q 0 0 0 rg BT 466.70 742.10 Td (protect ) Tj ET Q q 0 0 0 rg BT 496.80 742.10 Td (technology ) Tj ET Q q 0 0 0 rg BT 543.57 742.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 730.10 Td (improvements ) Tj ET Q q 0 0 0 rg BT 113.71 730.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 159.53 730.10 Td (important ) Tj ET Q q 0 0 0 rg BT 200.91 730.10 Td (to ) Tj ET Q q 0 0 0 rg BT 211.19 730.10 Td (our ) Tj ET Q q 0 0 0 rg BT 227.02 730.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 265.91 730.10 Td (No ) Tj ET Q q 0 0 0 rg BT 280.63 730.10 Td (single ) Tj ET Q q 0 0 0 rg BT 307.02 730.10 Td (patent ) Tj ET Q q 0 0 0 rg BT 333.95 730.10 Td (is ) Tj ET Q q 0 0 0 rg BT 343.12 730.10 Td (material ) Tj ET Q q 0 0 0 rg BT 378.38 730.10 Td (to ) Tj ET Q q 0 0 0 rg BT 388.66 730.10 Td (our ) Tj ET Q q 0 0 0 rg BT 404.49 730.10 Td (business ) Tj ET Q q 0 0 0 rg BT 440.88 730.10 Td (as ) Tj ET Q q 0 0 0 rg BT 451.71 730.10 Td (a ) Tj ET Q q 0 0 0 rg BT 458.65 730.10 Td (whole.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 706.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 706.10 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 706.10 Td (e ) Tj ET Q q 0 0 0 rg BT 105.60 706.10 Td (also ) Tj ET Q q 0 0 0 rg BT 124.23 706.10 Td (own ) Tj ET Q q 0 0 0 rg BT 143.97 706.10 Td (a ) Tj ET Q q 0 0 0 rg BT 150.93 706.10 Td (number ) Tj ET Q q 0 0 0 rg BT 184.00 706.10 Td (of ) Tj ET Q q 0 0 0 rg BT 194.85 706.10 Td (registered ) Tj ET Q q 0 0 0 rg BT 236.80 706.10 Td (trademarks, ) Tj ET Q q 0 0 0 rg BT 286.25 706.10 Td (designs ) Tj ET Q q 0 0 0 rg BT 318.77 706.10 Td (and ) Tj ET Q q 0 0 0 rg BT 335.73 706.10 Td (patents, ) Tj ET Q q 0 0 0 rg BT 369.07 706.10 Td (including ) Tj ET Q q 0 0 0 rg BT 409.37 706.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 469.65 706.10 Td (430 ) Tj ET Q q 0 0 0 rg BT 487.17 706.10 Td (trademarks ) Tj ET Q q 0 0 0 rg BT 534.12 706.10 Td (\(word ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 694.10 Td (or ) Tj ET Q q 0 0 0 rg BT 65.07 694.10 Td (figurative\), ) Tj ET Q q 0 0 0 rg BT 112.52 694.10 Td (registered ) Tj ET Q q 0 0 0 rg BT 154.68 694.10 Td (in ) Tj ET Q q 0 0 0 rg BT 165.20 694.10 Td (several ) Tj ET Q q 0 0 0 rg BT 196.26 694.10 Td (countries ) Tj ET Q q 0 0 0 rg BT 235.66 694.10 Td (and ) Tj ET Q q 0 0 0 rg BT 252.84 694.10 Td (across ) Tj ET Q q 0 0 0 rg BT 280.57 694.10 Td (a ) Tj ET Q q 0 0 0 rg BT 287.75 694.10 Td (number ) Tj ET Q q 0 0 0 rg BT 321.04 694.10 Td (classes. ) Tj ET Q q 0 0 0 rg BT 354.05 694.10 Td (In ) Tj ET Q q 0 0 0 rg BT 365.12 694.10 Td (particular) Tj ET Q q 0 0 0 rg BT 403.03 694.10 Td (, ) Tj ET Q q 0 0 0 rg BT 408.27 694.10 Td (we ) Tj ET Q q 0 0 0 rg BT 422.67 694.10 Td (ensure ) Tj ET Q q 0 0 0 rg BT 451.51 694.10 Td (that ) Tj ET Q q 0 0 0 rg BT 469.25 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 484.21 694.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 527.50 694.10 Td (level ) Tj ET Q q 0 0 0 rg BT 549.68 694.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 682.10 Td (protection ) Tj ET Q q 0 0 0 rg BT 96.76 682.10 Td (is ) Tj ET Q q 0 0 0 rg BT 105.65 682.10 Td (given ) Tj ET Q q 0 0 0 rg BT 130.09 682.10 Td (to ) Tj ET Q q 0 0 0 rg BT 140.09 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 154.53 682.10 Td (following ) Tj ET Q q 0 0 0 rg BT 195.63 682.10 Td (iconic ) Tj ET Q q 0 0 0 rg BT 222.29 682.10 Td (trademarks, ) Tj ET Q q 0 0 0 rg BT 271.43 682.10 Td (for ) Tj ET Q q 0 0 0 rg BT 285.31 682.10 Td (which ) Tj ET Q q 0 0 0 rg BT 311.97 682.10 Td (we ) Tj ET Q q 0 0 0 rg BT 325.85 682.10 Td (filed ) Tj ET Q q 0 0 0 rg BT 346.40 682.10 Td (a ) Tj ET Q q 0 0 0 rg BT 353.06 682.10 Td (total ) Tj ET Q q 0 0 0 rg BT 373.05 682.10 Td (of ) Tj ET Q q 0 0 0 rg BT 383.60 682.10 Td (4,789 ) Tj ET Q q 0 0 0 rg BT 408.33 682.10 Td (registrations ) Tj ET Q q 0 0 0 rg BT 459.98 682.10 Td (in ) Tj ET Q q 0 0 0 rg BT 469.98 682.10 Td (129 ) Tj ET Q q 0 0 0 rg BT 487.20 682.10 Td (countries, ) Tj ET Q q 0 0 0 rg BT 528.58 682.10 Td (in ) Tj ET Q q 0 0 0 rg BT 538.57 682.10 Td (most ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 670.10 Td (of ) Tj ET Q q 0 0 0 rg BT 64.83 670.10 Td (the ) Tj ET Q q 0 0 0 rg BT 79.55 670.10 Td (main ) Tj ET Q q 0 0 0 rg BT 102.04 670.10 Td (classes ) Tj ET Q q 0 0 0 rg BT 132.31 670.10 Td (for ) Tj ET Q q 0 0 0 rg BT 146.47 670.10 Td (goods ) Tj ET Q q 0 0 0 rg BT 172.86 670.10 Td (and ) Tj ET Q q 0 0 0 rg BT 189.80 670.10 Td (services:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 646.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 646.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 164.58 646.10 Td (\(word\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 622.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 622.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 164.58 622.10 Td (logotype:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 571.10 Td ( ) Tj ET Q /GS0 gs q 152.00 0 0 34.00 90.00 571.10 cm /I39 Do Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 547.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 547.10 Td (the ) Tj ET Q q 0 0 0 rg BT 140.72 547.10 Td (Prancing ) Tj ET Q q 0 0 0 rg BT 183.20 547.10 Td (Horse ) Tj ET Q q 0 0 0 rg BT 214.02 547.10 Td (\(figurative\):) Tj ET Q /GS0 gs q 92.00 0 0 129.00 126.00 401.10 cm /I40 Do Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 377.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 377.10 Td (the ) Tj ET Q q 0 0 0 rg BT 140.72 377.10 Td (trademark ) Tj ET Q q 0 0 0 rg BT 183.75 377.10 Td (\(figurative\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 229.10 Td ( ) Tj ET Q /GS0 gs q 84.00 0 0 131.00 126.00 229.10 cm /I41 Do Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 205.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 205.10 Td (the ) Tj ET Q q 0 0 0 rg BT 140.72 205.10 Td (racing ) Tj ET Q q 0 0 0 rg BT 168.20 205.10 Td (shield ) Tj ET Q q 0 0 0 rg BT 194.59 205.10 Td (\(figurative\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 52.10 Td ( ) Tj ET Q /GS0 gs q 108.00 0 0 136.00 126.00 52.10 cm /I42 Do Q BT /F1 10.00 Tf ET endstream endobj 115 0 obj <> endobj 116 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 30.20 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 742.10 Td (Scuderia ) Tj ET Q q 0 0 0 rg BT 145.49 742.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 175.19 742.10 Td (\(word ) Tj ET Q q 0 0 0 rg BT 201.57 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 218.51 742.10 Td (figurative\):) Tj ET Q /GS0 gs q 197.00 0 0 44.00 108.00 681.10 cm /I43 Do Q BT /F1 10.00 Tf ET /GS0 gs q 242.00 0 0 197.00 108.00 467.10 cm /I44 Do Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 443.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 443.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 108.20 443.10 Td (Sports ) Tj ET Q q 0 0 0 rg BT 136.41 443.10 Td (and ) Tj ET Q q 0 0 0 rg BT 153.49 443.10 Td (GT) Tj ET Q q 0 0 0 rg BT 166.64 443.10 Td ( ) Tj ET Q q 0 0 0 rg BT 169.29 443.10 Td (car ) Tj ET Q q 0 0 0 rg BT 184.14 443.10 Td (models ) Tj ET Q q 0 0 0 rg BT 215.67 443.10 Td (and ) Tj ET Q q 0 0 0 rg BT 232.76 443.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 269.29 443.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 276.94 443.10 Td (single-seater ) Tj ET Q q 0 0 0 rg BT 330.12 443.10 Td (models ) Tj ET Q q 0 0 0 rg BT 361.65 443.10 Td (are ) Tj ET Q q 0 0 0 rg BT 376.50 443.10 Td (also ) Tj ET Q q 0 0 0 rg BT 395.26 443.10 Td (registered ) Tj ET Q q 0 0 0 rg BT 437.33 443.10 Td (as ) Tj ET Q q 0 0 0 rg BT 448.31 443.10 Td (trademarks ) Tj ET Q q 0 0 0 rg BT 495.38 443.10 Td (\(and ) Tj ET Q q 0 0 0 rg BT 515.79 443.10 Td (logotypes\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 431.10 Td (and ) Tj ET Q q 0 0 0 rg BT 70.94 431.10 Td (we ) Tj ET Q q 0 0 0 rg BT 85.10 431.10 Td (also ) Tj ET Q q 0 0 0 rg BT 103.71 431.10 Td (register ) Tj ET Q q 0 0 0 rg BT 136.19 431.10 Td (their ) Tj ET Q q 0 0 0 rg BT 157.02 431.10 Td (designs ) Tj ET Q q 0 0 0 rg BT 189.52 431.10 Td (and ) Tj ET Q q 0 0 0 rg BT 206.46 431.10 Td (domain ) Tj ET Q q 0 0 0 rg BT 238.95 431.10 Td (names. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 407.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 407.10 Td (The ) Tj ET Q q 0 0 0 rg BT 107.43 407.10 Td (protection ) Tj ET Q q 0 0 0 rg BT 149.85 407.10 Td (of ) Tj ET Q q 0 0 0 rg BT 160.06 407.10 Td (intellectual ) Tj ET Q q 0 0 0 rg BT 206.36 407.10 Td (property ) Tj ET Q q 0 0 0 rg BT 242.12 407.10 Td (is ) Tj ET Q q 0 0 0 rg BT 250.67 407.10 Td (also ) Tj ET Q q 0 0 0 rg BT 268.66 407.10 Td (increasingly ) Tj ET Q q 0 0 0 rg BT 319.41 407.10 Td (important ) Tj ET Q q 0 0 0 rg BT 360.17 407.10 Td (in ) Tj ET Q q 0 0 0 rg BT 369.83 407.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 415.58 407.10 Td (with ) Tj ET Q q 0 0 0 rg BT 435.24 407.10 Td (our ) Tj ET Q q 0 0 0 rg BT 450.45 407.10 Td (design ) Tj ET Q q 0 0 0 rg BT 478.44 407.10 Td (and ) Tj ET Q q 0 0 0 rg BT 494.76 407.10 Td (brand ) Tj ET Q q 0 0 0 rg BT 519.40 407.10 Td (activities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 395.10 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 98.78 395.10 Td (we ) Tj ET Q q 0 0 0 rg BT 113.31 395.10 Td (adopt ) Tj ET Q q 0 0 0 rg BT 138.39 395.10 Td (and ) Tj ET Q q 0 0 0 rg BT 155.69 395.10 Td (follow ) Tj ET Q q 0 0 0 rg BT 184.67 395.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 218.08 395.10 Td (processes ) Tj ET Q q 0 0 0 rg BT 259.26 395.10 Td (and ) Tj ET Q q 0 0 0 rg BT 276.57 395.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 323.30 395.10 Td (to ) Tj ET Q q 0 0 0 rg BT 333.95 395.10 Td (ensure ) Tj ET Q q 0 0 0 rg BT 362.91 395.10 Td (both ) Tj ET Q q 0 0 0 rg BT 383.56 395.10 Td (that ) Tj ET Q q 0 0 0 rg BT 401.42 395.10 Td (all ) Tj ET Q q 0 0 0 rg BT 414.28 395.10 Td (necessary ) Tj ET Q q 0 0 0 rg BT 456.01 395.10 Td (protection ) Tj ET Q q 0 0 0 rg BT 499.42 395.10 Td (is ) Tj ET Q q 0 0 0 rg BT 508.96 395.10 Td (given ) Tj ET Q q 0 0 0 rg BT 534.04 395.10 Td (to ) Tj ET Q q 0 0 0 rg BT 544.68 395.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 383.10 Td (intellectual ) Tj ET Q q 0 0 0 rg BT 100.69 383.10 Td (property ) Tj ET Q q 0 0 0 rg BT 136.83 383.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 161.87 383.10 Td (and ) Tj ET Q q 0 0 0 rg BT 178.57 383.10 Td (that ) Tj ET Q q 0 0 0 rg BT 195.82 383.10 Td (no ) Tj ET Q q 0 0 0 rg BT 208.09 383.10 Td (third ) Tj ET Q q 0 0 0 rg BT 229.23 383.10 Td (party ) Tj ET Q q 0 0 0 rg BT 252.04 383.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 277.08 383.10 Td (are ) Tj ET Q q 0 0 0 rg BT 291.55 383.10 Td (infringed ) Tj ET Q q 0 0 0 rg BT 330.47 383.10 Td (by ) Tj ET Q q 0 0 0 rg BT 342.73 383.10 Td (us. ) Tj ET Q q 0 0 0 rg BT 356.39 383.10 Td (In ) Tj ET Q q 0 0 0 rg BT 366.98 383.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 404.52 383.10 Td (we ) Tj ET Q q 0 0 0 rg BT 418.44 383.10 Td (are ) Tj ET Q q 0 0 0 rg BT 432.91 383.10 Td (particularly ) Tj ET Q q 0 0 0 rg BT 481.26 383.10 Td (active ) Tj ET Q q 0 0 0 rg BT 507.39 383.10 Td (in ) Tj ET Q q 0 0 0 rg BT 517.43 383.10 Td (seeking ) Tj ET Q q 0 0 0 rg BT 550.24 383.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 371.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 74.67 371.10 Td (any ) Tj ET Q q 0 0 0 rg BT 90.88 371.10 Td (counterfeiting ) Tj ET Q q 0 0 0 rg BT 148.74 371.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 186.61 371.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 226.70 371.10 Td (our ) Tj ET Q q 0 0 0 rg BT 241.81 371.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 270.79 371.10 Td (branded ) Tj ET Q q 0 0 0 rg BT 304.77 371.10 Td (products ) Tj ET Q q 0 0 0 rg BT 340.98 371.10 Td (around ) Tj ET Q q 0 0 0 rg BT 370.52 371.10 Td (the ) Tj ET Q q 0 0 0 rg BT 384.51 371.10 Td (world. ) Tj ET Q q 0 0 0 rg BT 411.99 371.10 Td (T) Tj ET Q q 0 0 0 rg BT 417.40 371.10 Td (o ) Tj ET Q q 0 0 0 rg BT 424.17 371.10 Td (reach ) Tj ET Q q 0 0 0 rg BT 447.59 371.10 Td (this ) Tj ET Q q 0 0 0 rg BT 463.82 371.10 Td (goal ) Tj ET Q q 0 0 0 rg BT 482.81 371.10 Td (we ) Tj ET Q q 0 0 0 rg BT 496.24 371.10 Td (closely ) Tj ET Q q 0 0 0 rg BT 526.34 371.10 Td (monitor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 359.10 Td (trademark ) Tj ET Q q 0 0 0 rg BT 96.48 359.10 Td (applications ) Tj ET Q q 0 0 0 rg BT 146.74 359.10 Td (and ) Tj ET Q q 0 0 0 rg BT 163.13 359.10 Td (domain ) Tj ET Q q 0 0 0 rg BT 195.07 359.10 Td (names ) Tj ET Q q 0 0 0 rg BT 222.56 359.10 Td (worldwide, ) Tj ET Q q 0 0 0 rg BT 269.77 359.10 Td (actively ) Tj ET Q q 0 0 0 rg BT 303.37 359.10 Td (interact ) Tj ET Q q 0 0 0 rg BT 335.29 359.10 Td (with ) Tj ET Q q 0 0 0 rg BT 355.01 359.10 Td (national ) Tj ET Q q 0 0 0 rg BT 389.17 359.10 Td (and ) Tj ET Q q 0 0 0 rg BT 405.55 359.10 Td (local ) Tj ET Q q 0 0 0 rg BT 426.93 359.10 Td (authorities ) Tj ET Q q 0 0 0 rg BT 471.09 359.10 Td (and ) Tj ET Q q 0 0 0 rg BT 487.47 359.10 Td (customs ) Tj ET Q q 0 0 0 rg BT 522.20 359.10 Td (and ) Tj ET Q q 0 0 0 rg BT 538.58 359.10 Td (avail ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 347.10 Td (ourselves ) Tj ET Q q 0 0 0 rg BT 94.27 347.10 Td (of ) Tj ET Q q 0 0 0 rg BT 105.10 347.10 Td (a ) Tj ET Q q 0 0 0 rg BT 112.04 347.10 Td (network ) Tj ET Q q 0 0 0 rg BT 147.31 347.10 Td (of ) Tj ET Q q 0 0 0 rg BT 158.14 347.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 208.94 347.10 Td (outside ) Tj ET Q q 0 0 0 rg BT 240.32 347.10 Td (counsels.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 311.10 Td (Regulatory ) Tj ET Q q 0 0 0 rg BT 104.27 311.10 Td (Matters ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 287.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 287.10 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 287.10 Td (e ) Tj ET Q q 0 0 0 rg BT 105.91 287.10 Td (manufacture ) Tj ET Q q 0 0 0 rg BT 158.72 287.10 Td (and ) Tj ET Q q 0 0 0 rg BT 176.00 287.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 192.73 287.10 Td (our ) Tj ET Q q 0 0 0 rg BT 208.89 287.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 227.83 287.10 Td (around ) Tj ET Q q 0 0 0 rg BT 258.44 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 273.49 287.10 Td (world ) Tj ET Q q 0 0 0 rg BT 299.66 287.10 Td (and ) Tj ET Q q 0 0 0 rg BT 316.94 287.10 Td (our ) Tj ET Q q 0 0 0 rg BT 333.11 287.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 377.60 287.10 Td (are ) Tj ET Q q 0 0 0 rg BT 392.65 287.10 Td (therefore ) Tj ET Q q 0 0 0 rg BT 431.57 287.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 462.73 287.10 Td (to ) Tj ET Q q 0 0 0 rg BT 473.35 287.10 Td (a ) Tj ET Q q 0 0 0 rg BT 480.63 287.10 Td (variety ) Tj ET Q q 0 0 0 rg BT 511.23 287.10 Td (of ) Tj ET Q q 0 0 0 rg BT 522.40 287.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 543.56 287.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 275.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 100.03 275.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 132.16 275.10 Td (to ) Tj ET Q q 0 0 0 rg BT 141.53 275.10 Td (environmental, ) Tj ET Q q 0 0 0 rg BT 203.38 275.10 Td (health ) Tj ET Q q 0 0 0 rg BT 229.41 275.10 Td (and ) Tj ET Q q 0 0 0 rg BT 245.44 275.10 Td (safety ) Tj ET Q q 0 0 0 rg BT 270.90 275.10 Td (and ) Tj ET Q q 0 0 0 rg BT 286.93 275.10 Td (other ) Tj ET Q q 0 0 0 rg BT 309.07 275.10 Td (matters. ) Tj ET Q q 0 0 0 rg BT 342.48 275.10 Td (These ) Tj ET Q q 0 0 0 rg BT 367.95 275.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 387.87 275.10 Td (regulate ) Tj ET Q q 0 0 0 rg BT 421.67 275.10 Td (our ) Tj ET Q q 0 0 0 rg BT 436.59 275.10 Td (cars, ) Tj ET Q q 0 0 0 rg BT 456.78 275.10 Td (including ) Tj ET Q q 0 0 0 rg BT 496.15 275.10 Td (their ) Tj ET Q q 0 0 0 rg BT 516.06 275.10 Td (emissions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 263.10 Td (fuel ) Tj ET Q q 0 0 0 rg BT 72.50 263.10 Td (consumption ) Tj ET Q q 0 0 0 rg BT 127.12 263.10 Td (and ) Tj ET Q q 0 0 0 rg BT 144.52 263.10 Td (safety) Tj ET Q q 0 0 0 rg BT 167.74 263.10 Td (, ) Tj ET Q q 0 0 0 rg BT 173.20 263.10 Td (as ) Tj ET Q q 0 0 0 rg BT 184.49 263.10 Td (well ) Tj ET Q q 0 0 0 rg BT 204.66 263.10 Td (as ) Tj ET Q q 0 0 0 rg BT 215.94 263.10 Td (our ) Tj ET Q q 0 0 0 rg BT 232.23 263.10 Td (manufacturing ) Tj ET Q q 0 0 0 rg BT 293.50 263.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 330.88 263.10 Td (and ) Tj ET Q q 0 0 0 rg BT 348.27 263.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 395.38 263.10 Td (setting ) Tj ET Q q 0 0 0 rg BT 425.01 263.10 Td (strict ) Tj ET Q q 0 0 0 rg BT 447.96 263.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 503.11 263.10 Td (on ) Tj ET Q q 0 0 0 rg BT 516.07 263.10 Td (emissions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 251.10 Td (treatment ) Tj ET Q q 0 0 0 rg BT 93.79 251.10 Td (and ) Tj ET Q q 0 0 0 rg BT 110.27 251.10 Td (disposal ) Tj ET Q q 0 0 0 rg BT 145.08 251.10 Td (of ) Tj ET Q q 0 0 0 rg BT 155.45 251.10 Td (waste, ) Tj ET Q q 0 0 0 rg BT 182.75 251.10 Td (water ) Tj ET Q q 0 0 0 rg BT 207.00 251.10 Td (and ) Tj ET Q q 0 0 0 rg BT 223.47 251.10 Td (hazardous ) Tj ET Q q 0 0 0 rg BT 266.05 251.10 Td (materials ) Tj ET Q q 0 0 0 rg BT 304.73 251.10 Td (and ) Tj ET Q q 0 0 0 rg BT 321.21 251.10 Td (prohibitions ) Tj ET Q q 0 0 0 rg BT 371.58 251.10 Td (on ) Tj ET Q q 0 0 0 rg BT 383.61 251.10 Td (environmental ) Tj ET Q q 0 0 0 rg BT 443.41 251.10 Td (contamination. ) Tj ET Q q 0 0 0 rg BT 505.15 251.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 522.74 251.10 Td (vehicles, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 239.10 Td (together ) Tj ET Q q 0 0 0 rg BT 89.42 239.10 Td (with ) Tj ET Q q 0 0 0 rg BT 109.85 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 124.72 239.10 Td (engines ) Tj ET Q q 0 0 0 rg BT 157.92 239.10 Td (that ) Tj ET Q q 0 0 0 rg BT 175.56 239.10 Td (power ) Tj ET Q q 0 0 0 rg BT 203.21 239.10 Td (them, ) Tj ET Q q 0 0 0 rg BT 228.36 239.10 Td (must ) Tj ET Q q 0 0 0 rg BT 250.46 239.10 Td (comply ) Tj ET Q q 0 0 0 rg BT 283.10 239.10 Td (with ) Tj ET Q q 0 0 0 rg BT 303.54 239.10 Td (extensive ) Tj ET Q q 0 0 0 rg BT 343.95 239.10 Td (regional, ) Tj ET Q q 0 0 0 rg BT 381.87 239.10 Td (national ) Tj ET Q q 0 0 0 rg BT 416.73 239.10 Td (and ) Tj ET Q q 0 0 0 rg BT 433.83 239.10 Td (local ) Tj ET Q q 0 0 0 rg BT 455.91 239.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 476.89 239.10 Td (and ) Tj ET Q q 0 0 0 rg BT 493.99 239.10 Td (regulations, ) Tj ET Q q 0 0 0 rg BT 543.57 239.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 227.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 89.57 227.10 Td (self-regulations ) Tj ET Q q 0 0 0 rg BT 154.56 227.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 198.45 227.10 Td (those ) Tj ET Q q 0 0 0 rg BT 222.34 227.10 Td (that ) Tj ET Q q 0 0 0 rg BT 240.13 227.10 Td (regulate ) Tj ET Q q 0 0 0 rg BT 275.12 227.10 Td (vehicle ) Tj ET Q q 0 0 0 rg BT 306.78 227.10 Td (safety\). ) Tj ET Q q 0 0 0 rg BT 339.27 227.10 Td (However) Tj ET Q q 0 0 0 rg BT 375.52 227.10 Td (, ) Tj ET Q q 0 0 0 rg BT 380.81 227.10 Td (we ) Tj ET Q q 0 0 0 rg BT 395.26 227.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 434.14 227.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 464.69 227.10 Td (from ) Tj ET Q q 0 0 0 rg BT 486.92 227.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 516.91 227.10 Td (regulatory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 215.10 Td (exemptions, ) Tj ET Q q 0 0 0 rg BT 105.13 215.10 Td (because ) Tj ET Q q 0 0 0 rg BT 139.30 215.10 Td (we ) Tj ET Q q 0 0 0 rg BT 153.49 215.10 Td (qualify ) Tj ET Q q 0 0 0 rg BT 184.34 215.10 Td (as ) Tj ET Q q 0 0 0 rg BT 195.19 215.10 Td (a ) Tj ET Q q 0 0 0 rg BT 202.16 215.10 Td (SVM ) Tj ET Q q 0 0 0 rg BT 226.36 215.10 Td (or ) Tj ET Q q 0 0 0 rg BT 237.21 215.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 267.51 215.10 Td (designation ) Tj ET Q q 0 0 0 rg BT 316.14 215.10 Td (in ) Tj ET Q q 0 0 0 rg BT 326.45 215.10 Td (most ) Tj ET Q q 0 0 0 rg BT 348.42 215.10 Td (of ) Tj ET Q q 0 0 0 rg BT 359.28 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 374.02 215.10 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 425.99 215.10 Td (where ) Tj ET Q q 0 0 0 rg BT 452.94 215.10 Td (we ) Tj ET Q q 0 0 0 rg BT 467.13 215.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 483.54 215.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 502.17 215.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 545.80 215.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 203.10 Td (United ) Tj ET Q q 0 0 0 rg BT 82.53 203.10 Td (States\). ) Tj ET Q q 0 0 0 rg BT 113.27 203.10 Td (As ) Tj ET Q q 0 0 0 rg BT 125.70 203.10 Td (outlined ) Tj ET Q q 0 0 0 rg BT 159.79 203.10 Td (below) Tj ET Q q 0 0 0 rg BT 183.58 203.10 Td (, ) Tj ET Q q 0 0 0 rg BT 187.40 203.10 Td (these ) Tj ET Q q 0 0 0 rg BT 209.26 203.10 Td (exemptions ) Tj ET Q q 0 0 0 rg BT 256.68 203.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 288.54 203.10 Td (a ) Tj ET Q q 0 0 0 rg BT 294.30 203.10 Td (range ) Tj ET Q q 0 0 0 rg BT 317.82 203.10 Td (of ) Tj ET Q q 0 0 0 rg BT 327.47 203.10 Td (benefits, ) Tj ET Q q 0 0 0 rg BT 362.94 203.10 Td (from ) Tj ET Q q 0 0 0 rg BT 383.69 203.10 Td (less ) Tj ET Q q 0 0 0 rg BT 400.01 203.10 Td (stringent ) Tj ET Q q 0 0 0 rg BT 436.32 203.10 Td (emissions ) Tj ET Q q 0 0 0 rg BT 477.08 203.10 Td (caps ) Tj ET Q q 0 0 0 rg BT 496.17 203.10 Td (and ) Tj ET Q q 0 0 0 rg BT 511.92 203.10 Td (compliance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 191.10 Td (date ) Tj ET Q q 0 0 0 rg BT 73.16 191.10 Td (extensions, ) Tj ET Q q 0 0 0 rg BT 120.37 191.10 Td (to ) Tj ET Q q 0 0 0 rg BT 130.65 191.10 Td (exemptions ) Tj ET Q q 0 0 0 rg BT 179.25 191.10 Td (from ) Tj ET Q q 0 0 0 rg BT 201.19 191.10 Td (zero ) Tj ET Q q 0 0 0 rg BT 220.90 191.10 Td (emission ) Tj ET Q q 0 0 0 rg BT 258.96 191.10 Td (vehicle ) Tj ET Q q 0 0 0 rg BT 290.33 191.10 Td (production ) Tj ET Q q 0 0 0 rg BT 336.15 191.10 Td (requirements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 167.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 167.10 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 167.10 Td (e ) Tj ET Q q 0 0 0 rg BT 105.13 167.10 Td (are ) Tj ET Q q 0 0 0 rg BT 119.39 167.10 Td (in ) Tj ET Q q 0 0 0 rg BT 129.23 167.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 174.06 167.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 222.20 167.10 Td (with ) Tj ET Q q 0 0 0 rg BT 242.04 167.10 Td (the ) Tj ET Q q 0 0 0 rg BT 256.31 167.10 Td (relevant ) Tj ET Q q 0 0 0 rg BT 290.57 167.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 333.72 167.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 387.97 167.10 Td (af) Tj ET Q q 0 0 0 rg BT 395.56 167.10 Td (fecting ) Tj ET Q q 0 0 0 rg BT 425.38 167.10 Td (our ) Tj ET Q q 0 0 0 rg BT 440.77 167.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 477.25 167.10 Td (and ) Tj ET Q q 0 0 0 rg BT 493.75 167.10 Td (products ) Tj ET Q q 0 0 0 rg BT 530.24 167.10 Td (around ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 155.10 Td (the ) Tj ET Q q 0 0 0 rg BT 68.72 155.10 Td (world. ) Tj ET Q q 0 0 0 rg BT 96.87 155.10 Td (W) Tj ET Q q 0 0 0 rg BT 105.50 155.10 Td (e ) Tj ET Q q 0 0 0 rg BT 112.44 155.10 Td (constantly ) Tj ET Q q 0 0 0 rg BT 156.05 155.10 Td (monitor ) Tj ET Q q 0 0 0 rg BT 190.21 155.10 Td (such ) Tj ET Q q 0 0 0 rg BT 211.04 155.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 265.74 155.10 Td (and ) Tj ET Q q 0 0 0 rg BT 282.68 155.10 Td (adjust ) Tj ET Q q 0 0 0 rg BT 309.07 155.10 Td (our ) Tj ET Q q 0 0 0 rg BT 324.90 155.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 369.05 155.10 Td (as ) Tj ET Q q 0 0 0 rg BT 379.88 155.10 Td (necessary ) Tj ET Q q 0 0 0 rg BT 421.25 155.10 Td (to ) Tj ET Q q 0 0 0 rg BT 431.53 155.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 461.79 155.10 Td (in ) Tj ET Q q 0 0 0 rg BT 472.07 155.10 Td (compliance.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 131.10 Td (Greenhouse ) Tj ET Q q 0 0 0 rg BT 106.50 131.10 Td (gas/CO) Tj ET Q BT /F4 10.00 Tf ET BT /F4 6.50 Tf ET q 0 0 0 rg BT 137.07 129.67 Td (2) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 140.32 131.10 Td (/fuel ) Tj ET Q q 0 0 0 rg BT 161.70 131.10 Td (economy ) Tj ET Q q 0 0 0 rg BT 200.86 131.10 Td (legislation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 107.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 107.10 Td (Current ) Tj ET Q q 0 0 0 rg BT 123.56 107.10 Td (European ) Tj ET Q q 0 0 0 rg BT 164.88 107.10 Td (legislation ) Tj ET Q q 0 0 0 rg BT 209.55 107.10 Td (limits ) Tj ET Q q 0 0 0 rg BT 235.34 107.10 Td (fleet ) Tj ET Q q 0 0 0 rg BT 256.12 107.10 Td (average ) Tj ET Q q 0 0 0 rg BT 290.21 107.10 Td (greenhouse ) Tj ET Q q 0 0 0 rg BT 338.76 107.10 Td (gas ) Tj ET Q q 0 0 0 rg BT 355.09 107.10 Td (emissions ) Tj ET Q q 0 0 0 rg BT 397.55 107.10 Td (for ) Tj ET Q q 0 0 0 rg BT 412.22 107.10 Td (new ) Tj ET Q q 0 0 0 rg BT 431.89 107.10 Td (passenger ) Tj ET Q q 0 0 0 rg BT 474.33 107.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 493.44 107.10 Td (to ) Tj ET Q q 0 0 0 rg BT 504.22 107.10 Td (130 ) Tj ET Q q 0 0 0 rg BT 522.23 107.10 Td (grams ) Tj ET Q q 0 0 0 rg BT 549.68 107.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 95.10 Td (CO) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 67.89 93.67 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.14 95.10 Td ( ) Tj ET Q q 0 0 0 rg BT 73.15 95.10 Td (per ) Tj ET Q q 0 0 0 rg BT 87.93 95.10 Td (kilometer) Tj ET Q q 0 0 0 rg BT 125.69 95.10 Td (. ) Tj ET Q q 0 0 0 rg BT 130.06 95.10 Td (This ) Tj ET Q q 0 0 0 rg BT 149.84 95.10 Td (tar) Tj ET Q q 0 0 0 rg BT 160.21 95.10 Td (get, ) Tj ET Q q 0 0 0 rg BT 176.94 95.10 Td (implemented ) Tj ET Q q 0 0 0 rg BT 231.15 95.10 Td (gradually ) Tj ET Q q 0 0 0 rg BT 270.92 95.10 Td (between ) Tj ET Q q 0 0 0 rg BT 306.25 95.10 Td (2012 ) Tj ET Q q 0 0 0 rg BT 328.25 95.10 Td (and ) Tj ET Q q 0 0 0 rg BT 344.70 95.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 369.21 95.10 Td (calls ) Tj ET Q q 0 0 0 rg BT 389.54 95.10 Td (for ) Tj ET Q q 0 0 0 rg BT 403.21 95.10 Td (65 ) Tj ET Q q 0 0 0 rg BT 415.22 95.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 446.65 95.10 Td (of ) Tj ET Q q 0 0 0 rg BT 456.99 95.10 Td (the ) Tj ET Q q 0 0 0 rg BT 471.22 95.10 Td (manufacturer) Tj ET Q q 0 0 0 rg BT 524.89 95.10 Td () Tj ET Q q 0 0 0 rg BT 527.67 95.10 Td (s ) Tj ET Q q 0 0 0 rg BT 533.57 95.10 Td (newly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 83.10 Td (registered ) Tj ET Q q 0 0 0 rg BT 96.18 83.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 115.03 83.10 Td (to ) Tj ET Q q 0 0 0 rg BT 125.56 83.10 Td (comply ) Tj ET Q q 0 0 0 rg BT 158.30 83.10 Td (with ) Tj ET Q q 0 0 0 rg BT 178.83 83.10 Td (the ) Tj ET Q q 0 0 0 rg BT 193.80 83.10 Td (130 ) Tj ET Q q 0 0 0 rg BT 211.55 83.10 Td (grams ) Tj ET Q q 0 0 0 rg BT 238.74 83.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 260.38 83.10 Td (in ) Tj ET Q q 0 0 0 rg BT 270.91 83.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 296.17 83.10 Td (rising ) Tj ET Q q 0 0 0 rg BT 321.70 83.10 Td (to ) Tj ET Q q 0 0 0 rg BT 332.23 83.10 Td (75 ) Tj ET Q q 0 0 0 rg BT 344.98 83.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 377.15 83.10 Td (in ) Tj ET Q q 0 0 0 rg BT 387.68 83.10 Td (2013, ) Tj ET Q q 0 0 0 rg BT 412.93 83.10 Td (80 ) Tj ET Q q 0 0 0 rg BT 425.68 83.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 457.86 83.10 Td (in ) Tj ET Q q 0 0 0 rg BT 468.39 83.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 493.64 83.10 Td (and ) Tj ET Q q 0 0 0 rg BT 510.83 83.10 Td (100 ) Tj ET Q q 0 0 0 rg BT 528.58 83.10 Td (percent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 71.10 Td (from ) Tj ET Q q 0 0 0 rg BT 75.94 71.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 98.44 71.10 Td (onwards.) Tj ET Q endstream endobj 117 0 obj <> endobj 118 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 30.20 Td (50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 742.10 Td (Due ) Tj ET Q q 0 0 0 rg BT 108.53 742.10 Td (to ) Tj ET Q q 0 0 0 rg BT 118.18 742.10 Td (our ) Tj ET Q q 0 0 0 rg BT 133.38 742.10 Td (SVM ) Tj ET Q q 0 0 0 rg BT 156.93 742.10 Td (status ) Tj ET Q q 0 0 0 rg BT 181.58 742.10 Td (we ) Tj ET Q q 0 0 0 rg BT 195.11 742.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 224.75 742.10 Td (from ) Tj ET Q q 0 0 0 rg BT 246.06 742.10 Td (a ) Tj ET Q q 0 0 0 rg BT 252.37 742.10 Td (derogation ) Tj ET Q q 0 0 0 rg BT 297.00 742.10 Td (from ) Tj ET Q q 0 0 0 rg BT 318.31 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 332.40 742.10 Td (130 ) Tj ET Q q 0 0 0 rg BT 349.27 742.10 Td (grams ) Tj ET Q q 0 0 0 rg BT 375.58 742.10 Td (per ) Tj ET Q q 0 0 0 rg BT 390.22 742.10 Td (kilometer ) Tj ET Q q 0 0 0 rg BT 430.41 742.10 Td (emissions ) Tj ET Q q 0 0 0 rg BT 471.73 742.10 Td (requirement ) Tj ET Q q 0 0 0 rg BT 521.92 742.10 Td (available ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 730.10 Td (to ) Tj ET Q q 0 0 0 rg BT 64.64 730.10 Td (small ) Tj ET Q q 0 0 0 rg BT 89.16 730.10 Td (volume ) Tj ET Q q 0 0 0 rg BT 122.02 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 139.31 730.10 Td (niche ) Tj ET Q q 0 0 0 rg BT 163.83 730.10 Td (manufacturers. ) Tj ET Q q 0 0 0 rg BT 226.38 730.10 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 264.24 730.10 Td (to ) Tj ET Q q 0 0 0 rg BT 274.87 730.10 Td (that ) Tj ET Q q 0 0 0 rg BT 292.73 730.10 Td (derogation, ) Tj ET Q q 0 0 0 rg BT 340.85 730.10 Td (we ) Tj ET Q q 0 0 0 rg BT 355.37 730.10 Td (are ) Tj ET Q q 0 0 0 rg BT 370.44 730.10 Td (instead ) Tj ET Q q 0 0 0 rg BT 401.62 730.10 Td (required ) Tj ET Q q 0 0 0 rg BT 437.79 730.10 Td (to ) Tj ET Q q 0 0 0 rg BT 448.43 730.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 470.72 730.10 Td (yearly ) Tj ET Q q 0 0 0 rg BT 498.57 730.10 Td (CO) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 512.46 728.67 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.71 730.10 Td ( ) Tj ET Q q 0 0 0 rg BT 518.57 730.10 Td (emissions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 718.10 Td (tar) Tj ET Q q 0 0 0 rg BT 64.37 718.10 Td (gets, ) Tj ET Q q 0 0 0 rg BT 85.84 718.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 128.70 718.10 Td (in ) Tj ET Q q 0 0 0 rg BT 139.34 718.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 164.71 718.10 Td (reaching ) Tj ET Q q 0 0 0 rg BT 202.00 718.10 Td (a ) Tj ET Q q 0 0 0 rg BT 209.30 718.10 Td (tar) Tj ET Q q 0 0 0 rg BT 219.67 718.10 Td (get ) Tj ET Q q 0 0 0 rg BT 234.75 718.10 Td (level ) Tj ET Q q 0 0 0 rg BT 257.05 718.10 Td (of ) Tj ET Q q 0 0 0 rg BT 268.24 718.10 Td (290 ) Tj ET Q q 0 0 0 rg BT 286.11 718.10 Td (grams ) Tj ET Q q 0 0 0 rg BT 313.41 718.10 Td (per ) Tj ET Q q 0 0 0 rg BT 329.05 718.10 Td (kilometer ) Tj ET Q q 0 0 0 rg BT 370.23 718.10 Td (in ) Tj ET Q q 0 0 0 rg BT 380.88 718.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 403.74 718.10 Td (for ) Tj ET Q q 0 0 0 rg BT 418.27 718.10 Td (our ) Tj ET Q q 0 0 0 rg BT 434.46 718.10 Td (fleet ) Tj ET Q q 0 0 0 rg BT 455.09 718.10 Td (of ) Tj ET Q q 0 0 0 rg BT 466.29 718.10 Td (EU-registered ) Tj ET Q q 0 0 0 rg BT 525.24 718.10 Td (vehicles ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 706.10 Td (that ) Tj ET Q q 0 0 0 rg BT 71.60 706.10 Td (year) Tj ET Q q 0 0 0 rg BT 88.25 706.10 Td (. ) Tj ET Q q 0 0 0 rg BT 93.36 706.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 123.17 706.10 Td (has ) Tj ET Q q 0 0 0 rg BT 139.10 706.10 Td (recently ) Tj ET Q q 0 0 0 rg BT 173.91 706.10 Td (introduced ) Tj ET Q q 0 0 0 rg BT 219.28 706.10 Td (two ) Tj ET Q q 0 0 0 rg BT 236.88 706.10 Td (models ) Tj ET Q q 0 0 0 rg BT 268.37 706.10 Td (featuring ) Tj ET Q q 0 0 0 rg BT 307.07 706.10 Td (smaller ) Tj ET Q q 0 0 0 rg BT 339.11 706.10 Td (engines ) Tj ET Q q 0 0 0 rg BT 372.26 706.10 Td (which ) Tj ET Q q 0 0 0 rg BT 399.30 706.10 Td (are ) Tj ET Q q 0 0 0 rg BT 414.11 706.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 452.25 706.10 Td (to ) Tj ET Q q 0 0 0 rg BT 462.63 706.10 Td (contribute ) Tj ET Q q 0 0 0 rg BT 505.78 706.10 Td (to ) Tj ET Q q 0 0 0 rg BT 516.16 706.10 Td (our ) Tj ET Q q 0 0 0 rg BT 532.09 706.10 Td (ef) Tj ET Q q 0 0 0 rg BT 539.68 706.10 Td (forts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 694.10 Td (to ) Tj ET Q q 0 0 0 rg BT 64.28 694.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 86.21 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 100.93 694.10 Td (tar) Tj ET Q q 0 0 0 rg BT 111.29 694.10 Td (get. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 670.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 670.10 Td (In ) Tj ET Q q 0 0 0 rg BT 101.18 670.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 126.52 670.10 Td (the ) Tj ET Q q 0 0 0 rg BT 141.58 670.10 Td (European ) Tj ET Q q 0 0 0 rg BT 182.75 670.10 Td (Union ) Tj ET Q q 0 0 0 rg BT 210.59 670.10 Td (set ) Tj ET Q q 0 0 0 rg BT 224.54 670.10 Td (new ) Tj ET Q q 0 0 0 rg BT 244.05 670.10 Td (2020 ) Tj ET Q q 0 0 0 rg BT 266.90 670.10 Td (emissions ) Tj ET Q q 0 0 0 rg BT 309.19 670.10 Td (tar) Tj ET Q q 0 0 0 rg BT 319.56 670.10 Td (gets, ) Tj ET Q q 0 0 0 rg BT 341.01 670.10 Td (calling ) Tj ET Q q 0 0 0 rg BT 371.07 670.10 Td (for ) Tj ET Q q 0 0 0 rg BT 385.57 670.10 Td (95 ) Tj ET Q q 0 0 0 rg BT 398.42 670.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 430.69 670.10 Td (of ) Tj ET Q q 0 0 0 rg BT 441.87 670.10 Td (a ) Tj ET Q q 0 0 0 rg BT 449.15 670.10 Td (manufacturer) Tj ET Q q 0 0 0 rg BT 502.82 670.10 Td () Tj ET Q q 0 0 0 rg BT 505.60 670.10 Td (s ) Tj ET Q q 0 0 0 rg BT 512.34 670.10 Td (full ) Tj ET Q q 0 0 0 rg BT 529.07 670.10 Td (fleet ) Tj ET Q q 0 0 0 rg BT 549.68 670.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 658.10 Td (new ) Tj ET Q q 0 0 0 rg BT 73.12 658.10 Td (passenger ) Tj ET Q q 0 0 0 rg BT 115.00 658.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 133.55 658.10 Td (registered ) Tj ET Q q 0 0 0 rg BT 175.43 658.10 Td (in ) Tj ET Q q 0 0 0 rg BT 185.67 658.10 Td (the ) Tj ET Q q 0 0 0 rg BT 200.34 658.10 Td (EU ) Tj ET Q q 0 0 0 rg BT 216.12 658.10 Td (in ) Tj ET Q q 0 0 0 rg BT 226.36 658.10 Td (2020 ) Tj ET Q q 0 0 0 rg BT 248.81 658.10 Td (to ) Tj ET Q q 0 0 0 rg BT 259.04 658.10 Td (average ) Tj ET Q q 0 0 0 rg BT 292.58 658.10 Td (95 ) Tj ET Q q 0 0 0 rg BT 305.04 658.10 Td (grams ) Tj ET Q q 0 0 0 rg BT 331.93 658.10 Td (of ) Tj ET Q q 0 0 0 rg BT 342.72 658.10 Td (CO) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 356.61 656.96 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.21 658.10 Td ( ) Tj ET Q q 0 0 0 rg BT 361.66 658.10 Td (per ) Tj ET Q q 0 0 0 rg BT 376.89 658.10 Td (kilometer) Tj ET Q q 0 0 0 rg BT 414.81 658.10 Td (, ) Tj ET Q q 0 0 0 rg BT 419.76 658.10 Td (rising ) Tj ET Q q 0 0 0 rg BT 445.00 658.10 Td (to ) Tj ET Q q 0 0 0 rg BT 455.23 658.10 Td (100 ) Tj ET Q q 0 0 0 rg BT 472.68 658.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 504.56 658.10 Td (of ) Tj ET Q q 0 0 0 rg BT 515.35 658.10 Td (the ) Tj ET Q q 0 0 0 rg BT 530.02 658.10 Td (fleet ) Tj ET Q q 0 0 0 rg BT 550.24 658.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 646.10 Td (2021. ) Tj ET Q q 0 0 0 rg BT 79.28 646.10 Td (The ) Tj ET Q q 0 0 0 rg BT 97.82 646.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 120.82 646.10 Td (regulation ) Tj ET Q q 0 0 0 rg BT 164.35 646.10 Td (extends ) Tj ET Q q 0 0 0 rg BT 197.90 646.10 Td (the ) Tj ET Q q 0 0 0 rg BT 213.11 646.10 Td (small ) Tj ET Q q 0 0 0 rg BT 237.77 646.10 Td (volume ) Tj ET Q q 0 0 0 rg BT 270.76 646.10 Td (and ) Tj ET Q q 0 0 0 rg BT 288.20 646.10 Td (niche ) Tj ET Q q 0 0 0 rg BT 312.85 646.10 Td (manufacturers ) Tj ET Q q 0 0 0 rg BT 373.03 646.10 Td (derogation. ) Tj ET Q q 0 0 0 rg BT 421.08 646.10 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 465.99 646.10 Td (in ) Tj ET Q q 0 0 0 rg BT 476.76 646.10 Td (December ) Tj ET Q q 0 0 0 rg BT 520.84 646.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 546.34 646.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 634.10 Td (submitted ) Tj ET Q q 0 0 0 rg BT 95.94 634.10 Td (our ) Tj ET Q q 0 0 0 rg BT 111.77 634.10 Td (proposed ) Tj ET Q q 0 0 0 rg BT 150.93 634.10 Td (CO) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 164.83 632.96 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.42 634.10 Td ( ) Tj ET Q q 0 0 0 rg BT 169.92 634.10 Td (emissions ) Tj ET Q q 0 0 0 rg BT 211.87 634.10 Td (tar) Tj ET Q q 0 0 0 rg BT 222.24 634.10 Td (get ) Tj ET Q q 0 0 0 rg BT 236.96 634.10 Td (for ) Tj ET Q q 0 0 0 rg BT 251.12 634.10 Td (the ) Tj ET Q q 0 0 0 rg BT 265.83 634.10 Td (2017-2021 ) Tj ET Q q 0 0 0 rg BT 311.66 634.10 Td (period ) Tj ET Q q 0 0 0 rg BT 339.71 634.10 Td (to ) Tj ET Q q 0 0 0 rg BT 349.99 634.10 Td (the ) Tj ET Q q 0 0 0 rg BT 364.71 634.10 Td (E.U. ) Tj ET Q q 0 0 0 rg BT 385.54 634.10 Td (Commission ) Tj ET Q q 0 0 0 rg BT 438.60 634.10 Td (for ) Tj ET Q q 0 0 0 rg BT 452.76 634.10 Td (approval.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 610.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 610.10 Td (In ) Tj ET Q q 0 0 0 rg BT 100.11 610.10 Td (the ) Tj ET Q q 0 0 0 rg BT 114.11 610.10 Td (United ) Tj ET Q q 0 0 0 rg BT 143.11 610.10 Td (States, ) Tj ET Q q 0 0 0 rg BT 171.29 610.10 Td (both ) Tj ET Q q 0 0 0 rg BT 190.85 610.10 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 232.22 610.10 Td (A) Tj ET Q q 0 0 0 rg BT 238.70 610.10 Td (verage ) Tj ET Q q 0 0 0 rg BT 267.13 610.10 Td (Fuel ) Tj ET Q q 0 0 0 rg BT 286.69 610.10 Td (Economy ) Tj ET Q q 0 0 0 rg BT 326.80 610.10 Td (\(CAFE\) ) Tj ET Q q 0 0 0 rg BT 360.81 610.10 Td (standards ) Tj ET Q q 0 0 0 rg BT 400.36 610.10 Td (and ) Tj ET Q q 0 0 0 rg BT 416.58 610.10 Td (greenhouse ) Tj ET Q q 0 0 0 rg BT 463.90 610.10 Td (gas ) Tj ET Q q 0 0 0 rg BT 479.02 610.10 Td (emissions ) Tj ET Q q 0 0 0 rg BT 520.25 610.10 Td (standards ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 598.10 Td (are ) Tj ET Q q 0 0 0 rg BT 68.75 598.10 Td (imposed ) Tj ET Q q 0 0 0 rg BT 105.18 598.10 Td (on ) Tj ET Q q 0 0 0 rg BT 117.73 598.10 Td (manufacturers ) Tj ET Q q 0 0 0 rg BT 177.47 598.10 Td (of ) Tj ET Q q 0 0 0 rg BT 188.34 598.10 Td (passenger ) Tj ET Q q 0 0 0 rg BT 230.32 598.10 Td (cars. ) Tj ET Q q 0 0 0 rg BT 251.46 598.10 Td (Because ) Tj ET Q q 0 0 0 rg BT 287.32 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 302.08 598.10 Td (control ) Tj ET Q q 0 0 0 rg BT 332.96 598.10 Td (of ) Tj ET Q q 0 0 0 rg BT 343.83 598.10 Td (fuel ) Tj ET Q q 0 0 0 rg BT 361.92 598.10 Td (economy ) Tj ET Q q 0 0 0 rg BT 401.12 598.10 Td (is ) Tj ET Q q 0 0 0 rg BT 410.34 598.10 Td (closely ) Tj ET Q q 0 0 0 rg BT 441.21 598.10 Td (correlated ) Tj ET Q q 0 0 0 rg BT 483.73 598.10 Td (with ) Tj ET Q q 0 0 0 rg BT 504.05 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 518.81 598.10 Td (control ) Tj ET Q q 0 0 0 rg BT 549.68 598.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 586.10 Td (GHG ) Tj ET Q q 0 0 0 rg BT 80.79 586.10 Td (emissions, ) Tj ET Q q 0 0 0 rg BT 127.87 586.10 Td (the ) Tj ET Q q 0 0 0 rg BT 145.21 586.10 Td (United ) Tj ET Q q 0 0 0 rg BT 177.56 586.10 Td (States ) Tj ET Q q 0 0 0 rg BT 206.57 586.10 Td (Environmental ) Tj ET Q q 0 0 0 rg BT 271.13 586.10 Td (Protection ) Tj ET Q q 0 0 0 rg BT 316.23 586.10 Td (Agency ) Tj ET Q q 0 0 0 rg BT 352.45 586.10 Td (\(EP) Tj ET Q q 0 0 0 rg BT 366.53 586.10 Td (A\) ) Tj ET Q q 0 0 0 rg BT 382.21 586.10 Td (and ) Tj ET Q q 0 0 0 rg BT 401.78 586.10 Td (the ) Tj ET Q q 0 0 0 rg BT 419.12 586.10 Td (National ) Tj ET Q q 0 0 0 rg BT 458.69 586.10 Td (Highway ) Tj ET Q q 0 0 0 rg BT 500.10 586.10 Td (T) Tj ET Q q 0 0 0 rg BT 505.86 586.10 Td (raf) Tj ET Q q 0 0 0 rg BT 516.78 586.10 Td (fic ) Tj ET Q q 0 0 0 rg BT 532.45 586.10 Td (Safety ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 574.10 Td (Administration ) Tj ET Q q 0 0 0 rg BT 117.38 574.10 Td (\(NHTSA\) ) Tj ET Q q 0 0 0 rg BT 160.21 574.10 Td (have ) Tj ET Q q 0 0 0 rg BT 181.91 574.10 Td (sought ) Tj ET Q q 0 0 0 rg BT 211.41 574.10 Td (to ) Tj ET Q q 0 0 0 rg BT 222.02 574.10 Td (harmonize ) Tj ET Q q 0 0 0 rg BT 267.05 574.10 Td (fuel ) Tj ET Q q 0 0 0 rg BT 285.43 574.10 Td (economy ) Tj ET Q q 0 0 0 rg BT 324.91 574.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 372.18 574.10 Td (with ) Tj ET Q q 0 0 0 rg BT 392.78 574.10 Td (the ) Tj ET Q q 0 0 0 rg BT 407.83 574.10 Td (regulation ) Tj ET Q q 0 0 0 rg BT 451.20 574.10 Td (of ) Tj ET Q q 0 0 0 rg BT 462.36 574.10 Td (GHG ) Tj ET Q q 0 0 0 rg BT 486.86 574.10 Td (vehicle ) Tj ET Q q 0 0 0 rg BT 518.56 574.10 Td (emissions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 562.10 Td (\(primarily ) Tj ET Q q 0 0 0 rg BT 96.43 562.10 Td (CO) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 110.32 560.67 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.57 562.10 Td (\). ) Tj ET Q q 0 0 0 rg BT 121.15 562.10 Td (These ) Tj ET Q q 0 0 0 rg BT 146.91 562.10 Td (agencies ) Tj ET Q q 0 0 0 rg BT 183.22 562.10 Td (have ) Tj ET Q q 0 0 0 rg BT 203.98 562.10 Td (set ) Tj ET Q q 0 0 0 rg BT 216.97 562.10 Td (the ) Tj ET Q q 0 0 0 rg BT 231.07 562.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 260.71 562.10 Td (standards ) Tj ET Q q 0 0 0 rg BT 300.37 562.10 Td (for ) Tj ET Q q 0 0 0 rg BT 313.91 562.10 Td (passenger ) Tj ET Q q 0 0 0 rg BT 355.22 562.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 373.21 562.10 Td (and ) Tj ET Q q 0 0 0 rg BT 389.53 562.10 Td (light ) Tj ET Q q 0 0 0 rg BT 409.75 562.10 Td (trucks ) Tj ET Q q 0 0 0 rg BT 436.07 562.10 Td (to ) Tj ET Q q 0 0 0 rg BT 445.74 562.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 467.05 562.10 Td (an ) Tj ET Q q 0 0 0 rg BT 478.38 562.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 518.58 562.10 Td (combined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 550.10 Td (average ) Tj ET Q q 0 0 0 rg BT 87.78 550.10 Td (fuel ) Tj ET Q q 0 0 0 rg BT 106.02 550.10 Td (economy ) Tj ET Q q 0 0 0 rg BT 145.36 550.10 Td (\(CAFE\) ) Tj ET Q q 0 0 0 rg BT 180.28 550.10 Td (level ) Tj ET Q q 0 0 0 rg BT 202.41 550.10 Td (that ) Tj ET Q q 0 0 0 rg BT 220.09 550.10 Td (is ) Tj ET Q q 0 0 0 rg BT 229.46 550.10 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 273.80 550.10 Td (to ) Tj ET Q q 0 0 0 rg BT 284.27 550.10 Td (35.5 ) Tj ET Q q 0 0 0 rg BT 304.46 550.10 Td (miles ) Tj ET Q q 0 0 0 rg BT 328.82 550.10 Td (per ) Tj ET Q q 0 0 0 rg BT 344.28 550.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 364.76 550.10 Td (gallon ) Tj ET Q q 0 0 0 rg BT 392.45 550.10 Td (for ) Tj ET Q q 0 0 0 rg BT 406.80 550.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 429.49 550.10 Td (model ) Tj ET Q q 0 0 0 rg BT 457.18 550.10 Td (year ) Tj ET Q q 0 0 0 rg BT 477.08 550.10 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 512.54 550.10 Td (\(250 ) Tj ET Q q 0 0 0 rg BT 533.56 550.10 Td (grams ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 538.10 Td (CO) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 67.89 536.67 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.14 538.10 Td ( ) Tj ET Q q 0 0 0 rg BT 74.25 538.10 Td (per ) Tj ET Q q 0 0 0 rg BT 90.12 538.10 Td (mile\). ) Tj ET Q q 0 0 0 rg BT 116.83 538.10 Td (In ) Tj ET Q q 0 0 0 rg BT 127.58 538.10 Td (August ) Tj ET Q q 0 0 0 rg BT 159.58 538.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 185.18 538.10 Td (these ) Tj ET Q q 0 0 0 rg BT 208.83 538.10 Td (agencies ) Tj ET Q q 0 0 0 rg BT 246.36 538.10 Td (extended ) Tj ET Q q 0 0 0 rg BT 285.56 538.10 Td (this ) Tj ET Q q 0 0 0 rg BT 303.12 538.10 Td (program ) Tj ET Q q 0 0 0 rg BT 340.10 538.10 Td (to ) Tj ET Q q 0 0 0 rg BT 350.98 538.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 370.19 538.10 Td (and ) Tj ET Q q 0 0 0 rg BT 387.73 538.10 Td (light ) Tj ET Q q 0 0 0 rg BT 409.17 538.10 Td (trucks ) Tj ET Q q 0 0 0 rg BT 436.72 538.10 Td (for ) Tj ET Q q 0 0 0 rg BT 451.48 538.10 Td (model ) Tj ET Q q 0 0 0 rg BT 479.58 538.10 Td (years ) Tj ET Q q 0 0 0 rg BT 503.79 538.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 526.89 538.10 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 526.10 Td (2025, ) Tj ET Q q 0 0 0 rg BT 78.54 526.10 Td (tar) Tj ET Q q 0 0 0 rg BT 88.90 526.10 Td (geting ) Tj ET Q q 0 0 0 rg BT 115.93 526.10 Td (an ) Tj ET Q q 0 0 0 rg BT 127.41 526.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 167.76 526.10 Td (combined ) Tj ET Q q 0 0 0 rg BT 209.23 526.10 Td (average ) Tj ET Q q 0 0 0 rg BT 242.35 526.10 Td (emissions ) Tj ET Q q 0 0 0 rg BT 283.83 526.10 Td (level ) Tj ET Q q 0 0 0 rg BT 305.30 526.10 Td (of ) Tj ET Q q 0 0 0 rg BT 315.67 526.10 Td (163 ) Tj ET Q q 0 0 0 rg BT 332.70 526.10 Td (grams ) Tj ET Q q 0 0 0 rg BT 359.17 526.10 Td (per ) Tj ET Q q 0 0 0 rg BT 373.98 526.10 Td (mile ) Tj ET Q q 0 0 0 rg BT 393.79 526.10 Td (in ) Tj ET Q q 0 0 0 rg BT 403.60 526.10 Td (2025, ) Tj ET Q q 0 0 0 rg BT 428.14 526.10 Td (which ) Tj ET Q q 0 0 0 rg BT 454.61 526.10 Td (is ) Tj ET Q q 0 0 0 rg BT 463.31 526.10 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 507.00 526.10 Td (to ) Tj ET Q q 0 0 0 rg BT 516.81 526.10 Td (54.5 ) Tj ET Q q 0 0 0 rg BT 536.35 526.10 Td (miles ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 514.10 Td (per ) Tj ET Q q 0 0 0 rg BT 69.27 514.10 Td (gallon.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 490.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 490.10 Td (However) Tj ET Q q 0 0 0 rg BT 126.25 490.10 Td (, ) Tj ET Q q 0 0 0 rg BT 131.59 490.10 Td (for ) Tj ET Q q 0 0 0 rg BT 146.10 490.10 Td (model ) Tj ET Q q 0 0 0 rg BT 173.94 490.10 Td (years ) Tj ET Q q 0 0 0 rg BT 197.88 490.10 Td (2017-2025, ) Tj ET Q q 0 0 0 rg BT 246.55 490.10 Td (the ) Tj ET Q q 0 0 0 rg BT 261.61 490.10 Td (EP) Tj ET Q q 0 0 0 rg BT 272.36 490.10 Td (A) Tj ET Q q 0 0 0 rg BT 279.03 490.10 Td ( ) Tj ET Q q 0 0 0 rg BT 281.88 490.10 Td (allows ) Tj ET Q q 0 0 0 rg BT 310.83 490.10 Td (a ) Tj ET Q q 0 0 0 rg BT 318.11 490.10 Td (SVM, ) Tj ET Q q 0 0 0 rg BT 345.13 490.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 377.96 490.10 Td (as ) Tj ET Q q 0 0 0 rg BT 389.13 490.10 Td (manufacturers ) Tj ET Q q 0 0 0 rg BT 449.16 490.10 Td (with ) Tj ET Q q 0 0 0 rg BT 469.79 490.10 Td (less ) Tj ET Q q 0 0 0 rg BT 487.63 490.10 Td (than ) Tj ET Q q 0 0 0 rg BT 507.69 490.10 Td (5,000 ) Tj ET Q q 0 0 0 rg BT 533.03 490.10 Td (yearly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 478.10 Td (unit ) Tj ET Q q 0 0 0 rg BT 72.22 478.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 94.32 478.10 Td (in ) Tj ET Q q 0 0 0 rg BT 104.76 478.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.64 478.10 Td (United ) Tj ET Q q 0 0 0 rg BT 149.52 478.10 Td (States, ) Tj ET Q q 0 0 0 rg BT 178.58 478.10 Td (to ) Tj ET Q q 0 0 0 rg BT 189.02 478.10 Td (petition ) Tj ET Q q 0 0 0 rg BT 222.23 478.10 Td (for ) Tj ET Q q 0 0 0 rg BT 236.56 478.10 Td (a ) Tj ET Q q 0 0 0 rg BT 243.66 478.10 Td (less ) Tj ET Q q 0 0 0 rg BT 261.32 478.10 Td (stringent ) Tj ET Q q 0 0 0 rg BT 298.98 478.10 Td (standard. ) Tj ET Q q 0 0 0 rg BT 338.02 478.10 Td (Based ) Tj ET Q q 0 0 0 rg BT 365.12 478.10 Td (on ) Tj ET Q q 0 0 0 rg BT 377.79 478.10 Td (our ) Tj ET Q q 0 0 0 rg BT 393.78 478.10 Td (operational ) Tj ET Q q 0 0 0 rg BT 441.42 478.10 Td (independence ) Tj ET Q q 0 0 0 rg BT 499.06 478.10 Td (from ) Tj ET Q q 0 0 0 rg BT 521.16 478.10 Td (FCA, ) Tj ET Q q 0 0 0 rg BT 545.78 478.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 466.10 Td (EP) Tj ET Q q 0 0 0 rg BT 64.75 466.10 Td (A) Tj ET Q q 0 0 0 rg BT 71.42 466.10 Td ( ) Tj ET Q q 0 0 0 rg BT 73.66 466.10 Td (has ) Tj ET Q q 0 0 0 rg BT 89.22 466.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 121.45 466.10 Td (us ) Tj ET Q q 0 0 0 rg BT 132.57 466.10 Td (SVM ) Tj ET Q q 0 0 0 rg BT 156.49 466.10 Td (status. ) Tj ET Q q 0 0 0 rg BT 183.84 466.10 Td (W) Tj ET Q q 0 0 0 rg BT 192.48 466.10 Td (e ) Tj ET Q q 0 0 0 rg BT 199.15 466.10 Td (have ) Tj ET Q q 0 0 0 rg BT 220.26 466.10 Td (therefore ) Tj ET Q q 0 0 0 rg BT 258.58 466.10 Td (petitioned ) Tj ET Q q 0 0 0 rg BT 300.81 466.10 Td (the ) Tj ET Q q 0 0 0 rg BT 315.26 466.10 Td (EP) Tj ET Q q 0 0 0 rg BT 326.02 466.10 Td (A) Tj ET Q q 0 0 0 rg BT 332.69 466.10 Td ( ) Tj ET Q q 0 0 0 rg BT 334.92 466.10 Td (for ) Tj ET Q q 0 0 0 rg BT 348.82 466.10 Td (alternative ) Tj ET Q q 0 0 0 rg BT 393.25 466.10 Td (standards ) Tj ET Q q 0 0 0 rg BT 433.26 466.10 Td (for ) Tj ET Q q 0 0 0 rg BT 447.15 466.10 Td (the ) Tj ET Q q 0 0 0 rg BT 461.61 466.10 Td (2017-2021 ) Tj ET Q q 0 0 0 rg BT 507.17 466.10 Td (model ) Tj ET Q q 0 0 0 rg BT 534.40 466.10 Td (years, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 454.10 Td (which ) Tj ET Q q 0 0 0 rg BT 80.94 454.10 Td (are ) Tj ET Q q 0 0 0 rg BT 95.65 454.10 Td (aligned ) Tj ET Q q 0 0 0 rg BT 127.58 454.10 Td (to ) Tj ET Q q 0 0 0 rg BT 137.86 454.10 Td (our ) Tj ET Q q 0 0 0 rg BT 153.69 454.10 Td (technical ) Tj ET Q q 0 0 0 rg BT 192.28 454.10 Td (and ) Tj ET Q q 0 0 0 rg BT 209.21 454.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 250.59 454.10 Td (capabilities. ) Tj ET Q q 0 0 0 rg BT 300.94 454.10 Td (W) Tj ET Q q 0 0 0 rg BT 309.58 454.10 Td (e ) Tj ET Q q 0 0 0 rg BT 316.52 454.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 345.11 454.10 Td (to ) Tj ET Q q 0 0 0 rg BT 355.39 454.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 386.75 454.10 Td (feedback ) Tj ET Q q 0 0 0 rg BT 425.34 454.10 Td (on ) Tj ET Q q 0 0 0 rg BT 437.84 454.10 Td (this ) Tj ET Q q 0 0 0 rg BT 454.79 454.10 Td (proposal ) Tj ET Q q 0 0 0 rg BT 491.72 454.10 Td (by ) Tj ET Q q 0 0 0 rg BT 504.22 454.10 Td (mid ) Tj ET Q q 0 0 0 rg BT 522.28 454.10 Td (2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 430.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 430.10 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 430.10 Td (e ) Tj ET Q q 0 0 0 rg BT 105.34 430.10 Td (intend ) Tj ET Q q 0 0 0 rg BT 132.60 430.10 Td (to ) Tj ET Q q 0 0 0 rg BT 142.64 430.10 Td (petition ) Tj ET Q q 0 0 0 rg BT 175.45 430.10 Td (NHTSA) Tj ET Q q 0 0 0 rg BT 208.24 430.10 Td ( ) Tj ET Q q 0 0 0 rg BT 210.50 430.10 Td (for ) Tj ET Q q 0 0 0 rg BT 224.42 430.10 Td (recognition ) Tj ET Q q 0 0 0 rg BT 272.23 430.10 Td (as ) Tj ET Q q 0 0 0 rg BT 282.82 430.10 Td (an ) Tj ET Q q 0 0 0 rg BT 294.52 430.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 345.66 430.10 Td (manufacturer ) Tj ET Q q 0 0 0 rg BT 401.22 430.10 Td (of ) Tj ET Q q 0 0 0 rg BT 411.82 430.10 Td (less ) Tj ET Q q 0 0 0 rg BT 429.08 430.10 Td (than ) Tj ET Q q 0 0 0 rg BT 448.56 430.10 Td (10,000 ) Tj ET Q q 0 0 0 rg BT 478.32 430.10 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 513.35 430.10 Td (globally) Tj ET Q q 0 0 0 rg BT 545.47 430.10 Td (, ) Tj ET Q q 0 0 0 rg BT 550.24 430.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 418.10 Td (order ) Tj ET Q q 0 0 0 rg BT 77.33 418.10 Td (to ) Tj ET Q q 0 0 0 rg BT 87.35 418.10 Td (be ) Tj ET Q q 0 0 0 rg BT 99.02 418.10 Td (eligible ) Tj ET Q q 0 0 0 rg BT 131.25 418.10 Td (for ) Tj ET Q q 0 0 0 rg BT 145.15 418.10 Td (alternate ) Tj ET Q q 0 0 0 rg BT 181.80 418.10 Td (CAFE ) Tj ET Q q 0 0 0 rg BT 209.60 418.10 Td (standards, ) Tj ET Q q 0 0 0 rg BT 252.11 418.10 Td (as ) Tj ET Q q 0 0 0 rg BT 262.67 418.10 Td (permitted ) Tj ET Q q 0 0 0 rg BT 303.23 418.10 Td (under ) Tj ET Q q 0 0 0 rg BT 328.23 418.10 Td (the ) Tj ET Q q 0 0 0 rg BT 342.69 418.10 Td (CAFE ) Tj ET Q q 0 0 0 rg BT 370.48 418.10 Td (program. ) Tj ET Q q 0 0 0 rg BT 409.10 418.10 Td (If ) Tj ET Q q 0 0 0 rg BT 417.99 418.10 Td (our ) Tj ET Q q 0 0 0 rg BT 433.56 418.10 Td (petition ) Tj ET Q q 0 0 0 rg BT 466.35 418.10 Td (qualifying ) Tj ET Q q 0 0 0 rg BT 509.69 418.10 Td (for ) Tj ET Q q 0 0 0 rg BT 523.58 418.10 Td (alternate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 406.10 Td (CAFE ) Tj ET Q q 0 0 0 rg BT 82.06 406.10 Td (standards ) Tj ET Q q 0 0 0 rg BT 122.33 406.10 Td (is ) Tj ET Q q 0 0 0 rg BT 131.50 406.10 Td (successful, ) Tj ET Q q 0 0 0 rg BT 177.60 406.10 Td (NHTSA) Tj ET Q q 0 0 0 rg BT 210.38 406.10 Td ( ) Tj ET Q q 0 0 0 rg BT 212.88 406.10 Td (will ) Tj ET Q q 0 0 0 rg BT 230.94 406.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 273.42 406.10 Td (the ) Tj ET Q q 0 0 0 rg BT 288.14 406.10 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 336.17 406.10 Td (level ) Tj ET Q q 0 0 0 rg BT 358.10 406.10 Td (of ) Tj ET Q q 0 0 0 rg BT 368.93 406.10 Td (CAFE ) Tj ET Q q 0 0 0 rg BT 396.99 406.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 440.58 406.10 Td (to ) Tj ET Q q 0 0 0 rg BT 450.86 406.10 Td (us ) Tj ET Q q 0 0 0 rg BT 462.25 406.10 Td (for ) Tj ET Q q 0 0 0 rg BT 476.41 406.10 Td (future ) Tj ET Q q 0 0 0 rg BT 502.79 406.10 Td (model ) Tj ET Q q 0 0 0 rg BT 530.28 406.10 Td (years.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 382.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 382.10 Td (In ) Tj ET Q q 0 0 0 rg BT 100.07 382.10 Td (February ) Tj ET Q q 0 0 0 rg BT 137.90 382.10 Td (2010, ) Tj ET Q q 0 0 0 rg BT 162.14 382.10 Td (the ) Tj ET Q q 0 0 0 rg BT 176.09 382.10 Td (California ) Tj ET Q q 0 0 0 rg BT 217.98 382.10 Td (Air ) Tj ET Q q 0 0 0 rg BT 233.05 382.10 Td (Resources ) Tj ET Q q 0 0 0 rg BT 275.88 382.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 302.06 382.10 Td (\(CARB\) ) Tj ET Q q 0 0 0 rg BT 337.69 382.10 Td (enacted ) Tj ET Q q 0 0 0 rg BT 369.95 382.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 416.12 382.10 Td (that ) Tj ET Q q 0 0 0 rg BT 432.85 382.10 Td (deem ) Tj ET Q q 0 0 0 rg BT 456.25 382.10 Td (manufacturers ) Tj ET Q q 0 0 0 rg BT 515.17 382.10 Td (of ) Tj ET Q q 0 0 0 rg BT 525.24 382.10 Td (vehicles ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 370.10 Td (for ) Tj ET Q q 0 0 0 rg BT 67.50 370.10 Td (model ) Tj ET Q q 0 0 0 rg BT 94.34 370.10 Td (years ) Tj ET Q q 0 0 0 rg BT 117.29 370.10 Td (2012-2016 ) Tj ET Q q 0 0 0 rg BT 162.46 370.10 Td (which ) Tj ET Q q 0 0 0 rg BT 188.75 370.10 Td (are ) Tj ET Q q 0 0 0 rg BT 202.80 370.10 Td (in ) Tj ET Q q 0 0 0 rg BT 212.42 370.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 260.35 370.10 Td (with ) Tj ET Q q 0 0 0 rg BT 279.98 370.10 Td (the ) Tj ET Q q 0 0 0 rg BT 294.04 370.10 Td (EP) Tj ET Q q 0 0 0 rg BT 304.79 370.10 Td (A) Tj ET Q q 0 0 0 rg BT 311.46 370.10 Td ( ) Tj ET Q q 0 0 0 rg BT 313.31 370.10 Td (greenhouse ) Tj ET Q q 0 0 0 rg BT 360.69 370.10 Td (gas ) Tj ET Q q 0 0 0 rg BT 375.86 370.10 Td (emissions ) Tj ET Q q 0 0 0 rg BT 417.16 370.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 463.43 370.10 Td (to ) Tj ET Q q 0 0 0 rg BT 473.06 370.10 Td (also ) Tj ET Q q 0 0 0 rg BT 491.01 370.10 Td (be ) Tj ET Q q 0 0 0 rg BT 502.29 370.10 Td (in ) Tj ET Q q 0 0 0 rg BT 511.92 370.10 Td (compliance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 358.10 Td (with ) Tj ET Q q 0 0 0 rg BT 74.71 358.10 Td (California) Tj ET Q q 0 0 0 rg BT 118.03 358.10 Td (s ) Tj ET Q q 0 0 0 rg BT 124.85 358.10 Td (greenhouse ) Tj ET Q q 0 0 0 rg BT 173.32 358.10 Td (gas ) Tj ET Q q 0 0 0 rg BT 189.58 358.10 Td (emission ) Tj ET Q q 0 0 0 rg BT 228.07 358.10 Td (regulations. ) Tj ET Q q 0 0 0 rg BT 277.93 358.10 Td (In ) Tj ET Q q 0 0 0 rg BT 289.20 358.10 Td (November ) Tj ET Q q 0 0 0 rg BT 334.33 358.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 359.77 358.10 Td (the ) Tj ET Q q 0 0 0 rg BT 374.91 358.10 Td (CARB ) Tj ET Q q 0 0 0 rg BT 405.08 358.10 Td (extended ) Tj ET Q q 0 0 0 rg BT 444.10 358.10 Td (these ) Tj ET Q q 0 0 0 rg BT 467.58 358.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 489.95 358.10 Td (to ) Tj ET Q q 0 0 0 rg BT 500.66 358.10 Td (include ) Tj ET Q q 0 0 0 rg BT 533.02 358.10 Td (model ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 346.10 Td (years ) Tj ET Q q 0 0 0 rg BT 77.60 346.10 Td (2017-2025. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 322.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 322.10 Td (While ) Tj ET Q q 0 0 0 rg BT 116.55 322.10 Td (Europe ) Tj ET Q q 0 0 0 rg BT 147.54 322.10 Td (and ) Tj ET Q q 0 0 0 rg BT 164.10 322.10 Td (the ) Tj ET Q q 0 0 0 rg BT 178.43 322.10 Td (United ) Tj ET Q q 0 0 0 rg BT 207.76 322.10 Td (States ) Tj ET Q q 0 0 0 rg BT 233.76 322.10 Td (lead ) Tj ET Q q 0 0 0 rg BT 252.53 322.10 Td (the ) Tj ET Q q 0 0 0 rg BT 266.87 322.10 Td (implementation ) Tj ET Q q 0 0 0 rg BT 331.75 322.10 Td (of ) Tj ET Q q 0 0 0 rg BT 342.19 322.10 Td (these ) Tj ET Q q 0 0 0 rg BT 364.85 322.10 Td (emissions ) Tj ET Q q 0 0 0 rg BT 406.42 322.10 Td (programs, ) Tj ET Q q 0 0 0 rg BT 448.80 322.10 Td (other ) Tj ET Q q 0 0 0 rg BT 471.47 322.10 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 523.02 322.10 Td (typically ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 310.10 Td (follow ) Tj ET Q q 0 0 0 rg BT 82.53 310.10 Td (on ) Tj ET Q q 0 0 0 rg BT 94.96 310.10 Td (with ) Tj ET Q q 0 0 0 rg BT 115.16 310.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 152.58 310.10 Td (of ) Tj ET Q q 0 0 0 rg BT 163.34 310.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 193.54 310.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 240.40 310.10 Td (within ) Tj ET Q q 0 0 0 rg BT 268.38 310.10 Td (a ) Tj ET Q q 0 0 0 rg BT 275.25 310.10 Td (few ) Tj ET Q q 0 0 0 rg BT 292.66 310.10 Td (years ) Tj ET Q q 0 0 0 rg BT 316.19 310.10 Td (thereafter) Tj ET Q q 0 0 0 rg BT 353.94 310.10 Td (. ) Tj ET Q q 0 0 0 rg BT 358.86 310.10 Td (In ) Tj ET Q q 0 0 0 rg BT 369.62 310.10 Td (China, ) Tj ET Q q 0 0 0 rg BT 398.43 310.10 Td (for ) Tj ET Q q 0 0 0 rg BT 412.52 310.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 451.31 310.10 Td (Stage ) Tj ET Q q 0 0 0 rg BT 475.96 310.10 Td (III ) Tj ET Q q 0 0 0 rg BT 488.37 310.10 Td (fuel ) Tj ET Q q 0 0 0 rg BT 506.34 310.10 Td (consumption ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 298.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 101.64 298.10 Td (tar) Tj ET Q q 0 0 0 rg BT 112.01 298.10 Td (get ) Tj ET Q q 0 0 0 rg BT 127.44 298.10 Td (a ) Tj ET Q q 0 0 0 rg BT 135.08 298.10 Td (national ) Tj ET Q q 0 0 0 rg BT 170.50 298.10 Td (average ) Tj ET Q q 0 0 0 rg BT 204.80 298.10 Td (fuel ) Tj ET Q q 0 0 0 rg BT 223.55 298.10 Td (consumption ) Tj ET Q q 0 0 0 rg BT 278.43 298.10 Td (of ) Tj ET Q q 0 0 0 rg BT 289.97 298.10 Td (6.9L/100km ) Tj ET Q q 0 0 0 rg BT 342.34 298.10 Td (by ) Tj ET Q q 0 0 0 rg BT 355.55 298.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 378.76 298.10 Td (and ) Tj ET Q q 0 0 0 rg BT 396.41 298.10 Td (Stage ) Tj ET Q q 0 0 0 rg BT 421.84 298.10 Td (IV) Tj ET Q q 0 0 0 rg BT 432.21 298.10 Td ( ) Tj ET Q q 0 0 0 rg BT 435.42 298.10 Td (tar) Tj ET Q q 0 0 0 rg BT 445.78 298.10 Td (gets ) Tj ET Q q 0 0 0 rg BT 465.10 298.10 Td (a ) Tj ET Q q 0 0 0 rg BT 472.75 298.10 Td (national ) Tj ET Q q 0 0 0 rg BT 508.17 298.10 Td (average ) Tj ET Q q 0 0 0 rg BT 542.46 298.10 Td (fuel ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 286.10 Td (consumption ) Tj ET Q q 0 0 0 rg BT 108.82 286.10 Td (of ) Tj ET Q q 0 0 0 rg BT 120.30 286.10 Td (5.0L/100km ) Tj ET Q q 0 0 0 rg BT 172.62 286.10 Td (by ) Tj ET Q q 0 0 0 rg BT 185.78 286.10 Td (2021. ) Tj ET Q q 0 0 0 rg BT 211.43 286.10 Td (In ) Tj ET Q q 0 0 0 rg BT 222.92 286.10 Td (response ) Tj ET Q q 0 0 0 rg BT 261.06 286.10 Td (to ) Tj ET Q q 0 0 0 rg BT 271.99 286.10 Td (severe ) Tj ET Q q 0 0 0 rg BT 300.68 286.10 Td (air ) Tj ET Q q 0 0 0 rg BT 314.39 286.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 345.31 286.10 Td (issues ) Tj ET Q q 0 0 0 rg BT 372.36 286.10 Td (in ) Tj ET Q q 0 0 0 rg BT 383.29 286.10 Td (Beijing ) Tj ET Q q 0 0 0 rg BT 415.89 286.10 Td (and ) Tj ET Q q 0 0 0 rg BT 433.48 286.10 Td (other ) Tj ET Q q 0 0 0 rg BT 457.18 286.10 Td (major ) Tj ET Q q 0 0 0 rg BT 483.66 286.10 Td (Chinese ) Tj ET Q q 0 0 0 rg BT 519.03 286.10 Td (cities, ) Tj ET Q q 0 0 0 rg BT 545.79 286.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 274.10 Td (Chinese ) Tj ET Q q 0 0 0 rg BT 88.72 274.10 Td (government ) Tj ET Q q 0 0 0 rg BT 138.98 274.10 Td (also ) Tj ET Q q 0 0 0 rg BT 157.59 274.10 Td (intends ) Tj ET Q q 0 0 0 rg BT 188.98 274.10 Td (to ) Tj ET Q q 0 0 0 rg BT 199.25 274.10 Td (adopt ) Tj ET Q q 0 0 0 rg BT 223.97 274.10 Td (more ) Tj ET Q q 0 0 0 rg BT 247.02 274.10 Td (stringent ) Tj ET Q q 0 0 0 rg BT 284.51 274.10 Td (emissions ) Tj ET Q q 0 0 0 rg BT 326.46 274.10 Td (standards ) Tj ET Q q 0 0 0 rg BT 366.73 274.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 409.22 274.10 Td (in ) Tj ET Q q 0 0 0 rg BT 419.50 274.10 Td (2016.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 250.10 Td (Exhaust ) Tj ET Q q 0 0 0 rg BT 90.96 250.10 Td (and ) Tj ET Q q 0 0 0 rg BT 109.02 250.10 Td (evaporative ) Tj ET Q q 0 0 0 rg BT 158.73 250.10 Td (emissions ) Tj ET Q q 0 0 0 rg BT 201.24 250.10 Td (requirements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 226.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 226.10 Td (In ) Tj ET Q q 0 0 0 rg BT 99.74 226.10 Td (2007, ) Tj ET Q q 0 0 0 rg BT 123.65 226.10 Td (the ) Tj ET Q q 0 0 0 rg BT 137.27 226.10 Td (European ) Tj ET Q q 0 0 0 rg BT 176.99 226.10 Td (Union ) Tj ET Q q 0 0 0 rg BT 203.40 226.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 236.46 226.10 Td (the ) Tj ET Q q 0 0 0 rg BT 250.09 226.10 Td (latest ) Tj ET Q q 0 0 0 rg BT 272.60 226.10 Td (in ) Tj ET Q q 0 0 0 rg BT 281.79 226.10 Td (a ) Tj ET Q q 0 0 0 rg BT 287.63 226.10 Td (series ) Tj ET Q q 0 0 0 rg BT 311.81 226.10 Td (of ) Tj ET Q q 0 0 0 rg BT 321.55 226.10 Td (more-stringent ) Tj ET Q q 0 0 0 rg BT 381.83 226.10 Td (standards ) Tj ET Q q 0 0 0 rg BT 421.00 226.10 Td (for ) Tj ET Q q 0 0 0 rg BT 434.07 226.10 Td (emissions ) Tj ET Q q 0 0 0 rg BT 474.93 226.10 Td (of ) Tj ET Q q 0 0 0 rg BT 484.66 226.10 Td (other ) Tj ET Q q 0 0 0 rg BT 506.62 226.10 Td (air ) Tj ET Q q 0 0 0 rg BT 518.57 226.10 Td (pollutants ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 214.10 Td (from ) Tj ET Q q 0 0 0 rg BT 75.47 214.10 Td (passenger ) Tj ET Q q 0 0 0 rg BT 116.92 214.10 Td (and ) Tj ET Q q 0 0 0 rg BT 133.39 214.10 Td (light ) Tj ET Q q 0 0 0 rg BT 153.75 214.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 202.98 214.10 Td (vehicles, ) Tj ET Q q 0 0 0 rg BT 240.27 214.10 Td (such ) Tj ET Q q 0 0 0 rg BT 260.63 214.10 Td (as ) Tj ET Q q 0 0 0 rg BT 270.98 214.10 Td (nitrogen ) Tj ET Q q 0 0 0 rg BT 306.34 214.10 Td (oxides, ) Tj ET Q q 0 0 0 rg BT 336.97 214.10 Td (carbon ) Tj ET Q q 0 0 0 rg BT 366.21 214.10 Td (monoxide, ) Tj ET Q q 0 0 0 rg BT 410.73 214.10 Td (hydrocarbons ) Tj ET Q q 0 0 0 rg BT 467.19 214.10 Td (and ) Tj ET Q q 0 0 0 rg BT 483.65 214.10 Td (particulates. ) Tj ET Q q 0 0 0 rg BT 534.12 214.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 202.10 Td (standards ) Tj ET Q q 0 0 0 rg BT 94.27 202.10 Td (were ) Tj ET Q q 0 0 0 rg BT 116.20 202.10 Td (phased ) Tj ET Q q 0 0 0 rg BT 146.47 202.10 Td (in ) Tj ET Q q 0 0 0 rg BT 156.74 202.10 Td (from ) Tj ET Q q 0 0 0 rg BT 178.68 202.10 Td (September ) Tj ET Q q 0 0 0 rg BT 223.95 202.10 Td (2009 ) Tj ET Q q 0 0 0 rg BT 246.45 202.10 Td (\(Euro ) Tj ET Q q 0 0 0 rg BT 271.71 202.10 Td (5\) ) Tj ET Q q 0 0 0 rg BT 282.54 202.10 Td (and ) Tj ET Q q 0 0 0 rg BT 299.48 202.10 Td (September ) Tj ET Q q 0 0 0 rg BT 344.75 202.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 367.25 202.10 Td (\(Euro ) Tj ET Q q 0 0 0 rg BT 392.52 202.10 Td (6\) ) Tj ET Q q 0 0 0 rg BT 403.35 202.10 Td (for ) Tj ET Q q 0 0 0 rg BT 417.51 202.10 Td (passenger ) Tj ET Q q 0 0 0 rg BT 459.43 202.10 Td (cars.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 178.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 178.10 Td (In ) Tj ET Q q 0 0 0 rg BT 100.12 178.10 Td (April ) Tj ET Q q 0 0 0 rg BT 123.52 178.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 148.31 178.10 Td (the ) Tj ET Q q 0 0 0 rg BT 162.82 178.10 Td (T) Tj ET Q q 0 0 0 rg BT 173.01 178.10 Td (ier ) Tj ET Q q 0 0 0 rg BT 185.85 178.10 Td (3 ) Tj ET Q q 0 0 0 rg BT 197.58 178.10 Td (Motor ) Tj ET Q q 0 0 0 rg BT 224.71 178.10 Td (V) Tj ET Q q 0 0 0 rg BT 230.83 178.10 Td (ehicle ) Tj ET Q q 0 0 0 rg BT 256.99 178.10 Td (Emission ) Tj ET Q q 0 0 0 rg BT 296.51 178.10 Td (and ) Tj ET Q q 0 0 0 rg BT 313.24 178.10 Td (Fuel ) Tj ET Q q 0 0 0 rg BT 333.31 178.10 Td (Standards ) Tj ET Q q 0 0 0 rg BT 375.04 178.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 402.33 178.10 Td (by ) Tj ET Q q 0 0 0 rg BT 414.63 178.10 Td (the ) Tj ET Q q 0 0 0 rg BT 429.14 178.10 Td (EP) Tj ET Q q 0 0 0 rg BT 439.89 178.10 Td (A) Tj ET Q q 0 0 0 rg BT 446.56 178.10 Td ( ) Tj ET Q q 0 0 0 rg BT 448.85 178.10 Td (were ) Tj ET Q q 0 0 0 rg BT 470.57 178.10 Td (finalized. ) Tj ET Q q 0 0 0 rg BT 510.18 178.10 Td (W) Tj ET Q q 0 0 0 rg BT 519.22 178.10 Td (ith ) Tj ET Q q 0 0 0 rg BT 531.90 178.10 Td (T) Tj ET Q q 0 0 0 rg BT 537.66 178.10 Td (ier ) Tj ET Q q 0 0 0 rg BT 550.50 178.10 Td (3, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 166.10 Td (the ) Tj ET Q q 0 0 0 rg BT 70.61 166.10 Td (EP) Tj ET Q q 0 0 0 rg BT 81.36 166.10 Td (A) Tj ET Q q 0 0 0 rg BT 88.03 166.10 Td ( ) Tj ET Q q 0 0 0 rg BT 92.42 166.10 Td (has ) Tj ET Q q 0 0 0 rg BT 110.14 166.10 Td (established ) Tj ET Q q 0 0 0 rg BT 158.96 166.10 Td (more ) Tj ET Q q 0 0 0 rg BT 183.90 166.10 Td (stringent ) Tj ET Q q 0 0 0 rg BT 223.29 166.10 Td (vehicle ) Tj ET Q q 0 0 0 rg BT 256.55 166.10 Td (emission ) Tj ET Q q 0 0 0 rg BT 296.49 166.10 Td (standards, ) Tj ET Q q 0 0 0 rg BT 341.15 166.10 Td (requiring ) Tj ET Q q 0 0 0 rg BT 382.20 166.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 428.80 166.10 Td (reductions ) Tj ET Q q 0 0 0 rg BT 474.85 166.10 Td (in ) Tj ET Q q 0 0 0 rg BT 487.01 166.10 Td (both ) Tj ET Q q 0 0 0 rg BT 509.18 166.10 Td (tailpipe ) Tj ET Q q 0 0 0 rg BT 543.56 166.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 154.10 Td (evaporative ) Tj ET Q q 0 0 0 rg BT 105.31 154.10 Td (emissions, ) Tj ET Q q 0 0 0 rg BT 151.92 154.10 Td (including ) Tj ET Q q 0 0 0 rg BT 194.36 154.10 Td (nitrogen ) Tj ET Q q 0 0 0 rg BT 232.35 154.10 Td (oxides, ) Tj ET Q q 0 0 0 rg BT 265.62 154.10 Td (volatile ) Tj ET Q q 0 0 0 rg BT 300.27 154.10 Td (or) Tj ET Q q 0 0 0 rg BT 308.42 154.10 Td (ganic ) Tj ET Q q 0 0 0 rg BT 334.74 154.10 Td (compounds, ) Tj ET Q q 0 0 0 rg BT 388.02 154.10 Td (carbon ) Tj ET Q q 0 0 0 rg BT 419.89 154.10 Td (monoxide ) Tj ET Q q 0 0 0 rg BT 464.55 154.10 Td (and ) Tj ET Q q 0 0 0 rg BT 483.65 154.10 Td (particulate ) Tj ET Q q 0 0 0 rg BT 530.51 154.10 Td (matter) Tj ET Q q 0 0 0 rg BT 555.50 154.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 142.10 Td (Beginning ) Tj ET Q q 0 0 0 rg BT 98.02 142.10 Td (in ) Tj ET Q q 0 0 0 rg BT 108.16 142.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 133.02 142.10 Td (the ) Tj ET Q q 0 0 0 rg BT 147.59 142.10 Td (emission ) Tj ET Q q 0 0 0 rg BT 185.51 142.10 Td (standards ) Tj ET Q q 0 0 0 rg BT 225.64 142.10 Td (will ) Tj ET Q q 0 0 0 rg BT 243.55 142.10 Td (be ) Tj ET Q q 0 0 0 rg BT 255.35 142.10 Td (phased ) Tj ET Q q 0 0 0 rg BT 285.47 142.10 Td (in ) Tj ET Q q 0 0 0 rg BT 295.61 142.10 Td (and ) Tj ET Q q 0 0 0 rg BT 312.41 142.10 Td (the ) Tj ET Q q 0 0 0 rg BT 326.98 142.10 Td (requirement ) Tj ET Q q 0 0 0 rg BT 377.65 142.10 Td (on ) Tj ET Q q 0 0 0 rg BT 390.01 142.10 Td (fuel ) Tj ET Q q 0 0 0 rg BT 407.92 142.10 Td (producers ) Tj ET Q q 0 0 0 rg BT 449.70 142.10 Td (to ) Tj ET Q q 0 0 0 rg BT 459.84 142.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 488.84 142.10 Td (sulfur ) Tj ET Q q 0 0 0 rg BT 514.53 142.10 Td (in ) Tj ET Q q 0 0 0 rg BT 524.67 142.10 Td (gasoline ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 130.10 Td (will ) Tj ET Q q 0 0 0 rg BT 71.52 130.10 Td (be ) Tj ET Q q 0 0 0 rg BT 82.92 130.10 Td (ef) Tj ET Q q 0 0 0 rg BT 90.51 130.10 Td (fective. ) Tj ET Q q 0 0 0 rg BT 122.03 130.10 Td (The ) Tj ET Q q 0 0 0 rg BT 139.54 130.10 Td (new ) Tj ET Q q 0 0 0 rg BT 158.16 130.10 Td (standards ) Tj ET Q q 0 0 0 rg BT 197.90 130.10 Td (are ) Tj ET Q q 0 0 0 rg BT 212.07 130.10 Td (intended ) Tj ET Q q 0 0 0 rg BT 248.46 130.10 Td (to ) Tj ET Q q 0 0 0 rg BT 258.20 130.10 Td (harmonize ) Tj ET Q q 0 0 0 rg BT 302.37 130.10 Td (with ) Tj ET Q q 0 0 0 rg BT 322.11 130.10 Td (California) Tj ET Q q 0 0 0 rg BT 365.43 130.10 Td (s ) Tj ET Q q 0 0 0 rg BT 371.28 130.10 Td (standards ) Tj ET Q q 0 0 0 rg BT 411.02 130.10 Td (for ) Tj ET Q q 0 0 0 rg BT 424.64 130.10 Td (2015-2025 ) Tj ET Q q 0 0 0 rg BT 469.93 130.10 Td (model ) Tj ET Q q 0 0 0 rg BT 496.89 130.10 Td (years ) Tj ET Q q 0 0 0 rg BT 519.95 130.10 Td (\(so ) Tj ET Q q 0 0 0 rg BT 534.14 130.10 Td (called ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 118.10 Td (LEV3\) ) Tj ET Q q 0 0 0 rg BT 92.97 118.10 Td (and ) Tj ET Q q 0 0 0 rg BT 109.74 118.10 Td (will ) Tj ET Q q 0 0 0 rg BT 127.63 118.10 Td (be ) Tj ET Q q 0 0 0 rg BT 139.40 118.10 Td (implemented ) Tj ET Q q 0 0 0 rg BT 193.93 118.10 Td (over ) Tj ET Q q 0 0 0 rg BT 214.03 118.10 Td (the ) Tj ET Q q 0 0 0 rg BT 228.58 118.10 Td (same ) Tj ET Q q 0 0 0 rg BT 251.45 118.10 Td (timeframe ) Tj ET Q q 0 0 0 rg BT 294.87 118.10 Td (as ) Tj ET Q q 0 0 0 rg BT 305.53 118.10 Td (the ) Tj ET Q q 0 0 0 rg BT 320.07 118.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 340.19 118.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 370.27 118.10 Td (CAFE ) Tj ET Q q 0 0 0 rg BT 398.16 118.10 Td (and ) Tj ET Q q 0 0 0 rg BT 414.93 118.10 Td (greenhouse ) Tj ET Q q 0 0 0 rg BT 462.79 118.10 Td (gas ) Tj ET Q q 0 0 0 rg BT 478.45 118.10 Td (emissions ) Tj ET Q q 0 0 0 rg BT 520.23 118.10 Td (standards ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 106.10 Td (for ) Tj ET Q q 0 0 0 rg BT 67.73 106.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 85.89 106.10 Td (and ) Tj ET Q q 0 0 0 rg BT 102.40 106.10 Td (light ) Tj ET Q q 0 0 0 rg BT 122.80 106.10 Td (trucks ) Tj ET Q q 0 0 0 rg BT 149.31 106.10 Td (described ) Tj ET Q q 0 0 0 rg BT 189.69 106.10 Td (above. ) Tj ET Q q 0 0 0 rg BT 218.14 106.10 Td (Because ) Tj ET Q q 0 0 0 rg BT 253.52 106.10 Td (of ) Tj ET Q q 0 0 0 rg BT 263.92 106.10 Td (our ) Tj ET Q q 0 0 0 rg BT 279.32 106.10 Td (status ) Tj ET Q q 0 0 0 rg BT 304.16 106.10 Td (as ) Tj ET Q q 0 0 0 rg BT 314.56 106.10 Td (an ) Tj ET Q q 0 0 0 rg BT 326.07 106.10 Td (operationally ) Tj ET Q q 0 0 0 rg BT 380.89 106.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 431.83 106.10 Td (SVM, ) Tj ET Q q 0 0 0 rg BT 458.08 106.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 487.35 106.10 Td (obtained ) Tj ET Q q 0 0 0 rg BT 523.85 106.10 Td (a ) Tj ET Q q 0 0 0 rg BT 530.36 106.10 Td (longer) Tj ET Q q 0 0 0 rg BT 555.51 106.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 94.10 Td (more ) Tj ET Q q 0 0 0 rg BT 77.05 94.10 Td (flexible ) Tj ET Q q 0 0 0 rg BT 110.09 94.10 Td (schedule ) Tj ET Q q 0 0 0 rg BT 147.57 94.10 Td (for ) Tj ET Q q 0 0 0 rg BT 161.73 94.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 210.32 94.10 Td (with ) Tj ET Q q 0 0 0 rg BT 230.60 94.10 Td (these ) Tj ET Q q 0 0 0 rg BT 253.65 94.10 Td (standards ) Tj ET Q q 0 0 0 rg BT 293.92 94.10 Td (under ) Tj ET Q q 0 0 0 rg BT 319.19 94.10 Td (both ) Tj ET Q q 0 0 0 rg BT 339.46 94.10 Td (the ) Tj ET Q q 0 0 0 rg BT 354.18 94.10 Td (EP) Tj ET Q q 0 0 0 rg BT 364.93 94.10 Td (A) Tj ET Q q 0 0 0 rg BT 371.60 94.10 Td ( ) Tj ET Q q 0 0 0 rg BT 374.10 94.10 Td (and ) Tj ET Q q 0 0 0 rg BT 391.04 94.10 Td (California ) Tj ET Q q 0 0 0 rg BT 434.08 94.10 Td (Program.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 70.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 70.10 Td (In ) Tj ET Q q 0 0 0 rg BT 101.39 70.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 139.72 70.10 Td (California ) Tj ET Q q 0 0 0 rg BT 183.32 70.10 Td (is ) Tj ET Q q 0 0 0 rg BT 193.05 70.10 Td (moving ) Tj ET Q q 0 0 0 rg BT 226.67 70.10 Td (forward ) Tj ET Q q 0 0 0 rg BT 261.38 70.10 Td (with ) Tj ET Q q 0 0 0 rg BT 282.21 70.10 Td (other ) Tj ET Q q 0 0 0 rg BT 305.82 70.10 Td (stringent ) Tj ET Q q 0 0 0 rg BT 343.87 70.10 Td (emission ) Tj ET Q q 0 0 0 rg BT 382.49 70.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 429.98 70.10 Td (for ) Tj ET Q q 0 0 0 rg BT 444.70 70.10 Td (vehicles, ) Tj ET Q q 0 0 0 rg BT 483.02 70.10 Td (including ) Tj ET Q q 0 0 0 rg BT 523.86 70.10 Td (the ) Tj ET Q q 0 0 0 rg BT 539.13 70.10 Td (Zero ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 58.10 Td (Emission ) Tj ET Q q 0 0 0 rg BT 92.80 58.10 Td (V) Tj ET Q q 0 0 0 rg BT 98.91 58.10 Td (ehicle ) Tj ET Q q 0 0 0 rg BT 124.48 58.10 Td (regulation ) Tj ET Q q 0 0 0 rg BT 166.71 58.10 Td (\(ZEV\). ) Tj ET Q q 0 0 0 rg BT 196.88 58.10 Td (The ) Tj ET Q q 0 0 0 rg BT 214.13 58.10 Td (ZEV) Tj ET Q q 0 0 0 rg BT 233.38 58.10 Td ( ) Tj ET Q q 0 0 0 rg BT 235.08 58.10 Td (regulation ) Tj ET Q q 0 0 0 rg BT 277.31 58.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 311.22 58.10 Td (manufacturers ) Tj ET Q q 0 0 0 rg BT 370.10 58.10 Td (to ) Tj ET Q q 0 0 0 rg BT 379.58 58.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 414.02 58.10 Td (their ) Tj ET Q q 0 0 0 rg BT 434.04 58.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 455.18 58.10 Td (of ) Tj ET Q q 0 0 0 rg BT 465.20 58.10 Td (zero ) Tj ET Q q 0 0 0 rg BT 484.10 58.10 Td (emissions ) Tj ET Q q 0 0 0 rg BT 525.24 58.10 Td (vehicles ) Tj ET Q endstream endobj 119 0 obj <> endobj 120 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 30.20 Td (51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 742.10 Td (year ) Tj ET Q q 0 0 0 rg BT 73.54 742.10 Td (on ) Tj ET Q q 0 0 0 rg BT 85.87 742.10 Td (year) Tj ET Q q 0 0 0 rg BT 102.67 742.10 Td (, ) Tj ET Q q 0 0 0 rg BT 107.50 742.10 Td (up ) Tj ET Q q 0 0 0 rg BT 119.83 742.10 Td (to ) Tj ET Q q 0 0 0 rg BT 129.94 742.10 Td (an ) Tj ET Q q 0 0 0 rg BT 141.71 742.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 176.81 742.10 Td (average ) Tj ET Q q 0 0 0 rg BT 210.23 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 220.88 742.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 280.97 742.10 Td (15 ) Tj ET Q q 0 0 0 rg BT 293.30 742.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 325.05 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 335.71 742.10 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 370.81 742.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 389.81 742.10 Td (in ) Tj ET Q q 0 0 0 rg BT 399.91 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 414.46 742.10 Td (state ) Tj ET Q q 0 0 0 rg BT 435.11 742.10 Td (by ) Tj ET Q q 0 0 0 rg BT 447.44 742.10 Td (2025. ) Tj ET Q q 0 0 0 rg BT 472.27 742.10 Td (Because ) Tj ET Q q 0 0 0 rg BT 507.92 742.10 Td (we ) Tj ET Q q 0 0 0 rg BT 521.91 742.10 Td (currently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 730.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 70.39 730.10 Td (fewer ) Tj ET Q q 0 0 0 rg BT 95.65 730.10 Td (than ) Tj ET Q q 0 0 0 rg BT 115.36 730.10 Td (4,500 ) Tj ET Q q 0 0 0 rg BT 140.36 730.10 Td (units ) Tj ET Q q 0 0 0 rg BT 162.31 730.10 Td (in ) Tj ET Q q 0 0 0 rg BT 172.59 730.10 Td (California, ) Tj ET Q q 0 0 0 rg BT 218.13 730.10 Td (we ) Tj ET Q q 0 0 0 rg BT 232.29 730.10 Td (are ) Tj ET Q q 0 0 0 rg BT 247.00 730.10 Td (exempt ) Tj ET Q q 0 0 0 rg BT 278.93 730.10 Td (from ) Tj ET Q q 0 0 0 rg BT 300.87 730.10 Td (these ) Tj ET Q q 0 0 0 rg BT 323.92 730.10 Td (requirements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 706.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 706.10 Td (Additional ) Tj ET Q q 0 0 0 rg BT 134.68 706.10 Td (stringency ) Tj ET Q q 0 0 0 rg BT 178.24 706.10 Td (of ) Tj ET Q q 0 0 0 rg BT 188.48 706.10 Td (evaporative ) Tj ET Q q 0 0 0 rg BT 237.03 706.10 Td (emissions ) Tj ET Q q 0 0 0 rg BT 278.38 706.10 Td (also ) Tj ET Q q 0 0 0 rg BT 296.40 706.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 330.51 706.10 Td (more-advanced ) Tj ET Q q 0 0 0 rg BT 394.05 706.10 Td (materials ) Tj ET Q q 0 0 0 rg BT 432.60 706.10 Td (and ) Tj ET Q q 0 0 0 rg BT 448.95 706.10 Td (joints ) Tj ET Q q 0 0 0 rg BT 473.08 706.10 Td (solutions ) Tj ET Q q 0 0 0 rg BT 511.11 706.10 Td (to ) Tj ET Q q 0 0 0 rg BT 520.79 706.10 Td (eliminate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 694.10 Td (fuel ) Tj ET Q q 0 0 0 rg BT 72.05 694.10 Td (evaporative ) Tj ET Q q 0 0 0 rg BT 121.19 694.10 Td (losses, ) Tj ET Q q 0 0 0 rg BT 150.08 694.10 Td (all ) Tj ET Q q 0 0 0 rg BT 162.57 694.10 Td (for ) Tj ET Q q 0 0 0 rg BT 176.73 694.10 Td (much ) Tj ET Q q 0 0 0 rg BT 201.45 694.10 Td (longer ) Tj ET Q q 0 0 0 rg BT 229.50 694.10 Td (warranty ) Tj ET Q q 0 0 0 rg BT 267.54 694.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 299.47 694.10 Td (\(up ) Tj ET Q q 0 0 0 rg BT 315.30 694.10 Td (to ) Tj ET Q q 0 0 0 rg BT 325.58 694.10 Td (150,000 ) Tj ET Q q 0 0 0 rg BT 360.58 694.10 Td (miles ) Tj ET Q q 0 0 0 rg BT 384.75 694.10 Td (in ) Tj ET Q q 0 0 0 rg BT 395.03 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 409.74 694.10 Td (United ) Tj ET Q q 0 0 0 rg BT 439.46 694.10 Td (States\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 670.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 670.10 Td (T) Tj ET Q q 0 0 0 rg BT 95.41 670.10 Td (o ) Tj ET Q q 0 0 0 rg BT 102.78 670.10 Td (comply ) Tj ET Q q 0 0 0 rg BT 135.14 670.10 Td (with ) Tj ET Q q 0 0 0 rg BT 155.28 670.10 Td (current ) Tj ET Q q 0 0 0 rg BT 185.96 670.10 Td (and ) Tj ET Q q 0 0 0 rg BT 202.77 670.10 Td (future ) Tj ET Q q 0 0 0 rg BT 229.01 670.10 Td (environmental ) Tj ET Q q 0 0 0 rg BT 289.13 670.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 310.94 670.10 Td (related ) Tj ET Q q 0 0 0 rg BT 340.51 670.10 Td (to ) Tj ET Q q 0 0 0 rg BT 350.65 670.10 Td (both ) Tj ET Q q 0 0 0 rg BT 370.79 670.10 Td (fuel ) Tj ET Q q 0 0 0 rg BT 388.71 670.10 Td (economy ) Tj ET Q q 0 0 0 rg BT 427.73 670.10 Td (and ) Tj ET Q q 0 0 0 rg BT 444.53 670.10 Td (pollutant ) Tj ET Q q 0 0 0 rg BT 482.45 670.10 Td (emissions, ) Tj ET Q q 0 0 0 rg BT 526.76 670.10 Td (we ) Tj ET Q q 0 0 0 rg BT 540.79 670.10 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 658.10 Td (have ) Tj ET Q q 0 0 0 rg BT 75.01 658.10 Td (to ) Tj ET Q q 0 0 0 rg BT 84.92 658.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 107.60 658.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 152.50 658.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 181.28 658.10 Td (expenditure ) Tj ET Q q 0 0 0 rg BT 230.62 658.10 Td (and ) Tj ET Q q 0 0 0 rg BT 247.19 658.10 Td (research ) Tj ET Q q 0 0 0 rg BT 282.62 658.10 Td (and ) Tj ET Q q 0 0 0 rg BT 299.19 658.10 Td (development ) Tj ET Q q 0 0 0 rg BT 352.97 658.10 Td (expenditure ) Tj ET Q q 0 0 0 rg BT 402.31 658.10 Td (to ) Tj ET Q q 0 0 0 rg BT 412.22 658.10 Td (upgrade ) Tj ET Q q 0 0 0 rg BT 446.56 658.10 Td (products ) Tj ET Q q 0 0 0 rg BT 483.13 658.10 Td (and ) Tj ET Q q 0 0 0 rg BT 499.70 658.10 Td (manufacturing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 646.10 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 93.43 646.10 Td (which ) Tj ET Q q 0 0 0 rg BT 120.37 646.10 Td (would ) Tj ET Q q 0 0 0 rg BT 147.87 646.10 Td (have ) Tj ET Q q 0 0 0 rg BT 169.24 646.10 Td (an ) Tj ET Q q 0 0 0 rg BT 181.18 646.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 210.89 646.10 Td (on ) Tj ET Q q 0 0 0 rg BT 223.39 646.10 Td (our ) Tj ET Q q 0 0 0 rg BT 239.22 646.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 257.83 646.10 Td (of ) Tj ET Q q 0 0 0 rg BT 268.66 646.10 Td (production ) Tj ET Q q 0 0 0 rg BT 314.49 646.10 Td (and ) Tj ET Q q 0 0 0 rg BT 331.43 646.10 Td (results ) Tj ET Q q 0 0 0 rg BT 360.04 646.10 Td (of ) Tj ET Q q 0 0 0 rg BT 370.87 646.10 Td (operation.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 622.10 Td (V) Tj ET Q q 0 0 0 rg BT 59.56 622.10 Td (ehicle ) Tj ET Q q 0 0 0 rg BT 86.50 622.10 Td (safety) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 598.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 598.10 Td (V) Tj ET Q q 0 0 0 rg BT 96.11 598.10 Td (ehicles ) Tj ET Q q 0 0 0 rg BT 125.61 598.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 144.01 598.10 Td (in ) Tj ET Q q 0 0 0 rg BT 153.52 598.10 Td (Europe ) Tj ET Q q 0 0 0 rg BT 184.13 598.10 Td (are ) Tj ET Q q 0 0 0 rg BT 198.07 598.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 228.13 598.10 Td (to ) Tj ET Q q 0 0 0 rg BT 237.64 598.10 Td (vehicle ) Tj ET Q q 0 0 0 rg BT 268.24 598.10 Td (safety ) Tj ET Q q 0 0 0 rg BT 293.85 598.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 340.02 598.10 Td (established ) Tj ET Q q 0 0 0 rg BT 386.19 598.10 Td (by ) Tj ET Q q 0 0 0 rg BT 397.92 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 411.87 598.10 Td (E.U. ) Tj ET Q q 0 0 0 rg BT 431.93 598.10 Td (or ) Tj ET Q q 0 0 0 rg BT 441.99 598.10 Td (by ) Tj ET Q q 0 0 0 rg BT 453.72 598.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 496.01 598.10 Td (Member ) Tj ET Q q 0 0 0 rg BT 531.62 598.10 Td (States. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 586.10 Td (In ) Tj ET Q q 0 0 0 rg BT 64.98 586.10 Td (2009, ) Tj ET Q q 0 0 0 rg BT 90.12 586.10 Td (the ) Tj ET Q q 0 0 0 rg BT 104.98 586.10 Td (E.U. ) Tj ET Q q 0 0 0 rg BT 125.96 586.10 Td (established ) Tj ET Q q 0 0 0 rg BT 173.04 586.10 Td (a ) Tj ET Q q 0 0 0 rg BT 180.12 586.10 Td (simplified ) Tj ET Q q 0 0 0 rg BT 223.32 586.10 Td (framework ) Tj ET Q q 0 0 0 rg BT 269.83 586.10 Td (for ) Tj ET Q q 0 0 0 rg BT 284.14 586.10 Td (vehicle ) Tj ET Q q 0 0 0 rg BT 315.66 586.10 Td (safety) Tj ET Q q 0 0 0 rg BT 338.88 586.10 Td (, ) Tj ET Q q 0 0 0 rg BT 344.03 586.10 Td (repealing ) Tj ET Q q 0 0 0 rg BT 383.88 586.10 Td (more ) Tj ET Q q 0 0 0 rg BT 407.07 586.10 Td (than ) Tj ET Q q 0 0 0 rg BT 426.93 586.10 Td (50 ) Tj ET Q q 0 0 0 rg BT 439.58 586.10 Td (directives ) Tj ET Q q 0 0 0 rg BT 481.09 586.10 Td (and ) Tj ET Q q 0 0 0 rg BT 498.18 586.10 Td (replacing ) Tj ET Q q 0 0 0 rg BT 538.03 586.10 Td (them ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 574.10 Td (with ) Tj ET Q q 0 0 0 rg BT 74.62 574.10 Td (a ) Tj ET Q q 0 0 0 rg BT 81.90 574.10 Td (single ) Tj ET Q q 0 0 0 rg BT 108.63 574.10 Td (regulation ) Tj ET Q q 0 0 0 rg BT 152.01 574.10 Td (aimed ) Tj ET Q q 0 0 0 rg BT 179.28 574.10 Td (at ) Tj ET Q q 0 0 0 rg BT 189.34 574.10 Td (incorporating ) Tj ET Q q 0 0 0 rg BT 246.05 574.10 Td (relevant ) Tj ET Q q 0 0 0 rg BT 281.10 574.10 Td (United ) Tj ET Q q 0 0 0 rg BT 311.15 574.10 Td (Nations ) Tj ET Q q 0 0 0 rg BT 345.10 574.10 Td (standards. ) Tj ET Q q 0 0 0 rg BT 388.01 574.10 Td (This ) Tj ET Q q 0 0 0 rg BT 408.63 574.10 Td (incorporation ) Tj ET Q q 0 0 0 rg BT 465.34 574.10 Td (process ) Tj ET Q q 0 0 0 rg BT 498.17 574.10 Td (began ) Tj ET Q q 0 0 0 rg BT 524.89 574.10 Td (in ) Tj ET Q q 0 0 0 rg BT 535.51 574.10 Td (2012. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 562.10 Td (W) Tj ET Q q 0 0 0 rg BT 63.04 562.10 Td (ith ) Tj ET Q q 0 0 0 rg BT 75.86 562.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 106.43 562.10 Td (to ) Tj ET Q q 0 0 0 rg BT 116.47 562.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 163.17 562.10 Td (on ) Tj ET Q q 0 0 0 rg BT 175.43 562.10 Td (advanced ) Tj ET Q q 0 0 0 rg BT 215.44 562.10 Td (safety ) Tj ET Q q 0 0 0 rg BT 241.58 562.10 Td (systems, ) Tj ET Q q 0 0 0 rg BT 278.01 562.10 Td (the ) Tj ET Q q 0 0 0 rg BT 292.49 562.10 Td (E.U. ) Tj ET Q q 0 0 0 rg BT 313.08 562.10 Td (now ) Tj ET Q q 0 0 0 rg BT 332.56 562.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 367.03 562.10 Td (new ) Tj ET Q q 0 0 0 rg BT 385.95 562.10 Td (model ) Tj ET Q q 0 0 0 rg BT 413.20 562.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 431.56 562.10 Td (from ) Tj ET Q q 0 0 0 rg BT 453.26 562.10 Td (201) Tj ET Q q 0 0 0 rg BT 467.89 562.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 475.15 562.10 Td (on ) Tj ET Q q 0 0 0 rg BT 487.41 562.10 Td (to ) Tj ET Q q 0 0 0 rg BT 497.45 562.10 Td (have ) Tj ET Q q 0 0 0 rg BT 518.59 562.10 Td (electronic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 550.10 Td (stability ) Tj ET Q q 0 0 0 rg BT 89.00 550.10 Td (control ) Tj ET Q q 0 0 0 rg BT 120.10 550.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 154.54 550.10 Td (and ) Tj ET Q q 0 0 0 rg BT 171.76 550.10 Td (tire ) Tj ET Q q 0 0 0 rg BT 187.86 550.10 Td (pressure ) Tj ET Q q 0 0 0 rg BT 223.96 550.10 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 271.18 550.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 305.62 550.10 Td (\(beginning ) Tj ET Q q 0 0 0 rg BT 351.72 550.10 Td (in ) Tj ET Q q 0 0 0 rg BT 362.28 550.10 Td (2012\). ) Tj ET Q q 0 0 0 rg BT 390.27 550.10 Td (Also ) Tj ET Q q 0 0 0 rg BT 411.94 550.10 Td (introduced ) Tj ET Q q 0 0 0 rg BT 457.48 550.10 Td (were ) Tj ET Q q 0 0 0 rg BT 479.68 550.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 526.89 550.10 Td (on ) Tj ET Q q 0 0 0 rg BT 539.67 550.10 Td (low-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 538.10 Td (rolling ) Tj ET Q q 0 0 0 rg BT 84.14 538.10 Td (resistance ) Tj ET Q q 0 0 0 rg BT 127.04 538.10 Td (tires. ) Tj ET Q q 0 0 0 rg BT 150.24 538.10 Td (From ) Tj ET Q q 0 0 0 rg BT 174.61 538.10 Td (April ) Tj ET Q q 0 0 0 rg BT 199.20 538.10 Td (2009, ) Tj ET Q q 0 0 0 rg BT 225.18 538.10 Td (the ) Tj ET Q q 0 0 0 rg BT 240.87 538.10 Td (criteria ) Tj ET Q q 0 0 0 rg BT 272.66 538.10 Td (for ) Tj ET Q q 0 0 0 rg BT 287.79 538.10 Td (whole ) Tj ET Q q 0 0 0 rg BT 315.71 538.10 Td (vehicle ) Tj ET Q q 0 0 0 rg BT 348.06 538.10 Td (type ) Tj ET Q q 0 0 0 rg BT 368.75 538.10 Td (approval ) Tj ET Q q 0 0 0 rg BT 407.21 538.10 Td (were ) Tj ET Q q 0 0 0 rg BT 430.12 538.10 Td (extended ) Tj ET Q q 0 0 0 rg BT 469.69 538.10 Td (to ) Tj ET Q q 0 0 0 rg BT 480.94 538.10 Td (cover ) Tj ET Q q 0 0 0 rg BT 506.63 538.10 Td (all ) Tj ET Q q 0 0 0 rg BT 520.10 538.10 Td (new ) Tj ET Q q 0 0 0 rg BT 540.23 538.10 Td (road ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 526.10 Td (vehicles, ) Tj ET Q q 0 0 0 rg BT 91.76 526.10 Td (to ) Tj ET Q q 0 0 0 rg BT 102.04 526.10 Td (be ) Tj ET Q q 0 0 0 rg BT 113.98 526.10 Td (phased ) Tj ET Q q 0 0 0 rg BT 144.25 526.10 Td (in ) Tj ET Q q 0 0 0 rg BT 154.53 526.10 Td (over ) Tj ET Q q 0 0 0 rg BT 174.80 526.10 Td (five ) Tj ET Q q 0 0 0 rg BT 192.84 526.10 Td (years ) Tj ET Q q 0 0 0 rg BT 216.44 526.10 Td (depending ) Tj ET Q q 0 0 0 rg BT 260.60 526.10 Td (on ) Tj ET Q q 0 0 0 rg BT 273.10 526.10 Td (the ) Tj ET Q q 0 0 0 rg BT 287.81 526.10 Td (vehicle ) Tj ET Q q 0 0 0 rg BT 319.19 526.10 Td (category) Tj ET Q q 0 0 0 rg BT 352.96 526.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 502.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 502.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 116.86 502.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 136.51 502.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 166.13 502.10 Td (law) Tj ET Q q 0 0 0 rg BT 179.92 502.10 Td (, ) Tj ET Q q 0 0 0 rg BT 184.29 502.10 Td (all ) Tj ET Q q 0 0 0 rg BT 196.15 502.10 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 230.78 502.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 249.32 502.10 Td (in ) Tj ET Q q 0 0 0 rg BT 258.96 502.10 Td (the ) Tj ET Q q 0 0 0 rg BT 273.05 502.10 Td (United ) Tj ET Q q 0 0 0 rg BT 302.13 502.10 Td (States ) Tj ET Q q 0 0 0 rg BT 327.89 502.10 Td (must ) Tj ET Q q 0 0 0 rg BT 349.20 502.10 Td (comply ) Tj ET Q q 0 0 0 rg BT 381.07 502.10 Td (with ) Tj ET Q q 0 0 0 rg BT 400.71 502.10 Td (Federal ) Tj ET Q q 0 0 0 rg BT 432.57 502.10 Td (Motor ) Tj ET Q q 0 0 0 rg BT 459.30 502.10 Td (V) Tj ET Q q 0 0 0 rg BT 465.41 502.10 Td (ehicle ) Tj ET Q q 0 0 0 rg BT 491.15 502.10 Td (Safety ) Tj ET Q q 0 0 0 rg BT 518.57 502.10 Td (Standards ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 490.10 Td (\(FMVSS\) ) Tj ET Q q 0 0 0 rg BT 96.06 490.10 Td (promulgated ) Tj ET Q q 0 0 0 rg BT 149.21 490.10 Td (by ) Tj ET Q q 0 0 0 rg BT 161.81 490.10 Td (NHTSA. ) Tj ET Q q 0 0 0 rg BT 200.25 490.10 Td (Manufacturers ) Tj ET Q q 0 0 0 rg BT 261.15 490.10 Td (need ) Tj ET Q q 0 0 0 rg BT 282.63 490.10 Td (to ) Tj ET Q q 0 0 0 rg BT 293.01 490.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 326.16 490.10 Td (certification ) Tj ET Q q 0 0 0 rg BT 377.07 490.10 Td (that ) Tj ET Q q 0 0 0 rg BT 394.67 490.10 Td (all ) Tj ET Q q 0 0 0 rg BT 407.27 490.10 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 442.63 490.10 Td (are ) Tj ET Q q 0 0 0 rg BT 457.44 490.10 Td (in ) Tj ET Q q 0 0 0 rg BT 467.82 490.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 516.51 490.10 Td (with ) Tj ET Q q 0 0 0 rg BT 536.90 490.10 Td (those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 478.10 Td (standards. ) Tj ET Q q 0 0 0 rg BT 96.43 478.10 Td (In ) Tj ET Q q 0 0 0 rg BT 106.92 478.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 144.35 478.10 Td (if ) Tj ET Q q 0 0 0 rg BT 152.62 478.10 Td (a ) Tj ET Q q 0 0 0 rg BT 159.22 478.10 Td (vehicle ) Tj ET Q q 0 0 0 rg BT 190.25 478.10 Td (contains ) Tj ET Q q 0 0 0 rg BT 225.73 478.10 Td (a ) Tj ET Q q 0 0 0 rg BT 232.33 478.10 Td (defect ) Tj ET Q q 0 0 0 rg BT 258.92 478.10 Td (that ) Tj ET Q q 0 0 0 rg BT 276.07 478.10 Td (is ) Tj ET Q q 0 0 0 rg BT 284.90 478.10 Td (related ) Tj ET Q q 0 0 0 rg BT 314.26 478.10 Td (to ) Tj ET Q q 0 0 0 rg BT 324.20 478.10 Td (motor ) Tj ET Q q 0 0 0 rg BT 350.25 478.10 Td (vehicle ) Tj ET Q q 0 0 0 rg BT 381.28 478.10 Td (safety ) Tj ET Q q 0 0 0 rg BT 407.31 478.10 Td (or ) Tj ET Q q 0 0 0 rg BT 417.80 478.10 Td (does ) Tj ET Q q 0 0 0 rg BT 438.29 478.10 Td (not ) Tj ET Q q 0 0 0 rg BT 453.23 478.10 Td (comply ) Tj ET Q q 0 0 0 rg BT 485.39 478.10 Td (with ) Tj ET Q q 0 0 0 rg BT 505.32 478.10 Td (an ) Tj ET Q q 0 0 0 rg BT 516.92 478.10 Td (applicable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 466.10 Td (FMVSS, ) Tj ET Q q 0 0 0 rg BT 93.45 466.10 Td (the ) Tj ET Q q 0 0 0 rg BT 109.83 466.10 Td (manufacturer ) Tj ET Q q 0 0 0 rg BT 167.28 466.10 Td (must ) Tj ET Q q 0 0 0 rg BT 190.88 466.10 Td (notify ) Tj ET Q q 0 0 0 rg BT 218.93 466.10 Td (vehicle ) Tj ET Q q 0 0 0 rg BT 251.95 466.10 Td (owners ) Tj ET Q q 0 0 0 rg BT 284.99 466.10 Td (and ) Tj ET Q q 0 0 0 rg BT 303.58 466.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 338.29 466.10 Td (a ) Tj ET Q q 0 0 0 rg BT 346.88 466.10 Td (remedy ) Tj ET Q q 0 0 0 rg BT 381.02 466.10 Td (at ) Tj ET Q q 0 0 0 rg BT 392.39 466.10 Td (no ) Tj ET Q q 0 0 0 rg BT 406.55 466.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 426.81 466.10 Td (to ) Tj ET Q q 0 0 0 rg BT 438.75 466.10 Td (the ) Tj ET Q q 0 0 0 rg BT 455.12 466.10 Td (consumer) Tj ET Q q 0 0 0 rg BT 493.44 466.10 Td (. ) Tj ET Q q 0 0 0 rg BT 500.10 466.10 Td (Moreover) Tj ET Q q 0 0 0 rg BT 539.13 466.10 Td (, ) Tj ET Q q 0 0 0 rg BT 545.78 466.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 454.10 Td (T) Tj ET Q q 0 0 0 rg BT 59.76 454.10 Td (ransportation ) Tj ET Q q 0 0 0 rg BT 113.88 454.10 Td (Recall ) Tj ET Q q 0 0 0 rg BT 140.79 454.10 Td (Enhancement, ) Tj ET Q q 0 0 0 rg BT 198.77 454.10 Td (Accountability) Tj ET Q q 0 0 0 rg BT 257.55 454.10 Td (, ) Tj ET Q q 0 0 0 rg BT 261.41 454.10 Td (and ) Tj ET Q q 0 0 0 rg BT 277.21 454.10 Td (Documentation ) Tj ET Q q 0 0 0 rg BT 339.92 454.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 355.72 454.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 389.29 454.10 Td (manufacturers ) Tj ET Q q 0 0 0 rg BT 447.85 454.10 Td (to ) Tj ET Q q 0 0 0 rg BT 456.99 454.10 Td (report ) Tj ET Q q 0 0 0 rg BT 482.23 454.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 510.79 454.10 Td (information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 442.10 Td (related ) Tj ET Q q 0 0 0 rg BT 83.58 442.10 Td (to ) Tj ET Q q 0 0 0 rg BT 93.74 442.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 122.23 442.10 Td (and ) Tj ET Q q 0 0 0 rg BT 139.04 442.10 Td (lawsuits ) Tj ET Q q 0 0 0 rg BT 174.20 442.10 Td (involving ) Tj ET Q q 0 0 0 rg BT 214.92 442.10 Td (fatalities ) Tj ET Q q 0 0 0 rg BT 251.73 442.10 Td (and ) Tj ET Q q 0 0 0 rg BT 268.55 442.10 Td (injuries ) Tj ET Q q 0 0 0 rg BT 300.92 442.10 Td (in ) Tj ET Q q 0 0 0 rg BT 311.08 442.10 Td (the ) Tj ET Q q 0 0 0 rg BT 325.68 442.10 Td (United ) Tj ET Q q 0 0 0 rg BT 355.27 442.10 Td (States ) Tj ET Q q 0 0 0 rg BT 381.54 442.10 Td (if ) Tj ET Q q 0 0 0 rg BT 390.03 442.10 Td (alleged ) Tj ET Q q 0 0 0 rg BT 421.28 442.10 Td (to ) Tj ET Q q 0 0 0 rg BT 431.44 442.10 Td (be ) Tj ET Q q 0 0 0 rg BT 443.26 442.10 Td (caused ) Tj ET Q q 0 0 0 rg BT 472.85 442.10 Td (by ) Tj ET Q q 0 0 0 rg BT 485.23 442.10 Td (their ) Tj ET Q q 0 0 0 rg BT 505.93 442.10 Td (vehicles, ) Tj ET Q q 0 0 0 rg BT 543.58 442.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 430.10 Td (other ) Tj ET Q q 0 0 0 rg BT 77.51 430.10 Td (information ) Tj ET Q q 0 0 0 rg BT 127.68 430.10 Td (related ) Tj ET Q q 0 0 0 rg BT 157.85 430.10 Td (to ) Tj ET Q q 0 0 0 rg BT 168.58 430.10 Td (client ) Tj ET Q q 0 0 0 rg BT 193.76 430.10 Td (complaints, ) Tj ET Q q 0 0 0 rg BT 243.10 430.10 Td (warranty ) Tj ET Q q 0 0 0 rg BT 281.60 430.10 Td (claims, ) Tj ET Q q 0 0 0 rg BT 313.17 430.10 Td (and ) Tj ET Q q 0 0 0 rg BT 330.56 430.10 Td (field ) Tj ET Q q 0 0 0 rg BT 351.85 430.10 Td (reports ) Tj ET Q q 0 0 0 rg BT 382.58 430.10 Td (in ) Tj ET Q q 0 0 0 rg BT 393.32 430.10 Td (the ) Tj ET Q q 0 0 0 rg BT 408.50 430.10 Td (United ) Tj ET Q q 0 0 0 rg BT 438.68 430.10 Td (States, ) Tj ET Q q 0 0 0 rg BT 468.03 430.10 Td (as ) Tj ET Q q 0 0 0 rg BT 479.32 430.10 Td (well ) Tj ET Q q 0 0 0 rg BT 499.50 430.10 Td (as ) Tj ET Q q 0 0 0 rg BT 510.79 430.10 Td (information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 418.10 Td (about ) Tj ET Q q 0 0 0 rg BT 78.24 418.10 Td (fatalities ) Tj ET Q q 0 0 0 rg BT 114.69 418.10 Td (and ) Tj ET Q q 0 0 0 rg BT 131.15 418.10 Td (recalls ) Tj ET Q q 0 0 0 rg BT 159.27 418.10 Td (outside ) Tj ET Q q 0 0 0 rg BT 190.18 418.10 Td (the ) Tj ET Q q 0 0 0 rg BT 204.42 418.10 Td (United ) Tj ET Q q 0 0 0 rg BT 233.66 418.10 Td (States ) Tj ET Q q 0 0 0 rg BT 259.57 418.10 Td (Several ) Tj ET Q q 0 0 0 rg BT 291.58 418.10 Td (new ) Tj ET Q q 0 0 0 rg BT 310.26 418.10 Td (or ) Tj ET Q q 0 0 0 rg BT 320.61 418.10 Td (amended ) Tj ET Q q 0 0 0 rg BT 358.73 418.10 Td (FMVSSs ) Tj ET Q q 0 0 0 rg BT 397.44 418.10 Td (will ) Tj ET Q q 0 0 0 rg BT 415.02 418.10 Td (take ) Tj ET Q q 0 0 0 rg BT 433.70 418.10 Td (ef) Tj ET Q q 0 0 0 rg BT 441.29 418.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 458.30 418.10 Td (during ) Tj ET Q q 0 0 0 rg BT 486.43 418.10 Td (the ) Tj ET Q q 0 0 0 rg BT 500.67 418.10 Td (next ) Tj ET Q q 0 0 0 rg BT 519.91 418.10 Td (few ) Tj ET Q q 0 0 0 rg BT 536.92 418.10 Td (years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 406.10 Td (in ) Tj ET Q q 0 0 0 rg BT 64.41 406.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 94.25 406.10 Td (instances ) Tj ET Q q 0 0 0 rg BT 133.54 406.10 Td (under ) Tj ET Q q 0 0 0 rg BT 158.95 406.10 Td (phase-in ) Tj ET Q q 0 0 0 rg BT 195.46 406.10 Td (schedules ) Tj ET Q q 0 0 0 rg BT 236.97 406.10 Td (that ) Tj ET Q q 0 0 0 rg BT 254.60 406.10 Td (require ) Tj ET Q q 0 0 0 rg BT 285.55 406.10 Td (only ) Tj ET Q q 0 0 0 rg BT 305.97 406.10 Td (a ) Tj ET Q q 0 0 0 rg BT 313.04 406.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 344.57 406.10 Td (of ) Tj ET Q q 0 0 0 rg BT 355.53 406.10 Td (a ) Tj ET Q q 0 0 0 rg BT 362.61 406.10 Td (manufacturer) Tj ET Q q 0 0 0 rg BT 416.28 406.10 Td () Tj ET Q q 0 0 0 rg BT 419.06 406.10 Td (s ) Tj ET Q q 0 0 0 rg BT 425.58 406.10 Td (fleet ) Tj ET Q q 0 0 0 rg BT 445.98 406.10 Td (to ) Tj ET Q q 0 0 0 rg BT 456.40 406.10 Td (comply ) Tj ET Q q 0 0 0 rg BT 489.03 406.10 Td (in ) Tj ET Q q 0 0 0 rg BT 499.44 406.10 Td (the ) Tj ET Q q 0 0 0 rg BT 514.29 406.10 Td (early ) Tj ET Q q 0 0 0 rg BT 536.92 406.10 Td (years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 394.10 Td (of ) Tj ET Q q 0 0 0 rg BT 66.19 394.10 Td (the ) Tj ET Q q 0 0 0 rg BT 82.26 394.10 Td (phase-in.These ) Tj ET Q q 0 0 0 rg BT 146.37 394.10 Td (include ) Tj ET Q q 0 0 0 rg BT 179.66 394.10 Td (an ) Tj ET Q q 0 0 0 rg BT 192.95 394.10 Td (amendment ) Tj ET Q q 0 0 0 rg BT 243.46 394.10 Td (to ) Tj ET Q q 0 0 0 rg BT 255.09 394.10 Td (the ) Tj ET Q q 0 0 0 rg BT 271.17 394.10 Td (side ) Tj ET Q q 0 0 0 rg BT 291.13 394.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 322.20 394.10 Td (protection ) Tj ET Q q 0 0 0 rg BT 366.60 394.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 422.65 394.10 Td (that ) Tj ET Q q 0 0 0 rg BT 441.51 394.10 Td (added ) Tj ET Q q 0 0 0 rg BT 469.24 394.10 Td (several ) Tj ET Q q 0 0 0 rg BT 501.41 394.10 Td (new ) Tj ET Q q 0 0 0 rg BT 521.93 394.10 Td (tests ) Tj ET Q q 0 0 0 rg BT 543.56 394.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 382.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 107.40 382.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 162.47 382.10 Td (\(FMVSS ) Tj ET Q q 0 0 0 rg BT 201.47 382.10 Td (No.214\), ) Tj ET Q q 0 0 0 rg BT 242.40 382.10 Td (an ) Tj ET Q q 0 0 0 rg BT 254.71 382.10 Td (amendment ) Tj ET Q q 0 0 0 rg BT 304.23 382.10 Td (to ) Tj ET Q q 0 0 0 rg BT 314.89 382.10 Td (roof ) Tj ET Q q 0 0 0 rg BT 334.42 382.10 Td (crush ) Tj ET Q q 0 0 0 rg BT 358.95 382.10 Td (resistance ) Tj ET Q q 0 0 0 rg BT 401.25 382.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 456.33 382.10 Td (\(FMVSS ) Tj ET Q q 0 0 0 rg BT 495.33 382.10 Td (No.216\), ) Tj ET Q q 0 0 0 rg BT 536.25 382.10 Td (and ) Tj ET Q q 0 0 0 rg BT 553.57 382.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 370.10 Td (new ) Tj ET Q q 0 0 0 rg BT 72.05 370.10 Td (rule ) Tj ET Q q 0 0 0 rg BT 88.98 370.10 Td (for ) Tj ET Q q 0 0 0 rg BT 102.03 370.10 Td (ejection ) Tj ET Q q 0 0 0 rg BT 135.06 370.10 Td (mitigation ) Tj ET Q q 0 0 0 rg BT 177.56 370.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 231.15 370.10 Td (\(FMVSS ) Tj ET Q q 0 0 0 rg BT 268.66 370.10 Td (No.226\). ) Tj ET Q q 0 0 0 rg BT 308.10 370.10 Td (Because ) Tj ET Q q 0 0 0 rg BT 342.80 370.10 Td (of ) Tj ET Q q 0 0 0 rg BT 352.52 370.10 Td (our ) Tj ET Q q 0 0 0 rg BT 367.24 370.10 Td (status ) Tj ET Q q 0 0 0 rg BT 391.40 370.10 Td (as ) Tj ET Q q 0 0 0 rg BT 401.12 370.10 Td (SVM, ) Tj ET Q q 0 0 0 rg BT 426.68 370.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 455.27 370.10 Td (is ) Tj ET Q q 0 0 0 rg BT 463.33 370.10 Td (required ) Tj ET Q q 0 0 0 rg BT 498.03 370.10 Td (to ) Tj ET Q q 0 0 0 rg BT 507.20 370.10 Td (be ) Tj ET Q q 0 0 0 rg BT 518.02 370.10 Td (compliant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 358.10 Td (at ) Tj ET Q q 0 0 0 rg BT 65.20 358.10 Td (the ) Tj ET Q q 0 0 0 rg BT 81.39 358.10 Td (end ) Tj ET Q q 0 0 0 rg BT 99.81 358.10 Td (of ) Tj ET Q q 0 0 0 rg BT 112.12 358.10 Td (the ) Tj ET Q q 0 0 0 rg BT 128.32 358.10 Td (phase-in ) Tj ET Q q 0 0 0 rg BT 166.18 358.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 198.21 358.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 227.18 358.10 Td (the ) Tj ET Q q 0 0 0 rg BT 243.09 358.10 Td (T) Tj ET Q q 0 0 0 rg BT 248.84 358.10 Td (ransportation ) Tj ET Q q 0 0 0 rg BT 305.59 358.10 Td (Recall ) Tj ET Q q 0 0 0 rg BT 335.11 358.10 Td (Enhancement, ) Tj ET Q q 0 0 0 rg BT 395.13 358.10 Td (Accountability) Tj ET Q q 0 0 0 rg BT 453.91 358.10 Td (, ) Tj ET Q q 0 0 0 rg BT 460.39 358.10 Td (and ) Tj ET Q q 0 0 0 rg BT 478.81 358.10 Td (Documentation ) Tj ET Q q 0 0 0 rg BT 543.56 358.10 Td (Act ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 346.10 Td (\(TREAD\), ) Tj ET Q q 0 0 0 rg BT 98.60 346.10 Td (we ) Tj ET Q q 0 0 0 rg BT 112.36 346.10 Td (must ) Tj ET Q q 0 0 0 rg BT 133.92 346.10 Td (log ) Tj ET Q q 0 0 0 rg BT 148.80 346.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 178.11 346.10 Td (information, ) Tj ET Q q 0 0 0 rg BT 229.93 346.10 Td (including ) Tj ET Q q 0 0 0 rg BT 269.81 346.10 Td (incidents ) Tj ET Q q 0 0 0 rg BT 308.02 346.10 Td (involving ) Tj ET Q q 0 0 0 rg BT 348.47 346.10 Td (death ) Tj ET Q q 0 0 0 rg BT 372.23 346.10 Td (or ) Tj ET Q q 0 0 0 rg BT 382.66 346.10 Td (injury) Tj ET Q q 0 0 0 rg BT 405.90 346.10 Td (, ) Tj ET Q q 0 0 0 rg BT 410.51 346.10 Td (with ) Tj ET Q q 0 0 0 rg BT 430.39 346.10 Td (NHTSA. ) Tj ET Q q 0 0 0 rg BT 468.34 346.10 Td (In ) Tj ET Q q 0 0 0 rg BT 478.77 346.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 500.88 346.10 Td (we ) Tj ET Q q 0 0 0 rg BT 514.65 346.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 533.97 346.10 Td (a ) Tj ET Q q 0 0 0 rg BT 540.52 346.10 Td ($3.5 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 334.10 Td (million ) Tj ET Q q 0 0 0 rg BT 84.53 334.10 Td (civil ) Tj ET Q q 0 0 0 rg BT 103.95 334.10 Td (penalty ) Tj ET Q q 0 0 0 rg BT 135.02 334.10 Td (to ) Tj ET Q q 0 0 0 rg BT 144.45 334.10 Td (NHTSA) Tj ET Q q 0 0 0 rg BT 177.23 334.10 Td ( ) Tj ET Q q 0 0 0 rg BT 178.87 334.10 Td (for ) Tj ET Q q 0 0 0 rg BT 192.17 334.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 230.47 334.10 Td (failures ) Tj ET Q q 0 0 0 rg BT 262.10 334.10 Td (related ) Tj ET Q q 0 0 0 rg BT 290.94 334.10 Td (to ) Tj ET Q q 0 0 0 rg BT 300.36 334.10 Td (the ) Tj ET Q q 0 0 0 rg BT 314.22 334.10 Td (period ) Tj ET Q q 0 0 0 rg BT 341.41 334.10 Td (201) Tj ET Q q 0 0 0 rg BT 356.04 334.10 Td (1-2014 ) Tj ET Q q 0 0 0 rg BT 386.01 334.10 Td (and ) Tj ET Q q 0 0 0 rg BT 402.09 334.10 Td (for ) Tj ET Q q 0 0 0 rg BT 415.39 334.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 443.13 334.10 Td (to ) Tj ET Q q 0 0 0 rg BT 452.55 334.10 Td (comply ) Tj ET Q q 0 0 0 rg BT 484.19 334.10 Td (with ) Tj ET Q q 0 0 0 rg BT 503.61 334.10 Td (early ) Tj ET Q q 0 0 0 rg BT 525.24 334.10 Td (warning ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 322.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 93.16 322.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 147.86 322.10 Td (in ) Tj ET Q q 0 0 0 rg BT 158.14 322.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 204.51 322.10 Td (with ) Tj ET Q q 0 0 0 rg BT 224.79 322.10 Td (three ) Tj ET Q q 0 0 0 rg BT 247.27 322.10 Td (fatalities. ) Tj ET Q q 0 0 0 rg BT 286.52 322.10 Td (W) Tj ET Q q 0 0 0 rg BT 295.16 322.10 Td (e ) Tj ET Q q 0 0 0 rg BT 302.10 322.10 Td (have ) Tj ET Q q 0 0 0 rg BT 323.47 322.10 Td (upgraded ) Tj ET Q q 0 0 0 rg BT 363.18 322.10 Td (our ) Tj ET Q q 0 0 0 rg BT 379.01 322.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 425.38 322.10 Td (for ) Tj ET Q q 0 0 0 rg BT 439.54 322.10 Td (compliance. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 298.10 Td (On July14, 2015, weissued a safety recall report with the NHTSA, after being notified by ) Tj ET Q q 0 0 0 rg BT 460.73 298.10 Td (T) Tj ET Q q 0 0 0 rg BT 466.14 298.10 Td (akata Corporation that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 286.10 Td (certain driver) Tj ET Q q 0 0 0 rg BT 107.95 286.10 Td () Tj ET Q q 0 0 0 rg BT 110.73 286.10 Td (s side airbags manufactured by ) Tj ET Q q 0 0 0 rg BT 236.90 286.10 Td (T) Tj ET Q q 0 0 0 rg BT 242.31 286.10 Td (akata, installed in certain model year 2015 cars, were defective.) Tj ET Q q 0 0 0 rg BT 498.95 286.10 Td (The recall ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 274.10 Td (impacts 814 of our model year 2015 cars sold in the United States and also relates to up to an additional 1,600 model year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 262.10 Td (2015 cars in other regions.) Tj ET Q q 0 0 0 rg BT 162.68 262.10 Td (The defect, caused by pre-assembled airbags supplied by ) Tj ET Q q 0 0 0 rg BT 392.70 262.10 Td (T) Tj ET Q q 0 0 0 rg BT 398.11 262.10 Td (akata, relates to insuf) Tj ET Q q 0 0 0 rg BT 482.89 262.10 Td (ficient gluing of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 250.10 Td (the airbag cover and a possible incorrect installation of the driver) Tj ET Q q 0 0 0 rg BT 314.83 250.10 Td () Tj ET Q q 0 0 0 rg BT 317.61 250.10 Td (s airbag cushion. ) Tj ET Q q 0 0 0 rg BT 387.41 250.10 Td (The replacement component has been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 238.10 Td (produced with improved gluing methods as well as improved airbag assembly measures. ) Tj ET Q q 0 0 0 rg BT 410.68 238.10 Td (W) Tj ET Q q 0 0 0 rg BT 419.32 238.10 Td (e have implemented a recall to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 226.10 Td (remedy this safety defect.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 204.10 Td (In December 2015 we issued two safety calls reports with NHTSA, after learning that certain low pressure fuel ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 192.10 Td (lines manufactured and supplied by Dytech Dynamic Flued ) Tj ET Q q 0 0 0 rg BT 306.81 192.10 Td (T) Tj ET Q q 0 0 0 rg BT 312.22 192.10 Td (echnologies S.p.A. were defective. ) Tj ET Q q 0 0 0 rg BT 453.66 192.10 Td (The recall impacts 185 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 180.10 Td (California ) Tj ET Q q 0 0 0 rg BT 96.86 180.10 Td (T) Tj ET Q q 0 0 0 rg BT 102.79 180.10 Td ( vehicles and 1) Tj ET Q q 0 0 0 rg BT 162.12 180.10 Td (19 488GTB vehicles sold in the United States and 65 California ) Tj ET Q q 0 0 0 rg BT 419.95 180.10 Td (T) Tj ET Q q 0 0 0 rg BT 425.88 180.10 Td ( ) Tj ET Q q 0 0 0 rg BT 428.20 180.10 Td (V) Tj ET Q q 0 0 0 rg BT 434.31 180.10 Td (ehicles and 199 488GTB ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 168.10 Td (vehicles sold in other regions. ) Tj ET Q q 0 0 0 rg BT 176.02 168.10 Td (The defect was due to an improper coating treatment made by the supplier Dytech on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 156.10 Td (metallic part of the fuel pipe where it connects to the fuel pump. ) Tj ET Q q 0 0 0 rg BT 315.67 156.10 Td (The replacement component has been produced with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 144.10 Td (proper coating. ) Tj ET Q q 0 0 0 rg BT 116.85 144.10 Td (W) Tj ET Q q 0 0 0 rg BT 125.49 144.10 Td (e have implemented a separate recall on each model to remedy this safety defect. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 122.10 Td (NHTSA) Tj ET Q q 0 0 0 rg BT 128.78 122.10 Td ( recently published guidelines for driver distraction, and the associated compliance costs may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 110.10 Td (substantial. ) Tj ET Q q 0 0 0 rg BT 101.59 110.10 Td (These guidelines focus, among other things, on the need to modify the design of car devices and other driver ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 98.10 Td (interfaces to minimize driver distraction. Compliance with these new requirements, as well as other possible future NHTSA) Tj ET Q q 0 0 0 rg BT 548.87 98.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 86.10 Td (requirements, is likely to be dif) Tj ET Q q 0 0 0 rg BT 178.79 86.10 Td (ficult and/or costly) Tj ET Q q 0 0 0 rg BT 253.68 86.10 Td (. ) Tj ET Q q 0 0 0 rg BT 258.50 86.10 Td (W) Tj ET Q q 0 0 0 rg BT 267.13 86.10 Td (e are in the process of evaluating these guidelines and determining what ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 74.10 Td (steps, if any) Tj ET Q q 0 0 0 rg BT 101.40 74.10 Td (, we will need to take to comply with the new requirements.) Tj ET Q endstream endobj 121 0 obj <> endobj 122 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (52) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 731.25 Td (C. Organizational Structur) Tj ET Q q 0 0 0 rg BT 169.64 731.25 Td (e) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 707.25 Td (Subsidiaries) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 683.25 Td (The ) Tj ET Q q 0 0 0 rg BT 108.05 683.25 Td (following ) Tj ET Q q 0 0 0 rg BT 149.43 683.25 Td (table ) Tj ET Q q 0 0 0 rg BT 171.37 683.25 Td (sets ) Tj ET Q q 0 0 0 rg BT 188.87 683.25 Td (forth ) Tj ET Q q 0 0 0 rg BT 210.81 683.25 Td (a ) Tj ET Q q 0 0 0 rg BT 217.74 683.25 Td (list ) Tj ET Q q 0 0 0 rg BT 232.47 683.25 Td (of ) Tj ET Q q 0 0 0 rg BT 243.30 683.25 Td (the ) Tj ET Q q 0 0 0 rg BT 258.02 683.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 307.73 683.25 Td (that ) Tj ET Q q 0 0 0 rg BT 325.23 683.25 Td (are ) Tj ET Q q 0 0 0 rg BT 339.94 683.25 Td (directly ) Tj ET Q q 0 0 0 rg BT 372.98 683.25 Td (or ) Tj ET Q q 0 0 0 rg BT 383.81 683.25 Td (indirectly ) Tj ET Q q 0 0 0 rg BT 424.63 683.25 Td (controlled ) Tj ET Q q 0 0 0 rg BT 467.67 683.25 Td (by ) Tj ET Q q 0 0 0 rg BT 480.17 683.25 Td (Ferrari.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 659.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 659.25 Td (For ) Tj ET Q q 0 0 0 rg BT 105.48 659.25 Td (each ) Tj ET Q q 0 0 0 rg BT 125.39 659.25 Td (company) Tj ET Q q 0 0 0 rg BT 161.40 659.25 Td (, ) Tj ET Q q 0 0 0 rg BT 165.49 659.25 Td (the ) Tj ET Q q 0 0 0 rg BT 179.30 659.25 Td (following ) Tj ET Q q 0 0 0 rg BT 219.78 659.25 Td (information ) Tj ET Q q 0 0 0 rg BT 268.58 659.25 Td (is ) Tj ET Q q 0 0 0 rg BT 276.84 659.25 Td (provided: ) Tj ET Q q 0 0 0 rg BT 316.76 659.25 Td (name, ) Tj ET Q q 0 0 0 rg BT 342.50 659.25 Td (country ) Tj ET Q q 0 0 0 rg BT 374.64 659.25 Td (of ) Tj ET Q q 0 0 0 rg BT 384.57 659.25 Td (residence, ) Tj ET Q q 0 0 0 rg BT 426.41 659.25 Td (nature ) Tj ET Q q 0 0 0 rg BT 452.99 659.25 Td (of ) Tj ET Q q 0 0 0 rg BT 462.91 659.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 500.89 659.25 Td (the ) Tj ET Q q 0 0 0 rg BT 514.70 659.25 Td (percentage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 647.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 85.70 647.25 Td (held ) Tj ET Q q 0 0 0 rg BT 105.19 647.25 Td (by ) Tj ET Q q 0 0 0 rg BT 117.46 647.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 146.94 647.25 Td (and ) Tj ET Q q 0 0 0 rg BT 163.65 647.25 Td (its ) Tj ET Q q 0 0 0 rg BT 175.37 647.25 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 227.35 647.25 Td (and ) Tj ET Q q 0 0 0 rg BT 244.06 647.25 Td (the ) Tj ET Q q 0 0 0 rg BT 258.55 647.25 Td (percentage ) Tj ET Q q 0 0 0 rg BT 304.12 647.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 335.83 647.25 Td (held ) Tj ET Q q 0 0 0 rg BT 355.31 647.25 Td (by ) Tj ET Q q 0 0 0 rg BT 367.58 647.25 Td (non-controlling ) Tj ET Q q 0 0 0 rg BT 432.07 647.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 467.66 647.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 647.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 535.50 647.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.50 647.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 623.25 Td (Subsidiaries at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.57 623.25 Td (December) Tj ET Q q 0 0 0 rg BT 162.70 623.25 Td (31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.20 623.25 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 600.75 214.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 600.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 600.75 50.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 600.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 600.75 100.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 600.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 600.75 62.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 600.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 600.75 62.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 562.75 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f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 532.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 532.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 532.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 532.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 502.75 214.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 502.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 502.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 502.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 502.75 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 502.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 502.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 502.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 502.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 472.75 214.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 472.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 472.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 472.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 472.75 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 472.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 472.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 472.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 472.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 442.75 214.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 442.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 442.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 442.75 4.00 -15.00 re f /GS0 gs 0.8 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q 0 0 0 rg BT 274.00 582.20 Td (Country) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 328.00 582.20 Td (Nature of business) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 437.70 591.20 Td (Shar) Tj ET Q q 0 0 0 rg BT 456.04 591.20 Td (es held ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 434.30 582.20 Td (by the Gr) Tj ET Q q 0 0 0 rg BT 471.13 582.20 Td (oup) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 503.70 591.20 Td (Shar) Tj ET Q q 0 0 0 rg BT 522.04 591.20 Td (es held ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 511.85 582.20 Td (by NCI) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 567.20 Td (Directly held interests) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 552.21 Td (Ferrari S.p.A.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 274.00 552.21 Td (Italy) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.00 552.21 Td (Manufacturing) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 470.00 552.21 Td (100) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.50 552.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.50 552.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.50 552.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 522.20 Td (Indir) Tj ET Q q 0 0 0 rg BT 75.85 522.20 Td (ectly held thr) Tj ET Q q 0 0 0 rg BT 126.67 522.20 Td (ough Ferrari S.p.A.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 507.21 Td (Ferrari North America Inc.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 274.00 507.21 Td (USA) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.00 507.21 Td (Importer and distributor) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 470.00 507.21 Td (100) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.50 507.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.50 507.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.50 507.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 492.21 Td (Ferrari Japan KK) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 274.00 492.21 Td (Japan) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.00 492.21 Td (Importer and distributor) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 470.00 492.21 Td (100) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.50 492.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.50 492.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.50 492.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 477.21 Td (Ferrari Australasia Pty Limited) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 274.00 477.21 Td (Australia) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.00 477.21 Td (Importer and distributor) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 470.00 477.21 Td (100) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.50 477.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.50 477.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.50 477.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 462.21 Td (Ferrari International Cars Trading \(Shanghai\) Co. L.t.d.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 274.00 462.21 Td (China) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.00 462.21 Td (Importer and distributor) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.50 462.21 Td (80) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.50 462.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.50 462.21 Td (20) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.50 462.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 447.21 Td (Ferrari Far East Pte Limited) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 274.00 447.21 Td (Singapore) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.00 447.21 Td (Service company) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 470.00 447.21 Td (100) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.50 447.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.50 447.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.50 447.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 432.21 Td (Ferrari Management Consulting \(Shanghai\) Co. L.t.d.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 274.00 432.21 Td (China) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.00 432.21 Td (Service company) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 470.00 432.21 Td (100) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.50 432.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.50 432.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.50 432.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 417.21 Td (Ferrari South West Europe S.a.r.l.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 274.00 417.21 Td (France) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.00 417.21 Td (Service company) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 470.00 417.21 Td (100) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.50 417.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.50 417.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.50 417.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 402.21 Td (Ferrari Central East Europe GmbH) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 274.00 402.21 Td (Germany) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.00 402.21 Td (Service company) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 470.00 402.21 Td (100) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.50 402.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.50 402.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.50 402.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 387.21 Td (G.S.A. S.A.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 274.00 387.21 Td (Switzerland) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.00 387.21 Td (Service company) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 470.00 387.21 Td (100) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.50 387.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.50 387.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.50 387.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 372.21 Td (Ferrari North Europe L.t.d.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 274.00 372.21 Td (UK) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.00 372.21 Td (Service company) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 470.00 372.21 Td (100) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.50 372.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.50 372.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.50 372.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 357.21 Td (Mugello Circuit S.p.A.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 274.00 357.21 Td (Italy) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.00 357.21 Td (Racetrack management) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 470.00 357.21 Td (100) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.50 357.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.50 357.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.50 357.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 342.21 Td (Ferrari Financial Services S.p.A.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 274.00 342.21 Td (Italy) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.00 342.21 Td (Financial services) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 470.00 342.21 Td (100) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.50 342.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.50 342.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.50 342.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 312.20 Td (Indir) Tj ET Q q 0 0 0 rg BT 75.85 312.20 Td (ectly held thr) Tj ET Q q 0 0 0 rg BT 126.67 312.20 Td (ough other) Tj ET Q q 0 0 0 rg BT 168.26 312.20 Td ( Gr) Tj ET Q q 0 0 0 rg BT 181.35 312.20 Td (oup entities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 297.21 Td (Ferrari Financial Services ) Tj ET Q q 0 0 0 rg BT 150.72 297.21 Td (A.G. ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 170.47 301.29 Td (\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 274.00 297.21 Td (Germany) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.00 297.21 Td (Financial services) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 470.00 297.21 Td (100) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.50 297.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.50 297.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.50 297.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 282.21 Td (Ferrari Financial Services Inc. ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 167.21 286.29 Td (\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 274.00 282.21 Td (USA) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.00 282.21 Td (Financial services) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 470.00 282.21 Td (100) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.50 282.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.50 282.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.50 282.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 267.21 Td (Ferrari Financial Services Japan KK ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 189.21 271.29 Td (\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 274.00 267.21 Td (Japan) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.00 267.21 Td (Financial services) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 470.00 267.21 Td (100) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.50 267.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.50 267.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.50 267.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 244.21 Td (410, Park Display Inc. ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 138.99 248.29 Td (\(2\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 274.00 244.21 Td (USA) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.00 253.21 Td (Company holding real) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.00 244.21 Td (estate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 470.00 244.21 Td (100) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.50 244.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.50 244.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.50 244.21 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 228.25 Td (______________________________) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 218.65 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 72.00 218.65 Td (Shar) Tj ET Q q 0 0 0 rg BT 86.82 218.65 Td (eholding ) Tj ET Q q 0 0 0 rg BT 116.81 218.65 Td (held ) Tj ET Q q 0 0 0 rg BT 132.59 218.65 Td (by ) Tj ET Q q 0 0 0 rg BT 142.14 218.65 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 168.14 218.65 Td (Financial ) Tj ET Q q 0 0 0 rg BT 201.24 218.65 Td (Services ) Tj ET Q q 0 0 0 rg BT 229.89 218.65 Td (S.p.A.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 209.05 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 72.00 209.05 Td (Shar) Tj ET Q q 0 0 0 rg BT 86.82 209.05 Td (eholding ) Tj ET Q q 0 0 0 rg BT 116.81 209.05 Td (held ) Tj ET Q q 0 0 0 rg BT 132.59 209.05 Td (by ) Tj ET Q q 0 0 0 rg BT 142.14 209.05 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 168.14 209.05 Td (North ) Tj ET Q q 0 0 0 rg BT 188.66 209.05 Td (America ) Tj ET Q q 0 0 0 rg BT 217.77 209.05 Td (Inc.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 185.05 Td (D. ) Tj ET Q q 0 0 0 rg BT 66.22 185.05 Td (Pr) Tj ET Q q 0 0 0 rg BT 76.59 185.05 Td (operty) Tj ET Q q 0 0 0 rg BT 103.80 185.05 Td (, ) Tj ET Q q 0 0 0 rg BT 108.80 185.05 Td (Plant ) Tj ET Q q 0 0 0 rg BT 134.08 185.05 Td (and ) Tj ET Q q 0 0 0 rg BT 152.71 185.05 Td (Equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 161.05 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 161.05 Td (Our ) Tj ET Q q 0 0 0 rg BT 109.26 161.05 Td (principal ) Tj ET Q q 0 0 0 rg BT 148.52 161.05 Td (manufacturing ) Tj ET Q q 0 0 0 rg BT 210.54 161.05 Td (facility ) Tj ET Q q 0 0 0 rg BT 242.57 161.05 Td (is ) Tj ET Q q 0 0 0 rg BT 252.96 161.05 Td (located ) Tj ET Q q 0 0 0 rg BT 285.54 161.05 Td (in ) Tj ET Q q 0 0 0 rg BT 297.03 161.05 Td (Maranello ) Tj ET Q q 0 0 0 rg BT 341.84 161.05 Td (\(Modena\), ) Tj ET Q q 0 0 0 rg BT 387.48 161.05 Td (Italy) Tj ET Q q 0 0 0 rg BT 405.15 161.05 Td (. ) Tj ET Q q 0 0 0 rg BT 411.37 161.05 Td (It ) Tj ET Q q 0 0 0 rg BT 421.19 161.05 Td (has ) Tj ET Q q 0 0 0 rg BT 438.23 161.05 Td (an ) Tj ET Q q 0 0 0 rg BT 451.38 161.05 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 493.96 161.05 Td (covered ) Tj ET Q q 0 0 0 rg BT 529.31 161.05 Td (area ) Tj ET Q q 0 0 0 rg BT 549.67 161.05 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 149.05 Td (approximately ) Tj ET Q q 0 0 0 rg BT 113.68 149.05 Td (630 ) Tj ET Q q 0 0 0 rg BT 130.61 149.05 Td (thousand ) Tj ET Q q 0 0 0 rg BT 168.64 149.05 Td (square ) Tj ET Q q 0 0 0 rg BT 196.66 149.05 Td (meters. ) Tj ET Q q 0 0 0 rg BT 227.74 149.05 Td (Our ) Tj ET Q q 0 0 0 rg BT 245.22 149.05 Td (Maranello ) Tj ET Q q 0 0 0 rg BT 288.23 149.05 Td (plant ) Tj ET Q q 0 0 0 rg BT 310.15 149.05 Td (hosts ) Tj ET Q q 0 0 0 rg BT 332.64 149.05 Td (our ) Tj ET Q q 0 0 0 rg BT 347.89 149.05 Td (corporate ) Tj ET Q q 0 0 0 rg BT 387.57 149.05 Td (of) Tj ET Q q 0 0 0 rg BT 395.72 149.05 Td (fices ) Tj ET Q q 0 0 0 rg BT 416.52 149.05 Td (and ) Tj ET Q q 0 0 0 rg BT 432.88 149.05 Td (most ) Tj ET Q q 0 0 0 rg BT 454.25 149.05 Td (of ) Tj ET Q q 0 0 0 rg BT 464.51 149.05 Td (the ) Tj ET Q q 0 0 0 rg BT 478.65 149.05 Td (facilities ) Tj ET Q q 0 0 0 rg BT 515.00 149.05 Td (we ) Tj ET Q q 0 0 0 rg BT 528.58 149.05 Td (operate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 137.05 Td (for ) Tj ET Q q 0 0 0 rg BT 68.37 137.05 Td (the ) Tj ET Q q 0 0 0 rg BT 83.29 137.05 Td (design, ) Tj ET Q q 0 0 0 rg BT 114.60 137.05 Td (development ) Tj ET Q q 0 0 0 rg BT 168.96 137.05 Td (and ) Tj ET Q q 0 0 0 rg BT 186.10 137.05 Td (production ) Tj ET Q q 0 0 0 rg BT 232.13 137.05 Td (of ) Tj ET Q q 0 0 0 rg BT 243.17 137.05 Td (our ) Tj ET Q q 0 0 0 rg BT 259.20 137.05 Td (Sports ) Tj ET Q q 0 0 0 rg BT 287.47 137.05 Td (and ) Tj ET Q q 0 0 0 rg BT 304.61 137.05 Td (GT) Tj ET Q q 0 0 0 rg BT 317.76 137.05 Td ( ) Tj ET Q q 0 0 0 rg BT 320.46 137.05 Td (cars, ) Tj ET Q q 0 0 0 rg BT 341.77 137.05 Td (as ) Tj ET Q q 0 0 0 rg BT 352.80 137.05 Td (well ) Tj ET Q q 0 0 0 rg BT 372.73 137.05 Td (as ) Tj ET Q q 0 0 0 rg BT 383.76 137.05 Td (of ) Tj ET Q q 0 0 0 rg BT 394.80 137.05 Td (our ) Tj ET Q q 0 0 0 rg BT 410.83 137.05 Td (Formula ) Tj ET Q q 0 0 0 rg BT 447.42 137.05 Td (1 ) Tj ET Q q 0 0 0 rg BT 455.13 137.05 Td (single-seaters. ) Tj ET Q q 0 0 0 rg BT 514.76 137.05 Td (\(See ) Tj ET Q q 0 0 0 rg BT 535.23 137.05 Td (Item ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 125.05 Td (4.B.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.67 125.05 Td ( ) Tj ET Q q 0 0 0 rg BT 73.38 125.05 Td (Business ) Tj ET Q q 0 0 0 rg BT 111.10 125.05 Td (OverviewDesign, ) Tj ET Q q 0 0 0 rg BT 191.85 125.05 Td (Development ) Tj ET Q q 0 0 0 rg BT 247.32 125.05 Td (and ) Tj ET Q q 0 0 0 rg BT 265.04 125.05 Td (ManufacturingPr) Tj ET Q q 0 0 0 rg BT 343.55 125.05 Td (oduction ) Tj ET Q q 0 0 0 rg BT 381.26 125.05 Td (Pr) Tj ET Q q 0 0 0 rg BT 390.89 125.05 Td (ocess) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.55 125.05 Td (\). ) Tj ET Q q 0 0 0 rg BT 425.53 125.05 Td (Except ) Tj ET Q q 0 0 0 rg BT 456.01 125.05 Td (for ) Tj ET Q q 0 0 0 rg BT 470.39 125.05 Td (some ) Tj ET Q q 0 0 0 rg BT 494.21 125.05 Td (leased ) Tj ET Q q 0 0 0 rg BT 521.91 125.05 Td (technical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 113.05 Td (equipment, ) Tj ET Q q 0 0 0 rg BT 101.21 113.05 Td (we ) Tj ET Q q 0 0 0 rg BT 115.37 113.05 Td (own ) Tj ET Q q 0 0 0 rg BT 135.09 113.05 Td (all ) Tj ET Q q 0 0 0 rg BT 147.59 113.05 Td (of ) Tj ET Q q 0 0 0 rg BT 158.42 113.05 Td (our ) Tj ET Q q 0 0 0 rg BT 174.25 113.05 Td (facilities ) Tj ET Q q 0 0 0 rg BT 211.18 113.05 Td (and ) Tj ET Q q 0 0 0 rg BT 228.12 113.05 Td (equipment ) Tj ET Q q 0 0 0 rg BT 272.83 113.05 Td (in ) Tj ET Q q 0 0 0 rg BT 283.11 113.05 Td (Maranello.) 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 611.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 611.10 Td (The total carrying value of our property) Tj ET Q q 0 0 0 rg BT 248.18 611.10 Td (, plant and equipment at December 31, 2015 was 626,130 thousand.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 587.10 Td (Item 4A. Unr) Tj ET Q q 0 0 0 rg BT 115.75 587.10 Td (esolved Staff Comments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 563.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 563.10 Td (Not applicable.) Tj ET Q endstream endobj 125 0 obj <> endobj 126 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (54) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 731.25 Td (Item 5. 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Tj ET Q q 0 0 0 rg BT 142.70 659.25 Td (3.A. ) Tj ET Q q 0 0 0 rg BT 161.80 659.25 Td (Selected ) Tj ET Q q 0 0 0 rg BT 198.10 659.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 239.98 659.25 Td (Data," ) Tj ET Q q 0 0 0 rg BT 269.67 659.25 Td ("Item ) Tj ET Q q 0 0 0 rg BT 294.63 659.25 Td (4. ) Tj ET Q q 0 0 0 rg BT 305.12 659.25 Td (Information ) Tj ET Q q 0 0 0 rg BT 355.88 659.25 Td (on ) Tj ET Q q 0 0 0 rg BT 368.88 659.25 Td (the ) Tj ET Q q 0 0 0 rg BT 384.08 659.25 Td (Company" ) Tj ET Q q 0 0 0 rg BT 429.60 659.25 Td (and ) Tj ET Q q 0 0 0 rg BT 447.59 659.25 Td (the ) Tj ET Q q 0 0 0 rg BT 462.80 659.25 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 519.13 659.25 Td (Financial ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 647.25 Td (Statements ) Tj ET Q q 0 0 0 rg BT 99.94 647.25 Td (included ) Tj ET Q q 0 0 0 rg BT 137.00 647.25 Td (elsewher) Tj ET Q q 0 0 0 rg BT 172.17 647.25 Td (e ) Tj ET Q q 0 0 0 rg BT 179.23 647.25 Td (in ) Tj ET Q q 0 0 0 rg BT 189.63 647.25 Td (this ) Tj ET Q q 0 0 0 rg BT 206.70 647.25 Td (document. ) Tj ET Q q 0 0 0 rg BT 250.69 647.25 Td (This ) Tj ET Q q 0 0 0 rg BT 270.55 647.25 Td (discussion ) Tj ET Q q 0 0 0 rg BT 314.83 647.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 350.78 647.25 Td (forwar) Tj ET Q q 0 0 0 rg BT 377.64 647.25 Td (d-looking ) Tj ET Q q 0 0 0 rg BT 418.58 647.25 Td (statements, ) Tj ET Q q 0 0 0 rg BT 465.92 647.25 Td (and ) Tj ET Q q 0 0 0 rg BT 483.54 647.25 Td (involves ) Tj ET Q q 0 0 0 rg BT 518.92 647.25 Td (numer) Tj ET Q q 0 0 0 rg BT 544.10 647.25 Td (ous ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 635.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 75.23 635.25 Td (and ) Tj ET Q q 0 0 0 rg BT 92.57 635.25 Td (uncertainties, ) Tj ET Q q 0 0 0 rg BT 149.62 635.25 Td (including, ) Tj ET Q q 0 0 0 rg BT 192.23 635.25 Td (but ) Tj ET Q q 0 0 0 rg BT 207.35 635.25 Td (not ) Tj ET Q q 0 0 0 rg BT 222.47 635.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 252.58 635.25 Td (to, ) Tj ET Q q 0 0 0 rg BT 265.20 635.25 Td (those ) Tj ET Q q 0 0 0 rg BT 288.64 635.25 Td (described ) Tj ET Q q 0 0 0 rg BT 329.86 635.25 Td (under ) Tj ET Q q 0 0 0 rg BT 355.53 635.25 Td (Forwar) Tj ET Q q 0 0 0 rg BT 391.28 635.25 Td (d-Looking ) Tj ET Q q 0 0 0 rg BT 434.73 635.25 Td (Statements" ) Tj ET Q q 0 0 0 rg BT 484.59 635.25 Td (and ) Tj ET Q q 0 0 0 rg BT 501.93 635.25 Td (the ) Tj ET Q q 0 0 0 rg BT 516.49 635.25 Td ("Item ) Tj ET Q q 0 0 0 rg BT 540.79 635.25 Td (3.D. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 623.25 Td (Risk ) Tj ET Q q 0 0 0 rg BT 73.72 623.25 Td (Factors." ) Tj ET Q q 0 0 0 rg BT 113.84 623.25 Td (Actual ) Tj ET Q q 0 0 0 rg BT 142.45 623.25 Td (r) Tj ET Q q 0 0 0 rg BT 145.97 623.25 Td (esults ) Tj ET Q q 0 0 0 rg BT 171.25 623.25 Td (may ) Tj ET Q q 0 0 0 rg BT 190.41 623.25 Td (differ ) Tj ET Q q 0 0 0 rg BT 214.57 623.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 258.17 623.25 Td (fr) Tj ET Q q 0 0 0 rg BT 264.47 623.25 Td (om ) Tj ET Q q 0 0 0 rg BT 279.20 623.25 Td (those ) Tj ET Q q 0 0 0 rg BT 302.80 623.25 Td (contained ) Tj ET Q q 0 0 0 rg BT 344.74 623.25 Td (in ) Tj ET Q q 0 0 0 rg BT 355.02 623.25 Td (any ) Tj ET Q q 0 0 0 rg BT 371.95 623.25 Td (forwar) Tj ET Q q 0 0 0 rg BT 398.81 623.25 Td (d-looking ) Tj ET Q q 0 0 0 rg BT 439.64 623.25 Td (statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 599.25 Td (Overview) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 575.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 575.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 120.56 575.25 Td (is ) Tj ET Q q 0 0 0 rg BT 130.58 575.25 Td (among ) Tj ET Q q 0 0 0 rg BT 161.15 575.25 Td (the ) Tj ET Q q 0 0 0 rg BT 176.72 575.25 Td (world) Tj ET Q q 0 0 0 rg BT 202.83 575.25 Td (s ) Tj ET Q q 0 0 0 rg BT 210.08 575.25 Td (leading ) Tj ET Q q 0 0 0 rg BT 242.87 575.25 Td (luxury ) Tj ET Q q 0 0 0 rg BT 272.33 575.25 Td (brands ) Tj ET Q q 0 0 0 rg BT 302.34 575.25 Td (focused ) Tj ET Q q 0 0 0 rg BT 336.79 575.25 Td (on ) Tj ET Q q 0 0 0 rg BT 350.15 575.25 Td (the ) Tj ET Q q 0 0 0 rg BT 365.72 575.25 Td (design, ) Tj ET Q q 0 0 0 rg BT 397.68 575.25 Td (engineering, ) Tj ET Q q 0 0 0 rg BT 450.73 575.25 Td (production ) Tj ET Q q 0 0 0 rg BT 497.41 575.25 Td (and ) Tj ET Q q 0 0 0 rg BT 515.21 575.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 534.11 575.25 Td (of ) Tj ET Q q 0 0 0 rg BT 545.79 575.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 563.25 Td (world) Tj ET Q q 0 0 0 rg BT 80.11 563.25 Td (s ) Tj ET Q q 0 0 0 rg BT 86.56 563.25 Td (most ) Tj ET Q q 0 0 0 rg BT 108.56 563.25 Td (recognizable ) Tj ET Q q 0 0 0 rg BT 162.19 563.25 Td (luxury ) Tj ET Q q 0 0 0 rg BT 190.86 563.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 243.93 563.25 Td (sports ) Tj ET Q q 0 0 0 rg BT 270.38 563.25 Td (cars. ) Tj ET Q q 0 0 0 rg BT 291.53 563.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 309.64 563.25 Td (brand ) Tj ET Q q 0 0 0 rg BT 334.97 563.25 Td (symbolizes ) Tj ET Q q 0 0 0 rg BT 382.52 563.25 Td (luxury) Tj ET Q q 0 0 0 rg BT 407.97 563.25 Td (, ) Tj ET Q q 0 0 0 rg BT 413.03 563.25 Td (exclusivity) Tj ET Q q 0 0 0 rg BT 456.26 563.25 Td (, ) Tj ET Q q 0 0 0 rg BT 461.32 563.25 Td (innovation, ) Tj ET Q q 0 0 0 rg BT 509.15 563.25 Td (state-of-the-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 551.25 Td (art ) Tj ET Q q 0 0 0 rg BT 66.98 551.25 Td (sporting ) Tj ET Q q 0 0 0 rg BT 102.18 551.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 155.13 551.25 Td (and ) Tj ET Q q 0 0 0 rg BT 172.00 551.25 Td (Italian ) Tj ET Q q 0 0 0 rg BT 199.97 551.25 Td (design ) Tj ET Q q 0 0 0 rg BT 228.51 551.25 Td (and ) Tj ET Q q 0 0 0 rg BT 245.37 551.25 Td (engineering ) Tj ET Q q 0 0 0 rg BT 295.00 551.25 Td (heritage. ) Tj ET Q q 0 0 0 rg BT 332.13 551.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 350.11 551.25 Td (name ) Tj ET Q q 0 0 0 rg BT 374.20 551.25 Td (and ) Tj ET Q q 0 0 0 rg BT 391.06 551.25 Td (history ) Tj ET Q q 0 0 0 rg BT 421.27 551.25 Td (and ) Tj ET Q q 0 0 0 rg BT 438.14 551.25 Td (the ) Tj ET Q q 0 0 0 rg BT 452.78 551.25 Td (image ) Tj ET Q q 0 0 0 rg BT 479.64 551.25 Td (enjoyed ) Tj ET Q q 0 0 0 rg BT 513.73 551.25 Td (by ) Tj ET Q q 0 0 0 rg BT 526.16 551.25 Td (our ) Tj ET Q q 0 0 0 rg BT 541.91 551.25 Td (cars ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 539.25 Td (are ) Tj ET Q q 0 0 0 rg BT 68.87 539.25 Td (closely ) Tj ET Q q 0 0 0 rg BT 99.86 539.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 143.62 539.25 Td (with ) Tj ET Q q 0 0 0 rg BT 164.06 539.25 Td (our ) Tj ET Q q 0 0 0 rg BT 180.05 539.25 Td (Formula ) Tj ET Q q 0 0 0 rg BT 216.60 539.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 224.27 539.25 Td (racing ) Tj ET Q q 0 0 0 rg BT 251.92 539.25 Td (team, ) Tj ET Q q 0 0 0 rg BT 276.51 539.25 Td (Scuderia ) Tj ET Q q 0 0 0 rg BT 314.16 539.25 Td (Ferrari, ) Tj ET Q q 0 0 0 rg BT 346.53 539.25 Td (the ) Tj ET Q q 0 0 0 rg BT 361.41 539.25 Td (most ) Tj ET Q q 0 0 0 rg BT 383.52 539.25 Td (successful ) Tj ET Q q 0 0 0 rg BT 427.29 539.25 Td (team ) Tj ET Q q 0 0 0 rg BT 449.38 539.25 Td (in ) Tj ET Q q 0 0 0 rg BT 459.83 539.25 Td (Formula ) Tj ET Q q 0 0 0 rg BT 496.38 539.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 504.04 539.25 Td (history) Tj ET Q q 0 0 0 rg BT 531.17 539.25 Td (. ) Tj ET Q q 0 0 0 rg BT 536.33 539.25 Td (From ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 527.25 Td (the ) Tj ET Q q 0 0 0 rg BT 69.09 527.25 Td (inaugural ) Tj ET Q q 0 0 0 rg BT 109.73 527.25 Td (year ) Tj ET Q q 0 0 0 rg BT 129.81 527.25 Td (of ) Tj ET Q q 0 0 0 rg BT 141.01 527.25 Td (Formula ) Tj ET Q q 0 0 0 rg BT 177.77 527.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 185.65 527.25 Td (in ) Tj ET Q q 0 0 0 rg BT 196.30 527.25 Td (1950 ) Tj ET Q q 0 0 0 rg BT 219.17 527.25 Td (through ) Tj ET Q q 0 0 0 rg BT 253.15 527.25 Td (the ) Tj ET Q q 0 0 0 rg BT 268.24 527.25 Td (present, ) Tj ET Q q 0 0 0 rg BT 302.49 527.25 Td (Scuderia ) Tj ET Q q 0 0 0 rg BT 340.35 527.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 370.43 527.25 Td (has ) Tj ET Q q 0 0 0 rg BT 386.64 527.25 Td (won ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.73 527.25 Td (224) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.73 527.25 Td ( ) Tj ET Q q 0 0 0 rg BT 424.61 527.25 Td (Grand ) Tj ET Q q 0 0 0 rg BT 452.47 527.25 Td (Prix ) Tj ET Q q 0 0 0 rg BT 472.01 527.25 Td (races, ) Tj ET Q q 0 0 0 rg BT 497.92 527.25 Td (16 ) Tj ET Q q 0 0 0 rg BT 510.80 527.25 Td (Constructor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 515.25 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 515.25 Td (orld ) Tj ET Q q 0 0 0 rg BT 82.11 515.25 Td (titles ) Tj ET Q q 0 0 0 rg BT 104.92 515.25 Td (and ) Tj ET Q q 0 0 0 rg BT 122.73 515.25 Td (15 ) Tj ET Q q 0 0 0 rg BT 136.09 515.25 Td (Drivers) Tj ET Q q 0 0 0 rg BT 168.67 515.25 Td ( ) Tj ET Q q 0 0 0 rg BT 171.80 515.25 Td (W) Tj ET Q q 0 0 0 rg BT 180.43 515.25 Td (orld ) Tj ET Q q 0 0 0 rg BT 199.91 515.25 Td (titles. ) Tj ET Q q 0 0 0 rg BT 224.98 515.25 Td (W) Tj ET Q q 0 0 0 rg BT 233.61 515.25 Td (e ) Tj ET Q q 0 0 0 rg BT 241.42 515.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 273.66 515.25 Td (our ) Tj ET Q q 0 0 0 rg BT 290.35 515.25 Td (history ) Tj ET Q q 0 0 0 rg BT 321.50 515.25 Td (of ) Tj ET Q q 0 0 0 rg BT 333.20 515.25 Td (excellence, ) Tj ET Q q 0 0 0 rg BT 381.25 515.25 Td (technological ) Tj ET Q q 0 0 0 rg BT 438.48 515.25 Td (innovation ) Tj ET Q q 0 0 0 rg BT 484.62 515.25 Td (and ) Tj ET Q q 0 0 0 rg BT 502.43 515.25 Td (defining ) Tj ET Q q 0 0 0 rg BT 539.12 515.25 Td (style ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 503.25 Td (transcends ) Tj ET Q q 0 0 0 rg BT 98.60 503.25 Td (the ) Tj ET Q q 0 0 0 rg BT 113.21 503.25 Td (automotive ) Tj ET Q q 0 0 0 rg BT 160.60 503.25 Td (industry) Tj ET Q q 0 0 0 rg BT 192.73 503.25 Td (, ) Tj ET Q q 0 0 0 rg BT 197.62 503.25 Td (and ) Tj ET Q q 0 0 0 rg BT 214.46 503.25 Td (is ) Tj ET Q q 0 0 0 rg BT 223.52 503.25 Td (the ) Tj ET Q q 0 0 0 rg BT 238.13 503.25 Td (foundation ) Tj ET Q q 0 0 0 rg BT 283.85 503.25 Td (of ) Tj ET Q q 0 0 0 rg BT 294.58 503.25 Td (the ) Tj ET Q q 0 0 0 rg BT 309.19 503.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 338.79 503.25 Td (brand ) Tj ET Q q 0 0 0 rg BT 363.96 503.25 Td (and ) Tj ET Q q 0 0 0 rg BT 380.79 503.25 Td (image. ) Tj ET Q q 0 0 0 rg BT 409.95 503.25 Td (W) Tj ET Q q 0 0 0 rg BT 418.58 503.25 Td (e ) Tj ET Q q 0 0 0 rg BT 425.42 503.25 Td (design, ) Tj ET Q q 0 0 0 rg BT 456.42 503.25 Td (engineer ) Tj ET Q q 0 0 0 rg BT 493.24 503.25 Td (and ) Tj ET Q q 0 0 0 rg BT 510.07 503.25 Td (produce ) Tj ET Q q 0 0 0 rg BT 544.67 503.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 491.25 Td (cars ) Tj ET Q q 0 0 0 rg BT 72.26 491.25 Td (in ) Tj ET Q q 0 0 0 rg BT 82.19 491.25 Td (Maranello, ) Tj ET Q q 0 0 0 rg BT 127.94 491.25 Td (Italy) Tj ET Q q 0 0 0 rg BT 145.62 491.25 Td (, ) Tj ET Q q 0 0 0 rg BT 150.28 491.25 Td (and ) Tj ET Q q 0 0 0 rg BT 166.87 491.25 Td (sell ) Tj ET Q q 0 0 0 rg BT 182.92 491.25 Td (them ) Tj ET Q q 0 0 0 rg BT 205.07 491.25 Td (in ) Tj ET Q q 0 0 0 rg BT 215.00 491.25 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.93 491.25 Td (60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.93 491.25 Td ( ) Tj ET Q q 0 0 0 rg BT 247.09 491.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 280.90 491.25 Td (worldwide ) Tj ET Q q 0 0 0 rg BT 325.82 491.25 Td (through ) Tj ET Q q 0 0 0 rg BT 359.09 491.25 Td (a ) Tj ET Q q 0 0 0 rg BT 365.69 491.25 Td (network ) Tj ET Q q 0 0 0 rg BT 400.61 491.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.10 491.25 Td (176) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.10 491.25 Td ( ) Tj ET Q q 0 0 0 rg BT 428.26 491.25 Td (authorized ) Tj ET Q q 0 0 0 rg BT 472.62 491.25 Td (dealers ) Tj ET Q q 0 0 0 rg BT 503.09 491.25 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.01 491.25 Td (198) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.01 491.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 479.25 Td (points ) Tj ET Q q 0 0 0 rg BT 80.95 479.25 Td (of ) Tj ET Q q 0 0 0 rg BT 91.78 479.25 Td (sale. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 455.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 455.25 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 455.25 Td (e ) Tj ET Q q 0 0 0 rg BT 105.12 455.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 136.04 455.25 Td (our ) Tj ET Q q 0 0 0 rg BT 151.42 455.25 Td (cars ) Tj ET Q q 0 0 0 rg BT 169.57 455.25 Td (are ) Tj ET Q q 0 0 0 rg BT 183.83 455.25 Td (the ) Tj ET Q q 0 0 0 rg BT 198.09 455.25 Td (epitome ) Tj ET Q q 0 0 0 rg BT 232.35 455.25 Td (of ) Tj ET Q q 0 0 0 rg BT 242.73 455.25 Td (performance, ) Tj ET Q q 0 0 0 rg BT 297.80 455.25 Td (luxury ) Tj ET Q q 0 0 0 rg BT 325.96 455.25 Td (and ) Tj ET Q q 0 0 0 rg BT 342.44 455.25 Td (styling. ) Tj ET Q q 0 0 0 rg BT 374.07 455.25 Td (W) Tj ET Q q 0 0 0 rg BT 382.71 455.25 Td (e ) Tj ET Q q 0 0 0 rg BT 389.20 455.25 Td (currently ) Tj ET Q q 0 0 0 rg BT 427.34 455.25 Td (sell ) Tj ET Q q 0 0 0 rg BT 443.27 455.25 Td (seven ) Tj ET Q q 0 0 0 rg BT 468.09 455.25 Td (models, ) Tj ET Q q 0 0 0 rg BT 501.52 455.25 Td (including ) Tj ET Q q 0 0 0 rg BT 541.35 455.25 Td (four ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 443.25 Td (sports ) Tj ET Q q 0 0 0 rg BT 79.22 443.25 Td (cars ) Tj ET Q q 0 0 0 rg BT 96.65 443.25 Td (\(488 ) Tj ET Q q 0 0 0 rg BT 116.32 443.25 Td (GTB, ) Tj ET Q q 0 0 0 rg BT 140.15 443.25 Td (488 ) Tj ET Q q 0 0 0 rg BT 156.48 443.25 Td (Spider) Tj ET Q q 0 0 0 rg BT 182.19 443.25 Td (, ) Tj ET Q q 0 0 0 rg BT 186.02 443.25 Td (F12berlinetta ) Tj ET Q q 0 0 0 rg BT 240.67 443.25 Td (and ) Tj ET Q q 0 0 0 rg BT 256.44 443.25 Td (our ) Tj ET Q q 0 0 0 rg BT 271.11 443.25 Td (special ) Tj ET Q q 0 0 0 rg BT 300.20 443.25 Td (series ) Tj ET Q q 0 0 0 rg BT 324.30 443.25 Td (F12 ) Tj ET Q q 0 0 0 rg BT 341.10 443.25 Td (T) Tj ET Q q 0 0 0 rg BT 346.51 443.25 Td (our ) Tj ET Q q 0 0 0 rg BT 361.17 443.25 Td (de ) Tj ET Q q 0 0 0 rg BT 371.94 443.25 Td (France, ) Tj ET Q q 0 0 0 rg BT 402.98 443.25 Td (or ) Tj ET Q q 0 0 0 rg BT 412.64 443.25 Td (F12tdf\) ) Tj ET Q q 0 0 0 rg BT 443.97 443.25 Td (andthree ) Tj ET Q q 0 0 0 rg BT 482.23 443.25 Td (GT) Tj ET Q q 0 0 0 rg BT 495.38 443.25 Td ( ) Tj ET Q q 0 0 0 rg BT 496.71 443.25 Td (cars ) Tj ET Q q 0 0 0 rg BT 514.14 443.25 Td (\(California ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 431.25 Td (T) Tj ET Q q 0 0 0 rg BT 59.37 431.25 Td (, ) Tj ET Q q 0 0 0 rg BT 64.94 431.25 Td (FF ) Tj ET Q q 0 0 0 rg BT 79.13 431.25 Td (and ) Tj ET Q q 0 0 0 rg BT 96.64 431.25 Td (our ) Tj ET Q q 0 0 0 rg BT 113.04 431.25 Td (new ) Tj ET Q q 0 0 0 rg BT 132.77 431.25 Td (GTC4Lusso\). ) Tj ET Q q 0 0 0 rg BT 190.35 431.25 Td (The ) Tj ET Q q 0 0 0 rg BT 208.96 431.25 Td (488 ) Tj ET Q q 0 0 0 rg BT 227.03 431.25 Td (GTB ) Tj ET Q q 0 0 0 rg BT 250.11 431.25 Td (and ) Tj ET Q q 0 0 0 rg BT 267.62 431.25 Td (the ) Tj ET Q q 0 0 0 rg BT 282.90 431.25 Td (488 ) Tj ET Q q 0 0 0 rg BT 300.98 431.25 Td (Spider ) Tj ET Q q 0 0 0 rg BT 330.15 431.25 Td (were ) Tj ET Q q 0 0 0 rg BT 352.65 431.25 Td (launched ) Tj ET Q q 0 0 0 rg BT 391.82 431.25 Td (in ) Tj ET Q q 0 0 0 rg BT 402.67 431.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 425.74 431.25 Td (to ) Tj ET Q q 0 0 0 rg BT 436.59 431.25 Td (replace ) Tj ET Q q 0 0 0 rg BT 468.52 431.25 Td (the ) Tj ET Q q 0 0 0 rg BT 483.81 431.25 Td (458 ) Tj ET Q q 0 0 0 rg BT 501.88 431.25 Td (Italia ) Tj ET Q q 0 0 0 rg BT 525.50 431.25 Td (and ) Tj ET Q q 0 0 0 rg BT 543.01 431.25 Td (458 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 419.25 Td (Spider) Tj ET Q q 0 0 0 rg BT 79.71 419.25 Td (, ) Tj ET Q q 0 0 0 rg BT 84.89 419.25 Td (which ) Tj ET Q q 0 0 0 rg BT 112.01 419.25 Td (we ) Tj ET Q q 0 0 0 rg BT 126.35 419.25 Td (produced ) Tj ET Q q 0 0 0 rg BT 166.23 419.25 Td (and ) Tj ET Q q 0 0 0 rg BT 183.35 419.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 202.70 419.25 Td (in ) Tj ET Q q 0 0 0 rg BT 213.16 419.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 235.84 419.25 Td (but ) Tj ET Q q 0 0 0 rg BT 251.30 419.25 Td (are ) Tj ET Q q 0 0 0 rg BT 266.18 419.25 Td (now ) Tj ET Q q 0 0 0 rg BT 286.08 419.25 Td (discontinued. ) Tj ET Q q 0 0 0 rg BT 342.17 419.25 Td (The ) Tj ET Q q 0 0 0 rg BT 360.40 419.25 Td (F12tdf, ) Tj ET Q q 0 0 0 rg BT 392.25 419.25 Td (launched ) Tj ET Q q 0 0 0 rg BT 431.02 419.25 Td (in ) Tj ET Q q 0 0 0 rg BT 441.48 419.25 Td (November ) Tj ET Q q 0 0 0 rg BT 486.37 419.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 511.55 419.25 Td (is ) Tj ET Q q 0 0 0 rg BT 520.90 419.25 Td (our ) Tj ET Q q 0 0 0 rg BT 536.91 419.25 Td (latest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 407.25 Td (special ) Tj ET Q q 0 0 0 rg BT 84.02 407.25 Td (series ) Tj ET Q q 0 0 0 rg BT 109.05 407.25 Td (and ) Tj ET Q q 0 0 0 rg BT 125.74 407.25 Td (follows ) Tj ET Q q 0 0 0 rg BT 158.00 407.25 Td (the ) Tj ET Q q 0 0 0 rg BT 172.47 407.25 Td (458 ) Tj ET Q q 0 0 0 rg BT 189.73 407.25 Td (Speciale ) Tj ET Q q 0 0 0 rg BT 225.86 407.25 Td (and ) Tj ET Q q 0 0 0 rg BT 242.56 407.25 Td (458 ) Tj ET Q q 0 0 0 rg BT 259.81 407.25 Td (Speciale ) Tj ET Q q 0 0 0 rg BT 295.44 407.25 Td (A, ) Tj ET Q q 0 0 0 rg BT 307.42 407.25 Td (which ) Tj ET Q q 0 0 0 rg BT 334.12 407.25 Td (we ) Tj ET Q q 0 0 0 rg BT 348.04 407.25 Td (produced ) Tj ET Q q 0 0 0 rg BT 387.50 407.25 Td (and ) Tj ET Q q 0 0 0 rg BT 404.20 407.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 423.12 407.25 Td (in ) Tj ET Q q 0 0 0 rg BT 433.16 407.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 455.42 407.25 Td (but ) Tj ET Q q 0 0 0 rg BT 470.45 407.25 Td (are ) Tj ET Q q 0 0 0 rg BT 484.92 407.25 Td (now ) Tj ET Q q 0 0 0 rg BT 504.40 407.25 Td (discontinued. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 395.25 Td (In ) Tj ET Q q 0 0 0 rg BT 64.82 395.25 Td (February ) Tj ET Q q 0 0 0 rg BT 103.40 395.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 128.38 395.25 Td (we ) Tj ET Q q 0 0 0 rg BT 142.53 395.25 Td (unveiled ) Tj ET Q q 0 0 0 rg BT 179.45 395.25 Td (the ) Tj ET Q q 0 0 0 rg BT 194.15 395.25 Td (new ) Tj ET Q q 0 0 0 rg BT 213.30 395.25 Td (GTC4Lusso, ) Tj ET Q q 0 0 0 rg BT 267.17 395.25 Td (our ) Tj ET Q q 0 0 0 rg BT 282.99 395.25 Td (latest ) Tj ET Q q 0 0 0 rg BT 306.58 395.25 Td (GT) Tj ET Q q 0 0 0 rg BT 319.73 395.25 Td ( ) Tj ET Q q 0 0 0 rg BT 322.21 395.25 Td (car) Tj ET Q q 0 0 0 rg BT 334.02 395.25 Td (, ) Tj ET Q q 0 0 0 rg BT 339.00 395.25 Td (which ) Tj ET Q q 0 0 0 rg BT 365.93 395.25 Td (will ) Tj ET Q q 0 0 0 rg BT 383.97 395.25 Td (replace ) Tj ET Q q 0 0 0 rg BT 415.32 395.25 Td (the ) Tj ET Q q 0 0 0 rg BT 430.02 395.25 Td (FF) Tj ET Q q 0 0 0 rg BT 440.34 395.25 Td (, ) Tj ET Q q 0 0 0 rg BT 445.33 395.25 Td (with ) Tj ET Q q 0 0 0 rg BT 465.59 395.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 487.52 395.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 525.53 395.25 Td (to ) Tj ET Q q 0 0 0 rg BT 535.80 395.25 Td (begin ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 383.25 Td (in ) Tj ET Q q 0 0 0 rg BT 63.28 383.25 Td (the ) Tj ET Q q 0 0 0 rg BT 77.00 383.25 Td (second ) Tj ET Q q 0 0 0 rg BT 106.27 383.25 Td (semester ) Tj ET Q q 0 0 0 rg BT 142.75 383.25 Td (of ) Tj ET Q q 0 0 0 rg BT 152.59 383.25 Td (2016. ) Tj ET Q q 0 0 0 rg BT 176.48 383.25 Td (W) Tj ET Q q 0 0 0 rg BT 185.12 383.25 Td (e ) Tj ET Q q 0 0 0 rg BT 191.06 383.25 Td (also ) Tj ET Q q 0 0 0 rg BT 208.67 383.25 Td (produce ) Tj ET Q q 0 0 0 rg BT 242.38 383.25 Td (a ) Tj ET Q q 0 0 0 rg BT 248.32 383.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 278.15 383.25 Td (edition ) Tj ET Q q 0 0 0 rg BT 307.42 383.25 Td (supercar) Tj ET Q q 0 0 0 rg BT 340.89 383.25 Td (, ) Tj ET Q q 0 0 0 rg BT 344.89 383.25 Td (LaFerrari, ) Tj ET Q q 0 0 0 rg BT 386.65 383.25 Td (and ) Tj ET Q q 0 0 0 rg BT 402.59 383.25 Td (very ) Tj ET Q q 0 0 0 rg BT 421.86 383.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 451.69 383.25 Td (editions ) Tj ET Q q 0 0 0 rg BT 484.85 383.25 Td (series ) Tj ET Q q 0 0 0 rg BT 509.12 383.25 Td (\() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 512.45 383.25 Td (Fuoriserie) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.67 383.25 Td (\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 371.25 Td (and ) Tj ET Q q 0 0 0 rg BT 70.94 371.25 Td (one-of) Tj ET Q q 0 0 0 rg BT 96.86 371.25 Td (f ) Tj ET Q q 0 0 0 rg BT 102.69 371.25 Td (cars.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 347.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 347.25 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.83 347.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.83 347.25 Td (, we shipped ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.60 347.25 Td (7,664) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.10 347.25 Td ( cars, and recorded net revenues of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.70 347.25 Td (2,854 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.59 347.25 Td (, net profit of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.85 347.25 Td (290 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.24 347.25 Td (, adjusted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 335.25 Td (earnings before interest, taxes, depreciation, and amortization \(Adjusted EBITDA\) of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.05 335.25 Td (748 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.44 335.25 Td ( and earnings before ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 323.25 Td (interest and taxes \(EBIT\) of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.13 323.25 Td (444 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.52 323.25 Td (. For additional information regarding ) Tj ET Q q 0 0 0 rg BT 373.38 323.25 Td (Adjusted EBITDA, which is a non-GAAP) Tj ET Q q 0 0 0 rg BT 541.88 323.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 311.25 Td (measure, including a reconciliation of ) Tj ET Q q 0 0 0 rg BT 207.28 311.25 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 282.00 311.25 Td ( to net profit, see ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 356.42 311.25 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 410.67 311.25 Td ( Financial Measur) Tj ET Q q 0 0 0 rg BT 484.74 311.25 Td (esEBITDA) Tj ET Q q 0 0 0 rg BT 536.22 311.25 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 299.25 Td (Adjusted EBITDA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.93 299.25 Td ( below) Tj ET Q q 0 0 0 rg BT 156.66 299.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 275.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 275.25 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 275.25 Td (e ) Tj ET Q q 0 0 0 rg BT 106.74 275.25 Td (pursue ) Tj ET Q q 0 0 0 rg BT 137.06 275.25 Td (a ) Tj ET Q q 0 0 0 rg BT 145.17 275.25 Td (low ) Tj ET Q q 0 0 0 rg BT 163.83 275.25 Td (volume ) Tj ET Q q 0 0 0 rg BT 197.49 275.25 Td (production ) Tj ET Q q 0 0 0 rg BT 244.48 275.25 Td (strategy ) Tj ET Q q 0 0 0 rg BT 279.80 275.25 Td (in ) Tj ET Q q 0 0 0 rg BT 291.24 275.25 Td (order ) Tj ET Q q 0 0 0 rg BT 316.00 275.25 Td (to ) Tj ET Q q 0 0 0 rg BT 327.44 275.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 366.10 275.25 Td (a ) Tj ET Q q 0 0 0 rg BT 374.20 275.25 Td (reputation ) Tj ET Q q 0 0 0 rg BT 418.40 275.25 Td (of ) Tj ET Q q 0 0 0 rg BT 430.40 275.25 Td (exclusivity ) Tj ET Q q 0 0 0 rg BT 477.94 275.25 Td (and ) Tj ET Q q 0 0 0 rg BT 496.04 275.25 Td (scarcity ) Tj ET Q q 0 0 0 rg BT 530.80 275.25 Td (among ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 263.25 Td (purchasers ) Tj ET Q q 0 0 0 rg BT 99.42 263.25 Td (of ) Tj ET Q q 0 0 0 rg BT 110.41 263.25 Td (our ) Tj ET Q q 0 0 0 rg BT 126.41 263.25 Td (cars ) Tj ET Q q 0 0 0 rg BT 145.17 263.25 Td (and ) Tj ET Q q 0 0 0 rg BT 162.27 263.25 Td (deliberately ) Tj ET Q q 0 0 0 rg BT 212.13 263.25 Td (monitor ) Tj ET Q q 0 0 0 rg BT 246.46 263.25 Td (and ) Tj ET Q q 0 0 0 rg BT 263.56 263.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 301.21 263.25 Td (our ) Tj ET Q q 0 0 0 rg BT 317.20 263.25 Td (production ) Tj ET Q q 0 0 0 rg BT 363.19 263.25 Td (volumes ) Tj ET Q q 0 0 0 rg BT 399.74 263.25 Td (and ) Tj ET Q q 0 0 0 rg BT 416.84 263.25 Td (delivery ) Tj ET Q q 0 0 0 rg BT 452.27 263.25 Td (wait-times ) Tj ET Q q 0 0 0 rg BT 497.14 263.25 Td (to ) Tj ET Q q 0 0 0 rg BT 507.58 263.25 Td (promote ) Tj ET Q q 0 0 0 rg BT 543.57 263.25 Td (this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 251.25 Td (reputation. ) Tj ET Q q 0 0 0 rg BT 99.29 251.25 Td (W) Tj ET Q q 0 0 0 rg BT 107.93 251.25 Td (e ) Tj ET Q q 0 0 0 rg BT 114.79 251.25 Td (divide ) Tj ET Q q 0 0 0 rg BT 142.21 251.25 Td (our ) Tj ET Q q 0 0 0 rg BT 157.97 251.25 Td (regional ) Tj ET Q q 0 0 0 rg BT 193.15 251.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 227.23 251.25 Td (into ) Tj ET Q q 0 0 0 rg BT 245.21 251.25 Td (EMEA, ) Tj ET Q q 0 0 0 rg BT 277.93 251.25 Td (Americas, ) Tj ET Q q 0 0 0 rg BT 321.17 251.25 Td (Greater ) Tj ET Q q 0 0 0 rg BT 353.57 251.25 Td (China ) Tj ET Q q 0 0 0 rg BT 379.88 251.25 Td (and ) Tj ET Q q 0 0 0 rg BT 396.75 251.25 Td (Rest ) Tj ET Q q 0 0 0 rg BT 416.95 251.25 Td (of ) Tj ET Q q 0 0 0 rg BT 427.17 251.25 Td (AP) Tj ET Q q 0 0 0 rg BT 439.03 251.25 Td (AC, ) Tj ET Q q 0 0 0 rg BT 457.85 251.25 Td (representing ) Tj ET Q q 0 0 0 rg BT 509.70 251.25 Td (respectively ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 239.25 Td (44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 239.25 Td ( ) Tj ET Q q 0 0 0 rg BT 66.50 239.25 Td (percent, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.92 239.25 Td (34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.92 239.25 Td ( ) Tj ET Q q 0 0 0 rg BT 113.42 239.25 Td (percent, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.85 239.25 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.85 239.25 Td ( ) Tj ET Q q 0 0 0 rg BT 155.35 239.25 Td (percent ) Tj ET Q q 0 0 0 rg BT 187.27 239.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.21 239.25 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.21 239.25 Td ( ) Tj ET Q q 0 0 0 rg BT 216.71 239.25 Td (percent ) Tj ET Q q 0 0 0 rg BT 248.63 239.25 Td (of ) Tj ET Q q 0 0 0 rg BT 259.46 239.25 Td (units ) Tj ET Q q 0 0 0 rg BT 281.41 239.25 Td (shipped ) Tj ET Q q 0 0 0 rg BT 315.02 239.25 Td (in ) Tj ET Q q 0 0 0 rg BT 325.30 239.25 Td (2015. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 215.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 215.25 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 215.25 Td (e ) Tj ET Q q 0 0 0 rg BT 105.96 215.25 Td (license ) Tj ET Q q 0 0 0 rg BT 136.60 215.25 Td (the ) Tj ET Q q 0 0 0 rg BT 151.70 215.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 181.78 215.25 Td (brand ) Tj ET Q q 0 0 0 rg BT 207.43 215.25 Td (to ) Tj ET Q q 0 0 0 rg BT 218.09 215.25 Td (a ) Tj ET Q q 0 0 0 rg BT 225.41 215.25 Td (select ) Tj ET Q q 0 0 0 rg BT 251.05 215.25 Td (number ) Tj ET Q q 0 0 0 rg BT 284.48 215.25 Td (of ) Tj ET Q q 0 0 0 rg BT 295.69 215.25 Td (producers ) Tj ET Q q 0 0 0 rg BT 338.00 215.25 Td (and ) Tj ET Q q 0 0 0 rg BT 355.32 215.25 Td (retailers ) Tj ET Q q 0 0 0 rg BT 390.40 215.25 Td (of ) Tj ET Q q 0 0 0 rg BT 401.61 215.25 Td (luxury ) Tj ET Q q 0 0 0 rg BT 430.60 215.25 Td (and ) Tj ET Q q 0 0 0 rg BT 447.91 215.25 Td (lifestyle ) Tj ET Q q 0 0 0 rg BT 483.01 215.25 Td (goods, ) Tj ET Q q 0 0 0 rg BT 512.28 215.25 Td (and ) Tj ET Q q 0 0 0 rg BT 529.60 215.25 Td (we ) Tj ET Q q 0 0 0 rg BT 544.14 215.25 Td (sell ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 203.25 Td (Ferrari-branded ) Tj ET Q q 0 0 0 rg BT 118.96 203.25 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 171.71 203.25 Td (through ) Tj ET Q q 0 0 0 rg BT 205.04 203.25 Td (a ) Tj ET Q q 0 0 0 rg BT 211.70 203.25 Td (network ) Tj ET Q q 0 0 0 rg BT 246.69 203.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.24 203.25 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.24 203.25 Td ( ) Tj ET Q q 0 0 0 rg BT 269.46 203.25 Td (franchised ) Tj ET Q q 0 0 0 rg BT 313.32 203.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.98 203.25 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.98 203.25 Td ( ) Tj ET Q q 0 0 0 rg BT 342.20 203.25 Td (owned ) Tj ET Q q 0 0 0 rg BT 371.08 203.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 400.50 203.25 Td (stores ) Tj ET Q q 0 0 0 rg BT 426.05 203.25 Td (and ) Tj ET Q q 0 0 0 rg BT 442.71 203.25 Td (on ) Tj ET Q q 0 0 0 rg BT 454.93 203.25 Td (our ) Tj ET Q q 0 0 0 rg BT 470.48 203.25 Td (website. ) Tj ET Q q 0 0 0 rg BT 505.26 203.25 Td (As ) Tj ET Q q 0 0 0 rg BT 518.59 203.25 Td (one ) Tj ET Q q 0 0 0 rg BT 535.25 203.25 Td (of ) Tj ET Q q 0 0 0 rg BT 545.80 203.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 191.25 Td (world) Tj ET Q q 0 0 0 rg BT 80.11 191.25 Td (s ) Tj ET Q q 0 0 0 rg BT 86.72 191.25 Td (most ) Tj ET Q q 0 0 0 rg BT 108.88 191.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 155.46 191.25 Td (premium ) Tj ET Q q 0 0 0 rg BT 194.28 191.25 Td (luxury ) Tj ET Q q 0 0 0 rg BT 223.10 191.25 Td (brands, ) Tj ET Q q 0 0 0 rg BT 254.98 191.25 Td (we ) Tj ET Q q 0 0 0 rg BT 269.36 191.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 300.95 191.25 Td (we ) Tj ET Q q 0 0 0 rg BT 315.32 191.25 Td (are ) Tj ET Q q 0 0 0 rg BT 330.25 191.25 Td (well ) Tj ET Q q 0 0 0 rg BT 350.18 191.25 Td (positioned ) Tj ET Q q 0 0 0 rg BT 394.56 191.25 Td (to ) Tj ET Q q 0 0 0 rg BT 405.05 191.25 Td (selectively ) Tj ET Q q 0 0 0 rg BT 450.53 191.25 Td (expand ) Tj ET Q q 0 0 0 rg BT 482.12 191.25 Td (the ) Tj ET Q q 0 0 0 rg BT 497.06 191.25 Td (presence ) Tj ET Q q 0 0 0 rg BT 534.75 191.25 Td (of ) Tj ET Q q 0 0 0 rg BT 545.79 191.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 179.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 82.88 179.25 Td (brand ) Tj ET Q q 0 0 0 rg BT 107.33 179.25 Td (in ) Tj ET Q q 0 0 0 rg BT 116.78 179.25 Td (attractive ) Tj ET Q q 0 0 0 rg BT 155.65 179.25 Td (and ) Tj ET Q q 0 0 0 rg BT 171.76 179.25 Td (growing ) Tj ET Q q 0 0 0 rg BT 206.77 179.25 Td (lifestyle ) Tj ET Q q 0 0 0 rg BT 240.66 179.25 Td (categories ) Tj ET Q q 0 0 0 rg BT 282.86 179.25 Td (consistent ) Tj ET Q q 0 0 0 rg BT 324.53 179.25 Td (with ) Tj ET Q q 0 0 0 rg BT 343.99 179.25 Td (our ) Tj ET Q q 0 0 0 rg BT 358.99 179.25 Td (image, ) Tj ET Q q 0 0 0 rg BT 387.60 179.25 Td (including ) Tj ET Q q 0 0 0 rg BT 427.05 179.25 Td (sportswear) Tj ET Q q 0 0 0 rg BT 469.97 179.25 Td (, ) Tj ET Q q 0 0 0 rg BT 474.14 179.25 Td (watches, ) Tj ET Q q 0 0 0 rg BT 510.52 179.25 Td (accessories, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 167.25 Td (consumer ) Tj ET Q q 0 0 0 rg BT 95.98 167.25 Td (electronics ) Tj ET Q q 0 0 0 rg BT 142.39 167.25 Td (and ) Tj ET Q q 0 0 0 rg BT 159.94 167.25 Td (theme ) Tj ET Q q 0 0 0 rg BT 187.47 167.25 Td (parks ) Tj ET Q q 0 0 0 rg BT 212.23 167.25 Td (which ) Tj ET Q q 0 0 0 rg BT 239.78 167.25 Td (we ) Tj ET Q q 0 0 0 rg BT 254.54 167.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 286.51 167.25 Td (enhance ) Tj ET Q q 0 0 0 rg BT 322.37 167.25 Td (the ) Tj ET Q q 0 0 0 rg BT 337.69 167.25 Td (brand ) Tj ET Q q 0 0 0 rg BT 363.56 167.25 Td (experience ) Tj ET Q q 0 0 0 rg BT 409.97 167.25 Td (of ) Tj ET Q q 0 0 0 rg BT 421.40 167.25 Td (our ) Tj ET Q q 0 0 0 rg BT 437.83 167.25 Td (loyal ) Tj ET Q q 0 0 0 rg BT 460.93 167.25 Td (following ) Tj ET Q q 0 0 0 rg BT 502.92 167.25 Td (of ) Tj ET Q q 0 0 0 rg BT 514.35 167.25 Td (clients ) Tj ET Q q 0 0 0 rg BT 543.56 167.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 155.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 83.71 155.25 Td (enthusiasts.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 131.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 131.25 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 131.25 Td (e ) Tj ET Q q 0 0 0 rg BT 104.77 131.25 Td (focus ) Tj ET Q q 0 0 0 rg BT 128.13 131.25 Td (our ) Tj ET Q q 0 0 0 rg BT 143.15 131.25 Td (marketing ) Tj ET Q q 0 0 0 rg BT 185.39 131.25 Td (and ) Tj ET Q q 0 0 0 rg BT 201.53 131.25 Td (promotion ) Tj ET Q q 0 0 0 rg BT 244.89 131.25 Td (ef) Tj ET Q q 0 0 0 rg BT 252.47 131.25 Td (forts ) Tj ET Q q 0 0 0 rg BT 272.50 131.25 Td (in ) Tj ET Q q 0 0 0 rg BT 281.97 131.25 Td (the ) Tj ET Q q 0 0 0 rg BT 295.89 131.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 345.36 131.25 Td (we ) Tj ET Q q 0 0 0 rg BT 358.71 131.25 Td (make ) Tj ET Q q 0 0 0 rg BT 382.06 131.25 Td (in ) Tj ET Q q 0 0 0 rg BT 391.54 131.25 Td (our ) Tj ET Q q 0 0 0 rg BT 406.56 131.25 Td (racing ) Tj ET Q q 0 0 0 rg BT 433.24 131.25 Td (activities, ) Tj ET Q q 0 0 0 rg BT 473.54 131.25 Td (in ) Tj ET Q q 0 0 0 rg BT 483.01 131.25 Td (particular ) Tj ET Q q 0 0 0 rg BT 523.02 131.25 Td (Scuderia ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 119.25 Td (Ferrari) Tj ET Q q 0 0 0 rg BT 83.99 119.25 Td (s ) Tj ET Q q 0 0 0 rg BT 89.74 119.25 Td (participation ) Tj ET Q q 0 0 0 rg BT 142.14 119.25 Td (in ) Tj ET Q q 0 0 0 rg BT 151.78 119.25 Td (the ) Tj ET Q q 0 0 0 rg BT 165.86 119.25 Td (Formula ) Tj ET Q q 0 0 0 rg BT 201.61 119.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 208.34 119.25 Td (W) Tj ET Q q 0 0 0 rg BT 216.98 119.25 Td (orld ) Tj ET Q q 0 0 0 rg BT 234.95 119.25 Td (Championship, ) Tj ET Q q 0 0 0 rg BT 297.64 119.25 Td (which ) Tj ET Q q 0 0 0 rg BT 323.95 119.25 Td (is ) Tj ET Q q 0 0 0 rg BT 332.48 119.25 Td (one ) Tj ET Q q 0 0 0 rg BT 348.78 119.25 Td (of ) Tj ET Q q 0 0 0 rg BT 358.97 119.25 Td (the ) Tj ET Q q 0 0 0 rg BT 373.05 119.25 Td (most ) Tj ET Q q 0 0 0 rg BT 394.36 119.25 Td (watched ) Tj ET Q q 0 0 0 rg BT 429.54 119.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 458.06 119.25 Td (sports ) Tj ET Q q 0 0 0 rg BT 483.81 119.25 Td (series ) Tj ET Q q 0 0 0 rg BT 508.45 119.25 Td (in ) Tj ET Q q 0 0 0 rg BT 518.09 119.25 Td (the ) Tj ET Q q 0 0 0 rg BT 532.17 119.25 Td (world, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 107.25 Td (with ) Tj ET Q q 0 0 0 rg BT 74.48 107.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.95 107.25 Td (420) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.95 107.25 Td ( ) Tj ET Q q 0 0 0 rg BT 152.65 107.25 Td (million ) Tj ET Q q 0 0 0 rg BT 184.25 107.25 Td (television ) Tj ET Q q 0 0 0 rg BT 225.83 107.25 Td (viewers ) Tj ET Q q 0 0 0 rg BT 259.63 107.25 Td (annually) Tj ET Q q 0 0 0 rg BT 293.42 107.25 Td (. ) Tj ET Q q 0 0 0 rg BT 298.02 107.25 Td (Although ) Tj ET Q q 0 0 0 rg BT 338.51 107.25 Td (our ) Tj ET Q q 0 0 0 rg BT 354.54 107.25 Td (most ) Tj ET Q q 0 0 0 rg BT 376.69 107.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 403.82 107.25 Td (Formula ) Tj ET Q q 0 0 0 rg BT 440.41 107.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 448.12 107.25 Td (world ) Tj ET Q q 0 0 0 rg BT 474.15 107.25 Td (title ) Tj ET Q q 0 0 0 rg BT 492.41 107.25 Td (was ) Tj ET Q q 0 0 0 rg BT 510.66 107.25 Td (in ) Tj ET Q q 0 0 0 rg BT 521.15 107.25 Td (2008, ) Tj ET Q q 0 0 0 rg BT 546.35 107.25 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 95.25 Td (are ) Tj ET Q q 0 0 0 rg BT 69.23 95.25 Td (enhancing ) Tj ET Q q 0 0 0 rg BT 113.35 95.25 Td (our ) Tj ET Q q 0 0 0 rg BT 129.71 95.25 Td (focus ) Tj ET Q q 0 0 0 rg BT 154.39 95.25 Td (on ) Tj ET Q q 0 0 0 rg BT 167.42 95.25 Td (Formula ) Tj ET Q q 0 0 0 rg BT 204.33 95.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 212.35 95.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 251.48 95.25 Td (with ) Tj ET Q q 0 0 0 rg BT 272.28 95.25 Td (the ) Tj ET Q q 0 0 0 rg BT 287.52 95.25 Td (goal ) Tj ET Q q 0 0 0 rg BT 307.76 95.25 Td (of ) Tj ET Q q 0 0 0 rg BT 319.12 95.25 Td (improving ) Tj ET Q q 0 0 0 rg BT 363.81 95.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 391.26 95.25 Td (racing ) Tj ET Q q 0 0 0 rg BT 419.27 95.25 Td (results ) Tj ET Q q 0 0 0 rg BT 448.40 95.25 Td (and ) Tj ET Q q 0 0 0 rg BT 465.86 95.25 Td (restoring ) Tj ET Q q 0 0 0 rg BT 504.43 95.25 Td (our ) Tj ET Q q 0 0 0 rg BT 520.79 95.25 Td (historical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 83.25 Td (position ) Tj ET Q q 0 0 0 rg BT 89.31 83.25 Td (as ) Tj ET Q q 0 0 0 rg BT 100.71 83.25 Td (the ) Tj ET Q q 0 0 0 rg BT 116.01 83.25 Td (premier ) Tj ET Q q 0 0 0 rg BT 150.18 83.25 Td (racing ) Tj ET Q q 0 0 0 rg BT 178.25 83.25 Td (team ) Tj ET Q q 0 0 0 rg BT 200.76 83.25 Td (in ) Tj ET Q q 0 0 0 rg BT 211.61 83.25 Td (Formula ) Tj ET Q q 0 0 0 rg BT 248.58 83.25 Td (1. ) Tj ET Q q 0 0 0 rg BT 258.94 83.25 Td (W) Tj ET Q q 0 0 0 rg BT 267.57 83.25 Td (e ) Tj ET Q q 0 0 0 rg BT 275.09 83.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 307.04 83.25 Td (that ) Tj ET Q q 0 0 0 rg BT 325.12 83.25 Td (these ) Tj ET Q q 0 0 0 rg BT 348.74 83.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 387.92 83.25 Td (support ) Tj ET Q q 0 0 0 rg BT 421.00 83.25 Td (the ) Tj ET Q q 0 0 0 rg BT 436.29 83.25 Td (strength ) Tj ET Q q 0 0 0 rg BT 471.59 83.25 Td (and ) Tj ET Q q 0 0 0 rg BT 489.10 83.25 Td (awareness ) Tj ET Q q 0 0 0 rg BT 533.27 83.25 Td (of ) Tj ET Q q 0 0 0 rg BT 544.68 83.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 71.25 Td (brand ) Tj ET Q q 0 0 0 rg BT 79.27 71.25 Td (among ) Tj ET Q q 0 0 0 rg BT 108.99 71.25 Td (motor ) Tj ET Q q 0 0 0 rg BT 135.37 71.25 Td (enthusiasts, ) Tj ET Q q 0 0 0 rg BT 184.26 71.25 Td (clients ) Tj ET Q q 0 0 0 rg BT 212.86 71.25 Td (and ) Tj ET Q q 0 0 0 rg BT 229.80 71.25 Td (the ) Tj ET Q q 0 0 0 rg BT 244.52 71.25 Td (general ) Tj ET Q q 0 0 0 rg BT 276.44 71.25 Td (public. ) Tj ET Q endstream endobj 127 0 obj <> endobj 128 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 731.10 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 731.10 Td (e ) Tj ET Q q 0 0 0 rg BT 104.76 731.10 Td (will ) Tj ET Q q 0 0 0 rg BT 121.99 731.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 158.11 731.10 Td (focusing ) Tj ET Q q 0 0 0 rg BT 194.22 731.10 Td (our ) Tj ET Q q 0 0 0 rg BT 209.23 731.10 Td (ef) Tj ET Q q 0 0 0 rg BT 216.82 731.10 Td (forts ) Tj ET Q q 0 0 0 rg BT 236.83 731.10 Td (on ) Tj ET Q q 0 0 0 rg BT 248.51 731.10 Td (protecting ) Tj ET Q q 0 0 0 rg BT 290.73 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 306.85 731.10 Td (enhancing ) Tj ET Q q 0 0 0 rg BT 349.62 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 363.52 731.10 Td (value ) Tj ET Q q 0 0 0 rg BT 386.86 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 396.87 731.10 Td (our ) Tj ET Q q 0 0 0 rg BT 411.88 731.10 Td (brand ) Tj ET Q q 0 0 0 rg BT 436.32 731.10 Td (to ) Tj ET Q q 0 0 0 rg BT 445.78 731.10 Td (preserve ) Tj ET Q q 0 0 0 rg BT 481.33 731.10 Td (our ) Tj ET Q q 0 0 0 rg BT 496.34 731.10 Td (strong ) Tj ET Q q 0 0 0 rg BT 523.02 731.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (profile ) Tj ET Q q 0 0 0 rg BT 83.16 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 100.11 719.10 Td (participate ) Tj ET Q q 0 0 0 rg BT 144.82 719.10 Td (in ) Tj ET Q q 0 0 0 rg BT 155.10 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 169.83 719.10 Td (premium ) Tj ET Q q 0 0 0 rg BT 208.44 719.10 Td (luxury ) Tj ET Q q 0 0 0 rg BT 237.06 719.10 Td (market ) Tj ET Q q 0 0 0 rg BT 267.33 719.10 Td (growth. ) Tj ET Q q 0 0 0 rg BT 300.49 719.10 Td (W) Tj ET Q q 0 0 0 rg BT 309.13 719.10 Td (e ) Tj ET Q q 0 0 0 rg BT 316.07 719.10 Td (intend ) Tj ET Q q 0 0 0 rg BT 343.58 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 353.87 719.10 Td (selectively ) Tj ET Q q 0 0 0 rg BT 399.13 719.10 Td (pursue ) Tj ET Q q 0 0 0 rg BT 428.30 719.10 Td (controlled ) Tj ET Q q 0 0 0 rg BT 471.35 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 488.30 719.10 Td (profitable ) Tj ET Q q 0 0 0 rg BT 529.68 719.10 Td (growth ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.10 Td (in ) Tj ET Q q 0 0 0 rg BT 64.28 707.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 98.44 707.10 Td (and ) Tj ET Q q 0 0 0 rg BT 115.38 707.10 Td (emer) Tj ET Q q 0 0 0 rg BT 135.19 707.10 Td (ging ) Tj ET Q q 0 0 0 rg BT 155.46 707.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 189.62 707.10 Td (while ) Tj ET Q q 0 0 0 rg BT 214.34 707.10 Td (expanding ) Tj ET Q q 0 0 0 rg BT 258.49 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 273.21 707.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 302.92 707.10 Td (brand ) Tj ET Q q 0 0 0 rg BT 328.18 707.10 Td (to ) Tj ET Q q 0 0 0 rg BT 338.46 707.10 Td (carefully ) Tj ET Q q 0 0 0 rg BT 376.50 707.10 Td (selected ) Tj ET Q q 0 0 0 rg BT 411.20 707.10 Td (lifestyle ) Tj ET Q q 0 0 0 rg BT 445.91 707.10 Td (categories.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 683.10 Td (T) Tj ET Q q 0 0 0 rg BT 59.93 683.10 Td (r) Tj ET Q q 0 0 0 rg BT 64.19 683.10 Td (ends, Uncertainties and Opportunities ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 659.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 90.00 659.10 Td (Shipments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.35 659.10 Td (. ) Tj ET Q q 0 0 0 rg BT 138.75 659.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 157.19 659.10 Td (results ) Tj ET Q q 0 0 0 rg BT 186.20 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 197.42 659.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 241.97 659.10 Td (depend ) Tj ET Q q 0 0 0 rg BT 273.75 659.10 Td (on ) Tj ET Q q 0 0 0 rg BT 286.64 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 301.75 659.10 Td (achievement ) Tj ET Q q 0 0 0 rg BT 355.18 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 366.40 659.10 Td (shipment ) Tj ET Q q 0 0 0 rg BT 405.96 659.10 Td (tar) Tj ET Q q 0 0 0 rg BT 416.33 659.10 Td (gets ) Tj ET Q q 0 0 0 rg BT 435.33 659.10 Td (established ) Tj ET Q q 0 0 0 rg BT 482.66 659.10 Td (in ) Tj ET Q q 0 0 0 rg BT 493.33 659.10 Td (our ) Tj ET Q q 0 0 0 rg BT 509.56 659.10 Td (budgets ) Tj ET Q q 0 0 0 rg BT 543.56 659.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 647.10 Td (business ) Tj ET Q q 0 0 0 rg BT 89.98 647.10 Td (plans. ) Tj ET Q q 0 0 0 rg BT 115.68 647.10 Td (One ) Tj ET Q q 0 0 0 rg BT 134.43 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 144.85 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 159.15 647.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 211.76 647.10 Td (indicators ) Tj ET Q q 0 0 0 rg BT 253.29 647.10 Td (we ) Tj ET Q q 0 0 0 rg BT 267.03 647.10 Td (monitor ) Tj ET Q q 0 0 0 rg BT 300.79 647.10 Td (is ) Tj ET Q q 0 0 0 rg BT 309.55 647.10 Td (shipment ) Tj ET Q q 0 0 0 rg BT 348.30 647.10 Td (volumes, ) Tj ET Q q 0 0 0 rg BT 386.78 647.10 Td (which ) Tj ET Q q 0 0 0 rg BT 413.30 647.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 452.04 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 466.34 647.10 Td (number ) Tj ET Q q 0 0 0 rg BT 498.98 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 509.40 647.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 527.59 647.10 Td (we ) Tj ET Q q 0 0 0 rg BT 541.33 647.10 Td (ship ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 635.10 Td (to ) Tj ET Q q 0 0 0 rg BT 64.42 635.10 Td (third ) Tj ET Q q 0 0 0 rg BT 85.95 635.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 115.24 635.10 Td (in ) Tj ET Q q 0 0 0 rg BT 125.66 635.10 Td (a ) Tj ET Q q 0 0 0 rg BT 132.74 635.10 Td (given ) Tj ET Q q 0 0 0 rg BT 157.60 635.10 Td (period ) Tj ET Q q 0 0 0 rg BT 185.79 635.10 Td (and ) Tj ET Q q 0 0 0 rg BT 202.86 635.10 Td (which ) Tj ET Q q 0 0 0 rg BT 229.94 635.10 Td (drive ) Tj ET Q q 0 0 0 rg BT 253.13 635.10 Td (net ) Tj ET Q q 0 0 0 rg BT 267.99 635.10 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 308.48 635.10 Td (W) Tj ET Q q 0 0 0 rg BT 317.11 635.10 Td (e ) Tj ET Q q 0 0 0 rg BT 324.19 635.10 Td (recognize ) Tj ET Q q 0 0 0 rg BT 365.69 635.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 403.87 635.10 Td (from ) Tj ET Q q 0 0 0 rg BT 425.95 635.10 Td (car ) Tj ET Q q 0 0 0 rg BT 440.80 635.10 Td (shipments ) Tj ET Q q 0 0 0 rg BT 484.00 635.10 Td (once ) Tj ET Q q 0 0 0 rg BT 505.51 635.10 Td (it ) Tj ET Q q 0 0 0 rg BT 513.71 635.10 Td (is ) Tj ET Q q 0 0 0 rg BT 523.02 635.10 Td (probable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 623.10 Td (that ) Tj ET Q q 0 0 0 rg BT 70.58 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 84.38 623.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 124.84 623.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 158.08 623.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 200.76 623.10 Td (with ) Tj ET Q q 0 0 0 rg BT 220.12 623.10 Td (a ) Tj ET Q q 0 0 0 rg BT 226.14 623.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 271.60 623.10 Td (will ) Tj ET Q q 0 0 0 rg BT 288.74 623.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 308.65 623.10 Td (to ) Tj ET Q q 0 0 0 rg BT 318.02 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 331.82 623.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 358.95 623.10 Td (and ) Tj ET Q q 0 0 0 rg BT 374.98 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 388.78 623.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 422.01 623.10 Td (can ) Tj ET Q q 0 0 0 rg BT 437.47 623.10 Td (be ) Tj ET Q q 0 0 0 rg BT 448.49 623.10 Td (reliably ) Tj ET Q q 0 0 0 rg BT 480.62 623.10 Td (measured. ) Tj ET Q q 0 0 0 rg BT 523.02 623.10 Td (Revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 611.10 Td (is ) Tj ET Q q 0 0 0 rg BT 63.26 611.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 109.70 611.10 Td (when ) Tj ET Q q 0 0 0 rg BT 133.95 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 148.75 611.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 170.23 611.10 Td (and ) Tj ET Q q 0 0 0 rg BT 187.25 611.10 Td (rewards ) Tj ET Q q 0 0 0 rg BT 221.49 611.10 Td (of ) Tj ET Q q 0 0 0 rg BT 232.40 611.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 276.65 611.10 Td (are ) Tj ET Q q 0 0 0 rg BT 291.44 611.10 Td (transferred ) Tj ET Q q 0 0 0 rg BT 337.33 611.10 Td (to ) Tj ET Q q 0 0 0 rg BT 347.70 611.10 Td (our ) Tj ET Q q 0 0 0 rg BT 363.61 611.10 Td (dealers, ) Tj ET Q q 0 0 0 rg BT 397.01 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 411.81 611.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 433.84 611.10 Td (price ) Tj ET Q q 0 0 0 rg BT 456.41 611.10 Td (is ) Tj ET Q q 0 0 0 rg BT 465.67 611.10 Td (agreed ) Tj ET Q q 0 0 0 rg BT 494.90 611.10 Td (or ) Tj ET Q q 0 0 0 rg BT 505.81 611.10 Td (determinable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 599.10 Td (and ) Tj ET Q q 0 0 0 rg BT 71.82 599.10 Td (collectability ) Tj ET Q q 0 0 0 rg BT 127.40 599.10 Td (is ) Tj ET Q q 0 0 0 rg BT 137.45 599.10 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 184.14 599.10 Td (assured; ) Tj ET Q q 0 0 0 rg BT 220.29 599.10 Td (this ) Tj ET Q q 0 0 0 rg BT 238.12 599.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 278.70 599.10 Td (corresponds ) Tj ET Q q 0 0 0 rg BT 330.40 599.10 Td (to ) Tj ET Q q 0 0 0 rg BT 341.55 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.15 599.10 Td (date ) Tj ET Q q 0 0 0 rg BT 377.18 599.10 Td (on ) Tj ET Q q 0 0 0 rg BT 390.56 599.10 Td (which ) Tj ET Q q 0 0 0 rg BT 418.38 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 433.98 599.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 453.45 599.10 Td (are ) Tj ET Q q 0 0 0 rg BT 469.04 599.10 Td (released ) Tj ET Q q 0 0 0 rg BT 505.17 599.10 Td (to ) Tj ET Q q 0 0 0 rg BT 516.33 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 531.92 599.10 Td (carrier ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 587.10 Td (responsible ) Tj ET Q q 0 0 0 rg BT 102.05 587.10 Td (for ) Tj ET Q q 0 0 0 rg BT 116.21 587.10 Td (transporting ) Tj ET Q q 0 0 0 rg BT 167.03 587.10 Td (them ) Tj ET Q q 0 0 0 rg BT 189.53 587.10 Td (to ) Tj ET Q q 0 0 0 rg BT 199.81 587.10 Td (dealers.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 563.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 563.10 Td (In ) Tj ET Q q 0 0 0 rg BT 101.09 563.10 Td (general, ) Tj ET Q q 0 0 0 rg BT 135.76 563.10 Td (our ) Tj ET Q q 0 0 0 rg BT 151.85 563.10 Td (shipments ) Tj ET Q q 0 0 0 rg BT 195.16 563.10 Td (do ) Tj ET Q q 0 0 0 rg BT 207.92 563.10 Td (not ) Tj ET Q q 0 0 0 rg BT 223.45 563.10 Td (vary ) Tj ET Q q 0 0 0 rg BT 243.98 563.10 Td (based ) Tj ET Q q 0 0 0 rg BT 269.50 563.10 Td (on ) Tj ET Q q 0 0 0 rg BT 282.25 563.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 317.22 563.10 Td (in ) Tj ET Q q 0 0 0 rg BT 327.75 563.10 Td (demand. ) Tj ET Q q 0 0 0 rg BT 364.66 563.10 Td (Rather) Tj ET Q q 0 0 0 rg BT 390.92 563.10 Td (, ) Tj ET Q q 0 0 0 rg BT 396.17 563.10 Td (we ) Tj ET Q q 0 0 0 rg BT 410.59 563.10 Td (tend ) Tj ET Q q 0 0 0 rg BT 430.56 563.10 Td (to ) Tj ET Q q 0 0 0 rg BT 441.09 563.10 Td (ship ) Tj ET Q q 0 0 0 rg BT 460.52 563.10 Td (based ) Tj ET Q q 0 0 0 rg BT 486.04 563.10 Td (on ) Tj ET Q q 0 0 0 rg BT 498.80 563.10 Td (volume ) Tj ET Q q 0 0 0 rg BT 531.55 563.10 Td (tar) Tj ET Q q 0 0 0 rg BT 541.91 563.10 Td (gets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 551.10 Td (established ) Tj ET Q q 0 0 0 rg BT 101.26 551.10 Td (under ) Tj ET Q q 0 0 0 rg BT 126.86 551.10 Td (our ) Tj ET Q q 0 0 0 rg BT 143.01 551.10 Td (low ) Tj ET Q q 0 0 0 rg BT 160.84 551.10 Td (volume ) Tj ET Q q 0 0 0 rg BT 193.66 551.10 Td (strategy) Tj ET Q q 0 0 0 rg BT 224.67 551.10 Td (. ) Tj ET Q q 0 0 0 rg BT 229.37 551.10 Td (As ) Tj ET Q q 0 0 0 rg BT 243.31 551.10 Td (part ) Tj ET Q q 0 0 0 rg BT 261.69 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 272.84 551.10 Td (this ) Tj ET Q q 0 0 0 rg BT 290.12 551.10 Td (strategy) Tj ET Q q 0 0 0 rg BT 321.13 551.10 Td (, ) Tj ET Q q 0 0 0 rg BT 326.45 551.10 Td (we ) Tj ET Q q 0 0 0 rg BT 340.94 551.10 Td (seek ) Tj ET Q q 0 0 0 rg BT 361.54 551.10 Td (to ) Tj ET Q q 0 0 0 rg BT 372.14 551.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 406.06 551.10 Td (waiting ) Tj ET Q q 0 0 0 rg BT 438.88 551.10 Td (lists ) Tj ET Q q 0 0 0 rg BT 457.83 551.10 Td (in ) Tj ET Q q 0 0 0 rg BT 468.43 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 483.48 551.10 Td (various ) Tj ET Q q 0 0 0 rg BT 515.74 551.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 550.23 551.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 539.10 Td (which ) Tj ET Q q 0 0 0 rg BT 80.38 539.10 Td (we ) Tj ET Q q 0 0 0 rg BT 93.99 539.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 125.36 539.10 Td (to ) Tj ET Q q 0 0 0 rg BT 135.08 539.10 Td (respond ) Tj ET Q q 0 0 0 rg BT 168.69 539.10 Td (appropriately ) Tj ET Q q 0 0 0 rg BT 223.94 539.10 Td (to ) Tj ET Q q 0 0 0 rg BT 233.66 539.10 Td (relative ) Tj ET Q q 0 0 0 rg BT 265.59 539.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 290.86 539.10 Td (of ) Tj ET Q q 0 0 0 rg BT 301.13 539.10 Td (demand ) Tj ET Q q 0 0 0 rg BT 334.73 539.10 Td (while ) Tj ET Q q 0 0 0 rg BT 358.90 539.10 Td (being ) Tj ET Q q 0 0 0 rg BT 383.06 539.10 Td (sensitive ) Tj ET Q q 0 0 0 rg BT 420.00 539.10 Td (to ) Tj ET Q q 0 0 0 rg BT 429.72 539.10 Td (local ) Tj ET Q q 0 0 0 rg BT 451.10 539.10 Td (client ) Tj ET Q q 0 0 0 rg BT 475.26 539.10 Td (expectations ) Tj ET Q q 0 0 0 rg BT 527.18 539.10 Td (in ) Tj ET Q q 0 0 0 rg BT 536.90 539.10 Td (those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 527.10 Td (markets. ) Tj ET Q q 0 0 0 rg BT 91.42 527.10 Td (In ) Tj ET Q q 0 0 0 rg BT 103.01 527.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 133.47 527.10 Td (markets, ) Tj ET Q q 0 0 0 rg BT 170.89 527.10 Td (we ) Tj ET Q q 0 0 0 rg BT 185.81 527.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 217.95 527.10 Td (that ) Tj ET Q q 0 0 0 rg BT 236.20 527.10 Td (waiting ) Tj ET Q q 0 0 0 rg BT 269.46 527.10 Td (lists ) Tj ET Q q 0 0 0 rg BT 288.84 527.10 Td (have ) Tj ET Q q 0 0 0 rg BT 310.98 527.10 Td (promoted ) Tj ET Q q 0 0 0 rg BT 352.56 527.10 Td (our ) Tj ET Q q 0 0 0 rg BT 369.16 527.10 Td (products) Tj ET Q q 0 0 0 rg BT 406.18 527.10 Td ( ) Tj ET Q q 0 0 0 rg BT 409.44 527.10 Td (sense ) Tj ET Q q 0 0 0 rg BT 434.37 527.10 Td (of ) Tj ET Q q 0 0 0 rg BT 445.96 527.10 Td (exclusivity; ) Tj ET Q q 0 0 0 rg BT 495.88 527.10 Td (accordingly ) Tj ET Q q 0 0 0 rg BT 546.34 527.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 515.10 Td (monitor ) Tj ET Q q 0 0 0 rg BT 87.85 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 104.48 515.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 137.76 515.10 Td (such ) Tj ET Q q 0 0 0 rg BT 158.28 515.10 Td (waiting ) Tj ET Q q 0 0 0 rg BT 190.47 515.10 Td (lists ) Tj ET Q q 0 0 0 rg BT 208.77 515.10 Td (to ) Tj ET Q q 0 0 0 rg BT 218.74 515.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 255.92 515.10 Td (such ) Tj ET Q q 0 0 0 rg BT 276.44 515.10 Td (exclusivity ) Tj ET Q q 0 0 0 rg BT 322.51 515.10 Td (while ) Tj ET Q q 0 0 0 rg BT 346.92 515.10 Td (ensuring ) Tj ET Q q 0 0 0 rg BT 383.54 515.10 Td (that ) Tj ET Q q 0 0 0 rg BT 400.73 515.10 Td (we ) Tj ET Q q 0 0 0 rg BT 414.58 515.10 Td (do ) Tj ET Q q 0 0 0 rg BT 426.77 515.10 Td (not ) Tj ET Q q 0 0 0 rg BT 441.73 515.10 Td (jeopardize ) Tj ET Q q 0 0 0 rg BT 485.56 515.10 Td (client ) Tj ET Q q 0 0 0 rg BT 509.96 515.10 Td (satisfaction.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 491.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 491.10 Td (In ) Tj ET Q q 0 0 0 rg BT 100.69 491.10 Td (May ) Tj ET Q q 0 0 0 rg BT 121.38 491.10 Td (2013, ) Tj ET Q q 0 0 0 rg BT 146.24 491.10 Td (we ) Tj ET Q q 0 0 0 rg BT 160.25 491.10 Td (announced ) Tj ET Q q 0 0 0 rg BT 205.93 491.10 Td (our ) Tj ET Q q 0 0 0 rg BT 221.62 491.10 Td (decision ) Tj ET Q q 0 0 0 rg BT 257.30 491.10 Td (to ) Tj ET Q q 0 0 0 rg BT 267.44 491.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 288.69 491.10 Td (the ) Tj ET Q q 0 0 0 rg BT 303.26 491.10 Td (number ) Tj ET Q q 0 0 0 rg BT 336.17 491.10 Td (of ) Tj ET Q q 0 0 0 rg BT 346.86 491.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 365.31 491.10 Td (sold, ) Tj ET Q q 0 0 0 rg BT 386.84 491.10 Td (to ) Tj ET Q q 0 0 0 rg BT 396.98 491.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 457.09 491.10 Td (7,000 ) Tj ET Q q 0 0 0 rg BT 481.95 491.10 Td (per ) Tj ET Q q 0 0 0 rg BT 497.08 491.10 Td (year ) Tj ET Q q 0 0 0 rg BT 516.65 491.10 Td (in ) Tj ET Q q 0 0 0 rg BT 526.78 491.10 Td (order ) Tj ET Q q 0 0 0 rg BT 550.24 491.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 479.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 91.93 479.10 Td (a ) Tj ET Q q 0 0 0 rg BT 99.31 479.10 Td (reputation ) Tj ET Q q 0 0 0 rg BT 142.80 479.10 Td (of ) Tj ET Q q 0 0 0 rg BT 154.07 479.10 Td (exclusivity ) Tj ET Q q 0 0 0 rg BT 200.89 479.10 Td (among ) Tj ET Q q 0 0 0 rg BT 231.05 479.10 Td (purchasers ) Tj ET Q q 0 0 0 rg BT 276.75 479.10 Td (of ) Tj ET Q q 0 0 0 rg BT 288.02 479.10 Td (our ) Tj ET Q q 0 0 0 rg BT 304.30 479.10 Td (cars. ) Tj ET Q q 0 0 0 rg BT 325.84 479.10 Td (In ) Tj ET Q q 0 0 0 rg BT 337.11 479.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 360.05 479.10 Td (and ) Tj ET Q q 0 0 0 rg BT 377.43 479.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 400.37 479.10 Td (we ) Tj ET Q q 0 0 0 rg BT 414.97 479.10 Td (continued ) Tj ET Q q 0 0 0 rg BT 457.35 479.10 Td (our ) Tj ET Q q 0 0 0 rg BT 473.62 479.10 Td (low ) Tj ET Q q 0 0 0 rg BT 491.56 479.10 Td (volume ) Tj ET Q q 0 0 0 rg BT 524.50 479.10 Td (strategy) Tj ET Q q 0 0 0 rg BT 555.51 479.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 467.10 Td (while ) Tj ET Q q 0 0 0 rg BT 78.49 467.10 Td (responding ) Tj ET Q q 0 0 0 rg BT 125.21 467.10 Td (to ) Tj ET Q q 0 0 0 rg BT 135.27 467.10 Td (growing ) Tj ET Q q 0 0 0 rg BT 170.88 467.10 Td (demand ) Tj ET Q q 0 0 0 rg BT 204.81 467.10 Td (in ) Tj ET Q q 0 0 0 rg BT 214.86 467.10 Td (emer) Tj ET Q q 0 0 0 rg BT 234.67 467.10 Td (ging ) Tj ET Q q 0 0 0 rg BT 254.73 467.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 288.66 467.10 Td (and ) Tj ET Q q 0 0 0 rg BT 305.37 467.10 Td (from ) Tj ET Q q 0 0 0 rg BT 327.09 467.10 Td (demographic ) Tj ET Q q 0 0 0 rg BT 381.57 467.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 416.06 467.10 Td (as ) Tj ET Q q 0 0 0 rg BT 426.66 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 441.16 467.10 Td (size ) Tj ET Q q 0 0 0 rg BT 458.98 467.10 Td (and ) Tj ET Q q 0 0 0 rg BT 475.70 467.10 Td (spending ) Tj ET Q q 0 0 0 rg BT 514.09 467.10 Td (capacity ) Tj ET Q q 0 0 0 rg BT 549.67 467.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 455.10 Td (our ) Tj ET Q q 0 0 0 rg BT 69.35 455.10 Td (tar) Tj ET Q q 0 0 0 rg BT 79.72 455.10 Td (get ) Tj ET Q q 0 0 0 rg BT 93.95 455.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 122.07 455.10 Td (grew) Tj ET Q q 0 0 0 rg BT 141.41 455.10 Td (, ) Tj ET Q q 0 0 0 rg BT 145.93 455.10 Td (gradually ) Tj ET Q q 0 0 0 rg BT 185.72 455.10 Td (increasing ) Tj ET Q q 0 0 0 rg BT 228.83 455.10 Td (shipments ) Tj ET Q q 0 0 0 rg BT 271.40 455.10 Td (to ) Tj ET Q q 0 0 0 rg BT 281.20 455.10 Td (7,664 ) Tj ET Q q 0 0 0 rg BT 305.72 455.10 Td (units ) Tj ET Q q 0 0 0 rg BT 327.19 455.10 Td (in ) Tj ET Q q 0 0 0 rg BT 336.99 455.10 Td (2015. ) Tj ET Q q 0 0 0 rg BT 361.50 455.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 379.08 455.10 Td (strategic ) Tj ET Q q 0 0 0 rg BT 414.97 455.10 Td (business ) Tj ET Q q 0 0 0 rg BT 450.88 455.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 470.11 455.10 Td (reflects ) Tj ET Q q 0 0 0 rg BT 501.56 455.10 Td (a ) Tj ET Q q 0 0 0 rg BT 508.01 455.10 Td (continuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 443.10 Td (of ) Tj ET Q q 0 0 0 rg BT 64.83 443.10 Td (this ) Tj ET Q q 0 0 0 rg BT 81.78 443.10 Td (strategy ) Tj ET Q q 0 0 0 rg BT 115.93 443.10 Td (with ) Tj ET Q q 0 0 0 rg BT 136.21 443.10 Td (shipments ) Tj ET Q q 0 0 0 rg BT 179.27 443.10 Td (increasing ) Tj ET Q q 0 0 0 rg BT 222.86 443.10 Td (to ) Tj ET Q q 0 0 0 rg BT 233.14 443.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 293.40 443.10 Td (9,000 ) Tj ET Q q 0 0 0 rg BT 318.40 443.10 Td (units ) Tj ET Q q 0 0 0 rg BT 340.35 443.10 Td (per ) Tj ET Q q 0 0 0 rg BT 355.62 443.10 Td (year ) Tj ET Q q 0 0 0 rg BT 375.32 443.10 Td (by ) Tj ET Q q 0 0 0 rg BT 387.82 443.10 Td (2019. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 419.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 419.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.05 419.10 Td (following ) Tj ET Q q 0 0 0 rg BT 149.43 419.10 Td (table ) Tj ET Q q 0 0 0 rg BT 171.37 419.10 Td (sets ) Tj ET Q q 0 0 0 rg BT 188.87 419.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 210.81 419.10 Td (our ) Tj ET Q q 0 0 0 rg BT 226.64 419.10 Td (shipments ) Tj ET Q q 0 0 0 rg BT 269.69 419.10 Td (by ) Tj ET Q q 0 0 0 rg BT 282.19 419.10 Td (geographic ) Tj ET Q q 0 0 0 rg BT 329.12 419.10 Td (location:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 353.60 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 154.50 353.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 158.50 353.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 353.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 225.50 353.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 353.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.50 353.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 353.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 353.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 353.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 353.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 353.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 353.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 325.60 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 154.50 325.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 158.50 325.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 325.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 225.50 325.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 325.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.50 325.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 325.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 325.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 325.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 325.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 325.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 325.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 297.60 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 154.50 297.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 158.50 297.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 297.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 225.50 297.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 297.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.50 297.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 297.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 297.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 297.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 297.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 297.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 297.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 269.60 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 154.50 269.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 158.50 269.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 269.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 225.50 269.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 269.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.50 269.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 269.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 269.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 269.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 269.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 269.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 269.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 241.60 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 154.50 241.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 158.50 241.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 241.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 225.50 241.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 241.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.50 241.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 241.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 241.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 241.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 241.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 241.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 241.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 213.60 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 154.50 213.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 158.50 213.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 213.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 225.50 213.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 213.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.50 213.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 213.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 213.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 213.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 213.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 213.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 213.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 185.60 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 154.50 185.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 158.50 185.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 185.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 225.50 185.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 185.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.50 185.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 185.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 185.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 185.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 185.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 185.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 185.60 63.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 158.5 376.6 m 221.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 376.6 m 225.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 376.6 m 288.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 376.6 m 292.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 376.6 m 355.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 376.6 m 359.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 376.6 m 422.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 376.6 m 426.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 376.6 m 489.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 376.6 m 493.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 376.6 m 556.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 158.5 376.6 m 221.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 158.5 353.6 m 221.5 353.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 353.6 m 288.5 353.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 376.6 m 355.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 353.6 m 355.5 353.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 353.6 m 422.5 353.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 376.6 m 489.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 353.6 m 489.5 353.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 353.6 m 556.5 353.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 158.5 241.60000000000002 m 221.5 241.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 158.5 227.60000000000002 m 221.5 227.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 241.60000000000002 m 288.5 241.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 227.60000000000002 m 288.5 227.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 241.60000000000002 m 355.5 241.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 227.60000000000002 m 355.5 227.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 241.60000000000002 m 422.5 241.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 227.60000000000002 m 422.5 227.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 241.60000000000002 m 489.5 241.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 227.60000000000002 m 489.5 227.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 241.60000000000002 m 556.5 241.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 227.60000000000002 m 556.5 227.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 158.5 185.60000000000002 m 221.5 185.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 158.5 172.60000000000002 m 221.5 172.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 158.5 170.60000000000002 m 221.5 170.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 185.60000000000002 m 288.5 185.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 172.60000000000002 m 288.5 172.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 170.60000000000002 m 288.5 170.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 185.60000000000002 m 355.5 185.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 172.60000000000002 m 355.5 172.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 170.60000000000002 m 355.5 170.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 185.60000000000002 m 422.5 185.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 172.60000000000002 m 422.5 172.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 170.60000000000002 m 422.5 170.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 185.60000000000002 m 489.5 185.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 172.60000000000002 m 489.5 172.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 170.60000000000002 m 489.5 170.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 185.60000000000002 m 556.5 185.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 172.60000000000002 m 556.5 172.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 170.60000000000002 m 556.5 170.60000000000002 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 388.55 Td (\(Number of cars and % of) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 380.55 Td (total cars\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.90 380.83 Td (For the years ended December 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 181.50 357.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 252.50 357.83 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 315.50 357.83 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 386.50 357.83 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.50 357.83 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.50 357.83 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 343.83 Td (EMEA) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 69.00 329.85 Td (UK) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 206.30 329.85 Td (740) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 270.00 329.85 Td (9.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.30 329.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 340.30 329.85 Td (705) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.00 329.85 Td (9.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.30 329.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 474.30 329.85 Td (686) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.00 329.85 Td (9.8) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 549.30 329.85 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 69.00 315.85 Td (Germany) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 206.30 315.85 Td (595) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 270.00 315.85 Td (7.8) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.30 315.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 340.30 315.85 Td (616) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.00 315.85 Td (8.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.30 315.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 474.30 315.85 Td (659) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.00 315.85 Td (9.4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 549.30 315.85 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 69.00 301.85 Td (Switzerland) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 206.30 301.85 Td (340) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 270.00 301.85 Td (4.4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.30 301.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 340.30 301.85 Td (332) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.00 301.85 Td (4.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.30 301.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 474.30 301.85 Td (350) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.00 301.85 Td (5.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 549.30 301.85 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 69.00 287.85 Td (Italy) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 206.30 287.85 Td (285) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 270.00 287.85 Td (3.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.30 287.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 340.30 287.85 Td (243) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.00 287.85 Td (3.3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.30 287.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 474.30 287.85 Td (206) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.00 287.85 Td (2.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 549.30 287.85 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 69.00 273.85 Td (France) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 206.30 273.85 Td (274) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 270.00 273.85 Td (3.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.30 273.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 340.30 273.85 Td (253) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.00 273.85 Td (3.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.30 273.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 474.30 273.85 Td (273) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.00 273.85 Td (3.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 549.30 273.85 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 69.00 259.85 Td (Middle East) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 107.88 263.47 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 206.30 259.85 Td (456) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 270.00 259.85 Td (5.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.30 259.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 340.30 259.85 Td (521) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.00 259.85 Td (7.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.30 259.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 474.30 259.85 Td (472) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.00 259.85 Td (6.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 549.30 259.85 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 69.00 245.85 Td (Rest of EMEA) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 114.32 249.47 Td (\(2\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 206.30 245.85 Td (661) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 270.00 245.85 Td (8.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.30 245.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 340.30 245.85 Td (604) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.00 245.85 Td (8.3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.30 245.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 474.30 245.85 Td (663) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.00 245.85 Td (9.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 549.30 245.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 231.83 Td (Total EMEA) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 200.30 231.83 Td (3,351) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 266.00 231.83 Td (43.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 280.00 231.83 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 334.30 231.83 Td (3,274) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 400.00 231.83 Td (45.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 414.00 231.83 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.30 231.83 Td (3,309) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 534.00 231.83 Td (47.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 548.00 231.83 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 217.85 Td (Americas) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 87.65 221.48 Td (\(3\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 200.30 217.85 Td (2,640) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 266.00 217.85 Td (34.4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.30 217.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 334.30 217.85 Td (2,462) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.00 217.85 Td (33.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.30 217.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 468.30 217.85 Td (2,382) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.00 217.85 Td (34.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 549.30 217.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 203.85 Td (Greater China) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 102.09 207.48 Td (\(4\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 206.30 203.85 Td (610) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 270.00 203.85 Td (8.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.30 203.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 340.30 203.85 Td (675) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.00 203.85 Td (9.3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.30 203.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 474.30 203.85 Td (572) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.00 203.85 Td (8.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 549.30 203.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 189.85 Td (Rest of ) Tj ET Q q 0 0 0 rg BT 81.45 189.85 Td (AP) Tj ET Q q 0 0 0 rg BT 90.94 189.85 Td (AC) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 102.05 193.48 Td (\(5\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 200.30 189.85 Td (1,063) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 266.00 189.85 Td (13.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.30 189.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 340.30 189.85 Td (844) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.00 189.85 Td (11.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.30 189.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 474.30 189.85 Td (737) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.00 189.85 Td (10.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 549.30 189.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 175.83 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 200.30 175.83 Td (7,664) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 262.00 175.83 Td (100.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 280.00 175.83 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 334.30 175.83 Td (7,255) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.00 175.83 Td (100.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 414.00 175.83 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.30 175.83 Td (7,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 530.00 175.83 Td (100.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 548.00 175.83 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 160.10 Td (______________________________) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 150.50 Td (\(1\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 150.50 Td (Middle East includes the United ) Tj ET Q q 0 0 0 rg BT 176.95 150.50 Td (Arab Emirates, Saudi ) Tj ET Q q 0 0 0 rg BT 247.91 150.50 Td (Arabia, Bahrain, Lebanon, Qatar) Tj ET Q q 0 0 0 rg BT 354.58 150.50 Td (, Oman and Kuwait.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 140.90 Td (\(2\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 140.90 Td (Rest of EMEA) Tj ET Q q 0 0 0 rg BT 117.18 140.90 Td ( includes ) Tj ET Q q 0 0 0 rg BT 147.69 140.90 Td (Africa and the other Eur) Tj ET Q q 0 0 0 rg BT 226.05 140.90 Td (opean markets not separately identified.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 131.30 Td (\(3\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 131.30 Td (Americas includes the Unites States of ) Tj ET Q q 0 0 0 rg BT 196.72 131.30 Td (America, Canada, Mexico, the Caribbean and Central and South ) Tj ET Q q 0 0 0 rg BT 407.22 131.30 Td (America.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 121.70 Td (\(4\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 121.70 Td (Gr) Tj ET Q q 0 0 0 rg BT 80.59 121.70 Td (eater China includes China, Hong Kong and T) Tj ET Q q 0 0 0 rg BT 229.64 121.70 Td (aiwan. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 112.10 Td (\(5\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 112.10 Td (Rest of ) Tj ET Q q 0 0 0 rg BT 95.85 112.10 Td (AP) Tj ET Q q 0 0 0 rg BT 104.59 112.10 Td (AC mainly includes Japan, ) Tj ET Q q 0 0 0 rg BT 192.66 112.10 Td (Australia, Singapor) Tj ET Q q 0 0 0 rg BT 255.48 112.10 Td (e, Indonesia and South Kor) Tj ET Q q 0 0 0 rg BT 342.95 112.10 Td (ea.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 88.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 88.10 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 88.10 Td (e ) Tj ET Q q 0 0 0 rg BT 104.97 88.10 Td (tar) Tj ET Q q 0 0 0 rg BT 115.34 88.10 Td (get ) Tj ET Q q 0 0 0 rg BT 129.45 88.10 Td (our ) Tj ET Q q 0 0 0 rg BT 144.67 88.10 Td (products ) Tj ET Q q 0 0 0 rg BT 181.01 88.10 Td (to ) Tj ET Q q 0 0 0 rg BT 190.68 88.10 Td (the ) Tj ET Q q 0 0 0 rg BT 204.79 88.10 Td (upper ) Tj ET Q q 0 0 0 rg BT 229.45 88.10 Td (end ) Tj ET Q q 0 0 0 rg BT 245.79 88.10 Td (of ) Tj ET Q q 0 0 0 rg BT 256.01 88.10 Td (the ) Tj ET Q q 0 0 0 rg BT 270.12 88.10 Td (luxury ) Tj ET Q q 0 0 0 rg BT 298.13 88.10 Td (car ) Tj ET Q q 0 0 0 rg BT 312.23 88.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 347.45 88.10 Td (and ) Tj ET Q q 0 0 0 rg BT 363.78 88.10 Td (buyers ) Tj ET Q q 0 0 0 rg BT 392.33 88.10 Td (of ) Tj ET Q q 0 0 0 rg BT 402.56 88.10 Td (our ) Tj ET Q q 0 0 0 rg BT 417.78 88.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 435.78 88.10 Td (tend ) Tj ET Q q 0 0 0 rg BT 454.89 88.10 Td (to ) Tj ET Q q 0 0 0 rg BT 464.56 88.10 Td (belong ) Tj ET Q q 0 0 0 rg BT 493.67 88.10 Td (to ) Tj ET Q q 0 0 0 rg BT 503.34 88.10 Td (the ) Tj ET Q q 0 0 0 rg BT 517.46 88.10 Td (wealthiest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 76.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 90.02 76.10 Td (of ) Tj ET Q q 0 0 0 rg BT 101.04 76.10 Td (the ) Tj ET Q q 0 0 0 rg BT 115.95 76.10 Td (population. ) Tj ET Q q 0 0 0 rg BT 163.32 76.10 Td (As ) Tj ET Q q 0 0 0 rg BT 177.12 76.10 Td (the ) Tj ET Q q 0 0 0 rg BT 192.03 76.10 Td (size ) Tj ET Q q 0 0 0 rg BT 210.27 76.10 Td (and ) Tj ET Q q 0 0 0 rg BT 227.40 76.10 Td (spending ) Tj ET Q q 0 0 0 rg BT 266.20 76.10 Td (capacity ) Tj ET Q q 0 0 0 rg BT 302.20 76.10 Td (of ) Tj ET Q q 0 0 0 rg BT 313.23 76.10 Td (our ) Tj ET Q q 0 0 0 rg BT 329.25 76.10 Td (tar) Tj ET Q q 0 0 0 rg BT 339.61 76.10 Td (get ) Tj ET Q q 0 0 0 rg BT 354.52 76.10 Td (client ) Tj ET Q q 0 0 0 rg BT 379.43 76.10 Td (base ) Tj ET Q q 0 0 0 rg BT 399.89 76.10 Td (has ) Tj ET Q q 0 0 0 rg BT 415.91 76.10 Td (grown ) Tj ET Q q 0 0 0 rg BT 444.15 76.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 496.84 76.10 Td (in ) Tj ET Q q 0 0 0 rg BT 507.31 76.10 Td (recent ) Tj ET Q q 0 0 0 rg BT 534.42 76.10 Td (years, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 64.10 Td (our ) Tj ET Q q 0 0 0 rg BT 69.04 64.10 Td (addressable ) Tj ET Q q 0 0 0 rg BT 117.40 64.10 Td (market ) Tj ET Q q 0 0 0 rg BT 146.87 64.10 Td (and ) Tj ET Q q 0 0 0 rg BT 163.02 64.10 Td (the ) Tj ET Q q 0 0 0 rg BT 176.95 64.10 Td (sense ) Tj ET Q q 0 0 0 rg BT 200.32 64.10 Td (of ) Tj ET Q q 0 0 0 rg BT 210.36 64.10 Td (exclusivity ) Tj ET Q q 0 0 0 rg BT 255.96 64.10 Td (fostered ) Tj ET Q q 0 0 0 rg BT 289.88 64.10 Td (by ) Tj ET Q q 0 0 0 rg BT 301.59 64.10 Td (our ) Tj ET Q q 0 0 0 rg BT 316.63 64.10 Td (low ) Tj ET Q q 0 0 0 rg BT 333.34 64.10 Td (volume ) Tj ET Q q 0 0 0 rg BT 365.05 64.10 Td (strategy ) Tj ET Q q 0 0 0 rg BT 398.41 64.10 Td (have ) Tj ET Q q 0 0 0 rg BT 419.00 64.10 Td (been ) Tj ET Q q 0 0 0 rg BT 439.59 64.10 Td (further ) Tj ET Q q 0 0 0 rg BT 468.51 64.10 Td (enhanced. ) Tj ET Q q 0 0 0 rg BT 510.47 64.10 Td (In ) Tj ET Q q 0 0 0 rg BT 520.52 64.10 Td (response, ) Tj ET Q endstream endobj 129 0 obj <> endobj 130 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (we ) Tj ET Q q 0 0 0 rg BT 68.38 731.10 Td (have ) Tj ET Q q 0 0 0 rg BT 89.99 731.10 Td (expanded ) Tj ET Q q 0 0 0 rg BT 131.03 731.10 Td (our ) Tj ET Q q 0 0 0 rg BT 147.08 731.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 195.92 731.10 Td (capabilities ) Tj ET Q q 0 0 0 rg BT 244.18 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 261.34 731.10 Td (sought ) Tj ET Q q 0 0 0 rg BT 290.74 731.10 Td (to ) Tj ET Q q 0 0 0 rg BT 301.24 731.10 Td (rebalance ) Tj ET Q q 0 0 0 rg BT 342.27 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.21 731.10 Td (geographic ) Tj ET Q q 0 0 0 rg BT 404.36 731.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 453.19 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 464.25 731.10 Td (shipments ) Tj ET Q q 0 0 0 rg BT 507.53 731.10 Td (from ) Tj ET Q q 0 0 0 rg BT 529.69 731.10 Td (several ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (traditional ) Tj ET Q q 0 0 0 rg BT 97.88 719.10 Td (markets, ) Tj ET Q q 0 0 0 rg BT 134.81 719.10 Td (particularly ) Tj ET Q q 0 0 0 rg BT 183.68 719.10 Td (in ) Tj ET Q q 0 0 0 rg BT 194.24 719.10 Td (Europe, ) Tj ET Q q 0 0 0 rg BT 228.40 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 238.96 719.10 Td (growing ) Tj ET Q q 0 0 0 rg BT 275.06 719.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 309.50 719.10 Td (in ) Tj ET Q q 0 0 0 rg BT 319.44 719.10 Td (Asia, ) Tj ET Q q 0 0 0 rg BT 343.05 719.10 Td (particularly ) Tj ET Q q 0 0 0 rg BT 391.92 719.10 Td (China ) Tj ET Q q 0 0 0 rg BT 418.59 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 435.81 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 450.80 719.10 Td (Middle ) Tj ET Q q 0 0 0 rg BT 482.47 719.10 Td (East. ) Tj ET Q q 0 0 0 rg BT 504.97 719.10 Td (For ) Tj ET Q q 0 0 0 rg BT 521.64 719.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 560.51 719.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.10 Td (in ) Tj ET Q q 0 0 0 rg BT 64.04 707.10 Td (1993, ) Tj ET Q q 0 0 0 rg BT 88.80 707.10 Td (90 ) Tj ET Q q 0 0 0 rg BT 101.06 707.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 132.75 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 143.34 707.10 Td (our ) Tj ET Q q 0 0 0 rg BT 158.94 707.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 177.30 707.10 Td (were ) Tj ET Q q 0 0 0 rg BT 198.99 707.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 217.92 707.10 Td (in ) Tj ET Q q 0 0 0 rg BT 227.96 707.10 Td (Italy) Tj ET Q q 0 0 0 rg BT 245.64 707.10 Td (, ) Tj ET Q q 0 0 0 rg BT 250.40 707.10 Td (Germany ) Tj ET Q q 0 0 0 rg BT 289.87 707.10 Td (and ) Tj ET Q q 0 0 0 rg BT 306.57 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 321.05 707.10 Td (United ) Tj ET Q q 0 0 0 rg BT 350.53 707.10 Td (States; ) Tj ET Q q 0 0 0 rg BT 379.45 707.10 Td (those ) Tj ET Q q 0 0 0 rg BT 402.82 707.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 436.74 707.10 Td (now ) Tj ET Q q 0 0 0 rg BT 456.23 707.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 495.13 707.10 Td (less ) Tj ET Q q 0 0 0 rg BT 512.40 707.10 Td (than ) Tj ET Q q 0 0 0 rg BT 531.87 707.10 Td (half ) Tj ET Q q 0 0 0 rg BT 549.68 707.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 695.10 Td (our ) Tj ET Q q 0 0 0 rg BT 69.46 695.10 Td (unit ) Tj ET Q q 0 0 0 rg BT 87.15 695.10 Td (shipments. ) Tj ET Q q 0 0 0 rg BT 132.34 695.10 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 186.96 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 201.31 695.10 Td (profitability ) Tj ET Q q 0 0 0 rg BT 251.21 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 261.67 695.10 Td (our ) Tj ET Q q 0 0 0 rg BT 277.14 695.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 295.37 695.10 Td (may ) Tj ET Q q 0 0 0 rg BT 314.72 695.10 Td (vary ) Tj ET Q q 0 0 0 rg BT 334.62 695.10 Td (from ) Tj ET Q q 0 0 0 rg BT 356.19 695.10 Td (market ) Tj ET Q q 0 0 0 rg BT 386.09 695.10 Td (to ) Tj ET Q q 0 0 0 rg BT 396.00 695.10 Td (market. ) Tj ET Q q 0 0 0 rg BT 428.39 695.10 Td (Given ) Tj ET Q q 0 0 0 rg BT 454.97 695.10 Td (that ) Tj ET Q q 0 0 0 rg BT 472.09 695.10 Td (our ) Tj ET Q q 0 0 0 rg BT 487.56 695.10 Td (shipment ) Tj ET Q q 0 0 0 rg BT 526.35 695.10 Td (strategy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.10 Td (is ) Tj ET Q q 0 0 0 rg BT 63.17 683.10 Td (flexible, ) Tj ET Q q 0 0 0 rg BT 98.71 683.10 Td (we ) Tj ET Q q 0 0 0 rg BT 112.87 683.10 Td (are ) Tj ET Q q 0 0 0 rg BT 127.58 683.10 Td (able ) Tj ET Q q 0 0 0 rg BT 146.73 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 157.01 683.10 Td (adjust ) Tj ET Q q 0 0 0 rg BT 183.40 683.10 Td (shipment ) Tj ET Q q 0 0 0 rg BT 222.56 683.10 Td (allocations ) Tj ET Q q 0 0 0 rg BT 268.38 683.10 Td (across ) Tj ET Q q 0 0 0 rg BT 295.88 683.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 330.03 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 340.31 683.10 Td (respond ) Tj ET Q q 0 0 0 rg BT 374.47 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 384.75 683.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 419.45 683.10 Td (in ) Tj ET Q q 0 0 0 rg BT 429.73 683.10 Td (our ) Tj ET Q q 0 0 0 rg BT 445.56 683.10 Td (key ) Tj ET Q q 0 0 0 rg BT 462.50 683.10 Td (markets.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 659.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 90.00 659.10 Td (Research, ) Tj ET Q q 0 0 0 rg BT 133.05 659.10 Td (Development ) Tj ET Q q 0 0 0 rg BT 189.14 659.10 Td (and ) Tj ET Q q 0 0 0 rg BT 206.93 659.10 Td (Product ) Tj ET Q q 0 0 0 rg BT 241.92 659.10 Td (Lifecycle) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 279.11 659.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.61 659.10 Td ( ) Tj ET Q q 0 0 0 rg BT 283.67 659.10 Td (The ) Tj ET Q q 0 0 0 rg BT 301.44 659.10 Td (design ) Tj ET Q q 0 0 0 rg BT 329.77 659.10 Td (and ) Tj ET Q q 0 0 0 rg BT 346.43 659.10 Td (development ) Tj ET Q q 0 0 0 rg BT 400.30 659.10 Td (process ) Tj ET Q q 0 0 0 rg BT 432.51 659.10 Td (for ) Tj ET Q q 0 0 0 rg BT 446.39 659.10 Td (a ) Tj ET Q q 0 0 0 rg BT 453.05 659.10 Td (new ) Tj ET Q q 0 0 0 rg BT 471.93 659.10 Td (model ) Tj ET Q q 0 0 0 rg BT 499.15 659.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 537.46 659.10 Td (takes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 647.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 115.59 647.10 Td (40 ) Tj ET Q q 0 0 0 rg BT 129.42 647.10 Td (months ) Tj ET Q q 0 0 0 rg BT 162.70 647.10 Td (\(approximately ) Tj ET Q q 0 0 0 rg BT 227.62 647.10 Td (33 ) Tj ET Q q 0 0 0 rg BT 241.46 647.10 Td (months ) Tj ET Q q 0 0 0 rg BT 274.74 647.10 Td (for ) Tj ET Q q 0 0 0 rg BT 290.23 647.10 Td (modified, ) Tj ET Q q 0 0 0 rg BT 332.66 647.10 Td (or ) Tj ET Q q 0 0 0 rg BT 344.83 647.10 Td (M ) Tj ET Q q 0 0 0 rg BT 366.43 647.10 Td (versions ) Tj ET Q q 0 0 0 rg BT 403.59 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 415.75 647.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 451.25 647.10 Td (models, ) Tj ET Q q 0 0 0 rg BT 486.47 647.10 Td (depending ) Tj ET Q q 0 0 0 rg BT 531.95 647.10 Td (on ) Tj ET Q q 0 0 0 rg BT 545.79 647.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 635.10 Td (modifications\), ) Tj ET Q q 0 0 0 rg BT 116.86 635.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 157.21 635.10 Td (from ) Tj ET Q q 0 0 0 rg BT 178.69 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 192.95 635.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 234.98 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 245.35 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 259.60 635.10 Td (development ) Tj ET Q q 0 0 0 rg BT 313.29 635.10 Td (project ) Tj ET Q q 0 0 0 rg BT 343.09 635.10 Td (to ) Tj ET Q q 0 0 0 rg BT 352.91 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 367.17 635.10 Td (start ) Tj ET Q q 0 0 0 rg BT 386.42 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 396.79 635.10 Td (production. ) Tj ET Q q 0 0 0 rg BT 444.51 635.10 Td (The ) Tj ET Q q 0 0 0 rg BT 462.09 635.10 Td (first ) Tj ET Q q 0 0 0 rg BT 480.24 635.10 Td (stage ) Tj ET Q q 0 0 0 rg BT 502.82 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 513.19 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 527.45 635.10 Td (product ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 623.10 Td (development ) Tj ET Q q 0 0 0 rg BT 107.69 623.10 Td (phase ) Tj ET Q q 0 0 0 rg BT 132.51 623.10 Td (is ) Tj ET Q q 0 0 0 rg BT 141.22 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 155.48 623.10 Td (research ) Tj ET Q q 0 0 0 rg BT 190.83 623.10 Td (phase. ) Tj ET Q q 0 0 0 rg BT 218.14 623.10 Td (In ) Tj ET Q q 0 0 0 rg BT 228.51 623.10 Td (this ) Tj ET Q q 0 0 0 rg BT 245.01 623.10 Td (phase, ) Tj ET Q q 0 0 0 rg BT 272.32 623.10 Td (we ) Tj ET Q q 0 0 0 rg BT 286.02 623.10 Td (research ) Tj ET Q q 0 0 0 rg BT 321.37 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 335.63 623.10 Td (specifications ) Tj ET Q q 0 0 0 rg BT 392.65 623.10 Td (of ) Tj ET Q q 0 0 0 rg BT 403.03 623.10 Td (new ) Tj ET Q q 0 0 0 rg BT 421.73 623.10 Td (models ) Tj ET Q q 0 0 0 rg BT 452.66 623.10 Td (that ) Tj ET Q q 0 0 0 rg BT 469.70 623.10 Td (we ) Tj ET Q q 0 0 0 rg BT 483.40 623.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 514.32 623.10 Td (will ) Tj ET Q q 0 0 0 rg BT 531.92 623.10 Td (appeal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 611.10 Td (to ) Tj ET Q q 0 0 0 rg BT 63.17 611.10 Td (our ) Tj ET Q q 0 0 0 rg BT 77.89 611.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 105.38 611.10 Td (and ) Tj ET Q q 0 0 0 rg BT 121.21 611.10 Td (will ) Tj ET Q q 0 0 0 rg BT 138.15 611.10 Td (be ) Tj ET Q q 0 0 0 rg BT 148.98 611.10 Td (commercially ) Tj ET Q q 0 0 0 rg BT 205.35 611.10 Td (viable. ) Tj ET Q q 0 0 0 rg BT 233.67 611.10 Td (Costs ) Tj ET Q q 0 0 0 rg BT 257.29 611.10 Td (we ) Tj ET Q q 0 0 0 rg BT 270.34 611.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 292.27 611.10 Td (for ) Tj ET Q q 0 0 0 rg BT 305.32 611.10 Td (developments ) Tj ET Q q 0 0 0 rg BT 362.25 611.10 Td (for ) Tj ET Q q 0 0 0 rg BT 375.30 611.10 Td (car ) Tj ET Q q 0 0 0 rg BT 388.90 611.10 Td (project ) Tj ET Q q 0 0 0 rg BT 418.05 611.10 Td (production ) Tj ET Q q 0 0 0 rg BT 462.77 611.10 Td (and ) Tj ET Q q 0 0 0 rg BT 478.59 611.10 Td (related ) Tj ET Q q 0 0 0 rg BT 507.19 611.10 Td (components, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 599.10 Td (engines ) Tj ET Q q 0 0 0 rg BT 86.71 599.10 Td (and ) Tj ET Q q 0 0 0 rg BT 103.31 599.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 137.15 599.10 Td (are ) Tj ET Q q 0 0 0 rg BT 151.52 599.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 197.55 599.10 Td (as ) Tj ET Q q 0 0 0 rg BT 208.04 599.10 Td (an ) Tj ET Q q 0 0 0 rg BT 219.65 599.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 241.25 599.10 Td (if, ) Tj ET Q q 0 0 0 rg BT 252.02 599.10 Td (and ) Tj ET Q q 0 0 0 rg BT 268.62 599.10 Td (only ) Tj ET Q q 0 0 0 rg BT 288.57 599.10 Td (if, ) Tj ET Q q 0 0 0 rg BT 299.34 599.10 Td (both ) Tj ET Q q 0 0 0 rg BT 319.28 599.10 Td (of ) Tj ET Q q 0 0 0 rg BT 329.78 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 344.16 599.10 Td (following ) Tj ET Q q 0 0 0 rg BT 385.21 599.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 429.04 599.10 Td (under ) Tj ET Q q 0 0 0 rg BT 453.97 599.10 Td (IAS ) Tj ET Q q 0 0 0 rg BT 472.25 599.10 Td (38 ) Tj ET Q q 0 0 0 rg BT 484.42 599.10 Td (- ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 489.91 599.10 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 533.02 599.10 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.02 599.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 587.10 Td (are ) Tj ET Q q 0 0 0 rg BT 68.69 587.10 Td (met: ) Tj ET Q q 0 0 0 rg BT 88.95 587.10 Td (that ) Tj ET Q q 0 0 0 rg BT 106.44 587.10 Td (development ) Tj ET Q q 0 0 0 rg BT 160.57 587.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 183.06 587.10 Td (can ) Tj ET Q q 0 0 0 rg BT 199.42 587.10 Td (be ) Tj ET Q q 0 0 0 rg BT 211.35 587.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 252.15 587.10 Td (reliably ) Tj ET Q q 0 0 0 rg BT 285.18 587.10 Td (and ) Tj ET Q q 0 0 0 rg BT 302.11 587.10 Td (that ) Tj ET Q q 0 0 0 rg BT 319.59 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 334.29 587.10 Td (technical ) Tj ET Q q 0 0 0 rg BT 372.87 587.10 Td (feasibility ) Tj ET Q q 0 0 0 rg BT 415.34 587.10 Td (of ) Tj ET Q q 0 0 0 rg BT 426.16 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 440.86 587.10 Td (product, ) Tj ET Q q 0 0 0 rg BT 476.40 587.10 Td (volumes ) Tj ET Q q 0 0 0 rg BT 512.77 587.10 Td (and ) Tj ET Q q 0 0 0 rg BT 529.70 587.10 Td (pricing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 575.10 Td (support ) Tj ET Q q 0 0 0 rg BT 85.56 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 99.33 575.10 Td (view ) Tj ET Q q 0 0 0 rg BT 120.33 575.10 Td (that ) Tj ET Q q 0 0 0 rg BT 136.88 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 150.65 575.10 Td (development ) Tj ET Q q 0 0 0 rg BT 203.86 575.10 Td (expenditure ) Tj ET Q q 0 0 0 rg BT 252.62 575.10 Td (will ) Tj ET Q q 0 0 0 rg BT 269.73 575.10 Td (generate ) Tj ET Q q 0 0 0 rg BT 305.15 575.10 Td (future ) Tj ET Q q 0 0 0 rg BT 330.58 575.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 371.01 575.10 Td (benefits. ) Tj ET Q q 0 0 0 rg BT 406.72 575.10 Td (Capitalized ) Tj ET Q q 0 0 0 rg BT 453.82 575.10 Td (development ) Tj ET Q q 0 0 0 rg BT 507.02 575.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 528.58 575.10 Td (include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 563.10 Td (all ) Tj ET Q q 0 0 0 rg BT 67.65 563.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 94.08 563.10 Td (and ) Tj ET Q q 0 0 0 rg BT 112.18 563.10 Td (indirect ) Tj ET Q q 0 0 0 rg BT 146.38 563.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 170.04 563.10 Td (that ) Tj ET Q q 0 0 0 rg BT 188.69 563.10 Td (may ) Tj ET Q q 0 0 0 rg BT 209.57 563.10 Td (be ) Tj ET Q q 0 0 0 rg BT 222.67 563.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 256.87 563.10 Td (attributed ) Tj ET Q q 0 0 0 rg BT 298.85 563.10 Td (to ) Tj ET Q q 0 0 0 rg BT 310.29 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 326.16 563.10 Td (development ) Tj ET Q q 0 0 0 rg BT 381.47 563.10 Td (process. ) Tj ET Q q 0 0 0 rg BT 417.62 563.10 Td (Capitalized ) Tj ET Q q 0 0 0 rg BT 466.82 563.10 Td (development ) Tj ET Q q 0 0 0 rg BT 522.13 563.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 545.79 563.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 551.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 96.14 551.10 Td (on ) Tj ET Q q 0 0 0 rg BT 108.30 551.10 Td (a ) Tj ET Q q 0 0 0 rg BT 114.90 551.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 165.38 551.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 187.54 551.10 Td (from ) Tj ET Q q 0 0 0 rg BT 209.14 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 223.51 551.10 Td (start ) Tj ET Q q 0 0 0 rg BT 242.89 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 253.38 551.10 Td (production ) Tj ET Q q 0 0 0 rg BT 298.86 551.10 Td (over ) Tj ET Q q 0 0 0 rg BT 318.79 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 333.17 551.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 373.65 551.10 Td (lifecycle ) Tj ET Q q 0 0 0 rg BT 410.23 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 420.72 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 435.09 551.10 Td (model ) Tj ET Q q 0 0 0 rg BT 462.25 551.10 Td (and ) Tj ET Q q 0 0 0 rg BT 478.85 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 493.22 551.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 519.82 551.10 Td (life ) Tj ET Q q 0 0 0 rg BT 535.31 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 545.79 551.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 539.10 Td (components ) Tj ET Q q 0 0 0 rg BT 104.83 539.10 Td (\(generally ) Tj ET Q q 0 0 0 rg BT 147.86 539.10 Td (between ) Tj ET Q q 0 0 0 rg BT 183.67 539.10 Td (four ) Tj ET Q q 0 0 0 rg BT 202.83 539.10 Td (and ) Tj ET Q q 0 0 0 rg BT 219.77 539.10 Td (eight ) Tj ET Q q 0 0 0 rg BT 242.27 539.10 Td (years\). ) Tj ET Q q 0 0 0 rg BT 271.14 539.10 Td (All ) Tj ET Q q 0 0 0 rg BT 286.42 539.10 Td (other ) Tj ET Q q 0 0 0 rg BT 309.47 539.10 Td (research ) Tj ET Q q 0 0 0 rg BT 345.27 539.10 Td (and ) Tj ET Q q 0 0 0 rg BT 362.21 539.10 Td (development ) Tj ET Q q 0 0 0 rg BT 416.36 539.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 438.86 539.10 Td (are ) Tj ET Q q 0 0 0 rg BT 453.57 539.10 Td (expensed ) Tj ET Q q 0 0 0 rg BT 493.28 539.10 Td (as ) Tj ET Q q 0 0 0 rg BT 504.11 539.10 Td (incurred. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 515.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 515.10 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 515.10 Td (e ) Tj ET Q q 0 0 0 rg BT 105.32 515.10 Td (also ) Tj ET Q q 0 0 0 rg BT 123.67 515.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 146.47 515.10 Td (research ) Tj ET Q q 0 0 0 rg BT 182.02 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 198.70 515.10 Td (development ) Tj ET Q q 0 0 0 rg BT 252.60 515.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 290.94 515.10 Td (in ) Tj ET Q q 0 0 0 rg BT 300.96 515.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 347.08 515.10 Td (with ) Tj ET Q q 0 0 0 rg BT 367.10 515.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 403.24 515.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 410.48 515.10 Td (racing ) Tj ET Q q 0 0 0 rg BT 437.71 515.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 478.56 515.10 Td (including ) Tj ET Q q 0 0 0 rg BT 518.57 515.10 Td (initiatives ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 503.10 Td (to ) Tj ET Q q 0 0 0 rg BT 64.59 503.10 Td (maximize ) Tj ET Q q 0 0 0 rg BT 106.84 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 121.87 503.10 Td (performance, ) Tj ET Q q 0 0 0 rg BT 177.71 503.10 Td (ef) Tj ET Q q 0 0 0 rg BT 185.29 503.10 Td (ficiency ) Tj ET Q q 0 0 0 rg BT 220.31 503.10 Td (and ) Tj ET Q q 0 0 0 rg BT 237.56 503.10 Td (safety ) Tj ET Q q 0 0 0 rg BT 264.26 503.10 Td (of ) Tj ET Q q 0 0 0 rg BT 275.40 503.10 Td (our ) Tj ET Q q 0 0 0 rg BT 291.55 503.10 Td (racing ) Tj ET Q q 0 0 0 rg BT 319.35 503.10 Td (cars. ) Tj ET Q q 0 0 0 rg BT 340.56 503.10 Td (While ) Tj ET Q q 0 0 0 rg BT 367.81 503.10 Td (we ) Tj ET Q q 0 0 0 rg BT 382.28 503.10 Td (develop ) Tj ET Q q 0 0 0 rg BT 416.75 503.10 Td (these ) Tj ET Q q 0 0 0 rg BT 440.11 503.10 Td (technologies ) Tj ET Q q 0 0 0 rg BT 493.47 503.10 Td (for ) Tj ET Q q 0 0 0 rg BT 507.94 503.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 534.09 503.10 Td (use ) Tj ET Q q 0 0 0 rg BT 550.23 503.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 491.10 Td (our ) Tj ET Q q 0 0 0 rg BT 69.42 491.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 105.40 491.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 112.49 491.10 Td (racing ) Tj ET Q q 0 0 0 rg BT 139.56 491.10 Td (car) Tj ET Q q 0 0 0 rg BT 151.37 491.10 Td (, ) Tj ET Q q 0 0 0 rg BT 155.96 491.10 Td (we ) Tj ET Q q 0 0 0 rg BT 169.71 491.10 Td (seek ) Tj ET Q q 0 0 0 rg BT 189.57 491.10 Td (to ) Tj ET Q q 0 0 0 rg BT 199.43 491.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 232.06 491.10 Td (these ) Tj ET Q q 0 0 0 rg BT 254.70 491.10 Td (components ) Tj ET Q q 0 0 0 rg BT 305.11 491.10 Td (and ) Tj ET Q q 0 0 0 rg BT 321.64 491.10 Td (technologies, ) Tj ET Q q 0 0 0 rg BT 376.77 491.10 Td (where ) Tj ET Q q 0 0 0 rg BT 403.29 491.10 Td (appropriate, ) Tj ET Q q 0 0 0 rg BT 453.41 491.10 Td (for ) Tj ET Q q 0 0 0 rg BT 467.16 491.10 Td (use ) Tj ET Q q 0 0 0 rg BT 482.58 491.10 Td (in ) Tj ET Q q 0 0 0 rg BT 492.45 491.10 Td (our ) Tj ET Q q 0 0 0 rg BT 507.87 491.10 Td (new ) Tj ET Q q 0 0 0 rg BT 526.62 491.10 Td (models. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 479.10 Td (T) Tj ET Q q 0 0 0 rg BT 59.41 479.10 Td (echnological ) Tj ET Q q 0 0 0 rg BT 113.14 479.10 Td (developments ) Tj ET Q q 0 0 0 rg BT 171.33 479.10 Td (and ) Tj ET Q q 0 0 0 rg BT 188.42 479.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 223.27 479.10 Td (in ) Tj ET Q q 0 0 0 rg BT 233.69 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 248.55 479.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 295.63 479.10 Td (of ) Tj ET Q q 0 0 0 rg BT 306.61 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 321.47 479.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 358.00 479.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 365.46 479.10 Td (W) Tj ET Q q 0 0 0 rg BT 374.10 479.10 Td (orld ) Tj ET Q q 0 0 0 rg BT 392.85 479.10 Td (Championship ) Tj ET Q q 0 0 0 rg BT 453.83 479.10 Td (lead ) Tj ET Q q 0 0 0 rg BT 473.13 479.10 Td (us ) Tj ET Q q 0 0 0 rg BT 484.67 479.10 Td (to ) Tj ET Q q 0 0 0 rg BT 495.09 479.10 Td (design, ) Tj ET Q q 0 0 0 rg BT 526.35 479.10 Td (develop ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 467.10 Td (and ) Tj ET Q q 0 0 0 rg BT 70.56 467.10 Td (construct ) Tj ET Q q 0 0 0 rg BT 109.33 467.10 Td (a ) Tj ET Q q 0 0 0 rg BT 115.89 467.10 Td (new ) Tj ET Q q 0 0 0 rg BT 134.67 467.10 Td (racing ) Tj ET Q q 0 0 0 rg BT 161.77 467.10 Td (car ) Tj ET Q q 0 0 0 rg BT 176.10 467.10 Td (each ) Tj ET Q q 0 0 0 rg BT 196.53 467.10 Td (year) Tj ET Q q 0 0 0 rg BT 213.19 467.10 Td (. ) Tj ET Q q 0 0 0 rg BT 217.81 467.10 Td (Such ) Tj ET Q q 0 0 0 rg BT 239.93 467.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 262.05 467.10 Td (are ) Tj ET Q q 0 0 0 rg BT 276.37 467.10 Td (expensed ) Tj ET Q q 0 0 0 rg BT 315.70 467.10 Td (in ) Tj ET Q q 0 0 0 rg BT 325.60 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 339.93 467.10 Td (income ) Tj ET Q q 0 0 0 rg BT 371.49 467.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 411.92 467.10 Td (as ) Tj ET Q q 0 0 0 rg BT 422.37 467.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 457.81 467.10 Td (and ) Tj ET Q q 0 0 0 rg BT 474.37 467.10 Td (classified ) Tj ET Q q 0 0 0 rg BT 514.25 467.10 Td (as ) Tj ET Q q 0 0 0 rg BT 524.70 467.10 Td (research ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 455.10 Td (and ) Tj ET Q q 0 0 0 rg BT 70.56 455.10 Td (development ) Tj ET Q q 0 0 0 rg BT 124.34 455.10 Td (costs. ) Tj ET Q q 0 0 0 rg BT 148.97 455.10 Td (Research ) Tj ET Q q 0 0 0 rg BT 187.74 455.10 Td (and ) Tj ET Q q 0 0 0 rg BT 204.31 455.10 Td (development ) Tj ET Q q 0 0 0 rg BT 258.08 455.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 280.21 455.10 Td (for ) Tj ET Q q 0 0 0 rg BT 294.00 455.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 330.01 455.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 337.13 455.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 375.36 455.10 Td (can ) Tj ET Q q 0 0 0 rg BT 391.36 455.10 Td (vary ) Tj ET Q q 0 0 0 rg BT 411.26 455.10 Td (from ) Tj ET Q q 0 0 0 rg BT 432.82 455.10 Td (year ) Tj ET Q q 0 0 0 rg BT 452.16 455.10 Td (to ) Tj ET Q q 0 0 0 rg BT 462.06 455.10 Td (year) Tj ET Q q 0 0 0 rg BT 478.87 455.10 Td (, ) Tj ET Q q 0 0 0 rg BT 483.49 455.10 Td (often ) Tj ET Q q 0 0 0 rg BT 506.17 455.10 Td (significantly) Tj ET Q q 0 0 0 rg BT 555.51 455.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 443.10 Td (and ) Tj ET Q q 0 0 0 rg BT 71.61 443.10 Td (may ) Tj ET Q q 0 0 0 rg BT 92.00 443.10 Td (be ) Tj ET Q q 0 0 0 rg BT 104.60 443.10 Td (dif) Tj ET Q q 0 0 0 rg BT 115.53 443.10 Td (ficult ) Tj ET Q q 0 0 0 rg BT 139.81 443.10 Td (to ) Tj ET Q q 0 0 0 rg BT 150.76 443.10 Td (predict ) Tj ET Q q 0 0 0 rg BT 181.69 443.10 Td (because ) Tj ET Q q 0 0 0 rg BT 216.51 443.10 Td (they ) Tj ET Q q 0 0 0 rg BT 236.89 443.10 Td (are ) Tj ET Q q 0 0 0 rg BT 252.27 443.10 Td (subject, ) Tj ET Q q 0 0 0 rg BT 286.27 443.10 Td (among ) Tj ET Q q 0 0 0 rg BT 316.65 443.10 Td (other ) Tj ET Q q 0 0 0 rg BT 340.37 443.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 370.49 443.10 Td (to ) Tj ET Q q 0 0 0 rg BT 381.44 443.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 416.81 443.10 Td (in ) Tj ET Q q 0 0 0 rg BT 427.76 443.10 Td (race ) Tj ET Q q 0 0 0 rg BT 447.58 443.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 495.18 443.10 Td (and ) Tj ET Q q 0 0 0 rg BT 512.79 443.10 Td (the ) Tj ET Q q 0 0 0 rg BT 528.18 443.10 Td (need ) Tj ET Q q 0 0 0 rg BT 550.23 443.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 431.10 Td (respond ) Tj ET Q q 0 0 0 rg BT 88.16 431.10 Td (to ) Tj ET Q q 0 0 0 rg BT 98.44 431.10 Td (our ) Tj ET Q q 0 0 0 rg BT 114.27 431.10 Td (car) Tj ET Q q 0 0 0 rg BT 126.85 431.10 Td () Tj ET Q q 0 0 0 rg BT 129.63 431.10 Td (s ) Tj ET Q q 0 0 0 rg BT 136.02 431.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 189.04 431.10 Td (relative ) Tj ET Q q 0 0 0 rg BT 221.52 431.10 Td (to ) Tj ET Q q 0 0 0 rg BT 231.80 431.10 Td (other ) Tj ET Q q 0 0 0 rg BT 254.84 431.10 Td (racing ) Tj ET Q q 0 0 0 rg BT 282.33 431.10 Td (teams. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 407.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 407.10 Td (For ) Tj ET Q q 0 0 0 rg BT 105.90 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 120.12 407.10 Td (year ) Tj ET Q q 0 0 0 rg BT 139.33 407.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 165.21 407.10 Td (December ) Tj ET Q q 0 0 0 rg BT 208.29 407.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 222.80 407.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 247.30 407.10 Td (we ) Tj ET Q q 0 0 0 rg BT 260.96 407.10 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 306.27 407.10 Td (development ) Tj ET Q q 0 0 0 rg BT 359.93 407.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 381.93 407.10 Td (of ) Tj ET Q q 0 0 0 rg BT 392.26 407.10 Td (154 ) Tj ET Q q 0 0 0 rg BT 414.27 407.10 Td (million ) Tj ET Q q 0 0 0 rg BT 445.16 407.10 Td (and ) Tj ET Q q 0 0 0 rg BT 461.60 407.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 507.47 407.10 Td (amortization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 395.10 Td (of ) Tj ET Q q 0 0 0 rg BT 64.75 395.10 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 110.47 395.10 Td (development ) Tj ET Q q 0 0 0 rg BT 164.53 395.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 186.95 395.10 Td (of ) Tj ET Q q 0 0 0 rg BT 197.70 395.10 Td (1) Tj ET Q q 0 0 0 rg BT 207.33 395.10 Td (15 ) Tj ET Q q 0 0 0 rg BT 219.74 395.10 Td (million ) Tj ET Q q 0 0 0 rg BT 251.05 395.10 Td (\(compared ) Tj ET Q q 0 0 0 rg BT 296.22 395.10 Td (to ) Tj ET Q q 0 0 0 rg BT 306.41 395.10 Td (145 ) Tj ET Q q 0 0 0 rg BT 328.83 395.10 Td (million ) Tj ET Q q 0 0 0 rg BT 360.14 395.10 Td (and ) Tj ET Q q 0 0 0 rg BT 376.99 395.10 Td (125 ) Tj ET Q q 0 0 0 rg BT 399.41 395.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 433.21 395.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 480.88 395.10 Td (, ) Tj ET Q q 0 0 0 rg BT 485.79 395.10 Td (for ) Tj ET Q q 0 0 0 rg BT 499.87 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 514.50 395.10 Td (year ) Tj ET Q q 0 0 0 rg BT 534.12 395.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 383.10 Td (December ) Tj ET Q q 0 0 0 rg BT 97.58 383.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 112.58 383.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 137.58 383.10 Td (and ) Tj ET Q q 0 0 0 rg BT 154.52 383.10 Td (93 ) Tj ET Q q 0 0 0 rg BT 172.02 383.10 Td (million ) Tj ET Q q 0 0 0 rg BT 203.41 383.10 Td (and ) Tj ET Q q 0 0 0 rg BT 220.35 383.10 Td (120 ) Tj ET Q q 0 0 0 rg BT 242.85 383.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 276.74 383.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 324.41 383.10 Td (, ) Tj ET Q q 0 0 0 rg BT 329.41 383.10 Td (for ) Tj ET Q q 0 0 0 rg BT 343.57 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 358.28 383.10 Td (year ) Tj ET Q q 0 0 0 rg BT 377.99 383.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 404.37 383.10 Td (December ) Tj ET Q q 0 0 0 rg BT 447.95 383.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 462.95 383.10 Td (2013\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 359.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 359.10 Td (For ) Tj ET Q q 0 0 0 rg BT 106.66 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 121.64 359.10 Td (year ) Tj ET Q q 0 0 0 rg BT 141.61 359.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 168.26 359.10 Td (December ) Tj ET Q q 0 0 0 rg BT 212.11 359.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 227.37 359.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 252.64 359.10 Td (we ) Tj ET Q q 0 0 0 rg BT 267.07 359.10 Td (expensed ) Tj ET Q q 0 0 0 rg BT 307.04 359.10 Td (research ) Tj ET Q q 0 0 0 rg BT 343.11 359.10 Td (and ) Tj ET Q q 0 0 0 rg BT 360.31 359.10 Td (development ) Tj ET Q q 0 0 0 rg BT 414.73 359.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 437.50 359.10 Td (of ) Tj ET Q q 0 0 0 rg BT 448.59 359.10 Td (447 ) Tj ET Q q 0 0 0 rg BT 471.36 359.10 Td (million ) Tj ET Q q 0 0 0 rg BT 503.02 359.10 Td (\(415 ) Tj ET Q q 0 0 0 rg BT 529.11 359.10 Td (million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 347.10 Td (for ) Tj ET Q q 0 0 0 rg BT 68.16 347.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 90.66 347.10 Td (and ) Tj ET Q q 0 0 0 rg BT 107.60 347.10 Td (359 ) Tj ET Q q 0 0 0 rg BT 130.10 347.10 Td (million ) Tj ET Q q 0 0 0 rg BT 161.49 347.10 Td (for ) Tj ET Q q 0 0 0 rg BT 175.65 347.10 Td (2013\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 323.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 323.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 107.82 323.10 Td (results ) Tj ET Q q 0 0 0 rg BT 136.20 323.10 Td (of ) Tj ET Q q 0 0 0 rg BT 146.80 323.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 190.72 323.10 Td (are ) Tj ET Q q 0 0 0 rg BT 205.20 323.10 Td (dependent ) Tj ET Q q 0 0 0 rg BT 248.56 323.10 Td (on ) Tj ET Q q 0 0 0 rg BT 260.83 323.10 Td (the ) Tj ET Q q 0 0 0 rg BT 275.32 323.10 Td (comparative ) Tj ET Q q 0 0 0 rg BT 327.01 323.10 Td (success ) Tj ET Q q 0 0 0 rg BT 359.27 323.10 Td (of ) Tj ET Q q 0 0 0 rg BT 369.87 323.10 Td (our ) Tj ET Q q 0 0 0 rg BT 385.47 323.10 Td (product ) Tj ET Q q 0 0 0 rg BT 418.28 323.10 Td (of) Tj ET Q q 0 0 0 rg BT 426.43 323.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 452.58 323.10 Td (from ) Tj ET Q q 0 0 0 rg BT 474.29 323.10 Td (period ) Tj ET Q q 0 0 0 rg BT 502.10 323.10 Td (to ) Tj ET Q q 0 0 0 rg BT 512.15 323.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 542.47 323.10 Td (Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 311.10 Td (models ) Tj ET Q q 0 0 0 rg BT 85.10 311.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 122.30 311.10 Td (have ) Tj ET Q q 0 0 0 rg BT 143.39 311.10 Td (a ) Tj ET Q q 0 0 0 rg BT 150.05 311.10 Td (lifecycle ) Tj ET Q q 0 0 0 rg BT 186.68 311.10 Td (of ) Tj ET Q q 0 0 0 rg BT 197.22 311.10 Td (four ) Tj ET Q q 0 0 0 rg BT 216.10 311.10 Td (to ) Tj ET Q q 0 0 0 rg BT 226.09 311.10 Td (five ) Tj ET Q q 0 0 0 rg BT 243.85 311.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 269.17 311.10 Td (After ) Tj ET Q q 0 0 0 rg BT 292.48 311.10 Td (the ) Tj ET Q q 0 0 0 rg BT 306.91 311.10 Td (fourth ) Tj ET Q q 0 0 0 rg BT 333.56 311.10 Td (or ) Tj ET Q q 0 0 0 rg BT 344.11 311.10 Td (fifth ) Tj ET Q q 0 0 0 rg BT 363.54 311.10 Td (year) Tj ET Q q 0 0 0 rg BT 380.34 311.10 Td (, ) Tj ET Q q 0 0 0 rg BT 385.06 311.10 Td (a ) Tj ET Q q 0 0 0 rg BT 391.71 311.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 443.91 311.10 Td (modified ) Tj ET Q q 0 0 0 rg BT 482.23 311.10 Td (version ) Tj ET Q q 0 0 0 rg BT 513.88 311.10 Td (is ) Tj ET Q q 0 0 0 rg BT 522.77 311.10 Td (released. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 299.10 Td (While ) Tj ET Q q 0 0 0 rg BT 81.29 299.10 Td (the ) Tj ET Q q 0 0 0 rg BT 96.37 299.10 Td (modified ) Tj ET Q q 0 0 0 rg BT 135.33 299.10 Td (version ) Tj ET Q q 0 0 0 rg BT 167.62 299.10 Td (may ) Tj ET Q q 0 0 0 rg BT 187.70 299.10 Td (be ) Tj ET Q q 0 0 0 rg BT 200.00 299.10 Td (based ) Tj ET Q q 0 0 0 rg BT 225.62 299.10 Td (on ) Tj ET Q q 0 0 0 rg BT 238.48 299.10 Td (the ) Tj ET Q q 0 0 0 rg BT 253.55 299.10 Td (same ) Tj ET Q q 0 0 0 rg BT 276.96 299.10 Td (platform ) Tj ET Q q 0 0 0 rg BT 314.25 299.10 Td (as ) Tj ET Q q 0 0 0 rg BT 325.44 299.10 Td (its ) Tj ET Q q 0 0 0 rg BT 337.74 299.10 Td (predecessor) Tj ET Q q 0 0 0 rg BT 384.54 299.10 Td (, ) Tj ET Q q 0 0 0 rg BT 389.90 299.10 Td (the ) Tj ET Q q 0 0 0 rg BT 404.97 299.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 445.59 299.10 Td (technological ) Tj ET Q q 0 0 0 rg BT 502.31 299.10 Td (content ) Tj ET Q q 0 0 0 rg BT 534.60 299.10 Td (of ) Tj ET Q q 0 0 0 rg BT 545.79 299.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 287.10 Td (car) Tj ET Q q 0 0 0 rg BT 65.81 287.10 Td (, ) Tj ET Q q 0 0 0 rg BT 70.65 287.10 Td (new ) Tj ET Q q 0 0 0 rg BT 89.66 287.10 Td (design ) Tj ET Q q 0 0 0 rg BT 118.12 287.10 Td (and ) Tj ET Q q 0 0 0 rg BT 134.90 287.10 Td (other ) Tj ET Q q 0 0 0 rg BT 157.80 287.10 Td (novel ) Tj ET Q q 0 0 0 rg BT 182.36 287.10 Td (features ) Tj ET Q q 0 0 0 rg BT 216.36 287.10 Td (lead ) Tj ET Q q 0 0 0 rg BT 235.36 287.10 Td (us ) Tj ET Q q 0 0 0 rg BT 246.60 287.10 Td (to ) Tj ET Q q 0 0 0 rg BT 256.72 287.10 Td (consider ) Tj ET Q q 0 0 0 rg BT 292.95 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 307.51 287.10 Td (model ) Tj ET Q q 0 0 0 rg BT 334.86 287.10 Td (as ) Tj ET Q q 0 0 0 rg BT 345.53 287.10 Td (a ) Tj ET Q q 0 0 0 rg BT 352.32 287.10 Td (new ) Tj ET Q q 0 0 0 rg BT 371.33 287.10 Td (car) Tj ET Q q 0 0 0 rg BT 382.98 287.10 Td (. ) Tj ET Q q 0 0 0 rg BT 387.31 287.10 Td (A) Tj ET Q q 0 0 0 rg BT 393.98 287.10 Td ( ) Tj ET Q q 0 0 0 rg BT 396.33 287.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 427.56 287.10 Td (of ) Tj ET Q q 0 0 0 rg BT 438.24 287.10 Td (our ) Tj ET Q q 0 0 0 rg BT 453.92 287.10 Td (research ) Tj ET Q q 0 0 0 rg BT 489.57 287.10 Td (and ) Tj ET Q q 0 0 0 rg BT 506.36 287.10 Td (development ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 275.10 Td (ef) Tj ET Q q 0 0 0 rg BT 61.59 275.10 Td (forts ) Tj ET Q q 0 0 0 rg BT 81.81 275.10 Td (are ) Tj ET Q q 0 0 0 rg BT 95.90 275.10 Td (related ) Tj ET Q q 0 0 0 rg BT 124.99 275.10 Td (to ) Tj ET Q q 0 0 0 rg BT 134.66 275.10 Td (the ) Tj ET Q q 0 0 0 rg BT 148.77 275.10 Td (development ) Tj ET Q q 0 0 0 rg BT 202.30 275.10 Td (of ) Tj ET Q q 0 0 0 rg BT 212.52 275.10 Td (the ) Tj ET Q q 0 0 0 rg BT 226.63 275.10 Td (various ) Tj ET Q q 0 0 0 rg BT 257.96 275.10 Td (components ) Tj ET Q q 0 0 0 rg BT 308.17 275.10 Td (used ) Tj ET Q q 0 0 0 rg BT 328.39 275.10 Td (in ) Tj ET Q q 0 0 0 rg BT 338.06 275.10 Td (our ) Tj ET Q q 0 0 0 rg BT 353.27 275.10 Td (models, ) Tj ET Q q 0 0 0 rg BT 386.55 275.10 Td (and ) Tj ET Q q 0 0 0 rg BT 402.88 275.10 Td (in ) Tj ET Q q 0 0 0 rg BT 412.54 275.10 Td (particular) Tj ET Q q 0 0 0 rg BT 450.45 275.10 Td (, ) Tj ET Q q 0 0 0 rg BT 454.84 275.10 Td (electronic ) Tj ET Q q 0 0 0 rg BT 496.15 275.10 Td (and ) Tj ET Q q 0 0 0 rg BT 512.48 275.10 Td (mechanical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 263.10 Td (components. ) Tj ET Q q 0 0 0 rg BT 106.38 263.10 Td (Of ) Tj ET Q q 0 0 0 rg BT 118.48 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 132.25 263.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 153.80 263.10 Td (research ) Tj ET Q q 0 0 0 rg BT 188.66 263.10 Td (and ) Tj ET Q q 0 0 0 rg BT 204.65 263.10 Td (development ) Tj ET Q q 0 0 0 rg BT 257.85 263.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 281.90 263.10 Td (excluding ) Tj ET Q q 0 0 0 rg BT 322.89 263.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 358.33 263.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 364.88 263.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 405.03 263.10 Td (that ) Tj ET Q q 0 0 0 rg BT 421.58 263.10 Td (were ) Tj ET Q q 0 0 0 rg BT 442.56 263.10 Td (not ) Tj ET Q q 0 0 0 rg BT 456.89 263.10 Td (eligible ) Tj ET Q q 0 0 0 rg BT 488.43 263.10 Td (for ) Tj ET Q q 0 0 0 rg BT 501.64 263.10 Td (capitalization, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 251.10 Td (and ) Tj ET Q q 0 0 0 rg BT 70.65 251.10 Td (as ) Tj ET Q q 0 0 0 rg BT 81.18 251.10 Td (such ) Tj ET Q q 0 0 0 rg BT 101.72 251.10 Td (were ) Tj ET Q q 0 0 0 rg BT 123.36 251.10 Td (expensed, ) Tj ET Q q 0 0 0 rg BT 165.27 251.10 Td (16 ) Tj ET Q q 0 0 0 rg BT 182.48 251.10 Td (million ) Tj ET Q q 0 0 0 rg BT 213.58 251.10 Td (related ) Tj ET Q q 0 0 0 rg BT 242.98 251.10 Td (to ) Tj ET Q q 0 0 0 rg BT 252.97 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 267.39 251.10 Td (research ) Tj ET Q q 0 0 0 rg BT 302.91 251.10 Td (on ) Tj ET Q q 0 0 0 rg BT 315.11 251.10 Td (components ) Tj ET Q q 0 0 0 rg BT 365.65 251.10 Td (\(20 ) Tj ET Q q 0 0 0 rg BT 386.18 251.10 Td (million ) Tj ET Q q 0 0 0 rg BT 417.28 251.10 Td (for ) Tj ET Q q 0 0 0 rg BT 431.15 251.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 453.36 251.10 Td (and ) Tj ET Q q 0 0 0 rg BT 470.00 251.10 Td (20 ) Tj ET Q q 0 0 0 rg BT 487.21 251.10 Td (million ) Tj ET Q q 0 0 0 rg BT 518.31 251.10 Td (for ) Tj ET Q q 0 0 0 rg BT 532.17 251.10 Td (2013\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 239.10 Td (In ) Tj ET Q q 0 0 0 rg BT 64.87 239.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 89.91 239.10 Td (we ) Tj ET Q q 0 0 0 rg BT 104.11 239.10 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 149.95 239.10 Td (development ) Tj ET Q q 0 0 0 rg BT 204.14 239.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 226.68 239.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 259.76 239.10 Td (to ) Tj ET Q q 0 0 0 rg BT 270.08 239.10 Td (components ) Tj ET Q q 0 0 0 rg BT 320.94 239.10 Td (of ) Tj ET Q q 0 0 0 rg BT 331.81 239.10 Td (18 ) Tj ET Q q 0 0 0 rg BT 349.35 239.10 Td (million ) Tj ET Q q 0 0 0 rg BT 380.78 239.10 Td (\(15 ) Tj ET Q q 0 0 0 rg BT 401.65 239.10 Td (million ) Tj ET Q q 0 0 0 rg BT 433.08 239.10 Td (for ) Tj ET Q q 0 0 0 rg BT 447.28 239.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 469.82 239.10 Td (and ) Tj ET Q q 0 0 0 rg BT 486.80 239.10 Td (nil ) Tj ET Q q 0 0 0 rg BT 499.89 239.10 Td (for ) Tj ET Q q 0 0 0 rg BT 514.09 239.10 Td (2013\). ) Tj ET Q q 0 0 0 rg BT 542.46 239.10 Td (Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 227.10 Td (new ) Tj ET Q q 0 0 0 rg BT 73.00 227.10 Td (and ) Tj ET Q q 0 0 0 rg BT 89.77 227.10 Td (modified ) Tj ET Q q 0 0 0 rg BT 128.22 227.10 Td (models ) Tj ET Q q 0 0 0 rg BT 159.44 227.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 198.98 227.10 Td (include ) Tj ET Q q 0 0 0 rg BT 230.75 227.10 Td (new ) Tj ET Q q 0 0 0 rg BT 249.75 227.10 Td (technology ) Tj ET Q q 0 0 0 rg BT 296.52 227.10 Td (content, ) Tj ET Q q 0 0 0 rg BT 330.79 227.10 Td (part ) Tj ET Q q 0 0 0 rg BT 348.68 227.10 Td (of ) Tj ET Q q 0 0 0 rg BT 359.35 227.10 Td (which ) Tj ET Q q 0 0 0 rg BT 386.12 227.10 Td (is ) Tj ET Q q 0 0 0 rg BT 395.13 227.10 Td (related ) Tj ET Q q 0 0 0 rg BT 424.67 227.10 Td (to ) Tj ET Q q 0 0 0 rg BT 434.79 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 449.34 227.10 Td (output ) Tj ET Q q 0 0 0 rg BT 477.24 227.10 Td (from ) Tj ET Q q 0 0 0 rg BT 499.01 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 513.57 227.10 Td (component ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 215.10 Td (research ) Tj ET Q q 0 0 0 rg BT 90.13 215.10 Td (and ) Tj ET Q q 0 0 0 rg BT 107.39 215.10 Td (development ) Tj ET Q q 0 0 0 rg BT 161.86 215.10 Td (ef) Tj ET Q q 0 0 0 rg BT 169.45 215.10 Td (forts. ) Tj ET Q q 0 0 0 rg BT 193.10 215.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 211.47 215.10 Td (continued ) Tj ET Q q 0 0 0 rg BT 253.73 215.10 Td (focus ) Tj ET Q q 0 0 0 rg BT 278.21 215.10 Td (on ) Tj ET Q q 0 0 0 rg BT 291.03 215.10 Td (component ) Tj ET Q q 0 0 0 rg BT 338.28 215.10 Td (development ) Tj ET Q q 0 0 0 rg BT 392.75 215.10 Td (has ) Tj ET Q q 0 0 0 rg BT 408.91 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 423.94 215.10 Td (objective ) Tj ET Q q 0 0 0 rg BT 463.42 215.10 Td (of ) Tj ET Q q 0 0 0 rg BT 474.57 215.10 Td (reducing ) Tj ET Q q 0 0 0 rg BT 512.37 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 527.41 215.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 550.23 215.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 203.10 Td (develop ) Tj ET Q q 0 0 0 rg BT 88.16 203.10 Td (new ) Tj ET Q q 0 0 0 rg BT 107.32 203.10 Td (and ) Tj ET Q q 0 0 0 rg BT 124.25 203.10 Td (modified ) Tj ET Q q 0 0 0 rg BT 162.86 203.10 Td ( ) Tj ET Q q 0 0 0 rg BT 165.36 203.10 Td (models.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 179.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 179.10 Td (Demand ) Tj ET Q q 0 0 0 rg BT 125.81 179.10 Td (for ) Tj ET Q q 0 0 0 rg BT 139.40 179.10 Td (our ) Tj ET Q q 0 0 0 rg BT 154.67 179.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 172.70 179.10 Td (tends ) Tj ET Q q 0 0 0 rg BT 195.74 179.10 Td (to ) Tj ET Q q 0 0 0 rg BT 205.45 179.10 Td (be ) Tj ET Q q 0 0 0 rg BT 216.83 179.10 Td (highest ) Tj ET Q q 0 0 0 rg BT 247.65 179.10 Td (in ) Tj ET Q q 0 0 0 rg BT 257.36 179.10 Td (the ) Tj ET Q q 0 0 0 rg BT 271.51 179.10 Td (first ) Tj ET Q q 0 0 0 rg BT 289.55 179.10 Td (year ) Tj ET Q q 0 0 0 rg BT 308.69 179.10 Td (or ) Tj ET Q q 0 0 0 rg BT 318.96 179.10 Td (two ) Tj ET Q q 0 0 0 rg BT 335.89 179.10 Td (from ) Tj ET Q q 0 0 0 rg BT 357.26 179.10 Td (a ) Tj ET Q q 0 0 0 rg BT 363.63 179.10 Td (car) Tj ET Q q 0 0 0 rg BT 376.21 179.10 Td () Tj ET Q q 0 0 0 rg BT 378.99 179.10 Td (s ) Tj ET Q q 0 0 0 rg BT 384.81 179.10 Td (launch, ) Tj ET Q q 0 0 0 rg BT 415.90 179.10 Td (while ) Tj ET Q q 0 0 0 rg BT 440.05 179.10 Td (in ) Tj ET Q q 0 0 0 rg BT 449.77 179.10 Td (the ) Tj ET Q q 0 0 0 rg BT 463.92 179.10 Td (latter ) Tj ET Q q 0 0 0 rg BT 486.39 179.10 Td (two ) Tj ET Q q 0 0 0 rg BT 503.33 179.10 Td (years ) Tj ET Q q 0 0 0 rg BT 526.36 179.10 Td (demand ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 167.10 Td (is ) Tj ET Q q 0 0 0 rg BT 62.20 167.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 100.92 167.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 125.22 167.10 Td (as ) Tj ET Q q 0 0 0 rg BT 135.07 167.10 Td (our ) Tj ET Q q 0 0 0 rg BT 149.93 167.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 177.56 167.10 Td (tend ) Tj ET Q q 0 0 0 rg BT 196.30 167.10 Td (to ) Tj ET Q q 0 0 0 rg BT 205.61 167.10 Td (focus ) Tj ET Q q 0 0 0 rg BT 228.79 167.10 Td (on ) Tj ET Q q 0 0 0 rg BT 240.32 167.10 Td (more ) Tj ET Q q 0 0 0 rg BT 262.39 167.10 Td (recently ) Tj ET Q q 0 0 0 rg BT 296.12 167.10 Td (introduced ) Tj ET Q q 0 0 0 rg BT 340.41 167.10 Td (cars. ) Tj ET Q q 0 0 0 rg BT 360.42 167.10 Td (W) Tj ET Q q 0 0 0 rg BT 369.06 167.10 Td (e ) Tj ET Q q 0 0 0 rg BT 375.02 167.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 405.42 167.10 Td (that ) Tj ET Q q 0 0 0 rg BT 421.94 167.10 Td (our ) Tj ET Q q 0 0 0 rg BT 436.80 167.10 Td (relatively ) Tj ET Q q 0 0 0 rg BT 476.08 167.10 Td (short ) Tj ET Q q 0 0 0 rg BT 497.61 167.10 Td (and ) Tj ET Q q 0 0 0 rg BT 513.57 167.10 Td (predictable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 155.10 Td (lifecycle ) Tj ET Q q 0 0 0 rg BT 90.95 155.10 Td (supports ) Tj ET Q q 0 0 0 rg BT 127.38 155.10 Td (both ) Tj ET Q q 0 0 0 rg BT 147.69 155.10 Td (new ) Tj ET Q q 0 0 0 rg BT 166.89 155.10 Td (car ) Tj ET Q q 0 0 0 rg BT 181.63 155.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 203.60 155.10 Td (and ) Tj ET Q q 0 0 0 rg BT 220.57 155.10 Td (the ) Tj ET Q q 0 0 0 rg BT 235.32 155.10 Td (value ) Tj ET Q q 0 0 0 rg BT 259.51 155.10 Td (of ) Tj ET Q q 0 0 0 rg BT 270.38 155.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 304.58 155.10 Td (models ) Tj ET Q q 0 0 0 rg BT 336.00 155.10 Td (both ) Tj ET Q q 0 0 0 rg BT 356.31 155.10 Td (in ) Tj ET Q q 0 0 0 rg BT 366.62 155.10 Td (the ) Tj ET Q q 0 0 0 rg BT 381.37 155.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 415.56 155.10 Td (and ) Tj ET Q q 0 0 0 rg BT 432.54 155.10 Td (resale ) Tj ET Q q 0 0 0 rg BT 458.38 155.10 Td (markets. ) Tj ET Q q 0 0 0 rg BT 494.89 155.10 Td (W) Tj ET Q q 0 0 0 rg BT 503.53 155.10 Td (e ) Tj ET Q q 0 0 0 rg BT 510.50 155.10 Td (also ) Tj ET Q q 0 0 0 rg BT 529.14 155.10 Td (believe ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 143.10 Td (that ) Tj ET Q q 0 0 0 rg BT 71.22 143.10 Td (this ) Tj ET Q q 0 0 0 rg BT 87.89 143.10 Td (lifecycle ) Tj ET Q q 0 0 0 rg BT 124.53 143.10 Td (ensures ) Tj ET Q q 0 0 0 rg BT 156.75 143.10 Td (that ) Tj ET Q q 0 0 0 rg BT 173.96 143.10 Td (our ) Tj ET Q q 0 0 0 rg BT 189.52 143.10 Td (products ) Tj ET Q q 0 0 0 rg BT 226.18 143.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 256.17 143.10 Td (responsive ) Tj ET Q q 0 0 0 rg BT 301.16 143.10 Td (to ) Tj ET Q q 0 0 0 rg BT 311.16 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 325.60 143.10 Td (expectations ) Tj ET Q q 0 0 0 rg BT 377.80 143.10 Td (of ) Tj ET Q q 0 0 0 rg BT 388.35 143.10 Td (our ) Tj ET Q q 0 0 0 rg BT 403.91 143.10 Td (clients. ) Tj ET Q q 0 0 0 rg BT 434.57 143.10 Td (W) Tj ET Q q 0 0 0 rg BT 443.61 143.10 Td (ith ) Tj ET Q q 0 0 0 rg BT 456.39 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 470.83 143.10 Td (exception ) Tj ET Q q 0 0 0 rg BT 511.93 143.10 Td (of ) Tj ET Q q 0 0 0 rg BT 522.48 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 536.92 143.10 Td (years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 131.10 Td (in ) Tj ET Q q 0 0 0 rg BT 63.12 131.10 Td (which ) Tj ET Q q 0 0 0 rg BT 88.90 131.10 Td (we ) Tj ET Q q 0 0 0 rg BT 101.90 131.10 Td (renew ) Tj ET Q q 0 0 0 rg BT 127.67 131.10 Td (our ) Tj ET Q q 0 0 0 rg BT 142.34 131.10 Td (product ) Tj ET Q q 0 0 0 rg BT 174.23 131.10 Td (range, ) Tj ET Q q 0 0 0 rg BT 200.28 131.10 Td (our ) Tj ET Q q 0 0 0 rg BT 214.95 131.10 Td (research ) Tj ET Q q 0 0 0 rg BT 249.60 131.10 Td (and ) Tj ET Q q 0 0 0 rg BT 265.38 131.10 Td (development ) Tj ET Q q 0 0 0 rg BT 318.37 131.10 Td (expenditure ) Tj ET Q q 0 0 0 rg BT 366.92 131.10 Td (\(excluding ) Tj ET Q q 0 0 0 rg BT 411.02 131.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 446.25 131.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 452.59 131.10 Td (research ) Tj ET Q q 0 0 0 rg BT 487.24 131.10 Td (and ) Tj ET Q q 0 0 0 rg BT 503.02 131.10 Td (development\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 119.10 Td (does ) Tj ET Q q 0 0 0 rg BT 74.53 119.10 Td (not ) Tj ET Q q 0 0 0 rg BT 89.52 119.10 Td (normally ) Tj ET Q q 0 0 0 rg BT 127.83 119.10 Td (fluctuate ) Tj ET Q q 0 0 0 rg BT 165.01 119.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 217.21 119.10 Td (from ) Tj ET Q q 0 0 0 rg BT 238.85 119.10 Td (period ) Tj ET Q q 0 0 0 rg BT 266.60 119.10 Td (to ) Tj ET Q q 0 0 0 rg BT 276.58 119.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 306.35 119.10 Td (As ) Tj ET Q q 0 0 0 rg BT 319.67 119.10 Td (a ) Tj ET Q q 0 0 0 rg BT 326.31 119.10 Td (result ) Tj ET Q q 0 0 0 rg BT 350.73 119.10 Td (of ) Tj ET Q q 0 0 0 rg BT 361.27 119.10 Td (our ) Tj ET Q q 0 0 0 rg BT 376.80 119.10 Td (strategy ) Tj ET Q q 0 0 0 rg BT 410.66 119.10 Td (to ) Tj ET Q q 0 0 0 rg BT 420.64 119.10 Td (update ) Tj ET Q q 0 0 0 rg BT 449.50 119.10 Td (our ) Tj ET Q q 0 0 0 rg BT 465.04 119.10 Td (product ) Tj ET Q q 0 0 0 rg BT 497.79 119.10 Td (range, ) Tj ET Q q 0 0 0 rg BT 524.70 119.10 Td (research ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 107.10 Td (and ) Tj ET Q q 0 0 0 rg BT 71.39 107.10 Td (development ) Tj ET Q q 0 0 0 rg BT 125.99 107.10 Td (expenditure ) Tj ET Q q 0 0 0 rg BT 176.15 107.10 Td (peaked ) Tj ET Q q 0 0 0 rg BT 207.41 107.10 Td (in ) Tj ET Q q 0 0 0 rg BT 218.14 107.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 241.09 107.10 Td (and ) Tj ET Q q 0 0 0 rg BT 258.48 107.10 Td (we ) Tj ET Q q 0 0 0 rg BT 273.10 107.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 302.14 107.10 Td (to ) Tj ET Q q 0 0 0 rg BT 312.87 107.10 Td (peak ) Tj ET Q q 0 0 0 rg BT 334.70 107.10 Td (again ) Tj ET Q q 0 0 0 rg BT 359.31 107.10 Td (in ) Tj ET Q q 0 0 0 rg BT 370.04 107.10 Td (any ) Tj ET Q q 0 0 0 rg BT 387.43 107.10 Td (future ) Tj ET Q q 0 0 0 rg BT 414.26 107.10 Td (years ) Tj ET Q q 0 0 0 rg BT 438.31 107.10 Td (in ) Tj ET Q q 0 0 0 rg BT 449.04 107.10 Td (which ) Tj ET Q q 0 0 0 rg BT 476.43 107.10 Td (we ) Tj ET Q q 0 0 0 rg BT 491.04 107.10 Td (have ) Tj ET Q q 0 0 0 rg BT 512.87 107.10 Td (a ) Tj ET Q q 0 0 0 rg BT 520.26 107.10 Td (relatively ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 95.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 98.71 95.10 Td (number ) Tj ET Q q 0 0 0 rg BT 131.76 95.10 Td (of ) Tj ET Q q 0 0 0 rg BT 142.59 95.10 Td (renewals ) Tj ET Q q 0 0 0 rg BT 180.63 95.10 Td (of ) Tj ET Q q 0 0 0 rg BT 191.46 95.10 Td (the ) Tj ET Q q 0 0 0 rg BT 206.17 95.10 Td (product ) Tj ET Q q 0 0 0 rg BT 239.22 95.10 Td (range.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 71.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 90.00 71.10 Td (Car ) Tj ET Q q 0 0 0 rg BT 107.59 71.10 Td (Profitability) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 157.03 71.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.53 71.10 Td ( ) Tj ET Q q 0 0 0 rg BT 161.41 71.10 Td (The ) Tj ET Q q 0 0 0 rg BT 178.99 71.10 Td (relative ) Tj ET Q q 0 0 0 rg BT 211.00 71.10 Td (profitability ) Tj ET Q q 0 0 0 rg BT 260.79 71.10 Td (of ) Tj ET Q q 0 0 0 rg BT 271.15 71.10 Td (the ) Tj ET Q q 0 0 0 rg BT 285.40 71.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 303.53 71.10 Td (we ) Tj ET Q q 0 0 0 rg BT 317.21 71.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 333.13 71.10 Td (tends ) Tj ET Q q 0 0 0 rg BT 356.27 71.10 Td (to ) Tj ET Q q 0 0 0 rg BT 366.07 71.10 Td (vary ) Tj ET Q q 0 0 0 rg BT 385.87 71.10 Td (depending ) Tj ET Q q 0 0 0 rg BT 429.56 71.10 Td (on ) Tj ET Q q 0 0 0 rg BT 441.58 71.10 Td (a ) Tj ET Q q 0 0 0 rg BT 448.05 71.10 Td (number ) Tj ET Q q 0 0 0 rg BT 480.63 71.10 Td (of ) Tj ET Q q 0 0 0 rg BT 490.99 71.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 520.22 71.10 Td (including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 59.10 Td (engine ) Tj ET Q q 0 0 0 rg BT 82.99 59.10 Td (size, ) Tj ET Q q 0 0 0 rg BT 103.38 59.10 Td (exclusivity ) Tj ET Q q 0 0 0 rg BT 149.59 59.10 Td (of ) Tj ET Q q 0 0 0 rg BT 160.26 59.10 Td (the ) Tj ET Q q 0 0 0 rg BT 174.81 59.10 Td (of) Tj ET Q q 0 0 0 rg BT 182.96 59.10 Td (fering, ) Tj ET Q q 0 0 0 rg BT 211.68 59.10 Td (content ) Tj ET Q q 0 0 0 rg BT 243.45 59.10 Td (of ) Tj ET Q q 0 0 0 rg BT 254.11 59.10 Td (the ) Tj ET Q q 0 0 0 rg BT 268.67 59.10 Td (car ) Tj ET Q q 0 0 0 rg BT 283.21 59.10 Td (and ) Tj ET Q q 0 0 0 rg BT 299.98 59.10 Td (the ) Tj ET Q q 0 0 0 rg BT 314.54 59.10 Td (geographic ) Tj ET Q q 0 0 0 rg BT 361.30 59.10 Td (market ) Tj ET Q q 0 0 0 rg BT 391.40 59.10 Td (in ) Tj ET Q q 0 0 0 rg BT 401.51 59.10 Td (which ) Tj ET Q q 0 0 0 rg BT 428.29 59.10 Td (it ) Tj ET Q q 0 0 0 rg BT 436.18 59.10 Td (is ) Tj ET Q q 0 0 0 rg BT 445.19 59.10 Td (sold. ) Tj ET Q q 0 0 0 rg BT 466.69 59.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 484.58 59.10 Td (products ) Tj ET Q q 0 0 0 rg BT 521.36 59.10 Td (equipped ) Tj ET Q endstream endobj 131 0 obj <> endobj 132 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (with ) Tj ET Q q 0 0 0 rg BT 74.55 731.10 Td (V12 ) Tj ET Q q 0 0 0 rg BT 94.76 731.10 Td (engines ) Tj ET Q q 0 0 0 rg BT 128.29 731.10 Td (have ) Tj ET Q q 0 0 0 rg BT 150.16 731.10 Td (historically ) Tj ET Q q 0 0 0 rg BT 198.13 731.10 Td (commanded ) Tj ET Q q 0 0 0 rg BT 249.99 731.10 Td (a ) Tj ET Q q 0 0 0 rg BT 257.42 731.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 285.95 731.10 Td (price, ) Tj ET Q q 0 0 0 rg BT 311.43 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 328.85 731.10 Td (have ) Tj ET Q q 0 0 0 rg BT 350.72 731.10 Td (therefore ) Tj ET Q q 0 0 0 rg BT 389.79 731.10 Td (been ) Tj ET Q q 0 0 0 rg BT 411.65 731.10 Td (more ) Tj ET Q q 0 0 0 rg BT 435.19 731.10 Td (profitable ) Tj ET Q q 0 0 0 rg BT 477.05 731.10 Td (than ) Tj ET Q q 0 0 0 rg BT 497.25 731.10 Td (those ) Tj ET Q q 0 0 0 rg BT 521.35 731.10 Td (equipped ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (with ) Tj ET Q q 0 0 0 rg BT 74.34 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 88.93 719.10 Td (V8 ) Tj ET Q q 0 0 0 rg BT 103.70 719.10 Td (engine. ) Tj ET Q q 0 0 0 rg BT 134.85 719.10 Td (At ) Tj ET Q q 0 0 0 rg BT 147.41 719.10 Td (December ) Tj ET Q q 0 0 0 rg BT 191.05 719.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 206.11 719.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 228.67 719.10 Td (our ) Tj ET Q q 0 0 0 rg BT 244.37 719.10 Td (V12 ) Tj ET Q q 0 0 0 rg BT 264.15 719.10 Td (product ) Tj ET Q q 0 0 0 rg BT 297.25 719.10 Td (of) Tj ET Q q 0 0 0 rg BT 305.40 719.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 331.84 719.10 Td (included ) Tj ET Q q 0 0 0 rg BT 368.83 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 383.60 719.10 Td (LaFerrari, ) Tj ET Q q 0 0 0 rg BT 426.42 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 441.19 719.10 Td (F12berlinetta, ) Tj ET Q q 0 0 0 rg BT 499.57 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 514.34 719.10 Td (F12tdf ) Tj ET Q q 0 0 0 rg BT 543.57 719.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 68.88 707.10 Td (FF) Tj ET Q q 0 0 0 rg BT 79.20 707.10 Td (, ) Tj ET Q q 0 0 0 rg BT 84.37 707.10 Td (and ) Tj ET Q q 0 0 0 rg BT 101.47 707.10 Td (our ) Tj ET Q q 0 0 0 rg BT 117.27 707.10 Td (V8 ) Tj ET Q q 0 0 0 rg BT 132.15 707.10 Td (product ) Tj ET Q q 0 0 0 rg BT 165.37 707.10 Td (of) Tj ET Q q 0 0 0 rg BT 173.51 707.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 200.06 707.10 Td (included ) Tj ET Q q 0 0 0 rg BT 237.15 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 252.03 707.10 Td (488 ) Tj ET Q q 0 0 0 rg BT 269.70 707.10 Td (GTB, ) Tj ET Q q 0 0 0 rg BT 294.86 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 309.74 707.10 Td (488 ) Tj ET Q q 0 0 0 rg BT 327.40 707.10 Td (Spider ) Tj ET Q q 0 0 0 rg BT 356.18 707.10 Td (and ) Tj ET Q q 0 0 0 rg BT 373.28 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 388.16 707.10 Td (California ) Tj ET Q q 0 0 0 rg BT 431.17 707.10 Td (T) Tj ET Q q 0 0 0 rg BT 436.54 707.10 Td (. ) Tj ET Q q 0 0 0 rg BT 441.70 707.10 Td (During ) Tj ET Q q 0 0 0 rg BT 472.69 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 487.58 707.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 519.68 707.10 Td (discussed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 695.10 Td (below ) Tj ET Q q 0 0 0 rg BT 80.94 695.10 Td (we ) Tj ET Q q 0 0 0 rg BT 95.10 695.10 Td (also ) Tj ET Q q 0 0 0 rg BT 113.71 695.10 Td (produced ) Tj ET Q q 0 0 0 rg BT 153.41 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 168.13 695.10 Td (458 ) Tj ET Q q 0 0 0 rg BT 185.63 695.10 Td (Italia, ) Tj ET Q q 0 0 0 rg BT 211.17 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 225.89 695.10 Td (458 ) Tj ET Q q 0 0 0 rg BT 243.39 695.10 Td (Spider) Tj ET Q q 0 0 0 rg BT 269.10 695.10 Td (, ) Tj ET Q q 0 0 0 rg BT 274.10 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 288.81 695.10 Td (458 ) Tj ET Q q 0 0 0 rg BT 306.31 695.10 Td (Speciale ) Tj ET Q q 0 0 0 rg BT 342.69 695.10 Td (and ) Tj ET Q q 0 0 0 rg BT 359.63 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 374.34 695.10 Td (458 ) Tj ET Q q 0 0 0 rg BT 391.84 695.10 Td (Speciale ) Tj ET Q q 0 0 0 rg BT 427.66 695.10 Td (A, ) Tj ET Q q 0 0 0 rg BT 439.88 695.10 Td (which ) Tj ET Q q 0 0 0 rg BT 466.82 695.10 Td (are ) Tj ET Q q 0 0 0 rg BT 481.53 695.10 Td (now ) Tj ET Q q 0 0 0 rg BT 501.25 695.10 Td (discontinued. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 671.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 671.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 108.00 671.10 Td (total ) Tj ET Q q 0 0 0 rg BT 128.22 671.10 Td (shipments ) Tj ET Q q 0 0 0 rg BT 171.23 671.10 Td (\(excluding ) Tj ET Q q 0 0 0 rg BT 216.44 671.10 Td (shipments ) Tj ET Q q 0 0 0 rg BT 259.45 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 270.22 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 284.89 671.10 Td (LaFerrari ) Tj ET Q q 0 0 0 rg BT 325.09 671.10 Td (and ) Tj ET Q q 0 0 0 rg BT 341.98 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 356.65 671.10 Td (FXX ) Tj ET Q q 0 0 0 rg BT 379.10 671.10 Td (K, ) Tj ET Q q 0 0 0 rg BT 391.27 671.10 Td (a ) Tj ET Q q 0 0 0 rg BT 398.16 671.10 Td (special ) Tj ET Q q 0 0 0 rg BT 428.37 671.10 Td (racing ) Tj ET Q q 0 0 0 rg BT 455.80 671.10 Td (car ) Tj ET Q q 0 0 0 rg BT 470.46 671.10 Td (that ) Tj ET Q q 0 0 0 rg BT 487.90 671.10 Td (may ) Tj ET Q q 0 0 0 rg BT 507.57 671.10 Td (only ) Tj ET Q q 0 0 0 rg BT 527.80 671.10 Td (be ) Tj ET Q q 0 0 0 rg BT 539.68 671.10 Td (used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 659.10 Td (on ) Tj ET Q q 0 0 0 rg BT 66.05 659.10 Td (race ) Tj ET Q q 0 0 0 rg BT 84.75 659.10 Td (track, ) Tj ET Q q 0 0 0 rg BT 109.28 659.10 Td (deliveries ) Tj ET Q q 0 0 0 rg BT 150.21 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 160.59 659.10 Td (which ) Tj ET Q q 0 0 0 rg BT 187.08 659.10 Td (started ) Tj ET Q q 0 0 0 rg BT 215.78 659.10 Td (in ) Tj ET Q q 0 0 0 rg BT 225.61 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 239.88 659.10 Td (second ) Tj ET Q q 0 0 0 rg BT 269.70 659.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 300.06 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 310.45 659.10 Td (2015\) ) Tj ET Q q 0 0 0 rg BT 335.83 659.10 Td (represented ) Tj ET Q q 0 0 0 rg BT 383.96 659.10 Td (by ) Tj ET Q q 0 0 0 rg BT 395.86 659.10 Td (V12 ) Tj ET Q q 0 0 0 rg BT 415.14 659.10 Td (models ) Tj ET Q q 0 0 0 rg BT 446.07 659.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 487.54 659.10 Td (from ) Tj ET Q q 0 0 0 rg BT 509.03 659.10 Td (26.0 ) Tj ET Q q 0 0 0 rg BT 528.58 659.10 Td (percent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 647.10 Td (in ) Tj ET Q q 0 0 0 rg BT 63.90 647.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 86.03 647.10 Td (to ) Tj ET Q q 0 0 0 rg BT 95.94 647.10 Td (24.3 ) Tj ET Q q 0 0 0 rg BT 115.56 647.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 147.11 647.10 Td (in ) Tj ET Q q 0 0 0 rg BT 157.02 647.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 181.64 647.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 220.98 647.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 248.66 647.10 Td (by ) Tj ET Q q 0 0 0 rg BT 260.78 647.10 Td (an ) Tj ET Q q 0 0 0 rg BT 272.35 647.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 307.23 647.10 Td (in ) Tj ET Q q 0 0 0 rg BT 316.98 647.10 Td (V8 ) Tj ET Q q 0 0 0 rg BT 331.33 647.10 Td (model ) Tj ET Q q 0 0 0 rg BT 358.45 647.10 Td (shipments, ) Tj ET Q q 0 0 0 rg BT 403.63 647.10 Td (then ) Tj ET Q q 0 0 0 rg BT 422.97 647.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 464.52 647.10 Td (to ) Tj ET Q q 0 0 0 rg BT 474.42 647.10 Td (16.3 ) Tj ET Q q 0 0 0 rg BT 494.05 647.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 525.60 647.10 Td (in ) Tj ET Q q 0 0 0 rg BT 535.50 647.10 Td (2015, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 635.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 93.05 635.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 120.44 635.10 Td (by ) Tj ET Q q 0 0 0 rg BT 132.27 635.10 Td (a ) Tj ET Q q 0 0 0 rg BT 138.55 635.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 174.80 635.10 Td (in ) Tj ET Q q 0 0 0 rg BT 184.42 635.10 Td (shipments ) Tj ET Q q 0 0 0 rg BT 226.81 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 236.98 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 251.04 635.10 Td (FF ) Tj ET Q q 0 0 0 rg BT 264.00 635.10 Td (and ) Tj ET Q q 0 0 0 rg BT 280.28 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 294.33 635.10 Td (F12berlinetta, ) Tj ET Q q 0 0 0 rg BT 351.99 635.10 Td (which ) Tj ET Q q 0 0 0 rg BT 378.27 635.10 Td (are ) Tj ET Q q 0 0 0 rg BT 392.31 635.10 Td (nearing ) Tj ET Q q 0 0 0 rg BT 424.14 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 438.19 635.10 Td (end ) Tj ET Q q 0 0 0 rg BT 454.47 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 464.64 635.10 Td (their ) Tj ET Q q 0 0 0 rg BT 484.80 635.10 Td (product ) Tj ET Q q 0 0 0 rg BT 517.19 635.10 Td (lifecycles. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 623.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 71.77 623.10 Td (recent ) Tj ET Q q 0 0 0 rg BT 98.42 623.10 Td (trend ) Tj ET Q q 0 0 0 rg BT 121.19 623.10 Td (towards ) Tj ET Q q 0 0 0 rg BT 155.08 623.10 Td (a ) Tj ET Q q 0 0 0 rg BT 161.74 623.10 Td (relatively ) Tj ET Q q 0 0 0 rg BT 201.72 623.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 229.49 623.10 Td (proportion ) Tj ET Q q 0 0 0 rg BT 273.93 623.10 Td (of ) Tj ET Q q 0 0 0 rg BT 284.48 623.10 Td (shipments ) Tj ET Q q 0 0 0 rg BT 327.26 623.10 Td (of ) Tj ET Q q 0 0 0 rg BT 337.65 623.10 Td (V8 ) Tj ET Q q 0 0 0 rg BT 352.10 623.10 Td (model ) Tj ET Q q 0 0 0 rg BT 379.32 623.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 400.98 623.10 Td (as ) Tj ET Q q 0 0 0 rg BT 411.53 623.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 453.18 623.10 Td (to ) Tj ET Q q 0 0 0 rg BT 463.02 623.10 Td (V12 ) Tj ET Q q 0 0 0 rg BT 482.46 623.10 Td (models ) Tj ET Q q 0 0 0 rg BT 513.57 623.10 Td (is ) Tj ET Q q 0 0 0 rg BT 522.47 623.10 Td (expected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 611.10 Td (to ) Tj ET Q q 0 0 0 rg BT 64.59 611.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 101.84 611.10 Td (over ) Tj ET Q q 0 0 0 rg BT 122.43 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 137.46 611.10 Td (next ) Tj ET Q q 0 0 0 rg BT 157.49 611.10 Td (few ) Tj ET Q q 0 0 0 rg BT 175.29 611.10 Td (years ) Tj ET Q q 0 0 0 rg BT 199.21 611.10 Td (based ) Tj ET Q q 0 0 0 rg BT 224.79 611.10 Td (on ) Tj ET Q q 0 0 0 rg BT 237.61 611.10 Td (our ) Tj ET Q q 0 0 0 rg BT 253.75 611.10 Td (current ) Tj ET Q q 0 0 0 rg BT 284.88 611.10 Td (and ) Tj ET Q q 0 0 0 rg BT 302.13 611.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 340.48 611.10 Td (product ) Tj ET Q q 0 0 0 rg BT 373.84 611.10 Td (of) Tj ET Q q 0 0 0 rg BT 381.99 611.10 Td (ferings ) Tj ET Q q 0 0 0 rg BT 412.58 611.10 Td (and ) Tj ET Q q 0 0 0 rg BT 429.83 611.10 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 476.51 611.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 507.66 611.10 Td (plans, ) Tj ET Q q 0 0 0 rg BT 534.08 611.10 Td (and ) Tj ET Q q 0 0 0 rg BT 551.33 611.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 599.10 Td (consistent ) Tj ET Q q 0 0 0 rg BT 98.03 599.10 Td (with ) Tj ET Q q 0 0 0 rg BT 119.85 599.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 156.66 599.10 Td (trends ) Tj ET Q q 0 0 0 rg BT 185.14 599.10 Td (toward ) Tj ET Q q 0 0 0 rg BT 216.94 599.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 237.08 599.10 Td (with ) Tj ET Q q 0 0 0 rg BT 258.90 599.10 Td (smaller ) Tj ET Q q 0 0 0 rg BT 292.37 599.10 Td (displacement ) Tj ET Q q 0 0 0 rg BT 349.16 599.10 Td (and ) Tj ET Q q 0 0 0 rg BT 367.64 599.10 Td (more ) Tj ET Q q 0 0 0 rg BT 392.22 599.10 Td (fuel ) Tj ET Q q 0 0 0 rg BT 411.81 599.10 Td (ef) Tj ET Q q 0 0 0 rg BT 419.39 599.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 448.97 599.10 Td (engines, ) Tj ET Q q 0 0 0 rg BT 486.06 599.10 Td (even ) Tj ET Q q 0 0 0 rg BT 508.97 599.10 Td (among ) Tj ET Q q 0 0 0 rg BT 540.22 599.10 Td (high ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 587.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 107.02 587.10 Td (cars. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 563.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 563.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.05 563.10 Td (exclusivity ) Tj ET Q q 0 0 0 rg BT 154.44 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 165.27 563.10 Td (a ) Tj ET Q q 0 0 0 rg BT 172.22 563.10 Td (particular ) Tj ET Q q 0 0 0 rg BT 213.03 563.10 Td (product ) Tj ET Q q 0 0 0 rg BT 246.08 563.10 Td (of) Tj ET Q q 0 0 0 rg BT 254.23 563.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 280.62 563.10 Td (is ) Tj ET Q q 0 0 0 rg BT 289.79 563.10 Td (also ) Tj ET Q q 0 0 0 rg BT 308.40 563.10 Td (a ) Tj ET Q q 0 0 0 rg BT 315.35 563.10 Td (relevant ) Tj ET Q q 0 0 0 rg BT 350.05 563.10 Td (factor ) Tj ET Q q 0 0 0 rg BT 375.87 563.10 Td (in ) Tj ET Q q 0 0 0 rg BT 386.16 563.10 Td (its ) Tj ET Q q 0 0 0 rg BT 398.11 563.10 Td (profitability) Tj ET Q q 0 0 0 rg BT 445.23 563.10 Td (. ) Tj ET Q q 0 0 0 rg BT 450.23 563.10 Td (For ) Tj ET Q q 0 0 0 rg BT 466.63 563.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 505.51 563.10 Td (in ) Tj ET Q q 0 0 0 rg BT 515.79 563.10 Td (November ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 551.10 Td (2013, ) Tj ET Q q 0 0 0 rg BT 79.07 551.10 Td (we ) Tj ET Q q 0 0 0 rg BT 93.31 551.10 Td (launched ) Tj ET Q q 0 0 0 rg BT 131.98 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 146.77 551.10 Td (LaFerrari, ) Tj ET Q q 0 0 0 rg BT 189.60 551.10 Td (our ) Tj ET Q q 0 0 0 rg BT 205.50 551.10 Td (latest ) Tj ET Q q 0 0 0 rg BT 229.18 551.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 260.09 551.10 Td (edition ) Tj ET Q q 0 0 0 rg BT 290.43 551.10 Td (supercar) Tj ET Q q 0 0 0 rg BT 323.90 551.10 Td (, ) Tj ET Q q 0 0 0 rg BT 328.98 551.10 Td (which ) Tj ET Q q 0 0 0 rg BT 355.99 551.10 Td (was ) Tj ET Q q 0 0 0 rg BT 374.12 551.10 Td (planned ) Tj ET Q q 0 0 0 rg BT 408.35 551.10 Td (for ) Tj ET Q q 0 0 0 rg BT 422.58 551.10 Td (a ) Tj ET Q q 0 0 0 rg BT 429.59 551.10 Td (total ) Tj ET Q q 0 0 0 rg BT 449.94 551.10 Td (production ) Tj ET Q q 0 0 0 rg BT 495.84 551.10 Td (run ) Tj ET Q q 0 0 0 rg BT 511.75 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 522.65 551.10 Td (only ) Tj ET Q q 0 0 0 rg BT 543.00 551.10 Td (499 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 539.10 Td (units. ) Tj ET Q q 0 0 0 rg BT 78.12 539.10 Td (In ) Tj ET Q q 0 0 0 rg BT 88.62 539.10 Td (light ) Tj ET Q q 0 0 0 rg BT 109.13 539.10 Td (of ) Tj ET Q q 0 0 0 rg BT 119.63 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 134.02 539.10 Td (exclusivity ) Tj ET Q q 0 0 0 rg BT 180.07 539.10 Td (of ) Tj ET Q q 0 0 0 rg BT 190.58 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 204.96 539.10 Td (of) Tj ET Q q 0 0 0 rg BT 213.11 539.10 Td (fering, ) Tj ET Q q 0 0 0 rg BT 241.66 539.10 Td (along ) Tj ET Q q 0 0 0 rg BT 266.05 539.10 Td (with ) Tj ET Q q 0 0 0 rg BT 286.00 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 300.39 539.10 Td (supercar ) Tj ET Q q 0 0 0 rg BT 345.31 539.10 Td (advanced ) Tj ET Q q 0 0 0 rg BT 385.23 539.10 Td (technological ) Tj ET Q q 0 0 0 rg BT 441.27 539.10 Td (and ) Tj ET Q q 0 0 0 rg BT 457.88 539.10 Td (design ) Tj ET Q q 0 0 0 rg BT 486.16 539.10 Td (content, ) Tj ET Q q 0 0 0 rg BT 520.27 539.10 Td (LaFerrari ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 527.10 Td (has ) Tj ET Q q 0 0 0 rg BT 70.07 527.10 Td (a ) Tj ET Q q 0 0 0 rg BT 77.24 527.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 99.41 527.10 Td (price ) Tj ET Q q 0 0 0 rg BT 122.14 527.10 Td (in ) Tj ET Q q 0 0 0 rg BT 132.65 527.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 161.48 527.10 Td (of ) Tj ET Q q 0 0 0 rg BT 172.55 527.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 185.29 527.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 219.41 527.10 Td (which ) Tj ET Q q 0 0 0 rg BT 246.59 527.10 Td (is ) Tj ET Q q 0 0 0 rg BT 255.99 527.10 Td (much ) Tj ET Q q 0 0 0 rg BT 280.95 527.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 309.23 527.10 Td (than ) Tj ET Q q 0 0 0 rg BT 329.18 527.10 Td (other ) Tj ET Q q 0 0 0 rg BT 352.46 527.10 Td (models ) Tj ET Q q 0 0 0 rg BT 384.09 527.10 Td (in ) Tj ET Q q 0 0 0 rg BT 394.60 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 409.55 527.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 439.50 527.10 Td (product ) Tj ET Q q 0 0 0 rg BT 472.78 527.10 Td (range. ) Tj ET Q q 0 0 0 rg BT 500.02 527.10 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 544.67 527.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 515.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 76.15 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 92.74 515.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 114.90 515.10 Td (net ) Tj ET Q q 0 0 0 rg BT 129.26 515.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 166.95 515.10 Td (have ) Tj ET Q q 0 0 0 rg BT 187.98 515.10 Td (benefited ) Tj ET Q q 0 0 0 rg BT 227.34 515.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 279.48 515.10 Td (from ) Tj ET Q q 0 0 0 rg BT 301.07 515.10 Td (shipments ) Tj ET Q q 0 0 0 rg BT 343.78 515.10 Td (of ) Tj ET Q q 0 0 0 rg BT 354.26 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 368.63 515.10 Td (LaFerrari. ) Tj ET Q q 0 0 0 rg BT 410.88 515.10 Td (W) Tj ET Q q 0 0 0 rg BT 419.52 515.10 Td (e ) Tj ET Q q 0 0 0 rg BT 426.11 515.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 454.36 515.10 Td (to ) Tj ET Q q 0 0 0 rg BT 464.29 515.10 Td (complete ) Tj ET Q q 0 0 0 rg BT 503.09 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 517.46 515.10 Td (shipments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 503.10 Td (of ) Tj ET Q q 0 0 0 rg BT 65.33 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 80.55 503.10 Td (LaFerrari ) Tj ET Q q 0 0 0 rg BT 121.30 503.10 Td (in ) Tj ET Q q 0 0 0 rg BT 132.08 503.10 Td (early ) Tj ET Q q 0 0 0 rg BT 155.07 503.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 180.57 503.10 Td (In ) Tj ET Q q 0 0 0 rg BT 191.90 503.10 Td (general, ) Tj ET Q q 0 0 0 rg BT 226.82 503.10 Td (more ) Tj ET Q q 0 0 0 rg BT 250.37 503.10 Td (exclusive ) Tj ET Q q 0 0 0 rg BT 291.13 503.10 Td (of) Tj ET Q q 0 0 0 rg BT 299.28 503.10 Td (ferings ) Tj ET Q q 0 0 0 rg BT 330.05 503.10 Td (generate ) Tj ET Q q 0 0 0 rg BT 366.92 503.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 395.46 503.10 Td (net ) Tj ET Q q 0 0 0 rg BT 410.68 503.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 449.22 503.10 Td (and ) Tj ET Q q 0 0 0 rg BT 466.66 503.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 500.20 503.10 Td (better ) Tj ET Q q 0 0 0 rg BT 525.97 503.10 Td (mar) Tj ET Q q 0 0 0 rg BT 541.33 503.10 Td (gins ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 491.10 Td (than ) Tj ET Q q 0 0 0 rg BT 73.93 491.10 Td (those ) Tj ET Q q 0 0 0 rg BT 97.76 491.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 139.34 491.10 Td (on ) Tj ET Q q 0 0 0 rg BT 152.06 491.10 Td (shipments ) Tj ET Q q 0 0 0 rg BT 195.33 491.10 Td (of ) Tj ET Q q 0 0 0 rg BT 206.38 491.10 Td (range ) Tj ET Q q 0 0 0 rg BT 231.30 491.10 Td (models ) Tj ET Q q 0 0 0 rg BT 262.91 491.10 Td (\(which ) Tj ET Q q 0 0 0 rg BT 293.39 491.10 Td (include ) Tj ET Q q 0 0 0 rg BT 325.54 491.10 Td (Sports ) Tj ET Q q 0 0 0 rg BT 353.82 491.10 Td (and ) Tj ET Q q 0 0 0 rg BT 370.98 491.10 Td (GT) Tj ET Q q 0 0 0 rg BT 384.13 491.10 Td ( ) Tj ET Q q 0 0 0 rg BT 386.84 491.10 Td (models, ) Tj ET Q q 0 0 0 rg BT 420.75 491.10 Td (V8 ) Tj ET Q q 0 0 0 rg BT 435.69 491.10 Td (and ) Tj ET Q q 0 0 0 rg BT 452.65 491.10 Td (V12 ) Tj ET Q q 0 0 0 rg BT 472.59 491.10 Td (models ) Tj ET Q q 0 0 0 rg BT 504.19 491.10 Td (and ) Tj ET Q q 0 0 0 rg BT 521.35 491.10 Td (represent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 68.76 479.10 Td (core ) Tj ET Q q 0 0 0 rg BT 88.50 479.10 Td (of ) Tj ET Q q 0 0 0 rg BT 99.37 479.10 Td (our ) Tj ET Q q 0 0 0 rg BT 115.24 479.10 Td (product ) Tj ET Q q 0 0 0 rg BT 148.33 479.10 Td (of) Tj ET Q q 0 0 0 rg BT 156.48 479.10 Td (fering\) ) Tj ET Q q 0 0 0 rg BT 186.22 479.10 Td (and ) Tj ET Q q 0 0 0 rg BT 203.20 479.10 Td (special ) Tj ET Q q 0 0 0 rg BT 233.50 479.10 Td (series ) Tj ET Q q 0 0 0 rg BT 258.81 479.10 Td (cars. ) Tj ET Q q 0 0 0 rg BT 279.95 479.10 Td (Similarly) Tj ET Q q 0 0 0 rg BT 316.52 479.10 Td (, ) Tj ET Q q 0 0 0 rg BT 321.56 479.10 Td (our ) Tj ET Q q 0 0 0 rg BT 337.43 479.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 368.30 479.10 Td (edition ) Tj ET Q q 0 0 0 rg BT 398.61 479.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 417.25 479.10 Td (which ) Tj ET Q q 0 0 0 rg BT 444.22 479.10 Td (we ) Tj ET Q q 0 0 0 rg BT 458.42 479.10 Td (launch ) Tj ET Q q 0 0 0 rg BT 487.62 479.10 Td (from ) Tj ET Q q 0 0 0 rg BT 509.60 479.10 Td (time ) Tj ET Q q 0 0 0 rg BT 529.91 479.10 Td (to ) Tj ET Q q 0 0 0 rg BT 540.23 479.10 Td (time ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 467.10 Td (are ) Tj ET Q q 0 0 0 rg BT 68.42 467.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 105.62 467.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 124.50 467.10 Td (at ) Tj ET Q q 0 0 0 rg BT 133.92 467.10 Td (a ) Tj ET Q q 0 0 0 rg BT 140.57 467.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 192.77 467.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 220.53 467.10 Td (price ) Tj ET Q q 0 0 0 rg BT 242.72 467.10 Td (point ) Tj ET Q q 0 0 0 rg BT 265.49 467.10 Td (than ) Tj ET Q q 0 0 0 rg BT 284.91 467.10 Td (our ) Tj ET Q q 0 0 0 rg BT 300.45 467.10 Td (range ) Tj ET Q q 0 0 0 rg BT 324.87 467.10 Td (models ) Tj ET Q q 0 0 0 rg BT 355.97 467.10 Td (and ) Tj ET Q q 0 0 0 rg BT 372.61 467.10 Td (therefore ) Tj ET Q q 0 0 0 rg BT 410.91 467.10 Td (they ) Tj ET Q q 0 0 0 rg BT 430.33 467.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 460.31 467.10 Td (our ) Tj ET Q q 0 0 0 rg BT 475.85 467.10 Td (results ) Tj ET Q q 0 0 0 rg BT 504.16 467.10 Td (in ) Tj ET Q q 0 0 0 rg BT 514.15 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 528.58 467.10 Td (periods ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 455.10 Td (in ) Tj ET Q q 0 0 0 rg BT 64.28 455.10 Td (which ) Tj ET Q q 0 0 0 rg BT 91.22 455.10 Td (they ) Tj ET Q q 0 0 0 rg BT 110.93 455.10 Td (are ) Tj ET Q q 0 0 0 rg BT 125.64 455.10 Td (sold.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 431.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 431.10 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 431.10 Td (e ) Tj ET Q q 0 0 0 rg BT 105.33 431.10 Td (seek ) Tj ET Q q 0 0 0 rg BT 125.36 431.10 Td (to ) Tj ET Q q 0 0 0 rg BT 135.39 431.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 170.40 431.10 Td (over ) Tj ET Q q 0 0 0 rg BT 190.42 431.10 Td (time ) Tj ET Q q 0 0 0 rg BT 210.45 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 224.93 431.10 Td (average ) Tj ET Q q 0 0 0 rg BT 258.27 431.10 Td (price ) Tj ET Q q 0 0 0 rg BT 280.51 431.10 Td (point ) Tj ET Q q 0 0 0 rg BT 303.32 431.10 Td (of ) Tj ET Q q 0 0 0 rg BT 313.91 431.10 Td (our ) Tj ET Q q 0 0 0 rg BT 329.49 431.10 Td (range ) Tj ET Q q 0 0 0 rg BT 353.96 431.10 Td (models ) Tj ET Q q 0 0 0 rg BT 385.10 431.10 Td (and ) Tj ET Q q 0 0 0 rg BT 401.79 431.10 Td (special ) Tj ET Q q 0 0 0 rg BT 431.81 431.10 Td (series ) Tj ET Q q 0 0 0 rg BT 456.84 431.10 Td (by ) Tj ET Q q 0 0 0 rg BT 469.09 431.10 Td (continually ) Tj ET Q q 0 0 0 rg BT 516.34 431.10 Td (improving ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 419.10 Td (performance, ) Tj ET Q q 0 0 0 rg BT 110.74 419.10 Td (technology ) Tj ET Q q 0 0 0 rg BT 158.90 419.10 Td (and ) Tj ET Q q 0 0 0 rg BT 177.06 419.10 Td (other ) Tj ET Q q 0 0 0 rg BT 201.33 419.10 Td (features, ) Tj ET Q q 0 0 0 rg BT 239.20 419.10 Td (and ) Tj ET Q q 0 0 0 rg BT 257.36 419.10 Td (by ) Tj ET Q q 0 0 0 rg BT 271.08 419.10 Td (leveraging ) Tj ET Q q 0 0 0 rg BT 317.00 419.10 Td (the ) Tj ET Q q 0 0 0 rg BT 332.94 419.10 Td (scarcity ) Tj ET Q q 0 0 0 rg BT 367.76 419.10 Td (value ) Tj ET Q q 0 0 0 rg BT 393.14 419.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 431.85 419.10 Td (from ) Tj ET Q q 0 0 0 rg BT 455.02 419.10 Td (our ) Tj ET Q q 0 0 0 rg BT 472.07 419.10 Td (low ) Tj ET Q q 0 0 0 rg BT 490.79 419.10 Td (volume ) Tj ET Q q 0 0 0 rg BT 524.51 419.10 Td (strategy) Tj ET Q q 0 0 0 rg BT 555.51 419.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 407.10 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 108.57 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 122.87 407.10 Td (content ) Tj ET Q q 0 0 0 rg BT 154.39 407.10 Td (of ) Tj ET Q q 0 0 0 rg BT 164.80 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 179.10 407.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 197.29 407.10 Td (we ) Tj ET Q q 0 0 0 rg BT 211.03 407.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 227.00 407.10 Td (can ) Tj ET Q q 0 0 0 rg BT 242.96 407.10 Td (be ) Tj ET Q q 0 0 0 rg BT 254.48 407.10 Td (customized ) Tj ET Q q 0 0 0 rg BT 302.11 407.10 Td (through ) Tj ET Q q 0 0 0 rg BT 335.30 407.10 Td (our ) Tj ET Q q 0 0 0 rg BT 350.72 407.10 Td (interior ) Tj ET Q q 0 0 0 rg BT 382.23 407.10 Td (and ) Tj ET Q q 0 0 0 rg BT 398.76 407.10 Td (exterior ) Tj ET Q q 0 0 0 rg BT 431.93 407.10 Td (personalization ) Tj ET Q q 0 0 0 rg BT 495.11 407.10 Td (program, ) Tj ET Q q 0 0 0 rg BT 533.57 407.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 395.10 Td (can ) Tj ET Q q 0 0 0 rg BT 70.02 395.10 Td (be ) Tj ET Q q 0 0 0 rg BT 81.61 395.10 Td (further ) Tj ET Q q 0 0 0 rg BT 110.96 395.10 Td (enhanced ) Tj ET Q q 0 0 0 rg BT 150.87 395.10 Td (through ) Tj ET Q q 0 0 0 rg BT 184.12 395.10 Td (bespoke ) Tj ET Q q 0 0 0 rg BT 219.04 395.10 Td (specifications. ) Tj ET Q q 0 0 0 rg BT 278.67 395.10 Td (Incremental ) Tj ET Q q 0 0 0 rg BT 328.56 395.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 366.25 395.10 Td (from ) Tj ET Q q 0 0 0 rg BT 387.83 395.10 Td (personalization ) Tj ET Q q 0 0 0 rg BT 451.07 395.10 Td (are ) Tj ET Q q 0 0 0 rg BT 465.42 395.10 Td (a ) Tj ET Q q 0 0 0 rg BT 472.01 395.10 Td (particularly ) Tj ET Q q 0 0 0 rg BT 520.25 395.10 Td (favorable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 383.10 Td (factor ) Tj ET Q q 0 0 0 rg BT 79.58 383.10 Td (of ) Tj ET Q q 0 0 0 rg BT 90.18 383.10 Td (our ) Tj ET Q q 0 0 0 rg BT 105.78 383.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 136.37 383.10 Td (and ) Tj ET Q q 0 0 0 rg BT 153.08 383.10 Td (product ) Tj ET Q q 0 0 0 rg BT 185.89 383.10 Td (mix, ) Tj ET Q q 0 0 0 rg BT 206.22 383.10 Td (due ) Tj ET Q q 0 0 0 rg BT 222.93 383.10 Td (to ) Tj ET Q q 0 0 0 rg BT 232.97 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 247.46 383.10 Td (fact ) Tj ET Q q 0 0 0 rg BT 264.71 383.10 Td (that ) Tj ET Q q 0 0 0 rg BT 281.97 383.10 Td (we ) Tj ET Q q 0 0 0 rg BT 295.90 383.10 Td (generate ) Tj ET Q q 0 0 0 rg BT 332.03 383.10 Td (a ) Tj ET Q q 0 0 0 rg BT 338.74 383.10 Td (mar) Tj ET Q q 0 0 0 rg BT 354.10 383.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 369.15 383.10 Td (on ) Tj ET Q q 0 0 0 rg BT 381.42 383.10 Td (each ) Tj ET Q q 0 0 0 rg BT 402.00 383.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 444.26 383.10 Td (option ) Tj ET Q q 0 0 0 rg BT 472.09 383.10 Td (selected ) Tj ET Q q 0 0 0 rg BT 506.56 383.10 Td (by ) Tj ET Q q 0 0 0 rg BT 518.82 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 533.31 383.10 Td (client. ) Tj ET Q q 0 0 0 rg BT 560.52 383.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 359.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 90.00 359.10 Td (Maserati ) Tj ET Q q 0 0 0 rg BT 128.81 359.10 Td (Engine ) Tj ET Q q 0 0 0 rg BT 160.96 359.10 Td (V) Tj ET Q q 0 0 0 rg BT 166.52 359.10 Td (olumes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.97 359.10 Td (. ) Tj ET Q q 0 0 0 rg BT 200.61 359.10 Td (In ) Tj ET Q q 0 0 0 rg BT 211.08 359.10 Td (201) Tj ET Q q 0 0 0 rg BT 225.71 359.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 235.35 359.10 Td (we ) Tj ET Q q 0 0 0 rg BT 249.15 359.10 Td (began ) Tj ET Q q 0 0 0 rg BT 275.17 359.10 Td (producing ) Tj ET Q q 0 0 0 rg BT 317.85 359.10 Td (a ) Tj ET Q q 0 0 0 rg BT 324.43 359.10 Td (new ) Tj ET Q q 0 0 0 rg BT 343.23 359.10 Td (family ) Tj ET Q q 0 0 0 rg BT 371.48 359.10 Td (of ) Tj ET Q q 0 0 0 rg BT 381.79 359.10 Td (V6 ) Tj ET Q q 0 0 0 rg BT 396.15 359.10 Td (engines ) Tj ET Q q 0 0 0 rg BT 428.84 359.10 Td (for ) Tj ET Q q 0 0 0 rg BT 442.64 359.10 Td (Maserati ) Tj ET Q q 0 0 0 rg BT 479.77 359.10 Td (for ) Tj ET Q q 0 0 0 rg BT 493.57 359.10 Td (use ) Tj ET Q q 0 0 0 rg BT 509.04 359.10 Td (in ) Tj ET Q q 0 0 0 rg BT 518.96 359.10 Td (their ) Tj ET Q q 0 0 0 rg BT 539.42 359.10 Td (cars. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 347.10 Td (In ) Tj ET Q q 0 0 0 rg BT 65.55 347.10 Td (order ) Tj ET Q q 0 0 0 rg BT 89.86 347.10 Td (to ) Tj ET Q q 0 0 0 rg BT 100.86 347.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 123.51 347.10 Td (our ) Tj ET Q q 0 0 0 rg BT 140.05 347.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 187.71 347.10 Td (under ) Tj ET Q q 0 0 0 rg BT 213.70 347.10 Td (our ) Tj ET Q q 0 0 0 rg BT 230.25 347.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 275.10 347.10 Td (with ) Tj ET Q q 0 0 0 rg BT 296.10 347.10 Td (Maserati, ) Tj ET Q q 0 0 0 rg BT 336.80 347.10 Td (we ) Tj ET Q q 0 0 0 rg BT 351.68 347.10 Td (constructed ) Tj ET Q q 0 0 0 rg BT 400.99 347.10 Td (a ) Tj ET Q q 0 0 0 rg BT 408.64 347.10 Td (new ) Tj ET Q q 0 0 0 rg BT 428.52 347.10 Td (production ) Tj ET Q q 0 0 0 rg BT 475.06 347.10 Td (line ) Tj ET Q q 0 0 0 rg BT 493.28 347.10 Td (dedicated ) Tj ET Q q 0 0 0 rg BT 534.80 347.10 Td (to ) Tj ET Q q 0 0 0 rg BT 545.80 347.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 335.10 Td (Maserati ) Tj ET Q q 0 0 0 rg BT 91.30 335.10 Td (V6 ) Tj ET Q q 0 0 0 rg BT 106.03 335.10 Td (engine, ) Tj ET Q q 0 0 0 rg BT 137.68 335.10 Td (which ) Tj ET Q q 0 0 0 rg BT 164.62 335.10 Td (was ) Tj ET Q q 0 0 0 rg BT 182.67 335.10 Td (funded ) Tj ET Q q 0 0 0 rg BT 212.94 335.10 Td (by ) Tj ET Q q 0 0 0 rg BT 225.44 335.10 Td (Maserati. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 311.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 311.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 106.60 311.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 144.30 311.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 185.33 311.10 Td (from ) Tj ET Q q 0 0 0 rg BT 206.93 311.10 Td (the ) Tj ET Q q 0 0 0 rg BT 221.32 311.10 Td (Maserati ) Tj ET Q q 0 0 0 rg BT 258.47 311.10 Td (engine ) Tj ET Q q 0 0 0 rg BT 287.29 311.10 Td (volumes ) Tj ET Q q 0 0 0 rg BT 323.34 311.10 Td (depend ) Tj ET Q q 0 0 0 rg BT 354.38 311.10 Td (on ) Tj ET Q q 0 0 0 rg BT 366.54 311.10 Td (the ) Tj ET Q q 0 0 0 rg BT 380.92 311.10 Td (orders ) Tj ET Q q 0 0 0 rg BT 408.08 311.10 Td (received ) Tj ET Q q 0 0 0 rg BT 444.11 311.10 Td (from ) Tj ET Q q 0 0 0 rg BT 465.71 311.10 Td (Maserati, ) Tj ET Q q 0 0 0 rg BT 505.36 311.10 Td (which ) Tj ET Q q 0 0 0 rg BT 531.96 311.10 Td (in ) Tj ET Q q 0 0 0 rg BT 541.90 311.10 Td (turn ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 299.10 Td (depends ) Tj ET Q q 0 0 0 rg BT 89.68 299.10 Td (on ) Tj ET Q q 0 0 0 rg BT 102.59 299.10 Td (Maserati ) Tj ET Q q 0 0 0 rg BT 140.49 299.10 Td (production ) Tj ET Q q 0 0 0 rg BT 186.73 299.10 Td (volumes. ) Tj ET Q q 0 0 0 rg BT 226.03 299.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 243.38 299.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 281.83 299.10 Td (from ) Tj ET Q q 0 0 0 rg BT 304.18 299.10 Td (Maserati ) Tj ET Q q 0 0 0 rg BT 342.08 299.10 Td (were ) Tj ET Q q 0 0 0 rg BT 364.42 299.10 Td (170 ) Tj ET Q q 0 0 0 rg BT 387.33 299.10 Td (million ) Tj ET Q q 0 0 0 rg BT 419.14 299.10 Td (in ) Tj ET Q q 0 0 0 rg BT 429.83 299.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 455.24 299.10 Td (251 ) Tj ET Q q 0 0 0 rg BT 478.15 299.10 Td (million ) Tj ET Q q 0 0 0 rg BT 509.96 299.10 Td (in ) Tj ET Q q 0 0 0 rg BT 520.65 299.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 543.56 299.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 287.10 Td (163 ) Tj ET Q q 0 0 0 rg BT 76.50 287.10 Td (million ) Tj ET Q q 0 0 0 rg BT 107.89 287.10 Td (in ) Tj ET Q q 0 0 0 rg BT 118.17 287.10 Td (2013. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 263.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 90.00 263.10 Td (Cost ) Tj ET Q q 0 0 0 rg BT 111.95 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 123.90 263.10 Td (Sales) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 145.57 263.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.07 263.10 Td ( ) Tj ET Q q 0 0 0 rg BT 151.68 263.10 Td (Cost ) Tj ET Q q 0 0 0 rg BT 173.63 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 185.58 263.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 208.63 263.10 Td (comprises ) Tj ET Q q 0 0 0 rg BT 252.79 263.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 292.50 263.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 329.43 263.10 Td (in ) Tj ET Q q 0 0 0 rg BT 340.82 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 356.65 263.10 Td (manufacturing ) Tj ET Q q 0 0 0 rg BT 418.57 263.10 Td (and ) Tj ET Q q 0 0 0 rg BT 436.63 263.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 486.35 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 498.30 263.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 518.01 263.10 Td (and ) Tj ET Q q 0 0 0 rg BT 536.06 263.10 Td (parts, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 251.10 Td (including ) Tj ET Q q 0 0 0 rg BT 94.75 251.10 Td (engines ) Tj ET Q q 0 0 0 rg BT 128.27 251.10 Td (rented ) Tj ET Q q 0 0 0 rg BT 156.23 251.10 Td (to ) Tj ET Q q 0 0 0 rg BT 166.99 251.10 Td (other ) Tj ET Q q 0 0 0 rg BT 190.51 251.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 227.37 251.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 235.35 251.10 Td (racing ) Tj ET Q q 0 0 0 rg BT 263.31 251.10 Td (teams. ) Tj ET Q q 0 0 0 rg BT 292.11 251.10 Td (Costs ) Tj ET Q q 0 0 0 rg BT 317.32 251.10 Td (of ) Tj ET Q q 0 0 0 rg BT 328.63 251.10 Td (materials, ) Tj ET Q q 0 0 0 rg BT 370.75 251.10 Td (components ) Tj ET Q q 0 0 0 rg BT 422.05 251.10 Td (and ) Tj ET Q q 0 0 0 rg BT 439.47 251.10 Td (labor ) Tj ET Q q 0 0 0 rg BT 462.99 251.10 Td (are ) Tj ET Q q 0 0 0 rg BT 478.17 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 493.37 251.10 Td (most ) Tj ET Q q 0 0 0 rg BT 515.79 251.10 Td (significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 239.10 Td (elements ) Tj ET Q q 0 0 0 rg BT 92.11 239.10 Td (of ) Tj ET Q q 0 0 0 rg BT 103.01 239.10 Td (our ) Tj ET Q q 0 0 0 rg BT 118.91 239.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 137.58 239.10 Td (of ) Tj ET Q q 0 0 0 rg BT 148.48 239.10 Td (sales. ) Tj ET Q q 0 0 0 rg BT 172.80 239.10 Td (The ) Tj ET Q q 0 0 0 rg BT 190.92 239.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 234.03 239.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 256.60 239.10 Td (principally ) Tj ET Q q 0 0 0 rg BT 302.49 239.10 Td (include ) Tj ET Q q 0 0 0 rg BT 334.49 239.10 Td (depreciation, ) Tj ET Q q 0 0 0 rg BT 388.98 239.10 Td (amortization, ) Tj ET Q q 0 0 0 rg BT 444.58 239.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 485.46 239.10 Td (and ) Tj ET Q q 0 0 0 rg BT 502.47 239.10 Td (transportation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 227.10 Td (costs. ) Tj ET Q q 0 0 0 rg BT 78.64 227.10 Td (Cost ) Tj ET Q q 0 0 0 rg BT 99.11 227.10 Td (of ) Tj ET Q q 0 0 0 rg BT 109.58 227.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 131.15 227.10 Td (also ) Tj ET Q q 0 0 0 rg BT 149.40 227.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 184.86 227.10 Td (warranty) Tj ET Q q 0 0 0 rg BT 219.75 227.10 Td (, ) Tj ET Q q 0 0 0 rg BT 224.38 227.10 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 277.05 227.10 Td (and ) Tj ET Q q 0 0 0 rg BT 293.62 227.10 Td (product-related ) Tj ET Q q 0 0 0 rg BT 356.84 227.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 381.47 227.10 Td (which ) Tj ET Q q 0 0 0 rg BT 408.05 227.10 Td (are ) Tj ET Q q 0 0 0 rg BT 422.39 227.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 462.85 227.10 Td (and ) Tj ET Q q 0 0 0 rg BT 479.42 227.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 516.53 227.10 Td (at ) Tj ET Q q 0 0 0 rg BT 525.89 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 540.24 227.10 Td (time ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 215.10 Td (of ) Tj ET Q q 0 0 0 rg BT 64.23 215.10 Td (shipment ) Tj ET Q q 0 0 0 rg BT 102.79 215.10 Td (of ) Tj ET Q q 0 0 0 rg BT 113.02 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 127.14 215.10 Td (car) Tj ET Q q 0 0 0 rg BT 138.79 215.10 Td (. ) Tj ET Q q 0 0 0 rg BT 143.19 215.10 Td (Expenses ) Tj ET Q q 0 0 0 rg BT 182.86 215.10 Td (that ) Tj ET Q q 0 0 0 rg BT 199.75 215.10 Td (are ) Tj ET Q q 0 0 0 rg BT 213.86 215.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 246.30 215.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 293.73 215.10 Td (to ) Tj ET Q q 0 0 0 rg BT 303.41 215.10 Td (our ) Tj ET Q q 0 0 0 rg BT 318.64 215.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 355.52 215.10 Td (services ) Tj ET Q q 0 0 0 rg BT 389.62 215.10 Td (companies, ) Tj ET Q q 0 0 0 rg BT 436.78 215.10 Td (including ) Tj ET Q q 0 0 0 rg BT 476.46 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 490.57 215.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 521.90 215.10 Td (expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 203.10 Td (related ) Tj ET Q q 0 0 0 rg BT 83.70 203.10 Td (to ) Tj ET Q q 0 0 0 rg BT 93.98 203.10 Td (their ) Tj ET Q q 0 0 0 rg BT 114.81 203.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 155.07 203.10 Td (as ) Tj ET Q q 0 0 0 rg BT 165.90 203.10 Td (a ) Tj ET Q q 0 0 0 rg BT 172.84 203.10 Td (whole ) Tj ET Q q 0 0 0 rg BT 199.78 203.10 Td (and ) Tj ET Q q 0 0 0 rg BT 216.71 203.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 260.88 203.10 Td (for ) Tj ET Q q 0 0 0 rg BT 275.04 203.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 296.44 203.10 Td (and ) Tj ET Q q 0 0 0 rg BT 313.38 203.10 Td (write-downs ) Tj ET Q q 0 0 0 rg BT 365.87 203.10 Td (of ) Tj ET Q q 0 0 0 rg BT 376.70 203.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 405.03 203.10 Td (are ) Tj ET Q q 0 0 0 rg BT 419.73 203.10 Td (also ) Tj ET Q q 0 0 0 rg BT 438.34 203.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 474.16 203.10 Td (in ) Tj ET Q q 0 0 0 rg BT 484.43 203.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 503.04 203.10 Td (of ) Tj ET Q q 0 0 0 rg BT 513.87 203.10 Td (sales.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 179.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 179.10 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 179.10 Td (e ) Tj ET Q q 0 0 0 rg BT 107.57 179.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 147.60 179.10 Td (a ) Tj ET Q q 0 0 0 rg BT 156.53 179.10 Td (variety ) Tj ET Q q 0 0 0 rg BT 188.79 179.10 Td (of ) Tj ET Q q 0 0 0 rg BT 201.62 179.10 Td (components ) Tj ET Q q 0 0 0 rg BT 254.44 179.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 300.03 179.10 Td (mechanical, ) Tj ET Q q 0 0 0 rg BT 352.55 179.10 Td (steel, ) Tj ET Q q 0 0 0 rg BT 377.87 179.10 Td (aluminum, ) Tj ET Q q 0 0 0 rg BT 425.42 179.10 Td (electrical ) Tj ET Q q 0 0 0 rg BT 466.55 179.10 Td (and ) Tj ET Q q 0 0 0 rg BT 485.48 179.10 Td (electronic, ) Tj ET Q q 0 0 0 rg BT 531.90 179.10 Td (plastic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 167.10 Td (components ) Tj ET Q q 0 0 0 rg BT 104.70 167.10 Td (as ) Tj ET Q q 0 0 0 rg BT 115.40 167.10 Td (well ) Tj ET Q q 0 0 0 rg BT 134.99 167.10 Td (as ) Tj ET Q q 0 0 0 rg BT 145.69 167.10 Td (casting ) Tj ET Q q 0 0 0 rg BT 176.39 167.10 Td (and ) Tj ET Q q 0 0 0 rg BT 193.20 167.10 Td (tires\), ) Tj ET Q q 0 0 0 rg BT 218.62 167.10 Td (raw ) Tj ET Q q 0 0 0 rg BT 235.99 167.10 Td (materials ) Tj ET Q q 0 0 0 rg BT 275.01 167.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 292.93 167.10 Td (most ) Tj ET Q q 0 0 0 rg BT 314.75 167.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 359.34 167.10 Td (of ) Tj ET Q q 0 0 0 rg BT 370.04 167.10 Td (which ) Tj ET Q q 0 0 0 rg BT 396.85 167.10 Td (is ) Tj ET Q q 0 0 0 rg BT 405.89 167.10 Td (aluminum\) ) Tj ET Q q 0 0 0 rg BT 452.15 167.10 Td (and ) Tj ET Q q 0 0 0 rg BT 468.96 167.10 Td (supplies, ) Tj ET Q q 0 0 0 rg BT 506.61 167.10 Td (and ) Tj ET Q q 0 0 0 rg BT 523.42 167.10 Td (we ) Tj ET Q q 0 0 0 rg BT 537.46 167.10 Td (incur ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 155.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 76.94 155.10 Td (of ) Tj ET Q q 0 0 0 rg BT 88.20 155.10 Td (utilities, ) Tj ET Q q 0 0 0 rg BT 123.64 155.10 Td (logistics ) Tj ET Q q 0 0 0 rg BT 159.91 155.10 Td (and ) Tj ET Q q 0 0 0 rg BT 177.28 155.10 Td (other ) Tj ET Q q 0 0 0 rg BT 200.77 155.10 Td (services ) Tj ET Q q 0 0 0 rg BT 235.91 155.10 Td (from ) Tj ET Q q 0 0 0 rg BT 258.28 155.10 Td (numerous ) Tj ET Q q 0 0 0 rg BT 300.66 155.10 Td (suppliers ) Tj ET Q q 0 0 0 rg BT 339.70 155.10 Td (in ) Tj ET Q q 0 0 0 rg BT 350.42 155.10 Td (the ) Tj ET Q q 0 0 0 rg BT 365.57 155.10 Td (manufacture ) Tj ET Q q 0 0 0 rg BT 418.48 155.10 Td (of ) Tj ET Q q 0 0 0 rg BT 429.74 155.10 Td (our ) Tj ET Q q 0 0 0 rg BT 446.01 155.10 Td (cars. ) Tj ET Q q 0 0 0 rg BT 467.54 155.10 Td (Fluctuations ) Tj ET Q q 0 0 0 rg BT 519.92 155.10 Td (in ) Tj ET Q q 0 0 0 rg BT 530.64 155.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 549.68 155.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 143.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 76.27 143.10 Td (are ) Tj ET Q q 0 0 0 rg BT 91.30 143.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 131.34 143.10 Td (related ) Tj ET Q q 0 0 0 rg BT 161.37 143.10 Td (to ) Tj ET Q q 0 0 0 rg BT 171.98 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 187.03 143.10 Td (number ) Tj ET Q q 0 0 0 rg BT 220.40 143.10 Td (of ) Tj ET Q q 0 0 0 rg BT 231.56 143.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 250.49 143.10 Td (we ) Tj ET Q q 0 0 0 rg BT 264.98 143.10 Td (produce ) Tj ET Q q 0 0 0 rg BT 300.01 143.10 Td (and ) Tj ET Q q 0 0 0 rg BT 317.28 143.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 333.99 143.10 Td (along ) Tj ET Q q 0 0 0 rg BT 359.04 143.10 Td (with ) Tj ET Q q 0 0 0 rg BT 379.65 143.10 Td (shifts ) Tj ET Q q 0 0 0 rg BT 404.15 143.10 Td (in ) Tj ET Q q 0 0 0 rg BT 414.75 143.10 Td (car ) Tj ET Q q 0 0 0 rg BT 429.79 143.10 Td (mix, ) Tj ET Q q 0 0 0 rg BT 450.67 143.10 Td (as ) Tj ET Q q 0 0 0 rg BT 461.83 143.10 Td (newer ) Tj ET Q q 0 0 0 rg BT 489.09 143.10 Td (models ) Tj ET Q q 0 0 0 rg BT 520.80 143.10 Td (generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 131.10 Td (have ) Tj ET Q q 0 0 0 rg BT 75.32 131.10 Td (more ) Tj ET Q q 0 0 0 rg BT 98.32 131.10 Td (technologically ) Tj ET Q q 0 0 0 rg BT 162.41 131.10 Td (advanced ) Tj ET Q q 0 0 0 rg BT 202.61 131.10 Td (components ) Tj ET Q q 0 0 0 rg BT 253.38 131.10 Td (and ) Tj ET Q q 0 0 0 rg BT 270.26 131.10 Td (enhancements ) Tj ET Q q 0 0 0 rg BT 329.35 131.10 Td (and ) Tj ET Q q 0 0 0 rg BT 346.24 131.10 Td (therefore ) Tj ET Q q 0 0 0 rg BT 384.77 131.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 412.76 131.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 435.21 131.10 Td (per ) Tj ET Q q 0 0 0 rg BT 450.42 131.10 Td (unit. ) Tj ET Q q 0 0 0 rg BT 470.92 131.10 Td (Supercars ) Tj ET Q q 0 0 0 rg BT 512.80 131.10 Td (and ) Tj ET Q q 0 0 0 rg BT 529.68 131.10 Td (limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 119.10 Td (edition ) Tj ET Q q 0 0 0 rg BT 84.06 119.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 102.45 119.10 Td (\(fuoriserie\) ) Tj ET Q q 0 0 0 rg BT 149.72 119.10 Td (also ) Tj ET Q q 0 0 0 rg BT 168.12 119.10 Td (tend ) Tj ET Q q 0 0 0 rg BT 187.62 119.10 Td (to ) Tj ET Q q 0 0 0 rg BT 197.69 119.10 Td (have ) Tj ET Q q 0 0 0 rg BT 218.86 119.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 246.70 119.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 268.99 119.10 Td (per ) Tj ET Q q 0 0 0 rg BT 284.04 119.10 Td (unit ) Tj ET Q q 0 0 0 rg BT 301.89 119.10 Td (but ) Tj ET Q q 0 0 0 rg BT 316.96 119.10 Td (these ) Tj ET Q q 0 0 0 rg BT 339.80 119.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 367.63 119.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 389.92 119.10 Td (tend ) Tj ET Q q 0 0 0 rg BT 409.43 119.10 Td (to ) Tj ET Q q 0 0 0 rg BT 419.50 119.10 Td (be ) Tj ET Q q 0 0 0 rg BT 431.23 119.10 Td (more ) Tj ET Q q 0 0 0 rg BT 454.06 119.10 Td (than ) Tj ET Q q 0 0 0 rg BT 473.57 119.10 Td (of) Tj ET Q q 0 0 0 rg BT 481.72 119.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 498.45 119.10 Td (by ) Tj ET Q q 0 0 0 rg BT 510.74 119.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 538.58 119.10 Td (sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 107.10 Td (prices. ) Tj ET Q q 0 0 0 rg BT 83.17 107.10 Td (Cost ) Tj ET Q q 0 0 0 rg BT 104.29 107.10 Td (of ) Tj ET Q q 0 0 0 rg BT 115.41 107.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 137.64 107.10 Td (are ) Tj ET Q q 0 0 0 rg BT 152.63 107.10 Td (also ) Tj ET Q q 0 0 0 rg BT 171.53 107.10 Td (af) Tj ET Q q 0 0 0 rg BT 179.12 107.10 Td (fected, ) Tj ET Q q 0 0 0 rg BT 208.83 107.10 Td (to ) Tj ET Q q 0 0 0 rg BT 219.40 107.10 Td (a ) Tj ET Q q 0 0 0 rg BT 226.62 107.10 Td (lesser ) Tj ET Q q 0 0 0 rg BT 252.18 107.10 Td (extent, ) Tj ET Q q 0 0 0 rg BT 281.90 107.10 Td (by ) Tj ET Q q 0 0 0 rg BT 294.69 107.10 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 344.69 107.10 Td (of ) Tj ET Q q 0 0 0 rg BT 355.81 107.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 385.80 107.10 Td (raw ) Tj ET Q q 0 0 0 rg BT 403.58 107.10 Td (material ) Tj ET Q q 0 0 0 rg BT 439.12 107.10 Td (prices, ) Tj ET Q q 0 0 0 rg BT 468.29 107.10 Td (although, ) Tj ET Q q 0 0 0 rg BT 508.57 107.10 Td (we ) Tj ET Q q 0 0 0 rg BT 523.02 107.10 Td (typically ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 95.10 Td (seek ) Tj ET Q q 0 0 0 rg BT 74.27 95.10 Td (to ) Tj ET Q q 0 0 0 rg BT 84.55 95.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 118.14 95.10 Td (these ) Tj ET Q q 0 0 0 rg BT 141.19 95.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 163.69 95.10 Td (and ) Tj ET Q q 0 0 0 rg BT 180.63 95.10 Td (minimize ) Tj ET Q q 0 0 0 rg BT 220.89 95.10 Td (their ) Tj ET Q q 0 0 0 rg BT 241.72 95.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 280.33 95.10 Td (through ) Tj ET Q q 0 0 0 rg BT 313.94 95.10 Td (the ) Tj ET Q q 0 0 0 rg BT 328.65 95.10 Td (use ) Tj ET Q q 0 0 0 rg BT 344.48 95.10 Td (of ) Tj ET Q q 0 0 0 rg BT 355.31 95.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 378.36 95.10 Td (price ) Tj ET Q q 0 0 0 rg BT 400.85 95.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 442.78 95.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 480.82 95.10 Td (contracts. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 71.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 71.10 Td (In ) Tj ET Q q 0 0 0 rg BT 99.62 71.10 Td (recent ) Tj ET Q q 0 0 0 rg BT 125.33 71.10 Td (years, ) Tj ET Q q 0 0 0 rg BT 150.21 71.10 Td (management ) Tj ET Q q 0 0 0 rg BT 202.58 71.10 Td (has ) Tj ET Q q 0 0 0 rg BT 217.20 71.10 Td (made ) Tj ET Q q 0 0 0 rg BT 240.14 71.10 Td (ef) Tj ET Q q 0 0 0 rg BT 247.73 71.10 Td (forts ) Tj ET Q q 0 0 0 rg BT 267.34 71.10 Td (to ) Tj ET Q q 0 0 0 rg BT 276.41 71.10 Td (achieve ) Tj ET Q q 0 0 0 rg BT 308.23 71.10 Td (technical ) Tj ET Q q 0 0 0 rg BT 345.60 71.10 Td (and ) Tj ET Q q 0 0 0 rg BT 361.32 71.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 409.81 71.10 Td (ef) Tj ET Q q 0 0 0 rg BT 417.40 71.10 Td (ficiencies. ) Tj ET Q q 0 0 0 rg BT 459.49 71.10 Td (In ) Tj ET Q q 0 0 0 rg BT 469.11 71.10 Td (particular) Tj ET Q q 0 0 0 rg BT 507.02 71.10 Td (, ) Tj ET Q q 0 0 0 rg BT 510.80 71.10 Td (commercial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 59.10 Td (ef) Tj ET Q q 0 0 0 rg BT 61.59 59.10 Td (ficiencies ) Tj ET Q q 0 0 0 rg BT 103.11 59.10 Td (have ) Tj ET Q q 0 0 0 rg BT 125.19 59.10 Td (been ) Tj ET Q q 0 0 0 rg BT 147.28 59.10 Td (achieved ) Tj ET Q q 0 0 0 rg BT 186.02 59.10 Td (through ) Tj ET Q q 0 0 0 rg BT 220.33 59.10 Td (negotiating ) Tj ET Q q 0 0 0 rg BT 268.53 59.10 Td (discounts ) Tj ET Q q 0 0 0 rg BT 309.52 59.10 Td (where ) Tj ET Q q 0 0 0 rg BT 337.15 59.10 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 385.89 59.10 Td (and ) Tj ET Q q 0 0 0 rg BT 403.54 59.10 Td (entering ) Tj ET Q q 0 0 0 rg BT 439.51 59.10 Td (into ) Tj ET Q q 0 0 0 rg BT 458.28 59.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 500.92 59.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 540.22 59.10 Td (with ) Tj ET Q endstream endobj 133 0 obj <> endobj 134 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (suppliers, ) Tj ET Q q 0 0 0 rg BT 95.05 731.10 Td (who ) Tj ET Q q 0 0 0 rg BT 114.71 731.10 Td (commit ) Tj ET Q q 0 0 0 rg BT 147.70 731.10 Td (upfront ) Tj ET Q q 0 0 0 rg BT 179.57 731.10 Td (to ) Tj ET Q q 0 0 0 rg BT 189.79 731.10 Td (passing ) Tj ET Q q 0 0 0 rg BT 222.23 731.10 Td (on ) Tj ET Q q 0 0 0 rg BT 234.66 731.10 Td (to ) Tj ET Q q 0 0 0 rg BT 244.88 731.10 Td (us ) Tj ET Q q 0 0 0 rg BT 256.21 731.10 Td (a ) Tj ET Q q 0 0 0 rg BT 263.09 731.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 294.41 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 305.18 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 319.83 731.10 Td (ef) Tj ET Q q 0 0 0 rg BT 327.42 731.10 Td (ficiencies ) Tj ET Q q 0 0 0 rg BT 368.17 731.10 Td (they ) Tj ET Q q 0 0 0 rg BT 387.83 731.10 Td (achieve ) Tj ET Q q 0 0 0 rg BT 420.80 731.10 Td (in ) Tj ET Q q 0 0 0 rg BT 431.01 731.10 Td (performing ) Tj ET Q q 0 0 0 rg BT 478.44 731.10 Td (our ) Tj ET Q q 0 0 0 rg BT 494.20 731.10 Td (supply ) Tj ET Q q 0 0 0 rg BT 523.31 731.10 Td (contract. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 109.46 719.10 Td (ef) Tj ET Q q 0 0 0 rg BT 117.05 719.10 Td (forts ) Tj ET Q q 0 0 0 rg BT 138.35 719.10 Td (are ) Tj ET Q q 0 0 0 rg BT 153.53 719.10 Td (made ) Tj ET Q q 0 0 0 rg BT 178.16 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 188.91 719.10 Td (award ) Tj ET Q q 0 0 0 rg BT 216.31 719.10 Td (new ) Tj ET Q q 0 0 0 rg BT 235.94 719.10 Td (business ) Tj ET Q q 0 0 0 rg BT 272.81 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 283.56 719.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 318.19 719.10 Td (suppliers, ) Tj ET Q q 0 0 0 rg BT 359.78 719.10 Td (in ) Tj ET Q q 0 0 0 rg BT 370.53 719.10 Td (order ) Tj ET Q q 0 0 0 rg BT 394.60 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 405.35 719.10 Td (negotiate ) Tj ET Q q 0 0 0 rg BT 444.97 719.10 Td (favorable ) Tj ET Q q 0 0 0 rg BT 485.70 719.10 Td (pricing. ) Tj ET Q q 0 0 0 rg BT 519.28 719.10 Td (T) Tj ET Q q 0 0 0 rg BT 524.69 719.10 Td (echnical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.10 Td (ef) Tj ET Q q 0 0 0 rg BT 61.59 707.10 Td (ficiencies ) Tj ET Q q 0 0 0 rg BT 102.34 707.10 Td (include ) Tj ET Q q 0 0 0 rg BT 134.22 707.10 Td (ef) Tj ET Q q 0 0 0 rg BT 141.81 707.10 Td (forts ) Tj ET Q q 0 0 0 rg BT 162.59 707.10 Td (made ) Tj ET Q q 0 0 0 rg BT 186.69 707.10 Td (to ) Tj ET Q q 0 0 0 rg BT 196.91 707.10 Td (produce ) Tj ET Q q 0 0 0 rg BT 231.56 707.10 Td (components ) Tj ET Q q 0 0 0 rg BT 282.33 707.10 Td (using ) Tj ET Q q 0 0 0 rg BT 306.45 707.10 Td (innovative, ) Tj ET Q q 0 0 0 rg BT 353.61 707.10 Td (less ) Tj ET Q q 0 0 0 rg BT 371.05 707.10 Td (expensive ) Tj ET Q q 0 0 0 rg BT 413.48 707.10 Td (materials ) Tj ET Q q 0 0 0 rg BT 452.58 707.10 Td (without ) Tj ET Q q 0 0 0 rg BT 485.58 707.10 Td (compromising ) Tj ET Q q 0 0 0 rg BT 545.80 707.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 695.10 Td (components) Tj ET Q q 0 0 0 rg BT 104.91 695.10 Td ( ) Tj ET Q q 0 0 0 rg BT 108.46 695.10 Td (performance. ) Tj ET Q q 0 0 0 rg BT 165.02 695.10 Td (In ) Tj ET Q q 0 0 0 rg BT 176.89 695.10 Td (order ) Tj ET Q q 0 0 0 rg BT 201.53 695.10 Td (to ) Tj ET Q q 0 0 0 rg BT 212.85 695.10 Td (achieve ) Tj ET Q q 0 0 0 rg BT 246.93 695.10 Td (these ) Tj ET Q q 0 0 0 rg BT 271.02 695.10 Td (technical ) Tj ET Q q 0 0 0 rg BT 310.65 695.10 Td (ef) Tj ET Q q 0 0 0 rg BT 318.24 695.10 Td (ficiencies, ) Tj ET Q q 0 0 0 rg BT 362.59 695.10 Td (we ) Tj ET Q q 0 0 0 rg BT 377.79 695.10 Td (perform ) Tj ET Q q 0 0 0 rg BT 413.54 695.10 Td (in-house ) Tj ET Q q 0 0 0 rg BT 451.52 695.10 Td (research ) Tj ET Q q 0 0 0 rg BT 488.37 695.10 Td (and ) Tj ET Q q 0 0 0 rg BT 506.35 695.10 Td (development ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 92.60 683.10 Td (and ) Tj ET Q q 0 0 0 rg BT 109.54 683.10 Td (we ) Tj ET Q q 0 0 0 rg BT 123.70 683.10 Td (invite ) Tj ET Q q 0 0 0 rg BT 148.97 683.10 Td (our ) Tj ET Q q 0 0 0 rg BT 164.80 683.10 Td (suppliers ) Tj ET Q q 0 0 0 rg BT 203.41 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 213.69 683.10 Td (present ) Tj ET Q q 0 0 0 rg BT 245.06 683.10 Td (us ) Tj ET Q q 0 0 0 rg BT 256.46 683.10 Td (with ) Tj ET Q q 0 0 0 rg BT 276.73 683.10 Td (solutions ) Tj ET Q q 0 0 0 rg BT 315.35 683.10 Td (that ) Tj ET Q q 0 0 0 rg BT 332.85 683.10 Td (they ) Tj ET Q q 0 0 0 rg BT 352.56 683.10 Td (have ) Tj ET Q q 0 0 0 rg BT 373.94 683.10 Td (developed. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 659.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 659.10 Td (As ) Tj ET Q q 0 0 0 rg BT 103.66 659.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 122.31 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 133.18 659.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 155.17 659.10 Td (also ) Tj ET Q q 0 0 0 rg BT 173.82 659.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 209.69 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 224.45 659.10 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 276.41 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 287.29 659.10 Td (plant ) Tj ET Q q 0 0 0 rg BT 309.82 659.10 Td (and ) Tj ET Q q 0 0 0 rg BT 326.81 659.10 Td (equipment, ) Tj ET Q q 0 0 0 rg BT 374.06 659.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 392.71 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 403.59 659.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 425.57 659.10 Td (are ) Tj ET Q q 0 0 0 rg BT 440.32 659.10 Td (af) Tj ET Q q 0 0 0 rg BT 447.91 659.10 Td (fected ) Tj ET Q q 0 0 0 rg BT 474.88 659.10 Td (by ) Tj ET Q q 0 0 0 rg BT 487.42 659.10 Td (product ) Tj ET Q q 0 0 0 rg BT 520.51 659.10 Td (launches, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 647.10 Td (which ) Tj ET Q q 0 0 0 rg BT 81.20 647.10 Td (trigger ) Tj ET Q q 0 0 0 rg BT 110.62 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 125.60 647.10 Td (commencement ) Tj ET Q q 0 0 0 rg BT 191.67 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 202.76 647.10 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 254.95 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 266.04 647.10 Td (plant ) Tj ET Q q 0 0 0 rg BT 288.80 647.10 Td (and ) Tj ET Q q 0 0 0 rg BT 306.00 647.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 350.98 647.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 388.17 647.10 Td (specifically ) Tj ET Q q 0 0 0 rg BT 437.02 647.10 Td (for ) Tj ET Q q 0 0 0 rg BT 451.44 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 466.42 647.10 Td (production ) Tj ET Q q 0 0 0 rg BT 512.51 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 523.60 647.10 Td (a ) Tj ET Q q 0 0 0 rg BT 530.81 647.10 Td (certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 635.10 Td (model.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 611.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 90.00 611.10 Td (Ef) Tj ET Q q 0 0 0 rg BT 99.82 611.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 121.18 611.10 Td (of ) Tj ET Q q 0 0 0 rg BT 132.00 611.10 Td (Foreign ) Tj ET Q q 0 0 0 rg BT 167.82 611.10 Td (Currency ) Tj ET Q q 0 0 0 rg BT 209.20 611.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 253.35 611.10 Td (Rates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.13 611.10 Td (. ) Tj ET Q q 0 0 0 rg BT 280.94 611.10 Td (W) Tj ET Q q 0 0 0 rg BT 289.58 611.10 Td (e ) Tj ET Q q 0 0 0 rg BT 296.50 611.10 Td (are ) Tj ET Q q 0 0 0 rg BT 311.19 611.10 Td (af) Tj ET Q q 0 0 0 rg BT 318.78 611.10 Td (fected ) Tj ET Q q 0 0 0 rg BT 345.69 611.10 Td (by ) Tj ET Q q 0 0 0 rg BT 358.17 611.10 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 407.87 611.10 Td (in ) Tj ET Q q 0 0 0 rg BT 418.14 611.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 449.50 611.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 486.96 611.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 527.20 611.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 548.56 611.10 Td (\(i\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 599.10 Td (through ) Tj ET Q q 0 0 0 rg BT 88.44 599.10 Td (translation ) Tj ET Q q 0 0 0 rg BT 133.99 599.10 Td (of ) Tj ET Q q 0 0 0 rg BT 145.65 599.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 177.86 599.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 216.17 599.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 254.48 599.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 300.02 599.10 Td (into ) Tj ET Q q 0 0 0 rg BT 318.91 599.10 Td (Euro ) Tj ET Q q 0 0 0 rg BT 341.68 599.10 Td (in ) Tj ET Q q 0 0 0 rg BT 352.79 599.10 Td (consolidation, ) Tj ET Q q 0 0 0 rg BT 412.51 599.10 Td (which ) Tj ET Q q 0 0 0 rg BT 440.28 599.10 Td (we ) Tj ET Q q 0 0 0 rg BT 455.27 599.10 Td (refer ) Tj ET Q q 0 0 0 rg BT 477.47 599.10 Td (to ) Tj ET Q q 0 0 0 rg BT 488.58 599.10 Td (as ) Tj ET Q q 0 0 0 rg BT 500.25 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 515.79 599.10 Td (translation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 587.10 Td (impact, ) Tj ET Q q 0 0 0 rg BT 85.92 587.10 Td (and ) Tj ET Q q 0 0 0 rg BT 102.56 587.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 116.99 587.10 Td (through ) Tj ET Q q 0 0 0 rg BT 150.30 587.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 200.27 587.10 Td (by ) Tj ET Q q 0 0 0 rg BT 212.48 587.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 243.57 587.10 Td (in ) Tj ET Q q 0 0 0 rg BT 253.56 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 267.98 587.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 295.74 587.10 Td (in ) Tj ET Q q 0 0 0 rg BT 305.72 587.10 Td (currencies ) Tj ET Q q 0 0 0 rg BT 349.01 587.10 Td (other ) Tj ET Q q 0 0 0 rg BT 371.77 587.10 Td (than ) Tj ET Q q 0 0 0 rg BT 391.19 587.10 Td (their ) Tj ET Q q 0 0 0 rg BT 411.72 587.10 Td (own ) Tj ET Q q 0 0 0 rg BT 431.15 587.10 Td (functional ) Tj ET Q q 0 0 0 rg BT 473.90 587.10 Td (currencies, ) Tj ET Q q 0 0 0 rg BT 519.69 587.10 Td (which ) Tj ET Q q 0 0 0 rg BT 546.34 587.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 575.10 Td (refer ) Tj ET Q q 0 0 0 rg BT 75.37 575.10 Td (to ) Tj ET Q q 0 0 0 rg BT 85.65 575.10 Td (as ) Tj ET Q q 0 0 0 rg BT 96.48 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 111.19 575.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 157.56 575.10 Td (impact.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 551.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 551.10 Td (T) Tj ET Q q 0 0 0 rg BT 95.76 551.10 Td (ranslation ) Tj ET Q q 0 0 0 rg BT 139.93 551.10 Td (impacts ) Tj ET Q q 0 0 0 rg BT 175.78 551.10 Td (arise ) Tj ET Q q 0 0 0 rg BT 199.40 551.10 Td (in ) Tj ET Q q 0 0 0 rg BT 211.92 551.10 Td (preparation ) Tj ET Q q 0 0 0 rg BT 262.20 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 275.27 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 292.23 551.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 347.52 551.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 387.24 551.10 Td (statements; ) Tj ET Q q 0 0 0 rg BT 436.97 551.10 Td (in ) Tj ET Q q 0 0 0 rg BT 449.49 551.10 Td (particular) Tj ET Q q 0 0 0 rg BT 487.40 551.10 Td (, ) Tj ET Q q 0 0 0 rg BT 494.65 551.10 Td (we ) Tj ET Q q 0 0 0 rg BT 511.05 551.10 Td (present ) Tj ET Q q 0 0 0 rg BT 544.67 551.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 539.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 107.74 539.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 145.93 539.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 191.34 539.10 Td (in ) Tj ET Q q 0 0 0 rg BT 202.32 539.10 Td (Euro, ) Tj ET Q q 0 0 0 rg BT 227.46 539.10 Td (while ) Tj ET Q q 0 0 0 rg BT 252.88 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 268.30 539.10 Td (functional ) Tj ET Q q 0 0 0 rg BT 312.04 539.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 350.22 539.10 Td (of ) Tj ET Q q 0 0 0 rg BT 361.75 539.10 Td (each ) Tj ET Q q 0 0 0 rg BT 383.27 539.10 Td (of ) Tj ET Q q 0 0 0 rg BT 394.80 539.10 Td (our ) Tj ET Q q 0 0 0 rg BT 411.34 539.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 461.75 539.10 Td (depends ) Tj ET Q q 0 0 0 rg BT 497.73 539.10 Td (on ) Tj ET Q q 0 0 0 rg BT 510.93 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 526.35 539.10 Td (primary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 527.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 96.67 527.10 Td (environment ) Tj ET Q q 0 0 0 rg BT 151.02 527.10 Td (of ) Tj ET Q q 0 0 0 rg BT 163.15 527.10 Td (that ) Tj ET Q q 0 0 0 rg BT 181.94 527.10 Td (entity) Tj ET Q q 0 0 0 rg BT 204.07 527.10 Td (. ) Tj ET Q q 0 0 0 rg BT 210.37 527.10 Td (In ) Tj ET Q q 0 0 0 rg BT 222.50 527.10 Td (preparing ) Tj ET Q q 0 0 0 rg BT 264.62 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 280.64 527.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 334.98 527.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 373.76 527.10 Td (statements, ) Tj ET Q q 0 0 0 rg BT 422.27 527.10 Td (we ) Tj ET Q q 0 0 0 rg BT 437.74 527.10 Td (translate ) Tj ET Q q 0 0 0 rg BT 475.41 527.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 502.54 527.10 Td (and ) Tj ET Q q 0 0 0 rg BT 520.78 527.10 Td (liabilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 515.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 95.48 515.10 Td (in ) Tj ET Q q 0 0 0 rg BT 106.42 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 121.81 515.10 Td (functional ) Tj ET Q q 0 0 0 rg BT 165.51 515.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 203.66 515.10 Td (of ) Tj ET Q q 0 0 0 rg BT 215.15 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 230.53 515.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 280.92 515.10 Td (into ) Tj ET Q q 0 0 0 rg BT 299.64 515.10 Td (Euro ) Tj ET Q q 0 0 0 rg BT 322.24 515.10 Td (using ) Tj ET Q q 0 0 0 rg BT 347.08 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 362.46 515.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 394.50 515.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 432.64 515.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 473.56 515.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 491.71 515.10 Td (prevailing ) Tj ET Q q 0 0 0 rg BT 535.42 515.10 Td (at ) Tj ET Q q 0 0 0 rg BT 545.80 515.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 503.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 87.38 503.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 110.77 503.10 Td (date, ) Tj ET Q q 0 0 0 rg BT 132.76 503.10 Td (while ) Tj ET Q q 0 0 0 rg BT 157.82 503.10 Td (we ) Tj ET Q q 0 0 0 rg BT 172.33 503.10 Td (translate ) Tj ET Q q 0 0 0 rg BT 209.04 503.10 Td (income ) Tj ET Q q 0 0 0 rg BT 241.32 503.10 Td (and ) Tj ET Q q 0 0 0 rg BT 258.60 503.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 297.54 503.10 Td (using ) Tj ET Q q 0 0 0 rg BT 322.06 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 337.12 503.10 Td (average ) Tj ET Q q 0 0 0 rg BT 371.04 503.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 402.76 503.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 440.58 503.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 481.18 503.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 502.90 503.10 Td (for ) Tj ET Q q 0 0 0 rg BT 517.40 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 532.46 503.10 Td (period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 491.10 Td (covered. ) Tj ET Q q 0 0 0 rg BT 90.05 491.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 139.38 491.10 Td (, ) Tj ET Q q 0 0 0 rg BT 144.33 491.10 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 193.98 491.10 Td (in ) Tj ET Q q 0 0 0 rg BT 204.20 491.10 Td (the ) Tj ET Q q 0 0 0 rg BT 218.86 491.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 250.17 491.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 287.59 491.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 327.79 491.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 345.21 491.10 Td (of ) Tj ET Q q 0 0 0 rg BT 355.99 491.10 Td (the ) Tj ET Q q 0 0 0 rg BT 370.64 491.10 Td (functional ) Tj ET Q q 0 0 0 rg BT 413.63 491.10 Td (currencies ) Tj ET Q q 0 0 0 rg BT 457.15 491.10 Td (of ) Tj ET Q q 0 0 0 rg BT 467.92 491.10 Td (our ) Tj ET Q q 0 0 0 rg BT 483.70 491.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 515.02 491.10 Td (against ) Tj ET Q q 0 0 0 rg BT 545.79 491.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 479.10 Td (Euro ) Tj ET Q q 0 0 0 rg BT 75.94 479.10 Td (impacts ) Tj ET Q q 0 0 0 rg BT 109.54 479.10 Td (our ) Tj ET Q q 0 0 0 rg BT 125.37 479.10 Td (results ) Tj ET Q q 0 0 0 rg BT 153.98 479.10 Td (of ) Tj ET Q q 0 0 0 rg BT 164.81 479.10 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 455.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 455.10 Td (T) Tj ET Q q 0 0 0 rg BT 95.76 455.10 Td (ransaction ) Tj ET Q q 0 0 0 rg BT 138.74 455.10 Td (impacts ) Tj ET Q q 0 0 0 rg BT 171.73 455.10 Td (arise ) Tj ET Q q 0 0 0 rg BT 192.50 455.10 Td (when ) Tj ET Q q 0 0 0 rg BT 216.05 455.10 Td (our ) Tj ET Q q 0 0 0 rg BT 231.27 455.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 262.04 455.10 Td (conduct ) Tj ET Q q 0 0 0 rg BT 295.59 455.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 345.24 455.10 Td (in ) Tj ET Q q 0 0 0 rg BT 354.91 455.10 Td (currencies ) Tj ET Q q 0 0 0 rg BT 397.88 455.10 Td (other ) Tj ET Q q 0 0 0 rg BT 420.32 455.10 Td (than ) Tj ET Q q 0 0 0 rg BT 439.42 455.10 Td (their ) Tj ET Q q 0 0 0 rg BT 459.64 455.10 Td (own ) Tj ET Q q 0 0 0 rg BT 478.75 455.10 Td (functional ) Tj ET Q q 0 0 0 rg BT 521.18 455.10 Td (currency) Tj ET Q q 0 0 0 rg BT 555.51 455.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 443.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 443.10 Td (e ) Tj ET Q q 0 0 0 rg BT 69.51 443.10 Td (are ) Tj ET Q q 0 0 0 rg BT 84.15 443.10 Td (therefore ) Tj ET Q q 0 0 0 rg BT 122.67 443.10 Td (exposed ) Tj ET Q q 0 0 0 rg BT 157.87 443.10 Td (to ) Tj ET Q q 0 0 0 rg BT 168.08 443.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 199.40 443.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 236.81 443.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 258.13 443.10 Td (in ) Tj ET Q q 0 0 0 rg BT 268.34 443.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 314.65 443.10 Td (with ) Tj ET Q q 0 0 0 rg BT 334.86 443.10 Td (scheduled ) Tj ET Q q 0 0 0 rg BT 377.28 443.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 418.04 443.10 Td (and ) Tj ET Q q 0 0 0 rg BT 434.91 443.10 Td (receipts ) Tj ET Q q 0 0 0 rg BT 468.44 443.10 Td (in ) Tj ET Q q 0 0 0 rg BT 478.65 443.10 Td (multiple ) Tj ET Q q 0 0 0 rg BT 514.42 443.10 Td (currencies. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 419.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 419.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 109.12 419.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 132.68 419.10 Td (are ) Tj ET Q q 0 0 0 rg BT 148.46 419.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 189.23 419.10 Td (denominated ) Tj ET Q q 0 0 0 rg BT 244.45 419.10 Td (in ) Tj ET Q q 0 0 0 rg BT 255.79 419.10 Td (Euro, ) Tj ET Q q 0 0 0 rg BT 281.30 419.10 Td (while ) Tj ET Q q 0 0 0 rg BT 307.08 419.10 Td (our ) Tj ET Q q 0 0 0 rg BT 323.98 419.10 Td (net ) Tj ET Q q 0 0 0 rg BT 339.76 419.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 378.86 419.10 Td (may ) Tj ET Q q 0 0 0 rg BT 399.65 419.10 Td (be ) Tj ET Q q 0 0 0 rg BT 412.65 419.10 Td (denominated ) Tj ET Q q 0 0 0 rg BT 467.87 419.10 Td (in ) Tj ET Q q 0 0 0 rg BT 479.21 419.10 Td (Euro, ) Tj ET Q q 0 0 0 rg BT 504.72 419.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 526.06 419.10 Td (Dollars, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 407.10 Td (Japanese ) Tj ET Q q 0 0 0 rg BT 91.35 407.10 Td (Y) Tj ET Q q 0 0 0 rg BT 97.57 407.10 Td (en, ) Tj ET Q q 0 0 0 rg BT 111.63 407.10 Td (Chinese ) Tj ET Q q 0 0 0 rg BT 145.66 407.10 Td (Y) Tj ET Q q 0 0 0 rg BT 151.77 407.10 Td (uan ) Tj ET Q q 0 0 0 rg BT 168.33 407.10 Td (or ) Tj ET Q q 0 0 0 rg BT 178.79 407.10 Td (other ) Tj ET Q q 0 0 0 rg BT 201.46 407.10 Td (currencies. ) Tj ET Q q 0 0 0 rg BT 247.17 407.10 Td (In ) Tj ET Q q 0 0 0 rg BT 257.63 407.10 Td (general, ) Tj ET Q q 0 0 0 rg BT 291.68 407.10 Td (for ) Tj ET Q q 0 0 0 rg BT 305.46 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 319.81 407.10 Td (unhedged ) Tj ET Q q 0 0 0 rg BT 360.81 407.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 391.82 407.10 Td (of ) Tj ET Q q 0 0 0 rg BT 402.28 407.10 Td (our ) Tj ET Q q 0 0 0 rg BT 417.73 407.10 Td (net ) Tj ET Q q 0 0 0 rg BT 432.07 407.10 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 472.24 407.10 Td (an ) Tj ET Q q 0 0 0 rg BT 483.80 407.10 Td (appreciation ) Tj ET Q q 0 0 0 rg BT 535.34 407.10 Td (of ) Tj ET Q q 0 0 0 rg BT 545.80 407.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 395.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 74.28 395.10 Td (Dollar ) Tj ET Q q 0 0 0 rg BT 102.33 395.10 Td (against ) Tj ET Q q 0 0 0 rg BT 133.16 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 147.87 395.10 Td (Euro ) Tj ET Q q 0 0 0 rg BT 169.81 395.10 Td (would ) Tj ET Q q 0 0 0 rg BT 197.31 395.10 Td (positively ) Tj ET Q q 0 0 0 rg BT 239.25 395.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 268.97 395.10 Td (our ) Tj ET Q q 0 0 0 rg BT 284.80 395.10 Td (net ) Tj ET Q q 0 0 0 rg BT 299.51 395.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 337.55 395.10 Td (and ) Tj ET Q q 0 0 0 rg BT 354.49 395.10 Td (results ) Tj ET Q q 0 0 0 rg BT 383.10 395.10 Td (of ) Tj ET Q q 0 0 0 rg BT 393.93 395.10 Td (operations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 371.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 371.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 108.32 371.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 126.08 371.10 Td (management ) Tj ET Q q 0 0 0 rg BT 179.94 371.10 Td (policies, ) Tj ET Q q 0 0 0 rg BT 216.30 371.10 Td (both ) Tj ET Q q 0 0 0 rg BT 236.85 371.10 Td (pre ) Tj ET Q q 0 0 0 rg BT 252.38 371.10 Td (and ) Tj ET Q q 0 0 0 rg BT 269.59 371.10 Td (post ) Tj ET Q q 0 0 0 rg BT 289.02 371.10 Td (Separation, ) Tj ET Q q 0 0 0 rg BT 337.05 371.10 Td (contemplate ) Tj ET Q q 0 0 0 rg BT 388.68 371.10 Td (the ) Tj ET Q q 0 0 0 rg BT 403.66 371.10 Td (use ) Tj ET Q q 0 0 0 rg BT 419.76 371.10 Td (of ) Tj ET Q q 0 0 0 rg BT 430.85 371.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 473.60 371.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 511.35 371.10 Td (instruments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 359.10 Td (to ) Tj ET Q q 0 0 0 rg BT 64.38 359.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 90.86 359.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 122.34 359.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 159.91 359.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 200.27 359.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 217.86 359.10 Td (risk. ) Tj ET Q q 0 0 0 rg BT 237.96 359.10 Td (In ) Tj ET Q q 0 0 0 rg BT 248.89 359.10 Td (particular) Tj ET Q q 0 0 0 rg BT 286.80 359.10 Td (, ) Tj ET Q q 0 0 0 rg BT 291.90 359.10 Td (we ) Tj ET Q q 0 0 0 rg BT 306.16 359.10 Td (have ) Tj ET Q q 0 0 0 rg BT 327.64 359.10 Td (used ) Tj ET Q q 0 0 0 rg BT 348.57 359.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 391.16 359.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 428.74 359.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 478.00 359.10 Td (as ) Tj ET Q q 0 0 0 rg BT 488.94 359.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 509.31 359.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 530.24 359.10 Td (hedges ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 347.10 Td (for ) Tj ET Q q 0 0 0 rg BT 68.85 347.10 Td (the ) Tj ET Q q 0 0 0 rg BT 84.25 347.10 Td (purpose ) Tj ET Q q 0 0 0 rg BT 119.10 347.10 Td (of ) Tj ET Q q 0 0 0 rg BT 130.62 347.10 Td (fixing ) Tj ET Q q 0 0 0 rg BT 157.70 347.10 Td (the ) Tj ET Q q 0 0 0 rg BT 173.10 347.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 205.17 347.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 243.33 347.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 284.27 347.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 302.45 347.10 Td (at ) Tj ET Q q 0 0 0 rg BT 312.85 347.10 Td (which ) Tj ET Q q 0 0 0 rg BT 340.48 347.10 Td (a ) Tj ET Q q 0 0 0 rg BT 348.11 347.10 Td (predetermined ) Tj ET Q q 0 0 0 rg BT 409.04 347.10 Td (proportion ) Tj ET Q q 0 0 0 rg BT 454.45 347.10 Td (of ) Tj ET Q q 0 0 0 rg BT 465.97 347.10 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 510.24 347.10 Td (transactions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 335.10 Td (denominated ) Tj ET Q q 0 0 0 rg BT 108.14 335.10 Td (in ) Tj ET Q q 0 0 0 rg BT 118.41 335.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 149.77 335.10 Td (currencies ) Tj ET Q q 0 0 0 rg BT 193.35 335.10 Td (will ) Tj ET Q q 0 0 0 rg BT 211.39 335.10 Td (be ) Tj ET Q q 0 0 0 rg BT 223.32 335.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 266.34 335.10 Td (for) Tj ET Q q 0 0 0 rg BT 277.45 335.10 Td (. ) Tj ET Q q 0 0 0 rg BT 281.89 335.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 331.23 335.10 Td (, ) Tj ET Q q 0 0 0 rg BT 336.21 335.10 Td (our ) Tj ET Q q 0 0 0 rg BT 352.03 335.10 Td (results ) Tj ET Q q 0 0 0 rg BT 380.63 335.10 Td (of ) Tj ET Q q 0 0 0 rg BT 391.45 335.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 435.60 335.10 Td (have ) Tj ET Q q 0 0 0 rg BT 456.96 335.10 Td (not ) Tj ET Q q 0 0 0 rg BT 472.23 335.10 Td (been ) Tj ET Q q 0 0 0 rg BT 493.60 335.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 514.97 335.10 Td (exposed ) Tj ET Q q 0 0 0 rg BT 550.23 335.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 323.10 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 103.39 323.10 Td (in ) Tj ET Q q 0 0 0 rg BT 113.35 323.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 144.41 323.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 181.57 323.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 221.50 323.10 Td (rates. ) Tj ET Q q 0 0 0 rg BT 245.06 323.10 Td (See ) Tj ET Q q 0 0 0 rg BT 261.68 323.10 Td (Item ) Tj ET Q q 0 0 0 rg BT 286.63 323.10 Td (1) Tj ET Q q 0 0 0 rg BT 291.26 323.10 Td (1. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.94 323.10 Td (Quantitative ) Tj ET Q q 0 0 0 rg BT 353.11 323.10 Td (and ) Tj ET Q q 0 0 0 rg BT 370.29 323.10 Td (Qualitative ) Tj ET Q q 0 0 0 rg BT 417.46 323.10 Td (Disclosur) Tj ET Q q 0 0 0 rg BT 455.99 323.10 Td (es ) Tj ET Q q 0 0 0 rg BT 466.50 323.10 Td (about ) Tj ET Q q 0 0 0 rg BT 491.46 323.10 Td (Market ) Tj ET Q q 0 0 0 rg BT 522.52 323.10 Td (Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.73 323.10 Td ( ) Tj ET Q q 0 0 0 rg BT 546.35 323.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 311.10 Td (information ) Tj ET Q q 0 0 0 rg BT 103.71 311.10 Td (related ) Tj ET Q q 0 0 0 rg BT 133.41 311.10 Td (to ) Tj ET Q q 0 0 0 rg BT 143.69 311.10 Td (our ) Tj ET Q q 0 0 0 rg BT 159.52 311.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 190.90 311.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 228.38 311.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 268.63 311.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 286.11 311.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 303.61 311.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 337.22 311.10 Td (after ) Tj ET Q q 0 0 0 rg BT 358.03 311.10 Td (the ) Tj ET Q q 0 0 0 rg BT 372.75 311.10 Td (Separation. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 287.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 90.00 287.10 Td (Regulation) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 135.57 287.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.07 287.10 Td ( ) Tj ET Q q 0 0 0 rg BT 139.96 287.10 Td (W) Tj ET Q q 0 0 0 rg BT 148.59 287.10 Td (e ) Tj ET Q q 0 0 0 rg BT 155.07 287.10 Td (ship ) Tj ET Q q 0 0 0 rg BT 173.77 287.10 Td (our ) Tj ET Q q 0 0 0 rg BT 189.14 287.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 207.27 287.10 Td (throughout ) Tj ET Q q 0 0 0 rg BT 253.20 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 267.45 287.10 Td (world ) Tj ET Q q 0 0 0 rg BT 292.82 287.10 Td (and ) Tj ET Q q 0 0 0 rg BT 309.29 287.10 Td (are ) Tj ET Q q 0 0 0 rg BT 323.53 287.10 Td (therefore ) Tj ET Q q 0 0 0 rg BT 361.65 287.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 392.02 287.10 Td (to ) Tj ET Q q 0 0 0 rg BT 401.83 287.10 Td (a ) Tj ET Q q 0 0 0 rg BT 408.31 287.10 Td (variety ) Tj ET Q q 0 0 0 rg BT 438.10 287.10 Td (of ) Tj ET Q q 0 0 0 rg BT 448.47 287.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 468.84 287.10 Td (and ) Tj ET Q q 0 0 0 rg BT 485.31 287.10 Td (regulations. ) Tj ET Q q 0 0 0 rg BT 534.13 287.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 275.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 75.79 275.10 Td (regulate ) Tj ET Q q 0 0 0 rg BT 111.46 275.10 Td (our ) Tj ET Q q 0 0 0 rg BT 128.26 275.10 Td (cars, ) Tj ET Q q 0 0 0 rg BT 150.32 275.10 Td (including ) Tj ET Q q 0 0 0 rg BT 191.56 275.10 Td (their ) Tj ET Q q 0 0 0 rg BT 213.35 275.10 Td (emissions, ) Tj ET Q q 0 0 0 rg BT 258.76 275.10 Td (fuel ) Tj ET Q q 0 0 0 rg BT 277.77 275.10 Td (consumption ) Tj ET Q q 0 0 0 rg BT 332.90 275.10 Td (and ) Tj ET Q q 0 0 0 rg BT 350.80 275.10 Td (safety) Tj ET Q q 0 0 0 rg BT 374.03 275.10 Td (, ) Tj ET Q q 0 0 0 rg BT 379.99 275.10 Td (and ) Tj ET Q q 0 0 0 rg BT 397.90 275.10 Td (our ) Tj ET Q q 0 0 0 rg BT 414.69 275.10 Td (manufacturing ) Tj ET Q q 0 0 0 rg BT 476.47 275.10 Td (facilities. ) Tj ET Q q 0 0 0 rg BT 516.09 275.10 Td (As ) Tj ET Q q 0 0 0 rg BT 530.67 275.10 Td (we ) Tj ET Q q 0 0 0 rg BT 545.80 275.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 263.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 92.99 263.10 Td (a ) Tj ET Q q 0 0 0 rg BT 100.33 263.10 Td (small ) Tj ET Q q 0 0 0 rg BT 124.89 263.10 Td (volume ) Tj ET Q q 0 0 0 rg BT 157.78 263.10 Td (manufacturer) Tj ET Q q 0 0 0 rg BT 210.68 263.10 Td (, ) Tj ET Q q 0 0 0 rg BT 216.08 263.10 Td (in ) Tj ET Q q 0 0 0 rg BT 226.75 263.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 256.85 263.10 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 309.19 263.10 Td (we ) Tj ET Q q 0 0 0 rg BT 323.75 263.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 354.41 263.10 Td (from ) Tj ET Q q 0 0 0 rg BT 376.75 263.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 406.84 263.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 450.84 263.10 Td (exemptions, ) Tj ET Q q 0 0 0 rg BT 502.34 263.10 Td (including ) Tj ET Q q 0 0 0 rg BT 543.01 263.10 Td (less ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 251.10 Td (stringent ) Tj ET Q q 0 0 0 rg BT 90.70 251.10 Td (emissions ) Tj ET Q q 0 0 0 rg BT 131.85 251.10 Td (caps. ) Tj ET Q q 0 0 0 rg BT 153.82 251.10 Td (Developing, ) Tj ET Q q 0 0 0 rg BT 204.68 251.10 Td (engineering ) Tj ET Q q 0 0 0 rg BT 253.59 251.10 Td (and ) Tj ET Q q 0 0 0 rg BT 269.73 251.10 Td (producing ) Tj ET Q q 0 0 0 rg BT 311.98 251.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 329.79 251.10 Td (which ) Tj ET Q q 0 0 0 rg BT 355.93 251.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 377.07 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 390.99 251.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 433.79 251.10 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 490.19 251.10 Td (and ) Tj ET Q q 0 0 0 rg BT 506.33 251.10 Td (can ) Tj ET Q q 0 0 0 rg BT 521.92 251.10 Td (therefore ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 239.10 Td (be ) Tj ET Q q 0 0 0 rg BT 65.94 239.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 85.11 239.10 Td (in ) Tj ET Q q 0 0 0 rg BT 95.39 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 110.10 239.10 Td (relevant ) Tj ET Q q 0 0 0 rg BT 144.81 239.10 Td (markets, ) Tj ET Q q 0 0 0 rg BT 181.46 239.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 216.17 239.10 Td (a ) Tj ET Q q 0 0 0 rg BT 223.11 239.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 267.82 239.10 Td (expenditure ) Tj ET Q q 0 0 0 rg BT 317.52 239.10 Td (of ) Tj ET Q q 0 0 0 rg BT 328.35 239.10 Td (resources. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 215.10 Td (Critical ) Tj ET Q q 0 0 0 rg BT 88.71 215.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 140.10 215.10 Td (Estimates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 191.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 191.10 Td (The ) Tj ET Q q 0 0 0 rg BT 109.41 191.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 166.04 191.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 207.12 191.10 Td (Statements ) Tj ET Q q 0 0 0 rg BT 254.86 191.10 Td (are ) Tj ET Q q 0 0 0 rg BT 270.93 191.10 Td (prepared ) Tj ET Q q 0 0 0 rg BT 309.76 191.10 Td (in ) Tj ET Q q 0 0 0 rg BT 321.40 191.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 370.23 191.10 Td (with ) Tj ET Q q 0 0 0 rg BT 391.87 191.10 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 416.85 191.10 Td (which ) Tj ET Q q 0 0 0 rg BT 445.15 191.10 Td (require ) Tj ET Q q 0 0 0 rg BT 477.33 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 493.41 191.10 Td (use ) Tj ET Q q 0 0 0 rg BT 510.60 191.10 Td (of ) Tj ET Q q 0 0 0 rg BT 522.79 191.10 Td (estimates, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 179.10 Td (judgments ) Tj ET Q q 0 0 0 rg BT 97.10 179.10 Td (and ) Tj ET Q q 0 0 0 rg BT 112.96 179.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 163.84 179.10 Td (that ) Tj ET Q q 0 0 0 rg BT 180.27 179.10 Td (af) Tj ET Q q 0 0 0 rg BT 187.86 179.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 204.27 179.10 Td (the ) Tj ET Q q 0 0 0 rg BT 217.92 179.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 252.67 179.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 284.09 179.10 Td (of ) Tj ET Q q 0 0 0 rg BT 293.85 179.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 318.61 179.10 Td (and ) Tj ET Q q 0 0 0 rg BT 334.48 179.10 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 375.63 179.10 Td (the ) Tj ET Q q 0 0 0 rg BT 389.28 179.10 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 431.26 179.10 Td (of ) Tj ET Q q 0 0 0 rg BT 441.02 179.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 484.66 179.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 509.42 179.10 Td (and ) Tj ET Q q 0 0 0 rg BT 525.29 179.10 Td (liabilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 167.10 Td (and ) Tj ET Q q 0 0 0 rg BT 71.11 167.10 Td (the ) Tj ET Q q 0 0 0 rg BT 85.99 167.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 122.55 167.10 Td (of ) Tj ET Q q 0 0 0 rg BT 133.55 167.10 Td (income ) Tj ET Q q 0 0 0 rg BT 165.65 167.10 Td (and ) Tj ET Q q 0 0 0 rg BT 182.75 167.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 221.52 167.10 Td (recognized. ) Tj ET Q q 0 0 0 rg BT 270.36 167.10 Td (The ) Tj ET Q q 0 0 0 rg BT 288.58 167.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 328.46 167.10 Td (and ) Tj ET Q q 0 0 0 rg BT 345.56 167.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 389.32 167.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 441.44 167.10 Td (are ) Tj ET Q q 0 0 0 rg BT 456.32 167.10 Td (based ) Tj ET Q q 0 0 0 rg BT 481.75 167.10 Td (on ) Tj ET Q q 0 0 0 rg BT 494.42 167.10 Td (elements ) Tj ET Q q 0 0 0 rg BT 532.63 167.10 Td (that ) Tj ET Q q 0 0 0 rg BT 550.30 167.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 155.10 Td (known ) Tj ET Q q 0 0 0 rg BT 84.15 155.10 Td (when ) Tj ET Q q 0 0 0 rg BT 108.74 155.10 Td (the ) Tj ET Q q 0 0 0 rg BT 123.89 155.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 161.80 155.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 206.94 155.10 Td (are ) Tj ET Q q 0 0 0 rg BT 222.08 155.10 Td (prepared, ) Tj ET Q q 0 0 0 rg BT 262.48 155.10 Td (on ) Tj ET Q q 0 0 0 rg BT 275.41 155.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 315.55 155.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 361.78 155.10 Td (and ) Tj ET Q q 0 0 0 rg BT 379.15 155.10 Td (on ) Tj ET Q q 0 0 0 rg BT 392.08 155.10 Td (any ) Tj ET Q q 0 0 0 rg BT 409.45 155.10 Td (other ) Tj ET Q q 0 0 0 rg BT 432.93 155.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 463.06 155.10 Td (that ) Tj ET Q q 0 0 0 rg BT 480.99 155.10 Td (are ) Tj ET Q q 0 0 0 rg BT 496.12 155.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 542.37 155.10 Td (to ) Tj ET Q q 0 0 0 rg BT 553.08 155.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 143.10 Td (relevant. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 119.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 119.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.78 119.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 149.23 119.10 Td (and ) Tj ET Q q 0 0 0 rg BT 166.91 119.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 213.47 119.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 266.15 119.10 Td (are ) Tj ET Q q 0 0 0 rg BT 281.60 119.10 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 321.48 119.10 Td (periodically ) Tj ET Q q 0 0 0 rg BT 372.47 119.10 Td (and ) Tj ET Q q 0 0 0 rg BT 390.15 119.10 Td (continuously ) Tj ET Q q 0 0 0 rg BT 445.05 119.10 Td (by ) Tj ET Q q 0 0 0 rg BT 458.29 119.10 Td (us. ) Tj ET Q q 0 0 0 rg BT 472.91 119.10 Td (If ) Tj ET Q q 0 0 0 rg BT 482.81 119.10 Td (the ) Tj ET Q q 0 0 0 rg BT 498.26 119.10 Td (items ) Tj ET Q q 0 0 0 rg BT 523.16 119.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 554.73 119.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 107.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 94.23 107.10 Td (do ) Tj ET Q q 0 0 0 rg BT 107.25 107.10 Td (not ) Tj ET Q q 0 0 0 rg BT 123.05 107.10 Td (perform ) Tj ET Q q 0 0 0 rg BT 158.28 107.10 Td (as ) Tj ET Q q 0 0 0 rg BT 169.63 107.10 Td (assumed, ) Tj ET Q q 0 0 0 rg BT 209.59 107.10 Td (then ) Tj ET Q q 0 0 0 rg BT 229.83 107.10 Td (the ) Tj ET Q q 0 0 0 rg BT 245.07 107.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 271.96 107.10 Td (results ) Tj ET Q q 0 0 0 rg BT 301.09 107.10 Td (could ) Tj ET Q q 0 0 0 rg BT 326.33 107.10 Td (dif) Tj ET Q q 0 0 0 rg BT 337.26 107.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 351.38 107.10 Td (from ) Tj ET Q q 0 0 0 rg BT 373.84 107.10 Td (the ) Tj ET Q q 0 0 0 rg BT 389.08 107.10 Td (estimates, ) Tj ET Q q 0 0 0 rg BT 431.81 107.10 Td (which ) Tj ET Q q 0 0 0 rg BT 459.27 107.10 Td (would ) Tj ET Q q 0 0 0 rg BT 487.29 107.10 Td (require ) Tj ET Q q 0 0 0 rg BT 518.63 107.10 Td (adjustment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 95.10 Td (accordingly) Tj ET Q q 0 0 0 rg BT 100.55 95.10 Td (. ) Tj ET Q q 0 0 0 rg BT 105.47 95.10 Td (The ) Tj ET Q q 0 0 0 rg BT 123.61 95.10 Td (ef) Tj ET Q q 0 0 0 rg BT 131.20 95.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 152.68 95.10 Td (of ) Tj ET Q q 0 0 0 rg BT 163.61 95.10 Td (any ) Tj ET Q q 0 0 0 rg BT 180.65 95.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 215.46 95.10 Td (in ) Tj ET Q q 0 0 0 rg BT 225.84 95.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 261.76 95.10 Td (are ) Tj ET Q q 0 0 0 rg BT 276.57 95.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 323.04 95.10 Td (in ) Tj ET Q q 0 0 0 rg BT 333.42 95.10 Td (the ) Tj ET Q q 0 0 0 rg BT 348.23 95.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 401.38 95.10 Td (income ) Tj ET Q q 0 0 0 rg BT 433.41 95.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 474.33 95.10 Td (in ) Tj ET Q q 0 0 0 rg BT 484.71 95.10 Td (the ) Tj ET Q q 0 0 0 rg BT 499.53 95.10 Td (period ) Tj ET Q q 0 0 0 rg BT 527.68 95.10 Td (in ) Tj ET Q q 0 0 0 rg BT 538.06 95.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 83.10 Td (the ) Tj ET Q q 0 0 0 rg BT 68.72 83.10 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 115.10 83.10 Td (is ) Tj ET Q q 0 0 0 rg BT 124.27 83.10 Td (made, ) Tj ET Q q 0 0 0 rg BT 150.92 83.10 Td (or ) Tj ET Q q 0 0 0 rg BT 161.75 83.10 Td (prospectively ) Tj ET Q q 0 0 0 rg BT 218.13 83.10 Td (in ) Tj ET Q q 0 0 0 rg BT 228.40 83.10 Td (future ) Tj ET Q q 0 0 0 rg BT 254.78 83.10 Td (periods. ) Tj ET Q endstream endobj 135 0 obj <> endobj 136 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 30.20 Td (59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 742.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.58 742.10 Td (items ) Tj ET Q q 0 0 0 rg BT 133.28 742.10 Td (requiring ) Tj ET Q q 0 0 0 rg BT 172.96 742.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 213.21 742.10 Td (for ) Tj ET Q q 0 0 0 rg BT 227.90 742.10 Td (which ) Tj ET Q q 0 0 0 rg BT 255.37 742.10 Td (there ) Tj ET Q q 0 0 0 rg BT 278.39 742.10 Td (is ) Tj ET Q q 0 0 0 rg BT 288.09 742.10 Td (a ) Tj ET Q q 0 0 0 rg BT 295.56 742.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 313.59 742.10 Td (that ) Tj ET Q q 0 0 0 rg BT 331.62 742.10 Td (a ) Tj ET Q q 0 0 0 rg BT 339.09 742.10 Td (material ) Tj ET Q q 0 0 0 rg BT 374.88 742.10 Td (dif) Tj ET Q q 0 0 0 rg BT 385.81 742.10 Td (ference ) Tj ET Q q 0 0 0 rg BT 418.26 742.10 Td (may ) Tj ET Q q 0 0 0 rg BT 438.51 742.10 Td (arise ) Tj ET Q q 0 0 0 rg BT 460.42 742.10 Td (in ) Tj ET Q q 0 0 0 rg BT 471.23 742.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 502.57 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 513.94 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 529.18 742.10 Td (carrying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 730.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 90.39 730.10 Td (of ) Tj ET Q q 0 0 0 rg BT 101.22 730.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 127.05 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 143.99 730.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 183.70 730.10 Td (in ) Tj ET Q q 0 0 0 rg BT 193.98 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 208.70 730.10 Td (future ) Tj ET Q q 0 0 0 rg BT 235.07 730.10 Td (are ) Tj ET Q q 0 0 0 rg BT 249.78 730.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 290.61 730.10 Td (below) Tj ET Q q 0 0 0 rg BT 314.40 730.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 706.10 Td (Allowance ) Tj ET Q q 0 0 0 rg BT 99.83 706.10 Td (for ) Tj ET Q q 0 0 0 rg BT 114.56 706.10 Td (doubtful ) Tj ET Q q 0 0 0 rg BT 152.07 706.10 Td (accounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 682.10 Td (The ) Tj ET Q q 0 0 0 rg BT 107.35 682.10 Td (allowances ) Tj ET Q q 0 0 0 rg BT 153.57 682.10 Td (for ) Tj ET Q q 0 0 0 rg BT 167.03 682.10 Td (doubtful ) Tj ET Q q 0 0 0 rg BT 202.72 682.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 239.51 682.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 266.84 682.10 Td (management) Tj ET Q q 0 0 0 rg BT 320.71 682.10 Td (s ) Tj ET Q q 0 0 0 rg BT 326.40 682.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 361.52 682.10 Td (of ) Tj ET Q q 0 0 0 rg BT 371.65 682.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 397.34 682.10 Td (inherent ) Tj ET Q q 0 0 0 rg BT 431.91 682.10 Td (in ) Tj ET Q q 0 0 0 rg BT 441.49 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 455.50 682.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 481.73 682.10 Td (and ) Tj ET Q q 0 0 0 rg BT 497.97 682.10 Td (end-client ) Tj ET Q q 0 0 0 rg BT 539.75 682.10 Td (credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 670.10 Td (portfolio. ) Tj ET Q q 0 0 0 rg BT 93.32 670.10 Td (The ) Tj ET Q q 0 0 0 rg BT 110.84 670.10 Td (allowances ) Tj ET Q q 0 0 0 rg BT 157.23 670.10 Td (for ) Tj ET Q q 0 0 0 rg BT 170.86 670.10 Td (doubtful ) Tj ET Q q 0 0 0 rg BT 206.72 670.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 243.68 670.10 Td (are ) Tj ET Q q 0 0 0 rg BT 257.85 670.10 Td (based ) Tj ET Q q 0 0 0 rg BT 282.59 670.10 Td (on ) Tj ET Q q 0 0 0 rg BT 294.56 670.10 Td (management) Tj ET Q q 0 0 0 rg BT 348.43 670.10 Td (s ) Tj ET Q q 0 0 0 rg BT 354.29 670.10 Td (estimation ) Tj ET Q q 0 0 0 rg BT 397.92 670.10 Td (of ) Tj ET Q q 0 0 0 rg BT 408.22 670.10 Td (the ) Tj ET Q q 0 0 0 rg BT 422.41 670.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 448.27 670.10 Td (to ) Tj ET Q q 0 0 0 rg BT 458.02 670.10 Td (be ) Tj ET Q q 0 0 0 rg BT 469.43 670.10 Td (incurred, ) Tj ET Q q 0 0 0 rg BT 507.21 670.10 Td (which ) Tj ET Q q 0 0 0 rg BT 533.62 670.10 Td (derives ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 658.10 Td (from ) Tj ET Q q 0 0 0 rg BT 76.44 658.10 Td (past ) Tj ET Q q 0 0 0 rg BT 95.55 658.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 141.85 658.10 Td (with ) Tj ET Q q 0 0 0 rg BT 162.63 658.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 193.41 658.10 Td (receivables, ) Tj ET Q q 0 0 0 rg BT 243.88 658.10 Td (current ) Tj ET Q q 0 0 0 rg BT 275.20 658.10 Td (and ) Tj ET Q q 0 0 0 rg BT 292.64 658.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 332.85 658.10 Td (past ) Tj ET Q q 0 0 0 rg BT 351.96 658.10 Td (due ) Tj ET Q q 0 0 0 rg BT 369.40 658.10 Td (amounts, ) Tj ET Q q 0 0 0 rg BT 408.79 658.10 Td (write-of) Tj ET Q q 0 0 0 rg BT 440.82 658.10 Td (fs ) Tj ET Q q 0 0 0 rg BT 451.04 658.10 Td (and ) Tj ET Q q 0 0 0 rg BT 468.48 658.10 Td (collections, ) Tj ET Q q 0 0 0 rg BT 517.31 658.10 Td (and ) Tj ET Q q 0 0 0 rg BT 534.75 658.10 Td (careful ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 646.10 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 100.94 646.10 Td (of ) Tj ET Q q 0 0 0 rg BT 111.77 646.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 149.27 646.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 174.53 646.10 Td (quality) Tj ET Q q 0 0 0 rg BT 201.66 646.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 622.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 622.10 Td (At ) Tj ET Q q 0 0 0 rg BT 101.66 622.10 Td (December ) Tj ET Q q 0 0 0 rg BT 144.40 622.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 158.56 622.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 182.72 622.10 Td (we ) Tj ET Q q 0 0 0 rg BT 196.04 622.10 Td (had ) Tj ET Q q 0 0 0 rg BT 212.14 622.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 234.91 622.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 281.54 622.10 Td (from ) Tj ET Q q 0 0 0 rg BT 302.64 622.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 342.06 622.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 379.82 622.10 Td (of ) Tj ET Q q 0 0 0 rg BT 389.81 622.10 Td (1,192 ) Tj ET Q q 0 0 0 rg BT 418.97 622.10 Td (million ) Tj ET Q q 0 0 0 rg BT 449.52 622.10 Td (\(1,238 ) Tj ET Q q 0 0 0 rg BT 482.01 622.10 Td (million ) Tj ET Q q 0 0 0 rg BT 512.56 622.10 Td (at ) Tj ET Q q 0 0 0 rg BT 521.43 622.10 Td (December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 610.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 69.33 610.10 Td (2014\) ) Tj ET Q q 0 0 0 rg BT 95.49 610.10 Td (and ) Tj ET Q q 0 0 0 rg BT 112.76 610.10 Td (allowances ) Tj ET Q q 0 0 0 rg BT 160.02 610.10 Td (for ) Tj ET Q q 0 0 0 rg BT 174.51 610.10 Td (doubtful ) Tj ET Q q 0 0 0 rg BT 211.23 610.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 249.05 610.10 Td (of ) Tj ET Q q 0 0 0 rg BT 260.21 610.10 Td (19 ) Tj ET Q q 0 0 0 rg BT 278.04 610.10 Td (million ) Tj ET Q q 0 0 0 rg BT 309.77 610.10 Td (at ) Tj ET Q q 0 0 0 rg BT 319.82 610.10 Td (December ) Tj ET Q q 0 0 0 rg BT 363.73 610.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 379.06 610.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 401.90 610.10 Td (or ) Tj ET Q q 0 0 0 rg BT 413.06 610.10 Td (1.6 ) Tj ET Q q 0 0 0 rg BT 428.39 610.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 460.65 610.10 Td (of ) Tj ET Q q 0 0 0 rg BT 471.81 610.10 Td (the ) Tj ET Q q 0 0 0 rg BT 486.86 610.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 510.80 610.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 544.17 610.10 Td (\(14 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 598.10 Td (million ) Tj ET Q q 0 0 0 rg BT 85.17 598.10 Td (at ) Tj ET Q q 0 0 0 rg BT 94.66 598.10 Td (December ) Tj ET Q q 0 0 0 rg BT 138.03 598.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 152.80 598.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 177.58 598.10 Td (or ) Tj ET Q q 0 0 0 rg BT 188.19 598.10 Td (1.1 ) Tj ET Q q 0 0 0 rg BT 202.97 598.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 234.67 598.10 Td (of ) Tj ET Q q 0 0 0 rg BT 245.28 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 259.77 598.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 283.16 598.10 Td (balance\). ) Tj ET Q q 0 0 0 rg BT 321.80 598.10 Td (Provisions ) Tj ET Q q 0 0 0 rg BT 366.31 598.10 Td (for ) Tj ET Q q 0 0 0 rg BT 380.25 598.10 Td (doubtful ) Tj ET Q q 0 0 0 rg BT 416.41 598.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 453.68 598.10 Td (char) Tj ET Q q 0 0 0 rg BT 470.70 598.10 Td (ged ) Tj ET Q q 0 0 0 rg BT 487.42 598.10 Td (to ) Tj ET Q q 0 0 0 rg BT 497.48 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 511.97 598.10 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 586.10 Td (income ) Tj ET Q q 0 0 0 rg BT 85.18 586.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 125.25 586.10 Td (as ) Tj ET Q q 0 0 0 rg BT 135.32 586.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 153.17 586.10 Td (of ) Tj ET Q q 0 0 0 rg BT 163.25 586.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 184.43 586.10 Td (were ) Tj ET Q q 0 0 0 rg BT 205.61 586.10 Td (10 ) Tj ET Q q 0 0 0 rg BT 222.35 586.10 Td (million ) Tj ET Q q 0 0 0 rg BT 252.99 586.10 Td (for ) Tj ET Q q 0 0 0 rg BT 266.40 586.10 Td (the ) Tj ET Q q 0 0 0 rg BT 280.36 586.10 Td (year ) Tj ET Q q 0 0 0 rg BT 299.31 586.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 324.94 586.10 Td (December ) Tj ET Q q 0 0 0 rg BT 367.76 586.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 382.01 586.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 403.76 586.10 Td (\(7 ) Tj ET Q q 0 0 0 rg BT 418.83 586.10 Td (million ) Tj ET Q q 0 0 0 rg BT 449.47 586.10 Td (for ) Tj ET Q q 0 0 0 rg BT 462.87 586.10 Td (the ) Tj ET Q q 0 0 0 rg BT 476.84 586.10 Td (year ) Tj ET Q q 0 0 0 rg BT 495.79 586.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 521.41 586.10 Td (December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 574.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 69.00 574.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 91.50 574.10 Td (and ) Tj ET Q q 0 0 0 rg BT 108.44 574.10 Td (4 ) Tj ET Q q 0 0 0 rg BT 120.94 574.10 Td (million ) Tj ET Q q 0 0 0 rg BT 152.33 574.10 Td (for ) Tj ET Q q 0 0 0 rg BT 166.49 574.10 Td (year ) Tj ET Q q 0 0 0 rg BT 186.20 574.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 212.57 574.10 Td (December ) Tj ET Q q 0 0 0 rg BT 256.16 574.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 271.16 574.10 Td (2013\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 550.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 550.10 Td (At ) Tj ET Q q 0 0 0 rg BT 103.68 550.10 Td (December ) Tj ET Q q 0 0 0 rg BT 148.45 550.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 164.63 550.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 190.81 550.10 Td (we ) Tj ET Q q 0 0 0 rg BT 206.15 550.10 Td (had ) Tj ET Q q 0 0 0 rg BT 224.27 550.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 249.06 550.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 272.73 550.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 321.38 550.10 Td (of ) Tj ET Q q 0 0 0 rg BT 333.39 550.10 Td (177 ) Tj ET Q q 0 0 0 rg BT 357.07 550.10 Td (million ) Tj ET Q q 0 0 0 rg BT 389.64 550.10 Td (\(198 ) Tj ET Q q 0 0 0 rg BT 416.65 550.10 Td (million ) Tj ET Q q 0 0 0 rg BT 449.22 550.10 Td (at ) Tj ET Q q 0 0 0 rg BT 460.12 550.10 Td (December ) Tj ET Q q 0 0 0 rg BT 504.89 550.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 521.07 550.10 Td (2014\) ) Tj ET Q q 0 0 0 rg BT 548.08 550.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 538.10 Td (allowances ) Tj ET Q q 0 0 0 rg BT 100.58 538.10 Td (for ) Tj ET Q q 0 0 0 rg BT 114.39 538.10 Td (doubtful ) Tj ET Q q 0 0 0 rg BT 150.43 538.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 187.57 538.10 Td (of ) Tj ET Q q 0 0 0 rg BT 198.05 538.10 Td (18 ) Tj ET Q q 0 0 0 rg BT 215.21 538.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 248.75 538.10 Td (or ) Tj ET Q q 0 0 0 rg BT 259.23 538.10 Td (10.4 ) Tj ET Q q 0 0 0 rg BT 278.89 538.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 310.46 538.10 Td (of ) Tj ET Q q 0 0 0 rg BT 320.95 538.10 Td (the ) Tj ET Q q 0 0 0 rg BT 335.32 538.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 358.58 538.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 380.72 538.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 427.85 538.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 460.53 538.10 Td (\(15 ) Tj ET Q q 0 0 0 rg BT 481.02 538.10 Td (million ) Tj ET Q q 0 0 0 rg BT 512.06 538.10 Td (at ) Tj ET Q q 0 0 0 rg BT 521.43 538.10 Td (December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 526.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 69.58 526.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 95.17 526.10 Td (or ) Tj ET Q q 0 0 0 rg BT 106.58 526.10 Td (7.4 ) Tj ET Q q 0 0 0 rg BT 122.16 526.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 154.67 526.10 Td (of ) Tj ET Q q 0 0 0 rg BT 166.08 526.10 Td (the ) Tj ET Q q 0 0 0 rg BT 181.39 526.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 205.58 526.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 228.65 526.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 276.71 526.10 Td (balance\). ) Tj ET Q q 0 0 0 rg BT 316.15 526.10 Td (Provisions ) Tj ET Q q 0 0 0 rg BT 361.47 526.10 Td (for ) Tj ET Q q 0 0 0 rg BT 376.21 526.10 Td (doubtful ) Tj ET Q q 0 0 0 rg BT 413.18 526.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 451.25 526.10 Td (char) Tj ET Q q 0 0 0 rg BT 468.27 526.10 Td (ged ) Tj ET Q q 0 0 0 rg BT 485.80 526.10 Td (to ) Tj ET Q q 0 0 0 rg BT 496.66 526.10 Td (the ) Tj ET Q q 0 0 0 rg BT 511.96 526.10 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 514.10 Td (income ) Tj ET Q q 0 0 0 rg BT 85.44 514.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 125.77 514.10 Td (as ) Tj ET Q q 0 0 0 rg BT 136.10 514.10 Td (selling, ) Tj ET Q q 0 0 0 rg BT 167.27 514.10 Td (general ) Tj ET Q q 0 0 0 rg BT 198.70 514.10 Td (and ) Tj ET Q q 0 0 0 rg BT 215.15 514.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 274.36 514.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 296.37 514.10 Td (were ) Tj ET Q q 0 0 0 rg BT 317.80 514.10 Td (10 ) Tj ET Q q 0 0 0 rg BT 334.81 514.10 Td (million ) Tj ET Q q 0 0 0 rg BT 365.70 514.10 Td (for ) Tj ET Q q 0 0 0 rg BT 379.37 514.10 Td (the ) Tj ET Q q 0 0 0 rg BT 393.59 514.10 Td (year ) Tj ET Q q 0 0 0 rg BT 412.80 514.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 438.69 514.10 Td (December ) Tj ET Q q 0 0 0 rg BT 481.78 514.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 496.28 514.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 518.29 514.10 Td (\(6 ) Tj ET Q q 0 0 0 rg BT 533.63 514.10 Td (million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 502.10 Td (for ) Tj ET Q q 0 0 0 rg BT 68.16 502.10 Td (the ) Tj ET Q q 0 0 0 rg BT 82.88 502.10 Td (year ) Tj ET Q q 0 0 0 rg BT 102.58 502.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 128.96 502.10 Td (December ) Tj ET Q q 0 0 0 rg BT 172.54 502.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 187.54 502.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 210.04 502.10 Td (and ) Tj ET Q q 0 0 0 rg BT 226.98 502.10 Td (1) Tj ET Q q 0 0 0 rg BT 236.61 502.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 244.11 502.10 Td (million ) Tj ET Q q 0 0 0 rg BT 275.50 502.10 Td (for ) Tj ET Q q 0 0 0 rg BT 289.66 502.10 Td (year ) Tj ET Q q 0 0 0 rg BT 309.37 502.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 335.75 502.10 Td (December ) Tj ET Q q 0 0 0 rg BT 379.33 502.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 394.33 502.10 Td (2013\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 478.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 478.10 Td (Should ) Tj ET Q q 0 0 0 rg BT 120.36 478.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 161.25 478.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 204.93 478.10 Td (worsen ) Tj ET Q q 0 0 0 rg BT 235.83 478.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 272.84 478.10 Td (in ) Tj ET Q q 0 0 0 rg BT 282.64 478.10 Td (an ) Tj ET Q q 0 0 0 rg BT 294.10 478.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 328.87 478.10 Td (in ) Tj ET Q q 0 0 0 rg BT 338.67 478.10 Td (default ) Tj ET Q q 0 0 0 rg BT 368.45 478.10 Td (risk, ) Tj ET Q q 0 0 0 rg BT 387.97 478.10 Td (or ) Tj ET Q q 0 0 0 rg BT 398.31 478.10 Td (if ) Tj ET Q q 0 0 0 rg BT 406.44 478.10 Td (other ) Tj ET Q q 0 0 0 rg BT 429.00 478.10 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 487.66 478.10 Td (arise, ) Tj ET Q q 0 0 0 rg BT 511.06 478.10 Td (the ) Tj ET Q q 0 0 0 rg BT 525.29 478.10 Td (estimates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 466.10 Td (of ) Tj ET Q q 0 0 0 rg BT 64.58 466.10 Td (the ) Tj ET Q q 0 0 0 rg BT 79.05 466.10 Td (recoverability ) Tj ET Q q 0 0 0 rg BT 136.83 466.10 Td (of ) Tj ET Q q 0 0 0 rg BT 147.42 466.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 183.56 466.10 Td (due ) Tj ET Q q 0 0 0 rg BT 200.25 466.10 Td (to ) Tj ET Q q 0 0 0 rg BT 210.28 466.10 Td (us ) Tj ET Q q 0 0 0 rg BT 221.43 466.10 Td (could ) Tj ET Q q 0 0 0 rg BT 245.90 466.10 Td (be ) Tj ET Q q 0 0 0 rg BT 257.59 466.10 Td (overstated ) Tj ET Q q 0 0 0 rg BT 300.94 466.10 Td (and ) Tj ET Q q 0 0 0 rg BT 317.63 466.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 359.87 466.10 Td (allowances ) Tj ET Q q 0 0 0 rg BT 406.55 466.10 Td (could ) Tj ET Q q 0 0 0 rg BT 431.02 466.10 Td (be ) Tj ET Q q 0 0 0 rg BT 442.71 466.10 Td (required, ) Tj ET Q q 0 0 0 rg BT 480.78 466.10 Td (which ) Tj ET Q q 0 0 0 rg BT 507.47 466.10 Td (could ) Tj ET Q q 0 0 0 rg BT 531.94 466.10 Td (have ) Tj ET Q q 0 0 0 rg BT 553.07 466.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 454.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 87.04 454.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 116.75 454.10 Td (on ) Tj ET Q q 0 0 0 rg BT 129.25 454.10 Td (our ) Tj ET Q q 0 0 0 rg BT 145.08 454.10 Td (results.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 430.10 Td (Recoverability ) Tj ET Q q 0 0 0 rg BT 115.37 430.10 Td (of ) Tj ET Q q 0 0 0 rg BT 126.20 430.10 Td (non-current ) Tj ET Q q 0 0 0 rg BT 178.71 430.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 205.10 430.10 Td (with ) Tj ET Q q 0 0 0 rg BT 225.39 430.10 Td (definite ) Tj ET Q q 0 0 0 rg BT 259.00 430.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 287.06 430.10 Td (lives ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 406.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 406.10 Td (Non-current ) Tj ET Q q 0 0 0 rg BT 142.16 406.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 168.78 406.10 Td (with ) Tj ET Q q 0 0 0 rg BT 189.85 406.10 Td (definite ) Tj ET Q q 0 0 0 rg BT 223.68 406.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 251.41 406.10 Td (lives ) Tj ET Q q 0 0 0 rg BT 273.58 406.10 Td (include ) Tj ET Q q 0 0 0 rg BT 306.31 406.10 Td (property) Tj ET Q q 0 0 0 rg BT 339.53 406.10 Td (, ) Tj ET Q q 0 0 0 rg BT 345.32 406.10 Td (plant ) Tj ET Q q 0 0 0 rg BT 368.61 406.10 Td (and ) Tj ET Q q 0 0 0 rg BT 386.34 406.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 431.84 406.10 Td (and ) Tj ET Q q 0 0 0 rg BT 449.57 406.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 492.85 406.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 521.97 406.10 Td (Intangible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 394.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 79.83 394.10 Td (with ) Tj ET Q q 0 0 0 rg BT 100.11 394.10 Td (definite ) Tj ET Q q 0 0 0 rg BT 133.15 394.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 160.09 394.10 Td (lives ) Tj ET Q q 0 0 0 rg BT 181.48 394.10 Td (mainly ) Tj ET Q q 0 0 0 rg BT 211.75 394.10 Td (consist ) Tj ET Q q 0 0 0 rg BT 242.03 394.10 Td (of ) Tj ET Q q 0 0 0 rg BT 252.86 394.10 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 298.66 394.10 Td (development ) Tj ET Q q 0 0 0 rg BT 352.81 394.10 Td (costs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 370.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 370.10 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 370.10 Td (e ) Tj ET Q q 0 0 0 rg BT 107.97 370.10 Td (periodically ) Tj ET Q q 0 0 0 rg BT 160.63 370.10 Td (reviews ) Tj ET Q q 0 0 0 rg BT 196.62 370.10 Td (the ) Tj ET Q q 0 0 0 rg BT 213.73 370.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 251.95 370.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 286.84 370.10 Td (of ) Tj ET Q q 0 0 0 rg BT 300.06 370.10 Td (non-current ) Tj ET Q q 0 0 0 rg BT 351.60 370.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 379.83 370.10 Td (with ) Tj ET Q q 0 0 0 rg BT 402.50 370.10 Td (definite ) Tj ET Q q 0 0 0 rg BT 437.94 370.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 467.28 370.10 Td (lives ) Tj ET Q q 0 0 0 rg BT 491.06 370.10 Td (when ) Tj ET Q q 0 0 0 rg BT 517.62 370.10 Td (events ) Tj ET Q q 0 0 0 rg BT 548.06 370.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 358.10 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 112.77 358.10 Td (indicate ) Tj ET Q q 0 0 0 rg BT 146.56 358.10 Td (that ) Tj ET Q q 0 0 0 rg BT 163.69 358.10 Td (an ) Tj ET Q q 0 0 0 rg BT 175.26 358.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 196.83 358.10 Td (may ) Tj ET Q q 0 0 0 rg BT 216.18 358.10 Td (be ) Tj ET Q q 0 0 0 rg BT 227.75 358.10 Td (impaired. ) Tj ET Q q 0 0 0 rg BT 267.93 358.10 Td (Impairment ) Tj ET Q q 0 0 0 rg BT 316.71 358.10 Td (tests ) Tj ET Q q 0 0 0 rg BT 336.63 358.10 Td (are ) Tj ET Q q 0 0 0 rg BT 350.97 358.10 Td (performed ) Tj ET Q q 0 0 0 rg BT 394.75 358.10 Td (by ) Tj ET Q q 0 0 0 rg BT 406.88 358.10 Td (comparing ) Tj ET Q q 0 0 0 rg BT 451.78 358.10 Td (the ) Tj ET Q q 0 0 0 rg BT 466.13 358.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 501.58 358.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 533.71 358.10 Td (and ) Tj ET Q q 0 0 0 rg BT 550.28 358.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 346.10 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 102.63 346.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 134.63 346.10 Td (of ) Tj ET Q q 0 0 0 rg BT 144.95 346.10 Td (the ) Tj ET Q q 0 0 0 rg BT 159.17 346.10 Td (cash-generating ) Tj ET Q q 0 0 0 rg BT 224.47 346.10 Td (unit ) Tj ET Q q 0 0 0 rg BT 242.03 346.10 Td (\(CGU\). ) Tj ET Q q 0 0 0 rg BT 283.03 346.10 Td (The ) Tj ET Q q 0 0 0 rg BT 300.58 346.10 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 349.21 346.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 381.20 346.10 Td (is ) Tj ET Q q 0 0 0 rg BT 389.87 346.10 Td (the ) Tj ET Q q 0 0 0 rg BT 404.09 346.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 431.64 346.10 Td (of ) Tj ET Q q 0 0 0 rg BT 441.97 346.10 Td (the ) Tj ET Q q 0 0 0 rg BT 456.18 346.10 Td (CGU) Tj ET Q q 0 0 0 rg BT 480.07 346.10 Td (s ) Tj ET Q q 0 0 0 rg BT 485.96 346.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 501.84 346.10 Td (value ) Tj ET Q q 0 0 0 rg BT 525.50 346.10 Td (less ) Tj ET Q q 0 0 0 rg BT 542.50 346.10 Td (costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 334.10 Td (of ) Tj ET Q q 0 0 0 rg BT 64.45 334.10 Td (disposal ) Tj ET Q q 0 0 0 rg BT 99.34 334.10 Td (and ) Tj ET Q q 0 0 0 rg BT 115.89 334.10 Td (its ) Tj ET Q q 0 0 0 rg BT 127.46 334.10 Td (value ) Tj ET Q q 0 0 0 rg BT 151.23 334.10 Td (in ) Tj ET Q q 0 0 0 rg BT 161.12 334.10 Td (use. ) Tj ET Q q 0 0 0 rg BT 179.07 334.10 Td (In ) Tj ET Q q 0 0 0 rg BT 189.51 334.10 Td (assessing ) Tj ET Q q 0 0 0 rg BT 228.85 334.10 Td (the ) Tj ET Q q 0 0 0 rg BT 243.18 334.10 Td (value ) Tj ET Q q 0 0 0 rg BT 266.96 334.10 Td (in ) Tj ET Q q 0 0 0 rg BT 276.85 334.10 Td (use, ) Tj ET Q q 0 0 0 rg BT 294.80 334.10 Td (the ) Tj ET Q q 0 0 0 rg BT 309.13 334.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 349.56 334.10 Td (future ) Tj ET Q q 0 0 0 rg BT 375.56 334.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 395.44 334.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 419.78 334.10 Td (are ) Tj ET Q q 0 0 0 rg BT 434.10 334.10 Td (discounted ) Tj ET Q q 0 0 0 rg BT 479.54 334.10 Td (to ) Tj ET Q q 0 0 0 rg BT 489.44 334.10 Td (their ) Tj ET Q q 0 0 0 rg BT 509.88 334.10 Td (present ) Tj ET Q q 0 0 0 rg BT 540.87 334.10 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 322.10 Td (using ) Tj ET Q q 0 0 0 rg BT 78.73 322.10 Td (a ) Tj ET Q q 0 0 0 rg BT 86.22 322.10 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 117.60 322.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 154.54 322.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 172.59 322.10 Td (that ) Tj ET Q q 0 0 0 rg BT 190.64 322.10 Td (reflects ) Tj ET Q q 0 0 0 rg BT 223.12 322.10 Td (current ) Tj ET Q q 0 0 0 rg BT 254.50 322.10 Td (market ) Tj ET Q q 0 0 0 rg BT 285.32 322.10 Td (assessments ) Tj ET Q q 0 0 0 rg BT 336.71 322.10 Td (of ) Tj ET Q q 0 0 0 rg BT 348.09 322.10 Td (the ) Tj ET Q q 0 0 0 rg BT 363.37 322.10 Td (time ) Tj ET Q q 0 0 0 rg BT 384.20 322.10 Td (value ) Tj ET Q q 0 0 0 rg BT 408.91 322.10 Td (of ) Tj ET Q q 0 0 0 rg BT 420.30 322.10 Td (money ) Tj ET Q q 0 0 0 rg BT 450.58 322.10 Td (and ) Tj ET Q q 0 0 0 rg BT 468.07 322.10 Td (the ) Tj ET Q q 0 0 0 rg BT 483.35 322.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 505.30 322.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 539.45 322.10 Td (to ) Tj ET Q q 0 0 0 rg BT 550.29 322.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 310.10 Td (CGU.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 286.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 286.10 Td (For ) Tj ET Q q 0 0 0 rg BT 106.45 286.10 Td (the ) Tj ET Q q 0 0 0 rg BT 121.22 286.10 Td (period ) Tj ET Q q 0 0 0 rg BT 149.32 286.10 Td (covered ) Tj ET Q q 0 0 0 rg BT 183.53 286.10 Td (by ) Tj ET Q q 0 0 0 rg BT 196.08 286.10 Td (the ) Tj ET Q q 0 0 0 rg BT 210.85 286.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 266.18 286.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 305.95 286.10 Td (Statements, ) Tj ET Q q 0 0 0 rg BT 354.89 286.10 Td (we ) Tj ET Q q 0 0 0 rg BT 369.11 286.10 Td (have ) Tj ET Q q 0 0 0 rg BT 390.54 286.10 Td (not ) Tj ET Q q 0 0 0 rg BT 405.87 286.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 452.29 286.10 Td (any ) Tj ET Q q 0 0 0 rg BT 469.29 286.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 517.94 286.10 Td (char) Tj ET Q q 0 0 0 rg BT 534.97 286.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 550.85 286.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 274.10 Td (non-current ) Tj ET Q q 0 0 0 rg BT 103.15 274.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 128.98 274.10 Td (with ) Tj ET Q q 0 0 0 rg BT 149.25 274.10 Td (definite ) Tj ET Q q 0 0 0 rg BT 182.30 274.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 209.23 274.10 Td (lives.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 250.10 Td (Recoverability ) Tj ET Q q 0 0 0 rg BT 115.37 250.10 Td (of ) Tj ET Q q 0 0 0 rg BT 126.20 250.10 Td (goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 226.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 226.10 Td (In ) Tj ET Q q 0 0 0 rg BT 100.91 226.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 148.45 226.10 Td (with ) Tj ET Q q 0 0 0 rg BT 168.81 226.10 Td (IAS ) Tj ET Q q 0 0 0 rg BT 187.50 226.10 Td (36 ) Tj ET Q q 0 0 0 rg BT 200.09 226.10 Td (- ) Tj ET Q q 0 0 0 rg BT 206.00 226.10 Td (Impairment ) Tj ET Q q 0 0 0 rg BT 255.23 226.10 Td (of ) Tj ET Q q 0 0 0 rg BT 265.57 226.10 Td (Assets, ) Tj ET Q q 0 0 0 rg BT 296.76 226.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 334.90 226.10 Td (is ) Tj ET Q q 0 0 0 rg BT 344.15 226.10 Td (not ) Tj ET Q q 0 0 0 rg BT 359.51 226.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 402.07 226.10 Td (and ) Tj ET Q q 0 0 0 rg BT 419.09 226.10 Td (is ) Tj ET Q q 0 0 0 rg BT 428.34 226.10 Td (tested ) Tj ET Q q 0 0 0 rg BT 454.25 226.10 Td (for ) Tj ET Q q 0 0 0 rg BT 468.49 226.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 517.17 226.10 Td (annually ) Tj ET Q q 0 0 0 rg BT 554.18 226.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 214.10 Td (more ) Tj ET Q q 0 0 0 rg BT 77.05 214.10 Td (frequently ) Tj ET Q q 0 0 0 rg BT 120.64 214.10 Td (if ) Tj ET Q q 0 0 0 rg BT 129.25 214.10 Td (facts ) Tj ET Q q 0 0 0 rg BT 150.63 214.10 Td (or ) Tj ET Q q 0 0 0 rg BT 161.46 214.10 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 220.60 214.10 Td (indicate ) Tj ET Q q 0 0 0 rg BT 254.75 214.10 Td (that ) Tj ET Q q 0 0 0 rg BT 272.24 214.10 Td (the ) Tj ET Q q 0 0 0 rg BT 286.96 214.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 308.90 214.10 Td (may ) Tj ET Q q 0 0 0 rg BT 328.61 214.10 Td (be ) Tj ET Q q 0 0 0 rg BT 340.55 214.10 Td (impaired. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 190.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 190.10 Td (As ) Tj ET Q q 0 0 0 rg BT 103.58 190.10 Td (the ) Tj ET Q q 0 0 0 rg BT 118.25 190.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 146.27 190.10 Td (is ) Tj ET Q q 0 0 0 rg BT 155.40 190.10 Td (composed ) Tj ET Q q 0 0 0 rg BT 198.41 190.10 Td (of ) Tj ET Q q 0 0 0 rg BT 209.20 190.10 Td (one ) Tj ET Q q 0 0 0 rg BT 226.10 190.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 266.33 190.10 Td (segment, ) Tj ET Q q 0 0 0 rg BT 304.62 190.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 342.64 190.10 Td (is ) Tj ET Q q 0 0 0 rg BT 351.77 190.10 Td (tested ) Tj ET Q q 0 0 0 rg BT 377.56 190.10 Td (at ) Tj ET Q q 0 0 0 rg BT 387.24 190.10 Td (the ) Tj ET Q q 0 0 0 rg BT 401.92 190.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 429.93 190.10 Td (level ) Tj ET Q q 0 0 0 rg BT 451.83 190.10 Td (which ) Tj ET Q q 0 0 0 rg BT 478.73 190.10 Td (represents ) Tj ET Q q 0 0 0 rg BT 521.73 190.10 Td (the ) Tj ET Q q 0 0 0 rg BT 536.40 190.10 Td (lowest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 178.10 Td (level ) Tj ET Q q 0 0 0 rg BT 77.18 178.10 Td (within ) Tj ET Q q 0 0 0 rg BT 106.49 178.10 Td (the ) Tj ET Q q 0 0 0 rg BT 122.46 178.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 151.76 178.10 Td (at ) Tj ET Q q 0 0 0 rg BT 162.73 178.10 Td (which ) Tj ET Q q 0 0 0 rg BT 190.92 178.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 230.22 178.10 Td (is ) Tj ET Q q 0 0 0 rg BT 240.64 178.10 Td (monitored ) Tj ET Q q 0 0 0 rg BT 285.50 178.10 Td (for ) Tj ET Q q 0 0 0 rg BT 300.91 178.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 335.20 178.10 Td (management ) Tj ET Q q 0 0 0 rg BT 390.04 178.10 Td (purposes ) Tj ET Q q 0 0 0 rg BT 429.34 178.10 Td (in ) Tj ET Q q 0 0 0 rg BT 440.87 178.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 489.58 178.10 Td (with ) Tj ET Q q 0 0 0 rg BT 511.11 178.10 Td (IAS ) Tj ET Q q 0 0 0 rg BT 530.98 178.10 Td (36. ) Tj ET Q q 0 0 0 rg BT 546.96 178.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 166.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 101.69 166.10 Td (test ) Tj ET Q q 0 0 0 rg BT 117.16 166.10 Td (is ) Tj ET Q q 0 0 0 rg BT 125.42 166.10 Td (performed ) Tj ET Q q 0 0 0 rg BT 168.65 166.10 Td (by ) Tj ET Q q 0 0 0 rg BT 180.24 166.10 Td (comparing ) Tj ET Q q 0 0 0 rg BT 224.59 166.10 Td (the ) Tj ET Q q 0 0 0 rg BT 238.39 166.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 273.29 166.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 304.87 166.10 Td (\(which ) Tj ET Q q 0 0 0 rg BT 334.23 166.10 Td (mainly ) Tj ET Q q 0 0 0 rg BT 363.59 166.10 Td (comprises ) Tj ET Q q 0 0 0 rg BT 405.72 166.10 Td (property) Tj ET Q q 0 0 0 rg BT 438.95 166.10 Td (, ) Tj ET Q q 0 0 0 rg BT 443.04 166.10 Td (plant ) Tj ET Q q 0 0 0 rg BT 464.62 166.10 Td (and ) Tj ET Q q 0 0 0 rg BT 480.65 166.10 Td (equipment, ) Tj ET Q q 0 0 0 rg BT 526.94 166.10 Td (goodwill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 154.10 Td (and ) Tj ET Q q 0 0 0 rg BT 71.08 154.10 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 117.04 154.10 Td (development ) Tj ET Q q 0 0 0 rg BT 171.33 154.10 Td (costs\) ) Tj ET Q q 0 0 0 rg BT 197.31 154.10 Td (and ) Tj ET Q q 0 0 0 rg BT 214.39 154.10 Td (the ) Tj ET Q q 0 0 0 rg BT 229.25 154.10 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 278.53 154.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 311.17 154.10 Td (of ) Tj ET Q q 0 0 0 rg BT 322.15 154.10 Td (the ) Tj ET Q q 0 0 0 rg BT 337.01 154.10 Td (CGU. ) Tj ET Q q 0 0 0 rg BT 363.08 154.10 Td (The ) Tj ET Q q 0 0 0 rg BT 381.27 154.10 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 430.54 154.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 463.18 154.10 Td (of ) Tj ET Q q 0 0 0 rg BT 474.16 154.10 Td (the ) Tj ET Q q 0 0 0 rg BT 489.02 154.10 Td (CGU ) Tj ET Q q 0 0 0 rg BT 512.78 154.10 Td (is ) Tj ET Q q 0 0 0 rg BT 522.10 154.10 Td (the ) Tj ET Q q 0 0 0 rg BT 536.96 154.10 Td (higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 142.10 Td (of ) Tj ET Q q 0 0 0 rg BT 64.83 142.10 Td (its ) Tj ET Q q 0 0 0 rg BT 76.78 142.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 93.16 142.10 Td (value ) Tj ET Q q 0 0 0 rg BT 117.31 142.10 Td (less ) Tj ET Q q 0 0 0 rg BT 134.81 142.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 157.31 142.10 Td (of ) Tj ET Q q 0 0 0 rg BT 168.14 142.10 Td (disposal ) Tj ET Q q 0 0 0 rg BT 203.42 142.10 Td (and ) Tj ET Q q 0 0 0 rg BT 220.36 142.10 Td (its ) Tj ET Q q 0 0 0 rg BT 232.31 142.10 Td (value ) Tj ET Q q 0 0 0 rg BT 256.46 142.10 Td (in ) Tj ET Q q 0 0 0 rg BT 266.74 142.10 Td (use.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 118.10 Td (Development ) Tj ET Q q 0 0 0 rg BT 110.37 118.10 Td (costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 94.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 94.10 Td (Development ) Tj ET Q q 0 0 0 rg BT 146.31 94.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 168.74 94.10 Td (are ) Tj ET Q q 0 0 0 rg BT 183.38 94.10 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 229.12 94.10 Td (if ) Tj ET Q q 0 0 0 rg BT 237.66 94.10 Td (the ) Tj ET Q q 0 0 0 rg BT 252.31 94.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 296.41 94.10 Td (under ) Tj ET Q q 0 0 0 rg BT 321.62 94.10 Td (IAS ) Tj ET Q q 0 0 0 rg BT 340.16 94.10 Td (38 ) Tj ET Q q 0 0 0 rg BT 352.60 94.10 Td (- ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 358.36 94.10 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 401.72 94.10 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.72 94.10 Td ( ) Tj ET Q q 0 0 0 rg BT 429.16 94.10 Td (have ) Tj ET Q q 0 0 0 rg BT 450.47 94.10 Td (been ) Tj ET Q q 0 0 0 rg BT 471.78 94.10 Td (met. ) Tj ET Q q 0 0 0 rg BT 491.53 94.10 Td (The ) Tj ET Q q 0 0 0 rg BT 509.51 94.10 Td (starting ) Tj ET Q q 0 0 0 rg BT 541.94 94.10 Td (point ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 82.10 Td (for ) Tj ET Q q 0 0 0 rg BT 68.90 82.10 Td (capitalization ) Tj ET Q q 0 0 0 rg BT 126.01 82.10 Td (is ) Tj ET Q q 0 0 0 rg BT 135.92 82.10 Td (based ) Tj ET Q q 0 0 0 rg BT 161.94 82.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 185.18 82.10 Td (the ) Tj ET Q q 0 0 0 rg BT 200.64 82.10 Td (technological ) Tj ET Q q 0 0 0 rg BT 257.75 82.10 Td (and ) Tj ET Q q 0 0 0 rg BT 275.43 82.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 325.87 82.10 Td (feasibility ) Tj ET Q q 0 0 0 rg BT 369.11 82.10 Td (of ) Tj ET Q q 0 0 0 rg BT 380.68 82.10 Td (the ) Tj ET Q q 0 0 0 rg BT 396.14 82.10 Td (project, ) Tj ET Q q 0 0 0 rg BT 429.65 82.10 Td (which ) Tj ET Q q 0 0 0 rg BT 457.33 82.10 Td (is ) Tj ET Q q 0 0 0 rg BT 467.24 82.10 Td (usually ) Tj ET Q q 0 0 0 rg BT 499.38 82.10 Td (when ) Tj ET Q q 0 0 0 rg BT 524.28 82.10 Td (a ) Tj ET Q q 0 0 0 rg BT 531.96 82.10 Td (product ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 70.10 Td (development ) Tj ET Q q 0 0 0 rg BT 108.84 70.10 Td (project ) Tj ET Q q 0 0 0 rg BT 139.79 70.10 Td (has ) Tj ET Q q 0 0 0 rg BT 156.31 70.10 Td (reached ) Tj ET Q q 0 0 0 rg BT 190.58 70.10 Td (a ) Tj ET Q q 0 0 0 rg BT 198.21 70.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 231.38 70.10 Td (milestone ) Tj ET Q q 0 0 0 rg BT 273.45 70.10 Td (according ) Tj ET Q q 0 0 0 rg BT 316.07 70.10 Td (to ) Tj ET Q q 0 0 0 rg BT 327.03 70.10 Td (our ) Tj ET Q q 0 0 0 rg BT 343.55 70.10 Td (established ) Tj ET Q q 0 0 0 rg BT 391.17 70.10 Td (product ) Tj ET Q q 0 0 0 rg BT 424.91 70.10 Td (development ) Tj ET Q q 0 0 0 rg BT 479.75 70.10 Td (model. ) Tj ET Q q 0 0 0 rg BT 510.43 70.10 Td (Feasibility ) Tj ET Q q 0 0 0 rg BT 555.84 70.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 58.10 Td (based ) Tj ET Q q 0 0 0 rg BT 80.82 58.10 Td (on ) Tj ET Q q 0 0 0 rg BT 94.88 58.10 Td (management) Tj ET Q q 0 0 0 rg BT 148.74 58.10 Td (s ) Tj ET Q q 0 0 0 rg BT 156.69 58.10 Td (judgment ) Tj ET Q q 0 0 0 rg BT 198.52 58.10 Td (which ) Tj ET Q q 0 0 0 rg BT 227.01 58.10 Td (is ) Tj ET Q q 0 0 0 rg BT 237.73 58.10 Td (formed ) Tj ET Q q 0 0 0 rg BT 270.66 58.10 Td (on ) Tj ET Q q 0 0 0 rg BT 284.72 58.10 Td (the ) Tj ET Q q 0 0 0 rg BT 300.99 58.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 325.04 58.10 Td (of ) Tj ET Q q 0 0 0 rg BT 337.42 58.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 379.80 58.10 Td (future ) Tj ET Q q 0 0 0 rg BT 407.73 58.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 429.55 58.10 Td (flows. ) Tj ET Q q 0 0 0 rg BT 458.33 58.10 Td (Capitalization ) Tj ET Q q 0 0 0 rg BT 518.47 58.10 Td (ceases ) Tj ET Q q 0 0 0 rg BT 548.06 58.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 46.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 107.04 46.10 Td (of ) Tj ET Q q 0 0 0 rg BT 117.87 46.10 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 163.67 46.10 Td (development ) Tj ET Q q 0 0 0 rg BT 217.82 46.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 240.32 46.10 Td (begins ) Tj ET Q q 0 0 0 rg BT 268.93 46.10 Td (on ) Tj ET Q q 0 0 0 rg BT 281.43 46.10 Td (start ) Tj ET Q q 0 0 0 rg BT 301.15 46.10 Td (of ) Tj ET Q q 0 0 0 rg BT 311.98 46.10 Td (production ) Tj ET Q q 0 0 0 rg BT 357.80 46.10 Td (of ) Tj ET Q q 0 0 0 rg BT 368.63 46.10 Td (the ) Tj ET Q q 0 0 0 rg BT 383.35 46.10 Td (relevant ) Tj ET Q q 0 0 0 rg BT 418.05 46.10 Td (project. ) Tj ET Q endstream endobj 137 0 obj <> endobj 138 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 30.20 Td (60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 742.10 Td (The ) Tj ET Q q 0 0 0 rg BT 107.50 742.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 159.98 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 170.26 742.10 Td (development ) Tj ET Q q 0 0 0 rg BT 223.86 742.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 245.81 742.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 279.96 742.10 Td (management ) Tj ET Q q 0 0 0 rg BT 333.00 742.10 Td (to ) Tj ET Q q 0 0 0 rg BT 342.72 742.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 377.99 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 392.16 742.10 Td (lifecycle ) Tj ET Q q 0 0 0 rg BT 428.53 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 438.80 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 452.97 742.10 Td (related ) Tj ET Q q 0 0 0 rg BT 482.12 742.10 Td (model. ) Tj ET Q q 0 0 0 rg BT 511.13 742.10 Td (Any ) Tj ET Q q 0 0 0 rg BT 530.30 742.10 Td (changes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 730.10 Td (in ) Tj ET Q q 0 0 0 rg BT 64.33 730.10 Td (such ) Tj ET Q q 0 0 0 rg BT 85.21 730.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 137.20 730.10 Td (would ) Tj ET Q q 0 0 0 rg BT 164.75 730.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 194.51 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 209.28 730.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 262.36 730.10 Td (char) Tj ET Q q 0 0 0 rg BT 279.39 730.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 291.38 730.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 328.90 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 345.89 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 360.66 730.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 396.52 730.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 429.06 730.10 Td (of ) Tj ET Q q 0 0 0 rg BT 439.94 730.10 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 485.80 730.10 Td (development ) Tj ET Q q 0 0 0 rg BT 540.00 730.10 Td (costs. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 718.10 Td (The ) Tj ET Q q 0 0 0 rg BT 71.99 718.10 Td (periodic ) Tj ET Q q 0 0 0 rg BT 107.19 718.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 160.17 718.10 Td (char) Tj ET Q q 0 0 0 rg BT 177.20 718.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 189.07 718.10 Td (is ) Tj ET Q q 0 0 0 rg BT 198.18 718.10 Td (derived ) Tj ET Q q 0 0 0 rg BT 230.61 718.10 Td (after ) Tj ET Q q 0 0 0 rg BT 251.37 718.10 Td (determining ) Tj ET Q q 0 0 0 rg BT 302.13 718.10 Td (the ) Tj ET Q q 0 0 0 rg BT 316.78 718.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 354.76 718.10 Td (lifecycle ) Tj ET Q q 0 0 0 rg BT 391.62 718.10 Td (of ) Tj ET Q q 0 0 0 rg BT 402.39 718.10 Td (the ) Tj ET Q q 0 0 0 rg BT 417.04 718.10 Td (related ) Tj ET Q q 0 0 0 rg BT 446.69 718.10 Td (model ) Tj ET Q q 0 0 0 rg BT 474.12 718.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 493.50 718.10 Td (if ) Tj ET Q q 0 0 0 rg BT 502.05 718.10 Td (applicable, ) Tj ET Q q 0 0 0 rg BT 548.08 718.10 Td (any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 706.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 91.48 706.10 Td (residual ) Tj ET Q q 0 0 0 rg BT 125.09 706.10 Td (value ) Tj ET Q q 0 0 0 rg BT 148.69 706.10 Td (at ) Tj ET Q q 0 0 0 rg BT 157.86 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 172.02 706.10 Td (end ) Tj ET Q q 0 0 0 rg BT 188.41 706.10 Td (of ) Tj ET Q q 0 0 0 rg BT 198.69 706.10 Td (its ) Tj ET Q q 0 0 0 rg BT 210.09 706.10 Td (life. ) Tj ET Q q 0 0 0 rg BT 227.87 706.10 Td (Increasing ) Tj ET Q q 0 0 0 rg BT 271.46 706.10 Td (an ) Tj ET Q q 0 0 0 rg BT 282.85 706.10 Td (asset) Tj ET Q q 0 0 0 rg BT 305.07 706.10 Td (s ) Tj ET Q q 0 0 0 rg BT 310.91 706.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 348.39 706.10 Td (lifecycle ) Tj ET Q q 0 0 0 rg BT 384.76 706.10 Td (or ) Tj ET Q q 0 0 0 rg BT 395.04 706.10 Td (its ) Tj ET Q q 0 0 0 rg BT 406.44 706.10 Td (residual ) Tj ET Q q 0 0 0 rg BT 440.04 706.10 Td (value ) Tj ET Q q 0 0 0 rg BT 463.65 706.10 Td (would ) Tj ET Q q 0 0 0 rg BT 490.60 706.10 Td (result ) Tj ET Q q 0 0 0 rg BT 514.76 706.10 Td (in ) Tj ET Q q 0 0 0 rg BT 524.49 706.10 Td (a ) Tj ET Q q 0 0 0 rg BT 530.88 706.10 Td (reduced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 694.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 107.04 694.10 Td (char) Tj ET Q q 0 0 0 rg BT 124.06 694.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 136.00 694.10 Td (in ) Tj ET Q q 0 0 0 rg BT 146.28 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 161.00 694.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 214.04 694.10 Td (income ) Tj ET Q q 0 0 0 rg BT 245.97 694.10 Td (statement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 670.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 670.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.84 670.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 136.58 670.10 Td (lives ) Tj ET Q q 0 0 0 rg BT 158.76 670.10 Td (and ) Tj ET Q q 0 0 0 rg BT 176.49 670.10 Td (residual ) Tj ET Q q 0 0 0 rg BT 211.45 670.10 Td (values ) Tj ET Q q 0 0 0 rg BT 240.29 670.10 Td (of ) Tj ET Q q 0 0 0 rg BT 251.91 670.10 Td (our ) Tj ET Q q 0 0 0 rg BT 268.54 670.10 Td (models ) Tj ET Q q 0 0 0 rg BT 300.72 670.10 Td (are ) Tj ET Q q 0 0 0 rg BT 316.23 670.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 364.50 670.10 Td (by ) Tj ET Q q 0 0 0 rg BT 377.80 670.10 Td (management ) Tj ET Q q 0 0 0 rg BT 432.18 670.10 Td (at ) Tj ET Q q 0 0 0 rg BT 442.70 670.10 Td (the ) Tj ET Q q 0 0 0 rg BT 458.21 670.10 Td (time ) Tj ET Q q 0 0 0 rg BT 479.28 670.10 Td (of ) Tj ET Q q 0 0 0 rg BT 490.90 670.10 Td (capitalization ) Tj ET Q q 0 0 0 rg BT 548.06 670.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 658.10 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 93.01 658.10 Td (annually ) Tj ET Q q 0 0 0 rg BT 129.80 658.10 Td (for ) Tj ET Q q 0 0 0 rg BT 143.82 658.10 Td (appropriateness. ) Tj ET Q q 0 0 0 rg BT 211.26 658.10 Td (The ) Tj ET Q q 0 0 0 rg BT 229.17 658.10 Td (lives ) Tj ET Q q 0 0 0 rg BT 250.42 658.10 Td (are ) Tj ET Q q 0 0 0 rg BT 264.98 658.10 Td (based ) Tj ET Q q 0 0 0 rg BT 290.11 658.10 Td (on ) Tj ET Q q 0 0 0 rg BT 302.47 658.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 342.04 658.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 387.70 658.10 Td (with ) Tj ET Q q 0 0 0 rg BT 407.84 658.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 437.97 658.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 463.66 658.10 Td (as ) Tj ET Q q 0 0 0 rg BT 474.35 658.10 Td (well ) Tj ET Q q 0 0 0 rg BT 493.93 658.10 Td (as ) Tj ET Q q 0 0 0 rg BT 504.62 658.10 Td (anticipation ) Tj ET Q q 0 0 0 rg BT 554.19 658.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 646.10 Td (future ) Tj ET Q q 0 0 0 rg BT 79.94 646.10 Td (events ) Tj ET Q q 0 0 0 rg BT 107.54 646.10 Td (which ) Tj ET Q q 0 0 0 rg BT 134.04 646.10 Td (may ) Tj ET Q q 0 0 0 rg BT 153.32 646.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 182.59 646.10 Td (their ) Tj ET Q q 0 0 0 rg BT 202.97 646.10 Td (life, ) Tj ET Q q 0 0 0 rg BT 220.86 646.10 Td (such ) Tj ET Q q 0 0 0 rg BT 241.25 646.10 Td (as ) Tj ET Q q 0 0 0 rg BT 251.64 646.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 285.90 646.10 Td (in ) Tj ET Q q 0 0 0 rg BT 295.74 646.10 Td (technology) Tj ET Q q 0 0 0 rg BT 339.53 646.10 Td (. ) Tj ET Q q 0 0 0 rg BT 344.09 646.10 Td (Historically) Tj ET Q q 0 0 0 rg BT 390.65 646.10 Td (, ) Tj ET Q q 0 0 0 rg BT 395.21 646.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 429.47 646.10 Td (in ) Tj ET Q q 0 0 0 rg BT 439.31 646.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 465.81 646.10 Td (lives ) Tj ET Q q 0 0 0 rg BT 486.76 646.10 Td (and ) Tj ET Q q 0 0 0 rg BT 503.25 646.10 Td (residual ) Tj ET Q q 0 0 0 rg BT 536.97 646.10 Td (values ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 634.10 Td (have ) Tj ET Q q 0 0 0 rg BT 75.38 634.10 Td (not ) Tj ET Q q 0 0 0 rg BT 90.66 634.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 124.81 634.10 Td (in ) Tj ET Q q 0 0 0 rg BT 135.09 634.10 Td (material ) Tj ET Q q 0 0 0 rg BT 170.35 634.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 205.05 634.10 Td (to ) Tj ET Q q 0 0 0 rg BT 215.33 634.10 Td (the ) Tj ET Q q 0 0 0 rg BT 230.05 634.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 283.09 634.10 Td (char) Tj ET Q q 0 0 0 rg BT 300.11 634.10 Td (ge.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 610.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 610.10 Td (For ) Tj ET Q q 0 0 0 rg BT 106.78 610.10 Td (the ) Tj ET Q q 0 0 0 rg BT 121.89 610.10 Td (year ) Tj ET Q q 0 0 0 rg BT 141.99 610.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 168.76 610.10 Td (December ) Tj ET Q q 0 0 0 rg BT 212.74 610.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 228.13 610.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 253.53 610.10 Td (we ) Tj ET Q q 0 0 0 rg BT 268.08 610.10 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 314.28 610.10 Td (development ) Tj ET Q q 0 0 0 rg BT 368.82 610.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 391.72 610.10 Td (of ) Tj ET Q q 0 0 0 rg BT 402.94 610.10 Td (154 ) Tj ET Q q 0 0 0 rg BT 425.83 610.10 Td (million ) Tj ET Q q 0 0 0 rg BT 457.62 610.10 Td (\(145 ) Tj ET Q q 0 0 0 rg BT 483.84 610.10 Td (million ) Tj ET Q q 0 0 0 rg BT 515.63 610.10 Td (for ) Tj ET Q q 0 0 0 rg BT 530.18 610.10 Td (the ) Tj ET Q q 0 0 0 rg BT 545.29 610.10 Td (year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 598.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 80.38 598.10 Td (December ) Tj ET Q q 0 0 0 rg BT 123.96 598.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 138.96 598.10 Td (2014\).) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 574.10 Td (Product ) Tj ET Q q 0 0 0 rg BT 89.28 574.10 Td (warranties ) Tj ET Q q 0 0 0 rg BT 135.68 574.10 Td (and ) Tj ET Q q 0 0 0 rg BT 153.74 574.10 Td (liabilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 550.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 550.10 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 550.10 Td (e ) Tj ET Q q 0 0 0 rg BT 104.43 550.10 Td (establish ) Tj ET Q q 0 0 0 rg BT 140.78 550.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 174.90 550.10 Td (for ) Tj ET Q q 0 0 0 rg BT 187.92 550.10 Td (product ) Tj ET Q q 0 0 0 rg BT 219.82 550.10 Td (warranties ) Tj ET Q q 0 0 0 rg BT 262.82 550.10 Td (at ) Tj ET Q q 0 0 0 rg BT 271.39 550.10 Td (the ) Tj ET Q q 0 0 0 rg BT 284.97 550.10 Td (time ) Tj ET Q q 0 0 0 rg BT 304.10 550.10 Td (the ) Tj ET Q q 0 0 0 rg BT 317.67 550.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 334.57 550.10 Td (is ) Tj ET Q q 0 0 0 rg BT 342.60 550.10 Td (recognized. ) Tj ET Q q 0 0 0 rg BT 390.22 550.10 Td (W) Tj ET Q q 0 0 0 rg BT 398.86 550.10 Td (e ) Tj ET Q q 0 0 0 rg BT 404.65 550.10 Td (issue ) Tj ET Q q 0 0 0 rg BT 426.01 550.10 Td (various ) Tj ET Q q 0 0 0 rg BT 456.81 550.10 Td (types ) Tj ET Q q 0 0 0 rg BT 479.27 550.10 Td (of ) Tj ET Q q 0 0 0 rg BT 488.96 550.10 Td (product ) Tj ET Q q 0 0 0 rg BT 520.86 550.10 Td (warranties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 538.10 Td (under ) Tj ET Q q 0 0 0 rg BT 78.59 538.10 Td (which ) Tj ET Q q 0 0 0 rg BT 104.84 538.10 Td (the ) Tj ET Q q 0 0 0 rg BT 118.88 538.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 171.22 538.10 Td (of ) Tj ET Q q 0 0 0 rg BT 181.37 538.10 Td (products ) Tj ET Q q 0 0 0 rg BT 217.63 538.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 256.65 538.10 Td (is ) Tj ET Q q 0 0 0 rg BT 265.14 538.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 304.16 538.10 Td (guaranteed ) Tj ET Q q 0 0 0 rg BT 349.84 538.10 Td (for ) Tj ET Q q 0 0 0 rg BT 363.32 538.10 Td (a ) Tj ET Q q 0 0 0 rg BT 369.58 538.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 398.60 538.10 Td (period ) Tj ET Q q 0 0 0 rg BT 425.96 538.10 Td (or ) Tj ET Q q 0 0 0 rg BT 436.11 538.10 Td (term, ) Tj ET Q q 0 0 0 rg BT 458.76 538.10 Td (which ) Tj ET Q q 0 0 0 rg BT 485.01 538.10 Td (is ) Tj ET Q q 0 0 0 rg BT 493.50 538.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 532.52 538.10 Td (defined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 526.10 Td (by ) Tj ET Q q 0 0 0 rg BT 66.21 526.10 Td (the ) Tj ET Q q 0 0 0 rg BT 80.63 526.10 Td (legislation ) Tj ET Q q 0 0 0 rg BT 124.50 526.10 Td (in ) Tj ET Q q 0 0 0 rg BT 134.48 526.10 Td (the ) Tj ET Q q 0 0 0 rg BT 148.91 526.10 Td (country ) Tj ET Q q 0 0 0 rg BT 181.66 526.10 Td (where ) Tj ET Q q 0 0 0 rg BT 208.30 526.10 Td (the ) Tj ET Q q 0 0 0 rg BT 222.72 526.10 Td (car ) Tj ET Q q 0 0 0 rg BT 237.13 526.10 Td (is ) Tj ET Q q 0 0 0 rg BT 246.01 526.10 Td (sold. ) Tj ET Q q 0 0 0 rg BT 267.23 526.10 Td (The ) Tj ET Q q 0 0 0 rg BT 284.98 526.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 316.06 526.10 Td (for ) Tj ET Q q 0 0 0 rg BT 329.92 526.10 Td (product ) Tj ET Q q 0 0 0 rg BT 362.68 526.10 Td (warranties ) Tj ET Q q 0 0 0 rg BT 406.53 526.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 442.06 526.10 Td (the ) Tj ET Q q 0 0 0 rg BT 456.49 526.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 494.23 526.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 516.43 526.10 Td (of ) Tj ET Q q 0 0 0 rg BT 526.97 526.10 Td (warranty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 514.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 101.41 514.10 Td (imposed ) Tj ET Q q 0 0 0 rg BT 138.27 514.10 Td (by ) Tj ET Q q 0 0 0 rg BT 151.24 514.10 Td (law ) Tj ET Q q 0 0 0 rg BT 168.65 514.10 Td (or ) Tj ET Q q 0 0 0 rg BT 179.95 514.10 Td (contract, ) Tj ET Q q 0 0 0 rg BT 217.63 514.10 Td (as ) Tj ET Q q 0 0 0 rg BT 228.93 514.10 Td (well ) Tj ET Q q 0 0 0 rg BT 249.12 514.10 Td (as ) Tj ET Q q 0 0 0 rg BT 260.42 514.10 Td (the ) Tj ET Q q 0 0 0 rg BT 275.61 514.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 314.11 514.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 337.08 514.10 Td (for ) Tj ET Q q 0 0 0 rg BT 351.71 514.10 Td (policy ) Tj ET Q q 0 0 0 rg BT 379.68 514.10 Td (coverage. ) Tj ET Q q 0 0 0 rg BT 421.02 514.10 Td (The ) Tj ET Q q 0 0 0 rg BT 439.54 514.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 480.83 514.10 Td (future ) Tj ET Q q 0 0 0 rg BT 507.68 514.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 530.65 514.10 Td (of ) Tj ET Q q 0 0 0 rg BT 541.95 514.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 502.10 Td (actions ) Tj ET Q q 0 0 0 rg BT 84.98 502.10 Td (are ) Tj ET Q q 0 0 0 rg BT 99.85 502.10 Td (principally ) Tj ET Q q 0 0 0 rg BT 145.83 502.10 Td (based ) Tj ET Q q 0 0 0 rg BT 171.25 502.10 Td (on ) Tj ET Q q 0 0 0 rg BT 183.91 502.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 236.02 502.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 276.99 502.10 Td (the ) Tj ET Q q 0 0 0 rg BT 291.86 502.10 Td (lifetime ) Tj ET Q q 0 0 0 rg BT 325.62 502.10 Td (warranty ) Tj ET Q q 0 0 0 rg BT 363.81 502.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 386.47 502.10 Td (of ) Tj ET Q q 0 0 0 rg BT 397.46 502.10 Td (each ) Tj ET Q q 0 0 0 rg BT 418.43 502.10 Td (car ) Tj ET Q q 0 0 0 rg BT 433.30 502.10 Td (line ) Tj ET Q q 0 0 0 rg BT 450.95 502.10 Td (and ) Tj ET Q q 0 0 0 rg BT 468.05 502.10 Td (each ) Tj ET Q q 0 0 0 rg BT 489.02 502.10 Td (model ) Tj ET Q q 0 0 0 rg BT 516.67 502.10 Td (year ) Tj ET Q q 0 0 0 rg BT 536.54 502.10 Td (of ) Tj ET Q q 0 0 0 rg BT 547.53 502.10 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 490.10 Td (car ) Tj ET Q q 0 0 0 rg BT 68.54 490.10 Td (line, ) Tj ET Q q 0 0 0 rg BT 88.38 490.10 Td (as ) Tj ET Q q 0 0 0 rg BT 99.05 490.10 Td (well ) Tj ET Q q 0 0 0 rg BT 118.60 490.10 Td (as ) Tj ET Q q 0 0 0 rg BT 129.27 490.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 168.82 490.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 197.26 490.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 242.90 490.10 Td (for ) Tj ET Q q 0 0 0 rg BT 256.90 490.10 Td (our ) Tj ET Q q 0 0 0 rg BT 272.56 490.10 Td (cars. ) Tj ET Q q 0 0 0 rg BT 293.50 490.10 Td (In ) Tj ET Q q 0 0 0 rg BT 304.17 490.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 341.78 490.10 Td (the ) Tj ET Q q 0 0 0 rg BT 356.33 490.10 Td (number ) Tj ET Q q 0 0 0 rg BT 389.22 490.10 Td (and ) Tj ET Q q 0 0 0 rg BT 406.00 490.10 Td (magnitude ) Tj ET Q q 0 0 0 rg BT 450.55 490.10 Td (of ) Tj ET Q q 0 0 0 rg BT 461.21 490.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 503.54 490.10 Td (service ) Tj ET Q q 0 0 0 rg BT 534.20 490.10 Td (actions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 478.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 92.25 478.10 Td (to ) Tj ET Q q 0 0 0 rg BT 102.75 478.10 Td (be ) Tj ET Q q 0 0 0 rg BT 114.91 478.10 Td (approved, ) Tj ET Q q 0 0 0 rg BT 157.34 478.10 Td (and ) Tj ET Q q 0 0 0 rg BT 174.50 478.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 208.33 478.10 Td (related ) Tj ET Q q 0 0 0 rg BT 238.25 478.10 Td (to ) Tj ET Q q 0 0 0 rg BT 248.75 478.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 291.46 478.10 Td (service ) Tj ET Q q 0 0 0 rg BT 322.50 478.10 Td (actions, ) Tj ET Q q 0 0 0 rg BT 356.04 478.10 Td (are ) Tj ET Q q 0 0 0 rg BT 370.97 478.10 Td (taken ) Tj ET Q q 0 0 0 rg BT 395.35 478.10 Td (into ) Tj ET Q q 0 0 0 rg BT 413.63 478.10 Td (consideration. ) Tj ET Q q 0 0 0 rg BT 472.72 478.10 Td (Due ) Tj ET Q q 0 0 0 rg BT 492.10 478.10 Td (to ) Tj ET Q q 0 0 0 rg BT 502.60 478.10 Td (the ) Tj ET Q q 0 0 0 rg BT 517.54 478.10 Td (uncertainty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 466.10 Td (and ) Tj ET Q q 0 0 0 rg BT 70.10 466.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 106.76 466.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 144.53 466.10 Td (of ) Tj ET Q q 0 0 0 rg BT 154.52 466.10 Td (these ) Tj ET Q q 0 0 0 rg BT 176.73 466.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 216.72 466.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 248.09 466.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 281.96 466.10 Td (in ) Tj ET Q q 0 0 0 rg BT 291.40 466.10 Td (the ) Tj ET Q q 0 0 0 rg BT 305.28 466.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 356.40 466.10 Td (used ) Tj ET Q q 0 0 0 rg BT 376.39 466.10 Td (could ) Tj ET Q q 0 0 0 rg BT 400.27 466.10 Td (materially ) Tj ET Q q 0 0 0 rg BT 442.47 466.10 Td (af) Tj ET Q q 0 0 0 rg BT 450.06 466.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 466.71 466.10 Td (the ) Tj ET Q q 0 0 0 rg BT 480.59 466.10 Td (results ) Tj ET Q q 0 0 0 rg BT 508.36 466.10 Td (of ) Tj ET Q q 0 0 0 rg BT 518.36 466.10 Td (operations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 442.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 442.10 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 442.10 Td (e ) Tj ET Q q 0 0 0 rg BT 104.58 442.10 Td (periodically ) Tj ET Q q 0 0 0 rg BT 153.85 442.10 Td (initiate ) Tj ET Q q 0 0 0 rg BT 183.13 442.10 Td (voluntary ) Tj ET Q q 0 0 0 rg BT 222.96 442.10 Td (service ) Tj ET Q q 0 0 0 rg BT 252.78 442.10 Td (actions ) Tj ET Q q 0 0 0 rg BT 282.62 442.10 Td (to ) Tj ET Q q 0 0 0 rg BT 291.90 442.10 Td (address ) Tj ET Q q 0 0 0 rg BT 323.40 442.10 Td (various ) Tj ET Q q 0 0 0 rg BT 354.35 442.10 Td (client ) Tj ET Q q 0 0 0 rg BT 378.07 442.10 Td (satisfaction, ) Tj ET Q q 0 0 0 rg BT 427.62 442.10 Td (safety ) Tj ET Q q 0 0 0 rg BT 453.00 442.10 Td (and ) Tj ET Q q 0 0 0 rg BT 468.95 442.10 Td (emissions ) Tj ET Q q 0 0 0 rg BT 509.90 442.10 Td (issues ) Tj ET Q q 0 0 0 rg BT 535.30 442.10 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 430.10 Td (to ) Tj ET Q q 0 0 0 rg BT 64.20 430.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 82.72 430.10 Td (sold. ) Tj ET Q q 0 0 0 rg BT 104.32 430.10 Td (Included ) Tj ET Q q 0 0 0 rg BT 141.73 430.10 Td (in ) Tj ET Q q 0 0 0 rg BT 151.93 430.10 Td (the ) Tj ET Q q 0 0 0 rg BT 166.57 430.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 197.86 430.10 Td (is ) Tj ET Q q 0 0 0 rg BT 206.95 430.10 Td (the ) Tj ET Q q 0 0 0 rg BT 221.59 430.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 262.33 430.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 280.87 430.10 Td (of ) Tj ET Q q 0 0 0 rg BT 291.62 430.10 Td (these ) Tj ET Q q 0 0 0 rg BT 314.59 430.10 Td (services ) Tj ET Q q 0 0 0 rg BT 349.22 430.10 Td (and ) Tj ET Q q 0 0 0 rg BT 366.08 430.10 Td (recall ) Tj ET Q q 0 0 0 rg BT 390.71 430.10 Td (actions. ) Tj ET Q q 0 0 0 rg BT 423.78 430.10 Td (The ) Tj ET Q q 0 0 0 rg BT 441.75 430.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 482.50 430.10 Td (future ) Tj ET Q q 0 0 0 rg BT 508.80 430.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 531.22 430.10 Td (of ) Tj ET Q q 0 0 0 rg BT 541.97 430.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 418.10 Td (actions ) Tj ET Q q 0 0 0 rg BT 84.08 418.10 Td (are ) Tj ET Q q 0 0 0 rg BT 98.04 418.10 Td (based ) Tj ET Q q 0 0 0 rg BT 122.56 418.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 161.53 418.10 Td (on ) Tj ET Q q 0 0 0 rg BT 173.28 418.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 212.25 418.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 240.11 418.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 285.16 418.10 Td (for ) Tj ET Q q 0 0 0 rg BT 298.58 418.10 Td (our ) Tj ET Q q 0 0 0 rg BT 313.66 418.10 Td (cars. ) Tj ET Q q 0 0 0 rg BT 334.02 418.10 Td (Estimates ) Tj ET Q q 0 0 0 rg BT 374.65 418.10 Td (of ) Tj ET Q q 0 0 0 rg BT 384.74 418.10 Td (the ) Tj ET Q q 0 0 0 rg BT 398.71 418.10 Td (future ) Tj ET Q q 0 0 0 rg BT 424.34 418.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 446.09 418.10 Td (of ) Tj ET Q q 0 0 0 rg BT 456.18 418.10 Td (these ) Tj ET Q q 0 0 0 rg BT 478.48 418.10 Td (actions ) Tj ET Q q 0 0 0 rg BT 508.56 418.10 Td (are ) Tj ET Q q 0 0 0 rg BT 522.52 418.10 Td (inevitably ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 406.10 Td (imprecise ) Tj ET Q q 0 0 0 rg BT 94.84 406.10 Td (due ) Tj ET Q q 0 0 0 rg BT 111.26 406.10 Td (to ) Tj ET Q q 0 0 0 rg BT 121.01 406.10 Td (several ) Tj ET Q q 0 0 0 rg BT 151.29 406.10 Td (uncertainties, ) Tj ET Q q 0 0 0 rg BT 206.86 406.10 Td (including ) Tj ET Q q 0 0 0 rg BT 246.60 406.10 Td (the ) Tj ET Q q 0 0 0 rg BT 260.79 406.10 Td (number ) Tj ET Q q 0 0 0 rg BT 293.31 406.10 Td (of ) Tj ET Q q 0 0 0 rg BT 303.61 406.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 321.69 406.10 Td (af) Tj ET Q q 0 0 0 rg BT 329.27 406.10 Td (fected ) Tj ET Q q 0 0 0 rg BT 355.67 406.10 Td (by ) Tj ET Q q 0 0 0 rg BT 367.64 406.10 Td (a ) Tj ET Q q 0 0 0 rg BT 374.05 406.10 Td (service ) Tj ET Q q 0 0 0 rg BT 404.34 406.10 Td (or ) Tj ET Q q 0 0 0 rg BT 414.64 406.10 Td (recall ) Tj ET Q q 0 0 0 rg BT 438.82 406.10 Td (action. ) Tj ET Q q 0 0 0 rg BT 467.73 406.10 Td (It ) Tj ET Q q 0 0 0 rg BT 475.81 406.10 Td (is ) Tj ET Q q 0 0 0 rg BT 484.45 406.10 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 529.74 406.10 Td (possible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 394.10 Td (that ) Tj ET Q q 0 0 0 rg BT 70.88 394.10 Td (the ) Tj ET Q q 0 0 0 rg BT 84.98 394.10 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 119.63 394.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 137.63 394.10 Td (of ) Tj ET Q q 0 0 0 rg BT 147.84 394.10 Td (these ) Tj ET Q q 0 0 0 rg BT 170.27 394.10 Td (service ) Tj ET Q q 0 0 0 rg BT 200.47 394.10 Td (and ) Tj ET Q q 0 0 0 rg BT 216.80 394.10 Td (recall ) Tj ET Q q 0 0 0 rg BT 240.88 394.10 Td (actions ) Tj ET Q q 0 0 0 rg BT 271.09 394.10 Td (may ) Tj ET Q q 0 0 0 rg BT 290.20 394.10 Td (require ) Tj ET Q q 0 0 0 rg BT 320.40 394.10 Td (us ) Tj ET Q q 0 0 0 rg BT 331.17 394.10 Td (to ) Tj ET Q q 0 0 0 rg BT 340.84 394.10 Td (make ) Tj ET Q q 0 0 0 rg BT 364.38 394.10 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 417.35 394.10 Td (in ) Tj ET Q q 0 0 0 rg BT 427.02 394.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 455.00 394.10 Td (of ) Tj ET Q q 0 0 0 rg BT 465.22 394.10 Td (\(or ) Tj ET Q q 0 0 0 rg BT 478.76 394.10 Td (less ) Tj ET Q q 0 0 0 rg BT 495.65 394.10 Td (than\) ) Tj ET Q q 0 0 0 rg BT 518.08 394.10 Td (established ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 382.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 89.55 382.10 Td (over ) Tj ET Q q 0 0 0 rg BT 110.12 382.10 Td (an ) Tj ET Q q 0 0 0 rg BT 122.35 382.10 Td (extended ) Tj ET Q q 0 0 0 rg BT 161.24 382.10 Td (period ) Tj ET Q q 0 0 0 rg BT 189.58 382.10 Td (of ) Tj ET Q q 0 0 0 rg BT 200.70 382.10 Td (time. ) Tj ET Q q 0 0 0 rg BT 223.57 382.10 Td (The ) Tj ET Q q 0 0 0 rg BT 241.91 382.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 278.02 382.10 Td (of ) Tj ET Q q 0 0 0 rg BT 289.15 382.10 Td (warranty ) Tj ET Q q 0 0 0 rg BT 327.48 382.10 Td (and ) Tj ET Q q 0 0 0 rg BT 344.71 382.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 387.50 382.10 Td (service ) Tj ET Q q 0 0 0 rg BT 418.61 382.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 465.85 382.10 Td (is ) Tj ET Q q 0 0 0 rg BT 475.31 382.10 Td (periodically ) Tj ET Q q 0 0 0 rg BT 525.86 382.10 Td (reviewed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 370.10 Td (during ) Tj ET Q q 0 0 0 rg BT 82.61 370.10 Td (the ) Tj ET Q q 0 0 0 rg BT 97.33 370.10 Td (year) Tj ET Q q 0 0 0 rg BT 113.98 370.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 346.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 346.10 Td (In ) Tj ET Q q 0 0 0 rg BT 100.35 346.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 137.65 346.10 Td (we ) Tj ET Q q 0 0 0 rg BT 151.33 346.10 Td (make ) Tj ET Q q 0 0 0 rg BT 175.00 346.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 218.70 346.10 Td (for ) Tj ET Q q 0 0 0 rg BT 232.38 346.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 272.72 346.10 Td (product ) Tj ET Q q 0 0 0 rg BT 305.29 346.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 338.42 346.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 360.44 346.10 Td (arising ) Tj ET Q q 0 0 0 rg BT 389.68 346.10 Td (from ) Tj ET Q q 0 0 0 rg BT 411.14 346.10 Td (property ) Tj ET Q q 0 0 0 rg BT 447.04 346.10 Td (damage ) Tj ET Q q 0 0 0 rg BT 480.15 346.10 Td (and ) Tj ET Q q 0 0 0 rg BT 496.61 346.10 Td (personal ) Tj ET Q q 0 0 0 rg BT 532.51 346.10 Td (injuries ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 334.10 Td (including ) Tj ET Q q 0 0 0 rg BT 94.71 334.10 Td (wrongful ) Tj ET Q q 0 0 0 rg BT 134.30 334.10 Td (death, ) Tj ET Q q 0 0 0 rg BT 161.39 334.10 Td (and ) Tj ET Q q 0 0 0 rg BT 178.77 334.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 216.69 334.10 Td (exemplary ) Tj ET Q q 0 0 0 rg BT 261.83 334.10 Td (or ) Tj ET Q q 0 0 0 rg BT 273.09 334.10 Td (punitive ) Tj ET Q q 0 0 0 rg BT 308.80 334.10 Td (damages ) Tj ET Q q 0 0 0 rg BT 346.72 334.10 Td (alleged ) Tj ET Q q 0 0 0 rg BT 378.53 334.10 Td (to ) Tj ET Q q 0 0 0 rg BT 389.24 334.10 Td (be ) Tj ET Q q 0 0 0 rg BT 401.61 334.10 Td (the ) Tj ET Q q 0 0 0 rg BT 416.76 334.10 Td (result ) Tj ET Q q 0 0 0 rg BT 441.92 334.10 Td (of ) Tj ET Q q 0 0 0 rg BT 453.18 334.10 Td (product ) Tj ET Q q 0 0 0 rg BT 486.66 334.10 Td (defects. ) Tj ET Q q 0 0 0 rg BT 520.41 334.10 Td (By ) Tj ET Q q 0 0 0 rg BT 535.02 334.10 Td (nature, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 322.10 Td (these ) Tj ET Q q 0 0 0 rg BT 77.50 322.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 100.45 322.10 Td (can ) Tj ET Q q 0 0 0 rg BT 117.27 322.10 Td (be ) Tj ET Q q 0 0 0 rg BT 129.66 322.10 Td (infrequent, ) Tj ET Q q 0 0 0 rg BT 176.20 322.10 Td (dif) Tj ET Q q 0 0 0 rg BT 187.13 322.10 Td (ficult ) Tj ET Q q 0 0 0 rg BT 211.18 322.10 Td (to ) Tj ET Q q 0 0 0 rg BT 221.91 322.10 Td (predict ) Tj ET Q q 0 0 0 rg BT 252.62 322.10 Td (and ) Tj ET Q q 0 0 0 rg BT 270.01 322.10 Td (have ) Tj ET Q q 0 0 0 rg BT 291.84 322.10 Td (the ) Tj ET Q q 0 0 0 rg BT 307.00 322.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 344.94 322.10 Td (to ) Tj ET Q q 0 0 0 rg BT 355.67 322.10 Td (vary ) Tj ET Q q 0 0 0 rg BT 376.39 322.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 429.33 322.10 Td (in ) Tj ET Q q 0 0 0 rg BT 440.05 322.10 Td (amount. ) Tj ET Q q 0 0 0 rg BT 475.50 322.10 Td (Costs ) Tj ET Q q 0 0 0 rg BT 500.68 322.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 544.72 322.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 310.10 Td (these ) Tj ET Q q 0 0 0 rg BT 77.31 310.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 121.75 310.10 Td (are ) Tj ET Q q 0 0 0 rg BT 136.72 310.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 174.46 310.10 Td (in ) Tj ET Q q 0 0 0 rg BT 185.00 310.10 Td (the ) Tj ET Q q 0 0 0 rg BT 199.99 310.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 253.29 310.10 Td (income ) Tj ET Q q 0 0 0 rg BT 285.49 310.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 326.58 310.10 Td (and ) Tj ET Q q 0 0 0 rg BT 343.78 310.10 Td (any ) Tj ET Q q 0 0 0 rg BT 360.98 310.10 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 408.19 310.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 458.73 310.10 Td (are ) Tj ET Q q 0 0 0 rg BT 473.70 310.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 511.44 310.10 Td (in ) Tj ET Q q 0 0 0 rg BT 521.98 310.10 Td (the ) Tj ET Q q 0 0 0 rg BT 536.96 310.10 Td (period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 298.10 Td (in ) Tj ET Q q 0 0 0 rg BT 64.28 298.10 Td (which ) Tj ET Q q 0 0 0 rg BT 91.22 298.10 Td (the ) Tj ET Q q 0 0 0 rg BT 105.93 298.10 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 152.32 298.10 Td (is ) Tj ET Q q 0 0 0 rg BT 161.49 298.10 Td (determined.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 274.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 80.39 274.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 126.79 274.10 Td (liabilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 250.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 250.10 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 250.10 Td (e ) Tj ET Q q 0 0 0 rg BT 104.46 250.10 Td (make ) Tj ET Q q 0 0 0 rg BT 127.49 250.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 170.54 250.10 Td (in ) Tj ET Q q 0 0 0 rg BT 179.70 250.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 224.95 250.10 Td (with ) Tj ET Q q 0 0 0 rg BT 244.11 250.10 Td (pending ) Tj ET Q q 0 0 0 rg BT 277.70 250.10 Td (or ) Tj ET Q q 0 0 0 rg BT 287.41 250.10 Td (threatened ) Tj ET Q q 0 0 0 rg BT 330.43 250.10 Td (disputes ) Tj ET Q q 0 0 0 rg BT 364.59 250.10 Td (or ) Tj ET Q q 0 0 0 rg BT 374.30 250.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 395.11 250.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 444.81 250.10 Td (when ) Tj ET Q q 0 0 0 rg BT 467.85 250.10 Td (it ) Tj ET Q q 0 0 0 rg BT 474.78 250.10 Td (is ) Tj ET Q q 0 0 0 rg BT 482.83 250.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 527.53 250.10 Td (probable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 238.10 Td (that ) Tj ET Q q 0 0 0 rg BT 71.09 238.10 Td (there ) Tj ET Q q 0 0 0 rg BT 93.17 238.10 Td (will ) Tj ET Q q 0 0 0 rg BT 110.83 238.10 Td (be ) Tj ET Q q 0 0 0 rg BT 122.36 238.10 Td (an ) Tj ET Q q 0 0 0 rg BT 133.90 238.10 Td (outflow ) Tj ET Q q 0 0 0 rg BT 167.11 238.10 Td (of ) Tj ET Q q 0 0 0 rg BT 177.53 238.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 201.85 238.10 Td (and ) Tj ET Q q 0 0 0 rg BT 218.39 238.10 Td (when ) Tj ET Q q 0 0 0 rg BT 242.14 238.10 Td (the ) Tj ET Q q 0 0 0 rg BT 256.46 238.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 288.55 238.10 Td (can ) Tj ET Q q 0 0 0 rg BT 304.52 238.10 Td (be ) Tj ET Q q 0 0 0 rg BT 316.06 238.10 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 361.47 238.10 Td (estimated. ) Tj ET Q q 0 0 0 rg BT 404.39 238.10 Td (If ) Tj ET Q q 0 0 0 rg BT 413.15 238.10 Td (an ) Tj ET Q q 0 0 0 rg BT 424.68 238.10 Td (outflow ) Tj ET Q q 0 0 0 rg BT 457.89 238.10 Td (of ) Tj ET Q q 0 0 0 rg BT 468.32 238.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 492.64 238.10 Td (becomes ) Tj ET Q q 0 0 0 rg BT 529.72 238.10 Td (possible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 226.10 Td (but ) Tj ET Q q 0 0 0 rg BT 69.79 226.10 Td (the ) Tj ET Q q 0 0 0 rg BT 85.02 226.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 118.02 226.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 147.69 226.10 Td (be ) Tj ET Q q 0 0 0 rg BT 160.14 226.10 Td (estimated, ) Tj ET Q q 0 0 0 rg BT 203.97 226.10 Td (the ) Tj ET Q q 0 0 0 rg BT 219.19 226.10 Td (matter ) Tj ET Q q 0 0 0 rg BT 247.75 226.10 Td (is ) Tj ET Q q 0 0 0 rg BT 257.43 226.10 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 297.65 226.10 Td (in ) Tj ET Q q 0 0 0 rg BT 308.44 226.10 Td (the ) Tj ET Q q 0 0 0 rg BT 323.67 226.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 347.79 226.10 Td (to ) Tj ET Q q 0 0 0 rg BT 358.58 226.10 Td (the ) Tj ET Q q 0 0 0 rg BT 373.80 226.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 429.59 226.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 469.81 226.10 Td (Statements. ) Tj ET Q q 0 0 0 rg BT 518.98 226.10 Td (W) Tj ET Q q 0 0 0 rg BT 527.62 226.10 Td (e ) Tj ET Q q 0 0 0 rg BT 535.07 226.10 Td (are ) Tj ET Q q 0 0 0 rg BT 550.29 226.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 214.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 84.69 214.10 Td (of ) Tj ET Q q 0 0 0 rg BT 95.38 214.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 117.18 214.10 Td (and ) Tj ET Q q 0 0 0 rg BT 133.98 214.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 148.56 214.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 199.24 214.10 Td (covering ) Tj ET Q q 0 0 0 rg BT 236.59 214.10 Td (a ) Tj ET Q q 0 0 0 rg BT 243.39 214.10 Td (wide ) Tj ET Q q 0 0 0 rg BT 265.19 214.10 Td (range ) Tj ET Q q 0 0 0 rg BT 289.76 214.10 Td (of ) Tj ET Q q 0 0 0 rg BT 300.46 214.10 Td (matters ) Tj ET Q q 0 0 0 rg BT 332.25 214.10 Td (in ) Tj ET Q q 0 0 0 rg BT 342.39 214.10 Td (various ) Tj ET Q q 0 0 0 rg BT 374.20 214.10 Td (jurisdictions. ) Tj ET Q q 0 0 0 rg BT 428.50 214.10 Td (Due ) Tj ET Q q 0 0 0 rg BT 447.53 214.10 Td (to ) Tj ET Q q 0 0 0 rg BT 457.67 214.10 Td (the ) Tj ET Q q 0 0 0 rg BT 472.25 214.10 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 519.59 214.10 Td (inherent ) Tj ET Q q 0 0 0 rg BT 554.72 214.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 202.10 Td (such ) Tj ET Q q 0 0 0 rg BT 74.80 202.10 Td (matters, ) Tj ET Q q 0 0 0 rg BT 109.20 202.10 Td (it ) Tj ET Q q 0 0 0 rg BT 117.22 202.10 Td (is ) Tj ET Q q 0 0 0 rg BT 126.36 202.10 Td (dif) Tj ET Q q 0 0 0 rg BT 137.29 202.10 Td (ficult ) Tj ET Q q 0 0 0 rg BT 160.86 202.10 Td (to ) Tj ET Q q 0 0 0 rg BT 171.10 202.10 Td (predict ) Tj ET Q q 0 0 0 rg BT 201.33 202.10 Td (the ) Tj ET Q q 0 0 0 rg BT 216.02 202.10 Td (outflow ) Tj ET Q q 0 0 0 rg BT 249.59 202.10 Td (of ) Tj ET Q q 0 0 0 rg BT 260.39 202.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 285.08 202.10 Td (that ) Tj ET Q q 0 0 0 rg BT 302.54 202.10 Td (could ) Tj ET Q q 0 0 0 rg BT 327.23 202.10 Td (result ) Tj ET Q q 0 0 0 rg BT 351.91 202.10 Td (from ) Tj ET Q q 0 0 0 rg BT 373.82 202.10 Td (such ) Tj ET Q q 0 0 0 rg BT 394.61 202.10 Td (disputes ) Tj ET Q q 0 0 0 rg BT 429.86 202.10 Td (with ) Tj ET Q q 0 0 0 rg BT 450.11 202.10 Td (any ) Tj ET Q q 0 0 0 rg BT 467.01 202.10 Td (certainty) Tj ET Q q 0 0 0 rg BT 501.34 202.10 Td (. ) Tj ET Q q 0 0 0 rg BT 506.31 202.10 Td (Moreover) Tj ET Q q 0 0 0 rg BT 545.34 202.10 Td (, ) Tj ET Q q 0 0 0 rg BT 550.31 202.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 190.10 Td (cases ) Tj ET Q q 0 0 0 rg BT 76.87 190.10 Td (and ) Tj ET Q q 0 0 0 rg BT 93.07 190.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 120.94 190.10 Td (against ) Tj ET Q q 0 0 0 rg BT 151.04 190.10 Td (us ) Tj ET Q q 0 0 0 rg BT 161.70 190.10 Td (often ) Tj ET Q q 0 0 0 rg BT 184.01 190.10 Td (derive ) Tj ET Q q 0 0 0 rg BT 210.76 190.10 Td (from ) Tj ET Q q 0 0 0 rg BT 231.97 190.10 Td (complex ) Tj ET Q q 0 0 0 rg BT 268.17 190.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 289.37 190.10 Td (issues ) Tj ET Q q 0 0 0 rg BT 315.03 190.10 Td (which ) Tj ET Q q 0 0 0 rg BT 341.24 190.10 Td (are ) Tj ET Q q 0 0 0 rg BT 355.21 190.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 385.30 190.10 Td (to ) Tj ET Q q 0 0 0 rg BT 394.85 190.10 Td (a ) Tj ET Q q 0 0 0 rg BT 401.06 190.10 Td (dif) Tj ET Q q 0 0 0 rg BT 411.98 190.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 437.63 190.10 Td (degree ) Tj ET Q q 0 0 0 rg BT 466.04 190.10 Td (of ) Tj ET Q q 0 0 0 rg BT 476.14 190.10 Td (uncertainty) Tj ET Q q 0 0 0 rg BT 520.47 190.10 Td (, ) Tj ET Q q 0 0 0 rg BT 524.74 190.10 Td (including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 178.10 Td (the ) Tj ET Q q 0 0 0 rg BT 68.40 178.10 Td (facts ) Tj ET Q q 0 0 0 rg BT 89.47 178.10 Td (and ) Tj ET Q q 0 0 0 rg BT 106.09 178.10 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 164.92 178.10 Td (of ) Tj ET Q q 0 0 0 rg BT 175.44 178.10 Td (each ) Tj ET Q q 0 0 0 rg BT 195.94 178.10 Td (particular ) Tj ET Q q 0 0 0 rg BT 236.44 178.10 Td (case ) Tj ET Q q 0 0 0 rg BT 255.84 178.10 Td (and ) Tj ET Q q 0 0 0 rg BT 272.46 178.10 Td (the ) Tj ET Q q 0 0 0 rg BT 286.87 178.10 Td (manner ) Tj ET Q q 0 0 0 rg BT 319.04 178.10 Td (in ) Tj ET Q q 0 0 0 rg BT 329.00 178.10 Td (which ) Tj ET Q q 0 0 0 rg BT 355.63 178.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 398.91 178.10 Td (law ) Tj ET Q q 0 0 0 rg BT 415.53 178.10 Td (is ) Tj ET Q q 0 0 0 rg BT 424.39 178.10 Td (likely ) Tj ET Q q 0 0 0 rg BT 449.35 178.10 Td (to ) Tj ET Q q 0 0 0 rg BT 459.32 178.10 Td (be ) Tj ET Q q 0 0 0 rg BT 470.94 178.10 Td (interpreted ) Tj ET Q q 0 0 0 rg BT 516.44 178.10 Td (and ) Tj ET Q q 0 0 0 rg BT 533.07 178.10 Td (applied ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 166.10 Td (to ) Tj ET Q q 0 0 0 rg BT 65.22 166.10 Td (such ) Tj ET Q q 0 0 0 rg BT 87.00 166.10 Td (fact ) Tj ET Q q 0 0 0 rg BT 105.43 166.10 Td (and ) Tj ET Q q 0 0 0 rg BT 123.31 166.10 Td (circumstances, ) Tj ET Q q 0 0 0 rg BT 185.89 166.10 Td (and ) Tj ET Q q 0 0 0 rg BT 203.77 166.10 Td (the ) Tj ET Q q 0 0 0 rg BT 219.44 166.10 Td (jurisdiction ) Tj ET Q q 0 0 0 rg BT 268.43 166.10 Td (and ) Tj ET Q q 0 0 0 rg BT 286.31 166.10 Td (the ) Tj ET Q q 0 0 0 rg BT 301.97 166.10 Td (dif) Tj ET Q q 0 0 0 rg BT 312.90 166.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 339.66 166.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 361.43 166.10 Td (involved. ) Tj ET Q q 0 0 0 rg BT 402.12 166.10 Td (W) Tj ET Q q 0 0 0 rg BT 410.76 166.10 Td (e ) Tj ET Q q 0 0 0 rg BT 418.64 166.10 Td (monitor ) Tj ET Q q 0 0 0 rg BT 453.75 166.10 Td (the ) Tj ET Q q 0 0 0 rg BT 469.41 166.10 Td (status ) Tj ET Q q 0 0 0 rg BT 495.64 166.10 Td (of ) Tj ET Q q 0 0 0 rg BT 507.41 166.10 Td (pending ) Tj ET Q q 0 0 0 rg BT 543.07 166.10 Td (legal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 154.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 104.86 154.10 Td (and ) Tj ET Q q 0 0 0 rg BT 121.84 154.10 Td (consults ) Tj ET Q q 0 0 0 rg BT 157.16 154.10 Td (with ) Tj ET Q q 0 0 0 rg BT 177.48 154.10 Td (experts ) Tj ET Q q 0 0 0 rg BT 208.90 154.10 Td (on ) Tj ET Q q 0 0 0 rg BT 221.44 154.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 243.41 154.10 Td (and ) Tj ET Q q 0 0 0 rg BT 260.39 154.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 275.15 154.10 Td (matters ) Tj ET Q q 0 0 0 rg BT 307.13 154.10 Td (on ) Tj ET Q q 0 0 0 rg BT 319.67 154.10 Td (a ) Tj ET Q q 0 0 0 rg BT 326.65 154.10 Td (regular ) Tj ET Q q 0 0 0 rg BT 357.50 154.10 Td (basis. ) Tj ET Q q 0 0 0 rg BT 382.54 154.10 Td (It ) Tj ET Q q 0 0 0 rg BT 391.19 154.10 Td (is ) Tj ET Q q 0 0 0 rg BT 400.41 154.10 Td (therefore ) Tj ET Q q 0 0 0 rg BT 439.03 154.10 Td (possible ) Tj ET Q q 0 0 0 rg BT 474.35 154.10 Td (that ) Tj ET Q q 0 0 0 rg BT 491.89 154.10 Td (the ) Tj ET Q q 0 0 0 rg BT 506.65 154.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 550.86 154.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 142.10 Td (our ) Tj ET Q q 0 0 0 rg BT 69.83 142.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 91.76 142.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 142.58 142.10 Td (and ) Tj ET Q q 0 0 0 rg BT 159.52 142.10 Td (litigation ) Tj ET Q q 0 0 0 rg BT 198.13 142.10 Td (may ) Tj ET Q q 0 0 0 rg BT 217.84 142.10 Td (vary ) Tj ET Q q 0 0 0 rg BT 238.11 142.10 Td (as ) Tj ET Q q 0 0 0 rg BT 248.94 142.10 Td (the ) Tj ET Q q 0 0 0 rg BT 263.66 142.10 Td (result ) Tj ET Q q 0 0 0 rg BT 288.38 142.10 Td (of ) Tj ET Q q 0 0 0 rg BT 299.21 142.10 Td (future ) Tj ET Q q 0 0 0 rg BT 325.58 142.10 Td (developments ) Tj ET Q q 0 0 0 rg BT 383.62 142.10 Td (in ) Tj ET Q q 0 0 0 rg BT 393.90 142.10 Td (pending ) Tj ET Q q 0 0 0 rg BT 428.62 142.10 Td (matters. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 118.10 Td (Litigation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 94.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 94.10 Td (V) Tj ET Q q 0 0 0 rg BT 96.11 94.10 Td (arious ) Tj ET Q q 0 0 0 rg BT 123.56 94.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 146.01 94.10 Td (proceedings, ) Tj ET Q q 0 0 0 rg BT 199.84 94.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 228.95 94.10 Td (and ) Tj ET Q q 0 0 0 rg BT 246.40 94.10 Td (governmental ) Tj ET Q q 0 0 0 rg BT 304.39 94.10 Td (investigations ) Tj ET Q q 0 0 0 rg BT 362.96 94.10 Td (are ) Tj ET Q q 0 0 0 rg BT 378.18 94.10 Td (pending ) Tj ET Q q 0 0 0 rg BT 413.40 94.10 Td (against ) Tj ET Q q 0 0 0 rg BT 444.74 94.10 Td (us ) Tj ET Q q 0 0 0 rg BT 456.64 94.10 Td (on ) Tj ET Q q 0 0 0 rg BT 469.66 94.10 Td (a ) Tj ET Q q 0 0 0 rg BT 477.11 94.10 Td (wide ) Tj ET Q q 0 0 0 rg BT 499.56 94.10 Td (range ) Tj ET Q q 0 0 0 rg BT 524.78 94.10 Td (of ) Tj ET Q q 0 0 0 rg BT 536.12 94.10 Td (topics, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 82.10 Td (including ) Tj ET Q q 0 0 0 rg BT 94.42 82.10 Td (car ) Tj ET Q q 0 0 0 rg BT 109.28 82.10 Td (safety; ) Tj ET Q q 0 0 0 rg BT 138.58 82.10 Td (emissions ) Tj ET Q q 0 0 0 rg BT 180.68 82.10 Td (and ) Tj ET Q q 0 0 0 rg BT 197.76 82.10 Td (fuel ) Tj ET Q q 0 0 0 rg BT 215.96 82.10 Td (economy) Tj ET Q q 0 0 0 rg BT 251.96 82.10 Td (, ) Tj ET Q q 0 0 0 rg BT 257.11 82.10 Td (early ) Tj ET Q q 0 0 0 rg BT 279.74 82.10 Td (warning ) Tj ET Q q 0 0 0 rg BT 315.16 82.10 Td (reporting; ) Tj ET Q q 0 0 0 rg BT 357.24 82.10 Td (dealer) Tj ET Q q 0 0 0 rg BT 381.27 82.10 Td (, ) Tj ET Q q 0 0 0 rg BT 386.41 82.10 Td (supplier ) Tj ET Q q 0 0 0 rg BT 421.28 82.10 Td (and ) Tj ET Q q 0 0 0 rg BT 438.36 82.10 Td (other ) Tj ET Q q 0 0 0 rg BT 461.56 82.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 508.63 82.10 Td (relationships; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 70.10 Td (intellectual ) Tj ET Q q 0 0 0 rg BT 100.93 70.10 Td (property ) Tj ET Q q 0 0 0 rg BT 137.31 70.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 162.59 70.10 Td (and ) Tj ET Q q 0 0 0 rg BT 179.53 70.10 Td (product ) Tj ET Q q 0 0 0 rg BT 212.58 70.10 Td (warranty ) Tj ET Q q 0 0 0 rg BT 250.63 70.10 Td (matters. ) Tj ET Q q 0 0 0 rg BT 285.06 70.10 Td (Some ) Tj ET Q q 0 0 0 rg BT 310.34 70.10 Td (of ) Tj ET Q q 0 0 0 rg BT 321.18 70.10 Td (these ) Tj ET Q q 0 0 0 rg BT 344.23 70.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 395.05 70.10 Td (allege ) Tj ET Q q 0 0 0 rg BT 421.42 70.10 Td (defects ) Tj ET Q q 0 0 0 rg BT 452.24 70.10 Td (in ) Tj ET Q q 0 0 0 rg BT 462.53 70.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 496.12 70.10 Td (component ) Tj ET Q q 0 0 0 rg BT 543.06 70.10 Td (parts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 58.10 Td (or ) Tj ET Q q 0 0 0 rg BT 64.45 58.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 98.23 58.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 141.45 58.10 Td (airbags, ) Tj ET Q q 0 0 0 rg BT 174.94 58.10 Td (seat ) Tj ET Q q 0 0 0 rg BT 192.61 58.10 Td (belts, ) Tj ET Q q 0 0 0 rg BT 216.11 58.10 Td (brakes, ) Tj ET Q q 0 0 0 rg BT 246.82 58.10 Td (transmissions, ) Tj ET Q q 0 0 0 rg BT 305.89 58.10 Td (engines ) Tj ET Q q 0 0 0 rg BT 338.55 58.10 Td (and ) Tj ET Q q 0 0 0 rg BT 355.10 58.10 Td (fuel ) Tj ET Q q 0 0 0 rg BT 372.77 58.10 Td (systems\) ) Tj ET Q q 0 0 0 rg BT 409.88 58.10 Td (in ) Tj ET Q q 0 0 0 rg BT 419.78 58.10 Td (various ) Tj ET Q q 0 0 0 rg BT 451.33 58.10 Td (car ) Tj ET Q q 0 0 0 rg BT 465.65 58.10 Td (models ) Tj ET Q q 0 0 0 rg BT 496.66 58.10 Td (or ) Tj ET Q q 0 0 0 rg BT 507.10 58.10 Td (allege ) Tj ET Q q 0 0 0 rg BT 533.09 58.10 Td (general ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 46.10 Td (design ) Tj ET Q q 0 0 0 rg BT 82.78 46.10 Td (defects ) Tj ET Q q 0 0 0 rg BT 113.76 46.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 146.98 46.10 Td (to ) Tj ET Q q 0 0 0 rg BT 157.42 46.10 Td (car ) Tj ET Q q 0 0 0 rg BT 172.30 46.10 Td (handling ) Tj ET Q q 0 0 0 rg BT 209.97 46.10 Td (and ) Tj ET Q q 0 0 0 rg BT 227.07 46.10 Td (stability) Tj ET Q q 0 0 0 rg BT 258.65 46.10 Td (, ) Tj ET Q q 0 0 0 rg BT 263.82 46.10 Td (sudden ) Tj ET Q q 0 0 0 rg BT 294.82 46.10 Td (unintended ) Tj ET Q q 0 0 0 rg BT 341.92 46.10 Td (movement ) Tj ET Q q 0 0 0 rg BT 386.80 46.10 Td (or ) Tj ET Q q 0 0 0 rg BT 397.80 46.10 Td (crashworthiness. ) Tj ET Q q 0 0 0 rg BT 467.21 46.10 Td (These ) Tj ET Q q 0 0 0 rg BT 493.75 46.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 544.74 46.10 Td (seek ) Tj ET Q endstream endobj 139 0 obj <> endobj 140 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 30.20 Td (61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 742.10 Td (recovery ) Tj ET Q q 0 0 0 rg BT 91.57 742.10 Td (for ) Tj ET Q q 0 0 0 rg BT 105.82 742.10 Td (damage ) Tj ET Q q 0 0 0 rg BT 139.50 742.10 Td (to ) Tj ET Q q 0 0 0 rg BT 149.88 742.10 Td (property) Tj ET Q q 0 0 0 rg BT 183.10 742.10 Td (, ) Tj ET Q q 0 0 0 rg BT 188.19 742.10 Td (personal ) Tj ET Q q 0 0 0 rg BT 224.66 742.10 Td (injuries ) Tj ET Q q 0 0 0 rg BT 257.25 742.10 Td (or ) Tj ET Q q 0 0 0 rg BT 268.17 742.10 Td (wrongful ) Tj ET Q q 0 0 0 rg BT 307.42 742.10 Td (death ) Tj ET Q q 0 0 0 rg BT 331.67 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 348.70 742.10 Td (in ) Tj ET Q q 0 0 0 rg BT 359.07 742.10 Td (some ) Tj ET Q q 0 0 0 rg BT 382.77 742.10 Td (cases ) Tj ET Q q 0 0 0 rg BT 406.46 742.10 Td (could ) Tj ET Q q 0 0 0 rg BT 431.27 742.10 Td (include ) Tj ET Q q 0 0 0 rg BT 463.30 742.10 Td (a ) Tj ET Q q 0 0 0 rg BT 470.33 742.10 Td (claim ) Tj ET Q q 0 0 0 rg BT 495.13 742.10 Td (for ) Tj ET Q q 0 0 0 rg BT 509.38 742.10 Td (exemplary ) Tj ET Q q 0 0 0 rg BT 554.18 742.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 730.10 Td (punitive ) Tj ET Q q 0 0 0 rg BT 88.36 730.10 Td (damages. ) Tj ET Q q 0 0 0 rg BT 127.08 730.10 Td (Adverse ) Tj ET Q q 0 0 0 rg BT 161.99 730.10 Td (decisions ) Tj ET Q q 0 0 0 rg BT 200.79 730.10 Td (in ) Tj ET Q q 0 0 0 rg BT 210.15 730.10 Td (one ) Tj ET Q q 0 0 0 rg BT 226.18 730.10 Td (or ) Tj ET Q q 0 0 0 rg BT 236.09 730.10 Td (more ) Tj ET Q q 0 0 0 rg BT 258.23 730.10 Td (of ) Tj ET Q q 0 0 0 rg BT 268.14 730.10 Td (these ) Tj ET Q q 0 0 0 rg BT 290.28 730.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 340.18 730.10 Td (could ) Tj ET Q q 0 0 0 rg BT 363.98 730.10 Td (require ) Tj ET Q q 0 0 0 rg BT 393.88 730.10 Td (us ) Tj ET Q q 0 0 0 rg BT 404.36 730.10 Td (to ) Tj ET Q q 0 0 0 rg BT 413.72 730.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 429.75 730.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 474.11 730.10 Td (damages, ) Tj ET Q q 0 0 0 rg BT 513.18 730.10 Td (or ) Tj ET Q q 0 0 0 rg BT 523.09 730.10 Td (undertake ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 718.10 Td (service ) Tj ET Q q 0 0 0 rg BT 84.82 718.10 Td (actions, ) Tj ET Q q 0 0 0 rg BT 118.14 718.10 Td (recall ) Tj ET Q q 0 0 0 rg BT 142.84 718.10 Td (campaigns ) Tj ET Q q 0 0 0 rg BT 188.11 718.10 Td (or ) Tj ET Q q 0 0 0 rg BT 198.94 718.10 Td (other ) Tj ET Q q 0 0 0 rg BT 221.98 718.10 Td (costly ) Tj ET Q q 0 0 0 rg BT 248.37 718.10 Td (actions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 694.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 694.10 Td (Litigation ) Tj ET Q q 0 0 0 rg BT 131.81 694.10 Td (is ) Tj ET Q q 0 0 0 rg BT 140.86 694.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 171.56 694.10 Td (to ) Tj ET Q q 0 0 0 rg BT 181.71 694.10 Td (many ) Tj ET Q q 0 0 0 rg BT 206.31 694.10 Td (uncertainties, ) Tj ET Q q 0 0 0 rg BT 262.27 694.10 Td (and ) Tj ET Q q 0 0 0 rg BT 279.08 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 293.68 694.10 Td (outcome ) Tj ET Q q 0 0 0 rg BT 330.49 694.10 Td (of ) Tj ET Q q 0 0 0 rg BT 341.19 694.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 384.12 694.10 Td (matters ) Tj ET Q q 0 0 0 rg BT 415.93 694.10 Td (is ) Tj ET Q q 0 0 0 rg BT 424.97 694.10 Td (not ) Tj ET Q q 0 0 0 rg BT 440.13 694.10 Td (predictable ) Tj ET Q q 0 0 0 rg BT 486.92 694.10 Td (with ) Tj ET Q q 0 0 0 rg BT 507.08 694.10 Td (assurance. ) Tj ET Q q 0 0 0 rg BT 550.29 694.10 Td (An ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 682.10 Td (accrual ) Tj ET Q q 0 0 0 rg BT 84.93 682.10 Td (is ) Tj ET Q q 0 0 0 rg BT 93.67 682.10 Td (established ) Tj ET Q q 0 0 0 rg BT 140.17 682.10 Td (in ) Tj ET Q q 0 0 0 rg BT 150.01 682.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 195.95 682.10 Td (with ) Tj ET Q q 0 0 0 rg BT 215.80 682.10 Td (pending ) Tj ET Q q 0 0 0 rg BT 250.08 682.10 Td (or ) Tj ET Q q 0 0 0 rg BT 260.48 682.10 Td (threatened ) Tj ET Q q 0 0 0 rg BT 304.18 682.10 Td (litigation ) Tj ET Q q 0 0 0 rg BT 342.36 682.10 Td (if ) Tj ET Q q 0 0 0 rg BT 350.53 682.10 Td (a ) Tj ET Q q 0 0 0 rg BT 357.04 682.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 374.67 682.10 Td (is ) Tj ET Q q 0 0 0 rg BT 383.41 682.10 Td (probable ) Tj ET Q q 0 0 0 rg BT 420.46 682.10 Td (and ) Tj ET Q q 0 0 0 rg BT 436.96 682.10 Td (a ) Tj ET Q q 0 0 0 rg BT 443.47 682.10 Td (reliable ) Tj ET Q q 0 0 0 rg BT 475.52 682.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 510.90 682.10 Td (can ) Tj ET Q q 0 0 0 rg BT 526.85 682.10 Td (be ) Tj ET Q q 0 0 0 rg BT 538.35 682.10 Td (made. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 670.10 Td (Since ) Tj ET Q q 0 0 0 rg BT 78.52 670.10 Td (these ) Tj ET Q q 0 0 0 rg BT 101.38 670.10 Td (accruals ) Tj ET Q q 0 0 0 rg BT 136.44 670.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 175.39 670.10 Td (estimates, ) Tj ET Q q 0 0 0 rg BT 217.41 670.10 Td (it ) Tj ET Q q 0 0 0 rg BT 225.27 670.10 Td (is ) Tj ET Q q 0 0 0 rg BT 234.25 670.10 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 279.87 670.10 Td (possible ) Tj ET Q q 0 0 0 rg BT 314.96 670.10 Td (that ) Tj ET Q q 0 0 0 rg BT 332.26 670.10 Td (the ) Tj ET Q q 0 0 0 rg BT 346.79 670.10 Td (resolution ) Tj ET Q q 0 0 0 rg BT 389.09 670.10 Td (of ) Tj ET Q q 0 0 0 rg BT 399.73 670.10 Td (some ) Tj ET Q q 0 0 0 rg BT 423.14 670.10 Td (of ) Tj ET Q q 0 0 0 rg BT 433.78 670.10 Td (these ) Tj ET Q q 0 0 0 rg BT 456.63 670.10 Td (matters ) Tj ET Q q 0 0 0 rg BT 488.37 670.10 Td (could ) Tj ET Q q 0 0 0 rg BT 512.90 670.10 Td (require ) Tj ET Q q 0 0 0 rg BT 543.52 670.10 Td (us ) Tj ET Q q 0 0 0 rg BT 554.72 670.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 658.10 Td (make ) Tj ET Q q 0 0 0 rg BT 78.67 658.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 120.02 658.10 Td (in ) Tj ET Q q 0 0 0 rg BT 130.81 658.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 159.93 658.10 Td (of ) Tj ET Q q 0 0 0 rg BT 171.28 658.10 Td (the ) Tj ET Q q 0 0 0 rg BT 186.51 658.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 223.41 658.10 Td (accrued. ) Tj ET Q q 0 0 0 rg BT 260.02 658.10 Td (It ) Tj ET Q q 0 0 0 rg BT 269.14 658.10 Td (is ) Tj ET Q q 0 0 0 rg BT 278.83 658.10 Td (also ) Tj ET Q q 0 0 0 rg BT 297.96 658.10 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 344.29 658.10 Td (possible ) Tj ET Q q 0 0 0 rg BT 380.08 658.10 Td (that ) Tj ET Q q 0 0 0 rg BT 398.10 658.10 Td (the ) Tj ET Q q 0 0 0 rg BT 413.33 658.10 Td (resolution ) Tj ET Q q 0 0 0 rg BT 456.34 658.10 Td (of ) Tj ET Q q 0 0 0 rg BT 467.69 658.10 Td (some ) Tj ET Q q 0 0 0 rg BT 491.82 658.10 Td (of ) Tj ET Q q 0 0 0 rg BT 503.17 658.10 Td (the ) Tj ET Q q 0 0 0 rg BT 518.40 658.10 Td (matters ) Tj ET Q q 0 0 0 rg BT 550.85 658.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 646.10 Td (which ) Tj ET Q q 0 0 0 rg BT 80.19 646.10 Td (accruals ) Tj ET Q q 0 0 0 rg BT 114.70 646.10 Td (could ) Tj ET Q q 0 0 0 rg BT 138.67 646.10 Td (not ) Tj ET Q q 0 0 0 rg BT 153.21 646.10 Td (be ) Tj ET Q q 0 0 0 rg BT 164.40 646.10 Td (made ) Tj ET Q q 0 0 0 rg BT 187.81 646.10 Td (may ) Tj ET Q q 0 0 0 rg BT 206.78 646.10 Td (require ) Tj ET Q q 0 0 0 rg BT 236.85 646.10 Td (us ) Tj ET Q q 0 0 0 rg BT 247.49 646.10 Td (to ) Tj ET Q q 0 0 0 rg BT 257.03 646.10 Td (make ) Tj ET Q q 0 0 0 rg BT 280.44 646.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 320.52 646.10 Td (in ) Tj ET Q q 0 0 0 rg BT 330.05 646.10 Td (an ) Tj ET Q q 0 0 0 rg BT 341.24 646.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 372.99 646.10 Td (or ) Tj ET Q q 0 0 0 rg BT 383.08 646.10 Td (range ) Tj ET Q q 0 0 0 rg BT 407.04 646.10 Td (of ) Tj ET Q q 0 0 0 rg BT 417.12 646.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 452.76 646.10 Td (that ) Tj ET Q q 0 0 0 rg BT 469.51 646.10 Td (could ) Tj ET Q q 0 0 0 rg BT 493.48 646.10 Td (not ) Tj ET Q q 0 0 0 rg BT 508.02 646.10 Td (be ) Tj ET Q q 0 0 0 rg BT 519.21 646.10 Td (reasonably ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 634.10 Td (estimated. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 610.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 610.10 Td (The ) Tj ET Q q 0 0 0 rg BT 107.71 610.10 Td (term ) Tj ET Q q 0 0 0 rg BT 128.20 610.10 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 178.11 610.10 Td (possible ) Tj ET Q q 0 0 0 rg BT 217.49 610.10 Td (is ) Tj ET Q q 0 0 0 rg BT 226.32 610.10 Td (used ) Tj ET Q q 0 0 0 rg BT 246.82 610.10 Td (herein ) Tj ET Q q 0 0 0 rg BT 273.96 610.10 Td (to ) Tj ET Q q 0 0 0 rg BT 283.90 610.10 Td (mean ) Tj ET Q q 0 0 0 rg BT 307.72 610.10 Td (that ) Tj ET Q q 0 0 0 rg BT 324.88 610.10 Td (the ) Tj ET Q q 0 0 0 rg BT 339.26 610.10 Td (chance ) Tj ET Q q 0 0 0 rg BT 369.17 610.10 Td (of ) Tj ET Q q 0 0 0 rg BT 379.67 610.10 Td (a ) Tj ET Q q 0 0 0 rg BT 386.27 610.10 Td (future ) Tj ET Q q 0 0 0 rg BT 412.30 610.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 458.34 610.10 Td (or ) Tj ET Q q 0 0 0 rg BT 468.83 610.10 Td (event ) Tj ET Q q 0 0 0 rg BT 492.65 610.10 Td (occurring ) Tj ET Q q 0 0 0 rg BT 533.13 610.10 Td (is ) Tj ET Q q 0 0 0 rg BT 541.96 610.10 Td (more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 598.10 Td (than ) Tj ET Q q 0 0 0 rg BT 73.15 598.10 Td (remote ) Tj ET Q q 0 0 0 rg BT 102.85 598.10 Td (but ) Tj ET Q q 0 0 0 rg BT 117.57 598.10 Td (less ) Tj ET Q q 0 0 0 rg BT 134.50 598.10 Td (than ) Tj ET Q q 0 0 0 rg BT 153.66 598.10 Td (probable. ) Tj ET Q q 0 0 0 rg BT 192.65 598.10 Td (Although ) Tj ET Q q 0 0 0 rg BT 232.36 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 246.52 598.10 Td (final ) Tj ET Q q 0 0 0 rg BT 266.78 598.10 Td (resolution ) Tj ET Q q 0 0 0 rg BT 308.71 598.10 Td (of ) Tj ET Q q 0 0 0 rg BT 318.98 598.10 Td (any ) Tj ET Q q 0 0 0 rg BT 335.35 598.10 Td (such ) Tj ET Q q 0 0 0 rg BT 355.62 598.10 Td (matters ) Tj ET Q q 0 0 0 rg BT 386.99 598.10 Td (could ) Tj ET Q q 0 0 0 rg BT 411.14 598.10 Td (have ) Tj ET Q q 0 0 0 rg BT 431.95 598.10 Td (a ) Tj ET Q q 0 0 0 rg BT 438.33 598.10 Td (material ) Tj ET Q q 0 0 0 rg BT 473.02 598.10 Td (ef) Tj ET Q q 0 0 0 rg BT 480.61 598.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 497.53 598.10 Td (on ) Tj ET Q q 0 0 0 rg BT 509.47 598.10 Td (our ) Tj ET Q q 0 0 0 rg BT 524.73 598.10 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 586.10 Td (results ) Tj ET Q q 0 0 0 rg BT 83.36 586.10 Td (for ) Tj ET Q q 0 0 0 rg BT 98.28 586.10 Td (the ) Tj ET Q q 0 0 0 rg BT 113.75 586.10 Td (particular ) Tj ET Q q 0 0 0 rg BT 155.31 586.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 195.22 586.10 Td (period ) Tj ET Q q 0 0 0 rg BT 224.02 586.10 Td (in ) Tj ET Q q 0 0 0 rg BT 235.05 586.10 Td (which ) Tj ET Q q 0 0 0 rg BT 262.74 586.10 Td (an ) Tj ET Q q 0 0 0 rg BT 275.43 586.10 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 322.57 586.10 Td (of ) Tj ET Q q 0 0 0 rg BT 334.15 586.10 Td (the ) Tj ET Q q 0 0 0 rg BT 349.62 586.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 391.20 586.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 423.32 586.10 Td (is ) Tj ET Q q 0 0 0 rg BT 433.24 586.10 Td (recorded, ) Tj ET Q q 0 0 0 rg BT 473.97 586.10 Td (it ) Tj ET Q q 0 0 0 rg BT 482.78 586.10 Td (is ) Tj ET Q q 0 0 0 rg BT 492.70 586.10 Td (believed ) Tj ET Q q 0 0 0 rg BT 529.83 586.10 Td (that ) Tj ET Q q 0 0 0 rg BT 548.08 586.10 Td (any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 574.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 91.50 574.10 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 137.88 574.10 Td (would ) Tj ET Q q 0 0 0 rg BT 165.38 574.10 Td (not ) Tj ET Q q 0 0 0 rg BT 180.66 574.10 Td (materially ) Tj ET Q q 0 0 0 rg BT 223.69 574.10 Td (af) Tj ET Q q 0 0 0 rg BT 231.28 574.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 248.77 574.10 Td (the ) Tj ET Q q 0 0 0 rg BT 263.48 574.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 316.52 574.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 354.00 574.10 Td (position.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 550.10 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 102.89 550.10 Td ( ) Tj ET Q q 0 0 0 rg BT 105.39 550.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 147.90 550.10 Td (Measur) Tj ET Q q 0 0 0 rg BT 180.48 550.10 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 526.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 526.10 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 526.10 Td (e ) Tj ET Q q 0 0 0 rg BT 107.47 526.10 Td (monitor ) Tj ET Q q 0 0 0 rg BT 143.53 526.10 Td (and ) Tj ET Q q 0 0 0 rg BT 162.36 526.10 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 200.06 526.10 Td (our ) Tj ET Q q 0 0 0 rg BT 217.79 526.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 259.95 526.10 Td (and ) Tj ET Q q 0 0 0 rg BT 278.78 526.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 318.15 526.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 373.07 526.10 Td (using ) Tj ET Q q 0 0 0 rg BT 399.13 526.10 Td (several ) Tj ET Q q 0 0 0 rg BT 431.84 526.10 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 477.03 526.10 Td ( ) Tj ET Q q 0 0 0 rg BT 481.42 526.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 520.79 526.10 Td (measures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 514.10 Td (including: ) Tj ET Q q 0 0 0 rg BT 96.78 514.10 Td (EBITDA, ) Tj ET Q q 0 0 0 rg BT 137.68 514.10 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 176.01 514.10 Td (EBITDA, ) Tj ET Q q 0 0 0 rg BT 216.91 514.10 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 255.25 514.10 Td (EBIT) Tj ET Q q 0 0 0 rg BT 276.72 514.10 Td (, ) Tj ET Q q 0 0 0 rg BT 281.45 514.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 298.11 514.10 Td (Cash/\(Net ) Tj ET Q q 0 0 0 rg BT 340.89 514.10 Td (Debt\), ) Tj ET Q q 0 0 0 rg BT 368.39 514.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 385.05 514.10 Td (Industrial ) Tj ET Q q 0 0 0 rg BT 425.61 514.10 Td (Cash/\(Debt\) ) Tj ET Q q 0 0 0 rg BT 476.71 514.10 Td (and ) Tj ET Q q 0 0 0 rg BT 493.38 514.10 Td (Free ) Tj ET Q q 0 0 0 rg BT 513.37 514.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 535.60 514.10 Td (Flow) Tj ET Q q 0 0 0 rg BT 555.51 514.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 502.10 Td (as ) Tj ET Q q 0 0 0 rg BT 65.56 502.10 Td (well ) Tj ET Q q 0 0 0 rg BT 86.01 502.10 Td (as ) Tj ET Q q 0 0 0 rg BT 97.57 502.10 Td (a ) Tj ET Q q 0 0 0 rg BT 105.25 502.10 Td (number ) Tj ET Q q 0 0 0 rg BT 139.02 502.10 Td (of ) Tj ET Q q 0 0 0 rg BT 150.59 502.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 188.80 502.10 Td (metrics ) Tj ET Q q 0 0 0 rg BT 221.47 502.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 263.01 502.10 Td (on ) Tj ET Q q 0 0 0 rg BT 276.25 502.10 Td (a ) Tj ET Q q 0 0 0 rg BT 283.92 502.10 Td (constant ) Tj ET Q q 0 0 0 rg BT 320.47 502.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 358.68 502.10 Td (basis. ) Tj ET Q q 0 0 0 rg BT 384.18 502.10 Td (W) Tj ET Q q 0 0 0 rg BT 392.82 502.10 Td (e ) Tj ET Q q 0 0 0 rg BT 400.49 502.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 432.59 502.10 Td (that ) Tj ET Q q 0 0 0 rg BT 450.82 502.10 Td (these ) Tj ET Q q 0 0 0 rg BT 474.60 502.10 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 519.79 502.10 Td ( ) Tj ET Q q 0 0 0 rg BT 523.02 502.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 490.10 Td (measures ) Tj ET Q q 0 0 0 rg BT 93.17 490.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 125.68 490.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 152.09 490.10 Td (and ) Tj ET Q q 0 0 0 rg BT 168.49 490.10 Td (relevant ) Tj ET Q q 0 0 0 rg BT 202.65 490.10 Td (information ) Tj ET Q q 0 0 0 rg BT 251.83 490.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 292.11 490.10 Td (our ) Tj ET Q q 0 0 0 rg BT 307.41 490.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 359.89 490.10 Td (and ) Tj ET Q q 0 0 0 rg BT 376.29 490.10 Td (our ) Tj ET Q q 0 0 0 rg BT 391.59 490.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 419.11 490.10 Td (to ) Tj ET Q q 0 0 0 rg BT 428.85 490.10 Td (assess ) Tj ET Q q 0 0 0 rg BT 455.26 490.10 Td (our ) Tj ET Q q 0 0 0 rg BT 470.55 490.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 507.50 490.10 Td (performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 478.10 Td (and ) Tj ET Q q 0 0 0 rg BT 70.01 478.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 106.56 478.10 Td (position. ) Tj ET Q q 0 0 0 rg BT 142.74 478.10 Td (They ) Tj ET Q q 0 0 0 rg BT 164.86 478.10 Td (also ) Tj ET Q q 0 0 0 rg BT 182.54 478.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 214.65 478.10 Td (us ) Tj ET Q q 0 0 0 rg BT 225.11 478.10 Td (with ) Tj ET Q q 0 0 0 rg BT 244.46 478.10 Td (comparable ) Tj ET Q q 0 0 0 rg BT 292.67 478.10 Td (measures ) Tj ET Q q 0 0 0 rg BT 331.45 478.10 Td (that ) Tj ET Q q 0 0 0 rg BT 348.02 478.10 Td (facilitate ) Tj ET Q q 0 0 0 rg BT 384.56 478.10 Td (management) Tj ET Q q 0 0 0 rg BT 438.43 478.10 Td (s ) Tj ET Q q 0 0 0 rg BT 443.89 478.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 471.01 478.10 Td (to ) Tj ET Q q 0 0 0 rg BT 480.36 478.10 Td (identify ) Tj ET Q q 0 0 0 rg BT 513.03 478.10 Td (operational ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 466.10 Td (trends, ) Tj ET Q q 0 0 0 rg BT 83.10 466.10 Td (as ) Tj ET Q q 0 0 0 rg BT 93.59 466.10 Td (well ) Tj ET Q q 0 0 0 rg BT 112.97 466.10 Td (as ) Tj ET Q q 0 0 0 rg BT 123.46 466.10 Td (make ) Tj ET Q q 0 0 0 rg BT 147.28 466.10 Td (decisions ) Tj ET Q q 0 0 0 rg BT 186.66 466.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 227.14 466.10 Td (future ) Tj ET Q q 0 0 0 rg BT 253.18 466.10 Td (spending, ) Tj ET Q q 0 0 0 rg BT 293.95 466.10 Td (resource ) Tj ET Q q 0 0 0 rg BT 329.98 466.10 Td (allocations ) Tj ET Q q 0 0 0 rg BT 375.46 466.10 Td (and ) Tj ET Q q 0 0 0 rg BT 392.06 466.10 Td (other ) Tj ET Q q 0 0 0 rg BT 414.77 466.10 Td (operational ) Tj ET Q q 0 0 0 rg BT 461.91 466.10 Td (decisions. ) Tj ET Q q 0 0 0 rg BT 503.63 466.10 Td (While ) Tj ET Q q 0 0 0 rg BT 530.23 466.10 Td (similar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 454.10 Td (measures ) Tj ET Q q 0 0 0 rg BT 93.91 454.10 Td (are ) Tj ET Q q 0 0 0 rg BT 108.81 454.10 Td (widely ) Tj ET Q q 0 0 0 rg BT 138.73 454.10 Td (used ) Tj ET Q q 0 0 0 rg BT 159.76 454.10 Td (in ) Tj ET Q q 0 0 0 rg BT 170.24 454.10 Td (the ) Tj ET Q q 0 0 0 rg BT 185.15 454.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 220.63 454.10 Td (in ) Tj ET Q q 0 0 0 rg BT 231.11 454.10 Td (which ) Tj ET Q q 0 0 0 rg BT 258.24 454.10 Td (we ) Tj ET Q q 0 0 0 rg BT 272.60 454.10 Td (operate, ) Tj ET Q q 0 0 0 rg BT 307.23 454.10 Td (the ) Tj ET Q q 0 0 0 rg BT 322.14 454.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 359.82 454.10 Td (measures ) Tj ET Q q 0 0 0 rg BT 399.73 454.10 Td (we ) Tj ET Q q 0 0 0 rg BT 414.09 454.10 Td (use ) Tj ET Q q 0 0 0 rg BT 430.12 454.10 Td (may ) Tj ET Q q 0 0 0 rg BT 450.03 454.10 Td (not ) Tj ET Q q 0 0 0 rg BT 465.51 454.10 Td (be ) Tj ET Q q 0 0 0 rg BT 477.65 454.10 Td (comparable ) Tj ET Q q 0 0 0 rg BT 526.99 454.10 Td (to ) Tj ET Q q 0 0 0 rg BT 537.47 454.10 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 442.10 Td (similarly ) Tj ET Q q 0 0 0 rg BT 91.76 442.10 Td (titled ) Tj ET Q q 0 0 0 rg BT 114.52 442.10 Td (measures ) Tj ET Q q 0 0 0 rg BT 153.93 442.10 Td (used ) Tj ET Q q 0 0 0 rg BT 174.47 442.10 Td (by ) Tj ET Q q 0 0 0 rg BT 186.68 442.10 Td (other ) Tj ET Q q 0 0 0 rg BT 209.43 442.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 254.40 442.10 Td (nor ) Tj ET Q q 0 0 0 rg BT 269.94 442.10 Td (are ) Tj ET Q q 0 0 0 rg BT 284.35 442.10 Td (they ) Tj ET Q q 0 0 0 rg BT 303.78 442.10 Td (intended ) Tj ET Q q 0 0 0 rg BT 340.42 442.10 Td (to ) Tj ET Q q 0 0 0 rg BT 350.40 442.10 Td (be ) Tj ET Q q 0 0 0 rg BT 362.05 442.10 Td (substitutes ) Tj ET Q q 0 0 0 rg BT 406.48 442.10 Td (for ) Tj ET Q q 0 0 0 rg BT 420.35 442.10 Td (measures ) Tj ET Q q 0 0 0 rg BT 459.76 442.10 Td (of ) Tj ET Q q 0 0 0 rg BT 470.30 442.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 507.49 442.10 Td (performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 430.10 Td (or ) Tj ET Q q 0 0 0 rg BT 64.83 430.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 102.31 430.10 Td (position ) Tj ET Q q 0 0 0 rg BT 137.04 430.10 Td (as ) Tj ET Q q 0 0 0 rg BT 147.87 430.10 Td (prepared ) Tj ET Q q 0 0 0 rg BT 185.34 430.10 Td (in ) Tj ET Q q 0 0 0 rg BT 195.62 430.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 243.08 430.10 Td (with ) Tj ET Q q 0 0 0 rg BT 263.36 430.10 Td (IFRS.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 406.10 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 88.26 406.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.76 406.10 Td (and ) Tj ET Q q 0 0 0 rg BT 108.08 406.10 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 145.57 406.10 Td (EBITDA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 382.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 382.10 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 126.11 382.10 Td ( ) Tj ET Q q 0 0 0 rg BT 129.45 382.10 Td (is ) Tj ET Q q 0 0 0 rg BT 139.46 382.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 172.79 382.10 Td (as ) Tj ET Q q 0 0 0 rg BT 184.46 382.10 Td (net ) Tj ET Q q 0 0 0 rg BT 200.02 382.10 Td (profit ) Tj ET Q q 0 0 0 rg BT 225.58 382.10 Td (before ) Tj ET Q q 0 0 0 rg BT 254.45 382.10 Td (income ) Tj ET Q q 0 0 0 rg BT 287.23 382.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 302.79 382.10 Td (expense, ) Tj ET Q q 0 0 0 rg BT 340.83 382.10 Td (net ) Tj ET Q q 0 0 0 rg BT 356.39 382.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 394.71 382.10 Td (expenses/\(income\) ) Tj ET Q q 0 0 0 rg BT 473.03 382.10 Td (and ) Tj ET Q q 0 0 0 rg BT 490.81 382.10 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 543.57 382.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 370.10 Td (amortization. ) Tj ET Q q 0 0 0 rg BT 108.28 370.10 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 145.99 370.10 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 182.09 370.10 Td ( ) Tj ET Q q 0 0 0 rg BT 183.69 370.10 Td (is ) Tj ET Q q 0 0 0 rg BT 191.96 370.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 223.54 370.10 Td (as ) Tj ET Q q 0 0 0 rg BT 233.47 370.10 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 269.58 370.10 Td ( ) Tj ET Q q 0 0 0 rg BT 271.17 370.10 Td (as ) Tj ET Q q 0 0 0 rg BT 281.10 370.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 316.02 370.10 Td (for ) Tj ET Q q 0 0 0 rg BT 329.28 370.10 Td (income ) Tj ET Q q 0 0 0 rg BT 360.31 370.10 Td (and ) Tj ET Q q 0 0 0 rg BT 376.34 370.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 397.94 370.10 Td (that ) Tj ET Q q 0 0 0 rg BT 414.53 370.10 Td (are ) Tj ET Q q 0 0 0 rg BT 428.33 370.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 472.14 370.10 Td (in ) Tj ET Q q 0 0 0 rg BT 481.52 370.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 508.10 370.10 Td (but ) Tj ET Q q 0 0 0 rg BT 522.48 370.10 Td (expected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 358.10 Td (to ) Tj ET Q q 0 0 0 rg BT 65.11 358.10 Td (occur ) Tj ET Q q 0 0 0 rg BT 90.65 358.10 Td (infrequently) Tj ET Q q 0 0 0 rg BT 138.87 358.10 Td (. ) Tj ET Q q 0 0 0 rg BT 144.46 358.10 Td (The ) Tj ET Q q 0 0 0 rg BT 163.33 358.10 Td (following ) Tj ET Q q 0 0 0 rg BT 205.55 358.10 Td (table ) Tj ET Q q 0 0 0 rg BT 228.31 358.10 Td (sets ) Tj ET Q q 0 0 0 rg BT 246.65 358.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 269.41 358.10 Td (the ) Tj ET Q q 0 0 0 rg BT 284.96 358.10 Td (calculation ) Tj ET Q q 0 0 0 rg BT 332.16 358.10 Td (of ) Tj ET Q q 0 0 0 rg BT 343.82 358.10 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 379.93 358.10 Td ( ) Tj ET Q q 0 0 0 rg BT 383.26 358.10 Td (and ) Tj ET Q q 0 0 0 rg BT 400.29 358.10 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 439.73 358.10 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 475.84 358.10 Td ( ) Tj ET Q q 0 0 0 rg BT 479.17 358.10 Td (for ) Tj ET Q q 0 0 0 rg BT 494.16 358.10 Td (the ) Tj ET Q q 0 0 0 rg BT 509.70 358.10 Td (years ) Tj ET Q q 0 0 0 rg BT 534.13 358.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 346.10 Td (December ) Tj ET Q q 0 0 0 rg BT 98.64 346.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 114.69 346.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 140.74 346.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 164.29 346.10 Td (and ) Tj ET Q q 0 0 0 rg BT 182.28 346.10 Td (2013, ) Tj ET Q q 0 0 0 rg BT 208.34 346.10 Td (and ) Tj ET Q q 0 0 0 rg BT 226.33 346.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 264.32 346.10 Td (a ) Tj ET Q q 0 0 0 rg BT 272.31 346.10 Td (reconciliation ) Tj ET Q q 0 0 0 rg BT 330.84 346.10 Td (of ) Tj ET Q q 0 0 0 rg BT 342.72 346.10 Td (these ) Tj ET Q q 0 0 0 rg BT 366.82 346.10 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 412.00 346.10 Td ( ) Tj ET Q q 0 0 0 rg BT 415.56 346.10 Td (measures ) Tj ET Q q 0 0 0 rg BT 456.31 346.10 Td (to ) Tj ET Q q 0 0 0 rg BT 467.65 346.10 Td (net ) Tj ET Q q 0 0 0 rg BT 483.41 346.10 Td (profit. ) Tj ET Q q 0 0 0 rg BT 511.68 346.10 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 547.79 346.10 Td ( ) Tj ET Q q 0 0 0 rg BT 551.34 346.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 334.10 Td (presented ) Tj ET Q q 0 0 0 rg BT 95.97 334.10 Td (by ) Tj ET Q q 0 0 0 rg BT 109.62 334.10 Td (management ) Tj ET Q q 0 0 0 rg BT 164.36 334.10 Td (to ) Tj ET Q q 0 0 0 rg BT 175.79 334.10 Td (aid ) Tj ET Q q 0 0 0 rg BT 191.66 334.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 231.42 334.10 Td (in ) Tj ET Q q 0 0 0 rg BT 242.85 334.10 Td (their ) Tj ET Q q 0 0 0 rg BT 264.82 334.10 Td (analysis ) Tj ET Q q 0 0 0 rg BT 300.69 334.10 Td (of ) Tj ET Q q 0 0 0 rg BT 312.67 334.10 Td (the ) Tj ET Q q 0 0 0 rg BT 328.54 334.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 382.71 334.10 Td (of ) Tj ET Q q 0 0 0 rg BT 394.70 334.10 Td (the ) Tj ET Q q 0 0 0 rg BT 410.56 334.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 439.77 334.10 Td (and ) Tj ET Q q 0 0 0 rg BT 457.86 334.10 Td (to ) Tj ET Q q 0 0 0 rg BT 469.29 334.10 Td (assist ) Tj ET Q q 0 0 0 rg BT 494.61 334.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 534.37 334.10 Td (in ) Tj ET Q q 0 0 0 rg BT 545.80 334.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 322.10 Td (comparison ) Tj ET Q q 0 0 0 rg BT 103.27 322.10 Td (of ) Tj ET Q q 0 0 0 rg BT 114.21 322.10 Td (the ) Tj ET Q q 0 0 0 rg BT 129.04 322.10 Td (Group) Tj ET Q q 0 0 0 rg BT 157.37 322.10 Td (s ) Tj ET Q q 0 0 0 rg BT 163.88 322.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 217.02 322.10 Td (with ) Tj ET Q q 0 0 0 rg BT 237.41 322.10 Td (that ) Tj ET Q q 0 0 0 rg BT 255.02 322.10 Td (of ) Tj ET Q q 0 0 0 rg BT 265.96 322.10 Td (other ) Tj ET Q q 0 0 0 rg BT 289.12 322.10 Td (companies. ) Tj ET Q q 0 0 0 rg BT 336.42 322.10 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 375.14 322.10 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 411.25 322.10 Td ( ) Tj ET Q q 0 0 0 rg BT 413.87 322.10 Td (is ) Tj ET Q q 0 0 0 rg BT 423.15 322.10 Td (presented ) Tj ET Q q 0 0 0 rg BT 464.08 322.10 Td (to ) Tj ET Q q 0 0 0 rg BT 474.47 322.10 Td (demonstrate ) Tj ET Q q 0 0 0 rg BT 525.96 322.10 Td (how ) Tj ET Q q 0 0 0 rg BT 545.79 322.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 310.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 100.18 310.10 Td (business ) Tj ET Q q 0 0 0 rg BT 136.93 310.10 Td (has ) Tj ET Q q 0 0 0 rg BT 153.12 310.10 Td (performed ) Tj ET Q q 0 0 0 rg BT 197.62 310.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 219.92 310.10 Td (to ) Tj ET Q q 0 0 0 rg BT 230.56 310.10 Td (the ) Tj ET Q q 0 0 0 rg BT 245.63 310.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 275.70 310.10 Td (of ) Tj ET Q q 0 0 0 rg BT 286.89 310.10 Td (the ) Tj ET Q q 0 0 0 rg BT 301.96 310.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 338.15 310.10 Td (items ) Tj ET Q q 0 0 0 rg BT 362.67 310.10 Td (which ) Tj ET Q q 0 0 0 rg BT 389.97 310.10 Td (may ) Tj ET Q q 0 0 0 rg BT 410.04 310.10 Td (obscure ) Tj ET Q q 0 0 0 rg BT 444.00 310.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 490.18 310.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 543.56 310.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 298.10 Td (impair ) Tj ET Q q 0 0 0 rg BT 82.60 298.10 Td (comparability ) Tj ET Q q 0 0 0 rg BT 140.64 298.10 Td (of ) Tj ET Q q 0 0 0 rg BT 151.47 298.10 Td (results ) Tj ET Q q 0 0 0 rg BT 180.08 298.10 Td (between ) Tj ET Q q 0 0 0 rg BT 215.89 298.10 Td (periods.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 234.60 252.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 234.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 234.60 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 234.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 234.60 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 234.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 234.60 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 206.60 252.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 206.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 206.60 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 206.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 206.60 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 206.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 206.60 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 178.60 252.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 178.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 178.60 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 178.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 178.60 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 178.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 178.60 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 150.60 252.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 150.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 150.60 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 150.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 150.60 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 150.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 150.60 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 122.60 252.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 122.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 122.60 80.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 122.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 122.60 80.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 122.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 122.60 80.00 -19.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 261.6 m 389.5 261.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 261.6 m 393.5 261.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 261.6 m 473.5 261.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 261.6 m 477.5 261.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 261.6 m 557.5 261.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 261.6 m 389.5 261.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 247.60000000000002 m 389.5 247.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 261.6 m 393.5 261.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 261.6 m 473.5 261.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 247.60000000000002 m 473.5 247.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 261.6 m 477.5 261.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 261.6 m 557.5 261.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 247.60000000000002 m 557.5 247.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 247.60000000000002 m 389.5 247.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 247.60000000000002 m 473.5 247.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 247.60000000000002 m 557.5 247.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 178.60000000000002 m 389.5 178.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 165.60000000000002 m 389.5 165.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 163.60000000000002 m 389.5 163.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 178.60000000000002 m 473.5 178.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 165.60000000000002 m 473.5 165.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 163.60000000000002 m 473.5 163.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 178.60000000000002 m 557.5 178.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 165.60000000000002 m 557.5 165.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 163.60000000000002 m 557.5 163.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 163.60000000000002 m 389.5 163.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 165.60000000000002 m 389.5 165.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 163.60000000000002 m 473.5 163.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 165.60000000000002 m 473.5 165.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 163.60000000000002 m 557.5 163.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 165.60000000000002 m 557.5 165.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 103.60000000000002 m 389.5 103.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 90.60000000000002 m 389.5 90.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 88.60000000000002 m 389.5 88.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 103.60000000000002 m 473.5 103.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 90.60000000000002 m 473.5 90.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 88.60000000000002 m 473.5 88.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 103.60000000000002 m 557.5 103.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 90.60000000000002 m 557.5 90.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 88.60000000000002 m 557.5 88.60000000000002 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 266.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.00 266.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 369.65 266.05 Td (For the years ended December 31,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 252.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.00 252.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 252.05 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 426.00 252.05 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 510.00 252.05 Td (2013) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 238.86 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.00 238.86 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.75 238.85 Td (\( million\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 225.06 Td (Net profit) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.00 225.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.50 225.06 Td (290) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.50 225.06 Td (265) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.50 225.06 Td (246) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 211.06 Td (Income tax expense) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.00 211.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.50 211.06 Td (144) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.50 211.06 Td (133) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.50 211.06 Td (120) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 197.06 Td (Net financial expenses/\(income\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.00 197.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 377.00 197.06 Td (10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.50 197.06 Td (\(9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 470.00 197.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 546.50 197.06 Td (\(2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.00 197.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 183.06 Td (Amortization and depreciation) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.00 183.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.50 183.06 Td (275) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.50 183.06 Td (289) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.50 183.06 Td (270) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 169.05 Td (EBITDA) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 308.00 169.05 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 372.50 169.05 Td (719) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.50 169.05 Td (678) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 540.50 169.05 Td (634) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 155.06 Td (Expense related to the resignation of the former Chairman) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.00 155.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 377.00 155.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.00 155.06 Td (15) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.00 155.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 141.06 Td (Expenses incurred in relation to the IPO) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.00 141.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 377.00 141.06 Td (16) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.00 141.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.00 141.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 127.06 Td (Employees extra bonus) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 377.00 127.06 Td (19) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.00 127.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.00 127.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 113.86 Td (Gain recognized on disposal of investment property assets and) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 104.91 Td (liabilities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 378.50 108.06 Td (\(6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.00 108.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.00 108.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.00 108.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 94.05 Td (Adjusted EBITDA) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 308.00 94.05 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 372.50 94.05 Td (748) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.50 94.05 Td (693) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 540.50 94.05 Td (634) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 141 0 obj <> endobj 142 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (62) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 91.50 731.10 Td (EBIT) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 707.10 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 128.87 707.10 Td (EBIT) Tj ET Q q 0 0 0 rg BT 150.90 707.10 Td ( ) Tj ET Q q 0 0 0 rg BT 153.66 707.10 Td (represents ) Tj ET Q q 0 0 0 rg BT 196.96 707.10 Td (EBIT) Tj ET Q q 0 0 0 rg BT 218.99 707.10 Td ( ) Tj ET Q q 0 0 0 rg BT 221.75 707.10 Td (as ) Tj ET Q q 0 0 0 rg BT 232.84 707.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 268.92 707.10 Td (for ) Tj ET Q q 0 0 0 rg BT 283.34 707.10 Td (income ) Tj ET Q q 0 0 0 rg BT 315.53 707.10 Td (and ) Tj ET Q q 0 0 0 rg BT 332.73 707.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 355.48 707.10 Td (that ) Tj ET Q q 0 0 0 rg BT 373.24 707.10 Td (are ) Tj ET Q q 0 0 0 rg BT 388.20 707.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 433.17 707.10 Td (in ) Tj ET Q q 0 0 0 rg BT 443.71 707.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 471.45 707.10 Td (but ) Tj ET Q q 0 0 0 rg BT 486.99 707.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 525.28 707.10 Td (to ) Tj ET Q q 0 0 0 rg BT 535.81 707.10 Td (occur ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 695.10 Td (infrequently) Tj ET Q q 0 0 0 rg BT 102.22 695.10 Td (. ) Tj ET Q q 0 0 0 rg BT 106.86 695.10 Td (W) Tj ET Q q 0 0 0 rg BT 115.50 695.10 Td (e ) Tj ET Q q 0 0 0 rg BT 122.24 695.10 Td (present ) Tj ET Q q 0 0 0 rg BT 153.43 695.10 Td (such ) Tj ET Q q 0 0 0 rg BT 174.06 695.10 Td (information ) Tj ET Q q 0 0 0 rg BT 223.58 695.10 Td (in ) Tj ET Q q 0 0 0 rg BT 233.67 695.10 Td (order ) Tj ET Q q 0 0 0 rg BT 257.07 695.10 Td (to ) Tj ET Q q 0 0 0 rg BT 267.16 695.10 Td (present ) Tj ET Q q 0 0 0 rg BT 298.34 695.10 Td (how ) Tj ET Q q 0 0 0 rg BT 317.87 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 332.39 695.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 378.02 695.10 Td (business ) Tj ET Q q 0 0 0 rg BT 414.22 695.10 Td (has ) Tj ET Q q 0 0 0 rg BT 429.85 695.10 Td (performed ) Tj ET Q q 0 0 0 rg BT 473.81 695.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 495.55 695.10 Td (to ) Tj ET Q q 0 0 0 rg BT 505.64 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 520.16 695.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 549.68 695.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.10 Td (such ) Tj ET Q q 0 0 0 rg BT 74.37 683.10 Td (items, ) Tj ET Q q 0 0 0 rg BT 100.58 683.10 Td (which ) Tj ET Q q 0 0 0 rg BT 127.05 683.10 Td (may ) Tj ET Q q 0 0 0 rg BT 146.31 683.10 Td (obscure ) Tj ET Q q 0 0 0 rg BT 179.45 683.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 224.81 683.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 277.38 683.10 Td (and ) Tj ET Q q 0 0 0 rg BT 293.86 683.10 Td (impair ) Tj ET Q q 0 0 0 rg BT 322.00 683.10 Td (comparability ) Tj ET Q q 0 0 0 rg BT 379.58 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 389.95 683.10 Td (results ) Tj ET Q q 0 0 0 rg BT 418.09 683.10 Td (between ) Tj ET Q q 0 0 0 rg BT 453.45 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 467.71 683.10 Td (periods. ) Tj ET Q q 0 0 0 rg BT 501.54 683.10 Td (The ) Tj ET Q q 0 0 0 rg BT 519.13 683.10 Td (following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 671.10 Td (table ) Tj ET Q q 0 0 0 rg BT 75.93 671.10 Td (sets ) Tj ET Q q 0 0 0 rg BT 93.43 671.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 115.37 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 130.09 671.10 Td (calculation ) Tj ET Q q 0 0 0 rg BT 176.46 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 186.73 671.10 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 225.34 671.10 Td (EBIT) Tj ET Q q 0 0 0 rg BT 247.38 671.10 Td ( ) Tj ET Q q 0 0 0 rg BT 249.88 671.10 Td (for ) Tj ET Q q 0 0 0 rg BT 264.04 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 278.76 671.10 Td (years ) Tj ET Q q 0 0 0 rg BT 302.35 671.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 328.73 671.10 Td (December ) Tj ET Q q 0 0 0 rg BT 372.32 671.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 387.32 671.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 412.32 671.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 434.82 671.10 Td (and ) Tj ET Q q 0 0 0 rg BT 451.75 671.10 Td (2013.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 607.60 252.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 607.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 607.60 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 607.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 607.60 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 607.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 607.60 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 579.60 252.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 579.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 579.60 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 579.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 579.60 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 579.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 579.60 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 551.60 252.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 551.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 551.60 80.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 551.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 551.60 80.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 551.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 551.60 80.00 -21.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 634.6 m 389.5 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 634.6 m 393.5 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 634.6 m 473.5 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 634.6 m 477.5 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 634.6 m 557.5 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 634.6 m 389.5 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 620.6 m 389.5 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 634.6 m 393.5 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 634.6 m 473.5 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 620.6 m 473.5 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 634.6 m 477.5 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 634.6 m 557.5 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 620.6 m 557.5 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 620.6 m 389.5 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 620.6 m 473.5 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 620.6 m 557.5 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 530.6 m 389.5 530.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 530.6 m 473.5 530.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 530.6 m 557.5 530.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 530.6 m 389.5 530.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 517.6 m 389.5 517.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 515.6 m 389.5 515.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 530.6 m 473.5 530.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 517.6 m 473.5 517.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 515.6 m 473.5 515.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 530.6 m 557.5 530.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 517.6 m 557.5 517.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 515.6 m 557.5 515.6 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 639.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.00 639.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 369.65 639.05 Td (For the years ended December 31,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 625.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.00 625.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 625.05 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 426.00 625.05 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 510.00 625.05 Td (2013) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 611.86 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.00 611.86 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.45 611.17 Td (\( million\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 598.05 Td (EBIT) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 308.00 598.05 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 372.50 598.05 Td (444) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.50 598.05 Td (389) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 540.50 598.05 Td (364) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 584.06 Td (Expense related to the resignation of the former Chairman) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.00 584.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 377.00 584.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.00 584.06 Td (15) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.00 584.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 570.06 Td (Expenses incurred in relation to the IPO) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.00 570.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 377.00 570.06 Td (16) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.00 570.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.00 570.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 556.06 Td (Employees extra bonus) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.00 556.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 377.00 556.06 Td (19) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.00 556.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.00 556.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 542.86 Td (Gain recognized on disposal of investment property assets and) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 533.86 Td (liabilities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.00 535.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 378.50 535.06 Td (\(6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.00 535.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.00 535.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.00 535.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 521.05 Td (Adjusted EBIT) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 308.00 521.05 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 372.50 521.05 Td (473) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.50 521.05 Td (404) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 540.50 521.05 Td (364) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 493.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 70.39 493.10 Td (Cash/\(Net ) Tj ET Q q 0 0 0 rg BT 113.44 493.10 Td (Debt\) ) Tj ET Q q 0 0 0 rg BT 138.71 493.10 Td (and ) Tj ET Q q 0 0 0 rg BT 156.21 493.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 172.60 493.10 Td (Industrial ) Tj ET Q q 0 0 0 rg BT 214.55 493.10 Td (Cash/\(Debt\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 469.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 469.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 106.73 469.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 129.01 469.10 Td (/\(Net ) Tj ET Q q 0 0 0 rg BT 151.85 469.10 Td (Debt\) ) Tj ET Q q 0 0 0 rg BT 176.90 469.10 Td (is ) Tj ET Q q 0 0 0 rg BT 185.86 469.10 Td (the ) Tj ET Q q 0 0 0 rg BT 200.37 469.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 234.31 469.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 269.91 469.10 Td (which ) Tj ET Q q 0 0 0 rg BT 296.64 469.10 Td (we ) Tj ET Q q 0 0 0 rg BT 310.59 469.10 Td (use ) Tj ET Q q 0 0 0 rg BT 326.20 469.10 Td (to ) Tj ET Q q 0 0 0 rg BT 336.27 469.10 Td (analyze ) Tj ET Q q 0 0 0 rg BT 369.09 469.10 Td (our ) Tj ET Q q 0 0 0 rg BT 384.71 469.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 421.98 469.10 Td (leverage ) Tj ET Q q 0 0 0 rg BT 458.13 469.10 Td (and ) Tj ET Q q 0 0 0 rg BT 474.85 469.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 503.79 469.10 Td (structure, ) Tj ET Q q 0 0 0 rg BT 543.56 469.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 457.10 Td (is ) Tj ET Q q 0 0 0 rg BT 63.25 457.10 Td (one ) Tj ET Q q 0 0 0 rg BT 80.27 457.10 Td (of ) Tj ET Q q 0 0 0 rg BT 91.18 457.10 Td (the ) Tj ET Q q 0 0 0 rg BT 105.97 457.10 Td (key ) Tj ET Q q 0 0 0 rg BT 122.99 457.10 Td (indicators ) Tj ET Q q 0 0 0 rg BT 165.00 457.10 Td (used ) Tj ET Q q 0 0 0 rg BT 185.91 457.10 Td (to ) Tj ET Q q 0 0 0 rg BT 196.27 457.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 232.17 457.10 Td (our ) Tj ET Q q 0 0 0 rg BT 248.08 457.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 285.64 457.10 Td (position. ) Tj ET Q q 0 0 0 rg BT 322.76 457.10 Td (W) Tj ET Q q 0 0 0 rg BT 331.39 457.10 Td (e ) Tj ET Q q 0 0 0 rg BT 338.41 457.10 Td (also ) Tj ET Q q 0 0 0 rg BT 357.10 457.10 Td (monitor ) Tj ET Q q 0 0 0 rg BT 391.35 457.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 408.36 457.10 Td (Industrial ) Tj ET Q q 0 0 0 rg BT 449.27 457.10 Td (Cash/\(Debt\), ) Tj ET Q q 0 0 0 rg BT 503.22 457.10 Td (which ) Tj ET Q q 0 0 0 rg BT 530.24 457.10 Td (adjusts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 445.10 Td (for ) Tj ET Q q 0 0 0 rg BT 69.22 445.10 Td (the ) Tj ET Q q 0 0 0 rg BT 85.00 445.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 115.78 445.10 Td (of ) Tj ET Q q 0 0 0 rg BT 127.67 445.10 Td (the ) Tj ET Q q 0 0 0 rg BT 143.45 445.10 Td (funded ) Tj ET Q q 0 0 0 rg BT 174.79 445.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 207.24 445.10 Td (of ) Tj ET Q q 0 0 0 rg BT 219.13 445.10 Td (the ) Tj ET Q q 0 0 0 rg BT 234.91 445.10 Td (self-liquidating ) Tj ET Q q 0 0 0 rg BT 299.57 445.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 338.12 445.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 386.65 445.10 Td (portfolio. ) Tj ET Q q 0 0 0 rg BT 427.45 445.10 Td (The ) Tj ET Q q 0 0 0 rg BT 446.56 445.10 Td (following ) Tj ET Q q 0 0 0 rg BT 489.01 445.10 Td (table ) Tj ET Q q 0 0 0 rg BT 512.01 445.10 Td (sets ) Tj ET Q q 0 0 0 rg BT 530.57 445.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 553.57 445.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 433.10 Td (reconciliation ) Tj ET Q q 0 0 0 rg BT 111.48 433.10 Td (of ) Tj ET Q q 0 0 0 rg BT 122.31 433.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 139.24 433.10 Td (Cash/\(Net ) Tj ET Q q 0 0 0 rg BT 182.29 433.10 Td (Debt\) ) Tj ET Q q 0 0 0 rg BT 207.56 433.10 Td (and ) Tj ET Q q 0 0 0 rg BT 224.50 433.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 241.44 433.10 Td (Industrial ) Tj ET Q q 0 0 0 rg BT 282.26 433.10 Td (Cash/\(Debt\) ) Tj ET Q q 0 0 0 rg BT 333.64 433.10 Td (at ) Tj ET Q q 0 0 0 rg BT 343.36 433.10 Td (December ) Tj ET Q q 0 0 0 rg BT 386.94 433.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 401.94 433.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 424.44 433.10 Td (and ) Tj ET Q q 0 0 0 rg BT 441.38 433.10 Td (2014.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 369.60 336.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 369.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 369.60 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 369.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 369.60 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 341.60 336.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 341.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 341.60 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 341.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 341.60 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 313.60 336.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 313.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 313.60 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 313.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 313.60 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 285.60 336.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 285.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 285.60 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 285.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 285.60 80.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 396.6 m 477.5 396.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 396.6 m 473.5 396.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 382.6 m 473.5 382.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 396.6 m 477.5 396.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 396.6 m 557.5 396.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 382.6 m 557.5 382.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 382.6 m 473.5 382.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 382.6 m 557.5 382.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 313.6 m 473.5 313.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 313.6 m 557.5 313.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 299.6 m 473.5 299.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 285.6 m 473.5 285.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 299.6 m 557.5 299.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 285.6 m 557.5 285.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 272.6 m 473.5 272.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 270.6 m 473.5 270.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 272.6 m 557.5 272.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 270.6 m 557.5 270.6 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 401.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 442.95 401.05 Td (At December 31,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 387.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 426.00 387.05 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 510.00 387.05 Td (2014) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 373.86 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.45 373.17 Td (\( million\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 360.06 Td (Cash and cash equivalents) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.50 360.06 Td (183) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.50 360.06 Td (134) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 346.06 Td (Deposits in FCA's cash management pools) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.50 346.06 Td (139) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.50 346.06 Td (942) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 332.06 Td (Financial liabilities with FCA Group) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.50 332.06 Td (\(3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 470.00 332.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.50 332.06 Td (\(379) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.00 332.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 318.06 Td (Financial liabilities with third parties) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.75 318.06 Td (\(2,257) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 470.00 318.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.50 318.06 Td (\(131) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.00 318.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 304.05 Td (Net Cash/\(Net Debt\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.75 304.05 Td (\(1,938) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 470.00 304.05 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 540.50 304.05 Td (566) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 290.06 Td (Funded portion of the self-liquidating financial receivables portfolio) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 449.75 290.06 Td (1,141) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.75 290.06 Td (1,061) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 276.05 Td (Net Industrial Cash/\(Debt\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 453.50 276.05 Td (\(797) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 470.00 276.05 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 276.05 Td (1,627) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 248.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 248.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 108.50 248.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 125.89 248.10 Td (Cash/\(Net ) Tj ET Q q 0 0 0 rg BT 169.39 248.10 Td (Debt\) ) Tj ET Q q 0 0 0 rg BT 195.11 248.10 Td (and ) Tj ET Q q 0 0 0 rg BT 212.50 248.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 229.89 248.10 Td (Industrial ) Tj ET Q q 0 0 0 rg BT 271.16 248.10 Td (Cash/\(Debt\) ) Tj ET Q q 0 0 0 rg BT 322.99 248.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 362.06 248.10 Td (were ) Tj ET Q q 0 0 0 rg BT 384.44 248.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 437.38 248.10 Td (impacted ) Tj ET Q q 0 0 0 rg BT 476.98 248.10 Td (by ) Tj ET Q q 0 0 0 rg BT 489.93 248.10 Td (the ) Tj ET Q q 0 0 0 rg BT 505.10 248.10 Td (ef) Tj ET Q q 0 0 0 rg BT 512.69 248.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 534.51 248.10 Td (of ) Tj ET Q q 0 0 0 rg BT 545.79 248.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 236.10 Td (Restructuring. ) Tj ET Q endstream endobj 143 0 obj <> endobj 144 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (63) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (Fr) Tj ET Q q 0 0 0 rg BT 63.63 731.10 Td (ee ) Tj ET Q q 0 0 0 rg BT 75.01 731.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 98.07 731.10 Td (Flow) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 707.10 Td (Free ) Tj ET Q q 0 0 0 rg BT 110.20 707.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 132.63 707.10 Td (Flow ) Tj ET Q q 0 0 0 rg BT 155.61 707.10 Td (is ) Tj ET Q q 0 0 0 rg BT 164.71 707.10 Td (one ) Tj ET Q q 0 0 0 rg BT 181.58 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 192.34 707.10 Td (our ) Tj ET Q q 0 0 0 rg BT 208.10 707.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 242.18 707.10 Td (key ) Tj ET Q q 0 0 0 rg BT 259.05 707.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 312.00 707.10 Td (indicators ) Tj ET Q q 0 0 0 rg BT 353.86 707.10 Td (to ) Tj ET Q q 0 0 0 rg BT 364.07 707.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 399.81 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 414.45 707.10 Td (Group) Tj ET Q q 0 0 0 rg BT 442.78 707.10 Td (s ) Tj ET Q q 0 0 0 rg BT 449.10 707.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 502.05 707.10 Td (and ) Tj ET Q q 0 0 0 rg BT 518.92 707.10 Td (is ) Tj ET Q q 0 0 0 rg BT 528.02 707.10 Td (defined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 695.10 Td (as ) Tj ET Q q 0 0 0 rg BT 64.84 695.10 Td (net ) Tj ET Q q 0 0 0 rg BT 79.56 695.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 99.84 695.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 141.21 695.10 Td (from ) Tj ET Q q 0 0 0 rg BT 163.15 695.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 207.32 695.10 Td (less ) Tj ET Q q 0 0 0 rg BT 224.82 695.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 245.10 695.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 269.83 695.10 Td (used ) Tj ET Q q 0 0 0 rg BT 290.67 695.10 Td (in ) Tj ET Q q 0 0 0 rg BT 300.95 695.10 Td (investing ) Tj ET Q q 0 0 0 rg BT 340.12 695.10 Td (activities. ) Tj ET Q q 0 0 0 rg BT 381.05 695.10 Td (The ) Tj ET Q q 0 0 0 rg BT 399.10 695.10 Td (following ) Tj ET Q q 0 0 0 rg BT 440.50 695.10 Td (table ) Tj ET Q q 0 0 0 rg BT 462.44 695.10 Td (sets ) Tj ET Q q 0 0 0 rg BT 479.94 695.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 501.89 695.10 Td (our ) Tj ET Q q 0 0 0 rg BT 517.73 695.10 Td (Free ) Tj ET Q q 0 0 0 rg BT 538.00 695.10 Td (Cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.10 Td (Flow ) Tj ET Q q 0 0 0 rg BT 76.53 683.10 Td (for ) Tj ET Q q 0 0 0 rg BT 90.17 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 104.36 683.10 Td (years ) Tj ET Q q 0 0 0 rg BT 127.43 683.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 153.28 683.10 Td (December ) Tj ET Q q 0 0 0 rg BT 196.33 683.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 210.81 683.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 235.28 683.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 257.25 683.10 Td (and ) Tj ET Q q 0 0 0 rg BT 273.66 683.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 295.64 683.10 Td (using ) Tj ET Q q 0 0 0 rg BT 319.28 683.10 Td (information ) Tj ET Q q 0 0 0 rg BT 368.46 683.10 Td (derived ) Tj ET Q q 0 0 0 rg BT 400.42 683.10 Td (from ) Tj ET Q q 0 0 0 rg BT 421.83 683.10 Td (our ) Tj ET Q q 0 0 0 rg BT 437.13 683.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 489.65 683.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 529.94 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 540.25 683.10 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 671.10 Td (flows.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 606.60 252.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 606.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 606.60 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 606.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 606.60 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 606.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 606.60 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 578.60 252.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 578.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 578.60 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 578.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 578.60 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 578.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 578.60 80.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 634.6 m 389.5 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 634.6 m 393.5 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 634.6 m 473.5 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 634.6 m 477.5 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 634.6 m 557.5 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 634.6 m 389.5 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 620.6 m 389.5 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 634.6 m 393.5 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 634.6 m 473.5 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 620.6 m 473.5 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 634.6 m 477.5 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 634.6 m 557.5 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 620.6 m 557.5 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 578.6 m 389.5 578.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 565.6 m 389.5 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 563.6 m 389.5 563.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 578.6 m 473.5 578.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 565.6 m 473.5 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 563.6 m 473.5 563.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 578.6 m 557.5 578.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 565.6 m 557.5 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 563.6 m 557.5 563.6 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 639.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.00 639.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 369.65 639.05 Td (For the years ended December 31,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 625.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.00 625.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 625.05 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 426.00 625.05 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 510.00 625.05 Td (2013) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 611.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.00 611.06 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.75 610.85 Td (\( million\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 597.06 Td (Cash flows from operating activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.00 597.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.50 597.06 Td (707) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.50 597.06 Td (426) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.50 597.06 Td (454) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 583.06 Td (Cash flows used in investing activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.00 583.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.50 583.06 Td (\(317) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.00 583.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.50 583.06 Td (\(290) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 470.00 583.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.50 583.06 Td (\(267) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.00 583.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 569.05 Td (Fr) Tj ET Q q 0 0 0 rg BT 65.33 569.05 Td (ee Cash Flow) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 308.00 569.05 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 372.50 569.05 Td (390) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.50 569.05 Td (136) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 540.50 569.05 Td (187) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 541.10 Td (Constant ) Tj ET Q q 0 0 0 rg BT 92.62 541.10 Td (Curr) Tj ET Q q 0 0 0 rg BT 111.70 541.10 Td (ency ) Tj ET Q q 0 0 0 rg BT 132.52 541.10 Td (Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 517.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 517.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.83 517.10 Td (Results ) Tj ET Q q 0 0 0 rg BT 146.00 517.10 Td (of ) Tj ET Q q 0 0 0 rg BT 157.61 517.10 Td (Operations ) Tj ET Q q 0 0 0 rg BT 209.21 517.10 Td (discussion ) Tj ET Q q 0 0 0 rg BT 254.16 517.10 Td (below ) Tj ET Q q 0 0 0 rg BT 281.88 517.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 318.49 517.10 Td (information ) Tj ET Q q 0 0 0 rg BT 368.99 517.10 Td (about ) Tj ET Q q 0 0 0 rg BT 394.49 517.10 Td (our ) Tj ET Q q 0 0 0 rg BT 411.10 517.10 Td (net ) Tj ET Q q 0 0 0 rg BT 426.60 517.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 465.42 517.10 Td (on ) Tj ET Q q 0 0 0 rg BT 478.70 517.10 Td (a ) Tj ET Q q 0 0 0 rg BT 486.42 517.10 Td (constant ) Tj ET Q q 0 0 0 rg BT 523.03 517.10 Td (currency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 505.10 Td (basis. ) Tj ET Q q 0 0 0 rg BT 79.71 505.10 Td (W) Tj ET Q q 0 0 0 rg BT 88.34 505.10 Td (e ) Tj ET Q q 0 0 0 rg BT 96.24 505.10 Td (use ) Tj ET Q q 0 0 0 rg BT 113.03 505.10 Td (this ) Tj ET Q q 0 0 0 rg BT 130.93 505.10 Td (information ) Tj ET Q q 0 0 0 rg BT 181.60 505.10 Td (to ) Tj ET Q q 0 0 0 rg BT 192.84 505.10 Td (assess ) Tj ET Q q 0 0 0 rg BT 220.74 505.10 Td (how ) Tj ET Q q 0 0 0 rg BT 241.42 505.10 Td (the ) Tj ET Q q 0 0 0 rg BT 257.09 505.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 303.87 505.10 Td (business ) Tj ET Q q 0 0 0 rg BT 341.22 505.10 Td (has ) Tj ET Q q 0 0 0 rg BT 358.01 505.10 Td (performed ) Tj ET Q q 0 0 0 rg BT 403.11 505.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 455.44 505.10 Td (of ) Tj ET Q q 0 0 0 rg BT 467.23 505.10 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 517.90 505.10 Td (in ) Tj ET Q q 0 0 0 rg BT 529.13 505.10 Td (foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 493.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 91.39 493.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 131.57 493.10 Td (rates. ) Tj ET Q q 0 0 0 rg BT 155.19 493.10 Td (W) Tj ET Q q 0 0 0 rg BT 163.82 493.10 Td (e ) Tj ET Q q 0 0 0 rg BT 170.68 493.10 Td (calculate ) Tj ET Q q 0 0 0 rg BT 208.63 493.10 Td (constant ) Tj ET Q q 0 0 0 rg BT 244.37 493.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 281.77 493.10 Td (by ) Tj ET Q q 0 0 0 rg BT 294.18 493.10 Td (applying ) Tj ET Q q 0 0 0 rg BT 331.60 493.10 Td (the ) Tj ET Q q 0 0 0 rg BT 346.23 493.10 Td (prior) Tj ET Q q 0 0 0 rg BT 365.47 493.10 Td (-period ) Tj ET Q q 0 0 0 rg BT 396.77 493.10 Td (average ) Tj ET Q q 0 0 0 rg BT 430.27 493.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 461.56 493.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 498.96 493.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 539.13 493.10 Td (rates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 481.10 Td (to ) Tj ET Q q 0 0 0 rg BT 64.00 481.10 Td (current ) Tj ET Q q 0 0 0 rg BT 94.54 481.10 Td (period ) Tj ET Q q 0 0 0 rg BT 122.32 481.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 159.52 481.10 Td (data ) Tj ET Q q 0 0 0 rg BT 178.40 481.10 Td (expressed ) Tj ET Q q 0 0 0 rg BT 220.06 481.10 Td (in ) Tj ET Q q 0 0 0 rg BT 230.06 481.10 Td (local ) Tj ET Q q 0 0 0 rg BT 251.72 481.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 288.92 481.10 Td (in ) Tj ET Q q 0 0 0 rg BT 298.93 481.10 Td (which ) Tj ET Q q 0 0 0 rg BT 325.59 481.10 Td (the ) Tj ET Q q 0 0 0 rg BT 340.03 481.10 Td (relevant ) Tj ET Q q 0 0 0 rg BT 374.46 481.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 411.67 481.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 456.10 481.10 Td (are ) Tj ET Q q 0 0 0 rg BT 470.54 481.10 Td (denominated, ) Tj ET Q q 0 0 0 rg BT 526.91 481.10 Td (in ) Tj ET Q q 0 0 0 rg BT 536.92 481.10 Td (order ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 469.10 Td (to ) Tj ET Q q 0 0 0 rg BT 65.11 469.10 Td (eliminate ) Tj ET Q q 0 0 0 rg BT 105.64 469.10 Td (the ) Tj ET Q q 0 0 0 rg BT 121.19 469.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 151.73 469.10 Td (of ) Tj ET Q q 0 0 0 rg BT 163.39 469.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 195.60 469.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 233.90 469.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 274.98 469.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 293.30 469.10 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 343.84 469.10 Td (\(see ) Tj ET Q q 0 0 0 rg BT 363.27 469.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 386.03 469.10 Td (2 ) Tj ET Q q 0 0 0 rg BT 394.36 469.10 Td (Significant ) Tj ET Q q 0 0 0 rg BT 445.28 469.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 495.26 469.10 Td (Policies ) Tj ET Q q 0 0 0 rg BT 534.69 469.10 Td (to ) Tj ET Q q 0 0 0 rg BT 545.80 469.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 457.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 108.92 457.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 148.28 457.10 Td (Statements, ) Tj ET Q q 0 0 0 rg BT 196.81 457.10 Td (included ) Tj ET Q q 0 0 0 rg BT 233.39 457.10 Td (in ) Tj ET Q q 0 0 0 rg BT 243.32 457.10 Td (this ) Tj ET Q q 0 0 0 rg BT 259.91 457.10 Td (document, ) Tj ET Q q 0 0 0 rg BT 303.99 457.10 Td (for ) Tj ET Q q 0 0 0 rg BT 317.80 457.10 Td (information ) Tj ET Q q 0 0 0 rg BT 367.16 457.10 Td (on ) Tj ET Q q 0 0 0 rg BT 379.31 457.10 Td (the ) Tj ET Q q 0 0 0 rg BT 393.67 457.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 424.70 457.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 461.82 457.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 501.72 457.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 522.75 457.10 Td (applied\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 445.10 Td (Although ) Tj ET Q q 0 0 0 rg BT 94.16 445.10 Td (we ) Tj ET Q q 0 0 0 rg BT 108.19 445.10 Td (do ) Tj ET Q q 0 0 0 rg BT 120.57 445.10 Td (not ) Tj ET Q q 0 0 0 rg BT 135.73 445.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 166.98 445.10 Td (that ) Tj ET Q q 0 0 0 rg BT 184.35 445.10 Td (these ) Tj ET Q q 0 0 0 rg BT 207.28 445.10 Td (measures ) Tj ET Q q 0 0 0 rg BT 246.86 445.10 Td (are ) Tj ET Q q 0 0 0 rg BT 261.45 445.10 Td (a ) Tj ET Q q 0 0 0 rg BT 268.26 445.10 Td (substitute ) Tj ET Q q 0 0 0 rg BT 308.98 445.10 Td (for ) Tj ET Q q 0 0 0 rg BT 323.01 445.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 349.87 445.10 Td ( ) Tj ET Q q 0 0 0 rg BT 352.25 445.10 Td (measures, ) Tj ET Q q 0 0 0 rg BT 394.33 445.10 Td (we ) Tj ET Q q 0 0 0 rg BT 408.37 445.10 Td (do ) Tj ET Q q 0 0 0 rg BT 420.75 445.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 452.00 445.10 Td (that ) Tj ET Q q 0 0 0 rg BT 469.37 445.10 Td (such ) Tj ET Q q 0 0 0 rg BT 490.08 445.10 Td (results ) Tj ET Q q 0 0 0 rg BT 518.57 445.10 Td (excluding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 433.10 Td (the ) Tj ET Q q 0 0 0 rg BT 69.70 433.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 100.40 433.10 Td (of ) Tj ET Q q 0 0 0 rg BT 112.22 433.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 150.68 433.10 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 201.38 433.10 Td (year) Tj ET Q q 0 0 0 rg BT 218.38 433.10 Td (-on-year ) Tj ET Q q 0 0 0 rg BT 255.74 433.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 289.77 433.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 333.25 433.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 361.17 433.10 Td (information ) Tj ET Q q 0 0 0 rg BT 411.87 433.10 Td (to ) Tj ET Q q 0 0 0 rg BT 423.14 433.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 462.73 433.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 504.53 433.10 Td (the ) Tj ET Q q 0 0 0 rg BT 520.24 433.10 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 421.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 106.70 421.10 Td (on ) Tj ET Q q 0 0 0 rg BT 118.88 421.10 Td (a ) Tj ET Q q 0 0 0 rg BT 125.50 421.10 Td (local ) Tj ET Q q 0 0 0 rg BT 147.12 421.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 184.27 421.10 Td (basis. ) Tj ET Q q 0 0 0 rg BT 208.95 421.10 Td (For ) Tj ET Q q 0 0 0 rg BT 225.02 421.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 263.58 421.10 Td (if ) Tj ET Q q 0 0 0 rg BT 271.86 421.10 Td (a ) Tj ET Q q 0 0 0 rg BT 278.48 421.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 298.45 421.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 323.40 421.10 Td (with ) Tj ET Q q 0 0 0 rg BT 343.36 421.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 363.32 421.10 Td (Dollar ) Tj ET Q q 0 0 0 rg BT 391.05 421.10 Td (functional ) Tj ET Q q 0 0 0 rg BT 433.77 421.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 470.93 421.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 508.08 421.10 Td (net ) Tj ET Q q 0 0 0 rg BT 522.48 421.10 Td (revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 409.10 Td (of ) Tj ET Q q 0 0 0 rg BT 64.70 409.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 84.85 409.10 Td ($100 ) Tj ET Q q 0 0 0 rg BT 107.23 409.10 Td (million ) Tj ET Q q 0 0 0 rg BT 138.49 409.10 Td (for ) Tj ET Q q 0 0 0 rg BT 152.52 409.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 174.89 409.10 Td (and ) Tj ET Q q 0 0 0 rg BT 191.70 409.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 216.57 409.10 Td (we ) Tj ET Q q 0 0 0 rg BT 230.60 409.10 Td (would ) Tj ET Q q 0 0 0 rg BT 257.97 409.10 Td (have ) Tj ET Q q 0 0 0 rg BT 279.22 409.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 314.90 409.10 Td (90 ) Tj ET Q q 0 0 0 rg BT 332.27 409.10 Td (million ) Tj ET Q q 0 0 0 rg BT 363.54 409.10 Td (in ) Tj ET Q q 0 0 0 rg BT 373.69 409.10 Td (net ) Tj ET Q q 0 0 0 rg BT 388.27 409.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 426.18 409.10 Td (for ) Tj ET Q q 0 0 0 rg BT 440.21 409.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 462.58 409.10 Td (\(using ) Tj ET Q q 0 0 0 rg BT 489.95 409.10 Td (the ) Tj ET Q q 0 0 0 rg BT 504.54 409.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 526.91 409.10 Td (average ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 397.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 94.64 397.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 112.52 397.10 Td (of ) Tj ET Q q 0 0 0 rg BT 123.74 397.10 Td (1.1094\) ) Tj ET Q q 0 0 0 rg BT 157.46 397.10 Td (or ) Tj ET Q q 0 0 0 rg BT 168.68 397.10 Td (a ) Tj ET Q q 0 0 0 rg BT 176.01 397.10 Td (15 ) Tj ET Q q 0 0 0 rg BT 193.90 397.10 Td (million ) Tj ET Q q 0 0 0 rg BT 225.68 397.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 261.32 397.10 Td (over ) Tj ET Q q 0 0 0 rg BT 281.98 397.10 Td (the ) Tj ET Q q 0 0 0 rg BT 297.08 397.10 Td (75 ) Tj ET Q q 0 0 0 rg BT 314.97 397.10 Td (million ) Tj ET Q q 0 0 0 rg BT 346.76 397.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 382.96 397.10 Td (for ) Tj ET Q q 0 0 0 rg BT 397.51 397.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 420.40 397.10 Td (\(using ) Tj ET Q q 0 0 0 rg BT 448.29 397.10 Td (the ) Tj ET Q q 0 0 0 rg BT 463.40 397.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 486.29 397.10 Td (average ) Tj ET Q q 0 0 0 rg BT 520.26 397.10 Td (exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 385.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 72.42 385.10 Td (of ) Tj ET Q q 0 0 0 rg BT 84.18 385.10 Td (1.3287\). ) Tj ET Q q 0 0 0 rg BT 120.69 385.10 Td (The ) Tj ET Q q 0 0 0 rg BT 139.67 385.10 Td (constant ) Tj ET Q q 0 0 0 rg BT 176.42 385.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 214.83 385.10 Td (presentation ) Tj ET Q q 0 0 0 rg BT 267.13 385.10 Td (would ) Tj ET Q q 0 0 0 rg BT 295.56 385.10 Td (translate ) Tj ET Q q 0 0 0 rg BT 332.86 385.10 Td (the ) Tj ET Q q 0 0 0 rg BT 348.51 385.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 371.94 385.10 Td (net ) Tj ET Q q 0 0 0 rg BT 387.58 385.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 426.55 385.10 Td (using ) Tj ET Q q 0 0 0 rg BT 451.65 385.10 Td (the ) Tj ET Q q 0 0 0 rg BT 467.30 385.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 490.73 385.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 523.04 385.10 Td (currency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 373.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 94.42 373.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 118.46 373.10 Td (and ) Tj ET Q q 0 0 0 rg BT 135.56 373.10 Td (therefore ) Tj ET Q q 0 0 0 rg BT 174.30 373.10 Td (indicate ) Tj ET Q q 0 0 0 rg BT 208.62 373.10 Td (that ) Tj ET Q q 0 0 0 rg BT 226.27 373.10 Td (the ) Tj ET Q q 0 0 0 rg BT 241.15 373.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 287.14 373.10 Td (net ) Tj ET Q q 0 0 0 rg BT 302.02 373.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 340.22 373.10 Td (on ) Tj ET Q q 0 0 0 rg BT 352.88 373.10 Td (a ) Tj ET Q q 0 0 0 rg BT 359.98 373.10 Td (constant ) Tj ET Q q 0 0 0 rg BT 395.97 373.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 433.61 373.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 456.27 373.10 Td (were ) Tj ET Q q 0 0 0 rg BT 478.36 373.10 Td (unchanged ) Tj ET Q q 0 0 0 rg BT 524.34 373.10 Td (year) Tj ET Q q 0 0 0 rg BT 541.35 373.10 Td (-on-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 361.10 Td (year) Tj ET Q q 0 0 0 rg BT 70.66 361.10 Td (.) Tj ET Q endstream endobj 145 0 obj <> endobj 146 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (64) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 731.25 Td (A. ) Tj ET Q q 0 0 0 rg BT 66.22 731.25 Td (Operating ) Tj ET Q q 0 0 0 rg BT 112.61 731.25 Td (Results) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 707.25 Td (Results of Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 683.25 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 112.62 683.25 Td (Results ) Tj ET Q q 0 0 0 rg BT 146.24 683.25 Td (of ) Tj ET Q q 0 0 0 rg BT 157.07 683.25 Td (Operations ) Tj ET Q q 0 0 0 rg BT 207.34 683.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.84 683.25 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.84 683.25 Td ( ) Tj ET Q q 0 0 0 rg BT 237.34 683.25 Td (compar) Tj ET Q q 0 0 0 rg BT 269.93 683.25 Td (ed ) Tj ET Q q 0 0 0 rg BT 282.43 683.25 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.26 683.25 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.26 683.25 Td ( ) Tj ET Q q 0 0 0 rg BT 315.76 683.25 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.39 683.25 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.39 683.25 Td ( ) Tj ET Q q 0 0 0 rg BT 356.89 683.25 Td (compar) Tj ET Q q 0 0 0 rg BT 389.47 683.25 Td (ed ) Tj ET Q q 0 0 0 rg BT 401.97 683.25 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.80 683.25 Td (2013) Tj ET Q BT /F2 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 659.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 659.25 Td (The ) Tj ET Q q 0 0 0 rg BT 108.46 659.25 Td (following ) Tj ET Q q 0 0 0 rg BT 150.26 659.25 Td (is ) Tj ET Q q 0 0 0 rg BT 159.85 659.25 Td (a ) Tj ET Q q 0 0 0 rg BT 167.20 659.25 Td (discussion ) Tj ET Q q 0 0 0 rg BT 211.78 659.25 Td (of ) Tj ET Q q 0 0 0 rg BT 223.03 659.25 Td (the ) Tj ET Q q 0 0 0 rg BT 238.16 659.25 Td (results ) Tj ET Q q 0 0 0 rg BT 267.18 659.25 Td (of ) Tj ET Q q 0 0 0 rg BT 278.42 659.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 322.99 659.25 Td (for ) Tj ET Q q 0 0 0 rg BT 337.57 659.25 Td (the ) Tj ET Q q 0 0 0 rg BT 352.70 659.25 Td (year ) Tj ET Q q 0 0 0 rg BT 372.82 659.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.61 659.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 458.61 659.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.61 659.25 Td ( ) Tj ET Q q 0 0 0 rg BT 481.52 659.25 Td (as ) Tj ET Q q 0 0 0 rg BT 492.77 659.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 535.10 659.25 Td (to ) Tj ET Q q 0 0 0 rg BT 545.80 659.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 647.25 Td (year ) Tj ET Q q 0 0 0 rg BT 73.51 647.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.69 647.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 158.07 647.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.07 647.25 Td (, ) Tj ET Q q 0 0 0 rg BT 182.88 647.25 Td (and ) Tj ET Q q 0 0 0 rg BT 199.62 647.25 Td (for ) Tj ET Q q 0 0 0 rg BT 213.58 647.25 Td (the ) Tj ET Q q 0 0 0 rg BT 228.10 647.25 Td (year ) Tj ET Q q 0 0 0 rg BT 247.61 647.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.79 647.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 332.17 647.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.17 647.25 Td ( ) Tj ET Q q 0 0 0 rg BT 354.48 647.25 Td (as ) Tj ET Q q 0 0 0 rg BT 365.11 647.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 406.83 647.25 Td (to ) Tj ET Q q 0 0 0 rg BT 416.92 647.25 Td (the ) Tj ET Q q 0 0 0 rg BT 431.43 647.25 Td (year ) Tj ET Q q 0 0 0 rg BT 450.94 647.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.12 647.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 535.51 647.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.51 647.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 635.25 Td (The ) Tj ET Q q 0 0 0 rg BT 71.63 635.25 Td (discussion ) Tj ET Q q 0 0 0 rg BT 115.38 635.25 Td (of ) Tj ET Q q 0 0 0 rg BT 125.79 635.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 155.08 635.25 Td (line ) Tj ET Q q 0 0 0 rg BT 172.16 635.25 Td (items ) Tj ET Q q 0 0 0 rg BT 195.90 635.25 Td (\(cost ) Tj ET Q q 0 0 0 rg BT 217.43 635.25 Td (of ) Tj ET Q q 0 0 0 rg BT 227.84 635.25 Td (sales, ) Tj ET Q q 0 0 0 rg BT 251.86 635.25 Td (selling, ) Tj ET Q q 0 0 0 rg BT 283.11 635.25 Td (general ) Tj ET Q q 0 0 0 rg BT 314.61 635.25 Td (and ) Tj ET Q q 0 0 0 rg BT 331.13 635.25 Td (administrative ) Tj ET Q q 0 0 0 rg BT 390.42 635.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 412.51 635.25 Td (and ) Tj ET Q q 0 0 0 rg BT 429.03 635.25 Td (research ) Tj ET Q q 0 0 0 rg BT 464.42 635.25 Td (and ) Tj ET Q q 0 0 0 rg BT 480.94 635.25 Td (development ) Tj ET Q q 0 0 0 rg BT 534.67 635.25 Td (costs\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 623.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 89.53 623.25 Td (a ) Tj ET Q q 0 0 0 rg BT 96.18 623.25 Td (presentation ) Tj ET Q q 0 0 0 rg BT 147.26 623.25 Td (of ) Tj ET Q q 0 0 0 rg BT 157.79 623.25 Td (such ) Tj ET Q q 0 0 0 rg BT 178.33 623.25 Td (line ) Tj ET Q q 0 0 0 rg BT 195.53 623.25 Td (items ) Tj ET Q q 0 0 0 rg BT 219.41 623.25 Td (as ) Tj ET Q q 0 0 0 rg BT 229.94 623.25 Td (a ) Tj ET Q q 0 0 0 rg BT 236.59 623.25 Td (percentage ) Tj ET Q q 0 0 0 rg BT 282.10 623.25 Td (of ) Tj ET Q q 0 0 0 rg BT 292.63 623.25 Td (net ) Tj ET Q q 0 0 0 rg BT 307.06 623.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 344.80 623.25 Td (for ) Tj ET Q q 0 0 0 rg BT 358.67 623.25 Td (the ) Tj ET Q q 0 0 0 rg BT 373.09 623.25 Td (respective ) Tj ET Q q 0 0 0 rg BT 415.83 623.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 447.48 623.25 Td (presented, ) Tj ET Q q 0 0 0 rg BT 490.50 623.25 Td (to ) Tj ET Q q 0 0 0 rg BT 500.48 623.25 Td (facilitate ) Tj ET Q q 0 0 0 rg BT 537.67 623.25 Td (year) Tj ET Q q 0 0 0 rg BT 554.67 623.25 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 611.25 Td (over) Tj ET Q q 0 0 0 rg BT 71.57 611.25 Td (-year ) Tj ET Q q 0 0 0 rg BT 94.61 611.25 Td (comparisons.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 529.75 154.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.50 529.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 529.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 529.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 529.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 529.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 529.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 529.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 529.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 529.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 529.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 529.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 501.75 154.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.50 501.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 501.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 501.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 501.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 501.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 501.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 501.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 501.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 501.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 501.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 501.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 473.75 154.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.50 473.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 473.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 473.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 473.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 473.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 473.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 473.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 473.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 473.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 473.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 473.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 445.75 154.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.50 445.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 445.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 445.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 445.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 445.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 445.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 445.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 445.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 445.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 445.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 445.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 417.75 154.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.50 417.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 417.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 417.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 417.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 417.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 417.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 417.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 417.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 417.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 417.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 417.75 55.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 574.75 m 262.5 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 574.75 m 266.5 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 574.75 m 321.5 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 574.75 m 325.5 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 574.75 m 380.5 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 574.75 m 384.5 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 574.75 m 439.5 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 574.75 m 443.5 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 574.75 m 498.5 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 574.75 m 502.5 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 574.75 m 557.5 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 574.75 m 262.5 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 542.75 m 262.5 542.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 574.75 m 321.5 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 542.75 m 321.5 542.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 574.75 m 380.5 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 542.75 m 380.5 542.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 574.75 m 439.5 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 542.75 m 439.5 542.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 574.75 m 498.5 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 542.75 m 498.5 542.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 574.75 m 557.5 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 542.75 m 557.5 542.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 459.75 m 262.5 459.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 459.75 m 321.5 459.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 459.75 m 439.5 459.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 459.75 m 498.5 459.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 459.75 m 557.5 459.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 459.75 m 262.5 459.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 459.75 m 380.5 459.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 459.75 m 498.5 459.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 431.75 m 262.5 431.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 431.75 m 321.5 431.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 431.75 m 380.5 431.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 431.75 m 439.5 431.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 431.75 m 498.5 431.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 431.75 m 557.5 431.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 431.75 m 262.5 431.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 431.75 m 380.5 431.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 403.75 m 262.5 403.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 403.75 m 321.5 403.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 403.75 m 380.5 403.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 403.75 m 439.5 403.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 403.75 m 498.5 403.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 403.75 m 557.5 403.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 403.75 m 262.5 403.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 390.75 m 262.5 390.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 388.75 m 262.5 388.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 390.75 m 321.5 390.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 388.75 m 321.5 388.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 403.75 m 380.5 403.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 390.75 m 380.5 390.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 388.75 m 380.5 388.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 390.75 m 439.5 390.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 388.75 m 439.5 388.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 390.75 m 498.5 390.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 388.75 m 498.5 388.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 390.75 m 557.5 390.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 388.75 m 557.5 388.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 316.65 579.20 Td (For the years ended December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 225.50 547.20 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 272.30 565.20 Td (Per) Tj ET Q q 0 0 0 rg BT 285.62 565.20 Td (centage ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 282.60 556.20 Td (of net ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 276.55 547.20 Td (r) Tj ET Q q 0 0 0 rg BT 280.38 547.20 Td (evenues) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 343.50 547.20 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 390.30 565.20 Td (Per) Tj ET Q q 0 0 0 rg BT 403.62 565.20 Td (centage ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 400.60 556.20 Td (of net ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.55 547.20 Td (r) Tj ET Q q 0 0 0 rg BT 398.38 547.20 Td (evenues) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.50 547.20 Td (2013) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 508.30 565.20 Td (Per) Tj ET Q q 0 0 0 rg BT 521.62 565.20 Td (centage ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 518.60 556.20 Td (of net ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 512.55 547.20 Td (r) Tj ET Q q 0 0 0 rg BT 516.38 547.20 Td (evenues) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 326.25 534.01 Td (\( million, except percentages\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 521.01 Td (Net revenues) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 238.75 520.21 Td (2,854) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 290.25 520.21 Td (100.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 313.50 520.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.75 520.21 Td (2,762) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 409.75 520.21 Td (100.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.50 520.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.75 520.21 Td (2,335) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 526.25 520.21 Td (100.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.50 520.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 507.01 Td (Cost of sales) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 238.75 506.21 Td (1,499) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.75 506.21 Td (52.5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 313.50 506.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.75 506.21 Td (1,506) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.25 506.21 Td (54.5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.50 506.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.75 506.21 Td (1,235) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.75 506.21 Td (52.9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.50 506.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 493.01 Td (Selling, general and administrative costs) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 245.50 492.21 Td (339) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.75 492.21 Td (11.9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 313.50 492.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 363.50 492.21 Td (300) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.25 492.21 Td (10.9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.50 492.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.50 492.21 Td (260) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.75 492.21 Td (11.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.50 492.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 479.01 Td (Research and development costs) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 245.50 478.21 Td (562) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.75 478.21 Td (19.7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 313.50 478.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 363.50 478.21 Td (541) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.25 478.21 Td (19.6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.50 478.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.50 478.21 Td (479) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.75 478.21 Td (20.5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.50 478.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 465.01 Td (Other expenses/\(income\), net) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 250.00 464.21 Td (10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 299.25 464.21 Td (0.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 313.50 464.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 368.00 464.21 Td (26) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.75 464.21 Td (0.9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.50 464.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 487.50 464.21 Td (\(3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.00 464.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 532.25 464.21 Td (\(0.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 546.50 464.21 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 451.15 Td (EBIT) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 245.50 450.20 Td (444) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 294.75 450.20 Td (15.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 312.00 450.20 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 363.50 450.20 Td (389) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 414.25 450.20 Td (14.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 430.00 450.20 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 481.50 450.20 Td (364) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.75 450.20 Td (15.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 548.00 450.20 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 437.01 Td (Net financial income/\(expenses\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.00 436.21 Td (\(10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.00 436.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 296.25 436.21 Td (\(0.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 310.50 436.21 Td (\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.50 436.21 Td (9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.75 436.21 Td (0.3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.50 436.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.50 436.21 Td (2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.25 436.21 Td (0.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.50 436.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 423.15 Td (Pr) Tj ET Q q 0 0 0 rg BT 65.33 423.15 Td (ofit befor) Tj ET Q q 0 0 0 rg BT 100.90 423.15 Td (e taxes) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 245.50 422.20 Td (434) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 294.75 422.20 Td (15.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 312.00 422.20 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 363.50 422.20 Td (398) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 414.25 422.20 Td (14.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 430.00 422.20 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 481.50 422.20 Td (366) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.75 422.20 Td (15.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 548.00 422.20 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 409.01 Td (Income tax expense) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 245.50 408.21 Td (144) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 299.25 408.21 Td (5.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 313.50 408.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 363.50 408.21 Td (133) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.75 408.21 Td (4.8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.50 408.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.50 408.21 Td (120) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.25 408.21 Td (5.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.50 408.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 395.15 Td (Net pr) Tj ET Q q 0 0 0 rg BT 80.58 395.15 Td (ofit) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 245.50 394.20 Td (290) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 294.75 394.20 Td (10.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 312.00 394.20 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 363.50 394.20 Td (265) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.75 394.20 Td (9.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 430.00 394.20 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 481.50 394.20 Td (246) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.75 394.20 Td (10.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 548.00 394.20 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 366.25 Td (Net Revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 342.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 342.25 Td (The following table sets forth an analysis of our net revenues for the periods indicated:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.00 265.75 98.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 151.00 265.75 35.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 186.00 265.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.00 265.75 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.00 265.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.00 265.75 35.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.00 265.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 265.75 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 265.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.00 265.75 35.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 265.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.00 265.75 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 265.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 265.75 30.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.00 265.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.00 265.75 37.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 265.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 265.75 30.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 265.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.00 265.75 37.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.00 239.75 98.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 151.00 239.75 35.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 186.00 239.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.00 239.75 44.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.00 239.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.00 239.75 35.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.00 239.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 239.75 44.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 239.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.00 239.75 35.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 239.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.00 239.75 44.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 239.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 239.75 30.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.00 239.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.00 239.75 37.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 239.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 239.75 30.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 239.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.00 239.75 37.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.00 203.75 98.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 151.00 203.75 35.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 186.00 203.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.00 203.75 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.00 203.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.00 203.75 35.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.00 203.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 203.75 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 203.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.00 203.75 35.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 203.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.00 203.75 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 203.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 203.75 30.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.00 203.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.00 203.75 37.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 203.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 203.75 30.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 203.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.00 203.75 37.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 151 306.75 m 186 306.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 186 306.75 m 190 306.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 190 306.75 m 234 306.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234 306.75 m 238 306.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 306.75 m 273 306.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273 306.75 m 277 306.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277 306.75 m 321 306.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 306.75 m 325 306.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325 306.75 m 360 306.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 306.75 m 364 306.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364 306.75 m 408 306.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 306.75 m 442 306.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442 306.75 m 446 306.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446 306.75 m 483 306.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 306.75 m 487 306.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 306.75 m 517 306.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 306.75 m 521 306.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521 306.75 m 558 306.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 151 306.75 m 186 306.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 151 277.75 m 186 277.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 190 277.75 m 234 277.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 306.75 m 273 306.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 277.75 m 273 277.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277 306.75 m 321 306.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277 277.75 m 321 277.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325 306.75 m 360 306.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325 277.75 m 360 277.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364 306.75 m 408 306.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364 277.75 m 408 277.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 277.75 m 442 277.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442 277.75 m 446 277.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446 277.75 m 483 277.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 277.75 m 517 277.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 277.75 m 521 277.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521 277.75 m 558 277.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 151 203.75 m 186 203.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325 203.75 m 360 203.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 151 203.75 m 186 203.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 151 191.75 m 186 191.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 151 189.75 m 186 189.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 190 203.75 m 234 203.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 190 191.75 m 234 191.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 190 189.75 m 234 189.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 203.75 m 273 203.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 191.75 m 273 191.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 189.75 m 273 189.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277 203.75 m 321 203.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277 191.75 m 321 191.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277 189.75 m 321 189.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325 203.75 m 360 203.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325 191.75 m 360 191.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325 189.75 m 360 189.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364 203.75 m 408 203.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364 191.75 m 408 191.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364 189.75 m 408 189.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 203.75 m 442 203.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 191.75 m 442 191.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 189.75 m 442 189.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446 203.75 m 483 203.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446 191.75 m 483 191.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446 189.75 m 483 189.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 203.75 m 517 203.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 191.75 m 517 191.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 189.75 m 517 189.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521 203.75 m 558 203.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521 191.75 m 558 191.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521 189.75 m 558 189.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 55.50 311.35 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 220.90 311.43 Td (For the years ended December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 410.50 311.35 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.10 311.43 Td (Increase/\(Decrease\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 55.50 290.35 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 160.00 290.43 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 188.50 290.35 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 192.65 298.43 Td (Per) Tj ET Q q 0 0 0 rg BT 204.49 298.43 Td (centage ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.80 290.43 Td (of net ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 196.45 282.43 Td (r) Tj ET Q q 0 0 0 rg BT 199.86 282.43 Td (evenues) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 236.50 290.35 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 247.00 290.43 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 275.50 290.35 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 279.65 298.43 Td (Per) Tj ET Q q 0 0 0 rg BT 291.49 298.43 Td (centage ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 288.80 290.43 Td (of net ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 283.45 282.43 Td (r) Tj ET Q q 0 0 0 rg BT 286.86 282.43 Td (evenues) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.50 290.35 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 334.00 290.43 Td (2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.50 290.35 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 366.65 298.43 Td (Per) Tj ET Q q 0 0 0 rg BT 378.49 298.43 Td (centage ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 375.80 290.43 Td (of net ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 370.45 282.43 Td (r) Tj ET Q q 0 0 0 rg BT 373.86 282.43 Td (evenues) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 410.50 290.35 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 424.40 290.43 Td (2015 vs. 2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.50 290.35 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.40 290.43 Td (2014 vs. 2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 55.50 269.70 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 310.65 270.10 Td (\( million, except percentages\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 55.50 257.01 Td (Cars and spare parts ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 130.48 261.09 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 164.80 256.85 Td (2,080) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 188.50 257.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 211.50 257.35 Td (72.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 226.80 257.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 236.50 257.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.80 256.85 Td (1,944) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 275.50 257.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 298.50 257.35 Td (70.4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.80 257.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.50 257.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.80 256.85 Td (1,655) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.50 257.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 385.50 257.35 Td (70.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.80 257.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 410.50 257.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.80 257.35 Td (136) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.50 257.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 463.15 257.35 Td (7.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 475.80 257.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.50 257.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.80 257.35 Td (289) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.50 257.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 535.50 257.35 Td (17.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 257.35 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 55.50 244.01 Td (Engines ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 86.75 248.09 Td (\(2\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 170.80 243.85 Td (219) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 188.50 244.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.50 244.35 Td (7.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 226.80 244.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 236.50 244.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 257.80 243.85 Td (311) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 275.50 244.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 298.50 244.35 Td (11.3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.80 244.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.50 244.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 243.85 Td (188) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.50 244.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 389.50 244.35 Td (8.1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.80 244.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 410.50 244.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.10 244.35 Td (\(92) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.80 244.35 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.50 244.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 456.45 244.35 Td (\(29.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.15 244.35 Td (\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.50 244.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.80 244.35 Td (123) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.50 244.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 535.50 244.35 Td (65.4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 244.35 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 55.50 230.61 Td (Sponsorship, commercial ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 55.50 221.61 Td (and brand ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 93.49 225.69 Td (\(3\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 170.80 225.85 Td (441) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 188.50 226.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 211.50 226.35 Td (15.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 226.80 226.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 236.50 226.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 257.80 225.85 Td (417) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 275.50 226.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 298.50 226.35 Td (15.1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.80 226.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.50 226.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 225.85 Td (412) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.50 226.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 385.50 226.35 Td (17.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.80 226.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 410.50 226.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 430.80 226.35 Td (24) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.50 226.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 463.15 226.35 Td (5.8) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 475.80 226.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.50 226.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.80 226.35 Td (5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.50 226.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 539.50 226.35 Td (1.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 226.35 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 55.50 208.01 Td (Other ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 78.24 212.09 Td (\(4\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 170.80 207.85 Td (114) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 188.50 208.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.50 208.35 Td (3.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 226.80 208.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 236.50 208.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 261.80 207.85 Td (90) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 275.50 208.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.50 208.35 Td (3.3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.80 208.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.50 208.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 348.80 207.85 Td (80) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.50 208.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 389.50 208.35 Td (3.4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.80 208.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 410.50 208.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 430.80 208.35 Td (24) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.50 208.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 459.10 208.35 Td (26.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 475.80 208.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.50 208.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 505.80 208.35 Td (10) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.50 208.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 535.50 208.35 Td (12.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 208.35 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 55.50 195.43 Td (T) Tj ET Q q 0 0 0 rg BT 60.10 195.43 Td (otal net r) Tj ET Q q 0 0 0 rg BT 91.06 195.43 Td (evenues) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 164.80 195.43 Td (2,854) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 188.50 195.35 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 207.50 195.43 Td (100.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 225.50 195.43 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 236.50 195.35 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 251.80 195.43 Td (2,762) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 275.50 195.35 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 294.50 195.43 Td (100.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 312.50 195.43 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.50 195.35 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.80 195.43 Td (2,335) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.50 195.35 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 381.50 195.43 Td (100.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.50 195.43 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 410.50 195.35 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 430.80 195.43 Td (92) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.50 195.35 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 463.15 195.43 Td (3.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.45 195.43 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.50 195.35 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 501.80 195.43 Td (427) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.50 195.35 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 535.50 195.43 Td (18.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 549.50 195.43 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 179.25 Td (______________________________) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 169.65 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 72.00 169.65 Td (Includes the net r) Tj ET Q q 0 0 0 rg BT 127.46 169.65 Td (evenues generated fr) Tj ET Q q 0 0 0 rg BT 193.81 169.65 Td (om shipments of our cars, including any personalization r) Tj ET Q q 0 0 0 rg BT 379.07 169.65 Td (evenue generated on these cars and sales of spar) Tj ET Q q 0 0 0 rg BT 535.63 169.65 Td (e ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 160.05 Td (parts.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 150.45 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 72.00 150.45 Td (Includes the net r) Tj ET Q q 0 0 0 rg BT 127.46 150.45 Td (evenues generated fr) Tj ET Q q 0 0 0 rg BT 193.81 150.45 Td (om the sale of engines to Maserati for use in their cars, and the r) Tj ET Q q 0 0 0 rg BT 401.71 150.45 Td (evenues generated fr) Tj ET Q q 0 0 0 rg BT 468.06 150.45 Td (om the r) Tj ET Q q 0 0 0 rg BT 494.43 150.45 Td (ental of engines to ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 140.85 Td (other Formula 1 racing teams.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 131.25 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 72.00 131.25 Td (Includes the net r) Tj ET Q q 0 0 0 rg BT 127.46 131.25 Td (evenues earned by our Formula 1 racing team thr) Tj ET Q q 0 0 0 rg BT 287.14 131.25 Td (ough sponsorship agr) Tj ET Q q 0 0 0 rg BT 356.63 131.25 Td (eements and our shar) Tj ET Q q 0 0 0 rg BT 425.44 131.25 Td (e of the Formula 1 W) Tj ET Q q 0 0 0 rg BT 492.91 131.25 Td (orld Championship ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 121.65 Td (commer) Tj ET Q q 0 0 0 rg BT 97.47 121.65 Td (cial r) Tj ET Q q 0 0 0 rg BT 114.29 121.65 Td (evenues and net r) Tj ET Q q 0 0 0 rg BT 170.19 121.65 Td (evenues generated thr) Tj ET Q q 0 0 0 rg BT 240.54 121.65 Td (ough the Ferrari brand, including mer) Tj ET Q q 0 0 0 rg BT 363.79 121.65 Td (chandising, licensing and r) Tj ET Q q 0 0 0 rg BT 450.59 121.65 Td (oyalty income.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 112.05 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 72.00 112.05 Td (Primarily includes inter) Tj ET Q q 0 0 0 rg BT 148.58 112.05 Td (est income generated by the Ferrari Financial Services gr) Tj ET Q q 0 0 0 rg BT 334.46 112.05 Td (oup and net r) Tj ET Q q 0 0 0 rg BT 377.05 112.05 Td (evenues fr) Tj ET Q q 0 0 0 rg BT 409.40 112.05 Td (om the management of the racetrack.) Tj ET Q endstream endobj 147 0 obj <> endobj 148 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (65) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 731.25 Td (2015) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 731.25 Td ( ) Tj ET Q q 0 0 0 rg BT 76.50 731.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 119.55 731.25 Td (to ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 129.83 731.25 Td (2014) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 149.83 731.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 707.25 Td (Net ) Tj ET Q q 0 0 0 rg BT 107.01 707.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 145.12 707.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.35 707.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.35 707.25 Td ( ) Tj ET Q q 0 0 0 rg BT 181.92 707.25 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.93 707.25 Td (2,854 ) Tj ET Q q 0 0 0 rg BT 234.00 707.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.89 707.25 Td (, ) Tj ET Q q 0 0 0 rg BT 267.96 707.25 Td (an ) Tj ET Q q 0 0 0 rg BT 279.97 707.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 315.30 707.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.20 707.25 Td (92 ) Tj ET Q q 0 0 0 rg BT 343.77 707.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.67 707.25 Td (, ) Tj ET Q q 0 0 0 rg BT 377.74 707.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.64 707.25 Td (3.3 ) Tj ET Q q 0 0 0 rg BT 403.71 707.25 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.14 707.25 Td ( ) Tj ET Q q 0 0 0 rg BT 435.71 707.25 Td (\(a ) Tj ET Q q 0 0 0 rg BT 446.05 707.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 483.04 707.25 Td (of ) Tj ET Q q 0 0 0 rg BT 493.94 707.25 Td (2.9 ) Tj ET Q q 0 0 0 rg BT 509.01 707.25 Td (percent ) Tj ET Q q 0 0 0 rg BT 541.01 707.25 Td (on ) Tj ET Q q 0 0 0 rg BT 553.58 707.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 695.25 Td (constant ) Tj ET Q q 0 0 0 rg BT 89.83 695.25 Td (currency ) Tj ET Q q 0 0 0 rg BT 127.30 695.25 Td (basis\), ) Tj ET Q q 0 0 0 rg BT 155.63 695.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.57 695.25 Td (2,762 ) Tj ET Q q 0 0 0 rg BT 207.57 695.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.46 695.25 Td ( ) Tj ET Q q 0 0 0 rg BT 238.96 695.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.12 695.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.12 695.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 671.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 671.25 Td (The ) Tj ET Q q 0 0 0 rg BT 107.38 671.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 141.97 671.25 Td (in ) Tj ET Q q 0 0 0 rg BT 151.58 671.25 Td (net ) Tj ET Q q 0 0 0 rg BT 165.64 671.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 203.01 671.25 Td (was ) Tj ET Q q 0 0 0 rg BT 220.39 671.25 Td (attributable ) Tj ET Q q 0 0 0 rg BT 267.77 671.25 Td (to ) Tj ET Q q 0 0 0 rg BT 277.38 671.25 Td (the ) Tj ET Q q 0 0 0 rg BT 291.43 671.25 Td (combination ) Tj ET Q q 0 0 0 rg BT 343.26 671.25 Td (of ) Tj ET Q q 0 0 0 rg BT 353.42 671.25 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 364.70 671.25 Td (a ) Tj ET Q q 0 0 0 rg BT 370.97 671.25 Td (136 ) Tj ET Q q 0 0 0 rg BT 392.80 671.25 Td (million ) Tj ET Q q 0 0 0 rg BT 423.53 671.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 458.12 671.25 Td (in ) Tj ET Q q 0 0 0 rg BT 467.73 671.25 Td (net ) Tj ET Q q 0 0 0 rg BT 481.78 671.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 519.16 671.25 Td (generated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 659.25 Td (from ) Tj ET Q q 0 0 0 rg BT 75.69 659.25 Td (cars ) Tj ET Q q 0 0 0 rg BT 94.03 659.25 Td (and ) Tj ET Q q 0 0 0 rg BT 110.72 659.25 Td (spare ) Tj ET Q q 0 0 0 rg BT 134.07 659.25 Td (parts, ) Tj ET Q q 0 0 0 rg BT 158.26 659.25 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 172.72 659.25 Td (a ) Tj ET Q q 0 0 0 rg BT 179.41 659.25 Td (24 ) Tj ET Q q 0 0 0 rg BT 196.66 659.25 Td (million ) Tj ET Q q 0 0 0 rg BT 227.80 659.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 262.80 659.25 Td (in ) Tj ET Q q 0 0 0 rg BT 272.83 659.25 Td (sponsorship, ) Tj ET Q q 0 0 0 rg BT 325.36 659.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 374.80 659.25 Td (and ) Tj ET Q q 0 0 0 rg BT 391.49 659.25 Td (brand ) Tj ET Q q 0 0 0 rg BT 416.51 659.25 Td (net ) Tj ET Q q 0 0 0 rg BT 430.97 659.25 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 471.26 659.25 Td (and ) Tj ET Q q 0 0 0 rg BT 487.95 659.25 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 505.19 659.25 Td (a ) Tj ET Q q 0 0 0 rg BT 511.88 659.25 Td (24 ) Tj ET Q q 0 0 0 rg BT 529.12 659.25 Td (million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 647.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 89.25 647.25 Td (in ) Tj ET Q q 0 0 0 rg BT 99.53 647.25 Td (other ) Tj ET Q q 0 0 0 rg BT 122.58 647.25 Td (net ) Tj ET Q q 0 0 0 rg BT 137.30 647.25 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 177.83 647.25 Td (partially ) Tj ET Q q 0 0 0 rg BT 213.65 647.25 Td (of) Tj ET Q q 0 0 0 rg BT 221.80 647.25 Td (fset ) Tj ET Q q 0 0 0 rg BT 238.74 647.25 Td (by ) Tj ET Q q 0 0 0 rg BT 251.24 647.25 Td (\(iv\) ) Tj ET Q q 0 0 0 rg BT 268.18 647.25 Td (a ) Tj ET Q q 0 0 0 rg BT 275.12 647.25 Td (92 ) Tj ET Q q 0 0 0 rg BT 292.62 647.25 Td (million ) Tj ET Q q 0 0 0 rg BT 324.01 647.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 360.92 647.25 Td (in ) Tj ET Q q 0 0 0 rg BT 371.20 647.25 Td (net ) Tj ET Q q 0 0 0 rg BT 385.92 647.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 423.96 647.25 Td (generated ) Tj ET Q q 0 0 0 rg BT 465.32 647.25 Td (from ) Tj ET Q q 0 0 0 rg BT 487.26 647.25 Td (engines.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 623.25 Td (Cars ) Tj ET Q q 0 0 0 rg BT 75.95 623.25 Td (and ) Tj ET Q q 0 0 0 rg BT 93.45 623.25 Td (spar) Tj ET Q q 0 0 0 rg BT 110.87 623.25 Td (e ) Tj ET Q q 0 0 0 rg BT 117.80 623.25 Td (parts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 599.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 599.25 Td (Net ) Tj ET Q q 0 0 0 rg BT 107.38 599.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 145.86 599.25 Td (generated ) Tj ET Q q 0 0 0 rg BT 187.67 599.25 Td (from ) Tj ET Q q 0 0 0 rg BT 210.05 599.25 Td (cars ) Tj ET Q q 0 0 0 rg BT 229.09 599.25 Td (and ) Tj ET Q q 0 0 0 rg BT 246.47 599.25 Td (spare ) Tj ET Q q 0 0 0 rg BT 270.52 599.25 Td (parts ) Tj ET Q q 0 0 0 rg BT 292.90 599.25 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.27 599.25 Td (2,080 ) Tj ET Q q 0 0 0 rg BT 345.71 599.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.60 599.25 Td ( ) Tj ET Q q 0 0 0 rg BT 377.55 599.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.15 599.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 599.25 Td (, ) Tj ET Q q 0 0 0 rg BT 417.59 599.25 Td (an ) Tj ET Q q 0 0 0 rg BT 429.98 599.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 465.67 599.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.95 599.25 Td (136 ) Tj ET Q q 0 0 0 rg BT 499.89 599.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.78 599.25 Td (, ) Tj ET Q q 0 0 0 rg BT 534.23 599.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.50 599.25 Td (7.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 587.25 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.42 587.25 Td (, ) Tj ET Q q 0 0 0 rg BT 88.36 587.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.24 587.25 Td (1,944 ) Tj ET Q q 0 0 0 rg BT 140.17 587.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.06 587.25 Td ( ) Tj ET Q q 0 0 0 rg BT 171.50 587.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.60 587.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.60 587.25 Td (. ) Tj ET Q q 0 0 0 rg BT 210.36 587.25 Td (The ) Tj ET Q q 0 0 0 rg BT 228.34 587.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 263.53 587.25 Td (was ) Tj ET Q q 0 0 0 rg BT 281.52 587.25 Td (attributable ) Tj ET Q q 0 0 0 rg BT 329.49 587.25 Td (to ) Tj ET Q q 0 0 0 rg BT 339.71 587.25 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.58 587.25 Td (83 ) Tj ET Q q 0 0 0 rg BT 369.02 587.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.91 587.25 Td ( ) Tj ET Q q 0 0 0 rg BT 400.35 587.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 435.54 587.25 Td (in ) Tj ET Q q 0 0 0 rg BT 445.75 587.25 Td (net ) Tj ET Q q 0 0 0 rg BT 460.41 587.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 498.38 587.25 Td (from ) Tj ET Q q 0 0 0 rg BT 520.25 587.25 Td (supercars ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 575.25 Td (and ) Tj ET Q q 0 0 0 rg BT 70.94 575.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 101.77 575.25 Td (edition ) Tj ET Q q 0 0 0 rg BT 132.04 575.25 Td (cars ) Tj ET Q q 0 0 0 rg BT 150.64 575.25 Td (and ) Tj ET Q q 0 0 0 rg BT 167.58 575.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.52 575.25 Td (53 ) Tj ET Q q 0 0 0 rg BT 192.02 575.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.91 575.25 Td ( ) Tj ET Q q 0 0 0 rg BT 223.41 575.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 258.66 575.25 Td (in ) Tj ET Q q 0 0 0 rg BT 268.94 575.25 Td (net ) Tj ET Q q 0 0 0 rg BT 283.66 575.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 321.70 575.25 Td (from ) Tj ET Q q 0 0 0 rg BT 343.63 575.25 Td (range ) Tj ET Q q 0 0 0 rg BT 368.34 575.25 Td (and ) Tj ET Q q 0 0 0 rg BT 385.28 575.25 Td (special ) Tj ET Q q 0 0 0 rg BT 415.54 575.25 Td (series ) Tj ET Q q 0 0 0 rg BT 440.81 575.25 Td (cars ) Tj ET Q q 0 0 0 rg BT 459.41 575.25 Td (and ) Tj ET Q q 0 0 0 rg BT 476.35 575.25 Td (spare ) Tj ET Q q 0 0 0 rg BT 499.95 575.25 Td (parts.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 551.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 551.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.10 551.25 Td (83 ) Tj ET Q q 0 0 0 rg BT 125.65 551.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.54 551.25 Td ( ) Tj ET Q q 0 0 0 rg BT 157.10 551.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 192.40 551.25 Td (in ) Tj ET Q q 0 0 0 rg BT 202.73 551.25 Td (net ) Tj ET Q q 0 0 0 rg BT 217.50 551.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 255.59 551.25 Td (from ) Tj ET Q q 0 0 0 rg BT 277.58 551.25 Td (supercars ) Tj ET Q q 0 0 0 rg BT 317.90 551.25 Td (and ) Tj ET Q q 0 0 0 rg BT 334.89 551.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 365.77 551.25 Td (edition ) Tj ET Q q 0 0 0 rg BT 396.10 551.25 Td (cars ) Tj ET Q q 0 0 0 rg BT 414.75 551.25 Td (was ) Tj ET Q q 0 0 0 rg BT 432.85 551.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 472.62 551.25 Td (driven ) Tj ET Q q 0 0 0 rg BT 500.72 551.25 Td (by ) Tj ET Q q 0 0 0 rg BT 513.27 551.25 Td (an ) Tj ET Q q 0 0 0 rg BT 525.26 551.25 Td (increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 539.25 Td (in ) Tj ET Q q 0 0 0 rg BT 63.68 539.25 Td (shipments ) Tj ET Q q 0 0 0 rg BT 106.13 539.25 Td (of ) Tj ET Q q 0 0 0 rg BT 116.36 539.25 Td (the ) Tj ET Q q 0 0 0 rg BT 130.48 539.25 Td (LaFerrari, ) Tj ET Q q 0 0 0 rg BT 172.63 539.25 Td (as ) Tj ET Q q 0 0 0 rg BT 182.86 539.25 Td (well ) Tj ET Q q 0 0 0 rg BT 201.97 539.25 Td (as ) Tj ET Q q 0 0 0 rg BT 212.20 539.25 Td (shipments ) Tj ET Q q 0 0 0 rg BT 254.66 539.25 Td (of ) Tj ET Q q 0 0 0 rg BT 264.88 539.25 Td (the ) Tj ET Q q 0 0 0 rg BT 279.00 539.25 Td (FXX ) Tj ET Q q 0 0 0 rg BT 300.90 539.25 Td (K, ) Tj ET Q q 0 0 0 rg BT 312.52 539.25 Td (which ) Tj ET Q q 0 0 0 rg BT 338.86 539.25 Td (commenced ) Tj ET Q q 0 0 0 rg BT 389.07 539.25 Td (in ) Tj ET Q q 0 0 0 rg BT 398.75 539.25 Td (the ) Tj ET Q q 0 0 0 rg BT 412.86 539.25 Td (second ) Tj ET Q q 0 0 0 rg BT 442.53 539.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 472.74 539.25 Td (of ) Tj ET Q q 0 0 0 rg BT 482.97 539.25 Td (2015. ) Tj ET Q q 0 0 0 rg BT 507.37 539.25 Td (In ) Tj ET Q q 0 0 0 rg BT 517.60 539.25 Td (particular) Tj ET Q q 0 0 0 rg BT 555.51 539.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 527.25 Td (the ) Tj ET Q q 0 0 0 rg BT 69.16 527.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 104.85 527.25 Td (was ) Tj ET Q q 0 0 0 rg BT 123.34 527.25 Td (composed ) Tj ET Q q 0 0 0 rg BT 166.82 527.25 Td (of ) Tj ET Q q 0 0 0 rg BT 178.09 527.25 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 190.47 527.25 Td (a ) Tj ET Q q 0 0 0 rg BT 197.85 527.25 Td (1) Tj ET Q q 0 0 0 rg BT 207.47 527.25 Td (17 ) Tj ET Q q 0 0 0 rg BT 220.41 527.25 Td (million ) Tj ET Q q 0 0 0 rg BT 252.24 527.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 287.94 527.25 Td (in ) Tj ET Q q 0 0 0 rg BT 298.00 527.25 Td (Americas ) Tj ET Q q 0 0 0 rg BT 339.26 527.25 Td (net ) Tj ET Q q 0 0 0 rg BT 354.41 527.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 392.89 527.25 Td (and ) Tj ET Q q 0 0 0 rg BT 410.27 527.25 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 425.42 527.25 Td (a ) Tj ET Q q 0 0 0 rg BT 432.80 527.25 Td (12 ) Tj ET Q q 0 0 0 rg BT 450.74 527.25 Td (million ) Tj ET Q q 0 0 0 rg BT 482.57 527.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 518.26 527.25 Td (in ) Tj ET Q q 0 0 0 rg BT 528.98 527.25 Td (Rest ) Tj ET Q q 0 0 0 rg BT 549.69 527.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 515.25 Td (AP) Tj ET Q q 0 0 0 rg BT 65.87 515.25 Td (AC ) Tj ET Q q 0 0 0 rg BT 82.69 515.25 Td (net ) Tj ET Q q 0 0 0 rg BT 97.84 515.25 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 138.81 515.25 Td (partially ) Tj ET Q q 0 0 0 rg BT 175.07 515.25 Td (of) Tj ET Q q 0 0 0 rg BT 183.22 515.25 Td (fset ) Tj ET Q q 0 0 0 rg BT 200.59 515.25 Td (by ) Tj ET Q q 0 0 0 rg BT 213.53 515.25 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 231.46 515.25 Td (a ) Tj ET Q q 0 0 0 rg BT 238.83 515.25 Td (32 ) Tj ET Q q 0 0 0 rg BT 256.76 515.25 Td (million ) Tj ET Q q 0 0 0 rg BT 288.59 515.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 325.94 515.25 Td (in ) Tj ET Q q 0 0 0 rg BT 336.65 515.25 Td (EMEA) Tj ET Q q 0 0 0 rg BT 364.43 515.25 Td ( ) Tj ET Q q 0 0 0 rg BT 367.36 515.25 Td (net ) Tj ET Q q 0 0 0 rg BT 382.52 515.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 420.99 515.25 Td (and ) Tj ET Q q 0 0 0 rg BT 438.36 515.25 Td (\(iv\) ) Tj ET Q q 0 0 0 rg BT 455.73 515.25 Td (a ) Tj ET Q q 0 0 0 rg BT 463.11 515.25 Td (14 ) Tj ET Q q 0 0 0 rg BT 481.04 515.25 Td (million ) Tj ET Q q 0 0 0 rg BT 512.87 515.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 550.22 515.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 503.25 Td (Greater ) Tj ET Q q 0 0 0 rg BT 86.48 503.25 Td (China ) Tj ET Q q 0 0 0 rg BT 112.86 503.25 Td (net ) Tj ET Q q 0 0 0 rg BT 127.58 503.25 Td (revenues.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 479.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 479.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.40 479.25 Td (53 ) Tj ET Q q 0 0 0 rg BT 126.26 479.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.15 479.25 Td ( ) Tj ET Q q 0 0 0 rg BT 158.01 479.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 193.62 479.25 Td (in ) Tj ET Q q 0 0 0 rg BT 204.25 479.25 Td (net ) Tj ET Q q 0 0 0 rg BT 219.33 479.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 257.72 479.25 Td (from ) Tj ET Q q 0 0 0 rg BT 280.01 479.25 Td (range ) Tj ET Q q 0 0 0 rg BT 305.08 479.25 Td (and ) Tj ET Q q 0 0 0 rg BT 322.37 479.25 Td (special ) Tj ET Q q 0 0 0 rg BT 352.99 479.25 Td (series ) Tj ET Q q 0 0 0 rg BT 378.62 479.25 Td (cars ) Tj ET Q q 0 0 0 rg BT 397.57 479.25 Td (and ) Tj ET Q q 0 0 0 rg BT 414.87 479.25 Td (spare ) Tj ET Q q 0 0 0 rg BT 438.82 479.25 Td (parts ) Tj ET Q q 0 0 0 rg BT 461.12 479.25 Td (was ) Tj ET Q q 0 0 0 rg BT 479.53 479.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 519.59 479.25 Td (driven ) Tj ET Q q 0 0 0 rg BT 548.00 479.25 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 467.25 Td (higher ) Tj ET Q q 0 0 0 rg BT 82.20 467.25 Td (shipments ) Tj ET Q q 0 0 0 rg BT 125.40 467.25 Td (of ) Tj ET Q q 0 0 0 rg BT 136.19 467.25 Td (V8 ) Tj ET Q q 0 0 0 rg BT 151.06 467.25 Td (models, ) Tj ET Q q 0 0 0 rg BT 185.10 467.25 Td (partially ) Tj ET Q q 0 0 0 rg BT 221.07 467.25 Td (of) Tj ET Q q 0 0 0 rg BT 229.22 467.25 Td (fset ) Tj ET Q q 0 0 0 rg BT 246.31 467.25 Td (by ) Tj ET Q q 0 0 0 rg BT 258.96 467.25 Td (an ) Tj ET Q q 0 0 0 rg BT 271.05 467.25 Td (unfavorable ) Tj ET Q q 0 0 0 rg BT 321.45 467.25 Td (shift ) Tj ET Q q 0 0 0 rg BT 341.88 467.25 Td (in ) Tj ET Q q 0 0 0 rg BT 352.31 467.25 Td (product ) Tj ET Q q 0 0 0 rg BT 385.51 467.25 Td (mix. ) Tj ET Q q 0 0 0 rg BT 406.22 467.25 Td (In ) Tj ET Q q 0 0 0 rg BT 417.20 467.25 Td (particular) Tj ET Q q 0 0 0 rg BT 455.11 467.25 Td (, ) Tj ET Q q 0 0 0 rg BT 460.26 467.25 Td (shipments ) Tj ET Q q 0 0 0 rg BT 503.46 467.25 Td (of ) Tj ET Q q 0 0 0 rg BT 514.25 467.25 Td (V8 ) Tj ET Q q 0 0 0 rg BT 529.13 467.25 Td (models ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 455.25 Td (increased ) Tj ET Q q 0 0 0 rg BT 94.01 455.25 Td (by ) Tj ET Q q 0 0 0 rg BT 106.26 455.25 Td (16.5 ) Tj ET Q q 0 0 0 rg BT 126.02 455.25 Td (percent, ) Tj ET Q q 0 0 0 rg BT 160.20 455.25 Td (principally ) Tj ET Q q 0 0 0 rg BT 205.77 455.25 Td (related ) Tj ET Q q 0 0 0 rg BT 235.23 455.25 Td (to ) Tj ET Q q 0 0 0 rg BT 245.26 455.25 Td (the ) Tj ET Q q 0 0 0 rg BT 259.73 455.25 Td (California ) Tj ET Q q 0 0 0 rg BT 302.37 455.25 Td (T) Tj ET Q q 0 0 0 rg BT 307.73 455.25 Td (, ) Tj ET Q q 0 0 0 rg BT 312.49 455.25 Td (the ) Tj ET Q q 0 0 0 rg BT 326.96 455.25 Td (458 ) Tj ET Q q 0 0 0 rg BT 344.22 455.25 Td (Speciale ) Tj ET Q q 0 0 0 rg BT 379.84 455.25 Td (A, ) Tj ET Q q 0 0 0 rg BT 391.82 455.25 Td (the ) Tj ET Q q 0 0 0 rg BT 406.29 455.25 Td (488 ) Tj ET Q q 0 0 0 rg BT 423.55 455.25 Td (GTB ) Tj ET Q q 0 0 0 rg BT 445.80 455.25 Td (and ) Tj ET Q q 0 0 0 rg BT 462.50 455.25 Td (the ) Tj ET Q q 0 0 0 rg BT 476.97 455.25 Td (488 ) Tj ET Q q 0 0 0 rg BT 494.22 455.25 Td (Spider) Tj ET Q q 0 0 0 rg BT 519.93 455.25 Td (, ) Tj ET Q q 0 0 0 rg BT 524.69 455.25 Td (partially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 443.25 Td (of) Tj ET Q q 0 0 0 rg BT 62.15 443.25 Td (fset ) Tj ET Q q 0 0 0 rg BT 79.31 443.25 Td (by ) Tj ET Q q 0 0 0 rg BT 92.04 443.25 Td (decreases ) Tj ET Q q 0 0 0 rg BT 133.06 443.25 Td (in ) Tj ET Q q 0 0 0 rg BT 143.57 443.25 Td (shipments ) Tj ET Q q 0 0 0 rg BT 186.85 443.25 Td (of ) Tj ET Q q 0 0 0 rg BT 197.90 443.25 Td (the ) Tj ET Q q 0 0 0 rg BT 212.84 443.25 Td (458 ) Tj ET Q q 0 0 0 rg BT 230.56 443.25 Td (Italia ) Tj ET Q q 0 0 0 rg BT 253.83 443.25 Td (and ) Tj ET Q q 0 0 0 rg BT 270.99 443.25 Td (the ) Tj ET Q q 0 0 0 rg BT 285.93 443.25 Td (458 ) Tj ET Q q 0 0 0 rg BT 303.66 443.25 Td (Spider) Tj ET Q q 0 0 0 rg BT 329.36 443.25 Td (, ) Tj ET Q q 0 0 0 rg BT 334.59 443.25 Td (which ) Tj ET Q q 0 0 0 rg BT 361.75 443.25 Td (were ) Tj ET Q q 0 0 0 rg BT 383.90 443.25 Td (phased ) Tj ET Q q 0 0 0 rg BT 414.39 443.25 Td (out ) Tj ET Q q 0 0 0 rg BT 429.90 443.25 Td (during ) Tj ET Q q 0 0 0 rg BT 458.73 443.25 Td (2015. ) Tj ET Q q 0 0 0 rg BT 483.95 443.25 Td ( ) Tj ET Q q 0 0 0 rg BT 486.48 443.25 Td (The ) Tj ET Q q 0 0 0 rg BT 504.75 443.25 Td (proportion ) Tj ET Q q 0 0 0 rg BT 549.69 443.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 431.25 Td (V12 ) Tj ET Q q 0 0 0 rg BT 73.79 431.25 Td (models ) Tj ET Q q 0 0 0 rg BT 105.25 431.25 Td (shipped ) Tj ET Q q 0 0 0 rg BT 138.93 431.25 Td (decreased ) Tj ET Q q 0 0 0 rg BT 180.91 431.25 Td (from ) Tj ET Q q 0 0 0 rg BT 202.92 431.25 Td (24.3 ) Tj ET Q q 0 0 0 rg BT 222.99 431.25 Td (percent ) Tj ET Q q 0 0 0 rg BT 254.99 431.25 Td (in ) Tj ET Q q 0 0 0 rg BT 265.34 431.25 Td (2014 ) Tj ET Q q 0 0 0 rg BT 287.91 431.25 Td (to ) Tj ET Q q 0 0 0 rg BT 298.26 431.25 Td (16.3 ) Tj ET Q q 0 0 0 rg BT 318.33 431.25 Td (percent ) Tj ET Q q 0 0 0 rg BT 350.32 431.25 Td (in ) Tj ET Q q 0 0 0 rg BT 360.67 431.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 385.74 431.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 425.53 431.25 Td (driven ) Tj ET Q q 0 0 0 rg BT 453.64 431.25 Td (by ) Tj ET Q q 0 0 0 rg BT 466.21 431.25 Td (decreases ) Tj ET Q q 0 0 0 rg BT 507.09 431.25 Td (in ) Tj ET Q q 0 0 0 rg BT 517.44 431.25 Td (shipments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 419.25 Td (of ) Tj ET Q q 0 0 0 rg BT 64.78 419.25 Td (the ) Tj ET Q q 0 0 0 rg BT 79.45 419.25 Td (FF ) Tj ET Q q 0 0 0 rg BT 93.02 419.25 Td (and ) Tj ET Q q 0 0 0 rg BT 109.91 419.25 Td (the ) Tj ET Q q 0 0 0 rg BT 124.58 419.25 Td (F12berlinetta, ) Tj ET Q q 0 0 0 rg BT 182.85 419.25 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 223.61 419.25 Td (our ) Tj ET Q q 0 0 0 rg BT 239.40 419.25 Td (typical ) Tj ET Q q 0 0 0 rg BT 269.06 419.25 Td (model ) Tj ET Q q 0 0 0 rg BT 296.50 419.25 Td (lifecycle ) Tj ET Q q 0 0 0 rg BT 333.38 419.25 Td (as ) Tj ET Q q 0 0 0 rg BT 344.16 419.25 Td (these ) Tj ET Q q 0 0 0 rg BT 367.15 419.25 Td (models ) Tj ET Q q 0 0 0 rg BT 398.49 419.25 Td (have ) Tj ET Q q 0 0 0 rg BT 419.82 419.25 Td (been ) Tj ET Q q 0 0 0 rg BT 441.15 419.25 Td (on ) Tj ET Q q 0 0 0 rg BT 453.60 419.25 Td (the ) Tj ET Q q 0 0 0 rg BT 468.27 419.25 Td (market ) Tj ET Q q 0 0 0 rg BT 498.48 419.25 Td (since ) Tj ET Q q 0 0 0 rg BT 521.48 419.25 Td (201) Tj ET Q q 0 0 0 rg BT 536.11 419.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 543.56 419.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 407.25 Td (2012, ) Tj ET Q q 0 0 0 rg BT 79.00 407.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 126.66 407.25 Td (, ) Tj ET Q q 0 0 0 rg BT 131.66 407.25 Td (and ) Tj ET Q q 0 0 0 rg BT 148.60 407.25 Td (clients ) Tj ET Q q 0 0 0 rg BT 177.20 407.25 Td (tend ) Tj ET Q q 0 0 0 rg BT 196.92 407.25 Td (to ) Tj ET Q q 0 0 0 rg BT 207.20 407.25 Td (focus ) Tj ET Q q 0 0 0 rg BT 231.36 407.25 Td (on ) Tj ET Q q 0 0 0 rg BT 243.86 407.25 Td (more ) Tj ET Q q 0 0 0 rg BT 266.91 407.25 Td (recently ) Tj ET Q q 0 0 0 rg BT 301.61 407.25 Td (introduced ) Tj ET Q q 0 0 0 rg BT 346.87 407.25 Td (cars.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 383.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 383.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.69 383.25 Td (53 ) Tj ET Q q 0 0 0 rg BT 124.84 383.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.73 383.25 Td ( ) Tj ET Q q 0 0 0 rg BT 155.87 383.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 190.77 383.25 Td (in ) Tj ET Q q 0 0 0 rg BT 200.70 383.25 Td (net ) Tj ET Q q 0 0 0 rg BT 215.06 383.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 252.74 383.25 Td (from ) Tj ET Q q 0 0 0 rg BT 274.32 383.25 Td (range ) Tj ET Q q 0 0 0 rg BT 298.68 383.25 Td (and ) Tj ET Q q 0 0 0 rg BT 315.26 383.25 Td (special ) Tj ET Q q 0 0 0 rg BT 345.17 383.25 Td (series ) Tj ET Q q 0 0 0 rg BT 370.08 383.25 Td (cars ) Tj ET Q q 0 0 0 rg BT 388.32 383.25 Td (and ) Tj ET Q q 0 0 0 rg BT 404.91 383.25 Td (spare ) Tj ET Q q 0 0 0 rg BT 428.15 383.25 Td (parts ) Tj ET Q q 0 0 0 rg BT 449.74 383.25 Td (was ) Tj ET Q q 0 0 0 rg BT 467.43 383.25 Td (composed ) Tj ET Q q 0 0 0 rg BT 510.12 383.25 Td (of ) Tj ET Q q 0 0 0 rg BT 520.60 383.25 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 532.18 383.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.77 383.25 Td (1) Tj ET Q q 0 0 0 rg BT 548.40 383.25 Td (1) Tj ET Q q 0 0 0 rg BT 553.02 383.25 Td (1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 371.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.89 371.25 Td ( ) Tj ET Q q 0 0 0 rg BT 85.32 371.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 120.51 371.25 Td (in ) Tj ET Q q 0 0 0 rg BT 130.18 371.25 Td (Americas ) Tj ET Q q 0 0 0 rg BT 170.93 371.25 Td (net ) Tj ET Q q 0 0 0 rg BT 185.57 371.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 223.54 371.25 Td (and ) Tj ET Q q 0 0 0 rg BT 240.41 371.25 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 255.06 371.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.93 371.25 Td (37 ) Tj ET Q q 0 0 0 rg BT 279.36 371.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.25 371.25 Td ( ) Tj ET Q q 0 0 0 rg BT 310.68 371.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 345.86 371.25 Td (in ) Tj ET Q q 0 0 0 rg BT 356.07 371.25 Td (Rest ) Tj ET Q q 0 0 0 rg BT 376.28 371.25 Td (of ) Tj ET Q q 0 0 0 rg BT 386.51 371.25 Td (AP) Tj ET Q q 0 0 0 rg BT 398.37 371.25 Td (AC ) Tj ET Q q 0 0 0 rg BT 414.69 371.25 Td (net ) Tj ET Q q 0 0 0 rg BT 429.34 371.25 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 469.81 371.25 Td (partially ) Tj ET Q q 0 0 0 rg BT 505.56 371.25 Td (of) Tj ET Q q 0 0 0 rg BT 513.71 371.25 Td (fset ) Tj ET Q q 0 0 0 rg BT 530.58 371.25 Td (by ) Tj ET Q q 0 0 0 rg BT 543.01 371.25 Td (\(iii\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 359.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.94 359.25 Td (77 ) Tj ET Q q 0 0 0 rg BT 78.44 359.25 Td (million ) Tj ET Q q 0 0 0 rg BT 109.83 359.25 Td (decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.24 359.25 Td ( ) Tj ET Q q 0 0 0 rg BT 146.74 359.25 Td (in ) Tj ET Q q 0 0 0 rg BT 157.02 359.25 Td (EMEA) Tj ET Q q 0 0 0 rg BT 184.80 359.25 Td ( ) Tj ET Q q 0 0 0 rg BT 187.30 359.25 Td (net ) Tj ET Q q 0 0 0 rg BT 202.02 359.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 240.05 359.25 Td (and ) Tj ET Q q 0 0 0 rg BT 256.99 359.25 Td (\(iv\) ) Tj ET Q q 0 0 0 rg BT 273.93 359.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.87 359.25 Td (18 ) Tj ET Q q 0 0 0 rg BT 298.37 359.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.26 359.25 Td ( ) Tj ET Q q 0 0 0 rg BT 329.76 359.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 366.68 359.25 Td (in ) Tj ET Q q 0 0 0 rg BT 376.95 359.25 Td (Greater ) Tj ET Q q 0 0 0 rg BT 409.43 359.25 Td (China ) Tj ET Q q 0 0 0 rg BT 435.82 359.25 Td (net ) Tj ET Q q 0 0 0 rg BT 450.53 359.25 Td (revenues.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 335.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 335.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.16 335.25 Td (1) Tj ET Q q 0 0 0 rg BT 117.79 335.25 Td (1) Tj ET Q q 0 0 0 rg BT 122.42 335.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 130.04 335.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.93 335.25 Td ( ) Tj ET Q q 0 0 0 rg BT 161.54 335.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 196.92 335.25 Td (in ) Tj ET Q q 0 0 0 rg BT 206.73 335.25 Td (Americas ) Tj ET Q q 0 0 0 rg BT 247.66 335.25 Td (net ) Tj ET Q q 0 0 0 rg BT 262.50 335.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 300.65 335.25 Td (was ) Tj ET Q q 0 0 0 rg BT 318.82 335.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 358.65 335.25 Td (attributable ) Tj ET Q q 0 0 0 rg BT 406.80 335.25 Td (to ) Tj ET Q q 0 0 0 rg BT 417.19 335.25 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 429.25 335.25 Td (favorable ) Tj ET Q q 0 0 0 rg BT 469.62 335.25 Td (volume ) Tj ET Q q 0 0 0 rg BT 502.23 335.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 532.06 335.25 Td (of ) Tj ET Q q 0 0 0 rg BT 543.00 335.25 Td (14 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 323.25 Td (million, ) Tj ET Q q 0 0 0 rg BT 88.20 323.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 128.22 323.25 Td (driven ) Tj ET Q q 0 0 0 rg BT 156.57 323.25 Td (by ) Tj ET Q q 0 0 0 rg BT 169.38 323.25 Td (the ) Tj ET Q q 0 0 0 rg BT 184.40 323.25 Td (California ) Tj ET Q q 0 0 0 rg BT 227.55 323.25 Td (T) Tj ET Q q 0 0 0 rg BT 232.91 323.25 Td (, ) Tj ET Q q 0 0 0 rg BT 238.22 323.25 Td (458 ) Tj ET Q q 0 0 0 rg BT 256.03 323.25 Td (Speciale ) Tj ET Q q 0 0 0 rg BT 292.08 323.25 Td (A) Tj ET Q q 0 0 0 rg BT 298.75 323.25 Td ( ) Tj ET Q q 0 0 0 rg BT 301.56 323.25 Td (and ) Tj ET Q q 0 0 0 rg BT 318.81 323.25 Td (488 ) Tj ET Q q 0 0 0 rg BT 336.61 323.25 Td (GTB, ) Tj ET Q q 0 0 0 rg BT 361.92 323.25 Td (partially ) Tj ET Q q 0 0 0 rg BT 398.05 323.25 Td (of) Tj ET Q q 0 0 0 rg BT 406.20 323.25 Td (fset ) Tj ET Q q 0 0 0 rg BT 423.44 323.25 Td (by ) Tj ET Q q 0 0 0 rg BT 436.25 323.25 Td (a ) Tj ET Q q 0 0 0 rg BT 443.49 323.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 480.71 323.25 Td (in ) Tj ET Q q 0 0 0 rg BT 491.30 323.25 Td (shipments ) Tj ET Q q 0 0 0 rg BT 534.66 323.25 Td (of ) Tj ET Q q 0 0 0 rg BT 545.80 323.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 311.25 Td (458 ) Tj ET Q q 0 0 0 rg BT 71.74 311.25 Td (Italia ) Tj ET Q q 0 0 0 rg BT 95.02 311.25 Td (and ) Tj ET Q q 0 0 0 rg BT 112.20 311.25 Td (458 ) Tj ET Q q 0 0 0 rg BT 129.93 311.25 Td (Spider) Tj ET Q q 0 0 0 rg BT 155.64 311.25 Td (, ) Tj ET Q q 0 0 0 rg BT 160.88 311.25 Td (and ) Tj ET Q q 0 0 0 rg BT 178.06 311.25 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 193.01 311.25 Td (favorable ) Tj ET Q q 0 0 0 rg BT 233.50 311.25 Td (foreign ) Tj ET Q q 0 0 0 rg BT 265.12 311.25 Td (exchange ) Tj ET Q q 0 0 0 rg BT 305.61 311.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 335.56 311.25 Td (of ) Tj ET Q q 0 0 0 rg BT 346.63 311.25 Td (107 ) Tj ET Q q 0 0 0 rg BT 369.37 311.25 Td (million ) Tj ET Q q 0 0 0 rg BT 401.00 311.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 440.95 311.25 Td (attributable ) Tj ET Q q 0 0 0 rg BT 489.22 311.25 Td (to ) Tj ET Q q 0 0 0 rg BT 499.74 311.25 Td (the ) Tj ET Q q 0 0 0 rg BT 514.70 311.25 Td (weakening ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 299.25 Td (of ) Tj ET Q q 0 0 0 rg BT 65.40 299.25 Td (the ) Tj ET Q q 0 0 0 rg BT 80.69 299.25 Td (Euro ) Tj ET Q q 0 0 0 rg BT 103.20 299.25 Td (against ) Tj ET Q q 0 0 0 rg BT 134.59 299.25 Td (the ) Tj ET Q q 0 0 0 rg BT 149.88 299.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 170.73 299.25 Td (Dollar) Tj ET Q q 0 0 0 rg BT 195.88 299.25 Td (, ) Tj ET Q q 0 0 0 rg BT 201.45 299.25 Td (partially ) Tj ET Q q 0 0 0 rg BT 237.84 299.25 Td (of) Tj ET Q q 0 0 0 rg BT 245.99 299.25 Td (fset ) Tj ET Q q 0 0 0 rg BT 263.50 299.25 Td (by ) Tj ET Q q 0 0 0 rg BT 276.57 299.25 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 294.63 299.25 Td (unfavorable ) Tj ET Q q 0 0 0 rg BT 345.46 299.25 Td (product ) Tj ET Q q 0 0 0 rg BT 379.08 299.25 Td (mix ) Tj ET Q q 0 0 0 rg BT 397.70 299.25 Td (impact, ) Tj ET Q q 0 0 0 rg BT 430.48 299.25 Td (attributable ) Tj ET Q q 0 0 0 rg BT 479.09 299.25 Td (to ) Tj ET Q q 0 0 0 rg BT 489.94 299.25 Td (a ) Tj ET Q q 0 0 0 rg BT 497.45 299.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 534.93 299.25 Td (in ) Tj ET Q q 0 0 0 rg BT 545.78 299.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 287.25 Td (proportion ) Tj ET Q q 0 0 0 rg BT 98.75 287.25 Td (of ) Tj ET Q q 0 0 0 rg BT 109.62 287.25 Td (shipments ) Tj ET Q q 0 0 0 rg BT 152.71 287.25 Td (represented ) Tj ET Q q 0 0 0 rg BT 201.32 287.25 Td (by ) Tj ET Q q 0 0 0 rg BT 213.68 287.25 Td (V12 ) Tj ET Q q 0 0 0 rg BT 233.43 287.25 Td (models, ) Tj ET Q q 0 0 0 rg BT 267.35 287.25 Td (from ) Tj ET Q q 0 0 0 rg BT 289.32 287.25 Td (21.0 ) Tj ET Q q 0 0 0 rg BT 309.36 287.25 Td (percent ) Tj ET Q q 0 0 0 rg BT 341.32 287.25 Td (in ) Tj ET Q q 0 0 0 rg BT 351.63 287.25 Td (2014 ) Tj ET Q q 0 0 0 rg BT 374.16 287.25 Td (to ) Tj ET Q q 0 0 0 rg BT 384.48 287.25 Td (17.2 ) Tj ET Q q 0 0 0 rg BT 404.51 287.25 Td (percent ) Tj ET Q q 0 0 0 rg BT 436.47 287.25 Td (in ) Tj ET Q q 0 0 0 rg BT 446.78 287.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 471.81 287.25 Td (and ) Tj ET Q q 0 0 0 rg BT 488.79 287.25 Td (\(iv\) ) Tj ET Q q 0 0 0 rg BT 505.76 287.25 Td (a ) Tj ET Q q 0 0 0 rg BT 512.73 287.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 549.68 287.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 275.25 Td (4 ) Tj ET Q q 0 0 0 rg BT 66.50 275.25 Td (million ) Tj ET Q q 0 0 0 rg BT 97.89 275.25 Td (of ) Tj ET Q q 0 0 0 rg BT 108.72 275.25 Td (net ) Tj ET Q q 0 0 0 rg BT 123.44 275.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 161.48 275.25 Td (from ) Tj ET Q q 0 0 0 rg BT 183.41 275.25 Td (our ) Tj ET Q q 0 0 0 rg BT 199.24 275.25 Td (personalization ) Tj ET Q q 0 0 0 rg BT 262.83 275.25 Td (program ) Tj ET Q q 0 0 0 rg BT 299.21 275.25 Td (and ) Tj ET Q q 0 0 0 rg BT 316.15 275.25 Td (the ) Tj ET Q q 0 0 0 rg BT 330.87 275.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 348.91 275.25 Td (of ) Tj ET Q q 0 0 0 rg BT 359.74 275.25 Td (spare ) Tj ET Q q 0 0 0 rg BT 383.34 275.25 Td (parts.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 251.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 251.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.05 251.25 Td (37 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.44 251.25 Td ( increase in Rest of ) Tj ET Q q 0 0 0 rg BT 233.03 251.25 Td (AP) Tj ET Q q 0 0 0 rg BT 244.89 251.25 Td (AC net revenues was attributable to a 23 million increase in Japan net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 239.25 Td (revenues, a 12 million increase in ) Tj ET Q q 0 0 0 rg BT 195.35 239.25 Td (Australia net revenues and a 2 million increase in other Rest of ) Tj ET Q q 0 0 0 rg BT 454.16 239.25 Td (AP) Tj ET Q q 0 0 0 rg BT 466.03 239.25 Td (AC net revenues. ) Tj ET Q q 0 0 0 rg BT 537.49 239.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 227.25 Td (23 million increase in Japan net revenues and 12 million increase in ) Tj ET Q q 0 0 0 rg BT 337.26 227.25 Td (Australia net revenues were mainly driven by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 215.25 Td (increases in shipments of 30.2 percent and 47.5 percent, respectively) Tj ET Q q 0 0 0 rg BT 328.26 215.25 Td (. Such increases in shipments were mainly related to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 203.25 Td (California ) Tj ET Q q 0 0 0 rg BT 96.86 203.25 Td (T) Tj ET Q q 0 0 0 rg BT 102.79 203.25 Td ( and 458 Speciale ) Tj ET Q q 0 0 0 rg BT 175.55 203.25 Td (A, partially of) Tj ET Q q 0 0 0 rg BT 231.74 203.25 Td (fset by a decrease in shipments of the 458 Spider) Tj ET Q q 0 0 0 rg BT 426.97 203.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 179.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 179.25 Td (The 77 million decrease in EMEA) Tj ET Q q 0 0 0 rg BT 231.91 179.25 Td ( net revenues was primarily attributable to unfavorable mix, mainly due to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 167.25 Td (trend towards a higher proportion of ) Tj ET Q q 0 0 0 rg BT 201.56 167.25 Td (V8 models compared to ) Tj ET Q q 0 0 0 rg BT 299.69 167.25 Td (V12 models, unfavorable foreign currency exchange impact and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 155.25 Td (the performance of certain markets within the region. In particular) Tj ET Q q 0 0 0 rg BT 318.49 155.25 Td (, Germany experienced a slowdown and the Middle East ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 143.25 Td (was impacted by a decrease in shipments of 9.6 percent.) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 54.00 126.18 36.00 -9.09 re f /GS0 gs q 0 0 0 rg BT 54.00 119.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 119.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.05 119.25 Td (18 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.44 119.25 Td ( decrease in Greater China net revenues was primarily attributable to a 32 million decrease in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 107.25 Td (mainland China net revenues, partially of) Tj ET Q q 0 0 0 rg BT 219.32 107.25 Td (fset by a 1) Tj ET Q q 0 0 0 rg BT 265.33 107.25 Td (1 million increase in Hong Kong net revenues and a 3 million increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 95.25 Td (in ) Tj ET Q q 0 0 0 rg BT 64.10 95.25 Td (T) Tj ET Q q 0 0 0 rg BT 69.51 95.25 Td (aiwan net revenues. ) Tj ET Q q 0 0 0 rg BT 150.96 95.25 Td (The decrease of 32 million in mainland China net revenues was primarily attributable to \(i\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 83.25 Td (unfavorable volume impact of 36 million due to a decrease in shipments of 20.9 percent, driven by the 458 Italia, 458 Spider ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 71.25 Td (and F12berlinetta, not yet compensated by the 488 GTB, which arrived in this market in Q3 2015, \(ii\) unfavorable product ) Tj ET Q endstream endobj 149 0 obj <> endobj 150 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (mix impact of 19 million and \(iii\) a 1 million decrease in net revenues generated by our personalization program, partially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (of) Tj ET Q q 0 0 0 rg BT 62.15 719.10 Td (fset by \(iv\) favorable foreign exchange impact of 24 million. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 695.10 Td (Engines) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 671.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 671.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 106.35 671.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 143.80 671.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 184.57 671.10 Td (from ) Tj ET Q q 0 0 0 rg BT 205.92 671.10 Td (engines ) Tj ET Q q 0 0 0 rg BT 238.38 671.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.72 671.10 Td (219 ) Tj ET Q q 0 0 0 rg BT 281.63 671.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.52 671.10 Td ( ) Tj ET Q q 0 0 0 rg BT 312.43 671.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.00 671.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.00 671.10 Td (, ) Tj ET Q q 0 0 0 rg BT 350.41 671.10 Td (a ) Tj ET Q q 0 0 0 rg BT 356.76 671.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 393.08 671.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.32 671.10 Td (92 ) Tj ET Q q 0 0 0 rg BT 420.24 671.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.13 671.10 Td (, ) Tj ET Q q 0 0 0 rg BT 453.54 671.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.78 671.10 Td (29.6 ) Tj ET Q q 0 0 0 rg BT 483.19 671.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.61 671.10 Td (, ) Tj ET Q q 0 0 0 rg BT 517.02 671.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.37 671.10 Td (31) Tj ET Q q 0 0 0 rg BT 553.00 671.10 Td (1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 659.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.89 659.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.47 659.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.72 659.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.72 659.10 Td (. ) Tj ET Q q 0 0 0 rg BT 124.61 659.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.74 659.10 Td (92 ) Tj ET Q q 0 0 0 rg BT 160.33 659.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.22 659.10 Td ( ) Tj ET Q q 0 0 0 rg BT 191.80 659.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 228.80 659.10 Td (was ) Tj ET Q q 0 0 0 rg BT 246.93 659.10 Td (mainly ) Tj ET Q q 0 0 0 rg BT 277.29 659.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 325.41 659.10 Td (to ) Tj ET Q q 0 0 0 rg BT 335.77 659.10 Td (an ) Tj ET Q q 0 0 0 rg BT 347.79 659.10 Td (81 ) Tj ET Q q 0 0 0 rg BT 365.38 659.10 Td (million ) Tj ET Q q 0 0 0 rg BT 396.85 659.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 433.85 659.10 Td (in ) Tj ET Q q 0 0 0 rg BT 444.21 659.10 Td (net ) Tj ET Q q 0 0 0 rg BT 459.01 659.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 497.13 659.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 538.57 659.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 68.53 647.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 86.40 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 97.04 647.10 Td (engines ) Tj ET Q q 0 0 0 rg BT 129.90 647.10 Td (to ) Tj ET Q q 0 0 0 rg BT 140.00 647.10 Td (Maserati, ) Tj ET Q q 0 0 0 rg BT 179.80 647.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 207.66 647.10 Td (by ) Tj ET Q q 0 0 0 rg BT 219.98 647.10 Td (a ) Tj ET Q q 0 0 0 rg BT 226.73 647.10 Td (31.3 ) Tj ET Q q 0 0 0 rg BT 246.55 647.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 278.29 647.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 315.02 647.10 Td (in ) Tj ET Q q 0 0 0 rg BT 325.11 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 339.65 647.10 Td (volume ) Tj ET Q q 0 0 0 rg BT 371.96 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 382.60 647.10 Td (engines ) Tj ET Q q 0 0 0 rg BT 415.47 647.10 Td (shipped ) Tj ET Q q 0 0 0 rg BT 448.89 647.10 Td (in ) Tj ET Q q 0 0 0 rg BT 458.98 647.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 506.26 647.10 Td (with ) Tj ET Q q 0 0 0 rg BT 526.35 647.10 Td (planned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 635.10 Td (orders ) Tj ET Q q 0 0 0 rg BT 81.82 635.10 Td (received ) Tj ET Q q 0 0 0 rg BT 118.50 635.10 Td (from ) Tj ET Q q 0 0 0 rg BT 140.77 635.10 Td (Maserati, ) Tj ET Q q 0 0 0 rg BT 181.08 635.10 Td (and ) Tj ET Q q 0 0 0 rg BT 198.35 635.10 Td (an ) Tj ET Q q 0 0 0 rg BT 210.61 635.10 Td (1) Tj ET Q q 0 0 0 rg BT 220.24 635.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 228.07 635.10 Td (million ) Tj ET Q q 0 0 0 rg BT 259.78 635.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 297.02 635.10 Td (in ) Tj ET Q q 0 0 0 rg BT 307.63 635.10 Td (net ) Tj ET Q q 0 0 0 rg BT 322.67 635.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 361.03 635.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 402.72 635.10 Td (from ) Tj ET Q q 0 0 0 rg BT 424.99 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 440.03 635.10 Td (rental ) Tj ET Q q 0 0 0 rg BT 465.62 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 476.78 635.10 Td (power ) Tj ET Q q 0 0 0 rg BT 504.59 635.10 Td (units ) Tj ET Q q 0 0 0 rg BT 526.87 635.10 Td (to ) Tj ET Q q 0 0 0 rg BT 537.47 635.10 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 623.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 90.39 623.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 97.89 623.10 Td (teams.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 599.10 Td (Sponsorship, ) Tj ET Q q 0 0 0 rg BT 108.45 599.10 Td (commer) Tj ET Q q 0 0 0 rg BT 140.29 599.10 Td (cial ) Tj ET Q q 0 0 0 rg BT 157.79 599.10 Td (and ) Tj ET Q q 0 0 0 rg BT 175.29 599.10 Td (brand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 575.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 575.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 106.28 575.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 143.67 575.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 184.38 575.10 Td (from ) Tj ET Q q 0 0 0 rg BT 205.66 575.10 Td (sponsorship, ) Tj ET Q q 0 0 0 rg BT 257.79 575.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 306.83 575.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 354.21 575.10 Td (and ) Tj ET Q q 0 0 0 rg BT 370.49 575.10 Td (brand ) Tj ET Q q 0 0 0 rg BT 395.11 575.10 Td (management ) Tj ET Q q 0 0 0 rg BT 448.04 575.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 485.99 575.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.26 575.10 Td (441 ) Tj ET Q q 0 0 0 rg BT 529.11 575.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.00 575.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 563.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.04 563.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.04 563.10 Td (, ) Tj ET Q q 0 0 0 rg BT 94.93 563.10 Td (an ) Tj ET Q q 0 0 0 rg BT 107.75 563.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 143.89 563.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.60 563.10 Td (24 ) Tj ET Q q 0 0 0 rg BT 173.99 563.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.88 563.10 Td (, ) Tj ET Q q 0 0 0 rg BT 208.76 563.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.47 563.10 Td (5.8 ) Tj ET Q q 0 0 0 rg BT 236.36 563.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.78 563.10 Td (, ) Tj ET Q q 0 0 0 rg BT 271.67 563.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.49 563.10 Td (417 ) Tj ET Q q 0 0 0 rg BT 317.87 563.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.76 563.10 Td ( ) Tj ET Q q 0 0 0 rg BT 350.15 563.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.19 563.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.19 563.10 Td (. ) Tj ET Q q 0 0 0 rg BT 390.83 563.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.76 563.10 Td (24 ) Tj ET Q q 0 0 0 rg BT 428.15 563.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.04 563.10 Td ( ) Tj ET Q q 0 0 0 rg BT 460.42 563.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 496.56 563.10 Td (in ) Tj ET Q q 0 0 0 rg BT 507.72 563.10 Td (sponsorship, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 551.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 104.01 551.10 Td (and ) Tj ET Q q 0 0 0 rg BT 121.26 551.10 Td (brand ) Tj ET Q q 0 0 0 rg BT 146.83 551.10 Td (net ) Tj ET Q q 0 0 0 rg BT 161.86 551.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 200.21 551.10 Td (was ) Tj ET Q q 0 0 0 rg BT 218.57 551.10 Td (mainly ) Tj ET Q q 0 0 0 rg BT 249.15 551.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 277.51 551.10 Td (by ) Tj ET Q q 0 0 0 rg BT 290.32 551.10 Td (sponsorship ) Tj ET Q q 0 0 0 rg BT 340.91 551.10 Td (and ) Tj ET Q q 0 0 0 rg BT 358.16 551.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 408.17 551.10 Td (net ) Tj ET Q q 0 0 0 rg BT 423.20 551.10 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 464.04 551.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 504.07 551.10 Td (related ) Tj ET Q q 0 0 0 rg BT 534.08 551.10 Td (to ) Tj ET Q q 0 0 0 rg BT 544.67 551.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 539.10 Td (participation ) Tj ET Q q 0 0 0 rg BT 106.87 539.10 Td (in ) Tj ET Q q 0 0 0 rg BT 116.98 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 131.52 539.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 167.74 539.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 174.90 539.10 Td (W) Tj ET Q q 0 0 0 rg BT 183.54 539.10 Td (orld ) Tj ET Q q 0 0 0 rg BT 201.98 539.10 Td (Championship, ) Tj ET Q q 0 0 0 rg BT 265.15 539.10 Td (which ) Tj ET Q q 0 0 0 rg BT 291.91 539.10 Td (benefited ) Tj ET Q q 0 0 0 rg BT 331.45 539.10 Td (from ) Tj ET Q q 0 0 0 rg BT 353.22 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 367.76 539.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 397.31 539.10 Td (of ) Tj ET Q q 0 0 0 rg BT 407.97 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 422.51 539.10 Td (weakening ) Tj ET Q q 0 0 0 rg BT 468.16 539.10 Td (of ) Tj ET Q q 0 0 0 rg BT 478.82 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 493.37 539.10 Td (Euro ) Tj ET Q q 0 0 0 rg BT 515.14 539.10 Td (against ) Tj ET Q q 0 0 0 rg BT 545.79 539.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 527.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 74.28 527.10 Td (Dollar ) Tj ET Q q 0 0 0 rg BT 102.33 527.10 Td (and ) Tj ET Q q 0 0 0 rg BT 119.27 527.10 Td (brand ) Tj ET Q q 0 0 0 rg BT 144.54 527.10 Td (net ) Tj ET Q q 0 0 0 rg BT 159.25 527.10 Td (revenues.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 503.10 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 479.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 479.10 Td (Other) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 112.77 479.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.93 479.10 Td (net ) Tj ET Q q 0 0 0 rg BT 129.31 479.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 167.00 479.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.59 479.10 Td (1) Tj ET Q q 0 0 0 rg BT 198.22 479.10 Td (14 ) Tj ET Q q 0 0 0 rg BT 210.38 479.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.27 479.10 Td ( ) Tj ET Q q 0 0 0 rg BT 241.44 479.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.26 479.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.26 479.10 Td (, ) Tj ET Q q 0 0 0 rg BT 279.92 479.10 Td (an ) Tj ET Q q 0 0 0 rg BT 291.52 479.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 326.43 479.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.92 479.10 Td (24 ) Tj ET Q q 0 0 0 rg BT 354.08 479.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.97 479.10 Td (, ) Tj ET Q q 0 0 0 rg BT 387.63 479.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.13 479.10 Td (26.7 ) Tj ET Q q 0 0 0 rg BT 417.79 479.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.21 479.10 Td (, ) Tj ET Q q 0 0 0 rg BT 451.87 479.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.47 479.10 Td (90 ) Tj ET Q q 0 0 0 rg BT 490.63 479.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.52 479.10 Td ( ) Tj ET Q q 0 0 0 rg BT 521.68 479.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.50 479.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.50 479.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 467.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.76 467.10 Td (24 ) Tj ET Q q 0 0 0 rg BT 90.97 467.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.86 467.10 Td ( ) Tj ET Q q 0 0 0 rg BT 123.07 467.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 159.03 467.10 Td (in ) Tj ET Q q 0 0 0 rg BT 170.02 467.10 Td (other ) Tj ET Q q 0 0 0 rg BT 193.77 467.10 Td (net ) Tj ET Q q 0 0 0 rg BT 209.20 467.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 247.95 467.10 Td (was ) Tj ET Q q 0 0 0 rg BT 266.71 467.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 307.13 467.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 335.89 467.10 Td (by ) Tj ET Q q 0 0 0 rg BT 349.10 467.10 Td (other ) Tj ET Q q 0 0 0 rg BT 372.85 467.10 Td (supporting ) Tj ET Q q 0 0 0 rg BT 418.84 467.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 460.65 467.10 Td (including ) Tj ET Q q 0 0 0 rg BT 501.63 467.10 Td (an ) Tj ET Q q 0 0 0 rg BT 514.28 467.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 550.24 467.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 455.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 85.93 455.10 Td (income ) Tj ET Q q 0 0 0 rg BT 117.87 455.10 Td (due ) Tj ET Q q 0 0 0 rg BT 134.81 455.10 Td (to ) Tj ET Q q 0 0 0 rg BT 145.08 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 159.80 455.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 195.05 455.10 Td (in ) Tj ET Q q 0 0 0 rg BT 205.33 455.10 Td (our ) Tj ET Q q 0 0 0 rg BT 221.16 455.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 258.64 455.10 Td (services ) Tj ET Q q 0 0 0 rg BT 293.35 455.10 Td (portfolio.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 431.10 Td (2014) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 431.10 Td ( ) Tj ET Q q 0 0 0 rg BT 76.50 431.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 119.55 431.10 Td (to ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 129.83 431.10 Td (2013) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 149.83 431.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 407.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 407.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 107.00 407.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 145.10 407.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.33 407.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.33 407.10 Td ( ) Tj ET Q q 0 0 0 rg BT 181.89 407.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.88 407.10 Td (2,762 ) Tj ET Q q 0 0 0 rg BT 233.95 407.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.84 407.10 Td (, ) Tj ET Q q 0 0 0 rg BT 267.90 407.10 Td (an ) Tj ET Q q 0 0 0 rg BT 279.90 407.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 315.22 407.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.11 407.10 Td (427 ) Tj ET Q q 0 0 0 rg BT 348.68 407.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.57 407.10 Td (, ) Tj ET Q q 0 0 0 rg BT 382.63 407.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.53 407.10 Td (18.3 ) Tj ET Q q 0 0 0 rg BT 413.59 407.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.01 407.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.58 407.10 Td (3.3 ) Tj ET Q q 0 0 0 rg BT 460.64 407.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.06 407.10 Td ( ) Tj ET Q q 0 0 0 rg BT 492.63 407.10 Td (\(18.9 ) Tj ET Q q 0 0 0 rg BT 516.02 407.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 548.01 407.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 395.10 Td (a ) Tj ET Q q 0 0 0 rg BT 60.94 395.10 Td (constant ) Tj ET Q q 0 0 0 rg BT 96.76 395.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 134.24 395.10 Td (basis\), ) Tj ET Q q 0 0 0 rg BT 162.57 395.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.51 395.10 Td (2,335 ) Tj ET Q q 0 0 0 rg BT 214.51 395.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.40 395.10 Td ( ) Tj ET Q q 0 0 0 rg BT 245.90 395.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.06 395.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.06 395.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 371.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 371.10 Td (The ) Tj ET Q q 0 0 0 rg BT 107.38 371.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 141.97 371.10 Td (in ) Tj ET Q q 0 0 0 rg BT 151.58 371.10 Td (net ) Tj ET Q q 0 0 0 rg BT 165.64 371.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 203.01 371.10 Td (was ) Tj ET Q q 0 0 0 rg BT 220.39 371.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 267.77 371.10 Td (to ) Tj ET Q q 0 0 0 rg BT 277.38 371.10 Td (the ) Tj ET Q q 0 0 0 rg BT 291.43 371.10 Td (combination ) Tj ET Q q 0 0 0 rg BT 343.26 371.10 Td (of ) Tj ET Q q 0 0 0 rg BT 353.42 371.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 364.70 371.10 Td (a ) Tj ET Q q 0 0 0 rg BT 370.97 371.10 Td (289 ) Tj ET Q q 0 0 0 rg BT 392.80 371.10 Td (million ) Tj ET Q q 0 0 0 rg BT 423.53 371.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 458.12 371.10 Td (in ) Tj ET Q q 0 0 0 rg BT 467.73 371.10 Td (net ) Tj ET Q q 0 0 0 rg BT 481.78 371.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 519.16 371.10 Td (generated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 359.10 Td (from ) Tj ET Q q 0 0 0 rg BT 76.18 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 91.13 359.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 109.97 359.10 Td (and ) Tj ET Q q 0 0 0 rg BT 127.15 359.10 Td (spare ) Tj ET Q q 0 0 0 rg BT 150.99 359.10 Td (parts, ) Tj ET Q q 0 0 0 rg BT 175.67 359.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 190.62 359.10 Td (a ) Tj ET Q q 0 0 0 rg BT 197.80 359.10 Td (123 ) Tj ET Q q 0 0 0 rg BT 220.54 359.10 Td (million ) Tj ET Q q 0 0 0 rg BT 252.17 359.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 287.66 359.10 Td (in ) Tj ET Q q 0 0 0 rg BT 298.18 359.10 Td (net ) Tj ET Q q 0 0 0 rg BT 313.14 359.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 351.41 359.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 393.01 359.10 Td (from ) Tj ET Q q 0 0 0 rg BT 415.19 359.10 Td (engines, ) Tj ET Q q 0 0 0 rg BT 450.98 359.10 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 468.71 359.10 Td (a ) Tj ET Q q 0 0 0 rg BT 475.89 359.10 Td (10 ) Tj ET Q q 0 0 0 rg BT 493.63 359.10 Td (million ) Tj ET Q q 0 0 0 rg BT 525.26 359.10 Td (increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 347.10 Td (in ) Tj ET Q q 0 0 0 rg BT 64.28 347.10 Td (other ) Tj ET Q q 0 0 0 rg BT 87.33 347.10 Td (net ) Tj ET Q q 0 0 0 rg BT 102.04 347.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 140.08 347.10 Td (and ) Tj ET Q q 0 0 0 rg BT 157.02 347.10 Td (\(iv\) ) Tj ET Q q 0 0 0 rg BT 173.96 347.10 Td (a ) Tj ET Q q 0 0 0 rg BT 180.89 347.10 Td (5 ) Tj ET Q q 0 0 0 rg BT 193.39 347.10 Td (million ) Tj ET Q q 0 0 0 rg BT 224.79 347.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 260.04 347.10 Td (in ) Tj ET Q q 0 0 0 rg BT 270.32 347.10 Td (sponsorship, ) Tj ET Q q 0 0 0 rg BT 323.10 347.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 372.80 347.10 Td (and ) Tj ET Q q 0 0 0 rg BT 389.74 347.10 Td (brand ) Tj ET Q q 0 0 0 rg BT 415.01 347.10 Td (net ) Tj ET Q q 0 0 0 rg BT 429.72 347.10 Td (revenues.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 323.10 Td (Cars ) Tj ET Q q 0 0 0 rg BT 75.95 323.10 Td (and ) Tj ET Q q 0 0 0 rg BT 93.45 323.10 Td (spar) Tj ET Q q 0 0 0 rg BT 110.87 323.10 Td (e ) Tj ET Q q 0 0 0 rg BT 117.80 323.10 Td (parts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 299.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 299.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 107.12 299.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 145.34 299.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 186.88 299.10 Td (from ) Tj ET Q q 0 0 0 rg BT 209.00 299.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 227.78 299.10 Td (and ) Tj ET Q q 0 0 0 rg BT 244.90 299.10 Td (spare ) Tj ET Q q 0 0 0 rg BT 268.68 299.10 Td (parts ) Tj ET Q q 0 0 0 rg BT 290.80 299.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.91 299.10 Td (1,944 ) Tj ET Q q 0 0 0 rg BT 343.09 299.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.98 299.10 Td ( ) Tj ET Q q 0 0 0 rg BT 374.66 299.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.00 299.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 299.10 Td (, ) Tj ET Q q 0 0 0 rg BT 414.18 299.10 Td (an ) Tj ET Q q 0 0 0 rg BT 426.30 299.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 461.73 299.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.74 299.10 Td (289 ) Tj ET Q q 0 0 0 rg BT 495.42 299.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.32 299.10 Td (, ) Tj ET Q q 0 0 0 rg BT 529.50 299.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.51 299.10 Td (17.5 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 287.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.42 287.10 Td (, ) Tj ET Q q 0 0 0 rg BT 88.36 287.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.24 287.10 Td (1,655 ) Tj ET Q q 0 0 0 rg BT 140.17 287.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.06 287.10 Td ( ) Tj ET Q q 0 0 0 rg BT 171.50 287.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.60 287.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.60 287.10 Td (. ) Tj ET Q q 0 0 0 rg BT 210.36 287.10 Td (The ) Tj ET Q q 0 0 0 rg BT 228.34 287.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 263.53 287.10 Td (was ) Tj ET Q q 0 0 0 rg BT 281.52 287.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 329.49 287.10 Td (to ) Tj ET Q q 0 0 0 rg BT 339.71 287.10 Td (a ) Tj ET Q q 0 0 0 rg BT 346.58 287.10 Td (255 ) Tj ET Q q 0 0 0 rg BT 369.02 287.10 Td (million ) Tj ET Q q 0 0 0 rg BT 400.35 287.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 435.54 287.10 Td (in ) Tj ET Q q 0 0 0 rg BT 445.75 287.10 Td (net ) Tj ET Q q 0 0 0 rg BT 460.41 287.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 498.38 287.10 Td (from ) Tj ET Q q 0 0 0 rg BT 520.25 287.10 Td (supercars ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 275.10 Td (and ) Tj ET Q q 0 0 0 rg BT 70.67 275.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 101.24 275.10 Td (edition ) Tj ET Q q 0 0 0 rg BT 131.25 275.10 Td (cars, ) Tj ET Q q 0 0 0 rg BT 152.09 275.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 191.53 275.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 239.31 275.10 Td (to ) Tj ET Q q 0 0 0 rg BT 249.32 275.10 Td (shipments ) Tj ET Q q 0 0 0 rg BT 292.12 275.10 Td (of ) Tj ET Q q 0 0 0 rg BT 302.68 275.10 Td (LaFerrari, ) Tj ET Q q 0 0 0 rg BT 345.17 275.10 Td (and ) Tj ET Q q 0 0 0 rg BT 361.85 275.10 Td (a ) Tj ET Q q 0 0 0 rg BT 368.52 275.10 Td (34 ) Tj ET Q q 0 0 0 rg BT 385.76 275.10 Td (million ) Tj ET Q q 0 0 0 rg BT 416.89 275.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 451.88 275.10 Td (in ) Tj ET Q q 0 0 0 rg BT 461.89 275.10 Td (net ) Tj ET Q q 0 0 0 rg BT 476.34 275.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 514.12 275.10 Td (from ) Tj ET Q q 0 0 0 rg BT 535.79 275.10 Td (range ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 263.10 Td (and ) Tj ET Q q 0 0 0 rg BT 70.94 263.10 Td (special ) Tj ET Q q 0 0 0 rg BT 101.20 263.10 Td (series ) Tj ET Q q 0 0 0 rg BT 126.47 263.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 145.07 263.10 Td (and ) Tj ET Q q 0 0 0 rg BT 162.01 263.10 Td (spare ) Tj ET Q q 0 0 0 rg BT 185.61 263.10 Td (parts.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 239.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 239.10 Td (Shipments ) Tj ET Q q 0 0 0 rg BT 134.86 239.10 Td (of ) Tj ET Q q 0 0 0 rg BT 145.82 239.10 Td (LaFerrari ) Tj ET Q q 0 0 0 rg BT 186.21 239.10 Td (commenced ) Tj ET Q q 0 0 0 rg BT 237.15 239.10 Td (in ) Tj ET Q q 0 0 0 rg BT 247.57 239.10 Td (November ) Tj ET Q q 0 0 0 rg BT 292.41 239.10 Td (2013, ) Tj ET Q q 0 0 0 rg BT 317.54 239.10 Td (accordingly) Tj ET Q q 0 0 0 rg BT 364.09 239.10 Td (, ) Tj ET Q q 0 0 0 rg BT 369.23 239.10 Td (our ) Tj ET Q q 0 0 0 rg BT 385.19 239.10 Td (net ) Tj ET Q q 0 0 0 rg BT 400.04 239.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 438.21 239.10 Td (for ) Tj ET Q q 0 0 0 rg BT 452.50 239.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 475.14 239.10 Td (benefited ) Tj ET Q q 0 0 0 rg BT 514.97 239.10 Td (from ) Tj ET Q q 0 0 0 rg BT 537.04 239.10 Td (a ) Tj ET Q q 0 0 0 rg BT 544.12 239.10 Td (full ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 227.10 Td (year ) Tj ET Q q 0 0 0 rg BT 74.00 227.10 Td (of ) Tj ET Q q 0 0 0 rg BT 85.13 227.10 Td (shipments. ) Tj ET Q q 0 0 0 rg BT 130.99 227.10 Td (Shipments ) Tj ET Q q 0 0 0 rg BT 176.01 227.10 Td (of ) Tj ET Q q 0 0 0 rg BT 187.14 227.10 Td (LaFerrari ) Tj ET Q q 0 0 0 rg BT 227.69 227.10 Td (impacted ) Tj ET Q q 0 0 0 rg BT 267.14 227.10 Td (net ) Tj ET Q q 0 0 0 rg BT 282.15 227.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 320.49 227.10 Td (positively) Tj ET Q q 0 0 0 rg BT 359.28 227.10 Td (, ) Tj ET Q q 0 0 0 rg BT 364.58 227.10 Td (as ) Tj ET Q q 0 0 0 rg BT 375.71 227.10 Td (these ) Tj ET Q q 0 0 0 rg BT 399.05 227.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 417.95 227.10 Td (are ) Tj ET Q q 0 0 0 rg BT 432.96 227.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 472.96 227.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 492.42 227.10 Td (at ) Tj ET Q q 0 0 0 rg BT 502.44 227.10 Td (a ) Tj ET Q q 0 0 0 rg BT 509.67 227.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 538.02 227.10 Td (price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 215.10 Td (point ) Tj ET Q q 0 0 0 rg BT 76.79 215.10 Td (\(in ) Tj ET Q q 0 0 0 rg BT 90.13 215.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 118.46 215.10 Td (of ) Tj ET Q q 0 0 0 rg BT 129.02 215.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 141.25 215.10 Td (million ) Tj ET Q q 0 0 0 rg BT 172.37 215.10 Td (per ) Tj ET Q q 0 0 0 rg BT 187.37 215.10 Td (unit\) ) Tj ET Q q 0 0 0 rg BT 208.49 215.10 Td (than ) Tj ET Q q 0 0 0 rg BT 227.94 215.10 Td (other ) Tj ET Q q 0 0 0 rg BT 250.72 215.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 269.05 215.10 Td (in ) Tj ET Q q 0 0 0 rg BT 279.06 215.10 Td (our ) Tj ET Q q 0 0 0 rg BT 294.62 215.10 Td (product ) Tj ET Q q 0 0 0 rg BT 327.40 215.10 Td (of) Tj ET Q q 0 0 0 rg BT 335.55 215.10 Td (fering, ) Tj ET Q q 0 0 0 rg BT 364.16 215.10 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 404.70 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 419.15 215.10 Td (advanced ) Tj ET Q q 0 0 0 rg BT 459.13 215.10 Td (technological ) Tj ET Q q 0 0 0 rg BT 515.23 215.10 Td (and ) Tj ET Q q 0 0 0 rg BT 531.90 215.10 Td (design ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 203.10 Td (content ) Tj ET Q q 0 0 0 rg BT 85.93 203.10 Td (as ) Tj ET Q q 0 0 0 rg BT 96.76 203.10 Td (well ) Tj ET Q q 0 0 0 rg BT 116.48 203.10 Td (as ) Tj ET Q q 0 0 0 rg BT 127.31 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 142.03 203.10 Td (exclusive ) Tj ET Q q 0 0 0 rg BT 182.29 203.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 209.78 203.10 Td (of ) Tj ET Q q 0 0 0 rg BT 220.61 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 235.32 203.10 Td (of) Tj ET Q q 0 0 0 rg BT 243.47 203.10 Td (fering.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 179.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 179.10 Td (Of ) Tj ET Q q 0 0 0 rg BT 103.99 179.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.64 179.10 Td (255 ) Tj ET Q q 0 0 0 rg BT 143.08 179.10 Td (million ) Tj ET Q q 0 0 0 rg BT 175.41 179.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 211.60 179.10 Td (in ) Tj ET Q q 0 0 0 rg BT 222.81 179.10 Td (net ) Tj ET Q q 0 0 0 rg BT 238.46 179.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 277.44 179.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 319.74 179.10 Td (from ) Tj ET Q q 0 0 0 rg BT 342.61 179.10 Td (supercars ) Tj ET Q q 0 0 0 rg BT 383.81 179.10 Td (and ) Tj ET Q q 0 0 0 rg BT 401.68 179.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 433.45 179.10 Td (edition ) Tj ET Q q 0 0 0 rg BT 464.66 179.10 Td (cars, ) Tj ET Q q 0 0 0 rg BT 486.69 179.10 Td (147 ) Tj ET Q q 0 0 0 rg BT 510.13 179.10 Td (million ) Tj ET Q q 0 0 0 rg BT 542.46 179.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 167.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 102.65 167.10 Td (to ) Tj ET Q q 0 0 0 rg BT 113.54 167.10 Td (EMEA) Tj ET Q q 0 0 0 rg BT 141.31 167.10 Td ( ) Tj ET Q q 0 0 0 rg BT 144.42 167.10 Td (shipments, ) Tj ET Q q 0 0 0 rg BT 190.59 167.10 Td (56 ) Tj ET Q q 0 0 0 rg BT 208.70 167.10 Td (million ) Tj ET Q q 0 0 0 rg BT 240.70 167.10 Td (was ) Tj ET Q q 0 0 0 rg BT 259.37 167.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 308.01 167.10 Td (to ) Tj ET Q q 0 0 0 rg BT 318.22 167.10 Td (Americas ) Tj ET Q q 0 0 0 rg BT 359.64 167.10 Td (shipments, ) Tj ET Q q 0 0 0 rg BT 405.81 167.10 Td (36 ) Tj ET Q q 0 0 0 rg BT 423.92 167.10 Td (million ) Tj ET Q q 0 0 0 rg BT 455.92 167.10 Td (was ) Tj ET Q q 0 0 0 rg BT 474.58 167.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 523.23 167.10 Td (to ) Tj ET Q q 0 0 0 rg BT 534.12 167.10 Td (China ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 155.10 Td (shipments ) Tj ET Q q 0 0 0 rg BT 97.06 155.10 Td (and ) Tj ET Q q 0 0 0 rg BT 114.00 155.10 Td (16 ) Tj ET Q q 0 0 0 rg BT 131.50 155.10 Td (million ) Tj ET Q q 0 0 0 rg BT 162.89 155.10 Td (was ) Tj ET Q q 0 0 0 rg BT 180.94 155.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 228.98 155.10 Td (to ) Tj ET Q q 0 0 0 rg BT 239.25 155.10 Td (Rest ) Tj ET Q q 0 0 0 rg BT 259.53 155.10 Td (of ) Tj ET Q q 0 0 0 rg BT 269.81 155.10 Td (AP) Tj ET Q q 0 0 0 rg BT 281.68 155.10 Td (AC ) Tj ET Q q 0 0 0 rg BT 298.07 155.10 Td (shipments. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 131.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 131.10 Td (The ) Tj ET Q q 0 0 0 rg BT 107.79 131.10 Td (34 ) Tj ET Q q 0 0 0 rg BT 125.03 131.10 Td (million ) Tj ET Q q 0 0 0 rg BT 156.17 131.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 191.16 131.10 Td (in ) Tj ET Q q 0 0 0 rg BT 201.18 131.10 Td (net ) Tj ET Q q 0 0 0 rg BT 215.64 131.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 253.42 131.10 Td (from ) Tj ET Q q 0 0 0 rg BT 275.10 131.10 Td (range ) Tj ET Q q 0 0 0 rg BT 299.55 131.10 Td (and ) Tj ET Q q 0 0 0 rg BT 316.24 131.10 Td (special ) Tj ET Q q 0 0 0 rg BT 346.24 131.10 Td (series ) Tj ET Q q 0 0 0 rg BT 371.25 131.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 389.59 131.10 Td (and ) Tj ET Q q 0 0 0 rg BT 406.28 131.10 Td (spare ) Tj ET Q q 0 0 0 rg BT 429.62 131.10 Td (parts ) Tj ET Q q 0 0 0 rg BT 451.30 131.10 Td (was ) Tj ET Q q 0 0 0 rg BT 469.09 131.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 508.55 131.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 536.34 131.10 Td (by ) Tj ET Q q 0 0 0 rg BT 548.58 131.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 119.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 89.66 119.10 Td (in ) Tj ET Q q 0 0 0 rg BT 100.35 119.10 Td (net ) Tj ET Q q 0 0 0 rg BT 115.47 119.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 153.91 119.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 195.68 119.10 Td (by ) Tj ET Q q 0 0 0 rg BT 208.59 119.10 Td (the ) Tj ET Q q 0 0 0 rg BT 223.71 119.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 242.17 119.10 Td (of ) Tj ET Q q 0 0 0 rg BT 253.40 119.10 Td (spare ) Tj ET Q q 0 0 0 rg BT 277.41 119.10 Td (parts ) Tj ET Q q 0 0 0 rg BT 299.75 119.10 Td (and ) Tj ET Q q 0 0 0 rg BT 317.10 119.10 Td (our ) Tj ET Q q 0 0 0 rg BT 333.34 119.10 Td (personalization ) Tj ET Q q 0 0 0 rg BT 397.33 119.10 Td (program, ) Tj ET Q q 0 0 0 rg BT 436.61 119.10 Td (which ) Tj ET Q q 0 0 0 rg BT 463.96 119.10 Td (were ) Tj ET Q q 0 0 0 rg BT 486.30 119.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 522.52 119.10 Td (of) Tj ET Q q 0 0 0 rg BT 530.67 119.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 548.02 119.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 107.10 Td (unfavorable ) Tj ET Q q 0 0 0 rg BT 104.66 107.10 Td (change ) Tj ET Q q 0 0 0 rg BT 135.88 107.10 Td (in ) Tj ET Q q 0 0 0 rg BT 146.56 107.10 Td (mix. ) Tj ET Q q 0 0 0 rg BT 167.52 107.10 Td (In ) Tj ET Q q 0 0 0 rg BT 178.76 107.10 Td (particular) Tj ET Q q 0 0 0 rg BT 216.67 107.10 Td (, ) Tj ET Q q 0 0 0 rg BT 222.07 107.10 Td (our ) Tj ET Q q 0 0 0 rg BT 238.30 107.10 Td (mix ) Tj ET Q q 0 0 0 rg BT 256.77 107.10 Td (was ) Tj ET Q q 0 0 0 rg BT 275.22 107.10 Td (impacted ) Tj ET Q q 0 0 0 rg BT 314.78 107.10 Td (by ) Tj ET Q q 0 0 0 rg BT 327.68 107.10 Td (an ) Tj ET Q q 0 0 0 rg BT 340.02 107.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 375.68 107.10 Td (in ) Tj ET Q q 0 0 0 rg BT 386.36 107.10 Td (the ) Tj ET Q q 0 0 0 rg BT 401.49 107.10 Td (proportion ) Tj ET Q q 0 0 0 rg BT 446.61 107.10 Td (of ) Tj ET Q q 0 0 0 rg BT 457.63 107.10 Td (V8 ) Tj ET Q q 0 0 0 rg BT 472.76 107.10 Td (models ) Tj ET Q q 0 0 0 rg BT 504.55 107.10 Td (shipped ) Tj ET Q q 0 0 0 rg BT 538.56 107.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 95.10 Td (74.0 ) Tj ET Q q 0 0 0 rg BT 74.06 95.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 106.04 95.10 Td (of ) Tj ET Q q 0 0 0 rg BT 116.93 95.10 Td (total ) Tj ET Q q 0 0 0 rg BT 137.27 95.10 Td (shipments ) Tj ET Q q 0 0 0 rg BT 180.38 95.10 Td (for ) Tj ET Q q 0 0 0 rg BT 194.60 95.10 Td (2013, ) Tj ET Q q 0 0 0 rg BT 219.66 95.10 Td (to ) Tj ET Q q 0 0 0 rg BT 230.00 95.10 Td (75.7 ) Tj ET Q q 0 0 0 rg BT 250.06 95.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 282.05 95.10 Td (for ) Tj ET Q q 0 0 0 rg BT 296.27 95.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 321.33 95.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 361.10 95.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 389.21 95.10 Td (by ) Tj ET Q q 0 0 0 rg BT 401.77 95.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 442.08 95.10 Td (shipments ) Tj ET Q q 0 0 0 rg BT 485.20 95.10 Td (of ) Tj ET Q q 0 0 0 rg BT 496.09 95.10 Td (the ) Tj ET Q q 0 0 0 rg BT 510.86 95.10 Td (458 ) Tj ET Q q 0 0 0 rg BT 528.24 95.10 Td (VS ) Tj ET Q q 0 0 0 rg BT 543.58 95.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 83.10 Td (California ) Tj ET Q q 0 0 0 rg BT 96.86 83.10 Td (T) Tj ET Q q 0 0 0 rg BT 102.23 83.10 Td (. ) Tj ET Q q 0 0 0 rg BT 107.23 83.10 Td (Shipments ) Tj ET Q q 0 0 0 rg BT 151.95 83.10 Td (of ) Tj ET Q q 0 0 0 rg BT 162.78 83.10 Td (range ) Tj ET Q q 0 0 0 rg BT 187.49 83.10 Td (and ) Tj ET Q q 0 0 0 rg BT 204.43 83.10 Td (special ) Tj ET Q q 0 0 0 rg BT 234.69 83.10 Td (series ) Tj ET Q q 0 0 0 rg BT 259.96 83.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 278.56 83.10 Td (were ) Tj ET Q q 0 0 0 rg BT 300.49 83.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 353.54 83.10 Td (unchanged. ) Tj ET Q endstream endobj 151 0 obj <> endobj 152 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (67) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 731.10 Td (The ) Tj ET Q q 0 0 0 rg BT 107.89 731.10 Td (34 ) Tj ET Q q 0 0 0 rg BT 125.24 731.10 Td (million ) Tj ET Q q 0 0 0 rg BT 156.48 731.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 191.58 731.10 Td (in ) Tj ET Q q 0 0 0 rg BT 201.71 731.10 Td (net ) Tj ET Q q 0 0 0 rg BT 216.27 731.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 254.16 731.10 Td (from ) Tj ET Q q 0 0 0 rg BT 275.94 731.10 Td (range ) Tj ET Q q 0 0 0 rg BT 300.50 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 317.29 731.10 Td (special ) Tj ET Q q 0 0 0 rg BT 347.40 731.10 Td (series ) Tj ET Q q 0 0 0 rg BT 372.51 731.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 390.96 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 407.75 731.10 Td (spare ) Tj ET Q q 0 0 0 rg BT 431.19 731.10 Td (parts ) Tj ET Q q 0 0 0 rg BT 452.98 731.10 Td (was ) Tj ET Q q 0 0 0 rg BT 470.88 731.10 Td (composed ) Tj ET Q q 0 0 0 rg BT 513.77 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 524.45 731.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 536.24 731.10 Td (a ) Tj ET Q q 0 0 0 rg BT 543.02 731.10 Td (34 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (million ) Tj ET Q q 0 0 0 rg BT 86.21 719.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 122.27 719.10 Td (in ) Tj ET Q q 0 0 0 rg BT 132.64 719.10 Td (Americas ) Tj ET Q q 0 0 0 rg BT 174.27 719.10 Td (net ) Tj ET Q q 0 0 0 rg BT 189.80 719.10 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 231.15 719.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 246.68 719.10 Td (a ) Tj ET Q q 0 0 0 rg BT 254.43 719.10 Td (24 ) Tj ET Q q 0 0 0 rg BT 272.75 719.10 Td (million ) Tj ET Q q 0 0 0 rg BT 304.95 719.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 341.02 719.10 Td (in ) Tj ET Q q 0 0 0 rg BT 352.11 719.10 Td (Greater ) Tj ET Q q 0 0 0 rg BT 385.40 719.10 Td (China ) Tj ET Q q 0 0 0 rg BT 412.60 719.10 Td (net ) Tj ET Q q 0 0 0 rg BT 428.14 719.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 466.99 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 484.74 719.10 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 503.05 719.10 Td (a ) Tj ET Q q 0 0 0 rg BT 510.80 719.10 Td (17 ) Tj ET Q q 0 0 0 rg BT 529.12 719.10 Td (million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 89.25 707.10 Td (in ) Tj ET Q q 0 0 0 rg BT 99.53 707.10 Td (Rest ) Tj ET Q q 0 0 0 rg BT 119.81 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 130.09 707.10 Td (AP) Tj ET Q q 0 0 0 rg BT 141.95 707.10 Td (AC ) Tj ET Q q 0 0 0 rg BT 158.35 707.10 Td (net ) Tj ET Q q 0 0 0 rg BT 173.06 707.10 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 213.60 707.10 Td (which ) Tj ET Q q 0 0 0 rg BT 240.54 707.10 Td (were ) Tj ET Q q 0 0 0 rg BT 262.47 707.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 298.29 707.10 Td (of) Tj ET Q q 0 0 0 rg BT 306.44 707.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 323.38 707.10 Td (by ) Tj ET Q q 0 0 0 rg BT 335.88 707.10 Td (\(iv\) ) Tj ET Q q 0 0 0 rg BT 352.81 707.10 Td (a ) Tj ET Q q 0 0 0 rg BT 359.75 707.10 Td (41 ) Tj ET Q q 0 0 0 rg BT 377.25 707.10 Td (million ) Tj ET Q q 0 0 0 rg BT 408.64 707.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 445.56 707.10 Td (in ) Tj ET Q q 0 0 0 rg BT 455.84 707.10 Td (EMEA) Tj ET Q q 0 0 0 rg BT 483.61 707.10 Td ( ) Tj ET Q q 0 0 0 rg BT 486.11 707.10 Td (net ) Tj ET Q q 0 0 0 rg BT 500.83 707.10 Td (revenues. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 683.10 Td (The ) Tj ET Q q 0 0 0 rg BT 107.99 683.10 Td (34 ) Tj ET Q q 0 0 0 rg BT 125.44 683.10 Td (million ) Tj ET Q q 0 0 0 rg BT 156.77 683.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 191.97 683.10 Td (in ) Tj ET Q q 0 0 0 rg BT 201.66 683.10 Td (Americas ) Tj ET Q q 0 0 0 rg BT 242.42 683.10 Td (net ) Tj ET Q q 0 0 0 rg BT 257.08 683.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 295.06 683.10 Td (was ) Tj ET Q q 0 0 0 rg BT 313.06 683.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 361.04 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 371.27 683.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 383.15 683.10 Td (an ) Tj ET Q q 0 0 0 rg BT 395.03 683.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 430.23 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 441.01 683.10 Td (19 ) Tj ET Q q 0 0 0 rg BT 458.45 683.10 Td (million ) Tj ET Q q 0 0 0 rg BT 489.79 683.10 Td (mainly ) Tj ET Q q 0 0 0 rg BT 520.01 683.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 548.00 683.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 671.10 Td (our ) Tj ET Q q 0 0 0 rg BT 69.58 671.10 Td (personalization ) Tj ET Q q 0 0 0 rg BT 132.92 671.10 Td (program ) Tj ET Q q 0 0 0 rg BT 169.04 671.10 Td (and ) Tj ET Q q 0 0 0 rg BT 185.73 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 200.19 671.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 217.99 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 228.57 671.10 Td (spare ) Tj ET Q q 0 0 0 rg BT 251.92 671.10 Td (parts, ) Tj ET Q q 0 0 0 rg BT 276.10 671.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 290.57 671.10 Td (positive ) Tj ET Q q 0 0 0 rg BT 324.48 671.10 Td (mix ) Tj ET Q q 0 0 0 rg BT 342.29 671.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 371.75 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 382.33 671.10 Td (10 ) Tj ET Q q 0 0 0 rg BT 399.57 671.10 Td (million ) Tj ET Q q 0 0 0 rg BT 430.71 671.10 Td (and ) Tj ET Q q 0 0 0 rg BT 447.40 671.10 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 464.64 671.10 Td (positive ) Tj ET Q q 0 0 0 rg BT 498.56 671.10 Td (volume ) Tj ET Q q 0 0 0 rg BT 530.80 671.10 Td (impact ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 64.90 659.10 Td (5 ) Tj ET Q q 0 0 0 rg BT 77.47 659.10 Td (million. ) Tj ET Q q 0 0 0 rg BT 111.25 659.10 Td (The ) Tj ET Q q 0 0 0 rg BT 129.37 659.10 Td (positive ) Tj ET Q q 0 0 0 rg BT 163.61 659.10 Td (mix ) Tj ET Q q 0 0 0 rg BT 181.74 659.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 211.52 659.10 Td (was ) Tj ET Q q 0 0 0 rg BT 229.65 659.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 277.76 659.10 Td (to ) Tj ET Q q 0 0 0 rg BT 288.11 659.10 Td (an ) Tj ET Q q 0 0 0 rg BT 300.12 659.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 335.44 659.10 Td (in ) Tj ET Q q 0 0 0 rg BT 345.79 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 360.58 659.10 Td (proportion ) Tj ET Q q 0 0 0 rg BT 405.37 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 416.27 659.10 Td (total ) Tj ET Q q 0 0 0 rg BT 436.62 659.10 Td (shipments ) Tj ET Q q 0 0 0 rg BT 479.75 659.10 Td (represented ) Tj ET Q q 0 0 0 rg BT 528.40 659.10 Td (by ) Tj ET Q q 0 0 0 rg BT 540.79 659.10 Td (V12 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 647.10 Td (models, ) Tj ET Q q 0 0 0 rg BT 88.57 647.10 Td (from ) Tj ET Q q 0 0 0 rg BT 111.20 647.10 Td (16.2 ) Tj ET Q q 0 0 0 rg BT 131.88 647.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 164.49 647.10 Td (in ) Tj ET Q q 0 0 0 rg BT 175.45 647.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 198.64 647.10 Td (to ) Tj ET Q q 0 0 0 rg BT 209.60 647.10 Td (20.9 ) Tj ET Q q 0 0 0 rg BT 230.29 647.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 262.90 647.10 Td (in ) Tj ET Q q 0 0 0 rg BT 273.86 647.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 299.54 647.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 339.94 647.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 368.67 647.10 Td (by ) Tj ET Q q 0 0 0 rg BT 381.86 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 397.26 647.10 Td (F12berlinetta, ) Tj ET Q q 0 0 0 rg BT 456.26 647.10 Td (which ) Tj ET Q q 0 0 0 rg BT 483.89 647.10 Td (also ) Tj ET Q q 0 0 0 rg BT 503.18 647.10 Td (supported ) Tj ET Q q 0 0 0 rg BT 545.81 647.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 635.10 Td (positive ) Tj ET Q q 0 0 0 rg BT 88.17 635.10 Td (volume ) Tj ET Q q 0 0 0 rg BT 120.66 635.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 150.37 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 161.20 635.10 Td (5 ) Tj ET Q q 0 0 0 rg BT 173.70 635.10 Td (million. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 611.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 611.10 Td (The ) Tj ET Q q 0 0 0 rg BT 107.98 611.10 Td (24 ) Tj ET Q q 0 0 0 rg BT 125.40 611.10 Td (million ) Tj ET Q q 0 0 0 rg BT 156.72 611.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 191.91 611.10 Td (in ) Tj ET Q q 0 0 0 rg BT 202.11 611.10 Td (Greater ) Tj ET Q q 0 0 0 rg BT 234.52 611.10 Td (China ) Tj ET Q q 0 0 0 rg BT 260.83 611.10 Td (net ) Tj ET Q q 0 0 0 rg BT 275.48 611.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 313.44 611.10 Td (was ) Tj ET Q q 0 0 0 rg BT 331.42 611.10 Td (mainly ) Tj ET Q q 0 0 0 rg BT 361.62 611.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 409.59 611.10 Td (to ) Tj ET Q q 0 0 0 rg BT 419.79 611.10 Td (a ) Tj ET Q q 0 0 0 rg BT 426.66 611.10 Td (29 ) Tj ET Q q 0 0 0 rg BT 444.09 611.10 Td (million ) Tj ET Q q 0 0 0 rg BT 475.41 611.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 510.59 611.10 Td (in ) Tj ET Q q 0 0 0 rg BT 520.80 611.10 Td (mainland ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 599.10 Td (China ) Tj ET Q q 0 0 0 rg BT 80.95 599.10 Td (net ) Tj ET Q q 0 0 0 rg BT 96.23 599.10 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 137.33 599.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 165.94 599.10 Td (by ) Tj ET Q q 0 0 0 rg BT 179.00 599.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 191.50 599.10 Td (positive ) Tj ET Q q 0 0 0 rg BT 226.23 599.10 Td (volume ) Tj ET Q q 0 0 0 rg BT 259.29 599.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 289.56 599.10 Td (of ) Tj ET Q q 0 0 0 rg BT 300.96 599.10 Td (48 ) Tj ET Q q 0 0 0 rg BT 319.02 599.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 353.48 599.10 Td (which ) Tj ET Q q 0 0 0 rg BT 380.98 599.10 Td (was ) Tj ET Q q 0 0 0 rg BT 399.59 599.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 435.98 599.10 Td (of) Tj ET Q q 0 0 0 rg BT 444.12 599.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 461.63 599.10 Td (by ) Tj ET Q q 0 0 0 rg BT 474.69 599.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 489.97 599.10 Td (a ) Tj ET Q q 0 0 0 rg BT 497.47 599.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 534.95 599.10 Td (in ) Tj ET Q q 0 0 0 rg BT 545.79 599.10 Td (net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 587.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 91.94 587.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 133.20 587.10 Td (by ) Tj ET Q q 0 0 0 rg BT 145.60 587.10 Td (our ) Tj ET Q q 0 0 0 rg BT 161.33 587.10 Td (personalization ) Tj ET Q q 0 0 0 rg BT 224.81 587.10 Td (program ) Tj ET Q q 0 0 0 rg BT 261.09 587.10 Td (and ) Tj ET Q q 0 0 0 rg BT 277.93 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 292.54 587.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 310.49 587.10 Td (of ) Tj ET Q q 0 0 0 rg BT 321.22 587.10 Td (spare ) Tj ET Q q 0 0 0 rg BT 344.71 587.10 Td (parts ) Tj ET Q q 0 0 0 rg BT 366.55 587.10 Td (of ) Tj ET Q q 0 0 0 rg BT 377.28 587.10 Td (12 ) Tj ET Q q 0 0 0 rg BT 394.68 587.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 428.47 587.10 Td (and ) Tj ET Q q 0 0 0 rg BT 445.31 587.10 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 462.70 587.10 Td (unfavorable ) Tj ET Q q 0 0 0 rg BT 512.85 587.10 Td (mix ) Tj ET Q q 0 0 0 rg BT 530.81 587.10 Td (impact ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 575.10 Td (of ) Tj ET Q q 0 0 0 rg BT 65.01 575.10 Td (7 ) Tj ET Q q 0 0 0 rg BT 77.69 575.10 Td (million. ) Tj ET Q q 0 0 0 rg BT 111.76 575.10 Td (In ) Tj ET Q q 0 0 0 rg BT 122.77 575.10 Td (particular) Tj ET Q q 0 0 0 rg BT 160.68 575.10 Td (, ) Tj ET Q q 0 0 0 rg BT 165.87 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 180.76 575.10 Td (32.9 ) Tj ET Q q 0 0 0 rg BT 200.94 575.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 233.05 575.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 268.48 575.10 Td (in ) Tj ET Q q 0 0 0 rg BT 278.94 575.10 Td (volumes, ) Tj ET Q q 0 0 0 rg BT 318.01 575.10 Td (which ) Tj ET Q q 0 0 0 rg BT 345.13 575.10 Td (benefited ) Tj ET Q q 0 0 0 rg BT 385.01 575.10 Td (net ) Tj ET Q q 0 0 0 rg BT 399.91 575.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 438.13 575.10 Td (by ) Tj ET Q q 0 0 0 rg BT 450.81 575.10 Td (48 ) Tj ET Q q 0 0 0 rg BT 468.49 575.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 502.56 575.10 Td (was ) Tj ET Q q 0 0 0 rg BT 520.79 575.10 Td (primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 563.10 Td (supported ) Tj ET Q q 0 0 0 rg BT 96.93 563.10 Td (by ) Tj ET Q q 0 0 0 rg BT 110.42 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 126.12 563.10 Td (California ) Tj ET Q q 0 0 0 rg BT 169.90 563.10 Td (T) Tj ET Q q 0 0 0 rg BT 175.83 563.10 Td ( ) Tj ET Q q 0 0 0 rg BT 179.32 563.10 Td (and ) Tj ET Q q 0 0 0 rg BT 197.24 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 212.95 563.10 Td (458 ) Tj ET Q q 0 0 0 rg BT 231.19 563.10 Td (VS, ) Tj ET Q q 0 0 0 rg BT 249.96 563.10 Td (shipments ) Tj ET Q q 0 0 0 rg BT 294.00 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 305.82 563.10 Td (which ) Tj ET Q q 0 0 0 rg BT 333.75 563.10 Td (commenced ) Tj ET Q q 0 0 0 rg BT 385.55 563.10 Td (in ) Tj ET Q q 0 0 0 rg BT 396.82 563.10 Td (mainland ) Tj ET Q q 0 0 0 rg BT 437.52 563.10 Td (China ) Tj ET Q q 0 0 0 rg BT 464.89 563.10 Td (in ) Tj ET Q q 0 0 0 rg BT 476.16 563.10 Td (late ) Tj ET Q q 0 0 0 rg BT 494.08 563.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 517.57 563.10 Td (and ) Tj ET Q q 0 0 0 rg BT 535.50 563.10 Td (2014, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 551.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 101.66 551.10 Td (. ) Tj ET Q q 0 0 0 rg BT 106.47 551.10 Td (Increases ) Tj ET Q q 0 0 0 rg BT 145.97 551.10 Td (in ) Tj ET Q q 0 0 0 rg BT 156.06 551.10 Td (shipments ) Tj ET Q q 0 0 0 rg BT 198.92 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 209.56 551.10 Td (these ) Tj ET Q q 0 0 0 rg BT 232.25 551.10 Td (V8 ) Tj ET Q q 0 0 0 rg BT 246.78 551.10 Td (models ) Tj ET Q q 0 0 0 rg BT 277.97 551.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 311.93 551.10 Td (in ) Tj ET Q q 0 0 0 rg BT 322.02 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 336.54 551.10 Td (unfavorable ) Tj ET Q q 0 0 0 rg BT 386.60 551.10 Td (mix ) Tj ET Q q 0 0 0 rg BT 404.47 551.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 433.98 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 444.62 551.10 Td (7 ) Tj ET Q q 0 0 0 rg BT 456.93 551.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 490.63 551.10 Td (as ) Tj ET Q q 0 0 0 rg BT 501.27 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 515.79 551.10 Td (proportion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 539.10 Td (of ) Tj ET Q q 0 0 0 rg BT 64.83 539.10 Td (total ) Tj ET Q q 0 0 0 rg BT 85.10 539.10 Td (shipments ) Tj ET Q q 0 0 0 rg BT 128.16 539.10 Td (represented ) Tj ET Q q 0 0 0 rg BT 176.74 539.10 Td (by ) Tj ET Q q 0 0 0 rg BT 189.06 539.10 Td (V8 ) Tj ET Q q 0 0 0 rg BT 203.79 539.10 Td (models ) Tj ET Q q 0 0 0 rg BT 235.17 539.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 275.43 539.10 Td (from ) Tj ET Q q 0 0 0 rg BT 297.36 539.10 Td (70.8 ) Tj ET Q q 0 0 0 rg BT 317.36 539.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 349.29 539.10 Td (in ) Tj ET Q q 0 0 0 rg BT 359.57 539.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 382.07 539.10 Td (to ) Tj ET Q q 0 0 0 rg BT 392.34 539.10 Td (76.3 ) Tj ET Q q 0 0 0 rg BT 412.34 539.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 444.27 539.10 Td (in ) Tj ET Q q 0 0 0 rg BT 454.55 539.10 Td (2014. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 515.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 515.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.73 515.10 Td (17 ) Tj ET Q q 0 0 0 rg BT 126.91 515.10 Td (million ) Tj ET Q q 0 0 0 rg BT 158.98 515.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 194.92 515.10 Td (in ) Tj ET Q q 0 0 0 rg BT 205.88 515.10 Td (Rest ) Tj ET Q q 0 0 0 rg BT 226.84 515.10 Td (of ) Tj ET Q q 0 0 0 rg BT 237.65 515.10 Td (AP) Tj ET Q q 0 0 0 rg BT 249.51 515.10 Td (AC ) Tj ET Q q 0 0 0 rg BT 266.58 515.10 Td (net ) Tj ET Q q 0 0 0 rg BT 281.98 515.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 320.70 515.10 Td (was ) Tj ET Q q 0 0 0 rg BT 339.43 515.10 Td (mainly ) Tj ET Q q 0 0 0 rg BT 370.39 515.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 399.11 515.10 Td (by ) Tj ET Q q 0 0 0 rg BT 412.30 515.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 452.12 515.10 Td (in ) Tj ET Q q 0 0 0 rg BT 463.08 515.10 Td (Japan ) Tj ET Q q 0 0 0 rg BT 489.03 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 505.95 515.10 Td (Australia ) Tj ET Q q 0 0 0 rg BT 545.79 515.10 Td (net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 503.10 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 95.09 503.10 Td (both ) Tj ET Q q 0 0 0 rg BT 115.91 503.10 Td (of ) Tj ET Q q 0 0 0 rg BT 127.29 503.10 Td (which ) Tj ET Q q 0 0 0 rg BT 154.78 503.10 Td (were ) Tj ET Q q 0 0 0 rg BT 177.25 503.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 217.51 503.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 246.11 503.10 Td (by ) Tj ET Q q 0 0 0 rg BT 259.16 503.10 Td (an ) Tj ET Q q 0 0 0 rg BT 271.65 503.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 307.45 503.10 Td (in ) Tj ET Q q 0 0 0 rg BT 318.27 503.10 Td (shipments. ) Tj ET Q q 0 0 0 rg BT 364.38 503.10 Td (In ) Tj ET Q q 0 0 0 rg BT 375.76 503.10 Td (particular) Tj ET Q q 0 0 0 rg BT 413.67 503.10 Td (, ) Tj ET Q q 0 0 0 rg BT 419.22 503.10 Td (Japan ) Tj ET Q q 0 0 0 rg BT 445.03 503.10 Td (net ) Tj ET Q q 0 0 0 rg BT 460.30 503.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 498.88 503.10 Td (were ) Tj ET Q q 0 0 0 rg BT 521.36 503.10 Td (impacted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 491.10 Td (positively ) Tj ET Q q 0 0 0 rg BT 96.82 491.10 Td (by ) Tj ET Q q 0 0 0 rg BT 110.19 491.10 Td (an ) Tj ET Q q 0 0 0 rg BT 123.01 491.10 Td (18.4 ) Tj ET Q q 0 0 0 rg BT 143.88 491.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 176.68 491.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 212.81 491.10 Td (in ) Tj ET Q q 0 0 0 rg BT 223.97 491.10 Td (shipments, ) Tj ET Q q 0 0 0 rg BT 270.40 491.10 Td (lar) Tj ET Q q 0 0 0 rg BT 280.76 491.10 Td (gely ) Tj ET Q q 0 0 0 rg BT 301.36 491.10 Td (due ) Tj ET Q q 0 0 0 rg BT 319.17 491.10 Td (to ) Tj ET Q q 0 0 0 rg BT 330.32 491.10 Td (the ) Tj ET Q q 0 0 0 rg BT 345.92 491.10 Td (458 ) Tj ET Q q 0 0 0 rg BT 364.05 491.10 Td (VS. ) Tj ET Q q 0 0 0 rg BT 382.46 491.10 Td (The ) Tj ET Q q 0 0 0 rg BT 401.39 491.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 437.51 491.10 Td (in ) Tj ET Q q 0 0 0 rg BT 447.92 491.10 Td (Australia ) Tj ET Q q 0 0 0 rg BT 487.95 491.10 Td (net ) Tj ET Q q 0 0 0 rg BT 503.55 491.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 542.46 491.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 479.10 Td (supported ) Tj ET Q q 0 0 0 rg BT 95.84 479.10 Td (by ) Tj ET Q q 0 0 0 rg BT 108.25 479.10 Td (an ) Tj ET Q q 0 0 0 rg BT 120.10 479.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 155.26 479.10 Td (in ) Tj ET Q q 0 0 0 rg BT 165.44 479.10 Td (shipments, ) Tj ET Q q 0 0 0 rg BT 210.90 479.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 238.86 479.10 Td (by ) Tj ET Q q 0 0 0 rg BT 251.26 479.10 Td (our ) Tj ET Q q 0 0 0 rg BT 267.00 479.10 Td (new ) Tj ET Q q 0 0 0 rg BT 285.53 479.10 Td (Australian ) Tj ET Q q 0 0 0 rg BT 329.60 479.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 356.43 479.10 Td (which ) Tj ET Q q 0 0 0 rg BT 383.27 479.10 Td (commenced ) Tj ET Q q 0 0 0 rg BT 433.99 479.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 478.05 479.10 Td (in ) Tj ET Q q 0 0 0 rg BT 488.23 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 502.86 479.10 Td (fourth ) Tj ET Q q 0 0 0 rg BT 529.70 479.10 Td (quarter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 467.10 Td (of ) Tj ET Q q 0 0 0 rg BT 64.83 467.10 Td (2013. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 443.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 443.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.27 443.10 Td (41 ) Tj ET Q q 0 0 0 rg BT 126.00 443.10 Td (million ) Tj ET Q q 0 0 0 rg BT 157.62 443.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 194.76 443.10 Td (in ) Tj ET Q q 0 0 0 rg BT 205.26 443.10 Td (EMEA) Tj ET Q q 0 0 0 rg BT 233.04 443.10 Td ( ) Tj ET Q q 0 0 0 rg BT 235.77 443.10 Td (net ) Tj ET Q q 0 0 0 rg BT 250.71 443.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 288.97 443.10 Td (was ) Tj ET Q q 0 0 0 rg BT 307.25 443.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 347.19 443.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 395.45 443.10 Td (to ) Tj ET Q q 0 0 0 rg BT 405.96 443.10 Td (a ) Tj ET Q q 0 0 0 rg BT 413.12 443.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 450.26 443.10 Td (in ) Tj ET Q q 0 0 0 rg BT 460.76 443.10 Td (shipments. ) Tj ET Q q 0 0 0 rg BT 506.55 443.10 Td (In ) Tj ET Q q 0 0 0 rg BT 517.60 443.10 Td (particular) Tj ET Q q 0 0 0 rg BT 555.51 443.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 431.10 Td (Germany ) Tj ET Q q 0 0 0 rg BT 94.35 431.10 Td (net ) Tj ET Q q 0 0 0 rg BT 109.71 431.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 148.39 431.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 190.95 431.10 Td (by ) Tj ET Q q 0 0 0 rg BT 204.09 431.10 Td (17 ) Tj ET Q q 0 0 0 rg BT 222.24 431.10 Td (million ) Tj ET Q q 0 0 0 rg BT 254.27 431.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 282.96 431.10 Td (by ) Tj ET Q q 0 0 0 rg BT 296.11 431.10 Td (an ) Tj ET Q q 0 0 0 rg BT 308.69 431.10 Td (1) Tj ET Q q 0 0 0 rg BT 313.32 431.10 Td (1.6 ) Tj ET Q q 0 0 0 rg BT 328.96 431.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 361.53 431.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 399.08 431.10 Td (in ) Tj ET Q q 0 0 0 rg BT 410.01 431.10 Td (shipments, ) Tj ET Q q 0 0 0 rg BT 456.21 431.10 Td (Switzerland ) Tj ET Q q 0 0 0 rg BT 507.11 431.10 Td (net ) Tj ET Q q 0 0 0 rg BT 522.47 431.10 Td (revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 419.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 95.16 419.10 Td (by ) Tj ET Q q 0 0 0 rg BT 106.91 419.10 Td (9 ) Tj ET Q q 0 0 0 rg BT 118.65 419.10 Td (million ) Tj ET Q q 0 0 0 rg BT 149.29 419.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 176.58 419.10 Td (by ) Tj ET Q q 0 0 0 rg BT 188.33 419.10 Td (a ) Tj ET Q q 0 0 0 rg BT 194.51 419.10 Td (12.6 ) Tj ET Q q 0 0 0 rg BT 213.76 419.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 244.93 419.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 281.08 419.10 Td (in ) Tj ET Q q 0 0 0 rg BT 290.61 419.10 Td (shipments ) Tj ET Q q 0 0 0 rg BT 332.91 419.10 Td (and ) Tj ET Q q 0 0 0 rg BT 349.10 419.10 Td (Rest ) Tj ET Q q 0 0 0 rg BT 368.62 419.10 Td (of ) Tj ET Q q 0 0 0 rg BT 378.69 419.10 Td (EMEA) Tj ET Q q 0 0 0 rg BT 406.47 419.10 Td ( ) Tj ET Q q 0 0 0 rg BT 408.22 419.10 Td (net ) Tj ET Q q 0 0 0 rg BT 422.18 419.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 459.46 419.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 500.62 419.10 Td (by ) Tj ET Q q 0 0 0 rg BT 512.37 419.10 Td (21 ) Tj ET Q q 0 0 0 rg BT 529.11 419.10 Td (million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 407.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 82.25 407.10 Td (by ) Tj ET Q q 0 0 0 rg BT 94.95 407.10 Td (a ) Tj ET Q q 0 0 0 rg BT 102.09 407.10 Td (12.4 ) Tj ET Q q 0 0 0 rg BT 122.29 407.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 154.41 407.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 191.52 407.10 Td (in ) Tj ET Q q 0 0 0 rg BT 202.00 407.10 Td (shipments. ) Tj ET Q q 0 0 0 rg BT 247.76 407.10 Td (Such ) Tj ET Q q 0 0 0 rg BT 270.46 407.10 Td (decreases ) Tj ET Q q 0 0 0 rg BT 311.47 407.10 Td (were ) Tj ET Q q 0 0 0 rg BT 333.59 407.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 369.62 407.10 Td (of) Tj ET Q q 0 0 0 rg BT 377.76 407.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 394.90 407.10 Td (by ) Tj ET Q q 0 0 0 rg BT 407.60 407.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 446.95 407.10 Td (in ) Tj ET Q q 0 0 0 rg BT 457.43 407.10 Td (UK ) Tj ET Q q 0 0 0 rg BT 474.57 407.10 Td (net ) Tj ET Q q 0 0 0 rg BT 489.49 407.10 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 530.23 407.10 Td (mainly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 395.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 102.58 395.10 Td (to ) Tj ET Q q 0 0 0 rg BT 113.39 395.10 Td (favorable ) Tj ET Q q 0 0 0 rg BT 154.19 395.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 186.10 395.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 224.12 395.10 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 274.37 395.10 Td (and ) Tj ET Q q 0 0 0 rg BT 291.85 395.10 Td (Middle ) Tj ET Q q 0 0 0 rg BT 323.78 395.10 Td (East ) Tj ET Q q 0 0 0 rg BT 344.03 395.10 Td (net ) Tj ET Q q 0 0 0 rg BT 359.29 395.10 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 400.36 395.10 Td (which ) Tj ET Q q 0 0 0 rg BT 427.84 395.10 Td (was ) Tj ET Q q 0 0 0 rg BT 446.43 395.10 Td (supported ) Tj ET Q q 0 0 0 rg BT 488.91 395.10 Td (by ) Tj ET Q q 0 0 0 rg BT 501.95 395.10 Td (an ) Tj ET Q q 0 0 0 rg BT 514.43 395.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 550.22 395.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 383.10 Td (shipments.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 359.10 Td (Engines) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 335.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 335.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 107.10 335.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 145.31 335.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 186.83 335.10 Td (from ) Tj ET Q q 0 0 0 rg BT 208.94 335.10 Td (engines ) Tj ET Q q 0 0 0 rg BT 242.15 335.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.24 335.10 Td (31) Tj ET Q q 0 0 0 rg BT 278.87 335.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 286.54 335.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.43 335.10 Td ( ) Tj ET Q q 0 0 0 rg BT 318.09 335.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.42 335.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.42 335.10 Td (, ) Tj ET Q q 0 0 0 rg BT 357.58 335.10 Td (an ) Tj ET Q q 0 0 0 rg BT 369.69 335.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 405.11 335.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.10 335.10 Td (123 ) Tj ET Q q 0 0 0 rg BT 438.77 335.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.66 335.10 Td (, ) Tj ET Q q 0 0 0 rg BT 472.82 335.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.82 335.10 Td (65.4 ) Tj ET Q q 0 0 0 rg BT 503.98 335.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.41 335.10 Td (, ) Tj ET Q q 0 0 0 rg BT 538.57 335.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 323.10 Td (188 ) Tj ET Q q 0 0 0 rg BT 75.63 323.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.52 323.10 Td ( ) Tj ET Q q 0 0 0 rg BT 106.15 323.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.44 323.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.44 323.10 Td (. ) Tj ET Q q 0 0 0 rg BT 143.46 323.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.64 323.10 Td (123 ) Tj ET Q q 0 0 0 rg BT 182.27 323.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.16 323.10 Td ( ) Tj ET Q q 0 0 0 rg BT 212.79 323.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 247.17 323.10 Td (was ) Tj ET Q q 0 0 0 rg BT 264.36 323.10 Td (mainly ) Tj ET Q q 0 0 0 rg BT 293.76 323.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 340.93 323.10 Td (to ) Tj ET Q q 0 0 0 rg BT 350.34 323.10 Td (an ) Tj ET Q q 0 0 0 rg BT 361.41 323.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 395.79 323.10 Td (in ) Tj ET Q q 0 0 0 rg BT 405.20 323.10 Td (the ) Tj ET Q q 0 0 0 rg BT 419.05 323.10 Td (volume ) Tj ET Q q 0 0 0 rg BT 450.67 323.10 Td (of ) Tj ET Q q 0 0 0 rg BT 460.64 323.10 Td (engines ) Tj ET Q q 0 0 0 rg BT 492.81 323.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 511.11 323.10 Td (to ) Tj ET Q q 0 0 0 rg BT 520.52 323.10 Td (Maserati, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 311.10 Td (and ) Tj ET Q q 0 0 0 rg BT 70.77 311.10 Td (to ) Tj ET Q q 0 0 0 rg BT 80.88 311.10 Td (a ) Tj ET Q q 0 0 0 rg BT 87.65 311.10 Td (lesser ) Tj ET Q q 0 0 0 rg BT 112.75 311.10 Td (extent, ) Tj ET Q q 0 0 0 rg BT 142.02 311.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 169.89 311.10 Td (by ) Tj ET Q q 0 0 0 rg BT 182.23 311.10 Td (an ) Tj ET Q q 0 0 0 rg BT 194.00 311.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 229.08 311.10 Td (in ) Tj ET Q q 0 0 0 rg BT 239.19 311.10 Td (net ) Tj ET Q q 0 0 0 rg BT 253.74 311.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 291.61 311.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 332.80 311.10 Td (by ) Tj ET Q q 0 0 0 rg BT 345.13 311.10 Td (the ) Tj ET Q q 0 0 0 rg BT 359.68 311.10 Td (rental ) Tj ET Q q 0 0 0 rg BT 384.78 311.10 Td (of ) Tj ET Q q 0 0 0 rg BT 395.44 311.10 Td (engines ) Tj ET Q q 0 0 0 rg BT 428.32 311.10 Td (to ) Tj ET Q q 0 0 0 rg BT 438.43 311.10 Td (other ) Tj ET Q q 0 0 0 rg BT 461.30 311.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 497.52 311.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 504.85 311.10 Td (racing ) Tj ET Q q 0 0 0 rg BT 532.17 311.10 Td (teams. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 299.10 Td (In ) Tj ET Q q 0 0 0 rg BT 65.05 299.10 Td (particular) Tj ET Q q 0 0 0 rg BT 102.96 299.10 Td (, ) Tj ET Q q 0 0 0 rg BT 108.19 299.10 Td (the ) Tj ET Q q 0 0 0 rg BT 123.13 299.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 168.07 299.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 203.55 299.10 Td (in ) Tj ET Q q 0 0 0 rg BT 214.05 299.10 Td (volumes ) Tj ET Q q 0 0 0 rg BT 250.66 299.10 Td (of ) Tj ET Q q 0 0 0 rg BT 261.71 299.10 Td (Maserati ) Tj ET Q q 0 0 0 rg BT 299.42 299.10 Td (engines ) Tj ET Q q 0 0 0 rg BT 332.70 299.10 Td (was ) Tj ET Q q 0 0 0 rg BT 350.97 299.10 Td (due ) Tj ET Q q 0 0 0 rg BT 368.14 299.10 Td (to ) Tj ET Q q 0 0 0 rg BT 378.64 299.10 Td (the ) Tj ET Q q 0 0 0 rg BT 393.58 299.10 Td (start ) Tj ET Q q 0 0 0 rg BT 413.52 299.10 Td (of ) Tj ET Q q 0 0 0 rg BT 424.58 299.10 Td (production ) Tj ET Q q 0 0 0 rg BT 470.63 299.10 Td (of ) Tj ET Q q 0 0 0 rg BT 481.68 299.10 Td (new ) Tj ET Q q 0 0 0 rg BT 501.07 299.10 Td (generation ) Tj ET Q q 0 0 0 rg BT 545.80 299.10 Td (V6 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 287.10 Td (engines ) Tj ET Q q 0 0 0 rg BT 86.78 287.10 Td (in ) Tj ET Q q 0 0 0 rg BT 96.79 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 111.24 287.10 Td (fourth ) Tj ET Q q 0 0 0 rg BT 137.91 287.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 168.46 287.10 Td (of ) Tj ET Q q 0 0 0 rg BT 179.02 287.10 Td (2013. ) Tj ET Q q 0 0 0 rg BT 203.26 287.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 252.60 287.10 Td (, ) Tj ET Q q 0 0 0 rg BT 257.33 287.10 Td (net ) Tj ET Q q 0 0 0 rg BT 271.78 287.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 309.55 287.10 Td (for ) Tj ET Q q 0 0 0 rg BT 323.44 287.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 345.68 287.10 Td (benefited ) Tj ET Q q 0 0 0 rg BT 385.11 287.10 Td (from ) Tj ET Q q 0 0 0 rg BT 406.78 287.10 Td (a ) Tj ET Q q 0 0 0 rg BT 413.46 287.10 Td (full ) Tj ET Q q 0 0 0 rg BT 429.58 287.10 Td (year ) Tj ET Q q 0 0 0 rg BT 449.02 287.10 Td (of ) Tj ET Q q 0 0 0 rg BT 459.58 287.10 Td (production. ) Tj ET Q q 0 0 0 rg BT 507.47 287.10 Td (The ) Tj ET Q q 0 0 0 rg BT 525.25 287.10 Td (increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 275.10 Td (in ) Tj ET Q q 0 0 0 rg BT 63.80 275.10 Td (net ) Tj ET Q q 0 0 0 rg BT 78.04 275.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 115.60 275.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 156.49 275.10 Td (from ) Tj ET Q q 0 0 0 rg BT 177.95 275.10 Td (the ) Tj ET Q q 0 0 0 rg BT 192.19 275.10 Td (rental ) Tj ET Q q 0 0 0 rg BT 216.98 275.10 Td (of ) Tj ET Q q 0 0 0 rg BT 227.33 275.10 Td (engines ) Tj ET Q q 0 0 0 rg BT 259.91 275.10 Td (to ) Tj ET Q q 0 0 0 rg BT 269.71 275.10 Td (other ) Tj ET Q q 0 0 0 rg BT 292.28 275.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 328.19 275.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 335.21 275.10 Td (racing ) Tj ET Q q 0 0 0 rg BT 362.22 275.10 Td (teams ) Tj ET Q q 0 0 0 rg BT 387.57 275.10 Td (was ) Tj ET Q q 0 0 0 rg BT 405.15 275.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 432.72 275.10 Td (by ) Tj ET Q q 0 0 0 rg BT 444.74 275.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 472.31 275.10 Td (pricing. ) Tj ET Q q 0 0 0 rg BT 505.16 275.10 Td (During ) Tj ET Q q 0 0 0 rg BT 535.52 275.10 Td (2013, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 263.10 Td (we ) Tj ET Q q 0 0 0 rg BT 68.33 263.10 Td (rented ) Tj ET Q q 0 0 0 rg BT 95.79 263.10 Td (V8 ) Tj ET Q q 0 0 0 rg BT 110.69 263.10 Td (engines ) Tj ET Q q 0 0 0 rg BT 143.90 263.10 Td (to ) Tj ET Q q 0 0 0 rg BT 154.35 263.10 Td (other ) Tj ET Q q 0 0 0 rg BT 177.57 263.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 214.13 263.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 221.80 263.10 Td (racing ) Tj ET Q q 0 0 0 rg BT 249.46 263.10 Td (teams. ) Tj ET Q q 0 0 0 rg BT 277.95 263.10 Td (During ) Tj ET Q q 0 0 0 rg BT 308.95 263.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 334.12 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 348.82 263.10 Td (W) Tj ET Q q 0 0 0 rg BT 357.46 263.10 Td (orld ) Tj ET Q q 0 0 0 rg BT 376.24 263.10 Td (Championship ) Tj ET Q q 0 0 0 rg BT 437.24 263.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 484.35 263.10 Td (introduced ) Tj ET Q q 0 0 0 rg BT 529.78 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 544.67 263.10 Td (use ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 251.10 Td (of ) Tj ET Q q 0 0 0 rg BT 64.95 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 79.60 251.10 Td (V6 ) Tj ET Q q 0 0 0 rg BT 94.44 251.10 Td (turbo ) Tj ET Q q 0 0 0 rg BT 118.17 251.10 Td (engines ) Tj ET Q q 0 0 0 rg BT 151.33 251.10 Td (including ) Tj ET Q q 0 0 0 rg BT 191.73 251.10 Td (ener) Tj ET Q q 0 0 0 rg BT 208.75 251.10 Td (gy ) Tj ET Q q 0 0 0 rg BT 221.37 251.10 Td (recovery ) Tj ET Q q 0 0 0 rg BT 258.97 251.10 Td (systems. ) Tj ET Q q 0 0 0 rg BT 295.76 251.10 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 350.86 251.10 Td (during ) Tj ET Q q 0 0 0 rg BT 379.59 251.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 404.71 251.10 Td (we ) Tj ET Q q 0 0 0 rg BT 418.99 251.10 Td (not ) Tj ET Q q 0 0 0 rg BT 434.39 251.10 Td (only ) Tj ET Q q 0 0 0 rg BT 454.78 251.10 Td (rented ) Tj ET Q q 0 0 0 rg BT 482.39 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 497.23 251.10 Td (engine ) Tj ET Q q 0 0 0 rg BT 526.50 251.10 Td (but ) Tj ET Q q 0 0 0 rg BT 541.90 251.10 Td (also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 68.47 239.10 Td (gearbox ) Tj ET Q q 0 0 0 rg BT 102.93 239.10 Td (\(which ) Tj ET Q q 0 0 0 rg BT 132.95 239.10 Td (are ) Tj ET Q q 0 0 0 rg BT 147.40 239.10 Td (collectively ) Tj ET Q q 0 0 0 rg BT 196.30 239.10 Td (referred ) Tj ET Q q 0 0 0 rg BT 230.19 239.10 Td (to ) Tj ET Q q 0 0 0 rg BT 240.22 239.10 Td (as ) Tj ET Q q 0 0 0 rg BT 250.80 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 265.26 239.10 Td (power ) Tj ET Q q 0 0 0 rg BT 296.94 239.10 Td (unit\) ) Tj ET Q q 0 0 0 rg BT 322.52 239.10 Td (to ) Tj ET Q q 0 0 0 rg BT 332.55 239.10 Td (other ) Tj ET Q q 0 0 0 rg BT 355.35 239.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 391.49 239.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 398.74 239.10 Td (racing ) Tj ET Q q 0 0 0 rg BT 425.97 239.10 Td (teams. ) Tj ET Q q 0 0 0 rg BT 453.55 239.10 Td (Accordingly ) Tj ET Q q 0 0 0 rg BT 505.79 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 520.26 239.10 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 227.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 84.83 227.10 Td (reflected ) Tj ET Q q 0 0 0 rg BT 122.30 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 137.01 227.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 177.27 227.10 Td (technology ) Tj ET Q q 0 0 0 rg BT 224.20 227.10 Td (of ) Tj ET Q q 0 0 0 rg BT 235.03 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 249.75 227.10 Td (engines ) Tj ET Q q 0 0 0 rg BT 282.79 227.10 Td (and ) Tj ET Q q 0 0 0 rg BT 299.73 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 314.45 227.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 356.94 227.10 Td (hardware ) Tj ET Q q 0 0 0 rg BT 396.64 227.10 Td (rented ) Tj ET Q q 0 0 0 rg BT 424.12 227.10 Td (as ) Tj ET Q q 0 0 0 rg BT 434.95 227.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 476.88 227.10 Td (to ) Tj ET Q q 0 0 0 rg BT 487.15 227.10 Td (2013. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 203.10 Td (Sponsorship, ) Tj ET Q q 0 0 0 rg BT 108.45 203.10 Td (commer) Tj ET Q q 0 0 0 rg BT 140.29 203.10 Td (cial ) Tj ET Q q 0 0 0 rg BT 157.79 203.10 Td (and ) Tj ET Q q 0 0 0 rg BT 175.29 203.10 Td (brand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 179.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 179.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 106.28 179.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 143.67 179.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 184.38 179.10 Td (from ) Tj ET Q q 0 0 0 rg BT 205.66 179.10 Td (sponsorship, ) Tj ET Q q 0 0 0 rg BT 257.79 179.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 306.83 179.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 354.21 179.10 Td (and ) Tj ET Q q 0 0 0 rg BT 370.49 179.10 Td (brand ) Tj ET Q q 0 0 0 rg BT 395.11 179.10 Td (management ) Tj ET Q q 0 0 0 rg BT 448.04 179.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 485.99 179.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.26 179.10 Td (417 ) Tj ET Q q 0 0 0 rg BT 529.11 179.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.00 179.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 167.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.11 167.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.11 167.10 Td (, ) Tj ET Q q 0 0 0 rg BT 91.05 167.10 Td (an ) Tj ET Q q 0 0 0 rg BT 101.93 167.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 136.13 167.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.91 167.10 Td (5 ) Tj ET Q q 0 0 0 rg BT 157.35 167.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.25 167.10 Td (, ) Tj ET Q q 0 0 0 rg BT 190.19 167.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.97 167.10 Td (1.2 ) Tj ET Q q 0 0 0 rg BT 213.91 167.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.34 167.10 Td (, ) Tj ET Q q 0 0 0 rg BT 247.28 167.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.17 167.10 Td (412 ) Tj ET Q q 0 0 0 rg BT 289.61 167.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.50 167.10 Td ( ) Tj ET Q q 0 0 0 rg BT 319.95 167.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.05 167.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.05 167.10 Td (. ) Tj ET Q q 0 0 0 rg BT 356.89 167.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.89 167.10 Td (5 ) Tj ET Q q 0 0 0 rg BT 385.33 167.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.22 167.10 Td ( ) Tj ET Q q 0 0 0 rg BT 415.67 167.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 449.87 167.10 Td (in ) Tj ET Q q 0 0 0 rg BT 459.09 167.10 Td (sponsorship, ) Tj ET Q q 0 0 0 rg BT 510.82 167.10 Td (commercial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 155.10 Td (and ) Tj ET Q q 0 0 0 rg BT 70.41 155.10 Td (brand ) Tj ET Q q 0 0 0 rg BT 95.15 155.10 Td (net ) Tj ET Q q 0 0 0 rg BT 109.33 155.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 146.84 155.10 Td (was ) Tj ET Q q 0 0 0 rg BT 164.36 155.10 Td (mainly ) Tj ET Q q 0 0 0 rg BT 194.11 155.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 221.62 155.10 Td (by ) Tj ET Q q 0 0 0 rg BT 233.59 155.10 Td (new ) Tj ET Q q 0 0 0 rg BT 252.23 155.10 Td (sponsorship ) Tj ET Q q 0 0 0 rg BT 301.98 155.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 340.04 155.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 371.44 155.10 Td (into ) Tj ET Q q 0 0 0 rg BT 388.96 155.10 Td (by ) Tj ET Q q 0 0 0 rg BT 400.93 155.10 Td (our ) Tj ET Q q 0 0 0 rg BT 416.23 155.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 452.09 155.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 459.06 155.10 Td (racing ) Tj ET Q q 0 0 0 rg BT 486.02 155.10 Td (team ) Tj ET Q q 0 0 0 rg BT 507.42 155.10 Td (during ) Tj ET Q q 0 0 0 rg BT 535.50 155.10 Td (2014. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 131.10 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 107.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 107.10 Td (Other) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 112.77 107.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.16 107.10 Td (net ) Tj ET Q q 0 0 0 rg BT 129.77 107.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 167.70 107.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.52 107.10 Td (90 ) Tj ET Q q 0 0 0 rg BT 206.91 107.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.81 107.10 Td ( ) Tj ET Q q 0 0 0 rg BT 238.20 107.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.25 107.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.25 107.10 Td (, ) Tj ET Q q 0 0 0 rg BT 277.14 107.10 Td (an ) Tj ET Q q 0 0 0 rg BT 288.97 107.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 324.12 107.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.84 107.10 Td (10 ) Tj ET Q q 0 0 0 rg BT 352.24 107.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.13 107.10 Td (, ) Tj ET Q q 0 0 0 rg BT 386.02 107.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.74 107.10 Td (12.5 ) Tj ET Q q 0 0 0 rg BT 416.64 107.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.06 107.10 Td (, ) Tj ET Q q 0 0 0 rg BT 450.95 107.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.78 107.10 Td (80 ) Tj ET Q q 0 0 0 rg BT 490.18 107.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.07 107.10 Td ( ) Tj ET Q q 0 0 0 rg BT 521.46 107.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.51 107.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.51 107.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 95.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.62 95.10 Td (10 ) Tj ET Q q 0 0 0 rg BT 88.69 95.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.58 95.10 Td ( ) Tj ET Q q 0 0 0 rg BT 119.65 95.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 154.47 95.10 Td (in ) Tj ET Q q 0 0 0 rg BT 164.32 95.10 Td (other ) Tj ET Q q 0 0 0 rg BT 186.94 95.10 Td (net ) Tj ET Q q 0 0 0 rg BT 201.23 95.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 238.83 95.10 Td (was ) Tj ET Q q 0 0 0 rg BT 256.46 95.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 295.74 95.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 323.36 95.10 Td (by ) Tj ET Q q 0 0 0 rg BT 335.43 95.10 Td (an ) Tj ET Q q 0 0 0 rg BT 346.93 95.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 381.76 95.10 Td (in ) Tj ET Q q 0 0 0 rg BT 391.61 95.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 423.11 95.10 Td (income ) Tj ET Q q 0 0 0 rg BT 454.62 95.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 495.55 95.10 Td (by ) Tj ET Q q 0 0 0 rg BT 507.62 95.10 Td (our ) Tj ET Q q 0 0 0 rg BT 523.02 95.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 83.10 Td (services ) Tj ET Q q 0 0 0 rg BT 88.71 83.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 127.31 83.10 Td (due ) Tj ET Q q 0 0 0 rg BT 144.24 83.10 Td (to ) Tj ET Q q 0 0 0 rg BT 154.52 83.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 194.78 83.10 Td (volumes.) Tj ET Q endstream endobj 153 0 obj <> endobj 154 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (68) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 731.25 Td (Cost of sales) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 654.75 98.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 151.50 654.75 30.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.50 654.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.50 654.75 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 229.50 654.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.50 654.75 30.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 654.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 654.75 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 654.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 654.75 30.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 654.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 654.75 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 654.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 654.75 35.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 654.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 654.75 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 654.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 654.75 35.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 654.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 654.75 39.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 151.5 695.75 m 181.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 695.75 m 185.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185.5 695.75 m 229.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 229.5 695.75 m 233.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 695.75 m 263.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 695.75 m 267.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 695.75 m 311.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 695.75 m 315.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 695.75 m 345.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 695.75 m 349.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 695.75 m 393.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 695.75 m 432.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 695.75 m 436.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 695.75 m 475.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 695.75 m 479.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 695.75 m 514.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 695.75 m 518.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 695.75 m 557.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 151.5 695.75 m 181.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 151.5 666.75 m 181.5 666.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185.5 666.75 m 229.5 666.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 695.75 m 263.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 666.75 m 263.5 666.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 695.75 m 311.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 666.75 m 311.5 666.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 695.75 m 345.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 666.75 m 345.5 666.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 695.75 m 393.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 666.75 m 393.5 666.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 666.75 m 432.5 666.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 666.75 m 436.5 666.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 666.75 m 475.5 666.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 666.75 m 514.5 666.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 666.75 m 518.5 666.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 666.75 m 557.5 666.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 700.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 213.90 699.98 Td (For the years ended December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 396.00 700.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.60 699.98 Td (Increase/\(Decrease\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 671.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 158.00 670.98 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 184.00 671.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 188.15 686.98 Td (Per) Tj ET Q q 0 0 0 rg BT 199.99 686.98 Td (centage ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 197.30 678.98 Td (of net ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 191.95 670.98 Td (r) Tj ET Q q 0 0 0 rg BT 195.36 670.98 Td (evenues) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 232.00 671.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 240.00 670.98 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 266.00 671.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 270.15 686.98 Td (Per) Tj ET Q q 0 0 0 rg BT 281.99 686.98 Td (centage ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 279.30 678.98 Td (of net ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.95 670.98 Td (r) Tj ET Q q 0 0 0 rg BT 277.36 670.98 Td (evenues) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 314.00 671.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 322.00 670.98 Td (2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 348.00 671.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 352.15 686.98 Td (Per) Tj ET Q q 0 0 0 rg BT 363.99 686.98 Td (centage ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 361.30 678.98 Td (of net ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 355.95 670.98 Td (r) Tj ET Q q 0 0 0 rg BT 359.36 670.98 Td (evenues) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 396.00 671.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.40 670.98 Td (2015 vs. 2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 478.00 671.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.40 670.98 Td (2014 vs. 2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 658.70 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 310.65 658.80 Td (\( million, except percentages\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 646.00 Td (Cost of sales) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 160.30 646.00 Td (1,499) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 184.00 646.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 208.25 646.00 Td (52.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 222.30 646.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 232.00 646.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.30 646.00 Td (1,506) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 266.00 646.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 290.25 646.00 Td (54.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.30 646.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 314.00 646.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 324.30 646.00 Td (1,235) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 348.00 646.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.25 646.00 Td (52.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 386.30 646.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 396.00 646.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.60 646.00 Td (\(7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.30 646.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 435.00 646.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.95 646.00 Td (\(0.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 465.65 646.00 Td (\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 478.00 646.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.30 646.00 Td (271) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 517.00 646.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.30 646.00 Td (21.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 646.00 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 618.25 Td (2015) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 618.25 Td ( ) Tj ET Q q 0 0 0 rg BT 76.50 618.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 119.55 618.25 Td (to ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 129.83 618.25 Td (2014) Tj ET Q BT /F4 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 594.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 594.25 Td (Cost ) Tj ET Q q 0 0 0 rg BT 110.91 594.25 Td (of ) Tj ET Q q 0 0 0 rg BT 121.81 594.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 143.81 594.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.04 594.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.04 594.25 Td ( ) Tj ET Q q 0 0 0 rg BT 180.61 594.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.73 594.25 Td (1,499 ) Tj ET Q q 0 0 0 rg BT 228.80 594.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.69 594.25 Td (, ) Tj ET Q q 0 0 0 rg BT 262.76 594.25 Td (a ) Tj ET Q q 0 0 0 rg BT 269.77 594.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 306.75 594.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 594.25 Td (7 ) Tj ET Q q 0 0 0 rg BT 330.21 594.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.11 594.25 Td (, ) Tj ET Q q 0 0 0 rg BT 364.17 594.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.07 594.25 Td (0.5 ) Tj ET Q q 0 0 0 rg BT 390.14 594.25 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.57 594.25 Td (, ) Tj ET Q q 0 0 0 rg BT 424.63 594.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.64 594.25 Td (1,506 ) Tj ET Q q 0 0 0 rg BT 476.71 594.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.60 594.25 Td ( ) Tj ET Q q 0 0 0 rg BT 508.17 594.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.40 594.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.40 594.25 Td (. ) Tj ET Q q 0 0 0 rg BT 546.90 594.25 Td (As ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 582.25 Td (a ) Tj ET Q q 0 0 0 rg BT 60.94 582.25 Td (percentage ) Tj ET Q q 0 0 0 rg BT 106.74 582.25 Td (of ) Tj ET Q q 0 0 0 rg BT 117.57 582.25 Td (net ) Tj ET Q q 0 0 0 rg BT 132.29 582.25 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 172.82 582.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 191.43 582.25 Td (of ) Tj ET Q q 0 0 0 rg BT 202.26 582.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 224.20 582.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.25 582.25 Td (52.5 ) Tj ET Q q 0 0 0 rg BT 262.25 582.25 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.68 582.25 Td ( ) Tj ET Q q 0 0 0 rg BT 294.18 582.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.45 582.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.45 582.25 Td ( ) Tj ET Q q 0 0 0 rg BT 326.95 582.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 368.88 582.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.16 582.25 Td (54.5 ) Tj ET Q q 0 0 0 rg BT 399.16 582.25 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.58 582.25 Td ( ) Tj ET Q q 0 0 0 rg BT 431.08 582.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.36 582.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.36 582.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 558.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 558.25 Td (The ) Tj ET Q q 0 0 0 rg BT 108.34 558.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 145.55 558.25 Td (in ) Tj ET Q q 0 0 0 rg BT 156.13 558.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 175.04 558.25 Td (of ) Tj ET Q q 0 0 0 rg BT 186.16 558.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 208.40 558.25 Td (was ) Tj ET Q q 0 0 0 rg BT 226.75 558.25 Td (attributable ) Tj ET Q q 0 0 0 rg BT 275.08 558.25 Td (to ) Tj ET Q q 0 0 0 rg BT 285.66 558.25 Td (a ) Tj ET Q q 0 0 0 rg BT 292.89 558.25 Td (combination ) Tj ET Q q 0 0 0 rg BT 345.68 558.25 Td (of ) Tj ET Q q 0 0 0 rg BT 356.80 558.25 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 369.04 558.25 Td (decreased ) Tj ET Q q 0 0 0 rg BT 411.25 558.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 434.05 558.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.17 558.25 Td (79 ) Tj ET Q q 0 0 0 rg BT 462.97 558.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.86 558.25 Td ( ) Tj ET Q q 0 0 0 rg BT 494.66 558.25 Td (related ) Tj ET Q q 0 0 0 rg BT 524.66 558.25 Td (to ) Tj ET Q q 0 0 0 rg BT 535.23 558.25 Td (lower ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 546.25 Td (Maserati ) Tj ET Q q 0 0 0 rg BT 91.53 546.25 Td (engine ) Tj ET Q q 0 0 0 rg BT 120.72 546.25 Td (shipments ) Tj ET Q q 0 0 0 rg BT 163.82 546.25 Td (and ) Tj ET Q q 0 0 0 rg BT 180.80 546.25 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 195.56 546.25 Td (a ) Tj ET Q q 0 0 0 rg BT 202.54 546.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 239.50 546.25 Td (in ) Tj ET Q q 0 0 0 rg BT 249.82 546.25 Td (amortization ) Tj ET Q q 0 0 0 rg BT 302.89 546.25 Td (and ) Tj ET Q q 0 0 0 rg BT 319.87 546.25 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 371.83 546.25 Td (of ) Tj ET Q q 0 0 0 rg BT 382.71 546.25 Td (6 ) Tj ET Q q 0 0 0 rg BT 395.25 546.25 Td (million, ) Tj ET Q q 0 0 0 rg BT 429.18 546.25 Td (partially ) Tj ET Q q 0 0 0 rg BT 465.04 546.25 Td (of) Tj ET Q q 0 0 0 rg BT 473.19 546.25 Td (fset ) Tj ET Q q 0 0 0 rg BT 490.17 546.25 Td (by ) Tj ET Q q 0 0 0 rg BT 502.71 546.25 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 520.25 546.25 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 534.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 77.19 534.25 Td (of ) Tj ET Q q 0 0 0 rg BT 88.71 534.25 Td (54 ) Tj ET Q q 0 0 0 rg BT 106.89 534.25 Td (million ) Tj ET Q q 0 0 0 rg BT 138.97 534.25 Td (related ) Tj ET Q q 0 0 0 rg BT 169.36 534.25 Td (to ) Tj ET Q q 0 0 0 rg BT 180.33 534.25 Td (increased ) Tj ET Q q 0 0 0 rg BT 221.27 534.25 Td (volumes ) Tj ET Q q 0 0 0 rg BT 258.34 534.25 Td (and ) Tj ET Q q 0 0 0 rg BT 275.97 534.25 Td (dif) Tj ET Q q 0 0 0 rg BT 286.90 534.25 Td (ferent ) Tj ET Q q 0 0 0 rg BT 313.40 534.25 Td (product ) Tj ET Q q 0 0 0 rg BT 347.13 534.25 Td (mix, ) Tj ET Q q 0 0 0 rg BT 368.38 534.25 Td (\(iv\) ) Tj ET Q q 0 0 0 rg BT 386.00 534.25 Td (increased ) Tj ET Q q 0 0 0 rg BT 426.95 534.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 450.13 534.25 Td (related ) Tj ET Q q 0 0 0 rg BT 480.52 534.25 Td (to ) Tj ET Q q 0 0 0 rg BT 491.49 534.25 Td (other ) Tj ET Q q 0 0 0 rg BT 515.22 534.25 Td (supporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 522.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 92.60 522.25 Td (of ) Tj ET Q q 0 0 0 rg BT 103.43 522.25 Td (15 ) Tj ET Q q 0 0 0 rg BT 120.93 522.25 Td (million, ) Tj ET Q q 0 0 0 rg BT 154.82 522.25 Td (and ) Tj ET Q q 0 0 0 rg BT 171.76 522.25 Td (\(v\) ) Tj ET Q q 0 0 0 rg BT 185.92 522.25 Td (unfavorable ) Tj ET Q q 0 0 0 rg BT 236.17 522.25 Td (foreign ) Tj ET Q q 0 0 0 rg BT 267.55 522.25 Td (currency ) Tj ET Q q 0 0 0 rg BT 305.03 522.25 Td (exchange ) Tj ET Q q 0 0 0 rg BT 345.28 522.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 374.99 522.25 Td (of ) Tj ET Q q 0 0 0 rg BT 385.82 522.25 Td (9 ) Tj ET Q q 0 0 0 rg BT 398.32 522.25 Td (million.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 498.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 498.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.78 498.25 Td (79 ) Tj ET Q q 0 0 0 rg BT 127.01 498.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.90 498.25 Td ( ) Tj ET Q q 0 0 0 rg BT 159.14 498.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 196.78 498.25 Td (in ) Tj ET Q q 0 0 0 rg BT 207.79 498.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 227.13 498.25 Td (of ) Tj ET Q q 0 0 0 rg BT 238.70 498.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 261.37 498.25 Td (related ) Tj ET Q q 0 0 0 rg BT 291.80 498.25 Td (to ) Tj ET Q q 0 0 0 rg BT 302.81 498.25 Td (the ) Tj ET Q q 0 0 0 rg BT 318.26 498.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 337.04 498.25 Td (of ) Tj ET Q q 0 0 0 rg BT 348.60 498.25 Td (engines ) Tj ET Q q 0 0 0 rg BT 382.38 498.25 Td (to ) Tj ET Q q 0 0 0 rg BT 393.39 498.25 Td (Maserati ) Tj ET Q q 0 0 0 rg BT 431.61 498.25 Td (was ) Tj ET Q q 0 0 0 rg BT 450.40 498.25 Td (driven ) Tj ET Q q 0 0 0 rg BT 479.17 498.25 Td (by ) Tj ET Q q 0 0 0 rg BT 492.41 498.25 Td (the ) Tj ET Q q 0 0 0 rg BT 507.86 498.25 Td (31.3 ) Tj ET Q q 0 0 0 rg BT 528.59 498.25 Td (percent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 486.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 91.14 486.25 Td (volume ) Tj ET Q q 0 0 0 rg BT 123.86 486.25 Td (of ) Tj ET Q q 0 0 0 rg BT 134.91 486.25 Td (engines ) Tj ET Q q 0 0 0 rg BT 168.18 486.25 Td (shipped ) Tj ET Q q 0 0 0 rg BT 202.01 486.25 Td (in ) Tj ET Q q 0 0 0 rg BT 212.51 486.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 260.20 486.25 Td (with ) Tj ET Q q 0 0 0 rg BT 280.70 486.25 Td (planned ) Tj ET Q q 0 0 0 rg BT 315.08 486.25 Td (orders ) Tj ET Q q 0 0 0 rg BT 342.79 486.25 Td (received ) Tj ET Q q 0 0 0 rg BT 379.38 486.25 Td (from ) Tj ET Q q 0 0 0 rg BT 401.54 486.25 Td (Maserati. ) Tj ET Q q 0 0 0 rg BT 441.55 486.25 Td (The ) Tj ET Q q 0 0 0 rg BT 459.82 486.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 496.96 486.25 Td (in ) Tj ET Q q 0 0 0 rg BT 507.46 486.25 Td (amortization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 474.25 Td (and ) Tj ET Q q 0 0 0 rg BT 70.95 474.25 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 122.88 474.25 Td (of ) Tj ET Q q 0 0 0 rg BT 133.72 474.25 Td (6 ) Tj ET Q q 0 0 0 rg BT 146.23 474.25 Td (million ) Tj ET Q q 0 0 0 rg BT 177.64 474.25 Td (was ) Tj ET Q q 0 0 0 rg BT 195.70 474.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 235.42 474.25 Td (related ) Tj ET Q q 0 0 0 rg BT 265.13 474.25 Td (to ) Tj ET Q q 0 0 0 rg BT 275.42 474.25 Td (the ) Tj ET Q q 0 0 0 rg BT 290.15 474.25 Td (phase ) Tj ET Q q 0 0 0 rg BT 315.43 474.25 Td (out ) Tj ET Q q 0 0 0 rg BT 330.72 474.25 Td (of ) Tj ET Q q 0 0 0 rg BT 341.56 474.25 Td (several ) Tj ET Q q 0 0 0 rg BT 372.39 474.25 Td (458 ) Tj ET Q q 0 0 0 rg BT 389.90 474.25 Td (models ) Tj ET Q q 0 0 0 rg BT 421.30 474.25 Td (in ) Tj ET Q q 0 0 0 rg BT 431.59 474.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 456.60 474.25 Td (not ) Tj ET Q q 0 0 0 rg BT 471.89 474.25 Td (fully ) Tj ET Q q 0 0 0 rg BT 493.29 474.25 Td (compensated ) Tj ET Q q 0 0 0 rg BT 548.00 474.25 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 462.25 Td (amortization ) Tj ET Q q 0 0 0 rg BT 106.10 462.25 Td (and ) Tj ET Q q 0 0 0 rg BT 122.11 462.25 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 173.09 462.25 Td (of ) Tj ET Q q 0 0 0 rg BT 182.99 462.25 Td (the ) Tj ET Q q 0 0 0 rg BT 196.77 462.25 Td (new ) Tj ET Q q 0 0 0 rg BT 215.00 462.25 Td (models ) Tj ET Q q 0 0 0 rg BT 245.45 462.25 Td (488 ) Tj ET Q q 0 0 0 rg BT 262.02 462.25 Td (GTB ) Tj ET Q q 0 0 0 rg BT 283.59 462.25 Td (and ) Tj ET Q q 0 0 0 rg BT 299.59 462.25 Td (488 ) Tj ET Q q 0 0 0 rg BT 316.16 462.25 Td (Spider) Tj ET Q q 0 0 0 rg BT 341.71 462.25 Td (. ) Tj ET Q q 0 0 0 rg BT 345.78 462.25 Td ( ) Tj ET Q q 0 0 0 rg BT 347.23 462.25 Td (The ) Tj ET Q q 0 0 0 rg BT 364.35 462.25 Td (increased ) Tj ET Q q 0 0 0 rg BT 403.67 462.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 425.23 462.25 Td (of ) Tj ET Q q 0 0 0 rg BT 435.13 462.25 Td (54 ) Tj ET Q q 0 0 0 rg BT 451.70 462.25 Td (million ) Tj ET Q q 0 0 0 rg BT 482.15 462.25 Td (related ) Tj ET Q q 0 0 0 rg BT 510.92 462.25 Td (to ) Tj ET Q q 0 0 0 rg BT 520.27 462.25 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 450.25 Td (volumes ) Tj ET Q q 0 0 0 rg BT 90.32 450.25 Td (and ) Tj ET Q q 0 0 0 rg BT 107.20 450.25 Td (product ) Tj ET Q q 0 0 0 rg BT 140.18 450.25 Td (mix ) Tj ET Q q 0 0 0 rg BT 158.17 450.25 Td (was ) Tj ET Q q 0 0 0 rg BT 176.16 450.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 215.81 450.25 Td (driven ) Tj ET Q q 0 0 0 rg BT 243.79 450.25 Td (by ) Tj ET Q q 0 0 0 rg BT 256.23 450.25 Td (an ) Tj ET Q q 0 0 0 rg BT 268.11 450.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 303.30 450.25 Td (of ) Tj ET Q q 0 0 0 rg BT 314.06 450.25 Td (5.5% ) Tj ET Q q 0 0 0 rg BT 337.33 450.25 Td (in ) Tj ET Q q 0 0 0 rg BT 347.54 450.25 Td (shipments ) Tj ET Q q 0 0 0 rg BT 390.54 450.25 Td (of ) Tj ET Q q 0 0 0 rg BT 401.30 450.25 Td (range ) Tj ET Q q 0 0 0 rg BT 425.95 450.25 Td (and ) Tj ET Q q 0 0 0 rg BT 442.82 450.25 Td (special ) Tj ET Q q 0 0 0 rg BT 473.02 450.25 Td (series ) Tj ET Q q 0 0 0 rg BT 498.23 450.25 Td (cars, ) Tj ET Q q 0 0 0 rg BT 519.26 450.25 Td (as ) Tj ET Q q 0 0 0 rg BT 530.03 450.25 Td (well ) Tj ET Q q 0 0 0 rg BT 549.68 450.25 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 438.25 Td (higher ) Tj ET Q q 0 0 0 rg BT 82.46 438.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 104.82 438.25 Td (of ) Tj ET Q q 0 0 0 rg BT 116.06 438.25 Td (the ) Tj ET Q q 0 0 0 rg BT 131.19 438.25 Td (LaFerrari ) Tj ET Q q 0 0 0 rg BT 171.86 438.25 Td (and ) Tj ET Q q 0 0 0 rg BT 189.21 438.25 Td (the ) Tj ET Q q 0 0 0 rg BT 204.35 438.25 Td (FXX ) Tj ET Q q 0 0 0 rg BT 227.27 438.25 Td (K, ) Tj ET Q q 0 0 0 rg BT 239.90 438.25 Td (which ) Tj ET Q q 0 0 0 rg BT 267.26 438.25 Td (have ) Tj ET Q q 0 0 0 rg BT 289.05 438.25 Td (higher ) Tj ET Q q 0 0 0 rg BT 317.51 438.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 340.43 438.25 Td (per ) Tj ET Q q 0 0 0 rg BT 356.11 438.25 Td (unit ) Tj ET Q q 0 0 0 rg BT 374.58 438.25 Td (than ) Tj ET Q q 0 0 0 rg BT 394.71 438.25 Td (other ) Tj ET Q q 0 0 0 rg BT 418.17 438.25 Td (cars ) Tj ET Q q 0 0 0 rg BT 437.19 438.25 Td (in ) Tj ET Q q 0 0 0 rg BT 447.88 438.25 Td (our ) Tj ET Q q 0 0 0 rg BT 464.13 438.25 Td (product ) Tj ET Q q 0 0 0 rg BT 497.59 438.25 Td (portfolio. ) Tj ET Q q 0 0 0 rg BT 538.00 438.25 Td (Such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 426.25 Td (ef) Tj ET Q q 0 0 0 rg BT 61.59 426.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 79.43 426.25 Td (was ) Tj ET Q q 0 0 0 rg BT 97.83 426.25 Td (only ) Tj ET Q q 0 0 0 rg BT 118.47 426.25 Td (partially ) Tj ET Q q 0 0 0 rg BT 154.64 426.25 Td (of) Tj ET Q q 0 0 0 rg BT 162.79 426.25 Td (fset ) Tj ET Q q 0 0 0 rg BT 180.08 426.25 Td (by ) Tj ET Q q 0 0 0 rg BT 192.94 426.25 Td (an ) Tj ET Q q 0 0 0 rg BT 205.23 426.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 240.84 426.25 Td (in ) Tj ET Q q 0 0 0 rg BT 251.47 426.25 Td (the ) Tj ET Q q 0 0 0 rg BT 266.54 426.25 Td (proportion ) Tj ET Q q 0 0 0 rg BT 311.61 426.25 Td (of ) Tj ET Q q 0 0 0 rg BT 322.59 426.25 Td (V8 ) Tj ET Q q 0 0 0 rg BT 337.66 426.25 Td (models ) Tj ET Q q 0 0 0 rg BT 369.40 426.25 Td (shipped, ) Tj ET Q q 0 0 0 rg BT 405.87 426.25 Td (which ) Tj ET Q q 0 0 0 rg BT 433.16 426.25 Td (in ) Tj ET Q q 0 0 0 rg BT 443.79 426.25 Td (general ) Tj ET Q q 0 0 0 rg BT 476.07 426.25 Td (have ) Tj ET Q q 0 0 0 rg BT 497.80 426.25 Td (a ) Tj ET Q q 0 0 0 rg BT 505.09 426.25 Td (lower ) Tj ET Q q 0 0 0 rg BT 530.72 426.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 549.68 426.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 414.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 75.94 414.25 Td (per ) Tj ET Q q 0 0 0 rg BT 91.21 414.25 Td (unit. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 390.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 390.25 Td (The ) Tj ET Q q 0 0 0 rg BT 107.68 390.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 144.23 390.25 Td (in ) Tj ET Q q 0 0 0 rg BT 154.14 390.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 172.38 390.25 Td (of ) Tj ET Q q 0 0 0 rg BT 182.84 390.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 204.41 390.25 Td (as ) Tj ET Q q 0 0 0 rg BT 214.88 390.25 Td (a ) Tj ET Q q 0 0 0 rg BT 221.45 390.25 Td (percentage ) Tj ET Q q 0 0 0 rg BT 266.88 390.25 Td (of ) Tj ET Q q 0 0 0 rg BT 277.34 390.25 Td (net ) Tj ET Q q 0 0 0 rg BT 291.69 390.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 329.36 390.25 Td (was ) Tj ET Q q 0 0 0 rg BT 347.05 390.25 Td (driven ) Tj ET Q q 0 0 0 rg BT 374.73 390.25 Td (by ) Tj ET Q q 0 0 0 rg BT 386.86 390.25 Td (the ) Tj ET Q q 0 0 0 rg BT 401.21 390.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 437.76 390.25 Td (in ) Tj ET Q q 0 0 0 rg BT 447.67 390.25 Td (Maserati ) Tj ET Q q 0 0 0 rg BT 484.79 390.25 Td (engines ) Tj ET Q q 0 0 0 rg BT 517.47 390.25 Td (shipments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 378.25 Td (as ) Tj ET Q q 0 0 0 rg BT 65.53 378.25 Td (Maserati ) Tj ET Q q 0 0 0 rg BT 103.71 378.25 Td (engines ) Tj ET Q q 0 0 0 rg BT 137.45 378.25 Td (generate ) Tj ET Q q 0 0 0 rg BT 174.51 378.25 Td (lower ) Tj ET Q q 0 0 0 rg BT 200.48 378.25 Td (mar) Tj ET Q q 0 0 0 rg BT 215.85 378.25 Td (gins ) Tj ET Q q 0 0 0 rg BT 235.71 378.25 Td (than ) Tj ET Q q 0 0 0 rg BT 256.13 378.25 Td (the ) Tj ET Q q 0 0 0 rg BT 271.54 378.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 290.29 378.25 Td (of ) Tj ET Q q 0 0 0 rg BT 301.81 378.25 Td (cars ) Tj ET Q q 0 0 0 rg BT 321.11 378.25 Td (and ) Tj ET Q q 0 0 0 rg BT 338.74 378.25 Td (spare ) Tj ET Q q 0 0 0 rg BT 363.04 378.25 Td (parts. ) Tj ET Q q 0 0 0 rg BT 387.94 378.25 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 433.06 378.25 Td (a ) Tj ET Q q 0 0 0 rg BT 440.69 378.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 478.30 378.25 Td (in ) Tj ET Q q 0 0 0 rg BT 489.28 378.25 Td (Maserati ) Tj ET Q q 0 0 0 rg BT 527.46 378.25 Td (engines ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 366.25 Td (shipments ) Tj ET Q q 0 0 0 rg BT 97.06 366.25 Td (results ) Tj ET Q q 0 0 0 rg BT 125.67 366.25 Td (in ) Tj ET Q q 0 0 0 rg BT 135.94 366.25 Td (a ) Tj ET Q q 0 0 0 rg BT 142.88 366.25 Td (positive ) Tj ET Q q 0 0 0 rg BT 177.05 366.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 206.76 366.25 Td (on ) Tj ET Q q 0 0 0 rg BT 219.26 366.25 Td (our ) Tj ET Q q 0 0 0 rg BT 235.09 366.25 Td (mar) Tj ET Q q 0 0 0 rg BT 250.46 366.25 Td (gins.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 342.25 Td (2014) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 342.25 Td ( ) Tj ET Q q 0 0 0 rg BT 76.50 342.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 119.55 342.25 Td (to ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 129.83 342.25 Td (2013) Tj ET Q BT /F4 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 318.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 318.25 Td (Cost ) Tj ET Q q 0 0 0 rg BT 110.65 318.25 Td (of ) Tj ET Q q 0 0 0 rg BT 121.28 318.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 143.03 318.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.00 318.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.00 318.25 Td ( ) Tj ET Q q 0 0 0 rg BT 179.30 318.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.16 318.25 Td (1,506 ) Tj ET Q q 0 0 0 rg BT 226.97 318.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.86 318.25 Td (, ) Tj ET Q q 0 0 0 rg BT 260.67 318.25 Td (an ) Tj ET Q q 0 0 0 rg BT 272.41 318.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 307.48 318.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.11 318.25 Td (271 ) Tj ET Q q 0 0 0 rg BT 340.42 318.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.31 318.25 Td (, ) Tj ET Q q 0 0 0 rg BT 374.12 318.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.76 318.25 Td (21.9 ) Tj ET Q q 0 0 0 rg BT 404.56 318.25 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.99 318.25 Td (, ) Tj ET Q q 0 0 0 rg BT 438.79 318.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.54 318.25 Td (1,235 ) Tj ET Q q 0 0 0 rg BT 490.35 318.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.24 318.25 Td ( ) Tj ET Q q 0 0 0 rg BT 521.55 318.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.51 318.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.51 318.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 306.25 Td (As ) Tj ET Q q 0 0 0 rg BT 67.61 306.25 Td (a ) Tj ET Q q 0 0 0 rg BT 74.55 306.25 Td (percentage ) Tj ET Q q 0 0 0 rg BT 120.35 306.25 Td (of ) Tj ET Q q 0 0 0 rg BT 131.18 306.25 Td (net ) Tj ET Q q 0 0 0 rg BT 145.90 306.25 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 186.44 306.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 205.04 306.25 Td (of ) Tj ET Q q 0 0 0 rg BT 215.88 306.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 237.81 306.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.87 306.25 Td (54.5 ) Tj ET Q q 0 0 0 rg BT 275.87 306.25 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.29 306.25 Td ( ) Tj ET Q q 0 0 0 rg BT 307.79 306.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.07 306.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.07 306.25 Td ( ) Tj ET Q q 0 0 0 rg BT 340.57 306.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 382.49 306.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.77 306.25 Td (52.9 ) Tj ET Q q 0 0 0 rg BT 412.77 306.25 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.19 306.25 Td ( ) Tj ET Q q 0 0 0 rg BT 444.69 306.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.97 306.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.97 306.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 282.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 282.25 Td (The ) Tj ET Q q 0 0 0 rg BT 108.88 282.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 144.98 282.25 Td (in ) Tj ET Q q 0 0 0 rg BT 156.09 282.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 175.54 282.25 Td (of ) Tj ET Q q 0 0 0 rg BT 187.20 282.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 209.98 282.25 Td (was ) Tj ET Q q 0 0 0 rg BT 228.87 282.25 Td (due ) Tj ET Q q 0 0 0 rg BT 246.65 282.25 Td (to ) Tj ET Q q 0 0 0 rg BT 257.76 282.25 Td (the ) Tj ET Q q 0 0 0 rg BT 273.32 282.25 Td (combination ) Tj ET Q q 0 0 0 rg BT 326.64 282.25 Td (of ) Tj ET Q q 0 0 0 rg BT 338.31 282.25 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 351.09 282.25 Td (increased ) Tj ET Q q 0 0 0 rg BT 392.18 282.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 415.52 282.25 Td (of ) Tj ET Q q 0 0 0 rg BT 427.18 282.25 Td (156 ) Tj ET Q q 0 0 0 rg BT 450.52 282.25 Td (million ) Tj ET Q q 0 0 0 rg BT 482.75 282.25 Td (related ) Tj ET Q q 0 0 0 rg BT 513.29 282.25 Td (to ) Tj ET Q q 0 0 0 rg BT 524.40 282.25 Td (mix, ) Tj ET Q q 0 0 0 rg BT 545.80 282.25 Td (\(ii\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 270.25 Td (increased ) Tj ET Q q 0 0 0 rg BT 94.02 270.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 116.28 270.25 Td (of ) Tj ET Q q 0 0 0 rg BT 126.87 270.25 Td (83 ) Tj ET Q q 0 0 0 rg BT 144.13 270.25 Td (million ) Tj ET Q q 0 0 0 rg BT 175.29 270.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 214.76 270.25 Td (related ) Tj ET Q q 0 0 0 rg BT 244.23 270.25 Td (to ) Tj ET Q q 0 0 0 rg BT 254.27 270.25 Td (Maserati ) Tj ET Q q 0 0 0 rg BT 291.51 270.25 Td (engine ) Tj ET Q q 0 0 0 rg BT 320.43 270.25 Td (volumes, ) Tj ET Q q 0 0 0 rg BT 359.08 270.25 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 376.34 270.25 Td (increases ) Tj ET Q q 0 0 0 rg BT 415.24 270.25 Td (in ) Tj ET Q q 0 0 0 rg BT 425.29 270.25 Td (other ) Tj ET Q q 0 0 0 rg BT 448.09 270.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 466.46 270.25 Td (of ) Tj ET Q q 0 0 0 rg BT 477.06 270.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 498.76 270.25 Td (of ) Tj ET Q q 0 0 0 rg BT 509.35 270.25 Td (33 ) Tj ET Q q 0 0 0 rg BT 526.61 270.25 Td (million, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 258.25 Td (\(iv\) ) Tj ET Q q 0 0 0 rg BT 70.81 258.25 Td (increases ) Tj ET Q q 0 0 0 rg BT 109.82 258.25 Td (in ) Tj ET Q q 0 0 0 rg BT 119.97 258.25 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 171.75 258.25 Td (and ) Tj ET Q q 0 0 0 rg BT 188.56 258.25 Td (amortization ) Tj ET Q q 0 0 0 rg BT 241.47 258.25 Td (of ) Tj ET Q q 0 0 0 rg BT 252.16 258.25 Td (14 ) Tj ET Q q 0 0 0 rg BT 269.53 258.25 Td (million ) Tj ET Q q 0 0 0 rg BT 300.79 258.25 Td (and ) Tj ET Q q 0 0 0 rg BT 317.60 258.25 Td (\(v\) ) Tj ET Q q 0 0 0 rg BT 331.63 258.25 Td (increased ) Tj ET Q q 0 0 0 rg BT 371.75 258.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 394.12 258.25 Td (of ) Tj ET Q q 0 0 0 rg BT 404.82 258.25 Td (7 ) Tj ET Q q 0 0 0 rg BT 417.18 258.25 Td (million ) Tj ET Q q 0 0 0 rg BT 448.44 258.25 Td (driven ) Tj ET Q q 0 0 0 rg BT 476.36 258.25 Td (by ) Tj ET Q q 0 0 0 rg BT 488.73 258.25 Td (an ) Tj ET Q q 0 0 0 rg BT 500.53 258.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 535.66 258.25 Td (in ) Tj ET Q q 0 0 0 rg BT 545.80 258.25 Td (car ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 246.25 Td (shipments ) Tj ET Q q 0 0 0 rg BT 97.27 246.25 Td (and ) Tj ET Q q 0 0 0 rg BT 114.42 246.25 Td (the ) Tj ET Q q 0 0 0 rg BT 129.34 246.25 Td (personalization ) Tj ET Q q 0 0 0 rg BT 193.14 246.25 Td (program, ) Tj ET Q q 0 0 0 rg BT 232.23 246.25 Td (the ) Tj ET Q q 0 0 0 rg BT 247.15 246.25 Td (ef) Tj ET Q q 0 0 0 rg BT 254.74 246.25 Td (fects ) Tj ET Q q 0 0 0 rg BT 276.33 246.25 Td (of ) Tj ET Q q 0 0 0 rg BT 287.37 246.25 Td (which ) Tj ET Q q 0 0 0 rg BT 314.52 246.25 Td (were ) Tj ET Q q 0 0 0 rg BT 336.66 246.25 Td (partially ) Tj ET Q q 0 0 0 rg BT 372.69 246.25 Td (of) Tj ET Q q 0 0 0 rg BT 380.84 246.25 Td (fset ) Tj ET Q q 0 0 0 rg BT 397.98 246.25 Td (by ) Tj ET Q q 0 0 0 rg BT 410.69 246.25 Td (\(vi\) ) Tj ET Q q 0 0 0 rg BT 427.84 246.25 Td (a ) Tj ET Q q 0 0 0 rg BT 434.99 246.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 472.12 246.25 Td (of ) Tj ET Q q 0 0 0 rg BT 483.16 246.25 Td (19 ) Tj ET Q q 0 0 0 rg BT 500.87 246.25 Td (million ) Tj ET Q q 0 0 0 rg BT 532.47 246.25 Td (driven ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 234.25 Td (by ) Tj ET Q q 0 0 0 rg BT 66.50 234.25 Td (technical ) Tj ET Q q 0 0 0 rg BT 105.09 234.25 Td (and ) Tj ET Q q 0 0 0 rg BT 122.03 234.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 171.72 234.25 Td (savings ) Tj ET Q q 0 0 0 rg BT 204.22 234.25 Td (achieved ) Tj ET Q q 0 0 0 rg BT 242.26 234.25 Td (and ) Tj ET Q q 0 0 0 rg BT 259.20 234.25 Td (\(vii\) ) Tj ET Q q 0 0 0 rg BT 278.91 234.25 Td (a ) Tj ET Q q 0 0 0 rg BT 285.85 234.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 322.76 234.25 Td (due ) Tj ET Q q 0 0 0 rg BT 339.70 234.25 Td (to ) Tj ET Q q 0 0 0 rg BT 349.98 234.25 Td (favorable ) Tj ET Q q 0 0 0 rg BT 390.24 234.25 Td (currency ) Tj ET Q q 0 0 0 rg BT 427.71 234.25 Td (translation ) Tj ET Q q 0 0 0 rg BT 472.42 234.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 502.13 234.25 Td (of ) Tj ET Q q 0 0 0 rg BT 512.96 234.25 Td (3 ) Tj ET Q q 0 0 0 rg BT 525.46 234.25 Td (million.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 210.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 210.25 Td (The ) Tj ET Q q 0 0 0 rg BT 108.11 210.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 143.42 210.25 Td (in ) Tj ET Q q 0 0 0 rg BT 153.76 210.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 172.43 210.25 Td (related ) Tj ET Q q 0 0 0 rg BT 202.19 210.25 Td (to ) Tj ET Q q 0 0 0 rg BT 212.53 210.25 Td (mix ) Tj ET Q q 0 0 0 rg BT 230.65 210.25 Td (was ) Tj ET Q q 0 0 0 rg BT 248.76 210.25 Td (attributable ) Tj ET Q q 0 0 0 rg BT 296.86 210.25 Td (to ) Tj ET Q q 0 0 0 rg BT 307.20 210.25 Td (the ) Tj ET Q q 0 0 0 rg BT 321.98 210.25 Td (launch ) Tj ET Q q 0 0 0 rg BT 351.20 210.25 Td (and ) Tj ET Q q 0 0 0 rg BT 368.20 210.25 Td (production ) Tj ET Q q 0 0 0 rg BT 414.08 210.25 Td (of ) Tj ET Q q 0 0 0 rg BT 424.97 210.25 Td (the ) Tj ET Q q 0 0 0 rg BT 439.75 210.25 Td (LaFerrari, ) Tj ET Q q 0 0 0 rg BT 482.57 210.25 Td (which ) Tj ET Q q 0 0 0 rg BT 509.57 210.25 Td (has ) Tj ET Q q 0 0 0 rg BT 525.46 210.25 Td (a ) Tj ET Q q 0 0 0 rg BT 532.46 210.25 Td (higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 198.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 73.13 198.25 Td (per ) Tj ET Q q 0 0 0 rg BT 88.91 198.25 Td (unit ) Tj ET Q q 0 0 0 rg BT 107.49 198.25 Td (than ) Tj ET Q q 0 0 0 rg BT 127.72 198.25 Td (other ) Tj ET Q q 0 0 0 rg BT 151.29 198.25 Td (cars ) Tj ET Q q 0 0 0 rg BT 170.40 198.25 Td (in ) Tj ET Q q 0 0 0 rg BT 181.20 198.25 Td (the ) Tj ET Q q 0 0 0 rg BT 196.43 198.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 226.66 198.25 Td (portfolio, ) Tj ET Q q 0 0 0 rg BT 267.17 198.25 Td (while ) Tj ET Q q 0 0 0 rg BT 292.40 198.25 Td (the ) Tj ET Q q 0 0 0 rg BT 307.64 198.25 Td (increased ) Tj ET Q q 0 0 0 rg BT 348.41 198.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 371.43 198.25 Td (related ) Tj ET Q q 0 0 0 rg BT 401.65 198.25 Td (to ) Tj ET Q q 0 0 0 rg BT 412.44 198.25 Td (the ) Tj ET Q q 0 0 0 rg BT 427.68 198.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 446.24 198.25 Td (of ) Tj ET Q q 0 0 0 rg BT 457.59 198.25 Td (engines ) Tj ET Q q 0 0 0 rg BT 491.15 198.25 Td (to ) Tj ET Q q 0 0 0 rg BT 501.95 198.25 Td (Maserati, ) Tj ET Q q 0 0 0 rg BT 542.45 198.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 186.25 Td (driven ) Tj ET Q q 0 0 0 rg BT 81.39 186.25 Td (by ) Tj ET Q q 0 0 0 rg BT 93.23 186.25 Td (higher ) Tj ET Q q 0 0 0 rg BT 120.62 186.25 Td (volumes. ) Tj ET Q q 0 0 0 rg BT 158.71 186.25 Td (The ) Tj ET Q q 0 0 0 rg BT 176.10 186.25 Td (33 ) Tj ET Q q 0 0 0 rg BT 192.94 186.25 Td (million ) Tj ET Q q 0 0 0 rg BT 223.67 186.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 258.27 186.25 Td (in ) Tj ET Q q 0 0 0 rg BT 267.89 186.25 Td (other ) Tj ET Q q 0 0 0 rg BT 290.27 186.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 308.22 186.25 Td (of ) Tj ET Q q 0 0 0 rg BT 318.39 186.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 339.67 186.25 Td (was ) Tj ET Q q 0 0 0 rg BT 357.07 186.25 Td (mainly ) Tj ET Q q 0 0 0 rg BT 386.68 186.25 Td (driven ) Tj ET Q q 0 0 0 rg BT 414.07 186.25 Td (by ) Tj ET Q q 0 0 0 rg BT 425.91 186.25 Td (an ) Tj ET Q q 0 0 0 rg BT 437.19 186.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 471.78 186.25 Td (in ) Tj ET Q q 0 0 0 rg BT 481.40 186.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 499.35 186.25 Td (of ) Tj ET Q q 0 0 0 rg BT 509.52 186.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 530.80 186.25 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 174.25 Td (to ) Tj ET Q q 0 0 0 rg BT 64.35 174.25 Td (Formula ) Tj ET Q q 0 0 0 rg BT 100.81 174.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 108.39 174.25 Td (activities, ) Tj ET Q q 0 0 0 rg BT 149.56 174.25 Td (and ) Tj ET Q q 0 0 0 rg BT 166.58 174.25 Td (in ) Tj ET Q q 0 0 0 rg BT 176.93 174.25 Td (particular ) Tj ET Q q 0 0 0 rg BT 217.81 174.25 Td (related ) Tj ET Q q 0 0 0 rg BT 247.59 174.25 Td (to ) Tj ET Q q 0 0 0 rg BT 257.94 174.25 Td (the ) Tj ET Q q 0 0 0 rg BT 272.74 174.25 Td (increased ) Tj ET Q q 0 0 0 rg BT 313.06 174.25 Td (technology ) Tj ET Q q 0 0 0 rg BT 360.07 174.25 Td (of ) Tj ET Q q 0 0 0 rg BT 370.98 174.25 Td (the ) Tj ET Q q 0 0 0 rg BT 385.77 174.25 Td (engines ) Tj ET Q q 0 0 0 rg BT 418.89 174.25 Td (and ) Tj ET Q q 0 0 0 rg BT 435.90 174.25 Td (the ) Tj ET Q q 0 0 0 rg BT 450.69 174.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 493.26 174.25 Td (hardware ) Tj ET Q q 0 0 0 rg BT 533.03 174.25 Td (rented ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 162.25 Td (to ) Tj ET Q q 0 0 0 rg BT 64.81 162.25 Td (other ) Tj ET Q q 0 0 0 rg BT 88.39 162.25 Td (Formula ) Tj ET Q q 0 0 0 rg BT 125.32 162.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 133.35 162.25 Td (teams. ) Tj ET Q q 0 0 0 rg BT 161.99 162.25 Td (The ) Tj ET Q q 0 0 0 rg BT 180.57 162.25 Td (14 ) Tj ET Q q 0 0 0 rg BT 198.61 162.25 Td (million ) Tj ET Q q 0 0 0 rg BT 230.53 162.25 Td (increases ) Tj ET Q q 0 0 0 rg BT 270.21 162.25 Td (in ) Tj ET Q q 0 0 0 rg BT 281.03 162.25 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 333.48 162.25 Td (and ) Tj ET Q q 0 0 0 rg BT 350.95 162.25 Td (amortization ) Tj ET Q q 0 0 0 rg BT 404.53 162.25 Td (was ) Tj ET Q q 0 0 0 rg BT 423.11 162.25 Td (mainly ) Tj ET Q q 0 0 0 rg BT 453.92 162.25 Td (related ) Tj ET Q q 0 0 0 rg BT 484.16 162.25 Td (to ) Tj ET Q q 0 0 0 rg BT 494.97 162.25 Td (the ) Tj ET Q q 0 0 0 rg BT 510.22 162.25 Td (investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 150.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 97.50 150.25 Td (with ) Tj ET Q q 0 0 0 rg BT 117.69 150.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 144.53 150.25 Td (product ) Tj ET Q q 0 0 0 rg BT 177.49 150.25 Td (launches ) Tj ET Q q 0 0 0 rg BT 214.88 150.25 Td (including ) Tj ET Q q 0 0 0 rg BT 255.07 150.25 Td (the ) Tj ET Q q 0 0 0 rg BT 269.70 150.25 Td (LaFerrari, ) Tj ET Q q 0 0 0 rg BT 312.36 150.25 Td (the ) Tj ET Q q 0 0 0 rg BT 326.99 150.25 Td (California ) Tj ET Q q 0 0 0 rg BT 369.77 150.25 Td (T) Tj ET Q q 0 0 0 rg BT 375.70 150.25 Td ( ) Tj ET Q q 0 0 0 rg BT 378.11 150.25 Td (and ) Tj ET Q q 0 0 0 rg BT 394.96 150.25 Td (the ) Tj ET Q q 0 0 0 rg BT 409.58 150.25 Td (458 ) Tj ET Q q 0 0 0 rg BT 426.82 150.25 Td (VS. ) Tj ET Q q 0 0 0 rg BT 444.34 150.25 Td (The ) Tj ET Q q 0 0 0 rg BT 462.30 150.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 499.12 150.25 Td (in ) Tj ET Q q 0 0 0 rg BT 509.31 150.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 527.83 150.25 Td (of ) Tj ET Q q 0 0 0 rg BT 538.57 150.25 Td (sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 138.25 Td (of ) Tj ET Q q 0 0 0 rg BT 64.47 138.25 Td (19 ) Tj ET Q q 0 0 0 rg BT 81.61 138.25 Td (million ) Tj ET Q q 0 0 0 rg BT 112.64 138.25 Td (driven ) Tj ET Q q 0 0 0 rg BT 140.33 138.25 Td (by ) Tj ET Q q 0 0 0 rg BT 152.47 138.25 Td (technical ) Tj ET Q q 0 0 0 rg BT 190.70 138.25 Td (and ) Tj ET Q q 0 0 0 rg BT 207.28 138.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 256.61 138.25 Td (savings ) Tj ET Q q 0 0 0 rg BT 288.75 138.25 Td (achieved ) Tj ET Q q 0 0 0 rg BT 326.43 138.25 Td (was ) Tj ET Q q 0 0 0 rg BT 344.12 138.25 Td (principally ) Tj ET Q q 0 0 0 rg BT 389.58 138.25 Td (attributable ) Tj ET Q q 0 0 0 rg BT 437.26 138.25 Td (to ) Tj ET Q q 0 0 0 rg BT 447.17 138.25 Td (direct ) Tj ET Q q 0 0 0 rg BT 472.08 138.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 490.33 138.25 Td (savings ) Tj ET Q q 0 0 0 rg BT 522.47 138.25 Td (achieved ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 126.25 Td (as ) Tj ET Q q 0 0 0 rg BT 64.83 126.25 Td (a ) Tj ET Q q 0 0 0 rg BT 71.77 126.25 Td (result ) Tj ET Q q 0 0 0 rg BT 96.49 126.25 Td (of ) Tj ET Q q 0 0 0 rg BT 107.32 126.25 Td (management ) Tj ET Q q 0 0 0 rg BT 160.90 126.25 Td (ef) Tj ET Q q 0 0 0 rg BT 168.49 126.25 Td (forts ) Tj ET Q q 0 0 0 rg BT 189.32 126.25 Td (in ) Tj ET Q q 0 0 0 rg BT 199.60 126.25 Td (negotiations ) Tj ET Q q 0 0 0 rg BT 250.98 126.25 Td (with ) Tj ET Q q 0 0 0 rg BT 271.26 126.25 Td (suppliers. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 102.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 102.25 Td (The ) Tj ET Q q 0 0 0 rg BT 107.48 102.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 142.18 102.25 Td (in ) Tj ET Q q 0 0 0 rg BT 151.89 102.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 169.94 102.25 Td (of ) Tj ET Q q 0 0 0 rg BT 180.21 102.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 201.58 102.25 Td (as ) Tj ET Q q 0 0 0 rg BT 211.85 102.25 Td (a ) Tj ET Q q 0 0 0 rg BT 218.22 102.25 Td (percentage ) Tj ET Q q 0 0 0 rg BT 263.46 102.25 Td (of ) Tj ET Q q 0 0 0 rg BT 273.73 102.25 Td (net ) Tj ET Q q 0 0 0 rg BT 287.88 102.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 325.36 102.25 Td (was ) Tj ET Q q 0 0 0 rg BT 342.85 102.25 Td (attributable ) Tj ET Q q 0 0 0 rg BT 390.32 102.25 Td (to ) Tj ET Q q 0 0 0 rg BT 400.04 102.25 Td (the ) Tj ET Q q 0 0 0 rg BT 414.19 102.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 448.88 102.25 Td (in ) Tj ET Q q 0 0 0 rg BT 458.60 102.25 Td (Maserati ) Tj ET Q q 0 0 0 rg BT 495.52 102.25 Td (engine ) Tj ET Q q 0 0 0 rg BT 524.12 102.25 Td (volumes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 90.25 Td (and ) Tj ET Q q 0 0 0 rg BT 70.37 90.25 Td (an ) Tj ET Q q 0 0 0 rg BT 81.75 90.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 116.44 90.25 Td (in ) Tj ET Q q 0 0 0 rg BT 126.15 90.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 144.19 90.25 Td (of ) Tj ET Q q 0 0 0 rg BT 154.46 90.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 175.83 90.25 Td (related ) Tj ET Q q 0 0 0 rg BT 204.97 90.25 Td (to ) Tj ET Q q 0 0 0 rg BT 214.68 90.25 Td (our ) Tj ET Q q 0 0 0 rg BT 229.95 90.25 Td (Formula ) Tj ET Q q 0 0 0 rg BT 265.77 90.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 272.70 90.25 Td (activities. ) Tj ET Q q 0 0 0 rg BT 313.10 90.25 Td (The ) Tj ET Q q 0 0 0 rg BT 330.58 90.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 348.06 90.25 Td (of ) Tj ET Q q 0 0 0 rg BT 358.33 90.25 Td (engines ) Tj ET Q q 0 0 0 rg BT 390.81 90.25 Td (to ) Tj ET Q q 0 0 0 rg BT 400.52 90.25 Td (Maserati ) Tj ET Q q 0 0 0 rg BT 437.44 90.25 Td (generates ) Tj ET Q q 0 0 0 rg BT 477.13 90.25 Td (lower ) Tj ET Q q 0 0 0 rg BT 501.83 90.25 Td (profit ) Tj ET Q q 0 0 0 rg BT 525.99 90.25 Td (mar) Tj ET Q q 0 0 0 rg BT 541.35 90.25 Td (gins ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 78.25 Td (than ) Tj ET Q q 0 0 0 rg BT 73.58 78.25 Td (the ) Tj ET Q q 0 0 0 rg BT 88.17 78.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 106.08 78.25 Td (of ) Tj ET Q q 0 0 0 rg BT 116.78 78.25 Td (cars. ) Tj ET Q q 0 0 0 rg BT 137.58 78.25 Td (The ) Tj ET Q q 0 0 0 rg BT 155.49 78.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 190.62 78.25 Td (in ) Tj ET Q q 0 0 0 rg BT 200.76 78.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 223.13 78.25 Td (related ) Tj ET Q q 0 0 0 rg BT 252.70 78.25 Td (to ) Tj ET Q q 0 0 0 rg BT 262.85 78.25 Td (our ) Tj ET Q q 0 0 0 rg BT 278.55 78.25 Td (Formula ) Tj ET Q q 0 0 0 rg BT 314.80 78.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 322.17 78.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 360.64 78.25 Td (was ) Tj ET Q q 0 0 0 rg BT 378.56 78.25 Td (mainly ) Tj ET Q q 0 0 0 rg BT 408.70 78.25 Td (driven ) Tj ET Q q 0 0 0 rg BT 436.61 78.25 Td (by ) Tj ET Q q 0 0 0 rg BT 448.98 78.25 Td (the ) Tj ET Q q 0 0 0 rg BT 463.57 78.25 Td (rental ) Tj ET Q q 0 0 0 rg BT 488.70 78.25 Td (of ) Tj ET Q q 0 0 0 rg BT 499.40 78.25 Td (engine ) Tj ET Q q 0 0 0 rg BT 528.42 78.25 Td (units ) Tj ET Q q 0 0 0 rg BT 550.24 78.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 66.25 Td (other ) Tj ET Q q 0 0 0 rg BT 77.05 66.25 Td (Formula ) Tj ET Q q 0 0 0 rg BT 113.43 66.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 120.93 66.25 Td (racing ) Tj ET Q q 0 0 0 rg BT 148.42 66.25 Td (teams, ) Tj ET Q q 0 0 0 rg BT 176.74 66.25 Td (due ) Tj ET Q q 0 0 0 rg BT 193.68 66.25 Td (to ) Tj ET Q q 0 0 0 rg BT 203.96 66.25 Td (the ) Tj ET Q q 0 0 0 rg BT 218.68 66.25 Td (increased ) Tj ET Q q 0 0 0 rg BT 258.93 66.25 Td (technological ) Tj ET Q q 0 0 0 rg BT 315.30 66.25 Td (content ) Tj ET Q q 0 0 0 rg BT 347.23 66.25 Td (of ) Tj ET Q q 0 0 0 rg BT 358.06 66.25 Td (the ) Tj ET Q q 0 0 0 rg BT 372.78 66.25 Td (engine ) Tj ET Q q 0 0 0 rg BT 401.93 66.25 Td (units ) Tj ET Q q 0 0 0 rg BT 423.88 66.25 Td (rented. ) Tj ET Q endstream endobj 155 0 obj <> endobj 156 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (69) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 731.25 Td (Selling, ) Tj ET Q q 0 0 0 rg BT 87.90 731.25 Td (general ) Tj ET Q q 0 0 0 rg BT 122.05 731.25 Td (and ) Tj ET Q q 0 0 0 rg BT 140.67 731.25 Td (administrative ) Tj ET Q q 0 0 0 rg BT 205.39 731.25 Td (costs ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 654.75 102.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 155.50 654.75 30.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.50 654.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 189.50 654.75 44.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.50 654.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 237.50 654.75 30.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 654.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 654.75 44.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 654.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 654.75 30.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 654.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 654.75 44.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 654.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 654.75 35.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 654.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 654.75 37.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 654.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 654.75 35.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 654.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 654.75 37.00 -21.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 155.5 695.75 m 185.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185.5 695.75 m 189.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 189.5 695.75 m 233.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 695.75 m 237.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 695.75 m 267.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 695.75 m 271.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 695.75 m 315.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 695.75 m 319.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 695.75 m 349.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 695.75 m 353.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 695.75 m 397.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 695.75 m 436.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 695.75 m 440.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 695.75 m 477.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 695.75 m 481.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 695.75 m 516.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 695.75 m 520.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 695.75 m 557.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 155.5 695.75 m 185.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 155.5 666.75 m 185.5 666.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 189.5 666.75 m 233.5 666.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 695.75 m 267.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 666.75 m 267.5 666.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 695.75 m 315.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 666.75 m 315.5 666.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 695.75 m 349.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 666.75 m 349.5 666.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 695.75 m 397.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 666.75 m 397.5 666.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 666.75 m 436.5 666.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 666.75 m 440.5 666.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 666.75 m 477.5 666.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 666.75 m 516.5 666.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 666.75 m 520.5 666.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 666.75 m 557.5 666.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 700.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 217.90 699.98 Td (For the years ended December 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 445.60 699.98 Td (Increase/\(Decrease\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 671.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 162.00 670.98 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 188.00 671.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 192.15 686.98 Td (Per) Tj ET Q q 0 0 0 rg BT 203.99 686.98 Td (centage ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.30 678.98 Td (of net ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 195.95 670.98 Td (r) Tj ET Q q 0 0 0 rg BT 199.36 670.98 Td (evenues) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 236.00 671.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 244.00 670.98 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 270.00 671.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 274.15 686.98 Td (Per) Tj ET Q q 0 0 0 rg BT 285.99 686.98 Td (centage ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 283.30 678.98 Td (of net ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 277.95 670.98 Td (r) Tj ET Q q 0 0 0 rg BT 281.36 670.98 Td (evenues) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 318.00 671.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.00 670.98 Td (2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 352.00 671.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 356.15 686.98 Td (Per) Tj ET Q q 0 0 0 rg BT 367.99 686.98 Td (centage ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 365.30 678.98 Td (of net ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 359.95 670.98 Td (r) Tj ET Q q 0 0 0 rg BT 363.36 670.98 Td (evenues) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 416.40 670.98 Td (2015 vs. 2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 480.00 671.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.40 670.98 Td (2014 vs. 2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 658.70 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 312.65 658.80 Td (\( million, except percentages\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 646.00 Td (Selling, general and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 638.00 Td (administrative costs) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 170.30 638.00 Td (339) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 188.00 638.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 212.25 638.00 Td (11.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 226.30 638.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 236.00 638.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 252.30 638.00 Td (300) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 270.00 638.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 294.25 638.00 Td (10.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 308.30 638.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 318.00 638.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 334.30 638.00 Td (260) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 352.00 638.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.25 638.00 Td (11.1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 390.30 638.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.30 638.00 Td (39) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 439.00 638.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 456.30 638.00 Td (13.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 470.30 638.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 480.00 638.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 505.30 638.00 Td (40) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.00 638.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.30 638.00 Td (15.4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 638.00 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 610.25 Td (2015) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 610.25 Td ( ) Tj ET Q q 0 0 0 rg BT 76.50 610.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 119.55 610.25 Td (to ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 129.83 610.25 Td (2014) Tj ET Q BT /F4 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 586.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 586.25 Td (Selling, ) Tj ET Q q 0 0 0 rg BT 123.03 586.25 Td (general ) Tj ET Q q 0 0 0 rg BT 154.65 586.25 Td (and ) Tj ET Q q 0 0 0 rg BT 171.28 586.25 Td (administrative ) Tj ET Q q 0 0 0 rg BT 230.68 586.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 252.88 586.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.73 586.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.73 586.25 Td ( ) Tj ET Q q 0 0 0 rg BT 288.93 586.25 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.55 586.25 Td (339 ) Tj ET Q q 0 0 0 rg BT 332.75 586.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.64 586.25 Td (, ) Tj ET Q q 0 0 0 rg BT 366.33 586.25 Td (an ) Tj ET Q q 0 0 0 rg BT 377.97 586.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 412.92 586.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.44 586.25 Td (39 ) Tj ET Q q 0 0 0 rg BT 440.63 586.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.53 586.25 Td (, ) Tj ET Q q 0 0 0 rg BT 474.22 586.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.75 586.25 Td (13.0 ) Tj ET Q q 0 0 0 rg BT 504.44 586.25 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.86 586.25 Td (, ) Tj ET Q q 0 0 0 rg BT 538.56 586.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 574.25 Td (300 ) Tj ET Q q 0 0 0 rg BT 77.17 574.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.06 574.25 Td ( ) Tj ET Q q 0 0 0 rg BT 109.23 574.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.06 574.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.06 574.25 Td (. ) Tj ET Q q 0 0 0 rg BT 149.03 574.25 Td (As ) Tj ET Q q 0 0 0 rg BT 163.32 574.25 Td (a ) Tj ET Q q 0 0 0 rg BT 170.93 574.25 Td (percentage ) Tj ET Q q 0 0 0 rg BT 217.40 574.25 Td (of ) Tj ET Q q 0 0 0 rg BT 228.90 574.25 Td (net ) Tj ET Q q 0 0 0 rg BT 244.29 574.25 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 285.49 574.25 Td (selling, ) Tj ET Q q 0 0 0 rg BT 317.83 574.25 Td (general ) Tj ET Q q 0 0 0 rg BT 350.42 574.25 Td (and ) Tj ET Q q 0 0 0 rg BT 368.03 574.25 Td (administrative ) Tj ET Q q 0 0 0 rg BT 428.41 574.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 451.58 574.25 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.18 574.25 Td (1) Tj ET Q q 0 0 0 rg BT 478.81 574.25 Td (1.9 ) Tj ET Q q 0 0 0 rg BT 494.48 574.25 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.90 574.25 Td ( ) Tj ET Q q 0 0 0 rg BT 527.07 574.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.02 574.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.02 574.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 562.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 95.92 562.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.20 562.25 Td (10.9 ) Tj ET Q q 0 0 0 rg BT 126.20 562.25 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.63 562.25 Td ( ) Tj ET Q q 0 0 0 rg BT 158.13 562.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.40 562.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.40 562.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 538.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 538.25 Td (In ) Tj ET Q q 0 0 0 rg BT 101.29 538.25 Td (particular) Tj ET Q q 0 0 0 rg BT 139.20 538.25 Td (, ) Tj ET Q q 0 0 0 rg BT 144.65 538.25 Td (the ) Tj ET Q q 0 0 0 rg BT 159.82 538.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 195.53 538.25 Td (in ) Tj ET Q q 0 0 0 rg BT 206.27 538.25 Td (selling, ) Tj ET Q q 0 0 0 rg BT 238.39 538.25 Td (general ) Tj ET Q q 0 0 0 rg BT 270.77 538.25 Td (and ) Tj ET Q q 0 0 0 rg BT 288.16 538.25 Td (administrative ) Tj ET Q q 0 0 0 rg BT 348.32 538.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 371.28 538.25 Td (was ) Tj ET Q q 0 0 0 rg BT 389.79 538.25 Td (mainly ) Tj ET Q q 0 0 0 rg BT 420.52 538.25 Td (attributable ) Tj ET Q q 0 0 0 rg BT 469.01 538.25 Td (to ) Tj ET Q q 0 0 0 rg BT 479.74 538.25 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 492.14 538.25 Td (a ) Tj ET Q q 0 0 0 rg BT 499.53 538.25 Td (one-time ) Tj ET Q q 0 0 0 rg BT 538.03 538.25 Td (extra ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 526.25 Td (bonus ) Tj ET Q q 0 0 0 rg BT 79.51 526.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 98.34 526.25 Td (to ) Tj ET Q q 0 0 0 rg BT 107.74 526.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 152.12 526.25 Td (for ) Tj ET Q q 0 0 0 rg BT 165.39 526.25 Td (19 ) Tj ET Q q 0 0 0 rg BT 182.01 526.25 Td (million ) Tj ET Q q 0 0 0 rg BT 212.52 526.25 Td (in ) Tj ET Q q 0 0 0 rg BT 221.91 526.25 Td (connection ) Tj ET Q q 0 0 0 rg BT 267.40 526.25 Td (with ) Tj ET Q q 0 0 0 rg BT 286.79 526.25 Td (the ) Tj ET Q q 0 0 0 rg BT 300.63 526.25 Td (initial ) Tj ET Q q 0 0 0 rg BT 325.57 526.25 Td (public ) Tj ET Q q 0 0 0 rg BT 352.18 526.25 Td (of) Tj ET Q q 0 0 0 rg BT 360.33 526.25 Td (fering ) Tj ET Q q 0 0 0 rg BT 385.83 526.25 Td (and ) Tj ET Q q 0 0 0 rg BT 401.88 526.25 Td (in ) Tj ET Q q 0 0 0 rg BT 411.28 526.25 Td (recognition ) Tj ET Q q 0 0 0 rg BT 458.43 526.25 Td (of ) Tj ET Q q 0 0 0 rg BT 468.38 526.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 504.98 526.25 Td (performance, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 514.25 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 68.54 514.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 105.30 514.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 127.63 514.25 Td (incurred ) Tj ET Q q 0 0 0 rg BT 163.26 514.25 Td (in ) Tj ET Q q 0 0 0 rg BT 173.37 514.25 Td (relation ) Tj ET Q q 0 0 0 rg BT 206.23 514.25 Td (to ) Tj ET Q q 0 0 0 rg BT 216.33 514.25 Td (the ) Tj ET Q q 0 0 0 rg BT 230.87 514.25 Td (initial ) Tj ET Q q 0 0 0 rg BT 256.53 514.25 Td (public ) Tj ET Q q 0 0 0 rg BT 283.84 514.25 Td (of) Tj ET Q q 0 0 0 rg BT 291.99 514.25 Td (fering ) Tj ET Q q 0 0 0 rg BT 318.19 514.25 Td (amounting ) Tj ET Q q 0 0 0 rg BT 363.29 514.25 Td (to ) Tj ET Q q 0 0 0 rg BT 373.39 514.25 Td (16 ) Tj ET Q q 0 0 0 rg BT 390.71 514.25 Td (million, ) Tj ET Q q 0 0 0 rg BT 424.43 514.25 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 441.75 514.25 Td (unfavorable ) Tj ET Q q 0 0 0 rg BT 491.83 514.25 Td (foreign ) Tj ET Q q 0 0 0 rg BT 523.03 514.25 Td (currency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 502.25 Td (exchange ) Tj ET Q q 0 0 0 rg BT 95.02 502.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 125.49 502.25 Td (of ) Tj ET Q q 0 0 0 rg BT 137.09 502.25 Td (8 ) Tj ET Q q 0 0 0 rg BT 150.35 502.25 Td (million, ) Tj ET Q q 0 0 0 rg BT 185.01 502.25 Td (\(iv\) ) Tj ET Q q 0 0 0 rg BT 202.71 502.25 Td (an ) Tj ET Q q 0 0 0 rg BT 215.41 502.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 251.43 502.25 Td (in ) Tj ET Q q 0 0 0 rg BT 262.47 502.25 Td (the ) Tj ET Q q 0 0 0 rg BT 277.96 502.25 Td (allowance ) Tj ET Q q 0 0 0 rg BT 321.75 502.25 Td (for ) Tj ET Q q 0 0 0 rg BT 336.68 502.25 Td (doubtful ) Tj ET Q q 0 0 0 rg BT 373.83 502.25 Td (accounts ) Tj ET Q q 0 0 0 rg BT 412.08 502.25 Td (of ) Tj ET Q q 0 0 0 rg BT 423.67 502.25 Td (7 ) Tj ET Q q 0 0 0 rg BT 436.93 502.25 Td (million, ) Tj ET Q q 0 0 0 rg BT 471.59 502.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 512.07 502.25 Td (related ) Tj ET Q q 0 0 0 rg BT 542.53 502.25 Td (to ) Tj ET Q q 0 0 0 rg BT 553.58 502.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 490.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 103.77 490.25 Td (partner ) Tj ET Q q 0 0 0 rg BT 134.66 490.25 Td (of ) Tj ET Q q 0 0 0 rg BT 145.57 490.25 Td (the ) Tj ET Q q 0 0 0 rg BT 160.36 490.25 Td (Formula ) Tj ET Q q 0 0 0 rg BT 196.82 490.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 204.39 490.25 Td (activities, ) Tj ET Q q 0 0 0 rg BT 245.57 490.25 Td (and ) Tj ET Q q 0 0 0 rg BT 262.58 490.25 Td (\(v\) ) Tj ET Q q 0 0 0 rg BT 276.82 490.25 Td (higher ) Tj ET Q q 0 0 0 rg BT 304.94 490.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 327.51 490.25 Td (of ) Tj ET Q q 0 0 0 rg BT 338.42 490.25 Td (4 ) Tj ET Q q 0 0 0 rg BT 350.99 490.25 Td (million ) Tj ET Q q 0 0 0 rg BT 382.46 490.25 Td (related ) Tj ET Q q 0 0 0 rg BT 412.23 490.25 Td (to ) Tj ET Q q 0 0 0 rg BT 422.59 490.25 Td (launches ) Tj ET Q q 0 0 0 rg BT 460.15 490.25 Td (of ) Tj ET Q q 0 0 0 rg BT 471.05 490.25 Td (the ) Tj ET Q q 0 0 0 rg BT 485.84 490.25 Td (488 ) Tj ET Q q 0 0 0 rg BT 503.42 490.25 Td (GTB ) Tj ET Q q 0 0 0 rg BT 525.99 490.25 Td (and ) Tj ET Q q 0 0 0 rg BT 543.01 490.25 Td (488 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 478.25 Td (Spider) Tj ET Q q 0 0 0 rg BT 79.71 478.25 Td (, ) Tj ET Q q 0 0 0 rg BT 84.48 478.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 124.50 478.25 Td (events ) Tj ET Q q 0 0 0 rg BT 152.31 478.25 Td (and ) Tj ET Q q 0 0 0 rg BT 169.02 478.25 Td (directly ) Tj ET Q q 0 0 0 rg BT 201.83 478.25 Td (operated ) Tj ET Q q 0 0 0 rg BT 238.52 478.25 Td (stores, ) Tj ET Q q 0 0 0 rg BT 266.62 478.25 Td (partially ) Tj ET Q q 0 0 0 rg BT 302.21 478.25 Td (of) Tj ET Q q 0 0 0 rg BT 310.36 478.25 Td (fset ) Tj ET Q q 0 0 0 rg BT 327.06 478.25 Td (by ) Tj ET Q q 0 0 0 rg BT 339.33 478.25 Td (\(vi\) ) Tj ET Q q 0 0 0 rg BT 356.04 478.25 Td (the ) Tj ET Q q 0 0 0 rg BT 370.52 478.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 400.00 478.25 Td (of ) Tj ET Q q 0 0 0 rg BT 410.60 478.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 448.97 478.25 Td (related ) Tj ET Q q 0 0 0 rg BT 478.44 478.25 Td (to ) Tj ET Q q 0 0 0 rg BT 488.48 478.25 Td (the ) Tj ET Q q 0 0 0 rg BT 502.97 478.25 Td (resignation ) Tj ET Q q 0 0 0 rg BT 549.67 478.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 466.25 Td (the ) Tj ET Q q 0 0 0 rg BT 68.72 466.25 Td (former ) Tj ET Q q 0 0 0 rg BT 98.42 466.25 Td (Chairman ) Tj ET Q q 0 0 0 rg BT 140.36 466.25 Td (of ) Tj ET Q q 0 0 0 rg BT 151.19 466.25 Td (15 ) Tj ET Q q 0 0 0 rg BT 168.69 466.25 Td (million ) Tj ET Q q 0 0 0 rg BT 200.08 466.25 Td (that ) Tj ET Q q 0 0 0 rg BT 217.57 466.25 Td (were ) Tj ET Q q 0 0 0 rg BT 239.50 466.25 Td (incurred ) Tj ET Q q 0 0 0 rg BT 275.32 466.25 Td (in ) Tj ET Q q 0 0 0 rg BT 285.60 466.25 Td (2014.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 442.25 Td (2014) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 442.25 Td ( ) Tj ET Q q 0 0 0 rg BT 76.50 442.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 119.55 442.25 Td (to ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 129.83 442.25 Td (2013) Tj ET Q BT /F4 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 418.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 418.25 Td (Selling, ) Tj ET Q q 0 0 0 rg BT 123.03 418.25 Td (general ) Tj ET Q q 0 0 0 rg BT 154.65 418.25 Td (and ) Tj ET Q q 0 0 0 rg BT 171.28 418.25 Td (administrative ) Tj ET Q q 0 0 0 rg BT 230.68 418.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 252.88 418.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.73 418.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.73 418.25 Td ( ) Tj ET Q q 0 0 0 rg BT 288.93 418.25 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.55 418.25 Td (300 ) Tj ET Q q 0 0 0 rg BT 332.75 418.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.64 418.25 Td (, ) Tj ET Q q 0 0 0 rg BT 366.33 418.25 Td (an ) Tj ET Q q 0 0 0 rg BT 377.97 418.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 412.92 418.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.44 418.25 Td (40 ) Tj ET Q q 0 0 0 rg BT 440.63 418.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.53 418.25 Td (, ) Tj ET Q q 0 0 0 rg BT 474.22 418.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.75 418.25 Td (15.4 ) Tj ET Q q 0 0 0 rg BT 504.44 418.25 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.86 418.25 Td (, ) Tj ET Q q 0 0 0 rg BT 538.56 418.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 406.25 Td (260 ) Tj ET Q q 0 0 0 rg BT 77.15 406.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.04 406.25 Td ( ) Tj ET Q q 0 0 0 rg BT 109.19 406.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.00 406.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.00 406.25 Td (. ) Tj ET Q q 0 0 0 rg BT 148.95 406.25 Td (As ) Tj ET Q q 0 0 0 rg BT 163.22 406.25 Td (a ) Tj ET Q q 0 0 0 rg BT 170.80 406.25 Td (percentage ) Tj ET Q q 0 0 0 rg BT 217.25 406.25 Td (of ) Tj ET Q q 0 0 0 rg BT 228.73 406.25 Td (net ) Tj ET Q q 0 0 0 rg BT 244.10 406.25 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 285.29 406.25 Td (selling, ) Tj ET Q q 0 0 0 rg BT 317.60 406.25 Td (general ) Tj ET Q q 0 0 0 rg BT 350.17 406.25 Td (and ) Tj ET Q q 0 0 0 rg BT 367.76 406.25 Td (administrative ) Tj ET Q q 0 0 0 rg BT 428.12 406.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 451.27 406.25 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.85 406.25 Td (10.9 ) Tj ET Q q 0 0 0 rg BT 494.50 406.25 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.92 406.25 Td ( ) Tj ET Q q 0 0 0 rg BT 527.07 406.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.00 406.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.00 406.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 394.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 95.92 394.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.20 394.25 Td (1) Tj ET Q q 0 0 0 rg BT 110.83 394.25 Td (1.1 ) Tj ET Q q 0 0 0 rg BT 125.83 394.25 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.25 394.25 Td ( ) Tj ET Q q 0 0 0 rg BT 157.75 394.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.92 394.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.92 394.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 370.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 370.25 Td (In ) Tj ET Q q 0 0 0 rg BT 100.58 370.25 Td (particular) Tj ET Q q 0 0 0 rg BT 138.49 370.25 Td (, ) Tj ET Q q 0 0 0 rg BT 143.23 370.25 Td (the ) Tj ET Q q 0 0 0 rg BT 157.70 370.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 192.70 370.25 Td (in ) Tj ET Q q 0 0 0 rg BT 202.72 370.25 Td (selling, ) Tj ET Q q 0 0 0 rg BT 234.13 370.25 Td (general ) Tj ET Q q 0 0 0 rg BT 265.80 370.25 Td (and ) Tj ET Q q 0 0 0 rg BT 282.49 370.25 Td (administrative ) Tj ET Q q 0 0 0 rg BT 341.94 370.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 364.18 370.25 Td (was ) Tj ET Q q 0 0 0 rg BT 381.98 370.25 Td (attributable ) Tj ET Q q 0 0 0 rg BT 429.77 370.25 Td (to ) Tj ET Q q 0 0 0 rg BT 439.79 370.25 Td (the ) Tj ET Q q 0 0 0 rg BT 454.25 370.25 Td (combined ) Tj ET Q q 0 0 0 rg BT 495.93 370.25 Td (ef) Tj ET Q q 0 0 0 rg BT 503.52 370.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 520.75 370.25 Td (of ) Tj ET Q q 0 0 0 rg BT 531.33 370.25 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 543.01 370.25 Td (15 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 358.25 Td (million ) Tj ET Q q 0 0 0 rg BT 85.55 358.25 Td (related ) Tj ET Q q 0 0 0 rg BT 115.41 358.25 Td (to ) Tj ET Q q 0 0 0 rg BT 125.85 358.25 Td (the ) Tj ET Q q 0 0 0 rg BT 140.72 358.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 198.92 358.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 221.58 358.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 265.34 358.25 Td (with ) Tj ET Q q 0 0 0 rg BT 285.77 358.25 Td (the ) Tj ET Q q 0 0 0 rg BT 300.65 358.25 Td (resignation ) Tj ET Q q 0 0 0 rg BT 347.74 358.25 Td (of ) Tj ET Q q 0 0 0 rg BT 358.73 358.25 Td (our ) Tj ET Q q 0 0 0 rg BT 374.72 358.25 Td (former ) Tj ET Q q 0 0 0 rg BT 404.58 358.25 Td (Chairman, ) Tj ET Q q 0 0 0 rg BT 449.18 358.25 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 464.05 358.25 Td (8 ) Tj ET Q q 0 0 0 rg BT 476.71 358.25 Td (million ) Tj ET Q q 0 0 0 rg BT 508.26 358.25 Td (related ) Tj ET Q q 0 0 0 rg BT 538.12 358.25 Td (to ) Tj ET Q q 0 0 0 rg BT 548.56 358.25 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 346.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 89.69 346.25 Td (in ) Tj ET Q q 0 0 0 rg BT 100.41 346.25 Td (marketing ) Tj ET Q q 0 0 0 rg BT 143.89 346.25 Td (and ) Tj ET Q q 0 0 0 rg BT 161.26 346.25 Td (event ) Tj ET Q q 0 0 0 rg BT 185.85 346.25 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 227.39 346.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 267.54 346.25 Td (driven ) Tj ET Q q 0 0 0 rg BT 296.02 346.25 Td (by ) Tj ET Q q 0 0 0 rg BT 308.96 346.25 Td (a ) Tj ET Q q 0 0 0 rg BT 316.33 346.25 Td (series ) Tj ET Q q 0 0 0 rg BT 342.04 346.25 Td (of ) Tj ET Q q 0 0 0 rg BT 353.31 346.25 Td (special ) Tj ET Q q 0 0 0 rg BT 384.01 346.25 Td (events ) Tj ET Q q 0 0 0 rg BT 412.49 346.25 Td (in ) Tj ET Q q 0 0 0 rg BT 423.21 346.25 Td (celebration ) Tj ET Q q 0 0 0 rg BT 470.56 346.25 Td (of ) Tj ET Q q 0 0 0 rg BT 481.83 346.25 Td (our ) Tj ET Q q 0 0 0 rg BT 498.10 346.25 Td (60 ) Tj ET Q q 0 0 0 rg BT 511.03 346.25 Td (years ) Tj ET Q q 0 0 0 rg BT 535.07 346.25 Td (in ) Tj ET Q q 0 0 0 rg BT 545.78 346.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 334.25 Td (United ) Tj ET Q q 0 0 0 rg BT 82.77 334.25 Td (States, ) Tj ET Q q 0 0 0 rg BT 110.72 334.25 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 127.27 334.25 Td (6 ) Tj ET Q q 0 0 0 rg BT 138.83 334.25 Td (million ) Tj ET Q q 0 0 0 rg BT 169.27 334.25 Td (related ) Tj ET Q q 0 0 0 rg BT 198.03 334.25 Td (to ) Tj ET Q q 0 0 0 rg BT 207.37 334.25 Td (an ) Tj ET Q q 0 0 0 rg BT 218.36 334.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 252.67 334.25 Td (in ) Tj ET Q q 0 0 0 rg BT 262.01 334.25 Td (personnel ) Tj ET Q q 0 0 0 rg BT 302.44 334.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 324.00 334.25 Td (and ) Tj ET Q q 0 0 0 rg BT 339.99 334.25 Td (\(iv\) ) Tj ET Q q 0 0 0 rg BT 355.99 334.25 Td (1) Tj ET Q q 0 0 0 rg BT 365.62 334.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 372.17 334.25 Td (million ) Tj ET Q q 0 0 0 rg BT 402.62 334.25 Td (related ) Tj ET Q q 0 0 0 rg BT 431.38 334.25 Td (to ) Tj ET Q q 0 0 0 rg BT 440.72 334.25 Td (an ) Tj ET Q q 0 0 0 rg BT 451.71 334.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 486.02 334.25 Td (in ) Tj ET Q q 0 0 0 rg BT 495.36 334.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 516.35 334.25 Td (provisions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 322.25 Td (resulting ) Tj ET Q q 0 0 0 rg BT 91.27 322.25 Td (from ) Tj ET Q q 0 0 0 rg BT 112.98 322.25 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 148.03 322.25 Td (disputes ) Tj ET Q q 0 0 0 rg BT 183.08 322.25 Td (with ) Tj ET Q q 0 0 0 rg BT 203.13 322.25 Td (a ) Tj ET Q q 0 0 0 rg BT 209.84 322.25 Td (former ) Tj ET Q q 0 0 0 rg BT 239.32 322.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 288.79 322.25 Td (partner ) Tj ET Q q 0 0 0 rg BT 319.38 322.25 Td (previously ) Tj ET Q q 0 0 0 rg BT 363.87 322.25 Td (responsible ) Tj ET Q q 0 0 0 rg BT 411.69 322.25 Td (for ) Tj ET Q q 0 0 0 rg BT 425.63 322.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 465.66 322.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 495.14 322.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 524.62 322.25 Td (stores ) Tj ET Q q 0 0 0 rg BT 550.22 322.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 310.25 Td (Italy) Tj ET Q q 0 0 0 rg BT 71.68 310.25 Td (. ) Tj ET Q q 0 0 0 rg BT 76.46 310.25 Td (In ) Tj ET Q q 0 0 0 rg BT 87.08 310.25 Td (particular) Tj ET Q q 0 0 0 rg BT 124.99 310.25 Td (, ) Tj ET Q q 0 0 0 rg BT 129.78 310.25 Td (the ) Tj ET Q q 0 0 0 rg BT 144.28 310.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 179.32 310.25 Td (in ) Tj ET Q q 0 0 0 rg BT 189.39 310.25 Td (personnel ) Tj ET Q q 0 0 0 rg BT 230.56 310.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 252.84 310.25 Td (was ) Tj ET Q q 0 0 0 rg BT 270.68 310.25 Td (in ) Tj ET Q q 0 0 0 rg BT 280.75 310.25 Td (part ) Tj ET Q q 0 0 0 rg BT 298.58 310.25 Td (driven ) Tj ET Q q 0 0 0 rg BT 326.42 310.25 Td (by ) Tj ET Q q 0 0 0 rg BT 338.70 310.25 Td (a ) Tj ET Q q 0 0 0 rg BT 345.43 310.25 Td (2.5 ) Tj ET Q q 0 0 0 rg BT 360.22 310.25 Td (percent ) Tj ET Q q 0 0 0 rg BT 391.93 310.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 426.97 310.25 Td (in ) Tj ET Q q 0 0 0 rg BT 437.04 310.25 Td (average ) Tj ET Q q 0 0 0 rg BT 470.41 310.25 Td (headcount ) Tj ET Q q 0 0 0 rg BT 513.79 310.25 Td (from ) Tj ET Q q 0 0 0 rg BT 535.52 310.25 Td (2,774 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 298.25 Td (for ) Tj ET Q q 0 0 0 rg BT 68.32 298.25 Td (2013, ) Tj ET Q q 0 0 0 rg BT 93.49 298.25 Td (to ) Tj ET Q q 0 0 0 rg BT 103.93 298.25 Td (2,843 ) Tj ET Q q 0 0 0 rg BT 129.09 298.25 Td (for ) Tj ET Q q 0 0 0 rg BT 143.41 298.25 Td (2014, ) Tj ET Q q 0 0 0 rg BT 168.57 298.25 Td (due ) Tj ET Q q 0 0 0 rg BT 185.68 298.25 Td (to ) Tj ET Q q 0 0 0 rg BT 196.12 298.25 Td (an ) Tj ET Q q 0 0 0 rg BT 208.22 298.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 243.63 298.25 Td (in ) Tj ET Q q 0 0 0 rg BT 254.07 298.25 Td (our ) Tj ET Q q 0 0 0 rg BT 270.07 298.25 Td (Italian ) Tj ET Q q 0 0 0 rg BT 298.27 298.25 Td (workforce, ) Tj ET Q q 0 0 0 rg BT 344.52 298.25 Td (to ) Tj ET Q q 0 0 0 rg BT 354.96 298.25 Td (support ) Tj ET Q q 0 0 0 rg BT 387.63 298.25 Td (the ) Tj ET Q q 0 0 0 rg BT 402.51 298.25 Td (growth ) Tj ET Q q 0 0 0 rg BT 433.50 298.25 Td (of ) Tj ET Q q 0 0 0 rg BT 444.49 298.25 Td (the ) Tj ET Q q 0 0 0 rg BT 459.37 298.25 Td (Group) Tj ET Q q 0 0 0 rg BT 487.70 298.25 Td (s ) Tj ET Q q 0 0 0 rg BT 494.26 298.25 Td (operations, ) Tj ET Q q 0 0 0 rg BT 541.07 298.25 Td (and, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 286.25 Td (to ) Tj ET Q q 0 0 0 rg BT 64.28 286.25 Td (a ) Tj ET Q q 0 0 0 rg BT 71.22 286.25 Td (lesser ) Tj ET Q q 0 0 0 rg BT 96.49 286.25 Td (extent, ) Tj ET Q q 0 0 0 rg BT 125.92 286.25 Td (attributable ) Tj ET Q q 0 0 0 rg BT 173.96 286.25 Td (to ) Tj ET Q q 0 0 0 rg BT 184.23 286.25 Td (increases ) Tj ET Q q 0 0 0 rg BT 223.38 286.25 Td (in ) Tj ET Q q 0 0 0 rg BT 233.66 286.25 Td (personnel ) Tj ET Q q 0 0 0 rg BT 275.04 286.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 313.63 286.25 Td (incurred ) Tj ET Q q 0 0 0 rg BT 349.45 286.25 Td (by ) Tj ET Q q 0 0 0 rg BT 361.95 286.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 391.66 286.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 431.37 286.25 Td (Services ) Tj ET Q q 0 0 0 rg BT 467.19 286.25 Td (AG.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 262.25 Td (Resear) Tj ET Q q 0 0 0 rg BT 83.25 262.25 Td (ch and development costs ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 185.75 108.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 161.50 185.75 32.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 193.50 185.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 197.50 185.75 44.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 185.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 185.75 32.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 185.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.50 185.75 44.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 185.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 185.75 32.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 185.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 185.75 44.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 185.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 185.75 30.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 185.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 185.75 36.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 185.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 185.75 30.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 185.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 185.75 36.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 143.75 108.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 161.50 143.75 32.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 193.50 143.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 197.50 143.75 44.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 143.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 143.75 32.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 143.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.50 143.75 44.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 143.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 143.75 32.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 143.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 143.75 44.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 143.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 143.75 30.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 143.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 143.75 36.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 143.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 143.75 30.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 143.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 143.75 36.00 -21.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 161.5 226.75 m 193.5 226.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 226.75 m 197.5 226.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 226.75 m 241.5 226.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241.5 226.75 m 245.5 226.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 226.75 m 277.5 226.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 226.75 m 281.5 226.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 226.75 m 325.5 226.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 226.75 m 329.5 226.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 226.75 m 361.5 226.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 226.75 m 365.5 226.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 226.75 m 409.5 226.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 226.75 m 443.5 226.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 226.75 m 447.5 226.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 226.75 m 483.5 226.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 226.75 m 487.5 226.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 226.75 m 517.5 226.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 226.75 m 521.5 226.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 226.75 m 557.5 226.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 161.5 226.75 m 193.5 226.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 161.5 197.75 m 193.5 197.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 197.75 m 241.5 197.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 226.75 m 277.5 226.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 197.75 m 277.5 197.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 226.75 m 325.5 226.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 197.75 m 325.5 197.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 226.75 m 361.5 226.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 197.75 m 361.5 197.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 226.75 m 409.5 226.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 197.75 m 409.5 197.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 197.75 m 443.5 197.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 197.75 m 447.5 197.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 197.75 m 483.5 197.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 197.75 m 517.5 197.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 197.75 m 521.5 197.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 197.75 m 557.5 197.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 161.5 143.75 m 193.5 143.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 161.5 123.75 m 193.5 123.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 161.5 121.75 m 193.5 121.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 143.75 m 241.5 143.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 123.75 m 241.5 123.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 121.75 m 241.5 121.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 143.75 m 277.5 143.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 123.75 m 277.5 123.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 121.75 m 277.5 121.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 143.75 m 325.5 143.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 123.75 m 325.5 123.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 121.75 m 325.5 121.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 143.75 m 361.5 143.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 123.75 m 361.5 123.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 121.75 m 361.5 121.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 143.75 m 409.5 143.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 123.75 m 409.5 123.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 121.75 m 409.5 121.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 143.75 m 443.5 143.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 123.75 m 443.5 123.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 121.75 m 443.5 121.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 143.75 m 483.5 143.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 123.75 m 483.5 123.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 121.75 m 483.5 121.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 143.75 m 517.5 143.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 123.75 m 517.5 123.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 121.75 m 517.5 121.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 143.75 m 557.5 143.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 123.75 m 557.5 123.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 121.75 m 557.5 121.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 231.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 226.90 230.98 Td (For the years ended December 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.60 230.98 Td (Increase/\(Decrease\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 202.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 169.00 201.98 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 196.00 202.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 200.15 217.98 Td (Per) Tj ET Q q 0 0 0 rg BT 211.99 217.98 Td (centage ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 209.30 209.98 Td (of net ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 203.95 201.98 Td (r) Tj ET Q q 0 0 0 rg BT 207.36 201.98 Td (evenues) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 244.00 202.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 253.00 201.98 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.00 202.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 284.15 217.98 Td (Per) Tj ET Q q 0 0 0 rg BT 295.99 217.98 Td (centage ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 293.30 209.98 Td (of net ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 287.95 201.98 Td (r) Tj ET Q q 0 0 0 rg BT 291.36 201.98 Td (evenues) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 328.00 202.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 337.00 201.98 Td (2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 364.00 202.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 368.15 217.98 Td (Per) Tj ET Q q 0 0 0 rg BT 379.99 217.98 Td (centage ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 377.30 209.98 Td (of net ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.95 201.98 Td (r) Tj ET Q q 0 0 0 rg BT 375.36 201.98 Td (evenues) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 425.40 201.98 Td (2015 vs. 2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 486.00 202.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.40 201.98 Td (2014 vs. 2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 189.70 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 315.65 189.80 Td (\( million, except percentages\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 177.00 Td (Amortization of capitalized ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 169.00 Td (development costs) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 178.30 169.00 Td (115) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 196.00 169.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 223.00 169.00 Td (4.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 234.30 169.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 244.00 169.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 262.30 169.00 Td (126) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.00 169.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 307.00 169.00 Td (4.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 318.30 169.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 328.00 169.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.30 169.00 Td (120) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 364.00 169.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.00 169.00 Td (5.1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 402.30 169.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.60 169.00 Td (\(11) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.30 169.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.00 169.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 460.95 169.00 Td (\(8.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.65 169.00 Td (\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 486.00 169.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.30 169.00 Td (6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 520.00 169.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 539.00 169.00 Td (5.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 169.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 156.00 Td (Research and development ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 148.00 Td (costs expensed during the year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 178.30 148.00 Td (447) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 196.00 148.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 219.00 148.00 Td (15.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 234.30 148.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 244.00 148.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 262.30 148.00 Td (415) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.00 148.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 303.00 148.00 Td (15.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 318.30 148.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 328.00 148.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.30 148.00 Td (359) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 364.00 148.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 387.00 148.00 Td (15.4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 402.30 148.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.30 148.00 Td (32) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.00 148.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 463.60 148.00 Td (7.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.30 148.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 486.00 148.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.30 148.00 Td (56) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 520.00 148.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 535.00 148.00 Td (15.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 148.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 56.00 134.98 Td (Resear) Tj ET Q q 0 0 0 rg BT 79.40 134.98 Td (ch and development ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 56.00 126.98 Td (costs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 178.30 126.98 Td (562) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 196.00 126.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 219.00 126.98 Td (19.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 233.00 126.98 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 244.00 126.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 262.30 126.98 Td (541) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 280.00 126.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 303.00 126.98 Td (19.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.00 126.98 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.00 126.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.30 126.98 Td (479) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 364.00 126.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.00 126.98 Td (20.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.00 126.98 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 432.30 126.98 Td (21) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 446.00 126.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 463.60 126.98 Td (3.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.95 126.98 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.00 126.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.30 126.98 Td (62) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.00 126.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 535.00 126.98 Td (12.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 549.00 126.98 Td (%) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 157 0 obj <> endobj 158 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (70) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 731.25 Td (2015) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 731.25 Td ( ) Tj ET Q q 0 0 0 rg BT 76.50 731.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 119.55 731.25 Td (to ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 129.83 731.25 Td (2014) Tj ET Q BT /F4 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 707.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 707.25 Td (Research ) Tj ET Q q 0 0 0 rg BT 129.63 707.25 Td (and ) Tj ET Q q 0 0 0 rg BT 147.05 707.25 Td (development ) Tj ET Q q 0 0 0 rg BT 201.68 707.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 224.66 707.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.31 707.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.31 707.25 Td ( ) Tj ET Q q 0 0 0 rg BT 262.29 707.25 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.70 707.25 Td (562 ) Tj ET Q q 0 0 0 rg BT 307.68 707.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.57 707.25 Td (, ) Tj ET Q q 0 0 0 rg BT 342.06 707.25 Td (an ) Tj ET Q q 0 0 0 rg BT 354.48 707.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 390.21 707.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.53 707.25 Td (21 ) Tj ET Q q 0 0 0 rg BT 419.51 707.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.40 707.25 Td (, ) Tj ET Q q 0 0 0 rg BT 453.88 707.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.20 707.25 Td (3.9 ) Tj ET Q q 0 0 0 rg BT 480.68 707.25 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.10 707.25 Td (, ) Tj ET Q q 0 0 0 rg BT 515.58 707.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.00 707.25 Td (541 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 695.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.89 695.25 Td ( ) Tj ET Q q 0 0 0 rg BT 85.18 695.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.13 695.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.13 695.25 Td (. ) Tj ET Q q 0 0 0 rg BT 123.42 695.25 Td (As ) Tj ET Q q 0 0 0 rg BT 136.82 695.25 Td (a ) Tj ET Q q 0 0 0 rg BT 143.55 695.25 Td (percentage ) Tj ET Q q 0 0 0 rg BT 189.14 695.25 Td (of ) Tj ET Q q 0 0 0 rg BT 199.76 695.25 Td (net ) Tj ET Q q 0 0 0 rg BT 214.27 695.25 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 254.59 695.25 Td (research ) Tj ET Q q 0 0 0 rg BT 290.19 695.25 Td (and ) Tj ET Q q 0 0 0 rg BT 306.92 695.25 Td (development ) Tj ET Q q 0 0 0 rg BT 360.86 695.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 383.15 695.25 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.87 695.25 Td (19.7 ) Tj ET Q q 0 0 0 rg BT 424.66 695.25 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.08 695.25 Td ( ) Tj ET Q q 0 0 0 rg BT 456.37 695.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.44 695.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.44 695.25 Td ( ) Tj ET Q q 0 0 0 rg BT 488.73 695.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 530.44 695.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.51 695.25 Td (19.6 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.25 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.42 683.25 Td ( ) Tj ET Q q 0 0 0 rg BT 85.92 683.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.20 683.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.20 683.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 659.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 659.25 Td (The ) Tj ET Q q 0 0 0 rg BT 107.05 659.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 141.31 659.25 Td (in ) Tj ET Q q 0 0 0 rg BT 150.59 659.25 Td (research ) Tj ET Q q 0 0 0 rg BT 185.40 659.25 Td (and ) Tj ET Q q 0 0 0 rg BT 201.34 659.25 Td (development ) Tj ET Q q 0 0 0 rg BT 254.50 659.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 276.00 659.25 Td (was ) Tj ET Q q 0 0 0 rg BT 293.06 659.25 Td (attributable ) Tj ET Q q 0 0 0 rg BT 340.10 659.25 Td (to ) Tj ET Q q 0 0 0 rg BT 349.38 659.25 Td (an ) Tj ET Q q 0 0 0 rg BT 360.32 659.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 394.58 659.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.41 659.25 Td (32 ) Tj ET Q q 0 0 0 rg BT 415.92 659.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.81 659.25 Td ( ) Tj ET Q q 0 0 0 rg BT 446.31 659.25 Td (in ) Tj ET Q q 0 0 0 rg BT 455.60 659.25 Td (research ) Tj ET Q q 0 0 0 rg BT 490.41 659.25 Td (and ) Tj ET Q q 0 0 0 rg BT 506.35 659.25 Td (development ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 647.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 76.50 647.25 Td (expensed ) Tj ET Q q 0 0 0 rg BT 116.21 647.25 Td (during ) Tj ET Q q 0 0 0 rg BT 144.82 647.25 Td (the ) Tj ET Q q 0 0 0 rg BT 159.53 647.25 Td (year) Tj ET Q q 0 0 0 rg BT 176.34 647.25 Td (, ) Tj ET Q q 0 0 0 rg BT 181.34 647.25 Td (partially ) Tj ET Q q 0 0 0 rg BT 217.16 647.25 Td (of) Tj ET Q q 0 0 0 rg BT 225.31 647.25 Td (fset ) Tj ET Q q 0 0 0 rg BT 242.25 647.25 Td (by ) Tj ET Q q 0 0 0 rg BT 254.75 647.25 Td (a ) Tj ET Q q 0 0 0 rg BT 261.69 647.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 298.60 647.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.43 647.25 Td (1) Tj ET Q q 0 0 0 rg BT 319.06 647.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 326.56 647.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.45 647.25 Td ( ) Tj ET Q q 0 0 0 rg BT 357.95 647.25 Td (in ) Tj ET Q q 0 0 0 rg BT 368.23 647.25 Td (amortization ) Tj ET Q q 0 0 0 rg BT 421.27 647.25 Td (of ) Tj ET Q q 0 0 0 rg BT 432.10 647.25 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 477.90 647.25 Td (development ) Tj ET Q q 0 0 0 rg BT 532.05 647.25 Td (costs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 623.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 623.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.53 623.25 Td (32 ) Tj ET Q q 0 0 0 rg BT 124.51 623.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.40 623.25 Td ( ) Tj ET Q q 0 0 0 rg BT 155.39 623.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 190.12 623.25 Td (in ) Tj ET Q q 0 0 0 rg BT 199.88 623.25 Td (research ) Tj ET Q q 0 0 0 rg BT 235.17 623.25 Td (and ) Tj ET Q q 0 0 0 rg BT 251.59 623.25 Td (development ) Tj ET Q q 0 0 0 rg BT 305.22 623.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 327.21 623.25 Td (expensed ) Tj ET Q q 0 0 0 rg BT 366.40 623.25 Td (during ) Tj ET Q q 0 0 0 rg BT 394.49 623.25 Td (the ) Tj ET Q q 0 0 0 rg BT 408.69 623.25 Td (year ) Tj ET Q q 0 0 0 rg BT 427.88 623.25 Td (was ) Tj ET Q q 0 0 0 rg BT 445.41 623.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 484.60 623.25 Td (driven ) Tj ET Q q 0 0 0 rg BT 512.13 623.25 Td (by ) Tj ET Q q 0 0 0 rg BT 524.12 623.25 Td (Formula ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 611.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 61.27 611.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 99.64 611.25 Td (and ) Tj ET Q q 0 0 0 rg BT 116.36 611.25 Td (in ) Tj ET Q q 0 0 0 rg BT 126.41 611.25 Td (particular) Tj ET Q q 0 0 0 rg BT 164.32 611.25 Td (, ) Tj ET Q q 0 0 0 rg BT 169.09 611.25 Td (the ) Tj ET Q q 0 0 0 rg BT 183.58 611.25 Td (Group's ) Tj ET Q q 0 0 0 rg BT 217.10 611.25 Td (ef) Tj ET Q q 0 0 0 rg BT 224.69 611.25 Td (forts ) Tj ET Q q 0 0 0 rg BT 245.29 611.25 Td (related ) Tj ET Q q 0 0 0 rg BT 274.76 611.25 Td (to ) Tj ET Q q 0 0 0 rg BT 284.82 611.25 Td (power ) Tj ET Q q 0 0 0 rg BT 312.08 611.25 Td (unit ) Tj ET Q q 0 0 0 rg BT 329.91 611.25 Td (projects, ) Tj ET Q q 0 0 0 rg BT 366.34 611.25 Td (and ) Tj ET Q q 0 0 0 rg BT 383.05 611.25 Td (to ) Tj ET Q q 0 0 0 rg BT 393.10 611.25 Td (a ) Tj ET Q q 0 0 0 rg BT 399.81 611.25 Td (lesser ) Tj ET Q q 0 0 0 rg BT 424.85 611.25 Td (extent, ) Tj ET Q q 0 0 0 rg BT 454.06 611.25 Td (research ) Tj ET Q q 0 0 0 rg BT 489.64 611.25 Td (and ) Tj ET Q q 0 0 0 rg BT 506.35 611.25 Td (development ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 599.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 76.50 599.25 Td (on ) Tj ET Q q 0 0 0 rg BT 89.00 599.25 Td (sports ) Tj ET Q q 0 0 0 rg BT 115.39 599.25 Td (and ) Tj ET Q q 0 0 0 rg BT 132.33 599.25 Td (GT) Tj ET Q q 0 0 0 rg BT 145.48 599.25 Td ( ) Tj ET Q q 0 0 0 rg BT 147.98 599.25 Td (cars.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 575.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 575.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.82 575.25 Td (1) Tj ET Q q 0 0 0 rg BT 118.45 575.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 126.73 575.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.62 575.25 Td ( ) Tj ET Q q 0 0 0 rg BT 158.89 575.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 196.58 575.25 Td (in ) Tj ET Q q 0 0 0 rg BT 207.64 575.25 Td (amortization ) Tj ET Q q 0 0 0 rg BT 261.45 575.25 Td (of ) Tj ET Q q 0 0 0 rg BT 273.05 575.25 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 319.64 575.25 Td (development ) Tj ET Q q 0 0 0 rg BT 374.56 575.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 397.84 575.25 Td (was ) Tj ET Q q 0 0 0 rg BT 416.66 575.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 457.15 575.25 Td (due ) Tj ET Q q 0 0 0 rg BT 474.87 575.25 Td (to ) Tj ET Q q 0 0 0 rg BT 485.92 575.25 Td (the ) Tj ET Q q 0 0 0 rg BT 501.41 575.25 Td (completion ) Tj ET Q q 0 0 0 rg BT 549.68 575.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 563.25 Td (amortization ) Tj ET Q q 0 0 0 rg BT 107.04 563.25 Td (of ) Tj ET Q q 0 0 0 rg BT 117.87 563.25 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 163.67 563.25 Td (development ) Tj ET Q q 0 0 0 rg BT 217.82 563.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 240.32 563.25 Td (related ) Tj ET Q q 0 0 0 rg BT 270.03 563.25 Td (to ) Tj ET Q q 0 0 0 rg BT 280.30 563.25 Td (the ) Tj ET Q q 0 0 0 rg BT 295.02 563.25 Td (458 ) Tj ET Q q 0 0 0 rg BT 312.52 563.25 Td (Italia ) Tj ET Q q 0 0 0 rg BT 335.56 563.25 Td (and ) Tj ET Q q 0 0 0 rg BT 352.50 563.25 Td (458 ) Tj ET Q q 0 0 0 rg BT 370.00 563.25 Td (Spider) Tj ET Q q 0 0 0 rg BT 395.71 563.25 Td (, ) Tj ET Q q 0 0 0 rg BT 400.71 563.25 Td (which ) Tj ET Q q 0 0 0 rg BT 427.65 563.25 Td (were ) Tj ET Q q 0 0 0 rg BT 449.58 563.25 Td (phased ) Tj ET Q q 0 0 0 rg BT 479.84 563.25 Td (out ) Tj ET Q q 0 0 0 rg BT 495.12 563.25 Td (in ) Tj ET Q q 0 0 0 rg BT 505.40 563.25 Td (2015.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 539.25 Td (2014) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 539.25 Td ( ) Tj ET Q q 0 0 0 rg BT 76.50 539.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 119.55 539.25 Td (to ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 129.83 539.25 Td (2013) Tj ET Q BT /F4 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 515.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 515.25 Td (Research ) Tj ET Q q 0 0 0 rg BT 129.35 515.25 Td (and ) Tj ET Q q 0 0 0 rg BT 146.49 515.25 Td (development ) Tj ET Q q 0 0 0 rg BT 200.85 515.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 223.55 515.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.92 515.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.92 515.25 Td ( ) Tj ET Q q 0 0 0 rg BT 260.63 515.25 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.76 515.25 Td (541 ) Tj ET Q q 0 0 0 rg BT 305.46 515.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.36 515.25 Td (, ) Tj ET Q q 0 0 0 rg BT 339.56 515.25 Td (an ) Tj ET Q q 0 0 0 rg BT 351.70 515.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 387.16 515.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.20 515.25 Td (62 ) Tj ET Q q 0 0 0 rg BT 415.90 515.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.79 515.25 Td (, ) Tj ET Q q 0 0 0 rg BT 450.00 515.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.04 515.25 Td (12.9 ) Tj ET Q q 0 0 0 rg BT 481.24 515.25 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.66 515.25 Td (, ) Tj ET Q q 0 0 0 rg BT 515.87 515.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.01 515.25 Td (479 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 503.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.89 503.25 Td ( ) Tj ET Q q 0 0 0 rg BT 85.38 503.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.52 503.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.52 503.25 Td (. ) Tj ET Q q 0 0 0 rg BT 123.96 503.25 Td (As ) Tj ET Q q 0 0 0 rg BT 137.56 503.25 Td (a ) Tj ET Q q 0 0 0 rg BT 144.48 503.25 Td (percentage ) Tj ET Q q 0 0 0 rg BT 190.27 503.25 Td (of ) Tj ET Q q 0 0 0 rg BT 201.08 503.25 Td (net ) Tj ET Q q 0 0 0 rg BT 215.79 503.25 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 256.31 503.25 Td (research ) Tj ET Q q 0 0 0 rg BT 292.10 503.25 Td (and ) Tj ET Q q 0 0 0 rg BT 309.02 503.25 Td (development ) Tj ET Q q 0 0 0 rg BT 363.16 503.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 385.64 503.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.68 503.25 Td (19.6 ) Tj ET Q q 0 0 0 rg BT 423.67 503.25 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.09 503.25 Td ( ) Tj ET Q q 0 0 0 rg BT 455.58 503.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.84 503.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.84 503.25 Td ( ) Tj ET Q q 0 0 0 rg BT 488.32 503.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 530.23 503.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.50 503.25 Td (20.5 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 491.25 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.42 491.25 Td ( ) Tj ET Q q 0 0 0 rg BT 85.92 491.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.20 491.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.20 491.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 467.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 467.25 Td (The ) Tj ET Q q 0 0 0 rg BT 106.88 467.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 140.96 467.25 Td (in ) Tj ET Q q 0 0 0 rg BT 150.08 467.25 Td (research ) Tj ET Q q 0 0 0 rg BT 184.71 467.25 Td (and ) Tj ET Q q 0 0 0 rg BT 200.48 467.25 Td (development ) Tj ET Q q 0 0 0 rg BT 253.47 467.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 274.80 467.25 Td (was ) Tj ET Q q 0 0 0 rg BT 291.68 467.25 Td (attributable ) Tj ET Q q 0 0 0 rg BT 338.55 467.25 Td (to ) Tj ET Q q 0 0 0 rg BT 347.66 467.25 Td (an ) Tj ET Q q 0 0 0 rg BT 358.43 467.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 392.52 467.25 Td (in ) Tj ET Q q 0 0 0 rg BT 401.63 467.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 446.84 467.25 Td (in ) Tj ET Q q 0 0 0 rg BT 455.95 467.25 Td (research ) Tj ET Q q 0 0 0 rg BT 490.59 467.25 Td (and ) Tj ET Q q 0 0 0 rg BT 506.36 467.25 Td (development ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 455.25 Td (expensed ) Tj ET Q q 0 0 0 rg BT 93.71 455.25 Td (during ) Tj ET Q q 0 0 0 rg BT 122.32 455.25 Td (the ) Tj ET Q q 0 0 0 rg BT 137.03 455.25 Td (year ) Tj ET Q q 0 0 0 rg BT 156.74 455.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.57 455.25 Td (56 ) Tj ET Q q 0 0 0 rg BT 185.07 455.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.96 455.25 Td ( ) Tj ET Q q 0 0 0 rg BT 216.46 455.25 Td (and ) Tj ET Q q 0 0 0 rg BT 233.40 455.25 Td (an ) Tj ET Q q 0 0 0 rg BT 245.34 455.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 280.59 455.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.42 455.25 Td (6 ) Tj ET Q q 0 0 0 rg BT 303.92 455.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.81 455.25 Td ( ) Tj ET Q q 0 0 0 rg BT 335.31 455.25 Td (in ) Tj ET Q q 0 0 0 rg BT 345.59 455.25 Td (amortization ) Tj ET Q q 0 0 0 rg BT 398.63 455.25 Td (of ) Tj ET Q q 0 0 0 rg BT 409.46 455.25 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 455.26 455.25 Td (development ) Tj ET Q q 0 0 0 rg BT 509.42 455.25 Td (costs. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 431.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 431.25 Td (The ) Tj ET Q q 0 0 0 rg BT 107.91 431.25 Td (total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.05 431.25 Td (56 ) Tj ET Q q 0 0 0 rg BT 145.42 431.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.31 431.25 Td ( ) Tj ET Q q 0 0 0 rg BT 176.67 431.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 211.79 431.25 Td (in ) Tj ET Q q 0 0 0 rg BT 221.94 431.25 Td (research ) Tj ET Q q 0 0 0 rg BT 257.61 431.25 Td (and ) Tj ET Q q 0 0 0 rg BT 274.41 431.25 Td (development ) Tj ET Q q 0 0 0 rg BT 328.43 431.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 350.80 431.25 Td (expensed ) Tj ET Q q 0 0 0 rg BT 390.37 431.25 Td (during ) Tj ET Q q 0 0 0 rg BT 418.84 431.25 Td (the ) Tj ET Q q 0 0 0 rg BT 433.43 431.25 Td (year ) Tj ET Q q 0 0 0 rg BT 453.00 431.25 Td (was ) Tj ET Q q 0 0 0 rg BT 470.92 431.25 Td (driven ) Tj ET Q q 0 0 0 rg BT 498.83 431.25 Td (by ) Tj ET Q q 0 0 0 rg BT 511.19 431.25 Td (the ) Tj ET Q q 0 0 0 rg BT 525.78 431.25 Td (Group) Tj ET Q q 0 0 0 rg BT 554.11 431.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 419.25 Td (ef) Tj ET Q q 0 0 0 rg BT 61.59 419.25 Td (forts ) Tj ET Q q 0 0 0 rg BT 83.17 419.25 Td (related ) Tj ET Q q 0 0 0 rg BT 113.63 419.25 Td (to ) Tj ET Q q 0 0 0 rg BT 124.66 419.25 Td (the ) Tj ET Q q 0 0 0 rg BT 140.13 419.25 Td (continued ) Tj ET Q q 0 0 0 rg BT 182.82 419.25 Td (development ) Tj ET Q q 0 0 0 rg BT 237.72 419.25 Td (of ) Tj ET Q q 0 0 0 rg BT 249.30 419.25 Td (the ) Tj ET Q q 0 0 0 rg BT 264.77 419.25 Td (Formula ) Tj ET Q q 0 0 0 rg BT 301.91 419.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 310.17 419.25 Td (car) Tj ET Q q 0 0 0 rg BT 321.97 419.25 Td (, ) Tj ET Q q 0 0 0 rg BT 327.73 419.25 Td (which ) Tj ET Q q 0 0 0 rg BT 355.42 419.25 Td (included ) Tj ET Q q 0 0 0 rg BT 393.11 419.25 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 435.80 419.25 Td (to ) Tj ET Q q 0 0 0 rg BT 446.83 419.25 Td (maximize ) Tj ET Q q 0 0 0 rg BT 489.51 419.25 Td (the ) Tj ET Q q 0 0 0 rg BT 504.98 419.25 Td (performance, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 407.25 Td (ef) Tj ET Q q 0 0 0 rg BT 61.59 407.25 Td (ficiency ) Tj ET Q q 0 0 0 rg BT 96.29 407.25 Td (and ) Tj ET Q q 0 0 0 rg BT 113.23 407.25 Td (safety ) Tj ET Q q 0 0 0 rg BT 139.61 407.25 Td (of ) Tj ET Q q 0 0 0 rg BT 150.44 407.25 Td (the ) Tj ET Q q 0 0 0 rg BT 165.15 407.25 Td (car) Tj ET Q q 0 0 0 rg BT 176.81 407.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 383.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 383.25 Td (The ) Tj ET Q q 0 0 0 rg BT 108.79 383.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 144.79 383.25 Td (in ) Tj ET Q q 0 0 0 rg BT 155.81 383.25 Td (amortization ) Tj ET Q q 0 0 0 rg BT 209.58 383.25 Td (of ) Tj ET Q q 0 0 0 rg BT 221.16 383.25 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 267.71 383.25 Td (development ) Tj ET Q q 0 0 0 rg BT 322.60 383.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 345.84 383.25 Td (was ) Tj ET Q q 0 0 0 rg BT 364.63 383.25 Td (lar) Tj ET Q q 0 0 0 rg BT 375.00 383.25 Td (gely ) Tj ET Q q 0 0 0 rg BT 395.46 383.25 Td (attributable ) Tj ET Q q 0 0 0 rg BT 444.24 383.25 Td (to ) Tj ET Q q 0 0 0 rg BT 455.26 383.25 Td (new ) Tj ET Q q 0 0 0 rg BT 475.16 383.25 Td (product ) Tj ET Q q 0 0 0 rg BT 508.95 383.25 Td (launches. ) Tj ET Q q 0 0 0 rg BT 549.68 383.25 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 371.25 Td (particular) Tj ET Q q 0 0 0 rg BT 91.91 371.25 Td (, ) Tj ET Q q 0 0 0 rg BT 96.02 371.25 Td (in ) Tj ET Q q 0 0 0 rg BT 105.06 371.25 Td (April ) Tj ET Q q 0 0 0 rg BT 127.78 371.25 Td (2014, ) Tj ET Q q 0 0 0 rg BT 151.89 371.25 Td (we ) Tj ET Q q 0 0 0 rg BT 165.17 371.25 Td (started ) Tj ET Q q 0 0 0 rg BT 193.43 371.25 Td (production ) Tj ET Q q 0 0 0 rg BT 238.37 371.25 Td (of ) Tj ET Q q 0 0 0 rg BT 248.31 371.25 Td (the ) Tj ET Q q 0 0 0 rg BT 262.14 371.25 Td (California ) Tj ET Q q 0 0 0 rg BT 304.18 371.25 Td (T) Tj ET Q q 0 0 0 rg BT 310.11 371.25 Td ( ) Tj ET Q q 0 0 0 rg BT 311.72 371.25 Td (and ) Tj ET Q q 0 0 0 rg BT 327.77 371.25 Td (in ) Tj ET Q q 0 0 0 rg BT 337.16 371.25 Td (July ) Tj ET Q q 0 0 0 rg BT 355.45 371.25 Td (2013, ) Tj ET Q q 0 0 0 rg BT 379.56 371.25 Td (the ) Tj ET Q q 0 0 0 rg BT 393.39 371.25 Td (458 ) Tj ET Q q 0 0 0 rg BT 410.00 371.25 Td (Spider) Tj ET Q q 0 0 0 rg BT 435.71 371.25 Td (, ) Tj ET Q q 0 0 0 rg BT 439.82 371.25 Td (triggering ) Tj ET Q q 0 0 0 rg BT 480.87 371.25 Td (the ) Tj ET Q q 0 0 0 rg BT 494.70 371.25 Td (commencement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 359.25 Td (of ) Tj ET Q q 0 0 0 rg BT 64.83 359.25 Td (amortization ) Tj ET Q q 0 0 0 rg BT 117.87 359.25 Td (of ) Tj ET Q q 0 0 0 rg BT 128.70 359.25 Td (the ) Tj ET Q q 0 0 0 rg BT 143.41 359.25 Td (development ) Tj ET Q q 0 0 0 rg BT 197.56 359.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 220.06 359.25 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 265.87 359.25 Td (in ) Tj ET Q q 0 0 0 rg BT 276.15 359.25 Td (relation ) Tj ET Q q 0 0 0 rg BT 309.19 359.25 Td (to ) Tj ET Q q 0 0 0 rg BT 319.47 359.25 Td (these ) Tj ET Q q 0 0 0 rg BT 342.52 359.25 Td (models. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 335.25 Td (Other) Tj ET Q q 0 0 0 rg BT 79.37 335.25 Td ( ) Tj ET Q q 0 0 0 rg BT 81.87 335.25 Td (expenses/\(income\), ) Tj ET Q q 0 0 0 rg BT 164.07 335.25 Td (net) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 260.75 119.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 172.50 260.75 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 223.50 260.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 227.50 260.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.50 260.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 260.75 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 260.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 260.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 260.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 260.75 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 260.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 260.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 260.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 260.75 52.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 172.5 298.75 m 223.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223.5 298.75 m 227.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 298.75 m 279.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 298.75 m 283.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 298.75 m 334.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 298.75 m 338.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 298.75 m 390.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 298.75 m 394.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 298.75 m 445.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 298.75 m 449.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 298.75 m 501.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 298.75 m 505.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 298.75 m 557.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 172.5 298.75 m 223.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 172.5 275.75 m 223.5 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 298.75 m 279.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 275.75 m 279.5 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 298.75 m 334.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 275.75 m 334.5 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 275.75 m 390.5 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 275.75 m 394.5 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 275.75 m 445.5 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 275.75 m 501.5 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 275.75 m 505.5 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 275.75 m 557.5 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 172.5 275.75 m 223.5 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 172.5 260.75 m 223.5 260.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 275.75 m 279.5 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 260.75 m 279.5 260.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 275.75 m 334.5 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 260.75 m 334.5 260.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 275.75 m 390.5 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 260.75 m 390.5 260.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 275.75 m 394.5 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 260.75 m 394.5 260.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 275.75 m 445.5 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 260.75 m 445.5 260.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 275.75 m 501.5 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 260.75 m 501.5 260.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 275.75 m 505.5 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 260.75 m 505.5 260.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 275.75 m 557.5 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 260.75 m 557.5 260.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 172.5 260.75 m 223.5 260.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 260.75 m 279.5 260.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 260.75 m 334.5 260.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 303.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 194.90 302.98 Td (For the years ended December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.00 303.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 414.10 302.98 Td (Increase/\(Decrease\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 280.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 189.50 279.98 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 226.00 280.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 245.00 279.98 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 282.00 280.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 300.50 279.98 Td (2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.00 280.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 368.90 279.98 Td (2015 vs. 2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.00 280.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.40 279.98 Td (2014 vs. 2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 265.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 314.95 265.00 Td (\( million, except percentages\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 250.00 Td (Other expenses/\(income\), net) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 212.30 250.00 Td (10) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 226.00 250.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 268.30 250.00 Td (26) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 282.00 250.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 324.60 250.00 Td (\(3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 331.30 250.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.00 250.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.60 250.00 Td (\(16) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 387.30 250.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 393.00 250.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 418.95 250.00 Td (\(61.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 435.65 250.00 Td (\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.00 250.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.30 250.00 Td (29) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 504.00 250.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 539.75 250.00 Td (n.m.) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 222.25 Td (2015) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 222.25 Td ( ) Tj ET Q q 0 0 0 rg BT 76.50 222.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 119.55 222.25 Td (to ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 129.83 222.25 Td (2014) Tj ET Q BT /F4 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 198.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 198.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 114.95 198.25 Td (expenses/\(income\), ) Tj ET Q q 0 0 0 rg BT 194.59 198.25 Td (net ) Tj ET Q q 0 0 0 rg BT 208.99 198.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.83 198.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.83 198.25 Td ( ) Tj ET Q q 0 0 0 rg BT 245.00 198.25 Td (amounted ) Tj ET Q q 0 0 0 rg BT 286.62 198.25 Td (to ) Tj ET Q q 0 0 0 rg BT 296.57 198.25 Td (net ) Tj ET Q q 0 0 0 rg BT 310.97 198.25 Td (other ) Tj ET Q q 0 0 0 rg BT 333.69 198.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 371.97 198.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.48 198.25 Td (10 ) Tj ET Q q 0 0 0 rg BT 399.65 198.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.54 198.25 Td (, ) Tj ET Q q 0 0 0 rg BT 433.22 198.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 474.82 198.25 Td (to ) Tj ET Q q 0 0 0 rg BT 484.78 198.25 Td (net ) Tj ET Q q 0 0 0 rg BT 499.17 198.25 Td (other ) Tj ET Q q 0 0 0 rg BT 521.90 198.25 Td (expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 186.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.83 186.25 Td (26 ) Tj ET Q q 0 0 0 rg BT 82.33 186.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.22 186.25 Td ( ) Tj ET Q q 0 0 0 rg BT 113.72 186.25 Td (million ) Tj ET Q q 0 0 0 rg BT 145.11 186.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.27 186.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.27 186.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 162.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 162.25 Td (For 2015, other expenses/\(income\), net included other expenses of 32 million, mainly composed of 13 million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 150.25 Td (related to provisions, 7 million related to indirect taxes and 12 million related to miscellaneous expenses, partially of) Tj ET Q q 0 0 0 rg BT 530.64 150.25 Td (fset by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 138.25 Td (other income of 22 million, including a 6 million gain on disposal of assets and liabilities related to investment properties, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 126.25 Td (6 million related to the release of provisions previously recorded in other expenses, 3 million related to rental income and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 114.25 Td (7 million related to miscellaneous income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 90.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 90.25 Td (For ) Tj ET Q q 0 0 0 rg BT 105.63 90.25 Td (2014, ) Tj ET Q q 0 0 0 rg BT 129.87 90.25 Td (other ) Tj ET Q q 0 0 0 rg BT 152.16 90.25 Td (expenses/\(income\), ) Tj ET Q q 0 0 0 rg BT 231.37 90.25 Td (net ) Tj ET Q q 0 0 0 rg BT 245.32 90.25 Td (included ) Tj ET Q q 0 0 0 rg BT 281.50 90.25 Td (other ) Tj ET Q q 0 0 0 rg BT 303.78 90.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 341.62 90.25 Td (of ) Tj ET Q q 0 0 0 rg BT 351.69 90.25 Td (39 ) Tj ET Q q 0 0 0 rg BT 368.43 90.25 Td (million, ) Tj ET Q q 0 0 0 rg BT 401.56 90.25 Td (mainly ) Tj ET Q q 0 0 0 rg BT 431.08 90.25 Td (composed ) Tj ET Q q 0 0 0 rg BT 473.36 90.25 Td (of ) Tj ET Q q 0 0 0 rg BT 483.43 90.25 Td (21 ) Tj ET Q q 0 0 0 rg BT 500.17 90.25 Td (million ) Tj ET Q q 0 0 0 rg BT 530.80 90.25 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 78.25 Td (to ) Tj ET Q q 0 0 0 rg BT 64.41 78.25 Td (provisions, ) Tj ET Q q 0 0 0 rg BT 111.21 78.25 Td (6 ) Tj ET Q q 0 0 0 rg BT 123.84 78.25 Td (million ) Tj ET Q q 0 0 0 rg BT 155.36 78.25 Td (related ) Tj ET Q q 0 0 0 rg BT 185.20 78.25 Td (to ) Tj ET Q q 0 0 0 rg BT 195.61 78.25 Td (indirect ) Tj ET Q q 0 0 0 rg BT 228.78 78.25 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 254.46 78.25 Td (and ) Tj ET Q q 0 0 0 rg BT 271.53 78.25 Td (12 ) Tj ET Q q 0 0 0 rg BT 289.16 78.25 Td (million ) Tj ET Q q 0 0 0 rg BT 320.68 78.25 Td (in ) Tj ET Q q 0 0 0 rg BT 331.09 78.25 Td (miscellaneous ) Tj ET Q q 0 0 0 rg BT 390.37 78.25 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 431.60 78.25 Td (partially ) Tj ET Q q 0 0 0 rg BT 467.55 78.25 Td (of) Tj ET Q q 0 0 0 rg BT 475.70 78.25 Td (fset ) Tj ET Q q 0 0 0 rg BT 492.77 78.25 Td (by ) Tj ET Q q 0 0 0 rg BT 505.40 78.25 Td (other ) Tj ET Q q 0 0 0 rg BT 528.58 78.25 Td (income ) Tj ET Q endstream endobj 159 0 obj <> endobj 160 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (71) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 64.30 731.10 Td (13 ) Tj ET Q q 0 0 0 rg BT 81.27 731.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 114.64 731.10 Td (including ) Tj ET Q q 0 0 0 rg BT 154.38 731.10 Td (4 ) Tj ET Q q 0 0 0 rg BT 166.35 731.10 Td (million ) Tj ET Q q 0 0 0 rg BT 197.22 731.10 Td (related ) Tj ET Q q 0 0 0 rg BT 226.39 731.10 Td (to ) Tj ET Q q 0 0 0 rg BT 236.14 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 250.33 731.10 Td (release ) Tj ET Q q 0 0 0 rg BT 280.05 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 290.36 731.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 334.00 731.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 378.19 731.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 415.13 731.10 Td (in ) Tj ET Q q 0 0 0 rg BT 424.88 731.10 Td (other ) Tj ET Q q 0 0 0 rg BT 447.40 731.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 487.97 731.10 Td (3 ) Tj ET Q q 0 0 0 rg BT 499.94 731.10 Td (million ) Tj ET Q q 0 0 0 rg BT 530.81 731.10 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 64.28 719.10 Td (rental ) Tj ET Q q 0 0 0 rg BT 89.54 719.10 Td (income ) Tj ET Q q 0 0 0 rg BT 121.48 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 138.41 719.10 Td (6 ) Tj ET Q q 0 0 0 rg BT 150.91 719.10 Td (million ) Tj ET Q q 0 0 0 rg BT 182.31 719.10 Td (related ) Tj ET Q q 0 0 0 rg BT 212.01 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 222.29 719.10 Td (miscellaneous ) Tj ET Q q 0 0 0 rg BT 281.44 719.10 Td (income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 695.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 695.10 Td (The provisions recognized in other expenses in 2015 include 9 million related to legal proceedings and disputes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.10 Td (and 4 million related to other risks, primarily related to disputes with suppliers, employees and other parties. ) Tj ET Q q 0 0 0 rg BT 494.83 683.10 Td (The provisions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 671.10 Td (recognized within other expenses in 2014 include 13 million related to legal proceedings and disputes and 8 million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 659.10 Td (attributable to other risks, primarily related to disputes with suppliers, employees and other parties. ) Tj ET Q q 0 0 0 rg BT 452.33 659.10 Td (The most significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 647.10 Td (accruals to the provision for legal proceedings and disputes recognized in 2014 related to litigation with a former distributor) Tj ET Q q 0 0 0 rg BT 549.42 647.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 623.10 Td (2014) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 623.10 Td ( ) Tj ET Q q 0 0 0 rg BT 76.50 623.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 119.55 623.10 Td (to ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 129.83 623.10 Td (2013) Tj ET Q BT /F4 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 599.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 599.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 115.34 599.10 Td (expenses/\(income\), ) Tj ET Q q 0 0 0 rg BT 195.38 599.10 Td (net ) Tj ET Q q 0 0 0 rg BT 210.17 599.10 Td (for ) Tj ET Q q 0 0 0 rg BT 224.40 599.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 246.97 599.10 Td (amounted ) Tj ET Q q 0 0 0 rg BT 288.97 599.10 Td (to ) Tj ET Q q 0 0 0 rg BT 299.32 599.10 Td (net ) Tj ET Q q 0 0 0 rg BT 314.11 599.10 Td (other ) Tj ET Q q 0 0 0 rg BT 337.23 599.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 375.90 599.10 Td (of ) Tj ET Q q 0 0 0 rg BT 386.80 599.10 Td (26 ) Tj ET Q q 0 0 0 rg BT 404.37 599.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 438.33 599.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 480.33 599.10 Td (to ) Tj ET Q q 0 0 0 rg BT 490.68 599.10 Td (net ) Tj ET Q q 0 0 0 rg BT 505.46 599.10 Td (other ) Tj ET Q q 0 0 0 rg BT 528.58 599.10 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 587.10 Td (of ) Tj ET Q q 0 0 0 rg BT 64.83 587.10 Td (3 ) Tj ET Q q 0 0 0 rg BT 77.33 587.10 Td (million ) Tj ET Q q 0 0 0 rg BT 108.72 587.10 Td (for ) Tj ET Q q 0 0 0 rg BT 122.88 587.10 Td (2013. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 563.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 563.10 Td (For ) Tj ET Q q 0 0 0 rg BT 105.63 563.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 129.87 563.10 Td (other ) Tj ET Q q 0 0 0 rg BT 152.16 563.10 Td (expenses/\(income\), ) Tj ET Q q 0 0 0 rg BT 231.37 563.10 Td (net ) Tj ET Q q 0 0 0 rg BT 245.32 563.10 Td (included ) Tj ET Q q 0 0 0 rg BT 281.50 563.10 Td (other ) Tj ET Q q 0 0 0 rg BT 303.78 563.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 341.62 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 351.69 563.10 Td (39 ) Tj ET Q q 0 0 0 rg BT 368.43 563.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 401.56 563.10 Td (mainly ) Tj ET Q q 0 0 0 rg BT 431.08 563.10 Td (composed ) Tj ET Q q 0 0 0 rg BT 473.36 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 483.43 563.10 Td (21 ) Tj ET Q q 0 0 0 rg BT 500.17 563.10 Td (million ) Tj ET Q q 0 0 0 rg BT 530.80 563.10 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 551.10 Td (to ) Tj ET Q q 0 0 0 rg BT 64.41 551.10 Td (provisions, ) Tj ET Q q 0 0 0 rg BT 111.21 551.10 Td (6 ) Tj ET Q q 0 0 0 rg BT 123.84 551.10 Td (million ) Tj ET Q q 0 0 0 rg BT 155.36 551.10 Td (related ) Tj ET Q q 0 0 0 rg BT 185.20 551.10 Td (to ) Tj ET Q q 0 0 0 rg BT 195.61 551.10 Td (indirect ) Tj ET Q q 0 0 0 rg BT 228.78 551.10 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 254.46 551.10 Td (and ) Tj ET Q q 0 0 0 rg BT 271.53 551.10 Td (12 ) Tj ET Q q 0 0 0 rg BT 289.16 551.10 Td (million ) Tj ET Q q 0 0 0 rg BT 320.68 551.10 Td (in ) Tj ET Q q 0 0 0 rg BT 331.09 551.10 Td (miscellaneous ) Tj ET Q q 0 0 0 rg BT 390.37 551.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 431.60 551.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 467.55 551.10 Td (of) Tj ET Q q 0 0 0 rg BT 475.70 551.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 492.77 551.10 Td (by ) Tj ET Q q 0 0 0 rg BT 505.40 551.10 Td (other ) Tj ET Q q 0 0 0 rg BT 528.58 551.10 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 539.10 Td (of ) Tj ET Q q 0 0 0 rg BT 64.30 539.10 Td (13 ) Tj ET Q q 0 0 0 rg BT 81.27 539.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 114.64 539.10 Td (including ) Tj ET Q q 0 0 0 rg BT 154.38 539.10 Td (4 ) Tj ET Q q 0 0 0 rg BT 166.35 539.10 Td (million ) Tj ET Q q 0 0 0 rg BT 197.22 539.10 Td (related ) Tj ET Q q 0 0 0 rg BT 226.39 539.10 Td (to ) Tj ET Q q 0 0 0 rg BT 236.14 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 250.33 539.10 Td (release ) Tj ET Q q 0 0 0 rg BT 280.05 539.10 Td (of ) Tj ET Q q 0 0 0 rg BT 290.36 539.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 334.00 539.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 378.19 539.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 415.13 539.10 Td (in ) Tj ET Q q 0 0 0 rg BT 424.88 539.10 Td (other ) Tj ET Q q 0 0 0 rg BT 447.40 539.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 487.97 539.10 Td (3 ) Tj ET Q q 0 0 0 rg BT 499.94 539.10 Td (million ) Tj ET Q q 0 0 0 rg BT 530.81 539.10 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 527.10 Td (to ) Tj ET Q q 0 0 0 rg BT 64.28 527.10 Td (rental ) Tj ET Q q 0 0 0 rg BT 89.54 527.10 Td (income ) Tj ET Q q 0 0 0 rg BT 121.48 527.10 Td (and ) Tj ET Q q 0 0 0 rg BT 138.41 527.10 Td (6 ) Tj ET Q q 0 0 0 rg BT 150.91 527.10 Td (million ) Tj ET Q q 0 0 0 rg BT 182.31 527.10 Td (related ) Tj ET Q q 0 0 0 rg BT 212.01 527.10 Td (to ) Tj ET Q q 0 0 0 rg BT 222.29 527.10 Td (miscellaneous ) Tj ET Q q 0 0 0 rg BT 281.44 527.10 Td (income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 503.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 503.10 Td (The ) Tj ET Q q 0 0 0 rg BT 107.86 503.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 151.84 503.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 198.02 503.10 Td (within ) Tj ET Q q 0 0 0 rg BT 225.89 503.10 Td (other ) Tj ET Q q 0 0 0 rg BT 248.75 503.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 287.16 503.10 Td (include ) Tj ET Q q 0 0 0 rg BT 318.91 503.10 Td (13 ) Tj ET Q q 0 0 0 rg BT 336.22 503.10 Td (million ) Tj ET Q q 0 0 0 rg BT 367.43 503.10 Td (related ) Tj ET Q q 0 0 0 rg BT 396.94 503.10 Td (to ) Tj ET Q q 0 0 0 rg BT 407.04 503.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 428.78 503.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 479.41 503.10 Td (and ) Tj ET Q q 0 0 0 rg BT 496.16 503.10 Td (disputes ) Tj ET Q q 0 0 0 rg BT 531.25 503.10 Td (and ) Tj ET Q q 0 0 0 rg BT 548.01 503.10 Td (8 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 491.10 Td (million ) Tj ET Q q 0 0 0 rg BT 84.92 491.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 132.49 491.10 Td (to ) Tj ET Q q 0 0 0 rg BT 142.30 491.10 Td (other ) Tj ET Q q 0 0 0 rg BT 164.88 491.10 Td (risks, ) Tj ET Q q 0 0 0 rg BT 188.30 491.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 227.54 491.10 Td (related ) Tj ET Q q 0 0 0 rg BT 256.78 491.10 Td (to ) Tj ET Q q 0 0 0 rg BT 266.59 491.10 Td (disputes ) Tj ET Q q 0 0 0 rg BT 301.40 491.10 Td (with ) Tj ET Q q 0 0 0 rg BT 321.21 491.10 Td (suppliers, ) Tj ET Q q 0 0 0 rg BT 361.85 491.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 406.64 491.10 Td (and ) Tj ET Q q 0 0 0 rg BT 423.11 491.10 Td (other ) Tj ET Q q 0 0 0 rg BT 445.69 491.10 Td (parties. ) Tj ET Q q 0 0 0 rg BT 476.73 491.10 Td (The ) Tj ET Q q 0 0 0 rg BT 494.31 491.10 Td (most ) Tj ET Q q 0 0 0 rg BT 515.79 491.10 Td (significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 479.10 Td (accruals ) Tj ET Q q 0 0 0 rg BT 89.25 479.10 Td (to ) Tj ET Q q 0 0 0 rg BT 99.53 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 114.25 479.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 154.53 479.10 Td (for ) Tj ET Q q 0 0 0 rg BT 168.69 479.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 190.62 479.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 241.44 479.10 Td (and ) Tj ET Q q 0 0 0 rg BT 258.38 479.10 Td (disputes ) Tj ET Q q 0 0 0 rg BT 293.65 479.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 340.02 479.10 Td (in ) Tj ET Q q 0 0 0 rg BT 350.29 479.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 372.79 479.10 Td (related ) Tj ET Q q 0 0 0 rg BT 402.50 479.10 Td (to ) Tj ET Q q 0 0 0 rg BT 412.77 479.10 Td (litigation ) Tj ET Q q 0 0 0 rg BT 451.38 479.10 Td (with ) Tj ET Q q 0 0 0 rg BT 471.66 479.10 Td (a ) Tj ET Q q 0 0 0 rg BT 478.60 479.10 Td (former ) Tj ET Q q 0 0 0 rg BT 508.31 479.10 Td (distributor) Tj ET Q q 0 0 0 rg BT 549.42 479.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 455.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 455.10 Td (For ) Tj ET Q q 0 0 0 rg BT 105.94 455.10 Td (2013, ) Tj ET Q q 0 0 0 rg BT 130.50 455.10 Td (other ) Tj ET Q q 0 0 0 rg BT 153.10 455.10 Td (expenses/\(income\), ) Tj ET Q q 0 0 0 rg BT 232.62 455.10 Td (net ) Tj ET Q q 0 0 0 rg BT 246.89 455.10 Td (included ) Tj ET Q q 0 0 0 rg BT 283.37 455.10 Td (other ) Tj ET Q q 0 0 0 rg BT 305.97 455.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 344.12 455.10 Td (of ) Tj ET Q q 0 0 0 rg BT 354.51 455.10 Td (15 ) Tj ET Q q 0 0 0 rg BT 371.56 455.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 405.00 455.10 Td (mainly ) Tj ET Q q 0 0 0 rg BT 434.83 455.10 Td (composed ) Tj ET Q q 0 0 0 rg BT 477.43 455.10 Td (of ) Tj ET Q q 0 0 0 rg BT 487.81 455.10 Td (3 ) Tj ET Q q 0 0 0 rg BT 499.86 455.10 Td (million ) Tj ET Q q 0 0 0 rg BT 530.80 455.10 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 443.10 Td (to ) Tj ET Q q 0 0 0 rg BT 63.77 443.10 Td (provisions, ) Tj ET Q q 0 0 0 rg BT 109.93 443.10 Td (5 ) Tj ET Q q 0 0 0 rg BT 121.92 443.10 Td (million ) Tj ET Q q 0 0 0 rg BT 152.81 443.10 Td (related ) Tj ET Q q 0 0 0 rg BT 182.00 443.10 Td (to ) Tj ET Q q 0 0 0 rg BT 191.77 443.10 Td (indirect ) Tj ET Q q 0 0 0 rg BT 224.31 443.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 246.85 443.10 Td (and ) Tj ET Q q 0 0 0 rg BT 263.28 443.10 Td (7 ) Tj ET Q q 0 0 0 rg BT 275.27 443.10 Td (million ) Tj ET Q q 0 0 0 rg BT 306.15 443.10 Td (in ) Tj ET Q q 0 0 0 rg BT 315.92 443.10 Td (miscellaneous ) Tj ET Q q 0 0 0 rg BT 374.57 443.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 415.16 443.10 Td (which ) Tj ET Q q 0 0 0 rg BT 441.59 443.10 Td (was ) Tj ET Q q 0 0 0 rg BT 459.13 443.10 Td (more ) Tj ET Q q 0 0 0 rg BT 481.67 443.10 Td (than ) Tj ET Q q 0 0 0 rg BT 500.88 443.10 Td (of) Tj ET Q q 0 0 0 rg BT 509.03 443.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 525.46 443.10 Td (by ) Tj ET Q q 0 0 0 rg BT 537.45 443.10 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 431.10 Td (income ) Tj ET Q q 0 0 0 rg BT 85.48 431.10 Td (of ) Tj ET Q q 0 0 0 rg BT 95.85 431.10 Td (18 ) Tj ET Q q 0 0 0 rg BT 112.90 431.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 146.33 431.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 185.59 431.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 233.17 431.10 Td (to ) Tj ET Q q 0 0 0 rg BT 243.00 431.10 Td (6 ) Tj ET Q q 0 0 0 rg BT 255.04 431.10 Td (million ) Tj ET Q q 0 0 0 rg BT 285.98 431.10 Td (related ) Tj ET Q q 0 0 0 rg BT 315.23 431.10 Td (to ) Tj ET Q q 0 0 0 rg BT 325.05 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 339.31 431.10 Td (release ) Tj ET Q q 0 0 0 rg BT 369.11 431.10 Td (of ) Tj ET Q q 0 0 0 rg BT 379.48 431.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 423.20 431.10 Td (for ) Tj ET Q q 0 0 0 rg BT 436.90 431.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 458.38 431.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 508.74 431.10 Td (and ) Tj ET Q q 0 0 0 rg BT 525.23 431.10 Td (disputes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 419.10 Td (and ) Tj ET Q q 0 0 0 rg BT 70.94 419.10 Td (other ) Tj ET Q q 0 0 0 rg BT 93.99 419.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 115.38 419.10 Td (provisions, ) Tj ET Q q 0 0 0 rg BT 162.05 419.10 Td (3 ) Tj ET Q q 0 0 0 rg BT 174.55 419.10 Td (million ) Tj ET Q q 0 0 0 rg BT 205.94 419.10 Td (related ) Tj ET Q q 0 0 0 rg BT 235.64 419.10 Td (to ) Tj ET Q q 0 0 0 rg BT 245.92 419.10 Td (rental ) Tj ET Q q 0 0 0 rg BT 271.18 419.10 Td (income ) Tj ET Q q 0 0 0 rg BT 303.12 419.10 Td (and ) Tj ET Q q 0 0 0 rg BT 320.05 419.10 Td (9 ) Tj ET Q q 0 0 0 rg BT 332.55 419.10 Td (million ) Tj ET Q q 0 0 0 rg BT 363.95 419.10 Td (related ) Tj ET Q q 0 0 0 rg BT 393.65 419.10 Td (to ) Tj ET Q q 0 0 0 rg BT 403.93 419.10 Td (miscellaneous ) Tj ET Q q 0 0 0 rg BT 463.08 419.10 Td (income. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 395.10 Td (EBIT) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 326.60 35.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 88.50 326.60 33.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 121.50 326.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 125.50 326.60 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 326.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 326.60 33.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 227.50 326.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.50 326.60 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.50 326.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 326.60 33.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 326.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 326.60 64.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 326.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 326.60 35.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 326.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 326.60 35.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 326.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 326.60 35.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 326.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 326.60 35.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 88.5 359.6 m 121.5 359.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 121.5 359.6 m 125.5 359.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 125.5 359.6 m 190.5 359.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 190.5 359.6 m 194.5 359.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 194.5 359.6 m 227.5 359.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 359.6 m 231.5 359.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 359.6 m 296.5 359.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.5 359.6 m 300.5 359.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 359.6 m 333.5 359.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 359.6 m 401.5 359.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 359.6 m 440.5 359.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 359.6 m 444.5 359.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 359.6 m 479.5 359.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 359.6 m 483.5 359.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 359.6 m 518.5 359.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 359.6 m 522.5 359.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 359.6 m 557.5 359.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 88.5 359.6 m 121.5 359.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 88.5 338.6 m 121.5 338.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 125.5 359.6 m 190.5 359.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 125.5 338.6 m 190.5 338.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 190.5 359.6 m 194.5 359.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 194.5 359.6 m 227.5 359.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 194.5 338.6 m 227.5 338.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 359.6 m 296.5 359.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 338.6 m 296.5 338.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.5 359.6 m 300.5 359.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 359.6 m 333.5 359.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 338.6 m 333.5 338.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 359.6 m 337.5 359.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 359.6 m 401.5 359.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 338.6 m 401.5 338.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 338.6 m 440.5 338.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 338.6 m 444.5 338.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 338.6 m 479.5 338.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 338.6 m 518.5 338.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 338.6 m 522.5 338.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 338.6 m 557.5 338.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 363.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 186.40 363.83 Td (For the years ended December 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.60 363.83 Td (Incr) Tj ET Q q 0 0 0 rg BT 462.12 363.83 Td (ease/\(Decr) Tj ET Q q 0 0 0 rg BT 497.51 363.83 Td (ease\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 342.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 96.50 342.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 128.00 350.83 Td (Percentage of net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 142.45 342.83 Td (revenues) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 202.50 342.83 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 234.00 350.83 Td (Percentage of net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 248.45 342.83 Td (revenues) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 308.50 342.83 Td (2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.00 342.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 345.85 350.83 Td (Percentage of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 347.60 342.83 Td (net revenues) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.40 342.83 Td (2015 vs. 2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.00 342.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 497.40 342.83 Td (2014 vs. 2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 330.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 279.15 330.65 Td (\( million, except percentages\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 317.85 Td (EBIT) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 106.30 317.85 Td (444) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 124.00 317.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 169.30 317.85 Td (15.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 183.30 317.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 212.30 317.85 Td (389) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 230.00 317.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 275.30 317.85 Td (14.1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 289.30 317.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 318.30 317.85 Td (364) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.00 317.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.30 317.85 Td (15.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.30 317.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.30 317.85 Td (55) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.00 317.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.30 317.85 Td (14.1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.30 317.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.00 317.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.30 317.85 Td (25) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 521.00 317.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 317.85 Td (6.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 317.85 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 290.10 Td (2015) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 290.10 Td ( ) Tj ET Q q 0 0 0 rg BT 76.50 290.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 119.55 290.10 Td (to ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 129.83 290.10 Td (2014) Tj ET Q BT /F4 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 266.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 266.10 Td (EBIT) Tj ET Q q 0 0 0 rg BT 112.04 266.10 Td ( ) Tj ET Q q 0 0 0 rg BT 114.54 266.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.70 266.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.70 266.10 Td ( ) Tj ET Q q 0 0 0 rg BT 151.20 266.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.25 266.10 Td (444 ) Tj ET Q q 0 0 0 rg BT 191.75 266.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.64 266.10 Td (, ) Tj ET Q q 0 0 0 rg BT 225.64 266.10 Td (an ) Tj ET Q q 0 0 0 rg BT 237.58 266.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 272.83 266.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.66 266.10 Td (55 ) Tj ET Q q 0 0 0 rg BT 301.16 266.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.05 266.10 Td (, ) Tj ET Q q 0 0 0 rg BT 335.05 266.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.88 266.10 Td (14.1 ) Tj ET Q q 0 0 0 rg BT 365.88 266.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.31 266.10 Td (, ) Tj ET Q q 0 0 0 rg BT 400.31 266.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.25 266.10 Td (389 ) Tj ET Q q 0 0 0 rg BT 444.75 266.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.64 266.10 Td ( ) Tj ET Q q 0 0 0 rg BT 476.14 266.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.30 266.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.30 266.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 242.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 242.10 Td (The ) Tj ET Q q 0 0 0 rg BT 107.01 242.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 141.23 242.10 Td (in ) Tj ET Q q 0 0 0 rg BT 150.48 242.10 Td (EBIT) Tj ET Q q 0 0 0 rg BT 172.51 242.10 Td ( ) Tj ET Q q 0 0 0 rg BT 173.98 242.10 Td (was ) Tj ET Q q 0 0 0 rg BT 191.00 242.10 Td (mainly ) Tj ET Q q 0 0 0 rg BT 220.24 242.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 267.24 242.10 Td (to ) Tj ET Q q 0 0 0 rg BT 276.49 242.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 287.39 242.10 Td (favorable ) Tj ET Q q 0 0 0 rg BT 326.61 242.10 Td (volume ) Tj ET Q q 0 0 0 rg BT 358.07 242.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 386.75 242.10 Td (of ) Tj ET Q q 0 0 0 rg BT 396.55 242.10 Td (45 ) Tj ET Q q 0 0 0 rg BT 413.01 242.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 445.87 242.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 459.55 242.10 Td (positive ) Tj ET Q q 0 0 0 rg BT 492.69 242.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 523.03 242.10 Td (currency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 230.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 94.40 230.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 124.27 230.10 Td (of ) Tj ET Q q 0 0 0 rg BT 135.25 230.10 Td (41 ) Tj ET Q q 0 0 0 rg BT 152.90 230.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 186.94 230.10 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 204.58 230.10 Td (a ) Tj ET Q q 0 0 0 rg BT 211.67 230.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 231.54 230.10 Td (on ) Tj ET Q q 0 0 0 rg BT 244.19 230.10 Td (disposal ) Tj ET Q q 0 0 0 rg BT 279.62 230.10 Td (of ) Tj ET Q q 0 0 0 rg BT 290.60 230.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 316.58 230.10 Td (and ) Tj ET Q q 0 0 0 rg BT 333.67 230.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 373.54 230.10 Td (related ) Tj ET Q q 0 0 0 rg BT 403.39 230.10 Td (to ) Tj ET Q q 0 0 0 rg BT 413.82 230.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 460.35 230.10 Td (properties ) Tj ET Q q 0 0 0 rg BT 502.99 230.10 Td (of ) Tj ET Q q 0 0 0 rg BT 513.97 230.10 Td (6 ) Tj ET Q q 0 0 0 rg BT 526.62 230.10 Td (million, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 218.10 Td (and ) Tj ET Q q 0 0 0 rg BT 71.42 218.10 Td (\(iv\) ) Tj ET Q q 0 0 0 rg BT 88.85 218.10 Td (a ) Tj ET Q q 0 0 0 rg BT 96.27 218.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 133.67 218.10 Td (in ) Tj ET Q q 0 0 0 rg BT 144.43 218.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 167.42 218.10 Td (related ) Tj ET Q q 0 0 0 rg BT 197.60 218.10 Td (to ) Tj ET Q q 0 0 0 rg BT 208.37 218.10 Td (other ) Tj ET Q q 0 0 0 rg BT 231.90 218.10 Td (supporting ) Tj ET Q q 0 0 0 rg BT 277.66 218.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 316.75 218.10 Td (of ) Tj ET Q q 0 0 0 rg BT 328.06 218.10 Td (29 ) Tj ET Q q 0 0 0 rg BT 346.05 218.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 380.42 218.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 416.73 218.10 Td (of) Tj ET Q q 0 0 0 rg BT 424.88 218.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 442.30 218.10 Td (by ) Tj ET Q q 0 0 0 rg BT 455.28 218.10 Td (\(v\) ) Tj ET Q q 0 0 0 rg BT 469.93 218.10 Td (an ) Tj ET Q q 0 0 0 rg BT 482.35 218.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 518.09 218.10 Td (in ) Tj ET Q q 0 0 0 rg BT 528.85 218.10 Td (selling, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 206.10 Td (general ) Tj ET Q q 0 0 0 rg BT 86.19 206.10 Td (and ) Tj ET Q q 0 0 0 rg BT 103.39 206.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 163.36 206.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 186.12 206.10 Td (of ) Tj ET Q q 0 0 0 rg BT 197.21 206.10 Td (39 ) Tj ET Q q 0 0 0 rg BT 214.98 206.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 249.13 206.10 Td (\(vii\) ) Tj ET Q q 0 0 0 rg BT 269.11 206.10 Td (an ) Tj ET Q q 0 0 0 rg BT 281.31 206.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 316.83 206.10 Td (in ) Tj ET Q q 0 0 0 rg BT 327.37 206.10 Td (research ) Tj ET Q q 0 0 0 rg BT 363.44 206.10 Td (and ) Tj ET Q q 0 0 0 rg BT 380.64 206.10 Td (development ) Tj ET Q q 0 0 0 rg BT 435.05 206.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 457.81 206.10 Td (of ) Tj ET Q q 0 0 0 rg BT 468.91 206.10 Td (21 ) Tj ET Q q 0 0 0 rg BT 486.67 206.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 520.82 206.10 Td (and ) Tj ET Q q 0 0 0 rg BT 538.02 206.10 Td (\(viii\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 194.10 Td (unfavorable ) Tj ET Q q 0 0 0 rg BT 104.25 194.10 Td (mix ) Tj ET Q q 0 0 0 rg BT 122.31 194.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 152.02 194.10 Td (of ) Tj ET Q q 0 0 0 rg BT 162.85 194.10 Td (6 ) Tj ET Q q 0 0 0 rg BT 175.35 194.10 Td (million.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 170.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 170.10 Td (The ) Tj ET Q q 0 0 0 rg BT 107.77 170.10 Td (favorable ) Tj ET Q q 0 0 0 rg BT 147.76 170.10 Td (volume ) Tj ET Q q 0 0 0 rg BT 179.98 170.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 209.42 170.10 Td (of ) Tj ET Q q 0 0 0 rg BT 219.98 170.10 Td (45 ) Tj ET Q q 0 0 0 rg BT 237.21 170.10 Td (million ) Tj ET Q q 0 0 0 rg BT 268.33 170.10 Td (was ) Tj ET Q q 0 0 0 rg BT 286.11 170.10 Td (due ) Tj ET Q q 0 0 0 rg BT 302.77 170.10 Td (to ) Tj ET Q q 0 0 0 rg BT 312.78 170.10 Td (a ) Tj ET Q q 0 0 0 rg BT 319.44 170.10 Td (5.5 ) Tj ET Q q 0 0 0 rg BT 334.17 170.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 365.82 170.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 400.81 170.10 Td (in ) Tj ET Q q 0 0 0 rg BT 410.81 170.10 Td (shipments ) Tj ET Q q 0 0 0 rg BT 453.60 170.10 Td (of ) Tj ET Q q 0 0 0 rg BT 464.16 170.10 Td (range ) Tj ET Q q 0 0 0 rg BT 488.59 170.10 Td (and ) Tj ET Q q 0 0 0 rg BT 505.26 170.10 Td (special ) Tj ET Q q 0 0 0 rg BT 535.25 170.10 Td (series ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 158.10 Td (cars, ) Tj ET Q q 0 0 0 rg BT 74.56 158.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 102.08 158.10 Td (by ) Tj ET Q q 0 0 0 rg BT 113.90 158.10 Td (V8 ) Tj ET Q q 0 0 0 rg BT 128.09 158.10 Td (models, ) Tj ET Q q 0 0 0 rg BT 161.44 158.10 Td (which ) Tj ET Q q 0 0 0 rg BT 187.84 158.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 227.56 158.10 Td (by ) Tj ET Q q 0 0 0 rg BT 239.53 158.10 Td (16.5 ) Tj ET Q q 0 0 0 rg BT 258.99 158.10 Td (percent, ) Tj ET Q q 0 0 0 rg BT 292.88 158.10 Td (and ) Tj ET Q q 0 0 0 rg BT 309.29 158.10 Td (in ) Tj ET Q q 0 0 0 rg BT 319.03 158.10 Td (particular) Tj ET Q q 0 0 0 rg BT 356.94 158.10 Td (, ) Tj ET Q q 0 0 0 rg BT 361.40 158.10 Td (the ) Tj ET Q q 0 0 0 rg BT 375.59 158.10 Td (California ) Tj ET Q q 0 0 0 rg BT 417.95 158.10 Td (T) Tj ET Q q 0 0 0 rg BT 423.32 158.10 Td (, ) Tj ET Q q 0 0 0 rg BT 427.78 158.10 Td (the ) Tj ET Q q 0 0 0 rg BT 441.97 158.10 Td (458 ) Tj ET Q q 0 0 0 rg BT 458.93 158.10 Td (Speciale ) Tj ET Q q 0 0 0 rg BT 494.33 158.10 Td (A) Tj ET Q q 0 0 0 rg BT 501.00 158.10 Td ( ) Tj ET Q q 0 0 0 rg BT 502.97 158.10 Td (and ) Tj ET Q q 0 0 0 rg BT 519.37 158.10 Td (the ) Tj ET Q q 0 0 0 rg BT 533.56 158.10 Td (newly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 146.10 Td (launched ) Tj ET Q q 0 0 0 rg BT 92.72 146.10 Td (488 ) Tj ET Q q 0 0 0 rg BT 110.34 146.10 Td (GTB ) Tj ET Q q 0 0 0 rg BT 132.97 146.10 Td (and ) Tj ET Q q 0 0 0 rg BT 150.03 146.10 Td (488 ) Tj ET Q q 0 0 0 rg BT 167.65 146.10 Td (Spider) Tj ET Q q 0 0 0 rg BT 193.21 146.10 Td (. ) Tj ET Q q 0 0 0 rg BT 198.15 146.10 Td (The ) Tj ET Q q 0 0 0 rg BT 216.32 146.10 Td (positive ) Tj ET Q q 0 0 0 rg BT 250.61 146.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 282.11 146.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 319.71 146.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 360.09 146.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 389.92 146.10 Td (was ) Tj ET Q q 0 0 0 rg BT 408.10 146.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 447.94 146.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 476.11 146.10 Td (by ) Tj ET Q q 0 0 0 rg BT 488.73 146.10 Td (the ) Tj ET Q q 0 0 0 rg BT 503.57 146.10 Td (strengthening ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 134.10 Td (of ) Tj ET Q q 0 0 0 rg BT 64.44 134.10 Td (the ) Tj ET Q q 0 0 0 rg BT 78.77 134.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 98.67 134.10 Td (Dollar ) Tj ET Q q 0 0 0 rg BT 126.32 134.10 Td (and ) Tj ET Q q 0 0 0 rg BT 142.87 134.10 Td (Pound ) Tj ET Q q 0 0 0 rg BT 170.55 134.10 Td (Sterling ) Tj ET Q q 0 0 0 rg BT 204.32 134.10 Td (against ) Tj ET Q q 0 0 0 rg BT 234.76 134.10 Td (the ) Tj ET Q q 0 0 0 rg BT 249.09 134.10 Td (Euro. ) Tj ET Q q 0 0 0 rg BT 272.99 134.10 Td (The ) Tj ET Q q 0 0 0 rg BT 290.65 134.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 332.17 134.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 354.28 134.10 Td (related ) Tj ET Q q 0 0 0 rg BT 383.60 134.10 Td (to ) Tj ET Q q 0 0 0 rg BT 393.49 134.10 Td (other ) Tj ET Q q 0 0 0 rg BT 416.15 134.10 Td (supporting ) Tj ET Q q 0 0 0 rg BT 461.04 134.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 499.25 134.10 Td (were ) Tj ET Q q 0 0 0 rg BT 520.79 134.10 Td (primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 122.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 101.51 122.10 Td (to ) Tj ET Q q 0 0 0 rg BT 111.26 122.10 Td (a ) Tj ET Q q 0 0 0 rg BT 117.66 122.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 154.05 122.10 Td (in ) Tj ET Q q 0 0 0 rg BT 163.80 122.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 200.75 122.10 Td (services ) Tj ET Q q 0 0 0 rg BT 234.93 122.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 259.40 122.10 Td (brand ) Tj ET Q q 0 0 0 rg BT 284.13 122.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 308.60 122.10 Td (production ) Tj ET Q q 0 0 0 rg BT 353.90 122.10 Td (ef) Tj ET Q q 0 0 0 rg BT 361.49 122.10 Td (ficiencies ) Tj ET Q q 0 0 0 rg BT 401.77 122.10 Td (and ) Tj ET Q q 0 0 0 rg BT 418.18 122.10 Td (to ) Tj ET Q q 0 0 0 rg BT 427.93 122.10 Td (a ) Tj ET Q q 0 0 0 rg BT 434.33 122.10 Td (lesser ) Tj ET Q q 0 0 0 rg BT 459.07 122.10 Td (extent, ) Tj ET Q q 0 0 0 rg BT 487.98 122.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 523.83 122.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 530.80 122.10 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 110.10 Td (costs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 86.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 86.10 Td (As ) Tj ET Q q 0 0 0 rg BT 103.47 86.10 Td (a ) Tj ET Q q 0 0 0 rg BT 110.26 86.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 155.92 86.10 Td (of ) Tj ET Q q 0 0 0 rg BT 166.60 86.10 Td (net ) Tj ET Q q 0 0 0 rg BT 181.17 86.10 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 221.57 86.10 Td (EBIT) Tj ET Q q 0 0 0 rg BT 243.60 86.10 Td ( ) Tj ET Q q 0 0 0 rg BT 245.96 86.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 286.07 86.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.86 86.10 Td (14.1 ) Tj ET Q q 0 0 0 rg BT 327.71 86.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.14 86.10 Td ( ) Tj ET Q q 0 0 0 rg BT 359.49 86.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.63 86.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.63 86.10 Td ( ) Tj ET Q q 0 0 0 rg BT 391.98 86.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.12 86.10 Td (15.6 ) Tj ET Q q 0 0 0 rg BT 421.97 86.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.39 86.10 Td ( ) Tj ET Q q 0 0 0 rg BT 453.75 86.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.88 86.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.88 86.10 Td (, ) Tj ET Q q 0 0 0 rg BT 488.74 86.10 Td (mainly ) Tj ET Q q 0 0 0 rg BT 518.87 86.10 Td (due ) Tj ET Q q 0 0 0 rg BT 535.66 86.10 Td (to ) Tj ET Q q 0 0 0 rg BT 545.79 86.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 74.10 Td (combination ) Tj ET Q q 0 0 0 rg BT 105.75 74.10 Td (of ) Tj ET Q q 0 0 0 rg BT 115.85 74.10 Td (the ) Tj ET Q q 0 0 0 rg BT 129.83 74.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 173.81 74.10 Td (mentioned ) Tj ET Q q 0 0 0 rg BT 217.79 74.10 Td (impacts ) Tj ET Q q 0 0 0 rg BT 250.65 74.10 Td (and ) Tj ET Q q 0 0 0 rg BT 266.86 74.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 291.39 74.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 309.26 74.10 Td (of ) Tj ET Q q 0 0 0 rg BT 319.36 74.10 Td (sales, ) Tj ET Q q 0 0 0 rg BT 343.06 74.10 Td (which ) Tj ET Q q 0 0 0 rg BT 369.26 74.10 Td (as ) Tj ET Q q 0 0 0 rg BT 379.36 74.10 Td (a ) Tj ET Q q 0 0 0 rg BT 385.56 74.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 430.62 74.10 Td (of ) Tj ET Q q 0 0 0 rg BT 440.72 74.10 Td (net ) Tj ET Q q 0 0 0 rg BT 454.70 74.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 492.00 74.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.32 74.10 Td (52.5 ) Tj ET Q q 0 0 0 rg BT 528.58 74.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.00 74.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 62.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.28 62.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.28 62.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.78 62.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 128.70 62.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.98 62.10 Td (54.5 ) Tj ET Q q 0 0 0 rg BT 158.98 62.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.40 62.10 Td ( ) Tj ET Q q 0 0 0 rg BT 190.90 62.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.18 62.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.18 62.10 Td (.) Tj ET Q endstream endobj 161 0 obj <> endobj 162 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (72) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 731.25 Td (2014) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 731.25 Td ( ) Tj ET Q q 0 0 0 rg BT 76.50 731.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 119.55 731.25 Td (to ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 129.83 731.25 Td (2013) Tj ET Q BT /F4 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 707.25 Td (EBIT) Tj ET Q q 0 0 0 rg BT 112.04 707.25 Td ( ) Tj ET Q q 0 0 0 rg BT 114.54 707.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.70 707.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.70 707.25 Td ( ) Tj ET Q q 0 0 0 rg BT 151.20 707.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.25 707.25 Td (389 ) Tj ET Q q 0 0 0 rg BT 191.75 707.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.64 707.25 Td (, ) Tj ET Q q 0 0 0 rg BT 225.64 707.25 Td (an ) Tj ET Q q 0 0 0 rg BT 237.58 707.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 272.83 707.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.66 707.25 Td (25 ) Tj ET Q q 0 0 0 rg BT 301.16 707.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.05 707.25 Td (, ) Tj ET Q q 0 0 0 rg BT 335.05 707.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.88 707.25 Td (6.9 ) Tj ET Q q 0 0 0 rg BT 360.88 707.25 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.31 707.25 Td (, ) Tj ET Q q 0 0 0 rg BT 395.31 707.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.25 707.25 Td (364 ) Tj ET Q q 0 0 0 rg BT 439.75 707.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.64 707.25 Td ( ) Tj ET Q q 0 0 0 rg BT 471.14 707.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.30 707.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.30 707.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 683.25 Td (The ) Tj ET Q q 0 0 0 rg BT 109.00 683.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 145.21 683.25 Td (in ) Tj ET Q q 0 0 0 rg BT 156.45 683.25 Td (EBIT) Tj ET Q q 0 0 0 rg BT 178.48 683.25 Td ( ) Tj ET Q q 0 0 0 rg BT 181.94 683.25 Td (was ) Tj ET Q q 0 0 0 rg BT 200.95 683.25 Td (mainly ) Tj ET Q q 0 0 0 rg BT 232.18 683.25 Td (due ) Tj ET Q q 0 0 0 rg BT 250.07 683.25 Td (to ) Tj ET Q q 0 0 0 rg BT 261.31 683.25 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 274.20 683.25 Td (favorable ) Tj ET Q q 0 0 0 rg BT 315.41 683.25 Td (mix ) Tj ET Q q 0 0 0 rg BT 334.42 683.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 365.09 683.25 Td (of ) Tj ET Q q 0 0 0 rg BT 376.88 683.25 Td (85 ) Tj ET Q q 0 0 0 rg BT 395.33 683.25 Td (million, ) Tj ET Q q 0 0 0 rg BT 430.18 683.25 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 445.85 683.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 465.42 683.25 Td (savings ) Tj ET Q q 0 0 0 rg BT 498.87 683.25 Td (of ) Tj ET Q q 0 0 0 rg BT 510.66 683.25 Td (19 ) Tj ET Q q 0 0 0 rg BT 529.12 683.25 Td (million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 671.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 93.30 671.25 Td (driven ) Tj ET Q q 0 0 0 rg BT 120.93 671.25 Td (by ) Tj ET Q q 0 0 0 rg BT 133.02 671.25 Td (technical ) Tj ET Q q 0 0 0 rg BT 171.19 671.25 Td (and ) Tj ET Q q 0 0 0 rg BT 187.72 671.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 237.00 671.25 Td (ef) Tj ET Q q 0 0 0 rg BT 244.59 671.25 Td (ficiencies, ) Tj ET Q q 0 0 0 rg BT 287.49 671.25 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 304.57 671.25 Td (decreases ) Tj ET Q q 0 0 0 rg BT 344.96 671.25 Td (in ) Tj ET Q q 0 0 0 rg BT 354.83 671.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 376.91 671.25 Td (related ) Tj ET Q q 0 0 0 rg BT 406.20 671.25 Td (to ) Tj ET Q q 0 0 0 rg BT 416.06 671.25 Td (supporting ) Tj ET Q q 0 0 0 rg BT 460.93 671.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 499.11 671.25 Td (of ) Tj ET Q q 0 0 0 rg BT 509.53 671.25 Td (14 ) Tj ET Q q 0 0 0 rg BT 526.62 671.25 Td (million, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 659.25 Td (\(iv\) ) Tj ET Q q 0 0 0 rg BT 70.73 659.25 Td (favorable ) Tj ET Q q 0 0 0 rg BT 110.77 659.25 Td (volume ) Tj ET Q q 0 0 0 rg BT 143.05 659.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 172.55 659.25 Td (of ) Tj ET Q q 0 0 0 rg BT 183.17 659.25 Td (9 ) Tj ET Q q 0 0 0 rg BT 195.46 659.25 Td (million, ) Tj ET Q q 0 0 0 rg BT 229.13 659.25 Td (which ) Tj ET Q q 0 0 0 rg BT 255.86 659.25 Td (were ) Tj ET Q q 0 0 0 rg BT 277.58 659.25 Td (partially ) Tj ET Q q 0 0 0 rg BT 313.18 659.25 Td (of) Tj ET Q q 0 0 0 rg BT 321.33 659.25 Td (fset ) Tj ET Q q 0 0 0 rg BT 338.06 659.25 Td (by ) Tj ET Q q 0 0 0 rg BT 350.35 659.25 Td (\(v\) ) Tj ET Q q 0 0 0 rg BT 364.30 659.25 Td (an ) Tj ET Q q 0 0 0 rg BT 376.02 659.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 411.06 659.25 Td (in ) Tj ET Q q 0 0 0 rg BT 421.13 659.25 Td (research ) Tj ET Q q 0 0 0 rg BT 456.72 659.25 Td (and ) Tj ET Q q 0 0 0 rg BT 473.45 659.25 Td (development ) Tj ET Q q 0 0 0 rg BT 527.39 659.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 549.67 659.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 647.25 Td (62 ) Tj ET Q q 0 0 0 rg BT 71.50 647.25 Td (million, ) Tj ET Q q 0 0 0 rg BT 105.39 647.25 Td (and ) Tj ET Q q 0 0 0 rg BT 122.33 647.25 Td (\(vi\) ) Tj ET Q q 0 0 0 rg BT 139.27 647.25 Td (an ) Tj ET Q q 0 0 0 rg BT 151.21 647.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 186.46 647.25 Td (in ) Tj ET Q q 0 0 0 rg BT 196.74 647.25 Td (selling, ) Tj ET Q q 0 0 0 rg BT 228.40 647.25 Td (general ) Tj ET Q q 0 0 0 rg BT 260.33 647.25 Td (and ) Tj ET Q q 0 0 0 rg BT 277.27 647.25 Td (administrative ) Tj ET Q q 0 0 0 rg BT 336.97 647.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 359.47 647.25 Td (of ) Tj ET Q q 0 0 0 rg BT 370.30 647.25 Td (40 ) Tj ET Q q 0 0 0 rg BT 387.80 647.25 Td (million.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 623.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 623.25 Td (In ) Tj ET Q q 0 0 0 rg BT 101.25 623.25 Td (particular) Tj ET Q q 0 0 0 rg BT 139.16 623.25 Td (, ) Tj ET Q q 0 0 0 rg BT 144.58 623.25 Td (the ) Tj ET Q q 0 0 0 rg BT 159.72 623.25 Td (favorable ) Tj ET Q q 0 0 0 rg BT 200.40 623.25 Td (mix ) Tj ET Q q 0 0 0 rg BT 218.87 623.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 249.01 623.25 Td (was ) Tj ET Q q 0 0 0 rg BT 267.48 623.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 307.61 623.25 Td (driven ) Tj ET Q q 0 0 0 rg BT 336.08 623.25 Td (by ) Tj ET Q q 0 0 0 rg BT 349.00 623.25 Td (the ) Tj ET Q q 0 0 0 rg BT 364.14 623.25 Td (LaFerrari ) Tj ET Q q 0 0 0 rg BT 404.82 623.25 Td (for ) Tj ET Q q 0 0 0 rg BT 419.40 623.25 Td (which ) Tj ET Q q 0 0 0 rg BT 446.76 623.25 Td (we ) Tj ET Q q 0 0 0 rg BT 461.34 623.25 Td (only ) Tj ET Q q 0 0 0 rg BT 482.04 623.25 Td (had ) Tj ET Q q 0 0 0 rg BT 499.40 623.25 Td (two ) Tj ET Q q 0 0 0 rg BT 517.32 623.25 Td (months ) Tj ET Q q 0 0 0 rg BT 549.69 623.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 611.25 Td (shipments ) Tj ET Q q 0 0 0 rg BT 97.23 611.25 Td (in ) Tj ET Q q 0 0 0 rg BT 107.68 611.25 Td (2013, ) Tj ET Q q 0 0 0 rg BT 132.85 611.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 174.94 611.25 Td (to ) Tj ET Q q 0 0 0 rg BT 185.39 611.25 Td (a ) Tj ET Q q 0 0 0 rg BT 192.50 611.25 Td (full ) Tj ET Q q 0 0 0 rg BT 209.06 611.25 Td (year ) Tj ET Q q 0 0 0 rg BT 228.94 611.25 Td (for ) Tj ET Q q 0 0 0 rg BT 243.27 611.25 Td (2014. ) Tj ET Q q 0 0 0 rg BT 268.25 611.25 Td (The ) Tj ET Q q 0 0 0 rg BT 286.46 611.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 321.89 611.25 Td (in ) Tj ET Q q 0 0 0 rg BT 332.34 611.25 Td (shipments ) Tj ET Q q 0 0 0 rg BT 375.56 611.25 Td (of ) Tj ET Q q 0 0 0 rg BT 386.57 611.25 Td (LaFerrari ) Tj ET Q q 0 0 0 rg BT 426.99 611.25 Td (more ) Tj ET Q q 0 0 0 rg BT 450.21 611.25 Td (than ) Tj ET Q q 0 0 0 rg BT 470.10 611.25 Td (of) Tj ET Q q 0 0 0 rg BT 478.25 611.25 Td (fset ) Tj ET Q q 0 0 0 rg BT 495.35 611.25 Td (the ) Tj ET Q q 0 0 0 rg BT 510.24 611.25 Td (unfavorable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 599.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 84.28 599.25 Td (of ) Tj ET Q q 0 0 0 rg BT 95.67 599.25 Td (the ) Tj ET Q q 0 0 0 rg BT 110.95 599.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 146.77 599.25 Td (in ) Tj ET Q q 0 0 0 rg BT 157.61 599.25 Td (the ) Tj ET Q q 0 0 0 rg BT 172.89 599.25 Td (proportion ) Tj ET Q q 0 0 0 rg BT 218.17 599.25 Td (of ) Tj ET Q q 0 0 0 rg BT 229.35 599.25 Td (V8 ) Tj ET Q q 0 0 0 rg BT 244.63 599.25 Td (shipments, ) Tj ET Q q 0 0 0 rg BT 290.75 599.25 Td (from ) Tj ET Q q 0 0 0 rg BT 313.25 599.25 Td (74.0 ) Tj ET Q q 0 0 0 rg BT 333.82 599.25 Td (percent ) Tj ET Q q 0 0 0 rg BT 366.31 599.25 Td (of ) Tj ET Q q 0 0 0 rg BT 377.70 599.25 Td (total ) Tj ET Q q 0 0 0 rg BT 398.54 599.25 Td (shipments ) Tj ET Q q 0 0 0 rg BT 442.16 599.25 Td (for ) Tj ET Q q 0 0 0 rg BT 456.88 599.25 Td (2013, ) Tj ET Q q 0 0 0 rg BT 482.45 599.25 Td (to ) Tj ET Q q 0 0 0 rg BT 493.29 599.25 Td (75.7 ) Tj ET Q q 0 0 0 rg BT 513.85 599.25 Td (percent ) Tj ET Q q 0 0 0 rg BT 546.34 599.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 587.25 Td (2014. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 563.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 563.25 Td (As ) Tj ET Q q 0 0 0 rg BT 103.77 563.25 Td (a ) Tj ET Q q 0 0 0 rg BT 110.86 563.25 Td (percentage ) Tj ET Q q 0 0 0 rg BT 156.81 563.25 Td (of ) Tj ET Q q 0 0 0 rg BT 167.80 563.25 Td (net ) Tj ET Q q 0 0 0 rg BT 182.67 563.25 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 223.36 563.25 Td (EBIT) Tj ET Q q 0 0 0 rg BT 245.40 563.25 Td ( ) Tj ET Q q 0 0 0 rg BT 248.05 563.25 Td (decreased ) Tj ET Q q 0 0 0 rg BT 290.12 563.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.55 563.25 Td (14.1 ) Tj ET Q q 0 0 0 rg BT 320.70 563.25 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.13 563.25 Td ( ) Tj ET Q q 0 0 0 rg BT 352.78 563.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.21 563.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.21 563.25 Td (, ) Tj ET Q q 0 0 0 rg BT 388.37 563.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.46 563.25 Td (15.6 ) Tj ET Q q 0 0 0 rg BT 430.61 563.25 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.04 563.25 Td ( ) Tj ET Q q 0 0 0 rg BT 462.69 563.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.12 563.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.12 563.25 Td (, ) Tj ET Q q 0 0 0 rg BT 498.28 563.25 Td (mainly ) Tj ET Q q 0 0 0 rg BT 528.70 563.25 Td (due ) Tj ET Q q 0 0 0 rg BT 545.80 563.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 551.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 89.25 551.25 Td (in ) Tj ET Q q 0 0 0 rg BT 99.53 551.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 118.14 551.25 Td (of ) Tj ET Q q 0 0 0 rg BT 128.97 551.25 Td (sales, ) Tj ET Q q 0 0 0 rg BT 153.41 551.25 Td (which ) Tj ET Q q 0 0 0 rg BT 180.35 551.25 Td (as ) Tj ET Q q 0 0 0 rg BT 191.18 551.25 Td (a ) Tj ET Q q 0 0 0 rg BT 198.12 551.25 Td (percentage ) Tj ET Q q 0 0 0 rg BT 243.92 551.25 Td (of ) Tj ET Q q 0 0 0 rg BT 254.75 551.25 Td (net ) Tj ET Q q 0 0 0 rg BT 269.46 551.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 307.50 551.25 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.43 551.25 Td (54.5 ) Tj ET Q q 0 0 0 rg BT 349.43 551.25 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.85 551.25 Td ( ) Tj ET Q q 0 0 0 rg BT 381.35 551.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.63 551.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.63 551.25 Td (, ) Tj ET Q q 0 0 0 rg BT 416.63 551.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 458.56 551.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.83 551.25 Td (52.9 ) Tj ET Q q 0 0 0 rg BT 488.83 551.25 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.26 551.25 Td ( ) Tj ET Q q 0 0 0 rg BT 520.76 551.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.04 551.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.04 551.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 527.25 Td (Net ) Tj ET Q q 0 0 0 rg BT 71.49 527.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 111.22 527.25 Td (income/\(expenses\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 466.75 130.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 183.50 466.75 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.50 466.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 237.50 466.75 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 466.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 466.75 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 466.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 466.75 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 466.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 466.75 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 466.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 466.75 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 466.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 466.75 50.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183.5 491.75 m 233.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 491.75 m 237.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 491.75 m 287.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 491.75 m 291.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.5 491.75 m 341.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 491.75 m 395.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 491.75 m 399.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 491.75 m 449.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 491.75 m 453.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 491.75 m 503.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 491.75 m 507.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 491.75 m 557.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183.5 491.75 m 233.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183.5 478.75 m 233.5 478.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 491.75 m 287.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 478.75 m 287.5 478.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.5 491.75 m 341.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.5 478.75 m 341.5 478.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 478.75 m 395.5 478.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 478.75 m 399.5 478.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 478.75 m 449.5 478.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 478.75 m 503.5 478.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 478.75 m 507.5 478.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 478.75 m 557.5 478.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 496.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 203.90 495.98 Td (For the years ended December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.00 496.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 417.60 495.98 Td (Increase/\(Decrease\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 483.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 200.00 482.98 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 236.00 483.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 254.00 482.98 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 290.00 483.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 308.00 482.98 Td (2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.00 483.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.40 482.98 Td (2015 vs. 2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.00 483.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.40 482.98 Td (2014 vs. 2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 470.70 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 326.65 470.80 Td (\( million, except percentages\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 458.00 Td (Net financial income/\(expenses\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 219.60 458.00 Td (\(10) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 230.30 458.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 236.00 458.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.30 458.00 Td (9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 290.00 458.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 334.30 458.00 Td (2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.00 458.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 381.60 458.00 Td (\(19) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.30 458.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 398.00 458.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 431.75 458.00 Td (n.m.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.00 458.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.30 458.00 Td (7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.00 458.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 539.75 458.00 Td (n.m.) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 430.25 Td (2015) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 430.25 Td ( ) Tj ET Q q 0 0 0 rg BT 76.50 430.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 119.55 430.25 Td (to ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 129.83 430.25 Td (2014) Tj ET Q BT /F4 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 406.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 406.25 Td (Net ) Tj ET Q q 0 0 0 rg BT 106.82 406.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 144.18 406.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 182.66 406.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.71 406.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.71 406.25 Td ( ) Tj ET Q q 0 0 0 rg BT 219.09 406.25 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.90 406.25 Td (10 ) Tj ET Q q 0 0 0 rg BT 253.28 406.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.17 406.25 Td ( ) Tj ET Q q 0 0 0 rg BT 284.55 406.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 326.36 406.25 Td (to ) Tj ET Q q 0 0 0 rg BT 336.52 406.25 Td (net ) Tj ET Q q 0 0 0 rg BT 351.12 406.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 388.48 406.25 Td (income ) Tj ET Q q 0 0 0 rg BT 420.29 406.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.01 406.25 Td (9 ) Tj ET Q q 0 0 0 rg BT 438.39 406.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.28 406.25 Td ( ) Tj ET Q q 0 0 0 rg BT 469.66 406.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.70 406.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.70 406.25 Td (, ) Tj ET Q q 0 0 0 rg BT 508.59 406.25 Td (representing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 394.25 Td (a ) Tj ET Q q 0 0 0 rg BT 60.94 394.25 Td (change ) Tj ET Q q 0 0 0 rg BT 91.75 394.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.58 394.25 Td (19 ) Tj ET Q q 0 0 0 rg BT 115.08 394.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.98 394.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 370.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 370.25 Td (The ) Tj ET Q q 0 0 0 rg BT 108.40 370.25 Td (change ) Tj ET Q q 0 0 0 rg BT 139.58 370.25 Td (from ) Tj ET Q q 0 0 0 rg BT 161.87 370.25 Td (net ) Tj ET Q q 0 0 0 rg BT 176.94 370.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 214.78 370.25 Td (income ) Tj ET Q q 0 0 0 rg BT 247.07 370.25 Td (to ) Tj ET Q q 0 0 0 rg BT 257.71 370.25 Td (net ) Tj ET Q q 0 0 0 rg BT 272.78 370.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 310.62 370.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 349.57 370.25 Td (was ) Tj ET Q q 0 0 0 rg BT 367.98 370.25 Td (driven ) Tj ET Q q 0 0 0 rg BT 396.38 370.25 Td (by ) Tj ET Q q 0 0 0 rg BT 409.24 370.25 Td (an ) Tj ET Q q 0 0 0 rg BT 421.53 370.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 457.14 370.25 Td (of ) Tj ET Q q 0 0 0 rg BT 468.33 370.25 Td (12 ) Tj ET Q q 0 0 0 rg BT 486.19 370.25 Td (million ) Tj ET Q q 0 0 0 rg BT 517.93 370.25 Td (in ) Tj ET Q q 0 0 0 rg BT 528.57 370.25 Td (interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 358.25 Td (costs, ) Tj ET Q q 0 0 0 rg BT 79.95 358.25 Td (principally ) Tj ET Q q 0 0 0 rg BT 126.73 358.25 Td (due ) Tj ET Q q 0 0 0 rg BT 144.62 358.25 Td (to ) Tj ET Q q 0 0 0 rg BT 155.85 358.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 188.74 358.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 228.29 358.25 Td (on ) Tj ET Q q 0 0 0 rg BT 241.74 358.25 Td (the ) Tj ET Q q 0 0 0 rg BT 257.42 358.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 276.32 358.25 Td ( ) Tj ET Q q 0 0 0 rg BT 279.77 358.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 302.66 358.25 Td (and ) Tj ET Q q 0 0 0 rg BT 320.55 358.25 Td (the ) Tj ET Q q 0 0 0 rg BT 336.22 358.25 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 384.12 358.25 Td (refinancing. ) Tj ET Q q 0 0 0 rg BT 434.84 358.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 484.74 358.25 Td (, ) Tj ET Q q 0 0 0 rg BT 490.70 358.25 Td (foreign ) Tj ET Q q 0 0 0 rg BT 523.03 358.25 Td (currency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 346.25 Td (exchange ) Tj ET Q q 0 0 0 rg BT 93.60 346.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 119.34 346.25 Td (increased ) Tj ET Q q 0 0 0 rg BT 158.94 346.25 Td (by ) Tj ET Q q 0 0 0 rg BT 170.79 346.25 Td (6 ) Tj ET Q q 0 0 0 rg BT 182.64 346.25 Td (million ) Tj ET Q q 0 0 0 rg BT 213.38 346.25 Td (in ) Tj ET Q q 0 0 0 rg BT 223.01 346.25 Td (2015. ) Tj ET Q q 0 0 0 rg BT 247.35 346.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 264.75 346.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 301.58 346.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 339.53 346.25 Td (in ) Tj ET Q q 0 0 0 rg BT 349.16 346.25 Td (future ) Tj ET Q q 0 0 0 rg BT 374.88 346.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 406.17 346.25 Td (are ) Tj ET Q q 0 0 0 rg BT 420.22 346.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 457.60 346.25 Td (to ) Tj ET Q q 0 0 0 rg BT 467.23 346.25 Td (be ) Tj ET Q q 0 0 0 rg BT 478.52 346.25 Td (significantly ) Tj ET Q q 0 0 0 rg BT 530.35 346.25 Td (higher) Tj ET Q q 0 0 0 rg BT 555.50 346.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 334.25 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 94.81 334.25 Td (our ) Tj ET Q q 0 0 0 rg BT 110.64 334.25 Td (higher ) Tj ET Q q 0 0 0 rg BT 138.69 334.25 Td (net ) Tj ET Q q 0 0 0 rg BT 153.40 334.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 173.12 334.25 Td (position ) Tj ET Q q 0 0 0 rg BT 207.85 334.25 Td (following ) Tj ET Q q 0 0 0 rg BT 249.23 334.25 Td (the ) Tj ET Q q 0 0 0 rg BT 263.95 334.25 Td (Separation.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 310.25 Td (2014) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 310.25 Td ( ) Tj ET Q q 0 0 0 rg BT 76.50 310.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 119.55 310.25 Td (to ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 129.83 310.25 Td (2013) Tj ET Q BT /F4 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 286.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 286.25 Td (Net ) Tj ET Q q 0 0 0 rg BT 106.94 286.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 144.42 286.25 Td (income ) Tj ET Q q 0 0 0 rg BT 176.35 286.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.51 286.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.51 286.25 Td ( ) Tj ET Q q 0 0 0 rg BT 213.01 286.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.06 286.25 Td (9 ) Tj ET Q q 0 0 0 rg BT 238.56 286.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.46 286.25 Td (, ) Tj ET Q q 0 0 0 rg BT 272.46 286.25 Td (an ) Tj ET Q q 0 0 0 rg BT 284.39 286.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 319.65 286.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.48 286.25 Td (7 ) Tj ET Q q 0 0 0 rg BT 337.98 286.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.87 286.25 Td ( ) Tj ET Q q 0 0 0 rg BT 369.37 286.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.31 286.25 Td (2 ) Tj ET Q q 0 0 0 rg BT 398.81 286.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.70 286.25 Td ( ) Tj ET Q q 0 0 0 rg BT 430.20 286.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.36 286.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.36 286.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 262.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 262.25 Td (The ) Tj ET Q q 0 0 0 rg BT 108.73 262.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 144.67 262.25 Td (in ) Tj ET Q q 0 0 0 rg BT 155.64 262.25 Td (net ) Tj ET Q q 0 0 0 rg BT 171.04 262.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 209.21 262.25 Td (income ) Tj ET Q q 0 0 0 rg BT 241.83 262.25 Td (was ) Tj ET Q q 0 0 0 rg BT 260.56 262.25 Td (mainly ) Tj ET Q q 0 0 0 rg BT 291.52 262.25 Td (due ) Tj ET Q q 0 0 0 rg BT 309.15 262.25 Td (to ) Tj ET Q q 0 0 0 rg BT 320.11 262.25 Td (a ) Tj ET Q q 0 0 0 rg BT 327.74 262.25 Td (5 ) Tj ET Q q 0 0 0 rg BT 340.92 262.25 Td (million ) Tj ET Q q 0 0 0 rg BT 373.00 262.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 408.94 262.25 Td (in ) Tj ET Q q 0 0 0 rg BT 419.90 262.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 458.07 262.25 Td (income ) Tj ET Q q 0 0 0 rg BT 490.69 262.25 Td (and ) Tj ET Q q 0 0 0 rg BT 508.32 262.25 Td (a ) Tj ET Q q 0 0 0 rg BT 515.94 262.25 Td (2 ) Tj ET Q q 0 0 0 rg BT 529.13 262.25 Td (million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 250.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 90.84 250.25 Td (in ) Tj ET Q q 0 0 0 rg BT 101.04 250.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 138.45 250.25 Td (expenses. ) Tj ET Q q 0 0 0 rg BT 179.47 250.25 Td (In ) Tj ET Q q 0 0 0 rg BT 190.22 250.25 Td (particular) Tj ET Q q 0 0 0 rg BT 228.13 250.25 Td (, ) Tj ET Q q 0 0 0 rg BT 233.06 250.25 Td (the ) Tj ET Q q 0 0 0 rg BT 247.70 250.25 Td (5 ) Tj ET Q q 0 0 0 rg BT 260.12 250.25 Td (million ) Tj ET Q q 0 0 0 rg BT 291.44 250.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 326.62 250.25 Td (in ) Tj ET Q q 0 0 0 rg BT 336.82 250.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 374.22 250.25 Td (income ) Tj ET Q q 0 0 0 rg BT 406.08 250.25 Td (was ) Tj ET Q q 0 0 0 rg BT 424.06 250.25 Td (driven ) Tj ET Q q 0 0 0 rg BT 452.03 250.25 Td (by ) Tj ET Q q 0 0 0 rg BT 464.45 250.25 Td (a ) Tj ET Q q 0 0 0 rg BT 471.32 250.25 Td (4 ) Tj ET Q q 0 0 0 rg BT 483.74 250.25 Td (million ) Tj ET Q q 0 0 0 rg BT 515.06 250.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 550.24 250.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 238.25 Td (other ) Tj ET Q q 0 0 0 rg BT 76.92 238.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 108.72 238.25 Td (income ) Tj ET Q q 0 0 0 rg BT 140.52 238.25 Td (and ) Tj ET Q q 0 0 0 rg BT 157.33 238.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 194.67 238.25 Td (income ) Tj ET Q q 0 0 0 rg BT 226.48 238.25 Td (and ) Tj ET Q q 0 0 0 rg BT 243.28 238.25 Td (a ) Tj ET Q q 0 0 0 rg BT 250.09 238.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 262.46 238.25 Td (million ) Tj ET Q q 0 0 0 rg BT 293.72 238.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 328.84 238.25 Td (in ) Tj ET Q q 0 0 0 rg BT 338.99 238.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 370.79 238.25 Td (income ) Tj ET Q q 0 0 0 rg BT 402.59 238.25 Td (from ) Tj ET Q q 0 0 0 rg BT 424.40 238.25 Td (banks ) Tj ET Q q 0 0 0 rg BT 450.09 238.25 Td (deposits, ) Tj ET Q q 0 0 0 rg BT 487.74 238.25 Td (attributable ) Tj ET Q q 0 0 0 rg BT 535.65 238.25 Td (to ) Tj ET Q q 0 0 0 rg BT 545.79 238.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 226.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 89.25 226.25 Td (in ) Tj ET Q q 0 0 0 rg BT 99.53 226.25 Td (our ) Tj ET Q q 0 0 0 rg BT 115.36 226.25 Td (average ) Tj ET Q q 0 0 0 rg BT 148.95 226.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 169.21 226.25 Td (balances.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 202.25 Td (Income ) Tj ET Q q 0 0 0 rg BT 88.16 202.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 103.99 202.25 Td (expense) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 141.75 130.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 183.50 141.75 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.50 141.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 237.50 141.75 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 141.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 141.75 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 141.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 141.75 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 141.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 141.75 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 141.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 141.75 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 141.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 141.75 50.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183.5 166.75 m 233.5 166.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 166.75 m 237.5 166.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 166.75 m 287.5 166.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 166.75 m 291.5 166.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.5 166.75 m 341.5 166.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 166.75 m 395.5 166.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 166.75 m 399.5 166.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 166.75 m 449.5 166.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 166.75 m 453.5 166.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 166.75 m 503.5 166.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 166.75 m 507.5 166.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 166.75 m 557.5 166.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183.5 166.75 m 233.5 166.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183.5 153.75 m 233.5 153.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 166.75 m 287.5 166.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 153.75 m 287.5 153.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.5 166.75 m 341.5 166.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.5 153.75 m 341.5 153.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 153.75 m 395.5 153.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 153.75 m 399.5 153.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 153.75 m 449.5 153.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 153.75 m 503.5 153.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 153.75 m 507.5 153.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 153.75 m 557.5 153.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 171.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 203.90 170.98 Td (For the years ended December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.00 171.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 417.60 170.98 Td (Incr) Tj ET Q q 0 0 0 rg BT 432.12 170.98 Td (ease/\(Decr) Tj ET Q q 0 0 0 rg BT 467.51 170.98 Td (ease\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 158.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 200.00 157.98 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 236.00 158.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 254.00 157.98 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 290.00 158.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 308.00 157.98 Td (2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.00 158.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.40 157.98 Td (2015 vs. 2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.00 158.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.40 157.98 Td (2014 vs. 2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 145.70 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 326.65 145.80 Td (\( million, except percentages\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 133.00 Td (Income tax expense) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 218.30 133.00 Td (144) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 236.00 133.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 272.30 133.00 Td (133) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 290.00 133.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.30 133.00 Td (120) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.00 133.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 384.30 133.00 Td (11) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 398.00 133.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.30 133.00 Td (8.3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 442.30 133.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.00 133.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 133.00 Td (13) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.00 133.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.25 133.00 Td (10.8) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 133.00 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 105.25 Td (2015) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 105.25 Td ( ) Tj ET Q q 0 0 0 rg BT 76.50 105.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 119.55 105.25 Td (to ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 129.83 105.25 Td (2014) Tj ET Q BT /F4 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 81.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 81.25 Td (Income tax expense for 2015 was 144 million, an increase of 1) Tj ET Q q 0 0 0 rg BT 350.66 81.25 Td (1 million, or 8.3%, from 133 million for the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 69.25 Td (ended December 31, 2014. ) Tj ET Q q 0 0 0 rg BT 163.78 69.25 Td (The increase in income tax expense was attributable to the combined ef) Tj ET Q q 0 0 0 rg BT 451.82 69.25 Td (fect of an increase in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 57.25 Td (profit before taxes from 398 million for 2014 to 434 million for 2015, and an increase in the ef) Tj ET Q q 0 0 0 rg BT 442.33 57.25 Td (fective tax rate net of IRAP) Tj ET Q q 0 0 0 rg BT 551.46 57.25 Td (, ) Tj ET Q endstream endobj 163 0 obj <> endobj 164 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (73) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (from 28.6 percent in 2014 to 30.0 percent in 2015. During 2015 a change in Italian tax law approved a reduction in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (corporate income tax rate, from 27.5% to 24.0%, which will be ef) Tj ET Q q 0 0 0 rg BT 316.79 719.10 Td (fective from January 2017. ) Tj ET Q q 0 0 0 rg BT 426.48 719.10 Td (As a result we have adjusted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.10 Td (deferred tax assets and liabilities that we expect will be reversed in and subsequent to 2017. In addition to the change in tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 695.10 Td (law) Tj ET Q q 0 0 0 rg BT 67.79 695.10 Td (, the ef) Tj ET Q q 0 0 0 rg BT 95.09 695.10 Td (fective tax rate net of IRAP) Tj ET Q q 0 0 0 rg BT 204.96 695.10 Td ( increased due to the ef) Tj ET Q q 0 0 0 rg BT 297.23 695.10 Td (fect of interest expense related to the Restructuring which is non ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.10 Td (deductible.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 651.10 Td (2014) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 651.10 Td ( ) Tj ET Q q 0 0 0 rg BT 76.50 651.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 119.55 651.10 Td (to ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 129.83 651.10 Td (2013) Tj ET Q BT /F4 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 627.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 627.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 122.92 627.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 138.06 627.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 173.20 627.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.79 627.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.79 627.10 Td ( ) Tj ET Q q 0 0 0 rg BT 210.72 627.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.20 627.10 Td (133 ) Tj ET Q q 0 0 0 rg BT 247.13 627.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.02 627.10 Td (, ) Tj ET Q q 0 0 0 rg BT 281.45 627.10 Td (an ) Tj ET Q q 0 0 0 rg BT 293.82 627.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 329.50 627.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.76 627.10 Td (13 ) Tj ET Q q 0 0 0 rg BT 353.69 627.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.58 627.10 Td (, ) Tj ET Q q 0 0 0 rg BT 388.01 627.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.27 627.10 Td (10.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.10 627.10 Td (, ) Tj ET Q q 0 0 0 rg BT 430.53 627.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.90 627.10 Td (120 ) Tj ET Q q 0 0 0 rg BT 470.83 627.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.72 627.10 Td ( ) Tj ET Q q 0 0 0 rg BT 502.65 627.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.24 627.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.24 627.10 Td (. ) Tj ET Q q 0 0 0 rg BT 542.46 627.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 615.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 89.74 615.10 Td (in ) Tj ET Q q 0 0 0 rg BT 100.50 615.10 Td (income ) Tj ET Q q 0 0 0 rg BT 132.91 615.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 148.11 615.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 183.30 615.10 Td (was ) Tj ET Q q 0 0 0 rg BT 201.84 615.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 250.36 615.10 Td (to ) Tj ET Q q 0 0 0 rg BT 261.12 615.10 Td (the ) Tj ET Q q 0 0 0 rg BT 276.32 615.10 Td (combined ) Tj ET Q q 0 0 0 rg BT 318.73 615.10 Td (ef) Tj ET Q q 0 0 0 rg BT 326.32 615.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 344.29 615.10 Td (of ) Tj ET Q q 0 0 0 rg BT 355.60 615.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.02 615.10 Td (8.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.85 615.10 Td ( ) Tj ET Q q 0 0 0 rg BT 391.83 615.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 427.57 615.10 Td (in ) Tj ET Q q 0 0 0 rg BT 438.33 615.10 Td (profit ) Tj ET Q q 0 0 0 rg BT 463.53 615.10 Td (before ) Tj ET Q q 0 0 0 rg BT 492.05 615.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 515.58 615.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.00 615.10 Td (366 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 603.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.89 603.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.51 603.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.78 603.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.78 603.10 Td (, ) Tj ET Q q 0 0 0 rg BT 124.90 603.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.29 603.10 Td (398 ) Tj ET Q q 0 0 0 rg BT 157.90 603.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.80 603.10 Td ( ) Tj ET Q q 0 0 0 rg BT 189.41 603.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.69 603.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.69 603.10 Td (, ) Tj ET Q q 0 0 0 rg BT 228.80 603.10 Td (and ) Tj ET Q q 0 0 0 rg BT 245.85 603.10 Td (an ) Tj ET Q q 0 0 0 rg BT 257.91 603.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 293.27 603.10 Td (in ) Tj ET Q q 0 0 0 rg BT 303.67 603.10 Td (the ) Tj ET Q q 0 0 0 rg BT 318.50 603.10 Td (ef) Tj ET Q q 0 0 0 rg BT 326.09 603.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 355.90 603.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 370.74 603.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 388.34 603.10 Td (net ) Tj ET Q q 0 0 0 rg BT 403.17 603.10 Td (of ) Tj ET Q q 0 0 0 rg BT 414.11 603.10 Td (IRAP) Tj ET Q q 0 0 0 rg BT 436.52 603.10 Td ( ) Tj ET Q q 0 0 0 rg BT 439.14 603.10 Td (from ) Tj ET Q q 0 0 0 rg BT 461.19 603.10 Td (28.1 ) Tj ET Q q 0 0 0 rg BT 481.31 603.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 513.35 603.10 Td (for ) Tj ET Q q 0 0 0 rg BT 527.62 603.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 550.24 603.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 591.10 Td (28.6 ) Tj ET Q q 0 0 0 rg BT 74.00 591.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.42 591.10 Td ( ) Tj ET Q q 0 0 0 rg BT 105.92 591.10 Td (for ) Tj ET Q q 0 0 0 rg BT 120.08 591.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 145.08 591.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 184.80 591.10 Td (due ) Tj ET Q q 0 0 0 rg BT 201.73 591.10 Td (to ) Tj ET Q q 0 0 0 rg BT 212.01 591.10 Td (the ) Tj ET Q q 0 0 0 rg BT 226.73 591.10 Td (geographical ) Tj ET Q q 0 0 0 rg BT 280.87 591.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 329.48 591.10 Td (of ) Tj ET Q q 0 0 0 rg BT 340.31 591.10 Td (income ) Tj ET Q q 0 0 0 rg BT 372.25 591.10 Td (before ) Tj ET Q q 0 0 0 rg BT 400.28 591.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 415.00 591.10 Td (and ) Tj ET Q q 0 0 0 rg BT 431.94 591.10 Td (the ) Tj ET Q q 0 0 0 rg BT 446.66 591.10 Td (dif) Tj ET Q q 0 0 0 rg BT 457.58 591.10 Td (ference ) Tj ET Q q 0 0 0 rg BT 489.50 591.10 Td (in ) Tj ET Q q 0 0 0 rg BT 499.78 591.10 Td (local ) Tj ET Q q 0 0 0 rg BT 521.71 591.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 536.43 591.10 Td (rates. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 567.10 Td (Recent Developments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 543.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 543.10 Td (In February 2016 we unveiled our latest four) Tj ET Q q 0 0 0 rg BT 268.92 543.10 Td (-seater four) Tj ET Q q 0 0 0 rg BT 314.52 543.10 Td (-wheel drive GT) Tj ET Q q 0 0 0 rg BT 380.42 543.10 Td ( model, the GTC4Lusso, which is equipped ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 531.10 Td (with a ) Tj ET Q q 0 0 0 rg BT 81.04 531.10 Td (V12 engine and will replace the FF) Tj ET Q q 0 0 0 rg BT 221.31 531.10 Td (. Production of the GTC4Lusso is expected to start in the second quarter of 2016 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 519.10 Td (and shipments are expected to start in the third quarter of 2016. ) Tj ET Q q 0 0 0 rg BT 309.58 519.10 Td (The unveiling was held at ) Tj ET Q q 0 0 0 rg BT 415.20 519.10 Td (V) Tj ET Q q 0 0 0 rg BT 421.82 519.10 Td (illa Erba on Lake Como, Italy) Tj ET Q q 0 0 0 rg BT 540.58 519.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 507.10 Td (and precedes the of) Tj ET Q q 0 0 0 rg BT 131.28 507.10 Td (ficial public premiere at the upcoming Geneva ) Tj ET Q q 0 0 0 rg BT 319.26 507.10 Td (Auto Show in March 2016. \(See "Item 4.B. Business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 495.10 Td (Overview-Sports and GT) Tj ET Q q 0 0 0 rg BT 154.91 495.10 Td ( Cars-Range Models and Special Series"\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 471.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 471.10 Td (Also in February 2016, we presented our new car for the 2016 Formula 1 ) Tj ET Q q 0 0 0 rg BT 385.02 471.10 Td (W) Tj ET Q q 0 0 0 rg BT 393.66 471.10 Td (orld Championship, through a broadcast ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 459.10 Td (on live streaming on our website. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 435.10 Td (B. Liquidity and Capital Resour) Tj ET Q q 0 0 0 rg BT 191.35 435.10 Td (ces ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 411.10 Td (Liquidity Overview ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 387.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 387.10 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 387.10 Td (e ) Tj ET Q q 0 0 0 rg BT 105.07 387.10 Td (require ) Tj ET Q q 0 0 0 rg BT 135.38 387.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 171.26 387.10 Td (in ) Tj ET Q q 0 0 0 rg BT 181.03 387.10 Td (order ) Tj ET Q q 0 0 0 rg BT 204.12 387.10 Td (to ) Tj ET Q q 0 0 0 rg BT 213.89 387.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 235.32 387.10 Td (our ) Tj ET Q q 0 0 0 rg BT 250.64 387.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 297.08 387.10 Td (and ) Tj ET Q q 0 0 0 rg BT 313.51 387.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 333.83 387.10 Td (our ) Tj ET Q q 0 0 0 rg BT 349.15 387.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 387.53 387.10 Td (Short-term ) Tj ET Q q 0 0 0 rg BT 432.85 387.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 468.74 387.10 Td (is ) Tj ET Q q 0 0 0 rg BT 477.40 387.10 Td (required ) Tj ET Q q 0 0 0 rg BT 512.71 387.10 Td (to ) Tj ET Q q 0 0 0 rg BT 522.48 387.10 Td (purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 375.10 Td (raw ) Tj ET Q q 0 0 0 rg BT 70.85 375.10 Td (materials, ) Tj ET Q q 0 0 0 rg BT 111.87 375.10 Td (parts ) Tj ET Q q 0 0 0 rg BT 133.17 375.10 Td (and ) Tj ET Q q 0 0 0 rg BT 149.47 375.10 Td (components ) Tj ET Q q 0 0 0 rg BT 199.66 375.10 Td (for ) Tj ET Q q 0 0 0 rg BT 213.18 375.10 Td (car ) Tj ET Q q 0 0 0 rg BT 227.25 375.10 Td (production, ) Tj ET Q q 0 0 0 rg BT 274.94 375.10 Td (and ) Tj ET Q q 0 0 0 rg BT 291.24 375.10 Td (to ) Tj ET Q q 0 0 0 rg BT 300.88 375.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 321.07 375.10 Td (selling, ) Tj ET Q q 0 0 0 rg BT 352.10 375.10 Td (administrative, ) Tj ET Q q 0 0 0 rg BT 413.67 375.10 Td (research ) Tj ET Q q 0 0 0 rg BT 448.84 375.10 Td (and ) Tj ET Q q 0 0 0 rg BT 465.14 375.10 Td (development, ) Tj ET Q q 0 0 0 rg BT 521.15 375.10 Td (and ) Tj ET Q q 0 0 0 rg BT 537.45 375.10 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 363.10 Td (expenses. ) Tj ET Q q 0 0 0 rg BT 95.51 363.10 Td (In ) Tj ET Q q 0 0 0 rg BT 106.75 363.10 Td (addition ) Tj ET Q q 0 0 0 rg BT 142.43 363.10 Td (to ) Tj ET Q q 0 0 0 rg BT 153.12 363.10 Td (our ) Tj ET Q q 0 0 0 rg BT 169.36 363.10 Td (general ) Tj ET Q q 0 0 0 rg BT 201.70 363.10 Td (working ) Tj ET Q q 0 0 0 rg BT 237.94 363.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 267.50 363.10 Td (and ) Tj ET Q q 0 0 0 rg BT 284.84 363.10 Td (operational ) Tj ET Q q 0 0 0 rg BT 332.74 363.10 Td (needs, ) Tj ET Q q 0 0 0 rg BT 360.91 363.10 Td (we ) Tj ET Q q 0 0 0 rg BT 375.48 363.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 404.49 363.10 Td (to ) Tj ET Q q 0 0 0 rg BT 415.18 363.10 Td (use ) Tj ET Q q 0 0 0 rg BT 431.42 363.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 452.10 363.10 Td (for ) Tj ET Q q 0 0 0 rg BT 466.67 363.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 496.23 363.10 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 550.23 363.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 351.10 Td (support ) Tj ET Q q 0 0 0 rg BT 86.15 351.10 Td (our ) Tj ET Q q 0 0 0 rg BT 101.64 351.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 135.46 351.10 Td (and ) Tj ET Q q 0 0 0 rg BT 152.05 351.10 Td (future ) Tj ET Q q 0 0 0 rg BT 178.08 351.10 Td (products. ) Tj ET Q q 0 0 0 rg BT 217.02 351.10 Td (W) Tj ET Q q 0 0 0 rg BT 225.66 351.10 Td (e ) Tj ET Q q 0 0 0 rg BT 232.25 351.10 Td (make ) Tj ET Q q 0 0 0 rg BT 256.06 351.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 284.87 351.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 334.80 351.10 Td (mainly ) Tj ET Q q 0 0 0 rg BT 364.72 351.10 Td (in ) Tj ET Q q 0 0 0 rg BT 374.66 351.10 Td (Italy) Tj ET Q q 0 0 0 rg BT 392.33 351.10 Td (, ) Tj ET Q q 0 0 0 rg BT 396.99 351.10 Td (for ) Tj ET Q q 0 0 0 rg BT 410.80 351.10 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 452.40 351.10 Td (to ) Tj ET Q q 0 0 0 rg BT 462.33 351.10 Td (introduce ) Tj ET Q q 0 0 0 rg BT 502.25 351.10 Td (new ) Tj ET Q q 0 0 0 rg BT 521.06 351.10 Td (products, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 339.10 Td (enhance ) Tj ET Q q 0 0 0 rg BT 92.02 339.10 Td (manufacturing ) Tj ET Q q 0 0 0 rg BT 155.60 339.10 Td (ef) Tj ET Q q 0 0 0 rg BT 163.18 339.10 Td (ficiency) Tj ET Q q 0 0 0 rg BT 194.74 339.10 Td (, ) Tj ET Q q 0 0 0 rg BT 202.50 339.10 Td (improve ) Tj ET Q q 0 0 0 rg BT 241.09 339.10 Td (capacity) Tj ET Q q 0 0 0 rg BT 273.76 339.10 Td (, ) Tj ET Q q 0 0 0 rg BT 281.52 339.10 Td (and ) Tj ET Q q 0 0 0 rg BT 301.23 339.10 Td (for ) Tj ET Q q 0 0 0 rg BT 318.15 339.10 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 373.95 339.10 Td (and ) Tj ET Q q 0 0 0 rg BT 393.65 339.10 Td (environmental ) Tj ET Q q 0 0 0 rg BT 456.68 339.10 Td (compliance. ) Tj ET Q q 0 0 0 rg BT 510.53 339.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 531.35 339.10 Td (capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 327.10 Td (expenditure ) Tj ET Q q 0 0 0 rg BT 103.90 327.10 Td (in ) Tj ET Q q 0 0 0 rg BT 114.37 327.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 137.07 327.10 Td (is ) Tj ET Q q 0 0 0 rg BT 146.43 327.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 184.66 327.10 Td (to ) Tj ET Q q 0 0 0 rg BT 195.13 327.10 Td (be ) Tj ET Q q 0 0 0 rg BT 207.27 327.10 Td (between ) Tj ET Q q 0 0 0 rg BT 243.28 327.10 Td (320 ) Tj ET Q q 0 0 0 rg BT 265.97 327.10 Td (million ) Tj ET Q q 0 0 0 rg BT 297.56 327.10 Td (to ) Tj ET Q q 0 0 0 rg BT 308.03 327.10 Td (370 ) Tj ET Q q 0 0 0 rg BT 330.73 327.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 364.82 327.10 Td (which ) Tj ET Q q 0 0 0 rg BT 391.95 327.10 Td (we ) Tj ET Q q 0 0 0 rg BT 406.30 327.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 426.22 327.10 Td (to ) Tj ET Q q 0 0 0 rg BT 436.69 327.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 457.72 327.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 497.62 327.10 Td (with ) Tj ET Q q 0 0 0 rg BT 518.10 327.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 538.56 327.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 315.10 Td (our ) Tj ET Q q 0 0 0 rg BT 69.83 315.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 110.09 315.10 Td (activities. ) Tj ET Q q 0 0 0 rg BT 151.19 315.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 291.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 291.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 108.36 291.10 Td (business ) Tj ET Q q 0 0 0 rg BT 145.06 291.10 Td (and ) Tj ET Q q 0 0 0 rg BT 162.30 291.10 Td (results ) Tj ET Q q 0 0 0 rg BT 191.22 291.10 Td (of ) Tj ET Q q 0 0 0 rg BT 202.36 291.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 246.82 291.10 Td (depend ) Tj ET Q q 0 0 0 rg BT 278.51 291.10 Td (on ) Tj ET Q q 0 0 0 rg BT 291.31 291.10 Td (our ) Tj ET Q q 0 0 0 rg BT 307.45 291.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 335.81 291.10 Td (to ) Tj ET Q q 0 0 0 rg BT 346.40 291.10 Td (achieve ) Tj ET Q q 0 0 0 rg BT 379.74 291.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 409.75 291.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 451.45 291.10 Td (car ) Tj ET Q q 0 0 0 rg BT 466.46 291.10 Td (shipment ) Tj ET Q q 0 0 0 rg BT 505.93 291.10 Td (volumes. ) Tj ET Q q 0 0 0 rg BT 544.92 291.10 Td (W) Tj ET Q q 0 0 0 rg BT 553.56 291.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 279.10 Td (have ) Tj ET Q q 0 0 0 rg BT 74.93 279.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 119.20 279.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 141.81 279.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 163.86 279.10 Td (and ) Tj ET Q q 0 0 0 rg BT 180.36 279.10 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 221.00 279.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 255.27 279.10 Td (in ) Tj ET Q q 0 0 0 rg BT 265.10 279.10 Td (our ) Tj ET Q q 0 0 0 rg BT 280.49 279.10 Td (car ) Tj ET Q q 0 0 0 rg BT 294.75 279.10 Td (shipment ) Tj ET Q q 0 0 0 rg BT 333.47 279.10 Td (volumes ) Tj ET Q q 0 0 0 rg BT 369.42 279.10 Td (can ) Tj ET Q q 0 0 0 rg BT 385.35 279.10 Td (have ) Tj ET Q q 0 0 0 rg BT 406.29 279.10 Td (a ) Tj ET Q q 0 0 0 rg BT 412.78 279.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 457.05 279.10 Td (ef) Tj ET Q q 0 0 0 rg BT 464.64 279.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 481.68 279.10 Td (on ) Tj ET Q q 0 0 0 rg BT 493.74 279.10 Td (profitability ) Tj ET Q q 0 0 0 rg BT 543.56 279.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 267.10 Td (liquidity) Tj ET Q q 0 0 0 rg BT 87.24 267.10 Td (. ) Tj ET Q q 0 0 0 rg BT 92.01 267.10 Td (W) Tj ET Q q 0 0 0 rg BT 100.64 267.10 Td (e ) Tj ET Q q 0 0 0 rg BT 107.52 267.10 Td (have ) Tj ET Q q 0 0 0 rg BT 128.84 267.10 Td (historically ) Tj ET Q q 0 0 0 rg BT 176.27 267.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 214.80 267.10 Td (our ) Tj ET Q q 0 0 0 rg BT 230.58 267.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 266.91 267.10 Td (through ) Tj ET Q q 0 0 0 rg BT 300.46 267.10 Td (participating ) Tj ET Q q 0 0 0 rg BT 353.43 267.10 Td (in ) Tj ET Q q 0 0 0 rg BT 363.65 267.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 383.86 267.10 Td (management ) Tj ET Q q 0 0 0 rg BT 437.39 267.10 Td (and ) Tj ET Q q 0 0 0 rg BT 454.27 267.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 487.82 267.10 Td (services ) Tj ET Q q 0 0 0 rg BT 522.47 267.10 Td (provided ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 255.10 Td (by ) Tj ET Q q 0 0 0 rg BT 66.84 255.10 Td (the ) Tj ET Q q 0 0 0 rg BT 81.89 255.10 Td (treasury ) Tj ET Q q 0 0 0 rg BT 116.93 255.10 Td (functions ) Tj ET Q q 0 0 0 rg BT 156.99 255.10 Td (of ) Tj ET Q q 0 0 0 rg BT 168.16 255.10 Td (the ) Tj ET Q q 0 0 0 rg BT 183.21 255.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 202.11 255.10 Td ( ) Tj ET Q q 0 0 0 rg BT 204.95 255.10 Td (Group. ) Tj ET Q q 0 0 0 rg BT 235.84 255.10 Td (Following ) Tj ET Q q 0 0 0 rg BT 279.79 255.10 Td (the ) Tj ET Q q 0 0 0 rg BT 294.84 255.10 Td (Separation ) Tj ET Q q 0 0 0 rg BT 340.45 255.10 Td (on ) Tj ET Q q 0 0 0 rg BT 353.28 255.10 Td (January ) Tj ET Q q 0 0 0 rg BT 387.22 255.10 Td (3, ) Tj ET Q q 0 0 0 rg BT 397.55 255.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 422.89 255.10 Td (we ) Tj ET Q q 0 0 0 rg BT 437.39 255.10 Td (terminated ) Tj ET Q q 0 0 0 rg BT 482.98 255.10 Td (such ) Tj ET Q q 0 0 0 rg BT 504.15 255.10 Td (arrangements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 243.10 Td (and ) Tj ET Q q 0 0 0 rg BT 70.98 243.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 104.61 243.10 Td (our ) Tj ET Q q 0 0 0 rg BT 120.48 243.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 156.91 243.10 Td (and ) Tj ET Q q 0 0 0 rg BT 173.88 243.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 194.19 243.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 215.06 243.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 269.80 243.10 Td (on ) Tj ET Q q 0 0 0 rg BT 282.34 243.10 Td (a ) Tj ET Q q 0 0 0 rg BT 289.31 243.10 Td (standalone ) Tj ET Q q 0 0 0 rg BT 334.61 243.10 Td (basis. ) Tj ET Q q 0 0 0 rg BT 359.47 243.10 Td (W) Tj ET Q q 0 0 0 rg BT 368.11 243.10 Td (e ) Tj ET Q q 0 0 0 rg BT 375.08 243.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 406.49 243.10 Td (that ) Tj ET Q q 0 0 0 rg BT 424.03 243.10 Td (our ) Tj ET Q q 0 0 0 rg BT 439.89 243.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 460.20 243.10 Td (generation ) Tj ET Q q 0 0 0 rg BT 504.94 243.10 Td (together ) Tj ET Q q 0 0 0 rg BT 540.24 243.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 231.10 Td (our ) Tj ET Q q 0 0 0 rg BT 69.83 231.10 Td (current ) Tj ET Q q 0 0 0 rg BT 100.65 231.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 137.04 231.10 Td (will ) Tj ET Q q 0 0 0 rg BT 155.09 231.10 Td (be ) Tj ET Q q 0 0 0 rg BT 167.03 231.10 Td (suf) Tj ET Q q 0 0 0 rg BT 179.07 231.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 207.12 231.10 Td (to ) Tj ET Q q 0 0 0 rg BT 217.39 231.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 239.33 231.10 Td (our ) Tj ET Q q 0 0 0 rg BT 255.16 231.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 302.10 231.10 Td (and ) Tj ET Q q 0 0 0 rg BT 319.04 231.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 339.87 231.10 Td (our ) Tj ET Q q 0 0 0 rg BT 355.70 231.10 Td (business ) Tj ET Q q 0 0 0 rg BT 392.09 231.10 Td (and ) Tj ET Q q 0 0 0 rg BT 409.03 231.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 438.18 231.10 Td (expenditures.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 207.10 Td (Cyclical ) Tj ET Q q 0 0 0 rg BT 89.82 207.10 Td (Nature ) Tj ET Q q 0 0 0 rg BT 121.21 207.10 Td (of ) Tj ET Q q 0 0 0 rg BT 132.04 207.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 151.22 207.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 174.84 207.10 Td (Flows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 183.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 183.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 108.30 183.10 Td (working ) Tj ET Q q 0 0 0 rg BT 144.38 183.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 173.77 183.10 Td (is ) Tj ET Q q 0 0 0 rg BT 183.19 183.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 214.26 183.10 Td (to ) Tj ET Q q 0 0 0 rg BT 224.79 183.10 Td (month ) Tj ET Q q 0 0 0 rg BT 253.09 183.10 Td (to ) Tj ET Q q 0 0 0 rg BT 263.61 183.10 Td (month ) Tj ET Q q 0 0 0 rg BT 291.92 183.10 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 341.88 183.10 Td (due ) Tj ET Q q 0 0 0 rg BT 359.06 183.10 Td (to, ) Tj ET Q q 0 0 0 rg BT 372.08 183.10 Td (among ) Tj ET Q q 0 0 0 rg BT 402.05 183.10 Td (others, ) Tj ET Q q 0 0 0 rg BT 431.73 183.10 Td (production ) Tj ET Q q 0 0 0 rg BT 477.81 183.10 Td (volumes, ) Tj ET Q q 0 0 0 rg BT 516.94 183.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 549.68 183.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 171.10 Td (our ) Tj ET Q q 0 0 0 rg BT 69.88 171.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 107.42 171.10 Td (services ) Tj ET Q q 0 0 0 rg BT 142.18 171.10 Td (portfolio, ) Tj ET Q q 0 0 0 rg BT 182.23 171.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 210.89 171.10 Td (of ) Tj ET Q q 0 0 0 rg BT 221.78 171.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 236.55 171.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 277.43 171.10 Td (and ) Tj ET Q q 0 0 0 rg BT 294.42 171.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 323.62 171.10 Td (expenditure. ) Tj ET Q q 0 0 0 rg BT 375.88 171.10 Td ( ) Tj ET Q q 0 0 0 rg BT 378.43 171.10 Td (In ) Tj ET Q q 0 0 0 rg BT 389.32 171.10 Td (particular) Tj ET Q q 0 0 0 rg BT 427.23 171.10 Td (, ) Tj ET Q q 0 0 0 rg BT 432.28 171.10 Td (our ) Tj ET Q q 0 0 0 rg BT 448.17 171.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 489.04 171.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 514.92 171.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 550.23 171.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 159.10 Td (the ) Tj ET Q q 0 0 0 rg BT 69.19 159.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 101.60 159.10 Td (leading ) Tj ET Q q 0 0 0 rg BT 134.00 159.10 Td (up ) Tj ET Q q 0 0 0 rg BT 146.97 159.10 Td (to ) Tj ET Q q 0 0 0 rg BT 157.72 159.10 Td (launches ) Tj ET Q q 0 0 0 rg BT 195.67 159.10 Td (of ) Tj ET Q q 0 0 0 rg BT 206.97 159.10 Td (new ) Tj ET Q q 0 0 0 rg BT 226.60 159.10 Td (models, ) Tj ET Q q 0 0 0 rg BT 260.96 159.10 Td (during ) Tj ET Q q 0 0 0 rg BT 290.04 159.10 Td (the ) Tj ET Q q 0 0 0 rg BT 305.23 159.10 Td (phase ) Tj ET Q q 0 0 0 rg BT 330.97 159.10 Td (out ) Tj ET Q q 0 0 0 rg BT 346.71 159.10 Td (of ) Tj ET Q q 0 0 0 rg BT 358.01 159.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 380.42 159.10 Td (models ) Tj ET Q q 0 0 0 rg BT 412.28 159.10 Td (and ) Tj ET Q q 0 0 0 rg BT 429.69 159.10 Td (at ) Tj ET Q q 0 0 0 rg BT 439.88 159.10 Td (the ) Tj ET Q q 0 0 0 rg BT 455.06 159.10 Td (end ) Tj ET Q q 0 0 0 rg BT 472.47 159.10 Td (of ) Tj ET Q q 0 0 0 rg BT 483.77 159.10 Td (the ) Tj ET Q q 0 0 0 rg BT 498.96 159.10 Td (second ) Tj ET Q q 0 0 0 rg BT 529.70 159.10 Td (quarter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 147.10 Td (when ) Tj ET Q q 0 0 0 rg BT 78.09 147.10 Td (our ) Tj ET Q q 0 0 0 rg BT 93.85 147.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 134.61 147.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 160.36 147.10 Td (are ) Tj ET Q q 0 0 0 rg BT 175.00 147.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 202.98 147.10 Td (to ) Tj ET Q q 0 0 0 rg BT 213.19 147.10 Td (support ) Tj ET Q q 0 0 0 rg BT 245.62 147.10 Td (the ) Tj ET Q q 0 0 0 rg BT 260.27 147.10 Td (summer ) Tj ET Q q 0 0 0 rg BT 294.91 147.10 Td (plant ) Tj ET Q q 0 0 0 rg BT 317.34 147.10 Td (shutdown. ) Tj ET Q q 0 0 0 rg BT 360.99 147.10 Td (The ) Tj ET Q q 0 0 0 rg BT 378.96 147.10 Td (expansion ) Tj ET Q q 0 0 0 rg BT 421.94 147.10 Td (of ) Tj ET Q q 0 0 0 rg BT 432.70 147.10 Td (our ) Tj ET Q q 0 0 0 rg BT 448.46 147.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 485.87 147.10 Td (services ) Tj ET Q q 0 0 0 rg BT 520.51 147.10 Td (portfolio, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 135.10 Td (particularly ) Tj ET Q q 0 0 0 rg BT 102.16 135.10 Td (in ) Tj ET Q q 0 0 0 rg BT 112.01 135.10 Td (the ) Tj ET Q q 0 0 0 rg BT 126.30 135.10 Td (United ) Tj ET Q q 0 0 0 rg BT 155.59 135.10 Td (States, ) Tj ET Q q 0 0 0 rg BT 184.05 135.10 Td (has ) Tj ET Q q 0 0 0 rg BT 199.45 135.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 239.27 135.10 Td (our ) Tj ET Q q 0 0 0 rg BT 254.68 135.10 Td (working ) Tj ET Q q 0 0 0 rg BT 290.08 135.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 318.80 135.10 Td (requirements. ) Tj ET Q q 0 0 0 rg BT 375.42 135.10 Td (The ) Tj ET Q q 0 0 0 rg BT 393.04 135.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 429.55 135.10 Td (of ) Tj ET Q q 0 0 0 rg BT 439.95 135.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 462.57 135.10 Td (also ) Tj ET Q q 0 0 0 rg BT 480.75 135.10 Td (af) Tj ET Q q 0 0 0 rg BT 488.34 135.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 509.29 135.10 Td (our ) Tj ET Q q 0 0 0 rg BT 524.69 135.10 Td (working ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 123.10 Td (capital. ) Tj ET Q q 0 0 0 rg BT 85.00 123.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.84 123.10 Td (Historically) Tj ET Q q 0 0 0 rg BT 133.40 123.10 Td (, ) Tj ET Q q 0 0 0 rg BT 137.75 123.10 Td (as ) Tj ET Q q 0 0 0 rg BT 147.93 123.10 Td (part ) Tj ET Q q 0 0 0 rg BT 165.32 123.10 Td (of ) Tj ET Q q 0 0 0 rg BT 175.49 123.10 Td (the ) Tj ET Q q 0 0 0 rg BT 189.56 123.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 208.46 123.10 Td ( ) Tj ET Q q 0 0 0 rg BT 210.30 123.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 237.70 123.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 251.76 123.10 Td (consolidation, ) Tj ET Q q 0 0 0 rg BT 309.99 123.10 Td (a ) Tj ET Q q 0 0 0 rg BT 316.28 123.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 360.89 123.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 391.63 123.10 Td (of ) Tj ET Q q 0 0 0 rg BT 401.80 123.10 Td (our ) Tj ET Q q 0 0 0 rg BT 416.98 123.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 439.37 123.10 Td (were ) Tj ET Q q 0 0 0 rg BT 460.65 123.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 479.71 123.10 Td (in ) Tj ET Q q 0 0 0 rg BT 489.33 123.10 Td (the ) Tj ET Q q 0 0 0 rg BT 503.39 123.10 Td (fourth ) Tj ET Q q 0 0 0 rg BT 529.68 123.10 Td (quarter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 111.10 Td (of ) Tj ET Q q 0 0 0 rg BT 65.05 111.10 Td (the ) Tj ET Q q 0 0 0 rg BT 79.99 111.10 Td (year ) Tj ET Q q 0 0 0 rg BT 99.91 111.10 Td (and ) Tj ET Q q 0 0 0 rg BT 117.07 111.10 Td (a ) Tj ET Q q 0 0 0 rg BT 124.23 111.10 Td (smaller ) Tj ET Q q 0 0 0 rg BT 156.38 111.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 187.99 111.10 Td (in ) Tj ET Q q 0 0 0 rg BT 198.49 111.10 Td (the ) Tj ET Q q 0 0 0 rg BT 213.42 111.10 Td (third ) Tj ET Q q 0 0 0 rg BT 235.03 111.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 262.79 111.10 Td (. ) Tj ET Q q 0 0 0 rg BT 268.01 111.10 Td ( ) Tj ET Q q 0 0 0 rg BT 270.73 111.10 Td ( ) Tj ET Q q 0 0 0 rg BT 273.45 111.10 Td (In ) Tj ET Q q 0 0 0 rg BT 284.50 111.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 307.22 111.10 Td (our ) Tj ET Q q 0 0 0 rg BT 323.27 111.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 338.21 111.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 379.25 111.10 Td (will ) Tj ET Q q 0 0 0 rg BT 397.53 111.10 Td (be ) Tj ET Q q 0 0 0 rg BT 409.69 111.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 437.96 111.10 Td (as ) Tj ET Q q 0 0 0 rg BT 449.00 111.10 Td (it ) Tj ET Q q 0 0 0 rg BT 457.28 111.10 Td (will ) Tj ET Q q 0 0 0 rg BT 475.56 111.10 Td (be ) Tj ET Q q 0 0 0 rg BT 487.72 111.10 Td (our ) Tj ET Q q 0 0 0 rg BT 503.77 111.10 Td (first ) Tj ET Q q 0 0 0 rg BT 522.59 111.10 Td (year ) Tj ET Q q 0 0 0 rg BT 542.52 111.10 Td (as ) Tj ET Q q 0 0 0 rg BT 553.57 111.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 99.10 Td (standalone ) Tj ET Q q 0 0 0 rg BT 99.34 99.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 114.14 99.10 Td (group. ) Tj ET Q q 0 0 0 rg BT 142.55 99.10 Td ( ) Tj ET Q q 0 0 0 rg BT 144.95 99.10 Td (W) Tj ET Q q 0 0 0 rg BT 153.58 99.10 Td (e ) Tj ET Q q 0 0 0 rg BT 160.60 99.10 Td (settle ) Tj ET Q q 0 0 0 rg BT 184.29 99.10 Td (our ) Tj ET Q q 0 0 0 rg BT 200.20 99.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 223.33 99.10 Td (in ) Tj ET Q q 0 0 0 rg BT 233.68 99.10 Td (two ) Tj ET Q q 0 0 0 rg BT 251.26 99.10 Td (instalments, ) Tj ET Q q 0 0 0 rg BT 301.90 99.10 Td (in ) Tj ET Q q 0 0 0 rg BT 312.26 99.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 334.84 99.10 Td (the ) Tj ET Q q 0 0 0 rg BT 349.63 99.10 Td (most ) Tj ET Q q 0 0 0 rg BT 371.66 99.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 417.02 99.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 454.03 99.10 Td (will ) Tj ET Q q 0 0 0 rg BT 472.17 99.10 Td (be ) Tj ET Q q 0 0 0 rg BT 484.19 99.10 Td (made ) Tj ET Q q 0 0 0 rg BT 508.42 99.10 Td (in ) Tj ET Q q 0 0 0 rg BT 518.78 99.10 Td (the ) Tj ET Q q 0 0 0 rg BT 533.58 99.10 Td (fourth ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 87.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 84.94 87.10 Td (and ) Tj ET Q q 0 0 0 rg BT 102.01 87.10 Td (we ) Tj ET Q q 0 0 0 rg BT 116.30 87.10 Td (have ) Tj ET Q q 0 0 0 rg BT 137.80 87.10 Td (the ) Tj ET Q q 0 0 0 rg BT 152.65 87.10 Td (option ) Tj ET Q q 0 0 0 rg BT 180.83 87.10 Td (to ) Tj ET Q q 0 0 0 rg BT 191.24 87.10 Td (make ) Tj ET Q q 0 0 0 rg BT 215.53 87.10 Td (the ) Tj ET Q q 0 0 0 rg BT 230.37 87.10 Td (other ) Tj ET Q q 0 0 0 rg BT 253.55 87.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 290.61 87.10 Td (either ) Tj ET Q q 0 0 0 rg BT 316.00 87.10 Td (at ) Tj ET Q q 0 0 0 rg BT 325.85 87.10 Td (the ) Tj ET Q q 0 0 0 rg BT 340.69 87.10 Td (end ) Tj ET Q q 0 0 0 rg BT 357.76 87.10 Td (of ) Tj ET Q q 0 0 0 rg BT 368.72 87.10 Td (the ) Tj ET Q q 0 0 0 rg BT 383.56 87.10 Td (second ) Tj ET Q q 0 0 0 rg BT 413.96 87.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 444.90 87.10 Td (or ) Tj ET Q q 0 0 0 rg BT 455.86 87.10 Td (the ) Tj ET Q q 0 0 0 rg BT 470.71 87.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 513.33 87.10 Td (of ) Tj ET Q q 0 0 0 rg BT 524.29 87.10 Td (the ) Tj ET Q q 0 0 0 rg BT 539.13 87.10 Td (third ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 75.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 81.76 75.10 Td (. ) Tj ET Q q 0 0 0 rg BT 86.31 75.10 Td ( ) Tj ET Q q 0 0 0 rg BT 88.35 75.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.40 75.10 Td (From ) Tj ET Q q 0 0 0 rg BT 114.11 75.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 136.16 75.10 Td (we ) Tj ET Q q 0 0 0 rg BT 149.86 75.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 178.00 75.10 Td (to ) Tj ET Q q 0 0 0 rg BT 187.83 75.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 204.31 75.10 Td (the ) Tj ET Q q 0 0 0 rg BT 218.57 75.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 241.16 75.10 Td (in ) Tj ET Q q 0 0 0 rg BT 250.99 75.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 274.69 75.10 Td (instalments ) Tj ET Q q 0 0 0 rg BT 322.28 75.10 Td (in ) Tj ET Q q 0 0 0 rg BT 332.11 75.10 Td (the ) Tj ET Q q 0 0 0 rg BT 346.37 75.10 Td (fourth ) Tj ET Q q 0 0 0 rg BT 372.85 75.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 403.21 75.10 Td (and ) Tj ET Q q 0 0 0 rg BT 419.69 75.10 Td (either ) Tj ET Q q 0 0 0 rg BT 444.50 75.10 Td (the ) Tj ET Q q 0 0 0 rg BT 458.76 75.10 Td (end ) Tj ET Q q 0 0 0 rg BT 475.25 75.10 Td (of ) Tj ET Q q 0 0 0 rg BT 485.62 75.10 Td (the ) Tj ET Q q 0 0 0 rg BT 499.88 75.10 Td (second ) Tj ET Q q 0 0 0 rg BT 529.70 75.10 Td (quarter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 63.10 Td (or ) Tj ET Q q 0 0 0 rg BT 64.82 63.10 Td (the ) Tj ET Q q 0 0 0 rg BT 79.53 63.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 122.01 63.10 Td (of ) Tj ET Q q 0 0 0 rg BT 132.83 63.10 Td (the ) Tj ET Q q 0 0 0 rg BT 147.54 63.10 Td (third ) Tj ET Q q 0 0 0 rg BT 168.91 63.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 196.67 63.10 Td (. ) Tj ET Q q 0 0 0 rg BT 201.66 63.10 Td (Finally) Tj ET Q q 0 0 0 rg BT 229.35 63.10 Td (, ) Tj ET Q q 0 0 0 rg BT 234.34 63.10 Td (our ) Tj ET Q q 0 0 0 rg BT 250.16 63.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 279.30 63.10 Td (expenditure ) Tj ET Q q 0 0 0 rg BT 328.99 63.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 383.68 63.10 Td (are, ) Tj ET Q q 0 0 0 rg BT 400.88 63.10 Td (among ) Tj ET Q q 0 0 0 rg BT 430.58 63.10 Td (others, ) Tj ET Q q 0 0 0 rg BT 460.01 63.10 Td (influenced ) Tj ET Q q 0 0 0 rg BT 504.70 63.10 Td (by ) Tj ET Q q 0 0 0 rg BT 517.19 63.10 Td (the ) Tj ET Q q 0 0 0 rg BT 531.90 63.10 Td (timing ) Tj ET Q endstream endobj 165 0 obj <> endobj 166 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (74) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 65.06 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 80.00 731.10 Td (launch ) Tj ET Q q 0 0 0 rg BT 109.38 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 120.44 731.10 Td (new ) Tj ET Q q 0 0 0 rg BT 139.83 731.10 Td (models ) Tj ET Q q 0 0 0 rg BT 171.44 731.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 191.11 731.10 Td (in ) Tj ET Q q 0 0 0 rg BT 201.61 731.10 Td (particular) Tj ET Q q 0 0 0 rg BT 239.52 731.10 Td (, ) Tj ET Q q 0 0 0 rg BT 244.75 731.10 Td (our ) Tj ET Q q 0 0 0 rg BT 260.81 731.10 Td (development ) Tj ET Q q 0 0 0 rg BT 315.18 731.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 337.91 731.10 Td (peak ) Tj ET Q q 0 0 0 rg BT 359.52 731.10 Td (in ) Tj ET Q q 0 0 0 rg BT 370.02 731.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 402.19 731.10 Td (when ) Tj ET Q q 0 0 0 rg BT 426.57 731.10 Td (we ) Tj ET Q q 0 0 0 rg BT 440.96 731.10 Td (develop ) Tj ET Q q 0 0 0 rg BT 475.34 731.10 Td (a ) Tj ET Q q 0 0 0 rg BT 482.51 731.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 527.45 731.10 Td (number ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 64.83 719.10 Td (new ) Tj ET Q q 0 0 0 rg BT 83.99 719.10 Td (models ) Tj ET Q q 0 0 0 rg BT 115.38 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 125.66 719.10 Td (renew ) Tj ET Q q 0 0 0 rg BT 152.58 719.10 Td (or ) Tj ET Q q 0 0 0 rg BT 163.41 719.10 Td (refresh ) Tj ET Q q 0 0 0 rg BT 193.67 719.10 Td (our ) Tj ET Q q 0 0 0 rg BT 209.50 719.10 Td (product ) Tj ET Q q 0 0 0 rg BT 242.55 719.10 Td (range. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 695.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 695.10 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 695.10 Td (e ) Tj ET Q q 0 0 0 rg BT 105.98 695.10 Td (tend ) Tj ET Q q 0 0 0 rg BT 126.11 695.10 Td (to ) Tj ET Q q 0 0 0 rg BT 136.79 695.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 176.90 695.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 208.67 695.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 246.02 695.10 Td (for ) Tj ET Q q 0 0 0 rg BT 260.58 695.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 279.59 695.10 Td (\(other ) Tj ET Q q 0 0 0 rg BT 306.37 695.10 Td (than ) Tj ET Q q 0 0 0 rg BT 326.50 695.10 Td (those ) Tj ET Q q 0 0 0 rg BT 350.52 695.10 Td (for ) Tj ET Q q 0 0 0 rg BT 365.08 695.10 Td (which ) Tj ET Q q 0 0 0 rg BT 392.43 695.10 Td (we ) Tj ET Q q 0 0 0 rg BT 407.00 695.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 440.45 695.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 467.78 695.10 Td (financing\) ) Tj ET Q q 0 0 0 rg BT 511.78 695.10 Td (between ) Tj ET Q q 0 0 0 rg BT 548.01 695.10 Td (30 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.10 Td (and ) Tj ET Q q 0 0 0 rg BT 71.55 683.10 Td (40 ) Tj ET Q q 0 0 0 rg BT 84.67 683.10 Td (days ) Tj ET Q q 0 0 0 rg BT 106.11 683.10 Td (after ) Tj ET Q q 0 0 0 rg BT 127.54 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 142.87 683.10 Td (car ) Tj ET Q q 0 0 0 rg BT 158.19 683.10 Td (is ) Tj ET Q q 0 0 0 rg BT 167.98 683.10 Td (shipped ) Tj ET Q q 0 0 0 rg BT 202.20 683.10 Td (while ) Tj ET Q q 0 0 0 rg BT 227.53 683.10 Td (we ) Tj ET Q q 0 0 0 rg BT 242.31 683.10 Td (tend ) Tj ET Q q 0 0 0 rg BT 262.64 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 273.53 683.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 291.08 683.10 Td (most ) Tj ET Q q 0 0 0 rg BT 313.64 683.10 Td (suppliers ) Tj ET Q q 0 0 0 rg BT 352.87 683.10 Td (between ) Tj ET Q q 0 0 0 rg BT 389.30 683.10 Td (90 ) Tj ET Q q 0 0 0 rg BT 402.41 683.10 Td (and ) Tj ET Q q 0 0 0 rg BT 419.96 683.10 Td (105 ) Tj ET Q q 0 0 0 rg BT 438.08 683.10 Td (days ) Tj ET Q q 0 0 0 rg BT 459.52 683.10 Td (after ) Tj ET Q q 0 0 0 rg BT 480.95 683.10 Td (we ) Tj ET Q q 0 0 0 rg BT 495.73 683.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 527.70 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 543.03 683.10 Td (raw ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 671.10 Td (materials ) Tj ET Q q 0 0 0 rg BT 91.95 671.10 Td (or ) Tj ET Q q 0 0 0 rg BT 101.59 671.10 Td (components. ) Tj ET Q q 0 0 0 rg BT 153.62 671.10 Td (W) Tj ET Q q 0 0 0 rg BT 162.26 671.10 Td (e ) Tj ET Q q 0 0 0 rg BT 168.00 671.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 204.30 671.10 Td (suf) Tj ET Q q 0 0 0 rg BT 216.34 671.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 243.18 671.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 282.81 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 292.45 671.10 Td (raw ) Tj ET Q q 0 0 0 rg BT 308.74 671.10 Td (materials ) Tj ET Q q 0 0 0 rg BT 346.69 671.10 Td (and ) Tj ET Q q 0 0 0 rg BT 362.44 671.10 Td (components ) Tj ET Q q 0 0 0 rg BT 412.06 671.10 Td (to ) Tj ET Q q 0 0 0 rg BT 421.15 671.10 Td (ensure ) Tj ET Q q 0 0 0 rg BT 448.55 671.10 Td (continuity ) Tj ET Q q 0 0 0 rg BT 490.40 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 500.04 671.10 Td (our ) Tj ET Q q 0 0 0 rg BT 514.67 671.10 Td (production ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 659.10 Td (lines ) Tj ET Q q 0 0 0 rg BT 74.52 659.10 Td (but ) Tj ET Q q 0 0 0 rg BT 88.94 659.10 Td (delivery ) Tj ET Q q 0 0 0 rg BT 123.34 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 133.31 659.10 Td (most ) Tj ET Q q 0 0 0 rg BT 154.39 659.10 Td (raw ) Tj ET Q q 0 0 0 rg BT 171.02 659.10 Td (materials ) Tj ET Q q 0 0 0 rg BT 209.31 659.10 Td (and ) Tj ET Q q 0 0 0 rg BT 225.38 659.10 Td (components ) Tj ET Q q 0 0 0 rg BT 275.35 659.10 Td (takes ) Tj ET Q q 0 0 0 rg BT 297.53 659.10 Td (place ) Tj ET Q q 0 0 0 rg BT 320.26 659.10 Td (monthly ) Tj ET Q q 0 0 0 rg BT 355.23 659.10 Td (or ) Tj ET Q q 0 0 0 rg BT 365.20 659.10 Td (more ) Tj ET Q q 0 0 0 rg BT 387.38 659.10 Td (frequently ) Tj ET Q q 0 0 0 rg BT 430.12 659.10 Td (in ) Tj ET Q q 0 0 0 rg BT 439.53 659.10 Td (order ) Tj ET Q q 0 0 0 rg BT 462.27 659.10 Td (to ) Tj ET Q q 0 0 0 rg BT 471.68 659.10 Td (minimize ) Tj ET Q q 0 0 0 rg BT 511.09 659.10 Td (inventories. ) Tj ET Q q 0 0 0 rg BT 560.52 659.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 647.10 Td (The ) Tj ET Q q 0 0 0 rg BT 71.57 647.10 Td (manufacture ) Tj ET Q q 0 0 0 rg BT 123.56 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 133.91 647.10 Td (one ) Tj ET Q q 0 0 0 rg BT 150.37 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 160.72 647.10 Td (our ) Tj ET Q q 0 0 0 rg BT 176.08 647.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 194.20 647.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 231.21 647.10 Td (takes ) Tj ET Q q 0 0 0 rg BT 253.78 647.10 Td (between ) Tj ET Q q 0 0 0 rg BT 289.11 647.10 Td (30 ) Tj ET Q q 0 0 0 rg BT 301.13 647.10 Td (and ) Tj ET Q q 0 0 0 rg BT 317.59 647.10 Td (42 ) Tj ET Q q 0 0 0 rg BT 329.62 647.10 Td (days, ) Tj ET Q q 0 0 0 rg BT 352.47 647.10 Td (depending ) Tj ET Q q 0 0 0 rg BT 396.14 647.10 Td (on ) Tj ET Q q 0 0 0 rg BT 408.17 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 422.40 647.10 Td (level ) Tj ET Q q 0 0 0 rg BT 443.86 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 454.21 647.10 Td (automation ) Tj ET Q q 0 0 0 rg BT 501.22 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 511.57 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 525.81 647.10 Td (relevant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 635.10 Td (production ) Tj ET Q q 0 0 0 rg BT 99.17 635.10 Td (line, ) Tj ET Q q 0 0 0 rg BT 118.51 635.10 Td (and ) Tj ET Q q 0 0 0 rg BT 134.80 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 148.86 635.10 Td (car ) Tj ET Q q 0 0 0 rg BT 162.91 635.10 Td (is ) Tj ET Q q 0 0 0 rg BT 171.43 635.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 210.47 635.10 Td (shipped ) Tj ET Q q 0 0 0 rg BT 243.43 635.10 Td (to ) Tj ET Q q 0 0 0 rg BT 253.05 635.10 Td (our ) Tj ET Q q 0 0 0 rg BT 268.23 635.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 298.39 635.10 Td (three ) Tj ET Q q 0 0 0 rg BT 320.22 635.10 Td (to ) Tj ET Q q 0 0 0 rg BT 329.84 635.10 Td (six ) Tj ET Q q 0 0 0 rg BT 343.36 635.10 Td (days ) Tj ET Q q 0 0 0 rg BT 363.54 635.10 Td (following ) Tj ET Q q 0 0 0 rg BT 404.27 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 418.33 635.10 Td (completion ) Tj ET Q q 0 0 0 rg BT 465.17 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 475.34 635.10 Td (production, ) Tj ET Q q 0 0 0 rg BT 523.01 635.10 Td (although ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 623.10 Td (to ) Tj ET Q q 0 0 0 rg BT 64.34 623.10 Td (ensure ) Tj ET Q q 0 0 0 rg BT 93.00 623.10 Td (prompt ) Tj ET Q q 0 0 0 rg BT 124.45 623.10 Td (deliveries ) Tj ET Q q 0 0 0 rg BT 165.89 623.10 Td (in ) Tj ET Q q 0 0 0 rg BT 176.23 623.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 206.00 623.10 Td (regions ) Tj ET Q q 0 0 0 rg BT 238.00 623.10 Td (we ) Tj ET Q q 0 0 0 rg BT 252.22 623.10 Td (may ) Tj ET Q q 0 0 0 rg BT 272.00 623.10 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 317.33 623.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 335.99 623.10 Td (in ) Tj ET Q q 0 0 0 rg BT 346.33 623.10 Td (local ) Tj ET Q q 0 0 0 rg BT 368.33 623.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 402.54 623.10 Td (for ) Tj ET Q q 0 0 0 rg BT 416.77 623.10 Td (longer ) Tj ET Q q 0 0 0 rg BT 444.88 623.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 476.88 623.10 Td (of ) Tj ET Q q 0 0 0 rg BT 487.77 623.10 Td (time. ) Tj ET Q q 0 0 0 rg BT 510.61 623.10 Td ( ) Tj ET Q q 0 0 0 rg BT 512.61 623.10 Td (As ) Tj ET Q q 0 0 0 rg BT 526.29 623.10 Td (a ) Tj ET Q q 0 0 0 rg BT 533.29 623.10 Td (result, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 611.10 Td (we ) Tj ET Q q 0 0 0 rg BT 67.85 611.10 Td (tend ) Tj ET Q q 0 0 0 rg BT 87.25 611.10 Td (to ) Tj ET Q q 0 0 0 rg BT 97.21 611.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 128.26 611.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 164.88 611.10 Td (for ) Tj ET Q q 0 0 0 rg BT 178.72 611.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 197.01 611.10 Td (shipped ) Tj ET Q q 0 0 0 rg BT 230.30 611.10 Td (before ) Tj ET Q q 0 0 0 rg BT 258.02 611.10 Td (we ) Tj ET Q q 0 0 0 rg BT 271.87 611.10 Td (are ) Tj ET Q q 0 0 0 rg BT 286.26 611.10 Td (required ) Tj ET Q q 0 0 0 rg BT 321.76 611.10 Td (to ) Tj ET Q q 0 0 0 rg BT 331.72 611.10 Td (make ) Tj ET Q q 0 0 0 rg BT 355.56 611.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 392.18 611.10 Td (for ) Tj ET Q q 0 0 0 rg BT 406.03 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 420.43 611.10 Td (raw ) Tj ET Q q 0 0 0 rg BT 437.60 611.10 Td (material ) Tj ET Q q 0 0 0 rg BT 472.55 611.10 Td (and ) Tj ET Q q 0 0 0 rg BT 489.17 611.10 Td (components ) Tj ET Q q 0 0 0 rg BT 539.68 611.10 Td (used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 599.10 Td (in ) Tj ET Q q 0 0 0 rg BT 64.28 599.10 Td (manufacturing ) Tj ET Q q 0 0 0 rg BT 125.09 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 139.81 599.10 Td (cars. ) Tj ET Q q 0 0 0 rg BT 160.90 599.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 575.10 Td (Indebtedness ) Tj ET Q q 0 0 0 rg BT 110.39 575.10 Td (with ) Tj ET Q q 0 0 0 rg BT 130.68 575.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 150.14 575.10 Td ( ) Tj ET Q q 0 0 0 rg BT 152.64 575.10 Td (and ) Tj ET Q q 0 0 0 rg BT 170.70 575.10 Td (Refinancing ) Tj ET Q q 0 0 0 rg BT 224.32 575.10 Td (of ) Tj ET Q q 0 0 0 rg BT 235.15 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 250.43 575.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 269.88 575.10 Td ( ) Tj ET Q q 0 0 0 rg BT 272.38 575.10 Td (Note ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 54.00 549.90 Td ( ) Tj ET Q q 0 0 0 rg BT 56.75 549.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.50 549.90 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 549.90 Td (In ) Tj ET Q q 0 0 0 rg BT 101.27 549.90 Td (connection ) Tj ET Q q 0 0 0 rg BT 148.09 549.90 Td (with ) Tj ET Q q 0 0 0 rg BT 168.81 549.90 Td (the ) Tj ET Q q 0 0 0 rg BT 183.97 549.90 Td (Restructuring ) Tj ET Q q 0 0 0 rg BT 241.35 549.90 Td (and ) Tj ET Q q 0 0 0 rg BT 258.73 549.90 Td (in ) Tj ET Q q 0 0 0 rg BT 269.45 549.90 Td (order ) Tj ET Q q 0 0 0 rg BT 293.49 549.90 Td (to ) Tj ET Q q 0 0 0 rg BT 304.21 549.90 Td (optimize ) Tj ET Q q 0 0 0 rg BT 342.15 549.90 Td (our ) Tj ET Q q 0 0 0 rg BT 358.42 549.90 Td (capital ) Tj ET Q q 0 0 0 rg BT 388.02 549.90 Td (structure ) Tj ET Q q 0 0 0 rg BT 425.94 549.90 Td (as ) Tj ET Q q 0 0 0 rg BT 437.22 549.90 Td (a ) Tj ET Q q 0 0 0 rg BT 444.60 549.90 Td (public ) Tj ET Q q 0 0 0 rg BT 472.54 549.90 Td (company) Tj ET Q q 0 0 0 rg BT 508.54 549.90 Td (, ) Tj ET Q q 0 0 0 rg BT 513.99 549.90 Td (we ) Tj ET Q q 0 0 0 rg BT 528.59 549.90 Td (entered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 537.90 Td (into ) Tj ET Q q 0 0 0 rg BT 72.05 537.90 Td (the ) Tj ET Q q 0 0 0 rg BT 86.77 537.90 Td (FCA) Tj ET Q q 0 0 0 rg BT 105.67 537.90 Td ( ) Tj ET Q q 0 0 0 rg BT 108.17 537.90 Td (Note ) Tj ET Q q 0 0 0 rg BT 130.10 537.90 Td (on ) Tj ET Q q 0 0 0 rg BT 142.60 537.90 Td (October ) Tj ET Q q 0 0 0 rg BT 177.31 537.90 Td (17, ) Tj ET Q q 0 0 0 rg BT 192.30 537.90 Td (2015 ) Tj ET Q q 0 0 0 rg BT 214.80 537.90 Td (for ) Tj ET Q q 0 0 0 rg BT 228.96 537.90 Td (a ) Tj ET Q q 0 0 0 rg BT 235.89 537.90 Td (principal ) Tj ET Q q 0 0 0 rg BT 273.93 537.90 Td (amount ) Tj ET Q q 0 0 0 rg BT 306.43 537.90 Td (of ) Tj ET Q q 0 0 0 rg BT 317.25 537.90 Td (2.8 ) Tj ET Q q 0 0 0 rg BT 337.25 537.90 Td (billion. ) Tj ET Q q 0 0 0 rg BT 368.36 537.90 Td ( ) Tj ET Q q 0 0 0 rg BT 370.86 537.90 Td (On ) Tj ET Q q 0 0 0 rg BT 385.58 537.90 Td (November ) Tj ET Q q 0 0 0 rg BT 430.28 537.90 Td (30, ) Tj ET Q q 0 0 0 rg BT 445.28 537.90 Td (2015, ) Tj ET Q q 0 0 0 rg BT 470.28 537.90 Td (we ) Tj ET Q q 0 0 0 rg BT 484.44 537.90 Td (entered ) Tj ET Q q 0 0 0 rg BT 516.36 537.90 Td (into ) Tj ET Q q 0 0 0 rg BT 534.41 537.90 Td (a ) Tj ET Q q 0 0 0 rg BT 541.35 537.90 Td (new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 525.90 Td (2.5 ) Tj ET Q q 0 0 0 rg BT 74.00 525.90 Td (billion ) Tj ET Q q 0 0 0 rg BT 102.62 525.90 Td (facility ) Tj ET Q q 0 0 0 rg BT 133.45 525.90 Td (for ) Tj ET Q q 0 0 0 rg BT 147.61 525.90 Td (the ) Tj ET Q q 0 0 0 rg BT 162.33 525.90 Td (purposes ) Tj ET Q q 0 0 0 rg BT 200.39 525.90 Td (of ) Tj ET Q q 0 0 0 rg BT 211.22 525.90 Td (refinancing ) Tj ET Q q 0 0 0 rg BT 259.26 525.90 Td (the ) Tj ET Q q 0 0 0 rg BT 273.98 525.90 Td (FCA) Tj ET Q q 0 0 0 rg BT 292.88 525.90 Td ( ) Tj ET Q q 0 0 0 rg BT 295.38 525.90 Td (Note ) Tj ET Q q 0 0 0 rg BT 317.32 525.90 Td (and ) Tj ET Q q 0 0 0 rg BT 334.27 525.90 Td (indebtedness ) Tj ET Q q 0 0 0 rg BT 388.43 525.90 Td (with ) Tj ET Q q 0 0 0 rg BT 408.71 525.90 Td (FCA. ) Tj ET Q q 0 0 0 rg BT 433.17 525.90 Td ( ) Tj ET Q q 0 0 0 rg BT 435.67 525.90 Td (In ) Tj ET Q q 0 0 0 rg BT 446.50 525.90 Td (particular) Tj ET Q q 0 0 0 rg BT 484.41 525.90 Td (, ) Tj ET Q q 0 0 0 rg BT 489.42 525.90 Td (on ) Tj ET Q q 0 0 0 rg BT 501.92 525.90 Td (December ) Tj ET Q q 0 0 0 rg BT 545.51 525.90 Td (16, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 513.90 Td (2015 ) Tj ET Q q 0 0 0 rg BT 77.28 513.90 Td (we ) Tj ET Q q 0 0 0 rg BT 92.21 513.90 Td (used ) Tj ET Q q 0 0 0 rg BT 113.82 513.90 Td (1 ) Tj ET Q q 0 0 0 rg BT 127.10 513.90 Td (billion ) Tj ET Q q 0 0 0 rg BT 156.49 513.90 Td (of ) Tj ET Q q 0 0 0 rg BT 168.09 513.90 Td (the ) Tj ET Q q 0 0 0 rg BT 183.58 513.90 Td (deposits ) Tj ET Q q 0 0 0 rg BT 219.64 513.90 Td (in ) Tj ET Q q 0 0 0 rg BT 230.69 513.90 Td (FCA) Tj ET Q q 0 0 0 rg BT 249.60 513.90 Td ( ) Tj ET Q q 0 0 0 rg BT 252.87 513.90 Td (Group ) Tj ET Q q 0 0 0 rg BT 281.70 513.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 302.75 513.90 Td (management ) Tj ET Q q 0 0 0 rg BT 357.11 513.90 Td (pools ) Tj ET Q q 0 0 0 rg BT 382.06 513.90 Td (to ) Tj ET Q q 0 0 0 rg BT 393.11 513.90 Td (partially ) Tj ET Q q 0 0 0 rg BT 429.71 513.90 Td (repay ) Tj ET Q q 0 0 0 rg BT 455.19 513.90 Td (the ) Tj ET Q q 0 0 0 rg BT 470.68 513.90 Td (FCA) Tj ET Q q 0 0 0 rg BT 489.59 513.90 Td ( ) Tj ET Q q 0 0 0 rg BT 492.86 513.90 Td (Note, ) Tj ET Q q 0 0 0 rg BT 518.08 513.90 Td (whilst ) Tj ET Q q 0 0 0 rg BT 545.80 513.90 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 501.90 Td (remainder) Tj ET Q q 0 0 0 rg BT 94.13 501.90 Td (, ) Tj ET Q q 0 0 0 rg BT 99.45 501.90 Td (together ) Tj ET Q q 0 0 0 rg BT 135.04 501.90 Td (with ) Tj ET Q q 0 0 0 rg BT 155.64 501.90 Td (certain ) Tj ET Q q 0 0 0 rg BT 185.67 501.90 Td (other ) Tj ET Q q 0 0 0 rg BT 209.03 501.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 246.84 501.90 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 286.88 501.90 Td (with ) Tj ET Q q 0 0 0 rg BT 307.48 501.90 Td (FCA, ) Tj ET Q q 0 0 0 rg BT 332.25 501.90 Td (were ) Tj ET Q q 0 0 0 rg BT 354.50 501.90 Td (repaid ) Tj ET Q q 0 0 0 rg BT 382.31 501.90 Td (with ) Tj ET Q q 0 0 0 rg BT 402.91 501.90 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 441.27 501.90 Td (from ) Tj ET Q q 0 0 0 rg BT 463.53 501.90 Td (the ) Tj ET Q q 0 0 0 rg BT 478.57 501.90 Td (2.5 ) Tj ET Q q 0 0 0 rg BT 498.89 501.90 Td (billion ) Tj ET Q q 0 0 0 rg BT 527.83 501.90 Td (facility) Tj ET Q q 0 0 0 rg BT 555.50 501.90 Td (. ) Tj ET Q q 0 0 0 rg BT 560.50 501.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 489.90 Td (Interest ) Tj ET Q q 0 0 0 rg BT 86.47 489.90 Td (on ) Tj ET Q q 0 0 0 rg BT 98.96 489.90 Td (the ) Tj ET Q q 0 0 0 rg BT 113.67 489.90 Td (FCA) Tj ET Q q 0 0 0 rg BT 132.57 489.90 Td ( ) Tj ET Q q 0 0 0 rg BT 135.05 489.90 Td (Note ) Tj ET Q q 0 0 0 rg BT 156.98 489.90 Td (amounted ) Tj ET Q q 0 0 0 rg BT 198.90 489.90 Td (to ) Tj ET Q q 0 0 0 rg BT 209.17 489.90 Td (9 ) Tj ET Q q 0 0 0 rg BT 221.66 489.90 Td (million ) Tj ET Q q 0 0 0 rg BT 253.04 489.90 Td (for ) Tj ET Q q 0 0 0 rg BT 267.18 489.90 Td (the ) Tj ET Q q 0 0 0 rg BT 281.89 489.90 Td (year ) Tj ET Q q 0 0 0 rg BT 301.58 489.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 327.95 489.90 Td (December ) Tj ET Q q 0 0 0 rg BT 371.52 489.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 386.51 489.90 Td (2015. ) Tj ET Q q 0 0 0 rg BT 410.95 489.90 Td (Additionally) Tj ET Q q 0 0 0 rg BT 460.85 489.90 Td (, ) Tj ET Q q 0 0 0 rg BT 465.84 489.90 Td (on ) Tj ET Q q 0 0 0 rg BT 478.32 489.90 Td (November ) Tj ET Q q 0 0 0 rg BT 523.02 489.90 Td (17, ) Tj ET Q q 0 0 0 rg BT 538.01 489.90 Td (2015 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 477.90 Td (we ) Tj ET Q q 0 0 0 rg BT 67.30 477.90 Td (entered ) Tj ET Q q 0 0 0 rg BT 98.37 477.90 Td (into ) Tj ET Q q 0 0 0 rg BT 115.57 477.90 Td (a ) Tj ET Q q 0 0 0 rg BT 121.65 477.90 Td (new ) Tj ET Q q 0 0 0 rg BT 139.95 477.90 Td ($100 ) Tj ET Q q 0 0 0 rg BT 161.60 477.90 Td (million ) Tj ET Q q 0 0 0 rg BT 192.13 477.90 Td (term ) Tj ET Q q 0 0 0 rg BT 212.10 477.90 Td (loan ) Tj ET Q q 0 0 0 rg BT 230.96 477.90 Td (with ) Tj ET Q q 0 0 0 rg BT 250.38 477.90 Td (a ) Tj ET Q q 0 0 0 rg BT 256.46 477.90 Td (third ) Tj ET Q q 0 0 0 rg BT 276.99 477.90 Td (party ) Tj ET Q q 0 0 0 rg BT 299.18 477.90 Td (bank, ) Tj ET Q q 0 0 0 rg BT 322.76 477.90 Td (the ) Tj ET Q q 0 0 0 rg BT 336.62 477.90 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 373.80 477.90 Td (of ) Tj ET Q q 0 0 0 rg BT 383.78 477.90 Td (which ) Tj ET Q q 0 0 0 rg BT 409.86 477.90 Td (were ) Tj ET Q q 0 0 0 rg BT 430.93 477.90 Td (used ) Tj ET Q q 0 0 0 rg BT 450.90 477.90 Td (to ) Tj ET Q q 0 0 0 rg BT 460.33 477.90 Td (repay ) Tj ET Q q 0 0 0 rg BT 484.18 477.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 520.80 477.90 Td (liabilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 465.90 Td (with ) Tj ET Q q 0 0 0 rg BT 74.28 465.90 Td (FCA) Tj ET Q q 0 0 0 rg BT 93.18 465.90 Td ( ) Tj ET Q q 0 0 0 rg BT 95.68 465.90 Td (in ) Tj ET Q q 0 0 0 rg BT 105.96 465.90 Td (the ) Tj ET Q q 0 0 0 rg BT 120.67 465.90 Td (United ) Tj ET Q q 0 0 0 rg BT 150.39 465.90 Td (States.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 441.90 Td (See ) Tj ET Q q 0 0 0 rg BT 106.94 441.90 Td (The ) Tj ET Q q 0 0 0 rg BT 129.42 441.90 Td (Facility ) Tj ET Q q 0 0 0 rg BT 166.91 441.90 Td (section ) Tj ET Q q 0 0 0 rg BT 197.74 441.90 Td (below ) Tj ET Q q 0 0 0 rg BT 224.68 441.90 Td (for ) Tj ET Q q 0 0 0 rg BT 238.84 441.90 Td (additional ) Tj ET Q q 0 0 0 rg BT 281.33 441.90 Td (information.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 409.90 Td (Cash ) Tj ET Q q 0 0 0 rg BT 77.62 409.90 Td (Flows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 385.90 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 385.90 Td (The ) Tj ET Q q 0 0 0 rg BT 107.77 385.90 Td (following ) Tj ET Q q 0 0 0 rg BT 148.89 385.90 Td (table ) Tj ET Q q 0 0 0 rg BT 170.55 385.90 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 220.54 385.90 Td (the ) Tj ET Q q 0 0 0 rg BT 234.99 385.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 254.98 385.90 Td (flows ) Tj ET Q q 0 0 0 rg BT 279.43 385.90 Td (from/\(used ) Tj ET Q q 0 0 0 rg BT 325.54 385.90 Td (in\) ) Tj ET Q q 0 0 0 rg BT 338.88 385.90 Td (operating, ) Tj ET Q q 0 0 0 rg BT 381.37 385.90 Td (investing ) Tj ET Q q 0 0 0 rg BT 420.26 385.90 Td (and ) Tj ET Q q 0 0 0 rg BT 436.93 385.90 Td (financing ) Tj ET Q q 0 0 0 rg BT 476.92 385.90 Td (activities ) Tj ET Q q 0 0 0 rg BT 515.25 385.90 Td (for ) Tj ET Q q 0 0 0 rg BT 529.13 385.90 Td (each ) Tj ET Q q 0 0 0 rg BT 549.68 385.90 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 373.90 Td (the ) Tj ET Q q 0 0 0 rg BT 68.03 373.90 Td (years ) Tj ET Q q 0 0 0 rg BT 90.94 373.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 116.62 373.90 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.52 373.90 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.52 373.90 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.83 373.90 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.83 373.90 Td ( ) Tj ET Q q 0 0 0 rg BT 220.64 373.90 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.89 373.90 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.89 373.90 Td (. ) Tj ET Q q 0 0 0 rg BT 261.20 373.90 Td (For ) Tj ET Q q 0 0 0 rg BT 276.90 373.90 Td (a ) Tj ET Q q 0 0 0 rg BT 283.15 373.90 Td (complete ) Tj ET Q q 0 0 0 rg BT 321.61 373.90 Td (discussion ) Tj ET Q q 0 0 0 rg BT 365.09 373.90 Td (of ) Tj ET Q q 0 0 0 rg BT 375.23 373.90 Td (our ) Tj ET Q q 0 0 0 rg BT 390.37 373.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 409.95 373.90 Td (flows, ) Tj ET Q q 0 0 0 rg BT 436.48 373.90 Td (see ) Tj ET Q q 0 0 0 rg BT 451.06 373.90 Td (our ) Tj ET Q q 0 0 0 rg BT 466.20 373.90 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 520.79 373.90 Td (Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 361.90 Td (Statements ) Tj ET Q q 0 0 0 rg BT 100.38 361.90 Td (included ) Tj ET Q q 0 0 0 rg BT 137.32 361.90 Td (elsewhere ) Tj ET Q q 0 0 0 rg BT 179.79 361.90 Td (in ) Tj ET Q q 0 0 0 rg BT 190.07 361.90 Td (this ) Tj ET Q q 0 0 0 rg BT 207.02 361.90 Td (document.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 298.40 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 298.40 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 298.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 298.40 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 298.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 298.40 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 270.40 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 270.40 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 270.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 270.40 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 270.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 270.40 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 242.40 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 242.40 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 242.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 242.40 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 242.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 242.40 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 325.4 m 419.5 325.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 325.4 m 423.5 325.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 325.4 m 488.5 325.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 325.4 m 492.5 325.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 325.4 m 557.5 325.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 325.4 m 419.5 325.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 311.4 m 419.5 311.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 325.4 m 423.5 325.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 325.4 m 488.5 325.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 311.4 m 488.5 311.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 325.4 m 492.5 325.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 325.4 m 557.5 325.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 311.4 m 557.5 311.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 311.4 m 419.5 311.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 311.4 m 488.5 311.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 311.4 m 557.5 311.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 242.39999999999998 m 419.5 242.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 242.39999999999998 m 488.5 242.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 242.39999999999998 m 557.5 242.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 242.39999999999998 m 419.5 242.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 229.39999999999998 m 419.5 229.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 227.39999999999998 m 419.5 227.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 242.39999999999998 m 488.5 242.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 229.39999999999998 m 488.5 229.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 227.39999999999998 m 488.5 227.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 242.39999999999998 m 557.5 242.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 229.39999999999998 m 557.5 229.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 227.39999999999998 m 557.5 227.39999999999998 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.15 329.85 Td (For the years ended December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 377.50 315.85 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.50 315.85 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 515.50 315.85 Td (2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.25 302.65 Td (\( million\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 288.86 Td (Cash flows from operating activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.50 288.86 Td (707) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.50 288.86 Td (426) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.50 288.86 Td (454) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 274.86 Td (Cash flows used in investing activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 399.50 274.86 Td (\(317) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 416.00 274.86 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 468.50 274.86 Td (\(290) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 274.86 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.50 274.86 Td (\(267) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.00 274.86 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 260.86 Td (Cash flows used in financing activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 399.50 260.86 Td (\(351) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 416.00 260.86 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 468.50 260.86 Td (\(122) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 260.86 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.50 260.86 Td (\(163) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.00 260.86 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 246.86 Td (Translation exchange differences) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.00 246.86 Td (10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.50 246.86 Td (6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.00 246.86 Td (\(10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.00 246.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 232.85 Td (T) Tj ET Q q 0 0 0 rg BT 61.18 232.85 Td (otal change in cash and cash equivalents) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.00 232.85 Td (49) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.00 232.85 Td (20) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 232.85 Td (14) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 204.90 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 204.90 Td (Operating ) Tj ET Q q 0 0 0 rg BT 133.43 204.90 Td (Activities Y) Tj ET Q q 0 0 0 rg BT 189.17 204.90 Td (ear Ended December31, 2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 180.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 180.90 Td (For ) Tj ET Q q 0 0 0 rg BT 105.87 180.90 Td (the ) Tj ET Q q 0 0 0 rg BT 120.07 180.90 Td (year ) Tj ET Q q 0 0 0 rg BT 139.26 180.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 165.11 180.90 Td (December ) Tj ET Q q 0 0 0 rg BT 208.18 180.90 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.66 180.90 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.66 180.90 Td (, ) Tj ET Q q 0 0 0 rg BT 247.14 180.90 Td (our ) Tj ET Q q 0 0 0 rg BT 262.45 180.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 282.19 180.90 Td (flows ) Tj ET Q q 0 0 0 rg BT 306.40 180.90 Td (from ) Tj ET Q q 0 0 0 rg BT 327.81 180.90 Td (operating ) Tj ET Q q 0 0 0 rg BT 367.56 180.90 Td (activities ) Tj ET Q q 0 0 0 rg BT 405.64 180.90 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.05 180.90 Td (707 ) Tj ET Q q 0 0 0 rg BT 449.03 180.90 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.92 180.90 Td (, ) Tj ET Q q 0 0 0 rg BT 482.40 180.90 Td (primarily ) Tj ET Q q 0 0 0 rg BT 521.59 180.90 Td (the ) Tj ET Q q 0 0 0 rg BT 535.79 180.90 Td (result ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 168.90 Td (of:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 144.90 Td ( ) Tj ET Q q 0 0 0 rg BT 92.50 144.90 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 108.00 144.90 Td (profit ) Tj ET Q q 0 0 0 rg BT 132.25 144.90 Td (before ) Tj ET Q q 0 0 0 rg BT 159.82 144.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 174.07 144.90 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.44 144.90 Td (434 ) Tj ET Q q 0 0 0 rg BT 206.47 144.90 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.36 144.90 Td (, ) Tj ET Q q 0 0 0 rg BT 239.89 144.90 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 275.25 144.90 Td (to ) Tj ET Q q 0 0 0 rg BT 285.07 144.90 Td (add ) Tj ET Q q 0 0 0 rg BT 301.54 144.90 Td (back ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.45 144.90 Td (275 ) Tj ET Q q 0 0 0 rg BT 344.48 144.90 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.37 144.90 Td ( ) Tj ET Q q 0 0 0 rg BT 375.41 144.90 Td (of ) Tj ET Q q 0 0 0 rg BT 385.77 144.90 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 437.22 144.90 Td (and ) Tj ET Q q 0 0 0 rg BT 453.70 144.90 Td (amortization ) Tj ET Q q 0 0 0 rg BT 506.27 144.90 Td (expense, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.01 144.90 Td (51 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 132.90 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.89 132.90 Td ( ) Tj ET Q q 0 0 0 rg BT 140.00 132.90 Td (in ) Tj ET Q q 0 0 0 rg BT 150.89 132.90 Td (provisions ) Tj ET Q q 0 0 0 rg BT 195.68 132.90 Td (accrued ) Tj ET Q q 0 0 0 rg BT 229.87 132.90 Td (and ) Tj ET Q q 0 0 0 rg BT 247.42 132.90 Td (29 ) Tj ET Q q 0 0 0 rg BT 265.53 132.90 Td (million ) Tj ET Q q 0 0 0 rg BT 297.54 132.90 Td (related ) Tj ET Q q 0 0 0 rg BT 327.85 132.90 Td (to ) Tj ET Q q 0 0 0 rg BT 338.74 132.90 Td (other ) Tj ET Q q 0 0 0 rg BT 362.40 132.90 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 401.61 132.90 Td (expenses ) Tj ET Q q 0 0 0 rg BT 440.82 132.90 Td (and ) Tj ET Q q 0 0 0 rg BT 458.37 132.90 Td (income ) Tj ET Q q 0 0 0 rg BT 490.92 132.90 Td (and ) Tj ET Q q 0 0 0 rg BT 508.47 132.90 Td (net ) Tj ET Q q 0 0 0 rg BT 523.79 132.90 Td (gains ) Tj ET Q q 0 0 0 rg BT 548.02 132.90 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 120.90 Td (disposal ) Tj ET Q q 0 0 0 rg BT 142.05 120.90 Td (of ) Tj ET Q q 0 0 0 rg BT 151.65 120.90 Td (property) Tj ET Q q 0 0 0 rg BT 184.87 120.90 Td (, ) Tj ET Q q 0 0 0 rg BT 188.64 120.90 Td (plant ) Tj ET Q q 0 0 0 rg BT 209.91 120.90 Td (and ) Tj ET Q q 0 0 0 rg BT 225.61 120.90 Td (equipment ) Tj ET Q q 0 0 0 rg BT 269.09 120.90 Td (and ) Tj ET Q q 0 0 0 rg BT 284.80 120.90 Td (intangible ) Tj ET Q q 0 0 0 rg BT 326.06 120.90 Td (assets. ) Tj ET Q q 0 0 0 rg BT 353.07 120.90 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.88 120.90 Td (51 ) Tj ET Q q 0 0 0 rg BT 386.15 120.90 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.04 120.90 Td ( ) Tj ET Q q 0 0 0 rg BT 416.31 120.90 Td (in ) Tj ET Q q 0 0 0 rg BT 425.36 120.90 Td (provisions ) Tj ET Q q 0 0 0 rg BT 468.29 120.90 Td (accrued ) Tj ET Q q 0 0 0 rg BT 500.65 120.90 Td (was ) Tj ET Q q 0 0 0 rg BT 517.47 120.90 Td (composed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 108.90 Td (of ) Tj ET Q q 0 0 0 rg BT 118.69 108.90 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 132.14 108.90 Td (warranty ) Tj ET Q q 0 0 0 rg BT 170.03 108.90 Td (provision ) Tj ET Q q 0 0 0 rg BT 210.16 108.90 Td (of ) Tj ET Q q 0 0 0 rg BT 220.85 108.90 Td (33 ) Tj ET Q q 0 0 0 rg BT 238.20 108.90 Td (million, ) Tj ET Q q 0 0 0 rg BT 271.95 108.90 Td (primarily ) Tj ET Q q 0 0 0 rg BT 311.52 108.90 Td (related ) Tj ET Q q 0 0 0 rg BT 341.07 108.90 Td (to ) Tj ET Q q 0 0 0 rg BT 351.21 108.90 Td (the ) Tj ET Q q 0 0 0 rg BT 365.78 108.90 Td (increase ) Tj ET Q q 0 0 0 rg BT 400.89 108.90 Td (in ) Tj ET Q q 0 0 0 rg BT 411.02 108.90 Td (cars ) Tj ET Q q 0 0 0 rg BT 429.48 108.90 Td (shipped, ) Tj ET Q q 0 0 0 rg BT 465.44 108.90 Td (and ) Tj ET Q q 0 0 0 rg BT 482.23 108.90 Td (to ) Tj ET Q q 0 0 0 rg BT 492.37 108.90 Td (a ) Tj ET Q q 0 0 0 rg BT 499.16 108.90 Td (lesser ) Tj ET Q q 0 0 0 rg BT 524.28 108.90 Td (extent, ) Tj ET Q q 0 0 0 rg BT 553.57 108.90 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 96.90 Td (change ) Tj ET Q q 0 0 0 rg BT 138.84 96.90 Td (in ) Tj ET Q q 0 0 0 rg BT 149.14 96.90 Td (mix ) Tj ET Q q 0 0 0 rg BT 167.22 96.90 Td (driven ) Tj ET Q q 0 0 0 rg BT 195.29 96.90 Td (by ) Tj ET Q q 0 0 0 rg BT 207.81 96.90 Td (increased ) Tj ET Q q 0 0 0 rg BT 248.09 96.90 Td (shipments ) Tj ET Q q 0 0 0 rg BT 291.17 96.90 Td (of ) Tj ET Q q 0 0 0 rg BT 302.03 96.90 Td (the ) Tj ET Q q 0 0 0 rg BT 316.77 96.90 Td (LaFerrari ) Tj ET Q q 0 0 0 rg BT 357.04 96.90 Td (and ) Tj ET Q q 0 0 0 rg BT 374.00 96.90 Td (the ) Tj ET Q q 0 0 0 rg BT 388.75 96.90 Td (FXX ) Tj ET Q q 0 0 0 rg BT 411.27 96.90 Td (K, ) Tj ET Q q 0 0 0 rg BT 423.52 96.90 Td (which ) Tj ET Q q 0 0 0 rg BT 450.48 96.90 Td (have ) Tj ET Q q 0 0 0 rg BT 471.88 96.90 Td (higher ) Tj ET Q q 0 0 0 rg BT 499.95 96.90 Td (warranty ) Tj ET Q q 0 0 0 rg BT 538.01 96.90 Td (costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 84.90 Td (compared ) Tj ET Q q 0 0 0 rg BT 149.60 84.90 Td (to ) Tj ET Q q 0 0 0 rg BT 159.55 84.90 Td (range ) Tj ET Q q 0 0 0 rg BT 183.92 84.90 Td (and ) Tj ET Q q 0 0 0 rg BT 200.54 84.90 Td (special ) Tj ET Q q 0 0 0 rg BT 230.47 84.90 Td (series ) Tj ET Q q 0 0 0 rg BT 255.41 84.90 Td (cars, ) Tj ET Q q 0 0 0 rg BT 276.18 84.90 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 290.01 84.90 Td (legal ) Tj ET Q q 0 0 0 rg BT 311.62 84.90 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 362.11 84.90 Td (and ) Tj ET Q q 0 0 0 rg BT 378.72 84.90 Td (disputes ) Tj ET Q q 0 0 0 rg BT 413.67 84.90 Td (of ) Tj ET Q q 0 0 0 rg BT 424.17 84.90 Td (9 ) Tj ET Q q 0 0 0 rg BT 436.34 84.90 Td (million, ) Tj ET Q q 0 0 0 rg BT 469.90 84.90 Td (and ) Tj ET Q q 0 0 0 rg BT 486.51 84.90 Td (\(c\) ) Tj ET Q q 0 0 0 rg BT 499.79 84.90 Td (other ) Tj ET Q q 0 0 0 rg BT 522.50 84.90 Td (risks ) Tj ET Q q 0 0 0 rg BT 543.57 84.90 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 72.90 Td (char) Tj ET Q q 0 0 0 rg BT 125.03 72.90 Td (ges ) Tj ET Q q 0 0 0 rg BT 141.05 72.90 Td (of ) Tj ET Q q 0 0 0 rg BT 152.08 72.90 Td (9 ) Tj ET Q q 0 0 0 rg BT 164.78 72.90 Td (million. ) Tj ET Q q 0 0 0 rg BT 198.67 72.90 Td (The ) Tj ET Q q 0 0 0 rg BT 216.91 72.90 Td (29 ) Tj ET Q q 0 0 0 rg BT 234.61 72.90 Td (million ) Tj ET Q q 0 0 0 rg BT 266.20 72.90 Td (related ) Tj ET Q q 0 0 0 rg BT 296.10 72.90 Td (to ) Tj ET Q q 0 0 0 rg BT 306.57 72.90 Td (other ) Tj ET Q q 0 0 0 rg BT 329.82 72.90 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 368.61 72.90 Td (expenses ) Tj ET Q q 0 0 0 rg BT 407.41 72.90 Td (and ) Tj ET Q q 0 0 0 rg BT 424.54 72.90 Td (income ) Tj ET Q q 0 0 0 rg BT 456.67 72.90 Td (and ) Tj ET Q q 0 0 0 rg BT 473.81 72.90 Td (net ) Tj ET Q q 0 0 0 rg BT 488.72 72.90 Td (gains ) Tj ET Q q 0 0 0 rg BT 512.53 72.90 Td (on ) Tj ET Q q 0 0 0 rg BT 525.22 72.90 Td (disposal ) Tj ET Q endstream endobj 167 0 obj <> endobj 168 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 119.14 731.10 Td (property) Tj ET Q q 0 0 0 rg BT 152.37 731.10 Td (, ) Tj ET Q q 0 0 0 rg BT 157.68 731.10 Td (plant ) Tj ET Q q 0 0 0 rg BT 180.49 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 197.74 731.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 242.76 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 260.01 731.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 302.81 731.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 328.95 731.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 368.98 731.10 Td (related ) Tj ET Q q 0 0 0 rg BT 398.99 731.10 Td (to ) Tj ET Q q 0 0 0 rg BT 409.58 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 424.61 731.10 Td (allowances ) Tj ET Q q 0 0 0 rg BT 471.84 731.10 Td (for ) Tj ET Q q 0 0 0 rg BT 486.32 731.10 Td (doubtful ) Tj ET Q q 0 0 0 rg BT 523.01 731.10 Td (accounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 118.83 719.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 141.32 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 158.25 719.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 195.73 719.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 243.21 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 260.14 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 274.86 719.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 315.69 719.10 Td (provision;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 695.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 108.00 695.10 Td (121 ) Tj ET Q q 0 0 0 rg BT 129.96 695.10 Td (million ) Tj ET Q q 0 0 0 rg BT 160.81 695.10 Td (related ) Tj ET Q q 0 0 0 rg BT 189.96 695.10 Td (to ) Tj ET Q q 0 0 0 rg BT 199.70 695.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 219.43 695.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 260.25 695.10 Td (by ) Tj ET Q q 0 0 0 rg BT 272.20 695.10 Td (a ) Tj ET Q q 0 0 0 rg BT 278.60 695.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 314.97 695.10 Td (in ) Tj ET Q q 0 0 0 rg BT 324.70 695.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 371.63 695.10 Td (from ) Tj ET Q q 0 0 0 rg BT 393.03 695.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 432.75 695.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 473.30 695.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 512.47 695.10 Td (attributable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 118.95 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 134.33 683.10 Td (full ) Tj ET Q q 0 0 0 rg BT 151.39 683.10 Td (reimbursement ) Tj ET Q q 0 0 0 rg BT 214.54 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 226.04 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 241.42 683.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 282.36 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 293.85 683.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 335.35 683.10 Td (related ) Tj ET Q q 0 0 0 rg BT 365.72 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 376.67 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 392.05 683.10 Td (establishment ) Tj ET Q q 0 0 0 rg BT 450.21 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 461.71 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 477.10 683.10 Td (Maserati ) Tj ET Q q 0 0 0 rg BT 515.25 683.10 Td (standalone ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 671.10 Td (business ) Tj ET Q q 0 0 0 rg BT 145.01 671.10 Td (in ) Tj ET Q q 0 0 0 rg BT 155.91 671.10 Td (China, ) Tj ET Q q 0 0 0 rg BT 185.42 671.10 Td (which ) Tj ET Q q 0 0 0 rg BT 212.98 671.10 Td (at ) Tj ET Q q 0 0 0 rg BT 223.31 671.10 Td (December ) Tj ET Q q 0 0 0 rg BT 267.52 671.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 283.14 671.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 306.26 671.10 Td (was ) Tj ET Q q 0 0 0 rg BT 324.93 671.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 349.70 671.10 Td (to ) Tj ET Q q 0 0 0 rg BT 360.60 671.10 Td (147 ) Tj ET Q q 0 0 0 rg BT 383.72 671.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 418.23 671.10 Td (and ) Tj ET Q q 0 0 0 rg BT 435.79 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 451.13 671.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 469.80 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 481.25 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 496.58 671.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 534.68 671.10 Td (assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 659.10 Td (portfolios ) Tj ET Q q 0 0 0 rg BT 150.31 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 162.07 659.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 192.71 659.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 233.35 659.10 Td (Services ) Tj ET Q q 0 0 0 rg BT 270.65 659.10 Td (S.p.A. ) Tj ET Q q 0 0 0 rg BT 299.36 659.10 Td (and ) Tj ET Q q 0 0 0 rg BT 317.23 659.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 347.86 659.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 388.50 659.10 Td (Services ) Tj ET Q q 0 0 0 rg BT 425.81 659.10 Td (Japan ) Tj ET Q q 0 0 0 rg BT 452.00 659.10 Td (KK, ) Tj ET Q q 0 0 0 rg BT 472.38 659.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 509.12 659.10 Td (of) Tj ET Q q 0 0 0 rg BT 517.27 659.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 535.14 659.10 Td (by ) Tj ET Q q 0 0 0 rg BT 548.57 659.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 647.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 143.25 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 154.08 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 168.80 647.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 206.28 647.10 Td (services ) Tj ET Q q 0 0 0 rg BT 240.99 647.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 278.48 647.10 Td (in ) Tj ET Q q 0 0 0 rg BT 288.76 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 303.48 647.10 Td (USA;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 623.10 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 108.00 623.10 Td (33 ) Tj ET Q q 0 0 0 rg BT 125.66 623.10 Td (million ) Tj ET Q q 0 0 0 rg BT 157.21 623.10 Td (related ) Tj ET Q q 0 0 0 rg BT 187.07 623.10 Td (to ) Tj ET Q q 0 0 0 rg BT 197.50 623.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 217.93 623.10 Td (absorbed ) Tj ET Q q 0 0 0 rg BT 256.69 623.10 Td (from ) Tj ET Q q 0 0 0 rg BT 278.78 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 293.66 623.10 Td (net ) Tj ET Q q 0 0 0 rg BT 308.53 623.10 Td (change ) Tj ET Q q 0 0 0 rg BT 339.50 623.10 Td (in ) Tj ET Q q 0 0 0 rg BT 349.94 623.10 Td (inventories, ) Tj ET Q q 0 0 0 rg BT 399.53 623.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 422.17 623.10 Td (payables ) Tj ET Q q 0 0 0 rg BT 459.82 623.10 Td (and ) Tj ET Q q 0 0 0 rg BT 476.91 623.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 499.56 623.10 Td (receivables. ) Tj ET Q q 0 0 0 rg BT 549.69 623.10 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 611.10 Td (particular) Tj ET Q q 0 0 0 rg BT 145.91 611.10 Td (, ) Tj ET Q q 0 0 0 rg BT 151.60 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 167.00 611.10 Td (movement ) Tj ET Q q 0 0 0 rg BT 212.40 611.10 Td (was ) Tj ET Q q 0 0 0 rg BT 231.14 611.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 259.88 611.10 Td (by ) Tj ET Q q 0 0 0 rg BT 273.06 611.10 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 287.35 611.10 Td (a ) Tj ET Q q 0 0 0 rg BT 294.97 611.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 332.58 611.10 Td (in ) Tj ET Q q 0 0 0 rg BT 343.54 611.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 366.71 611.10 Td (payables ) Tj ET Q q 0 0 0 rg BT 404.89 611.10 Td (of ) Tj ET Q q 0 0 0 rg BT 416.41 611.10 Td (46 ) Tj ET Q q 0 0 0 rg BT 434.59 611.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 469.17 611.10 Td (mainly ) Tj ET Q q 0 0 0 rg BT 500.13 611.10 Td (due ) Tj ET Q q 0 0 0 rg BT 517.76 611.10 Td (to ) Tj ET Q q 0 0 0 rg BT 528.72 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 544.13 611.10 Td (full ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 599.10 Td (production ) Tj ET Q q 0 0 0 rg BT 154.33 599.10 Td (of ) Tj ET Q q 0 0 0 rg BT 165.66 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 180.88 599.10 Td (LaFerrari ) Tj ET Q q 0 0 0 rg BT 221.63 599.10 Td (in ) Tj ET Q q 0 0 0 rg BT 232.41 599.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 255.42 599.10 Td (while ) Tj ET Q q 0 0 0 rg BT 280.63 599.10 Td (at ) Tj ET Q q 0 0 0 rg BT 290.85 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 306.07 599.10 Td (end ) Tj ET Q q 0 0 0 rg BT 323.51 599.10 Td (of ) Tj ET Q q 0 0 0 rg BT 334.84 599.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 357.85 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 373.07 599.10 Td (product ) Tj ET Q q 0 0 0 rg BT 406.61 599.10 Td (lifecycle ) Tj ET Q q 0 0 0 rg BT 444.04 599.10 Td (was ) Tj ET Q q 0 0 0 rg BT 462.59 599.10 Td (nearing ) Tj ET Q q 0 0 0 rg BT 495.58 599.10 Td (completion ) Tj ET Q q 0 0 0 rg BT 543.57 599.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 587.10 Td (shipments ) Tj ET Q q 0 0 0 rg BT 151.37 587.10 Td (are ) Tj ET Q q 0 0 0 rg BT 166.39 587.10 Td (planned ) Tj ET Q q 0 0 0 rg BT 200.86 587.10 Td (to ) Tj ET Q q 0 0 0 rg BT 211.46 587.10 Td (be ) Tj ET Q q 0 0 0 rg BT 223.71 587.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 268.18 587.10 Td (in ) Tj ET Q q 0 0 0 rg BT 278.77 587.10 Td (Q1 ) Tj ET Q q 0 0 0 rg BT 293.81 587.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 319.12 587.10 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 333.60 587.10 Td (an ) Tj ET Q q 0 0 0 rg BT 345.85 587.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 381.42 587.10 Td (in ) Tj ET Q q 0 0 0 rg BT 392.01 587.10 Td (inventories ) Tj ET Q q 0 0 0 rg BT 439.26 587.10 Td (of ) Tj ET Q q 0 0 0 rg BT 450.40 587.10 Td (3 ) Tj ET Q q 0 0 0 rg BT 463.22 587.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 497.43 587.10 Td (consistent ) Tj ET Q q 0 0 0 rg BT 540.24 587.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 575.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 148.21 575.10 Td (volumes, ) Tj ET Q q 0 0 0 rg BT 187.05 575.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 222.83 575.10 Td (of) Tj ET Q q 0 0 0 rg BT 230.98 575.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 247.87 575.10 Td (by ) Tj ET Q q 0 0 0 rg BT 260.32 575.10 Td (\(c\) ) Tj ET Q q 0 0 0 rg BT 273.88 575.10 Td (a ) Tj ET Q q 0 0 0 rg BT 280.77 575.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 317.64 575.10 Td (in ) Tj ET Q q 0 0 0 rg BT 327.87 575.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 350.31 575.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 397.74 575.10 Td (of ) Tj ET Q q 0 0 0 rg BT 408.53 575.10 Td (16 ) Tj ET Q q 0 0 0 rg BT 425.98 575.10 Td (million ) Tj ET Q q 0 0 0 rg BT 457.33 575.10 Td (mainly ) Tj ET Q q 0 0 0 rg BT 487.56 575.10 Td (due ) Tj ET Q q 0 0 0 rg BT 504.45 575.10 Td (to ) Tj ET Q q 0 0 0 rg BT 514.68 575.10 Td (collections ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 118.83 563.10 Td (related ) Tj ET Q q 0 0 0 rg BT 148.53 563.10 Td (party ) Tj ET Q q 0 0 0 rg BT 171.58 563.10 Td (receivables;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 539.10 Td (\(iv\) ) Tj ET Q q 0 0 0 rg BT 108.00 539.10 Td (25 ) Tj ET Q q 0 0 0 rg BT 126.06 539.10 Td (million ) Tj ET Q q 0 0 0 rg BT 158.02 539.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 191.62 539.10 Td (to ) Tj ET Q q 0 0 0 rg BT 202.46 539.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 223.30 539.10 Td (absorbed ) Tj ET Q q 0 0 0 rg BT 262.46 539.10 Td (by ) Tj ET Q q 0 0 0 rg BT 275.52 539.10 Td (other ) Tj ET Q q 0 0 0 rg BT 299.13 539.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 339.96 539.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 360.79 539.10 Td (flows, ) Tj ET Q q 0 0 0 rg BT 388.57 539.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 428.85 539.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 477.45 539.10 Td (to ) Tj ET Q q 0 0 0 rg BT 488.29 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 503.57 539.10 Td (net ) Tj ET Q q 0 0 0 rg BT 518.85 539.10 Td (change ) Tj ET Q q 0 0 0 rg BT 550.23 539.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 527.10 Td (other ) Tj ET Q q 0 0 0 rg BT 131.05 527.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 171.31 527.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 197.14 527.10 Td (and ) Tj ET Q q 0 0 0 rg BT 214.08 527.10 Td (liabilities; ) Tj ET Q q 0 0 0 rg BT 256.57 527.10 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 503.10 Td (\(v\) ) Tj ET Q q 0 0 0 rg BT 108.00 503.10 Td (income ) Tj ET Q q 0 0 0 rg BT 139.93 503.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 154.65 503.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 174.37 503.10 Td (of ) Tj ET Q q 0 0 0 rg BT 185.20 503.10 Td (145 ) Tj ET Q q 0 0 0 rg BT 207.70 503.10 Td (million.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 479.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 479.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 133.43 479.10 Td (Activities ) Tj ET Q q 0 0 0 rg BT 173.13 479.10 Td ( ) Tj ET Q q 0 0 0 rg BT 184.53 479.10 Td (Y) Tj ET Q q 0 0 0 rg BT 189.17 479.10 Td (ear ) Tj ET Q q 0 0 0 rg BT 205.00 479.10 Td (Ended ) Tj ET Q q 0 0 0 rg BT 233.05 479.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 291.64 479.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 455.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 455.10 Td (For ) Tj ET Q q 0 0 0 rg BT 105.87 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 120.07 455.10 Td (year ) Tj ET Q q 0 0 0 rg BT 139.26 455.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 165.11 455.10 Td (December ) Tj ET Q q 0 0 0 rg BT 208.18 455.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.66 455.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.66 455.10 Td (, ) Tj ET Q q 0 0 0 rg BT 247.14 455.10 Td (our ) Tj ET Q q 0 0 0 rg BT 262.45 455.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 282.19 455.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 306.40 455.10 Td (from ) Tj ET Q q 0 0 0 rg BT 327.81 455.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 367.56 455.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 405.64 455.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.05 455.10 Td (426 ) Tj ET Q q 0 0 0 rg BT 449.03 455.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.92 455.10 Td (, ) Tj ET Q q 0 0 0 rg BT 482.40 455.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 521.59 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 535.79 455.10 Td (result ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 443.10 Td (of:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 419.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 108.00 419.10 Td (profit ) Tj ET Q q 0 0 0 rg BT 132.74 419.10 Td (before ) Tj ET Q q 0 0 0 rg BT 160.81 419.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 183.88 419.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.73 419.10 Td (398 ) Tj ET Q q 0 0 0 rg BT 217.26 419.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.15 419.10 Td ( ) Tj ET Q q 0 0 0 rg BT 248.68 419.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 284.53 419.10 Td (to ) Tj ET Q q 0 0 0 rg BT 294.83 419.10 Td (add ) Tj ET Q q 0 0 0 rg BT 311.80 419.10 Td (back ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.20 419.10 Td (289 ) Tj ET Q q 0 0 0 rg BT 355.73 419.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.62 419.10 Td ( ) Tj ET Q q 0 0 0 rg BT 387.14 419.10 Td (for ) Tj ET Q q 0 0 0 rg BT 401.33 419.10 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 453.27 419.10 Td (and ) Tj ET Q q 0 0 0 rg BT 470.24 419.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 523.30 419.10 Td (expense, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 407.10 Td (66 ) Tj ET Q q 0 0 0 rg BT 126.16 407.10 Td (million ) Tj ET Q q 0 0 0 rg BT 158.20 407.10 Td (in ) Tj ET Q q 0 0 0 rg BT 169.14 407.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 213.96 407.10 Td (recognized, ) Tj ET Q q 0 0 0 rg BT 263.48 407.10 Td (and ) Tj ET Q q 0 0 0 rg BT 281.08 407.10 Td (53 ) Tj ET Q q 0 0 0 rg BT 299.23 407.10 Td (million ) Tj ET Q q 0 0 0 rg BT 331.28 407.10 Td (related ) Tj ET Q q 0 0 0 rg BT 361.64 407.10 Td (to ) Tj ET Q q 0 0 0 rg BT 372.57 407.10 Td (other ) Tj ET Q q 0 0 0 rg BT 396.27 407.10 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 435.53 407.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 474.78 407.10 Td (and ) Tj ET Q q 0 0 0 rg BT 492.38 407.10 Td (income, ) Tj ET Q q 0 0 0 rg BT 527.47 407.10 Td (relating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 395.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 148.50 395.10 Td (to ) Tj ET Q q 0 0 0 rg BT 159.57 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 175.08 395.10 Td (accruals ) Tj ET Q q 0 0 0 rg BT 211.13 395.10 Td (to ) Tj ET Q q 0 0 0 rg BT 222.19 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 237.70 395.10 Td (allowances ) Tj ET Q q 0 0 0 rg BT 285.42 395.10 Td (for ) Tj ET Q q 0 0 0 rg BT 300.37 395.10 Td (doubtful ) Tj ET Q q 0 0 0 rg BT 337.55 395.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 375.82 395.10 Td (related ) Tj ET Q q 0 0 0 rg BT 406.32 395.10 Td (to ) Tj ET Q q 0 0 0 rg BT 417.38 395.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 449.00 395.10 Td (and ) Tj ET Q q 0 0 0 rg BT 466.73 395.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 507.79 395.10 Td (activities. ) Tj ET Q q 0 0 0 rg BT 549.67 395.10 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 383.10 Td (particular) Tj ET Q q 0 0 0 rg BT 145.91 383.10 Td (, ) Tj ET Q q 0 0 0 rg BT 151.14 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 166.08 383.10 Td (66 ) Tj ET Q q 0 0 0 rg BT 183.81 383.10 Td (million ) Tj ET Q q 0 0 0 rg BT 215.43 383.10 Td (accruals ) Tj ET Q q 0 0 0 rg BT 250.91 383.10 Td (to ) Tj ET Q q 0 0 0 rg BT 261.41 383.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 301.92 383.10 Td (was ) Tj ET Q q 0 0 0 rg BT 320.20 383.10 Td (composed ) Tj ET Q q 0 0 0 rg BT 363.47 383.10 Td (of ) Tj ET Q q 0 0 0 rg BT 374.53 383.10 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 388.35 383.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 427.73 383.10 Td (in ) Tj ET Q q 0 0 0 rg BT 438.23 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 453.18 383.10 Td (warranty ) Tj ET Q q 0 0 0 rg BT 491.44 383.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 531.95 383.10 Td (of ) Tj ET Q q 0 0 0 rg BT 543.00 383.10 Td (27 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 371.10 Td (million ) Tj ET Q q 0 0 0 rg BT 138.90 371.10 Td (due ) Tj ET Q q 0 0 0 rg BT 155.35 371.10 Td (to ) Tj ET Q q 0 0 0 rg BT 165.14 371.10 Td (an ) Tj ET Q q 0 0 0 rg BT 176.59 371.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 211.35 371.10 Td (in ) Tj ET Q q 0 0 0 rg BT 221.14 371.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 239.25 371.10 Td (delivered, ) Tj ET Q q 0 0 0 rg BT 280.97 371.10 Td (and ) Tj ET Q q 0 0 0 rg BT 297.42 371.10 Td (to ) Tj ET Q q 0 0 0 rg BT 307.20 371.10 Td (a ) Tj ET Q q 0 0 0 rg BT 313.65 371.10 Td (lesser ) Tj ET Q q 0 0 0 rg BT 338.43 371.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 364.88 371.10 Td (a ) Tj ET Q q 0 0 0 rg BT 371.33 371.10 Td (reassessment ) Tj ET Q q 0 0 0 rg BT 425.54 371.10 Td (of ) Tj ET Q q 0 0 0 rg BT 435.88 371.10 Td (the ) Tj ET Q q 0 0 0 rg BT 450.11 371.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 490.44 371.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 508.56 371.10 Td (assumptions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 359.10 Td (used ) Tj ET Q q 0 0 0 rg BT 128.92 359.10 Td (to ) Tj ET Q q 0 0 0 rg BT 139.28 359.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 181.85 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 196.66 359.10 Td (provision, ) Tj ET Q q 0 0 0 rg BT 239.52 359.10 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 253.77 359.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 293.00 359.10 Td (in ) Tj ET Q q 0 0 0 rg BT 303.37 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 318.18 359.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 358.54 359.10 Td (for ) Tj ET Q q 0 0 0 rg BT 372.79 359.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 394.81 359.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 445.71 359.10 Td (and ) Tj ET Q q 0 0 0 rg BT 462.74 359.10 Td (disputes ) Tj ET Q q 0 0 0 rg BT 498.11 359.10 Td (of ) Tj ET Q q 0 0 0 rg BT 509.03 359.10 Td (24 ) Tj ET Q q 0 0 0 rg BT 526.61 359.10 Td (million, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 347.10 Td (and ) Tj ET Q q 0 0 0 rg BT 124.94 347.10 Td (\(c\) ) Tj ET Q q 0 0 0 rg BT 138.54 347.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 182.71 347.10 Td (to ) Tj ET Q q 0 0 0 rg BT 192.99 347.10 Td (cover ) Tj ET Q q 0 0 0 rg BT 217.69 347.10 Td (other ) Tj ET Q q 0 0 0 rg BT 240.74 347.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 262.13 347.10 Td (and ) Tj ET Q q 0 0 0 rg BT 279.07 347.10 Td (char) Tj ET Q q 0 0 0 rg BT 296.10 347.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 311.93 347.10 Td (for ) Tj ET Q q 0 0 0 rg BT 326.09 347.10 Td (15 ) Tj ET Q q 0 0 0 rg BT 343.59 347.10 Td (million;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 323.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 108.00 323.10 Td (15 ) Tj ET Q q 0 0 0 rg BT 125.90 323.10 Td (million ) Tj ET Q q 0 0 0 rg BT 157.69 323.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 191.13 323.10 Td (to ) Tj ET Q q 0 0 0 rg BT 201.81 323.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 222.48 323.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 264.25 323.10 Td (by ) Tj ET Q q 0 0 0 rg BT 277.15 323.10 Td (other ) Tj ET Q q 0 0 0 rg BT 300.59 323.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 341.26 323.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 361.93 323.10 Td (flows, ) Tj ET Q q 0 0 0 rg BT 389.55 323.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 429.66 323.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 478.10 323.10 Td (to ) Tj ET Q q 0 0 0 rg BT 488.78 323.10 Td (the ) Tj ET Q q 0 0 0 rg BT 503.89 323.10 Td (net ) Tj ET Q q 0 0 0 rg BT 519.01 323.10 Td (change ) Tj ET Q q 0 0 0 rg BT 550.23 323.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 311.10 Td (other ) Tj ET Q q 0 0 0 rg BT 131.05 311.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 171.31 311.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 197.14 311.10 Td (and ) Tj ET Q q 0 0 0 rg BT 214.08 311.10 Td (liabilities;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 287.10 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 108.00 287.10 Td (52 ) Tj ET Q q 0 0 0 rg BT 126.34 287.10 Td (million ) Tj ET Q q 0 0 0 rg BT 158.58 287.10 Td (related ) Tj ET Q q 0 0 0 rg BT 189.13 287.10 Td (to ) Tj ET Q q 0 0 0 rg BT 200.25 287.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 221.36 287.10 Td (absorbed ) Tj ET Q q 0 0 0 rg BT 260.80 287.10 Td (from ) Tj ET Q q 0 0 0 rg BT 283.58 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 299.14 287.10 Td (net ) Tj ET Q q 0 0 0 rg BT 314.71 287.10 Td (change ) Tj ET Q q 0 0 0 rg BT 346.36 287.10 Td (in ) Tj ET Q q 0 0 0 rg BT 357.49 287.10 Td (inventories, ) Tj ET Q q 0 0 0 rg BT 407.76 287.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 431.09 287.10 Td (payables ) Tj ET Q q 0 0 0 rg BT 469.42 287.10 Td (and ) Tj ET Q q 0 0 0 rg BT 487.20 287.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 510.53 287.10 Td (receivables, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 275.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 147.88 275.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 176.09 275.10 Td (by ) Tj ET Q q 0 0 0 rg BT 188.75 275.10 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 202.51 275.10 Td (an ) Tj ET Q q 0 0 0 rg BT 214.61 275.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 250.03 275.10 Td (in ) Tj ET Q q 0 0 0 rg BT 260.47 275.10 Td (inventories ) Tj ET Q q 0 0 0 rg BT 307.57 275.10 Td (of ) Tj ET Q q 0 0 0 rg BT 318.56 275.10 Td (66 ) Tj ET Q q 0 0 0 rg BT 336.23 275.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 370.28 275.10 Td (due ) Tj ET Q q 0 0 0 rg BT 387.38 275.10 Td (to ) Tj ET Q q 0 0 0 rg BT 397.83 275.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 438.24 275.10 Td (finished ) Tj ET Q q 0 0 0 rg BT 473.12 275.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 491.89 275.10 Td (at ) Tj ET Q q 0 0 0 rg BT 501.77 275.10 Td (December ) Tj ET Q q 0 0 0 rg BT 545.51 275.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 263.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 130.45 263.10 Td (as ) Tj ET Q q 0 0 0 rg BT 141.22 263.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 183.09 263.10 Td (to ) Tj ET Q q 0 0 0 rg BT 193.32 263.10 Td (December ) Tj ET Q q 0 0 0 rg BT 236.85 263.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 251.79 263.10 Td (2013, ) Tj ET Q q 0 0 0 rg BT 276.74 263.10 Td (and ) Tj ET Q q 0 0 0 rg BT 293.63 263.10 Td (mainly ) Tj ET Q q 0 0 0 rg BT 323.84 263.10 Td (related ) Tj ET Q q 0 0 0 rg BT 353.49 263.10 Td (to ) Tj ET Q q 0 0 0 rg BT 363.72 263.10 Td (inventories ) Tj ET Q q 0 0 0 rg BT 410.60 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 421.37 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 436.04 263.10 Td (LaFerrari ) Tj ET Q q 0 0 0 rg BT 476.24 263.10 Td (to ) Tj ET Q q 0 0 0 rg BT 486.46 263.10 Td (be ) Tj ET Q q 0 0 0 rg BT 498.35 263.10 Td (shipped ) Tj ET Q q 0 0 0 rg BT 531.90 263.10 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 251.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 131.88 251.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 166.58 251.10 Td (of) Tj ET Q q 0 0 0 rg BT 174.73 251.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 190.55 251.10 Td (by ) Tj ET Q q 0 0 0 rg BT 201.93 251.10 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 214.97 251.10 Td (a ) Tj ET Q q 0 0 0 rg BT 220.78 251.10 Td (13 ) Tj ET Q q 0 0 0 rg BT 237.16 251.10 Td (million ) Tj ET Q q 0 0 0 rg BT 267.43 251.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 301.57 251.10 Td (in ) Tj ET Q q 0 0 0 rg BT 310.72 251.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 332.09 251.10 Td (payables ) Tj ET Q q 0 0 0 rg BT 368.45 251.10 Td (and ) Tj ET Q q 0 0 0 rg BT 384.27 251.10 Td (\(c\) ) Tj ET Q q 0 0 0 rg BT 396.75 251.10 Td (a ) Tj ET Q q 0 0 0 rg BT 402.57 251.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 413.95 251.10 Td (million ) Tj ET Q q 0 0 0 rg BT 444.22 251.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 480.01 251.10 Td (in ) Tj ET Q q 0 0 0 rg BT 489.17 251.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 510.53 251.10 Td (receivables, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 239.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 136.05 239.10 Td (by ) Tj ET Q q 0 0 0 rg BT 148.55 239.10 Td (management ) Tj ET Q q 0 0 0 rg BT 202.14 239.10 Td (ef) Tj ET Q q 0 0 0 rg BT 209.72 239.10 Td (forts ) Tj ET Q q 0 0 0 rg BT 230.55 239.10 Td (to ) Tj ET Q q 0 0 0 rg BT 240.83 239.10 Td (improve ) Tj ET Q q 0 0 0 rg BT 276.66 239.10 Td (collection ) Tj ET Q q 0 0 0 rg BT 318.59 239.10 Td (rates;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 215.10 Td (\(iv\) ) Tj ET Q q 0 0 0 rg BT 108.00 215.10 Td (202 ) Tj ET Q q 0 0 0 rg BT 130.28 215.10 Td (million ) Tj ET Q q 0 0 0 rg BT 161.45 215.10 Td (related ) Tj ET Q q 0 0 0 rg BT 190.93 215.10 Td (to ) Tj ET Q q 0 0 0 rg BT 200.99 215.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 221.04 215.10 Td (absorbed ) Tj ET Q q 0 0 0 rg BT 259.42 215.10 Td (by ) Tj ET Q q 0 0 0 rg BT 271.70 215.10 Td (an ) Tj ET Q q 0 0 0 rg BT 283.42 215.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 318.45 215.10 Td (in ) Tj ET Q q 0 0 0 rg BT 328.51 215.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 375.76 215.10 Td (from ) Tj ET Q q 0 0 0 rg BT 397.48 215.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 437.53 215.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 478.41 215.10 Td (mainly ) Tj ET Q q 0 0 0 rg BT 508.46 215.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 536.29 215.10 Td (by ) Tj ET Q q 0 0 0 rg BT 548.57 215.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 203.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 142.77 203.10 Td (in ) Tj ET Q q 0 0 0 rg BT 152.56 203.10 Td (business ) Tj ET Q q 0 0 0 rg BT 188.47 203.10 Td (volumes ) Tj ET Q q 0 0 0 rg BT 224.37 203.10 Td (of ) Tj ET Q q 0 0 0 rg BT 234.72 203.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 263.94 203.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 303.17 203.10 Td (Services ) Tj ET Q q 0 0 0 rg BT 339.06 203.10 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 358.85 203.10 Td (and ) Tj ET Q q 0 0 0 rg BT 375.30 203.10 Td (in ) Tj ET Q q 0 0 0 rg BT 385.09 203.10 Td (particular ) Tj ET Q q 0 0 0 rg BT 425.42 203.10 Td (due ) Tj ET Q q 0 0 0 rg BT 441.87 203.10 Td (to ) Tj ET Q q 0 0 0 rg BT 451.67 203.10 Td (an ) Tj ET Q q 0 0 0 rg BT 463.12 203.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 497.89 203.10 Td (in ) Tj ET Q q 0 0 0 rg BT 507.69 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 521.92 203.10 Td (contracts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 191.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 141.35 191.10 Td (to ) Tj ET Q q 0 0 0 rg BT 151.95 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 166.97 191.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 185.33 191.10 Td (of ) Tj ET Q q 0 0 0 rg BT 196.48 191.10 Td (vintage ) Tj ET Q q 0 0 0 rg BT 228.72 191.10 Td (cars, ) Tj ET Q q 0 0 0 rg BT 250.13 191.10 Td (and ) Tj ET Q q 0 0 0 rg BT 267.38 191.10 Td (to ) Tj ET Q q 0 0 0 rg BT 277.98 191.10 Td (a ) Tj ET Q q 0 0 0 rg BT 285.23 191.10 Td (lesser ) Tj ET Q q 0 0 0 rg BT 310.81 191.10 Td (extent, ) Tj ET Q q 0 0 0 rg BT 340.55 191.10 Td (an ) Tj ET Q q 0 0 0 rg BT 352.80 191.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 388.37 191.10 Td (in ) Tj ET Q q 0 0 0 rg BT 398.96 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 413.99 191.10 Td (number ) Tj ET Q q 0 0 0 rg BT 447.35 191.10 Td (of ) Tj ET Q q 0 0 0 rg BT 458.49 191.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 497.40 191.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 530.75 191.10 Td (to ) Tj ET Q q 0 0 0 rg BT 541.34 191.10 Td (new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 179.10 Td (cars; ) Tj ET Q q 0 0 0 rg BT 129.38 179.10 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 155.10 Td (\(v\) ) Tj ET Q q 0 0 0 rg BT 108.00 155.10 Td (income ) Tj ET Q q 0 0 0 rg BT 139.93 155.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 154.65 155.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 174.37 155.10 Td (of ) Tj ET Q q 0 0 0 rg BT 185.20 155.10 Td (141 ) Tj ET Q q 0 0 0 rg BT 207.70 155.10 Td (million.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 131.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 131.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 133.43 131.10 Td (Activities ) Tj ET Q q 0 0 0 rg BT 173.13 131.10 Td ( ) Tj ET Q q 0 0 0 rg BT 184.53 131.10 Td (Y) Tj ET Q q 0 0 0 rg BT 189.17 131.10 Td (ear ) Tj ET Q q 0 0 0 rg BT 205.00 131.10 Td (Ended ) Tj ET Q q 0 0 0 rg BT 233.05 131.10 Td (December ) Tj ET Q q 0 0 0 rg BT 276.64 131.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 291.64 131.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 107.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 107.10 Td (For ) Tj ET Q q 0 0 0 rg BT 105.87 107.10 Td (the ) Tj ET Q q 0 0 0 rg BT 120.07 107.10 Td (year ) Tj ET Q q 0 0 0 rg BT 139.26 107.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 165.11 107.10 Td (December ) Tj ET Q q 0 0 0 rg BT 208.18 107.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.66 107.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.66 107.10 Td (, ) Tj ET Q q 0 0 0 rg BT 247.14 107.10 Td (our ) Tj ET Q q 0 0 0 rg BT 262.45 107.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 282.19 107.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 306.40 107.10 Td (from ) Tj ET Q q 0 0 0 rg BT 327.81 107.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 367.56 107.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 405.64 107.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.05 107.10 Td (454 ) Tj ET Q q 0 0 0 rg BT 449.03 107.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.92 107.10 Td (, ) Tj ET Q q 0 0 0 rg BT 482.40 107.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 521.59 107.10 Td (the ) Tj ET Q q 0 0 0 rg BT 535.79 107.10 Td (result ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 95.10 Td (of:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 71.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 108.00 71.10 Td (profit ) Tj ET Q q 0 0 0 rg BT 132.74 71.10 Td (before ) Tj ET Q q 0 0 0 rg BT 160.81 71.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 183.88 71.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.73 71.10 Td (366 ) Tj ET Q q 0 0 0 rg BT 217.26 71.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.15 71.10 Td ( ) Tj ET Q q 0 0 0 rg BT 248.68 71.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 284.53 71.10 Td (to ) Tj ET Q q 0 0 0 rg BT 294.83 71.10 Td (add ) Tj ET Q q 0 0 0 rg BT 311.80 71.10 Td (back ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.20 71.10 Td (270 ) Tj ET Q q 0 0 0 rg BT 355.73 71.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.62 71.10 Td ( ) Tj ET Q q 0 0 0 rg BT 387.14 71.10 Td (for ) Tj ET Q q 0 0 0 rg BT 401.33 71.10 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 453.27 71.10 Td (and ) Tj ET Q q 0 0 0 rg BT 470.24 71.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 523.30 71.10 Td (expense, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 59.10 Td (24 ) Tj ET Q q 0 0 0 rg BT 124.63 59.10 Td (million ) Tj ET Q q 0 0 0 rg BT 155.15 59.10 Td (in ) Tj ET Q q 0 0 0 rg BT 164.56 59.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 207.86 59.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 253.36 59.10 Td (and ) Tj ET Q q 0 0 0 rg BT 269.43 59.10 Td (other ) Tj ET Q q 0 0 0 rg BT 291.60 59.10 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 329.33 59.10 Td (items ) Tj ET Q q 0 0 0 rg BT 352.63 59.10 Td (of ) Tj ET Q q 0 0 0 rg BT 362.59 59.10 Td (32 ) Tj ET Q q 0 0 0 rg BT 379.22 59.10 Td (million. ) Tj ET Q q 0 0 0 rg BT 412.24 59.10 Td (In ) Tj ET Q q 0 0 0 rg BT 422.20 59.10 Td (particular) Tj ET Q q 0 0 0 rg BT 460.11 59.10 Td (, ) Tj ET Q q 0 0 0 rg BT 464.25 59.10 Td (the ) Tj ET Q q 0 0 0 rg BT 478.09 59.10 Td (24 ) Tj ET Q q 0 0 0 rg BT 494.72 59.10 Td (million ) Tj ET Q q 0 0 0 rg BT 525.25 59.10 Td (increase ) Tj ET Q endstream endobj 169 0 obj <> endobj 170 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 731.10 Td (in ) Tj ET Q q 0 0 0 rg BT 118.11 731.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 162.12 731.10 Td (was ) Tj ET Q q 0 0 0 rg BT 180.01 731.10 Td (mainly ) Tj ET Q q 0 0 0 rg BT 210.12 731.10 Td (composed ) Tj ET Q q 0 0 0 rg BT 253.00 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 263.67 731.10 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 277.10 731.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 316.09 731.10 Td (to ) Tj ET Q q 0 0 0 rg BT 326.20 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 340.75 731.10 Td (warranty ) Tj ET Q q 0 0 0 rg BT 378.63 731.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 418.74 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 429.41 731.10 Td (14 ) Tj ET Q q 0 0 0 rg BT 446.75 731.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 480.47 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 497.25 731.10 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 511.24 731.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 550.23 731.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 122.72 719.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 163.00 719.10 Td (for ) Tj ET Q q 0 0 0 rg BT 177.16 719.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 199.09 719.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 249.90 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 266.84 719.10 Td (disputes ) Tj ET Q q 0 0 0 rg BT 302.12 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 312.95 719.10 Td (6 ) Tj ET Q q 0 0 0 rg BT 325.45 719.10 Td (million;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 695.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 108.00 695.10 Td (44 ) Tj ET Q q 0 0 0 rg BT 125.91 695.10 Td (million ) Tj ET Q q 0 0 0 rg BT 157.71 695.10 Td (related ) Tj ET Q q 0 0 0 rg BT 187.82 695.10 Td (to ) Tj ET Q q 0 0 0 rg BT 198.51 695.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 219.19 695.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 260.96 695.10 Td (by ) Tj ET Q q 0 0 0 rg BT 273.87 695.10 Td (other ) Tj ET Q q 0 0 0 rg BT 297.32 695.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 338.00 695.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 358.67 695.10 Td (flows, ) Tj ET Q q 0 0 0 rg BT 386.30 695.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 426.43 695.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 474.87 695.10 Td (to ) Tj ET Q q 0 0 0 rg BT 485.56 695.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 506.24 695.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 548.01 695.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 122.72 683.10 Td (change ) Tj ET Q q 0 0 0 rg BT 153.53 683.10 Td (in ) Tj ET Q q 0 0 0 rg BT 163.81 683.10 Td (other ) Tj ET Q q 0 0 0 rg BT 186.86 683.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 227.12 683.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 252.95 683.10 Td (and ) Tj ET Q q 0 0 0 rg BT 269.89 683.10 Td (liabilities; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 659.10 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 108.00 659.10 Td (87 ) Tj ET Q q 0 0 0 rg BT 126.34 659.10 Td (million ) Tj ET Q q 0 0 0 rg BT 158.58 659.10 Td (related ) Tj ET Q q 0 0 0 rg BT 189.13 659.10 Td (to ) Tj ET Q q 0 0 0 rg BT 200.25 659.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 221.36 659.10 Td (absorbed ) Tj ET Q q 0 0 0 rg BT 260.80 659.10 Td (from ) Tj ET Q q 0 0 0 rg BT 283.58 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 299.14 659.10 Td (net ) Tj ET Q q 0 0 0 rg BT 314.71 659.10 Td (change ) Tj ET Q q 0 0 0 rg BT 346.36 659.10 Td (in ) Tj ET Q q 0 0 0 rg BT 357.49 659.10 Td (inventories, ) Tj ET Q q 0 0 0 rg BT 407.76 659.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 431.09 659.10 Td (payables ) Tj ET Q q 0 0 0 rg BT 469.42 659.10 Td (and ) Tj ET Q q 0 0 0 rg BT 487.20 659.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 510.53 659.10 Td (receivables, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 647.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 148.21 647.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 176.76 647.10 Td (by ) Tj ET Q q 0 0 0 rg BT 189.77 647.10 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 203.87 647.10 Td (a ) Tj ET Q q 0 0 0 rg BT 211.31 647.10 Td (81 ) Tj ET Q q 0 0 0 rg BT 229.31 647.10 Td (million ) Tj ET Q q 0 0 0 rg BT 261.21 647.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 296.96 647.10 Td (in ) Tj ET Q q 0 0 0 rg BT 307.75 647.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 330.73 647.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 378.71 647.10 Td (mainly ) Tj ET Q q 0 0 0 rg BT 409.48 647.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 438.03 647.10 Td (by ) Tj ET Q q 0 0 0 rg BT 451.04 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 466.26 647.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 502.01 647.10 Td (in ) Tj ET Q q 0 0 0 rg BT 512.79 647.10 Td (volumes ) Tj ET Q q 0 0 0 rg BT 549.68 647.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 635.10 Td (Maserati ) Tj ET Q q 0 0 0 rg BT 144.98 635.10 Td (engine ) Tj ET Q q 0 0 0 rg BT 173.62 635.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 195.05 635.10 Td (and ) Tj ET Q q 0 0 0 rg BT 211.48 635.10 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 225.13 635.10 Td (a ) Tj ET Q q 0 0 0 rg BT 231.56 635.10 Td (20 ) Tj ET Q q 0 0 0 rg BT 248.55 635.10 Td (million ) Tj ET Q q 0 0 0 rg BT 279.44 635.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 314.18 635.10 Td (in ) Tj ET Q q 0 0 0 rg BT 323.95 635.10 Td (inventories, ) Tj ET Q q 0 0 0 rg BT 372.88 635.10 Td (which ) Tj ET Q q 0 0 0 rg BT 399.31 635.10 Td (were ) Tj ET Q q 0 0 0 rg BT 420.73 635.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 456.04 635.10 Td (of) Tj ET Q q 0 0 0 rg BT 464.19 635.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 480.62 635.10 Td (by ) Tj ET Q q 0 0 0 rg BT 492.61 635.10 Td (\(c\) ) Tj ET Q q 0 0 0 rg BT 505.70 635.10 Td (a ) Tj ET Q q 0 0 0 rg BT 512.13 635.10 Td (14 ) Tj ET Q q 0 0 0 rg BT 529.12 635.10 Td (million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 623.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 143.25 623.10 Td (in ) Tj ET Q q 0 0 0 rg BT 153.53 623.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 176.02 623.10 Td (payables; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 599.10 Td (\(iv\) ) Tj ET Q q 0 0 0 rg BT 108.00 599.10 Td (56 ) Tj ET Q q 0 0 0 rg BT 124.70 599.10 Td (million ) Tj ET Q q 0 0 0 rg BT 155.30 599.10 Td (related ) Tj ET Q q 0 0 0 rg BT 184.21 599.10 Td (to ) Tj ET Q q 0 0 0 rg BT 193.69 599.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 213.16 599.10 Td (absorbed ) Tj ET Q q 0 0 0 rg BT 250.96 599.10 Td (by ) Tj ET Q q 0 0 0 rg BT 262.67 599.10 Td (an ) Tj ET Q q 0 0 0 rg BT 273.81 599.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 308.27 599.10 Td (in ) Tj ET Q q 0 0 0 rg BT 317.75 599.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 364.43 599.10 Td (from ) Tj ET Q q 0 0 0 rg BT 385.57 599.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 425.04 599.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 465.34 599.10 Td (lar) Tj ET Q q 0 0 0 rg BT 475.71 599.10 Td (gely ) Tj ET Q q 0 0 0 rg BT 494.63 599.10 Td (due ) Tj ET Q q 0 0 0 rg BT 510.77 599.10 Td (to ) Tj ET Q q 0 0 0 rg BT 520.25 599.10 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 587.10 Td (business ) Tj ET Q q 0 0 0 rg BT 144.39 587.10 Td (volumes ) Tj ET Q q 0 0 0 rg BT 180.78 587.10 Td (of ) Tj ET Q q 0 0 0 rg BT 191.61 587.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 229.09 587.10 Td (services ) Tj ET Q q 0 0 0 rg BT 263.80 587.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 307.95 587.10 Td (in ) Tj ET Q q 0 0 0 rg BT 318.23 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 332.95 587.10 Td (United ) Tj ET Q q 0 0 0 rg BT 362.66 587.10 Td (States; ) Tj ET Q q 0 0 0 rg BT 391.83 587.10 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 563.10 Td (\(v\) ) Tj ET Q q 0 0 0 rg BT 108.00 563.10 Td (income ) Tj ET Q q 0 0 0 rg BT 139.93 563.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 154.65 563.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 174.37 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 185.20 563.10 Td (139 ) Tj ET Q q 0 0 0 rg BT 207.70 563.10 Td (million.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 539.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 539.10 Td (Investing ) Tj ET Q q 0 0 0 rg BT 128.97 539.10 Td (Activities ) Tj ET Q q 0 0 0 rg BT 168.68 539.10 Td ( ) Tj ET Q q 0 0 0 rg BT 180.07 539.10 Td (Y) Tj ET Q q 0 0 0 rg BT 184.72 539.10 Td (ear ) Tj ET Q q 0 0 0 rg BT 200.55 539.10 Td (Ended ) Tj ET Q q 0 0 0 rg BT 228.59 539.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 287.18 539.10 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 515.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 515.10 Td (For ) Tj ET Q q 0 0 0 rg BT 106.21 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 120.74 515.10 Td (year ) Tj ET Q q 0 0 0 rg BT 140.26 515.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 166.45 515.10 Td (December ) Tj ET Q q 0 0 0 rg BT 209.84 515.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.66 515.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.66 515.10 Td (, ) Tj ET Q q 0 0 0 rg BT 249.47 515.10 Td (our ) Tj ET Q q 0 0 0 rg BT 265.11 515.10 Td (net ) Tj ET Q q 0 0 0 rg BT 279.64 515.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 299.73 515.10 Td (used ) Tj ET Q q 0 0 0 rg BT 320.37 515.10 Td (in ) Tj ET Q q 0 0 0 rg BT 330.46 515.10 Td (investing ) Tj ET Q q 0 0 0 rg BT 369.44 515.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 407.85 515.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.72 515.10 Td (317 ) Tj ET Q q 0 0 0 rg BT 448.03 515.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.92 515.10 Td (, ) Tj ET Q q 0 0 0 rg BT 481.74 515.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 521.26 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 535.79 515.10 Td (result ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 503.10 Td (of:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 479.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 108.00 479.10 Td (356 ) Tj ET Q q 0 0 0 rg BT 129.78 479.10 Td (million ) Tj ET Q q 0 0 0 rg BT 160.46 479.10 Td (of ) Tj ET Q q 0 0 0 rg BT 170.57 479.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 199.01 479.10 Td (expenditures, ) Tj ET Q q 0 0 0 rg BT 254.38 479.10 Td (including ) Tj ET Q q 0 0 0 rg BT 293.94 479.10 Td (185 ) Tj ET Q q 0 0 0 rg BT 315.73 479.10 Td (related ) Tj ET Q q 0 0 0 rg BT 344.71 479.10 Td (to ) Tj ET Q q 0 0 0 rg BT 354.27 479.10 Td (additions ) Tj ET Q q 0 0 0 rg BT 392.72 479.10 Td (to ) Tj ET Q q 0 0 0 rg BT 402.28 479.10 Td (property) Tj ET Q q 0 0 0 rg BT 435.51 479.10 Td (, ) Tj ET Q q 0 0 0 rg BT 439.79 479.10 Td (plant ) Tj ET Q q 0 0 0 rg BT 461.57 479.10 Td (and ) Tj ET Q q 0 0 0 rg BT 477.80 479.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 521.79 479.10 Td (and ) Tj ET Q q 0 0 0 rg BT 538.01 479.10 Td (171 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 467.10 Td (million ) Tj ET Q q 0 0 0 rg BT 138.37 467.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 170.40 467.10 Td (to ) Tj ET Q q 0 0 0 rg BT 179.66 467.10 Td (additions ) Tj ET Q q 0 0 0 rg BT 217.80 467.10 Td (to ) Tj ET Q q 0 0 0 rg BT 227.06 467.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 268.54 467.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 295.85 467.10 Td (For ) Tj ET Q q 0 0 0 rg BT 311.22 467.10 Td (a ) Tj ET Q q 0 0 0 rg BT 317.14 467.10 Td (detailed ) Tj ET Q q 0 0 0 rg BT 350.28 467.10 Td (analysis ) Tj ET Q q 0 0 0 rg BT 383.97 467.10 Td (of ) Tj ET Q q 0 0 0 rg BT 393.79 467.10 Td (additions ) Tj ET Q q 0 0 0 rg BT 431.93 467.10 Td (to ) Tj ET Q q 0 0 0 rg BT 441.19 467.10 Td (property) Tj ET Q q 0 0 0 rg BT 474.42 467.10 Td (, ) Tj ET Q q 0 0 0 rg BT 478.40 467.10 Td (plant ) Tj ET Q q 0 0 0 rg BT 499.88 467.10 Td (and ) Tj ET Q q 0 0 0 rg BT 515.80 467.10 Td (equipment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 455.10 Td (and ) Tj ET Q q 0 0 0 rg BT 124.94 455.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 167.43 455.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 193.26 455.10 Td (see ) Tj ET Q q 0 0 0 rg BT 208.53 455.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 222.97 455.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 255.47 455.10 Td (Expenditur) Tj ET Q q 0 0 0 rg BT 299.53 455.10 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.86 455.10 Td ( ) Tj ET Q q 0 0 0 rg BT 314.80 455.10 Td (below;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 431.10 Td (These ) Tj ET Q q 0 0 0 rg BT 116.38 431.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 136.65 431.10 Td (outflows ) Tj ET Q q 0 0 0 rg BT 174.15 431.10 Td (were ) Tj ET Q q 0 0 0 rg BT 196.07 431.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 231.89 431.10 Td (of) Tj ET Q q 0 0 0 rg BT 240.04 431.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 256.98 431.10 Td (by:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 407.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 108.00 407.10 Td (37 ) Tj ET Q q 0 0 0 rg BT 125.50 407.10 Td (million ) Tj ET Q q 0 0 0 rg BT 156.89 407.10 Td (of ) Tj ET Q q 0 0 0 rg BT 167.72 407.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 205.76 407.10 Td (from ) Tj ET Q q 0 0 0 rg BT 227.70 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 242.41 407.10 Td (disposal ) Tj ET Q q 0 0 0 rg BT 277.69 407.10 Td (of ) Tj ET Q q 0 0 0 rg BT 288.52 407.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 314.35 407.10 Td (and ) Tj ET Q q 0 0 0 rg BT 331.29 407.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 371.01 407.10 Td (related ) Tj ET Q q 0 0 0 rg BT 400.71 407.10 Td (to ) Tj ET Q q 0 0 0 rg BT 410.99 407.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 457.37 407.10 Td (properties; ) Tj ET Q q 0 0 0 rg BT 502.63 407.10 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 383.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 108.00 383.10 Td (2 ) Tj ET Q q 0 0 0 rg BT 121.05 383.10 Td (million ) Tj ET Q q 0 0 0 rg BT 153.00 383.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 191.59 383.10 Td (from ) Tj ET Q q 0 0 0 rg BT 214.08 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 229.35 383.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 247.95 383.10 Td (of ) Tj ET Q q 0 0 0 rg BT 259.33 383.10 Td (property) Tj ET Q q 0 0 0 rg BT 292.56 383.10 Td (, ) Tj ET Q q 0 0 0 rg BT 298.11 383.10 Td (plant ) Tj ET Q q 0 0 0 rg BT 321.16 383.10 Td (and ) Tj ET Q q 0 0 0 rg BT 338.65 383.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 383.92 383.10 Td (and ) Tj ET Q q 0 0 0 rg BT 401.41 383.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 444.45 383.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 470.84 383.10 Td (and ) Tj ET Q q 0 0 0 rg BT 488.33 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 503.60 383.10 Td (net ) Tj ET Q q 0 0 0 rg BT 518.87 383.10 Td (change ) Tj ET Q q 0 0 0 rg BT 550.24 383.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 371.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 158.27 371.10 Td (and ) Tj ET Q q 0 0 0 rg BT 175.21 371.10 Td (other ) Tj ET Q q 0 0 0 rg BT 198.26 371.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 235.74 371.10 Td (assets. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 347.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 347.10 Td (Investing ) Tj ET Q q 0 0 0 rg BT 128.97 347.10 Td (Activities ) Tj ET Q q 0 0 0 rg BT 168.68 347.10 Td ( ) Tj ET Q q 0 0 0 rg BT 180.07 347.10 Td (Y) Tj ET Q q 0 0 0 rg BT 184.72 347.10 Td (ear ) Tj ET Q q 0 0 0 rg BT 200.55 347.10 Td (Ended ) Tj ET Q q 0 0 0 rg BT 228.59 347.10 Td (December ) Tj ET Q q 0 0 0 rg BT 272.18 347.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 287.18 347.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 323.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 323.10 Td (For ) Tj ET Q q 0 0 0 rg BT 106.21 323.10 Td (the ) Tj ET Q q 0 0 0 rg BT 120.74 323.10 Td (year ) Tj ET Q q 0 0 0 rg BT 140.26 323.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 166.45 323.10 Td (December ) Tj ET Q q 0 0 0 rg BT 209.84 323.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.66 323.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.66 323.10 Td (, ) Tj ET Q q 0 0 0 rg BT 249.47 323.10 Td (our ) Tj ET Q q 0 0 0 rg BT 265.11 323.10 Td (net ) Tj ET Q q 0 0 0 rg BT 279.64 323.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 299.73 323.10 Td (used ) Tj ET Q q 0 0 0 rg BT 320.37 323.10 Td (in ) Tj ET Q q 0 0 0 rg BT 330.46 323.10 Td (investing ) Tj ET Q q 0 0 0 rg BT 369.44 323.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 407.85 323.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.72 323.10 Td (290 ) Tj ET Q q 0 0 0 rg BT 448.03 323.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.92 323.10 Td (, ) Tj ET Q q 0 0 0 rg BT 481.74 323.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 521.26 323.10 Td (the ) Tj ET Q q 0 0 0 rg BT 535.79 323.10 Td (result ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 311.10 Td (of:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 287.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 108.00 287.10 Td (330 ) Tj ET Q q 0 0 0 rg BT 130.27 287.10 Td (million ) Tj ET Q q 0 0 0 rg BT 161.44 287.10 Td (of ) Tj ET Q q 0 0 0 rg BT 172.04 287.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 200.96 287.10 Td (expenditures, ) Tj ET Q q 0 0 0 rg BT 256.83 287.10 Td (including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.87 287.10 Td (169 ) Tj ET Q q 0 0 0 rg BT 319.14 287.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.03 287.10 Td ( ) Tj ET Q q 0 0 0 rg BT 350.31 287.10 Td (related ) Tj ET Q q 0 0 0 rg BT 379.78 287.10 Td (to ) Tj ET Q q 0 0 0 rg BT 389.83 287.10 Td (additions ) Tj ET Q q 0 0 0 rg BT 428.77 287.10 Td (to ) Tj ET Q q 0 0 0 rg BT 438.82 287.10 Td (property) Tj ET Q q 0 0 0 rg BT 472.05 287.10 Td (, ) Tj ET Q q 0 0 0 rg BT 476.82 287.10 Td (plant ) Tj ET Q q 0 0 0 rg BT 499.08 287.10 Td (and ) Tj ET Q q 0 0 0 rg BT 515.80 287.10 Td (equipment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 275.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.23 275.10 Td (161 ) Tj ET Q q 0 0 0 rg BT 148.01 275.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.91 275.10 Td ( ) Tj ET Q q 0 0 0 rg BT 179.69 275.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 213.02 275.10 Td (to ) Tj ET Q q 0 0 0 rg BT 223.59 275.10 Td (additions ) Tj ET Q q 0 0 0 rg BT 263.04 275.10 Td (to ) Tj ET Q q 0 0 0 rg BT 273.61 275.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 316.39 275.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 345.01 275.10 Td (For ) Tj ET Q q 0 0 0 rg BT 361.69 275.10 Td (a ) Tj ET Q q 0 0 0 rg BT 368.91 275.10 Td (detailed ) Tj ET Q q 0 0 0 rg BT 403.35 275.10 Td (analysis ) Tj ET Q q 0 0 0 rg BT 438.36 275.10 Td (of ) Tj ET Q q 0 0 0 rg BT 449.47 275.10 Td (additions ) Tj ET Q q 0 0 0 rg BT 488.93 275.10 Td (to ) Tj ET Q q 0 0 0 rg BT 499.49 275.10 Td (property) Tj ET Q q 0 0 0 rg BT 532.72 275.10 Td (, ) Tj ET Q q 0 0 0 rg BT 538.01 275.10 Td (plant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 263.10 Td (and ) Tj ET Q q 0 0 0 rg BT 124.94 263.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 169.65 263.10 Td (and ) Tj ET Q q 0 0 0 rg BT 186.59 263.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 229.08 263.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 254.91 263.10 Td (see ) Tj ET Q q 0 0 0 rg BT 270.18 263.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 284.62 263.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 317.12 263.10 Td (Expenditur) Tj ET Q q 0 0 0 rg BT 361.18 263.10 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.51 263.10 Td (; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 239.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 108.00 239.10 Td (39 ) Tj ET Q q 0 0 0 rg BT 125.08 239.10 Td (million ) Tj ET Q q 0 0 0 rg BT 156.06 239.10 Td (related ) Tj ET Q q 0 0 0 rg BT 185.34 239.10 Td (to ) Tj ET Q q 0 0 0 rg BT 195.20 239.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 215.05 239.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 251.56 239.10 Td (on ) Tj ET Q q 0 0 0 rg BT 263.64 239.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 313.49 239.10 Td (with ) Tj ET Q q 0 0 0 rg BT 333.35 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 347.65 239.10 Td (non-controlling ) Tj ET Q q 0 0 0 rg BT 411.94 239.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 447.35 239.10 Td (in ) Tj ET Q q 0 0 0 rg BT 457.21 239.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 486.50 239.10 Td (International ) Tj ET Q q 0 0 0 rg BT 539.67 239.10 Td (Cars ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 227.10 Td (T) Tj ET Q q 0 0 0 rg BT 113.76 227.10 Td (rading ) Tj ET Q q 0 0 0 rg BT 141.80 227.10 Td (\(Shanghai\) ) Tj ET Q q 0 0 0 rg BT 188.18 227.10 Td (Co. ) Tj ET Q q 0 0 0 rg BT 204.85 227.10 Td (L.t.d.; ) Tj ET Q q 0 0 0 rg BT 231.52 227.10 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 203.10 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 108.00 203.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 121.05 203.10 Td (million ) Tj ET Q q 0 0 0 rg BT 153.00 203.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 191.59 203.10 Td (from ) Tj ET Q q 0 0 0 rg BT 214.08 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 229.35 203.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 247.95 203.10 Td (of ) Tj ET Q q 0 0 0 rg BT 259.33 203.10 Td (property) Tj ET Q q 0 0 0 rg BT 292.56 203.10 Td (, ) Tj ET Q q 0 0 0 rg BT 298.11 203.10 Td (plant ) Tj ET Q q 0 0 0 rg BT 321.16 203.10 Td (and ) Tj ET Q q 0 0 0 rg BT 338.65 203.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 383.92 203.10 Td (and ) Tj ET Q q 0 0 0 rg BT 401.41 203.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 444.45 203.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 470.84 203.10 Td (and ) Tj ET Q q 0 0 0 rg BT 488.33 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 503.60 203.10 Td (net ) Tj ET Q q 0 0 0 rg BT 518.87 203.10 Td (change ) Tj ET Q q 0 0 0 rg BT 550.24 203.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 191.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 158.27 191.10 Td (and ) Tj ET Q q 0 0 0 rg BT 175.21 191.10 Td (other ) Tj ET Q q 0 0 0 rg BT 198.26 191.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 235.74 191.10 Td (assets. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 167.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 167.10 Td (Investing ) Tj ET Q q 0 0 0 rg BT 128.97 167.10 Td (Activities ) Tj ET Q q 0 0 0 rg BT 168.68 167.10 Td ( ) Tj ET Q q 0 0 0 rg BT 180.07 167.10 Td (Y) Tj ET Q q 0 0 0 rg BT 184.72 167.10 Td (ear ) Tj ET Q q 0 0 0 rg BT 200.55 167.10 Td (Ended ) Tj ET Q q 0 0 0 rg BT 228.59 167.10 Td (December ) Tj ET Q q 0 0 0 rg BT 272.18 167.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 287.18 167.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 143.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 143.10 Td (For ) Tj ET Q q 0 0 0 rg BT 106.21 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 120.74 143.10 Td (year ) Tj ET Q q 0 0 0 rg BT 140.26 143.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 166.45 143.10 Td (December ) Tj ET Q q 0 0 0 rg BT 209.84 143.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 224.66 143.10 Td (2013, ) Tj ET Q q 0 0 0 rg BT 249.47 143.10 Td (our ) Tj ET Q q 0 0 0 rg BT 265.11 143.10 Td (net ) Tj ET Q q 0 0 0 rg BT 279.64 143.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 299.73 143.10 Td (used ) Tj ET Q q 0 0 0 rg BT 320.37 143.10 Td (in ) Tj ET Q q 0 0 0 rg BT 330.46 143.10 Td (investing ) Tj ET Q q 0 0 0 rg BT 369.44 143.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 407.85 143.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.72 143.10 Td (267 ) Tj ET Q q 0 0 0 rg BT 448.03 143.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.92 143.10 Td (, ) Tj ET Q q 0 0 0 rg BT 481.74 143.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 521.26 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 535.79 143.10 Td (result ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 131.10 Td (of:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 107.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 108.00 107.10 Td (271 ) Tj ET Q q 0 0 0 rg BT 130.27 107.10 Td (million ) Tj ET Q q 0 0 0 rg BT 161.44 107.10 Td (of ) Tj ET Q q 0 0 0 rg BT 172.04 107.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 200.96 107.10 Td (expenditures, ) Tj ET Q q 0 0 0 rg BT 256.83 107.10 Td (including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.87 107.10 Td (162 ) Tj ET Q q 0 0 0 rg BT 319.14 107.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.03 107.10 Td ( ) Tj ET Q q 0 0 0 rg BT 350.31 107.10 Td (related ) Tj ET Q q 0 0 0 rg BT 379.78 107.10 Td (to ) Tj ET Q q 0 0 0 rg BT 389.83 107.10 Td (additions ) Tj ET Q q 0 0 0 rg BT 428.77 107.10 Td (to ) Tj ET Q q 0 0 0 rg BT 438.82 107.10 Td (property) Tj ET Q q 0 0 0 rg BT 472.05 107.10 Td (, ) Tj ET Q q 0 0 0 rg BT 476.82 107.10 Td (plant ) Tj ET Q q 0 0 0 rg BT 499.08 107.10 Td (and ) Tj ET Q q 0 0 0 rg BT 515.80 107.10 Td (equipment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 95.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.23 95.10 Td (109 ) Tj ET Q q 0 0 0 rg BT 148.01 95.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.91 95.10 Td ( ) Tj ET Q q 0 0 0 rg BT 179.69 95.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 213.02 95.10 Td (to ) Tj ET Q q 0 0 0 rg BT 223.59 95.10 Td (additions ) Tj ET Q q 0 0 0 rg BT 263.04 95.10 Td (to ) Tj ET Q q 0 0 0 rg BT 273.61 95.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 316.39 95.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 345.01 95.10 Td (For ) Tj ET Q q 0 0 0 rg BT 361.69 95.10 Td (a ) Tj ET Q q 0 0 0 rg BT 368.91 95.10 Td (detailed ) Tj ET Q q 0 0 0 rg BT 403.35 95.10 Td (analysis ) Tj ET Q q 0 0 0 rg BT 438.36 95.10 Td (of ) Tj ET Q q 0 0 0 rg BT 449.47 95.10 Td (additions ) Tj ET Q q 0 0 0 rg BT 488.93 95.10 Td (to ) Tj ET Q q 0 0 0 rg BT 499.49 95.10 Td (property) Tj ET Q q 0 0 0 rg BT 532.72 95.10 Td (, ) Tj ET Q q 0 0 0 rg BT 538.01 95.10 Td (plant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 83.10 Td (and ) Tj ET Q q 0 0 0 rg BT 124.94 83.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 169.65 83.10 Td (and ) Tj ET Q q 0 0 0 rg BT 186.59 83.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 229.08 83.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 254.91 83.10 Td (see ) Tj ET Q q 0 0 0 rg BT 270.18 83.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 284.62 83.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 317.12 83.10 Td (Expenditur) Tj ET Q q 0 0 0 rg BT 361.18 83.10 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.51 83.10 Td (; ) Tj ET Q q 0 0 0 rg BT 379.23 83.10 Td (and) Tj ET Q endstream endobj 171 0 obj <> endobj 172 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (77) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 731.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 108.00 731.10 Td (4 ) Tj ET Q q 0 0 0 rg BT 121.05 731.10 Td (million ) Tj ET Q q 0 0 0 rg BT 153.00 731.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 191.59 731.10 Td (from ) Tj ET Q q 0 0 0 rg BT 214.08 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 229.35 731.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 247.95 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 259.33 731.10 Td (property) Tj ET Q q 0 0 0 rg BT 292.56 731.10 Td (, ) Tj ET Q q 0 0 0 rg BT 298.11 731.10 Td (plant ) Tj ET Q q 0 0 0 rg BT 321.16 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 338.65 731.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 383.92 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 401.41 731.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 444.45 731.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 470.84 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 488.33 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 503.60 731.10 Td (net ) Tj ET Q q 0 0 0 rg BT 518.87 731.10 Td (change ) Tj ET Q q 0 0 0 rg BT 550.24 731.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 719.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 158.27 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 175.21 719.10 Td (other ) Tj ET Q q 0 0 0 rg BT 198.26 719.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 235.74 719.10 Td (assets. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 695.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 695.10 Td (Financing ) Tj ET Q q 0 0 0 rg BT 133.42 695.10 Td (Activities ) Tj ET Q q 0 0 0 rg BT 173.13 695.10 Td ( ) Tj ET Q q 0 0 0 rg BT 184.52 695.10 Td (Y) Tj ET Q q 0 0 0 rg BT 189.17 695.10 Td (ear ) Tj ET Q q 0 0 0 rg BT 205.00 695.10 Td (Ended ) Tj ET Q q 0 0 0 rg BT 233.04 695.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 291.63 695.10 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 671.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 671.10 Td (For ) Tj ET Q q 0 0 0 rg BT 106.15 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 120.62 671.10 Td (year ) Tj ET Q q 0 0 0 rg BT 140.08 671.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 166.22 671.10 Td (December ) Tj ET Q q 0 0 0 rg BT 209.56 671.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.31 671.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.31 671.10 Td (, ) Tj ET Q q 0 0 0 rg BT 249.07 671.10 Td (our ) Tj ET Q q 0 0 0 rg BT 264.65 671.10 Td (net ) Tj ET Q q 0 0 0 rg BT 279.13 671.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 299.15 671.10 Td (used ) Tj ET Q q 0 0 0 rg BT 319.74 671.10 Td (in ) Tj ET Q q 0 0 0 rg BT 329.77 671.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 369.79 671.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 408.14 671.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.95 671.10 Td (351 ) Tj ET Q q 0 0 0 rg BT 448.21 671.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.10 671.10 Td (, ) Tj ET Q q 0 0 0 rg BT 481.86 671.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 521.32 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 535.80 671.10 Td (result ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 659.10 Td (of:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 635.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 108.00 635.10 Td (3,21) Tj ET Q q 0 0 0 rg BT 130.13 635.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 137.73 635.10 Td (million ) Tj ET Q q 0 0 0 rg BT 169.22 635.10 Td (related ) Tj ET Q q 0 0 0 rg BT 199.02 635.10 Td (to ) Tj ET Q q 0 0 0 rg BT 209.40 635.10 Td (net ) Tj ET Q q 0 0 0 rg BT 224.21 635.10 Td (repayments ) Tj ET Q q 0 0 0 rg BT 272.91 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 283.84 635.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 321.42 635.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 361.23 635.10 Td (with ) Tj ET Q q 0 0 0 rg BT 381.61 635.10 Td (FCA, ) Tj ET Q q 0 0 0 rg BT 406.16 635.10 Td (including ) Tj ET Q q 0 0 0 rg BT 446.53 635.10 Td (repayment ) Tj ET Q q 0 0 0 rg BT 491.33 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 502.26 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 517.08 635.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 535.98 635.10 Td ( ) Tj ET Q q 0 0 0 rg BT 538.58 635.10 Td (Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 623.10 Td (for ) Tj ET Q q 0 0 0 rg BT 122.16 623.10 Td (2,800 ) Tj ET Q q 0 0 0 rg BT 152.16 623.10 Td (million;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 599.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 108.00 599.10 Td (54 ) Tj ET Q q 0 0 0 rg BT 125.60 599.10 Td (million ) Tj ET Q q 0 0 0 rg BT 157.08 599.10 Td (related ) Tj ET Q q 0 0 0 rg BT 186.88 599.10 Td (to ) Tj ET Q q 0 0 0 rg BT 197.25 599.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 238.73 599.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 258.55 599.10 Td (to ) Tj ET Q q 0 0 0 rg BT 268.92 599.10 Td (non-controlling ) Tj ET Q q 0 0 0 rg BT 333.73 599.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 369.65 599.10 Td (in ) Tj ET Q q 0 0 0 rg BT 380.02 599.10 Td (our ) Tj ET Q q 0 0 0 rg BT 395.95 599.10 Td (Chinese ) Tj ET Q q 0 0 0 rg BT 430.76 599.10 Td (distributor) Tj ET Q q 0 0 0 rg BT 472.02 599.10 Td (, ) Tj ET Q q 0 0 0 rg BT 477.12 599.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 506.92 599.10 Td (International ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 587.10 Td (Cars ) Tj ET Q q 0 0 0 rg BT 128.65 587.10 Td (T) Tj ET Q q 0 0 0 rg BT 134.41 587.10 Td (rading ) Tj ET Q q 0 0 0 rg BT 162.45 587.10 Td (\(Shanghai\) ) Tj ET Q q 0 0 0 rg BT 208.83 587.10 Td (Co. ) Tj ET Q q 0 0 0 rg BT 225.50 587.10 Td (Ltd;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 563.10 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 108.00 563.10 Td (1) Tj ET Q q 0 0 0 rg BT 117.63 563.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 125.13 563.10 Td (million ) Tj ET Q q 0 0 0 rg BT 156.52 563.10 Td (related ) Tj ET Q q 0 0 0 rg BT 186.22 563.10 Td (to ) Tj ET Q q 0 0 0 rg BT 196.50 563.10 Td (net ) Tj ET Q q 0 0 0 rg BT 211.22 563.10 Td (repayments ) Tj ET Q q 0 0 0 rg BT 259.81 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 270.64 563.10 Td (other ) Tj ET Q q 0 0 0 rg BT 293.69 563.10 Td (debt; ) Tj ET Q q 0 0 0 rg BT 316.18 563.10 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 539.10 Td (\(iv\) ) Tj ET Q q 0 0 0 rg BT 108.00 539.10 Td (8 ) Tj ET Q q 0 0 0 rg BT 120.06 539.10 Td (million ) Tj ET Q q 0 0 0 rg BT 151.02 539.10 Td (related ) Tj ET Q q 0 0 0 rg BT 180.28 539.10 Td (to ) Tj ET Q q 0 0 0 rg BT 190.12 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 204.40 539.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 250.34 539.10 Td (of ) Tj ET Q q 0 0 0 rg BT 260.73 539.10 Td (non-controlling ) Tj ET Q q 0 0 0 rg BT 325.01 539.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 360.40 539.10 Td (of ) Tj ET Q q 0 0 0 rg BT 370.79 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 385.07 539.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 428.24 539.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 457.51 539.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 496.78 539.10 Td (Services ) Tj ET Q q 0 0 0 rg BT 532.72 539.10 Td (S.p.A.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 515.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 515.10 Td (These ) Tj ET Q q 0 0 0 rg BT 116.38 515.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 136.65 515.10 Td (outflows ) Tj ET Q q 0 0 0 rg BT 174.15 515.10 Td (were ) Tj ET Q q 0 0 0 rg BT 196.07 515.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 231.89 515.10 Td (of) Tj ET Q q 0 0 0 rg BT 240.04 515.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 256.98 515.10 Td (by:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 491.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 101.94 491.10 Td ( ) Tj ET Q q 0 0 0 rg BT 108.00 491.10 Td (2,1) Tj ET Q q 0 0 0 rg BT 125.13 491.10 Td (19 ) Tj ET Q q 0 0 0 rg BT 137.25 491.10 Td (million ) Tj ET Q q 0 0 0 rg BT 168.27 491.10 Td (related ) Tj ET Q q 0 0 0 rg BT 197.60 491.10 Td (to ) Tj ET Q q 0 0 0 rg BT 207.50 491.10 Td (net ) Tj ET Q q 0 0 0 rg BT 221.85 491.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 259.51 491.10 Td (from ) Tj ET Q q 0 0 0 rg BT 281.07 491.10 Td (third-party ) Tj ET Q q 0 0 0 rg BT 325.96 491.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 363.07 491.10 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 404.91 491.10 Td (including ) Tj ET Q q 0 0 0 rg BT 444.81 491.10 Td (2,000 ) Tj ET Q q 0 0 0 rg BT 474.43 491.10 Td (million ) Tj ET Q q 0 0 0 rg BT 505.45 491.10 Td (from ) Tj ET Q q 0 0 0 rg BT 527.01 491.10 Td (the ) Tj ET Q q 0 0 0 rg BT 541.36 491.10 Td (new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 479.10 Td (syndicated ) Tj ET Q q 0 0 0 rg BT 153.28 479.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 178.56 479.10 Td (facility) Tj ET Q q 0 0 0 rg BT 206.23 479.10 Td (, ) Tj ET Q q 0 0 0 rg BT 211.25 479.10 Td (of ) Tj ET Q q 0 0 0 rg BT 222.09 479.10 Td (which ) Tj ET Q q 0 0 0 rg BT 249.05 479.10 Td (1,500 ) Tj ET Q q 0 0 0 rg BT 279.06 479.10 Td (million ) Tj ET Q q 0 0 0 rg BT 310.47 479.10 Td (under ) Tj ET Q q 0 0 0 rg BT 335.76 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 350.31 479.10 Td (T) Tj ET Q q 0 0 0 rg BT 355.72 479.10 Td (erm ) Tj ET Q q 0 0 0 rg BT 373.78 479.10 Td (Loan ) Tj ET Q q 0 0 0 rg BT 396.84 479.10 Td (and ) Tj ET Q q 0 0 0 rg BT 413.80 479.10 Td (500 ) Tj ET Q q 0 0 0 rg BT 436.31 479.10 Td (million ) Tj ET Q q 0 0 0 rg BT 467.72 479.10 Td (under ) Tj ET Q q 0 0 0 rg BT 493.01 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 507.74 479.10 Td (Bridge ) Tj ET Q q 0 0 0 rg BT 537.47 479.10 Td (Loan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 467.10 Td (were ) Tj ET Q q 0 0 0 rg BT 129.93 467.10 Td (used ) Tj ET Q q 0 0 0 rg BT 150.76 467.10 Td (to ) Tj ET Q q 0 0 0 rg BT 161.04 467.10 Td (repay ) Tj ET Q q 0 0 0 rg BT 185.74 467.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 223.22 467.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 262.94 467.10 Td (with ) Tj ET Q q 0 0 0 rg BT 283.22 467.10 Td (FCA, ) Tj ET Q q 0 0 0 rg BT 307.67 467.10 Td (including ) Tj ET Q q 0 0 0 rg BT 347.95 467.10 Td (a ) Tj ET Q q 0 0 0 rg BT 354.88 467.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 386.27 467.10 Td (of ) Tj ET Q q 0 0 0 rg BT 397.10 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 411.82 467.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 430.72 467.10 Td ( ) Tj ET Q q 0 0 0 rg BT 433.22 467.10 Td (Note, ) Tj ET Q q 0 0 0 rg BT 457.66 467.10 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 443.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 104.72 443.10 Td ( ) Tj ET Q q 0 0 0 rg BT 108.00 443.10 Td (814 ) Tj ET Q q 0 0 0 rg BT 130.48 443.10 Td (million ) Tj ET Q q 0 0 0 rg BT 161.84 443.10 Td (related ) Tj ET Q q 0 0 0 rg BT 191.52 443.10 Td (to ) Tj ET Q q 0 0 0 rg BT 201.77 443.10 Td (the ) Tj ET Q q 0 0 0 rg BT 216.47 443.10 Td (net ) Tj ET Q q 0 0 0 rg BT 231.16 443.10 Td (change ) Tj ET Q q 0 0 0 rg BT 261.95 443.10 Td (in ) Tj ET Q q 0 0 0 rg BT 272.20 443.10 Td (deposits ) Tj ET Q q 0 0 0 rg BT 307.46 443.10 Td (in ) Tj ET Q q 0 0 0 rg BT 317.71 443.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 336.61 443.10 Td ( ) Tj ET Q q 0 0 0 rg BT 339.09 443.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 367.12 443.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 387.36 443.10 Td (management ) Tj ET Q q 0 0 0 rg BT 440.92 443.10 Td (pools, ) Tj ET Q q 0 0 0 rg BT 467.57 443.10 Td (mainly ) Tj ET Q q 0 0 0 rg BT 497.82 443.10 Td (used ) Tj ET Q q 0 0 0 rg BT 518.63 443.10 Td (to ) Tj ET Q q 0 0 0 rg BT 528.88 443.10 Td (repay ) Tj ET Q q 0 0 0 rg BT 553.56 443.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 431.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 139.39 431.10 Td (of ) Tj ET Q q 0 0 0 rg BT 150.22 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 164.93 431.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 183.83 431.10 Td ( ) Tj ET Q q 0 0 0 rg BT 186.33 431.10 Td (Note.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 407.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 407.10 Td (Financing ) Tj ET Q q 0 0 0 rg BT 133.42 407.10 Td (Activities ) Tj ET Q q 0 0 0 rg BT 173.13 407.10 Td ( ) Tj ET Q q 0 0 0 rg BT 184.52 407.10 Td (Y) Tj ET Q q 0 0 0 rg BT 189.17 407.10 Td (ear ) Tj ET Q q 0 0 0 rg BT 205.00 407.10 Td (Ended ) Tj ET Q q 0 0 0 rg BT 233.04 407.10 Td (December ) Tj ET Q q 0 0 0 rg BT 276.63 407.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 291.63 407.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 383.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 383.10 Td (For ) Tj ET Q q 0 0 0 rg BT 106.26 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 120.85 383.10 Td (year ) Tj ET Q q 0 0 0 rg BT 140.43 383.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 166.68 383.10 Td (December ) Tj ET Q q 0 0 0 rg BT 210.14 383.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 225.01 383.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 249.88 383.10 Td (net ) Tj ET Q q 0 0 0 rg BT 264.47 383.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 284.61 383.10 Td (used ) Tj ET Q q 0 0 0 rg BT 305.31 383.10 Td (in ) Tj ET Q q 0 0 0 rg BT 315.46 383.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 355.60 383.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 394.07 383.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.99 383.10 Td (122 ) Tj ET Q q 0 0 0 rg BT 434.37 383.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.26 383.10 Td (, ) Tj ET Q q 0 0 0 rg BT 468.13 383.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 507.71 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 522.30 383.10 Td (result ) Tj ET Q q 0 0 0 rg BT 546.89 383.10 Td (of:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 359.10 Td (\(i\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 359.10 Td (247 ) Tj ET Q q 0 0 0 rg BT 130.50 359.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.39 359.10 Td ( ) Tj ET Q q 0 0 0 rg BT 161.89 359.10 Td (related ) Tj ET Q q 0 0 0 rg BT 191.59 359.10 Td (to ) Tj ET Q q 0 0 0 rg BT 201.87 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 216.59 359.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 251.84 359.10 Td (in ) Tj ET Q q 0 0 0 rg BT 262.12 359.10 Td (deposits ) Tj ET Q q 0 0 0 rg BT 297.40 359.10 Td (in ) Tj ET Q q 0 0 0 rg BT 307.68 359.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 326.02 359.10 Td () Tj ET Q q 0 0 0 rg BT 328.80 359.10 Td (s ) Tj ET Q q 0 0 0 rg BT 335.19 359.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 355.46 359.10 Td (management ) Tj ET Q q 0 0 0 rg BT 409.05 359.10 Td (pools;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 335.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 108.00 335.10 Td (30 ) Tj ET Q q 0 0 0 rg BT 125.50 335.10 Td (million ) Tj ET Q q 0 0 0 rg BT 156.89 335.10 Td (related ) Tj ET Q q 0 0 0 rg BT 186.59 335.10 Td (to ) Tj ET Q q 0 0 0 rg BT 196.87 335.10 Td (net ) Tj ET Q q 0 0 0 rg BT 211.59 335.10 Td (repayments ) Tj ET Q q 0 0 0 rg BT 260.18 335.10 Td (of ) Tj ET Q q 0 0 0 rg BT 271.01 335.10 Td ( ) Tj ET Q q 0 0 0 rg BT 273.51 335.10 Td (bank ) Tj ET Q q 0 0 0 rg BT 295.45 335.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 343.50 335.10 Td (and ) Tj ET Q q 0 0 0 rg BT 360.44 335.10 Td (other ) Tj ET Q q 0 0 0 rg BT 383.49 335.10 Td (debt; ) Tj ET Q q 0 0 0 rg BT 405.98 335.10 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 311.10 Td (\(iii\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 311.10 Td (15 ) Tj ET Q q 0 0 0 rg BT 125.87 311.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.76 311.10 Td ( ) Tj ET Q q 0 0 0 rg BT 157.64 311.10 Td (related ) Tj ET Q q 0 0 0 rg BT 187.71 311.10 Td (to ) Tj ET Q q 0 0 0 rg BT 198.36 311.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 240.12 311.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 260.21 311.10 Td (to ) Tj ET Q q 0 0 0 rg BT 270.86 311.10 Td (non-controlling ) Tj ET Q q 0 0 0 rg BT 335.95 311.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 368.25 311.10 Td (in ) Tj ET Q q 0 0 0 rg BT 378.90 311.10 Td (our ) Tj ET Q q 0 0 0 rg BT 395.11 311.10 Td (Chinese ) Tj ET Q q 0 0 0 rg BT 430.20 311.10 Td (distributor) Tj ET Q q 0 0 0 rg BT 471.46 311.10 Td (, ) Tj ET Q q 0 0 0 rg BT 476.83 311.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 506.91 311.10 Td (International ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 299.10 Td (Cars ) Tj ET Q q 0 0 0 rg BT 128.65 299.10 Td (T) Tj ET Q q 0 0 0 rg BT 134.41 299.10 Td (rading ) Tj ET Q q 0 0 0 rg BT 162.45 299.10 Td (\(Shanghai\) ) Tj ET Q q 0 0 0 rg BT 208.83 299.10 Td (Co. ) Tj ET Q q 0 0 0 rg BT 225.50 299.10 Td (L.t.d.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 275.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 275.10 Td (These ) Tj ET Q q 0 0 0 rg BT 116.38 275.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 136.65 275.10 Td (outflows ) Tj ET Q q 0 0 0 rg BT 174.15 275.10 Td (were ) Tj ET Q q 0 0 0 rg BT 196.07 275.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 231.89 275.10 Td (of) Tj ET Q q 0 0 0 rg BT 240.04 275.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 256.98 275.10 Td (by:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 251.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 101.94 251.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 251.10 Td (89 ) Tj ET Q q 0 0 0 rg BT 125.50 251.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.39 251.10 Td ( ) Tj ET Q q 0 0 0 rg BT 156.89 251.10 Td (related ) Tj ET Q q 0 0 0 rg BT 186.59 251.10 Td (to ) Tj ET Q q 0 0 0 rg BT 196.87 251.10 Td (net ) Tj ET Q q 0 0 0 rg BT 211.59 251.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 249.63 251.10 Td (from ) Tj ET Q q 0 0 0 rg BT 271.56 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 286.28 251.10 Td (change ) Tj ET Q q 0 0 0 rg BT 317.10 251.10 Td (in ) Tj ET Q q 0 0 0 rg BT 327.38 251.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 364.86 251.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 404.57 251.10 Td (with ) Tj ET Q q 0 0 0 rg BT 424.85 251.10 Td (FCA; ) Tj ET Q q 0 0 0 rg BT 449.58 251.10 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 227.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 104.72 227.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 227.10 Td (81 ) Tj ET Q q 0 0 0 rg BT 125.71 227.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.60 227.10 Td ( ) Tj ET Q q 0 0 0 rg BT 157.31 227.10 Td (related ) Tj ET Q q 0 0 0 rg BT 187.23 227.10 Td (to ) Tj ET Q q 0 0 0 rg BT 197.72 227.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 235.97 227.10 Td (from ) Tj ET Q q 0 0 0 rg BT 258.12 227.10 Td (third ) Tj ET Q q 0 0 0 rg BT 279.71 227.10 Td (party ) Tj ET Q q 0 0 0 rg BT 302.97 227.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 340.66 227.10 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 383.09 227.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 411.35 227.10 Td (lar) Tj ET Q q 0 0 0 rg BT 421.72 227.10 Td (gely ) Tj ET Q q 0 0 0 rg BT 441.65 227.10 Td (by ) Tj ET Q q 0 0 0 rg BT 454.36 227.10 Td (an ) Tj ET Q q 0 0 0 rg BT 466.51 227.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 501.97 227.10 Td (in ) Tj ET Q q 0 0 0 rg BT 512.46 227.10 Td (borrowings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 215.10 Td (from ) Tj ET Q q 0 0 0 rg BT 129.94 215.10 Td (banks. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 191.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 191.10 Td (Financing ) Tj ET Q q 0 0 0 rg BT 133.42 191.10 Td (Activities ) Tj ET Q q 0 0 0 rg BT 173.13 191.10 Td ( ) Tj ET Q q 0 0 0 rg BT 184.52 191.10 Td (Y) Tj ET Q q 0 0 0 rg BT 189.17 191.10 Td (ear ) Tj ET Q q 0 0 0 rg BT 205.00 191.10 Td (Ended ) Tj ET Q q 0 0 0 rg BT 233.04 191.10 Td (December ) Tj ET Q q 0 0 0 rg BT 276.63 191.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 291.63 191.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 167.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 167.10 Td (For ) Tj ET Q q 0 0 0 rg BT 106.26 167.10 Td (the ) Tj ET Q q 0 0 0 rg BT 120.85 167.10 Td (year ) Tj ET Q q 0 0 0 rg BT 140.43 167.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 166.68 167.10 Td (December ) Tj ET Q q 0 0 0 rg BT 210.14 167.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 225.01 167.10 Td (2013, ) Tj ET Q q 0 0 0 rg BT 249.88 167.10 Td (net ) Tj ET Q q 0 0 0 rg BT 264.47 167.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 284.61 167.10 Td (used ) Tj ET Q q 0 0 0 rg BT 305.31 167.10 Td (in ) Tj ET Q q 0 0 0 rg BT 315.46 167.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 355.60 167.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 394.07 167.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.99 167.10 Td (163 ) Tj ET Q q 0 0 0 rg BT 434.37 167.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.26 167.10 Td (, ) Tj ET Q q 0 0 0 rg BT 468.13 167.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 507.71 167.10 Td (the ) Tj ET Q q 0 0 0 rg BT 522.30 167.10 Td (result ) Tj ET Q q 0 0 0 rg BT 546.89 167.10 Td (of:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 143.10 Td (\(i\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 143.10 Td (227 ) Tj ET Q q 0 0 0 rg BT 130.50 143.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.39 143.10 Td ( ) Tj ET Q q 0 0 0 rg BT 161.89 143.10 Td (related ) Tj ET Q q 0 0 0 rg BT 191.59 143.10 Td (to ) Tj ET Q q 0 0 0 rg BT 201.87 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 216.59 143.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 251.84 143.10 Td (in ) Tj ET Q q 0 0 0 rg BT 262.12 143.10 Td (deposits ) Tj ET Q q 0 0 0 rg BT 297.40 143.10 Td (in ) Tj ET Q q 0 0 0 rg BT 307.68 143.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 326.02 143.10 Td () Tj ET Q q 0 0 0 rg BT 328.80 143.10 Td (s ) Tj ET Q q 0 0 0 rg BT 335.19 143.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 355.46 143.10 Td (management ) Tj ET Q q 0 0 0 rg BT 409.05 143.10 Td (pools, ) Tj ET Q q 0 0 0 rg BT 435.72 143.10 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 119.10 Td (\(ii\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 119.10 Td (10 ) Tj ET Q q 0 0 0 rg BT 125.50 119.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.39 119.10 Td ( ) Tj ET Q q 0 0 0 rg BT 156.89 119.10 Td (of ) Tj ET Q q 0 0 0 rg BT 167.72 119.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 187.99 119.10 Td (used ) Tj ET Q q 0 0 0 rg BT 208.82 119.10 Td (for ) Tj ET Q q 0 0 0 rg BT 222.98 119.10 Td (the ) Tj ET Q q 0 0 0 rg BT 237.70 119.10 Td (repayment ) Tj ET Q q 0 0 0 rg BT 282.40 119.10 Td (of ) Tj ET Q q 0 0 0 rg BT 293.23 119.10 Td (bank ) Tj ET Q q 0 0 0 rg BT 315.17 119.10 Td (borrowings. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 95.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 95.10 Td (These ) Tj ET Q q 0 0 0 rg BT 116.38 95.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 136.65 95.10 Td (outflows ) Tj ET Q q 0 0 0 rg BT 174.15 95.10 Td (were ) Tj ET Q q 0 0 0 rg BT 196.07 95.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 231.89 95.10 Td (of) Tj ET Q q 0 0 0 rg BT 240.04 95.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 256.98 95.10 Td (by:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 71.10 Td (\(i\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 71.10 Td (51 ) Tj ET Q q 0 0 0 rg BT 125.50 71.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.39 71.10 Td ( ) Tj ET Q q 0 0 0 rg BT 156.89 71.10 Td (related ) Tj ET Q q 0 0 0 rg BT 186.59 71.10 Td (to ) Tj ET Q q 0 0 0 rg BT 196.87 71.10 Td (net ) Tj ET Q q 0 0 0 rg BT 211.59 71.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 249.63 71.10 Td (from ) Tj ET Q q 0 0 0 rg BT 271.56 71.10 Td (the ) Tj ET Q q 0 0 0 rg BT 286.28 71.10 Td (net ) Tj ET Q q 0 0 0 rg BT 301.00 71.10 Td (change ) Tj ET Q q 0 0 0 rg BT 331.81 71.10 Td (in ) Tj ET Q q 0 0 0 rg BT 342.09 71.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 379.57 71.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 419.29 71.10 Td (with ) Tj ET Q q 0 0 0 rg BT 439.57 71.10 Td (FCA; ) Tj ET Q endstream endobj 173 0 obj <> endobj 174 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (78) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 731.10 Td (\(ii\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 731.10 Td (15 ) Tj ET Q q 0 0 0 rg BT 125.80 731.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.69 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 157.49 731.10 Td (related ) Tj ET Q q 0 0 0 rg BT 187.48 731.10 Td (to ) Tj ET Q q 0 0 0 rg BT 198.06 731.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 236.39 731.10 Td (from ) Tj ET Q q 0 0 0 rg BT 258.63 731.10 Td (bank ) Tj ET Q q 0 0 0 rg BT 280.86 731.10 Td (borrowings, ) Tj ET Q q 0 0 0 rg BT 331.71 731.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 360.06 731.10 Td (lar) Tj ET Q q 0 0 0 rg BT 370.42 731.10 Td (gely ) Tj ET Q q 0 0 0 rg BT 390.44 731.10 Td (by ) Tj ET Q q 0 0 0 rg BT 403.23 731.10 Td (an ) Tj ET Q q 0 0 0 rg BT 415.47 731.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 451.02 731.10 Td (in ) Tj ET Q q 0 0 0 rg BT 461.59 731.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 509.94 731.10 Td (from ) Tj ET Q q 0 0 0 rg BT 532.18 731.10 Td (banks, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 124.70 719.10 Td (in ) Tj ET Q q 0 0 0 rg BT 134.74 719.10 Td (particular ) Tj ET Q q 0 0 0 rg BT 175.31 719.10 Td (due ) Tj ET Q q 0 0 0 rg BT 192.01 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 202.06 719.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 242.08 719.10 Td (obtained ) Tj ET Q q 0 0 0 rg BT 278.78 719.10 Td (by ) Tj ET Q q 0 0 0 rg BT 291.04 719.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 320.51 719.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 359.98 719.10 Td (Services ) Tj ET Q q 0 0 0 rg BT 396.12 719.10 Td (Japan ) Tj ET Q q 0 0 0 rg BT 421.15 719.10 Td (KK ) Tj ET Q q 0 0 0 rg BT 437.86 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 447.90 719.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 468.49 719.10 Td (its ) Tj ET Q q 0 0 0 rg BT 480.20 719.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 520.23 719.10 Td (portfolio; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 707.10 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 683.10 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 107.50 683.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 683.10 Td (8 ) Tj ET Q q 0 0 0 rg BT 120.50 683.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.39 683.10 Td ( ) Tj ET Q q 0 0 0 rg BT 151.89 683.10 Td (in ) Tj ET Q q 0 0 0 rg BT 162.17 683.10 Td (net ) Tj ET Q q 0 0 0 rg BT 176.89 683.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 214.92 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 225.75 683.10 Td (other ) Tj ET Q q 0 0 0 rg BT 248.80 683.10 Td (debt. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 659.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 86.50 659.10 Td (Expenditures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 635.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 635.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 120.56 635.10 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 173.33 635.10 Td (are ) Tj ET Q q 0 0 0 rg BT 187.21 635.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 218.88 635.10 Td (as ) Tj ET Q q 0 0 0 rg BT 228.88 635.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 248.33 635.10 Td (outflows ) Tj ET Q q 0 0 0 rg BT 285.01 635.10 Td (that ) Tj ET Q q 0 0 0 rg BT 301.68 635.10 Td (result ) Tj ET Q q 0 0 0 rg BT 325.57 635.10 Td (in ) Tj ET Q q 0 0 0 rg BT 335.03 635.10 Td (additions ) Tj ET Q q 0 0 0 rg BT 373.37 635.10 Td (to ) Tj ET Q q 0 0 0 rg BT 382.83 635.10 Td (property) Tj ET Q q 0 0 0 rg BT 416.05 635.10 Td (, ) Tj ET Q q 0 0 0 rg BT 420.23 635.10 Td (plant ) Tj ET Q q 0 0 0 rg BT 441.90 635.10 Td (and ) Tj ET Q q 0 0 0 rg BT 458.02 635.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 501.91 635.10 Td (and ) Tj ET Q q 0 0 0 rg BT 518.02 635.10 Td (intangible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 623.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 82.56 623.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 114.18 623.10 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 168.00 623.10 Td (for ) Tj ET Q q 0 0 0 rg BT 182.39 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 197.34 623.10 Td (year ) Tj ET Q q 0 0 0 rg BT 217.28 623.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 243.89 623.10 Td (December ) Tj ET Q q 0 0 0 rg BT 287.71 623.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.94 623.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.94 623.10 Td ( ) Tj ET Q q 0 0 0 rg BT 325.67 623.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.83 623.10 Td (356 ) Tj ET Q q 0 0 0 rg BT 370.56 623.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.45 623.10 Td ( ) Tj ET Q q 0 0 0 rg BT 402.19 623.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.52 623.10 Td (330 ) Tj ET Q q 0 0 0 rg BT 428.25 623.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.14 623.10 Td ( ) Tj ET Q q 0 0 0 rg BT 459.87 623.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.04 623.10 Td (271 ) Tj ET Q q 0 0 0 rg BT 499.77 623.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.67 623.10 Td ( ) Tj ET Q q 0 0 0 rg BT 531.40 623.10 Td (for ) Tj ET Q q 0 0 0 rg BT 545.79 623.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 611.10 Td (years ) Tj ET Q q 0 0 0 rg BT 77.60 611.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 103.98 611.10 Td (December ) Tj ET Q q 0 0 0 rg BT 147.56 611.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.56 611.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.56 611.10 Td ( ) Tj ET Q q 0 0 0 rg BT 185.06 611.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.00 611.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.00 611.10 Td (, ) Tj ET Q q 0 0 0 rg BT 227.00 611.10 Td (respectively\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 587.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 587.10 Td (The ) Tj ET Q q 0 0 0 rg BT 107.62 587.10 Td (following ) Tj ET Q q 0 0 0 rg BT 148.57 587.10 Td (table ) Tj ET Q q 0 0 0 rg BT 170.08 587.10 Td (sets ) Tj ET Q q 0 0 0 rg BT 187.14 587.10 Td (a ) Tj ET Q q 0 0 0 rg BT 193.65 587.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 215.16 587.10 Td (a ) Tj ET Q q 0 0 0 rg BT 221.67 587.10 Td (breakdown ) Tj ET Q q 0 0 0 rg BT 268.17 587.10 Td (of ) Tj ET Q q 0 0 0 rg BT 278.57 587.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 307.29 587.10 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 360.45 587.10 Td (by ) Tj ET Q q 0 0 0 rg BT 372.52 587.10 Td (category ) Tj ET Q q 0 0 0 rg BT 409.01 587.10 Td (for ) Tj ET Q q 0 0 0 rg BT 422.74 587.10 Td (each ) Tj ET Q q 0 0 0 rg BT 443.13 587.10 Td (of ) Tj ET Q q 0 0 0 rg BT 453.52 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 467.81 587.10 Td (years ) Tj ET Q q 0 0 0 rg BT 490.98 587.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 516.92 587.10 Td (December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 575.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.00 575.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 575.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.00 575.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 575.10 Td ( ) Tj ET Q q 0 0 0 rg BT 116.50 575.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.44 575.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.44 575.10 Td (: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.00 511.60 248.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 511.60 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.00 511.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.00 511.60 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.00 511.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.00 511.60 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.00 483.60 248.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 483.60 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.00 483.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.00 483.60 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.00 483.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.00 483.60 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.00 455.60 248.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 455.60 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.00 455.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.00 455.60 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.00 455.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.00 455.60 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.00 427.60 248.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 427.60 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.00 427.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.00 427.60 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.00 427.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.00 427.60 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.00 399.60 248.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 399.60 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.00 399.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.00 399.60 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.00 399.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.00 399.60 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.00 371.60 248.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 371.60 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.00 371.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.00 371.60 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.00 371.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.00 371.60 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.00 343.60 248.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 343.60 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.00 343.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.00 343.60 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.00 343.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.00 343.60 83.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 538.6 m 384 538.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 538.6 m 388 538.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388 538.6 m 471 538.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471 538.6 m 475 538.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 538.6 m 558 538.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 538.6 m 384 538.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 524.6 m 384 524.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 538.6 m 388 538.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388 538.6 m 471 538.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388 524.6 m 471 524.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471 538.6 m 475 538.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 538.6 m 558 538.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 524.6 m 558 524.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 455.6 m 384 455.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 441.6 m 384 441.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388 455.6 m 471 455.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388 441.6 m 471 441.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 455.6 m 558 455.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 441.6 m 558 441.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 357.6 m 384 357.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388 357.6 m 471 357.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 357.6 m 558 357.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 343.6 m 384 343.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 330.6 m 384 330.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 328.6 m 384 328.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388 343.6 m 471 343.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388 330.6 m 471 330.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388 328.6 m 471 328.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 343.6 m 558 343.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 330.6 m 558 330.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 328.6 m 558 328.6 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 365.65 543.05 Td (For the years ended December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 333.00 529.05 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 420.00 529.05 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 507.00 529.05 Td (2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 411.75 515.85 Td (\( million\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 55.50 502.05 Td (Intangible assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 55.50 488.06 Td (Externally acquired and internally generated development costs) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 367.00 488.06 Td (154) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.00 488.06 Td (145) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 488.06 Td (93) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 55.50 474.06 Td (Patents, concessions and licenses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 376.00 474.06 Td (9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 458.50 474.06 Td (13) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 474.06 Td (13) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 55.50 460.06 Td (Other intangible assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 376.00 460.06 Td (8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.00 460.06 Td (3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 460.06 Td (3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 55.50 446.05 Td (Total intangible assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 367.00 446.05 Td (171) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.00 446.05 Td (161) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 541.00 446.05 Td (109) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 55.50 432.05 Td (Property, plant and equipment) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 55.50 418.06 Td (Land) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 371.50 418.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 458.50 418.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 418.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 55.50 404.06 Td (Industrial buildings) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 371.50 404.06 Td (24) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.00 404.06 Td (4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 404.06 Td (10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 55.50 390.06 Td (Plant, machinery and equipment) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 367.00 390.06 Td (118) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 458.50 390.06 Td (77) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 541.00 390.06 Td (129) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 55.50 376.06 Td (Other assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 371.50 376.06 Td (11) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 458.50 376.06 Td (12) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 376.06 Td (12) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 55.50 362.06 Td (Advances and assets under construction) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 371.50 362.06 Td (32) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 458.50 362.06 Td (76) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 362.06 Td (11) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 55.50 348.05 Td (Total property, plant and equipment) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 367.00 348.05 Td (185) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.00 348.05 Td (169) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 541.00 348.05 Td (162) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 55.50 334.05 Td (Total capital expenditures) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 367.00 334.05 Td (356) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.00 334.05 Td (330) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 541.00 334.05 Td (271) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 306.10 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 97.60 306.10 Td (assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 282.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 282.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 108.82 282.10 Td (total ) Tj ET Q q 0 0 0 rg BT 129.87 282.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 159.79 282.10 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 214.16 282.10 Td (in ) Tj ET Q q 0 0 0 rg BT 225.21 282.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 268.48 282.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 295.08 282.10 Td (for ) Tj ET Q q 0 0 0 rg BT 310.01 282.10 Td (the ) Tj ET Q q 0 0 0 rg BT 325.50 282.10 Td (year ) Tj ET Q q 0 0 0 rg BT 345.98 282.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 373.13 282.10 Td (December ) Tj ET Q q 0 0 0 rg BT 417.49 282.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.26 282.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.26 282.10 Td ( ) Tj ET Q q 0 0 0 rg BT 456.53 282.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.24 282.10 Td (171 ) Tj ET Q q 0 0 0 rg BT 502.51 282.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.40 282.10 Td ( ) Tj ET Q q 0 0 0 rg BT 534.67 282.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.00 282.10 Td (161 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 270.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.89 270.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.76 270.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.07 270.10 Td (109 ) Tj ET Q q 0 0 0 rg BT 125.94 270.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.83 270.10 Td ( ) Tj ET Q q 0 0 0 rg BT 157.70 270.10 Td (for ) Tj ET Q q 0 0 0 rg BT 172.23 270.10 Td (the ) Tj ET Q q 0 0 0 rg BT 187.31 270.10 Td (years ) Tj ET Q q 0 0 0 rg BT 211.28 270.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 238.02 270.10 Td (December ) Tj ET Q q 0 0 0 rg BT 281.98 270.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.34 270.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.34 270.10 Td ( ) Tj ET Q q 0 0 0 rg BT 320.21 270.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.52 270.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.52 270.10 Td (, ) Tj ET Q q 0 0 0 rg BT 362.89 270.10 Td (respectively\), ) Tj ET Q q 0 0 0 rg BT 419.90 270.10 Td (the ) Tj ET Q q 0 0 0 rg BT 434.98 270.10 Td (most ) Tj ET Q q 0 0 0 rg BT 457.30 270.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 502.38 270.10 Td (component ) Tj ET Q q 0 0 0 rg BT 549.68 270.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 258.10 Td (which ) Tj ET Q q 0 0 0 rg BT 81.54 258.10 Td (relates ) Tj ET Q q 0 0 0 rg BT 110.73 258.10 Td (to ) Tj ET Q q 0 0 0 rg BT 121.61 258.10 Td (externally ) Tj ET Q q 0 0 0 rg BT 164.69 258.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 202.21 258.10 Td (and ) Tj ET Q q 0 0 0 rg BT 219.75 258.10 Td (internally ) Tj ET Q q 0 0 0 rg BT 261.17 258.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 303.13 258.10 Td (development ) Tj ET Q q 0 0 0 rg BT 357.88 258.10 Td (costs. ) Tj ET Q q 0 0 0 rg BT 383.48 258.10 Td (In ) Tj ET Q q 0 0 0 rg BT 394.91 258.10 Td (particular) Tj ET Q q 0 0 0 rg BT 432.82 258.10 Td (, ) Tj ET Q q 0 0 0 rg BT 438.42 258.10 Td (we ) Tj ET Q q 0 0 0 rg BT 453.18 258.10 Td (make ) Tj ET Q q 0 0 0 rg BT 477.94 258.10 Td (such ) Tj ET Q q 0 0 0 rg BT 499.37 258.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 550.24 258.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 246.10 Td (support ) Tj ET Q q 0 0 0 rg BT 85.44 246.10 Td (the ) Tj ET Q q 0 0 0 rg BT 99.10 246.10 Td (development ) Tj ET Q q 0 0 0 rg BT 152.20 246.10 Td (of ) Tj ET Q q 0 0 0 rg BT 161.97 246.10 Td (our ) Tj ET Q q 0 0 0 rg BT 176.74 246.10 Td (current ) Tj ET Q q 0 0 0 rg BT 206.50 246.10 Td (and ) Tj ET Q q 0 0 0 rg BT 222.38 246.10 Td (future ) Tj ET Q q 0 0 0 rg BT 247.70 246.10 Td (product ) Tj ET Q q 0 0 0 rg BT 279.69 246.10 Td (of) Tj ET Q q 0 0 0 rg BT 287.84 246.10 Td (fering. ) Tj ET Q q 0 0 0 rg BT 315.56 246.10 Td (The ) Tj ET Q q 0 0 0 rg BT 332.55 246.10 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 377.29 246.10 Td (development ) Tj ET Q q 0 0 0 rg BT 430.39 246.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 451.83 246.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 490.48 246.10 Td (include ) Tj ET Q q 0 0 0 rg BT 521.36 246.10 Td (materials ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 234.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 76.19 234.10 Td (and ) Tj ET Q q 0 0 0 rg BT 92.81 234.10 Td (personnel ) Tj ET Q q 0 0 0 rg BT 133.88 234.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 172.16 234.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 204.89 234.10 Td (to ) Tj ET Q q 0 0 0 rg BT 214.86 234.10 Td (engineering, ) Tj ET Q q 0 0 0 rg BT 266.75 234.10 Td (design ) Tj ET Q q 0 0 0 rg BT 295.04 234.10 Td (and ) Tj ET Q q 0 0 0 rg BT 311.67 234.10 Td (development ) Tj ET Q q 0 0 0 rg BT 365.51 234.10 Td (focused ) Tj ET Q q 0 0 0 rg BT 398.79 234.10 Td (on ) Tj ET Q q 0 0 0 rg BT 410.98 234.10 Td (content ) Tj ET Q q 0 0 0 rg BT 442.60 234.10 Td (enhancement ) Tj ET Q q 0 0 0 rg BT 497.54 234.10 Td (of ) Tj ET Q q 0 0 0 rg BT 508.06 234.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 541.91 234.10 Td (cars ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 222.10 Td (and ) Tj ET Q q 0 0 0 rg BT 70.02 222.10 Td (new ) Tj ET Q q 0 0 0 rg BT 88.26 222.10 Td (models. ) Tj ET Q q 0 0 0 rg BT 121.11 222.10 Td (W) Tj ET Q q 0 0 0 rg BT 129.74 222.10 Td (e ) Tj ET Q q 0 0 0 rg BT 135.76 222.10 Td (constantly ) Tj ET Q q 0 0 0 rg BT 178.44 222.10 Td (invest ) Tj ET Q q 0 0 0 rg BT 203.91 222.10 Td (in ) Tj ET Q q 0 0 0 rg BT 213.27 222.10 Td (product ) Tj ET Q q 0 0 0 rg BT 245.39 222.10 Td (development ) Tj ET Q q 0 0 0 rg BT 298.62 222.10 Td (to ) Tj ET Q q 0 0 0 rg BT 307.98 222.10 Td (ensure ) Tj ET Q q 0 0 0 rg BT 335.65 222.10 Td (we ) Tj ET Q q 0 0 0 rg BT 348.89 222.10 Td (can ) Tj ET Q q 0 0 0 rg BT 364.35 222.10 Td (quickly ) Tj ET Q q 0 0 0 rg BT 395.92 222.10 Td (and ) Tj ET Q q 0 0 0 rg BT 411.94 222.10 Td (ef) Tj ET Q q 0 0 0 rg BT 419.53 222.10 Td (ficiently ) Tj ET Q q 0 0 0 rg BT 454.43 222.10 Td (respond ) Tj ET Q q 0 0 0 rg BT 487.67 222.10 Td (to ) Tj ET Q q 0 0 0 rg BT 497.02 222.10 Td (market ) Tj ET Q q 0 0 0 rg BT 526.36 222.10 Td (demand ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 210.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 82.49 210.10 Td (technological ) Tj ET Q q 0 0 0 rg BT 139.29 210.10 Td (breakthroughs ) Tj ET Q q 0 0 0 rg BT 199.44 210.10 Td (and ) Tj ET Q q 0 0 0 rg BT 216.81 210.10 Td (in ) Tj ET Q q 0 0 0 rg BT 227.53 210.10 Td (order ) Tj ET Q q 0 0 0 rg BT 251.57 210.10 Td (to ) Tj ET Q q 0 0 0 rg BT 262.28 210.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 300.21 210.10 Td (our ) Tj ET Q q 0 0 0 rg BT 316.48 210.10 Td (position ) Tj ET Q q 0 0 0 rg BT 351.65 210.10 Td (at ) Tj ET Q q 0 0 0 rg BT 361.80 210.10 Td (the ) Tj ET Q q 0 0 0 rg BT 376.96 210.10 Td (top ) Tj ET Q q 0 0 0 rg BT 392.67 210.10 Td (of ) Tj ET Q q 0 0 0 rg BT 403.94 210.10 Td (the ) Tj ET Q q 0 0 0 rg BT 419.10 210.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 472.56 210.10 Td (and ) Tj ET Q q 0 0 0 rg BT 489.94 210.10 Td (luxury ) Tj ET Q q 0 0 0 rg BT 518.98 210.10 Td (sports ) Tj ET Q q 0 0 0 rg BT 545.81 210.10 Td (car ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 198.10 Td (market.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 174.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 174.10 Td (For ) Tj ET Q q 0 0 0 rg BT 107.46 174.10 Td (the ) Tj ET Q q 0 0 0 rg BT 123.24 174.10 Td (year ) Tj ET Q q 0 0 0 rg BT 144.01 174.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 171.46 174.10 Td (December ) Tj ET Q q 0 0 0 rg BT 216.11 174.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.17 174.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.17 174.10 Td (, ) Tj ET Q q 0 0 0 rg BT 258.24 174.10 Td (we ) Tj ET Q q 0 0 0 rg BT 273.46 174.10 Td (invested ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.35 174.10 Td (154 ) Tj ET Q q 0 0 0 rg BT 333.92 174.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 362.81 181.03 3.57 -9.09 re f /GS0 gs q 0 0 0 rg BT 362.81 174.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.38 174.10 Td (in ) Tj ET Q q 0 0 0 rg BT 377.72 174.10 Td (externally ) Tj ET Q q 0 0 0 rg BT 421.27 174.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 459.26 174.10 Td (and ) Tj ET Q q 0 0 0 rg BT 477.26 174.10 Td (internally ) Tj ET Q q 0 0 0 rg BT 519.15 174.10 Td (generated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 162.10 Td (development ) Tj ET Q q 0 0 0 rg BT 108.37 162.10 Td (costs,) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 130.87 169.03 2.72 -9.09 re f /GS0 gs q 0 0 0 rg BT 130.87 162.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.59 162.10 Td (of ) Tj ET Q q 0 0 0 rg BT 144.64 162.10 Td (which ) Tj ET Q q 0 0 0 rg BT 171.80 162.10 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 176.80 162.10 Td (75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.80 162.10 Td ( ) Tj ET Q q 0 0 0 rg BT 188.52 162.10 Td (million ) Tj ET Q q 0 0 0 rg BT 220.14 162.10 Td (related ) Tj ET Q q 0 0 0 rg BT 250.06 162.10 Td (to ) Tj ET Q q 0 0 0 rg BT 260.56 162.10 Td (development ) Tj ET Q q 0 0 0 rg BT 314.93 162.10 Td (of ) Tj ET Q q 0 0 0 rg BT 325.98 162.10 Td (models ) Tj ET Q q 0 0 0 rg BT 357.59 162.10 Td (to ) Tj ET Q q 0 0 0 rg BT 368.09 162.10 Td (be ) Tj ET Q q 0 0 0 rg BT 380.25 162.10 Td (launched ) Tj ET Q q 0 0 0 rg BT 419.07 162.10 Td (in ) Tj ET Q q 0 0 0 rg BT 429.56 162.10 Td (future ) Tj ET Q q 0 0 0 rg BT 456.16 162.10 Td (years, ) Tj ET Q q 0 0 0 rg BT 482.48 162.10 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 487.48 162.10 Td (47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.48 162.10 Td ( ) Tj ET Q q 0 0 0 rg BT 499.20 162.10 Td (million ) Tj ET Q q 0 0 0 rg BT 530.82 162.10 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 150.10 Td (to ) Tj ET Q q 0 0 0 rg BT 63.24 150.10 Td (development ) Tj ET Q q 0 0 0 rg BT 116.35 150.10 Td (of ) Tj ET Q q 0 0 0 rg BT 126.14 150.10 Td (the ) Tj ET Q q 0 0 0 rg BT 139.81 150.10 Td (488 ) Tj ET Q q 0 0 0 rg BT 156.27 150.10 Td (GTB ) Tj ET Q q 0 0 0 rg BT 177.73 150.10 Td (and ) Tj ET Q q 0 0 0 rg BT 193.63 150.10 Td (488 ) Tj ET Q q 0 0 0 rg BT 210.09 150.10 Td (Spider) Tj ET Q q 0 0 0 rg BT 235.79 150.10 Td (, ) Tj ET Q q 0 0 0 rg BT 239.75 150.10 Td (new ) Tj ET Q q 0 0 0 rg BT 257.87 150.10 Td (models ) Tj ET Q q 0 0 0 rg BT 288.22 150.10 Td (which ) Tj ET Q q 0 0 0 rg BT 314.12 150.10 Td (were ) Tj ET Q q 0 0 0 rg BT 335.00 150.10 Td (presented ) Tj ET Q q 0 0 0 rg BT 374.78 150.10 Td (in ) Tj ET Q q 0 0 0 rg BT 384.01 150.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 407.97 150.10 Td (19 ) Tj ET Q q 0 0 0 rg BT 424.43 150.10 Td (million ) Tj ET Q q 0 0 0 rg BT 454.78 150.10 Td (related ) Tj ET Q q 0 0 0 rg BT 483.44 150.10 Td (to ) Tj ET Q q 0 0 0 rg BT 492.68 150.10 Td (the ) Tj ET Q q 0 0 0 rg BT 506.36 150.10 Td (development ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 138.10 Td (of ) Tj ET Q q 0 0 0 rg BT 64.65 138.10 Td (the ) Tj ET Q q 0 0 0 rg BT 79.18 138.10 Td (F12tdf, ) Tj ET Q q 0 0 0 rg BT 110.67 138.10 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 115.67 138.10 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.67 138.10 Td ( ) Tj ET Q q 0 0 0 rg BT 126.99 138.10 Td (million ) Tj ET Q q 0 0 0 rg BT 158.20 138.10 Td (related ) Tj ET Q q 0 0 0 rg BT 187.72 138.10 Td (to ) Tj ET Q q 0 0 0 rg BT 197.82 138.10 Td (components ) Tj ET Q q 0 0 0 rg BT 248.46 138.10 Td (and ) Tj ET Q q 0 0 0 rg BT 265.22 138.10 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 270.22 138.10 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.22 138.10 Td ( ) Tj ET Q q 0 0 0 rg BT 281.54 138.10 Td (million ) Tj ET Q q 0 0 0 rg BT 312.75 138.10 Td (related ) Tj ET Q q 0 0 0 rg BT 342.27 138.10 Td (to ) Tj ET Q q 0 0 0 rg BT 352.36 138.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 402.46 138.10 Td (to ) Tj ET Q q 0 0 0 rg BT 412.55 138.10 Td (develop ) Tj ET Q q 0 0 0 rg BT 446.53 138.10 Td (other ) Tj ET Q q 0 0 0 rg BT 469.39 138.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 503.37 138.10 Td (models ) Tj ET Q q 0 0 0 rg BT 534.58 138.10 Td (in ) Tj ET Q q 0 0 0 rg BT 544.68 138.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 126.10 Td (product ) Tj ET Q q 0 0 0 rg BT 87.05 126.10 Td (line.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 102.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 102.10 Td (For ) Tj ET Q q 0 0 0 rg BT 107.46 102.10 Td (the ) Tj ET Q q 0 0 0 rg BT 123.24 102.10 Td (year ) Tj ET Q q 0 0 0 rg BT 144.01 102.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 171.46 102.10 Td (December ) Tj ET Q q 0 0 0 rg BT 216.11 102.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.17 102.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.17 102.10 Td (, ) Tj ET Q q 0 0 0 rg BT 258.24 102.10 Td (we ) Tj ET Q q 0 0 0 rg BT 273.46 102.10 Td (invested ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.35 102.10 Td (145 ) Tj ET Q q 0 0 0 rg BT 333.92 102.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.81 102.10 Td ( ) Tj ET Q q 0 0 0 rg BT 366.38 102.10 Td (in ) Tj ET Q q 0 0 0 rg BT 377.72 102.10 Td (externally ) Tj ET Q q 0 0 0 rg BT 421.27 102.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 459.26 102.10 Td (and ) Tj ET Q q 0 0 0 rg BT 477.26 102.10 Td (internally ) Tj ET Q q 0 0 0 rg BT 519.15 102.10 Td (generated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 90.10 Td (development ) Tj ET Q q 0 0 0 rg BT 108.91 90.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 134.66 90.10 Td (of ) Tj ET Q q 0 0 0 rg BT 146.25 90.10 Td (which ) Tj ET Q q 0 0 0 rg BT 173.95 90.10 Td (60 ) Tj ET Q q 0 0 0 rg BT 192.20 90.10 Td (million ) Tj ET Q q 0 0 0 rg BT 224.35 90.10 Td (related ) Tj ET Q q 0 0 0 rg BT 254.81 90.10 Td (to ) Tj ET Q q 0 0 0 rg BT 265.85 90.10 Td (the ) Tj ET Q q 0 0 0 rg BT 281.32 90.10 Td (development ) Tj ET Q q 0 0 0 rg BT 336.23 90.10 Td (of ) Tj ET Q q 0 0 0 rg BT 347.81 90.10 Td (the ) Tj ET Q q 0 0 0 rg BT 363.29 90.10 Td (488 ) Tj ET Q q 0 0 0 rg BT 381.54 90.10 Td (GTB, ) Tj ET Q q 0 0 0 rg BT 407.30 90.10 Td (60 ) Tj ET Q q 0 0 0 rg BT 425.56 90.10 Td (million ) Tj ET Q q 0 0 0 rg BT 457.71 90.10 Td (related ) Tj ET Q q 0 0 0 rg BT 488.17 90.10 Td (to ) Tj ET Q q 0 0 0 rg BT 499.20 90.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 550.23 90.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 78.10 Td (develop ) Tj ET Q q 0 0 0 rg BT 87.15 78.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 120.31 78.10 Td (models, ) Tj ET Q q 0 0 0 rg BT 153.19 78.10 Td (including ) Tj ET Q q 0 0 0 rg BT 192.45 78.10 Td (the ) Tj ET Q q 0 0 0 rg BT 206.16 78.10 Td (FF) Tj ET Q q 0 0 0 rg BT 216.49 78.10 Td (, ) Tj ET Q q 0 0 0 rg BT 220.48 78.10 Td (the ) Tj ET Q q 0 0 0 rg BT 234.19 78.10 Td (California ) Tj ET Q q 0 0 0 rg BT 276.12 78.10 Td (T) Tj ET Q q 0 0 0 rg BT 282.04 78.10 Td ( ) Tj ET Q q 0 0 0 rg BT 283.54 78.10 Td (and ) Tj ET Q q 0 0 0 rg BT 299.47 78.10 Td (the ) Tj ET Q q 0 0 0 rg BT 313.18 78.10 Td (LaFerrari ) Tj ET Q q 0 0 0 rg BT 352.43 78.10 Td (and ) Tj ET Q q 0 0 0 rg BT 368.36 78.10 Td (15 ) Tj ET Q q 0 0 0 rg BT 384.85 78.10 Td (million ) Tj ET Q q 0 0 0 rg BT 415.23 78.10 Td (related ) Tj ET Q q 0 0 0 rg BT 443.93 78.10 Td (to ) Tj ET Q q 0 0 0 rg BT 453.20 78.10 Td (components) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 501.53 78.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.52 78.10 Td (Furthermore, ) Tj ET Q endstream endobj 175 0 obj <> endobj 176 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (79) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (during ) Tj ET Q q 0 0 0 rg BT 82.90 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 97.91 731.10 Td (year ) Tj ET Q q 0 0 0 rg BT 117.91 731.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 144.58 731.10 Td (December ) Tj ET Q q 0 0 0 rg BT 188.45 731.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 203.75 731.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 229.04 731.10 Td (we ) Tj ET Q q 0 0 0 rg BT 243.49 731.10 Td (invested ) Tj ET Q q 0 0 0 rg BT 279.61 731.10 Td (an ) Tj ET Q q 0 0 0 rg BT 291.84 731.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 334.62 731.10 Td (10 ) Tj ET Q q 0 0 0 rg BT 352.41 731.10 Td (million ) Tj ET Q q 0 0 0 rg BT 384.09 731.10 Td (related ) Tj ET Q q 0 0 0 rg BT 414.09 731.10 Td (to ) Tj ET Q q 0 0 0 rg BT 424.66 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 439.67 731.10 Td (development ) Tj ET Q q 0 0 0 rg BT 494.11 731.10 Td (phase ) Tj ET Q q 0 0 0 rg BT 519.67 731.10 Td (for ) Tj ET Q q 0 0 0 rg BT 534.12 731.10 Td (a ) Tj ET Q q 0 0 0 rg BT 541.35 731.10 Td (new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (car ) Tj ET Q q 0 0 0 rg BT 68.71 719.10 Td (not ) Tj ET Q q 0 0 0 rg BT 83.99 719.10 Td (yet ) Tj ET Q q 0 0 0 rg BT 98.70 719.10 Td (scheduled ) Tj ET Q q 0 0 0 rg BT 141.19 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 151.47 719.10 Td (launch.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 695.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 695.10 Td (For ) Tj ET Q q 0 0 0 rg BT 107.77 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 123.86 695.10 Td (year ) Tj ET Q q 0 0 0 rg BT 144.95 695.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 172.70 695.10 Td (December ) Tj ET Q q 0 0 0 rg BT 217.67 695.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.04 695.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.04 695.10 Td (, ) Tj ET Q q 0 0 0 rg BT 260.42 695.10 Td (we ) Tj ET Q q 0 0 0 rg BT 275.96 695.10 Td (invested ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.16 695.10 Td (93 ) Tj ET Q q 0 0 0 rg BT 332.04 695.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.93 695.10 Td ( ) Tj ET Q q 0 0 0 rg BT 364.81 695.10 Td (in ) Tj ET Q q 0 0 0 rg BT 376.47 695.10 Td (externally ) Tj ET Q q 0 0 0 rg BT 420.33 695.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 458.63 695.10 Td (and ) Tj ET Q q 0 0 0 rg BT 476.94 695.10 Td (internally ) Tj ET Q q 0 0 0 rg BT 519.14 695.10 Td (generated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.10 Td (development ) Tj ET Q q 0 0 0 rg BT 107.78 683.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 129.91 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 140.36 683.10 Td (which ) Tj ET Q q 0 0 0 rg BT 166.93 683.10 Td (24 ) Tj ET Q q 0 0 0 rg BT 184.06 683.10 Td (million ) Tj ET Q q 0 0 0 rg BT 215.08 683.10 Td (related ) Tj ET Q q 0 0 0 rg BT 244.41 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 254.31 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 268.66 683.10 Td (development ) Tj ET Q q 0 0 0 rg BT 322.44 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 336.78 683.10 Td (LaFerrari, ) Tj ET Q q 0 0 0 rg BT 379.16 683.10 Td (51 ) Tj ET Q q 0 0 0 rg BT 396.29 683.10 Td (million ) Tj ET Q q 0 0 0 rg BT 427.31 683.10 Td (related ) Tj ET Q q 0 0 0 rg BT 456.64 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 466.55 683.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 516.45 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 526.36 683.10 Td (develop ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 671.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 87.93 671.10 Td (models ) Tj ET Q q 0 0 0 rg BT 119.08 671.10 Td (in ) Tj ET Q q 0 0 0 rg BT 129.12 671.10 Td (our ) Tj ET Q q 0 0 0 rg BT 144.71 671.10 Td (product ) Tj ET Q q 0 0 0 rg BT 177.52 671.10 Td (line ) Tj ET Q q 0 0 0 rg BT 194.78 671.10 Td (up ) Tj ET Q q 0 0 0 rg BT 207.04 671.10 Td (and ) Tj ET Q q 0 0 0 rg BT 223.75 671.10 Td (in ) Tj ET Q q 0 0 0 rg BT 233.79 671.10 Td (particular) Tj ET Q q 0 0 0 rg BT 271.70 671.10 Td (, ) Tj ET Q q 0 0 0 rg BT 276.46 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 290.94 671.10 Td (California ) Tj ET Q q 0 0 0 rg BT 333.58 671.10 Td (T) Tj ET Q q 0 0 0 rg BT 339.51 671.10 Td ( ) Tj ET Q q 0 0 0 rg BT 341.77 671.10 Td (and ) Tj ET Q q 0 0 0 rg BT 358.48 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 372.96 671.10 Td (458 ) Tj ET Q q 0 0 0 rg BT 390.05 671.10 Td (VS.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 405.34 671.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.60 671.10 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 462.35 671.10 Td (we ) Tj ET Q q 0 0 0 rg BT 476.27 671.10 Td (invested ) Tj ET Q q 0 0 0 rg BT 511.86 671.10 Td (18 ) Tj ET Q q 0 0 0 rg BT 529.12 671.10 Td (million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 659.10 Td (in ) Tj ET Q q 0 0 0 rg BT 64.28 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 79.00 659.10 Td (development ) Tj ET Q q 0 0 0 rg BT 133.15 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 143.98 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 158.69 659.10 Td (new ) Tj ET Q q 0 0 0 rg BT 177.85 659.10 Td (488 ) Tj ET Q q 0 0 0 rg BT 195.35 659.10 Td (GTB ) Tj ET Q q 0 0 0 rg BT 217.85 659.10 Td (street ) Tj ET Q q 0 0 0 rg BT 242.01 659.10 Td (car) Tj ET Q q 0 0 0 rg BT 253.66 659.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 635.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 635.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 137.83 635.10 Td (in ) Tj ET Q q 0 0 0 rg BT 149.00 635.10 Td (other ) Tj ET Q q 0 0 0 rg BT 172.94 635.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 216.33 635.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 243.05 635.10 Td (mainly ) Tj ET Q q 0 0 0 rg BT 274.22 635.10 Td (relates ) Tj ET Q q 0 0 0 rg BT 303.71 635.10 Td (to ) Tj ET Q q 0 0 0 rg BT 314.88 635.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 338.28 635.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 385.54 635.10 Td (for ) Tj ET Q q 0 0 0 rg BT 400.59 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 416.20 635.10 Td (registration ) Tj ET Q q 0 0 0 rg BT 465.14 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 476.87 635.10 Td (trademarks, ) Tj ET Q q 0 0 0 rg BT 527.19 635.10 Td (patents, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 623.10 Td (concessions ) Tj ET Q q 0 0 0 rg BT 104.27 623.10 Td (and ) Tj ET Q q 0 0 0 rg BT 121.21 623.10 Td (licenses. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 599.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 63.63 599.10 Td (operty) Tj ET Q q 0 0 0 rg BT 88.62 599.10 Td (, ) Tj ET Q q 0 0 0 rg BT 93.62 599.10 Td (plant ) Tj ET Q q 0 0 0 rg BT 116.68 599.10 Td (and ) Tj ET Q q 0 0 0 rg BT 134.18 599.10 Td (equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 575.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 575.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 107.65 575.10 Td (total ) Tj ET Q q 0 0 0 rg BT 127.51 575.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 156.26 575.10 Td (expenditure ) Tj ET Q q 0 0 0 rg BT 205.55 575.10 Td (in ) Tj ET Q q 0 0 0 rg BT 215.42 575.10 Td (property) Tj ET Q q 0 0 0 rg BT 248.65 575.10 Td (, ) Tj ET Q q 0 0 0 rg BT 253.25 575.10 Td (plant ) Tj ET Q q 0 0 0 rg BT 275.33 575.10 Td (and ) Tj ET Q q 0 0 0 rg BT 291.87 575.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 336.17 575.10 Td (for ) Tj ET Q q 0 0 0 rg BT 349.93 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 364.24 575.10 Td (year ) Tj ET Q q 0 0 0 rg BT 383.54 575.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 409.51 575.10 Td (December ) Tj ET Q q 0 0 0 rg BT 452.69 575.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.28 575.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.28 575.10 Td ( ) Tj ET Q q 0 0 0 rg BT 489.37 575.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.02 575.10 Td (185 ) Tj ET Q q 0 0 0 rg BT 529.11 575.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.00 575.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 563.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.33 563.10 Td (169 ) Tj ET Q q 0 0 0 rg BT 79.83 563.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.72 563.10 Td ( ) Tj ET Q q 0 0 0 rg BT 111.22 563.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.16 563.10 Td (162 ) Tj ET Q q 0 0 0 rg BT 150.66 563.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.55 563.10 Td ( ) Tj ET Q q 0 0 0 rg BT 182.05 563.10 Td (for ) Tj ET Q q 0 0 0 rg BT 196.21 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 210.93 563.10 Td (years ) Tj ET Q q 0 0 0 rg BT 234.53 563.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 260.90 563.10 Td (December ) Tj ET Q q 0 0 0 rg BT 304.49 563.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.49 563.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.49 563.10 Td ( ) Tj ET Q q 0 0 0 rg BT 341.99 563.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.93 563.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.93 563.10 Td (, ) Tj ET Q q 0 0 0 rg BT 383.93 563.10 Td (respectively\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 539.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 539.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 107.67 539.10 Td (most ) Tj ET Q q 0 0 0 rg BT 129.24 539.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 173.58 539.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 223.47 539.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 262.80 539.10 Td (relate ) Tj ET Q q 0 0 0 rg BT 287.12 539.10 Td (to ) Tj ET Q q 0 0 0 rg BT 297.02 539.10 Td (plant, ) Tj ET Q q 0 0 0 rg BT 321.64 539.10 Td (machinery ) Tj ET Q q 0 0 0 rg BT 365.96 539.10 Td (and ) Tj ET Q q 0 0 0 rg BT 382.52 539.10 Td (equipment, ) Tj ET Q q 0 0 0 rg BT 429.35 539.10 Td (which ) Tj ET Q q 0 0 0 rg BT 455.91 539.10 Td (amounted ) Tj ET Q q 0 0 0 rg BT 497.47 539.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.37 539.10 Td (1) Tj ET Q q 0 0 0 rg BT 517.00 539.10 Td (18 ) Tj ET Q q 0 0 0 rg BT 529.12 539.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.01 539.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 527.10 Td (for ) Tj ET Q q 0 0 0 rg BT 69.44 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 85.43 527.10 Td (year ) Tj ET Q q 0 0 0 rg BT 106.41 527.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 134.07 527.10 Td (December ) Tj ET Q q 0 0 0 rg BT 178.93 527.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.20 527.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.20 527.10 Td ( ) Tj ET Q q 0 0 0 rg BT 218.98 527.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.31 527.10 Td (77 ) Tj ET Q q 0 0 0 rg BT 241.09 527.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.98 527.10 Td ( ) Tj ET Q q 0 0 0 rg BT 273.75 527.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.97 527.10 Td (129 ) Tj ET Q q 0 0 0 rg BT 315.75 527.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.64 527.10 Td ( ) Tj ET Q q 0 0 0 rg BT 348.41 527.10 Td (for ) Tj ET Q q 0 0 0 rg BT 363.85 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 379.84 527.10 Td (years ) Tj ET Q q 0 0 0 rg BT 404.72 527.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 432.37 527.10 Td (December ) Tj ET Q q 0 0 0 rg BT 477.23 527.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.51 527.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.51 527.10 Td ( ) Tj ET Q q 0 0 0 rg BT 517.28 527.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.50 527.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.50 527.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 515.10 Td (respectively\) ) Tj ET Q q 0 0 0 rg BT 108.21 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 125.23 515.10 Td (to ) Tj ET Q q 0 0 0 rg BT 135.58 515.10 Td (a ) Tj ET Q q 0 0 0 rg BT 142.59 515.10 Td (lesser ) Tj ET Q q 0 0 0 rg BT 167.93 515.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 194.94 515.10 Td (advances ) Tj ET Q q 0 0 0 rg BT 234.16 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 251.17 515.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 277.07 515.10 Td (under ) Tj ET Q q 0 0 0 rg BT 302.41 515.10 Td (construction, ) Tj ET Q q 0 0 0 rg BT 356.92 515.10 Td (which ) Tj ET Q q 0 0 0 rg BT 383.93 515.10 Td (amounted ) Tj ET Q q 0 0 0 rg BT 425.94 515.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.29 515.10 Td (32 ) Tj ET Q q 0 0 0 rg BT 453.86 515.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.75 515.10 Td ( ) Tj ET Q q 0 0 0 rg BT 485.33 515.10 Td (for ) Tj ET Q q 0 0 0 rg BT 499.56 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 514.35 515.10 Td (year ) Tj ET Q q 0 0 0 rg BT 534.13 515.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 503.10 Td (December ) Tj ET Q q 0 0 0 rg BT 97.35 503.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.11 503.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.11 503.10 Td ( ) Tj ET Q q 0 0 0 rg BT 134.37 503.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.70 503.10 Td (76 ) Tj ET Q q 0 0 0 rg BT 154.96 503.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.85 503.10 Td ( ) Tj ET Q q 0 0 0 rg BT 186.12 503.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.82 503.10 Td (1) Tj ET Q q 0 0 0 rg BT 212.45 503.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 219.71 503.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.60 503.10 Td ( ) Tj ET Q q 0 0 0 rg BT 250.86 503.10 Td (for ) Tj ET Q q 0 0 0 rg BT 264.78 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 279.26 503.10 Td (years ) Tj ET Q q 0 0 0 rg BT 302.62 503.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 328.76 503.10 Td (December ) Tj ET Q q 0 0 0 rg BT 372.11 503.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.87 503.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.87 503.10 Td ( ) Tj ET Q q 0 0 0 rg BT 409.13 503.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.83 503.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.83 503.10 Td (, ) Tj ET Q q 0 0 0 rg BT 450.60 503.10 Td (respectively\). ) Tj ET Q q 0 0 0 rg BT 507.00 503.10 Td (In ) Tj ET Q q 0 0 0 rg BT 517.59 503.10 Td (particular) Tj ET Q q 0 0 0 rg BT 555.50 503.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 491.10 Td (our ) Tj ET Q q 0 0 0 rg BT 69.01 491.10 Td (most ) Tj ET Q q 0 0 0 rg BT 90.14 491.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 134.03 491.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 183.48 491.10 Td (include ) Tj ET Q q 0 0 0 rg BT 214.60 491.10 Td (engine ) Tj ET Q q 0 0 0 rg BT 242.93 491.10 Td (assembly ) Tj ET Q q 0 0 0 rg BT 281.83 491.10 Td (lines ) Tj ET Q q 0 0 0 rg BT 302.39 491.10 Td (and ) Tj ET Q q 0 0 0 rg BT 318.51 491.10 Td (plant ) Tj ET Q q 0 0 0 rg BT 340.19 491.10 Td (and ) Tj ET Q q 0 0 0 rg BT 356.30 491.10 Td (machinery ) Tj ET Q q 0 0 0 rg BT 400.19 491.10 Td (used ) Tj ET Q q 0 0 0 rg BT 420.20 491.10 Td (for ) Tj ET Q q 0 0 0 rg BT 433.54 491.10 Td (engine ) Tj ET Q q 0 0 0 rg BT 461.87 491.10 Td (testing ) Tj ET Q q 0 0 0 rg BT 490.22 491.10 Td (to ) Tj ET Q q 0 0 0 rg BT 499.67 491.10 Td (ensure ) Tj ET Q q 0 0 0 rg BT 527.45 491.10 Td (engines ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 479.10 Td (deliver ) Tj ET Q q 0 0 0 rg BT 84.26 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 98.98 479.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 137.01 479.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 190.04 479.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 211.97 479.10 Td (to ) Tj ET Q q 0 0 0 rg BT 222.25 479.10 Td (installation ) Tj ET Q q 0 0 0 rg BT 269.19 479.10 Td (in ) Tj ET Q q 0 0 0 rg BT 279.47 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 294.19 479.10 Td (car) Tj ET Q q 0 0 0 rg BT 305.99 479.10 Td (, ) Tj ET Q q 0 0 0 rg BT 310.99 479.10 Td (referred ) Tj ET Q q 0 0 0 rg BT 345.13 479.10 Td (to ) Tj ET Q q 0 0 0 rg BT 355.41 479.10 Td (as ) Tj ET Q q 0 0 0 rg BT 366.24 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 380.95 479.10 Td (test ) Tj ET Q q 0 0 0 rg BT 397.34 479.10 Td (bench.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 455.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 455.10 Td (For ) Tj ET Q q 0 0 0 rg BT 105.57 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.46 455.10 Td (year ) Tj ET Q q 0 0 0 rg BT 138.35 455.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 163.90 455.10 Td (December ) Tj ET Q q 0 0 0 rg BT 206.66 455.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.84 455.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.84 455.10 Td (, ) Tj ET Q q 0 0 0 rg BT 245.02 455.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 294.47 455.10 Td (in ) Tj ET Q q 0 0 0 rg BT 303.92 455.10 Td (plant, ) Tj ET Q q 0 0 0 rg BT 328.10 455.10 Td (machinery ) Tj ET Q q 0 0 0 rg BT 371.98 455.10 Td (and ) Tj ET Q q 0 0 0 rg BT 388.09 455.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 431.98 455.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.99 455.10 Td (1) Tj ET Q q 0 0 0 rg BT 451.62 455.10 Td (18 ) Tj ET Q q 0 0 0 rg BT 463.29 455.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.19 455.10 Td (, ) Tj ET Q q 0 0 0 rg BT 496.36 455.10 Td (were ) Tj ET Q q 0 0 0 rg BT 517.47 455.10 Td (composed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 443.10 Td (of ) Tj ET Q q 0 0 0 rg BT 65.10 443.10 Td (72 ) Tj ET Q q 0 0 0 rg BT 82.88 443.10 Td (million ) Tj ET Q q 0 0 0 rg BT 114.55 443.10 Td (related ) Tj ET Q q 0 0 0 rg BT 144.52 443.10 Td (to ) Tj ET Q q 0 0 0 rg BT 155.08 443.10 Td (the ) Tj ET Q q 0 0 0 rg BT 170.07 443.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 220.62 443.10 Td (in ) Tj ET Q q 0 0 0 rg BT 231.17 443.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 250.04 443.10 Td (production ) Tj ET Q q 0 0 0 rg BT 296.14 443.10 Td (lines, ) Tj ET Q q 0 0 0 rg BT 320.31 443.10 Td (27 ) Tj ET Q q 0 0 0 rg BT 338.08 443.10 Td (million ) Tj ET Q q 0 0 0 rg BT 369.75 443.10 Td (to ) Tj ET Q q 0 0 0 rg BT 380.30 443.10 Td (test ) Tj ET Q q 0 0 0 rg BT 396.96 443.10 Td (bench ) Tj ET Q q 0 0 0 rg BT 423.61 443.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 468.60 443.10 Td (and ) Tj ET Q q 0 0 0 rg BT 485.81 443.10 Td (machinery ) Tj ET Q q 0 0 0 rg BT 530.79 443.10 Td (and ) Tj ET Q q 0 0 0 rg BT 548.00 443.10 Td (1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 431.10 Td (million ) Tj ET Q q 0 0 0 rg BT 85.14 431.10 Td (related ) Tj ET Q q 0 0 0 rg BT 114.59 431.10 Td (to ) Tj ET Q q 0 0 0 rg BT 124.61 431.10 Td (upgrade ) Tj ET Q q 0 0 0 rg BT 159.06 431.10 Td (works ) Tj ET Q q 0 0 0 rg BT 185.75 431.10 Td (performed ) Tj ET Q q 0 0 0 rg BT 229.64 431.10 Td (on ) Tj ET Q q 0 0 0 rg BT 241.89 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 256.35 431.10 Td (wind ) Tj ET Q q 0 0 0 rg BT 278.60 431.10 Td (tunnel. ) Tj ET Q q 0 0 0 rg BT 308.18 431.10 Td (The ) Tj ET Q q 0 0 0 rg BT 325.97 431.10 Td (residual ) Tj ET Q q 0 0 0 rg BT 359.87 431.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 392.11 431.10 Td (of ) Tj ET Q q 0 0 0 rg BT 402.69 431.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 431.59 431.10 Td (expenditure ) Tj ET Q q 0 0 0 rg BT 481.04 431.10 Td (in ) Tj ET Q q 0 0 0 rg BT 491.06 431.10 Td (plant, ) Tj ET Q q 0 0 0 rg BT 515.80 431.10 Td (machinery ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 419.10 Td (and ) Tj ET Q q 0 0 0 rg BT 70.94 419.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 115.65 419.10 Td (was ) Tj ET Q q 0 0 0 rg BT 133.70 419.10 Td (lar) Tj ET Q q 0 0 0 rg BT 144.07 419.10 Td (gely ) Tj ET Q q 0 0 0 rg BT 163.79 419.10 Td (related ) Tj ET Q q 0 0 0 rg BT 193.49 419.10 Td (to ) Tj ET Q q 0 0 0 rg BT 203.77 419.10 Td (the ) Tj ET Q q 0 0 0 rg BT 218.48 419.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 256.52 419.10 Td (of ) Tj ET Q q 0 0 0 rg BT 267.35 419.10 Td (industrial ) Tj ET Q q 0 0 0 rg BT 307.62 419.10 Td (tools ) Tj ET Q q 0 0 0 rg BT 329.57 419.10 Td (needed ) Tj ET Q q 0 0 0 rg BT 360.39 419.10 Td (for ) Tj ET Q q 0 0 0 rg BT 374.55 419.10 Td (production ) Tj ET Q q 0 0 0 rg BT 420.37 419.10 Td (of ) Tj ET Q q 0 0 0 rg BT 431.20 419.10 Td (cars.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 395.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 395.10 Td (For ) Tj ET Q q 0 0 0 rg BT 105.84 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 120.01 395.10 Td (year ) Tj ET Q q 0 0 0 rg BT 139.16 395.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 164.99 395.10 Td (December ) Tj ET Q q 0 0 0 rg BT 208.02 395.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.47 395.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.47 395.10 Td (, ) Tj ET Q q 0 0 0 rg BT 246.92 395.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 296.65 395.10 Td (in ) Tj ET Q q 0 0 0 rg BT 306.38 395.10 Td (plant, ) Tj ET Q q 0 0 0 rg BT 330.82 395.10 Td (machinery ) Tj ET Q q 0 0 0 rg BT 374.97 395.10 Td (and ) Tj ET Q q 0 0 0 rg BT 391.36 395.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 435.52 395.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.80 395.10 Td (77 ) Tj ET Q q 0 0 0 rg BT 462.75 395.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.64 395.10 Td (, ) Tj ET Q q 0 0 0 rg BT 496.09 395.10 Td (were ) Tj ET Q q 0 0 0 rg BT 517.47 395.10 Td (composed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 383.10 Td (of ) Tj ET Q q 0 0 0 rg BT 64.88 383.10 Td (44 ) Tj ET Q q 0 0 0 rg BT 82.44 383.10 Td (million ) Tj ET Q q 0 0 0 rg BT 113.88 383.10 Td (related ) Tj ET Q q 0 0 0 rg BT 143.63 383.10 Td (to ) Tj ET Q q 0 0 0 rg BT 153.97 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 168.74 383.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 219.06 383.10 Td (in ) Tj ET Q q 0 0 0 rg BT 229.39 383.10 Td (engine ) Tj ET Q q 0 0 0 rg BT 258.60 383.10 Td (assembly ) Tj ET Q q 0 0 0 rg BT 298.37 383.10 Td (lines, ) Tj ET Q q 0 0 0 rg BT 322.31 383.10 Td (10 ) Tj ET Q q 0 0 0 rg BT 339.86 383.10 Td (million ) Tj ET Q q 0 0 0 rg BT 371.31 383.10 Td (to ) Tj ET Q q 0 0 0 rg BT 381.64 383.10 Td (test ) Tj ET Q q 0 0 0 rg BT 398.08 383.10 Td (bench ) Tj ET Q q 0 0 0 rg BT 424.51 383.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 469.27 383.10 Td (and ) Tj ET Q q 0 0 0 rg BT 486.26 383.10 Td (machinery ) Tj ET Q q 0 0 0 rg BT 531.02 383.10 Td (and ) Tj ET Q q 0 0 0 rg BT 548.01 383.10 Td (3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 371.10 Td (million ) Tj ET Q q 0 0 0 rg BT 85.14 371.10 Td (related ) Tj ET Q q 0 0 0 rg BT 114.59 371.10 Td (to ) Tj ET Q q 0 0 0 rg BT 124.61 371.10 Td (upgrade ) Tj ET Q q 0 0 0 rg BT 159.06 371.10 Td (works ) Tj ET Q q 0 0 0 rg BT 185.75 371.10 Td (performed ) Tj ET Q q 0 0 0 rg BT 229.64 371.10 Td (on ) Tj ET Q q 0 0 0 rg BT 241.89 371.10 Td (the ) Tj ET Q q 0 0 0 rg BT 256.35 371.10 Td (wind ) Tj ET Q q 0 0 0 rg BT 278.60 371.10 Td (tunnel. ) Tj ET Q q 0 0 0 rg BT 308.18 371.10 Td (The ) Tj ET Q q 0 0 0 rg BT 325.97 371.10 Td (residual ) Tj ET Q q 0 0 0 rg BT 359.87 371.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 392.11 371.10 Td (of ) Tj ET Q q 0 0 0 rg BT 402.69 371.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 431.59 371.10 Td (expenditure ) Tj ET Q q 0 0 0 rg BT 481.04 371.10 Td (in ) Tj ET Q q 0 0 0 rg BT 491.06 371.10 Td (plant, ) Tj ET Q q 0 0 0 rg BT 515.80 371.10 Td (machinery ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 359.10 Td (and ) Tj ET Q q 0 0 0 rg BT 70.94 359.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 115.65 359.10 Td (was ) Tj ET Q q 0 0 0 rg BT 133.70 359.10 Td (lar) Tj ET Q q 0 0 0 rg BT 144.07 359.10 Td (gely ) Tj ET Q q 0 0 0 rg BT 163.79 359.10 Td (related ) Tj ET Q q 0 0 0 rg BT 193.49 359.10 Td (to ) Tj ET Q q 0 0 0 rg BT 203.77 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 218.48 359.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 256.52 359.10 Td (of ) Tj ET Q q 0 0 0 rg BT 267.35 359.10 Td (industrial ) Tj ET Q q 0 0 0 rg BT 307.62 359.10 Td (tools ) Tj ET Q q 0 0 0 rg BT 329.57 359.10 Td (needed ) Tj ET Q q 0 0 0 rg BT 360.39 359.10 Td (for ) Tj ET Q q 0 0 0 rg BT 374.55 359.10 Td (production ) Tj ET Q q 0 0 0 rg BT 420.37 359.10 Td (of ) Tj ET Q q 0 0 0 rg BT 431.20 359.10 Td (cars.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 335.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 335.10 Td (For ) Tj ET Q q 0 0 0 rg BT 105.55 335.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.42 335.10 Td (year ) Tj ET Q q 0 0 0 rg BT 138.28 335.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 163.81 335.10 Td (December ) Tj ET Q q 0 0 0 rg BT 206.55 335.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.71 335.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.71 335.10 Td (, ) Tj ET Q q 0 0 0 rg BT 244.86 335.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 294.29 335.10 Td (in ) Tj ET Q q 0 0 0 rg BT 303.73 335.10 Td (plant, ) Tj ET Q q 0 0 0 rg BT 327.88 335.10 Td (machinery ) Tj ET Q q 0 0 0 rg BT 371.73 335.10 Td (and ) Tj ET Q q 0 0 0 rg BT 387.83 335.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 431.69 335.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.68 335.10 Td (129 ) Tj ET Q q 0 0 0 rg BT 463.33 335.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.23 335.10 Td (, ) Tj ET Q q 0 0 0 rg BT 496.38 335.10 Td (were ) Tj ET Q q 0 0 0 rg BT 517.47 335.10 Td (composed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 323.10 Td (of ) Tj ET Q q 0 0 0 rg BT 64.50 323.10 Td (91 ) Tj ET Q q 0 0 0 rg BT 81.66 323.10 Td (million ) Tj ET Q q 0 0 0 rg BT 112.72 323.10 Td (related ) Tj ET Q q 0 0 0 rg BT 142.09 323.10 Td (to ) Tj ET Q q 0 0 0 rg BT 152.03 323.10 Td (the ) Tj ET Q q 0 0 0 rg BT 166.41 323.10 Td (construction ) Tj ET Q q 0 0 0 rg BT 218.01 323.10 Td (of ) Tj ET Q q 0 0 0 rg BT 228.51 323.10 Td (new ) Tj ET Q q 0 0 0 rg BT 247.33 323.10 Td (assembly ) Tj ET Q q 0 0 0 rg BT 286.71 323.10 Td (line ) Tj ET Q q 0 0 0 rg BT 303.88 323.10 Td (for ) Tj ET Q q 0 0 0 rg BT 317.70 323.10 Td (the ) Tj ET Q q 0 0 0 rg BT 331.93 323.10 Td (V12 ) Tj ET Q q 0 0 0 rg BT 351.31 323.10 Td (hybrid ) Tj ET Q q 0 0 0 rg BT 379.59 323.10 Td (engine ) Tj ET Q q 0 0 0 rg BT 408.41 323.10 Td (for ) Tj ET Q q 0 0 0 rg BT 422.23 323.10 Td (use ) Tj ET Q q 0 0 0 rg BT 437.73 323.10 Td (in ) Tj ET Q q 0 0 0 rg BT 447.67 323.10 Td (the ) Tj ET Q q 0 0 0 rg BT 462.06 323.10 Td (LaFerrari) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 499.81 323.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.98 323.10 Td (which ) Tj ET Q q 0 0 0 rg BT 528.58 323.10 Td (entered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 311.10 Td (into ) Tj ET Q q 0 0 0 rg BT 71.63 311.10 Td (production ) Tj ET Q q 0 0 0 rg BT 117.03 311.10 Td (in ) Tj ET Q q 0 0 0 rg BT 126.88 311.10 Td (2013, ) Tj ET Q q 0 0 0 rg BT 151.46 311.10 Td (9 ) Tj ET Q q 0 0 0 rg BT 163.53 311.10 Td (million ) Tj ET Q q 0 0 0 rg BT 194.50 311.10 Td (for ) Tj ET Q q 0 0 0 rg BT 208.23 311.10 Td (test ) Tj ET Q q 0 0 0 rg BT 224.19 311.10 Td (bench ) Tj ET Q q 0 0 0 rg BT 250.14 311.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 294.43 311.10 Td (and ) Tj ET Q q 0 0 0 rg BT 310.94 311.10 Td (machinery ) Tj ET Q q 0 0 0 rg BT 355.22 311.10 Td (and ) Tj ET Q q 0 0 0 rg BT 371.73 311.10 Td (4 ) Tj ET Q q 0 0 0 rg BT 383.81 311.10 Td (million ) Tj ET Q q 0 0 0 rg BT 414.77 311.10 Td (related ) Tj ET Q q 0 0 0 rg BT 444.05 311.10 Td (to ) Tj ET Q q 0 0 0 rg BT 453.90 311.10 Td (upgrade ) Tj ET Q q 0 0 0 rg BT 488.18 311.10 Td (and ) Tj ET Q q 0 0 0 rg BT 504.69 311.10 Td (improvement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 299.10 Td (works ) Tj ET Q q 0 0 0 rg BT 80.42 299.10 Td (performed ) Tj ET Q q 0 0 0 rg BT 124.04 299.10 Td (on ) Tj ET Q q 0 0 0 rg BT 136.02 299.10 Td (our ) Tj ET Q q 0 0 0 rg BT 151.33 299.10 Td (wind ) Tj ET Q q 0 0 0 rg BT 173.31 299.10 Td (tunnel. ) Tj ET Q q 0 0 0 rg BT 202.64 299.10 Td (The ) Tj ET Q q 0 0 0 rg BT 220.16 299.10 Td (residual ) Tj ET Q q 0 0 0 rg BT 253.79 299.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 285.77 299.10 Td (of ) Tj ET Q q 0 0 0 rg BT 296.07 299.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 324.70 299.10 Td (expenditure ) Tj ET Q q 0 0 0 rg BT 373.88 299.10 Td (in ) Tj ET Q q 0 0 0 rg BT 383.64 299.10 Td (plant, ) Tj ET Q q 0 0 0 rg BT 408.11 299.10 Td (machinery ) Tj ET Q q 0 0 0 rg BT 452.29 299.10 Td (and ) Tj ET Q q 0 0 0 rg BT 468.71 299.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 512.90 299.10 Td (was ) Tj ET Q q 0 0 0 rg BT 530.42 299.10 Td (lar) Tj ET Q q 0 0 0 rg BT 540.79 299.10 Td (gely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 287.10 Td (related ) Tj ET Q q 0 0 0 rg BT 83.70 287.10 Td (to ) Tj ET Q q 0 0 0 rg BT 93.98 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 108.70 287.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 146.73 287.10 Td (of ) Tj ET Q q 0 0 0 rg BT 157.56 287.10 Td (industrial ) Tj ET Q q 0 0 0 rg BT 197.84 287.10 Td (tools ) Tj ET Q q 0 0 0 rg BT 219.79 287.10 Td (needed ) Tj ET Q q 0 0 0 rg BT 250.60 287.10 Td (for ) Tj ET Q q 0 0 0 rg BT 264.76 287.10 Td (production ) Tj ET Q q 0 0 0 rg BT 310.59 287.10 Td (of ) Tj ET Q q 0 0 0 rg BT 321.42 287.10 Td (cars.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 263.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 263.10 Td (Advances ) Tj ET Q q 0 0 0 rg BT 131.88 263.10 Td (and ) Tj ET Q q 0 0 0 rg BT 148.78 263.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 174.56 263.10 Td (under ) Tj ET Q q 0 0 0 rg BT 199.79 263.10 Td (construction ) Tj ET Q q 0 0 0 rg BT 251.67 263.10 Td (for ) Tj ET Q q 0 0 0 rg BT 265.79 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 280.46 263.10 Td (year ) Tj ET Q q 0 0 0 rg BT 300.12 263.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 326.46 263.10 Td (December ) Tj ET Q q 0 0 0 rg BT 370.00 263.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.95 263.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.95 263.10 Td ( ) Tj ET Q q 0 0 0 rg BT 407.41 263.10 Td (amounted ) Tj ET Q q 0 0 0 rg BT 449.29 263.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.53 263.10 Td (32 ) Tj ET Q q 0 0 0 rg BT 476.98 263.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.87 263.10 Td ( ) Tj ET Q q 0 0 0 rg BT 508.33 263.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.66 263.10 Td (76 ) Tj ET Q q 0 0 0 rg BT 529.11 263.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.01 263.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 251.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.94 251.10 Td (1) Tj ET Q q 0 0 0 rg BT 80.57 251.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 88.07 251.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.96 251.10 Td ( ) Tj ET Q q 0 0 0 rg BT 119.46 251.10 Td (for ) Tj ET Q q 0 0 0 rg BT 133.62 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 148.34 251.10 Td (years ) Tj ET Q q 0 0 0 rg BT 171.93 251.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 198.31 251.10 Td (December ) Tj ET Q q 0 0 0 rg BT 241.90 251.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.90 251.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.90 251.10 Td ( ) Tj ET Q q 0 0 0 rg BT 279.40 251.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.33 251.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.33 251.10 Td (, ) Tj ET Q q 0 0 0 rg BT 321.33 251.10 Td (respectively\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 227.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 227.10 Td (In ) Tj ET Q q 0 0 0 rg BT 102.20 227.10 Td (particular ) Tj ET Q q 0 0 0 rg BT 144.38 227.10 Td (for ) Tj ET Q q 0 0 0 rg BT 159.91 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 175.99 227.10 Td (year ) Tj ET Q q 0 0 0 rg BT 197.07 227.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 224.82 227.10 Td (31 ) Tj ET Q q 0 0 0 rg BT 238.69 227.10 Td (December) Tj ET Q q 0 0 0 rg BT 279.37 227.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.74 227.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.74 227.10 Td (, ) Tj ET Q q 0 0 0 rg BT 312.11 227.10 Td (advances ) Tj ET Q q 0 0 0 rg BT 352.62 227.10 Td (and ) Tj ET Q q 0 0 0 rg BT 370.93 227.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 398.13 227.10 Td (under ) Tj ET Q q 0 0 0 rg BT 424.77 227.10 Td (construction ) Tj ET Q q 0 0 0 rg BT 478.07 227.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 519.15 227.10 Td (related ) Tj ET Q q 0 0 0 rg BT 550.22 227.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 215.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 104.55 215.10 Td (in ) Tj ET Q q 0 0 0 rg BT 115.11 215.10 Td (car ) Tj ET Q q 0 0 0 rg BT 130.09 215.10 Td (production ) Tj ET Q q 0 0 0 rg BT 176.19 215.10 Td (lines. ) Tj ET Q q 0 0 0 rg BT 200.36 215.10 Td (For ) Tj ET Q q 0 0 0 rg BT 217.03 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 232.02 215.10 Td (year ) Tj ET Q q 0 0 0 rg BT 252.00 215.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 278.66 215.10 Td (December ) Tj ET Q q 0 0 0 rg BT 322.52 215.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.80 215.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.80 215.10 Td (, ) Tj ET Q q 0 0 0 rg BT 363.08 215.10 Td (advances ) Tj ET Q q 0 0 0 rg BT 402.50 215.10 Td (and ) Tj ET Q q 0 0 0 rg BT 419.71 215.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 445.82 215.10 Td (under ) Tj ET Q q 0 0 0 rg BT 471.37 215.10 Td (construction ) Tj ET Q q 0 0 0 rg BT 523.58 215.10 Td (included ) Tj ET Q q 0 0 0 rg BT 560.51 215.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 203.10 Td (26 ) Tj ET Q q 0 0 0 rg BT 71.76 203.10 Td (million ) Tj ET Q q 0 0 0 rg BT 103.42 203.10 Td (related ) Tj ET Q q 0 0 0 rg BT 133.38 203.10 Td (to ) Tj ET Q q 0 0 0 rg BT 143.92 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 158.90 203.10 Td (construction ) Tj ET Q q 0 0 0 rg BT 211.10 203.10 Td (of ) Tj ET Q q 0 0 0 rg BT 222.19 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 237.17 203.10 Td (new ) Tj ET Q q 0 0 0 rg BT 256.59 203.10 Td (building ) Tj ET Q q 0 0 0 rg BT 292.69 203.10 Td (to ) Tj ET Q q 0 0 0 rg BT 303.23 203.10 Td (house ) Tj ET Q q 0 0 0 rg BT 329.33 203.10 Td (our ) Tj ET Q q 0 0 0 rg BT 345.42 203.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 382.07 203.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 389.83 203.10 Td (racing ) Tj ET Q q 0 0 0 rg BT 417.58 203.10 Td (team ) Tj ET Q q 0 0 0 rg BT 439.77 203.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 478.64 203.10 Td (\(10 ) Tj ET Q q 0 0 0 rg BT 499.73 203.10 Td (million ) Tj ET Q q 0 0 0 rg BT 531.38 203.10 Td (for ) Tj ET Q q 0 0 0 rg BT 545.81 203.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 191.10 Td (year ) Tj ET Q q 0 0 0 rg BT 73.72 191.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 100.11 191.10 Td (December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.70 191.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.70 191.10 Td (\), ) Tj ET Q q 0 0 0 rg BT 172.05 191.10 Td (37 ) Tj ET Q q 0 0 0 rg BT 189.56 191.10 Td (million ) Tj ET Q q 0 0 0 rg BT 220.96 191.10 Td (related ) Tj ET Q q 0 0 0 rg BT 250.68 191.10 Td (to ) Tj ET Q q 0 0 0 rg BT 260.97 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 275.70 191.10 Td (production ) Tj ET Q q 0 0 0 rg BT 321.53 191.10 Td (line ) Tj ET Q q 0 0 0 rg BT 339.04 191.10 Td (of ) Tj ET Q q 0 0 0 rg BT 349.88 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 364.61 191.10 Td (488 ) Tj ET Q q 0 0 0 rg BT 382.13 191.10 Td (GTB, ) Tj ET Q q 0 0 0 rg BT 407.14 191.10 Td (which ) Tj ET Q q 0 0 0 rg BT 434.09 191.10 Td (was ) Tj ET Q q 0 0 0 rg BT 452.15 191.10 Td (launched ) Tj ET Q q 0 0 0 rg BT 490.76 191.10 Td (in ) Tj ET Q q 0 0 0 rg BT 501.05 191.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 526.06 191.10 Td (and ) Tj ET Q q 0 0 0 rg BT 543.01 191.10 Td (13 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 179.10 Td (million ) Tj ET Q q 0 0 0 rg BT 85.39 179.10 Td (in ) Tj ET Q q 0 0 0 rg BT 95.67 179.10 Td (the ) Tj ET Q q 0 0 0 rg BT 110.39 179.10 Td (construction ) Tj ET Q q 0 0 0 rg BT 162.32 179.10 Td (of ) Tj ET Q q 0 0 0 rg BT 173.15 179.10 Td (a ) Tj ET Q q 0 0 0 rg BT 180.09 179.10 Td (new ) Tj ET Q q 0 0 0 rg BT 199.25 179.10 Td (assembly ) Tj ET Q q 0 0 0 rg BT 238.97 179.10 Td (line ) Tj ET Q q 0 0 0 rg BT 256.46 179.10 Td (of ) Tj ET Q q 0 0 0 rg BT 267.11 179.10 Td (V6 ) Tj ET Q q 0 0 0 rg BT 281.83 179.10 Td (engines ) Tj ET Q q 0 0 0 rg BT 314.88 179.10 Td (to ) Tj ET Q q 0 0 0 rg BT 325.16 179.10 Td (be ) Tj ET Q q 0 0 0 rg BT 337.10 179.10 Td (used ) Tj ET Q q 0 0 0 rg BT 357.93 179.10 Td (in ) Tj ET Q q 0 0 0 rg BT 368.20 179.10 Td (the ) Tj ET Q q 0 0 0 rg BT 382.92 179.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 419.31 179.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 426.63 179.10 Td (W) Tj ET Q q 0 0 0 rg BT 435.26 179.10 Td (orld ) Tj ET Q q 0 0 0 rg BT 453.87 179.10 Td (Championship.) Tj ET Q endstream endobj 177 0 obj <> endobj 178 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (80) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 731.25 Td (Net ) Tj ET Q q 0 0 0 rg BT 70.94 731.25 Td (Cash/\(Net ) Tj ET Q q 0 0 0 rg BT 115.11 731.25 Td (Debt\) ) Tj ET Q q 0 0 0 rg BT 140.38 731.25 Td (and ) Tj ET Q q 0 0 0 rg BT 158.44 731.25 Td (Net ) Tj ET Q q 0 0 0 rg BT 175.38 731.25 Td (Industrial ) Tj ET Q q 0 0 0 rg BT 219.01 731.25 Td (Cash/\(Debt\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 707.25 Td (Net ) Tj ET Q q 0 0 0 rg BT 106.85 707.25 Td (Cash/\(Net ) Tj ET Q q 0 0 0 rg BT 149.81 707.25 Td (Debt\) ) Tj ET Q q 0 0 0 rg BT 175.00 707.25 Td (is ) Tj ET Q q 0 0 0 rg BT 184.08 707.25 Td (the ) Tj ET Q q 0 0 0 rg BT 198.71 707.25 Td (primary ) Tj ET Q q 0 0 0 rg BT 232.78 707.25 Td (measure ) Tj ET Q q 0 0 0 rg BT 268.51 707.25 Td (which ) Tj ET Q q 0 0 0 rg BT 295.37 707.25 Td (we ) Tj ET Q q 0 0 0 rg BT 309.44 707.25 Td (use ) Tj ET Q q 0 0 0 rg BT 325.19 707.25 Td (to ) Tj ET Q q 0 0 0 rg BT 335.38 707.25 Td (analyze ) Tj ET Q q 0 0 0 rg BT 368.33 707.25 Td (our ) Tj ET Q q 0 0 0 rg BT 384.07 707.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 421.46 707.25 Td (leverage ) Tj ET Q q 0 0 0 rg BT 457.74 707.25 Td (and ) Tj ET Q q 0 0 0 rg BT 474.59 707.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 503.66 707.25 Td (structure, ) Tj ET Q q 0 0 0 rg BT 543.56 707.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 695.25 Td (is ) Tj ET Q q 0 0 0 rg BT 63.25 695.25 Td (one ) Tj ET Q q 0 0 0 rg BT 80.27 695.25 Td (of ) Tj ET Q q 0 0 0 rg BT 91.18 695.25 Td (the ) Tj ET Q q 0 0 0 rg BT 105.97 695.25 Td (key ) Tj ET Q q 0 0 0 rg BT 122.99 695.25 Td (indicators ) Tj ET Q q 0 0 0 rg BT 165.00 695.25 Td (used ) Tj ET Q q 0 0 0 rg BT 185.91 695.25 Td (to ) Tj ET Q q 0 0 0 rg BT 196.27 695.25 Td (measure ) Tj ET Q q 0 0 0 rg BT 232.17 695.25 Td (our ) Tj ET Q q 0 0 0 rg BT 248.08 695.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 285.64 695.25 Td (position. ) Tj ET Q q 0 0 0 rg BT 322.76 695.25 Td (W) Tj ET Q q 0 0 0 rg BT 331.39 695.25 Td (e ) Tj ET Q q 0 0 0 rg BT 338.41 695.25 Td (also ) Tj ET Q q 0 0 0 rg BT 357.10 695.25 Td (monitor ) Tj ET Q q 0 0 0 rg BT 391.35 695.25 Td (Net ) Tj ET Q q 0 0 0 rg BT 408.36 695.25 Td (Industrial ) Tj ET Q q 0 0 0 rg BT 449.27 695.25 Td (Cash/\(Debt\), ) Tj ET Q q 0 0 0 rg BT 503.22 695.25 Td (which ) Tj ET Q q 0 0 0 rg BT 530.24 695.25 Td (adjusts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.25 Td (for ) Tj ET Q q 0 0 0 rg BT 69.22 683.25 Td (the ) Tj ET Q q 0 0 0 rg BT 85.00 683.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 115.78 683.25 Td (of ) Tj ET Q q 0 0 0 rg BT 127.67 683.25 Td (the ) Tj ET Q q 0 0 0 rg BT 143.45 683.25 Td (funded ) Tj ET Q q 0 0 0 rg BT 174.79 683.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 207.24 683.25 Td (of ) Tj ET Q q 0 0 0 rg BT 219.13 683.25 Td (the ) Tj ET Q q 0 0 0 rg BT 234.91 683.25 Td (self-liquidating ) Tj ET Q q 0 0 0 rg BT 299.57 683.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 338.12 683.25 Td (receivables ) Tj ET Q q 0 0 0 rg BT 386.65 683.25 Td (portfolio. ) Tj ET Q q 0 0 0 rg BT 427.45 683.25 Td (The ) Tj ET Q q 0 0 0 rg BT 446.56 683.25 Td (following ) Tj ET Q q 0 0 0 rg BT 489.01 683.25 Td (table ) Tj ET Q q 0 0 0 rg BT 512.01 683.25 Td (sets ) Tj ET Q q 0 0 0 rg BT 530.57 683.25 Td (forth ) Tj ET Q q 0 0 0 rg BT 553.57 683.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 671.25 Td (reconciliation ) Tj ET Q q 0 0 0 rg BT 110.76 671.25 Td (of ) Tj ET Q q 0 0 0 rg BT 120.87 671.25 Td (Net ) Tj ET Q q 0 0 0 rg BT 137.08 671.25 Td (Cash/\(Net ) Tj ET Q q 0 0 0 rg BT 179.41 671.25 Td (Debt\) ) Tj ET Q q 0 0 0 rg BT 203.96 671.25 Td (and ) Tj ET Q q 0 0 0 rg BT 220.18 671.25 Td (Net ) Tj ET Q q 0 0 0 rg BT 236.40 671.25 Td (Industrial ) Tj ET Q q 0 0 0 rg BT 276.50 671.25 Td (Cash/\(Debt\) ) Tj ET Q q 0 0 0 rg BT 327.16 671.25 Td (at ) Tj ET Q q 0 0 0 rg BT 336.15 671.25 Td (December ) Tj ET Q q 0 0 0 rg BT 379.02 671.25 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.30 671.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.30 671.25 Td ( ) Tj ET Q q 0 0 0 rg BT 415.08 671.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.29 671.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.29 671.25 Td (, ) Tj ET Q q 0 0 0 rg BT 455.57 671.25 Td (using ) Tj ET Q q 0 0 0 rg BT 479.02 671.25 Td (information ) Tj ET Q q 0 0 0 rg BT 528.02 671.25 Td (derived ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 659.25 Td (from ) Tj ET Q q 0 0 0 rg BT 75.94 659.25 Td (the ) Tj ET Q q 0 0 0 rg BT 90.66 659.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 143.70 659.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 184.52 659.25 Td (of ) Tj ET Q q 0 0 0 rg BT 195.35 659.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 232.83 659.25 Td (position ) Tj ET Q q 0 0 0 rg BT 267.55 659.25 Td (at ) Tj ET Q q 0 0 0 rg BT 277.27 659.25 Td (December ) Tj ET Q q 0 0 0 rg BT 320.86 659.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 335.86 659.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 360.86 659.25 Td (included ) Tj ET Q q 0 0 0 rg BT 397.79 659.25 Td (elsewhere ) Tj ET Q q 0 0 0 rg BT 440.26 659.25 Td (in ) Tj ET Q q 0 0 0 rg BT 450.54 659.25 Td (this ) Tj ET Q q 0 0 0 rg BT 467.49 659.25 Td (document.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 581.75 286.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 581.75 107.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 581.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 581.75 107.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 553.75 286.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 553.75 107.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 553.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 553.75 107.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 525.75 286.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 525.75 107.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 525.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 525.75 107.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 497.75 286.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 497.75 107.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 497.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 497.75 107.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 622.75 m 450.5 622.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 622.75 m 446.5 622.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 608.75 m 446.5 608.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 622.75 m 557.5 622.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 608.75 m 557.5 608.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 567.75 m 446.5 567.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 553.75 m 446.5 553.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 567.75 m 557.5 567.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 553.75 m 557.5 553.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 525.75 m 446.5 525.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 525.75 m 557.5 525.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 511.75 m 446.5 511.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 497.75 m 446.5 497.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 511.75 m 557.5 511.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 497.75 m 557.5 497.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 484.75 m 446.5 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 482.75 m 446.5 482.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 484.75 m 557.5 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 482.75 m 557.5 482.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 415.95 627.20 Td (At December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 383.50 613.20 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 494.50 613.20 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 430.75 600.00 Td (\( million\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 586.61 Td (Cash and cash equivalents) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 429.50 586.21 Td (183) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.50 586.21 Td (134) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 572.61 Td (Deposits in FCA Group cash management pools) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 429.50 572.21 Td (139) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.50 572.21 Td (942) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 558.70 Td (Total liquidity) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.50 558.20 Td (322) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 558.20 Td (1,076) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 544.61 Td (Financial liabilities with FCA Group) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 435.50 544.21 Td (\(3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.00 544.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.50 544.21 Td (\(379) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.00 544.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 530.61 Td (Financial liabilities with third parties) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 419.75 530.21 Td (\(2,257) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.00 530.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.50 530.21 Td (\(131) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.00 530.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 516.70 Td (Net Cash/\(Net Debt\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 419.75 516.20 Td (\(1,938) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 443.00 516.20 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 540.50 516.20 Td (566) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 502.61 Td (Funded portion of the self-liquidating financial receivables portfolio) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 422.75 502.21 Td (1,141) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.75 502.21 Td (1,061) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 488.70 Td (Net Industrial Cash/\(Debt\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 426.50 488.20 Td (\(797) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 443.00 488.20 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 488.20 Td (1,627) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 460.25 Td (Cash ) Tj ET Q q 0 0 0 rg BT 77.06 460.25 Td (and ) Tj ET Q q 0 0 0 rg BT 94.56 460.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 115.39 460.25 Td (equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 436.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 436.25 Td (Cash ) Tj ET Q q 0 0 0 rg BT 111.78 436.25 Td (and ) Tj ET Q q 0 0 0 rg BT 128.00 436.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 147.54 436.25 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 194.86 436.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.97 436.25 Td (183 ) Tj ET Q q 0 0 0 rg BT 226.75 436.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.64 436.25 Td ( ) Tj ET Q q 0 0 0 rg BT 257.42 436.25 Td (at ) Tj ET Q q 0 0 0 rg BT 266.42 436.25 Td (December ) Tj ET Q q 0 0 0 rg BT 309.28 436.25 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.56 436.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.56 436.25 Td ( ) Tj ET Q q 0 0 0 rg BT 345.34 436.25 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.67 436.25 Td (134 ) Tj ET Q q 0 0 0 rg BT 370.45 436.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.34 436.25 Td ( ) Tj ET Q q 0 0 0 rg BT 401.12 436.25 Td (at ) Tj ET Q q 0 0 0 rg BT 410.11 436.25 Td (December ) Tj ET Q q 0 0 0 rg BT 452.98 436.25 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.25 436.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.25 436.25 Td (\) ) Tj ET Q q 0 0 0 rg BT 492.36 436.25 Td (are ) Tj ET Q q 0 0 0 rg BT 506.35 436.25 Td (denominated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 424.25 Td (in ) Tj ET Q q 0 0 0 rg BT 64.09 424.25 Td (various ) Tj ET Q q 0 0 0 rg BT 95.84 424.25 Td (currencies ) Tj ET Q q 0 0 0 rg BT 139.23 424.25 Td (and ) Tj ET Q q 0 0 0 rg BT 155.98 424.25 Td (available ) Tj ET Q q 0 0 0 rg BT 194.38 424.25 Td (to ) Tj ET Q q 0 0 0 rg BT 204.47 424.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 233.99 424.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 283.51 424.25 Td (which ) Tj ET Q q 0 0 0 rg BT 310.26 424.25 Td (operate ) Tj ET Q q 0 0 0 rg BT 342.00 424.25 Td (in ) Tj ET Q q 0 0 0 rg BT 352.09 424.25 Td (areas ) Tj ET Q q 0 0 0 rg BT 374.94 424.25 Td (other ) Tj ET Q q 0 0 0 rg BT 397.79 424.25 Td (than ) Tj ET Q q 0 0 0 rg BT 417.32 424.25 Td (the ) Tj ET Q q 0 0 0 rg BT 431.85 424.25 Td (United ) Tj ET Q q 0 0 0 rg BT 461.38 424.25 Td (States ) Tj ET Q q 0 0 0 rg BT 487.57 424.25 Td (and ) Tj ET Q q 0 0 0 rg BT 504.32 424.25 Td (Europe. ) Tj ET Q q 0 0 0 rg BT 538.01 424.25 Td (Cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 412.25 Td (held ) Tj ET Q q 0 0 0 rg BT 73.50 412.25 Td (in ) Tj ET Q q 0 0 0 rg BT 83.56 412.25 Td (such ) Tj ET Q q 0 0 0 rg BT 104.17 412.25 Td (countries ) Tj ET Q q 0 0 0 rg BT 143.11 412.25 Td (may ) Tj ET Q q 0 0 0 rg BT 162.61 412.25 Td (be ) Tj ET Q q 0 0 0 rg BT 174.33 412.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 204.93 412.25 Td (to ) Tj ET Q q 0 0 0 rg BT 214.99 412.25 Td (transfer ) Tj ET Q q 0 0 0 rg BT 247.81 412.25 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 294.53 412.25 Td (depending ) Tj ET Q q 0 0 0 rg BT 338.46 412.25 Td (on ) Tj ET Q q 0 0 0 rg BT 350.75 412.25 Td (the ) Tj ET Q q 0 0 0 rg BT 365.24 412.25 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 416.97 412.25 Td (in ) Tj ET Q q 0 0 0 rg BT 427.03 412.25 Td (which ) Tj ET Q q 0 0 0 rg BT 453.75 412.25 Td (these ) Tj ET Q q 0 0 0 rg BT 476.58 412.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 526.08 412.25 Td (operate. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 400.25 Td (In ) Tj ET Q q 0 0 0 rg BT 64.72 400.25 Td (particular) Tj ET Q q 0 0 0 rg BT 102.63 400.25 Td (, ) Tj ET Q q 0 0 0 rg BT 107.52 400.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 127.67 400.25 Td (held ) Tj ET Q q 0 0 0 rg BT 147.28 400.25 Td (in ) Tj ET Q q 0 0 0 rg BT 157.44 400.25 Td (China ) Tj ET Q q 0 0 0 rg BT 183.72 400.25 Td (amounting ) Tj ET Q q 0 0 0 rg BT 228.88 400.25 Td (to ) Tj ET Q q 0 0 0 rg BT 239.04 400.25 Td (106 ) Tj ET Q q 0 0 0 rg BT 261.43 400.25 Td (million ) Tj ET Q q 0 0 0 rg BT 292.71 400.25 Td (at ) Tj ET Q q 0 0 0 rg BT 302.32 400.25 Td (December ) Tj ET Q q 0 0 0 rg BT 345.79 400.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 360.67 400.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 385.56 400.25 Td (is ) Tj ET Q q 0 0 0 rg BT 394.62 400.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 425.33 400.25 Td (to ) Tj ET Q q 0 0 0 rg BT 435.50 400.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 465.09 400.25 Td (repatriation ) Tj ET Q q 0 0 0 rg BT 513.57 400.25 Td (restrictions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 388.25 Td (\(and ) Tj ET Q q 0 0 0 rg BT 74.45 388.25 Td (may ) Tj ET Q q 0 0 0 rg BT 94.36 388.25 Td (only ) Tj ET Q q 0 0 0 rg BT 114.82 388.25 Td (be ) Tj ET Q q 0 0 0 rg BT 126.94 388.25 Td (repatriated ) Tj ET Q q 0 0 0 rg BT 172.38 388.25 Td (as ) Tj ET Q q 0 0 0 rg BT 183.39 388.25 Td (dividends\). ) Tj ET Q q 0 0 0 rg BT 230.80 388.25 Td (Based ) Tj ET Q q 0 0 0 rg BT 257.92 388.25 Td (on ) Tj ET Q q 0 0 0 rg BT 270.61 388.25 Td (our ) Tj ET Q q 0 0 0 rg BT 286.62 388.25 Td (review) Tj ET Q q 0 0 0 rg BT 313.18 388.25 Td (, ) Tj ET Q q 0 0 0 rg BT 318.37 388.25 Td (we ) Tj ET Q q 0 0 0 rg BT 332.71 388.25 Td (do ) Tj ET Q q 0 0 0 rg BT 345.40 388.25 Td (not ) Tj ET Q q 0 0 0 rg BT 360.86 388.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 392.42 388.25 Td (such ) Tj ET Q q 0 0 0 rg BT 413.43 388.25 Td (transfer ) Tj ET Q q 0 0 0 rg BT 446.66 388.25 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 493.78 388.25 Td (have ) Tj ET Q q 0 0 0 rg BT 515.34 388.25 Td (an ) Tj ET Q q 0 0 0 rg BT 527.46 388.25 Td (adverse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 376.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 83.62 376.25 Td (on ) Tj ET Q q 0 0 0 rg BT 96.03 376.25 Td (our ) Tj ET Q q 0 0 0 rg BT 111.78 376.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 139.74 376.25 Td (to ) Tj ET Q q 0 0 0 rg BT 149.93 376.25 Td (meet ) Tj ET Q q 0 0 0 rg BT 171.77 376.25 Td (our ) Tj ET Q q 0 0 0 rg BT 187.51 376.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 223.82 376.25 Td (requirements ) Tj ET Q q 0 0 0 rg BT 278.43 376.25 Td (at ) Tj ET Q q 0 0 0 rg BT 288.06 376.25 Td (the ) Tj ET Q q 0 0 0 rg BT 302.69 376.25 Td (dates ) Tj ET Q q 0 0 0 rg BT 325.64 376.25 Td (represented ) Tj ET Q q 0 0 0 rg BT 374.14 376.25 Td (above. ) Tj ET Q q 0 0 0 rg BT 402.93 376.25 Td (During ) Tj ET Q q 0 0 0 rg BT 433.67 376.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 458.58 376.25 Td (Maserati ) Tj ET Q q 0 0 0 rg BT 495.98 376.25 Td (fully ) Tj ET Q q 0 0 0 rg BT 517.27 376.25 Td (settled ) Tj ET Q q 0 0 0 rg BT 545.79 376.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 364.25 Td (receivable, ) Tj ET Q q 0 0 0 rg BT 100.91 364.25 Td (which ) Tj ET Q q 0 0 0 rg BT 128.68 364.25 Td (at ) Tj ET Q q 0 0 0 rg BT 139.23 364.25 Td (December ) Tj ET Q q 0 0 0 rg BT 183.65 364.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 199.48 364.25 Td (2014 ) Tj ET Q q 0 0 0 rg BT 222.81 364.25 Td (amounted ) Tj ET Q q 0 0 0 rg BT 265.58 364.25 Td (to ) Tj ET Q q 0 0 0 rg BT 276.69 364.25 Td (147 ) Tj ET Q q 0 0 0 rg BT 300.02 364.25 Td (million, ) Tj ET Q q 0 0 0 rg BT 334.75 364.25 Td (deriving ) Tj ET Q q 0 0 0 rg BT 371.40 364.25 Td (from ) Tj ET Q q 0 0 0 rg BT 394.18 364.25 Td (the ) Tj ET Q q 0 0 0 rg BT 409.73 364.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 450.82 364.25 Td (of ) Tj ET Q q 0 0 0 rg BT 462.48 364.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 504.14 364.25 Td (related ) Tj ET Q q 0 0 0 rg BT 534.68 364.25 Td (to ) Tj ET Q q 0 0 0 rg BT 545.79 364.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 352.25 Td (establishment ) Tj ET Q q 0 0 0 rg BT 111.50 352.25 Td (of ) Tj ET Q q 0 0 0 rg BT 122.35 352.25 Td (the ) Tj ET Q q 0 0 0 rg BT 137.08 352.25 Td (Maserati ) Tj ET Q q 0 0 0 rg BT 174.58 352.25 Td (standalone ) Tj ET Q q 0 0 0 rg BT 219.86 352.25 Td (business ) Tj ET Q q 0 0 0 rg BT 256.27 352.25 Td (in ) Tj ET Q q 0 0 0 rg BT 266.56 352.25 Td (China, ) Tj ET Q q 0 0 0 rg BT 295.46 352.25 Td (resulting ) Tj ET Q q 0 0 0 rg BT 332.97 352.25 Td (in ) Tj ET Q q 0 0 0 rg BT 343.26 352.25 Td (an ) Tj ET Q q 0 0 0 rg BT 355.22 352.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 390.48 352.25 Td (in ) Tj ET Q q 0 0 0 rg BT 400.78 352.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 421.06 352.25 Td (and ) Tj ET Q q 0 0 0 rg BT 438.01 352.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 458.30 352.25 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 506.35 352.25 Td (denominated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 340.25 Td (in ) Tj ET Q q 0 0 0 rg BT 64.28 340.25 Td (Chinese ) Tj ET Q q 0 0 0 rg BT 98.62 340.25 Td (Y) Tj ET Q q 0 0 0 rg BT 104.74 340.25 Td (uan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 316.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 316.25 Td (The ) Tj ET Q q 0 0 0 rg BT 108.01 316.25 Td (following ) Tj ET Q q 0 0 0 rg BT 149.35 316.25 Td (table ) Tj ET Q q 0 0 0 rg BT 171.25 316.25 Td (sets ) Tj ET Q q 0 0 0 rg BT 188.71 316.25 Td (forth ) Tj ET Q q 0 0 0 rg BT 210.61 316.25 Td (an ) Tj ET Q q 0 0 0 rg BT 222.50 316.25 Td (analysis ) Tj ET Q q 0 0 0 rg BT 257.18 316.25 Td (of ) Tj ET Q q 0 0 0 rg BT 267.97 316.25 Td (the ) Tj ET Q q 0 0 0 rg BT 282.65 316.25 Td (currencies ) Tj ET Q q 0 0 0 rg BT 326.19 316.25 Td (in ) Tj ET Q q 0 0 0 rg BT 336.43 316.25 Td (which ) Tj ET Q q 0 0 0 rg BT 363.33 316.25 Td (our ) Tj ET Q q 0 0 0 rg BT 379.12 316.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 399.35 316.25 Td (and ) Tj ET Q q 0 0 0 rg BT 416.25 316.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 436.47 316.25 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 484.48 316.25 Td (were ) Tj ET Q q 0 0 0 rg BT 506.36 316.25 Td (denominated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 304.25 Td (at ) Tj ET Q q 0 0 0 rg BT 63.72 304.25 Td (the ) Tj ET Q q 0 0 0 rg BT 78.43 304.25 Td (dates ) Tj ET Q q 0 0 0 rg BT 101.48 304.25 Td (presented:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 240.75 312.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 240.75 94.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 240.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.50 240.75 94.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 212.75 312.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 212.75 94.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 212.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.50 212.75 94.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 184.75 312.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 184.75 94.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 184.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.50 184.75 94.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 267.75 m 459.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 267.75 m 463.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 267.75 m 557.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 253.75 m 459.5 253.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 253.75 m 557.5 253.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 253.75 m 459.5 253.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 253.75 m 557.5 253.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 170.75 m 459.5 170.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 157.75 m 459.5 157.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 155.75 m 459.5 155.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 170.75 m 557.5 170.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 157.75 m 557.5 157.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 155.75 m 557.5 155.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 428.95 272.20 Td (At December) Tj ET Q q 0 0 0 rg BT 479.51 272.20 Td ( 31, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 403.00 258.20 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 501.00 258.20 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.75 245.00 Td (\( million\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 231.21 Td (Chinese Yuan) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 442.50 231.21 Td (106) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.00 231.21 Td (74) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 217.21 Td (Japanese Yen) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 447.00 217.21 Td (41) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.00 217.21 Td (27) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 203.21 Td (Euro) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 447.00 203.21 Td (22) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.00 203.21 Td (10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 189.21 Td (U.S. Dollar) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.50 189.21 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.00 189.21 Td (14) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 175.21 Td (Other currencies) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 447.00 175.21 Td (13) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.50 175.21 Td (9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 161.20 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 442.50 161.20 Td (183) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 540.50 161.20 Td (134) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 133.25 Td (Deposits ) Tj ET Q q 0 0 0 rg BT 91.50 133.25 Td (in ) Tj ET Q q 0 0 0 rg BT 101.78 133.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 120.48 133.25 Td ( ) Tj ET Q q 0 0 0 rg BT 122.98 133.25 Td (Gr) Tj ET Q q 0 0 0 rg BT 133.73 133.25 Td (oup ) Tj ET Q q 0 0 0 rg BT 151.23 133.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 172.06 133.25 Td (management ) Tj ET Q q 0 0 0 rg BT 225.66 133.25 Td (pools) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 109.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 109.25 Td (Deposits ) Tj ET Q q 0 0 0 rg BT 127.59 109.25 Td (in ) Tj ET Q q 0 0 0 rg BT 137.96 109.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 156.86 109.25 Td ( ) Tj ET Q q 0 0 0 rg BT 159.45 109.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 187.59 109.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 207.95 109.25 Td (management ) Tj ET Q q 0 0 0 rg BT 261.63 109.25 Td (pools ) Tj ET Q q 0 0 0 rg BT 285.89 109.25 Td (relate ) Tj ET Q q 0 0 0 rg BT 310.68 109.25 Td (to ) Tj ET Q q 0 0 0 rg BT 321.05 109.25 Td (our ) Tj ET Q q 0 0 0 rg BT 336.97 109.25 Td (participation ) Tj ET Q q 0 0 0 rg BT 390.10 109.25 Td (in ) Tj ET Q q 0 0 0 rg BT 400.47 109.25 Td (a ) Tj ET Q q 0 0 0 rg BT 407.50 109.25 Td (group-wide ) Tj ET Q q 0 0 0 rg BT 456.19 109.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 476.55 109.25 Td (management ) Tj ET Q q 0 0 0 rg BT 530.22 109.25 Td (system ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 97.25 Td (at ) Tj ET Q q 0 0 0 rg BT 63.54 97.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 82.45 97.25 Td ( ) Tj ET Q q 0 0 0 rg BT 84.77 97.25 Td (prior ) Tj ET Q q 0 0 0 rg BT 106.54 97.25 Td (to ) Tj ET Q q 0 0 0 rg BT 116.65 97.25 Td (the ) Tj ET Q q 0 0 0 rg BT 131.19 97.25 Td (Separation, ) Tj ET Q q 0 0 0 rg BT 178.78 97.25 Td (where ) Tj ET Q q 0 0 0 rg BT 205.54 97.25 Td (the ) Tj ET Q q 0 0 0 rg BT 220.09 97.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 260.18 97.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 280.27 97.25 Td (management, ) Tj ET Q q 0 0 0 rg BT 336.19 97.25 Td (main ) Tj ET Q q 0 0 0 rg BT 358.51 97.25 Td (funding ) Tj ET Q q 0 0 0 rg BT 391.95 97.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 435.93 97.25 Td (and ) Tj ET Q q 0 0 0 rg BT 452.70 97.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 488.92 97.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 535.13 97.25 Td (of ) Tj ET Q q 0 0 0 rg BT 545.79 97.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 85.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 83.67 85.25 Td (were ) Tj ET Q q 0 0 0 rg BT 107.22 85.25 Td (centrally ) Tj ET Q q 0 0 0 rg BT 146.32 85.25 Td (coordinated ) Tj ET Q q 0 0 0 rg BT 197.64 85.25 Td (by ) Tj ET Q q 0 0 0 rg BT 211.76 85.25 Td (dedicated ) Tj ET Q q 0 0 0 rg BT 254.19 85.25 Td (treasury ) Tj ET Q q 0 0 0 rg BT 290.51 85.25 Td (companies ) Tj ET Q q 0 0 0 rg BT 337.39 85.25 Td (with ) Tj ET Q q 0 0 0 rg BT 359.29 85.25 Td (the ) Tj ET Q q 0 0 0 rg BT 375.63 85.25 Td (objective ) Tj ET Q q 0 0 0 rg BT 416.40 85.25 Td (of ) Tj ET Q q 0 0 0 rg BT 428.84 85.25 Td (ensuring ) Tj ET Q q 0 0 0 rg BT 467.40 85.25 Td (ef) Tj ET Q q 0 0 0 rg BT 474.99 85.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 506.31 85.25 Td (and ) Tj ET Q q 0 0 0 rg BT 524.87 85.25 Td (ef) Tj ET Q q 0 0 0 rg BT 532.45 85.25 Td (ficient ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 73.25 Td (management ) Tj ET Q q 0 0 0 rg BT 108.50 73.25 Td (of ) Tj ET Q q 0 0 0 rg BT 120.25 73.25 Td (our ) Tj ET Q q 0 0 0 rg BT 136.99 73.25 Td (funds. ) Tj ET Q q 0 0 0 rg BT 164.88 73.25 Td (W) Tj ET Q q 0 0 0 rg BT 173.51 73.25 Td (e ) Tj ET Q q 0 0 0 rg BT 181.37 73.25 Td (accessed ) Tj ET Q q 0 0 0 rg BT 219.75 73.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 245.39 73.25 Td (deposited ) Tj ET Q q 0 0 0 rg BT 287.13 73.25 Td (in ) Tj ET Q q 0 0 0 rg BT 298.32 73.25 Td (these ) Tj ET Q q 0 0 0 rg BT 322.28 73.25 Td (accounts ) Tj ET Q q 0 0 0 rg BT 360.68 73.25 Td (on ) Tj ET Q q 0 0 0 rg BT 374.09 73.25 Td (a ) Tj ET Q q 0 0 0 rg BT 381.94 73.25 Td (daily ) Tj ET Q q 0 0 0 rg BT 405.35 73.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 428.76 73.25 Td (and ) Tj ET Q q 0 0 0 rg BT 446.61 73.25 Td (had ) Tj ET Q q 0 0 0 rg BT 464.47 73.25 Td (the ) Tj ET Q q 0 0 0 rg BT 480.10 73.25 Td (contractual ) Tj ET Q q 0 0 0 rg BT 527.93 73.25 Td (right ) Tj ET Q q 0 0 0 rg BT 550.23 73.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 61.25 Td (withdraw ) Tj ET Q q 0 0 0 rg BT 94.99 61.25 Td (our ) Tj ET Q q 0 0 0 rg BT 111.53 61.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 136.97 61.25 Td (on ) Tj ET Q q 0 0 0 rg BT 150.19 61.25 Td (demand ) Tj ET Q q 0 0 0 rg BT 185.06 61.25 Td (and ) Tj ET Q q 0 0 0 rg BT 202.71 61.25 Td (terminate ) Tj ET Q q 0 0 0 rg BT 243.69 61.25 Td (the ) Tj ET Q q 0 0 0 rg BT 259.12 61.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 280.11 61.25 Td (management ) Tj ET Q q 0 0 0 rg BT 334.42 61.25 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 391.49 61.25 Td (depending ) Tj ET Q q 0 0 0 rg BT 436.37 61.25 Td (on ) Tj ET Q q 0 0 0 rg BT 449.58 61.25 Td (FCA's ) Tj ET Q q 0 0 0 rg BT 477.95 61.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 506.71 61.25 Td (to ) Tj ET Q q 0 0 0 rg BT 517.71 61.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 535.37 61.25 Td (at ) Tj ET Q q 0 0 0 rg BT 545.80 61.25 Td (the ) Tj ET Q endstream endobj 179 0 obj <> endobj 180 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (81) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (relevant ) Tj ET Q q 0 0 0 rg BT 88.46 731.10 Td (time. ) Tj ET Q q 0 0 0 rg BT 110.83 731.10 Td (The ) Tj ET Q q 0 0 0 rg BT 128.63 731.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 164.21 731.10 Td (value ) Tj ET Q q 0 0 0 rg BT 188.12 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 198.71 731.10 Td (deposits ) Tj ET Q q 0 0 0 rg BT 233.75 731.10 Td (in ) Tj ET Q q 0 0 0 rg BT 243.78 731.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 262.68 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 264.94 731.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 292.75 731.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 312.78 731.10 Td (management ) Tj ET Q q 0 0 0 rg BT 366.13 731.10 Td (pools ) Tj ET Q q 0 0 0 rg BT 390.06 731.10 Td (approximates ) Tj ET Q q 0 0 0 rg BT 446.19 731.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 462.32 731.10 Td (value ) Tj ET Q q 0 0 0 rg BT 486.23 731.10 Td (based ) Tj ET Q q 0 0 0 rg BT 511.26 731.10 Td (on ) Tj ET Q q 0 0 0 rg BT 523.52 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 537.99 731.10 Td (short ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (maturity ) Tj ET Q q 0 0 0 rg BT 90.88 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 102.20 719.10 Td (these ) Tj ET Q q 0 0 0 rg BT 125.74 719.10 Td (investments. ) Tj ET Q q 0 0 0 rg BT 179.00 719.10 Td (Of ) Tj ET Q q 0 0 0 rg BT 192.55 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 207.76 719.10 Td (total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.53 719.10 Td (139 ) Tj ET Q q 0 0 0 rg BT 251.52 719.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.41 719.10 Td ( ) Tj ET Q q 0 0 0 rg BT 283.40 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 294.73 719.10 Td (deposits ) Tj ET Q q 0 0 0 rg BT 330.50 719.10 Td (in ) Tj ET Q q 0 0 0 rg BT 341.27 719.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 360.17 719.10 Td ( ) Tj ET Q q 0 0 0 rg BT 363.17 719.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 391.71 719.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 412.47 719.10 Td (management ) Tj ET Q q 0 0 0 rg BT 466.55 719.10 Td (pools ) Tj ET Q q 0 0 0 rg BT 491.22 719.10 Td (at ) Tj ET Q q 0 0 0 rg BT 501.43 719.10 Td (December ) Tj ET Q q 0 0 0 rg BT 545.50 719.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 707.10 Td ( ) Tj ET Q q 0 0 0 rg BT 75.86 707.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.19 707.10 Td (942 ) Tj ET Q q 0 0 0 rg BT 101.06 707.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.95 707.10 Td ( ) Tj ET Q q 0 0 0 rg BT 131.81 707.10 Td (at ) Tj ET Q q 0 0 0 rg BT 140.89 707.10 Td (December ) Tj ET Q q 0 0 0 rg BT 183.84 707.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.20 707.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.20 707.10 Td (\), ) Tj ET Q q 0 0 0 rg BT 225.89 707.10 Td (1) Tj ET Q q 0 0 0 rg BT 235.52 707.10 Td (19 ) Tj ET Q q 0 0 0 rg BT 247.38 707.10 Td (million ) Tj ET Q q 0 0 0 rg BT 278.14 707.10 Td (was ) Tj ET Q q 0 0 0 rg BT 295.55 707.10 Td (denominated ) Tj ET Q q 0 0 0 rg BT 349.07 707.10 Td (in ) Tj ET Q q 0 0 0 rg BT 358.71 707.10 Td (Euro ) Tj ET Q q 0 0 0 rg BT 380.01 707.10 Td (and ) Tj ET Q q 0 0 0 rg BT 396.31 707.10 Td (20 ) Tj ET Q q 0 0 0 rg BT 413.17 707.10 Td (million ) Tj ET Q q 0 0 0 rg BT 443.93 707.10 Td (in ) Tj ET Q q 0 0 0 rg BT 453.57 707.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 473.21 707.10 Td (Dollars ) Tj ET Q q 0 0 0 rg BT 504.52 707.10 Td (\(at ) Tj ET Q q 0 0 0 rg BT 516.92 707.10 Td (December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 695.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 69.20 695.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 94.40 695.10 Td (844 ) Tj ET Q q 0 0 0 rg BT 117.09 695.10 Td (million ) Tj ET Q q 0 0 0 rg BT 148.68 695.10 Td (was ) Tj ET Q q 0 0 0 rg BT 166.93 695.10 Td (in ) Tj ET Q q 0 0 0 rg BT 177.41 695.10 Td (denominated ) Tj ET Q q 0 0 0 rg BT 231.76 695.10 Td (in ) Tj ET Q q 0 0 0 rg BT 242.23 695.10 Td (Euro ) Tj ET Q q 0 0 0 rg BT 264.37 695.10 Td (and ) Tj ET Q q 0 0 0 rg BT 281.50 695.10 Td (98 ) Tj ET Q q 0 0 0 rg BT 299.20 695.10 Td (million ) Tj ET Q q 0 0 0 rg BT 330.79 695.10 Td (in ) Tj ET Q q 0 0 0 rg BT 341.27 695.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 361.75 695.10 Td (Dollars\). ) Tj ET Q q 0 0 0 rg BT 399.52 695.10 Td (These ) Tj ET Q q 0 0 0 rg BT 426.10 695.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 482.66 695.10 Td (were ) Tj ET Q q 0 0 0 rg BT 504.78 695.10 Td (terminated ) Tj ET Q q 0 0 0 rg BT 550.24 695.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 100.20 683.10 Td (with ) Tj ET Q q 0 0 0 rg BT 120.31 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 134.86 683.10 Td (Separation, ) Tj ET Q q 0 0 0 rg BT 182.46 683.10 Td (which ) Tj ET Q q 0 0 0 rg BT 209.23 683.10 Td (was ) Tj ET Q q 0 0 0 rg BT 227.11 683.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 271.09 683.10 Td (on ) Tj ET Q q 0 0 0 rg BT 283.42 683.10 Td (January ) Tj ET Q q 0 0 0 rg BT 316.85 683.10 Td (3, ) Tj ET Q q 0 0 0 rg BT 326.69 683.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 351.52 683.10 Td (and ) Tj ET Q q 0 0 0 rg BT 368.29 683.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 404.51 683.10 Td (on ) Tj ET Q q 0 0 0 rg BT 416.84 683.10 Td (deposit ) Tj ET Q q 0 0 0 rg BT 448.06 683.10 Td (were ) Tj ET Q q 0 0 0 rg BT 469.82 683.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 489.36 683.10 Td (back ) Tj ET Q q 0 0 0 rg BT 510.57 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 520.68 683.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 550.22 683.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 671.10 Td (January ) Tj ET Q q 0 0 0 rg BT 87.60 671.10 Td (2016.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 647.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 90 645.7669921875 m 148.8134765625 645.7669921875 l s q 0 0 0 rg BT 90.00 647.10 Td (T) Tj ET Q q 0 0 0 rg BT 94.64 647.10 Td (otal ) Tj ET Q q 0 0 0 rg BT 112.70 647.10 Td (Liquidity) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 148.81 647.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 623.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 623.10 Td (T) Tj ET Q q 0 0 0 rg BT 95.41 623.10 Td (otal ) Tj ET Q q 0 0 0 rg BT 112.33 623.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 148.14 623.10 Td (\(defined ) Tj ET Q q 0 0 0 rg BT 183.38 623.10 Td (as ) Tj ET Q q 0 0 0 rg BT 193.64 623.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 213.33 623.10 Td (and ) Tj ET Q q 0 0 0 rg BT 229.69 623.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 249.38 623.10 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 296.85 623.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 315.44 623.10 Td (deposits ) Tj ET Q q 0 0 0 rg BT 350.15 623.10 Td (in ) Tj ET Q q 0 0 0 rg BT 359.85 623.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 378.75 623.10 Td ( ) Tj ET Q q 0 0 0 rg BT 380.67 623.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 408.15 623.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 427.84 623.10 Td (management ) Tj ET Q q 0 0 0 rg BT 480.85 623.10 Td (pools\) ) Tj ET Q q 0 0 0 rg BT 507.78 623.10 Td (at ) Tj ET Q q 0 0 0 rg BT 516.92 623.10 Td (December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 611.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.69 611.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.69 611.10 Td ( ) Tj ET Q q 0 0 0 rg BT 92.88 611.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.61 611.10 Td (322 ) Tj ET Q q 0 0 0 rg BT 134.80 611.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.69 611.10 Td (, ) Tj ET Q q 0 0 0 rg BT 169.38 611.10 Td (of ) Tj ET Q q 0 0 0 rg BT 180.90 611.10 Td (which ) Tj ET Q q 0 0 0 rg BT 208.52 611.10 Td (43.8 ) Tj ET Q q 0 0 0 rg BT 229.21 611.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 261.82 611.10 Td (was ) Tj ET Q q 0 0 0 rg BT 280.56 611.10 Td (denominated ) Tj ET Q q 0 0 0 rg BT 335.40 611.10 Td (in ) Tj ET Q q 0 0 0 rg BT 346.37 611.10 Td (Euro, ) Tj ET Q q 0 0 0 rg BT 371.49 611.10 Td (32.9 ) Tj ET Q q 0 0 0 rg BT 392.18 611.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 424.79 611.10 Td (in ) Tj ET Q q 0 0 0 rg BT 435.76 611.10 Td (Chinese ) Tj ET Q q 0 0 0 rg BT 470.69 611.10 Td (Y) Tj ET Q q 0 0 0 rg BT 476.80 611.10 Td (uan, ) Tj ET Q q 0 0 0 rg BT 496.93 611.10 Td (12.7 ) Tj ET Q q 0 0 0 rg BT 517.61 611.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 550.23 611.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 599.10 Td (Japanese ) Tj ET Q q 0 0 0 rg BT 91.56 599.10 Td (Y) Tj ET Q q 0 0 0 rg BT 97.78 599.10 Td (en, ) Tj ET Q q 0 0 0 rg BT 112.09 599.10 Td (6.5 ) Tj ET Q q 0 0 0 rg BT 126.97 599.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 158.77 599.10 Td (in ) Tj ET Q q 0 0 0 rg BT 168.92 599.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 189.08 599.10 Td (Dollars ) Tj ET Q q 0 0 0 rg BT 220.89 599.10 Td (and ) Tj ET Q q 0 0 0 rg BT 237.70 599.10 Td (4.1 ) Tj ET Q q 0 0 0 rg BT 252.58 599.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 284.38 599.10 Td (in ) Tj ET Q q 0 0 0 rg BT 294.53 599.10 Td (other ) Tj ET Q q 0 0 0 rg BT 317.45 599.10 Td (currencies. ) Tj ET Q q 0 0 0 rg BT 363.24 599.10 Td (T) Tj ET Q q 0 0 0 rg BT 368.65 599.10 Td (otal ) Tj ET Q q 0 0 0 rg BT 386.02 599.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 422.28 599.10 Td (at ) Tj ET Q q 0 0 0 rg BT 431.87 599.10 Td (December ) Tj ET Q q 0 0 0 rg BT 475.33 599.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.21 599.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.21 599.10 Td ( ) Tj ET Q q 0 0 0 rg BT 512.58 599.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.51 599.10 Td (1,076 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 587.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.89 587.10 Td (, ) Tj ET Q q 0 0 0 rg BT 87.20 587.10 Td (of ) Tj ET Q q 0 0 0 rg BT 97.34 587.10 Td (which ) Tj ET Q q 0 0 0 rg BT 123.59 587.10 Td (82.6 ) Tj ET Q q 0 0 0 rg BT 142.90 587.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 174.14 587.10 Td (was ) Tj ET Q q 0 0 0 rg BT 191.50 587.10 Td (denominated ) Tj ET Q q 0 0 0 rg BT 244.96 587.10 Td (in ) Tj ET Q q 0 0 0 rg BT 254.55 587.10 Td (Euro, ) Tj ET Q q 0 0 0 rg BT 278.30 587.10 Td (8.3 ) Tj ET Q q 0 0 0 rg BT 292.61 587.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 323.84 587.10 Td (in ) Tj ET Q q 0 0 0 rg BT 333.43 587.10 Td (Chinese ) Tj ET Q q 0 0 0 rg BT 367.19 587.10 Td (Y) Tj ET Q q 0 0 0 rg BT 373.30 587.10 Td (uan, ) Tj ET Q q 0 0 0 rg BT 392.05 587.10 Td (4.6 ) Tj ET Q q 0 0 0 rg BT 406.36 587.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 437.60 587.10 Td (in ) Tj ET Q q 0 0 0 rg BT 447.19 587.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 466.78 587.10 Td (Dollars ) Tj ET Q q 0 0 0 rg BT 498.03 587.10 Td (and ) Tj ET Q q 0 0 0 rg BT 514.28 587.10 Td (4.5 ) Tj ET Q q 0 0 0 rg BT 528.59 587.10 Td (percent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 575.10 Td (in ) Tj ET Q q 0 0 0 rg BT 64.28 575.10 Td (other ) Tj ET Q q 0 0 0 rg BT 87.33 575.10 Td (currencies.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 551.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 90 549.7669921875 m 188.9013671875 549.7669921875 l s q 0 0 0 rg BT 90.00 551.10 Td (T) Tj ET Q q 0 0 0 rg BT 94.64 551.10 Td (otal ) Tj ET Q q 0 0 0 rg BT 112.52 551.10 Td (A) Tj ET Q q 0 0 0 rg BT 118.08 551.10 Td (vailable ) Tj ET Q q 0 0 0 rg BT 152.79 551.10 Td (Liquidity) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 527.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 527.10 Td (T) Tj ET Q q 0 0 0 rg BT 95.41 527.10 Td (otal ) Tj ET Q q 0 0 0 rg BT 113.42 527.10 Td (available ) Tj ET Q q 0 0 0 rg BT 152.52 527.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 189.43 527.10 Td (\(defined ) Tj ET Q q 0 0 0 rg BT 225.76 527.10 Td (as ) Tj ET Q q 0 0 0 rg BT 237.11 527.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 257.89 527.10 Td (and ) Tj ET Q q 0 0 0 rg BT 275.34 527.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 296.13 527.10 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 344.69 527.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 364.37 527.10 Td (deposits ) Tj ET Q q 0 0 0 rg BT 400.16 527.10 Td (in ) Tj ET Q q 0 0 0 rg BT 410.96 527.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 429.86 527.10 Td ( ) Tj ET Q q 0 0 0 rg BT 432.87 527.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 461.44 527.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 482.22 527.10 Td (management ) Tj ET Q q 0 0 0 rg BT 536.33 527.10 Td (pools ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 515.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 73.17 515.10 Td (undrawn ) Tj ET Q q 0 0 0 rg BT 110.66 515.10 Td (committed ) Tj ET Q q 0 0 0 rg BT 155.93 515.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 181.19 515.10 Td (lines\) ) Tj ET Q q 0 0 0 rg BT 205.91 515.10 Td (at ) Tj ET Q q 0 0 0 rg BT 215.63 515.10 Td (December ) Tj ET Q q 0 0 0 rg BT 259.21 515.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 274.21 515.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 296.71 515.10 Td (was ) Tj ET Q q 0 0 0 rg BT 314.76 515.10 Td (822 ) Tj ET Q q 0 0 0 rg BT 337.26 515.10 Td (million ) Tj ET Q q 0 0 0 rg BT 368.65 515.10 Td (\(1,076 ) Tj ET Q q 0 0 0 rg BT 401.98 515.10 Td (million ) Tj ET Q q 0 0 0 rg BT 433.38 515.10 Td (at ) Tj ET Q q 0 0 0 rg BT 443.09 515.10 Td (December ) Tj ET Q q 0 0 0 rg BT 486.68 515.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 501.68 515.10 Td (2014\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 491.10 Td (The ) Tj ET Q q 0 0 0 rg BT 72.05 491.10 Td (following ) Tj ET Q q 0 0 0 rg BT 113.43 491.10 Td (table ) Tj ET Q q 0 0 0 rg BT 135.37 491.10 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 185.63 491.10 Td (our ) Tj ET Q q 0 0 0 rg BT 201.46 491.10 Td (total ) Tj ET Q q 0 0 0 rg BT 221.73 491.10 Td (available ) Tj ET Q q 0 0 0 rg BT 260.32 491.10 Td (liquidity:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 413.60 286.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 413.60 107.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 413.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 413.60 107.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 385.60 286.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 385.60 107.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 385.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 385.60 107.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 454.6 m 450.5 454.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 454.6 m 446.5 454.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 440.6 m 446.5 440.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 454.6 m 557.5 454.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 440.6 m 557.5 440.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 399.6 m 446.5 399.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 385.6 m 446.5 385.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 399.6 m 557.5 399.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 385.6 m 557.5 385.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 385.6 m 446.5 385.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 372.6 m 446.5 372.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 370.6 m 446.5 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 385.6 m 557.5 385.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 372.6 m 557.5 372.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 370.6 m 557.5 370.6 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 415.95 459.05 Td (At December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 383.50 445.05 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 494.50 445.05 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 430.75 431.85 Td (\( million\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 418.17 Td (Cash and cash equivalents) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 429.50 418.06 Td (183) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.50 418.06 Td (134) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 404.06 Td (Deposits in FCA Group cash management pools) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 429.50 404.06 Td (139) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.50 404.06 Td (942) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 390.17 Td (Undrawn committed credit lines) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.50 390.05 Td (500) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 390.05 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 376.05 Td (T) Tj ET Q q 0 0 0 rg BT 61.18 376.05 Td (otal available liquidity) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.50 376.05 Td (822) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 376.05 Td (1,076) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 348.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 348.10 Td (The ) Tj ET Q q 0 0 0 rg BT 107.61 348.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 144.09 348.10 Td (in ) Tj ET Q q 0 0 0 rg BT 153.93 348.10 Td (total ) Tj ET Q q 0 0 0 rg BT 173.77 348.10 Td (available ) Tj ET Q q 0 0 0 rg BT 211.92 348.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 247.88 348.10 Td (reflects ) Tj ET Q q 0 0 0 rg BT 279.37 348.10 Td (a ) Tj ET Q q 0 0 0 rg BT 285.87 348.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 322.35 348.10 Td (in ) Tj ET Q q 0 0 0 rg BT 332.19 348.10 Td (deposits ) Tj ET Q q 0 0 0 rg BT 367.04 348.10 Td (in ) Tj ET Q q 0 0 0 rg BT 376.88 348.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 395.78 348.10 Td ( ) Tj ET Q q 0 0 0 rg BT 397.84 348.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 425.46 348.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 445.29 348.10 Td (management ) Tj ET Q q 0 0 0 rg BT 498.45 348.10 Td (pools, ) Tj ET Q q 0 0 0 rg BT 524.68 348.10 Td (partially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 336.10 Td (of) Tj ET Q q 0 0 0 rg BT 62.15 336.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 78.34 336.10 Td (by ) Tj ET Q q 0 0 0 rg BT 90.10 336.10 Td (an ) Tj ET Q q 0 0 0 rg BT 101.30 336.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 135.81 336.10 Td (in ) Tj ET Q q 0 0 0 rg BT 145.34 336.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 164.87 336.10 Td (and ) Tj ET Q q 0 0 0 rg BT 181.06 336.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 200.59 336.10 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 247.89 336.10 Td (and ) Tj ET Q q 0 0 0 rg BT 264.08 336.10 Td (a ) Tj ET Q q 0 0 0 rg BT 270.28 336.10 Td (new ) Tj ET Q q 0 0 0 rg BT 288.70 336.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 313.22 336.10 Td (line. ) Tj ET Q q 0 0 0 rg BT 332.34 336.10 Td (The ) Tj ET Q q 0 0 0 rg BT 349.64 336.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 385.82 336.10 Td (in ) Tj ET Q q 0 0 0 rg BT 395.35 336.10 Td (deposits ) Tj ET Q q 0 0 0 rg BT 429.89 336.10 Td (in ) Tj ET Q q 0 0 0 rg BT 439.42 336.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 458.32 336.10 Td ( ) Tj ET Q q 0 0 0 rg BT 460.08 336.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 487.39 336.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 506.91 336.10 Td (management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 324.10 Td (pools ) Tj ET Q q 0 0 0 rg BT 78.37 324.10 Td (reflects ) Tj ET Q q 0 0 0 rg BT 110.50 324.10 Td (the ) Tj ET Q q 0 0 0 rg BT 125.42 324.10 Td (ef) Tj ET Q q 0 0 0 rg BT 133.01 324.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 154.59 324.10 Td (of ) Tj ET Q q 0 0 0 rg BT 165.62 324.10 Td (the ) Tj ET Q q 0 0 0 rg BT 180.54 324.10 Td (Restructuring ) Tj ET Q q 0 0 0 rg BT 237.67 324.10 Td (and ) Tj ET Q q 0 0 0 rg BT 254.82 324.10 Td (the ) Tj ET Q q 0 0 0 rg BT 269.73 324.10 Td (Separation. ) Tj ET Q q 0 0 0 rg BT 317.51 324.10 Td (These ) Tj ET Q q 0 0 0 rg BT 344.09 324.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 400.65 324.10 Td (were ) Tj ET Q q 0 0 0 rg BT 422.78 324.10 Td (terminated ) Tj ET Q q 0 0 0 rg BT 468.24 324.10 Td (in ) Tj ET Q q 0 0 0 rg BT 478.72 324.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 525.30 324.10 Td (with ) Tj ET Q q 0 0 0 rg BT 545.78 324.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 312.10 Td (Separation, ) Tj ET Q q 0 0 0 rg BT 101.89 312.10 Td (which ) Tj ET Q q 0 0 0 rg BT 128.95 312.10 Td (was ) Tj ET Q q 0 0 0 rg BT 147.12 312.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 191.40 312.10 Td (on ) Tj ET Q q 0 0 0 rg BT 204.02 312.10 Td (January ) Tj ET Q q 0 0 0 rg BT 237.74 312.10 Td (3, ) Tj ET Q q 0 0 0 rg BT 247.87 312.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 272.99 312.10 Td (and ) Tj ET Q q 0 0 0 rg BT 290.05 312.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 326.56 312.10 Td (on ) Tj ET Q q 0 0 0 rg BT 339.19 312.10 Td (deposit ) Tj ET Q q 0 0 0 rg BT 370.70 312.10 Td (were ) Tj ET Q q 0 0 0 rg BT 392.75 312.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 412.59 312.10 Td (back ) Tj ET Q q 0 0 0 rg BT 434.09 312.10 Td (to ) Tj ET Q q 0 0 0 rg BT 444.49 312.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 474.32 312.10 Td (in ) Tj ET Q q 0 0 0 rg BT 484.72 312.10 Td (January ) Tj ET Q q 0 0 0 rg BT 518.45 312.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 543.57 312.10 Td (See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 300.10 Td (A) Tj ET Q q 0 0 0 rg BT 64.92 300.10 Td (vailable ) Tj ET Q q 0 0 0 rg BT 99.07 300.10 Td (Lines ) Tj ET Q q 0 0 0 rg BT 123.79 300.10 Td (of ) Tj ET Q q 0 0 0 rg BT 134.62 300.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 166.55 300.10 Td (below ) Tj ET Q q 0 0 0 rg BT 193.49 300.10 Td (for ) Tj ET Q q 0 0 0 rg BT 207.65 300.10 Td (details ) Tj ET Q q 0 0 0 rg BT 236.25 300.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 277.07 300.10 Td (the ) Tj ET Q q 0 0 0 rg BT 291.78 300.10 Td (new ) Tj ET Q q 0 0 0 rg BT 310.94 300.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 336.21 300.10 Td (line.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 276.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 95.38 276.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 135.66 276.10 Td (with ) Tj ET Q q 0 0 0 rg BT 155.39 276.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 174.09 276.10 Td ( ) Tj ET Q q 0 0 0 rg BT 176.59 276.10 Td (Gr) Tj ET Q q 0 0 0 rg BT 187.33 276.10 Td (oup) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 252.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 252.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 130.35 252.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 170.71 252.10 Td (with ) Tj ET Q q 0 0 0 rg BT 191.63 252.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 210.53 252.10 Td ( ) Tj ET Q q 0 0 0 rg BT 213.67 252.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 242.36 252.10 Td (at ) Tj ET Q q 0 0 0 rg BT 252.71 252.10 Td (December ) Tj ET Q q 0 0 0 rg BT 296.94 252.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.58 252.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.58 252.10 Td ( ) Tj ET Q q 0 0 0 rg BT 335.72 252.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.29 252.10 Td (3 ) Tj ET Q q 0 0 0 rg BT 371.43 252.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.32 252.10 Td ( ) Tj ET Q q 0 0 0 rg BT 403.46 252.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.79 252.10 Td (379 ) Tj ET Q q 0 0 0 rg BT 429.93 252.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.82 252.10 Td ( ) Tj ET Q q 0 0 0 rg BT 461.96 252.10 Td (at ) Tj ET Q q 0 0 0 rg BT 472.31 252.10 Td (December ) Tj ET Q q 0 0 0 rg BT 516.54 252.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.18 252.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.18 252.10 Td (\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 240.10 Td (Such ) Tj ET Q q 0 0 0 rg BT 76.50 240.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 109.53 240.10 Td (was ) Tj ET Q q 0 0 0 rg BT 127.58 240.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 148.97 240.10 Td (settled ) Tj ET Q q 0 0 0 rg BT 177.57 240.10 Td (following ) Tj ET Q q 0 0 0 rg BT 218.96 240.10 Td (the ) Tj ET Q q 0 0 0 rg BT 233.68 240.10 Td (Separation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 216.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 216.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 130.06 216.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 170.12 216.10 Td (with ) Tj ET Q q 0 0 0 rg BT 190.74 216.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 209.64 216.10 Td ( ) Tj ET Q q 0 0 0 rg BT 212.48 216.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 240.88 216.10 Td (at ) Tj ET Q q 0 0 0 rg BT 250.94 216.10 Td (December ) Tj ET Q q 0 0 0 rg BT 294.86 216.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 310.21 216.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 333.05 216.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 373.11 216.10 Td (related ) Tj ET Q q 0 0 0 rg BT 403.15 216.10 Td (to ) Tj ET Q q 0 0 0 rg BT 413.77 216.10 Td (a ) Tj ET Q q 0 0 0 rg BT 421.05 216.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 446.66 216.10 Td (line ) Tj ET Q q 0 0 0 rg BT 464.50 216.10 Td (held ) Tj ET Q q 0 0 0 rg BT 484.56 216.10 Td (with ) Tj ET Q q 0 0 0 rg BT 505.18 216.10 Td (Fiat ) Tj ET Q q 0 0 0 rg BT 523.58 216.10 Td (Chrysler ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 204.10 Td (Finance ) Tj ET Q q 0 0 0 rg BT 88.16 204.10 Td (North ) Tj ET Q q 0 0 0 rg BT 113.43 204.10 Td (America, ) Tj ET Q q 0 0 0 rg BT 152.86 204.10 Td (the ) Tj ET Q q 0 0 0 rg BT 167.57 204.10 Td (purpose ) Tj ET Q q 0 0 0 rg BT 201.73 204.10 Td (of ) Tj ET Q q 0 0 0 rg BT 212.56 204.10 Td (which ) Tj ET Q q 0 0 0 rg BT 239.50 204.10 Td (was ) Tj ET Q q 0 0 0 rg BT 257.55 204.10 Td (to ) Tj ET Q q 0 0 0 rg BT 267.83 204.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 299.76 204.10 Td (the ) Tj ET Q q 0 0 0 rg BT 314.47 204.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 353.07 204.10 Td (of ) Tj ET Q q 0 0 0 rg BT 363.90 204.10 Td (our ) Tj ET Q q 0 0 0 rg BT 379.73 204.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 417.21 204.10 Td (services ) Tj ET Q q 0 0 0 rg BT 451.92 204.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 489.42 204.10 Td (in ) Tj ET Q q 0 0 0 rg BT 499.69 204.10 Td (the ) Tj ET Q q 0 0 0 rg BT 513.86 204.10 Td (Americas.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 180.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 95.38 180.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 135.66 180.10 Td (with ) Tj ET Q q 0 0 0 rg BT 155.39 180.10 Td (thir) Tj ET Q q 0 0 0 rg BT 169.46 180.10 Td (d ) Tj ET Q q 0 0 0 rg BT 176.96 180.10 Td (parties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 156.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 156.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 129.26 156.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 168.52 156.10 Td (with ) Tj ET Q q 0 0 0 rg BT 188.34 156.10 Td (third ) Tj ET Q q 0 0 0 rg BT 209.28 156.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 237.98 156.10 Td (at ) Tj ET Q q 0 0 0 rg BT 247.24 156.10 Td (December ) Tj ET Q q 0 0 0 rg BT 290.37 156.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.92 156.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.92 156.10 Td ( ) Tj ET Q q 0 0 0 rg BT 326.96 156.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.44 156.10 Td (2,257 ) Tj ET Q q 0 0 0 rg BT 377.98 156.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.88 156.10 Td ( ) Tj ET Q q 0 0 0 rg BT 408.92 156.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.25 156.10 Td (131 ) Tj ET Q q 0 0 0 rg BT 434.30 156.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.19 156.10 Td ( ) Tj ET Q q 0 0 0 rg BT 465.23 156.10 Td (at ) Tj ET Q q 0 0 0 rg BT 474.50 156.10 Td (December ) Tj ET Q q 0 0 0 rg BT 517.63 156.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.17 156.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.17 156.10 Td (\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 144.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 93.42 144.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 132.85 144.10 Td (at ) Tj ET Q q 0 0 0 rg BT 142.27 144.10 Td (December ) Tj ET Q q 0 0 0 rg BT 185.56 144.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 200.27 144.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 222.48 144.10 Td (included ) Tj ET Q q 0 0 0 rg BT 259.12 144.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 270.77 144.10 Td (1,995 ) Tj ET Q q 0 0 0 rg BT 300.48 144.10 Td (million ) Tj ET Q q 0 0 0 rg BT 331.58 144.10 Td (\(nil ) Tj ET Q q 0 0 0 rg BT 347.67 144.10 Td (at ) Tj ET Q q 0 0 0 rg BT 357.10 144.10 Td (December ) Tj ET Q q 0 0 0 rg BT 400.39 144.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 415.10 144.10 Td (2014\) ) Tj ET Q q 0 0 0 rg BT 440.64 144.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 473.39 144.10 Td (to ) Tj ET Q q 0 0 0 rg BT 483.38 144.10 Td (the ) Tj ET Q q 0 0 0 rg BT 497.64 144.10 Td (T) Tj ET Q q 0 0 0 rg BT 503.05 144.10 Td (erm ) Tj ET Q q 0 0 0 rg BT 520.81 144.10 Td (Loan ) Tj ET Q q 0 0 0 rg BT 543.56 144.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 132.10 Td (Bridge ) Tj ET Q q 0 0 0 rg BT 83.72 132.10 Td (Loan ) Tj ET Q q 0 0 0 rg BT 106.76 132.10 Td (and ) Tj ET Q q 0 0 0 rg BT 123.70 132.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 138.42 132.10 Td (262 ) Tj ET Q q 0 0 0 rg BT 160.92 132.10 Td (million ) Tj ET Q q 0 0 0 rg BT 192.31 132.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 225.35 132.10 Td (to ) Tj ET Q q 0 0 0 rg BT 235.63 132.10 Td (other ) Tj ET Q q 0 0 0 rg BT 258.68 132.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 296.16 132.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 335.88 132.10 Td (\(131 ) Tj ET Q q 0 0 0 rg BT 361.71 132.10 Td (million ) Tj ET Q q 0 0 0 rg BT 393.10 132.10 Td (at ) Tj ET Q q 0 0 0 rg BT 402.81 132.10 Td (December ) Tj ET Q q 0 0 0 rg BT 446.40 132.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 461.40 132.10 Td (2014\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 108.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 108.10 Td (Financial liabilities with third parties at December 31, 2015 were 2,257 million \(131 million at December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 96.10 Td (2014\). Financial liabilities at December 31, 2015 included \(i\) 1,995 million \(nil at December 31, 2014\) relating to the ) Tj ET Q q 0 0 0 rg BT 533.70 96.10 Td (T) Tj ET Q q 0 0 0 rg BT 539.11 96.10 Td (erm ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 84.10 Td (Loan and Bridge Loan and \(ii\) 262 million relating to other financial liabilities \(131 million at December 31, 2014\). ) Tj ET Q endstream endobj 181 0 obj <> endobj 182 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (82) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 90 729.7669921875 m 203.53515625 729.7669921875 l s q 0 0 0 rg BT 90.00 731.10 Td (T) Tj ET Q q 0 0 0 rg BT 94.64 731.10 Td (erm Loan and Bridge Loan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 711.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 711.10 Td (For a description of the ) Tj ET Q q 0 0 0 rg BT 185.63 711.10 Td (T) Tj ET Q q 0 0 0 rg BT 191.04 711.10 Td (erm Loan and Bridge Loan see The Facility described below) Tj ET Q q 0 0 0 rg BT 441.68 711.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 691.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 90 689.7669921875 m 197.7734375 689.7669921875 l s q 0 0 0 rg BT 90.00 691.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 115.83 691.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 157.21 691.10 Td (Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 671.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 115.03 671.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 152.28 671.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 191.76 671.10 Td (mainly ) Tj ET Q q 0 0 0 rg BT 221.79 671.10 Td (relate ) Tj ET Q q 0 0 0 rg BT 246.26 671.10 Td (to ) Tj ET Q q 0 0 0 rg BT 256.30 671.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 293.54 671.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 333.02 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 343.62 671.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 373.09 671.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 412.56 671.10 Td (Services ) Tj ET Q q 0 0 0 rg BT 448.70 671.10 Td (Inc, ) Tj ET Q q 0 0 0 rg BT 466.23 671.10 Td (to ) Tj ET Q q 0 0 0 rg BT 476.27 671.10 Td (support ) Tj ET Q q 0 0 0 rg BT 508.54 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.02 671.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 659.10 Td (services ) Tj ET Q q 0 0 0 rg BT 88.32 659.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 132.08 659.10 Td (and ) Tj ET Q q 0 0 0 rg BT 148.63 659.10 Td (in ) Tj ET Q q 0 0 0 rg BT 158.52 659.10 Td (particular ) Tj ET Q q 0 0 0 rg BT 198.94 659.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 210.49 659.10 Td (a ) Tj ET Q q 0 0 0 rg BT 217.04 659.10 Td ($150 ) Tj ET Q q 0 0 0 rg BT 239.15 659.10 Td (million ) Tj ET Q q 0 0 0 rg BT 270.16 659.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 290.05 659.10 Td (Dollar ) Tj ET Q q 0 0 0 rg BT 317.71 659.10 Td (denominated ) Tj ET Q q 0 0 0 rg BT 371.47 659.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 396.34 659.10 Td (facility) Tj ET Q q 0 0 0 rg BT 424.01 659.10 Td (, ) Tj ET Q q 0 0 0 rg BT 428.63 659.10 Td (which ) Tj ET Q q 0 0 0 rg BT 455.17 659.10 Td (bears ) Tj ET Q q 0 0 0 rg BT 478.38 659.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 509.93 659.10 Td (at ) Tj ET Q q 0 0 0 rg BT 519.26 659.10 Td (a ) Tj ET Q q 0 0 0 rg BT 525.81 659.10 Td (variable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 647.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 71.60 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 82.54 647.10 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 115.16 647.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 134.44 647.10 Td (a ) Tj ET Q q 0 0 0 rg BT 141.50 647.10 Td (spread ) Tj ET Q q 0 0 0 rg BT 170.21 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 181.16 647.10 Td (1) Tj ET Q q 0 0 0 rg BT 185.78 647.10 Td (10 ) Tj ET Q q 0 0 0 rg BT 198.40 647.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 221.01 647.10 Td (points. ) Tj ET Q q 0 0 0 rg BT 250.39 647.10 Td (The ) Tj ET Q q 0 0 0 rg BT 268.55 647.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 299.48 647.10 Td (was ) Tj ET Q q 0 0 0 rg BT 317.65 647.10 Td (renewed ) Tj ET Q q 0 0 0 rg BT 354.13 647.10 Td (in ) Tj ET Q q 0 0 0 rg BT 364.53 647.10 Td (January ) Tj ET Q q 0 0 0 rg BT 398.24 647.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 420.85 647.10 Td (for ) Tj ET Q q 0 0 0 rg BT 435.13 647.10 Td (a ) Tj ET Q q 0 0 0 rg BT 442.18 647.10 Td (further ) Tj ET Q q 0 0 0 rg BT 472.00 647.10 Td (18 ) Tj ET Q q 0 0 0 rg BT 484.62 647.10 Td (months; ) Tj ET Q q 0 0 0 rg BT 519.46 647.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 534.29 647.10 Td (a ) Tj ET Q q 0 0 0 rg BT 541.35 647.10 Td (new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 635.10 Td ($100 ) Tj ET Q q 0 0 0 rg BT 75.73 635.10 Td (million ) Tj ET Q q 0 0 0 rg BT 106.36 635.10 Td (term ) Tj ET Q q 0 0 0 rg BT 126.41 635.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 145.36 635.10 Td (that ) Tj ET Q q 0 0 0 rg BT 162.09 635.10 Td (was ) Tj ET Q q 0 0 0 rg BT 179.38 635.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 210.53 635.10 Td (into ) Tj ET Q q 0 0 0 rg BT 227.82 635.10 Td (on ) Tj ET Q q 0 0 0 rg BT 239.55 635.10 Td (November ) Tj ET Q q 0 0 0 rg BT 283.49 635.10 Td (17, ) Tj ET Q q 0 0 0 rg BT 297.72 635.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 321.96 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 335.91 635.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 373.18 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 383.24 635.10 Td (which ) Tj ET Q q 0 0 0 rg BT 409.41 635.10 Td (were ) Tj ET Q q 0 0 0 rg BT 430.57 635.10 Td (used ) Tj ET Q q 0 0 0 rg BT 450.63 635.10 Td (to ) Tj ET Q q 0 0 0 rg BT 460.14 635.10 Td (repay ) Tj ET Q q 0 0 0 rg BT 484.08 635.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 520.80 635.10 Td (liabilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 623.10 Td (with ) Tj ET Q q 0 0 0 rg BT 73.41 623.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 92.31 623.10 Td ( ) Tj ET Q q 0 0 0 rg BT 93.95 623.10 Td (in ) Tj ET Q q 0 0 0 rg BT 103.36 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 117.21 623.10 Td (United ) Tj ET Q q 0 0 0 rg BT 146.07 623.10 Td (States. ) Tj ET Q q 0 0 0 rg BT 174.09 623.10 Td ( ) Tj ET Q q 0 0 0 rg BT 175.60 623.10 Td (This ) Tj ET Q q 0 0 0 rg BT 195.02 623.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 224.97 623.10 Td (bears ) Tj ET Q q 0 0 0 rg BT 247.71 623.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 278.77 623.10 Td (at ) Tj ET Q q 0 0 0 rg BT 287.63 623.10 Td (a ) Tj ET Q q 0 0 0 rg BT 293.70 623.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 315.88 623.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 332.50 623.10 Td (and ) Tj ET Q q 0 0 0 rg BT 348.57 623.10 Td (matures ) Tj ET Q q 0 0 0 rg BT 381.86 623.10 Td (in ) Tj ET Q q 0 0 0 rg BT 391.28 623.10 Td (December ) Tj ET Q q 0 0 0 rg BT 434.00 623.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 458.13 623.10 Td ( ) Tj ET Q q 0 0 0 rg BT 459.76 623.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 484.17 623.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 520.78 623.10 Td (liabilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 611.10 Td (also ) Tj ET Q q 0 0 0 rg BT 72.61 611.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 108.43 611.10 Td (20 ) Tj ET Q q 0 0 0 rg BT 125.93 611.10 Td (million ) Tj ET Q q 0 0 0 rg BT 157.33 611.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 190.37 611.10 Td (to ) Tj ET Q q 0 0 0 rg BT 200.65 611.10 Td (various ) Tj ET Q q 0 0 0 rg BT 232.58 611.10 Td (short ) Tj ET Q q 0 0 0 rg BT 255.08 611.10 Td (and ) Tj ET Q q 0 0 0 rg BT 272.02 611.10 Td (medium-term ) Tj ET Q q 0 0 0 rg BT 328.95 611.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 354.21 611.10 Td (facilities.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 591.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 90 589.7669921875 m 189.90234375 589.7669921875 l s q 0 0 0 rg BT 90.00 591.10 Td (A) Tj ET Q q 0 0 0 rg BT 95.56 591.10 Td (vailable ) Tj ET Q q 0 0 0 rg BT 130.27 591.10 Td (Lines ) Tj ET Q q 0 0 0 rg BT 154.44 591.10 Td (of ) Tj ET Q q 0 0 0 rg BT 164.72 591.10 Td (Cr) Tj ET Q q 0 0 0 rg BT 174.91 591.10 Td (edit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 571.10 Td (See ) Tj ET Q q 0 0 0 rg BT 106.94 571.10 Td (The ) Tj ET Q q 0 0 0 rg BT 129.42 571.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 166.91 571.10 Td (section ) Tj ET Q q 0 0 0 rg BT 197.74 571.10 Td (below) Tj ET Q q 0 0 0 rg BT 221.53 571.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 551.10 Td (The Facility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 527.10 Td (On November 30, 2015, the Company) Tj ET Q q 0 0 0 rg BT 242.38 527.10 Td (, as borrower and guarantor) Tj ET Q q 0 0 0 rg BT 352.22 527.10 Td (, and certain other members of the Group, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 515.10 Td (borrowers, entered into a 2.5 billion facility with a syndicate of ten banks \(the Facility\). ) Tj ET Q q 0 0 0 rg BT 420.38 515.10 Td (The Facility comprises a bridge ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 503.10 Td (loan of 500 million \(the Bridge Loan\), a term loan of 1,500 million \(the T) Tj ET Q q 0 0 0 rg BT 371.55 503.10 Td (erm Loan\) and a revolving credit facility of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 491.10 Td (500 million \(the RCF\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 467.10 Td (The Bridge Loan has a 12 month maturity with an option for the Company to extend once for a six-month period. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 455.10 Td (The Bridge Loan bears interest at a rate per annum equal to the aggregate of EURIBOR plus a mar) Tj ET Q q 0 0 0 rg BT 448.68 455.10 Td (gin increasing from 40 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 443.10 Td (basis points to 145 basis points depending on the number of months elapsed from first drawdown. ) Tj ET Q q 0 0 0 rg BT 447.94 443.10 Td (The ) Tj ET Q q 0 0 0 rg BT 465.80 443.10 Td (T) Tj ET Q q 0 0 0 rg BT 471.21 443.10 Td (erm Loan and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 431.10 Td (RCF each have a maturity of five years. ) Tj ET Q q 0 0 0 rg BT 215.71 431.10 Td (The ) Tj ET Q q 0 0 0 rg BT 233.58 431.10 Td (T) Tj ET Q q 0 0 0 rg BT 238.99 431.10 Td (erm Loan bears interest at a rate per annum equal to the aggregate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 419.10 Td (EURIBOR, plus a mar) Tj ET Q q 0 0 0 rg BT 144.37 419.10 Td (gin ranging from 50 basis points to 105 basis points depending on the applicable Consolidated ) Tj ET Q q 0 0 0 rg BT 523.86 419.10 Td (T) Tj ET Q q 0 0 0 rg BT 529.27 419.10 Td (otal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 407.10 Td (Net Debt to Consolidated ) Tj ET Q q 0 0 0 rg BT 157.88 407.10 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 232.59 407.10 Td ( ratio, calculated in accordance with the terms of the Facility) Tj ET Q q 0 0 0 rg BT 474.35 407.10 Td (. ) Tj ET Q q 0 0 0 rg BT 479.17 407.10 Td (The RCF bears ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 395.10 Td (interest at a rate per annum equal to the aggregate of EURIBOR with respect to loans denominated in Euro, or LIBOR with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 383.10 Td (respect to loans denominated in other currencies, plus a mar) Tj ET Q q 0 0 0 rg BT 293.74 383.10 Td (gin ranging from 35 basis points to 90 basis points depending on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 371.10 Td (the applicable Consolidated ) Tj ET Q q 0 0 0 rg BT 167.40 371.10 Td (T) Tj ET Q q 0 0 0 rg BT 172.81 371.10 Td (otal Net Debt to Consolidated ) Tj ET Q q 0 0 0 rg BT 294.18 371.10 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 368.90 371.10 Td ( ratio, calculated in accordance with the terms ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 359.10 Td (of the Facility) Tj ET Q q 0 0 0 rg BT 109.45 359.10 Td (. Loans under the RCF may be drawn in Euro or an alternative currency at our option.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 335.10 Td (As of December 31, 2015, the proceeds of the Bridge Loan and the ) Tj ET Q q 0 0 0 rg BT 360.57 335.10 Td (T) Tj ET Q q 0 0 0 rg BT 365.98 335.10 Td (erm Loan were fully drawn down for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 323.10 Td (purposes of repaying financial liabilities with FCA. ) Tj ET Q q 0 0 0 rg BT 264.62 323.10 Td (The Bridge Loan was fully drawn down by the Company) Tj ET Q q 0 0 0 rg BT 492.53 323.10 Td (, whilst 1,425 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 311.10 Td (million of the ) Tj ET Q q 0 0 0 rg BT 110.76 311.10 Td (T) Tj ET Q q 0 0 0 rg BT 116.17 311.10 Td (erm Loan was drawn down by the Company and the remaining 75 million was drawn down by Ferrari ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 299.10 Td (Financial Services Inc. ) Tj ET Q q 0 0 0 rg BT 147.68 299.10 Td (The Company intends to refinance the Bridge Loan prior to its maturity with longer term debt, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 287.10 Td (including through capital markets or other financing transactions. ) Tj ET Q q 0 0 0 rg BT 320.04 287.10 Td (As of December 31, 2015, the RCF was undrawn. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 275.10 Td (Proceeds of the RCF may be used from time to time for general corporate and working capital purposes of the Group. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 251.10 Td (The Facility is unsecured and provides for mandatory prepayments, af) Tj ET Q q 0 0 0 rg BT 370.29 251.10 Td (firmative and negative covenants and events ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 239.10 Td (of default in a form customary for bank financings of investment grade borrowers in the European syndicated loan market. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 227.10 Td (The Facility has no financial maintenance covenants. Mandatory prepayments are required, subject to certain exceptions, in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 215.10 Td (the event of a change of control, as well as, with respect to the Bridge Loan only) Tj ET Q q 0 0 0 rg BT 375.47 215.10 Td (, \(i\) issuance of debt securities in capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 203.10 Td (markets transactions, and \(ii\) certain relevant disposals. Subject to various exceptions and qualifications, negative covenants ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 191.10 Td (include \(i\)limitations on our ability to provide security for other financial indebtedness, \(ii\)restrictions on the financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 179.10 Td (indebtedness that our subsidiaries may incur or have outstanding, and \(iii\)restrictions on our ability to make certain disposals ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 167.10 Td (of assets. Events of default include \(i\)failure to make payments when due, \(ii\)other breaches under the Facility not remedied ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 155.10 Td (within a 30-day grace period, \(iii\)breaches of representations and warranties, \(iv\) attachment by creditors of, or distress, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 143.10 Td (execution, sequestration or other process enforced upon, the whole or any material part of the Group) Tj ET Q q 0 0 0 rg BT 458.58 143.10 Td (s assets, \(v\)cross-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 131.10 Td (payment default or cross-acceleration with certain other financial indebtedness, \(vi\)cessation of business, \(vii\) seizure, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 119.10 Td (nationalization or expropriation of material assets; or \(viii\) bankruptcy or other insolvency proceedings. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 95.10 Td (As of December31, 2015 the Company was in compliance with all covenants under the Facility) Tj ET Q q 0 0 0 rg BT 473.70 95.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 71.10 Td (The Facility is limited in recourse to the Company and the other members of the Group which borrow under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 59.10 Td (Facility) Tj ET Q q 0 0 0 rg BT 83.90 59.10 Td (.) Tj ET Q endstream endobj 183 0 obj <> endobj 184 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (83) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 719.10 Td (A) Tj ET Q q 0 0 0 rg BT 96.67 719.10 Td ( copy of the Facility is attached as Exhibit 4.1 and is incorporated by reference herein. ) Tj ET Q q 0 0 0 rg BT 443.59 719.10 Td (The description of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.10 Td (Facility in this section and elsewhere in this Form 20-F is qualified in its entirety by reference to the complete text of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 695.10 Td (Facility) Tj ET Q q 0 0 0 rg BT 83.90 695.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 673.10 Td (Free ) Tj ET Q q 0 0 0 rg BT 75.94 673.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 99.56 673.10 Td (Flow) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 649.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 649.10 Td (Free ) Tj ET Q q 0 0 0 rg BT 110.07 649.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 132.38 649.10 Td (Flow ) Tj ET Q q 0 0 0 rg BT 155.24 649.10 Td (is ) Tj ET Q q 0 0 0 rg BT 164.21 649.10 Td (one ) Tj ET Q q 0 0 0 rg BT 180.96 649.10 Td (of ) Tj ET Q q 0 0 0 rg BT 191.59 649.10 Td (management) Tj ET Q q 0 0 0 rg BT 245.46 649.10 Td (s ) Tj ET Q q 0 0 0 rg BT 251.65 649.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 285.61 649.10 Td (key ) Tj ET Q q 0 0 0 rg BT 302.35 649.10 Td (indicators ) Tj ET Q q 0 0 0 rg BT 344.09 649.10 Td (to ) Tj ET Q q 0 0 0 rg BT 354.17 649.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 389.79 649.10 Td (the ) Tj ET Q q 0 0 0 rg BT 404.31 649.10 Td (Group) Tj ET Q q 0 0 0 rg BT 432.64 649.10 Td (s ) Tj ET Q q 0 0 0 rg BT 438.84 649.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 491.67 649.10 Td (and ) Tj ET Q q 0 0 0 rg BT 508.41 649.10 Td (is ) Tj ET Q q 0 0 0 rg BT 517.38 649.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 549.67 649.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 637.10 Td (net ) Tj ET Q q 0 0 0 rg BT 69.30 637.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 90.15 637.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 132.09 637.10 Td (from ) Tj ET Q q 0 0 0 rg BT 154.61 637.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 199.34 637.10 Td (less ) Tj ET Q q 0 0 0 rg BT 217.42 637.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 238.27 637.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 263.57 637.10 Td (used ) Tj ET Q q 0 0 0 rg BT 284.98 637.10 Td (in ) Tj ET Q q 0 0 0 rg BT 295.84 637.10 Td (investing ) Tj ET Q q 0 0 0 rg BT 335.59 637.10 Td (activities. ) Tj ET Q q 0 0 0 rg BT 377.04 637.10 Td (The ) Tj ET Q q 0 0 0 rg BT 395.67 637.10 Td (following ) Tj ET Q q 0 0 0 rg BT 437.64 637.10 Td (table ) Tj ET Q q 0 0 0 rg BT 460.15 637.10 Td (sets ) Tj ET Q q 0 0 0 rg BT 478.23 637.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 500.75 637.10 Td (our ) Tj ET Q q 0 0 0 rg BT 517.16 637.10 Td (Free ) Tj ET Q q 0 0 0 rg BT 538.01 637.10 Td (Cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 625.10 Td (Flow ) Tj ET Q q 0 0 0 rg BT 77.49 625.10 Td (for ) Tj ET Q q 0 0 0 rg BT 92.08 625.10 Td (the ) Tj ET Q q 0 0 0 rg BT 107.23 625.10 Td (years ) Tj ET Q q 0 0 0 rg BT 131.26 625.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 158.06 625.10 Td (December ) Tj ET Q q 0 0 0 rg BT 202.08 625.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.51 625.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.51 625.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.94 625.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.94 625.10 Td ( ) Tj ET Q q 0 0 0 rg BT 265.87 625.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.23 625.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.23 625.10 Td (, ) Tj ET Q q 0 0 0 rg BT 308.66 625.10 Td (using ) Tj ET Q q 0 0 0 rg BT 333.26 625.10 Td (information ) Tj ET Q q 0 0 0 rg BT 383.40 625.10 Td (derived ) Tj ET Q q 0 0 0 rg BT 416.32 625.10 Td (from ) Tj ET Q q 0 0 0 rg BT 438.69 625.10 Td (our ) Tj ET Q q 0 0 0 rg BT 454.95 625.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 508.42 625.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 549.67 625.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 613.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 74.27 613.10 Td (flows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 54.00 549.60 213.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 549.60 94.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.00 549.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.00 549.60 94.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 549.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 549.60 94.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.00 521.60 213.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 521.60 94.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.00 521.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.00 521.60 94.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 521.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 521.60 94.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 576.6 m 361 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361 576.6 m 365 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 576.6 m 459 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 576.6 m 463 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 576.6 m 557 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 576.6 m 361 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 562.6 m 361 562.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361 576.6 m 365 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 576.6 m 459 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 562.6 m 459 562.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 576.6 m 463 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 576.6 m 557 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 562.6 m 557 562.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 521.6 m 361 521.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 508.6 m 361 508.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 506.6 m 361 506.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 521.6 m 459 521.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 508.6 m 459 508.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 506.6 m 459 506.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 521.6 m 557 521.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 508.6 m 557 508.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 506.6 m 557 506.6 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 348.15 581.05 Td (For the years ended December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.50 567.05 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 402.50 567.05 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 500.50 567.05 Td (2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.25 553.85 Td (\( million\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.50 540.06 Td (Cash flows from operating activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 344.00 540.06 Td (707) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 442.00 540.06 Td (426) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.00 540.06 Td (454) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.50 526.06 Td (Cash flows used in investing activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.00 526.06 Td (\(317) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 357.50 526.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 439.00 526.06 Td (\(290) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.50 526.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.00 526.06 Td (\(267) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 553.50 526.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.50 512.05 Td (Free Cash Flow) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 344.00 512.05 Td (390) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 442.00 512.05 Td (136) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 540.00 512.05 Td (187) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 484.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 484.10 Td (Free ) Tj ET Q q 0 0 0 rg BT 110.80 484.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 133.82 484.10 Td (Flow ) Tj ET Q q 0 0 0 rg BT 157.41 484.10 Td (for ) Tj ET Q q 0 0 0 rg BT 172.10 484.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.34 484.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.34 484.10 Td ( ) Tj ET Q q 0 0 0 rg BT 210.37 484.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.95 484.10 Td (390 ) Tj ET Q q 0 0 0 rg BT 251.98 484.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.87 484.10 Td (, ) Tj ET Q q 0 0 0 rg BT 286.40 484.10 Td (an ) Tj ET Q q 0 0 0 rg BT 298.86 484.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 334.64 484.10 Td (from ) Tj ET Q q 0 0 0 rg BT 357.11 484.10 Td (136 ) Tj ET Q q 0 0 0 rg BT 380.14 484.10 Td (million ) Tj ET Q q 0 0 0 rg BT 412.06 484.10 Td (for ) Tj ET Q q 0 0 0 rg BT 426.74 484.10 Td (2014. ) Tj ET Q q 0 0 0 rg BT 452.05 484.10 Td (The ) Tj ET Q q 0 0 0 rg BT 470.63 484.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 506.41 484.10 Td (in ) Tj ET Q q 0 0 0 rg BT 517.21 484.10 Td (Free ) Tj ET Q q 0 0 0 rg BT 538.01 484.10 Td (Cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 472.10 Td (Flow ) Tj ET Q q 0 0 0 rg BT 77.78 472.10 Td (was ) Tj ET Q q 0 0 0 rg BT 96.54 472.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 136.97 472.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 185.72 472.10 Td (to ) Tj ET Q q 0 0 0 rg BT 196.72 472.10 Td (an ) Tj ET Q q 0 0 0 rg BT 209.37 472.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 245.34 472.10 Td (in ) Tj ET Q q 0 0 0 rg BT 256.33 472.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 277.32 472.10 Td (from ) Tj ET Q q 0 0 0 rg BT 299.97 472.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 340.95 472.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 382.76 472.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 411.53 472.10 Td (by ) Tj ET Q q 0 0 0 rg BT 424.74 472.10 Td (one-time ) Tj ET Q q 0 0 0 rg BT 463.50 472.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 484.48 472.10 Td (inflows ) Tj ET Q q 0 0 0 rg BT 517.70 472.10 Td (as ) Tj ET Q q 0 0 0 rg BT 529.24 472.10 Td (well ) Tj ET Q q 0 0 0 rg BT 549.68 472.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 460.10 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 92.51 460.10 Td (EBITDA. ) Tj ET Q q 0 0 0 rg BT 134.08 460.10 Td (Free ) Tj ET Q q 0 0 0 rg BT 154.25 460.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 176.65 460.10 Td (Flow ) Tj ET Q q 0 0 0 rg BT 199.62 460.10 Td (included ) Tj ET Q q 0 0 0 rg BT 236.46 460.10 Td (the ) Tj ET Q q 0 0 0 rg BT 251.08 460.10 Td (following ) Tj ET Q q 0 0 0 rg BT 292.37 460.10 Td (one-time ) Tj ET Q q 0 0 0 rg BT 330.31 460.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 350.48 460.10 Td (inflows: ) Tj ET Q q 0 0 0 rg BT 385.67 460.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 397.51 460.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 435.45 460.10 Td (from ) Tj ET Q q 0 0 0 rg BT 457.29 460.10 Td (the ) Tj ET Q q 0 0 0 rg BT 471.91 460.10 Td (disposal ) Tj ET Q q 0 0 0 rg BT 507.09 460.10 Td (of ) Tj ET Q q 0 0 0 rg BT 517.83 460.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 543.56 460.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 448.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 94.35 448.10 Td (related ) Tj ET Q q 0 0 0 rg BT 124.68 448.10 Td (to ) Tj ET Q q 0 0 0 rg BT 135.59 448.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 182.60 448.10 Td (properties ) Tj ET Q q 0 0 0 rg BT 225.72 448.10 Td (of ) Tj ET Q q 0 0 0 rg BT 237.18 448.10 Td (37 ) Tj ET Q q 0 0 0 rg BT 255.31 448.10 Td (million; ) Tj ET Q q 0 0 0 rg BT 290.12 448.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 305.46 448.10 Td (the ) Tj ET Q q 0 0 0 rg BT 320.81 448.10 Td (reimbursement ) Tj ET Q q 0 0 0 rg BT 383.92 448.10 Td (of ) Tj ET Q q 0 0 0 rg BT 395.38 448.10 Td (the ) Tj ET Q q 0 0 0 rg BT 410.73 448.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 451.63 448.10 Td (of ) Tj ET Q q 0 0 0 rg BT 463.09 448.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 504.55 448.10 Td (related ) Tj ET Q q 0 0 0 rg BT 534.88 448.10 Td (to ) Tj ET Q q 0 0 0 rg BT 545.79 448.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 436.10 Td (establishment ) Tj ET Q q 0 0 0 rg BT 112.02 436.10 Td (of ) Tj ET Q q 0 0 0 rg BT 123.37 436.10 Td (the ) Tj ET Q q 0 0 0 rg BT 138.61 436.10 Td (Maserati ) Tj ET Q q 0 0 0 rg BT 176.62 436.10 Td (standalone ) Tj ET Q q 0 0 0 rg BT 222.41 436.10 Td (business ) Tj ET Q q 0 0 0 rg BT 259.33 436.10 Td (in ) Tj ET Q q 0 0 0 rg BT 270.13 436.10 Td (China ) Tj ET Q q 0 0 0 rg BT 297.04 436.10 Td (of ) Tj ET Q q 0 0 0 rg BT 308.40 436.10 Td (147 ) Tj ET Q q 0 0 0 rg BT 331.42 436.10 Td (million; ) Tj ET Q q 0 0 0 rg BT 366.12 436.10 Td (and ) Tj ET Q q 0 0 0 rg BT 383.58 436.10 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 401.60 436.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 440.16 436.10 Td (from ) Tj ET Q q 0 0 0 rg BT 462.63 436.10 Td (the ) Tj ET Q q 0 0 0 rg BT 477.87 436.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 496.44 436.10 Td (of ) Tj ET Q q 0 0 0 rg BT 507.79 436.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.04 436.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 424.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 80.58 424.10 Td (portfolios ) Tj ET Q q 0 0 0 rg BT 122.72 424.10 Td (of ) Tj ET Q q 0 0 0 rg BT 134.31 424.10 Td (FFS ) Tj ET Q q 0 0 0 rg BT 154.25 424.10 Td (S.p.A. ) Tj ET Q q 0 0 0 rg BT 182.78 424.10 Td (and ) Tj ET Q q 0 0 0 rg BT 200.47 424.10 Td (FFS ) Tj ET Q q 0 0 0 rg BT 220.41 424.10 Td (KK ) Tj ET Q q 0 0 0 rg BT 238.11 424.10 Td (of ) Tj ET Q q 0 0 0 rg BT 249.69 424.10 Td (57 ) Tj ET Q q 0 0 0 rg BT 267.95 424.10 Td (million; ) Tj ET Q q 0 0 0 rg BT 302.87 424.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 339.44 424.10 Td (of) Tj ET Q q 0 0 0 rg BT 347.59 424.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 365.28 424.10 Td (by ) Tj ET Q q 0 0 0 rg BT 378.54 424.10 Td (the ) Tj ET Q q 0 0 0 rg BT 394.01 424.10 Td (following ) Tj ET Q q 0 0 0 rg BT 436.15 424.10 Td (one-time ) Tj ET Q q 0 0 0 rg BT 474.94 424.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 495.96 424.10 Td (outflow: ) Tj ET Q q 0 0 0 rg BT 533.10 424.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 545.80 424.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 412.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 86.50 412.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 119.54 412.10 Td (to ) Tj ET Q q 0 0 0 rg BT 129.82 412.10 Td (the ) Tj ET Q q 0 0 0 rg BT 144.53 412.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 174.24 412.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 219.50 412.10 Td (extra ) Tj ET Q q 0 0 0 rg BT 241.99 412.10 Td (bonus ) Tj ET Q q 0 0 0 rg BT 268.38 412.10 Td (that ) Tj ET Q q 0 0 0 rg BT 285.88 412.10 Td (was ) Tj ET Q q 0 0 0 rg BT 303.93 412.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 323.64 412.10 Td (in ) Tj ET Q q 0 0 0 rg BT 333.92 412.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 356.42 412.10 Td (of ) Tj ET Q q 0 0 0 rg BT 367.25 412.10 Td (15 ) Tj ET Q q 0 0 0 rg BT 384.75 412.10 Td (million.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 388.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 388.10 Td (Free ) Tj ET Q q 0 0 0 rg BT 110.46 388.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 133.15 388.10 Td (Flow ) Tj ET Q q 0 0 0 rg BT 156.41 388.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.76 388.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.76 388.10 Td ( ) Tj ET Q q 0 0 0 rg BT 193.45 388.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.70 388.10 Td (136 ) Tj ET Q q 0 0 0 rg BT 234.39 388.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.28 388.10 Td (, ) Tj ET Q q 0 0 0 rg BT 268.48 388.10 Td (a ) Tj ET Q q 0 0 0 rg BT 275.61 388.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 312.71 388.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.85 388.10 Td (187 ) Tj ET Q q 0 0 0 rg BT 357.54 388.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.43 388.10 Td ( ) Tj ET Q q 0 0 0 rg BT 389.12 388.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.48 388.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.48 388.10 Td (. ) Tj ET Q q 0 0 0 rg BT 428.47 388.10 Td (The ) Tj ET Q q 0 0 0 rg BT 446.71 388.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 483.82 388.10 Td (in ) Tj ET Q q 0 0 0 rg BT 494.29 388.10 Td (Free ) Tj ET Q q 0 0 0 rg BT 514.75 388.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 537.45 388.10 Td (Flow ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 376.10 Td (was ) Tj ET Q q 0 0 0 rg BT 72.12 376.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 120.23 376.10 Td (to ) Tj ET Q q 0 0 0 rg BT 130.58 376.10 Td (an ) Tj ET Q q 0 0 0 rg BT 142.59 376.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 177.91 376.10 Td (in ) Tj ET Q q 0 0 0 rg BT 188.26 376.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 208.60 376.10 Td (used ) Tj ET Q q 0 0 0 rg BT 229.50 376.10 Td (in ) Tj ET Q q 0 0 0 rg BT 239.85 376.10 Td (investing ) Tj ET Q q 0 0 0 rg BT 279.09 376.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 317.76 376.10 Td (and ) Tj ET Q q 0 0 0 rg BT 334.77 376.10 Td (in ) Tj ET Q q 0 0 0 rg BT 345.12 376.10 Td (particular ) Tj ET Q q 0 0 0 rg BT 386.00 376.10 Td (by ) Tj ET Q q 0 0 0 rg BT 398.57 376.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 448.91 376.10 Td (in ) Tj ET Q q 0 0 0 rg BT 459.26 376.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 501.82 376.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 530.22 376.10 Td (mainly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 364.10 Td (due ) Tj ET Q q 0 0 0 rg BT 70.94 364.10 Td (to ) Tj ET Q q 0 0 0 rg BT 81.22 364.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 131.49 364.10 Td (in ) Tj ET Q q 0 0 0 rg BT 141.77 364.10 Td (development ) Tj ET Q q 0 0 0 rg BT 195.92 364.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 218.42 364.10 Td (for ) Tj ET Q q 0 0 0 rg BT 232.58 364.10 Td (new ) Tj ET Q q 0 0 0 rg BT 251.74 364.10 Td (models ) Tj ET Q q 0 0 0 rg BT 283.13 364.10 Td (and ) Tj ET Q q 0 0 0 rg BT 300.06 364.10 Td (enhancements ) Tj ET Q q 0 0 0 rg BT 359.21 364.10 Td (to ) Tj ET Q q 0 0 0 rg BT 369.48 364.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 403.65 364.10 Td (models.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 340.10 Td (C. Resear) Tj ET Q q 0 0 0 rg BT 95.47 340.10 Td (ch and Development, Patents and Licenses, etc.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 316.10 Td (Resear) Tj ET Q q 0 0 0 rg BT 83.25 316.10 Td (ch ) Tj ET Q q 0 0 0 rg BT 95.75 316.10 Td (and ) Tj ET Q q 0 0 0 rg BT 114.37 316.10 Td (Development ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 292.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 292.10 Td (For ) Tj ET Q q 0 0 0 rg BT 106.39 292.10 Td (a ) Tj ET Q q 0 0 0 rg BT 113.33 292.10 Td (detailed ) Tj ET Q q 0 0 0 rg BT 147.48 292.10 Td (analysis ) Tj ET Q q 0 0 0 rg BT 182.20 292.10 Td (of ) Tj ET Q q 0 0 0 rg BT 193.03 292.10 Td (research ) Tj ET Q q 0 0 0 rg BT 228.83 292.10 Td (and ) Tj ET Q q 0 0 0 rg BT 245.77 292.10 Td (development ) Tj ET Q q 0 0 0 rg BT 299.92 292.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 324.92 292.10 Td (see ) Tj ET Q q 0 0 0 rg BT 340.19 292.10 Td (Item ) Tj ET Q q 0 0 0 rg BT 365.45 292.10 Td (4.B. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 384.62 292.10 Td (BusinessResear) Tj ET Q q 0 0 0 rg BT 455.91 292.10 Td (ch ) Tj ET Q q 0 0 0 rg BT 467.85 292.10 Td (and ) Tj ET Q q 0 0 0 rg BT 485.35 292.10 Td (Development) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.11 292.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 268.10 Td (D. ) Tj ET Q q 0 0 0 rg BT 66.04 268.10 Td (T) Tj ET Q q 0 0 0 rg BT 71.97 268.10 Td (r) Tj ET Q q 0 0 0 rg BT 76.23 268.10 Td (end Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 244.10 Td (Please refer to Item 5) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 146.46 244.10 Td (. Operating and Financial Review and Pr) Tj ET Q q 0 0 0 rg BT 312.45 244.10 Td (ospectsT) Tj ET Q q 0 0 0 rg BT 355.79 244.10 Td (r) Tj ET Q q 0 0 0 rg BT 359.31 244.10 Td (ends, Uncertainties and Opportunities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.63 244.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 517.07 244.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.57 244.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 232.10 Td (information required by this item. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 208.10 Td (E. ) Tj ET Q q 0 0 0 rg BT 65.67 208.10 Td (Off ) Tj ET Q q 0 0 0 rg BT 82.61 208.10 Td (Balance ) Tj ET Q q 0 0 0 rg BT 119.00 208.10 Td (Sheet ) Tj ET Q q 0 0 0 rg BT 144.27 208.10 Td (Arrangements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 184.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 184.10 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 184.10 Td (e ) Tj ET Q q 0 0 0 rg BT 105.61 184.10 Td (have ) Tj ET Q q 0 0 0 rg BT 127.03 184.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 158.99 184.10 Td (into ) Tj ET Q q 0 0 0 rg BT 177.08 184.10 Td (various ) Tj ET Q q 0 0 0 rg BT 209.06 184.10 Td (of) Tj ET Q q 0 0 0 rg BT 217.20 184.10 Td (f-balance ) Tj ET Q q 0 0 0 rg BT 256.93 184.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 280.02 184.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 336.42 184.10 Td (with ) Tj ET Q q 0 0 0 rg BT 356.73 184.10 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 419.81 184.10 Td (third ) Tj ET Q q 0 0 0 rg BT 441.23 184.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 470.42 184.10 Td (in ) Tj ET Q q 0 0 0 rg BT 480.74 184.10 Td (the ) Tj ET Q q 0 0 0 rg BT 495.49 184.10 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 531.91 184.10 Td (course ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 172.10 Td (of ) Tj ET Q q 0 0 0 rg BT 63.65 172.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 101.35 172.10 Td (For ) Tj ET Q q 0 0 0 rg BT 116.56 172.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 157.87 172.10 Td (information ) Tj ET Q q 0 0 0 rg BT 206.40 172.10 Td (see ) Tj ET Q q 0 0 0 rg BT 220.48 172.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 241.23 172.10 Td ( ) Tj ET Q q 0 0 0 rg BT 242.55 172.10 Td (28 ) Tj ET Q q 0 0 0 rg BT 253.87 172.10 Td (Commitments ) Tj ET Q q 0 0 0 rg BT 320.73 172.10 Td (to ) Tj ET Q q 0 0 0 rg BT 329.82 172.10 Td (our ) Tj ET Q q 0 0 0 rg BT 344.47 172.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 398.56 172.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 437.09 172.10 Td (Statements ) Tj ET Q q 0 0 0 rg BT 482.28 172.10 Td (included ) Tj ET Q q 0 0 0 rg BT 518.03 172.10 Td (elsewhere ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 160.10 Td (in ) Tj ET Q q 0 0 0 rg BT 64.28 160.10 Td (this ) Tj ET Q q 0 0 0 rg BT 81.23 160.10 Td (document.) Tj ET Q endstream endobj 185 0 obj <> endobj 186 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (84) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 731.25 Td (F) Tj ET Q q 0 0 0 rg BT 59.19 731.25 Td (. ) Tj ET Q q 0 0 0 rg BT 64.01 731.25 Td (T) Tj ET Q q 0 0 0 rg BT 69.76 731.25 Td (abular) Tj ET Q q 0 0 0 rg BT 97.92 731.25 Td ( Disclosur) Tj ET Q q 0 0 0 rg BT 140.24 731.25 Td (e of Contractual Obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 707.25 Td (The ) Tj ET Q q 0 0 0 rg BT 107.88 707.25 Td (following ) Tj ET Q q 0 0 0 rg BT 149.10 707.25 Td (table ) Tj ET Q q 0 0 0 rg BT 170.87 707.25 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 220.97 707.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 261.63 707.25 Td (due ) Tj ET Q q 0 0 0 rg BT 278.41 707.25 Td (under ) Tj ET Q q 0 0 0 rg BT 303.51 707.25 Td (our ) Tj ET Q q 0 0 0 rg BT 319.18 707.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 363.72 707.25 Td (contractual ) Tj ET Q q 0 0 0 rg BT 410.48 707.25 Td (commitments ) Tj ET Q q 0 0 0 rg BT 467.25 707.25 Td (at ) Tj ET Q q 0 0 0 rg BT 476.80 707.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 535.22 707.25 Td (2015: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 634.75 209.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 634.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 634.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 634.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 634.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 634.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 634.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 634.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 634.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 634.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 634.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 606.75 209.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 606.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 606.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 606.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 606.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 606.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 606.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 606.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 606.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 606.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 606.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 578.75 209.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 578.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 578.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 578.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 578.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 578.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 578.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 578.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 578.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 578.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 578.75 55.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 670.75 m 321.5 670.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 670.75 m 325.5 670.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 670.75 m 380.5 670.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 670.75 m 384.5 670.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 670.75 m 439.5 670.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 670.75 m 443.5 670.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 670.75 m 498.5 670.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 670.75 m 502.5 670.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 670.75 m 557.5 670.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 647.75 m 321.5 647.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 647.75 m 380.5 647.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 647.75 m 439.5 647.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 647.75 m 498.5 647.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 647.75 m 557.5 647.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 647.75 m 321.5 647.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 647.75 m 380.5 647.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 647.75 m 439.5 647.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 647.75 m 498.5 647.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 647.75 m 557.5 647.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 564.75 m 321.5 564.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 551.75 m 321.5 551.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 549.75 m 321.5 549.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 564.75 m 380.5 564.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 551.75 m 380.5 551.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 549.75 m 380.5 549.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 564.75 m 439.5 564.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 551.75 m 439.5 551.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 549.75 m 439.5 549.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 564.75 m 498.5 564.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 551.75 m 498.5 551.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 549.75 m 498.5 549.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 564.75 m 557.5 564.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 551.75 m 557.5 551.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 549.75 m 557.5 549.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 365.10 675.20 Td (Payments due by period) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 281.70 652.20 Td (1 year) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 330.60 652.20 Td (1 to 3 years) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 389.60 652.20 Td (3 to 5 years) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.30 661.20 Td (After) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.75 652.20 Td ( 5 years) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 519.65 652.20 Td (Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.25 639.00 Td (\( million\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 625.21 Td (Long-term debt ) Tj ET Q BT /F1 7.00 Tf ET BT /F1 4.55 Tf ET q 0 0 0 rg BT 114.48 628.38 Td (\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 304.50 625.21 Td (169) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 363.50 625.21 Td (672) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 422.50 625.21 Td (669) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 486.00 625.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.75 625.21 Td (1,510) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 611.21 Td (Interest on long-term financial liabilities ) Tj ET Q BT /F1 7.00 Tf ET BT /F1 4.55 Tf ET q 0 0 0 rg BT 203.70 614.38 Td (\(2\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 309.00 611.21 Td (15) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 368.00 611.21 Td (20) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.50 611.21 Td (7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 486.00 611.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.00 611.21 Td (42) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 597.21 Td (Operating lease obligations ) Tj ET Q BT /F1 7.00 Tf ET BT /F1 4.55 Tf ET q 0 0 0 rg BT 156.72 600.38 Td (\(3\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 313.50 597.21 Td (4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.50 597.21 Td (4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.50 597.21 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 486.00 597.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.50 597.21 Td (9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 583.21 Td (Unconditional minimum purchase obligations ) Tj ET Q BT /F1 7.00 Tf ET BT /F1 4.55 Tf ET q 0 0 0 rg BT 223.48 586.38 Td (\(4\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 309.00 583.21 Td (82) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 368.00 583.21 Td (97) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.00 583.21 Td (36) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.50 583.21 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.50 583.21 Td (216) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 569.21 Td (Purchase obligations ) Tj ET Q BT /F1 7.00 Tf ET BT /F1 4.55 Tf ET q 0 0 0 rg BT 132.99 572.38 Td (\(5\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 309.00 569.21 Td (31) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 368.00 569.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.00 569.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 486.00 569.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.00 569.21 Td (31) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 555.20 Td (Total contractual obligations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.50 555.20 Td (301) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 363.50 555.20 Td (793) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 422.50 555.20 Td (713) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 490.50 555.20 Td (1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 555.20 Td (1,808) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 539.25 Td (______________________________) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 529.65 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 72.00 529.65 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 101.99 529.65 Td (pr) Tj ET Q q 0 0 0 rg BT 108.80 529.65 Td (esented ) Tj ET Q q 0 0 0 rg BT 134.78 529.65 Td (r) Tj ET Q q 0 0 0 rg BT 137.60 529.65 Td (elate ) Tj ET Q q 0 0 0 rg BT 155.13 529.65 Td (to ) Tj ET Q q 0 0 0 rg BT 163.34 529.65 Td (the ) Tj ET Q q 0 0 0 rg BT 175.11 529.65 Td (principal ) Tj ET Q q 0 0 0 rg BT 206.43 529.65 Td (amounts ) Tj ET Q q 0 0 0 rg BT 235.53 529.65 Td (of ) Tj ET Q q 0 0 0 rg BT 243.74 529.65 Td (long-term ) Tj ET Q q 0 0 0 rg BT 277.28 529.65 Td (debt ) Tj ET Q q 0 0 0 rg BT 293.04 529.65 Td (and ) Tj ET Q q 0 0 0 rg BT 307.03 529.65 Td (exclude ) Tj ET Q q 0 0 0 rg BT 333.44 529.65 Td (the ) Tj ET Q q 0 0 0 rg BT 345.20 529.65 Td (r) Tj ET Q q 0 0 0 rg BT 348.02 529.65 Td (elated ) Tj ET Q q 0 0 0 rg BT 369.55 529.65 Td (inter) Tj ET Q q 0 0 0 rg BT 384.37 529.65 Td (est ) Tj ET Q q 0 0 0 rg BT 395.24 529.65 Td (expense ) Tj ET Q q 0 0 0 rg BT 422.55 529.65 Td (that ) Tj ET Q q 0 0 0 rg BT 436.98 529.65 Td (will ) Tj ET Q q 0 0 0 rg BT 450.97 529.65 Td (be ) Tj ET Q q 0 0 0 rg BT 460.51 529.65 Td (paid ) Tj ET Q q 0 0 0 rg BT 476.72 529.65 Td (when ) Tj ET Q q 0 0 0 rg BT 495.60 529.65 Td (due. ) Tj ET Q q 0 0 0 rg BT 511.14 529.65 Td (For ) Tj ET Q q 0 0 0 rg BT 525.13 529.65 Td (additional ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 520.05 Td (information ) Tj ET Q q 0 0 0 rg BT 111.68 520.05 Td (see ) Tj ET Q q 0 0 0 rg BT 123.80 520.05 Td (Note ) Tj ET Q q 0 0 0 rg BT 140.81 520.05 Td (23 ) Tj ET Q q 0 0 0 rg BT 150.71 520.05 Td (Debt ) Tj ET Q q 0 0 0 rg BT 177.06 520.05 Td (to ) Tj ET Q q 0 0 0 rg BT 185.18 520.05 Td (our ) Tj ET Q q 0 0 0 rg BT 198.19 520.05 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 242.76 520.05 Td (Financial ) Tj ET Q q 0 0 0 rg BT 275.77 520.05 Td (Statements ) Tj ET Q q 0 0 0 rg BT 312.33 520.05 Td (included ) Tj ET Q q 0 0 0 rg BT 341.78 520.05 Td (elsewher) Tj ET Q q 0 0 0 rg BT 369.92 520.05 Td (e ) Tj ET Q q 0 0 0 rg BT 375.37 520.05 Td (in ) Tj ET Q q 0 0 0 rg BT 383.49 520.05 Td (this ) Tj ET Q q 0 0 0 rg BT 396.95 520.05 Td (document. ) Tj ET Q q 0 0 0 rg BT 431.95 520.05 Td (The ) Tj ET Q q 0 0 0 rg BT 445.85 520.05 Td (table ) Tj ET Q q 0 0 0 rg BT 463.75 520.05 Td (above ) Tj ET Q q 0 0 0 rg BT 484.75 520.05 Td (does ) Tj ET Q q 0 0 0 rg BT 501.31 520.05 Td (not ) Tj ET Q q 0 0 0 rg BT 513.44 520.05 Td (include ) Tj ET Q q 0 0 0 rg BT 538.88 520.05 Td (short-) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 510.45 Td (term ) Tj ET Q q 0 0 0 rg BT 88.98 510.45 Td (debt ) Tj ET Q q 0 0 0 rg BT 105.07 510.45 Td (obligations. ) Tj ET Q q 0 0 0 rg BT 145.23 510.45 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 175.54 510.45 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 207.63 510.45 Td (do ) Tj ET Q q 0 0 0 rg BT 217.95 510.45 Td (not ) Tj ET Q q 0 0 0 rg BT 230.49 510.45 Td (include ) Tj ET Q q 0 0 0 rg BT 256.36 510.45 Td (the ) Tj ET Q q 0 0 0 rg BT 268.45 510.45 Td (500 ) Tj ET Q q 0 0 0 rg BT 286.76 510.45 Td (million ) Tj ET Q q 0 0 0 rg BT 311.75 510.45 Td (Bridge ) Tj ET Q q 0 0 0 rg BT 335.84 510.45 Td (Loan, ) Tj ET Q q 0 0 0 rg BT 356.61 510.45 Td (which ) Tj ET Q q 0 0 0 rg BT 378.03 510.45 Td (is ) Tj ET Q q 0 0 0 rg BT 385.69 510.45 Td (expected ) Tj ET Q q 0 0 0 rg BT 415.98 510.45 Td (to ) Tj ET Q q 0 0 0 rg BT 424.52 510.45 Td (be ) Tj ET Q q 0 0 0 rg BT 434.39 510.45 Td (r) Tj ET Q q 0 0 0 rg BT 437.21 510.45 Td (efinanced ) Tj ET Q q 0 0 0 rg BT 470.62 510.45 Td (with ) Tj ET Q q 0 0 0 rg BT 486.72 510.45 Td (long-term ) Tj ET Q q 0 0 0 rg BT 520.59 510.45 Td (debt ) Tj ET Q q 0 0 0 rg BT 536.68 510.45 Td (during ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 500.85 Td (2016.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 491.25 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 72.00 491.25 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 102.30 491.25 Td (include ) Tj ET Q q 0 0 0 rg BT 128.15 491.25 Td (inter) Tj ET Q q 0 0 0 rg BT 142.96 491.25 Td (est ) Tj ET Q q 0 0 0 rg BT 154.15 491.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 186.67 491.25 Td (based ) Tj ET Q q 0 0 0 rg BT 207.64 491.25 Td (on ) Tj ET Q q 0 0 0 rg BT 217.94 491.25 Td (contractual ) Tj ET Q q 0 0 0 rg BT 257.13 491.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 277.21 491.25 Td (and ) Tj ET Q q 0 0 0 rg BT 291.51 491.25 Td (curr) Tj ET Q q 0 0 0 rg BT 304.99 491.25 Td (ent ) Tj ET Q q 0 0 0 rg BT 317.07 491.25 Td (inter) Tj ET Q q 0 0 0 rg BT 331.88 491.25 Td (est ) Tj ET Q q 0 0 0 rg BT 343.07 491.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 361.37 491.25 Td (on ) Tj ET Q q 0 0 0 rg BT 371.67 491.25 Td (our ) Tj ET Q q 0 0 0 rg BT 385.09 491.25 Td (long-term ) Tj ET Q q 0 0 0 rg BT 418.94 491.25 Td (debt. ) Tj ET Q q 0 0 0 rg BT 437.02 491.25 Td (Inter) Tj ET Q q 0 0 0 rg BT 452.27 491.25 Td (est ) Tj ET Q q 0 0 0 rg BT 463.46 491.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 481.77 491.25 Td (based ) Tj ET Q q 0 0 0 rg BT 502.73 491.25 Td (on ) Tj ET Q q 0 0 0 rg BT 513.04 491.25 Td (variable ) Tj ET Q q 0 0 0 rg BT 542.00 491.25 Td (rates ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 481.65 Td (included ) Tj ET Q q 0 0 0 rg BT 101.64 481.65 Td (above ) Tj ET Q q 0 0 0 rg BT 122.84 481.65 Td (wer) Tj ET Q q 0 0 0 rg BT 134.54 481.65 Td (e ) Tj ET Q q 0 0 0 rg BT 140.19 481.65 Td (determined ) Tj ET Q q 0 0 0 rg BT 178.28 481.65 Td (using ) Tj ET Q q 0 0 0 rg BT 197.71 481.65 Td (the ) Tj ET Q q 0 0 0 rg BT 209.58 481.65 Td (curr) Tj ET Q q 0 0 0 rg BT 223.06 481.65 Td (ent ) Tj ET Q q 0 0 0 rg BT 234.93 481.65 Td (rates ) Tj ET Q q 0 0 0 rg BT 253.03 481.65 Td (in ) Tj ET Q q 0 0 0 rg BT 261.35 481.65 Td (effect ) Tj ET Q q 0 0 0 rg BT 280.76 481.65 Td (at ) Tj ET Q q 0 0 0 rg BT 289.08 481.65 Td (December ) Tj ET Q q 0 0 0 rg BT 324.05 481.65 Td (31, ) Tj ET Q q 0 0 0 rg BT 336.15 481.65 Td (2015. ) Tj ET Q q 0 0 0 rg BT 356.09 481.65 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 386.19 481.65 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 418.06 481.65 Td (do ) Tj ET Q q 0 0 0 rg BT 428.16 481.65 Td (not ) Tj ET Q q 0 0 0 rg BT 440.48 481.65 Td (include ) Tj ET Q q 0 0 0 rg BT 466.12 481.65 Td (inter) Tj ET Q q 0 0 0 rg BT 480.93 481.65 Td (est ) Tj ET Q q 0 0 0 rg BT 491.92 481.65 Td (payments ) Tj ET Q q 0 0 0 rg BT 524.23 481.65 Td (associated ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 472.05 Td (with ) Tj ET Q q 0 0 0 rg BT 87.78 472.05 Td (the ) Tj ET Q q 0 0 0 rg BT 99.55 472.05 Td (Bridge ) Tj ET Q q 0 0 0 rg BT 123.33 472.05 Td (Loan, ) Tj ET Q q 0 0 0 rg BT 143.78 472.05 Td (which ) Tj ET Q q 0 0 0 rg BT 164.89 472.05 Td (is ) Tj ET Q q 0 0 0 rg BT 172.22 472.05 Td (expected ) Tj ET Q q 0 0 0 rg BT 202.20 472.05 Td (to ) Tj ET Q q 0 0 0 rg BT 210.42 472.05 Td (be ) Tj ET Q q 0 0 0 rg BT 219.97 472.05 Td (r) Tj ET Q q 0 0 0 rg BT 222.79 472.05 Td (efinanced ) Tj ET Q q 0 0 0 rg BT 255.89 472.05 Td (with ) Tj ET Q q 0 0 0 rg BT 271.67 472.05 Td (long-term ) Tj ET Q q 0 0 0 rg BT 305.22 472.05 Td (debt ) Tj ET Q q 0 0 0 rg BT 320.99 472.05 Td (during ) Tj ET Q q 0 0 0 rg BT 344.33 472.05 Td (2016.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 462.45 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 72.00 462.45 Td (Operating ) Tj ET Q q 0 0 0 rg BT 106.89 462.45 Td (lease ) Tj ET Q q 0 0 0 rg BT 125.32 462.45 Td (obligations ) Tj ET Q q 0 0 0 rg BT 163.33 462.45 Td (mainly ) Tj ET Q q 0 0 0 rg BT 187.10 462.45 Td (r) Tj ET Q q 0 0 0 rg BT 189.92 462.45 Td (elate ) Tj ET Q q 0 0 0 rg BT 207.46 462.45 Td (to ) Tj ET Q q 0 0 0 rg BT 215.69 462.45 Td (leases ) Tj ET Q q 0 0 0 rg BT 237.24 462.45 Td (for ) Tj ET Q q 0 0 0 rg BT 248.57 462.45 Td (commer) Tj ET Q q 0 0 0 rg BT 274.05 462.45 Td (cial ) Tj ET Q q 0 0 0 rg BT 288.04 462.45 Td (pr) Tj ET Q q 0 0 0 rg BT 294.86 462.45 Td (operties ) Tj ET Q q 0 0 0 rg BT 322.63 462.45 Td (and ) Tj ET Q q 0 0 0 rg BT 336.63 462.45 Td (certain ) Tj ET Q q 0 0 0 rg BT 361.29 462.45 Td (assets ) Tj ET Q q 0 0 0 rg BT 382.41 462.45 Td (used ) Tj ET Q q 0 0 0 rg BT 399.07 462.45 Td (in ) Tj ET Q q 0 0 0 rg BT 407.29 462.45 Td (our ) Tj ET Q q 0 0 0 rg BT 420.41 462.45 Td (business. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 452.85 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 72.00 452.85 Td (Unconditional ) Tj ET Q q 0 0 0 rg BT 120.07 452.85 Td (minimum ) Tj ET Q q 0 0 0 rg BT 151.70 452.85 Td (pur) Tj ET Q q 0 0 0 rg BT 162.52 452.85 Td (chase ) Tj ET Q q 0 0 0 rg BT 182.59 452.85 Td (obligations ) Tj ET Q q 0 0 0 rg BT 220.45 452.85 Td (r) Tj ET Q q 0 0 0 rg BT 223.26 452.85 Td (elate ) Tj ET Q q 0 0 0 rg BT 240.66 452.85 Td (to ) Tj ET Q q 0 0 0 rg BT 248.74 452.85 Td (our ) Tj ET Q q 0 0 0 rg BT 261.71 452.85 Td (unconditional ) Tj ET Q q 0 0 0 rg BT 308.00 452.85 Td (pur) Tj ET Q q 0 0 0 rg BT 318.82 452.85 Td (chase ) Tj ET Q q 0 0 0 rg BT 338.88 452.85 Td (obligations ) Tj ET Q q 0 0 0 rg BT 376.74 452.85 Td (to ) Tj ET Q q 0 0 0 rg BT 384.82 452.85 Td (pur) Tj ET Q q 0 0 0 rg BT 395.63 452.85 Td (chase ) Tj ET Q q 0 0 0 rg BT 415.70 452.85 Td (a ) Tj ET Q q 0 0 0 rg BT 421.56 452.85 Td (fixed ) Tj ET Q q 0 0 0 rg BT 438.96 452.85 Td (or ) Tj ET Q q 0 0 0 rg BT 447.92 452.85 Td (minimum ) Tj ET Q q 0 0 0 rg BT 479.55 452.85 Td (quantity ) Tj ET Q q 0 0 0 rg BT 507.63 452.85 Td (of ) Tj ET Q q 0 0 0 rg BT 515.70 452.85 Td (goods ) Tj ET Q q 0 0 0 rg BT 536.67 452.85 Td (and/or ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 443.25 Td (services ) Tj ET Q q 0 0 0 rg BT 100.14 443.25 Td (fr) Tj ET Q q 0 0 0 rg BT 105.18 443.25 Td (om ) Tj ET Q q 0 0 0 rg BT 117.33 443.25 Td (suppliers ) Tj ET Q q 0 0 0 rg BT 149.04 443.25 Td (with ) Tj ET Q q 0 0 0 rg BT 165.19 443.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 183.11 443.25 Td (and ) Tj ET Q q 0 0 0 rg BT 197.48 443.25 Td (determinable ) Tj ET Q q 0 0 0 rg BT 242.07 443.25 Td (price ) Tj ET Q q 0 0 0 rg BT 260.88 443.25 Td (pr) Tj ET Q q 0 0 0 rg BT 267.70 443.25 Td (ovisions. ) Tj ET Q q 0 0 0 rg BT 298.29 443.25 Td (Fr) Tj ET Q q 0 0 0 rg BT 305.99 443.25 Td (om ) Tj ET Q q 0 0 0 rg BT 318.14 443.25 Td (time ) Tj ET Q q 0 0 0 rg BT 334.29 443.25 Td (to ) Tj ET Q q 0 0 0 rg BT 342.89 443.25 Td (time, ) Tj ET Q q 0 0 0 rg BT 361.03 443.25 Td (in ) Tj ET Q q 0 0 0 rg BT 369.63 443.25 Td (the ) Tj ET Q q 0 0 0 rg BT 381.78 443.25 Td (or) Tj ET Q q 0 0 0 rg BT 388.59 443.25 Td (dinary ) Tj ET Q q 0 0 0 rg BT 411.85 443.25 Td (course ) Tj ET Q q 0 0 0 rg BT 435.55 443.25 Td (of ) Tj ET Q q 0 0 0 rg BT 444.15 443.25 Td (our ) Tj ET Q q 0 0 0 rg BT 457.63 443.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 489.12 443.25 Td (we ) Tj ET Q q 0 0 0 rg BT 500.38 443.25 Td (enter ) Tj ET Q q 0 0 0 rg BT 519.19 443.25 Td (into ) Tj ET Q q 0 0 0 rg BT 534.01 443.25 Td (various ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 433.65 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 119.15 433.65 Td (with ) Tj ET Q q 0 0 0 rg BT 135.63 433.65 Td (key ) Tj ET Q q 0 0 0 rg BT 148.99 433.65 Td (suppliers ) Tj ET Q q 0 0 0 rg BT 181.03 433.65 Td (in ) Tj ET Q q 0 0 0 rg BT 189.96 433.65 Td (or) Tj ET Q q 0 0 0 rg BT 196.78 433.65 Td (der ) Tj ET Q q 0 0 0 rg BT 210.14 433.65 Td (to ) Tj ET Q q 0 0 0 rg BT 219.07 433.65 Td (establish ) Tj ET Q q 0 0 0 rg BT 250.22 433.65 Td (strategic ) Tj ET Q q 0 0 0 rg BT 280.92 433.65 Td (and ) Tj ET Q q 0 0 0 rg BT 295.63 433.65 Td (technological ) Tj ET Q q 0 0 0 rg BT 341.88 433.65 Td (advantages. ) Tj ET Q q 0 0 0 rg BT 383.02 433.65 Td (In ) Tj ET Q q 0 0 0 rg BT 392.39 433.65 Td (particular) Tj ET Q q 0 0 0 rg BT 423.95 433.65 Td (, ) Tj ET Q q 0 0 0 rg BT 428.65 433.65 Td (such ) Tj ET Q q 0 0 0 rg BT 446.02 433.65 Td (agr) Tj ET Q q 0 0 0 rg BT 456.84 433.65 Td (eements ) Tj ET Q q 0 0 0 rg BT 485.31 433.65 Td (primarily ) Tj ET Q q 0 0 0 rg BT 518.24 433.65 Td (r) Tj ET Q q 0 0 0 rg BT 521.05 433.65 Td (elate ) Tj ET Q q 0 0 0 rg BT 539.30 433.65 Td (to ) Tj ET Q q 0 0 0 rg BT 548.23 433.65 Td (the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 424.05 Td (pur) Tj ET Q q 0 0 0 rg BT 82.82 424.05 Td (chase ) Tj ET Q q 0 0 0 rg BT 102.89 424.05 Td (of ) Tj ET Q q 0 0 0 rg BT 110.96 424.05 Td (r) Tj ET Q q 0 0 0 rg BT 113.78 424.05 Td (esear) Tj ET Q q 0 0 0 rg BT 130.81 424.05 Td (ch ) Tj ET Q q 0 0 0 rg BT 140.22 424.05 Td (and ) Tj ET Q q 0 0 0 rg BT 154.07 424.05 Td (development ) Tj ET Q q 0 0 0 rg BT 196.36 424.05 Td (services ) Tj ET Q q 0 0 0 rg BT 223.98 424.05 Td (and ) Tj ET Q q 0 0 0 rg BT 237.83 424.05 Td (to ) Tj ET Q q 0 0 0 rg BT 245.91 424.05 Td (a ) Tj ET Q q 0 0 0 rg BT 251.77 424.05 Td (lesser ) Tj ET Q q 0 0 0 rg BT 272.29 424.05 Td (extent, ) Tj ET Q q 0 0 0 rg BT 295.24 424.05 Td (tooling ) Tj ET Q q 0 0 0 rg BT 319.76 424.05 Td (obligations. ) Tj ET Q q 0 0 0 rg BT 359.62 424.05 Td (This ) Tj ET Q q 0 0 0 rg BT 375.26 424.05 Td (amount ) Tj ET Q q 0 0 0 rg BT 401.12 424.05 Td (also ) Tj ET Q q 0 0 0 rg BT 416.31 424.05 Td (includes ) Tj ET Q q 0 0 0 rg BT 444.82 424.05 Td (unconditional ) Tj ET Q q 0 0 0 rg BT 491.12 424.05 Td (pur) Tj ET Q q 0 0 0 rg BT 501.94 424.05 Td (chase ) Tj ET Q q 0 0 0 rg BT 522.01 424.05 Td (obligations ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 414.45 Td (to ) Tj ET Q q 0 0 0 rg BT 80.22 414.45 Td (pur) Tj ET Q q 0 0 0 rg BT 91.04 414.45 Td (chase ) Tj ET Q q 0 0 0 rg BT 111.25 414.45 Td (a ) Tj ET Q q 0 0 0 rg BT 117.25 414.45 Td (minimum ) Tj ET Q q 0 0 0 rg BT 149.03 414.45 Td (quantity ) Tj ET Q q 0 0 0 rg BT 177.25 414.45 Td (of ) Tj ET Q q 0 0 0 rg BT 185.47 414.45 Td (goods ) Tj ET Q q 0 0 0 rg BT 206.59 414.45 Td (and/or ) Tj ET Q q 0 0 0 rg BT 229.92 414.45 Td (services ) Tj ET Q q 0 0 0 rg BT 257.69 414.45 Td (in ) Tj ET Q q 0 0 0 rg BT 265.91 414.45 Td (connection ) Tj ET Q q 0 0 0 rg BT 303.01 414.45 Td (with ) Tj ET Q q 0 0 0 rg BT 318.79 414.45 Td (certain ) Tj ET Q q 0 0 0 rg BT 343.45 414.45 Td (of ) Tj ET Q q 0 0 0 rg BT 351.67 414.45 Td (our ) Tj ET Q q 0 0 0 rg BT 364.79 414.45 Td (sponsorship ) Tj ET Q q 0 0 0 rg BT 405.46 414.45 Td (contracts.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 404.85 Td (\(5\) ) Tj ET Q q 0 0 0 rg BT 72.00 404.85 Td (Pur) Tj ET Q q 0 0 0 rg BT 83.70 404.85 Td (chase ) Tj ET Q q 0 0 0 rg BT 103.92 404.85 Td (obligations ) Tj ET Q q 0 0 0 rg BT 141.92 404.85 Td (r) Tj ET Q q 0 0 0 rg BT 144.74 404.85 Td (epr) Tj ET Q q 0 0 0 rg BT 155.11 404.85 Td (esent ) Tj ET Q q 0 0 0 rg BT 173.54 404.85 Td (obligations ) Tj ET Q q 0 0 0 rg BT 211.55 404.85 Td (to ) Tj ET Q q 0 0 0 rg BT 219.77 404.85 Td (pur) Tj ET Q q 0 0 0 rg BT 230.59 404.85 Td (chase ) Tj ET Q q 0 0 0 rg BT 250.80 404.85 Td (pr) Tj ET Q q 0 0 0 rg BT 257.62 404.85 Td (operty) Tj ET Q q 0 0 0 rg BT 277.61 404.85 Td (, ) Tj ET Q q 0 0 0 rg BT 281.61 404.85 Td (plant ) Tj ET Q q 0 0 0 rg BT 300.06 404.85 Td (and ) Tj ET Q q 0 0 0 rg BT 314.06 404.85 Td (equipment ) Tj ET Q q 0 0 0 rg BT 349.38 404.85 Td (of ) Tj ET Q q 0 0 0 rg BT 357.61 404.85 Td (31 ) Tj ET Q q 0 0 0 rg BT 371.61 404.85 Td (million ) Tj ET Q q 0 0 0 rg BT 396.27 404.85 Td (due ) Tj ET Q q 0 0 0 rg BT 409.82 404.85 Td (within ) Tj ET Q q 0 0 0 rg BT 431.83 404.85 Td (one ) Tj ET Q q 0 0 0 rg BT 445.38 404.85 Td (year) Tj ET Q q 0 0 0 rg BT 458.71 404.85 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 380.85 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 380.85 Td (The long-term debt obligations reflected in the table above can be reconciled to the amount in the statement of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 368.85 Td (financial position at December 31, 2015 as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 318.35 445.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 318.35 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 290.35 445.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 290.35 59.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 318.35 m 557.5 318.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 276.35 m 557.5 276.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 263.35 m 557.5 263.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 261.35 m 557.5 261.35 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 511.70 336.80 Td (Amount) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 508.10 322.81 Td (\( million\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 308.81 Td (Debt \(as per Note 23\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.75 308.81 Td (2,260) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 294.81 Td (Short-term debt obligations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.50 294.81 Td (\(754) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.00 294.81 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 280.81 Td (Amortized cost ef) Tj ET Q q 0 0 0 rg BT 120.31 280.81 Td (fects) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.50 280.81 Td (4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 266.80 Td (Long-term debt) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 266.80 Td (1,510) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 238.85 Td (Pension, post-employment benefits and other) Tj ET Q q 0 0 0 rg BT 245.76 238.85 Td ( pr) Tj ET Q q 0 0 0 rg BT 258.08 238.85 Td (ovisions for) Tj ET Q q 0 0 0 rg BT 307.07 238.85 Td ( employees) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 214.85 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 214.85 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 214.85 Td (e provide post-employment benefits for certain of our active employees and retirees. ) Tj ET Q q 0 0 0 rg BT 438.61 214.85 Td (W) Tj ET Q q 0 0 0 rg BT 447.25 214.85 Td (e classify these benefits on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 202.85 Td (the basis of the type of benefit provided and in particular as defined contribution plans, defined benefit obligations and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 190.85 Td (provisions for employees. ) Tj ET Q q 0 0 0 rg BT 159.54 190.85 Td (At December 31, 2015 the liability for such obligations amounted to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.60 190.85 Td (78 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.99 190.85 Td ( \(77 million at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 178.85 Td (December 31, 2014\). See Note 21 to the Consolidated Financial Statements. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.15 178.85 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 154.85 Td (G. Safe Harbor) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 130.85 Td ( See section entitled ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 141.19 130.85 Td (Forwar) Tj ET Q q 0 0 0 rg BT 171.38 130.85 Td (d-Looking Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.32 130.85 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 262.75 130.85 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.25 130.85 Td (at the beginning of this report. ) Tj ET Q endstream endobj 187 0 obj <> endobj 188 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (85) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 731.25 Td (Item 6. Dir) Tj ET Q q 0 0 0 rg BT 105.75 731.25 Td (ectors, Senior) Tj ET Q q 0 0 0 rg BT 163.88 731.25 Td ( Management and Employees) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 707.25 Td (A. ) Tj ET Q q 0 0 0 rg BT 66.22 707.25 Td (Dir) Tj ET Q q 0 0 0 rg BT 80.48 707.25 Td (ectors ) Tj ET Q q 0 0 0 rg BT 108.52 707.25 Td (and ) Tj ET Q q 0 0 0 rg BT 127.14 707.25 Td (Senior) Tj ET Q q 0 0 0 rg BT 154.74 707.25 Td ( ) Tj ET Q q 0 0 0 rg BT 157.24 707.25 Td (Management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 683.25 Td (Set ) Tj ET Q q 0 0 0 rg BT 105.40 683.25 Td (forth ) Tj ET Q q 0 0 0 rg BT 127.46 683.25 Td (below ) Tj ET Q q 0 0 0 rg BT 154.53 683.25 Td (is ) Tj ET Q q 0 0 0 rg BT 163.82 683.25 Td (the ) Tj ET Q q 0 0 0 rg BT 178.66 683.25 Td (name, ) Tj ET Q q 0 0 0 rg BT 205.44 683.25 Td (year ) Tj ET Q q 0 0 0 rg BT 225.27 683.25 Td (of ) Tj ET Q q 0 0 0 rg BT 236.22 683.25 Td (birth ) Tj ET Q q 0 0 0 rg BT 257.73 683.25 Td (and ) Tj ET Q q 0 0 0 rg BT 274.79 683.25 Td (position ) Tj ET Q q 0 0 0 rg BT 309.65 683.25 Td (of ) Tj ET Q q 0 0 0 rg BT 320.60 683.25 Td (each ) Tj ET Q q 0 0 0 rg BT 341.54 683.25 Td (of ) Tj ET Q q 0 0 0 rg BT 352.49 683.25 Td (the ) Tj ET Q q 0 0 0 rg BT 367.33 683.25 Td (persons ) Tj ET Q q 0 0 0 rg BT 400.51 683.25 Td (currently ) Tj ET Q q 0 0 0 rg BT 439.22 683.25 Td (serving ) Tj ET Q q 0 0 0 rg BT 471.29 683.25 Td (as ) Tj ET Q q 0 0 0 rg BT 482.24 683.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 519.85 683.25 Td (of ) Tj ET Q q 0 0 0 rg BT 530.80 683.25 Td (Ferrari ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 671.25 Td (N.V) Tj ET Q q 0 0 0 rg BT 69.65 671.25 Td (. ) Tj ET Q q 0 0 0 rg BT 74.72 671.25 Td (Unless ) Tj ET Q q 0 0 0 rg BT 104.51 671.25 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 145.95 671.25 Td (indicated, ) Tj ET Q q 0 0 0 rg BT 187.66 671.25 Td (the ) Tj ET Q q 0 0 0 rg BT 202.44 671.25 Td (business ) Tj ET Q q 0 0 0 rg BT 238.90 671.25 Td (address ) Tj ET Q q 0 0 0 rg BT 271.46 671.25 Td (of ) Tj ET Q q 0 0 0 rg BT 282.35 671.25 Td (each ) Tj ET Q q 0 0 0 rg BT 303.23 671.25 Td (person ) Tj ET Q q 0 0 0 rg BT 332.46 671.25 Td (listed ) Tj ET Q q 0 0 0 rg BT 356.69 671.25 Td (below ) Tj ET Q q 0 0 0 rg BT 383.69 671.25 Td (will ) Tj ET Q q 0 0 0 rg BT 401.81 671.25 Td (be ) Tj ET Q q 0 0 0 rg BT 413.82 671.25 Td (c/o ) Tj ET Q q 0 0 0 rg BT 428.60 671.25 Td (Ferrari, ) Tj ET Q q 0 0 0 rg BT 460.68 671.25 Td (V) Tj ET Q q 0 0 0 rg BT 467.30 671.25 Td (ia ) Tj ET Q q 0 0 0 rg BT 476.52 671.25 Td (Abetone ) Tj ET Q q 0 0 0 rg BT 512.96 671.25 Td (Inferiore ) Tj ET Q q 0 0 0 rg BT 550.50 671.25 Td (n. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 659.25 Td (4, ) Tj ET Q q 0 0 0 rg BT 63.60 659.25 Td (I-41053 ) Tj ET Q q 0 0 0 rg BT 97.35 659.25 Td (Maranello ) Tj ET Q q 0 0 0 rg BT 140.55 659.25 Td (\(MO\), ) Tj ET Q q 0 0 0 rg BT 167.92 659.25 Td (Italy) Tj ET Q q 0 0 0 rg BT 185.59 659.25 Td (. ) Tj ET Q q 0 0 0 rg BT 190.04 659.25 Td (The ) Tj ET Q q 0 0 0 rg BT 207.68 659.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 234.22 659.25 Td (of ) Tj ET Q q 0 0 0 rg BT 244.64 659.25 Td (Directors ) Tj ET Q q 0 0 0 rg BT 283.95 659.25 Td (of ) Tj ET Q q 0 0 0 rg BT 294.38 659.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 323.68 659.25 Td (was ) Tj ET Q q 0 0 0 rg BT 341.33 659.25 Td (appointed ) Tj ET Q q 0 0 0 rg BT 382.86 659.25 Td (ef) Tj ET Q q 0 0 0 rg BT 390.45 659.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 419.75 659.25 Td (as ) Tj ET Q q 0 0 0 rg BT 430.17 659.25 Td (of ) Tj ET Q q 0 0 0 rg BT 440.60 659.25 Td (October ) Tj ET Q q 0 0 0 rg BT 474.91 659.25 Td (21, ) Tj ET Q q 0 0 0 rg BT 489.50 659.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 511.60 659.25 Td (and ) Tj ET Q q 0 0 0 rg BT 528.14 659.25 Td (its ) Tj ET Q q 0 0 0 rg BT 539.68 659.25 Td (term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 647.25 Td (of ) Tj ET Q q 0 0 0 rg BT 64.83 647.25 Td (of) Tj ET Q q 0 0 0 rg BT 72.98 647.25 Td (fice ) Tj ET Q q 0 0 0 rg BT 90.46 647.25 Td (will ) Tj ET Q q 0 0 0 rg BT 108.52 647.25 Td (expire ) Tj ET Q q 0 0 0 rg BT 136.01 647.25 Td (on ) Tj ET Q q 0 0 0 rg BT 148.51 647.25 Td (the ) Tj ET Q q 0 0 0 rg BT 163.22 647.25 Td (next ) Tj ET Q q 0 0 0 rg BT 182.94 647.25 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 235.98 647.25 Td (general ) Tj ET Q q 0 0 0 rg BT 267.90 647.25 Td (meeting, ) Tj ET Q q 0 0 0 rg BT 305.11 647.25 Td (currently ) Tj ET Q q 0 0 0 rg BT 343.71 647.25 Td (scheduled ) Tj ET Q q 0 0 0 rg BT 386.19 647.25 Td (on ) Tj ET Q q 0 0 0 rg BT 398.14 647.25 Td (April ) Tj ET Q q 0 0 0 rg BT 421.75 647.25 Td (15, ) Tj ET Q q 0 0 0 rg BT 436.75 647.25 Td (2016.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 610.75 165.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 610.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.50 610.75 126.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 610.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 610.75 205.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 582.75 165.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 582.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.50 582.75 126.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 582.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 582.75 205.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 554.75 165.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 554.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.50 554.75 126.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 554.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 554.75 205.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 526.75 165.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 526.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.50 526.75 126.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 526.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 526.75 205.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53.5 610.75 m 218.5 610.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 610.75 m 348.5 610.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 610.75 m 557.5 610.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53.5 610.75 m 218.5 610.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 124.25 615.20 Td (Name) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 261.80 615.20 Td (Year of Birth) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 440.95 615.20 Td (Position) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 98.70 602.15 Td (Sergio Marchionne) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 276.00 601.21 Td (1952) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.85 601.21 Td (Chairman and Executive Director) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 107.35 588.15 Td (Amedeo Felisa) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 276.00 587.21 Td (1946) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 368.45 587.21 Td (ChiefExecutiveOfficerandExecutiveDirector) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 109.95 574.15 Td (Piero Ferrari) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 276.00 573.21 Td (1945) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 375.30 573.21 Td (ViceChairmanandNon-ExecutiveDirector) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 99.85 559.20 Td (Louis C. Camilleri) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 276.00 559.21 Td (1955) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 398.25 559.21 Td (Senior Non-Executive Director) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 116.35 546.15 Td (Eddy Cue) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 276.00 545.21 Td (1964) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.10 545.21 Td (Non-Executive Director) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 96.10 531.20 Td (Giuseppina Capaldo) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 276.00 531.21 Td (1969) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.10 531.21 Td (Non-Executive Director) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 112.10 518.15 Td (Sergio Duca) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 276.00 517.21 Td (1947) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.10 517.21 Td (Non-Executive Director) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 107.10 504.15 Td (Elena Zambon) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 276.00 503.21 Td (1964) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.10 503.21 Td (Non-Executive Director) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 475.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 475.25 Td (Summary ) Tj ET Q q 0 0 0 rg BT 131.39 475.25 Td (biographies ) Tj ET Q q 0 0 0 rg BT 180.54 475.25 Td (for ) Tj ET Q q 0 0 0 rg BT 194.70 475.25 Td (persons ) Tj ET Q q 0 0 0 rg BT 227.75 475.25 Td (who ) Tj ET Q q 0 0 0 rg BT 247.48 475.25 Td (are ) Tj ET Q q 0 0 0 rg BT 262.18 475.25 Td (currently ) Tj ET Q q 0 0 0 rg BT 300.78 475.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 338.26 475.25 Td (of ) Tj ET Q q 0 0 0 rg BT 349.09 475.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 378.80 475.25 Td (are ) Tj ET Q q 0 0 0 rg BT 393.51 475.25 Td (included ) Tj ET Q q 0 0 0 rg BT 430.44 475.25 Td (below:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 451.25 Td (Sergio Mar) Tj ET Q q 0 0 0 rg BT 138.41 451.25 Td (chionne) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.75 451.25 Td (. Mr) Tj ET Q q 0 0 0 rg BT 188.42 451.25 Td (.Marchionne is the Chairman of Ferrari and has been the Chairman of Ferrari S.p.A. since ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 439.25 Td (October 2014. Mr) Tj ET Q q 0 0 0 rg BT 125.38 439.25 Td (.Marchionne currently serves as Chief Executive Of) Tj ET Q q 0 0 0 rg BT 335.67 439.25 Td (ficer of FCA) Tj ET Q q 0 0 0 rg BT 386.22 439.25 Td ( and Chairman, Chief Executive Of) Tj ET Q q 0 0 0 rg BT 527.66 439.25 Td (ficer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 427.25 Td (and Chief Operating Of) Tj ET Q q 0 0 0 rg BT 148.51 427.25 Td (ficer of FCA) Tj ET Q q 0 0 0 rg BT 199.06 427.25 Td ( U.S. Mr) Tj ET Q q 0 0 0 rg BT 233.51 427.25 Td (.Marchionne leads FCA) Tj ET Q q 0 0 0 rg BT 330.72 427.25 Td () Tj ET Q q 0 0 0 rg BT 333.50 427.25 Td (s Group Executive Council and has been Chief ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 415.25 Td (Operating Of) Tj ET Q q 0 0 0 rg BT 106.86 415.25 Td (ficer of its NAFT) Tj ET Q q 0 0 0 rg BT 175.76 415.25 Td (A) Tj ET Q q 0 0 0 rg BT 182.43 415.25 Td ( region since September 201) Tj ET Q q 0 0 0 rg BT 295.92 415.25 Td (1. He also serves as Executive Chairman of CNH Industrial N.V) Tj ET Q q 0 0 0 rg BT 552.34 415.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 403.25 Td (\(CNHI\). He was the chairman of Fiat Industrial and CNH Global N.V) Tj ET Q q 0 0 0 rg BT 341.25 403.25 Td (. until the integration of these companies into CNHI ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 391.25 Td (in 2013. Prior to joining FCA, Mr) Tj ET Q q 0 0 0 rg BT 189.01 391.25 Td (.Marchionne served as Chief Executive Of) Tj ET Q q 0 0 0 rg BT 361.83 391.25 Td (ficer of SGS SA, Chief Executive Of) Tj ET Q q 0 0 0 rg BT 509.67 391.25 Td (ficer of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 379.25 Td (Lonza Group Ltd. and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 222.93 379.25 Td (ficer of ) Tj ET Q q 0 0 0 rg BT 254.02 379.25 Td (Alusuisse Lonza \(Algroup\). He also served as ) Tj ET Q q 0 0 0 rg BT 439.91 379.25 Td (V) Tj ET Q q 0 0 0 rg BT 446.53 379.25 Td (ice President of Legal and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 367.25 Td (Corporate Development and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 244.60 367.25 Td (ficer of the Lawson Group after serving as ) Tj ET Q q 0 0 0 rg BT 416.57 367.25 Td (V) Tj ET Q q 0 0 0 rg BT 423.19 367.25 Td (ice President of Finance and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 355.25 Td (Chief Financial Of) Tj ET Q q 0 0 0 rg BT 128.80 355.25 Td (ficer of ) Tj ET Q q 0 0 0 rg BT 159.89 355.25 Td (Acklands Ltd. and Executive ) Tj ET Q q 0 0 0 rg BT 278.29 355.25 Td (V) Tj ET Q q 0 0 0 rg BT 284.91 355.25 Td (ice President of Glenex Industries. Mr) Tj ET Q q 0 0 0 rg BT 437.10 355.25 Td (.Marchionne holds a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 343.25 Td (Bachelor of Laws from Osgoode Hall Law School at ) Tj ET Q q 0 0 0 rg BT 267.18 343.25 Td (Y) Tj ET Q q 0 0 0 rg BT 273.40 343.25 Td (ork University in ) Tj ET Q q 0 0 0 rg BT 344.05 343.25 Td (T) Tj ET Q q 0 0 0 rg BT 349.46 343.25 Td (oronto, Canada and a Master of Business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 331.25 Td (Administration from the University of ) Tj ET Q q 0 0 0 rg BT 209.07 331.25 Td (W) Tj ET Q q 0 0 0 rg BT 218.11 331.25 Td (indsor) Tj ET Q q 0 0 0 rg BT 242.71 331.25 Td (, Canada. Mr) Tj ET Q q 0 0 0 rg BT 294.37 331.25 Td (.Marchionne also holds a Bachelor of ) Tj ET Q q 0 0 0 rg BT 448.77 331.25 Td (Arts with a major in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 319.25 Td (Philosophy and minor in Economics from the University of ) Tj ET Q q 0 0 0 rg BT 294.07 319.25 Td (T) Tj ET Q q 0 0 0 rg BT 299.48 319.25 Td (oronto. Mr) Tj ET Q q 0 0 0 rg BT 342.26 319.25 Td (.Marchionne serves on the Board of Directors of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 307.25 Td (Philip Morris International Inc. and as Executive Chairman of SGS SA) Tj ET Q q 0 0 0 rg BT 337.56 307.25 Td ( headquartered in Geneva. ) Tj ET Q q 0 0 0 rg BT 444.46 307.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 494.36 307.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 295.25 Td (Mr) Tj ET Q q 0 0 0 rg BT 65.67 295.25 Td (.Marchionne is a director of Exor) Tj ET Q q 0 0 0 rg BT 200.90 295.25 Td (. Mr) Tj ET Q q 0 0 0 rg BT 217.57 295.25 Td (.Marchionne is a member of the Board of Directors of ) Tj ET Q q 0 0 0 rg BT 438.06 295.25 Td (ACEA) Tj ET Q q 0 0 0 rg BT 464.73 295.25 Td ( \(European ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 283.25 Td (Automobile Manufacturers ) Tj ET Q q 0 0 0 rg BT 164.53 283.25 Td (Association\). He previously served as appointed non-executive ) Tj ET Q q 0 0 0 rg BT 419.27 283.25 Td (V) Tj ET Q q 0 0 0 rg BT 425.89 283.25 Td (ice Chairman and Senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 271.25 Td (Independent Director of UBS ) Tj ET Q q 0 0 0 rg BT 173.97 271.25 Td (AG.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 247.25 Td (Amedeo Felisa.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.99 247.25 Td ( Mr) Tj ET Q q 0 0 0 rg BT 169.16 247.25 Td (. Felisa, who joined Ferrari in 1990, is the Chief Executive Of) Tj ET Q q 0 0 0 rg BT 416.70 247.25 Td (ficer of Ferrari and has been the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 235.25 Td (Chief Executive Of) Tj ET Q q 0 0 0 rg BT 131.57 235.25 Td (ficer of Ferrari S.p.A. since 2008. From 2006 to 2008 he served as general manager and deputy general ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 223.25 Td (manager of Ferrari S.p.A. From 1996 to 2004 he was the general manager of our GT) Tj ET Q q 0 0 0 rg BT 392.06 223.25 Td ( department, coordinating the product ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 211.25 Td (development, powertrains and vehicle departments of both Ferrari and Maserati with respect to the market positioning of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 199.25 Td (two brands. In the 1990s, as a technical senior vice president, Mr) Tj ET Q q 0 0 0 rg BT 313.38 199.25 Td (. Felisa oversaw the planning, coordination and management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 187.25 Td (of the entire technical department, including defining new business model plans, supervising the development of both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 175.25 Td (innovation and products and managing the product development teams, including ensuring employee growth. Prior to joining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 163.25 Td (Ferrari, he was a product development team leader at ) Tj ET Q q 0 0 0 rg BT 268.36 163.25 Td (Alfa Romeo S.p.A. Mr) Tj ET Q q 0 0 0 rg BT 359.46 163.25 Td (.Felisa holds a degree in mechanical engineering ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 151.25 Td (from the Milan Politecnico.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 127.25 Td (Pier) Tj ET Q q 0 0 0 rg BT 107.58 127.25 Td (o Ferrari.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.22 127.25 Td ( Mr) Tj ET Q q 0 0 0 rg BT 163.39 127.25 Td (. Piero Ferrari is ) Tj ET Q q 0 0 0 rg BT 230.70 127.25 Td (V) Tj ET Q q 0 0 0 rg BT 237.32 127.25 Td (ice Chairman of Ferrari and has been ) Tj ET Q q 0 0 0 rg BT 387.91 127.25 Td (V) Tj ET Q q 0 0 0 rg BT 394.53 127.25 Td (ice Chairman of Ferrari S.p.A. since ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 115.25 Td (1988. He also serves as Chairman of HPE-COXA, is a board member and ) Tj ET Q q 0 0 0 rg BT 351.81 115.25 Td (V) Tj ET Q q 0 0 0 rg BT 358.43 115.25 Td (ice President of CRN ) Tj ET Q q 0 0 0 rg BT 445.64 115.25 Td (Ancona \(Ferretti Group\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 103.25 Td (and Board Member of Modena University) Tj ET Q q 0 0 0 rg BT 221.92 103.25 Td (. He was President of Piaggio ) Tj ET Q q 0 0 0 rg BT 342.18 103.25 Td (Aero Industries S.p.A. from 1998 to 2014 and served ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 91.25 Td (as Chairman of the Italian Motor Sport Commission \(CSAI\) from 1998 to 2001 and BA) Tj ET Q q 0 0 0 rg BT 404.53 91.25 Td ( SER) Tj ET Q q 0 0 0 rg BT 424.57 91.25 Td (VICE from 2000 to 2015. He ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 79.25 Td (was also a board member and ) Tj ET Q q 0 0 0 rg BT 174.89 79.25 Td (V) Tj ET Q q 0 0 0 rg BT 181.51 79.25 Td (ice President of Banca Popolare dellEmilia Romagna in Modena from 2002 to 201) Tj ET Q q 0 0 0 rg BT 514.95 79.25 Td (1 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 67.25 Td (from 2001 to 2014 respectively) Tj ET Q q 0 0 0 rg BT 178.88 67.25 Td (. ) Tj ET Q q 0 0 0 rg BT 183.70 67.25 Td (The son of Ferrari) Tj ET Q q 0 0 0 rg BT 258.95 67.25 Td (s founder Enzo Ferrari, Mr) Tj ET Q q 0 0 0 rg BT 365.87 67.25 Td (. Piero Ferrari covered a variety of management ) Tj ET Q endstream endobj 189 0 obj <> endobj 190 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (86) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (positions in the motor sport division of Ferrari from 1970 to 1988 with increasing responsibilities. His first position with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (Ferrari dates back to 1965 working on the production of the Dino 206 Competizione racing car) Tj ET Q q 0 0 0 rg BT 433.07 719.10 Td (. Mr) Tj ET Q q 0 0 0 rg BT 449.74 719.10 Td (. Piero Ferrari received an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.10 Td (honorary degree in ) Tj ET Q q 0 0 0 rg BT 131.47 707.10 Td (Aerospace Engineering from the University of Naples Federico II in 2004 and an Honorary Degree in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 695.10 Td (Mechanical Engineering from the University of Modena and Reggio Emilia in 2005. In 2004, Mr) Tj ET Q q 0 0 0 rg BT 442.25 695.10 Td (. Piero Ferrari was awarded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.10 Td (the title of Cavaliere del Lavoro.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 659.10 Td (Louis C. Camilleri.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.67 659.10 Td ( Mr) Tj ET Q q 0 0 0 rg BT 185.83 659.10 Td (. Camilleri is Senior Non-Executive Director and chairman of the board of directors of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 647.10 Td (Ferrari. Mr) Tj ET Q q 0 0 0 rg BT 97.88 647.10 Td (. Camilleri currently serves as Chairman of the Board of Philip Morris International Inc. \(PMI\). From March ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 635.10 Td (2008 to May 2013, he served as Chairman and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 320.42 635.10 Td (ficer of PMI. From ) Tj ET Q q 0 0 0 rg BT 398.46 635.10 Td (April 2002 and ) Tj ET Q q 0 0 0 rg BT 460.96 635.10 Td (August 2002 until ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 623.10 Td (March 2008, he was Chief Executive Of) Tj ET Q q 0 0 0 rg BT 215.16 623.10 Td (ficer and Chairman of ) Tj ET Q q 0 0 0 rg BT 305.12 623.10 Td (Altria Group, Inc., respectively) Tj ET Q q 0 0 0 rg BT 429.43 623.10 Td (. From November 1996 to ) Tj ET Q q 0 0 0 rg BT 535.53 623.10 Td (April ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 611.10 Td (2002, he served as Senior ) Tj ET Q q 0 0 0 rg BT 158.79 611.10 Td (V) Tj ET Q q 0 0 0 rg BT 165.42 611.10 Td (ice President and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 311.03 611.10 Td (ficer of ) Tj ET Q q 0 0 0 rg BT 342.12 611.10 Td (Altria Group, Inc. He had been employed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 599.10 Td (continuously by ) Tj ET Q q 0 0 0 rg BT 120.11 599.10 Td (Altria Group, Inc. and its subsidiaries \(including PMI\) in various capacities since 1978. Mr) Tj ET Q q 0 0 0 rg BT 483.93 599.10 Td (. Camilleri was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 587.10 Td (appointed to the Board of Directors of ) Tj ET Q q 0 0 0 rg BT 208.68 587.10 Td (Amrica Mvil, S.A.B. de C.V) Tj ET Q q 0 0 0 rg BT 331.55 587.10 Td (. in ) Tj ET Q q 0 0 0 rg BT 346.28 587.10 Td (April 201) Tj ET Q q 0 0 0 rg BT 384.51 587.10 Td (1, and previously served on the Board of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 575.10 Td (T) Tj ET Q q 0 0 0 rg BT 59.41 575.10 Td (elmex International SAB from December 2009. Mr) Tj ET Q q 0 0 0 rg BT 264.08 575.10 Td (. Camilleri was a director of Kraft Foods Inc. \(Kraft\) from March 2001 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 563.10 Td (to December 2007 and was Kraft) Tj ET Q q 0 0 0 rg BT 189.23 563.10 Td (s Chairman from September 2002 to March 2007. Mr) Tj ET Q q 0 0 0 rg BT 402.80 563.10 Td (.Camilleri received a degree in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 551.10 Td (Economics and Business ) Tj ET Q q 0 0 0 rg BT 155.38 551.10 Td (Administration from HEC Lausanne, the Faculty of Business & Economics of the University of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 539.10 Td (Lausanne \(Switzerland\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 515.10 Td (Eddy Cue.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.01 515.10 Td ( Mr) Tj ET Q q 0 0 0 rg BT 149.18 515.10 Td (. Cue currently serves as ) Tj ET Q q 0 0 0 rg BT 249.16 515.10 Td (Apple Inc.) Tj ET Q q 0 0 0 rg BT 294.14 515.10 Td (s Senior ) Tj ET Q q 0 0 0 rg BT 328.96 515.10 Td (V) Tj ET Q q 0 0 0 rg BT 335.58 515.10 Td (ice President of Internet Software and Services. He ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 503.10 Td (joined ) Tj ET Q q 0 0 0 rg BT 80.94 503.10 Td (Apple in 1989 and oversees ) Tj ET Q q 0 0 0 rg BT 193.98 503.10 Td (Apple) Tj ET Q q 0 0 0 rg BT 221.19 503.10 Td (s industry-leading content stores including the iT) Tj ET Q q 0 0 0 rg BT 416.92 503.10 Td (unes Store, the ) Tj ET Q q 0 0 0 rg BT 478.02 503.10 Td (App Store and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 491.10 Td (iBooks Store, as well as ) Tj ET Q q 0 0 0 rg BT 151.77 491.10 Td (Apple Pay) Tj ET Q q 0 0 0 rg BT 193.06 491.10 Td (, Siri, Maps, iAd, the iCloud services, and ) Tj ET Q q 0 0 0 rg BT 362.77 491.10 Td (Apple) Tj ET Q q 0 0 0 rg BT 389.99 491.10 Td (s productivity and creativity apps. Mr) Tj ET Q q 0 0 0 rg BT 539.96 491.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 479.10 Td (Cue earned a bachelor) Tj ET Q q 0 0 0 rg BT 143.49 479.10 Td () Tj ET Q q 0 0 0 rg BT 146.27 479.10 Td (s degree in Computer Science and Economics from Duke University) Tj ET Q q 0 0 0 rg BT 419.71 479.10 Td (. He was recognized by renowned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 467.10 Td (cancer research center City of Hope with their 2014 Spirit of Life ) Tj ET Q q 0 0 0 rg BT 317.79 467.10 Td (A) Tj ET Q q 0 0 0 rg BT 324.10 467.10 Td (ward, honoring an individual whose work has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 455.10 Td (fundamentally impacted the music, film and entertainment industry) Tj ET Q q 0 0 0 rg BT 322.72 455.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 431.10 Td (Giuseppina Capaldo.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.03 431.10 Td ( Ms. Capaldo is Full Professor of Private Law) Tj ET Q q 0 0 0 rg BT 362.98 431.10 Td (, at La Sapienza University of Rome. She is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 419.10 Td (an independent member of the Board of Directors of Salini Impregilo S.p.A. \(2012-present\) and Credito Fondiario S.p.A. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 407.10 Td (\(2014-present\). She was an independent member of the Board of Directors of Exor S.p.A. from 2012 to 2015. She was a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 395.10 Td (member of the Board of Directors of ) Tj ET Q q 0 0 0 rg BT 202.56 395.10 Td (Ariscom S.p.A. \(an Italian insurance company\) from 2012-2015 and ) Tj ET Q q 0 0 0 rg BT 478.05 395.10 Td (A.D.I.R.-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 383.10 Td (Assicurazioni di Roma \(2006-2010\). She collaborated with the Macchi di Cellere Gangemi law firm in the Banking and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 371.10 Td (Finance, Corporate and M&A) Tj ET Q q 0 0 0 rg BT 173.42 371.10 Td ( sectors \(2004-2007\). She has been Deputy Rector for Resource Planning and ) Tj ET Q q 0 0 0 rg BT 485.29 371.10 Td (Assets \(since ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 359.10 Td (2014\) at La Sapienza University; Director of LLM Financial Markets Law \(since 2009\). Previously) Tj ET Q q 0 0 0 rg BT 459.90 359.10 Td (, she served as Deputy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 347.10 Td (Rector for Strategic Planning \(2008-2014\); Head of Department of Law and Business \(2007-2013\); and \(2007-201) Tj ET Q q 0 0 0 rg BT 521.29 347.10 Td (1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 335.10 Td (Director of PhD Contract Law and Business. Ms. Capaldo has a degree in Economics and a degree in Law from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 323.10 Td (LaSapienza University of Rome, has been a licensed certified public accountant since 1992 and is listed in the Register of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 311.10 Td (Independent ) Tj ET Q q 0 0 0 rg BT 105.37 311.10 Td (Auditors \(since 1999\). In addition, Ms. Capaldo has been qualified to practice law in Italy since 2003. She ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 299.10 Td (authored several publications in the areas of contract law) Tj ET Q q 0 0 0 rg BT 281.04 299.10 Td (, insurance law) Tj ET Q q 0 0 0 rg BT 340.64 299.10 Td (, financial law and market legal theory) Tj ET Q q 0 0 0 rg BT 494.09 299.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 275.10 Td (Sergio Duca.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.44 275.10 Td ( Mr) Tj ET Q q 0 0 0 rg BT 158.61 275.10 Td (. Duca has been the Chairman of the Board of Statutory ) Tj ET Q q 0 0 0 rg BT 382.99 275.10 Td (Auditors of Enel S.p.A. since ) Tj ET Q q 0 0 0 rg BT 502.43 275.10 Td (April 2010. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 263.10 Td (He also serves as Chairman of the Board of Directors of Orizzonte SGR S.p.A., chairman of the board of auditors of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 251.10 Td (Silvio ) Tj ET Q q 0 0 0 rg BT 80.22 251.10 Td (T) Tj ET Q q 0 0 0 rg BT 85.97 251.10 Td (ronchetti Provera Foundation, the Compagnia San Paolo and ISPI \(Institute for the Study of International Politics\), as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 239.10 Td (well as a member of the board of auditors of Intesa San Paolo Foundation Onlus. Mr) Tj ET Q q 0 0 0 rg BT 391.71 239.10 Td (. Duca has previously served as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 227.10 Td (Chairman of the Board of Statutory ) Tj ET Q q 0 0 0 rg BT 197.86 227.10 Td (Auditors of Exor S.p.A., Chairman of the Board of Statutory ) Tj ET Q q 0 0 0 rg BT 442.28 227.10 Td (Auditors of GT) Tj ET Q q 0 0 0 rg BT 503.24 227.10 Td (ech S.p.A. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 215.10 Td (\(former Lottomatica\), Chairman of the Board of Statutory ) Tj ET Q q 0 0 0 rg BT 287.54 215.10 Td (Auditors of ) Tj ET Q q 0 0 0 rg BT 335.69 215.10 Td (T) Tj ET Q q 0 0 0 rg BT 341.10 215.10 Td (osetti ) Tj ET Q q 0 0 0 rg BT 365.09 215.10 Td (V) Tj ET Q q 0 0 0 rg BT 371.20 215.10 Td (alue SIM, an independent director of Sella ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 203.10 Td (Gestione SGR and as a member of the Board of directors and Chairman of the ) Tj ET Q q 0 0 0 rg BT 368.64 203.10 Td (Audit Committee of ) Tj ET Q q 0 0 0 rg BT 451.13 203.10 Td (Autostrada ) Tj ET Q q 0 0 0 rg BT 497.33 203.10 Td (T) Tj ET Q q 0 0 0 rg BT 502.74 203.10 Td (orino Milano ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 191.10 Td (S.p.A..From 1997 until July 2007, Mr) Tj ET Q q 0 0 0 rg BT 205.13 191.10 Td (. Duca was the Chairman of PricewaterhouseCoopers S.p.A. In addition, he has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 179.10 Td (previously served as member of the Edison Foundation) Tj ET Q q 0 0 0 rg BT 277.57 179.10 Td (s advisory board and the University Bocconi in Milan) Tj ET Q q 0 0 0 rg BT 495.31 179.10 Td (s development ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 167.10 Td (committee, as well as Chairman of the Bocconi) Tj ET Q q 0 0 0 rg BT 246.17 167.10 Td (s ) Tj ET Q q 0 0 0 rg BT 252.01 167.10 Td (Alumni ) Tj ET Q q 0 0 0 rg BT 284.51 167.10 Td (Association) Tj ET Q q 0 0 0 rg BT 334.51 167.10 Td (s board of auditors and a member of the board of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 155.10 Td (auditors of the ) Tj ET Q q 0 0 0 rg BT 113.71 155.10 Td (ANDAF \(Italian ) Tj ET Q q 0 0 0 rg BT 181.48 155.10 Td (Association of Chief Financial Of) Tj ET Q q 0 0 0 rg BT 316.83 155.10 Td (ficers\). ) Tj ET Q q 0 0 0 rg BT 346.81 155.10 Td (As a certified chartered accountant and auditor) Tj ET Q q 0 0 0 rg BT 533.54 155.10 Td (, he ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 143.10 Td (acquired broad experience through the PricewaterhouseCoopers network as the external auditor of a number of significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 131.10 Td (Italian listed companies. Mr) Tj ET Q q 0 0 0 rg BT 165.64 131.10 Td (. Duca graduated with honors in Economics and Business from University Bocconi in Milan.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 107.10 Td (Elena Zambon.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.57 107.10 Td ( Ms. Zambon is President of Zambon S.p.A., a multinational pharmaceutical company founded in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 95.10 Td (V) Tj ET Q q 0 0 0 rg BT 60.62 95.10 Td (icenza in 1906, ) Tj ET Q q 0 0 0 rg BT 123.75 95.10 Td (V) Tj ET Q q 0 0 0 rg BT 130.37 95.10 Td (ice President of ZaCh - Zambon Chemicals and member of the Board of Zambon Company S.p.A., ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 83.10 Td (holding company of the group. Ms. Zambon is the founder of Secofind, the multi-family of) Tj ET Q q 0 0 0 rg BT 418.47 83.10 Td (fice of the Zambon family and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 71.10 Td (President of the Foundation Zo, Zambn Open Education. Ms. Zambon is a member of the Board of Unicredit and of Fondo ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 59.10 Td (Strategico Italiano, the Italian Sovereign Fund, as well as a member of the Board of IIT) Tj ET Q q 0 0 0 rg BT 402.70 59.10 Td (- Istituto Italiano di ) Tj ET Q q 0 0 0 rg BT 482.50 59.10 Td (T) Tj ET Q q 0 0 0 rg BT 487.91 59.10 Td (ecnologia ) Tj ET Q endstream endobj 191 0 obj <> endobj 192 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (\(Italian Institute of ) Tj ET Q q 0 0 0 rg BT 131.29 731.10 Td (T) Tj ET Q q 0 0 0 rg BT 136.71 731.10 Td (echnology\). Furthermore, Ms. Zambon is President of ) Tj ET Q q 0 0 0 rg BT 354.45 731.10 Td (AidAF) Tj ET Q q 0 0 0 rg BT 381.43 731.10 Td (, the Italian ) Tj ET Q q 0 0 0 rg BT 428.64 731.10 Td (Association of Family ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (Businesses, and ) Tj ET Q q 0 0 0 rg BT 119.65 719.10 Td (V) Tj ET Q q 0 0 0 rg BT 126.27 719.10 Td (ice President of ) Tj ET Q q 0 0 0 rg BT 190.42 719.10 Td (Aspen Institute Italia. In June 2014 she was nominated Cavaliere del Lavoro by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.10 Td (President of the Italian Republic and has received the award Imprenditore Olivettiano 2010 \(Olivetti entrepreneur\) and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 695.10 Td (Marisa Belisario 2010, annually assigned to women who have distinguished themselves in the business world. From 1989 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.10 Td (to 1994, Ms. Zambon worked for Citibank. Ms. Zambon was born in ) Tj ET Q q 0 0 0 rg BT 331.57 683.10 Td (V) Tj ET Q q 0 0 0 rg BT 338.19 683.10 Td (icenza in 1964, and received a bachelor degree in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 671.10 Td (Business ) Tj ET Q q 0 0 0 rg BT 91.51 671.10 Td (Administration at the University Bocconi in Milan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 647.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 647.10 Td (Ferrari) Tj ET Q q 0 0 0 rg BT 119.99 647.10 Td (s management consists of a Group Executive Council, or GEC, led by the Chairman. Set forth below are the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 635.10 Td (names, year of birth and position of each of the member s of the GEC of Ferrari. Unless otherwise indicated, the business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 623.10 Td (address of each person listed below will be c/o Ferrari, ) Tj ET Q q 0 0 0 rg BT 275.14 623.10 Td (V) Tj ET Q q 0 0 0 rg BT 281.76 623.10 Td (ia ) Tj ET Q q 0 0 0 rg BT 290.92 623.10 Td (Abetone Inferiore n. 4, I-41053 Maranello \(MO\), Italy) Tj ET Q q 0 0 0 rg BT 507.98 623.10 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 586.60 178.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 586.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 586.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 586.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 586.60 246.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 558.60 178.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 558.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 558.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 558.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 558.60 246.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 530.60 178.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 530.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 530.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 530.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 530.60 246.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 502.60 178.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 502.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 502.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 502.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 502.60 246.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 474.60 178.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 474.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 474.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 474.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 474.60 246.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 446.60 178.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 446.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 446.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 446.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 446.60 246.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 586.6 m 232.5 586.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236.5 586.6 m 308.5 586.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 586.6 m 558.5 586.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 586.6 m 232.5 586.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 586.6 m 558.5 586.6 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 131.75 591.05 Td (Name) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 246.80 591.05 Td (Year of Birth) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.45 591.05 Td (Position) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.00 577.05 Td (Sergio Marchionne) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 263.00 577.06 Td (1952) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.25 577.06 Td (Chairman) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.00 563.05 Td (Amedeo Felisa) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 263.00 563.06 Td (1946) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 391.85 563.06 Td (Chief Executive Officer) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.00 549.05 Td (Alessandro Gili) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 263.00 549.06 Td (1971) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.05 549.06 Td (Chief Financial Officer) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.00 535.05 Td (Maurizio Arrivabene) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 263.00 535.06 Td (1957) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 362.25 535.06 Td (Managing Director of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 442.97 535.06 Td (Gestione Sportiva) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.00 521.05 Td (Luca Fuso) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 263.00 521.06 Td (1961) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 398.80 521.06 Td (Chief Brand Officer) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.00 507.05 Td (Mario Mairano) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 263.00 507.06 Td (1951) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 376.95 507.06 Td (Chief Human Resources Officer) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.00 493.05 Td (Michael Hugo Leiters) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 263.00 493.06 Td (1971) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 388.70 493.06 Td (Chief Technology Officer) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.00 479.05 Td (Enrico Galliera) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 263.00 479.06 Td (1966) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.10 479.06 Td (Chief Marketing and Commercial Officer) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.00 465.05 Td (Vincenzo Regazzoni) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 263.00 465.06 Td (1963) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.10 465.06 Td (Chief Manufacturing Officer) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.00 451.05 Td (Ervino Riccobon) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 263.00 451.06 Td (1964) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 347.60 451.06 Td (Chief of Product and Processes Competitiveness) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.00 437.05 Td (Nicola Boari) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 263.00 437.06 Td (1970) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 385.60 437.06 Td (Head of Product Marketing) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.00 423.05 Td (Flavio Manzoni) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 263.00 423.06 Td (1965) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 406.75 423.06 Td (Head of Design) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 395.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 395.10 Td (Biographies ) Tj ET Q q 0 0 0 rg BT 140.83 395.10 Td (for ) Tj ET Q q 0 0 0 rg BT 154.99 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 169.70 395.10 Td (members ) Tj ET Q q 0 0 0 rg BT 208.86 395.10 Td (of ) Tj ET Q q 0 0 0 rg BT 219.69 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 234.40 395.10 Td (GEC ) Tj ET Q q 0 0 0 rg BT 256.90 395.10 Td (of ) Tj ET Q q 0 0 0 rg BT 267.73 395.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 297.44 395.10 Td (are ) Tj ET Q q 0 0 0 rg BT 312.15 395.10 Td (included ) Tj ET Q q 0 0 0 rg BT 349.08 395.10 Td (below:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 371.10 Td (Sergio Mar) Tj ET Q q 0 0 0 rg BT 138.41 371.10 Td (chionne. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 176.75 371.10 Td (See above.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 347.10 Td (Amedeo Felisa. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 157.49 347.10 Td (See above.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 323.10 Td (Alessandr) Tj ET Q q 0 0 0 rg BT 132.60 323.10 Td (o Gili. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.22 323.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 172.89 323.10 Td (.Gili was appointed as our Chief Financial Of) Tj ET Q q 0 0 0 rg BT 357.39 323.10 Td (ficer in February 2015. In ) Tj ET Q q 0 0 0 rg BT 462.36 323.10 Td (April 2015 he was also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 311.10 Td (appointed as President of Ferrari Financial Services S.p.A. From 2002 to 2014 he held multiple positions with Fiat, FCA) Tj ET Q q 0 0 0 rg BT 536.18 311.10 Td ( US ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 299.10 Td (and FCA, including Group Chief ) Tj ET Q q 0 0 0 rg BT 187.88 299.10 Td (Accounting Of) Tj ET Q q 0 0 0 rg BT 247.41 299.10 Td (ficer and Principal ) Tj ET Q q 0 0 0 rg BT 323.21 299.10 Td (Accounting Of) Tj ET Q q 0 0 0 rg BT 382.74 299.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 400.66 299.10 Td (, ) Tj ET Q q 0 0 0 rg BT 405.47 299.10 Td (V) Tj ET Q q 0 0 0 rg BT 412.10 299.10 Td (ice President of ) Tj ET Q q 0 0 0 rg BT 476.62 299.10 Td (W) Tj ET Q q 0 0 0 rg BT 485.25 299.10 Td (orld Class ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 287.10 Td (Finance and Processes, Corporate Controller and Chief ) Tj ET Q q 0 0 0 rg BT 276.17 287.10 Td (Accounting Of) Tj ET Q q 0 0 0 rg BT 335.69 287.10 Td (ficer for FCA) Tj ET Q q 0 0 0 rg BT 389.57 287.10 Td ( US, Head of ) Tj ET Q q 0 0 0 rg BT 443.73 287.10 Td (Accounting and ) Tj ET Q q 0 0 0 rg BT 509.64 287.10 Td (W) Tj ET Q q 0 0 0 rg BT 518.28 287.10 Td (orld ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 275.10 Td (Class Finance, Fiat Group ) Tj ET Q q 0 0 0 rg BT 160.38 275.10 Td (Automobiles Sector) Tj ET Q q 0 0 0 rg BT 239.69 275.10 Td (, Director at Fiat Gesco \(now FCA) Tj ET Q q 0 0 0 rg BT 377.73 275.10 Td ( Services S.p.A.\) and senior manager for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 263.10 Td (KeyG Consulting S.p.A. Prior to joining the Fiat Group Mr) Tj ET Q q 0 0 0 rg BT 290.67 263.10 Td (.Gili was a project manager for Innovative Redesign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 251.10 Td (Managements Consultants. Mr) Tj ET Q q 0 0 0 rg BT 176.49 251.10 Td (.Gili spent the first years of his career in ) Tj ET Q q 0 0 0 rg BT 341.72 251.10 Td (Audit at Coopers& L) Tj ET Q q 0 0 0 rg BT 428.38 251.10 Td (ybrand. Mr) Tj ET Q q 0 0 0 rg BT 472.82 251.10 Td (.Gili holds a degree ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 239.10 Td (in economics, finance and administration from ) Tj ET Q q 0 0 0 rg BT 242.93 239.10 Td (T) Tj ET Q q 0 0 0 rg BT 248.69 239.10 Td (urin University and is a Certified Public ) Tj ET Q q 0 0 0 rg BT 410.61 239.10 Td (Accountant and Certified Public ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 227.10 Td (Auditor in Italy) Tj ET Q q 0 0 0 rg BT 115.56 227.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 203.10 Td (Maurizio ) Tj ET Q q 0 0 0 rg BT 131.38 203.10 Td (Arrivabene.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.76 203.10 Td ( Mr) Tj ET Q q 0 0 0 rg BT 196.93 203.10 Td (.) Tj ET Q q 0 0 0 rg BT 201.38 203.10 Td (Arrivabene was appointed as Managing Director of Ferrari Gestione Sportiva \(Formula ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 191.10 Td (1 activities\) and ) Tj ET Q q 0 0 0 rg BT 120.19 191.10 Td (T) Tj ET Q q 0 0 0 rg BT 125.60 191.10 Td (eam Principal of Scuderia Ferrari in January 2015. From 1997 to 2014 he held multiple positions with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 179.10 Td (Philip Morris International Management SA. Most recently) Tj ET Q q 0 0 0 rg BT 290.81 179.10 Td (, ) Tj ET Q q 0 0 0 rg BT 295.63 179.10 Td (V) Tj ET Q q 0 0 0 rg BT 302.25 179.10 Td (ice President of Marlboro Global Communication and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 167.10 Td (Promotions and Event Marketing \(from 2008 to 201) Tj ET Q q 0 0 0 rg BT 262.21 167.10 Td (1\) and ) Tj ET Q q 0 0 0 rg BT 289.80 167.10 Td (V) Tj ET Q q 0 0 0 rg BT 296.42 167.10 Td (ice President of Consumers, Channel Strategy and Event ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 155.10 Td (Marketing \(from 201) Tj ET Q q 0 0 0 rg BT 138.05 155.10 Td (1 to 2014\). Since 2010 Mr) Tj ET Q q 0 0 0 rg BT 243.05 155.10 Td (. ) Tj ET Q q 0 0 0 rg BT 247.50 155.10 Td (Arrivabene is a member of the FIA) Tj ET Q q 0 0 0 rg BT 387.45 155.10 Td ( Formula One Commission, initially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 143.10 Td (representing Formula One sponsors and, since January 2015, representing Scuderia Ferrari. Since 2012 Mr) Tj ET Q q 0 0 0 rg BT 480.56 143.10 Td (. ) Tj ET Q q 0 0 0 rg BT 485.01 143.10 Td (Arrivabene is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 131.10 Td (serving as a member of the Board of Directors of Juventus F) Tj ET Q q 0 0 0 rg BT 295.08 131.10 Td (.C. S.p.A., where he has also been member of the Control and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 119.10 Td (Risks Committee and the Nomination and Remuneration Committee from 2012 until 2015. Mr) Tj ET Q q 0 0 0 rg BT 432.57 119.10 Td (. ) Tj ET Q q 0 0 0 rg BT 437.02 119.10 Td (Arrivabene studied ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 107.10 Td (architecture at the University of ) Tj ET Q q 0 0 0 rg BT 183.49 107.10 Td (V) Tj ET Q q 0 0 0 rg BT 189.60 107.10 Td (enice and attended advanced courses at the IMD in Lausanne, Switzerland.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 83.10 Td (Luca Fuso.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.23 83.10 Td ( Mr) Tj ET Q q 0 0 0 rg BT 151.40 83.10 Td (. Fuso was appointed as our Chief Brand Of) Tj ET Q q 0 0 0 rg BT 327.03 83.10 Td (ficer in September 2015. Prior to joining Ferrari, Mr) Tj ET Q q 0 0 0 rg BT 535.87 83.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 71.10 Td (Fuso served as the Global Head of Proprietary Brands Division and as Director of Safilo S.p.A. from 2013 to 2015 and as the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 59.10 Td (Global Head of Licensed Brands Division from 201) Tj ET Q q 0 0 0 rg BT 261.08 59.10 Td (1 to 2013 of the SAFILO Group, an Italian eyewear designer and ) Tj ET Q endstream endobj 193 0 obj <> endobj 194 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (manufacturer) Tj ET Q q 0 0 0 rg BT 106.75 731.10 Td (. He has also previously served as Managing Director) Tj ET Q q 0 0 0 rg BT 320.46 731.10 Td (, Sportswear Division of Moncler) Tj ET Q q 0 0 0 rg BT 454.40 731.10 Td (-Industries S.p.A., an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (Italian apparel manufacturer and lifestyle brand, CEO and Managing Director of B&B Italia S.p.A., an Italian furniture ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.10 Td (company) Tj ET Q q 0 0 0 rg BT 90.01 707.10 Td (, and as General Manager and other roles at Diesel S.p.A., an Italian clothing company) Tj ET Q q 0 0 0 rg BT 436.19 707.10 Td (. Mr) Tj ET Q q 0 0 0 rg BT 452.86 707.10 Td (. Fuso received his degree ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 695.10 Td (in Business ) Tj ET Q q 0 0 0 rg BT 101.79 695.10 Td (Administration from Perugia University and attended the Strategic Marketing Program at SDA) Tj ET Q q 0 0 0 rg BT 480.88 695.10 Td ( Bocconi in Milan.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 671.10 Td (Mario Mairano) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.37 671.10 Td (. Mr) Tj ET Q q 0 0 0 rg BT 173.04 671.10 Td (.Mairano was appointed as our Chief Human Resources Of) Tj ET Q q 0 0 0 rg BT 411.69 671.10 Td (ficer in ) Tj ET Q q 0 0 0 rg BT 442.23 671.10 Td (August 2007. He served as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 659.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 82.43 659.10 Td (V) Tj ET Q q 0 0 0 rg BT 89.05 659.10 Td (ice President human resources of Fiat Group from 2005 to 2007. Mr) Tj ET Q q 0 0 0 rg BT 361.22 659.10 Td (.Mairano held senior human resources roles at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 647.10 Td (the Banca di Roma Group-Capitalia from 2000 to 2004 and previously served as human resources and or) Tj ET Q q 0 0 0 rg BT 473.71 647.10 Td (ganization manager ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 635.10 Td (at Ferrari S.p.A. from 1993 to 2000. From 1987 to 1993 he was human resources director at Fiat ) Tj ET Q q 0 0 0 rg BT 441.15 635.10 Td (Auto and, prior to that, he ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 623.10 Td (was head of human resources management at Iveco. Mr) Tj ET Q q 0 0 0 rg BT 276.42 623.10 Td (.Mairano holds a degree in literature from ) Tj ET Q q 0 0 0 rg BT 448.67 623.10 Td (T) Tj ET Q q 0 0 0 rg BT 454.43 623.10 Td (urin University) Tj ET Q q 0 0 0 rg BT 514.61 623.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 599.10 Td (Michael Hugo Leiters.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.26 599.10 Td ( Mr) Tj ET Q q 0 0 0 rg BT 199.43 599.10 Td (.Leiters was appointed as our Chief ) Tj ET Q q 0 0 0 rg BT 345.87 599.10 Td (T) Tj ET Q q 0 0 0 rg BT 351.28 599.10 Td (echnology Of) Tj ET Q q 0 0 0 rg BT 405.81 599.10 Td (ficer in January 2014. Prior to joining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 587.10 Td (Ferrari he worked at Porsche ) Tj ET Q q 0 0 0 rg BT 171.46 587.10 Td (AG from 2000 to 2013 where he held multiple positions, ultimately becoming head of the SUV) Tj ET Q q 0 0 0 rg BT 552.88 587.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 575.10 Td (product line in 2010. From 1996 to 2000, he served as an engineer and manager at the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 400.29 575.10 Td (Institut fur Pr) Tj ET Q q 0 0 0 rg BT 454.93 575.10 Td (oduktionstechnologie ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.96 575.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 563.10 Td (Aachen, Germany) Tj ET Q q 0 0 0 rg BT 126.09 563.10 Td (. Mr) Tj ET Q q 0 0 0 rg BT 142.76 563.10 Td (.Leiters holds a engineering diploma and an engineering doctorate from R) Tj ET Q q 0 0 0 rg BT 440.45 563.10 Td (WTH-Aachen.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 539.10 Td (Enrico Galliera.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.88 539.10 Td ( Mr) Tj ET Q q 0 0 0 rg BT 173.05 539.10 Td (.Galliera was appointed as our Chief Marketing and Commercial Of) Tj ET Q q 0 0 0 rg BT 447.50 539.10 Td (ficer in ) Tj ET Q q 0 0 0 rg BT 478.05 539.10 Td (April 2010. From ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 527.10 Td (1990 to 2010 he worked for Barilla S.p.A, where he held multiple positions, ultimately becoming Europe and export market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 515.10 Td (unit director) Tj ET Q q 0 0 0 rg BT 102.60 515.10 Td (. During his time at Barilla S.p.A., Mr) Tj ET Q q 0 0 0 rg BT 254.25 515.10 Td (.Galliera also served as director of customer business development for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 503.10 Td (Europe, general manager for South ) Tj ET Q q 0 0 0 rg BT 196.54 503.10 Td (W) Tj ET Q q 0 0 0 rg BT 205.18 503.10 Td (est Europe and trade marketing director for Italy) Tj ET Q q 0 0 0 rg BT 398.06 503.10 Td (. Mr) Tj ET Q q 0 0 0 rg BT 414.73 503.10 Td (.Galliera holds a degree in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 491.10 Td (economics and political science from the University of Parma.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 467.10 Td (V) Tj ET Q q 0 0 0 rg BT 96.85 467.10 Td (incenzo Regazzoni.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.94 467.10 Td ( Mr) Tj ET Q q 0 0 0 rg BT 192.11 467.10 Td (.Regazzoni was appointed as our Chief Manufacturing Of) Tj ET Q q 0 0 0 rg BT 425.47 467.10 Td (ficer in March 2015. Prior to his ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 455.10 Td (appointment to that role, he held various senior production and industrial performance roles at Ferrari and Maserati, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 443.10 Td (head of ) Tj ET Q q 0 0 0 rg BT 86.03 443.10 Td (T) Tj ET Q q 0 0 0 rg BT 91.44 443.10 Td (echnologies and Infrastructure from 2010 to 2015 and head of Process/Product ) Tj ET Q q 0 0 0 rg BT 408.67 443.10 Td (T) Tj ET Q q 0 0 0 rg BT 414.08 443.10 Td (echnologies from 2003 to 2010. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 431.10 Td (Prior to joining Ferrari in 1998, he held production roles at ) Tj ET Q q 0 0 0 rg BT 291.55 431.10 Td (V) Tj ET Q q 0 0 0 rg BT 297.67 431.10 Td (arian S.p.A. and Fiat ) Tj ET Q q 0 0 0 rg BT 382.38 431.10 Td (Auto S.p.A. Mr) Tj ET Q q 0 0 0 rg BT 444.33 431.10 Td (.Regazzoni has a degree in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 419.10 Td (mechanical engineering with a specialization in management systems and plant from ) Tj ET Q q 0 0 0 rg BT 395.65 419.10 Td (T) Tj ET Q q 0 0 0 rg BT 401.06 419.10 Td (or ) Tj ET Q q 0 0 0 rg BT 411.71 419.10 Td (V) Tj ET Q q 0 0 0 rg BT 417.82 419.10 Td (er) Tj ET Q q 0 0 0 rg BT 425.41 419.10 Td (gata University in Rome.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 395.10 Td (Ervino Riccobon.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.45 395.10 Td ( Mr) Tj ET Q q 0 0 0 rg BT 178.62 395.10 Td (.Riccobon was appointed as our Chief of Product and Processes Competitiveness in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 383.10 Td (November 2012, upon joining Ferrari. Prior to that, he was with McKinsey& Company) Tj ET Q q 0 0 0 rg BT 404.97 383.10 Td (, as a partner since 2000 and a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 371.10 Td (Director since 2005, where he advised clients across a number of industries and geographies on operations, strategy and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 359.10 Td (or) Tj ET Q q 0 0 0 rg BT 62.15 359.10 Td (ganization. Mr) Tj ET Q q 0 0 0 rg BT 120.47 359.10 Td (.Riccobon has a degree in mechanical engineering from ) Tj ET Q q 0 0 0 rg BT 347.97 359.10 Td (T) Tj ET Q q 0 0 0 rg BT 353.73 359.10 Td (urin Politecnico University and an MBA) Tj ET Q q 0 0 0 rg BT 515.66 359.10 Td ( from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 347.10 Td (Scuola di ) Tj ET Q q 0 0 0 rg BT 93.44 347.10 Td (Amministrazione ) Tj ET Q q 0 0 0 rg BT 164.82 347.10 Td (Aziendale at ) Tj ET Q q 0 0 0 rg BT 217.39 347.10 Td (T) Tj ET Q q 0 0 0 rg BT 223.15 347.10 Td (urin University) Tj ET Q q 0 0 0 rg BT 283.32 347.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 323.10 Td (Nicola Boari.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.10 323.10 Td ( Mr) Tj ET Q q 0 0 0 rg BT 160.27 323.10 Td (.Boari was appointed as our Head of Product Marketing and Market Intelligence in March 2010. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 311.10 Td (Prior to joining Ferrari he worked at Indesit Company from 2004 to 2010, where he held various positions including product ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 299.10 Td (marketing director) Tj ET Q q 0 0 0 rg BT 127.74 299.10 Td (, responsible for product development for all product lines. From 1998 to 2004 he was a manager with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 287.10 Td (Boston Consulting Group. Mr) Tj ET Q q 0 0 0 rg BT 173.46 287.10 Td (.Boari holds a master in finance and economics from the London School of Economics and a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 275.10 Td (PhD in economics from the University of ) Tj ET Q q 0 0 0 rg BT 221.48 275.10 Td (Ancona, as well as a degree in finance and economics from the University of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 263.10 Td (Bologna.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 239.10 Td (Flavio Manzoni.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.44 239.10 Td ( Mr) Tj ET Q q 0 0 0 rg BT 173.61 239.10 Td (.Manzoni was appointed as our Head of Design in January 2010. From 2007 to 2010 he was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 227.10 Td (Director of Creative Design at the ) Tj ET Q q 0 0 0 rg BT 192.10 227.10 Td (V) Tj ET Q q 0 0 0 rg BT 198.03 227.10 Td (olkswagen Group where he was involved in designing most of the Skoda, Bentley) Tj ET Q q 0 0 0 rg BT 525.38 227.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 215.10 Td (Bugatti and ) Tj ET Q q 0 0 0 rg BT 102.70 215.10 Td (V) Tj ET Q q 0 0 0 rg BT 108.63 215.10 Td (okswagen recent cars as well as redefining the aesthetic philosophy of these brands. From 2001 to 2006, he ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 203.10 Td (worked at Fiat Group as Head of Design for Lancia, Fiat and LCV) Tj ET Q q 0 0 0 rg BT 318.47 203.10 Td (. He has also held design positions at Lancia and Seat. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 191.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 65.67 191.10 Td (.Manzoni holds a degree in architecture with a specialization in industrial design from the University of Florence.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 167.10 Td (B. ) Tj ET Q q 0 0 0 rg BT 65.67 167.10 Td (Compensation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 143.10 Td (Intr) Tj ET Q q 0 0 0 rg BT 71.04 143.10 Td (oduction) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 119.10 Td (This remuneration report \(the Report\) describes the remuneration policy applicable to the executive and non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 107.10 Td (executive directors of the Company and the remuneration paid to these individuals for the year ended on December 31, 2015. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 95.10 Td (The form and amount of compensation received by the directors of Ferrari for the year ended on December 31, 2015 was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 83.10 Td (determined in accordance with the remuneration policy) Tj ET Q q 0 0 0 rg BT 274.37 83.10 Td (. ) Tj ET Q q 0 0 0 rg BT 279.19 83.10 Td (The Company expects that further elements of the remuneration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 71.10 Td (policy will be implemented in future periods.) Tj ET Q endstream endobj 195 0 obj <> endobj 196 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (89) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 731.25 Td (Remuneration Policy for) Tj ET Q q 0 0 0 rg BT 159.35 731.25 Td ( Executive Dir) Tj ET Q q 0 0 0 rg BT 220.26 731.25 Td (ectors) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 707.25 Td (The Board of Directors determines the compensation for our executive directors at the recommendation of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 695.25 Td (Compensation Committee and with reference to the remuneration policy) Tj ET Q q 0 0 0 rg BT 343.26 695.25 Td (. ) Tj ET Q q 0 0 0 rg BT 348.08 695.25 Td (The remuneration policy is approved by our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.25 Td (shareholders and is published on our corporate website ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0.2235294117647059 0.2235294117647059 0.8392156862745098 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 276.1630859375 681.9169921875 m 344.37109375 681.9169921875 l s q 0.2235294117647059 0.2235294117647059 0.8392156862745098 rg BT 276.16 683.25 Td (www) Tj ET Q q 0.2235294117647059 0.2235294117647059 0.8392156862745098 rg BT 297.18 683.25 Td (.ferrari.com) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 344.37 683.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 659.25 Td (The objective of the remuneration policy is to provide a compensation structure that allows us to attract and retain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 647.25 Td (the most highly qualified executive talent and by motivating such executives to achieve business and financial goals that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 635.25 Td (create value for shareholders in a manner consistent with our core business and leadership values.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 611.25 Td (The policy is aligned with Dutch law and the Dutch Corporate Governance Code.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 587.25 Td (Featur) Tj ET Q q 0 0 0 rg BT 82.70 587.25 Td (es of the r) Tj ET Q q 0 0 0 rg BT 124.44 587.25 Td (emuneration for) Tj ET Q q 0 0 0 rg BT 193.97 587.25 Td ( executive dir) Tj ET Q q 0 0 0 rg BT 250.99 587.25 Td (ectors) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 563.25 Td (The remuneration policy aims to provide total compensation that:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 539.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.00 539.25 Td (attracts, retains and motivates qualified executives;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 515.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.00 515.25 Td (is competitive as compared to the compensation paid by comparable companies;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 491.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.00 491.25 Td (reinforces our performance driven culture and meritocracy; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 467.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.00 467.25 Td (is aligned to shareholders interests.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 443.25 Td (The compensation structure for executive directors includes a fixed component and a variable component based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 431.25 Td (short and long-term performance. ) Tj ET Q q 0 0 0 rg BT 190.71 431.25 Td (W) Tj ET Q q 0 0 0 rg BT 199.35 431.25 Td (e believe that this compensation structure promotes the interests of Ferrari in the short ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 419.25 Td (and the long-term and is designed to encourage the executive directors to act in the best interests of Ferrari. In determining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 407.25 Td (the level and structure of the compensation of the executive directors, the non- executive directors will take into account, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 395.25 Td (among other things, Ferrari) Tj ET Q q 0 0 0 rg BT 166.20 395.25 Td (s financial and operational results and other business objectives. ) Tj ET Q q 0 0 0 rg BT 424.83 395.25 Td (W) Tj ET Q q 0 0 0 rg BT 433.47 395.25 Td (e establish tar) Tj ET Q q 0 0 0 rg BT 488.27 395.25 Td (get ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 383.25 Td (compensation levels using a market-based approach and we periodically benchmark our executive compensation program ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 371.25 Td (against peer companies and monitor compensation levels and trends in the market.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 347.25 Td (Remuneration elements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 323.25 Td (On such basis, the compensation of executive directors consists, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 349.11 323.25 Td (inter alia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.05 323.25 Td (, of the following elements:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 299.25 Td (Fixed component) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 275.25 Td (The primary objective of the base salary \(the fixed part of the annual cash compensation\) for executive directors is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 263.25 Td (to attract and retain highly qualified senior executives. Our policy is to periodically benchmark comparable salaries paid to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 251.25 Td (executives with similar experience by comparable companies.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 227.25 Td (V) Tj ET Q q 0 0 0 rg BT 59.00 227.25 Td (ariable components) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 203.25 Td (Executive directors are also eligible to receive variable compensation subject to the achievement of pre-established ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 191.25 Td (financial and other identified performance tar) Tj ET Q q 0 0 0 rg BT 235.67 191.25 Td (gets. ) Tj ET Q q 0 0 0 rg BT 256.60 191.25 Td (The short and long term components of executive directors) Tj ET Q q 0 0 0 rg BT 495.23 191.25 Td ( variable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 179.25 Td (remuneration are linked to predetermined, assessable tar) Tj ET Q q 0 0 0 rg BT 279.00 179.25 Td (gets.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 155.25 Td (Short-T) Tj ET Q q 0 0 0 rg BT 83.64 155.25 Td (erm Incentives) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 131.25 Td (The primary objective of performance based short-term variable cash based incentives is to incentivize the executive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 119.25 Td (directors to focus on the business priorities for the current or next year) Tj ET Q q 0 0 0 rg BT 335.03 119.25 Td (. ) Tj ET Q q 0 0 0 rg BT 339.85 119.25 Td (The executive directors) Tj ET Q q 0 0 0 rg BT 436.28 119.25 Td ( variable remuneration is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 107.25 Td (linked to the achievement of short-term \(i.e. annual\) financial and other identified objectives proposed by the Compensation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 95.25 Td (Committee and approved by the non-executive directors each year) Tj ET Q q 0 0 0 rg BT 318.90 95.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 71.25 Td (T) Tj ET Q q 0 0 0 rg BT 95.41 71.25 Td (o determine the executive directors) Tj ET Q q 0 0 0 rg BT 238.49 71.25 Td ( annual performance bonus, the Compensation Committee and the non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 59.25 Td (executive directors:) Tj ET Q endstream endobj 197 0 obj <> endobj 198 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 731.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 731.10 Td (approve the executive directors) Tj ET Q q 0 0 0 rg BT 235.81 731.10 Td ( tar) Tj ET Q q 0 0 0 rg BT 248.67 731.10 Td (gets and maximum allowable bonuses;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 707.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 707.10 Td (select the appropriate metrics and their weighting;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 683.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 683.10 Td (set the stretch objectives;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 659.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 659.10 Td (consider any unusual items in a performance year to determine the appropriate measurement of achievement; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 647.10 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 623.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 623.10 Td (approve the final bonus determination.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 599.10 Td (In addition, upon proposal of the Compensation Committee, the non-executive directors have authority to grant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 587.10 Td (periodic bonuses for specific transactions that are deemed exceptional in terms of strategic importance and ef) Tj ET Q q 0 0 0 rg BT 490.59 587.10 Td (fect on Ferrari) Tj ET Q q 0 0 0 rg BT 550.56 587.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 575.10 Td (results. ) Tj ET Q q 0 0 0 rg BT 84.93 575.10 Td (The form of any such bonus \(cash, common shares of Ferrari or options to purchase common shares\) is determined by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 563.10 Td (the non-executive directors from time to time.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 539.10 Td (Long T) Tj ET Q q 0 0 0 rg BT 81.71 539.10 Td (erm Incentives) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 515.10 Td (The primary objective of the performance based long-term variable equity based incentives is to reward and retain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 503.10 Td (qualified executive directors over the longer term while aligning their interests with those of shareholders.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 479.10 Td (Our long-term variable incentives consist of a share-based incentive plan that links a portion of the variable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 467.10 Td (component to the achievement of pre-established performance tar) Tj ET Q q 0 0 0 rg BT 316.21 467.10 Td (gets consistent with our long term business planning. ) Tj ET Q q 0 0 0 rg BT 530.73 467.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 455.10 Td (equity based awards help align the executive directors) Tj ET Q q 0 0 0 rg BT 272.90 455.10 Td ( interests with shareholder interests by delivering greater value to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 443.10 Td (executive director as shareholder value increases.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 419.10 Td (Other Benefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 395.10 Td (Executive directors may also be entitled to customary fringe benefits such as personal use of aircraft, company car ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 383.10 Td (and driver) Tj ET Q q 0 0 0 rg BT 94.42 383.10 Td (, personal/home security) Tj ET Q q 0 0 0 rg BT 191.79 383.10 Td (, medical insurance, accident insurance, tax preparation and financial counseling. ) Tj ET Q q 0 0 0 rg BT 518.70 383.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 371.10 Td (Compensation Committee may grant other benefits to the executive directors in particular circumstances.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 347.10 Td (Remuneration Policy for) Tj ET Q q 0 0 0 rg BT 159.35 347.10 Td ( Non-Executive Dir) Tj ET Q q 0 0 0 rg BT 241.38 347.10 Td (ectors) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 323.10 Td (Remuneration of non-executive directors is approved by the shareholders and periodically reviewed by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 311.10 Td (Compensation Committee.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 287.10 Td (The current annual remuneration for the non-executive directors is:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 263.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.00 263.10 Td ($200,000 for each non-executive director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 239.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.00 239.10 Td (An additional $10,000 for each member of the ) Tj ET Q q 0 0 0 rg BT 298.45 239.10 Td (Audit Committee and $20,000 for the ) Tj ET Q q 0 0 0 rg BT 450.93 239.10 Td (Audit Committee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.00 227.10 Td (Chairman.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 203.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.00 203.10 Td (An additional $5,000 for each member of the Compensation Committee and the Governance Committee and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.00 191.10 Td ($15,000 for the Compensation Committee Chairman and the Governance Committee Chairman.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 167.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.00 167.10 Td (An additional $25,000 for the lead non-executive director) Tj ET Q q 0 0 0 rg BT 340.93 167.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 143.10 Td (Non-executive directors elect whether their annual cash retainer fee will be converted, on the date payment is made, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 131.10 Td (\(i\) half in Ferrari common shares or \(ii\) 100% in Ferrari common shares, provided that Ferrari will at all times have the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 119.10 Td (option, in its discretion, to settle any retainer fee entirely in cash; whereas, the committee membership and committee chair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 107.10 Td (fee payments will be made all in cash \(providing a Board fee structure common to other lar) Tj ET Q q 0 0 0 rg BT 418.70 107.10 Td (ge multinational companies to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 95.10 Td (help attract a multinational Board membership\). Remuneration of non-executive directors is fixed and not dependent on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 83.10 Td (Ferrari) Tj ET Q q 0 0 0 rg BT 83.99 83.10 Td (s financial results. Non-executive directors are not eligible for variable compensation and do not participate in any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 71.10 Td (incentive plans.) Tj ET Q endstream endobj 199 0 obj <> endobj 200 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (91) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 731.25 Td (Dir) Tj ET Q q 0 0 0 rg BT 68.26 731.25 Td (ectors' Compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 707.25 Td (The following table summarizes the remuneration received by the members of the Board of Directors for the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 695.25 Td (ended December 31, 2015 from Ferrari and its subsidiaries.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 642.75 75.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 128.50 642.75 118.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 642.75 71.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 642.75 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 642.75 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 642.75 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 642.75 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 642.75 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 607.75 75.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 128.50 607.75 118.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 607.75 71.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 607.75 48.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 607.75 48.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 607.75 48.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 607.75 48.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 607.75 48.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 575.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 128.50 575.75 118.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 575.75 71.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 575.75 48.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 575.75 48.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 575.75 48.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 575.75 48.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 575.75 48.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 551.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 128.50 551.75 118.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 551.75 71.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 551.75 48.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 551.75 48.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 551.75 48.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 551.75 48.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 551.75 48.00 -12.00 re f /GS0 gs BT /F2 8.00 Tf ET q 0 0 0 rg BT 80.50 664.83 Td (Name) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 168.20 664.83 Td (Office held) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 253.55 664.83 Td (In office from/to) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.85 664.83 Td (Fixed compensation) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 421.90 664.83 Td (Variable compensation) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 524.25 664.83 Td (Total) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 79.80 646.79 Td (In Euro) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 323.95 646.81 Td (Base salary) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 377.30 653.51 Td (Pension) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 375.25 646.51 Td (premium) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 429.40 646.81 Td (Cash) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 473.40 646.81 Td (Other) Tj ET Q BT /F2 7.00 Tf ET BT /F2 4.55 Tf ET q 0 0 0 rg BT 491.28 649.98 Td (\(4\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 634.00 Td (Ser) Tj ET Q q 0 0 0 rg BT 66.52 634.00 Td (gio Marchionne) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 117.39 637.63 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 133.10 634.00 Td (Chairman and Executive Director) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.70 634.00 Td (10/21/15-12/31/15) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 359.30 634.00 Td (-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 407.30 634.00 Td (-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 455.30 634.00 Td (-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 503.30 634.00 Td (-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 634.00 Td (-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 612.00 Td (Amedeo Felisa) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 104.21 615.63 Td (\(2\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 141.85 621.60 Td (Chief Executive Officer and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 156.65 612.00 Td (ExecutiveDirector) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.70 612.00 Td (10/21/15-12/31/15) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 330.00 612.00 Td (1,105,819) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 384.00 612.00 Td (758,658) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.00 612.00 Td (800,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 503.30 612.00 Td (-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.00 612.00 Td (2,664,477) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 592.00 Td (Piero Ferrari) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 96.65 595.63 Td (\(3\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 146.90 599.70 Td (ViceChairmanandNon-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 156.65 591.70 Td (ExecutiveDirector) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.70 592.00 Td (10/21/15-12/31/15) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.00 592.00 Td (260,475) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.00 592.00 Td (16,126) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 455.30 592.00 Td (-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 503.30 592.00 Td (-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.00 592.00 Td (276,601) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 579.70 Td (Louis C. Camilleri) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 137.00 579.70 Td (Senior Non-Executive Director) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.70 579.70 Td (10/21/15-12/31/15) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 340.00 579.70 Td (42,964) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 407.30 579.70 Td (-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 455.30 579.70 Td (-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 503.30 579.70 Td (-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.00 579.70 Td (42,964) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 567.70 Td (Eddy Cue) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 148.45 567.70 Td (Non-Executive Director) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.70 567.70 Td (10/21/15-12/31/15) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 340.00 567.70 Td (38,294) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 407.30 567.70 Td (-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 455.30 567.70 Td (-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 503.30 567.70 Td (-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.00 567.70 Td (38,294) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 555.70 Td (Giuseppina Capaldo) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 148.45 555.70 Td (Non-Executive Director) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.70 555.70 Td (10/21/15-12/31/15) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 340.00 555.70 Td (42,030) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 407.30 555.70 Td (-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 455.30 555.70 Td (-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 503.30 555.70 Td (-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.00 555.70 Td (42,030) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 543.70 Td (Sergio Duca) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 148.45 543.70 Td (Non-Executive Director) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.70 543.70 Td (10/21/15-12/31/15) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 340.00 543.70 Td (42,030) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 407.30 543.70 Td (-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 455.30 543.70 Td (-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 503.30 543.70 Td (-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.00 543.70 Td (42,030) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 531.70 Td (Elena Zambon) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 148.45 531.70 Td (Non-Executive Director) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.70 531.70 Td (10/21/15-12/31/15) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 340.00 531.70 Td (40,162) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 407.30 531.70 Td (-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 455.30 531.70 Td (-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 503.30 531.70 Td (-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.00 531.70 Td (40,162) Tj ET Q BT /F1 10.00 Tf ET BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 519.85 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 63.87 519.85 Td (No ) Tj ET Q q 0 0 0 rg BT 73.75 519.85 Td (compensation ) Tj ET Q q 0 0 0 rg BT 114.34 519.85 Td (was ) Tj ET Q q 0 0 0 rg BT 126.95 519.85 Td (paid ) Tj ET Q q 0 0 0 rg BT 141.10 519.85 Td (by ) Tj ET Q q 0 0 0 rg BT 149.42 519.85 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 172.13 519.85 Td (or ) Tj ET Q q 0 0 0 rg BT 180.06 519.85 Td (any ) Tj ET Q q 0 0 0 rg BT 191.88 519.85 Td (of ) Tj ET Q q 0 0 0 rg BT 199.03 519.85 Td (its ) Tj ET Q q 0 0 0 rg BT 207.36 519.85 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 242.91 519.85 Td (to ) Tj ET Q q 0 0 0 rg BT 250.06 519.85 Td (Mr) Tj ET Q q 0 0 0 rg BT 257.84 519.85 Td (. ) Tj ET Q q 0 0 0 rg BT 261.30 519.85 Td (Mar) Tj ET Q q 0 0 0 rg BT 273.10 519.85 Td (chionne ) Tj ET Q q 0 0 0 rg BT 296.96 519.85 Td (in ) Tj ET Q q 0 0 0 rg BT 304.12 519.85 Td (his ) Tj ET Q q 0 0 0 rg BT 314.00 519.85 Td (capacity ) Tj ET Q q 0 0 0 rg BT 339.42 519.85 Td (of ) Tj ET Q q 0 0 0 rg BT 346.57 519.85 Td (Chairman ) Tj ET Q q 0 0 0 rg BT 376.68 519.85 Td (and ) Tj ET Q q 0 0 0 rg BT 388.89 519.85 Td (Executive ) Tj ET Q q 0 0 0 rg BT 417.80 519.85 Td (Dir) Tj ET Q q 0 0 0 rg BT 427.26 519.85 Td (ector ) Tj ET Q q 0 0 0 rg BT 443.35 519.85 Td (for ) Tj ET Q q 0 0 0 rg BT 453.23 519.85 Td (the ) Tj ET Q q 0 0 0 rg BT 463.49 519.85 Td (year ) Tj ET Q q 0 0 0 rg BT 477.64 519.85 Td (ended ) Tj ET Q q 0 0 0 rg BT 496.07 519.85 Td (December ) Tj ET Q q 0 0 0 rg BT 526.54 519.85 Td (31, ) Tj ET Q q 0 0 0 rg BT 537.00 519.85 Td (2015) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 511.45 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 63.82 511.45 Td (Global ) Tj ET Q q 0 0 0 rg BT 84.93 511.45 Td (compensation ) Tj ET Q q 0 0 0 rg BT 125.48 511.45 Td (r) Tj ET Q q 0 0 0 rg BT 127.94 511.45 Td (eceived ) Tj ET Q q 0 0 0 rg BT 150.58 511.45 Td (for ) Tj ET Q q 0 0 0 rg BT 160.41 511.45 Td (all ) Tj ET Q q 0 0 0 rg BT 169.46 511.45 Td (services ) Tj ET Q q 0 0 0 rg BT 193.67 511.45 Td (in ) Tj ET Q q 0 0 0 rg BT 200.78 511.45 Td (the ) Tj ET Q q 0 0 0 rg BT 210.99 511.45 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 233.65 511.45 Td (gr) Tj ET Q q 0 0 0 rg BT 239.62 511.45 Td (oup, ) Tj ET Q q 0 0 0 rg BT 253.53 511.45 Td (including ) Tj ET Q q 0 0 0 rg BT 281.63 511.45 Td (in ) Tj ET Q q 0 0 0 rg BT 288.74 511.45 Td (the ) Tj ET Q q 0 0 0 rg BT 298.96 511.45 Td (capacity ) Tj ET Q q 0 0 0 rg BT 324.33 511.45 Td (of ) Tj ET Q q 0 0 0 rg BT 331.44 511.45 Td (Chief ) Tj ET Q q 0 0 0 rg BT 348.26 511.45 Td (Executive ) Tj ET Q q 0 0 0 rg BT 377.13 511.45 Td (Officer ) Tj ET Q q 0 0 0 rg BT 398.61 511.45 Td (of ) Tj ET Q q 0 0 0 rg BT 405.72 511.45 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 428.38 511.45 Td (S.p.A., ) Tj ET Q q 0 0 0 rg BT 448.32 511.45 Td (for ) Tj ET Q q 0 0 0 rg BT 458.15 511.45 Td (the ) Tj ET Q q 0 0 0 rg BT 468.37 511.45 Td (full ) Tj ET Q q 0 0 0 rg BT 479.36 511.45 Td (year ) Tj ET Q q 0 0 0 rg BT 493.46 511.45 Td (ended ) Tj ET Q q 0 0 0 rg BT 511.84 511.45 Td (December ) Tj ET Q q 0 0 0 rg BT 542.26 511.45 Td (31, ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 503.05 Td (2015) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 494.65 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 63.63 494.65 Td (Includes ) Tj ET Q q 0 0 0 rg BT 88.81 494.65 Td (a ) Tj ET Q q 0 0 0 rg BT 93.78 494.65 Td (base ) Tj ET Q q 0 0 0 rg BT 108.08 494.65 Td (salary ) Tj ET Q q 0 0 0 rg BT 127.04 494.65 Td (for ) Tj ET Q q 0 0 0 rg BT 136.68 494.65 Td (223,1) Tj ET Q q 0 0 0 rg BT 155.41 494.65 Td (16 ) Tj ET Q q 0 0 0 rg BT 163.88 494.65 Td (and ) Tj ET Q q 0 0 0 rg BT 175.84 494.65 Td (pension ) Tj ET Q q 0 0 0 rg BT 199.09 494.65 Td (pr) Tj ET Q q 0 0 0 rg BT 205.05 494.65 Td (emium ) Tj ET Q q 0 0 0 rg BT 225.18 494.65 Td (for ) Tj ET Q q 0 0 0 rg BT 234.82 494.65 Td (16,126 ) Tj ET Q q 0 0 0 rg BT 259.04 494.65 Td ( ) Tj ET Q q 0 0 0 rg BT 260.50 494.65 Td (r) Tj ET Q q 0 0 0 rg BT 262.97 494.65 Td (eceived ) Tj ET Q q 0 0 0 rg BT 285.41 494.65 Td (for ) Tj ET Q q 0 0 0 rg BT 295.05 494.65 Td (services ) Tj ET Q q 0 0 0 rg BT 319.06 494.65 Td (in ) Tj ET Q q 0 0 0 rg BT 325.97 494.65 Td (the ) Tj ET Q q 0 0 0 rg BT 335.99 494.65 Td (capacity ) Tj ET Q q 0 0 0 rg BT 361.17 494.65 Td (of ) Tj ET Q q 0 0 0 rg BT 368.08 494.65 Td (V) Tj ET Q q 0 0 0 rg BT 371.84 494.65 Td (ice ) Tj ET Q q 0 0 0 rg BT 381.47 494.65 Td (Chairman ) Tj ET Q q 0 0 0 rg BT 411.33 494.65 Td (of ) Tj ET Q q 0 0 0 rg BT 418.24 494.65 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 440.71 494.65 Td (S.p.A. ) Tj ET Q q 0 0 0 rg BT 458.70 494.65 Td (for ) Tj ET Q q 0 0 0 rg BT 468.33 494.65 Td (the ) Tj ET Q q 0 0 0 rg BT 478.35 494.65 Td (full ) Tj ET Q q 0 0 0 rg BT 489.16 494.65 Td (year ) Tj ET Q q 0 0 0 rg BT 503.06 494.65 Td (ended ) Tj ET Q q 0 0 0 rg BT 521.24 494.65 Td (December ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 486.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 64.50 486.25 Td (2015) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 477.85 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 63.91 477.85 Td (Includes ) Tj ET Q q 0 0 0 rg BT 89.38 477.85 Td (any ) Tj ET Q q 0 0 0 rg BT 101.23 477.85 Td (annual ) Tj ET Q q 0 0 0 rg BT 122.43 477.85 Td (shar) Tj ET Q q 0 0 0 rg BT 134.62 477.85 Td (es, ) Tj ET Q q 0 0 0 rg BT 143.95 477.85 Td (options ) Tj ET Q q 0 0 0 rg BT 166.31 477.85 Td (and ) Tj ET Q q 0 0 0 rg BT 178.56 477.85 Td (pension ) Tj ET Q q 0 0 0 rg BT 202.09 477.85 Td (rights ) Tj ET Q q 0 0 0 rg BT 220.17 477.85 Td (that ) Tj ET Q q 0 0 0 rg BT 232.81 477.85 Td (have ) Tj ET Q q 0 0 0 rg BT 247.78 477.85 Td (been ) Tj ET Q q 0 0 0 rg BT 262.74 477.85 Td (awar) Tj ET Q q 0 0 0 rg BT 276.88 477.85 Td (ded ) Tj ET Q q 0 0 0 rg BT 288.73 477.85 Td (and ) Tj ET Q q 0 0 0 rg BT 300.98 477.85 Td (other ) Tj ET Q q 0 0 0 rg BT 317.51 477.85 Td (emoluments, ) Tj ET Q q 0 0 0 rg BT 354.45 477.85 Td (wher) Tj ET Q q 0 0 0 rg BT 368.19 477.85 Td (e ) Tj ET Q q 0 0 0 rg BT 373.04 477.85 Td (applicable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 453.85 Td (Compensation of the members of the GEC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 429.85 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 429.85 Td (The compensation paid during the year ended December 31, 2015 by Ferrari and its subsidiaries to the members of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 417.85 Td (the GEC amounted to 16.4 million in aggregate \(excluding the compensation paid to Mr) Tj ET Q q 0 0 0 rg BT 411.15 417.85 Td (. Felisa in his capacity of Chief ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 405.85 Td (Executive Of) Tj ET Q q 0 0 0 rg BT 106.85 405.85 Td (ficer) Tj ET Q q 0 0 0 rg BT 124.77 405.85 Td (, which is reflected in the amount included in the table above\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 383.85 Td (Dir) Tj ET Q q 0 0 0 rg BT 68.26 383.85 Td (ector) Tj ET Q q 0 0 0 rg BT 89.72 383.85 Td ( and Officer) Tj ET Q q 0 0 0 rg BT 141.20 383.85 Td ( Overlaps ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 359.85 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 359.85 Td (There are overlaps among the directors and of) Tj ET Q q 0 0 0 rg BT 273.91 359.85 Td (ficers of FCA) Tj ET Q q 0 0 0 rg BT 328.34 359.85 Td ( and our directors and of) Tj ET Q q 0 0 0 rg BT 426.19 359.85 Td (ficers. For example, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 347.85 Td (Mr) Tj ET Q q 0 0 0 rg BT 65.67 347.85 Td (.Marchionne is also the Chief Executive Of) Tj ET Q q 0 0 0 rg BT 241.55 347.85 Td (ficer of FCA, and certain of our other directors and of) Tj ET Q q 0 0 0 rg BT 456.57 347.85 Td (ficers, may also be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 335.85 Td (directors or of) Tj ET Q q 0 0 0 rg BT 110.46 335.85 Td (ficers of FCA) Tj ET Q q 0 0 0 rg BT 164.90 335.85 Td ( or Exor) Tj ET Q q 0 0 0 rg BT 197.27 335.85 Td (, which holds approximately 23.5 percent of our common shares and approximately 33.4 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 323.85 Td (percent of the voting power in us, while it holds approximately 29 percent of the common shares and 44 percent of the voting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 311.85 Td (power in FCA.) Tj ET Q q 0 0 0 rg BT 116.04 311.85 Td (These individuals owe duties both to us and to the other companies that they serve as of) Tj ET Q q 0 0 0 rg BT 466.89 311.85 Td (ficers and/or directors, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 299.85 Td (which may raise certain conflicts of interest. See Item 3.D. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 295.86 299.85 Td (Risk FactorsW) Tj ET Q q 0 0 0 rg BT 362.98 299.85 Td (e may have potential conflicts of inter) Tj ET Q q 0 0 0 rg BT 513.69 299.85 Td (est with ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 287.85 Td (FCA) Tj ET Q q 0 0 0 rg BT 72.71 287.85 Td ( and Exor) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.14 287.85 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 263.85 Td (C. ) Tj ET Q q 0 0 0 rg BT 66.22 263.85 Td (Board ) Tj ET Q q 0 0 0 rg BT 95.39 263.85 Td (Practices) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 239.85 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 239.85 Td (Please refer to Item 6.A.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 192.18 239.85 Td ( Dir) Tj ET Q q 0 0 0 rg BT 208.20 239.85 Td (ectors and Senior Management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.45 239.85 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 337.89 239.85 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.39 239.85 Td (for additional information concerning the Company) Tj ET Q q 0 0 0 rg BT 550.06 239.85 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 227.85 Td (Directors required by this item.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 203.85 Td (Committees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 179.85 Td (The Board of Directors has established an ) Tj ET Q q 0 0 0 rg BT 259.67 179.85 Td (Audit Committee ef) Tj ET Q q 0 0 0 rg BT 339.48 179.85 Td (fective as of October 21, 2015. Each member of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 167.85 Td (Audit Committee is an independent member of the Board of Directors under Rule 10A-3 under the Exchange ) Tj ET Q q 0 0 0 rg BT 501.92 167.85 Td (Act and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 155.85 Td (within the meaning of the Dutch corporate governance code \(the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.45 155.85 Td (Code) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.68 155.85 Td (\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 131.85 Td (The Compensation Committee and a Governance and Sustainability Committee were established by the Board of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 119.85 Td (Directors ef) Tj ET Q q 0 0 0 rg BT 101.29 119.85 Td (fective as of January 3, 2016. ) Tj ET Q q 0 0 0 rg BT 221.08 119.85 Td (The functions that these committees shall perform and their powers and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 107.85 Td (responsibilities will be determined by the Board of Directors in light of our size and structure and the provisions of the Code.) Tj ET Q endstream endobj 201 0 obj <> endobj 202 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (92) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 731.10 Td (The ) Tj ET Q q 0 0 0 rg BT 107.50 731.10 Td (Audit Committee consists of the following members:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 184.75 700.00 Td (Name) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 398.45 700.00 Td (Position) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 90.00 686.86 Td (Sergio Duca) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.00 686.86 Td (Chairperson) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 90.00 673.86 Td (Giuseppina Capaldo) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 398.75 673.86 Td (Member) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 90.00 660.86 Td (Elena Zambon) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 398.75 660.86 Td (Member) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 633.10 Td (The Board of Directors has approved the charter of the ) Tj ET Q q 0 0 0 rg BT 311.03 633.10 Td (Audit Committee, ef) Tj ET Q q 0 0 0 rg BT 393.33 633.10 Td (fective as of October 21, 2015. ) Tj ET Q q 0 0 0 rg BT 519.22 633.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 621.10 Td (function of the ) Tj ET Q q 0 0 0 rg BT 114.82 621.10 Td (Audit Committee is to assist the Board of Directors) Tj ET Q q 0 0 0 rg BT 322.94 621.10 Td ( oversight of, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 378.48 621.10 Td (inter alia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.43 621.10 Td (: \(i\) the integrity of Ferrari) Tj ET Q q 0 0 0 rg BT 524.56 621.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 609.10 Td (financial statements, including any published interim reports; \(ii\) Ferrari) Tj ET Q q 0 0 0 rg BT 346.42 609.10 Td (s financing; \(iii\) the systems of internal controls that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 597.10 Td (management and/or the Board of Directors have established; \(iv\) Ferrari) Tj ET Q q 0 0 0 rg BT 345.84 597.10 Td (s compliance with legal and regulatory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 585.10 Td (requirements; \(v\) Ferrari) Tj ET Q q 0 0 0 rg BT 155.63 585.10 Td (s policies and procedures for addressing certain actual or perceived conflicts of interest; \(vi\) risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 573.10 Td (management guidelines and policies; and \(vii\) the implementation and ef) Tj ET Q q 0 0 0 rg BT 345.67 573.10 Td (fectiveness of the company) Tj ET Q q 0 0 0 rg BT 457.58 573.10 Td (s ethics and compliance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 561.10 Td (program. ) Tj ET Q q 0 0 0 rg BT 92.70 561.10 Td (The ) Tj ET Q q 0 0 0 rg BT 110.19 561.10 Td (Audit Committee shall be comprised of at least three \(3\) non-executive directors elected by the Board of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 549.10 Td (Directors. Each member of the ) Tj ET Q q 0 0 0 rg BT 178.95 549.10 Td (Audit Committee shall:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 525.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 525.10 Td (neither have a material relationship with Ferrari, as determined by the Board of Directors nor be performing the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 513.10 Td (functions of auditors or accountants for Ferrari;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 489.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 489.10 Td (be an independent member of the Board of Directors under the rules of the NYSE and Rule 10A- 3 under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 477.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 149.37 477.10 Td (Act and within the meaning of the Code; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 453.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 453.10 Td (be financially literate and have accounting or selected financial management expertise qualifications, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 441.10 Td (determined by the Board of Directors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 417.10 Td (At least one member of the ) Tj ET Q q 0 0 0 rg BT 200.52 417.10 Td (Audit Committee shall be a financial expert as defined in rules of the SEC and best ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 405.10 Td (practice provisions of the Code.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 381.10 Td (The Governance and Sustainability Committee consists of the following members:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 184.75 350.00 Td (Name) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 398.45 350.00 Td (Position) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 90.00 336.86 Td (Sergio Marchionne) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.00 336.86 Td (Chairperson) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 90.00 323.86 Td (Eddy Cue) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 398.75 323.86 Td (Member) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 90.00 310.86 Td (Sergio Duca) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 398.75 310.86 Td (Member) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 283.10 Td (The Board of Directors has approved the charter of the Governance and Sustainability Committee ef) Tj ET Q q 0 0 0 rg BT 491.35 283.10 Td (fective as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 271.10 Td (October 21, 2015. ) Tj ET Q q 0 0 0 rg BT 128.53 271.10 Td (The function of the Governance and Sustainability Committee is to assist the board of Directors with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 259.10 Td (respect to the determination of, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 181.18 259.10 Td (inter alia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.12 259.10 Td (: \(i\) drawing up the selection criteria and appointment procedures for members of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 247.10 Td (the Board of Directors; \(ii\) periodic assessment of the size and composition of the Board of Directors; \(iii\) periodic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 235.10 Td (assessment of the performance of individual directors and reporting this to the Board of Directors; \(iv\) proposals for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 223.10 Td (appointment and reappointments of executive and non- executive directors. ) Tj ET Q q 0 0 0 rg BT 357.60 223.10 Td (The Governance and Sustainability Committee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 211.10 Td (shall be comprised of at least three \(3\) directors, at most one \(1\) of whom may be an executive director and at most two \(2\) of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 199.10 Td (whom will not be independent within the meaning of the Code, elected by the Board of Directors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 175.10 Td (The Compensation Committee consists of the following members:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 184.75 144.00 Td (Name) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 398.45 144.00 Td (Position) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 90.00 130.86 Td (Giuseppina Capaldo) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.00 130.86 Td (Chairperson) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 90.00 117.86 Td (Louis Camilleri) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 398.75 117.86 Td (Member) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 90.00 104.86 Td (Elena Zambon) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 398.75 104.86 Td (Member) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 203 0 obj <> endobj 204 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (93) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 731.10 Td (The Board of Directors has approved the charter of the Compensation Committee. ) Tj ET Q q 0 0 0 rg BT 421.11 731.10 Td (The function of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (Compensation Committee is to assist and advise the Board of Directors) Tj ET Q q 0 0 0 rg BT 342.10 719.10 Td ( oversight of: \(i\) executive compensation; \(ii\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.10 Td (remuneration policy to be pursued; \(iii\) compensation of non-executive directors; \(iv\) remuneration report. ) Tj ET Q q 0 0 0 rg BT 483.68 707.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 695.10 Td (Compensation Committee shall be comprised of at least three \(3\) non-executive directors, at most one \(1\) of whom will not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.10 Td (be independent within the meaning of the Code, elected by the Board of Directors.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 659.10 Td (D. ) Tj ET Q q 0 0 0 rg BT 66.22 659.10 Td (Employees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 635.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 635.10 Td (Human ) Tj ET Q q 0 0 0 rg BT 122.22 635.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 151.65 635.10 Td (is ) Tj ET Q q 0 0 0 rg BT 161.10 635.10 Td (a ) Tj ET Q q 0 0 0 rg BT 168.32 635.10 Td (crucial ) Tj ET Q q 0 0 0 rg BT 198.30 635.10 Td (factor ) Tj ET Q q 0 0 0 rg BT 224.40 635.10 Td (in ) Tj ET Q q 0 0 0 rg BT 234.96 635.10 Td (our ) Tj ET Q q 0 0 0 rg BT 251.07 635.10 Td (success, ) Tj ET Q q 0 0 0 rg BT 286.34 635.10 Td (in ) Tj ET Q q 0 0 0 rg BT 296.90 635.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 321.90 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 333.01 635.10 Td (building ) Tj ET Q q 0 0 0 rg BT 369.12 635.10 Td (on ) Tj ET Q q 0 0 0 rg BT 381.90 635.10 Td (our ) Tj ET Q q 0 0 0 rg BT 398.02 635.10 Td (position ) Tj ET Q q 0 0 0 rg BT 433.02 635.10 Td (as ) Tj ET Q q 0 0 0 rg BT 444.13 635.10 Td (a ) Tj ET Q q 0 0 0 rg BT 451.35 635.10 Td (global ) Tj ET Q q 0 0 0 rg BT 479.13 635.10 Td (leader ) Tj ET Q q 0 0 0 rg BT 506.33 635.10 Td (in ) Tj ET Q q 0 0 0 rg BT 516.89 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 531.89 635.10 Td (luxury ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 623.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 106.43 623.10 Td (car ) Tj ET Q q 0 0 0 rg BT 120.55 623.10 Td (sector ) Tj ET Q q 0 0 0 rg BT 146.33 623.10 Td (and ) Tj ET Q q 0 0 0 rg BT 162.68 623.10 Td (creating ) Tj ET Q q 0 0 0 rg BT 196.79 623.10 Td (long-term, ) Tj ET Q q 0 0 0 rg BT 240.63 623.10 Td (sustainable ) Tj ET Q q 0 0 0 rg BT 286.97 623.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 312.90 623.10 Td (T) Tj ET Q q 0 0 0 rg BT 318.31 623.10 Td (o ) Tj ET Q q 0 0 0 rg BT 325.22 623.10 Td (recognize ) Tj ET Q q 0 0 0 rg BT 365.99 623.10 Td (excellence, ) Tj ET Q q 0 0 0 rg BT 412.58 623.10 Td (encourage ) Tj ET Q q 0 0 0 rg BT 455.57 623.10 Td (professional ) Tj ET Q q 0 0 0 rg BT 506.36 623.10 Td (development ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 611.10 Td (and ) Tj ET Q q 0 0 0 rg BT 69.99 611.10 Td (create ) Tj ET Q q 0 0 0 rg BT 95.40 611.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 118.61 611.10 Td (opportunities, ) Tj ET Q q 0 0 0 rg BT 175.43 611.10 Td (we ) Tj ET Q q 0 0 0 rg BT 188.64 611.10 Td (adopt ) Tj ET Q q 0 0 0 rg BT 212.41 611.10 Td (a ) Tj ET Q q 0 0 0 rg BT 218.40 611.10 Td (number ) Tj ET Q q 0 0 0 rg BT 250.49 611.10 Td (of ) Tj ET Q q 0 0 0 rg BT 260.37 611.10 Td (initiatives, ) Tj ET Q q 0 0 0 rg BT 303.86 611.10 Td (such ) Tj ET Q q 0 0 0 rg BT 323.74 611.10 Td (as ) Tj ET Q q 0 0 0 rg BT 333.62 611.10 Td (our ) Tj ET Q q 0 0 0 rg BT 348.50 611.10 Td (Graduates ) Tj ET Q q 0 0 0 rg BT 390.59 611.10 Td (Project, ) Tj ET Q q 0 0 0 rg BT 422.97 611.10 Td (aimed ) Tj ET Q q 0 0 0 rg BT 448.95 611.10 Td (at ) Tj ET Q q 0 0 0 rg BT 457.72 611.10 Td (identifying ) Tj ET Q q 0 0 0 rg BT 503.15 611.10 Td (and ) Tj ET Q q 0 0 0 rg BT 519.14 611.10 Td (recruiting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 599.10 Td (graduates ) Tj ET Q q 0 0 0 rg BT 93.86 599.10 Td (from ) Tj ET Q q 0 0 0 rg BT 114.84 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 128.60 599.10 Td (world) Tj ET Q q 0 0 0 rg BT 154.71 599.10 Td (s ) Tj ET Q q 0 0 0 rg BT 160.14 599.10 Td (best ) Tj ET Q q 0 0 0 rg BT 177.79 599.10 Td (universities; ) Tj ET Q q 0 0 0 rg BT 228.21 599.10 Td (our ) Tj ET Q q 0 0 0 rg BT 243.08 599.10 Td (appraisal ) Tj ET Q q 0 0 0 rg BT 280.72 599.10 Td (system ) Tj ET Q q 0 0 0 rg BT 310.04 599.10 Td (to ) Tj ET Q q 0 0 0 rg BT 319.36 599.10 Td (assess ) Tj ET Q q 0 0 0 rg BT 345.35 599.10 Td (our ) Tj ET Q q 0 0 0 rg BT 360.22 599.10 Td (manager) Tj ET Q q 0 0 0 rg BT 394.24 599.10 Td (, ) Tj ET Q q 0 0 0 rg BT 398.28 599.10 Td (professional ) Tj ET Q q 0 0 0 rg BT 448.70 599.10 Td (and ) Tj ET Q q 0 0 0 rg BT 464.68 599.10 Td (white ) Tj ET Q q 0 0 0 rg BT 488.44 599.10 Td (collar ) Tj ET Q q 0 0 0 rg BT 512.75 599.10 Td (employees, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 587.10 Td (through ) Tj ET Q q 0 0 0 rg BT 89.94 587.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 145.30 587.10 Td (management ) Tj ET Q q 0 0 0 rg BT 201.23 587.10 Td (metrics; ) Tj ET Q q 0 0 0 rg BT 238.27 587.10 Td (our ) Tj ET Q q 0 0 0 rg BT 256.44 587.10 Td (talent ) Tj ET Q q 0 0 0 rg BT 283.49 587.10 Td (management ) Tj ET Q q 0 0 0 rg BT 339.41 587.10 Td (and ) Tj ET Q q 0 0 0 rg BT 358.68 587.10 Td (succession ) Tj ET Q q 0 0 0 rg BT 406.29 587.10 Td (planning; ) Tj ET Q q 0 0 0 rg BT 448.90 587.10 Td (training ) Tj ET Q q 0 0 0 rg BT 484.84 587.10 Td (and ) Tj ET Q q 0 0 0 rg BT 504.11 587.10 Td (skill-building ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 575.10 Td (initiatives; ) Tj ET Q q 0 0 0 rg BT 99.19 575.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 141.03 575.10 Td (satisfaction ) Tj ET Q q 0 0 0 rg BT 189.55 575.10 Td (and ) Tj ET Q q 0 0 0 rg BT 206.96 575.10 Td (engagement ) Tj ET Q q 0 0 0 rg BT 258.24 575.10 Td (surveys, ) Tj ET Q q 0 0 0 rg BT 294.27 575.10 Td (including ) Tj ET Q q 0 0 0 rg BT 335.01 575.10 Td (our ) Tj ET Q q 0 0 0 rg BT 351.32 575.10 Td (so-called ) Tj ET Q q 0 0 0 rg BT 390.38 575.10 Td (Pit ) Tj ET Q q 0 0 0 rg BT 408.91 575.10 Td (Stop ) Tj ET Q q 0 0 0 rg BT 434.66 575.10 Td (and ) Tj ET Q q 0 0 0 rg BT 452.07 575.10 Td (Pole ) Tj ET Q q 0 0 0 rg BT 477.26 575.10 Td (Position ) Tj ET Q q 0 0 0 rg BT 517.46 575.10 Td (programs; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 563.10 Td (and ) Tj ET Q q 0 0 0 rg BT 70.36 563.10 Td (flexible ) Tj ET Q q 0 0 0 rg BT 102.83 563.10 Td (work ) Tj ET Q q 0 0 0 rg BT 125.30 563.10 Td (arrangements, ) Tj ET Q q 0 0 0 rg BT 183.59 563.10 Td (commuting ) Tj ET Q q 0 0 0 rg BT 231.06 563.10 Td (programs ) Tj ET Q q 0 0 0 rg BT 270.75 563.10 Td (and ) Tj ET Q q 0 0 0 rg BT 287.11 563.10 Td (dedicated ) Tj ET Q q 0 0 0 rg BT 327.35 563.10 Td (wellness ) Tj ET Q q 0 0 0 rg BT 363.71 563.10 Td (programs, ) Tj ET Q q 0 0 0 rg BT 405.90 563.10 Td (including ) Tj ET Q q 0 0 0 rg BT 445.60 563.10 Td (our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 460.85 563.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 497.77 563.10 Td (Uomo) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.21 563.10 Td ( ) Tj ET Q q 0 0 0 rg BT 524.14 563.10 Td (program ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 551.10 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.94 551.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 108.44 551.10 Td (Benesser) Tj ET Q q 0 0 0 rg BT 144.17 551.10 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.60 551.10 Td ( ) Tj ET Q q 0 0 0 rg BT 151.10 551.10 Td (program ) Tj ET Q q 0 0 0 rg BT 187.48 551.10 Td (\(which ) Tj ET Q q 0 0 0 rg BT 217.75 551.10 Td (of) Tj ET Q q 0 0 0 rg BT 225.90 551.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 239.50 551.10 Td (medical ) Tj ET Q q 0 0 0 rg BT 273.65 551.10 Td (assistance ) Tj ET Q q 0 0 0 rg BT 316.13 551.10 Td (to ) Tj ET Q q 0 0 0 rg BT 326.41 551.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 371.68 551.10 Td (and ) Tj ET Q q 0 0 0 rg BT 388.61 551.10 Td (their ) Tj ET Q q 0 0 0 rg BT 409.44 551.10 Td (families\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 527.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 527.10 Td (At December31, 2015, we had a total of 2,998 employees, including 87 executives. Of these, approximately 2,834 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 515.10 Td (were based at our Maranello facility) Tj ET Q q 0 0 0 rg BT 198.01 515.10 Td (, and approximately 164 in of) Tj ET Q q 0 0 0 rg BT 316.13 515.10 Td (fices around the world, mostly in North ) Tj ET Q q 0 0 0 rg BT 476.11 515.10 Td (America and China.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 464.60 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 464.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 464.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 464.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 464.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 464.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 436.60 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 436.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 436.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 436.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 436.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 436.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 408.60 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 408.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 408.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 408.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 408.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 408.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 380.60 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 380.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 380.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 380.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 380.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 380.60 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 478.6 m 420.5 478.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 478.6 m 424.5 478.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 478.6 m 489.5 478.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 478.6 m 493.5 478.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 478.6 m 558.5 478.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 478.6 m 420.5 478.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 464.6 m 420.5 464.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 478.6 m 424.5 478.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 478.6 m 489.5 478.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 464.6 m 489.5 464.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 478.6 m 493.5 478.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 478.6 m 558.5 478.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 464.6 m 558.5 464.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 366.6 m 489.5 366.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 366.6 m 558.5 366.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 366.6 m 420.5 366.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 353.6 m 420.5 353.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 351.6 m 420.5 351.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 366.6 m 489.5 366.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 353.6 m 489.5 353.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 351.6 m 489.5 351.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 366.6 m 558.5 366.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 353.6 m 558.5 353.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 351.6 m 558.5 351.6 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 393.15 483.05 Td (For the years ended December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 378.50 469.05 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 447.50 469.05 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 516.50 469.05 Td (2013) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 455.06 Td (White collar employees) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 396.75 455.06 Td (1,304) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.75 455.06 Td (1,177) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 455.06 Td (1,088) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 69.00 441.05 Td (Italy) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 396.75 441.06 Td (1,143) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.75 441.05 Td (1,045) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.50 441.05 Td (968) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 69.00 427.05 Td (Rest of the world) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 403.50 427.06 Td (161) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.50 427.05 Td (132) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.50 427.05 Td (120) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 413.06 Td (Blue collar employees) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 396.75 413.06 Td (1,607) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.75 413.06 Td (1,603) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 413.06 Td (1,619) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 69.00 399.05 Td (Italy) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 396.75 399.06 Td (1,604) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.75 399.05 Td (1,600) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 534.75 399.05 Td (1,615) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 69.00 385.05 Td (Rest of the world) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 412.50 385.06 Td (3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 481.50 385.05 Td (3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.50 385.05 Td (4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 371.06 Td (Executives) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 408.00 371.06 Td (87) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 477.00 371.06 Td (78) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 546.00 371.06 Td (80) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.00 357.05 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.75 357.05 Td (2,998) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 465.75 357.05 Td (2,858) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 534.75 357.05 Td (2,787) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 329.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 329.10 Td (The ) Tj ET Q q 0 0 0 rg BT 107.08 329.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 141.36 329.10 Td (in ) Tj ET Q q 0 0 0 rg BT 150.66 329.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 194.96 329.10 Td (in ) Tj ET Q q 0 0 0 rg BT 204.26 329.10 Td (recent ) Tj ET Q q 0 0 0 rg BT 230.21 329.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 261.18 329.10 Td (principally ) Tj ET Q q 0 0 0 rg BT 306.03 329.10 Td (related ) Tj ET Q q 0 0 0 rg BT 334.76 329.10 Td (to ) Tj ET Q q 0 0 0 rg BT 344.07 329.10 Td (a ) Tj ET Q q 0 0 0 rg BT 350.03 329.10 Td (strengthening ) Tj ET Q q 0 0 0 rg BT 406.00 329.10 Td (of ) Tj ET Q q 0 0 0 rg BT 415.85 329.10 Td (technical ) Tj ET Q q 0 0 0 rg BT 453.47 329.10 Td (competencies, ) Tj ET Q q 0 0 0 rg BT 511.92 329.10 Td (particularly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 317.10 Td (within ) Tj ET Q q 0 0 0 rg BT 82.73 317.10 Td (our ) Tj ET Q q 0 0 0 rg BT 99.24 317.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 136.30 317.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 144.47 317.10 Td (activities. ) Tj ET Q q 0 0 0 rg BT 186.25 317.10 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 241.91 317.10 Td (in ) Tj ET Q q 0 0 0 rg BT 252.86 317.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 278.54 317.10 Td (we ) Tj ET Q q 0 0 0 rg BT 293.37 317.10 Td (began ) Tj ET Q q 0 0 0 rg BT 320.43 317.10 Td (producing ) Tj ET Q q 0 0 0 rg BT 364.15 317.10 Td (engines ) Tj ET Q q 0 0 0 rg BT 397.87 317.10 Td (for ) Tj ET Q q 0 0 0 rg BT 412.71 317.10 Td (the ) Tj ET Q q 0 0 0 rg BT 428.10 317.10 Td (new ) Tj ET Q q 0 0 0 rg BT 447.93 317.10 Td (Maserati ) Tj ET Q q 0 0 0 rg BT 486.09 317.10 Td (cars. ) Tj ET Q q 0 0 0 rg BT 507.64 317.10 Td (The ) Tj ET Q q 0 0 0 rg BT 526.36 317.10 Td (planned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 305.10 Td (production ) Tj ET Q q 0 0 0 rg BT 100.30 305.10 Td (volumes ) Tj ET Q q 0 0 0 rg BT 137.16 305.10 Td (required ) Tj ET Q q 0 0 0 rg BT 173.46 305.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 211.43 305.10 Td (of ) Tj ET Q q 0 0 0 rg BT 222.73 305.10 Td (innovative ) Tj ET Q q 0 0 0 rg BT 267.92 305.10 Td (work ) Tj ET Q q 0 0 0 rg BT 291.45 305.10 Td (or) Tj ET Q q 0 0 0 rg BT 299.60 305.10 Td (ganization ) Tj ET Q q 0 0 0 rg BT 344.22 305.10 Td (mechanisms, ) Tj ET Q q 0 0 0 rg BT 399.13 305.10 Td (in ) Tj ET Q q 0 0 0 rg BT 409.89 305.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 435.08 305.10 Td (of ) Tj ET Q q 0 0 0 rg BT 446.39 305.10 Td (number ) Tj ET Q q 0 0 0 rg BT 479.91 305.10 Td (of ) Tj ET Q q 0 0 0 rg BT 491.22 305.10 Td (shifts ) Tj ET Q q 0 0 0 rg BT 515.86 305.10 Td (and ) Tj ET Q q 0 0 0 rg BT 533.28 305.10 Td (hours, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 293.10 Td (thus ) Tj ET Q q 0 0 0 rg BT 73.49 293.10 Td (enabling ) Tj ET Q q 0 0 0 rg BT 110.74 293.10 Td (ef) Tj ET Q q 0 0 0 rg BT 118.33 293.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 148.35 293.10 Td (management ) Tj ET Q q 0 0 0 rg BT 202.25 293.10 Td (of ) Tj ET Q q 0 0 0 rg BT 213.40 293.10 Td (a ) Tj ET Q q 0 0 0 rg BT 220.66 293.10 Td (varying ) Tj ET Q q 0 0 0 rg BT 254.02 293.10 Td (production ) Tj ET Q q 0 0 0 rg BT 300.16 293.10 Td (demand. ) Tj ET Q q 0 0 0 rg BT 336.93 293.10 Td (The ) Tj ET Q q 0 0 0 rg BT 355.30 293.10 Td (new ) Tj ET Q q 0 0 0 rg BT 374.77 293.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 407.58 293.10 Td (required ) Tj ET Q q 0 0 0 rg BT 443.71 293.10 Td (the ) Tj ET Q q 0 0 0 rg BT 458.75 293.10 Td (addition ) Tj ET Q q 0 0 0 rg BT 494.34 293.10 Td (of ) Tj ET Q q 0 0 0 rg BT 505.49 293.10 Td (232 ) Tj ET Q q 0 0 0 rg BT 523.30 293.10 Td (workers, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 281.10 Td (who ) Tj ET Q q 0 0 0 rg BT 72.94 281.10 Td (are ) Tj ET Q q 0 0 0 rg BT 86.87 281.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 124.68 281.10 Td (on ) Tj ET Q q 0 0 0 rg BT 136.40 281.10 Td (agency ) Tj ET Q q 0 0 0 rg BT 166.44 281.10 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 206.63 281.10 Td (These ) Tj ET Q q 0 0 0 rg BT 232.23 281.10 Td (workers ) Tj ET Q q 0 0 0 rg BT 266.16 281.10 Td (are ) Tj ET Q q 0 0 0 rg BT 280.08 281.10 Td (not ) Tj ET Q q 0 0 0 rg BT 294.58 281.10 Td (included ) Tj ET Q q 0 0 0 rg BT 330.74 281.10 Td (in ) Tj ET Q q 0 0 0 rg BT 340.24 281.10 Td (the ) Tj ET Q q 0 0 0 rg BT 354.17 281.10 Td (total ) Tj ET Q q 0 0 0 rg BT 373.67 281.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 402.59 281.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 443.19 281.10 Td (head ) Tj ET Q q 0 0 0 rg BT 463.78 281.10 Td (count ) Tj ET Q q 0 0 0 rg BT 487.72 281.10 Td (referenced ) Tj ET Q q 0 0 0 rg BT 531.62 281.10 Td (above.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 257.10 Td (Approximately 12% percent of the employees at our Maranello and Modena facilities were trade union members in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 245.10 Td (2015. Our employees) Tj ET Q q 0 0 0 rg BT 142.40 245.10 Td ( principal trade unions are ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 249.31 245.10 Td (Federazione Italiana Metalmeccanici ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.32 245.10 Td (\(FIM-CISL\), ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 456.76 245.10 Td (Federazione Italiana ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 233.10 Td (Sindacati Metalmeccanici e Industrie Collegate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.06 233.10 Td ( \(FISMIC\), ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 292.56 233.10 Td (Unione Italiana Lavoratori Metalmeccanici ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.87 233.10 Td (\(UILM-UIL\) and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 221.10 Td (Federazione Impiegati Operai Metallur) Tj ET Q q 0 0 0 rg BT 212.76 221.10 Td (gici) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.76 221.10 Td ( \(FIOM-CGIL\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 197.10 Td (All of our employees are covered by collective bar) Tj ET Q q 0 0 0 rg BT 292.51 197.10 Td (gaining agreements. Our managers are represented by the Italian ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 185.10 Td (trade union, Federmanager) Tj ET Q q 0 0 0 rg BT 161.06 185.10 Td (, and are subject to a collective bar) Tj ET Q q 0 0 0 rg BT 299.70 185.10 Td (gaining agreement renewed on July30, 2014 and in ef) Tj ET Q q 0 0 0 rg BT 516.68 185.10 Td (fect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 173.10 Td (through December31, 2015 which we expect will be renewed in the coming months. Our other employees are covered by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 161.10 Td (collective bar) Tj ET Q q 0 0 0 rg BT 107.96 161.10 Td (gaining agreement entered into by FCA) Tj ET Q q 0 0 0 rg BT 265.97 161.10 Td ( and FIM-CISL, UILM-IUL, FISMIC, UGL) Tj ET Q q 0 0 0 rg BT 442.26 161.10 Td ( and ) Tj ET Q q 0 0 0 rg BT 461.15 161.10 Td (Associazione Quadri e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 149.10 Td (Capi FIA) Tj ET Q q 0 0 0 rg BT 90.39 149.10 Td (T) Tj ET Q q 0 0 0 rg BT 95.76 149.10 Td (, which has been recently renewed until December31, 2018, and by a Ferrari Enterprise Bar) Tj ET Q q 0 0 0 rg BT 464.33 149.10 Td (gaining ) Tj ET Q q 0 0 0 rg BT 496.27 149.10 Td (Agreement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 137.10 Td (signed by us and FIM, UILM and FISMIC which expired on December31, 2015, which we expect will be renewed in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 125.10 Td (coming months. ) Tj ET Q q 0 0 0 rg BT 120.76 125.10 Td (This collective bar) Tj ET Q q 0 0 0 rg BT 195.00 125.10 Td (gaining contract provides, among other things, for the payment of bonuses linked to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 113.10 Td (performance up to a maximum of approximately 5,060 gross per year payable in three installments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 89.10 Td (In addition to the collective agreements, we have individually negotiated agreements with several of our managers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 77.10 Td (and other key employees providing for long-term incentives, exclusivity and non-compete provisions.) Tj ET Q endstream endobj 205 0 obj <> endobj 206 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (94) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 731.25 Td (E. ) Tj ET Q q 0 0 0 rg BT 65.67 731.25 Td (Shar) Tj ET Q q 0 0 0 rg BT 86.05 731.25 Td (e ) Tj ET Q q 0 0 0 rg BT 92.99 731.25 Td (Ownership) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 707.25 Td (The ) Tj ET Q q 0 0 0 rg BT 108.08 707.25 Td (number ) Tj ET Q q 0 0 0 rg BT 141.16 707.25 Td (of ) Tj ET Q q 0 0 0 rg BT 152.03 707.25 Td (Shares ) Tj ET Q q 0 0 0 rg BT 181.22 707.25 Td (directly ) Tj ET Q q 0 0 0 rg BT 214.30 707.25 Td (and ) Tj ET Q q 0 0 0 rg BT 231.27 707.25 Td (indirectly ) Tj ET Q q 0 0 0 rg BT 272.12 707.25 Td (owned ) Tj ET Q q 0 0 0 rg BT 301.32 707.25 Td (by ) Tj ET Q q 0 0 0 rg BT 313.85 707.25 Td (members ) Tj ET Q q 0 0 0 rg BT 353.04 707.25 Td (of ) Tj ET Q q 0 0 0 rg BT 363.91 707.25 Td (the ) Tj ET Q q 0 0 0 rg BT 378.66 707.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 405.63 707.25 Td (of ) Tj ET Q q 0 0 0 rg BT 416.49 707.25 Td (Directors ) Tj ET Q q 0 0 0 rg BT 456.24 707.25 Td (and ) Tj ET Q q 0 0 0 rg BT 473.21 707.25 Td (members ) Tj ET Q q 0 0 0 rg BT 512.40 707.25 Td (of ) Tj ET Q q 0 0 0 rg BT 523.26 707.25 Td (the ) Tj ET Q q 0 0 0 rg BT 538.01 707.25 Td (GEC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 695.25 Td (on ) Tj ET Q q 0 0 0 rg BT 66.50 695.25 Td (February ) Tj ET Q q 0 0 0 rg BT 105.10 695.25 Td (19, ) Tj ET Q q 0 0 0 rg BT 120.10 695.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 142.60 695.25 Td (is ) Tj ET Q q 0 0 0 rg BT 151.77 695.25 Td (set ) Tj ET Q q 0 0 0 rg BT 165.38 695.25 Td (forth ) Tj ET Q q 0 0 0 rg BT 187.32 695.25 Td (in ) Tj ET Q q 0 0 0 rg BT 197.59 695.25 Td (the ) Tj ET Q q 0 0 0 rg BT 212.31 695.25 Td (table ) Tj ET Q q 0 0 0 rg BT 234.24 695.25 Td (below) Tj ET Q q 0 0 0 rg BT 258.03 695.25 Td (.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 134.75 676.15 Td (Name) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 273.20 676.15 Td (Common Shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 422.55 676.15 Td (Special Voting Shares) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 69.50 663.01 Td (Piero Ferrari) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.00 663.01 Td (18,892,160) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.00 663.01 Td (18,892,160) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 69.50 650.01 Td (Sergio Marchionne) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 345.50 650.01 Td (1,462,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 69.50 637.01 Td (Louis C. Camilleri) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 368.00 637.01 Td (495) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 69.50 624.01 Td (Mario Mairano) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 368.00 624.01 Td (519) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 596.25 Td (Item 7. Major) Tj ET Q q 0 0 0 rg BT 118.52 596.25 Td ( Shar) Tj ET Q q 0 0 0 rg BT 141.40 596.25 Td (eholders and Related Party ) Tj ET Q q 0 0 0 rg BT 260.09 596.25 Td (T) Tj ET Q q 0 0 0 rg BT 266.02 596.25 Td (ransactions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 572.25 Td (A. Major) Tj ET Q q 0 0 0 rg BT 93.25 572.25 Td ( Shar) Tj ET Q q 0 0 0 rg BT 116.13 572.25 Td (eholders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 548.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 548.25 Td (Exor ) Tj ET Q q 0 0 0 rg BT 112.29 548.25 Td (is ) Tj ET Q q 0 0 0 rg BT 121.82 548.25 Td (the ) Tj ET Q q 0 0 0 rg BT 136.89 548.25 Td (lar) Tj ET Q q 0 0 0 rg BT 147.25 548.25 Td (gest ) Tj ET Q q 0 0 0 rg BT 166.22 548.25 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 215.72 548.25 Td (of ) Tj ET Q q 0 0 0 rg BT 226.90 548.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 256.96 548.25 Td (through ) Tj ET Q q 0 0 0 rg BT 290.92 548.25 Td (its ) Tj ET Q q 0 0 0 rg BT 303.23 548.25 Td (23.5 ) Tj ET Q q 0 0 0 rg BT 323.58 548.25 Td (percent ) Tj ET Q q 0 0 0 rg BT 355.86 548.25 Td (shareholding ) Tj ET Q q 0 0 0 rg BT 410.37 548.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 442.65 548.25 Td (in ) Tj ET Q q 0 0 0 rg BT 453.29 548.25 Td (our ) Tj ET Q q 0 0 0 rg BT 469.47 548.25 Td (common ) Tj ET Q q 0 0 0 rg BT 507.32 548.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 535.16 548.25 Td (\(as ) Tj ET Q q 0 0 0 rg BT 549.68 548.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 536.25 Td (February ) Tj ET Q q 0 0 0 rg BT 92.89 536.25 Td (19, ) Tj ET Q q 0 0 0 rg BT 108.18 536.25 Td (2016\). ) Tj ET Q q 0 0 0 rg BT 136.81 536.25 Td (See ) Tj ET Q q 0 0 0 rg BT 154.04 536.25 Td (Item ) Tj ET Q q 0 0 0 rg BT 179.60 536.25 Td (4.A. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 199.61 536.25 Td (History ) Tj ET Q q 0 0 0 rg BT 232.40 536.25 Td (and ) Tj ET Q q 0 0 0 rg BT 250.20 536.25 Td (Development ) Tj ET Q q 0 0 0 rg BT 305.74 536.25 Td (of ) Tj ET Q q 0 0 0 rg BT 316.31 536.25 Td (the ) Tj ET Q q 0 0 0 rg BT 331.32 536.25 Td (Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 536.25 Td (. ) Tj ET Q q 0 0 0 rg BT 378.77 536.25 Td (As ) Tj ET Q q 0 0 0 rg BT 392.68 536.25 Td (a ) Tj ET Q q 0 0 0 rg BT 399.91 536.25 Td (result ) Tj ET Q q 0 0 0 rg BT 424.92 536.25 Td (of ) Tj ET Q q 0 0 0 rg BT 436.04 536.25 Td (the ) Tj ET Q q 0 0 0 rg BT 451.05 536.25 Td (loyalty ) Tj ET Q q 0 0 0 rg BT 481.62 536.25 Td (voting ) Tj ET Q q 0 0 0 rg BT 509.97 536.25 Td (mechanism, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 524.25 Td (Exor) Tj ET Q q 0 0 0 rg BT 73.81 524.25 Td () Tj ET Q q 0 0 0 rg BT 76.59 524.25 Td (s ) Tj ET Q q 0 0 0 rg BT 82.97 524.25 Td (voting ) Tj ET Q q 0 0 0 rg BT 111.02 524.25 Td (power ) Tj ET Q q 0 0 0 rg BT 138.50 524.25 Td (is ) Tj ET Q q 0 0 0 rg BT 147.67 524.25 Td (approximately ) Tj ET Q q 0 0 0 rg BT 207.92 524.25 Td (33.4 ) Tj ET Q q 0 0 0 rg BT 227.91 524.25 Td (percent. ) Tj ET Q q 0 0 0 rg BT 262.33 524.25 Td (In ) Tj ET Q q 0 0 0 rg BT 273.15 524.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 310.92 524.25 Td (Mr) Tj ET Q q 0 0 0 rg BT 322.59 524.25 Td (. ) Tj ET Q q 0 0 0 rg BT 327.58 524.25 Td (Piero ) Tj ET Q q 0 0 0 rg BT 351.18 524.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 380.88 524.25 Td (holds ) Tj ET Q q 0 0 0 rg BT 405.04 524.25 Td (10 ) Tj ET Q q 0 0 0 rg BT 417.54 524.25 Td (percent ) Tj ET Q q 0 0 0 rg BT 449.45 524.25 Td (of ) Tj ET Q q 0 0 0 rg BT 460.27 524.25 Td (our ) Tj ET Q q 0 0 0 rg BT 476.10 524.25 Td (common ) Tj ET Q q 0 0 0 rg BT 513.58 524.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 541.07 524.25 Td (and, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 512.25 Td (as ) Tj ET Q q 0 0 0 rg BT 64.83 512.25 Td (a ) Tj ET Q q 0 0 0 rg BT 71.77 512.25 Td (result ) Tj ET Q q 0 0 0 rg BT 96.49 512.25 Td (of ) Tj ET Q q 0 0 0 rg BT 107.32 512.25 Td (the ) Tj ET Q q 0 0 0 rg BT 122.03 512.25 Td (loyalty ) Tj ET Q q 0 0 0 rg BT 152.31 512.25 Td (voting ) Tj ET Q q 0 0 0 rg BT 180.36 512.25 Td (mechanism, ) Tj ET Q q 0 0 0 rg BT 230.90 512.25 Td (his ) Tj ET Q q 0 0 0 rg BT 245.07 512.25 Td (voting ) Tj ET Q q 0 0 0 rg BT 273.13 512.25 Td (power ) Tj ET Q q 0 0 0 rg BT 300.62 512.25 Td (is ) Tj ET Q q 0 0 0 rg BT 309.79 512.25 Td (approximately ) Tj ET Q q 0 0 0 rg BT 370.05 512.25 Td (15.4 ) Tj ET Q q 0 0 0 rg BT 390.05 512.25 Td (percent.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 488.25 Td (Exor ) Tj ET Q q 0 0 0 rg BT 111.72 488.25 Td (and ) Tj ET Q q 0 0 0 rg BT 128.43 488.25 Td (Mr) Tj ET Q q 0 0 0 rg BT 140.10 488.25 Td (. ) Tj ET Q q 0 0 0 rg BT 144.88 488.25 Td (Piero ) Tj ET Q q 0 0 0 rg BT 168.27 488.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 197.75 488.25 Td (informed ) Tj ET Q q 0 0 0 rg BT 236.68 488.25 Td (us ) Tj ET Q q 0 0 0 rg BT 247.85 488.25 Td (that ) Tj ET Q q 0 0 0 rg BT 265.13 488.25 Td (they ) Tj ET Q q 0 0 0 rg BT 284.62 488.25 Td (have ) Tj ET Q q 0 0 0 rg BT 305.78 488.25 Td (entered ) Tj ET Q q 0 0 0 rg BT 337.48 488.25 Td (into ) Tj ET Q q 0 0 0 rg BT 355.31 488.25 Td (a ) Tj ET Q q 0 0 0 rg BT 362.03 488.25 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 410.95 488.25 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 457.37 488.25 Td (summarized ) Tj ET Q q 0 0 0 rg BT 508.52 488.25 Td (below ) Tj ET Q q 0 0 0 rg BT 535.24 488.25 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 476.25 Td (Shareholders' ) Tj ET Q q 0 0 0 rg BT 114.40 476.25 Td (Agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 452.25 Td (Exor ) Tj ET Q q 0 0 0 rg BT 112.08 452.25 Td (is ) Tj ET Q q 0 0 0 rg BT 121.38 452.25 Td (controlled ) Tj ET Q q 0 0 0 rg BT 164.56 452.25 Td (by ) Tj ET Q q 0 0 0 rg BT 177.20 452.25 Td (Giovanni ) Tj ET Q q 0 0 0 rg BT 216.47 452.25 Td (Agnelli ) Tj ET Q q 0 0 0 rg BT 249.10 452.25 Td (e ) Tj ET Q q 0 0 0 rg BT 256.18 452.25 Td (C. ) Tj ET Q q 0 0 0 rg BT 267.98 452.25 Td (S.a.p.az, ) Tj ET Q q 0 0 0 rg BT 304.50 452.25 Td (\(G.A.\) ) Tj ET Q q 0 0 0 rg BT 342.11 452.25 Td (which ) Tj ET Q q 0 0 0 rg BT 369.19 452.25 Td (holds ) Tj ET Q q 0 0 0 rg BT 393.50 452.25 Td (51.39 ) Tj ET Q q 0 0 0 rg BT 418.63 452.25 Td (percent ) Tj ET Q q 0 0 0 rg BT 450.69 452.25 Td (of ) Tj ET Q q 0 0 0 rg BT 461.66 452.25 Td (its ) Tj ET Q q 0 0 0 rg BT 473.74 452.25 Td (share ) Tj ET Q q 0 0 0 rg BT 497.48 452.25 Td (capital. ) Tj ET Q q 0 0 0 rg BT 529.27 452.25 Td (G.A. ) Tj ET Q q 0 0 0 rg BT 551.35 452.25 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 440.25 Td (a ) Tj ET Q q 0 0 0 rg BT 61.17 440.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 92.23 440.25 Td (partnership ) Tj ET Q q 0 0 0 rg BT 139.94 440.25 Td (with ) Tj ET Q q 0 0 0 rg BT 160.45 440.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 196.50 440.25 Td (represented ) Tj ET Q q 0 0 0 rg BT 245.31 440.25 Td (by ) Tj ET Q q 0 0 0 rg BT 258.04 440.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 285.76 440.25 Td (\(Societa) Tj ET Q q 0 0 0 rg BT 321.11 440.25 Td ( ) Tj ET Q q 0 0 0 rg BT 323.84 440.25 Td (in ) Tj ET Q q 0 0 0 rg BT 333.74 440.25 Td (Accomandita ) Tj ET Q q 0 0 0 rg BT 389.78 440.25 Td (per ) Tj ET Q q 0 0 0 rg BT 404.68 440.25 Td (Azioni\), ) Tj ET Q q 0 0 0 rg BT 440.45 440.25 Td (founded ) Tj ET Q q 0 0 0 rg BT 475.95 440.25 Td (by ) Tj ET Q q 0 0 0 rg BT 488.68 440.25 Td (Giovanni ) Tj ET Q q 0 0 0 rg BT 528.02 440.25 Td (Agnelli ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 428.25 Td (and ) Tj ET Q q 0 0 0 rg BT 71.07 428.25 Td (currently ) Tj ET Q q 0 0 0 rg BT 109.80 428.25 Td (held ) Tj ET Q q 0 0 0 rg BT 129.65 428.25 Td (by ) Tj ET Q q 0 0 0 rg BT 142.28 428.25 Td (members ) Tj ET Q q 0 0 0 rg BT 181.57 428.25 Td (of ) Tj ET Q q 0 0 0 rg BT 192.53 428.25 Td (the ) Tj ET Q q 0 0 0 rg BT 206.80 428.25 Td (Agnelli ) Tj ET Q q 0 0 0 rg BT 239.43 428.25 Td (and ) Tj ET Q q 0 0 0 rg BT 256.50 428.25 Td (Nasi ) Tj ET Q q 0 0 0 rg BT 277.47 428.25 Td (families, ) Tj ET Q q 0 0 0 rg BT 314.81 428.25 Td (descendants ) Tj ET Q q 0 0 0 rg BT 365.76 428.25 Td (of ) Tj ET Q q 0 0 0 rg BT 376.72 428.25 Td (Giovanni ) Tj ET Q q 0 0 0 rg BT 415.99 428.25 Td (Agnelli, ) Tj ET Q q 0 0 0 rg BT 451.12 428.25 Td (founder ) Tj ET Q q 0 0 0 rg BT 484.85 428.25 Td (of ) Tj ET Q q 0 0 0 rg BT 495.82 428.25 Td (Fiat. ) Tj ET Q q 0 0 0 rg BT 516.51 428.25 Td (Its ) Tj ET Q q 0 0 0 rg BT 529.14 428.25 Td (present ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 416.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 91.11 416.25 Td (business ) Tj ET Q q 0 0 0 rg BT 126.57 416.25 Td (activity ) Tj ET Q q 0 0 0 rg BT 158.13 416.25 Td (is ) Tj ET Q q 0 0 0 rg BT 166.37 416.25 Td (to ) Tj ET Q q 0 0 0 rg BT 175.72 416.25 Td (purchase, ) Tj ET Q q 0 0 0 rg BT 215.32 416.25 Td (administer ) Tj ET Q q 0 0 0 rg BT 259.10 416.25 Td (and ) Tj ET Q q 0 0 0 rg BT 275.11 416.25 Td (dispose ) Tj ET Q q 0 0 0 rg BT 306.68 416.25 Td (of ) Tj ET Q q 0 0 0 rg BT 316.58 416.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 343.14 416.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 378.04 416.25 Td (in ) Tj ET Q q 0 0 0 rg BT 387.38 416.25 Td (public ) Tj ET Q q 0 0 0 rg BT 413.95 416.25 Td (and ) Tj ET Q q 0 0 0 rg BT 429.95 416.25 Td (private ) Tj ET Q q 0 0 0 rg BT 459.29 416.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 489.74 416.25 Td (and, ) Tj ET Q q 0 0 0 rg BT 508.25 416.25 Td (in ) Tj ET Q q 0 0 0 rg BT 517.59 416.25 Td (particular) Tj ET Q q 0 0 0 rg BT 555.50 416.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 404.25 Td (to ) Tj ET Q q 0 0 0 rg BT 64.50 404.25 Td (ensure ) Tj ET Q q 0 0 0 rg BT 93.33 404.25 Td (the ) Tj ET Q q 0 0 0 rg BT 108.27 404.25 Td (cohesion ) Tj ET Q q 0 0 0 rg BT 146.54 404.25 Td (and ) Tj ET Q q 0 0 0 rg BT 163.70 404.25 Td (continuity ) Tj ET Q q 0 0 0 rg BT 206.98 404.25 Td (of ) Tj ET Q q 0 0 0 rg BT 218.03 404.25 Td (the ) Tj ET Q q 0 0 0 rg BT 232.97 404.25 Td (administration ) Tj ET Q q 0 0 0 rg BT 293.47 404.25 Td (of ) Tj ET Q q 0 0 0 rg BT 304.52 404.25 Td (its ) Tj ET Q q 0 0 0 rg BT 316.70 404.25 Td (controlling ) Tj ET Q q 0 0 0 rg BT 363.30 404.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 391.02 404.25 Td (interests. ) Tj ET Q q 0 0 0 rg BT 429.37 404.25 Td (The ) Tj ET Q q 0 0 0 rg BT 447.65 404.25 Td (managing ) Tj ET Q q 0 0 0 rg BT 489.80 404.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 527.51 404.25 Td (of ) Tj ET Q q 0 0 0 rg BT 538.57 404.25 Td (G.A. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 392.25 Td (are ) Tj ET Q q 0 0 0 rg BT 67.81 392.25 Td (John ) Tj ET Q q 0 0 0 rg BT 88.30 392.25 Td (Elkann, ) Tj ET Q q 0 0 0 rg BT 120.61 392.25 Td (T) Tj ET Q q 0 0 0 rg BT 126.37 392.25 Td (iberto ) Tj ET Q q 0 0 0 rg BT 151.30 392.25 Td (Brandolini ) Tj ET Q q 0 0 0 rg BT 195.67 392.25 Td (dAdda, ) Tj ET Q q 0 0 0 rg BT 229.41 392.25 Td (Alessandro ) Tj ET Q q 0 0 0 rg BT 276.00 392.25 Td (Nasi, ) Tj ET Q q 0 0 0 rg BT 298.08 392.25 Td (Andrea ) Tj ET Q q 0 0 0 rg BT 328.76 392.25 Td (Agnelli, ) Tj ET Q q 0 0 0 rg BT 362.85 392.25 Td (Gianluigi ) Tj ET Q q 0 0 0 rg BT 402.23 392.25 Td (Gabetti, ) Tj ET Q q 0 0 0 rg BT 435.76 392.25 Td (Gianluca ) Tj ET Q q 0 0 0 rg BT 473.46 392.25 Td (Ferrero, ) Tj ET Q q 0 0 0 rg BT 506.99 392.25 Td (Luca ) Tj ET Q q 0 0 0 rg BT 528.58 392.25 Td (Ferrero ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 380.25 Td (de) Tj ET Q q 0 0 0 rg BT 66.03 380.25 Td ( ) Tj ET Q q 0 0 0 rg BT 68.53 380.25 Td (Gubernatis ) Tj ET Q q 0 0 0 rg BT 114.72 380.25 Td (V) Tj ET Q q 0 0 0 rg BT 120.84 380.25 Td (entimiglia ) Tj ET Q q 0 0 0 rg BT 163.88 380.25 Td (and ) Tj ET Q q 0 0 0 rg BT 180.82 380.25 Td (Maria ) Tj ET Q q 0 0 0 rg BT 207.20 380.25 Td (Sole ) Tj ET Q q 0 0 0 rg BT 226.92 380.25 Td (Agnelli.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 356.25 Td (Based on the information in Ferrari) Tj ET Q q 0 0 0 rg BT 198.13 356.25 Td (s shareholder register) Tj ET Q q 0 0 0 rg BT 283.25 356.25 Td (, regulatory filings with the Netherlands ) Tj ET Q q 0 0 0 rg BT 445.16 356.25 Td (Authority for the Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 344.25 Td (Markets \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 92.60 344.25 Td (stichting ) Tj ET Q q 0 0 0 rg BT 129.36 344.25 Td (Autoriteit Financile Markten,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.83 344.25 Td ( the AFM\) and the SEC and other sources available to us, the following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 332.25 Td (persons owned, directly or indirectly) Tj ET Q q 0 0 0 rg BT 200.25 332.25 Td (, in excess of three percent of the common shares of Ferrari, as of February 19, 2016:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 158.75 291.43 Td (Shareholder) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.00 291.43 Td (Number of common shares) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.95 300.48 Td (Percentage) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.10 290.48 Td (owned*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 277.32 Td (Exor S.p.A.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.00 277.32 Td (44,435,280) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.55 277.32 Td (23.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 263.32 Td (Piero Ferrari) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.00 263.32 Td (18,892,160) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.30 263.32 Td (10%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 249.32 Td (Public Shareholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.50 249.32 Td (125,596,059) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.55 249.32 Td (66.5%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 233.25 Td (______________________________) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 63.00 223.65 Td (\(*\) ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 80.18 223.65 Td (The percentages of share capital set out in this table may slightly dif) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 298.20 223.65 Td (fer from the percentages of share capital included in the public register held by ) Tj ET Q BT /F1 8.00 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 63.00 214.05 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 74.33 214.05 Td (AFM of all notifications made pursuant to the disclosure obligations under chapter 5.3 of the Dutch ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 394.49 214.05 Td (Act on financial supervision \() Tj ET Q BT /F3 8.00 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 489.57 214.05 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 495.50 214.05 Td (et op het ) Tj ET Q BT /F3 8.00 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 63.00 204.45 Td (financieel toezicht; the ) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 137.86 204.45 Td () Tj ET Q BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 141.41 204.45 Td (AFS) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 155.19 204.45 Td (\)) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 161.40 204.45 Td (, such, ) Tj ET Q BT /F3 8.00 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 184.07 204.45 Td (inter alia) Tj ET Q BT /F1 8.00 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 213.62 204.45 Td (, because any shares held in treasury by Ferrari will be counted also in the relevant numerators for ) Tj ET Q BT /F1 8.00 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 63.00 194.85 Td (purposes of the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 113.44 194.85 Td (AFS disclosure obligations, although such treasury shares cannot be regarded to be part of Ferrari) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 428.24 194.85 Td (s outstanding share capital and ) Tj ET Q BT /F1 8.00 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 63.00 185.25 Td (therefore have not been taken into consideration for the calculations of the percentages of share capital and voting rights set out in this table.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 90.00 161.25 Td (Based ) Tj ET Q q 0 0 0 rg BT 117.38 161.25 Td (on ) Tj ET Q q 0 0 0 rg BT 130.31 161.25 Td (the ) Tj ET Q q 0 0 0 rg BT 145.47 161.25 Td (information ) Tj ET Q q 0 0 0 rg BT 195.62 161.25 Td (in ) Tj ET Q q 0 0 0 rg BT 206.33 161.25 Td (Ferrari) Tj ET Q q 0 0 0 rg BT 236.32 161.25 Td (s ) Tj ET Q q 0 0 0 rg BT 243.14 161.25 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 292.73 161.25 Td (register ) Tj ET Q q 0 0 0 rg BT 325.65 161.25 Td (and ) Tj ET Q q 0 0 0 rg BT 343.02 161.25 Td (other ) Tj ET Q q 0 0 0 rg BT 366.51 161.25 Td (sources ) Tj ET Q q 0 0 0 rg BT 399.44 161.25 Td (available ) Tj ET Q q 0 0 0 rg BT 438.46 161.25 Td (to ) Tj ET Q q 0 0 0 rg BT 449.18 161.25 Td (us, ) Tj ET Q q 0 0 0 rg BT 463.51 161.25 Td (as ) Tj ET Q q 0 0 0 rg BT 474.77 161.25 Td (of ) Tj ET Q q 0 0 0 rg BT 486.04 161.25 Td (January ) Tj ET Q q 0 0 0 rg BT 520.08 161.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 535.51 161.25 Td (2016, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 149.25 Td (approximately ) Tj ET Q q 0 0 0 rg BT 114.49 149.25 Td (68.8 ) Tj ET Q q 0 0 0 rg BT 134.71 149.25 Td (million ) Tj ET Q q 0 0 0 rg BT 166.33 149.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 196.27 149.25 Td (common ) Tj ET Q q 0 0 0 rg BT 233.99 149.25 Td (shares, ) Tj ET Q q 0 0 0 rg BT 264.21 149.25 Td (or36 ) Tj ET Q q 0 0 0 rg BT 287.76 149.25 Td (percent ) Tj ET Q q 0 0 0 rg BT 319.91 149.25 Td (of ) Tj ET Q q 0 0 0 rg BT 330.97 149.25 Td (the ) Tj ET Q q 0 0 0 rg BT 345.91 149.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 395.31 149.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 425.24 149.25 Td (common ) Tj ET Q q 0 0 0 rg BT 462.96 149.25 Td (shares, ) Tj ET Q q 0 0 0 rg BT 493.18 149.25 Td (were ) Tj ET Q q 0 0 0 rg BT 515.34 149.25 Td (held ) Tj ET Q q 0 0 0 rg BT 535.28 149.25 Td (in ) Tj ET Q q 0 0 0 rg BT 545.78 149.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 137.25 Td (United ) Tj ET Q q 0 0 0 rg BT 83.72 137.25 Td (States. ) Tj ET Q q 0 0 0 rg BT 112.05 137.25 Td (As ) Tj ET Q q 0 0 0 rg BT 125.67 137.25 Td (of ) Tj ET Q q 0 0 0 rg BT 136.50 137.25 Td (the ) Tj ET Q q 0 0 0 rg BT 151.21 137.25 Td (same ) Tj ET Q q 0 0 0 rg BT 174.26 137.25 Td (date, ) Tj ET Q q 0 0 0 rg BT 195.91 137.25 Td (1,220 ) Tj ET Q q 0 0 0 rg BT 220.91 137.25 Td (record ) Tj ET Q q 0 0 0 rg BT 248.95 137.25 Td (holders ) Tj ET Q q 0 0 0 rg BT 280.89 137.25 Td (had ) Tj ET Q q 0 0 0 rg BT 297.83 137.25 Td (registered ) Tj ET Q q 0 0 0 rg BT 339.75 137.25 Td (addresses ) Tj ET Q q 0 0 0 rg BT 380.57 137.25 Td (in ) Tj ET Q q 0 0 0 rg BT 390.85 137.25 Td (the ) Tj ET Q q 0 0 0 rg BT 405.57 137.25 Td (United ) Tj ET Q q 0 0 0 rg BT 435.28 137.25 Td (States.) Tj ET Q BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 54.00 113.25 Td (Shareholders' ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 113.92 113.25 Td (Agreement) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 90.00 89.25 Td (On December 23, 2015, Exor and Piero Ferrari entered into a Shareholders) Tj ET Q q 0 0 0 rg BT 392.21 89.25 Td ( ) Tj ET Q q 0 0 0 rg BT 394.16 89.25 Td (Agreement, which became ef) Tj ET Q q 0 0 0 rg BT 511.14 89.25 Td (fective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 77.25 Td (upon the completion of the Separation on January 3, 2016 \(the Shareholders ) Tj ET Q q 0 0 0 rg BT 364.76 77.25 Td (Agreement\) and prior to the admission to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 65.25 Td (listing and trading of the common shares of Ferrari on the MT) Tj ET Q q 0 0 0 rg BT 301.75 65.25 Td (A) Tj ET Q q 0 0 0 rg BT 308.42 65.25 Td ( \(as defined below\). Ferrari is not a party to the Shareholders ) Tj ET Q endstream endobj 207 0 obj <> endobj 208 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (95) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (Agreement and does not have any rights or obligations thereunder) Tj ET Q q 0 0 0 rg BT 317.54 731.10 Td (. Below is a summary of the principal provisions of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (Shareholders ) Tj ET Q q 0 0 0 rg BT 108.16 719.10 Td (Agreement based on regulatory filings made by Exor and Piero Ferrari.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 701.10 Td (Consultation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 683.10 Td (For the purposes of forming and exercising, to the extent possible, a common view on the items on the agenda of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 671.10 Td (any General Meeting, Exor and Piero Ferrari will consult with each other prior to each General Meeting. For the purposes of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 659.10 Td (this consultation right and duties, representatives of each of Exor and Piero Ferrari shall meet in order to discuss in good faith ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 647.10 Td (whether they have or can find a common view as to the matters on the agenda of the immediately following General Meeting. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 635.10 Td (This consultation right does not include an obligation to vote in any certain way nor does it constitute a veto right in favor of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 623.10 Td (Piero Ferrari.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 605.10 Td (AFS mandatory offer rules - acting in concert) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 587.10 Td (Exor and Piero Ferrari acknowledged and agreed that the Dutch public of) Tj ET Q q 0 0 0 rg BT 383.33 587.10 Td (fer rules as laid down in chapter 5.1 of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 575.10 Td (Dutch ) Tj ET Q q 0 0 0 rg BT 80.39 575.10 Td (Act on Financial Supervision \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 203.15 575.10 Td (W) Tj ET Q q 0 0 0 rg BT 210.56 575.10 Td (et op het financieel toezicht) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.52 575.10 Td (, the AFS\), as of January) Tj ET Q q 0 0 0 rg BT 427.90 575.10 Td (, 4 2016, the date on which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 563.10 Td (trading in the common shares of Ferrari on the Mercato ) Tj ET Q q 0 0 0 rg BT 278.19 563.10 Td (T) Tj ET Q q 0 0 0 rg BT 283.60 563.10 Td (elematico ) Tj ET Q q 0 0 0 rg BT 324.42 563.10 Td (Azionario \(MT) Tj ET Q q 0 0 0 rg BT 388.87 563.10 Td (A\) commenced, be applicable to Ferrari ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 551.10 Td (and the shareholders. ) Tj ET Q q 0 0 0 rg BT 140.64 551.10 Td (As - upon the Separation becoming ef) Tj ET Q q 0 0 0 rg BT 292.09 551.10 Td (fective and prior to the first trading date on the MT) Tj ET Q q 0 0 0 rg BT 495.67 551.10 Td (A) Tj ET Q q 0 0 0 rg BT 502.33 551.10 Td ( - \(i\) Exor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 539.10 Td (individually) Tj ET Q q 0 0 0 rg BT 101.68 539.10 Td (, and Exor and Piero Ferrari combined, will continue to have a voting interest of more than 30% in Ferrari as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 527.10 Td (result of which Exor individually) Tj ET Q q 0 0 0 rg BT 186.10 527.10 Td (, and Exor and Piero Ferrari combined, are deemed to have a controlling influence over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 515.10 Td (Ferrari within the meaning of Dutch law) Tj ET Q q 0 0 0 rg BT 214.97 515.10 Td (. ) Tj ET Q q 0 0 0 rg BT 222.29 515.10 Td (Therefore, Exor individually and Exor and Piero Ferrari combined, as well as any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 503.10 Td (ultimate controlling persons of either of them, will benefit from an exemption from the Dutch mandatory takeover of) Tj ET Q q 0 0 0 rg BT 521.46 503.10 Td (fer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 491.10 Td (requirements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 473.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 63.63 473.10 Td (e-emption right in favor of Exor and right of first offer of Pier) Tj ET Q q 0 0 0 rg BT 311.02 473.10 Td (o Ferrari) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 455.10 Td (In the event that Piero Ferrari intends to transfer \(in whole or in part\) his Ferrari common shares or he receives a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 443.10 Td (third party of) Tj ET Q q 0 0 0 rg BT 106.58 443.10 Td (fer for the acquisition of all or part of his Ferrari common shares, Exor will have the right to purchase all \(but ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 431.10 Td (not less than all\) of the common shares Piero Ferrari intends to transfer on the terms of the original proposed transfer by Piero ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 419.10 Td (Ferrari or) Tj ET Q q 0 0 0 rg BT 91.64 419.10 Td (, in case the original proposed transfer was for no consideration, at market prices determined pursuant to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 407.10 Td (agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 389.10 Td (In the event Exor intends to transfer \(in whole or in part\) its common shares to a third party) Tj ET Q q 0 0 0 rg BT 454.81 389.10 Td (, either solicited or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 377.10 Td (unsolicited, Piero Ferrari will have the right to make a binding, unconditional and irrevocable all cash of) Tj ET Q q 0 0 0 rg BT 471.48 377.10 Td (fer for the purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 365.10 Td (of such common shares.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 347.10 Td (The foregoing will not apply to in case of transfers of common shares: \(i\) by any party to the Shareholders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 335.10 Td (Agreement, to a party that qualifies as a Loyalty ) Tj ET Q q 0 0 0 rg BT 253.75 335.10 Td (T) Tj ET Q q 0 0 0 rg BT 259.50 335.10 Td (ransferee \(as defined in the ) Tj ET Q q 0 0 0 rg BT 374.17 335.10 Td (Articles of ) Tj ET Q q 0 0 0 rg BT 418.60 335.10 Td (Association\) of such party) Tj ET Q q 0 0 0 rg BT 523.20 335.10 Td (, \(ii\) by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 323.10 Td (Exor) Tj ET Q q 0 0 0 rg BT 73.04 323.10 Td (, to any af) Tj ET Q q 0 0 0 rg BT 112.84 323.10 Td (filiate of Giovanni ) Tj ET Q q 0 0 0 rg BT 188.66 323.10 Td (Agnelli e C. S.a.p.az., to a successor in business of Giovanni ) Tj ET Q q 0 0 0 rg BT 433.34 323.10 Td (Agnelli e C. S.a.p.az. and to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 311.10 Td (any af) Tj ET Q q 0 0 0 rg BT 78.53 311.10 Td (filiate of a successor in business of Giovanni ) Tj ET Q q 0 0 0 rg BT 259.60 311.10 Td (Agnelli e C. S.a.p.az., and \(iii\) by any party to the Shareholders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 299.10 Td (Agreement that is an individual, to an entity wholly owned and controlled by that same party) Tj ET Q q 0 0 0 rg BT 424.93 299.10 Td (. In addition, the provisions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 287.10 Td (regarding the pre-emption right in favor of Exor and right of first of) Tj ET Q q 0 0 0 rg BT 324.85 287.10 Td (fer of Piero Ferrari shall not apply in relation to, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 275.10 Td (Piero Ferrari shall be free and allowed to carry out, market sales to third parties of his common shares which in the aggregate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 263.10 Td (do not exceed, during the whole period of validity of the Shareholders ) Tj ET Q q 0 0 0 rg BT 336.43 263.10 Td (Agreement, 0.5% of the number of common shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 251.10 Td (owned by Piero Ferrari upon completion of the Separation.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 233.10 Td (T) Tj ET Q q 0 0 0 rg BT 58.64 233.10 Td (erm) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 215.10 Td (The Shareholders ) Tj ET Q q 0 0 0 rg BT 162.20 215.10 Td (Agreement entered into force upon completion of the Separation on January 3, 2016 and shall ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 203.10 Td (remain in force until the fifth anniversary of the ef) Tj ET Q q 0 0 0 rg BT 255.13 203.10 Td (fective date of the Separation, provided that if neither of the parties to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 191.10 Td (Shareholders ) Tj ET Q q 0 0 0 rg BT 108.16 191.10 Td (Agreement terminates the Shareholders ) Tj ET Q q 0 0 0 rg BT 268.10 191.10 Td (Agreement within six months before the end of the initial term, then the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 179.10 Td (Shareholders ) Tj ET Q q 0 0 0 rg BT 108.16 179.10 Td (Agreement shall be renewed automatically for another five year term. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 161.10 Td (The Shareholders ) Tj ET Q q 0 0 0 rg BT 162.20 161.10 Td (Agreement shall terminate and cease to have any ef) Tj ET Q q 0 0 0 rg BT 368.04 161.10 Td (fect as a result of the transfer of all the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 149.10 Td (common shares owned by either Exor or Piero Ferrari to a third party) Tj ET Q q 0 0 0 rg BT 330.49 149.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 131.10 Td (Governing law and jurisdiction) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 113.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 113.10 Td (The Shareholders ) Tj ET Q q 0 0 0 rg BT 162.20 113.10 Td (Agreement is governed by and must be interpreted according to the laws of the Netherlands. ) Tj ET Q q 0 0 0 rg BT 533.20 113.10 Td (Any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 101.10 Td (disputes arising out of or in connection with the Shareholders ) Tj ET Q q 0 0 0 rg BT 301.73 101.10 Td (Agreement are subject to the exclusive jurisdiction of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 89.10 Td (competent court in ) Tj ET Q q 0 0 0 rg BT 130.92 89.10 Td (Amsterdam, the Netherlands, without prejudice to the right of appeal and appeal to the Supreme Court.) 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(companies, ) Tj ET Q q 0 0 0 rg BT 520.24 455.10 Td (including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 443.10 Td (human ) Tj ET Q q 0 0 0 rg BT 137.43 443.10 Td (resources, ) Tj ET Q q 0 0 0 rg BT 179.90 443.10 Td (payroll, ) Tj ET Q q 0 0 0 rg BT 212.94 443.10 Td (tax, ) Tj ET Q q 0 0 0 rg BT 229.88 443.10 Td (customs, ) Tj ET Q q 0 0 0 rg BT 267.37 443.10 Td (procurement ) Tj ET Q q 0 0 0 rg BT 320.11 443.10 Td (of ) Tj ET Q q 0 0 0 rg BT 330.66 443.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 371.19 443.10 Td (coverage, ) Tj ET Q q 0 0 0 rg BT 411.99 443.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 458.07 443.10 Td (and ) Tj ET Q q 0 0 0 rg BT 474.73 443.10 Td (treasury ) Tj ET Q q 0 0 0 rg BT 509.15 443.10 Td (services ) Tj ET Q q 0 0 0 rg BT 543.57 443.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 431.10 Td (sponsorship ) Tj ET Q q 0 0 0 rg BT 158.28 431.10 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 193.55 431.10 Td (for ) Tj ET Q q 0 0 0 rg BT 207.71 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 222.42 431.10 Td (display ) Tj ET Q q 0 0 0 rg BT 253.81 431.10 Td (of ) Tj ET Q q 0 0 0 rg BT 264.64 431.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 283.54 431.10 Td ( ) Tj ET Q q 0 0 0 rg BT 286.04 431.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 314.09 431.10 Td (logos ) Tj ET Q q 0 0 0 rg BT 338.26 431.10 Td (on ) Tj ET Q q 0 0 0 rg BT 350.76 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 365.48 431.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 401.87 431.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 409.37 431.10 Td (cars.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 407.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 95.38 407.10 Td (T) Tj ET Q q 0 0 0 rg BT 100.39 407.10 Td (ransactions ) Tj ET Q q 0 0 0 rg BT 149.56 407.10 Td (with ) Tj ET Q q 0 0 0 rg BT 169.29 407.10 Td (FCA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 383.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 383.10 Td (we ) Tj ET Q q 0 0 0 rg BT 122.78 383.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 139.79 383.10 Td (a ) Tj ET Q q 0 0 0 rg BT 147.35 383.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 179.35 383.10 Td (of ) Tj ET Q q 0 0 0 rg BT 190.80 383.10 Td (our ) Tj ET Q q 0 0 0 rg BT 207.25 383.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 230.36 383.10 Td (and ) Tj ET Q q 0 0 0 rg BT 247.92 383.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 286.02 383.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 334.11 383.10 Td (to ) Tj ET Q q 0 0 0 rg BT 345.01 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 360.34 383.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 379.25 383.10 Td ( ) Tj ET Q q 0 0 0 rg BT 382.37 383.10 Td (Bank ) Tj ET Q q 0 0 0 rg BT 406.59 383.10 Td (Group, ) Tj ET Q q 0 0 0 rg BT 437.77 383.10 Td (which ) Tj ET Q q 0 0 0 rg BT 465.32 383.10 Td (is ) Tj ET Q q 0 0 0 rg BT 475.11 383.10 Td (jointly ) Tj ET Q q 0 0 0 rg BT 504.35 383.10 Td (controlled ) Tj ET Q q 0 0 0 rg BT 548.01 383.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 371.10 Td (FCA; ) Tj ET Q q 0 0 0 rg BT 132.49 371.10 Td (on ) Tj ET Q q 0 0 0 rg BT 144.76 371.10 Td (derecognition ) Tj ET Q q 0 0 0 rg BT 202.00 371.10 Td (of ) Tj ET Q q 0 0 0 rg BT 212.59 371.10 Td (the ) Tj ET Q q 0 0 0 rg BT 227.07 371.10 Td (asset, ) Tj ET Q q 0 0 0 rg BT 251.27 371.10 Td (the ) Tj ET Q q 0 0 0 rg BT 265.75 371.10 Td (dif) Tj ET Q q 0 0 0 rg BT 276.68 371.10 Td (ference ) Tj ET Q q 0 0 0 rg BT 308.35 371.10 Td (between ) Tj ET Q q 0 0 0 rg BT 343.93 371.10 Td (the ) Tj ET Q q 0 0 0 rg BT 358.41 371.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 393.99 371.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 426.25 371.10 Td (and ) Tj ET Q q 0 0 0 rg BT 442.95 371.10 Td (the ) Tj ET Q q 0 0 0 rg BT 457.42 371.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 513.56 371.10 Td (received ) Tj ET Q q 0 0 0 rg BT 549.68 371.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 359.10 Td (receivable ) Tj ET Q q 0 0 0 rg BT 151.58 359.10 Td (is ) Tj ET Q q 0 0 0 rg BT 160.75 359.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 207.11 359.10 Td (in ) Tj ET Q q 0 0 0 rg BT 217.39 359.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 236.00 359.10 Td (of ) Tj ET Q q 0 0 0 rg BT 246.83 359.10 Td (sales;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 335.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 335.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 137.70 335.10 Td (of ) Tj ET Q q 0 0 0 rg BT 148.53 335.10 Td (our ) Tj ET Q q 0 0 0 rg BT 164.36 335.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 204.63 335.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 249.89 335.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 277.38 335.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 317.65 335.10 Td (from ) Tj ET Q q 0 0 0 rg BT 339.59 335.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 358.49 335.10 Td ( ) Tj ET Q q 0 0 0 rg BT 360.99 335.10 Td (companies;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 311.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 311.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 137.69 311.10 Td (of ) Tj ET Q q 0 0 0 rg BT 148.52 311.10 Td (our ) Tj ET Q q 0 0 0 rg BT 164.34 311.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 209.59 311.10 Td (participated ) Tj ET Q q 0 0 0 rg BT 259.28 311.10 Td (in ) Tj ET Q q 0 0 0 rg BT 269.55 311.10 Td (the ) Tj ET Q q 0 0 0 rg BT 284.26 311.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 303.16 311.10 Td ( ) Tj ET Q q 0 0 0 rg BT 305.65 311.10 Td (group-wide ) Tj ET Q q 0 0 0 rg BT 354.24 311.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 374.50 311.10 Td (management ) Tj ET Q q 0 0 0 rg BT 428.08 311.10 Td (system ) Tj ET Q q 0 0 0 rg BT 458.35 311.10 Td (where ) Tj ET Q q 0 0 0 rg BT 485.27 311.10 Td (the ) Tj ET Q q 0 0 0 rg BT 499.98 311.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 540.24 311.10 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 299.10 Td (management, ) Tj ET Q q 0 0 0 rg BT 165.72 299.10 Td (main ) Tj ET Q q 0 0 0 rg BT 189.85 299.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 225.09 299.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 270.88 299.10 Td (and ) Tj ET Q q 0 0 0 rg BT 289.45 299.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 327.48 299.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 375.49 299.10 Td (of ) Tj ET Q q 0 0 0 rg BT 387.96 299.10 Td (the ) Tj ET Q q 0 0 0 rg BT 404.31 299.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 433.99 299.10 Td (were ) Tj ET Q q 0 0 0 rg BT 457.55 299.10 Td (centrally ) Tj ET Q q 0 0 0 rg BT 496.67 299.10 Td (coordinated ) Tj ET Q q 0 0 0 rg BT 548.00 299.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 287.10 Td (dedicated ) Tj ET Q q 0 0 0 rg BT 149.21 287.10 Td (treasury ) Tj ET Q q 0 0 0 rg BT 184.31 287.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 229.96 287.10 Td (of ) Tj ET Q q 0 0 0 rg BT 241.19 287.10 Td (FCA. ) Tj ET Q q 0 0 0 rg BT 266.04 287.10 Td (Deposits ) Tj ET Q q 0 0 0 rg BT 303.93 287.10 Td (with ) Tj ET Q q 0 0 0 rg BT 324.60 287.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 343.51 287.10 Td ( ) Tj ET Q q 0 0 0 rg BT 346.40 287.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 375.94 287.10 Td (EURIBOR ) Tj ET Q q 0 0 0 rg BT 422.73 287.10 Td (or ) Tj ET Q q 0 0 0 rg BT 433.95 287.10 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 466.85 287.10 Td (+15bps. ) Tj ET Q q 0 0 0 rg BT 501.77 287.10 Td (Following ) Tj ET Q q 0 0 0 rg BT 545.78 287.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 275.10 Td (Separation, ) Tj ET Q q 0 0 0 rg BT 155.66 275.10 Td (these ) Tj ET Q q 0 0 0 rg BT 178.61 275.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 234.87 275.10 Td (were ) Tj ET Q q 0 0 0 rg BT 256.70 275.10 Td (terminated ) Tj ET Q q 0 0 0 rg BT 301.86 275.10 Td (and ) Tj ET Q q 0 0 0 rg BT 318.70 275.10 Td (we ) Tj ET Q q 0 0 0 rg BT 332.76 275.10 Td (are ) Tj ET Q q 0 0 0 rg BT 347.37 275.10 Td (now ) Tj ET Q q 0 0 0 rg BT 366.99 275.10 Td (managing ) Tj ET Q q 0 0 0 rg BT 408.82 275.10 Td (our ) Tj ET Q q 0 0 0 rg BT 424.55 275.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 460.84 275.10 Td (and ) Tj ET Q q 0 0 0 rg BT 477.68 275.10 Td (treasury ) Tj ET Q q 0 0 0 rg BT 512.29 275.10 Td (function ) Tj ET Q q 0 0 0 rg BT 548.01 275.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 263.10 Td (a ) Tj ET Q q 0 0 0 rg BT 114.94 263.10 Td (standalone ) Tj ET Q q 0 0 0 rg BT 160.20 263.10 Td (basis;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 239.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 123.39 239.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 152.12 239.10 Td (has ) Tj ET Q q 0 0 0 rg BT 168.63 239.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 212.34 239.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 235.50 239.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 283.65 239.10 Td (from ) Tj ET Q q 0 0 0 rg BT 306.26 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 321.66 239.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 340.56 239.10 Td ( ) Tj ET Q q 0 0 0 rg BT 343.73 239.10 Td (on ) Tj ET Q q 0 0 0 rg BT 356.91 239.10 Td (a ) Tj ET Q q 0 0 0 rg BT 364.53 239.10 Td (non-recourse ) Tj ET Q q 0 0 0 rg BT 419.90 239.10 Td (basis. ) Tj ET Q q 0 0 0 rg BT 445.35 239.10 Td (The ) Tj ET Q q 0 0 0 rg BT 464.07 239.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 496.68 239.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 526.50 239.10 Td (on ) Tj ET Q q 0 0 0 rg BT 539.68 239.10 Td (such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 227.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 155.47 227.10 Td (is ) Tj ET Q q 0 0 0 rg BT 164.64 227.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 202.12 227.10 Td (in ) Tj ET Q q 0 0 0 rg BT 212.39 227.10 Td (net ) Tj ET Q q 0 0 0 rg BT 227.11 227.10 Td (revenues; ) Tj ET Q q 0 0 0 rg BT 267.93 227.10 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 203.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 123.19 203.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 151.72 203.10 Td (had ) Tj ET Q q 0 0 0 rg BT 169.14 203.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 207.10 203.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 255.05 203.10 Td (with ) Tj ET Q q 0 0 0 rg BT 275.80 203.10 Td (Maserati ) Tj ET Q q 0 0 0 rg BT 313.76 203.10 Td (S.p.A. ) Tj ET Q q 0 0 0 rg BT 342.03 203.10 Td (and ) Tj ET Q q 0 0 0 rg BT 358.78 203.10 Td (Automotive ) Tj ET Q q 0 0 0 rg BT 409.54 203.10 Td (Lighting ) Tj ET Q q 0 0 0 rg BT 446.96 203.10 Td (LLC, ) Tj ET Q q 0 0 0 rg BT 471.32 203.10 Td (which ) Tj ET Q q 0 0 0 rg BT 498.74 203.10 Td (were ) Tj ET Q q 0 0 0 rg BT 521.14 203.10 Td (settled ) Tj ET Q q 0 0 0 rg BT 550.22 203.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 122.72 191.10 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 159.09 191.10 Td (course ) Tj ET Q q 0 0 0 rg BT 187.69 191.10 Td (of ) Tj ET Q q 0 0 0 rg BT 198.52 191.10 Td (business.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 167.10 Td (T) Tj ET Q q 0 0 0 rg BT 59.01 167.10 Td (ransactions ) Tj ET Q q 0 0 0 rg BT 108.18 167.10 Td (with ) Tj ET Q q 0 0 0 rg BT 127.91 167.10 Td (Exor ) Tj ET Q q 0 0 0 rg BT 149.84 167.10 Td (Gr) Tj ET Q q 0 0 0 rg BT 160.59 167.10 Td (oup ) Tj ET Q q 0 0 0 rg BT 178.09 167.10 Td (companies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 143.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 122.90 143.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 151.13 143.10 Td (incurs ) Tj ET Q q 0 0 0 rg BT 178.25 143.10 Td (rental ) Tj ET Q q 0 0 0 rg BT 203.70 143.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 226.38 143.10 Td (from ) Tj ET Q q 0 0 0 rg BT 248.50 143.10 Td (Iveco ) Tj ET Q q 0 0 0 rg BT 273.39 143.10 Td (Finanziaria ) Tj ET Q q 0 0 0 rg BT 321.05 143.10 Td (S.p.A. ) Tj ET Q q 0 0 0 rg BT 349.02 143.10 Td (related ) Tj ET Q q 0 0 0 rg BT 378.90 143.10 Td (to ) Tj ET Q q 0 0 0 rg BT 389.36 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 404.26 143.10 Td (rental ) Tj ET Q q 0 0 0 rg BT 429.71 143.10 Td (of ) Tj ET Q q 0 0 0 rg BT 440.72 143.10 Td (trucks ) Tj ET Q q 0 0 0 rg BT 467.84 143.10 Td (used ) Tj ET Q q 0 0 0 rg BT 488.85 143.10 Td (by ) Tj ET Q q 0 0 0 rg BT 501.54 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 516.43 143.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 553.00 143.10 Td (1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 131.10 Td (racing ) Tj ET Q q 0 0 0 rg BT 135.49 131.10 Td (team; ) Tj ET Q q 0 0 0 rg BT 160.20 131.10 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 107.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 107.10 Td (the ) Tj ET Q q 0 0 0 rg BT 122.72 107.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 150.77 107.10 Td (earns ) Tj ET Q q 0 0 0 rg BT 174.37 107.10 Td (sponsorship ) Tj ET Q q 0 0 0 rg BT 224.65 107.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 258.80 107.10 Td (from ) Tj ET Q q 0 0 0 rg BT 280.73 107.10 Td (Iveco ) Tj ET Q q 0 0 0 rg BT 305.44 107.10 Td (S.p.A.) Tj ET Q endstream endobj 211 0 obj <> endobj 212 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (97) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (T) Tj ET Q q 0 0 0 rg BT 59.01 731.10 Td (ransactions ) Tj ET Q q 0 0 0 rg BT 108.18 731.10 Td (with ) Tj ET Q q 0 0 0 rg BT 127.91 731.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 153.74 731.10 Td (Related ) Tj ET Q q 0 0 0 rg BT 186.78 731.10 Td (Parties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 707.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 121.89 707.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 159.10 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 169.11 707.10 Td (leather ) Tj ET Q q 0 0 0 rg BT 197.98 707.10 Td (goods ) Tj ET Q q 0 0 0 rg BT 223.55 707.10 Td (from ) Tj ET Q q 0 0 0 rg BT 244.66 707.10 Td (Poltrona ) Tj ET Q q 0 0 0 rg BT 280.22 707.10 Td (Frau ) Tj ET Q q 0 0 0 rg BT 300.22 707.10 Td (S.p.A., ) Tj ET Q q 0 0 0 rg BT 329.68 707.10 Td (which ) Tj ET Q q 0 0 0 rg BT 355.79 707.10 Td (was ) Tj ET Q q 0 0 0 rg BT 373.02 707.10 Td (controlled ) Tj ET Q q 0 0 0 rg BT 415.23 707.10 Td (by ) Tj ET Q q 0 0 0 rg BT 426.91 707.10 Td (our ) Tj ET Q q 0 0 0 rg BT 441.91 707.10 Td (former ) Tj ET Q q 0 0 0 rg BT 470.79 707.10 Td (Chairman ) Tj ET Q q 0 0 0 rg BT 511.90 707.10 Td (until ) Tj ET Q q 0 0 0 rg BT 531.91 707.10 Td (March ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 695.10 Td (25, ) Tj ET Q q 0 0 0 rg BT 123.00 695.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 145.50 695.10 Td (when ) Tj ET Q q 0 0 0 rg BT 169.66 695.10 Td (he ) Tj ET Q q 0 0 0 rg BT 181.60 695.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 200.77 695.10 Td (his ) Tj ET Q q 0 0 0 rg BT 214.94 695.10 Td (controlling ) Tj ET Q q 0 0 0 rg BT 261.32 695.10 Td (interest;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 671.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 123.12 671.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 161.56 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 172.80 671.10 Td (components ) Tj ET Q q 0 0 0 rg BT 224.03 671.10 Td (for ) Tj ET Q q 0 0 0 rg BT 238.60 671.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 275.39 671.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 283.29 671.10 Td (racing ) Tj ET Q q 0 0 0 rg BT 311.18 671.10 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 346.85 671.10 Td (from ) Tj ET Q q 0 0 0 rg BT 369.20 671.10 Td (COXA) Tj ET Q q 0 0 0 rg BT 396.98 671.10 Td ( ) Tj ET Q q 0 0 0 rg BT 399.88 671.10 Td (S.p.A., ) Tj ET Q q 0 0 0 rg BT 430.57 671.10 Td (controlled ) Tj ET Q q 0 0 0 rg BT 474.02 671.10 Td (by ) Tj ET Q q 0 0 0 rg BT 486.93 671.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 498.60 671.10 Td (. ) Tj ET Q q 0 0 0 rg BT 504.00 671.10 Td (Piero ) Tj ET Q q 0 0 0 rg BT 528.01 671.10 Td (Ferrari; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 659.10 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 635.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 635.10 Td (consultancy ) Tj ET Q q 0 0 0 rg BT 158.26 635.10 Td (services ) Tj ET Q q 0 0 0 rg BT 192.97 635.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 231.02 635.10 Td (by ) Tj ET Q q 0 0 0 rg BT 243.52 635.10 Td (HPE ) Tj ET Q q 0 0 0 rg BT 264.91 635.10 Td (S.r) Tj ET Q q 0 0 0 rg BT 275.75 635.10 Td (.l., ) Tj ET Q q 0 0 0 rg BT 288.53 635.10 Td (controlled ) Tj ET Q q 0 0 0 rg BT 331.57 635.10 Td (by ) Tj ET Q q 0 0 0 rg BT 344.07 635.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 355.74 635.10 Td (. ) Tj ET Q q 0 0 0 rg BT 360.74 635.10 Td (Piero ) Tj ET Q q 0 0 0 rg BT 384.35 635.10 Td (Ferrari.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 611.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 611.10 Td (sponsorship ) Tj ET Q q 0 0 0 rg BT 160.39 611.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 206.64 611.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 241.79 611.10 Td (to ) Tj ET Q q 0 0 0 rg BT 254.18 611.10 Td (our ) Tj ET Q q 0 0 0 rg BT 272.12 611.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 310.61 611.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 320.22 611.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 360.93 611.10 Td (with ) Tj ET Q q 0 0 0 rg BT 383.31 611.10 Td (Philip ) Tj ET Q q 0 0 0 rg BT 411.82 611.10 Td (Morris ) Tj ET Q q 0 0 0 rg BT 443.65 611.10 Td (International, ) Tj ET Q q 0 0 0 rg BT 501.85 611.10 Td (of ) Tj ET Q q 0 0 0 rg BT 514.78 611.10 Td (which ) Tj ET Q q 0 0 0 rg BT 543.83 611.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 555.50 611.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 599.10 Td (Marchionne ) Tj ET Q q 0 0 0 rg BT 158.82 599.10 Td (is ) Tj ET Q q 0 0 0 rg BT 167.99 599.10 Td (a ) Tj ET Q q 0 0 0 rg BT 174.92 599.10 Td (director ) Tj ET Q q 0 0 0 rg BT 208.52 599.10 Td (and ) Tj ET Q q 0 0 0 rg BT 225.46 599.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 237.13 599.10 Td (. ) Tj ET Q q 0 0 0 rg BT 242.13 599.10 Td (Camilleri ) Tj ET Q q 0 0 0 rg BT 282.39 599.10 Td (is ) Tj ET Q q 0 0 0 rg BT 291.56 599.10 Td (Chairman.) 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Td (more ) Tj ET Q q 0 0 0 rg BT 235.25 227.10 Td (of ) Tj ET Q q 0 0 0 rg BT 246.84 227.10 Td (these ) Tj ET Q q 0 0 0 rg BT 270.65 227.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 322.23 227.10 Td (could ) Tj ET Q q 0 0 0 rg BT 347.71 227.10 Td (require ) Tj ET Q q 0 0 0 rg BT 379.29 227.10 Td (us ) Tj ET Q q 0 0 0 rg BT 391.45 227.10 Td (to ) Tj ET Q q 0 0 0 rg BT 402.49 227.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 420.19 227.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 466.23 227.10 Td (damages, ) Tj ET Q q 0 0 0 rg BT 506.98 227.10 Td (or ) Tj ET Q q 0 0 0 rg BT 518.57 227.10 Td (undertake ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 215.10 Td (service ) Tj ET Q q 0 0 0 rg BT 84.37 215.10 Td (actions, ) Tj ET Q q 0 0 0 rg BT 117.24 215.10 Td (recall ) Tj ET Q q 0 0 0 rg BT 141.49 215.10 Td (campaigns ) Tj ET Q q 0 0 0 rg BT 186.31 215.10 Td (or ) Tj ET Q q 0 0 0 rg BT 196.69 215.10 Td (other ) Tj ET Q q 0 0 0 rg BT 219.28 215.10 Td (costly ) Tj ET Q q 0 0 0 rg BT 245.22 215.10 Td (actions. ) Tj ET Q q 0 0 0 rg BT 278.09 215.10 Td (For ) Tj ET Q q 0 0 0 rg BT 294.04 215.10 Td (information ) Tj ET Q q 0 0 0 rg BT 343.30 215.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 383.66 215.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 427.38 215.10 Td (made ) Tj ET Q q 0 0 0 rg BT 451.09 215.10 Td (for ) Tj ET Q q 0 0 0 rg BT 464.80 215.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 486.28 215.10 Td (proceedings, ) Tj ET Q q 0 0 0 rg BT 539.15 215.10 Td (refer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 203.10 Td (to ) Tj ET Q q 0 0 0 rg BT 64.28 203.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 86.22 203.10 Td (22 ) Tj ET Q q 0 0 0 rg BT 98.72 203.10 Td (of ) Tj ET Q q 0 0 0 rg BT 109.55 203.10 Td (our ) Tj ET Q q 0 0 0 rg BT 125.38 203.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 180.65 203.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 220.36 203.10 Td (Statement.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 179.10 Td (Dividend ) Tj ET Q q 0 0 0 rg BT 93.72 179.10 Td (Policy) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 143.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 143.10 Td (On February 19, 2016 the Board of Directors resolved to make a distribution of Euro 0.46 per common share in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 131.10 Td (accordance with paragraph 10 of ) Tj ET Q q 0 0 0 rg BT 186.99 131.10 Td (Article 23 of the ) Tj ET Q q 0 0 0 rg BT 254.75 131.10 Td (Articles of ) Tj ET Q q 0 0 0 rg BT 299.19 131.10 Td (Association.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 101.70 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 101.70 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 101.70 Td (e intend to return capital to holders of common shares over time through a sustainable dividend policy designed to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 89.70 Td (provide adequate returns to shareholders, while supporting growth and protecting our creditworthiness in order to facilitate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 77.70 Td (access to external funding. ) Tj ET Q q 0 0 0 rg BT 162.95 77.70 Td (W) Tj ET Q q 0 0 0 rg BT 171.58 77.70 Td (e intend to pay between 25% and 40% of our annual net profit by way of dividend; however) Tj ET Q q 0 0 0 rg BT 539.69 77.70 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 65.70 Td (actual level of dividends will be subject to our earnings, cash balances, commitments, strategic plans and other factors that ) Tj ET Q endstream endobj 213 0 obj <> endobj 214 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (98) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (our Board of Directors may deem relevant at the time of the dividend. For additional information on distribution of profits, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (refer to Item 10B. Memorandum and ) Tj ET Q q 0 0 0 rg BT 203.68 719.10 Td (Articles of ) Tj ET Q q 0 0 0 rg BT 248.12 719.10 Td (Association. Our dividend policy is subject to change in the future based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.10 Td (changes in statutory requirements, market trends, strategic developments, capital requirements and a number of other factors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 683.10 Td (All issued and outstanding common shares will rank equally and will be eligible for any profit or other payment that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 671.10 Td (may be declared on the common shares. Pursuant to our ) Tj ET Q q 0 0 0 rg BT 279.78 671.10 Td (Articles of ) Tj ET Q q 0 0 0 rg BT 324.21 671.10 Td (Association, holders of special voting shares are entitled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 659.10 Td (to a minimum dividend, which is allocated to the special dividend reserve. ) Tj ET Q q 0 0 0 rg BT 353.37 659.10 Td (A) Tj ET Q q 0 0 0 rg BT 360.04 659.10 Td ( distribution from the special dividend reserve or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 647.10 Td (the \(partial\) release of the special dividend reserve will require a prior proposal from the Board of Directors and a subsequent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 635.10 Td (resolution of the meeting of holders of special voting shares. Ferrari does not intend to propose any distribution from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 623.10 Td (special dividend reserve.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 599.10 Td (For additional information on distribution of profits, refer to Item 10.B.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 379.22 599.10 Td ( Memorandum and ) Tj ET Q q 0 0 0 rg BT 457.65 599.10 Td (Article of ) Tj ET Q q 0 0 0 rg BT 497.46 599.10 Td (Association) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.12 599.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 575.10 Td (B. Significant Changes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 551.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 551.10 Td (Except ) Tj ET Q q 0 0 0 rg BT 119.97 551.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 161.05 551.10 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 200.47 551.10 Td (within ) Tj ET Q q 0 0 0 rg BT 228.23 551.10 Td (this ) Tj ET Q q 0 0 0 rg BT 244.39 551.10 Td (Annual ) Tj ET Q q 0 0 0 rg BT 276.04 551.10 Td (Report ) Tj ET Q q 0 0 0 rg BT 305.46 551.10 Td (on ) Tj ET Q q 0 0 0 rg BT 317.66 551.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 341.53 551.10 Td (20-F) Tj ET Q q 0 0 0 rg BT 359.62 551.10 Td (, ) Tj ET Q q 0 0 0 rg BT 364.33 551.10 Td (no ) Tj ET Q q 0 0 0 rg BT 376.53 551.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 420.95 551.10 Td (change ) Tj ET Q q 0 0 0 rg BT 451.47 551.10 Td (has ) Tj ET Q q 0 0 0 rg BT 467.00 551.10 Td (occurred ) Tj ET Q q 0 0 0 rg BT 504.18 551.10 Td (since ) Tj ET Q q 0 0 0 rg BT 526.93 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 541.35 551.10 Td (date ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 539.10 Td (of ) Tj ET Q q 0 0 0 rg BT 64.83 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 79.55 539.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 134.82 539.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 174.53 539.10 Td (Statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.91 539.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 515.10 Td (Item 9. ) Tj ET Q q 0 0 0 rg BT 91.31 515.10 Td (The Offer) Tj ET Q q 0 0 0 rg BT 133.61 515.10 Td ( and Listing) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 491.10 Td (A. Offer) Tj ET Q q 0 0 0 rg BT 89.36 491.10 Td ( and Listing Details) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 467.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 467.10 Td (On ) Tj ET Q q 0 0 0 rg BT 104.27 467.10 Td (October ) Tj ET Q q 0 0 0 rg BT 138.53 467.10 Td (21, ) Tj ET Q q 0 0 0 rg BT 153.07 467.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 177.62 467.10 Td (our ) Tj ET Q q 0 0 0 rg BT 193.00 467.10 Td (common ) Tj ET Q q 0 0 0 rg BT 230.04 467.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 257.08 467.10 Td (began ) Tj ET Q q 0 0 0 rg BT 283.01 467.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 313.38 467.10 Td (on ) Tj ET Q q 0 0 0 rg BT 325.43 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 339.69 467.10 Td (NYSE ) Tj ET Q q 0 0 0 rg BT 367.86 467.10 Td (under ) Tj ET Q q 0 0 0 rg BT 392.67 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 406.94 467.10 Td (symbol ) Tj ET Q q 0 0 0 rg BT 438.44 467.10 Td (RACE. ) Tj ET Q q 0 0 0 rg BT 478.53 467.10 Td (On ) Tj ET Q q 0 0 0 rg BT 492.80 467.10 Td (January ) Tj ET Q q 0 0 0 rg BT 525.95 467.10 Td (4, ) Tj ET Q q 0 0 0 rg BT 535.50 467.10 Td (2016, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 455.10 Td (our ) Tj ET Q q 0 0 0 rg BT 69.83 455.10 Td (common ) Tj ET Q q 0 0 0 rg BT 107.33 455.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 134.82 455.10 Td (began ) Tj ET Q q 0 0 0 rg BT 161.19 455.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 192.02 455.10 Td (on ) Tj ET Q q 0 0 0 rg BT 204.52 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 219.23 455.10 Td (MT) Tj ET Q q 0 0 0 rg BT 233.43 455.10 Td (A) Tj ET Q q 0 0 0 rg BT 240.10 455.10 Td ( ) Tj ET Q q 0 0 0 rg BT 242.60 455.10 Td (under ) Tj ET Q q 0 0 0 rg BT 267.87 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 282.59 455.10 Td (symbol ) Tj ET Q q 0 0 0 rg BT 314.54 455.10 Td (RACE. ) Tj ET Q q 0 0 0 rg BT 355.08 455.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 430.95 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 430.95 Td (The following table presents the high and low closing market prices of Ferrari common shares as reported on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 418.95 Td (NYSE and the MT) Tj ET Q q 0 0 0 rg BT 128.47 418.95 Td (A) Tj ET Q q 0 0 0 rg BT 135.14 418.95 Td ( for each of the periods indicated:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 363.45 174.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 227.50 363.45 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 363.45 7.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 363.45 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 363.45 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 363.45 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 363.45 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 333.45 174.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 227.50 333.45 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 333.45 7.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 333.45 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 333.45 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 333.45 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 333.45 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 303.45 174.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 227.50 303.45 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 303.45 7.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 303.45 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 303.45 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 303.45 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 303.45 81.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 393.45000000000005 m 305.5 393.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 393.45000000000005 m 312.5 393.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 393.45000000000005 m 391.5 393.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 393.45000000000005 m 471.5 393.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 393.45000000000005 m 557.5 393.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 393.45000000000005 m 305.5 393.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 378.45000000000005 m 305.5 378.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 393.45000000000005 m 312.5 393.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 393.45000000000005 m 391.5 393.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 378.45000000000005 m 391.5 378.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 393.45000000000005 m 471.5 393.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 378.45000000000005 m 471.5 378.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 393.45000000000005 m 476.5 393.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 393.45000000000005 m 557.5 393.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 378.45000000000005 m 557.5 378.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 378.45000000000005 m 305.5 378.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 378.45000000000005 m 391.5 378.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 378.45000000000005 m 471.5 378.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 378.45000000000005 m 557.5 378.45000000000005 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 298.95 397.90 Td (NYSE) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.05 397.90 Td (MTA) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 256.45 382.90 Td (High) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.95 382.90 Td (Low) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.45 382.90 Td (High) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 507.95 382.90 Td (Low) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 303.75 367.91 Td (\($\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 368.12 Td (\(\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 68.00 352.90 Td (Period) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 68.00 337.91 Td (October 2015 ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 119.49 341.99 Td (\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 255.85 337.91 Td (56.75) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.35 337.91 Td (50.43) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 423.45 337.91 Td (N/A) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 508.95 337.91 Td (N/A) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 68.00 322.91 Td (November 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 255.85 322.91 Td (54.34) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.35 322.91 Td (45.66) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 423.45 322.91 Td (N/A) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 508.95 322.91 Td (N/A) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 68.00 307.91 Td (December 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 255.85 307.91 Td (48.98) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.35 307.91 Td (46.36) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 423.45 307.91 Td (N/A) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 508.95 307.91 Td (N/A) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 68.00 293.91 Td (January 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 255.85 293.91 Td (48.49) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.35 293.91 Td (39.90) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.85 293.91 Td (44.60) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 506.35 293.91 Td (35.73) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 68.00 279.91 Td (February 2016 \(through February 19,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 68.00 270.91 Td (2016\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 255.85 275.81 Td (39.93) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.35 275.81 Td (32.00) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.85 279.91 Td (36.50) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 506.35 275.81 Td (28.00) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 254.95 Td (_____________________) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 245.35 Td (\(1\) Fr) Tj ET Q q 0 0 0 rg BT 77.03 245.35 Td (om October 21, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 221.35 Td (B. Plan of Distribution) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.68 221.35 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 197.35 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 197.35 Td (Not applicable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 173.35 Td (C. Markets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 149.35 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 149.35 Td (Our common shares are listed and traded on the NYSE and on the MT) Tj ET Q q 0 0 0 rg BT 393.02 149.35 Td (A) Tj ET Q q 0 0 0 rg BT 399.69 149.35 Td ( under the symbol RACE. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 125.35 Td (D. Selling Shar) Tj ET Q q 0 0 0 rg BT 123.00 125.35 Td (eholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 101.35 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 101.35 Td (Not applicable.) Tj ET Q endstream endobj 215 0 obj <> endobj 216 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 41.20 Td (99) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 731.25 Td (E. Dilution) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 707.25 Td (Not applicable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 683.25 Td (F) Tj ET Q q 0 0 0 rg BT 59.19 683.25 Td (. Expenses of the Issue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 659.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 659.25 Td (Not applicable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 635.25 Td (Item 10. ) Tj ET Q q 0 0 0 rg BT 95.94 635.25 Td (Additional Information) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 611.25 Td (A. Shar) Tj ET Q q 0 0 0 rg BT 91.60 611.25 Td (e Capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 587.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 587.25 Td (Not applicable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 563.25 Td (B. Memorandum and ) Tj ET Q q 0 0 0 rg BT 152.90 563.25 Td (Article of ) Tj ET Q q 0 0 0 rg BT 195.10 563.25 Td (Association) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 539.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 539.25 Td (A) Tj ET Q q 0 0 0 rg BT 96.67 539.25 Td ( copy of the articles of association of Predecessor Ferrari has been filed as Exhibit 3.1 to Ferrari N.V) Tj ET Q q 0 0 0 rg BT 498.03 539.25 Td (. Registration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 527.25 Td (Statement on Form F-1 filed on July 23, 2015. Our articles of association are identical in all material aspect to those of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 515.25 Td (Predecessor Ferrari. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 491.25 Td (The Ferrari Shar) Tj ET Q q 0 0 0 rg BT 127.69 491.25 Td (es, ) Tj ET Q q 0 0 0 rg BT 140.47 491.25 Td (Articles Of ) Tj ET Q q 0 0 0 rg BT 189.34 491.25 Td (Association ) Tj ET Q q 0 0 0 rg BT 240.18 491.25 Td (And ) Tj ET Q q 0 0 0 rg BT 260.85 491.25 Td (T) Tj ET Q q 0 0 0 rg BT 266.60 491.25 Td (erms ) Tj ET Q q 0 0 0 rg BT 289.64 491.25 Td (And Conditions Of ) Tj ET Q q 0 0 0 rg BT 373.10 491.25 Td (The Special ) Tj ET Q q 0 0 0 rg BT 425.15 491.25 Td (V) Tj ET Q q 0 0 0 rg BT 431.45 491.25 Td (oting Shar) Tj ET Q q 0 0 0 rg BT 476.00 491.25 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 467.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 467.25 Td (Ferrari was incorporated as a public limited liability company \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 342.98 467.25 Td (naamloze vennootschap) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.79 467.25 Td (\) under the laws of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 455.25 Td (Netherlands on September 4, 2015 under the name FE New N.V) Tj ET Q q 0 0 0 rg BT 310.43 455.25 Td (., in contemplation of the Mer) Tj ET Q q 0 0 0 rg BT 429.94 455.25 Td (ger) Tj ET Q q 0 0 0 rg BT 442.31 455.25 Td (, and was renamed Ferrari ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 443.25 Td (N.V) Tj ET Q q 0 0 0 rg BT 69.65 443.25 Td (. ef) Tj ET Q q 0 0 0 rg BT 82.24 443.25 Td (fective as of January 3, 2016, upon ef) Tj ET Q q 0 0 0 rg BT 232.29 443.25 Td (fectiveness of the Mer) Tj ET Q q 0 0 0 rg BT 321.24 443.25 Td (ger) Tj ET Q q 0 0 0 rg BT 333.46 443.25 Td (. Its corporate seat \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 412.59 443.25 Td (statutair) Tj ET Q q 0 0 0 rg BT 446.11 443.25 Td (e zetel) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.38 443.25 Td (\) is in ) Tj ET Q q 0 0 0 rg BT 496.10 443.25 Td (Amsterdam, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 431.25 Td (the Netherlands, and its registered of) Tj ET Q q 0 0 0 rg BT 200.99 431.25 Td (fice and principal place of business is located at ) Tj ET Q q 0 0 0 rg BT 394.35 431.25 Td (V) Tj ET Q q 0 0 0 rg BT 400.97 431.25 Td (ia ) Tj ET Q q 0 0 0 rg BT 410.14 431.25 Td (Abetone Inferiore n. 4, I-41053 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 419.25 Td (Maranello \(MO\), Italy) Tj ET Q q 0 0 0 rg BT 143.04 419.25 Td (. Ferrari is registered with the ) Tj ET Q q 0 0 0 rg BT 266.16 419.25 Td (T) Tj ET Q q 0 0 0 rg BT 271.92 419.25 Td (rade Register of the Chamber of Commerce under number 64060977. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 407.25 Td (Its telephone number is +39-0536-9491) Tj ET Q q 0 0 0 rg BT 212.02 407.25 Td (1) Tj ET Q q 0 0 0 rg BT 216.65 407.25 Td (1. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 385.25 Td (Since incorporation Ferrari has had, and it intends to continue to have, its place of ef) Tj ET Q q 0 0 0 rg BT 433.77 385.25 Td (fective management in Italy) Tj ET Q q 0 0 0 rg BT 545.02 385.25 Td (. It ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 373.25 Td (will therefore be a tax resident of Italy under both Italian tax law and ) Tj ET Q q 0 0 0 rg BT 331.68 373.25 Td (Article 4 of the Convention between the Kingdom of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 361.25 Td (the Netherlands and the Republic of Italy for the avoidance of a double taxation with respect to taxes on income and on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 349.25 Td (capital of 1980. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 325.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 325.25 Td (Following is a summary of material information relating to the Ferrari common shares, including summaries of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 313.25 Td (certain provisions of the Ferrari ) Tj ET Q q 0 0 0 rg BT 182.57 313.25 Td (Articles of ) Tj ET Q q 0 0 0 rg BT 227.01 313.25 Td (Association \(the Ferrari ) Tj ET Q q 0 0 0 rg BT 328.37 313.25 Td (Articles of ) Tj ET Q q 0 0 0 rg BT 372.80 313.25 Td (Association\), the terms and conditions in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 301.25 Td (respect of the Ferrari special voting shares \(the T) Tj ET Q q 0 0 0 rg BT 253.78 301.25 Td (erms and Conditions\) and the applicable Dutch law provisions in ef) Tj ET Q q 0 0 0 rg BT 527.97 301.25 Td (fect at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 289.25 Td (the date of this annual report. ) Tj ET Q q 0 0 0 rg BT 173.50 289.25 Td (The summaries of the Ferrari ) Tj ET Q q 0 0 0 rg BT 292.08 289.25 Td (Articles of ) Tj ET Q q 0 0 0 rg BT 336.51 289.25 Td (Association and the ) Tj ET Q q 0 0 0 rg BT 417.70 289.25 Td (T) Tj ET Q q 0 0 0 rg BT 423.11 289.25 Td (erms and Conditions as set forth ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 277.25 Td (in this annual report are qualified in their entirety by reference to the full text of the Ferrari ) Tj ET Q q 0 0 0 rg BT 419.42 277.25 Td (Articles of ) Tj ET Q q 0 0 0 rg BT 463.85 277.25 Td (Association, and ) Tj ET Q q 0 0 0 rg BT 532.82 277.25 Td (T) Tj ET Q q 0 0 0 rg BT 538.23 277.25 Td (erms ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 265.25 Td (and Conditions. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 243.25 Td (Shar) Tj ET Q q 0 0 0 rg BT 74.38 243.25 Td (e Capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 221.25 Td (The authorized share capital of Ferrari is seven million five hundred thousand Euro \(7,500,000\), divided into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 209.25 Td (three hundred seventy five million \(375,000,000\) Ferrari common shares, nominal value of one Euro cent \(0.01\) per share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 197.25 Td (and an equal number of special voting shares, nominal value of one Euro cent \(0.01\) per share.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 175.25 Td (Upon incorporation on September 4, 2015, Ferrari) Tj ET Q q 0 0 0 rg BT 299.84 175.25 Td (s issued share capital was Euro 50,000, fully paid and divided ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 163.25 Td (into 5,000,000 common shares having a nominal value of Euro 0.001 each. In connection with the Mer) Tj ET Q q 0 0 0 rg BT 467.89 163.25 Td (ger) Tj ET Q q 0 0 0 rg BT 480.25 163.25 Td (, Ferrari issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 151.25 Td (188,921,600 common shares and 56,497,618 special voting shares, and the 5,000,000 common shares previously outstanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 139.25 Td (were retired and are now held in treasury) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 115.25 Td (A) Tj ET Q q 0 0 0 rg BT 103.67 115.25 Td ( delegation of authority to the Ferrari Board of Directors to authorize the issuance of common shares without pre-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 103.25 Td (emptive rights enables Ferrari to of) Tj ET Q q 0 0 0 rg BT 194.61 103.25 Td (fer and sell newly issued common shares to investors free of pre-emptive rights for a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 91.25 Td (period of five years from January 2, 2016. Under Dutch law) Tj ET Q q 0 0 0 rg BT 293.28 91.25 Td (, such authorization may not exceed a period of five years, but ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 79.25 Td (may be renewed by a resolution of the general meeting of shareholders for subsequent five-year periods at any time. ) Tj ET Q endstream endobj 217 0 obj <> endobj 218 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 297.00 41.20 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 731.10 Td (Ferrari common shares are registered shares represented by an entry in the share register of Ferrari. ) Tj ET Q q 0 0 0 rg BT 494.82 731.10 Td (The Ferrari ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (Board of Directors may determine that, for the purpose of trading and transfer of shares on a foreign stock exchange, such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.10 Td (share certificates shall be issued in such form as shall comply with the requirements of such foreign stock exchange. ) Tj ET Q q 0 0 0 rg BT 521.08 707.10 Td (A) Tj ET Q q 0 0 0 rg BT 527.75 707.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 695.10 Td (register of shareholders is maintained by Ferrari in the Netherlands and a branch register is maintained in the United States on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.10 Td (Ferrari) Tj ET Q q 0 0 0 rg BT 83.99 683.10 Td (s behalf by the ) Tj ET Q q 0 0 0 rg BT 144.90 683.10 Td (T) Tj ET Q q 0 0 0 rg BT 150.66 683.10 Td (ransfer ) Tj ET Q q 0 0 0 rg BT 180.36 683.10 Td (Agent, which serves as branch registrar and transfer agent. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 661.10 Td (Beneficial interests in Ferrari common shares that are traded on the NYSE are held through the book-entry system ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 649.10 Td (provided by ) Tj ET Q q 0 0 0 rg BT 104.37 649.10 Td (The Depository ) Tj ET Q q 0 0 0 rg BT 169.17 649.10 Td (T) Tj ET Q q 0 0 0 rg BT 174.93 649.10 Td (rust Company \(DTC\) and are registered in Ferrari) Tj ET Q q 0 0 0 rg BT 385.68 649.10 Td (s register of shareholders in the name of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 637.10 Td (Cede& Co., as DTC) Tj ET Q q 0 0 0 rg BT 140.10 637.10 Td (s nominee. Beneficial interests in the Ferrari common shares traded on the MT) Tj ET Q q 0 0 0 rg BT 453.93 637.10 Td (A) Tj ET Q q 0 0 0 rg BT 460.60 637.10 Td ( are held through Monte ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 625.10 Td (T) Tj ET Q q 0 0 0 rg BT 59.76 625.10 Td (itoli S.p.A., the Italian central clearing and settlement system, as a participant in DTC. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 603.10 Td (Dir) Tj ET Q q 0 0 0 rg BT 68.26 603.10 Td (ectors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 579.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 579.10 Td (Set forth below is a summary description of the material provisions of the Ferrari ) Tj ET Q q 0 0 0 rg BT 416.59 579.10 Td (Articles of ) Tj ET Q q 0 0 0 rg BT 461.03 579.10 Td (Association, relating to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 567.10 Td (our directors. ) Tj ET Q q 0 0 0 rg BT 109.63 567.10 Td (The summary does not restate the Ferrari ) Tj ET Q q 0 0 0 rg BT 275.97 567.10 Td (Articles of ) Tj ET Q q 0 0 0 rg BT 320.41 567.10 Td (Association in their entirety) Tj ET Q q 0 0 0 rg BT 431.12 567.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 545.10 Td (Ferrari) Tj ET Q q 0 0 0 rg BT 125.99 545.10 Td (s directors serve on the Ferrari Board of Directors for a term of approximately one year) Tj ET Q q 0 0 0 rg BT 474.62 545.10 Td (, such term ending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 533.10 Td (on the day that the first annual general meeting of the shareholders is held in the following calendar year) Tj ET Q q 0 0 0 rg BT 471.64 533.10 Td (. Ferrari) Tj ET Q q 0 0 0 rg BT 506.62 533.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 521.10 Td (shareholders appoint the directors of the Ferrari Board of Directors at a general meeting. Each director may be reappointed at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 509.10 Td (any subsequent general meeting of shareholders. ) Tj ET Q q 0 0 0 rg BT 250.70 509.10 Td (The general meeting of shareholders determines whether a director is an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 497.10 Td (executive director or a non-executive director) Tj ET Q q 0 0 0 rg BT 235.86 497.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 475.10 Td (The Ferrari Board of Directors is a one tier board and consists of three or more members, comprising both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 463.10 Td (members having responsibility for the day-to-day management of Ferrari \(executive directors\) and members not having such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 451.10 Td (day-to-day responsibility \(non-executive directors\). ) Tj ET Q q 0 0 0 rg BT 262.36 451.10 Td (The tasks of the executive and non-executive directors in a one-tier board ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 439.10 Td (such as Ferrari) Tj ET Q q 0 0 0 rg BT 115.65 439.10 Td (s Board of Directors may be allocated under or pursuant to the Ferrari ) Tj ET Q q 0 0 0 rg BT 396.94 439.10 Td (Articles of ) Tj ET Q q 0 0 0 rg BT 441.38 439.10 Td (Association, provided that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 427.10 Td (the general meeting has stipulated whether such director is appointed as executive or as non-executive director and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 415.10 Td (furthermore provided that the task to supervise the performance by the directors of their duties can only be performed by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 403.10 Td (non-executive directors. In addition, an executive director may not be appointed chairman of the board or delegated the task ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 391.10 Td (of establishing the remuneration of executive directors or nominating directors for appointment. ) Tj ET Q q 0 0 0 rg BT 440.09 391.10 Td (T) Tj ET Q q 0 0 0 rg BT 445.50 391.10 Td (asks that are not allocated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 379.10 Td (fall within the power of the Ferrari Board of Directors as a whole. Regardless of an allocation of tasks, all directors remain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 367.10 Td (collectively responsible for the proper management and strategy of Ferrari \(including supervision thereof in case of non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 355.10 Td (executive directors\). ) Tj ET Q q 0 0 0 rg BT 137.95 355.10 Td (The Ferrari Board of Directors may determine that one or more directors can lawfully adopt board ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 343.10 Td (resolutions concerning matters belonging to his or their duties. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 321.10 Td (Ferrari has a policy in respect of the remuneration of the members of the Ferrari Board of Directors. ) Tj ET Q q 0 0 0 rg BT 498.17 321.10 Td (W) Tj ET Q q 0 0 0 rg BT 507.21 321.10 Td (ith due ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 309.10 Td (observation of the remuneration policy) Tj ET Q q 0 0 0 rg BT 208.86 309.10 Td (, the Ferrari Board of Directors may determine the remuneration for the directors in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 297.10 Td (respect of the performance of their duties. ) Tj ET Q q 0 0 0 rg BT 223.75 297.10 Td (The Ferrari Board of Directors must submit to the general meeting of shareholders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 285.10 Td (for its approval plans to award shares or the right to subscribe for shares. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 263.10 Td (Ferrari shall not grant the directors any personal loans or guarantees. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 241.10 Td (Loyalty ) Tj ET Q q 0 0 0 rg BT 89.10 241.10 Td (V) Tj ET Q q 0 0 0 rg BT 95.40 241.10 Td (oting Pr) Tj ET Q q 0 0 0 rg BT 129.94 241.10 Td (ogram ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 219.10 Td (In connection with the Separation, Ferrari issued special voting shares with a nominal value of one Euro cent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 207.10 Td (\(0.01\) per share, to FCA, Piero Ferrari and FCA) Tj ET Q q 0 0 0 rg BT 250.91 207.10 Td ( shareholders holding FCA) Tj ET Q q 0 0 0 rg BT 358.41 207.10 Td ( special voting shares prior to the Separation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 195.10 Td (including Exor) Tj ET Q q 0 0 0 rg BT 113.31 195.10 Td (, in addition to Ferrari common shares. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 173.10 Td (After the Separation Exor holds approximately 33.4 percent of the voting power in us, Piero Ferrari holds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 161.10 Td (approximately 15.4 percent of the voting power in us and public shareholders hold approximately 51.2 percent of the voting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 149.10 Td (power in us. For more information on the Separation, see Item 4.A. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 330.04 149.10 Td (History and Development of the Company) Tj ET Q q 0 0 0 rg BT 498.07 149.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.57 149.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 125.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 125.10 Td (Subject to meeting certain conditions, our common shares can be registered in our loyalty register \(the Loyalty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 113.10 Td (Register\) and all such common shares may qualify as qualifying common shares \(Qualifying Common Shares\). ) Tj ET Q q 0 0 0 rg BT 515.37 113.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 101.10 Td (holder of Qualifying Common Shares is entitled to receive without consideration one special voting share in respect of each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 89.10 Td (such Qualifying Common Share. Pursuant to the ) Tj ET Q q 0 0 0 rg BT 250.46 89.10 Td (T) Tj ET Q q 0 0 0 rg BT 255.88 89.10 Td (erms and Conditions, and for so long as the Ferrari common shares remain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 77.10 Td (in the Loyalty Register) Tj ET Q q 0 0 0 rg BT 145.52 77.10 Td (, such Ferrari common shares shall not be sold, disposed of, transferred, except in very limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 65.10 Td (circumstances \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 116.47 65.10 Td (i.e.,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.19 65.10 Td ( transfers to af) Tj ET Q q 0 0 0 rg BT 188.48 65.10 Td (filiates or to relatives through succession, donation or other transfers \(defined in the ) Tj ET Q q 0 0 0 rg BT 525.98 65.10 Td (T) Tj ET Q q 0 0 0 rg BT 531.39 65.10 Td (erms ) Tj ET Q endstream endobj 219 0 obj <> endobj 220 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 297.00 41.20 Td (101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (and Conditions as Loyalty ) Tj ET Q q 0 0 0 rg BT 166.03 731.10 Td (T) Tj ET Q q 0 0 0 rg BT 171.78 731.10 Td (ransferee\), but a shareholder may create or permit to exist any pledge, lien, fixed or floating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (char) Tj ET Q q 0 0 0 rg BT 71.03 719.10 Td (ge or other encumbrance over such Ferrari common shares, provided that the voting rights in respect of such Ferrari ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.10 Td (common shares and any corresponding special voting shares remain with such shareholder at all times. Ferrari) Tj ET Q q 0 0 0 rg BT 497.76 707.10 Td (s shareholders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 695.10 Td (who want to directly or indirectly sell, dispose of, trade or transfer such Ferrari common shares or otherwise grant any right ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.10 Td (or interest therein, or create or permit to exist any pledge, lien, fixed or floating char) Tj ET Q q 0 0 0 rg BT 390.91 683.10 Td (ge or other encumbrance over such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 671.10 Td (Ferrari common shares with a potential transfer of voting rights relating to such encumbrances will need to submit a de-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 659.10 Td (registration request as referred to in the ) Tj ET Q q 0 0 0 rg BT 213.48 659.10 Td (T) Tj ET Q q 0 0 0 rg BT 218.89 659.10 Td (erms and Conditions, in order to transfer the relevant Ferrari common shares to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 647.10 Td (regular trading system \(the Regular ) Tj ET Q q 0 0 0 rg BT 202.38 647.10 Td (T) Tj ET Q q 0 0 0 rg BT 208.14 647.10 Td (rading System\) except that a Ferrari shareholder may transfer Ferrari common shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 635.10 Td (included in the Loyalty Register to a Loyalty ) Tj ET Q q 0 0 0 rg BT 236.00 635.10 Td (T) Tj ET Q q 0 0 0 rg BT 241.75 635.10 Td (ransferee \(as defined in the ) Tj ET Q q 0 0 0 rg BT 352.35 635.10 Td (T) Tj ET Q q 0 0 0 rg BT 357.76 635.10 Td (erms and Conditions\) of such Ferrari shareholder ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 623.10 Td (without transferring such shares from the Loyalty Register to the Regular ) Tj ET Q q 0 0 0 rg BT 349.58 623.10 Td (T) Tj ET Q q 0 0 0 rg BT 355.33 623.10 Td (rading System. ) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 96.00 611.90 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 599.90 Td (Ferrari) Tj ET Q q 0 0 0 rg BT 125.99 599.90 Td (s shareholders who seek to qualify to receive special voting shares can also request to have their Ferrari ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 587.90 Td (common shares registered in the Loyalty Register) Tj ET Q q 0 0 0 rg BT 252.28 587.90 Td (. Upon registration in the Loyalty Register such shares will be eligible to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 575.90 Td (treated as Qualifying Common Shares, provided they meet the conditions more fully described under ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 465.28 575.90 Td (T) Tj ET Q q 0 0 0 rg BT 478.81 575.90 Td (erms and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 563.90 Td (Conditions of the Special V) Tj ET Q q 0 0 0 rg BT 162.33 563.90 Td (oting Shar) Tj ET Q q 0 0 0 rg BT 203.90 563.90 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.23 563.90 Td ( below) Tj ET Q q 0 0 0 rg BT 242.96 563.90 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 541.90 Td (Notwithstanding the fact that ) Tj ET Q q 0 0 0 rg BT 214.31 541.90 Td (Article 13 of the Ferrari ) Tj ET Q q 0 0 0 rg BT 311.78 541.90 Td (Articles of ) Tj ET Q q 0 0 0 rg BT 356.21 541.90 Td (Association permits the Board of Directors of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 529.90 Td (Ferrari to approve transfers of special voting shares, the special voting shares cannot be traded and are transferable only in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 517.90 Td (very limited circumstances \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 167.57 517.90 Td (i.e.,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.29 517.90 Td ( to a Loyalty ) Tj ET Q q 0 0 0 rg BT 235.43 517.90 Td (T) Tj ET Q q 0 0 0 rg BT 241.18 517.90 Td (ransferee described above, or to Ferrari for no consideration \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 487.19 517.90 Td (om niet) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.91 517.90 Td (\)\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 495.90 Td (Pursuant to ) Tj ET Q q 0 0 0 rg BT 143.23 495.90 Td (Article 23 of the Ferrari ) Tj ET Q q 0 0 0 rg BT 240.69 495.90 Td (Articles of ) Tj ET Q q 0 0 0 rg BT 285.13 495.90 Td (Association, Ferrari shall maintain a special capital reserve to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 483.90 Td (credited against the share premium exclusively for the purpose of facilitating any issuance or cancellation of special voting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 471.90 Td (shares. ) Tj ET Q q 0 0 0 rg BT 83.81 471.90 Td (The special voting shares shall be issued and paid up against this special capital reserve. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 449.90 Td (The special voting shares have immaterial economic entitlements. Such economic entitlements are designed to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 437.90 Td (comply with Dutch law but are immaterial for investors. ) Tj ET Q q 0 0 0 rg BT 281.54 437.90 Td (The special voting shares carry the same voting rights as Ferrari ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 425.90 Td (common shares. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 403.90 Td (Section10 of the ) Tj ET Q q 0 0 0 rg BT 166.36 403.90 Td (T) Tj ET Q q 0 0 0 rg BT 171.77 403.90 Td (erms and Conditions include liquidated damages provisions intended to deter any attempt by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 391.90 Td (holders to circumvent the terms of the special voting shares. Such liquidated damages provisions may be enforced by Ferrari ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 379.90 Td (by means of a legal action brought by Ferrari before competent courts of ) Tj ET Q q 0 0 0 rg BT 346.40 379.90 Td (Amsterdam, the Netherlands. In particular) Tj ET Q q 0 0 0 rg BT 514.83 379.90 Td (, a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 367.90 Td (violation of the provisions of the ) Tj ET Q q 0 0 0 rg BT 187.13 367.90 Td (T) Tj ET Q q 0 0 0 rg BT 192.54 367.90 Td (erms and Conditions concerning the transfer of special voting shares, Electing Common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 355.90 Td (Shares \(common shares registered in the Loyalty Register for the purpose of becoming Qualifying Common Shares in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 343.90 Td (accordance with the Ferrari ) Tj ET Q q 0 0 0 rg BT 165.61 343.90 Td (Articles of ) Tj ET Q q 0 0 0 rg BT 210.04 343.90 Td (Association\) and Qualifying Common Shares may lead to the imposition of liquidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 331.90 Td (damages. Because we expect the restrictions on transfers of the special voting shares to be ef) Tj ET Q q 0 0 0 rg BT 424.80 331.90 Td (fective in practice we do not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 319.90 Td (expect the liquidated damages provisions to be used. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 297.90 Td (Pursuant to Section12 of the ) Tj ET Q q 0 0 0 rg BT 214.14 297.90 Td (T) Tj ET Q q 0 0 0 rg BT 219.55 297.90 Td (erms and Conditions, any amendment to the ) Tj ET Q q 0 0 0 rg BT 398.23 297.90 Td (T) Tj ET Q q 0 0 0 rg BT 403.64 297.90 Td (erms and Conditions \(other than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 285.90 Td (merely technical, non-material amendments and unless such amendment is required to ensure compliance with applicable law ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 273.90 Td (or regulations or the listing rules of any securities exchange on which the Ferrari common shares are listed\) may only be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 261.90 Td (made with the approval of the general meeting of shareholders of Ferrari. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 237.90 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 237.90 Td (At any time, a holder of Qualifying Common Shares or Electing Common Shares may request the de-registration of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 225.90 Td (such shares from the Loyalty Register to enable free trading thereof in the Regular ) Tj ET Q q 0 0 0 rg BT 385.92 225.90 Td (T) Tj ET Q q 0 0 0 rg BT 391.68 225.90 Td (rading System. Upon the de-registration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 213.90 Td (from the Loyalty Register) Tj ET Q q 0 0 0 rg BT 157.18 213.90 Td (, such shares will cease to be Electing Common Shares or Qualifying Common Shares as the case ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 201.90 Td (may be and will be freely tradable and voting rights attached to the corresponding special voting shares will be suspended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 189.90 Td (with immediate ef) Tj ET Q q 0 0 0 rg BT 126.57 189.90 Td (fect and such special voting shares shall be transferred to Ferrari for no consideration \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 473.12 189.90 Td (om niet) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.83 189.90 Td (\). ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 167.90 Td (T) Tj ET Q q 0 0 0 rg BT 59.19 167.90 Td (erms and Conditions of the Special V) Tj ET Q q 0 0 0 rg BT 211.44 167.90 Td (oting Shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 143.90 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 143.90 Td (The ) Tj ET Q q 0 0 0 rg BT 107.87 143.90 Td (T) Tj ET Q q 0 0 0 rg BT 113.28 143.90 Td (erms and Conditions apply to the issuance, allocation, acquisition, holding, repurchase and transfer of special ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 131.90 Td (voting shares in our share capital and to certain aspects of Electing Common Shares, Qualifying Common Shares and Ferrari ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 119.90 Td (common shares, which are or will be registered in the Loyalty Register) Tj ET Q q 0 0 0 rg BT 337.25 119.90 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 97.90 Td (Application for Special V) Tj ET Q q 0 0 0 rg BT 154.26 97.90 Td (oting Shar) Tj ET Q q 0 0 0 rg BT 195.84 97.90 Td (es ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 75.90 Td (A) Tj ET Q q 0 0 0 rg BT 102.67 75.90 Td ( Ferrari shareholder may at any time elect to participate in the loyalty voting program by requesting that Ferrari ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 63.90 Td (register all or some of the number of Ferrari common shares held by such Ferrari shareholder in the Loyalty Register) Tj ET Q q 0 0 0 rg BT 520.81 63.90 Td (. Such ) Tj ET Q endstream endobj 221 0 obj <> endobj 222 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 297.00 41.20 Td (102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (election shall be ef) Tj ET Q q 0 0 0 rg BT 129.06 731.10 Td (fective and registration in the Loyalty Register shall occur as of the end of the calendar month during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (which the election is made. If such Ferrari common shares \(i.e. Electing Common Shares\) have been registered in the Loyalty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.10 Td (Register \(and thus blocked from trading in the Regular ) Tj ET Q q 0 0 0 rg BT 275.15 707.10 Td (T) Tj ET Q q 0 0 0 rg BT 280.91 707.10 Td (rading System\) for an uninterrupted period of three years in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 695.10 Td (name of the same shareholder) Tj ET Q q 0 0 0 rg BT 172.99 695.10 Td (, the holder of such Ferrari common shares will be entitled to receive one Ferrari special voting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.10 Td (share for each such Ferrari common share that has been registered. If at any moment in time such Ferrari common shares are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 671.10 Td (de-registered from the Loyalty Register for whatever reason, the relevant shareholder loses its entitlement to hold a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 659.10 Td (corresponding number of Ferrari special voting shares. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 637.10 Td (W) Tj ET Q q 0 0 0 rg BT 61.78 637.10 Td (ithdrawal of Special V) Tj ET Q q 0 0 0 rg BT 150.39 637.10 Td (oting Shar) Tj ET Q q 0 0 0 rg BT 191.96 637.10 Td (es ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 615.10 Td (As described above, a holder of Qualifying Common Shares or Electing Common Shares may request that some or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 603.10 Td (all of its Qualifying Common Shares or Electing Common Shares be de-registered from the Loyalty Register and if held ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 591.10 Td (outside the Regular ) Tj ET Q q 0 0 0 rg BT 134.08 591.10 Td (T) Tj ET Q q 0 0 0 rg BT 139.83 591.10 Td (rading System, transfer such shares back to the Regular ) Tj ET Q q 0 0 0 rg BT 364.03 591.10 Td (T) Tj ET Q q 0 0 0 rg BT 369.79 591.10 Td (rading System, which will allow such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 579.10 Td (shareholder to freely trade its Ferrari common shares, as described below) Tj ET Q q 0 0 0 rg BT 346.30 579.10 Td (. From the moment of such request, the holder of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 567.10 Td (Qualifying Common Shares shall be considered to have waived his rights to cast any votes associated with the Ferrari special ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 555.10 Td (voting shares which were issued and allocated in respect of such Qualifying Common Shares. ) Tj ET Q q 0 0 0 rg BT 430.86 555.10 Td (Any such request would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 543.10 Td (automatically trigger a mandatory transfer requirement pursuant to which the Ferrari special voting shares will be of) Tj ET Q q 0 0 0 rg BT 518.66 543.10 Td (fered and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 531.10 Td (transferred to Ferrari for no consideration in accordance with the Ferrari ) Tj ET Q q 0 0 0 rg BT 344.71 531.10 Td (Articles of ) Tj ET Q q 0 0 0 rg BT 389.15 531.10 Td (Association and the ) Tj ET Q q 0 0 0 rg BT 470.34 531.10 Td (T) Tj ET Q q 0 0 0 rg BT 475.75 531.10 Td (erms and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 519.10 Td (Conditions. Ferrari may continue to hold the special voting shares as treasury stock, but will not be entitled to vote any such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 507.10 Td (treasury stock. ) Tj ET Q q 0 0 0 rg BT 114.26 507.10 Td (Alternatively) Tj ET Q q 0 0 0 rg BT 166.37 507.10 Td (, Ferrari may withdraw and cancel the special voting shares, as a result of which the nominal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 495.10 Td (value of such shares will be allocated to the special capital reserves of Ferrari. Consequently) Tj ET Q q 0 0 0 rg BT 422.94 495.10 Td (, the loyalty voting feature will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 483.10 Td (terminate as to the relevant Qualifying Common Shares being deregistered from the Loyalty Register) Tj ET Q q 0 0 0 rg BT 458.61 483.10 Td (. No shareholder ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 471.10 Td (required to transfer special voting shares pursuant to the ) Tj ET Q q 0 0 0 rg BT 280.69 471.10 Td (T) Tj ET Q q 0 0 0 rg BT 286.10 471.10 Td (erms and Conditions shall be entitled to any purchase price for such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 459.10 Td (special voting shares and each shareholder expressly waives any rights in that respect as a condition to participation in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 447.10 Td (loyalty voting program. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 425.10 Td (Change of Contr) Tj ET Q q 0 0 0 rg BT 120.86 425.10 Td (ol ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 403.10 Td (A) Tj ET Q q 0 0 0 rg BT 102.67 403.10 Td ( shareholder who is a holder of Qualifying Common Shares or Electing Common Shares must promptly notify ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 391.10 Td (the ) Tj ET Q q 0 0 0 rg BT 68.17 391.10 Td (Agent and Ferrari upon the occurrence of a change of control as defined in the Ferrari ) Tj ET Q q 0 0 0 rg BT 421.90 391.10 Td (Articles of ) Tj ET Q q 0 0 0 rg BT 466.33 391.10 Td (Association, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 379.10 Td (described below) Tj ET Q q 0 0 0 rg BT 118.60 379.10 Td (. ) Tj ET Q q 0 0 0 rg BT 123.42 379.10 Td (The change of control will trigger the de-registration of the relevant Electing Common Shares or Qualifying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 367.10 Td (Common Shares or the relevant Ferrari common shares in the Loyalty Register) Tj ET Q q 0 0 0 rg BT 369.20 367.10 Td (. ) Tj ET Q q 0 0 0 rg BT 374.02 367.10 Td (The voting rights attached to the special ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 355.10 Td (voting shares issued and allocated in respect of the relevant Qualified Common Shares will be suspended upon a direct or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 343.10 Td (indirect change of control in respect of the relevant holder of such Qualifying Common Shares that are registered in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 331.10 Td (Loyalty Register) Tj ET Q q 0 0 0 rg BT 120.38 331.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 307.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 307.10 Td (For the purposes of this section a change of control shall mean, in respect of any Ferrari shareholder that is not an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 295.10 Td (individual \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 100.38 295.10 Td (natuurlijk persoon) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.55 295.10 Td (\), any direct or indirect transfer in one or a series of related transactions as a result of which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 283.10 Td (\(i\)a majority of the voting rights of such shareholder) Tj ET Q q 0 0 0 rg BT 266.05 283.10 Td (, \(ii\)the de facto ability to direct the casting of a majority of the votes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 271.10 Td (exercisable at general meetings of shareholders of such shareholder and/or \(iii\)the ability to appoint or remove a majority of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 259.10 Td (the directors, executive directors or board members or executive of) Tj ET Q q 0 0 0 rg BT 322.04 259.10 Td (ficers of such shareholder or to direct the casting of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 247.10 Td (majority or more of the voting rights at meetings of the board of directors, governing body or executive committee of such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 235.10 Td (shareholder has been transferred to a new owner) Tj ET Q q 0 0 0 rg BT 247.13 235.10 Td (, provided that no change of control shall be deemed to have occurred if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 223.10 Td (\(a\)the transfer of ownership and/or control is an intra-group transfer under the same parent company) Tj ET Q q 0 0 0 rg BT 457.37 223.10 Td (, \(b\)the transfer of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 211.10 Td (ownership and /or control is the result of the succession or the liquidation of assets between spouses or the inheritance, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 531.38 211.10 Td (inter ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 199.10 Td (vivos) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.55 199.10 Td ( donation or other transfer to a spouse or a relative up to and including the fourth degree or \(c\)the fair market value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 187.10 Td (the Qualifying Common Shares held by such shareholder represents less than twenty percent \(20 percent\) of the total assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 175.10 Td (of the ) Tj ET Q q 0 0 0 rg BT 79.37 175.10 Td (T) Tj ET Q q 0 0 0 rg BT 85.12 175.10 Td (ransferred Group at the time of the transfer and the Qualifying Common Shares held by such shareholder) Tj ET Q q 0 0 0 rg BT 507.65 175.10 Td (, in the sole ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 163.10 Td (judgment of the company) Tj ET Q q 0 0 0 rg BT 155.83 163.10 Td (, are not otherwise material to the ) Tj ET Q q 0 0 0 rg BT 292.26 163.10 Td (T) Tj ET Q q 0 0 0 rg BT 298.02 163.10 Td (ransferred Group or the change of control transaction. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 151.10 Td (T) Tj ET Q q 0 0 0 rg BT 64.20 151.10 Td (ransferred Group shall mean the relevant shareholder together with its af) Tj ET Q q 0 0 0 rg BT 358.90 151.10 Td (filiates, if any) Tj ET Q q 0 0 0 rg BT 413.51 151.10 Td (, over which control was transferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 139.10 Td (as part of the same change of control transaction within the meaning of the definition of change of control.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 117.10 Td (Liability to Further) Tj ET Q q 0 0 0 rg BT 137.70 117.10 Td ( Capital Calls ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 95.10 Td (All of the outstanding Ferrari common shares are fully paid and non-assessable. ) Tj ET Q endstream endobj 223 0 obj <> endobj 224 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 297.00 41.20 Td (103) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 731.25 Td (Additional Issuances and Rights of Pr) Tj ET Q q 0 0 0 rg BT 215.24 731.25 Td (efer) Tj ET Q q 0 0 0 rg BT 231.71 731.25 Td (ence ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 709.25 Td (Issuance of Shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 687.25 Td (The general meeting of shareholders of Ferrari \(the General Meeting\) has the authority to resolve on any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 675.25 Td (issuance of shares, unless such authority has been delegated to the Board of Directors of Ferrari. In such a resolution, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 663.25 Td (General Meeting must determine the price and other terms of issuance. ) Tj ET Q q 0 0 0 rg BT 339.83 663.25 Td (The Board of Directors of Ferrari may have the power ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 651.25 Td (to issue shares if it has been authorized to do so by the General Meeting, or pursuant to the Ferrari ) Tj ET Q q 0 0 0 rg BT 448.62 651.25 Td (Articles of ) Tj ET Q q 0 0 0 rg BT 493.05 651.25 Td (Association. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 639.25 Td (Under Dutch law) Tj ET Q q 0 0 0 rg BT 122.22 639.25 Td (, such authorization may not exceed a period of five years, but may be renewed by a resolution of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 627.25 Td (General Meeting for subsequent five-year periods at any time. ) Tj ET Q q 0 0 0 rg BT 304.84 627.25 Td (The Ferrari Board of Directors has been designated by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 615.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 83.16 615.25 Td (Articles of ) Tj ET Q q 0 0 0 rg BT 127.59 615.25 Td (Association as the competent body to issue Ferrari common shares and special voting shares up to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 603.25 Td (maximum aggregate amount of the Ferrari authorized share capital for an initial period of five years from January 2, 2016, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 591.25 Td (which may be extended by the General Meeting with additional consecutive periods of up to a maximum of five years each.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 569.25 Td (Ferrari will not be required to obtain approval from a General Meeting to issue shares pursuant to the exercise of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 557.25 Td (right to subscribe for shares that was previously granted pursuant to authority granted by the shareholders or pursuant to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 545.25 Td (delegated authority by the Board of Directors. ) Tj ET Q q 0 0 0 rg BT 240.43 545.25 Td (The General Meeting shall, for as long as any such designation of the Board of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 533.25 Td (Directors of Ferrari for this purpose is in force, no longer has authority to decide on the issuance of shares.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 511.25 Td (Rights of Pre-emption ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 487.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 487.25 Td (Under Dutch law and the Ferrari ) Tj ET Q q 0 0 0 rg BT 222.18 487.25 Td (Articles of ) Tj ET Q q 0 0 0 rg BT 266.61 487.25 Td (Association, each Ferrari shareholder has a right of pre-emption in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 475.25 Td (proportion to the aggregate nominal value of its shareholding upon the issuance of new Ferrari common shares \(or the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 463.25 Td (granting of rights to subscribe for Ferrari common shares\). Exceptions to this right of pre-emption include the issuance of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 451.25 Td (new Ferrari common shares \(or the granting of rights to subscribe for common shares\): \(i\)to employees of Ferrari or another ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 439.25 Td (member of its group pursuant to a stock compensation plan of Ferrari, \(ii\)against payment in kind \(contribution other than in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 427.25 Td (cash\) and \(iii\)to persons exercising a previously granted right to subscribe for Ferrari common shares.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 405.25 Td (In the event of an issuance of special voting shares, shareholders shall not have any right of pre-emption. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 383.25 Td (The General Meeting may resolve to limit or exclude the rights of pre-emption upon an issuance of Ferrari ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 371.25 Td (common shares, which resolution requires approval of at least two-thirds of the votes cast, if less than half of the issued share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 359.25 Td (capital is represented at the General Meeting. ) Tj ET Q q 0 0 0 rg BT 237.63 359.25 Td (The Ferrari ) Tj ET Q q 0 0 0 rg BT 284.83 359.25 Td (Articles of ) Tj ET Q q 0 0 0 rg BT 329.26 359.25 Td (Association or the General Meeting may also designate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 347.25 Td (the Ferrari Board of Directors to resolve to limit or exclude the rights of pre-emption in relation to the issuance of Ferrari ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 335.25 Td (common shares. Pursuant to Dutch law) Tj ET Q q 0 0 0 rg BT 209.99 335.25 Td (, the designation by the General Meeting may be granted to the Ferrari Board of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 323.25 Td (Directors for a specified period of time of not more than five years and only if the Ferrari Board of Directors has also been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 311.25 Td (designated or is simultaneously designated the authority to resolve to issue Ferrari common shares. ) Tj ET Q q 0 0 0 rg BT 452.34 311.25 Td (The Ferrari Board of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 299.25 Td (Directors is designated in the Ferrari ) Tj ET Q q 0 0 0 rg BT 202.29 299.25 Td (Articles of ) Tj ET Q q 0 0 0 rg BT 246.72 299.25 Td (Association as the competent body to exclude or limit rights of pre-emption ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 287.25 Td (for an initial period of five years from January 2, 2016, which may be extended by the General Meeting with additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 275.25 Td (periods up to a maximum of five years per period. ) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 54.00 262.05 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 250.05 Td (Repur) Tj ET Q q 0 0 0 rg BT 81.04 250.05 Td (chase of Shar) Tj ET Q q 0 0 0 rg BT 138.08 250.05 Td (es ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 228.05 Td (Upon agreement with the relevant Ferrari shareholder) Tj ET Q q 0 0 0 rg BT 310.51 228.05 Td (, Ferrari may acquire its own shares at any time for no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 216.05 Td (consideration \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 113.70 216.05 Td (om niet) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.42 216.05 Td (\), or subject to certain provisions of Dutch law and the Ferrari ) Tj ET Q q 0 0 0 rg BT 393.07 216.05 Td (Articles of ) Tj ET Q q 0 0 0 rg BT 437.51 216.05 Td (Association for consideration, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 204.05 Td (if: \(i\)Ferrari) Tj ET Q q 0 0 0 rg BT 107.31 204.05 Td (s shareholders) Tj ET Q q 0 0 0 rg BT 166.83 204.05 Td ( equity less the payment required to make the acquisition does not fall below the sum of called-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 192.05 Td (up and paid-in share capital and any statutory reserves, \(ii\)Ferrari and its subsidiaries would thereafter not hold shares or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 180.05 Td (hold a pledge over Ferrari common shares with an aggregate nominal value exceeding 50 percent of the Ferrari) Tj ET Q q 0 0 0 rg BT 501.33 180.05 Td (s issued share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 168.05 Td (capital and \(iii\)the Ferrari Board of Directors has been authorized to do so by the General Meeting. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 146.05 Td (The acquisition of fully paid-up shares by Ferrari other than for no consideration \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 424.52 146.05 Td (om niet) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.23 146.05 Td (\) requires authorization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 134.05 Td (by the General Meeting. Such authorization may be granted for a period not exceeding 18 months and shall specify the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 122.05 Td (number of shares, the manner in which the shares may be acquired and the price range within which shares may be acquired. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 110.05 Td (The authorization is not required for the acquisition of shares from employees of Ferrari or another member of its Group, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 98.05 Td (under a scheme applicable to such employees and no authorization is required for repurchase of shares acquired in certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 86.05 Td (other limited circumstances in which the acquisition takes place by operation of law) Tj ET Q q 0 0 0 rg BT 389.36 86.05 Td (, such as pursuant to mer) Tj ET Q q 0 0 0 rg BT 488.60 86.05 Td (gers or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 74.05 Td (demer) Tj ET Q q 0 0 0 rg BT 78.80 74.05 Td (gers. Such shares must be of) Tj ET Q q 0 0 0 rg BT 192.49 74.05 Td (ficially listed on a price list of an exchange. ) Tj ET Q endstream endobj 225 0 obj <> endobj 226 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 297.00 41.20 Td (104) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 731.10 Td (At a General Meeting the shareholders may resolve to designate the Board of Directors of Ferrari as the competent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (body to resolve on Ferrari acquiring any Ferrari) Tj ET Q q 0 0 0 rg BT 247.55 719.10 Td (s fully paid up Ferrari common shares other than for no consideration \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 531.36 719.10 Td (om ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 707.10 Td (niet) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.00 707.10 Td (\) for a period of up to 18 months. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 685.10 Td (Ferrari may) Tj ET Q q 0 0 0 rg BT 142.27 685.10 Td (, jointly with its subsidiaries, hold Ferrari shares in its own capital exceeding one-tenth of its issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 673.10 Td (capital for no more than three years after acquisition of such Ferrari shares for no consideration \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 441.08 673.10 Td (om niet) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.79 673.10 Td (\) or in certain other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 661.10 Td (limited circumstances in which the acquisition takes place by operation of law) Tj ET Q q 0 0 0 rg BT 366.31 661.10 Td (, such as pursuant to mer) Tj ET Q q 0 0 0 rg BT 465.55 661.10 Td (gers or demer) Tj ET Q q 0 0 0 rg BT 520.35 661.10 Td (gers. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 649.10 Td (Any Ferrari shares held by Ferrari in excess of the amount permitted shall transfer to all members of the Ferrari Board of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 637.10 Td (Directors jointly at the end of the last day of such three year period. Each member of the Ferrari Board of Directors shall be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 625.10 Td (jointly and severally liable to compensate Ferrari for the value of the Ferrari shares at such time, with interest at the statutory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 613.10 Td (rate thereon from such time. ) Tj ET Q q 0 0 0 rg BT 169.33 613.10 Td (The term Ferrari shares in this paragraph shall include depositary receipts for shares and shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 601.10 Td (in respect of which Ferrari holds a right of pledge. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 579.10 Td (No votes may be cast at a General Meeting on the Ferrari shares held by Ferrari or its subsidiaries. ) Tj ET Q q 0 0 0 rg BT 491.44 579.10 Td (Also no voting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 567.10 Td (rights may be cast at a General Meeting in respect of Ferrari shares for which depositary receipts have been issued that are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 555.10 Td (owned by Ferrari. Nonetheless, the holders of a right of usufruct or pledge in respect of shares held by Ferrari and its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 543.10 Td (subsidiaries in Ferrari) Tj ET Q q 0 0 0 rg BT 143.98 543.10 Td (s share capital are not excluded from the right to vote on such shares, if the right of usufruct or pledge ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 531.10 Td (was granted prior to the time such shares were acquired by Ferrari or its subsidiaries. Neither Ferrari nor any of its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 519.10 Td (subsidiaries may cast votes in respect of a share on which it or its subsidiaries holds a right of usufruct or pledge. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 497.10 Td (Reduction of Shar) Tj ET Q q 0 0 0 rg BT 131.60 497.10 Td (e Capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 475.10 Td (Shareholders at a General Meeting have the power to cancel shares acquired by Ferrari or to reduce the nominal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 463.10 Td (value of the shares. ) Tj ET Q q 0 0 0 rg BT 133.14 463.10 Td (A) Tj ET Q q 0 0 0 rg BT 139.81 463.10 Td ( resolution to reduce the share capital requires a majority of at least two-thirds of the votes cast at the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 451.10 Td (General Meeting, if less than one-half of the issued capital is present or represented at the meeting. If more than one-half of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 439.10 Td (the issued share capital is present or represented at the meeting, a simple majority of the votes cast at the General Meeting is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 427.10 Td (required. ) Tj ET Q q 0 0 0 rg BT 91.76 427.10 Td (Any proposal for cancellation or reduction of nominal value is subject to general requirements of Dutch law with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 415.10 Td (respect to reduction of share capital. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 393.10 Td (T) Tj ET Q q 0 0 0 rg BT 59.93 393.10 Td (ransfer) Tj ET Q q 0 0 0 rg BT 90.85 393.10 Td ( of Shar) Tj ET Q q 0 0 0 rg BT 124.56 393.10 Td (es ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 371.10 Td (In accordance with the provisions of Dutch law) Tj ET Q q 0 0 0 rg BT 285.01 371.10 Td (, pursuant to ) Tj ET Q q 0 0 0 rg BT 336.68 371.10 Td (Article 12 of the Ferrari ) Tj ET Q q 0 0 0 rg BT 434.14 371.10 Td (Articles of ) Tj ET Q q 0 0 0 rg BT 478.58 371.10 Td (Association, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 359.10 Td (transfer or creation of shares or a right ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 210.04 359.10 Td (in r) Tj ET Q q 0 0 0 rg BT 223.84 359.10 Td (em) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.50 359.10 Td ( thereon requires a deed of transfer executed before a Dutch civil law notary) Tj ET Q q 0 0 0 rg BT 539.43 359.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 347.10 Td (unless shares are \(or shall shortly be\) admitted to trading on a regulated market or multilateral trading facility as referred to in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 335.10 Td (Article 1:1 of the Dutch Financial Supervision ) Tj ET Q q 0 0 0 rg BT 241.47 335.10 Td (Act or a system comparable to a regulated market or multilateral trading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 323.10 Td (facility) Tj ET Q q 0 0 0 rg BT 81.67 323.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 301.10 Td (The transfer of Ferrari common shares that have not been entered into a book-entry system will be ef) Tj ET Q q 0 0 0 rg BT 499.29 301.10 Td (fected in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 289.10 Td (accordance with ) Tj ET Q q 0 0 0 rg BT 121.19 289.10 Td (Article 12 of the Ferrari ) Tj ET Q q 0 0 0 rg BT 218.65 289.10 Td (Articles of ) Tj ET Q q 0 0 0 rg BT 263.09 289.10 Td (Association. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 267.10 Td (Common shares that have been entered into the DTC book-entry system will be registered in the name of Cede& ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 255.10 Td (Co., as nominee for DTC and transfers of beneficial ownership of shares held through DTC will be ef) Tj ET Q q 0 0 0 rg BT 460.10 255.10 Td (fected by electronic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 243.10 Td (transfer made by DTC participants. ) Tj ET Q q 0 0 0 rg BT 197.29 243.10 Td (Article 12 of the Ferrari ) Tj ET Q q 0 0 0 rg BT 294.76 243.10 Td (Articles of ) Tj ET Q q 0 0 0 rg BT 339.19 243.10 Td (Association does not apply to the trading of such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 231.10 Td (Ferrari common shares on a regulated market or the equivalent thereof. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 209.10 Td (T) Tj ET Q q 0 0 0 rg BT 101.76 209.10 Td (ransfers of shares held outside of DTC \(including Monte ) Tj ET Q q 0 0 0 rg BT 330.69 209.10 Td (T) Tj ET Q q 0 0 0 rg BT 336.45 209.10 Td (itoli S.p.A., as a participant in DTC\) or another direct ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 197.10 Td (registration system maintained by Computershare, Ferrari) Tj ET Q q 0 0 0 rg BT 287.83 197.10 Td (s transfer agent in New ) Tj ET Q q 0 0 0 rg BT 382.70 197.10 Td (Y) Tj ET Q q 0 0 0 rg BT 388.92 197.10 Td (ork \(T) Tj ET Q q 0 0 0 rg BT 418.28 197.10 Td (ransfer ) Tj ET Q q 0 0 0 rg BT 447.98 197.10 Td (Agent\) and not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 185.10 Td (represented by certificates are ef) Tj ET Q q 0 0 0 rg BT 183.74 185.10 Td (fected by a stock transfer instrument and require the written acknowledgment by Ferrari. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 173.10 Td (T) Tj ET Q q 0 0 0 rg BT 59.76 173.10 Td (ransfer of registered certificates is ef) Tj ET Q q 0 0 0 rg BT 205.88 173.10 Td (fected by presenting and surrendering the certificates to the ) Tj ET Q q 0 0 0 rg BT 445.33 173.10 Td (T) Tj ET Q q 0 0 0 rg BT 451.08 173.10 Td (ransfer ) Tj ET Q q 0 0 0 rg BT 480.79 173.10 Td (Agent. ) Tj ET Q q 0 0 0 rg BT 509.68 173.10 Td (A) Tj ET Q q 0 0 0 rg BT 516.35 173.10 Td ( valid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 161.10 Td (transfer requires the registered certificates to be properly endorsed for transfer as provided for in the certificates and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 149.10 Td (accompanied by proper instruments of transfer and stock transfer tax stamps for) Tj ET Q q 0 0 0 rg BT 373.22 149.10 Td (, or funds to pay) Tj ET Q q 0 0 0 rg BT 437.84 149.10 Td (, any applicable stock transfer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 137.10 Td (taxes. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 115.10 Td (Ferrari common shares are freely transferable. ) Tj ET Q q 0 0 0 rg BT 282.86 115.10 Td (As described below) Tj ET Q q 0 0 0 rg BT 361.07 115.10 Td (, special voting shares are generally not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 103.10 Td (transferable. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 81.10 Td (At any time, a holder of Ferrari common shares that are registered in the Loyalty Register \(i.e. Electing Common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 69.10 Td (Shares or Qualifying Common Shares\) wishing to transfer such Ferrari common shares other than in limited specified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 57.10 Td (circumstances \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 116.47 57.10 Td (i.e.,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.19 57.10 Td ( transfers to af) Tj ET Q q 0 0 0 rg BT 188.48 57.10 Td (filiates or to relatives through succession, donation or other transfers\) must first request a ) Tj ET Q endstream endobj 227 0 obj <> endobj 228 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 297.00 41.20 Td (105) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (de-registration of such shares from the Loyalty Register and if held outside the Regular ) Tj ET Q q 0 0 0 rg BT 405.39 731.10 Td (T) Tj ET Q q 0 0 0 rg BT 411.14 731.10 Td (rading System, transfer such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (common shares back into the Regular ) Tj ET Q q 0 0 0 rg BT 207.11 719.10 Td (T) Tj ET Q q 0 0 0 rg BT 212.87 719.10 Td (rading System. ) Tj ET Q q 0 0 0 rg BT 274.81 719.10 Td (After de-registration from the Loyalty Register) Tj ET Q q 0 0 0 rg BT 462.40 719.10 Td (, such Ferrari common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.10 Td (shares no longer qualify as Electing Common Shares or Qualifying Common Shares, as a result, the holder of such Ferrari ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 695.10 Td (common shares is required to of) Tj ET Q q 0 0 0 rg BT 182.40 695.10 Td (fer and transfer the special voting shares associated with such Ferrari common shares that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.10 Td (were previously Qualifying Common Shares to Ferrari for no consideration \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 361.71 683.10 Td (om niet) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.42 683.10 Td (\) as described in detail in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 498.60 683.10 Td (Loyalty ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 671.10 Td (V) Tj ET Q q 0 0 0 rg BT 59.00 671.10 Td (oting Pr) Tj ET Q q 0 0 0 rg BT 91.69 671.10 Td (ogramT) Tj ET Q q 0 0 0 rg BT 131.33 671.10 Td (erms and Conditions of the Special V) Tj ET Q q 0 0 0 rg BT 279.10 671.10 Td (oting Shar) Tj ET Q q 0 0 0 rg BT 320.68 671.10 Td (esW) Tj ET Q q 0 0 0 rg BT 345.68 671.10 Td (ithdrawal of Special V) Tj ET Q q 0 0 0 rg BT 434.29 671.10 Td (oting Shar) Tj ET Q q 0 0 0 rg BT 475.87 671.10 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.20 671.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 649.10 Td (Annual ) Tj ET Q q 0 0 0 rg BT 87.63 649.10 Td (Accounts and Independent ) Tj ET Q q 0 0 0 rg BT 204.05 649.10 Td (Auditor) Tj ET Q q 0 0 0 rg BT 237.76 649.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 627.10 Td (Ferrari) Tj ET Q q 0 0 0 rg BT 125.99 627.10 Td (s financial year is the calendar year) Tj ET Q q 0 0 0 rg BT 266.47 627.10 Td (. ) Tj ET Q q 0 0 0 rg BT 271.29 627.10 Td (W) Tj ET Q q 0 0 0 rg BT 280.33 627.10 Td (ithin four months after the end of each financial year) Tj ET Q q 0 0 0 rg BT 490.67 627.10 Td (, the Ferrari ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 615.10 Td (Board of Directors will prepare the annual accounts, which must be accompanied by an annual report and an auditor) Tj ET Q q 0 0 0 rg BT 519.48 615.10 Td () Tj ET Q q 0 0 0 rg BT 522.26 615.10 Td (s report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 603.10 Td (and will publish the accounts and annual report and will make those available for inspection at Ferrari) Tj ET Q q 0 0 0 rg BT 464.43 603.10 Td (s registered of) Tj ET Q q 0 0 0 rg BT 520.89 603.10 Td (fice. ) Tj ET Q q 0 0 0 rg BT 540.33 603.10 Td (All ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 591.10 Td (members of the Ferrari Board of Directors are required to sign the annual accounts and in case the signature of any member is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 579.10 Td (missing, the reason for this must be stated. ) Tj ET Q q 0 0 0 rg BT 226.57 579.10 Td (The annual accounts are to be adopted by the General Meeting at the annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 567.10 Td (general meeting of shareholders, at which meeting the members of the Ferrari Board of Directors will be dischar) Tj ET Q q 0 0 0 rg BT 503.66 567.10 Td (ged from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 555.10 Td (liability for performance of their duties with respect to any matter disclosed in the annual accounts for the relevant financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 543.10 Td (year insofar this appears from the annual accounts. ) Tj ET Q q 0 0 0 rg BT 259.58 543.10 Td (The annual accounts, the annual report and independent auditor) Tj ET Q q 0 0 0 rg BT 514.02 543.10 Td () Tj ET Q q 0 0 0 rg BT 516.80 543.10 Td (s report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 531.10 Td (are made available through Ferrari) Tj ET Q q 0 0 0 rg BT 195.04 531.10 Td (s website to the shareholders for review as from the day of the notice convening the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 519.10 Td (annual general meeting of shareholders. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 497.10 Td (Payment of Dividends ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 475.10 Td (Ferrari may make distributions to the shareholders and other persons entitled to the distributable profits only to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 463.10 Td (extent that its shareholders) Tj ET Q q 0 0 0 rg BT 163.50 463.10 Td ( equity exceeds the sum of the paid-up and called up portion of the share capital and the reserves ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 451.10 Td (that must be maintained in accordance with Dutch law) Tj ET Q q 0 0 0 rg BT 271.06 451.10 Td (. No distribution of profits may be made to Ferrari itself for shares that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 439.10 Td (Ferrari holds in its own share capital. ) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 54.00 425.90 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 413.90 Td (Ferrari may only make a distribution of dividends to the shareholders after the adoption of its statutory annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 401.90 Td (accounts demonstrating that such distribution is legally permitted. ) Tj ET Q q 0 0 0 rg BT 320.16 401.90 Td (The Ferrari Board of Directors may determine that other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 389.90 Td (freely distributable distributions shall be made, in whole or in part, from Ferrari) Tj ET Q q 0 0 0 rg BT 375.59 389.90 Td (s share premium reserve or from any other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 377.90 Td (reserve, provided that payments from reserves may only be made to the shareholders that are entitled to the relevant reserve ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 365.90 Td (upon the dissolution of Ferrari and provided further that the policy of Ferrari on additions to reserves and dividends is duly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 353.90 Td (observed. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 331.90 Td (Holders of special voting shares will not receive any dividend in respect of the special voting shares. However ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 319.90 Td (Ferrari maintains a separate dividend reserve for the special voting shares for the sole purpose of the allocation of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 307.90 Td (mandatory minimal profits that accrue to the special voting shares. ) Tj ET Q q 0 0 0 rg BT 322.91 307.90 Td (This allocation establishes a reserve for the amount that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 295.90 Td (would otherwise be paid. ) Tj ET Q q 0 0 0 rg BT 156.85 295.90 Td (The special voting shares do not carry any entitlement to any other reserve. ) Tj ET Q q 0 0 0 rg BT 459.53 295.90 Td (Any distribution out of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 283.90 Td (the special dividend reserve or the partial or full release of such reserve requires a prior proposal from the Ferrari Board of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 271.90 Td (Directors and a subsequent resolution of the meeting of holders of special voting shares. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 249.90 Td (Insofar as the profits have not been distributed or allocated to the reserves, they may) Tj ET Q q 0 0 0 rg BT 432.74 249.90 Td (, by resolution of the General ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 237.90 Td (Meeting, be distributed as dividends on the Ferrari common shares only) Tj ET Q q 0 0 0 rg BT 340.79 237.90 Td (. ) Tj ET Q q 0 0 0 rg BT 345.61 237.90 Td (The General Meeting may resolve, on the proposal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 225.90 Td (of the Ferrari Board of Directors, to declare and distribute dividends in U.S. Dollars. ) Tj ET Q q 0 0 0 rg BT 394.29 225.90 Td (The Ferrari Board of Directors may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 213.90 Td (decide, subject to the approval of the General Meeting and the Ferrari Board of Directors having been designated as the body ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 201.90 Td (competent to pass a resolution for the issuance of shares, that a distribution shall, wholly or partially) Tj ET Q q 0 0 0 rg BT 454.37 201.90 Td (, be made in the form of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 189.90 Td (shares, or that shareholders shall be given the option to receive a distribution either in cash or in the form of shares. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 167.90 Td (The right to dividends and distributions will lapse if the dividends or distributions are not claimed within five years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 155.90 Td (following the day after the date on which they first became payable. ) Tj ET Q q 0 0 0 rg BT 328.07 155.90 Td (Any dividends or other distributions made in violation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 143.90 Td (the Ferrari ) Tj ET Q q 0 0 0 rg BT 97.87 143.90 Td (Articles of ) Tj ET Q q 0 0 0 rg BT 142.31 143.90 Td (Association or Dutch law will have to be repaid by the shareholders who knew or should have known, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 131.90 Td (of such violation. ) Tj ET Q endstream endobj 229 0 obj <> endobj 230 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 297.00 41.20 Td (106) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 731.25 Td (General Meetings and ) Tj ET Q q 0 0 0 rg BT 150.75 731.25 Td (V) Tj ET Q q 0 0 0 rg BT 157.06 731.25 Td (oting Rights ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 709.25 Td (Annual Meeting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 687.25 Td (An annual General Meeting must be held within six months from the end of Ferrari) Tj ET Q q 0 0 0 rg BT 432.04 687.25 Td (s preceding financial year) Tj ET Q q 0 0 0 rg BT 534.49 687.25 Td (. ) Tj ET Q q 0 0 0 rg BT 539.31 687.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 675.25 Td (purpose of the annual General Meeting is to discuss, among other things, the annual report, the adoption of the annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 663.25 Td (accounts, allocation of profits \(including the proposal to distribute dividends\), release of members of the Ferrari Board of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 651.25 Td (Directors from liability for their management and supervision, and other proposals brought up for discussion by the Ferrari ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 639.25 Td (Board of Directors. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 617.25 Td (General Meeting and Place of Meetings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 595.25 Td (Other General Meetings will be held if requested by the Ferrari Board of Directors, the chairman of the Ferrari ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 583.25 Td (Board of Directors, the chairperson or the chief executive of) Tj ET Q q 0 0 0 rg BT 294.83 583.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 312.75 583.25 Td (, or by the written request \(stating the exact subjects to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 571.25 Td (discussed\) of one or more shareholders representing in aggregate at least 10 percent of the issued share capital of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 559.25 Td (company \(taking into account the relevant provisions of Dutch law) Tj ET Q q 0 0 0 rg BT 320.78 559.25 Td (, and the Ferrari ) Tj ET Q q 0 0 0 rg BT 386.59 559.25 Td (Articles of ) Tj ET Q q 0 0 0 rg BT 431.02 559.25 Td (Association and the applicable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 547.25 Td (stock exchange regulations\). General Meetings will be held in ) Tj ET Q q 0 0 0 rg BT 303.93 547.25 Td (Amsterdam or Haarlemmermeer \(Schiphol ) Tj ET Q q 0 0 0 rg BT 477.20 547.25 Td (Airport\), the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 535.25 Td (Netherlands. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 513.25 Td (Convocation Notice and ) Tj ET Q q 0 0 0 rg BT 155.57 513.25 Td (Agenda ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 491.25 Td (General Meetings can be convened by a notice, specifying the subjects to be discussed, the place and the time of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 479.25 Td (the meeting and admission and participation procedure, issued at least 15days before the meeting or 42 days if shares of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 467.25 Td (Ferrari or depositary receipts issued with cooperation of Ferrari have been admitted to trading on the MT) Tj ET Q q 0 0 0 rg BT 473.07 467.25 Td (A) Tj ET Q q 0 0 0 rg BT 479.74 467.25 Td ( or another ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 455.25 Td (regulated market as referred to in ) Tj ET Q q 0 0 0 rg BT 188.94 455.25 Td (Article 1:1 of the Dutch Financial Supervision ) Tj ET Q q 0 0 0 rg BT 376.40 455.25 Td (Act. ) Tj ET Q q 0 0 0 rg BT 395.29 455.25 Td (All convocations, announcements, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 443.25 Td (notifications and communications to shareholders and other persons entitled to attend the General Meeting must be made on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 431.25 Td (the company) Tj ET Q q 0 0 0 rg BT 108.15 431.25 Td (s corporate website in accordance with the relevant provisions of Dutch law) Tj ET Q q 0 0 0 rg BT 411.01 431.25 Td (. ) Tj ET Q q 0 0 0 rg BT 415.83 431.25 Td (The agenda for a General Meeting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 419.25 Td (may contain the items requested by one or more shareholders representing at least three percent of the issued share capital of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 407.25 Td (the company) Tj ET Q q 0 0 0 rg BT 104.72 407.25 Td (, taking into account the relevant provisions of Dutch law) Tj ET Q q 0 0 0 rg BT 334.01 407.25 Td (. Requests must be made in writing, including the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 395.25 Td (reasons for adding the relevant item on the agenda, and received by the Ferrari Board of Directors at least 60 days before the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 383.25 Td (day of the meeting. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 361.25 Td (Admission and Registration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 339.25 Td (Each shareholder entitled to vote, and each person holding a usufruct or pledge to whom the right to vote on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 327.25 Td (Ferrari common shares accrues, shall be authorized to attend the General Meeting, to address the General Meeting and to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 315.25 Td (exercise its voting rights. ) Tj ET Q q 0 0 0 rg BT 156.86 315.25 Td (The registration date of each General Meeting is the twenty-eighth day prior to the date of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 303.25 Td (General Meeting so as to establish which shareholders are entitled to attend and vote at the General Meeting. Only holders of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 291.25 Td (shares and other persons entitled to vote or attend the General Meeting, at such registration date are entitled to attend and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 279.25 Td (vote at the General Meeting. ) Tj ET Q q 0 0 0 rg BT 170.44 279.25 Td (The convocation notice for the meeting shall state the registration date and the manner in which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 267.25 Td (the persons entitled to attend the General Meeting may register and exercise their rights. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 245.25 Td (Those entitled to attend a General Meeting may be represented at a General Meeting by a proxy authorized in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 233.25 Td (writing. ) Tj ET Q q 0 0 0 rg BT 87.71 233.25 Td (The requirement that a proxy must be in written form is also fulfilled when it is recorded electronically) Tj ET Q q 0 0 0 rg BT 498.87 233.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 211.25 Td (Members of the Ferrari Board of Directors have the right to attend a General Meeting. In these General Meetings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 199.25 Td (they have an advisory role. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 177.25 Td (V) Tj ET Q q 0 0 0 rg BT 59.56 177.25 Td (oting Rights ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 155.25 Td (Each Ferrari common share and each special voting share confers the right on the holder to cast one vote at a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 143.25 Td (General Meeting. Resolutions are passed by a simple majority of the votes cast, unless Dutch law or the Ferrari ) Tj ET Q q 0 0 0 rg BT 500.83 143.25 Td (Articles of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 131.25 Td (Association prescribes a lar) Tj ET Q q 0 0 0 rg BT 164.06 131.25 Td (ger majority) Tj ET Q q 0 0 0 rg BT 212.56 131.25 Td (. Under Dutch law and/or the Ferrari ) Tj ET Q q 0 0 0 rg BT 360.85 131.25 Td (Articles of ) Tj ET Q q 0 0 0 rg BT 405.28 131.25 Td (Association, the following matters ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 119.25 Td (require at least two-thirds of the votes cast at a meeting if less than half of the issued share capital is present or represented: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 97.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 97.25 Td (a resolution to reduce the issued share capital; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 75.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 75.25 Td (a resolution to amend the Ferrari ) Tj ET Q q 0 0 0 rg BT 247.74 75.25 Td (Articles of ) Tj ET Q q 0 0 0 rg BT 292.17 75.25 Td (Association; ) Tj ET Q endstream endobj 231 0 obj <> endobj 232 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 297.00 41.20 Td (107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 731.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 731.10 Td (a resolution to restrict or exclude rights of pre-emption; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 709.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 709.10 Td (a resolution to authorize the Ferrari Board of Directors to restrict or exclude shareholder rights of pre-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 697.10 Td (emption; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 675.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 675.10 Td (a resolution to enter into a legal mer) Tj ET Q q 0 0 0 rg BT 259.49 675.10 Td (ger or a legal demer) Tj ET Q q 0 0 0 rg BT 339.27 675.10 Td (ger; or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 653.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 653.10 Td (a resolution to dissolve Ferrari. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 631.10 Td (Shar) Tj ET Q q 0 0 0 rg BT 74.38 631.10 Td (eholders) Tj ET Q q 0 0 0 rg BT 113.08 631.10 Td ( ) Tj ET Q q 0 0 0 rg BT 115.40 631.10 Td (V) Tj ET Q q 0 0 0 rg BT 121.70 631.10 Td (otes on Certain ) Tj ET Q q 0 0 0 rg BT 189.01 631.10 Td (T) Tj ET Q q 0 0 0 rg BT 194.94 631.10 Td (ransactions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 609.10 Td (Any important change in the identity or character of Ferrari must be approved by the General Meeting, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 597.10 Td (\(i\)the termination transfer to a third party of the business of Ferrari or practically the entire business of Ferrari; \(ii\)the entry ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 585.10 Td (into or breaking of) Tj ET Q q 0 0 0 rg BT 128.52 585.10 Td (f of any long-term cooperation of Ferrari or a subsidiary with another legal entity or company or as a fully ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 573.10 Td (liable partner of a general partnership or limited partnership, where such entry into or breaking of) Tj ET Q q 0 0 0 rg BT 443.68 573.10 Td (f is of far) Tj ET Q q 0 0 0 rg BT 480.41 573.10 Td (-reaching ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 561.10 Td (importance to Ferrari; and \(iii\)the acquisition or disposal by Ferrari or a subsidiary of an interest in the capital of a company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 549.10 Td (with a value of at least one-third of Ferrari) Tj ET Q q 0 0 0 rg BT 226.71 549.10 Td (s assets according to the consolidated statement of financial position with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 537.10 Td (explanatory notes included in the last adopted annual accounts of Ferrari. ) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 96.00 525.90 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 513.90 Td (Amendments to the Ferrari ) Tj ET Q q 0 0 0 rg BT 173.41 513.90 Td (Articles of ) Tj ET Q q 0 0 0 rg BT 219.51 513.90 Td (Association, including ) Tj ET Q q 0 0 0 rg BT 315.74 513.90 Td (V) Tj ET Q q 0 0 0 rg BT 322.04 513.90 Td (ariation of Rights ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 491.90 Td (A) Tj ET Q q 0 0 0 rg BT 102.67 491.90 Td ( resolution of the General Meeting to amend the Ferrari ) Tj ET Q q 0 0 0 rg BT 326.49 491.90 Td (Articles of ) Tj ET Q q 0 0 0 rg BT 370.92 491.90 Td (Association or to wind up Ferrari may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 479.90 Td (approved only if proposed by the Ferrari Board of Directors and must be approved by a vote of a majority of at least two-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 467.90 Td (thirds of the votes cast if less than one-half of the issued share capital is present or represented at such General Meeting. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 445.90 Td (The rights of shareholders may be changed only by amending the Ferrari ) Tj ET Q q 0 0 0 rg BT 389.25 445.90 Td (Articles of ) Tj ET Q q 0 0 0 rg BT 433.68 445.90 Td (Association in compliance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 433.90 Td (with Dutch law) Tj ET Q q 0 0 0 rg BT 115.01 433.90 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 411.90 Td (Dissolution and Liquidation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 389.90 Td (The General Meeting may resolve to dissolve Ferrari, upon a proposal of the Ferrari Board of Directors thereto. ) Tj ET Q q 0 0 0 rg BT 544.19 389.90 Td (A) Tj ET Q q 0 0 0 rg BT 550.86 389.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 377.90 Td (majority of at least two-thirds of the votes cast shall be required if less than one-half of the issued capital is present or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 365.90 Td (represented at the meeting. In the event of dissolution, Ferrari will be liquidated in accordance with Dutch law and the Ferrari ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 353.90 Td (Articles of ) Tj ET Q q 0 0 0 rg BT 98.43 353.90 Td (Association and the liquidation shall be arranged by the members of the Ferrari Board of Directors, unless the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 341.90 Td (General Meeting appoints other liquidators. During liquidation, the provisions of the Ferrari ) Tj ET Q q 0 0 0 rg BT 423.93 341.90 Td (Articles of ) Tj ET Q q 0 0 0 rg BT 468.36 341.90 Td (Association will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 329.90 Td (remain in force as long as possible. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 307.90 Td (If Ferrari is dissolved and liquidated, whatever remains of Ferrari) Tj ET Q q 0 0 0 rg BT 360.36 307.90 Td (s equity after all its debts have been dischar) Tj ET Q q 0 0 0 rg BT 534.56 307.90 Td (ged ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 295.90 Td (shall first be applied to distribute the aggregate balance of share premium reserves and other reserves \(other than the special ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 283.90 Td (dividend reserve\), to holders of Ferrari common shares in proportion to the aggregate nominal value of the Ferrari common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 271.90 Td (shares held by each holder; secondly) Tj ET Q q 0 0 0 rg BT 200.25 271.90 Td (, from any balance remaining, an amount equal to the aggregate amount of the nominal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 259.90 Td (value of the Ferrari common shares will be distributed to the holders of Ferrari common shares in proportion to the aggregate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 247.90 Td (nominal value of Ferrari common shares held by each of them; thirdly) Tj ET Q q 0 0 0 rg BT 334.10 247.90 Td (, from any balance remaining, an amount equal to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 235.90 Td (aggregate amount of the special voting shares dividend reserve will be distributed to the holders of special voting shares in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 223.90 Td (proportion to the aggregate nominal value of the special voting shares held by each of them; fourthly) Tj ET Q q 0 0 0 rg BT 456.56 223.90 Td (, from any balance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 211.90 Td (remaining, the aggregate amount of the nominal value of the special voting shares will be distributed to the holders of special ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 199.90 Td (voting shares in proportion to the aggregate nominal value of the special voting shares held by each of them; and, lastly) Tj ET Q q 0 0 0 rg BT 531.28 199.90 Td (, any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 187.90 Td (balance remaining will be distributed to the holders of Ferrari common shares in proportion to the aggregate nominal value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 175.90 Td (Ferrari common shares held by each of them. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 153.90 Td (Liability of Dir) Tj ET Q q 0 0 0 rg BT 118.26 153.90 Td (ectors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 131.90 Td (Under Dutch law) Tj ET Q q 0 0 0 rg BT 164.22 131.90 Td (, the management of a company is a joint undertaking and each member of the Board of Directors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 119.90 Td (can be held jointly and severally liable to Ferrari for damages in the event of improper or negligent performance of their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 107.90 Td (duties. Further) Tj ET Q q 0 0 0 rg BT 111.92 107.90 Td (, members of the Board of Directors can be held liable to third parties based on tort, pursuant to certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 95.90 Td (provisions of the Dutch Civil Code. ) Tj ET Q q 0 0 0 rg BT 198.72 95.90 Td (All directors are jointly and severally liable for failure of one or more co-directors. ) Tj ET Q q 0 0 0 rg BT 531.65 95.90 Td (An ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 83.90 Td (individual director is only exempted from liability if he proves that he cannot be held seriously culpable for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 71.90 Td (mismanagement and that he has not been negligent in seeking to prevent the consequences of the mismanagement. In this ) Tj ET Q endstream endobj 233 0 obj <> endobj 234 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 297.00 41.20 Td (108) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (regard a director may) Tj ET Q q 0 0 0 rg BT 139.14 731.10 Td (, however) Tj ET Q q 0 0 0 rg BT 178.17 731.10 Td (, refer to the allocation of tasks between the directors. In certain circumstances, directors may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (incur additional specific civil and criminal liabilities. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 697.10 Td (Indemnification of Dir) Tj ET Q q 0 0 0 rg BT 149.93 697.10 Td (ectors and Officers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 675.10 Td (Under Dutch law) Tj ET Q q 0 0 0 rg BT 164.22 675.10 Td (, indemnification provisions may be included in a company) Tj ET Q q 0 0 0 rg BT 404.44 675.10 Td (s articles of association. Under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 663.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 83.16 663.10 Td (Articles of ) Tj ET Q q 0 0 0 rg BT 127.59 663.10 Td (Association, Ferrari is required to indemnify its directors, of) Tj ET Q q 0 0 0 rg BT 368.46 663.10 Td (ficers, former directors, former of) Tj ET Q q 0 0 0 rg BT 503.22 663.10 Td (ficers and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 651.10 Td (any person who may have served at Ferrari) Tj ET Q q 0 0 0 rg BT 229.21 651.10 Td (s request as a director or of) Tj ET Q q 0 0 0 rg BT 337.33 651.10 Td (ficer of another company in which Ferrari owns shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 639.10 Td (or of which Ferrari is a creditor who were or are made a party or are threatened to be made a party or are involved in, any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 627.10 Td (threatened, pending or completed action, suit, or proceeding, whether civil, criminal, administrative, arbitrative or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 615.10 Td (investigative \(each a Proceeding\), or any appeal in such a Proceeding or any inquiry or investigation that could lead to such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 603.10 Td (a Proceeding, against any and all liabilities, damages, reasonable and documented expenses \(including reasonably incurred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 591.10 Td (and substantiated attorney) Tj ET Q q 0 0 0 rg BT 161.19 591.10 Td (s fees\), financial ef) Tj ET Q q 0 0 0 rg BT 237.08 591.10 Td (fects of judgments, fines, penalties \(including excise and similar taxes and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 579.10 Td (punitive damages\) and amounts paid in settlement in connection with such Proceeding by any of them. Notwithstanding the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 567.10 Td (above, no indemnification shall be made in respect of any claim, issue or matter as to which any of the above-mentioned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 555.10 Td (indemnified persons shall be adjudged to be liable for gross negligence or willful misconduct in the performance of such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 543.10 Td (person) Tj ET Q q 0 0 0 rg BT 83.44 543.10 Td (s duty to Ferrari. ) Tj ET Q q 0 0 0 rg BT 152.41 543.10 Td (This indemnification by Ferrari is not exclusive of any other rights to which those indemnified may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 531.10 Td (be entitled otherwise. Ferrari has purchased directors) Tj ET Q q 0 0 0 rg BT 268.45 531.10 Td ( and of) Tj ET Q q 0 0 0 rg BT 296.04 531.10 Td (ficers) Tj ET Q q 0 0 0 rg BT 320.84 531.10 Td ( liability insurance for the members of the Board of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 519.10 Td (Directors and certain other of) Tj ET Q q 0 0 0 rg BT 171.54 519.10 Td (ficers, substantially in line with that purchased by similarly situated companies. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 497.10 Td (Dutch Corporate Governance Code ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 475.10 Td (The Dutch Corporate Governance Code contains principles and best practice provisions that regulate relations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 463.10 Td (between the board and the shareholders \(e.g. the General Meeting\). ) Tj ET Q q 0 0 0 rg BT 325.10 463.10 Td (The Dutch Corporate Governance Code is divided into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 451.10 Td (five sections which address the following topics: \(i\)compliance with and enforcement of the Dutch Corporate Governance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 439.10 Td (Code; \(ii\)the management board, including matters such as the composition of the board, selection of board members and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 427.10 Td (director qualification standards, director responsibilities, board committees and term of appointment; \(iii\)the supervisory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 415.10 Td (board or the non-executive directors in a one-tier board; \(iv\)the shareholders and the general meeting of shareholders; and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 403.10 Td (\(v\)the audit of the financial reporting and the position of the internal audit function and the external auditor) Tj ET Q q 0 0 0 rg BT 484.98 403.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 381.10 Td (Dutch companies whose shares are listed on a government-recognized stock exchange, such as the NYSE, are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 369.10 Td (required under Dutch law to disclose in their annual reports whether or not they apply the provisions of the Dutch Corporate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 357.10 Td (Governance Code and, in the event that they do not apply a certain provision, to explain the reasons why they have chosen to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 345.10 Td (deviate. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 323.10 Td (Ferrari acknowledges the importance of good corporate governance and supports the best practice provisions of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 311.10 Td (Dutch Corporate Governance Code. ) Tj ET Q q 0 0 0 rg BT 200.16 311.10 Td (Therefore, Ferrari intends to comply with the relevant best practice provisions of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 299.10 Td (Dutch Corporate Governance Code except as may be noted from time to time in Ferrari) Tj ET Q q 0 0 0 rg BT 406.66 299.10 Td (s annual reports. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 275.10 Td (Disclosur) Tj ET Q q 0 0 0 rg BT 93.82 275.10 Td (e of Holdings under) Tj ET Q q 0 0 0 rg BT 177.82 275.10 Td ( Dutch Law) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 253.10 Td (Home member state for purposes of the EU T) Tj ET Q q 0 0 0 rg BT 235.10 253.10 Td (ranspar) Tj ET Q q 0 0 0 rg BT 266.40 253.10 Td (ency Dir) Tj ET Q q 0 0 0 rg BT 300.74 253.10 Td (ective) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 231.10 Td (The Netherlands is Ferrari) Tj ET Q q 0 0 0 rg BT 204.02 231.10 Td (s home member state for the purposes of the EU ) Tj ET Q q 0 0 0 rg BT 399.34 231.10 Td (T) Tj ET Q q 0 0 0 rg BT 405.10 231.10 Td (ransparency Directive \(Directive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 219.10 Td (2004/109/EC, as amended\). ) Tj ET Q q 0 0 0 rg BT 169.54 219.10 Td (As of the listing of the Ferrari common shares on the MT) Tj ET Q q 0 0 0 rg BT 397.86 219.10 Td (A, we are subject to financial and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 207.10 Td (reporting obligations under the ) Tj ET Q q 0 0 0 rg BT 179.53 207.10 Td (AFS and the Dutch Financial Reporting Supervision ) Tj ET Q q 0 0 0 rg BT 390.90 207.10 Td (Act \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 411.17 207.10 Td (W) Tj ET Q q 0 0 0 rg BT 418.58 207.10 Td (et toezicht financile ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 195.10 Td (verslaggeving) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.09 195.10 Td (\) \(DFRSA\), which both implement the EU ) Tj ET Q q 0 0 0 rg BT 282.67 195.10 Td (T) Tj ET Q q 0 0 0 rg BT 288.43 195.10 Td (ransparency Directive in the Netherlands. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 173.10 Td (Disclosur) Tj ET Q q 0 0 0 rg BT 92.52 173.10 Td (e of information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 151.10 Td (Ferrari is required to publish its annual report \(consisting of the audited annual accounts, the annual report and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 139.10 Td (responsibility statement\) within four months after the end of each financial year and its half-yearly figures within three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 127.10 Td (months after the end of the first six months of each financial year) Tj ET Q q 0 0 0 rg BT 314.47 127.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 97.10 Td (Shar) Tj ET Q q 0 0 0 rg BT 72.52 97.10 Td (eholder disclosur) Tj ET Q q 0 0 0 rg BT 141.87 97.10 Td (e and r) Tj ET Q q 0 0 0 rg BT 169.83 97.10 Td (eporting obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 79.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 79.10 Td (As a result of the listing of the Ferrari common shares on the MT) Tj ET Q q 0 0 0 rg BT 349.98 79.10 Td (A, chapter 5.3 of the Dutch act on Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 67.10 Td (Supervision \(AFS\) applies, pursuant to which any person who, directly or indirectly) Tj ET Q q 0 0 0 rg BT 398.00 67.10 Td (, acquires or disposes of an actual or ) Tj ET Q endstream endobj 235 0 obj <> endobj 236 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 297.00 41.20 Td (109) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (potential capital interest and/or actual or potential voting rights in Ferrari must immediately give written notice to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (Netherlands ) Tj ET Q q 0 0 0 rg BT 104.26 719.10 Td (Authority for the Financial Markets \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 252.84 719.10 Td (stichting ) Tj ET Q q 0 0 0 rg BT 289.60 719.10 Td (Autoriteit Financile Markten) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.57 719.10 Td (, the AFM\) of such acquisition or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.10 Td (disposal by means of a standard form if, as a result of such acquisition or disposal, the percentage of capital interest and/or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 695.10 Td (voting rights held by such person reaches, exceeds or falls below the following thresholds: 3 percent, 5 percent, 10 percent, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.10 Td (15 percent, 20 percent, 25 percent, 30 percent, 40 percent, 50 percent, 60 percent, 75 percent and 95 percent.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 661.10 Td (For the purpose of calculating the percentage of capital interest or voting rights, the following interests must, inter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 649.10 Td (alia, be taken into account: \(i\) shares and/or voting rights directly held \(or acquired or disposed of\) by any person, \(ii\) shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 637.10 Td (and/or voting rights held \(or) Tj ET Q q 0 0 0 rg BT 166.36 637.10 Td (, acquired or disposed of\) by such person) Tj ET Q q 0 0 0 rg BT 333.54 637.10 Td (s controlled entities or by a third party for such person) Tj ET Q q 0 0 0 rg BT 553.49 637.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 625.10 Td (account, \(iii\) voting rights held \(or acquired or disposed of\) by a third party with whom such person has concluded an oral or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 613.10 Td (written voting agreement, \(iv\) voting rights acquired pursuant to an agreement providing for a temporary transfer of voting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 601.10 Td (rights in consideration for a payment, and \(v\) shares which such person, or any controlled entity or third party referred to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 589.10 Td (above, may acquire pursuant to any option or other right to acquire shares.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 567.10 Td (As a consequence of the above, special voting shares shall be added to Ferrari common shares for the purposes of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 555.10 Td (the above thresholds.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 531.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 531.10 Td (Controlled entities \(within the meaning of the Dutch Financial Supervision ) Tj ET Q q 0 0 0 rg BT 391.62 531.10 Td (Act\) do not themselves have notification ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 519.10 Td (obligations under the ) Tj ET Q q 0 0 0 rg BT 140.38 519.10 Td (AFS as their direct and indirect interests are attributed to their \(ultimate\) parent. If a person who has a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 507.10 Td (three percent or lar) Tj ET Q q 0 0 0 rg BT 129.61 507.10 Td (ger interest in Ferrari) Tj ET Q q 0 0 0 rg BT 217.07 507.10 Td (s share capital or voting rights ceases to be a controlled entity it must immediately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 495.10 Td (notify the ) Tj ET Q q 0 0 0 rg BT 94.55 495.10 Td (AFM and all notification obligations under the ) Tj ET Q q 0 0 0 rg BT 283.14 495.10 Td (AFS will become applicable to such former controlled entity) Tj ET Q q 0 0 0 rg BT 525.20 495.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 473.10 Td (Special rules apply to the attribution of shares and/or voting rights which are part of the property of a partnership ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 461.10 Td (or other form of joint ownership. ) Tj ET Q q 0 0 0 rg BT 187.59 461.10 Td (A) Tj ET Q q 0 0 0 rg BT 194.26 461.10 Td ( holder of a pledge or right of usufruct in respect of shares can also be subject to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 449.10 Td (notification obligations, if such person has, or can acquire, the right to vote on the shares. ) Tj ET Q q 0 0 0 rg BT 413.73 449.10 Td (The acquisition of \(conditional\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 437.10 Td (voting rights by a pledgee or beneficial owner may also trigger notification obligations as if the pledgee or beneficial owner ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 425.10 Td (were the legal holder of the shares and/or voting rights.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 403.10 Td (Furthermore, when calculating the percentage of capital interest, a person is also considered to be in possession of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 391.10 Td (shares if \(i\) such person holds a financial instrument the value of which is \(in part\) determined by the value of the shares or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 379.10 Td (any distributions associated therewith and which does not entitle such person to acquire any shares, \(ii\) such person may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 367.10 Td (obliged to purchase shares on the basis of an option, or \(iii\) such person has concluded another contract whereby such person ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 355.10 Td (acquires an economic interest comparable to that of holding a share.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 333.10 Td (If a person) Tj ET Q q 0 0 0 rg BT 141.54 333.10 Td (s capital interest and/or voting rights reaches, exceeds or falls below the above-mentioned thresholds as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 321.10 Td (a result of a change in Ferrari) Tj ET Q q 0 0 0 rg BT 174.50 321.10 Td (s issued and outstanding share capital or voting rights, such person is required to make a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 309.10 Td (notification not later than on the fourth trading day after the ) Tj ET Q q 0 0 0 rg BT 294.76 309.10 Td (AFM has published Ferrari) Tj ET Q q 0 0 0 rg BT 406.13 309.10 Td (s notification as described below) Tj ET Q q 0 0 0 rg BT 536.56 309.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 285.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 285.10 Td (Following the implementation of Directive 2013/50/EU into the ) Tj ET Q q 0 0 0 rg BT 347.74 285.10 Td (AFS, every holder of three percent more of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 273.10 Td (issued and outstanding share capital or voting rights whose interest has changed compared to his most recent notification, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 261.10 Td (which holder knows or should know that pursuant to this change his interest reaches or crosses a threshold as a result of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 249.10 Td (certain acts \(as described above and including the exchange of a financial instrument or a contract \(pursuant to which the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 237.10 Td (holder is deemed to have issued and outstanding shares or voting rights at his disposal\)\), must notify the ) Tj ET Q q 0 0 0 rg BT 472.55 237.10 Td (AFM of this change.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 215.10 Td (Ferrari is required to notify the ) Tj ET Q q 0 0 0 rg BT 221.52 215.10 Td (AFM promptly of any change of one percent or more in its issued and outstanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 203.10 Td (share capital or voting rights since a previous notification. Other changes in Ferrari) Tj ET Q q 0 0 0 rg BT 389.18 203.10 Td (s issued and outstanding share capital or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 191.10 Td (voting rights must be notified to the ) Tj ET Q q 0 0 0 rg BT 199.27 191.10 Td (AFM within eight days after the end of the quarter in which the change occurred.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 169.10 Td (Each person whose holding of capital interest or voting rights at the date Ferrari common shares are listed on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 157.10 Td (MT) Tj ET Q q 0 0 0 rg BT 68.20 157.10 Td (A) Tj ET Q q 0 0 0 rg BT 74.87 157.10 Td ( amounts to three percent or more of Ferrari) Tj ET Q q 0 0 0 rg BT 253.14 157.10 Td (s issued and outstanding share capital, must notify the ) Tj ET Q q 0 0 0 rg BT 470.88 157.10 Td (AFM of such holding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 145.10 Td (without delay) Tj ET Q q 0 0 0 rg BT 108.06 145.10 Td (. ) Tj ET Q q 0 0 0 rg BT 112.88 145.10 Td (The notification to the ) Tj ET Q q 0 0 0 rg BT 203.97 145.10 Td (AFM should indicate whether the interest is held directly or indirectly) Tj ET Q q 0 0 0 rg BT 483.25 145.10 Td (, and whether the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 133.10 Td (interest is an actual or a potential interest. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 111.10 Td (In addition to the above described notification obligations pertaining to capital interest or voting rights, pursuant to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 99.10 Td (Regulation \(EU\) No 236/2012, notification must be made of any net short position of 0.2% in the issued share capital of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 87.10 Td (Ferrari, and of every subsequent 0.1% above this threshold. Notifications starting at 0.5% and every subsequent 0.1% above ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 75.10 Td (this threshold will be made public via the short selling register of the ) Tj ET Q q 0 0 0 rg BT 330.89 75.10 Td (AFM. Furthermore, gross short positions shall be ) Tj ET Q endstream endobj 237 0 obj <> endobj 238 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 297.20 41.20 Td (1) Tj ET Q q 0 0 0 rg BT 302.75 41.20 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (notified in the event that a threshold is reached, exceeded or fallen below) Tj ET Q q 0 0 0 rg BT 345.73 731.10 Td (. ) Tj ET Q q 0 0 0 rg BT 350.55 731.10 Td (The same subsequent disclosure thresholds as for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (holders of capital interests and/or voting rights apply) Tj ET Q q 0 0 0 rg BT 264.69 719.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 697.10 Td (Furthermore, each member of the Board of Directors must notify the ) Tj ET Q q 0 0 0 rg BT 372.59 697.10 Td (AFM:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 675.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 675.10 Td (immediately after Ferrari common shares are listed on the MT) Tj ET Q q 0 0 0 rg BT 374.28 675.10 Td (A) Tj ET Q q 0 0 0 rg BT 380.95 675.10 Td ( of the number of shares he/she holds and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 663.10 Td (the number of votes he/she is entitled to cast in respect of Ferrari) Tj ET Q q 0 0 0 rg BT 388.14 663.10 Td (s issued and outstanding share capital, and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 641.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 641.10 Td (subsequently of each change in the number of shares he/she holds and of each change in the number of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 629.10 Td (votes he/she is entitled to cast in respect of Ferrari) Tj ET Q q 0 0 0 rg BT 329.55 629.10 Td (s issued and outstanding share capital, immediately after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 617.10 Td (the relevant change.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 593.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 593.10 Td (The ) Tj ET Q q 0 0 0 rg BT 107.50 593.10 Td (AFM keeps a public register of all notifications made pursuant to these disclosure obligations and publishes any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 581.10 Td (notification received which can be accessed via www) Tj ET Q q 0 0 0 rg BT 267.42 581.10 Td (.afm.nl. ) Tj ET Q q 0 0 0 rg BT 300.57 581.10 Td (The notifications referred to in this paragraph should be made ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 569.10 Td (in writing by means of a standard form or electronically through the notification system of the ) Tj ET Q q 0 0 0 rg BT 432.24 569.10 Td (AFM.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 547.10 Td (Non-compliance with these disclosure obligations is an economic of) Tj ET Q q 0 0 0 rg BT 369.09 547.10 Td (fense and may lead to criminal prosecution. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 535.10 Td (The ) Tj ET Q q 0 0 0 rg BT 71.50 535.10 Td (AFM may impose administrative penalties for non-compliance, and the publication thereof. In addition, a civil court can ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 523.10 Td (impose measures against any person who fails to notify or incorrectly notifies the ) Tj ET Q q 0 0 0 rg BT 381.42 523.10 Td (AFM of matters required to be notified. ) Tj ET Q q 0 0 0 rg BT 541.94 523.10 Td (A) Tj ET Q q 0 0 0 rg BT 548.61 523.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 511.10 Td (claim requiring that such measures be imposed may be instituted by Ferrari and/or by one or more shareholders who alone or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 499.10 Td (together with others represent at least three percent of the issued and outstanding share capital of Ferrari or are able to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 487.10 Td (exercise at least three percent of the voting rights. ) Tj ET Q q 0 0 0 rg BT 255.41 487.10 Td (The measures that the civil court may impose include:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 463.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 463.10 Td (an order requiring appropriate disclosure;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 439.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 439.10 Td (suspension of the right to exercise the voting rights for a period of up to three years as determined by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 427.10 Td (court;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 403.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 403.10 Td (voiding a resolution adopted by the General Meeting, if the court determines that the resolution would not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 391.10 Td (have been adopted but for the exercise of the voting rights of the person with a duty to disclose, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 379.10 Td (suspension of a resolution adopted by the general meeting of shareholders until the court makes a decision ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 367.10 Td (about such voiding; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 343.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 343.10 Td (an order to refrain, during a period of up to five years as determined by the court, from acquiring shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 331.10 Td (and/or voting rights in Ferrari. Shareholders are advised to consult with their own legal advisers to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 319.10 Td (determine whether the disclosure obligations apply to them.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 297.10 Td (Shareholders are advised to consult with their own legal advisers to determine whether the disclosure obligations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 285.10 Td (apply to them.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 263.10 Td (Mandatory Bid Requir) Tj ET Q q 0 0 0 rg BT 152.16 263.10 Td (ement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 241.10 Td (Under Dutch law any person, acting alone or in concert with others, who, directly or indirectly) Tj ET Q q 0 0 0 rg BT 473.57 241.10 Td (, acquires 30 percent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 229.10 Td (or more of Ferrari) Tj ET Q q 0 0 0 rg BT 128.69 229.10 Td (s voting rights will be obliged to launch a public of) Tj ET Q q 0 0 0 rg BT 332.93 229.10 Td (fer for all outstanding shares in Ferrari) Tj ET Q q 0 0 0 rg BT 490.10 229.10 Td (s share capital. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 217.10 Td (An exception is made for shareholders who, whether alone or acting in concert with others, had an interest of at least 30 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 205.10 Td (percent of Ferrari) Tj ET Q q 0 0 0 rg BT 126.74 205.10 Td (s voting rights before the shares were first listed on the MT) Tj ET Q q 0 0 0 rg BT 362.83 205.10 Td (A) Tj ET Q q 0 0 0 rg BT 369.50 205.10 Td ( and who still maintained such an interest after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 193.10 Td (such first listing. Immediately after the first listing of Ferrari common shares on the MT) Tj ET Q q 0 0 0 rg BT 405.06 193.10 Td (A, Exor held more than 30 percent of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 181.10 Td (Ferrari) Tj ET Q q 0 0 0 rg BT 83.99 181.10 Td (s voting rights. ) Tj ET Q q 0 0 0 rg BT 146.03 181.10 Td (Therefore Exor) Tj ET Q q 0 0 0 rg BT 207.75 181.10 Td () Tj ET Q q 0 0 0 rg BT 210.53 181.10 Td (s interest in Ferrari was grandfathered and the exception that applies to it will continue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 169.10 Td (to apply to it for as long as its holding of shares represents over 30 percent of Ferrari) Tj ET Q q 0 0 0 rg BT 395.30 169.10 Td (s voting rights.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 147.10 Td (Dutch Financial Reporting Supervision ) Tj ET Q q 0 0 0 rg BT 223.47 147.10 Td (Act ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 123.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 123.10 Td (On the basis of the Dutch Financial Reporting Supervision ) Tj ET Q q 0 0 0 rg BT 326.36 123.10 Td (Act \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 346.63 123.10 Td (W) Tj ET Q q 0 0 0 rg BT 354.04 123.10 Td (et toezicht financile verslaggeving) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.38 123.10 Td (\), or the FRSA, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 111.10 Td (the ) Tj ET Q q 0 0 0 rg BT 68.17 111.10 Td (AFM supervises the application of financial reporting standards by) Tj ET Q q 0 0 0 rg BT 335.23 111.10 Td (, amongst others, companies whose corporate seat is in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 99.10 Td (the Netherlands and whose securities are listed on a regulated market within the EU or in a non-EU country on a system ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 87.10 Td (similar to a regulated market.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 75.10 Td ( ) Tj ET Q endstream endobj 239 0 obj <> endobj 240 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 297.40 41.20 Td (1) Tj ET Q q 0 0 0 rg BT 302.95 41.20 Td (1) Tj ET Q q 0 0 0 rg BT 308.51 41.20 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 731.10 Td (Pursuant to the FRSA, the ) Tj ET Q q 0 0 0 rg BT 196.67 731.10 Td (AFM has an independent right to \(i\)request an explanation from us regarding our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (application of the applicable financial reporting standards and \(ii\)recommend to us the making available of further ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.10 Td (explanations. If we do not comply with such a request or recommendation, the ) Tj ET Q q 0 0 0 rg BT 369.75 707.10 Td (AFM may request that the Enterprise Chamber ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 695.10 Td (order us to \(i\)make available further explanations as recommended by the ) Tj ET Q q 0 0 0 rg BT 353.34 695.10 Td (AFM, \(ii\)provide an explanation of the way we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.10 Td (have applied the applicable financial reporting standards to our financial reports or \(iii\)prepare our financial reports in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 671.10 Td (accordance with the Enterprise Chamber) Tj ET Q q 0 0 0 rg BT 217.08 671.10 Td () Tj ET Q q 0 0 0 rg BT 219.85 671.10 Td (s instructions. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 649.10 Td (Compulsory ) Tj ET Q q 0 0 0 rg BT 108.73 649.10 Td (Acquisition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 627.10 Td (Pursuant to article 2:92a of the Dutch Civil Code \(DCC\), a shareholder who, for its own account, holds at least ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 615.10 Td (95 percent of the issued share capital of Ferrari may institute proceedings against the other shareholders jointly for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 603.10 Td (transfer of their shares to it. ) Tj ET Q q 0 0 0 rg BT 166.84 603.10 Td (The proceedings are held before the Dutch Enterprise Chamber and can be instituted by means of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 591.10 Td (a writ of summons served upon each of the minority shareholders in accordance with the provisions of the Dutch Code of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 579.10 Td (Civil Procedure. ) Tj ET Q q 0 0 0 rg BT 121.86 579.10 Td (The Enterprise Chamber may grant the claim for the squeeze-out in relation to all minority shareholders and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 567.10 Td (will determine the price to be paid for the shares, if necessary after appointment of one or three expert\(s\) who will of) Tj ET Q q 0 0 0 rg BT 523.37 567.10 Td (fer an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 555.10 Td (opinion to the Enterprise Chamber on the value to be paid for the shares of the minority shareholders. Once the order to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 543.10 Td (transfer becomes final before the Enterprise Chamber) Tj ET Q q 0 0 0 rg BT 267.95 543.10 Td (, the person acquiring the shares must give written notice of the date and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 531.10 Td (place of payment and the price to the holders of the shares to be acquired whose addresses are known to it. Unless the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 519.10 Td (addresses of all of them are known to it, it must also publish the same in a Dutch daily newspaper with a national circulation. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 507.10 Td (A) Tj ET Q q 0 0 0 rg BT 60.67 507.10 Td ( shareholder can only appeal against the judgment of the Enterprise Chamber before the Dutch Supreme Court.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 485.10 Td (In addition, pursuant to article 2:359c of the DCC, an of) Tj ET Q q 0 0 0 rg BT 320.21 485.10 Td (feror under a public of) Tj ET Q q 0 0 0 rg BT 409.99 485.10 Td (fer is also entitled to start a squeeze ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 473.10 Td (out procedure, within three months after the public of) Tj ET Q q 0 0 0 rg BT 267.92 473.10 Td (fer) Tj ET Q q 0 0 0 rg BT 278.62 473.10 Td (, if following the public of) Tj ET Q q 0 0 0 rg BT 383.98 473.10 Td (fer it holds at least 95% of the issued share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 461.10 Td (capital of Ferrari representing at least 95% of the total voting rights. In the event of a mandatory of) Tj ET Q q 0 0 0 rg BT 449.52 461.10 Td (fer) Tj ET Q q 0 0 0 rg BT 460.22 461.10 Td (, the mandatory of) Tj ET Q q 0 0 0 rg BT 533.35 461.10 Td (fer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 449.10 Td (price is in principle deemed to be a reasonable price, which has to be accepted by minority shareholders. In the event of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 437.10 Td (voluntary public of) Tj ET Q q 0 0 0 rg BT 130.47 437.10 Td (fer) Tj ET Q q 0 0 0 rg BT 141.17 437.10 Td (, the of) Tj ET Q q 0 0 0 rg BT 169.03 437.10 Td (fer price is considered reasonable if at least 90% of the shares have been acquired under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 425.10 Td (public of) Tj ET Q q 0 0 0 rg BT 89.64 425.10 Td (fer) Tj ET Q q 0 0 0 rg BT 100.19 425.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 403.10 Td (Pursuant to article 2:359d of the DCC, if the of) Tj ET Q q 0 0 0 rg BT 284.12 403.10 Td (feror has acquired at least 95% of the issued share capital of Ferrari ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 391.10 Td (representing at least 95% of the total voting rights, each remaining minority shareholder is entitled to demand a squeeze out. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 379.10 Td (This procedure must be initiated with the Enterprise Chamber within three months after the end of the period for tendering ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 367.10 Td (Shares in the public of) Tj ET Q q 0 0 0 rg BT 143.80 367.10 Td (fer) Tj ET Q q 0 0 0 rg BT 154.35 367.10 Td (. ) Tj ET Q q 0 0 0 rg BT 159.17 367.10 Td (W) Tj ET Q q 0 0 0 rg BT 168.20 367.10 Td (ith regard to the price per share to be paid by the majority Shareholder) Tj ET Q q 0 0 0 rg BT 449.09 367.10 Td (, the same procedure as for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 355.10 Td (squeeze out proceedings initiated by the of) Tj ET Q q 0 0 0 rg BT 224.87 355.10 Td (feror) Tj ET Q q 0 0 0 rg BT 243.90 355.10 Td (, as set out in the previous paragraph, applies. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 333.10 Td (Disclosur) Tj ET Q q 0 0 0 rg BT 93.82 333.10 Td (e of ) Tj ET Q q 0 0 0 rg BT 111.41 333.10 Td (T) Tj ET Q q 0 0 0 rg BT 117.33 333.10 Td (rades in Listed Securities ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 311.10 Td (Disclosure under Dutch Law ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 289.10 Td (Pursuant to the ) Tj ET Q q 0 0 0 rg BT 157.94 289.10 Td (AFS, each of the members of the Ferrari Board of Directors and any other person who has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 277.10 Td (managerial responsibilities within Ferrari and who in that capacity is authorized to make decisions af) Tj ET Q q 0 0 0 rg BT 457.59 277.10 Td (fecting the future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 265.10 Td (developments and business prospects of Ferrari and who has regular access to inside information relating, directly or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 253.10 Td (indirectly) Tj ET Q q 0 0 0 rg BT 91.67 253.10 Td (, to Ferrari \(each, an Insider\) must notify the ) Tj ET Q q 0 0 0 rg BT 280.22 253.10 Td (AFM of all transactions, conducted or carried out for his/her own ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 241.10 Td (account, relating to Ferrari common shares or financial instruments, the value of which is \(in part\) determined by the value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 229.10 Td (Ferrari common shares. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 207.10 Td (In addition, persons designated by the Market ) Tj ET Q q 0 0 0 rg BT 280.96 207.10 Td (Abuse Decree \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 343.15 207.10 Td (Besluit marktmisbruik Wft) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.14 207.10 Td (, the Market ) Tj ET Q q 0 0 0 rg BT 503.12 207.10 Td (Abuse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 195.10 Td (Decree\) who are closely associated with members of the Board of Directors or any of the Insiders must notify the ) Tj ET Q q 0 0 0 rg BT 513.85 195.10 Td (AFM of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 183.10 Td (all transactions conducted for their own account relating to Ferrari) Tj ET Q q 0 0 0 rg BT 321.96 183.10 Td (s shares or financial instruments, the value of which is \(in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 171.10 Td (part\) determined by the value of Ferrari) Tj ET Q q 0 0 0 rg BT 215.04 171.10 Td (s shares. ) Tj ET Q q 0 0 0 rg BT 251.25 171.10 Td (The Market ) Tj ET Q q 0 0 0 rg BT 300.12 171.10 Td (Abuse Decree designates the following categories of persons: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 159.10 Td (\(i\)the spouse or any partner considered by applicable law as equivalent to the spouse, \(ii\)dependent children, \(iii\)other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 147.10 Td (relatives who have shared the same household for at least one year at the relevant transaction date, and \(iv\)any legal person, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 135.10 Td (trust or partnership, among other things, whose managerial responsibilities are dischar) Tj ET Q q 0 0 0 rg BT 398.73 135.10 Td (ged by a member of the Board of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 123.10 Td (Directors or any other Insider or by a person referred to under \(i\), \(ii\)or \(iii\)above. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 101.10 Td (The ) Tj ET Q q 0 0 0 rg BT 113.50 101.10 Td (AFM must be notified of transactions ef) Tj ET Q q 0 0 0 rg BT 273.84 101.10 Td (fected in either Ferrari) Tj ET Q q 0 0 0 rg BT 366.29 101.10 Td (s shares or financial instruments, the value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 89.10 Td (which is \(in part\) determined by the value of Ferrari) Tj ET Q q 0 0 0 rg BT 264.76 89.10 Td (s shares, no later than the fifth business day following the transaction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 77.10 Td (date by means of a standard form. Notification may be postponed until the date that the value of the transactions carried out ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 65.10 Td (on a person) Tj ET Q q 0 0 0 rg BT 102.88 65.10 Td (s own account, together with the transactions carried out by the persons associated with that person, reaches or ) Tj ET Q endstream endobj 241 0 obj <> endobj 242 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 297.20 41.20 Td (1) Tj ET Q q 0 0 0 rg BT 302.75 41.20 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (exceeds the amount of 5,000 in the calendar year in question. ) Tj ET Q q 0 0 0 rg BT 306.24 731.10 Td (The ) Tj ET Q q 0 0 0 rg BT 323.73 731.10 Td (AFM keeps a public register of all notifications made ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (pursuant to the ) Tj ET Q q 0 0 0 rg BT 115.38 719.10 Td (AFS. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 697.10 Td (Ferrari is required to make inside information public. Inside information is precise information directly or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 685.10 Td (indirectly relating to the issuer or the trade in its securities which has not yet been made public and publication of which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 673.10 Td (could significantly af) Tj ET Q q 0 0 0 rg BT 138.79 673.10 Td (fect the trading price of the securities. Ferrari must also provide the Consob with this inside information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 661.10 Td (at the time of publication. Furthermore, Ferrari must without delay publish the inside information on its website and keep it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 649.10 Td (available on Ferrari) Tj ET Q q 0 0 0 rg BT 135.07 649.10 Td (s website for at least five years.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 627.10 Td (It is prohibited for any person to make use of inside information within or from the Netherlands or a non-EU ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 615.10 Td (member state by conducting or ef) Tj ET Q q 0 0 0 rg BT 187.94 615.10 Td (fecting a transaction in the shares. In addition, it is prohibited for any person to pass on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 603.10 Td (inside information relating to Ferrari or the trade in its securities to a third party or to recommend or induce, on the basis of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 591.10 Td (inside information, any person to conduct a transaction in securities of Ferrari. Furthermore, it is prohibited for any person to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 579.10 Td (manipulate the market, for instance by conducting transactions which could lead to an incorrect or misleading signal of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 567.10 Td (supply of, the demand for or the price of the securities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 543.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 543.10 Td (Non-compliance with these reporting obligations under the ) Tj ET Q q 0 0 0 rg BT 328.00 543.10 Td (AFS could lead to criminal penalties, administrative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 531.10 Td (fines and cease-and-desist orders \(and the publication thereof\), imprisonment or other sanctions. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 509.10 Td (Shareholder Disclosure and Reporting Obligations under U.S. Law) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.00 509.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 487.10 Td (Holders of Ferrari shares are subject to certain U.S. reporting requirements under the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 521.13 487.10 Td (Act of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 475.10 Td (1934 \(the Exchange ) Tj ET Q q 0 0 0 rg BT 140.36 475.10 Td (Act\) for shareholders owning more than 5 percent of any class of equity securities registered pursuant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 463.10 Td (to Section12 of the Exchange ) Tj ET Q q 0 0 0 rg BT 176.19 463.10 Td (Act. ) Tj ET Q q 0 0 0 rg BT 195.08 463.10 Td (Among the reporting requirements are disclosure obligations intended to inform the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 451.10 Td (market of significant accumulations of shares that may lead to a change of control of an issuer) Tj ET Q q 0 0 0 rg BT 429.99 451.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 429.10 Td (If Ferrari were to fail to qualify as a foreign private issuer in the future, Section16\(a\) of the Exchange ) Tj ET Q q 0 0 0 rg BT 506.13 429.10 Td (Act would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 417.10 Td (require Ferrari) Tj ET Q q 0 0 0 rg BT 114.80 417.10 Td (s directors and executive of) Tj ET Q q 0 0 0 rg BT 224.58 417.10 Td (ficers, and persons who own more than ten percent of a registered class of Ferrari) Tj ET Q q 0 0 0 rg BT 553.07 417.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 405.10 Td (equity securities, to file reports of ownership of, and transactions in, Ferrari) Tj ET Q q 0 0 0 rg BT 358.92 405.10 Td (s equity securities with the SEC. Such directors, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 393.10 Td (executive of) Tj ET Q q 0 0 0 rg BT 102.96 393.10 Td (ficers and ten percent stockholders would also be required to furnish Ferrari with copies of all Section16 reports ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 381.10 Td (they file. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 59.00 357.10 Td (Disclosure Requirements under Italian law) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 332.60 Td (Summarized below are the most significant requirements to be complied with by Ferrari in connection with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 320.60 Td (admission to listing of Ferrari common shares on the MT) Tj ET Q q 0 0 0 rg BT 286.78 320.60 Td (A. ) Tj ET Q q 0 0 0 rg BT 298.82 320.60 Td (The breach of the obligations described below may result in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 308.60 Td (the application of fines and criminal penalties \(including, for instance, those provided for insider trading and market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 296.60 Td (manipulation\). Further requirements may be imposed by CONSOB and/or Borsa Italiana as a result of the listing of Ferrari ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 284.60 Td (common shares on the MT) Tj ET Q q 0 0 0 rg BT 165.40 284.60 Td (A.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 260.45 Td (In particular) Tj ET Q q 0 0 0 rg BT 137.74 260.45 Td (, the following main disclosure obligations provided for by the Legislative Decree no. 58/1998, or the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 248.45 Td (Italian Financial ) Tj ET Q q 0 0 0 rg BT 126.20 248.45 Td (Act, ef) Tj ET Q q 0 0 0 rg BT 153.23 248.45 Td (fective as of the date of this document shall apply to Ferrari, article 92 \(equal treatment principle\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 236.45 Td (article 1) Tj ET Q q 0 0 0 rg BT 91.11 236.45 Td (14 \(information to be provided to the public\), article 1) Tj ET Q q 0 0 0 rg BT 307.34 236.45 Td (14-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 320.67 236.45 Td (bis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.84 236.45 Td (\(information to be provided to the market concerning ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 224.45 Td (the allocation of financial instruments to corporate of) Tj ET Q q 0 0 0 rg BT 271.80 224.45 Td (ficers, employees and collaborators\), article 1) Tj ET Q q 0 0 0 rg BT 453.85 224.45 Td (15 \(information to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 212.45 Td (disclosed to CONSOB\), article 1) Tj ET Q q 0 0 0 rg BT 190.00 212.45 Td (15-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 203.33 212.45 Td (bis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 212.45 Td (\(register of persons having access to inside information\) and article 180 and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 200.45 Td (following \(relating to insider trading and market manipulation\). In addition to the above, the applicable provisions set forth ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 188.45 Td (under the market rules \(including those relating to the timing for the payment of dividends\) shall apply to Ferrari.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 59.00 164.45 Td (Disclosure of Inside Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 139.95 Td (Pursuant to the Italian Financial ) Tj ET Q q 0 0 0 rg BT 218.70 139.95 Td (Act, Ferrari shall disclose to the public, without delay) Tj ET Q q 0 0 0 rg BT 433.00 139.95 Td (, any inside information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 127.95 Td (which: \(i\) is specific, \(ii\) has not been made public, \(iii\) relates, directly or indirectly) Tj ET Q q 0 0 0 rg BT 397.40 127.95 Td (, to Ferrari or Ferrari) Tj ET Q q 0 0 0 rg BT 483.20 127.95 Td (s common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 115.95 Td (shares, and \(iv\) if it were made public, would be likely to have a material impact on the prices of Ferrari) Tj ET Q q 0 0 0 rg BT 478.30 115.95 Td (s common shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 103.95 Td (\(the Inside Information\). In this regard, Inside Information shall be deemed specific if: \(a\) it refers to a set of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 91.95 Td (circumstances which exists or may reasonably be expected to occur and \(b\) it is precise enough to allow the recipient to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 79.95 Td (come to a conclusion as to the possible ef) Tj ET Q q 0 0 0 rg BT 224.89 79.95 Td (fect of the relevant set of circumstances or events on the prices of listed financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 67.95 Td (instruments \(i.e., Ferrari) Tj ET Q q 0 0 0 rg BT 158.70 67.95 Td (s common shares\). ) Tj ET Q q 0 0 0 rg BT 235.72 67.95 Td (The above disclosure requirement shall be complied with through the ) Tj ET Q endstream endobj 243 0 obj <> endobj 244 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 297.20 41.20 Td (1) Tj ET Q q 0 0 0 rg BT 302.75 41.20 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 731.10 Td (publication of a press release by Ferrari, in accordance with the modalities set forth from time to time under Italian law) Tj ET Q q 0 0 0 rg BT 534.58 731.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 719.10 Td (disclosing to the public the relevant Inside Information.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 694.95 Td (Under specific circumstances, CONSOB may at any time request: \(a\) Ferrari to disclose to the public specific ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 682.95 Td (information or documentation where deemed appropriate or necessary or alternatively \(b\) to be provided with specific ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 670.95 Td (information or documentation. For this purpose, CONSOB has wide powers to, among other things, carry out inspections ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 658.95 Td (or request information to the members of the managing board, the members of the supervisory board or to the external ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 646.95 Td (auditor) Tj ET Q q 0 0 0 rg BT 86.77 646.95 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 622.80 Td (Ferrari shall publish and transmit to CONSOB any information disseminated in any non EU-countries where ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 610.80 Td (Ferrari) Tj ET Q q 0 0 0 rg BT 88.99 610.80 Td (s common shares are listed \(i.e., the U.S.\), if this information is significant for the purposes of the evaluation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 598.80 Td (Ferrari) Tj ET Q q 0 0 0 rg BT 88.99 598.80 Td (s common shares listed on the MT) Tj ET Q q 0 0 0 rg BT 225.94 598.80 Td (A.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 574.30 Td (Insiders) Tj ET Q q 0 0 0 rg BT 91.04 574.30 Td ( Register) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 549.80 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 549.80 Td (Ferrari and its subsidiaries, as well as persons acting on their behalf or for their account, shall draw up, and keep ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 537.80 Td (regularly updated, a list of persons who, in the exercise of their employment, profession or duties, have access to Inside ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 525.80 Td (Information.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 501.65 Td (Public ) Tj ET Q q 0 0 0 rg BT 83.55 501.65 Td (T) Tj ET Q q 0 0 0 rg BT 89.30 501.65 Td (ender) Tj ET Q q 0 0 0 rg BT 113.56 501.65 Td ( Offers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 477.15 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 477.15 Td (Certain rules provided for under Italian law with respect to both voluntary and mandatory public tender of) Tj ET Q q 0 0 0 rg BT 514.14 477.15 Td (fers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 465.15 Td (shall apply to any of) Tj ET Q q 0 0 0 rg BT 135.47 465.15 Td (fer launched for Ferrari) Tj ET Q q 0 0 0 rg BT 231.81 465.15 Td (s common shares. In particular) Tj ET Q q 0 0 0 rg BT 354.42 465.15 Td (, among other things, the provisions concerning ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 453.15 Td (the tender of) Tj ET Q q 0 0 0 rg BT 104.35 453.15 Td (fer price, the content of the of) Tj ET Q q 0 0 0 rg BT 223.28 453.15 Td (fer document and the disclosure of the tender of) Tj ET Q q 0 0 0 rg BT 414.70 453.15 Td (fer will be subject to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 441.15 Td (supervision by CONSOB and Italian law) Tj ET Q q 0 0 0 rg BT 216.94 441.15 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 419.15 Td (Election and Removal of Dir) Tj ET Q q 0 0 0 rg BT 175.47 419.15 Td (ectors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 397.15 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 397.15 Td (Ferrari) Tj ET Q q 0 0 0 rg BT 119.99 397.15 Td (s ) Tj ET Q q 0 0 0 rg BT 125.83 397.15 Td (Articles of ) Tj ET Q q 0 0 0 rg BT 170.26 397.15 Td (Association provide that Ferrari) Tj ET Q q 0 0 0 rg BT 300.50 397.15 Td (s Board of Directors shall be composed of three or more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 385.15 Td (members. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 361.15 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 361.15 Td (Directors are appointed by a simple majority of the votes validly cast at a General Meeting. ) Tj ET Q q 0 0 0 rg BT 457.75 361.15 Td (The General Meeting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 349.15 Td (may at any time suspend or dismiss any director) Tj ET Q q 0 0 0 rg BT 246.19 349.15 Td (.) Tj ET Q endstream endobj 245 0 obj <> endobj 246 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 297.20 41.20 Td (1) Tj ET Q q 0 0 0 rg BT 302.75 41.20 Td (14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 731.25 Td (C. Material Contracts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 707.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 707.25 Td (For a discussion of our 2.5 billion syndicated facility) Tj ET Q q 0 0 0 rg BT 305.71 707.25 Td (, please see Item 5.B.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 395.40 707.25 Td ( Liquidity and Capital Resour) Tj ET Q q 0 0 0 rg BT 514.47 707.25 Td (cesFCA) Tj ET Q q 0 0 0 rg BT 554.84 707.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 695.25 Td (Note) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.89 695.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 671.25 Td (D. Exchange Contr) Tj ET Q q 0 0 0 rg BT 140.76 671.25 Td (ols) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 647.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 647.25 Td (Under Dutch law) Tj ET Q q 0 0 0 rg BT 158.22 647.25 Td (, there are no exchange control restrictions on investments in, or payments on, the Ferrari common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 635.25 Td (shares. ) Tj ET Q q 0 0 0 rg BT 83.81 635.25 Td (There are no special restrictions in the Ferrari ) Tj ET Q q 0 0 0 rg BT 268.18 635.25 Td (Articles of ) Tj ET Q q 0 0 0 rg BT 312.61 635.25 Td (Association or Dutch law that limit the right of shareholders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 623.25 Td (who are not citizens or residents of the Netherlands to hold or vote the Ferrari common shares.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 599.25 Td (E. ) Tj ET Q q 0 0 0 rg BT 70.49 599.25 Td (T) Tj ET Q q 0 0 0 rg BT 76.24 599.25 Td (axation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 575.25 Td (Material United States Federal Income ) Tj ET Q q 0 0 0 rg BT 222.39 575.25 Td (T) Tj ET Q q 0 0 0 rg BT 228.14 575.25 Td (ax Consequences ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 553.25 Td (This section describes the material U.S. federal income tax consequences of owning Ferrari common shares and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 541.25 Td (special voting shares. It applies solely to U.S. holders \(as defined below\) that hold common shares or special voting shares of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 529.25 Td (Ferrari as capital assets. ) Tj ET Q q 0 0 0 rg BT 151.84 529.25 Td (This section does not apply to holders subject to special rules, including: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 507.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 507.25 Td (a dealer in securities or foreign currencies, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 485.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 485.25 Td (a regulated investment company) Tj ET Q q 0 0 0 rg BT 244.03 485.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 463.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 463.25 Td (a trader in securities that elects to use a mark-to-market method of accounting for securities holdings, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 441.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 441.25 Td (a tax-exempt or) Tj ET Q q 0 0 0 rg BT 177.57 441.25 Td (ganization, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 419.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 419.25 Td (a bank, financial institution, or insurance company) Tj ET Q q 0 0 0 rg BT 317.07 419.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 397.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 397.25 Td (a person liable for the alternative minimum tax, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 375.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 375.25 Td (a person that actually or constructively owns 10 percent or more, by vote or value, of Ferrari, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 353.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 353.25 Td (a person that holds common shares or special voting shares of Ferrari as part of a straddle or a hedging, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 341.25 Td (conversion, or other risk reduction transaction for U.S. federal income tax purposes, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 319.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 319.25 Td (a person that acquired common shares or special voting shares of Ferrari pursuant to the exercise of employee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 307.25 Td (stock options or otherwise as compensation, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 285.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 285.25 Td (a person whose functional currency is not the U.S. Dollar) Tj ET Q q 0 0 0 rg BT 344.11 285.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 263.25 Td (This section is based on the Internal Revenue Code of 1986, as amended \(the Code\), its legislative history) Tj ET Q q 0 0 0 rg BT 527.74 263.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 251.25 Td (existing and proposed regulations, published rulings and court decisions, as well as on applicable tax treaties, all as of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 239.25 Td (date hereof. ) Tj ET Q q 0 0 0 rg BT 103.51 239.25 Td (These laws are subject to change, possibly on a retroactive basis. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 217.25 Td (If an entity or arrangement treated as a partnership for U.S. federal income tax purposes holds shares, the U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 205.25 Td (federal income tax treatment of a partner will generally depend on the status of the partner and the tax treatment of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 193.25 Td (partnership. ) Tj ET Q q 0 0 0 rg BT 103.43 193.25 Td (A) Tj ET Q q 0 0 0 rg BT 110.10 193.25 Td ( partner in an entity treated as a partnership for U.S. federal income tax purposes holding shares should consult ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 181.25 Td (its tax advisors with regard to the U.S. federal income tax treatment of the ownership of Ferrari common shares. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 159.25 Td (Holders should consult their own tax advisors regarding the U.S. federal, state and local and foreign and other tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 147.25 Td (consequences of owning and disposing of Ferrari common shares in their particular circumstances. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 125.25 Td (For purposes of this discussion, a U.S. holder is a beneficial owner of common shares of Ferrari that is: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 103.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 103.25 Td ( an individual that is a citizen or resident of the United States; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 81.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 81.25 Td (a corporation, or other entity taxable as a corporation, created or or) Tj ET Q q 0 0 0 rg BT 382.76 81.25 Td (ganized under the laws of the United ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 69.25 Td (States; ) Tj ET Q endstream endobj 247 0 obj <> endobj 248 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 297.20 41.20 Td (1) Tj ET Q q 0 0 0 rg BT 302.75 41.20 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 731.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 731.10 Td (an estate whose income is subject to U.S. federal income tax regardless of its source; or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 709.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 709.10 Td (a trust if \(i\)a U.S. court can exercise primary supervision over the trust) Tj ET Q q 0 0 0 rg BT 402.97 709.10 Td (s administration and one or more U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 697.10 Td (persons are authorized to control all substantial decisions of the trust or \(ii\)the trust has made a valid election ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 685.10 Td (under applicable ) Tj ET Q q 0 0 0 rg BT 183.68 685.10 Td (T) Tj ET Q q 0 0 0 rg BT 189.43 685.10 Td (reasury Regulations to be treated as a U.S. person. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 663.10 Td (T) Tj ET Q q 0 0 0 rg BT 59.19 663.10 Td (axation of Dividends ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 641.10 Td (Under the U.S. federal income tax laws, and subject to the discussion of PFIC taxation below) Tj ET Q q 0 0 0 rg BT 468.61 641.10 Td (, a U.S. holder must ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 629.10 Td (include in its gross income the gross amount of any dividend paid by Ferrari to the extent of its current or accumulated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 617.10 Td (earnings and profits \(as determined for U.S. federal income tax purposes\). Dividends will be taxed as ordinary income to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 605.10 Td (extent that they are paid out of Ferrari) Tj ET Q q 0 0 0 rg BT 208.66 605.10 Td (s current or accumulated earnings and profits. Dividends paid to a non-corporate U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 593.10 Td (holder by certain qualified foreign corporations that constitute qualified dividend income are taxable to the holder at the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 581.10 Td (preferential rates applicable to long-term capital gains provided that the holder holds the shares for more than 60 days during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 569.10 Td (the 121-day period beginning 60 days before the ex-dividend date and meets other holding period requirements. For this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 557.10 Td (purpose, common shares of Ferrari are treated as stock of a qualified foreign corporation if Ferrari is eligible for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 545.10 Td (benefits of an applicable comprehensive income tax treaty with the United States or if such stock is readily tradable on an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 533.10 Td (established securities market in the United States. ) Tj ET Q q 0 0 0 rg BT 254.88 533.10 Td (The common shares of Ferrari are listed on the New ) Tj ET Q q 0 0 0 rg BT 465.55 533.10 Td (Y) Tj ET Q q 0 0 0 rg BT 471.77 533.10 Td (ork Stock Exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 521.10 Td (and Ferrari expects to be eligible for the benefits of such a treaty) Tj ET Q q 0 0 0 rg BT 311.58 521.10 Td (. ) Tj ET Q q 0 0 0 rg BT 316.03 521.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 365.37 521.10 Td (, subject to the discussion of PFIC taxation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 509.10 Td (below) Tj ET Q q 0 0 0 rg BT 77.79 509.10 Td (, dividends Ferrari pays with respect to the shares are expected to constitute qualified dividend income, assuming the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 497.10 Td (holding period requirements are met. However) Tj ET Q q 0 0 0 rg BT 240.76 497.10 Td (, no assurance can be given that the common shares of Ferrari will be treated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 485.10 Td (as readily tradable on an established securities market in the United States or that Ferrari will qualify for the benefits of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 473.10 Td (comprehensive income tax treaty with the United States. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 451.10 Td (A) Tj ET Q q 0 0 0 rg BT 102.67 451.10 Td ( U.S. holder must include any foreign tax withheld from the dividend payment in this gross amount even though ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 439.10 Td (the holder does not in fact receive the amount withheld. ) Tj ET Q q 0 0 0 rg BT 279.02 439.10 Td (The dividend is taxable to a U.S. holder when the U.S. holder ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 427.10 Td (receives the dividend, actually or constructively) Tj ET Q q 0 0 0 rg BT 244.95 427.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 405.10 Td (The dividend will not be eligible for the dividends-received deduction allowed to U.S. corporations in respect of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 393.10 Td (dividends received from other U.S. corporations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 371.10 Td (Distributions in excess of current and accumulated earnings and profits, as determined for U.S. federal income tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 359.10 Td (purposes, will be treated as a non-taxable return of capital to the extent of the U.S. holder) Tj ET Q q 0 0 0 rg BT 411.75 359.10 Td () Tj ET Q q 0 0 0 rg BT 414.53 359.10 Td (s basis in Ferrari common shares, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 347.10 Td (causing a reduction in the U.S. holder) Tj ET Q q 0 0 0 rg BT 205.45 347.10 Td () Tj ET Q q 0 0 0 rg BT 208.22 347.10 Td (s adjusted basis in Ferrari common shares, and thereafter as capital gain. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 325.10 Td (Subject to certain limitations, any non-U.S. tax withheld and paid over to a non-U.S. taxing authority is eligible for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 313.10 Td (credit against a U.S. holder) Tj ET Q q 0 0 0 rg BT 163.23 313.10 Td () Tj ET Q q 0 0 0 rg BT 166.01 313.10 Td (s U.S. federal income tax liability except to the extent a refund of the tax withheld is available to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 301.10 Td (the U.S. holder under non-U.S. tax law or under an applicable tax treaty) Tj ET Q q 0 0 0 rg BT 341.04 301.10 Td (. ) Tj ET Q q 0 0 0 rg BT 345.86 301.10 Td (The amount allowed to a U.S. holder as a credit is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 289.10 Td (limited to the amount of the U.S. holder) Tj ET Q q 0 0 0 rg BT 214.07 289.10 Td () Tj ET Q q 0 0 0 rg BT 216.85 289.10 Td (s U.S. federal income tax liability that is attributable to income from sources outside ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 277.10 Td (the U.S. and is computed separately with respect to dif) Tj ET Q q 0 0 0 rg BT 272.37 277.10 Td (ferent types of income that the U.S. holder receives from non-U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 265.10 Td (sources. Subject to the discussion below regarding Section904\(h\) of the Code, dividends paid by Ferrari will be foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 253.10 Td (source income and will, depending on the circumstances of the U.S. holder) Tj ET Q q 0 0 0 rg BT 353.52 253.10 Td (, be either passive or general income for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 241.10 Td (purposes of computing the foreign tax credit allowable to a U.S. holder) Tj ET Q q 0 0 0 rg BT 338.10 241.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 219.10 Td (Under Section904\(h\) of the Code, dividends paid by a foreign corporation that is treated as 50 percent or more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 207.10 Td (owned, by vote or value, by U.S. persons may be treated as U.S. source income \(rather than foreign source income\) for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 195.10 Td (foreign tax credit purposes, to the extent the foreign corporation earns U.S. source income, unless such corporation has less ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 183.10 Td (than 10 percent of applicable earnings and profits attributable to sources within the U.S. In certain circumstances, U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 171.10 Td (holders may be able to choose the benefits of Section904\(h\)\(10\) of the Code and elect to treat dividends that would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 159.10 Td (otherwise be U.S. source dividends as foreign source dividends, but in such a case the foreign tax credit limitations would be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 147.10 Td (separately determined with respect to such resourced income. In general, therefore, the application of Section904\(h\) of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 135.10 Td (Code may adversely af) Tj ET Q q 0 0 0 rg BT 145.73 135.10 Td (fect a U.S. holder) Tj ET Q q 0 0 0 rg BT 216.35 135.10 Td () Tj ET Q q 0 0 0 rg BT 219.13 135.10 Td (s ability to use foreign tax credits. Ferrari does not believe that it is 50 percent or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 123.10 Td (more owned by U.S. persons. In addition, Ferrari believes that its earnings and profits attributable to sources within the U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 111.10 Td (will not exceed 10 percent of applicable earnings and profits. However) Tj ET Q q 0 0 0 rg BT 337.11 111.10 Td (, these conclusions are factual determinations and are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 99.10 Td (subject to change; no assurance can therefore be given that Ferrari may not be treated as 50 percent or more owned by U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 87.10 Td (persons for purposes of Section904\(h\) of the Code or that less than 10 percent of Ferrari) Tj ET Q q 0 0 0 rg BT 411.69 87.10 Td (s earnings and profits will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 75.10 Td (attributable to sources within the U.S. U.S. holders are strongly ur) Tj ET Q q 0 0 0 rg BT 318.22 75.10 Td (ged to consult their own tax advisors regarding the possible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 63.10 Td (impact if Section904\(h\) of the Code should apply) Tj ET Q q 0 0 0 rg BT 253.87 63.10 Td (. ) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 54.00 61.90 Td () Tj ET Q endstream endobj 249 0 obj <> endobj 250 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 297.20 41.20 Td (1) Tj ET Q q 0 0 0 rg BT 302.75 41.20 Td (16) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 719.25 Td (T) Tj ET Q q 0 0 0 rg BT 59.19 719.25 Td (axation of Capital Gains ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 697.25 Td (Subject to the discussion of PFIC taxation and expected tax consequences of the Separation below) Tj ET Q q 0 0 0 rg BT 488.59 697.25 Td (, a U.S. holder ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 685.25 Td (that sells or otherwise disposes of its Ferrari common shares will recognize capital gain or loss for U.S. federal income tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 673.25 Td (purposes equal to the dif) Tj ET Q q 0 0 0 rg BT 152.13 673.25 Td (ference between the U.S.Dollar value of the amount that the U.S. holder realizes and the U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 661.25 Td (holder) Tj ET Q q 0 0 0 rg BT 79.92 661.25 Td () Tj ET Q q 0 0 0 rg BT 82.70 661.25 Td (s tax basis in those shares. Capital gain of a noncorporate U.S. holder is generally taxed at preferential rates where the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 649.25 Td (property is held for more than one year) Tj ET Q q 0 0 0 rg BT 209.78 649.25 Td (. ) Tj ET Q q 0 0 0 rg BT 214.60 649.25 Td (The gain or loss will be U.S. source income or loss for foreign tax credit limitation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 637.25 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 94.37 637.25 Td (The deduction of capital losses is subject to limitations. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 615.25 Td (Loyalty V) Tj ET Q q 0 0 0 rg BT 92.60 615.25 Td (oting Program ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 593.25 Td (NO ST) Tj ET Q q 0 0 0 rg BT 123.81 593.25 Td (A) Tj ET Q q 0 0 0 rg BT 129.93 593.25 Td (TUT) Tj ET Q q 0 0 0 rg BT 149.18 593.25 Td (OR) Tj ET Q q 0 0 0 rg BT 162.52 593.25 Td (Y) Tj ET Q q 0 0 0 rg BT 168.46 593.25 Td (, JUDICIAL) Tj ET Q q 0 0 0 rg BT 218.08 593.25 Td ( OR ) Tj ET Q q 0 0 0 rg BT 236.42 593.25 Td (ADMINISTRA) Tj ET Q q 0 0 0 rg BT 298.09 593.25 Td (TIVE ) Tj ET Q q 0 0 0 rg BT 322.81 593.25 Td (AUTHORITY) Tj ET Q q 0 0 0 rg BT 380.76 593.25 Td ( DIRECTL) Tj ET Q q 0 0 0 rg BT 424.48 593.25 Td (Y) Tj ET Q q 0 0 0 rg BT 431.33 593.25 Td ( DISCUSSES HOW) Tj ET Q q 0 0 0 rg BT 512.83 593.25 Td ( ) Tj ET Q q 0 0 0 rg BT 515.15 593.25 Td (THE ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 581.25 Td (RECEIPT) Tj ET Q q 0 0 0 rg BT 93.81 581.25 Td (, OWNERSHIP) Tj ET Q q 0 0 0 rg BT 156.78 581.25 Td ( OR DISPOSITION OF SPECIAL) Tj ET Q q 0 0 0 rg BT 295.31 581.25 Td ( ) Tj ET Q q 0 0 0 rg BT 297.63 581.25 Td (VOTING SHARES SHOULD BE ) Tj ET Q q 0 0 0 rg BT 437.46 581.25 Td (TREA) Tj ET Q q 0 0 0 rg BT 462.46 581.25 Td (TED FOR U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 569.25 Td (FEDERAL) Tj ET Q q 0 0 0 rg BT 98.63 569.25 Td ( INCOME ) Tj ET Q q 0 0 0 rg BT 142.89 569.25 Td (T) Tj ET Q q 0 0 0 rg BT 148.20 569.25 Td (AX PURPOSES ) Tj ET Q q 0 0 0 rg BT 216.56 569.25 Td (AND ) Tj ET Q q 0 0 0 rg BT 240.17 569.25 Td (AS ) Tj ET Q q 0 0 0 rg BT 254.90 569.25 Td (A) Tj ET Q q 0 0 0 rg BT 261.57 569.25 Td ( RESUL) Tj ET Q q 0 0 0 rg BT 294.83 569.25 Td (T) Tj ET Q q 0 0 0 rg BT 300.19 569.25 Td (, ) Tj ET Q q 0 0 0 rg BT 305.01 569.25 Td (THE U.S. FEDERAL) Tj ET Q q 0 0 0 rg BT 391.86 569.25 Td ( INCOME ) Tj ET Q q 0 0 0 rg BT 436.12 569.25 Td (T) Tj ET Q q 0 0 0 rg BT 441.43 569.25 Td (AX CONSEQUENCES ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 557.25 Td (ARE UNCER) Tj ET Q q 0 0 0 rg BT 109.79 557.25 Td (T) Tj ET Q q 0 0 0 rg BT 115.10 557.25 Td (AIN. ) Tj ET Q q 0 0 0 rg BT 137.32 557.25 Td (ACCORDINGL) Tj ET Q q 0 0 0 rg BT 201.88 557.25 Td (Y) Tj ET Q q 0 0 0 rg BT 207.81 557.25 Td (, ) Tj ET Q q 0 0 0 rg BT 212.63 557.25 Td (WE URGE U.S. HOLDERS ) Tj ET Q q 0 0 0 rg BT 329.11 557.25 Td (T) Tj ET Q q 0 0 0 rg BT 335.04 557.25 Td (O CONSUL) Tj ET Q q 0 0 0 rg BT 383.85 557.25 Td (T) Tj ET Q q 0 0 0 rg BT 389.78 557.25 Td ( ) Tj ET Q q 0 0 0 rg BT 392.10 557.25 Td (THEIR ) Tj ET Q q 0 0 0 rg BT 423.85 557.25 Td (T) Tj ET Q q 0 0 0 rg BT 429.16 557.25 Td (AX ) Tj ET Q q 0 0 0 rg BT 445.55 557.25 Td (ADVISOR ) Tj ET Q q 0 0 0 rg BT 491.95 557.25 Td (AS ) Tj ET Q q 0 0 0 rg BT 507.05 557.25 Td (T) Tj ET Q q 0 0 0 rg BT 512.98 557.25 Td (O ) Tj ET Q q 0 0 0 rg BT 522.52 557.25 Td (THE ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 545.25 Td (T) Tj ET Q q 0 0 0 rg BT 59.31 545.25 Td (AX CONSEQUENCES OF ) Tj ET Q q 0 0 0 rg BT 172.75 545.25 Td (THE RECEIPT) Tj ET Q q 0 0 0 rg BT 234.50 545.25 Td (, OWNERSHIP) Tj ET Q q 0 0 0 rg BT 297.47 545.25 Td ( ) Tj ET Q q 0 0 0 rg BT 299.42 545.25 Td (AND DISPOSITION OF SPECIAL) Tj ET Q q 0 0 0 rg BT 443.22 545.25 Td ( ) Tj ET Q q 0 0 0 rg BT 445.54 545.25 Td (VOTING SHARES. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 523.25 Td (Receipt of special voting shar) Tj ET Q q 0 0 0 rg BT 172.49 523.25 Td (es ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 501.25 Td (If a U.S. holder receives special voting shares, the tax consequences of the receipt of special voting shares is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 489.25 Td (unclear) Tj ET Q q 0 0 0 rg BT 82.87 489.25 Td (. ) Tj ET Q q 0 0 0 rg BT 87.69 489.25 Td (While distributions of stock are tax-free in certain circumstances, it is possible that the distribution of special voting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 477.25 Td (shares could be treated as a distribution subject to tax as described above in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 372.79 477.25 Td (T) Tj ET Q q 0 0 0 rg BT 377.43 477.25 Td (axation of Dividends) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.75 477.25 Td ( if such distribution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 465.25 Td (were considered to result in a "disproportionate distribution." If the distribution of special voting shares were so treated, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 453.25 Td (amount of the distribution should equal the fair market value of the special voting shares received. Ferrari believes and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 441.25 Td (intends to take the position that the value of each special voting share is minimal. However) Tj ET Q q 0 0 0 rg BT 417.95 441.25 Td (, because the fair market value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 429.25 Td (the special voting shares is factual and is not governed by any guidance that directly addresses such a situation, the IRS could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 417.25 Td (assets that the value of the special voting shares \(and thus the amount of the distribution\) as determined by Ferrari is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 405.25 Td (incorrect.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 383.25 Td (Ownership of special voting shar) Tj ET Q q 0 0 0 rg BT 186.40 383.25 Td (es ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 361.25 Td (Ferrari believes that U.S. holders holding special voting shares should not have to recognize income in respect of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 349.25 Td (amounts transferred to the special voting shares dividend reserve that are not paid out as dividends. Section305 of the Code ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 337.25 Td (may) Tj ET Q q 0 0 0 rg BT 70.57 337.25 Td (, in certain circumstances, require a holder of preferred shares to recognize income even if no dividends are actually ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 325.25 Td (received on such shares if the preferred shares are redeemable at a premium and the redemption premium results in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 313.25 Td (constructive distribution. Preferred shares for this purpose refer to shares that do not participate in corporate growth to any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 301.25 Td (significant extent. Ferrari believes that Section305 of the Code should not apply to any amounts transferred to the special ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 289.25 Td (voting shares dividend reserve that are not paid out as dividends so as to require current income inclusion by U.S. holders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 277.25 Td (because, among other things, \(i\)the special voting shares are not redeemable on a specific date and a U.S. holder is only ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 265.25 Td (entitled to receive amounts in respect of the special voting shares upon liquidation, \(ii\)Section305 of the Code does not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 253.25 Td (require the recognition of income in respect of a redemption premium if the redemption premium does not exceed a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 519.12 253.25 Td (de ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 241.25 Td (minimis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.67 241.25 Td ( amount and, even if the amounts transferred to the special voting shares dividend reserve that are not paid out as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 229.25 Td (dividends are considered redemption premium, the amount of the redemption premium is likely to be ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 465.56 229.25 Td (de minimis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.17 229.25 Td ( as such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 217.25 Td (term is used in the applicable ) Tj ET Q q 0 0 0 rg BT 173.23 217.25 Td (T) Tj ET Q q 0 0 0 rg BT 178.99 217.25 Td (reasury Regulations. Ferrari therefore intends to take the position that the transfer of amounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 205.25 Td (to the special voting shares dividend reserve that are not paid out as dividends does not result in a constructive distribution, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 193.25 Td (and this determination is binding on all U.S. holders of special voting shares other than a U.S. holder that explicitly discloses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 181.25 Td (its contrary determination in the manner prescribed by the applicable regulations. However) Tj ET Q q 0 0 0 rg BT 417.92 181.25 Td (, because the tax treatment of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 169.25 Td (loyalty voting program is unclear and because Ferrari) Tj ET Q q 0 0 0 rg BT 270.87 169.25 Td (s determination is not binding on the IRS, it is possible that the IRS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 157.25 Td (could disagree with Ferrari) Tj ET Q q 0 0 0 rg BT 164.80 157.25 Td (s determination and require current income inclusion in respect of such amounts transferred to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 145.25 Td (special voting shares dividend reserve that are not paid out as dividends. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 123.25 Td (Disposition of special voting shar) Tj ET Q q 0 0 0 rg BT 188.63 123.25 Td (es ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 101.25 Td (The tax treatment of a U.S. holder that has its special voting shares redeemed for zero consideration after removing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 89.25 Td (its common shares from the Loyalty Register is unclear) Tj ET Q q 0 0 0 rg BT 275.06 89.25 Td (. It is possible that a U.S. holder would recognize a loss to the extent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 77.25 Td (of the U.S. holder) Tj ET Q q 0 0 0 rg BT 125.75 77.25 Td () Tj ET Q q 0 0 0 rg BT 128.53 77.25 Td (s basis in its special voting shares. Such loss would be a capital loss and would be a long-term capital loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 65.25 Td (if a U.S. holder has held its special voting shares for more than one year) Tj ET Q q 0 0 0 rg BT 341.70 65.25 Td (. It is also possible that a U.S. holder would not be ) Tj ET Q endstream endobj 251 0 obj <> endobj 252 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 297.20 41.20 Td (1) Tj ET Q q 0 0 0 rg BT 302.75 41.20 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (allowed to recognize a loss upon the redemption of its special voting shares and instead a U.S. holder should increase the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (basis in its Ferrari common shares by an amount equal to the basis in its special voting shares. Such basis increase in a U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.10 Td (holder) Tj ET Q q 0 0 0 rg BT 79.92 707.10 Td () Tj ET Q q 0 0 0 rg BT 82.70 707.10 Td (s Ferrari common shares would decrease the gain, or increase the loss, that a U.S. holder would recognize upon the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 695.10 Td (sale or other taxable disposition of its Ferrari common shares. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 673.10 Td (THE U.S. FEDERAL) Tj ET Q q 0 0 0 rg BT 182.85 673.10 Td ( INCOME ) Tj ET Q q 0 0 0 rg BT 227.11 673.10 Td (T) Tj ET Q q 0 0 0 rg BT 232.42 673.10 Td (AX ) Tj ET Q q 0 0 0 rg BT 249.18 673.10 Td (TREA) Tj ET Q q 0 0 0 rg BT 274.18 673.10 Td (TMENT) Tj ET Q q 0 0 0 rg BT 308.44 673.10 Td ( OF ) Tj ET Q q 0 0 0 rg BT 326.04 673.10 Td (THE LOY) Tj ET Q q 0 0 0 rg BT 367.43 673.10 Td (AL) Tj ET Q q 0 0 0 rg BT 379.84 673.10 Td (TY) Tj ET Q q 0 0 0 rg BT 392.80 673.10 Td ( ) Tj ET Q q 0 0 0 rg BT 395.12 673.10 Td (VOTING PROGRAM IS UNCLEAR ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 661.10 Td (AND U.S. HOLDERS ) Tj ET Q q 0 0 0 rg BT 146.51 661.10 Td (ARE URGED ) Tj ET Q q 0 0 0 rg BT 205.77 661.10 Td (T) Tj ET Q q 0 0 0 rg BT 211.70 661.10 Td (O CONSUL) Tj ET Q q 0 0 0 rg BT 260.51 661.10 Td (T) Tj ET Q q 0 0 0 rg BT 266.44 661.10 Td ( ) Tj ET Q q 0 0 0 rg BT 268.76 661.10 Td (THEIR ) Tj ET Q q 0 0 0 rg BT 300.51 661.10 Td (T) Tj ET Q q 0 0 0 rg BT 305.82 661.10 Td (AX ) Tj ET Q q 0 0 0 rg BT 322.21 661.10 Td (ADVISORS IN RESPECT) Tj ET Q q 0 0 0 rg BT 430.38 661.10 Td ( OF ) Tj ET Q q 0 0 0 rg BT 447.98 661.10 Td (THE CONSEQUENCES ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 649.10 Td (OF ) Tj ET Q q 0 0 0 rg BT 68.73 649.10 Td (ACQUIRING, OWNING, ) Tj ET Q q 0 0 0 rg BT 175.94 649.10 Td (AND DISPOSING OF SPECIAL) Tj ET Q q 0 0 0 rg BT 310.31 649.10 Td ( ) Tj ET Q q 0 0 0 rg BT 312.63 649.10 Td (VOTING SHARES. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 627.10 Td (PFIC Considerations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 605.10 Td (Ferrari believes that shares of its stock will not be stock of a PFIC for U.S. federal income tax purposes, but this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 593.10 Td (conclusion is based on a factual determination made annually and thus is subject to change. ) Tj ET Q q 0 0 0 rg BT 421.68 593.10 Td (As discussed in greater detail ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 581.10 Td (below) Tj ET Q q 0 0 0 rg BT 77.79 581.10 Td (, if shares of Ferrari stock were to be treated as stock of a PFIC, gain realized \(subject to the discussion below regarding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 569.10 Td (a mark-to-market election\) on the sale or other disposition of shares of Ferrari stock would not be treated as capital gain, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 557.10 Td (a U.S. holder would be treated as if such U.S. holder had realized such gain and certain excess distributions ratably over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 545.10 Td (the U.S. holder) Tj ET Q q 0 0 0 rg BT 114.92 545.10 Td () Tj ET Q q 0 0 0 rg BT 117.70 545.10 Td (s holding period for its shares of Ferrari stock and would be taxed at the highest tax rate in ef) Tj ET Q q 0 0 0 rg BT 489.36 545.10 Td (fect for each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 533.10 Td (such year to which the gain was allocated, together with an interest char) Tj ET Q q 0 0 0 rg BT 341.77 533.10 Td (ge in respect of the tax attributable to each such year) Tj ET Q q 0 0 0 rg BT 551.68 533.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 521.10 Td (W) Tj ET Q q 0 0 0 rg BT 63.04 521.10 Td (ith certain exceptions, a U.S. holder) Tj ET Q q 0 0 0 rg BT 206.70 521.10 Td () Tj ET Q q 0 0 0 rg BT 209.48 521.10 Td (s shares of Ferrari stock would be treated as stock in a PFIC if Ferrari were a PFIC at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 509.10 Td (any time during such U.S. holder) Tj ET Q q 0 0 0 rg BT 186.85 509.10 Td () Tj ET Q q 0 0 0 rg BT 189.63 509.10 Td (s holding period in the shares. Dividends received from Ferrari would not be eligible for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 497.10 Td (special tax rates applicable to qualified dividend income if Ferrari were treated as a PFIC in the taxable years in which the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 485.10 Td (dividends are paid or in the preceding taxable year \(regardless of whether the U.S. holder held shares of Ferrari stock in such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 473.10 Td (year\) but instead would be taxable at rates applicable to ordinary income. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 451.10 Td (Ferrari would be a PFIC with respect to a U.S. holder if for any taxable year in which the U.S. holder held shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 439.10 Td (of Ferrari stock, after the application of applicable look-through rules: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 417.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 417.10 Td (75 percent or more of Ferrari) Tj ET Q q 0 0 0 rg BT 234.12 417.10 Td (s gross income for the taxable year consists of passive income \(including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 405.10 Td (dividends, interest, gains from the sale or exchange of investment property and rents and royalties other than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 393.10 Td (rents and royalties that are received from unrelated parties in connection with the active conduct of a trade or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 381.10 Td (business, as defined in applicable ) Tj ET Q q 0 0 0 rg BT 250.89 381.10 Td (T) Tj ET Q q 0 0 0 rg BT 256.65 381.10 Td (reasury Regulations\); or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 359.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 359.10 Td (at least 50 percent of its assets for the taxable year \(averaged over the year and determined based upon value\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 347.10 Td (produce or are held for the production of passive income. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 325.10 Td (Because the determination whether a foreign corporation is a PFIC is primarily factual and there is little ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 313.10 Td (administrative or judicial authority on which to rely to make a determination, the IRS might not agree that Ferrari is not a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 301.10 Td (PFIC. Moreover) Tj ET Q q 0 0 0 rg BT 119.15 301.10 Td (, no assurance can be given that Ferrari would not become a PFIC for any future taxable year if there were to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 289.10 Td (be changes in Ferrari) Tj ET Q q 0 0 0 rg BT 140.91 289.10 Td (s assets, income or operations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 267.10 Td (If Ferrari were to be treated as a PFIC for any taxable year included in whole or in part in a U.S. holder) Tj ET Q q 0 0 0 rg BT 509.01 267.10 Td () Tj ET Q q 0 0 0 rg BT 511.79 267.10 Td (s holding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 255.10 Td (period of Ferrari and such U.S. holder is treated as owning shares of Ferrari stock for purposes of the PFIC rules \(and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 243.10 Td (regardless of whether Ferrari remains a PFIC for subsequent taxable years\), the U.S. holder \(i\)would be liable to pay U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 231.10 Td (federal income tax at the highest applicable income tax rates on \(a\)ordinary income upon the receipt of excess distributions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 219.10 Td (\(the portion of any distributions received by the U.S. holder on shares of Ferrari stock in a taxable year in excess of 125 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 207.10 Td (percent of the average annual distributions received by the U.S. holder in the three preceding taxable years or) Tj ET Q q 0 0 0 rg BT 490.93 207.10 Td (, if shorter) Tj ET Q q 0 0 0 rg BT 531.91 207.10 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 195.10 Td (U.S. holder) Tj ET Q q 0 0 0 rg BT 100.20 195.10 Td () Tj ET Q q 0 0 0 rg BT 102.98 195.10 Td (s holding period for the Ferrari common shares\) and \(b\)on any gain from the disposition of shares of Ferrari ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 183.10 Td (stock, plus interest on such amounts, as if such excess distributions or gain had been recognized ratably over the U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 171.10 Td (holder) Tj ET Q q 0 0 0 rg BT 79.92 171.10 Td () Tj ET Q q 0 0 0 rg BT 82.70 171.10 Td (s holding period of the shares of Ferrari stock, and \(ii\)may be required to annually file Form 8621 with the IRS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 159.10 Td (reporting information concerning Ferrari. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 137.10 Td (If Ferrari were to be treated as a PFIC for any taxable year and provided that Ferrari common shares are treated as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 125.10 Td (marketable stock within the meaning of applicable ) Tj ET Q q 0 0 0 rg BT 267.35 125.10 Td (T) Tj ET Q q 0 0 0 rg BT 273.11 125.10 Td (reasury Regulations, which Ferrari believes will be the case, a U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 113.10 Td (holder may make a mark-to-market election with respect to such U.S. holder) Tj ET Q q 0 0 0 rg BT 360.66 113.10 Td () Tj ET Q q 0 0 0 rg BT 363.44 113.10 Td (s common shares. Under a mark-to-market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 101.10 Td (election, any excess of the fair market value of the Ferrari common shares at the close of any taxable year over the U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 89.10 Td (holder) Tj ET Q q 0 0 0 rg BT 79.92 89.10 Td () Tj ET Q q 0 0 0 rg BT 82.70 89.10 Td (s adjusted tax basis in the Ferrari common shares is included in the U.S. holder) Tj ET Q q 0 0 0 rg BT 399.12 89.10 Td () Tj ET Q q 0 0 0 rg BT 401.90 89.10 Td (s income as ordinary income. ) Tj ET Q q 0 0 0 rg BT 521.68 89.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 77.10 Td (amounts of ordinary income would not be eligible for the favorable tax rates applicable to qualified dividend income or long-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 65.10 Td (term capital gains. In addition, the excess, if any) Tj ET Q q 0 0 0 rg BT 246.90 65.10 Td (, of the U.S. holder) Tj ET Q q 0 0 0 rg BT 323.65 65.10 Td () Tj ET Q q 0 0 0 rg BT 326.43 65.10 Td (s adjusted tax basis at the close of any taxable year over ) Tj ET Q endstream endobj 253 0 obj <> endobj 254 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 297.20 41.20 Td (1) Tj ET Q q 0 0 0 rg BT 302.75 41.20 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (the fair market value of the Ferrari common shares is deductible in an amount equal to the lesser of the amount of the excess ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (or the amount of the net mark-to-market gains that the U.S. holder included in income in prior years. ) Tj ET Q q 0 0 0 rg BT 458.61 719.10 Td (A) Tj ET Q q 0 0 0 rg BT 465.28 719.10 Td ( U.S. holder) Tj ET Q q 0 0 0 rg BT 513.99 719.10 Td () Tj ET Q q 0 0 0 rg BT 516.76 719.10 Td (s tax basis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.10 Td (in Ferrari common shares would be adjusted to reflect any such income or loss. Gain realized on the sale, exchange or other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 695.10 Td (disposition of Ferrari common shares would be treated as ordinary income, and any loss realized on the sale, exchange or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.10 Td (other disposition of Ferrari common shares would be treated as ordinary loss to the extent that such loss does not exceed the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 671.10 Td (net mark-to-market gains previously included by the U.S. holder) Tj ET Q q 0 0 0 rg BT 311.72 671.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 649.10 Td (The adverse consequences of owning stock in a PFIC could also be mitigated if a U.S. holder makes a valid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 637.10 Td (qualified electing fund election \(QEF election\), which, among other things, would require a U.S. holder to include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 625.10 Td (currently in income its pro rata share of the PFIC) Tj ET Q q 0 0 0 rg BT 253.12 625.10 Td (s net capital gain and ordinary earnings, based on earnings and profits as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 613.10 Td (determined for U.S. federal income tax purposes. Because of the administrative burdens involved, Ferrari does not intend to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 601.10 Td (provide information to its holders that would be required to make such election ef) Tj ET Q q 0 0 0 rg BT 380.67 601.10 Td (fective. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 579.10 Td (A) Tj ET Q q 0 0 0 rg BT 102.67 579.10 Td ( U.S. holder that holds shares of Ferrari stock during a period when Ferrari is a PFIC will be subject to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 567.10 Td (foregoing rules for that taxable year and all subsequent taxable years with respect to that U.S. holder) Tj ET Q q 0 0 0 rg BT 456.46 567.10 Td () Tj ET Q q 0 0 0 rg BT 459.24 567.10 Td (s holding of Ferrari ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 555.10 Td (common shares, even if Ferrari ceases to be a PFIC, subject to certain exceptions for U.S. holders that made a mark-to-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 543.10 Td (market or QEF election. U.S. holders are strongly ur) Tj ET Q q 0 0 0 rg BT 263.49 543.10 Td (ged to consult their tax advisors regarding the PFIC rules, and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 531.10 Td (potential tax consequences to them if Ferrari were determined to be a PFIC. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 495.10 Td (Material Netherlands ) Tj ET Q q 0 0 0 rg BT 148.24 495.10 Td (T) Tj ET Q q 0 0 0 rg BT 154.00 495.10 Td (ax Consequences) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 471.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 471.10 Td (This section describes solely the material Dutch tax consequences of the acquisition, ownership and disposal of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 459.10 Td (Ferrari common shares and, if applicable, Ferrari special voting shares by Non-Resident holders of such shares \(as defined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 447.10 Td (below\). It does not consider every aspect of Dutch taxation that may be relevant to a particular holder of Ferrari common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 435.10 Td (shares and, if applicable, Ferrari special voting shares in special circumstances or who is subject to special treatment under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 423.10 Td (applicable law) Tj ET Q q 0 0 0 rg BT 111.38 423.10 Td (. Shareholders and any potential investor should consult their own tax advisors regarding the Dutch tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 411.10 Td (consequences of acquiring, owning and disposing of Ferrari common shares and, if applicable, Ferrari special voting shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 399.10 Td (in their particular circumstances.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 375.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 375.10 Td (Where in this section English terms and expressions are used to refer to Dutch concepts, the meaning to be attributed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 363.10 Td (to such terms and expressions shall be the meaning to be attributed to the equivalent Dutch concepts under Dutch tax law) Tj ET Q q 0 0 0 rg BT 538.22 363.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 351.10 Td (Where in this section the terms the Netherlands and Dutch are used, these refer solely to the European part of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 339.10 Td (Kingdom of the Netherlands. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 315.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 315.10 Td (This summary also assumes that the board shall control the conduct of the af) Tj ET Q q 0 0 0 rg BT 396.13 315.10 Td (fairs of Ferrari and shall procure that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 303.10 Td (Ferrari is or) Tj ET Q q 0 0 0 rg BT 101.03 303.10 Td (ganized such that Ferrari should be treated as solely resident of Italy for the application of the tax treaty as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 291.10 Td (concluded between Italy and ) Tj ET Q q 0 0 0 rg BT 170.99 291.10 Td (The Netherlands. ) Tj ET Q q 0 0 0 rg BT 241.80 291.10 Td (A) Tj ET Q q 0 0 0 rg BT 248.47 291.10 Td ( change in facts and circumstances based upon which Ferrari is no longer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 279.10 Td (considered to be solely resident of Italy for the application of the mentioned treaty may invalidate the contents of this section, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 267.10 Td (which will not be updated to reflect any such change.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 243.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 243.10 Td (This description is based on the tax law of the Netherlands \(unpublished case law not included\) as it stands at the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 231.10 Td (date of this Form. ) Tj ET Q q 0 0 0 rg BT 127.42 231.10 Td (The law upon which this description is based is subject to change, perhaps with retroactive ef) Tj ET Q q 0 0 0 rg BT 500.47 231.10 Td (fect. ) Tj ET Q q 0 0 0 rg BT 519.90 231.10 Td (Any such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 219.10 Td (change may invalidate the contents of this description, which will not be updated to reflect such change.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 195.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 195.10 Td (Where in this Dutch taxation discussion reference is made to a holder of Ferrari common shares and, if applicable, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 183.10 Td (Ferrari special voting shares, that concept includes, without limitation:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 159.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 108.00 159.10 Td (an owner of one or more Ferrari common shares and/or Ferrari special voting shares who in addition to the title ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 147.10 Td (to such Ferrari common shares and/or Ferrari special voting shares, has an economic interest in such Ferrari ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 135.10 Td (common shares and/or Ferrari special voting shares;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 111.10 Td (2. ) Tj ET Q q 0 0 0 rg BT 108.00 111.10 Td (a person who or an entity that holds the entire economic interest in one or more Ferrari common shares and/or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 99.10 Td (Ferrari special voting shares;) Tj ET Q endstream endobj 255 0 obj <> endobj 256 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 297.20 41.20 Td (1) Tj ET Q q 0 0 0 rg BT 302.75 41.20 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 731.10 Td (3. ) Tj ET Q q 0 0 0 rg BT 108.00 731.10 Td (a person who or an entity that holds an interest in an entity) Tj ET Q q 0 0 0 rg BT 341.74 731.10 Td (, such as a partnership or a mutual fund, that is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 719.10 Td (transparent for Dutch tax purposes, the assets of which comprise one or more Ferrari common shares and/or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 707.10 Td (Ferrari special voting shares, within the meaning of 1. or 2. above; or) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 683.10 Td (4. ) Tj ET Q q 0 0 0 rg BT 108.00 683.10 Td (a person who is deemed to hold an interest in Ferrari common shares and/or Ferrari special voting shares, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 671.10 Td (referred to under 1. to 3., pursuant to the attribution rules of article 2.14a, of the Dutch Income ) Tj ET Q q 0 0 0 rg BT 488.53 671.10 Td (T) Tj ET Q q 0 0 0 rg BT 493.94 671.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 505.33 671.10 Td (Act 2001 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 659.10 Td (\() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 111.33 659.10 Td (W) Tj ET Q q 0 0 0 rg BT 118.74 659.10 Td (et inkomstenbelasting 2001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.17 659.10 Td (\), with respect to property that has been segregated, for instance in a trust or a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 647.10 Td (foundation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 623.10 Td (Scope of the summary) Tj ET Q q 0 0 0 rg BT 143.05 623.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 599.10 Td (The summary of Dutch taxes set out in this section Material Dutch tax consequences only applies to a holder of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 587.10 Td (Ferrari common shares and, if applicable Ferrari special voting shares who is a Non-Resident holder of such shares. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 575.10 Td (purpose of this summary a holder of Ferrari common shares and, if applicable Ferrari special voting shares is a Non-Resident ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 563.10 Td (holder of such shares if such holder is neither a resident nor deemed to be resident in ) Tj ET Q q 0 0 0 rg BT 395.10 563.10 Td (The Netherlands for purposes of Dutch ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 551.10 Td (income tax or corporation tax as the case may be.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 527.10 Td (Please note that this summary does not describe the tax considerations for holders of Ferrari common shares and, if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 515.10 Td (applicable Ferrari special voting shares who are individuals and derive benefits from Ferrari common shares and, if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 503.10 Td (applicable Ferrari special voting shares that are a remuneration or deemed to be a remuneration in connection with past, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 491.10 Td (present or future employment performed in ) Tj ET Q q 0 0 0 rg BT 229.32 491.10 Td (The Netherlands or management activities and functions or membership of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 479.10 Td (management board \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 136.19 479.10 Td (bestuur) Tj ET Q q 0 0 0 rg BT 165.82 479.10 Td (der) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.15 479.10 Td (\) or a supervisory board \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 280.50 479.10 Td (commissaris) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.51 479.10 Td (\) of a Netherlands resident entity by such holder or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 467.10 Td (certain individuals related to such holder \(as defined in ) Tj ET Q q 0 0 0 rg BT 276.25 467.10 Td (The Dutch Income ) Tj ET Q q 0 0 0 rg BT 353.54 467.10 Td (T) Tj ET Q q 0 0 0 rg BT 358.95 467.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 370.33 467.10 Td (Act 2001\).) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 443.10 Td (T) Tj ET Q q 0 0 0 rg BT 59.19 443.10 Td (axes on income and capital gains) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 419.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 419.10 Td (A) Tj ET Q q 0 0 0 rg BT 96.67 419.10 Td ( Non-resident holder \(as defined above\) of Ferrari common shares and, if applicable, Ferrari special voting shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 407.10 Td (will not be subject to any Dutch taxes on income or capital gains in respect of any benefits derived or deemed to be derived ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 395.10 Td (by such holder from such holder) Tj ET Q q 0 0 0 rg BT 184.06 395.10 Td () Tj ET Q q 0 0 0 rg BT 186.84 395.10 Td (s Ferrari common shares and, if applicable, Ferrari special voting shares, including any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 383.10 Td (capital gain realized on the disposal thereof, unless:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 359.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 108.00 359.10 Td (such holder derives profits from an enterprise directly) Tj ET Q q 0 0 0 rg BT 322.56 359.10 Td (, or pursuant to a co-entitlement to the net value of such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 347.10 Td (enterprise, other than as a holder of securities, which enterprise either is managed in the Netherlands or carried ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 335.10 Td (on, in whole or in part, through a permanent establishment or a permanent representative which is taxable in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 323.10 Td (Netherlands, and such holder) Tj ET Q q 0 0 0 rg BT 225.00 323.10 Td () Tj ET Q q 0 0 0 rg BT 227.78 323.10 Td (s Ferrari common shares and, if applicable, Ferrari special voting shares are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 311.10 Td (attributable to such enterprise; or) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 287.10 Td (2. ) Tj ET Q q 0 0 0 rg BT 108.00 287.10 Td (such holder is an individual and such holder derives benefits from Ferrari common shares and, if applicable, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 275.10 Td (Ferrari special voting shares that are taxable as benefits from miscellaneous activities \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 455.09 275.10 Td (r) Tj ET Q q 0 0 0 rg BT 458.62 275.10 Td (esultaat uit overige ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.00 263.10 Td (werkzaamheden) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.43 263.10 Td (\) in the Netherlands. Such holder may) Tj ET Q q 0 0 0 rg BT 323.68 263.10 Td (, inter alia, derive, or be deemed to derive, benefits from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 251.10 Td (Ferrari common shares and, if applicable, Ferrari special voting shares that are taxable as benefits from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 239.10 Td (miscellaneous activities if such holder) Tj ET Q q 0 0 0 rg BT 261.11 239.10 Td () Tj ET Q q 0 0 0 rg BT 263.88 239.10 Td (s investment activities go beyond the activities of an active portfolio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 227.10 Td (investor) Tj ET Q q 0 0 0 rg BT 139.82 227.10 Td (, for instance in the case of use of insider knowledge or comparable forms of special knowledge.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 203.10 Td ( ) Tj ET Q q 0 0 0 rg BT 108.00 203.10 Td (Benefits derived or deemed to be derived from certain miscellaneous activities by a child or a foster child who ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 191.10 Td (is under eighteen years of age are attributed to the parent who exercises, or the parents who exercise, authority ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 179.10 Td (over the child, irrespective of the country of residence of the child.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 155.10 Td (Dividend withholding tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 131.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 131.10 Td (Ferrari is generally required to withhold Dutch dividend withholding tax at a rate of 15 percent from dividends ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 119.10 Td (distributed by it. ) Tj ET Q q 0 0 0 rg BT 121.78 119.10 Td (As an exception to this rule, Ferrari may not be required to withhold Dutch dividend withholding tax from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 107.10 Td (Non-Resident holders of shares \(as defined above\) if it is considered to be a tax resident of both the Netherlands and Italy) Tj ET Q q 0 0 0 rg BT 539.59 107.10 Td (, in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 95.10 Td (accordance with the domestic tax residency provisions applied by each of these jurisdictions, while the double tax treaty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 83.10 Td (between the Netherlands and Italy attributes the tax residency exclusively to Italy) Tj ET Q q 0 0 0 rg BT 379.07 83.10 Td (. ) Tj ET Q endstream endobj 257 0 obj <> endobj 258 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 297.00 41.20 Td (120) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 731.25 Td (Gift and inheritance taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 707.25 Td (If a holder of Ferrari common shares and, if applicable, Ferrari special voting shares disposes of Ferrari common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 695.25 Td (shares and, if applicable, Ferrari special voting shares by way of gift, in form or in substance, or if a holder of Ferrari ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.25 Td (common shares and, if applicable, Ferrari special voting shares who is an individual dies, no Dutch gift tax or Dutch ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 671.25 Td (inheritance tax, as applicable, will be due, unless:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 647.25 Td (i. ) Tj ET Q q 0 0 0 rg BT 126.00 647.25 Td (the donor is, or the deceased was, resident or deemed to be resident in the Netherlands for purposes of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 635.25 Td (Dutch gift tax or Dutch inheritance tax, as applicable; or) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 611.25 Td (ii. ) Tj ET Q q 0 0 0 rg BT 126.00 611.25 Td (the donor made a gift of Ferrari common shares and, if applicable, Ferrari special voting shares, then ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 599.25 Td (became a resident or deemed resident of the Netherlands, and died as a resident or deemed resident of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 587.25 Td (Netherlands within 180 days of the date of the gift.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 563.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 563.25 Td (For purposes of the above, a gift of Ferrari common shares and, if applicable, Ferrari special voting shares made ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 551.25 Td (under a condition precedent is deemed to be made at the time the condition precedent is satisfied.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 527.25 Td (V) Tj ET Q q 0 0 0 rg BT 59.56 527.25 Td (alue ) Tj ET Q q 0 0 0 rg BT 79.47 527.25 Td (Added T) Tj ET Q q 0 0 0 rg BT 113.27 527.25 Td (ax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 503.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 503.25 Td (No Dutch value added tax will arise in respect of any payment in consideration for the issue of Ferrari common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 491.25 Td (shares and, if applicable, Ferrari special voting shares.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 467.25 Td (Registration taxes and duties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 443.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 443.25 Td (No Dutch registration tax, transfer tax, stamp duty or any other similar documentary tax or duty) Tj ET Q q 0 0 0 rg BT 472.30 443.25 Td (, other than court ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 431.25 Td (fees, is payable in the Netherlands by a holder in respect of or in connection with \(i\)the subscription, issue, placement or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 419.25 Td (allotment of Ferrari common shares and, if applicable, Ferrari special voting shares, \(ii\)the enforcement by way of legal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 407.25 Td (proceedings \(including the enforcement of any foreign judgment in the courts of the Netherlands\) of the documents relating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 395.25 Td (to the issue of Ferrari common shares and, if applicable, Ferrari special voting shares or the performance by Ferrari of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 383.25 Td (Ferrari) Tj ET Q q 0 0 0 rg BT 83.99 383.25 Td (s obligations under such documents, or \(iii\)the transfer of Ferrari common shares and, if applicable, Ferrari special ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 371.25 Td (voting shares.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 347.25 Td (Material Italian Income ) Tj ET Q q 0 0 0 rg BT 158.52 347.25 Td (T) Tj ET Q q 0 0 0 rg BT 164.27 347.25 Td (ax Consequences ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 96.00 325.25 Td (This ) Tj ET Q q 0 0 0 rg BT 116.04 325.25 Td (section ) Tj ET Q q 0 0 0 rg BT 147.17 325.25 Td (describes ) Tj ET Q q 0 0 0 rg BT 187.74 325.25 Td (solely ) Tj ET Q q 0 0 0 rg BT 213.87 325.25 Td (the ) Tj ET Q q 0 0 0 rg BT 228.89 325.25 Td (material ) Tj ET Q q 0 0 0 rg BT 265.58 325.25 Td (Italian ) Tj ET Q q 0 0 0 rg BT 295.05 325.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 310.07 325.25 Td (consequences ) Tj ET Q q 0 0 0 rg BT 367.85 325.25 Td (of ) Tj ET Q q 0 0 0 rg BT 378.43 325.25 Td (acquiring, ) Tj ET Q q 0 0 0 rg BT 422.62 325.25 Td (holding, ) Tj ET Q q 0 0 0 rg BT 458.48 325.25 Td (and ) Tj ET Q q 0 0 0 rg BT 476.29 325.25 Td (disposing ) Tj ET Q q 0 0 0 rg BT 517.43 325.25 Td (of ) Tj ET Q q 0 0 0 rg BT 528.01 325.25 Td (Ferrari ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 313.25 Td (common ) Tj ET Q q 0 0 0 rg BT 90.34 313.25 Td (shar) Tj ET Q q 0 0 0 rg BT 107.76 313.25 Td (es ) Tj ET Q q 0 0 0 rg BT 118.55 313.25 Td (and, ) Tj ET Q q 0 0 0 rg BT 138.51 313.25 Td (if ) Tj ET Q q 0 0 0 rg BT 146.53 313.25 Td (applicable, ) Tj ET Q q 0 0 0 rg BT 193.70 313.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 226.17 313.25 Td (special ) Tj ET Q q 0 0 0 rg BT 256.95 313.25 Td (voting ) Tj ET Q q 0 0 0 rg BT 284.41 313.25 Td (shar) Tj ET Q q 0 0 0 rg BT 301.82 313.25 Td (es. ) Tj ET Q q 0 0 0 rg BT 315.12 313.25 Td (It ) Tj ET Q q 0 0 0 rg BT 323.69 313.25 Td (does ) Tj ET Q q 0 0 0 rg BT 344.48 313.25 Td (not ) Tj ET Q q 0 0 0 rg BT 359.72 313.25 Td (consider ) Tj ET Q q 0 0 0 rg BT 396.62 313.25 Td (every ) Tj ET Q q 0 0 0 rg BT 420.73 313.25 Td (aspect ) Tj ET Q q 0 0 0 rg BT 448.74 313.25 Td (of ) Tj ET Q q 0 0 0 rg BT 458.98 313.25 Td (Italian ) Tj ET Q q 0 0 0 rg BT 488.11 313.25 Td (taxation ) Tj ET Q q 0 0 0 rg BT 523.34 313.25 Td (that ) Tj ET Q q 0 0 0 rg BT 541.36 313.25 Td (may ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 301.25 Td (be ) Tj ET Q q 0 0 0 rg BT 67.46 301.25 Td (r) Tj ET Q q 0 0 0 rg BT 70.98 301.25 Td (elevant ) Tj ET Q q 0 0 0 rg BT 103.87 301.25 Td (to ) Tj ET Q q 0 0 0 rg BT 115.67 301.25 Td (a ) Tj ET Q q 0 0 0 rg BT 124.70 301.25 Td (particular ) Tj ET Q q 0 0 0 rg BT 169.27 301.25 Td (holder ) Tj ET Q q 0 0 0 rg BT 199.40 301.25 Td (of ) Tj ET Q q 0 0 0 rg BT 211.20 301.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 245.22 301.25 Td (common ) Tj ET Q q 0 0 0 rg BT 283.13 301.25 Td (shar) Tj ET Q q 0 0 0 rg BT 300.54 301.25 Td (es ) Tj ET Q q 0 0 0 rg BT 312.89 301.25 Td (and, ) Tj ET Q q 0 0 0 rg BT 334.41 301.25 Td (if ) Tj ET Q q 0 0 0 rg BT 343.99 301.25 Td (applicable, ) Tj ET Q q 0 0 0 rg BT 392.72 301.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 426.75 301.25 Td (special ) Tj ET Q q 0 0 0 rg BT 459.09 301.25 Td (voting ) Tj ET Q q 0 0 0 rg BT 488.11 301.25 Td (shar) Tj ET Q q 0 0 0 rg BT 505.52 301.25 Td (es ) Tj ET Q q 0 0 0 rg BT 517.87 301.25 Td (in ) Tj ET Q q 0 0 0 rg BT 529.67 301.25 Td (special ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 289.25 Td (cir) Tj ET Q q 0 0 0 rg BT 64.74 289.25 Td (cumstances ) Tj ET Q q 0 0 0 rg BT 113.04 289.25 Td (or ) Tj ET Q q 0 0 0 rg BT 124.13 289.25 Td (who ) Tj ET Q q 0 0 0 rg BT 143.00 289.25 Td (is ) Tj ET Q q 0 0 0 rg BT 151.87 289.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 182.40 289.25 Td (to ) Tj ET Q q 0 0 0 rg BT 192.38 289.25 Td (special ) Tj ET Q q 0 0 0 rg BT 222.90 289.25 Td (tr) Tj ET Q q 0 0 0 rg BT 229.20 289.25 Td (eatment ) Tj ET Q q 0 0 0 rg BT 263.06 289.25 Td (under ) Tj ET Q q 0 0 0 rg BT 288.59 289.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 333.00 289.25 Td (law) Tj ET Q q 0 0 0 rg BT 346.71 289.25 Td (, ) Tj ET Q q 0 0 0 rg BT 351.41 289.25 Td (and ) Tj ET Q q 0 0 0 rg BT 368.61 289.25 Td (it ) Tj ET Q q 0 0 0 rg BT 376.37 289.25 Td (is ) Tj ET Q q 0 0 0 rg BT 385.24 289.25 Td (not ) Tj ET Q q 0 0 0 rg BT 400.22 289.25 Td (intended ) Tj ET Q q 0 0 0 rg BT 436.86 289.25 Td (to ) Tj ET Q q 0 0 0 rg BT 446.83 289.25 Td (be ) Tj ET Q q 0 0 0 rg BT 458.47 289.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 502.89 289.25 Td (in ) Tj ET Q q 0 0 0 rg BT 512.87 289.25 Td (all ) Tj ET Q q 0 0 0 rg BT 525.63 289.25 Td (r) Tj ET Q q 0 0 0 rg BT 529.15 289.25 Td (espects ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 277.25 Td (to ) Tj ET Q q 0 0 0 rg BT 64.28 277.25 Td (all ) Tj ET Q q 0 0 0 rg BT 77.33 277.25 Td (classes ) Tj ET Q q 0 0 0 rg BT 108.17 277.25 Td (of ) Tj ET Q q 0 0 0 rg BT 118.44 277.25 Td (investors. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 96.00 255.25 Td (Shar) Tj ET Q q 0 0 0 rg BT 114.52 255.25 Td (eholders ) Tj ET Q q 0 0 0 rg BT 151.27 255.25 Td (and ) Tj ET Q q 0 0 0 rg BT 168.58 255.25 Td (any ) Tj ET Q q 0 0 0 rg BT 185.33 255.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 223.19 255.25 Td (pr) Tj ET Q q 0 0 0 rg BT 231.71 255.25 Td (ospective ) Tj ET Q q 0 0 0 rg BT 271.22 255.25 Td (investors ) Tj ET Q q 0 0 0 rg BT 309.64 255.25 Td (should ) Tj ET Q q 0 0 0 rg BT 338.62 255.25 Td (consult ) Tj ET Q q 0 0 0 rg BT 369.81 255.25 Td (their ) Tj ET Q q 0 0 0 rg BT 391.01 255.25 Td (own ) Tj ET Q q 0 0 0 rg BT 409.99 255.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 424.52 255.25 Td (advisors ) Tj ET Q q 0 0 0 rg BT 460.72 255.25 Td (r) Tj ET Q q 0 0 0 rg BT 464.24 255.25 Td (egar) Tj ET Q q 0 0 0 rg BT 482.20 255.25 Td (ding ) Tj ET Q q 0 0 0 rg BT 502.28 255.25 Td (the ) Tj ET Q q 0 0 0 rg BT 516.81 255.25 Td (Italian ) Tj ET Q q 0 0 0 rg BT 545.79 255.25 Td (tax ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 243.25 Td (consequences ) Tj ET Q q 0 0 0 rg BT 111.43 243.25 Td (of ) Tj ET Q q 0 0 0 rg BT 121.66 243.25 Td (acquiring, ) Tj ET Q q 0 0 0 rg BT 165.50 243.25 Td (holding, ) Tj ET Q q 0 0 0 rg BT 201.01 243.25 Td (and ) Tj ET Q q 0 0 0 rg BT 218.46 243.25 Td (disposing ) Tj ET Q q 0 0 0 rg BT 259.25 243.25 Td (of ) Tj ET Q q 0 0 0 rg BT 269.48 243.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 301.94 243.25 Td (common ) Tj ET Q q 0 0 0 rg BT 338.27 243.25 Td (shar) Tj ET Q q 0 0 0 rg BT 355.68 243.25 Td (es ) Tj ET Q q 0 0 0 rg BT 366.47 243.25 Td (and, ) Tj ET Q q 0 0 0 rg BT 386.42 243.25 Td (if ) Tj ET Q q 0 0 0 rg BT 394.43 243.25 Td (applicable, ) Tj ET Q q 0 0 0 rg BT 441.59 243.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 474.04 243.25 Td (special ) Tj ET Q q 0 0 0 rg BT 504.82 243.25 Td (voting ) Tj ET Q q 0 0 0 rg BT 532.27 243.25 Td (shar) Tj ET Q q 0 0 0 rg BT 549.68 243.25 Td (es ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 231.25 Td (in ) Tj ET Q q 0 0 0 rg BT 64.60 231.25 Td (their ) Tj ET Q q 0 0 0 rg BT 86.30 231.25 Td (particular ) Tj ET Q q 0 0 0 rg BT 129.68 231.25 Td (cir) Tj ET Q q 0 0 0 rg BT 140.42 231.25 Td (cumstances ) Tj ET Q q 0 0 0 rg BT 189.33 231.25 Td (and ) Tj ET Q q 0 0 0 rg BT 207.15 231.25 Td (should ) Tj ET Q q 0 0 0 rg BT 236.64 231.25 Td (investigate ) Tj ET Q q 0 0 0 rg BT 282.78 231.25 Td (the ) Tj ET Q q 0 0 0 rg BT 297.82 231.25 Td (natur) Tj ET Q q 0 0 0 rg BT 319.11 231.25 Td (e ) Tj ET Q q 0 0 0 rg BT 326.37 231.25 Td (and ) Tj ET Q q 0 0 0 rg BT 344.19 231.25 Td (the ) Tj ET Q q 0 0 0 rg BT 359.23 231.25 Td (origin ) Tj ET Q q 0 0 0 rg BT 386.49 231.25 Td (of ) Tj ET Q q 0 0 0 rg BT 397.09 231.25 Td (the ) Tj ET Q q 0 0 0 rg BT 412.13 231.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 448.84 231.25 Td (r) Tj ET Q q 0 0 0 rg BT 452.36 231.25 Td (eceived ) Tj ET Q q 0 0 0 rg BT 485.15 231.25 Td (as ) Tj ET Q q 0 0 0 rg BT 496.86 231.25 Td (distributions ) Tj ET Q q 0 0 0 rg BT 550.24 231.25 Td (in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 219.25 Td (connection ) Tj ET Q q 0 0 0 rg BT 100.37 219.25 Td (with ) Tj ET Q q 0 0 0 rg BT 120.10 219.25 Td (the ) Tj ET Q q 0 0 0 rg BT 134.82 219.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 167.32 219.25 Td (common ) Tj ET Q q 0 0 0 rg BT 203.70 219.25 Td (shar) Tj ET Q q 0 0 0 rg BT 221.11 219.25 Td (es ) Tj ET Q q 0 0 0 rg BT 231.94 219.25 Td (\(dividends ) Tj ET Q q 0 0 0 rg BT 276.09 219.25 Td (or ) Tj ET Q q 0 0 0 rg BT 287.49 219.25 Td (r) Tj ET Q q 0 0 0 rg BT 291.01 219.25 Td (eserves\). ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 96.00 197.25 Td (Wher) Tj ET Q q 0 0 0 rg BT 117.29 197.25 Td (e ) Tj ET Q q 0 0 0 rg BT 124.14 197.25 Td (in ) Tj ET Q q 0 0 0 rg BT 134.33 197.25 Td (this ) Tj ET Q q 0 0 0 rg BT 151.20 197.25 Td (section ) Tj ET Q q 0 0 0 rg BT 181.94 197.25 Td (English ) Tj ET Q q 0 0 0 rg BT 214.91 197.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 239.54 197.25 Td (and ) Tj ET Q q 0 0 0 rg BT 256.96 197.25 Td (expr) Tj ET Q q 0 0 0 rg BT 274.36 197.25 Td (essions ) Tj ET Q q 0 0 0 rg BT 305.66 197.25 Td (ar) Tj ET Q q 0 0 0 rg BT 314.18 197.25 Td (e ) Tj ET Q q 0 0 0 rg BT 321.04 197.25 Td (used ) Tj ET Q q 0 0 0 rg BT 341.78 197.25 Td (to ) Tj ET Q q 0 0 0 rg BT 351.97 197.25 Td (r) Tj ET Q q 0 0 0 rg BT 355.49 197.25 Td (efer ) Tj ET Q q 0 0 0 rg BT 373.46 197.25 Td (to ) Tj ET Q q 0 0 0 rg BT 383.65 197.25 Td (Italian ) Tj ET Q q 0 0 0 rg BT 412.73 197.25 Td (concepts, ) Tj ET Q q 0 0 0 rg BT 452.63 197.25 Td (the ) Tj ET Q q 0 0 0 rg BT 467.26 197.25 Td (meaning ) Tj ET Q q 0 0 0 rg BT 504.11 197.25 Td (to ) Tj ET Q q 0 0 0 rg BT 514.31 197.25 Td (be ) Tj ET Q q 0 0 0 rg BT 526.16 197.25 Td (given ) Tj ET Q q 0 0 0 rg BT 550.23 197.25 Td (to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 185.25 Td (these ) Tj ET Q q 0 0 0 rg BT 77.88 185.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 103.43 185.25 Td (and ) Tj ET Q q 0 0 0 rg BT 121.76 185.25 Td (expr) Tj ET Q q 0 0 0 rg BT 139.15 185.25 Td (essions ) Tj ET Q q 0 0 0 rg BT 171.37 185.25 Td (shall ) Tj ET Q q 0 0 0 rg BT 194.15 185.25 Td (be ) Tj ET Q q 0 0 0 rg BT 206.92 185.25 Td (the ) Tj ET Q q 0 0 0 rg BT 222.46 185.25 Td (meaning ) Tj ET Q q 0 0 0 rg BT 260.23 185.25 Td (to ) Tj ET Q q 0 0 0 rg BT 271.34 185.25 Td (be ) Tj ET Q q 0 0 0 rg BT 284.11 185.25 Td (given ) Tj ET Q q 0 0 0 rg BT 309.09 185.25 Td (to ) Tj ET Q q 0 0 0 rg BT 320.20 185.25 Td (the ) Tj ET Q q 0 0 0 rg BT 335.75 185.25 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 380.72 185.25 Td (Italian ) Tj ET Q q 0 0 0 rg BT 410.72 185.25 Td (concepts ) Tj ET Q q 0 0 0 rg BT 449.03 185.25 Td (under ) Tj ET Q q 0 0 0 rg BT 475.69 185.25 Td (Italian ) Tj ET Q q 0 0 0 rg BT 505.69 185.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 521.23 185.25 Td (law) Tj ET Q q 0 0 0 rg BT 534.94 185.25 Td (. ) Tj ET Q q 0 0 0 rg BT 540.77 185.25 Td (This ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 173.25 Td (summary ) Tj ET Q q 0 0 0 rg BT 92.95 173.25 Td (assumes ) Tj ET Q q 0 0 0 rg BT 128.57 173.25 Td (that ) Tj ET Q q 0 0 0 rg BT 146.40 173.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 178.69 173.25 Td (common ) Tj ET Q q 0 0 0 rg BT 214.85 173.25 Td (shar) Tj ET Q q 0 0 0 rg BT 232.26 173.25 Td (es ) Tj ET Q q 0 0 0 rg BT 242.88 173.25 Td (will ) Tj ET Q q 0 0 0 rg BT 260.16 173.25 Td (be ) Tj ET Q q 0 0 0 rg BT 271.89 173.25 Td (listed ) Tj ET Q q 0 0 0 rg BT 295.83 173.25 Td (on ) Tj ET Q q 0 0 0 rg BT 308.12 173.25 Td (a ) Tj ET Q q 0 0 0 rg BT 315.40 173.25 Td (r) Tj ET Q q 0 0 0 rg BT 318.92 173.25 Td (egulated ) Tj ET Q q 0 0 0 rg BT 355.64 173.25 Td (market. ) Tj ET Q q 0 0 0 rg BT 388.19 173.25 Td (This ) Tj ET Q q 0 0 0 rg BT 407.70 173.25 Td (summary ) Tj ET Q q 0 0 0 rg BT 446.65 173.25 Td (also ) Tj ET Q q 0 0 0 rg BT 465.60 173.25 Td (assumes ) Tj ET Q q 0 0 0 rg BT 501.22 173.25 Td (that ) Tj ET Q q 0 0 0 rg BT 519.06 173.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 551.34 173.25 Td (is ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 161.25 Td (or) Tj ET Q q 0 0 0 rg BT 62.52 161.25 Td (ganized, ) Tj ET Q q 0 0 0 rg BT 97.91 161.25 Td (and ) Tj ET Q q 0 0 0 rg BT 114.69 161.25 Td (that ) Tj ET Q q 0 0 0 rg BT 132.02 161.25 Td (the ) Tj ET Q q 0 0 0 rg BT 146.02 161.25 Td (business ) Tj ET Q q 0 0 0 rg BT 181.69 161.25 Td (will ) Tj ET Q q 0 0 0 rg BT 198.47 161.25 Td (be ) Tj ET Q q 0 0 0 rg BT 209.69 161.25 Td (conducted, ) Tj ET Q q 0 0 0 rg BT 255.06 161.25 Td (in ) Tj ET Q q 0 0 0 rg BT 264.62 161.25 Td (the ) Tj ET Q q 0 0 0 rg BT 278.61 161.25 Td (manner ) Tj ET Q q 0 0 0 rg BT 310.94 161.25 Td (outlined ) Tj ET Q q 0 0 0 rg BT 345.50 161.25 Td (in ) Tj ET Q q 0 0 0 rg BT 355.05 161.25 Td (this ) Tj ET Q q 0 0 0 rg BT 371.28 161.25 Td (r) Tj ET Q q 0 0 0 rg BT 374.80 161.25 Td (eport. ) Tj ET Q q 0 0 0 rg BT 400.06 161.25 Td (A) Tj ET Q q 0 0 0 rg BT 405.99 161.25 Td ( ) Tj ET Q q 0 0 0 rg BT 407.77 161.25 Td (change ) Tj ET Q q 0 0 0 rg BT 438.42 161.25 Td (to ) Tj ET Q q 0 0 0 rg BT 447.98 161.25 Td (the ) Tj ET Q q 0 0 0 rg BT 461.98 161.25 Td (or) Tj ET Q q 0 0 0 rg BT 470.50 161.25 Td (ganizational ) Tj ET Q q 0 0 0 rg BT 522.28 161.25 Td (structur) Tj ET Q q 0 0 0 rg BT 553.58 161.25 Td (e ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 149.25 Td (or ) Tj ET Q q 0 0 0 rg BT 65.53 149.25 Td (to ) Tj ET Q q 0 0 0 rg BT 75.95 149.25 Td (the ) Tj ET Q q 0 0 0 rg BT 90.81 149.25 Td (manner ) Tj ET Q q 0 0 0 rg BT 124.00 149.25 Td (in ) Tj ET Q q 0 0 0 rg BT 134.42 149.25 Td (which ) Tj ET Q q 0 0 0 rg BT 160.95 149.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 193.59 149.25 Td (conducts ) Tj ET Q q 0 0 0 rg BT 231.78 149.25 Td (its ) Tj ET Q q 0 0 0 rg BT 243.86 149.25 Td (business ) Tj ET Q q 0 0 0 rg BT 280.40 149.25 Td (may ) Tj ET Q q 0 0 0 rg BT 299.70 149.25 Td (invalidate ) Tj ET Q q 0 0 0 rg BT 342.33 149.25 Td (the ) Tj ET Q q 0 0 0 rg BT 357.19 149.25 Td (contents ) Tj ET Q q 0 0 0 rg BT 393.15 149.25 Td (of ) Tj ET Q q 0 0 0 rg BT 403.57 149.25 Td (this ) Tj ET Q q 0 0 0 rg BT 420.66 149.25 Td (section, ) Tj ET Q q 0 0 0 rg BT 454.13 149.25 Td (which ) Tj ET Q q 0 0 0 rg BT 480.65 149.25 Td (will ) Tj ET Q q 0 0 0 rg BT 498.30 149.25 Td (not ) Tj ET Q q 0 0 0 rg BT 513.72 149.25 Td (be ) Tj ET Q q 0 0 0 rg BT 525.80 149.25 Td (updated ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 137.25 Td (to ) Tj ET Q q 0 0 0 rg BT 64.28 137.25 Td (r) Tj ET Q q 0 0 0 rg BT 67.80 137.25 Td (eflect ) Tj ET Q q 0 0 0 rg BT 91.95 137.25 Td (any ) Tj ET Q q 0 0 0 rg BT 108.89 137.25 Td (such ) Tj ET Q q 0 0 0 rg BT 129.72 137.25 Td (change. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 96.00 115.25 Td (This ) Tj ET Q q 0 0 0 rg BT 115.09 115.25 Td (summary ) Tj ET Q q 0 0 0 rg BT 153.62 115.25 Td (is ) Tj ET Q q 0 0 0 rg BT 162.15 115.25 Td (based ) Tj ET Q q 0 0 0 rg BT 187.34 115.25 Td (on ) Tj ET Q q 0 0 0 rg BT 199.21 115.25 Td (the ) Tj ET Q q 0 0 0 rg BT 213.28 115.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 227.36 115.25 Td (laws ) Tj ET Q q 0 0 0 rg BT 247.56 115.25 Td (of ) Tj ET Q q 0 0 0 rg BT 257.20 115.25 Td (the ) Tj ET Q q 0 0 0 rg BT 271.28 115.25 Td (Republic ) Tj ET Q q 0 0 0 rg BT 308.69 115.25 Td (of ) Tj ET Q q 0 0 0 rg BT 318.33 115.25 Td (Italy ) Tj ET Q q 0 0 0 rg BT 338.51 115.25 Td (and ) Tj ET Q q 0 0 0 rg BT 355.38 115.25 Td (case ) Tj ET Q q 0 0 0 rg BT 375.01 115.25 Td (law ) Tj ET Q q 0 0 0 rg BT 391.32 115.25 Td (/ ) Tj ET Q q 0 0 0 rg BT 395.96 115.25 Td (practice ) Tj ET Q q 0 0 0 rg BT 430.58 115.25 Td (\(unpublished ) Tj ET Q q 0 0 0 rg BT 484.66 115.25 Td (case ) Tj ET Q q 0 0 0 rg BT 504.29 115.25 Td (law ) Tj ET Q q 0 0 0 rg BT 520.60 115.25 Td (/ ) Tj ET Q q 0 0 0 rg BT 525.24 115.25 Td (practice ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 103.25 Td (is ) Tj ET Q q 0 0 0 rg BT 62.36 103.25 Td (not ) Tj ET Q q 0 0 0 rg BT 76.83 103.25 Td (included\) ) Tj ET Q q 0 0 0 rg BT 116.28 103.25 Td (as ) Tj ET Q q 0 0 0 rg BT 126.86 103.25 Td (it ) Tj ET Q q 0 0 0 rg BT 134.10 103.25 Td (stands ) Tj ET Q q 0 0 0 rg BT 161.35 103.25 Td (at ) Tj ET Q q 0 0 0 rg BT 170.82 103.25 Td (the ) Tj ET Q q 0 0 0 rg BT 184.72 103.25 Td (date ) Tj ET Q q 0 0 0 rg BT 203.63 103.25 Td (of ) Tj ET Q q 0 0 0 rg BT 213.10 103.25 Td (this ) Tj ET Q q 0 0 0 rg BT 229.23 103.25 Td (r) Tj ET Q q 0 0 0 rg BT 232.75 103.25 Td (eport. ) Tj ET Q q 0 0 0 rg BT 258.05 103.25 Td (The ) Tj ET Q q 0 0 0 rg BT 274.74 103.25 Td (law ) Tj ET Q q 0 0 0 rg BT 290.88 103.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 312.56 103.25 Td (which ) Tj ET Q q 0 0 0 rg BT 338.14 103.25 Td (this ) Tj ET Q q 0 0 0 rg BT 354.28 103.25 Td (description ) Tj ET Q q 0 0 0 rg BT 400.96 103.25 Td (is ) Tj ET Q q 0 0 0 rg BT 409.32 103.25 Td (based ) Tj ET Q q 0 0 0 rg BT 434.34 103.25 Td (is ) Tj ET Q q 0 0 0 rg BT 442.70 103.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 472.71 103.25 Td (to ) Tj ET Q q 0 0 0 rg BT 482.18 103.25 Td (change, ) Tj ET Q q 0 0 0 rg BT 515.24 103.25 Td (potentially ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 91.25 Td (with ) Tj ET Q q 0 0 0 rg BT 73.44 91.25 Td (r) Tj ET Q q 0 0 0 rg BT 76.96 91.25 Td (etr) Tj ET Q q 0 0 0 rg BT 87.70 91.25 Td (oactive ) Tj ET Q q 0 0 0 rg BT 118.78 91.25 Td (effect. ) Tj ET Q q 0 0 0 rg BT 144.99 91.25 Td (Any ) Tj ET Q q 0 0 0 rg BT 162.75 91.25 Td (such ) Tj ET Q q 0 0 0 rg BT 183.29 91.25 Td (change ) Tj ET Q q 0 0 0 rg BT 214.38 91.25 Td (may ) Tj ET Q q 0 0 0 rg BT 233.25 91.25 Td (invalidate ) Tj ET Q q 0 0 0 rg BT 275.46 91.25 Td (the ) Tj ET Q q 0 0 0 rg BT 289.89 91.25 Td (contents ) Tj ET Q q 0 0 0 rg BT 325.43 91.25 Td (of ) Tj ET Q q 0 0 0 rg BT 335.42 91.25 Td (this ) Tj ET Q q 0 0 0 rg BT 352.08 91.25 Td (description, ) Tj ET Q q 0 0 0 rg BT 401.79 91.25 Td (which ) Tj ET Q q 0 0 0 rg BT 427.89 91.25 Td (will ) Tj ET Q q 0 0 0 rg BT 445.11 91.25 Td (not ) Tj ET Q q 0 0 0 rg BT 460.10 91.25 Td (be ) Tj ET Q q 0 0 0 rg BT 471.75 91.25 Td (updated ) Tj ET Q q 0 0 0 rg BT 506.18 91.25 Td (to ) Tj ET Q q 0 0 0 rg BT 516.17 91.25 Td (r) Tj ET Q q 0 0 0 rg BT 519.69 91.25 Td (eflect ) Tj ET Q q 0 0 0 rg BT 543.56 91.25 Td (this ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 79.25 Td (change. ) Tj ET Q endstream endobj 259 0 obj <> endobj 260 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 297.00 41.20 Td (121) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 731.25 Td (Definitions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 709.25 Td (In this section, the following terms have the meaning defined below: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 687.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 687.25 Td (CIT) Tj ET Q q 0 0 0 rg BT 134.75 687.25 Td (A: Presidential Decree No.917 of December22, 1986 \(the Consolidated Income ) Tj ET Q q 0 0 0 rg BT 464.46 687.25 Td (T) Tj ET Q q 0 0 0 rg BT 469.87 687.25 Td (ax ) Tj ET Q q 0 0 0 rg BT 481.26 687.25 Td (Act\); ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 665.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 665.25 Td (EEA) Tj ET Q q 0 0 0 rg BT 138.33 665.25 Td ( State: a State that is party to the European Economic ) Tj ET Q q 0 0 0 rg BT 357.98 665.25 Td (Area ) Tj ET Q q 0 0 0 rg BT 379.36 665.25 Td (Agreement;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 643.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 643.25 Td (IRES: Italian corporate income tax;) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 72.00 642.05 Td ( ) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 90.00 642.05 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 620.05 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 620.05 Td (Italian ) Tj ET Q q 0 0 0 rg BT 147.87 620.05 Td (White ) Tj ET Q q 0 0 0 rg BT 175.42 620.05 Td (List: ) Tj ET Q q 0 0 0 rg BT 201.31 620.05 Td (the ) Tj ET Q q 0 0 0 rg BT 216.64 620.05 Td (list ) Tj ET Q q 0 0 0 rg BT 231.98 620.05 Td (of ) Tj ET Q q 0 0 0 rg BT 243.42 620.05 Td (countries ) Tj ET Q q 0 0 0 rg BT 283.19 620.05 Td (and ) Tj ET Q q 0 0 0 rg BT 300.74 620.05 Td (territories ) Tj ET Q q 0 0 0 rg BT 342.73 620.05 Td (allowing ) Tj ET Q q 0 0 0 rg BT 380.84 620.05 Td (a ) Tj ET Q q 0 0 0 rg BT 388.39 620.05 Td (satisfactory ) Tj ET Q q 0 0 0 rg BT 437.60 620.05 Td (exchange ) Tj ET Q q 0 0 0 rg BT 478.47 620.05 Td (of ) Tj ET Q q 0 0 0 rg BT 489.91 620.05 Td (information ) Tj ET Q q 0 0 0 rg BT 540.24 620.05 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 608.05 Td (Italy ) Tj ET Q q 0 0 0 rg BT 135.46 608.05 Td (\(i\)currently ) Tj ET Q q 0 0 0 rg BT 185.62 608.05 Td (included ) Tj ET Q q 0 0 0 rg BT 222.18 608.05 Td (in ) Tj ET Q q 0 0 0 rg BT 232.09 608.05 Td (the ) Tj ET Q q 0 0 0 rg BT 246.44 608.05 Td (Italian ) Tj ET Q q 0 0 0 rg BT 274.11 608.05 Td (Ministerial ) Tj ET Q q 0 0 0 rg BT 320.12 608.05 Td (Decree ) Tj ET Q q 0 0 0 rg BT 350.56 608.05 Td (of ) Tj ET Q q 0 0 0 rg BT 361.02 608.05 Td (September4, ) Tj ET Q q 0 0 0 rg BT 415.91 608.05 Td (1996, ) Tj ET Q q 0 0 0 rg BT 440.54 608.05 Td (as ) Tj ET Q q 0 0 0 rg BT 451.00 608.05 Td (subsequently ) Tj ET Q q 0 0 0 rg BT 505.35 608.05 Td (amended ) Tj ET Q q 0 0 0 rg BT 543.58 608.05 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 596.05 Td (supplemented ) Tj ET Q q 0 0 0 rg BT 173.27 596.05 Td (or ) Tj ET Q q 0 0 0 rg BT 184.34 596.05 Td (\(ii\)once ) Tj ET Q q 0 0 0 rg BT 220.66 596.05 Td (ef) Tj ET Q q 0 0 0 rg BT 228.25 596.05 Td (fective ) Tj ET Q q 0 0 0 rg BT 258.18 596.05 Td (in ) Tj ET Q q 0 0 0 rg BT 268.69 596.05 Td (any ) Tj ET Q q 0 0 0 rg BT 285.86 596.05 Td (other ) Tj ET Q q 0 0 0 rg BT 309.14 596.05 Td (decree ) Tj ET Q q 0 0 0 rg BT 337.96 596.05 Td (or ) Tj ET Q q 0 0 0 rg BT 349.02 596.05 Td (regulation ) Tj ET Q q 0 0 0 rg BT 392.29 596.05 Td (that ) Tj ET Q q 0 0 0 rg BT 410.02 596.05 Td (will ) Tj ET Q q 0 0 0 rg BT 428.31 596.05 Td (be ) Tj ET Q q 0 0 0 rg BT 440.48 596.05 Td (issued ) Tj ET Q q 0 0 0 rg BT 468.21 596.05 Td (in ) Tj ET Q q 0 0 0 rg BT 478.72 596.05 Td (the ) Tj ET Q q 0 0 0 rg BT 493.67 596.05 Td (future ) Tj ET Q q 0 0 0 rg BT 520.28 596.05 Td (under ) Tj ET Q q 0 0 0 rg BT 545.78 596.05 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 584.05 Td (authority ) Tj ET Q q 0 0 0 rg BT 153.51 584.05 Td (of ) Tj ET Q q 0 0 0 rg BT 163.71 584.05 Td (Article ) Tj ET Q q 0 0 0 rg BT 193.88 584.05 Td (1) Tj ET Q q 0 0 0 rg BT 198.51 584.05 Td (1\(4\)\(c\) ) Tj ET Q q 0 0 0 rg BT 228.67 584.05 Td (of ) Tj ET Q q 0 0 0 rg BT 239.40 584.05 Td (Legislative ) Tj ET Q q 0 0 0 rg BT 286.24 584.05 Td (Decree ) Tj ET Q q 0 0 0 rg BT 316.95 584.05 Td (No. ) Tj ET Q q 0 0 0 rg BT 334.07 584.05 Td (239 ) Tj ET Q q 0 0 0 rg BT 351.47 584.05 Td (of ) Tj ET Q q 0 0 0 rg BT 361.68 584.05 Td (April ) Tj ET Q q 0 0 0 rg BT 385.19 584.05 Td (1, ) Tj ET Q q 0 0 0 rg BT 395.09 584.05 Td (1996 ) Tj ET Q q 0 0 0 rg BT 417.50 584.05 Td (to ) Tj ET Q q 0 0 0 rg BT 427.68 584.05 Td (provide ) Tj ET Q q 0 0 0 rg BT 460.63 584.05 Td (the ) Tj ET Q q 0 0 0 rg BT 475.25 584.05 Td (list ) Tj ET Q q 0 0 0 rg BT 489.88 584.05 Td (of ) Tj ET Q q 0 0 0 rg BT 500.62 584.05 Td (such ) Tj ET Q q 0 0 0 rg BT 521.35 584.05 Td (countries ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 572.05 Td (and ) Tj ET Q q 0 0 0 rg BT 131.41 572.05 Td (territories ) Tj ET Q q 0 0 0 rg BT 172.25 572.05 Td (\(and ) Tj ET Q q 0 0 0 rg BT 191.99 572.05 Td (that ) Tj ET Q q 0 0 0 rg BT 208.96 572.05 Td (will ) Tj ET Q q 0 0 0 rg BT 226.48 572.05 Td (replace ) Tj ET Q q 0 0 0 rg BT 257.31 572.05 Td (Ministerial ) Tj ET Q q 0 0 0 rg BT 303.17 572.05 Td (Decree ) Tj ET Q q 0 0 0 rg BT 333.44 572.05 Td (of ) Tj ET Q q 0 0 0 rg BT 343.74 572.05 Td (September4, ) Tj ET Q q 0 0 0 rg BT 398.48 572.05 Td (1996\), ) Tj ET Q q 0 0 0 rg BT 426.28 572.05 Td (including ) Tj ET Q q 0 0 0 rg BT 466.02 572.05 Td (any ) Tj ET Q q 0 0 0 rg BT 482.43 572.05 Td (country ) Tj ET Q q 0 0 0 rg BT 514.95 572.05 Td (or ) Tj ET Q q 0 0 0 rg BT 525.25 572.05 Td (territory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 560.05 Td (that ) Tj ET Q q 0 0 0 rg BT 132.50 560.05 Td (will ) Tj ET Q q 0 0 0 rg BT 150.55 560.05 Td (be ) Tj ET Q q 0 0 0 rg BT 162.49 560.05 Td (deemed ) Tj ET Q q 0 0 0 rg BT 196.08 560.05 Td (listed ) Tj ET Q q 0 0 0 rg BT 220.25 560.05 Td (therein ) Tj ET Q q 0 0 0 rg BT 250.51 560.05 Td (for ) Tj ET Q q 0 0 0 rg BT 264.67 560.05 Td (the ) Tj ET Q q 0 0 0 rg BT 279.39 560.05 Td (purpose ) Tj ET Q q 0 0 0 rg BT 313.55 560.05 Td (of ) Tj ET Q q 0 0 0 rg BT 324.38 560.05 Td (any ) Tj ET Q q 0 0 0 rg BT 341.32 560.05 Td (interim ) Tj ET Q q 0 0 0 rg BT 372.70 560.05 Td (rule; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 538.05 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 538.05 Td (Non-Qualified ) Tj ET Q q 0 0 0 rg BT 180.36 538.05 Td (Holdings: ) Tj ET Q q 0 0 0 rg BT 226.86 538.05 Td (holdings ) Tj ET Q q 0 0 0 rg BT 263.92 538.05 Td (of ) Tj ET Q q 0 0 0 rg BT 274.86 538.05 Td (common ) Tj ET Q q 0 0 0 rg BT 312.46 538.05 Td (shares ) Tj ET Q q 0 0 0 rg BT 340.06 538.05 Td (in ) Tj ET Q q 0 0 0 rg BT 350.45 538.05 Td (Ferrari, ) Tj ET Q q 0 0 0 rg BT 382.77 538.05 Td (including ) Tj ET Q q 0 0 0 rg BT 423.15 538.05 Td (rights ) Tj ET Q q 0 0 0 rg BT 448.54 538.05 Td (or ) Tj ET Q q 0 0 0 rg BT 459.48 538.05 Td (securities ) Tj ET Q q 0 0 0 rg BT 499.85 538.05 Td (through ) Tj ET Q q 0 0 0 rg BT 533.57 538.05 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 526.05 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 144.71 526.05 Td (common ) Tj ET Q q 0 0 0 rg BT 182.20 526.05 Td (shares ) Tj ET Q q 0 0 0 rg BT 209.69 526.05 Td (may ) Tj ET Q q 0 0 0 rg BT 229.41 526.05 Td (be ) Tj ET Q q 0 0 0 rg BT 241.35 526.05 Td (acquired, ) Tj ET Q q 0 0 0 rg BT 280.77 526.05 Td (other ) Tj ET Q q 0 0 0 rg BT 303.82 526.05 Td (than ) Tj ET Q q 0 0 0 rg BT 323.54 526.05 Td (Qualified ) Tj ET Q q 0 0 0 rg BT 363.80 526.05 Td (Holdings; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 504.05 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 504.05 Td (Qualified ) Tj ET Q q 0 0 0 rg BT 159.15 504.05 Td (Holdings: ) Tj ET Q q 0 0 0 rg BT 204.99 504.05 Td (holdings ) Tj ET Q q 0 0 0 rg BT 241.38 504.05 Td (of ) Tj ET Q q 0 0 0 rg BT 251.66 504.05 Td (common ) Tj ET Q q 0 0 0 rg BT 288.60 504.05 Td (shares ) Tj ET Q q 0 0 0 rg BT 315.54 504.05 Td (in ) Tj ET Q q 0 0 0 rg BT 325.27 504.05 Td (Ferrari, ) Tj ET Q q 0 0 0 rg BT 356.92 504.05 Td (including ) Tj ET Q q 0 0 0 rg BT 396.65 504.05 Td (rights ) Tj ET Q q 0 0 0 rg BT 421.37 504.05 Td (or ) Tj ET Q q 0 0 0 rg BT 431.65 504.05 Td (securities ) Tj ET Q q 0 0 0 rg BT 471.36 504.05 Td (through ) Tj ET Q q 0 0 0 rg BT 504.42 504.05 Td (which ) Tj ET Q q 0 0 0 rg BT 530.81 504.05 Td (Ferrari ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 492.05 Td (common ) Tj ET Q q 0 0 0 rg BT 153.04 492.05 Td (shares ) Tj ET Q q 0 0 0 rg BT 181.08 492.05 Td (may ) Tj ET Q q 0 0 0 rg BT 201.34 492.05 Td (be ) Tj ET Q q 0 0 0 rg BT 213.82 492.05 Td (acquired, ) Tj ET Q q 0 0 0 rg BT 253.79 492.05 Td (that ) Tj ET Q q 0 0 0 rg BT 271.83 492.05 Td (represent, ) Tj ET Q q 0 0 0 rg BT 314.03 492.05 Td (in ) Tj ET Q q 0 0 0 rg BT 324.85 492.05 Td (case ) Tj ET Q q 0 0 0 rg BT 345.10 492.05 Td (of ) Tj ET Q q 0 0 0 rg BT 356.48 492.05 Td (shares ) Tj ET Q q 0 0 0 rg BT 384.52 492.05 Td (listed ) Tj ET Q q 0 0 0 rg BT 409.23 492.05 Td (on ) Tj ET Q q 0 0 0 rg BT 422.27 492.05 Td (regulated ) Tj ET Q q 0 0 0 rg BT 462.52 492.05 Td (markets, ) Tj ET Q q 0 0 0 rg BT 499.72 492.05 Td (either ) Tj ET Q q 0 0 0 rg BT 525.53 492.05 Td (\(i\)more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 480.05 Td (than ) Tj ET Q q 0 0 0 rg BT 134.70 480.05 Td (two ) Tj ET Q q 0 0 0 rg BT 152.18 480.05 Td (percent ) Tj ET Q q 0 0 0 rg BT 184.09 480.05 Td (of ) Tj ET Q q 0 0 0 rg BT 194.90 480.05 Td (the ) Tj ET Q q 0 0 0 rg BT 209.60 480.05 Td (overall ) Tj ET Q q 0 0 0 rg BT 239.85 480.05 Td (voting ) Tj ET Q q 0 0 0 rg BT 267.89 480.05 Td (rights ) Tj ET Q q 0 0 0 rg BT 293.15 480.05 Td (exercisable ) Tj ET Q q 0 0 0 rg BT 340.60 480.05 Td (at ) Tj ET Q q 0 0 0 rg BT 350.30 480.05 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 386.66 480.05 Td (shareholders) Tj ET Q q 0 0 0 rg BT 439.79 480.05 Td ( ) Tj ET Q q 0 0 0 rg BT 442.27 480.05 Td (meetings ) Tj ET Q q 0 0 0 rg BT 480.86 480.05 Td (or ) Tj ET Q q 0 0 0 rg BT 491.67 480.05 Td (\(ii\)an ) Tj ET Q q 0 0 0 rg BT 518.31 480.05 Td (interest ) Tj ET Q q 0 0 0 rg BT 550.22 480.05 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 468.05 Td (Ferrari) Tj ET Q q 0 0 0 rg BT 144.99 468.05 Td (s ) Tj ET Q q 0 0 0 rg BT 151.38 468.05 Td (issued ) Tj ET Q q 0 0 0 rg BT 178.88 468.05 Td (and ) Tj ET Q q 0 0 0 rg BT 195.82 468.05 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 244.98 468.05 Td (capital ) Tj ET Q q 0 0 0 rg BT 274.13 468.05 Td (in ) Tj ET Q q 0 0 0 rg BT 284.41 468.05 Td (excess ) Tj ET Q q 0 0 0 rg BT 313.01 468.05 Td (of ) Tj ET Q q 0 0 0 rg BT 323.84 468.05 Td (five ) Tj ET Q q 0 0 0 rg BT 341.88 468.05 Td (percent; ) Tj ET Q q 0 0 0 rg BT 376.59 468.05 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 446.05 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 446.05 Td (T) Tj ET Q q 0 0 0 rg BT 125.20 446.05 Td (ransfer ) Tj ET Q q 0 0 0 rg BT 155.60 446.05 Td (of ) Tj ET Q q 0 0 0 rg BT 166.58 446.05 Td (Qualified ) Tj ET Q q 0 0 0 rg BT 206.99 446.05 Td (Holdings: ) Tj ET Q q 0 0 0 rg BT 253.53 446.05 Td (transfers ) Tj ET Q q 0 0 0 rg BT 290.61 446.05 Td (of ) Tj ET Q q 0 0 0 rg BT 301.59 446.05 Td (common ) Tj ET Q q 0 0 0 rg BT 339.23 446.05 Td (shares ) Tj ET Q q 0 0 0 rg BT 366.87 446.05 Td (in ) Tj ET Q q 0 0 0 rg BT 377.30 446.05 Td (Ferrari, ) Tj ET Q q 0 0 0 rg BT 409.65 446.05 Td (including ) Tj ET Q q 0 0 0 rg BT 450.08 446.05 Td (rights ) Tj ET Q q 0 0 0 rg BT 475.50 446.05 Td (or ) Tj ET Q q 0 0 0 rg BT 486.48 446.05 Td (securities ) Tj ET Q q 0 0 0 rg BT 526.89 446.05 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 434.05 Td (which ) Tj ET Q q 0 0 0 rg BT 141.90 434.05 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 171.56 434.05 Td (common ) Tj ET Q q 0 0 0 rg BT 209.01 434.05 Td (shares ) Tj ET Q q 0 0 0 rg BT 236.46 434.05 Td (may ) Tj ET Q q 0 0 0 rg BT 256.14 434.05 Td (be ) Tj ET Q q 0 0 0 rg BT 268.03 434.05 Td (acquired, ) Tj ET Q q 0 0 0 rg BT 307.41 434.05 Td (that ) Tj ET Q q 0 0 0 rg BT 324.87 434.05 Td (exceed, ) Tj ET Q q 0 0 0 rg BT 357.58 434.05 Td (over ) Tj ET Q q 0 0 0 rg BT 377.80 434.05 Td (a ) Tj ET Q q 0 0 0 rg BT 384.70 434.05 Td (period ) Tj ET Q q 0 0 0 rg BT 412.70 434.05 Td (of ) Tj ET Q q 0 0 0 rg BT 423.49 434.05 Td (12 ) Tj ET Q q 0 0 0 rg BT 435.95 434.05 Td (\(twelve\) ) Tj ET Q q 0 0 0 rg BT 471.72 434.05 Td (months, ) Tj ET Q q 0 0 0 rg BT 506.13 434.05 Td (the ) Tj ET Q q 0 0 0 rg BT 520.80 434.05 Td (threshold ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 422.05 Td (for ) Tj ET Q q 0 0 0 rg BT 129.33 422.05 Td (qualifying ) Tj ET Q q 0 0 0 rg BT 173.10 422.05 Td (as ) Tj ET Q q 0 0 0 rg BT 184.09 422.05 Td (Qualified ) Tj ET Q q 0 0 0 rg BT 224.52 422.05 Td (Holdings. ) Tj ET Q q 0 0 0 rg BT 266.16 422.05 Td (The ) Tj ET Q q 0 0 0 rg BT 284.38 422.05 Td (twelve-month ) Tj ET Q q 0 0 0 rg BT 342.59 422.05 Td (period ) Tj ET Q q 0 0 0 rg BT 370.80 422.05 Td (starts ) Tj ET Q q 0 0 0 rg BT 394.57 422.05 Td (from ) Tj ET Q q 0 0 0 rg BT 416.68 422.05 Td (the ) Tj ET Q q 0 0 0 rg BT 431.56 422.05 Td (date ) Tj ET Q q 0 0 0 rg BT 450.88 422.05 Td (when ) Tj ET Q q 0 0 0 rg BT 475.21 422.05 Td (the ) Tj ET Q q 0 0 0 rg BT 490.09 422.05 Td (shares, ) Tj ET Q q 0 0 0 rg BT 520.25 422.05 Td (securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 410.05 Td (and ) Tj ET Q q 0 0 0 rg BT 133.02 410.05 Td (the ) Tj ET Q q 0 0 0 rg BT 148.82 410.05 Td (rights ) Tj ET Q q 0 0 0 rg BT 175.19 410.05 Td (owned ) Tj ET Q q 0 0 0 rg BT 205.43 410.05 Td (represent ) Tj ET Q q 0 0 0 rg BT 245.66 410.05 Td (a ) Tj ET Q q 0 0 0 rg BT 253.68 410.05 Td (percentage ) Tj ET Q q 0 0 0 rg BT 300.57 410.05 Td (of ) Tj ET Q q 0 0 0 rg BT 312.48 410.05 Td (voting ) Tj ET Q q 0 0 0 rg BT 341.62 410.05 Td (rights ) Tj ET Q q 0 0 0 rg BT 367.98 410.05 Td (or ) Tj ET Q q 0 0 0 rg BT 379.90 410.05 Td (interest ) Tj ET Q q 0 0 0 rg BT 412.92 410.05 Td (in ) Tj ET Q q 0 0 0 rg BT 424.28 410.05 Td (Ferrari) Tj ET Q q 0 0 0 rg BT 454.26 410.05 Td (s ) Tj ET Q q 0 0 0 rg BT 461.74 410.05 Td (capital ) Tj ET Q q 0 0 0 rg BT 491.97 410.05 Td (that ) Tj ET Q q 0 0 0 rg BT 510.55 410.05 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 545.78 410.05 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 398.05 Td (aforesaid ) Tj ET Q q 0 0 0 rg BT 154.24 398.05 Td (thresholds. ) Tj ET Q q 0 0 0 rg BT 200.44 398.05 Td (In ) Tj ET Q q 0 0 0 rg BT 211.36 398.05 Td (case ) Tj ET Q q 0 0 0 rg BT 231.16 398.05 Td (of ) Tj ET Q q 0 0 0 rg BT 242.08 398.05 Td (rights ) Tj ET Q q 0 0 0 rg BT 267.46 398.05 Td (or ) Tj ET Q q 0 0 0 rg BT 278.38 398.05 Td (securities ) Tj ET Q q 0 0 0 rg BT 318.74 398.05 Td (through ) Tj ET Q q 0 0 0 rg BT 352.44 398.05 Td (which ) Tj ET Q q 0 0 0 rg BT 379.47 398.05 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 409.27 398.05 Td (common ) Tj ET Q q 0 0 0 rg BT 446.86 398.05 Td (shares ) Tj ET Q q 0 0 0 rg BT 474.44 398.05 Td (may ) Tj ET Q q 0 0 0 rg BT 494.25 398.05 Td (be ) Tj ET Q q 0 0 0 rg BT 506.28 398.05 Td (acquired, ) Tj ET Q q 0 0 0 rg BT 545.80 398.05 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 386.05 Td (percentage ) Tj ET Q q 0 0 0 rg BT 160.31 386.05 Td (of ) Tj ET Q q 0 0 0 rg BT 170.66 386.05 Td (voting ) Tj ET Q q 0 0 0 rg BT 198.23 386.05 Td (rights ) Tj ET Q q 0 0 0 rg BT 223.02 386.05 Td (or ) Tj ET Q q 0 0 0 rg BT 233.37 386.05 Td (interest ) Tj ET Q q 0 0 0 rg BT 264.81 386.05 Td (in ) Tj ET Q q 0 0 0 rg BT 274.61 386.05 Td (Ferrari) Tj ET Q q 0 0 0 rg BT 304.59 386.05 Td (s ) Tj ET Q q 0 0 0 rg BT 310.50 386.05 Td (capital ) Tj ET Q q 0 0 0 rg BT 339.16 386.05 Td (potentially ) Tj ET Q q 0 0 0 rg BT 383.95 386.05 Td (attributable ) Tj ET Q q 0 0 0 rg BT 431.50 386.05 Td (to ) Tj ET Q q 0 0 0 rg BT 441.29 386.05 Td (the ) Tj ET Q q 0 0 0 rg BT 455.52 386.05 Td (holding ) Tj ET Q q 0 0 0 rg BT 488.09 386.05 Td (of ) Tj ET Q q 0 0 0 rg BT 498.44 386.05 Td (such ) Tj ET Q q 0 0 0 rg BT 518.78 386.05 Td (rights ) Tj ET Q q 0 0 0 rg BT 543.57 386.05 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 374.05 Td (securities ) Tj ET Q q 0 0 0 rg BT 155.26 374.05 Td (is ) Tj ET Q q 0 0 0 rg BT 164.43 374.05 Td (taken ) Tj ET Q q 0 0 0 rg BT 188.59 374.05 Td (into ) Tj ET Q q 0 0 0 rg BT 206.65 374.05 Td (account. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 352.05 Td (On ) Tj ET Q q 0 0 0 rg BT 110.15 352.05 Td (December ) Tj ET Q q 0 0 0 rg BT 153.16 352.05 Td (30, ) Tj ET Q q 0 0 0 rg BT 167.58 352.05 Td (2015, ) Tj ET Q q 0 0 0 rg BT 192.01 352.05 Td (Law ) Tj ET Q q 0 0 0 rg BT 211.70 352.05 Td (No. ) Tj ET Q q 0 0 0 rg BT 228.35 352.05 Td (208 ) Tj ET Q q 0 0 0 rg BT 245.27 352.05 Td (of ) Tj ET Q q 0 0 0 rg BT 255.53 352.05 Td (December) Tj ET Q q 0 0 0 rg BT 296.21 352.05 Td (, ) Tj ET Q q 0 0 0 rg BT 300.64 352.05 Td (28 ) Tj ET Q q 0 0 0 rg BT 312.56 352.05 Td (2015, ) Tj ET Q q 0 0 0 rg BT 336.99 352.05 Td (the ) Tj ET Q q 0 0 0 rg BT 351.13 352.05 Td (so-called ) Tj ET Q q 0 0 0 rg BT 389.15 352.05 Td (2016 ) Tj ET Q q 0 0 0 rg BT 415.51 352.05 Td (stability ) Tj ET Q q 0 0 0 rg BT 449.66 352.05 Td (law ) Tj ET Q q 0 0 0 rg BT 470.46 352.05 Td (\(Finance ) Tj ET Q q 0 0 0 rg BT 511.39 352.05 Td (Act ) Tj ET Q q 0 0 0 rg BT 527.75 352.05 Td (2016\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 340.05 Td (was ) Tj ET Q q 0 0 0 rg BT 71.75 340.05 Td (published ) Tj ET Q q 0 0 0 rg BT 112.83 340.05 Td (in ) Tj ET Q q 0 0 0 rg BT 122.81 340.05 Td (the ) Tj ET Q q 0 0 0 rg BT 137.22 340.05 Td (Ordinary ) Tj ET Q q 0 0 0 rg BT 175.52 340.05 Td (Supplement ) Tj ET Q q 0 0 0 rg BT 225.49 340.05 Td (to ) Tj ET Q q 0 0 0 rg BT 235.46 340.05 Td (the ) Tj ET Q q 0 0 0 rg BT 249.88 340.05 Td (Of) Tj ET Q q 0 0 0 rg BT 260.25 340.05 Td (ficial ) Tj ET Q q 0 0 0 rg BT 282.99 340.05 Td (Gazette ) Tj ET Q q 0 0 0 rg BT 315.72 340.05 Td (No. ) Tj ET Q q 0 0 0 rg BT 332.64 340.05 Td (302 ) Tj ET Q q 0 0 0 rg BT 349.83 340.05 Td (of ) Tj ET Q q 0 0 0 rg BT 360.36 340.05 Td (December ) Tj ET Q q 0 0 0 rg BT 403.64 340.05 Td (30, ) Tj ET Q q 0 0 0 rg BT 418.34 340.05 Td (2015. ) Tj ET Q q 0 0 0 rg BT 443.04 340.05 Td (Finance ) Tj ET Q q 0 0 0 rg BT 476.41 340.05 Td (Act ) Tj ET Q q 0 0 0 rg BT 493.04 340.05 Td (2016 ) Tj ET Q q 0 0 0 rg BT 515.24 340.05 Td (introduced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 328.05 Td (among ) Tj ET Q q 0 0 0 rg BT 84.55 328.05 Td (others ) Tj ET Q q 0 0 0 rg BT 112.32 328.05 Td (a ) Tj ET Q q 0 0 0 rg BT 120.08 328.05 Td (reduction ) Tj ET Q q 0 0 0 rg BT 161.18 328.05 Td (of ) Tj ET Q q 0 0 0 rg BT 172.84 328.05 Td (the ) Tj ET Q q 0 0 0 rg BT 188.38 328.05 Td (IRES ) Tj ET Q q 0 0 0 rg BT 213.38 328.05 Td (rate ) Tj ET Q q 0 0 0 rg BT 231.70 328.05 Td (\(except ) Tj ET Q q 0 0 0 rg BT 264.45 328.05 Td (for ) Tj ET Q q 0 0 0 rg BT 279.44 328.05 Td (banks ) Tj ET Q q 0 0 0 rg BT 306.10 328.05 Td (and ) Tj ET Q q 0 0 0 rg BT 323.87 328.05 Td (other ) Tj ET Q q 0 0 0 rg BT 347.75 328.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 386.06 328.05 Td (intermediaries\) ) Tj ET Q q 0 0 0 rg BT 449.92 328.05 Td (with ) Tj ET Q q 0 0 0 rg BT 471.03 328.05 Td (ef) Tj ET Q q 0 0 0 rg BT 478.61 328.05 Td (fect ) Tj ET Q q 0 0 0 rg BT 496.93 328.05 Td (for ) Tj ET Q q 0 0 0 rg BT 511.92 328.05 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 536.91 328.05 Td (years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 316.05 Td (following ) Tj ET Q q 0 0 0 rg BT 96.03 316.05 Td (the ) Tj ET Q q 0 0 0 rg BT 111.38 316.05 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 136.18 316.05 Td (year ) Tj ET Q q 0 0 0 rg BT 156.52 316.05 Td (that ) Tj ET Q q 0 0 0 rg BT 174.66 316.05 Td (is ) Tj ET Q q 0 0 0 rg BT 184.47 316.05 Td (current ) Tj ET Q q 0 0 0 rg BT 215.92 316.05 Td (on ) Tj ET Q q 0 0 0 rg BT 229.06 316.05 Td (December ) Tj ET Q q 0 0 0 rg BT 273.29 316.05 Td (31, ) Tj ET Q q 0 0 0 rg BT 288.93 316.05 Td (2016 ) Tj ET Q q 0 0 0 rg BT 312.07 316.05 Td (\(i.e., ) Tj ET Q q 0 0 0 rg BT 333.25 316.05 Td (from ) Tj ET Q q 0 0 0 rg BT 355.83 316.05 Td (2017 ) Tj ET Q q 0 0 0 rg BT 378.97 316.05 Td (for ) Tj ET Q q 0 0 0 rg BT 393.77 316.05 Td (taxpayers ) Tj ET Q q 0 0 0 rg BT 435.23 316.05 Td (that ) Tj ET Q q 0 0 0 rg BT 453.36 316.05 Td (follow ) Tj ET Q q 0 0 0 rg BT 482.61 316.05 Td (the ) Tj ET Q q 0 0 0 rg BT 497.96 316.05 Td (calendar ) Tj ET Q q 0 0 0 rg BT 534.97 316.05 Td (year\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 304.05 Td (Because ) Tj ET Q q 0 0 0 rg BT 89.60 304.05 Td (of ) Tj ET Q q 0 0 0 rg BT 100.21 304.05 Td (this ) Tj ET Q q 0 0 0 rg BT 116.94 304.05 Td (corporate ) Tj ET Q q 0 0 0 rg BT 156.98 304.05 Td (tax ) Tj ET Q q 0 0 0 rg BT 171.48 304.05 Td (rate ) Tj ET Q q 0 0 0 rg BT 188.75 304.05 Td (reduction, ) Tj ET Q q 0 0 0 rg BT 231.29 304.05 Td (the ) Tj ET Q q 0 0 0 rg BT 245.79 304.05 Td (income ) Tj ET Q q 0 0 0 rg BT 277.51 304.05 Td (inclusion ) Tj ET Q q 0 0 0 rg BT 316.46 304.05 Td (percentages ) Tj ET Q q 0 0 0 rg BT 365.93 304.05 Td (of ) Tj ET Q q 0 0 0 rg BT 376.54 304.05 Td (49.72 ) Tj ET Q q 0 0 0 rg BT 401.33 304.05 Td (percent ) Tj ET Q q 0 0 0 rg BT 433.03 304.05 Td (and ) Tj ET Q q 0 0 0 rg BT 449.75 304.05 Td (77.74 ) Tj ET Q q 0 0 0 rg BT 474.54 304.05 Td (percent ) Tj ET Q q 0 0 0 rg BT 506.24 304.05 Td (referred ) Tj ET Q q 0 0 0 rg BT 540.16 304.05 Td (to ) Tj ET Q q 0 0 0 rg BT 550.22 304.05 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 292.05 Td (the ) Tj ET Q q 0 0 0 rg BT 68.44 292.05 Td (paragraphs ) Tj ET Q q 0 0 0 rg BT 114.53 292.05 Td (T) Tj ET Q q 0 0 0 rg BT 124.38 292.05 Td (axation ) Tj ET Q q 0 0 0 rg BT 156.04 292.05 Td (of ) Tj ET Q q 0 0 0 rg BT 166.59 292.05 Td (Dividends ) Tj ET Q q 0 0 0 rg BT 214.36 292.05 Td (and ) Tj ET Q q 0 0 0 rg BT 231.02 292.05 Td (T) Tj ET Q q 0 0 0 rg BT 240.87 292.05 Td (axation ) Tj ET Q q 0 0 0 rg BT 272.53 292.05 Td (of ) Tj ET Q q 0 0 0 rg BT 283.08 292.05 Td (Capital ) Tj ET Q q 0 0 0 rg BT 314.18 292.05 Td (Gains ) Tj ET Q q 0 0 0 rg BT 344.18 292.05 Td (should ) Tj ET Q q 0 0 0 rg BT 373.07 292.05 Td (be ) Tj ET Q q 0 0 0 rg BT 384.73 292.05 Td (revised ) Tj ET Q q 0 0 0 rg BT 415.83 292.05 Td (upwards ) Tj ET Q q 0 0 0 rg BT 451.94 292.05 Td (by ) Tj ET Q q 0 0 0 rg BT 464.16 292.05 Td (a ) Tj ET Q q 0 0 0 rg BT 470.82 292.05 Td (decree ) Tj ET Q q 0 0 0 rg BT 499.13 292.05 Td (to ) Tj ET Q q 0 0 0 rg BT 509.13 292.05 Td (be ) Tj ET Q q 0 0 0 rg BT 520.79 292.05 Td (issued ) Tj ET Q q 0 0 0 rg BT 548.01 292.05 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 280.05 Td (the ) Tj ET Q q 0 0 0 rg BT 69.22 280.05 Td (Ministry ) Tj ET Q q 0 0 0 rg BT 106.67 280.05 Td (of ) Tj ET Q q 0 0 0 rg BT 118.01 280.05 Td (Economy ) Tj ET Q q 0 0 0 rg BT 159.34 280.05 Td (and ) Tj ET Q q 0 0 0 rg BT 176.78 280.05 Td (Finance ) Tj ET Q q 0 0 0 rg BT 211.44 280.05 Td (under ) Tj ET Q q 0 0 0 rg BT 237.21 280.05 Td (the ) Tj ET Q q 0 0 0 rg BT 252.43 280.05 Td (authority ) Tj ET Q q 0 0 0 rg BT 291.54 280.05 Td (of ) Tj ET Q q 0 0 0 rg BT 302.21 280.05 Td (Article ) Tj ET Q q 0 0 0 rg BT 332.98 280.05 Td (1\(64\) ) Tj ET Q q 0 0 0 rg BT 357.65 280.05 Td (of ) Tj ET Q q 0 0 0 rg BT 368.98 280.05 Td (Finance ) Tj ET Q q 0 0 0 rg BT 402.98 280.05 Td (Act ) Tj ET Q q 0 0 0 rg BT 420.42 280.05 Td (2016. ) Tj ET Q q 0 0 0 rg BT 445.92 280.05 Td (Moreover) Tj ET Q q 0 0 0 rg BT 484.95 280.05 Td (, ) Tj ET Q q 0 0 0 rg BT 490.46 280.05 Td (as ) Tj ET Q q 0 0 0 rg BT 501.79 280.05 Td (a ) Tj ET Q q 0 0 0 rg BT 509.23 280.05 Td (result ) Tj ET Q q 0 0 0 rg BT 534.46 280.05 Td (of ) Tj ET Q q 0 0 0 rg BT 545.79 280.05 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 268.05 Td (corporate ) Tj ET Q q 0 0 0 rg BT 94.62 268.05 Td (tax ) Tj ET Q q 0 0 0 rg BT 109.69 268.05 Td (rate ) Tj ET Q q 0 0 0 rg BT 127.54 268.05 Td (reduction, ) Tj ET Q q 0 0 0 rg BT 170.67 268.05 Td (the ) Tj ET Q q 0 0 0 rg BT 185.74 268.05 Td (withholding ) Tj ET Q q 0 0 0 rg BT 236.94 268.05 Td (tax ) Tj ET Q q 0 0 0 rg BT 252.02 268.05 Td (rate ) Tj ET Q q 0 0 0 rg BT 269.86 268.05 Td (on ) Tj ET Q q 0 0 0 rg BT 282.73 268.05 Td (dividends ) Tj ET Q q 0 0 0 rg BT 324.47 268.05 Td (paid ) Tj ET Q q 0 0 0 rg BT 344.55 268.05 Td (to ) Tj ET Q q 0 0 0 rg BT 355.19 268.05 Td (companies ) Tj ET Q q 0 0 0 rg BT 400.82 268.05 Td (and ) Tj ET Q q 0 0 0 rg BT 418.12 268.05 Td (entities ) Tj ET Q q 0 0 0 rg BT 449.86 268.05 Td (that ) Tj ET Q q 0 0 0 rg BT 467.72 268.05 Td (are ) Tj ET Q q 0 0 0 rg BT 482.78 268.05 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 496.74 268.05 Td (resident ) Tj ET Q q 0 0 0 rg BT 531.26 268.05 Td (for ) Tj ET Q q 0 0 0 rg BT 545.78 268.05 Td (tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 256.05 Td (purposes ) Tj ET Q q 0 0 0 rg BT 91.40 256.05 Td (in ) Tj ET Q q 0 0 0 rg BT 101.02 256.05 Td (an ) Tj ET Q q 0 0 0 rg BT 112.31 256.05 Td (EU ) Tj ET Q q 0 0 0 rg BT 127.48 256.05 Td (Member ) Tj ET Q q 0 0 0 rg BT 163.20 256.05 Td (State ) Tj ET Q q 0 0 0 rg BT 185.04 256.05 Td (or ) Tj ET Q q 0 0 0 rg BT 195.22 256.05 Td (in ) Tj ET Q q 0 0 0 rg BT 204.84 256.05 Td (an ) Tj ET Q q 0 0 0 rg BT 216.13 256.05 Td (EEA) Tj ET Q q 0 0 0 rg BT 235.02 256.05 Td ( ) Tj ET Q q 0 0 0 rg BT 236.86 256.05 Td (Member ) Tj ET Q q 0 0 0 rg BT 272.58 256.05 Td (State ) Tj ET Q q 0 0 0 rg BT 294.42 256.05 Td (that ) Tj ET Q q 0 0 0 rg BT 311.27 256.05 Td (is ) Tj ET Q q 0 0 0 rg BT 319.78 256.05 Td (included ) Tj ET Q q 0 0 0 rg BT 356.06 256.05 Td (in ) Tj ET Q q 0 0 0 rg BT 365.68 256.05 Td (the ) Tj ET Q q 0 0 0 rg BT 379.75 256.05 Td (Italian ) Tj ET Q q 0 0 0 rg BT 407.00 256.05 Td (White ) Tj ET Q q 0 0 0 rg BT 433.28 256.05 Td (List ) Tj ET Q q 0 0 0 rg BT 450.68 256.05 Td (and ) Tj ET Q q 0 0 0 rg BT 466.97 256.05 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 480.47 256.05 Td (subject ) Tj ET Q q 0 0 0 rg BT 510.64 256.05 Td (to ) Tj ET Q q 0 0 0 rg BT 520.27 256.05 Td (corporate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 244.05 Td (income ) Tj ET Q q 0 0 0 rg BT 85.95 244.05 Td (tax ) Tj ET Q q 0 0 0 rg BT 100.69 244.05 Td (in ) Tj ET Q q 0 0 0 rg BT 110.98 244.05 Td (such ) Tj ET Q q 0 0 0 rg BT 131.83 244.05 Td (State ) Tj ET Q q 0 0 0 rg BT 154.35 244.05 Td (should ) Tj ET Q q 0 0 0 rg BT 183.54 244.05 Td (be ) Tj ET Q q 0 0 0 rg BT 195.49 244.05 Td (reduced ) Tj ET Q q 0 0 0 rg BT 229.66 244.05 Td (from ) Tj ET Q q 0 0 0 rg BT 251.61 244.05 Td (1.375 ) Tj ET Q q 0 0 0 rg BT 276.63 244.05 Td (percent ) Tj ET Q q 0 0 0 rg BT 308.57 244.05 Td (to ) Tj ET Q q 0 0 0 rg BT 318.87 244.05 Td (1.2 ) Tj ET Q q 0 0 0 rg BT 333.89 244.05 Td (percent, ) Tj ET Q q 0 0 0 rg BT 368.33 244.05 Td (ef) Tj ET Q q 0 0 0 rg BT 375.92 244.05 Td (fective ) Tj ET Q q 0 0 0 rg BT 405.64 244.05 Td (from ) Tj ET Q q 0 0 0 rg BT 427.60 244.05 Td (2017. ) Tj ET Q q 0 0 0 rg BT 452.43 244.05 Td (The ) Tj ET Q q 0 0 0 rg BT 470.50 244.05 Td (aforesaid ) Tj ET Q q 0 0 0 rg BT 509.66 244.05 Td (decree ) Tj ET Q q 0 0 0 rg BT 538.27 244.05 Td (to ) Tj ET Q q 0 0 0 rg BT 548.56 244.05 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 232.05 Td (issued ) Tj ET Q q 0 0 0 rg BT 81.54 232.05 Td (by ) Tj ET Q q 0 0 0 rg BT 94.08 232.05 Td (the ) Tj ET Q q 0 0 0 rg BT 108.83 232.05 Td (Ministry ) Tj ET Q q 0 0 0 rg BT 145.82 232.05 Td (of ) Tj ET Q q 0 0 0 rg BT 156.69 232.05 Td (Economy ) Tj ET Q q 0 0 0 rg BT 197.55 232.05 Td (and ) Tj ET Q q 0 0 0 rg BT 214.53 232.05 Td (Finance ) Tj ET Q q 0 0 0 rg BT 248.72 232.05 Td (will ) Tj ET Q q 0 0 0 rg BT 266.81 232.05 Td (also ) Tj ET Q q 0 0 0 rg BT 285.46 232.05 Td (set ) Tj ET Q q 0 0 0 rg BT 299.11 232.05 Td (forth ) Tj ET Q q 0 0 0 rg BT 321.08 232.05 Td (transitional ) Tj ET Q q 0 0 0 rg BT 368.61 232.05 Td (rules ) Tj ET Q q 0 0 0 rg BT 390.59 232.05 Td (applicable ) Tj ET Q q 0 0 0 rg BT 434.21 232.05 Td (to ) Tj ET Q q 0 0 0 rg BT 444.53 232.05 Td (dividends ) Tj ET Q q 0 0 0 rg BT 485.96 232.05 Td (paid ) Tj ET Q q 0 0 0 rg BT 505.71 232.05 Td (out ) Tj ET Q q 0 0 0 rg BT 521.03 232.05 Td (of ) Tj ET Q q 0 0 0 rg BT 531.90 232.05 Td (profits ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 220.05 Td (earned ) Tj ET Q q 0 0 0 rg BT 83.15 220.05 Td (in ) Tj ET Q q 0 0 0 rg BT 93.42 220.05 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 117.58 220.05 Td (years ) Tj ET Q q 0 0 0 rg BT 141.18 220.05 Td (when ) Tj ET Q q 0 0 0 rg BT 165.34 220.05 Td (the ) Tj ET Q q 0 0 0 rg BT 180.05 220.05 Td (applicable ) Tj ET Q q 0 0 0 rg BT 223.64 220.05 Td (IRES ) Tj ET Q q 0 0 0 rg BT 247.81 220.05 Td (rate ) Tj ET Q q 0 0 0 rg BT 265.30 220.05 Td (was ) Tj ET Q q 0 0 0 rg BT 283.35 220.05 Td (27.5 ) Tj ET Q q 0 0 0 rg BT 303.35 220.05 Td (percent.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 198.05 Td (T) Tj ET Q q 0 0 0 rg BT 59.19 198.05 Td (axation of Dividends ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 176.05 Td (The ) Tj ET Q q 0 0 0 rg BT 114.20 176.05 Td (tax ) Tj ET Q q 0 0 0 rg BT 129.06 176.05 Td (regime ) Tj ET Q q 0 0 0 rg BT 159.48 176.05 Td (summarized ) Tj ET Q q 0 0 0 rg BT 211.00 176.05 Td (in ) Tj ET Q q 0 0 0 rg BT 221.43 176.05 Td (this ) Tj ET Q q 0 0 0 rg BT 238.53 176.05 Td (subsection ) Tj ET Q q 0 0 0 rg BT 283.40 176.05 Td (T) Tj ET Q q 0 0 0 rg BT 293.24 176.05 Td (axation ) Tj ET Q q 0 0 0 rg BT 325.33 176.05 Td (of ) Tj ET Q q 0 0 0 rg BT 336.31 176.05 Td (Dividends ) Tj ET Q q 0 0 0 rg BT 384.51 176.05 Td (applies ) Tj ET Q q 0 0 0 rg BT 415.48 176.05 Td (only ) Tj ET Q q 0 0 0 rg BT 435.91 176.05 Td (to ) Tj ET Q q 0 0 0 rg BT 446.34 176.05 Td (classes ) Tj ET Q q 0 0 0 rg BT 476.76 176.05 Td (of ) Tj ET Q q 0 0 0 rg BT 487.74 176.05 Td (holders ) Tj ET Q q 0 0 0 rg BT 519.83 176.05 Td (of ) Tj ET Q q 0 0 0 rg BT 530.81 176.05 Td (Ferrari ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 164.05 Td (common ) Tj ET Q q 0 0 0 rg BT 91.50 164.05 Td (shares ) Tj ET Q q 0 0 0 rg BT 118.99 164.05 Td (and, ) Tj ET Q q 0 0 0 rg BT 138.42 164.05 Td (if ) Tj ET Q q 0 0 0 rg BT 147.03 164.05 Td (applicable, ) Tj ET Q q 0 0 0 rg BT 193.12 164.05 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 222.83 164.05 Td (special ) Tj ET Q q 0 0 0 rg BT 253.09 164.05 Td (voting ) Tj ET Q q 0 0 0 rg BT 281.15 164.05 Td (shares ) Tj ET Q q 0 0 0 rg BT 308.64 164.05 Td (that ) Tj ET Q q 0 0 0 rg BT 326.13 164.05 Td (are ) Tj ET Q q 0 0 0 rg BT 340.84 164.05 Td (described ) Tj ET Q q 0 0 0 rg BT 381.66 164.05 Td (here ) Tj ET Q q 0 0 0 rg BT 401.36 164.05 Td (below) Tj ET Q q 0 0 0 rg BT 425.15 164.05 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 142.05 Td (Dividends ) Tj ET Q q 0 0 0 rg BT 139.54 142.05 Td (paid ) Tj ET Q q 0 0 0 rg BT 159.20 142.05 Td (by ) Tj ET Q q 0 0 0 rg BT 171.63 142.05 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 201.27 142.05 Td (are ) Tj ET Q q 0 0 0 rg BT 215.92 142.05 Td (subject ) Tj ET Q q 0 0 0 rg BT 246.68 142.05 Td (to ) Tj ET Q q 0 0 0 rg BT 256.89 142.05 Td (the ) Tj ET Q q 0 0 0 rg BT 271.54 142.05 Td (tax ) Tj ET Q q 0 0 0 rg BT 286.20 142.05 Td (regime ) Tj ET Q q 0 0 0 rg BT 316.40 142.05 Td (generally ) Tj ET Q q 0 0 0 rg BT 356.03 142.05 Td (applicable ) Tj ET Q q 0 0 0 rg BT 399.56 142.05 Td (to ) Tj ET Q q 0 0 0 rg BT 409.77 142.05 Td (dividends ) Tj ET Q q 0 0 0 rg BT 451.09 142.05 Td (paid ) Tj ET Q q 0 0 0 rg BT 470.75 142.05 Td (by ) Tj ET Q q 0 0 0 rg BT 483.18 142.05 Td (companies ) Tj ET Q q 0 0 0 rg BT 528.38 142.05 Td (that ) Tj ET Q q 0 0 0 rg BT 545.81 142.05 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 130.05 Td (resident ) Tj ET Q q 0 0 0 rg BT 88.16 130.05 Td (for ) Tj ET Q q 0 0 0 rg BT 102.32 130.05 Td (tax ) Tj ET Q q 0 0 0 rg BT 117.03 130.05 Td (purposes ) Tj ET Q q 0 0 0 rg BT 155.08 130.05 Td (in ) Tj ET Q q 0 0 0 rg BT 165.36 130.05 Td (the ) Tj ET Q q 0 0 0 rg BT 180.08 130.05 Td (Republic ) Tj ET Q q 0 0 0 rg BT 218.68 130.05 Td (of ) Tj ET Q q 0 0 0 rg BT 229.51 130.05 Td (Italy) Tj ET Q q 0 0 0 rg BT 247.19 130.05 Td (. ) Tj ET Q endstream endobj 261 0 obj <> endobj 262 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 297.00 41.20 Td (122) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 731.10 Td (The tax regime may vary as follows. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 709.10 Td (\(A\) ) Tj ET Q q 0 0 0 rg BT 115.00 709.10 Td (I) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 118.33 709.10 Td (T) Tj ET Q q 0 0 0 rg BT 122.05 709.10 Td (ALIAN) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.82 709.10 Td ( R) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 152.99 709.10 Td (ESIDENT) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.15 709.10 Td ( P) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 190.21 709.10 Td (ERSONS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.05 709.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 97.00 687.10 Td (\(i\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.44 687.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 115.00 687.10 Td (Individuals not engaged in business activity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 665.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 122.89 665.10 Td (Decree ) Tj ET Q q 0 0 0 rg BT 153.10 665.10 Td (No.600 ) Tj ET Q q 0 0 0 rg BT 187.22 665.10 Td (of ) Tj ET Q q 0 0 0 rg BT 197.46 665.10 Td (September29, ) Tj ET Q q 0 0 0 rg BT 257.12 665.10 Td (1973 ) Tj ET Q q 0 0 0 rg BT 279.02 665.10 Td (\(Decree ) Tj ET Q q 0 0 0 rg BT 317.00 665.10 Td (600\), ) Tj ET Q q 0 0 0 rg BT 344.17 665.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 384.96 665.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 404.08 665.10 Td (to ) Tj ET Q q 0 0 0 rg BT 413.76 665.10 Td (Italian ) Tj ET Q q 0 0 0 rg BT 441.20 665.10 Td (resident ) Tj ET Q q 0 0 0 rg BT 474.76 665.10 Td (individuals ) Tj ET Q q 0 0 0 rg BT 521.10 665.10 Td (who ) Tj ET Q q 0 0 0 rg BT 540.23 665.10 Td (hold ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 653.10 Td (the ) Tj ET Q q 0 0 0 rg BT 69.53 653.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 100.06 653.10 Td (common ) Tj ET Q q 0 0 0 rg BT 138.37 653.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 166.68 653.10 Td (neither ) Tj ET Q q 0 0 0 rg BT 197.76 653.10 Td (in ) Tj ET Q q 0 0 0 rg BT 208.85 653.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 256.04 653.10 Td (with ) Tj ET Q q 0 0 0 rg BT 277.14 653.10 Td (a ) Tj ET Q q 0 0 0 rg BT 284.89 653.10 Td (business ) Tj ET Q q 0 0 0 rg BT 322.10 653.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 355.41 653.10 Td (nor ) Tj ET Q q 0 0 0 rg BT 372.05 653.10 Td (in ) Tj ET Q q 0 0 0 rg BT 383.15 653.10 Td (the ) Tj ET Q q 0 0 0 rg BT 398.68 653.10 Td (context ) Tj ET Q q 0 0 0 rg BT 431.43 653.10 Td (of ) Tj ET Q q 0 0 0 rg BT 443.08 653.10 Td (the ) Tj ET Q q 0 0 0 rg BT 458.61 653.10 Td (discretionary ) Tj ET Q q 0 0 0 rg BT 514.13 653.10 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 641.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 91.76 641.10 Td (regime ) Tj ET Q q 0 0 0 rg BT 122.28 641.10 Td (\() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 125.61 641.10 Td (risparmio ) Tj ET Q q 0 0 0 rg BT 167.83 641.10 Td (gestito) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.49 641.10 Td (\) ) Tj ET Q q 0 0 0 rg BT 200.58 641.10 Td (as ) Tj ET Q q 0 0 0 rg BT 211.67 641.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 244.42 641.10 Td (in ) Tj ET Q q 0 0 0 rg BT 254.96 641.10 Td (subparagraph ) Tj ET Q q 0 0 0 rg BT 311.59 641.10 Td (\(A\)\(ii\) ) Tj ET Q q 0 0 0 rg BT 340.45 641.10 Td (below ) Tj ET Q q 0 0 0 rg BT 367.65 641.10 Td (are ) Tj ET Q q 0 0 0 rg BT 382.62 641.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 413.70 641.10 Td (to ) Tj ET Q q 0 0 0 rg BT 424.24 641.10 Td (26 ) Tj ET Q q 0 0 0 rg BT 437.00 641.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 469.19 641.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 484.17 641.10 Td (withheld ) Tj ET Q q 0 0 0 rg BT 521.92 641.10 Td (at ) Tj ET Q q 0 0 0 rg BT 531.90 641.10 Td (source ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 629.10 Td (in ) Tj ET Q q 0 0 0 rg BT 63.99 629.10 Td (Italy ) Tj ET Q q 0 0 0 rg BT 84.52 629.10 Td (if ) Tj ET Q q 0 0 0 rg BT 92.83 629.10 Td (the ) Tj ET Q q 0 0 0 rg BT 107.26 629.10 Td (common ) Tj ET Q q 0 0 0 rg BT 144.46 629.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 171.66 629.10 Td (in ) Tj ET Q q 0 0 0 rg BT 181.64 629.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 211.06 629.10 Td (held ) Tj ET Q q 0 0 0 rg BT 230.48 629.10 Td (by ) Tj ET Q q 0 0 0 rg BT 242.69 629.10 Td (such ) Tj ET Q q 0 0 0 rg BT 263.22 629.10 Td (individuals ) Tj ET Q q 0 0 0 rg BT 309.87 629.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 348.73 629.10 Td (Non-Qualified ) Tj ET Q q 0 0 0 rg BT 409.25 629.10 Td (Holdings. ) Tj ET Q q 0 0 0 rg BT 450.63 629.10 Td (In ) Tj ET Q q 0 0 0 rg BT 461.16 629.10 Td (this ) Tj ET Q q 0 0 0 rg BT 477.82 629.10 Td (case, ) Tj ET Q q 0 0 0 rg BT 499.73 629.10 Td (the ) Tj ET Q q 0 0 0 rg BT 514.16 629.10 Td (holders ) Tj ET Q q 0 0 0 rg BT 545.80 629.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 617.10 Td (not ) Tj ET Q q 0 0 0 rg BT 69.28 617.10 Td (required ) Tj ET Q q 0 0 0 rg BT 105.09 617.10 Td (to ) Tj ET Q q 0 0 0 rg BT 115.37 617.10 Td (report ) Tj ET Q q 0 0 0 rg BT 141.75 617.10 Td (the ) Tj ET Q q 0 0 0 rg BT 156.47 617.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 197.85 617.10 Td (in ) Tj ET Q q 0 0 0 rg BT 208.13 617.10 Td (their ) Tj ET Q q 0 0 0 rg BT 228.96 617.10 Td (income ) Tj ET Q q 0 0 0 rg BT 260.89 617.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 275.61 617.10 Td (returns. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 595.10 Td (Dividends ) Tj ET Q q 0 0 0 rg BT 138.74 595.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 157.58 595.10 Td (to ) Tj ET Q q 0 0 0 rg BT 166.99 595.10 Td (Italian ) Tj ET Q q 0 0 0 rg BT 194.16 595.10 Td (resident ) Tj ET Q q 0 0 0 rg BT 227.44 595.10 Td (individuals ) Tj ET Q q 0 0 0 rg BT 273.51 595.10 Td (who ) Tj ET Q q 0 0 0 rg BT 292.36 595.10 Td (do ) Tj ET Q q 0 0 0 rg BT 303.99 595.10 Td (not ) Tj ET Q q 0 0 0 rg BT 318.40 595.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 337.81 595.10 Td (the ) Tj ET Q q 0 0 0 rg BT 351.65 595.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 380.49 595.10 Td (common ) Tj ET Q q 0 0 0 rg BT 417.11 595.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 443.73 595.10 Td (in ) Tj ET Q q 0 0 0 rg BT 453.14 595.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 498.64 595.10 Td (with ) Tj ET Q q 0 0 0 rg BT 518.04 595.10 Td (a ) Tj ET Q q 0 0 0 rg BT 524.11 595.10 Td (business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 583.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 86.83 583.10 Td (are ) Tj ET Q q 0 0 0 rg BT 101.88 583.10 Td (not ) Tj ET Q q 0 0 0 rg BT 117.51 583.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 148.67 583.10 Td (to ) Tj ET Q q 0 0 0 rg BT 159.30 583.10 Td (any ) Tj ET Q q 0 0 0 rg BT 176.58 583.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 191.64 583.10 Td (withheld ) Tj ET Q q 0 0 0 rg BT 229.48 583.10 Td (at ) Tj ET Q q 0 0 0 rg BT 239.54 583.10 Td (source ) Tj ET Q q 0 0 0 rg BT 268.48 583.10 Td (in ) Tj ET Q q 0 0 0 rg BT 279.10 583.10 Td (Italy ) Tj ET Q q 0 0 0 rg BT 300.27 583.10 Td (if ) Tj ET Q q 0 0 0 rg BT 309.22 583.10 Td (the ) Tj ET Q q 0 0 0 rg BT 324.28 583.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 354.33 583.10 Td (common ) Tj ET Q q 0 0 0 rg BT 392.17 583.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 420.00 583.10 Td (held ) Tj ET Q q 0 0 0 rg BT 440.06 583.10 Td (by ) Tj ET Q q 0 0 0 rg BT 452.90 583.10 Td (such ) Tj ET Q q 0 0 0 rg BT 474.08 583.10 Td (individuals ) Tj ET Q q 0 0 0 rg BT 521.36 583.10 Td (represent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 571.10 Td (Qualified ) Tj ET Q q 0 0 0 rg BT 94.51 571.10 Td (Holdings, ) Tj ET Q q 0 0 0 rg BT 136.43 571.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 174.73 571.10 Td (that, ) Tj ET Q q 0 0 0 rg BT 194.98 571.10 Td (in ) Tj ET Q q 0 0 0 rg BT 205.51 571.10 Td (this ) Tj ET Q q 0 0 0 rg BT 222.71 571.10 Td (case, ) Tj ET Q q 0 0 0 rg BT 245.16 571.10 Td (the ) Tj ET Q q 0 0 0 rg BT 260.13 571.10 Td (holders ) Tj ET Q q 0 0 0 rg BT 292.32 571.10 Td (declare ) Tj ET Q q 0 0 0 rg BT 323.93 571.10 Td (at ) Tj ET Q q 0 0 0 rg BT 333.90 571.10 Td (the ) Tj ET Q q 0 0 0 rg BT 348.87 571.10 Td (time ) Tj ET Q q 0 0 0 rg BT 369.39 571.10 Td (of ) Tj ET Q q 0 0 0 rg BT 380.47 571.10 Td (receipt ) Tj ET Q q 0 0 0 rg BT 410.42 571.10 Td (that ) Tj ET Q q 0 0 0 rg BT 428.17 571.10 Td (the ) Tj ET Q q 0 0 0 rg BT 443.14 571.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 484.77 571.10 Td (relate ) Tj ET Q q 0 0 0 rg BT 509.73 571.10 Td (to ) Tj ET Q q 0 0 0 rg BT 520.25 571.10 Td (Qualified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 559.10 Td (Holdings. ) Tj ET Q q 0 0 0 rg BT 95.01 559.10 Td (In ) Tj ET Q q 0 0 0 rg BT 105.17 559.10 Td (this ) Tj ET Q q 0 0 0 rg BT 121.46 559.10 Td (case, ) Tj ET Q q 0 0 0 rg BT 143.00 559.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 183.73 559.10 Td (must ) Tj ET Q q 0 0 0 rg BT 205.01 559.10 Td (be ) Tj ET Q q 0 0 0 rg BT 216.29 559.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 251.44 559.10 Td (in ) Tj ET Q q 0 0 0 rg BT 261.06 559.10 Td (the ) Tj ET Q q 0 0 0 rg BT 275.11 559.10 Td (income ) Tj ET Q q 0 0 0 rg BT 306.38 559.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 320.44 559.10 Td (return, ) Tj ET Q q 0 0 0 rg BT 348.65 559.10 Td (but ) Tj ET Q q 0 0 0 rg BT 363.27 559.10 Td (only ) Tj ET Q q 0 0 0 rg BT 382.88 559.10 Td (49.72 ) Tj ET Q q 0 0 0 rg BT 407.22 559.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 438.48 559.10 Td (of ) Tj ET Q q 0 0 0 rg BT 448.65 559.10 Td (such ) Tj ET Q q 0 0 0 rg BT 468.82 559.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 509.54 559.10 Td (are ) Tj ET Q q 0 0 0 rg BT 523.59 559.10 Td (included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 547.10 Td (in ) Tj ET Q q 0 0 0 rg BT 64.28 547.10 Td (the ) Tj ET Q q 0 0 0 rg BT 79.00 547.10 Td (holder) Tj ET Q q 0 0 0 rg BT 104.91 547.10 Td () Tj ET Q q 0 0 0 rg BT 107.69 547.10 Td (s ) Tj ET Q q 0 0 0 rg BT 114.08 547.10 Td (overall ) Tj ET Q q 0 0 0 rg BT 144.35 547.10 Td (income ) Tj ET Q q 0 0 0 rg BT 176.28 547.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 207.65 547.10 Td (in ) Tj ET Q q 0 0 0 rg BT 217.93 547.10 Td (Italy) Tj ET Q q 0 0 0 rg BT 235.61 547.10 Td (. ) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 96.00 535.90 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 97.00 523.90 Td (\(ii\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.72 523.90 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 115.00 523.90 Td (Individuals ) Tj ET Q q 0 0 0 rg BT 161.33 523.90 Td (not ) Tj ET Q q 0 0 0 rg BT 175.45 523.90 Td (engaged ) Tj ET Q q 0 0 0 rg BT 210.66 523.90 Td (in ) Tj ET Q q 0 0 0 rg BT 219.78 523.90 Td (business ) Tj ET Q q 0 0 0 rg BT 255.01 523.90 Td (activity ) Tj ET Q q 0 0 0 rg BT 285.78 523.90 Td (and ) Tj ET Q q 0 0 0 rg BT 302.11 523.90 Td (holding ) Tj ET Q q 0 0 0 rg BT 334.01 523.90 Td (the ) Tj ET Q q 0 0 0 rg BT 347.56 523.90 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 378.90 523.90 Td (common ) Tj ET Q q 0 0 0 rg BT 414.12 523.90 Td (shar) Tj ET Q q 0 0 0 rg BT 431.53 523.90 Td (es ) Tj ET Q q 0 0 0 rg BT 441.20 523.90 Td (under ) Tj ET Q q 0 0 0 rg BT 465.87 523.90 Td (the ) Tj ET Q q 0 0 0 rg BT 479.42 523.90 Td (risparmio ) Tj ET Q q 0 0 0 rg BT 525.78 523.90 Td (gestito ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 115.00 511.90 Td (r) Tj ET Q q 0 0 0 rg BT 118.52 511.90 Td (egime ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 489.90 Td (Dividends ) Tj ET Q q 0 0 0 rg BT 138.74 489.90 Td (paid ) Tj ET Q q 0 0 0 rg BT 157.58 489.90 Td (to ) Tj ET Q q 0 0 0 rg BT 166.99 489.90 Td (Italian ) Tj ET Q q 0 0 0 rg BT 194.16 489.90 Td (resident ) Tj ET Q q 0 0 0 rg BT 227.44 489.90 Td (individuals ) Tj ET Q q 0 0 0 rg BT 273.51 489.90 Td (who ) Tj ET Q q 0 0 0 rg BT 292.36 489.90 Td (do ) Tj ET Q q 0 0 0 rg BT 303.99 489.90 Td (not ) Tj ET Q q 0 0 0 rg BT 318.40 489.90 Td (hold ) Tj ET Q q 0 0 0 rg BT 337.81 489.90 Td (the ) Tj ET Q q 0 0 0 rg BT 351.65 489.90 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 380.49 489.90 Td (common ) Tj ET Q q 0 0 0 rg BT 417.11 489.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 443.73 489.90 Td (in ) Tj ET Q q 0 0 0 rg BT 453.14 489.90 Td (connection ) Tj ET Q q 0 0 0 rg BT 498.64 489.90 Td (with ) Tj ET Q q 0 0 0 rg BT 518.04 489.90 Td (a ) Tj ET Q q 0 0 0 rg BT 524.11 489.90 Td (business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 477.90 Td (activity ) Tj ET Q q 0 0 0 rg BT 85.73 477.90 Td (are ) Tj ET Q q 0 0 0 rg BT 99.68 477.90 Td (not ) Tj ET Q q 0 0 0 rg BT 114.20 477.90 Td (subject ) Tj ET Q q 0 0 0 rg BT 144.27 477.90 Td (to ) Tj ET Q q 0 0 0 rg BT 153.79 477.90 Td (any ) Tj ET Q q 0 0 0 rg BT 169.97 477.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 183.93 477.90 Td (withheld ) Tj ET Q q 0 0 0 rg BT 220.67 477.90 Td (at ) Tj ET Q q 0 0 0 rg BT 229.63 477.90 Td (source ) Tj ET Q q 0 0 0 rg BT 257.47 477.90 Td (in ) Tj ET Q q 0 0 0 rg BT 266.99 477.90 Td (Italy ) Tj ET Q q 0 0 0 rg BT 287.05 477.90 Td (if ) Tj ET Q q 0 0 0 rg BT 294.91 477.90 Td (\(a\)the ) Tj ET Q q 0 0 0 rg BT 322.46 477.90 Td (common ) Tj ET Q q 0 0 0 rg BT 359.20 477.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 385.93 477.90 Td (in ) Tj ET Q q 0 0 0 rg BT 395.45 477.90 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 424.40 477.90 Td (held ) Tj ET Q q 0 0 0 rg BT 443.36 477.90 Td (by ) Tj ET Q q 0 0 0 rg BT 455.10 477.90 Td (such ) Tj ET Q q 0 0 0 rg BT 475.18 477.90 Td (individuals ) Tj ET Q q 0 0 0 rg BT 521.36 477.90 Td (represent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 465.90 Td (Non-Qualified ) Tj ET Q q 0 0 0 rg BT 115.94 465.90 Td (Holdings, ) Tj ET Q q 0 0 0 rg BT 158.74 465.90 Td (\(b\)the ) Tj ET Q q 0 0 0 rg BT 188.75 465.90 Td (holder ) Tj ET Q q 0 0 0 rg BT 217.92 465.90 Td (has ) Tj ET Q q 0 0 0 rg BT 234.88 465.90 Td (entrusted ) Tj ET Q q 0 0 0 rg BT 275.16 465.90 Td (the ) Tj ET Q q 0 0 0 rg BT 291.01 465.90 Td (management ) Tj ET Q q 0 0 0 rg BT 345.72 465.90 Td (of ) Tj ET Q q 0 0 0 rg BT 357.68 465.90 Td (the ) Tj ET Q q 0 0 0 rg BT 373.53 465.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 402.14 465.90 Td (to ) Tj ET Q q 0 0 0 rg BT 413.55 465.90 Td (an ) Tj ET Q q 0 0 0 rg BT 426.62 465.90 Td (authorized ) Tj ET Q q 0 0 0 rg BT 472.45 465.90 Td (intermediary ) Tj ET Q q 0 0 0 rg BT 527.16 465.90 Td (under ) Tj ET Q q 0 0 0 rg BT 553.56 465.90 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 453.90 Td (discretionary ) Tj ET Q q 0 0 0 rg BT 109.95 453.90 Td (asset ) Tj ET Q q 0 0 0 rg BT 133.14 453.90 Td (management ) Tj ET Q q 0 0 0 rg BT 187.98 453.90 Td (contract, ) Tj ET Q q 0 0 0 rg BT 226.44 453.90 Td (and ) Tj ET Q q 0 0 0 rg BT 244.63 453.90 Td (\(c\)the ) Tj ET Q q 0 0 0 rg BT 274.19 453.90 Td (holder ) Tj ET Q q 0 0 0 rg BT 303.49 453.90 Td (has ) Tj ET Q q 0 0 0 rg BT 320.57 453.90 Td (elected ) Tj ET Q q 0 0 0 rg BT 352.63 453.90 Td (into ) Tj ET Q q 0 0 0 rg BT 371.94 453.90 Td (the ) Tj ET Q q 0 0 0 rg BT 387.91 453.90 Td (discretionary ) Tj ET Q q 0 0 0 rg BT 443.86 453.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 491.49 453.90 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 530.24 453.90 Td (regime ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 441.90 Td (\() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.33 441.90 Td (risparmio ) Tj ET Q q 0 0 0 rg BT 100.41 441.90 Td (gestito) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.07 441.90 Td (\) ) Tj ET Q q 0 0 0 rg BT 134.03 441.90 Td (under ) Tj ET Q q 0 0 0 rg BT 159.62 441.90 Td (Article ) Tj ET Q q 0 0 0 rg BT 191.01 441.90 Td (7 ) Tj ET Q q 0 0 0 rg BT 199.64 441.90 Td (of ) Tj ET Q q 0 0 0 rg BT 211.59 441.90 Td (Legislative ) Tj ET Q q 0 0 0 rg BT 259.65 441.90 Td (Decree ) Tj ET Q q 0 0 0 rg BT 291.58 441.90 Td (No.461 ) Tj ET Q q 0 0 0 rg BT 327.43 441.90 Td (of ) Tj ET Q q 0 0 0 rg BT 339.38 441.90 Td (November21, ) Tj ET Q q 0 0 0 rg BT 400.21 441.90 Td (1997 ) Tj ET Q q 0 0 0 rg BT 423.84 441.90 Td (\(Decree ) Tj ET Q q 0 0 0 rg BT 463.54 441.90 Td (461\). ) Tj ET Q q 0 0 0 rg BT 492.43 441.90 Td (In ) Tj ET Q q 0 0 0 rg BT 504.39 441.90 Td (this ) Tj ET Q q 0 0 0 rg BT 522.46 441.90 Td (case, ) Tj ET Q q 0 0 0 rg BT 545.79 441.90 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 429.90 Td (dividends ) Tj ET Q q 0 0 0 rg BT 95.53 429.90 Td (are ) Tj ET Q q 0 0 0 rg BT 110.38 429.90 Td (included ) Tj ET Q q 0 0 0 rg BT 147.46 429.90 Td (in ) Tj ET Q q 0 0 0 rg BT 157.88 429.90 Td (the ) Tj ET Q q 0 0 0 rg BT 172.74 429.90 Td (annual ) Tj ET Q q 0 0 0 rg BT 202.04 429.90 Td (accrued ) Tj ET Q q 0 0 0 rg BT 235.77 429.90 Td (management ) Tj ET Q q 0 0 0 rg BT 289.50 429.90 Td (result ) Tj ET Q q 0 0 0 rg BT 314.36 429.90 Td (\() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 317.69 429.90 Td (risultato ) Tj ET Q q 0 0 0 rg BT 354.23 429.90 Td (maturato ) Tj ET Q q 0 0 0 rg BT 393.55 429.90 Td (annuo ) Tj ET Q q 0 0 0 rg BT 421.19 429.90 Td (di ) Tj ET Q q 0 0 0 rg BT 431.61 429.90 Td (gestione) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.94 429.90 Td (\), ) Tj ET Q q 0 0 0 rg BT 473.41 429.90 Td (which ) Tj ET Q q 0 0 0 rg BT 500.50 429.90 Td (is ) Tj ET Q q 0 0 0 rg BT 509.81 429.90 Td (subjected ) Tj ET Q q 0 0 0 rg BT 550.22 429.90 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 417.90 Td (26 ) Tj ET Q q 0 0 0 rg BT 66.50 417.90 Td (percent ) Tj ET Q q 0 0 0 rg BT 98.42 417.90 Td (substitute ) Tj ET Q q 0 0 0 rg BT 139.26 417.90 Td (tax. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 97.00 395.90 Td (\(iii\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.00 395.90 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 115.00 395.90 Td (Sole Pr) Tj ET Q q 0 0 0 rg BT 144.35 395.90 Td (oprietors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 373.90 Td (Dividends ) Tj ET Q q 0 0 0 rg BT 140.36 373.90 Td (paid ) Tj ET Q q 0 0 0 rg BT 160.84 373.90 Td (to ) Tj ET Q q 0 0 0 rg BT 171.87 373.90 Td (Italian ) Tj ET Q q 0 0 0 rg BT 200.67 373.90 Td (resident ) Tj ET Q q 0 0 0 rg BT 235.58 373.90 Td (individuals ) Tj ET Q q 0 0 0 rg BT 283.28 373.90 Td (who ) Tj ET Q q 0 0 0 rg BT 303.76 373.90 Td (hold ) Tj ET Q q 0 0 0 rg BT 324.79 373.90 Td (the ) Tj ET Q q 0 0 0 rg BT 340.26 373.90 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 370.73 373.90 Td (common ) Tj ET Q q 0 0 0 rg BT 408.98 373.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 437.22 373.90 Td (in ) Tj ET Q q 0 0 0 rg BT 448.26 373.90 Td (connection ) Tj ET Q q 0 0 0 rg BT 495.39 373.90 Td (with ) Tj ET Q q 0 0 0 rg BT 516.42 373.90 Td (a ) Tj ET Q q 0 0 0 rg BT 524.11 373.90 Td (business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 361.90 Td (activity ) Tj ET Q q 0 0 0 rg BT 86.22 361.90 Td (\(Sole ) Tj ET Q q 0 0 0 rg BT 113.99 361.90 Td (Proprietors\) ) Tj ET Q q 0 0 0 rg BT 168.42 361.90 Td (are ) Tj ET Q q 0 0 0 rg BT 182.86 361.90 Td (not ) Tj ET Q q 0 0 0 rg BT 197.86 361.90 Td (subject ) Tj ET Q q 0 0 0 rg BT 228.41 361.90 Td (to ) Tj ET Q q 0 0 0 rg BT 238.42 361.90 Td (any ) Tj ET Q q 0 0 0 rg BT 255.08 361.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 269.53 361.90 Td (withheld ) Tj ET Q q 0 0 0 rg BT 306.75 361.90 Td (at ) Tj ET Q q 0 0 0 rg BT 316.19 361.90 Td (source ) Tj ET Q q 0 0 0 rg BT 344.52 361.90 Td (in ) Tj ET Q q 0 0 0 rg BT 354.52 361.90 Td (Italy) Tj ET Q q 0 0 0 rg BT 372.20 361.90 Td (, ) Tj ET Q q 0 0 0 rg BT 376.92 361.90 Td (provided ) Tj ET Q q 0 0 0 rg BT 414.70 361.90 Td (that, ) Tj ET Q q 0 0 0 rg BT 434.42 361.90 Td (in ) Tj ET Q q 0 0 0 rg BT 444.42 361.90 Td (this ) Tj ET Q q 0 0 0 rg BT 461.10 361.90 Td (case, ) Tj ET Q q 0 0 0 rg BT 483.03 361.90 Td (the ) Tj ET Q q 0 0 0 rg BT 497.48 361.90 Td (holders ) Tj ET Q q 0 0 0 rg BT 529.14 361.90 Td (declare ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 349.90 Td (at ) Tj ET Q q 0 0 0 rg BT 63.82 349.90 Td (the ) Tj ET Q q 0 0 0 rg BT 78.64 349.90 Td (time ) Tj ET Q q 0 0 0 rg BT 99.01 349.90 Td (of ) Tj ET Q q 0 0 0 rg BT 109.94 349.90 Td (receipt ) Tj ET Q q 0 0 0 rg BT 139.75 349.90 Td (that ) Tj ET Q q 0 0 0 rg BT 157.34 349.90 Td (the ) Tj ET Q q 0 0 0 rg BT 172.16 349.90 Td (profits ) Tj ET Q q 0 0 0 rg BT 200.87 349.90 Td (collected ) Tj ET Q q 0 0 0 rg BT 239.56 349.90 Td (are ) Tj ET Q q 0 0 0 rg BT 254.37 349.90 Td (from ) Tj ET Q q 0 0 0 rg BT 276.41 349.90 Td (holdings ) Tj ET Q q 0 0 0 rg BT 313.46 349.90 Td (connected ) Tj ET Q q 0 0 0 rg BT 356.59 349.90 Td (with ) Tj ET Q q 0 0 0 rg BT 376.97 349.90 Td (their ) Tj ET Q q 0 0 0 rg BT 397.90 349.90 Td (business ) Tj ET Q q 0 0 0 rg BT 434.39 349.90 Td (activity) Tj ET Q q 0 0 0 rg BT 463.74 349.90 Td (. ) Tj ET Q q 0 0 0 rg BT 468.84 349.90 Td (In ) Tj ET Q q 0 0 0 rg BT 479.77 349.90 Td (this ) Tj ET Q q 0 0 0 rg BT 496.82 349.90 Td (case, ) Tj ET Q q 0 0 0 rg BT 519.13 349.90 Td (dividends ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 337.90 Td (must ) Tj ET Q q 0 0 0 rg BT 75.59 337.90 Td (be ) Tj ET Q q 0 0 0 rg BT 87.16 337.90 Td (reported ) Tj ET Q q 0 0 0 rg BT 122.62 337.90 Td (in ) Tj ET Q q 0 0 0 rg BT 132.53 337.90 Td (the ) Tj ET Q q 0 0 0 rg BT 146.89 337.90 Td (income ) Tj ET Q q 0 0 0 rg BT 178.46 337.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 192.81 337.90 Td (return, ) Tj ET Q q 0 0 0 rg BT 221.33 337.90 Td (but ) Tj ET Q q 0 0 0 rg BT 236.24 337.90 Td (only ) Tj ET Q q 0 0 0 rg BT 256.16 337.90 Td (49.72 ) Tj ET Q q 0 0 0 rg BT 280.80 337.90 Td (percent ) Tj ET Q q 0 0 0 rg BT 312.36 337.90 Td (of ) Tj ET Q q 0 0 0 rg BT 322.83 337.90 Td (such ) Tj ET Q q 0 0 0 rg BT 343.29 337.90 Td (dividends ) Tj ET Q q 0 0 0 rg BT 384.32 337.90 Td (are ) Tj ET Q q 0 0 0 rg BT 398.66 337.90 Td (included ) Tj ET Q q 0 0 0 rg BT 435.23 337.90 Td (in ) Tj ET Q q 0 0 0 rg BT 445.15 337.90 Td (the ) Tj ET Q q 0 0 0 rg BT 459.50 337.90 Td (holder) Tj ET Q q 0 0 0 rg BT 485.42 337.90 Td () Tj ET Q q 0 0 0 rg BT 488.20 337.90 Td (s ) Tj ET Q q 0 0 0 rg BT 494.23 337.90 Td (overall ) Tj ET Q q 0 0 0 rg BT 524.13 337.90 Td (business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 325.90 Td (income ) Tj ET Q q 0 0 0 rg BT 85.93 325.90 Td (taxable ) Tj ET Q q 0 0 0 rg BT 117.31 325.90 Td (in ) Tj ET Q q 0 0 0 rg BT 127.58 325.90 Td (Italy) Tj ET Q q 0 0 0 rg BT 145.26 325.90 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 97.00 303.90 Td (\(iv\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.88 303.90 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 115.00 303.90 Td (Partnerships ) Tj ET Q q 0 0 0 rg BT 169.15 303.90 Td (\(Italian ) Tj ET Q q 0 0 0 rg BT 201.62 303.90 Td (societ ) Tj ET Q q 0 0 0 rg BT 237.98 303.90 Td (in ) Tj ET Q q 0 0 0 rg BT 248.24 303.90 Td (nome ) Tj ET Q q 0 0 0 rg BT 272.38 303.90 Td (collettivo, ) Tj ET Q q 0 0 0 rg BT 320.12 303.90 Td (societ ) Tj ET Q q 0 0 0 rg BT 356.48 303.90 Td (in ) Tj ET Q q 0 0 0 rg BT 366.74 303.90 Td (accomandita ) Tj ET Q q 0 0 0 rg BT 420.87 303.90 Td (semplice, ) Tj ET Q q 0 0 0 rg BT 466.40 303.90 Td (societ ) Tj ET Q q 0 0 0 rg BT 502.76 303.90 Td (semplici) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.09 303.90 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 540.52 303.90 Td ( ) Tj ET Q q 0 0 0 rg BT 543.00 303.90 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 115.00 291.90 Td (similar ) Tj ET Q q 0 0 0 rg BT 146.05 291.90 Td (Italian ) Tj ET Q q 0 0 0 rg BT 175.43 291.90 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 228.70 291.90 Td (as ) Tj ET Q q 0 0 0 rg BT 240.30 291.90 Td (r) Tj ET Q q 0 0 0 rg BT 243.82 291.90 Td (eferr) Tj ET Q q 0 0 0 rg BT 262.89 291.90 Td (ed ) Tj ET Q q 0 0 0 rg BT 275.04 291.90 Td (to ) Tj ET Q q 0 0 0 rg BT 285.53 291.90 Td (in ) Tj ET Q q 0 0 0 rg BT 295.82 291.90 Td (Article ) Tj ET Q q 0 0 0 rg BT 325.75 291.90 Td (5 ) Tj ET Q q 0 0 0 rg BT 333.46 291.90 Td (CIT) Tj ET Q q 0 0 0 rg BT 348.28 291.90 Td (A\), ) Tj ET Q q 0 0 0 rg BT 362.93 291.90 Td (as ) Tj ET Q q 0 0 0 rg BT 374.53 291.90 Td (well ) Tj ET Q q 0 0 0 rg BT 393.91 291.90 Td (as ) Tj ET Q q 0 0 0 rg BT 405.51 291.90 Td (companies ) Tj ET Q q 0 0 0 rg BT 450.99 291.90 Td (and ) Tj ET Q q 0 0 0 rg BT 468.70 291.90 Td (other ) Tj ET Q q 0 0 0 rg BT 492.52 291.90 Td (business ) Tj ET Q q 0 0 0 rg BT 529.13 291.90 Td (entities ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 115.00 279.90 Td (r) Tj ET Q q 0 0 0 rg BT 118.52 279.90 Td (eferr) Tj ET Q q 0 0 0 rg BT 137.59 279.90 Td (ed ) Tj ET Q q 0 0 0 rg BT 149.53 279.90 Td (to ) Tj ET Q q 0 0 0 rg BT 159.80 279.90 Td (in ) Tj ET Q q 0 0 0 rg BT 169.90 279.90 Td (Article ) Tj ET Q q 0 0 0 rg BT 199.61 279.90 Td (73\(1\)\(a\)-\(b\)CIT) Tj ET Q q 0 0 0 rg BT 265.24 279.90 Td (A) Tj ET Q q 0 0 0 rg BT 271.17 279.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 257.90 Td (No ) Tj ET Q q 0 0 0 rg BT 109.64 257.90 Td (Italian ) Tj ET Q q 0 0 0 rg BT 136.59 257.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 150.22 257.90 Td (is ) Tj ET Q q 0 0 0 rg BT 158.30 257.90 Td (withheld ) Tj ET Q q 0 0 0 rg BT 194.71 257.90 Td (at ) Tj ET Q q 0 0 0 rg BT 203.34 257.90 Td (source ) Tj ET Q q 0 0 0 rg BT 230.86 257.90 Td (on ) Tj ET Q q 0 0 0 rg BT 242.27 257.90 Td (dividends ) Tj ET Q q 0 0 0 rg BT 282.57 257.90 Td (paid ) Tj ET Q q 0 0 0 rg BT 301.20 257.90 Td (to ) Tj ET Q q 0 0 0 rg BT 310.39 257.90 Td (Italian ) Tj ET Q q 0 0 0 rg BT 337.35 257.90 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 387.64 257.90 Td (\(such ) Tj ET Q q 0 0 0 rg BT 410.71 257.90 Td (as ) Tj ET Q q 0 0 0 rg BT 420.46 257.90 Td (Italian ) Tj ET Q q 0 0 0 rg BT 447.41 257.90 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 451.85 257.90 Td (societ ) Tj ET Q q 0 0 0 rg BT 481.59 257.90 Td (in ) Tj ET Q q 0 0 0 rg BT 490.78 257.90 Td (nome ) Tj ET Q q 0 0 0 rg BT 513.85 257.90 Td (collettivo) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.06 257.90 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 245.90 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.44 245.90 Td (societ ) Tj ET Q q 0 0 0 rg BT 89.56 245.90 Td (in ) Tj ET Q q 0 0 0 rg BT 100.13 245.90 Td (accomandita ) Tj ET Q q 0 0 0 rg BT 154.58 245.90 Td (semplice, ) Tj ET Q q 0 0 0 rg BT 200.42 245.90 Td (societ ) Tj ET Q q 0 0 0 rg BT 237.10 245.90 Td (semplici) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.43 245.90 Td ( ) Tj ET Q q 0 0 0 rg BT 277.66 245.90 Td (and ) Tj ET Q q 0 0 0 rg BT 294.89 245.90 Td (similar ) Tj ET Q q 0 0 0 rg BT 325.46 245.90 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 377.13 245.90 Td (as ) Tj ET Q q 0 0 0 rg BT 388.26 245.90 Td (referred ) Tj ET Q q 0 0 0 rg BT 422.69 245.90 Td (to ) Tj ET Q q 0 0 0 rg BT 433.26 245.90 Td (in ) Tj ET Q q 0 0 0 rg BT 443.22 245.90 Td (Article ) Tj ET Q q 0 0 0 rg BT 473.77 245.90 Td (5 ) Tj ET Q q 0 0 0 rg BT 481.57 245.90 Td (CIT) Tj ET Q q 0 0 0 rg BT 496.88 245.90 Td (A\). ) Tj ET Q q 0 0 0 rg BT 512.72 245.90 Td (Only ) Tj ET Q q 0 0 0 rg BT 535.52 245.90 Td (49.72 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 233.90 Td (percent ) Tj ET Q q 0 0 0 rg BT 85.92 233.90 Td (of ) Tj ET Q q 0 0 0 rg BT 96.75 233.90 Td (such ) Tj ET Q q 0 0 0 rg BT 117.58 233.90 Td (dividends ) Tj ET Q q 0 0 0 rg BT 158.97 233.90 Td (are ) Tj ET Q q 0 0 0 rg BT 173.68 233.90 Td (included ) Tj ET Q q 0 0 0 rg BT 210.61 233.90 Td (in ) Tj ET Q q 0 0 0 rg BT 220.89 233.90 Td (the ) Tj ET Q q 0 0 0 rg BT 235.61 233.90 Td (overall ) Tj ET Q q 0 0 0 rg BT 265.87 233.90 Td (income ) Tj ET Q q 0 0 0 rg BT 297.80 233.90 Td (to ) Tj ET Q q 0 0 0 rg BT 308.08 233.90 Td (be ) Tj ET Q q 0 0 0 rg BT 320.02 233.90 Td (reported ) Tj ET Q q 0 0 0 rg BT 355.84 233.90 Td (by ) Tj ET Q q 0 0 0 rg BT 368.34 233.90 Td (the ) Tj ET Q q 0 0 0 rg BT 383.05 233.90 Td (partnership. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 211.90 Td (No ) Tj ET Q q 0 0 0 rg BT 110.28 211.90 Td (Italian ) Tj ET Q q 0 0 0 rg BT 137.89 211.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 152.17 211.90 Td (is ) Tj ET Q q 0 0 0 rg BT 160.90 211.90 Td (withheld ) Tj ET Q q 0 0 0 rg BT 197.96 211.90 Td (at ) Tj ET Q q 0 0 0 rg BT 207.24 211.90 Td (source ) Tj ET Q q 0 0 0 rg BT 235.40 211.90 Td (on ) Tj ET Q q 0 0 0 rg BT 247.46 211.90 Td (dividends ) Tj ET Q q 0 0 0 rg BT 288.41 211.90 Td (paid ) Tj ET Q q 0 0 0 rg BT 307.69 211.90 Td (to ) Tj ET Q q 0 0 0 rg BT 317.54 211.90 Td (Italian ) Tj ET Q q 0 0 0 rg BT 345.14 211.90 Td (resident ) Tj ET Q q 0 0 0 rg BT 378.86 211.90 Td (companies ) Tj ET Q q 0 0 0 rg BT 423.69 211.90 Td (and ) Tj ET Q q 0 0 0 rg BT 440.19 211.90 Td (other ) Tj ET Q q 0 0 0 rg BT 462.80 211.90 Td (Italian ) Tj ET Q q 0 0 0 rg BT 490.40 211.90 Td (resident ) Tj ET Q q 0 0 0 rg BT 524.12 211.90 Td (business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 199.90 Td (entities ) Tj ET Q q 0 0 0 rg BT 86.37 199.90 Td (as ) Tj ET Q q 0 0 0 rg BT 98.18 199.90 Td (referred ) Tj ET Q q 0 0 0 rg BT 133.30 199.90 Td (to ) Tj ET Q q 0 0 0 rg BT 144.56 199.90 Td (in ) Tj ET Q q 0 0 0 rg BT 155.05 199.90 Td (Article ) Tj ET Q q 0 0 0 rg BT 186.30 199.90 Td (73\(1\)\(a\)-\(b\)CIT) Tj ET Q q 0 0 0 rg BT 251.86 199.90 Td (A, ) Tj ET Q q 0 0 0 rg BT 265.06 199.90 Td (including, ) Tj ET Q q 0 0 0 rg BT 308.82 199.90 Td (among ) Tj ET Q q 0 0 0 rg BT 339.52 199.90 Td (others, ) Tj ET Q q 0 0 0 rg BT 369.94 199.90 Td (corporations ) Tj ET Q q 0 0 0 rg BT 423.41 199.90 Td (\() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 426.74 199.90 Td (societ ) Tj ET Q q 0 0 0 rg BT 458.55 199.90 Td (per ) Tj ET Q q 0 0 0 rg BT 475.37 199.90 Td (azioni) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.82 199.90 Td (\), ) Tj ET Q q 0 0 0 rg BT 509.13 199.90 Td (partnerships ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 187.90 Td (limited ) Tj ET Q q 0 0 0 rg BT 84.61 187.90 Td (by ) Tj ET Q q 0 0 0 rg BT 96.88 187.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 124.15 187.90 Td (\() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 127.48 187.90 Td (societ ) Tj ET Q q 0 0 0 rg BT 158.08 187.90 Td (in ) Tj ET Q q 0 0 0 rg BT 168.13 187.90 Td (accomandita ) Tj ET Q q 0 0 0 rg BT 222.06 187.90 Td (per ) Tj ET Q q 0 0 0 rg BT 237.67 187.90 Td (azioni) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.12 187.90 Td (\), ) Tj ET Q q 0 0 0 rg BT 270.22 187.90 Td (limited ) Tj ET Q q 0 0 0 rg BT 300.83 187.90 Td (liability ) Tj ET Q q 0 0 0 rg BT 334.21 187.90 Td (companies ) Tj ET Q q 0 0 0 rg BT 379.25 187.90 Td (\() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 382.58 187.90 Td (societ ) Tj ET Q q 0 0 0 rg BT 413.18 187.90 Td (a ) Tj ET Q q 0 0 0 rg BT 420.46 187.90 Td (r) Tj ET Q q 0 0 0 rg BT 423.98 187.90 Td (esponsabilit ) Tj ET Q q 0 0 0 rg BT 479.59 187.90 Td (limitata) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.70 187.90 Td (\) ) Tj ET Q q 0 0 0 rg BT 516.30 187.90 Td (and ) Tj ET Q q 0 0 0 rg BT 533.02 187.90 Td (public ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 175.90 Td (and ) Tj ET Q q 0 0 0 rg BT 71.58 175.90 Td (private ) Tj ET Q q 0 0 0 rg BT 102.48 175.90 Td (entities ) Tj ET Q q 0 0 0 rg BT 134.50 175.90 Td (whose ) Tj ET Q q 0 0 0 rg BT 163.18 175.90 Td (sole ) Tj ET Q q 0 0 0 rg BT 182.43 175.90 Td (or ) Tj ET Q q 0 0 0 rg BT 193.90 175.90 Td (primary ) Tj ET Q q 0 0 0 rg BT 228.69 175.90 Td (purpose ) Tj ET Q q 0 0 0 rg BT 263.49 175.90 Td (is ) Tj ET Q q 0 0 0 rg BT 273.29 175.90 Td (to ) Tj ET Q q 0 0 0 rg BT 284.21 175.90 Td (carry ) Tj ET Q q 0 0 0 rg BT 307.88 175.90 Td (out ) Tj ET Q q 0 0 0 rg BT 323.80 175.90 Td (business ) Tj ET Q q 0 0 0 rg BT 360.83 175.90 Td (activities. ) Tj ET Q q 0 0 0 rg BT 402.56 175.90 Td (Only ) Tj ET Q q 0 0 0 rg BT 425.70 175.90 Td (five ) Tj ET Q q 0 0 0 rg BT 444.39 175.90 Td (percent ) Tj ET Q q 0 0 0 rg BT 476.95 175.90 Td (of ) Tj ET Q q 0 0 0 rg BT 488.41 175.90 Td (the ) Tj ET Q q 0 0 0 rg BT 503.77 175.90 Td (dividends ) Tj ET Q q 0 0 0 rg BT 545.79 175.90 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 163.90 Td (included ) Tj ET Q q 0 0 0 rg BT 91.54 163.90 Td (in ) Tj ET Q q 0 0 0 rg BT 102.43 163.90 Td (the ) Tj ET Q q 0 0 0 rg BT 117.76 163.90 Td (overall ) Tj ET Q q 0 0 0 rg BT 148.63 163.90 Td (business ) Tj ET Q q 0 0 0 rg BT 185.63 163.90 Td (income ) Tj ET Q q 0 0 0 rg BT 218.17 163.90 Td (subject ) Tj ET Q q 0 0 0 rg BT 249.61 163.90 Td (to ) Tj ET Q q 0 0 0 rg BT 260.50 163.90 Td (IRES, ) Tj ET Q q 0 0 0 rg BT 287.78 163.90 Td (unless ) Tj ET Q q 0 0 0 rg BT 315.88 163.90 Td (the ) Tj ET Q q 0 0 0 rg BT 331.21 163.90 Td (common ) Tj ET Q q 0 0 0 rg BT 369.32 163.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 397.42 163.90 Td (in ) Tj ET Q q 0 0 0 rg BT 408.30 163.90 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 438.62 163.90 Td (are ) Tj ET Q q 0 0 0 rg BT 453.94 163.90 Td (booked ) Tj ET Q q 0 0 0 rg BT 486.48 163.90 Td (as ) Tj ET Q q 0 0 0 rg BT 497.92 163.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 526.02 163.90 Td (held ) Tj ET Q q 0 0 0 rg BT 546.35 163.90 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 151.90 Td (trading ) Tj ET Q q 0 0 0 rg BT 84.91 151.90 Td (by ) Tj ET Q q 0 0 0 rg BT 97.49 151.90 Td (holders ) Tj ET Q q 0 0 0 rg BT 129.51 151.90 Td (that ) Tj ET Q q 0 0 0 rg BT 147.09 151.90 Td (apply ) Tj ET Q q 0 0 0 rg BT 171.89 151.90 Td (IAS ) Tj ET Q q 0 0 0 rg BT 190.59 151.90 Td (/ ) Tj ET Q q 0 0 0 rg BT 195.95 151.90 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 219.65 151.90 Td (international ) Tj ET Q q 0 0 0 rg BT 272.77 151.90 Td (accounting ) Tj ET Q q 0 0 0 rg BT 319.23 151.90 Td (standards ) Tj ET Q q 0 0 0 rg BT 359.58 151.90 Td (under ) Tj ET Q q 0 0 0 rg BT 384.93 151.90 Td (Regulation ) Tj ET Q q 0 0 0 rg BT 431.40 151.90 Td (No.1606/2002 ) Tj ET Q q 0 0 0 rg BT 493.98 151.90 Td (of ) Tj ET Q q 0 0 0 rg BT 504.89 151.90 Td (the ) Tj ET Q q 0 0 0 rg BT 519.69 151.90 Td (European ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 139.90 Td (Parliament ) Tj ET Q q 0 0 0 rg BT 99.80 139.90 Td (and ) Tj ET Q q 0 0 0 rg BT 116.72 139.90 Td (Council ) Tj ET Q q 0 0 0 rg BT 150.86 139.90 Td (of ) Tj ET Q q 0 0 0 rg BT 161.67 139.90 Td (July19, ) Tj ET Q q 0 0 0 rg BT 195.82 139.90 Td (2002. ) Tj ET Q q 0 0 0 rg BT 220.80 139.90 Td (In ) Tj ET Q q 0 0 0 rg BT 231.61 139.90 Td (this ) Tj ET Q q 0 0 0 rg BT 248.54 139.90 Td (latter ) Tj ET Q q 0 0 0 rg BT 271.56 139.90 Td (case, ) Tj ET Q q 0 0 0 rg BT 293.75 139.90 Td (the ) Tj ET Q q 0 0 0 rg BT 308.44 139.90 Td (full ) Tj ET Q q 0 0 0 rg BT 324.81 139.90 Td (amount ) Tj ET Q q 0 0 0 rg BT 357.28 139.90 Td (of ) Tj ET Q q 0 0 0 rg BT 368.09 139.90 Td (the ) Tj ET Q q 0 0 0 rg BT 382.79 139.90 Td (dividends ) Tj ET Q q 0 0 0 rg BT 424.16 139.90 Td (is ) Tj ET Q q 0 0 0 rg BT 433.30 139.90 Td (included ) Tj ET Q q 0 0 0 rg BT 470.22 139.90 Td (in ) Tj ET Q q 0 0 0 rg BT 480.48 139.90 Td (the ) Tj ET Q q 0 0 0 rg BT 495.17 139.90 Td (holder) Tj ET Q q 0 0 0 rg BT 521.09 139.90 Td () Tj ET Q q 0 0 0 rg BT 523.87 139.90 Td (s ) Tj ET Q q 0 0 0 rg BT 530.24 139.90 Td (overall ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 127.90 Td (business ) Tj ET Q q 0 0 0 rg BT 90.39 127.90 Td (income ) Tj ET Q q 0 0 0 rg BT 122.33 127.90 Td (subject ) Tj ET Q q 0 0 0 rg BT 153.15 127.90 Td (to ) Tj ET Q q 0 0 0 rg BT 163.43 127.90 Td (IRES. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 105.90 Td (For some types of companies and under certain conditions, dividends are also included in the net value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 93.90 Td (production, which is subject to the regional tax on productive activities \(IRAP\). ) Tj ET Q endstream endobj 263 0 obj <> endobj 264 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 297.00 41.20 Td (123) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 97.00 731.10 Td (\(v\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.10 731.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 115.00 731.10 Td (Non-business entities r) Tj ET Q q 0 0 0 rg BT 206.29 731.10 Td (eferr) Tj ET Q q 0 0 0 rg BT 225.36 731.10 Td (ed to in ) Tj ET Q q 0 0 0 rg BT 257.68 731.10 Td (Article 73\(1\)\(c\) CIT) Tj ET Q q 0 0 0 rg BT 337.47 731.10 Td (A) Tj ET Q q 0 0 0 rg BT 343.39 731.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 709.10 Td (No ) Tj ET Q q 0 0 0 rg BT 111.03 709.10 Td (Italian ) Tj ET Q q 0 0 0 rg BT 139.38 709.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 154.40 709.10 Td (is ) Tj ET Q q 0 0 0 rg BT 163.88 709.10 Td (withheld ) Tj ET Q q 0 0 0 rg BT 201.68 709.10 Td (at ) Tj ET Q q 0 0 0 rg BT 211.70 709.10 Td (source ) Tj ET Q q 0 0 0 rg BT 240.61 709.10 Td (on ) Tj ET Q q 0 0 0 rg BT 253.41 709.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 295.11 709.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 315.13 709.10 Td (to ) Tj ET Q q 0 0 0 rg BT 325.72 709.10 Td (Italian ) Tj ET Q q 0 0 0 rg BT 354.06 709.10 Td (resident ) Tj ET Q q 0 0 0 rg BT 388.53 709.10 Td (non-business ) Tj ET Q q 0 0 0 rg BT 443.55 709.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 475.24 709.10 Td (referred ) Tj ET Q q 0 0 0 rg BT 509.69 709.10 Td (to ) Tj ET Q q 0 0 0 rg BT 520.27 709.10 Td (in ) Tj ET Q q 0 0 0 rg BT 530.24 709.10 Td (Article ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 697.10 Td (73\(1\)\(c\) ) Tj ET Q q 0 0 0 rg BT 88.87 697.10 Td (CIT) Tj ET Q q 0 0 0 rg BT 104.18 697.10 Td (A) Tj ET Q q 0 0 0 rg BT 110.85 697.10 Td ( ) Tj ET Q q 0 0 0 rg BT 112.96 697.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 156.18 697.10 Td (Italian ) Tj ET Q q 0 0 0 rg BT 183.83 697.10 Td (resident ) Tj ET Q q 0 0 0 rg BT 217.60 697.10 Td (trusts ) Tj ET Q q 0 0 0 rg BT 241.38 697.10 Td (that ) Tj ET Q q 0 0 0 rg BT 258.48 697.10 Td (do ) Tj ET Q q 0 0 0 rg BT 270.60 697.10 Td (not ) Tj ET Q q 0 0 0 rg BT 285.49 697.10 Td (carry ) Tj ET Q q 0 0 0 rg BT 308.14 697.10 Td (out ) Tj ET Q q 0 0 0 rg BT 323.03 697.10 Td (a ) Tj ET Q q 0 0 0 rg BT 329.58 697.10 Td (business ) Tj ET Q q 0 0 0 rg BT 365.58 697.10 Td (activity\), ) Tj ET Q q 0 0 0 rg BT 403.51 697.10 Td (except ) Tj ET Q q 0 0 0 rg BT 431.72 697.10 Td (for ) Tj ET Q q 0 0 0 rg BT 445.49 697.10 Td (Italian ) Tj ET Q q 0 0 0 rg BT 473.14 697.10 Td (collective ) Tj ET Q q 0 0 0 rg BT 514.12 697.10 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 685.10 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 89.26 685.10 Td (\(OICR\). ) Tj ET Q q 0 0 0 rg BT 133.69 685.10 Td (Only ) Tj ET Q q 0 0 0 rg BT 156.19 685.10 Td (77.74 ) Tj ET Q q 0 0 0 rg BT 181.19 685.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 213.12 685.10 Td (of ) Tj ET Q q 0 0 0 rg BT 223.95 685.10 Td (the ) Tj ET Q q 0 0 0 rg BT 238.66 685.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 280.05 685.10 Td (are ) Tj ET Q q 0 0 0 rg BT 294.76 685.10 Td (included ) Tj ET Q q 0 0 0 rg BT 331.69 685.10 Td (in ) Tj ET Q q 0 0 0 rg BT 341.97 685.10 Td (the ) Tj ET Q q 0 0 0 rg BT 356.69 685.10 Td (holder) Tj ET Q q 0 0 0 rg BT 382.60 685.10 Td () Tj ET Q q 0 0 0 rg BT 385.38 685.10 Td (s ) Tj ET Q q 0 0 0 rg BT 391.77 685.10 Td (overall ) Tj ET Q q 0 0 0 rg BT 422.04 685.10 Td (income ) Tj ET Q q 0 0 0 rg BT 453.97 685.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 484.80 685.10 Td (to ) Tj ET Q q 0 0 0 rg BT 495.07 685.10 Td (IRES. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 97.00 663.10 Td (\(vi\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.88 663.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 115.00 663.10 Td (Persons exempt fr) Tj ET Q q 0 0 0 rg BT 186.84 663.10 Td (om IRES and persons outside the scope of IRES ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 641.10 Td (Dividends paid to Italian resident persons that are exempt from IRES are generally subject to 26 percent tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 629.10 Td (withheld at source. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 607.10 Td (No ) Tj ET Q q 0 0 0 rg BT 110.69 607.10 Td (Italian ) Tj ET Q q 0 0 0 rg BT 138.70 607.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 153.38 607.10 Td (is ) Tj ET Q q 0 0 0 rg BT 162.52 607.10 Td (instead ) Tj ET Q q 0 0 0 rg BT 193.31 607.10 Td (withheld ) Tj ET Q q 0 0 0 rg BT 230.77 607.10 Td (at ) Tj ET Q q 0 0 0 rg BT 240.46 607.10 Td (source ) Tj ET Q q 0 0 0 rg BT 269.02 607.10 Td (on ) Tj ET Q q 0 0 0 rg BT 281.49 607.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 322.85 607.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 342.53 607.10 Td (to ) Tj ET Q q 0 0 0 rg BT 352.78 607.10 Td (persons ) Tj ET Q q 0 0 0 rg BT 385.79 607.10 Td (that ) Tj ET Q q 0 0 0 rg BT 403.26 607.10 Td (are ) Tj ET Q q 0 0 0 rg BT 417.93 607.10 Td (outside ) Tj ET Q q 0 0 0 rg BT 449.29 607.10 Td (the ) Tj ET Q q 0 0 0 rg BT 463.97 607.10 Td (scope ) Tj ET Q q 0 0 0 rg BT 489.21 607.10 Td (of ) Tj ET Q q 0 0 0 rg BT 500.00 607.10 Td (IRES ) Tj ET Q q 0 0 0 rg BT 524.14 607.10 Td (\() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 527.47 607.10 Td (esclusi) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.69 607.10 Td (\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 595.10 Td (under ) Tj ET Q q 0 0 0 rg BT 78.72 595.10 Td (Article ) Tj ET Q q 0 0 0 rg BT 108.98 595.10 Td (74\(1\) ) Tj ET Q q 0 0 0 rg BT 133.14 595.10 Td (CIT) Tj ET Q q 0 0 0 rg BT 148.45 595.10 Td (A. ) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 54.00 593.90 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 97.00 571.90 Td (\(vii\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.16 571.90 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 126.00 571.90 Td (Pension funds and OICR \(other than Real Estate ) Tj ET Q q 0 0 0 rg BT 323.57 571.90 Td (AIF\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 549.90 Td (No ) Tj ET Q q 0 0 0 rg BT 111.21 549.90 Td (Italian ) Tj ET Q q 0 0 0 rg BT 139.74 549.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 154.94 549.90 Td (is ) Tj ET Q q 0 0 0 rg BT 164.59 549.90 Td (withheld ) Tj ET Q q 0 0 0 rg BT 202.57 549.90 Td (at ) Tj ET Q q 0 0 0 rg BT 212.78 549.90 Td (source ) Tj ET Q q 0 0 0 rg BT 241.86 549.90 Td (on ) Tj ET Q q 0 0 0 rg BT 254.85 549.90 Td (dividends ) Tj ET Q q 0 0 0 rg BT 296.72 549.90 Td (paid ) Tj ET Q q 0 0 0 rg BT 316.92 549.90 Td (to ) Tj ET Q q 0 0 0 rg BT 327.69 549.90 Td (\(a\)Italian ) Tj ET Q q 0 0 0 rg BT 369.81 549.90 Td (pension ) Tj ET Q q 0 0 0 rg BT 403.91 549.90 Td (funds ) Tj ET Q q 0 0 0 rg BT 429.12 549.90 Td (governed ) Tj ET Q q 0 0 0 rg BT 469.31 549.90 Td (by ) Tj ET Q q 0 0 0 rg BT 482.29 549.90 Td (Legislative ) Tj ET Q q 0 0 0 rg BT 529.71 549.90 Td (Decree ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 537.90 Td (No.252 ) Tj ET Q q 0 0 0 rg BT 88.09 537.90 Td (of ) Tj ET Q q 0 0 0 rg BT 98.29 537.90 Td (December5, ) Tj ET Q q 0 0 0 rg BT 151.24 537.90 Td (2005 ) Tj ET Q q 0 0 0 rg BT 173.11 537.90 Td (\(Decree ) Tj ET Q q 0 0 0 rg BT 211.06 537.90 Td (252\) ) Tj ET Q q 0 0 0 rg BT 235.69 537.90 Td (and ) Tj ET Q q 0 0 0 rg BT 252.00 537.90 Td (\(b\)Italian ) Tj ET Q q 0 0 0 rg BT 293.57 537.90 Td (OICR, ) Tj ET Q q 0 0 0 rg BT 321.83 537.90 Td (other ) Tj ET Q q 0 0 0 rg BT 344.25 537.90 Td (than ) Tj ET Q q 0 0 0 rg BT 363.33 537.90 Td (real ) Tj ET Q q 0 0 0 rg BT 380.19 537.90 Td (estate ) Tj ET Q q 0 0 0 rg BT 404.82 537.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 450.57 537.90 Td (funds ) Tj ET Q q 0 0 0 rg BT 474.66 537.90 Td (and ) Tj ET Q q 0 0 0 rg BT 490.97 537.90 Td (Italian ) Tj ET Q q 0 0 0 rg BT 518.38 537.90 Td (real ) Tj ET Q q 0 0 0 rg BT 535.24 537.90 Td (estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 525.90 Td (SICAFs ) Tj ET Q q 0 0 0 rg BT 88.74 525.90 Td (\(real ) Tj ET Q q 0 0 0 rg BT 109.55 525.90 Td (estate ) Tj ET Q q 0 0 0 rg BT 134.82 525.90 Td (alternative ) Tj ET Q q 0 0 0 rg BT 179.51 525.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 225.89 525.90 Td (funds, ) Tj ET Q q 0 0 0 rg BT 253.12 525.90 Td (Real ) Tj ET Q q 0 0 0 rg BT 278.38 525.90 Td (Estate ) Tj ET Q q 0 0 0 rg BT 304.76 525.90 Td (AIF\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 503.90 Td (Dividends ) Tj ET Q q 0 0 0 rg BT 139.29 503.90 Td (received ) Tj ET Q q 0 0 0 rg BT 175.34 503.90 Td (by ) Tj ET Q q 0 0 0 rg BT 187.53 503.90 Td (Italian ) Tj ET Q q 0 0 0 rg BT 215.26 503.90 Td (pension ) Tj ET Q q 0 0 0 rg BT 248.55 503.90 Td (funds ) Tj ET Q q 0 0 0 rg BT 272.96 503.90 Td (are ) Tj ET Q q 0 0 0 rg BT 287.36 503.90 Td (taken ) Tj ET Q q 0 0 0 rg BT 311.20 503.90 Td (into ) Tj ET Q q 0 0 0 rg BT 328.94 503.90 Td (account ) Tj ET Q q 0 0 0 rg BT 362.22 503.90 Td (to ) Tj ET Q q 0 0 0 rg BT 372.19 503.90 Td (compute ) Tj ET Q q 0 0 0 rg BT 408.81 503.90 Td (the ) Tj ET Q q 0 0 0 rg BT 423.21 503.90 Td (pension ) Tj ET Q q 0 0 0 rg BT 456.50 503.90 Td (fund) Tj ET Q q 0 0 0 rg BT 477.61 503.90 Td (s ) Tj ET Q q 0 0 0 rg BT 483.69 503.90 Td (net ) Tj ET Q q 0 0 0 rg BT 498.09 503.90 Td (annual ) Tj ET Q q 0 0 0 rg BT 526.94 503.90 Td (accrued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 491.90 Td (yield, ) Tj ET Q q 0 0 0 rg BT 78.63 491.90 Td (which ) Tj ET Q q 0 0 0 rg BT 105.20 491.90 Td (is ) Tj ET Q q 0 0 0 rg BT 114.00 491.90 Td (subject ) Tj ET Q q 0 0 0 rg BT 144.46 491.90 Td (to ) Tj ET Q q 0 0 0 rg BT 154.37 491.90 Td (a ) Tj ET Q q 0 0 0 rg BT 160.94 491.90 Td (20 ) Tj ET Q q 0 0 0 rg BT 173.08 491.90 Td (percent ) Tj ET Q q 0 0 0 rg BT 204.63 491.90 Td (flat ) Tj ET Q q 0 0 0 rg BT 220.09 491.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 234.44 491.90 Td (\() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 237.77 491.90 Td (imposta ) Tj ET Q q 0 0 0 rg BT 271.57 491.90 Td (sostitutiva) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.69 491.90 Td (\). ) Tj ET Q q 0 0 0 rg BT 320.18 491.90 Td (A) Tj ET Q q 0 0 0 rg BT 326.85 491.90 Td ( ) Tj ET Q q 0 0 0 rg BT 328.98 491.90 Td (nine ) Tj ET Q q 0 0 0 rg BT 348.33 491.90 Td (percent ) Tj ET Q q 0 0 0 rg BT 379.89 491.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 394.24 491.90 Td (credit ) Tj ET Q q 0 0 0 rg BT 419.13 491.90 Td (may ) Tj ET Q q 0 0 0 rg BT 438.48 491.90 Td (be ) Tj ET Q q 0 0 0 rg BT 450.05 491.90 Td (granted ) Tj ET Q q 0 0 0 rg BT 482.17 491.90 Td (to ) Tj ET Q q 0 0 0 rg BT 492.08 491.90 Td (the ) Tj ET Q q 0 0 0 rg BT 506.43 491.90 Td (pension ) Tj ET Q q 0 0 0 rg BT 539.67 491.90 Td (fund ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 479.90 Td (on ) Tj ET Q q 0 0 0 rg BT 66.05 479.90 Td (income ) Tj ET Q q 0 0 0 rg BT 97.54 479.90 Td (invested ) Tj ET Q q 0 0 0 rg BT 132.92 479.90 Td (in ) Tj ET Q q 0 0 0 rg BT 142.75 479.90 Td (medium-and ) Tj ET Q q 0 0 0 rg BT 195.34 479.90 Td (long-term ) Tj ET Q q 0 0 0 rg BT 236.83 479.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 273.86 479.90 Td (investments ) Tj ET Q q 0 0 0 rg BT 323.68 479.90 Td (\(as ) Tj ET Q q 0 0 0 rg BT 337.40 479.90 Td (identified ) Tj ET Q q 0 0 0 rg BT 377.77 479.90 Td (by ) Tj ET Q q 0 0 0 rg BT 389.82 479.90 Td (the ) Tj ET Q q 0 0 0 rg BT 404.09 479.90 Td (decree ) Tj ET Q q 0 0 0 rg BT 432.23 479.90 Td (of ) Tj ET Q q 0 0 0 rg BT 442.61 479.90 Td (the ) Tj ET Q q 0 0 0 rg BT 456.88 479.90 Td (Minister ) Tj ET Q q 0 0 0 rg BT 492.82 479.90 Td (of ) Tj ET Q q 0 0 0 rg BT 503.20 479.90 Td (Economy ) Tj ET Q q 0 0 0 rg BT 543.58 479.90 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 467.90 Td (Finance ) Tj ET Q q 0 0 0 rg BT 88.16 467.90 Td (dated ) Tj ET Q q 0 0 0 rg BT 112.31 467.90 Td (June19, ) Tj ET Q q 0 0 0 rg BT 148.14 467.90 Td (2015 ) Tj ET Q q 0 0 0 rg BT 170.64 467.90 Td (published ) Tj ET Q q 0 0 0 rg BT 212.03 467.90 Td (in ) Tj ET Q q 0 0 0 rg BT 222.31 467.90 Td (the ) Tj ET Q q 0 0 0 rg BT 237.02 467.90 Td (Italian ) Tj ET Q q 0 0 0 rg BT 265.06 467.90 Td (Of) Tj ET Q q 0 0 0 rg BT 275.44 467.90 Td (ficial ) Tj ET Q q 0 0 0 rg BT 298.48 467.90 Td (Gazette ) Tj ET Q q 0 0 0 rg BT 331.51 467.90 Td (on ) Tj ET Q q 0 0 0 rg BT 344.01 467.90 Td (July30, ) Tj ET Q q 0 0 0 rg BT 378.18 467.90 Td (2015\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 445.90 Td (Dividends received by OICR that are set up in, and or) Tj ET Q q 0 0 0 rg BT 311.04 445.90 Td (ganized under the laws of, Italy and that are subject to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 433.90 Td (regulatory supervision \(other than Real Estate ) Tj ET Q q 0 0 0 rg BT 239.50 433.90 Td (AIF\) are not subject to taxation at the level of the OICR. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 97.00 411.90 Td (\(viii\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.43 411.90 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 126.00 411.90 Td (Real Estate ) Tj ET Q q 0 0 0 rg BT 174.14 411.90 Td (AIF ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 389.90 Td (No ) Tj ET Q q 0 0 0 rg BT 110.53 389.90 Td (Italian ) Tj ET Q q 0 0 0 rg BT 138.38 389.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 152.90 389.90 Td (is ) Tj ET Q q 0 0 0 rg BT 161.88 389.90 Td (withheld ) Tj ET Q q 0 0 0 rg BT 199.18 389.90 Td (at ) Tj ET Q q 0 0 0 rg BT 208.71 389.90 Td (source ) Tj ET Q q 0 0 0 rg BT 237.11 389.90 Td (on ) Tj ET Q q 0 0 0 rg BT 249.42 389.90 Td (dividends ) Tj ET Q q 0 0 0 rg BT 290.61 389.90 Td (paid ) Tj ET Q q 0 0 0 rg BT 310.14 389.90 Td (to ) Tj ET Q q 0 0 0 rg BT 320.22 389.90 Td (Italian ) Tj ET Q q 0 0 0 rg BT 348.07 389.90 Td (Real ) Tj ET Q q 0 0 0 rg BT 368.70 389.90 Td (Estate ) Tj ET Q q 0 0 0 rg BT 394.93 389.90 Td (AIF) Tj ET Q q 0 0 0 rg BT 410.25 389.90 Td (. ) Tj ET Q q 0 0 0 rg BT 415.05 389.90 Td (Moreover) Tj ET Q q 0 0 0 rg BT 454.08 389.90 Td (, ) Tj ET Q q 0 0 0 rg BT 458.89 389.90 Td (dividends ) Tj ET Q q 0 0 0 rg BT 500.08 389.90 Td (are ) Tj ET Q q 0 0 0 rg BT 514.60 389.90 Td (not ) Tj ET Q q 0 0 0 rg BT 529.68 389.90 Td (subject ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 377.90 Td (to ) Tj ET Q q 0 0 0 rg BT 63.93 377.90 Td (either ) Tj ET Q q 0 0 0 rg BT 88.84 377.90 Td (IRES ) Tj ET Q q 0 0 0 rg BT 112.66 377.90 Td (or ) Tj ET Q q 0 0 0 rg BT 123.15 377.90 Td (IRAP) Tj ET Q q 0 0 0 rg BT 145.56 377.90 Td ( ) Tj ET Q q 0 0 0 rg BT 147.71 377.90 Td (at ) Tj ET Q q 0 0 0 rg BT 157.08 377.90 Td (the ) Tj ET Q q 0 0 0 rg BT 171.44 377.90 Td (level ) Tj ET Q q 0 0 0 rg BT 193.03 377.90 Td (of ) Tj ET Q q 0 0 0 rg BT 203.51 377.90 Td (the ) Tj ET Q q 0 0 0 rg BT 217.88 377.90 Td (Real ) Tj ET Q q 0 0 0 rg BT 238.35 377.90 Td (Estate ) Tj ET Q q 0 0 0 rg BT 264.46 377.90 Td (AIF) Tj ET Q q 0 0 0 rg BT 279.78 377.90 Td (. ) Tj ET Q q 0 0 0 rg BT 284.43 377.90 Td (However) Tj ET Q q 0 0 0 rg BT 320.68 377.90 Td (, ) Tj ET Q q 0 0 0 rg BT 325.33 377.90 Td (income ) Tj ET Q q 0 0 0 rg BT 356.91 377.90 Td (realized ) Tj ET Q q 0 0 0 rg BT 390.70 377.90 Td (by ) Tj ET Q q 0 0 0 rg BT 402.85 377.90 Td (Italian ) Tj ET Q q 0 0 0 rg BT 430.55 377.90 Td (Real ) Tj ET Q q 0 0 0 rg BT 451.02 377.90 Td (Estate ) Tj ET Q q 0 0 0 rg BT 477.13 377.90 Td (AIF ) Tj ET Q q 0 0 0 rg BT 495.40 377.90 Td (is ) Tj ET Q q 0 0 0 rg BT 504.22 377.90 Td (attributed ) Tj ET Q q 0 0 0 rg BT 544.69 377.90 Td (pro ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 365.90 Td (rata ) Tj ET Q q 0 0 0 rg BT 71.08 365.90 Td (to ) Tj ET Q q 0 0 0 rg BT 80.95 365.90 Td (Italian ) Tj ET Q q 0 0 0 rg BT 108.58 365.90 Td (resident ) Tj ET Q q 0 0 0 rg BT 142.33 365.90 Td (unitholders ) Tj ET Q q 0 0 0 rg BT 189.41 365.90 Td (/ ) Tj ET Q q 0 0 0 rg BT 194.28 365.90 Td (shareholders, ) Tj ET Q q 0 0 0 rg BT 249.41 365.90 Td (irrespective ) Tj ET Q q 0 0 0 rg BT 298.14 365.90 Td (of ) Tj ET Q q 0 0 0 rg BT 308.56 365.90 Td (any ) Tj ET Q q 0 0 0 rg BT 325.09 365.90 Td (actual ) Tj ET Q q 0 0 0 rg BT 351.06 365.90 Td (distribution, ) Tj ET Q q 0 0 0 rg BT 401.76 365.90 Td (on ) Tj ET Q q 0 0 0 rg BT 413.85 365.90 Td (a ) Tj ET Q q 0 0 0 rg BT 420.38 365.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 434.69 365.90 Td (transparency ) Tj ET Q q 0 0 0 rg BT 487.87 365.90 Td (basis ) Tj ET Q q 0 0 0 rg BT 509.96 365.90 Td (if ) Tj ET Q q 0 0 0 rg BT 518.16 365.90 Td (the ) Tj ET Q q 0 0 0 rg BT 532.47 365.90 Td (Italian ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 353.90 Td (resident ) Tj ET Q q 0 0 0 rg BT 87.62 353.90 Td (unitholders ) Tj ET Q q 0 0 0 rg BT 134.58 353.90 Td (/ ) Tj ET Q q 0 0 0 rg BT 139.32 353.90 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 191.83 353.90 Td (are ) Tj ET Q q 0 0 0 rg BT 206.00 353.90 Td (not ) Tj ET Q q 0 0 0 rg BT 220.74 353.90 Td (institutional ) Tj ET Q q 0 0 0 rg BT 270.49 353.90 Td (investors ) Tj ET Q q 0 0 0 rg BT 308.56 353.90 Td (and ) Tj ET Q q 0 0 0 rg BT 324.96 353.90 Td (hold ) Tj ET Q q 0 0 0 rg BT 344.71 353.90 Td (units ) Tj ET Q q 0 0 0 rg BT 366.12 353.90 Td (/ ) Tj ET Q q 0 0 0 rg BT 370.87 353.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 397.82 353.90 Td (in ) Tj ET Q q 0 0 0 rg BT 407.56 353.90 Td (the ) Tj ET Q q 0 0 0 rg BT 421.75 353.90 Td (Real ) Tj ET Q q 0 0 0 rg BT 442.04 353.90 Td (Estate ) Tj ET Q q 0 0 0 rg BT 468.00 353.90 Td (AIF ) Tj ET Q q 0 0 0 rg BT 486.08 353.90 Td (representing ) Tj ET Q q 0 0 0 rg BT 537.47 353.90 Td (more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 341.90 Td (than ) Tj ET Q q 0 0 0 rg BT 73.72 341.90 Td (five ) Tj ET Q q 0 0 0 rg BT 91.76 341.90 Td (percent ) Tj ET Q q 0 0 0 rg BT 123.69 341.90 Td (of ) Tj ET Q q 0 0 0 rg BT 134.52 341.90 Td (the ) Tj ET Q q 0 0 0 rg BT 149.23 341.90 Td (Real ) Tj ET Q q 0 0 0 rg BT 170.06 341.90 Td (Estate ) Tj ET Q q 0 0 0 rg BT 196.44 341.90 Td (AIF) Tj ET Q q 0 0 0 rg BT 215.33 341.90 Td (s ) Tj ET Q q 0 0 0 rg BT 221.72 341.90 Td (net ) Tj ET Q q 0 0 0 rg BT 236.44 341.90 Td (asset ) Tj ET Q q 0 0 0 rg BT 258.38 341.90 Td (value. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 319.90 Td (\(B\) ) Tj ET Q q 0 0 0 rg BT 115.00 319.90 Td (N) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 122.22 319.90 Td (ON) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.33 319.90 Td (-I) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 138.99 319.90 Td (T) Tj ET Q q 0 0 0 rg BT 142.71 319.90 Td (ALIAN) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.48 319.90 Td ( R) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 173.65 319.90 Td (ESIDENT) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.81 319.90 Td ( P) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 210.87 319.90 Td (ERSONS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.71 319.90 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 97.00 297.90 Td (\(i\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.44 297.90 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 115.00 297.90 Td (Non-r) Tj ET Q q 0 0 0 rg BT 138.52 297.90 Td (esident persons holding the common shar) Tj ET Q q 0 0 0 rg BT 304.53 297.90 Td (es in Ferrari thr) Tj ET Q q 0 0 0 rg BT 369.43 297.90 Td (ough a permanent establishment in Italy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 275.90 Td (No ) Tj ET Q q 0 0 0 rg BT 110.47 275.90 Td (Italian ) Tj ET Q q 0 0 0 rg BT 138.26 275.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 152.72 275.90 Td (is ) Tj ET Q q 0 0 0 rg BT 161.63 275.90 Td (withheld ) Tj ET Q q 0 0 0 rg BT 198.88 275.90 Td (at ) Tj ET Q q 0 0 0 rg BT 208.34 275.90 Td (source ) Tj ET Q q 0 0 0 rg BT 236.68 275.90 Td (on ) Tj ET Q q 0 0 0 rg BT 248.93 275.90 Td (dividends ) Tj ET Q q 0 0 0 rg BT 290.06 275.90 Td (paid ) Tj ET Q q 0 0 0 rg BT 309.53 275.90 Td (to ) Tj ET Q q 0 0 0 rg BT 319.55 275.90 Td (non-resident ) Tj ET Q q 0 0 0 rg BT 371.78 275.90 Td (persons ) Tj ET Q q 0 0 0 rg BT 404.58 275.90 Td (that ) Tj ET Q q 0 0 0 rg BT 421.82 275.90 Td (hold ) Tj ET Q q 0 0 0 rg BT 441.84 275.90 Td (the ) Tj ET Q q 0 0 0 rg BT 456.31 275.90 Td (common ) Tj ET Q q 0 0 0 rg BT 493.55 275.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 520.79 275.90 Td (in ) Tj ET Q q 0 0 0 rg BT 530.81 275.90 Td (Ferrari ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 263.90 Td (through ) Tj ET Q q 0 0 0 rg BT 87.50 263.90 Td (a ) Tj ET Q q 0 0 0 rg BT 94.32 263.90 Td (permanent ) Tj ET Q q 0 0 0 rg BT 138.91 263.90 Td (establishment ) Tj ET Q q 0 0 0 rg BT 196.29 263.90 Td (in ) Tj ET Q q 0 0 0 rg BT 206.46 263.90 Td (Italy ) Tj ET Q q 0 0 0 rg BT 227.17 263.90 Td (to ) Tj ET Q q 0 0 0 rg BT 237.33 263.90 Td (which ) Tj ET Q q 0 0 0 rg BT 264.16 263.90 Td (the ) Tj ET Q q 0 0 0 rg BT 278.77 263.90 Td (common ) Tj ET Q q 0 0 0 rg BT 316.15 263.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 343.53 263.90 Td (in ) Tj ET Q q 0 0 0 rg BT 353.69 263.90 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 383.29 263.90 Td (are ) Tj ET Q q 0 0 0 rg BT 397.88 263.90 Td (ef) Tj ET Q q 0 0 0 rg BT 405.47 263.90 Td (fectively ) Tj ET Q q 0 0 0 rg BT 442.84 263.90 Td (connected. ) Tj ET Q q 0 0 0 rg BT 488.26 263.90 Td (Only ) Tj ET Q q 0 0 0 rg BT 510.65 263.90 Td (five ) Tj ET Q q 0 0 0 rg BT 528.58 263.90 Td (percent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 251.90 Td (of ) Tj ET Q q 0 0 0 rg BT 64.87 251.90 Td (the ) Tj ET Q q 0 0 0 rg BT 79.63 251.90 Td (dividends ) Tj ET Q q 0 0 0 rg BT 121.05 251.90 Td (are ) Tj ET Q q 0 0 0 rg BT 135.80 251.90 Td (included ) Tj ET Q q 0 0 0 rg BT 172.77 251.90 Td (in ) Tj ET Q q 0 0 0 rg BT 183.09 251.90 Td (the ) Tj ET Q q 0 0 0 rg BT 197.84 251.90 Td (overall ) Tj ET Q q 0 0 0 rg BT 228.15 251.90 Td (income ) Tj ET Q q 0 0 0 rg BT 260.12 251.90 Td (subject ) Tj ET Q q 0 0 0 rg BT 290.98 251.90 Td (to ) Tj ET Q q 0 0 0 rg BT 301.30 251.90 Td (IRES, ) Tj ET Q q 0 0 0 rg BT 328.01 251.90 Td (unless ) Tj ET Q q 0 0 0 rg BT 355.55 251.90 Td (the ) Tj ET Q q 0 0 0 rg BT 370.30 251.90 Td (common ) Tj ET Q q 0 0 0 rg BT 407.84 251.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 435.37 251.90 Td (in ) Tj ET Q q 0 0 0 rg BT 445.68 251.90 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 475.43 251.90 Td (are ) Tj ET Q q 0 0 0 rg BT 490.18 251.90 Td (booked ) Tj ET Q q 0 0 0 rg BT 522.15 251.90 Td (as ) Tj ET Q q 0 0 0 rg BT 533.02 251.90 Td (shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 239.90 Td (held ) Tj ET Q q 0 0 0 rg BT 74.20 239.90 Td (for ) Tj ET Q q 0 0 0 rg BT 88.85 239.90 Td (trading ) Tj ET Q q 0 0 0 rg BT 120.16 239.90 Td (by ) Tj ET Q q 0 0 0 rg BT 133.15 239.90 Td (holders ) Tj ET Q q 0 0 0 rg BT 165.57 239.90 Td (that ) Tj ET Q q 0 0 0 rg BT 183.55 239.90 Td (apply ) Tj ET Q q 0 0 0 rg BT 208.75 239.90 Td (IAS ) Tj ET Q q 0 0 0 rg BT 227.85 239.90 Td (/ ) Tj ET Q q 0 0 0 rg BT 233.62 239.90 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 257.73 239.90 Td (international ) Tj ET Q q 0 0 0 rg BT 311.25 239.90 Td (accounting ) Tj ET Q q 0 0 0 rg BT 358.11 239.90 Td (standards ) Tj ET Q q 0 0 0 rg BT 398.86 239.90 Td (under ) Tj ET Q q 0 0 0 rg BT 424.62 239.90 Td (Regulation ) Tj ET Q q 0 0 0 rg BT 471.48 239.90 Td (No.1606/2002 ) Tj ET Q q 0 0 0 rg BT 534.47 239.90 Td (of ) Tj ET Q q 0 0 0 rg BT 545.78 239.90 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 227.90 Td (European ) Tj ET Q q 0 0 0 rg BT 95.26 227.90 Td (Parliament ) Tj ET Q q 0 0 0 rg BT 141.53 227.90 Td (and ) Tj ET Q q 0 0 0 rg BT 158.91 227.90 Td (the ) Tj ET Q q 0 0 0 rg BT 174.08 227.90 Td (Council ) Tj ET Q q 0 0 0 rg BT 208.69 227.90 Td (of ) Tj ET Q q 0 0 0 rg BT 219.97 227.90 Td (July19, ) Tj ET Q q 0 0 0 rg BT 254.58 227.90 Td (2002. ) Tj ET Q q 0 0 0 rg BT 280.03 227.90 Td (In ) Tj ET Q q 0 0 0 rg BT 291.31 227.90 Td (this ) Tj ET Q q 0 0 0 rg BT 308.70 227.90 Td (latter ) Tj ET Q q 0 0 0 rg BT 332.19 227.90 Td (case, ) Tj ET Q q 0 0 0 rg BT 354.84 227.90 Td (the ) Tj ET Q q 0 0 0 rg BT 370.01 227.90 Td (full ) Tj ET Q q 0 0 0 rg BT 386.84 227.90 Td (amount ) Tj ET Q q 0 0 0 rg BT 419.78 227.90 Td (of ) Tj ET Q q 0 0 0 rg BT 431.06 227.90 Td (the ) Tj ET Q q 0 0 0 rg BT 446.22 227.90 Td (dividends ) Tj ET Q q 0 0 0 rg BT 488.06 227.90 Td (is ) Tj ET Q q 0 0 0 rg BT 497.67 227.90 Td (included ) Tj ET Q q 0 0 0 rg BT 535.05 227.90 Td (in ) Tj ET Q q 0 0 0 rg BT 545.78 227.90 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 215.90 Td (overall ) Tj ET Q q 0 0 0 rg BT 84.26 215.90 Td (business ) Tj ET Q q 0 0 0 rg BT 120.66 215.90 Td (income ) Tj ET Q q 0 0 0 rg BT 152.59 215.90 Td (subject ) Tj ET Q q 0 0 0 rg BT 183.41 215.90 Td (to ) Tj ET Q q 0 0 0 rg BT 193.69 215.90 Td (IRES. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 193.90 Td (For some types of businesses and under certain conditions, dividends are also included in the net value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 181.90 Td (production, which is subject to IRAP) Tj ET Q q 0 0 0 rg BT 201.21 181.90 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 159.90 Td (If ) Tj ET Q q 0 0 0 rg BT 104.79 159.90 Td (dividends ) Tj ET Q q 0 0 0 rg BT 145.80 159.90 Td (are ) Tj ET Q q 0 0 0 rg BT 160.13 159.90 Td (paid ) Tj ET Q q 0 0 0 rg BT 179.48 159.90 Td (with ) Tj ET Q q 0 0 0 rg BT 199.38 159.90 Td (respect ) Tj ET Q q 0 0 0 rg BT 229.82 159.90 Td (to ) Tj ET Q q 0 0 0 rg BT 239.73 159.90 Td (common ) Tj ET Q q 0 0 0 rg BT 276.85 159.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 303.97 159.90 Td (in ) Tj ET Q q 0 0 0 rg BT 313.87 159.90 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 343.20 159.90 Td (that ) Tj ET Q q 0 0 0 rg BT 360.33 159.90 Td (are ) Tj ET Q q 0 0 0 rg BT 374.66 159.90 Td (not ) Tj ET Q q 0 0 0 rg BT 389.56 159.90 Td (connected ) Tj ET Q q 0 0 0 rg BT 432.22 159.90 Td (with ) Tj ET Q q 0 0 0 rg BT 452.13 159.90 Td (a ) Tj ET Q q 0 0 0 rg BT 458.69 159.90 Td (permanent ) Tj ET Q q 0 0 0 rg BT 503.02 159.90 Td (establishment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 147.90 Td (in ) Tj ET Q q 0 0 0 rg BT 64.28 147.90 Td (Italy ) Tj ET Q q 0 0 0 rg BT 85.10 147.90 Td (of ) Tj ET Q q 0 0 0 rg BT 95.93 147.90 Td (a ) Tj ET Q q 0 0 0 rg BT 102.87 147.90 Td (non-resident ) Tj ET Q q 0 0 0 rg BT 155.36 147.90 Td (person, ) Tj ET Q q 0 0 0 rg BT 187.02 147.90 Td (please ) Tj ET Q q 0 0 0 rg BT 214.50 147.90 Td (see ) Tj ET Q q 0 0 0 rg BT 229.77 147.90 Td (subparagraph ) Tj ET Q q 0 0 0 rg BT 286.14 147.90 Td (\(B\)\(ii\) ) Tj ET Q q 0 0 0 rg BT 314.19 147.90 Td (below) Tj ET Q q 0 0 0 rg BT 337.97 147.90 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 97.00 125.90 Td (\(ii\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.22 125.90 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 115.00 125.90 Td (Non-r) Tj ET Q q 0 0 0 rg BT 138.52 125.90 Td (esident persons that do not hold the common shar) Tj ET Q q 0 0 0 rg BT 337.58 125.90 Td (es in Ferrari thr) Tj ET Q q 0 0 0 rg BT 402.49 125.90 Td (ough a permanent establishment in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 115.00 113.90 Td (Italy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 91.90 Td (A) Tj ET Q q 0 0 0 rg BT 102.67 91.90 Td ( 26 percent tax withheld at source generally applies on dividends paid to non-resident persons that do not have a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 79.90 Td (permanent establishment in Italy to which the common shares in Ferrari are ef) Tj ET Q q 0 0 0 rg BT 366.50 79.90 Td (fectively connected. ) Tj ET Q endstream endobj 265 0 obj <> endobj 266 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 297.00 41.20 Td (124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 731.10 Td (Subject ) Tj ET Q q 0 0 0 rg BT 128.64 731.10 Td (to ) Tj ET Q q 0 0 0 rg BT 139.07 731.10 Td (a ) Tj ET Q q 0 0 0 rg BT 146.16 731.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 179.90 731.10 Td (application ) Tj ET Q q 0 0 0 rg BT 226.98 731.10 Td (that ) Tj ET Q q 0 0 0 rg BT 244.62 731.10 Td (must ) Tj ET Q q 0 0 0 rg BT 266.72 731.10 Td (be ) Tj ET Q q 0 0 0 rg BT 278.81 731.10 Td (submitted ) Tj ET Q q 0 0 0 rg BT 320.90 731.10 Td (to ) Tj ET Q q 0 0 0 rg BT 331.33 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 346.19 731.10 Td (Italian ) Tj ET Q q 0 0 0 rg BT 374.38 731.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 389.25 731.10 Td (authorities ) Tj ET Q q 0 0 0 rg BT 434.11 731.10 Td (under ) Tj ET Q q 0 0 0 rg BT 459.53 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 474.39 731.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 499.26 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 516.35 731.10 Td (conditions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 91.78 719.10 Td (by ) Tj ET Q q 0 0 0 rg BT 104.01 719.10 Td (law) Tj ET Q q 0 0 0 rg BT 117.80 719.10 Td (, ) Tj ET Q q 0 0 0 rg BT 122.53 719.10 Td (non-resident ) Tj ET Q q 0 0 0 rg BT 174.75 719.10 Td (holders ) Tj ET Q q 0 0 0 rg BT 206.42 719.10 Td (are ) Tj ET Q q 0 0 0 rg BT 220.86 719.10 Td (entitled ) Tj ET Q q 0 0 0 rg BT 253.09 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 263.10 719.10 Td (relief ) Tj ET Q q 0 0 0 rg BT 286.43 719.10 Td (\(in ) Tj ET Q q 0 0 0 rg BT 299.77 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 314.22 719.10 Td (form ) Tj ET Q q 0 0 0 rg BT 335.89 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 346.45 719.10 Td (a ) Tj ET Q q 0 0 0 rg BT 353.12 719.10 Td (refund\), ) Tj ET Q q 0 0 0 rg BT 387.28 719.10 Td (which ) Tj ET Q q 0 0 0 rg BT 413.96 719.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 442.84 719.10 Td (be ) Tj ET Q q 0 0 0 rg BT 454.51 719.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 484.50 719.10 Td (than ) Tj ET Q q 0 0 0 rg BT 503.95 719.10 Td (1) Tj ET Q q 0 0 0 rg BT 508.58 719.10 Td (1/26 ) Tj ET Q q 0 0 0 rg BT 528.59 719.10 Td (\(eleven ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.10 Td (twenty-sixths\) ) Tj ET Q q 0 0 0 rg BT 113.33 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 123.77 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 138.10 707.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 152.43 707.10 Td (levied ) Tj ET Q q 0 0 0 rg BT 178.98 707.10 Td (in ) Tj ET Q q 0 0 0 rg BT 188.87 707.10 Td (Italy) Tj ET Q q 0 0 0 rg BT 206.55 707.10 Td (, ) Tj ET Q q 0 0 0 rg BT 211.16 707.10 Td (if ) Tj ET Q q 0 0 0 rg BT 219.38 707.10 Td (they ) Tj ET Q q 0 0 0 rg BT 238.71 707.10 Td (can ) Tj ET Q q 0 0 0 rg BT 254.70 707.10 Td (demonstrate ) Tj ET Q q 0 0 0 rg BT 305.69 707.10 Td (that ) Tj ET Q q 0 0 0 rg BT 322.80 707.10 Td (they ) Tj ET Q q 0 0 0 rg BT 342.13 707.10 Td (have ) Tj ET Q q 0 0 0 rg BT 363.12 707.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 382.45 707.10 Td (final ) Tj ET Q q 0 0 0 rg BT 402.89 707.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 417.22 707.10 Td (abroad ) Tj ET Q q 0 0 0 rg BT 446.54 707.10 Td (on ) Tj ET Q q 0 0 0 rg BT 458.65 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 472.98 707.10 Td (same ) Tj ET Q q 0 0 0 rg BT 495.64 707.10 Td (profits. ) Tj ET Q q 0 0 0 rg BT 526.36 707.10 Td (Holders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 695.10 Td (who ) Tj ET Q q 0 0 0 rg BT 73.35 695.10 Td (may ) Tj ET Q q 0 0 0 rg BT 92.69 695.10 Td (be ) Tj ET Q q 0 0 0 rg BT 104.25 695.10 Td (eligible ) Tj ET Q q 0 0 0 rg BT 136.36 695.10 Td (for ) Tj ET Q q 0 0 0 rg BT 150.15 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 164.49 695.10 Td (relief ) Tj ET Q q 0 0 0 rg BT 187.71 695.10 Td (should ) Tj ET Q q 0 0 0 rg BT 216.50 695.10 Td (consult ) Tj ET Q q 0 0 0 rg BT 247.51 695.10 Td (with ) Tj ET Q q 0 0 0 rg BT 267.41 695.10 Td (their ) Tj ET Q q 0 0 0 rg BT 287.86 695.10 Td (own ) Tj ET Q q 0 0 0 rg BT 307.21 695.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 358.20 695.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 372.54 695.10 Td (advisors ) Tj ET Q q 0 0 0 rg BT 408.00 695.10 Td (to ) Tj ET Q q 0 0 0 rg BT 417.90 695.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 460.01 695.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 494.34 695.10 Td (they ) Tj ET Q q 0 0 0 rg BT 513.68 695.10 Td (are ) Tj ET Q q 0 0 0 rg BT 528.01 695.10 Td (eligible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.10 Td (for) Tj ET Q q 0 0 0 rg BT 65.26 683.10 Td (, ) Tj ET Q q 0 0 0 rg BT 70.26 683.10 Td (and ) Tj ET Q q 0 0 0 rg BT 87.20 683.10 Td (how ) Tj ET Q q 0 0 0 rg BT 106.92 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 117.20 683.10 Td (obtain, ) Tj ET Q q 0 0 0 rg BT 147.19 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 161.91 683.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 176.63 683.10 Td (refund. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 661.10 Td (As ) Tj ET Q q 0 0 0 rg BT 109.13 661.10 Td (an ) Tj ET Q q 0 0 0 rg BT 120.58 661.10 Td (alternative ) Tj ET Q q 0 0 0 rg BT 164.78 661.10 Td (to ) Tj ET Q q 0 0 0 rg BT 174.57 661.10 Td (the ) Tj ET Q q 0 0 0 rg BT 188.80 661.10 Td (relief ) Tj ET Q q 0 0 0 rg BT 211.91 661.10 Td (described ) Tj ET Q q 0 0 0 rg BT 252.24 661.10 Td (above, ) Tj ET Q q 0 0 0 rg BT 280.62 661.10 Td (persons ) Tj ET Q q 0 0 0 rg BT 313.19 661.10 Td (resident ) Tj ET Q q 0 0 0 rg BT 346.85 661.10 Td (in ) Tj ET Q q 0 0 0 rg BT 356.64 661.10 Td (countries ) Tj ET Q q 0 0 0 rg BT 395.31 661.10 Td (that ) Tj ET Q q 0 0 0 rg BT 412.32 661.10 Td (have ) Tj ET Q q 0 0 0 rg BT 433.21 661.10 Td (a ) Tj ET Q q 0 0 0 rg BT 439.66 661.10 Td (double ) Tj ET Q q 0 0 0 rg BT 468.89 661.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 483.11 661.10 Td (treaty ) Tj ET Q q 0 0 0 rg BT 507.89 661.10 Td (in ) Tj ET Q q 0 0 0 rg BT 517.68 661.10 Td (force ) Tj ET Q q 0 0 0 rg BT 540.23 661.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 649.10 Td (Italy ) Tj ET Q q 0 0 0 rg BT 74.72 649.10 Td (may ) Tj ET Q q 0 0 0 rg BT 94.33 649.10 Td (request ) Tj ET Q q 0 0 0 rg BT 125.60 649.10 Td (that ) Tj ET Q q 0 0 0 rg BT 142.99 649.10 Td (the ) Tj ET Q q 0 0 0 rg BT 157.60 649.10 Td (withholding ) Tj ET Q q 0 0 0 rg BT 208.33 649.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 222.94 649.10 Td (on ) Tj ET Q q 0 0 0 rg BT 235.33 649.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 276.62 649.10 Td (be ) Tj ET Q q 0 0 0 rg BT 288.45 649.10 Td (levied ) Tj ET Q q 0 0 0 rg BT 315.28 649.10 Td (at ) Tj ET Q q 0 0 0 rg BT 324.89 649.10 Td (the ) Tj ET Q q 0 0 0 rg BT 339.50 649.10 Td (\(reduced\) ) Tj ET Q q 0 0 0 rg BT 380.20 649.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 397.58 649.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 435.52 649.10 Td (under ) Tj ET Q q 0 0 0 rg BT 460.68 649.10 Td (the ) Tj ET Q q 0 0 0 rg BT 475.29 649.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 518.77 649.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 533.38 649.10 Td (treaty) Tj ET Q q 0 0 0 rg BT 555.50 649.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 625.90 Td (The ) Tj ET Q q 0 0 0 rg BT 113.93 625.90 Td (domestic ) Tj ET Q q 0 0 0 rg BT 152.43 625.90 Td (withholding ) Tj ET Q q 0 0 0 rg BT 203.15 625.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 217.75 625.90 Td (rate ) Tj ET Q q 0 0 0 rg BT 235.13 625.90 Td (on ) Tj ET Q q 0 0 0 rg BT 247.51 625.90 Td (dividends ) Tj ET Q q 0 0 0 rg BT 288.79 625.90 Td (is ) Tj ET Q q 0 0 0 rg BT 297.85 625.90 Td (1.375 ) Tj ET Q q 0 0 0 rg BT 322.73 625.90 Td (percent ) Tj ET Q q 0 0 0 rg BT 354.54 625.90 Td (\(and ) Tj ET Q q 0 0 0 rg BT 374.70 625.90 Td (not ) Tj ET Q q 0 0 0 rg BT 389.87 625.90 Td (26 ) Tj ET Q q 0 0 0 rg BT 402.25 625.90 Td (percent\) ) Tj ET Q q 0 0 0 rg BT 437.40 625.90 Td (if ) Tj ET Q q 0 0 0 rg BT 445.89 625.90 Td (the ) Tj ET Q q 0 0 0 rg BT 460.50 625.90 Td (recipients ) Tj ET Q q 0 0 0 rg BT 501.76 625.90 Td (and ) Tj ET Q q 0 0 0 rg BT 518.58 625.90 Td (beneficial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 613.90 Td (owners ) Tj ET Q q 0 0 0 rg BT 86.08 613.90 Td (of ) Tj ET Q q 0 0 0 rg BT 97.60 613.90 Td (the ) Tj ET Q q 0 0 0 rg BT 113.01 613.90 Td (dividends ) Tj ET Q q 0 0 0 rg BT 155.09 613.90 Td (on ) Tj ET Q q 0 0 0 rg BT 168.29 613.90 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 198.69 613.90 Td (common ) Tj ET Q q 0 0 0 rg BT 236.88 613.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 265.07 613.90 Td (are ) Tj ET Q q 0 0 0 rg BT 280.47 613.90 Td (companies ) Tj ET Q q 0 0 0 rg BT 326.43 613.90 Td (or ) Tj ET Q q 0 0 0 rg BT 337.95 613.90 Td (entities ) Tj ET Q q 0 0 0 rg BT 370.03 613.90 Td (that ) Tj ET Q q 0 0 0 rg BT 388.22 613.90 Td (are ) Tj ET Q q 0 0 0 rg BT 403.62 613.90 Td (\(a\)resident ) Tj ET Q q 0 0 0 rg BT 452.07 613.90 Td (for ) Tj ET Q q 0 0 0 rg BT 466.92 613.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 482.34 613.90 Td (purposes ) Tj ET Q q 0 0 0 rg BT 521.08 613.90 Td (in ) Tj ET Q q 0 0 0 rg BT 532.06 613.90 Td (an ) Tj ET Q q 0 0 0 rg BT 544.69 613.90 Td (EU ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 601.90 Td (Member ) Tj ET Q q 0 0 0 rg BT 90.12 601.90 Td (State ) Tj ET Q q 0 0 0 rg BT 112.35 601.90 Td (or ) Tj ET Q q 0 0 0 rg BT 122.92 601.90 Td (in ) Tj ET Q q 0 0 0 rg BT 132.94 601.90 Td (an ) Tj ET Q q 0 0 0 rg BT 144.62 601.90 Td (EEA) Tj ET Q q 0 0 0 rg BT 163.51 601.90 Td ( ) Tj ET Q q 0 0 0 rg BT 165.75 601.90 Td (State ) Tj ET Q q 0 0 0 rg BT 187.98 601.90 Td (that ) Tj ET Q q 0 0 0 rg BT 205.22 601.90 Td (is ) Tj ET Q q 0 0 0 rg BT 214.13 601.90 Td (included ) Tj ET Q q 0 0 0 rg BT 250.80 601.90 Td (in ) Tj ET Q q 0 0 0 rg BT 260.82 601.90 Td (the ) Tj ET Q q 0 0 0 rg BT 275.28 601.90 Td (Italian ) Tj ET Q q 0 0 0 rg BT 302.90 601.90 Td (White ) Tj ET Q q 0 0 0 rg BT 329.57 601.90 Td (List ) Tj ET Q q 0 0 0 rg BT 347.37 601.90 Td (and ) Tj ET Q q 0 0 0 rg BT 364.05 601.90 Td (\(b\)subject ) Tj ET Q q 0 0 0 rg BT 408.77 601.90 Td (to ) Tj ET Q q 0 0 0 rg BT 418.79 601.90 Td (corporate ) Tj ET Q q 0 0 0 rg BT 458.79 601.90 Td (income ) Tj ET Q q 0 0 0 rg BT 490.46 601.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 504.92 601.90 Td (in ) Tj ET Q q 0 0 0 rg BT 514.93 601.90 Td (such ) Tj ET Q q 0 0 0 rg BT 535.50 601.90 Td (State. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 589.90 Td (These ) Tj ET Q q 0 0 0 rg BT 80.44 589.90 Td (companies ) Tj ET Q q 0 0 0 rg BT 125.78 589.90 Td (and ) Tj ET Q q 0 0 0 rg BT 142.78 589.90 Td (entities ) Tj ET Q q 0 0 0 rg BT 174.23 589.90 Td (are ) Tj ET Q q 0 0 0 rg BT 189.00 589.90 Td (not ) Tj ET Q q 0 0 0 rg BT 204.35 589.90 Td (entitled ) Tj ET Q q 0 0 0 rg BT 236.91 589.90 Td (to ) Tj ET Q q 0 0 0 rg BT 247.25 589.90 Td (the ) Tj ET Q q 0 0 0 rg BT 262.04 589.90 Td (relief ) Tj ET Q q 0 0 0 rg BT 285.70 589.90 Td (described ) Tj ET Q q 0 0 0 rg BT 326.58 589.90 Td (above. ) Tj ET Q q 0 0 0 rg BT 354.96 589.90 Td (As ) Tj ET Q q 0 0 0 rg BT 368.64 589.90 Td (a ) Tj ET Q q 0 0 0 rg BT 375.65 589.90 Td (result ) Tj ET Q q 0 0 0 rg BT 400.43 589.90 Td (of ) Tj ET Q q 0 0 0 rg BT 411.33 589.90 Td (the ) Tj ET Q q 0 0 0 rg BT 426.11 589.90 Td (IRES ) Tj ET Q q 0 0 0 rg BT 450.35 589.90 Td (rate ) Tj ET Q q 0 0 0 rg BT 467.90 589.90 Td (reduction ) Tj ET Q q 0 0 0 rg BT 508.23 589.90 Td (provided ) Tj ET Q q 0 0 0 rg BT 546.35 589.90 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 577.90 Td (by ) Tj ET Q q 0 0 0 rg BT 66.72 577.90 Td (Finance ) Tj ET Q q 0 0 0 rg BT 100.50 577.90 Td (Act ) Tj ET Q q 0 0 0 rg BT 117.66 577.90 Td (2016 ) Tj ET Q q 0 0 0 rg BT 140.38 577.90 Td (the ) Tj ET Q q 0 0 0 rg BT 155.32 577.90 Td (withholding ) Tj ET Q q 0 0 0 rg BT 206.38 577.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 221.32 577.90 Td (rate ) Tj ET Q q 0 0 0 rg BT 239.02 577.90 Td (should ) Tj ET Q q 0 0 0 rg BT 268.42 577.90 Td (be ) Tj ET Q q 0 0 0 rg BT 280.58 577.90 Td (reduced ) Tj ET Q q 0 0 0 rg BT 314.94 577.90 Td (from ) Tj ET Q q 0 0 0 rg BT 337.11 577.90 Td (1.375 ) Tj ET Q q 0 0 0 rg BT 362.33 577.90 Td (percent ) Tj ET Q q 0 0 0 rg BT 394.47 577.90 Td (to ) Tj ET Q q 0 0 0 rg BT 404.97 577.90 Td (1.2 ) Tj ET Q q 0 0 0 rg BT 420.20 577.90 Td (percent ) Tj ET Q q 0 0 0 rg BT 452.34 577.90 Td (with ) Tj ET Q q 0 0 0 rg BT 472.84 577.90 Td (ef) Tj ET Q q 0 0 0 rg BT 480.43 577.90 Td (fect ) Tj ET Q q 0 0 0 rg BT 498.14 577.90 Td (for ) Tj ET Q q 0 0 0 rg BT 512.52 577.90 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 536.90 577.90 Td (years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 565.90 Td (following ) Tj ET Q q 0 0 0 rg BT 95.39 565.90 Td (the ) Tj ET Q q 0 0 0 rg BT 110.10 565.90 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 134.26 565.90 Td (year ) Tj ET Q q 0 0 0 rg BT 153.97 565.90 Td (that ) Tj ET Q q 0 0 0 rg BT 171.46 565.90 Td (is ) Tj ET Q q 0 0 0 rg BT 180.63 565.90 Td (current ) Tj ET Q q 0 0 0 rg BT 211.45 565.90 Td (on ) Tj ET Q q 0 0 0 rg BT 223.95 565.90 Td (December ) Tj ET Q q 0 0 0 rg BT 267.53 565.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 282.53 565.90 Td (2016 ) Tj ET Q q 0 0 0 rg BT 305.03 565.90 Td (\(i.e., ) Tj ET Q q 0 0 0 rg BT 325.58 565.90 Td (from ) Tj ET Q q 0 0 0 rg BT 347.52 565.90 Td (2017 ) Tj ET Q q 0 0 0 rg BT 370.02 565.90 Td (for ) Tj ET Q q 0 0 0 rg BT 384.18 565.90 Td (taxpayers ) Tj ET Q q 0 0 0 rg BT 424.99 565.90 Td (that ) Tj ET Q q 0 0 0 rg BT 442.49 565.90 Td (follow ) Tj ET Q q 0 0 0 rg BT 471.09 565.90 Td (the ) Tj ET Q q 0 0 0 rg BT 485.81 565.90 Td (calendar ) Tj ET Q q 0 0 0 rg BT 522.17 565.90 Td (year\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 543.90 Td (The ) Tj ET Q q 0 0 0 rg BT 114.65 543.90 Td (domestic ) Tj ET Q q 0 0 0 rg BT 153.86 543.90 Td (withholding ) Tj ET Q q 0 0 0 rg BT 205.29 543.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 220.61 543.90 Td (rate ) Tj ET Q q 0 0 0 rg BT 238.70 543.90 Td (on ) Tj ET Q q 0 0 0 rg BT 251.81 543.90 Td (dividends ) Tj ET Q q 0 0 0 rg BT 293.80 543.90 Td (is ) Tj ET Q q 0 0 0 rg BT 303.57 543.90 Td (1) Tj ET Q q 0 0 0 rg BT 308.20 543.90 Td (1 ) Tj ET Q q 0 0 0 rg BT 316.30 543.90 Td (percent ) Tj ET Q q 0 0 0 rg BT 348.83 543.90 Td (\(and ) Tj ET Q q 0 0 0 rg BT 369.70 543.90 Td (not ) Tj ET Q q 0 0 0 rg BT 385.58 543.90 Td (26 ) Tj ET Q q 0 0 0 rg BT 398.68 543.90 Td (percent\) ) Tj ET Q q 0 0 0 rg BT 434.54 543.90 Td (if ) Tj ET Q q 0 0 0 rg BT 443.75 543.90 Td (the ) Tj ET Q q 0 0 0 rg BT 459.07 543.90 Td (recipients ) Tj ET Q q 0 0 0 rg BT 501.05 543.90 Td (and ) Tj ET Q q 0 0 0 rg BT 518.59 543.90 Td (beneficial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 531.90 Td (owners ) Tj ET Q q 0 0 0 rg BT 84.87 531.90 Td (of ) Tj ET Q q 0 0 0 rg BT 95.20 531.90 Td (the ) Tj ET Q q 0 0 0 rg BT 109.41 531.90 Td (dividends ) Tj ET Q q 0 0 0 rg BT 150.28 531.90 Td (on ) Tj ET Q q 0 0 0 rg BT 162.28 531.90 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 191.48 531.90 Td (common ) Tj ET Q q 0 0 0 rg BT 228.46 531.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 255.45 531.90 Td (are ) Tj ET Q q 0 0 0 rg BT 269.64 531.90 Td (pension ) Tj ET Q q 0 0 0 rg BT 302.75 531.90 Td (funds ) Tj ET Q q 0 0 0 rg BT 326.96 531.90 Td (that ) Tj ET Q q 0 0 0 rg BT 343.95 531.90 Td (are ) Tj ET Q q 0 0 0 rg BT 358.15 531.90 Td (set ) Tj ET Q q 0 0 0 rg BT 371.25 531.90 Td (up ) Tj ET Q q 0 0 0 rg BT 383.24 531.90 Td (in ) Tj ET Q q 0 0 0 rg BT 393.01 531.90 Td (an ) Tj ET Q q 0 0 0 rg BT 404.44 531.90 Td (EU ) Tj ET Q q 0 0 0 rg BT 419.76 531.90 Td (Member ) Tj ET Q q 0 0 0 rg BT 455.63 531.90 Td (States ) Tj ET Q q 0 0 0 rg BT 481.51 531.90 Td (or ) Tj ET Q q 0 0 0 rg BT 491.83 531.90 Td (an ) Tj ET Q q 0 0 0 rg BT 503.26 531.90 Td (EEA) Tj ET Q q 0 0 0 rg BT 522.15 531.90 Td ( ) Tj ET Q q 0 0 0 rg BT 524.14 531.90 Td (Member ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 519.90 Td (State ) Tj ET Q q 0 0 0 rg BT 76.50 519.90 Td (included ) Tj ET Q q 0 0 0 rg BT 113.43 519.90 Td (in ) Tj ET Q q 0 0 0 rg BT 123.71 519.90 Td (the ) Tj ET Q q 0 0 0 rg BT 138.42 519.90 Td (Italian ) Tj ET Q q 0 0 0 rg BT 166.29 519.90 Td (White ) Tj ET Q q 0 0 0 rg BT 193.22 519.90 Td (List. ) Tj ET Q q 0 0 0 rg BT 213.59 519.90 Td (These ) Tj ET Q q 0 0 0 rg BT 239.97 519.90 Td (pension ) Tj ET Q q 0 0 0 rg BT 273.58 519.90 Td (funds ) Tj ET Q q 0 0 0 rg BT 298.30 519.90 Td (are ) Tj ET Q q 0 0 0 rg BT 313.01 519.90 Td (not ) Tj ET Q q 0 0 0 rg BT 328.29 519.90 Td (entitled ) Tj ET Q q 0 0 0 rg BT 360.78 519.90 Td (to ) Tj ET Q q 0 0 0 rg BT 371.06 519.90 Td (the ) Tj ET Q q 0 0 0 rg BT 385.77 519.90 Td (relief ) Tj ET Q q 0 0 0 rg BT 409.37 519.90 Td (described ) Tj ET Q q 0 0 0 rg BT 450.18 519.90 Td (above. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 497.90 Td (Under ) Tj ET Q q 0 0 0 rg BT 122.85 497.90 Td (Article ) Tj ET Q q 0 0 0 rg BT 153.00 497.90 Td (27-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 166.33 497.90 Td (bis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.00 497.90 Td ( ) Tj ET Q q 0 0 0 rg BT 180.39 497.90 Td (of ) Tj ET Q q 0 0 0 rg BT 191.11 497.90 Td (Decree ) Tj ET Q q 0 0 0 rg BT 221.81 497.90 Td (600, ) Tj ET Q q 0 0 0 rg BT 241.70 497.90 Td (which ) Tj ET Q q 0 0 0 rg BT 268.52 497.90 Td (implemented ) Tj ET Q q 0 0 0 rg BT 323.12 497.90 Td (in ) Tj ET Q q 0 0 0 rg BT 333.29 497.90 Td (Italy ) Tj ET Q q 0 0 0 rg BT 354.00 497.90 Td (Directive ) Tj ET Q q 0 0 0 rg BT 393.59 497.90 Td (435/90/EEC ) Tj ET Q q 0 0 0 rg BT 445.43 497.90 Td (of ) Tj ET Q q 0 0 0 rg BT 456.15 497.90 Td (July23, ) Tj ET Q q 0 0 0 rg BT 490.21 497.90 Td (1990, ) Tj ET Q q 0 0 0 rg BT 515.09 497.90 Td (then ) Tj ET Q q 0 0 0 rg BT 534.70 497.90 Td (recast ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 485.90 Td (in ) Tj ET Q q 0 0 0 rg BT 64.62 485.90 Td (EU ) Tj ET Q q 0 0 0 rg BT 80.80 485.90 Td (Directive ) Tj ET Q q 0 0 0 rg BT 120.85 485.90 Td (201) Tj ET Q q 0 0 0 rg BT 135.48 485.90 Td (1/96 ) Tj ET Q q 0 0 0 rg BT 156.10 485.90 Td (of ) Tj ET Q q 0 0 0 rg BT 167.28 485.90 Td (November30, ) Tj ET Q q 0 0 0 rg BT 227.33 485.90 Td (201) Tj ET Q q 0 0 0 rg BT 241.96 485.90 Td (1 ) Tj ET Q q 0 0 0 rg BT 249.80 485.90 Td (\(the ) Tj ET Q q 0 0 0 rg BT 268.20 485.90 Td (Parent ) Tj ET Q q 0 0 0 rg BT 301.03 485.90 Td (Subsidiary ) Tj ET Q q 0 0 0 rg BT 346.65 485.90 Td (Directive\), ) Tj ET Q q 0 0 0 rg BT 396.97 485.90 Td (a ) Tj ET Q q 0 0 0 rg BT 404.25 485.90 Td (company ) Tj ET Q q 0 0 0 rg BT 443.75 485.90 Td (is ) Tj ET Q q 0 0 0 rg BT 453.27 485.90 Td (entitled ) Tj ET Q q 0 0 0 rg BT 486.10 485.90 Td (to ) Tj ET Q q 0 0 0 rg BT 496.73 485.90 Td (a ) Tj ET Q q 0 0 0 rg BT 504.01 485.90 Td (full ) Tj ET Q q 0 0 0 rg BT 520.75 485.90 Td (refund ) Tj ET Q q 0 0 0 rg BT 549.69 485.90 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 473.90 Td (the ) Tj ET Q q 0 0 0 rg BT 67.83 473.90 Td (withholding ) Tj ET Q q 0 0 0 rg BT 117.78 473.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 131.62 473.90 Td (levied ) Tj ET Q q 0 0 0 rg BT 157.67 473.90 Td (on ) Tj ET Q q 0 0 0 rg BT 169.28 473.90 Td (the ) Tj ET Q q 0 0 0 rg BT 183.12 473.90 Td (dividends ) Tj ET Q q 0 0 0 rg BT 223.62 473.90 Td (if ) Tj ET Q q 0 0 0 rg BT 231.34 473.90 Td (it ) Tj ET Q q 0 0 0 rg BT 238.52 473.90 Td (\(a\)has ) Tj ET Q q 0 0 0 rg BT 267.06 473.90 Td (one ) Tj ET Q q 0 0 0 rg BT 283.12 473.90 Td (of ) Tj ET Q q 0 0 0 rg BT 293.06 473.90 Td (the ) Tj ET Q q 0 0 0 rg BT 306.90 473.90 Td (legal ) Tj ET Q q 0 0 0 rg BT 327.95 473.90 Td (forms ) Tj ET Q q 0 0 0 rg BT 352.89 473.90 Td (provided ) Tj ET Q q 0 0 0 rg BT 390.05 473.90 Td (for ) Tj ET Q q 0 0 0 rg BT 403.33 473.90 Td (in ) Tj ET Q q 0 0 0 rg BT 412.73 473.90 Td (the ) Tj ET Q q 0 0 0 rg BT 426.56 473.90 Td (appendix ) Tj ET Q q 0 0 0 rg BT 464.83 473.90 Td (to ) Tj ET Q q 0 0 0 rg BT 474.22 473.90 Td (the ) Tj ET Q q 0 0 0 rg BT 488.06 473.90 Td (Parent ) Tj ET Q q 0 0 0 rg BT 515.22 473.90 Td (Subsidiary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 461.90 Td (Directive, ) Tj ET Q q 0 0 0 rg BT 95.16 461.90 Td (\(b\)is ) Tj ET Q q 0 0 0 rg BT 117.45 461.90 Td (resident ) Tj ET Q q 0 0 0 rg BT 150.56 461.90 Td (for ) Tj ET Q q 0 0 0 rg BT 163.68 461.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 177.35 461.90 Td (purposes ) Tj ET Q q 0 0 0 rg BT 214.36 461.90 Td (in ) Tj ET Q q 0 0 0 rg BT 223.60 461.90 Td (an ) Tj ET Q q 0 0 0 rg BT 234.49 461.90 Td (EU ) Tj ET Q q 0 0 0 rg BT 249.28 461.90 Td (Member ) Tj ET Q q 0 0 0 rg BT 284.62 461.90 Td (State ) Tj ET Q q 0 0 0 rg BT 306.07 461.90 Td (without ) Tj ET Q q 0 0 0 rg BT 338.08 461.90 Td (being ) Tj ET Q q 0 0 0 rg BT 361.76 461.90 Td (considered ) Tj ET Q q 0 0 0 rg BT 406.53 461.90 Td (to ) Tj ET Q q 0 0 0 rg BT 415.77 461.90 Td (be ) Tj ET Q q 0 0 0 rg BT 426.66 461.90 Td (resident ) Tj ET Q q 0 0 0 rg BT 459.77 461.90 Td (outside ) Tj ET Q q 0 0 0 rg BT 490.12 461.90 Td (the ) Tj ET Q q 0 0 0 rg BT 503.79 461.90 Td (EU ) Tj ET Q q 0 0 0 rg BT 518.58 461.90 Td (according ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 449.90 Td (to ) Tj ET Q q 0 0 0 rg BT 64.57 449.90 Td (a ) Tj ET Q q 0 0 0 rg BT 71.80 449.90 Td (double ) Tj ET Q q 0 0 0 rg BT 101.81 449.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 116.82 449.90 Td (treaty ) Tj ET Q q 0 0 0 rg BT 142.38 449.90 Td (signed ) Tj ET Q q 0 0 0 rg BT 171.28 449.90 Td (with ) Tj ET Q q 0 0 0 rg BT 191.85 449.90 Td (a ) Tj ET Q q 0 0 0 rg BT 199.08 449.90 Td (non-EU ) Tj ET Q q 0 0 0 rg BT 233.54 449.90 Td (country) Tj ET Q q 0 0 0 rg BT 263.43 449.90 Td (, ) Tj ET Q q 0 0 0 rg BT 268.73 449.90 Td (\(c\)is ) Tj ET Q q 0 0 0 rg BT 291.79 449.90 Td (subject ) Tj ET Q q 0 0 0 rg BT 322.91 449.90 Td (in ) Tj ET Q q 0 0 0 rg BT 333.48 449.90 Td (the ) Tj ET Q q 0 0 0 rg BT 348.49 449.90 Td (country ) Tj ET Q q 0 0 0 rg BT 381.83 449.90 Td (of ) Tj ET Q q 0 0 0 rg BT 392.95 449.90 Td (residence ) Tj ET Q q 0 0 0 rg BT 433.50 449.90 Td (to ) Tj ET Q q 0 0 0 rg BT 444.07 449.90 Td (one ) Tj ET Q q 0 0 0 rg BT 461.30 449.90 Td (of ) Tj ET Q q 0 0 0 rg BT 472.42 449.90 Td (the ) Tj ET Q q 0 0 0 rg BT 487.43 449.90 Td (taxes ) Tj ET Q q 0 0 0 rg BT 510.77 449.90 Td (indicated ) Tj ET Q q 0 0 0 rg BT 550.22 449.90 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 437.90 Td (the ) Tj ET Q q 0 0 0 rg BT 68.61 437.90 Td (appendix ) Tj ET Q q 0 0 0 rg BT 107.65 437.90 Td (to ) Tj ET Q q 0 0 0 rg BT 117.82 437.90 Td (the ) Tj ET Q q 0 0 0 rg BT 132.42 437.90 Td (Parent ) Tj ET Q q 0 0 0 rg BT 160.36 437.90 Td (Subsidiary ) Tj ET Q q 0 0 0 rg BT 205.53 437.90 Td (Directive ) Tj ET Q q 0 0 0 rg BT 245.12 437.90 Td (with ) Tj ET Q q 0 0 0 rg BT 265.29 437.90 Td (no ) Tj ET Q q 0 0 0 rg BT 277.68 437.90 Td (possibility ) Tj ET Q q 0 0 0 rg BT 321.74 437.90 Td (of ) Tj ET Q q 0 0 0 rg BT 332.46 437.90 Td (benefiting ) Tj ET Q q 0 0 0 rg BT 375.39 437.90 Td (from ) Tj ET Q q 0 0 0 rg BT 397.22 437.90 Td (optional ) Tj ET Q q 0 0 0 rg BT 432.38 437.90 Td (or ) Tj ET Q q 0 0 0 rg BT 443.10 437.90 Td (exemption ) Tj ET Q q 0 0 0 rg BT 487.70 437.90 Td (regimes ) Tj ET Q q 0 0 0 rg BT 521.74 437.90 Td (that ) Tj ET Q q 0 0 0 rg BT 539.13 437.90 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 425.90 Td (no ) Tj ET Q q 0 0 0 rg BT 67.11 425.90 Td (territorial ) Tj ET Q q 0 0 0 rg BT 107.98 425.90 Td (or ) Tj ET Q q 0 0 0 rg BT 119.43 425.90 Td (time ) Tj ET Q q 0 0 0 rg BT 140.31 425.90 Td (limitations, ) Tj ET Q q 0 0 0 rg BT 188.70 425.90 Td (and ) Tj ET Q q 0 0 0 rg BT 206.26 425.90 Td (\(d\)directly ) Tj ET Q q 0 0 0 rg BT 254.07 425.90 Td (holds ) Tj ET Q q 0 0 0 rg BT 278.85 425.90 Td (common ) Tj ET Q q 0 0 0 rg BT 316.96 425.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 345.06 425.90 Td (in ) Tj ET Q q 0 0 0 rg BT 355.96 425.90 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 386.28 425.90 Td (that ) Tj ET Q q 0 0 0 rg BT 404.38 425.90 Td (represent ) Tj ET Q q 0 0 0 rg BT 444.14 425.90 Td (an ) Tj ET Q q 0 0 0 rg BT 456.69 425.90 Td (interest ) Tj ET Q q 0 0 0 rg BT 489.24 425.90 Td (in ) Tj ET Q q 0 0 0 rg BT 500.13 425.90 Td (the ) Tj ET Q q 0 0 0 rg BT 515.46 425.90 Td (issued ) Tj ET Q q 0 0 0 rg BT 543.57 425.90 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 413.90 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 103.22 413.90 Td (capital ) Tj ET Q q 0 0 0 rg BT 132.42 413.90 Td (of ) Tj ET Q q 0 0 0 rg BT 143.30 413.90 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 173.06 413.90 Td (of ) Tj ET Q q 0 0 0 rg BT 183.94 413.90 Td (no ) Tj ET Q q 0 0 0 rg BT 196.49 413.90 Td (less ) Tj ET Q q 0 0 0 rg BT 214.04 413.90 Td (than ) Tj ET Q q 0 0 0 rg BT 233.81 413.90 Td (10 ) Tj ET Q q 0 0 0 rg BT 246.36 413.90 Td (percent ) Tj ET Q q 0 0 0 rg BT 278.34 413.90 Td (for ) Tj ET Q q 0 0 0 rg BT 292.55 413.90 Td (an ) Tj ET Q q 0 0 0 rg BT 304.54 413.90 Td (uninterrupted ) Tj ET Q q 0 0 0 rg BT 360.96 413.90 Td (period ) Tj ET Q q 0 0 0 rg BT 389.06 413.90 Td (of ) Tj ET Q q 0 0 0 rg BT 399.94 413.90 Td (at ) Tj ET Q q 0 0 0 rg BT 409.71 413.90 Td (least ) Tj ET Q q 0 0 0 rg BT 430.58 413.90 Td (one ) Tj ET Q q 0 0 0 rg BT 447.57 413.90 Td (year) Tj ET Q q 0 0 0 rg BT 464.23 413.90 Td (. ) Tj ET Q q 0 0 0 rg BT 469.28 413.90 Td (If ) Tj ET Q q 0 0 0 rg BT 478.49 413.90 Td (these ) Tj ET Q q 0 0 0 rg BT 501.59 413.90 Td (conditions ) Tj ET Q q 0 0 0 rg BT 545.81 413.90 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 401.90 Td (met, ) Tj ET Q q 0 0 0 rg BT 73.89 401.90 Td (and ) Tj ET Q q 0 0 0 rg BT 90.72 401.90 Td (as ) Tj ET Q q 0 0 0 rg BT 101.44 401.90 Td (an ) Tj ET Q q 0 0 0 rg BT 113.27 401.90 Td (alternative ) Tj ET Q q 0 0 0 rg BT 157.86 401.90 Td (to ) Tj ET Q q 0 0 0 rg BT 168.03 401.90 Td (submitting ) Tj ET Q q 0 0 0 rg BT 213.20 401.90 Td (a ) Tj ET Q q 0 0 0 rg BT 220.03 401.90 Td (refund ) Tj ET Q q 0 0 0 rg BT 248.52 401.90 Td (request ) Tj ET Q q 0 0 0 rg BT 279.79 401.90 Td (after ) Tj ET Q q 0 0 0 rg BT 300.50 401.90 Td (the ) Tj ET Q q 0 0 0 rg BT 315.11 401.90 Td (dividend ) Tj ET Q q 0 0 0 rg BT 352.49 401.90 Td (distribution, ) Tj ET Q q 0 0 0 rg BT 403.50 401.90 Td (the ) Tj ET Q q 0 0 0 rg BT 418.11 401.90 Td (non-resident ) Tj ET Q q 0 0 0 rg BT 470.48 401.90 Td (company ) Tj ET Q q 0 0 0 rg BT 509.53 401.90 Td (may ) Tj ET Q q 0 0 0 rg BT 529.14 401.90 Td (request ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 389.90 Td (that ) Tj ET Q q 0 0 0 rg BT 71.80 389.90 Td (no ) Tj ET Q q 0 0 0 rg BT 84.61 389.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 99.63 389.90 Td (be ) Tj ET Q q 0 0 0 rg BT 111.87 389.90 Td (levied ) Tj ET Q q 0 0 0 rg BT 139.11 389.90 Td (at ) Tj ET Q q 0 0 0 rg BT 149.13 389.90 Td (the ) Tj ET Q q 0 0 0 rg BT 164.15 389.90 Td (time ) Tj ET Q q 0 0 0 rg BT 184.73 389.90 Td (the ) Tj ET Q q 0 0 0 rg BT 199.75 389.90 Td (dividends ) Tj ET Q q 0 0 0 rg BT 241.45 389.90 Td (are ) Tj ET Q q 0 0 0 rg BT 256.46 389.90 Td (paid, ) Tj ET Q q 0 0 0 rg BT 278.98 389.90 Td (provided ) Tj ET Q q 0 0 0 rg BT 317.33 389.90 Td (that ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 335.13 389.90 Td (\(x\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.23 389.90 Td (the ) Tj ET Q q 0 0 0 rg BT 363.75 389.90 Td (1-year ) Tj ET Q q 0 0 0 rg BT 392.10 389.90 Td (holding ) Tj ET Q q 0 0 0 rg BT 425.46 389.90 Td (period ) Tj ET Q q 0 0 0 rg BT 453.81 389.90 Td (under ) Tj ET Q q 0 0 0 rg BT 479.38 389.90 Td (condition ) Tj ET Q q 0 0 0 rg BT 519.96 389.90 Td (\(d\)above ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 377.90 Td (has ) Tj ET Q q 0 0 0 rg BT 70.68 377.90 Td (already ) Tj ET Q q 0 0 0 rg BT 103.46 377.90 Td (run ) Tj ET Q q 0 0 0 rg BT 120.14 377.90 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 137.93 377.90 Td (\(y\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.03 377.90 Td (the ) Tj ET Q q 0 0 0 rg BT 167.09 377.90 Td (non-resident ) Tj ET Q q 0 0 0 rg BT 220.43 377.90 Td (company ) Tj ET Q q 0 0 0 rg BT 260.44 377.90 Td (promptly ) Tj ET Q q 0 0 0 rg BT 300.45 377.90 Td (submits ) Tj ET Q q 0 0 0 rg BT 334.92 377.90 Td (proper ) Tj ET Q q 0 0 0 rg BT 364.37 377.90 Td (documentation. ) Tj ET Q q 0 0 0 rg BT 429.65 377.90 Td (EU ) Tj ET Q q 0 0 0 rg BT 446.33 377.90 Td (resident ) Tj ET Q q 0 0 0 rg BT 481.34 377.90 Td (companies ) Tj ET Q q 0 0 0 rg BT 527.45 377.90 Td (that ) Tj ET Q q 0 0 0 rg BT 545.80 377.90 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 365.90 Td (controlled ) Tj ET Q q 0 0 0 rg BT 97.49 365.90 Td (directly ) Tj ET Q q 0 0 0 rg BT 130.98 365.90 Td (or ) Tj ET Q q 0 0 0 rg BT 142.26 365.90 Td (indirectly ) Tj ET Q q 0 0 0 rg BT 183.53 365.90 Td (by ) Tj ET Q q 0 0 0 rg BT 196.48 365.90 Td (persons ) Tj ET Q q 0 0 0 rg BT 229.98 365.90 Td (that ) Tj ET Q q 0 0 0 rg BT 247.93 365.90 Td (are ) Tj ET Q q 0 0 0 rg BT 263.08 365.90 Td (not ) Tj ET Q q 0 0 0 rg BT 278.81 365.90 Td (resident ) Tj ET Q q 0 0 0 rg BT 313.41 365.90 Td (in ) Tj ET Q q 0 0 0 rg BT 324.14 365.90 Td (an ) Tj ET Q q 0 0 0 rg BT 336.53 365.90 Td (EU ) Tj ET Q q 0 0 0 rg BT 352.81 365.90 Td (Member ) Tj ET Q q 0 0 0 rg BT 389.63 365.90 Td (State ) Tj ET Q q 0 0 0 rg BT 412.58 365.90 Td (may ) Tj ET Q q 0 0 0 rg BT 432.75 365.90 Td (request ) Tj ET Q q 0 0 0 rg BT 464.57 365.90 Td (the ) Tj ET Q q 0 0 0 rg BT 479.74 365.90 Td (refund ) Tj ET Q q 0 0 0 rg BT 508.79 365.90 Td (or ) Tj ET Q q 0 0 0 rg BT 520.06 365.90 Td (the ) Tj ET Q q 0 0 0 rg BT 535.23 365.90 Td (direct ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 353.90 Td (withholding ) Tj ET Q q 0 0 0 rg BT 104.57 353.90 Td (exemption ) Tj ET Q q 0 0 0 rg BT 149.01 353.90 Td (only ) Tj ET Q q 0 0 0 rg BT 169.02 353.90 Td (if ) Tj ET Q q 0 0 0 rg BT 177.37 353.90 Td (the ) Tj ET Q q 0 0 0 rg BT 191.81 353.90 Td (EU ) Tj ET Q q 0 0 0 rg BT 207.38 353.90 Td (resident ) Tj ET Q q 0 0 0 rg BT 241.27 353.90 Td (companies ) Tj ET Q q 0 0 0 rg BT 286.26 353.90 Td (prove ) Tj ET Q q 0 0 0 rg BT 311.26 353.90 Td (that ) Tj ET Q q 0 0 0 rg BT 328.49 353.90 Td (they ) Tj ET Q q 0 0 0 rg BT 347.94 353.90 Td (do ) Tj ET Q q 0 0 0 rg BT 360.17 353.90 Td (not ) Tj ET Q q 0 0 0 rg BT 375.19 353.90 Td (hold ) Tj ET Q q 0 0 0 rg BT 395.20 353.90 Td (the ) Tj ET Q q 0 0 0 rg BT 409.65 353.90 Td (common ) Tj ET Q q 0 0 0 rg BT 446.88 353.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 474.10 353.90 Td (in ) Tj ET Q q 0 0 0 rg BT 484.11 353.90 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 513.55 353.90 Td (for ) Tj ET Q q 0 0 0 rg BT 527.44 353.90 Td (the ) Tj ET Q q 0 0 0 rg BT 541.89 353.90 Td (sole ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 341.90 Td (or ) Tj ET Q q 0 0 0 rg BT 64.83 341.90 Td (primary ) Tj ET Q q 0 0 0 rg BT 98.99 341.90 Td (purpose ) Tj ET Q q 0 0 0 rg BT 133.15 341.90 Td (of ) Tj ET Q q 0 0 0 rg BT 143.98 341.90 Td (benefiting ) Tj ET Q q 0 0 0 rg BT 187.02 341.90 Td (from ) Tj ET Q q 0 0 0 rg BT 208.96 341.90 Td (the ) Tj ET Q q 0 0 0 rg BT 223.67 341.90 Td (Parent ) Tj ET Q q 0 0 0 rg BT 251.72 341.90 Td (Subsidiary ) Tj ET Q q 0 0 0 rg BT 297.00 341.90 Td (Directive. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 319.90 Td (Under ) Tj ET Q q 0 0 0 rg BT 125.20 319.90 Td (the ) Tj ET Q q 0 0 0 rg BT 140.70 319.90 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 189.33 319.90 Td (between ) Tj ET Q q 0 0 0 rg BT 226.85 319.90 Td (the ) Tj ET Q q 0 0 0 rg BT 243.28 319.90 Td (European ) Tj ET Q q 0 0 0 rg BT 285.80 319.90 Td (Community ) Tj ET Q q 0 0 0 rg BT 337.79 319.90 Td (and ) Tj ET Q q 0 0 0 rg BT 356.44 319.90 Td (the ) Tj ET Q q 0 0 0 rg BT 372.86 319.90 Td (Swiss ) Tj ET Q q 0 0 0 rg BT 400.42 319.90 Td (Confederation ) Tj ET Q q 0 0 0 rg BT 461.83 319.90 Td (providing ) Tj ET Q q 0 0 0 rg BT 504.92 319.90 Td (for ) Tj ET Q q 0 0 0 rg BT 520.79 319.90 Td (measures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 307.90 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 97.93 307.90 Td (to ) Tj ET Q q 0 0 0 rg BT 107.98 307.90 Td (those ) Tj ET Q q 0 0 0 rg BT 131.37 307.90 Td (laid ) Tj ET Q q 0 0 0 rg BT 148.64 307.90 Td (down ) Tj ET Q q 0 0 0 rg BT 173.14 307.90 Td (in ) Tj ET Q q 0 0 0 rg BT 183.20 307.90 Td (Council ) Tj ET Q q 0 0 0 rg BT 217.14 307.90 Td (Directive ) Tj ET Q q 0 0 0 rg BT 256.62 307.90 Td (2003/48/EC ) Tj ET Q q 0 0 0 rg BT 307.23 307.90 Td (on ) Tj ET Q q 0 0 0 rg BT 319.51 307.90 Td (taxation ) Tj ET Q q 0 0 0 rg BT 354.00 307.90 Td (of ) Tj ET Q q 0 0 0 rg BT 364.61 307.90 Td (savings ) Tj ET Q q 0 0 0 rg BT 396.89 307.90 Td (income ) Tj ET Q q 0 0 0 rg BT 428.60 307.90 Td (in ) Tj ET Q q 0 0 0 rg BT 438.66 307.90 Td (the ) Tj ET Q q 0 0 0 rg BT 453.15 307.90 Td (form ) Tj ET Q q 0 0 0 rg BT 474.87 307.90 Td (of ) Tj ET Q q 0 0 0 rg BT 485.47 307.90 Td (interest ) Tj ET Q q 0 0 0 rg BT 517.19 307.90 Td (payments, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 295.90 Td (the ) Tj ET Q q 0 0 0 rg BT 68.65 295.90 Td (withholding ) Tj ET Q q 0 0 0 rg BT 119.41 295.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 134.06 295.90 Td (refund ) Tj ET Q q 0 0 0 rg BT 162.58 295.90 Td (/ ) Tj ET Q q 0 0 0 rg BT 167.79 295.90 Td (exemption ) Tj ET Q q 0 0 0 rg BT 212.43 295.90 Td (regime ) Tj ET Q q 0 0 0 rg BT 242.63 295.90 Td (described ) Tj ET Q q 0 0 0 rg BT 283.37 295.90 Td (above ) Tj ET Q q 0 0 0 rg BT 309.68 295.90 Td (also ) Tj ET Q q 0 0 0 rg BT 328.21 295.90 Td (applies ) Tj ET Q q 0 0 0 rg BT 358.97 295.90 Td (to ) Tj ET Q q 0 0 0 rg BT 369.18 295.90 Td (dividends ) Tj ET Q q 0 0 0 rg BT 410.49 295.90 Td (paid ) Tj ET Q q 0 0 0 rg BT 430.14 295.90 Td (to ) Tj ET Q q 0 0 0 rg BT 440.35 295.90 Td (a ) Tj ET Q q 0 0 0 rg BT 447.21 295.90 Td (company ) Tj ET Q q 0 0 0 rg BT 486.30 295.90 Td (that ) Tj ET Q q 0 0 0 rg BT 503.72 295.90 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 517.25 295.90 Td (is ) Tj ET Q q 0 0 0 rg BT 526.35 295.90 Td (resident ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 283.90 Td (for ) Tj ET Q q 0 0 0 rg BT 68.64 283.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 83.83 283.90 Td (purposes ) Tj ET Q q 0 0 0 rg BT 122.36 283.90 Td (in ) Tj ET Q q 0 0 0 rg BT 133.12 283.90 Td (Switzerland ) Tj ET Q q 0 0 0 rg BT 183.86 283.90 Td (without ) Tj ET Q q 0 0 0 rg BT 217.39 283.90 Td (being ) Tj ET Q q 0 0 0 rg BT 242.59 283.90 Td (considered ) Tj ET Q q 0 0 0 rg BT 288.88 283.90 Td (to ) Tj ET Q q 0 0 0 rg BT 299.64 283.90 Td (be ) Tj ET Q q 0 0 0 rg BT 312.05 283.90 Td (resident ) Tj ET Q q 0 0 0 rg BT 346.68 283.90 Td (outside ) Tj ET Q q 0 0 0 rg BT 378.55 283.90 Td (Switzerland ) Tj ET Q q 0 0 0 rg BT 429.29 283.90 Td (according ) Tj ET Q q 0 0 0 rg BT 471.69 283.90 Td (to ) Tj ET Q q 0 0 0 rg BT 482.45 283.90 Td (a ) Tj ET Q q 0 0 0 rg BT 489.86 283.90 Td (double ) Tj ET Q q 0 0 0 rg BT 520.06 283.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 535.25 283.90 Td (treaty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 271.90 Td (signed ) Tj ET Q q 0 0 0 rg BT 81.65 271.90 Td (with ) Tj ET Q q 0 0 0 rg BT 100.97 271.90 Td (a ) Tj ET Q q 0 0 0 rg BT 106.95 271.90 Td (non-EU ) Tj ET Q q 0 0 0 rg BT 140.16 271.90 Td (country) Tj ET Q q 0 0 0 rg BT 170.05 271.90 Td (, ) Tj ET Q q 0 0 0 rg BT 174.10 271.90 Td (\(b\)is ) Tj ET Q q 0 0 0 rg BT 196.47 271.90 Td (a ) Tj ET Q q 0 0 0 rg BT 202.45 271.90 Td (limited ) Tj ET Q q 0 0 0 rg BT 232.33 271.90 Td (company) Tj ET Q q 0 0 0 rg BT 268.33 271.90 Td (, ) Tj ET Q q 0 0 0 rg BT 272.37 271.90 Td (\(c\)is ) Tj ET Q q 0 0 0 rg BT 294.19 271.90 Td (subject ) Tj ET Q q 0 0 0 rg BT 324.05 271.90 Td (to ) Tj ET Q q 0 0 0 rg BT 333.38 271.90 Td (Swiss ) Tj ET Q q 0 0 0 rg BT 358.26 271.90 Td (corporate ) Tj ET Q q 0 0 0 rg BT 397.56 271.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 411.32 271.90 Td (without ) Tj ET Q q 0 0 0 rg BT 443.42 271.90 Td (being ) Tj ET Q q 0 0 0 rg BT 467.18 271.90 Td (exempted ) Tj ET Q q 0 0 0 rg BT 507.59 271.90 Td (or ) Tj ET Q q 0 0 0 rg BT 517.47 271.90 Td (benefiting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 259.90 Td (from ) Tj ET Q q 0 0 0 rg BT 75.92 259.90 Td (preferential ) Tj ET Q q 0 0 0 rg BT 124.49 259.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 139.19 259.90 Td (regimes, ) Tj ET Q q 0 0 0 rg BT 175.83 259.90 Td (and ) Tj ET Q q 0 0 0 rg BT 192.75 259.90 Td (\(d\)directly ) Tj ET Q q 0 0 0 rg BT 239.94 259.90 Td (holds ) Tj ET Q q 0 0 0 rg BT 264.10 259.90 Td (common ) Tj ET Q q 0 0 0 rg BT 301.58 259.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 329.05 259.90 Td (in ) Tj ET Q q 0 0 0 rg BT 339.32 259.90 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 369.01 259.90 Td (that ) Tj ET Q q 0 0 0 rg BT 386.49 259.90 Td (represent ) Tj ET Q q 0 0 0 rg BT 425.62 259.90 Td (an ) Tj ET Q q 0 0 0 rg BT 437.54 259.90 Td (interest ) Tj ET Q q 0 0 0 rg BT 469.46 259.90 Td (in ) Tj ET Q q 0 0 0 rg BT 479.73 259.90 Td (Ferrari) Tj ET Q q 0 0 0 rg BT 509.71 259.90 Td (s ) Tj ET Q q 0 0 0 rg BT 516.09 259.90 Td (issued ) Tj ET Q q 0 0 0 rg BT 543.58 259.90 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 247.90 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 103.17 247.90 Td (capital ) Tj ET Q q 0 0 0 rg BT 132.32 247.90 Td (of ) Tj ET Q q 0 0 0 rg BT 143.15 247.90 Td (no ) Tj ET Q q 0 0 0 rg BT 155.65 247.90 Td (less ) Tj ET Q q 0 0 0 rg BT 173.15 247.90 Td (than ) Tj ET Q q 0 0 0 rg BT 192.86 247.90 Td (25 ) Tj ET Q q 0 0 0 rg BT 205.36 247.90 Td (percent ) Tj ET Q q 0 0 0 rg BT 237.29 247.90 Td (for ) Tj ET Q q 0 0 0 rg BT 251.45 247.90 Td (an ) Tj ET Q q 0 0 0 rg BT 263.38 247.90 Td (uninterrupted ) Tj ET Q q 0 0 0 rg BT 319.76 247.90 Td (period ) Tj ET Q q 0 0 0 rg BT 347.80 247.90 Td (of ) Tj ET Q q 0 0 0 rg BT 358.63 247.90 Td (at ) Tj ET Q q 0 0 0 rg BT 368.35 247.90 Td (least ) Tj ET Q q 0 0 0 rg BT 389.18 247.90 Td (two ) Tj ET Q q 0 0 0 rg BT 406.68 247.90 Td (years. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 225.90 Td (Dividends distributed to international entities or bodies that benefit from exemption from taxation in Italy pursuant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 213.90 Td (to international rules or treaties entered into force in Italy will not be subject to withholding tax. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 97.00 191.90 Td (\(iii\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.00 191.90 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 115.00 191.90 Td (U.S. holders \(without permanent establishment in Italy\) of Ferrari common shar) Tj ET Q q 0 0 0 rg BT 436.83 191.90 Td (es and, if applicable, Ferrari ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 115.00 179.90 Td (special voting shar) Tj ET Q q 0 0 0 rg BT 190.73 179.90 Td (es ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 157.90 Td (If ) Tj ET Q q 0 0 0 rg BT 105.64 157.90 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 135.83 157.90 Td (is ) Tj ET Q q 0 0 0 rg BT 145.49 157.90 Td (considered ) Tj ET Q q 0 0 0 rg BT 191.79 157.90 Td (to ) Tj ET Q q 0 0 0 rg BT 202.55 157.90 Td (be ) Tj ET Q q 0 0 0 rg BT 214.97 157.90 Td (a ) Tj ET Q q 0 0 0 rg BT 222.39 157.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 237.59 157.90 Td (resident ) Tj ET Q q 0 0 0 rg BT 272.23 157.90 Td (of ) Tj ET Q q 0 0 0 rg BT 283.54 157.90 Td (both ) Tj ET Q q 0 0 0 rg BT 304.31 157.90 Td (Italy ) Tj ET Q q 0 0 0 rg BT 325.61 157.90 Td (and ) Tj ET Q q 0 0 0 rg BT 343.04 157.90 Td (the ) Tj ET Q q 0 0 0 rg BT 358.24 157.90 Td (Netherlands, ) Tj ET Q q 0 0 0 rg BT 412.04 157.90 Td (in ) Tj ET Q q 0 0 0 rg BT 422.80 157.90 Td (accordance ) Tj ET Q q 0 0 0 rg BT 470.74 157.90 Td (with ) Tj ET Q q 0 0 0 rg BT 491.50 157.90 Td (the ) Tj ET Q q 0 0 0 rg BT 506.70 157.90 Td (domestic ) Tj ET Q q 0 0 0 rg BT 545.79 157.90 Td (tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 145.90 Td (residency ) Tj ET Q q 0 0 0 rg BT 93.70 145.90 Td (provisions ) Tj ET Q q 0 0 0 rg BT 136.76 145.90 Td (applied ) Tj ET Q q 0 0 0 rg BT 167.59 145.90 Td (by ) Tj ET Q q 0 0 0 rg BT 178.98 145.90 Td (each ) Tj ET Q q 0 0 0 rg BT 198.68 145.90 Td (of ) Tj ET Q q 0 0 0 rg BT 208.40 145.90 Td (these ) Tj ET Q q 0 0 0 rg BT 230.34 145.90 Td (jurisdictions, ) Tj ET Q q 0 0 0 rg BT 283.67 145.90 Td (while ) Tj ET Q q 0 0 0 rg BT 307.27 145.90 Td (the ) Tj ET Q q 0 0 0 rg BT 320.88 145.90 Td (double ) Tj ET Q q 0 0 0 rg BT 349.49 145.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 363.09 145.90 Td (treaty ) Tj ET Q q 0 0 0 rg BT 387.24 145.90 Td (between ) Tj ET Q q 0 0 0 rg BT 421.95 145.90 Td (Italy ) Tj ET Q q 0 0 0 rg BT 441.66 145.90 Td (and ) Tj ET Q q 0 0 0 rg BT 457.49 145.90 Td (the ) Tj ET Q q 0 0 0 rg BT 471.10 145.90 Td (Netherlands ) Tj ET Q q 0 0 0 rg BT 520.80 145.90 Td (attributes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 133.90 Td (the ) Tj ET Q q 0 0 0 rg BT 68.41 133.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 82.82 133.90 Td (residency ) Tj ET Q q 0 0 0 rg BT 123.33 133.90 Td (exclusively ) Tj ET Q q 0 0 0 rg BT 171.07 133.90 Td (to ) Tj ET Q q 0 0 0 rg BT 181.04 133.90 Td (Italy) Tj ET Q q 0 0 0 rg BT 198.72 133.90 Td (, ) Tj ET Q q 0 0 0 rg BT 203.41 133.90 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 232.82 133.90 Td (will ) Tj ET Q q 0 0 0 rg BT 250.57 133.90 Td (be ) Tj ET Q q 0 0 0 rg BT 262.20 133.90 Td (required ) Tj ET Q q 0 0 0 rg BT 297.71 133.90 Td (to ) Tj ET Q q 0 0 0 rg BT 307.68 133.90 Td (apply ) Tj ET Q q 0 0 0 rg BT 332.10 133.90 Td (Italian ) Tj ET Q q 0 0 0 rg BT 359.83 133.90 Td (dividend ) Tj ET Q q 0 0 0 rg BT 397.02 133.90 Td (withholding ) Tj ET Q q 0 0 0 rg BT 447.55 133.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 461.96 133.90 Td (on ) Tj ET Q q 0 0 0 rg BT 474.16 133.90 Td (dividends ) Tj ET Q q 0 0 0 rg BT 515.24 133.90 Td (distributed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 121.90 Td (to ) Tj ET Q q 0 0 0 rg BT 64.96 121.90 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 85.93 121.90 Td (holders ) Tj ET Q q 0 0 0 rg BT 118.56 121.90 Td (of ) Tj ET Q q 0 0 0 rg BT 130.07 121.90 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 160.46 121.90 Td (common ) Tj ET Q q 0 0 0 rg BT 198.64 121.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 226.82 121.90 Td (and, ) Tj ET Q q 0 0 0 rg BT 246.94 121.90 Td (if ) Tj ET Q q 0 0 0 rg BT 256.23 121.90 Td (applicable, ) Tj ET Q q 0 0 0 rg BT 303.01 121.90 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 333.40 121.90 Td (special ) Tj ET Q q 0 0 0 rg BT 364.35 121.90 Td (voting ) Tj ET Q q 0 0 0 rg BT 393.09 121.90 Td (shares. ) Tj ET Q q 0 0 0 rg BT 423.77 121.90 Td (However) Tj ET Q q 0 0 0 rg BT 460.02 121.90 Td (, ) Tj ET Q q 0 0 0 rg BT 465.70 121.90 Td (certain ) Tj ET Q q 0 0 0 rg BT 496.09 121.90 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 517.06 121.90 Td (holders ) Tj ET Q q 0 0 0 rg BT 549.68 121.90 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 109.90 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 84.44 109.90 Td (common ) Tj ET Q q 0 0 0 rg BT 122.67 109.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 150.89 109.90 Td (and, ) Tj ET Q q 0 0 0 rg BT 171.06 109.90 Td (if ) Tj ET Q q 0 0 0 rg BT 180.40 109.90 Td (applicable, ) Tj ET Q q 0 0 0 rg BT 227.22 109.90 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 257.66 109.90 Td (special ) Tj ET Q q 0 0 0 rg BT 288.66 109.90 Td (voting ) Tj ET Q q 0 0 0 rg BT 317.45 109.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 345.67 109.90 Td (may ) Tj ET Q q 0 0 0 rg BT 366.12 109.90 Td (qualify ) Tj ET Q q 0 0 0 rg BT 397.68 109.90 Td (for ) Tj ET Q q 0 0 0 rg BT 412.57 109.90 Td (full ) Tj ET Q q 0 0 0 rg BT 429.69 109.90 Td (or ) Tj ET Q q 0 0 0 rg BT 441.25 109.90 Td (partial ) Tj ET Q q 0 0 0 rg BT 470.03 109.90 Td (relief ) Tj ET Q q 0 0 0 rg BT 494.35 109.90 Td (from ) Tj ET Q q 0 0 0 rg BT 517.02 109.90 Td (the ) Tj ET Q q 0 0 0 rg BT 532.47 109.90 Td (Italian ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 97.90 Td (dividend ) Tj ET Q q 0 0 0 rg BT 91.39 97.90 Td (withholding ) Tj ET Q q 0 0 0 rg BT 142.13 97.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 156.74 97.90 Td (under ) Tj ET Q q 0 0 0 rg BT 181.91 97.90 Td (the ) Tj ET Q q 0 0 0 rg BT 196.53 97.90 Td (Convention ) Tj ET Q q 0 0 0 rg BT 245.59 97.90 Td (between ) Tj ET Q q 0 0 0 rg BT 281.31 97.90 Td (the ) Tj ET Q q 0 0 0 rg BT 295.92 97.90 Td (Government ) Tj ET Q q 0 0 0 rg BT 348.31 97.90 Td (of ) Tj ET Q q 0 0 0 rg BT 359.03 97.90 Td (the ) Tj ET Q q 0 0 0 rg BT 373.65 97.90 Td (United ) Tj ET Q q 0 0 0 rg BT 403.27 97.90 Td (States ) Tj ET Q q 0 0 0 rg BT 429.55 97.90 Td (of ) Tj ET Q q 0 0 0 rg BT 439.75 97.90 Td (America ) Tj ET Q q 0 0 0 rg BT 476.57 97.90 Td (and ) Tj ET Q q 0 0 0 rg BT 493.41 97.90 Td (the ) Tj ET Q q 0 0 0 rg BT 508.03 97.90 Td (Government ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 85.90 Td (of ) Tj ET Q q 0 0 0 rg BT 64.47 85.90 Td (the ) Tj ET Q q 0 0 0 rg BT 78.82 85.90 Td (Italian ) Tj ET Q q 0 0 0 rg BT 106.49 85.90 Td (Republic ) Tj ET Q q 0 0 0 rg BT 144.73 85.90 Td (for ) Tj ET Q q 0 0 0 rg BT 158.53 85.90 Td (the ) Tj ET Q q 0 0 0 rg BT 172.88 85.90 Td (avoidance ) Tj ET Q q 0 0 0 rg BT 215.55 85.90 Td (of ) Tj ET Q q 0 0 0 rg BT 226.01 85.90 Td (double ) Tj ET Q q 0 0 0 rg BT 255.37 85.90 Td (taxation ) Tj ET Q q 0 0 0 rg BT 289.71 85.90 Td (with ) Tj ET Q q 0 0 0 rg BT 309.63 85.90 Td (respect ) Tj ET Q q 0 0 0 rg BT 340.08 85.90 Td (to ) Tj ET Q q 0 0 0 rg BT 349.99 85.90 Td (taxes ) Tj ET Q q 0 0 0 rg BT 372.67 85.90 Td (on ) Tj ET Q q 0 0 0 rg BT 384.81 85.90 Td (income ) Tj ET Q q 0 0 0 rg BT 416.38 85.90 Td (and ) Tj ET Q q 0 0 0 rg BT 432.95 85.90 Td (the ) Tj ET Q q 0 0 0 rg BT 447.30 85.90 Td (prevention ) Tj ET Q q 0 0 0 rg BT 492.20 85.90 Td (of ) Tj ET Q q 0 0 0 rg BT 502.67 85.90 Td (fraud ) Tj ET Q q 0 0 0 rg BT 525.90 85.90 Td (or ) Tj ET Q q 0 0 0 rg BT 536.37 85.90 Td (fiscal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 73.90 Td (evasion ) Tj ET Q q 0 0 0 rg BT 87.31 73.90 Td (signed ) Tj ET Q q 0 0 0 rg BT 116.18 73.90 Td (in ) Tj ET Q q 0 0 0 rg BT 126.51 73.90 Td (W) Tj ET Q q 0 0 0 rg BT 135.15 73.90 Td (ashington, ) Tj ET Q q 0 0 0 rg BT 179.30 73.90 Td (D.C. ) Tj ET Q q 0 0 0 rg BT 200.95 73.90 Td (on ) Tj ET Q q 0 0 0 rg BT 213.10 73.90 Td (August25, ) Tj ET Q q 0 0 0 rg BT 259.75 73.90 Td (1999 ) Tj ET Q q 0 0 0 rg BT 282.51 73.90 Td (\(the ) Tj ET Q q 0 0 0 rg BT 300.82 73.90 Td (Italy-U.S. ) Tj ET Q q 0 0 0 rg BT 347.26 73.90 Td (T) Tj ET Q q 0 0 0 rg BT 353.02 73.90 Td (reaty\). ) Tj ET Q q 0 0 0 rg BT 386.03 73.90 Td (On ) Tj ET Q q 0 0 0 rg BT 401.01 73.90 Td (the ) Tj ET Q q 0 0 0 rg BT 415.99 73.90 Td (basis ) Tj ET Q q 0 0 0 rg BT 438.75 73.90 Td (of ) Tj ET Q q 0 0 0 rg BT 449.23 73.90 Td (Article ) Tj ET Q q 0 0 0 rg BT 479.75 73.90 Td (10 ) Tj ET Q q 0 0 0 rg BT 492.51 73.90 Td (of ) Tj ET Q q 0 0 0 rg BT 503.60 73.90 Td (the ) Tj ET Q q 0 0 0 rg BT 518.58 73.90 Td (Italy-U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 61.90 Td (T) Tj ET Q q 0 0 0 rg BT 59.76 61.90 Td (reaty) Tj ET Q q 0 0 0 rg BT 79.09 61.90 Td (, ) Tj ET Q q 0 0 0 rg BT 83.56 61.90 Td (\(a\)qualifying ) Tj ET Q q 0 0 0 rg BT 140.24 61.90 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 159.99 61.90 Td (holders ) Tj ET Q q 0 0 0 rg BT 191.40 61.90 Td (are ) Tj ET Q q 0 0 0 rg BT 205.58 61.90 Td (entitled ) Tj ET Q q 0 0 0 rg BT 237.54 61.90 Td (to ) Tj ET Q q 0 0 0 rg BT 247.29 61.90 Td (a ) Tj ET Q q 0 0 0 rg BT 253.70 61.90 Td (reduced ) Tj ET Q q 0 0 0 rg BT 287.32 61.90 Td (Italian ) Tj ET Q q 0 0 0 rg BT 314.83 61.90 Td (dividend ) Tj ET Q q 0 0 0 rg BT 351.80 61.90 Td (withholding ) Tj ET Q q 0 0 0 rg BT 402.11 61.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 416.30 61.90 Td (rate ) Tj ET Q q 0 0 0 rg BT 433.25 61.90 Td (\(i.e., ) Tj ET Q q 0 0 0 rg BT 453.27 61.90 Td (15 ) Tj ET Q q 0 0 0 rg BT 465.24 61.90 Td (percent\); ) Tj ET Q q 0 0 0 rg BT 502.75 61.90 Td (\(b\)qualifying ) Tj ET Q endstream endobj 267 0 obj <> endobj 268 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 297.00 41.20 Td (125) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 73.36 731.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 117.70 731.10 Td (are ) Tj ET Q q 0 0 0 rg BT 131.48 731.10 Td (entitled, ) Tj ET Q q 0 0 0 rg BT 165.55 731.10 Td (under ) Tj ET Q q 0 0 0 rg BT 189.89 731.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 218.67 731.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 264.41 731.10 Td (to ) Tj ET Q q 0 0 0 rg BT 273.77 731.10 Td (a ) Tj ET Q q 0 0 0 rg BT 279.78 731.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 313.00 731.10 Td (Italian ) Tj ET Q q 0 0 0 rg BT 340.12 731.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 376.69 731.10 Td (withholding ) Tj ET Q q 0 0 0 rg BT 426.60 731.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 440.40 731.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 456.96 731.10 Td (\(5 ) Tj ET Q q 0 0 0 rg BT 466.87 731.10 Td (percent\) ) Tj ET Q q 0 0 0 rg BT 501.20 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 517.21 731.10 Td (\(c\)certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (qualified ) Tj ET Q q 0 0 0 rg BT 91.50 719.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 111.25 719.10 Td (governmental ) Tj ET Q q 0 0 0 rg BT 168.19 719.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 199.03 719.10 Td (are ) Tj ET Q q 0 0 0 rg BT 213.20 719.10 Td (entitled, ) Tj ET Q q 0 0 0 rg BT 247.65 719.10 Td (under ) Tj ET Q q 0 0 0 rg BT 272.38 719.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 301.54 719.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 347.66 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 357.40 719.10 Td (a ) Tj ET Q q 0 0 0 rg BT 363.80 719.10 Td (full ) Tj ET Q q 0 0 0 rg BT 379.65 719.10 Td (exemption ) Tj ET Q q 0 0 0 rg BT 423.82 719.10 Td (from ) Tj ET Q q 0 0 0 rg BT 445.22 719.10 Td (Italian ) Tj ET Q q 0 0 0 rg BT 472.72 719.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 509.68 719.10 Td (withholding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.10 Td (tax. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 685.10 Td (T) Tj ET Q q 0 0 0 rg BT 59.19 685.10 Td (axation of distributions of Equity Reserves ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 663.10 Td (The ) Tj ET Q q 0 0 0 rg BT 113.94 663.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 128.56 663.10 Td (regime ) Tj ET Q q 0 0 0 rg BT 158.72 663.10 Td (summarized ) Tj ET Q q 0 0 0 rg BT 209.99 663.10 Td (in ) Tj ET Q q 0 0 0 rg BT 220.17 663.10 Td (this ) Tj ET Q q 0 0 0 rg BT 237.01 663.10 Td (subsection ) Tj ET Q q 0 0 0 rg BT 281.63 663.10 Td (T) Tj ET Q q 0 0 0 rg BT 291.47 663.10 Td (axation ) Tj ET Q q 0 0 0 rg BT 323.30 663.10 Td (of ) Tj ET Q q 0 0 0 rg BT 334.03 663.10 Td (distributions ) Tj ET Q q 0 0 0 rg BT 386.43 663.10 Td (of ) Tj ET Q q 0 0 0 rg BT 397.16 663.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 426.22 663.10 Td (Reserves ) Tj ET Q q 0 0 0 rg BT 469.16 663.10 Td (applies ) Tj ET Q q 0 0 0 rg BT 499.88 663.10 Td (only ) Tj ET Q q 0 0 0 rg BT 520.06 663.10 Td (to ) Tj ET Q q 0 0 0 rg BT 530.23 663.10 Td (classes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 651.10 Td (of ) Tj ET Q q 0 0 0 rg BT 64.83 651.10 Td (holders ) Tj ET Q q 0 0 0 rg BT 96.77 651.10 Td (of ) Tj ET Q q 0 0 0 rg BT 107.60 651.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 137.31 651.10 Td (common ) Tj ET Q q 0 0 0 rg BT 174.80 651.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 202.29 651.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 221.73 651.10 Td (if ) Tj ET Q q 0 0 0 rg BT 230.34 651.10 Td (applicable, ) Tj ET Q q 0 0 0 rg BT 276.43 651.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 306.13 651.10 Td (special ) Tj ET Q q 0 0 0 rg BT 336.40 651.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 364.45 651.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 391.94 651.10 Td (that ) Tj ET Q q 0 0 0 rg BT 409.44 651.10 Td (are ) Tj ET Q q 0 0 0 rg BT 424.15 651.10 Td (described ) Tj ET Q q 0 0 0 rg BT 464.96 651.10 Td (here ) Tj ET Q q 0 0 0 rg BT 484.67 651.10 Td (below) Tj ET Q q 0 0 0 rg BT 508.46 651.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 629.10 Td (The ) Tj ET Q q 0 0 0 rg BT 115.06 629.10 Td (information ) Tj ET Q q 0 0 0 rg BT 165.78 629.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 204.84 629.10 Td (in ) Tj ET Q q 0 0 0 rg BT 216.13 629.10 Td (this ) Tj ET Q q 0 0 0 rg BT 234.09 629.10 Td (subsection ) Tj ET Q q 0 0 0 rg BT 279.81 629.10 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 331.09 629.10 Td (the ) Tj ET Q q 0 0 0 rg BT 346.82 629.10 Td (Italian ) Tj ET Q q 0 0 0 rg BT 375.87 629.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 391.60 629.10 Td (regime ) Tj ET Q q 0 0 0 rg BT 422.87 629.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 467.47 629.10 Td (to ) Tj ET Q q 0 0 0 rg BT 478.76 629.10 Td (the ) Tj ET Q q 0 0 0 rg BT 494.49 629.10 Td (distributions ) Tj ET Q q 0 0 0 rg BT 548.00 629.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 617.10 Td (Ferrari-other ) Tj ET Q q 0 0 0 rg BT 107.45 617.10 Td (than ) Tj ET Q q 0 0 0 rg BT 127.03 617.10 Td (in ) Tj ET Q q 0 0 0 rg BT 137.17 617.10 Td (case ) Tj ET Q q 0 0 0 rg BT 156.74 617.10 Td (of ) Tj ET Q q 0 0 0 rg BT 167.43 617.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 207.55 617.10 Td (of ) Tj ET Q q 0 0 0 rg BT 218.25 617.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 246.71 617.10 Td (capital, ) Tj ET Q q 0 0 0 rg BT 278.22 617.10 Td (withdrawal, ) Tj ET Q q 0 0 0 rg BT 328.07 617.10 Td (exclusion, ) Tj ET Q q 0 0 0 rg BT 371.25 617.10 Td (redemption ) Tj ET Q q 0 0 0 rg BT 419.16 617.10 Td (or ) Tj ET Q q 0 0 0 rg BT 429.85 617.10 Td (liquidation-of ) Tj ET Q q 0 0 0 rg BT 487.20 617.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 514.56 617.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 549.68 617.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 605.10 Td (referred ) Tj ET Q q 0 0 0 rg BT 88.76 605.10 Td (to ) Tj ET Q q 0 0 0 rg BT 99.66 605.10 Td (under ) Tj ET Q q 0 0 0 rg BT 124.87 605.10 Td (Article ) Tj ET Q q 0 0 0 rg BT 155.75 605.10 Td (47\(5\) ) Tj ET Q q 0 0 0 rg BT 180.54 605.10 Td (CIT) Tj ET Q q 0 0 0 rg BT 195.84 605.10 Td (A, ) Tj ET Q q 0 0 0 rg BT 208.69 605.10 Td (such ) Tj ET Q q 0 0 0 rg BT 230.14 605.10 Td (as, ) Tj ET Q q 0 0 0 rg BT 244.10 605.10 Td (for ) Tj ET Q q 0 0 0 rg BT 258.88 605.10 Td (instance, ) Tj ET Q q 0 0 0 rg BT 297.27 605.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 333.15 605.10 Td (or ) Tj ET Q q 0 0 0 rg BT 344.61 605.10 Td (other ) Tj ET Q q 0 0 0 rg BT 368.28 605.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 393.62 605.10 Td (formed ) Tj ET Q q 0 0 0 rg BT 425.63 605.10 Td (with ) Tj ET Q q 0 0 0 rg BT 446.53 605.10 Td (share ) Tj ET Q q 0 0 0 rg BT 470.75 605.10 Td (premiums, ) Tj ET Q q 0 0 0 rg BT 516.37 605.10 Td (equalizing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 593.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 89.57 593.10 Td (\() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 92.90 593.10 Td (inter) Tj ET Q q 0 0 0 rg BT 111.41 593.10 Td (essi ) Tj ET Q q 0 0 0 rg BT 128.65 593.10 Td (di ) Tj ET Q q 0 0 0 rg BT 138.67 593.10 Td (conguaglio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.67 593.10 Td (\) ) Tj ET Q q 0 0 0 rg BT 189.24 593.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 208.70 593.10 Td (in ) Tj ET Q q 0 0 0 rg BT 218.72 593.10 Td (by ) Tj ET Q q 0 0 0 rg BT 230.96 593.10 Td (the ) Tj ET Q q 0 0 0 rg BT 245.42 593.10 Td (subscribers, ) Tj ET Q q 0 0 0 rg BT 295.15 593.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 322.38 593.10 Td (\(other ) Tj ET Q q 0 0 0 rg BT 348.50 593.10 Td (than ) Tj ET Q q 0 0 0 rg BT 367.96 593.10 Td (share ) Tj ET Q q 0 0 0 rg BT 391.30 593.10 Td (capital\) ) Tj ET Q q 0 0 0 rg BT 423.52 593.10 Td (contributions ) Tj ET Q q 0 0 0 rg BT 478.54 593.10 Td (\() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 481.87 593.10 Td (versamenti ) Tj ET Q q 0 0 0 rg BT 527.98 593.10 Td (a ) Tj ET Q q 0 0 0 rg BT 535.23 593.10 Td (fondo ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 581.10 Td (per) Tj ET Q q 0 0 0 rg BT 66.96 581.10 Td (duto) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.74 581.10 Td (\) ) Tj ET Q q 0 0 0 rg BT 91.07 581.10 Td (or ) Tj ET Q q 0 0 0 rg BT 102.41 581.10 Td (share ) Tj ET Q q 0 0 0 rg BT 126.52 581.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 156.17 581.10 Td (account ) Tj ET Q q 0 0 0 rg BT 190.27 581.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 231.61 581.10 Td (\() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 234.94 581.10 Td (versamenti ) Tj ET Q q 0 0 0 rg BT 281.82 581.10 Td (in ) Tj ET Q q 0 0 0 rg BT 292.61 581.10 Td (conto ) Tj ET Q q 0 0 0 rg BT 317.83 581.10 Td (capitale) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.04 581.10 Td (\) ) Tj ET Q q 0 0 0 rg BT 356.38 581.10 Td (made ) Tj ET Q q 0 0 0 rg BT 381.04 581.10 Td (by ) Tj ET Q q 0 0 0 rg BT 394.05 581.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 447.59 581.10 Td (and ) Tj ET Q q 0 0 0 rg BT 465.04 581.10 Td (tax-exempt ) Tj ET Q q 0 0 0 rg BT 513.02 581.10 Td (revaluation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 569.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 89.26 569.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 107.31 569.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 140.91 569.10 Td (Reserves\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 547.10 Td (\(A\) ) Tj ET Q q 0 0 0 rg BT 115.00 547.10 Td (I) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 118.33 547.10 Td (T) Tj ET Q q 0 0 0 rg BT 122.05 547.10 Td (ALIAN) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.82 547.10 Td ( R) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 152.99 547.10 Td (ESIDENT) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.15 547.10 Td ( P) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 190.21 547.10 Td (ERSONS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.05 547.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 97.00 525.10 Td (\(i\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.44 525.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 115.00 525.10 Td (Individuals not engaged in business activity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 503.10 Td (Regardless ) Tj ET Q q 0 0 0 rg BT 141.95 503.10 Td (of ) Tj ET Q q 0 0 0 rg BT 152.35 503.10 Td (what ) Tj ET Q q 0 0 0 rg BT 173.86 503.10 Td (holders ) Tj ET Q q 0 0 0 rg BT 205.37 503.10 Td (have ) Tj ET Q q 0 0 0 rg BT 226.32 503.10 Td (resolved ) Tj ET Q q 0 0 0 rg BT 262.27 503.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 284.34 503.10 Td (in ) Tj ET Q q 0 0 0 rg BT 294.19 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 308.48 503.10 Td (shareholders) Tj ET Q q 0 0 0 rg BT 361.60 503.10 Td ( ) Tj ET Q q 0 0 0 rg BT 363.68 503.10 Td (meeting, ) Tj ET Q q 0 0 0 rg BT 400.46 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 414.75 503.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 450.71 503.10 Td (received ) Tj ET Q q 0 0 0 rg BT 486.64 503.10 Td (as ) Tj ET Q q 0 0 0 rg BT 497.04 503.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 545.23 503.10 Td (out ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 491.10 Td (of ) Tj ET Q q 0 0 0 rg BT 65.06 491.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 94.46 491.10 Td (Reserves ) Tj ET Q q 0 0 0 rg BT 133.30 491.10 Td (of ) Tj ET Q q 0 0 0 rg BT 144.36 491.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 174.30 491.10 Td (by ) Tj ET Q q 0 0 0 rg BT 187.04 491.10 Td (Italian ) Tj ET Q q 0 0 0 rg BT 215.31 491.10 Td (resident ) Tj ET Q q 0 0 0 rg BT 249.70 491.10 Td (individuals ) Tj ET Q q 0 0 0 rg BT 296.88 491.10 Td (who ) Tj ET Q q 0 0 0 rg BT 316.84 491.10 Td (do ) Tj ET Q q 0 0 0 rg BT 329.57 491.10 Td (not ) Tj ET Q q 0 0 0 rg BT 345.08 491.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 365.60 491.10 Td (the ) Tj ET Q q 0 0 0 rg BT 380.55 491.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 410.49 491.10 Td (common ) Tj ET Q q 0 0 0 rg BT 448.22 491.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 475.94 491.10 Td (in ) Tj ET Q q 0 0 0 rg BT 486.46 491.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 533.06 491.10 Td (with ) Tj ET Q q 0 0 0 rg BT 553.58 491.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 479.10 Td (business ) Tj ET Q q 0 0 0 rg BT 90.15 479.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 122.40 479.10 Td (are ) Tj ET Q q 0 0 0 rg BT 136.87 479.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 170.23 479.10 Td (to ) Tj ET Q q 0 0 0 rg BT 180.26 479.10 Td (be, ) Tj ET Q q 0 0 0 rg BT 194.46 479.10 Td (and ) Tj ET Q q 0 0 0 rg BT 211.16 479.10 Td (treated ) Tj ET Q q 0 0 0 rg BT 240.63 479.10 Td (as, ) Tj ET Q q 0 0 0 rg BT 253.72 479.10 Td (profits ) Tj ET Q q 0 0 0 rg BT 282.09 479.10 Td (for ) Tj ET Q q 0 0 0 rg BT 296.01 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 310.48 479.10 Td (recipients ) Tj ET Q q 0 0 0 rg BT 351.62 479.10 Td (to ) Tj ET Q q 0 0 0 rg BT 361.66 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 376.13 479.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 402.83 479.10 Td (that ) Tj ET Q q 0 0 0 rg BT 420.08 479.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 449.55 479.10 Td (has ) Tj ET Q q 0 0 0 rg BT 465.14 479.10 Td (current ) Tj ET Q q 0 0 0 rg BT 495.72 479.10 Td (year ) Tj ET Q q 0 0 0 rg BT 515.19 479.10 Td (profits ) Tj ET Q q 0 0 0 rg BT 543.56 479.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 467.10 Td (retained ) Tj ET Q q 0 0 0 rg BT 89.51 467.10 Td (profits ) Tj ET Q q 0 0 0 rg BT 118.93 467.10 Td (\(except ) Tj ET Q q 0 0 0 rg BT 151.67 467.10 Td (for ) Tj ET Q q 0 0 0 rg BT 166.64 467.10 Td (any ) Tj ET Q q 0 0 0 rg BT 184.39 467.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 216.58 467.10 Td (thereof ) Tj ET Q q 0 0 0 rg BT 248.21 467.10 Td (earmarked ) Tj ET Q q 0 0 0 rg BT 293.71 467.10 Td (to ) Tj ET Q q 0 0 0 rg BT 304.80 467.10 Td (a ) Tj ET Q q 0 0 0 rg BT 312.55 467.10 Td (tax-deferred ) Tj ET Q q 0 0 0 rg BT 364.71 467.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 396.89 467.10 Td (or ) Tj ET Q q 0 0 0 rg BT 408.53 467.10 Td (non-distributable ) Tj ET Q q 0 0 0 rg BT 480.16 467.10 Td (reserves\). ) Tj ET Q q 0 0 0 rg BT 521.33 467.10 Td (Amounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 455.10 Td (treated ) Tj ET Q q 0 0 0 rg BT 84.19 455.10 Td (as ) Tj ET Q q 0 0 0 rg BT 95.51 455.10 Td (profits ) Tj ET Q q 0 0 0 rg BT 124.60 455.10 Td (are ) Tj ET Q q 0 0 0 rg BT 139.80 455.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 171.11 455.10 Td (to ) Tj ET Q q 0 0 0 rg BT 181.88 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 197.08 455.10 Td (same ) Tj ET Q q 0 0 0 rg BT 220.61 455.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 235.82 455.10 Td (regime ) Tj ET Q q 0 0 0 rg BT 266.57 455.10 Td (described ) Tj ET Q q 0 0 0 rg BT 307.87 455.10 Td (above ) Tj ET Q q 0 0 0 rg BT 334.74 455.10 Td (for ) Tj ET Q q 0 0 0 rg BT 349.38 455.10 Td (dividends. ) Tj ET Q q 0 0 0 rg BT 393.10 455.10 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 432.75 455.10 Td (received ) Tj ET Q q 0 0 0 rg BT 469.60 455.10 Td (as ) Tj ET Q q 0 0 0 rg BT 480.92 455.10 Td (distributions ) Tj ET Q q 0 0 0 rg BT 533.91 455.10 Td (out ) Tj ET Q q 0 0 0 rg BT 549.68 455.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 443.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 83.02 443.10 Td (Reserves, ) Tj ET Q q 0 0 0 rg BT 123.96 443.10 Td (net ) Tj ET Q q 0 0 0 rg BT 138.53 443.10 Td (of ) Tj ET Q q 0 0 0 rg BT 149.21 443.10 Td (any ) Tj ET Q q 0 0 0 rg BT 166.00 443.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 198.34 443.10 Td (already ) Tj ET Q q 0 0 0 rg BT 230.12 443.10 Td (treated ) Tj ET Q q 0 0 0 rg BT 259.67 443.10 Td (as ) Tj ET Q q 0 0 0 rg BT 270.35 443.10 Td (profits ) Tj ET Q q 0 0 0 rg BT 298.81 443.10 Td (as ) Tj ET Q q 0 0 0 rg BT 309.49 443.10 Td (per ) Tj ET Q q 0 0 0 rg BT 324.61 443.10 Td (the ) Tj ET Q q 0 0 0 rg BT 339.18 443.10 Td (above, ) Tj ET Q q 0 0 0 rg BT 367.90 443.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 396.90 443.10 Td (the ) Tj ET Q q 0 0 0 rg BT 411.46 443.10 Td (holder) Tj ET Q q 0 0 0 rg BT 437.38 443.10 Td () Tj ET Q q 0 0 0 rg BT 440.16 443.10 Td (s ) Tj ET Q q 0 0 0 rg BT 446.40 443.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 460.97 443.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 483.32 443.10 Td (in ) Tj ET Q q 0 0 0 rg BT 493.45 443.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 523.01 443.10 Td (common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 431.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 81.52 431.10 Td (correspondingly) Tj ET Q q 0 0 0 rg BT 145.85 431.10 Td (. ) Tj ET Q q 0 0 0 rg BT 150.88 431.10 Td (Distributions ) Tj ET Q q 0 0 0 rg BT 205.63 431.10 Td (out ) Tj ET Q q 0 0 0 rg BT 220.94 431.10 Td (of ) Tj ET Q q 0 0 0 rg BT 231.80 431.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 260.99 431.10 Td (Reserves ) Tj ET Q q 0 0 0 rg BT 299.61 431.10 Td (that ) Tj ET Q q 0 0 0 rg BT 317.13 431.10 Td (are ) Tj ET Q q 0 0 0 rg BT 331.87 431.10 Td (in ) Tj ET Q q 0 0 0 rg BT 342.17 431.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 370.80 431.10 Td (of ) Tj ET Q q 0 0 0 rg BT 381.66 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 396.40 431.10 Td (holders) Tj ET Q q 0 0 0 rg BT 428.43 431.10 Td ( ) Tj ET Q q 0 0 0 rg BT 430.95 431.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 445.70 431.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 468.22 431.10 Td (in ) Tj ET Q q 0 0 0 rg BT 478.53 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 493.27 431.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 523.01 431.10 Td (common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 419.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 81.77 419.10 Td (are ) Tj ET Q q 0 0 0 rg BT 96.75 419.10 Td (treated ) Tj ET Q q 0 0 0 rg BT 126.73 419.10 Td (as ) Tj ET Q q 0 0 0 rg BT 137.84 419.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 179.51 419.10 Td (for ) Tj ET Q q 0 0 0 rg BT 193.95 419.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 208.94 419.10 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 249.77 419.10 Td (Special ) Tj ET Q q 0 0 0 rg BT 281.98 419.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 304.20 419.10 Td (may ) Tj ET Q q 0 0 0 rg BT 324.20 419.10 Td (apply ) Tj ET Q q 0 0 0 rg BT 349.19 419.10 Td (if ) Tj ET Q q 0 0 0 rg BT 358.08 419.10 Td (the ) Tj ET Q q 0 0 0 rg BT 373.07 419.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 416.40 419.10 Td (holders ) Tj ET Q q 0 0 0 rg BT 448.62 419.10 Td (have ) Tj ET Q q 0 0 0 rg BT 470.27 419.10 Td (elected ) Tj ET Q q 0 0 0 rg BT 501.36 419.10 Td (with ) Tj ET Q q 0 0 0 rg BT 521.92 419.10 Td (regard ) Tj ET Q q 0 0 0 rg BT 550.24 419.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 69.45 407.10 Td (common ) Tj ET Q q 0 0 0 rg BT 107.68 407.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 135.90 407.10 Td (in ) Tj ET Q q 0 0 0 rg BT 146.91 407.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 177.35 407.10 Td (into ) Tj ET Q q 0 0 0 rg BT 196.14 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 211.59 407.10 Td (discretionary ) Tj ET Q q 0 0 0 rg BT 267.02 407.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 314.14 407.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 352.36 407.10 Td (regime ) Tj ET Q q 0 0 0 rg BT 383.36 407.10 Td (\() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 386.69 407.10 Td (r) Tj ET Q q 0 0 0 rg BT 390.21 407.10 Td (egime ) Tj ET Q q 0 0 0 rg BT 417.32 407.10 Td (del ) Tj ET Q q 0 0 0 rg BT 432.77 407.10 Td (risparmio ) Tj ET Q q 0 0 0 rg BT 475.46 407.10 Td (gestito) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.12 407.10 Td (\) ) Tj ET Q q 0 0 0 rg BT 508.68 407.10 Td (described ) Tj ET Q q 0 0 0 rg BT 550.23 407.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 395.10 Td (subparagraph ) Tj ET Q q 0 0 0 rg BT 110.37 395.10 Td (\(A\)\(i\) ) Tj ET Q q 0 0 0 rg BT 136.19 395.10 Td (of ) Tj ET Q q 0 0 0 rg BT 147.02 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 161.73 395.10 Td (subsection ) Tj ET Q q 0 0 0 rg BT 206.45 395.10 Td (T) Tj ET Q q 0 0 0 rg BT 216.30 395.10 Td (axation ) Tj ET Q q 0 0 0 rg BT 248.23 395.10 Td (of ) Tj ET Q q 0 0 0 rg BT 259.06 395.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 290.45 395.10 Td (Gains ) Tj ET Q q 0 0 0 rg BT 320.71 395.10 Td (below) Tj ET Q q 0 0 0 rg BT 344.50 395.10 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 97.00 373.10 Td (\(ii\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.22 373.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 115.00 373.10 Td (Sole ) Tj ET Q q 0 0 0 rg BT 133.89 373.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 143.52 373.10 Td (oprietors, ) Tj ET Q q 0 0 0 rg BT 184.36 373.10 Td (business ) Tj ET Q q 0 0 0 rg BT 219.93 373.10 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 272.16 373.10 Td (\(Italian ) Tj ET Q q 0 0 0 rg BT 303.83 373.10 Td (societ ) Tj ET Q q 0 0 0 rg BT 339.39 373.10 Td (in ) Tj ET Q q 0 0 0 rg BT 348.85 373.10 Td (nome ) Tj ET Q q 0 0 0 rg BT 372.18 373.10 Td (collettivo, ) Tj ET Q q 0 0 0 rg BT 419.12 373.10 Td (societ ) Tj ET Q q 0 0 0 rg BT 454.68 373.10 Td (in ) Tj ET Q q 0 0 0 rg BT 464.13 373.10 Td (accomandita ) Tj ET Q q 0 0 0 rg BT 517.46 373.10 Td (semplice ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 115.00 361.10 Td (and ) Tj ET Q q 0 0 0 rg BT 131.72 361.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 161.79 361.10 Td (Italian ) Tj ET Q q 0 0 0 rg BT 190.18 361.10 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 242.46 361.10 Td (as ) Tj ET Q q 0 0 0 rg BT 253.08 361.10 Td (r) Tj ET Q q 0 0 0 rg BT 256.60 361.10 Td (eferr) Tj ET Q q 0 0 0 rg BT 275.66 361.10 Td (ed ) Tj ET Q q 0 0 0 rg BT 286.83 361.10 Td (to ) Tj ET Q q 0 0 0 rg BT 296.33 361.10 Td (in ) Tj ET Q q 0 0 0 rg BT 305.71 361.10 Td (Article ) Tj ET Q q 0 0 0 rg BT 334.64 361.10 Td (5 ) Tj ET Q q 0 0 0 rg BT 341.36 361.10 Td (CIT) Tj ET Q q 0 0 0 rg BT 356.18 361.10 Td (A\), ) Tj ET Q q 0 0 0 rg BT 369.85 361.10 Td (as ) Tj ET Q q 0 0 0 rg BT 380.46 361.10 Td (well ) Tj ET Q q 0 0 0 rg BT 398.85 361.10 Td (as ) Tj ET Q q 0 0 0 rg BT 409.47 361.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 453.96 361.10 Td (and ) Tj ET Q q 0 0 0 rg BT 470.68 361.10 Td (other ) Tj ET Q q 0 0 0 rg BT 493.51 361.10 Td (business ) Tj ET Q q 0 0 0 rg BT 529.13 361.10 Td (entities ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 115.00 349.10 Td (r) Tj ET Q q 0 0 0 rg BT 118.52 349.10 Td (eferr) Tj ET Q q 0 0 0 rg BT 137.59 349.10 Td (ed ) Tj ET Q q 0 0 0 rg BT 149.53 349.10 Td (to ) Tj ET Q q 0 0 0 rg BT 159.80 349.10 Td (in ) Tj ET Q q 0 0 0 rg BT 169.90 349.10 Td (Article ) Tj ET Q q 0 0 0 rg BT 199.61 349.10 Td (73\(1\)\(a\)-\(b\)CIT) Tj ET Q q 0 0 0 rg BT 265.24 349.10 Td (A) Tj ET Q q 0 0 0 rg BT 271.17 349.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 327.10 Td (Regardless ) Tj ET Q q 0 0 0 rg BT 141.95 327.10 Td (of ) Tj ET Q q 0 0 0 rg BT 152.35 327.10 Td (what ) Tj ET Q q 0 0 0 rg BT 173.86 327.10 Td (holders ) Tj ET Q q 0 0 0 rg BT 205.37 327.10 Td (have ) Tj ET Q q 0 0 0 rg BT 226.32 327.10 Td (resolved ) Tj ET Q q 0 0 0 rg BT 262.27 327.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 284.34 327.10 Td (in ) Tj ET Q q 0 0 0 rg BT 294.19 327.10 Td (the ) Tj ET Q q 0 0 0 rg BT 308.48 327.10 Td (shareholders) Tj ET Q q 0 0 0 rg BT 361.60 327.10 Td ( ) Tj ET Q q 0 0 0 rg BT 363.68 327.10 Td (meeting, ) Tj ET Q q 0 0 0 rg BT 400.46 327.10 Td (the ) Tj ET Q q 0 0 0 rg BT 414.75 327.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 450.71 327.10 Td (received ) Tj ET Q q 0 0 0 rg BT 486.64 327.10 Td (as ) Tj ET Q q 0 0 0 rg BT 497.04 327.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 545.23 327.10 Td (out ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 315.10 Td (of ) Tj ET Q q 0 0 0 rg BT 65.68 315.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 95.69 315.10 Td (Reserves ) Tj ET Q q 0 0 0 rg BT 135.14 315.10 Td (of ) Tj ET Q q 0 0 0 rg BT 146.82 315.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 177.38 315.10 Td (by ) Tj ET Q q 0 0 0 rg BT 190.73 315.10 Td (Italian ) Tj ET Q q 0 0 0 rg BT 219.62 315.10 Td (Sole ) Tj ET Q q 0 0 0 rg BT 240.75 315.10 Td (Proprietors, ) Tj ET Q q 0 0 0 rg BT 291.04 315.10 Td (Italian ) Tj ET Q q 0 0 0 rg BT 319.93 315.10 Td (business ) Tj ET Q q 0 0 0 rg BT 357.17 315.10 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 409.40 315.10 Td (\(Italian ) Tj ET Q q 0 0 0 rg BT 441.62 315.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 446.06 315.10 Td (societ ) Tj ET Q q 0 0 0 rg BT 477.73 315.10 Td (in ) Tj ET Q q 0 0 0 rg BT 488.86 315.10 Td (nome ) Tj ET Q q 0 0 0 rg BT 513.87 315.10 Td (collettivo) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.08 315.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 303.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.44 303.10 Td (societ ) Tj ET Q q 0 0 0 rg BT 88.15 303.10 Td (in ) Tj ET Q q 0 0 0 rg BT 97.32 303.10 Td (accomandita ) Tj ET Q q 0 0 0 rg BT 150.36 303.10 Td (semplice) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.35 303.10 Td ( ) Tj ET Q q 0 0 0 rg BT 191.18 303.10 Td (and ) Tj ET Q q 0 0 0 rg BT 207.01 303.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 236.17 303.10 Td (Italian ) Tj ET Q q 0 0 0 rg BT 263.10 303.10 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 313.37 303.10 Td (as ) Tj ET Q q 0 0 0 rg BT 323.08 303.10 Td (referred ) Tj ET Q q 0 0 0 rg BT 356.11 303.10 Td (to ) Tj ET Q q 0 0 0 rg BT 365.28 303.10 Td (in ) Tj ET Q q 0 0 0 rg BT 374.14 303.10 Td (Article ) Tj ET Q q 0 0 0 rg BT 403.29 303.10 Td (5 ) Tj ET Q q 0 0 0 rg BT 409.68 303.10 Td (CIT) Tj ET Q q 0 0 0 rg BT 424.99 303.10 Td (A\), ) Tj ET Q q 0 0 0 rg BT 439.43 303.10 Td (and ) Tj ET Q q 0 0 0 rg BT 455.26 303.10 Td (Italian ) Tj ET Q q 0 0 0 rg BT 482.19 303.10 Td (resident ) Tj ET Q q 0 0 0 rg BT 515.23 303.10 Td (companies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 291.10 Td (and ) Tj ET Q q 0 0 0 rg BT 70.59 291.10 Td (other ) Tj ET Q q 0 0 0 rg BT 93.29 291.10 Td (business ) Tj ET Q q 0 0 0 rg BT 129.33 291.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 160.36 291.10 Td (referred ) Tj ET Q q 0 0 0 rg BT 194.14 291.10 Td (to ) Tj ET Q q 0 0 0 rg BT 204.07 291.10 Td (in ) Tj ET Q q 0 0 0 rg BT 213.53 291.10 Td (Article ) Tj ET Q q 0 0 0 rg BT 243.44 291.10 Td (73\(1\)\(a\)-\(b\)CIT) Tj ET Q q 0 0 0 rg BT 309.00 291.10 Td (A) Tj ET Q q 0 0 0 rg BT 315.67 291.10 Td ( ) Tj ET Q q 0 0 0 rg BT 317.82 291.10 Td (are ) Tj ET Q q 0 0 0 rg BT 332.17 291.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 365.42 291.10 Td (to ) Tj ET Q q 0 0 0 rg BT 375.34 291.10 Td (be, ) Tj ET Q q 0 0 0 rg BT 389.43 291.10 Td (and ) Tj ET Q q 0 0 0 rg BT 406.02 291.10 Td (are ) Tj ET Q q 0 0 0 rg BT 420.38 291.10 Td (treated ) Tj ET Q q 0 0 0 rg BT 449.73 291.10 Td (as, ) Tj ET Q q 0 0 0 rg BT 462.71 291.10 Td (profits ) Tj ET Q q 0 0 0 rg BT 490.97 291.10 Td (for ) Tj ET Q q 0 0 0 rg BT 504.78 291.10 Td (the ) Tj ET Q q 0 0 0 rg BT 519.15 291.10 Td (recipients ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 279.10 Td (to ) Tj ET Q q 0 0 0 rg BT 63.96 279.10 Td (the ) Tj ET Q q 0 0 0 rg BT 78.36 279.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 104.98 279.10 Td (that ) Tj ET Q q 0 0 0 rg BT 122.16 279.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 151.55 279.10 Td (has ) Tj ET Q q 0 0 0 rg BT 167.07 279.10 Td (current ) Tj ET Q q 0 0 0 rg BT 197.56 279.10 Td (year ) Tj ET Q q 0 0 0 rg BT 216.96 279.10 Td (profits ) Tj ET Q q 0 0 0 rg BT 245.25 279.10 Td (and ) Tj ET Q q 0 0 0 rg BT 261.87 279.10 Td (retained ) Tj ET Q q 0 0 0 rg BT 296.26 279.10 Td (profits ) Tj ET Q q 0 0 0 rg BT 324.55 279.10 Td (\(except ) Tj ET Q q 0 0 0 rg BT 356.16 279.10 Td (for ) Tj ET Q q 0 0 0 rg BT 370.00 279.10 Td (any ) Tj ET Q q 0 0 0 rg BT 386.62 279.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 417.70 279.10 Td (thereof ) Tj ET Q q 0 0 0 rg BT 448.19 279.10 Td (earmarked ) Tj ET Q q 0 0 0 rg BT 492.57 279.10 Td (to ) Tj ET Q q 0 0 0 rg BT 502.53 279.10 Td (a ) Tj ET Q q 0 0 0 rg BT 509.16 279.10 Td (tax-deferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 267.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 85.27 267.10 Td (or ) Tj ET Q q 0 0 0 rg BT 96.01 267.10 Td (non-distributable ) Tj ET Q q 0 0 0 rg BT 166.74 267.10 Td (reserves\). ) Tj ET Q q 0 0 0 rg BT 207.20 267.10 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 246.28 267.10 Td (treated ) Tj ET Q q 0 0 0 rg BT 275.88 267.10 Td (as ) Tj ET Q q 0 0 0 rg BT 286.62 267.10 Td (profits ) Tj ET Q q 0 0 0 rg BT 315.14 267.10 Td (should ) Tj ET Q q 0 0 0 rg BT 344.21 267.10 Td (be ) Tj ET Q q 0 0 0 rg BT 356.06 267.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 386.79 267.10 Td (to ) Tj ET Q q 0 0 0 rg BT 396.97 267.10 Td (the ) Tj ET Q q 0 0 0 rg BT 411.60 267.10 Td (same ) Tj ET Q q 0 0 0 rg BT 434.55 267.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 449.17 267.10 Td (regime ) Tj ET Q q 0 0 0 rg BT 479.34 267.10 Td (described ) Tj ET Q q 0 0 0 rg BT 520.06 267.10 Td (above ) Tj ET Q q 0 0 0 rg BT 546.35 267.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 255.10 Td (dividends. ) Tj ET Q q 0 0 0 rg BT 97.79 255.10 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 137.55 255.10 Td (received ) Tj ET Q q 0 0 0 rg BT 174.51 255.10 Td (as ) Tj ET Q q 0 0 0 rg BT 185.93 255.10 Td (distributions ) Tj ET Q q 0 0 0 rg BT 239.02 255.10 Td (out ) Tj ET Q q 0 0 0 rg BT 254.89 255.10 Td (of ) Tj ET Q q 0 0 0 rg BT 266.31 255.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 296.06 255.10 Td (Reserves, ) Tj ET Q q 0 0 0 rg BT 337.75 255.10 Td (net ) Tj ET Q q 0 0 0 rg BT 353.06 255.10 Td (of ) Tj ET Q q 0 0 0 rg BT 364.48 255.10 Td (any ) Tj ET Q q 0 0 0 rg BT 382.01 255.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 415.09 255.10 Td (already ) Tj ET Q q 0 0 0 rg BT 447.61 255.10 Td (treated ) Tj ET Q q 0 0 0 rg BT 477.90 255.10 Td (as ) Tj ET Q q 0 0 0 rg BT 489.32 255.10 Td (profits ) Tj ET Q q 0 0 0 rg BT 518.52 255.10 Td (as ) Tj ET Q q 0 0 0 rg BT 529.94 255.10 Td (per ) Tj ET Q q 0 0 0 rg BT 545.79 255.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 243.10 Td (above, ) Tj ET Q q 0 0 0 rg BT 83.25 243.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 112.77 243.10 Td (the ) Tj ET Q q 0 0 0 rg BT 127.86 243.10 Td (holder) Tj ET Q q 0 0 0 rg BT 153.78 243.10 Td () Tj ET Q q 0 0 0 rg BT 156.56 243.10 Td (s ) Tj ET Q q 0 0 0 rg BT 163.32 243.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 178.41 243.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 201.29 243.10 Td (in ) Tj ET Q q 0 0 0 rg BT 211.94 243.10 Td (the ) Tj ET Q q 0 0 0 rg BT 227.03 243.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 257.11 243.10 Td (common ) Tj ET Q q 0 0 0 rg BT 294.98 243.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 322.84 243.10 Td (correspondingly) Tj ET Q q 0 0 0 rg BT 387.18 243.10 Td (. ) Tj ET Q q 0 0 0 rg BT 392.55 243.10 Td (Distributions ) Tj ET Q q 0 0 0 rg BT 447.65 243.10 Td (out ) Tj ET Q q 0 0 0 rg BT 463.30 243.10 Td (of ) Tj ET Q q 0 0 0 rg BT 474.51 243.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 504.04 243.10 Td (Reserves ) Tj ET Q q 0 0 0 rg BT 543.02 243.10 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 231.10 Td (are ) Tj ET Q q 0 0 0 rg BT 68.91 231.10 Td (in ) Tj ET Q q 0 0 0 rg BT 79.39 231.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 108.19 231.10 Td (of ) Tj ET Q q 0 0 0 rg BT 119.22 231.10 Td (the ) Tj ET Q q 0 0 0 rg BT 134.14 231.10 Td (holders) Tj ET Q q 0 0 0 rg BT 166.17 231.10 Td ( ) Tj ET Q q 0 0 0 rg BT 168.87 231.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 183.79 231.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 206.49 231.10 Td (in ) Tj ET Q q 0 0 0 rg BT 216.97 231.10 Td (the ) Tj ET Q q 0 0 0 rg BT 231.89 231.10 Td (common ) Tj ET Q q 0 0 0 rg BT 269.58 231.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 297.27 231.10 Td (in ) Tj ET Q q 0 0 0 rg BT 307.75 231.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 337.66 231.10 Td (are ) Tj ET Q q 0 0 0 rg BT 352.57 231.10 Td (treated ) Tj ET Q q 0 0 0 rg BT 382.48 231.10 Td (as ) Tj ET Q q 0 0 0 rg BT 393.51 231.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 422.86 231.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 446.67 231.10 Td (for ) Tj ET Q q 0 0 0 rg BT 461.03 231.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 475.95 231.10 Td (purposes ) Tj ET Q q 0 0 0 rg BT 514.20 231.10 Td (and ) Tj ET Q q 0 0 0 rg BT 531.34 231.10 Td (should ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 219.10 Td (be ) Tj ET Q q 0 0 0 rg BT 65.94 219.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 96.76 219.10 Td (to ) Tj ET Q q 0 0 0 rg BT 107.04 219.10 Td (the ) Tj ET Q q 0 0 0 rg BT 121.76 219.10 Td (same ) Tj ET Q q 0 0 0 rg BT 144.81 219.10 Td (regime ) Tj ET Q q 0 0 0 rg BT 175.07 219.10 Td (described ) Tj ET Q q 0 0 0 rg BT 215.88 219.10 Td (in ) Tj ET Q q 0 0 0 rg BT 226.16 219.10 Td (the ) Tj ET Q q 0 0 0 rg BT 240.88 219.10 Td (subsection ) Tj ET Q q 0 0 0 rg BT 285.60 219.10 Td (T) Tj ET Q q 0 0 0 rg BT 295.45 219.10 Td (axation ) Tj ET Q q 0 0 0 rg BT 327.38 219.10 Td (of ) Tj ET Q q 0 0 0 rg BT 338.21 219.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 369.59 219.10 Td (Gains ) Tj ET Q q 0 0 0 rg BT 399.86 219.10 Td (below) Tj ET Q q 0 0 0 rg BT 423.65 219.10 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 97.00 197.10 Td (\(iii\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.00 197.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 115.00 197.10 Td (Non-business entities r) Tj ET Q q 0 0 0 rg BT 206.29 197.10 Td (eferr) Tj ET Q q 0 0 0 rg BT 225.36 197.10 Td (ed to in ) Tj ET Q q 0 0 0 rg BT 257.68 197.10 Td (Article 73\(1\)\(c\) CIT) Tj ET Q q 0 0 0 rg BT 337.47 197.10 Td (A) Tj ET Q q 0 0 0 rg BT 343.39 197.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 175.10 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 134.83 175.10 Td (received ) Tj ET Q q 0 0 0 rg BT 170.85 175.10 Td (by ) Tj ET Q q 0 0 0 rg BT 183.00 175.10 Td (Italian ) Tj ET Q q 0 0 0 rg BT 210.70 175.10 Td (resident ) Tj ET Q q 0 0 0 rg BT 244.52 175.10 Td (non-business ) Tj ET Q q 0 0 0 rg BT 298.89 175.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 329.93 175.10 Td (referred ) Tj ET Q q 0 0 0 rg BT 363.73 175.10 Td (to ) Tj ET Q q 0 0 0 rg BT 373.66 175.10 Td (in ) Tj ET Q q 0 0 0 rg BT 383.12 175.10 Td (Article ) Tj ET Q q 0 0 0 rg BT 413.04 175.10 Td (73\(1\)\(c\) ) Tj ET Q q 0 0 0 rg BT 447.96 175.10 Td (CIT) Tj ET Q q 0 0 0 rg BT 463.27 175.10 Td (A) Tj ET Q q 0 0 0 rg BT 469.94 175.10 Td ( ) Tj ET Q q 0 0 0 rg BT 472.09 175.10 Td (as ) Tj ET Q q 0 0 0 rg BT 482.58 175.10 Td (distributions ) Tj ET Q q 0 0 0 rg BT 534.74 175.10 Td (out ) Tj ET Q q 0 0 0 rg BT 549.68 175.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 163.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 83.49 163.10 Td (Reserves, ) Tj ET Q q 0 0 0 rg BT 124.91 163.10 Td (net ) Tj ET Q q 0 0 0 rg BT 139.95 163.10 Td (of ) Tj ET Q q 0 0 0 rg BT 151.11 163.10 Td (any ) Tj ET Q q 0 0 0 rg BT 168.37 163.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 201.19 163.10 Td (already ) Tj ET Q q 0 0 0 rg BT 233.43 163.10 Td (treated ) Tj ET Q q 0 0 0 rg BT 263.46 163.10 Td (as ) Tj ET Q q 0 0 0 rg BT 274.61 163.10 Td (profits ) Tj ET Q q 0 0 0 rg BT 303.55 163.10 Td (as ) Tj ET Q q 0 0 0 rg BT 314.70 163.10 Td (per ) Tj ET Q q 0 0 0 rg BT 330.29 163.10 Td (the ) Tj ET Q q 0 0 0 rg BT 345.33 163.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 367.59 163.10 Td (described ) Tj ET Q q 0 0 0 rg BT 408.73 163.10 Td (in ) Tj ET Q q 0 0 0 rg BT 419.34 163.10 Td (subparagraph ) Tj ET Q q 0 0 0 rg BT 476.03 163.10 Td (\(A\)\(i\) ) Tj ET Q q 0 0 0 rg BT 502.17 163.10 Td (above, ) Tj ET Q q 0 0 0 rg BT 531.37 163.10 Td (reduce ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 151.10 Td (the ) Tj ET Q q 0 0 0 rg BT 68.71 151.10 Td (holder) Tj ET Q q 0 0 0 rg BT 94.63 151.10 Td () Tj ET Q q 0 0 0 rg BT 97.41 151.10 Td (s ) Tj ET Q q 0 0 0 rg BT 103.80 151.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 118.51 151.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 141.01 151.10 Td (in ) Tj ET Q q 0 0 0 rg BT 151.29 151.10 Td (the ) Tj ET Q q 0 0 0 rg BT 166.00 151.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 195.71 151.10 Td (common ) Tj ET Q q 0 0 0 rg BT 233.20 151.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 260.69 151.10 Td (correspondingly) Tj ET Q q 0 0 0 rg BT 325.02 151.10 Td (. ) Tj ET Q q 0 0 0 rg BT 330.02 151.10 Td (Distributions ) Tj ET Q q 0 0 0 rg BT 384.74 151.10 Td (out ) Tj ET Q q 0 0 0 rg BT 400.02 151.10 Td (of ) Tj ET Q q 0 0 0 rg BT 410.85 151.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 440.01 151.10 Td (Reserves ) Tj ET Q q 0 0 0 rg BT 478.61 151.10 Td (that ) Tj ET Q q 0 0 0 rg BT 496.10 151.10 Td (are ) Tj ET Q q 0 0 0 rg BT 510.80 151.10 Td (in ) Tj ET Q q 0 0 0 rg BT 521.08 151.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 549.68 151.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 139.10 Td (the ) Tj ET Q q 0 0 0 rg BT 68.72 139.10 Td (holders) Tj ET Q q 0 0 0 rg BT 100.74 139.10 Td ( ) Tj ET Q q 0 0 0 rg BT 103.24 139.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 117.96 139.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 140.46 139.10 Td (in ) Tj ET Q q 0 0 0 rg BT 150.74 139.10 Td (the ) Tj ET Q q 0 0 0 rg BT 165.46 139.10 Td (common ) Tj ET Q q 0 0 0 rg BT 202.95 139.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 230.44 139.10 Td (in ) Tj ET Q q 0 0 0 rg BT 240.72 139.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 270.43 139.10 Td (are ) Tj ET Q q 0 0 0 rg BT 285.13 139.10 Td (treated ) Tj ET Q q 0 0 0 rg BT 314.83 139.10 Td (as ) Tj ET Q q 0 0 0 rg BT 325.67 139.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 367.05 139.10 Td (for ) Tj ET Q q 0 0 0 rg BT 381.21 139.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 395.93 139.10 Td (purposes. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 97.00 117.10 Td (\(iv\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.38 117.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 115.00 117.10 Td (Persons exempt fr) Tj ET Q q 0 0 0 rg BT 186.84 117.10 Td (om IRES ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 95.10 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 135.23 95.10 Td (received ) Tj ET Q q 0 0 0 rg BT 171.65 95.10 Td (by ) Tj ET Q q 0 0 0 rg BT 184.21 95.10 Td (Italian ) Tj ET Q q 0 0 0 rg BT 212.31 95.10 Td (resident ) Tj ET Q q 0 0 0 rg BT 246.52 95.10 Td (persons ) Tj ET Q q 0 0 0 rg BT 279.63 95.10 Td (exempt ) Tj ET Q q 0 0 0 rg BT 311.63 95.10 Td (from ) Tj ET Q q 0 0 0 rg BT 333.62 95.10 Td (IRES ) Tj ET Q q 0 0 0 rg BT 357.85 95.10 Td (as ) Tj ET Q q 0 0 0 rg BT 368.74 95.10 Td (distributions ) Tj ET Q q 0 0 0 rg BT 421.30 95.10 Td (out ) Tj ET Q q 0 0 0 rg BT 436.64 95.10 Td (of ) Tj ET Q q 0 0 0 rg BT 447.53 95.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 476.75 95.10 Td (Reserves, ) Tj ET Q q 0 0 0 rg BT 517.91 95.10 Td (net ) Tj ET Q q 0 0 0 rg BT 532.68 95.10 Td (of ) Tj ET Q q 0 0 0 rg BT 543.57 95.10 Td (any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 83.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 86.84 83.10 Td (already ) Tj ET Q q 0 0 0 rg BT 119.11 83.10 Td (treated ) Tj ET Q q 0 0 0 rg BT 149.15 83.10 Td (as ) Tj ET Q q 0 0 0 rg BT 160.32 83.10 Td (profits ) Tj ET Q q 0 0 0 rg BT 189.28 83.10 Td (as ) Tj ET Q q 0 0 0 rg BT 200.45 83.10 Td (per ) Tj ET Q q 0 0 0 rg BT 216.06 83.10 Td (the ) Tj ET Q q 0 0 0 rg BT 231.12 83.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 253.40 83.10 Td (described ) Tj ET Q q 0 0 0 rg BT 294.56 83.10 Td (in ) Tj ET Q q 0 0 0 rg BT 305.18 83.10 Td (subparagraph ) Tj ET Q q 0 0 0 rg BT 361.89 83.10 Td (\(A\)\(i\) ) Tj ET Q q 0 0 0 rg BT 388.06 83.10 Td (above, ) Tj ET Q q 0 0 0 rg BT 417.28 83.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 446.77 83.10 Td (the ) Tj ET Q q 0 0 0 rg BT 461.83 83.10 Td (holder) Tj ET Q q 0 0 0 rg BT 487.74 83.10 Td () Tj ET Q q 0 0 0 rg BT 490.52 83.10 Td (s ) Tj ET Q q 0 0 0 rg BT 497.26 83.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 512.32 83.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 535.16 83.10 Td (in ) Tj ET Q q 0 0 0 rg BT 545.78 83.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 71.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 83.73 71.10 Td (common ) Tj ET Q q 0 0 0 rg BT 121.26 71.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 148.77 71.10 Td (correspondingly) Tj ET Q q 0 0 0 rg BT 213.11 71.10 Td (. ) Tj ET Q q 0 0 0 rg BT 218.14 71.10 Td (Distributions ) Tj ET Q q 0 0 0 rg BT 272.89 71.10 Td (out ) Tj ET Q q 0 0 0 rg BT 288.19 71.10 Td (of ) Tj ET Q q 0 0 0 rg BT 299.05 71.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 328.24 71.10 Td (Reserves ) Tj ET Q q 0 0 0 rg BT 366.87 71.10 Td (that ) Tj ET Q q 0 0 0 rg BT 384.39 71.10 Td (are ) Tj ET Q q 0 0 0 rg BT 399.12 71.10 Td (in ) Tj ET Q q 0 0 0 rg BT 409.43 71.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 438.06 71.10 Td (of ) Tj ET Q q 0 0 0 rg BT 448.91 71.10 Td (the ) Tj ET Q q 0 0 0 rg BT 463.66 71.10 Td (holders) Tj ET Q q 0 0 0 rg BT 495.68 71.10 Td ( ) Tj ET Q q 0 0 0 rg BT 498.21 71.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 512.95 71.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 535.48 71.10 Td (in ) Tj ET Q q 0 0 0 rg BT 545.78 71.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 59.10 Td (common ) Tj ET Q q 0 0 0 rg BT 91.50 59.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 118.99 59.10 Td (in ) Tj ET Q q 0 0 0 rg BT 129.26 59.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 158.97 59.10 Td (are ) Tj ET Q q 0 0 0 rg BT 173.68 59.10 Td (treated ) Tj ET Q q 0 0 0 rg BT 203.38 59.10 Td (as ) Tj ET Q q 0 0 0 rg BT 214.21 59.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 255.60 59.10 Td (for ) Tj ET Q q 0 0 0 rg BT 269.76 59.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 284.47 59.10 Td (purposes. ) Tj ET Q endstream endobj 269 0 obj <> endobj 270 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 297.00 41.20 Td (126) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 97.00 731.10 Td (\(v\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.10 731.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 115.00 731.10 Td (Pension funds and OICR \(other than Real Estate ) Tj ET Q q 0 0 0 rg BT 312.57 731.10 Td (AIF\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 709.10 Td (Based ) Tj ET Q q 0 0 0 rg BT 122.60 709.10 Td (on ) Tj ET Q q 0 0 0 rg BT 134.77 709.10 Td (a ) Tj ET Q q 0 0 0 rg BT 141.37 709.10 Td (systematic ) Tj ET Q q 0 0 0 rg BT 185.75 709.10 Td (interpretation ) Tj ET Q q 0 0 0 rg BT 241.78 709.10 Td (of ) Tj ET Q q 0 0 0 rg BT 252.27 709.10 Td (the ) Tj ET Q q 0 0 0 rg BT 266.65 709.10 Td (statute, ) Tj ET Q q 0 0 0 rg BT 297.42 709.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 333.47 709.10 Td (received ) Tj ET Q q 0 0 0 rg BT 369.50 709.10 Td (by ) Tj ET Q q 0 0 0 rg BT 381.67 709.10 Td (Italian ) Tj ET Q q 0 0 0 rg BT 409.37 709.10 Td (pension ) Tj ET Q q 0 0 0 rg BT 442.65 709.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 467.03 709.10 Td (governed ) Tj ET Q q 0 0 0 rg BT 506.40 709.10 Td (by ) Tj ET Q q 0 0 0 rg BT 518.09 709.10 Td (Article ) Tj ET Q q 0 0 0 rg BT 548.02 709.10 Td (17 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 697.10 Td (of ) Tj ET Q q 0 0 0 rg BT 65.15 697.10 Td (Decree ) Tj ET Q q 0 0 0 rg BT 96.27 697.10 Td (252 ) Tj ET Q q 0 0 0 rg BT 114.09 697.10 Td (as ) Tj ET Q q 0 0 0 rg BT 125.24 697.10 Td (distributions ) Tj ET Q q 0 0 0 rg BT 178.06 697.10 Td (out ) Tj ET Q q 0 0 0 rg BT 193.65 697.10 Td (of ) Tj ET Q q 0 0 0 rg BT 204.80 697.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 234.28 697.10 Td (Reserves ) Tj ET Q q 0 0 0 rg BT 273.20 697.10 Td (should ) Tj ET Q q 0 0 0 rg BT 302.69 697.10 Td (be ) Tj ET Q q 0 0 0 rg BT 314.94 697.10 Td (taken ) Tj ET Q q 0 0 0 rg BT 339.42 697.10 Td (into ) Tj ET Q q 0 0 0 rg BT 357.79 697.10 Td (account ) Tj ET Q q 0 0 0 rg BT 391.70 697.10 Td (to ) Tj ET Q q 0 0 0 rg BT 402.30 697.10 Td (compute ) Tj ET Q q 0 0 0 rg BT 439.55 697.10 Td (the ) Tj ET Q q 0 0 0 rg BT 454.58 697.10 Td (pension ) Tj ET Q q 0 0 0 rg BT 488.51 697.10 Td (fund) Tj ET Q q 0 0 0 rg BT 509.62 697.10 Td (s ) Tj ET Q q 0 0 0 rg BT 516.32 697.10 Td (net ) Tj ET Q q 0 0 0 rg BT 531.36 697.10 Td (annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 685.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 87.81 685.10 Td (yield, ) Tj ET Q q 0 0 0 rg BT 113.03 685.10 Td (which ) Tj ET Q q 0 0 0 rg BT 140.19 685.10 Td (is ) Tj ET Q q 0 0 0 rg BT 149.58 685.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 180.63 685.10 Td (to ) Tj ET Q q 0 0 0 rg BT 191.13 685.10 Td (a ) Tj ET Q q 0 0 0 rg BT 198.29 685.10 Td (20 ) Tj ET Q q 0 0 0 rg BT 211.02 685.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 243.17 685.10 Td (flat ) Tj ET Q q 0 0 0 rg BT 259.21 685.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 274.16 685.10 Td (\() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 277.49 685.10 Td (imposta ) Tj ET Q q 0 0 0 rg BT 311.88 685.10 Td (sostitutiva) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.99 685.10 Td (\). ) Tj ET Q q 0 0 0 rg BT 361.35 685.10 Td (The ) Tj ET Q q 0 0 0 rg BT 379.62 685.10 Td (value ) Tj ET Q q 0 0 0 rg BT 404.00 685.10 Td (of ) Tj ET Q q 0 0 0 rg BT 415.05 685.10 Td (the ) Tj ET Q q 0 0 0 rg BT 429.99 685.10 Td (common ) Tj ET Q q 0 0 0 rg BT 467.71 685.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 495.42 685.10 Td (in ) Tj ET Q q 0 0 0 rg BT 505.93 685.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 535.86 685.10 Td (at ) Tj ET Q q 0 0 0 rg BT 545.80 685.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 673.10 Td (end ) Tj ET Q q 0 0 0 rg BT 70.94 673.10 Td (of ) Tj ET Q q 0 0 0 rg BT 81.77 673.10 Td (the ) Tj ET Q q 0 0 0 rg BT 96.49 673.10 Td (same ) Tj ET Q q 0 0 0 rg BT 119.53 673.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 134.25 673.10 Td (year ) Tj ET Q q 0 0 0 rg BT 153.96 673.10 Td (should ) Tj ET Q q 0 0 0 rg BT 183.13 673.10 Td (also ) Tj ET Q q 0 0 0 rg BT 201.73 673.10 Td (be ) Tj ET Q q 0 0 0 rg BT 213.67 673.10 Td (included ) Tj ET Q q 0 0 0 rg BT 250.61 673.10 Td (in ) Tj ET Q q 0 0 0 rg BT 260.88 673.10 Td (the ) Tj ET Q q 0 0 0 rg BT 275.60 673.10 Td (net ) Tj ET Q q 0 0 0 rg BT 290.32 673.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 319.47 673.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 353.06 673.10 Td (yield. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 651.10 Td (Conversely) Tj ET Q q 0 0 0 rg BT 140.90 651.10 Td (, ) Tj ET Q q 0 0 0 rg BT 146.51 651.10 Td (any ) Tj ET Q q 0 0 0 rg BT 164.05 651.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 201.05 651.10 Td (received ) Tj ET Q q 0 0 0 rg BT 238.02 651.10 Td (by ) Tj ET Q q 0 0 0 rg BT 251.12 651.10 Td (OICR ) Tj ET Q q 0 0 0 rg BT 278.12 651.10 Td (that ) Tj ET Q q 0 0 0 rg BT 296.23 651.10 Td (are ) Tj ET Q q 0 0 0 rg BT 311.54 651.10 Td (set ) Tj ET Q q 0 0 0 rg BT 325.76 651.10 Td (up ) Tj ET Q q 0 0 0 rg BT 338.87 651.10 Td (in, ) Tj ET Q q 0 0 0 rg BT 352.25 651.10 Td (and ) Tj ET Q q 0 0 0 rg BT 369.80 651.10 Td (or) Tj ET Q q 0 0 0 rg BT 377.95 651.10 Td (ganized ) Tj ET Q q 0 0 0 rg BT 412.15 651.10 Td (under ) Tj ET Q q 0 0 0 rg BT 438.03 651.10 Td (the ) Tj ET Q q 0 0 0 rg BT 453.35 651.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 474.79 651.10 Td (of, ) Tj ET Q q 0 0 0 rg BT 488.73 651.10 Td (Italy ) Tj ET Q q 0 0 0 rg BT 510.16 651.10 Td (and ) Tj ET Q q 0 0 0 rg BT 527.71 651.10 Td (that ) Tj ET Q q 0 0 0 rg BT 545.81 651.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 639.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 84.56 639.10 Td (to ) Tj ET Q q 0 0 0 rg BT 94.57 639.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 137.89 639.10 Td (supervision ) Tj ET Q q 0 0 0 rg BT 186.23 639.10 Td (\(other ) Tj ET Q q 0 0 0 rg BT 212.34 639.10 Td (than ) Tj ET Q q 0 0 0 rg BT 231.79 639.10 Td (Real ) Tj ET Q q 0 0 0 rg BT 252.34 639.10 Td (Estate ) Tj ET Q q 0 0 0 rg BT 278.52 639.10 Td (AIF\) ) Tj ET Q q 0 0 0 rg BT 300.19 639.10 Td (as ) Tj ET Q q 0 0 0 rg BT 310.75 639.10 Td (distributions ) Tj ET Q q 0 0 0 rg BT 362.99 639.10 Td (out ) Tj ET Q q 0 0 0 rg BT 378.00 639.10 Td (of ) Tj ET Q q 0 0 0 rg BT 388.56 639.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 417.46 639.10 Td (Reserves ) Tj ET Q q 0 0 0 rg BT 455.79 639.10 Td (are ) Tj ET Q q 0 0 0 rg BT 470.23 639.10 Td (not ) Tj ET Q q 0 0 0 rg BT 485.24 639.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 515.79 639.10 Td (to ) Tj ET Q q 0 0 0 rg BT 525.80 639.10 Td (taxation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 627.10 Td (at ) Tj ET Q q 0 0 0 rg BT 63.72 627.10 Td (the ) Tj ET Q q 0 0 0 rg BT 78.43 627.10 Td (level ) Tj ET Q q 0 0 0 rg BT 100.37 627.10 Td (of ) Tj ET Q q 0 0 0 rg BT 111.20 627.10 Td (the ) Tj ET Q q 0 0 0 rg BT 125.91 627.10 Td (OICR. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 97.00 605.10 Td (\(vi\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.88 605.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 115.00 605.10 Td (Real Estate ) Tj ET Q q 0 0 0 rg BT 163.14 605.10 Td (AIF ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 583.10 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 134.87 583.10 Td (received ) Tj ET Q q 0 0 0 rg BT 170.94 583.10 Td (by ) Tj ET Q q 0 0 0 rg BT 183.14 583.10 Td (Italian ) Tj ET Q q 0 0 0 rg BT 210.88 583.10 Td (Real ) Tj ET Q q 0 0 0 rg BT 231.41 583.10 Td (Estate ) Tj ET Q q 0 0 0 rg BT 257.56 583.10 Td (AIF ) Tj ET Q q 0 0 0 rg BT 275.88 583.10 Td (as ) Tj ET Q q 0 0 0 rg BT 286.41 583.10 Td (distributions ) Tj ET Q q 0 0 0 rg BT 338.61 583.10 Td (out ) Tj ET Q q 0 0 0 rg BT 353.60 583.10 Td (of ) Tj ET Q q 0 0 0 rg BT 364.13 583.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 392.99 583.10 Td (Reserves ) Tj ET Q q 0 0 0 rg BT 431.30 583.10 Td (are ) Tj ET Q q 0 0 0 rg BT 445.70 583.10 Td (not ) Tj ET Q q 0 0 0 rg BT 460.69 583.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 491.21 583.10 Td (to ) Tj ET Q q 0 0 0 rg BT 501.19 583.10 Td (IRES ) Tj ET Q q 0 0 0 rg BT 525.06 583.10 Td (or ) Tj ET Q q 0 0 0 rg BT 535.60 583.10 Td (IRAP) Tj ET Q q 0 0 0 rg BT 558.01 583.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 571.10 Td (at ) Tj ET Q q 0 0 0 rg BT 62.96 571.10 Td (the ) Tj ET Q q 0 0 0 rg BT 76.92 571.10 Td (level ) Tj ET Q q 0 0 0 rg BT 98.09 571.10 Td (of ) Tj ET Q q 0 0 0 rg BT 108.17 571.10 Td (the ) Tj ET Q q 0 0 0 rg BT 122.13 571.10 Td (Real ) Tj ET Q q 0 0 0 rg BT 142.19 571.10 Td (Estate ) Tj ET Q q 0 0 0 rg BT 167.98 571.10 Td (AIF) Tj ET Q q 0 0 0 rg BT 183.30 571.10 Td (. ) Tj ET Q q 0 0 0 rg BT 187.54 571.10 Td (However) Tj ET Q q 0 0 0 rg BT 223.79 571.10 Td (, ) Tj ET Q q 0 0 0 rg BT 228.03 571.10 Td (income ) Tj ET Q q 0 0 0 rg BT 259.21 571.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 292.59 571.10 Td (by ) Tj ET Q q 0 0 0 rg BT 304.33 571.10 Td (Italian ) Tj ET Q q 0 0 0 rg BT 331.62 571.10 Td (Real ) Tj ET Q q 0 0 0 rg BT 351.68 571.10 Td (Estate ) Tj ET Q q 0 0 0 rg BT 377.47 571.10 Td (AIF ) Tj ET Q q 0 0 0 rg BT 395.33 571.10 Td (is ) Tj ET Q q 0 0 0 rg BT 403.74 571.10 Td (attributed ) Tj ET Q q 0 0 0 rg BT 443.80 571.10 Td (pro ) Tj ET Q q 0 0 0 rg BT 458.88 571.10 Td (rata ) Tj ET Q q 0 0 0 rg BT 475.60 571.10 Td (to ) Tj ET Q q 0 0 0 rg BT 485.12 571.10 Td (the ) Tj ET Q q 0 0 0 rg BT 499.08 571.10 Td (Italian ) Tj ET Q q 0 0 0 rg BT 526.37 571.10 Td (resident ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 559.10 Td (unitholders ) Tj ET Q q 0 0 0 rg BT 101.23 559.10 Td (/ ) Tj ET Q q 0 0 0 rg BT 106.25 559.10 Td (shareholders, ) Tj ET Q q 0 0 0 rg BT 161.52 559.10 Td (irrespective ) Tj ET Q q 0 0 0 rg BT 210.40 559.10 Td (of ) Tj ET Q q 0 0 0 rg BT 220.97 559.10 Td (any ) Tj ET Q q 0 0 0 rg BT 237.65 559.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 263.76 559.10 Td (distribution, ) Tj ET Q q 0 0 0 rg BT 314.61 559.10 Td (on ) Tj ET Q q 0 0 0 rg BT 326.85 559.10 Td (a ) Tj ET Q q 0 0 0 rg BT 333.52 559.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 347.98 559.10 Td (transparency ) Tj ET Q q 0 0 0 rg BT 401.30 559.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 423.54 559.10 Td (if ) Tj ET Q q 0 0 0 rg BT 431.88 559.10 Td (the ) Tj ET Q q 0 0 0 rg BT 446.34 559.10 Td (Italian ) Tj ET Q q 0 0 0 rg BT 474.12 559.10 Td (resident ) Tj ET Q q 0 0 0 rg BT 508.01 559.10 Td (unitholders ) Tj ET Q q 0 0 0 rg BT 555.24 559.10 Td (/ ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 547.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 106.85 547.10 Td (are ) Tj ET Q q 0 0 0 rg BT 121.38 547.10 Td (not ) Tj ET Q q 0 0 0 rg BT 136.47 547.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 186.56 547.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 224.99 547.10 Td (and ) Tj ET Q q 0 0 0 rg BT 241.74 547.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 261.84 547.10 Td (units ) Tj ET Q q 0 0 0 rg BT 283.60 547.10 Td (/ ) Tj ET Q q 0 0 0 rg BT 288.70 547.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 316.00 547.10 Td (in ) Tj ET Q q 0 0 0 rg BT 326.10 547.10 Td (the ) Tj ET Q q 0 0 0 rg BT 340.63 547.10 Td (Real ) Tj ET Q q 0 0 0 rg BT 361.27 547.10 Td (Estate ) Tj ET Q q 0 0 0 rg BT 387.51 547.10 Td (AIF ) Tj ET Q q 0 0 0 rg BT 405.94 547.10 Td (representing ) Tj ET Q q 0 0 0 rg BT 457.68 547.10 Td (more ) Tj ET Q q 0 0 0 rg BT 480.54 547.10 Td (than ) Tj ET Q q 0 0 0 rg BT 500.07 547.10 Td (five ) Tj ET Q q 0 0 0 rg BT 517.94 547.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 549.68 547.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 535.10 Td (the ) Tj ET Q q 0 0 0 rg BT 68.72 535.10 Td (Real ) Tj ET Q q 0 0 0 rg BT 89.54 535.10 Td (Estate ) Tj ET Q q 0 0 0 rg BT 115.92 535.10 Td (AIF) Tj ET Q q 0 0 0 rg BT 134.82 535.10 Td (s ) Tj ET Q q 0 0 0 rg BT 141.21 535.10 Td (net ) Tj ET Q q 0 0 0 rg BT 155.92 535.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 177.86 535.10 Td (value. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 513.10 Td (\(B\) ) Tj ET Q q 0 0 0 rg BT 115.00 513.10 Td (N) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 122.22 513.10 Td (ON) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.33 513.10 Td (-I) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 138.99 513.10 Td (T) Tj ET Q q 0 0 0 rg BT 142.71 513.10 Td (ALIAN) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.48 513.10 Td ( R) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 173.65 513.10 Td (ESIDENT) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.81 513.10 Td ( P) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 210.87 513.10 Td (ERSONS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.71 513.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 97.00 491.10 Td (\(i\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.44 491.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 115.00 491.10 Td (Non-r) Tj ET Q q 0 0 0 rg BT 138.52 491.10 Td (esident persons that do not hold the common shar) Tj ET Q q 0 0 0 rg BT 337.58 491.10 Td (es in Ferrari thr) Tj ET Q q 0 0 0 rg BT 402.49 491.10 Td (ough a permanent establishment in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 115.00 479.10 Td (Italy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 457.10 Td (For ) Tj ET Q q 0 0 0 rg BT 112.34 457.10 Td (non-Italian ) Tj ET Q q 0 0 0 rg BT 158.67 457.10 Td (resident ) Tj ET Q q 0 0 0 rg BT 192.78 457.10 Td (persons ) Tj ET Q q 0 0 0 rg BT 225.78 457.10 Td (\(whether ) Tj ET Q q 0 0 0 rg BT 263.77 457.10 Td (individuals ) Tj ET Q q 0 0 0 rg BT 310.67 457.10 Td (or ) Tj ET Q q 0 0 0 rg BT 321.45 457.10 Td (corporations\) ) Tj ET Q q 0 0 0 rg BT 377.22 457.10 Td (without ) Tj ET Q q 0 0 0 rg BT 410.23 457.10 Td (a ) Tj ET Q q 0 0 0 rg BT 417.12 457.10 Td (permanent ) Tj ET Q q 0 0 0 rg BT 461.77 457.10 Td (establishment ) Tj ET Q q 0 0 0 rg BT 519.22 457.10 Td (in ) Tj ET Q q 0 0 0 rg BT 529.45 457.10 Td (Italy ) Tj ET Q q 0 0 0 rg BT 550.22 457.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 445.10 Td (which ) Tj ET Q q 0 0 0 rg BT 80.67 445.10 Td (the ) Tj ET Q q 0 0 0 rg BT 95.12 445.10 Td (common ) Tj ET Q q 0 0 0 rg BT 132.35 445.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 159.57 445.10 Td (in ) Tj ET Q q 0 0 0 rg BT 169.58 445.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 199.02 445.10 Td (are ) Tj ET Q q 0 0 0 rg BT 213.46 445.10 Td (ef) Tj ET Q q 0 0 0 rg BT 221.05 445.10 Td (fectively ) Tj ET Q q 0 0 0 rg BT 258.26 445.10 Td (connected, ) Tj ET Q q 0 0 0 rg BT 303.53 445.10 Td (the ) Tj ET Q q 0 0 0 rg BT 317.98 445.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 354.10 445.10 Td (received ) Tj ET Q q 0 0 0 rg BT 390.19 445.10 Td (as ) Tj ET Q q 0 0 0 rg BT 400.76 445.10 Td (distributions ) Tj ET Q q 0 0 0 rg BT 453.00 445.10 Td (out ) Tj ET Q q 0 0 0 rg BT 468.01 445.10 Td (of ) Tj ET Q q 0 0 0 rg BT 478.57 445.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 507.47 445.10 Td (Reserves ) Tj ET Q q 0 0 0 rg BT 545.80 445.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 433.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 83.84 433.10 Td (to ) Tj ET Q q 0 0 0 rg BT 93.14 433.10 Td (the ) Tj ET Q q 0 0 0 rg BT 106.87 433.10 Td (same ) Tj ET Q q 0 0 0 rg BT 128.93 433.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 142.66 433.10 Td (regime ) Tj ET Q q 0 0 0 rg BT 171.94 433.10 Td (as ) Tj ET Q q 0 0 0 rg BT 181.79 433.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 224.40 433.10 Td (to ) Tj ET Q q 0 0 0 rg BT 233.69 433.10 Td (Italian ) Tj ET Q q 0 0 0 rg BT 260.75 433.10 Td (resident ) Tj ET Q q 0 0 0 rg BT 293.92 433.10 Td (individuals ) Tj ET Q q 0 0 0 rg BT 339.88 433.10 Td (not ) Tj ET Q q 0 0 0 rg BT 354.17 433.10 Td (engaged ) Tj ET Q q 0 0 0 rg BT 389.00 433.10 Td (in ) Tj ET Q q 0 0 0 rg BT 398.30 433.10 Td (business ) Tj ET Q q 0 0 0 rg BT 433.71 433.10 Td (activity) Tj ET Q q 0 0 0 rg BT 463.05 433.10 Td (. ) Tj ET Q q 0 0 0 rg BT 466.95 433.10 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 510.38 433.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.12 433.10 Td (amounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 421.10 Td (received ) Tj ET Q q 0 0 0 rg BT 91.17 421.10 Td (as ) Tj ET Q q 0 0 0 rg BT 102.81 421.10 Td (distributions ) Tj ET Q q 0 0 0 rg BT 156.12 421.10 Td (out ) Tj ET Q q 0 0 0 rg BT 172.20 421.10 Td (of ) Tj ET Q q 0 0 0 rg BT 183.84 421.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 213.81 421.10 Td (Reserves, ) Tj ET Q q 0 0 0 rg BT 255.72 421.10 Td (net ) Tj ET Q q 0 0 0 rg BT 271.24 421.10 Td (of ) Tj ET Q q 0 0 0 rg BT 282.88 421.10 Td (any ) Tj ET Q q 0 0 0 rg BT 300.63 421.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 333.93 421.10 Td (that ) Tj ET Q q 0 0 0 rg BT 352.23 421.10 Td (has ) Tj ET Q q 0 0 0 rg BT 368.87 421.10 Td (already ) Tj ET Q q 0 0 0 rg BT 401.60 421.10 Td (been ) Tj ET Q q 0 0 0 rg BT 423.78 421.10 Td (treated ) Tj ET Q q 0 0 0 rg BT 454.29 421.10 Td (as ) Tj ET Q q 0 0 0 rg BT 465.93 421.10 Td (profits ) Tj ET Q q 0 0 0 rg BT 495.34 421.10 Td (as ) Tj ET Q q 0 0 0 rg BT 506.98 421.10 Td (per ) Tj ET Q q 0 0 0 rg BT 523.06 421.10 Td (the ) Tj ET Q q 0 0 0 rg BT 538.58 421.10 Td (rules ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 409.10 Td (described ) Tj ET Q q 0 0 0 rg BT 93.84 409.10 Td (in ) Tj ET Q q 0 0 0 rg BT 103.15 409.10 Td (subparagraph ) Tj ET Q q 0 0 0 rg BT 158.54 409.10 Td (\(A\)\(i\) ) Tj ET Q q 0 0 0 rg BT 183.39 409.10 Td (above, ) Tj ET Q q 0 0 0 rg BT 211.29 409.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 239.47 409.10 Td (the ) Tj ET Q q 0 0 0 rg BT 253.21 409.10 Td (holder) Tj ET Q q 0 0 0 rg BT 279.13 409.10 Td () Tj ET Q q 0 0 0 rg BT 281.91 409.10 Td (s ) Tj ET Q q 0 0 0 rg BT 287.33 409.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 301.07 409.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 322.60 409.10 Td (in ) Tj ET Q q 0 0 0 rg BT 331.90 409.10 Td (the ) Tj ET Q q 0 0 0 rg BT 345.65 409.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 374.38 409.10 Td (common ) Tj ET Q q 0 0 0 rg BT 410.91 409.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 437.42 409.10 Td (correspondingly) Tj ET Q q 0 0 0 rg BT 501.76 409.10 Td (. ) Tj ET Q q 0 0 0 rg BT 505.79 409.10 Td (Distributions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 397.10 Td (out ) Tj ET Q q 0 0 0 rg BT 69.43 397.10 Td (of ) Tj ET Q q 0 0 0 rg BT 80.41 397.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 109.73 397.10 Td (Reserves ) Tj ET Q q 0 0 0 rg BT 148.48 397.10 Td (that ) Tj ET Q q 0 0 0 rg BT 166.13 397.10 Td (are ) Tj ET Q q 0 0 0 rg BT 180.99 397.10 Td (in ) Tj ET Q q 0 0 0 rg BT 191.42 397.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 220.17 397.10 Td (of ) Tj ET Q q 0 0 0 rg BT 231.16 397.10 Td (the ) Tj ET Q q 0 0 0 rg BT 246.03 397.10 Td (holders) Tj ET Q q 0 0 0 rg BT 278.05 397.10 Td ( ) Tj ET Q q 0 0 0 rg BT 280.71 397.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 295.58 397.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 318.23 397.10 Td (in ) Tj ET Q q 0 0 0 rg BT 328.66 397.10 Td (the ) Tj ET Q q 0 0 0 rg BT 343.53 397.10 Td (common ) Tj ET Q q 0 0 0 rg BT 381.18 397.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 408.82 397.10 Td (in ) Tj ET Q q 0 0 0 rg BT 419.25 397.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 449.11 397.10 Td (are ) Tj ET Q q 0 0 0 rg BT 463.97 397.10 Td (treated ) Tj ET Q q 0 0 0 rg BT 493.83 397.10 Td (as ) Tj ET Q q 0 0 0 rg BT 504.81 397.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 546.35 397.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 385.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 68.72 385.10 Td (purposes. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 97.00 363.10 Td (\(ii\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.22 363.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 115.00 363.10 Td (Non-r) Tj ET Q q 0 0 0 rg BT 138.52 363.10 Td (esident persons holding the common shar) Tj ET Q q 0 0 0 rg BT 304.53 363.10 Td (es in Ferrari thr) Tj ET Q q 0 0 0 rg BT 369.43 363.10 Td (ough a permanent establishment in Italy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 341.10 Td (For ) Tj ET Q q 0 0 0 rg BT 112.59 341.10 Td (non-Italian ) Tj ET Q q 0 0 0 rg BT 159.17 341.10 Td (resident ) Tj ET Q q 0 0 0 rg BT 193.52 341.10 Td (persons ) Tj ET Q q 0 0 0 rg BT 226.78 341.10 Td (that ) Tj ET Q q 0 0 0 rg BT 244.47 341.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 264.95 341.10 Td (the ) Tj ET Q q 0 0 0 rg BT 279.87 341.10 Td (common ) Tj ET Q q 0 0 0 rg BT 317.57 341.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 345.26 341.10 Td (in ) Tj ET Q q 0 0 0 rg BT 355.74 341.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 385.65 341.10 Td (through ) Tj ET Q q 0 0 0 rg BT 419.46 341.10 Td (a ) Tj ET Q q 0 0 0 rg BT 426.60 341.10 Td (permanent ) Tj ET Q q 0 0 0 rg BT 471.50 341.10 Td (establishment ) Tj ET Q q 0 0 0 rg BT 529.20 341.10 Td (in ) Tj ET Q q 0 0 0 rg BT 539.68 341.10 Td (Italy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 329.10 Td (to ) Tj ET Q q 0 0 0 rg BT 64.01 329.10 Td (which ) Tj ET Q q 0 0 0 rg BT 90.68 329.10 Td (the ) Tj ET Q q 0 0 0 rg BT 105.13 329.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 134.57 329.10 Td (common ) Tj ET Q q 0 0 0 rg BT 171.80 329.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 199.02 329.10 Td (are ) Tj ET Q q 0 0 0 rg BT 213.46 329.10 Td (ef) Tj ET Q q 0 0 0 rg BT 221.05 329.10 Td (fectively ) Tj ET Q q 0 0 0 rg BT 258.26 329.10 Td (connected, ) Tj ET Q q 0 0 0 rg BT 303.53 329.10 Td (the ) Tj ET Q q 0 0 0 rg BT 317.98 329.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 354.10 329.10 Td (received ) Tj ET Q q 0 0 0 rg BT 390.19 329.10 Td (as ) Tj ET Q q 0 0 0 rg BT 400.76 329.10 Td (distributions ) Tj ET Q q 0 0 0 rg BT 453.00 329.10 Td (out ) Tj ET Q q 0 0 0 rg BT 468.01 329.10 Td (of ) Tj ET Q q 0 0 0 rg BT 478.57 329.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 507.47 329.10 Td (Reserves ) Tj ET Q q 0 0 0 rg BT 545.80 329.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 317.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 85.12 317.10 Td (to ) Tj ET Q q 0 0 0 rg BT 95.69 317.10 Td (the ) Tj ET Q q 0 0 0 rg BT 110.71 317.10 Td (same ) Tj ET Q q 0 0 0 rg BT 134.05 317.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 149.06 317.10 Td (regime ) Tj ET Q q 0 0 0 rg BT 179.62 317.10 Td (as ) Tj ET Q q 0 0 0 rg BT 190.75 317.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 234.63 317.10 Td (to ) Tj ET Q q 0 0 0 rg BT 245.20 317.10 Td (Italian ) Tj ET Q q 0 0 0 rg BT 273.54 317.10 Td (resident ) Tj ET Q q 0 0 0 rg BT 307.99 317.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 353.55 317.10 Td (and ) Tj ET Q q 0 0 0 rg BT 370.78 317.10 Td (other ) Tj ET Q q 0 0 0 rg BT 394.13 317.10 Td (business ) Tj ET Q q 0 0 0 rg BT 430.81 317.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 462.49 317.10 Td (referred ) Tj ET Q q 0 0 0 rg BT 496.92 317.10 Td (to ) Tj ET Q q 0 0 0 rg BT 507.50 317.10 Td (in ) Tj ET Q q 0 0 0 rg BT 517.45 317.10 Td (Article ) Tj ET Q q 0 0 0 rg BT 548.01 317.10 Td (73) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 305.10 Td (\(1\)\(a\)-\(b\)CIT) Tj ET Q q 0 0 0 rg BT 109.56 305.10 Td (A) Tj ET Q q 0 0 0 rg BT 116.23 305.10 Td ( ) Tj ET Q q 0 0 0 rg BT 119.45 305.10 Td (as ) Tj ET Q q 0 0 0 rg BT 131.01 305.10 Td (described ) Tj ET Q q 0 0 0 rg BT 172.55 305.10 Td (in ) Tj ET Q q 0 0 0 rg BT 183.56 305.10 Td (subparagraph ) Tj ET Q q 0 0 0 rg BT 240.65 305.10 Td (\(A\)\(ii\) ) Tj ET Q q 0 0 0 rg BT 269.98 305.10 Td (above. ) Tj ET Q q 0 0 0 rg BT 299.58 305.10 Td (If ) Tj ET Q q 0 0 0 rg BT 309.47 305.10 Td (the ) Tj ET Q q 0 0 0 rg BT 324.91 305.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 354.80 305.10 Td (Reserves ) Tj ET Q q 0 0 0 rg BT 394.13 305.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 443.47 305.10 Td (relates ) Tj ET Q q 0 0 0 rg BT 472.79 305.10 Td (to ) Tj ET Q q 0 0 0 rg BT 483.79 305.10 Td (common ) Tj ET Q q 0 0 0 rg BT 522.01 305.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 550.23 305.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 293.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 84.22 293.10 Td (that ) Tj ET Q q 0 0 0 rg BT 102.23 293.10 Td (are ) Tj ET Q q 0 0 0 rg BT 117.45 293.10 Td (not ) Tj ET Q q 0 0 0 rg BT 133.24 293.10 Td (connected ) Tj ET Q q 0 0 0 rg BT 176.79 293.10 Td (to ) Tj ET Q q 0 0 0 rg BT 187.58 293.10 Td (a ) Tj ET Q q 0 0 0 rg BT 195.04 293.10 Td (permanent ) Tj ET Q q 0 0 0 rg BT 240.25 293.10 Td (establishment ) Tj ET Q q 0 0 0 rg BT 298.26 293.10 Td (in ) Tj ET Q q 0 0 0 rg BT 309.05 293.10 Td (Italy ) Tj ET Q q 0 0 0 rg BT 330.39 293.10 Td (of ) Tj ET Q q 0 0 0 rg BT 341.73 293.10 Td (the ) Tj ET Q q 0 0 0 rg BT 356.96 293.10 Td (non-resident ) Tj ET Q q 0 0 0 rg BT 409.96 293.10 Td (recipient, ) Tj ET Q q 0 0 0 rg BT 450.46 293.10 Td (reference ) Tj ET Q q 0 0 0 rg BT 490.65 293.10 Td (must ) Tj ET Q q 0 0 0 rg BT 513.12 293.10 Td (be ) Tj ET Q q 0 0 0 rg BT 525.57 293.10 Td (made ) Tj ET Q q 0 0 0 rg BT 550.24 293.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 281.10 Td (subparagraph ) Tj ET Q q 0 0 0 rg BT 110.37 281.10 Td (\(B\)\(i\) ) Tj ET Q q 0 0 0 rg BT 135.64 281.10 Td (above. ) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 96.00 269.90 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 257.90 Td (T) Tj ET Q q 0 0 0 rg BT 59.19 257.90 Td (axation of Capital Gains ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 235.90 Td (The ) Tj ET Q q 0 0 0 rg BT 113.43 235.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 127.54 235.90 Td (regime ) Tj ET Q q 0 0 0 rg BT 157.19 235.90 Td (summarized ) Tj ET Q q 0 0 0 rg BT 207.94 235.90 Td (in ) Tj ET Q q 0 0 0 rg BT 217.61 235.90 Td (this ) Tj ET Q q 0 0 0 rg BT 233.94 235.90 Td (subsection ) Tj ET Q q 0 0 0 rg BT 278.05 235.90 Td (T) Tj ET Q q 0 0 0 rg BT 287.90 235.90 Td (axation ) Tj ET Q q 0 0 0 rg BT 319.21 235.90 Td (of ) Tj ET Q q 0 0 0 rg BT 329.43 235.90 Td (Capital ) Tj ET Q q 0 0 0 rg BT 360.20 235.90 Td (Gains ) Tj ET Q q 0 0 0 rg BT 389.85 235.90 Td (applies ) Tj ET Q q 0 0 0 rg BT 420.07 235.90 Td (only ) Tj ET Q q 0 0 0 rg BT 439.73 235.90 Td (to ) Tj ET Q q 0 0 0 rg BT 449.39 235.90 Td (classes ) Tj ET Q q 0 0 0 rg BT 479.05 235.90 Td (of ) Tj ET Q q 0 0 0 rg BT 489.27 235.90 Td (holders ) Tj ET Q q 0 0 0 rg BT 520.59 235.90 Td (of ) Tj ET Q q 0 0 0 rg BT 530.81 235.90 Td (Ferrari ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 223.90 Td (common ) Tj ET Q q 0 0 0 rg BT 91.50 223.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 118.99 223.90 Td (and, ) Tj ET Q q 0 0 0 rg BT 138.42 223.90 Td (if ) Tj ET Q q 0 0 0 rg BT 147.03 223.90 Td (applicable, ) Tj ET Q q 0 0 0 rg BT 193.12 223.90 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 222.83 223.90 Td (special ) Tj ET Q q 0 0 0 rg BT 253.09 223.90 Td (voting ) Tj ET Q q 0 0 0 rg BT 281.15 223.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 308.64 223.90 Td (that ) Tj ET Q q 0 0 0 rg BT 326.13 223.90 Td (are ) Tj ET Q q 0 0 0 rg BT 340.84 223.90 Td (described ) Tj ET Q q 0 0 0 rg BT 381.66 223.90 Td (here ) Tj ET Q q 0 0 0 rg BT 401.36 223.90 Td (below) Tj ET Q q 0 0 0 rg BT 425.15 223.90 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 201.90 Td (\(A\) ) Tj ET Q q 0 0 0 rg BT 115.00 201.90 Td (I) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 118.33 201.90 Td (T) Tj ET Q q 0 0 0 rg BT 122.05 201.90 Td (ALIAN) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.82 201.90 Td ( R) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 152.99 201.90 Td (ESIDENT) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.15 201.90 Td ( P) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 190.21 201.90 Td (ERSONS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.05 201.90 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 97.00 179.90 Td (\(i\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.44 179.90 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 115.00 179.90 Td (Italian r) Tj ET Q q 0 0 0 rg BT 147.69 179.90 Td (esident individuals not engaged in business activity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 157.90 Td (The ) Tj ET Q q 0 0 0 rg BT 113.64 157.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 127.94 157.90 Td (regime ) Tj ET Q q 0 0 0 rg BT 157.79 157.90 Td (of ) Tj ET Q q 0 0 0 rg BT 168.21 157.90 Td (capital ) Tj ET Q q 0 0 0 rg BT 196.95 157.90 Td (gains ) Tj ET Q q 0 0 0 rg BT 220.15 157.90 Td (realized ) Tj ET Q q 0 0 0 rg BT 253.88 157.90 Td (by ) Tj ET Q q 0 0 0 rg BT 265.97 157.90 Td (Italian ) Tj ET Q q 0 0 0 rg BT 293.60 157.90 Td (resident ) Tj ET Q q 0 0 0 rg BT 327.34 157.90 Td (individuals ) Tj ET Q q 0 0 0 rg BT 373.88 157.90 Td (upon ) Tj ET Q q 0 0 0 rg BT 395.96 157.90 Td (transfer ) Tj ET Q q 0 0 0 rg BT 428.59 157.90 Td (for ) Tj ET Q q 0 0 0 rg BT 442.34 157.90 Td (consideration ) Tj ET Q q 0 0 0 rg BT 498.30 157.90 Td (of ) Tj ET Q q 0 0 0 rg BT 508.72 157.90 Td (the ) Tj ET Q q 0 0 0 rg BT 523.02 157.90 Td (common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 145.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 81.27 145.90 Td (in ) Tj ET Q q 0 0 0 rg BT 91.32 145.90 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 120.80 145.90 Td (\(as ) Tj ET Q q 0 0 0 rg BT 134.74 145.90 Td (well ) Tj ET Q q 0 0 0 rg BT 154.23 145.90 Td (as ) Tj ET Q q 0 0 0 rg BT 164.83 145.90 Td (of ) Tj ET Q q 0 0 0 rg BT 175.44 145.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 215.48 145.90 Td (or ) Tj ET Q q 0 0 0 rg BT 226.08 145.90 Td (rights ) Tj ET Q q 0 0 0 rg BT 251.14 145.90 Td (whereby ) Tj ET Q q 0 0 0 rg BT 287.84 145.90 Td (common ) Tj ET Q q 0 0 0 rg BT 325.11 145.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 352.38 145.90 Td (in ) Tj ET Q q 0 0 0 rg BT 362.43 145.90 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 391.92 145.90 Td (may ) Tj ET Q q 0 0 0 rg BT 411.41 145.90 Td (be ) Tj ET Q q 0 0 0 rg BT 423.12 145.90 Td (acquired\), ) Tj ET Q q 0 0 0 rg BT 465.65 145.90 Td (other ) Tj ET Q q 0 0 0 rg BT 488.47 145.90 Td (than ) Tj ET Q q 0 0 0 rg BT 507.96 145.90 Td (capital ) Tj ET Q q 0 0 0 rg BT 536.89 145.90 Td (gains ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 133.90 Td (realized ) Tj ET Q q 0 0 0 rg BT 88.14 133.90 Td (in ) Tj ET Q q 0 0 0 rg BT 98.42 133.90 Td (connection ) Tj ET Q q 0 0 0 rg BT 144.79 133.90 Td (with ) Tj ET Q q 0 0 0 rg BT 165.07 133.90 Td (a ) Tj ET Q q 0 0 0 rg BT 172.01 133.90 Td (business ) Tj ET Q q 0 0 0 rg BT 208.40 133.90 Td (activity) Tj ET Q q 0 0 0 rg BT 237.74 133.90 Td (, ) Tj ET Q q 0 0 0 rg BT 242.74 133.90 Td (depends ) Tj ET Q q 0 0 0 rg BT 278.01 133.90 Td (on ) Tj ET Q q 0 0 0 rg BT 290.51 133.90 Td (whether ) Tj ET Q q 0 0 0 rg BT 325.22 133.90 Td (the ) Tj ET Q q 0 0 0 rg BT 339.93 133.90 Td (transfer ) Tj ET Q q 0 0 0 rg BT 372.97 133.90 Td (is ) Tj ET Q q 0 0 0 rg BT 382.14 133.90 Td (a ) Tj ET Q q 0 0 0 rg BT 388.90 133.90 Td (T) Tj ET Q q 0 0 0 rg BT 394.65 133.90 Td (ransfer ) Tj ET Q q 0 0 0 rg BT 424.91 133.90 Td (of ) Tj ET Q q 0 0 0 rg BT 435.74 133.90 Td (Qualified ) Tj ET Q q 0 0 0 rg BT 476.01 133.90 Td (Holdings. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 111.90 Td (T) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 102.11 111.90 Td (RANSFER) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.62 111.90 Td ( ) Tj ET Q q 0 0 0 rg BT 136.44 111.90 Td (O) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 143.66 111.90 Td (F ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.53 111.90 Td (Q) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 156.76 111.90 Td (UALIFIED) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.03 111.90 Td ( ) Tj ET Q q 0 0 0 rg BT 191.85 111.90 Td (H) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 199.07 111.90 Td (OLDINGS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.79 111.90 Td (. ) Tj ET Q q 0 0 0 rg BT 235.12 111.90 Td (49.72 ) Tj ET Q q 0 0 0 rg BT 260.44 111.90 Td (percent ) Tj ET Q q 0 0 0 rg BT 292.69 111.90 Td (of ) Tj ET Q q 0 0 0 rg BT 303.84 111.90 Td (the ) Tj ET Q q 0 0 0 rg BT 318.88 111.90 Td (capital ) Tj ET Q q 0 0 0 rg BT 348.36 111.90 Td (gains ) Tj ET Q q 0 0 0 rg BT 372.29 111.90 Td (realized ) Tj ET Q q 0 0 0 rg BT 406.75 111.90 Td (upon ) Tj ET Q q 0 0 0 rg BT 429.37 111.90 Td (T) Tj ET Q q 0 0 0 rg BT 435.13 111.90 Td (ransfers ) Tj ET Q q 0 0 0 rg BT 469.60 111.90 Td (of ) Tj ET Q q 0 0 0 rg BT 480.76 111.90 Td (Qualified ) Tj ET Q q 0 0 0 rg BT 521.35 111.90 Td (Holdings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 99.90 Td (must ) Tj ET Q q 0 0 0 rg BT 76.55 99.90 Td (be ) Tj ET Q q 0 0 0 rg BT 89.08 99.90 Td (included ) Tj ET Q q 0 0 0 rg BT 126.61 99.90 Td (in ) Tj ET Q q 0 0 0 rg BT 137.49 99.90 Td (the ) Tj ET Q q 0 0 0 rg BT 152.81 99.90 Td (individual) Tj ET Q q 0 0 0 rg BT 196.14 99.90 Td (s ) Tj ET Q q 0 0 0 rg BT 203.13 99.90 Td (overall ) Tj ET Q q 0 0 0 rg BT 233.99 99.90 Td (taxable ) Tj ET Q q 0 0 0 rg BT 265.96 99.90 Td (income ) Tj ET Q q 0 0 0 rg BT 298.49 99.90 Td (and ) Tj ET Q q 0 0 0 rg BT 316.03 99.90 Td (reported ) Tj ET Q q 0 0 0 rg BT 352.44 99.90 Td (in ) Tj ET Q q 0 0 0 rg BT 363.32 99.90 Td (the ) Tj ET Q q 0 0 0 rg BT 378.63 99.90 Td (individual) Tj ET Q q 0 0 0 rg BT 421.96 99.90 Td (s ) Tj ET Q q 0 0 0 rg BT 428.95 99.90 Td (annual ) Tj ET Q q 0 0 0 rg BT 458.70 99.90 Td (income ) Tj ET Q q 0 0 0 rg BT 491.24 99.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 506.55 99.90 Td (return. ) Tj ET Q q 0 0 0 rg BT 536.03 99.90 Td (If ) Tj ET Q q 0 0 0 rg BT 545.78 99.90 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 87.90 Td (T) Tj ET Q q 0 0 0 rg BT 59.76 87.90 Td (ransfer ) Tj ET Q q 0 0 0 rg BT 89.74 87.90 Td (of ) Tj ET Q q 0 0 0 rg BT 100.29 87.90 Td (Qualified ) Tj ET Q q 0 0 0 rg BT 140.27 87.90 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 179.16 87.90 Td (gives ) Tj ET Q q 0 0 0 rg BT 202.49 87.90 Td (rise ) Tj ET Q q 0 0 0 rg BT 219.15 87.90 Td (to ) Tj ET Q q 0 0 0 rg BT 229.15 87.90 Td (a ) Tj ET Q q 0 0 0 rg BT 235.81 87.90 Td (capital ) Tj ET Q q 0 0 0 rg BT 264.68 87.90 Td (loss, ) Tj ET Q q 0 0 0 rg BT 284.96 87.90 Td (49.72 ) Tj ET Q q 0 0 0 rg BT 309.68 87.90 Td (percent ) Tj ET Q q 0 0 0 rg BT 341.33 87.90 Td (of ) Tj ET Q q 0 0 0 rg BT 351.88 87.90 Td (such ) Tj ET Q q 0 0 0 rg BT 372.43 87.90 Td (loss ) Tj ET Q q 0 0 0 rg BT 390.21 87.90 Td (may ) Tj ET Q q 0 0 0 rg BT 409.65 87.90 Td (be ) Tj ET Q q 0 0 0 rg BT 421.31 87.90 Td (of) Tj ET Q q 0 0 0 rg BT 429.46 87.90 Td (fset ) Tj ET Q q 0 0 0 rg BT 446.12 87.90 Td (against ) Tj ET Q q 0 0 0 rg BT 476.66 87.90 Td (49.72 ) Tj ET Q q 0 0 0 rg BT 501.38 87.90 Td (percent ) Tj ET Q q 0 0 0 rg BT 533.03 87.90 Td (of ) Tj ET Q q 0 0 0 rg BT 543.58 87.90 Td (any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 75.90 Td (capital ) Tj ET Q q 0 0 0 rg BT 83.11 75.90 Td (gain ) Tj ET Q q 0 0 0 rg BT 102.79 75.90 Td (of ) Tj ET Q q 0 0 0 rg BT 113.59 75.90 Td (the ) Tj ET Q q 0 0 0 rg BT 128.27 75.90 Td (same ) Tj ET Q q 0 0 0 rg BT 151.28 75.90 Td (nature ) Tj ET Q q 0 0 0 rg BT 178.73 75.90 Td (that ) Tj ET Q q 0 0 0 rg BT 196.19 75.90 Td (is ) Tj ET Q q 0 0 0 rg BT 205.32 75.90 Td (realized ) Tj ET Q q 0 0 0 rg BT 239.42 75.90 Td (in ) Tj ET Q q 0 0 0 rg BT 249.66 75.90 Td (the ) Tj ET Q q 0 0 0 rg BT 264.34 75.90 Td (following ) Tj ET Q q 0 0 0 rg BT 305.69 75.90 Td (years ) Tj ET Q q 0 0 0 rg BT 329.26 75.90 Td (up ) Tj ET Q q 0 0 0 rg BT 341.72 75.90 Td (to ) Tj ET Q q 0 0 0 rg BT 351.96 75.90 Td (the ) Tj ET Q q 0 0 0 rg BT 366.64 75.90 Td (fourth, ) Tj ET Q q 0 0 0 rg BT 396.04 75.90 Td (provided ) Tj ET Q q 0 0 0 rg BT 434.05 75.90 Td (that ) Tj ET Q q 0 0 0 rg BT 451.51 75.90 Td (this ) Tj ET Q q 0 0 0 rg BT 468.42 75.90 Td (capital ) Tj ET Q q 0 0 0 rg BT 497.54 75.90 Td (loss ) Tj ET Q q 0 0 0 rg BT 515.56 75.90 Td (is ) Tj ET Q q 0 0 0 rg BT 524.70 75.90 Td (reported ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 63.90 Td (in ) Tj ET Q q 0 0 0 rg BT 64.28 63.90 Td (the ) Tj ET Q q 0 0 0 rg BT 79.00 63.90 Td (income ) Tj ET Q q 0 0 0 rg BT 110.93 63.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 125.65 63.90 Td (return ) Tj ET Q q 0 0 0 rg BT 152.02 63.90 Td (for ) Tj ET Q q 0 0 0 rg BT 166.18 63.90 Td (the ) Tj ET Q q 0 0 0 rg BT 180.90 63.90 Td (year ) Tj ET Q q 0 0 0 rg BT 200.61 63.90 Td (when ) Tj ET Q q 0 0 0 rg BT 224.77 63.90 Td (the ) Tj ET Q q 0 0 0 rg BT 239.48 63.90 Td (capital ) Tj ET Q q 0 0 0 rg BT 268.63 63.90 Td (loss ) Tj ET Q q 0 0 0 rg BT 286.70 63.90 Td (is ) Tj ET Q q 0 0 0 rg BT 295.87 63.90 Td (realized. ) Tj ET Q endstream endobj 271 0 obj <> endobj 272 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 297.00 41.20 Td (127) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 731.10 Td (T) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 102.11 731.10 Td (RANSFER) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.62 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 135.58 731.10 Td (O) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.80 731.10 Td (F) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.69 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 148.65 731.10 Td (N) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 155.87 731.10 Td (ON) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.98 731.10 Td (-) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 169.31 731.10 Td (QUALIFIED) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.64 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 208.59 731.10 Td (H) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 215.82 731.10 Td (OLDINGS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.54 731.10 Td (. ) Tj ET Q q 0 0 0 rg BT 250.99 731.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 281.83 731.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 304.90 731.10 Td (on ) Tj ET Q q 0 0 0 rg BT 316.85 731.10 Td (Non-Qualified ) Tj ET Q q 0 0 0 rg BT 377.13 731.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 415.75 731.10 Td (are ) Tj ET Q q 0 0 0 rg BT 429.92 731.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 460.20 731.10 Td (to ) Tj ET Q q 0 0 0 rg BT 469.94 731.10 Td (a ) Tj ET Q q 0 0 0 rg BT 476.33 731.10 Td (26 ) Tj ET Q q 0 0 0 rg BT 488.29 731.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 519.67 731.10 Td (substitute ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 68.72 719.10 Td (\(CGT\). ) Tj ET Q q 0 0 0 rg BT 109.07 719.10 Td (The ) Tj ET Q q 0 0 0 rg BT 127.12 719.10 Td (taxpayer ) Tj ET Q q 0 0 0 rg BT 164.04 719.10 Td (may ) Tj ET Q q 0 0 0 rg BT 183.76 719.10 Td (opt ) Tj ET Q q 0 0 0 rg BT 199.04 719.10 Td (for ) Tj ET Q q 0 0 0 rg BT 213.20 719.10 Td (any ) Tj ET Q q 0 0 0 rg BT 230.14 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 240.97 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 255.68 719.10 Td (following ) Tj ET Q q 0 0 0 rg BT 297.07 719.10 Td (three ) Tj ET Q q 0 0 0 rg BT 319.56 719.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 334.27 719.10 Td (regimes: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 697.10 Td (a. ) Tj ET Q q 0 0 0 rg BT 115.00 697.10 Td (T) Tj ET Q q 0 0 0 rg BT 120.41 697.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 131.50 697.10 Td (return ) Tj ET Q q 0 0 0 rg BT 157.03 697.10 Td (regime ) Tj ET Q q 0 0 0 rg BT 186.44 697.10 Td (\() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 189.77 697.10 Td (r) Tj ET Q q 0 0 0 rg BT 193.30 697.10 Td (egime ) Tj ET Q q 0 0 0 rg BT 218.82 697.10 Td (della ) Tj ET Q q 0 0 0 rg BT 240.47 697.10 Td (dichiarazione) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.47 697.10 Td (\). ) Tj ET Q q 0 0 0 rg BT 302.95 697.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 329.59 697.10 Td (this ) Tj ET Q q 0 0 0 rg BT 345.69 697.10 Td (regime, ) Tj ET Q q 0 0 0 rg BT 377.61 697.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 405.91 697.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 428.67 697.10 Td (and ) Tj ET Q q 0 0 0 rg BT 444.76 697.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 473.06 697.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 498.60 697.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 531.90 697.10 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 685.10 Td (the ) Tj ET Q q 0 0 0 rg BT 129.50 685.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 144.01 685.10 Td (year ) Tj ET Q q 0 0 0 rg BT 163.50 685.10 Td (must ) Tj ET Q q 0 0 0 rg BT 185.24 685.10 Td (be ) Tj ET Q q 0 0 0 rg BT 196.97 685.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 232.57 685.10 Td (in ) Tj ET Q q 0 0 0 rg BT 242.63 685.10 Td (the ) Tj ET Q q 0 0 0 rg BT 257.14 685.10 Td (income ) Tj ET Q q 0 0 0 rg BT 288.86 685.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 303.36 685.10 Td (return. ) Tj ET Q q 0 0 0 rg BT 332.03 685.10 Td (CGT) Tj ET Q q 0 0 0 rg BT 351.85 685.10 Td ( ) Tj ET Q q 0 0 0 rg BT 354.14 685.10 Td (is ) Tj ET Q q 0 0 0 rg BT 363.09 685.10 Td (computed ) Tj ET Q q 0 0 0 rg BT 404.81 685.10 Td (on ) Tj ET Q q 0 0 0 rg BT 417.10 685.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 446.04 685.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 469.44 685.10 Td (net ) Tj ET Q q 0 0 0 rg BT 483.94 685.10 Td (of ) Tj ET Q q 0 0 0 rg BT 494.56 685.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 523.50 685.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 549.68 685.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 673.10 Td (the ) Tj ET Q q 0 0 0 rg BT 129.63 673.10 Td (same ) Tj ET Q q 0 0 0 rg BT 152.59 673.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 179.99 673.10 Td (and ) Tj ET Q q 0 0 0 rg BT 196.84 673.10 Td (must ) Tj ET Q q 0 0 0 rg BT 218.70 673.10 Td (be ) Tj ET Q q 0 0 0 rg BT 230.55 673.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 250.18 673.10 Td (by ) Tj ET Q q 0 0 0 rg BT 262.59 673.10 Td (the ) Tj ET Q q 0 0 0 rg BT 277.22 673.10 Td (term ) Tj ET Q q 0 0 0 rg BT 297.95 673.10 Td (for ) Tj ET Q q 0 0 0 rg BT 312.03 673.10 Td (paying ) Tj ET Q q 0 0 0 rg BT 341.66 673.10 Td (the ) Tj ET Q q 0 0 0 rg BT 356.28 673.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 389.23 673.10 Td (of ) Tj ET Q q 0 0 0 rg BT 399.97 673.10 Td (the ) Tj ET Q q 0 0 0 rg BT 414.60 673.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 443.67 673.10 Td (income ) Tj ET Q q 0 0 0 rg BT 475.51 673.10 Td (tax. ) Tj ET Q q 0 0 0 rg BT 492.64 673.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 523.94 673.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 550.24 673.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 661.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 142.77 661.10 Td (of ) Tj ET Q q 0 0 0 rg BT 152.77 661.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 181.09 661.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 203.86 661.10 Td (may ) Tj ET Q q 0 0 0 rg BT 222.75 661.10 Td (be ) Tj ET Q q 0 0 0 rg BT 233.86 661.10 Td (carried ) Tj ET Q q 0 0 0 rg BT 263.28 661.10 Td (forward ) Tj ET Q q 0 0 0 rg BT 296.60 661.10 Td (and ) Tj ET Q q 0 0 0 rg BT 312.71 661.10 Td (of) Tj ET Q q 0 0 0 rg BT 320.86 661.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 336.96 661.10 Td (against ) Tj ET Q q 0 0 0 rg BT 366.96 661.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 395.28 661.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 418.05 661.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 451.36 661.10 Td (in ) Tj ET Q q 0 0 0 rg BT 460.81 661.10 Td (any ) Tj ET Q q 0 0 0 rg BT 476.92 661.10 Td (of ) Tj ET Q q 0 0 0 rg BT 486.92 661.10 Td (the ) Tj ET Q q 0 0 0 rg BT 500.80 661.10 Td (four ) Tj ET Q q 0 0 0 rg BT 519.13 661.10 Td (following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 649.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 129.40 649.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 155.17 649.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 186.23 649.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 212.31 649.10 Td (may ) Tj ET Q q 0 0 0 rg BT 231.70 649.10 Td (be ) Tj ET Q q 0 0 0 rg BT 243.32 649.10 Td (carried ) Tj ET Q q 0 0 0 rg BT 273.25 649.10 Td (forward ) Tj ET Q q 0 0 0 rg BT 307.08 649.10 Td (and ) Tj ET Q q 0 0 0 rg BT 323.70 649.10 Td (of) Tj ET Q q 0 0 0 rg BT 331.85 649.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 348.47 649.10 Td (against ) Tj ET Q q 0 0 0 rg BT 378.97 649.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 407.80 649.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 431.09 649.10 Td (of ) Tj ET Q q 0 0 0 rg BT 441.60 649.10 Td (the ) Tj ET Q q 0 0 0 rg BT 455.99 649.10 Td (same ) Tj ET Q q 0 0 0 rg BT 478.72 649.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 505.88 649.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 539.70 649.10 Td (after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 637.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 151.20 637.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 176.58 637.10 Td (but ) Tj ET Q q 0 0 0 rg BT 192.23 637.10 Td (up ) Tj ET Q q 0 0 0 rg BT 205.10 637.10 Td (to ) Tj ET Q q 0 0 0 rg BT 215.75 637.10 Td (the ) Tj ET Q q 0 0 0 rg BT 230.84 637.10 Td (following ) Tj ET Q q 0 0 0 rg BT 272.60 637.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 305.47 637.10 Td (in ) Tj ET Q q 0 0 0 rg BT 316.12 637.10 Td (case ) Tj ET Q q 0 0 0 rg BT 336.20 637.10 Td (of ) Tj ET Q q 0 0 0 rg BT 347.40 637.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 376.92 637.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 403.69 637.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 438.20 637.10 Td (up ) Tj ET Q q 0 0 0 rg BT 451.07 637.10 Td (to ) Tj ET Q q 0 0 0 rg BT 461.72 637.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 497.93 637.10 Td (2014: ) Tj ET Q q 0 0 0 rg BT 523.58 637.10 Td (\(i\)48.08 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 625.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 146.76 625.10 Td (of ) Tj ET Q q 0 0 0 rg BT 157.42 625.10 Td (the ) Tj ET Q q 0 0 0 rg BT 171.97 625.10 Td (relevant ) Tj ET Q q 0 0 0 rg BT 206.51 625.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 235.49 625.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 261.72 625.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 295.69 625.10 Td (before ) Tj ET Q q 0 0 0 rg BT 323.56 625.10 Td (January1, ) Tj ET Q q 0 0 0 rg BT 367.00 625.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 391.83 625.10 Td (and ) Tj ET Q q 0 0 0 rg BT 408.60 625.10 Td (\(ii\)76.92 ) Tj ET Q q 0 0 0 rg BT 448.15 625.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 479.91 625.10 Td (of ) Tj ET Q q 0 0 0 rg BT 490.58 625.10 Td (the ) Tj ET Q q 0 0 0 rg BT 505.13 625.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 534.11 625.10 Td (losses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 613.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 149.13 613.10 Td (from ) Tj ET Q q 0 0 0 rg BT 171.05 613.10 Td (January1, ) Tj ET Q q 0 0 0 rg BT 214.63 613.10 Td (2012 ) Tj ET Q q 0 0 0 rg BT 237.12 613.10 Td (to ) Tj ET Q q 0 0 0 rg BT 247.38 613.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 283.19 613.10 Td (2014. ) Tj ET Q q 0 0 0 rg BT 308.00 613.10 Td (This ) Tj ET Q q 0 0 0 rg BT 328.26 613.10 Td (regime ) Tj ET Q q 0 0 0 rg BT 358.51 613.10 Td (is ) Tj ET Q q 0 0 0 rg BT 367.66 613.10 Td (the ) Tj ET Q q 0 0 0 rg BT 382.36 613.10 Td (default ) Tj ET Q q 0 0 0 rg BT 412.61 613.10 Td (regime ) Tj ET Q q 0 0 0 rg BT 442.86 613.10 Td (if ) Tj ET Q q 0 0 0 rg BT 451.45 613.10 Td (the ) Tj ET Q q 0 0 0 rg BT 466.15 613.10 Td (taxpayer ) Tj ET Q q 0 0 0 rg BT 503.06 613.10 Td (does ) Tj ET Q q 0 0 0 rg BT 523.88 613.10 Td (not ) Tj ET Q q 0 0 0 rg BT 539.14 613.10 Td (elect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 601.10 Td (into ) Tj ET Q q 0 0 0 rg BT 133.06 601.10 Td (any ) Tj ET Q q 0 0 0 rg BT 150.00 601.10 Td (of ) Tj ET Q q 0 0 0 rg BT 160.83 601.10 Td (the ) Tj ET Q q 0 0 0 rg BT 175.54 601.10 Td (two ) Tj ET Q q 0 0 0 rg BT 193.04 601.10 Td (alternative ) Tj ET Q q 0 0 0 rg BT 237.74 601.10 Td (regimes ) Tj ET Q q 0 0 0 rg BT 271.89 601.10 Td (described ) Tj ET Q q 0 0 0 rg BT 312.71 601.10 Td (in ) Tj ET Q q 0 0 0 rg BT 322.99 601.10 Td (\(b\)and ) Tj ET Q q 0 0 0 rg BT 354.09 601.10 Td (\(c\)below) Tj ET Q q 0 0 0 rg BT 391.47 601.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 579.10 Td (b. ) Tj ET Q q 0 0 0 rg BT 115.00 579.10 Td (Nondiscretionary ) Tj ET Q q 0 0 0 rg BT 187.09 579.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 233.65 579.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 271.31 579.10 Td (regime ) Tj ET Q q 0 0 0 rg BT 301.74 579.10 Td (\() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 305.07 579.10 Td (risparmio ) Tj ET Q q 0 0 0 rg BT 347.20 579.10 Td (amministrato) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.54 579.10 Td (\) ) Tj ET Q q 0 0 0 rg BT 406.54 579.10 Td (\(optional\). ) Tj ET Q q 0 0 0 rg BT 451.14 579.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 478.80 579.10 Td (this ) Tj ET Q q 0 0 0 rg BT 495.92 579.10 Td (regime, ) Tj ET Q q 0 0 0 rg BT 528.85 579.10 Td (CGT) Tj ET Q q 0 0 0 rg BT 548.67 579.10 Td ( ) Tj ET Q q 0 0 0 rg BT 551.34 579.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 567.10 Td (applied ) Tj ET Q q 0 0 0 rg BT 146.51 567.10 Td (separately ) Tj ET Q q 0 0 0 rg BT 189.12 567.10 Td (on ) Tj ET Q q 0 0 0 rg BT 201.19 567.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 229.92 567.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 253.10 567.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 286.82 567.10 Td (on ) Tj ET Q q 0 0 0 rg BT 298.89 567.10 Td (each ) Tj ET Q q 0 0 0 rg BT 319.28 567.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 351.89 567.10 Td (of ) Tj ET Q q 0 0 0 rg BT 362.30 567.10 Td (common ) Tj ET Q q 0 0 0 rg BT 399.37 567.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 426.44 567.10 Td (in ) Tj ET Q q 0 0 0 rg BT 436.29 567.10 Td (Ferrari. ) Tj ET Q q 0 0 0 rg BT 467.92 567.10 Td (This ) Tj ET Q q 0 0 0 rg BT 487.77 567.10 Td (regime ) Tj ET Q q 0 0 0 rg BT 517.61 567.10 Td (is ) Tj ET Q q 0 0 0 rg BT 526.36 567.10 Td (allowed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 555.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 145.29 555.10 Td (to ) Tj ET Q q 0 0 0 rg BT 155.03 555.10 Td (\(x\)the ) Tj ET Q q 0 0 0 rg BT 183.37 555.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 212.54 555.10 Td (common ) Tj ET Q q 0 0 0 rg BT 249.50 555.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 276.46 555.10 Td (being ) Tj ET Q q 0 0 0 rg BT 300.64 555.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 338.70 555.10 Td (or ) Tj ET Q q 0 0 0 rg BT 348.99 555.10 Td (in ) Tj ET Q q 0 0 0 rg BT 358.74 555.10 Td (custody ) Tj ET Q q 0 0 0 rg BT 391.81 555.10 Td (with ) Tj ET Q q 0 0 0 rg BT 411.55 555.10 Td (Italian ) Tj ET Q q 0 0 0 rg BT 439.06 555.10 Td (banks, ) Tj ET Q q 0 0 0 rg BT 466.85 555.10 Td (broker) Tj ET Q q 0 0 0 rg BT 492.75 555.10 Td (-dealers ) Tj ET Q q 0 0 0 rg BT 526.36 555.10 Td (\() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 529.69 555.10 Td (societ ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 115.00 543.10 Td (di ) Tj ET Q q 0 0 0 rg BT 125.29 543.10 Td (intermediazione ) Tj ET Q q 0 0 0 rg BT 192.24 543.10 Td (mobiliar) Tj ET Q q 0 0 0 rg BT 226.32 543.10 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.76 543.10 Td (\) ) Tj ET Q q 0 0 0 rg BT 236.61 543.10 Td (or ) Tj ET Q q 0 0 0 rg BT 247.45 543.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 277.17 543.10 Td (authorized ) Tj ET Q q 0 0 0 rg BT 321.89 543.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 359.39 543.10 Td (intermediaries; ) Tj ET Q q 0 0 0 rg BT 421.88 543.10 Td (and ) Tj ET Q q 0 0 0 rg BT 438.83 543.10 Td (\(y\)an ) Tj ET Q q 0 0 0 rg BT 464.95 543.10 Td (express ) Tj ET Q q 0 0 0 rg BT 497.45 543.10 Td (election ) Tj ET Q q 0 0 0 rg BT 531.62 543.10 Td (for ) Tj ET Q q 0 0 0 rg BT 545.80 543.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 531.10 Td (nondiscretionary ) Tj ET Q q 0 0 0 rg BT 184.98 531.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 231.65 531.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 269.43 531.10 Td (regime ) Tj ET Q q 0 0 0 rg BT 299.97 531.10 Td (being ) Tj ET Q q 0 0 0 rg BT 324.97 531.10 Td (made ) Tj ET Q q 0 0 0 rg BT 349.41 531.10 Td (in ) Tj ET Q q 0 0 0 rg BT 359.97 531.10 Td (writing ) Tj ET Q q 0 0 0 rg BT 391.64 531.10 Td (in ) Tj ET Q q 0 0 0 rg BT 402.20 531.10 Td (due ) Tj ET Q q 0 0 0 rg BT 419.42 531.10 Td (time ) Tj ET Q q 0 0 0 rg BT 439.97 531.10 Td (by ) Tj ET Q q 0 0 0 rg BT 452.76 531.10 Td (the ) Tj ET Q q 0 0 0 rg BT 467.76 531.10 Td (relevant ) Tj ET Q q 0 0 0 rg BT 502.74 531.10 Td (holder) Tj ET Q q 0 0 0 rg BT 527.74 531.10 Td (. ) Tj ET Q q 0 0 0 rg BT 533.02 531.10 Td (Under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 519.10 Td (this ) Tj ET Q q 0 0 0 rg BT 132.09 519.10 Td (regime, ) Tj ET Q q 0 0 0 rg BT 165.00 519.10 Td (the ) Tj ET Q q 0 0 0 rg BT 179.87 519.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 217.49 519.10 Td (intermediary ) Tj ET Q q 0 0 0 rg BT 271.23 519.10 Td (is ) Tj ET Q q 0 0 0 rg BT 280.54 519.10 Td (responsible ) Tj ET Q q 0 0 0 rg BT 328.73 519.10 Td (for ) Tj ET Q q 0 0 0 rg BT 343.04 519.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 389.56 519.10 Td (for ) Tj ET Q q 0 0 0 rg BT 403.86 519.10 Td (and ) Tj ET Q q 0 0 0 rg BT 420.95 519.10 Td (paying ) Tj ET Q q 0 0 0 rg BT 450.81 519.10 Td (\(on ) Tj ET Q q 0 0 0 rg BT 466.78 519.10 Td (behalf ) Tj ET Q q 0 0 0 rg BT 494.42 519.10 Td (of ) Tj ET Q q 0 0 0 rg BT 505.39 519.10 Td (the ) Tj ET Q q 0 0 0 rg BT 520.25 519.10 Td (taxpayer\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 507.10 Td (CGT) Tj ET Q q 0 0 0 rg BT 134.82 507.10 Td ( ) Tj ET Q q 0 0 0 rg BT 137.40 507.10 Td (in ) Tj ET Q q 0 0 0 rg BT 147.77 507.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 178.67 507.10 Td (of ) Tj ET Q q 0 0 0 rg BT 189.58 507.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 218.82 507.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 242.51 507.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 276.73 507.10 Td (on ) Tj ET Q q 0 0 0 rg BT 289.32 507.10 Td (each ) Tj ET Q q 0 0 0 rg BT 310.22 507.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 343.34 507.10 Td (of ) Tj ET Q q 0 0 0 rg BT 354.25 507.10 Td (the ) Tj ET Q q 0 0 0 rg BT 369.06 507.10 Td (common ) Tj ET Q q 0 0 0 rg BT 406.64 507.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 434.21 507.10 Td (in ) Tj ET Q q 0 0 0 rg BT 444.57 507.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 474.36 507.10 Td (\(as ) Tj ET Q q 0 0 0 rg BT 488.61 507.10 Td (well ) Tj ET Q q 0 0 0 rg BT 508.41 507.10 Td (as ) Tj ET Q q 0 0 0 rg BT 519.32 507.10 Td (in ) Tj ET Q q 0 0 0 rg BT 529.69 507.10 Td (respect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 495.10 Td (of ) Tj ET Q q 0 0 0 rg BT 126.25 495.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 155.81 495.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 179.84 495.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 214.40 495.10 Td (at ) Tj ET Q q 0 0 0 rg BT 224.53 495.10 Td (revocation ) Tj ET Q q 0 0 0 rg BT 269.65 495.10 Td (of ) Tj ET Q q 0 0 0 rg BT 280.89 495.10 Td (the ) Tj ET Q q 0 0 0 rg BT 296.03 495.10 Td (intermediary) Tj ET Q q 0 0 0 rg BT 349.89 495.10 Td (s ) Tj ET Q q 0 0 0 rg BT 356.70 495.10 Td (mandate\), ) Tj ET Q q 0 0 0 rg BT 399.32 495.10 Td (net ) Tj ET Q q 0 0 0 rg BT 414.45 495.10 Td (of ) Tj ET Q q 0 0 0 rg BT 425.70 495.10 Td (any ) Tj ET Q q 0 0 0 rg BT 443.06 495.10 Td (relevant ) Tj ET Q q 0 0 0 rg BT 478.17 495.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 507.74 495.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 534.55 495.10 Td (of ) Tj ET Q q 0 0 0 rg BT 545.80 495.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 483.10 Td (same ) Tj ET Q q 0 0 0 rg BT 138.21 483.10 Td (nature. ) Tj ET Q q 0 0 0 rg BT 168.36 483.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 199.91 483.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 226.47 483.10 Td (may ) Tj ET Q q 0 0 0 rg BT 246.35 483.10 Td (be ) Tj ET Q q 0 0 0 rg BT 258.45 483.10 Td (carried ) Tj ET Q q 0 0 0 rg BT 288.87 483.10 Td (forward ) Tj ET Q q 0 0 0 rg BT 323.19 483.10 Td (and ) Tj ET Q q 0 0 0 rg BT 340.29 483.10 Td (of) Tj ET Q q 0 0 0 rg BT 348.44 483.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 365.54 483.10 Td (against ) Tj ET Q q 0 0 0 rg BT 396.53 483.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 425.85 483.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 449.62 483.10 Td (of ) Tj ET Q q 0 0 0 rg BT 460.62 483.10 Td (the ) Tj ET Q q 0 0 0 rg BT 475.50 483.10 Td (same ) Tj ET Q q 0 0 0 rg BT 498.71 483.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 526.36 483.10 Td (realized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 471.10 Td (within ) Tj ET Q q 0 0 0 rg BT 142.65 471.10 Td (the ) Tj ET Q q 0 0 0 rg BT 156.96 471.10 Td (same ) Tj ET Q q 0 0 0 rg BT 179.60 471.10 Td (relationship ) Tj ET Q q 0 0 0 rg BT 228.90 471.10 Td (of ) Tj ET Q q 0 0 0 rg BT 239.32 471.10 Td (deposit ) Tj ET Q q 0 0 0 rg BT 270.30 471.10 Td (in ) Tj ET Q q 0 0 0 rg BT 280.17 471.10 Td (the ) Tj ET Q q 0 0 0 rg BT 294.48 471.10 Td (same ) Tj ET Q q 0 0 0 rg BT 317.12 471.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 331.43 471.10 Td (year ) Tj ET Q q 0 0 0 rg BT 350.73 471.10 Td (or ) Tj ET Q q 0 0 0 rg BT 361.15 471.10 Td (in ) Tj ET Q q 0 0 0 rg BT 371.02 471.10 Td (the ) Tj ET Q q 0 0 0 rg BT 385.33 471.10 Td (following ) Tj ET Q q 0 0 0 rg BT 426.31 471.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 440.62 471.10 Td (years ) Tj ET Q q 0 0 0 rg BT 463.81 471.10 Td (up ) Tj ET Q q 0 0 0 rg BT 475.90 471.10 Td (to ) Tj ET Q q 0 0 0 rg BT 485.77 471.10 Td (the ) Tj ET Q q 0 0 0 rg BT 500.08 471.10 Td (fourth. ) Tj ET Q q 0 0 0 rg BT 529.11 471.10 Td (Capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 459.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 141.72 459.10 Td (may ) Tj ET Q q 0 0 0 rg BT 161.77 459.10 Td (be ) Tj ET Q q 0 0 0 rg BT 174.03 459.10 Td (carried ) Tj ET Q q 0 0 0 rg BT 204.62 459.10 Td (forward ) Tj ET Q q 0 0 0 rg BT 239.09 459.10 Td (and ) Tj ET Q q 0 0 0 rg BT 256.36 459.10 Td (of) Tj ET Q q 0 0 0 rg BT 264.51 459.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 281.78 459.10 Td (against ) Tj ET Q q 0 0 0 rg BT 312.93 459.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 342.41 459.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 366.35 459.10 Td (of ) Tj ET Q q 0 0 0 rg BT 377.51 459.10 Td (the ) Tj ET Q q 0 0 0 rg BT 392.55 459.10 Td (same ) Tj ET Q q 0 0 0 rg BT 415.93 459.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 443.74 459.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 478.21 459.10 Td (after ) Tj ET Q q 0 0 0 rg BT 499.35 459.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 535.51 459.10 Td (2014, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 447.10 Td (but ) Tj ET Q q 0 0 0 rg BT 130.81 447.10 Td (up ) Tj ET Q q 0 0 0 rg BT 143.84 447.10 Td (to ) Tj ET Q q 0 0 0 rg BT 154.65 447.10 Td (the ) Tj ET Q q 0 0 0 rg BT 169.89 447.10 Td (following ) Tj ET Q q 0 0 0 rg BT 211.81 447.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 244.83 447.10 Td (in ) Tj ET Q q 0 0 0 rg BT 255.64 447.10 Td (case ) Tj ET Q q 0 0 0 rg BT 275.88 447.10 Td (of ) Tj ET Q q 0 0 0 rg BT 287.24 447.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 316.92 447.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 343.84 447.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 378.51 447.10 Td (up ) Tj ET Q q 0 0 0 rg BT 391.54 447.10 Td (to ) Tj ET Q q 0 0 0 rg BT 402.35 447.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 438.71 447.10 Td (2014: ) Tj ET Q q 0 0 0 rg BT 464.52 447.10 Td (\(i\)48.08 ) Tj ET Q q 0 0 0 rg BT 501.98 447.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 534.44 447.10 Td (of ) Tj ET Q q 0 0 0 rg BT 545.80 447.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 435.10 Td (relevant ) Tj ET Q q 0 0 0 rg BT 149.62 435.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 178.68 435.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 204.99 435.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 239.05 435.10 Td (before ) Tj ET Q q 0 0 0 rg BT 267.00 435.10 Td (January1, ) Tj ET Q q 0 0 0 rg BT 310.52 435.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 335.43 435.10 Td (and ) Tj ET Q q 0 0 0 rg BT 352.29 435.10 Td (\(ii\)76.92 ) Tj ET Q q 0 0 0 rg BT 391.92 435.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 423.76 435.10 Td (of ) Tj ET Q q 0 0 0 rg BT 434.51 435.10 Td (the ) Tj ET Q q 0 0 0 rg BT 449.14 435.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 478.21 435.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 504.51 435.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 538.57 435.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 423.10 Td (January1, ) Tj ET Q q 0 0 0 rg BT 159.36 423.10 Td (2012 ) Tj ET Q q 0 0 0 rg BT 182.62 423.10 Td (to ) Tj ET Q q 0 0 0 rg BT 193.65 423.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 230.24 423.10 Td (2014. ) Tj ET Q q 0 0 0 rg BT 256.00 423.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 284.25 423.10 Td (this ) Tj ET Q q 0 0 0 rg BT 301.96 423.10 Td (regime, ) Tj ET Q q 0 0 0 rg BT 335.48 423.10 Td (the ) Tj ET Q q 0 0 0 rg BT 350.96 423.10 Td (holder ) Tj ET Q q 0 0 0 rg BT 379.77 423.10 Td (is ) Tj ET Q q 0 0 0 rg BT 389.69 423.10 Td (not ) Tj ET Q q 0 0 0 rg BT 405.73 423.10 Td (required ) Tj ET Q q 0 0 0 rg BT 442.31 423.10 Td (to ) Tj ET Q q 0 0 0 rg BT 453.34 423.10 Td (report ) Tj ET Q q 0 0 0 rg BT 480.48 423.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 510.39 423.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 534.76 423.10 Td (in ) Tj ET Q q 0 0 0 rg BT 545.80 423.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 411.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 144.16 411.10 Td (income ) Tj ET Q q 0 0 0 rg BT 176.09 411.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 190.81 411.10 Td (return. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 389.10 Td (c. ) Tj ET Q q 0 0 0 rg BT 115.00 389.10 Td (Discretionary ) Tj ET Q q 0 0 0 rg BT 171.36 389.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 217.18 389.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 254.11 389.10 Td (regime ) Tj ET Q q 0 0 0 rg BT 283.81 389.10 Td (\() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 287.14 389.10 Td (risparmio ) Tj ET Q q 0 0 0 rg BT 328.54 389.10 Td (gestito) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.20 389.10 Td (\) ) Tj ET Q q 0 0 0 rg BT 360.47 389.10 Td (\(optional\). ) Tj ET Q q 0 0 0 rg BT 404.20 389.10 Td (This ) Tj ET Q q 0 0 0 rg BT 423.91 389.10 Td (regime ) Tj ET Q q 0 0 0 rg BT 453.62 389.10 Td (is ) Tj ET Q q 0 0 0 rg BT 462.22 389.10 Td (allowed ) Tj ET Q q 0 0 0 rg BT 495.82 389.10 Td (for ) Tj ET Q q 0 0 0 rg BT 509.41 389.10 Td (holders ) Tj ET Q q 0 0 0 rg BT 540.79 389.10 Td (who ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 377.10 Td (have ) Tj ET Q q 0 0 0 rg BT 136.38 377.10 Td (entrusted ) Tj ET Q q 0 0 0 rg BT 175.54 377.10 Td (the ) Tj ET Q q 0 0 0 rg BT 190.27 377.10 Td (management ) Tj ET Q q 0 0 0 rg BT 243.86 377.10 Td (of ) Tj ET Q q 0 0 0 rg BT 254.70 377.10 Td (their ) Tj ET Q q 0 0 0 rg BT 275.53 377.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 313.02 377.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 341.35 377.10 Td (including ) Tj ET Q q 0 0 0 rg BT 381.63 377.10 Td (the ) Tj ET Q q 0 0 0 rg BT 396.36 377.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 426.07 377.10 Td (common ) Tj ET Q q 0 0 0 rg BT 463.57 377.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 493.57 377.10 Td (to ) Tj ET Q q 0 0 0 rg BT 503.85 377.10 Td (an ) Tj ET Q q 0 0 0 rg BT 515.80 377.10 Td (authorized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 365.10 Td (intermediary ) Tj ET Q q 0 0 0 rg BT 168.17 365.10 Td (and ) Tj ET Q q 0 0 0 rg BT 184.69 365.10 Td (have ) Tj ET Q q 0 0 0 rg BT 205.65 365.10 Td (elected ) Tj ET Q q 0 0 0 rg BT 236.04 365.10 Td (in ) Tj ET Q q 0 0 0 rg BT 245.90 365.10 Td (writing ) Tj ET Q q 0 0 0 rg BT 276.87 365.10 Td (into ) Tj ET Q q 0 0 0 rg BT 294.51 365.10 Td (this ) Tj ET Q q 0 0 0 rg BT 311.04 365.10 Td (regime. ) Tj ET Q q 0 0 0 rg BT 343.38 365.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 370.45 365.10 Td (this ) Tj ET Q q 0 0 0 rg BT 386.98 365.10 Td (regime, ) Tj ET Q q 0 0 0 rg BT 419.33 365.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 448.06 365.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 471.25 365.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 504.42 365.10 Td (on ) Tj ET Q q 0 0 0 rg BT 516.50 365.10 Td (the ) Tj ET Q q 0 0 0 rg BT 530.80 365.10 Td (Ferrari ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 353.10 Td (common ) Tj ET Q q 0 0 0 rg BT 152.70 353.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 180.39 353.10 Td (are ) Tj ET Q q 0 0 0 rg BT 195.30 353.10 Td (included ) Tj ET Q q 0 0 0 rg BT 232.44 353.10 Td (in ) Tj ET Q q 0 0 0 rg BT 242.92 353.10 Td (the ) Tj ET Q q 0 0 0 rg BT 257.84 353.10 Td (computation ) Tj ET Q q 0 0 0 rg BT 310.53 353.10 Td (of ) Tj ET Q q 0 0 0 rg BT 321.56 353.10 Td (the ) Tj ET Q q 0 0 0 rg BT 336.48 353.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 365.84 353.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 401.30 353.10 Td (in ) Tj ET Q q 0 0 0 rg BT 411.78 353.10 Td (value ) Tj ET Q q 0 0 0 rg BT 436.14 353.10 Td (of ) Tj ET Q q 0 0 0 rg BT 447.17 353.10 Td (the ) Tj ET Q q 0 0 0 rg BT 462.09 353.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 500.88 353.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 526.92 353.10 Td (accrued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 341.10 Td (\(even ) Tj ET Q q 0 0 0 rg BT 140.03 341.10 Td (if ) Tj ET Q q 0 0 0 rg BT 148.96 341.10 Td (not ) Tj ET Q q 0 0 0 rg BT 164.56 341.10 Td (realized\) ) Tj ET Q q 0 0 0 rg BT 202.36 341.10 Td (at ) Tj ET Q q 0 0 0 rg BT 212.40 341.10 Td (year ) Tj ET Q q 0 0 0 rg BT 232.43 341.10 Td (end, ) Tj ET Q q 0 0 0 rg BT 252.19 341.10 Td (which ) Tj ET Q q 0 0 0 rg BT 279.46 341.10 Td (is ) Tj ET Q q 0 0 0 rg BT 288.95 341.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 320.10 341.10 Td (to ) Tj ET Q q 0 0 0 rg BT 330.70 341.10 Td (CGT) Tj ET Q q 0 0 0 rg BT 349.96 341.10 Td (. ) Tj ET Q q 0 0 0 rg BT 355.08 341.10 Td (The ) Tj ET Q q 0 0 0 rg BT 373.45 341.10 Td (managing ) Tj ET Q q 0 0 0 rg BT 415.71 341.10 Td (authorized ) Tj ET Q q 0 0 0 rg BT 460.73 341.10 Td (intermediary ) Tj ET Q q 0 0 0 rg BT 514.64 341.10 Td (applies ) Tj ET Q q 0 0 0 rg BT 545.79 341.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 329.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 129.92 329.10 Td (on ) Tj ET Q q 0 0 0 rg BT 142.63 329.10 Td (behalf ) Tj ET Q q 0 0 0 rg BT 170.31 329.10 Td (of ) Tj ET Q q 0 0 0 rg BT 181.35 329.10 Td (the ) Tj ET Q q 0 0 0 rg BT 196.27 329.10 Td (taxpayer) Tj ET Q q 0 0 0 rg BT 230.14 329.10 Td (. ) Tj ET Q q 0 0 0 rg BT 234.75 329.10 Td (Any ) Tj ET Q q 0 0 0 rg BT 254.67 329.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 291.79 329.10 Td (in ) Tj ET Q q 0 0 0 rg BT 302.27 329.10 Td (value ) Tj ET Q q 0 0 0 rg BT 326.63 329.10 Td (of ) Tj ET Q q 0 0 0 rg BT 337.67 329.10 Td (the ) Tj ET Q q 0 0 0 rg BT 352.59 329.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 391.39 329.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 417.42 329.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 451.21 329.10 Td (at ) Tj ET Q q 0 0 0 rg BT 461.13 329.10 Td (year ) Tj ET Q q 0 0 0 rg BT 481.04 329.10 Td (end ) Tj ET Q q 0 0 0 rg BT 498.18 329.10 Td (may ) Tj ET Q q 0 0 0 rg BT 518.10 329.10 Td (be ) Tj ET Q q 0 0 0 rg BT 530.25 329.10 Td (carried ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 317.10 Td (forward ) Tj ET Q q 0 0 0 rg BT 149.17 317.10 Td (and ) Tj ET Q q 0 0 0 rg BT 166.12 317.10 Td (of) Tj ET Q q 0 0 0 rg BT 174.27 317.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 191.23 317.10 Td (against ) Tj ET Q q 0 0 0 rg BT 222.07 317.10 Td (any ) Tj ET Q q 0 0 0 rg BT 239.02 317.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 274.29 317.10 Td (in ) Tj ET Q q 0 0 0 rg BT 284.59 317.10 Td (value ) Tj ET Q q 0 0 0 rg BT 308.76 317.10 Td (of ) Tj ET Q q 0 0 0 rg BT 319.60 317.10 Td (the ) Tj ET Q q 0 0 0 rg BT 334.34 317.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 372.95 317.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 398.79 317.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 432.39 317.10 Td (in ) Tj ET Q q 0 0 0 rg BT 442.69 317.10 Td (any ) Tj ET Q q 0 0 0 rg BT 459.64 317.10 Td (of ) Tj ET Q q 0 0 0 rg BT 470.49 317.10 Td (the ) Tj ET Q q 0 0 0 rg BT 485.22 317.10 Td (four ) Tj ET Q q 0 0 0 rg BT 504.40 317.10 Td (following ) Tj ET Q q 0 0 0 rg BT 545.80 317.10 Td (tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 305.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 140.15 305.10 Td (Decreases ) Tj ET Q q 0 0 0 rg BT 182.24 305.10 Td (in ) Tj ET Q q 0 0 0 rg BT 191.57 305.10 Td (value ) Tj ET Q q 0 0 0 rg BT 214.78 305.10 Td (of ) Tj ET Q q 0 0 0 rg BT 224.67 305.10 Td (the ) Tj ET Q q 0 0 0 rg BT 238.44 305.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 276.09 305.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 300.97 305.10 Td (may ) Tj ET Q q 0 0 0 rg BT 319.74 305.10 Td (be ) Tj ET Q q 0 0 0 rg BT 330.74 305.10 Td (carried ) Tj ET Q q 0 0 0 rg BT 360.05 305.10 Td (forward ) Tj ET Q q 0 0 0 rg BT 393.25 305.10 Td (and ) Tj ET Q q 0 0 0 rg BT 409.25 305.10 Td (of) Tj ET Q q 0 0 0 rg BT 417.40 305.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 433.39 305.10 Td (against ) Tj ET Q q 0 0 0 rg BT 463.27 305.10 Td (any ) Tj ET Q q 0 0 0 rg BT 479.26 305.10 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 525.26 305.10 Td (increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 293.10 Td (in ) Tj ET Q q 0 0 0 rg BT 125.81 293.10 Td (value ) Tj ET Q q 0 0 0 rg BT 150.50 293.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 184.61 293.10 Td (at ) Tj ET Q q 0 0 0 rg BT 194.86 293.10 Td (July1, ) Tj ET Q q 0 0 0 rg BT 224.57 293.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 250.10 293.10 Td (but ) Tj ET Q q 0 0 0 rg BT 265.91 293.10 Td (up ) Tj ET Q q 0 0 0 rg BT 278.94 293.10 Td (to ) Tj ET Q q 0 0 0 rg BT 289.75 293.10 Td (the ) Tj ET Q q 0 0 0 rg BT 305.00 293.10 Td (following ) Tj ET Q q 0 0 0 rg BT 346.92 293.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 379.95 293.10 Td (in ) Tj ET Q q 0 0 0 rg BT 390.76 293.10 Td (case ) Tj ET Q q 0 0 0 rg BT 411.00 293.10 Td (of ) Tj ET Q q 0 0 0 rg BT 422.36 293.10 Td (decreases ) Tj ET Q q 0 0 0 rg BT 463.70 293.10 Td (in ) Tj ET Q q 0 0 0 rg BT 474.51 293.10 Td (value ) Tj ET Q q 0 0 0 rg BT 499.19 293.10 Td (occurred ) Tj ET Q q 0 0 0 rg BT 537.20 293.10 Td (up ) Tj ET Q q 0 0 0 rg BT 550.23 293.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 281.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 150.10 281.10 Td (2014: ) Tj ET Q q 0 0 0 rg BT 174.64 281.10 Td (\(i\)48.08 ) Tj ET Q q 0 0 0 rg BT 210.85 281.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 242.04 281.10 Td (of ) Tj ET Q q 0 0 0 rg BT 252.13 281.10 Td (the ) Tj ET Q q 0 0 0 rg BT 266.12 281.10 Td (relevant ) Tj ET Q q 0 0 0 rg BT 300.09 281.10 Td (decreases ) Tj ET Q q 0 0 0 rg BT 340.16 281.10 Td (in ) Tj ET Q q 0 0 0 rg BT 349.70 281.10 Td (value ) Tj ET Q q 0 0 0 rg BT 373.13 281.10 Td (occurred ) Tj ET Q q 0 0 0 rg BT 409.87 281.10 Td (before ) Tj ET Q q 0 0 0 rg BT 437.17 281.10 Td (January1, ) Tj ET Q q 0 0 0 rg BT 480.04 281.10 Td (2012; ) Tj ET Q q 0 0 0 rg BT 504.58 281.10 Td (and ) Tj ET Q q 0 0 0 rg BT 520.79 281.10 Td (\(ii\)76.92 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 269.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 146.70 269.10 Td (of ) Tj ET Q q 0 0 0 rg BT 157.31 269.10 Td (the ) Tj ET Q q 0 0 0 rg BT 171.80 269.10 Td (decreases ) Tj ET Q q 0 0 0 rg BT 212.38 269.10 Td (in ) Tj ET Q q 0 0 0 rg BT 222.44 269.10 Td (value ) Tj ET Q q 0 0 0 rg BT 246.37 269.10 Td (occurred ) Tj ET Q q 0 0 0 rg BT 283.62 269.10 Td (from ) Tj ET Q q 0 0 0 rg BT 305.34 269.10 Td (January1, ) Tj ET Q q 0 0 0 rg BT 348.71 269.10 Td (2012 ) Tj ET Q q 0 0 0 rg BT 370.99 269.10 Td (to ) Tj ET Q q 0 0 0 rg BT 381.05 269.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 416.65 269.10 Td (2014. ) Tj ET Q q 0 0 0 rg BT 441.43 269.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 468.70 269.10 Td (this ) Tj ET Q q 0 0 0 rg BT 485.42 269.10 Td (regime, ) Tj ET Q q 0 0 0 rg BT 517.96 269.10 Td (the ) Tj ET Q q 0 0 0 rg BT 532.46 269.10 Td (holder ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 257.10 Td (is ) Tj ET Q q 0 0 0 rg BT 124.17 257.10 Td (not ) Tj ET Q q 0 0 0 rg BT 139.45 257.10 Td (required ) Tj ET Q q 0 0 0 rg BT 175.26 257.10 Td (to ) Tj ET Q q 0 0 0 rg BT 185.54 257.10 Td (report ) Tj ET Q q 0 0 0 rg BT 211.92 257.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 241.07 257.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 264.68 257.10 Td (in ) Tj ET Q q 0 0 0 rg BT 274.96 257.10 Td (the ) Tj ET Q q 0 0 0 rg BT 289.67 257.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 318.83 257.10 Td (income ) Tj ET Q q 0 0 0 rg BT 350.76 257.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 365.48 257.10 Td (return. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 97.00 235.10 Td (\(ii\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.72 235.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 115.00 235.10 Td (Sole ) Tj ET Q q 0 0 0 rg BT 136.23 235.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 145.86 235.10 Td (oprietors ) Tj ET Q q 0 0 0 rg BT 186.54 235.10 Td (and ) Tj ET Q q 0 0 0 rg BT 205.55 235.10 Td (business ) Tj ET Q q 0 0 0 rg BT 243.45 235.10 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 298.02 235.10 Td (\(Italian ) Tj ET Q q 0 0 0 rg BT 332.03 235.10 Td (societ ) Tj ET Q q 0 0 0 rg BT 369.92 235.10 Td (in ) Tj ET Q q 0 0 0 rg BT 381.71 235.10 Td (nome ) Tj ET Q q 0 0 0 rg BT 407.38 235.10 Td (collettivo, ) Tj ET Q q 0 0 0 rg BT 456.66 235.10 Td (societ ) Tj ET Q q 0 0 0 rg BT 494.56 235.10 Td (in ) Tj ET Q q 0 0 0 rg BT 506.35 235.10 Td (accomandita ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 115.00 223.10 Td (semplice ) Tj ET Q q 0 0 0 rg BT 158.05 223.10 Td (and ) Tj ET Q q 0 0 0 rg BT 175.55 223.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 206.39 223.10 Td (Italian ) Tj ET Q q 0 0 0 rg BT 235.55 223.10 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 288.61 223.10 Td (as ) Tj ET Q q 0 0 0 rg BT 300.00 223.10 Td (r) Tj ET Q q 0 0 0 rg BT 303.53 223.10 Td (eferr) Tj ET Q q 0 0 0 rg BT 322.59 223.10 Td (ed ) Tj ET Q q 0 0 0 rg BT 334.53 223.10 Td (to ) Tj ET Q q 0 0 0 rg BT 344.81 223.10 Td (in ) Tj ET Q q 0 0 0 rg BT 354.91 223.10 Td (Article ) Tj ET Q q 0 0 0 rg BT 384.62 223.10 Td (5 ) Tj ET Q q 0 0 0 rg BT 392.12 223.10 Td (CIT) Tj ET Q q 0 0 0 rg BT 406.94 223.10 Td (A\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 201.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 126.52 201.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 149.28 201.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 182.56 201.10 Td (by ) Tj ET Q q 0 0 0 rg BT 194.20 201.10 Td (Italian ) Tj ET Q q 0 0 0 rg BT 221.39 201.10 Td (Sole ) Tj ET Q q 0 0 0 rg BT 240.81 201.10 Td (Proprietors ) Tj ET Q q 0 0 0 rg BT 286.89 201.10 Td (and ) Tj ET Q q 0 0 0 rg BT 302.97 201.10 Td (Italian ) Tj ET Q q 0 0 0 rg BT 330.16 201.10 Td (business ) Tj ET Q q 0 0 0 rg BT 365.69 201.10 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 416.21 201.10 Td (\(Italian ) Tj ET Q q 0 0 0 rg BT 446.73 201.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 451.17 201.10 Td (societ ) Tj ET Q q 0 0 0 rg BT 481.13 201.10 Td (in ) Tj ET Q q 0 0 0 rg BT 490.56 201.10 Td (nome ) Tj ET Q q 0 0 0 rg BT 513.86 201.10 Td (collettivo) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.07 201.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 189.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.44 189.10 Td (societ ) Tj ET Q q 0 0 0 rg BT 88.20 189.10 Td (in ) Tj ET Q q 0 0 0 rg BT 97.42 189.10 Td (accomandita ) Tj ET Q q 0 0 0 rg BT 150.51 189.10 Td (semplice) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.49 189.10 Td ( ) Tj ET Q q 0 0 0 rg BT 191.37 189.10 Td (and ) Tj ET Q q 0 0 0 rg BT 207.24 189.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 236.46 189.10 Td (Italian ) Tj ET Q q 0 0 0 rg BT 263.43 189.10 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 313.75 189.10 Td (as ) Tj ET Q q 0 0 0 rg BT 323.52 189.10 Td (referred ) Tj ET Q q 0 0 0 rg BT 356.59 189.10 Td (to ) Tj ET Q q 0 0 0 rg BT 365.80 189.10 Td (in ) Tj ET Q q 0 0 0 rg BT 374.70 189.10 Td (Article ) Tj ET Q q 0 0 0 rg BT 403.90 189.10 Td (5 ) Tj ET Q q 0 0 0 rg BT 410.34 189.10 Td (CIT) Tj ET Q q 0 0 0 rg BT 425.65 189.10 Td (A\) ) Tj ET Q q 0 0 0 rg BT 437.64 189.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 459.07 189.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 491.05 189.10 Td (for ) Tj ET Q q 0 0 0 rg BT 504.14 189.10 Td (consideration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 177.10 Td (of ) Tj ET Q q 0 0 0 rg BT 65.15 177.10 Td (the ) Tj ET Q q 0 0 0 rg BT 80.18 177.10 Td (common ) Tj ET Q q 0 0 0 rg BT 117.99 177.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 145.80 177.10 Td (in ) Tj ET Q q 0 0 0 rg BT 156.39 177.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 186.42 177.10 Td (must ) Tj ET Q q 0 0 0 rg BT 208.68 177.10 Td (be ) Tj ET Q q 0 0 0 rg BT 220.94 177.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 242.64 177.10 Td (included ) Tj ET Q q 0 0 0 rg BT 279.89 177.10 Td (in ) Tj ET Q q 0 0 0 rg BT 290.48 177.10 Td (the ) Tj ET Q q 0 0 0 rg BT 305.52 177.10 Td (overall ) Tj ET Q q 0 0 0 rg BT 336.10 177.10 Td (business ) Tj ET Q q 0 0 0 rg BT 372.80 177.10 Td (income ) Tj ET Q q 0 0 0 rg BT 405.05 177.10 Td (and ) Tj ET Q q 0 0 0 rg BT 422.31 177.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 458.44 177.10 Td (in ) Tj ET Q q 0 0 0 rg BT 469.04 177.10 Td (the ) Tj ET Q q 0 0 0 rg BT 484.07 177.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 513.54 177.10 Td (income ) Tj ET Q q 0 0 0 rg BT 545.79 177.10 Td (tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 165.10 Td (return. ) Tj ET Q q 0 0 0 rg BT 82.76 165.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 114.03 165.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 140.31 165.10 Td (\(or ) Tj ET Q q 0 0 0 rg BT 154.36 165.10 Td (other ) Tj ET Q q 0 0 0 rg BT 177.30 165.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 213.56 165.10 Td (items ) Tj ET Q q 0 0 0 rg BT 237.61 165.10 Td (of ) Tj ET Q q 0 0 0 rg BT 248.33 165.10 Td (income\) ) Tj ET Q q 0 0 0 rg BT 283.48 165.10 Td (derived ) Tj ET Q q 0 0 0 rg BT 315.85 165.10 Td (by ) Tj ET Q q 0 0 0 rg BT 328.24 165.10 Td (this ) Tj ET Q q 0 0 0 rg BT 345.07 165.10 Td (class ) Tj ET Q q 0 0 0 rg BT 366.90 165.10 Td (of ) Tj ET Q q 0 0 0 rg BT 377.62 165.10 Td (holders ) Tj ET Q q 0 0 0 rg BT 409.44 165.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 431.83 165.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 464.76 165.10 Td (for ) Tj ET Q q 0 0 0 rg BT 478.80 165.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 535.06 165.10 Td (of ) Tj ET Q q 0 0 0 rg BT 545.78 165.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 153.10 Td (common ) Tj ET Q q 0 0 0 rg BT 91.50 153.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 118.99 153.10 Td (in ) Tj ET Q q 0 0 0 rg BT 129.26 153.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 158.97 153.10 Td (would ) Tj ET Q q 0 0 0 rg BT 186.47 153.10 Td (be ) Tj ET Q q 0 0 0 rg BT 198.41 153.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 219.80 153.10 Td (deductible ) Tj ET Q q 0 0 0 rg BT 263.95 153.10 Td (from ) Tj ET Q q 0 0 0 rg BT 285.88 153.10 Td (the ) Tj ET Q q 0 0 0 rg BT 300.60 153.10 Td (holder) Tj ET Q q 0 0 0 rg BT 326.52 153.10 Td () Tj ET Q q 0 0 0 rg BT 329.30 153.10 Td (s ) Tj ET Q q 0 0 0 rg BT 335.69 153.10 Td (income. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 131.10 Td (However) Tj ET Q q 0 0 0 rg BT 132.25 131.10 Td (, ) Tj ET Q q 0 0 0 rg BT 137.62 131.10 Td (if ) Tj ET Q q 0 0 0 rg BT 146.60 131.10 Td (the ) Tj ET Q q 0 0 0 rg BT 161.68 131.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 206.21 131.10 Td (under ) Tj ET Q q 0 0 0 rg BT 231.85 131.10 Td (a ) Tj ET Q q 0 0 0 rg BT 239.16 131.10 Td (and ) Tj ET Q q 0 0 0 rg BT 256.47 131.10 Td (b ) Tj ET Q q 0 0 0 rg BT 264.33 131.10 Td (of ) Tj ET Q q 0 0 0 rg BT 275.53 131.10 Td (subparagraph ) Tj ET Q q 0 0 0 rg BT 332.27 131.10 Td (\(A\)\(iii\) ) Tj ET Q q 0 0 0 rg BT 364.02 131.10 Td (below ) Tj ET Q q 0 0 0 rg BT 391.32 131.10 Td (are ) Tj ET Q q 0 0 0 rg BT 406.40 131.10 Td (met, ) Tj ET Q q 0 0 0 rg BT 426.76 131.10 Td (only ) Tj ET Q q 0 0 0 rg BT 447.41 131.10 Td (49.72 ) Tj ET Q q 0 0 0 rg BT 472.78 131.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 505.07 131.10 Td (of ) Tj ET Q q 0 0 0 rg BT 516.27 131.10 Td (the ) Tj ET Q q 0 0 0 rg BT 531.35 131.10 Td (capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 119.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 76.52 119.10 Td (must ) Tj ET Q q 0 0 0 rg BT 97.39 119.10 Td (be ) Tj ET Q q 0 0 0 rg BT 108.24 119.10 Td (included ) Tj ET Q q 0 0 0 rg BT 144.09 119.10 Td (in ) Tj ET Q q 0 0 0 rg BT 153.28 119.10 Td (the ) Tj ET Q q 0 0 0 rg BT 166.91 119.10 Td (overall ) Tj ET Q q 0 0 0 rg BT 196.09 119.10 Td (business ) Tj ET Q q 0 0 0 rg BT 231.40 119.10 Td (income. ) Tj ET Q q 0 0 0 rg BT 264.75 119.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 295.04 119.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 320.35 119.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 353.41 119.10 Td (on ) Tj ET Q q 0 0 0 rg BT 364.82 119.10 Td (common ) Tj ET Q q 0 0 0 rg BT 401.23 119.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 427.64 119.10 Td (in ) Tj ET Q q 0 0 0 rg BT 436.83 119.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 465.45 119.10 Td (that ) Tj ET Q q 0 0 0 rg BT 481.86 119.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 502.71 119.10 Td (the ) Tj ET Q q 0 0 0 rg BT 516.34 119.10 Td (conditions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 107.10 Td (under ) Tj ET Q q 0 0 0 rg BT 79.98 107.10 Td (a ) Tj ET Q q 0 0 0 rg BT 87.62 107.10 Td (and ) Tj ET Q q 0 0 0 rg BT 105.27 107.10 Td (b ) Tj ET Q q 0 0 0 rg BT 113.48 107.10 Td (of ) Tj ET Q q 0 0 0 rg BT 125.02 107.10 Td (subparagraph ) Tj ET Q q 0 0 0 rg BT 182.09 107.10 Td (\(A\)\(iii\) ) Tj ET Q q 0 0 0 rg BT 214.18 107.10 Td (below ) Tj ET Q q 0 0 0 rg BT 241.82 107.10 Td (are ) Tj ET Q q 0 0 0 rg BT 257.24 107.10 Td (only ) Tj ET Q q 0 0 0 rg BT 278.22 107.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 314.75 107.10 Td (deductible ) Tj ET Q q 0 0 0 rg BT 359.61 107.10 Td (\(similarly ) Tj ET Q q 0 0 0 rg BT 401.70 107.10 Td (to ) Tj ET Q q 0 0 0 rg BT 412.69 107.10 Td (what ) Tj ET Q q 0 0 0 rg BT 435.33 107.10 Td (is ) Tj ET Q q 0 0 0 rg BT 445.21 107.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 483.97 107.10 Td (for ) Tj ET Q q 0 0 0 rg BT 498.83 107.10 Td (the ) Tj ET Q q 0 0 0 rg BT 514.26 107.10 Td (taxation ) Tj ET Q q 0 0 0 rg BT 549.68 107.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 95.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 83.15 95.10 Td (gains\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 73.10 Td (For ) Tj ET Q q 0 0 0 rg BT 112.57 73.10 Td (the ) Tj ET Q q 0 0 0 rg BT 127.46 73.10 Td (purpose ) Tj ET Q q 0 0 0 rg BT 161.79 73.10 Td (of ) Tj ET Q q 0 0 0 rg BT 172.80 73.10 Td (determining ) Tj ET Q q 0 0 0 rg BT 223.79 73.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 253.12 73.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 276.90 73.10 Td (and ) Tj ET Q q 0 0 0 rg BT 294.01 73.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 323.34 73.10 Td (losses, ) Tj ET Q q 0 0 0 rg BT 352.41 73.10 Td (the ) Tj ET Q q 0 0 0 rg BT 367.30 73.10 Td (holder) Tj ET Q q 0 0 0 rg BT 393.22 73.10 Td () Tj ET Q q 0 0 0 rg BT 395.99 73.10 Td (s ) Tj ET Q q 0 0 0 rg BT 402.56 73.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 417.45 73.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 440.13 73.10 Td (in ) Tj ET Q q 0 0 0 rg BT 450.58 73.10 Td (the ) Tj ET Q q 0 0 0 rg BT 465.47 73.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 495.35 73.10 Td (common ) Tj ET Q q 0 0 0 rg BT 533.02 73.10 Td (shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 61.10 Td (is ) Tj ET Q q 0 0 0 rg BT 63.17 61.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 97.32 61.10 Td (by ) Tj ET Q q 0 0 0 rg BT 109.82 61.10 Td (any ) Tj ET Q q 0 0 0 rg BT 126.75 61.10 Td (write-down ) Tj ET Q q 0 0 0 rg BT 175.35 61.10 Td (that ) Tj ET Q q 0 0 0 rg BT 192.85 61.10 Td (the ) Tj ET Q q 0 0 0 rg BT 207.56 61.10 Td (holder ) Tj ET Q q 0 0 0 rg BT 235.61 61.10 Td (has ) Tj ET Q q 0 0 0 rg BT 251.44 61.10 Td (deducted ) Tj ET Q q 0 0 0 rg BT 290.04 61.10 Td (in ) Tj ET Q q 0 0 0 rg BT 300.31 61.10 Td (previous ) Tj ET Q q 0 0 0 rg BT 337.25 61.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 351.97 61.10 Td (years. ) Tj ET Q endstream endobj 273 0 obj <> endobj 274 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 297.00 41.20 Td (128) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 97.00 731.10 Td (\(iii\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.00 731.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 115.00 731.10 Td (Companies and other business entities r) Tj ET Q q 0 0 0 rg BT 274.90 731.10 Td (eferr) Tj ET Q q 0 0 0 rg BT 293.97 731.10 Td (ed to in ) Tj ET Q q 0 0 0 rg BT 326.28 731.10 Td (Article 73\(1\)\(a\)-\(b\)CIT) Tj ET Q q 0 0 0 rg BT 421.63 731.10 Td (A) Tj ET Q q 0 0 0 rg BT 427.55 731.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 709.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 128.26 709.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 152.74 709.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 187.76 709.10 Td (by ) Tj ET Q q 0 0 0 rg BT 201.14 709.10 Td (Italian ) Tj ET Q q 0 0 0 rg BT 230.06 709.10 Td (resident ) Tj ET Q q 0 0 0 rg BT 265.09 709.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 311.23 709.10 Td (and ) Tj ET Q q 0 0 0 rg BT 329.04 709.10 Td (other ) Tj ET Q q 0 0 0 rg BT 352.97 709.10 Td (business ) Tj ET Q q 0 0 0 rg BT 390.23 709.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 422.49 709.10 Td (as ) Tj ET Q q 0 0 0 rg BT 434.20 709.10 Td (referred ) Tj ET Q q 0 0 0 rg BT 469.21 709.10 Td (to ) Tj ET Q q 0 0 0 rg BT 480.37 709.10 Td (in ) Tj ET Q q 0 0 0 rg BT 490.77 709.10 Td (Article ) Tj ET Q q 0 0 0 rg BT 521.92 709.10 Td (73\(1\)\(a\)-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 697.10 Td (\(b\)CIT) Tj ET Q q 0 0 0 rg BT 83.47 697.10 Td (A) Tj ET Q q 0 0 0 rg BT 90.14 697.10 Td ( ) Tj ET Q q 0 0 0 rg BT 92.25 697.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 135.46 697.10 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 186.45 697.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 216.89 697.10 Td (by ) Tj ET Q q 0 0 0 rg BT 229.00 697.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 256.10 697.10 Td (and ) Tj ET Q q 0 0 0 rg BT 272.65 697.10 Td (public ) Tj ET Q q 0 0 0 rg BT 299.76 697.10 Td (and ) Tj ET Q q 0 0 0 rg BT 316.31 697.10 Td (private ) Tj ET Q q 0 0 0 rg BT 346.18 697.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 377.18 697.10 Td (whose ) Tj ET Q q 0 0 0 rg BT 404.84 697.10 Td (sole ) Tj ET Q q 0 0 0 rg BT 423.06 697.10 Td (or ) Tj ET Q q 0 0 0 rg BT 433.50 697.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 467.26 697.10 Td (purpose ) Tj ET Q q 0 0 0 rg BT 501.04 697.10 Td (is ) Tj ET Q q 0 0 0 rg BT 509.82 697.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 545.24 697.10 Td (out ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 685.10 Td (business ) Tj ET Q q 0 0 0 rg BT 90.33 685.10 Td (activity\) ) Tj ET Q q 0 0 0 rg BT 126.09 685.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 148.53 685.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 181.51 685.10 Td (for ) Tj ET Q q 0 0 0 rg BT 195.61 685.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 251.92 685.10 Td (of ) Tj ET Q q 0 0 0 rg BT 262.69 685.10 Td (the ) Tj ET Q q 0 0 0 rg BT 277.35 685.10 Td (common ) Tj ET Q q 0 0 0 rg BT 314.79 685.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 342.22 685.10 Td (in ) Tj ET Q q 0 0 0 rg BT 352.44 685.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 382.08 685.10 Td (must ) Tj ET Q q 0 0 0 rg BT 403.97 685.10 Td (be ) Tj ET Q q 0 0 0 rg BT 415.85 685.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 437.18 685.10 Td (included ) Tj ET Q q 0 0 0 rg BT 474.05 685.10 Td (in ) Tj ET Q q 0 0 0 rg BT 484.27 685.10 Td (the ) Tj ET Q q 0 0 0 rg BT 498.93 685.10 Td (overall ) Tj ET Q q 0 0 0 rg BT 529.13 685.10 Td (taxable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 673.10 Td (business ) Tj ET Q q 0 0 0 rg BT 90.10 673.10 Td (income ) Tj ET Q q 0 0 0 rg BT 121.73 673.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 152.26 673.10 Td (to ) Tj ET Q q 0 0 0 rg BT 162.24 673.10 Td (IRES ) Tj ET Q q 0 0 0 rg BT 186.12 673.10 Td (in ) Tj ET Q q 0 0 0 rg BT 196.10 673.10 Td (the ) Tj ET Q q 0 0 0 rg BT 210.52 673.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 224.94 673.10 Td (year ) Tj ET Q q 0 0 0 rg BT 244.35 673.10 Td (in ) Tj ET Q q 0 0 0 rg BT 254.33 673.10 Td (which ) Tj ET Q q 0 0 0 rg BT 280.97 673.10 Td (the ) Tj ET Q q 0 0 0 rg BT 295.39 673.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 324.25 673.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 347.56 673.10 Td (are ) Tj ET Q q 0 0 0 rg BT 361.97 673.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 395.82 673.10 Td (or) Tj ET Q q 0 0 0 rg BT 403.75 673.10 Td (, ) Tj ET Q q 0 0 0 rg BT 408.45 673.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 430.65 673.10 Td (election, ) Tj ET Q q 0 0 0 rg BT 467.01 673.10 Td (may ) Tj ET Q q 0 0 0 rg BT 486.43 673.10 Td (be ) Tj ET Q q 0 0 0 rg BT 498.07 673.10 Td (spread ) Tj ET Q q 0 0 0 rg BT 526.37 673.10 Td (in ) Tj ET Q q 0 0 0 rg BT 536.35 673.10 Td (equal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 661.10 Td (installments ) Tj ET Q q 0 0 0 rg BT 105.20 661.10 Td (over ) Tj ET Q q 0 0 0 rg BT 125.84 661.10 Td (a ) Tj ET Q q 0 0 0 rg BT 133.14 661.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 176.56 661.10 Td (of ) Tj ET Q q 0 0 0 rg BT 187.76 661.10 Td (five ) Tj ET Q q 0 0 0 rg BT 206.18 661.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 221.26 661.10 Td (years ) Tj ET Q q 0 0 0 rg BT 245.23 661.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 289.20 661.10 Td (the ) Tj ET Q q 0 0 0 rg BT 304.29 661.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 319.37 661.10 Td (year ) Tj ET Q q 0 0 0 rg BT 339.45 661.10 Td (when ) Tj ET Q q 0 0 0 rg BT 363.98 661.10 Td (the ) Tj ET Q q 0 0 0 rg BT 379.06 661.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 408.58 661.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 428.67 661.10 Td (is ) Tj ET Q q 0 0 0 rg BT 438.21 661.10 Td (realized\). ) Tj ET Q q 0 0 0 rg BT 478.34 661.10 Td (The ) Tj ET Q q 0 0 0 rg BT 496.75 661.10 Td (election ) Tj ET Q q 0 0 0 rg BT 531.27 661.10 Td (for ) Tj ET Q q 0 0 0 rg BT 545.80 661.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 649.10 Td (installment ) Tj ET Q q 0 0 0 rg BT 100.44 649.10 Td (computation ) Tj ET Q q 0 0 0 rg BT 152.42 649.10 Td (is ) Tj ET Q q 0 0 0 rg BT 161.09 649.10 Td (only ) Tj ET Q q 0 0 0 rg BT 180.87 649.10 Td (available ) Tj ET Q q 0 0 0 rg BT 218.95 649.10 Td (if ) Tj ET Q q 0 0 0 rg BT 227.06 649.10 Td (the ) Tj ET Q q 0 0 0 rg BT 241.27 649.10 Td (common ) Tj ET Q q 0 0 0 rg BT 278.26 649.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 305.25 649.10 Td (in ) Tj ET Q q 0 0 0 rg BT 315.03 649.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 344.23 649.10 Td (have ) Tj ET Q q 0 0 0 rg BT 365.10 649.10 Td (been ) Tj ET Q q 0 0 0 rg BT 385.98 649.10 Td (held ) Tj ET Q q 0 0 0 rg BT 405.19 649.10 Td (for ) Tj ET Q q 0 0 0 rg BT 418.85 649.10 Td (no ) Tj ET Q q 0 0 0 rg BT 430.85 649.10 Td (less ) Tj ET Q q 0 0 0 rg BT 447.84 649.10 Td (than ) Tj ET Q q 0 0 0 rg BT 467.06 649.10 Td (three ) Tj ET Q q 0 0 0 rg BT 489.04 649.10 Td (years ) Tj ET Q q 0 0 0 rg BT 512.13 649.10 Td (and ) Tj ET Q q 0 0 0 rg BT 528.57 649.10 Td (booked ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 637.10 Td (as ) Tj ET Q q 0 0 0 rg BT 64.83 637.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 87.88 637.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 125.36 637.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 151.19 637.10 Td (\() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 154.52 637.10 Td (immobilizzazioni ) Tj ET Q q 0 0 0 rg BT 224.81 637.10 Td (finanziarie) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.14 637.10 Td (\) ) Tj ET Q q 0 0 0 rg BT 273.97 637.10 Td (in ) Tj ET Q q 0 0 0 rg BT 284.25 637.10 Td (the ) Tj ET Q q 0 0 0 rg BT 298.97 637.10 Td (last ) Tj ET Q q 0 0 0 rg BT 315.35 637.10 Td (three ) Tj ET Q q 0 0 0 rg BT 337.84 637.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 375.32 637.10 Td (statements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 615.10 Td (However) Tj ET Q q 0 0 0 rg BT 132.25 615.10 Td (, ) Tj ET Q q 0 0 0 rg BT 136.97 615.10 Td (under ) Tj ET Q q 0 0 0 rg BT 161.47 615.10 Td (Article ) Tj ET Q q 0 0 0 rg BT 191.45 615.10 Td (87 ) Tj ET Q q 0 0 0 rg BT 203.67 615.10 Td (CIT) Tj ET Q q 0 0 0 rg BT 218.98 615.10 Td (A) Tj ET Q q 0 0 0 rg BT 225.65 615.10 Td ( ) Tj ET Q q 0 0 0 rg BT 227.87 615.10 Td (\(participation ) Tj ET Q q 0 0 0 rg BT 283.95 615.10 Td (exemption\), ) Tj ET Q q 0 0 0 rg BT 334.21 615.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 363.08 615.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 386.41 615.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 420.27 615.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 442.49 615.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 475.25 615.10 Td (of ) Tj ET Q q 0 0 0 rg BT 485.80 615.10 Td (common ) Tj ET Q q 0 0 0 rg BT 523.01 615.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 550.22 615.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 603.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 83.71 603.10 Td (are ) Tj ET Q q 0 0 0 rg BT 98.41 603.10 Td (95 ) Tj ET Q q 0 0 0 rg BT 110.91 603.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 142.84 603.10 Td (exempt ) Tj ET Q q 0 0 0 rg BT 174.77 603.10 Td (if ) Tj ET Q q 0 0 0 rg BT 183.38 603.10 Td (both ) Tj ET Q q 0 0 0 rg BT 203.66 603.10 Td (the ) Tj ET Q q 0 0 0 rg BT 218.38 603.10 Td (following ) Tj ET Q q 0 0 0 rg BT 259.76 603.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 314.46 603.10 Td (are ) Tj ET Q q 0 0 0 rg BT 329.17 603.10 Td (met: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 581.10 Td (a. ) Tj ET Q q 0 0 0 rg BT 115.00 581.10 Td (The ) Tj ET Q q 0 0 0 rg BT 132.68 581.10 Td (common ) Tj ET Q q 0 0 0 rg BT 169.80 581.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 196.92 581.10 Td (in ) Tj ET Q q 0 0 0 rg BT 206.83 581.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 236.16 581.10 Td (have ) Tj ET Q q 0 0 0 rg BT 257.17 581.10 Td (been ) Tj ET Q q 0 0 0 rg BT 278.17 581.10 Td (uninterruptedly ) Tj ET Q q 0 0 0 rg BT 341.95 581.10 Td (held ) Tj ET Q q 0 0 0 rg BT 361.30 581.10 Td (as ) Tj ET Q q 0 0 0 rg BT 371.76 581.10 Td (of ) Tj ET Q q 0 0 0 rg BT 382.22 581.10 Td (the ) Tj ET Q q 0 0 0 rg BT 396.56 581.10 Td (first ) Tj ET Q q 0 0 0 rg BT 414.80 581.10 Td (day ) Tj ET Q q 0 0 0 rg BT 431.37 581.10 Td (of ) Tj ET Q q 0 0 0 rg BT 441.83 581.10 Td (the ) Tj ET Q q 0 0 0 rg BT 456.17 581.10 Td (twelfth ) Tj ET Q q 0 0 0 rg BT 486.63 581.10 Td (month ) Tj ET Q q 0 0 0 rg BT 514.31 581.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 535.88 581.10 Td (to ) Tj ET Q q 0 0 0 rg BT 545.79 581.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 569.10 Td (transfer) Tj ET Q q 0 0 0 rg BT 145.14 569.10 Td (, ) Tj ET Q q 0 0 0 rg BT 149.70 569.10 Td (treating ) Tj ET Q q 0 0 0 rg BT 182.31 569.10 Td (the ) Tj ET Q q 0 0 0 rg BT 196.60 569.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 225.87 569.10 Td (common ) Tj ET Q q 0 0 0 rg BT 262.93 569.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 289.99 569.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 326.48 569.10 Td (on ) Tj ET Q q 0 0 0 rg BT 338.55 569.10 Td (the ) Tj ET Q q 0 0 0 rg BT 352.83 569.10 Td (most ) Tj ET Q q 0 0 0 rg BT 374.35 569.10 Td (recent ) Tj ET Q q 0 0 0 rg BT 400.84 569.10 Td (date ) Tj ET Q q 0 0 0 rg BT 419.56 569.10 Td (as ) Tj ET Q q 0 0 0 rg BT 429.96 569.10 Td (being ) Tj ET Q q 0 0 0 rg BT 454.24 569.10 Td (transferred ) Tj ET Q q 0 0 0 rg BT 499.61 569.10 Td (first ) Tj ET Q q 0 0 0 rg BT 517.79 569.10 Td (\(on ) Tj ET Q q 0 0 0 rg BT 533.18 569.10 Td (a ) Tj ET Q q 0 0 0 rg BT 539.69 569.10 Td (last ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 557.10 Td (in ) Tj ET Q q 0 0 0 rg BT 125.28 557.10 Td (first ) Tj ET Q q 0 0 0 rg BT 143.89 557.10 Td (out ) Tj ET Q q 0 0 0 rg BT 163.60 557.10 Td (basis\); ) Tj ET Q q 0 0 0 rg BT 192.21 557.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 535.10 Td (b. ) Tj ET Q q 0 0 0 rg BT 115.00 535.10 Td (The ) Tj ET Q q 0 0 0 rg BT 132.86 535.10 Td (common ) Tj ET Q q 0 0 0 rg BT 170.16 535.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 197.46 535.10 Td (in ) Tj ET Q q 0 0 0 rg BT 207.55 535.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 237.07 535.10 Td (have ) Tj ET Q q 0 0 0 rg BT 258.25 535.10 Td (been ) Tj ET Q q 0 0 0 rg BT 279.44 535.10 Td (booked ) Tj ET Q q 0 0 0 rg BT 311.19 535.10 Td (as ) Tj ET Q q 0 0 0 rg BT 321.83 535.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 344.68 535.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 381.97 535.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 407.61 535.10 Td (in ) Tj ET Q q 0 0 0 rg BT 417.70 535.10 Td (the ) Tj ET Q q 0 0 0 rg BT 432.23 535.10 Td (first ) Tj ET Q q 0 0 0 rg BT 450.64 535.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 487.93 535.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 532.46 535.10 Td (closed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 523.10 Td (during ) Tj ET Q q 0 0 0 rg BT 145.00 523.10 Td (the ) Tj ET Q q 0 0 0 rg BT 161.11 523.10 Td (holding ) Tj ET Q q 0 0 0 rg BT 195.56 523.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 227.50 523.10 Td (In ) Tj ET Q q 0 0 0 rg BT 239.72 523.10 Td (case ) Tj ET Q q 0 0 0 rg BT 260.82 523.10 Td (of ) Tj ET Q q 0 0 0 rg BT 273.04 523.10 Td (holders ) Tj ET Q q 0 0 0 rg BT 306.37 523.10 Td (that ) Tj ET Q q 0 0 0 rg BT 325.25 523.10 Td (draft ) Tj ET Q q 0 0 0 rg BT 348.02 523.10 Td (their ) Tj ET Q q 0 0 0 rg BT 370.24 523.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 409.11 523.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 455.21 523.10 Td (according ) Tj ET Q q 0 0 0 rg BT 498.53 523.10 Td (to ) Tj ET Q q 0 0 0 rg BT 510.20 523.10 Td (IAS ) Tj ET Q q 0 0 0 rg BT 530.21 523.10 Td (/ ) Tj ET Q q 0 0 0 rg BT 536.88 523.10 Td (IFRS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 511.10 Td (international ) Tj ET Q q 0 0 0 rg BT 167.73 511.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 213.80 511.10 Td (standards, ) Tj ET Q q 0 0 0 rg BT 256.26 511.10 Td (the ) Tj ET Q q 0 0 0 rg BT 270.67 511.10 Td (common ) Tj ET Q q 0 0 0 rg BT 307.86 511.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 335.05 511.10 Td (in ) Tj ET Q q 0 0 0 rg BT 345.02 511.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 374.42 511.10 Td (are ) Tj ET Q q 0 0 0 rg BT 388.83 511.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 422.11 511.10 Td (as ) Tj ET Q q 0 0 0 rg BT 432.64 511.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 455.38 511.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 492.56 511.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 518.08 511.10 Td (if ) Tj ET Q q 0 0 0 rg BT 526.38 511.10 Td (they ) Tj ET Q q 0 0 0 rg BT 545.80 511.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 499.10 Td (not ) Tj ET Q q 0 0 0 rg BT 130.28 499.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 173.31 499.10 Td (as ) Tj ET Q q 0 0 0 rg BT 184.14 499.10 Td (held ) Tj ET Q q 0 0 0 rg BT 208.30 499.10 Td (for ) Tj ET Q q 0 0 0 rg BT 222.46 499.10 Td (trading. ) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 54.00 497.90 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 473.90 Td (The ) Tj ET Q q 0 0 0 rg BT 114.83 473.90 Td (law ) Tj ET Q q 0 0 0 rg BT 132.54 473.90 Td (lays ) Tj ET Q q 0 0 0 rg BT 151.93 473.90 Td (down ) Tj ET Q q 0 0 0 rg BT 177.43 473.90 Td (certain ) Tj ET Q q 0 0 0 rg BT 207.91 473.90 Td (additional ) Tj ET Q q 0 0 0 rg BT 251.18 473.90 Td (conditions ) Tj ET Q q 0 0 0 rg BT 296.12 473.90 Td (for ) Tj ET Q q 0 0 0 rg BT 311.06 473.90 Td (the ) Tj ET Q q 0 0 0 rg BT 326.56 473.90 Td (exemption ) Tj ET Q q 0 0 0 rg BT 372.05 473.90 Td (to ) Tj ET Q q 0 0 0 rg BT 383.11 473.90 Td (be ) Tj ET Q q 0 0 0 rg BT 395.82 473.90 Td (available. ) Tj ET Q q 0 0 0 rg BT 437.69 473.90 Td (Based ) Tj ET Q q 0 0 0 rg BT 465.41 473.90 Td (on ) Tj ET Q q 0 0 0 rg BT 478.69 473.90 Td (the ) Tj ET Q q 0 0 0 rg BT 494.18 473.90 Td (assumption ) Tj ET Q q 0 0 0 rg BT 543.02 473.90 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 461.90 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 84.24 461.90 Td (is ) Tj ET Q q 0 0 0 rg BT 93.95 461.90 Td (a ) Tj ET Q q 0 0 0 rg BT 101.42 461.90 Td (holding ) Tj ET Q q 0 0 0 rg BT 135.02 461.90 Td (company) Tj ET Q q 0 0 0 rg BT 171.02 461.90 Td (, ) Tj ET Q q 0 0 0 rg BT 176.56 461.90 Td (that ) Tj ET Q q 0 0 0 rg BT 194.59 461.90 Td (its ) Tj ET Q q 0 0 0 rg BT 207.07 461.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 235.10 461.90 Td (will ) Tj ET Q q 0 0 0 rg BT 253.69 461.90 Td (be ) Tj ET Q q 0 0 0 rg BT 266.17 461.90 Td (listed ) Tj ET Q q 0 0 0 rg BT 290.87 461.90 Td (on ) Tj ET Q q 0 0 0 rg BT 303.91 461.90 Td (a ) Tj ET Q q 0 0 0 rg BT 311.38 461.90 Td (regulated ) Tj ET Q q 0 0 0 rg BT 351.62 461.90 Td (market, ) Tj ET Q q 0 0 0 rg BT 384.92 461.90 Td (and ) Tj ET Q q 0 0 0 rg BT 402.39 461.90 Td (that ) Tj ET Q q 0 0 0 rg BT 420.42 461.90 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 457.90 461.90 Td (to ) Tj ET Q q 0 0 0 rg BT 468.04 461.90 Td (Article ) Tj ET Q q 0 0 0 rg BT 498.84 461.90 Td (87\(5\) ) Tj ET Q q 0 0 0 rg BT 523.54 461.90 Td (CIT) Tj ET Q q 0 0 0 rg BT 538.85 461.90 Td (A) Tj ET Q q 0 0 0 rg BT 545.52 461.90 Td ( ) Tj ET Q q 0 0 0 rg BT 548.55 461.90 Td (its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 449.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 80.02 449.90 Td (are ) Tj ET Q q 0 0 0 rg BT 94.92 449.90 Td (predominantly ) Tj ET Q q 0 0 0 rg BT 155.93 449.90 Td (composed ) Tj ET Q q 0 0 0 rg BT 199.17 449.90 Td (of ) Tj ET Q q 0 0 0 rg BT 210.19 449.90 Td (shareholdings ) Tj ET Q q 0 0 0 rg BT 268.42 449.90 Td (in ) Tj ET Q q 0 0 0 rg BT 278.89 449.90 Td (companies ) Tj ET Q q 0 0 0 rg BT 324.35 449.90 Td (which ) Tj ET Q q 0 0 0 rg BT 351.48 449.90 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 380.27 449.90 Td (the ) Tj ET Q q 0 0 0 rg BT 395.18 449.90 Td (additional ) Tj ET Q q 0 0 0 rg BT 437.86 449.90 Td (conditions ) Tj ET Q q 0 0 0 rg BT 482.22 449.90 Td (set ) Tj ET Q q 0 0 0 rg BT 496.02 449.90 Td (forth ) Tj ET Q q 0 0 0 rg BT 518.15 449.90 Td (by ) Tj ET Q q 0 0 0 rg BT 530.24 449.90 Td (Article ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 437.90 Td (87 ) Tj ET Q q 0 0 0 rg BT 66.39 437.90 Td (CIT) Tj ET Q q 0 0 0 rg BT 81.70 437.90 Td (A) Tj ET Q q 0 0 0 rg BT 88.37 437.90 Td ( ) Tj ET Q q 0 0 0 rg BT 90.76 437.90 Td (in ) Tj ET Q q 0 0 0 rg BT 100.93 437.90 Td (order ) Tj ET Q q 0 0 0 rg BT 124.42 437.90 Td (to ) Tj ET Q q 0 0 0 rg BT 134.60 437.90 Td (enjoy ) Tj ET Q q 0 0 0 rg BT 159.21 437.90 Td (the ) Tj ET Q q 0 0 0 rg BT 173.81 437.90 Td (participation ) Tj ET Q q 0 0 0 rg BT 226.74 437.90 Td (exemption ) Tj ET Q q 0 0 0 rg BT 271.35 437.90 Td (regime ) Tj ET Q q 0 0 0 rg BT 301.50 437.90 Td (\(i.e., ) Tj ET Q q 0 0 0 rg BT 321.94 437.90 Td (the ) Tj ET Q q 0 0 0 rg BT 336.55 437.90 Td (companies ) Tj ET Q q 0 0 0 rg BT 381.71 437.90 Td (are ) Tj ET Q q 0 0 0 rg BT 396.31 437.90 Td (not ) Tj ET Q q 0 0 0 rg BT 411.48 437.90 Td (resident ) Tj ET Q q 0 0 0 rg BT 445.53 437.90 Td (in ) Tj ET Q q 0 0 0 rg BT 455.70 437.90 Td (a ) Tj ET Q q 0 0 0 rg BT 462.53 437.90 Td (State ) Tj ET Q q 0 0 0 rg BT 484.92 437.90 Td (with ) Tj ET Q q 0 0 0 rg BT 505.09 437.90 Td (a ) Tj ET Q q 0 0 0 rg BT 511.92 437.90 Td (preferential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 425.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 68.72 425.90 Td (system ) Tj ET Q q 0 0 0 rg BT 99.00 425.90 Td (and ) Tj ET Q q 0 0 0 rg BT 115.93 425.90 Td (carry ) Tj ET Q q 0 0 0 rg BT 138.97 425.90 Td (on ) Tj ET Q q 0 0 0 rg BT 151.47 425.90 Td (a ) Tj ET Q q 0 0 0 rg BT 158.41 425.90 Td (business ) Tj ET Q q 0 0 0 rg BT 194.80 425.90 Td (activity\), ) Tj ET Q q 0 0 0 rg BT 233.12 425.90 Td (these ) Tj ET Q q 0 0 0 rg BT 256.17 425.90 Td (additional ) Tj ET Q q 0 0 0 rg BT 298.66 425.90 Td (conditions ) Tj ET Q q 0 0 0 rg BT 342.82 425.90 Td (should ) Tj ET Q q 0 0 0 rg BT 371.99 425.90 Td (be ) Tj ET Q q 0 0 0 rg BT 383.93 425.90 Td (met. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 403.90 Td (The ) Tj ET Q q 0 0 0 rg BT 113.77 403.90 Td (transfer ) Tj ET Q q 0 0 0 rg BT 146.52 403.90 Td (of ) Tj ET Q q 0 0 0 rg BT 157.07 403.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 184.28 403.90 Td (booked ) Tj ET Q q 0 0 0 rg BT 215.94 403.90 Td (as ) Tj ET Q q 0 0 0 rg BT 226.49 403.90 Td (fixed ) Tj ET Q q 0 0 0 rg BT 249.25 403.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 286.45 403.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 312.00 403.90 Td (and ) Tj ET Q q 0 0 0 rg BT 328.66 403.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 355.87 403.90 Td (booked ) Tj ET Q q 0 0 0 rg BT 387.53 403.90 Td (as ) Tj ET Q q 0 0 0 rg BT 398.08 403.90 Td (inventory ) Tj ET Q q 0 0 0 rg BT 438.62 403.90 Td (must ) Tj ET Q q 0 0 0 rg BT 460.29 403.90 Td (be ) Tj ET Q q 0 0 0 rg BT 471.95 403.90 Td (considered ) Tj ET Q q 0 0 0 rg BT 517.48 403.90 Td (separately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 391.90 Td (with ) Tj ET Q q 0 0 0 rg BT 73.68 391.90 Td (reference ) Tj ET Q q 0 0 0 rg BT 112.77 391.90 Td (to ) Tj ET Q q 0 0 0 rg BT 122.46 391.90 Td (each ) Tj ET Q q 0 0 0 rg BT 142.68 391.90 Td (class. ) Tj ET Q q 0 0 0 rg BT 166.52 391.90 Td (If ) Tj ET Q q 0 0 0 rg BT 175.09 391.90 Td (the ) Tj ET Q q 0 0 0 rg BT 189.21 391.90 Td (requirements ) Tj ET Q q 0 0 0 rg BT 243.32 391.90 Td (for ) Tj ET Q q 0 0 0 rg BT 256.88 391.90 Td (the ) Tj ET Q q 0 0 0 rg BT 271.01 391.90 Td (participation ) Tj ET Q q 0 0 0 rg BT 323.45 391.90 Td (exemption ) Tj ET Q q 0 0 0 rg BT 367.57 391.90 Td (are ) Tj ET Q q 0 0 0 rg BT 381.68 391.90 Td (met, ) Tj ET Q q 0 0 0 rg BT 401.08 391.90 Td (any ) Tj ET Q q 0 0 0 rg BT 417.43 391.90 Td (capital ) Tj ET Q q 0 0 0 rg BT 445.98 391.90 Td (loss ) Tj ET Q q 0 0 0 rg BT 463.45 391.90 Td (realized ) Tj ET Q q 0 0 0 rg BT 497.00 391.90 Td (on ) Tj ET Q q 0 0 0 rg BT 508.90 391.90 Td (the ) Tj ET Q q 0 0 0 rg BT 523.02 391.90 Td (common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 379.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 81.49 379.90 Td (in ) Tj ET Q q 0 0 0 rg BT 91.77 379.90 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 121.48 379.90 Td (cannot ) Tj ET Q q 0 0 0 rg BT 150.63 379.90 Td (be ) Tj ET Q q 0 0 0 rg BT 162.57 379.90 Td (deducted. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 357.90 Td (For ) Tj ET Q q 0 0 0 rg BT 112.57 357.90 Td (the ) Tj ET Q q 0 0 0 rg BT 127.46 357.90 Td (purpose ) Tj ET Q q 0 0 0 rg BT 161.79 357.90 Td (of ) Tj ET Q q 0 0 0 rg BT 172.80 357.90 Td (determining ) Tj ET Q q 0 0 0 rg BT 223.79 357.90 Td (capital ) Tj ET Q q 0 0 0 rg BT 253.12 357.90 Td (gains ) Tj ET Q q 0 0 0 rg BT 276.90 357.90 Td (and ) Tj ET Q q 0 0 0 rg BT 294.01 357.90 Td (capital ) Tj ET Q q 0 0 0 rg BT 323.34 357.90 Td (losses, ) Tj ET Q q 0 0 0 rg BT 352.41 357.90 Td (the ) Tj ET Q q 0 0 0 rg BT 367.30 357.90 Td (holder) Tj ET Q q 0 0 0 rg BT 393.22 357.90 Td () Tj ET Q q 0 0 0 rg BT 395.99 357.90 Td (s ) Tj ET Q q 0 0 0 rg BT 402.56 357.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 417.45 357.90 Td (basis ) Tj ET Q q 0 0 0 rg BT 440.13 357.90 Td (in ) Tj ET Q q 0 0 0 rg BT 450.58 357.90 Td (the ) Tj ET Q q 0 0 0 rg BT 465.47 357.90 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 495.35 357.90 Td (common ) Tj ET Q q 0 0 0 rg BT 533.02 357.90 Td (shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 345.90 Td (is ) Tj ET Q q 0 0 0 rg BT 63.17 345.90 Td (reduced ) Tj ET Q q 0 0 0 rg BT 97.32 345.90 Td (by ) Tj ET Q q 0 0 0 rg BT 109.82 345.90 Td (any ) Tj ET Q q 0 0 0 rg BT 126.75 345.90 Td (write-down ) Tj ET Q q 0 0 0 rg BT 175.35 345.90 Td (that ) Tj ET Q q 0 0 0 rg BT 192.85 345.90 Td (the ) Tj ET Q q 0 0 0 rg BT 207.56 345.90 Td (holder ) Tj ET Q q 0 0 0 rg BT 235.61 345.90 Td (has ) Tj ET Q q 0 0 0 rg BT 251.44 345.90 Td (deducted ) Tj ET Q q 0 0 0 rg BT 290.04 345.90 Td (in ) Tj ET Q q 0 0 0 rg BT 300.31 345.90 Td (previous ) Tj ET Q q 0 0 0 rg BT 337.25 345.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 351.97 345.90 Td (years. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 323.90 Td (Capital ) Tj ET Q q 0 0 0 rg BT 127.91 323.90 Td (losses ) Tj ET Q q 0 0 0 rg BT 154.84 323.90 Td (\(as ) Tj ET Q q 0 0 0 rg BT 169.53 323.90 Td (well ) Tj ET Q q 0 0 0 rg BT 189.78 323.90 Td (as ) Tj ET Q q 0 0 0 rg BT 201.14 323.90 Td (negative ) Tj ET Q q 0 0 0 rg BT 238.04 323.90 Td (dif) Tj ET Q q 0 0 0 rg BT 248.97 323.90 Td (ferences ) Tj ET Q q 0 0 0 rg BT 285.30 323.90 Td (between ) Tj ET Q q 0 0 0 rg BT 321.65 323.90 Td (revenues ) Tj ET Q q 0 0 0 rg BT 360.22 323.90 Td (and ) Tj ET Q q 0 0 0 rg BT 377.69 323.90 Td (costs\) ) Tj ET Q q 0 0 0 rg BT 404.05 323.90 Td (relating ) Tj ET Q q 0 0 0 rg BT 437.62 323.90 Td (to ) Tj ET Q q 0 0 0 rg BT 448.43 323.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 476.46 323.90 Td (that ) Tj ET Q q 0 0 0 rg BT 494.48 323.90 Td (do ) Tj ET Q q 0 0 0 rg BT 507.51 323.90 Td (not ) Tj ET Q q 0 0 0 rg BT 523.32 323.90 Td (meet ) Tj ET Q q 0 0 0 rg BT 545.79 323.90 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 311.90 Td (participation ) Tj ET Q q 0 0 0 rg BT 107.95 311.90 Td (exemption ) Tj ET Q q 0 0 0 rg BT 153.58 311.90 Td (requirements ) Tj ET Q q 0 0 0 rg BT 209.20 311.90 Td (are ) Tj ET Q q 0 0 0 rg BT 224.83 311.90 Td (not ) Tj ET Q q 0 0 0 rg BT 241.02 311.90 Td (relevant ) Tj ET Q q 0 0 0 rg BT 276.64 311.90 Td (\(and ) Tj ET Q q 0 0 0 rg BT 297.83 311.90 Td (cannot ) Tj ET Q q 0 0 0 rg BT 327.90 311.90 Td (be ) Tj ET Q q 0 0 0 rg BT 340.75 311.90 Td (deducted\) ) Tj ET Q q 0 0 0 rg BT 383.59 311.90 Td (to ) Tj ET Q q 0 0 0 rg BT 394.79 311.90 Td (the ) Tj ET Q q 0 0 0 rg BT 410.42 311.90 Td (extent ) Tj ET Q q 0 0 0 rg BT 438.27 311.90 Td (of ) Tj ET Q q 0 0 0 rg BT 450.02 311.90 Td (the ) Tj ET Q q 0 0 0 rg BT 465.66 311.90 Td (non-taxable ) Tj ET Q q 0 0 0 rg BT 516.27 311.90 Td (amount ) Tj ET Q q 0 0 0 rg BT 549.69 311.90 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 299.90 Td (dividends ) Tj ET Q q 0 0 0 rg BT 96.02 299.90 Td (\(or ) Tj ET Q q 0 0 0 rg BT 110.81 299.90 Td (advance ) Tj ET Q q 0 0 0 rg BT 146.69 299.90 Td (dividend\) ) Tj ET Q q 0 0 0 rg BT 188.15 299.90 Td (received ) Tj ET Q q 0 0 0 rg BT 225.15 299.90 Td (by ) Tj ET Q q 0 0 0 rg BT 238.28 299.90 Td (the ) Tj ET Q q 0 0 0 rg BT 253.62 299.90 Td (holder ) Tj ET Q q 0 0 0 rg BT 282.30 299.90 Td (in ) Tj ET Q q 0 0 0 rg BT 293.21 299.90 Td (the ) Tj ET Q q 0 0 0 rg BT 308.56 299.90 Td (36 ) Tj ET Q q 0 0 0 rg BT 321.69 299.90 Td (\(thirty-six\) ) Tj ET Q q 0 0 0 rg BT 368.15 299.90 Td (months ) Tj ET Q q 0 0 0 rg BT 400.73 299.90 Td (prior ) Tj ET Q q 0 0 0 rg BT 423.30 299.90 Td (to ) Tj ET Q q 0 0 0 rg BT 434.21 299.90 Td (the ) Tj ET Q q 0 0 0 rg BT 449.56 299.90 Td (transfer ) Tj ET Q q 0 0 0 rg BT 483.22 299.90 Td (\(dividend ) Tj ET Q q 0 0 0 rg BT 524.68 299.90 Td (washing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 287.90 Td (rule\). ) Tj ET Q q 0 0 0 rg BT 77.45 287.90 Td (This ) Tj ET Q q 0 0 0 rg BT 97.46 287.90 Td (anti-avoidance ) Tj ET Q q 0 0 0 rg BT 158.55 287.90 Td (rule ) Tj ET Q q 0 0 0 rg BT 176.32 287.90 Td (applies ) Tj ET Q q 0 0 0 rg BT 206.88 287.90 Td (to ) Tj ET Q q 0 0 0 rg BT 216.89 287.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 244.11 287.90 Td (acquired ) Tj ET Q q 0 0 0 rg BT 280.77 287.90 Td (in ) Tj ET Q q 0 0 0 rg BT 290.78 287.90 Td (the ) Tj ET Q q 0 0 0 rg BT 305.23 287.90 Td (36-month ) Tj ET Q q 0 0 0 rg BT 346.34 287.90 Td (period ) Tj ET Q q 0 0 0 rg BT 374.12 287.90 Td (preceding ) Tj ET Q q 0 0 0 rg BT 415.78 287.90 Td (the ) Tj ET Q q 0 0 0 rg BT 430.23 287.90 Td (realization ) Tj ET Q q 0 0 0 rg BT 474.65 287.90 Td (of ) Tj ET Q q 0 0 0 rg BT 485.22 287.90 Td (the ) Tj ET Q q 0 0 0 rg BT 499.66 287.90 Td (capital ) Tj ET Q q 0 0 0 rg BT 528.55 287.90 Td (loss ) Tj ET Q q 0 0 0 rg BT 546.34 287.90 Td (\(or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 275.90 Td (the ) Tj ET Q q 0 0 0 rg BT 68.36 275.90 Td (negative ) Tj ET Q q 0 0 0 rg BT 104.38 275.90 Td (dif) Tj ET Q q 0 0 0 rg BT 115.31 275.90 Td (ference\), ) Tj ET Q q 0 0 0 rg BT 152.70 275.90 Td (provided ) Tj ET Q q 0 0 0 rg BT 190.39 275.90 Td (that ) Tj ET Q q 0 0 0 rg BT 207.53 275.90 Td (requirements ) Tj ET Q q 0 0 0 rg BT 261.88 275.90 Td (under ) Tj ET Q q 0 0 0 rg BT 286.32 275.90 Td (Article ) Tj ET Q q 0 0 0 rg BT 316.23 275.90 Td (87\(1\)\(c\)-\(d\)CIT) Tj ET Q q 0 0 0 rg BT 381.79 275.90 Td (A) Tj ET Q q 0 0 0 rg BT 388.46 275.90 Td ( ) Tj ET Q q 0 0 0 rg BT 390.60 275.90 Td (\(i.e., ) Tj ET Q q 0 0 0 rg BT 410.80 275.90 Td (the ) Tj ET Q q 0 0 0 rg BT 425.16 275.90 Td (company ) Tj ET Q q 0 0 0 rg BT 463.96 275.90 Td (is ) Tj ET Q q 0 0 0 rg BT 472.78 275.90 Td (not ) Tj ET Q q 0 0 0 rg BT 487.70 275.90 Td (resident ) Tj ET Q q 0 0 0 rg BT 521.50 275.90 Td (in ) Tj ET Q q 0 0 0 rg BT 531.43 275.90 Td (a ) Tj ET Q q 0 0 0 rg BT 538.01 275.90 Td (State ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 263.90 Td (with ) Tj ET Q q 0 0 0 rg BT 74.06 263.90 Td (a ) Tj ET Q q 0 0 0 rg BT 80.79 263.90 Td (preferential ) Tj ET Q q 0 0 0 rg BT 129.15 263.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 143.65 263.90 Td (system ) Tj ET Q q 0 0 0 rg BT 173.71 263.90 Td (and ) Tj ET Q q 0 0 0 rg BT 190.43 263.90 Td (carries ) Tj ET Q q 0 0 0 rg BT 219.36 263.90 Td (on ) Tj ET Q q 0 0 0 rg BT 231.65 263.90 Td (a ) Tj ET Q q 0 0 0 rg BT 238.37 263.90 Td (business ) Tj ET Q q 0 0 0 rg BT 274.55 263.90 Td (activity\) ) Tj ET Q q 0 0 0 rg BT 310.15 263.90 Td (are ) Tj ET Q q 0 0 0 rg BT 324.64 263.90 Td (met. ) Tj ET Q q 0 0 0 rg BT 344.26 263.90 Td (The ) Tj ET Q q 0 0 0 rg BT 362.09 263.90 Td (anti-avoidance ) Tj ET Q q 0 0 0 rg BT 423.23 263.90 Td (rule ) Tj ET Q q 0 0 0 rg BT 441.06 263.90 Td (does ) Tj ET Q q 0 0 0 rg BT 461.67 263.90 Td (not ) Tj ET Q q 0 0 0 rg BT 476.74 263.90 Td (apply ) Tj ET Q q 0 0 0 rg BT 501.24 263.90 Td (to ) Tj ET Q q 0 0 0 rg BT 511.30 263.90 Td (holders ) Tj ET Q q 0 0 0 rg BT 543.02 263.90 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 251.90 Td (draft ) Tj ET Q q 0 0 0 rg BT 74.49 251.90 Td (their ) Tj ET Q q 0 0 0 rg BT 94.42 251.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 131.01 251.90 Td (statements ) Tj ET Q q 0 0 0 rg BT 174.83 251.90 Td (according ) Tj ET Q q 0 0 0 rg BT 215.86 251.90 Td (to ) Tj ET Q q 0 0 0 rg BT 225.25 251.90 Td (IAS ) Tj ET Q q 0 0 0 rg BT 242.97 251.90 Td (/ ) Tj ET Q q 0 0 0 rg BT 247.36 251.90 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 270.09 251.90 Td (international ) Tj ET Q q 0 0 0 rg BT 322.24 251.90 Td (accounting ) Tj ET Q q 0 0 0 rg BT 367.72 251.90 Td (standards ) Tj ET Q q 0 0 0 rg BT 407.10 251.90 Td (under ) Tj ET Q q 0 0 0 rg BT 431.47 251.90 Td (Regulation ) Tj ET Q q 0 0 0 rg BT 476.96 251.90 Td (\(EC\) ) Tj ET Q q 0 0 0 rg BT 498.01 251.90 Td (No.1606/2002 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 239.90 Td (of ) Tj ET Q q 0 0 0 rg BT 65.26 239.90 Td (the ) Tj ET Q q 0 0 0 rg BT 80.42 239.90 Td (European ) Tj ET Q q 0 0 0 rg BT 121.67 239.90 Td (Parliament ) Tj ET Q q 0 0 0 rg BT 167.92 239.90 Td (and ) Tj ET Q q 0 0 0 rg BT 185.29 239.90 Td (the ) Tj ET Q q 0 0 0 rg BT 200.45 239.90 Td (Council ) Tj ET Q q 0 0 0 rg BT 235.04 239.90 Td (of ) Tj ET Q q 0 0 0 rg BT 246.31 239.90 Td (July19, ) Tj ET Q q 0 0 0 rg BT 280.91 239.90 Td (2002. ) Tj ET Q q 0 0 0 rg BT 306.14 239.90 Td (When ) Tj ET Q q 0 0 0 rg BT 332.95 239.90 Td (the ) Tj ET Q q 0 0 0 rg BT 348.10 239.90 Td (amount ) Tj ET Q q 0 0 0 rg BT 381.03 239.90 Td (of ) Tj ET Q q 0 0 0 rg BT 392.29 239.90 Td (the ) Tj ET Q q 0 0 0 rg BT 407.45 239.90 Td (aforesaid ) Tj ET Q q 0 0 0 rg BT 447.03 239.90 Td (capital ) Tj ET Q q 0 0 0 rg BT 476.61 239.90 Td (losses ) Tj ET Q q 0 0 0 rg BT 503.44 239.90 Td (\(and ) Tj ET Q q 0 0 0 rg BT 524.14 239.90 Td (negative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 227.90 Td (dif) Tj ET Q q 0 0 0 rg BT 64.93 227.90 Td (ferences\) ) Tj ET Q q 0 0 0 rg BT 104.81 227.90 Td (deriving ) Tj ET Q q 0 0 0 rg BT 141.37 227.90 Td (from ) Tj ET Q q 0 0 0 rg BT 164.05 227.90 Td (a ) Tj ET Q q 0 0 0 rg BT 171.73 227.90 Td (transaction ) Tj ET Q q 0 0 0 rg BT 218.85 227.90 Td (\(or ) Tj ET Q q 0 0 0 rg BT 233.75 227.90 Td (a ) Tj ET Q q 0 0 0 rg BT 241.43 227.90 Td (series ) Tj ET Q q 0 0 0 rg BT 267.44 227.90 Td (of ) Tj ET Q q 0 0 0 rg BT 279.01 227.90 Td (transactions\) ) Tj ET Q q 0 0 0 rg BT 333.35 227.90 Td (on ) Tj ET Q q 0 0 0 rg BT 346.59 227.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 374.83 227.90 Td (traded ) Tj ET Q q 0 0 0 rg BT 403.05 227.90 Td (on ) Tj ET Q q 0 0 0 rg BT 416.29 227.90 Td (regulated ) Tj ET Q q 0 0 0 rg BT 456.74 227.90 Td (markets ) Tj ET Q q 0 0 0 rg BT 491.64 227.90 Td (is ) Tj ET Q q 0 0 0 rg BT 501.55 227.90 Td (greater ) Tj ET Q q 0 0 0 rg BT 532.54 227.90 Td (than ) Tj ET Q q 0 0 0 rg BT 553.00 227.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 215.90 Td (50,000.00, ) Tj ET Q q 0 0 0 rg BT 99.00 215.90 Td (the ) Tj ET Q q 0 0 0 rg BT 113.72 215.90 Td (taxpayer ) Tj ET Q q 0 0 0 rg BT 150.64 215.90 Td (must ) Tj ET Q q 0 0 0 rg BT 172.59 215.90 Td (report ) Tj ET Q q 0 0 0 rg BT 198.97 215.90 Td (the ) Tj ET Q q 0 0 0 rg BT 213.68 215.90 Td (data ) Tj ET Q q 0 0 0 rg BT 232.84 215.90 Td (and ) Tj ET Q q 0 0 0 rg BT 249.78 215.90 Td (the ) Tj ET Q q 0 0 0 rg BT 264.49 215.90 Td (information ) Tj ET Q q 0 0 0 rg BT 314.21 215.90 Td (regarding ) Tj ET Q q 0 0 0 rg BT 355.02 215.90 Td (the ) Tj ET Q q 0 0 0 rg BT 369.74 215.90 Td (transaction ) Tj ET Q q 0 0 0 rg BT 416.11 215.90 Td (to ) Tj ET Q q 0 0 0 rg BT 426.39 215.90 Td (the ) Tj ET Q q 0 0 0 rg BT 441.10 215.90 Td (Italian ) Tj ET Q q 0 0 0 rg BT 469.15 215.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 483.86 215.90 Td (authorities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 193.90 Td (Moreover) Tj ET Q q 0 0 0 rg BT 135.03 193.90 Td (, ) Tj ET Q q 0 0 0 rg BT 140.05 193.90 Td (in ) Tj ET Q q 0 0 0 rg BT 150.35 193.90 Td (case ) Tj ET Q q 0 0 0 rg BT 170.07 193.90 Td (of ) Tj ET Q q 0 0 0 rg BT 180.92 193.90 Td (capital ) Tj ET Q q 0 0 0 rg BT 210.09 193.90 Td (losses ) Tj ET Q q 0 0 0 rg BT 236.50 193.90 Td (greater ) Tj ET Q q 0 0 0 rg BT 266.78 193.90 Td (than ) Tj ET Q q 0 0 0 rg BT 286.51 193.90 Td (5,000,000.00 ) Tj ET Q q 0 0 0 rg BT 346.53 193.90 Td (deriving ) Tj ET Q q 0 0 0 rg BT 382.38 193.90 Td (from ) Tj ET Q q 0 0 0 rg BT 404.33 193.90 Td (the ) Tj ET Q q 0 0 0 rg BT 419.07 193.90 Td (transfer ) Tj ET Q q 0 0 0 rg BT 452.13 193.90 Td (\(or ) Tj ET Q q 0 0 0 rg BT 466.31 193.90 Td (a ) Tj ET Q q 0 0 0 rg BT 473.27 193.90 Td (series ) Tj ET Q q 0 0 0 rg BT 498.55 193.90 Td (of ) Tj ET Q q 0 0 0 rg BT 509.40 193.90 Td (transfers\) ) Tj ET Q q 0 0 0 rg BT 549.68 193.90 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 181.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 81.09 181.90 Td (booked ) Tj ET Q q 0 0 0 rg BT 112.62 181.90 Td (as ) Tj ET Q q 0 0 0 rg BT 123.05 181.90 Td (fixed ) Tj ET Q q 0 0 0 rg BT 145.69 181.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 182.77 181.90 Td (assets, ) Tj ET Q q 0 0 0 rg BT 210.70 181.90 Td (the ) Tj ET Q q 0 0 0 rg BT 225.01 181.90 Td (holder ) Tj ET Q q 0 0 0 rg BT 252.66 181.90 Td (must ) Tj ET Q q 0 0 0 rg BT 274.20 181.90 Td (report ) Tj ET Q q 0 0 0 rg BT 300.18 181.90 Td (the ) Tj ET Q q 0 0 0 rg BT 314.49 181.90 Td (data ) Tj ET Q q 0 0 0 rg BT 333.24 181.90 Td (and ) Tj ET Q q 0 0 0 rg BT 349.78 181.90 Td (the ) Tj ET Q q 0 0 0 rg BT 364.09 181.90 Td (information ) Tj ET Q q 0 0 0 rg BT 413.40 181.90 Td (to ) Tj ET Q q 0 0 0 rg BT 423.28 181.90 Td (the ) Tj ET Q q 0 0 0 rg BT 437.59 181.90 Td (Italian ) Tj ET Q q 0 0 0 rg BT 465.23 181.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 479.54 181.90 Td (authorities. ) Tj ET Q q 0 0 0 rg BT 526.35 181.90 Td (Holders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 169.90 Td (that ) Tj ET Q q 0 0 0 rg BT 71.50 169.90 Td (draft ) Tj ET Q q 0 0 0 rg BT 92.87 169.90 Td (their ) Tj ET Q q 0 0 0 rg BT 113.70 169.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 151.18 169.90 Td (statements ) Tj ET Q q 0 0 0 rg BT 195.89 169.90 Td (according ) Tj ET Q q 0 0 0 rg BT 237.81 169.90 Td (to ) Tj ET Q q 0 0 0 rg BT 248.09 169.90 Td (IAS ) Tj ET Q q 0 0 0 rg BT 266.71 169.90 Td (/ ) Tj ET Q q 0 0 0 rg BT 271.98 169.90 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 295.61 169.90 Td (international ) Tj ET Q q 0 0 0 rg BT 348.64 169.90 Td (accounting ) Tj ET Q q 0 0 0 rg BT 395.02 169.90 Td (standards ) Tj ET Q q 0 0 0 rg BT 435.28 169.90 Td (are ) Tj ET Q q 0 0 0 rg BT 449.99 169.90 Td (under ) Tj ET Q q 0 0 0 rg BT 475.26 169.90 Td (no ) Tj ET Q q 0 0 0 rg BT 487.76 169.90 Td (such ) Tj ET Q q 0 0 0 rg BT 508.59 169.90 Td (obligation. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 147.90 Td (For some types of companies and under certain conditions, capital gains on common shares in Ferrari are also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 135.90 Td (included in the net value of production that is subject to IRAP) Tj ET Q q 0 0 0 rg BT 300.90 135.90 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 97.00 113.90 Td (\(iv\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.88 113.90 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 115.00 113.90 Td (Non-business entities r) Tj ET Q q 0 0 0 rg BT 206.29 113.90 Td (eferr) Tj ET Q q 0 0 0 rg BT 225.36 113.90 Td (ed to in ) Tj ET Q q 0 0 0 rg BT 257.68 113.90 Td (Article 73\(1\)\(c\) CIT) Tj ET Q q 0 0 0 rg BT 337.47 113.90 Td (A) Tj ET Q q 0 0 0 rg BT 343.39 113.90 Td ( and non-business partnerships r) Tj ET Q q 0 0 0 rg BT 474.70 113.90 Td (eferr) Tj ET Q q 0 0 0 rg BT 493.76 113.90 Td (ed to in ) Tj ET Q q 0 0 0 rg BT 526.08 113.90 Td (Article ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 115.00 101.90 Td (5 CIT) Tj ET Q q 0 0 0 rg BT 137.32 101.90 Td (A) Tj ET Q q 0 0 0 rg BT 143.25 101.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 79.90 Td (Capital ) Tj ET Q q 0 0 0 rg BT 127.24 79.90 Td (gains ) Tj ET Q q 0 0 0 rg BT 150.70 79.90 Td (realized, ) Tj ET Q q 0 0 0 rg BT 187.19 79.90 Td (outside ) Tj ET Q q 0 0 0 rg BT 218.43 79.90 Td (the ) Tj ET Q q 0 0 0 rg BT 233.00 79.90 Td (scope ) Tj ET Q q 0 0 0 rg BT 258.12 79.90 Td (of ) Tj ET Q q 0 0 0 rg BT 268.81 79.90 Td (a ) Tj ET Q q 0 0 0 rg BT 275.60 79.90 Td (business ) Tj ET Q q 0 0 0 rg BT 311.84 79.90 Td (activity) Tj ET Q q 0 0 0 rg BT 341.19 79.90 Td (, ) Tj ET Q q 0 0 0 rg BT 346.04 79.90 Td (by ) Tj ET Q q 0 0 0 rg BT 358.39 79.90 Td (Italian ) Tj ET Q q 0 0 0 rg BT 386.29 79.90 Td (resident ) Tj ET Q q 0 0 0 rg BT 420.30 79.90 Td (non-business ) Tj ET Q q 0 0 0 rg BT 474.87 79.90 Td (entities ) Tj ET Q q 0 0 0 rg BT 506.11 79.90 Td (referred ) Tj ET Q q 0 0 0 rg BT 540.10 79.90 Td (to ) Tj ET Q q 0 0 0 rg BT 550.23 79.90 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 67.90 Td (Article ) Tj ET Q q 0 0 0 rg BT 84.61 67.90 Td (73\(1\)\(c\) ) Tj ET Q q 0 0 0 rg BT 120.22 67.90 Td (CIT) Tj ET Q q 0 0 0 rg BT 135.53 67.90 Td (A) Tj ET Q q 0 0 0 rg BT 142.20 67.90 Td ( ) Tj ET Q q 0 0 0 rg BT 145.05 67.90 Td (\(other ) Tj ET Q q 0 0 0 rg BT 171.78 67.90 Td (than ) Tj ET Q q 0 0 0 rg BT 191.85 67.90 Td (OICR\) ) Tj ET Q q 0 0 0 rg BT 221.92 67.90 Td (and ) Tj ET Q q 0 0 0 rg BT 239.21 67.90 Td (Italian ) Tj ET Q q 0 0 0 rg BT 267.60 67.90 Td (non-business ) Tj ET Q q 0 0 0 rg BT 322.67 67.90 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 374.40 67.90 Td (as ) Tj ET Q q 0 0 0 rg BT 385.58 67.90 Td (referred ) Tj ET Q q 0 0 0 rg BT 420.07 67.90 Td (to ) Tj ET Q q 0 0 0 rg BT 430.70 67.90 Td (in ) Tj ET Q q 0 0 0 rg BT 440.70 67.90 Td (Article ) Tj ET Q q 0 0 0 rg BT 471.31 67.90 Td (5 ) Tj ET Q q 0 0 0 rg BT 479.16 67.90 Td (CIT) Tj ET Q q 0 0 0 rg BT 494.47 67.90 Td (A) Tj ET Q q 0 0 0 rg BT 501.14 67.90 Td ( ) Tj ET Q q 0 0 0 rg BT 503.99 67.90 Td (are ) Tj ET Q q 0 0 0 rg BT 519.05 67.90 Td (subject ) Tj ET Q q 0 0 0 rg BT 550.22 67.90 Td (to ) Tj ET Q endstream endobj 275 0 obj <> endobj 276 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 297.00 41.20 Td (129) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 68.03 731.10 Td (under ) Tj ET Q q 0 0 0 rg BT 92.61 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 106.64 731.10 Td (same ) Tj ET Q q 0 0 0 rg BT 129.00 731.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 150.25 731.10 Td (as ) Tj ET Q q 0 0 0 rg BT 160.39 731.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 197.75 731.10 Td (for ) Tj ET Q q 0 0 0 rg BT 211.22 731.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 239.68 731.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 262.60 731.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 296.05 731.10 Td (by ) Tj ET Q q 0 0 0 rg BT 307.86 731.10 Td (Italian ) Tj ET Q q 0 0 0 rg BT 335.22 731.10 Td (resident ) Tj ET Q q 0 0 0 rg BT 368.68 731.10 Td (individuals ) Tj ET Q q 0 0 0 rg BT 414.94 731.10 Td (who ) Tj ET Q q 0 0 0 rg BT 433.97 731.10 Td (do ) Tj ET Q q 0 0 0 rg BT 445.78 731.10 Td (not ) Tj ET Q q 0 0 0 rg BT 460.37 731.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 479.96 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 493.99 731.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 523.01 731.10 Td (common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 81.49 719.10 Td (in ) Tj ET Q q 0 0 0 rg BT 91.77 719.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 138.14 719.10 Td (with ) Tj ET Q q 0 0 0 rg BT 158.42 719.10 Td (a ) Tj ET Q q 0 0 0 rg BT 165.36 719.10 Td (business ) Tj ET Q q 0 0 0 rg BT 201.75 719.10 Td (activity) Tj ET Q q 0 0 0 rg BT 231.09 719.10 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 97.00 697.10 Td (\(v\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.10 697.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 115.00 697.10 Td (Pension funds and OICR \(other than Real Estate ) Tj ET Q q 0 0 0 rg BT 312.57 697.10 Td (AIF\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 675.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 127.22 675.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 150.66 675.10 Td (on ) Tj ET Q q 0 0 0 rg BT 162.99 675.10 Td (common ) Tj ET Q q 0 0 0 rg BT 200.32 675.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 227.65 675.10 Td (in ) Tj ET Q q 0 0 0 rg BT 237.76 675.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 267.30 675.10 Td (held ) Tj ET Q q 0 0 0 rg BT 286.85 675.10 Td (by ) Tj ET Q q 0 0 0 rg BT 299.18 675.10 Td (Italian ) Tj ET Q q 0 0 0 rg BT 327.06 675.10 Td (pension ) Tj ET Q q 0 0 0 rg BT 360.50 675.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 385.06 675.10 Td (governed ) Tj ET Q q 0 0 0 rg BT 424.60 675.10 Td (by ) Tj ET Q q 0 0 0 rg BT 436.93 675.10 Td (Decree ) Tj ET Q q 0 0 0 rg BT 467.57 675.10 Td (252 ) Tj ET Q q 0 0 0 rg BT 484.91 675.10 Td (must ) Tj ET Q q 0 0 0 rg BT 506.69 675.10 Td (be ) Tj ET Q q 0 0 0 rg BT 518.46 675.10 Td (taken ) Tj ET Q q 0 0 0 rg BT 542.45 675.10 Td (into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 663.10 Td (account ) Tj ET Q q 0 0 0 rg BT 87.66 663.10 Td (to ) Tj ET Q q 0 0 0 rg BT 98.01 663.10 Td (compute ) Tj ET Q q 0 0 0 rg BT 135.01 663.10 Td (the ) Tj ET Q q 0 0 0 rg BT 149.80 663.10 Td (pension ) Tj ET Q q 0 0 0 rg BT 183.47 663.10 Td (fund) Tj ET Q q 0 0 0 rg BT 204.58 663.10 Td (s ) Tj ET Q q 0 0 0 rg BT 211.04 663.10 Td (net ) Tj ET Q q 0 0 0 rg BT 225.83 663.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 255.05 663.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 288.70 663.10 Td (yield, ) Tj ET Q q 0 0 0 rg BT 313.77 663.10 Td (which ) Tj ET Q q 0 0 0 rg BT 340.77 663.10 Td (is ) Tj ET Q q 0 0 0 rg BT 350.01 663.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 380.90 663.10 Td (to ) Tj ET Q q 0 0 0 rg BT 391.25 663.10 Td (a ) Tj ET Q q 0 0 0 rg BT 398.26 663.10 Td (20 ) Tj ET Q q 0 0 0 rg BT 410.83 663.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 442.82 663.10 Td (flat ) Tj ET Q q 0 0 0 rg BT 458.71 663.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 473.50 663.10 Td (\() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 476.83 663.10 Td (imposta ) Tj ET Q q 0 0 0 rg BT 511.07 663.10 Td (sostitutiva) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.18 663.10 Td (\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 651.10 Td (A) Tj ET Q q 0 0 0 rg BT 60.67 651.10 Td ( ) Tj ET Q q 0 0 0 rg BT 62.58 651.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 81.71 651.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 113.05 651.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 127.18 651.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 151.86 651.10 Td (may ) Tj ET Q q 0 0 0 rg BT 170.99 651.10 Td (be ) Tj ET Q q 0 0 0 rg BT 182.34 651.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 214.24 651.10 Td (to ) Tj ET Q q 0 0 0 rg BT 223.94 651.10 Td (the ) Tj ET Q q 0 0 0 rg BT 238.07 651.10 Td (pension ) Tj ET Q q 0 0 0 rg BT 271.09 651.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 291.33 651.10 Td (on ) Tj ET Q q 0 0 0 rg BT 303.25 651.10 Td (income ) Tj ET Q q 0 0 0 rg BT 334.60 651.10 Td (invested ) Tj ET Q q 0 0 0 rg BT 369.83 651.10 Td (in ) Tj ET Q q 0 0 0 rg BT 379.53 651.10 Td (medium-and ) Tj ET Q q 0 0 0 rg BT 431.98 651.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 473.33 651.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 510.23 651.10 Td (investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 639.10 Td (\(as ) Tj ET Q q 0 0 0 rg BT 67.56 639.10 Td (identified ) Tj ET Q q 0 0 0 rg BT 107.78 639.10 Td (by ) Tj ET Q q 0 0 0 rg BT 119.69 639.10 Td (the ) Tj ET Q q 0 0 0 rg BT 133.80 639.10 Td (decree ) Tj ET Q q 0 0 0 rg BT 161.79 639.10 Td (of ) Tj ET Q q 0 0 0 rg BT 172.02 639.10 Td (the ) Tj ET Q q 0 0 0 rg BT 186.14 639.10 Td (Minister ) Tj ET Q q 0 0 0 rg BT 221.93 639.10 Td (of ) Tj ET Q q 0 0 0 rg BT 232.16 639.10 Td (Economy ) Tj ET Q q 0 0 0 rg BT 272.39 639.10 Td (and ) Tj ET Q q 0 0 0 rg BT 288.73 639.10 Td (Finance ) Tj ET Q q 0 0 0 rg BT 322.29 639.10 Td (dated ) Tj ET Q q 0 0 0 rg BT 345.84 639.10 Td (June19, ) Tj ET Q q 0 0 0 rg BT 381.08 639.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 402.98 639.10 Td (published ) Tj ET Q q 0 0 0 rg BT 443.77 639.10 Td (in ) Tj ET Q q 0 0 0 rg BT 453.45 639.10 Td (the ) Tj ET Q q 0 0 0 rg BT 467.56 639.10 Td (Italian ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 495.01 639.10 Td (Official ) Tj ET Q q 0 0 0 rg BT 527.46 639.10 Td (Gazette) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.01 639.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 627.10 Td (on ) Tj ET Q q 0 0 0 rg BT 66.50 627.10 Td (July30, ) Tj ET Q q 0 0 0 rg BT 100.67 627.10 Td (2015\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 605.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 127.61 605.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 151.45 605.10 Td (on ) Tj ET Q q 0 0 0 rg BT 164.18 605.10 Td (common ) Tj ET Q q 0 0 0 rg BT 201.90 605.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 229.62 605.10 Td (in ) Tj ET Q q 0 0 0 rg BT 240.13 605.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 270.06 605.10 Td (held ) Tj ET Q q 0 0 0 rg BT 290.01 605.10 Td (by ) Tj ET Q q 0 0 0 rg BT 302.73 605.10 Td (OICRs ) Tj ET Q q 0 0 0 rg BT 333.25 605.10 Td (that ) Tj ET Q q 0 0 0 rg BT 350.97 605.10 Td (are ) Tj ET Q q 0 0 0 rg BT 365.91 605.10 Td (set ) Tj ET Q q 0 0 0 rg BT 379.74 605.10 Td (up ) Tj ET Q q 0 0 0 rg BT 392.47 605.10 Td (in, ) Tj ET Q q 0 0 0 rg BT 405.48 605.10 Td (and ) Tj ET Q q 0 0 0 rg BT 422.64 605.10 Td (or) Tj ET Q q 0 0 0 rg BT 430.79 605.10 Td (ganized ) Tj ET Q q 0 0 0 rg BT 464.62 605.10 Td (under ) Tj ET Q q 0 0 0 rg BT 490.11 605.10 Td (the ) Tj ET Q q 0 0 0 rg BT 505.06 605.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 526.12 605.10 Td (of, ) Tj ET Q q 0 0 0 rg BT 539.68 605.10 Td (Italy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 593.10 Td (and ) Tj ET Q q 0 0 0 rg BT 70.94 593.10 Td (that ) Tj ET Q q 0 0 0 rg BT 88.43 593.10 Td (are ) Tj ET Q q 0 0 0 rg BT 103.14 593.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 133.97 593.10 Td (to ) Tj ET Q q 0 0 0 rg BT 144.24 593.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 187.84 593.10 Td (supervision ) Tj ET Q q 0 0 0 rg BT 236.45 593.10 Td (\(other ) Tj ET Q q 0 0 0 rg BT 262.82 593.10 Td (than ) Tj ET Q q 0 0 0 rg BT 282.54 593.10 Td (Real ) Tj ET Q q 0 0 0 rg BT 303.37 593.10 Td (Estate ) Tj ET Q q 0 0 0 rg BT 329.75 593.10 Td (AIF\) ) Tj ET Q q 0 0 0 rg BT 351.69 593.10 Td (are ) Tj ET Q q 0 0 0 rg BT 366.40 593.10 Td (not ) Tj ET Q q 0 0 0 rg BT 381.68 593.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 412.50 593.10 Td (to ) Tj ET Q q 0 0 0 rg BT 422.78 593.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 437.50 593.10 Td (at ) Tj ET Q q 0 0 0 rg BT 447.21 593.10 Td (the ) Tj ET Q q 0 0 0 rg BT 461.93 593.10 Td (level ) Tj ET Q q 0 0 0 rg BT 483.86 593.10 Td (of ) Tj ET Q q 0 0 0 rg BT 494.69 593.10 Td (the ) Tj ET Q q 0 0 0 rg BT 509.41 593.10 Td (OICR. ) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 54.00 591.90 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 97.00 567.90 Td (\(vi\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.38 567.90 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 115.00 567.90 Td (Real Estate ) Tj ET Q q 0 0 0 rg BT 163.14 567.90 Td (AIF ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 545.90 Td (Capital ) Tj ET Q q 0 0 0 rg BT 127.89 545.90 Td (gains ) Tj ET Q q 0 0 0 rg BT 152.00 545.90 Td (on ) Tj ET Q q 0 0 0 rg BT 165.01 545.90 Td (common ) Tj ET Q q 0 0 0 rg BT 203.01 545.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 231.01 545.90 Td (in ) Tj ET Q q 0 0 0 rg BT 241.79 545.90 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 272.01 545.90 Td (held ) Tj ET Q q 0 0 0 rg BT 292.23 545.90 Td (by ) Tj ET Q q 0 0 0 rg BT 305.24 545.90 Td (Italian ) Tj ET Q q 0 0 0 rg BT 333.79 545.90 Td (Real ) Tj ET Q q 0 0 0 rg BT 355.12 545.90 Td (Estate ) Tj ET Q q 0 0 0 rg BT 381.90 545.90 Td (AIF ) Tj ET Q q 0 0 0 rg BT 401.02 545.90 Td (are ) Tj ET Q q 0 0 0 rg BT 416.23 545.90 Td (not ) Tj ET Q q 0 0 0 rg BT 432.02 545.90 Td (subject ) Tj ET Q q 0 0 0 rg BT 463.35 545.90 Td (to ) Tj ET Q q 0 0 0 rg BT 474.13 545.90 Td (IRES ) Tj ET Q q 0 0 0 rg BT 498.81 545.90 Td (or ) Tj ET Q q 0 0 0 rg BT 510.15 545.90 Td (IRAP) Tj ET Q q 0 0 0 rg BT 532.56 545.90 Td ( ) Tj ET Q q 0 0 0 rg BT 535.57 545.90 Td (at ) Tj ET Q q 0 0 0 rg BT 545.79 545.90 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 533.90 Td (level ) Tj ET Q q 0 0 0 rg BT 75.93 533.90 Td (of ) Tj ET Q q 0 0 0 rg BT 86.76 533.90 Td (the ) Tj ET Q q 0 0 0 rg BT 101.48 533.90 Td (Real ) Tj ET Q q 0 0 0 rg BT 122.31 533.90 Td (Estate ) Tj ET Q q 0 0 0 rg BT 148.69 533.90 Td (AIF) Tj ET Q q 0 0 0 rg BT 164.00 533.90 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 511.90 Td (\(B\) ) Tj ET Q q 0 0 0 rg BT 115.00 511.90 Td (N) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 122.22 511.90 Td (ON) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.33 511.90 Td (-I) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 138.99 511.90 Td (T) Tj ET Q q 0 0 0 rg BT 142.71 511.90 Td (ALIAN) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.48 511.90 Td ( R) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 173.65 511.90 Td (ESIDENT) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.81 511.90 Td ( P) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 210.87 511.90 Td (ERSONS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.71 511.90 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 97.00 489.90 Td (\(i\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.44 489.90 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 115.00 489.90 Td (Non-r) Tj ET Q q 0 0 0 rg BT 138.52 489.90 Td (esident persons holding the common shar) Tj ET Q q 0 0 0 rg BT 304.53 489.90 Td (es in Ferrari thr) Tj ET Q q 0 0 0 rg BT 369.43 489.90 Td (ough a permanent establishment in Italy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 467.90 Td (If ) Tj ET Q q 0 0 0 rg BT 104.62 467.90 Td (non-Italian ) Tj ET Q q 0 0 0 rg BT 150.44 467.90 Td (resident ) Tj ET Q q 0 0 0 rg BT 184.05 467.90 Td (persons ) Tj ET Q q 0 0 0 rg BT 216.56 467.90 Td (hold ) Tj ET Q q 0 0 0 rg BT 236.30 467.90 Td (the ) Tj ET Q q 0 0 0 rg BT 250.47 467.90 Td (common ) Tj ET Q q 0 0 0 rg BT 287.42 467.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 314.36 467.90 Td (in ) Tj ET Q q 0 0 0 rg BT 324.10 467.90 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 353.26 467.90 Td (through ) Tj ET Q q 0 0 0 rg BT 386.32 467.90 Td (a ) Tj ET Q q 0 0 0 rg BT 392.72 467.90 Td (permanent ) Tj ET Q q 0 0 0 rg BT 436.88 467.90 Td (establishment ) Tj ET Q q 0 0 0 rg BT 493.82 467.90 Td (in ) Tj ET Q q 0 0 0 rg BT 503.56 467.90 Td (Italy ) Tj ET Q q 0 0 0 rg BT 523.84 467.90 Td (to ) Tj ET Q q 0 0 0 rg BT 533.57 467.90 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 455.90 Td (the ) Tj ET Q q 0 0 0 rg BT 69.07 455.90 Td (common ) Tj ET Q q 0 0 0 rg BT 106.91 455.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 134.75 455.90 Td (in ) Tj ET Q q 0 0 0 rg BT 145.38 455.90 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 175.44 455.90 Td (are ) Tj ET Q q 0 0 0 rg BT 190.50 455.90 Td (ef) Tj ET Q q 0 0 0 rg BT 198.09 455.90 Td (fectively ) Tj ET Q q 0 0 0 rg BT 235.92 455.90 Td (connected, ) Tj ET Q q 0 0 0 rg BT 281.80 455.90 Td (capital ) Tj ET Q q 0 0 0 rg BT 311.30 455.90 Td (gains ) Tj ET Q q 0 0 0 rg BT 335.26 455.90 Td (realized ) Tj ET Q q 0 0 0 rg BT 369.75 455.90 Td (upon ) Tj ET Q q 0 0 0 rg BT 392.60 455.90 Td (disposal ) Tj ET Q q 0 0 0 rg BT 428.23 455.90 Td (of ) Tj ET Q q 0 0 0 rg BT 439.41 455.90 Td (the ) Tj ET Q q 0 0 0 rg BT 454.48 455.90 Td (common ) Tj ET Q q 0 0 0 rg BT 492.32 455.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 520.17 455.90 Td (in ) Tj ET Q q 0 0 0 rg BT 530.79 455.90 Td (Ferrari ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 443.90 Td (must ) Tj ET Q q 0 0 0 rg BT 75.38 443.90 Td (be ) Tj ET Q q 0 0 0 rg BT 86.75 443.90 Td (included ) Tj ET Q q 0 0 0 rg BT 123.11 443.90 Td (in ) Tj ET Q q 0 0 0 rg BT 132.82 443.90 Td (the ) Tj ET Q q 0 0 0 rg BT 146.97 443.90 Td (permanent ) Tj ET Q q 0 0 0 rg BT 191.10 443.90 Td (establishment) Tj ET Q q 0 0 0 rg BT 248.87 443.90 Td (s ) Tj ET Q q 0 0 0 rg BT 254.70 443.90 Td (income ) Tj ET Q q 0 0 0 rg BT 286.06 443.90 Td (taxable ) Tj ET Q q 0 0 0 rg BT 316.86 443.90 Td (in ) Tj ET Q q 0 0 0 rg BT 326.57 443.90 Td (Italy ) Tj ET Q q 0 0 0 rg BT 346.83 443.90 Td (according ) Tj ET Q q 0 0 0 rg BT 388.18 443.90 Td (to ) Tj ET Q q 0 0 0 rg BT 397.89 443.90 Td (the ) Tj ET Q q 0 0 0 rg BT 412.04 443.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 426.19 443.90 Td (regime ) Tj ET Q q 0 0 0 rg BT 455.88 443.90 Td (as ) Tj ET Q q 0 0 0 rg BT 466.15 443.90 Td (provided ) Tj ET Q q 0 0 0 rg BT 503.62 443.90 Td (for ) Tj ET Q q 0 0 0 rg BT 517.22 443.90 Td (the ) Tj ET Q q 0 0 0 rg BT 531.36 443.90 Td (capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 431.90 Td (gains ) Tj ET Q q 0 0 0 rg BT 78.32 431.90 Td (realized ) Tj ET Q q 0 0 0 rg BT 113.17 431.90 Td (by ) Tj ET Q q 0 0 0 rg BT 126.38 431.90 Td (Italian ) Tj ET Q q 0 0 0 rg BT 155.13 431.90 Td (resident ) Tj ET Q q 0 0 0 rg BT 190.00 431.90 Td (companies ) Tj ET Q q 0 0 0 rg BT 235.97 431.90 Td (and ) Tj ET Q q 0 0 0 rg BT 253.62 431.90 Td (other ) Tj ET Q q 0 0 0 rg BT 277.38 431.90 Td (business ) Tj ET Q q 0 0 0 rg BT 314.48 431.90 Td (entities ) Tj ET Q q 0 0 0 rg BT 346.57 431.90 Td (as ) Tj ET Q q 0 0 0 rg BT 358.11 431.90 Td (referred ) Tj ET Q q 0 0 0 rg BT 392.96 431.90 Td (to ) Tj ET Q q 0 0 0 rg BT 403.95 431.90 Td (in ) Tj ET Q q 0 0 0 rg BT 414.23 431.90 Td (Article ) Tj ET Q q 0 0 0 rg BT 445.20 431.90 Td (73\(1\)\(a\)-\(b\)CIT) Tj ET Q q 0 0 0 rg BT 510.76 431.90 Td (A, ) Tj ET Q q 0 0 0 rg BT 523.69 431.90 Td (which ) Tj ET Q q 0 0 0 rg BT 551.34 431.90 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 419.90 Td (summarized ) Tj ET Q q 0 0 0 rg BT 104.90 419.90 Td (under ) Tj ET Q q 0 0 0 rg BT 129.70 419.90 Td (subparagraph ) Tj ET Q q 0 0 0 rg BT 185.59 419.90 Td (\(A\)\(iii\) ) Tj ET Q q 0 0 0 rg BT 216.50 419.90 Td (above. ) Tj ET Q q 0 0 0 rg BT 244.90 419.90 Td (If ) Tj ET Q q 0 0 0 rg BT 253.59 419.90 Td (the ) Tj ET Q q 0 0 0 rg BT 267.83 419.90 Td (common ) Tj ET Q q 0 0 0 rg BT 304.86 419.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 331.87 419.90 Td (in ) Tj ET Q q 0 0 0 rg BT 341.68 419.90 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 370.92 419.90 Td (are ) Tj ET Q q 0 0 0 rg BT 385.15 419.90 Td (not ) Tj ET Q q 0 0 0 rg BT 399.96 419.90 Td (connected ) Tj ET Q q 0 0 0 rg BT 442.52 419.90 Td (to ) Tj ET Q q 0 0 0 rg BT 452.32 419.90 Td (a ) Tj ET Q q 0 0 0 rg BT 458.79 419.90 Td (permanent ) Tj ET Q q 0 0 0 rg BT 503.02 419.90 Td (establishment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 407.90 Td (in ) Tj ET Q q 0 0 0 rg BT 64.28 407.90 Td (Italy ) Tj ET Q q 0 0 0 rg BT 85.10 407.90 Td (of ) Tj ET Q q 0 0 0 rg BT 95.93 407.90 Td (the ) Tj ET Q q 0 0 0 rg BT 110.65 407.90 Td (non-resident ) Tj ET Q q 0 0 0 rg BT 163.14 407.90 Td (person, ) Tj ET Q q 0 0 0 rg BT 194.80 407.90 Td (reference ) Tj ET Q q 0 0 0 rg BT 234.48 407.90 Td (must ) Tj ET Q q 0 0 0 rg BT 256.43 407.90 Td (be ) Tj ET Q q 0 0 0 rg BT 268.37 407.90 Td (made ) Tj ET Q q 0 0 0 rg BT 292.52 407.90 Td (to ) Tj ET Q q 0 0 0 rg BT 302.80 407.90 Td (subparagraph ) Tj ET Q q 0 0 0 rg BT 359.17 407.90 Td (\(B\)\(ii\) ) Tj ET Q q 0 0 0 rg BT 387.21 407.90 Td (below) Tj ET Q q 0 0 0 rg BT 411.00 407.90 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 97.00 385.90 Td (\(ii\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.22 385.90 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 115.00 385.90 Td (Non-r) Tj ET Q q 0 0 0 rg BT 138.52 385.90 Td (esident persons that do not hold the common shar) Tj ET Q q 0 0 0 rg BT 337.58 385.90 Td (es in Ferrari thr) Tj ET Q q 0 0 0 rg BT 402.49 385.90 Td (ough a permanent establishment in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 115.00 373.90 Td (Italy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 351.90 Td (a. ) Tj ET Q q 0 0 0 rg BT 115.00 351.90 Td (Non-Qualified ) Tj ET Q q 0 0 0 rg BT 175.43 351.90 Td (Holdings. ) Tj ET Q q 0 0 0 rg BT 216.72 351.90 Td (No ) Tj ET Q q 0 0 0 rg BT 231.05 351.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 245.39 351.90 Td (applies ) Tj ET Q q 0 0 0 rg BT 275.83 351.90 Td (in ) Tj ET Q q 0 0 0 rg BT 285.72 351.90 Td (Italy ) Tj ET Q q 0 0 0 rg BT 306.16 351.90 Td (on ) Tj ET Q q 0 0 0 rg BT 318.28 351.90 Td (capital ) Tj ET Q q 0 0 0 rg BT 347.04 351.90 Td (gains ) Tj ET Q q 0 0 0 rg BT 370.27 351.90 Td (realized ) Tj ET Q q 0 0 0 rg BT 404.02 351.90 Td (by ) Tj ET Q q 0 0 0 rg BT 416.14 351.90 Td (non-Italian ) Tj ET Q q 0 0 0 rg BT 462.13 351.90 Td (resident ) Tj ET Q q 0 0 0 rg BT 495.90 351.90 Td (holders ) Tj ET Q q 0 0 0 rg BT 527.45 351.90 Td (without ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 339.90 Td (a ) Tj ET Q q 0 0 0 rg BT 121.19 339.90 Td (permanent ) Tj ET Q q 0 0 0 rg BT 165.15 339.90 Td (establishment ) Tj ET Q q 0 0 0 rg BT 221.89 339.90 Td (in ) Tj ET Q q 0 0 0 rg BT 231.42 339.90 Td (Italy ) Tj ET Q q 0 0 0 rg BT 251.50 339.90 Td (upon ) Tj ET Q q 0 0 0 rg BT 273.25 339.90 Td (transfer ) Tj ET Q q 0 0 0 rg BT 305.54 339.90 Td (for ) Tj ET Q q 0 0 0 rg BT 318.96 339.90 Td (consideration ) Tj ET Q q 0 0 0 rg BT 374.58 339.90 Td (of ) Tj ET Q q 0 0 0 rg BT 384.66 339.90 Td (common ) Tj ET Q q 0 0 0 rg BT 421.41 339.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 448.15 339.90 Td (in ) Tj ET Q q 0 0 0 rg BT 457.69 339.90 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 486.65 339.90 Td (that ) Tj ET Q q 0 0 0 rg BT 503.39 339.90 Td (do ) Tj ET Q q 0 0 0 rg BT 515.15 339.90 Td (not ) Tj ET Q q 0 0 0 rg BT 529.68 339.90 Td (qualify ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 327.90 Td (as ) Tj ET Q q 0 0 0 rg BT 126.26 327.90 Td (T) Tj ET Q q 0 0 0 rg BT 132.01 327.90 Td (ransfers ) Tj ET Q q 0 0 0 rg BT 166.82 327.90 Td (of ) Tj ET Q q 0 0 0 rg BT 178.30 327.90 Td (Qualified ) Tj ET Q q 0 0 0 rg BT 219.22 327.90 Td (Holdings, ) Tj ET Q q 0 0 0 rg BT 261.54 327.90 Td (even ) Tj ET Q q 0 0 0 rg BT 283.58 327.90 Td (if ) Tj ET Q q 0 0 0 rg BT 292.84 327.90 Td (the ) Tj ET Q q 0 0 0 rg BT 308.21 327.90 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 338.57 327.90 Td (common ) Tj ET Q q 0 0 0 rg BT 376.72 327.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 404.86 327.90 Td (are ) Tj ET Q q 0 0 0 rg BT 420.23 327.90 Td (held ) Tj ET Q q 0 0 0 rg BT 440.60 327.90 Td (in ) Tj ET Q q 0 0 0 rg BT 451.53 327.90 Td (Italy ) Tj ET Q q 0 0 0 rg BT 473.01 327.90 Td (and ) Tj ET Q q 0 0 0 rg BT 490.60 327.90 Td (regardless ) Tj ET Q q 0 0 0 rg BT 534.29 327.90 Td (of ) Tj ET Q q 0 0 0 rg BT 545.78 327.90 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 315.90 Td (provisions ) Tj ET Q q 0 0 0 rg BT 159.67 315.90 Td (set ) Tj ET Q q 0 0 0 rg BT 173.78 315.90 Td (forth ) Tj ET Q q 0 0 0 rg BT 196.23 315.90 Td (in ) Tj ET Q q 0 0 0 rg BT 207.01 315.90 Td (any ) Tj ET Q q 0 0 0 rg BT 224.45 315.90 Td (applicable ) Tj ET Q q 0 0 0 rg BT 268.54 315.90 Td (double ) Tj ET Q q 0 0 0 rg BT 298.76 315.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 313.98 315.90 Td (treaty) Tj ET Q q 0 0 0 rg BT 336.09 315.90 Td (. ) Tj ET Q q 0 0 0 rg BT 341.60 315.90 Td (In ) Tj ET Q q 0 0 0 rg BT 352.93 315.90 Td (such ) Tj ET Q q 0 0 0 rg BT 374.26 315.90 Td (case, ) Tj ET Q q 0 0 0 rg BT 396.97 315.90 Td (in ) Tj ET Q q 0 0 0 rg BT 407.75 315.90 Td (order ) Tj ET Q q 0 0 0 rg BT 431.86 315.90 Td (to ) Tj ET Q q 0 0 0 rg BT 442.64 315.90 Td (benefit ) Tj ET Q q 0 0 0 rg BT 473.40 315.90 Td (from ) Tj ET Q q 0 0 0 rg BT 495.84 315.90 Td (this ) Tj ET Q q 0 0 0 rg BT 513.30 315.90 Td (exemption, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 303.90 Td (non-Italian ) Tj ET Q q 0 0 0 rg BT 160.49 303.90 Td (resident ) Tj ET Q q 0 0 0 rg BT 193.75 303.90 Td (holders ) Tj ET Q q 0 0 0 rg BT 224.81 303.90 Td (who ) Tj ET Q q 0 0 0 rg BT 243.64 303.90 Td (hold ) Tj ET Q q 0 0 0 rg BT 263.03 303.90 Td (the ) Tj ET Q q 0 0 0 rg BT 276.87 303.90 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 305.69 303.90 Td (common ) Tj ET Q q 0 0 0 rg BT 342.29 303.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 368.90 303.90 Td (with ) Tj ET Q q 0 0 0 rg BT 388.29 303.90 Td (an ) Tj ET Q q 0 0 0 rg BT 399.34 303.90 Td (Italian ) Tj ET Q q 0 0 0 rg BT 426.50 303.90 Td (authorized ) Tj ET Q q 0 0 0 rg BT 470.31 303.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 506.91 303.90 Td (intermediary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 291.90 Td (and ) Tj ET Q q 0 0 0 rg BT 131.83 291.90 Td (either ) Tj ET Q q 0 0 0 rg BT 157.00 291.90 Td (are ) Tj ET Q q 0 0 0 rg BT 171.60 291.90 Td (subject ) Tj ET Q q 0 0 0 rg BT 202.32 291.90 Td (to ) Tj ET Q q 0 0 0 rg BT 212.50 291.90 Td (the ) Tj ET Q q 0 0 0 rg BT 227.11 291.90 Td (nondiscretionary ) Tj ET Q q 0 0 0 rg BT 296.71 291.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 342.99 291.90 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 380.38 291.90 Td (regime ) Tj ET Q q 0 0 0 rg BT 410.54 291.90 Td (or ) Tj ET Q q 0 0 0 rg BT 421.26 291.90 Td (have ) Tj ET Q q 0 0 0 rg BT 442.54 291.90 Td (elected ) Tj ET Q q 0 0 0 rg BT 473.24 291.90 Td (into ) Tj ET Q q 0 0 0 rg BT 491.20 291.90 Td (the ) Tj ET Q q 0 0 0 rg BT 505.81 291.90 Td (discretionary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 279.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 161.05 279.90 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 198.22 279.90 Td (regime ) Tj ET Q q 0 0 0 rg BT 228.16 279.90 Td (may ) Tj ET Q q 0 0 0 rg BT 247.55 279.90 Td (be ) Tj ET Q q 0 0 0 rg BT 259.16 279.90 Td (required ) Tj ET Q q 0 0 0 rg BT 294.65 279.90 Td (to ) Tj ET Q q 0 0 0 rg BT 304.60 279.90 Td (timely ) Tj ET Q q 0 0 0 rg BT 332.32 279.90 Td (submit ) Tj ET Q q 0 0 0 rg BT 361.72 279.90 Td (to ) Tj ET Q q 0 0 0 rg BT 371.67 279.90 Td (the ) Tj ET Q q 0 0 0 rg BT 386.06 279.90 Td (Italian ) Tj ET Q q 0 0 0 rg BT 413.78 279.90 Td (authorized ) Tj ET Q q 0 0 0 rg BT 458.15 279.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 495.31 279.90 Td (intermediary ) Tj ET Q q 0 0 0 rg BT 548.57 279.90 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 267.90 Td (af) Tj ET Q q 0 0 0 rg BT 122.59 267.90 Td (fidavit ) Tj ET Q q 0 0 0 rg BT 151.19 267.90 Td (whereby ) Tj ET Q q 0 0 0 rg BT 188.12 267.90 Td (they ) Tj ET Q q 0 0 0 rg BT 207.84 267.90 Td (state ) Tj ET Q q 0 0 0 rg BT 228.66 267.90 Td (that ) Tj ET Q q 0 0 0 rg BT 246.16 267.90 Td (they ) Tj ET Q q 0 0 0 rg BT 265.87 267.90 Td (are ) Tj ET Q q 0 0 0 rg BT 280.58 267.90 Td (not ) Tj ET Q q 0 0 0 rg BT 295.86 267.90 Td (resident ) Tj ET Q q 0 0 0 rg BT 330.01 267.90 Td (in ) Tj ET Q q 0 0 0 rg BT 340.29 267.90 Td (Italy ) Tj ET Q q 0 0 0 rg BT 361.12 267.90 Td (for ) Tj ET Q q 0 0 0 rg BT 375.28 267.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 390.00 267.90 Td (purposes. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 245.90 Td (b. ) Tj ET Q q 0 0 0 rg BT 115.00 245.90 Td (Qualified ) Tj ET Q q 0 0 0 rg BT 155.03 245.90 Td (Holdings. ) Tj ET Q q 0 0 0 rg BT 196.47 245.90 Td (Capital ) Tj ET Q q 0 0 0 rg BT 227.62 245.90 Td (gains ) Tj ET Q q 0 0 0 rg BT 251.00 245.90 Td (realized ) Tj ET Q q 0 0 0 rg BT 284.91 245.90 Td (by ) Tj ET Q q 0 0 0 rg BT 297.18 245.90 Td (non-Italian ) Tj ET Q q 0 0 0 rg BT 343.32 245.90 Td (resident ) Tj ET Q q 0 0 0 rg BT 377.25 245.90 Td (holders ) Tj ET Q q 0 0 0 rg BT 408.96 245.90 Td (without ) Tj ET Q q 0 0 0 rg BT 441.78 245.90 Td (a ) Tj ET Q q 0 0 0 rg BT 448.49 245.90 Td (permanent ) Tj ET Q q 0 0 0 rg BT 492.96 245.90 Td (establishment ) Tj ET Q q 0 0 0 rg BT 550.22 245.90 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 233.90 Td (Italy ) Tj ET Q q 0 0 0 rg BT 135.77 233.90 Td (upon ) Tj ET Q q 0 0 0 rg BT 158.05 233.90 Td (T) Tj ET Q q 0 0 0 rg BT 163.80 233.90 Td (ransfers ) Tj ET Q q 0 0 0 rg BT 197.90 233.90 Td (of ) Tj ET Q q 0 0 0 rg BT 208.68 233.90 Td (Qualified ) Tj ET Q q 0 0 0 rg BT 248.89 233.90 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 288.01 233.90 Td (are ) Tj ET Q q 0 0 0 rg BT 302.67 233.90 Td (included ) Tj ET Q q 0 0 0 rg BT 339.55 233.90 Td (in ) Tj ET Q q 0 0 0 rg BT 349.78 233.90 Td (the ) Tj ET Q q 0 0 0 rg BT 364.44 233.90 Td (holder) Tj ET Q q 0 0 0 rg BT 390.36 233.90 Td () Tj ET Q q 0 0 0 rg BT 393.14 233.90 Td (s ) Tj ET Q q 0 0 0 rg BT 399.48 233.90 Td (income ) Tj ET Q q 0 0 0 rg BT 431.36 233.90 Td (taxable ) Tj ET Q q 0 0 0 rg BT 462.68 233.90 Td (in ) Tj ET Q q 0 0 0 rg BT 472.91 233.90 Td (Italy ) Tj ET Q q 0 0 0 rg BT 493.68 233.90 Td (according ) Tj ET Q q 0 0 0 rg BT 535.56 233.90 Td (to ) Tj ET Q q 0 0 0 rg BT 545.78 233.90 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 221.90 Td (same ) Tj ET Q q 0 0 0 rg BT 137.65 221.90 Td (rules ) Tj ET Q q 0 0 0 rg BT 159.19 221.90 Td (as ) Tj ET Q q 0 0 0 rg BT 169.63 221.90 Td (applicable ) Tj ET Q q 0 0 0 rg BT 212.82 221.90 Td (to ) Tj ET Q q 0 0 0 rg BT 222.70 221.90 Td (Italian ) Tj ET Q q 0 0 0 rg BT 250.35 221.90 Td (resident ) Tj ET Q q 0 0 0 rg BT 284.10 221.90 Td (individuals ) Tj ET Q q 0 0 0 rg BT 330.65 221.90 Td (not ) Tj ET Q q 0 0 0 rg BT 345.53 221.90 Td (engaged ) Tj ET Q q 0 0 0 rg BT 380.95 221.90 Td (in ) Tj ET Q q 0 0 0 rg BT 390.83 221.90 Td (business ) Tj ET Q q 0 0 0 rg BT 426.83 221.90 Td (activity) Tj ET Q q 0 0 0 rg BT 456.17 221.90 Td (. ) Tj ET Q q 0 0 0 rg BT 460.62 221.90 Td (These ) Tj ET Q q 0 0 0 rg BT 486.60 221.90 Td (capital ) Tj ET Q q 0 0 0 rg BT 515.36 221.90 Td (gains ) Tj ET Q q 0 0 0 rg BT 538.57 221.90 Td (must ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 209.90 Td (be ) Tj ET Q q 0 0 0 rg BT 127.14 209.90 Td (reported ) Tj ET Q q 0 0 0 rg BT 163.15 209.90 Td (in ) Tj ET Q q 0 0 0 rg BT 173.62 209.90 Td (the ) Tj ET Q q 0 0 0 rg BT 188.54 209.90 Td (annual ) Tj ET Q q 0 0 0 rg BT 217.89 209.90 Td (income ) Tj ET Q q 0 0 0 rg BT 250.02 209.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 264.93 209.90 Td (return ) Tj ET Q q 0 0 0 rg BT 291.51 209.90 Td (and ) Tj ET Q q 0 0 0 rg BT 308.64 209.90 Td (cannot ) Tj ET Q q 0 0 0 rg BT 337.99 209.90 Td (be ) Tj ET Q q 0 0 0 rg BT 350.13 209.90 Td (subject ) Tj ET Q q 0 0 0 rg BT 381.15 209.90 Td (to ) Tj ET Q q 0 0 0 rg BT 391.63 209.90 Td (the ) Tj ET Q q 0 0 0 rg BT 406.54 209.90 Td (nondiscretionary ) Tj ET Q q 0 0 0 rg BT 476.44 209.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 523.02 209.90 Td (portfolio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 197.90 Td (regime ) Tj ET Q q 0 0 0 rg BT 145.24 197.90 Td (or ) Tj ET Q q 0 0 0 rg BT 156.04 197.90 Td (the ) Tj ET Q q 0 0 0 rg BT 170.74 197.90 Td (discretionary ) Tj ET Q q 0 0 0 rg BT 225.42 197.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 271.77 197.90 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 309.24 197.90 Td (regime. ) Tj ET Q q 0 0 0 rg BT 341.98 197.90 Td (However) Tj ET Q q 0 0 0 rg BT 378.23 197.90 Td (, ) Tj ET Q q 0 0 0 rg BT 383.21 197.90 Td (the ) Tj ET Q q 0 0 0 rg BT 397.90 197.90 Td (provisions ) Tj ET Q q 0 0 0 rg BT 442.05 197.90 Td (of ) Tj ET Q q 0 0 0 rg BT 452.85 197.90 Td (double ) Tj ET Q q 0 0 0 rg BT 482.54 197.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 497.24 197.90 Td (treaties ) Tj ET Q q 0 0 0 rg BT 528.58 197.90 Td (entered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 185.90 Td (into ) Tj ET Q q 0 0 0 rg BT 133.06 185.90 Td (by ) Tj ET Q q 0 0 0 rg BT 145.56 185.90 Td (Italy ) Tj ET Q q 0 0 0 rg BT 166.38 185.90 Td (may ) Tj ET Q q 0 0 0 rg BT 186.10 185.90 Td (apply ) Tj ET Q q 0 0 0 rg BT 210.82 185.90 Td (if ) Tj ET Q q 0 0 0 rg BT 219.42 185.90 Td (more ) Tj ET Q q 0 0 0 rg BT 242.47 185.90 Td (favorable. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 163.90 Td (Special voting shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 141.90 Td (No ) Tj ET Q q 0 0 0 rg BT 110.59 141.90 Td (statutory) Tj ET Q q 0 0 0 rg BT 144.94 141.90 Td (, ) Tj ET Q q 0 0 0 rg BT 149.81 141.90 Td (judicial ) Tj ET Q q 0 0 0 rg BT 182.17 141.90 Td (or ) Tj ET Q q 0 0 0 rg BT 192.87 141.90 Td (administrative ) Tj ET Q q 0 0 0 rg BT 252.44 141.90 Td (authority ) Tj ET Q q 0 0 0 rg BT 290.92 141.90 Td (directly ) Tj ET Q q 0 0 0 rg BT 323.83 141.90 Td (discusses ) Tj ET Q q 0 0 0 rg BT 363.42 141.90 Td (how ) Tj ET Q q 0 0 0 rg BT 383.01 141.90 Td (the ) Tj ET Q q 0 0 0 rg BT 397.60 141.90 Td (receipt, ) Tj ET Q q 0 0 0 rg BT 429.67 141.90 Td (ownership ) Tj ET Q q 0 0 0 rg BT 473.70 141.90 Td (or ) Tj ET Q q 0 0 0 rg BT 484.40 141.90 Td (disposal ) Tj ET Q q 0 0 0 rg BT 519.55 141.90 Td (of ) Tj ET Q q 0 0 0 rg BT 530.25 141.90 Td (special ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 129.90 Td (voting ) Tj ET Q q 0 0 0 rg BT 83.08 129.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 111.60 129.90 Td (should ) Tj ET Q q 0 0 0 rg BT 141.79 129.90 Td (be ) Tj ET Q q 0 0 0 rg BT 154.75 129.90 Td (treated ) Tj ET Q q 0 0 0 rg BT 185.48 129.90 Td (for ) Tj ET Q q 0 0 0 rg BT 200.66 129.90 Td (Italian ) Tj ET Q q 0 0 0 rg BT 229.73 129.90 Td (income ) Tj ET Q q 0 0 0 rg BT 262.69 129.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 278.43 129.90 Td (purposes ) Tj ET Q q 0 0 0 rg BT 317.51 129.90 Td (and ) Tj ET Q q 0 0 0 rg BT 335.47 129.90 Td (as ) Tj ET Q q 0 0 0 rg BT 347.32 129.90 Td (a ) Tj ET Q q 0 0 0 rg BT 355.29 129.90 Td (result, ) Tj ET Q q 0 0 0 rg BT 383.53 129.90 Td (the ) Tj ET Q q 0 0 0 rg BT 399.27 129.90 Td (Italian ) Tj ET Q q 0 0 0 rg BT 428.33 129.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 444.08 129.90 Td (consequences ) Tj ET Q q 0 0 0 rg BT 502.58 129.90 Td (are ) Tj ET Q q 0 0 0 rg BT 518.31 129.90 Td (uncertain. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 117.90 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 103.34 117.90 Td (, ) Tj ET Q q 0 0 0 rg BT 108.09 117.90 Td (we ) Tj ET Q q 0 0 0 rg BT 122.00 117.90 Td (ur) Tj ET Q q 0 0 0 rg BT 130.15 117.90 Td (ge ) Tj ET Q q 0 0 0 rg BT 141.84 117.90 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 171.29 117.90 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 224.08 117.90 Td (to ) Tj ET Q q 0 0 0 rg BT 234.11 117.90 Td (consult ) Tj ET Q q 0 0 0 rg BT 265.25 117.90 Td (their ) Tj ET Q q 0 0 0 rg BT 285.83 117.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 300.29 117.90 Td (advisors ) Tj ET Q q 0 0 0 rg BT 335.88 117.90 Td (as ) Tj ET Q q 0 0 0 rg BT 346.46 117.90 Td (to ) Tj ET Q q 0 0 0 rg BT 356.49 117.90 Td (the ) Tj ET Q q 0 0 0 rg BT 370.95 117.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 385.42 117.90 Td (consequences ) Tj ET Q q 0 0 0 rg BT 442.65 117.90 Td (of ) Tj ET Q q 0 0 0 rg BT 453.23 117.90 Td (the ) Tj ET Q q 0 0 0 rg BT 467.70 117.90 Td (receipt, ) Tj ET Q q 0 0 0 rg BT 499.65 117.90 Td (ownership ) Tj ET Q q 0 0 0 rg BT 543.56 117.90 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 105.90 Td (disposal ) Tj ET Q q 0 0 0 rg BT 89.28 105.90 Td (of ) Tj ET Q q 0 0 0 rg BT 100.11 105.90 Td (special ) Tj ET Q q 0 0 0 rg BT 130.37 105.90 Td (voting ) Tj ET Q q 0 0 0 rg BT 158.43 105.90 Td (shares. ) Tj ET Q endstream endobj 277 0 obj <> endobj 278 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 297.00 41.20 Td (130) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (Receipt of special voting shar) Tj ET Q q 0 0 0 rg BT 172.49 731.10 Td (es ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 709.10 Td (A) Tj ET Q q 0 0 0 rg BT 102.67 709.10 Td ( ) Tj ET Q q 0 0 0 rg BT 106.14 709.10 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 156.25 709.10 Td (that ) Tj ET Q q 0 0 0 rg BT 174.72 709.10 Td (receives ) Tj ET Q q 0 0 0 rg BT 210.94 709.10 Td (special ) Tj ET Q q 0 0 0 rg BT 242.17 709.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 271.19 709.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 299.65 709.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 328.12 709.10 Td (by ) Tj ET Q q 0 0 0 rg BT 341.59 709.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 372.26 709.10 Td (should ) Tj ET Q q 0 0 0 rg BT 402.40 709.10 Td (in ) Tj ET Q q 0 0 0 rg BT 413.65 709.10 Td (principle ) Tj ET Q q 0 0 0 rg BT 452.66 709.10 Td (not ) Tj ET Q q 0 0 0 rg BT 468.91 709.10 Td (recognize ) Tj ET Q q 0 0 0 rg BT 511.24 709.10 Td (any ) Tj ET Q q 0 0 0 rg BT 529.14 709.10 Td (taxable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 697.10 Td (income ) Tj ET Q q 0 0 0 rg BT 85.34 697.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 107.24 697.10 Td (the ) Tj ET Q q 0 0 0 rg BT 121.36 697.10 Td (receipt ) Tj ET Q q 0 0 0 rg BT 150.47 697.10 Td (of ) Tj ET Q q 0 0 0 rg BT 160.70 697.10 Td (special ) Tj ET Q q 0 0 0 rg BT 190.37 697.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 217.83 697.10 Td (shares. ) Tj ET Q q 0 0 0 rg BT 247.22 697.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 274.11 697.10 Td (a ) Tj ET Q q 0 0 0 rg BT 280.46 697.10 Td (possible ) Tj ET Q q 0 0 0 rg BT 315.14 697.10 Td (interpretation, ) Tj ET Q q 0 0 0 rg BT 373.41 697.10 Td (the ) Tj ET Q q 0 0 0 rg BT 387.53 697.10 Td (issue ) Tj ET Q q 0 0 0 rg BT 409.43 697.10 Td (of ) Tj ET Q q 0 0 0 rg BT 419.66 697.10 Td (special ) Tj ET Q q 0 0 0 rg BT 449.33 697.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 476.79 697.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 503.68 697.10 Td (can ) Tj ET Q q 0 0 0 rg BT 519.46 697.10 Td (be ) Tj ET Q q 0 0 0 rg BT 530.81 697.10 Td (treated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 685.10 Td (as ) Tj ET Q q 0 0 0 rg BT 65.14 685.10 Td (the ) Tj ET Q q 0 0 0 rg BT 80.17 685.10 Td (issue ) Tj ET Q q 0 0 0 rg BT 102.98 685.10 Td (of ) Tj ET Q q 0 0 0 rg BT 114.13 685.10 Td (bonus ) Tj ET Q q 0 0 0 rg BT 140.83 685.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 168.63 685.10 Td (free ) Tj ET Q q 0 0 0 rg BT 186.98 685.10 Td (of ) Tj ET Q q 0 0 0 rg BT 198.13 685.10 Td (char) Tj ET Q q 0 0 0 rg BT 215.15 685.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 227.40 685.10 Td (to ) Tj ET Q q 0 0 0 rg BT 237.99 685.10 Td (the ) Tj ET Q q 0 0 0 rg BT 253.02 685.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 306.37 685.10 Td (out ) Tj ET Q q 0 0 0 rg BT 321.96 685.10 Td (of ) Tj ET Q q 0 0 0 rg BT 333.11 685.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 367.58 685.10 Td (available ) Tj ET Q q 0 0 0 rg BT 406.49 685.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 442.06 685.10 Td (of ) Tj ET Q q 0 0 0 rg BT 453.20 685.10 Td (Ferrari. ) Tj ET Q q 0 0 0 rg BT 485.72 685.10 Td (Such ) Tj ET Q q 0 0 0 rg BT 508.53 685.10 Td (issue ) Tj ET Q q 0 0 0 rg BT 531.34 685.10 Td (should ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 673.10 Td (not ) Tj ET Q q 0 0 0 rg BT 68.95 673.10 Td (have ) Tj ET Q q 0 0 0 rg BT 89.99 673.10 Td (any ) Tj ET Q q 0 0 0 rg BT 106.60 673.10 Td (material ) Tj ET Q q 0 0 0 rg BT 141.52 673.10 Td (ef) Tj ET Q q 0 0 0 rg BT 149.11 673.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 166.27 673.10 Td (on ) Tj ET Q q 0 0 0 rg BT 178.43 673.10 Td (the ) Tj ET Q q 0 0 0 rg BT 192.82 673.10 Td (allocation ) Tj ET Q q 0 0 0 rg BT 234.42 673.10 Td (of ) Tj ET Q q 0 0 0 rg BT 244.91 673.10 Td (the ) Tj ET Q q 0 0 0 rg BT 259.30 673.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 273.68 673.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 295.85 673.10 Td (of ) Tj ET Q q 0 0 0 rg BT 306.35 673.10 Td (a ) Tj ET Q q 0 0 0 rg BT 312.96 673.10 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 361.77 673.10 Td (between ) Tj ET Q q 0 0 0 rg BT 397.25 673.10 Td (its ) Tj ET Q q 0 0 0 rg BT 408.87 673.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 438.24 673.10 Td (common ) Tj ET Q q 0 0 0 rg BT 475.41 673.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 502.56 673.10 Td (and ) Tj ET Q q 0 0 0 rg BT 519.17 673.10 Td (its ) Tj ET Q q 0 0 0 rg BT 530.79 673.10 Td (Ferrari ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 661.10 Td (special ) Tj ET Q q 0 0 0 rg BT 84.51 661.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 112.82 661.10 Td (shares. ) Tj ET Q q 0 0 0 rg BT 143.05 661.10 Td (Because ) Tj ET Q q 0 0 0 rg BT 179.12 661.10 Td (the ) Tj ET Q q 0 0 0 rg BT 194.08 661.10 Td (special ) Tj ET Q q 0 0 0 rg BT 224.59 661.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 252.90 661.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 280.64 661.10 Td (are ) Tj ET Q q 0 0 0 rg BT 295.59 661.10 Td (not ) Tj ET Q q 0 0 0 rg BT 311.12 661.10 Td (transferable ) Tj ET Q q 0 0 0 rg BT 361.06 661.10 Td (and ) Tj ET Q q 0 0 0 rg BT 378.25 661.10 Td (their ) Tj ET Q q 0 0 0 rg BT 399.32 661.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 430.40 661.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 472.02 661.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 497.54 661.10 Td (can ) Tj ET Q q 0 0 0 rg BT 514.17 661.10 Td (be ) Tj ET Q q 0 0 0 rg BT 526.36 661.10 Td (enjoyed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 649.10 Td (only ) Tj ET Q q 0 0 0 rg BT 74.00 649.10 Td (at ) Tj ET Q q 0 0 0 rg BT 83.44 649.10 Td (the ) Tj ET Q q 0 0 0 rg BT 97.88 649.10 Td (time ) Tj ET Q q 0 0 0 rg BT 117.88 649.10 Td (of ) Tj ET Q q 0 0 0 rg BT 128.43 649.10 Td (the ) Tj ET Q q 0 0 0 rg BT 142.87 649.10 Td (liquidation ) Tj ET Q q 0 0 0 rg BT 188.42 649.10 Td (of ) Tj ET Q q 0 0 0 rg BT 198.98 649.10 Td (Ferrari, ) Tj ET Q q 0 0 0 rg BT 230.91 649.10 Td (we ) Tj ET Q q 0 0 0 rg BT 244.79 649.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 275.89 649.10 Td (and ) Tj ET Q q 0 0 0 rg BT 292.55 649.10 Td (intend ) Tj ET Q q 0 0 0 rg BT 319.77 649.10 Td (to ) Tj ET Q q 0 0 0 rg BT 329.77 649.10 Td (take ) Tj ET Q q 0 0 0 rg BT 348.65 649.10 Td (the ) Tj ET Q q 0 0 0 rg BT 363.09 649.10 Td (position ) Tj ET Q q 0 0 0 rg BT 397.54 649.10 Td (that ) Tj ET Q q 0 0 0 rg BT 414.75 649.10 Td (the ) Tj ET Q q 0 0 0 rg BT 429.19 649.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 445.29 649.10 Td (market ) Tj ET Q q 0 0 0 rg BT 475.28 649.10 Td (value ) Tj ET Q q 0 0 0 rg BT 499.16 649.10 Td (of ) Tj ET Q q 0 0 0 rg BT 509.71 649.10 Td (each ) Tj ET Q q 0 0 0 rg BT 530.25 649.10 Td (special ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 637.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 81.42 637.10 Td (share ) Tj ET Q q 0 0 0 rg BT 104.39 637.10 Td (is ) Tj ET Q q 0 0 0 rg BT 112.93 637.10 Td (minimal. ) Tj ET Q q 0 0 0 rg BT 150.63 637.10 Td (However) Tj ET Q q 0 0 0 rg BT 186.88 637.10 Td (, ) Tj ET Q q 0 0 0 rg BT 191.24 637.10 Td (because ) Tj ET Q q 0 0 0 rg BT 224.76 637.10 Td (the ) Tj ET Q q 0 0 0 rg BT 238.84 637.10 Td (determination ) Tj ET Q q 0 0 0 rg BT 296.25 637.10 Td (of ) Tj ET Q q 0 0 0 rg BT 306.44 637.10 Td (the ) Tj ET Q q 0 0 0 rg BT 320.53 637.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 336.27 637.10 Td (market ) Tj ET Q q 0 0 0 rg BT 365.90 637.10 Td (value ) Tj ET Q q 0 0 0 rg BT 389.43 637.10 Td (of ) Tj ET Q q 0 0 0 rg BT 399.63 637.10 Td (the ) Tj ET Q q 0 0 0 rg BT 413.71 637.10 Td (special ) Tj ET Q q 0 0 0 rg BT 443.34 637.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 470.77 637.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 497.62 637.10 Td (is ) Tj ET Q q 0 0 0 rg BT 506.16 637.10 Td (not ) Tj ET Q q 0 0 0 rg BT 520.81 637.10 Td (governed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 625.10 Td (by ) Tj ET Q q 0 0 0 rg BT 66.64 625.10 Td (any ) Tj ET Q q 0 0 0 rg BT 83.71 625.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 122.45 625.10 Td (that ) Tj ET Q q 0 0 0 rg BT 140.08 625.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 173.26 625.10 Td (addresses ) Tj ET Q q 0 0 0 rg BT 214.22 625.10 Td (such ) Tj ET Q q 0 0 0 rg BT 235.19 625.10 Td (a ) Tj ET Q q 0 0 0 rg BT 242.26 625.10 Td (situation ) Tj ET Q q 0 0 0 rg BT 279.35 625.10 Td (and ) Tj ET Q q 0 0 0 rg BT 296.42 625.10 Td (is ) Tj ET Q q 0 0 0 rg BT 305.73 625.10 Td (unclear) Tj ET Q q 0 0 0 rg BT 334.75 625.10 Td (, ) Tj ET Q q 0 0 0 rg BT 339.89 625.10 Td (the ) Tj ET Q q 0 0 0 rg BT 354.75 625.10 Td (Italian ) Tj ET Q q 0 0 0 rg BT 382.93 625.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 397.78 625.10 Td (authorities ) Tj ET Q q 0 0 0 rg BT 442.63 625.10 Td (could ) Tj ET Q q 0 0 0 rg BT 467.49 625.10 Td (assert ) Tj ET Q q 0 0 0 rg BT 492.89 625.10 Td (that ) Tj ET Q q 0 0 0 rg BT 510.53 625.10 Td (the ) Tj ET Q q 0 0 0 rg BT 525.38 625.10 Td (value ) Tj ET Q q 0 0 0 rg BT 549.68 625.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 613.10 Td (the ) Tj ET Q q 0 0 0 rg BT 68.72 613.10 Td (special ) Tj ET Q q 0 0 0 rg BT 98.98 613.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 127.04 613.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 154.53 613.10 Td (as ) Tj ET Q q 0 0 0 rg BT 165.36 613.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 212.84 613.10 Td (by ) Tj ET Q q 0 0 0 rg BT 225.34 613.10 Td (us ) Tj ET Q q 0 0 0 rg BT 236.73 613.10 Td (is ) Tj ET Q q 0 0 0 rg BT 245.90 613.10 Td (incorrect. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 591.10 Td (Ownership of special voting shar) Tj ET Q q 0 0 0 rg BT 186.40 591.10 Td (es ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 569.10 Td (Shareholders ) Tj ET Q q 0 0 0 rg BT 151.08 569.10 Td (of ) Tj ET Q q 0 0 0 rg BT 162.28 569.10 Td (special ) Tj ET Q q 0 0 0 rg BT 192.91 569.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 221.34 569.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 249.20 569.10 Td (should ) Tj ET Q q 0 0 0 rg BT 278.74 569.10 Td (not ) Tj ET Q q 0 0 0 rg BT 294.39 569.10 Td (have ) Tj ET Q q 0 0 0 rg BT 316.14 569.10 Td (to ) Tj ET Q q 0 0 0 rg BT 326.79 569.10 Td (recognize ) Tj ET Q q 0 0 0 rg BT 368.52 569.10 Td (income ) Tj ET Q q 0 0 0 rg BT 400.83 569.10 Td (in ) Tj ET Q q 0 0 0 rg BT 411.48 569.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 442.67 569.10 Td (of ) Tj ET Q q 0 0 0 rg BT 453.87 569.10 Td (any ) Tj ET Q q 0 0 0 rg BT 471.18 569.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 504.04 569.10 Td (transferred ) Tj ET Q q 0 0 0 rg BT 550.22 569.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 557.10 Td (the ) Tj ET Q q 0 0 0 rg BT 68.72 557.10 Td (special ) Tj ET Q q 0 0 0 rg BT 98.98 557.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 127.04 557.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 154.53 557.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 192.02 557.10 Td (reserve, ) Tj ET Q q 0 0 0 rg BT 225.89 557.10 Td (but ) Tj ET Q q 0 0 0 rg BT 241.17 557.10 Td (not ) Tj ET Q q 0 0 0 rg BT 256.45 557.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 276.16 557.10 Td (out ) Tj ET Q q 0 0 0 rg BT 291.44 557.10 Td (as ) Tj ET Q q 0 0 0 rg BT 302.27 557.10 Td (dividends, ) Tj ET Q q 0 0 0 rg BT 346.16 557.10 Td (in ) Tj ET Q q 0 0 0 rg BT 356.44 557.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 387.25 557.10 Td (of ) Tj ET Q q 0 0 0 rg BT 398.08 557.10 Td (the ) Tj ET Q q 0 0 0 rg BT 412.80 557.10 Td (special ) Tj ET Q q 0 0 0 rg BT 443.06 557.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 471.12 557.10 Td (shares. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 535.10 Td (Disposition of special voting shar) Tj ET Q q 0 0 0 rg BT 188.63 535.10 Td (es ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 513.10 Td (The ) Tj ET Q q 0 0 0 rg BT 115.14 513.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 130.95 513.10 Td (treatment ) Tj ET Q q 0 0 0 rg BT 172.30 513.10 Td (of ) Tj ET Q q 0 0 0 rg BT 184.22 513.10 Td (a ) Tj ET Q q 0 0 0 rg BT 192.25 513.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 223.05 513.10 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 273.29 513.10 Td (that ) Tj ET Q q 0 0 0 rg BT 291.88 513.10 Td (has ) Tj ET Q q 0 0 0 rg BT 308.80 513.10 Td (its ) Tj ET Q q 0 0 0 rg BT 321.84 513.10 Td (special ) Tj ET Q q 0 0 0 rg BT 353.20 513.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 382.35 513.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 410.93 513.10 Td (redeemed ) Tj ET Q q 0 0 0 rg BT 453.39 513.10 Td (for ) Tj ET Q q 0 0 0 rg BT 468.64 513.10 Td (no ) Tj ET Q q 0 0 0 rg BT 482.23 513.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 539.70 513.10 Td (after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 501.10 Td (removing ) Tj ET Q q 0 0 0 rg BT 94.97 501.10 Td (its ) Tj ET Q q 0 0 0 rg BT 107.06 501.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 134.70 501.10 Td (from ) Tj ET Q q 0 0 0 rg BT 156.78 501.10 Td (the ) Tj ET Q q 0 0 0 rg BT 171.64 501.10 Td (Loyalty ) Tj ET Q q 0 0 0 rg BT 205.39 501.10 Td (Register ) Tj ET Q q 0 0 0 rg BT 241.36 501.10 Td (is ) Tj ET Q q 0 0 0 rg BT 250.67 501.10 Td (unclear) Tj ET Q q 0 0 0 rg BT 279.54 501.10 Td (. ) Tj ET Q q 0 0 0 rg BT 284.69 501.10 Td (It ) Tj ET Q q 0 0 0 rg BT 293.44 501.10 Td (is ) Tj ET Q q 0 0 0 rg BT 302.75 501.10 Td (possible ) Tj ET Q q 0 0 0 rg BT 338.17 501.10 Td (that ) Tj ET Q q 0 0 0 rg BT 355.81 501.10 Td (a ) Tj ET Q q 0 0 0 rg BT 362.90 501.10 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 412.19 501.10 Td (should ) Tj ET Q q 0 0 0 rg BT 441.50 501.10 Td (recognize ) Tj ET Q q 0 0 0 rg BT 483.01 501.10 Td (a ) Tj ET Q q 0 0 0 rg BT 490.09 501.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 508.29 501.10 Td (to ) Tj ET Q q 0 0 0 rg BT 518.72 501.10 Td (the ) Tj ET Q q 0 0 0 rg BT 533.58 501.10 Td (extent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 489.10 Td (of ) Tj ET Q q 0 0 0 rg BT 63.79 489.10 Td (the ) Tj ET Q q 0 0 0 rg BT 77.48 489.10 Td (shareholder) Tj ET Q q 0 0 0 rg BT 124.49 489.10 Td () Tj ET Q q 0 0 0 rg BT 127.27 489.10 Td (s ) Tj ET Q q 0 0 0 rg BT 132.63 489.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 146.31 489.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 167.77 489.10 Td (\(if ) Tj ET Q q 0 0 0 rg BT 178.68 489.10 Td (any\). ) Tj ET Q q 0 0 0 rg BT 200.31 489.10 Td (The ) Tj ET Q q 0 0 0 rg BT 217.32 489.10 Td (deductibility ) Tj ET Q q 0 0 0 rg BT 269.33 489.10 Td (of ) Tj ET Q q 0 0 0 rg BT 279.12 489.10 Td (such ) Tj ET Q q 0 0 0 rg BT 298.92 489.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 315.94 489.10 Td (depends ) Tj ET Q q 0 0 0 rg BT 350.18 489.10 Td (on ) Tj ET Q q 0 0 0 rg BT 361.64 489.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 403.66 489.10 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 461.77 489.10 Td (and ) Tj ET Q q 0 0 0 rg BT 477.67 489.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 520.80 489.10 Td (generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 477.10 Td (required ) Tj ET Q q 0 0 0 rg BT 89.16 477.10 Td (by ) Tj ET Q q 0 0 0 rg BT 101.01 477.10 Td (Italian ) Tj ET Q q 0 0 0 rg BT 128.40 477.10 Td (law) Tj ET Q q 0 0 0 rg BT 142.19 477.10 Td (. ) Tj ET Q q 0 0 0 rg BT 146.54 477.10 Td (It ) Tj ET Q q 0 0 0 rg BT 154.49 477.10 Td (is ) Tj ET Q q 0 0 0 rg BT 163.01 477.10 Td (also ) Tj ET Q q 0 0 0 rg BT 180.96 477.10 Td (possible ) Tj ET Q q 0 0 0 rg BT 215.59 477.10 Td (that ) Tj ET Q q 0 0 0 rg BT 232.43 477.10 Td (a ) Tj ET Q q 0 0 0 rg BT 238.72 477.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 267.77 477.10 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 316.26 477.10 Td (would ) Tj ET Q q 0 0 0 rg BT 343.11 477.10 Td (not ) Tj ET Q q 0 0 0 rg BT 357.74 477.10 Td (be ) Tj ET Q q 0 0 0 rg BT 369.02 477.10 Td (allowed ) Tj ET Q q 0 0 0 rg BT 402.52 477.10 Td (to ) Tj ET Q q 0 0 0 rg BT 412.15 477.10 Td (recognize ) Tj ET Q q 0 0 0 rg BT 452.86 477.10 Td (a ) Tj ET Q q 0 0 0 rg BT 459.15 477.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 476.55 477.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 498.40 477.10 Td (the ) Tj ET Q q 0 0 0 rg BT 512.46 477.10 Td (redemption ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 465.10 Td (of ) Tj ET Q q 0 0 0 rg BT 64.44 465.10 Td (its ) Tj ET Q q 0 0 0 rg BT 76.00 465.10 Td (special ) Tj ET Q q 0 0 0 rg BT 105.88 465.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 133.55 465.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 160.65 465.10 Td (and ) Tj ET Q q 0 0 0 rg BT 177.20 465.10 Td (instead ) Tj ET Q q 0 0 0 rg BT 207.64 465.10 Td (should ) Tj ET Q q 0 0 0 rg BT 236.42 465.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 271.28 465.10 Td (its ) Tj ET Q q 0 0 0 rg BT 282.84 465.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 304.95 465.10 Td (in ) Tj ET Q q 0 0 0 rg BT 314.84 465.10 Td (its ) Tj ET Q q 0 0 0 rg BT 326.40 465.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 355.72 465.10 Td (common ) Tj ET Q q 0 0 0 rg BT 392.83 465.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 419.93 465.10 Td (by ) Tj ET Q q 0 0 0 rg BT 432.04 465.10 Td (an ) Tj ET Q q 0 0 0 rg BT 443.59 465.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 475.70 465.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 499.47 465.10 Td (to ) Tj ET Q q 0 0 0 rg BT 509.36 465.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.69 465.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 538.02 465.10 Td (basis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 453.10 Td (\(if ) Tj ET Q q 0 0 0 rg BT 65.94 453.10 Td (any\) ) Tj ET Q q 0 0 0 rg BT 86.21 453.10 Td (in ) Tj ET Q q 0 0 0 rg BT 96.49 453.10 Td (its ) Tj ET Q q 0 0 0 rg BT 108.43 453.10 Td (special ) Tj ET Q q 0 0 0 rg BT 138.70 453.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 166.75 453.10 Td (shares. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 431.10 Td (T) Tj ET Q q 0 0 0 rg BT 59.74 431.10 Td (ransfer tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 409.10 Td (Contracts ) Tj ET Q q 0 0 0 rg BT 136.38 409.10 Td (or ) Tj ET Q q 0 0 0 rg BT 146.76 409.10 Td (other ) Tj ET Q q 0 0 0 rg BT 169.37 409.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 190.85 409.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 239.57 409.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 272.17 409.10 Td (to ) Tj ET Q q 0 0 0 rg BT 282.00 409.10 Td (the ) Tj ET Q q 0 0 0 rg BT 296.28 409.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 328.87 409.10 Td (of ) Tj ET Q q 0 0 0 rg BT 339.25 409.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 379.07 409.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 422.23 409.10 Td (the ) Tj ET Q q 0 0 0 rg BT 436.50 409.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 469.09 409.10 Td (of ) Tj ET Q q 0 0 0 rg BT 479.48 409.10 Td (the ) Tj ET Q q 0 0 0 rg BT 493.75 409.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 523.01 409.10 Td (common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 397.10 Td (shares\) ) Tj ET Q q 0 0 0 rg BT 85.56 397.10 Td (are ) Tj ET Q q 0 0 0 rg BT 101.00 397.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 132.56 397.10 Td (to ) Tj ET Q q 0 0 0 rg BT 143.57 397.10 Td (registration ) Tj ET Q q 0 0 0 rg BT 192.35 397.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 207.80 397.10 Td (as ) Tj ET Q q 0 0 0 rg BT 219.36 397.10 Td (follows: ) Tj ET Q q 0 0 0 rg BT 255.38 397.10 Td (\(i\)notary ) Tj ET Q q 0 0 0 rg BT 296.10 397.10 Td (deeds ) Tj ET Q q 0 0 0 rg BT 322.10 397.10 Td (\() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 325.43 397.10 Td (atti ) Tj ET Q q 0 0 0 rg BT 342.00 397.10 Td (pubblici) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.77 397.10 Td (\) ) Tj ET Q q 0 0 0 rg BT 381.34 397.10 Td (and ) Tj ET Q q 0 0 0 rg BT 399.01 397.10 Td (private ) Tj ET Q q 0 0 0 rg BT 430.01 397.10 Td (deeds ) Tj ET Q q 0 0 0 rg BT 456.01 397.10 Td (with ) Tj ET Q q 0 0 0 rg BT 477.03 397.10 Td (notarized ) Tj ET Q q 0 0 0 rg BT 517.46 397.10 Td (signatures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 385.10 Td (\() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.33 385.10 Td (scrittur) Tj ET Q q 0 0 0 rg BT 86.41 385.10 Td (e ) Tj ET Q q 0 0 0 rg BT 93.37 385.10 Td (private ) Tj ET Q q 0 0 0 rg BT 124.21 385.10 Td (authenticate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.64 385.10 Td (\) ) Tj ET Q q 0 0 0 rg BT 179.50 385.10 Td (executed ) Tj ET Q q 0 0 0 rg BT 217.55 385.10 Td (in ) Tj ET Q q 0 0 0 rg BT 227.85 385.10 Td (Italy ) Tj ET Q q 0 0 0 rg BT 248.70 385.10 Td (must ) Tj ET Q q 0 0 0 rg BT 270.67 385.10 Td (mandatorily ) Tj ET Q q 0 0 0 rg BT 321.51 385.10 Td (be ) Tj ET Q q 0 0 0 rg BT 333.47 385.10 Td (registered ) Tj ET Q q 0 0 0 rg BT 375.42 385.10 Td (with ) Tj ET Q q 0 0 0 rg BT 395.72 385.10 Td (the ) Tj ET Q q 0 0 0 rg BT 410.46 385.10 Td (Italian ) Tj ET Q q 0 0 0 rg BT 438.52 385.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 453.26 385.10 Td (authorities ) Tj ET Q q 0 0 0 rg BT 497.99 385.10 Td (and ) Tj ET Q q 0 0 0 rg BT 514.95 385.10 Td (are ) Tj ET Q q 0 0 0 rg BT 529.68 385.10 Td (subject ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 373.10 Td (to ) Tj ET Q q 0 0 0 rg BT 65.29 373.10 Td (200.00 ) Tj ET Q q 0 0 0 rg BT 101.29 373.10 Td (registration ) Tj ET Q q 0 0 0 rg BT 150.34 373.10 Td (tax; ) Tj ET Q q 0 0 0 rg BT 168.84 373.10 Td (and ) Tj ET Q q 0 0 0 rg BT 186.79 373.10 Td (\(ii\)private ) Tj ET Q q 0 0 0 rg BT 232.78 373.10 Td (deeds ) Tj ET Q q 0 0 0 rg BT 259.05 373.10 Td (\() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 262.38 373.10 Td (scrittur) Tj ET Q q 0 0 0 rg BT 291.46 373.10 Td (e ) Tj ET Q q 0 0 0 rg BT 299.41 373.10 Td (private) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.73 373.10 Td (\) ) Tj ET Q q 0 0 0 rg BT 334.57 373.10 Td (are ) Tj ET Q q 0 0 0 rg BT 350.28 373.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 382.12 373.10 Td (to ) Tj ET Q q 0 0 0 rg BT 393.40 373.10 Td (200.00 ) Tj ET Q q 0 0 0 rg BT 429.41 373.10 Td (registration ) Tj ET Q q 0 0 0 rg BT 478.46 373.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 494.18 373.10 Td (only ) Tj ET Q q 0 0 0 rg BT 515.47 373.10 Td (if ) Tj ET Q q 0 0 0 rg BT 525.08 373.10 Td (they ) Tj ET Q q 0 0 0 rg BT 545.81 373.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 361.10 Td (voluntary ) Tj ET Q q 0 0 0 rg BT 94.83 361.10 Td (filed ) Tj ET Q q 0 0 0 rg BT 115.65 361.10 Td (for ) Tj ET Q q 0 0 0 rg BT 129.81 361.10 Td (registration ) Tj ET Q q 0 0 0 rg BT 177.85 361.10 Td (with ) Tj ET Q q 0 0 0 rg BT 198.13 361.10 Td (the ) Tj ET Q q 0 0 0 rg BT 212.85 361.10 Td (Italian ) Tj ET Q q 0 0 0 rg BT 240.89 361.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 255.61 361.10 Td (authorities ) Tj ET Q q 0 0 0 rg BT 300.32 361.10 Td (or ) Tj ET Q q 0 0 0 rg BT 311.15 361.10 Td (if ) Tj ET Q q 0 0 0 rg BT 319.76 361.10 Td (the ) Tj ET Q q 0 0 0 rg BT 334.47 361.10 Td (so-called ) Tj ET Q q 0 0 0 rg BT 373.07 361.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 377.51 361.10 Td (caso ) Tj ET Q q 0 0 0 rg BT 398.34 361.10 Td (duso) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.56 361.10 Td ( ) Tj ET Q q 0 0 0 rg BT 427.50 361.10 Td (or ) Tj ET Q q 0 0 0 rg BT 438.33 361.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 442.76 361.10 Td (enunciazione) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.53 361.10 Td ( ) Tj ET Q q 0 0 0 rg BT 502.47 361.10 Td (occurs. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 339.10 Td (Financial T) Tj ET Q q 0 0 0 rg BT 102.80 339.10 Td (ransaction T) Tj ET Q q 0 0 0 rg BT 154.40 339.10 Td (ax ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 97.00 317.10 Td (\(i\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.44 317.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 115.00 317.10 Td (T) Tj ET Q q 0 0 0 rg BT 120.01 317.10 Td (ransfer of ownership of the Ferrari shar) Tj ET Q q 0 0 0 rg BT 280.76 317.10 Td (es ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 295.10 Td (Article ) Tj ET Q q 0 0 0 rg BT 125.67 295.10 Td (1\(491-500\) ) Tj ET Q q 0 0 0 rg BT 172.57 295.10 Td (of ) Tj ET Q q 0 0 0 rg BT 182.81 295.10 Td (Law ) Tj ET Q q 0 0 0 rg BT 202.49 295.10 Td (No.228 ) Tj ET Q q 0 0 0 rg BT 236.62 295.10 Td (of ) Tj ET Q q 0 0 0 rg BT 246.85 295.10 Td (December24, ) Tj ET Q q 0 0 0 rg BT 304.85 295.10 Td (2012 ) Tj ET Q q 0 0 0 rg BT 326.75 295.10 Td (introduced ) Tj ET Q q 0 0 0 rg BT 371.43 295.10 Td (a ) Tj ET Q q 0 0 0 rg BT 377.77 295.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 414.66 295.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 460.44 295.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 474.57 295.10 Td (\() Tj ET Q q 0 0 0 rg BT 480.48 295.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.81 295.10 Td (FTT) Tj ET Q q 0 0 0 rg BT 505.85 295.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.18 295.10 Td (\) ) Tj ET Q q 0 0 0 rg BT 514.42 295.10 Td (applicable, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 283.10 Td (among ) Tj ET Q q 0 0 0 rg BT 83.91 283.10 Td (others, ) Tj ET Q q 0 0 0 rg BT 113.54 283.10 Td (to ) Tj ET Q q 0 0 0 rg BT 124.00 283.10 Td (the ) Tj ET Q q 0 0 0 rg BT 138.91 283.10 Td (transfers ) Tj ET Q q 0 0 0 rg BT 176.03 283.10 Td (of ) Tj ET Q q 0 0 0 rg BT 187.05 283.10 Td (the ) Tj ET Q q 0 0 0 rg BT 201.96 283.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 246.31 283.10 Td (of ) Tj ET Q q 0 0 0 rg BT 257.33 283.10 Td (\(i\)shares ) Tj ET Q q 0 0 0 rg BT 296.95 283.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 324.64 283.10 Td (by ) Tj ET Q q 0 0 0 rg BT 337.33 283.10 Td (Italian ) Tj ET Q q 0 0 0 rg BT 365.56 283.10 Td (resident ) Tj ET Q q 0 0 0 rg BT 399.91 283.10 Td (corporations, ) Tj ET Q q 0 0 0 rg BT 455.08 283.10 Td (\(ii\)participating ) Tj ET Q q 0 0 0 rg BT 523.03 283.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 271.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 102.37 271.10 Td (\(as ) Tj ET Q q 0 0 0 rg BT 115.73 271.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 147.42 271.10 Td (under ) Tj ET Q q 0 0 0 rg BT 171.52 271.10 Td (Article ) Tj ET Q q 0 0 0 rg BT 200.99 271.10 Td (2346\(6\) ) Tj ET Q q 0 0 0 rg BT 234.35 271.10 Td (of ) Tj ET Q q 0 0 0 rg BT 244.39 271.10 Td (the ) Tj ET Q q 0 0 0 rg BT 258.31 271.10 Td (Italian ) Tj ET Q q 0 0 0 rg BT 285.55 271.10 Td (Civil ) Tj ET Q q 0 0 0 rg BT 307.26 271.10 Td (Code\) ) Tj ET Q q 0 0 0 rg BT 333.40 271.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 360.11 271.10 Td (by ) Tj ET Q q 0 0 0 rg BT 371.81 271.10 Td (Italian ) Tj ET Q q 0 0 0 rg BT 399.06 271.10 Td (resident ) Tj ET Q q 0 0 0 rg BT 432.42 271.10 Td (corporations, ) Tj ET Q q 0 0 0 rg BT 486.61 271.10 Td (and ) Tj ET Q q 0 0 0 rg BT 502.75 271.10 Td (\(iii\)securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 259.10 Td (representing ) Tj ET Q q 0 0 0 rg BT 106.10 259.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 133.78 259.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 184.23 259.10 Td (in ) Tj ET Q q 0 0 0 rg BT 194.69 259.10 Td (Italian ) Tj ET Q q 0 0 0 rg BT 222.91 259.10 Td (resident ) Tj ET Q q 0 0 0 rg BT 257.25 259.10 Td (corporations ) Tj ET Q q 0 0 0 rg BT 309.91 259.10 Td (such ) Tj ET Q q 0 0 0 rg BT 330.92 259.10 Td (as ) Tj ET Q q 0 0 0 rg BT 341.34 259.10 Td (American ) Tj ET Q q 0 0 0 rg BT 383.44 259.10 Td (Depositary ) Tj ET Q q 0 0 0 rg BT 430.00 259.10 Td (Receipts ) Tj ET Q q 0 0 0 rg BT 467.11 259.10 Td (and ) Tj ET Q q 0 0 0 rg BT 484.23 259.10 Td (Global ) Tj ET Q q 0 0 0 rg BT 514.13 259.10 Td (Depositary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 247.10 Td (Receipts, ) Tj ET Q q 0 0 0 rg BT 94.43 247.10 Td (regardless ) Tj ET Q q 0 0 0 rg BT 138.46 247.10 Td (of ) Tj ET Q q 0 0 0 rg BT 150.28 247.10 Td (the ) Tj ET Q q 0 0 0 rg BT 165.99 247.10 Td (place ) Tj ET Q q 0 0 0 rg BT 190.58 247.10 Td (of ) Tj ET Q q 0 0 0 rg BT 202.40 247.10 Td (residence ) Tj ET Q q 0 0 0 rg BT 243.65 247.10 Td (of ) Tj ET Q q 0 0 0 rg BT 255.47 247.10 Td (the ) Tj ET Q q 0 0 0 rg BT 271.19 247.10 Td (issuer ) Tj ET Q q 0 0 0 rg BT 298.01 247.10 Td (of ) Tj ET Q q 0 0 0 rg BT 309.83 247.10 Td (such ) Tj ET Q q 0 0 0 rg BT 331.66 247.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 372.91 247.10 Td (and ) Tj ET Q q 0 0 0 rg BT 390.85 247.10 Td (of ) Tj ET Q q 0 0 0 rg BT 402.67 247.10 Td (the ) Tj ET Q q 0 0 0 rg BT 418.38 247.10 Td (place ) Tj ET Q q 0 0 0 rg BT 442.97 247.10 Td (where ) Tj ET Q q 0 0 0 rg BT 470.89 247.10 Td (the ) Tj ET Q q 0 0 0 rg BT 486.60 247.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 522.30 247.10 Td (has ) Tj ET Q q 0 0 0 rg BT 539.12 247.10 Td (been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 235.10 Td (concluded. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 213.10 Td (The residence of the issuer for the purposes of FTT) Tj ET Q q 0 0 0 rg BT 301.03 213.10 Td ( is the place where the issuer has its registered of) Tj ET Q q 0 0 0 rg BT 496.34 213.10 Td (fice \(intended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 201.10 Td (as its corporate seat\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 179.10 Td (Since ) Tj ET Q q 0 0 0 rg BT 120.60 179.10 Td (the ) Tj ET Q q 0 0 0 rg BT 135.21 179.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 175.35 179.10 Td (seat ) Tj ET Q q 0 0 0 rg BT 193.28 179.10 Td (of ) Tj ET Q q 0 0 0 rg BT 204.00 179.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 233.59 179.10 Td (is ) Tj ET Q q 0 0 0 rg BT 242.65 179.10 Td (not ) Tj ET Q q 0 0 0 rg BT 257.81 179.10 Td (in ) Tj ET Q q 0 0 0 rg BT 267.98 179.10 Td (Italy) Tj ET Q q 0 0 0 rg BT 285.65 179.10 Td (, ) Tj ET Q q 0 0 0 rg BT 290.54 179.10 Td (transfers ) Tj ET Q q 0 0 0 rg BT 327.36 179.10 Td (of ) Tj ET Q q 0 0 0 rg BT 338.07 179.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 382.12 179.10 Td (of ) Tj ET Q q 0 0 0 rg BT 392.84 179.10 Td (the ) Tj ET Q q 0 0 0 rg BT 407.44 179.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 434.82 179.10 Td (in ) Tj ET Q q 0 0 0 rg BT 444.98 179.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 474.58 179.10 Td (will ) Tj ET Q q 0 0 0 rg BT 492.52 179.10 Td (not ) Tj ET Q q 0 0 0 rg BT 507.68 179.10 Td (be ) Tj ET Q q 0 0 0 rg BT 519.51 179.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 550.22 179.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 167.10 Td (FTT) Tj ET Q q 0 0 0 rg BT 71.04 167.10 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 96.00 145.10 Td (\(ii\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.22 145.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 115.00 145.10 Td (High-fr) Tj ET Q q 0 0 0 rg BT 144.63 145.10 Td (equency trading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 123.10 Td (T) Tj ET Q q 0 0 0 rg BT 101.76 123.10 Td (ransactions ) Tj ET Q q 0 0 0 rg BT 149.01 123.10 Td (carried ) Tj ET Q q 0 0 0 rg BT 179.04 123.10 Td (out ) Tj ET Q q 0 0 0 rg BT 194.09 123.10 Td (on ) Tj ET Q q 0 0 0 rg BT 206.36 123.10 Td (the ) Tj ET Q q 0 0 0 rg BT 220.84 123.10 Td (Italian ) Tj ET Q q 0 0 0 rg BT 248.66 123.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 285.91 123.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 319.83 123.10 Td (are ) Tj ET Q q 0 0 0 rg BT 334.31 123.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 364.91 123.10 Td (to ) Tj ET Q q 0 0 0 rg BT 374.96 123.10 Td (a ) Tj ET Q q 0 0 0 rg BT 381.66 123.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 396.15 123.10 Td (on ) Tj ET Q q 0 0 0 rg BT 408.42 123.10 Td (high-frequency ) Tj ET Q q 0 0 0 rg BT 471.78 123.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 502.37 123.10 Td (with ) Tj ET Q q 0 0 0 rg BT 522.42 123.10 Td (regard ) Tj ET Q q 0 0 0 rg BT 550.23 123.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 111.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 91.48 111.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 140.65 111.10 Td (referred ) Tj ET Q q 0 0 0 rg BT 174.78 111.10 Td (to ) Tj ET Q q 0 0 0 rg BT 185.06 111.10 Td (in ) Tj ET Q q 0 0 0 rg BT 195.34 111.10 Td (subparagraph ) Tj ET Q q 0 0 0 rg BT 251.71 111.10 Td (\() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 255.04 111.10 Td (i) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.81 111.10 Td (\)above ) Tj ET Q q 0 0 0 rg BT 290.02 111.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 294.46 111.10 Td (T) Tj ET Q q 0 0 0 rg BT 299.47 111.10 Td (ransfer ) Tj ET Q q 0 0 0 rg BT 330.86 111.10 Td (of ) Tj ET Q q 0 0 0 rg BT 341.14 111.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 385.31 111.10 Td (of ) Tj ET Q q 0 0 0 rg BT 395.59 111.10 Td (the ) Tj ET Q q 0 0 0 rg BT 410.30 111.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 442.80 111.10 Td (shar) Tj ET Q q 0 0 0 rg BT 460.22 111.10 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.55 111.10 Td (. ) Tj ET Q endstream endobj 279 0 obj <> endobj 280 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 297.00 41.20 Td (131) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 731.25 Td (T) Tj ET Q q 0 0 0 rg BT 59.74 731.25 Td (ransfer of the Ferrari Shares upon Death or by Gift ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 709.25 Td (Subject ) Tj ET Q q 0 0 0 rg BT 129.11 709.25 Td (to ) Tj ET Q q 0 0 0 rg BT 140.01 709.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 170.33 709.25 Td (exceptions, ) Tj ET Q q 0 0 0 rg BT 218.71 709.25 Td (Italian ) Tj ET Q q 0 0 0 rg BT 247.37 709.25 Td (inheritance ) Tj ET Q q 0 0 0 rg BT 294.91 709.25 Td (and ) Tj ET Q q 0 0 0 rg BT 312.46 709.25 Td (gift ) Tj ET Q q 0 0 0 rg BT 329.47 709.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 344.80 709.25 Td (is ) Tj ET Q q 0 0 0 rg BT 354.59 709.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 394.91 709.25 Td (payable ) Tj ET Q q 0 0 0 rg BT 429.12 709.25 Td (on ) Tj ET Q q 0 0 0 rg BT 442.24 709.25 Td (transfers ) Tj ET Q q 0 0 0 rg BT 479.78 709.25 Td (of ) Tj ET Q q 0 0 0 rg BT 491.23 709.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 517.68 709.25 Td (and ) Tj ET Q q 0 0 0 rg BT 535.24 709.25 Td (rights ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 697.25 Td (\(including ) Tj ET Q q 0 0 0 rg BT 97.60 697.25 Td (common ) Tj ET Q q 0 0 0 rg BT 135.10 697.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 162.59 697.25 Td (and ) Tj ET Q q 0 0 0 rg BT 179.52 697.25 Td (the ) Tj ET Q q 0 0 0 rg BT 194.24 697.25 Td (special ) Tj ET Q q 0 0 0 rg BT 224.50 697.25 Td (voting ) Tj ET Q q 0 0 0 rg BT 252.56 697.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 280.05 697.25 Td (in ) Tj ET Q q 0 0 0 rg BT 290.32 697.25 Td (Ferrari\) ) Tj ET Q q 0 0 0 rg BT 323.36 697.25 Td (\(i\)by ) Tj ET Q q 0 0 0 rg BT 347.80 697.25 Td (reason ) Tj ET Q q 0 0 0 rg BT 376.40 697.25 Td (of ) Tj ET Q q 0 0 0 rg BT 387.22 697.25 Td (death ) Tj ET Q q 0 0 0 rg BT 411.38 697.25 Td (or ) Tj ET Q q 0 0 0 rg BT 422.21 697.25 Td (gift ) Tj ET Q q 0 0 0 rg BT 438.59 697.25 Td (by ) Tj ET Q q 0 0 0 rg BT 451.09 697.25 Td (Italian ) Tj ET Q q 0 0 0 rg BT 479.13 697.25 Td (resident ) Tj ET Q q 0 0 0 rg BT 513.29 697.25 Td (persons ) Tj ET Q q 0 0 0 rg BT 546.34 697.25 Td (\(or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 685.25 Td (other ) Tj ET Q q 0 0 0 rg BT 77.05 685.25 Td (transfers ) Tj ET Q q 0 0 0 rg BT 113.98 685.25 Td (for ) Tj ET Q q 0 0 0 rg BT 128.14 685.25 Td (no ) Tj ET Q q 0 0 0 rg BT 140.64 685.25 Td (consideration ) Tj ET Q q 0 0 0 rg BT 197.01 685.25 Td (and ) Tj ET Q q 0 0 0 rg BT 213.95 685.25 Td (the ) Tj ET Q q 0 0 0 rg BT 228.66 685.25 Td (creation ) Tj ET Q q 0 0 0 rg BT 263.37 685.25 Td (of ) Tj ET Q q 0 0 0 rg BT 274.20 685.25 Td (liens ) Tj ET Q q 0 0 0 rg BT 295.58 685.25 Td (on ) Tj ET Q q 0 0 0 rg BT 308.08 685.25 Td (such ) Tj ET Q q 0 0 0 rg BT 328.91 685.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 354.74 685.25 Td (for ) Tj ET Q q 0 0 0 rg BT 368.90 685.25 Td (a ) Tj ET Q q 0 0 0 rg BT 375.84 685.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 409.43 685.25 Td (purpose, ) Tj ET Q q 0 0 0 rg BT 446.09 685.25 Td (including ) Tj ET Q q 0 0 0 rg BT 486.37 685.25 Td (the ) Tj ET Q q 0 0 0 rg BT 501.08 685.25 Td (segregation ) Tj ET Q q 0 0 0 rg BT 549.68 685.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 673.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 79.68 673.25 Td (into ) Tj ET Q q 0 0 0 rg BT 97.59 673.25 Td (a ) Tj ET Q q 0 0 0 rg BT 104.39 673.25 Td (trust\), ) Tj ET Q q 0 0 0 rg BT 130.35 673.25 Td (even ) Tj ET Q q 0 0 0 rg BT 151.58 673.25 Td (if ) Tj ET Q q 0 0 0 rg BT 160.04 673.25 Td (the ) Tj ET Q q 0 0 0 rg BT 174.61 673.25 Td (transferred ) Tj ET Q q 0 0 0 rg BT 220.27 673.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 245.95 673.25 Td (are ) Tj ET Q q 0 0 0 rg BT 260.51 673.25 Td (held ) Tj ET Q q 0 0 0 rg BT 280.08 673.25 Td (outside ) Tj ET Q q 0 0 0 rg BT 311.32 673.25 Td (Italy) Tj ET Q q 0 0 0 rg BT 329.00 673.25 Td (, ) Tj ET Q q 0 0 0 rg BT 333.85 673.25 Td (and ) Tj ET Q q 0 0 0 rg BT 350.65 673.25 Td (\(ii\)by ) Tj ET Q q 0 0 0 rg BT 377.72 673.25 Td (reason ) Tj ET Q q 0 0 0 rg BT 406.17 673.25 Td (of ) Tj ET Q q 0 0 0 rg BT 416.85 673.25 Td (death ) Tj ET Q q 0 0 0 rg BT 440.86 673.25 Td (or ) Tj ET Q q 0 0 0 rg BT 451.54 673.25 Td (gift ) Tj ET Q q 0 0 0 rg BT 467.78 673.25 Td (by ) Tj ET Q q 0 0 0 rg BT 480.14 673.25 Td (non-Italian ) Tj ET Q q 0 0 0 rg BT 526.36 673.25 Td (resident ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 661.25 Td (persons, ) Tj ET Q q 0 0 0 rg BT 89.38 661.25 Td (but ) Tj ET Q q 0 0 0 rg BT 104.48 661.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 135.13 661.25 Td (to ) Tj ET Q q 0 0 0 rg BT 145.23 661.25 Td (transferred ) Tj ET Q q 0 0 0 rg BT 190.86 661.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 216.51 661.25 Td (held ) Tj ET Q q 0 0 0 rg BT 236.05 661.25 Td (in ) Tj ET Q q 0 0 0 rg BT 246.16 661.25 Td (Italy) Tj ET Q q 0 0 0 rg BT 263.83 661.25 Td (. ) Tj ET Q q 0 0 0 rg BT 268.65 661.25 Td (Shares ) Tj ET Q q 0 0 0 rg BT 297.64 661.25 Td (in ) Tj ET Q q 0 0 0 rg BT 307.74 661.25 Td (corporations ) Tj ET Q q 0 0 0 rg BT 360.05 661.25 Td (that ) Tj ET Q q 0 0 0 rg BT 377.37 661.25 Td (are ) Tj ET Q q 0 0 0 rg BT 391.90 661.25 Td (resident ) Tj ET Q q 0 0 0 rg BT 425.88 661.25 Td (in ) Tj ET Q q 0 0 0 rg BT 435.98 661.25 Td (Italy ) Tj ET Q q 0 0 0 rg BT 456.63 661.25 Td (for ) Tj ET Q q 0 0 0 rg BT 470.61 661.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 485.15 661.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 523.02 661.25 Td (\(because ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 649.25 Td (they ) Tj ET Q q 0 0 0 rg BT 73.97 649.25 Td (have ) Tj ET Q q 0 0 0 rg BT 95.61 649.25 Td (their ) Tj ET Q q 0 0 0 rg BT 116.69 649.25 Td (registered ) Tj ET Q q 0 0 0 rg BT 158.87 649.25 Td (of) Tj ET Q q 0 0 0 rg BT 167.02 649.25 Td (fice ) Tj ET Q q 0 0 0 rg BT 184.76 649.25 Td (or ) Tj ET Q q 0 0 0 rg BT 195.85 649.25 Td (their ) Tj ET Q q 0 0 0 rg BT 216.93 649.25 Td (place ) Tj ET Q q 0 0 0 rg BT 240.78 649.25 Td (of ) Tj ET Q q 0 0 0 rg BT 251.86 649.25 Td 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637.25 Td (be ) Tj ET Q q 0 0 0 rg BT 205.87 637.25 Td (held ) Tj ET Q q 0 0 0 rg BT 225.58 637.25 Td (in ) Tj ET Q q 0 0 0 rg BT 235.86 637.25 Td (Italy) Tj ET Q q 0 0 0 rg BT 253.54 637.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 615.25 Td (Subject ) Tj ET Q q 0 0 0 rg BT 127.77 615.25 Td (to ) Tj ET Q q 0 0 0 rg BT 137.33 615.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 166.30 615.25 Td (exceptions, ) Tj ET Q q 0 0 0 rg BT 213.34 615.25 Td (transfers ) Tj ET Q q 0 0 0 rg BT 249.55 615.25 Td (of ) Tj ET Q q 0 0 0 rg BT 259.66 615.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 284.76 615.25 Td (and ) Tj ET Q q 0 0 0 rg BT 300.98 615.25 Td (rights ) Tj ET Q q 0 0 0 rg BT 325.53 615.25 Td (\(including ) Tj ET Q q 0 0 0 rg BT 368.41 615.25 Td (the ) Tj ET Q q 0 0 0 rg BT 382.41 615.25 Td (common ) Tj ET Q q 0 0 0 rg BT 419.18 615.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 445.94 615.25 Td (and ) Tj ET Q q 0 0 0 rg BT 462.16 615.25 Td (the ) Tj ET Q q 0 0 0 rg BT 476.15 615.25 Td (special ) Tj ET Q q 0 0 0 rg BT 505.69 615.25 Td (voting ) Tj ET Q q 0 0 0 rg BT 533.02 615.25 Td (shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 603.25 Td (in ) Tj ET Q q 0 0 0 rg BT 64.28 603.25 Td (Ferrari\) ) Tj ET Q q 0 0 0 rg BT 97.32 603.25 Td (on ) Tj ET Q q 0 0 0 rg BT 109.82 603.25 Td (death ) Tj ET Q q 0 0 0 rg BT 133.97 603.25 Td (or ) Tj ET Q q 0 0 0 rg BT 144.80 603.25 Td (by ) Tj ET Q q 0 0 0 rg BT 157.30 603.25 Td (gift ) Tj ET Q q 0 0 0 rg BT 173.69 603.25 Td (are ) Tj ET Q q 0 0 0 rg BT 188.39 603.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 228.10 603.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 258.92 603.25 Td (to ) Tj ET Q q 0 0 0 rg BT 269.20 603.25 Td (inheritance ) Tj ET Q q 0 0 0 rg BT 316.12 603.25 Td (and ) Tj ET Q q 0 0 0 rg BT 333.06 603.25 Td (gift ) Tj ET Q q 0 0 0 rg BT 349.44 603.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 364.16 603.25 Td (as ) Tj ET Q q 0 0 0 rg BT 374.99 603.25 Td (follows: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 581.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 581.25 Td (At ) Tj ET Q q 0 0 0 rg BT 127.64 581.25 Td (a ) Tj ET Q q 0 0 0 rg BT 134.71 581.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 152.34 581.25 Td (of ) Tj ET Q q 0 0 0 rg BT 163.31 581.25 Td (four ) Tj ET Q q 0 0 0 rg BT 182.60 581.25 Td (percent ) Tj ET Q q 0 0 0 rg BT 214.67 581.25 Td (in ) Tj ET Q q 0 0 0 rg BT 225.08 581.25 Td (case ) Tj ET Q q 0 0 0 rg BT 244.93 581.25 Td (of ) Tj ET Q q 0 0 0 rg BT 255.90 581.25 Td (transfers ) Tj ET Q q 0 0 0 rg BT 292.96 581.25 Td (made ) Tj ET Q q 0 0 0 rg BT 317.26 581.25 Td (to ) Tj ET Q q 0 0 0 rg BT 327.67 581.25 Td (the ) Tj ET Q q 0 0 0 rg BT 342.53 581.25 Td (spouse ) Tj ET Q q 0 0 0 rg BT 372.39 581.25 Td (or ) Tj ET Q q 0 0 0 rg BT 383.36 581.25 Td (relatives ) Tj ET Q q 0 0 0 rg BT 419.87 581.25 Td (in ) Tj ET Q q 0 0 0 rg BT 430.28 581.25 Td (direct ) Tj ET Q q 0 0 0 rg BT 455.69 581.25 Td (line, ) Tj ET Q q 0 0 0 rg BT 475.82 581.25 Td (on ) Tj ET Q q 0 0 0 rg BT 488.46 581.25 Td (the ) Tj ET Q q 0 0 0 rg BT 503.31 581.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 534.84 581.25 Td (of ) Tj ET Q q 0 0 0 rg BT 545.81 581.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 569.25 Td (global ) Tj ET Q q 0 0 0 rg BT 142.50 569.25 Td (net ) Tj ET Q q 0 0 0 rg BT 157.21 569.25 Td (value ) Tj ET Q q 0 0 0 rg BT 181.37 569.25 Td (of ) Tj ET Q q 0 0 0 rg BT 192.20 569.25 Td (the ) Tj ET Q q 0 0 0 rg BT 206.91 569.25 Td (transferred ) Tj ET Q q 0 0 0 rg BT 252.72 569.25 Td (assets, ) Tj ET Q q 0 0 0 rg BT 281.05 569.25 Td (if ) Tj ET Q q 0 0 0 rg BT 289.66 569.25 Td (any) Tj ET Q q 0 0 0 rg BT 303.45 569.25 Td (, ) Tj ET Q q 0 0 0 rg BT 308.45 569.25 Td (exceeding, ) Tj ET Q q 0 0 0 rg BT 353.98 569.25 Td (for ) Tj ET Q q 0 0 0 rg BT 368.14 569.25 Td (each ) Tj ET Q q 0 0 0 rg BT 388.96 569.25 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 433.28 569.25 Td (, ) Tj ET Q q 0 0 0 rg BT 438.28 569.25 Td (1,000,000.00. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 547.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 547.25 Td (At ) Tj ET Q q 0 0 0 rg BT 127.32 547.25 Td (a ) Tj ET Q q 0 0 0 rg BT 134.07 547.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 151.37 547.25 Td (of ) Tj ET Q q 0 0 0 rg BT 162.02 547.25 Td (six ) Tj ET Q q 0 0 0 rg BT 176.00 547.25 Td (percent ) Tj ET Q q 0 0 0 rg BT 207.74 547.25 Td (in ) Tj ET Q q 0 0 0 rg BT 217.84 547.25 Td (case ) Tj ET Q q 0 0 0 rg BT 237.36 547.25 Td (of ) Tj ET Q q 0 0 0 rg BT 248.01 547.25 Td (transfers ) Tj ET Q q 0 0 0 rg BT 284.75 547.25 Td (made ) Tj ET Q q 0 0 0 rg BT 308.72 547.25 Td (to ) Tj ET Q q 0 0 0 rg BT 318.82 547.25 Td (relatives ) Tj ET Q q 0 0 0 rg BT 355.00 547.25 Td (up ) Tj ET Q q 0 0 0 rg BT 367.32 547.25 Td (to ) Tj ET Q q 0 0 0 rg BT 377.41 547.25 Td (the ) Tj ET Q q 0 0 0 rg BT 391.95 547.25 Td (fourth ) Tj ET Q q 0 0 0 rg BT 418.70 547.25 Td (degree ) Tj ET Q q 0 0 0 rg BT 447.66 547.25 Td (or ) Tj ET Q q 0 0 0 rg BT 458.31 547.25 Td (relatives-in-law ) Tj ET Q q 0 0 0 rg BT 523.37 547.25 Td (up ) Tj ET Q q 0 0 0 rg BT 535.69 547.25 Td (to ) Tj ET Q q 0 0 0 rg BT 545.78 547.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 535.25 Td (third ) Tj ET Q q 0 0 0 rg BT 136.89 535.25 Td (degree ) Tj ET Q q 0 0 0 rg BT 166.54 535.25 Td (on ) Tj ET Q q 0 0 0 rg BT 179.55 535.25 Td (the ) Tj ET Q q 0 0 0 rg BT 194.77 535.25 Td (entire ) Tj ET Q q 0 0 0 rg BT 220.54 535.25 Td (value ) Tj ET Q q 0 0 0 rg BT 245.20 535.25 Td (of ) Tj ET Q q 0 0 0 rg BT 256.54 535.25 Td (the ) Tj ET Q q 0 0 0 rg BT 271.76 535.25 Td (transferred ) Tj ET Q q 0 0 0 rg BT 318.07 535.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 344.40 535.25 Td (\(in ) Tj ET Q q 0 0 0 rg BT 358.52 535.25 Td (the ) Tj ET Q q 0 0 0 rg BT 373.74 535.25 Td (case ) Tj ET Q q 0 0 0 rg BT 393.95 535.25 Td (of ) Tj ET Q q 0 0 0 rg BT 405.29 535.25 Td (transfers ) Tj ET Q q 0 0 0 rg BT 442.72 535.25 Td (to ) Tj ET Q q 0 0 0 rg BT 453.51 535.25 Td (brothers ) Tj ET Q q 0 0 0 rg BT 489.28 535.25 Td (or ) Tj ET Q q 0 0 0 rg BT 500.62 535.25 Td (sisters, ) Tj ET Q q 0 0 0 rg BT 531.12 535.25 Td (the ) Tj ET Q q 0 0 0 rg BT 546.34 535.25 Td (six ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 523.25 Td (percent ) Tj ET Q q 0 0 0 rg BT 146.92 523.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 164.40 523.25 Td (is ) Tj ET Q q 0 0 0 rg BT 173.57 523.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 217.15 523.25 Td (only ) Tj ET Q q 0 0 0 rg BT 237.43 523.25 Td (on ) Tj ET Q q 0 0 0 rg BT 249.93 523.25 Td (the ) Tj ET Q q 0 0 0 rg BT 264.64 523.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 296.02 523.25 Td (of ) Tj ET Q q 0 0 0 rg BT 306.85 523.25 Td (the ) Tj ET Q q 0 0 0 rg BT 321.56 523.25 Td (global ) Tj ET Q q 0 0 0 rg BT 349.05 523.25 Td (net ) Tj ET Q q 0 0 0 rg BT 363.77 523.25 Td (value ) Tj ET Q q 0 0 0 rg BT 387.92 523.25 Td (of ) Tj ET Q q 0 0 0 rg BT 398.75 523.25 Td (the ) Tj ET Q q 0 0 0 rg BT 413.46 523.25 Td (transferred ) Tj ET Q q 0 0 0 rg BT 459.26 523.25 Td (assets, ) Tj ET Q q 0 0 0 rg BT 487.59 523.25 Td (if ) Tj ET Q q 0 0 0 rg BT 496.19 523.25 Td (any) Tj ET Q q 0 0 0 rg BT 509.98 523.25 Td (, ) Tj ET Q q 0 0 0 rg BT 514.98 523.25 Td (exceeding, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 511.25 Td (for ) Tj ET Q q 0 0 0 rg BT 129.16 511.25 Td (each ) Tj ET Q q 0 0 0 rg BT 149.98 511.25 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 194.30 511.25 Td (, ) Tj ET Q q 0 0 0 rg BT 199.30 511.25 Td (100,000.00\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 489.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.00 489.25 Td (At a rate of eight percent in any other case. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 467.25 Td (If the transfer is made in favor of persons with severe disabilities, the tax applies on the value exceeding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 455.25 Td (1,500,000.00 at the rates illustrated above, depending on the type of relationship existing between the deceased or donor and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 443.25 Td (the beneficiary) Tj ET Q q 0 0 0 rg BT 113.04 443.25 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 421.25 Td (Stamp Duty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 399.25 Td (Under ) Tj ET Q q 0 0 0 rg BT 123.02 399.25 Td (Article ) Tj ET Q q 0 0 0 rg BT 153.38 399.25 Td (13\(2) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 171.71 399.25 Td (bis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.38 399.25 Td (-2) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 191.71 399.25 Td (ter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.82 399.25 Td (\) ) Tj ET Q q 0 0 0 rg BT 208.75 399.25 Td (of ) Tj ET Q q 0 0 0 rg BT 219.68 399.25 Td (Decree ) Tj ET Q q 0 0 0 rg BT 250.58 399.25 Td (No.642 ) Tj ET Q q 0 0 0 rg BT 285.41 399.25 Td (of ) Tj ET Q q 0 0 0 rg BT 296.34 399.25 Td (October26, ) Tj ET Q q 0 0 0 rg BT 346.14 399.25 Td (1972, ) Tj ET Q q 0 0 0 rg BT 371.24 399.25 Td (a ) Tj ET Q q 0 0 0 rg BT 378.28 399.25 Td (0.20 ) Tj ET Q q 0 0 0 rg BT 398.38 399.25 Td (percent ) Tj ET Q q 0 0 0 rg BT 430.41 399.25 Td (stamp ) Tj ET Q q 0 0 0 rg BT 456.89 399.25 Td (duty ) Tj ET Q q 0 0 0 rg BT 477.27 399.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 517.07 399.25 Td (applies ) Tj ET Q q 0 0 0 rg BT 548.00 399.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 387.25 Td (communications ) Tj ET Q q 0 0 0 rg BT 123.31 387.25 Td (and ) Tj ET Q q 0 0 0 rg BT 140.96 387.25 Td (reports ) Tj ET Q q 0 0 0 rg BT 171.94 387.25 Td (that ) Tj ET Q q 0 0 0 rg BT 190.15 387.25 Td (Italian ) Tj ET Q q 0 0 0 rg BT 218.90 387.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 257.09 387.25 Td (intermediaries ) Tj ET Q q 0 0 0 rg BT 317.50 387.25 Td (periodically ) Tj ET Q q 0 0 0 rg BT 368.47 387.25 Td (send ) Tj ET Q q 0 0 0 rg BT 390.02 387.25 Td (to ) Tj ET Q q 0 0 0 rg BT 401.01 387.25 Td (their ) Tj ET Q q 0 0 0 rg BT 422.54 387.25 Td (clients ) Tj ET Q q 0 0 0 rg BT 451.86 387.25 Td (in ) Tj ET Q q 0 0 0 rg BT 462.85 387.25 Td (relation ) Tj ET Q q 0 0 0 rg BT 496.60 387.25 Td (to ) Tj ET Q q 0 0 0 rg BT 507.59 387.25 Td (the ) Tj ET Q q 0 0 0 rg BT 523.02 387.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 375.25 Td (products ) Tj ET Q q 0 0 0 rg BT 90.00 375.25 Td (that ) Tj ET Q q 0 0 0 rg BT 106.55 375.25 Td (are ) Tj ET Q q 0 0 0 rg BT 120.32 375.25 Td (deposited ) Tj ET Q q 0 0 0 rg BT 160.20 375.25 Td (with ) Tj ET Q q 0 0 0 rg BT 179.54 375.25 Td (such ) Tj ET Q q 0 0 0 rg BT 199.43 375.25 Td (intermediaries. ) Tj ET Q q 0 0 0 rg BT 260.69 375.25 Td (Shares ) Tj ET Q q 0 0 0 rg BT 288.90 375.25 Td (are ) Tj ET Q q 0 0 0 rg BT 302.67 375.25 Td (included ) Tj ET Q q 0 0 0 rg BT 338.66 375.25 Td (in ) Tj ET Q q 0 0 0 rg BT 348.00 375.25 Td (the ) Tj ET Q q 0 0 0 rg BT 361.78 375.25 Td (definition ) Tj ET Q q 0 0 0 rg BT 402.22 375.25 Td (of ) Tj ET Q q 0 0 0 rg BT 412.11 375.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 448.65 375.25 Td (products ) Tj ET Q q 0 0 0 rg BT 484.64 375.25 Td (for ) Tj ET Q q 0 0 0 rg BT 497.86 375.25 Td (these ) Tj ET Q q 0 0 0 rg BT 519.97 375.25 Td (purposes. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 363.25 Td (Communications ) Tj ET Q q 0 0 0 rg BT 125.31 363.25 Td (and ) Tj ET Q q 0 0 0 rg BT 142.72 363.25 Td (reports ) Tj ET Q q 0 0 0 rg BT 173.47 363.25 Td (are ) Tj ET Q q 0 0 0 rg BT 188.65 363.25 Td (deemed ) Tj ET Q q 0 0 0 rg BT 222.73 363.25 Td (to ) Tj ET Q q 0 0 0 rg BT 233.48 363.25 Td (be ) Tj ET Q q 0 0 0 rg BT 245.90 363.25 Td (sent ) Tj ET Q q 0 0 0 rg BT 264.98 363.25 Td (at ) Tj ET Q q 0 0 0 rg BT 275.18 363.25 Td (least ) Tj ET Q q 0 0 0 rg BT 296.48 363.25 Td (once ) Tj ET Q q 0 0 0 rg BT 318.33 363.25 Td (a ) Tj ET Q q 0 0 0 rg BT 325.75 363.25 Td (year ) Tj ET Q q 0 0 0 rg BT 345.94 363.25 Td (even ) Tj ET Q q 0 0 0 rg BT 367.79 363.25 Td (if ) Tj ET Q q 0 0 0 rg BT 376.88 363.25 Td (the ) Tj ET Q q 0 0 0 rg BT 392.07 363.25 Td (Italian ) Tj ET Q q 0 0 0 rg BT 420.59 363.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 458.55 363.25 Td (intermediary ) Tj ET Q q 0 0 0 rg BT 512.61 363.25 Td (is ) Tj ET Q q 0 0 0 rg BT 522.26 363.25 Td (under ) Tj ET Q q 0 0 0 rg BT 548.01 363.25 Td (no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 351.25 Td (obligation ) Tj ET Q q 0 0 0 rg BT 97.05 351.25 Td (to ) Tj ET Q q 0 0 0 rg BT 107.33 351.25 Td (either ) Tj ET Q q 0 0 0 rg BT 132.59 351.25 Td (draft ) Tj ET Q q 0 0 0 rg BT 153.97 351.25 Td (or ) Tj ET Q q 0 0 0 rg BT 164.80 351.25 Td (send ) Tj ET Q q 0 0 0 rg BT 185.63 351.25 Td (such ) Tj ET Q q 0 0 0 rg BT 206.46 351.25 Td (communications ) Tj ET Q q 0 0 0 rg BT 275.06 351.25 Td (and ) Tj ET Q q 0 0 0 rg BT 292.00 351.25 Td (reports. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 329.25 Td (The stamp duty cannot exceed 14,000.00 for investors other than individuals. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 307.25 Td (Based ) Tj ET Q q 0 0 0 rg BT 122.98 307.25 Td (on ) Tj ET Q q 0 0 0 rg BT 135.51 307.25 Td (the ) Tj ET Q q 0 0 0 rg BT 150.27 307.25 Td (wording ) Tj ET Q q 0 0 0 rg BT 186.14 307.25 Td (of ) Tj ET Q q 0 0 0 rg BT 197.01 307.25 Td (the ) Tj ET Q q 0 0 0 rg BT 211.76 307.25 Td (law ) Tj ET Q q 0 0 0 rg BT 228.74 307.25 Td (and ) Tj ET Q q 0 0 0 rg BT 245.71 307.25 Td (the ) Tj ET Q q 0 0 0 rg BT 260.47 307.25 Td (implementing ) Tj ET Q q 0 0 0 rg BT 318.55 307.25 Td (decree ) Tj ET Q q 0 0 0 rg BT 347.18 307.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 374.71 307.25 Td (by ) Tj ET Q q 0 0 0 rg BT 387.25 307.25 Td (the ) Tj ET Q q 0 0 0 rg BT 402.01 307.25 Td (Italian ) Tj ET Q q 0 0 0 rg BT 430.09 307.25 Td (Ministry ) Tj ET Q q 0 0 0 rg BT 467.07 307.25 Td (of ) Tj ET Q q 0 0 0 rg BT 477.94 307.25 Td (Finance ) Tj ET Q q 0 0 0 rg BT 512.13 307.25 Td (on ) Tj ET Q q 0 0 0 rg BT 524.67 307.25 Td (May24, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 295.25 Td (2012, ) Tj ET Q q 0 0 0 rg BT 79.17 295.25 Td (the ) Tj ET Q q 0 0 0 rg BT 94.05 295.25 Td (0.20 ) Tj ET Q q 0 0 0 rg BT 114.22 295.25 Td (percent ) Tj ET Q q 0 0 0 rg BT 146.31 295.25 Td (stamp ) Tj ET Q q 0 0 0 rg BT 172.87 295.25 Td (duty ) Tj ET Q q 0 0 0 rg BT 193.32 295.25 Td (does ) Tj ET Q q 0 0 0 rg BT 214.31 295.25 Td (not ) Tj ET Q q 0 0 0 rg BT 229.76 295.25 Td (apply ) Tj ET Q q 0 0 0 rg BT 254.65 295.25 Td (to ) Tj ET Q q 0 0 0 rg BT 265.09 295.25 Td (communications ) Tj ET Q q 0 0 0 rg BT 333.86 295.25 Td (and ) Tj ET Q q 0 0 0 rg BT 350.97 295.25 Td (reports ) Tj ET Q q 0 0 0 rg BT 381.40 295.25 Td (that ) Tj ET Q q 0 0 0 rg BT 399.07 295.25 Td (the ) Tj ET Q q 0 0 0 rg BT 413.95 295.25 Td (Italian ) Tj ET Q q 0 0 0 rg BT 442.16 295.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 479.81 295.25 Td (intermediaries ) Tj ET Q q 0 0 0 rg BT 539.68 295.25 Td (send ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 283.25 Td (to ) Tj ET Q q 0 0 0 rg BT 65.97 283.25 Td (investors ) Tj ET Q q 0 0 0 rg BT 106.27 283.25 Td (who ) Tj ET Q q 0 0 0 rg BT 127.68 283.25 Td (do ) Tj ET Q q 0 0 0 rg BT 141.87 283.25 Td (not ) Tj ET Q q 0 0 0 rg BT 158.84 283.25 Td (qualify ) Tj ET Q q 0 0 0 rg BT 191.36 283.25 Td (as ) Tj ET Q q 0 0 0 rg BT 203.88 283.25 Td (clients ) Tj ET Q q 0 0 0 rg BT 243.05 283.25 Td (according ) Tj ET Q q 0 0 0 rg BT 286.66 283.25 Td (to ) Tj ET Q q 0 0 0 rg BT 298.63 283.25 Td (the ) Tj ET Q q 0 0 0 rg BT 315.04 283.25 Td (regulations ) Tj ET Q q 0 0 0 rg BT 363.67 283.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 392.86 283.25 Td (by ) Tj ET Q q 0 0 0 rg BT 407.05 283.25 Td (the ) Tj ET Q q 0 0 0 rg BT 423.46 283.25 Td (Bank ) Tj ET Q q 0 0 0 rg BT 448.75 283.25 Td (of ) Tj ET Q q 0 0 0 rg BT 461.28 283.25 Td (Italy ) Tj ET Q q 0 0 0 rg BT 483.79 283.25 Td (on ) Tj ET Q q 0 0 0 rg BT 497.98 283.25 Td (June20, ) Tj ET Q q 0 0 0 rg BT 535.50 283.25 Td (2012. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 271.25 Td (Communications ) Tj ET Q q 0 0 0 rg BT 124.83 271.25 Td (and ) Tj ET Q q 0 0 0 rg BT 141.77 271.25 Td (reports ) Tj ET Q q 0 0 0 rg BT 172.04 271.25 Td (sent ) Tj ET Q q 0 0 0 rg BT 190.65 271.25 Td (to ) Tj ET Q q 0 0 0 rg BT 200.92 271.25 Td (this ) Tj ET Q q 0 0 0 rg BT 217.87 271.25 Td (type ) Tj ET Q q 0 0 0 rg BT 237.59 271.25 Td (of ) Tj ET Q q 0 0 0 rg BT 248.42 271.25 Td (investors ) Tj ET Q q 0 0 0 rg BT 287.03 271.25 Td (are ) Tj ET Q q 0 0 0 rg BT 301.73 271.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 332.56 271.25 Td (to ) Tj ET Q q 0 0 0 rg BT 342.84 271.25 Td (the ) Tj ET Q q 0 0 0 rg BT 357.55 271.25 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 393.93 271.25 Td (2.00 ) Tj ET Q q 0 0 0 rg BT 418.93 271.25 Td (stamp ) Tj ET Q q 0 0 0 rg BT 445.32 271.25 Td (duty ) Tj ET Q q 0 0 0 rg BT 465.60 271.25 Td (for ) Tj ET Q q 0 0 0 rg BT 479.76 271.25 Td (each ) Tj ET Q q 0 0 0 rg BT 500.57 271.25 Td (copy) Tj ET Q q 0 0 0 rg BT 519.36 271.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 249.25 Td (The ) Tj ET Q q 0 0 0 rg BT 114.54 249.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 146.40 249.25 Td (base ) Tj ET Q q 0 0 0 rg BT 167.16 249.25 Td (of ) Tj ET Q q 0 0 0 rg BT 178.48 249.25 Td (the ) Tj ET Q q 0 0 0 rg BT 193.68 249.25 Td (stamp ) Tj ET Q q 0 0 0 rg BT 220.56 249.25 Td (duty ) Tj ET Q q 0 0 0 rg BT 241.33 249.25 Td (is ) Tj ET Q q 0 0 0 rg BT 250.99 249.25 Td (the ) Tj ET Q q 0 0 0 rg BT 266.19 249.25 Td (market ) Tj ET Q q 0 0 0 rg BT 296.95 249.25 Td (value ) Tj ET Q q 0 0 0 rg BT 321.59 249.25 Td (or) Tj ET Q q 0 0 0 rg BT 329.72 249.25 Td (-in ) Tj ET Q q 0 0 0 rg BT 343.82 249.25 Td (the ) Tj ET Q q 0 0 0 rg BT 359.03 249.25 Td (lack ) Tj ET Q q 0 0 0 rg BT 378.67 249.25 Td (thereof-the ) Tj ET Q q 0 0 0 rg BT 425.52 249.25 Td (nominal ) Tj ET Q q 0 0 0 rg BT 461.29 249.25 Td (value ) Tj ET Q q 0 0 0 rg BT 485.93 249.25 Td (or ) Tj ET Q q 0 0 0 rg BT 497.25 249.25 Td (the ) Tj ET Q q 0 0 0 rg BT 512.46 249.25 Td (redemption ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 237.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 86.50 237.25 Td (of ) Tj ET Q q 0 0 0 rg BT 97.33 237.25 Td (any ) Tj ET Q q 0 0 0 rg BT 114.26 237.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 151.74 237.25 Td (product. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 215.25 Td (W) Tj ET Q q 0 0 0 rg BT 62.15 215.25 Td (ealth T) Tj ET Q q 0 0 0 rg BT 90.40 215.25 Td (ax on Financial Products Held ) Tj ET Q q 0 0 0 rg BT 220.32 215.25 Td (Abroad ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 193.25 Td (Under ) Tj ET Q q 0 0 0 rg BT 122.05 193.25 Td (Article ) Tj ET Q q 0 0 0 rg BT 151.17 193.25 Td (19 ) Tj ET Q q 0 0 0 rg BT 162.52 193.25 Td (of ) Tj ET Q q 0 0 0 rg BT 172.21 193.25 Td (Decree ) Tj ET Q q 0 0 0 rg BT 201.87 193.25 Td (No.201 ) Tj ET Q q 0 0 0 rg BT 235.44 193.25 Td (of ) Tj ET Q q 0 0 0 rg BT 245.13 193.25 Td (December6, ) Tj ET Q q 0 0 0 rg BT 297.57 193.25 Td (201) Tj ET Q q 0 0 0 rg BT 312.20 193.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 321.05 193.25 Td (Italian ) Tj ET Q q 0 0 0 rg BT 347.95 193.25 Td (resident ) Tj ET Q q 0 0 0 rg BT 380.96 193.25 Td (individuals ) Tj ET Q q 0 0 0 rg BT 426.76 193.25 Td (holding ) Tj ET Q q 0 0 0 rg BT 458.67 193.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 487.22 193.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 523.56 193.25 Td (products ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 181.25 Td (outside ) Tj ET Q q 0 0 0 rg BT 85.31 181.25 Td (of ) Tj ET Q q 0 0 0 rg BT 96.06 181.25 Td (Italian ) Tj ET Q q 0 0 0 rg BT 124.02 181.25 Td (territory ) Tj ET Q q 0 0 0 rg BT 159.21 181.25 Td (\(including ) Tj ET Q q 0 0 0 rg BT 202.74 181.25 Td (shares\) ) Tj ET Q q 0 0 0 rg BT 233.48 181.25 Td (are ) Tj ET Q q 0 0 0 rg BT 248.11 181.25 Td (required ) Tj ET Q q 0 0 0 rg BT 283.84 181.25 Td (to ) Tj ET Q q 0 0 0 rg BT 294.04 181.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 310.90 181.25 Td (a ) Tj ET Q q 0 0 0 rg BT 317.76 181.25 Td (wealth ) Tj ET Q q 0 0 0 rg BT 346.84 181.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 361.48 181.25 Td (at ) Tj ET Q q 0 0 0 rg BT 371.12 181.25 Td (the ) Tj ET Q q 0 0 0 rg BT 385.76 181.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 403.17 181.25 Td (of ) Tj ET Q q 0 0 0 rg BT 413.92 181.25 Td (0.20 ) Tj ET Q q 0 0 0 rg BT 433.84 181.25 Td (percent. ) Tj ET Q q 0 0 0 rg BT 468.01 181.25 Td (The ) Tj ET Q q 0 0 0 rg BT 485.98 181.25 Td (wealth ) Tj ET Q q 0 0 0 rg BT 515.06 181.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 529.69 181.25 Td (applies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 169.25 Td (on ) Tj ET Q q 0 0 0 rg BT 66.51 169.25 Td (the ) Tj ET Q q 0 0 0 rg BT 81.24 169.25 Td (market ) Tj ET Q q 0 0 0 rg BT 111.51 169.25 Td (value ) Tj ET Q q 0 0 0 rg BT 135.67 169.25 Td (at ) Tj ET Q q 0 0 0 rg BT 145.40 169.25 Td (the ) Tj ET Q q 0 0 0 rg BT 160.13 169.25 Td (end ) Tj ET Q q 0 0 0 rg BT 177.08 169.25 Td (of ) Tj ET Q q 0 0 0 rg BT 187.92 169.25 Td (the ) Tj ET Q q 0 0 0 rg BT 202.64 169.25 Td (relevant ) Tj ET Q q 0 0 0 rg BT 237.35 169.25 Td (year ) Tj ET Q q 0 0 0 rg BT 257.07 169.25 Td (or) Tj ET Q q 0 0 0 rg BT 265.20 169.25 Td (-in ) Tj ET Q q 0 0 0 rg BT 278.82 169.25 Td (the ) Tj ET Q q 0 0 0 rg BT 293.55 169.25 Td (lack ) Tj ET Q q 0 0 0 rg BT 312.71 169.25 Td (thereof-on ) Tj ET Q q 0 0 0 rg BT 356.87 169.25 Td (the ) Tj ET Q q 0 0 0 rg BT 371.59 169.25 Td (nominal ) Tj ET Q q 0 0 0 rg BT 406.88 169.25 Td (value ) Tj ET Q q 0 0 0 rg BT 431.04 169.25 Td (or ) Tj ET Q q 0 0 0 rg BT 441.88 169.25 Td (the ) Tj ET Q q 0 0 0 rg BT 456.61 169.25 Td (redemption ) Tj ET Q q 0 0 0 rg BT 504.66 169.25 Td (value ) Tj ET Q q 0 0 0 rg BT 528.82 169.25 Td (of ) Tj ET Q q 0 0 0 rg BT 539.66 169.25 Td (such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 157.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 91.78 157.25 Td (products ) Tj ET Q q 0 0 0 rg BT 129.02 157.25 Td (held ) Tj ET Q q 0 0 0 rg BT 149.04 157.25 Td (outside ) Tj ET Q q 0 0 0 rg BT 180.73 157.25 Td (of ) Tj ET Q q 0 0 0 rg BT 191.86 157.25 Td (Italian ) Tj ET Q q 0 0 0 rg BT 220.21 157.25 Td (territory) Tj ET Q q 0 0 0 rg BT 252.32 157.25 Td (. ) Tj ET Q q 0 0 0 rg BT 257.42 157.25 Td (T) Tj ET Q q 0 0 0 rg BT 262.83 157.25 Td (axpayers ) Tj ET Q q 0 0 0 rg BT 301.17 157.25 Td (may ) Tj ET Q q 0 0 0 rg BT 321.19 157.25 Td (deduct ) Tj ET Q q 0 0 0 rg BT 350.64 157.25 Td (from ) Tj ET Q q 0 0 0 rg BT 372.88 157.25 Td (the ) Tj ET Q q 0 0 0 rg BT 387.90 157.25 Td (Italian ) Tj ET Q q 0 0 0 rg BT 416.25 157.25 Td (wealth ) Tj ET Q q 0 0 0 rg BT 445.70 157.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 460.72 157.25 Td (a ) Tj ET Q q 0 0 0 rg BT 467.96 157.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 482.98 157.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 508.55 157.25 Td (equal ) Tj ET Q q 0 0 0 rg BT 533.00 157.25 Td (to ) Tj ET Q q 0 0 0 rg BT 543.58 157.25 Td (any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 145.25 Td (wealth ) Tj ET Q q 0 0 0 rg BT 83.16 145.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 97.87 145.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 117.59 145.25 Td (in ) Tj ET Q q 0 0 0 rg BT 127.87 145.25 Td (the ) Tj ET Q q 0 0 0 rg BT 142.58 145.25 Td (country ) Tj ET Q q 0 0 0 rg BT 175.63 145.25 Td (where ) Tj ET Q q 0 0 0 rg BT 202.56 145.25 Td (the ) Tj ET Q q 0 0 0 rg BT 217.28 145.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 254.76 145.25 Td (products ) Tj ET Q q 0 0 0 rg BT 291.70 145.25 Td (are ) Tj ET Q q 0 0 0 rg BT 306.40 145.25 Td (held ) Tj ET Q q 0 0 0 rg BT 326.12 145.25 Td (\(up ) Tj ET Q q 0 0 0 rg BT 341.95 145.25 Td (to ) Tj ET Q q 0 0 0 rg BT 352.23 145.25 Td (the ) Tj ET Q q 0 0 0 rg BT 366.94 145.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 399.44 145.25 Td (of ) Tj ET Q q 0 0 0 rg BT 410.27 145.25 Td (the ) Tj ET Q q 0 0 0 rg BT 424.99 145.25 Td (Italian ) Tj ET Q q 0 0 0 rg BT 453.03 145.25 Td (wealth ) Tj ET Q q 0 0 0 rg BT 482.18 145.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 496.90 145.25 Td (due\). ) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 54.00 132.05 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 120.05 Td (Certain Reporting Obligations for Italian Resident Holders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 98.05 Td (Under ) Tj ET Q q 0 0 0 rg BT 123.76 98.05 Td (Law ) Tj ET Q q 0 0 0 rg BT 144.29 98.05 Td (Decree ) Tj ET Q q 0 0 0 rg BT 175.37 98.05 Td (No.167 ) Tj ET Q q 0 0 0 rg BT 210.36 98.05 Td (of ) Tj ET Q q 0 0 0 rg BT 221.45 98.05 Td (June28, ) Tj ET Q q 0 0 0 rg BT 257.55 98.05 Td (1990, ) Tj ET Q q 0 0 0 rg BT 282.82 98.05 Td (individuals, ) Tj ET Q q 0 0 0 rg BT 332.53 98.05 Td (non-business ) Tj ET Q q 0 0 0 rg BT 387.52 98.05 Td (entities ) Tj ET Q q 0 0 0 rg BT 419.17 98.05 Td (and ) Tj ET Q q 0 0 0 rg BT 436.38 98.05 Td (non-business ) Tj ET Q q 0 0 0 rg BT 491.36 98.05 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 543.01 98.05 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 86.05 Td (are ) Tj ET Q q 0 0 0 rg BT 69.02 86.05 Td (resident ) Tj ET Q q 0 0 0 rg BT 103.49 86.05 Td (in ) Tj ET Q q 0 0 0 rg BT 114.08 86.05 Td (Italy ) Tj ET Q q 0 0 0 rg BT 135.22 86.05 Td (for ) Tj ET Q q 0 0 0 rg BT 149.69 86.05 Td (tax ) Tj ET Q q 0 0 0 rg BT 164.72 86.05 Td (purposes ) Tj ET Q q 0 0 0 rg BT 203.08 86.05 Td (and, ) Tj ET Q q 0 0 0 rg BT 222.83 86.05 Td (during ) Tj ET Q q 0 0 0 rg BT 251.75 86.05 Td (the ) Tj ET Q q 0 0 0 rg BT 266.78 86.05 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 291.25 86.05 Td (year) Tj ET Q q 0 0 0 rg BT 308.06 86.05 Td (, ) 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0 0 rg BT 106.77 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 117.60 707.10 Td (anti-money ) Tj ET Q q 0 0 0 rg BT 165.64 707.10 Td (laundering ) Tj ET Q q 0 0 0 rg BT 210.90 707.10 Td (legislation. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 685.10 Td (No ) Tj ET Q q 0 0 0 rg BT 110.85 685.10 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 154.04 685.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 208.87 685.10 Td (exist ) Tj ET Q q 0 0 0 rg BT 230.39 685.10 Td (for ) Tj ET Q q 0 0 0 rg BT 244.68 685.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 282.30 685.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 308.26 685.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 352.00 685.10 Td (the ) Tj ET Q q 0 0 0 rg BT 366.85 685.10 Td (common ) Tj ET Q q 0 0 0 rg BT 404.48 685.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 432.10 685.10 Td (and ) Tj ET Q q 0 0 0 rg BT 449.17 685.10 Td (the ) Tj ET Q q 0 0 0 rg BT 464.02 685.10 Td (special ) Tj ET Q q 0 0 0 rg BT 494.42 685.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 522.61 685.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 550.23 685.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 673.10 Td (Ferrari\) ) Tj ET Q q 0 0 0 rg BT 87.27 673.10 Td (under ) Tj ET Q q 0 0 0 rg BT 112.77 673.10 Td (management ) Tj ET Q q 0 0 0 rg BT 166.59 673.10 Td (or ) Tj ET Q q 0 0 0 rg BT 177.65 673.10 Td (administration ) Tj ET Q q 0 0 0 rg BT 238.15 673.10 Td (entrusted ) Tj ET Q q 0 0 0 rg BT 277.53 673.10 Td (to ) Tj ET Q q 0 0 0 rg BT 288.04 673.10 Td (Italian ) Tj ET Q q 0 0 0 rg BT 316.32 673.10 Td (resident ) Tj ET Q q 0 0 0 rg BT 350.70 673.10 Td (intermediaries ) Tj ET Q q 0 0 0 rg BT 410.63 673.10 Td (\(Italian ) Tj ET Q q 0 0 0 rg BT 442.23 673.10 Td (banks, ) Tj ET Q q 0 0 0 rg BT 470.79 673.10 Td (broker) Tj ET Q q 0 0 0 rg BT 496.69 673.10 Td (-dealers ) Tj ET Q q 0 0 0 rg BT 531.07 673.10 Td (\(SIM\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 661.10 Td (fiduciary ) Tj ET Q q 0 0 0 rg BT 92.56 661.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 137.79 661.10 Td (or ) Tj ET Q q 0 0 0 rg BT 148.59 661.10 Td (other ) Tj ET Q q 0 0 0 rg BT 171.60 661.10 Td (professional ) Tj ET Q q 0 0 0 rg BT 222.95 661.10 Td (intermediaries ) Tj ET Q q 0 0 0 rg BT 282.61 661.10 Td (as ) Tj ET Q q 0 0 0 rg BT 293.41 661.10 Td (indicated ) Tj ET Q q 0 0 0 rg BT 332.53 661.10 Td (under ) Tj ET Q q 0 0 0 rg BT 357.22 661.10 Td (Article ) Tj ET Q q 0 0 0 rg BT 387.45 661.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 394.92 661.10 Td (of ) Tj ET Q q 0 0 0 rg BT 405.71 661.10 Td (Decree ) Tj ET Q q 0 0 0 rg BT 436.49 661.10 Td (No.167 ) Tj ET Q q 0 0 0 rg BT 471.18 661.10 Td (of ) Tj ET Q q 0 0 0 rg BT 481.97 661.10 Td (June28, ) Tj ET Q q 0 0 0 rg BT 517.77 661.10 Td (1990\) ) Tj ET Q q 0 0 0 rg BT 543.57 661.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 649.10 Td (for ) Tj ET Q q 0 0 0 rg BT 68.47 649.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 107.37 649.10 Td (concluded ) Tj ET Q q 0 0 0 rg BT 151.27 649.10 Td (through ) Tj ET Q q 0 0 0 rg BT 185.19 649.10 Td (their ) Tj ET Q q 0 0 0 rg BT 206.32 649.10 Td (intervention, ) Tj ET Q q 0 0 0 rg BT 259.95 649.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 298.30 649.10 Td (that ) Tj ET Q q 0 0 0 rg BT 316.10 649.10 Td (the ) Tj ET Q q 0 0 0 rg BT 331.13 649.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 351.71 649.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 376.73 649.10 Td (and ) Tj ET Q q 0 0 0 rg BT 393.98 649.10 Td (the ) Tj ET Q q 0 0 0 rg BT 409.00 649.10 Td (income ) Tj ET Q q 0 0 0 rg BT 441.25 649.10 Td (derived ) Tj ET Q q 0 0 0 rg BT 474.04 649.10 Td (from ) Tj ET Q q 0 0 0 rg BT 496.29 649.10 Td (such ) Tj ET Q q 0 0 0 rg BT 517.42 649.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 543.56 649.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 637.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 92.59 637.10 Td (have ) Tj ET Q q 0 0 0 rg BT 113.97 637.10 Td (been ) Tj ET Q q 0 0 0 rg BT 135.35 637.10 Td (subjected ) Tj ET Q q 0 0 0 rg BT 175.61 637.10 Td (to ) Tj ET Q q 0 0 0 rg BT 185.89 637.10 Td (Italian ) Tj ET Q q 0 0 0 rg BT 213.93 637.10 Td (withholding ) Tj ET Q q 0 0 0 rg BT 264.77 637.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 279.48 637.10 Td (or ) Tj ET Q q 0 0 0 rg BT 290.31 637.10 Td (substitute ) Tj ET Q q 0 0 0 rg BT 331.15 637.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 345.87 637.10 Td (by ) Tj ET Q q 0 0 0 rg BT 358.37 637.10 Td (such ) Tj ET Q q 0 0 0 rg BT 379.20 637.10 Td (intermediaries.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 613.10 Td (F) Tj ET Q q 0 0 0 rg BT 59.19 613.10 Td (. Dividends and Paying ) Tj ET Q q 0 0 0 rg BT 164.50 613.10 Td (Agents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 589.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 589.10 Td (Not applicable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 565.10 Td (G. Statements by Experts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 541.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 541.10 Td (Not applicable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 517.10 Td (H. Documents on Display) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 493.10 Td (Y) Tj ET Q q 0 0 0 rg BT 91.72 493.10 Td (ou may read and copy any document we file with or furnish to the SEC at the SEC) Tj ET Q q 0 0 0 rg BT 424.70 493.10 Td (s public reference room at 100 F ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 481.10 Td (Street, N.E., Room 1580, ) Tj ET Q q 0 0 0 rg BT 157.42 481.10 Td (W) Tj ET Q q 0 0 0 rg BT 166.06 481.10 Td (ashington, D.C. 20549. ) Tj ET Q q 0 0 0 rg BT 260.97 481.10 Td (Y) Tj ET Q q 0 0 0 rg BT 267.19 481.10 Td (ou may also obtain documents we file with or furnish to the SEC on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 469.10 Td (SEC's website at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 123.30 469.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 125.796875 467.7669921875 m 177.271484375 467.7669921875 l s q 0 0 0 rg BT 125.80 469.10 Td (www) Tj ET Q q 0 0 0 rg BT 145.06 469.10 Td (.sec.gov) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.27 469.10 Td (. ) Tj ET Q q 0 0 0 rg BT 182.09 469.10 Td (The address of the SEC) Tj ET Q q 0 0 0 rg BT 279.29 469.10 Td (s website is provided solely for information purposes and is not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 457.10 Td (intended to be an active link. Please visit the website or call the SEC at 1-800-732-0330 for further information about its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 445.10 Td (public reference room. Reports and other information concerning the business of Ferrari may also be inspected at the of) Tj ET Q q 0 0 0 rg BT 532.27 445.10 Td (fices ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 433.10 Td (of the New ) Tj ET Q q 0 0 0 rg BT 100.56 433.10 Td (Y) Tj ET Q q 0 0 0 rg BT 106.78 433.10 Td (ork Stock Exchange, 1) Tj ET Q q 0 0 0 rg BT 196.94 433.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 204.26 433.10 Td (W) Tj ET Q q 0 0 0 rg BT 212.90 433.10 Td (all Street, New ) Tj ET Q q 0 0 0 rg BT 274.73 433.10 Td (Y) Tj ET Q q 0 0 0 rg BT 280.95 433.10 Td (ork, New ) Tj ET Q q 0 0 0 rg BT 320.29 433.10 Td (Y) Tj ET Q q 0 0 0 rg BT 326.51 433.10 Td (ork 10005.) 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Quantitative and Qualitative Disclosur) Tj ET Q q 0 0 0 rg BT 261.04 301.10 Td (es ) Tj ET Q q 0 0 0 rg BT 271.32 301.10 Td (About Market Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 277.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 277.10 Td (Due ) Tj ET Q q 0 0 0 rg BT 109.55 277.10 Td (to ) Tj ET Q q 0 0 0 rg BT 120.21 277.10 Td (the ) Tj ET Q q 0 0 0 rg BT 135.31 277.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 163.18 277.10 Td (of ) Tj ET Q q 0 0 0 rg BT 174.40 277.10 Td (our ) Tj ET Q q 0 0 0 rg BT 190.62 277.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 229.89 277.10 Td (we ) Tj ET Q q 0 0 0 rg BT 244.44 277.10 Td (are ) Tj ET Q q 0 0 0 rg BT 259.53 277.10 Td (exposed ) Tj ET Q q 0 0 0 rg BT 295.19 277.10 Td (to ) Tj ET Q q 0 0 0 rg BT 305.85 277.10 Td (a ) Tj ET Q q 0 0 0 rg BT 313.17 277.10 Td (variety ) Tj ET Q q 0 0 0 rg BT 343.82 277.10 Td (of ) Tj ET Q q 0 0 0 rg BT 355.04 277.10 Td (market ) Tj ET Q q 0 0 0 rg BT 385.69 277.10 Td (risks, ) Tj ET Q q 0 0 0 rg BT 409.97 277.10 Td (including ) Tj ET Q q 0 0 0 rg BT 450.63 277.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 482.39 277.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 520.25 277.10 Td (exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 265.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 71.49 265.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 88.99 265.10 Td (and ) Tj ET Q q 0 0 0 rg BT 105.92 265.10 Td (to ) Tj ET Q q 0 0 0 rg BT 116.20 265.10 Td (a ) Tj ET Q q 0 0 0 rg BT 123.14 265.10 Td (lesser ) Tj ET Q q 0 0 0 rg BT 148.41 265.10 Td (extent, ) Tj ET Q q 0 0 0 rg BT 177.84 265.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 209.78 265.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 227.26 265.10 Td (risk. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 241.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 241.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 108.33 241.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 147.22 241.10 Td (to ) Tj ET Q q 0 0 0 rg BT 157.78 241.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 189.44 241.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 227.20 241.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 267.73 241.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 285.50 241.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 303.29 241.10 Td (arises ) Tj ET Q q 0 0 0 rg BT 328.84 241.10 Td (from ) Tj ET Q q 0 0 0 rg BT 351.06 241.10 Td (the ) Tj ET Q q 0 0 0 rg BT 366.06 241.10 Td (geographic ) Tj ET Q q 0 0 0 rg BT 413.27 241.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 462.16 241.10 Td (of ) Tj ET Q q 0 0 0 rg BT 473.28 241.10 Td (our ) Tj ET Q q 0 0 0 rg BT 489.39 241.10 Td (shipments, ) Tj ET Q q 0 0 0 rg BT 535.23 241.10 Td (as ) Tj ET Q q 0 0 0 rg BT 546.34 241.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 229.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 94.23 229.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 111.14 229.10 Td (our ) Tj ET Q q 0 0 0 rg BT 127.50 229.10 Td (models ) Tj ET Q q 0 0 0 rg BT 159.42 229.10 Td (in ) Tj ET Q q 0 0 0 rg BT 170.22 229.10 Td (the ) Tj ET Q q 0 0 0 rg BT 185.46 229.10 Td (currencies ) Tj ET Q q 0 0 0 rg BT 229.58 229.10 Td (of ) Tj ET Q q 0 0 0 rg BT 240.93 229.10 Td (the ) Tj ET Q q 0 0 0 rg BT 256.18 229.10 Td (various ) Tj ET Q q 0 0 0 rg BT 288.64 229.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 323.33 229.10 Td (in ) Tj ET Q q 0 0 0 rg BT 334.13 229.10 Td (which ) Tj ET Q q 0 0 0 rg BT 361.60 229.10 Td (we ) Tj ET Q q 0 0 0 rg BT 376.29 229.10 Td (operate, ) Tj ET Q q 0 0 0 rg BT 411.24 229.10 Td (while ) Tj ET Q q 0 0 0 rg BT 436.48 229.10 Td (our ) Tj ET Q q 0 0 0 rg BT 452.84 229.10 Td (industrial ) Tj ET Q q 0 0 0 rg BT 493.64 229.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 532.76 229.10 Td (are ) Tj ET Q q 0 0 0 rg BT 548.00 229.10 Td (all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 217.10 Td (based ) Tj ET Q q 0 0 0 rg BT 79.27 217.10 Td (in ) Tj ET Q q 0 0 0 rg BT 89.55 217.10 Td (Italy) Tj ET Q q 0 0 0 rg BT 107.22 217.10 Td (, ) Tj ET Q q 0 0 0 rg BT 112.22 217.10 Td (and ) Tj ET Q q 0 0 0 rg BT 129.16 217.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 168.87 217.10 Td (denominated ) Tj ET Q q 0 0 0 rg BT 223.02 217.10 Td (in ) Tj ET Q q 0 0 0 rg BT 233.30 217.10 Td (Euro. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 193.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 193.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 108.67 193.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 147.89 193.10 Td (to ) Tj ET Q q 0 0 0 rg BT 158.79 193.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 191.34 193.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 209.44 193.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 227.56 193.10 Td (arises ) Tj ET Q q 0 0 0 rg BT 253.45 193.10 Td (from ) Tj ET Q q 0 0 0 rg BT 276.01 193.10 Td (the ) Tj ET Q q 0 0 0 rg BT 291.34 193.10 Td (need ) Tj ET Q q 0 0 0 rg BT 313.34 193.10 Td (to ) Tj ET Q q 0 0 0 rg BT 324.24 193.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 345.69 193.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 376.01 193.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 415.23 193.10 Td (and ) Tj ET Q q 0 0 0 rg BT 432.78 193.10 Td (the ) Tj ET Q q 0 0 0 rg BT 448.12 193.10 Td (necessity ) Tj ET Q q 0 0 0 rg BT 487.89 193.10 Td (to ) Tj ET Q q 0 0 0 rg BT 498.79 193.10 Td (deploy ) Tj ET Q q 0 0 0 rg BT 529.13 193.10 Td (surplus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 181.10 Td (funds. ) Tj ET Q q 0 0 0 rg BT 82.14 181.10 Td (Changes ) Tj ET Q q 0 0 0 rg BT 120.00 181.10 Td (in ) Tj ET Q q 0 0 0 rg BT 131.20 181.10 Td (market ) Tj ET Q q 0 0 0 rg BT 162.39 181.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 195.25 181.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 217.54 181.10 Td (may ) Tj ET Q q 0 0 0 rg BT 238.18 181.10 Td (have ) Tj ET Q q 0 0 0 rg BT 260.48 181.10 Td (the ) Tj ET Q q 0 0 0 rg BT 276.12 181.10 Td (ef) Tj ET Q q 0 0 0 rg BT 283.71 181.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 302.12 181.10 Td (of ) Tj ET Q q 0 0 0 rg BT 313.87 181.10 Td (either ) Tj ET Q q 0 0 0 rg BT 340.05 181.10 Td (increasing ) Tj ET Q q 0 0 0 rg BT 384.57 181.10 Td (or ) Tj ET Q q 0 0 0 rg BT 396.32 181.10 Td (decreasing ) Tj ET Q q 0 0 0 rg BT 442.50 181.10 Td (our ) Tj ET Q q 0 0 0 rg BT 459.25 181.10 Td (net ) Tj ET Q q 0 0 0 rg BT 474.89 181.10 Td (profit/\(loss\), ) Tj ET Q q 0 0 0 rg BT 528.03 181.10 Td (thereby ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 169.10 Td (indirectly ) Tj ET Q q 0 0 0 rg BT 94.82 169.10 Td (af) Tj ET Q q 0 0 0 rg BT 102.41 169.10 Td (fecting ) Tj ET Q q 0 0 0 rg BT 132.67 169.10 Td (the ) Tj ET Q q 0 0 0 rg BT 147.39 169.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 169.89 169.10 Td (and ) Tj ET Q q 0 0 0 rg BT 186.83 169.10 Td (returns ) Tj ET Q q 0 0 0 rg BT 217.10 169.10 Td (of ) Tj ET Q q 0 0 0 rg BT 227.93 169.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 268.19 169.10 Td (and ) Tj ET Q q 0 0 0 rg BT 285.13 169.10 Td (investing ) Tj ET Q q 0 0 0 rg BT 324.29 169.10 Td (transactions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 145.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 145.10 Td (These ) Tj ET Q q 0 0 0 rg BT 116.02 145.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 137.06 145.10 Td (could ) Tj ET Q q 0 0 0 rg BT 161.42 145.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 213.56 145.10 Td (af) Tj ET Q q 0 0 0 rg BT 221.14 145.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 238.27 145.10 Td (our ) Tj ET Q q 0 0 0 rg BT 253.75 145.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 290.87 145.10 Td (position ) Tj ET Q q 0 0 0 rg BT 325.25 145.10 Td (and ) Tj ET Q q 0 0 0 rg BT 341.83 145.10 Td (results ) Tj ET Q q 0 0 0 rg BT 370.08 145.10 Td (of ) Tj ET Q q 0 0 0 rg BT 380.56 145.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 426.86 145.10 Td (and ) Tj ET Q q 0 0 0 rg BT 443.44 145.10 Td (for ) Tj ET Q q 0 0 0 rg BT 457.25 145.10 Td (this ) Tj ET Q q 0 0 0 rg BT 473.84 145.10 Td (reason ) Tj ET Q q 0 0 0 rg BT 502.08 145.10 Td (these ) Tj ET Q q 0 0 0 rg BT 524.78 145.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 545.81 145.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 133.10 Td (identified ) Tj ET Q q 0 0 0 rg BT 94.31 133.10 Td (and ) Tj ET Q q 0 0 0 rg BT 110.73 133.10 Td (monitored, ) Tj ET Q q 0 0 0 rg BT 156.32 133.10 Td (in ) Tj ET Q q 0 0 0 rg BT 166.08 133.10 Td (order ) Tj ET Q q 0 0 0 rg BT 189.16 133.10 Td (to ) Tj ET Q q 0 0 0 rg BT 198.93 133.10 Td (detect ) Tj ET Q q 0 0 0 rg BT 224.78 133.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 261.76 133.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 297.62 133.10 Td (ef) Tj ET Q q 0 0 0 rg BT 305.20 133.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 326.07 133.10 Td (in ) Tj ET Q q 0 0 0 rg BT 335.83 133.10 Td (advance ) Tj ET Q q 0 0 0 rg BT 370.57 133.10 Td (and ) Tj ET Q q 0 0 0 rg BT 386.99 133.10 Td (take ) Tj ET Q q 0 0 0 rg BT 405.63 133.10 Td (the ) Tj ET Q q 0 0 0 rg BT 419.83 133.10 Td (necessary ) Tj ET Q q 0 0 0 rg BT 460.68 133.10 Td (actions ) Tj ET Q q 0 0 0 rg BT 490.99 133.10 Td (to ) Tj ET Q q 0 0 0 rg BT 500.76 133.10 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 535.51 133.10 Td (them, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 121.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 93.71 121.10 Td (through ) Tj ET Q q 0 0 0 rg BT 127.32 121.10 Td (our ) Tj ET Q q 0 0 0 rg BT 143.15 121.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 183.41 121.10 Td (and ) Tj ET Q q 0 0 0 rg BT 200.35 121.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 240.62 121.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 279.21 121.10 Td (and ) Tj ET Q q 0 0 0 rg BT 296.15 121.10 Td (if ) Tj ET Q q 0 0 0 rg BT 304.76 121.10 Td (required, ) Tj ET Q q 0 0 0 rg BT 343.08 121.10 Td (through ) Tj ET Q q 0 0 0 rg BT 376.69 121.10 Td (the ) Tj ET Q q 0 0 0 rg BT 391.40 121.10 Td (use ) Tj ET Q q 0 0 0 rg BT 407.23 121.10 Td (of ) Tj ET Q q 0 0 0 rg BT 418.06 121.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 460.54 121.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 498.02 121.10 Td (instruments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 97.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 97.10 Td (As ) Tj ET Q q 0 0 0 rg BT 103.69 97.10 Td (part ) Tj ET Q q 0 0 0 rg BT 121.81 97.10 Td (of ) Tj ET Q q 0 0 0 rg BT 132.71 97.10 Td (the ) Tj ET Q q 0 0 0 rg BT 147.51 97.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 166.41 97.10 Td ( ) Tj ET Q q 0 0 0 rg BT 168.98 97.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 197.11 97.10 Td (we ) Tj ET Q q 0 0 0 rg BT 211.34 97.10 Td (applied ) Tj ET Q q 0 0 0 rg BT 243.35 97.10 Td (the ) Tj ET Q q 0 0 0 rg BT 258.14 97.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 277.04 97.10 Td ( ) Tj ET Q q 0 0 0 rg BT 279.62 97.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 307.75 97.10 Td (we ) Tj ET Q q 0 0 0 rg BT 321.98 97.10 Td (applied ) Tj ET Q q 0 0 0 rg BT 353.99 97.10 Td (the ) Tj ET Q q 0 0 0 rg BT 368.78 97.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 387.68 97.10 Td ( ) Tj ET Q q 0 0 0 rg BT 390.26 97.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 418.38 97.10 Td (treasury ) Tj ET Q q 0 0 0 rg BT 453.16 97.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 470.74 97.10 Td (management ) Tj ET Q q 0 0 0 rg BT 524.40 97.10 Td (policies. ) Tj ET Q q 0 0 0 rg BT 560.51 97.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 85.10 Td (Following ) Tj ET Q q 0 0 0 rg BT 97.71 85.10 Td (the ) Tj ET Q q 0 0 0 rg BT 112.52 85.10 Td (Separation ) Tj ET Q q 0 0 0 rg BT 157.88 85.10 Td (we ) Tj ET Q q 0 0 0 rg BT 172.13 85.10 Td (have ) Tj ET Q q 0 0 0 rg BT 193.60 85.10 Td (implemented ) Tj ET Q q 0 0 0 rg BT 248.40 85.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 265.99 85.10 Td (management ) Tj ET Q q 0 0 0 rg BT 319.67 85.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 353.37 85.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 393.17 85.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 426.31 85.10 Td (to ) Tj ET Q q 0 0 0 rg BT 436.68 85.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 468.15 85.10 Td (exchange, ) Tj ET Q q 0 0 0 rg BT 511.00 85.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 543.02 85.10 Td (rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 73.10 Td (and ) Tj ET Q q 0 0 0 rg BT 71.11 73.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 107.68 73.10 Td (risk. ) Tj ET Q q 0 0 0 rg BT 127.85 73.10 Td ( ) Tj ET Q q 0 0 0 rg BT 130.52 73.10 Td ( ) Tj ET Q q 0 0 0 rg BT 133.20 73.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 151.42 73.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 185.20 73.10 Td (as ) Tj ET Q q 0 0 0 rg BT 196.20 73.10 Td (an ) Tj ET Q q 0 0 0 rg BT 208.31 73.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 259.86 73.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 288.08 73.10 Td (are ) Tj ET Q q 0 0 0 rg BT 302.96 73.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 356.19 73.10 Td (in ) Tj ET Q q 0 0 0 rg BT 366.64 73.10 Td (line ) Tj ET Q q 0 0 0 rg BT 384.31 73.10 Td (with ) Tj ET Q q 0 0 0 rg BT 404.76 73.10 Td (those ) Tj ET Q q 0 0 0 rg BT 428.54 73.10 Td (that ) Tj ET Q q 0 0 0 rg BT 446.21 73.10 Td (we ) Tj ET Q q 0 0 0 rg BT 460.55 73.10 Td (followed ) Tj ET Q q 0 0 0 rg BT 498.77 73.10 Td (under ) Tj ET Q q 0 0 0 rg BT 524.21 73.10 Td (the ) Tj ET Q q 0 0 0 rg BT 539.10 73.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 558.00 73.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 61.10 Td (Group.) Tj ET Q endstream endobj 283 0 obj <> endobj 284 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 297.00 41.20 Td (133) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 731.10 Td (Risk ) Tj ET Q q 0 0 0 rg BT 110.45 731.10 Td (management ) Tj ET Q q 0 0 0 rg BT 163.64 731.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 196.85 731.10 Td (permit ) Tj ET Q q 0 0 0 rg BT 225.06 731.10 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 271.04 731.10 Td (to ) Tj ET Q q 0 0 0 rg BT 280.93 731.10 Td (be ) Tj ET Q q 0 0 0 rg BT 292.47 731.10 Td (used ) Tj ET Q q 0 0 0 rg BT 312.91 731.10 Td (for ) Tj ET Q q 0 0 0 rg BT 326.68 731.10 Td (managing ) Tj ET Q q 0 0 0 rg BT 368.22 731.10 Td (exposures ) Tj ET Q q 0 0 0 rg BT 410.31 731.10 Td (to ) Tj ET Q q 0 0 0 rg BT 420.20 731.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 451.18 731.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 491.04 731.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 512.03 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 528.57 731.10 Td (interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (rates. ) Tj ET Q q 0 0 0 rg BT 78.68 719.10 Td ( ) Tj ET Q q 0 0 0 rg BT 81.98 719.10 Td (Derivatives ) Tj ET Q q 0 0 0 rg BT 131.38 719.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 161.34 719.10 Td (be ) Tj ET Q q 0 0 0 rg BT 174.08 719.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 206.81 719.10 Td (into ) Tj ET Q q 0 0 0 rg BT 225.67 719.10 Td (for ) Tj ET Q q 0 0 0 rg BT 240.63 719.10 Td (speculative ) Tj ET Q q 0 0 0 rg BT 288.91 719.10 Td (purposes ) Tj ET Q q 0 0 0 rg BT 327.77 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 345.51 719.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 405.46 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 416.54 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 432.06 719.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 480.89 719.10 Td (are ) Tj ET Q q 0 0 0 rg BT 496.40 719.10 Td (major ) Tj ET Q q 0 0 0 rg BT 523.03 719.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.10 Td (instititutions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 683.10 Td (In ) Tj ET Q q 0 0 0 rg BT 100.98 683.10 Td (particular) Tj ET Q q 0 0 0 rg BT 138.89 683.10 Td (, ) Tj ET Q q 0 0 0 rg BT 144.04 683.10 Td (we ) Tj ET Q q 0 0 0 rg BT 158.35 683.10 Td (have ) Tj ET Q q 0 0 0 rg BT 179.88 683.10 Td (used ) Tj ET Q q 0 0 0 rg BT 200.86 683.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 243.50 683.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 281.13 683.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 330.44 683.10 Td (as ) Tj ET Q q 0 0 0 rg BT 341.43 683.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 361.85 683.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 382.83 683.10 Td (hedges ) Tj ET Q q 0 0 0 rg BT 413.25 683.10 Td (for ) Tj ET Q q 0 0 0 rg BT 427.56 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 442.43 683.10 Td (purpose ) Tj ET Q q 0 0 0 rg BT 476.74 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 487.72 683.10 Td (fixing ) Tj ET Q q 0 0 0 rg BT 514.26 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 529.13 683.10 Td (foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 671.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 91.52 671.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 131.81 671.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 149.34 671.10 Td (at ) Tj ET Q q 0 0 0 rg BT 159.09 671.10 Td (which ) Tj ET Q q 0 0 0 rg BT 186.07 671.10 Td (a ) Tj ET Q q 0 0 0 rg BT 193.05 671.10 Td (predetermined ) Tj ET Q q 0 0 0 rg BT 253.34 671.10 Td (proportion ) Tj ET Q q 0 0 0 rg BT 298.10 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 308.97 671.10 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 352.59 671.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 402.90 671.10 Td (denominated ) Tj ET Q q 0 0 0 rg BT 457.09 671.10 Td (in ) Tj ET Q q 0 0 0 rg BT 467.41 671.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 498.83 671.10 Td (currencies ) Tj ET Q q 0 0 0 rg BT 542.45 671.10 Td (will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 659.10 Td (be ) Tj ET Q q 0 0 0 rg BT 65.94 659.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 108.97 659.10 Td (for) Tj ET Q q 0 0 0 rg BT 120.08 659.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 635.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 635.10 Td (As ) Tj ET Q q 0 0 0 rg BT 103.46 635.10 Td (a ) Tj ET Q q 0 0 0 rg BT 110.24 635.10 Td (result ) Tj ET Q q 0 0 0 rg BT 134.80 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 145.48 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 160.04 635.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 193.49 635.10 Td (with ) Tj ET Q q 0 0 0 rg BT 213.61 635.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 244.27 635.10 Td (to ) Tj ET Q q 0 0 0 rg BT 254.40 635.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 285.62 635.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 322.94 635.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 363.04 635.10 Td (exposure, ) Tj ET Q q 0 0 0 rg BT 403.98 635.10 Td (our ) Tj ET Q q 0 0 0 rg BT 419.66 635.10 Td (results ) Tj ET Q q 0 0 0 rg BT 448.11 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 458.79 635.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 502.79 635.10 Td (have ) Tj ET Q q 0 0 0 rg BT 524.01 635.10 Td (not ) Tj ET Q q 0 0 0 rg BT 539.13 635.10 Td (been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 623.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 75.39 623.10 Td (exposed ) Tj ET Q q 0 0 0 rg BT 110.66 623.10 Td (to ) Tj ET Q q 0 0 0 rg BT 120.93 623.10 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 170.65 623.10 Td (in ) Tj ET Q q 0 0 0 rg BT 180.92 623.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 212.30 623.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 249.78 623.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 290.03 623.10 Td (rates.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 599.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 599.10 Td (During ) Tj ET Q q 0 0 0 rg BT 120.83 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 135.55 599.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 167.49 599.10 Td (covered ) Tj ET Q q 0 0 0 rg BT 201.63 599.10 Td (by ) Tj ET Q q 0 0 0 rg BT 214.13 599.10 Td (this ) Tj ET Q q 0 0 0 rg BT 231.08 599.10 Td (report ) Tj ET Q q 0 0 0 rg BT 257.46 599.10 Td (we ) Tj ET Q q 0 0 0 rg BT 271.62 599.10 Td (have ) Tj ET Q q 0 0 0 rg BT 292.99 599.10 Td (not ) Tj ET Q q 0 0 0 rg BT 308.27 599.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 340.20 599.10 Td (into ) Tj ET Q q 0 0 0 rg BT 358.25 599.10 Td (any ) Tj ET Q q 0 0 0 rg BT 375.19 599.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 407.12 599.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 424.61 599.10 Td (derivatives.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 575.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 575.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.63 575.10 Td (following ) Tj ET Q q 0 0 0 rg BT 150.61 575.10 Td (section ) Tj ET Q q 0 0 0 rg BT 182.02 575.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 219.54 575.10 Td (qualitative ) Tj ET Q q 0 0 0 rg BT 264.83 575.10 Td (and ) Tj ET Q q 0 0 0 rg BT 282.36 575.10 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 332.65 575.10 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 380.18 575.10 Td (on ) Tj ET Q q 0 0 0 rg BT 393.26 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 408.56 575.10 Td (ef) Tj ET Q q 0 0 0 rg BT 416.15 575.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 434.22 575.10 Td (that ) Tj ET Q q 0 0 0 rg BT 452.30 575.10 Td (these ) Tj ET Q q 0 0 0 rg BT 475.94 575.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 497.92 575.10 Td (may ) Tj ET Q q 0 0 0 rg BT 518.22 575.10 Td (have. ) Tj ET Q q 0 0 0 rg BT 542.46 575.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 563.10 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 103.95 563.10 Td (data ) Tj ET Q q 0 0 0 rg BT 123.35 563.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 159.41 563.10 Td (in ) Tj ET Q q 0 0 0 rg BT 169.94 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 184.90 563.10 Td (following ) Tj ET Q q 0 0 0 rg BT 226.53 563.10 Td (section ) Tj ET Q q 0 0 0 rg BT 257.60 563.10 Td (does ) Tj ET Q q 0 0 0 rg BT 278.68 563.10 Td (not ) Tj ET Q q 0 0 0 rg BT 294.20 563.10 Td (have ) Tj ET Q q 0 0 0 rg BT 315.83 563.10 Td (any ) Tj ET Q q 0 0 0 rg BT 333.01 563.10 Td (predictive ) Tj ET Q q 0 0 0 rg BT 375.74 563.10 Td (value, ) Tj ET Q q 0 0 0 rg BT 402.64 563.10 Td (in ) Tj ET Q q 0 0 0 rg BT 413.16 563.10 Td (particular ) Tj ET Q q 0 0 0 rg BT 454.22 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 469.18 563.10 Td (sensitivity ) Tj ET Q q 0 0 0 rg BT 513.04 563.10 Td (analysis ) Tj ET Q q 0 0 0 rg BT 548.00 563.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 551.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 86.08 551.10 Td (market ) Tj ET Q q 0 0 0 rg BT 116.51 551.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 138.06 551.10 Td (does ) Tj ET Q q 0 0 0 rg BT 159.05 551.10 Td (not ) Tj ET Q q 0 0 0 rg BT 174.49 551.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 202.68 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 217.56 551.10 Td (complexity ) Tj ET Q q 0 0 0 rg BT 265.21 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 276.20 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 291.08 551.10 Td (market ) Tj ET Q q 0 0 0 rg BT 321.50 551.10 Td (or ) Tj ET Q q 0 0 0 rg BT 332.49 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 347.37 551.10 Td (reaction ) Tj ET Q q 0 0 0 rg BT 382.23 551.10 Td (which ) Tj ET Q q 0 0 0 rg BT 409.33 551.10 Td (may ) Tj ET Q q 0 0 0 rg BT 429.20 551.10 Td (result ) Tj ET Q q 0 0 0 rg BT 454.08 551.10 Td (from ) Tj ET Q q 0 0 0 rg BT 476.18 551.10 Td (any ) Tj ET Q q 0 0 0 rg BT 493.28 551.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 528.15 551.10 Td (that ) Tj ET Q q 0 0 0 rg BT 545.80 551.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 539.10 Td (assumed ) Tj ET Q q 0 0 0 rg BT 90.94 539.10 Td (to ) Tj ET Q q 0 0 0 rg BT 101.22 539.10 Td (take ) Tj ET Q q 0 0 0 rg BT 120.37 539.10 Td (place. ) Tj ET Q BT /F4 10.00 Tf ET 1 1 1 rg /GS0 gs 54.00 521.87 268.90 -8.93 re f /GS0 gs q 0 0 0 rg BT 54.00 515.10 Td (Quantitative ) Tj ET Q q 0 0 0 rg BT 107.61 515.10 Td (information ) Tj ET Q q 0 0 0 rg BT 159.57 515.10 Td (on ) Tj ET Q q 0 0 0 rg BT 172.63 515.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 205.13 515.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 244.29 515.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 286.23 515.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 304.84 515.10 Td (risk ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 54.00 498.03 506.51 -9.09 re f /GS0 gs q 0 0 0 rg BT 54.00 491.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 491.10 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 491.10 Td (e ) Tj ET Q q 0 0 0 rg BT 105.70 491.10 Td (are ) Tj ET Q q 0 0 0 rg BT 120.53 491.10 Td (exposed ) Tj ET Q q 0 0 0 rg BT 155.93 491.10 Td (to ) Tj ET Q q 0 0 0 rg BT 166.33 491.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 183.95 491.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 221.57 491.10 Td (from ) Tj ET Q q 0 0 0 rg BT 243.64 491.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 278.47 491.10 Td (in ) Tj ET Q q 0 0 0 rg BT 288.87 491.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 320.37 491.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 357.97 491.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 398.35 491.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 422.35 491.10 Td (which ) Tj ET Q q 0 0 0 rg BT 449.41 491.10 Td (can ) Tj ET Q q 0 0 0 rg BT 465.92 491.10 Td (af) Tj ET Q q 0 0 0 rg BT 473.50 491.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 491.11 491.10 Td (our ) Tj ET Q q 0 0 0 rg BT 507.07 491.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 543.57 491.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 54.00 486.03 81.26 -9.09 re f /GS0 gs q 0 0 0 rg BT 54.00 479.10 Td (equity) Tj ET Q q 0 0 0 rg BT 78.35 479.10 Td (. ) Tj ET Q q 0 0 0 rg BT 83.35 479.10 Td (In ) Tj ET Q q 0 0 0 rg BT 94.18 479.10 Td (particular:) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 90.00 462.03 18.00 -9.09 re f /GS0 gs q 0 0 0 rg BT 90.00 455.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 108.00 462.03 452.52 -9.09 re f /GS0 gs q 0 0 0 rg BT 108.00 455.10 Td (where ) Tj ET Q q 0 0 0 rg BT 133.93 455.10 Td (a ) Tj ET Q q 0 0 0 rg BT 139.86 455.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 166.91 455.10 Td (company ) Tj ET Q q 0 0 0 rg BT 205.06 455.10 Td (incurs ) Tj ET Q q 0 0 0 rg BT 231.00 455.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 252.49 455.10 Td (in ) Tj ET Q q 0 0 0 rg BT 261.77 455.10 Td (a ) Tj ET Q q 0 0 0 rg BT 267.70 455.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 304.17 455.10 Td (dif) Tj ET Q q 0 0 0 rg BT 315.10 455.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 339.91 455.10 Td (from ) Tj ET Q q 0 0 0 rg BT 360.85 455.10 Td (that ) Tj ET Q q 0 0 0 rg BT 377.34 455.10 Td (of ) Tj ET Q q 0 0 0 rg BT 387.17 455.10 Td (its ) Tj ET Q q 0 0 0 rg BT 398.11 455.10 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 437.65 455.10 Td (any ) Tj ET Q q 0 0 0 rg BT 453.58 455.10 Td (change ) Tj ET Q q 0 0 0 rg BT 483.39 455.10 Td (in ) Tj ET Q q 0 0 0 rg BT 492.67 455.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 523.04 455.10 Td (currency ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 108.00 450.03 267.79 -9.09 re f /GS0 gs q 0 0 0 rg BT 108.00 443.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 148.34 443.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 169.80 443.10 Td (can ) Tj ET Q q 0 0 0 rg BT 186.27 443.10 Td (af) Tj ET Q q 0 0 0 rg BT 193.86 443.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 211.43 443.10 Td (the ) Tj ET Q q 0 0 0 rg BT 226.23 443.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 266.58 443.10 Td (results ) Tj ET Q q 0 0 0 rg BT 295.28 443.10 Td (of ) Tj ET Q q 0 0 0 rg BT 306.20 443.10 Td (that ) Tj ET Q q 0 0 0 rg BT 323.78 443.10 Td (company) Tj ET Q q 0 0 0 rg BT 359.78 443.10 Td (. ) Tj ET Q q 0 0 0 rg BT 364.87 443.10 Td (In ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 375.79 450.03 20.00 -9.09 re f /GS0 gs q 0 0 0 rg BT 375.79 443.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 395.79 450.03 164.73 -9.09 re f /GS0 gs q 0 0 0 rg BT 395.79 443.10 Td (, ) Tj ET Q q 0 0 0 rg BT 400.87 443.10 Td (the ) Tj ET Q q 0 0 0 rg BT 415.68 443.10 Td (total ) Tj ET Q q 0 0 0 rg BT 436.04 443.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 458.61 443.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 483.42 443.10 Td (exposed ) Tj ET Q q 0 0 0 rg BT 518.77 443.10 Td (to ) Tj ET Q q 0 0 0 rg BT 529.14 443.10 Td (foreign ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 108.00 438.03 424.17 -9.09 re f /GS0 gs q 0 0 0 rg BT 108.00 431.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 144.94 431.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 184.67 431.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 201.62 431.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 218.59 431.10 Td (amounted ) Tj ET Q q 0 0 0 rg BT 259.99 431.10 Td (to ) Tj ET Q q 0 0 0 rg BT 269.74 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 283.93 431.10 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 327.55 431.10 Td (of ) Tj ET Q q 0 0 0 rg BT 337.85 431.10 Td (53 ) Tj ET Q q 0 0 0 rg BT 349.82 431.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 381.21 431.10 Td (of ) Tj ET Q q 0 0 0 rg BT 391.51 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 405.69 431.10 Td (Group) Tj ET Q q 0 0 0 rg BT 434.02 431.10 Td (s ) Tj ET Q q 0 0 0 rg BT 439.89 431.10 Td (turnover ) Tj ET Q q 0 0 0 rg BT 475.73 431.10 Td (\(44 ) Tj ET Q q 0 0 0 rg BT 491.03 431.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 522.42 431.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 532.17 438.03 20.00 -9.09 re f /GS0 gs q 0 0 0 rg BT 532.17 431.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 552.17 438.03 5.83 -9.09 re f /GS0 gs q 0 0 0 rg BT 552.17 431.10 Td (\).) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 90.00 414.03 18.00 -9.09 re f /GS0 gs q 0 0 0 rg BT 90.00 407.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 108.00 414.03 452.51 -9.09 re f /GS0 gs q 0 0 0 rg BT 108.00 407.10 Td (The ) Tj ET Q q 0 0 0 rg BT 126.04 407.10 Td (main ) Tj ET Q q 0 0 0 rg BT 148.53 407.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 179.90 407.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 217.37 407.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 257.61 407.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 275.09 407.10 Td (to ) Tj ET Q q 0 0 0 rg BT 285.36 407.10 Td (which ) Tj ET Q q 0 0 0 rg BT 312.29 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 327.00 407.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 355.05 407.10 Td (is ) Tj ET Q q 0 0 0 rg BT 364.21 407.10 Td (exposed ) Tj ET Q q 0 0 0 rg BT 399.47 407.10 Td (is ) Tj ET Q q 0 0 0 rg BT 408.63 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 423.34 407.10 Td (Euro/U.S. ) Tj ET Q q 0 0 0 rg BT 465.83 407.10 Td (Dollar ) Tj ET Q q 0 0 0 rg BT 493.87 407.10 Td (for ) Tj ET Q q 0 0 0 rg BT 508.03 407.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 529.96 407.10 Td (in ) Tj ET Q q 0 0 0 rg BT 540.23 407.10 Td (U.S. ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 108.00 402.03 427.51 -9.09 re f /GS0 gs q 0 0 0 rg BT 108.00 395.10 Td (Dollar ) Tj ET Q q 0 0 0 rg BT 135.55 395.10 Td (in ) Tj ET Q q 0 0 0 rg BT 145.33 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 159.55 395.10 Td (United ) Tj ET Q q 0 0 0 rg BT 188.77 395.10 Td (States ) Tj ET Q q 0 0 0 rg BT 214.66 395.10 Td (and ) Tj ET Q q 0 0 0 rg BT 231.10 395.10 Td (Mexico ) Tj ET Q q 0 0 0 rg BT 263.64 395.10 Td (and ) Tj ET Q q 0 0 0 rg BT 280.08 395.10 Td (other ) Tj ET Q q 0 0 0 rg BT 302.63 395.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 336.29 395.10 Td (where ) Tj ET Q q 0 0 0 rg BT 362.72 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 376.94 395.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 396.73 395.10 Td (Dollar ) Tj ET Q q 0 0 0 rg BT 424.27 395.10 Td (is ) Tj ET Q q 0 0 0 rg BT 432.95 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 447.17 395.10 Td (reference ) Tj ET Q q 0 0 0 rg BT 486.35 395.10 Td (currency) Tj ET Q q 0 0 0 rg BT 520.68 395.10 Td (. ) Tj ET Q q 0 0 0 rg BT 525.18 395.10 Td (In ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 535.51 402.03 20.00 -9.09 re f /GS0 gs q 0 0 0 rg BT 535.51 395.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 555.51 402.03 5.00 -9.09 re f /GS0 gs q 0 0 0 rg BT 555.51 395.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 108.00 390.03 452.51 -9.09 re f /GS0 gs q 0 0 0 rg BT 108.00 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 123.04 383.10 Td (value ) Tj ET Q q 0 0 0 rg BT 147.52 383.10 Td (of ) Tj ET Q q 0 0 0 rg BT 158.67 383.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 208.69 383.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 241.51 383.10 Td (exposed ) Tj ET Q q 0 0 0 rg BT 277.10 383.10 Td (to ) Tj ET Q q 0 0 0 rg BT 287.70 383.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 322.73 383.10 Td (in ) Tj ET Q q 0 0 0 rg BT 333.34 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 348.38 383.10 Td (Euro/U.S. ) Tj ET Q q 0 0 0 rg BT 391.20 383.10 Td (Dollar ) Tj ET Q q 0 0 0 rg BT 419.57 383.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 460.15 383.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 477.96 383.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 521.31 383.10 Td (for ) Tj ET Q q 0 0 0 rg BT 535.80 383.10 Td (about ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 108.00 378.03 102.97 -9.09 re f /GS0 gs q 0 0 0 rg BT 108.00 371.10 Td (67 ) Tj ET Q q 0 0 0 rg BT 120.60 371.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 152.63 371.10 Td (\(63 ) Tj ET Q q 0 0 0 rg BT 168.56 371.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 200.59 371.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 210.97 378.03 20.00 -9.09 re f /GS0 gs q 0 0 0 rg BT 210.97 371.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 230.97 378.03 329.53 -9.09 re f /GS0 gs q 0 0 0 rg BT 230.97 371.10 Td (\)\) ) Tj ET Q q 0 0 0 rg BT 240.23 371.10 Td (of ) Tj ET Q q 0 0 0 rg BT 251.16 371.10 Td (the ) Tj ET Q q 0 0 0 rg BT 265.98 371.10 Td (total ) Tj ET Q q 0 0 0 rg BT 286.36 371.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 323.94 371.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 341.54 371.10 Td (from ) Tj ET Q q 0 0 0 rg BT 363.58 371.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 413.38 371.10 Td (activity) Tj ET Q q 0 0 0 rg BT 442.72 371.10 Td (. ) Tj ET Q q 0 0 0 rg BT 447.82 371.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 473.20 371.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 518.01 371.10 Td (exposures ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 108.00 366.03 452.51 -9.09 re f /GS0 gs q 0 0 0 rg BT 108.00 359.10 Td (included ) Tj ET Q q 0 0 0 rg BT 144.44 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 158.67 359.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 198.43 359.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 215.43 359.10 Td (between ) Tj ET Q q 0 0 0 rg BT 250.75 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 264.98 359.10 Td (Euro ) Tj ET Q q 0 0 0 rg BT 286.43 359.10 Td (and ) Tj ET Q q 0 0 0 rg BT 302.87 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 317.10 359.10 Td (following ) Tj ET Q q 0 0 0 rg BT 358.00 359.10 Td (currencies: ) Tj ET Q q 0 0 0 rg BT 403.87 359.10 Td (Swiss ) Tj ET Q q 0 0 0 rg BT 429.22 359.10 Td (Franc, ) Tj ET Q q 0 0 0 rg BT 456.50 359.10 Td (Pound ) Tj ET Q q 0 0 0 rg BT 484.07 359.10 Td (Sterling, ) Tj ET Q q 0 0 0 rg BT 520.24 359.10 Td (Canadian ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 108.00 354.03 452.51 -9.09 re f /GS0 gs q 0 0 0 rg BT 108.00 347.10 Td (Dollar) Tj ET Q q 0 0 0 rg BT 133.15 347.10 Td (, ) Tj ET Q q 0 0 0 rg BT 138.10 347.10 Td (Australian ) Tj ET Q q 0 0 0 rg BT 182.90 347.10 Td (Dollar) Tj ET Q q 0 0 0 rg BT 208.04 347.10 Td (, ) Tj ET Q q 0 0 0 rg BT 213.69 347.10 Td (Japanese ) Tj ET Q q 0 0 0 rg BT 251.90 347.10 Td (Y) Tj ET Q q 0 0 0 rg BT 258.12 347.10 Td (en, ) Tj ET Q q 0 0 0 rg BT 273.21 347.10 Td (Chinese ) Tj ET Q q 0 0 0 rg BT 308.10 347.10 Td (Y) Tj ET Q q 0 0 0 rg BT 314.21 347.10 Td (uan ) Tj ET Q q 0 0 0 rg BT 331.80 347.10 Td (and ) Tj ET Q q 0 0 0 rg BT 349.38 347.10 Td (Hong ) Tj ET Q q 0 0 0 rg BT 374.75 347.10 Td (Kong ) Tj ET Q q 0 0 0 rg BT 400.11 347.10 Td (Dollar) Tj ET Q q 0 0 0 rg BT 425.11 347.10 Td (. ) Tj ET Q q 0 0 0 rg BT 430.75 347.10 Td (None ) Tj ET Q q 0 0 0 rg BT 455.56 347.10 Td (of ) Tj ET Q q 0 0 0 rg BT 467.03 347.10 Td (these ) Tj ET Q q 0 0 0 rg BT 490.72 347.10 Td (exposures, ) Tj ET Q q 0 0 0 rg BT 536.36 347.10 Td (taken ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 108.00 342.03 452.50 -9.09 re f /GS0 gs q 0 0 0 rg BT 108.00 335.10 Td (individually) Tj ET Q q 0 0 0 rg BT 155.68 335.10 Td (, ) Tj ET Q q 0 0 0 rg BT 161.12 335.10 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 201.25 335.10 Td (10 ) Tj ET Q q 0 0 0 rg BT 214.18 335.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 246.54 335.10 Td (of ) Tj ET Q q 0 0 0 rg BT 257.81 335.10 Td (the ) Tj ET Q q 0 0 0 rg BT 272.97 335.10 Td (Group) Tj ET Q q 0 0 0 rg BT 301.30 335.10 Td (s ) Tj ET Q q 0 0 0 rg BT 308.12 335.10 Td (total ) Tj ET Q q 0 0 0 rg BT 328.83 335.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 360.65 335.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 398.56 335.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 439.25 335.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 457.17 335.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 496.21 335.10 Td (for ) Tj ET Q q 0 0 0 rg BT 510.81 335.10 Td (commercial ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 108.00 330.03 41.54 -9.09 re f /GS0 gs q 0 0 0 rg BT 108.00 323.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 139.87 323.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 149.54 330.03 20.00 -9.09 re f /GS0 gs q 0 0 0 rg BT 149.54 323.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 169.54 330.03 390.97 -9.09 re f /GS0 gs q 0 0 0 rg BT 169.54 323.10 Td (, ) Tj ET Q q 0 0 0 rg BT 173.92 323.10 Td (with ) Tj ET Q q 0 0 0 rg BT 193.58 323.10 Td (the ) Tj ET Q q 0 0 0 rg BT 207.68 323.10 Td (exception ) Tj ET Q q 0 0 0 rg BT 248.44 323.10 Td (of ) Tj ET Q q 0 0 0 rg BT 258.65 323.10 Td (the ) Tj ET Q q 0 0 0 rg BT 272.75 323.10 Td (Pound ) Tj ET Q q 0 0 0 rg BT 300.20 323.10 Td (Sterling, ) Tj ET Q q 0 0 0 rg BT 336.25 323.10 Td (which ) Tj ET Q q 0 0 0 rg BT 362.57 323.10 Td (represented ) Tj ET Q q 0 0 0 rg BT 410.54 323.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 470.18 323.10 Td (12 ) Tj ET Q q 0 0 0 rg BT 482.06 323.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 513.37 323.10 Td (\(12 ) Tj ET Q q 0 0 0 rg BT 528.58 323.10 Td (percent ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 108.00 318.03 11.35 -9.09 re f /GS0 gs q 0 0 0 rg BT 108.00 311.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 119.35 318.03 20.00 -9.09 re f /GS0 gs q 0 0 0 rg BT 119.35 311.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 139.35 318.03 421.17 -9.09 re f /GS0 gs q 0 0 0 rg BT 139.35 311.10 Td (\). ) Tj ET Q q 0 0 0 rg BT 148.75 311.10 Td (It ) Tj ET Q q 0 0 0 rg BT 158.44 311.10 Td (is ) Tj ET Q q 0 0 0 rg BT 168.68 311.10 Td (the ) Tj ET Q q 0 0 0 rg BT 184.47 311.10 Td (Group) Tj ET Q q 0 0 0 rg BT 212.80 311.10 Td (s ) Tj ET Q q 0 0 0 rg BT 220.26 311.10 Td (policy ) Tj ET Q q 0 0 0 rg BT 248.83 311.10 Td (to ) Tj ET Q q 0 0 0 rg BT 260.18 311.10 Td (use ) Tj ET Q q 0 0 0 rg BT 277.09 311.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 320.64 311.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 359.20 311.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 409.43 311.10 Td (to ) Tj ET Q q 0 0 0 rg BT 420.79 311.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 448.24 311.10 Td (a ) Tj ET Q q 0 0 0 rg BT 456.25 311.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 487.02 311.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 533.90 311.10 Td (of ) Tj ET Q q 0 0 0 rg BT 545.80 311.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 108.00 306.03 450.00 -9.09 re f /GS0 gs q 0 0 0 rg BT 108.00 299.10 Td (exposure, ) Tj ET Q q 0 0 0 rg BT 149.57 299.10 Td (on ) Tj ET Q q 0 0 0 rg BT 162.53 299.10 Td (average ) Tj ET Q q 0 0 0 rg BT 196.59 299.10 Td (between ) Tj ET Q q 0 0 0 rg BT 232.87 299.10 Td (50 ) Tj ET Q q 0 0 0 rg BT 245.84 299.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 278.23 299.10 Td (and ) Tj ET Q q 0 0 0 rg BT 295.63 299.10 Td (90 ) Tj ET Q q 0 0 0 rg BT 308.60 299.10 Td (percent. ) Tj ET Q q 0 0 0 rg BT 343.49 299.10 Td (Until ) Tj ET Q q 0 0 0 rg BT 367.02 299.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 392.49 299.10 Td (some ) Tj ET Q q 0 0 0 rg BT 416.56 299.10 Td (exposures ) Tj ET Q q 0 0 0 rg BT 459.52 299.10 Td (were ) Tj ET Q q 0 0 0 rg BT 481.92 299.10 Td (covered ) Tj ET Q q 0 0 0 rg BT 516.53 299.10 Td (over ) Tj ET Q q 0 0 0 rg BT 537.27 299.10 Td (a ) Tj ET Q q 0 0 0 rg BT 544.67 299.10 Td (24-) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 108.00 294.03 452.50 -9.09 re f /GS0 gs q 0 0 0 rg BT 108.00 287.10 Td (month ) Tj ET Q q 0 0 0 rg BT 136.22 287.10 Td (rolling ) Tj ET Q q 0 0 0 rg BT 165.54 287.10 Td (period, ) Tj ET Q q 0 0 0 rg BT 196.25 287.10 Td (and ) Tj ET Q q 0 0 0 rg BT 213.35 287.10 Td (since ) Tj ET Q q 0 0 0 rg BT 236.56 287.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 259.22 287.10 Td (such ) Tj ET Q q 0 0 0 rg BT 280.21 287.10 Td (timeframe ) Tj ET Q q 0 0 0 rg BT 323.96 287.10 Td (has ) Tj ET Q q 0 0 0 rg BT 339.95 287.10 Td (been ) Tj ET Q q 0 0 0 rg BT 361.49 287.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 395.80 287.10 Td (to ) Tj ET Q q 0 0 0 rg BT 406.24 287.10 Td (12 ) Tj ET Q q 0 0 0 rg BT 418.90 287.10 Td (months ) Tj ET Q q 0 0 0 rg BT 451.01 287.10 Td (for ) Tj ET Q q 0 0 0 rg BT 465.33 287.10 Td (all ) Tj ET Q q 0 0 0 rg BT 477.99 287.10 Td (currencies. ) Tj ET Q q 0 0 0 rg BT 524.23 287.10 Td (For ) Tj ET Q q 0 0 0 rg BT 540.78 287.10 Td (firm ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 108.00 282.03 222.18 -9.09 re f /GS0 gs q 0 0 0 rg BT 108.00 275.10 Td (commitments, ) Tj ET Q q 0 0 0 rg BT 167.44 275.10 Td (the ) Tj ET Q q 0 0 0 rg BT 182.16 275.10 Td (policy ) Tj ET Q q 0 0 0 rg BT 209.65 275.10 Td (is ) Tj ET Q q 0 0 0 rg BT 218.82 275.10 Td (to ) Tj ET Q q 0 0 0 rg BT 229.10 275.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 250.49 275.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 276.86 275.10 Td (the ) Tj ET Q q 0 0 0 rg BT 291.58 275.10 Td (exposure.) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 90.00 258.03 18.00 -9.09 re f /GS0 gs q 0 0 0 rg BT 90.00 251.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 108.00 258.03 452.51 -9.09 re f /GS0 gs q 0 0 0 rg BT 108.00 251.10 Td (Several ) Tj ET Q q 0 0 0 rg BT 141.36 251.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 191.96 251.10 Td (are ) Tj ET Q q 0 0 0 rg BT 207.54 251.10 Td (located ) Tj ET Q q 0 0 0 rg BT 239.79 251.10 Td (in ) Tj ET Q q 0 0 0 rg BT 250.95 251.10 Td (countries ) Tj ET Q q 0 0 0 rg BT 290.98 251.10 Td (that ) Tj ET Q q 0 0 0 rg BT 309.36 251.10 Td (are ) Tj ET Q q 0 0 0 rg BT 324.94 251.10 Td (outside ) Tj ET Q q 0 0 0 rg BT 357.21 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 372.80 251.10 Td (Eurozone, ) Tj ET Q q 0 0 0 rg BT 416.99 251.10 Td (in ) Tj ET Q q 0 0 0 rg BT 428.15 251.10 Td (particular ) Tj ET Q q 0 0 0 rg BT 469.84 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 485.43 251.10 Td (United ) Tj ET Q q 0 0 0 rg BT 516.03 251.10 Td (States, ) Tj ET Q q 0 0 0 rg BT 545.79 251.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 108.00 246.03 452.50 -9.09 re f /GS0 gs q 0 0 0 rg BT 108.00 239.10 Td (United ) Tj ET Q q 0 0 0 rg BT 138.98 239.10 Td (Kingdom, ) Tj ET Q q 0 0 0 rg BT 183.03 239.10 Td (Switzerland, ) Tj ET Q q 0 0 0 rg BT 237.06 239.10 Td (China, ) Tj ET Q q 0 0 0 rg BT 267.21 239.10 Td (Hong ) Tj ET Q q 0 0 0 rg BT 293.20 239.10 Td (Kong, ) Tj ET Q q 0 0 0 rg BT 321.69 239.10 Td (Japan, ) Tj ET Q q 0 0 0 rg BT 349.89 239.10 Td (Australia ) Tj ET Q q 0 0 0 rg BT 390.31 239.10 Td (and ) Tj ET Q q 0 0 0 rg BT 408.51 239.10 Td (Singapore. ) Tj ET Q q 0 0 0 rg BT 454.50 239.10 Td (As ) Tj ET Q q 0 0 0 rg BT 469.38 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 485.36 239.10 Td (Group) Tj ET Q q 0 0 0 rg BT 513.69 239.10 Td (s ) Tj ET Q q 0 0 0 rg BT 521.35 239.10 Td (reporting ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 108.00 234.03 452.50 -9.09 re f /GS0 gs q 0 0 0 rg BT 108.00 227.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 144.67 227.10 Td (is ) Tj ET Q q 0 0 0 rg BT 153.03 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 166.94 227.10 Td (Euro, ) Tj ET Q q 0 0 0 rg BT 190.57 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 204.48 227.10 Td (income ) Tj ET Q q 0 0 0 rg BT 235.61 227.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 279.52 227.10 Td (of ) Tj ET Q q 0 0 0 rg BT 289.54 227.10 Td (those ) Tj ET Q q 0 0 0 rg BT 312.34 227.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 356.80 227.10 Td (are ) Tj ET Q q 0 0 0 rg BT 370.70 227.10 Td (converted ) Tj ET Q q 0 0 0 rg BT 411.82 227.10 Td (into ) Tj ET Q q 0 0 0 rg BT 429.07 227.10 Td (Euro ) Tj ET Q q 0 0 0 rg BT 450.20 227.10 Td (using ) Tj ET Q q 0 0 0 rg BT 473.56 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 487.47 227.10 Td (average ) Tj ET Q q 0 0 0 rg BT 520.25 227.10 Td (exchange ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 108.00 222.03 452.50 -9.09 re f /GS0 gs q 0 0 0 rg BT 108.00 215.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 125.51 215.10 Td (for ) Tj ET Q q 0 0 0 rg BT 139.70 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 154.44 215.10 Td (period ) Tj ET Q q 0 0 0 rg BT 182.52 215.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 201.98 215.10 Td (even ) Tj ET Q q 0 0 0 rg BT 223.39 215.10 Td (if ) Tj ET Q q 0 0 0 rg BT 232.02 215.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 270.08 215.10 Td (and ) Tj ET Q q 0 0 0 rg BT 287.05 215.10 Td (mar) Tj ET Q q 0 0 0 rg BT 302.42 215.10 Td (gins ) Tj ET Q q 0 0 0 rg BT 321.61 215.10 Td (are ) Tj ET Q q 0 0 0 rg BT 336.35 215.10 Td (unchanged ) Tj ET Q q 0 0 0 rg BT 382.19 215.10 Td (in ) Tj ET Q q 0 0 0 rg BT 392.49 215.10 Td (local ) Tj ET Q q 0 0 0 rg BT 414.46 215.10 Td (currency) Tj ET Q q 0 0 0 rg BT 448.78 215.10 Td (, ) Tj ET Q q 0 0 0 rg BT 453.81 215.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 488.54 215.10 Td (in ) Tj ET Q q 0 0 0 rg BT 498.85 215.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 539.13 215.10 Td (rates ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 108.00 210.03 285.46 -9.09 re f /GS0 gs q 0 0 0 rg BT 108.00 203.10 Td (can ) Tj ET Q q 0 0 0 rg BT 124.38 203.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 154.09 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 168.81 203.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 201.30 203.10 Td (of ) Tj ET Q q 0 0 0 rg BT 212.13 203.10 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 252.67 203.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 275.17 203.10 Td (and ) Tj ET Q q 0 0 0 rg BT 292.11 203.10 Td (profit ) Tj ET Q q 0 0 0 rg BT 316.82 203.10 Td (as ) Tj ET Q q 0 0 0 rg BT 327.65 203.10 Td (restated ) Tj ET Q q 0 0 0 rg BT 361.25 203.10 Td (in ) Tj ET Q q 0 0 0 rg BT 371.53 203.10 Td (Euro.) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 90.00 186.03 18.00 -9.09 re f /GS0 gs q 0 0 0 rg BT 90.00 179.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 108.00 186.03 452.50 -9.09 re f /GS0 gs q 0 0 0 rg BT 108.00 179.10 Td (The ) Tj ET Q q 0 0 0 rg BT 126.15 179.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 158.74 179.10 Td (of ) Tj ET Q q 0 0 0 rg BT 169.67 179.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 195.60 179.10 Td (and ) Tj ET Q q 0 0 0 rg BT 212.64 179.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 252.46 179.10 Td (of ) Tj ET Q q 0 0 0 rg BT 263.39 179.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 316.53 179.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 361.89 179.10 Td (that ) Tj ET Q q 0 0 0 rg BT 379.49 179.10 Td (report ) Tj ET Q q 0 0 0 rg BT 405.97 179.10 Td (in ) Tj ET Q q 0 0 0 rg BT 416.34 179.10 Td (a ) Tj ET Q q 0 0 0 rg BT 423.38 179.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 460.96 179.10 Td (other ) Tj ET Q q 0 0 0 rg BT 484.11 179.10 Td (than ) Tj ET Q q 0 0 0 rg BT 503.92 179.10 Td (the ) Tj ET Q q 0 0 0 rg BT 518.74 179.10 Td (Euro ) Tj ET Q q 0 0 0 rg BT 540.78 179.10 Td (may ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 108.00 174.03 452.51 -9.09 re f /GS0 gs q 0 0 0 rg BT 108.00 167.10 Td (vary ) Tj ET Q q 0 0 0 rg BT 128.53 167.10 Td (from ) Tj ET Q q 0 0 0 rg BT 150.74 167.10 Td (period ) Tj ET Q q 0 0 0 rg BT 179.05 167.10 Td (to ) Tj ET Q q 0 0 0 rg BT 189.59 167.10 Td (period ) Tj ET Q q 0 0 0 rg BT 217.90 167.10 Td (as ) Tj ET Q q 0 0 0 rg BT 229.00 167.10 Td (a ) Tj ET Q q 0 0 0 rg BT 236.20 167.10 Td (result ) Tj ET Q q 0 0 0 rg BT 261.19 167.10 Td (of ) Tj ET Q q 0 0 0 rg BT 272.28 167.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 307.25 167.10 Td (in ) Tj ET Q q 0 0 0 rg BT 317.80 167.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 358.32 167.10 Td (rates. ) Tj ET Q q 0 0 0 rg BT 382.26 167.10 Td (The ) Tj ET Q q 0 0 0 rg BT 400.57 167.10 Td (ef) Tj ET Q q 0 0 0 rg BT 408.16 167.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 429.80 167.10 Td (of ) Tj ET Q q 0 0 0 rg BT 440.89 167.10 Td (these ) Tj ET Q q 0 0 0 rg BT 464.21 167.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 499.18 167.10 Td (are ) Tj ET Q q 0 0 0 rg BT 514.15 167.10 Td (recognized ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 108.00 162.03 452.50 -9.09 re f /GS0 gs q 0 0 0 rg BT 108.00 155.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 142.70 155.10 Td (in ) Tj ET Q q 0 0 0 rg BT 154.63 155.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 183.78 155.10 Td (as ) Tj ET Q q 0 0 0 rg BT 196.27 155.10 Td (a ) Tj ET Q q 0 0 0 rg BT 204.86 155.10 Td (component ) Tj ET Q q 0 0 0 rg BT 253.45 155.10 Td (of ) Tj ET Q q 0 0 0 rg BT 265.93 155.10 Td (other ) Tj ET Q q 0 0 0 rg BT 290.64 155.10 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 355.32 155.10 Td (income/\(loss\) ) Tj ET Q q 0 0 0 rg BT 413.91 155.10 Td (under ) Tj ET Q q 0 0 0 rg BT 440.84 155.10 Td (gains/\(losses\) ) Tj ET Q q 0 0 0 rg BT 499.43 155.10 Td (from ) Tj ET Q q 0 0 0 rg BT 523.02 155.10 Td (currency ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 108.00 150.03 91.45 -9.09 re f /GS0 gs q 0 0 0 rg BT 108.00 143.10 Td (translation ) Tj ET Q q 0 0 0 rg BT 152.71 143.10 Td (dif) Tj ET Q q 0 0 0 rg BT 163.64 143.10 Td (ferences.) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 54.00 126.03 506.52 -9.09 re f /GS0 gs q 0 0 0 rg BT 54.00 119.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 119.10 Td (The ) Tj ET Q q 0 0 0 rg BT 107.74 119.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 135.49 119.10 Td (monitors ) Tj ET Q q 0 0 0 rg BT 173.24 119.10 Td (its ) Tj ET Q q 0 0 0 rg BT 184.88 119.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 222.61 119.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 260.91 119.10 Td (to ) Tj ET Q q 0 0 0 rg BT 270.88 119.10 Td (conversion ) Tj ET Q q 0 0 0 rg BT 316.95 119.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 356.90 119.10 Td (risk, ) Tj ET Q q 0 0 0 rg BT 376.59 119.10 Td (although ) Tj ET Q q 0 0 0 rg BT 413.78 119.10 Td (there ) Tj ET Q q 0 0 0 rg BT 435.96 119.10 Td (was ) Tj ET Q q 0 0 0 rg BT 453.71 119.10 Td (no ) Tj ET Q q 0 0 0 rg BT 465.90 119.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 499.19 119.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 533.60 119.10 Td (in ) Tj ET Q q 0 0 0 rg BT 543.57 119.10 Td (this ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 54.00 114.03 116.06 -9.09 re f /GS0 gs q 0 0 0 rg BT 54.00 107.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 84.82 107.10 Td (at ) Tj ET Q q 0 0 0 rg BT 94.53 107.10 Td (the ) Tj ET Q q 0 0 0 rg BT 109.25 107.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 148.40 107.10 Td (date. ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 54.00 90.03 210.08 -9.09 re f /GS0 gs q 0 0 0 rg BT 54.00 83.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 83.10 Td (There ) Tj ET Q q 0 0 0 rg BT 116.21 83.10 Td (have ) Tj ET Q q 0 0 0 rg BT 137.98 83.10 Td (been ) Tj ET Q q 0 0 0 rg BT 159.75 83.10 Td (no ) Tj ET Q q 0 0 0 rg BT 172.64 83.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 218.31 83.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 253.41 83.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 264.08 90.03 20.00 -9.09 re f /GS0 gs q 0 0 0 rg BT 264.08 83.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 284.08 90.03 276.43 -9.09 re f /GS0 gs q 0 0 0 rg BT 284.08 83.10 Td ( ) Tj ET Q q 0 0 0 rg BT 286.97 83.10 Td (in ) Tj ET Q q 0 0 0 rg BT 297.64 83.10 Td (the ) Tj ET Q q 0 0 0 rg BT 312.75 83.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 340.63 83.10 Td (or ) Tj ET Q q 0 0 0 rg BT 351.86 83.10 Td (structure ) Tj ET Q q 0 0 0 rg BT 389.73 83.10 Td (of ) Tj ET Q q 0 0 0 rg BT 400.96 83.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 439.95 83.10 Td (to ) Tj ET Q q 0 0 0 rg BT 450.62 83.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 482.39 83.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 520.26 83.10 Td (exchange ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 54.00 78.03 176.35 -9.09 re f /GS0 gs q 0 0 0 rg BT 54.00 71.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 71.49 71.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 88.99 71.10 Td (or ) Tj ET Q q 0 0 0 rg BT 99.82 71.10 Td (in ) Tj ET Q q 0 0 0 rg BT 110.09 71.10 Td (the ) Tj ET Q q 0 0 0 rg BT 124.81 71.10 Td (Group) Tj ET Q q 0 0 0 rg BT 153.14 71.10 Td (s ) Tj ET Q q 0 0 0 rg BT 159.53 71.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 194.25 71.10 Td (policies. ) Tj ET Q endstream endobj 285 0 obj <> endobj 286 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 297.00 41.20 Td (134) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 54.00 738.03 473.11 -9.09 re f /GS0 gs q 0 0 0 rg BT 54.00 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 731.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.67 731.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 146.79 731.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 184.32 731.10 Td (in ) Tj ET Q q 0 0 0 rg BT 195.23 731.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 212.23 731.10 Td (value ) Tj ET Q q 0 0 0 rg BT 237.01 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 248.46 731.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 291.56 731.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 329.67 731.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 379.46 731.10 Td (held ) Tj ET Q q 0 0 0 rg BT 399.80 731.10 Td (by ) Tj ET Q q 0 0 0 rg BT 412.92 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 428.26 731.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 456.94 731.10 Td (at ) Tj ET Q q 0 0 0 rg BT 467.28 731.10 Td (December ) Tj ET Q q 0 0 0 rg BT 511.49 731.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 527.11 738.03 20.00 -9.09 re f /GS0 gs q 0 0 0 rg BT 527.11 731.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 547.11 738.03 13.40 -9.09 re f /GS0 gs q 0 0 0 rg BT 547.11 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 550.24 731.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 54.00 726.03 506.51 -9.09 re f /GS0 gs q 0 0 0 rg BT 54.00 719.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 79.56 719.10 Td (against ) Tj ET Q q 0 0 0 rg BT 109.57 719.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 140.13 719.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 176.79 719.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 216.23 719.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 232.90 719.10 Td (risk, ) Tj ET Q q 0 0 0 rg BT 252.09 719.10 Td (which ) Tj ET Q q 0 0 0 rg BT 278.21 719.10 Td (would ) Tj ET Q q 0 0 0 rg BT 304.89 719.10 Td (arise ) Tj ET Q q 0 0 0 rg BT 325.46 719.10 Td (in ) Tj ET Q q 0 0 0 rg BT 334.92 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 348.82 719.10 Td (case ) Tj ET Q q 0 0 0 rg BT 367.71 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 377.73 719.10 Td (a ) Tj ET Q q 0 0 0 rg BT 383.85 719.10 Td (hypothetical, ) Tj ET Q q 0 0 0 rg BT 437.46 719.10 Td (immediate ) Tj ET Q q 0 0 0 rg BT 481.35 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 497.48 719.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 529.70 719.10 Td (change ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 54.00 714.03 432.87 -9.09 re f /GS0 gs q 0 0 0 rg BT 54.00 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 64.86 707.10 Td (10 ) Tj ET Q q 0 0 0 rg BT 77.39 707.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 109.34 707.10 Td (in ) Tj ET Q q 0 0 0 rg BT 119.65 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 134.40 707.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 174.68 707.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 196.08 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 206.94 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 221.69 707.10 Td (major ) Tj ET Q q 0 0 0 rg BT 247.54 707.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 278.95 707.10 Td (currencies ) Tj ET Q q 0 0 0 rg BT 322.56 707.10 Td (with ) Tj ET Q q 0 0 0 rg BT 342.87 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.62 707.10 Td (Euro, ) Tj ET Q q 0 0 0 rg BT 382.09 707.10 Td (would ) Tj ET Q q 0 0 0 rg BT 409.62 707.10 Td (be ) Tj ET Q q 0 0 0 rg BT 421.58 707.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 481.87 707.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.87 707.10 Td (135,271) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 519.37 714.03 41.14 -9.09 re f /GS0 gs q 0 0 0 rg BT 519.37 707.10 Td ( ) Tj ET Q q 0 0 0 rg BT 521.90 707.10 Td (thousand ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 54.00 702.03 152.17 -9.09 re f /GS0 gs q 0 0 0 rg BT 54.00 695.10 Td (\(177,704 ) Tj ET Q q 0 0 0 rg BT 97.72 695.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 136.71 695.10 Td (at ) Tj ET Q q 0 0 0 rg BT 146.81 695.10 Td (December ) Tj ET Q q 0 0 0 rg BT 190.78 695.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 206.17 702.03 20.00 -9.09 re f /GS0 gs q 0 0 0 rg BT 206.17 695.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 226.17 702.03 334.34 -9.09 re f /GS0 gs q 0 0 0 rg BT 226.17 695.10 Td (\). ) Tj ET Q q 0 0 0 rg BT 234.88 695.10 Td (Receivables, ) Tj ET Q q 0 0 0 rg BT 288.58 695.10 Td (payables ) Tj ET Q q 0 0 0 rg BT 326.45 695.10 Td (and ) Tj ET Q q 0 0 0 rg BT 343.78 695.10 Td (future ) Tj ET Q q 0 0 0 rg BT 370.54 695.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 393.41 695.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 418.52 695.10 Td (for ) Tj ET Q q 0 0 0 rg BT 433.06 695.10 Td (which ) Tj ET Q q 0 0 0 rg BT 460.39 695.10 Td (hedges ) Tj ET Q q 0 0 0 rg BT 491.04 695.10 Td (have ) Tj ET Q q 0 0 0 rg BT 512.80 695.10 Td (been ) Tj ET Q q 0 0 0 rg BT 534.57 695.10 Td (put ) Tj ET Q q 0 0 0 rg BT 550.23 695.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 54.00 690.03 506.51 -9.09 re f /GS0 gs q 0 0 0 rg BT 54.00 683.10 Td (place ) Tj ET Q q 0 0 0 rg BT 77.37 683.10 Td (were ) Tj ET Q q 0 0 0 rg BT 99.08 683.10 Td (not ) Tj ET Q q 0 0 0 rg BT 114.14 683.10 Td (included ) Tj ET Q q 0 0 0 rg BT 150.85 683.10 Td (in ) Tj ET Q q 0 0 0 rg BT 160.91 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 175.41 683.10 Td (analysis. ) Tj ET Q q 0 0 0 rg BT 212.40 683.10 Td (It ) Tj ET Q q 0 0 0 rg BT 220.79 683.10 Td (is ) Tj ET Q q 0 0 0 rg BT 229.74 683.10 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 274.77 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 284.83 683.10 Td (assume ) Tj ET Q q 0 0 0 rg BT 316.55 683.10 Td (that ) Tj ET Q q 0 0 0 rg BT 333.82 683.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 368.31 683.10 Td (in ) Tj ET Q q 0 0 0 rg BT 378.37 683.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 409.52 683.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 446.78 683.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 486.81 683.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 507.97 683.10 Td (will ) Tj ET Q q 0 0 0 rg BT 525.80 683.10 Td (produce ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 54.00 678.03 416.61 -9.09 re f /GS0 gs q 0 0 0 rg BT 54.00 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 68.72 671.10 Td (opposite ) Tj ET Q q 0 0 0 rg BT 105.10 671.10 Td (ef) Tj ET Q q 0 0 0 rg BT 112.69 671.10 Td (fect, ) Tj ET Q q 0 0 0 rg BT 132.68 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 143.51 671.10 Td (an ) Tj ET Q q 0 0 0 rg BT 155.45 671.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 179.60 671.10 Td (or ) Tj ET Q q 0 0 0 rg BT 190.43 671.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 220.68 671.10 Td (amount, ) Tj ET Q q 0 0 0 rg BT 255.68 671.10 Td (on ) Tj ET Q q 0 0 0 rg BT 268.18 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 282.90 671.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 328.72 671.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 378.99 671.10 Td (that ) Tj ET Q q 0 0 0 rg BT 396.48 671.10 Td (have ) Tj ET Q q 0 0 0 rg BT 417.86 671.10 Td (been ) Tj ET Q q 0 0 0 rg BT 439.23 671.10 Td (hedged.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 641.70 Td (Quantitative information on interest rate risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 621.70 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 621.70 Td (Our ) Tj ET Q q 0 0 0 rg BT 107.58 621.70 Td (exposure ) Tj ET Q q 0 0 0 rg BT 145.70 621.70 Td (to ) Tj ET Q q 0 0 0 rg BT 155.51 621.70 Td (interest ) Tj ET Q q 0 0 0 rg BT 186.97 621.70 Td (rate ) Tj ET Q q 0 0 0 rg BT 203.98 621.70 Td (risk, ) Tj ET Q q 0 0 0 rg BT 223.51 621.70 Td (though ) Tj ET Q q 0 0 0 rg BT 253.31 621.70 Td (less ) Tj ET Q q 0 0 0 rg BT 270.34 621.70 Td (significant, ) Tj ET Q q 0 0 0 rg BT 317.08 621.70 Td (arises ) Tj ET Q q 0 0 0 rg BT 341.87 621.70 Td (from ) Tj ET Q q 0 0 0 rg BT 363.33 621.70 Td (the ) Tj ET Q q 0 0 0 rg BT 377.58 621.70 Td (need ) Tj ET Q q 0 0 0 rg BT 398.48 621.70 Td (to ) Tj ET Q q 0 0 0 rg BT 408.29 621.70 Td (fund ) Tj ET Q q 0 0 0 rg BT 428.64 621.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 465.65 621.70 Td (operating ) Tj ET Q q 0 0 0 rg BT 505.44 621.70 Td (activities ) Tj ET Q q 0 0 0 rg BT 543.56 621.70 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 609.70 Td (the ) Tj ET Q q 0 0 0 rg BT 68.97 609.70 Td (necessity ) Tj ET Q q 0 0 0 rg BT 108.38 609.70 Td (to ) Tj ET Q q 0 0 0 rg BT 118.91 609.70 Td (deploy ) Tj ET Q q 0 0 0 rg BT 148.88 609.70 Td (surplus ) Tj ET Q q 0 0 0 rg BT 180.53 609.70 Td (funds. ) Tj ET Q q 0 0 0 rg BT 208.00 609.70 Td (In ) Tj ET Q q 0 0 0 rg BT 219.09 609.70 Td (addition, ) Tj ET Q q 0 0 0 rg BT 257.12 609.70 Td (during ) Tj ET Q q 0 0 0 rg BT 285.98 609.70 Td (2015 ) Tj ET Q q 0 0 0 rg BT 308.73 609.70 Td (we ) Tj ET Q q 0 0 0 rg BT 323.15 609.70 Td (have ) Tj ET Q q 0 0 0 rg BT 344.78 609.70 Td (entered ) Tj ET Q q 0 0 0 rg BT 376.95 609.70 Td (into ) Tj ET Q q 0 0 0 rg BT 395.26 609.70 Td (a ) Tj ET Q q 0 0 0 rg BT 402.46 609.70 Td (new ) Tj ET Q q 0 0 0 rg BT 421.67 609.70 Td (T) Tj ET Q q 0 0 0 rg BT 427.08 609.70 Td (erm ) Tj ET Q q 0 0 0 rg BT 445.38 609.70 Td (Loan ) Tj ET Q q 0 0 0 rg BT 468.68 609.70 Td (and ) Tj ET Q q 0 0 0 rg BT 485.88 609.70 Td (Bridge ) Tj ET Q q 0 0 0 rg BT 515.85 609.70 Td (Loan ) Tj ET Q q 0 0 0 rg BT 539.15 609.70 Td (for ) Tj ET Q q 0 0 0 rg BT 553.56 609.70 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 597.70 Td (total ) Tj ET Q q 0 0 0 rg BT 74.61 597.70 Td (amount ) Tj ET Q q 0 0 0 rg BT 107.45 597.70 Td (of ) Tj ET Q q 0 0 0 rg BT 118.62 597.70 Td (2 ) Tj ET Q q 0 0 0 rg BT 131.46 597.70 Td (billion ) Tj ET Q q 0 0 0 rg BT 160.41 597.70 Td (which ) Tj ET Q q 0 0 0 rg BT 187.69 597.70 Td (bear ) Tj ET Q q 0 0 0 rg BT 207.73 597.70 Td (floating ) Tj ET Q q 0 0 0 rg BT 241.68 597.70 Td (rates ) Tj ET Q q 0 0 0 rg BT 263.39 597.70 Td (of ) Tj ET Q q 0 0 0 rg BT 274.56 597.70 Td (interest. ) Tj ET Q q 0 0 0 rg BT 309.33 597.70 Td (Changes ) Tj ET Q q 0 0 0 rg BT 346.61 597.70 Td (in ) Tj ET Q q 0 0 0 rg BT 357.23 597.70 Td (market ) Tj ET Q q 0 0 0 rg BT 387.83 597.70 Td (interest ) Tj ET Q q 0 0 0 rg BT 420.11 597.70 Td (rates ) Tj ET Q q 0 0 0 rg BT 441.82 597.70 Td (may ) Tj ET Q q 0 0 0 rg BT 461.88 597.70 Td (have ) Tj ET Q q 0 0 0 rg BT 483.59 597.70 Td (the ) Tj ET Q q 0 0 0 rg BT 498.65 597.70 Td (ef) Tj ET Q q 0 0 0 rg BT 506.24 597.70 Td (fect ) Tj ET Q q 0 0 0 rg BT 524.06 597.70 Td (of ) Tj ET Q q 0 0 0 rg BT 535.23 597.70 Td (either ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 585.70 Td (increasing ) Tj ET Q q 0 0 0 rg BT 98.92 585.70 Td (or ) Tj ET Q q 0 0 0 rg BT 111.08 585.70 Td (decreasing ) Tj ET Q q 0 0 0 rg BT 157.67 585.70 Td (our ) Tj ET Q q 0 0 0 rg BT 174.83 585.70 Td (net ) Tj ET Q q 0 0 0 rg BT 190.88 585.70 Td (profit/\(loss\), ) Tj ET Q q 0 0 0 rg BT 244.42 585.70 Td (thereby ) Tj ET Q q 0 0 0 rg BT 278.24 585.70 Td (indirectly ) Tj ET Q q 0 0 0 rg BT 320.39 585.70 Td (af) Tj ET Q q 0 0 0 rg BT 327.98 585.70 Td (fecting ) Tj ET Q q 0 0 0 rg BT 359.57 585.70 Td (the ) Tj ET Q q 0 0 0 rg BT 375.62 585.70 Td (costs ) Tj ET Q q 0 0 0 rg BT 399.45 585.70 Td (and ) Tj ET Q q 0 0 0 rg BT 417.71 585.70 Td (returns ) Tj ET Q q 0 0 0 rg BT 449.31 585.70 Td (of ) Tj ET Q q 0 0 0 rg BT 461.47 585.70 Td (financing ) Tj ET Q q 0 0 0 rg BT 503.07 585.70 Td (and ) Tj ET Q q 0 0 0 rg BT 521.34 585.70 Td (investing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 573.70 Td (transactions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 549.70 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 549.70 Td (These ) Tj ET Q q 0 0 0 rg BT 117.23 549.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 155.56 549.70 Td (market ) Tj ET Q q 0 0 0 rg BT 186.67 549.70 Td (risks ) Tj ET Q q 0 0 0 rg BT 208.91 549.70 Td (could ) Tj ET Q q 0 0 0 rg BT 234.48 549.70 Td (significantly ) Tj ET Q q 0 0 0 rg BT 287.82 549.70 Td (af) Tj ET Q q 0 0 0 rg BT 295.41 549.70 Td (fect ) Tj ET Q q 0 0 0 rg BT 313.74 549.70 Td (our ) Tj ET Q q 0 0 0 rg BT 330.42 549.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 368.75 549.70 Td (position ) Tj ET Q q 0 0 0 rg BT 404.33 549.70 Td (and ) Tj ET Q q 0 0 0 rg BT 422.11 549.70 Td (results ) Tj ET Q q 0 0 0 rg BT 451.57 549.70 Td (of ) Tj ET Q q 0 0 0 rg BT 463.25 549.70 Td (operations, ) Tj ET Q q 0 0 0 rg BT 510.76 549.70 Td (and ) Tj ET Q q 0 0 0 rg BT 528.54 549.70 Td (for ) Tj ET Q q 0 0 0 rg BT 543.55 549.70 Td (this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 537.70 Td (reason ) Tj ET Q q 0 0 0 rg BT 82.80 537.70 Td (these ) Tj ET Q q 0 0 0 rg BT 106.05 537.70 Td (risks ) Tj ET Q q 0 0 0 rg BT 127.64 537.70 Td (are ) Tj ET Q q 0 0 0 rg BT 142.55 537.70 Td (identified ) Tj ET Q q 0 0 0 rg BT 183.57 537.70 Td (and ) Tj ET Q q 0 0 0 rg BT 200.71 537.70 Td (monitored, ) Tj ET Q q 0 0 0 rg BT 247.02 537.70 Td (in ) Tj ET Q q 0 0 0 rg BT 257.50 537.70 Td (order ) Tj ET Q q 0 0 0 rg BT 281.30 537.70 Td (to ) Tj ET Q q 0 0 0 rg BT 291.78 537.70 Td (detect ) Tj ET Q q 0 0 0 rg BT 318.35 537.70 Td (potential ) Tj ET Q q 0 0 0 rg BT 356.04 537.70 Td (negative ) Tj ET Q q 0 0 0 rg BT 392.62 537.70 Td (ef) Tj ET Q q 0 0 0 rg BT 400.21 537.70 Td (fects ) Tj ET Q q 0 0 0 rg BT 421.78 537.70 Td (in ) Tj ET Q q 0 0 0 rg BT 432.26 537.70 Td (advance ) Tj ET Q q 0 0 0 rg BT 467.72 537.70 Td (and ) Tj ET Q q 0 0 0 rg BT 484.86 537.70 Td (take ) Tj ET Q q 0 0 0 rg BT 504.22 537.70 Td (the ) Tj ET Q q 0 0 0 rg BT 519.14 537.70 Td (necessary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 525.70 Td (actions ) Tj ET Q q 0 0 0 rg BT 84.75 525.70 Td (to ) Tj ET Q q 0 0 0 rg BT 94.95 525.70 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 130.14 525.70 Td (them, ) Tj ET Q q 0 0 0 rg BT 155.05 525.70 Td (primarily ) Tj ET Q q 0 0 0 rg BT 194.69 525.70 Td (through ) Tj ET Q q 0 0 0 rg BT 228.22 525.70 Td (our ) Tj ET Q q 0 0 0 rg BT 243.97 525.70 Td (operating ) Tj ET Q q 0 0 0 rg BT 284.16 525.70 Td (and ) Tj ET Q q 0 0 0 rg BT 301.02 525.70 Td (financing ) Tj ET Q q 0 0 0 rg BT 341.20 525.70 Td (activities ) Tj ET Q q 0 0 0 rg BT 379.72 525.70 Td (and ) Tj ET Q q 0 0 0 rg BT 396.58 525.70 Td (if ) Tj ET Q q 0 0 0 rg BT 405.11 525.70 Td (required, ) Tj ET Q q 0 0 0 rg BT 443.35 525.70 Td (through ) Tj ET Q q 0 0 0 rg BT 476.88 525.70 Td (the ) Tj ET Q q 0 0 0 rg BT 491.52 525.70 Td (use ) Tj ET Q q 0 0 0 rg BT 507.27 525.70 Td (of ) Tj ET Q q 0 0 0 rg BT 518.02 525.70 Td (derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 513.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 91.52 513.70 Td (instruments. ) Tj ET Q q 0 0 0 rg BT 143.04 513.70 Td (The ) Tj ET Q q 0 0 0 rg BT 161.13 513.70 Td (Company ) Tj ET Q q 0 0 0 rg BT 202.55 513.70 Td (did ) Tj ET Q q 0 0 0 rg BT 217.87 513.70 Td (not ) Tj ET Q q 0 0 0 rg BT 233.19 513.70 Td (enter ) Tj ET Q q 0 0 0 rg BT 255.71 513.70 Td (into ) Tj ET Q q 0 0 0 rg BT 273.81 513.70 Td (any ) Tj ET Q q 0 0 0 rg BT 290.78 513.70 Td (interest ) Tj ET Q q 0 0 0 rg BT 322.76 513.70 Td (rate ) Tj ET Q q 0 0 0 rg BT 340.28 513.70 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 386.69 513.70 Td (in ) Tj ET Q q 0 0 0 rg BT 397.01 513.70 Td (the ) Tj ET Q q 0 0 0 rg BT 411.77 513.70 Td (periods ) Tj ET Q q 0 0 0 rg BT 443.74 513.70 Td (covered ) Tj ET Q q 0 0 0 rg BT 477.93 513.70 Td (by ) Tj ET Q q 0 0 0 rg BT 490.47 513.70 Td (the ) Tj ET Q q 0 0 0 rg BT 505.22 513.70 Td (Consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 501.70 Td (Financial ) Tj ET Q q 0 0 0 rg BT 93.71 501.70 Td (Statements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 477.70 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 477.70 Td (Our ) Tj ET Q q 0 0 0 rg BT 108.10 477.70 Td (most ) Tj ET Q q 0 0 0 rg BT 130.11 477.70 Td (significant ) Tj ET Q q 0 0 0 rg BT 174.87 477.70 Td (floating ) Tj ET Q q 0 0 0 rg BT 208.53 477.70 Td (rate ) Tj ET Q q 0 0 0 rg BT 226.06 477.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 263.60 477.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 289.48 477.70 Td (were ) Tj ET Q q 0 0 0 rg BT 311.46 477.70 Td (our ) Tj ET Q q 0 0 0 rg BT 327.34 477.70 Td (deposits ) Tj ET Q q 0 0 0 rg BT 362.68 477.70 Td (in ) Tj ET Q q 0 0 0 rg BT 373.01 477.70 Td (FCA) Tj ET Q q 0 0 0 rg BT 391.91 477.70 Td ( ) Tj ET Q q 0 0 0 rg BT 394.46 477.70 Td (Group ) Tj ET Q q 0 0 0 rg BT 422.57 477.70 Td (cash ) Tj ET Q q 0 0 0 rg BT 442.89 477.70 Td (management ) Tj ET Q q 0 0 0 rg BT 496.53 477.70 Td (pools, ) Tj ET Q q 0 0 0 rg BT 523.25 477.70 Td (cash ) Tj ET Q q 0 0 0 rg BT 543.57 477.70 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 465.70 Td (cash ) Tj ET Q q 0 0 0 rg BT 74.67 465.70 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 123.11 465.70 Td (and ) Tj ET Q q 0 0 0 rg BT 140.44 465.70 Td (certain ) Tj ET Q q 0 0 0 rg BT 170.54 465.70 Td (receivables ) Tj ET Q q 0 0 0 rg BT 218.41 465.70 Td (from ) Tj ET Q q 0 0 0 rg BT 240.75 465.70 Td (financing ) Tj ET Q q 0 0 0 rg BT 281.41 465.70 Td (activities ) Tj ET Q q 0 0 0 rg BT 320.41 465.70 Td (\(mainly ) Tj ET Q q 0 0 0 rg BT 354.41 465.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 392.29 465.70 Td (receivables ) Tj ET Q q 0 0 0 rg BT 440.15 465.70 Td (from ) Tj ET Q q 0 0 0 rg BT 462.49 465.70 Td (FCA) Tj ET Q q 0 0 0 rg BT 481.39 465.70 Td ( ) Tj ET Q q 0 0 0 rg BT 484.29 465.70 Td (Group ) Tj ET Q q 0 0 0 rg BT 512.74 465.70 Td (companies, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 453.70 Td (factoring ) Tj ET Q q 0 0 0 rg BT 92.91 453.70 Td (receivables, ) Tj ET Q q 0 0 0 rg BT 143.20 453.70 Td (dealer ) Tj ET Q q 0 0 0 rg BT 170.44 453.70 Td (financing ) Tj ET Q q 0 0 0 rg BT 211.02 453.70 Td (and ) Tj ET Q q 0 0 0 rg BT 228.27 453.70 Td (some ) Tj ET Q q 0 0 0 rg BT 252.20 453.70 Td (client ) Tj ET Q q 0 0 0 rg BT 277.23 453.70 Td (financing ) Tj ET Q q 0 0 0 rg BT 317.81 453.70 Td (receivables\) ) Tj ET Q q 0 0 0 rg BT 368.92 453.70 Td (while ) Tj ET Q q 0 0 0 rg BT 393.96 453.70 Td (our ) Tj ET Q q 0 0 0 rg BT 410.10 453.70 Td (debt ) Tj ET Q q 0 0 0 rg BT 430.14 453.70 Td (generally ) Tj ET Q q 0 0 0 rg BT 470.15 453.70 Td (bears ) Tj ET Q q 0 0 0 rg BT 494.07 453.70 Td (floating ) Tj ET Q q 0 0 0 rg BT 527.99 453.70 Td (rates ) Tj ET Q q 0 0 0 rg BT 549.68 453.70 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 441.70 Td (interest. ) Tj ET Q q 0 0 0 rg BT 88.03 441.70 Td (At ) Tj ET Q q 0 0 0 rg BT 100.71 441.70 Td (December ) Tj ET Q q 0 0 0 rg BT 144.49 441.70 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.67 441.70 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.67 441.70 Td (, ) Tj ET Q q 0 0 0 rg BT 184.86 441.70 Td (a ) Tj ET Q q 0 0 0 rg BT 191.98 441.70 Td (10 ) Tj ET Q q 0 0 0 rg BT 204.67 441.70 Td (basis ) Tj ET Q q 0 0 0 rg BT 227.36 441.70 Td (point ) Tj ET Q q 0 0 0 rg BT 250.60 441.70 Td (decrease ) Tj ET Q q 0 0 0 rg BT 287.70 441.70 Td (in ) Tj ET Q q 0 0 0 rg BT 298.17 441.70 Td (interest ) Tj ET Q q 0 0 0 rg BT 330.29 441.70 Td (rates ) Tj ET Q q 0 0 0 rg BT 351.85 441.70 Td (on ) Tj ET Q q 0 0 0 rg BT 364.54 441.70 Td (such ) Tj ET Q q 0 0 0 rg BT 385.56 441.70 Td (floating ) Tj ET Q q 0 0 0 rg BT 419.35 441.70 Td (rate ) Tj ET Q q 0 0 0 rg BT 437.02 441.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 474.69 441.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 500.71 441.70 Td (and ) Tj ET Q q 0 0 0 rg BT 517.83 441.70 Td (debt, ) Tj ET Q q 0 0 0 rg BT 540.23 441.70 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 429.70 Td (all ) Tj ET Q q 0 0 0 rg BT 66.12 429.70 Td (other ) Tj ET Q q 0 0 0 rg BT 88.80 429.70 Td (variables ) Tj ET Q q 0 0 0 rg BT 127.02 429.70 Td (held ) Tj ET Q q 0 0 0 rg BT 146.37 429.70 Td (constant, ) Tj ET Q q 0 0 0 rg BT 184.32 429.70 Td (would ) Tj ET Q q 0 0 0 rg BT 211.45 429.70 Td (have ) Tj ET Q q 0 0 0 rg BT 232.46 429.70 Td (resulted ) Tj ET Q q 0 0 0 rg BT 266.24 429.70 Td (in ) Tj ET Q q 0 0 0 rg BT 276.15 429.70 Td (an ) Tj ET Q q 0 0 0 rg BT 287.72 429.70 Td (increase ) Tj ET Q q 0 0 0 rg BT 322.60 429.70 Td (in ) Tj ET Q q 0 0 0 rg BT 332.51 429.70 Td (profit ) Tj ET Q q 0 0 0 rg BT 356.85 429.70 Td (before ) Tj ET Q q 0 0 0 rg BT 384.52 429.70 Td (taxes ) Tj ET Q q 0 0 0 rg BT 407.19 429.70 Td (of ) Tj ET Q q 0 0 0 rg BT 417.65 429.70 Td (1,204 ) Tj ET Q q 0 0 0 rg BT 447.28 429.70 Td (thousand ) Tj ET Q q 0 0 0 rg BT 485.52 429.70 Td (on ) Tj ET Q q 0 0 0 rg BT 497.65 429.70 Td (an ) Tj ET Q q 0 0 0 rg BT 509.21 429.70 Td (annual ) Tj ET Q q 0 0 0 rg BT 538.00 429.70 Td (basis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 417.70 Td (\(a ) Tj ET Q q 0 0 0 rg BT 64.10 417.70 Td (decrease ) Tj ET Q q 0 0 0 rg BT 100.84 417.70 Td (of ) Tj ET Q q 0 0 0 rg BT 111.50 417.70 Td (598 ) Tj ET Q q 0 0 0 rg BT 133.83 417.70 Td (thousand ) Tj ET Q q 0 0 0 rg BT 172.26 417.70 Td (at ) Tj ET Q q 0 0 0 rg BT 181.81 417.70 Td (December ) Tj ET Q q 0 0 0 rg BT 225.22 417.70 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.05 417.70 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.05 417.70 Td (\). ) Tj ET Q q 0 0 0 rg BT 268.04 417.70 Td (The ) Tj ET Q q 0 0 0 rg BT 285.91 417.70 Td (analysis ) Tj ET Q q 0 0 0 rg BT 320.46 417.70 Td (is ) Tj ET Q q 0 0 0 rg BT 329.45 417.70 Td (based ) Tj ET Q q 0 0 0 rg BT 354.55 417.70 Td (on ) Tj ET Q q 0 0 0 rg BT 366.88 417.70 Td (the ) Tj ET Q q 0 0 0 rg BT 381.42 417.70 Td (assumption ) Tj ET Q q 0 0 0 rg BT 429.31 417.70 Td (that ) Tj ET Q q 0 0 0 rg BT 446.63 417.70 Td (floating ) Tj ET Q q 0 0 0 rg BT 480.06 417.70 Td (rate ) Tj ET Q q 0 0 0 rg BT 497.38 417.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 534.69 417.70 Td (assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 405.70 Td (and ) Tj ET Q q 0 0 0 rg BT 70.92 405.70 Td (debt ) Tj ET Q q 0 0 0 rg BT 90.62 405.70 Td (which ) Tj ET Q q 0 0 0 rg BT 117.55 405.70 Td (expires ) Tj ET Q q 0 0 0 rg BT 148.91 405.70 Td (during ) Tj ET Q q 0 0 0 rg BT 177.50 405.70 Td (the ) Tj ET Q q 0 0 0 rg BT 192.20 405.70 Td (projected ) Tj ET Q q 0 0 0 rg BT 231.89 405.70 Td (12 ) Tj ET Q q 0 0 0 rg BT 244.37 405.70 Td (month ) Tj ET Q q 0 0 0 rg BT 272.41 405.70 Td (period ) Tj ET Q q 0 0 0 rg BT 300.45 405.70 Td (will ) Tj ET Q q 0 0 0 rg BT 318.49 405.70 Td (be ) Tj ET Q q 0 0 0 rg BT 330.41 405.70 Td (renewed ) Tj ET Q q 0 0 0 rg BT 366.76 405.70 Td (or ) Tj ET Q q 0 0 0 rg BT 377.58 405.70 Td (reinvested ) Tj ET Q q 0 0 0 rg BT 421.15 405.70 Td (in ) Tj ET Q q 0 0 0 rg BT 431.42 405.70 Td (similar ) Tj ET Q q 0 0 0 rg BT 461.67 405.70 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 513.32 405.70 Td (bearing ) Tj ET Q q 0 0 0 rg BT 545.79 405.70 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 393.70 Td (hypothetical ) Tj ET Q q 0 0 0 rg BT 105.93 393.70 Td (short-term ) Tj ET Q q 0 0 0 rg BT 150.08 393.70 Td (interest ) Tj ET Q q 0 0 0 rg BT 182.02 393.70 Td (rates.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 376.30 Td (Quantitative information on credit risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 356.30 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 356.30 Td (Receivables ) Tj ET Q q 0 0 0 rg BT 140.58 356.30 Td (from ) Tj ET Q q 0 0 0 rg BT 162.29 356.30 Td (financing ) Tj ET Q q 0 0 0 rg BT 202.32 356.30 Td (activities ) Tj ET Q q 0 0 0 rg BT 240.69 356.30 Td (amounting ) Tj ET Q q 0 0 0 rg BT 285.73 356.30 Td (to ) Tj ET Q q 0 0 0 rg BT 295.78 356.30 Td (1,173,825 ) Tj ET Q q 0 0 0 rg BT 343.05 356.30 Td (thousand ) Tj ET Q q 0 0 0 rg BT 381.43 356.30 Td (at ) Tj ET Q q 0 0 0 rg BT 390.91 356.30 Td (December ) Tj ET Q q 0 0 0 rg BT 434.27 356.30 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.04 356.30 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.04 356.30 Td ( ) Tj ET Q q 0 0 0 rg BT 471.31 356.30 Td (\(1,224,446 ) Tj ET Q q 0 0 0 rg BT 521.91 356.30 Td (thousand ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 344.30 Td (at ) Tj ET Q q 0 0 0 rg BT 63.37 344.30 Td (December ) Tj ET Q q 0 0 0 rg BT 106.61 344.30 Td (31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.11 344.30 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.11 344.30 Td (\) ) Tj ET Q q 0 0 0 rg BT 144.60 344.30 Td (are ) Tj ET Q q 0 0 0 rg BT 158.96 344.30 Td (shown ) Tj ET Q q 0 0 0 rg BT 187.23 344.30 Td (net ) Tj ET Q q 0 0 0 rg BT 201.60 344.30 Td (of ) Tj ET Q q 0 0 0 rg BT 212.08 344.30 Td (the ) Tj ET Q q 0 0 0 rg BT 226.45 344.30 Td (allowance ) Tj ET Q q 0 0 0 rg BT 269.14 344.30 Td (for ) Tj ET Q q 0 0 0 rg BT 282.96 344.30 Td (doubtful ) Tj ET Q q 0 0 0 rg BT 319.00 344.30 Td (accounts ) Tj ET Q q 0 0 0 rg BT 356.14 344.30 Td (amounting ) Tj ET Q q 0 0 0 rg BT 401.06 344.30 Td (to ) Tj ET Q q 0 0 0 rg BT 411.00 344.30 Td (18,671 ) Tj ET Q q 0 0 0 rg BT 445.65 344.30 Td (thousand ) Tj ET Q q 0 0 0 rg BT 483.92 344.30 Td (\(14,201 ) Tj ET Q q 0 0 0 rg BT 521.90 344.30 Td (thousand ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 332.30 Td (at ) Tj ET Q q 0 0 0 rg BT 63.62 332.30 Td (December ) Tj ET Q q 0 0 0 rg BT 107.10 332.30 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 332.30 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.00 332.30 Td (\). ) Tj ET Q q 0 0 0 rg BT 150.24 332.30 Td ( ) Tj ET Q q 0 0 0 rg BT 152.11 332.30 Td (After ) Tj ET Q q 0 0 0 rg BT 175.61 332.30 Td (considering ) Tj ET Q q 0 0 0 rg BT 224.66 332.30 Td (the ) Tj ET Q q 0 0 0 rg BT 239.28 332.30 Td (allowance ) Tj ET Q q 0 0 0 rg BT 282.22 332.30 Td (for ) Tj ET Q q 0 0 0 rg BT 296.28 332.30 Td (doubtful ) Tj ET Q q 0 0 0 rg BT 332.57 332.30 Td (accounts, ) Tj ET Q q 0 0 0 rg BT 372.45 332.30 Td (16,230 ) Tj ET Q q 0 0 0 rg BT 407.35 332.30 Td (thousand ) Tj ET Q q 0 0 0 rg BT 445.86 332.30 Td (of ) Tj ET Q q 0 0 0 rg BT 456.59 332.30 Td (receivables ) Tj ET Q q 0 0 0 rg BT 503.97 332.30 Td (were ) Tj ET Q q 0 0 0 rg BT 525.80 332.30 Td (overdue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 320.30 Td (\(12,032 ) Tj ET Q q 0 0 0 rg BT 92.57 320.30 Td (thousand ) Tj ET Q q 0 0 0 rg BT 131.42 320.30 Td (at ) Tj ET Q q 0 0 0 rg BT 141.38 320.30 Td (December ) Tj ET Q q 0 0 0 rg BT 185.21 320.30 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.45 320.30 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.45 320.30 Td (\). ) Tj ET Q q 0 0 0 rg BT 229.02 320.30 Td ( ) Tj ET Q q 0 0 0 rg BT 231.56 320.30 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 276.22 320.30 Td (overdue ) Tj ET Q q 0 0 0 rg BT 311.17 320.30 Td (receivables ) Tj ET Q q 0 0 0 rg BT 358.88 320.30 Td (represent ) Tj ET Q q 0 0 0 rg BT 398.27 320.30 Td (a ) Tj ET Q q 0 0 0 rg BT 405.45 320.30 Td (minor ) Tj ET Q q 0 0 0 rg BT 432.08 320.30 Td (portion ) Tj ET Q q 0 0 0 rg BT 463.70 320.30 Td (of ) Tj ET Q q 0 0 0 rg BT 474.78 320.30 Td (our ) Tj ET Q q 0 0 0 rg BT 490.85 320.30 Td (receivables ) Tj ET Q q 0 0 0 rg BT 538.56 320.30 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 308.30 Td (financing ) Tj ET Q q 0 0 0 rg BT 94.26 308.30 Td (activities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 288.30 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 288.30 Td (In ) Tj ET Q q 0 0 0 rg BT 100.58 288.30 Td (addition, ) Tj ET Q q 0 0 0 rg BT 138.10 288.30 Td (of ) Tj ET Q q 0 0 0 rg BT 148.68 288.30 Td (the ) Tj ET Q q 0 0 0 rg BT 163.14 288.30 Td (total ) Tj ET Q q 0 0 0 rg BT 183.16 288.30 Td (receivables ) Tj ET Q q 0 0 0 rg BT 230.38 288.30 Td (from ) Tj ET Q q 0 0 0 rg BT 252.07 288.30 Td (financing ) Tj ET Q q 0 0 0 rg BT 292.08 288.30 Td (activities, ) Tj ET Q q 0 0 0 rg BT 332.92 288.30 Td (1,170,891 ) Tj ET Q q 0 0 0 rg BT 380.17 288.30 Td (thousand ) Tj ET Q q 0 0 0 rg BT 418.53 288.30 Td (\(1,059,592 ) Tj ET Q q 0 0 0 rg BT 469.10 288.30 Td (thousand ) Tj ET Q q 0 0 0 rg BT 507.46 288.30 Td (at ) Tj ET Q q 0 0 0 rg BT 516.92 288.30 Td (December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 276.30 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.04 276.30 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.04 276.30 Td (\) ) Tj ET Q q 0 0 0 rg BT 94.91 276.30 Td (relate ) Tj ET Q q 0 0 0 rg BT 119.66 276.30 Td (to ) Tj ET Q q 0 0 0 rg BT 129.98 276.30 Td (the ) Tj ET Q q 0 0 0 rg BT 144.73 276.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 182.26 276.30 Td (services ) Tj ET Q q 0 0 0 rg BT 217.01 276.30 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 254.54 276.30 Td (and ) Tj ET Q q 0 0 0 rg BT 271.52 276.30 Td (such ) Tj ET Q q 0 0 0 rg BT 292.39 276.30 Td (receivables ) Tj ET Q q 0 0 0 rg BT 339.91 276.30 Td (are ) Tj ET Q q 0 0 0 rg BT 354.65 276.30 Td (generally ) Tj ET Q q 0 0 0 rg BT 394.40 276.30 Td (secured ) Tj ET Q q 0 0 0 rg BT 427.48 276.30 Td (on ) Tj ET Q q 0 0 0 rg BT 440.02 276.30 Td (the ) Tj ET Q q 0 0 0 rg BT 454.78 276.30 Td (titles ) Tj ET Q q 0 0 0 rg BT 476.76 276.30 Td (of ) Tj ET Q q 0 0 0 rg BT 487.63 276.30 Td (cars ) Tj ET Q q 0 0 0 rg BT 506.27 276.30 Td (or ) Tj ET Q q 0 0 0 rg BT 517.14 276.30 Td (with ) Tj ET Q q 0 0 0 rg BT 537.46 276.30 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 264.30 Td (guarantees. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 244.30 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 244.30 Td (T) Tj ET Q q 0 0 0 rg BT 95.76 244.30 Td (rade ) Tj ET Q q 0 0 0 rg BT 115.23 244.30 Td (receivables ) Tj ET Q q 0 0 0 rg BT 162.47 244.30 Td (amounting ) Tj ET Q q 0 0 0 rg BT 207.52 244.30 Td (to ) Tj ET Q q 0 0 0 rg BT 217.56 244.30 Td (158,165 ) Tj ET Q q 0 0 0 rg BT 257.33 244.30 Td (thousand ) Tj ET Q q 0 0 0 rg BT 295.71 244.30 Td (at ) Tj ET Q q 0 0 0 rg BT 305.20 244.30 Td (December ) Tj ET Q q 0 0 0 rg BT 348.55 244.30 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.32 244.30 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.32 244.30 Td ( ) Tj ET Q q 0 0 0 rg BT 385.59 244.30 Td (\(183,642 ) Tj ET Q q 0 0 0 rg BT 428.69 244.30 Td (thousand ) Tj ET Q q 0 0 0 rg BT 467.07 244.30 Td (at ) Tj ET Q q 0 0 0 rg BT 476.55 244.30 Td (December ) Tj ET Q q 0 0 0 rg BT 519.91 244.30 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.68 244.30 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.68 244.30 Td (\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 232.30 Td (are ) Tj ET Q q 0 0 0 rg BT 68.00 232.30 Td (shown ) Tj ET Q q 0 0 0 rg BT 95.91 232.30 Td (net ) Tj ET Q q 0 0 0 rg BT 109.92 232.30 Td (of ) Tj ET Q q 0 0 0 rg BT 120.05 232.30 Td (the ) Tj ET Q q 0 0 0 rg BT 134.06 232.30 Td (allowance ) Tj ET Q q 0 0 0 rg BT 176.39 232.30 Td (for ) Tj ET Q q 0 0 0 rg BT 189.85 232.30 Td (doubtful ) Tj ET Q q 0 0 0 rg BT 225.53 232.30 Td (accounts ) Tj ET Q q 0 0 0 rg BT 262.31 232.30 Td (amounting ) Tj ET Q q 0 0 0 rg BT 306.88 232.30 Td (to ) Tj ET Q q 0 0 0 rg BT 316.46 232.30 Td (18,371 ) Tj ET Q q 0 0 0 rg BT 350.75 232.30 Td (thousand ) Tj ET Q q 0 0 0 rg BT 388.66 232.30 Td (\(14,664 ) Tj ET Q q 0 0 0 rg BT 426.28 232.30 Td ( ) Tj ET Q q 0 0 0 rg BT 428.08 232.30 Td (thousand ) Tj ET Q q 0 0 0 rg BT 465.98 232.30 Td (at ) Tj ET Q q 0 0 0 rg BT 474.99 232.30 Td (December ) Tj ET Q q 0 0 0 rg BT 517.87 232.30 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.17 232.30 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.17 232.30 Td (\). ) Tj ET Q q 0 0 0 rg BT 560.50 232.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 220.30 Td (After ) Tj ET Q q 0 0 0 rg BT 78.62 220.30 Td (considering ) Tj ET Q q 0 0 0 rg BT 128.79 220.30 Td (the ) Tj ET Q q 0 0 0 rg BT 144.52 220.30 Td (allowance ) Tj ET Q q 0 0 0 rg BT 188.58 220.30 Td (for ) Tj ET Q q 0 0 0 rg BT 203.75 220.30 Td (doubtful ) Tj ET Q q 0 0 0 rg BT 241.16 220.30 Td (accounts, ) Tj ET Q q 0 0 0 rg BT 282.16 220.30 Td (26,177 ) Tj ET Q q 0 0 0 rg BT 318.18 220.30 Td (thousand ) Tj ET Q q 0 0 0 rg BT 357.81 220.30 Td (of ) Tj ET Q q 0 0 0 rg BT 369.65 220.30 Td (receivables ) Tj ET Q q 0 0 0 rg BT 418.14 220.30 Td (were ) Tj ET Q q 0 0 0 rg BT 441.09 220.30 Td (overdue ) Tj ET Q q 0 0 0 rg BT 476.81 220.30 Td (\(4,153 ) Tj ET Q q 0 0 0 rg BT 511.16 220.30 Td (thousand ) Tj ET Q q 0 0 0 rg BT 550.79 220.30 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 208.30 Td (December ) Tj ET Q q 0 0 0 rg BT 97.58 208.30 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.58 208.30 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.58 208.30 Td (\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 188.30 Td (Item 12. Description of Securities Other) Tj ET Q q 0 0 0 rg BT 228.78 188.30 Td ( than Equity Securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 164.30 Td (A. Debt Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 140.30 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 140.30 Td (Not applicable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 116.30 Td (B. ) Tj ET Q q 0 0 0 rg BT 70.49 116.30 Td (W) Tj ET Q q 0 0 0 rg BT 79.94 116.30 Td (arrants and Rights) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 92.30 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 92.30 Td (Not applicable.) Tj ET Q endstream endobj 287 0 obj <> endobj 288 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 297.00 41.20 Td (135) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 731.25 Td (C. Other) Tj ET Q q 0 0 0 rg BT 96.59 731.25 Td ( Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 707.25 Td (Not applicable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 683.25 Td (D. ) Tj ET Q q 0 0 0 rg BT 70.67 683.25 Td (American Depositary Shar) Tj ET Q q 0 0 0 rg BT 184.92 683.25 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 659.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 659.25 Td (Not applicable.) Tj ET Q endstream endobj 289 0 obj <> endobj 290 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 297.00 41.20 Td (136) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.85 731.25 Td (P) Tj ET Q q 0 0 0 rg BT 293.22 731.25 Td (AR) Tj ET Q q 0 0 0 rg BT 307.31 731.25 Td (T) Tj ET Q q 0 0 0 rg BT 313.80 731.25 Td ( II) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 707.25 Td (Item 13. Defaults, Dividends ) Tj ET Q q 0 0 0 rg BT 181.78 707.25 Td (Arr) Tj ET Q q 0 0 0 rg BT 197.70 707.25 Td (earages and Delinquencies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 683.25 Td (None.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 659.25 Td (Item 14. Material Modifications to the Rights of Security Holders and Use of Pr) Tj ET Q q 0 0 0 rg BT 397.66 659.25 Td (oceeds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 635.25 Td (None.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 611.25 Td (Item 15. Contr) Tj ET Q q 0 0 0 rg BT 121.86 611.25 Td (ols and Pr) Tj ET Q q 0 0 0 rg BT 165.02 611.25 Td (ocedur) Tj ET Q q 0 0 0 rg BT 194.28 611.25 Td (es) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 587.25 Td (Disclosur) Tj ET Q q 0 0 0 rg BT 93.82 587.25 Td (e Contr) Tj ET Q q 0 0 0 rg BT 126.13 587.25 Td (ols and Pr) Tj ET Q q 0 0 0 rg BT 169.29 587.25 Td (ocedur) Tj ET Q q 0 0 0 rg BT 198.55 587.25 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 563.25 Td (Under ) Tj ET Q q 0 0 0 rg BT 116.92 563.25 Td (the ) Tj ET Q q 0 0 0 rg BT 131.06 563.25 Td (supervision, ) Tj ET Q q 0 0 0 rg BT 181.59 563.25 Td (and ) Tj ET Q q 0 0 0 rg BT 197.96 563.25 Td (with ) Tj ET Q q 0 0 0 rg BT 217.66 563.25 Td (the ) Tj ET Q q 0 0 0 rg BT 231.81 563.25 Td (participation, ) Tj ET Q q 0 0 0 rg BT 286.77 563.25 Td (of ) Tj ET Q q 0 0 0 rg BT 297.03 563.25 Td (our ) Tj ET Q q 0 0 0 rg BT 312.28 563.25 Td (management, ) Tj ET Q q 0 0 0 rg BT 367.80 563.25 Td (including ) Tj ET Q q 0 0 0 rg BT 407.50 563.25 Td (our ) Tj ET Q q 0 0 0 rg BT 422.75 563.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 446.90 563.25 Td (Executive ) Tj ET Q q 0 0 0 rg BT 488.80 563.25 Td (Of) Tj ET Q q 0 0 0 rg BT 499.17 563.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 519.42 563.25 Td (and ) Tj ET Q q 0 0 0 rg BT 535.78 563.25 Td (Chief ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 551.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 94.10 551.25 Td (Of) Tj ET Q q 0 0 0 rg BT 104.47 551.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 122.39 551.25 Td (, ) Tj ET Q q 0 0 0 rg BT 127.78 551.25 Td (we ) Tj ET Q q 0 0 0 rg BT 142.33 551.25 Td (conducted ) Tj ET Q q 0 0 0 rg BT 186.31 551.25 Td (an ) Tj ET Q q 0 0 0 rg BT 198.64 551.25 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 243.18 551.25 Td (of ) Tj ET Q q 0 0 0 rg BT 254.41 551.25 Td (the ) Tj ET Q q 0 0 0 rg BT 269.51 551.25 Td (ef) Tj ET Q q 0 0 0 rg BT 277.10 551.25 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 324.42 551.25 Td (of ) Tj ET Q q 0 0 0 rg BT 335.64 551.25 Td (our ) Tj ET Q q 0 0 0 rg BT 351.86 551.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 395.29 551.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 430.40 551.25 Td (and ) Tj ET Q q 0 0 0 rg BT 447.73 551.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 494.49 551.25 Td (as ) Tj ET Q q 0 0 0 rg BT 505.71 551.25 Td (of ) Tj ET Q q 0 0 0 rg BT 516.93 551.25 Td (December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 539.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 68.92 539.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 91.33 539.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 128.19 539.25 Td (to ) Tj ET Q q 0 0 0 rg BT 138.38 539.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 179.69 539.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 196.54 539.25 Td (Rule ) Tj ET Q q 0 0 0 rg BT 217.84 539.25 Td (13a-15\(b\). ) Tj ET Q q 0 0 0 rg BT 262.19 539.25 Td (Based ) Tj ET Q q 0 0 0 rg BT 289.04 539.25 Td (on ) Tj ET Q q 0 0 0 rg BT 301.46 539.25 Td (that ) Tj ET Q q 0 0 0 rg BT 318.87 539.25 Td (evaluation, ) Tj ET Q q 0 0 0 rg BT 365.44 539.25 Td (our ) Tj ET Q q 0 0 0 rg BT 381.18 539.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 405.82 539.25 Td (Executive ) Tj ET Q q 0 0 0 rg BT 448.21 539.25 Td (Of) Tj ET Q q 0 0 0 rg BT 458.58 539.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 479.32 539.25 Td (and ) Tj ET Q q 0 0 0 rg BT 496.17 539.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 520.80 539.25 Td (Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 527.25 Td (Of) Tj ET Q q 0 0 0 rg BT 64.37 527.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 85.73 527.25 Td (concluded ) Tj ET Q q 0 0 0 rg BT 129.87 527.25 Td (that ) Tj ET Q q 0 0 0 rg BT 147.91 527.25 Td (our ) Tj ET Q q 0 0 0 rg BT 164.29 527.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 207.88 527.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 243.14 527.25 Td (and ) Tj ET Q q 0 0 0 rg BT 260.63 527.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 307.54 527.25 Td (are ) Tj ET Q q 0 0 0 rg BT 322.79 527.25 Td (ef) Tj ET Q q 0 0 0 rg BT 330.38 527.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 360.63 527.25 Td (to ) Tj ET Q q 0 0 0 rg BT 371.46 527.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 405.05 527.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 450.85 527.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 492.76 527.25 Td (that ) Tj ET Q q 0 0 0 rg BT 510.80 527.25 Td (information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 515.25 Td (required ) Tj ET Q q 0 0 0 rg BT 90.02 515.25 Td (to ) Tj ET Q q 0 0 0 rg BT 100.50 515.25 Td (be ) Tj ET Q q 0 0 0 rg BT 112.64 515.25 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 152.56 515.25 Td (in ) Tj ET Q q 0 0 0 rg BT 163.04 515.25 Td (our ) Tj ET Q q 0 0 0 rg BT 179.07 515.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 220.60 515.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 237.74 515.25 Td (filings ) Tj ET Q q 0 0 0 rg BT 266.00 515.25 Td (is ) Tj ET Q q 0 0 0 rg BT 275.38 515.25 Td (recorded, ) Tj ET Q q 0 0 0 rg BT 315.55 515.25 Td (processed, ) Tj ET Q q 0 0 0 rg BT 360.19 515.25 Td (summarized ) Tj ET Q q 0 0 0 rg BT 411.76 515.25 Td (and ) Tj ET Q q 0 0 0 rg BT 428.90 515.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 464.92 515.25 Td (within ) Tj ET Q q 0 0 0 rg BT 493.18 515.25 Td (the ) Tj ET Q q 0 0 0 rg BT 508.10 515.25 Td (time ) Tj ET Q q 0 0 0 rg BT 528.57 515.25 Td (periods ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 503.25 Td (specified ) Tj ET Q q 0 0 0 rg BT 91.64 503.25 Td (in ) Tj ET Q q 0 0 0 rg BT 100.96 503.25 Td (the ) Tj ET Q q 0 0 0 rg BT 114.71 503.25 Td (SEC) Tj ET Q q 0 0 0 rg BT 135.83 503.25 Td (s ) Tj ET Q q 0 0 0 rg BT 141.27 503.25 Td (rules ) Tj ET Q q 0 0 0 rg BT 162.25 503.25 Td (and ) Tj ET Q q 0 0 0 rg BT 178.23 503.25 Td (forms ) Tj ET Q q 0 0 0 rg BT 203.10 503.25 Td (and ) Tj ET Q q 0 0 0 rg BT 219.08 503.25 Td (that ) Tj ET Q q 0 0 0 rg BT 235.62 503.25 Td (such ) Tj ET Q q 0 0 0 rg BT 255.49 503.25 Td (information ) Tj ET Q q 0 0 0 rg BT 304.24 503.25 Td (is ) Tj ET Q q 0 0 0 rg BT 312.46 503.25 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 364.52 503.25 Td (and ) Tj ET Q q 0 0 0 rg BT 380.50 503.25 Td (communicated ) Tj ET Q q 0 0 0 rg BT 440.91 503.25 Td (to ) Tj ET Q q 0 0 0 rg BT 450.23 503.25 Td (our ) Tj ET Q q 0 0 0 rg BT 465.11 503.25 Td (management, ) Tj ET Q q 0 0 0 rg BT 520.24 503.25 Td (including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 491.25 Td (our ) Tj ET Q q 0 0 0 rg BT 69.29 491.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 93.46 491.25 Td (Executive ) Tj ET Q q 0 0 0 rg BT 135.40 491.25 Td (Of) Tj ET Q q 0 0 0 rg BT 145.77 491.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 166.05 491.25 Td (and ) Tj ET Q q 0 0 0 rg BT 182.44 491.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 206.62 491.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 245.79 491.25 Td (Of) Tj ET Q q 0 0 0 rg BT 256.16 491.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 274.07 491.25 Td (, ) Tj ET Q q 0 0 0 rg BT 278.53 491.25 Td (as ) Tj ET Q q 0 0 0 rg BT 288.82 491.25 Td (appropriate, ) Tj ET Q q 0 0 0 rg BT 338.81 491.25 Td (to ) Tj ET Q q 0 0 0 rg BT 348.55 491.25 Td (allow ) Tj ET Q q 0 0 0 rg BT 372.72 491.25 Td (timely ) Tj ET Q q 0 0 0 rg BT 400.23 491.25 Td (decisions ) Tj ET Q q 0 0 0 rg BT 439.41 491.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 479.68 491.25 Td (required ) Tj ET Q q 0 0 0 rg BT 514.95 491.25 Td (disclosure.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 467.25 Td (Management's Report on Internal Contr) Tj ET Q q 0 0 0 rg BT 227.69 467.25 Td (ol over) Tj ET Q q 0 0 0 rg BT 256.67 467.25 Td ( Financial Reporting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 443.25 Td (This ) Tj ET Q q 0 0 0 rg BT 111.20 443.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 141.28 443.25 Td (report ) Tj ET Q q 0 0 0 rg BT 168.58 443.25 Td (does ) Tj ET Q q 0 0 0 rg BT 190.34 443.25 Td (not ) Tj ET Q q 0 0 0 rg BT 206.54 443.25 Td (include ) Tj ET Q q 0 0 0 rg BT 239.40 443.25 Td (a ) Tj ET Q q 0 0 0 rg BT 247.26 443.25 Td (report ) Tj ET Q q 0 0 0 rg BT 274.56 443.25 Td (of ) Tj ET Q q 0 0 0 rg BT 286.32 443.25 Td (management's ) Tj ET Q q 0 0 0 rg BT 346.52 443.25 Td (assessment ) Tj ET Q q 0 0 0 rg BT 394.39 443.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 436.13 443.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 470.09 443.25 Td (control ) Tj ET Q q 0 0 0 rg BT 501.84 443.25 Td (over ) Tj ET Q q 0 0 0 rg BT 523.03 443.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 431.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 93.31 431.25 Td (or ) Tj ET Q q 0 0 0 rg BT 104.29 431.25 Td (an ) Tj ET Q q 0 0 0 rg BT 116.38 431.25 Td (attestation ) Tj ET Q q 0 0 0 rg BT 160.13 431.25 Td (report ) Tj ET Q q 0 0 0 rg BT 186.66 431.25 Td (of ) Tj ET Q q 0 0 0 rg BT 197.65 431.25 Td (our ) Tj ET Q q 0 0 0 rg BT 213.63 431.25 Td (registered ) Tj ET Q q 0 0 0 rg BT 255.71 431.25 Td (public ) Tj ET Q q 0 0 0 rg BT 283.35 431.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 329.88 431.25 Td (firm ) Tj ET Q q 0 0 0 rg BT 349.75 431.25 Td (due ) Tj ET Q q 0 0 0 rg BT 366.84 431.25 Td (to ) Tj ET Q q 0 0 0 rg BT 377.27 431.25 Td (a ) Tj ET Q q 0 0 0 rg BT 384.36 431.25 Td (transition ) Tj ET Q q 0 0 0 rg BT 424.79 431.25 Td (period ) Tj ET Q q 0 0 0 rg BT 452.99 431.25 Td (established ) Tj ET Q q 0 0 0 rg BT 500.07 431.25 Td (by ) Tj ET Q q 0 0 0 rg BT 512.73 431.25 Td (the ) Tj ET Q q 0 0 0 rg BT 527.60 431.25 Td (rules ) Tj ET Q q 0 0 0 rg BT 549.69 431.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 419.25 Td (the ) Tj ET Q q 0 0 0 rg BT 68.72 419.25 Td (SEC ) Tj ET Q q 0 0 0 rg BT 89.56 419.25 Td (for ) Tj ET Q q 0 0 0 rg BT 103.72 419.25 Td (newly ) Tj ET Q q 0 0 0 rg BT 130.66 419.25 Td (public ) Tj ET Q q 0 0 0 rg BT 158.15 419.25 Td (companies.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 395.25 Td (Changes in Internal Contr) Tj ET Q q 0 0 0 rg BT 166.89 395.25 Td (ol) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 371.25 Td (No ) Tj ET Q q 0 0 0 rg BT 104.54 371.25 Td (change ) Tj ET Q q 0 0 0 rg BT 135.18 371.25 Td (to ) Tj ET Q q 0 0 0 rg BT 145.28 371.25 Td (our ) Tj ET Q q 0 0 0 rg BT 160.93 371.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 193.80 371.25 Td (control ) Tj ET Q q 0 0 0 rg BT 224.44 371.25 Td (over ) Tj ET Q q 0 0 0 rg BT 244.53 371.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 281.84 371.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 320.81 371.25 Td (occurred ) Tj ET Q q 0 0 0 rg BT 358.11 371.25 Td (during ) Tj ET Q q 0 0 0 rg BT 386.54 371.25 Td (the ) Tj ET Q q 0 0 0 rg BT 401.08 371.25 Td (year ) Tj ET Q q 0 0 0 rg BT 420.61 371.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 446.81 371.25 Td (December ) Tj ET Q q 0 0 0 rg BT 490.21 371.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 505.03 371.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 527.36 371.25 Td (that ) Tj ET Q q 0 0 0 rg BT 544.67 371.25 Td (has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 359.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 97.04 359.25 Td (af) Tj ET Q q 0 0 0 rg BT 104.63 359.25 Td (fected, ) Tj ET Q q 0 0 0 rg BT 134.05 359.25 Td (or ) Tj ET Q q 0 0 0 rg BT 144.88 359.25 Td (is ) Tj ET Q q 0 0 0 rg BT 154.05 359.25 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 199.86 359.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 225.14 359.25 Td (to ) Tj ET Q q 0 0 0 rg BT 235.42 359.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 278.45 359.25 Td (af) Tj ET Q q 0 0 0 rg BT 286.04 359.25 Td (fect, ) Tj ET Q q 0 0 0 rg BT 306.03 359.25 Td (our ) Tj ET Q q 0 0 0 rg BT 321.86 359.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 354.90 359.25 Td (control ) Tj ET Q q 0 0 0 rg BT 385.72 359.25 Td (over ) Tj ET Q q 0 0 0 rg BT 405.99 359.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 443.47 359.25 Td (reporting.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 311.25 Td (Item 16A. ) Tj ET Q q 0 0 0 rg BT 103.16 311.25 Td (Audit Committee Financial Expert) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 287.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 107.68 287.25 Td (board ) Tj ET Q q 0 0 0 rg BT 132.57 287.25 Td (of ) Tj ET Q q 0 0 0 rg BT 143.02 287.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 180.13 287.25 Td (has ) Tj ET Q q 0 0 0 rg BT 195.59 287.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 242.69 287.25 Td (that ) Tj ET Q q 0 0 0 rg BT 259.81 287.25 Td (Mr) Tj ET Q q 0 0 0 rg BT 271.48 287.25 Td (. ) Tj ET Q q 0 0 0 rg BT 276.10 287.25 Td (Ser) Tj ET Q q 0 0 0 rg BT 289.25 287.25 Td (gio ) Tj ET Q q 0 0 0 rg BT 304.16 287.25 Td (Duca ) Tj ET Q q 0 0 0 rg BT 327.38 287.25 Td (is ) Tj ET Q q 0 0 0 rg BT 336.17 287.25 Td (the ) Tj ET Q q 0 0 0 rg BT 350.51 287.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 377.07 287.25 Td (committee ) Tj ET Q q 0 0 0 rg BT 421.40 287.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 458.51 287.25 Td (expert. ) Tj ET Q q 0 0 0 rg BT 492.55 287.25 Td (Mr) Tj ET Q q 0 0 0 rg BT 504.22 287.25 Td (. ) Tj ET Q q 0 0 0 rg BT 508.85 287.25 Td (Ser) Tj ET Q q 0 0 0 rg BT 522.00 287.25 Td (gio ) Tj ET Q q 0 0 0 rg BT 536.90 287.25 Td (Duca ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 275.25 Td (is ) Tj ET Q q 0 0 0 rg BT 63.17 275.25 Td (an ) Tj ET Q q 0 0 0 rg BT 75.11 275.25 Td (independent ) Tj ET Q q 0 0 0 rg BT 126.48 275.25 Td (director ) Tj ET Q q 0 0 0 rg BT 160.07 275.25 Td (under ) Tj ET Q q 0 0 0 rg BT 185.34 275.25 Td (NYSE ) Tj ET Q q 0 0 0 rg BT 213.96 275.25 Td (standards.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 251.25 Td (Item 16B. Code of Ethics) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 227.25 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 227.25 Td (e ) Tj ET Q q 0 0 0 rg BT 105.07 227.25 Td (have ) Tj ET Q q 0 0 0 rg BT 125.94 227.25 Td (not ) Tj ET Q q 0 0 0 rg BT 140.71 227.25 Td (yet ) Tj ET Q q 0 0 0 rg BT 154.91 227.25 Td (adopted ) Tj ET Q q 0 0 0 rg BT 188.56 227.25 Td (a ) Tj ET Q q 0 0 0 rg BT 194.99 227.25 Td (standalone ) Tj ET Q q 0 0 0 rg BT 239.74 227.25 Td (Ferrari) Tj ET Q q 0 0 0 rg BT 269.73 227.25 Td (s ) Tj ET Q q 0 0 0 rg BT 275.61 227.25 Td (Code ) Tj ET Q q 0 0 0 rg BT 298.71 227.25 Td (of ) Tj ET Q q 0 0 0 rg BT 309.03 227.25 Td (Conduct. ) Tj ET Q q 0 0 0 rg BT 347.41 227.25 Td (Until ) Tj ET Q q 0 0 0 rg BT 369.96 227.25 Td (we ) Tj ET Q q 0 0 0 rg BT 383.61 227.25 Td (adopt ) Tj ET Q q 0 0 0 rg BT 407.82 227.25 Td (a ) Tj ET Q q 0 0 0 rg BT 414.25 227.25 Td (standalone ) Tj ET Q q 0 0 0 rg BT 459.00 227.25 Td (Code ) Tj ET Q q 0 0 0 rg BT 482.10 227.25 Td (of ) Tj ET Q q 0 0 0 rg BT 492.42 227.25 Td (Conduct, ) Tj ET Q q 0 0 0 rg BT 530.80 227.25 Td (Ferrari ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 215.25 Td (and ) Tj ET Q q 0 0 0 rg BT 70.64 215.25 Td (its ) Tj ET Q q 0 0 0 rg BT 82.30 215.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 131.72 215.25 Td (adhere ) Tj ET Q q 0 0 0 rg BT 160.57 215.25 Td (to ) Tj ET Q q 0 0 0 rg BT 170.55 215.25 Td (the ) Tj ET Q q 0 0 0 rg BT 184.97 215.25 Td (Code ) Tj ET Q q 0 0 0 rg BT 208.28 215.25 Td (of ) Tj ET Q q 0 0 0 rg BT 218.82 215.25 Td (Conduct ) Tj ET Q q 0 0 0 rg BT 254.91 215.25 Td (adopted ) Tj ET Q q 0 0 0 rg BT 288.77 215.25 Td (by ) Tj ET Q q 0 0 0 rg BT 300.98 215.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 319.88 215.25 Td ( ) Tj ET Q q 0 0 0 rg BT 322.08 215.25 Td (and ) Tj ET Q q 0 0 0 rg BT 338.72 215.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 382.02 215.25 Td (to ) Tj ET Q q 0 0 0 rg BT 392.00 215.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 410.90 215.25 Td ( ) Tj ET Q q 0 0 0 rg BT 413.11 215.25 Td (and ) Tj ET Q q 0 0 0 rg BT 429.75 215.25 Td (its ) Tj ET Q q 0 0 0 rg BT 441.40 215.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 490.82 215.25 Td (as ) Tj ET Q q 0 0 0 rg BT 501.36 215.25 Td (established ) Tj ET Q q 0 0 0 rg BT 548.00 215.25 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 203.25 Td (the ) Tj ET Q q 0 0 0 rg BT 68.97 203.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 96.17 203.25 Td (of ) Tj ET Q q 0 0 0 rg BT 107.25 203.25 Td (Directors ) Tj ET Q q 0 0 0 rg BT 147.22 203.25 Td (of ) Tj ET Q q 0 0 0 rg BT 158.30 203.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 188.27 203.25 Td (N.V) Tj ET Q q 0 0 0 rg BT 203.92 203.25 Td (. ) Tj ET Q q 0 0 0 rg BT 209.18 203.25 Td (on ) Tj ET Q q 0 0 0 rg BT 221.93 203.25 Td (December ) Tj ET Q q 0 0 0 rg BT 265.77 203.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 281.03 203.25 Td (2015. ) Tj ET Q q 0 0 0 rg BT 306.29 203.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 324.63 203.25 Td () Tj ET Q q 0 0 0 rg BT 327.41 203.25 Td (s ) Tj ET Q q 0 0 0 rg BT 334.06 203.25 Td (Code ) Tj ET Q q 0 0 0 rg BT 357.92 203.25 Td (of ) Tj ET Q q 0 0 0 rg BT 369.01 203.25 Td (Conduct, ) Tj ET Q q 0 0 0 rg BT 408.15 203.25 Td (and, ) Tj ET Q q 0 0 0 rg BT 427.85 203.25 Td (when ) Tj ET Q q 0 0 0 rg BT 452.26 203.25 Td (adopted, ) Tj ET Q q 0 0 0 rg BT 489.18 203.25 Td (Ferrari) Tj ET Q q 0 0 0 rg BT 519.16 203.25 Td (s ) Tj ET Q q 0 0 0 rg BT 525.81 203.25 Td (Code ) Tj ET Q q 0 0 0 rg BT 549.67 203.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 191.25 Td (Conduct, ) Tj ET Q q 0 0 0 rg BT 92.89 191.25 Td (are ) Tj ET Q q 0 0 0 rg BT 107.59 191.25 Td (intended ) Tj ET Q q 0 0 0 rg BT 144.52 191.25 Td (to ) Tj ET Q q 0 0 0 rg BT 154.80 191.25 Td (meet ) Tj ET Q q 0 0 0 rg BT 176.73 191.25 Td (the ) Tj ET Q q 0 0 0 rg BT 191.45 191.25 Td (definition ) Tj ET Q q 0 0 0 rg BT 232.83 191.25 Td (of ) Tj ET Q q 0 0 0 rg BT 243.66 191.25 Td (code ) Tj ET Q q 0 0 0 rg BT 269.47 191.25 Td (of ) Tj ET Q q 0 0 0 rg BT 280.30 191.25 Td (ethics ) Tj ET Q q 0 0 0 rg BT 310.57 191.25 Td (under ) Tj ET Q q 0 0 0 rg BT 335.83 191.25 Td (Item ) Tj ET Q q 0 0 0 rg BT 356.66 191.25 Td (16B ) Tj ET Q q 0 0 0 rg BT 375.83 191.25 Td (of ) Tj ET Q q 0 0 0 rg BT 386.66 191.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 410.83 191.25 Td (20-F ) Tj ET Q q 0 0 0 rg BT 432.22 191.25 Td (under ) Tj ET Q q 0 0 0 rg BT 457.48 191.25 Td (the ) Tj ET Q q 0 0 0 rg BT 472.20 191.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 513.57 191.25 Td (Act. ) Tj ET Q q 0 0 0 rg BT 533.01 191.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 551.35 191.25 Td () Tj ET Q q 0 0 0 rg BT 554.13 191.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 179.25 Td (Code ) Tj ET Q q 0 0 0 rg BT 78.34 179.25 Td (of ) Tj ET Q q 0 0 0 rg BT 89.89 179.25 Td (Conduct ) Tj ET Q q 0 0 0 rg BT 127.01 179.25 Td (is ) Tj ET Q q 0 0 0 rg BT 136.91 179.25 Td (posted ) Tj ET Q q 0 0 0 rg BT 166.24 179.25 Td (on ) Tj ET Q q 0 0 0 rg BT 179.47 179.25 Td (our ) Tj ET Q q 0 0 0 rg BT 196.03 179.25 Td (website ) Tj ET Q q 0 0 0 rg BT 229.80 179.25 Td (at ) Tj ET Q q 0 0 0 rg BT 240.25 179.25 Td (http://corporate.ferrari.com/en/code-conduct. ) Tj ET Q q 0 0 0 rg BT 423.67 179.25 Td (If ) Tj ET Q q 0 0 0 rg BT 433.56 179.25 Td (the ) Tj ET Q q 0 0 0 rg BT 449.00 179.25 Td (provisions ) Tj ET Q q 0 0 0 rg BT 493.90 179.25 Td (of ) Tj ET Q q 0 0 0 rg BT 505.46 179.25 Td (the ) Tj ET Q q 0 0 0 rg BT 520.90 179.25 Td (code ) Tj ET Q q 0 0 0 rg BT 543.00 179.25 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 167.25 Td (apply ) Tj ET Q q 0 0 0 rg BT 78.51 167.25 Td (to ) Tj ET Q q 0 0 0 rg BT 88.58 167.25 Td (our ) Tj ET Q q 0 0 0 rg BT 104.20 167.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 142.03 167.25 Td (executive ) Tj ET Q q 0 0 0 rg BT 182.63 167.25 Td (of) Tj ET Q q 0 0 0 rg BT 190.78 167.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 208.69 167.25 Td (, ) Tj ET Q q 0 0 0 rg BT 213.48 167.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 251.31 167.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 288.58 167.25 Td (of) Tj ET Q q 0 0 0 rg BT 296.73 167.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 317.34 167.25 Td (or ) Tj ET Q q 0 0 0 rg BT 327.96 167.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 365.79 167.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 411.95 167.25 Td (of) Tj ET Q q 0 0 0 rg BT 420.10 167.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 440.71 167.25 Td (are ) Tj ET Q q 0 0 0 rg BT 455.21 167.25 Td (amended, ) Tj ET Q q 0 0 0 rg BT 496.09 167.25 Td (or ) Tj ET Q q 0 0 0 rg BT 506.71 167.25 Td (if ) Tj ET Q q 0 0 0 rg BT 515.11 167.25 Td (a ) Tj ET Q q 0 0 0 rg BT 521.84 167.25 Td (waiver ) Tj ET Q q 0 0 0 rg BT 551.33 167.25 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 155.25 Td (granted, ) Tj ET Q q 0 0 0 rg BT 88.99 155.25 Td (we ) Tj ET Q q 0 0 0 rg BT 103.15 155.25 Td (will ) Tj ET Q q 0 0 0 rg BT 121.20 155.25 Td (disclose ) Tj ET Q q 0 0 0 rg BT 155.92 155.25 Td (such ) Tj ET Q q 0 0 0 rg BT 176.75 155.25 Td (amendment ) Tj ET Q q 0 0 0 rg BT 225.90 155.25 Td (or ) Tj ET Q q 0 0 0 rg BT 236.73 155.25 Td (waiver) Tj ET Q q 0 0 0 rg BT 263.38 155.25 Td (. ) Tj ET Q endstream endobj 291 0 obj <> endobj 292 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 297.00 41.20 Td (137) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 731.25 Td (Item 16C. Principal ) Tj ET Q q 0 0 0 rg BT 145.10 731.25 Td (Accountant Fees and Services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 707.25 Td (Reconta Ernst & ) Tj ET Q q 0 0 0 rg BT 158.78 707.25 Td (Y) Tj ET Q q 0 0 0 rg BT 165.00 707.25 Td (oung S.p.A., the member firms of Ernst & ) Tj ET Q q 0 0 0 rg BT 335.72 707.25 Td (Y) Tj ET Q q 0 0 0 rg BT 341.94 707.25 Td (oung and their respective af) Tj ET Q q 0 0 0 rg BT 452.82 707.25 Td (filiates \(collectively) Tj ET Q q 0 0 0 rg BT 531.86 707.25 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 695.25 Td (Ernst & ) Tj ET Q q 0 0 0 rg BT 87.52 695.25 Td (Y) Tj ET Q q 0 0 0 rg BT 93.74 695.25 Td (oung Entities\) were appointed to serve as our independent registered public accounting firm for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.25 Td (December 31, 2015 and 2014. ) Tj ET Q q 0 0 0 rg BT 176.84 683.25 Td (W) Tj ET Q q 0 0 0 rg BT 185.48 683.25 Td (e incurred the following fees from the Ernst & ) Tj ET Q q 0 0 0 rg BT 373.11 683.25 Td (Y) Tj ET Q q 0 0 0 rg BT 379.33 683.25 Td (oung Entities for professional services for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 671.25 Td (the years ended December 31, 2015 and 2014, respectively:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 66.50 617.75 207.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 617.75 135.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 617.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 617.75 131.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 66.50 587.75 207.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 587.75 135.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 587.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 587.75 131.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 66.50 557.75 207.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 557.75 135.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 557.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 557.75 131.00 -15.00 re f /GS0 gs BT /F2 9.00 Tf ET q 0 0 0 rg BT 365.55 652.15 Td (Twelve Months Ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 334.00 637.20 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 469.50 637.20 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.85 622.20 Td (\( thousands\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 69.00 607.21 Td (Audit ) Tj ET Q q 0 0 0 rg BT 91.75 607.21 Td (fees ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 330.35 607.21 Td (2,935) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.75 607.21 Td (480) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 69.00 592.21 Td (Audit-related ) Tj ET Q q 0 0 0 rg BT 119.23 592.21 Td (fees) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 336.00 592.21 Td (19) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.25 592.21 Td (3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 69.00 577.21 Td (T) Tj ET Q q 0 0 0 rg BT 74.18 577.21 Td (ax ) Tj ET Q q 0 0 0 rg BT 84.61 577.21 Td (fees) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 336.00 577.21 Td (29) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 577.21 Td (19) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 69.00 562.21 Td (All ) Tj ET Q q 0 0 0 rg BT 82.75 562.21 Td (other ) Tj ET Q q 0 0 0 rg BT 103.49 562.21 Td (fees) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 336.00 562.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 562.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 69.00 547.20 Td (T) Tj ET Q q 0 0 0 rg BT 74.84 547.20 Td (OT) Tj ET Q q 0 0 0 rg BT 87.18 547.20 Td (AL) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 330.35 547.20 Td (2,983) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 471.75 547.20 Td (502) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 507.25 Td (Audit ) Tj ET Q q 0 0 0 rg BT 120.47 507.25 Td (Fees ) Tj ET Q q 0 0 0 rg BT 146.50 507.25 Td (are ) Tj ET Q q 0 0 0 rg BT 161.96 507.25 Td (the ) Tj ET Q q 0 0 0 rg BT 177.43 507.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 219.55 507.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 238.91 507.25 Td (earned ) Tj ET Q q 0 0 0 rg BT 268.81 507.25 Td (by ) Tj ET Q q 0 0 0 rg BT 282.06 507.25 Td (the ) Tj ET Q q 0 0 0 rg BT 297.54 507.25 Td (Ernst ) Tj ET Q q 0 0 0 rg BT 321.90 507.25 Td (& ) Tj ET Q q 0 0 0 rg BT 332.45 507.25 Td (Y) Tj ET Q q 0 0 0 rg BT 338.67 507.25 Td (oung ) Tj ET Q q 0 0 0 rg BT 361.93 507.25 Td (Entities ) Tj ET Q q 0 0 0 rg BT 395.73 507.25 Td (for ) Tj ET Q q 0 0 0 rg BT 410.65 507.25 Td (the ) Tj ET Q q 0 0 0 rg BT 426.12 507.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 449.37 507.25 Td (of ) Tj ET Q q 0 0 0 rg BT 460.96 507.25 Td (our ) Tj ET Q q 0 0 0 rg BT 477.55 507.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 531.34 507.25 Td (annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 495.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 90.47 495.25 Td (statements, ) Tj ET Q q 0 0 0 rg BT 136.68 495.25 Td (reviews ) Tj ET Q q 0 0 0 rg BT 169.27 495.25 Td (of ) Tj ET Q q 0 0 0 rg BT 179.09 495.25 Td (interim ) Tj ET Q q 0 0 0 rg BT 209.47 495.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 245.94 495.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 289.65 495.25 Td (and ) Tj ET Q q 0 0 0 rg BT 305.58 495.25 Td (attestation ) Tj ET Q q 0 0 0 rg BT 348.17 495.25 Td (services ) Tj ET Q q 0 0 0 rg BT 381.87 495.25 Td (that ) Tj ET Q q 0 0 0 rg BT 398.36 495.25 Td (are ) Tj ET Q q 0 0 0 rg BT 412.06 495.25 Td (provided ) Tj ET Q q 0 0 0 rg BT 449.10 495.25 Td (in ) Tj ET Q q 0 0 0 rg BT 458.37 495.25 Td (connection ) Tj ET Q q 0 0 0 rg BT 503.74 495.25 Td (with ) Tj ET Q q 0 0 0 rg BT 523.01 495.25 Td (statutory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 483.25 Td (and ) Tj ET Q q 0 0 0 rg BT 70.87 483.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 114.40 483.25 Td (filings ) Tj ET Q q 0 0 0 rg BT 142.38 483.25 Td (or ) Tj ET Q q 0 0 0 rg BT 153.15 483.25 Td (engagements. ) Tj ET Q q 0 0 0 rg BT 210.28 483.25 Td (Audit-Related ) Tj ET Q q 0 0 0 rg BT 273.80 483.25 Td (Fees ) Tj ET Q q 0 0 0 rg BT 299.00 483.25 Td (are ) Tj ET Q q 0 0 0 rg BT 313.64 483.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 332.17 483.25 Td (char) Tj ET Q q 0 0 0 rg BT 349.20 483.25 Td (ged ) Tj ET Q q 0 0 0 rg BT 366.07 483.25 Td (by ) Tj ET Q q 0 0 0 rg BT 378.50 483.25 Td (the ) Tj ET Q q 0 0 0 rg BT 393.15 483.25 Td (Ernst ) Tj ET Q q 0 0 0 rg BT 416.69 483.25 Td (& ) Tj ET Q q 0 0 0 rg BT 426.53 483.25 Td (Y) Tj ET Q q 0 0 0 rg BT 432.76 483.25 Td (oung ) Tj ET Q q 0 0 0 rg BT 455.19 483.25 Td (Entities ) Tj ET Q q 0 0 0 rg BT 488.17 483.25 Td (for ) Tj ET Q q 0 0 0 rg BT 502.26 483.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 543.56 483.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 471.25 Td (related ) Tj ET Q q 0 0 0 rg BT 84.30 471.25 Td (services ) Tj ET Q q 0 0 0 rg BT 119.61 471.25 Td (that ) Tj ET Q q 0 0 0 rg BT 137.71 471.25 Td (are ) Tj ET Q q 0 0 0 rg BT 153.01 471.25 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 199.43 471.25 Td (related ) Tj ET Q q 0 0 0 rg BT 229.73 471.25 Td (to ) Tj ET Q q 0 0 0 rg BT 240.61 471.25 Td (the ) Tj ET Q q 0 0 0 rg BT 255.93 471.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 309.55 471.25 Td (of ) Tj ET Q q 0 0 0 rg BT 320.98 471.25 Td (the ) Tj ET Q q 0 0 0 rg BT 336.30 471.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 359.40 471.25 Td (or ) Tj ET Q q 0 0 0 rg BT 370.83 471.25 Td (review ) Tj ET Q q 0 0 0 rg BT 401.13 471.25 Td (of ) Tj ET Q q 0 0 0 rg BT 412.56 471.25 Td (our ) Tj ET Q q 0 0 0 rg BT 429.00 471.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 467.08 471.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 512.39 471.25 Td (and ) Tj ET Q q 0 0 0 rg BT 529.93 471.25 Td (are ) Tj ET Q q 0 0 0 rg BT 545.24 471.25 Td (not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 459.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 89.97 459.25 Td (under ) Tj ET Q q 0 0 0 rg BT 115.38 459.25 Td (Audit ) Tj ET Q q 0 0 0 rg BT 145.25 459.25 Td (Fees. ) Tj ET Q q 0 0 0 rg BT 172.98 459.25 Td (This ) Tj ET Q q 0 0 0 rg BT 193.41 459.25 Td (category ) Tj ET Q q 0 0 0 rg BT 230.48 459.25 Td (comprises ) Tj ET Q q 0 0 0 rg BT 273.68 459.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 292.43 459.25 Td (for ) Tj ET Q q 0 0 0 rg BT 306.74 459.25 Td (the ) Tj ET Q q 0 0 0 rg BT 321.61 459.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 344.25 459.25 Td (of ) Tj ET Q q 0 0 0 rg BT 355.23 459.25 Td (employee ) Tj ET Q q 0 0 0 rg BT 396.75 459.25 Td (benefit ) Tj ET Q q 0 0 0 rg BT 427.17 459.25 Td (plans ) Tj ET Q q 0 0 0 rg BT 450.93 459.25 Td (and ) Tj ET Q q 0 0 0 rg BT 468.02 459.25 Td (pension ) Tj ET Q q 0 0 0 rg BT 501.77 459.25 Td (plans, ) Tj ET Q q 0 0 0 rg BT 528.03 459.25 Td (agreed-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 447.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 75.61 447.25 Td (procedure ) Tj ET Q q 0 0 0 rg BT 117.20 447.25 Td (engagements ) Tj ET Q q 0 0 0 rg BT 171.01 447.25 Td (and ) Tj ET Q q 0 0 0 rg BT 187.06 447.25 Td (other ) Tj ET Q q 0 0 0 rg BT 209.21 447.25 Td (attestation ) Tj ET Q q 0 0 0 rg BT 251.92 447.25 Td (services ) Tj ET Q q 0 0 0 rg BT 285.74 447.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 315.68 447.25 Td (to ) Tj ET Q q 0 0 0 rg BT 325.07 447.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 367.77 447.25 Td (requirements. ) Tj ET Q q 0 0 0 rg BT 424.08 447.25 Td (In ) Tj ET Q q 0 0 0 rg BT 434.02 447.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 458.13 447.25 Td (approximately ) Tj ET Q q 0 0 0 rg BT 517.50 447.25 Td (2 ) Tj ET Q q 0 0 0 rg BT 529.11 447.25 Td (million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 435.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 76.50 435.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 95.09 435.25 Td (related ) Tj ET Q q 0 0 0 rg BT 124.80 435.25 Td (to ) Tj ET Q q 0 0 0 rg BT 135.07 435.25 Td (the ) Tj ET Q q 0 0 0 rg BT 149.79 435.25 Td (listing ) Tj ET Q q 0 0 0 rg BT 177.30 435.25 Td (process ) Tj ET Q q 0 0 0 rg BT 209.79 435.25 Td (were ) Tj ET Q q 0 0 0 rg BT 231.71 435.25 Td (paid.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 411.25 Td (Audit Committee) Tj ET Q q 0 0 0 rg BT 131.11 411.25 Td (s pr) Tj ET Q q 0 0 0 rg BT 147.32 411.25 Td (e-appr) Tj ET Q q 0 0 0 rg BT 175.47 411.25 Td (oval policies and pr) Tj ET Q q 0 0 0 rg BT 258.36 411.25 Td (ocedur) Tj ET Q q 0 0 0 rg BT 287.61 411.25 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 387.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 387.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 107.50 387.25 Td (Audit Committee nominates and engages our independent registered public accounting firm to audit our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 375.25 Td (consolidated financial statements. Our ) Tj ET Q q 0 0 0 rg BT 209.23 375.25 Td (Audit Committee has a policy requiring management to obtain the ) Tj ET Q q 0 0 0 rg BT 476.40 375.25 Td (Audit Committee) Tj ET Q q 0 0 0 rg BT 548.89 375.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 363.25 Td (approval before engaging our independent registered public accounting firm to provide any other audit or permitted non-audit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 351.25 Td (services to us or our subsidiaries. Pursuant to this policy) Tj ET Q q 0 0 0 rg BT 278.33 351.25 Td (, which is designed to ensure that such engagements do not impair the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 339.25 Td (independence of our independent registered public accounting firm, the ) Tj ET Q q 0 0 0 rg BT 341.68 339.25 Td (Audit Committee reviews and pre-approves \(if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 327.25 Td (appropriate\) specific audit and non- audit services in the categories ) Tj ET Q q 0 0 0 rg BT 323.90 327.25 Td (Audit Services, ) Tj ET Q q 0 0 0 rg BT 387.50 327.25 Td (Audit-Related Services, ) Tj ET Q q 0 0 0 rg BT 485.35 327.25 Td (T) Tj ET Q q 0 0 0 rg BT 490.76 327.25 Td (ax Services, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 315.25 Td (any other services that may be performed by our independent registered public accounting firm.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 303.25 Td (Item 16D. Exemptions fr) Tj ET Q q 0 0 0 rg BT 164.36 303.25 Td (om the Listing Standards for) Tj ET Q q 0 0 0 rg BT 287.53 303.25 Td ( ) Tj ET Q q 0 0 0 rg BT 289.47 303.25 Td (Audit Committees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 279.25 Td (None.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 255.25 Td (Item 16E. Pur) Tj ET Q q 0 0 0 rg BT 119.09 255.25 Td (chases of Equity Securities by the Issuer) Tj ET Q q 0 0 0 rg BT 290.02 255.25 Td ( and ) Tj ET Q q 0 0 0 rg BT 310.59 255.25 Td (Affiliated Pur) Tj ET Q q 0 0 0 rg BT 369.57 255.25 Td (chasers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 231.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 231.25 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 231.25 Td (e currently have no announced share buyback plans.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 207.25 Td (Item 16F) Tj ET Q q 0 0 0 rg BT 91.68 207.25 Td (. Change in Registrant's Certifying ) Tj ET Q q 0 0 0 rg BT 247.79 207.25 Td (Accountant) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 183.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 183.25 Td (Not applicable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 159.25 Td (Item 16G. Corporate Governance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 135.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 119.62 135.25 Td (N.V) Tj ET Q q 0 0 0 rg BT 135.28 135.25 Td (. ) Tj ET Q q 0 0 0 rg BT 140.20 135.25 Td (is ) Tj ET Q q 0 0 0 rg BT 149.28 135.25 Td (a ) Tj ET Q q 0 0 0 rg BT 156.14 135.25 Td (company ) Tj ET Q q 0 0 0 rg BT 195.21 135.25 Td (or) Tj ET Q q 0 0 0 rg BT 203.36 135.25 Td (ganized ) Tj ET Q q 0 0 0 rg BT 236.87 135.25 Td (under ) Tj ET Q q 0 0 0 rg BT 262.06 135.25 Td (the ) Tj ET Q q 0 0 0 rg BT 276.69 135.25 Td (laws ) Tj ET Q q 0 0 0 rg BT 297.44 135.25 Td (of ) Tj ET Q q 0 0 0 rg BT 308.01 135.25 Td (The ) Tj ET Q q 0 0 0 rg BT 325.97 135.25 Td (Netherlands ) Tj ET Q q 0 0 0 rg BT 376.71 135.25 Td (and ) Tj ET Q q 0 0 0 rg BT 393.56 135.25 Td (qualifies ) Tj ET Q q 0 0 0 rg BT 430.41 135.25 Td (as ) Tj ET Q q 0 0 0 rg BT 441.16 135.25 Td (a ) Tj ET Q q 0 0 0 rg BT 448.01 135.25 Td (foreign ) Tj ET Q q 0 0 0 rg BT 479.31 135.25 Td (private ) Tj ET Q q 0 0 0 rg BT 509.49 135.25 Td (issuer ) Tj ET Q q 0 0 0 rg BT 535.24 135.25 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 123.25 Td (the ) Tj ET Q q 0 0 0 rg BT 68.39 123.25 Td (NYSE ) Tj ET Q q 0 0 0 rg BT 96.68 123.25 Td (listing ) Tj ET Q q 0 0 0 rg BT 123.86 123.25 Td (standards. ) Tj ET Q q 0 0 0 rg BT 166.30 123.25 Td (In ) Tj ET Q q 0 0 0 rg BT 176.81 123.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 223.94 123.25 Td (with ) Tj ET Q q 0 0 0 rg BT 243.89 123.25 Td (the ) Tj ET Q q 0 0 0 rg BT 258.28 123.25 Td (NYSE ) Tj ET Q q 0 0 0 rg BT 286.57 123.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 326.50 123.25 Td (governance ) Tj ET Q q 0 0 0 rg BT 374.76 123.25 Td (rules, ) Tj ET Q q 0 0 0 rg BT 398.87 123.25 Td (listed ) Tj ET Q q 0 0 0 rg BT 422.71 123.25 Td (companies ) Tj ET Q q 0 0 0 rg BT 467.65 123.25 Td (that ) Tj ET Q q 0 0 0 rg BT 484.82 123.25 Td (are ) Tj ET Q q 0 0 0 rg BT 499.20 123.25 Td (foreign ) Tj ET Q q 0 0 0 rg BT 530.25 123.25 Td (private ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 111.25 Td (issuers ) Tj ET Q q 0 0 0 rg BT 82.79 111.25 Td (are ) Tj ET Q q 0 0 0 rg BT 96.56 111.25 Td (permitted ) Tj ET Q q 0 0 0 rg BT 136.44 111.25 Td (to ) Tj ET Q q 0 0 0 rg BT 145.79 111.25 Td (follow ) Tj ET Q q 0 0 0 rg BT 173.46 111.25 Td (home- ) Tj ET Q q 0 0 0 rg BT 200.57 111.25 Td (country ) Tj ET Q q 0 0 0 rg BT 232.68 111.25 Td (practice ) Tj ET Q q 0 0 0 rg BT 265.89 111.25 Td (in ) Tj ET Q q 0 0 0 rg BT 275.23 111.25 Td (some ) Tj ET Q q 0 0 0 rg BT 297.91 111.25 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 356.11 111.25 Td (in ) Tj ET Q q 0 0 0 rg BT 365.46 111.25 Td (lieu ) Tj ET Q q 0 0 0 rg BT 382.02 111.25 Td (of ) Tj ET Q q 0 0 0 rg BT 391.91 111.25 Td (the ) Tj ET Q q 0 0 0 rg BT 405.69 111.25 Td (provisions ) Tj ET Q q 0 0 0 rg BT 448.93 111.25 Td (of ) Tj ET Q q 0 0 0 rg BT 458.82 111.25 Td (the ) Tj ET Q q 0 0 0 rg BT 472.60 111.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 511.92 111.25 Td (governance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 99.25 Td (rules ) Tj ET Q q 0 0 0 rg BT 76.11 99.25 Td (contained ) Tj ET Q q 0 0 0 rg BT 117.66 99.25 Td (in ) Tj ET Q q 0 0 0 rg BT 128.11 99.25 Td (Section ) Tj ET Q q 0 0 0 rg BT 160.78 99.25 Td (303A) Tj ET Q q 0 0 0 rg BT 182.45 99.25 Td ( ) Tj ET Q q 0 0 0 rg BT 185.12 99.25 Td (of ) Tj ET Q q 0 0 0 rg BT 196.12 99.25 Td (the ) Tj ET Q q 0 0 0 rg BT 211.01 99.25 Td (NYSE ) Tj ET Q q 0 0 0 rg BT 239.80 99.25 Td (Listed ) Tj ET Q q 0 0 0 rg BT 267.47 99.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 309.03 99.25 Td (Manual ) Tj ET Q q 0 0 0 rg BT 342.25 99.25 Td (that ) Tj ET Q q 0 0 0 rg BT 359.92 99.25 Td (are ) Tj ET Q q 0 0 0 rg BT 374.80 99.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 418.56 99.25 Td (to ) Tj ET Q q 0 0 0 rg BT 429.01 99.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 449.47 99.25 Td (companies. ) Tj ET Q q 0 0 0 rg BT 497.41 99.25 Td (In ) Tj ET Q q 0 0 0 rg BT 508.41 99.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 546.36 99.25 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 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(majority ) Tj ET Q q 0 0 0 rg BT 358.26 467.10 Td (of ) Tj ET Q q 0 0 0 rg BT 368.93 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 383.49 467.10 Td (members ) Tj ET Q q 0 0 0 rg BT 422.48 467.10 Td (of ) Tj ET Q q 0 0 0 rg BT 433.15 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 447.71 467.10 Td (board ) Tj ET Q q 0 0 0 rg BT 472.81 467.10 Td (be ) Tj ET Q q 0 0 0 rg BT 484.59 467.10 Td (non-executive ) Tj ET Q q 0 0 0 rg BT 543.57 467.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 455.10 Td (independent. ) Tj ET Q q 0 0 0 rg BT 108.53 455.10 Td (Finally) Tj ET Q q 0 0 0 rg BT 136.22 455.10 Td (, ) Tj ET Q q 0 0 0 rg BT 141.88 455.10 Td (persons ) Tj ET Q q 0 0 0 rg BT 175.59 455.10 Td (may ) Tj ET Q q 0 0 0 rg BT 195.96 455.10 Td (not ) Tj ET Q q 0 0 0 rg BT 211.90 455.10 Td (be ) Tj ET Q q 0 0 0 rg BT 224.50 455.10 Td (appointed ) Tj ET Q q 0 0 0 rg BT 267.09 455.10 Td (as ) Tj ET Q q 0 0 0 rg BT 278.58 455.10 Td (non- ) Tj ET Q q 0 0 0 rg BT 300.07 455.10 Td (executive ) Tj ET Q q 0 0 0 rg BT 341.54 455.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 379.68 455.10 Td (of ) Tj ET Q q 0 0 0 rg BT 391.17 455.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 421.54 455.10 Td (if ) Tj ET Q q 0 0 0 rg BT 430.81 455.10 Td (such ) Tj ET Q q 0 0 0 rg BT 452.30 455.10 Td (persons ) Tj ET Q q 0 0 0 rg BT 486.01 455.10 Td (are ) Tj ET Q q 0 0 0 rg BT 501.37 455.10 Td (non-executive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 443.10 Td (directors, ) Tj ET Q q 0 0 0 rg BT 93.99 443.10 Td (member ) Tj ET Q q 0 0 0 rg BT 129.25 443.10 Td (of ) Tj ET Q q 0 0 0 rg BT 140.08 443.10 Td (the ) Tj ET Q q 0 0 0 rg BT 154.80 443.10 Td (supervisory ) Tj ET Q q 0 0 0 rg BT 203.96 443.10 Td (boards ) Tj ET Q q 0 0 0 rg BT 233.12 443.10 Td (or ) Tj ET Q q 0 0 0 rg BT 243.95 443.10 Td (other ) Tj ET Q q 0 0 0 rg BT 266.99 443.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 297.27 443.10 Td (bodies ) Tj ET Q q 0 0 0 rg BT 325.88 443.10 Td (for ) Tj ET Q q 0 0 0 rg BT 340.04 443.10 Td (at ) Tj ET Q q 0 0 0 rg BT 349.75 443.10 Td (least ) Tj ET Q q 0 0 0 rg BT 370.58 443.10 Td (five ) Tj ET Q q 0 0 0 rg BT 388.62 443.10 Td (other ) Tj ET Q q 0 0 0 rg BT 411.67 443.10 Td (\(Dutch\) ) Tj ET Q q 0 0 0 rg BT 445.27 443.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 490.53 443.10 Td (of ) Tj ET Q q 0 0 0 rg BT 501.36 443.10 Td (a ) Tj ET Q q 0 0 0 rg BT 508.30 443.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 538.00 443.10 Td (size.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 419.10 Td (The ) Tj ET Q q 0 0 0 rg BT 107.92 419.10 Td (NYSE ) Tj ET Q q 0 0 0 rg BT 136.40 419.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 170.98 419.10 Td (that, ) Tj ET Q q 0 0 0 rg BT 190.85 419.10 Td (when ) Tj ET Q q 0 0 0 rg BT 214.88 419.10 Td (an ) Tj ET Q q 0 0 0 rg BT 226.69 419.10 Td (audit ) Tj ET Q q 0 0 0 rg BT 249.06 419.10 Td (committee ) Tj ET Q q 0 0 0 rg BT 293.64 419.10 Td (member ) Tj ET Q q 0 0 0 rg BT 328.78 419.10 Td (of ) Tj ET Q q 0 0 0 rg BT 339.48 419.10 Td (a ) Tj ET Q q 0 0 0 rg BT 346.29 419.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 366.44 419.10 Td (domestic ) Tj ET Q q 0 0 0 rg BT 404.92 419.10 Td (listed ) Tj ET Q q 0 0 0 rg BT 428.96 419.10 Td (company ) Tj ET Q q 0 0 0 rg BT 467.98 419.10 Td (serves ) Tj ET Q q 0 0 0 rg BT 495.35 419.10 Td (on ) Tj ET Q q 0 0 0 rg BT 507.72 419.10 Td (four ) Tj ET Q q 0 0 0 rg BT 526.75 419.10 Td (or ) Tj ET Q q 0 0 0 rg BT 537.45 419.10 Td (more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 407.10 Td (audit ) Tj ET Q q 0 0 0 rg BT 76.10 407.10 Td (committees ) Tj ET Q q 0 0 0 rg BT 124.30 407.10 Td (of ) Tj ET Q q 0 0 0 rg BT 134.73 407.10 Td (public ) Tj ET Q q 0 0 0 rg BT 161.83 407.10 Td (companies, ) Tj ET Q q 0 0 0 rg BT 209.19 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 223.51 407.10 Td (listed ) Tj ET Q q 0 0 0 rg BT 247.28 407.10 Td (company ) Tj ET Q q 0 0 0 rg BT 286.04 407.10 Td (should ) Tj ET Q q 0 0 0 rg BT 314.81 407.10 Td (disclose ) Tj ET Q q 0 0 0 rg BT 349.13 407.10 Td (\(either ) Tj ET Q q 0 0 0 rg BT 377.32 407.10 Td (on ) Tj ET Q q 0 0 0 rg BT 389.42 407.10 Td (its ) Tj ET Q q 0 0 0 rg BT 400.98 407.10 Td (website ) Tj ET Q q 0 0 0 rg BT 433.62 407.10 Td (or ) Tj ET Q q 0 0 0 rg BT 444.06 407.10 Td (in ) Tj ET Q q 0 0 0 rg BT 453.94 407.10 Td (its ) Tj ET Q q 0 0 0 rg BT 465.49 407.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 494.24 407.10 Td (proxy ) Tj ET Q q 0 0 0 rg BT 519.68 407.10 Td (statement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 395.10 Td (or ) Tj ET Q q 0 0 0 rg BT 64.90 395.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 94.12 395.10 Td (report ) Tj ET Q q 0 0 0 rg BT 120.56 395.10 Td (on ) Tj ET Q q 0 0 0 rg BT 133.13 395.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 157.37 395.10 Td (10-K\) ) Tj ET Q q 0 0 0 rg BT 183.82 395.10 Td (that ) Tj ET Q q 0 0 0 rg BT 201.38 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 216.17 395.10 Td (board ) Tj ET Q q 0 0 0 rg BT 241.50 395.10 Td (of ) Tj ET Q q 0 0 0 rg BT 252.40 395.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 289.95 395.10 Td (has ) Tj ET Q q 0 0 0 rg BT 305.85 395.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 353.40 395.10 Td (that ) Tj ET Q q 0 0 0 rg BT 370.96 395.10 Td (this ) Tj ET Q q 0 0 0 rg BT 387.97 395.10 Td (simultaneous ) Tj ET Q q 0 0 0 rg BT 443.32 395.10 Td (service ) Tj ET Q q 0 0 0 rg BT 474.20 395.10 Td (would ) Tj ET Q q 0 0 0 rg BT 501.77 395.10 Td (not ) Tj ET Q q 0 0 0 rg BT 517.11 395.10 Td (impair ) Tj ET Q q 0 0 0 rg BT 545.78 395.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 383.10 Td (director) Tj ET Q q 0 0 0 rg BT 85.46 383.10 Td () Tj ET Q q 0 0 0 rg BT 88.24 383.10 Td (s ) Tj ET Q q 0 0 0 rg BT 94.63 383.10 Td (service ) Tj ET Q q 0 0 0 rg BT 125.45 383.10 Td (to ) Tj ET Q q 0 0 0 rg BT 135.73 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 150.45 383.10 Td (listed ) Tj ET Q q 0 0 0 rg BT 174.61 383.10 Td (company) Tj ET Q q 0 0 0 rg BT 210.62 383.10 Td (. ) Tj ET Q q 0 0 0 rg BT 215.62 383.10 Td (Dutch ) Tj ET Q q 0 0 0 rg BT 242.55 383.10 Td (law ) Tj ET Q q 0 0 0 rg BT 259.49 383.10 Td (does ) Tj ET Q q 0 0 0 rg BT 280.32 383.10 Td (not ) Tj ET Q q 0 0 0 rg BT 295.60 383.10 Td (require ) Tj ET Q q 0 0 0 rg BT 326.42 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 341.13 383.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 382.52 383.10 Td (to ) Tj ET Q q 0 0 0 rg BT 392.80 383.10 Td (make ) Tj ET Q q 0 0 0 rg BT 416.95 383.10 Td (such ) Tj ET Q q 0 0 0 rg BT 437.78 383.10 Td (a ) Tj ET Q q 0 0 0 rg BT 444.72 383.10 Td (determination.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 359.10 Td (NYSE ) Tj ET Q q 0 0 0 rg BT 118.36 359.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 140.05 359.10 Td (require ) Tj ET Q q 0 0 0 rg BT 170.61 359.10 Td (a ) Tj ET Q q 0 0 0 rg BT 177.30 359.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 197.33 359.10 Td (listed ) Tj ET Q q 0 0 0 rg BT 221.24 359.10 Td (company ) Tj ET Q q 0 0 0 rg BT 260.14 359.10 Td (to ) Tj ET Q q 0 0 0 rg BT 270.17 359.10 Td (have ) Tj ET Q q 0 0 0 rg BT 291.29 359.10 Td (a ) Tj ET Q q 0 0 0 rg BT 297.98 359.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 355.77 359.10 Td (committee ) Tj ET Q q 0 0 0 rg BT 400.22 359.10 Td (and ) Tj ET Q q 0 0 0 rg BT 416.91 359.10 Td (a ) Tj ET Q q 0 0 0 rg BT 423.59 359.10 Td (nominating/corporate ) Tj ET Q q 0 0 0 rg BT 511.93 359.10 Td (governance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 347.10 Td (committee ) Tj ET Q q 0 0 0 rg BT 97.50 347.10 Td (composed ) Tj ET Q q 0 0 0 rg BT 139.34 347.10 Td (entirely ) Tj ET Q q 0 0 0 rg BT 171.17 347.10 Td (of ) Tj ET Q q 0 0 0 rg BT 180.80 347.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 230.96 347.10 Td (directors. ) Tj ET Q q 0 0 0 rg BT 269.46 347.10 Td (As ) Tj ET Q q 0 0 0 rg BT 281.86 347.10 Td (a ) Tj ET Q q 0 0 0 rg BT 287.59 347.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 317.76 347.10 Td (private ) Tj ET Q q 0 0 0 rg BT 346.82 347.10 Td (issuer) Tj ET Q q 0 0 0 rg BT 369.75 347.10 Td (, ) Tj ET Q q 0 0 0 rg BT 373.54 347.10 Td (we ) Tj ET Q q 0 0 0 rg BT 386.50 347.10 Td (do ) Tj ET Q q 0 0 0 rg BT 397.79 347.10 Td (not ) Tj ET Q q 0 0 0 rg BT 411.86 347.10 Td (have ) Tj ET Q q 0 0 0 rg BT 432.03 347.10 Td (to ) Tj ET Q q 0 0 0 rg BT 441.10 347.10 Td (comply ) Tj ET Q q 0 0 0 rg BT 472.39 347.10 Td (with ) Tj ET Q q 0 0 0 rg BT 491.46 347.10 Td (this ) Tj ET Q q 0 0 0 rg BT 507.20 347.10 Td (requirement, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 335.10 Td (although ) Tj ET Q q 0 0 0 rg BT 90.36 335.10 Td (we ) Tj ET Q q 0 0 0 rg BT 103.39 335.10 Td (do ) Tj ET Q q 0 0 0 rg BT 114.76 335.10 Td (have ) Tj ET Q q 0 0 0 rg BT 135.00 335.10 Td (a ) Tj ET Q q 0 0 0 rg BT 140.81 335.10 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 199.95 335.10 Td (Committee ) Tj ET Q q 0 0 0 rg BT 245.75 335.10 Td (and ) Tj ET Q q 0 0 0 rg BT 261.56 335.10 Td (a ) Tj ET Q q 0 0 0 rg BT 267.36 335.10 Td (Governance ) Tj ET Q q 0 0 0 rg BT 317.04 335.10 Td (and ) Tj ET Q q 0 0 0 rg BT 332.84 335.10 Td (Sustainability ) Tj ET Q q 0 0 0 rg BT 389.21 335.10 Td (Committee. ) Tj ET Q q 0 0 0 rg BT 437.52 335.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 454.43 335.10 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 513.58 335.10 Td (Committee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 323.10 Td (Charter ) Tj ET Q q 0 0 0 rg BT 85.98 323.10 Td (states ) Tj ET Q q 0 0 0 rg BT 110.18 323.10 Td (that ) Tj ET Q q 0 0 0 rg BT 127.17 323.10 Td (a ) Tj ET Q q 0 0 0 rg BT 133.59 323.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 176.14 323.10 Td (of ) Tj ET Q q 0 0 0 rg BT 186.46 323.10 Td (one ) Tj ET Q q 0 0 0 rg BT 202.88 323.10 Td (member ) Tj ET Q q 0 0 0 rg BT 237.64 323.10 Td (of ) Tj ET Q q 0 0 0 rg BT 247.96 323.10 Td (the ) Tj ET Q q 0 0 0 rg BT 262.16 323.10 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 321.93 323.10 Td (Committee ) Tj ET Q q 0 0 0 rg BT 368.36 323.10 Td (may ) Tj ET Q q 0 0 0 rg BT 387.56 323.10 Td (be ) Tj ET Q q 0 0 0 rg BT 398.99 323.10 Td (non-independent ) Tj ET Q q 0 0 0 rg BT 468.18 323.10 Td (according ) Tj ET Q q 0 0 0 rg BT 509.60 323.10 Td (to ) Tj ET Q q 0 0 0 rg BT 519.36 323.10 Td (the ) Tj ET Q q 0 0 0 rg BT 533.57 323.10 Td (Dutch ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 311.10 Td (Code. ) Tj ET Q q 0 0 0 rg BT 79.30 311.10 Td (T) Tj ET Q q 0 0 0 rg BT 84.71 311.10 Td (wo ) Tj ET Q q 0 0 0 rg BT 98.76 311.10 Td (of ) Tj ET Q q 0 0 0 rg BT 108.92 311.10 Td (three ) Tj ET Q q 0 0 0 rg BT 130.73 311.10 Td (current ) Tj ET Q q 0 0 0 rg BT 160.87 311.10 Td (members ) Tj ET Q q 0 0 0 rg BT 199.35 311.10 Td (of ) Tj ET Q q 0 0 0 rg BT 209.51 311.10 Td (the ) Tj ET Q q 0 0 0 rg BT 223.55 311.10 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 283.15 311.10 Td (Committee ) Tj ET Q q 0 0 0 rg BT 329.42 311.10 Td (are ) Tj ET Q q 0 0 0 rg BT 343.45 311.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 394.15 311.10 Td (under ) Tj ET Q q 0 0 0 rg BT 418.74 311.10 Td (both ) Tj ET Q q 0 0 0 rg BT 438.35 311.10 Td (the ) Tj ET Q q 0 0 0 rg BT 452.39 311.10 Td (Dutch ) Tj ET Q q 0 0 0 rg BT 478.65 311.10 Td (Code ) Tj ET Q q 0 0 0 rg BT 501.59 311.10 Td (and ) Tj ET Q q 0 0 0 rg BT 517.85 311.10 Td (the ) Tj ET Q q 0 0 0 rg BT 531.90 311.10 Td (NYSE ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 299.10 Td (rules. ) Tj ET Q q 0 0 0 rg BT 79.27 299.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 98.15 299.10 Td (Governance ) Tj ET Q q 0 0 0 rg BT 149.79 299.10 Td (and ) Tj ET Q q 0 0 0 rg BT 167.56 299.10 Td (Sustainability ) Tj ET Q q 0 0 0 rg BT 225.89 299.10 Td (Committee ) Tj ET Q q 0 0 0 rg BT 273.66 299.10 Td (Charter ) Tj ET Q q 0 0 0 rg BT 306.98 299.10 Td (states ) Tj ET Q q 0 0 0 rg BT 332.53 299.10 Td (that ) Tj ET Q q 0 0 0 rg BT 350.85 299.10 Td (the ) Tj ET Q q 0 0 0 rg BT 366.40 299.10 Td (Committee ) Tj ET Q q 0 0 0 rg BT 414.17 299.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 436.39 299.10 Td (be ) Tj ET Q q 0 0 0 rg BT 449.16 299.10 Td (comprised ) Tj ET Q q 0 0 0 rg BT 494.15 299.10 Td (of ) Tj ET Q q 0 0 0 rg BT 505.81 299.10 Td (at ) Tj ET Q q 0 0 0 rg BT 516.36 299.10 Td (least ) Tj ET Q q 0 0 0 rg BT 538.01 299.10 Td (three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 287.10 Td (directors, ) Tj ET Q q 0 0 0 rg BT 95.02 287.10 Td (elected ) Tj ET Q q 0 0 0 rg BT 126.86 287.10 Td (by ) Tj ET Q q 0 0 0 rg BT 140.39 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 156.14 287.10 Td (Board, ) Tj ET Q q 0 0 0 rg BT 186.61 287.10 Td (which ) Tj ET Q q 0 0 0 rg BT 214.59 287.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 237.01 287.10 Td (also ) Tj ET Q q 0 0 0 rg BT 256.65 287.10 Td (appoint ) Tj ET Q q 0 0 0 rg BT 290.17 287.10 Td (one ) Tj ET Q q 0 0 0 rg BT 308.15 287.10 Td (of ) Tj ET Q q 0 0 0 rg BT 320.01 287.10 Td (them ) Tj ET Q q 0 0 0 rg BT 343.54 287.10 Td (as ) Tj ET Q q 0 0 0 rg BT 355.40 287.10 Td (chairperson ) Tj ET Q q 0 0 0 rg BT 405.58 287.10 Td (of ) Tj ET Q q 0 0 0 rg BT 417.44 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 433.19 287.10 Td (Governance ) Tj ET Q q 0 0 0 rg BT 485.03 287.10 Td (and ) Tj ET Q q 0 0 0 rg BT 503.00 287.10 Td (Sustainability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 275.10 Td (Committee, ) Tj ET Q q 0 0 0 rg BT 103.22 275.10 Td (or ) Tj ET Q q 0 0 0 rg BT 113.82 275.10 Td (Chairperson. ) Tj ET Q q 0 0 0 rg BT 167.48 275.10 Td (Of ) Tj ET Q q 0 0 0 rg BT 180.31 275.10 Td (the ) Tj ET Q q 0 0 0 rg BT 194.80 275.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 232.07 275.10 Td (elected ) Tj ET Q q 0 0 0 rg BT 262.65 275.10 Td (to ) Tj ET Q q 0 0 0 rg BT 272.71 275.10 Td (serve ) Tj ET Q q 0 0 0 rg BT 296.09 275.10 Td (on ) Tj ET Q q 0 0 0 rg BT 308.37 275.10 Td (the ) Tj ET Q q 0 0 0 rg BT 322.86 275.10 Td (Committee, ) Tj ET Q q 0 0 0 rg BT 372.08 275.10 Td (no ) Tj ET Q q 0 0 0 rg BT 384.35 275.10 Td (more ) Tj ET Q q 0 0 0 rg BT 407.18 275.10 Td (than ) Tj ET Q q 0 0 0 rg BT 426.67 275.10 Td (one ) Tj ET Q q 0 0 0 rg BT 443.39 275.10 Td (may ) Tj ET Q q 0 0 0 rg BT 462.88 275.10 Td (be ) Tj ET Q q 0 0 0 rg BT 474.60 275.10 Td (an ) Tj ET Q q 0 0 0 rg BT 486.32 275.10 Td (executive ) Tj ET Q q 0 0 0 rg BT 526.91 275.10 Td (director ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 263.10 Td (and ) Tj ET Q q 0 0 0 rg BT 71.11 263.10 Td (no ) Tj ET Q q 0 0 0 rg BT 83.79 263.10 Td (more ) Tj ET Q q 0 0 0 rg BT 107.01 263.10 Td (than ) Tj ET Q q 0 0 0 rg BT 126.90 263.10 Td (two ) Tj ET Q q 0 0 0 rg BT 144.58 263.10 Td (may ) Tj ET Q q 0 0 0 rg BT 164.47 263.10 Td (be ) Tj ET Q q 0 0 0 rg BT 176.58 263.10 Td (non-independent ) Tj ET Q q 0 0 0 rg BT 246.46 263.10 Td (under ) Tj ET Q q 0 0 0 rg BT 271.90 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 286.79 263.10 Td (Dutch ) Tj ET Q q 0 0 0 rg BT 313.91 263.10 Td (Code. ) Tj ET Q q 0 0 0 rg BT 340.00 263.10 Td (These ) Tj ET Q q 0 0 0 rg BT 366.55 263.10 Td (are ) Tj ET Q q 0 0 0 rg BT 381.43 263.10 Td (both ) Tj ET Q q 0 0 0 rg BT 401.88 263.10 Td (deviations ) Tj ET Q q 0 0 0 rg BT 445.66 263.10 Td (from ) Tj ET Q q 0 0 0 rg BT 467.77 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 482.67 263.10 Td (Dutch ) Tj ET Q q 0 0 0 rg BT 509.78 263.10 Td (Code ) Tj ET Q q 0 0 0 rg BT 533.56 263.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 251.10 Td (suggests ) Tj ET Q q 0 0 0 rg BT 90.17 251.10 Td (that ) Tj ET Q q 0 0 0 rg BT 107.44 251.10 Td (only ) Tj ET Q q 0 0 0 rg BT 127.49 251.10 Td (non- ) Tj ET Q q 0 0 0 rg BT 148.10 251.10 Td (executive ) Tj ET Q q 0 0 0 rg BT 188.68 251.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 225.94 251.10 Td (and ) Tj ET Q q 0 0 0 rg BT 242.66 251.10 Td (at ) Tj ET Q q 0 0 0 rg BT 252.15 251.10 Td (most ) Tj ET Q q 0 0 0 rg BT 273.87 251.10 Td (one ) Tj ET Q q 0 0 0 rg BT 290.59 251.10 Td (non-independent ) Tj ET Q q 0 0 0 rg BT 360.06 251.10 Td (director ) Tj ET Q q 0 0 0 rg BT 393.43 251.10 Td (serve ) Tj ET Q q 0 0 0 rg BT 416.81 251.10 Td (on ) Tj ET Q q 0 0 0 rg BT 429.08 251.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 455.80 251.10 Td (committees. ) Tj ET Q q 0 0 0 rg BT 506.51 251.10 Td (W) Tj ET Q q 0 0 0 rg BT 515.14 251.10 Td (e ) Tj ET Q q 0 0 0 rg BT 521.86 251.10 Td (allow ) Tj ET Q q 0 0 0 rg BT 546.35 251.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 239.10 Td (an ) Tj ET Q q 0 0 0 rg BT 65.02 239.10 Td (executive ) Tj ET Q q 0 0 0 rg BT 104.92 239.10 Td (director ) Tj ET Q q 0 0 0 rg BT 137.59 239.10 Td (to ) Tj ET Q q 0 0 0 rg BT 146.96 239.10 Td (serve, ) Tj ET Q q 0 0 0 rg BT 172.14 239.10 Td (as ) Tj ET Q q 0 0 0 rg BT 182.05 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 195.85 239.10 Td (Committee) Tj ET Q q 0 0 0 rg BT 243.07 239.10 Td (s ) Tj ET Q q 0 0 0 rg BT 248.54 239.10 Td (broad ) Tj ET Q q 0 0 0 rg BT 272.90 239.10 Td (duties ) Tj ET Q q 0 0 0 rg BT 298.37 239.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 327.71 239.10 Td (from ) Tj ET Q q 0 0 0 rg BT 348.73 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 362.53 239.10 Td (presence ) Tj ET Q q 0 0 0 rg BT 399.09 239.10 Td (of ) Tj ET Q q 0 0 0 rg BT 409.01 239.10 Td (an ) Tj ET Q q 0 0 0 rg BT 420.03 239.10 Td (executive ) Tj ET Q q 0 0 0 rg BT 459.92 239.10 Td (board ) Tj ET Q q 0 0 0 rg BT 484.28 239.10 Td (member) Tj ET Q q 0 0 0 rg BT 516.49 239.10 Td (. ) Tj ET Q q 0 0 0 rg BT 520.22 239.10 Td (Although ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 227.10 Td (our ) Tj ET Q q 0 0 0 rg BT 69.67 227.10 Td (Governance ) Tj ET Q q 0 0 0 rg BT 120.31 227.10 Td (and ) Tj ET Q q 0 0 0 rg BT 137.08 227.10 Td (Sustainability ) Tj ET Q q 0 0 0 rg BT 194.42 227.10 Td (Committee ) Tj ET Q q 0 0 0 rg BT 241.19 227.10 Td (allows ) Tj ET Q q 0 0 0 rg BT 269.64 227.10 Td (for ) Tj ET Q q 0 0 0 rg BT 283.64 227.10 Td (two ) Tj ET Q q 0 0 0 rg BT 300.97 227.10 Td (non- ) Tj ET Q q 0 0 0 rg BT 321.64 227.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 372.85 227.10 Td (members, ) Tj ET Q q 0 0 0 rg BT 414.34 227.10 Td (we ) Tj ET Q q 0 0 0 rg BT 428.34 227.10 Td (do ) Tj ET Q q 0 0 0 rg BT 440.67 227.10 Td (not ) Tj ET Q q 0 0 0 rg BT 455.79 227.10 Td (intend ) Tj ET Q q 0 0 0 rg BT 483.12 227.10 Td (to ) Tj ET Q q 0 0 0 rg BT 493.23 227.10 Td (make ) Tj ET Q q 0 0 0 rg BT 517.23 227.10 Td (use ) Tj ET Q q 0 0 0 rg BT 532.89 227.10 Td (of ) Tj ET Q q 0 0 0 rg BT 543.56 227.10 Td (this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 215.10 Td (possibility) Tj ET Q q 0 0 0 rg BT 95.03 215.10 Td (. ) Tj ET Q q 0 0 0 rg BT 101.58 215.10 Td (Current ) Tj ET Q q 0 0 0 rg BT 136.17 215.10 Td (composition ) Tj ET Q q 0 0 0 rg BT 189.67 215.10 Td (of ) Tj ET Q q 0 0 0 rg BT 202.05 215.10 Td (our ) Tj ET Q q 0 0 0 rg BT 219.43 215.10 Td (Governance ) Tj ET Q q 0 0 0 rg BT 271.78 215.10 Td (and ) Tj ET Q q 0 0 0 rg BT 290.27 215.10 Td (Sustainability ) Tj ET Q q 0 0 0 rg BT 349.32 215.10 Td (Committee ) Tj ET Q q 0 0 0 rg BT 397.81 215.10 Td (comprises ) Tj ET Q q 0 0 0 rg BT 442.41 215.10 Td (an ) Tj ET Q q 0 0 0 rg BT 455.90 215.10 Td (executive ) Tj ET Q q 0 0 0 rg BT 498.26 215.10 Td (director ) Tj ET Q q 0 0 0 rg BT 533.40 215.10 Td (as ) Tj ET Q q 0 0 0 rg BT 545.78 215.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 203.10 Td (Chairperson ) Tj ET Q q 0 0 0 rg BT 105.85 203.10 Td (and ) Tj ET Q q 0 0 0 rg BT 123.25 203.10 Td (two ) Tj ET Q q 0 0 0 rg BT 141.22 203.10 Td (other ) Tj ET Q q 0 0 0 rg BT 164.74 203.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 202.69 203.10 Td (who ) Tj ET Q q 0 0 0 rg BT 222.88 203.10 Td (are ) Tj ET Q q 0 0 0 rg BT 238.06 203.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 284.34 203.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 336.18 203.10 Td (under ) Tj ET Q q 0 0 0 rg BT 361.92 203.10 Td (both ) Tj ET Q q 0 0 0 rg BT 382.67 203.10 Td (Dutch ) Tj ET Q q 0 0 0 rg BT 410.07 203.10 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 453.03 203.10 Td (Governance ) Tj ET Q q 0 0 0 rg BT 504.30 203.10 Td (Code ) Tj ET Q q 0 0 0 rg BT 528.38 203.10 Td (and ) Tj ET Q q 0 0 0 rg BT 545.79 203.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 191.10 Td (NYSE ) Tj ET Q q 0 0 0 rg BT 82.61 191.10 Td (Standard.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 167.10 Td (In ) Tj ET Q q 0 0 0 rg BT 100.40 167.10 Td (contrast ) Tj ET Q q 0 0 0 rg BT 134.12 167.10 Td (to ) Tj ET Q q 0 0 0 rg BT 143.96 167.10 Td (NYSE ) Tj ET Q q 0 0 0 rg BT 172.14 167.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 193.65 167.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 236.81 167.10 Td (to ) Tj ET Q q 0 0 0 rg BT 246.65 167.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 266.50 167.10 Td (companies, ) Tj ET Q q 0 0 0 rg BT 313.83 167.10 Td (which ) Tj ET Q q 0 0 0 rg BT 340.34 167.10 Td (require ) Tj ET Q q 0 0 0 rg BT 370.72 167.10 Td (that ) Tj ET Q q 0 0 0 rg BT 387.78 167.10 Td (external ) Tj ET Q q 0 0 0 rg BT 422.05 167.10 Td (auditors ) Tj ET Q q 0 0 0 rg BT 456.33 167.10 Td (be ) Tj ET Q q 0 0 0 rg BT 467.84 167.10 Td (appointed ) Tj ET Q q 0 0 0 rg BT 509.34 167.10 Td (by ) Tj ET Q q 0 0 0 rg BT 521.41 167.10 Td (the ) Tj ET Q q 0 0 0 rg BT 535.23 167.10 Td (Audit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 155.10 Td (Committee, ) Tj ET Q q 0 0 0 rg BT 103.41 155.10 Td (the ) Tj ET Q q 0 0 0 rg BT 118.10 155.10 Td (general ) Tj ET Q q 0 0 0 rg BT 150.00 155.10 Td (rule ) Tj ET Q q 0 0 0 rg BT 168.01 155.10 Td (under ) Tj ET Q q 0 0 0 rg BT 193.26 155.10 Td (Dutch ) Tj ET Q q 0 0 0 rg BT 220.17 155.10 Td (law ) Tj ET Q q 0 0 0 rg BT 237.08 155.10 Td (is ) Tj ET Q q 0 0 0 rg BT 246.22 155.10 Td (that ) Tj ET Q q 0 0 0 rg BT 263.69 155.10 Td (external ) Tj ET Q q 0 0 0 rg BT 298.36 155.10 Td (auditors ) Tj ET Q q 0 0 0 rg BT 333.05 155.10 Td (are ) Tj ET Q q 0 0 0 rg BT 347.73 155.10 Td (appointed ) Tj ET Q q 0 0 0 rg BT 389.63 155.10 Td (by ) Tj ET Q q 0 0 0 rg BT 402.11 155.10 Td (the ) Tj ET Q q 0 0 0 rg BT 416.80 155.10 Td (general ) Tj ET Q q 0 0 0 rg BT 448.69 155.10 Td (meeting ) Tj ET Q q 0 0 0 rg BT 483.38 155.10 Td (of ) Tj ET Q q 0 0 0 rg BT 494.18 155.10 Td (shareholders. ) Tj ET Q q 0 0 0 rg BT 549.69 155.10 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 143.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 101.43 143.10 Td (with ) Tj ET Q q 0 0 0 rg BT 121.68 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 136.37 143.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 191.05 143.10 Td (of ) Tj ET Q q 0 0 0 rg BT 201.85 143.10 Td (Dutch ) Tj ET Q q 0 0 0 rg BT 228.76 143.10 Td (law) Tj ET Q q 0 0 0 rg BT 242.55 143.10 Td (, ) Tj ET Q q 0 0 0 rg BT 247.52 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 262.21 143.10 Td (appointment ) Tj ET Q q 0 0 0 rg BT 314.67 143.10 Td (and ) Tj ET Q q 0 0 0 rg BT 331.58 143.10 Td (removal ) Tj ET Q q 0 0 0 rg BT 366.82 143.10 Td (of ) Tj ET Q q 0 0 0 rg BT 377.62 143.10 Td (our ) Tj ET Q q 0 0 0 rg BT 393.42 143.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 444.77 143.10 Td (registered ) Tj ET Q q 0 0 0 rg BT 486.66 143.10 Td (public ) Tj ET Q q 0 0 0 rg BT 514.13 143.10 Td (accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 131.10 Td (firm ) Tj ET Q q 0 0 0 rg BT 73.06 131.10 Td (must ) Tj ET Q q 0 0 0 rg BT 94.35 131.10 Td (be ) Tj ET Q q 0 0 0 rg BT 105.63 131.10 Td (resolved ) Tj ET Q q 0 0 0 rg BT 141.35 131.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 163.19 131.10 Td (by ) Tj ET Q q 0 0 0 rg BT 175.03 131.10 Td (the ) Tj ET Q q 0 0 0 rg BT 189.09 131.10 Td (general ) Tj ET Q q 0 0 0 rg BT 220.36 131.10 Td (meeting ) Tj ET Q q 0 0 0 rg BT 254.41 131.10 Td (of ) Tj ET Q q 0 0 0 rg BT 264.59 131.10 Td (shareholders. ) Tj ET Q q 0 0 0 rg BT 319.47 131.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 336.45 131.10 Td (Audit ) Tj ET Q q 0 0 0 rg BT 361.07 131.10 Td (Committee ) Tj ET Q q 0 0 0 rg BT 407.35 131.10 Td (is ) Tj ET Q q 0 0 0 rg BT 415.87 131.10 Td (responsible ) Tj ET Q q 0 0 0 rg BT 463.26 131.10 Td (for ) Tj ET Q q 0 0 0 rg BT 476.76 131.10 Td (the ) Tj ET Q q 0 0 0 rg BT 490.82 131.10 Td (recommendation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 119.10 Td (to ) Tj ET Q q 0 0 0 rg BT 63.82 119.10 Td (the ) Tj ET Q q 0 0 0 rg BT 78.08 119.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 130.66 119.10 Td (of ) Tj ET Q q 0 0 0 rg BT 141.03 119.10 Td (the ) Tj ET Q q 0 0 0 rg BT 155.29 119.10 Td (appointment ) Tj ET Q q 0 0 0 rg BT 207.32 119.10 Td (and ) Tj ET Q q 0 0 0 rg BT 223.81 119.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 281.39 119.10 Td (of ) Tj ET Q q 0 0 0 rg BT 291.76 119.10 Td (the ) Tj ET Q q 0 0 0 rg BT 306.02 119.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 356.94 119.10 Td (registered ) Tj ET Q q 0 0 0 rg BT 398.40 119.10 Td (public ) Tj ET Q q 0 0 0 rg BT 425.44 119.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 471.35 119.10 Td (firm ) Tj ET Q q 0 0 0 rg BT 490.61 119.10 Td (and ) Tj ET Q q 0 0 0 rg BT 507.09 119.10 Td (oversees ) Tj ET Q q 0 0 0 rg BT 543.57 119.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 107.10 Td (evaluates ) Tj ET Q q 0 0 0 rg BT 93.70 107.10 Td (the ) Tj ET Q q 0 0 0 rg BT 108.42 107.10 Td (work ) Tj ET Q q 0 0 0 rg BT 131.47 107.10 Td (of ) Tj ET Q q 0 0 0 rg BT 142.30 107.10 Td (our ) Tj ET Q q 0 0 0 rg BT 158.13 107.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 209.50 107.10 Td (registered ) Tj ET Q q 0 0 0 rg BT 251.43 107.10 Td (public ) Tj ET Q q 0 0 0 rg BT 278.92 107.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 325.29 107.10 Td (firm.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 83.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 118.06 83.10 Td (NYSE ) Tj ET Q q 0 0 0 rg BT 147.25 83.10 Td (listing ) Tj ET Q q 0 0 0 rg BT 175.33 83.10 Td (standards, ) Tj ET Q q 0 0 0 rg BT 218.67 83.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 272.28 83.10 Td (of ) Tj ET Q q 0 0 0 rg BT 283.69 83.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 304.54 83.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 350.38 83.10 Td (must ) Tj ET Q q 0 0 0 rg BT 372.90 83.10 Td (be ) Tj ET Q q 0 0 0 rg BT 385.42 83.10 Td (given ) Tj ET Q q 0 0 0 rg BT 410.71 83.10 Td (the ) Tj ET Q q 0 0 0 rg BT 426.00 83.10 Td (opportunity ) Tj ET Q q 0 0 0 rg BT 475.73 83.10 Td (to ) Tj ET Q q 0 0 0 rg BT 486.59 83.10 Td (vote ) Tj ET Q q 0 0 0 rg BT 506.88 83.10 Td (on ) Tj ET Q q 0 0 0 rg BT 519.95 83.10 Td (all ) Tj ET Q q 0 0 0 rg BT 533.02 83.10 Td (equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 71.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 112.00 71.10 Td (plans ) Tj ET Q q 0 0 0 rg BT 135.56 71.10 Td (and ) Tj ET Q q 0 0 0 rg BT 152.45 71.10 Td (to ) Tj ET Q q 0 0 0 rg BT 162.69 71.10 Td (approve ) Tj ET Q q 0 0 0 rg BT 197.35 71.10 Td (material ) Tj ET Q q 0 0 0 rg BT 232.56 71.10 Td (revisions ) Tj ET Q q 0 0 0 rg BT 271.13 71.10 Td (to ) Tj ET Q q 0 0 0 rg BT 281.36 71.10 Td (those ) Tj ET Q q 0 0 0 rg BT 304.92 71.10 Td (plans, ) Tj ET Q q 0 0 0 rg BT 330.99 71.10 Td (with ) Tj ET Q q 0 0 0 rg BT 351.22 71.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 382.01 71.10 Td (exceptions ) Tj ET Q q 0 0 0 rg BT 427.22 71.10 Td (set ) Tj ET Q q 0 0 0 rg BT 440.79 71.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 462.68 71.10 Td (in ) Tj ET Q q 0 0 0 rg BT 472.92 71.10 Td (the ) Tj ET Q q 0 0 0 rg BT 487.59 71.10 Td (NYSE ) Tj ET Q q 0 0 0 rg BT 516.16 71.10 Td (rules. ) Tj ET Q q 0 0 0 rg BT 540.01 71.10 Td (As ) Tj ET Q q 0 0 0 rg BT 553.58 71.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 59.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 85.00 59.10 Td (private ) Tj ET Q q 0 0 0 rg BT 114.89 59.10 Td (issuer ) Tj ET Q q 0 0 0 rg BT 140.34 59.10 Td (we ) Tj ET Q q 0 0 0 rg BT 154.13 59.10 Td (are ) Tj ET Q q 0 0 0 rg BT 168.46 59.10 Td (permitted ) Tj ET Q q 0 0 0 rg BT 208.90 59.10 Td (to ) Tj ET Q q 0 0 0 rg BT 218.80 59.10 Td (follow ) Tj ET Q q 0 0 0 rg BT 247.04 59.10 Td (our ) Tj ET Q q 0 0 0 rg BT 262.49 59.10 Td (home ) Tj ET Q q 0 0 0 rg BT 286.83 59.10 Td (country ) Tj ET Q q 0 0 0 rg BT 319.50 59.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 339.96 59.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 380.40 59.10 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 429.17 59.10 Td (approval ) Tj ET Q q 0 0 0 rg BT 466.28 59.10 Td (of ) Tj ET Q q 0 0 0 rg BT 476.73 59.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 534.40 59.10 Td (plans, ) Tj ET Q endstream endobj 295 0 obj <> endobj 296 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 297.00 41.20 Td (139) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 73.27 731.10 Td (under ) Tj ET Q q 0 0 0 rg BT 98.38 731.10 Td (Dutch ) Tj ET Q q 0 0 0 rg BT 125.15 731.10 Td (law) Tj ET Q q 0 0 0 rg BT 138.94 731.10 Td (, ) Tj ET Q q 0 0 0 rg BT 143.78 731.10 Td (such ) Tj ET Q q 0 0 0 rg BT 164.44 731.10 Td (approval ) Tj ET Q q 0 0 0 rg BT 201.76 731.10 Td (from ) Tj ET Q q 0 0 0 rg BT 223.54 731.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 276.41 731.10 Td (is ) Tj ET Q q 0 0 0 rg BT 285.41 731.10 Td (not ) Tj ET Q q 0 0 0 rg BT 300.53 731.10 Td (required ) Tj ET Q q 0 0 0 rg BT 336.18 731.10 Td (for ) Tj ET Q q 0 0 0 rg BT 350.17 731.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 377.51 731.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 435.38 731.10 Td (plans ) Tj ET Q q 0 0 0 rg BT 458.83 731.10 Td (for ) Tj ET Q q 0 0 0 rg BT 472.82 731.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 517.92 731.10 Td (other ) Tj ET Q q 0 0 0 rg BT 540.80 731.10 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 69.02 719.10 Td (members ) Tj ET Q q 0 0 0 rg BT 108.48 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 119.61 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 134.63 719.10 Td (Board, ) Tj ET Q q 0 0 0 rg BT 164.37 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 181.61 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 192.19 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 207.21 719.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 234.45 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 249.47 719.10 Td (authority ) Tj ET Q q 0 0 0 rg BT 288.38 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 298.96 719.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 322.31 719.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 350.10 719.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 375.68 719.10 Td (has ) Tj ET Q q 0 0 0 rg BT 391.82 719.10 Td (been ) Tj ET Q q 0 0 0 rg BT 413.50 719.10 Td (delegated ) Tj ET Q q 0 0 0 rg BT 454.61 719.10 Td (by ) Tj ET Q q 0 0 0 rg BT 467.41 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 482.43 719.10 Td (general ) Tj ET Q q 0 0 0 rg BT 514.66 719.10 Td (meeting ) Tj ET Q q 0 0 0 rg BT 549.67 719.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 107.51 707.10 Td (to ) Tj ET Q q 0 0 0 rg BT 118.26 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 133.44 707.10 Td (Board. ) Tj ET Q q 0 0 0 rg BT 163.35 707.10 Td (For ) Tj ET Q q 0 0 0 rg BT 180.21 707.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 208.18 707.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 266.69 707.10 Td (plans ) Tj ET Q q 0 0 0 rg BT 290.77 707.10 Td (for ) Tj ET Q q 0 0 0 rg BT 305.40 707.10 Td (members ) Tj ET Q q 0 0 0 rg BT 345.03 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 356.33 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 371.51 707.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 398.92 707.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 427.44 707.10 Td (in ) Tj ET Q q 0 0 0 rg BT 438.19 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 453.37 707.10 Td (event ) Tj ET Q q 0 0 0 rg BT 478.00 707.10 Td (that ) Tj ET Q q 0 0 0 rg BT 495.96 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 511.15 707.10 Td (authority ) Tj ET Q q 0 0 0 rg BT 550.23 707.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 695.10 Td (issue ) Tj ET Q q 0 0 0 rg BT 77.64 695.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 106.27 695.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 135.45 695.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 161.87 695.10 Td (to ) Tj ET Q q 0 0 0 rg BT 173.28 695.10 Td (subscribe ) Tj ET Q q 0 0 0 rg BT 214.69 695.10 Td (for ) Tj ET Q q 0 0 0 rg BT 229.99 695.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 258.61 695.10 Td (has ) Tj ET Q q 0 0 0 rg BT 275.58 695.10 Td (not ) Tj ET Q q 0 0 0 rg BT 292.00 695.10 Td (been ) Tj ET Q q 0 0 0 rg BT 314.51 695.10 Td (delegated ) Tj ET Q q 0 0 0 rg BT 356.46 695.10 Td (to ) Tj ET Q q 0 0 0 rg BT 367.88 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 383.73 695.10 Td (Board, ) Tj ET Q q 0 0 0 rg BT 414.31 695.10 Td (approval ) Tj ET Q q 0 0 0 rg BT 452.93 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 464.90 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 480.75 695.10 Td (general ) Tj ET Q q 0 0 0 rg BT 513.81 695.10 Td (meeting ) Tj ET Q q 0 0 0 rg BT 549.66 695.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 107.04 683.10 Td (is ) Tj ET Q q 0 0 0 rg BT 116.21 683.10 Td (required.) 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Mine Safety Disclosur) Tj ET Q q 0 0 0 rg BT 197.96 527.10 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 503.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 503.10 Td (Not applicable.) Tj ET Q endstream endobj 297 0 obj <> endobj 298 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 297.00 41.20 Td (140) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.90 731.25 Td (P) Tj ET Q q 0 0 0 rg BT 291.27 731.25 Td (AR) Tj ET Q q 0 0 0 rg BT 305.36 731.25 Td (T) Tj ET Q q 0 0 0 rg BT 311.85 731.25 Td ( III) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 707.25 Td (Item 17. Financial Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 683.25 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 683.25 Td (e have responded to Item 18 in lieu of responding to this item.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 659.25 Td (Item 18. Financial Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 635.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 635.25 Td (The audited Consolidated Financial Statements as required under Item 18 are attached hereto starting on page F-1 of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 623.25 Td (this Form 20-F) Tj ET Q q 0 0 0 rg BT 113.21 623.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 599.25 Td (Item 19. 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q 0 0 0 rg BT 228.13 671.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 257.29 671.25 Td (report ) Tj ET Q q 0 0 0 rg BT 283.66 671.25 Td (on ) Tj ET Q q 0 0 0 rg BT 296.16 671.25 Td (its ) Tj ET Q q 0 0 0 rg BT 308.11 671.25 Td (behalf.) 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 659.25 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 659.25 Td (e have audited the accompanying consolidated statements of financial position of Ferrari N.V) Tj ET Q q 0 0 0 rg BT 435.40 659.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 437.90 659.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.40 659.25 Td (as of December 31, 2015 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 647.25 Td (2014, and the related consolidated income statements, statements of comprehensive income, cash flows and changes in equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 635.25 Td (for each of the three years in the period ended December 31, 2015. ) Tj ET Q q 0 0 0 rg BT 323.43 635.25 Td (These financial statements are the responsibility of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 623.25 Td (Company's management. Our responsibility is to express an opinion on these financial statements based on our audits.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 598.25 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 598.25 Td (e conducted our audits in accordance with the standards of the Public Company ) Tj ET Q q 0 0 0 rg BT 382.83 598.25 Td (Accounting Oversight Board \(United ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 586.25 Td (States\). ) Tj ET Q q 0 0 0 rg BT 86.04 586.25 Td (Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 574.25 Td (statements are free of material misstatement. ) Tj ET Q q 0 0 0 rg BT 235.13 574.25 Td (W) Tj ET Q q 0 0 0 rg BT 243.77 574.25 Td (e were not engaged to perform an audit of the Company) Tj ET Q q 0 0 0 rg BT 470.36 574.25 Td (s internal control ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 562.25 Td (over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 550.25 Td (audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 538.25 Td (ef) Tj ET Q q 0 0 0 rg BT 61.59 538.25 Td (fectiveness of the Company) Tj ET Q q 0 0 0 rg BT 175.72 538.25 Td (s internal control over financial reporting. ) Tj ET Q q 0 0 0 rg BT 344.83 538.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 394.17 538.25 Td (, we express no such opinion. ) Tj ET Q q 0 0 0 rg BT 514.16 538.25 Td (An audit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 526.25 Td (also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 514.25 Td (assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 502.25 Td (statement presentation. ) Tj ET Q q 0 0 0 rg BT 148.51 502.25 Td (W) Tj ET Q q 0 0 0 rg BT 157.15 502.25 Td (e believe that our audits provide a reasonable basis for our opinion.) 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BT 393.00 658.80 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 457.00 658.80 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 521.00 658.80 Td (2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.85 645.60 Td (\( thousand\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 632.61 Td (Net revenues) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 348.00 631.60 Td (4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 391.00 631.81 Td (2,854,369) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.00 631.81 Td (2,762,360) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 519.00 631.81 Td (2,335,270) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 618.61 Td (Cost of sales ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 348.00 617.60 Td (5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 391.00 617.81 Td (1,498,806) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.00 617.81 Td (1,505,889) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 519.00 617.81 Td (1,234,643) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 604.61 Td (Selling, general and administrative costs ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 348.00 603.60 Td (6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 397.75 603.81 Td (338,626) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.75 603.81 Td (300,090) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 525.75 603.81 Td (259,880) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 590.61 Td (Research and development costs ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 348.00 589.60 Td (7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 397.75 589.81 Td (561,582) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.75 589.81 Td (540,833) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 525.75 589.81 Td (479,294) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 576.61 Td (Other expenses/\(income\), net) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 348.00 575.60 Td (8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.25 575.81 Td (11,035) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.25 575.81 Td (26,080) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.75 575.81 Td (\(2,096) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 555.00 575.81 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.00 562.75 Td (EBIT) Tj ET Q q 0 0 0 rg BT 78.35 562.75 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 397.75 561.80 Td (444,320) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.75 561.80 Td (389,468) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 525.75 561.80 Td (363,549) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 548.61 Td (Net financial \(expenses\)/income ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 348.00 547.60 Td (9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 399.25 547.81 Td (\(10,151) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.00 547.81 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 470.75 547.81 Td (8,765) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 547.81 Td (2,851) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.00 534.75 Td (Pr) Tj ET Q q 0 0 0 rg BT 66.33 534.75 Td (ofit befor) Tj ET Q q 0 0 0 rg BT 101.90 534.75 Td (e taxes ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 397.75 533.80 Td (434,169) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.75 533.80 Td (398,233) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 525.75 533.80 Td (366,400) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 520.61 Td (Income tax expense) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.00 519.60 Td (10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 397.75 519.81 Td (144,115) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.75 519.81 Td (133,218) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 525.75 519.81 Td (120,301) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.00 506.75 Td (Net pr) Tj ET Q q 0 0 0 rg BT 81.58 506.75 Td (ofit ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 397.75 505.80 Td (290,054) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.75 505.80 Td (265,015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 525.75 505.80 Td (246,099) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.00 492.75 Td (Net pr) Tj ET Q q 0 0 0 rg BT 81.58 492.75 Td (ofit attributable to: ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 478.60 Td ( Owners of the par) Tj ET Q q 0 0 0 rg BT 128.67 478.60 Td (ent ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 397.75 477.80 Td (287,816) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 461.75 477.80 Td (261,371) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 525.75 477.80 Td (240,774) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 464.60 Td ( Non-contr) Tj ET Q q 0 0 0 rg BT 100.41 464.60 Td (olling inter) Tj ET Q q 0 0 0 rg BT 140.33 464.60 Td (ests ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 348.00 463.60 Td (3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.75 463.80 Td (2,238) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.75 463.80 Td (3,644) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 534.75 463.80 Td (5,325) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 450.61 Td (Basic and diluted earnings per common share \(in \) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.00 449.60 Td (12) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.25 449.81 Td (1.52) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.25 449.81 Td (1.38) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.25 449.81 Td (1.27) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 167.15 49.85 Td (The accompanying notes are an integral part of the Consolidated Financial Statements.) Tj ET Q endstream endobj 307 0 obj <> endobj 308 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 297.65 32.20 Td (F-4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 731.25 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 731.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.60 719.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 217.42 719.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 251.97 719.25 Td (A) Tj ET Q q 0 0 0 rg BT 258.45 719.25 Td (TEMENT) Tj ET Q q 0 0 0 rg BT 301.61 719.25 Td ( OF) Tj ET Q q 0 0 0 rg BT 317.63 719.25 Td ( COMPREHENSIVE INCOME ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.75 707.25 Td (for) Tj ET Q q 0 0 0 rg BT 204.34 707.25 Td ( the years ended December) Tj ET Q q 0 0 0 rg BT 319.12 707.25 Td (31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.12 707.25 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.12 707.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.12 707.25 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.12 707.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.25 707.25 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.25 707.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.00 695.25 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 54.00 680.85 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 629.35 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 629.35 30.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 629.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 629.35 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 629.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 629.35 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 629.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 629.35 60.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 53.50 615.35 282.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 594.35 282.00 -14.00 re f /GS0 gs 0.8 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0.9333333333333333 1 rg /GS0 gs 335.50 492.35 30.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 492.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 492.35 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 492.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 492.35 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 492.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 492.35 60.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 53.50 478.35 282.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 455.35 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 455.35 30.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 455.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 455.35 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 455.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 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0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 656.35 m 429.5 656.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 642.35 m 429.5 642.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 656.35 m 433.5 656.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 656.35 m 493.5 656.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 642.35 m 493.5 642.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 656.35 m 497.5 656.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 656.35 m 557.5 656.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 642.35 m 557.5 642.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 615.35 m 429.5 615.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 615.35 m 493.5 615.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 615.35 m 557.5 615.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 566.35 m 429.5 566.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 566.35 m 493.5 566.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 566.35 m 557.5 566.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 566.35 m 429.5 566.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 566.35 m 493.5 566.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 566.35 m 557.5 566.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 478.35 m 429.5 478.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 478.35 m 493.5 478.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 478.35 m 557.5 478.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 455.35 m 429.5 455.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 455.35 m 493.5 455.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 455.35 m 557.5 455.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 441.35 m 429.5 441.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 428.35 m 429.5 428.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 426.35 m 429.5 426.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 441.35 m 493.5 441.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 428.35 m 493.5 428.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 426.35 m 493.5 426.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 441.35 m 557.5 441.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 428.35 m 557.5 428.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 426.35 m 557.5 426.35 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 399.65 660.80 Td (For the years ended December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 343.00 646.80 Td (Note) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.00 646.80 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.00 646.80 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 520.00 646.80 Td (2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.85 633.60 Td (\( thousand\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 620.75 Td (Net profit) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.75 619.80 Td (290,054) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.75 619.80 Td (265,015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 619.80 Td (246,099) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 606.61 Td (Items that will not be reclassified to the consolidated income statement in) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 597.61 Td (subsequent periods:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 585.61 Td ( Gains/\(losses\) on remeasurement of defined benefit plans ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.00 584.60 Td (20) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 412.50 584.81 Td (898) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.75 584.81 Td (\(4,739) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.00 584.81 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.75 584.81 Td (\(2,412) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.00 584.81 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 571.61 Td ( Related tax impact) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.00 570.60 Td (20) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 409.50 570.81 Td (\(308) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.00 570.81 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.75 570.81 Td (1,061) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.75 570.81 Td (1,799) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 557.75 Td (Total items that will not be reclassified to the consolidated income) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 548.75 Td (statement in subsequent periods) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 412.50 547.80 Td (590) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.75 547.80 Td (\(3,678) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 490.00 547.80 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 537.50 547.80 Td (\(613) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 554.00 547.80 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 534.61 Td (Items that may be reclassified to the consolidated income statement in) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 525.61 Td (subsequent periods:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 511.61 Td ( Gains/\(losses\) on cash flow hedging instruments ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.00 510.60 Td (20) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.75 510.81 Td (8,234) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.75 510.81 Td (\(148,341) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.00 510.81 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.25 510.81 Td (54,603) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 497.61 Td ( Exchange differences on translating foreign operations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.00 496.60 Td (20) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 401.25 496.81 Td (13,344) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.25 496.81 Td (27,836) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.75 496.81 Td (\(7,467) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.00 496.81 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 483.61 Td ( Related tax impact) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.00 482.60 Td (20) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.75 482.81 Td (\(2,600) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.00 482.81 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.25 482.81 Td (46,588) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 526.25 482.81 Td (\(17,146) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.00 482.81 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 469.75 Td (Total items that may be reclassified to the consolidated income) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 460.75 Td (statement in subsequent periods) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 401.25 459.80 Td (18,978) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 462.25 459.80 Td (\(73,917) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 490.00 459.80 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 459.80 Td (29,990) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 446.75 Td (T) Tj ET Q q 0 0 0 rg BT 61.18 446.75 Td (otal other) Tj ET Q q 0 0 0 rg BT 98.25 446.75 Td ( compr) Tj ET Q q 0 0 0 rg BT 125.33 446.75 Td (ehensive income/\(loss\), net of tax ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 401.25 445.80 Td (19,568) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 462.25 445.80 Td (\(77,595) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 490.00 445.80 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 445.80 Td (29,377) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 432.75 Td (Total comprehensive income) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.75 431.80 Td (309,622) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.75 431.80 Td (187,420) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 431.80 Td (275,476) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 418.75 Td (Total comprehensive income attributable to:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 404.60 Td ( Owners of the parent) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 396.75 403.80 Td (306,699) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.75 403.80 Td (181,375) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 524.75 403.80 Td (270,790) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 390.60 Td ( Non-controlling interests) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 405.75 389.80 Td (2,923) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.75 389.80 Td (6,045) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.75 389.80 Td (4,686) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 167.15 57.05 Td (The accompanying notes are an integral part of the Consolidated Financial Statements.) Tj ET Q endstream endobj 309 0 obj <> endobj 310 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 297.65 32.20 Td (F-5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 731.25 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 731.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 170.95 719.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 230.77 719.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 265.32 719.25 Td (A) Tj ET Q q 0 0 0 rg BT 271.80 719.25 Td (TEMENT) Tj ET Q q 0 0 0 rg BT 314.96 719.25 Td ( OF) Tj ET Q q 0 0 0 rg BT 330.98 719.25 Td ( FINANCIAL) Tj ET Q q 0 0 0 rg BT 389.60 719.25 Td ( POSITION ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.70 707.25 Td (at December) Tj ET Q q 0 0 0 rg BT 293.66 707.25 Td (31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.16 707.25 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.16 707.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.28 707.25 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.28 707.25 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 54.00 692.85 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 641.35 342.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 641.35 34.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 641.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 641.35 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 641.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 641.35 60.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 53.50 627.35 342.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 613.35 342.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 613.35 34.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 613.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 613.35 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 613.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 613.35 60.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 53.50 599.35 342.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 585.35 342.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 585.35 34.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 585.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 585.35 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 585.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 585.35 60.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 53.50 571.35 342.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 557.35 342.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 557.35 34.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 557.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 557.35 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 557.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 557.35 60.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 53.50 543.35 342.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 529.35 342.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 529.35 34.00 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gs 395.50 473.35 34.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 473.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 473.35 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 473.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 473.35 60.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 53.50 459.35 342.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 445.35 342.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 445.35 34.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 445.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 445.35 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 445.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 445.35 60.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 53.50 431.35 342.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 417.35 342.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 417.35 34.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 417.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 417.35 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 417.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 417.35 60.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 53.50 403.35 342.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 389.35 342.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 389.35 34.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 389.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 389.35 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 389.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 389.35 60.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 53.50 375.35 342.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 361.35 342.00 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gs 53.50 305.35 342.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 305.35 34.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 305.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 305.35 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 305.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 305.35 60.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 53.50 291.35 342.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 277.35 342.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 277.35 34.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 277.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 277.35 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 277.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 277.35 60.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 53.50 263.35 342.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 249.35 342.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 249.35 34.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 249.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 249.35 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 249.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 249.35 60.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 53.50 235.35 342.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 221.35 342.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 221.35 34.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 221.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 221.35 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 221.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 221.35 60.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 53.50 207.35 342.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 668.35 m 493.5 668.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 668.35 m 497.5 668.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 668.35 m 557.5 668.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 654.35 m 429.5 654.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 668.35 m 493.5 668.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 654.35 m 493.5 654.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 668.35 m 497.5 668.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 668.35 m 557.5 668.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 654.35 m 557.5 654.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 557.35 m 493.5 557.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 543.35 m 493.5 543.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 557.35 m 557.5 557.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 543.35 m 557.5 543.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 431.35 m 493.5 431.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 417.35 m 493.5 417.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 431.35 m 557.5 431.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 417.35 m 557.5 417.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 417.35 m 493.5 417.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 404.35 m 493.5 404.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 402.35 m 493.5 402.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 417.35 m 557.5 417.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 404.35 m 557.5 404.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 402.35 m 557.5 402.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 347.35 m 493.5 347.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 347.35 m 557.5 347.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 207.35000000000002 m 493.5 207.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 194.35000000000002 m 493.5 194.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 192.35000000000002 m 493.5 192.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 207.35000000000002 m 557.5 207.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 194.35000000000002 m 557.5 194.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 192.35000000000002 m 557.5 192.35000000000002 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 462.95 672.80 Td (At December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 405.00 658.80 Td (Note) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.00 658.80 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 518.00 658.80 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 474.85 645.60 Td (\( thousand\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 631.80 Td (Assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 617.81 Td (Goodwill) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.00 617.60 Td (13) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.75 617.81 Td (787,178) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 524.75 617.81 Td (787,178) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 603.81 Td (Intangible assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.00 603.60 Td (14) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.75 603.81 Td (307,810) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 524.75 603.81 Td (265,262) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 589.81 Td (Property, plant and equipment) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.00 589.60 Td (15) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.75 589.81 Td (626,130) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 524.75 589.81 Td (585,185) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 575.81 Td (Investments and other financial assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.00 575.60 Td (16) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.25 575.81 Td (11,836) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.25 575.81 Td (47,431) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 561.81 Td (Deferred tax assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.00 561.60 Td (10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.75 561.81 Td (122,622) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 524.75 561.81 Td (111,716) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 547.80 Td (Total non-current assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.00 547.80 Td (1,855,576) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 518.00 547.80 Td (1,796,772) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 533.81 Td (Inventories) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.00 533.60 Td (17) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.75 533.81 Td (295,436) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 524.75 533.81 Td (296,005) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 519.81 Td (Trade receivables) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.00 519.60 Td (18) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.75 519.81 Td (158,165) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 524.75 519.81 Td (183,642) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 505.81 Td (Receivables from financing activities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.00 505.60 Td (18) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.00 505.81 Td (1,173,825) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 518.00 505.81 Td (1,224,446) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 491.81 Td (Current tax receivables) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.00 491.60 Td (18) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.25 491.81 Td (15,369) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.75 491.81 Td (3,016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 477.81 Td (Other current assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.00 477.60 Td (18) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.25 477.81 Td (46,477) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.25 477.81 Td (52,052) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 463.81 Td (Current financial assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.00 463.60 Td (19) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.75 463.81 Td (8,626) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.75 463.81 Td (8,747) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 449.81 Td (Deposits in FCA Group cash management pools) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.00 449.60 Td (18) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.75 449.81 Td (139,172) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 524.75 449.81 Td (942,469) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 435.81 Td (Cash and cash equivalents) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.75 435.81 Td (182,753) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 524.75 435.81 Td (134,278) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 421.80 Td (Total current assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.00 421.80 Td (2,019,823) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 518.00 421.80 Td (2,844,655) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 407.80 Td (Total assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.00 407.80 Td (3,875,399) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 518.00 407.80 Td (4,641,427) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 393.80 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 379.80 Td (\(Deficit\)/Equity and liabilities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 365.81 Td (\(Deficit\)/Equity attributable to owners of the parent) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.25 365.81 Td (\(25,123) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.00 365.81 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 518.00 365.81 Td (2,469,618) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 351.81 Td (Non-controlling interests) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.75 351.81 Td (5,720) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.75 351.81 Td (8,695) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 337.80 Td (T) Tj ET Q q 0 0 0 rg BT 61.18 337.80 Td (otal \(deficit\)/equity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.00 337.60 Td (20) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 462.25 337.80 Td (\(19,403) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 490.00 337.80 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 518.00 337.80 Td (2,478,313) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 323.81 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 309.81 Td (Employee benefits) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.00 309.60 Td (21) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.25 309.81 Td (78,373) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.25 309.81 Td (76,814) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 295.81 Td (Provisions) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.00 295.60 Td (22) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.75 295.81 Td (141,847) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 524.75 295.81 Td (134,774) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 281.81 Td (Deferred tax liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.00 281.60 Td (10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.25 281.81 Td (23,345) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.25 281.81 Td (21,612) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 267.81 Td (Debt) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.00 267.60 Td (23) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.00 267.81 Td (2,260,390) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 524.75 267.81 Td (510,220) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 253.81 Td (Other liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.00 253.60 Td (24) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.75 253.81 Td (654,784) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 524.75 253.81 Td (670,378) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 239.81 Td (Other financial liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.00 239.60 Td (19) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.75 239.81 Td (103,332) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 524.75 239.81 Td (104,093) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 225.81 Td (Trade payables) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.00 225.60 Td (25) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.75 225.81 Td (507,499) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 524.75 225.81 Td (535,707) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 211.81 Td (Current tax payables) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.75 211.81 Td (125,232) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 524.75 211.81 Td (109,516) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 197.80 Td (T) Tj ET Q q 0 0 0 rg BT 61.18 197.80 Td (otal \(deficit\)/equity and liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.00 197.80 Td (3,875,399) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 518.00 197.80 Td (4,641,427) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 167.15 52.25 Td (The accompanying notes are an integral part of the Consolidated Financial Statements.) Tj ET Q endstream endobj 311 0 obj <> endobj 312 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 297.65 32.20 Td (F-6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 731.25 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 731.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.50 719.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 251.32 719.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 285.88 719.25 Td (A) Tj ET Q q 0 0 0 rg BT 292.35 719.25 Td (TEMENT) Tj ET Q q 0 0 0 rg BT 335.51 719.25 Td ( OF) Tj ET Q q 0 0 0 rg BT 351.53 719.25 Td ( CASH FLOWS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.50 707.25 Td (for) Tj ET Q q 0 0 0 rg BT 203.09 707.25 Td ( the years ended December) Tj ET Q q 0 0 0 rg BT 317.87 707.25 Td (31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.37 707.25 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.37 707.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.37 707.25 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.37 707.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.50 707.25 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.50 707.25 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 54.00 692.85 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 641.35 330.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 641.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 641.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 641.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 641.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 641.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 641.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 615.35 330.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 615.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 615.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 615.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 615.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 615.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 615.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 589.35 330.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 589.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 589.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 589.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 589.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 589.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 589.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 563.35 330.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 563.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 563.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 563.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 563.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 563.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 563.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 537.35 330.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 537.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 537.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 537.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 537.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 537.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 537.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 511.35 330.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 511.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 511.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 511.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 511.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 511.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 511.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 485.35 330.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 485.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 485.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 485.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 485.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 485.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 485.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 459.35 330.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 459.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 459.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 459.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 459.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 459.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 459.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 433.35 330.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 433.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 433.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 433.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 433.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 433.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 433.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 407.35 330.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 407.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 407.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 407.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 407.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 407.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 407.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 381.35 330.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 381.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 381.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 381.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 381.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 381.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 381.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 355.35 330.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 355.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 355.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 355.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 355.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 355.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 355.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 329.35 330.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 329.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 329.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 329.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 329.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 329.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 329.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 303.35 330.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 303.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 303.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 303.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 303.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 303.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 303.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 277.35 330.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 277.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 277.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 277.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 277.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 277.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 277.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 251.35 330.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 251.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 251.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 251.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 251.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 251.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 251.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 225.35 330.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 225.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 225.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 225.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 225.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 225.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 225.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 199.35 330.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 199.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 199.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 199.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 199.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 199.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 199.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 173.35 330.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 173.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 173.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 173.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 173.35 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 173.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 173.35 54.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 668.35 m 442.5 668.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 668.35 m 446.5 668.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 668.35 m 500.5 668.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 668.35 m 504.5 668.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 668.35 m 558.5 668.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 668.35 m 442.5 668.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 654.35 m 442.5 654.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 668.35 m 446.5 668.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 668.35 m 500.5 668.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 654.35 m 500.5 654.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 668.35 m 504.5 668.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 668.35 m 558.5 668.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 654.35 m 558.5 654.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 472.35 m 442.5 472.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 460.35 m 442.5 460.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 458.35 m 442.5 458.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 472.35 m 500.5 472.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 460.35 m 500.5 460.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 458.35 m 500.5 458.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 472.35 m 558.5 472.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 460.35 m 558.5 460.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 458.35 m 558.5 458.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 355.35 m 442.5 355.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 355.35 m 500.5 355.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 355.35 m 558.5 355.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 355.35 m 442.5 355.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 343.35 m 442.5 343.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 341.35 m 442.5 341.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 355.35 m 500.5 355.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 343.35 m 500.5 343.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 341.35 m 500.5 341.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 355.35 m 558.5 355.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 343.35 m 558.5 343.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 341.35 m 558.5 341.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 225.35000000000002 m 442.5 225.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 213.35000000000002 m 442.5 213.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 211.35000000000002 m 442.5 211.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 225.35000000000002 m 500.5 225.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 213.35000000000002 m 500.5 213.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 211.35000000000002 m 500.5 211.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 225.35000000000002 m 558.5 225.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 213.35000000000002 m 558.5 213.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 211.35000000000002 m 558.5 211.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 186.35000000000002 m 442.5 186.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 186.35000000000002 m 500.5 186.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 186.35000000000002 m 558.5 186.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 173.35000000000002 m 442.5 173.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 161.35000000000002 m 442.5 161.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 159.35000000000002 m 442.5 159.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 173.35000000000002 m 500.5 173.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 161.35000000000002 m 500.5 161.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 159.35000000000002 m 500.5 159.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 173.35000000000002 m 558.5 173.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 161.35000000000002 m 558.5 161.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 159.35000000000002 m 558.5 159.35000000000002 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 409.65 672.80 Td (For the years ended December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 406.00 658.80 Td (2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 445.00 658.81 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.00 658.80 Td (2014) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.00 658.81 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 522.00 658.80 Td (2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.85 645.60 Td (\( thousand\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.00 632.75 Td (Cash and cash equivalents at beginning of the year) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 409.75 632.75 Td (134,278) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.75 632.75 Td (113,786) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 525.75 632.75 Td (100,063) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.00 619.75 Td (Cash flows from operating activities:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 606.61 Td ( Profit before taxes) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 409.75 606.61 Td (434,169) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 467.75 606.61 Td (398,233) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 525.75 606.61 Td (366,400) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 593.61 Td ( Amortization and depreciation) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 409.75 593.61 Td (274,757) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 467.75 593.61 Td (288,982) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 525.75 593.61 Td (270,250) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 580.61 Td ( Provision accruals) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.25 580.61 Td (50,873) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.25 580.61 Td (66,274) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 580.61 Td (24,095) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 567.61 Td ( Other non-cash expense and income) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.25 567.61 Td (36,230) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.25 567.61 Td (53,348) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 567.61 Td (31,818) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 554.61 Td ( Net gains on disposal of property, plant and equipment and intangible assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 415.75 554.61 Td (\(6,964) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 439.00 554.61 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.50 554.61 Td (\(742) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.00 554.61 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.75 554.61 Td (\(1,259) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 555.00 554.61 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 541.61 Td ( Change in inventories) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 415.75 541.61 Td (\(2,885) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 439.00 541.61 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.25 541.61 Td (\(65,548) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.00 541.61 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 527.25 541.61 Td (\(19,549) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 555.00 541.61 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 528.61 Td ( Change in trade receivables) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.25 528.61 Td (15,693) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.50 528.61 Td (824) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 527.25 528.61 Td (\(81,386) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 555.00 528.61 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 515.61 Td ( Change in trade payables) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.25 515.61 Td (\(45,792) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 439.00 515.61 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.25 515.61 Td (12,986) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 515.61 Td (14,260) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 502.61 Td ( Change in receivables from financing activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 409.75 502.61 Td (120,902) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.75 502.61 Td (\(201,692) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.00 502.61 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 527.25 502.61 Td (\(56,531) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 555.00 502.61 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 489.61 Td ( Change in other operating assets and liabilities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.25 489.61 Td (\(24,698) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 439.00 489.61 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.25 489.61 Td (14,322) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 489.61 Td (44,700) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 476.61 Td ( Income tax paid) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 406.75 476.61 Td (\(145,017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 439.00 476.61 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.75 476.61 Td (\(140,920) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.00 476.61 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 522.75 476.61 Td (\(138,784) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 555.00 476.61 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.00 463.75 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 409.75 463.75 Td (707,268) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.75 463.75 Td (426,067) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 525.75 463.75 Td (454,014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.00 437.75 Td (Cash flows used in investing activities:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 424.61 Td ( Investments in property, plant and equipment) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 406.75 424.61 Td (\(184,910) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 439.00 424.61 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.75 424.61 Td (\(169,363) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.00 424.61 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 522.75 424.61 Td (\(161,653) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 555.00 424.61 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 411.61 Td ( Investments in intangible assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 406.75 411.61 Td (\(171,033) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 439.00 411.61 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.75 411.61 Td (\(160,635) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.00 411.61 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 522.75 411.61 Td (\(109,250) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 555.00 411.61 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 398.61 Td ( Change in investments and other financial assets ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 425.50 398.61 Td (377) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.30 398.60 Td (\(358) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.00 398.60 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.00 398.60 Td (1,622) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 385.61 Td ( Cash acquired in change in scope of consolidation ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.00 385.61 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 475.00 385.60 Td (38,751) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.00 385.60 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 372.61 Td ( Proceeds from the sale of property) Tj ET Q q 0 0 0 rg BT 187.37 372.61 Td (, plant and equipment and intangible assets ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.75 372.61 Td (1,370) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.75 372.61 Td (1,828) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 372.61 Td (1,939) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 359.61 Td ( Proceeds from the sale of assets and liabilities related to investment properties) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.25 359.61 Td (37,130) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 488.00 359.61 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 546.00 359.61 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.00 346.75 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 406.75 346.75 Td (\(317,066) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 439.00 346.75 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.75 346.75 Td (\(289,777) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 497.00 346.75 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 522.75 346.75 Td (\(267,342) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 555.00 346.75 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.00 320.75 Td (Cash flows used in financing activities:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 307.61 Td ( Proceeds from bank borrowings) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 403.00 307.61 Td (2,118,705) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.25 307.61 Td (80,745) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 307.61 Td (15,208) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 294.61 Td ( Repayment of bank borrowings) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.00 294.61 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.75 294.61 Td (\(1,715) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.00 294.61 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 527.25 294.61 Td (\(10,010) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 555.00 294.61 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 281.61 Td ( Net change in financial liabilities with FCA Group) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.00 281.61 Td (\(3,210,504) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 439.00 281.61 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.25 281.61 Td (89,075) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 281.61 Td (50,638) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 268.61 Td ( Net change in other debt) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.25 268.61 Td (\(11,114) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 439.00 268.61 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.25 268.61 Td (\(27,638) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.00 268.61 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 268.61 Td (8,189) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 255.61 Td ( Net change in deposits in FCA Group cash management pools) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 409.75 255.61 Td (814,082) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.75 255.61 Td (\(247,034) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.00 255.61 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 522.75 255.61 Td (\(227,495) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 555.00 255.61 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 242.61 Td ( ) Tj ET Q q 0 0 0 rg BT 63.25 242.61 Td (Acquisition of non-controlling interest) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 415.75 242.61 Td (\(8,500) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 439.00 242.61 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.00 242.60 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 546.00 242.61 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 229.61 Td ( Dividends paid to non-controlling interest) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.25 229.61 Td (\(53,942) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 439.00 229.61 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.30 229.60 Td (\(15,050) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.00 229.60 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 546.00 229.61 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.00 216.75 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 406.75 216.75 Td (\(351,273) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 439.00 216.75 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.75 216.75 Td (\(121,617) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 497.00 216.75 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 522.75 216.75 Td (\(163,470) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 555.00 216.75 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 190.61 Td ( Translation exchange differences) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.75 190.61 Td (9,546) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.75 190.61 Td (5,819) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.75 190.61 Td (\(9,479) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 555.00 190.61 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.00 177.75 Td (Total change in cash and cash equivalents) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 414.25 177.75 Td (48,475) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 472.25 177.75 Td (20,492) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 177.75 Td (13,723) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.00 164.75 Td (Cash and cash equivalents at end of the year) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 409.75 164.75 Td (182,753) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.75 164.75 Td (134,278) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 525.75 164.75 Td (113,786) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 167.15 52.85 Td (The accompanying notes are an integral part of the Consolidated Financial Statements.) Tj ET Q endstream endobj 313 0 obj <> endobj 314 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 297.65 32.20 Td (F-7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 731.25 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 731.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.50 719.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 229.32 719.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 263.88 719.25 Td (A) Tj ET Q q 0 0 0 rg BT 270.35 719.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 335.27 719.25 Td ( CHANGES IN EQUITY) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.50 707.25 Td (for) Tj ET Q q 0 0 0 rg BT 203.09 707.25 Td ( the years ended December) Tj ET Q q 0 0 0 rg BT 317.87 707.25 Td (31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.37 707.25 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.37 707.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.37 707.25 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.37 707.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.50 707.25 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.50 707.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.00 695.25 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 54.00 680.85 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 592.35 90.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 143.50 592.35 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 193.50 592.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 197.50 592.35 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 592.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 592.35 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 592.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 592.35 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 592.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 592.35 67.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 592.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 592.35 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 592.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 592.35 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 566.35 90.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 143.50 566.35 50.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 193.50 566.35 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 197.50 566.35 55.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 566.35 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 566.35 56.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 566.35 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 566.35 56.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 566.35 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 566.35 67.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 566.35 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 566.35 50.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 566.35 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 566.35 56.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 524.35 90.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 143.50 524.35 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 193.50 524.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 197.50 524.35 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 524.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 524.35 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 524.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 524.35 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 524.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 524.35 67.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 524.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 524.35 50.00 -13.00 re f /GS0 gs 0.8 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1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 645.35 m 372.5 645.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 645.35 m 376.5 645.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 645.35 m 443.5 645.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143.5 604.35 m 193.5 604.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 604.35 m 252.5 604.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 604.35 m 312.5 604.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 604.35 m 372.5 604.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 604.35 m 443.5 604.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 604.35 m 497.5 604.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 604.35 m 557.5 604.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143.5 592.35 m 193.5 592.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143.5 580.35 m 193.5 580.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143.5 578.35 m 193.5 578.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 592.35 m 252.5 592.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 580.35 m 252.5 580.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 578.35 m 252.5 578.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 592.35 m 312.5 592.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 580.35 m 312.5 580.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 578.35 m 312.5 578.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 592.35 m 372.5 592.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 580.35 m 372.5 580.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 578.35 m 372.5 578.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 592.35 m 443.5 592.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 580.35 m 443.5 580.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 578.35 m 443.5 578.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 592.35 m 497.5 592.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 580.35 m 497.5 580.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 578.35 m 497.5 578.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 592.35 m 557.5 592.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 580.35 m 557.5 580.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 578.35 m 557.5 578.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143.5 578.35 m 193.5 578.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143.5 580.35 m 193.5 580.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143.5 524.35 m 193.5 524.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143.5 512.35 m 193.5 512.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143.5 510.35 m 193.5 510.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 524.35 m 252.5 524.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 512.35 m 252.5 512.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 510.35 m 252.5 510.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 524.35 m 312.5 524.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 512.35 m 312.5 512.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 510.35 m 312.5 510.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 524.35 m 372.5 524.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 512.35 m 372.5 512.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 510.35 m 372.5 510.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 524.35 m 443.5 524.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 512.35 m 443.5 512.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 510.35 m 443.5 510.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 524.35 m 497.5 524.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 512.35 m 497.5 512.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 510.35 m 497.5 510.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 524.35 m 557.5 524.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 512.35 m 557.5 512.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 510.35 m 557.5 510.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143.5 510.35 m 193.5 510.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143.5 512.35 m 193.5 512.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 510.35 m 252.5 510.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 512.35 m 252.5 512.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 510.35 m 312.5 510.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 512.35 m 312.5 512.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 510.35 m 372.5 510.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 512.35 m 372.5 512.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 510.35 m 443.5 510.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 512.35 m 443.5 512.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 510.35 m 497.5 510.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 512.35 m 497.5 512.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 510.35 m 557.5 510.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 512.35 m 557.5 512.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143.5 430.35 m 193.5 430.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 430.35 m 252.5 430.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 430.35 m 312.5 430.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 430.35 m 372.5 430.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 430.35 m 443.5 430.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 430.35 m 497.5 430.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 430.35 m 557.5 430.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143.5 430.35 m 193.5 430.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143.5 418.35 m 193.5 418.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143.5 416.35 m 193.5 416.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 430.35 m 252.5 430.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 418.35 m 252.5 418.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 416.35 m 252.5 416.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 430.35 m 312.5 430.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 418.35 m 312.5 418.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 416.35 m 312.5 416.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 430.35 m 372.5 430.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 418.35 m 372.5 418.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 416.35 m 372.5 416.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 430.35 m 443.5 430.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 418.35 m 443.5 418.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 416.35 m 443.5 416.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 430.35 m 497.5 430.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 418.35 m 497.5 418.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 416.35 m 497.5 416.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 430.35 m 557.5 430.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 418.35 m 557.5 418.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 416.35 m 557.5 416.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143.5 315.35 m 193.5 315.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143.5 303.35 m 193.5 303.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143.5 301.35 m 193.5 301.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 315.35 m 252.5 315.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 303.35 m 252.5 303.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 301.35 m 252.5 301.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 315.35 m 312.5 315.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 303.35 m 312.5 303.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 301.35 m 312.5 301.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 315.35 m 372.5 315.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 303.35 m 372.5 303.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 301.35 m 372.5 301.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 315.35 m 443.5 315.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 303.35 m 443.5 303.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 301.35 m 443.5 301.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 315.35 m 497.5 315.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 303.35 m 497.5 303.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 301.35 m 497.5 301.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 315.35 m 557.5 315.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 303.35 m 557.5 303.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 301.35 m 557.5 301.35 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 649.60 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 231.15 649.58 Td (Attributable to owners of the par) Tj ET Q q 0 0 0 rg BT 344.10 649.58 Td (ent) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.00 649.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.00 649.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.00 649.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 504.00 649.60 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 56.00 608.58 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 158.05 616.58 Td (Share) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 156.40 608.58 Td (capital) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 196.00 608.58 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 209.15 632.58 Td (Retained ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 209.80 624.58 Td (earnings) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 207.00 616.58 Td ( and other) Tj ET Q q 0 0 0 rg BT 241.97 616.58 Td ( ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 210.55 608.58 Td (r) Tj ET Q q 0 0 0 rg BT 213.96 608.58 Td (eserves) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 255.00 608.58 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 266.95 616.58 Td (Cash flow) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 260.60 608.58 Td (hedge reserve) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 315.00 608.58 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.60 624.58 Td (Currency) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 325.30 616.58 Td (translation) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 325.40 608.58 Td (differences) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 375.00 608.58 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 381.80 624.58 Td (Remeasurement) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 379.70 616.58 Td (of defined benefit) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 400.35 608.58 Td (plans) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 446.00 608.58 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 463.55 624.58 Td (Non-) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.40 616.58 Td (controlling) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.60 608.58 Td (interests) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 500.00 608.58 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.25 608.58 Td (Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 596.30 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 329.85 596.30 Td (\( thousand\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 56.00 583.58 Td (At January 1, 2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 172.25 583.58 Td (3,778) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 217.25 583.58 Td (2,001,817) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.30 583.58 Td (5,739) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 347.30 583.58 Td (11,305) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.60 583.58 Td (\(3,647) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 440.30 583.58 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.25 583.58 Td (22,121) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 522.25 583.58 Td (2,041,113) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 570.60 Td (Net profit) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 182.30 570.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 223.25 570.60 Td (240,774) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.30 570.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.30 570.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.30 570.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.25 570.60 Td (5,325) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.25 570.60 Td (246,099) Tj ET Q BT /F1 8.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 56.00 563.15 70.64 -7.27 re f /GS0 gs q 0 0 0 rg BT 56.00 557.60 Td (Other comprehensive ) Tj ET Q BT /F1 8.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 56.00 555.15 43.55 -7.27 re f /GS0 gs q 0 0 0 rg BT 56.00 549.60 Td (income/\(loss\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 182.30 549.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 241.30 549.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 287.30 549.60 Td (37,457) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 348.60 549.60 Td (\(6,828) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 369.30 549.60 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.60 549.60 Td (\(613) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.30 549.60 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.60 549.60 Td (\(639) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 494.30 549.60 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.30 549.60 Td (29,377) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 528.60 Td (Other changes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 182.30 528.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 234.60 528.60 Td (\(276) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.30 528.60 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.30 528.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.30 528.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.30 528.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.60 528.60 Td (\(31) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 494.30 528.60 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 539.60 528.60 Td (\(307) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.30 528.60 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 56.00 515.58 Td (At December 31, 2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 172.25 515.58 Td (3,778) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 217.25 515.58 Td (2,242,315) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 287.30 515.58 Td (43,196) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 351.30 515.58 Td (4,477) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.60 515.58 Td (\(4,260) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 440.30 515.58 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.25 515.58 Td (26,776) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 522.25 515.58 Td (2,316,282) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 502.60 Td (Dividends declared) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 182.30 502.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 241.30 502.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.30 502.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.30 502.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.30 502.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 469.60 502.60 Td (\(79,369) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 494.30 502.60 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.60 502.60 Td (\(79,369) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.30 502.60 Td (\)) Tj ET Q BT /F1 8.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 56.00 495.15 70.37 -7.27 re f /GS0 gs q 0 0 0 rg BT 56.00 489.60 Td (T) Tj ET Q q 0 0 0 rg BT 60.61 489.60 Td (ransaction with non-) Tj ET Q BT /F1 8.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 56.00 487.15 60.65 -7.27 re f /GS0 gs q 0 0 0 rg BT 56.00 481.60 Td (controlling interest) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 182.30 481.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 228.60 481.60 Td (\(1,263) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.30 481.60 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.30 481.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.30 481.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.30 481.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.25 481.60 Td (55,243) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.30 481.60 Td (53,980) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 468.60 Td (Net profit) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 182.30 468.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 223.25 468.60 Td (261,371) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.30 468.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.30 468.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.30 468.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.25 468.60 Td (3,644) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.25 468.60 Td (265,015) Tj ET Q BT /F1 8.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 56.00 461.15 70.64 -7.27 re f /GS0 gs q 0 0 0 rg BT 56.00 455.60 Td (Other comprehensive ) Tj ET Q BT /F1 8.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 56.00 453.15 43.55 -7.27 re f /GS0 gs q 0 0 0 rg BT 56.00 447.60 Td (\(loss\)/income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 182.30 447.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 241.30 447.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.60 447.60 Td (\(101,753) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.30 447.60 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 347.30 447.60 Td (25,435) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.60 447.60 Td (\(3,678) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.30 447.60 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.25 447.60 Td (2,401) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.60 447.60 Td (\(77,595) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.30 447.60 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 434.60 Td (Reclassification ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 109.09 438.23 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 182.30 434.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.30 434.60 Td (1,191) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.30 434.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.30 434.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.60 434.60 Td (\(1,191) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.30 434.60 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 486.30 434.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 434.60 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 56.00 421.58 Td (At December 31, 2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 172.25 421.58 Td (3,778) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 217.25 421.58 Td (2,503,614) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 284.60 421.58 Td (\(58,557) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 309.30 421.58 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 347.30 421.58 Td (29,912) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.60 421.58 Td (\(9,129) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 440.30 421.58 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.25 421.58 Td (8,695) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 522.25 421.58 Td (2,478,313) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 408.60 Td (Transaction with non-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 400.60 Td (controlling interest) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 182.30 400.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 228.60 400.60 Td (\(2,602) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.30 400.60 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.30 400.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.30 400.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.30 400.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.60 400.60 Td (\(5,898) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 494.30 400.60 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.60 400.60 Td (\(8,500) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.30 400.60 Td (\)) Tj ET Q BT /F1 8.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 56.00 393.15 31.32 -7.27 re f /GS0 gs q 0 0 0 rg BT 56.00 387.60 Td (Net profit) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 182.30 387.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 223.25 387.60 Td (287,816) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.30 387.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.30 387.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.30 387.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.25 387.60 Td (2,238) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.25 387.60 Td (290,054) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 374.60 Td (Other comprehensive ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 366.60 Td (income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 182.30 366.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 241.30 366.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 291.30 366.60 Td (5,634) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 347.30 366.60 Td (12,659) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.30 366.60 Td (590) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.30 366.60 Td (685) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.30 366.60 Td (19,568) Tj ET Q BT /F1 8.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 56.00 359.15 45.55 -7.27 re f /GS0 gs q 0 0 0 rg BT 56.00 353.60 Td (Restructuring ) Tj ET Q BT /F1 8.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 101.55 362.78 6.06 -7.27 re f /GS0 gs BT /F1 5.20 Tf ET q 0 0 0 rg BT 101.55 357.23 Td (\(2\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 182.30 353.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 214.60 353.60 Td (\(2,800,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.30 353.60 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.30 353.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.30 353.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.30 353.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 486.30 353.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.60 353.60 Td (\(2,800,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.30 353.60 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 340.60 Td (Share premium ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 332.60 Td (contribution) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 95.11 336.23 Td ( \(3\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 182.30 332.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.30 332.60 Td (1,162) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.30 332.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.30 332.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.30 332.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 486.30 332.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.30 332.60 Td (1,162) Tj ET Q BT /F1 8.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 56.00 325.15 53.09 -7.27 re f /GS0 gs q 0 0 0 rg BT 56.00 319.60 Td (Reclassification ) Tj ET Q BT /F1 8.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 109.09 328.78 6.06 -7.27 re f /GS0 gs BT /F1 5.20 Tf ET q 0 0 0 rg BT 109.09 323.23 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 182.30 319.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 228.60 319.60 Td (\(2,117) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.30 319.60 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.30 319.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.30 319.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.30 319.60 Td (2,117) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 486.30 319.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 319.60 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 56.00 306.58 Td (At December 31, 2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 172.25 306.58 Td (3,778) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 224.60 306.58 Td (\(12,127) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 249.30 306.58 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 284.60 306.58 Td (\(52,923) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 309.30 306.58 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 347.30 306.58 Td (42,571) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.60 306.58 Td (\(6,422) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 440.30 306.58 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.25 306.58 Td (5,720) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 529.60 306.58 Td (\(19,403) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 554.30 306.58 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 290.85 Td (____________________________) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 281.25 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 72.00 281.25 Td (Relates to the r) Tj ET Q q 0 0 0 rg BT 120.36 281.25 Td (eclassification of the actuarial gain r) Tj ET Q q 0 0 0 rg BT 238.94 281.25 Td (ecognized on the r) Tj ET Q q 0 0 0 rg BT 297.52 281.25 Td (emeasur) Tj ET Q q 0 0 0 rg BT 324.33 281.25 Td (ement of the defined benefit pension plan of the former Chairman of the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 271.65 Td (Gr) Tj ET Q q 0 0 0 rg BT 80.59 271.65 Td (oup.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 262.05 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 72.00 262.05 Td (Relates ) Tj ET Q q 0 0 0 rg BT 97.17 262.05 Td (to ) Tj ET Q q 0 0 0 rg BT 105.01 262.05 Td (the ) Tj ET Q q 0 0 0 rg BT 116.40 262.05 Td (r) Tj ET Q q 0 0 0 rg BT 119.22 262.05 Td (emaining ) Tj ET Q q 0 0 0 rg BT 150.61 262.05 Td (principal ) Tj ET Q q 0 0 0 rg BT 181.57 262.05 Td (amount ) Tj ET Q q 0 0 0 rg BT 207.19 262.05 Td (of ) Tj ET Q q 0 0 0 rg BT 215.03 262.05 Td (the ) Tj ET Q q 0 0 0 rg BT 226.42 262.05 Td (FCA) Tj ET Q q 0 0 0 rg BT 241.39 262.05 Td ( ) Tj ET Q q 0 0 0 rg BT 243.01 262.05 Td (Note ) Tj ET Q q 0 0 0 rg BT 259.74 262.05 Td (r) Tj ET Q q 0 0 0 rg BT 262.55 262.05 Td (ecognized ) Tj ET Q q 0 0 0 rg BT 296.16 262.05 Td (in ) Tj ET Q q 0 0 0 rg BT 304.00 262.05 Td (connection ) Tj ET Q q 0 0 0 rg BT 340.72 262.05 Td (with ) Tj ET Q q 0 0 0 rg BT 356.12 262.05 Td (the ) Tj ET Q q 0 0 0 rg BT 367.52 262.05 Td (Restructuring. ) Tj ET Q q 0 0 0 rg BT 415.13 262.05 Td (See ) Tj ET Q q 0 0 0 rg BT 427.85 262.05 Td ("Backgr) Tj ET Q q 0 0 0 rg BT 454.02 262.05 Td (ound ) Tj ET Q q 0 0 0 rg BT 471.64 262.05 Td (and ) Tj ET Q q 0 0 0 rg BT 485.26 262.05 Td (Basis ) Tj ET Q q 0 0 0 rg BT 504.21 262.05 Td (of ) Tj ET Q q 0 0 0 rg BT 512.06 262.05 Td (Pr) Tj ET Q q 0 0 0 rg BT 519.76 262.05 Td (esentation".) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 252.45 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 72.00 252.45 Td (Relates ) Tj ET Q q 0 0 0 rg BT 97.55 252.45 Td (to ) Tj ET Q q 0 0 0 rg BT 105.77 252.45 Td (the ) Tj ET Q q 0 0 0 rg BT 117.54 252.45 Td (effect ) Tj ET Q q 0 0 0 rg BT 136.86 252.45 Td (of ) Tj ET Q q 0 0 0 rg BT 145.09 252.45 Td (a ) Tj ET Q q 0 0 0 rg BT 151.09 252.45 Td (shar) Tj ET Q q 0 0 0 rg BT 165.02 252.45 Td (e ) Tj ET Q q 0 0 0 rg BT 170.57 252.45 Td (pr) Tj ET Q q 0 0 0 rg BT 177.38 252.45 Td (emium ) Tj ET Q q 0 0 0 rg BT 200.71 252.45 Td (contribution ) Tj ET Q q 0 0 0 rg BT 242.27 252.45 Td (made ) Tj ET Q q 0 0 0 rg BT 261.59 252.45 Td (by ) Tj ET Q q 0 0 0 rg BT 271.14 252.45 Td (FCA) Tj ET Q q 0 0 0 rg BT 286.11 252.45 Td ( ) Tj ET Q q 0 0 0 rg BT 288.11 252.45 Td (N.V) Tj ET Q q 0 0 0 rg BT 299.30 252.45 Td (. ) Tj ET Q q 0 0 0 rg BT 303.30 252.45 Td (in ) Tj ET Q q 0 0 0 rg BT 311.52 252.45 Td (connection ) Tj ET Q q 0 0 0 rg BT 348.62 252.45 Td (with ) Tj ET Q q 0 0 0 rg BT 364.40 252.45 Td (the ) Tj ET Q q 0 0 0 rg BT 376.18 252.45 Td (Restructuring. ) Tj ET Q q 0 0 0 rg BT 424.17 252.45 Td ( ) Tj ET Q q 0 0 0 rg BT 426.17 252.45 Td ( ) Tj ET Q q 0 0 0 rg BT 428.17 252.45 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 167.15 48.45 Td (The accompanying notes are an integral part of the Consolidated Financial Statements.) Tj ET Q endstream endobj 315 0 obj <> endobj 316 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 760.75 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 760.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.60 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 199.82 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 206.31 748.75 Td (O ) Tj ET Q q 0 0 0 rg BT 216.41 748.75 Td (THE CONSOLIDA) Tj ET Q q 0 0 0 rg BT 299.85 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 379.03 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 393.02 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 399.50 748.75 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.60 736.75 Td (At December) Tj ET Q q 0 0 0 rg BT 294.78 736.75 Td (31, 2015 and 2014) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 297.65 32.20 Td (F-8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 701.25 Td (1. ) Tj ET Q q 0 0 0 rg BT 64.00 701.25 Td ( ) Tj ET Q q 0 0 0 rg BT 66.50 701.25 Td ( ) Tj ET Q q 0 0 0 rg BT 69.00 701.25 Td (BACKGROUND ) Tj ET Q q 0 0 0 rg BT 144.28 701.25 Td (AND ) Tj ET Q q 0 0 0 rg BT 168.45 701.25 Td (BASIS ) Tj ET Q q 0 0 0 rg BT 199.85 701.25 Td (OF) Tj ET Q q 0 0 0 rg BT 213.37 701.25 Td ( ) Tj ET Q q 0 0 0 rg BT 215.87 701.25 Td (PRESENT) Tj ET Q q 0 0 0 rg BT 261.25 701.25 Td (A) Tj ET Q q 0 0 0 rg BT 267.73 701.25 Td (TION) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 677.25 Td (Background) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 653.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 653.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 119.42 653.25 Td (is ) Tj ET Q q 0 0 0 rg BT 128.31 653.25 Td (among ) Tj ET Q q 0 0 0 rg BT 157.74 653.25 Td (the ) Tj ET Q q 0 0 0 rg BT 172.18 653.25 Td (world) Tj ET Q q 0 0 0 rg BT 198.29 653.25 Td (s ) Tj ET Q q 0 0 0 rg BT 204.39 653.25 Td (leading ) Tj ET Q q 0 0 0 rg BT 236.04 653.25 Td (luxury ) Tj ET Q q 0 0 0 rg BT 264.37 653.25 Td (brands. ) Tj ET Q q 0 0 0 rg BT 295.59 653.25 Td (The ) Tj ET Q q 0 0 0 rg BT 313.35 653.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 351.67 653.25 Td (of ) Tj ET Q q 0 0 0 rg BT 362.21 653.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 391.64 653.25 Td (N.V) Tj ET Q q 0 0 0 rg BT 407.29 653.25 Td (. ) Tj ET Q q 0 0 0 rg BT 412.01 653.25 Td (\(herein ) Tj ET Q q 0 0 0 rg BT 442.54 653.25 Td (referred ) Tj ET Q q 0 0 0 rg BT 476.39 653.25 Td (to ) Tj ET Q q 0 0 0 rg BT 486.39 653.25 Td (as ) Tj ET Q q 0 0 0 rg BT 496.93 653.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 535.24 653.25 Td (or ) Tj ET Q q 0 0 0 rg BT 545.78 653.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 641.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 103.31 641.25 Td (and ) Tj ET Q q 0 0 0 rg BT 119.30 641.25 Td (together ) Tj ET Q q 0 0 0 rg BT 153.62 641.25 Td (with ) Tj ET Q q 0 0 0 rg BT 172.95 641.25 Td (its ) Tj ET Q q 0 0 0 rg BT 183.94 641.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 232.71 641.25 Td (the ) Tj ET Q q 0 0 0 rg BT 246.48 641.25 Td (Group\) ) Tj ET Q q 0 0 0 rg BT 285.79 641.25 Td (and ) Tj ET Q q 0 0 0 rg BT 301.78 641.25 Td (its ) Tj ET Q q 0 0 0 rg BT 312.77 641.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 361.54 641.25 Td (are ) Tj ET Q q 0 0 0 rg BT 375.30 641.25 Td (focused ) Tj ET Q q 0 0 0 rg BT 407.95 641.25 Td (on ) Tj ET Q q 0 0 0 rg BT 419.50 641.25 Td (the ) Tj ET Q q 0 0 0 rg BT 433.27 641.25 Td (design, ) Tj ET Q q 0 0 0 rg BT 463.42 641.25 Td (engineering, ) Tj ET Q q 0 0 0 rg BT 514.68 641.25 Td (production ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 629.25 Td (and ) Tj ET Q q 0 0 0 rg BT 71.35 629.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 89.82 629.25 Td (of ) Tj ET Q q 0 0 0 rg BT 101.06 629.25 Td (luxury ) Tj ET Q q 0 0 0 rg BT 130.08 629.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 183.52 629.25 Td (sports ) Tj ET Q q 0 0 0 rg BT 210.33 629.25 Td (cars. ) Tj ET Q q 0 0 0 rg BT 231.63 629.25 Td (The ) Tj ET Q q 0 0 0 rg BT 250.09 629.25 Td (cars ) Tj ET Q q 0 0 0 rg BT 269.11 629.25 Td (are ) Tj ET Q q 0 0 0 rg BT 284.23 629.25 Td (designed, ) Tj ET Q q 0 0 0 rg BT 325.19 629.25 Td (engineered ) Tj ET Q q 0 0 0 rg BT 371.97 629.25 Td (and ) Tj ET Q q 0 0 0 rg BT 389.32 629.25 Td (produced ) Tj ET Q q 0 0 0 rg BT 429.44 629.25 Td (in ) Tj ET Q q 0 0 0 rg BT 440.14 629.25 Td (Maranello ) Tj ET Q q 0 0 0 rg BT 484.15 629.25 Td (and ) Tj ET Q q 0 0 0 rg BT 501.50 629.25 Td (Modena, ) Tj ET Q q 0 0 0 rg BT 539.68 629.25 Td (Italy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 617.25 Td (and ) Tj ET Q q 0 0 0 rg BT 71.04 617.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 90.31 617.25 Td (in ) Tj ET Q q 0 0 0 rg BT 100.69 617.25 Td (more ) Tj ET Q q 0 0 0 rg BT 123.83 617.25 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.65 617.25 Td (60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.65 617.25 Td ( ) Tj ET Q q 0 0 0 rg BT 156.25 617.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 190.51 617.25 Td (worldwide ) Tj ET Q q 0 0 0 rg BT 235.88 617.25 Td (through ) Tj ET Q q 0 0 0 rg BT 269.58 617.25 Td (a ) Tj ET Q q 0 0 0 rg BT 276.62 617.25 Td (network ) Tj ET Q q 0 0 0 rg BT 311.99 617.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.92 617.25 Td (176) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.92 617.25 Td ( ) Tj ET Q q 0 0 0 rg BT 340.52 617.25 Td (independent ) Tj ET Q q 0 0 0 rg BT 391.99 617.25 Td (dealers. ) Tj ET Q q 0 0 0 rg BT 425.22 617.25 Td (The ) Tj ET Q q 0 0 0 rg BT 443.37 617.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 473.17 617.25 Td (brand ) Tj ET Q q 0 0 0 rg BT 498.54 617.25 Td (is ) Tj ET Q q 0 0 0 rg BT 507.81 617.25 Td (licensed ) Tj ET Q q 0 0 0 rg BT 543.18 617.25 Td (to ) Tj ET Q q 0 0 0 rg BT 553.56 617.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 605.25 Td (selected ) Tj ET Q q 0 0 0 rg BT 88.61 605.25 Td (number ) Tj ET Q q 0 0 0 rg BT 121.56 605.25 Td (of ) Tj ET Q q 0 0 0 rg BT 132.30 605.25 Td (producers ) Tj ET Q q 0 0 0 rg BT 174.14 605.25 Td (and ) Tj ET Q q 0 0 0 rg BT 190.98 605.25 Td (retailers ) Tj ET Q q 0 0 0 rg BT 225.59 605.25 Td (of ) Tj ET Q q 0 0 0 rg BT 236.33 605.25 Td (luxury ) Tj ET Q q 0 0 0 rg BT 264.84 605.25 Td (and ) Tj ET Q q 0 0 0 rg BT 281.69 605.25 Td (lifestyle ) Tj ET Q q 0 0 0 rg BT 316.31 605.25 Td (goods, ) Tj ET Q q 0 0 0 rg BT 345.11 605.25 Td (with ) Tj ET Q q 0 0 0 rg BT 365.29 605.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 394.91 605.25 Td (branded ) Tj ET Q q 0 0 0 rg BT 429.52 605.25 Td (merchandise ) Tj ET Q q 0 0 0 rg BT 482.46 605.25 Td (also ) Tj ET Q q 0 0 0 rg BT 500.98 605.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 520.05 605.25 Td (through ) Tj ET Q q 0 0 0 rg BT 553.57 605.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 593.25 Td (network ) Tj ET Q q 0 0 0 rg BT 89.65 593.25 Td (of ) Tj ET Q q 0 0 0 rg BT 100.86 593.25 Td (37 ) Tj ET Q q 0 0 0 rg BT 113.74 593.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 143.83 593.25 Td (stores ) Tj ET Q q 0 0 0 rg BT 170.04 593.25 Td (and ) Tj ET Q q 0 0 0 rg BT 187.35 593.25 Td (the ) Tj ET Q q 0 0 0 rg BT 202.45 593.25 Td (Group's ) Tj ET Q q 0 0 0 rg BT 236.58 593.25 Td (website. ) Tj ET Q q 0 0 0 rg BT 272.29 593.25 Td (T) Tj ET Q q 0 0 0 rg BT 277.70 593.25 Td (o ) Tj ET Q q 0 0 0 rg BT 285.58 593.25 Td (facilitate ) Tj ET Q q 0 0 0 rg BT 323.44 593.25 Td (the ) Tj ET Q q 0 0 0 rg BT 338.54 593.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 356.96 593.25 Td (of ) Tj ET Q q 0 0 0 rg BT 368.17 593.25 Td (new ) Tj ET Q q 0 0 0 rg BT 387.71 593.25 Td (and ) Tj ET Q q 0 0 0 rg BT 405.03 593.25 Td (used ) Tj ET Q q 0 0 0 rg BT 426.24 593.25 Td (cars, ) Tj ET Q q 0 0 0 rg BT 447.72 593.25 Td (the ) Tj ET Q q 0 0 0 rg BT 462.82 593.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 491.25 593.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 528.57 593.25 Td (various ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 581.25 Td (forms ) Tj ET Q q 0 0 0 rg BT 80.51 581.25 Td (of ) Tj ET Q q 0 0 0 rg BT 92.02 581.25 Td (financing, ) Tj ET Q q 0 0 0 rg BT 135.46 581.25 Td (through ) Tj ET Q q 0 0 0 rg BT 169.74 581.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 207.90 581.25 Td (services ) Tj ET Q q 0 0 0 rg BT 243.29 581.25 Td (entities, ) Tj ET Q q 0 0 0 rg BT 277.85 581.25 Td (to ) Tj ET Q q 0 0 0 rg BT 288.80 581.25 Td (both ) Tj ET Q q 0 0 0 rg BT 309.76 581.25 Td (clients ) Tj ET Q q 0 0 0 rg BT 339.04 581.25 Td (and ) Tj ET Q q 0 0 0 rg BT 356.66 581.25 Td (dealers. ) Tj ET Q q 0 0 0 rg BT 390.65 581.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 421.03 581.25 Td (also ) Tj ET Q q 0 0 0 rg BT 440.32 581.25 Td (participates ) Tj ET Q q 0 0 0 rg BT 489.59 581.25 Td (in ) Tj ET Q q 0 0 0 rg BT 500.54 581.25 Td (the ) Tj ET Q q 0 0 0 rg BT 515.94 581.25 Td (Formula ) Tj ET Q q 0 0 0 rg BT 553.00 581.25 Td (1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 569.25 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 569.25 Td (orld ) Tj ET Q q 0 0 0 rg BT 81.06 569.25 Td (Championship ) Tj ET Q q 0 0 0 rg BT 141.71 569.25 Td (through ) Tj ET Q q 0 0 0 rg BT 175.13 569.25 Td (Scuderia ) Tj ET Q q 0 0 0 rg BT 212.43 569.25 Td (Ferrari. ) Tj ET Q q 0 0 0 rg BT 244.28 569.25 Td (The ) Tj ET Q q 0 0 0 rg BT 262.14 569.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 300.55 569.25 Td (of ) Tj ET Q q 0 0 0 rg BT 311.20 569.25 Td (Scuderia ) Tj ET Q q 0 0 0 rg BT 348.50 569.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 378.02 569.25 Td (are ) Tj ET Q q 0 0 0 rg BT 392.54 569.25 Td (the ) Tj ET Q q 0 0 0 rg BT 407.07 569.25 Td (core ) Tj ET Q q 0 0 0 rg BT 426.59 569.25 Td (element ) Tj ET Q q 0 0 0 rg BT 460.55 569.25 Td (of ) Tj ET Q q 0 0 0 rg BT 471.20 569.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 500.72 569.25 Td (marketing ) Tj ET Q q 0 0 0 rg BT 543.57 569.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 557.25 Td (promotion ) Tj ET Q q 0 0 0 rg BT 97.73 557.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 135.89 557.25 Td (and ) Tj ET Q q 0 0 0 rg BT 152.40 557.25 Td (an ) Tj ET Q q 0 0 0 rg BT 163.90 557.25 Td (important ) Tj ET Q q 0 0 0 rg BT 204.85 557.25 Td (source ) Tj ET Q q 0 0 0 rg BT 233.01 557.25 Td (of ) Tj ET Q q 0 0 0 rg BT 243.41 557.25 Td (innovation ) Tj ET Q q 0 0 0 rg BT 288.25 557.25 Td (supporting ) Tj ET Q q 0 0 0 rg BT 333.09 557.25 Td (the ) Tj ET Q q 0 0 0 rg BT 347.37 557.25 Td (technological ) Tj ET Q q 0 0 0 rg BT 403.31 557.25 Td (advancement ) Tj ET Q q 0 0 0 rg BT 458.12 557.25 Td (of ) Tj ET Q q 0 0 0 rg BT 468.52 557.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 497.79 557.25 Td (sport ) Tj ET Q q 0 0 0 rg BT 519.85 557.25 Td (and ) Tj ET Q q 0 0 0 rg BT 536.36 557.25 Td (street ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 545.25 Td (cars. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 521.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 521.25 Td (Fiat ) Tj ET Q q 0 0 0 rg BT 108.91 521.25 Td (S.p.A., ) Tj ET Q q 0 0 0 rg BT 140.04 521.25 Td (\(mer) Tj ET Q q 0 0 0 rg BT 158.73 521.25 Td (ged ) Tj ET Q q 0 0 0 rg BT 176.52 521.25 Td (with ) Tj ET Q q 0 0 0 rg BT 197.65 521.25 Td (and ) Tj ET Q q 0 0 0 rg BT 215.43 521.25 Td (into ) Tj ET Q q 0 0 0 rg BT 234.34 521.25 Td (Fiat ) Tj ET Q q 0 0 0 rg BT 253.25 521.25 Td (Chrysler ) Tj ET Q q 0 0 0 rg BT 290.29 521.25 Td (Automobiles ) Tj ET Q q 0 0 0 rg BT 345.31 521.25 Td (N.V) Tj ET Q q 0 0 0 rg BT 360.96 521.25 Td (. ) Tj ET Q q 0 0 0 rg BT 366.81 521.25 Td (in ) Tj ET Q q 0 0 0 rg BT 377.94 521.25 Td (October ) Tj ET Q q 0 0 0 rg BT 413.49 521.25 Td (2014, ) Tj ET Q q 0 0 0 rg BT 439.34 521.25 Td (Fiat ) Tj ET Q q 0 0 0 rg BT 458.25 521.25 Td (S.p.A. ) Tj ET Q q 0 0 0 rg BT 486.88 521.25 Td (and ) Tj ET Q q 0 0 0 rg BT 504.67 521.25 Td (Fiat ) Tj ET Q q 0 0 0 rg BT 523.57 521.25 Td (Chrysler ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 509.25 Td (Automobiles ) Tj ET Q q 0 0 0 rg BT 108.30 509.25 Td (are ) Tj ET Q q 0 0 0 rg BT 123.15 509.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 155.77 509.25 Td (as ) Tj ET Q q 0 0 0 rg BT 166.74 509.25 Td (FCA ) Tj ET Q q 0 0 0 rg BT 197.71 509.25 Td (as ) Tj ET Q q 0 0 0 rg BT 208.68 509.25 Td (the ) Tj ET Q q 0 0 0 rg BT 223.53 509.25 Td (context ) Tj ET Q q 0 0 0 rg BT 255.60 509.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 290.45 509.25 Td (and ) Tj ET Q q 0 0 0 rg BT 307.53 509.25 Td (together ) Tj ET Q q 0 0 0 rg BT 342.93 509.25 Td (with ) Tj ET Q q 0 0 0 rg BT 363.34 509.25 Td (their ) Tj ET Q q 0 0 0 rg BT 384.31 509.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 434.16 509.25 Td (the ) Tj ET Q q 0 0 0 rg BT 449.02 509.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 472.36 509.25 Td ( ) Tj ET Q q 0 0 0 rg BT 475.00 509.25 Td (Group\) ) Tj ET Q q 0 0 0 rg BT 510.95 509.25 Td (acquired ) Tj ET Q q 0 0 0 rg BT 548.02 509.25 Td (50 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 497.25 Td (percent ) Tj ET Q q 0 0 0 rg BT 86.20 497.25 Td (of ) Tj ET Q q 0 0 0 rg BT 97.31 497.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 127.29 497.25 Td (S.p.A. ) Tj ET Q q 0 0 0 rg BT 155.35 497.25 Td (in ) Tj ET Q q 0 0 0 rg BT 165.90 497.25 Td (1969, ) Tj ET Q q 0 0 0 rg BT 191.18 497.25 Td (and ) Tj ET Q q 0 0 0 rg BT 208.39 497.25 Td (over ) Tj ET Q q 0 0 0 rg BT 228.94 497.25 Td (time ) Tj ET Q q 0 0 0 rg BT 249.49 497.25 Td (expanded ) Tj ET Q q 0 0 0 rg BT 290.58 497.25 Td (this ) Tj ET Q q 0 0 0 rg BT 307.80 497.25 Td (shareholding ) Tj ET Q q 0 0 0 rg BT 362.23 497.25 Td (to ) Tj ET Q q 0 0 0 rg BT 372.79 497.25 Td (90 ) Tj ET Q q 0 0 0 rg BT 385.56 497.25 Td (percent ) Tj ET Q q 0 0 0 rg BT 417.76 497.25 Td (ownership, ) Tj ET Q q 0 0 0 rg BT 464.70 497.25 Td (while ) Tj ET Q q 0 0 0 rg BT 489.69 497.25 Td (the ) Tj ET Q q 0 0 0 rg BT 504.68 497.25 Td (remaining ) Tj ET Q q 0 0 0 rg BT 548.00 497.25 Td (10 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 485.25 Td (percent ) Tj ET Q q 0 0 0 rg BT 85.92 485.25 Td (non-controlling ) Tj ET Q q 0 0 0 rg BT 150.64 485.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 182.57 485.25 Td (was ) Tj ET Q q 0 0 0 rg BT 200.62 485.25 Td (owned ) Tj ET Q q 0 0 0 rg BT 229.78 485.25 Td (by ) Tj ET Q q 0 0 0 rg BT 242.28 485.25 Td (Piero ) Tj ET Q q 0 0 0 rg BT 265.89 485.25 Td (Ferrari.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 461.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 461.25 Td (On ) Tj ET Q q 0 0 0 rg BT 104.18 461.25 Td (October ) Tj ET Q q 0 0 0 rg BT 138.34 461.25 Td (29, ) Tj ET Q q 0 0 0 rg BT 152.80 461.25 Td (2014, ) Tj ET Q q 0 0 0 rg BT 177.25 461.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 196.15 461.25 Td ( ) Tj ET Q q 0 0 0 rg BT 198.11 461.25 Td (announced ) Tj ET Q q 0 0 0 rg BT 243.38 461.25 Td (its ) Tj ET Q q 0 0 0 rg BT 254.78 461.25 Td (intention ) Tj ET Q q 0 0 0 rg BT 292.29 461.25 Td (to ) Tj ET Q q 0 0 0 rg BT 302.02 461.25 Td (separate ) Tj ET Q q 0 0 0 rg BT 336.73 461.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 365.90 461.25 Td (S.p.A. ) Tj ET Q q 0 0 0 rg BT 393.13 461.25 Td (from ) Tj ET Q q 0 0 0 rg BT 414.53 461.25 Td (FCA. ) Tj ET Q q 0 0 0 rg BT 438.30 461.25 Td (The ) Tj ET Q q 0 0 0 rg BT 455.80 461.25 Td (separation ) Tj ET Q q 0 0 0 rg BT 498.85 461.25 Td (was ) Tj ET Q q 0 0 0 rg BT 516.36 461.25 Td (completed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 449.25 Td (on ) Tj ET Q q 0 0 0 rg BT 66.72 449.25 Td (January ) Tj ET Q q 0 0 0 rg BT 100.54 449.25 Td (3, ) Tj ET Q q 0 0 0 rg BT 110.76 449.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 133.48 449.25 Td (and ) Tj ET Q q 0 0 0 rg BT 150.64 449.25 Td (occurred ) Tj ET Q q 0 0 0 rg BT 188.33 449.25 Td (through ) Tj ET Q q 0 0 0 rg BT 222.16 449.25 Td (a ) Tj ET Q q 0 0 0 rg BT 229.32 449.25 Td (series ) Tj ET Q q 0 0 0 rg BT 254.81 449.25 Td (of ) Tj ET Q q 0 0 0 rg BT 265.86 449.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 316.34 449.25 Td (\(together ) Tj ET Q q 0 0 0 rg BT 355.15 449.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 387.86 449.25 Td (as ) Tj ET Q q 0 0 0 rg BT 398.91 449.25 Td (the ) Tj ET Q q 0 0 0 rg BT 413.84 449.25 Td (Separation\) ) Tj ET Q q 0 0 0 rg BT 471.53 449.25 Td (including ) Tj ET Q q 0 0 0 rg BT 512.03 449.25 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 524.19 449.25 Td (an ) Tj ET Q q 0 0 0 rg BT 536.34 449.25 Td (intra-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 437.25 Td (group ) Tj ET Q q 0 0 0 rg BT 79.42 437.25 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 132.60 437.25 Td (which ) Tj ET Q q 0 0 0 rg BT 159.13 437.25 Td (resulted ) Tj ET Q q 0 0 0 rg BT 192.87 437.25 Td (in ) Tj ET Q q 0 0 0 rg BT 202.74 437.25 Td (our ) Tj ET Q q 0 0 0 rg BT 218.16 437.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 264.13 437.25 Td (of ) Tj ET Q q 0 0 0 rg BT 274.55 437.25 Td (the ) Tj ET Q q 0 0 0 rg BT 288.85 437.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 314.27 437.25 Td (and ) Tj ET Q q 0 0 0 rg BT 330.80 437.25 Td (business ) Tj ET Q q 0 0 0 rg BT 366.78 437.25 Td (of ) Tj ET Q q 0 0 0 rg BT 377.20 437.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 406.50 437.25 Td (North ) Tj ET Q q 0 0 0 rg BT 431.92 437.25 Td (Europe ) Tj ET Q q 0 0 0 rg BT 462.88 437.25 Td (Limited ) Tj ET Q q 0 0 0 rg BT 496.63 437.25 Td (and ) Tj ET Q q 0 0 0 rg BT 513.16 437.25 Td (the ) Tj ET Q q 0 0 0 rg BT 527.46 437.25 Td (transfer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 425.25 Td (by ) Tj ET Q q 0 0 0 rg BT 65.71 425.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 84.61 425.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.32 425.25 Td (of ) Tj ET Q q 0 0 0 rg BT 96.36 425.25 Td (its ) Tj ET Q q 0 0 0 rg BT 107.52 425.25 Td (90 ) Tj ET Q q 0 0 0 rg BT 119.22 425.25 Td (percent ) Tj ET Q q 0 0 0 rg BT 150.36 425.25 Td (shareholding ) Tj ET Q q 0 0 0 rg BT 203.72 425.25 Td (in ) Tj ET Q q 0 0 0 rg BT 213.21 425.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 242.13 425.25 Td (S.p.A. ) Tj ET Q q 0 0 0 rg BT 269.12 425.25 Td (to ) Tj ET Q q 0 0 0 rg BT 278.60 425.25 Td (the ) Tj ET Q q 0 0 0 rg BT 292.53 425.25 Td (Company) Tj ET Q q 0 0 0 rg BT 330.77 425.25 Td (, ) Tj ET Q q 0 0 0 rg BT 334.98 425.25 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 348.90 425.25 Td (the ) Tj ET Q q 0 0 0 rg BT 362.83 425.25 Td (transfer ) Tj ET Q q 0 0 0 rg BT 395.07 425.25 Td (of ) Tj ET Q q 0 0 0 rg BT 405.11 425.25 Td (Piero ) Tj ET Q q 0 0 0 rg BT 427.93 425.25 Td (Ferrari) Tj ET Q q 0 0 0 rg BT 457.92 425.25 Td (s ) Tj ET Q q 0 0 0 rg BT 463.52 425.25 Td (10 ) Tj ET Q q 0 0 0 rg BT 475.23 425.25 Td (percent ) Tj ET Q q 0 0 0 rg BT 506.36 425.25 Td (shareholding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 413.25 Td (in ) Tj ET Q q 0 0 0 rg BT 64.58 413.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 94.60 413.25 Td (S.p.A. ) Tj ET Q q 0 0 0 rg BT 122.69 413.25 Td (to ) Tj ET Q q 0 0 0 rg BT 133.27 413.25 Td (the ) Tj ET Q q 0 0 0 rg BT 148.30 413.25 Td (Company) Tj ET Q q 0 0 0 rg BT 186.53 413.25 Td (, ) Tj ET Q q 0 0 0 rg BT 191.84 413.25 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 209.64 413.25 Td (the ) Tj ET Q q 0 0 0 rg BT 224.67 413.25 Td (initial ) Tj ET Q q 0 0 0 rg BT 250.80 413.25 Td (public ) Tj ET Q q 0 0 0 rg BT 278.60 413.25 Td (of) Tj ET Q q 0 0 0 rg BT 286.75 413.25 Td (fering ) Tj ET Q q 0 0 0 rg BT 313.44 413.25 Td (of ) Tj ET Q q 0 0 0 rg BT 324.57 413.25 Td (common ) Tj ET Q q 0 0 0 rg BT 362.38 413.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 390.17 413.25 Td (of ) Tj ET Q q 0 0 0 rg BT 401.31 413.25 Td (the ) Tj ET Q q 0 0 0 rg BT 416.33 413.25 Td (Company) Tj ET Q q 0 0 0 rg BT 454.57 413.25 Td (, ) Tj ET Q q 0 0 0 rg BT 459.88 413.25 Td (and ) Tj ET Q q 0 0 0 rg BT 477.12 413.25 Td (\(iv\) ) Tj ET Q q 0 0 0 rg BT 494.37 413.25 Td (the ) Tj ET Q q 0 0 0 rg BT 509.39 413.25 Td (distribution, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 401.25 Td (following ) Tj ET Q q 0 0 0 rg BT 95.23 401.25 Td (the ) Tj ET Q q 0 0 0 rg BT 109.79 401.25 Td (initial ) Tj ET Q q 0 0 0 rg BT 135.46 401.25 Td (public ) Tj ET Q q 0 0 0 rg BT 162.80 401.25 Td (of) Tj ET Q q 0 0 0 rg BT 170.95 401.25 Td (fering, ) Tj ET Q q 0 0 0 rg BT 199.67 401.25 Td (of ) Tj ET Q q 0 0 0 rg BT 210.35 401.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 228.69 401.25 Td () Tj ET Q q 0 0 0 rg BT 231.47 401.25 Td (s ) Tj ET Q q 0 0 0 rg BT 237.71 401.25 Td (remaining ) Tj ET Q q 0 0 0 rg BT 280.59 401.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 312.37 401.25 Td (in ) Tj ET Q q 0 0 0 rg BT 322.49 401.25 Td (the ) Tj ET Q q 0 0 0 rg BT 337.05 401.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 378.28 401.25 Td (to ) Tj ET Q q 0 0 0 rg BT 388.40 401.25 Td (its ) Tj ET Q q 0 0 0 rg BT 400.20 401.25 Td (shareholders. ) Tj ET Q q 0 0 0 rg BT 455.58 401.25 Td ( ) Tj ET Q q 0 0 0 rg BT 457.40 401.25 Td (After ) Tj ET Q q 0 0 0 rg BT 480.85 401.25 Td (the ) Tj ET Q q 0 0 0 rg BT 495.41 401.25 Td (Separation, ) Tj ET Q q 0 0 0 rg BT 543.01 401.25 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 389.25 Td (took ) Tj ET Q q 0 0 0 rg BT 73.78 389.25 Td (place ) Tj ET Q q 0 0 0 rg BT 96.87 389.25 Td (on ) Tj ET Q q 0 0 0 rg BT 108.87 389.25 Td (January ) Tj ET Q q 0 0 0 rg BT 141.97 389.25 Td (3, ) Tj ET Q q 0 0 0 rg BT 151.47 389.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 175.97 389.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 205.17 389.25 Td (operates ) Tj ET Q q 0 0 0 rg BT 240.49 389.25 Td (as ) Tj ET Q q 0 0 0 rg BT 250.82 389.25 Td (an ) Tj ET Q q 0 0 0 rg BT 262.26 389.25 Td (independent, ) Tj ET Q q 0 0 0 rg BT 315.63 389.25 Td (publicly ) Tj ET Q q 0 0 0 rg BT 350.40 389.25 Td (traded ) Tj ET Q q 0 0 0 rg BT 377.39 389.25 Td (company) Tj ET Q q 0 0 0 rg BT 413.39 389.25 Td (. ) Tj ET Q q 0 0 0 rg BT 417.89 389.25 Td (On ) Tj ET Q q 0 0 0 rg BT 432.11 389.25 Td (January ) Tj ET Q q 0 0 0 rg BT 465.21 389.25 Td (4, ) Tj ET Q q 0 0 0 rg BT 474.71 389.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 499.21 389.25 Td (the ) Tj ET Q q 0 0 0 rg BT 513.43 389.25 Td (Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 377.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 81.49 377.25 Td (were ) Tj ET Q q 0 0 0 rg BT 103.42 377.25 Td (also ) Tj ET Q q 0 0 0 rg BT 122.03 377.25 Td (listed ) Tj ET Q q 0 0 0 rg BT 146.19 377.25 Td (on ) Tj ET Q q 0 0 0 rg BT 158.69 377.25 Td (the ) Tj ET Q q 0 0 0 rg BT 173.41 377.25 Td (Mercato ) Tj ET Q q 0 0 0 rg BT 209.04 377.25 Td (T) Tj ET Q q 0 0 0 rg BT 214.45 377.25 Td (elematico ) Tj ET Q q 0 0 0 rg BT 255.27 377.25 Td (Azionario, ) Tj ET Q q 0 0 0 rg BT 300.25 377.25 Td (the ) Tj ET Q q 0 0 0 rg BT 314.97 377.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 338.58 377.25 Td (exchange ) Tj ET Q q 0 0 0 rg BT 378.83 377.25 Td (managed ) Tj ET Q q 0 0 0 rg BT 417.43 377.25 Td (by ) Tj ET Q q 0 0 0 rg BT 429.93 377.25 Td (Borsa ) Tj ET Q q 0 0 0 rg BT 455.76 377.25 Td (Italiana.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 353.25 Td (The ) Tj ET Q q 0 0 0 rg BT 106.04 353.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 155.29 353.25 Td (described ) Tj ET Q q 0 0 0 rg BT 195.10 353.25 Td (above ) Tj ET Q q 0 0 0 rg BT 220.47 353.25 Td (in ) Tj ET Q q 0 0 0 rg BT 229.73 353.25 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 240.66 353.25 Td (and ) Tj ET Q q 0 0 0 rg BT 256.59 353.25 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 270.30 353.25 Td (\(which ) Tj ET Q q 0 0 0 rg BT 299.56 353.25 Td (are ) Tj ET Q q 0 0 0 rg BT 313.26 353.25 Td (referred ) Tj ET Q q 0 0 0 rg BT 346.38 353.25 Td (collectively ) Tj ET Q q 0 0 0 rg BT 394.52 353.25 Td (to ) Tj ET Q q 0 0 0 rg BT 403.79 353.25 Td (as ) Tj ET Q q 0 0 0 rg BT 413.61 353.25 Td (the ) Tj ET Q q 0 0 0 rg BT 427.32 353.25 Td (Restructuring\) ) Tj ET Q q 0 0 0 rg BT 495.45 353.25 Td (were ) Tj ET Q q 0 0 0 rg BT 516.37 353.25 Td (completed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 341.25 Td (in ) Tj ET Q q 0 0 0 rg BT 64.28 341.25 Td (October ) Tj ET Q q 0 0 0 rg BT 98.99 341.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 118.99 341.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 121.49 341.25 Td (through ) Tj ET Q q 0 0 0 rg BT 155.09 341.25 Td (the ) Tj ET Q q 0 0 0 rg BT 169.81 341.25 Td (following ) Tj ET Q q 0 0 0 rg BT 211.20 341.25 Td (steps:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 317.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 317.25 Td (The Company acquired from Ferrari North Europe Limited its assets and business of providing sales, after) Tj ET Q q 0 0 0 rg BT 533.25 317.25 Td (-sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 305.25 Td (and support services for the Ferrari brand and in exchange the Company issued to Ferrari North Europe Limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 293.25 Td (a note in the principal amount of of 2.8 million \(the FNE Note\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 269.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 269.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 126.90 269.25 Td ( ) Tj ET Q q 0 0 0 rg BT 129.65 269.25 Td (transferred ) Tj ET Q q 0 0 0 rg BT 175.71 269.25 Td (to ) Tj ET Q q 0 0 0 rg BT 186.24 269.25 Td (the ) Tj ET Q q 0 0 0 rg BT 201.21 269.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 242.85 269.25 Td (all ) Tj ET Q q 0 0 0 rg BT 255.60 269.25 Td (of ) Tj ET Q q 0 0 0 rg BT 266.68 269.25 Td (the ) Tj ET Q q 0 0 0 rg BT 281.65 269.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 309.41 269.25 Td (and ) Tj ET Q q 0 0 0 rg BT 326.60 269.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 376.02 269.25 Td (share ) Tj ET Q q 0 0 0 rg BT 399.87 269.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 429.27 269.25 Td (that ) Tj ET Q q 0 0 0 rg BT 447.02 269.25 Td (it ) Tj ET Q q 0 0 0 rg BT 455.33 269.25 Td (previously ) Tj ET Q q 0 0 0 rg BT 500.30 269.25 Td (held ) Tj ET Q q 0 0 0 rg BT 520.27 269.25 Td (in ) Tj ET Q q 0 0 0 rg BT 530.80 269.25 Td (Ferrari ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 257.25 Td (S.p.A. ) Tj ET Q q 0 0 0 rg BT 135.22 257.25 Td (\(representing ) Tj ET Q q 0 0 0 rg BT 189.91 257.25 Td (90 ) Tj ET Q q 0 0 0 rg BT 201.85 257.25 Td (percent ) Tj ET Q q 0 0 0 rg BT 233.21 257.25 Td (of ) Tj ET Q q 0 0 0 rg BT 243.47 257.25 Td (the ) Tj ET Q q 0 0 0 rg BT 257.62 257.25 Td (share ) Tj ET Q q 0 0 0 rg BT 280.66 257.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 309.25 257.25 Td (of ) Tj ET Q q 0 0 0 rg BT 319.51 257.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 348.65 257.25 Td (S.p.A.\), ) Tj ET Q q 0 0 0 rg BT 381.70 257.25 Td (and ) Tj ET Q q 0 0 0 rg BT 398.08 257.25 Td (in ) Tj ET Q q 0 0 0 rg BT 407.79 257.25 Td (exchange ) Tj ET Q q 0 0 0 rg BT 447.48 257.25 Td (the ) Tj ET Q q 0 0 0 rg BT 461.64 257.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 502.46 257.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 529.39 257.25 Td (to ) Tj ET Q q 0 0 0 rg BT 539.11 257.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 558.01 257.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 245.25 Td (a ) Tj ET Q q 0 0 0 rg BT 114.94 245.25 Td (note ) Tj ET Q q 0 0 0 rg BT 134.66 245.25 Td (in ) Tj ET Q q 0 0 0 rg BT 144.93 245.25 Td (the ) Tj ET Q q 0 0 0 rg BT 159.65 245.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 197.69 245.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 230.19 245.25 Td (of ) Tj ET Q q 0 0 0 rg BT 241.02 245.25 Td (7.9 ) Tj ET Q q 0 0 0 rg BT 261.02 245.25 Td (billion) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 287.13 245.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 289.63 245.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 307.68 245.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 331.02 245.25 Td ( ) Tj ET Q q 0 0 0 rg BT 333.52 245.25 Td (Note\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 221.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 221.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 126.90 221.25 Td ( ) Tj ET Q q 0 0 0 rg BT 128.83 221.25 Td (contributed ) Tj ET Q q 0 0 0 rg BT 176.30 221.25 Td (5.1 ) Tj ET Q q 0 0 0 rg BT 195.73 221.25 Td (billion) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 221.85 221.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 223.78 221.25 Td (to ) Tj ET Q q 0 0 0 rg BT 233.49 221.25 Td (the ) Tj ET Q q 0 0 0 rg BT 247.63 221.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 288.45 221.25 Td (in ) Tj ET Q q 0 0 0 rg BT 298.16 221.25 Td (consideration ) Tj ET Q q 0 0 0 rg BT 353.96 221.25 Td (of ) Tj ET Q q 0 0 0 rg BT 364.22 221.25 Td (the ) Tj ET Q q 0 0 0 rg BT 378.37 221.25 Td (issue ) Tj ET Q q 0 0 0 rg BT 400.30 221.25 Td (to ) Tj ET Q q 0 0 0 rg BT 410.01 221.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 428.91 221.25 Td ( ) Tj ET Q q 0 0 0 rg BT 430.84 221.25 Td (of) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 439.17 221.25 Td (_) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 444.17 221.25 Td (156,917,727 ) Tj ET Q q 0 0 0 rg BT 496.10 221.25 Td (common ) Tj ET Q q 0 0 0 rg BT 533.02 221.25 Td (shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 209.25 Td (and ) Tj ET Q q 0 0 0 rg BT 125.55 209.25 Td (161,917,727 ) Tj ET Q q 0 0 0 rg BT 178.65 209.25 Td (special ) Tj ET Q q 0 0 0 rg BT 209.53 209.25 Td (voting ) Tj ET Q q 0 0 0 rg BT 238.19 209.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 266.29 209.25 Td (of ) Tj ET Q q 0 0 0 rg BT 277.73 209.25 Td (the ) Tj ET Q q 0 0 0 rg BT 293.05 209.25 Td (Company) Tj ET Q q 0 0 0 rg BT 331.29 209.25 Td (. ) Tj ET Q q 0 0 0 rg BT 336.90 209.25 Td (Following ) Tj ET Q q 0 0 0 rg BT 381.12 209.25 Td (a ) Tj ET Q q 0 0 0 rg BT 388.67 209.25 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 436.22 209.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 483.20 209.25 Td (with ) Tj ET Q q 0 0 0 rg BT 504.08 209.25 Td (Piero ) Tj ET Q q 0 0 0 rg BT 528.30 209.25 Td (Ferrari, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 197.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 126.90 197.25 Td ( ) Tj ET Q q 0 0 0 rg BT 128.73 197.25 Td (owned ) Tj ET Q q 0 0 0 rg BT 157.22 197.25 Td (170,029,440 ) Tj ET Q q 0 0 0 rg BT 209.05 197.25 Td (common ) Tj ET Q q 0 0 0 rg BT 245.87 197.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 272.69 197.25 Td (and ) Tj ET Q q 0 0 0 rg BT 288.96 197.25 Td (special ) Tj ET Q q 0 0 0 rg BT 318.55 197.25 Td (voting ) Tj ET Q q 0 0 0 rg BT 345.93 197.25 Td (shares, ) Tj ET Q q 0 0 0 rg BT 375.25 197.25 Td (equal ) Tj ET Q q 0 0 0 rg BT 398.74 197.25 Td (to ) Tj ET Q q 0 0 0 rg BT 408.34 197.25 Td (90 ) Tj ET Q q 0 0 0 rg BT 420.17 197.25 Td (percent ) Tj ET Q q 0 0 0 rg BT 451.43 197.25 Td (of ) Tj ET Q q 0 0 0 rg BT 461.58 197.25 Td (the ) Tj ET Q q 0 0 0 rg BT 475.63 197.25 Td (Company) Tj ET Q q 0 0 0 rg BT 517.29 197.25 Td (s ) Tj ET Q q 0 0 0 rg BT 523.01 197.25 Td (common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 185.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 135.96 185.25 Td (outstanding. ) Tj ET Q q 0 0 0 rg BT 188.09 185.25 Td (5.1 ) Tj ET Q q 0 0 0 rg BT 208.56 185.25 Td (billion ) Tj ET Q q 0 0 0 rg BT 237.64 185.25 Td (of ) Tj ET Q q 0 0 0 rg BT 248.94 185.25 Td (the ) Tj ET Q q 0 0 0 rg BT 264.13 185.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 302.63 185.25 Td (received ) Tj ET Q q 0 0 0 rg BT 339.46 185.25 Td (from ) Tj ET Q q 0 0 0 rg BT 361.87 185.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 380.77 185.25 Td ( ) Tj ET Q q 0 0 0 rg BT 383.74 185.25 Td (were ) Tj ET Q q 0 0 0 rg BT 406.14 185.25 Td (applied ) Tj ET Q q 0 0 0 rg BT 438.54 185.25 Td (to ) Tj ET Q q 0 0 0 rg BT 449.29 185.25 Td (settle ) Tj ET Q q 0 0 0 rg BT 473.36 185.25 Td (a ) Tj ET Q q 0 0 0 rg BT 480.77 185.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 512.62 185.25 Td (of ) Tj ET Q q 0 0 0 rg BT 523.92 185.25 Td (the ) Tj ET Q q 0 0 0 rg BT 539.11 185.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 558.01 185.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 173.25 Td (Note, ) Tj ET Q q 0 0 0 rg BT 132.11 173.25 Td (following ) Tj ET Q q 0 0 0 rg BT 173.18 173.25 Td (which ) Tj ET Q q 0 0 0 rg BT 199.79 173.25 Td (the ) Tj ET Q q 0 0 0 rg BT 214.18 173.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 251.90 173.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 300.74 173.25 Td (on ) Tj ET Q q 0 0 0 rg BT 312.91 173.25 Td (the ) Tj ET Q q 0 0 0 rg BT 327.31 173.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 346.21 173.25 Td ( ) Tj ET Q q 0 0 0 rg BT 348.38 173.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 370.00 173.25 Td (was ) Tj ET Q q 0 0 0 rg BT 387.72 173.25 Td (2.8 ) Tj ET Q q 0 0 0 rg BT 407.40 173.25 Td (billion, ) Tj ET Q q 0 0 0 rg BT 438.19 173.25 Td (which ) Tj ET Q q 0 0 0 rg BT 464.80 173.25 Td (was ) Tj ET Q q 0 0 0 rg BT 482.53 173.25 Td (refinanced ) Tj ET Q q 0 0 0 rg BT 526.90 173.25 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 161.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 128.27 161.25 Td (deposits ) Tj ET Q q 0 0 0 rg BT 163.55 161.25 Td (held ) Tj ET Q q 0 0 0 rg BT 183.26 161.25 Td (with ) Tj ET Q q 0 0 0 rg BT 203.54 161.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 222.44 161.25 Td ( ) Tj ET Q q 0 0 0 rg BT 224.94 161.25 Td (and ) Tj ET Q q 0 0 0 rg BT 241.88 161.25 Td (for ) Tj ET Q q 0 0 0 rg BT 256.04 161.25 Td (the ) Tj ET Q q 0 0 0 rg BT 270.76 161.25 Td (remainder ) Tj ET Q q 0 0 0 rg BT 313.79 161.25 Td (from ) Tj ET Q q 0 0 0 rg BT 335.73 161.25 Td (new ) Tj ET Q q 0 0 0 rg BT 354.89 161.25 Td (third ) Tj ET Q q 0 0 0 rg BT 376.28 161.25 Td (party ) Tj ET Q q 0 0 0 rg BT 399.32 161.25 Td (debt. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 137.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 137.25 Td (Piero ) Tj ET Q q 0 0 0 rg BT 131.61 137.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 161.32 137.25 Td (transferred ) Tj ET Q q 0 0 0 rg BT 207.12 137.25 Td (his ) Tj ET Q q 0 0 0 rg BT 221.29 137.25 Td (10 ) Tj ET Q q 0 0 0 rg BT 233.79 137.25 Td (percent ) Tj ET Q q 0 0 0 rg BT 265.71 137.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 297.65 137.25 Td (in ) Tj ET Q q 0 0 0 rg BT 307.93 137.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 337.63 137.25 Td (S.p.A. ) Tj ET Q q 0 0 0 rg BT 365.42 137.25 Td (to ) Tj ET Q q 0 0 0 rg BT 375.70 137.25 Td (the ) Tj ET Q q 0 0 0 rg BT 390.41 137.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 431.80 137.25 Td (and ) Tj ET Q q 0 0 0 rg BT 448.74 137.25 Td (in ) Tj ET Q q 0 0 0 rg BT 459.02 137.25 Td (exchange ) Tj ET Q q 0 0 0 rg BT 499.27 137.25 Td (the ) Tj ET Q q 0 0 0 rg BT 513.99 137.25 Td (Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 125.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 135.24 125.25 Td (to ) Tj ET Q q 0 0 0 rg BT 145.27 125.25 Td (Piero ) Tj ET Q q 0 0 0 rg BT 168.62 125.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 198.07 125.25 Td (27,003,873 ) Tj ET Q q 0 0 0 rg BT 245.31 125.25 Td (of ) Tj ET Q q 0 0 0 rg BT 255.89 125.25 Td (its ) Tj ET Q q 0 0 0 rg BT 267.58 125.25 Td (common ) Tj ET Q q 0 0 0 rg BT 304.82 125.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 332.05 125.25 Td (and ) Tj ET Q q 0 0 0 rg BT 348.73 125.25 Td (the ) Tj ET Q q 0 0 0 rg BT 363.19 125.25 Td (same ) Tj ET Q q 0 0 0 rg BT 385.98 125.25 Td (number ) Tj ET Q q 0 0 0 rg BT 418.77 125.25 Td (of ) Tj ET Q q 0 0 0 rg BT 429.35 125.25 Td (special ) Tj ET Q q 0 0 0 rg BT 459.35 125.25 Td (voting ) Tj ET Q q 0 0 0 rg BT 487.16 125.25 Td (shares. ) Tj ET Q q 0 0 0 rg BT 516.89 125.25 Td (Following) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 113.25 Td (a ) Tj ET Q q 0 0 0 rg BT 114.19 113.25 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 160.37 113.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 205.99 113.25 Td (with ) Tj ET Q q 0 0 0 rg BT 225.52 113.25 Td (FCA, ) Tj ET Q q 0 0 0 rg BT 249.22 113.25 Td (Piero ) Tj ET Q q 0 0 0 rg BT 272.07 113.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 301.03 113.25 Td (owns ) Tj ET Q q 0 0 0 rg BT 323.89 113.25 Td (18,892,160 ) Tj ET Q q 0 0 0 rg BT 370.63 113.25 Td (common ) Tj ET Q q 0 0 0 rg BT 407.38 113.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 434.11 113.25 Td (and ) Tj ET Q q 0 0 0 rg BT 450.30 113.25 Td (special ) Tj ET Q q 0 0 0 rg BT 479.81 113.25 Td (voting ) Tj ET Q q 0 0 0 rg BT 507.11 113.25 Td (shares, ) Tj ET Q q 0 0 0 rg BT 536.35 113.25 Td (equal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 101.25 Td (to ) Tj ET Q q 0 0 0 rg BT 117.83 101.25 Td (10 ) Tj ET Q q 0 0 0 rg BT 129.88 101.25 Td (percent ) Tj ET Q q 0 0 0 rg BT 161.35 101.25 Td (of ) Tj ET Q q 0 0 0 rg BT 171.73 101.25 Td (the ) Tj ET Q q 0 0 0 rg BT 185.99 101.25 Td (Company) Tj ET Q q 0 0 0 rg BT 227.66 101.25 Td (s ) Tj ET Q q 0 0 0 rg BT 233.60 101.25 Td (common ) Tj ET Q q 0 0 0 rg BT 270.64 101.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 297.68 101.25 Td (outstanding. ) Tj ET Q q 0 0 0 rg BT 348.74 101.25 Td (The ) Tj ET Q q 0 0 0 rg BT 366.34 101.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 407.27 101.25 Td (did ) Tj ET Q q 0 0 0 rg BT 422.10 101.25 Td (not ) Tj ET Q q 0 0 0 rg BT 436.93 101.25 Td (receive ) Tj ET Q q 0 0 0 rg BT 467.84 101.25 Td (any ) Tj ET Q q 0 0 0 rg BT 484.32 101.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 504.14 101.25 Td (consideration) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 89.25 Td (as ) Tj ET Q q 0 0 0 rg BT 118.83 89.25 Td (part ) Tj ET Q q 0 0 0 rg BT 136.88 89.25 Td (of ) Tj ET Q q 0 0 0 rg BT 147.71 89.25 Td (this ) Tj ET Q q 0 0 0 rg BT 164.66 89.25 Td (transaction.) Tj ET Q endstream endobj 317 0 obj <> endobj 318 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 760.75 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 760.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.60 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 199.82 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 206.31 748.75 Td (O ) Tj ET Q q 0 0 0 rg BT 216.41 748.75 Td (THE CONSOLIDA) Tj ET Q q 0 0 0 rg BT 299.85 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 379.03 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 393.02 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 399.50 748.75 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.60 736.75 Td (At December) Tj ET Q q 0 0 0 rg BT 294.78 736.75 Td (31, 2015 and 2014) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 297.65 32.20 Td (F-9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 713.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 713.10 Td (The ) Tj ET Q q 0 0 0 rg BT 107.91 713.10 Td (Restructuring ) Tj ET Q q 0 0 0 rg BT 164.71 713.10 Td (comprised: ) Tj ET Q q 0 0 0 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rg BT 523.02 473.10 Td (recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 461.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 168.56 461.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 201.60 461.10 Td (to ) Tj ET Q q 0 0 0 rg BT 211.88 461.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 241.58 461.10 Td (S.p.A. ) Tj ET Q q 0 0 0 rg BT 269.37 461.10 Td (in ) Tj ET Q q 0 0 0 rg BT 279.65 461.10 Td (the ) Tj ET Q q 0 0 0 rg BT 294.36 461.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 326.86 461.10 Td (of ) Tj ET Q q 0 0 0 rg BT 337.69 461.10 Td (780,542 ) Tj ET Q q 0 0 0 rg BT 377.69 461.10 Td (thousand.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.00 437.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.00 437.10 Td (The ) Tj ET Q q 0 0 0 rg BT 151.50 437.10 Td (retrospective ) Tj ET Q q 0 0 0 rg BT 207.09 437.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 254.92 437.10 Td (for ) Tj ET Q q 0 0 0 rg BT 270.53 437.10 Td (the ) Tj ET Q q 0 0 0 rg BT 286.70 437.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 317.30 437.10 Td (reor) Tj ET Q q 0 0 0 rg BT 333.22 437.10 Td (ganization ) Tj ET Q q 0 0 0 rg BT 378.82 437.10 Td (is ) Tj ET Q q 0 0 0 rg BT 389.44 437.10 Td (consistent ) Tj ET Q q 0 0 0 rg BT 433.39 437.10 Td (with ) Tj ET Q q 0 0 0 rg BT 455.12 437.10 Td (the ) Tj ET Q q 0 0 0 rg BT 471.29 437.10 Td (principles ) Tj ET Q q 0 0 0 rg BT 514.67 437.10 Td (underlying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.00 425.10 Td (paragraph ) Tj ET Q q 0 0 0 rg BT 174.33 425.10 Td (64 ) Tj ET Q q 0 0 0 rg BT 186.69 425.10 Td (of ) Tj ET Q q 0 0 0 rg BT 197.37 425.10 Td (IAS ) Tj ET Q q 0 0 0 rg BT 215.84 425.10 Td (33 ) Tj ET Q q 0 0 0 rg BT 228.20 425.10 Td (- ) Tj ET Q q 0 0 0 rg BT 233.88 425.10 Td (Earnings ) Tj ET Q q 0 0 0 rg BT 276.23 425.10 Td (per ) Tj ET Q q 0 0 0 rg BT 291.35 425.10 Td (Share ) Tj ET Q q 0 0 0 rg BT 320.91 425.10 Td (which ) Tj ET Q q 0 0 0 rg BT 347.71 425.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 382.27 425.10 Td (calculation ) Tj ET Q q 0 0 0 rg BT 428.49 425.10 Td (of ) Tj ET Q q 0 0 0 rg BT 439.18 425.10 Td (basic ) Tj ET Q q 0 0 0 rg BT 462.08 425.10 Td (and ) Tj ET Q q 0 0 0 rg BT 478.88 425.10 Td (diluted ) Tj ET Q q 0 0 0 rg BT 509.01 425.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 545.24 425.10 Td (per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.00 413.10 Td (share ) Tj ET Q q 0 0 0 rg BT 155.92 413.10 Td (for ) Tj ET Q q 0 0 0 rg BT 170.39 413.10 Td (all ) Tj ET Q q 0 0 0 rg BT 183.20 413.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 215.46 413.10 Td (presented ) Tj ET Q q 0 0 0 rg BT 256.59 413.10 Td (to ) Tj ET Q q 0 0 0 rg BT 267.18 413.10 Td (be ) Tj ET Q q 0 0 0 rg BT 279.44 413.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 315.58 413.10 Td (retrospectively ) Tj ET Q q 0 0 0 rg BT 377.82 413.10 Td (if ) Tj ET Q q 0 0 0 rg BT 386.74 413.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 421.76 413.10 Td (occur ) Tj ET Q q 0 0 0 rg BT 446.79 413.10 Td (to ) Tj ET Q q 0 0 0 rg BT 457.38 413.10 Td (the ) Tj ET Q q 0 0 0 rg BT 472.42 413.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 501.88 413.10 Td (structure ) Tj ET Q q 0 0 0 rg BT 539.68 413.10 Td (after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.00 401.10 Td (the ) Tj ET Q q 0 0 0 rg BT 146.30 401.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 185.04 401.10 Td (period ) Tj ET Q q 0 0 0 rg BT 212.68 401.10 Td (but ) Tj ET Q q 0 0 0 rg BT 227.54 401.10 Td (before ) Tj ET Q q 0 0 0 rg BT 255.17 401.10 Td (the ) Tj ET Q q 0 0 0 rg BT 269.47 401.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 306.54 401.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 350.83 401.10 Td (are ) Tj ET Q q 0 0 0 rg BT 365.13 401.10 Td (authorized ) Tj ET Q q 0 0 0 rg BT 409.42 401.10 Td (for ) Tj ET Q q 0 0 0 rg BT 423.16 401.10 Td (issue. ) Tj ET Q q 0 0 0 rg BT 447.75 401.10 Td (SAB ) Tj ET Q q 0 0 0 rg BT 469.14 401.10 Td (T) Tj ET Q q 0 0 0 rg BT 474.55 401.10 Td (opic ) Tj ET Q q 0 0 0 rg BT 493.85 401.10 Td (4C ) Tj ET Q q 0 0 0 rg BT 507.61 401.10 Td (also ) Tj ET Q q 0 0 0 rg BT 525.80 401.10 Td (requires ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.00 389.10 Td (that ) Tj ET Q q 0 0 0 rg BT 149.10 389.10 Td (such ) Tj ET Q q 0 0 0 rg BT 169.54 389.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 203.86 389.10 Td (be ) Tj ET Q q 0 0 0 rg BT 215.40 389.10 Td (given ) Tj ET Q q 0 0 0 rg BT 239.73 389.10 Td (retroactive ) Tj ET Q q 0 0 0 rg BT 284.59 389.10 Td (ef) Tj ET Q q 0 0 0 rg BT 292.17 389.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 309.27 389.10 Td (in ) Tj ET Q q 0 0 0 rg BT 319.16 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 333.48 389.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 366.12 389.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 388.78 389.10 Td (where ) Tj ET Q q 0 0 0 rg BT 415.31 389.10 Td (they ) Tj ET Q q 0 0 0 rg BT 434.64 389.10 Td (occur ) Tj ET Q q 0 0 0 rg BT 458.95 389.10 Td (after ) Tj ET Q q 0 0 0 rg BT 479.38 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 493.70 389.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 532.47 389.10 Td (period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.00 377.10 Td (but ) Tj ET Q q 0 0 0 rg BT 147.45 377.10 Td (before ) Tj ET Q q 0 0 0 rg BT 175.66 377.10 Td (the ) Tj ET Q q 0 0 0 rg BT 190.54 377.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 228.20 377.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 273.08 377.10 Td (are ) Tj ET Q q 0 0 0 rg BT 287.96 377.10 Td (authorized ) Tj ET Q q 0 0 0 rg BT 332.83 377.10 Td (for ) Tj ET Q q 0 0 0 rg BT 347.16 377.10 Td (issue. ) Tj ET Q q 0 0 0 rg BT 372.14 377.10 Td (The ) Tj ET Q q 0 0 0 rg BT 390.36 377.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 419.68 377.10 Td (reor) Tj ET Q q 0 0 0 rg BT 435.60 377.10 Td (ganization ) Tj ET Q q 0 0 0 rg BT 479.92 377.10 Td (has ) Tj ET Q q 0 0 0 rg BT 495.92 377.10 Td (been ) Tj ET Q q 0 0 0 rg BT 517.47 377.10 Td (accounted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.00 365.10 Td (for ) Tj ET Q q 0 0 0 rg BT 146.16 365.10 Td (as ) Tj ET Q q 0 0 0 rg BT 156.99 365.10 Td (though ) Tj ET Q q 0 0 0 rg BT 187.27 365.10 Td (it ) Tj ET Q q 0 0 0 rg BT 195.33 365.10 Td (had ) Tj ET Q q 0 0 0 rg BT 212.26 365.10 Td (occurred ) Tj ET Q q 0 0 0 rg BT 249.74 365.10 Td (ef) Tj ET Q q 0 0 0 rg BT 257.33 365.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 287.03 365.10 Td (January ) Tj ET Q q 0 0 0 rg BT 320.63 365.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 330.63 365.10 Td (2013. ) Tj ET Q q 0 0 0 rg BT 355.63 365.10 Td (In ) Tj ET Q q 0 0 0 rg BT 366.46 365.10 Td (particular:) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 18.00 0 0 10.09 130.50 350.94 cm /I46 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.50 353.10 Td (The ) Tj ET Q q 0 0 0 rg BT 166.55 353.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 202.92 353.10 Td (of ) Tj ET Q q 0 0 0 rg BT 213.75 353.10 Td (156,917,727 ) Tj ET Q q 0 0 0 rg BT 266.25 353.10 Td (common ) Tj ET Q q 0 0 0 rg BT 303.75 353.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 331.24 353.10 Td (and ) Tj ET Q q 0 0 0 rg BT 348.18 353.10 Td (161,917,727 ) Tj ET Q q 0 0 0 rg BT 400.68 353.10 Td (special ) Tj ET Q q 0 0 0 rg BT 430.94 353.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 459.00 353.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 486.49 353.10 Td (in ) Tj ET Q q 0 0 0 rg BT 496.77 353.10 Td (the ) Tj ET Q q 0 0 0 rg BT 511.48 353.10 Td (Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.50 341.10 Td (to ) Tj ET Q q 0 0 0 rg BT 157.94 341.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 176.84 341.10 Td ( ) Tj ET Q q 0 0 0 rg BT 178.50 341.10 Td (has ) Tj ET Q q 0 0 0 rg BT 193.49 341.10 Td (been ) Tj ET Q q 0 0 0 rg BT 214.03 341.10 Td (reflected ) Tj ET Q q 0 0 0 rg BT 250.66 341.10 Td (as ) Tj ET Q q 0 0 0 rg BT 260.65 341.10 Td (share ) Tj ET Q q 0 0 0 rg BT 283.41 341.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 311.72 341.10 Td (and ) Tj ET Q q 0 0 0 rg BT 327.82 341.10 Td (share ) Tj ET Q q 0 0 0 rg BT 350.58 341.10 Td (premium ) Tj ET Q q 0 0 0 rg BT 388.34 341.10 Td (in ) Tj ET Q q 0 0 0 rg BT 397.78 341.10 Td (the ) Tj ET Q q 0 0 0 rg BT 411.65 341.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 447.20 341.10 Td (of ) Tj ET Q q 0 0 0 rg BT 457.19 341.10 Td (3.2 ) Tj ET Q q 0 0 0 rg BT 476.35 341.10 Td (million ) Tj ET Q q 0 0 0 rg BT 506.90 341.10 Td (and ) Tj ET Q q 0 0 0 rg BT 523.00 341.10 Td (5,096.8 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.50 329.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 182.39 329.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 230.05 329.10 Td (, ) Tj ET Q q 0 0 0 rg BT 235.05 329.10 Td (with ) Tj ET Q q 0 0 0 rg BT 255.33 329.10 Td (an ) Tj ET Q q 0 0 0 rg BT 267.27 329.10 Td (of) Tj ET Q q 0 0 0 rg BT 275.42 329.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 292.36 329.10 Td (to ) Tj ET Q q 0 0 0 rg BT 302.64 329.10 Td (retained ) Tj ET Q q 0 0 0 rg BT 337.34 329.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 373.71 329.10 Td (of ) Tj ET Q q 0 0 0 rg BT 384.54 329.10 Td (5.1 ) Tj ET Q q 0 0 0 rg BT 404.54 329.10 Td (billion.) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 18.00 0 0 10.09 130.50 314.94 cm /I47 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.50 317.10 Td (The ) Tj ET Q q 0 0 0 rg BT 165.43 317.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 200.69 317.10 Td (of ) Tj ET Q q 0 0 0 rg BT 210.40 317.10 Td (27,003,873 ) Tj ET Q q 0 0 0 rg BT 256.78 317.10 Td (common ) Tj ET Q q 0 0 0 rg BT 293.16 317.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 319.53 317.10 Td (and ) Tj ET Q q 0 0 0 rg BT 335.35 317.10 Td (the ) Tj ET Q q 0 0 0 rg BT 348.95 317.10 Td (same ) Tj ET Q q 0 0 0 rg BT 370.88 317.10 Td (number ) Tj ET Q q 0 0 0 rg BT 402.81 317.10 Td (of ) Tj ET Q q 0 0 0 rg BT 412.52 317.10 Td (special ) Tj ET Q q 0 0 0 rg BT 441.66 317.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 468.60 317.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 494.97 317.10 Td (in ) Tj ET Q q 0 0 0 rg BT 504.13 317.10 Td (the ) Tj ET Q q 0 0 0 rg BT 517.73 317.10 Td ( ) Tj ET Q q 0 0 0 rg BT 519.12 317.10 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.50 305.10 Td (to ) Tj ET Q q 0 0 0 rg BT 159.21 305.10 Td (Piero ) Tj ET Q q 0 0 0 rg BT 183.26 305.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 213.40 305.10 Td (has ) Tj ET Q q 0 0 0 rg BT 229.67 305.10 Td (been ) Tj ET Q q 0 0 0 rg BT 251.48 305.10 Td (reflected ) Tj ET Q q 0 0 0 rg BT 289.39 305.10 Td (as ) Tj ET Q q 0 0 0 rg BT 300.65 305.10 Td (share ) Tj ET Q q 0 0 0 rg BT 324.69 305.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 354.27 305.10 Td (and ) Tj ET Q q 0 0 0 rg BT 371.65 305.10 Td (share ) Tj ET Q q 0 0 0 rg BT 395.68 305.10 Td (premium ) Tj ET Q q 0 0 0 rg BT 434.72 305.10 Td (in ) Tj ET Q q 0 0 0 rg BT 445.44 305.10 Td (the ) Tj ET Q q 0 0 0 rg BT 460.59 305.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 497.41 305.10 Td (of ) Tj ET Q q 0 0 0 rg BT 508.68 305.10 Td (0.6 ) Tj ET Q q 0 0 0 rg BT 529.12 305.10 Td (million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.50 293.10 Td (and ) Tj ET Q q 0 0 0 rg BT 165.44 293.10 Td (877.4 ) Tj ET Q q 0 0 0 rg BT 195.44 293.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 229.33 293.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 276.99 293.10 Td (, ) Tj ET Q q 0 0 0 rg BT 281.99 293.10 Td (with ) Tj ET Q q 0 0 0 rg BT 302.27 293.10 Td (an ) Tj ET Q q 0 0 0 rg BT 314.21 293.10 Td (of) Tj ET Q q 0 0 0 rg BT 322.36 293.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 339.30 293.10 Td (to ) Tj ET Q q 0 0 0 rg BT 349.57 293.10 Td (retained ) Tj ET Q q 0 0 0 rg BT 384.28 293.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 420.65 293.10 Td (of ) Tj ET Q q 0 0 0 rg BT 431.48 293.10 Td (878.0 ) Tj ET Q q 0 0 0 rg BT 461.48 293.10 Td (million.) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 18.00 0 0 10.09 130.50 278.94 cm /I48 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.50 281.10 Td (The ) Tj ET Q q 0 0 0 rg BT 166.40 281.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 205.97 281.10 Td (number ) Tj ET Q q 0 0 0 rg BT 238.87 281.10 Td (of ) Tj ET Q q 0 0 0 rg BT 249.55 281.10 Td (common ) Tj ET Q q 0 0 0 rg BT 286.90 281.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 316.74 281.10 Td (nominal ) Tj ET Q q 0 0 0 rg BT 351.87 281.10 Td (value ) Tj ET Q q 0 0 0 rg BT 375.88 281.10 Td (per ) Tj ET Q q 0 0 0 rg BT 391.00 281.10 Td (common ) Tj ET Q q 0 0 0 rg BT 428.35 281.10 Td (share, ) Tj ET Q q 0 0 0 rg BT 454.30 281.10 Td (basic ) Tj ET Q q 0 0 0 rg BT 477.20 281.10 Td (and ) Tj ET Q q 0 0 0 rg BT 493.99 281.10 Td (diluted ) Tj ET Q q 0 0 0 rg BT 524.12 281.10 Td (earnings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.50 269.10 Td (per ) Tj ET Q q 0 0 0 rg BT 163.93 269.10 Td (common ) Tj ET Q q 0 0 0 rg BT 201.60 269.10 Td (share ) Tj ET Q q 0 0 0 rg BT 225.36 269.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 261.91 269.10 Td (and ) Tj ET Q q 0 0 0 rg BT 279.02 269.10 Td (other ) Tj ET Q q 0 0 0 rg BT 302.23 269.10 Td (per ) Tj ET Q q 0 0 0 rg BT 317.67 269.10 Td (share ) Tj ET Q q 0 0 0 rg BT 341.43 269.10 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 388.53 269.10 Td (retrospectively ) Tj ET Q q 0 0 0 rg BT 450.62 269.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 478.82 269.10 Td (the ) Tj ET Q q 0 0 0 rg BT 493.70 269.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 523.02 269.10 Td (structure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.50 257.10 Td (of ) Tj ET Q q 0 0 0 rg BT 159.20 257.10 Td (the ) Tj ET Q q 0 0 0 rg BT 173.79 257.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 215.05 257.10 Td (post ) Tj ET Q q 0 0 0 rg BT 234.10 257.10 Td (Restructuring ) Tj ET Q q 0 0 0 rg BT 290.90 257.10 Td (for ) Tj ET Q q 0 0 0 rg BT 304.94 257.10 Td (all ) Tj ET Q q 0 0 0 rg BT 317.30 257.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 349.12 257.10 Td (presented, ) Tj ET Q q 0 0 0 rg BT 392.30 257.10 Td (with ) Tj ET Q q 0 0 0 rg BT 412.46 257.10 Td (the ) Tj ET Q q 0 0 0 rg BT 427.04 257.10 Td (required ) Tj ET Q q 0 0 0 rg BT 462.73 257.10 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 509.54 257.10 Td (presented ) Tj ET Q q 0 0 0 rg BT 550.23 257.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.50 245.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 174.33 245.10 Td (12 ) Tj ET Q q 0 0 0 rg BT 186.83 245.10 Td (and ) Tj ET Q q 0 0 0 rg BT 203.77 245.10 Td (19.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 221.10 Td (The Restructuring has been performed based on an independent appraisal performed for Dutch legal requirements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 197.10 Td (\(ii\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.00 197.10 Td (The ) Tj ET Q q 0 0 0 rg BT 125.05 197.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 161.42 197.10 Td (of ) Tj ET Q q 0 0 0 rg BT 172.25 197.10 Td (the ) Tj ET Q q 0 0 0 rg BT 186.97 197.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 205.87 197.10 Td ( ) Tj ET Q q 0 0 0 rg BT 208.37 197.10 Td (Note:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.50 173.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 173.10 Td (The ) Tj ET Q q 0 0 0 rg BT 147.74 173.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 166.64 173.10 Td ( ) Tj ET Q q 0 0 0 rg BT 168.34 173.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 189.47 173.10 Td (and ) Tj ET Q q 0 0 0 rg BT 205.61 173.10 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 251.74 173.10 Td (refinancing ) Tj ET Q q 0 0 0 rg BT 298.97 173.10 Td (were ) Tj ET Q q 0 0 0 rg BT 320.10 173.10 Td (reflected ) Tj ET Q q 0 0 0 rg BT 356.76 173.10 Td (in ) Tj ET Q q 0 0 0 rg BT 366.24 173.10 Td (the ) Tj ET Q q 0 0 0 rg BT 380.15 173.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 434.62 173.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 473.53 173.10 Td (Statements ) Tj ET Q q 0 0 0 rg BT 519.10 173.10 Td (only ) Tj ET Q q 0 0 0 rg BT 538.58 173.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 161.10 Td (the ) Tj ET Q q 0 0 0 rg BT 144.73 161.10 Td (date ) Tj ET Q q 0 0 0 rg BT 163.40 161.10 Td (in ) Tj ET Q q 0 0 0 rg BT 173.20 161.10 Td (which ) Tj ET Q q 0 0 0 rg BT 199.65 161.10 Td (they ) Tj ET Q q 0 0 0 rg BT 218.88 161.10 Td (occurred. ) Tj ET Q q 0 0 0 rg BT 258.38 161.10 Td (In ) Tj ET Q q 0 0 0 rg BT 268.72 161.10 Td (particular) Tj ET Q q 0 0 0 rg BT 306.63 161.10 Td (, ) Tj ET Q q 0 0 0 rg BT 311.15 161.10 Td (the ) Tj ET Q q 0 0 0 rg BT 325.38 161.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 344.28 161.10 Td ( ) Tj ET Q q 0 0 0 rg BT 346.30 161.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 367.75 161.10 Td (for ) Tj ET Q q 0 0 0 rg BT 381.43 161.10 Td (a ) Tj ET Q q 0 0 0 rg BT 387.88 161.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 425.44 161.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 457.45 161.10 Td (of ) Tj ET Q q 0 0 0 rg BT 467.79 161.10 Td (7.9 ) Tj ET Q q 0 0 0 rg BT 487.31 161.10 Td (billion ) Tj ET Q q 0 0 0 rg BT 515.44 161.10 Td (was ) Tj ET Q q 0 0 0 rg BT 533.01 161.10 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 149.10 Td (on ) Tj ET Q q 0 0 0 rg BT 143.22 149.10 Td (October ) Tj ET Q q 0 0 0 rg BT 178.15 149.10 Td (17, ) Tj ET Q q 0 0 0 rg BT 193.37 149.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 216.10 149.10 Td (and ) Tj ET Q q 0 0 0 rg BT 233.26 149.10 Td (following ) Tj ET Q q 0 0 0 rg BT 274.87 149.10 Td (the ) Tj ET Q q 0 0 0 rg BT 289.80 149.10 Td (application ) Tj ET Q q 0 0 0 rg BT 336.96 149.10 Td (of ) Tj ET Q q 0 0 0 rg BT 348.01 149.10 Td (the ) Tj ET Q q 0 0 0 rg BT 362.95 149.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 401.21 149.10 Td (from ) Tj ET Q q 0 0 0 rg BT 423.37 149.10 Td (the ) Tj ET Q q 0 0 0 rg BT 438.31 149.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 474.90 149.10 Td (of ) Tj ET Q q 0 0 0 rg BT 485.96 149.10 Td (the ) Tj ET Q q 0 0 0 rg BT 500.90 149.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 528.61 149.10 Td (to ) Tj ET Q q 0 0 0 rg BT 539.11 149.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 558.01 149.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 137.10 Td (referred ) Tj ET Q q 0 0 0 rg BT 164.86 137.10 Td (to ) Tj ET Q q 0 0 0 rg BT 175.36 137.10 Td (above, ) Tj ET Q q 0 0 0 rg BT 204.46 137.10 Td (the ) Tj ET Q q 0 0 0 rg BT 219.40 137.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 257.67 137.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 290.39 137.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 339.78 137.10 Td (was ) Tj ET Q q 0 0 0 rg BT 358.05 137.10 Td (2.8 ) Tj ET Q q 0 0 0 rg BT 378.27 137.10 Td (billion. ) Tj ET Q q 0 0 0 rg BT 409.41 137.10 Td (The ) Tj ET Q q 0 0 0 rg BT 427.68 137.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 465.95 137.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 498.67 137.10 Td (under ) Tj ET Q q 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ET Q q 0 0 0 rg BT 307.80 593.25 Td (the ) Tj ET Q q 0 0 0 rg BT 321.41 593.25 Td (International ) Tj ET Q q 0 0 0 rg BT 373.89 593.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 412.49 593.25 Td (Reporting ) Tj ET Q q 0 0 0 rg BT 453.87 593.25 Td (Interpretations ) Tj ET Q q 0 0 0 rg BT 513.57 593.25 Td (Committee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 581.25 Td (\(IFRIC ) Tj ET Q q 0 0 0 rg BT 94.27 581.25 Td (and ) Tj ET Q q 0 0 0 rg BT 111.21 581.25 Td (SIC\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 557.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 557.25 Td (The ) Tj ET Q q 0 0 0 rg BT 109.22 557.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 163.44 557.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 202.09 557.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 247.98 557.25 Td (are ) Tj ET Q q 0 0 0 rg BT 263.86 557.25 Td (prepared ) Tj ET Q q 0 0 0 rg BT 302.51 557.25 Td (under ) Tj ET Q q 0 0 0 rg BT 328.95 557.25 Td (the ) Tj ET Q q 0 0 0 rg BT 344.84 557.25 Td (historical ) Tj ET Q q 0 0 0 rg BT 385.73 557.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 405.51 557.25 Td (method, ) Tj ET Q q 0 0 0 rg BT 441.68 557.25 Td (modified ) Tj ET Q q 0 0 0 rg BT 481.46 557.25 Td (as ) Tj ET Q q 0 0 0 rg BT 493.46 557.25 Td (required ) Tj ET Q q 0 0 0 rg BT 530.45 557.25 Td (for ) Tj ET Q q 0 0 0 rg BT 545.79 557.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 545.25 Td (measurement ) Tj ET Q q 0 0 0 rg BT 109.81 545.25 Td (of ) Tj ET Q q 0 0 0 rg BT 120.64 545.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 150.34 545.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 187.82 545.25 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 239.49 545.25 Td (as ) Tj ET Q q 0 0 0 rg BT 250.32 545.25 Td (well ) Tj ET Q q 0 0 0 rg BT 270.04 545.25 Td (as ) Tj ET Q q 0 0 0 rg BT 280.87 545.25 Td (on ) Tj ET Q q 0 0 0 rg BT 293.37 545.25 Td (a ) Tj ET Q q 0 0 0 rg BT 300.30 545.25 Td (going ) Tj ET Q q 0 0 0 rg BT 325.58 545.25 Td (concern ) Tj ET Q q 0 0 0 rg BT 359.73 545.25 Td (basis. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 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10.00 Tf ET q 0 0 0 rg BT 54.00 509.25 Td (stated ) Tj ET Q q 0 0 0 rg BT 79.83 509.25 Td (information ) Tj ET Q q 0 0 0 rg BT 129.54 509.25 Td (is ) Tj ET Q q 0 0 0 rg BT 138.71 509.25 Td (presented ) Tj ET Q q 0 0 0 rg BT 179.52 509.25 Td (in ) Tj ET Q q 0 0 0 rg BT 189.80 509.25 Td (thousands ) Tj ET Q q 0 0 0 rg BT 232.30 509.25 Td (of ) Tj ET Q q 0 0 0 rg BT 243.13 509.25 Td (Euro. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 485.25 Td (T) Tj ET Q q 0 0 0 rg BT 59.93 485.25 Td (ransactions with FCA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 461.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 461.25 Td (The ) Tj ET Q q 0 0 0 rg BT 108.36 461.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 136.73 461.25 Td (generates ) Tj ET Q q 0 0 0 rg BT 177.30 461.25 Td (a ) Tj ET Q q 0 0 0 rg BT 184.55 461.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 216.25 461.25 Td (of ) Tj ET Q q 0 0 0 rg BT 227.40 461.25 Td (its ) Tj ET Q q 0 0 0 rg BT 239.66 461.25 Td (net ) Tj ET Q q 0 0 0 rg BT 254.69 461.25 Td (revenues 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ET Q q 0 0 0 rg BT 316.69 413.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 335.59 413.25 Td ( ) Tj ET Q q 0 0 0 rg BT 338.24 413.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 366.45 413.25 Td (in ) Tj ET Q q 0 0 0 rg BT 376.87 413.25 Td (the ) Tj ET Q q 0 0 0 rg BT 391.74 413.25 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 428.27 413.25 Td (course ) Tj ET Q q 0 0 0 rg BT 457.02 413.25 Td (of ) Tj ET Q q 0 0 0 rg BT 468.00 413.25 Td (business. ) Tj ET Q q 0 0 0 rg BT 507.04 413.25 Td ( ) Tj ET Q q 0 0 0 rg BT 509.69 413.25 Td (Receivables ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 401.25 Td (and ) Tj ET Q q 0 0 0 rg BT 70.34 401.25 Td (payables ) Tj ET Q q 0 0 0 rg BT 107.23 401.25 Td (are ) Tj ET Q q 0 0 0 rg BT 121.34 401.25 Td (settled ) Tj ET Q q 0 0 0 rg BT 149.35 401.25 Td (in ) Tj ET Q q 0 0 0 rg BT 159.03 401.25 Td (the ) Tj ET Q q 0 0 0 rg BT 173.15 401.25 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 208.93 401.25 Td (course ) Tj ET Q q 0 0 0 rg BT 236.93 401.25 Td (of ) Tj ET Q q 0 0 0 rg BT 247.17 401.25 Td (business ) Tj ET Q q 0 0 0 rg BT 282.96 401.25 Td (and ) Tj ET Q q 0 0 0 rg BT 299.30 401.25 Td (are ) Tj ET Q q 0 0 0 rg BT 313.41 401.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 350.29 401.25 Td (as ) Tj ET Q q 0 0 0 rg BT 360.52 401.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 385.76 401.25 Td (and ) Tj ET Q q 0 0 0 rg BT 402.10 401.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 441.22 401.25 Td (on ) Tj ET Q q 0 0 0 rg BT 453.12 401.25 Td (the ) Tj ET Q q 0 0 0 rg BT 467.24 401.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 519.69 401.25 Td (statement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 389.25 Td (of ) Tj ET Q q 0 0 0 rg BT 64.83 389.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 102.31 389.25 Td (position. ) Tj ET Q q 0 0 0 rg BT 139.54 389.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 365.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 365.25 Td (The ) Tj ET Q q 0 0 0 rg BT 108.44 365.25 Td (Group, ) Tj ET Q q 0 0 0 rg BT 139.39 365.25 Td (until ) Tj ET Q q 0 0 0 rg BT 160.62 365.25 Td (the ) Tj ET Q q 0 0 0 rg BT 175.73 365.25 Td (Separation, ) Tj ET Q q 0 0 0 rg BT 223.89 365.25 Td (on ) Tj ET Q q 0 0 0 rg BT 236.78 365.25 Td (January ) Tj ET Q q 0 0 0 rg BT 270.77 365.25 Td (3, ) Tj ET Q q 0 0 0 rg BT 281.17 365.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 306.56 365.25 Td (received ) Tj ET Q q 0 0 0 rg BT 343.32 365.25 Td (various ) Tj ET Q q 0 0 0 rg BT 375.65 365.25 Td (services, ) Tj ET Q q 0 0 0 rg BT 413.25 365.25 Td (including ) Tj ET Q q 0 0 0 rg BT 453.92 365.25 Td (human ) Tj ET Q q 0 0 0 rg BT 484.03 365.25 Td (resources, ) Tj ET Q q 0 0 0 rg BT 527.19 365.25 Td (payroll, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 353.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 91.94 353.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 131.56 353.25 Td (and ) Tj ET Q q 0 0 0 rg BT 148.96 353.25 Td (tax, ) Tj ET Q q 0 0 0 rg BT 166.64 353.25 Td (customs, ) Tj ET Q q 0 0 0 rg BT 204.88 353.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 251.71 353.25 Td (and ) Tj ET Q q 0 0 0 rg BT 269.11 353.25 Td (treasury) Tj ET Q q 0 0 0 rg BT 300.67 353.25 Td (, ) Tj ET Q q 0 0 0 rg BT 306.13 353.25 Td (institutional ) Tj ET Q q 0 0 0 rg BT 356.87 353.25 Td (and ) Tj ET Q q 0 0 0 rg BT 374.27 353.25 Td (industrial ) Tj ET Q q 0 0 0 rg BT 415.00 353.25 Td (relations, ) Tj ET Q q 0 0 0 rg BT 454.90 353.25 Td (procurement ) Tj ET Q q 0 0 0 rg BT 508.39 353.25 Td (of ) Tj ET Q q 0 0 0 rg BT 519.68 353.25 Td (insurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 341.25 Td (coverage, ) Tj ET Q q 0 0 0 rg BT 95.13 341.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 128.22 341.25 Td (audit, ) Tj ET Q q 0 0 0 rg BT 153.26 341.25 Td (IT) Tj ET Q q 0 0 0 rg BT 162.52 341.25 Td ( ) Tj ET Q q 0 0 0 rg BT 165.07 341.25 Td (and ) Tj ET Q q 0 0 0 rg BT 182.06 341.25 Td (systems, ) Tj ET Q q 0 0 0 rg BT 218.77 341.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 238.82 341.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 279.12 341.25 Td (security) Tj ET Q q 0 0 0 rg BT 310.13 341.25 Td (, ) Tj ET Q q 0 0 0 rg BT 315.18 341.25 Td (executive ) Tj ET Q q 0 0 0 rg BT 356.04 341.25 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 416.63 341.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 438.61 341.25 Td (and ) Tj ET Q q 0 0 0 rg BT 455.59 341.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 495.90 341.25 Td (af) Tj ET Q q 0 0 0 rg BT 503.48 341.25 Td (fairs ) Tj ET Q q 0 0 0 rg BT 523.80 341.25 Td (from ) Tj ET Q q 0 0 0 rg BT 545.79 341.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 329.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 72.90 329.25 Td ( ) Tj ET Q q 0 0 0 rg BT 75.54 329.25 Td (Group. ) Tj ET Q q 0 0 0 rg BT 106.05 329.25 Td (The ) Tj ET Q q 0 0 0 rg BT 124.24 329.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 146.88 329.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 190.62 329.25 Td (with ) Tj ET Q q 0 0 0 rg BT 211.04 329.25 Td (the ) Tj ET Q q 0 0 0 rg BT 225.90 329.25 Td (services ) Tj ET Q q 0 0 0 rg BT 260.75 329.25 Td (totaled ) Tj ET Q q 0 0 0 rg BT 290.60 329.25 Td (1) Tj ET Q q 0 0 0 rg BT 300.23 329.25 Td (1,559 ) Tj ET Q q 0 0 0 rg BT 325.38 329.25 Td (thousand, ) Tj ET Q q 0 0 0 rg BT 366.63 329.25 Td (10,486 ) Tj ET Q q 0 0 0 rg BT 401.77 329.25 Td (thousand ) Tj ET Q q 0 0 0 rg BT 440.52 329.25 Td (and ) Tj ET Q q 0 0 0 rg BT 457.60 329.25 Td (10,773 ) Tj ET Q q 0 0 0 rg BT 492.75 329.25 Td (thousand ) Tj ET Q q 0 0 0 rg BT 531.50 329.25 Td (for ) Tj ET Q q 0 0 0 rg BT 545.80 329.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 317.25 Td (years ) Tj ET Q q 0 0 0 rg BT 77.28 317.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 103.34 317.25 Td (December ) Tj ET Q q 0 0 0 rg BT 146.60 317.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 161.28 317.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 185.96 317.25 Td (2014 ) Tj ET Q q 0 0 0 rg BT 208.14 317.25 Td (and ) Tj ET Q q 0 0 0 rg BT 224.76 317.25 Td (2013, ) Tj ET Q q 0 0 0 rg BT 249.44 317.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 297.10 317.25 Td (. ) Tj ET Q q 0 0 0 rg BT 301.78 317.25 Td (Historically) Tj ET Q q 0 0 0 rg BT 348.34 317.25 Td (, ) Tj ET Q q 0 0 0 rg BT 353.02 317.25 Td (these ) Tj ET Q q 0 0 0 rg BT 375.75 317.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 397.93 317.25 Td (have ) Tj ET Q q 0 0 0 rg BT 418.99 317.25 Td (been ) Tj ET Q q 0 0 0 rg BT 440.04 317.25 Td (re-char) Tj ET Q q 0 0 0 rg BT 468.17 317.25 Td (ged ) Tj ET Q q 0 0 0 rg BT 484.79 317.25 Td (by ) Tj ET Q q 0 0 0 rg BT 496.97 317.25 Td (the ) Tj ET Q q 0 0 0 rg BT 511.37 317.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 530.27 317.25 Td ( ) Tj ET Q q 0 0 0 rg BT 532.45 317.25 Td (Group ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 305.25 Td (based ) Tj ET Q q 0 0 0 rg BT 79.06 305.25 Td (on ) Tj ET Q q 0 0 0 rg BT 91.35 305.25 Td (the ) Tj ET Q q 0 0 0 rg BT 105.86 305.25 Td (actual ) Tj ET Q q 0 0 0 rg BT 132.02 305.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 154.31 305.25 Td (incurred ) Tj ET Q q 0 0 0 rg BT 189.91 305.25 Td (for ) Tj ET Q q 0 0 0 rg BT 203.86 305.25 Td (the ) Tj ET Q q 0 0 0 rg BT 218.37 305.25 Td (services ) Tj ET Q q 0 0 0 rg BT 252.87 305.25 Td (provided ) Tj ET Q q 0 0 0 rg BT 290.70 305.25 Td (to ) Tj ET Q q 0 0 0 rg BT 300.77 305.25 Td (the ) Tj ET Q q 0 0 0 rg BT 315.28 305.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 343.12 305.25 Td (and ) Tj ET Q q 0 0 0 rg BT 359.85 305.25 Td (are ) Tj ET Q q 0 0 0 rg BT 374.35 305.25 Td (reflected ) Tj ET Q q 0 0 0 rg BT 411.61 305.25 Td (as ) Tj ET Q q 0 0 0 rg BT 422.23 305.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 460.62 305.25 Td (according ) Tj ET Q q 0 0 0 rg BT 502.33 305.25 Td (to ) Tj ET Q q 0 0 0 rg BT 512.40 305.25 Td (their ) Tj ET Q q 0 0 0 rg BT 533.01 305.25 Td (nature ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 293.25 Td (in ) Tj ET Q q 0 0 0 rg BT 64.28 293.25 Td (the ) Tj ET Q q 0 0 0 rg BT 79.00 293.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 132.04 293.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 169.52 293.25 Td (statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 269.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 269.25 Td (W) Tj ET Q q 0 0 0 rg BT 99.04 269.25 Td (ith ) Tj ET Q q 0 0 0 rg BT 112.40 269.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 143.52 269.25 Td (to ) Tj ET Q q 0 0 0 rg BT 154.10 269.25 Td (the ) Tj ET Q q 0 0 0 rg BT 169.12 269.25 Td (general ) Tj ET Q q 0 0 0 rg BT 201.34 269.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 241.90 269.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 264.70 269.25 Td (that ) Tj ET Q q 0 0 0 rg BT 282.50 269.25 Td (are ) Tj ET Q q 0 0 0 rg BT 297.51 269.25 Td (incurred ) Tj ET Q q 0 0 0 rg BT 333.63 269.25 Td (by ) Tj ET Q q 0 0 0 rg BT 346.43 269.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 365.33 269.25 Td ( ) Tj ET Q q 0 0 0 rg BT 368.13 269.25 Td (on ) Tj ET Q q 0 0 0 rg BT 380.94 269.25 Td (behalf ) Tj ET Q q 0 0 0 rg BT 408.73 269.25 Td (of ) Tj ET Q q 0 0 0 rg BT 419.86 269.25 Td (its ) Tj ET Q q 0 0 0 rg BT 432.11 269.25 Td (entire ) Tj ET Q q 0 0 0 rg BT 457.68 269.25 Td (group, ) Tj ET Q q 0 0 0 rg BT 486.31 269.25 Td (which ) Tj ET Q q 0 0 0 rg BT 513.55 269.25 Td (include ) Tj ET Q q 0 0 0 rg BT 545.79 269.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 257.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 76.39 257.25 Td (of ) Tj ET Q q 0 0 0 rg BT 87.11 257.25 Td (the ) Tj ET Q q 0 0 0 rg BT 101.72 257.25 Td (executive ) Tj ET Q q 0 0 0 rg BT 142.42 257.25 Td (of) Tj ET Q q 0 0 0 rg BT 150.57 257.25 Td (ficers ) Tj ET Q q 0 0 0 rg BT 175.17 257.25 Td (of ) Tj ET Q q 0 0 0 rg BT 185.89 257.25 Td (the ) Tj ET Q q 0 0 0 rg BT 200.50 257.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 219.40 257.25 Td ( ) Tj ET Q q 0 0 0 rg BT 221.79 257.25 Td (Group, ) Tj ET Q q 0 0 0 rg BT 252.24 257.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 274.63 257.25 Td (of ) Tj ET Q q 0 0 0 rg BT 285.35 257.25 Td (the ) Tj ET Q q 0 0 0 rg BT 299.96 257.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 340.11 257.25 Td (functions ) Tj ET Q q 0 0 0 rg BT 379.71 257.25 Td (including ) Tj ET Q q 0 0 0 rg BT 419.88 257.25 Td (treasury) Tj ET Q q 0 0 0 rg BT 451.44 257.25 Td (, ) Tj ET Q q 0 0 0 rg BT 456.33 257.25 Td (human ) Tj ET Q q 0 0 0 rg BT 485.94 257.25 Td (resources, ) Tj ET Q q 0 0 0 rg BT 528.59 257.25 Td (finance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 245.25 Td (and ) Tj ET Q q 0 0 0 rg BT 70.40 245.25 Td (legal, ) Tj ET Q q 0 0 0 rg BT 94.29 245.25 Td (business ) Tj ET Q q 0 0 0 rg BT 130.14 245.25 Td (development, ) Tj ET Q q 0 0 0 rg BT 186.25 245.25 Td (tax, ) Tj ET Q q 0 0 0 rg BT 202.93 245.25 Td (headquarter ) Tj ET Q q 0 0 0 rg BT 252.08 245.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 274.04 245.25 Td (and ) Tj ET Q q 0 0 0 rg BT 290.44 245.25 Td (other ) Tj ET Q q 0 0 0 rg BT 312.94 245.25 Td (related ) Tj ET Q q 0 0 0 rg BT 342.11 245.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 381.82 245.25 Td (costs, ) Tj ET Q q 0 0 0 rg BT 406.28 245.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 425.18 245.25 Td ( ) Tj ET Q q 0 0 0 rg BT 427.14 245.25 Td (allocates ) Tj ET Q q 0 0 0 rg BT 464.08 245.25 Td (these ) Tj ET Q q 0 0 0 rg BT 486.59 245.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 508.54 245.25 Td (to ) Tj ET Q q 0 0 0 rg BT 518.28 245.25 Td (the ) Tj ET Q q 0 0 0 rg BT 532.46 245.25 Td (Group ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 233.25 Td (based ) Tj ET Q q 0 0 0 rg BT 79.22 233.25 Td (on ) Tj ET Q q 0 0 0 rg BT 91.67 233.25 Td (the ) Tj ET Q q 0 0 0 rg BT 106.34 233.25 Td (Group) Tj ET Q q 0 0 0 rg BT 134.67 233.25 Td (s ) Tj ET Q q 0 0 0 rg BT 141.01 233.25 Td (proportion ) Tj ET Q q 0 0 0 rg BT 185.68 233.25 Td (of ) Tj ET Q q 0 0 0 rg BT 196.46 233.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 214.81 233.25 Td () Tj ET Q q 0 0 0 rg BT 217.58 233.25 Td (s ) Tj ET Q q 0 0 0 rg BT 223.93 233.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 276.92 233.25 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 317.41 233.25 Td (During ) Tj ET Q q 0 0 0 rg BT 348.19 233.25 Td (the ) Tj ET Q q 0 0 0 rg BT 362.86 233.25 Td (years ) Tj ET Q q 0 0 0 rg BT 386.41 233.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 412.74 233.25 Td (December ) Tj ET Q q 0 0 0 rg BT 456.27 233.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 471.22 233.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 496.17 233.25 Td (2014 ) Tj ET Q q 0 0 0 rg BT 518.62 233.25 Td (and ) Tj ET Q q 0 0 0 rg BT 535.51 233.25 Td (2013, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 221.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 95.46 221.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 119.16 221.25 Td (re-char) Tj ET Q q 0 0 0 rg BT 147.29 221.25 Td (ged ) Tj ET Q q 0 0 0 rg BT 165.43 221.25 Td (to ) Tj ET Q q 0 0 0 rg BT 176.92 221.25 Td (the ) Tj ET Q q 0 0 0 rg BT 192.84 221.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 222.09 221.25 Td (from ) Tj ET Q q 0 0 0 rg BT 245.24 221.25 Td (FCA, ) Tj ET Q q 0 0 0 rg BT 270.90 221.25 Td (amounted ) Tj ET Q q 0 0 0 rg BT 314.04 221.25 Td (to ) Tj ET Q q 0 0 0 rg BT 325.52 221.25 Td (3,751 ) Tj ET Q q 0 0 0 rg BT 356.72 221.25 Td (thousand, ) Tj ET Q q 0 0 0 rg BT 399.04 221.25 Td (2,952 ) Tj ET Q q 0 0 0 rg BT 430.24 221.25 Td (thousand ) Tj ET Q q 0 0 0 rg BT 470.06 221.25 Td (and ) Tj ET Q q 0 0 0 rg BT 488.20 221.25 Td (3,328 ) Tj ET Q q 0 0 0 rg BT 519.40 221.25 Td (thousand, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 209.25 Td (respectively ) Tj ET Q q 0 0 0 rg BT 104.81 209.25 Td (and ) Tj ET Q q 0 0 0 rg BT 121.75 209.25 Td (are ) Tj ET Q q 0 0 0 rg BT 136.46 209.25 Td (reflected ) Tj ET Q q 0 0 0 rg BT 173.93 209.25 Td (in ) Tj ET Q q 0 0 0 rg BT 184.21 209.25 Td (the ) Tj ET Q q 0 0 0 rg BT 198.92 209.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 251.96 209.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 289.44 209.25 Td (statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 185.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 185.25 Td (Historically ) Tj ET Q q 0 0 0 rg BT 139.37 185.25 Td (the ) Tj ET Q q 0 0 0 rg BT 153.75 185.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 181.46 185.25 Td (participated ) Tj ET Q q 0 0 0 rg BT 230.81 185.25 Td (in ) Tj ET Q q 0 0 0 rg BT 240.75 185.25 Td (a ) Tj ET Q q 0 0 0 rg BT 247.34 185.25 Td (group-wide ) Tj ET Q q 0 0 0 rg BT 295.60 185.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 315.53 185.25 Td (management ) Tj ET Q q 0 0 0 rg BT 368.77 185.25 Td (system ) Tj ET Q q 0 0 0 rg BT 398.71 185.25 Td (at ) Tj ET Q q 0 0 0 rg BT 408.09 185.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 426.99 185.25 Td ( ) Tj ET Q q 0 0 0 rg BT 429.15 185.25 Td (Group, ) Tj ET Q q 0 0 0 rg BT 459.36 185.25 Td (where ) Tj ET Q q 0 0 0 rg BT 485.94 185.25 Td (the ) Tj ET Q q 0 0 0 rg BT 500.32 185.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 540.24 185.25 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 173.25 Td (management, ) Tj ET Q q 0 0 0 rg BT 110.07 173.25 Td (main ) Tj ET Q q 0 0 0 rg BT 132.55 173.25 Td (funding ) Tj ET Q q 0 0 0 rg BT 166.14 173.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 210.28 173.25 Td (and ) Tj ET Q q 0 0 0 rg BT 227.20 173.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 263.57 173.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 309.93 173.25 Td (of ) Tj ET Q q 0 0 0 rg BT 320.75 173.25 Td (the ) Tj ET Q q 0 0 0 rg BT 335.44 173.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 363.48 173.25 Td (were ) Tj ET Q q 0 0 0 rg BT 385.39 173.25 Td (centrally ) Tj ET Q q 0 0 0 rg BT 422.85 173.25 Td (coordinated ) Tj ET Q q 0 0 0 rg BT 472.53 173.25 Td (by ) Tj ET Q q 0 0 0 rg BT 485.02 173.25 Td (dedicated ) Tj ET Q q 0 0 0 rg BT 525.81 173.25 Td (treasury ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 161.25 Td (companies. ) Tj ET Q q 0 0 0 rg BT 101.51 161.25 Td (The ) Tj ET Q q 0 0 0 rg BT 119.48 161.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 147.45 161.25 Td (accessed ) Tj ET Q q 0 0 0 rg BT 184.85 161.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 209.49 161.25 Td (deposited ) Tj ET Q q 0 0 0 rg BT 250.23 161.25 Td (in ) Tj ET Q q 0 0 0 rg BT 260.43 161.25 Td (these ) Tj ET Q q 0 0 0 rg BT 283.40 161.25 Td (accounts ) Tj ET Q q 0 0 0 rg BT 320.81 161.25 Td (on ) Tj ET Q q 0 0 0 rg BT 333.23 161.25 Td (a ) Tj ET Q q 0 0 0 rg BT 340.09 161.25 Td (daily ) Tj ET Q q 0 0 0 rg BT 362.50 161.25 Td (basis, ) Tj ET Q q 0 0 0 rg BT 387.43 161.25 Td (had ) Tj ET Q q 0 0 0 rg BT 404.28 161.25 Td (the ) Tj ET Q q 0 0 0 rg BT 418.92 161.25 Td (contractual ) Tj ET Q q 0 0 0 rg BT 465.76 161.25 Td (right ) Tj ET Q q 0 0 0 rg BT 487.07 161.25 Td (to ) Tj ET Q q 0 0 0 rg BT 497.27 161.25 Td (withdraw ) Tj ET Q q 0 0 0 rg BT 537.46 161.25 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 149.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 78.90 149.25 Td (on ) Tj ET Q q 0 0 0 rg BT 91.58 149.25 Td (demand ) Tj ET Q q 0 0 0 rg BT 125.91 149.25 Td (and ) Tj ET Q q 0 0 0 rg BT 143.02 149.25 Td (terminate ) Tj ET Q q 0 0 0 rg BT 183.46 149.25 Td (these ) Tj ET Q q 0 0 0 rg BT 206.68 149.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 227.13 149.25 Td (management ) Tj ET Q q 0 0 0 rg BT 280.90 149.25 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 337.44 149.25 Td (depending ) Tj ET Q q 0 0 0 rg BT 381.77 149.25 Td (on ) Tj ET Q q 0 0 0 rg BT 394.45 149.25 Td (FCA's ) Tj ET Q q 0 0 0 rg BT 422.27 149.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 450.50 149.25 Td (to ) Tj ET Q q 0 0 0 rg BT 460.95 149.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 478.07 149.25 Td (at ) Tj ET Q q 0 0 0 rg BT 487.96 149.25 Td (the ) Tj ET Q q 0 0 0 rg BT 502.86 149.25 Td (relevant ) Tj ET Q q 0 0 0 rg BT 537.74 149.25 Td (time. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 137.25 Td (The ) Tj ET Q q 0 0 0 rg BT 71.91 137.25 Td (deposits ) Tj ET Q q 0 0 0 rg BT 107.04 137.25 Td (with ) Tj ET Q q 0 0 0 rg BT 127.18 137.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 146.08 137.25 Td ( ) Tj ET Q q 0 0 0 rg BT 148.44 137.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 176.36 137.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 209.26 137.25 Td (to ) Tj ET Q q 0 0 0 rg BT 219.40 137.25 Td (the ) Tj ET Q q 0 0 0 rg BT 233.97 137.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 254.10 137.25 Td (management ) Tj ET Q q 0 0 0 rg BT 307.55 137.25 Td (are ) Tj ET Q q 0 0 0 rg BT 322.12 137.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 359.45 137.25 Td (in ) Tj ET Q q 0 0 0 rg BT 369.59 137.25 Td (the ) Tj ET Q q 0 0 0 rg BT 384.17 137.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 437.07 137.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 477.75 137.25 Td (of ) Tj ET Q q 0 0 0 rg BT 488.44 137.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 525.78 137.25 Td (position ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 125.25 Td (as ) Tj ET Q q 0 0 0 rg BT 64.29 125.25 Td (Deposits ) Tj ET Q q 0 0 0 rg BT 105.68 125.25 Td (in ) Tj ET Q q 0 0 0 rg BT 115.42 125.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 134.32 125.25 Td ( ) Tj ET Q q 0 0 0 rg BT 136.28 125.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 163.79 125.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 183.52 125.25 Td (management ) Tj ET Q q 0 0 0 rg BT 236.56 125.25 Td (pools ) Tj ET Q q 0 0 0 rg BT 264.63 125.25 Td (and ) Tj ET Q q 0 0 0 rg BT 281.03 125.25 Td (the ) Tj ET Q q 0 0 0 rg BT 295.20 125.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 326.58 125.25 Td (income ) Tj ET Q q 0 0 0 rg BT 357.97 125.25 Td (earned ) Tj ET Q q 0 0 0 rg BT 386.58 125.25 Td (on ) Tj ET Q q 0 0 0 rg BT 398.54 125.25 Td (such ) Tj ET Q q 0 0 0 rg BT 418.82 125.25 Td (deposits ) Tj ET Q q 0 0 0 rg BT 453.56 125.25 Td (is ) Tj ET Q q 0 0 0 rg BT 462.19 125.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 499.12 125.25 Td (in ) Tj ET Q q 0 0 0 rg BT 508.86 125.25 Td (net ) Tj ET Q q 0 0 0 rg BT 523.03 125.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 113.25 Td (income/expenses ) Tj ET Q q 0 0 0 rg BT 125.15 113.25 Td (in ) Tj ET Q q 0 0 0 rg BT 135.77 113.25 Td (the ) Tj ET Q q 0 0 0 rg BT 150.82 113.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 204.20 113.25 Td (income ) Tj ET Q q 0 0 0 rg BT 236.47 113.25 Td (statement. ) Tj ET Q q 0 0 0 rg BT 280.13 113.25 Td ( ) Tj ET Q q 0 0 0 rg BT 282.97 113.25 Td (Certain ) Tj ET Q q 0 0 0 rg BT 315.24 113.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 346.96 113.25 Td (of ) Tj ET Q q 0 0 0 rg BT 358.13 113.25 Td (the ) Tj ET Q q 0 0 0 rg BT 373.19 113.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 401.58 113.25 Td (have ) Tj ET Q q 0 0 0 rg BT 423.29 113.25 Td (also ) Tj ET Q q 0 0 0 rg BT 442.24 113.25 Td (entered ) Tj ET Q q 0 0 0 rg BT 474.50 113.25 Td (into ) Tj ET Q q 0 0 0 rg BT 492.90 113.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 518.50 113.25 Td (lines ) Tj ET Q q 0 0 0 rg BT 540.22 113.25 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 101.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 72.90 101.25 Td ( ) Tj ET Q q 0 0 0 rg BT 75.94 101.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 104.53 101.25 Td (entities, ) Tj ET Q q 0 0 0 rg BT 138.95 101.25 Td (these ) Tj ET Q q 0 0 0 rg BT 162.54 101.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 200.56 101.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 240.81 101.25 Td (have ) Tj ET Q q 0 0 0 rg BT 262.73 101.25 Td (been ) Tj ET Q q 0 0 0 rg BT 284.64 101.25 Td (provided ) Tj ET Q q 0 0 0 rg BT 323.23 101.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 363.48 101.25 Td (to ) Tj ET Q q 0 0 0 rg BT 374.29 101.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 406.76 101.25 Td (the ) Tj ET Q q 0 0 0 rg BT 422.01 101.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 461.15 101.25 Td (of ) Tj ET Q q 0 0 0 rg BT 472.52 101.25 Td (the ) Tj ET Q q 0 0 0 rg BT 487.77 101.25 Td (Group) Tj ET Q q 0 0 0 rg BT 516.10 101.25 Td (s ) Tj ET Q q 0 0 0 rg BT 523.03 101.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 89.25 Td (services ) Tj ET Q q 0 0 0 rg BT 88.75 89.25 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 126.29 89.25 Td (in ) Tj ET Q q 0 0 0 rg BT 136.61 89.25 Td (North ) Tj ET Q q 0 0 0 rg BT 161.92 89.25 Td (America ) Tj ET Q q 0 0 0 rg BT 198.89 89.25 Td (and ) Tj ET Q q 0 0 0 rg BT 215.87 89.25 Td (have ) Tj ET Q q 0 0 0 rg BT 237.29 89.25 Td (been ) Tj ET Q q 0 0 0 rg BT 258.71 89.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 296.23 89.25 Td (as ) Tj ET Q q 0 0 0 rg BT 307.10 89.25 Td (Debt ) Tj ET Q q 0 0 0 rg BT 337.96 89.25 Td (in ) Tj ET Q q 0 0 0 rg BT 348.28 89.25 Td (the ) Tj ET Q q 0 0 0 rg BT 363.04 89.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 416.13 89.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 456.99 89.25 Td (of ) Tj ET Q q 0 0 0 rg BT 467.86 89.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 505.38 89.25 Td (position. ) Tj ET Q q 0 0 0 rg BT 542.47 89.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 77.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 86.23 77.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 121.25 77.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 165.15 77.25 Td (with ) Tj ET Q q 0 0 0 rg BT 185.74 77.25 Td (such ) Tj ET Q q 0 0 0 rg BT 206.88 77.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 244.67 77.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 284.70 77.25 Td (is ) Tj ET Q q 0 0 0 rg BT 294.18 77.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 331.97 77.25 Td (in ) Tj ET Q q 0 0 0 rg BT 342.55 77.25 Td (Cost ) Tj ET Q q 0 0 0 rg BT 368.14 77.25 Td (of ) Tj ET Q q 0 0 0 rg BT 379.28 77.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 405.97 77.25 Td (in ) Tj ET Q q 0 0 0 rg BT 416.56 77.25 Td (the ) Tj ET Q q 0 0 0 rg BT 431.59 77.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 484.94 77.25 Td (income ) Tj ET Q q 0 0 0 rg BT 517.18 77.25 Td (statement. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 65.25 Td (Management ) Tj ET Q q 0 0 0 rg BT 107.68 65.25 Td (believes ) Tj ET Q q 0 0 0 rg BT 141.93 65.25 Td (that ) Tj ET Q q 0 0 0 rg BT 158.40 65.25 Td (the ) Tj ET Q q 0 0 0 rg BT 172.10 65.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 223.03 65.25 Td (underlying ) Tj ET Q q 0 0 0 rg BT 267.84 65.25 Td (the ) Tj ET Q q 0 0 0 rg BT 281.53 65.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 333.56 65.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 370.02 65.25 Td (statements, ) Tj ET Q q 0 0 0 rg BT 416.21 65.25 Td (including ) Tj ET Q q 0 0 0 rg BT 455.47 65.25 Td (the ) Tj ET Q q 0 0 0 rg BT 469.16 65.25 Td (re-char) Tj ET Q q 0 0 0 rg BT 497.29 65.25 Td (ges ) Tj ET Q q 0 0 0 rg BT 512.10 65.25 Td (of ) Tj ET Q q 0 0 0 rg BT 521.91 65.25 Td (expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 53.25 Td (from ) Tj ET Q q 0 0 0 rg BT 76.15 53.25 Td (FCA, ) Tj ET Q q 0 0 0 rg BT 100.82 53.25 Td (are ) Tj ET Q q 0 0 0 rg BT 115.74 53.25 Td (reasonable. ) Tj ET Q q 0 0 0 rg BT 163.70 53.25 Td (Nevertheless, ) Tj ET Q q 0 0 0 rg BT 220.56 53.25 Td (the ) Tj ET Q q 0 0 0 rg BT 235.49 53.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 288.74 53.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 326.44 53.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 371.36 53.25 Td (may ) Tj ET Q q 0 0 0 rg BT 391.29 53.25 Td (not ) Tj ET Q q 0 0 0 rg BT 406.78 53.25 Td (include ) Tj ET Q q 0 0 0 rg BT 438.93 53.25 Td (all ) Tj ET Q q 0 0 0 rg BT 451.63 53.25 Td (of ) Tj ET Q q 0 0 0 rg BT 462.68 53.25 Td (the ) Tj ET Q q 0 0 0 rg BT 477.61 53.25 Td (actual ) Tj ET Q q 0 0 0 rg BT 504.19 53.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 543.00 53.25 Td (that ) Tj ET Q endstream endobj 321 0 obj <> endobj 322 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 760.75 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 760.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.60 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 199.82 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 206.31 748.75 Td (O ) Tj ET Q q 0 0 0 rg BT 216.41 748.75 Td (THE CONSOLIDA) Tj ET Q q 0 0 0 rg BT 299.85 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 379.03 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 393.02 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 399.50 748.75 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.60 736.75 Td (At December) Tj ET Q q 0 0 0 rg BT 294.78 736.75 Td (31, 2015 and 2014) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 294.85 32.20 Td (F-1) Tj ET Q q 0 0 0 rg BT 311.07 32.20 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 713.10 Td (would ) Tj ET Q q 0 0 0 rg BT 81.60 713.10 Td (have ) Tj ET Q q 0 0 0 rg BT 103.08 713.10 Td (been ) Tj ET Q q 0 0 0 rg BT 124.56 713.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 160.48 713.10 Td (by ) Tj ET Q q 0 0 0 rg BT 173.08 713.10 Td (the ) Tj ET Q q 0 0 0 rg BT 187.90 713.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 216.05 713.10 Td (and ) Tj ET Q q 0 0 0 rg BT 233.09 713.10 Td (may ) Tj ET Q q 0 0 0 rg BT 252.91 713.10 Td (not ) Tj ET Q q 0 0 0 rg BT 268.29 713.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 296.42 713.10 Td (the ) Tj ET Q q 0 0 0 rg BT 311.24 713.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 364.38 713.10 Td (results ) Tj ET Q q 0 0 0 rg BT 393.09 713.10 Td (of ) Tj ET Q q 0 0 0 rg BT 404.02 713.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 450.78 713.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 488.36 713.10 Td (position ) Tj ET Q q 0 0 0 rg BT 523.19 713.10 Td (and ) Tj ET Q q 0 0 0 rg BT 540.23 713.10 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 701.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 77.96 701.10 Td (had ) Tj ET Q q 0 0 0 rg BT 94.14 701.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 123.09 701.10 Td (been ) Tj ET Q q 0 0 0 rg BT 143.71 701.10 Td (a ) Tj ET Q q 0 0 0 rg BT 149.89 701.10 Td (stand-alone ) Tj ET Q q 0 0 0 rg BT 197.73 701.10 Td (company ) Tj ET Q q 0 0 0 rg BT 236.13 701.10 Td (during ) Tj ET Q q 0 0 0 rg BT 263.98 701.10 Td (the ) Tj ET Q q 0 0 0 rg BT 277.94 701.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 309.12 701.10 Td (presented. ) Tj ET Q q 0 0 0 rg BT 351.67 701.10 Td ( ) Tj ET Q q 0 0 0 rg BT 353.03 701.10 Td (Actual ) Tj ET Q q 0 0 0 rg BT 381.43 701.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 403.17 701.10 Td (that ) Tj ET Q q 0 0 0 rg BT 419.91 701.10 Td (would ) Tj ET Q q 0 0 0 rg BT 446.65 701.10 Td (have ) Tj ET Q q 0 0 0 rg BT 467.27 701.10 Td (been ) Tj ET Q q 0 0 0 rg BT 487.89 701.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 522.95 701.10 Td (if ) Tj ET Q q 0 0 0 rg BT 530.80 701.10 Td (Ferrari ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 689.10 Td (had ) Tj ET Q q 0 0 0 rg BT 71.19 689.10 Td (been ) Tj ET Q q 0 0 0 rg BT 92.82 689.10 Td (a ) Tj ET Q q 0 0 0 rg BT 100.01 689.10 Td (stand-alone ) Tj ET Q q 0 0 0 rg BT 148.86 689.10 Td (company ) Tj ET Q q 0 0 0 rg BT 188.27 689.10 Td (would ) Tj ET Q q 0 0 0 rg BT 216.02 689.10 Td (depend ) Tj ET Q q 0 0 0 rg BT 247.65 689.10 Td (on ) Tj ET Q q 0 0 0 rg BT 260.40 689.10 Td (multiple ) Tj ET Q q 0 0 0 rg BT 296.49 689.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 328.95 689.10 Td (including ) Tj ET Q q 0 0 0 rg BT 369.47 689.10 Td (or) Tj ET Q q 0 0 0 rg BT 377.62 689.10 Td (ganizational ) Tj ET Q q 0 0 0 rg BT 429.24 689.10 Td (structure ) Tj ET Q q 0 0 0 rg BT 466.98 689.10 Td (and ) Tj ET Q q 0 0 0 rg BT 484.17 689.10 Td (strategic ) Tj ET Q q 0 0 0 rg BT 520.80 689.10 Td (decisions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 677.10 Td (made ) Tj ET Q q 0 0 0 rg BT 78.16 677.10 Td (in ) Tj ET Q q 0 0 0 rg BT 88.43 677.10 Td (various ) Tj ET Q q 0 0 0 rg BT 120.37 677.10 Td (areas.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 641.10 Td (2. ) Tj ET Q q 0 0 0 rg BT 64.00 641.10 Td ( ) Tj ET Q q 0 0 0 rg BT 66.50 641.10 Td ( ) Tj ET Q q 0 0 0 rg BT 69.00 641.10 Td (SIGNIFICANT) Tj ET Q q 0 0 0 rg BT 135.50 641.10 Td ( ) Tj ET Q q 0 0 0 rg BT 137.45 641.10 Td (ACCOUNTING ) Tj ET Q q 0 0 0 rg BT 209.40 641.10 Td (POLICIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 617.10 Td (Format ) Tj ET Q q 0 0 0 rg BT 88.71 617.10 Td (of ) Tj ET Q q 0 0 0 rg BT 99.54 617.10 Td (the ) Tj ET Q q 0 0 0 rg BT 115.37 617.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 155.09 617.10 Td (statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 593.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 593.10 Td (The ) Tj ET Q q 0 0 0 rg BT 111.46 593.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 167.92 593.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 208.82 593.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 256.95 593.10 Td (include ) Tj ET Q q 0 0 0 rg BT 292.30 593.10 Td (the ) Tj ET Q q 0 0 0 rg BT 310.43 593.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 366.89 593.10 Td (income ) Tj ET Q q 0 0 0 rg BT 402.24 593.10 Td (statement, ) Tj ET Q q 0 0 0 rg BT 448.98 593.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 505.43 593.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 549.67 593.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 581.10 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 116.98 581.10 Td (income/\(loss\), ) Tj ET Q q 0 0 0 rg BT 176.37 581.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 229.36 581.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 270.13 581.10 Td (of ) Tj ET Q q 0 0 0 rg BT 280.91 581.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 318.35 581.10 Td (position, ) Tj ET Q q 0 0 0 rg BT 355.52 581.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 408.52 581.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 449.29 581.10 Td (of ) Tj ET Q q 0 0 0 rg BT 460.07 581.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 480.29 581.10 Td (flows, ) Tj ET Q q 0 0 0 rg BT 507.46 581.10 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 569.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 94.82 569.10 Td (of ) Tj ET Q q 0 0 0 rg BT 105.65 569.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 140.36 569.10 Td (in ) Tj ET Q q 0 0 0 rg BT 150.64 569.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 178.13 569.10 Td (and ) Tj ET Q q 0 0 0 rg BT 195.07 569.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 218.68 569.10 Td (thereto, ) Tj ET Q q 0 0 0 rg BT 251.44 569.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 269.49 569.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 329.20 569.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 368.91 569.10 Td (Statements\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 545.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 545.10 Td (For ) Tj ET Q q 0 0 0 rg BT 105.45 545.10 Td (presentation ) Tj ET Q q 0 0 0 rg BT 155.88 545.10 Td (of ) Tj ET Q q 0 0 0 rg BT 165.77 545.10 Td (the ) Tj ET Q q 0 0 0 rg BT 179.54 545.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 231.64 545.10 Td (income ) Tj ET Q q 0 0 0 rg BT 262.63 545.10 Td (statement, ) Tj ET Q q 0 0 0 rg BT 305.01 545.10 Td (the ) Tj ET Q q 0 0 0 rg BT 318.78 545.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 345.89 545.10 Td (uses ) Tj ET Q q 0 0 0 rg BT 364.67 545.10 Td (a ) Tj ET Q q 0 0 0 rg BT 370.67 545.10 Td (classification ) Tj ET Q q 0 0 0 rg BT 424.99 545.10 Td (based ) Tj ET Q q 0 0 0 rg BT 449.31 545.10 Td (on ) Tj ET Q q 0 0 0 rg BT 460.87 545.10 Td (the ) Tj ET Q q 0 0 0 rg BT 474.64 545.10 Td (function ) Tj ET Q q 0 0 0 rg BT 509.53 545.10 Td (of ) Tj ET Q q 0 0 0 rg BT 519.41 545.10 Td (expenses, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 533.10 Td (as ) Tj ET Q q 0 0 0 rg BT 64.01 533.10 Td (it ) Tj ET Q q 0 0 0 rg BT 71.25 533.10 Td (is ) Tj ET Q q 0 0 0 rg BT 79.60 533.10 Td (more ) Tj ET Q q 0 0 0 rg BT 101.83 533.10 Td (representative ) Tj ET Q q 0 0 0 rg BT 159.59 533.10 Td (of ) Tj ET Q q 0 0 0 rg BT 169.60 533.10 Td (the ) Tj ET Q q 0 0 0 rg BT 183.50 533.10 Td (format ) Tj ET Q q 0 0 0 rg BT 211.83 533.10 Td (used ) Tj ET Q q 0 0 0 rg BT 231.85 533.10 Td (for ) Tj ET Q q 0 0 0 rg BT 245.19 533.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 277.41 533.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 315.75 533.10 Td (and ) Tj ET Q q 0 0 0 rg BT 331.87 533.10 Td (management ) Tj ET Q q 0 0 0 rg BT 384.64 533.10 Td (purposes ) Tj ET Q q 0 0 0 rg BT 421.87 533.10 Td (and ) Tj ET Q q 0 0 0 rg BT 437.99 533.10 Td (is ) Tj ET Q q 0 0 0 rg BT 446.34 533.10 Td (consistent ) Tj ET Q q 0 0 0 rg BT 488.02 533.10 Td (with ) Tj ET Q q 0 0 0 rg BT 507.48 533.10 Td (international ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 521.10 Td (practice.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 497.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 497.10 Td (In ) Tj ET Q q 0 0 0 rg BT 100.13 497.10 Td (the ) Tj ET Q q 0 0 0 rg BT 114.15 497.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 166.50 497.10 Td (income ) Tj ET Q q 0 0 0 rg BT 197.74 497.10 Td (statement, ) Tj ET Q q 0 0 0 rg BT 240.36 497.10 Td (the ) Tj ET Q q 0 0 0 rg BT 254.38 497.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 281.73 497.10 Td (also ) Tj ET Q q 0 0 0 rg BT 299.65 497.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 334.22 497.10 Td (a ) Tj ET Q q 0 0 0 rg BT 340.46 497.10 Td (subtotal ) Tj ET Q q 0 0 0 rg BT 373.93 497.10 Td (for ) Tj ET Q q 0 0 0 rg BT 387.39 497.10 Td (Earnings ) Tj ET Q q 0 0 0 rg BT 424.74 497.10 Td (Before ) Tj ET Q q 0 0 0 rg BT 453.75 497.10 Td (Interest ) Tj ET Q q 0 0 0 rg BT 485.54 497.10 Td (and ) Tj ET Q q 0 0 0 rg BT 501.65 497.10 Td (T) Tj ET Q q 0 0 0 rg BT 507.06 497.10 Td (axes ) Tj ET Q q 0 0 0 rg BT 526.63 497.10 Td (\(EBIT\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 485.10 Td (EBIT) Tj ET Q q 0 0 0 rg BT 76.04 485.10 Td ( ) Tj ET Q q 0 0 0 rg BT 79.24 485.10 Td (distinguishes ) Tj ET Q q 0 0 0 rg BT 134.67 485.10 Td (between ) Tj ET Q q 0 0 0 rg BT 171.19 485.10 Td (the ) Tj ET Q q 0 0 0 rg BT 186.61 485.10 Td (profit ) Tj ET Q q 0 0 0 rg BT 212.03 485.10 Td (before ) Tj ET Q q 0 0 0 rg BT 240.78 485.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 264.53 485.10 Td (arising ) Tj ET Q q 0 0 0 rg BT 294.95 485.10 Td (from ) Tj ET Q q 0 0 0 rg BT 317.59 485.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 358.56 485.10 Td (items ) Tj ET Q q 0 0 0 rg BT 383.43 485.10 Td (and ) Tj ET Q q 0 0 0 rg BT 401.07 485.10 Td (those ) Tj ET Q q 0 0 0 rg BT 425.39 485.10 Td (arising ) Tj ET Q q 0 0 0 rg BT 455.81 485.10 Td (from ) Tj ET Q q 0 0 0 rg BT 478.45 485.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 519.42 485.10 Td (activities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 473.10 Td (EBIT) Tj ET Q q 0 0 0 rg BT 76.04 473.10 Td ( ) Tj ET Q q 0 0 0 rg BT 78.54 473.10 Td (is ) Tj ET Q q 0 0 0 rg BT 87.71 473.10 Td (the ) Tj ET Q q 0 0 0 rg BT 102.42 473.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 136.58 473.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 172.39 473.10 Td (used ) Tj ET Q q 0 0 0 rg BT 193.22 473.10 Td (by ) Tj ET Q q 0 0 0 rg BT 205.72 473.10 Td (the ) Tj ET Q q 0 0 0 rg BT 220.44 473.10 Td (Group) Tj ET Q q 0 0 0 rg BT 248.77 473.10 Td (s ) Tj ET Q q 0 0 0 rg BT 255.16 473.10 Td (Chief ) Tj ET Q q 0 0 0 rg BT 279.88 473.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 322.36 473.10 Td (Decision ) Tj ET Q q 0 0 0 rg BT 360.41 473.10 Td (Maker ) Tj ET Q q 0 0 0 rg BT 389.01 473.10 Td (\(CODM\), ) Tj ET Q q 0 0 0 rg BT 439.55 473.10 Td (to ) Tj ET Q q 0 0 0 rg BT 449.83 473.10 Td (assess ) Tj ET Q q 0 0 0 rg BT 476.77 473.10 Td (performance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 449.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 449.10 Td (For ) Tj ET Q q 0 0 0 rg BT 105.57 449.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.46 449.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 171.67 449.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 211.67 449.10 Td (of ) Tj ET Q q 0 0 0 rg BT 221.67 449.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 258.32 449.10 Td (position, ) Tj ET Q q 0 0 0 rg BT 294.72 449.10 Td (a ) Tj ET Q q 0 0 0 rg BT 300.84 449.10 Td (mixed ) Tj ET Q q 0 0 0 rg BT 327.51 449.10 Td (format ) Tj ET Q q 0 0 0 rg BT 355.83 449.10 Td (has ) Tj ET Q q 0 0 0 rg BT 370.84 449.10 Td (been ) Tj ET Q q 0 0 0 rg BT 391.39 449.10 Td (selected ) Tj ET Q q 0 0 0 rg BT 425.27 449.10 Td (to ) Tj ET Q q 0 0 0 rg BT 434.72 449.10 Td (present ) Tj ET Q q 0 0 0 rg BT 465.27 449.10 Td (current ) Tj ET Q q 0 0 0 rg BT 495.26 449.10 Td (and ) Tj ET Q q 0 0 0 rg BT 511.37 449.10 Td (non-current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 437.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 79.29 437.10 Td (and ) Tj ET Q q 0 0 0 rg BT 95.70 437.10 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 137.38 437.10 Td (as ) Tj ET Q q 0 0 0 rg BT 147.67 437.10 Td (permitted ) Tj ET Q q 0 0 0 rg BT 187.96 437.10 Td (by ) Tj ET Q q 0 0 0 rg BT 199.92 437.10 Td (IAS ) Tj ET Q q 0 0 0 rg BT 218.00 437.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 224.96 437.10 Td (paragraph ) Tj ET Q q 0 0 0 rg BT 266.90 437.10 Td (60. ) Tj ET Q q 0 0 0 rg BT 281.37 437.10 Td (More ) Tj ET Q q 0 0 0 rg BT 304.99 437.10 Td (specifically) Tj ET Q q 0 0 0 rg BT 350.43 437.10 Td (, ) Tj ET Q q 0 0 0 rg BT 354.90 437.10 Td (the ) Tj ET Q q 0 0 0 rg BT 369.08 437.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 423.82 437.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 462.99 437.10 Td (Statements ) Tj ET Q q 0 0 0 rg BT 508.84 437.10 Td (include ) Tj ET Q q 0 0 0 rg BT 540.24 437.10 Td (both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 425.10 Td (industrial ) Tj ET Q q 0 0 0 rg BT 93.19 425.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 137.37 425.10 Td (and ) Tj ET Q q 0 0 0 rg BT 153.22 425.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 189.62 425.10 Td (services ) Tj ET Q q 0 0 0 rg BT 223.24 425.10 Td (companies. ) Tj ET Q q 0 0 0 rg BT 269.81 425.10 Td (The ) Tj ET Q q 0 0 0 rg BT 286.78 425.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 332.07 425.10 Td (portfolios ) Tj ET Q q 0 0 0 rg BT 372.38 425.10 Td (of ) Tj ET Q q 0 0 0 rg BT 382.12 425.10 Td (the ) Tj ET Q q 0 0 0 rg BT 395.75 425.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 432.15 425.10 Td (services ) Tj ET Q q 0 0 0 rg BT 465.77 425.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 509.95 425.10 Td (are ) Tj ET Q q 0 0 0 rg BT 523.57 425.10 Td (included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 413.10 Td (in ) Tj ET Q q 0 0 0 rg BT 64.02 413.10 Td (current ) Tj ET Q q 0 0 0 rg BT 94.59 413.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 122.66 413.10 Td (as ) Tj ET Q q 0 0 0 rg BT 133.24 413.10 Td (the ) Tj ET Q q 0 0 0 rg BT 147.70 413.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 197.72 413.10 Td (will ) Tj ET Q q 0 0 0 rg BT 215.52 413.10 Td (be ) Tj ET Q q 0 0 0 rg BT 227.21 413.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 261.09 413.10 Td (in ) Tj ET Q q 0 0 0 rg BT 271.12 413.10 Td (their ) Tj ET Q q 0 0 0 rg BT 291.69 413.10 Td (normal ) Tj ET Q q 0 0 0 rg BT 322.26 413.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 362.27 413.10 Td (cycle. ) Tj ET Q q 0 0 0 rg BT 388.11 413.10 Td (However) Tj ET Q q 0 0 0 rg BT 424.36 413.10 Td (, ) Tj ET Q q 0 0 0 rg BT 429.11 413.10 Td (the ) Tj ET Q q 0 0 0 rg BT 443.57 413.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 480.80 413.10 Td (services ) Tj ET Q q 0 0 0 rg BT 515.25 413.10 Td (companies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 401.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 81.97 401.10 Td (only ) Tj ET Q q 0 0 0 rg BT 102.73 401.10 Td (a ) Tj ET Q q 0 0 0 rg BT 110.14 401.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 142.00 401.10 Td (of ) Tj ET Q q 0 0 0 rg BT 153.31 401.10 Td (their ) Tj ET Q q 0 0 0 rg BT 174.61 401.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 208.69 401.10 Td (from ) Tj ET Q q 0 0 0 rg BT 231.11 401.10 Td (the ) Tj ET Q q 0 0 0 rg BT 246.30 401.10 Td (market; ) Tj ET Q q 0 0 0 rg BT 279.82 401.10 Td (the ) Tj ET Q q 0 0 0 rg BT 295.01 401.10 Td (remainder ) Tj ET Q q 0 0 0 rg BT 338.52 401.10 Td (has ) Tj ET Q q 0 0 0 rg BT 354.83 401.10 Td (historically ) Tj ET Q q 0 0 0 rg BT 402.79 401.10 Td (been ) Tj ET Q q 0 0 0 rg BT 424.65 401.10 Td (obtained ) Tj ET Q q 0 0 0 rg BT 462.06 401.10 Td (mainly ) Tj ET Q q 0 0 0 rg BT 492.81 401.10 Td (through ) Tj ET Q q 0 0 0 rg BT 526.89 401.10 Td (funding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 389.10 Td (from ) Tj ET Q q 0 0 0 rg BT 75.26 389.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 104.28 389.10 Td (of ) Tj ET Q q 0 0 0 rg BT 114.43 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 128.46 389.10 Td (Group) Tj ET Q q 0 0 0 rg BT 156.79 389.10 Td (s ) Tj ET Q q 0 0 0 rg BT 162.50 389.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 202.09 389.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 246.67 389.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 265.43 389.10 Td (to ) Tj ET Q q 0 0 0 rg BT 275.02 389.10 Td (a ) Tj ET Q q 0 0 0 rg BT 281.28 389.10 Td (lesser ) Tj ET Q q 0 0 0 rg BT 305.87 389.10 Td (extent, ) Tj ET Q q 0 0 0 rg BT 334.62 389.10 Td (intercompany ) Tj ET Q q 0 0 0 rg BT 391.42 389.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 424.35 389.10 Td (from ) Tj ET Q q 0 0 0 rg BT 445.60 389.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 464.51 389.10 Td ( ) Tj ET Q q 0 0 0 rg BT 466.32 389.10 Td (Group, ) Tj ET Q q 0 0 0 rg BT 496.19 389.10 Td (which ) Tj ET Q q 0 0 0 rg BT 522.45 389.10 Td (provided ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 377.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 87.56 377.10 Td (to ) Tj ET Q q 0 0 0 rg BT 97.79 377.10 Td (the ) Tj ET Q q 0 0 0 rg BT 112.46 377.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 149.90 377.10 Td (services ) Tj ET Q q 0 0 0 rg BT 184.56 377.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 215.89 377.10 Td (as ) Tj ET Q q 0 0 0 rg BT 226.68 377.10 Td (the ) Tj ET Q q 0 0 0 rg BT 241.35 377.10 Td (need ) Tj ET Q q 0 0 0 rg BT 262.68 377.10 Td (arose. ) Tj ET Q q 0 0 0 rg BT 288.55 377.10 Td (This ) Tj ET Q q 0 0 0 rg BT 308.79 377.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 346.22 377.10 Td (service ) Tj ET Q q 0 0 0 rg BT 376.99 377.10 Td (structure ) Tj ET Q q 0 0 0 rg BT 414.43 377.10 Td (within ) Tj ET Q q 0 0 0 rg BT 442.44 377.10 Td (the ) Tj ET Q q 0 0 0 rg BT 457.11 377.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 485.11 377.10 Td (does ) Tj ET Q q 0 0 0 rg BT 505.90 377.10 Td (not ) Tj ET Q q 0 0 0 rg BT 521.13 377.10 Td (allow ) Tj ET Q q 0 0 0 rg BT 545.80 377.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 365.10 Td (separation ) Tj ET Q q 0 0 0 rg BT 97.44 365.10 Td (of ) Tj ET Q q 0 0 0 rg BT 108.11 365.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 145.44 365.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 185.00 365.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 218.46 365.10 Td (the ) Tj ET Q q 0 0 0 rg BT 233.02 365.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 270.34 365.10 Td (services ) Tj ET Q q 0 0 0 rg BT 304.90 365.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 348.90 365.10 Td (\(whose ) Tj ET Q q 0 0 0 rg BT 380.12 365.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 405.80 365.10 Td (are ) Tj ET Q q 0 0 0 rg BT 420.35 365.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 456.01 365.10 Td (within ) Tj ET Q q 0 0 0 rg BT 483.91 365.10 Td (current ) Tj ET Q q 0 0 0 rg BT 514.57 365.10 Td (assets\) ) Tj ET Q q 0 0 0 rg BT 543.58 365.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 353.10 Td (those ) Tj ET Q q 0 0 0 rg BT 78.64 353.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 113.27 353.10 Td (the ) Tj ET Q q 0 0 0 rg BT 129.02 353.10 Td (industrial ) Tj ET Q q 0 0 0 rg BT 170.32 353.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 218.00 353.10 Td (Presentation ) Tj ET Q q 0 0 0 rg BT 270.96 353.10 Td (of ) Tj ET Q q 0 0 0 rg BT 282.82 353.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 321.33 353.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 362.07 353.10 Td (as ) Tj ET Q q 0 0 0 rg BT 373.93 353.10 Td (current ) Tj ET Q q 0 0 0 rg BT 405.77 353.10 Td (or ) Tj ET Q q 0 0 0 rg BT 417.63 353.10 Td (non-current ) Tj ET Q q 0 0 0 rg BT 467.81 353.10 Td (based ) Tj ET Q q 0 0 0 rg BT 494.10 353.10 Td (on ) Tj ET Q q 0 0 0 rg BT 507.63 353.10 Td (their ) Tj ET Q q 0 0 0 rg BT 529.48 353.10 Td (date ) Tj ET Q q 0 0 0 rg BT 549.67 353.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 341.10 Td (maturity ) Tj ET Q q 0 0 0 rg BT 90.23 341.10 Td (would ) Tj ET Q q 0 0 0 rg BT 117.57 341.10 Td (not ) Tj ET Q q 0 0 0 rg BT 132.70 341.10 Td (facilitate ) Tj ET Q q 0 0 0 rg BT 170.02 341.10 Td (a ) Tj ET Q q 0 0 0 rg BT 176.81 341.10 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 224.69 341.10 Td (comparison ) Tj ET Q q 0 0 0 rg BT 273.69 341.10 Td (with ) Tj ET Q q 0 0 0 rg BT 293.82 341.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 331.15 341.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 359.32 341.10 Td (which ) Tj ET Q q 0 0 0 rg BT 386.11 341.10 Td (are ) Tj ET Q q 0 0 0 rg BT 400.66 341.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 449.09 341.10 Td (on ) Tj ET Q q 0 0 0 rg BT 461.43 341.10 Td (the ) Tj ET Q q 0 0 0 rg BT 475.99 341.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 498.34 341.10 Td (of ) Tj ET Q q 0 0 0 rg BT 509.02 341.10 Td (their ) Tj ET Q q 0 0 0 rg BT 529.69 341.10 Td (normal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 329.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 94.26 329.10 Td (cycle. ) Tj ET Q q 0 0 0 rg BT 120.36 329.10 Td (Disclosure ) Tj ET Q q 0 0 0 rg BT 165.63 329.10 Td (as ) Tj ET Q q 0 0 0 rg BT 176.46 329.10 Td (to ) Tj ET Q q 0 0 0 rg BT 186.73 329.10 Td (the ) Tj ET Q q 0 0 0 rg BT 201.45 329.10 Td (due ) Tj ET Q q 0 0 0 rg BT 218.39 329.10 Td (date ) Tj ET Q q 0 0 0 rg BT 237.54 329.10 Td (of ) Tj ET Q q 0 0 0 rg BT 248.38 329.10 Td (the ) Tj ET Q q 0 0 0 rg BT 263.09 329.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 282.81 329.10 Td (is ) Tj ET Q q 0 0 0 rg BT 291.98 329.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 330.03 329.10 Td (in ) Tj ET Q q 0 0 0 rg BT 340.30 329.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 362.24 329.10 Td (23.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 305.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 305.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.05 305.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 161.09 305.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 201.91 305.10 Td (of ) Tj ET Q q 0 0 0 rg BT 212.74 305.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 233.01 305.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 257.73 305.10 Td (is ) Tj ET Q q 0 0 0 rg BT 266.90 305.10 Td (presented ) Tj ET Q q 0 0 0 rg BT 307.71 305.10 Td (using ) Tj ET Q q 0 0 0 rg BT 331.88 305.10 Td (the ) Tj ET Q q 0 0 0 rg BT 346.60 305.10 Td (indirect ) Tj ET Q q 0 0 0 rg BT 379.64 305.10 Td (method.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 281.10 Td (New ) Tj ET Q q 0 0 0 rg BT 75.38 281.10 Td (standards ) Tj ET Q q 0 0 0 rg BT 120.12 281.10 Td (and ) Tj ET Q q 0 0 0 rg BT 138.74 281.10 Td (amendments ) Tj ET Q q 0 0 0 rg BT 195.68 281.10 Td (effective ) Tj ET Q q 0 0 0 rg BT 233.71 281.10 Td (fr) Tj ET Q q 0 0 0 rg BT 241.29 281.10 Td (om ) Tj ET Q q 0 0 0 rg BT 257.13 281.10 Td (January1, ) Tj ET Q q 0 0 0 rg BT 305.19 281.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 257.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 257.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.45 257.10 Td (following ) Tj ET Q q 0 0 0 rg BT 150.24 257.10 Td (new ) Tj ET Q q 0 0 0 rg BT 169.81 257.10 Td (standards ) Tj ET Q q 0 0 0 rg BT 210.48 257.10 Td (and ) Tj ET Q q 0 0 0 rg BT 227.83 257.10 Td (amendments ) Tj ET Q q 0 0 0 rg BT 281.27 257.10 Td (that ) Tj ET Q q 0 0 0 rg BT 299.17 257.10 Td (are ) Tj ET Q q 0 0 0 rg BT 314.29 257.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 358.28 257.10 Td (from ) Tj ET Q q 0 0 0 rg BT 380.63 257.10 Td (January1, ) Tj ET Q q 0 0 0 rg BT 424.63 257.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 447.53 257.10 Td (were ) Tj ET Q q 0 0 0 rg BT 469.87 257.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 504.43 257.10 Td (by ) Tj ET Q q 0 0 0 rg BT 517.33 257.10 Td (the ) Tj ET Q q 0 0 0 rg BT 532.46 257.10 Td (Group ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 245.10 Td (for ) Tj ET Q q 0 0 0 rg BT 68.60 245.10 Td (the ) Tj ET Q q 0 0 0 rg BT 83.76 245.10 Td (purpose ) Tj ET Q q 0 0 0 rg BT 118.36 245.10 Td (of ) Tj ET Q q 0 0 0 rg BT 129.63 245.10 Td (the ) Tj ET Q q 0 0 0 rg BT 144.79 245.10 Td (preparation ) Tj ET Q q 0 0 0 rg BT 193.27 245.10 Td (of ) Tj ET Q q 0 0 0 rg BT 204.54 245.10 Td (the ) Tj ET Q q 0 0 0 rg BT 219.70 245.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 275.41 245.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 315.57 245.10 Td (Statements. ) Tj ET Q q 0 0 0 rg BT 364.68 245.10 Td (Their ) Tj ET Q q 0 0 0 rg BT 389.28 245.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 427.21 245.10 Td (had ) Tj ET Q q 0 0 0 rg BT 444.59 245.10 Td (no ) Tj ET Q q 0 0 0 rg BT 457.54 245.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 502.69 245.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 532.84 245.10 Td (on ) Tj ET Q q 0 0 0 rg BT 545.78 245.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 233.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 109.27 233.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 148.99 233.10 Td (Statements.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 209.10 Td (Contributions ) Tj ET Q q 0 0 0 rg BT 114.49 209.10 Td (from ) Tj ET Q q 0 0 0 rg BT 137.73 209.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 183.18 209.10 Td (or ) Tj ET Q q 0 0 0 rg BT 195.31 209.10 Td (third ) Tj ET Q q 0 0 0 rg BT 218.56 209.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 249.58 209.10 Td (to ) Tj ET Q q 0 0 0 rg BT 260.60 209.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 294.39 209.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 325.95 209.10 Td (plans ) Tj ET Q q 0 0 0 rg BT 351.43 209.10 Td (\(Amendments ) Tj ET Q q 0 0 0 rg BT 411.89 209.10 Td (to ) Tj ET Q q 0 0 0 rg BT 422.91 209.10 Td (IAS ) Tj ET Q q 0 0 0 rg BT 442.28 209.10 Td (19 ) Tj ET Q q 0 0 0 rg BT 455.52 209.10 Td (- ) Tj ET Q q 0 0 0 rg BT 462.09 209.10 Td (Defined ) Tj ET Q q 0 0 0 rg BT 498.10 209.10 Td (Benefit ) Tj ET Q q 0 0 0 rg BT 531.34 209.10 Td (Plans: ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 197.10 Td (Employee ) Tj ET Q q 0 0 0 rg BT 97.04 197.10 Td (Contributions\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 173.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 173.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.76 173.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 137.53 173.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 172.40 173.10 Td (the ) Tj ET Q q 0 0 0 rg BT 187.84 173.10 Td (narrow ) Tj ET Q q 0 0 0 rg BT 219.38 173.10 Td (scope ) Tj ET Q q 0 0 0 rg BT 245.36 173.10 Td (amendments ) Tj ET Q q 0 0 0 rg BT 299.12 173.10 Td (to ) Tj ET Q q 0 0 0 rg BT 310.11 173.10 Td (IAS ) Tj ET Q q 0 0 0 rg BT 329.44 173.10 Td (19 ) Tj ET Q q 0 0 0 rg BT 342.66 173.10 Td (- ) Tj ET Q q 0 0 0 rg BT 349.21 173.10 Td (Employee ) Tj ET Q q 0 0 0 rg BT 392.97 173.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 427.84 173.10 Td (entitled ) Tj ET Q q 0 0 0 rg BT 461.05 173.10 Td (Defined ) Tj ET Q q 0 0 0 rg BT 500.91 173.10 Td (Benefit ) Tj ET Q q 0 0 0 rg BT 533.56 173.10 Td (Plans: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 161.10 Td (Employee ) Tj ET Q q 0 0 0 rg BT 97.92 161.10 Td (Contributions ) Tj ET Q q 0 0 0 rg BT 160.74 161.10 Td (which ) Tj ET Q q 0 0 0 rg BT 188.56 161.10 Td (apply ) Tj ET Q q 0 0 0 rg BT 214.16 161.10 Td (to ) Tj ET Q q 0 0 0 rg BT 225.31 161.10 Td (contributions ) Tj ET Q q 0 0 0 rg BT 281.47 161.10 Td (from ) Tj ET Q q 0 0 0 rg BT 304.28 161.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 350.43 161.10 Td (or ) Tj ET Q q 0 0 0 rg BT 362.13 161.10 Td (third ) Tj ET Q q 0 0 0 rg BT 384.40 161.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 414.43 161.10 Td (to ) Tj ET Q q 0 0 0 rg BT 425.59 161.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 458.96 161.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 490.10 161.10 Td (plans ) Tj ET Q q 0 0 0 rg BT 514.59 161.10 Td (in ) Tj ET Q q 0 0 0 rg BT 525.74 161.10 Td (order ) Tj ET Q q 0 0 0 rg BT 550.22 161.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 149.10 Td (simplify ) Tj ET Q q 0 0 0 rg BT 89.83 149.10 Td (their ) Tj ET Q q 0 0 0 rg BT 110.66 149.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 157.03 149.10 Td (in ) Tj ET Q q 0 0 0 rg BT 167.31 149.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 200.90 149.10 Td (cases. ) Tj ET Q q 0 0 0 rg BT 226.82 149.10 Td (There ) Tj ET Q q 0 0 0 rg BT 252.64 149.10 Td (was ) Tj ET Q q 0 0 0 rg BT 270.69 149.10 Td (no ) Tj ET Q q 0 0 0 rg BT 283.19 149.10 Td (ef) Tj ET Q q 0 0 0 rg BT 290.78 149.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 308.26 149.10 Td (from ) Tj ET Q q 0 0 0 rg BT 330.20 149.10 Td (the ) Tj ET Q q 0 0 0 rg BT 344.92 149.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 382.41 149.10 Td (of ) Tj ET Q q 0 0 0 rg BT 393.24 149.10 Td (these ) Tj ET Q q 0 0 0 rg BT 416.29 149.10 Td (amendments.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 123.90 Td (IASB's ) Tj ET Q q 0 0 0 rg BT 85.59 123.90 Td (Annual ) Tj ET Q q 0 0 0 rg BT 119.22 123.90 Td (Improvements ) Tj ET Q q 0 0 0 rg BT 180.61 123.90 Td (to ) Tj ET Q q 0 0 0 rg BT 190.89 123.90 Td (IFRSs ) Tj ET Q q 0 0 0 rg BT 220.07 123.90 Td (2010 ) Tj ET Q q 0 0 0 rg BT 242.57 123.90 Td (- ) Tj ET Q q 0 0 0 rg BT 248.40 123.90 Td (2012 ) Tj ET Q q 0 0 0 rg BT 270.90 123.90 Td (Cycle ) Tj ET Q q 0 0 0 rg BT 296.17 123.90 Td (and ) Tj ET Q q 0 0 0 rg BT 313.86 123.90 Td (Annual ) Tj ET Q q 0 0 0 rg BT 347.49 123.90 Td (Improvements ) Tj ET Q q 0 0 0 rg BT 408.88 123.90 Td (to ) Tj ET Q q 0 0 0 rg BT 419.16 123.90 Td (IFRSs ) Tj ET Q q 0 0 0 rg BT 448.34 123.90 Td (201) Tj ET Q q 0 0 0 rg BT 462.79 123.90 Td (1-2013 ) Tj ET Q q 0 0 0 rg BT 493.62 123.90 Td (Cycle) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 99.90 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 99.90 Td (The ) Tj ET Q q 0 0 0 rg BT 107.57 99.90 Td (Group ) Tj ET Q q 0 0 0 rg BT 135.14 99.90 Td (adopted ) Tj ET Q q 0 0 0 rg BT 168.82 99.90 Td (the ) Tj ET Q q 0 0 0 rg BT 183.06 99.90 Td (IASB's ) Tj ET Q q 0 0 0 rg BT 213.11 99.90 Td (Annual ) Tj ET Q q 0 0 0 rg BT 244.57 99.90 Td (Improvements ) Tj ET Q q 0 0 0 rg BT 304.35 99.90 Td (to ) Tj ET Q q 0 0 0 rg BT 314.15 99.90 Td (IFRSs ) Tj ET Q q 0 0 0 rg BT 341.19 99.90 Td (2010 ) Tj ET Q q 0 0 0 rg BT 363.21 99.90 Td (- ) Tj ET Q q 0 0 0 rg BT 368.56 99.90 Td (2012 ) Tj ET Q q 0 0 0 rg BT 390.58 99.90 Td (Cycle ) Tj ET Q q 0 0 0 rg BT 415.93 99.90 Td (and ) Tj ET Q q 0 0 0 rg BT 431.94 99.90 Td (Annual ) Tj ET Q q 0 0 0 rg BT 463.40 99.90 Td (Improvements ) Tj ET Q q 0 0 0 rg BT 523.19 99.90 Td (to ) Tj ET Q q 0 0 0 rg BT 532.99 99.90 Td (IFRSs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 87.90 Td (201) Tj ET Q q 0 0 0 rg BT 68.63 87.90 Td (1-2013 ) Tj ET Q q 0 0 0 rg BT 100.85 87.90 Td (Cycle. ) Tj ET Q q 0 0 0 rg BT 130.29 87.90 Td (The ) Tj ET Q q 0 0 0 rg BT 149.72 87.90 Td (most ) Tj ET Q q 0 0 0 rg BT 173.06 87.90 Td (important ) Tj ET Q q 0 0 0 rg BT 215.84 87.90 Td (topics ) Tj ET Q q 0 0 0 rg BT 243.61 87.90 Td (addressed ) Tj ET Q q 0 0 0 rg BT 286.93 87.90 Td (in ) Tj ET Q q 0 0 0 rg BT 298.60 87.90 Td (these ) Tj ET Q q 0 0 0 rg BT 323.04 87.90 Td (amendments ) Tj ET Q q 0 0 0 rg BT 377.47 87.90 Td (are, ) Tj ET Q q 0 0 0 rg BT 396.07 87.90 Td (among ) Tj ET Q q 0 0 0 rg BT 427.18 87.90 Td (others, ) Tj ET Q q 0 0 0 rg BT 458.01 87.90 Td (the ) Tj ET Q q 0 0 0 rg BT 474.12 87.90 Td (definition ) Tj ET Q q 0 0 0 rg BT 516.89 87.90 Td (of ) Tj ET Q q 0 0 0 rg BT 529.11 87.90 Td (vesting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 75.90 Td (conditions ) Tj ET Q q 0 0 0 rg BT 97.62 75.90 Td (in ) Tj ET Q q 0 0 0 rg BT 107.35 75.90 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 130.43 75.90 Td (2 ) Tj ET Q q 0 0 0 rg BT 137.38 75.90 Td (- ) Tj ET Q q 0 0 0 rg BT 142.67 75.90 Td (Share-based ) Tj ET Q q 0 0 0 rg BT 193.49 75.90 Td (payments, ) Tj ET Q q 0 0 0 rg BT 236.27 75.90 Td (the ) Tj ET Q q 0 0 0 rg BT 250.44 75.90 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 292.94 75.90 Td (on ) Tj ET Q q 0 0 0 rg BT 304.90 75.90 Td (judgment ) Tj ET Q q 0 0 0 rg BT 344.63 75.90 Td (used ) Tj ET Q q 0 0 0 rg BT 364.91 75.90 Td (in ) Tj ET Q q 0 0 0 rg BT 374.64 75.90 Td (the ) Tj ET Q q 0 0 0 rg BT 388.82 75.90 Td (aggregation ) Tj ET Q q 0 0 0 rg BT 437.97 75.90 Td (of ) Tj ET Q q 0 0 0 rg BT 448.26 75.90 Td (operating ) Tj ET Q q 0 0 0 rg BT 487.98 75.90 Td (segments ) Tj ET Q q 0 0 0 rg BT 527.15 75.90 Td (in ) Tj ET Q q 0 0 0 rg BT 536.88 75.90 Td (IFRS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 63.90 Td (8 ) Tj ET Q q 0 0 0 rg BT 61.87 63.90 Td (- ) Tj ET Q q 0 0 0 rg BT 68.07 63.90 Td (Operating ) Tj ET Q q 0 0 0 rg BT 110.93 63.90 Td (Segments, ) Tj ET Q q 0 0 0 rg BT 155.19 63.90 Td (the ) Tj ET Q q 0 0 0 rg BT 170.27 63.90 Td (identification ) Tj ET Q q 0 0 0 rg BT 226.46 63.90 Td (and ) Tj ET Q q 0 0 0 rg BT 243.77 63.90 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 287.19 63.90 Td (of ) Tj ET Q q 0 0 0 rg BT 298.39 63.90 Td (a ) Tj ET Q q 0 0 0 rg BT 305.70 63.90 Td (related ) Tj ET Q q 0 0 0 rg BT 335.77 63.90 Td (party ) Tj ET Q q 0 0 0 rg BT 359.19 63.90 Td (transaction ) Tj ET Q q 0 0 0 rg BT 405.93 63.90 Td (that ) Tj ET Q q 0 0 0 rg BT 423.80 63.90 Td (arises ) Tj ET Q q 0 0 0 rg BT 449.44 63.90 Td (when ) Tj ET Q q 0 0 0 rg BT 473.97 63.90 Td (a ) Tj ET Q q 0 0 0 rg BT 481.28 63.90 Td (management ) Tj ET Q q 0 0 0 rg BT 535.24 63.90 Td (entity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 51.90 Td (provides ) Tj ET Q q 0 0 0 rg BT 91.39 51.90 Td (key ) Tj ET Q q 0 0 0 rg BT 108.78 51.90 Td (management ) Tj ET Q q 0 0 0 rg BT 162.82 51.90 Td (personnel ) Tj ET Q q 0 0 0 rg BT 204.65 51.90 Td (service ) Tj ET Q q 0 0 0 rg BT 235.92 51.90 Td (to ) Tj ET Q q 0 0 0 rg BT 246.65 51.90 Td (a ) Tj ET Q q 0 0 0 rg BT 254.04 51.90 Td (reporting ) Tj ET Q q 0 0 0 rg BT 293.64 51.90 Td (entity ) Tj ET Q q 0 0 0 rg BT 319.37 51.90 Td (in ) Tj ET Q q 0 0 0 rg BT 330.10 51.90 Td (IAS ) Tj ET Q q 0 0 0 rg BT 349.16 51.90 Td (24 ) Tj ET Q q 0 0 0 rg BT 362.12 51.90 Td (- ) Tj ET Q q 0 0 0 rg BT 368.40 51.90 Td (Related ) Tj ET Q q 0 0 0 rg BT 401.89 51.90 Td (Party ) Tj ET Q q 0 0 0 rg BT 425.95 51.90 Td (Disclosures, ) Tj ET Q q 0 0 0 rg BT 478.06 51.90 Td (the ) Tj ET Q q 0 0 0 rg BT 493.23 51.90 Td (extension ) Tj ET Q q 0 0 0 rg BT 534.51 51.90 Td (of ) Tj ET Q q 0 0 0 rg BT 545.79 51.90 Td (the ) Tj ET Q endstream endobj 323 0 obj <> endobj 324 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 760.75 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 760.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.60 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 199.82 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 206.31 748.75 Td (O ) Tj ET Q q 0 0 0 rg BT 216.41 748.75 Td (THE CONSOLIDA) Tj ET Q q 0 0 0 rg BT 299.85 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 379.03 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 393.02 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 399.50 748.75 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.60 736.75 Td (At December) Tj ET Q q 0 0 0 rg BT 294.78 736.75 Td (31, 2015 and 2014) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 294.65 32.20 Td (F-12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 713.10 Td (exclusion ) Tj ET Q q 0 0 0 rg BT 94.66 713.10 Td (from ) Tj ET Q q 0 0 0 rg BT 116.44 713.10 Td (the ) Tj ET Q q 0 0 0 rg BT 131.00 713.10 Td (scope ) Tj ET Q q 0 0 0 rg BT 156.10 713.10 Td (of ) Tj ET Q q 0 0 0 rg BT 166.77 713.10 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 190.24 713.10 Td (3 ) Tj ET Q q 0 0 0 rg BT 197.57 713.10 Td (- ) Tj ET Q q 0 0 0 rg BT 203.24 713.10 Td (Business ) Tj ET Q q 0 0 0 rg BT 241.14 713.10 Td (Combinations ) Tj ET Q q 0 0 0 rg BT 299.60 713.10 Td (to ) Tj ET Q q 0 0 0 rg BT 309.71 713.10 Td (all ) Tj ET Q q 0 0 0 rg BT 322.05 713.10 Td (types ) Tj ET Q q 0 0 0 rg BT 345.49 713.10 Td (of ) Tj ET Q q 0 0 0 rg BT 356.16 713.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 376.84 713.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 433.04 713.10 Td (and ) Tj ET Q q 0 0 0 rg BT 449.82 713.10 Td (to ) Tj ET Q q 0 0 0 rg BT 459.93 713.10 Td (clarify ) Tj ET Q q 0 0 0 rg BT 488.37 713.10 Td (the ) Tj ET Q q 0 0 0 rg BT 502.92 713.10 Td (application ) Tj ET Q q 0 0 0 rg BT 549.69 713.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 701.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 83.05 701.10 Td (exceptions ) Tj ET Q q 0 0 0 rg BT 127.65 701.10 Td (in ) Tj ET Q q 0 0 0 rg BT 137.27 701.10 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 160.24 701.10 Td (13 ) Tj ET Q q 0 0 0 rg BT 172.08 701.10 Td (- ) Tj ET Q q 0 0 0 rg BT 177.26 701.10 Td (Fair ) Tj ET Q q 0 0 0 rg BT 195.21 701.10 Td (value ) Tj ET Q q 0 0 0 rg BT 218.71 701.10 Td (Measurement. ) Tj ET Q q 0 0 0 rg BT 277.34 701.10 Td (There ) Tj ET Q q 0 0 0 rg BT 302.50 701.10 Td (was ) Tj ET Q q 0 0 0 rg BT 319.89 701.10 Td (no ) Tj ET Q q 0 0 0 rg BT 331.74 701.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 375.79 701.10 Td (ef) Tj ET Q q 0 0 0 rg BT 383.38 701.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 400.21 701.10 Td (from ) Tj ET Q q 0 0 0 rg BT 421.49 701.10 Td (the ) Tj ET Q q 0 0 0 rg BT 435.55 701.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 472.39 701.10 Td (of ) Tj ET Q q 0 0 0 rg BT 482.56 701.10 Td (these ) Tj ET Q q 0 0 0 rg BT 504.95 701.10 Td (amendments.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 677.10 Td (New ) Tj ET Q q 0 0 0 rg BT 75.38 677.10 Td (standards, ) Tj ET Q q 0 0 0 rg BT 122.62 677.10 Td (amendments ) Tj ET Q q 0 0 0 rg BT 179.56 677.10 Td (and ) Tj ET Q q 0 0 0 rg BT 198.18 677.10 Td (interpr) Tj ET Q q 0 0 0 rg BT 228.55 677.10 Td (etations ) Tj ET Q q 0 0 0 rg BT 264.38 677.10 Td (not ) Tj ET Q q 0 0 0 rg BT 280.77 677.10 Td (yet ) Tj ET Q q 0 0 0 rg BT 296.04 677.10 Td (effective) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 653.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 653.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.47 653.10 Td (standards, ) Tj ET Q q 0 0 0 rg BT 151.66 653.10 Td (amendments ) Tj ET Q q 0 0 0 rg BT 205.12 653.10 Td (and ) Tj ET Q q 0 0 0 rg BT 222.48 653.10 Td (interpretations ) Tj ET Q q 0 0 0 rg BT 283.15 653.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 311.07 653.10 Td (by ) Tj ET Q q 0 0 0 rg BT 323.99 653.10 Td (the ) Tj ET Q q 0 0 0 rg BT 339.13 653.10 Td (IASB ) Tj ET Q q 0 0 0 rg BT 364.83 653.10 Td (that ) Tj ET Q q 0 0 0 rg BT 382.75 653.10 Td (will ) Tj ET Q q 0 0 0 rg BT 401.23 653.10 Td (have ) Tj ET Q q 0 0 0 rg BT 423.02 653.10 Td (mandatory ) Tj ET Q q 0 0 0 rg BT 468.71 653.10 Td (application ) Tj ET Q q 0 0 0 rg BT 516.05 653.10 Td (in ) Tj ET Q q 0 0 0 rg BT 526.75 653.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 549.67 653.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 641.10 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 100.94 641.10 Td (years ) Tj ET Q q 0 0 0 rg BT 124.54 641.10 Td (are ) Tj ET Q q 0 0 0 rg BT 139.24 641.10 Td (listed ) Tj ET Q q 0 0 0 rg BT 163.41 641.10 Td (below:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 617.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 617.10 Td (In ) Tj ET Q q 0 0 0 rg BT 100.87 617.10 Td (May ) Tj ET Q q 0 0 0 rg BT 121.74 617.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 146.78 617.10 Td (the ) Tj ET Q q 0 0 0 rg BT 161.53 617.10 Td (IASB ) Tj ET Q q 0 0 0 rg BT 186.86 617.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 214.39 617.10 Td (amendments ) Tj ET Q q 0 0 0 rg BT 267.48 617.10 Td (to ) Tj ET Q q 0 0 0 rg BT 277.79 617.10 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 301.46 617.10 Td (1) Tj ET Q q 0 0 0 rg BT 306.08 617.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 313.62 617.10 Td (- ) Tj ET Q q 0 0 0 rg BT 319.49 617.10 Td (Joint ) Tj ET Q q 0 0 0 rg BT 341.48 617.10 Td (arrangements: ) Tj ET Q q 0 0 0 rg BT 400.10 617.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 449.29 617.10 Td (for ) Tj ET Q q 0 0 0 rg BT 463.49 617.10 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 513.80 617.10 Td (of ) Tj ET Q q 0 0 0 rg BT 524.67 617.10 Td (interests ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 605.10 Td (in ) Tj ET Q q 0 0 0 rg BT 64.41 605.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 85.37 605.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 129.66 605.10 Td (which ) Tj ET Q q 0 0 0 rg BT 156.72 605.10 Td (clarifies ) Tj ET Q q 0 0 0 rg BT 191.56 605.10 Td (the ) Tj ET Q q 0 0 0 rg BT 206.40 605.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 252.90 605.10 Td (for ) Tj ET Q q 0 0 0 rg BT 267.19 605.10 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 317.60 605.10 Td (of ) Tj ET Q q 0 0 0 rg BT 328.56 605.10 Td (an ) Tj ET Q q 0 0 0 rg BT 340.62 605.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 372.69 605.10 Td (in ) Tj ET Q q 0 0 0 rg BT 383.09 605.10 Td (a ) Tj ET Q q 0 0 0 rg BT 390.16 605.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 411.13 605.10 Td (operation ) Tj ET Q q 0 0 0 rg BT 451.52 605.10 Td (that ) Tj ET Q q 0 0 0 rg BT 469.14 605.10 Td (constitutes ) Tj ET Q q 0 0 0 rg BT 514.55 605.10 Td (a ) Tj ET Q q 0 0 0 rg BT 521.61 605.10 Td (business. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 593.10 Td (The ) Tj ET Q q 0 0 0 rg BT 71.69 593.10 Td (amendments ) Tj ET Q q 0 0 0 rg BT 124.37 593.10 Td (are ) Tj ET Q q 0 0 0 rg BT 138.72 593.10 Td (ef) Tj ET Q q 0 0 0 rg BT 146.31 593.10 Td (fective, ) Tj ET Q q 0 0 0 rg BT 178.16 593.10 Td (retrospectively) Tj ET Q q 0 0 0 rg BT 236.93 593.10 Td (, ) Tj ET Q q 0 0 0 rg BT 241.57 593.10 Td (for ) Tj ET Q q 0 0 0 rg BT 255.37 593.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 284.17 593.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 315.75 593.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 357.89 593.10 Td (on ) Tj ET Q q 0 0 0 rg BT 370.03 593.10 Td (or ) Tj ET Q q 0 0 0 rg BT 380.50 593.10 Td (after ) Tj ET Q q 0 0 0 rg BT 400.96 593.10 Td (January ) Tj ET Q q 0 0 0 rg BT 434.20 593.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 443.84 593.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 465.99 593.10 Td (with ) Tj ET Q q 0 0 0 rg BT 485.91 593.10 Td (earlier ) Tj ET Q q 0 0 0 rg BT 513.58 593.10 Td (application ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 581.10 Td (permitted. ) Tj ET Q q 0 0 0 rg BT 97.32 581.10 Td (No ) Tj ET Q q 0 0 0 rg BT 112.04 581.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 156.75 581.10 Td (ef) Tj ET Q q 0 0 0 rg BT 164.34 581.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 181.83 581.10 Td (is ) Tj ET Q q 0 0 0 rg BT 191.00 581.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 229.03 581.10 Td (from ) Tj ET Q q 0 0 0 rg BT 250.97 581.10 Td (the ) Tj ET Q q 0 0 0 rg BT 265.68 581.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 303.18 581.10 Td (of ) Tj ET Q q 0 0 0 rg BT 314.01 581.10 Td (these ) Tj ET Q q 0 0 0 rg BT 337.06 581.10 Td (amendments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 557.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 557.10 Td (In ) Tj ET Q q 0 0 0 rg BT 101.10 557.10 Td (May ) Tj ET Q q 0 0 0 rg BT 122.20 557.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 147.47 557.10 Td (the ) Tj ET Q q 0 0 0 rg BT 162.46 557.10 Td (IASB ) Tj ET Q q 0 0 0 rg BT 188.01 557.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 215.78 557.10 Td (an ) Tj ET Q q 0 0 0 rg BT 227.99 557.10 Td (amendment ) Tj ET Q q 0 0 0 rg BT 277.41 557.10 Td (to ) Tj ET Q q 0 0 0 rg BT 287.96 557.10 Td (IAS ) Tj ET Q q 0 0 0 rg BT 306.84 557.10 Td (16 ) Tj ET Q q 0 0 0 rg BT 319.61 557.10 Td (- ) Tj ET Q q 0 0 0 rg BT 325.71 557.10 Td (Property) Tj ET Q q 0 0 0 rg BT 359.50 557.10 Td (, ) Tj ET Q q 0 0 0 rg BT 364.77 557.10 Td (Plant ) Tj ET Q q 0 0 0 rg BT 388.10 557.10 Td (and ) Tj ET Q q 0 0 0 rg BT 405.31 557.10 Td (Equipment ) Tj ET Q q 0 0 0 rg BT 451.96 557.10 Td (and ) Tj ET Q q 0 0 0 rg BT 469.17 557.10 Td (to ) Tj ET Q q 0 0 0 rg BT 479.71 557.10 Td (IAS ) Tj ET Q q 0 0 0 rg BT 498.60 557.10 Td (38 ) Tj ET Q q 0 0 0 rg BT 511.37 557.10 Td (- ) Tj ET Q q 0 0 0 rg BT 517.47 557.10 Td (Intangible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 545.10 Td (Assets. ) Tj ET Q q 0 0 0 rg BT 84.61 545.10 Td (The ) Tj ET Q q 0 0 0 rg BT 102.30 545.10 Td (IASB ) Tj ET Q q 0 0 0 rg BT 127.23 545.10 Td (has ) Tj ET Q q 0 0 0 rg BT 142.71 545.10 Td (clarified ) Tj ET Q q 0 0 0 rg BT 178.17 545.10 Td (that ) Tj ET Q q 0 0 0 rg BT 195.31 545.10 Td (the ) Tj ET Q q 0 0 0 rg BT 209.67 545.10 Td (use ) Tj ET Q q 0 0 0 rg BT 225.15 545.10 Td (of ) Tj ET Q q 0 0 0 rg BT 235.63 545.10 Td (revenue-based ) Tj ET Q q 0 0 0 rg BT 295.52 545.10 Td (methods ) Tj ET Q q 0 0 0 rg BT 331.55 545.10 Td (to ) Tj ET Q q 0 0 0 rg BT 341.48 545.10 Td (calculate ) Tj ET Q q 0 0 0 rg BT 379.15 545.10 Td (the ) Tj ET Q q 0 0 0 rg BT 393.52 545.10 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 445.08 545.10 Td (of ) Tj ET Q q 0 0 0 rg BT 455.56 545.10 Td (an ) Tj ET Q q 0 0 0 rg BT 467.15 545.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 488.73 545.10 Td (is ) Tj ET Q q 0 0 0 rg BT 497.55 545.10 Td (not ) Tj ET Q q 0 0 0 rg BT 512.48 545.10 Td (appropriate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 533.10 Td (because ) Tj ET Q q 0 0 0 rg BT 88.06 533.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 122.12 533.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 163.40 533.10 Td (by ) Tj ET Q q 0 0 0 rg BT 175.81 533.10 Td (an ) Tj ET Q q 0 0 0 rg BT 187.66 533.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 220.07 533.10 Td (that ) Tj ET Q q 0 0 0 rg BT 237.48 533.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 273.22 533.10 Td (the ) Tj ET Q q 0 0 0 rg BT 287.85 533.10 Td (use ) Tj ET Q q 0 0 0 rg BT 303.59 533.10 Td (of ) Tj ET Q q 0 0 0 rg BT 314.34 533.10 Td (an ) Tj ET Q q 0 0 0 rg BT 326.19 533.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 348.05 533.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 387.66 533.10 Td (reflects ) Tj ET Q q 0 0 0 rg BT 419.50 533.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 449.12 533.10 Td (other ) Tj ET Q q 0 0 0 rg BT 472.08 533.10 Td (than ) Tj ET Q q 0 0 0 rg BT 491.71 533.10 Td (the ) Tj ET Q q 0 0 0 rg BT 506.35 533.10 Td (consumption ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 521.10 Td (of ) Tj ET Q q 0 0 0 rg BT 64.06 521.10 Td (the ) Tj ET Q q 0 0 0 rg BT 78.01 521.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 118.61 521.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 151.99 521.10 Td (embodied ) Tj ET Q q 0 0 0 rg BT 193.16 521.10 Td (in ) Tj ET Q q 0 0 0 rg BT 202.67 521.10 Td (the ) Tj ET Q q 0 0 0 rg BT 216.61 521.10 Td (asset. ) Tj ET Q q 0 0 0 rg BT 240.16 521.10 Td (The ) Tj ET Q q 0 0 0 rg BT 257.43 521.10 Td (IASB ) Tj ET Q q 0 0 0 rg BT 281.95 521.10 Td (also ) Tj ET Q q 0 0 0 rg BT 299.78 521.10 Td (clarified ) Tj ET Q q 0 0 0 rg BT 334.82 521.10 Td (that ) Tj ET Q q 0 0 0 rg BT 351.55 521.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 384.93 521.10 Td (is ) Tj ET Q q 0 0 0 rg BT 393.33 521.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 432.26 521.10 Td (presumed ) Tj ET Q q 0 0 0 rg BT 472.86 521.10 Td (to ) Tj ET Q q 0 0 0 rg BT 482.37 521.10 Td (be ) Tj ET Q q 0 0 0 rg BT 493.54 521.10 Td (an ) Tj ET Q q 0 0 0 rg BT 504.71 521.10 Td (inappropriate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 509.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 76.15 509.10 Td (for ) Tj ET Q q 0 0 0 rg BT 89.97 509.10 Td (measuring ) Tj ET Q q 0 0 0 rg BT 133.78 509.10 Td (the ) Tj ET Q q 0 0 0 rg BT 148.15 509.10 Td (consumption ) Tj ET Q q 0 0 0 rg BT 201.97 509.10 Td (of ) Tj ET Q q 0 0 0 rg BT 212.46 509.10 Td (the ) Tj ET Q q 0 0 0 rg BT 226.83 509.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 267.85 509.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 301.66 509.10 Td (embodied ) Tj ET Q q 0 0 0 rg BT 343.25 509.10 Td (in ) Tj ET Q q 0 0 0 rg BT 353.19 509.10 Td (an ) Tj ET Q q 0 0 0 rg BT 364.78 509.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 406.92 509.10 Td (asset. ) Tj ET Q q 0 0 0 rg BT 430.86 509.10 Td (This ) Tj ET Q q 0 0 0 rg BT 450.79 509.10 Td (presumption, ) Tj ET Q q 0 0 0 rg BT 505.44 509.10 Td (however) Tj ET Q q 0 0 0 rg BT 539.47 509.10 Td (, ) Tj ET Q q 0 0 0 rg BT 544.13 509.10 Td (can ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 497.10 Td (be ) Tj ET Q q 0 0 0 rg BT 65.95 497.10 Td (rebutted ) Tj ET Q q 0 0 0 rg BT 101.22 497.10 Td (in ) Tj ET Q q 0 0 0 rg BT 111.50 497.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 141.21 497.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 172.05 497.10 Td (circumstances. ) Tj ET Q q 0 0 0 rg BT 233.52 497.10 Td (These ) Tj ET Q q 0 0 0 rg BT 259.90 497.10 Td (amendments ) Tj ET Q q 0 0 0 rg BT 312.95 497.10 Td (are ) Tj ET Q q 0 0 0 rg BT 327.66 497.10 Td (ef) Tj ET Q q 0 0 0 rg BT 335.25 497.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 364.96 497.10 Td (for ) Tj ET Q q 0 0 0 rg BT 379.13 497.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 408.29 497.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 440.24 497.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 482.74 497.10 Td (on ) Tj ET Q q 0 0 0 rg BT 495.25 497.10 Td (or ) Tj ET Q q 0 0 0 rg BT 506.08 497.10 Td (after ) Tj ET Q q 0 0 0 rg BT 526.91 497.10 Td (January ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 485.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 64.00 485.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 89.00 485.10 Td (with ) Tj ET Q q 0 0 0 rg BT 109.28 485.10 Td (early ) Tj ET Q q 0 0 0 rg BT 131.76 485.10 Td (application ) Tj ET Q q 0 0 0 rg BT 178.69 485.10 Td (permitted. ) Tj ET Q q 0 0 0 rg BT 222.01 485.10 Td (No ) Tj ET Q q 0 0 0 rg BT 236.73 485.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 281.45 485.10 Td (ef) Tj ET Q q 0 0 0 rg BT 289.03 485.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 306.52 485.10 Td (is ) Tj ET Q q 0 0 0 rg BT 315.69 485.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 353.72 485.10 Td (from ) Tj ET Q q 0 0 0 rg BT 375.66 485.10 Td (the ) Tj ET Q q 0 0 0 rg BT 390.38 485.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 427.87 485.10 Td (of ) Tj ET Q q 0 0 0 rg BT 438.70 485.10 Td (these ) Tj ET Q q 0 0 0 rg BT 461.75 485.10 Td (amendments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 461.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 461.10 Td (In ) Tj ET Q q 0 0 0 rg BT 100.58 461.10 Td (May ) Tj ET Q q 0 0 0 rg BT 121.16 461.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 145.90 461.10 Td (the ) Tj ET Q q 0 0 0 rg BT 160.37 461.10 Td (IASB ) Tj ET Q q 0 0 0 rg BT 185.40 461.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 212.65 461.10 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 236.02 461.10 Td (15 ) Tj ET Q q 0 0 0 rg BT 248.26 461.10 Td (- ) Tj ET Q q 0 0 0 rg BT 253.84 461.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 291.07 461.10 Td (from ) Tj ET Q q 0 0 0 rg BT 312.76 461.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 351.10 461.10 Td (with ) Tj ET Q q 0 0 0 rg BT 371.13 461.10 Td (customers. ) Tj ET Q q 0 0 0 rg BT 416.26 461.10 Td (The ) Tj ET Q q 0 0 0 rg BT 434.05 461.10 Td (standard ) Tj ET Q q 0 0 0 rg BT 470.18 461.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 504.63 461.10 Td (a ) Tj ET Q q 0 0 0 rg BT 511.32 461.10 Td (company ) Tj ET Q q 0 0 0 rg BT 550.22 461.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 449.10 Td (recognize ) Tj ET Q q 0 0 0 rg BT 95.96 449.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 130.70 449.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 153.80 449.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 187.44 449.10 Td (of ) Tj ET Q q 0 0 0 rg BT 198.87 449.10 Td (control ) Tj ET Q q 0 0 0 rg BT 230.29 449.10 Td (of ) Tj ET Q q 0 0 0 rg BT 241.72 449.10 Td (goods ) Tj ET Q q 0 0 0 rg BT 268.71 449.10 Td (or ) Tj ET Q q 0 0 0 rg BT 280.14 449.10 Td (services ) Tj ET Q q 0 0 0 rg BT 315.44 449.10 Td (to ) Tj ET Q q 0 0 0 rg BT 326.32 449.10 Td (a ) Tj ET Q q 0 0 0 rg BT 333.85 449.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 373.61 449.10 Td (at ) Tj ET Q q 0 0 0 rg BT 383.92 449.10 Td (an ) Tj ET Q q 0 0 0 rg BT 396.46 449.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 429.55 449.10 Td (that ) Tj ET Q q 0 0 0 rg BT 447.65 449.10 Td (reflects ) Tj ET Q q 0 0 0 rg BT 480.17 449.10 Td (the ) Tj ET Q q 0 0 0 rg BT 495.48 449.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 552.45 449.10 Td (it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 437.10 Td (expects ) Tj ET Q q 0 0 0 rg BT 85.48 437.10 Td (to ) Tj ET Q q 0 0 0 rg BT 94.75 437.10 Td (receive. ) Tj ET Q q 0 0 0 rg BT 127.49 437.10 Td (This ) Tj ET Q q 0 0 0 rg BT 146.76 437.10 Td (new ) Tj ET Q q 0 0 0 rg BT 164.91 437.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 198.05 437.10 Td (recognition ) Tj ET Q q 0 0 0 rg BT 245.08 437.10 Td (model ) Tj ET Q q 0 0 0 rg BT 271.56 437.10 Td (defines ) Tj ET Q q 0 0 0 rg BT 301.93 437.10 Td (a ) Tj ET Q q 0 0 0 rg BT 307.86 437.10 Td (five ) Tj ET Q q 0 0 0 rg BT 324.90 437.10 Td (step ) Tj ET Q q 0 0 0 rg BT 342.50 437.10 Td (process ) Tj ET Q q 0 0 0 rg BT 373.98 437.10 Td (to ) Tj ET Q q 0 0 0 rg BT 383.25 437.10 Td (achieve ) Tj ET Q q 0 0 0 rg BT 415.27 437.10 Td (this ) Tj ET Q q 0 0 0 rg BT 431.21 437.10 Td (objective. ) Tj ET Q q 0 0 0 rg BT 471.74 437.10 Td (The ) Tj ET Q q 0 0 0 rg BT 488.78 437.10 Td (updated ) Tj ET Q q 0 0 0 rg BT 521.93 437.10 Td (guidance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 425.10 Td (also ) Tj ET Q q 0 0 0 rg BT 73.06 425.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 108.23 425.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 151.18 425.10 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 198.57 425.10 Td (about ) Tj ET Q q 0 0 0 rg BT 223.74 425.10 Td (the ) Tj ET Q q 0 0 0 rg BT 238.92 425.10 Td (nature, ) Tj ET Q q 0 0 0 rg BT 269.36 425.10 Td (amount, ) Tj ET Q q 0 0 0 rg BT 304.81 425.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 333.88 425.10 Td (and ) Tj ET Q q 0 0 0 rg BT 351.28 425.10 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 399.21 425.10 Td (of ) Tj ET Q q 0 0 0 rg BT 410.50 425.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 445.10 425.10 Td (and ) Tj ET Q q 0 0 0 rg BT 462.50 425.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 483.22 425.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 508.40 425.10 Td (arising ) Tj ET Q q 0 0 0 rg BT 538.57 425.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 413.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 93.89 413.10 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 135.48 413.10 Td (The ) Tj ET Q q 0 0 0 rg BT 154.26 413.10 Td (standard ) Tj ET Q q 0 0 0 rg BT 191.37 413.10 Td (is ) Tj ET Q q 0 0 0 rg BT 201.28 413.10 Td (ef) Tj ET Q q 0 0 0 rg BT 208.87 413.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 239.30 413.10 Td (for ) Tj ET Q q 0 0 0 rg BT 254.20 413.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 284.09 413.10 Td (period ) Tj ET Q q 0 0 0 rg BT 312.87 413.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 356.10 413.10 Td (on ) Tj ET Q q 0 0 0 rg BT 369.33 413.10 Td (or ) Tj ET Q q 0 0 0 rg BT 380.89 413.10 Td (after ) Tj ET Q q 0 0 0 rg BT 402.44 413.10 Td (January ) Tj ET Q q 0 0 0 rg BT 436.77 413.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 447.51 413.10 Td (2018, ) Tj ET Q q 0 0 0 rg BT 473.24 413.10 Td (with ) Tj ET Q q 0 0 0 rg BT 494.25 413.10 Td (earlier ) Tj ET Q q 0 0 0 rg BT 523.02 413.10 Td (adoption ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 401.10 Td (permitted. ) Tj ET Q q 0 0 0 rg BT 96.46 401.10 Td (The ) Tj ET Q q 0 0 0 rg BT 113.78 401.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 141.10 401.10 Td (is ) Tj ET Q q 0 0 0 rg BT 149.54 401.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 187.40 401.10 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 230.83 401.10 Td (the ) Tj ET Q q 0 0 0 rg BT 244.81 401.10 Td (method ) Tj ET Q q 0 0 0 rg BT 276.58 401.10 Td (of ) Tj ET Q q 0 0 0 rg BT 286.68 401.10 Td (implementation ) Tj ET Q q 0 0 0 rg BT 351.21 401.10 Td (and ) Tj ET Q q 0 0 0 rg BT 367.42 401.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 396.40 401.10 Td (of ) Tj ET Q q 0 0 0 rg BT 406.50 401.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 443.27 401.10 Td (on ) Tj ET Q q 0 0 0 rg BT 455.04 401.10 Td (its ) Tj ET Q q 0 0 0 rg BT 466.25 401.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 520.80 401.10 Td (Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 389.10 Td (Statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 365.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 365.10 Td (In ) Tj ET Q q 0 0 0 rg BT 101.78 365.10 Td (July ) Tj ET Q q 0 0 0 rg BT 121.89 365.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 145.34 365.10 Td (the ) Tj ET Q q 0 0 0 rg BT 161.01 365.10 Td (IASB ) Tj ET Q q 0 0 0 rg BT 187.24 365.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 215.68 365.10 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 240.25 365.10 Td (9 ) Tj ET Q q 0 0 0 rg BT 248.70 365.10 Td (- ) Tj ET Q q 0 0 0 rg BT 255.48 365.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 296.14 365.10 Td (Instruments. ) Tj ET Q q 0 0 0 rg BT 349.05 365.10 Td (The ) Tj ET Q q 0 0 0 rg BT 368.05 365.10 Td (improvements ) Tj ET Q q 0 0 0 rg BT 428.71 365.10 Td (introduced ) Tj ET Q q 0 0 0 rg BT 474.92 365.10 Td (by ) Tj ET Q q 0 0 0 rg BT 488.36 365.10 Td (the ) Tj ET Q q 0 0 0 rg BT 504.03 365.10 Td (new ) Tj ET Q q 0 0 0 rg BT 524.14 365.10 Td (standard ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 353.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 89.64 353.10 Td (a ) Tj ET Q q 0 0 0 rg BT 96.39 353.10 Td (logical ) Tj ET Q q 0 0 0 rg BT 125.91 353.10 Td (approach ) Tj ET Q q 0 0 0 rg BT 164.87 353.10 Td (for ) Tj ET Q q 0 0 0 rg BT 178.84 353.10 Td (classification ) Tj ET Q q 0 0 0 rg BT 233.91 353.10 Td (and ) Tj ET Q q 0 0 0 rg BT 250.66 353.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 306.28 353.10 Td (of ) Tj ET Q q 0 0 0 rg BT 316.92 353.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 354.21 353.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 403.19 353.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 431.04 353.10 Td (by ) Tj ET Q q 0 0 0 rg BT 443.35 353.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 463.43 353.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 484.08 353.10 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 543.57 353.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 341.10 Td (the ) Tj ET Q q 0 0 0 rg BT 68.55 341.10 Td (business ) Tj ET Q q 0 0 0 rg BT 104.77 341.10 Td (model ) Tj ET Q q 0 0 0 rg BT 132.10 341.10 Td (in ) Tj ET Q q 0 0 0 rg BT 142.21 341.10 Td (which ) Tj ET Q q 0 0 0 rg BT 168.98 341.10 Td (an ) Tj ET Q q 0 0 0 rg BT 180.75 341.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 202.52 341.10 Td (is ) Tj ET Q q 0 0 0 rg BT 211.52 341.10 Td (held, ) Tj ET Q q 0 0 0 rg BT 233.57 341.10 Td (a ) Tj ET Q q 0 0 0 rg BT 240.34 341.10 Td (single ) Tj ET Q q 0 0 0 rg BT 266.56 341.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 308.86 341.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 331.19 341.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 379.62 341.10 Td (model ) Tj ET Q q 0 0 0 rg BT 406.95 341.10 Td (for ) Tj ET Q q 0 0 0 rg BT 420.94 341.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 458.25 341.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 483.91 341.10 Td (and ) Tj ET Q q 0 0 0 rg BT 500.68 341.10 Td (a ) Tj ET Q q 0 0 0 rg BT 507.45 341.10 Td (substantially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 329.10 Td (reformed ) Tj ET Q q 0 0 0 rg BT 93.12 329.10 Td (approach ) Tj ET Q q 0 0 0 rg BT 132.23 329.10 Td (for ) Tj ET Q q 0 0 0 rg BT 146.36 329.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 172.71 329.10 Td (accounting. ) Tj ET Q q 0 0 0 rg BT 221.38 329.10 Td (The ) Tj ET Q q 0 0 0 rg BT 239.39 329.10 Td (standard ) Tj ET Q q 0 0 0 rg BT 275.74 329.10 Td (is ) Tj ET Q q 0 0 0 rg BT 284.88 329.10 Td (ef) Tj ET Q q 0 0 0 rg BT 292.47 329.10 Td (fective, ) Tj ET Q q 0 0 0 rg BT 324.64 329.10 Td (retrospectively ) Tj ET Q q 0 0 0 rg BT 386.53 329.10 Td (with ) Tj ET Q q 0 0 0 rg BT 406.78 329.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 437.58 329.10 Td (exceptions, ) Tj ET Q q 0 0 0 rg BT 485.32 329.10 Td (for ) Tj ET Q q 0 0 0 rg BT 499.45 329.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 528.57 329.10 Td (periods ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 317.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 97.57 317.10 Td (on ) Tj ET Q q 0 0 0 rg BT 111.15 317.10 Td (or ) Tj ET Q q 0 0 0 rg BT 123.06 317.10 Td (after ) Tj ET Q q 0 0 0 rg BT 144.95 317.10 Td (January ) Tj ET Q q 0 0 0 rg BT 179.63 317.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 190.71 317.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 214.29 317.10 Td (with ) Tj ET Q q 0 0 0 rg BT 235.64 317.10 Td (earlier ) Tj ET Q q 0 0 0 rg BT 264.75 317.10 Td (application ) Tj ET Q q 0 0 0 rg BT 312.76 317.10 Td (permitted. ) Tj ET Q q 0 0 0 rg BT 356.90 317.10 Td (The ) Tj ET Q q 0 0 0 rg BT 376.02 317.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 405.15 317.10 Td (is ) Tj ET Q q 0 0 0 rg BT 415.40 317.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 455.07 317.10 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 500.30 317.10 Td (the ) Tj ET Q q 0 0 0 rg BT 516.10 317.10 Td (method ) Tj ET Q q 0 0 0 rg BT 549.67 317.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 305.10 Td (implementation ) Tj ET Q q 0 0 0 rg BT 119.26 305.10 Td (and ) Tj ET Q q 0 0 0 rg BT 136.20 305.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 165.91 305.10 Td (of ) Tj ET Q q 0 0 0 rg BT 176.74 305.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 214.24 305.10 Td (on ) Tj ET Q q 0 0 0 rg BT 226.74 305.10 Td (its ) Tj ET Q q 0 0 0 rg BT 238.69 305.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 293.96 305.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 333.67 305.10 Td (Statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 281.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 281.10 Td (In ) Tj ET Q q 0 0 0 rg BT 100.62 281.10 Td (September ) Tj ET Q q 0 0 0 rg BT 145.67 281.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 170.46 281.10 Td (the ) Tj ET Q q 0 0 0 rg BT 184.96 281.10 Td (IASB ) Tj ET Q q 0 0 0 rg BT 210.03 281.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 237.32 281.10 Td (narrow ) Tj ET Q q 0 0 0 rg BT 267.93 281.10 Td (amendments ) Tj ET Q q 0 0 0 rg BT 320.76 281.10 Td (to ) Tj ET Q q 0 0 0 rg BT 330.82 281.10 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 354.23 281.10 Td (10 ) Tj ET Q q 0 0 0 rg BT 366.52 281.10 Td (- ) Tj ET Q q 0 0 0 rg BT 372.14 281.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 427.20 281.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 466.70 281.10 Td (Statements ) Tj ET Q q 0 0 0 rg BT 512.87 281.10 Td (and ) Tj ET Q q 0 0 0 rg BT 529.59 281.10 Td (IAS ) Tj ET Q q 0 0 0 rg BT 548.00 281.10 Td (28 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 269.10 Td (- ) Tj ET Q q 0 0 0 rg BT 60.12 269.10 Td (Investments ) Tj ET Q q 0 0 0 rg BT 111.24 269.10 Td (in ) Tj ET Q q 0 0 0 rg BT 121.20 269.10 Td (Associates ) Tj ET Q q 0 0 0 rg BT 166.76 269.10 Td (and ) Tj ET Q q 0 0 0 rg BT 184.00 269.10 Td (Joint ) Tj ET Q q 0 0 0 rg BT 206.04 269.10 Td (V) Tj ET Q q 0 0 0 rg BT 212.15 269.10 Td (entures ) Tj ET Q q 0 0 0 rg BT 243.82 269.10 Td (\(201) Tj ET Q q 0 0 0 rg BT 261.78 269.10 Td (1\). ) Tj ET Q q 0 0 0 rg BT 275.20 269.10 Td (The ) Tj ET Q q 0 0 0 rg BT 293.54 269.10 Td (amendments ) Tj ET Q q 0 0 0 rg BT 346.88 269.10 Td (address ) Tj ET Q q 0 0 0 rg BT 379.67 269.10 Td (an ) Tj ET Q q 0 0 0 rg BT 391.90 269.10 Td (acknowledged ) Tj ET Q q 0 0 0 rg BT 452.45 269.10 Td (inconsistency ) Tj ET Q q 0 0 0 rg BT 509.67 269.10 Td (between ) Tj ET Q q 0 0 0 rg BT 545.78 269.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 257.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 108.64 257.10 Td (in ) Tj ET Q q 0 0 0 rg BT 118.86 257.10 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 142.42 257.10 Td (10 ) Tj ET Q q 0 0 0 rg BT 154.86 257.10 Td (and ) Tj ET Q q 0 0 0 rg BT 171.73 257.10 Td (those ) Tj ET Q q 0 0 0 rg BT 195.28 257.10 Td (in ) Tj ET Q q 0 0 0 rg BT 205.49 257.10 Td (IAS ) Tj ET Q q 0 0 0 rg BT 224.05 257.10 Td (28 ) Tj ET Q q 0 0 0 rg BT 236.48 257.10 Td (\(201) Tj ET Q q 0 0 0 rg BT 254.44 257.10 Td (1\), ) Tj ET Q q 0 0 0 rg BT 267.71 257.10 Td (in ) Tj ET Q q 0 0 0 rg BT 277.93 257.10 Td (dealing ) Tj ET Q q 0 0 0 rg BT 309.80 257.10 Td (with ) Tj ET Q q 0 0 0 rg BT 330.02 257.10 Td (the ) Tj ET Q q 0 0 0 rg BT 344.67 257.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 362.65 257.10 Td (or ) Tj ET Q q 0 0 0 rg BT 373.42 257.10 Td (contribution ) Tj ET Q q 0 0 0 rg BT 424.74 257.10 Td (of ) Tj ET Q q 0 0 0 rg BT 435.51 257.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 461.28 257.10 Td (between ) Tj ET Q q 0 0 0 rg BT 497.03 257.10 Td (an ) Tj ET Q q 0 0 0 rg BT 508.91 257.10 Td (investor ) Tj ET Q q 0 0 0 rg BT 543.56 257.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 245.10 Td (its ) Tj ET Q q 0 0 0 rg BT 65.27 245.10 Td (associate ) Tj ET Q q 0 0 0 rg BT 103.19 245.10 Td (or ) Tj ET Q q 0 0 0 rg BT 113.34 245.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 133.50 245.10 Td (venture. ) Tj ET Q q 0 0 0 rg BT 167.68 245.10 Td (The ) Tj ET Q q 0 0 0 rg BT 185.05 245.10 Td (main ) Tj ET Q q 0 0 0 rg BT 206.87 245.10 Td (consequence ) Tj ET Q q 0 0 0 rg BT 259.78 245.10 Td (of ) Tj ET Q q 0 0 0 rg BT 269.93 245.10 Td (the ) Tj ET Q q 0 0 0 rg BT 283.97 245.10 Td (amendments ) Tj ET Q q 0 0 0 rg BT 336.34 245.10 Td (is ) Tj ET Q q 0 0 0 rg BT 344.83 245.10 Td (that ) Tj ET Q q 0 0 0 rg BT 361.65 245.10 Td (a ) Tj ET Q q 0 0 0 rg BT 367.91 245.10 Td (full ) Tj ET Q q 0 0 0 rg BT 383.62 245.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 402.66 245.10 Td (or ) Tj ET Q q 0 0 0 rg BT 412.82 245.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 430.20 245.10 Td (is ) Tj ET Q q 0 0 0 rg BT 438.69 245.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 484.38 245.10 Td (when ) Tj ET Q q 0 0 0 rg BT 507.86 245.10 Td (a ) Tj ET Q q 0 0 0 rg BT 514.13 245.10 Td (transaction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 233.10 Td (involves ) Tj ET Q q 0 0 0 rg BT 90.08 233.10 Td (a ) Tj ET Q q 0 0 0 rg BT 96.71 233.10 Td (business ) Tj ET Q q 0 0 0 rg BT 132.79 233.10 Td (\(whether ) Tj ET Q q 0 0 0 rg BT 170.52 233.10 Td (it ) Tj ET Q q 0 0 0 rg BT 178.27 233.10 Td (is ) Tj ET Q q 0 0 0 rg BT 187.13 233.10 Td (housed ) Tj ET Q q 0 0 0 rg BT 217.65 233.10 Td (in ) Tj ET Q q 0 0 0 rg BT 227.62 233.10 Td (a ) Tj ET Q q 0 0 0 rg BT 234.25 233.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 277.55 233.10 Td (or ) Tj ET Q q 0 0 0 rg BT 288.07 233.10 Td (not\). ) Tj ET Q q 0 0 0 rg BT 308.39 233.10 Td (A) Tj ET Q q 0 0 0 rg BT 315.06 233.10 Td ( ) Tj ET Q q 0 0 0 rg BT 317.25 233.10 Td (partial ) Tj ET Q q 0 0 0 rg BT 344.98 233.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 364.39 233.10 Td (or ) Tj ET Q q 0 0 0 rg BT 374.91 233.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 392.66 233.10 Td (is ) Tj ET Q q 0 0 0 rg BT 401.53 233.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 447.58 233.10 Td (when ) Tj ET Q q 0 0 0 rg BT 471.43 233.10 Td (a ) Tj ET Q q 0 0 0 rg BT 478.06 233.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 524.12 233.10 Td (involves ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 221.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 80.22 221.10 Td (that ) Tj ET Q q 0 0 0 rg BT 98.10 221.10 Td (do ) Tj ET Q q 0 0 0 rg BT 110.99 221.10 Td (not ) Tj ET Q q 0 0 0 rg BT 126.66 221.10 Td (constitute ) Tj ET Q q 0 0 0 rg BT 168.43 221.10 Td (a ) Tj ET Q q 0 0 0 rg BT 175.75 221.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 215.03 221.10 Td (even ) Tj ET Q q 0 0 0 rg BT 236.80 221.10 Td (if ) Tj ET Q q 0 0 0 rg BT 245.79 221.10 Td (these ) Tj ET Q q 0 0 0 rg BT 269.23 221.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 295.45 221.10 Td (are ) Tj ET Q q 0 0 0 rg BT 310.54 221.10 Td (housed ) Tj ET Q q 0 0 0 rg BT 341.76 221.10 Td (in ) Tj ET Q q 0 0 0 rg BT 352.43 221.10 Td (a ) Tj ET Q q 0 0 0 rg BT 359.75 221.10 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 400.21 221.10 Td (. ) Tj ET Q q 0 0 0 rg BT 405.39 221.10 Td (The ) Tj ET Q q 0 0 0 rg BT 423.83 221.10 Td (amendments ) Tj ET Q q 0 0 0 rg BT 477.26 221.10 Td (which ) Tj ET Q q 0 0 0 rg BT 504.58 221.10 Td (were ) Tj ET Q q 0 0 0 rg BT 526.90 221.10 Td (initially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 209.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 92.42 209.10 Td (to ) Tj ET Q q 0 0 0 rg BT 103.09 209.10 Td (be ) Tj ET Q q 0 0 0 rg BT 115.43 209.10 Td (ef) Tj ET Q q 0 0 0 rg BT 123.01 209.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 153.11 209.10 Td (for ) Tj ET Q q 0 0 0 rg BT 167.66 209.10 Td (January ) Tj ET Q q 0 0 0 rg BT 201.65 209.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 212.04 209.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 237.43 209.10 Td (have ) Tj ET Q q 0 0 0 rg BT 259.20 209.10 Td (been ) Tj ET Q q 0 0 0 rg BT 280.97 209.10 Td (postponed. ) Tj ET Q q 0 0 0 rg BT 327.26 209.10 Td (The ) Tj ET Q q 0 0 0 rg BT 345.70 209.10 Td (new ) Tj ET Q q 0 0 0 rg BT 365.26 209.10 Td (ef) Tj ET Q q 0 0 0 rg BT 372.84 209.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 402.94 209.10 Td (date ) Tj ET Q q 0 0 0 rg BT 422.48 209.10 Td (for ) Tj ET Q q 0 0 0 rg BT 437.04 209.10 Td (these ) Tj ET Q q 0 0 0 rg BT 460.48 209.10 Td (amendments ) Tj ET Q q 0 0 0 rg BT 513.91 209.10 Td (has ) Tj ET Q q 0 0 0 rg BT 530.13 209.10 Td (not ) Tj ET Q q 0 0 0 rg BT 545.80 209.10 Td (yet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 197.10 Td (been ) Tj ET Q q 0 0 0 rg BT 75.38 197.10 Td (determined. ) Tj ET Q q 0 0 0 rg BT 125.36 197.10 Td (No ) Tj ET Q q 0 0 0 rg BT 140.08 197.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 184.79 197.10 Td (ef) Tj ET Q q 0 0 0 rg BT 192.38 197.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 209.86 197.10 Td (is ) Tj ET Q q 0 0 0 rg BT 219.03 197.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 257.07 197.10 Td (from ) Tj ET Q q 0 0 0 rg BT 279.00 197.10 Td (the ) Tj ET Q q 0 0 0 rg BT 293.72 197.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 331.22 197.10 Td (of ) Tj ET Q q 0 0 0 rg BT 342.05 197.10 Td (these ) Tj ET Q q 0 0 0 rg BT 365.09 197.10 Td (amendments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 173.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 173.10 Td (In ) Tj ET Q q 0 0 0 rg BT 100.95 173.10 Td (September ) Tj ET Q q 0 0 0 rg BT 146.33 173.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 168.95 173.10 Td (the ) Tj ET Q q 0 0 0 rg BT 183.78 173.10 Td (IASB ) Tj ET Q q 0 0 0 rg BT 209.18 173.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 236.80 173.10 Td (the ) Tj ET Q q 0 0 0 rg BT 251.05 173.10 Td (Annual ) Tj ET Q q 0 0 0 rg BT 283.11 173.10 Td (Improvements ) Tj ET Q q 0 0 0 rg BT 343.49 173.10 Td (to ) Tj ET Q q 0 0 0 rg BT 353.89 173.10 Td (IFRSs ) Tj ET Q q 0 0 0 rg BT 381.52 173.10 Td (2012-2014 ) Tj ET Q q 0 0 0 rg BT 427.46 173.10 Td (cycle, ) Tj ET Q q 0 0 0 rg BT 453.68 173.10 Td (a ) Tj ET Q q 0 0 0 rg BT 460.73 173.10 Td (series ) Tj ET Q q 0 0 0 rg BT 486.12 173.10 Td (of ) Tj ET Q q 0 0 0 rg BT 497.06 173.10 Td (amendments ) Tj ET Q q 0 0 0 rg BT 550.22 173.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 161.10 Td (IFRSs ) Tj ET Q q 0 0 0 rg BT 82.26 161.10 Td (in ) Tj ET Q q 0 0 0 rg BT 93.29 161.10 Td (response ) Tj ET Q q 0 0 0 rg BT 131.52 161.10 Td (to ) Tj ET Q q 0 0 0 rg BT 142.55 161.10 Td (issues ) Tj ET Q q 0 0 0 rg BT 169.68 161.10 Td (raised ) Tj ET Q q 0 0 0 rg BT 196.81 161.10 Td (mainly ) Tj ET Q q 0 0 0 rg BT 227.83 161.10 Td (on ) Tj ET Q q 0 0 0 rg BT 241.07 161.10 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 265.44 161.10 Td (5 ) Tj ET Q q 0 0 0 rg BT 273.69 161.10 Td (- ) Tj ET Q q 0 0 0 rg BT 280.26 161.10 Td (Non-current ) Tj ET Q q 0 0 0 rg BT 332.38 161.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 358.95 161.10 Td (held ) Tj ET Q q 0 0 0 rg BT 379.42 161.10 Td (for ) Tj ET Q q 0 0 0 rg BT 394.32 161.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 413.12 161.10 Td (and ) Tj ET Q q 0 0 0 rg BT 430.80 161.10 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 485.15 161.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 532.55 161.10 Td (on ) Tj ET Q q 0 0 0 rg BT 545.80 161.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 149.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 89.58 149.10 Td (of ) Tj ET Q q 0 0 0 rg BT 101.28 149.10 Td (method ) Tj ET Q q 0 0 0 rg BT 134.64 149.10 Td (of ) Tj ET Q q 0 0 0 rg BT 146.34 149.10 Td (disposal, ) Tj ET Q q 0 0 0 rg BT 184.99 149.10 Td (on ) Tj ET Q q 0 0 0 rg BT 198.36 149.10 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 222.86 149.10 Td (7 ) Tj ET Q q 0 0 0 rg BT 231.23 149.10 Td (- ) Tj ET Q q 0 0 0 rg BT 237.93 149.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 278.51 149.10 Td (Instruments: ) Tj ET Q q 0 0 0 rg BT 331.88 149.10 Td (Disclosures ) Tj ET Q q 0 0 0 rg BT 381.91 149.10 Td (on ) Tj ET Q q 0 0 0 rg BT 395.28 149.10 Td (the ) Tj ET Q q 0 0 0 rg BT 410.87 149.10 Td (servicing ) Tj ET Q q 0 0 0 rg BT 450.89 149.10 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 492.86 149.10 Td (on ) Tj ET Q q 0 0 0 rg BT 506.23 149.10 Td (the ) Tj ET Q q 0 0 0 rg BT 521.81 149.10 Td (IAS ) Tj ET Q q 0 0 0 rg BT 541.30 149.10 Td (19 ) Tj ET Q q 0 0 0 rg BT 554.67 149.10 Td (- ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 137.10 Td (Employee ) Tj ET Q q 0 0 0 rg BT 96.56 137.10 Td (Benefits, ) Tj ET Q q 0 0 0 rg BT 134.41 137.10 Td (on ) Tj ET Q q 0 0 0 rg BT 146.43 137.10 Td (the ) Tj ET Q q 0 0 0 rg BT 160.67 137.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 196.57 137.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 213.58 137.10 Td (determination. ) Tj ET Q q 0 0 0 rg BT 273.64 137.10 Td ( ) Tj ET Q q 0 0 0 rg BT 275.51 137.10 Td (The ) Tj ET Q q 0 0 0 rg BT 293.08 137.10 Td (ef) Tj ET Q q 0 0 0 rg BT 300.67 137.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 329.89 137.10 Td (date ) Tj ET Q q 0 0 0 rg BT 348.56 137.10 Td (of ) Tj ET Q q 0 0 0 rg BT 358.92 137.10 Td (the ) Tj ET Q q 0 0 0 rg BT 373.15 137.10 Td (amendments ) Tj ET Q q 0 0 0 rg BT 425.72 137.10 Td (is ) Tj ET Q q 0 0 0 rg BT 434.41 137.10 Td (January ) Tj ET Q q 0 0 0 rg BT 467.52 137.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 477.05 137.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 501.57 137.10 Td (No ) Tj ET Q q 0 0 0 rg BT 515.81 137.10 Td (significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 125.10 Td (ef) Tj ET Q q 0 0 0 rg BT 61.59 125.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 79.07 125.10 Td (is ) Tj ET Q q 0 0 0 rg BT 88.24 125.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 126.28 125.10 Td (from ) Tj ET Q q 0 0 0 rg BT 148.21 125.10 Td (the ) Tj ET Q q 0 0 0 rg BT 162.93 125.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 200.43 125.10 Td (of ) Tj ET Q q 0 0 0 rg BT 211.26 125.10 Td (these ) Tj ET Q q 0 0 0 rg BT 234.30 125.10 Td (amendments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 101.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 101.10 Td (In ) Tj ET Q q 0 0 0 rg BT 101.22 101.10 Td (December ) Tj ET Q q 0 0 0 rg BT 145.19 101.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 168.08 101.10 Td (the ) Tj ET Q q 0 0 0 rg BT 183.18 101.10 Td (IASB ) Tj ET Q q 0 0 0 rg BT 208.85 101.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 236.74 101.10 Td (amendments ) Tj ET Q q 0 0 0 rg BT 290.17 101.10 Td (to ) Tj ET Q q 0 0 0 rg BT 300.84 101.10 Td (IAS ) Tj ET Q q 0 0 0 rg BT 319.84 101.10 Td (1- ) Tj ET Q q 0 0 0 rg BT 331.06 101.10 Td (Presentation ) Tj ET Q q 0 0 0 rg BT 383.38 101.10 Td (of ) Tj ET Q q 0 0 0 rg BT 394.60 101.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 434.70 101.10 Td (Statements ) Tj ET Q q 0 0 0 rg BT 481.47 101.10 Td (as ) Tj ET Q q 0 0 0 rg BT 492.69 101.10 Td (part ) Tj ET Q q 0 0 0 rg BT 511.12 101.10 Td (of ) Tj ET Q q 0 0 0 rg BT 522.34 101.10 Td (its ) Tj ET Q q 0 0 0 rg BT 534.68 101.10 Td (major ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 89.10 Td (initiative ) Tj ET Q q 0 0 0 rg BT 91.71 89.10 Td (to ) Tj ET Q q 0 0 0 rg BT 101.66 89.10 Td (improve ) Tj ET Q q 0 0 0 rg BT 137.15 89.10 Td (presentation ) Tj ET Q q 0 0 0 rg BT 188.19 89.10 Td (and ) Tj ET Q q 0 0 0 rg BT 204.80 89.10 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 247.51 89.10 Td (in ) Tj ET Q q 0 0 0 rg BT 257.46 89.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 294.60 89.10 Td (reports. ) Tj ET Q q 0 0 0 rg BT 326.88 89.10 Td (The ) Tj ET Q q 0 0 0 rg BT 344.60 89.10 Td (amendments ) Tj ET Q q 0 0 0 rg BT 397.30 89.10 Td (make ) Tj ET Q q 0 0 0 rg BT 421.13 89.10 Td (clear ) Tj ET Q q 0 0 0 rg BT 442.72 89.10 Td (that ) Tj ET Q q 0 0 0 rg BT 459.88 89.10 Td (materiality ) Tj ET Q q 0 0 0 rg BT 505.36 89.10 Td (applies ) Tj ET Q q 0 0 0 rg BT 535.85 89.10 Td (to ) Tj ET Q q 0 0 0 rg BT 545.80 89.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 77.10 Td (whole ) Tj ET Q q 0 0 0 rg BT 80.36 77.10 Td (of ) Tj ET Q q 0 0 0 rg BT 90.62 77.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 127.53 77.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 171.67 77.10 Td (and ) Tj ET Q q 0 0 0 rg BT 188.03 77.10 Td (that ) Tj ET Q q 0 0 0 rg BT 204.95 77.10 Td (the ) Tj ET Q q 0 0 0 rg BT 219.10 77.10 Td (inclusion ) Tj ET Q q 0 0 0 rg BT 257.69 77.10 Td (of ) Tj ET Q q 0 0 0 rg BT 267.94 77.10 Td (immaterial ) Tj ET Q q 0 0 0 rg BT 313.18 77.10 Td (information ) Tj ET Q q 0 0 0 rg BT 362.32 77.10 Td (can ) Tj ET Q q 0 0 0 rg BT 378.13 77.10 Td (inhibit ) Tj ET Q q 0 0 0 rg BT 406.17 77.10 Td (the ) Tj ET Q q 0 0 0 rg BT 420.31 77.10 Td (usefulness ) Tj ET Q q 0 0 0 rg BT 463.90 77.10 Td (of ) Tj ET Q q 0 0 0 rg BT 474.15 77.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 511.06 77.10 Td (disclosures. ) Tj ET Q q 0 0 0 rg BT 560.50 77.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 65.10 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 108.67 65.10 Td (the ) Tj ET Q q 0 0 0 rg BT 123.08 65.10 Td (amendments ) Tj ET Q q 0 0 0 rg BT 175.80 65.10 Td (clarify ) Tj ET Q q 0 0 0 rg BT 204.08 65.10 Td (that ) Tj ET Q q 0 0 0 rg BT 221.27 65.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 266.22 65.10 Td (should ) Tj ET Q q 0 0 0 rg BT 295.07 65.10 Td (use ) Tj ET Q q 0 0 0 rg BT 310.59 65.10 Td (professional ) Tj ET Q q 0 0 0 rg BT 361.65 65.10 Td (judgment ) Tj ET Q q 0 0 0 rg BT 401.61 65.10 Td (in ) Tj ET Q q 0 0 0 rg BT 411.58 65.10 Td (determining ) Tj ET Q q 0 0 0 rg BT 462.08 65.10 Td (where ) Tj ET Q q 0 0 0 rg BT 488.70 65.10 Td (and ) Tj ET Q q 0 0 0 rg BT 505.32 65.10 Td (in ) Tj ET Q q 0 0 0 rg BT 515.29 65.10 Td (what ) Tj ET Q q 0 0 0 rg BT 536.91 65.10 Td (order ) Tj ET Q endstream endobj 325 0 obj <> endobj 326 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 760.75 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 760.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.60 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 199.82 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 206.31 748.75 Td (O ) Tj ET Q q 0 0 0 rg BT 216.41 748.75 Td (THE CONSOLIDA) Tj ET Q q 0 0 0 rg BT 299.85 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 379.03 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 393.02 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 399.50 748.75 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.60 736.75 Td (At December) Tj ET Q q 0 0 0 rg BT 294.78 736.75 Td (31, 2015 and 2014) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 294.65 32.20 Td (F-13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 713.10 Td (information ) Tj ET Q q 0 0 0 rg BT 104.31 713.10 Td (is ) Tj ET Q q 0 0 0 rg BT 114.07 713.10 Td (presented ) Tj ET Q q 0 0 0 rg BT 155.48 713.10 Td (in ) Tj ET Q q 0 0 0 rg BT 166.36 713.10 Td (the ) Tj ET Q q 0 0 0 rg BT 181.67 713.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 219.75 713.10 Td (disclosures. ) Tj ET Q q 0 0 0 rg BT 269.56 713.10 Td (The ) Tj ET Q q 0 0 0 rg BT 288.20 713.10 Td (amendments ) Tj ET Q q 0 0 0 rg BT 341.84 713.10 Td (are ) Tj ET Q q 0 0 0 rg BT 357.14 713.10 Td (ef) Tj ET Q q 0 0 0 rg BT 364.73 713.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 395.03 713.10 Td (for ) Tj ET Q q 0 0 0 rg BT 409.78 713.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 439.53 713.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 472.07 713.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 515.16 713.10 Td (on ) Tj ET Q q 0 0 0 rg BT 528.25 713.10 Td (or ) Tj ET Q q 0 0 0 rg BT 539.68 713.10 Td (after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 701.10 Td (January ) Tj ET Q q 0 0 0 rg BT 87.60 701.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 97.60 701.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 120.10 701.10 Td (with ) Tj ET Q q 0 0 0 rg BT 140.38 701.10 Td (early ) Tj ET Q q 0 0 0 rg BT 162.86 701.10 Td (application ) Tj ET Q q 0 0 0 rg BT 209.79 701.10 Td (permitted. ) Tj ET Q q 0 0 0 rg BT 253.11 701.10 Td (No ) Tj ET Q q 0 0 0 rg BT 267.83 701.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 312.54 701.10 Td (ef) Tj ET Q q 0 0 0 rg BT 320.13 701.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 337.62 701.10 Td (is ) Tj ET Q q 0 0 0 rg BT 346.79 701.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 384.82 701.10 Td (from ) Tj ET Q q 0 0 0 rg BT 406.76 701.10 Td (the ) Tj ET Q q 0 0 0 rg BT 421.48 701.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 458.97 701.10 Td (of ) Tj ET Q q 0 0 0 rg BT 469.80 701.10 Td (these ) Tj ET Q q 0 0 0 rg BT 492.85 701.10 Td (amendments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 677.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 677.10 Td (In ) Tj ET Q q 0 0 0 rg BT 101.26 677.10 Td (January ) Tj ET Q q 0 0 0 rg BT 135.30 677.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 160.73 677.10 Td (the ) Tj ET Q q 0 0 0 rg BT 175.88 677.10 Td (IASB ) Tj ET Q q 0 0 0 rg BT 201.60 677.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 229.54 677.10 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 253.59 677.10 Td (16 ) Tj ET Q q 0 0 0 rg BT 266.53 677.10 Td (- ) Tj ET Q q 0 0 0 rg BT 272.79 677.10 Td (Leases ) Tj ET Q q 0 0 0 rg BT 302.93 677.10 Td (which ) Tj ET Q q 0 0 0 rg BT 330.31 677.10 Td (sets ) Tj ET Q q 0 0 0 rg BT 348.24 677.10 Td (out ) Tj ET Q q 0 0 0 rg BT 363.96 677.10 Td (the ) Tj ET Q q 0 0 0 rg BT 379.11 677.10 Td (principles ) Tj ET Q q 0 0 0 rg BT 421.47 677.10 Td (for ) Tj ET Q q 0 0 0 rg BT 436.07 677.10 Td (the ) Tj ET Q q 0 0 0 rg BT 451.22 677.10 Td (recognition, ) Tj ET Q q 0 0 0 rg BT 502.20 677.10 Td (measurement, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 665.10 Td (presentation ) Tj ET Q q 0 0 0 rg BT 105.58 665.10 Td (and ) Tj ET Q q 0 0 0 rg BT 122.73 665.10 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 165.98 665.10 Td (of ) Tj ET Q q 0 0 0 rg BT 177.02 665.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 203.61 665.10 Td (for ) Tj ET Q q 0 0 0 rg BT 217.98 665.10 Td (both ) Tj ET Q q 0 0 0 rg BT 238.47 665.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 267.83 665.10 Td (to ) Tj ET Q q 0 0 0 rg BT 278.32 665.10 Td (a ) Tj ET Q q 0 0 0 rg BT 285.46 665.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 320.38 665.10 Td (and ) Tj ET Q q 0 0 0 rg BT 337.52 665.10 Td (replaces ) Tj ET Q q 0 0 0 rg BT 372.99 665.10 Td (the ) Tj ET Q q 0 0 0 rg BT 387.91 665.10 Td (previous ) Tj ET Q q 0 0 0 rg BT 425.06 665.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 451.65 665.10 Td (standard, ) Tj ET Q q 0 0 0 rg BT 490.73 665.10 Td (IAS ) Tj ET Q q 0 0 0 rg BT 509.55 665.10 Td (17 ) Tj ET Q q 0 0 0 rg BT 522.26 665.10 Td (- ) Tj ET Q q 0 0 0 rg BT 528.30 665.10 Td (Leases. ) Tj ET Q q 0 0 0 rg BT 560.51 665.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 653.10 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 77.50 653.10 Td (16, ) Tj ET Q q 0 0 0 rg BT 92.38 653.10 Td (which ) Tj ET Q q 0 0 0 rg BT 119.20 653.10 Td (is ) Tj ET Q q 0 0 0 rg BT 128.25 653.10 Td (not ) Tj ET Q q 0 0 0 rg BT 143.41 653.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 186.88 653.10 Td (to ) Tj ET Q q 0 0 0 rg BT 197.04 653.10 Td (service ) Tj ET Q q 0 0 0 rg BT 227.74 653.10 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 268.71 653.10 Td (but ) Tj ET Q q 0 0 0 rg BT 283.87 653.10 Td (only ) Tj ET Q q 0 0 0 rg BT 304.03 653.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 347.50 653.10 Td (to ) Tj ET Q q 0 0 0 rg BT 357.65 653.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 383.91 653.10 Td (or ) Tj ET Q q 0 0 0 rg BT 394.62 653.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 416.99 653.10 Td (components ) Tj ET Q q 0 0 0 rg BT 467.69 653.10 Td (of ) Tj ET Q q 0 0 0 rg BT 478.40 653.10 Td (a ) Tj ET Q q 0 0 0 rg BT 485.22 653.10 Td (contract, ) Tj ET Q q 0 0 0 rg BT 522.31 653.10 Td (defines ) Tj ET Q q 0 0 0 rg BT 553.56 653.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 641.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 75.72 641.10 Td (as ) Tj ET Q q 0 0 0 rg BT 85.79 641.10 Td (a ) Tj ET Q q 0 0 0 rg BT 91.97 641.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 125.91 641.10 Td (that ) Tj ET Q q 0 0 0 rg BT 142.64 641.10 Td (conveys ) Tj ET Q q 0 0 0 rg BT 177.14 641.10 Td (to ) Tj ET Q q 0 0 0 rg BT 186.66 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 200.61 641.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 239.01 641.10 Td (\(lessee\) ) Tj ET Q q 0 0 0 rg BT 271.28 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 285.23 641.10 Td (right ) Tj ET Q q 0 0 0 rg BT 305.86 641.10 Td (to ) Tj ET Q q 0 0 0 rg BT 315.37 641.10 Td (use ) Tj ET Q q 0 0 0 rg BT 330.44 641.10 Td (an ) Tj ET Q q 0 0 0 rg BT 341.62 641.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 362.79 641.10 Td (for ) Tj ET Q q 0 0 0 rg BT 376.19 641.10 Td (a ) Tj ET Q q 0 0 0 rg BT 382.37 641.10 Td (period ) Tj ET Q q 0 0 0 rg BT 409.65 641.10 Td (of ) Tj ET Q q 0 0 0 rg BT 419.72 641.10 Td (time ) Tj ET Q q 0 0 0 rg BT 439.23 641.10 Td (in ) Tj ET Q q 0 0 0 rg BT 448.74 641.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 488.24 641.10 Td (for ) Tj ET Q q 0 0 0 rg BT 501.63 641.10 Td (consideration. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 629.10 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 77.73 629.10 Td (16 ) Tj ET Q q 0 0 0 rg BT 90.34 629.10 Td (eliminates ) Tj ET Q q 0 0 0 rg BT 134.04 629.10 Td (the ) Tj ET Q q 0 0 0 rg BT 148.86 629.10 Td (classification ) Tj ET Q q 0 0 0 rg BT 204.23 629.10 Td (of ) Tj ET Q q 0 0 0 rg BT 215.17 629.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 241.65 629.10 Td (for ) Tj ET Q q 0 0 0 rg BT 255.92 629.10 Td (the ) Tj ET Q q 0 0 0 rg BT 270.74 629.10 Td (lessee ) Tj ET Q q 0 0 0 rg BT 297.22 629.10 Td (as ) Tj ET Q q 0 0 0 rg BT 308.16 629.10 Td (either ) Tj ET Q q 0 0 0 rg BT 333.53 629.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 373.90 629.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 400.38 629.10 Td (or ) Tj ET Q q 0 0 0 rg BT 411.32 629.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 443.35 629.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 469.83 629.10 Td (as ) Tj ET Q q 0 0 0 rg BT 480.77 629.10 Td (required ) Tj ET Q q 0 0 0 rg BT 516.69 629.10 Td (by ) Tj ET Q q 0 0 0 rg BT 529.30 629.10 Td (IAS ) Tj ET Q q 0 0 0 rg BT 548.02 629.10 Td (17 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 617.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 73.44 617.10 Td (instead, ) Tj ET Q q 0 0 0 rg BT 106.76 617.10 Td (introduces ) Tj ET Q q 0 0 0 rg BT 150.92 617.10 Td (a ) Tj ET Q q 0 0 0 rg BT 157.86 617.10 Td (single ) Tj ET Q q 0 0 0 rg BT 184.24 617.10 Td (lessee ) Tj ET Q q 0 0 0 rg BT 210.62 617.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 256.99 617.10 Td (model ) Tj ET Q q 0 0 0 rg BT 284.49 617.10 Td (whereby ) Tj ET Q q 0 0 0 rg BT 321.42 617.10 Td (a ) Tj ET Q q 0 0 0 rg BT 328.36 617.10 Td (lessee ) Tj ET Q q 0 0 0 rg BT 354.73 617.10 Td (is ) Tj ET Q q 0 0 0 rg BT 363.90 617.10 Td (required ) Tj ET Q q 0 0 0 rg BT 399.72 617.10 Td (to ) Tj ET Q q 0 0 0 rg BT 410.00 617.10 Td (recognize ) Tj ET Q q 0 0 0 rg BT 451.36 617.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 477.19 617.10 Td (and ) Tj ET Q q 0 0 0 rg BT 494.13 617.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 533.84 617.10 Td (for ) Tj ET Q q 0 0 0 rg BT 548.00 617.10 Td (all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 605.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 80.52 605.10 Td (with ) Tj ET Q q 0 0 0 rg BT 100.93 605.10 Td (a ) Tj ET Q q 0 0 0 rg BT 108.01 605.10 Td (term ) Tj ET Q q 0 0 0 rg BT 128.97 605.10 Td (that ) Tj ET Q q 0 0 0 rg BT 146.60 605.10 Td (is ) Tj ET Q q 0 0 0 rg BT 155.91 605.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 186.31 605.10 Td (than ) Tj ET Q q 0 0 0 rg BT 206.16 605.10 Td (12 ) Tj ET Q q 0 0 0 rg BT 218.80 605.10 Td (months, ) Tj ET Q q 0 0 0 rg BT 253.38 605.10 Td (unless ) Tj ET Q q 0 0 0 rg BT 281.02 605.10 Td (the ) Tj ET Q q 0 0 0 rg BT 295.88 605.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 341.84 605.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 363.92 605.10 Td (is ) Tj ET Q q 0 0 0 rg BT 373.23 605.10 Td (of ) Tj ET Q q 0 0 0 rg BT 384.19 605.10 Td (low ) Tj ET Q q 0 0 0 rg BT 401.83 605.10 Td (value, ) Tj ET Q q 0 0 0 rg BT 428.63 605.10 Td (and ) Tj ET Q q 0 0 0 rg BT 445.70 605.10 Td (to ) Tj ET Q q 0 0 0 rg BT 456.12 605.10 Td (recognize ) Tj ET Q q 0 0 0 rg BT 497.62 605.10 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 549.68 605.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 593.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 80.50 593.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 106.45 593.10 Td (separately ) Tj ET Q q 0 0 0 rg BT 149.61 593.10 Td (from ) Tj ET Q q 0 0 0 rg BT 171.67 593.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 203.73 593.10 Td (on ) Tj ET Q q 0 0 0 rg BT 216.35 593.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 238.96 593.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 278.80 593.10 Td (in ) Tj ET Q q 0 0 0 rg BT 289.20 593.10 Td (the ) Tj ET Q q 0 0 0 rg BT 304.04 593.10 Td (income ) Tj ET Q q 0 0 0 rg BT 336.10 593.10 Td (statement. ) Tj ET Q q 0 0 0 rg BT 378.97 593.10 Td (As ) Tj ET Q q 0 0 0 rg BT 392.70 593.10 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 416.45 593.10 Td (16 ) Tj ET Q q 0 0 0 rg BT 429.07 593.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 482.25 593.10 Td (carries ) Tj ET Q q 0 0 0 rg BT 511.52 593.10 Td (forward ) Tj ET Q q 0 0 0 rg BT 545.79 593.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 581.10 Td (lessor ) Tj ET Q q 0 0 0 rg BT 79.97 581.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 126.48 581.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 181.32 581.10 Td (in ) Tj ET Q q 0 0 0 rg BT 191.74 581.10 Td (IAS ) Tj ET Q q 0 0 0 rg BT 210.49 581.10 Td (17, ) Tj ET Q q 0 0 0 rg BT 225.63 581.10 Td (a ) Tj ET Q q 0 0 0 rg BT 232.70 581.10 Td (lessor ) Tj ET Q q 0 0 0 rg BT 258.67 581.10 Td (will ) Tj ET Q q 0 0 0 rg BT 276.86 581.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 313.94 581.10 Td (to ) Tj ET Q q 0 0 0 rg BT 324.35 581.10 Td (classify ) Tj ET Q q 0 0 0 rg BT 357.54 581.10 Td (its ) Tj ET Q q 0 0 0 rg BT 369.62 581.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 396.14 581.10 Td (as ) Tj ET Q q 0 0 0 rg BT 407.11 581.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 447.51 581.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 474.02 581.10 Td (or ) Tj ET Q q 0 0 0 rg BT 484.99 581.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 517.06 581.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 543.57 581.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 569.10 Td (to ) Tj ET Q q 0 0 0 rg BT 64.03 569.10 Td (account ) Tj ET Q q 0 0 0 rg BT 97.38 569.10 Td (for ) Tj ET Q q 0 0 0 rg BT 111.30 569.10 Td (those ) Tj ET Q q 0 0 0 rg BT 134.66 569.10 Td (two ) Tj ET Q q 0 0 0 rg BT 151.92 569.10 Td (types ) Tj ET Q q 0 0 0 rg BT 175.28 569.10 Td (of ) Tj ET Q q 0 0 0 rg BT 185.87 569.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 212.00 569.10 Td (dif) Tj ET Q q 0 0 0 rg BT 222.93 569.10 Td (ferently) Tj ET Q q 0 0 0 rg BT 253.38 569.10 Td (. ) Tj ET Q q 0 0 0 rg BT 258.13 569.10 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 281.51 569.10 Td (16 ) Tj ET Q q 0 0 0 rg BT 293.77 569.10 Td (is ) Tj ET Q q 0 0 0 rg BT 302.69 569.10 Td (ef) Tj ET Q q 0 0 0 rg BT 310.28 569.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 339.74 569.10 Td (from ) Tj ET Q q 0 0 0 rg BT 361.43 569.10 Td (January ) Tj ET Q q 0 0 0 rg BT 394.79 569.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 404.54 569.10 Td (2019 ) Tj ET Q q 0 0 0 rg BT 426.80 569.10 Td (with ) Tj ET Q q 0 0 0 rg BT 446.83 569.10 Td (early ) Tj ET Q q 0 0 0 rg BT 469.07 569.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 506.32 569.10 Td (allowed ) Tj ET Q q 0 0 0 rg BT 540.24 569.10 Td (only ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 557.10 Td (if ) Tj ET Q q 0 0 0 rg BT 64.30 557.10 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 89.62 557.10 Td (15 ) Tj ET Q q 0 0 0 rg BT 103.81 557.10 Td (- ) Tj ET Q q 0 0 0 rg BT 111.33 557.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 150.51 557.10 Td (from ) Tj ET Q q 0 0 0 rg BT 174.15 557.10 Td (Contracts ) Tj ET Q q 0 0 0 rg BT 216.66 557.10 Td (with ) Tj ET Q q 0 0 0 rg BT 238.64 557.10 Td (Customers ) Tj ET Q q 0 0 0 rg BT 285.61 557.10 Td (is ) Tj ET Q q 0 0 0 rg BT 296.47 557.10 Td (also ) Tj ET Q q 0 0 0 rg BT 316.77 557.10 Td (applied. ) Tj ET Q q 0 0 0 rg BT 352.60 557.10 Td (The ) Tj ET Q q 0 0 0 rg BT 372.34 557.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 402.08 557.10 Td (is ) Tj ET Q q 0 0 0 rg BT 412.94 557.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 453.23 557.10 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 499.08 557.10 Td (the ) Tj ET Q q 0 0 0 rg BT 515.49 557.10 Td (method ) Tj ET Q q 0 0 0 rg BT 549.67 557.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 545.10 Td (implementation ) Tj ET Q q 0 0 0 rg BT 119.26 545.10 Td (and ) Tj ET Q q 0 0 0 rg BT 136.20 545.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 165.91 545.10 Td (of ) Tj ET Q q 0 0 0 rg BT 176.74 545.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 214.24 545.10 Td (on ) Tj ET Q q 0 0 0 rg BT 226.74 545.10 Td (its ) Tj ET Q q 0 0 0 rg BT 238.69 545.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 293.96 545.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 333.67 545.10 Td (Statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 521.10 Td (In January 2016, the IASB issued amendments to IAS 12 - Income ) Tj ET Q q 0 0 0 rg BT 359.50 521.10 Td (T) Tj ET Q q 0 0 0 rg BT 364.91 521.10 Td (axes. ) Tj ET Q q 0 0 0 rg BT 387.50 521.10 Td (The amendments clarify how to account ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 509.10 Td (for deferred tax assets related to debt instruments measured at fair value. Specifically) Tj ET Q q 0 0 0 rg BT 394.05 509.10 Td (, the amendments clarify the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 497.10 Td (requirements on recognition of deferred tax assets for unrealized losses in order to address diversity in practice. ) Tj ET Q q 0 0 0 rg BT 502.00 497.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 485.10 Td (amendments are ef) Tj ET Q q 0 0 0 rg BT 129.34 485.10 Td (fective for annual periods beginning on or after January 1, 2017 with early application permitted. ) Tj ET Q q 0 0 0 rg BT 519.86 485.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 473.10 Td (Group is currently evaluating the method of implementation and impact of adoption on its Consolidated Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 461.10 Td (Statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 441.10 Td (In January 2016, the IASB issued amendments to IAS 7 - Statement of Cash Flows, which will require companies to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 429.10 Td (provide information about changes in their financing liabilities. ) Tj ET Q q 0 0 0 rg BT 309.59 429.10 Td (The amendments are aimed at improving disclosures so that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 417.10 Td (users of financial statements are better able to understand the changes in a company) Tj ET Q q 0 0 0 rg BT 391.93 417.10 Td (s debt, including changes from cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 405.10 Td (flows and non-cash changes. ) Tj ET Q q 0 0 0 rg BT 171.29 405.10 Td (The amendments are ef) Tj ET Q q 0 0 0 rg BT 264.67 405.10 Td (fective for annual periods beginning on or after January 1, 2017 with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 393.10 Td (early application permitted. ) Tj ET Q q 0 0 0 rg BT 166.55 393.10 Td (The Group is currently evaluating the method of implementation and impact of adoption on its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 381.10 Td (Consolidated Financial Statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 337.10 Td (Basis ) Tj ET Q q 0 0 0 rg BT 78.73 337.10 Td (of ) Tj ET Q q 0 0 0 rg BT 89.56 337.10 Td (consolidation ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 313.10 Td (Subsidiaries ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 289.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 289.10 Td (Subsidiaries ) Tj ET Q q 0 0 0 rg BT 141.85 289.10 Td (are ) Tj ET Q q 0 0 0 rg BT 157.03 289.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 188.88 289.10 Td (over ) Tj ET Q q 0 0 0 rg BT 209.62 289.10 Td (which ) Tj ET Q q 0 0 0 rg BT 237.02 289.10 Td (the ) Tj ET Q q 0 0 0 rg BT 252.21 289.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 280.73 289.10 Td (has ) Tj ET Q q 0 0 0 rg BT 297.02 289.10 Td (control. ) Tj ET Q q 0 0 0 rg BT 330.82 289.10 Td (Control ) Tj ET Q q 0 0 0 rg BT 364.34 289.10 Td (is ) Tj ET Q q 0 0 0 rg BT 373.98 289.10 Td (achieved ) Tj ET Q q 0 0 0 rg BT 412.48 289.10 Td (when ) Tj ET Q q 0 0 0 rg BT 437.11 289.10 Td (the ) Tj ET Q q 0 0 0 rg BT 452.29 289.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 480.81 289.10 Td (has ) Tj ET Q q 0 0 0 rg BT 497.11 289.10 Td (power ) Tj ET Q q 0 0 0 rg BT 525.07 289.10 Td (over ) Tj ET Q q 0 0 0 rg BT 545.80 289.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 277.10 Td (investee, ) Tj ET Q q 0 0 0 rg BT 91.98 277.10 Td (when ) Tj ET Q q 0 0 0 rg BT 116.35 277.10 Td (it ) Tj ET Q q 0 0 0 rg BT 124.62 277.10 Td (is ) Tj ET Q q 0 0 0 rg BT 134.00 277.10 Td (exposed ) Tj ET Q q 0 0 0 rg BT 169.48 277.10 Td (to, ) Tj ET Q q 0 0 0 rg BT 182.47 277.10 Td (or ) Tj ET Q q 0 0 0 rg BT 193.51 277.10 Td (has ) Tj ET Q q 0 0 0 rg BT 209.56 277.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 235.05 277.10 Td (to, ) Tj ET Q q 0 0 0 rg BT 248.04 277.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 282.95 277.10 Td (returns ) Tj ET Q q 0 0 0 rg BT 313.43 277.10 Td (from ) Tj ET Q q 0 0 0 rg BT 335.58 277.10 Td (its ) Tj ET Q q 0 0 0 rg BT 347.75 277.10 Td (involvement ) Tj ET Q q 0 0 0 rg BT 400.45 277.10 Td (with ) Tj ET Q q 0 0 0 rg BT 420.94 277.10 Td (the ) Tj ET Q q 0 0 0 rg BT 435.87 277.10 Td (investee, ) Tj ET Q q 0 0 0 rg BT 473.84 277.10 Td (and ) Tj ET Q q 0 0 0 rg BT 490.99 277.10 Td (has ) Tj ET Q q 0 0 0 rg BT 507.04 277.10 Td (the ) Tj ET Q q 0 0 0 rg BT 521.97 277.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 550.23 277.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 265.10 Td (use ) Tj ET Q q 0 0 0 rg BT 69.37 265.10 Td (its ) Tj ET Q q 0 0 0 rg BT 80.85 265.10 Td (power ) Tj ET Q q 0 0 0 rg BT 107.88 265.10 Td (over ) Tj ET Q q 0 0 0 rg BT 127.68 265.10 Td (the ) Tj ET Q q 0 0 0 rg BT 141.93 265.10 Td (investee ) Tj ET Q q 0 0 0 rg BT 176.73 265.10 Td (to ) Tj ET Q q 0 0 0 rg BT 186.55 265.10 Td (af) Tj ET Q q 0 0 0 rg BT 194.14 265.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 211.16 265.10 Td (the ) Tj ET Q q 0 0 0 rg BT 225.41 265.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 257.44 265.10 Td (of ) Tj ET Q q 0 0 0 rg BT 267.81 265.10 Td (the ) Tj ET Q q 0 0 0 rg BT 282.06 265.10 Td (investor) Tj ET Q q 0 0 0 rg BT 314.65 265.10 Td () Tj ET Q q 0 0 0 rg BT 317.43 265.10 Td (s ) Tj ET Q q 0 0 0 rg BT 323.36 265.10 Td (returns. ) Tj ET Q q 0 0 0 rg BT 355.66 265.10 Td (Subsidiaries ) Tj ET Q q 0 0 0 rg BT 406.58 265.10 Td (are ) Tj ET Q q 0 0 0 rg BT 420.83 265.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 473.40 265.10 Td (on ) Tj ET Q q 0 0 0 rg BT 485.44 265.10 Td (a ) Tj ET Q q 0 0 0 rg BT 491.92 265.10 Td (line ) Tj ET Q q 0 0 0 rg BT 508.95 265.10 Td (by ) Tj ET Q q 0 0 0 rg BT 520.98 265.10 Td (line ) Tj ET Q q 0 0 0 rg BT 538.01 265.10 Td (basis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 253.10 Td (from ) Tj ET Q q 0 0 0 rg BT 76.49 253.10 Td (the ) Tj ET Q q 0 0 0 rg BT 91.76 253.10 Td (date ) Tj ET Q q 0 0 0 rg BT 111.47 253.10 Td (on ) Tj ET Q q 0 0 0 rg BT 124.52 253.10 Td (which ) Tj ET Q q 0 0 0 rg BT 152.02 253.10 Td (the ) Tj ET Q q 0 0 0 rg BT 167.29 253.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 195.89 253.10 Td (achieves ) Tj ET Q q 0 0 0 rg BT 233.37 253.10 Td (control. ) Tj ET Q q 0 0 0 rg BT 267.02 253.10 Td (The ) Tj ET Q q 0 0 0 rg BT 285.63 253.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 314.23 253.10 Td (reassesses ) Tj ET Q q 0 0 0 rg BT 357.83 253.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 393.09 253.10 Td (or ) Tj ET Q q 0 0 0 rg BT 404.47 253.10 Td (not ) Tj ET Q q 0 0 0 rg BT 420.30 253.10 Td (it ) Tj ET Q q 0 0 0 rg BT 428.91 253.10 Td (controls ) Tj ET Q q 0 0 0 rg BT 464.18 253.10 Td (an ) Tj ET Q q 0 0 0 rg BT 476.67 253.10 Td (investee ) Tj ET Q q 0 0 0 rg BT 512.49 253.10 Td (if ) Tj ET Q q 0 0 0 rg BT 521.65 253.10 Td (facts ) Tj ET Q q 0 0 0 rg BT 543.58 253.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 241.10 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 113.14 241.10 Td (indicate ) Tj ET Q q 0 0 0 rg BT 147.29 241.10 Td (that ) Tj ET Q q 0 0 0 rg BT 164.79 241.10 Td (there ) Tj ET Q q 0 0 0 rg BT 187.27 241.10 Td (are ) Tj ET Q q 0 0 0 rg BT 201.98 241.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 236.69 241.10 Td (to ) Tj ET Q q 0 0 0 rg BT 246.96 241.10 Td (one ) Tj ET Q q 0 0 0 rg BT 263.90 241.10 Td (or ) Tj ET Q q 0 0 0 rg BT 274.73 241.10 Td (more ) Tj ET Q q 0 0 0 rg BT 297.78 241.10 Td (of ) Tj ET Q q 0 0 0 rg BT 308.61 241.10 Td (the ) Tj ET Q q 0 0 0 rg BT 323.33 241.10 Td (three ) Tj ET Q q 0 0 0 rg BT 345.81 241.10 Td (elements ) Tj ET Q q 0 0 0 rg BT 383.85 241.10 Td (of ) Tj ET Q q 0 0 0 rg BT 394.68 241.10 Td (control ) Tj ET Q q 0 0 0 rg BT 425.51 241.10 Td (listed ) Tj ET Q q 0 0 0 rg BT 449.67 241.10 Td (above. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 217.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 217.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.77 217.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 137.55 217.10 Td (recognizes ) Tj ET Q q 0 0 0 rg BT 183.52 217.10 Td (any ) Tj ET Q q 0 0 0 rg BT 201.19 217.10 Td (non-controlling ) Tj ET Q q 0 0 0 rg BT 266.62 217.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 303.17 217.10 Td (\("NCI"\) ) Tj ET Q q 0 0 0 rg BT 338.44 217.10 Td (in ) Tj ET Q q 0 0 0 rg BT 349.45 217.10 Td (the ) Tj ET Q q 0 0 0 rg BT 364.89 217.10 Td (acquiree ) Tj ET Q q 0 0 0 rg BT 401.97 217.10 Td (on ) Tj ET Q q 0 0 0 rg BT 415.20 217.10 Td (an ) Tj ET Q q 0 0 0 rg BT 427.86 217.10 Td (acquisition-by-acquisition ) Tj ET Q q 0 0 0 rg BT 535.51 217.10 Td (basis, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 205.10 Td (either ) Tj ET Q q 0 0 0 rg BT 79.31 205.10 Td (at ) Tj ET Q q 0 0 0 rg BT 89.07 205.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 105.49 205.10 Td (value ) Tj ET Q q 0 0 0 rg BT 129.69 205.10 Td (or ) Tj ET Q q 0 0 0 rg BT 140.57 205.10 Td (at ) Tj ET Q q 0 0 0 rg BT 150.33 205.10 Td (the ) Tj ET Q q 0 0 0 rg BT 165.09 205.10 Td (non-controlling ) Tj ET Q q 0 0 0 rg BT 229.85 205.10 Td (interest) Tj ET Q q 0 0 0 rg BT 262.06 205.10 Td (s ) Tj ET Q q 0 0 0 rg BT 268.50 205.10 Td (share ) Tj ET Q q 0 0 0 rg BT 292.14 205.10 Td (of ) Tj ET Q q 0 0 0 rg BT 303.02 205.10 Td (the ) Tj ET Q q 0 0 0 rg BT 317.78 205.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 364.19 205.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 400.62 205.10 Td (of ) Tj ET Q q 0 0 0 rg BT 411.50 205.10 Td (the ) Tj ET Q q 0 0 0 rg BT 426.26 205.10 Td (acquiree) Tj ET Q q 0 0 0 rg BT 462.90 205.10 Td (s ) Tj ET Q q 0 0 0 rg BT 469.34 205.10 Td (identifiable ) Tj ET Q q 0 0 0 rg BT 517.42 205.10 Td (net ) Tj ET Q q 0 0 0 rg BT 532.18 205.10 Td (assets. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 193.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 71.20 193.10 Td (profit ) Tj ET Q q 0 0 0 rg BT 96.18 193.10 Td (or ) Tj ET Q q 0 0 0 rg BT 107.28 193.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 125.60 193.10 Td (and ) Tj ET Q q 0 0 0 rg BT 142.80 193.10 Td (each ) Tj ET Q q 0 0 0 rg BT 163.88 193.10 Td (component ) Tj ET Q q 0 0 0 rg BT 211.08 193.10 Td (of ) Tj ET Q q 0 0 0 rg BT 222.17 193.10 Td (other ) Tj ET Q q 0 0 0 rg BT 245.48 193.10 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 308.78 193.10 Td (income/\(loss\) ) Tj ET Q q 0 0 0 rg BT 365.98 193.10 Td (are ) Tj ET Q q 0 0 0 rg BT 380.95 193.10 Td (attributed ) Tj ET Q q 0 0 0 rg BT 422.03 193.10 Td (to ) Tj ET Q q 0 0 0 rg BT 432.57 193.10 Td (the ) Tj ET Q q 0 0 0 rg BT 447.55 193.10 Td (owners ) Tj ET Q q 0 0 0 rg BT 479.20 193.10 Td (of ) Tj ET Q q 0 0 0 rg BT 490.29 193.10 Td (the ) Tj ET Q q 0 0 0 rg BT 505.27 193.10 Td (parent ) Tj ET Q q 0 0 0 rg BT 533.02 193.10 Td (and ) Tj ET Q q 0 0 0 rg BT 550.23 193.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 181.10 Td (the ) Tj ET Q q 0 0 0 rg BT 68.65 181.10 Td (non-controlling ) Tj ET Q q 0 0 0 rg BT 133.30 181.10 Td (interests. ) Tj ET Q q 0 0 0 rg BT 171.38 181.10 Td (T) Tj ET Q q 0 0 0 rg BT 176.79 181.10 Td (otal ) Tj ET Q q 0 0 0 rg BT 194.23 181.10 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 257.19 181.10 Td (income/\(loss\) ) Tj ET Q q 0 0 0 rg BT 314.06 181.10 Td (of ) Tj ET Q q 0 0 0 rg BT 324.83 181.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 374.48 181.10 Td (is ) Tj ET Q q 0 0 0 rg BT 383.59 181.10 Td (attributed ) Tj ET Q q 0 0 0 rg BT 424.34 181.10 Td (to ) Tj ET Q q 0 0 0 rg BT 434.56 181.10 Td (owners ) Tj ET Q q 0 0 0 rg BT 465.87 181.10 Td (of ) Tj ET Q q 0 0 0 rg BT 476.64 181.10 Td (the ) Tj ET Q q 0 0 0 rg BT 491.29 181.10 Td (parent ) Tj ET Q q 0 0 0 rg BT 518.71 181.10 Td (and ) Tj ET Q q 0 0 0 rg BT 535.59 181.10 Td (to ) Tj ET Q q 0 0 0 rg BT 545.80 181.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 169.10 Td (non-controlling ) Tj ET Q q 0 0 0 rg BT 118.71 169.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 154.54 169.10 Td (even ) Tj ET Q q 0 0 0 rg BT 175.91 169.10 Td (if ) Tj ET Q q 0 0 0 rg BT 184.52 169.10 Td (this ) Tj ET Q q 0 0 0 rg BT 201.47 169.10 Td (results ) Tj ET Q q 0 0 0 rg BT 230.08 169.10 Td (in ) Tj ET Q q 0 0 0 rg BT 240.36 169.10 Td (the ) Tj ET Q q 0 0 0 rg BT 255.07 169.10 Td (non-controlling ) Tj ET Q q 0 0 0 rg BT 319.79 169.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 355.61 169.10 Td (having ) Tj ET Q q 0 0 0 rg BT 385.33 169.10 Td (a ) Tj ET Q q 0 0 0 rg BT 392.27 169.10 Td (deficit ) Tj ET Q q 0 0 0 rg BT 420.31 169.10 Td (balance. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 145.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 145.10 Td (All ) Tj ET Q q 0 0 0 rg BT 106.34 145.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 152.10 145.10 Td (intra-group ) Tj ET Q q 0 0 0 rg BT 200.65 145.10 Td (balances ) Tj ET Q q 0 0 0 rg BT 238.63 145.10 Td (and ) Tj ET Q q 0 0 0 rg BT 256.62 145.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 307.94 145.10 Td (and ) Tj ET Q q 0 0 0 rg BT 325.94 145.10 Td (any ) Tj ET Q q 0 0 0 rg BT 343.94 145.10 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 389.13 145.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 413.80 145.10 Td (and ) Tj ET Q q 0 0 0 rg BT 431.79 145.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 459.24 145.10 Td (arising ) Tj ET Q q 0 0 0 rg BT 490.02 145.10 Td (from ) Tj ET Q q 0 0 0 rg BT 513.01 145.10 Td (intra-group ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 133.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 104.26 133.10 Td (are ) Tj ET Q q 0 0 0 rg BT 118.97 133.10 Td (eliminated ) Tj ET Q q 0 0 0 rg BT 163.68 133.10 Td (in ) Tj ET Q q 0 0 0 rg BT 173.96 133.10 Td (preparing ) Tj ET Q q 0 0 0 rg BT 214.77 133.10 Td (the ) Tj ET Q q 0 0 0 rg BT 229.49 133.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 284.76 133.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 324.47 133.10 Td (Statements.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 109.10 Td (Interests ) Tj ET Q q 0 0 0 rg BT 92.06 109.10 Td (in ) Tj ET Q q 0 0 0 rg BT 102.90 109.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 124.30 109.10 Td (operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 85.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 85.10 Td (A) Tj ET Q q 0 0 0 rg BT 96.67 85.10 Td ( ) Tj ET Q q 0 0 0 rg BT 99.41 85.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 120.48 85.10 Td (operation ) Tj ET Q q 0 0 0 rg BT 160.99 85.10 Td (is ) Tj ET Q q 0 0 0 rg BT 170.40 85.10 Td (a ) Tj ET Q q 0 0 0 rg BT 177.57 85.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 198.65 85.10 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 251.36 85.10 Td (whereby ) Tj ET Q q 0 0 0 rg BT 288.53 85.10 Td (the ) Tj ET Q q 0 0 0 rg BT 303.48 85.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 332.88 85.10 Td (that ) Tj ET Q q 0 0 0 rg BT 350.61 85.10 Td (have ) Tj ET Q q 0 0 0 rg BT 372.23 85.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 393.30 85.10 Td (control ) Tj ET Q q 0 0 0 rg BT 424.37 85.10 Td (of ) Tj ET Q q 0 0 0 rg BT 435.43 85.10 Td (the ) Tj ET Q q 0 0 0 rg BT 450.39 85.10 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 503.10 85.10 Td (have ) Tj ET Q q 0 0 0 rg BT 524.72 85.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 550.23 85.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 73.10 Td (the ) Tj ET Q q 0 0 0 rg BT 69.53 73.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 96.18 73.10 Td (and ) Tj ET Q q 0 0 0 rg BT 113.94 73.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 161.70 73.10 Td (for ) Tj ET Q q 0 0 0 rg BT 176.67 73.10 Td (the ) Tj ET Q q 0 0 0 rg BT 192.21 73.10 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 235.24 73.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 269.10 73.10 Td (to ) Tj ET Q q 0 0 0 rg BT 280.19 73.10 Td (the ) Tj ET Q q 0 0 0 rg BT 295.73 73.10 Td (arrangement. ) Tj ET Q q 0 0 0 rg BT 351.52 73.10 Td (Joint ) Tj ET Q q 0 0 0 rg BT 374.28 73.10 Td (control ) Tj ET Q q 0 0 0 rg BT 405.92 73.10 Td (is ) Tj ET Q q 0 0 0 rg BT 415.91 73.10 Td (the ) Tj ET Q q 0 0 0 rg BT 431.44 73.10 Td (contractually ) Tj ET Q q 0 0 0 rg BT 486.96 73.10 Td (agreed ) Tj ET Q q 0 0 0 rg BT 516.92 73.10 Td (sharing ) Tj ET Q q 0 0 0 rg BT 549.68 73.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 61.10 Td (control ) Tj ET Q q 0 0 0 rg BT 84.73 61.10 Td (of ) Tj ET Q q 0 0 0 rg BT 95.47 61.10 Td (an ) Tj ET Q q 0 0 0 rg BT 107.32 61.10 Td (arrangement, ) Tj ET Q q 0 0 0 rg BT 162.19 61.10 Td (which ) Tj ET Q q 0 0 0 rg BT 189.04 61.10 Td (exists ) Tj ET Q q 0 0 0 rg BT 214.22 61.10 Td (only ) Tj ET Q q 0 0 0 rg BT 234.41 61.10 Td (when ) Tj ET Q q 0 0 0 rg BT 258.48 61.10 Td (decisions ) Tj ET Q q 0 0 0 rg BT 298.10 61.10 Td (about ) Tj ET Q q 0 0 0 rg BT 322.73 61.10 Td (the ) Tj ET Q q 0 0 0 rg BT 337.35 61.10 Td (relevant ) Tj ET Q q 0 0 0 rg BT 371.96 61.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 410.46 61.10 Td (require ) Tj ET Q q 0 0 0 rg BT 441.19 61.10 Td (the ) Tj ET Q q 0 0 0 rg BT 455.81 61.10 Td (unanimous ) Tj ET Q q 0 0 0 rg BT 502.11 61.10 Td (consent ) Tj ET Q q 0 0 0 rg BT 535.06 61.10 Td (of ) Tj ET Q q 0 0 0 rg BT 545.80 61.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 49.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 83.16 49.10 Td (sharing ) Tj ET Q q 0 0 0 rg BT 115.09 49.10 Td (control. ) Tj ET Q endstream endobj 327 0 obj <> endobj 328 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 760.75 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 760.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.60 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 199.82 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 206.31 748.75 Td (O ) Tj ET Q q 0 0 0 rg BT 216.41 748.75 Td (THE CONSOLIDA) Tj ET Q q 0 0 0 rg BT 299.85 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 379.03 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 393.02 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 399.50 748.75 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.60 736.75 Td (At December) Tj ET Q q 0 0 0 rg BT 294.78 736.75 Td (31, 2015 and 2014) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 294.65 32.20 Td (F-14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 713.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 713.10 Td (When ) Tj ET Q q 0 0 0 rg BT 117.25 713.10 Td (the ) Tj ET Q q 0 0 0 rg BT 132.83 713.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 161.75 713.10 Td (undertakes ) Tj ET Q q 0 0 0 rg BT 208.43 713.10 Td (its ) Tj ET Q q 0 0 0 rg BT 221.25 713.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 260.72 713.10 Td (under ) Tj ET Q q 0 0 0 rg BT 286.85 713.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 308.56 713.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 356.08 713.10 Td (it ) Tj ET Q q 0 0 0 rg BT 365.00 713.10 Td (recognizes ) Tj ET Q q 0 0 0 rg BT 411.13 713.10 Td (in ) Tj ET Q q 0 0 0 rg BT 422.27 713.10 Td (relation ) Tj ET Q q 0 0 0 rg BT 456.18 713.10 Td (to ) Tj ET Q q 0 0 0 rg BT 467.33 713.10 Td (its ) Tj ET Q q 0 0 0 rg BT 480.15 713.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 512.95 713.10 Td (in ) Tj ET Q q 0 0 0 rg BT 524.09 713.10 Td (the ) Tj ET Q q 0 0 0 rg BT 539.68 713.10 Td (joint ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 701.10 Td (operation: ) Tj ET Q q 0 0 0 rg BT 96.18 701.10 Td (\(i\)its ) Tj ET Q q 0 0 0 rg BT 119.21 701.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 146.68 701.10 Td (including ) Tj ET Q q 0 0 0 rg BT 186.09 701.10 Td (its ) Tj ET Q q 0 0 0 rg BT 197.18 701.10 Td (share ) Tj ET Q q 0 0 0 rg BT 219.92 701.10 Td (of ) Tj ET Q q 0 0 0 rg BT 229.89 701.10 Td (any ) Tj ET Q q 0 0 0 rg BT 245.96 701.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 270.93 701.10 Td (held ) Tj ET Q q 0 0 0 rg BT 289.79 701.10 Td (jointly) Tj ET Q q 0 0 0 rg BT 315.25 701.10 Td (, ) Tj ET Q q 0 0 0 rg BT 319.39 701.10 Td (\(ii\)its ) Tj ET Q q 0 0 0 rg BT 345.20 701.10 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 386.56 701.10 Td (including ) Tj ET Q q 0 0 0 rg BT 425.97 701.10 Td (its ) Tj ET Q q 0 0 0 rg BT 437.06 701.10 Td (share ) Tj ET Q q 0 0 0 rg BT 459.79 701.10 Td (of ) Tj ET Q q 0 0 0 rg BT 469.76 701.10 Td (any ) Tj ET Q q 0 0 0 rg BT 485.84 701.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 524.70 701.10 Td (incurred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 689.10 Td (jointly) Tj ET Q q 0 0 0 rg BT 79.46 689.10 Td (, ) Tj ET Q q 0 0 0 rg BT 84.18 689.10 Td (\(iii\)its ) Tj ET Q q 0 0 0 rg BT 113.33 689.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 147.19 689.10 Td (from ) Tj ET Q q 0 0 0 rg BT 168.84 689.10 Td (the ) Tj ET Q q 0 0 0 rg BT 183.27 689.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 201.04 689.10 Td (of ) Tj ET Q q 0 0 0 rg BT 211.58 689.10 Td (its ) Tj ET Q q 0 0 0 rg BT 223.24 689.10 Td (share ) Tj ET Q q 0 0 0 rg BT 246.55 689.10 Td (of ) Tj ET Q q 0 0 0 rg BT 257.10 689.10 Td (the ) Tj ET Q q 0 0 0 rg BT 271.53 689.10 Td (output ) Tj ET Q q 0 0 0 rg BT 299.30 689.10 Td (arising ) Tj ET Q q 0 0 0 rg BT 328.73 689.10 Td (from ) Tj ET Q q 0 0 0 rg BT 350.38 689.10 Td (the ) Tj ET Q q 0 0 0 rg BT 364.81 689.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 385.36 689.10 Td (operation, ) Tj ET Q q 0 0 0 rg BT 427.83 689.10 Td (\(iv\)its ) Tj ET Q q 0 0 0 rg BT 456.43 689.10 Td (share ) Tj ET Q q 0 0 0 rg BT 479.75 689.10 Td (of ) Tj ET Q q 0 0 0 rg BT 490.29 689.10 Td (the ) Tj ET Q q 0 0 0 rg BT 504.72 689.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 538.58 689.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 677.10 Td (the ) Tj ET Q q 0 0 0 rg BT 68.72 677.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 86.76 677.10 Td (of ) Tj ET Q q 0 0 0 rg BT 97.59 677.10 Td (the ) Tj ET Q q 0 0 0 rg BT 112.31 677.10 Td (output ) Tj ET Q q 0 0 0 rg BT 140.37 677.10 Td (by ) Tj ET Q q 0 0 0 rg BT 152.87 677.10 Td (the ) Tj ET Q q 0 0 0 rg BT 167.58 677.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 188.42 677.10 Td (operation, ) Tj ET Q q 0 0 0 rg BT 231.18 677.10 Td (and ) Tj ET Q q 0 0 0 rg BT 248.12 677.10 Td (\(v\)its ) Tj ET Q q 0 0 0 rg BT 274.23 677.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 315.33 677.10 Td (including ) Tj ET Q q 0 0 0 rg BT 355.60 677.10 Td (its ) Tj ET Q q 0 0 0 rg BT 367.55 677.10 Td (share ) Tj ET Q q 0 0 0 rg BT 391.15 677.10 Td (of ) Tj ET Q q 0 0 0 rg BT 401.98 677.10 Td (any ) Tj ET Q q 0 0 0 rg BT 418.92 677.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 457.52 677.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 493.33 677.10 Td (jointly) Tj ET Q q 0 0 0 rg BT 518.79 677.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 653.10 Td (Foreign ) Tj ET Q q 0 0 0 rg BT 89.84 653.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 129.00 653.10 Td (transactions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 629.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 629.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.19 629.10 Td (functional ) Tj ET Q q 0 0 0 rg BT 151.38 629.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 189.00 629.10 Td (of ) Tj ET Q q 0 0 0 rg BT 199.98 629.10 Td (the ) Tj ET Q q 0 0 0 rg BT 214.84 629.10 Td (Group) Tj ET Q q 0 0 0 rg BT 243.17 629.10 Td (s ) Tj ET Q q 0 0 0 rg BT 249.71 629.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 281.23 629.10 Td (is ) Tj ET Q q 0 0 0 rg BT 290.55 629.10 Td (the ) Tj ET Q q 0 0 0 rg BT 305.41 629.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 343.03 629.10 Td (of ) Tj ET Q q 0 0 0 rg BT 354.01 629.10 Td (their ) Tj ET Q q 0 0 0 rg BT 374.98 629.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 409.28 629.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 450.80 629.10 Td (environment. ) Tj ET Q q 0 0 0 rg BT 506.48 629.10 Td (In ) Tj ET Q q 0 0 0 rg BT 517.46 629.10 Td (individual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 617.10 Td (companies, ) Tj ET Q q 0 0 0 rg BT 101.01 617.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 150.52 617.10 Td (in ) Tj ET Q q 0 0 0 rg BT 160.05 617.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 190.67 617.10 Td (currencies ) Tj ET Q q 0 0 0 rg BT 233.51 617.10 Td (are ) Tj ET Q q 0 0 0 rg BT 247.46 617.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 284.19 617.10 Td (at ) Tj ET Q q 0 0 0 rg BT 293.15 617.10 Td (the ) Tj ET Q q 0 0 0 rg BT 307.12 617.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 346.62 617.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 363.35 617.10 Td (prevailing ) Tj ET Q q 0 0 0 rg BT 405.64 617.10 Td (at ) Tj ET Q q 0 0 0 rg BT 414.61 617.10 Td (the ) Tj ET Q q 0 0 0 rg BT 428.57 617.10 Td (date ) Tj ET Q q 0 0 0 rg BT 446.97 617.10 Td (of ) Tj ET Q q 0 0 0 rg BT 457.05 617.10 Td (the ) Tj ET Q q 0 0 0 rg BT 471.02 617.10 Td (transaction. ) Tj ET Q q 0 0 0 rg BT 519.14 617.10 Td (Monetary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 605.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 79.57 605.10 Td (and ) Tj ET Q q 0 0 0 rg BT 96.25 605.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 135.71 605.10 Td (denominated ) Tj ET Q q 0 0 0 rg BT 189.60 605.10 Td (in ) Tj ET Q q 0 0 0 rg BT 199.62 605.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 230.74 605.10 Td (currencies ) Tj ET Q q 0 0 0 rg BT 274.06 605.10 Td (at ) Tj ET Q q 0 0 0 rg BT 283.52 605.10 Td (the ) Tj ET Q q 0 0 0 rg BT 297.98 605.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 330.75 605.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 353.54 605.10 Td (date ) Tj ET Q q 0 0 0 rg BT 372.44 605.10 Td (are ) Tj ET Q q 0 0 0 rg BT 386.89 605.10 Td (translated ) Tj ET Q q 0 0 0 rg BT 428.00 605.10 Td (at ) Tj ET Q q 0 0 0 rg BT 437.46 605.10 Td (the ) Tj ET Q q 0 0 0 rg BT 451.92 605.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 483.03 605.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 520.25 605.10 Td (exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 593.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 71.28 593.10 Td (prevailing ) Tj ET Q q 0 0 0 rg BT 114.11 593.10 Td (at ) Tj ET Q q 0 0 0 rg BT 123.62 593.10 Td (that ) Tj ET Q q 0 0 0 rg BT 140.91 593.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 162.35 593.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 204.07 593.10 Td (dif) Tj ET Q q 0 0 0 rg BT 215.00 593.10 Td (ferences ) Tj ET Q q 0 0 0 rg BT 250.59 593.10 Td (arising ) Tj ET Q q 0 0 0 rg BT 280.10 593.10 Td (on ) Tj ET Q q 0 0 0 rg BT 292.39 593.10 Td (the ) Tj ET Q q 0 0 0 rg BT 306.90 593.10 Td (settlement ) Tj ET Q q 0 0 0 rg BT 350.29 593.10 Td (of ) Tj ET Q q 0 0 0 rg BT 360.91 593.10 Td (monetary ) Tj ET Q q 0 0 0 rg BT 400.97 593.10 Td (items ) Tj ET Q q 0 0 0 rg BT 424.92 593.10 Td (or ) Tj ET Q q 0 0 0 rg BT 435.55 593.10 Td (on ) Tj ET Q q 0 0 0 rg BT 447.84 593.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 486.78 593.10 Td (monetary ) Tj ET Q q 0 0 0 rg BT 526.84 593.10 Td (items ) Tj ET Q q 0 0 0 rg BT 550.80 593.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 581.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 74.23 581.10 Td (dif) Tj ET Q q 0 0 0 rg BT 85.16 581.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 109.83 581.10 Td (from ) Tj ET Q q 0 0 0 rg BT 130.63 581.10 Td (those ) Tj ET Q q 0 0 0 rg BT 153.09 581.10 Td (at ) Tj ET Q q 0 0 0 rg BT 161.67 581.10 Td (which ) Tj ET Q q 0 0 0 rg BT 187.46 581.10 Td (they ) Tj ET Q q 0 0 0 rg BT 206.03 581.10 Td (were ) Tj ET Q q 0 0 0 rg BT 226.82 581.10 Td (initially ) Tj ET Q q 0 0 0 rg BT 259.28 581.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 295.62 581.10 Td (during ) Tj ET Q q 0 0 0 rg BT 323.08 581.10 Td (the ) Tj ET Q q 0 0 0 rg BT 336.65 581.10 Td (period ) Tj ET Q q 0 0 0 rg BT 363.56 581.10 Td (or ) Tj ET Q q 0 0 0 rg BT 373.24 581.10 Td (in ) Tj ET Q q 0 0 0 rg BT 382.38 581.10 Td (previous ) Tj ET Q q 0 0 0 rg BT 418.17 581.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 454.51 581.10 Td (statements, ) Tj ET Q q 0 0 0 rg BT 500.58 581.10 Td (are ) Tj ET Q q 0 0 0 rg BT 514.14 581.10 Td (recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 569.10 Td (in ) Tj ET Q q 0 0 0 rg BT 64.28 569.10 Td (the ) Tj ET Q q 0 0 0 rg BT 79.00 569.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 132.04 569.10 Td (income ) Tj ET Q q 0 0 0 rg BT 163.97 569.10 Td (statement.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 545.10 Td (Consolidation ) Tj ET Q q 0 0 0 rg BT 114.30 545.10 Td (of ) Tj ET Q q 0 0 0 rg BT 125.13 545.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 157.63 545.10 Td (entities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 521.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 521.10 Td (All ) Tj ET Q q 0 0 0 rg BT 104.63 521.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 129.81 521.10 Td (and ) Tj ET Q q 0 0 0 rg BT 146.11 521.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 185.18 521.10 Td (of ) Tj ET Q q 0 0 0 rg BT 195.36 521.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 226.09 521.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 278.48 521.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 323.10 521.10 Td (with ) Tj ET Q q 0 0 0 rg BT 342.73 521.10 Td (a ) Tj ET Q q 0 0 0 rg BT 349.02 521.10 Td (functional ) Tj ET Q q 0 0 0 rg BT 391.42 521.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 428.25 521.10 Td (other ) Tj ET Q q 0 0 0 rg BT 450.65 521.10 Td (than ) Tj ET Q q 0 0 0 rg BT 469.72 521.10 Td (the ) Tj ET Q q 0 0 0 rg BT 483.79 521.10 Td (Euro ) Tj ET Q q 0 0 0 rg BT 505.08 521.10 Td (are ) Tj ET Q q 0 0 0 rg BT 519.14 521.10 Td (translated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 509.10 Td (using ) Tj ET Q q 0 0 0 rg BT 78.39 509.10 Td (the ) Tj ET Q q 0 0 0 rg BT 93.32 509.10 Td (closing ) Tj ET Q q 0 0 0 rg BT 124.93 509.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 146.53 509.10 Td (at ) Tj ET Q q 0 0 0 rg BT 156.46 509.10 Td (the ) Tj ET Q q 0 0 0 rg BT 171.40 509.10 Td (date ) Tj ET Q q 0 0 0 rg BT 190.77 509.10 Td (of ) Tj ET Q q 0 0 0 rg BT 201.82 509.10 Td (the ) Tj ET Q q 0 0 0 rg BT 216.75 509.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 270.02 509.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 311.05 509.10 Td (of ) Tj ET Q q 0 0 0 rg BT 322.10 509.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 359.80 509.10 Td (position. ) Tj ET Q q 0 0 0 rg BT 397.25 509.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 429.95 509.10 Td (and ) Tj ET Q q 0 0 0 rg BT 447.11 509.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 485.93 509.10 Td (are ) Tj ET Q q 0 0 0 rg BT 500.85 509.10 Td (translated ) Tj ET Q q 0 0 0 rg BT 542.44 509.10 Td (into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 497.10 Td (Euro ) Tj ET Q q 0 0 0 rg BT 75.80 497.10 Td (at ) Tj ET Q q 0 0 0 rg BT 85.37 497.10 Td (the ) Tj ET Q q 0 0 0 rg BT 99.94 497.10 Td (average ) Tj ET Q q 0 0 0 rg BT 133.39 497.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 164.62 497.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 201.95 497.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 242.06 497.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 259.41 497.10 Td (for ) Tj ET Q q 0 0 0 rg BT 273.42 497.10 Td (the ) Tj ET Q q 0 0 0 rg BT 288.00 497.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 318.23 497.10 Td (T) Tj ET Q q 0 0 0 rg BT 323.99 497.10 Td (ranslation ) Tj ET Q q 0 0 0 rg BT 365.78 497.10 Td (dif) Tj ET Q q 0 0 0 rg BT 376.71 497.10 Td (ferences ) Tj ET Q q 0 0 0 rg BT 412.37 497.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 449.72 497.10 Td (from ) Tj ET Q q 0 0 0 rg BT 471.52 497.10 Td (the ) Tj ET Q q 0 0 0 rg BT 486.09 497.10 Td (application ) Tj ET Q q 0 0 0 rg BT 532.88 497.10 Td (of ) Tj ET Q q 0 0 0 rg BT 543.57 497.10 Td (this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 485.10 Td (method ) Tj ET Q q 0 0 0 rg BT 87.29 485.10 Td (are ) Tj ET Q q 0 0 0 rg BT 102.78 485.10 Td (classified ) Tj ET Q q 0 0 0 rg BT 143.84 485.10 Td (as ) Tj ET Q q 0 0 0 rg BT 155.46 485.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 193.72 485.10 Td (translation ) Tj ET Q q 0 0 0 rg BT 239.22 485.10 Td (dif) Tj ET Q q 0 0 0 rg BT 250.15 485.10 Td (ferences ) Tj ET Q q 0 0 0 rg BT 286.75 485.10 Td (within ) Tj ET Q q 0 0 0 rg BT 315.59 485.10 Td (other ) Tj ET Q q 0 0 0 rg BT 339.43 485.10 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 403.25 485.10 Td (income/\(loss\) ) Tj ET Q q 0 0 0 rg BT 460.98 485.10 Td (until ) Tj ET Q q 0 0 0 rg BT 482.60 485.10 Td (the ) Tj ET Q q 0 0 0 rg BT 498.11 485.10 Td (disposal ) Tj ET Q q 0 0 0 rg BT 534.18 485.10 Td (of ) Tj ET Q q 0 0 0 rg BT 545.80 485.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 473.10 Td (investment. ) Tj ET Q q 0 0 0 rg BT 102.39 473.10 Td (A) Tj ET Q q 0 0 0 rg BT 108.87 473.10 Td (verage ) Tj ET Q q 0 0 0 rg BT 138.09 473.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 169.54 473.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 207.09 473.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 247.42 473.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 268.87 473.10 Td (for ) Tj ET Q q 0 0 0 rg BT 283.10 473.10 Td (the ) Tj ET Q q 0 0 0 rg BT 297.90 473.10 Td (period ) Tj ET Q q 0 0 0 rg BT 326.02 473.10 Td (are ) Tj ET Q q 0 0 0 rg BT 340.80 473.10 Td (used ) Tj ET Q q 0 0 0 rg BT 361.70 473.10 Td (to ) Tj ET Q q 0 0 0 rg BT 372.06 473.10 Td (translate ) Tj ET Q q 0 0 0 rg BT 408.50 473.10 Td (the ) Tj ET Q q 0 0 0 rg BT 423.30 473.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 443.64 473.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 468.44 473.10 Td (of ) Tj ET Q q 0 0 0 rg BT 479.34 473.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 510.79 473.10 Td (subsidiaries ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 461.10 Td (in ) Tj ET Q q 0 0 0 rg BT 64.28 461.10 Td (preparing ) Tj ET Q q 0 0 0 rg BT 105.09 461.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.81 461.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 172.85 461.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 213.67 461.10 Td (of ) Tj ET Q q 0 0 0 rg BT 224.50 461.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 244.77 461.10 Td (flows. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 437.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 437.10 Td (Goodwill, ) Tj ET Q q 0 0 0 rg BT 133.36 437.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 159.77 437.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 197.27 437.10 Td (and ) Tj ET Q q 0 0 0 rg BT 214.79 437.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 255.08 437.10 Td (assumed ) Tj ET Q q 0 0 0 rg BT 292.60 437.10 Td (arising ) Tj ET Q q 0 0 0 rg BT 322.89 437.10 Td (from ) Tj ET Q q 0 0 0 rg BT 345.41 437.10 Td (the ) Tj ET Q q 0 0 0 rg BT 360.71 437.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 407.67 437.10 Td (of ) Tj ET Q q 0 0 0 rg BT 419.07 437.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 451.04 437.10 Td (with ) Tj ET Q q 0 0 0 rg BT 471.89 437.10 Td (a ) Tj ET Q q 0 0 0 rg BT 479.41 437.10 Td (functional ) Tj ET Q q 0 0 0 rg BT 523.03 437.10 Td (currency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 425.10 Td (other ) Tj ET Q q 0 0 0 rg BT 77.68 425.10 Td (than ) Tj ET Q q 0 0 0 rg BT 98.03 425.10 Td (the ) Tj ET Q q 0 0 0 rg BT 113.38 425.10 Td (Euro ) Tj ET Q q 0 0 0 rg BT 135.95 425.10 Td (are ) Tj ET Q q 0 0 0 rg BT 151.29 425.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 198.29 425.10 Td (in ) Tj ET Q q 0 0 0 rg BT 209.20 425.10 Td (the ) Tj ET Q q 0 0 0 rg BT 224.55 425.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 280.46 425.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 320.81 425.10 Td (Statements ) Tj ET Q q 0 0 0 rg BT 367.82 425.10 Td (in ) Tj ET Q q 0 0 0 rg BT 378.73 425.10 Td (the ) Tj ET Q q 0 0 0 rg BT 394.08 425.10 Td (functional ) Tj ET Q q 0 0 0 rg BT 437.76 425.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 475.87 425.10 Td (and ) Tj ET Q q 0 0 0 rg BT 493.44 425.10 Td (translated ) Tj ET Q q 0 0 0 rg BT 535.45 425.10 Td (at ) Tj ET Q q 0 0 0 rg BT 545.80 425.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 413.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 85.83 413.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 123.75 413.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 164.45 413.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 182.38 413.10 Td (at ) Tj ET Q q 0 0 0 rg BT 192.55 413.10 Td (the ) Tj ET Q q 0 0 0 rg BT 207.71 413.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 254.54 413.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 276.44 413.10 Td (These ) Tj ET Q q 0 0 0 rg BT 303.26 413.10 Td (balances ) Tj ET Q q 0 0 0 rg BT 340.63 413.10 Td (are ) Tj ET Q q 0 0 0 rg BT 355.79 413.10 Td (translated ) Tj ET Q q 0 0 0 rg BT 397.61 413.10 Td (at ) Tj ET Q q 0 0 0 rg BT 407.77 413.10 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 455.16 413.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 488.64 413.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 512.14 413.10 Td (dates ) Tj ET Q q 0 0 0 rg BT 535.63 413.10 Td (at ) Tj ET Q q 0 0 0 rg BT 545.80 413.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 401.10 Td (relevant ) Tj ET Q q 0 0 0 rg BT 88.70 401.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 120.08 401.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 157.55 401.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 197.81 401.10 Td (rate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 377.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 377.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.05 377.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 146.09 377.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 177.47 377.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 214.94 377.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 255.20 377.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 276.57 377.10 Td (used ) Tj ET Q q 0 0 0 rg BT 297.40 377.10 Td (to ) Tj ET Q q 0 0 0 rg BT 307.68 377.10 Td (translate ) Tj ET Q q 0 0 0 rg BT 344.05 377.10 Td (other ) Tj ET Q q 0 0 0 rg BT 367.10 377.10 Td (currencies ) Tj ET Q q 0 0 0 rg BT 410.68 377.10 Td (into ) Tj ET Q q 0 0 0 rg BT 428.74 377.10 Td (Euro ) Tj ET Q q 0 0 0 rg BT 450.68 377.10 Td (were ) Tj ET Q q 0 0 0 rg BT 472.61 377.10 Td (as ) Tj ET Q q 0 0 0 rg BT 483.44 377.10 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 326.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 132.50 326.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 192.50 326.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 326.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 326.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 326.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 326.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 326.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 326.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 326.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 326.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 326.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 298.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 132.50 298.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 192.50 298.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 298.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 298.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 298.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 298.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 298.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 298.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 298.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 298.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 298.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 270.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 132.50 270.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 192.50 270.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 270.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 270.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 270.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 270.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 270.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 270.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 270.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 270.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 270.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 242.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 132.50 242.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 192.50 242.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 242.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 242.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 242.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 242.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 242.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 242.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 242.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 242.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 242.60 75.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 132.5 340.6 m 192.5 340.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 192.5 340.6 m 196.5 340.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196.5 340.6 m 271.5 340.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 340.6 m 335.5 340.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 340.6 m 339.5 340.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 340.6 m 414.5 340.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 340.6 m 478.5 340.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 340.6 m 482.5 340.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 340.6 m 557.5 340.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 132.5 326.6 m 192.5 326.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196.5 326.6 m 271.5 326.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 326.6 m 335.5 326.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 326.6 m 414.5 326.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 326.6 m 478.5 326.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 326.6 m 557.5 326.6 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 192.50 345.05 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 335.50 345.05 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.50 345.05 Td (2013) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 146.30 331.05 Td (Average) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 201.45 331.05 Td (AtDecember31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 289.30 331.05 Td (Average) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 344.45 331.05 Td (AtDecember31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.30 331.05 Td (Average) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.45 331.05 Td (AtDecember31,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 317.06 Td (U.S. Dollar) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 164.25 317.06 Td (1.1094) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 243.25 317.06 Td (1.0887) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.25 317.06 Td (1.3287) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.25 317.06 Td (1.2141) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.25 317.06 Td (1.3279) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.25 317.06 Td (1.3791) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 303.06 Td (Pound Sterling) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 164.25 303.06 Td (0.7259) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 243.25 303.06 Td (0.7340) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.25 303.06 Td (0.8062) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.25 303.06 Td (0.7789) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.25 303.06 Td (0.8492) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.25 303.06 Td (0.8337) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 289.06 Td (Swiss Franc) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 164.25 289.06 Td (1.0677) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 243.25 289.06 Td (1.0835) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.25 289.06 Td (1.2146) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.25 289.06 Td (1.2024) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.25 289.06 Td (1.2310) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.25 289.06 Td (1.2276) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 275.06 Td (Japanese Yen) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 155.25 275.06 Td (134.2956) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 234.25 275.06 Td (131.0700) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 298.25 275.06 Td (140.3146) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 377.25 275.06 Td (145.2300) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 441.25 275.06 Td (129.6283) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 520.25 275.06 Td (144.7200) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 261.06 Td (Chinese Yuan) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 164.25 261.06 Td (6.9723) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 243.25 261.06 Td (7.0608) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.25 261.06 Td (8.1874) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.25 261.06 Td (7.5358) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.25 261.06 Td (8.1638) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.25 261.06 Td (8.3491) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 247.06 Td (Australian Dollar) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 164.25 247.06 Td (1.4775) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 243.25 247.06 Td (1.4897) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.25 247.06 Td (1.4720) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.25 247.06 Td (1.4829) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.25 247.06 Td (1.3771) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.25 247.06 Td (1.5423) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 233.06 Td (Singapore Dollar) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 164.25 233.06 Td (1.5253) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 243.25 233.06 Td (1.5417) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.25 233.06 Td (1.6826) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.25 233.06 Td (1.6058) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.25 233.06 Td (1.6616) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.25 233.06 Td (1.7414) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 205.10 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 100.40 205.10 Td (assets ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 181.10 Td (Goodwill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 157.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 157.10 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 129.26 157.10 Td (is ) Tj ET Q q 0 0 0 rg BT 137.42 157.10 Td (not ) Tj ET Q q 0 0 0 rg BT 151.68 157.10 Td (amortized, ) Tj ET Q q 0 0 0 rg BT 195.65 157.10 Td (but ) Tj ET Q q 0 0 0 rg BT 209.91 157.10 Td (is ) Tj ET Q q 0 0 0 rg BT 218.07 157.10 Td (tested ) Tj ET Q q 0 0 0 rg BT 242.88 157.10 Td (for ) Tj ET Q q 0 0 0 rg BT 256.03 157.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 303.61 157.10 Td (annually ) Tj ET Q q 0 0 0 rg BT 339.53 157.10 Td (or ) Tj ET Q q 0 0 0 rg BT 349.35 157.10 Td (more ) Tj ET Q q 0 0 0 rg BT 371.38 157.10 Td (frequently ) Tj ET Q q 0 0 0 rg BT 413.96 157.10 Td (if ) Tj ET Q q 0 0 0 rg BT 421.55 157.10 Td (events ) Tj ET Q q 0 0 0 rg BT 448.59 157.10 Td (or ) Tj ET Q q 0 0 0 rg BT 458.40 157.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 492.10 157.10 Td (in ) Tj ET Q q 0 0 0 rg BT 501.36 157.10 Td (circumstances ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 145.10 Td (indicate ) Tj ET Q q 0 0 0 rg BT 87.46 145.10 Td (that ) Tj ET Q q 0 0 0 rg BT 104.27 145.10 Td (it ) Tj ET Q q 0 0 0 rg BT 111.63 145.10 Td (might ) Tj ET Q q 0 0 0 rg BT 136.78 145.10 Td (be ) Tj ET Q q 0 0 0 rg BT 148.03 145.10 Td (impaired. ) Tj ET Q q 0 0 0 rg BT 187.48 145.10 Td (After ) Tj ET Q q 0 0 0 rg BT 210.39 145.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 235.53 145.10 Td (recognition, ) Tj ET Q q 0 0 0 rg BT 285.38 145.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 322.75 145.10 Td (is ) Tj ET Q q 0 0 0 rg BT 331.23 145.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 371.36 145.10 Td (at ) Tj ET Q q 0 0 0 rg BT 380.38 145.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 398.30 145.10 Td (less ) Tj ET Q q 0 0 0 rg BT 415.11 145.10 Td (any ) Tj ET Q q 0 0 0 rg BT 431.36 145.10 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 483.70 145.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 531.61 145.10 Td (losses. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 121.10 Td (Development ) Tj ET Q q 0 0 0 rg BT 110.37 121.10 Td (costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 97.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 97.10 Td (Development ) Tj ET Q q 0 0 0 rg BT 146.17 97.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 168.47 97.10 Td (for ) Tj ET Q q 0 0 0 rg BT 182.43 97.10 Td (car ) Tj ET Q q 0 0 0 rg BT 196.93 97.10 Td (project ) Tj ET Q q 0 0 0 rg BT 227.00 97.10 Td (production ) Tj ET Q q 0 0 0 rg BT 272.62 97.10 Td (and ) Tj ET Q q 0 0 0 rg BT 289.36 97.10 Td (related ) Tj ET Q q 0 0 0 rg BT 318.86 97.10 Td (components, ) Tj ET Q q 0 0 0 rg BT 371.98 97.10 Td (engines ) Tj ET Q q 0 0 0 rg BT 404.83 97.10 Td (and ) Tj ET Q q 0 0 0 rg BT 421.57 97.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 455.54 97.10 Td (are ) Tj ET Q q 0 0 0 rg BT 470.04 97.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 516.20 97.10 Td (as ) Tj ET Q q 0 0 0 rg BT 526.83 97.10 Td (an ) Tj ET Q q 0 0 0 rg BT 538.57 97.10 Td (asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 85.10 Td (if, ) Tj ET Q q 0 0 0 rg BT 64.39 85.10 Td (and ) Tj ET Q q 0 0 0 rg BT 80.62 85.10 Td (only ) Tj ET Q q 0 0 0 rg BT 100.18 85.10 Td (if, ) Tj ET Q q 0 0 0 rg BT 110.57 85.10 Td (both ) Tj ET Q q 0 0 0 rg BT 130.14 85.10 Td (of ) Tj ET Q q 0 0 0 rg BT 140.25 85.10 Td (the ) Tj ET Q q 0 0 0 rg BT 154.25 85.10 Td (following ) Tj ET Q q 0 0 0 rg BT 194.92 85.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 238.37 85.10 Td (under ) Tj ET Q q 0 0 0 rg BT 262.93 85.10 Td (IAS ) Tj ET Q q 0 0 0 rg BT 280.82 85.10 Td (38 ) Tj ET Q q 0 0 0 rg BT 292.61 85.10 Td (- ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 297.72 85.10 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 340.48 85.10 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.48 85.10 Td ( ) Tj ET Q q 0 0 0 rg BT 367.27 85.10 Td (are ) Tj ET Q q 0 0 0 rg BT 381.26 85.10 Td (met: ) Tj ET Q q 0 0 0 rg BT 400.82 85.10 Td (that ) Tj ET Q q 0 0 0 rg BT 417.60 85.10 Td (development ) Tj ET Q q 0 0 0 rg BT 471.03 85.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 492.82 85.10 Td (can ) Tj ET Q q 0 0 0 rg BT 508.48 85.10 Td (be ) Tj ET Q q 0 0 0 rg BT 519.70 85.10 Td (measured ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 73.10 Td (reliably ) Tj ET Q q 0 0 0 rg BT 86.64 73.10 Td (and ) Tj ET Q q 0 0 0 rg BT 103.18 73.10 Td (that ) Tj ET Q q 0 0 0 rg BT 120.27 73.10 Td (the ) Tj ET Q q 0 0 0 rg BT 134.59 73.10 Td (technical ) Tj ET Q q 0 0 0 rg BT 172.77 73.10 Td (feasibility ) Tj ET Q q 0 0 0 rg BT 214.86 73.10 Td (of ) Tj ET Q q 0 0 0 rg BT 225.29 73.10 Td (the ) Tj ET Q q 0 0 0 rg BT 239.61 73.10 Td (product, ) Tj ET Q q 0 0 0 rg BT 274.75 73.10 Td (volumes ) Tj ET Q q 0 0 0 rg BT 310.74 73.10 Td (and ) Tj ET Q q 0 0 0 rg BT 327.28 73.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 357.70 73.10 Td (support ) Tj ET Q q 0 0 0 rg BT 389.80 73.10 Td (the ) Tj ET Q q 0 0 0 rg BT 404.11 73.10 Td (view ) Tj ET Q q 0 0 0 rg BT 425.65 73.10 Td (that ) Tj ET Q q 0 0 0 rg BT 442.74 73.10 Td (the ) Tj ET Q q 0 0 0 rg BT 457.06 73.10 Td (development ) Tj ET Q q 0 0 0 rg BT 510.81 73.10 Td (expenditure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 61.10 Td (will ) Tj ET Q q 0 0 0 rg BT 71.98 61.10 Td (generate ) Tj ET Q q 0 0 0 rg BT 108.26 61.10 Td (future ) Tj ET Q q 0 0 0 rg BT 134.55 61.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 175.85 61.10 Td (benefits. ) Tj ET Q q 0 0 0 rg BT 212.42 61.10 Td (Capitalized ) Tj ET Q q 0 0 0 rg BT 260.38 61.10 Td (development ) Tj ET Q q 0 0 0 rg BT 314.45 61.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 336.87 61.10 Td (include ) Tj ET Q q 0 0 0 rg BT 368.72 61.10 Td (all ) Tj ET Q q 0 0 0 rg BT 381.13 61.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 406.32 61.10 Td (and ) Tj ET Q q 0 0 0 rg BT 423.17 61.10 Td (indirect ) Tj ET Q q 0 0 0 rg BT 456.14 61.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 478.56 61.10 Td (that ) Tj ET Q q 0 0 0 rg BT 495.97 61.10 Td (may ) Tj ET Q q 0 0 0 rg BT 515.61 61.10 Td (be ) Tj ET Q q 0 0 0 rg BT 527.46 61.10 Td (directly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 49.10 Td (attributed ) Tj ET Q q 0 0 0 rg BT 94.82 49.10 Td (to ) Tj ET Q q 0 0 0 rg BT 105.10 49.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.82 49.10 Td (development ) Tj ET Q q 0 0 0 rg BT 173.97 49.10 Td (process. ) Tj ET Q endstream endobj 329 0 obj <> endobj 330 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 760.75 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 760.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.60 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 199.82 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 206.31 748.75 Td (O ) Tj ET Q q 0 0 0 rg BT 216.41 748.75 Td (THE CONSOLIDA) Tj ET Q q 0 0 0 rg BT 299.85 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 379.03 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 393.02 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 399.50 748.75 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.60 736.75 Td (At December) Tj ET Q q 0 0 0 rg BT 294.78 736.75 Td (31, 2015 and 2014) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 294.65 32.20 Td (F-15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 713.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 713.10 Td (Capitalized ) Tj ET Q q 0 0 0 rg BT 138.48 713.10 Td (development ) Tj ET Q q 0 0 0 rg BT 193.07 713.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 216.01 713.10 Td (are ) Tj ET Q q 0 0 0 rg BT 231.15 713.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 274.07 713.10 Td (on ) Tj ET Q q 0 0 0 rg BT 287.01 713.10 Td (a ) Tj ET Q q 0 0 0 rg BT 294.39 713.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 345.65 713.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 368.59 713.10 Td (from ) Tj ET Q q 0 0 0 rg BT 390.97 713.10 Td (the ) Tj ET Q q 0 0 0 rg BT 406.12 713.10 Td (start ) Tj ET Q q 0 0 0 rg BT 426.28 713.10 Td (of ) Tj ET Q q 0 0 0 rg BT 437.55 713.10 Td (production ) Tj ET Q q 0 0 0 rg BT 483.81 713.10 Td (over ) Tj ET Q q 0 0 0 rg BT 504.52 713.10 Td (the ) Tj ET Q q 0 0 0 rg BT 519.68 713.10 Td (estimated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 701.10 Td (lifecycle ) Tj ET Q q 0 0 0 rg BT 91.34 701.10 Td (of ) Tj ET Q q 0 0 0 rg BT 102.60 701.10 Td (the ) Tj ET Q q 0 0 0 rg BT 117.74 701.10 Td (model ) Tj ET Q q 0 0 0 rg BT 145.66 701.10 Td (and ) Tj ET Q q 0 0 0 rg BT 163.02 701.10 Td (the ) Tj ET Q q 0 0 0 rg BT 178.16 701.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 205.52 701.10 Td (life ) Tj ET Q q 0 0 0 rg BT 221.77 701.10 Td (of ) Tj ET Q q 0 0 0 rg BT 233.02 701.10 Td (the ) Tj ET Q q 0 0 0 rg BT 248.17 701.10 Td (components ) Tj ET Q q 0 0 0 rg BT 299.41 701.10 Td (\(generally ) Tj ET Q q 0 0 0 rg BT 342.87 701.10 Td (between ) Tj ET Q q 0 0 0 rg BT 379.11 701.10 Td (four ) Tj ET Q q 0 0 0 rg BT 398.69 701.10 Td (and ) Tj ET Q q 0 0 0 rg BT 416.06 701.10 Td (eight ) Tj ET Q q 0 0 0 rg BT 438.97 701.10 Td (years\). ) Tj ET Q q 0 0 0 rg BT 468.18 701.10 Td (All ) Tj ET Q q 0 0 0 rg BT 483.88 701.10 Td (other ) Tj ET Q q 0 0 0 rg BT 507.35 701.10 Td (research ) Tj ET Q q 0 0 0 rg BT 543.58 701.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 689.10 Td (development ) Tj ET Q q 0 0 0 rg BT 108.15 689.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 130.65 689.10 Td (are ) Tj ET Q q 0 0 0 rg BT 145.36 689.10 Td (expensed ) Tj ET Q q 0 0 0 rg BT 185.06 689.10 Td (as ) Tj ET Q q 0 0 0 rg BT 195.89 689.10 Td (incurred.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 665.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 665.10 Td (In ) Tj ET Q q 0 0 0 rg BT 100.08 665.10 Td (particular ) Tj ET Q q 0 0 0 rg BT 140.14 665.10 Td (the ) Tj ET Q q 0 0 0 rg BT 154.11 665.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 181.41 665.10 Td (incurs ) Tj ET Q q 0 0 0 rg BT 207.60 665.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 251.56 665.10 Td (research ) Tj ET Q q 0 0 0 rg BT 286.62 665.10 Td (and ) Tj ET Q q 0 0 0 rg BT 302.81 665.10 Td (development ) Tj ET Q q 0 0 0 rg BT 356.21 665.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 377.96 665.10 Td (through ) Tj ET Q q 0 0 0 rg BT 410.82 665.10 Td (the ) Tj ET Q q 0 0 0 rg BT 424.79 665.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 460.42 665.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 467.17 665.10 Td (racing ) Tj ET Q q 0 0 0 rg BT 493.91 665.10 Td (activities. ) Tj ET Q q 0 0 0 rg BT 534.13 665.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 653.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 77.26 653.10 Td (are ) Tj ET Q q 0 0 0 rg BT 92.72 653.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 139.30 653.10 Td (fundamental ) Tj ET Q q 0 0 0 rg BT 192.54 653.10 Td (to ) Tj ET Q q 0 0 0 rg BT 203.57 653.10 Td (the ) Tj ET Q q 0 0 0 rg BT 219.05 653.10 Td (development ) Tj ET Q q 0 0 0 rg BT 273.96 653.10 Td (of ) Tj ET Q q 0 0 0 rg BT 285.54 653.10 Td (the ) Tj ET Q q 0 0 0 rg BT 301.02 653.10 Td (sports ) Tj ET Q q 0 0 0 rg BT 328.17 653.10 Td (and ) Tj ET Q q 0 0 0 rg BT 345.87 653.10 Td (street ) Tj ET Q q 0 0 0 rg BT 370.78 653.10 Td (car ) Tj ET Q q 0 0 0 rg BT 386.25 653.10 Td (models ) Tj ET Q q 0 0 0 rg BT 418.39 653.10 Td (and ) Tj ET Q q 0 0 0 rg BT 436.09 653.10 Td (prototypes. ) Tj ET Q q 0 0 0 rg BT 483.83 653.10 Td (The ) Tj ET Q q 0 0 0 rg BT 502.63 653.10 Td (model ) Tj ET Q q 0 0 0 rg BT 530.89 653.10 Td (for ) Tj ET Q q 0 0 0 rg BT 545.80 653.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 641.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 90.39 641.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 97.89 641.10 Td (racing ) Tj ET Q q 0 0 0 rg BT 125.37 641.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 163.97 641.10 Td (continually ) Tj ET Q q 0 0 0 rg BT 211.46 641.10 Td (evolves ) Tj ET Q q 0 0 0 rg BT 244.51 641.10 Td (and ) Tj ET Q q 0 0 0 rg BT 261.45 641.10 Td (as ) Tj ET Q q 0 0 0 rg BT 272.28 641.10 Td (such ) Tj ET Q q 0 0 0 rg BT 293.11 641.10 Td (these ) Tj ET Q q 0 0 0 rg BT 316.15 641.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 338.65 641.10 Td (are ) Tj ET Q q 0 0 0 rg BT 353.36 641.10 Td (expensed ) Tj ET Q q 0 0 0 rg BT 393.07 641.10 Td (as ) Tj ET Q q 0 0 0 rg BT 403.90 641.10 Td (incurred.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 617.10 Td (Patents, ) Tj ET Q q 0 0 0 rg BT 89.56 617.10 Td (concessions ) Tj ET Q q 0 0 0 rg BT 140.95 617.10 Td (and ) Tj ET Q q 0 0 0 rg BT 159.01 617.10 Td (licenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 593.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 593.10 Td (Separately ) Tj ET Q q 0 0 0 rg BT 134.23 593.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 170.69 593.10 Td (patents, ) Tj ET Q q 0 0 0 rg BT 203.54 593.10 Td (concessions ) Tj ET Q q 0 0 0 rg BT 253.34 593.10 Td (and ) Tj ET Q q 0 0 0 rg BT 269.81 593.10 Td (licenses ) Tj ET Q q 0 0 0 rg BT 303.50 593.10 Td (are ) Tj ET Q q 0 0 0 rg BT 317.74 593.10 Td (initially ) Tj ET Q q 0 0 0 rg BT 350.88 593.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 396.77 593.10 Td (at ) Tj ET Q q 0 0 0 rg BT 406.02 593.10 Td (cost. ) Tj ET Q q 0 0 0 rg BT 426.66 593.10 Td (Patents, ) Tj ET Q q 0 0 0 rg BT 460.08 593.10 Td (concessions ) Tj ET Q q 0 0 0 rg BT 509.88 593.10 Td (and ) Tj ET Q q 0 0 0 rg BT 526.35 593.10 Td (licenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 581.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 91.16 581.10 Td (in ) Tj ET Q q 0 0 0 rg BT 101.67 581.10 Td (a ) Tj ET Q q 0 0 0 rg BT 108.84 581.10 Td (business ) Tj ET Q q 0 0 0 rg BT 145.46 581.10 Td (combination ) Tj ET Q q 0 0 0 rg BT 198.18 581.10 Td (are ) Tj ET Q q 0 0 0 rg BT 213.12 581.10 Td (initially ) Tj ET Q q 0 0 0 rg BT 246.96 581.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 293.56 581.10 Td (at ) Tj ET Q q 0 0 0 rg BT 303.50 581.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 320.11 581.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 347.00 581.10 Td (Patents, ) Tj ET Q q 0 0 0 rg BT 381.12 581.10 Td (concessions ) Tj ET Q q 0 0 0 rg BT 431.62 581.10 Td (and ) Tj ET Q q 0 0 0 rg BT 448.79 581.10 Td (licenses ) Tj ET Q q 0 0 0 rg BT 483.18 581.10 Td (are ) Tj ET Q q 0 0 0 rg BT 498.12 581.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 540.83 581.10 Td (on ) Tj ET Q q 0 0 0 rg BT 553.56 581.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 569.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 104.82 569.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 127.32 569.10 Td (over ) Tj ET Q q 0 0 0 rg BT 147.59 569.10 Td (their ) Tj ET Q q 0 0 0 rg BT 168.41 569.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 195.35 569.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 236.72 569.10 Td (lives, ) Tj ET Q q 0 0 0 rg BT 260.61 569.10 Td (which ) Tj ET Q q 0 0 0 rg BT 287.55 569.10 Td (is ) Tj ET Q q 0 0 0 rg BT 296.72 569.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 336.42 569.10 Td (between ) Tj ET Q q 0 0 0 rg BT 372.24 569.10 Td (three ) Tj ET Q q 0 0 0 rg BT 394.72 569.10 Td (and ) Tj ET Q q 0 0 0 rg BT 411.66 569.10 Td (five ) Tj ET Q q 0 0 0 rg BT 429.71 569.10 Td (years.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 545.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 80.39 545.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 124.57 545.10 Td (assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 521.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 521.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 115.71 521.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 158.64 521.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 184.91 521.10 Td (mainly ) Tj ET Q q 0 0 0 rg BT 215.63 521.10 Td (relate ) Tj ET Q q 0 0 0 rg BT 240.77 521.10 Td (to ) Tj ET Q q 0 0 0 rg BT 251.49 521.10 Td (the ) Tj ET Q q 0 0 0 rg BT 266.65 521.10 Td (registration ) Tj ET Q q 0 0 0 rg BT 315.14 521.10 Td (of ) Tj ET Q q 0 0 0 rg BT 326.41 521.10 Td (trademarks ) Tj ET Q q 0 0 0 rg BT 373.77 521.10 Td (and ) Tj ET Q q 0 0 0 rg BT 391.15 521.10 Td (have ) Tj ET Q q 0 0 0 rg BT 412.97 521.10 Td (been ) Tj ET Q q 0 0 0 rg BT 434.79 521.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 481.60 521.10 Td (in ) Tj ET Q q 0 0 0 rg BT 492.32 521.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 540.22 521.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 509.10 Td (IAS ) Tj ET Q q 0 0 0 rg BT 72.87 509.10 Td (38 ) Tj ET Q q 0 0 0 rg BT 85.64 509.10 Td (- ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 91.73 509.10 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 135.39 509.10 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.39 509.10 Td (, ) Tj ET Q q 0 0 0 rg BT 165.65 509.10 Td (where ) Tj ET Q q 0 0 0 rg BT 192.84 509.10 Td (it ) Tj ET Q q 0 0 0 rg BT 201.16 509.10 Td (is ) Tj ET Q q 0 0 0 rg BT 210.59 509.10 Td (probable ) Tj ET Q q 0 0 0 rg BT 248.34 509.10 Td (that ) Tj ET Q q 0 0 0 rg BT 266.10 509.10 Td (the ) Tj ET Q q 0 0 0 rg BT 281.07 509.10 Td (use ) Tj ET Q q 0 0 0 rg BT 297.16 509.10 Td (of ) Tj ET Q q 0 0 0 rg BT 308.26 509.10 Td (the ) Tj ET Q q 0 0 0 rg BT 323.23 509.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 345.43 509.10 Td (will ) Tj ET Q q 0 0 0 rg BT 363.75 509.10 Td (generate ) Tj ET Q q 0 0 0 rg BT 400.38 509.10 Td (future ) Tj ET Q q 0 0 0 rg BT 427.01 509.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 468.65 509.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 503.06 509.10 Td (for ) Tj ET Q q 0 0 0 rg BT 517.48 509.10 Td (the ) Tj ET Q q 0 0 0 rg BT 532.46 509.10 Td (Group ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 497.10 Td (and ) Tj ET Q q 0 0 0 rg BT 70.51 497.10 Td (where ) Tj ET Q q 0 0 0 rg BT 97.01 497.10 Td (the ) Tj ET Q q 0 0 0 rg BT 111.29 497.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 129.47 497.10 Td (of ) Tj ET Q q 0 0 0 rg BT 139.87 497.10 Td (the ) Tj ET Q q 0 0 0 rg BT 154.16 497.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 175.66 497.10 Td (can ) Tj ET Q q 0 0 0 rg BT 191.61 497.10 Td (be ) Tj ET Q q 0 0 0 rg BT 203.12 497.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 243.50 497.10 Td (reliably) Tj ET Q q 0 0 0 rg BT 273.39 497.10 Td (. ) Tj ET Q q 0 0 0 rg BT 277.96 497.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 302.80 497.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 344.86 497.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 370.26 497.10 Td (are ) Tj ET Q q 0 0 0 rg BT 384.54 497.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 424.92 497.10 Td (at ) Tj ET Q q 0 0 0 rg BT 434.21 497.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 452.39 497.10 Td (less ) Tj ET Q q 0 0 0 rg BT 469.46 497.10 Td (any ) Tj ET Q q 0 0 0 rg BT 485.96 497.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 534.13 497.10 Td (losses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 485.10 Td (and ) Tj ET Q q 0 0 0 rg BT 70.94 485.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 113.42 485.10 Td (on ) Tj ET Q q 0 0 0 rg BT 125.92 485.10 Td (a ) Tj ET Q q 0 0 0 rg BT 132.86 485.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 183.68 485.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 206.18 485.10 Td (over ) Tj ET Q q 0 0 0 rg BT 226.45 485.10 Td (their ) Tj ET Q q 0 0 0 rg BT 247.27 485.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 288.09 485.10 Td (life, ) Tj ET Q q 0 0 0 rg BT 306.42 485.10 Td (which ) Tj ET Q q 0 0 0 rg BT 333.36 485.10 Td (is ) Tj ET Q q 0 0 0 rg BT 342.53 485.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 382.23 485.10 Td (between ) Tj ET Q q 0 0 0 rg BT 418.04 485.10 Td (three ) Tj ET Q q 0 0 0 rg BT 440.53 485.10 Td (and ) Tj ET Q q 0 0 0 rg BT 457.47 485.10 Td (five ) Tj ET Q q 0 0 0 rg BT 475.51 485.10 Td (years.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 461.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 64.37 461.10 Td (operty) Tj ET Q q 0 0 0 rg BT 91.58 461.10 Td (, ) Tj ET Q q 0 0 0 rg BT 96.58 461.10 Td (plant ) Tj ET Q q 0 0 0 rg BT 121.31 461.10 Td (and ) Tj ET Q q 0 0 0 rg BT 139.94 461.10 Td (equipment ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 437.10 Td (Cost ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 413.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 413.10 Td (Property) Tj ET Q q 0 0 0 rg BT 123.79 413.10 Td (, ) Tj ET Q q 0 0 0 rg BT 129.41 413.10 Td (plant ) Tj ET Q q 0 0 0 rg BT 152.52 413.10 Td (and ) Tj ET Q q 0 0 0 rg BT 170.08 413.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 215.41 413.10 Td (is ) Tj ET Q q 0 0 0 rg BT 225.20 413.10 Td (initially ) Tj ET Q q 0 0 0 rg BT 259.43 413.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 306.41 413.10 Td (at ) Tj ET Q q 0 0 0 rg BT 316.75 413.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 335.97 413.10 Td (which ) Tj ET Q q 0 0 0 rg BT 363.53 413.10 Td (comprises ) Tj ET Q q 0 0 0 rg BT 407.20 413.10 Td (the ) Tj ET Q q 0 0 0 rg BT 422.53 413.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 461.19 413.10 Td (price, ) Tj ET Q q 0 0 0 rg BT 486.79 413.10 Td (any ) Tj ET Q q 0 0 0 rg BT 504.35 413.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 527.47 413.10 Td (directly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 401.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 102.02 401.10 Td (to ) Tj ET Q q 0 0 0 rg BT 112.29 401.10 Td (bringing ) Tj ET Q q 0 0 0 rg BT 148.66 401.10 Td (the ) Tj ET Q q 0 0 0 rg BT 163.36 401.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 189.18 401.10 Td (to ) Tj ET Q q 0 0 0 rg BT 199.44 401.10 Td (the ) Tj ET Q q 0 0 0 rg BT 214.14 401.10 Td (location ) Tj ET Q q 0 0 0 rg BT 248.84 401.10 Td (and ) Tj ET Q q 0 0 0 rg BT 265.76 401.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 306.02 401.10 Td (necessary ) Tj ET Q q 0 0 0 rg BT 347.37 401.10 Td (to ) Tj ET Q q 0 0 0 rg BT 357.64 401.10 Td (be ) Tj ET Q q 0 0 0 rg BT 369.56 401.10 Td (capable ) Tj ET Q q 0 0 0 rg BT 402.58 401.10 Td (of ) Tj ET Q q 0 0 0 rg BT 413.39 401.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 453.64 401.10 Td (in ) Tj ET Q q 0 0 0 rg BT 463.91 401.10 Td (the ) Tj ET Q q 0 0 0 rg BT 478.61 401.10 Td (manner ) Tj ET Q q 0 0 0 rg BT 511.08 401.10 Td (intended ) Tj ET Q q 0 0 0 rg BT 548.00 401.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 389.10 Td (management, ) Tj ET Q q 0 0 0 rg BT 109.32 389.10 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 154.35 389.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 197.74 389.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 219.46 389.10 Td (and ) Tj ET Q q 0 0 0 rg BT 235.63 389.10 Td (any ) Tj ET Q q 0 0 0 rg BT 251.80 389.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 276.85 389.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 311.90 389.10 Td (of ) Tj ET Q q 0 0 0 rg BT 321.96 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 335.90 389.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 357.63 389.10 Td (of ) Tj ET Q q 0 0 0 rg BT 367.69 389.10 Td (dismantling ) Tj ET Q q 0 0 0 rg BT 416.64 389.10 Td (and ) Tj ET Q q 0 0 0 rg BT 432.80 389.10 Td (removing ) Tj ET Q q 0 0 0 rg BT 472.86 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 486.80 389.10 Td (item ) Tj ET Q q 0 0 0 rg BT 506.30 389.10 Td (and ) Tj ET Q q 0 0 0 rg BT 522.47 389.10 Td (restoring ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 377.10 Td (the ) Tj ET Q q 0 0 0 rg BT 68.75 377.10 Td (site ) Tj ET Q q 0 0 0 rg BT 85.17 377.10 Td (on ) Tj ET Q q 0 0 0 rg BT 97.70 377.10 Td (which ) Tj ET Q q 0 0 0 rg BT 124.67 377.10 Td (it ) Tj ET Q q 0 0 0 rg BT 132.76 377.10 Td (is ) Tj ET Q q 0 0 0 rg BT 141.96 377.10 Td (located. ) Tj ET Q q 0 0 0 rg BT 175.86 377.10 Td (Self-constructed ) Tj ET Q q 0 0 0 rg BT 243.93 377.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 269.79 377.10 Td (are ) Tj ET Q q 0 0 0 rg BT 284.53 377.10 Td (initially ) Tj ET Q q 0 0 0 rg BT 318.17 377.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 364.56 377.10 Td (at ) Tj ET Q q 0 0 0 rg BT 374.31 377.10 Td (production ) Tj ET Q q 0 0 0 rg BT 420.17 377.10 Td (cost. ) Tj ET Q q 0 0 0 rg BT 441.31 377.10 Td (Subsequent ) Tj ET Q q 0 0 0 rg BT 489.95 377.10 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 543.57 377.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 365.10 Td (the ) Tj ET Q q 0 0 0 rg BT 68.76 365.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 87.41 365.10 Td (of ) Tj ET Q q 0 0 0 rg BT 98.28 365.10 Td (replacing ) Tj ET Q q 0 0 0 rg BT 138.02 365.10 Td (parts ) Tj ET Q q 0 0 0 rg BT 160.00 365.10 Td (of ) Tj ET Q q 0 0 0 rg BT 170.88 365.10 Td (an ) Tj ET Q q 0 0 0 rg BT 182.85 365.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 204.83 365.10 Td (are ) Tj ET Q q 0 0 0 rg BT 219.58 365.10 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 265.43 365.10 Td (only ) Tj ET Q q 0 0 0 rg BT 285.75 365.10 Td (if ) Tj ET Q q 0 0 0 rg BT 294.40 365.10 Td (they ) Tj ET Q q 0 0 0 rg BT 314.16 365.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 349.45 365.10 Td (the ) Tj ET Q q 0 0 0 rg BT 364.21 365.10 Td (future ) Tj ET Q q 0 0 0 rg BT 390.63 365.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 432.04 365.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 466.24 365.10 Td (embodied ) Tj ET Q q 0 0 0 rg BT 508.22 365.10 Td (in ) Tj ET Q q 0 0 0 rg BT 518.54 365.10 Td (that ) Tj ET Q q 0 0 0 rg BT 536.07 365.10 Td (asset. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 353.10 Td (All ) Tj ET Q q 0 0 0 rg BT 69.09 353.10 Td (other ) Tj ET Q q 0 0 0 rg BT 91.95 353.10 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 145.35 353.10 Td (are ) Tj ET Q q 0 0 0 rg BT 159.87 353.10 Td (expensed ) Tj ET Q q 0 0 0 rg BT 199.39 353.10 Td (as ) Tj ET Q q 0 0 0 rg BT 210.03 353.10 Td (incurred. ) Tj ET Q q 0 0 0 rg BT 247.99 353.10 Td (When ) Tj ET Q q 0 0 0 rg BT 274.18 353.10 Td (such ) Tj ET Q q 0 0 0 rg BT 294.82 353.10 Td (replacement ) Tj ET Q q 0 0 0 rg BT 345.99 353.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 368.30 353.10 Td (are ) Tj ET Q q 0 0 0 rg BT 382.82 353.10 Td (capitalized, ) Tj ET Q q 0 0 0 rg BT 430.93 353.10 Td (the ) Tj ET Q q 0 0 0 rg BT 445.46 353.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 481.09 353.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 513.39 353.10 Td (of ) Tj ET Q q 0 0 0 rg BT 524.03 353.10 Td (the ) Tj ET Q q 0 0 0 rg BT 538.56 353.10 Td (parts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 341.10 Td (that ) Tj ET Q q 0 0 0 rg BT 71.50 341.10 Td (are ) Tj ET Q q 0 0 0 rg BT 86.20 341.10 Td (replaced ) Tj ET Q q 0 0 0 rg BT 122.56 341.10 Td (is ) Tj ET Q q 0 0 0 rg BT 131.73 341.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 178.10 341.10 Td (as ) Tj ET Q q 0 0 0 rg BT 188.93 341.10 Td (a ) Tj ET Q q 0 0 0 rg BT 195.87 341.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 213.93 341.10 Td (in ) Tj ET Q q 0 0 0 rg BT 224.21 341.10 Td (the ) Tj ET Q q 0 0 0 rg BT 238.92 341.10 Td (period ) Tj ET Q q 0 0 0 rg BT 266.97 341.10 Td (of ) Tj ET Q q 0 0 0 rg BT 277.80 341.10 Td (replacement ) Tj ET Q q 0 0 0 rg BT 329.16 341.10 Td (in ) Tj ET Q q 0 0 0 rg BT 339.43 341.10 Td (the ) Tj ET Q q 0 0 0 rg BT 354.15 341.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 407.19 341.10 Td (income ) Tj ET Q q 0 0 0 rg BT 439.13 341.10 Td (statement.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 317.10 Td (Depreciation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 293.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 293.10 Td (Depreciation ) Tj ET Q q 0 0 0 rg BT 144.14 293.10 Td (is ) Tj ET Q q 0 0 0 rg BT 153.31 293.10 Td (calculated ) Tj ET Q q 0 0 0 rg BT 196.34 293.10 Td (on ) Tj ET Q q 0 0 0 rg BT 208.84 293.10 Td (a ) Tj ET Q q 0 0 0 rg BT 215.78 293.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 266.60 293.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 289.10 293.10 Td (over ) Tj ET Q q 0 0 0 rg BT 309.37 293.10 Td (the ) Tj ET Q q 0 0 0 rg BT 324.08 293.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 364.90 293.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 391.84 293.10 Td (lives ) Tj ET Q q 0 0 0 rg BT 413.23 293.10 Td (of ) Tj ET Q q 0 0 0 rg BT 424.06 293.10 Td (the ) Tj ET Q q 0 0 0 rg BT 438.77 293.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 467.10 293.10 Td (as ) Tj ET Q q 0 0 0 rg BT 477.93 293.10 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 256.60 427.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 256.60 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 228.60 427.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 228.60 77.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 256.6 m 557.5 256.6 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 483.40 261.05 Td (Depreciation rates) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 247.06 Td (Industrial buildings) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 518.00 247.06 Td (3% - 20%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 233.06 Td (Plant, machinery and equipment) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 518.00 233.06 Td (5% - 22%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 219.06 Td (Other assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 513.50 219.06 Td (12% - 25%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 191.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 191.10 Td (Land ) Tj ET Q q 0 0 0 rg BT 113.05 191.10 Td (is ) Tj ET Q q 0 0 0 rg BT 122.22 191.10 Td (not ) Tj ET Q q 0 0 0 rg BT 137.50 191.10 Td (depreciated. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 167.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 167.10 Td (If ) Tj ET Q q 0 0 0 rg BT 99.08 167.10 Td (the ) Tj ET Q q 0 0 0 rg BT 113.71 167.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 135.57 167.10 Td (being ) Tj ET Q q 0 0 0 rg BT 160.21 167.10 Td (depreciated ) Tj ET Q q 0 0 0 rg BT 208.70 167.10 Td (consists ) Tj ET Q q 0 0 0 rg BT 242.79 167.10 Td (of ) Tj ET Q q 0 0 0 rg BT 253.54 167.10 Td (separately ) Tj ET Q q 0 0 0 rg BT 296.49 167.10 Td (identifiable ) Tj ET Q q 0 0 0 rg BT 344.45 167.10 Td (components ) Tj ET Q q 0 0 0 rg BT 395.19 167.10 Td (whose ) Tj ET Q q 0 0 0 rg BT 423.16 167.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 450.02 167.10 Td (lives ) Tj ET Q q 0 0 0 rg BT 471.32 167.10 Td (dif) Tj ET Q q 0 0 0 rg BT 482.25 167.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 495.77 167.10 Td (from ) Tj ET Q q 0 0 0 rg BT 517.62 167.10 Td (that ) Tj ET Q q 0 0 0 rg BT 535.04 167.10 Td (of ) Tj ET Q q 0 0 0 rg BT 545.79 167.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 155.10 Td (other ) Tj ET Q q 0 0 0 rg BT 77.39 155.10 Td (parts ) Tj ET Q q 0 0 0 rg BT 99.68 155.10 Td (making ) Tj ET Q q 0 0 0 rg BT 132.52 155.10 Td (up ) Tj ET Q q 0 0 0 rg BT 145.36 155.10 Td (the ) Tj ET Q q 0 0 0 rg BT 160.43 155.10 Td (asset, ) Tj ET Q q 0 0 0 rg BT 185.21 155.10 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 237.47 155.10 Td (is ) Tj ET Q q 0 0 0 rg BT 246.99 155.10 Td (char) Tj ET Q q 0 0 0 rg BT 264.02 155.10 Td (ged ) Tj ET Q q 0 0 0 rg BT 281.30 155.10 Td (separately ) Tj ET Q q 0 0 0 rg BT 324.68 155.10 Td (for ) Tj ET Q q 0 0 0 rg BT 339.18 155.10 Td (each ) Tj ET Q q 0 0 0 rg BT 360.35 155.10 Td (of ) Tj ET Q q 0 0 0 rg BT 371.52 155.10 Td (its ) Tj ET Q q 0 0 0 rg BT 383.82 155.10 Td (component ) Tj ET Q q 0 0 0 rg BT 431.09 155.10 Td (parts ) Tj ET Q q 0 0 0 rg BT 453.38 155.10 Td (through ) Tj ET Q q 0 0 0 rg BT 487.33 155.10 Td (application ) Tj ET Q q 0 0 0 rg BT 534.61 155.10 Td (of ) Tj ET Q q 0 0 0 rg BT 545.78 155.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 143.10 Td (component ) Tj ET Q q 0 0 0 rg BT 104.26 143.10 Td (approach. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 119.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 104.27 119.10 Td (pr) Tj ET Q q 0 0 0 rg BT 114.09 119.10 Td (operty) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 95.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 95.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 136.75 95.10 Td (property ) Tj ET Q q 0 0 0 rg BT 172.94 95.10 Td (is ) Tj ET Q q 0 0 0 rg BT 181.93 95.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 214.23 95.10 Td (as ) Tj ET Q q 0 0 0 rg BT 224.88 95.10 Td (property ) Tj ET Q q 0 0 0 rg BT 261.07 95.10 Td (held ) Tj ET Q q 0 0 0 rg BT 280.60 95.10 Td (by ) Tj ET Q q 0 0 0 rg BT 292.92 95.10 Td (the ) Tj ET Q q 0 0 0 rg BT 307.45 95.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 335.32 95.10 Td (to ) Tj ET Q q 0 0 0 rg BT 345.41 95.10 Td (earn ) Tj ET Q q 0 0 0 rg BT 364.93 95.10 Td (rental ) Tj ET Q q 0 0 0 rg BT 390.01 95.10 Td (income ) Tj ET Q q 0 0 0 rg BT 421.76 95.10 Td (or ) Tj ET Q q 0 0 0 rg BT 432.41 95.10 Td (for ) Tj ET Q q 0 0 0 rg BT 446.39 95.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 475.35 95.10 Td (appreciation ) Tj ET Q q 0 0 0 rg BT 527.09 95.10 Td (or ) Tj ET Q q 0 0 0 rg BT 537.73 95.10 Td (both, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 83.10 Td (rather ) Tj ET Q q 0 0 0 rg BT 80.08 83.10 Td (than ) Tj ET Q q 0 0 0 rg BT 100.06 83.10 Td (for ) Tj ET Q q 0 0 0 rg BT 114.48 83.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 132.79 83.10 Td (in ) Tj ET Q q 0 0 0 rg BT 143.34 83.10 Td (the ) Tj ET Q q 0 0 0 rg BT 158.32 83.10 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 194.96 83.10 Td (course ) Tj ET Q q 0 0 0 rg BT 223.82 83.10 Td (of ) Tj ET Q q 0 0 0 rg BT 234.91 83.10 Td (business ) Tj ET Q q 0 0 0 rg BT 271.57 83.10 Td (or ) Tj ET Q q 0 0 0 rg BT 282.66 83.10 Td (for ) Tj ET Q q 0 0 0 rg BT 297.09 83.10 Td (use ) Tj ET Q q 0 0 0 rg BT 313.18 83.10 Td (in ) Tj ET Q q 0 0 0 rg BT 323.72 83.10 Td (supply ) Tj ET Q q 0 0 0 rg BT 353.16 83.10 Td (of ) Tj ET Q q 0 0 0 rg BT 364.25 83.10 Td (goods ) Tj ET Q q 0 0 0 rg BT 390.90 83.10 Td (or ) Tj ET Q q 0 0 0 rg BT 402.00 83.10 Td (services ) Tj ET Q q 0 0 0 rg BT 436.97 83.10 Td (or ) Tj ET Q q 0 0 0 rg BT 448.06 83.10 Td (for ) Tj ET Q q 0 0 0 rg BT 462.49 83.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 522.46 83.10 Td (purposes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 71.10 Td (and ) Tj ET Q q 0 0 0 rg BT 71.61 71.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 108.11 71.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 155.16 71.10 Td (property ) Tj ET Q q 0 0 0 rg BT 192.21 71.10 Td (under ) Tj ET Q q 0 0 0 rg BT 218.15 71.10 Td (construction. ) Tj ET Q q 0 0 0 rg BT 273.25 71.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 320.86 71.10 Td (property ) Tj ET Q q 0 0 0 rg BT 357.91 71.10 Td (is ) Tj ET Q q 0 0 0 rg BT 367.75 71.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 409.23 71.10 Td (initially ) Tj ET Q q 0 0 0 rg BT 443.51 71.10 Td (at ) Tj ET Q q 0 0 0 rg BT 453.90 71.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 473.18 71.10 Td (including ) Tj ET Q q 0 0 0 rg BT 514.13 71.10 Td (transaction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 59.10 Td (costs. ) Tj ET Q q 0 0 0 rg BT 78.57 59.10 Td (Subsequent ) Tj ET Q q 0 0 0 rg BT 126.74 59.10 Td (to ) Tj ET Q q 0 0 0 rg BT 136.58 59.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 161.98 59.10 Td (recognition, ) Tj ET Q q 0 0 0 rg BT 212.09 59.10 Td (the ) Tj ET Q q 0 0 0 rg BT 226.37 59.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 253.99 59.10 Td (elected ) Tj ET Q q 0 0 0 rg BT 284.36 59.10 Td (to ) Tj ET Q q 0 0 0 rg BT 294.21 59.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 329.59 59.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 375.53 59.10 Td (property ) Tj ET Q q 0 0 0 rg BT 411.48 59.10 Td (at ) Tj ET Q q 0 0 0 rg BT 420.76 59.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 438.93 59.10 Td (less ) Tj ET Q q 0 0 0 rg BT 456.00 59.10 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 508.59 59.10 Td (depreciation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 47.10 Td (and ) Tj ET Q q 0 0 0 rg BT 70.94 47.10 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 123.97 47.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 172.56 47.10 Td (losses, ) Tj ET Q q 0 0 0 rg BT 201.46 47.10 Td (if ) Tj ET Q q 0 0 0 rg BT 210.06 47.10 Td (any) Tj ET Q q 0 0 0 rg BT 223.85 47.10 Td (. ) Tj ET Q q 0 0 0 rg BT 228.85 47.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 275.79 47.10 Td (property ) Tj ET Q q 0 0 0 rg BT 312.16 47.10 Td (is ) Tj ET Q q 0 0 0 rg BT 321.33 47.10 Td (depreciated ) Tj ET Q q 0 0 0 rg BT 369.91 47.10 Td (on ) Tj ET Q q 0 0 0 rg BT 382.41 47.10 Td (a ) Tj ET Q q 0 0 0 rg BT 389.35 47.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 440.17 47.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 462.67 47.10 Td (over ) Tj ET Q q 0 0 0 rg BT 482.94 47.10 Td (33 ) Tj ET Q q 0 0 0 rg BT 495.44 47.10 Td (years.) Tj ET Q endstream endobj 331 0 obj <> endobj 332 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 760.75 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 760.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.60 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 199.82 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 206.31 748.75 Td (O ) Tj ET Q q 0 0 0 rg BT 216.41 748.75 Td (THE CONSOLIDA) Tj ET Q q 0 0 0 rg BT 299.85 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 379.03 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 393.02 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 399.50 748.75 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.60 736.75 Td (At December) Tj ET Q q 0 0 0 rg BT 294.78 736.75 Td (31, 2015 and 2014) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 294.65 32.20 Td (F-16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 713.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 713.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.46 713.10 Td (rental ) Tj ET Q q 0 0 0 rg BT 134.14 713.10 Td (income ) Tj ET Q q 0 0 0 rg BT 166.49 713.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 208.27 713.10 Td (by ) Tj ET Q q 0 0 0 rg BT 221.18 713.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 267.98 713.10 Td (properties ) Tj ET Q q 0 0 0 rg BT 310.88 713.10 Td (is ) Tj ET Q q 0 0 0 rg BT 320.46 713.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 367.24 713.10 Td (within ) Tj ET Q q 0 0 0 rg BT 395.71 713.10 Td (net ) Tj ET Q q 0 0 0 rg BT 410.84 713.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 449.30 713.10 Td (in ) Tj ET Q q 0 0 0 rg BT 459.99 713.10 Td (the ) Tj ET Q q 0 0 0 rg BT 475.12 713.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 528.58 713.10 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 701.10 Td (statement. ) Tj ET Q q 0 0 0 rg BT 97.14 701.10 Td (The ) Tj ET Q q 0 0 0 rg BT 115.19 701.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 143.24 701.10 Td (disposed ) Tj ET Q q 0 0 0 rg BT 180.74 701.10 Td (of ) Tj ET Q q 0 0 0 rg BT 191.57 701.10 Td (its ) Tj ET Q q 0 0 0 rg BT 203.52 701.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 249.90 701.10 Td (property ) Tj ET Q q 0 0 0 rg BT 286.28 701.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 312.11 701.10 Td (and ) Tj ET Q q 0 0 0 rg BT 329.04 701.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 368.76 701.10 Td (during ) Tj ET Q q 0 0 0 rg BT 397.37 701.10 Td (2015.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 677.10 Td (Borr) Tj ET Q q 0 0 0 rg BT 74.37 677.10 Td (owing ) Tj ET Q q 0 0 0 rg BT 102.43 677.10 Td (costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 653.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 653.10 Td (General ) Tj ET Q q 0 0 0 rg BT 124.23 653.10 Td (and ) Tj ET Q q 0 0 0 rg BT 141.25 653.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 174.93 653.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 219.18 653.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 241.77 653.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 274.89 653.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 323.02 653.10 Td (to ) Tj ET Q q 0 0 0 rg BT 333.38 653.10 Td (the ) Tj ET Q q 0 0 0 rg BT 348.18 653.10 Td (acquisition, ) Tj ET Q q 0 0 0 rg BT 397.15 653.10 Td (construction ) Tj ET Q q 0 0 0 rg BT 449.17 653.10 Td (or ) Tj ET Q q 0 0 0 rg BT 460.08 653.10 Td (production ) Tj ET Q q 0 0 0 rg BT 505.99 653.10 Td (of ) Tj ET Q q 0 0 0 rg BT 516.91 653.10 Td (qualifying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 641.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 81.94 641.10 Td (which ) Tj ET Q q 0 0 0 rg BT 108.50 641.10 Td (are ) Tj ET Q q 0 0 0 rg BT 122.82 641.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 148.26 641.10 Td (that ) Tj ET Q q 0 0 0 rg BT 165.37 641.10 Td (necessarily ) Tj ET Q q 0 0 0 rg BT 211.91 641.10 Td (take ) Tj ET Q q 0 0 0 rg BT 230.68 641.10 Td (a ) Tj ET Q q 0 0 0 rg BT 237.23 641.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 282.12 641.10 Td (period ) Tj ET Q q 0 0 0 rg BT 309.78 641.10 Td (of ) Tj ET Q q 0 0 0 rg BT 320.23 641.10 Td (time ) Tj ET Q q 0 0 0 rg BT 340.11 641.10 Td (to ) Tj ET Q q 0 0 0 rg BT 350.01 641.10 Td (get ) Tj ET Q q 0 0 0 rg BT 364.34 641.10 Td (ready ) Tj ET Q q 0 0 0 rg BT 388.66 641.10 Td (for ) Tj ET Q q 0 0 0 rg BT 402.43 641.10 Td (their ) Tj ET Q q 0 0 0 rg BT 422.87 641.10 Td (intended ) Tj ET Q q 0 0 0 rg BT 459.42 641.10 Td (use, ) Tj ET Q q 0 0 0 rg BT 477.36 641.10 Td (are ) Tj ET Q q 0 0 0 rg BT 491.69 641.10 Td (added ) Tj ET Q q 0 0 0 rg BT 517.68 641.10 Td (to ) Tj ET Q q 0 0 0 rg BT 527.57 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 541.90 641.10 Td (cost ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 629.10 Td (of ) Tj ET Q q 0 0 0 rg BT 64.83 629.10 Td (those ) Tj ET Q q 0 0 0 rg BT 88.44 629.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 116.77 629.10 Td (until ) Tj ET Q q 0 0 0 rg BT 137.60 629.10 Td (such ) Tj ET Q q 0 0 0 rg BT 158.43 629.10 Td (time ) Tj ET Q q 0 0 0 rg BT 178.71 629.10 Td (as ) Tj ET Q q 0 0 0 rg BT 189.54 629.10 Td (the ) Tj ET Q q 0 0 0 rg BT 204.25 629.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 230.08 629.10 Td (are ) Tj ET Q q 0 0 0 rg BT 244.79 629.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 297.84 629.10 Td (ready ) Tj ET Q q 0 0 0 rg BT 322.55 629.10 Td (for ) Tj ET Q q 0 0 0 rg BT 336.71 629.10 Td (their ) Tj ET Q q 0 0 0 rg BT 357.54 629.10 Td (intended ) Tj ET Q q 0 0 0 rg BT 394.47 629.10 Td (use.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 605.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 605.10 Td (All ) Tj ET Q q 0 0 0 rg BT 105.48 605.10 Td (other ) Tj ET Q q 0 0 0 rg BT 128.74 605.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 173.10 605.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 195.81 605.10 Td (are ) Tj ET Q q 0 0 0 rg BT 210.72 605.10 Td (expensed ) Tj ET Q q 0 0 0 rg BT 250.63 605.10 Td (in ) Tj ET Q q 0 0 0 rg BT 261.11 605.10 Td (net ) Tj ET Q q 0 0 0 rg BT 276.04 605.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 313.72 605.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 352.52 605.10 Td (if ) Tj ET Q q 0 0 0 rg BT 361.34 605.10 Td (related ) Tj ET Q q 0 0 0 rg BT 391.25 605.10 Td (to ) Tj ET Q q 0 0 0 rg BT 401.73 605.10 Td (the ) Tj ET Q q 0 0 0 rg BT 416.65 605.10 Td (Group) Tj ET Q q 0 0 0 rg BT 444.98 605.10 Td (s ) Tj ET Q q 0 0 0 rg BT 451.58 605.10 Td (industrial ) Tj ET Q q 0 0 0 rg BT 492.06 605.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 530.86 605.10 Td (or ) Tj ET Q q 0 0 0 rg BT 541.89 605.10 Td (cost ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 593.10 Td (of ) Tj ET Q q 0 0 0 rg BT 64.83 593.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 86.77 593.10 Td (if ) Tj ET Q q 0 0 0 rg BT 95.38 593.10 Td (related ) Tj ET Q q 0 0 0 rg BT 125.08 593.10 Td (to ) Tj ET Q q 0 0 0 rg BT 135.36 593.10 Td (the ) Tj ET Q q 0 0 0 rg BT 150.07 593.10 Td (Group) Tj ET Q q 0 0 0 rg BT 178.40 593.10 Td (s ) Tj ET Q q 0 0 0 rg BT 184.80 593.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 222.28 593.10 Td (services ) Tj ET Q q 0 0 0 rg BT 256.98 593.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 295.58 593.10 Td (in ) Tj ET Q q 0 0 0 rg BT 305.86 593.10 Td (the ) Tj ET Q q 0 0 0 rg BT 320.58 593.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 373.62 593.10 Td (income ) Tj ET Q q 0 0 0 rg BT 405.55 593.10 Td (statement, ) Tj ET Q q 0 0 0 rg BT 448.87 593.10 Td (as ) Tj ET Q q 0 0 0 rg BT 459.70 593.10 Td (incurred.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 569.10 Td (Impairment ) Tj ET Q q 0 0 0 rg BT 108.16 569.10 Td (of ) Tj ET Q q 0 0 0 rg BT 118.99 569.10 Td (assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 545.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 545.10 Td (The ) Tj ET Q q 0 0 0 rg BT 109.00 545.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 138.01 545.10 Td (continuously ) Tj ET Q q 0 0 0 rg BT 193.13 545.10 Td (monitors ) Tj ET Q q 0 0 0 rg BT 232.15 545.10 Td (its ) Tj ET Q q 0 0 0 rg BT 245.05 545.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 290.17 545.10 Td (to ) Tj ET Q q 0 0 0 rg BT 301.40 545.10 Td (assess ) Tj ET Q q 0 0 0 rg BT 329.30 545.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 364.97 545.10 Td (there ) Tj ET Q q 0 0 0 rg BT 388.41 545.10 Td (is ) Tj ET Q q 0 0 0 rg BT 398.54 545.10 Td (any ) Tj ET Q q 0 0 0 rg BT 416.43 545.10 Td (indication ) Tj ET Q q 0 0 0 rg BT 459.88 545.10 Td (that ) Tj ET Q q 0 0 0 rg BT 478.33 545.10 Td (its ) Tj ET Q q 0 0 0 rg BT 491.24 545.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 534.68 545.10 Td (assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 533.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 96.69 533.10 Td (development ) Tj ET Q q 0 0 0 rg BT 149.93 533.10 Td (costs\) ) Tj ET Q q 0 0 0 rg BT 174.85 533.10 Td (and ) Tj ET Q q 0 0 0 rg BT 190.88 533.10 Td (its ) Tj ET Q q 0 0 0 rg BT 201.91 533.10 Td (property) Tj ET Q q 0 0 0 rg BT 235.14 533.10 Td (, ) Tj ET Q q 0 0 0 rg BT 239.23 533.10 Td (plant ) Tj ET Q q 0 0 0 rg BT 260.81 533.10 Td (and ) Tj ET Q q 0 0 0 rg BT 276.84 533.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 320.64 533.10 Td (may ) Tj ET Q q 0 0 0 rg BT 339.44 533.10 Td (be ) Tj ET Q q 0 0 0 rg BT 350.47 533.10 Td (impaired. ) Tj ET Q q 0 0 0 rg BT 390.10 533.10 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 429.47 533.10 Td (is ) Tj ET Q q 0 0 0 rg BT 437.73 533.10 Td (tested ) Tj ET Q q 0 0 0 rg BT 462.64 533.10 Td (for ) Tj ET Q q 0 0 0 rg BT 475.89 533.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 523.58 533.10 Td (annually ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 521.10 Td (or ) Tj ET Q q 0 0 0 rg BT 64.83 521.10 Td (more ) Tj ET Q q 0 0 0 rg BT 87.88 521.10 Td (frequently) Tj ET Q q 0 0 0 rg BT 128.32 521.10 Td (, ) Tj ET Q q 0 0 0 rg BT 133.32 521.10 Td (if ) Tj ET Q q 0 0 0 rg BT 141.93 521.10 Td (there ) Tj ET Q q 0 0 0 rg BT 164.42 521.10 Td (is ) Tj ET Q q 0 0 0 rg BT 173.58 521.10 Td (an ) Tj ET Q q 0 0 0 rg BT 185.52 521.10 Td (indication ) Tj ET Q q 0 0 0 rg BT 228.01 521.10 Td (that ) Tj ET Q q 0 0 0 rg BT 245.51 521.10 Td (an ) Tj ET Q q 0 0 0 rg BT 257.45 521.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 279.39 521.10 Td (may ) Tj ET Q q 0 0 0 rg BT 299.10 521.10 Td (be ) Tj ET Q q 0 0 0 rg BT 311.04 521.10 Td (impaired. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 497.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 497.10 Td (If ) Tj ET Q q 0 0 0 rg BT 99.15 497.10 Td (indications ) Tj ET Q q 0 0 0 rg BT 145.52 497.10 Td (of ) Tj ET Q q 0 0 0 rg BT 156.34 497.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 204.93 497.10 Td (are ) Tj ET Q q 0 0 0 rg BT 219.63 497.10 Td (present, ) Tj ET Q q 0 0 0 rg BT 253.50 497.10 Td (the ) Tj ET Q q 0 0 0 rg BT 268.20 497.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 304.01 497.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 336.49 497.10 Td (of ) Tj ET Q q 0 0 0 rg BT 347.31 497.10 Td (the ) Tj ET Q q 0 0 0 rg BT 362.02 497.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 383.95 497.10 Td (is ) Tj ET Q q 0 0 0 rg BT 393.11 497.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 427.25 497.10 Td (to ) Tj ET Q q 0 0 0 rg BT 437.51 497.10 Td (its ) Tj ET Q q 0 0 0 rg BT 449.45 497.10 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 498.57 497.10 Td (amount, ) Tj ET Q q 0 0 0 rg BT 533.56 497.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 485.10 Td (is ) Tj ET Q q 0 0 0 rg BT 63.51 485.10 Td (the ) Tj ET Q q 0 0 0 rg BT 78.56 485.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 106.94 485.10 Td (of ) Tj ET Q q 0 0 0 rg BT 118.11 485.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 134.83 485.10 Td (value ) Tj ET Q q 0 0 0 rg BT 159.32 485.10 Td (less ) Tj ET Q q 0 0 0 rg BT 177.15 485.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 199.99 485.10 Td (of ) Tj ET Q q 0 0 0 rg BT 211.16 485.10 Td (disposal ) Tj ET Q q 0 0 0 rg BT 246.77 485.10 Td (and ) Tj ET Q q 0 0 0 rg BT 264.05 485.10 Td (its ) Tj ET Q q 0 0 0 rg BT 276.33 485.10 Td (value ) Tj ET Q q 0 0 0 rg BT 300.83 485.10 Td (in ) Tj ET Q q 0 0 0 rg BT 311.44 485.10 Td (use. ) Tj ET Q q 0 0 0 rg BT 329.90 485.10 Td (The ) Tj ET Q q 0 0 0 rg BT 348.29 485.10 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 397.75 485.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 430.59 485.10 Td (is ) Tj ET Q q 0 0 0 rg BT 440.09 485.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 487.91 485.10 Td (for ) Tj ET Q q 0 0 0 rg BT 502.41 485.10 Td (the ) Tj ET Q q 0 0 0 rg BT 517.46 485.10 Td (individual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 473.10 Td (asset, ) Tj ET Q q 0 0 0 rg BT 78.16 473.10 Td (unless ) Tj ET Q q 0 0 0 rg BT 105.37 473.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.81 473.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 141.46 473.10 Td (does ) Tj ET Q q 0 0 0 rg BT 162.01 473.10 Td (not ) Tj ET Q q 0 0 0 rg BT 177.00 473.10 Td (generate ) Tj ET Q q 0 0 0 rg BT 213.08 473.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 233.07 473.10 Td (inflows ) Tj ET Q q 0 0 0 rg BT 265.28 473.10 Td (that ) Tj ET Q q 0 0 0 rg BT 282.50 473.10 Td (are ) Tj ET Q q 0 0 0 rg BT 296.92 473.10 Td (lar) Tj ET Q q 0 0 0 rg BT 307.29 473.10 Td (gely ) Tj ET Q q 0 0 0 rg BT 326.72 473.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 377.81 473.10 Td (of ) Tj ET Q q 0 0 0 rg BT 388.36 473.10 Td (those ) Tj ET Q q 0 0 0 rg BT 411.68 473.10 Td (from ) Tj ET Q q 0 0 0 rg BT 433.34 473.10 Td (other ) Tj ET Q q 0 0 0 rg BT 456.10 473.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 481.65 473.10 Td (or ) Tj ET Q q 0 0 0 rg BT 492.19 473.10 Td (groups ) Tj ET Q q 0 0 0 rg BT 521.63 473.10 Td (of ) Tj ET Q q 0 0 0 rg BT 532.18 473.10 Td (assets, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 461.10 Td (in ) Tj ET Q q 0 0 0 rg BT 64.24 461.10 Td (which ) Tj ET Q q 0 0 0 rg BT 91.14 461.10 Td (case ) Tj ET Q q 0 0 0 rg BT 110.81 461.10 Td (the ) Tj ET Q q 0 0 0 rg BT 125.49 461.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 147.39 461.10 Td (is ) Tj ET Q q 0 0 0 rg BT 156.52 461.10 Td (tested ) Tj ET Q q 0 0 0 rg BT 182.31 461.10 Td (as ) Tj ET Q q 0 0 0 rg BT 193.10 461.10 Td (part ) Tj ET Q q 0 0 0 rg BT 211.11 461.10 Td (of ) Tj ET Q q 0 0 0 rg BT 221.91 461.10 Td (the ) Tj ET Q q 0 0 0 rg BT 236.58 461.10 Td (cash-generating ) Tj ET Q q 0 0 0 rg BT 302.35 461.10 Td (unit ) Tj ET Q q 0 0 0 rg BT 320.37 461.10 Td (\(CGU\) ) Tj ET Q q 0 0 0 rg BT 359.48 461.10 Td (to ) Tj ET Q q 0 0 0 rg BT 369.72 461.10 Td (which ) Tj ET Q q 0 0 0 rg BT 396.62 461.10 Td (the ) Tj ET Q q 0 0 0 rg BT 411.30 461.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 433.20 461.10 Td (belongs. ) Tj ET Q q 0 0 0 rg BT 468.73 461.10 Td (A) Tj ET Q q 0 0 0 rg BT 475.40 461.10 Td ( ) Tj ET Q q 0 0 0 rg BT 477.86 461.10 Td (CGU ) Tj ET Q q 0 0 0 rg BT 501.44 461.10 Td (is ) Tj ET Q q 0 0 0 rg BT 510.57 461.10 Td (the ) Tj ET Q q 0 0 0 rg BT 525.25 461.10 Td (smallest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 449.10 Td (identifiable ) Tj ET Q q 0 0 0 rg BT 102.66 449.10 Td (group ) Tj ET Q q 0 0 0 rg BT 129.12 449.10 Td (of ) Tj ET Q q 0 0 0 rg BT 140.57 449.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 167.02 449.10 Td (that ) Tj ET Q q 0 0 0 rg BT 185.14 449.10 Td (generates ) Tj ET Q q 0 0 0 rg BT 226.02 449.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 246.91 449.10 Td (inflows ) Tj ET Q q 0 0 0 rg BT 280.04 449.10 Td (that ) Tj ET Q q 0 0 0 rg BT 298.16 449.10 Td (are ) Tj ET Q q 0 0 0 rg BT 313.49 449.10 Td (lar) Tj ET Q q 0 0 0 rg BT 323.85 449.10 Td (gely ) Tj ET Q q 0 0 0 rg BT 344.19 449.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 396.19 449.10 Td (of ) Tj ET Q q 0 0 0 rg BT 407.64 449.10 Td (the ) Tj ET Q q 0 0 0 rg BT 422.99 449.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 443.88 449.10 Td (inflows ) Tj ET Q q 0 0 0 rg BT 477.00 449.10 Td (from ) Tj ET Q q 0 0 0 rg BT 499.56 449.10 Td (other ) Tj ET Q q 0 0 0 rg BT 523.24 449.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 549.69 449.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 437.10 Td (groups ) Tj ET Q q 0 0 0 rg BT 83.31 437.10 Td (of ) Tj ET Q q 0 0 0 rg BT 93.73 437.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 121.65 437.10 Td (In ) Tj ET Q q 0 0 0 rg BT 132.07 437.10 Td (assessing ) Tj ET Q q 0 0 0 rg BT 171.38 437.10 Td (the ) Tj ET Q q 0 0 0 rg BT 185.68 437.10 Td (value ) Tj ET Q q 0 0 0 rg BT 209.43 437.10 Td (in ) Tj ET Q q 0 0 0 rg BT 219.29 437.10 Td (use ) Tj ET Q q 0 0 0 rg BT 234.71 437.10 Td (of ) Tj ET Q q 0 0 0 rg BT 245.13 437.10 Td (an ) Tj ET Q q 0 0 0 rg BT 256.66 437.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 278.19 437.10 Td (or ) Tj ET Q q 0 0 0 rg BT 288.61 437.10 Td (CGU, ) Tj ET Q q 0 0 0 rg BT 314.31 437.10 Td (the ) Tj ET Q q 0 0 0 rg BT 328.61 437.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 369.02 437.10 Td (future ) Tj ET Q q 0 0 0 rg BT 394.99 437.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 414.85 437.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 439.16 437.10 Td (are ) Tj ET Q q 0 0 0 rg BT 453.45 437.10 Td (discounted ) Tj ET Q q 0 0 0 rg BT 498.87 437.10 Td (to ) Tj ET Q q 0 0 0 rg BT 508.73 437.10 Td (their ) Tj ET Q q 0 0 0 rg BT 529.15 437.10 Td (present ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 425.10 Td (value ) Tj ET Q q 0 0 0 rg BT 77.79 425.10 Td (using ) Tj ET Q q 0 0 0 rg BT 101.59 425.10 Td (a ) Tj ET Q q 0 0 0 rg BT 108.17 425.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 144.19 425.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 161.30 425.10 Td (that ) Tj ET Q q 0 0 0 rg BT 178.43 425.10 Td (reflects ) Tj ET Q q 0 0 0 rg BT 209.99 425.10 Td (current ) Tj ET Q q 0 0 0 rg BT 240.44 425.10 Td (market ) Tj ET Q q 0 0 0 rg BT 270.34 425.10 Td (assessments ) Tj ET Q q 0 0 0 rg BT 320.80 425.10 Td (of ) Tj ET Q q 0 0 0 rg BT 331.27 425.10 Td (the ) Tj ET Q q 0 0 0 rg BT 345.62 425.10 Td (time ) Tj ET Q q 0 0 0 rg BT 365.52 425.10 Td (value ) Tj ET Q q 0 0 0 rg BT 389.31 425.10 Td (of ) Tj ET Q q 0 0 0 rg BT 399.78 425.10 Td (money ) Tj ET Q q 0 0 0 rg BT 429.13 425.10 Td (and ) Tj ET Q q 0 0 0 rg BT 445.70 425.10 Td (the ) Tj ET Q q 0 0 0 rg BT 460.05 425.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 481.08 425.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 514.30 425.10 Td (to ) Tj ET Q q 0 0 0 rg BT 524.21 425.10 Td (the ) Tj ET Q q 0 0 0 rg BT 538.57 425.10 Td (asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 413.10 Td (or ) Tj ET Q q 0 0 0 rg BT 64.83 413.10 Td (CGU. ) Tj ET Q q 0 0 0 rg BT 90.39 413.10 Td (An ) Tj ET Q q 0 0 0 rg BT 105.11 413.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 153.71 413.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 171.77 413.10 Td (is ) Tj ET Q q 0 0 0 rg BT 180.94 413.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 227.31 413.10 Td (if ) Tj ET Q q 0 0 0 rg BT 235.91 413.10 Td (the ) Tj ET Q q 0 0 0 rg BT 250.63 413.10 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 299.76 413.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 332.26 413.10 Td (is ) Tj ET Q q 0 0 0 rg BT 341.43 413.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 366.70 413.10 Td (than ) Tj ET Q q 0 0 0 rg BT 386.41 413.10 Td (the ) Tj ET Q q 0 0 0 rg BT 401.13 413.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 436.94 413.10 Td (amount. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 389.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 389.10 Td (Where ) Tj ET Q q 0 0 0 rg BT 118.99 389.10 Td (an ) Tj ET Q q 0 0 0 rg BT 130.77 389.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 179.21 389.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 197.11 389.10 Td (for ) Tj ET Q q 0 0 0 rg BT 211.11 389.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 236.78 389.10 Td (other ) Tj ET Q q 0 0 0 rg BT 259.67 389.10 Td (than ) Tj ET Q q 0 0 0 rg BT 279.23 389.10 Td (goodwill, ) Tj ET Q q 0 0 0 rg BT 319.63 389.10 Td (subsequently ) Tj ET Q q 0 0 0 rg BT 374.18 389.10 Td (no ) Tj ET Q q 0 0 0 rg BT 386.53 389.10 Td (longer ) Tj ET Q q 0 0 0 rg BT 414.41 389.10 Td (exists ) Tj ET Q q 0 0 0 rg BT 439.53 389.10 Td (or ) Tj ET Q q 0 0 0 rg BT 450.21 389.10 Td (has ) Tj ET Q q 0 0 0 rg BT 465.88 389.10 Td (decreased, ) Tj ET Q q 0 0 0 rg BT 510.13 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.69 389.10 Td (carrying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 377.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 87.08 377.10 Td (of ) Tj ET Q q 0 0 0 rg BT 98.49 377.10 Td (the ) Tj ET Q q 0 0 0 rg BT 113.78 377.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 136.30 377.10 Td (or ) Tj ET Q q 0 0 0 rg BT 147.71 377.10 Td (CGU ) Tj ET Q q 0 0 0 rg BT 171.90 377.10 Td (is ) Tj ET Q q 0 0 0 rg BT 181.65 377.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 222.49 377.10 Td (to ) Tj ET Q q 0 0 0 rg BT 233.35 377.10 Td (the ) Tj ET Q q 0 0 0 rg BT 248.64 377.10 Td (revised ) Tj ET Q q 0 0 0 rg BT 280.60 377.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 317.00 377.10 Td (of ) Tj ET Q q 0 0 0 rg BT 328.41 377.10 Td (its ) Tj ET Q q 0 0 0 rg BT 340.94 377.10 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 390.65 377.10 Td (amount, ) Tj ET Q q 0 0 0 rg BT 426.23 377.10 Td (but ) Tj ET Q q 0 0 0 rg BT 442.08 377.10 Td (not ) Tj ET Q q 0 0 0 rg BT 457.94 377.10 Td (in ) Tj ET Q q 0 0 0 rg BT 468.80 377.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 497.98 377.10 Td (of ) Tj ET Q q 0 0 0 rg BT 509.39 377.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.69 377.10 Td (carrying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 365.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 85.73 365.10 Td (that ) Tj ET Q q 0 0 0 rg BT 102.46 365.10 Td (would ) Tj ET Q q 0 0 0 rg BT 129.19 365.10 Td (have ) Tj ET Q q 0 0 0 rg BT 149.80 365.10 Td (been ) Tj ET Q q 0 0 0 rg BT 170.41 365.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 207.11 365.10 Td (had ) Tj ET Q q 0 0 0 rg BT 223.29 365.10 Td (no ) Tj ET Q q 0 0 0 rg BT 235.02 365.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 282.85 365.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 300.14 365.10 Td (been ) Tj ET Q q 0 0 0 rg BT 320.75 365.10 Td (recognized. ) Tj ET Q q 0 0 0 rg BT 368.72 365.10 Td (The ) Tj ET Q q 0 0 0 rg BT 386.00 365.10 Td (reversal ) Tj ET Q q 0 0 0 rg BT 419.38 365.10 Td (of ) Tj ET Q q 0 0 0 rg BT 429.44 365.10 Td (an ) Tj ET Q q 0 0 0 rg BT 440.61 365.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 488.44 365.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 505.74 365.10 Td (is ) Tj ET Q q 0 0 0 rg BT 514.14 365.10 Td (recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 353.10 Td (in ) Tj ET Q q 0 0 0 rg BT 64.28 353.10 Td (the ) Tj ET Q q 0 0 0 rg BT 79.00 353.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 132.04 353.10 Td (income ) Tj ET Q q 0 0 0 rg BT 163.97 353.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 204.79 353.10 Td (immediately) Tj ET Q q 0 0 0 rg BT 254.13 353.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 329.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 96.50 329.10 Td (instruments ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 305.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 63.63 305.10 Td (esentation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 281.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 281.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 130.22 281.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 179.89 281.10 Td (held ) Tj ET Q q 0 0 0 rg BT 200.12 281.10 Td (by ) Tj ET Q q 0 0 0 rg BT 213.13 281.10 Td (the ) Tj ET Q q 0 0 0 rg BT 228.35 281.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 256.91 281.10 Td (are ) Tj ET Q q 0 0 0 rg BT 272.12 281.10 Td (presented ) Tj ET Q q 0 0 0 rg BT 313.45 281.10 Td (in ) Tj ET Q q 0 0 0 rg BT 324.23 281.10 Td (the ) Tj ET Q q 0 0 0 rg BT 339.46 281.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 395.24 281.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 435.46 281.10 Td (Statements ) Tj ET Q q 0 0 0 rg BT 482.35 281.10 Td (as ) Tj ET Q q 0 0 0 rg BT 493.69 281.10 Td (described ) Tj ET Q q 0 0 0 rg BT 535.01 281.10 Td (in ) Tj ET Q q 0 0 0 rg BT 545.80 281.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 269.10 Td (following ) Tj ET Q q 0 0 0 rg BT 95.39 269.10 Td (paragraphs. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 245.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 245.10 Td (Investments ) Tj ET Q q 0 0 0 rg BT 141.43 245.10 Td (and ) Tj ET Q q 0 0 0 rg BT 158.98 245.10 Td (other ) Tj ET Q q 0 0 0 rg BT 182.63 245.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 220.72 245.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 247.16 245.10 Td (include ) Tj ET Q q 0 0 0 rg BT 279.70 245.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 326.69 245.10 Td (properties, ) Tj ET Q q 0 0 0 rg BT 372.28 245.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 423.16 245.10 Td (in ) Tj ET Q q 0 0 0 rg BT 434.04 245.10 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 497.69 245.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 543.56 245.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 233.10 Td (other ) Tj ET Q q 0 0 0 rg BT 77.05 233.10 Td (non-current ) Tj ET Q q 0 0 0 rg BT 126.19 233.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 163.67 233.10 Td (assets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 209.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 209.10 Td (Current ) Tj ET Q q 0 0 0 rg BT 123.37 209.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 161.18 209.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 189.83 209.10 Td (as ) Tj ET Q q 0 0 0 rg BT 200.99 209.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 233.80 209.10 Td (in ) Tj ET Q q 0 0 0 rg BT 244.40 209.10 Td (IAS ) Tj ET Q q 0 0 0 rg BT 263.34 209.10 Td (39 ) Tj ET Q q 0 0 0 rg BT 276.16 209.10 Td (- ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 282.32 209.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 324.02 209.10 Td (Instruments: ) Tj ET Q q 0 0 0 rg BT 377.40 209.10 Td (Recognition ) Tj ET Q q 0 0 0 rg BT 428.54 209.10 Td (and ) Tj ET Q q 0 0 0 rg BT 446.37 209.10 Td (Measur) Tj ET Q q 0 0 0 rg BT 476.55 209.10 Td (ement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.43 209.10 Td (, ) Tj ET Q q 0 0 0 rg BT 505.75 209.10 Td (include ) Tj ET Q q 0 0 0 rg BT 538.01 209.10 Td (trade ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 197.10 Td (receivables, ) Tj ET Q q 0 0 0 rg BT 104.42 197.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 152.34 197.10 Td (from ) Tj ET Q q 0 0 0 rg BT 174.73 197.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 215.45 197.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 254.50 197.10 Td (and ) Tj ET Q q 0 0 0 rg BT 271.89 197.10 Td (current ) Tj ET Q q 0 0 0 rg BT 303.16 197.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 341.09 197.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 367.37 197.10 Td (\(which ) Tj ET Q q 0 0 0 rg BT 398.09 197.10 Td (include ) Tj ET Q q 0 0 0 rg BT 430.48 197.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 473.41 197.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 511.34 197.10 Td (instruments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 185.10 Td (stated ) Tj ET Q q 0 0 0 rg BT 79.83 185.10 Td (at ) Tj ET Q q 0 0 0 rg BT 89.54 185.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 105.92 185.10 Td (value\), ) Tj ET Q q 0 0 0 rg BT 135.90 185.10 Td (deposits ) Tj ET Q q 0 0 0 rg BT 171.18 185.10 Td (in ) Tj ET Q q 0 0 0 rg BT 181.46 185.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 200.36 185.10 Td ( ) Tj ET Q q 0 0 0 rg BT 202.86 185.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 230.91 185.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 251.18 185.10 Td (management ) Tj ET Q q 0 0 0 rg BT 304.77 185.10 Td (pools ) Tj ET Q q 0 0 0 rg BT 328.94 185.10 Td (and ) Tj ET Q q 0 0 0 rg BT 345.88 185.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 366.15 185.10 Td (and ) Tj ET Q q 0 0 0 rg BT 383.09 185.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 403.36 185.10 Td (equivalents.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 161.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 161.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 129.23 161.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 168.47 161.10 Td (comprise ) Tj ET Q q 0 0 0 rg BT 207.15 161.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 226.39 161.10 Td (\(which ) Tj ET Q q 0 0 0 rg BT 256.18 161.10 Td (include ) Tj ET Q q 0 0 0 rg BT 287.63 161.10 Td (bank ) Tj ET Q q 0 0 0 rg BT 309.09 161.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 356.67 161.10 Td (and ) Tj ET Q q 0 0 0 rg BT 373.13 161.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 410.13 161.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 449.37 161.10 Td (with ) Tj ET Q q 0 0 0 rg BT 469.17 161.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 488.07 161.10 Td ( ) Tj ET Q q 0 0 0 rg BT 490.09 161.10 Td (Group\) ) Tj ET Q q 0 0 0 rg BT 520.99 161.10 Td (and ) Tj ET Q q 0 0 0 rg BT 537.45 161.10 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 149.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 90.46 149.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 129.15 149.10 Td (\(which ) Tj ET Q q 0 0 0 rg BT 158.40 149.10 Td (mainly ) Tj ET Q q 0 0 0 rg BT 187.65 149.10 Td (include ) Tj ET Q q 0 0 0 rg BT 218.56 149.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 260.02 149.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 296.47 149.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 344.62 149.10 Td (stated ) Tj ET Q q 0 0 0 rg BT 369.42 149.10 Td (at ) Tj ET Q q 0 0 0 rg BT 378.11 149.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 393.47 149.10 Td (value\), ) Tj ET Q q 0 0 0 rg BT 422.43 149.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 443.89 149.10 Td (payables ) Tj ET Q q 0 0 0 rg BT 480.35 149.10 Td (and ) Tj ET Q q 0 0 0 rg BT 496.27 149.10 Td (other ) Tj ET Q q 0 0 0 rg BT 518.29 149.10 Td (liabilities.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 125.10 Td (Measur) Tj ET Q q 0 0 0 rg BT 84.18 125.10 Td (ement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 101.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 101.10 Td (Non-current ) Tj ET Q q 0 0 0 rg BT 142.26 101.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 180.64 101.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 207.37 101.10 Td (other ) Tj ET Q q 0 0 0 rg BT 231.31 101.10 Td (than ) Tj ET Q q 0 0 0 rg BT 251.92 101.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 305.59 101.10 Td (as ) Tj ET Q q 0 0 0 rg BT 317.32 101.10 Td (well ) Tj ET Q q 0 0 0 rg BT 337.93 101.10 Td (as ) Tj ET Q q 0 0 0 rg BT 349.66 101.10 Td (current ) Tj ET Q q 0 0 0 rg BT 381.37 101.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 419.74 101.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 446.47 101.10 Td (and ) Tj ET Q q 0 0 0 rg BT 464.30 101.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 502.68 101.10 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 545.79 101.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 89.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 97.03 89.10 Td (for ) Tj ET Q q 0 0 0 rg BT 111.19 89.10 Td (in ) Tj ET Q q 0 0 0 rg BT 121.47 89.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 168.93 89.10 Td (with ) Tj ET Q q 0 0 0 rg BT 189.21 89.10 Td (IAS ) Tj ET Q q 0 0 0 rg BT 207.82 89.10 Td (39. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 65.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 65.10 Td (Current ) Tj ET Q q 0 0 0 rg BT 123.13 65.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 160.70 65.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 186.61 65.10 Td (are ) Tj ET Q q 0 0 0 rg BT 201.40 65.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 247.85 65.10 Td (on ) Tj ET Q q 0 0 0 rg BT 260.43 65.10 Td (the ) Tj ET Q q 0 0 0 rg BT 275.23 65.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 297.82 65.10 Td (of ) Tj ET Q q 0 0 0 rg BT 308.73 65.10 Td (the ) Tj ET Q q 0 0 0 rg BT 323.54 65.10 Td (settlement ) Tj ET Q q 0 0 0 rg BT 367.22 65.10 Td (date ) Tj ET Q q 0 0 0 rg BT 386.46 65.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 405.98 65.10 Td (on ) Tj ET Q q 0 0 0 rg BT 418.57 65.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 444.48 65.10 Td (recognition, ) Tj ET Q q 0 0 0 rg BT 495.11 65.10 Td (are ) Tj ET Q q 0 0 0 rg BT 509.90 65.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 550.80 65.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 53.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 100.61 53.10 Td (cost. ) Tj ET Q q 0 0 0 rg BT 121.94 53.10 Td (Subsequent ) Tj ET Q q 0 0 0 rg BT 170.78 53.10 Td (to ) Tj ET Q q 0 0 0 rg BT 181.28 53.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 207.34 53.10 Td (recognition, ) Tj ET Q q 0 0 0 rg BT 258.11 53.10 Td (current ) Tj ET Q q 0 0 0 rg BT 289.15 53.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 326.85 53.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 352.91 53.10 Td (are ) Tj ET Q q 0 0 0 rg BT 367.84 53.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 408.88 53.10 Td (at ) Tj ET Q q 0 0 0 rg BT 418.83 53.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 435.43 53.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 462.11 53.10 Td (When ) Tj ET Q q 0 0 0 rg BT 488.72 53.10 Td (market ) Tj ET Q q 0 0 0 rg BT 519.21 53.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 545.81 53.10 Td (are ) Tj ET Q endstream endobj 333 0 obj <> endobj 334 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 760.75 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 760.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.60 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 199.82 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 206.31 748.75 Td (O ) Tj ET Q q 0 0 0 rg BT 216.41 748.75 Td (THE CONSOLIDA) Tj ET Q q 0 0 0 rg BT 299.85 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 379.03 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 393.02 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 399.50 748.75 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.60 736.75 Td (At December) Tj ET Q q 0 0 0 rg BT 294.78 736.75 Td (31, 2015 and 2014) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 294.65 32.20 Td (F-17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 713.10 Td (not ) Tj ET Q q 0 0 0 rg BT 70.77 713.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 105.31 713.10 Td (available, ) Tj ET Q q 0 0 0 rg BT 147.89 713.10 Td (the ) Tj ET Q q 0 0 0 rg BT 164.10 713.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 181.98 713.10 Td (value ) Tj ET Q q 0 0 0 rg BT 207.63 713.10 Td (of ) Tj ET Q q 0 0 0 rg BT 219.95 713.10 Td (current ) Tj ET Q q 0 0 0 rg BT 252.26 713.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 291.24 713.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 318.56 713.10 Td (are ) Tj ET Q q 0 0 0 rg BT 334.76 713.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 377.07 713.10 Td (using ) Tj ET Q q 0 0 0 rg BT 402.74 713.10 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 452.26 713.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 493.47 713.10 Td (techniques ) Tj ET Q q 0 0 0 rg BT 540.23 713.10 Td (\(e.g. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 701.10 Td (discounted ) Tj ET Q q 0 0 0 rg BT 99.83 701.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 120.09 701.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 140.92 701.10 Td (analysis ) Tj ET Q q 0 0 0 rg BT 175.64 701.10 Td (based ) Tj ET Q q 0 0 0 rg BT 200.91 701.10 Td (on ) Tj ET Q q 0 0 0 rg BT 213.41 701.10 Td (market ) Tj ET Q q 0 0 0 rg BT 243.67 701.10 Td (information ) Tj ET Q q 0 0 0 rg BT 293.38 701.10 Td (available ) Tj ET Q q 0 0 0 rg BT 331.97 701.10 Td (at ) Tj ET Q q 0 0 0 rg BT 341.69 701.10 Td (the ) Tj ET Q q 0 0 0 rg BT 356.41 701.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 389.44 701.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 412.49 701.10 Td (date\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 677.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 677.10 Td (Loans ) Tj ET Q q 0 0 0 rg BT 117.11 677.10 Td (and ) Tj ET Q q 0 0 0 rg BT 134.23 677.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 181.88 677.10 Td (which ) Tj ET Q q 0 0 0 rg BT 208.99 677.10 Td (are ) Tj ET Q q 0 0 0 rg BT 223.87 677.10 Td (not ) Tj ET Q q 0 0 0 rg BT 239.33 677.10 Td (held ) Tj ET Q q 0 0 0 rg BT 259.22 677.10 Td (by ) Tj ET Q q 0 0 0 rg BT 271.89 677.10 Td (the ) Tj ET Q q 0 0 0 rg BT 286.79 677.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 315.01 677.10 Td (for ) Tj ET Q q 0 0 0 rg BT 329.35 677.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 360.35 677.10 Td (\(loans ) Tj ET Q q 0 0 0 rg BT 387.47 677.10 Td (and ) Tj ET Q q 0 0 0 rg BT 404.58 677.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 452.23 677.10 Td (originating ) Tj ET Q q 0 0 0 rg BT 498.78 677.10 Td (in ) Tj ET Q q 0 0 0 rg BT 509.24 677.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.13 677.10 Td (ordinary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 665.10 Td (course ) Tj ET Q q 0 0 0 rg BT 82.25 665.10 Td (of ) Tj ET Q q 0 0 0 rg BT 92.74 665.10 Td (business\) ) Tj ET Q q 0 0 0 rg BT 132.11 665.10 Td (and ) Tj ET Q q 0 0 0 rg BT 148.71 665.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 175.86 665.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 225.79 665.10 Td (whose ) Tj ET Q q 0 0 0 rg BT 253.49 665.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 269.52 665.10 Td (value ) Tj ET Q q 0 0 0 rg BT 293.33 665.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 322.14 665.10 Td (be ) Tj ET Q q 0 0 0 rg BT 333.74 665.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 380.87 665.10 Td (reliably) Tj ET Q q 0 0 0 rg BT 410.77 665.10 Td (, ) Tj ET Q q 0 0 0 rg BT 415.42 665.10 Td (are ) Tj ET Q q 0 0 0 rg BT 429.78 665.10 Td (measured, ) Tj ET Q q 0 0 0 rg BT 472.75 665.10 Td (to ) Tj ET Q q 0 0 0 rg BT 482.69 665.10 Td (the ) Tj ET Q q 0 0 0 rg BT 497.06 665.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 523.65 665.10 Td (that ) Tj ET Q q 0 0 0 rg BT 540.80 665.10 Td (they ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 653.10 Td (have ) Tj ET Q q 0 0 0 rg BT 74.98 653.10 Td (a ) Tj ET Q q 0 0 0 rg BT 81.51 653.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 104.16 653.10 Td (term, ) Tj ET Q q 0 0 0 rg BT 127.09 653.10 Td (at ) Tj ET Q q 0 0 0 rg BT 136.40 653.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 178.48 653.10 Td (cost, ) Tj ET Q q 0 0 0 rg BT 199.19 653.10 Td (using ) Tj ET Q q 0 0 0 rg BT 222.96 653.10 Td (the ) Tj ET Q q 0 0 0 rg BT 237.28 653.10 Td (ef) Tj ET Q q 0 0 0 rg BT 244.86 653.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 274.17 653.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 305.70 653.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 322.78 653.10 Td (method. ) Tj ET Q q 0 0 0 rg BT 357.23 653.10 Td (When ) Tj ET Q q 0 0 0 rg BT 383.20 653.10 Td (the ) Tj ET Q q 0 0 0 rg BT 397.52 653.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 434.60 653.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 460.03 653.10 Td (do ) Tj ET Q q 0 0 0 rg BT 472.13 653.10 Td (not ) Tj ET Q q 0 0 0 rg BT 487.01 653.10 Td (have ) Tj ET Q q 0 0 0 rg BT 507.98 653.10 Td (a ) Tj ET Q q 0 0 0 rg BT 514.52 653.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 537.17 653.10 Td (term, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 641.10 Td (they ) Tj ET Q q 0 0 0 rg BT 74.19 641.10 Td (are ) Tj ET Q q 0 0 0 rg BT 89.37 641.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 130.66 641.10 Td (at ) Tj ET Q q 0 0 0 rg BT 140.85 641.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 187.71 641.10 Td (cost. ) Tj ET Q q 0 0 0 rg BT 209.29 641.10 Td (Receivables ) Tj ET Q q 0 0 0 rg BT 260.57 641.10 Td (with ) Tj ET Q q 0 0 0 rg BT 281.32 641.10 Td (maturities ) Tj ET Q q 0 0 0 rg BT 324.29 641.10 Td (of ) Tj ET Q q 0 0 0 rg BT 335.59 641.10 Td (over ) Tj ET Q q 0 0 0 rg BT 356.33 641.10 Td (one ) Tj ET Q q 0 0 0 rg BT 373.75 641.10 Td (year ) Tj ET Q q 0 0 0 rg BT 393.93 641.10 Td (which ) Tj ET Q q 0 0 0 rg BT 421.34 641.10 Td (bear ) Tj ET Q q 0 0 0 rg BT 441.52 641.10 Td (no ) Tj ET Q q 0 0 0 rg BT 454.49 641.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 486.90 641.10 Td (or ) Tj ET Q q 0 0 0 rg BT 498.20 641.10 Td (an ) Tj ET Q q 0 0 0 rg BT 510.62 641.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 543.02 641.10 Td (rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 629.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 106.52 629.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 131.82 629.10 Td (than ) Tj ET Q q 0 0 0 rg BT 151.57 629.10 Td (market ) Tj ET Q q 0 0 0 rg BT 181.87 629.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 203.27 629.10 Td (are ) Tj ET Q q 0 0 0 rg BT 218.01 629.10 Td (discounted ) Tj ET Q q 0 0 0 rg BT 263.87 629.10 Td (using ) Tj ET Q q 0 0 0 rg BT 288.07 629.10 Td (market ) Tj ET Q q 0 0 0 rg BT 318.37 629.10 Td (rates. ) Tj ET Q q 0 0 0 rg BT 341.72 629.10 Td (Assessments ) Tj ET Q q 0 0 0 rg BT 395.36 629.10 Td (are ) Tj ET Q q 0 0 0 rg BT 410.10 629.10 Td (made ) Tj ET Q q 0 0 0 rg BT 434.29 629.10 Td (regularly ) Tj ET Q q 0 0 0 rg BT 472.91 629.10 Td (as ) Tj ET Q q 0 0 0 rg BT 483.78 629.10 Td (to ) Tj ET Q q 0 0 0 rg BT 494.09 629.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 528.82 629.10 Td (there ) Tj ET Q q 0 0 0 rg BT 551.34 629.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 617.10 Td (any ) Tj ET Q q 0 0 0 rg BT 70.54 617.10 Td (objective ) Tj ET Q q 0 0 0 rg BT 109.30 617.10 Td (evidence ) Tj ET Q q 0 0 0 rg BT 146.93 617.10 Td (that ) Tj ET Q q 0 0 0 rg BT 164.03 617.10 Td (a ) Tj ET Q q 0 0 0 rg BT 170.57 617.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 207.66 617.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 229.20 617.10 Td (or ) Tj ET Q q 0 0 0 rg BT 239.63 617.10 Td (group ) Tj ET Q q 0 0 0 rg BT 265.07 617.10 Td (of ) Tj ET Q q 0 0 0 rg BT 275.50 617.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 300.93 617.10 Td (may ) Tj ET Q q 0 0 0 rg BT 320.25 617.10 Td (be ) Tj ET Q q 0 0 0 rg BT 331.79 617.10 Td (impaired. ) Tj ET Q q 0 0 0 rg BT 371.94 617.10 Td (If ) Tj ET Q q 0 0 0 rg BT 380.70 617.10 Td (any ) Tj ET Q q 0 0 0 rg BT 397.25 617.10 Td (such ) Tj ET Q q 0 0 0 rg BT 417.68 617.10 Td (evidence ) Tj ET Q q 0 0 0 rg BT 455.32 617.10 Td (exists, ) Tj ET Q q 0 0 0 rg BT 482.70 617.10 Td (an ) Tj ET Q q 0 0 0 rg BT 494.24 617.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 542.44 617.10 Td (loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 605.10 Td (is ) Tj ET Q q 0 0 0 rg BT 63.17 605.10 Td (included ) Tj ET Q q 0 0 0 rg BT 100.10 605.10 Td (in ) Tj ET Q q 0 0 0 rg BT 110.38 605.10 Td (the ) Tj ET Q q 0 0 0 rg BT 125.10 605.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 178.14 605.10 Td (income ) Tj ET Q q 0 0 0 rg BT 210.07 605.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 250.89 605.10 Td (for ) Tj ET Q q 0 0 0 rg BT 265.05 605.10 Td (the ) Tj ET Q q 0 0 0 rg BT 279.77 605.10 Td (period ) Tj ET Q q 0 0 0 rg BT 307.82 605.10 Td (within ) Tj ET Q q 0 0 0 rg BT 335.88 605.10 Td (net ) Tj ET Q q 0 0 0 rg BT 350.59 605.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 388.07 605.10 Td (income/\(expenses\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 581.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 581.10 Td (Except ) Tj ET Q q 0 0 0 rg BT 120.45 581.10 Td (for ) Tj ET Q q 0 0 0 rg BT 134.80 581.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 177.47 581.10 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 229.32 581.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 266.99 581.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 306.89 581.10 Td (are ) Tj ET Q q 0 0 0 rg BT 321.79 581.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 362.79 581.10 Td (at ) Tj ET Q q 0 0 0 rg BT 372.70 581.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 415.37 581.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 434.16 581.10 Td (using ) Tj ET Q q 0 0 0 rg BT 458.52 581.10 Td (the ) Tj ET Q q 0 0 0 rg BT 473.43 581.10 Td (ef) Tj ET Q q 0 0 0 rg BT 481.01 581.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 510.90 581.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 543.02 581.10 Td (rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 569.10 Td (method. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 545.10 Td (Derivative ) Tj ET Q q 0 0 0 rg BT 98.70 545.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 136.75 545.10 Td (instruments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 521.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 521.10 Td (Derivative ) Tj ET Q q 0 0 0 rg BT 136.52 521.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 175.83 521.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 226.81 521.10 Td (are ) Tj ET Q q 0 0 0 rg BT 243.34 521.10 Td (used ) Tj ET Q q 0 0 0 rg BT 265.99 521.10 Td (for ) Tj ET Q q 0 0 0 rg BT 281.97 521.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 325.17 521.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 361.70 521.10 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 404.08 521.10 Td (in ) Tj ET Q q 0 0 0 rg BT 416.18 521.10 Td (order ) Tj ET Q q 0 0 0 rg BT 441.60 521.10 Td (to ) Tj ET Q q 0 0 0 rg BT 453.70 521.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 484.66 521.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 523.96 521.10 Td (risks. ) Tj ET Q q 0 0 0 rg BT 549.67 521.10 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 509.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 101.34 509.10 Td (with ) Tj ET Q q 0 0 0 rg BT 121.49 509.10 Td (IAS ) Tj ET Q q 0 0 0 rg BT 139.98 509.10 Td (39, ) Tj ET Q q 0 0 0 rg BT 154.86 509.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 197.22 509.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 234.58 509.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 283.62 509.10 Td (qualify ) Tj ET Q q 0 0 0 rg BT 314.32 509.10 Td (for ) Tj ET Q q 0 0 0 rg BT 328.36 509.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 354.61 509.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 400.86 509.10 Td (only ) Tj ET Q q 0 0 0 rg BT 421.01 509.10 Td (when ) Tj ET Q q 0 0 0 rg BT 445.05 509.10 Td (at ) Tj ET Q q 0 0 0 rg BT 454.65 509.10 Td (the ) Tj ET Q q 0 0 0 rg BT 469.24 509.10 Td (inception ) Tj ET Q q 0 0 0 rg BT 508.83 509.10 Td (of ) Tj ET Q q 0 0 0 rg BT 519.54 509.10 Td (the ) Tj ET Q q 0 0 0 rg BT 534.13 509.10 Td (hedge ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 497.10 Td (there ) Tj ET Q q 0 0 0 rg BT 77.34 497.10 Td (is ) Tj ET Q q 0 0 0 rg BT 87.37 497.10 Td (formal ) Tj ET Q q 0 0 0 rg BT 117.39 497.10 Td (designation ) Tj ET Q q 0 0 0 rg BT 166.85 497.10 Td (and ) Tj ET Q q 0 0 0 rg BT 184.64 497.10 Td (documentation ) Tj ET Q q 0 0 0 rg BT 247.43 497.10 Td (of ) Tj ET Q q 0 0 0 rg BT 259.12 497.10 Td (the ) Tj ET Q q 0 0 0 rg BT 274.70 497.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 310.27 497.10 Td (relationship, ) Tj ET Q q 0 0 0 rg BT 363.34 497.10 Td (the ) Tj ET Q q 0 0 0 rg BT 378.92 497.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 406.15 497.10 Td (is ) Tj ET Q q 0 0 0 rg BT 416.18 497.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 455.07 497.10 Td (to ) Tj ET Q q 0 0 0 rg BT 466.21 497.10 Td (be ) Tj ET Q q 0 0 0 rg BT 479.00 497.10 Td (highly ) Tj ET Q q 0 0 0 rg BT 507.92 497.10 Td (ef) Tj ET Q q 0 0 0 rg BT 515.51 497.10 Td (fective, ) Tj ET Q q 0 0 0 rg BT 548.57 497.10 Td (its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 485.10 Td (ef) Tj ET Q q 0 0 0 rg BT 61.59 485.10 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 109.75 485.10 Td (can ) Tj ET Q q 0 0 0 rg BT 127.37 485.10 Td (be ) Tj ET Q q 0 0 0 rg BT 140.54 485.10 Td (reliably ) Tj ET Q q 0 0 0 rg BT 174.83 485.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 216.88 485.10 Td (and ) Tj ET Q q 0 0 0 rg BT 235.06 485.10 Td (it ) Tj ET Q q 0 0 0 rg BT 244.35 485.10 Td (is ) Tj ET Q q 0 0 0 rg BT 254.76 485.10 Td (highly ) Tj ET Q q 0 0 0 rg BT 284.06 485.10 Td (ef) Tj ET Q q 0 0 0 rg BT 291.65 485.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 322.59 485.10 Td (throughout ) Tj ET Q q 0 0 0 rg BT 370.21 485.10 Td (the ) Tj ET Q q 0 0 0 rg BT 386.17 485.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 424.89 485.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 465.29 485.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 498.46 485.10 Td (for ) Tj ET Q q 0 0 0 rg BT 513.86 485.10 Td (which ) Tj ET Q q 0 0 0 rg BT 542.04 485.10 Td (it ) Tj ET Q q 0 0 0 rg BT 551.34 485.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 473.10 Td (designated. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 449.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 449.10 Td (All ) Tj ET Q q 0 0 0 rg BT 105.28 449.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 147.76 449.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 185.24 449.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 234.40 449.10 Td (are ) Tj ET Q q 0 0 0 rg BT 249.11 449.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 289.93 449.10 Td (at ) Tj ET Q q 0 0 0 rg BT 299.64 449.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 316.02 449.10 Td (value.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 425.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 425.10 Td (When ) Tj ET Q q 0 0 0 rg BT 116.38 425.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 158.86 425.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 196.34 425.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 245.50 425.10 Td (qualify ) Tj ET Q q 0 0 0 rg BT 276.33 425.10 Td (for ) Tj ET Q q 0 0 0 rg BT 290.49 425.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 316.87 425.10 Td (accounting, ) Tj ET Q q 0 0 0 rg BT 365.74 425.10 Td (the ) Tj ET Q q 0 0 0 rg BT 380.45 425.10 Td (following ) Tj ET Q q 0 0 0 rg BT 421.84 425.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 468.21 425.10 Td (treatments ) Tj ET Q q 0 0 0 rg BT 512.36 425.10 Td (apply: ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 90.00 401.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.00 401.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 130.83 401.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 150.33 401.10 Td (hedges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.10 401.10 Td ( ) Tj ET Q q 0 0 0 rg BT 180.37 401.10 Td (- ) Tj ET Q q 0 0 0 rg BT 185.80 401.10 Td (Where ) Tj ET Q q 0 0 0 rg BT 214.72 401.10 Td (a ) Tj ET Q q 0 0 0 rg BT 221.43 401.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 263.68 401.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 300.93 401.10 Td (instrument ) Tj ET Q q 0 0 0 rg BT 345.98 401.10 Td (is ) Tj ET Q q 0 0 0 rg BT 354.92 401.10 Td (designated ) Tj ET Q q 0 0 0 rg BT 399.95 401.10 Td (as ) Tj ET Q q 0 0 0 rg BT 410.55 401.10 Td (a ) Tj ET Q q 0 0 0 rg BT 417.26 401.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 443.41 401.10 Td (of ) Tj ET Q q 0 0 0 rg BT 454.01 401.10 Td (the ) Tj ET Q q 0 0 0 rg BT 468.50 401.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 506.86 401.10 Td (to ) Tj ET Q q 0 0 0 rg BT 516.91 401.10 Td (variability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 389.10 Td (in ) Tj ET Q q 0 0 0 rg BT 118.30 389.10 Td (future ) Tj ET Q q 0 0 0 rg BT 144.69 389.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 164.98 389.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 189.72 389.10 Td (of ) Tj ET Q q 0 0 0 rg BT 200.57 389.10 Td (a ) Tj ET Q q 0 0 0 rg BT 207.53 389.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 253.91 389.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 275.87 389.10 Td (or ) Tj ET Q q 0 0 0 rg BT 286.72 389.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 320.35 389.10 Td (or ) Tj ET Q q 0 0 0 rg BT 331.20 389.10 Td (a ) Tj ET Q q 0 0 0 rg BT 338.16 389.10 Td (highly ) Tj ET Q q 0 0 0 rg BT 366.23 389.10 Td (probable ) Tj ET Q q 0 0 0 rg BT 403.74 389.10 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 447.34 389.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 493.73 389.10 Td (and ) Tj ET Q q 0 0 0 rg BT 510.69 389.10 Td (could ) Tj ET Q q 0 0 0 rg BT 535.43 389.10 Td (af) Tj ET Q q 0 0 0 rg BT 543.01 389.10 Td (fect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 377.10 Td (the ) Tj ET Q q 0 0 0 rg BT 122.55 377.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 175.42 377.10 Td (income ) Tj ET Q q 0 0 0 rg BT 207.18 377.10 Td (statement, ) Tj ET Q q 0 0 0 rg BT 250.33 377.10 Td (the ) Tj ET Q q 0 0 0 rg BT 264.88 377.10 Td (ef) Tj ET Q q 0 0 0 rg BT 272.46 377.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 301.99 377.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 333.21 377.10 Td (of ) Tj ET Q q 0 0 0 rg BT 343.87 377.10 Td (any ) Tj ET Q q 0 0 0 rg BT 360.64 377.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 380.18 377.10 Td (or ) Tj ET Q q 0 0 0 rg BT 390.84 377.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 408.73 377.10 Td (on ) Tj ET Q q 0 0 0 rg BT 421.06 377.10 Td (the ) Tj ET Q q 0 0 0 rg BT 435.61 377.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 477.92 377.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 515.23 377.10 Td (instrument ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 365.10 Td (is ) Tj ET Q q 0 0 0 rg BT 116.67 365.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 162.53 365.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 195.08 365.10 Td (in ) Tj ET Q q 0 0 0 rg BT 204.86 365.10 Td (other ) Tj ET Q q 0 0 0 rg BT 227.40 365.10 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 289.94 365.10 Td (income/\(loss\). ) Tj ET Q q 0 0 0 rg BT 348.73 365.10 Td (The ) Tj ET Q q 0 0 0 rg BT 366.27 365.10 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 412.70 365.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 431.92 365.10 Td (or ) Tj ET Q q 0 0 0 rg BT 442.25 365.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 459.82 365.10 Td (is ) Tj ET Q q 0 0 0 rg BT 468.49 365.10 Td (reclassified ) Tj ET Q q 0 0 0 rg BT 516.02 365.10 Td (from ) Tj ET Q q 0 0 0 rg BT 537.46 365.10 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 353.10 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 170.52 353.10 Td (income/\(loss\) ) Tj ET Q q 0 0 0 rg BT 226.94 353.10 Td (to ) Tj ET Q q 0 0 0 rg BT 236.70 353.10 Td (the ) Tj ET Q q 0 0 0 rg BT 250.91 353.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 303.43 353.10 Td (income ) Tj ET Q q 0 0 0 rg BT 334.85 353.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 375.16 353.10 Td (at ) Tj ET Q q 0 0 0 rg BT 384.36 353.10 Td (the ) Tj ET Q q 0 0 0 rg BT 398.57 353.10 Td (same ) Tj ET Q q 0 0 0 rg BT 421.10 353.10 Td (time ) Tj ET Q q 0 0 0 rg BT 440.86 353.10 Td (as ) Tj ET Q q 0 0 0 rg BT 451.18 353.10 Td (the ) Tj ET Q q 0 0 0 rg BT 465.38 353.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 506.24 353.10 Td (ef) Tj ET Q q 0 0 0 rg BT 513.83 353.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 530.80 353.10 Td (arising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 341.10 Td (from ) Tj ET Q q 0 0 0 rg BT 129.92 341.10 Td (the ) Tj ET Q q 0 0 0 rg BT 144.62 341.10 Td (hedged ) Tj ET Q q 0 0 0 rg BT 175.98 341.10 Td (item ) Tj ET Q q 0 0 0 rg BT 196.24 341.10 Td (af) Tj ET Q q 0 0 0 rg BT 203.83 341.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 225.19 341.10 Td (the ) Tj ET Q q 0 0 0 rg BT 239.88 341.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 292.91 341.10 Td (income ) Tj ET Q q 0 0 0 rg BT 324.83 341.10 Td (statement. ) Tj ET Q q 0 0 0 rg BT 367.95 341.10 Td (The ) Tj ET Q q 0 0 0 rg BT 385.98 341.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 405.68 341.10 Td (or ) Tj ET Q q 0 0 0 rg BT 416.49 341.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 434.54 341.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 478.11 341.10 Td (with ) Tj ET Q q 0 0 0 rg BT 498.38 341.10 Td (a ) Tj ET Q q 0 0 0 rg BT 505.30 341.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 531.66 341.10 Td (or ) Tj ET Q q 0 0 0 rg BT 542.47 341.10 Td (part ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 329.10 Td (of ) Tj ET Q q 0 0 0 rg BT 118.50 329.10 Td (a ) Tj ET Q q 0 0 0 rg BT 125.12 329.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 151.17 329.10 Td (that ) Tj ET Q q 0 0 0 rg BT 168.34 329.10 Td (has ) Tj ET Q q 0 0 0 rg BT 183.84 329.10 Td (become ) Tj ET Q q 0 0 0 rg BT 217.11 329.10 Td (inef) Tj ET Q q 0 0 0 rg BT 232.48 329.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 261.85 329.10 Td (is ) Tj ET Q q 0 0 0 rg BT 270.70 329.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 316.73 329.10 Td (in ) Tj ET Q q 0 0 0 rg BT 326.69 329.10 Td (the ) Tj ET Q q 0 0 0 rg BT 341.08 329.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 393.79 329.10 Td (income ) Tj ET Q q 0 0 0 rg BT 425.40 329.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 465.90 329.10 Td (immediately ) Tj ET Q q 0 0 0 rg BT 518.06 329.10 Td (within ) Tj ET Q q 0 0 0 rg BT 545.79 329.10 Td (net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 317.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 147.27 317.10 Td (income/\(expense\). ) Tj ET Q q 0 0 0 rg BT 224.82 317.10 Td (When ) Tj ET Q q 0 0 0 rg BT 252.99 317.10 Td (a ) Tj ET Q q 0 0 0 rg BT 261.71 317.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 298.21 317.10 Td (instrument ) Tj ET Q q 0 0 0 rg BT 345.27 317.10 Td (or ) Tj ET Q q 0 0 0 rg BT 357.89 317.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 386.06 317.10 Td (relationship ) Tj ET Q q 0 0 0 rg BT 437.55 317.10 Td (is ) Tj ET Q q 0 0 0 rg BT 448.51 317.10 Td (terminated ) Tj ET Q q 0 0 0 rg BT 495.56 317.10 Td (but ) Tj ET Q q 0 0 0 rg BT 512.62 317.10 Td (the ) Tj ET Q q 0 0 0 rg BT 529.12 317.10 Td (hedged ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 305.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 154.82 305.10 Td (is ) Tj ET Q q 0 0 0 rg BT 164.44 305.10 Td (still ) Tj ET Q q 0 0 0 rg BT 182.39 305.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 220.87 305.10 Td (to ) Tj ET Q q 0 0 0 rg BT 231.59 305.10 Td (occur) Tj ET Q q 0 0 0 rg BT 253.40 305.10 Td (, ) Tj ET Q q 0 0 0 rg BT 258.84 305.10 Td (the ) Tj ET Q q 0 0 0 rg BT 274.01 305.10 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 321.38 305.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 341.55 305.10 Td (or ) Tj ET Q q 0 0 0 rg BT 352.82 305.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 371.33 305.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 405.92 305.10 Td (to ) Tj ET Q q 0 0 0 rg BT 416.65 305.10 Td (the ) Tj ET Q q 0 0 0 rg BT 431.81 305.10 Td (point ) Tj ET Q q 0 0 0 rg BT 455.31 305.10 Td (of ) Tj ET Q q 0 0 0 rg BT 466.59 305.10 Td (termination ) Tj ET Q q 0 0 0 rg BT 515.63 305.10 Td (remains ) Tj ET Q q 0 0 0 rg BT 550.24 305.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 293.10 Td (other ) Tj ET Q q 0 0 0 rg BT 130.60 293.10 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 193.20 293.10 Td (income/\(loss\) ) Tj ET Q q 0 0 0 rg BT 249.69 293.10 Td (and ) Tj ET Q q 0 0 0 rg BT 266.18 293.10 Td (is ) Tj ET Q q 0 0 0 rg BT 274.91 293.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 320.83 293.10 Td (in ) Tj ET Q q 0 0 0 rg BT 330.67 293.10 Td (the ) Tj ET Q q 0 0 0 rg BT 344.94 293.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 397.54 293.10 Td (income ) Tj ET Q q 0 0 0 rg BT 429.04 293.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 469.41 293.10 Td (at ) Tj ET Q q 0 0 0 rg BT 478.69 293.10 Td (the ) Tj ET Q q 0 0 0 rg BT 492.96 293.10 Td (same ) Tj ET Q q 0 0 0 rg BT 515.57 293.10 Td (time ) Tj ET Q q 0 0 0 rg BT 535.40 293.10 Td (as ) Tj ET Q q 0 0 0 rg BT 545.79 293.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 281.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 153.93 281.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 200.41 281.10 Td (occurs. ) Tj ET Q q 0 0 0 rg BT 231.61 281.10 Td (If ) Tj ET Q q 0 0 0 rg BT 240.87 281.10 Td (the ) Tj ET Q q 0 0 0 rg BT 255.69 281.10 Td (hedged ) Tj ET Q q 0 0 0 rg BT 287.17 281.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 333.65 281.10 Td (is ) Tj ET Q q 0 0 0 rg BT 342.92 281.10 Td (no ) Tj ET Q q 0 0 0 rg BT 355.53 281.10 Td (longer ) Tj ET Q q 0 0 0 rg BT 383.68 281.10 Td (probable, ) Tj ET Q q 0 0 0 rg BT 423.77 281.10 Td (the ) Tj ET Q q 0 0 0 rg BT 438.59 281.10 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 485.62 281.10 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 529.87 281.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 549.69 281.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 269.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 126.06 269.10 Td (held ) Tj ET Q q 0 0 0 rg BT 145.78 269.10 Td (in ) Tj ET Q q 0 0 0 rg BT 156.06 269.10 Td (other ) Tj ET Q q 0 0 0 rg BT 179.10 269.10 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 242.14 269.10 Td (income/\(loss\) ) Tj ET Q q 0 0 0 rg BT 299.07 269.10 Td (is ) Tj ET Q q 0 0 0 rg BT 308.24 269.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 354.60 269.10 Td (in ) Tj ET Q q 0 0 0 rg BT 364.88 269.10 Td (the ) Tj ET Q q 0 0 0 rg BT 379.60 269.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 432.64 269.10 Td (income ) Tj ET Q q 0 0 0 rg BT 464.57 269.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 505.39 269.10 Td (immediately) Tj ET Q q 0 0 0 rg BT 554.73 269.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 245.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 245.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.51 245.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 137.02 245.10 Td (did ) Tj ET Q q 0 0 0 rg BT 152.77 245.10 Td (not ) Tj ET Q q 0 0 0 rg BT 168.51 245.10 Td (use ) Tj ET Q q 0 0 0 rg BT 184.80 245.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 201.64 245.10 Td (value ) Tj ET Q q 0 0 0 rg BT 226.26 245.10 Td (hedges ) Tj ET Q q 0 0 0 rg BT 256.99 245.10 Td (or ) Tj ET Q q 0 0 0 rg BT 268.28 245.10 Td (hedges ) Tj ET Q q 0 0 0 rg BT 299.01 245.10 Td (of ) Tj ET Q q 0 0 0 rg BT 310.31 245.10 Td (a ) Tj ET Q q 0 0 0 rg BT 317.71 245.10 Td (net ) Tj ET Q q 0 0 0 rg BT 332.89 245.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 379.73 245.10 Td (in ) Tj ET Q q 0 0 0 rg BT 390.47 245.10 Td (the ) Tj ET Q q 0 0 0 rg BT 405.65 245.10 Td (period ) Tj ET Q q 0 0 0 rg BT 434.16 245.10 Td (covered ) Tj ET Q q 0 0 0 rg BT 468.77 245.10 Td (by ) Tj ET Q q 0 0 0 rg BT 481.73 245.10 Td (these ) Tj ET Q q 0 0 0 rg BT 505.24 245.10 Td (Consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 233.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 93.71 233.10 Td (Statements. ) Tj ET Q q 0 0 0 rg BT 142.59 233.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 209.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 209.10 Td (For ) Tj ET Q q 0 0 0 rg BT 108.26 209.10 Td (further ) Tj ET Q q 0 0 0 rg BT 139.83 209.10 Td (information ) Tj ET Q q 0 0 0 rg BT 191.41 209.10 Td (on ) Tj ET Q q 0 0 0 rg BT 205.78 209.10 Td (the ) Tj ET Q q 0 0 0 rg BT 222.36 209.10 Td (ef) Tj ET Q q 0 0 0 rg BT 229.95 209.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 253.19 209.10 Td (reflected ) Tj ET Q q 0 0 0 rg BT 292.53 209.10 Td (on ) Tj ET Q q 0 0 0 rg BT 306.89 209.10 Td (the ) Tj ET Q q 0 0 0 rg BT 323.48 209.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 378.38 209.10 Td (income ) Tj ET Q q 0 0 0 rg BT 412.18 209.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 454.87 209.10 Td (from ) Tj ET Q q 0 0 0 rg BT 478.67 209.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 523.02 209.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 197.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 103.17 197.10 Td (refer ) Tj ET Q q 0 0 0 rg BT 124.53 197.10 Td (to ) Tj ET Q q 0 0 0 rg BT 134.81 197.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 156.75 197.10 Td (19. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 173.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 173.10 Td (If ) Tj ET Q q 0 0 0 rg BT 99.97 173.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 127.15 173.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 174.33 173.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 204.30 173.10 Td (be ) Tj ET Q q 0 0 0 rg BT 217.04 173.10 Td (applied, ) Tj ET Q q 0 0 0 rg BT 252.29 173.10 Td (the ) Tj ET Q q 0 0 0 rg BT 267.81 173.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 292.23 173.10 Td (or ) Tj ET Q q 0 0 0 rg BT 303.86 173.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 331.06 173.10 Td (from ) Tj ET Q q 0 0 0 rg BT 353.81 173.10 Td (the ) Tj ET Q q 0 0 0 rg BT 369.34 173.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 386.52 173.10 Td (value ) Tj ET Q q 0 0 0 rg BT 411.48 173.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 468.10 173.10 Td (of ) Tj ET Q q 0 0 0 rg BT 479.74 173.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 523.03 173.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 161.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 103.17 161.10 Td (are ) Tj ET Q q 0 0 0 rg BT 117.87 161.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 164.23 161.10 Td (immediately ) Tj ET Q q 0 0 0 rg BT 216.72 161.10 Td (in ) Tj ET Q q 0 0 0 rg BT 227.00 161.10 Td (the ) Tj ET Q q 0 0 0 rg BT 241.71 161.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 294.76 161.10 Td (income ) Tj ET Q q 0 0 0 rg BT 326.69 161.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 367.51 161.10 Td (within ) Tj ET Q q 0 0 0 rg BT 395.57 161.10 Td (net ) Tj ET Q q 0 0 0 rg BT 410.28 161.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 447.76 161.10 Td (income/\(expenses\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 137.10 Td (T) Tj ET Q q 0 0 0 rg BT 59.93 137.10 Td (rade ) Tj ET Q q 0 0 0 rg BT 81.87 137.10 Td (r) Tj ET Q q 0 0 0 rg BT 86.12 137.10 Td (eceivables) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 113.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 113.10 Td (T) Tj ET Q q 0 0 0 rg BT 95.76 113.10 Td (rade ) Tj ET Q q 0 0 0 rg BT 115.24 113.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 162.49 113.10 Td (are ) Tj ET Q q 0 0 0 rg BT 176.98 113.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 213.14 113.10 Td (due ) Tj ET Q q 0 0 0 rg BT 229.86 113.10 Td (from ) Tj ET Q q 0 0 0 rg BT 251.57 113.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 279.95 113.10 Td (for ) Tj ET Q q 0 0 0 rg BT 293.89 113.10 Td (goods ) Tj ET Q q 0 0 0 rg BT 320.06 113.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 339.01 113.10 Td (or ) Tj ET Q q 0 0 0 rg BT 349.62 113.10 Td (services ) Tj ET Q q 0 0 0 rg BT 384.10 113.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 421.93 113.10 Td (in ) Tj ET Q q 0 0 0 rg BT 431.98 113.10 Td (the ) Tj ET Q q 0 0 0 rg BT 446.48 113.10 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 482.63 113.10 Td (course ) Tj ET Q q 0 0 0 rg BT 511.01 113.10 Td (of ) Tj ET Q q 0 0 0 rg BT 521.62 113.10 Td (business. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 101.10 Td (T) Tj ET Q q 0 0 0 rg BT 59.76 101.10 Td (rade ) Tj ET Q q 0 0 0 rg BT 79.30 101.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 126.61 101.10 Td (are ) Tj ET Q q 0 0 0 rg BT 141.16 101.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 187.36 101.10 Td (initially ) Tj ET Q q 0 0 0 rg BT 220.81 101.10 Td (at ) Tj ET Q q 0 0 0 rg BT 230.36 101.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 246.58 101.10 Td (value ) Tj ET Q q 0 0 0 rg BT 270.57 101.10 Td (and ) Tj ET Q q 0 0 0 rg BT 287.35 101.10 Td (subsequently ) Tj ET Q q 0 0 0 rg BT 341.91 101.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 382.56 101.10 Td (at ) Tj ET Q q 0 0 0 rg BT 392.12 101.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 434.43 101.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 452.88 101.10 Td (using ) Tj ET Q q 0 0 0 rg BT 476.89 101.10 Td (the ) Tj ET Q q 0 0 0 rg BT 491.45 101.10 Td (ef) Tj ET Q q 0 0 0 rg BT 499.03 101.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 528.58 101.10 Td (interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 89.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 71.49 89.10 Td (method, ) Tj ET Q q 0 0 0 rg BT 106.48 89.10 Td (less ) Tj ET Q q 0 0 0 rg BT 123.98 89.10 Td (any ) Tj ET Q q 0 0 0 rg BT 140.92 89.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 181.20 89.10 Td (for ) Tj ET Q q 0 0 0 rg BT 195.36 89.10 Td (allowances.) Tj ET Q endstream endobj 335 0 obj <> endobj 336 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 760.75 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 760.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.60 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 199.82 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 206.31 748.75 Td (O ) Tj ET Q q 0 0 0 rg BT 216.41 748.75 Td (THE CONSOLIDA) Tj ET Q q 0 0 0 rg BT 299.85 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 379.03 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 393.02 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 399.50 748.75 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.60 736.75 Td (At December) Tj ET Q q 0 0 0 rg BT 294.78 736.75 Td (31, 2015 and 2014) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 294.65 32.20 Td (F-18) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 713.25 Td (Inventories ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 689.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 689.25 Td (Inventories ) Tj ET Q q 0 0 0 rg BT 136.84 689.25 Td (of ) Tj ET Q q 0 0 0 rg BT 147.03 689.25 Td (raw ) Tj ET Q q 0 0 0 rg BT 163.88 689.25 Td (materials, ) Tj ET Q q 0 0 0 rg BT 204.89 689.25 Td (semi-finished ) Tj ET Q q 0 0 0 rg BT 261.18 689.25 Td (products ) Tj ET Q q 0 0 0 rg BT 297.48 689.25 Td (and ) Tj ET Q q 0 0 0 rg BT 313.77 689.25 Td (finished ) Tj ET Q q 0 0 0 rg BT 347.85 689.25 Td (goods ) Tj ET Q q 0 0 0 rg BT 373.60 689.25 Td (are ) Tj ET Q q 0 0 0 rg BT 387.66 689.25 Td (stated ) Tj ET Q q 0 0 0 rg BT 412.84 689.25 Td (at ) Tj ET Q q 0 0 0 rg BT 421.92 689.25 Td (the ) Tj ET Q q 0 0 0 rg BT 435.99 689.25 Td (lower ) Tj ET Q q 0 0 0 rg BT 460.62 689.25 Td (of ) Tj ET Q q 0 0 0 rg BT 470.81 689.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 488.77 689.25 Td (and ) Tj ET Q q 0 0 0 rg BT 505.07 689.25 Td (net ) Tj ET Q q 0 0 0 rg BT 519.15 689.25 Td (realizable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 677.25 Td (value, ) Tj ET Q q 0 0 0 rg BT 81.14 677.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 100.24 677.25 Td (being ) Tj ET Q q 0 0 0 rg BT 125.45 677.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 173.41 677.25 Td (on ) Tj ET Q q 0 0 0 rg BT 186.40 677.25 Td (a ) Tj ET Q q 0 0 0 rg BT 193.83 677.25 Td (first ) Tj ET Q q 0 0 0 rg BT 212.93 677.25 Td (in-first-out ) Tj ET Q q 0 0 0 rg BT 259.24 677.25 Td (\(FIFO\) ) Tj ET Q q 0 0 0 rg BT 290.56 677.25 Td (basis. ) Tj ET Q q 0 0 0 rg BT 315.83 677.25 Td (The ) Tj ET Q q 0 0 0 rg BT 334.37 677.25 Td (measurement ) Tj ET Q q 0 0 0 rg BT 390.67 677.25 Td (of ) Tj ET Q q 0 0 0 rg BT 401.99 677.25 Td (inventories ) Tj ET Q q 0 0 0 rg BT 449.41 677.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 485.72 677.25 Td (the ) Tj ET Q q 0 0 0 rg BT 500.93 677.25 Td (direct ) Tj ET Q q 0 0 0 rg BT 526.68 677.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 549.67 677.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 665.25 Td (materials, ) Tj ET Q q 0 0 0 rg BT 95.13 665.25 Td (labor ) Tj ET Q q 0 0 0 rg BT 117.65 665.25 Td (and ) Tj ET Q q 0 0 0 rg BT 134.07 665.25 Td (indirect ) Tj ET Q q 0 0 0 rg BT 166.58 665.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 188.56 665.25 Td (\(variable ) Tj ET Q q 0 0 0 rg BT 226.07 665.25 Td (and ) Tj ET Q q 0 0 0 rg BT 242.48 665.25 Td (fixed\). ) Tj ET Q q 0 0 0 rg BT 270.84 665.25 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 308.91 665.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 330.89 665.25 Td (include ) Tj ET Q q 0 0 0 rg BT 362.30 665.25 Td (ancillary ) Tj ET Q q 0 0 0 rg BT 399.26 665.25 Td (costs. ) Tj ET Q q 0 0 0 rg BT 423.73 665.25 Td ( ) Tj ET Q q 0 0 0 rg BT 425.71 665.25 Td (Prototypes ) Tj ET Q q 0 0 0 rg BT 470.46 665.25 Td (are ) Tj ET Q q 0 0 0 rg BT 484.65 665.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 530.49 665.25 Td (at ) Tj ET Q q 0 0 0 rg BT 539.68 665.25 Td (their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 653.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 94.05 653.25 Td (realizable ) Tj ET Q q 0 0 0 rg BT 134.64 653.25 Td (value, ) Tj ET Q q 0 0 0 rg BT 160.53 653.25 Td (if ) Tj ET Q q 0 0 0 rg BT 168.37 653.25 Td (lower ) Tj ET Q q 0 0 0 rg BT 192.86 653.25 Td (than ) Tj ET Q q 0 0 0 rg BT 211.81 653.25 Td (production ) Tj ET Q q 0 0 0 rg BT 256.87 653.25 Td (cost. ) Tj ET Q q 0 0 0 rg BT 277.21 653.25 Td (Provision ) Tj ET Q q 0 0 0 rg BT 317.28 653.25 Td (is ) Tj ET Q q 0 0 0 rg BT 325.68 653.25 Td (made ) Tj ET Q q 0 0 0 rg BT 349.07 653.25 Td (for ) Tj ET Q q 0 0 0 rg BT 362.46 653.25 Td (obsolete ) Tj ET Q q 0 0 0 rg BT 397.51 653.25 Td (and ) Tj ET Q q 0 0 0 rg BT 413.68 653.25 Td (slow-moving ) Tj ET Q q 0 0 0 rg BT 468.19 653.25 Td (raw ) Tj ET Q q 0 0 0 rg BT 484.91 653.25 Td (materials, ) Tj ET Q q 0 0 0 rg BT 525.79 653.25 Td (finished ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 641.25 Td (goods, ) Tj ET Q q 0 0 0 rg BT 82.19 641.25 Td (spare ) Tj ET Q q 0 0 0 rg BT 105.08 641.25 Td (parts ) Tj ET Q q 0 0 0 rg BT 126.31 641.25 Td (and ) Tj ET Q q 0 0 0 rg BT 142.54 641.25 Td (other ) Tj ET Q q 0 0 0 rg BT 164.88 641.25 Td (supplies ) Tj ET Q q 0 0 0 rg BT 199.45 641.25 Td (based ) Tj ET Q q 0 0 0 rg BT 224.02 641.25 Td (on ) Tj ET Q q 0 0 0 rg BT 235.81 641.25 Td (their ) Tj ET Q q 0 0 0 rg BT 255.93 641.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 293.25 641.25 Td (future ) Tj ET Q q 0 0 0 rg BT 318.92 641.25 Td (use ) Tj ET Q q 0 0 0 rg BT 334.05 641.25 Td (and ) Tj ET Q q 0 0 0 rg BT 350.28 641.25 Td (realizable ) Tj ET Q q 0 0 0 rg BT 390.93 641.25 Td (value. ) Tj ET Q q 0 0 0 rg BT 416.88 641.25 Td (Net ) Tj ET Q q 0 0 0 rg BT 433.11 641.25 Td (realizable ) Tj ET Q q 0 0 0 rg BT 473.76 641.25 Td (value ) Tj ET Q q 0 0 0 rg BT 497.21 641.25 Td (is ) Tj ET Q q 0 0 0 rg BT 505.67 641.25 Td (the ) Tj ET Q q 0 0 0 rg BT 519.68 641.25 Td (estimated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 629.25 Td (selling ) Tj ET Q q 0 0 0 rg BT 84.15 629.25 Td (price ) Tj ET Q q 0 0 0 rg BT 107.62 629.25 Td (in ) Tj ET Q q 0 0 0 rg BT 118.88 629.25 Td (the ) Tj ET Q q 0 0 0 rg BT 134.58 629.25 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 171.94 629.25 Td (course ) Tj ET Q q 0 0 0 rg BT 201.52 629.25 Td (of ) Tj ET Q q 0 0 0 rg BT 213.34 629.25 Td (business ) Tj ET Q q 0 0 0 rg BT 250.71 629.25 Td (less ) Tj ET Q q 0 0 0 rg BT 269.20 629.25 Td (the ) Tj ET Q q 0 0 0 rg BT 284.90 629.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 326.70 629.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 350.19 629.25 Td (of ) Tj ET Q q 0 0 0 rg BT 362.00 629.25 Td (completion ) Tj ET Q q 0 0 0 rg BT 410.47 629.25 Td (and ) Tj ET Q q 0 0 0 rg BT 428.40 629.25 Td (the ) Tj ET Q q 0 0 0 rg BT 444.10 629.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 485.90 629.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 509.39 629.25 Td (for ) Tj ET Q q 0 0 0 rg BT 524.53 629.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 543.56 629.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 617.25 Td (distribution. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 593.25 Td (T) Tj ET Q q 0 0 0 rg BT 59.93 593.25 Td (ransfers ) Tj ET Q q 0 0 0 rg BT 97.42 593.25 Td (of ) Tj ET Q q 0 0 0 rg BT 108.25 593.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 147.97 593.25 Td (assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 569.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 569.25 Td (The ) Tj ET Q q 0 0 0 rg BT 108.40 569.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 136.81 569.25 Td (sells ) Tj ET Q q 0 0 0 rg BT 157.44 569.25 Td (a ) Tj ET Q q 0 0 0 rg BT 164.74 569.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 209.80 569.25 Td (part ) Tj ET Q q 0 0 0 rg BT 228.21 569.25 Td (of ) Tj ET Q q 0 0 0 rg BT 239.39 569.25 Td (its ) Tj ET Q q 0 0 0 rg BT 251.70 569.25 Td (trade ) Tj ET Q q 0 0 0 rg BT 274.54 569.25 Td (and ) Tj ET Q q 0 0 0 rg BT 291.83 569.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 329.67 569.25 Td (receivables ) Tj ET Q q 0 0 0 rg BT 377.49 569.25 Td (to ) Tj ET Q q 0 0 0 rg BT 388.13 569.25 Td (external ) Tj ET Q q 0 0 0 rg BT 423.18 569.25 Td (parties ) Tj ET Q q 0 0 0 rg BT 452.70 569.25 Td (outside ) Tj ET Q q 0 0 0 rg BT 484.44 569.25 Td (of ) Tj ET Q q 0 0 0 rg BT 495.62 569.25 Td (the ) Tj ET Q q 0 0 0 rg BT 510.70 569.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 529.60 569.25 Td ( ) Tj ET Q q 0 0 0 rg BT 532.45 569.25 Td (Group ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 557.25 Td (through ) Tj ET Q q 0 0 0 rg BT 87.61 557.25 Td (factoring ) Tj ET Q q 0 0 0 rg BT 126.20 557.25 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 178.97 557.25 Td (Factoring ) Tj ET Q q 0 0 0 rg BT 219.79 557.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 270.05 557.25 Td (of ) Tj ET Q q 0 0 0 rg BT 280.88 557.25 Td (the ) Tj ET Q q 0 0 0 rg BT 295.60 557.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 323.65 557.25 Td (are ) Tj ET Q q 0 0 0 rg BT 338.36 557.25 Td (all ) Tj ET Q q 0 0 0 rg BT 350.86 557.25 Td (without ) Tj ET Q q 0 0 0 rg BT 383.91 557.25 Td (recourse. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 533.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 533.25 Td (The ) Tj ET Q q 0 0 0 rg BT 107.54 533.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 135.09 533.25 Td (derecognizes ) Tj ET Q q 0 0 0 rg BT 189.28 533.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 226.26 533.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 251.58 533.25 Td (when, ) Tj ET Q q 0 0 0 rg BT 277.74 533.25 Td (and ) Tj ET Q q 0 0 0 rg BT 294.17 533.25 Td (only ) Tj ET Q q 0 0 0 rg BT 313.95 533.25 Td (when, ) Tj ET Q q 0 0 0 rg BT 340.10 533.25 Td (the ) Tj ET Q q 0 0 0 rg BT 354.32 533.25 Td (contractual ) Tj ET Q q 0 0 0 rg BT 400.73 533.25 Td (rights ) Tj ET Q q 0 0 0 rg BT 425.51 533.25 Td (and ) Tj ET Q q 0 0 0 rg BT 441.94 533.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 462.83 533.25 Td (to ) Tj ET Q q 0 0 0 rg BT 472.60 533.25 Td (the ) Tj ET Q q 0 0 0 rg BT 486.82 533.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 506.58 533.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 530.80 533.25 Td (arising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 521.25 Td (from ) Tj ET Q q 0 0 0 rg BT 75.52 521.25 Td (the ) Tj ET Q q 0 0 0 rg BT 89.81 521.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 111.33 521.25 Td (are ) Tj ET Q q 0 0 0 rg BT 125.62 521.25 Td (no ) Tj ET Q q 0 0 0 rg BT 137.70 521.25 Td (longer ) Tj ET Q q 0 0 0 rg BT 165.32 521.25 Td (held ) Tj ET Q q 0 0 0 rg BT 184.62 521.25 Td (or ) Tj ET Q q 0 0 0 rg BT 195.03 521.25 Td (if ) Tj ET Q q 0 0 0 rg BT 203.21 521.25 Td (it ) Tj ET Q q 0 0 0 rg BT 210.85 521.25 Td (transfers ) Tj ET Q q 0 0 0 rg BT 247.36 521.25 Td (the ) Tj ET Q q 0 0 0 rg BT 261.65 521.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 298.71 521.25 Td (asset. ) Tj ET Q q 0 0 0 rg BT 322.73 521.25 Td (In ) Tj ET Q q 0 0 0 rg BT 333.14 521.25 Td (case ) Tj ET Q q 0 0 0 rg BT 352.43 521.25 Td (of ) Tj ET Q q 0 0 0 rg BT 362.84 521.25 Td (a ) Tj ET Q q 0 0 0 rg BT 369.35 521.25 Td (transfer ) Tj ET Q q 0 0 0 rg BT 401.97 521.25 Td (of ) Tj ET Q q 0 0 0 rg BT 412.38 521.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 449.44 521.25 Td (asset, ) Tj ET Q q 0 0 0 rg BT 473.46 521.25 Td (if ) Tj ET Q q 0 0 0 rg BT 481.64 521.25 Td (the ) Tj ET Q q 0 0 0 rg BT 495.94 521.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 523.57 521.25 Td (transfers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 509.25 Td (substantially ) Tj ET Q q 0 0 0 rg BT 107.73 509.25 Td (all ) Tj ET Q q 0 0 0 rg BT 120.91 509.25 Td (the ) Tj ET Q q 0 0 0 rg BT 136.30 509.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 158.38 509.25 Td (and ) Tj ET Q q 0 0 0 rg BT 175.99 509.25 Td (rewards ) Tj ET Q q 0 0 0 rg BT 210.83 509.25 Td (of ) Tj ET Q q 0 0 0 rg BT 222.34 509.25 Td (ownership ) Tj ET Q q 0 0 0 rg BT 267.18 509.25 Td (of ) Tj ET Q q 0 0 0 rg BT 278.69 509.25 Td (the ) Tj ET Q q 0 0 0 rg BT 294.08 509.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 332.24 509.25 Td (asset, ) Tj ET Q q 0 0 0 rg BT 357.36 509.25 Td (it ) Tj ET Q q 0 0 0 rg BT 366.10 509.25 Td (derecognizes ) Tj ET Q q 0 0 0 rg BT 421.47 509.25 Td (the ) Tj ET Q q 0 0 0 rg BT 436.87 509.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 475.03 509.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 497.65 509.25 Td (and ) Tj ET Q q 0 0 0 rg BT 515.27 509.25 Td (recognizes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 497.25 Td (separately ) Tj ET Q q 0 0 0 rg BT 97.03 497.25 Td (as ) Tj ET Q q 0 0 0 rg BT 107.86 497.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 133.69 497.25 Td (or ) Tj ET Q q 0 0 0 rg BT 144.52 497.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 184.24 497.25 Td (any ) Tj ET Q q 0 0 0 rg BT 201.18 497.25 Td (rights ) Tj ET Q q 0 0 0 rg BT 226.46 497.25 Td (and ) Tj ET Q q 0 0 0 rg BT 243.39 497.25 Td (obligations ) Tj ET Q q 0 0 0 rg BT 290.34 497.25 Td (created ) Tj ET Q q 0 0 0 rg BT 321.70 497.25 Td (or ) Tj ET Q q 0 0 0 rg BT 332.53 497.25 Td (retained ) Tj ET Q q 0 0 0 rg BT 367.23 497.25 Td (in ) Tj ET Q q 0 0 0 rg BT 377.51 497.25 Td (the ) Tj ET Q q 0 0 0 rg BT 392.23 497.25 Td (transfer) Tj ET Q q 0 0 0 rg BT 422.21 497.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 473.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 473.25 Td (On ) Tj ET Q q 0 0 0 rg BT 105.33 473.25 Td (derecognition ) Tj ET Q q 0 0 0 rg BT 163.42 473.25 Td (of ) Tj ET Q q 0 0 0 rg BT 174.86 473.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 212.95 473.25 Td (assets, ) Tj ET Q q 0 0 0 rg BT 241.89 473.25 Td (the ) Tj ET Q q 0 0 0 rg BT 257.22 473.25 Td (dif) Tj ET Q q 0 0 0 rg BT 268.14 473.25 Td (ference ) Tj ET Q q 0 0 0 rg BT 300.67 473.25 Td (between ) Tj ET Q q 0 0 0 rg BT 337.09 473.25 Td (the ) Tj ET Q q 0 0 0 rg BT 352.42 473.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 388.84 473.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 421.95 473.25 Td (of ) Tj ET Q q 0 0 0 rg BT 433.39 473.25 Td (the ) Tj ET Q q 0 0 0 rg BT 448.71 473.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 471.26 473.25 Td (and ) Tj ET Q q 0 0 0 rg BT 488.81 473.25 Td (the ) Tj ET Q q 0 0 0 rg BT 504.13 473.25 Td (consideration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 461.25 Td (received ) Tj ET Q q 0 0 0 rg BT 90.36 461.25 Td (or ) Tj ET Q q 0 0 0 rg BT 101.19 461.25 Td (receivable ) Tj ET Q q 0 0 0 rg BT 144.77 461.25 Td (for ) Tj ET Q q 0 0 0 rg BT 158.93 461.25 Td (the ) Tj ET Q q 0 0 0 rg BT 173.65 461.25 Td (transfer ) Tj ET Q q 0 0 0 rg BT 206.69 461.25 Td (of ) Tj ET Q q 0 0 0 rg BT 217.52 461.25 Td (the ) Tj ET Q q 0 0 0 rg BT 232.23 461.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 254.17 461.25 Td (is ) Tj ET Q q 0 0 0 rg BT 263.34 461.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 309.70 461.25 Td (in ) Tj ET Q q 0 0 0 rg BT 319.98 461.25 Td (the ) Tj ET Q q 0 0 0 rg BT 334.70 461.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 387.74 461.25 Td (income ) Tj ET Q q 0 0 0 rg BT 419.67 461.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 460.49 461.25 Td (in ) Tj ET Q q 0 0 0 rg BT 470.77 461.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 489.38 461.25 Td (of ) Tj ET Q q 0 0 0 rg BT 500.21 461.25 Td (sales.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 437.25 Td (Cash ) Tj ET Q q 0 0 0 rg BT 78.17 437.25 Td (and ) Tj ET Q q 0 0 0 rg BT 96.80 437.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 118.19 437.25 Td (equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 413.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 413.25 Td (Cash ) Tj ET Q q 0 0 0 rg BT 112.84 413.25 Td (and ) Tj ET Q q 0 0 0 rg BT 130.12 413.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 150.73 413.25 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 199.12 413.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 235.28 413.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 255.89 413.25 Td (in ) Tj ET Q q 0 0 0 rg BT 266.51 413.25 Td (hand, ) Tj ET Q q 0 0 0 rg BT 291.29 413.25 Td (deposits ) Tj ET Q q 0 0 0 rg BT 326.91 413.25 Td (held ) Tj ET Q q 0 0 0 rg BT 346.97 413.25 Td (at ) Tj ET Q q 0 0 0 rg BT 357.03 413.25 Td (call ) Tj ET Q q 0 0 0 rg BT 374.31 413.25 Td (with ) Tj ET Q q 0 0 0 rg BT 394.93 413.25 Td (banks ) Tj ET Q q 0 0 0 rg BT 421.10 413.25 Td (and ) Tj ET Q q 0 0 0 rg BT 438.38 413.25 Td (other ) Tj ET Q q 0 0 0 rg BT 461.77 413.25 Td (short-term ) Tj ET Q q 0 0 0 rg BT 506.26 413.25 Td (highly ) Tj ET Q q 0 0 0 rg BT 534.66 413.25 Td (liquid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 401.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 104.34 401.25 Td (with ) Tj ET Q q 0 0 0 rg BT 124.69 401.25 Td (original ) Tj ET Q q 0 0 0 rg BT 158.36 401.25 Td (maturities ) Tj ET Q q 0 0 0 rg BT 200.92 401.25 Td (of ) Tj ET Q q 0 0 0 rg BT 211.82 401.25 Td (three ) Tj ET Q q 0 0 0 rg BT 234.37 401.25 Td (months ) Tj ET Q q 0 0 0 rg BT 266.39 401.25 Td (or ) Tj ET Q q 0 0 0 rg BT 277.29 401.25 Td (less. ) Tj ET Q q 0 0 0 rg BT 297.35 401.25 Td (Cash ) Tj ET Q q 0 0 0 rg BT 319.92 401.25 Td (and ) Tj ET Q q 0 0 0 rg BT 336.93 401.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 357.27 401.25 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 405.38 401.25 Td (do ) Tj ET Q q 0 0 0 rg BT 417.95 401.25 Td (not ) Tj ET Q q 0 0 0 rg BT 433.29 401.25 Td (include ) Tj ET Q q 0 0 0 rg BT 465.29 401.25 Td (deposits ) Tj ET Q q 0 0 0 rg BT 500.64 401.25 Td (in ) Tj ET Q q 0 0 0 rg BT 510.99 401.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 529.89 401.25 Td ( ) Tj ET Q q 0 0 0 rg BT 532.46 401.25 Td (Group ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 389.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 74.27 389.25 Td (management ) Tj ET Q q 0 0 0 rg BT 127.86 389.25 Td (pools.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 365.25 Td (Employee ) Tj ET Q q 0 0 0 rg BT 98.72 365.25 Td (benefits) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 341.25 Td (Defined ) Tj ET Q q 0 0 0 rg BT 88.16 341.25 Td (contribution ) Tj ET Q q 0 0 0 rg BT 140.10 341.25 Td (plans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 317.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 317.25 Td (Costs ) Tj ET Q q 0 0 0 rg BT 114.73 317.25 Td (arising ) Tj ET Q q 0 0 0 rg BT 144.45 317.25 Td (from ) Tj ET Q q 0 0 0 rg BT 166.39 317.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 198.87 317.25 Td (contribution ) Tj ET Q q 0 0 0 rg BT 250.25 317.25 Td (plans ) Tj ET Q q 0 0 0 rg BT 273.86 317.25 Td (are ) Tj ET Q q 0 0 0 rg BT 288.57 317.25 Td (expensed ) Tj ET Q q 0 0 0 rg BT 328.28 317.25 Td (as ) Tj ET Q q 0 0 0 rg BT 339.11 317.25 Td (incurred. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 293.25 Td (Defined ) Tj ET Q q 0 0 0 rg BT 88.16 293.25 Td (benefit ) Tj ET Q q 0 0 0 rg BT 117.87 293.25 Td (plans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 269.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 269.25 Td (The ) Tj ET Q q 0 0 0 rg BT 107.92 269.25 Td (Group) Tj ET Q q 0 0 0 rg BT 136.25 269.25 Td (s ) Tj ET Q q 0 0 0 rg BT 142.52 269.25 Td (net ) Tj ET Q q 0 0 0 rg BT 157.11 269.25 Td (obligations ) Tj ET Q q 0 0 0 rg BT 203.93 269.25 Td (are ) Tj ET Q q 0 0 0 rg BT 218.51 269.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 265.87 269.25 Td (separately ) Tj ET Q q 0 0 0 rg BT 308.78 269.25 Td (for ) Tj ET Q q 0 0 0 rg BT 322.81 269.25 Td (each ) Tj ET Q q 0 0 0 rg BT 343.50 269.25 Td (plan ) Tj ET Q q 0 0 0 rg BT 363.10 269.25 Td (by ) Tj ET Q q 0 0 0 rg BT 375.47 269.25 Td (estimating ) Tj ET Q q 0 0 0 rg BT 419.51 269.25 Td (the ) Tj ET Q q 0 0 0 rg BT 434.10 269.25 Td (present ) Tj ET Q q 0 0 0 rg BT 465.35 269.25 Td (value ) Tj ET Q q 0 0 0 rg BT 489.38 269.25 Td (of ) Tj ET Q q 0 0 0 rg BT 500.09 269.25 Td (future ) Tj ET Q q 0 0 0 rg BT 526.34 269.25 Td (benefits ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 257.25 Td (that ) Tj ET Q q 0 0 0 rg BT 71.53 257.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 116.83 257.25 Td (have ) Tj ET Q q 0 0 0 rg BT 138.25 257.25 Td (earned ) Tj ET Q q 0 0 0 rg BT 167.43 257.25 Td (in ) Tj ET Q q 0 0 0 rg BT 177.74 257.25 Td (the ) Tj ET Q q 0 0 0 rg BT 192.50 257.25 Td (current ) Tj ET Q q 0 0 0 rg BT 223.35 257.25 Td (and ) Tj ET Q q 0 0 0 rg BT 240.32 257.25 Td (prior ) Tj ET Q q 0 0 0 rg BT 262.30 257.25 Td (periods, ) Tj ET Q q 0 0 0 rg BT 296.77 257.25 Td (and ) Tj ET Q q 0 0 0 rg BT 313.75 257.25 Td (deducting ) Tj ET Q q 0 0 0 rg BT 355.72 257.25 Td (the ) Tj ET Q q 0 0 0 rg BT 370.47 257.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 386.89 257.25 Td (value ) Tj ET Q q 0 0 0 rg BT 411.08 257.25 Td (of ) Tj ET Q q 0 0 0 rg BT 421.94 257.25 Td (any ) Tj ET Q q 0 0 0 rg BT 438.92 257.25 Td (plan ) Tj ET Q q 0 0 0 rg BT 458.67 257.25 Td (assets. ) Tj ET Q q 0 0 0 rg BT 486.86 257.25 Td (The ) Tj ET Q q 0 0 0 rg BT 504.94 257.25 Td (present ) Tj ET Q q 0 0 0 rg BT 536.35 257.25 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 245.25 Td (of ) Tj ET Q q 0 0 0 rg BT 64.11 245.25 Td (the ) Tj ET Q q 0 0 0 rg BT 78.11 245.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 109.88 245.25 Td (benefit ) Tj ET Q q 0 0 0 rg BT 139.42 245.25 Td (obligation ) Tj ET Q q 0 0 0 rg BT 181.75 245.25 Td (is ) Tj ET Q q 0 0 0 rg BT 190.21 245.25 Td (measured ) Tj ET Q q 0 0 0 rg BT 230.30 245.25 Td (using ) Tj ET Q q 0 0 0 rg BT 253.75 245.25 Td (actuarial ) Tj ET Q q 0 0 0 rg BT 289.95 245.25 Td (techniques ) Tj ET Q q 0 0 0 rg BT 334.50 245.25 Td (and ) Tj ET Q q 0 0 0 rg BT 350.72 245.25 Td (actuarial ) Tj ET Q q 0 0 0 rg BT 386.92 245.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 438.15 245.25 Td (that ) Tj ET Q q 0 0 0 rg BT 454.92 245.25 Td (are ) Tj ET Q q 0 0 0 rg BT 468.91 245.25 Td (unbiased ) Tj ET Q q 0 0 0 rg BT 506.24 245.25 Td (and ) Tj ET Q q 0 0 0 rg BT 522.46 245.25 Td (mutually ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 233.25 Td (compatible ) Tj ET Q q 0 0 0 rg BT 101.45 233.25 Td (and ) Tj ET Q q 0 0 0 rg BT 118.91 233.25 Td (attributes ) Tj ET Q q 0 0 0 rg BT 159.14 233.25 Td (benefits ) Tj ET Q q 0 0 0 rg BT 193.81 233.25 Td (to ) Tj ET Q q 0 0 0 rg BT 204.61 233.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 237.07 233.25 Td (in ) Tj ET Q q 0 0 0 rg BT 247.87 233.25 Td (which ) Tj ET Q q 0 0 0 rg BT 275.33 233.25 Td (the ) Tj ET Q q 0 0 0 rg BT 290.56 233.25 Td (obligation ) Tj ET Q q 0 0 0 rg BT 334.14 233.25 Td (to ) Tj ET Q q 0 0 0 rg BT 344.94 233.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 378.50 233.25 Td (post-employment ) Tj ET Q q 0 0 0 rg BT 451.51 233.25 Td (benefits ) Tj ET Q q 0 0 0 rg BT 486.19 233.25 Td (arise ) Tj ET Q q 0 0 0 rg BT 508.08 233.25 Td (by ) Tj ET Q q 0 0 0 rg BT 521.10 233.25 Td (using ) Tj ET Q q 0 0 0 rg BT 545.79 233.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 221.25 Td (Projected ) Tj ET Q q 0 0 0 rg BT 94.26 221.25 Td (Unit ) Tj ET Q q 0 0 0 rg BT 114.54 221.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 142.04 221.25 Td (Method. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 197.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 197.25 Td (The ) Tj ET Q q 0 0 0 rg BT 108.05 197.25 Td (components ) Tj ET Q q 0 0 0 rg BT 158.87 197.25 Td (of ) Tj ET Q q 0 0 0 rg BT 169.70 197.25 Td (the ) Tj ET Q q 0 0 0 rg BT 184.42 197.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 216.90 197.25 Td (benefit ) Tj ET Q q 0 0 0 rg BT 247.17 197.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 265.78 197.25 Td (are ) Tj ET Q q 0 0 0 rg BT 280.48 197.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 326.85 197.25 Td (as ) Tj ET Q q 0 0 0 rg BT 337.68 197.25 Td (follows: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 173.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 173.25 Td (the ) Tj ET Q q 0 0 0 rg BT 123.14 173.25 Td (service ) Tj ET Q q 0 0 0 rg BT 154.39 173.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 177.31 173.25 Td (are ) Tj ET Q q 0 0 0 rg BT 192.45 173.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 239.24 173.25 Td (in ) Tj ET Q q 0 0 0 rg BT 249.94 173.25 Td (the ) Tj ET Q q 0 0 0 rg BT 265.09 173.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 318.56 173.25 Td (income ) Tj ET Q q 0 0 0 rg BT 350.92 173.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 392.17 173.25 Td (by ) Tj ET Q q 0 0 0 rg BT 405.09 173.25 Td (function ) Tj ET Q q 0 0 0 rg BT 441.34 173.25 Td (and ) Tj ET Q q 0 0 0 rg BT 458.71 173.25 Td (presented ) Tj ET Q q 0 0 0 rg BT 499.95 173.25 Td (in ) Tj ET Q q 0 0 0 rg BT 510.66 173.25 Td (the ) Tj ET Q q 0 0 0 rg BT 525.80 173.25 Td (relevant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 161.25 Td (line ) Tj ET Q q 0 0 0 rg BT 125.50 161.25 Td (items ) Tj ET Q q 0 0 0 rg BT 149.66 161.25 Td (\(cost ) Tj ET Q q 0 0 0 rg BT 171.60 161.25 Td (of ) Tj ET Q q 0 0 0 rg BT 182.43 161.25 Td (sales, ) Tj ET Q q 0 0 0 rg BT 206.87 161.25 Td (selling, ) Tj ET Q q 0 0 0 rg BT 238.53 161.25 Td (general ) Tj ET Q q 0 0 0 rg BT 270.46 161.25 Td (and ) Tj ET Q q 0 0 0 rg BT 287.39 161.25 Td (administrative ) Tj ET Q q 0 0 0 rg BT 347.10 161.25 Td (costs, ) Tj ET Q q 0 0 0 rg BT 372.10 161.25 Td (research ) Tj ET Q q 0 0 0 rg BT 407.91 161.25 Td (and ) Tj ET Q q 0 0 0 rg BT 424.85 161.25 Td (development ) Tj ET Q q 0 0 0 rg BT 479.00 161.25 Td (costs, ) Tj ET Q q 0 0 0 rg BT 504.00 161.25 Td (etc.\);) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 137.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 137.25 Td (the ) Tj ET Q q 0 0 0 rg BT 122.61 137.25 Td (net ) Tj ET Q q 0 0 0 rg BT 137.22 137.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 169.05 137.25 Td (on ) Tj ET Q q 0 0 0 rg BT 181.45 137.25 Td (the ) Tj ET Q q 0 0 0 rg BT 196.06 137.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 228.44 137.25 Td (benefit ) Tj ET Q q 0 0 0 rg BT 258.60 137.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 292.10 137.25 Td (is ) Tj ET Q q 0 0 0 rg BT 301.17 137.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 347.42 137.25 Td (in ) Tj ET Q q 0 0 0 rg BT 357.60 137.25 Td (the ) Tj ET Q q 0 0 0 rg BT 372.21 137.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 425.15 137.25 Td (income ) Tj ET Q q 0 0 0 rg BT 456.97 137.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 497.69 137.25 Td (as ) Tj ET Q q 0 0 0 rg BT 508.42 137.25 Td (net ) Tj ET Q q 0 0 0 rg BT 523.03 137.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 125.25 Td (income ) Tj ET Q q 0 0 0 rg BT 139.58 125.25 Td (/\(expenses\), ) Tj ET Q q 0 0 0 rg BT 189.76 125.25 Td (and ) Tj ET Q q 0 0 0 rg BT 206.34 125.25 Td (is ) Tj ET Q q 0 0 0 rg BT 215.15 125.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 262.27 125.25 Td (by ) Tj ET Q q 0 0 0 rg BT 274.42 125.25 Td (multiplying ) Tj ET Q q 0 0 0 rg BT 323.23 125.25 Td (the ) Tj ET Q q 0 0 0 rg BT 337.59 125.25 Td (net ) Tj ET Q q 0 0 0 rg BT 351.95 125.25 Td (liability/\(asset\) ) Tj ET Q q 0 0 0 rg BT 414.07 125.25 Td (by ) Tj ET Q q 0 0 0 rg BT 426.22 125.25 Td (the ) Tj ET Q q 0 0 0 rg BT 440.58 125.25 Td (discount ) Tj ET Q q 0 0 0 rg BT 476.61 125.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 493.73 125.25 Td (used ) Tj ET Q q 0 0 0 rg BT 514.21 125.25 Td (to ) Tj ET Q q 0 0 0 rg BT 524.13 125.25 Td (discount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 113.25 Td (obligations ) Tj ET Q q 0 0 0 rg BT 154.94 113.25 Td (taking ) Tj ET Q q 0 0 0 rg BT 182.44 113.25 Td (into ) Tj ET Q q 0 0 0 rg BT 200.50 113.25 Td (account ) Tj ET Q q 0 0 0 rg BT 234.09 113.25 Td (the ) Tj ET Q q 0 0 0 rg BT 248.81 113.25 Td (ef) Tj ET Q q 0 0 0 rg BT 256.39 113.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 273.88 113.25 Td (of ) Tj ET Q q 0 0 0 rg BT 284.71 113.25 Td (contributions ) Tj ET Q q 0 0 0 rg BT 339.98 113.25 Td (and ) Tj ET Q q 0 0 0 rg BT 356.92 113.25 Td (benefit ) Tj ET Q q 0 0 0 rg BT 387.18 113.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 428.01 113.25 Td (made ) Tj ET Q q 0 0 0 rg BT 452.17 113.25 Td (during ) Tj ET Q q 0 0 0 rg BT 480.77 113.25 Td (the ) Tj ET Q q 0 0 0 rg BT 495.49 113.25 Td (year; ) Tj ET Q q 0 0 0 rg BT 517.98 113.25 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 89.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 89.25 Td (the ) Tj ET Q q 0 0 0 rg BT 122.65 89.25 Td (remeasurement ) Tj ET Q q 0 0 0 rg BT 186.17 89.25 Td (components ) Tj ET Q q 0 0 0 rg BT 236.93 89.25 Td (of ) Tj ET Q q 0 0 0 rg BT 247.69 89.25 Td (the ) Tj ET Q q 0 0 0 rg BT 262.35 89.25 Td (net ) Tj ET Q q 0 0 0 rg BT 277.00 89.25 Td (obligations, ) Tj ET Q q 0 0 0 rg BT 326.38 89.25 Td (which ) Tj ET Q q 0 0 0 rg BT 353.25 89.25 Td (comprise ) Tj ET Q q 0 0 0 rg BT 392.34 89.25 Td (actuarial ) Tj ET Q q 0 0 0 rg BT 429.20 89.25 Td (gains ) Tj ET Q q 0 0 0 rg BT 452.74 89.25 Td (and ) Tj ET Q q 0 0 0 rg BT 469.61 89.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 495.94 89.25 Td (and ) Tj ET Q q 0 0 0 rg BT 512.82 89.25 Td (any ) Tj ET Q q 0 0 0 rg BT 529.69 89.25 Td (change ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 77.25 Td (in ) Tj ET Q q 0 0 0 rg BT 120.41 77.25 Td (the ) Tj ET Q q 0 0 0 rg BT 137.26 77.25 Td (ef) Tj ET Q q 0 0 0 rg BT 144.85 77.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 164.46 77.25 Td (of ) Tj ET Q q 0 0 0 rg BT 177.43 77.25 Td (the ) Tj ET Q q 0 0 0 rg BT 194.27 77.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 218.34 77.25 Td (ceiling ) Tj ET Q q 0 0 0 rg BT 250.19 77.25 Td (are ) Tj ET Q q 0 0 0 rg BT 267.03 77.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 315.52 77.25 Td (immediately ) Tj ET Q q 0 0 0 rg BT 370.14 77.25 Td (in ) Tj ET Q q 0 0 0 rg BT 382.55 77.25 Td (other ) Tj ET Q q 0 0 0 rg BT 407.73 77.25 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 472.89 77.25 Td (income/\(loss\). ) Tj ET Q q 0 0 0 rg BT 534.12 77.25 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 65.25 Td (remeasurement ) Tj ET Q q 0 0 0 rg BT 171.58 65.25 Td (components ) Tj ET Q q 0 0 0 rg BT 222.40 65.25 Td (are ) Tj ET Q q 0 0 0 rg BT 237.11 65.25 Td (not ) Tj ET Q q 0 0 0 rg BT 252.39 65.25 Td (reclassified ) Tj ET Q q 0 0 0 rg BT 300.42 65.25 Td (in ) Tj ET Q q 0 0 0 rg BT 310.70 65.25 Td (the ) Tj ET Q q 0 0 0 rg BT 325.42 65.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 378.46 65.25 Td (income ) Tj ET Q q 0 0 0 rg BT 410.39 65.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 451.21 65.25 Td (in ) Tj ET Q q 0 0 0 rg BT 461.49 65.25 Td (a ) Tj ET Q q 0 0 0 rg BT 468.43 65.25 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 515.37 65.25 Td (period. ) Tj ET Q endstream endobj 337 0 obj <> endobj 338 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 760.75 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 760.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.60 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 199.82 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 206.31 748.75 Td (O ) Tj ET Q q 0 0 0 rg BT 216.41 748.75 Td (THE CONSOLIDA) Tj ET Q q 0 0 0 rg BT 299.85 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 379.03 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 393.02 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 399.50 748.75 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.60 736.75 Td (At December) Tj ET Q q 0 0 0 rg BT 294.78 736.75 Td (31, 2015 and 2014) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 294.65 32.20 Td (F-19) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 713.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 79.83 713.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 121.77 713.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 162.02 713.10 Td (benefits ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 689.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 689.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.35 689.10 Td (Group) Tj ET Q q 0 0 0 rg BT 136.68 689.10 Td (s ) Tj ET Q q 0 0 0 rg BT 143.37 689.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 190.61 689.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 230.06 689.10 Td (the ) Tj ET Q q 0 0 0 rg BT 245.08 689.10 Td (present ) Tj ET Q q 0 0 0 rg BT 276.75 689.10 Td (value ) Tj ET Q q 0 0 0 rg BT 301.21 689.10 Td (of ) Tj ET Q q 0 0 0 rg BT 312.34 689.10 Td (future ) Tj ET Q q 0 0 0 rg BT 339.02 689.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 373.47 689.10 Td (that ) Tj ET Q q 0 0 0 rg BT 391.27 689.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 436.83 689.10 Td (have ) Tj ET Q q 0 0 0 rg BT 458.51 689.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 487.95 689.10 Td (in ) Tj ET Q q 0 0 0 rg BT 498.53 689.10 Td (return ) Tj ET Q q 0 0 0 rg BT 525.21 689.10 Td (for ) Tj ET Q q 0 0 0 rg BT 539.67 689.10 Td (their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 677.10 Td (service ) Tj ET Q q 0 0 0 rg BT 84.58 677.10 Td (during ) Tj ET Q q 0 0 0 rg BT 112.95 677.10 Td (the ) Tj ET Q q 0 0 0 rg BT 127.42 677.10 Td (current ) Tj ET Q q 0 0 0 rg BT 158.00 677.10 Td (and ) Tj ET Q q 0 0 0 rg BT 174.70 677.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 196.40 677.10 Td (periods. ) Tj ET Q q 0 0 0 rg BT 230.60 677.10 Td (Remeasurement ) Tj ET Q q 0 0 0 rg BT 297.28 677.10 Td (components ) Tj ET Q q 0 0 0 rg BT 347.86 677.10 Td (on ) Tj ET Q q 0 0 0 rg BT 360.12 677.10 Td (other ) Tj ET Q q 0 0 0 rg BT 382.93 677.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 424.63 677.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 465.76 677.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 499.67 677.10 Td (are ) Tj ET Q q 0 0 0 rg BT 514.14 677.10 Td (recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 665.10 Td (in ) Tj ET Q q 0 0 0 rg BT 64.28 665.10 Td (the ) Tj ET Q q 0 0 0 rg BT 79.00 665.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 132.04 665.10 Td (income ) Tj ET Q q 0 0 0 rg BT 163.97 665.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 204.79 665.10 Td (in ) Tj ET Q q 0 0 0 rg BT 215.07 665.10 Td (the ) Tj ET Q q 0 0 0 rg BT 229.79 665.10 Td (period ) Tj ET Q q 0 0 0 rg BT 257.83 665.10 Td (in ) Tj ET Q q 0 0 0 rg BT 268.11 665.10 Td (which ) Tj ET Q q 0 0 0 rg BT 295.05 665.10 Td (they ) Tj ET Q q 0 0 0 rg BT 314.77 665.10 Td (arise. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 641.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 64.37 641.10 Td (ovisions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 617.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 617.10 Td (Provisions ) Tj ET Q q 0 0 0 rg BT 134.63 617.10 Td (are ) Tj ET Q q 0 0 0 rg BT 149.23 617.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 195.48 617.10 Td (when ) Tj ET Q q 0 0 0 rg BT 219.54 617.10 Td (the ) Tj ET Q q 0 0 0 rg BT 234.15 617.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 262.09 617.10 Td (has ) Tj ET Q q 0 0 0 rg BT 277.82 617.10 Td (a ) Tj ET Q q 0 0 0 rg BT 284.65 617.10 Td (present ) Tj ET Q q 0 0 0 rg BT 315.92 617.10 Td (obligation, ) Tj ET Q q 0 0 0 rg BT 361.37 617.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 383.19 617.10 Td (or ) Tj ET Q q 0 0 0 rg BT 393.92 617.10 Td (constructive, ) Tj ET Q q 0 0 0 rg BT 447.69 617.10 Td (as ) Tj ET Q q 0 0 0 rg BT 458.41 617.10 Td (a ) Tj ET Q q 0 0 0 rg BT 465.24 617.10 Td (result ) Tj ET Q q 0 0 0 rg BT 489.85 617.10 Td (of ) Tj ET Q q 0 0 0 rg BT 500.58 617.10 Td (a ) Tj ET Q q 0 0 0 rg BT 507.41 617.10 Td (past ) Tj ET Q q 0 0 0 rg BT 525.91 617.10 Td (event, ) Tj ET Q q 0 0 0 rg BT 552.46 617.10 Td (it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 605.10 Td (is ) Tj ET Q q 0 0 0 rg BT 63.64 605.10 Td (probable ) Tj ET Q q 0 0 0 rg BT 101.59 605.10 Td (that ) Tj ET Q q 0 0 0 rg BT 119.55 605.10 Td (an ) Tj ET Q q 0 0 0 rg BT 131.96 605.10 Td (outflow ) Tj ET Q q 0 0 0 rg BT 166.04 605.10 Td (of ) Tj ET Q q 0 0 0 rg BT 177.33 605.10 Td (resources ) Tj ET Q q 0 0 0 rg BT 218.06 605.10 Td (embodying ) Tj ET Q q 0 0 0 rg BT 266.02 605.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 307.86 605.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 342.49 605.10 Td (will ) Tj ET Q q 0 0 0 rg BT 361.01 605.10 Td (be ) Tj ET Q q 0 0 0 rg BT 373.42 605.10 Td (required ) Tj ET Q q 0 0 0 rg BT 409.70 605.10 Td (to ) Tj ET Q q 0 0 0 rg BT 420.45 605.10 Td (settle ) Tj ET Q q 0 0 0 rg BT 444.52 605.10 Td (the ) Tj ET Q q 0 0 0 rg BT 459.70 605.10 Td (obligation ) Tj ET Q q 0 0 0 rg BT 503.22 605.10 Td (and ) Tj ET Q q 0 0 0 rg BT 520.63 605.10 Td (a ) Tj ET Q q 0 0 0 rg BT 528.03 605.10 Td (reliable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 593.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 89.82 593.10 Td (of ) Tj ET Q q 0 0 0 rg BT 100.65 593.10 Td (the ) Tj ET Q q 0 0 0 rg BT 115.37 593.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 147.86 593.10 Td (of ) Tj ET Q q 0 0 0 rg BT 158.69 593.10 Td (the ) Tj ET Q q 0 0 0 rg BT 173.41 593.10 Td (obligation ) Tj ET Q q 0 0 0 rg BT 216.46 593.10 Td (can ) Tj ET Q q 0 0 0 rg BT 232.84 593.10 Td (be ) Tj ET Q q 0 0 0 rg BT 244.78 593.10 Td (made.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 569.10 Td (W) Tj ET Q q 0 0 0 rg BT 61.41 569.10 Td (arranty ) Tj ET Q q 0 0 0 rg BT 93.91 569.10 Td (pr) Tj ET Q q 0 0 0 rg BT 102.43 569.10 Td (ovision) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 545.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 545.10 Td (All ) Tj ET Q q 0 0 0 rg BT 104.66 545.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 122.64 545.10 Td (are ) Tj ET Q q 0 0 0 rg BT 136.73 545.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 155.28 545.10 Td (with ) Tj ET Q q 0 0 0 rg BT 174.94 545.10 Td (warranty ) Tj ET Q q 0 0 0 rg BT 212.36 545.10 Td (coverage. ) Tj ET Q q 0 0 0 rg BT 252.69 545.10 Td (The ) Tj ET Q q 0 0 0 rg BT 270.11 545.10 Td (warranty ) Tj ET Q q 0 0 0 rg BT 307.53 545.10 Td (coverage ) Tj ET Q q 0 0 0 rg BT 345.50 545.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 384.58 545.10 Td (applies ) Tj ET Q q 0 0 0 rg BT 414.79 545.10 Td (to ) Tj ET Q q 0 0 0 rg BT 424.45 545.10 Td (defects ) Tj ET Q q 0 0 0 rg BT 454.65 545.10 Td (that ) Tj ET Q q 0 0 0 rg BT 471.52 545.10 Td (may ) Tj ET Q q 0 0 0 rg BT 490.62 545.10 Td (become ) Tj ET Q q 0 0 0 rg BT 523.59 545.10 Td (apparent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 533.10 Td (within ) Tj ET Q q 0 0 0 rg BT 82.06 533.10 Td (a ) Tj ET Q q 0 0 0 rg BT 89.00 533.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 118.70 533.10 Td (period ) Tj ET Q q 0 0 0 rg BT 146.74 533.10 Td (from ) Tj ET Q q 0 0 0 rg BT 168.68 533.10 Td (the ) Tj ET Q q 0 0 0 rg BT 183.40 533.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 221.44 533.10 Td (of ) Tj ET Q q 0 0 0 rg BT 232.27 533.10 Td (the ) Tj ET Q q 0 0 0 rg BT 246.98 533.10 Td (car) Tj ET Q q 0 0 0 rg BT 258.64 533.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 509.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 509.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.49 509.10 Td (warranty ) Tj ET Q q 0 0 0 rg BT 146.97 509.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 187.69 509.10 Td (is ) Tj ET Q q 0 0 0 rg BT 197.31 509.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 244.11 509.10 Td (at ) Tj ET Q q 0 0 0 rg BT 254.27 509.10 Td (the ) Tj ET Q q 0 0 0 rg BT 269.43 509.10 Td (time ) Tj ET Q q 0 0 0 rg BT 290.15 509.10 Td (of ) Tj ET Q q 0 0 0 rg BT 301.42 509.10 Td (the ) Tj ET Q q 0 0 0 rg BT 316.58 509.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 335.07 509.10 Td (of ) Tj ET Q q 0 0 0 rg BT 346.35 509.10 Td (the ) Tj ET Q q 0 0 0 rg BT 361.51 509.10 Td (car) Tj ET Q q 0 0 0 rg BT 373.31 509.10 Td (, ) Tj ET Q q 0 0 0 rg BT 378.76 509.10 Td (based ) Tj ET Q q 0 0 0 rg BT 404.47 509.10 Td (on ) Tj ET Q q 0 0 0 rg BT 417.41 509.10 Td (the ) Tj ET Q q 0 0 0 rg BT 432.57 509.10 Td (present ) Tj ET Q q 0 0 0 rg BT 464.39 509.10 Td (value ) Tj ET Q q 0 0 0 rg BT 488.99 509.10 Td (of ) Tj ET Q q 0 0 0 rg BT 500.26 509.10 Td (management) Tj ET Q q 0 0 0 rg BT 554.13 509.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 497.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 90.22 497.10 Td (of ) Tj ET Q q 0 0 0 rg BT 101.44 497.10 Td (the ) Tj ET Q q 0 0 0 rg BT 116.55 497.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 154.98 497.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 173.99 497.10 Td (to ) Tj ET Q q 0 0 0 rg BT 184.66 497.10 Td (fulfill ) Tj ET Q q 0 0 0 rg BT 210.33 497.10 Td (the ) Tj ET Q q 0 0 0 rg BT 225.44 497.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 272.78 497.10 Td (over ) Tj ET Q q 0 0 0 rg BT 293.44 497.10 Td (the ) Tj ET Q q 0 0 0 rg BT 308.56 497.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 355.87 497.10 Td (warranty ) Tj ET Q q 0 0 0 rg BT 394.30 497.10 Td (period, ) Tj ET Q q 0 0 0 rg BT 425.25 497.10 Td (using ) Tj ET Q q 0 0 0 rg BT 449.81 497.10 Td (a ) Tj ET Q q 0 0 0 rg BT 457.14 497.10 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 488.36 497.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 525.14 497.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 543.02 497.10 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 485.10 Td (reflects ) Tj ET Q q 0 0 0 rg BT 86.11 485.10 Td (current ) Tj ET Q q 0 0 0 rg BT 117.12 485.10 Td (market ) Tj ET Q q 0 0 0 rg BT 147.57 485.10 Td (assessments ) Tj ET Q q 0 0 0 rg BT 198.59 485.10 Td (of ) Tj ET Q q 0 0 0 rg BT 209.62 485.10 Td (the ) Tj ET Q q 0 0 0 rg BT 224.52 485.10 Td (time ) Tj ET Q q 0 0 0 rg BT 244.99 485.10 Td (value ) Tj ET Q q 0 0 0 rg BT 269.33 485.10 Td (of ) Tj ET Q q 0 0 0 rg BT 280.35 485.10 Td (money ) Tj ET Q q 0 0 0 rg BT 310.26 485.10 Td (and ) Tj ET Q q 0 0 0 rg BT 327.39 485.10 Td (the ) Tj ET Q q 0 0 0 rg BT 342.30 485.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 363.88 485.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 397.66 485.10 Td (to ) Tj ET Q q 0 0 0 rg BT 408.13 485.10 Td (the ) Tj ET Q q 0 0 0 rg BT 423.04 485.10 Td (warranty ) Tj ET Q q 0 0 0 rg BT 461.27 485.10 Td (provision. ) Tj ET Q q 0 0 0 rg BT 504.23 485.10 Td (Estimates ) Tj ET Q q 0 0 0 rg BT 545.81 485.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 473.10 Td (principally ) Tj ET Q q 0 0 0 rg BT 100.22 473.10 Td (based ) Tj ET Q q 0 0 0 rg BT 125.88 473.10 Td (on ) Tj ET Q q 0 0 0 rg BT 138.78 473.10 Td (the ) Tj ET Q q 0 0 0 rg BT 153.89 473.10 Td (Group) Tj ET Q q 0 0 0 rg BT 182.22 473.10 Td (s ) Tj ET Q q 0 0 0 rg BT 189.01 473.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 229.12 473.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 258.12 473.10 Td (or ) Tj ET Q q 0 0 0 rg BT 269.35 473.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 292.25 473.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 338.44 473.10 Td (and ) Tj ET Q q 0 0 0 rg BT 355.78 473.10 Td (the ) Tj ET Q q 0 0 0 rg BT 370.89 473.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 389.90 473.10 Td (of ) Tj ET Q q 0 0 0 rg BT 401.13 473.10 Td (parts ) Tj ET Q q 0 0 0 rg BT 423.46 473.10 Td (and ) Tj ET Q q 0 0 0 rg BT 440.80 473.10 Td (services ) Tj ET Q q 0 0 0 rg BT 475.90 473.10 Td (to ) Tj ET Q q 0 0 0 rg BT 486.58 473.10 Td (be ) Tj ET Q q 0 0 0 rg BT 498.91 473.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 535.12 473.10 Td (in ) Tj ET Q q 0 0 0 rg BT 545.80 473.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 461.10 Td (activities. ) Tj ET Q q 0 0 0 rg BT 94.92 461.10 Td (The ) Tj ET Q q 0 0 0 rg BT 112.96 461.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 135.46 461.10 Td (related ) Tj ET Q q 0 0 0 rg BT 165.17 461.10 Td (to ) Tj ET Q q 0 0 0 rg BT 175.45 461.10 Td (these ) Tj ET Q q 0 0 0 rg BT 198.49 461.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 242.66 461.10 Td (are ) Tj ET Q q 0 0 0 rg BT 257.37 461.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 303.73 461.10 Td (within ) Tj ET Q q 0 0 0 rg BT 331.79 461.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 350.40 461.10 Td (of ) Tj ET Q q 0 0 0 rg BT 361.23 461.10 Td (sales.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 437.10 Td (Deferr) Tj ET Q q 0 0 0 rg BT 82.13 437.10 Td (ed ) Tj ET Q q 0 0 0 rg BT 94.63 437.10 Td (income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 413.10 Td (Deferred income relates to amounts received by the Group under various agreements, which are reliant on the future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 401.10 Td (performance of a service or other act of the Group. Deferred income is recognized as net revenues when the Group has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 389.10 Td (fulfilled its obligations under the terms of the various agreements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 365.10 Td (Range models \(models belonging to the Ferrari product portfolio, excluding special series, limited edition and one-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 353.10 Td (of) Tj ET Q q 0 0 0 rg BT 62.15 353.10 Td (f \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 71.31 353.10 Td (fuori-serie\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.86 353.10 Td ( models\) are sold with a scheduled maintenance program to ensure that the cars are maintained to the highest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 341.10 Td (standards to meet the Group) Tj ET Q q 0 0 0 rg BT 169.53 341.10 Td (s strict requirements for performance and safety) Tj ET Q q 0 0 0 rg BT 360.46 341.10 Td (. ) Tj ET Q q 0 0 0 rg BT 364.91 341.10 Td (Amounts attributable to the maintenance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 329.10 Td (program are not recognized as income immediately) Tj ET Q q 0 0 0 rg BT 258.82 329.10 Td (, but are deferred over the maintenance program term. ) Tj ET Q q 0 0 0 rg BT 477.15 329.10 Td (The amount of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 317.10 Td (deferred income related to this program, is based on the estimated fair value of the service to be provided.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 293.10 Td (Advances) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 269.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 269.10 Td (Advances ) Tj ET Q q 0 0 0 rg BT 131.88 269.10 Td (relate ) Tj ET Q q 0 0 0 rg BT 156.53 269.10 Td (to ) Tj ET Q q 0 0 0 rg BT 166.75 269.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 203.09 269.10 Td (received ) Tj ET Q q 0 0 0 rg BT 239.40 269.10 Td (from ) Tj ET Q q 0 0 0 rg BT 261.28 269.10 Td (or ) Tj ET Q q 0 0 0 rg BT 272.06 269.10 Td (billed ) Tj ET Q q 0 0 0 rg BT 297.28 269.10 Td (to ) Tj ET Q q 0 0 0 rg BT 307.51 269.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 336.06 269.10 Td (in ) Tj ET Q q 0 0 0 rg BT 346.29 269.10 Td (advance ) Tj ET Q q 0 0 0 rg BT 381.49 269.10 Td (of ) Tj ET Q q 0 0 0 rg BT 392.27 269.10 Td (having ) Tj ET Q q 0 0 0 rg BT 421.93 269.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 459.92 269.10 Td (the ) Tj ET Q q 0 0 0 rg BT 474.59 269.10 Td (related ) Tj ET Q q 0 0 0 rg BT 504.24 269.10 Td (supplies ) Tj ET Q q 0 0 0 rg BT 539.46 269.10 Td (or ) Tj ET Q q 0 0 0 rg BT 550.24 269.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 257.10 Td (advance ) Tj ET Q q 0 0 0 rg BT 89.25 257.10 Td (of ) Tj ET Q q 0 0 0 rg BT 100.08 257.10 Td (having ) Tj ET Q q 0 0 0 rg BT 129.80 257.10 Td (begun ) Tj ET Q q 0 0 0 rg BT 156.74 257.10 Td (the ) Tj ET Q q 0 0 0 rg BT 171.46 257.10 Td (supply ) Tj ET Q q 0 0 0 rg BT 200.63 257.10 Td (of ) Tj ET Q q 0 0 0 rg BT 211.46 257.10 Td (the ) Tj ET Q q 0 0 0 rg BT 226.17 257.10 Td (related ) Tj ET Q q 0 0 0 rg BT 255.88 257.10 Td (services. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 233.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 93.16 233.10 Td (r) Tj ET Q q 0 0 0 rg BT 97.42 233.10 Td (ecognition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 209.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 209.10 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 130.57 209.10 Td (from ) Tj ET Q q 0 0 0 rg BT 151.69 209.10 Td (shipments ) Tj ET Q q 0 0 0 rg BT 193.94 209.10 Td (of ) Tj ET Q q 0 0 0 rg BT 203.96 209.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 221.74 209.10 Td (are ) Tj ET Q q 0 0 0 rg BT 235.64 209.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 281.19 209.10 Td (if ) Tj ET Q q 0 0 0 rg BT 288.99 209.10 Td (it ) Tj ET Q q 0 0 0 rg BT 296.23 209.10 Td (is ) Tj ET Q q 0 0 0 rg BT 304.59 209.10 Td (probable ) Tj ET Q q 0 0 0 rg BT 341.26 209.10 Td (that ) Tj ET Q q 0 0 0 rg BT 357.95 209.10 Td (the ) Tj ET Q q 0 0 0 rg BT 371.85 209.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 412.41 209.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 445.76 209.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 488.54 209.10 Td (with ) Tj ET Q q 0 0 0 rg BT 508.01 209.10 Td (a ) Tj ET Q q 0 0 0 rg BT 514.13 209.10 Td (transaction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 197.10 Td (will ) Tj ET Q q 0 0 0 rg BT 73.03 197.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 94.83 197.10 Td (to ) Tj ET Q q 0 0 0 rg BT 106.08 197.10 Td (the ) Tj ET Q q 0 0 0 rg BT 121.77 197.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 150.80 197.10 Td (and ) Tj ET Q q 0 0 0 rg BT 168.71 197.10 Td (the ) Tj ET Q q 0 0 0 rg BT 184.40 197.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 219.52 197.10 Td (can ) Tj ET Q q 0 0 0 rg BT 236.87 197.10 Td (be ) Tj ET Q q 0 0 0 rg BT 249.78 197.10 Td (reliably ) Tj ET Q q 0 0 0 rg BT 283.80 197.10 Td (measured. ) Tj ET Q q 0 0 0 rg BT 328.08 197.10 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 370.44 197.10 Td (are ) Tj ET Q q 0 0 0 rg BT 386.12 197.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 433.45 197.10 Td (when ) Tj ET Q q 0 0 0 rg BT 458.58 197.10 Td (the ) Tj ET Q q 0 0 0 rg BT 474.27 197.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 496.64 197.10 Td (and ) Tj ET Q q 0 0 0 rg BT 514.55 197.10 Td (rewards ) Tj ET Q q 0 0 0 rg BT 549.67 197.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 185.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 97.32 185.10 Td (are ) Tj ET Q q 0 0 0 rg BT 111.19 185.10 Td (transferred ) Tj ET Q q 0 0 0 rg BT 156.16 185.10 Td (to ) Tj ET Q q 0 0 0 rg BT 165.60 185.10 Td (the ) Tj ET Q q 0 0 0 rg BT 179.48 185.10 Td (Group's ) Tj ET Q q 0 0 0 rg BT 212.38 185.10 Td (dealers, ) Tj ET Q q 0 0 0 rg BT 244.86 185.10 Td (the ) Tj ET Q q 0 0 0 rg BT 258.74 185.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 279.84 185.10 Td (price ) Tj ET Q q 0 0 0 rg BT 301.49 185.10 Td (is ) Tj ET Q q 0 0 0 rg BT 309.82 185.10 Td (agreed ) Tj ET Q q 0 0 0 rg BT 338.12 185.10 Td (or ) Tj ET Q q 0 0 0 rg BT 348.12 185.10 Td (determinable ) Tj ET Q q 0 0 0 rg BT 401.97 185.10 Td (and ) Tj ET Q q 0 0 0 rg BT 418.07 185.10 Td (collectability ) Tj ET Q q 0 0 0 rg BT 471.94 185.10 Td (is ) Tj ET Q q 0 0 0 rg BT 480.27 185.10 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 525.25 185.10 Td (assured; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 173.10 Td (for ) Tj ET Q q 0 0 0 rg BT 67.49 173.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 85.41 173.10 Td (this ) Tj ET Q q 0 0 0 rg BT 101.69 173.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 140.72 173.10 Td (corresponds ) Tj ET Q q 0 0 0 rg BT 190.87 173.10 Td (to ) Tj ET Q q 0 0 0 rg BT 200.47 173.10 Td (the ) Tj ET Q q 0 0 0 rg BT 214.52 173.10 Td (date ) Tj ET Q q 0 0 0 rg BT 233.00 173.10 Td (when ) Tj ET Q q 0 0 0 rg BT 256.49 173.10 Td (the ) Tj ET Q q 0 0 0 rg BT 270.53 173.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 288.46 173.10 Td (are ) Tj ET Q q 0 0 0 rg BT 302.49 173.10 Td (released ) Tj ET Q q 0 0 0 rg BT 337.08 173.10 Td (to ) Tj ET Q q 0 0 0 rg BT 346.68 173.10 Td (the ) Tj ET Q q 0 0 0 rg BT 360.73 173.10 Td (carrier ) Tj ET Q q 0 0 0 rg BT 388.64 173.10 Td (responsible ) Tj ET Q q 0 0 0 rg BT 436.01 173.10 Td (for ) Tj ET Q q 0 0 0 rg BT 449.50 173.10 Td (transporting ) Tj ET Q q 0 0 0 rg BT 499.65 173.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 517.58 173.10 Td (to ) Tj ET Q q 0 0 0 rg BT 527.19 173.10 Td (dealers.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 149.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 149.10 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 130.78 149.10 Td (are ) Tj ET Q q 0 0 0 rg BT 144.88 149.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 190.64 149.10 Td (net ) Tj ET Q q 0 0 0 rg BT 204.76 149.10 Td (of ) Tj ET Q q 0 0 0 rg BT 214.99 149.10 Td (discounts ) Tj ET Q q 0 0 0 rg BT 254.66 149.10 Td (including ) Tj ET Q q 0 0 0 rg BT 294.33 149.10 Td (but ) Tj ET Q q 0 0 0 rg BT 309.01 149.10 Td (not ) Tj ET Q q 0 0 0 rg BT 323.69 149.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 353.92 149.10 Td (to, ) Tj ET Q q 0 0 0 rg BT 366.09 149.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 387.43 149.10 Td (incentives ) Tj ET Q q 0 0 0 rg BT 429.87 149.10 Td (and ) Tj ET Q q 0 0 0 rg BT 446.21 149.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 498.63 149.10 Td (based ) Tj ET Q q 0 0 0 rg BT 523.29 149.10 Td (bonuses. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 125.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 125.10 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 131.13 125.10 Td (from ) Tj ET Q q 0 0 0 rg BT 152.82 125.10 Td (separately-priced ) Tj ET Q q 0 0 0 rg BT 223.92 125.10 Td (extended ) Tj ET Q q 0 0 0 rg BT 262.27 125.10 Td (warranty ) Tj ET Q q 0 0 0 rg BT 300.06 125.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 338.41 125.10 Td (are ) Tj ET Q q 0 0 0 rg BT 352.87 125.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 398.98 125.10 Td (over ) Tj ET Q q 0 0 0 rg BT 419.01 125.10 Td (the ) Tj ET Q q 0 0 0 rg BT 433.48 125.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 467.93 125.10 Td (period ) Tj ET Q q 0 0 0 rg BT 495.73 125.10 Td (in ) Tj ET Q q 0 0 0 rg BT 505.76 125.10 Td (proportion ) Tj ET Q q 0 0 0 rg BT 550.23 125.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 113.10 Td (the ) Tj ET Q q 0 0 0 rg BT 67.85 113.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 89.48 113.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 126.65 113.10 Td (to ) Tj ET Q q 0 0 0 rg BT 136.06 113.10 Td (be ) Tj ET Q q 0 0 0 rg BT 147.13 113.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 182.08 113.10 Td (based ) Tj ET Q q 0 0 0 rg BT 206.48 113.10 Td (on ) Tj ET Q q 0 0 0 rg BT 218.11 113.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 256.95 113.10 Td (information. ) Tj ET Q q 0 0 0 rg BT 307.94 113.10 Td (A) Tj ET Q q 0 0 0 rg BT 314.61 113.10 Td ( ) Tj ET Q q 0 0 0 rg BT 316.24 113.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 333.43 113.10 Td (on ) Tj ET Q q 0 0 0 rg BT 345.06 113.10 Td (these ) Tj ET Q q 0 0 0 rg BT 367.24 113.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 404.97 113.10 Td (is ) Tj ET Q q 0 0 0 rg BT 413.27 113.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 458.77 113.10 Td (if ) Tj ET Q q 0 0 0 rg BT 466.51 113.10 Td (the ) Tj ET Q q 0 0 0 rg BT 480.36 113.10 Td (sum ) Tj ET Q q 0 0 0 rg BT 498.66 113.10 Td (of ) Tj ET Q q 0 0 0 rg BT 508.62 113.10 Td (the ) Tj ET Q q 0 0 0 rg BT 522.47 113.10 Td (expected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 101.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 76.44 101.10 Td (for ) Tj ET Q q 0 0 0 rg BT 90.55 101.10 Td (services ) Tj ET Q q 0 0 0 rg BT 125.20 101.10 Td (under ) Tj ET Q q 0 0 0 rg BT 150.41 101.10 Td (the ) Tj ET Q q 0 0 0 rg BT 165.07 101.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 199.71 101.10 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 233.80 101.10 Td (unearned ) Tj ET Q q 0 0 0 rg BT 272.89 101.10 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 313.19 101.10 Td (The ) Tj ET Q q 0 0 0 rg BT 331.18 101.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 359.18 101.10 Td (of) Tj ET Q q 0 0 0 rg BT 367.33 101.10 Td (fers ) Tj ET Q q 0 0 0 rg BT 384.76 101.10 Td (a ) Tj ET Q q 0 0 0 rg BT 391.64 101.10 Td (scheduled ) Tj ET Q q 0 0 0 rg BT 434.07 101.10 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 487.04 101.10 Td (program ) Tj ET Q q 0 0 0 rg BT 523.36 101.10 Td (on ) Tj ET Q q 0 0 0 rg BT 535.80 101.10 Td (range ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 89.10 Td (models, ) Tj ET Q q 0 0 0 rg BT 88.26 89.10 Td (which ) Tj ET Q q 0 0 0 rg BT 115.56 89.10 Td (is ) Tj ET Q q 0 0 0 rg BT 125.10 89.10 Td (not ) Tj ET Q q 0 0 0 rg BT 140.75 89.10 Td (separately ) Tj ET Q q 0 0 0 rg BT 184.15 89.10 Td (priced. ) Tj ET Q q 0 0 0 rg BT 214.30 89.10 Td (The ) Tj ET Q q 0 0 0 rg BT 232.71 89.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 261.13 89.10 Td (allocates ) Tj ET Q q 0 0 0 rg BT 298.98 89.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 333.49 89.10 Td (between ) Tj ET Q q 0 0 0 rg BT 369.68 89.10 Td (the ) Tj ET Q q 0 0 0 rg BT 384.76 89.10 Td (car ) Tj ET Q q 0 0 0 rg BT 399.84 89.10 Td (and ) Tj ET Q q 0 0 0 rg BT 417.15 89.10 Td (the ) Tj ET Q q 0 0 0 rg BT 432.23 89.10 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 485.63 89.10 Td (program ) Tj ET Q q 0 0 0 rg BT 522.37 89.10 Td (based ) Tj ET Q q 0 0 0 rg BT 548.01 89.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 77.10 Td (their ) Tj ET Q q 0 0 0 rg BT 74.58 77.10 Td (relative ) Tj ET Q q 0 0 0 rg BT 106.81 77.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 147.38 77.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 163.51 77.10 Td (values. ) Tj ET Q q 0 0 0 rg BT 193.31 77.10 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 232.24 77.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 251.71 77.10 Td (and ) Tj ET Q q 0 0 0 rg BT 268.40 77.10 Td (attributed ) Tj ET Q q 0 0 0 rg BT 308.97 77.10 Td (to ) Tj ET Q q 0 0 0 rg BT 319.00 77.10 Td (the ) Tj ET Q q 0 0 0 rg BT 333.47 77.10 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 386.25 77.10 Td (program ) Tj ET Q q 0 0 0 rg BT 422.38 77.10 Td (are ) Tj ET Q q 0 0 0 rg BT 436.84 77.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 472.40 77.10 Td (and ) Tj ET Q q 0 0 0 rg BT 489.09 77.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 535.20 77.10 Td (as ) Tj ET Q q 0 0 0 rg BT 545.79 77.10 Td (net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 65.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 92.04 65.10 Td (over ) Tj ET Q q 0 0 0 rg BT 112.31 65.10 Td (the ) Tj ET Q q 0 0 0 rg BT 127.02 65.10 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 180.05 65.10 Td (program ) Tj ET Q q 0 0 0 rg BT 216.43 65.10 Td (period. ) Tj ET Q endstream endobj 339 0 obj <> endobj 340 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 760.75 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 760.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.60 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 199.82 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 206.31 748.75 Td (O ) Tj ET Q q 0 0 0 rg BT 216.41 748.75 Td (THE CONSOLIDA) Tj ET Q q 0 0 0 rg BT 299.85 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 379.03 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 393.02 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 399.50 748.75 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.60 736.75 Td (At December) Tj ET Q q 0 0 0 rg BT 294.78 736.75 Td (31, 2015 and 2014) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 294.65 32.20 Td (F-20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 713.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 713.10 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 131.81 713.10 Td (from ) Tj ET Q q 0 0 0 rg BT 154.18 713.10 Td (sponsorship ) Tj ET Q q 0 0 0 rg BT 204.90 713.10 Td (and ) Tj ET Q q 0 0 0 rg BT 222.27 713.10 Td (licensing ) Tj ET Q q 0 0 0 rg BT 261.30 713.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 309.77 713.10 Td (are ) Tj ET Q q 0 0 0 rg BT 324.90 713.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 371.70 713.10 Td (on ) Tj ET Q q 0 0 0 rg BT 384.63 713.10 Td (a ) Tj ET Q q 0 0 0 rg BT 392.00 713.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 443.25 713.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 466.19 713.10 Td (over ) Tj ET Q q 0 0 0 rg BT 486.89 713.10 Td (the ) Tj ET Q q 0 0 0 rg BT 502.04 713.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 537.17 713.10 Td (term. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 701.10 Td (Certain ) Tj ET Q q 0 0 0 rg BT 85.49 701.10 Td (of ) Tj ET Q q 0 0 0 rg BT 95.88 701.10 Td (the ) Tj ET Q q 0 0 0 rg BT 110.15 701.10 Td (sponsorship ) Tj ET Q q 0 0 0 rg BT 159.99 701.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 207.58 701.10 Td (contain ) Tj ET Q q 0 0 0 rg BT 239.07 701.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 291.65 701.10 Td (related ) Tj ET Q q 0 0 0 rg BT 320.91 701.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 364.63 701.10 Td (while ) Tj ET Q q 0 0 0 rg BT 388.91 701.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 418.17 701.10 Td (of ) Tj ET Q q 0 0 0 rg BT 428.55 701.10 Td (the ) Tj ET Q q 0 0 0 rg BT 442.83 701.10 Td (licensing ) Tj ET Q q 0 0 0 rg BT 480.99 701.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 528.58 701.10 Td (contain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 689.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 95.71 689.10 Td (guaranteed ) Tj ET Q q 0 0 0 rg BT 142.39 689.10 Td (payments. ) Tj ET Q q 0 0 0 rg BT 186.03 689.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 239.93 689.10 Td (related ) Tj ET Q q 0 0 0 rg BT 269.95 689.10 Td (sponsorship ) Tj ET Q q 0 0 0 rg BT 320.55 689.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 358.90 689.10 Td (and ) Tj ET Q q 0 0 0 rg BT 376.16 689.10 Td (licensing ) Tj ET Q q 0 0 0 rg BT 415.08 689.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 453.43 689.10 Td (in ) Tj ET Q q 0 0 0 rg BT 464.02 689.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 492.94 689.10 Td (of ) Tj ET Q q 0 0 0 rg BT 504.08 689.10 Td (the ) Tj ET Q q 0 0 0 rg BT 519.12 689.10 Td (minimum ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 677.10 Td (guaranteed ) Tj ET Q q 0 0 0 rg BT 100.36 677.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 137.30 677.10 Td (are ) Tj ET Q q 0 0 0 rg BT 152.00 677.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 198.37 677.10 Td (when ) Tj ET Q q 0 0 0 rg BT 222.53 677.10 Td (certain, ) Tj ET Q q 0 0 0 rg BT 254.73 677.10 Td (which ) Tj ET Q q 0 0 0 rg BT 281.67 677.10 Td (is ) Tj ET Q q 0 0 0 rg BT 290.84 677.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 328.33 677.10 Td (when ) Tj ET Q q 0 0 0 rg BT 352.49 677.10 Td (the ) Tj ET Q q 0 0 0 rg BT 367.20 677.10 Td (related ) Tj ET Q q 0 0 0 rg BT 396.91 677.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 441.07 677.10 Td (have ) Tj ET Q q 0 0 0 rg BT 462.45 677.10 Td (been ) Tj ET Q q 0 0 0 rg BT 483.82 677.10 Td (achieved.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 653.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 653.10 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 130.80 653.10 Td (also ) Tj ET Q q 0 0 0 rg BT 148.82 653.10 Td (include ) Tj ET Q q 0 0 0 rg BT 180.18 653.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 219.86 653.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 241.76 653.10 Td (rentals ) Tj ET Q q 0 0 0 rg BT 270.34 653.10 Td (in ) Tj ET Q q 0 0 0 rg BT 280.03 653.10 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 329.17 653.10 Td (with ) Tj ET Q q 0 0 0 rg BT 348.86 653.10 Td (the ) Tj ET Q q 0 0 0 rg BT 363.00 653.10 Td (rental ) Tj ET Q q 0 0 0 rg BT 387.68 653.10 Td (of ) Tj ET Q q 0 0 0 rg BT 397.93 653.10 Td (engines ) Tj ET Q q 0 0 0 rg BT 430.40 653.10 Td (to ) Tj ET Q q 0 0 0 rg BT 440.09 653.10 Td (other ) Tj ET Q q 0 0 0 rg BT 462.56 653.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 498.36 653.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 505.28 653.10 Td (racing ) Tj ET Q q 0 0 0 rg BT 532.19 653.10 Td (teams. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 641.10 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 95.38 641.10 Td (from ) Tj ET Q q 0 0 0 rg BT 117.32 641.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 157.58 641.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 183.96 641.10 Td (are ) Tj ET Q q 0 0 0 rg BT 198.66 641.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 245.03 641.10 Td (on ) Tj ET Q q 0 0 0 rg BT 257.53 641.10 Td (a ) Tj ET Q q 0 0 0 rg BT 264.46 641.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 315.28 641.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 337.78 641.10 Td (over ) Tj ET Q q 0 0 0 rg BT 358.05 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 372.77 641.10 Td (relevant ) Tj ET Q q 0 0 0 rg BT 407.47 641.10 Td (term ) Tj ET Q q 0 0 0 rg BT 428.30 641.10 Td (of ) Tj ET Q q 0 0 0 rg BT 439.13 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 453.84 641.10 Td (lease. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 617.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 617.10 Td (Interest ) Tj ET Q q 0 0 0 rg BT 121.98 617.10 Td (income ) Tj ET Q q 0 0 0 rg BT 153.41 617.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 182.06 617.10 Td (in ) Tj ET Q q 0 0 0 rg BT 191.83 617.10 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 241.04 617.10 Td (with ) Tj ET Q q 0 0 0 rg BT 260.82 617.10 Td (the ) Tj ET Q q 0 0 0 rg BT 275.03 617.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 314.80 617.10 Td (of ) Tj ET Q q 0 0 0 rg BT 325.13 617.10 Td (client ) Tj ET Q q 0 0 0 rg BT 349.34 617.10 Td (and ) Tj ET Q q 0 0 0 rg BT 365.78 617.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 392.20 617.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 431.96 617.10 Td (are ) Tj ET Q q 0 0 0 rg BT 446.16 617.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 481.47 617.10 Td (within ) Tj ET Q q 0 0 0 rg BT 509.03 617.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.24 617.10 Td (line ) Tj ET Q q 0 0 0 rg BT 540.23 617.10 Td (item ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 605.10 Td (Finance ) Tj ET Q q 0 0 0 rg BT 92.59 605.10 Td (income ) Tj ET Q q 0 0 0 rg BT 124.53 605.10 Td (from ) Tj ET Q q 0 0 0 rg BT 146.47 605.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 183.95 605.10 Td (services ) Tj ET Q q 0 0 0 rg BT 218.65 605.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 268.36 605.10 Td (using ) Tj ET Q q 0 0 0 rg BT 292.53 605.10 Td (the ) Tj ET Q q 0 0 0 rg BT 307.24 605.10 Td (ef) Tj ET Q q 0 0 0 rg BT 314.83 605.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 344.53 605.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 376.47 605.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 393.95 605.10 Td (method. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 581.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 581.10 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 132.98 581.10 Td (from ) Tj ET Q q 0 0 0 rg BT 156.51 581.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 207.81 581.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 248.01 581.10 Td (relate ) Tj ET Q q 0 0 0 rg BT 274.31 581.10 Td (to ) Tj ET Q q 0 0 0 rg BT 286.19 581.10 Td (the ) Tj ET Q q 0 0 0 rg BT 302.50 581.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 342.14 581.10 Td (received ) Tj ET Q q 0 0 0 rg BT 380.10 581.10 Td (from ) Tj ET Q q 0 0 0 rg BT 403.64 581.10 Td (participating ) Tj ET Q q 0 0 0 rg BT 458.27 581.10 Td (in ) Tj ET Q q 0 0 0 rg BT 470.15 581.10 Td (the ) Tj ET Q q 0 0 0 rg BT 486.47 581.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 524.45 581.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 533.26 581.10 Td (W) Tj ET Q q 0 0 0 rg BT 541.89 581.10 Td (orld ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 569.10 Td (Championship. ) Tj ET Q q 0 0 0 rg BT 117.38 569.10 Td (The ) Tj ET Q q 0 0 0 rg BT 135.67 569.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 173.95 569.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 222.22 569.10 Td (to ) Tj ET Q q 0 0 0 rg BT 232.74 569.10 Td (each ) Tj ET Q q 0 0 0 rg BT 253.80 569.10 Td (racing ) Tj ET Q q 0 0 0 rg BT 281.53 569.10 Td (team ) Tj ET Q q 0 0 0 rg BT 303.70 569.10 Td (are ) Tj ET Q q 0 0 0 rg BT 318.65 569.10 Td (governed ) Tj ET Q q 0 0 0 rg BT 358.60 569.10 Td (by ) Tj ET Q q 0 0 0 rg BT 371.34 569.10 Td (a ) Tj ET Q q 0 0 0 rg BT 378.52 569.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 412.36 569.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 456.74 569.10 Td (and ) Tj ET Q q 0 0 0 rg BT 473.92 569.10 Td (depend ) Tj ET Q q 0 0 0 rg BT 505.54 569.10 Td (upon, ) Tj ET Q q 0 0 0 rg BT 530.78 569.10 Td (among ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 557.10 Td (other ) Tj ET Q q 0 0 0 rg BT 76.96 557.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 109.09 557.10 Td (the ) Tj ET Q q 0 0 0 rg BT 123.72 557.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 145.57 557.10 Td (year ) Tj ET Q q 0 0 0 rg BT 165.20 557.10 Td (ranking ) Tj ET Q q 0 0 0 rg BT 198.16 557.10 Td (of ) Tj ET Q q 0 0 0 rg BT 208.91 557.10 Td (each ) Tj ET Q q 0 0 0 rg BT 229.64 557.10 Td (of ) Tj ET Q q 0 0 0 rg BT 240.38 557.10 Td (the ) Tj ET Q q 0 0 0 rg BT 255.02 557.10 Td (racing ) Tj ET Q q 0 0 0 rg BT 282.42 557.10 Td (teams. ) Tj ET Q q 0 0 0 rg BT 310.66 557.10 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 351.95 557.10 Td (of ) Tj ET Q q 0 0 0 rg BT 362.70 557.10 Td (the ) Tj ET Q q 0 0 0 rg BT 377.33 557.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 426.94 557.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 465.46 557.10 Td (are ) Tj ET Q q 0 0 0 rg BT 480.08 557.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 526.36 557.10 Td (pro-rata ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 545.10 Td (over ) Tj ET Q q 0 0 0 rg BT 74.27 545.10 Td (the ) Tj ET Q q 0 0 0 rg BT 88.99 545.10 Td (year) Tj ET Q q 0 0 0 rg BT 105.64 545.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 521.10 Td (Cost ) Tj ET Q q 0 0 0 rg BT 75.94 521.10 Td (of ) Tj ET Q q 0 0 0 rg BT 86.77 521.10 Td (sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 497.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 497.10 Td (Cost ) Tj ET Q q 0 0 0 rg BT 110.21 497.10 Td (of ) Tj ET Q q 0 0 0 rg BT 120.40 497.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 141.71 497.10 Td (comprises ) Tj ET Q q 0 0 0 rg BT 184.12 497.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 222.09 497.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 257.27 497.10 Td (in ) Tj ET Q q 0 0 0 rg BT 266.91 497.10 Td (the ) Tj ET Q q 0 0 0 rg BT 281.00 497.10 Td (manufacturing ) Tj ET Q q 0 0 0 rg BT 341.18 497.10 Td (and ) Tj ET Q q 0 0 0 rg BT 357.48 497.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 405.46 497.10 Td (of ) Tj ET Q q 0 0 0 rg BT 415.66 497.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 433.62 497.10 Td (and ) Tj ET Q q 0 0 0 rg BT 449.93 497.10 Td (parts, ) Tj ET Q q 0 0 0 rg BT 473.73 497.10 Td (including ) Tj ET Q q 0 0 0 rg BT 513.37 497.10 Td (the ) Tj ET Q q 0 0 0 rg BT 527.46 497.10 Td (engines ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 485.10 Td (rented ) Tj ET Q q 0 0 0 rg BT 81.05 485.10 Td (to ) Tj ET Q q 0 0 0 rg BT 90.90 485.10 Td (other ) Tj ET Q q 0 0 0 rg BT 113.51 485.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 149.47 485.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 156.54 485.10 Td (racing ) Tj ET Q q 0 0 0 rg BT 183.59 485.10 Td (teams, ) Tj ET Q q 0 0 0 rg BT 211.48 485.10 Td (of ) Tj ET Q q 0 0 0 rg BT 221.88 485.10 Td (which, ) Tj ET Q q 0 0 0 rg BT 250.89 485.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 269.06 485.10 Td (of ) Tj ET Q q 0 0 0 rg BT 279.46 485.10 Td (materials, ) Tj ET Q q 0 0 0 rg BT 320.68 485.10 Td (components ) Tj ET Q q 0 0 0 rg BT 371.07 485.10 Td (and ) Tj ET Q q 0 0 0 rg BT 387.58 485.10 Td (labor ) Tj ET Q q 0 0 0 rg BT 410.19 485.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 432.26 485.10 Td (are ) Tj ET Q q 0 0 0 rg BT 446.54 485.10 Td (the ) Tj ET Q q 0 0 0 rg BT 460.82 485.10 Td (most ) Tj ET Q q 0 0 0 rg BT 482.34 485.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 526.62 485.10 Td (portion. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 473.10 Td (The ) Tj ET Q q 0 0 0 rg BT 71.14 473.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 113.27 473.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 134.86 473.10 Td (principally ) Tj ET Q q 0 0 0 rg BT 179.78 473.10 Td (include ) Tj ET Q q 0 0 0 rg BT 210.80 473.10 Td (depreciation, ) Tj ET Q q 0 0 0 rg BT 264.31 473.10 Td (amortization, ) Tj ET Q q 0 0 0 rg BT 318.94 473.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 358.85 473.10 Td (and ) Tj ET Q q 0 0 0 rg BT 374.88 473.10 Td (transportation ) Tj ET Q q 0 0 0 rg BT 432.01 473.10 Td (costs. ) Tj ET Q q 0 0 0 rg BT 456.10 473.10 Td (Cost ) Tj ET Q q 0 0 0 rg BT 476.04 473.10 Td (of ) Tj ET Q q 0 0 0 rg BT 485.96 473.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 506.99 473.10 Td (also ) Tj ET Q q 0 0 0 rg BT 524.69 473.10 Td (includes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 461.10 Td (warranty ) Tj ET Q q 0 0 0 rg BT 92.04 461.10 Td (and ) Tj ET Q q 0 0 0 rg BT 108.98 461.10 Td (product-related ) Tj ET Q q 0 0 0 rg BT 172.55 461.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 197.55 461.10 Td (which ) Tj ET Q q 0 0 0 rg BT 224.49 461.10 Td (are ) Tj ET Q q 0 0 0 rg BT 239.20 461.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 280.02 461.10 Td (and ) Tj ET Q q 0 0 0 rg BT 296.96 461.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 334.43 461.10 Td (at ) Tj ET Q q 0 0 0 rg BT 344.15 461.10 Td (the ) Tj ET Q q 0 0 0 rg BT 358.87 461.10 Td (time ) Tj ET Q q 0 0 0 rg BT 379.14 461.10 Td (of ) Tj ET Q q 0 0 0 rg BT 389.97 461.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 408.02 461.10 Td (of ) Tj ET Q q 0 0 0 rg BT 418.85 461.10 Td (the ) Tj ET Q q 0 0 0 rg BT 433.57 461.10 Td (car) Tj ET Q q 0 0 0 rg BT 445.22 461.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 437.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 437.10 Td (Expenses ) Tj ET Q q 0 0 0 rg BT 130.07 437.10 Td (which ) Tj ET Q q 0 0 0 rg BT 156.82 437.10 Td (are ) Tj ET Q q 0 0 0 rg BT 171.33 437.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 204.17 437.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 252.02 437.10 Td (to ) Tj ET Q q 0 0 0 rg BT 262.10 437.10 Td (the ) Tj ET Q q 0 0 0 rg BT 276.62 437.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 313.91 437.10 Td (services ) Tj ET Q q 0 0 0 rg BT 348.42 437.10 Td (companies, ) Tj ET Q q 0 0 0 rg BT 395.99 437.10 Td (including ) Tj ET Q q 0 0 0 rg BT 436.06 437.10 Td (the ) Tj ET Q q 0 0 0 rg BT 450.59 437.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 482.32 437.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 520.73 437.10 Td (related ) Tj ET Q q 0 0 0 rg BT 550.23 437.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 425.10 Td (their ) Tj ET Q q 0 0 0 rg BT 74.83 425.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 115.09 425.10 Td (as ) Tj ET Q q 0 0 0 rg BT 125.92 425.10 Td (a ) Tj ET Q q 0 0 0 rg BT 132.86 425.10 Td (whole ) Tj ET Q q 0 0 0 rg BT 159.80 425.10 Td (and ) Tj ET Q q 0 0 0 rg BT 176.73 425.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 220.90 425.10 Td (for ) Tj ET Q q 0 0 0 rg BT 235.06 425.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 256.46 425.10 Td (and ) Tj ET Q q 0 0 0 rg BT 273.39 425.10 Td (write-downs ) Tj ET Q q 0 0 0 rg BT 325.88 425.10 Td (of ) Tj ET Q q 0 0 0 rg BT 336.71 425.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 365.04 425.10 Td (are ) Tj ET Q q 0 0 0 rg BT 379.75 425.10 Td (also ) Tj ET Q q 0 0 0 rg BT 398.36 425.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 434.18 425.10 Td (in ) Tj ET Q q 0 0 0 rg BT 444.45 425.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 463.06 425.10 Td (of ) Tj ET Q q 0 0 0 rg BT 473.89 425.10 Td (sales.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 401.10 Td (T) Tj ET Q q 0 0 0 rg BT 59.75 401.10 Td (axes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 377.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 377.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 122.43 377.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 145.42 377.10 Td (include ) Tj ET Q q 0 0 0 rg BT 177.30 377.10 Td (all ) Tj ET Q q 0 0 0 rg BT 189.75 377.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 212.74 377.10 Td (based ) Tj ET Q q 0 0 0 rg BT 237.95 377.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 260.40 377.10 Td (the ) Tj ET Q q 0 0 0 rg BT 275.06 377.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 306.38 377.10 Td (profits ) Tj ET Q q 0 0 0 rg BT 334.94 377.10 Td (of ) Tj ET Q q 0 0 0 rg BT 345.71 377.10 Td (the ) Tj ET Q q 0 0 0 rg BT 360.38 377.10 Td (Group. ) Tj ET Q q 0 0 0 rg BT 390.87 377.10 Td (Current ) Tj ET Q q 0 0 0 rg BT 423.87 377.10 Td (and ) Tj ET Q q 0 0 0 rg BT 440.75 377.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 476.50 377.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 499.50 377.10 Td (are ) Tj ET Q q 0 0 0 rg BT 514.15 377.10 Td (recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 365.10 Td (as ) Tj ET Q q 0 0 0 rg BT 63.79 365.10 Td (income ) Tj ET Q q 0 0 0 rg BT 94.68 365.10 Td (or ) Tj ET Q q 0 0 0 rg BT 104.47 365.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 138.14 365.10 Td (and ) Tj ET Q q 0 0 0 rg BT 154.04 365.10 Td (are ) Tj ET Q q 0 0 0 rg BT 167.71 365.10 Td (included ) Tj ET Q q 0 0 0 rg BT 203.60 365.10 Td (in ) Tj ET Q q 0 0 0 rg BT 212.84 365.10 Td (the ) Tj ET Q q 0 0 0 rg BT 226.51 365.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 278.52 365.10 Td (income ) Tj ET Q q 0 0 0 rg BT 309.41 365.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 349.19 365.10 Td (for ) Tj ET Q q 0 0 0 rg BT 362.31 365.10 Td (the ) Tj ET Q q 0 0 0 rg BT 375.99 365.10 Td (period, ) Tj ET Q q 0 0 0 rg BT 405.49 365.10 Td (except ) Tj ET Q q 0 0 0 rg BT 433.05 365.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 446.72 365.10 Td (arising ) Tj ET Q q 0 0 0 rg BT 475.40 365.10 Td (from ) Tj ET Q q 0 0 0 rg BT 496.30 365.10 Td (\(i\)a ) Tj ET Q q 0 0 0 rg BT 514.14 365.10 Td (transaction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 353.10 Td (or ) Tj ET Q q 0 0 0 rg BT 64.40 353.10 Td (event ) Tj ET Q q 0 0 0 rg BT 88.13 353.10 Td (which ) Tj ET Q q 0 0 0 rg BT 114.63 353.10 Td (is ) Tj ET Q q 0 0 0 rg BT 123.38 353.10 Td (recognized, ) Tj ET Q q 0 0 0 rg BT 171.81 353.10 Td (in ) Tj ET Q q 0 0 0 rg BT 181.66 353.10 Td (the ) Tj ET Q q 0 0 0 rg BT 195.94 353.10 Td (same ) Tj ET Q q 0 0 0 rg BT 218.56 353.10 Td (or ) Tj ET Q q 0 0 0 rg BT 228.96 353.10 Td (a ) Tj ET Q q 0 0 0 rg BT 235.47 353.10 Td (dif) Tj ET Q q 0 0 0 rg BT 246.40 353.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 271.78 353.10 Td (period, ) Tj ET Q q 0 0 0 rg BT 301.90 353.10 Td (either ) Tj ET Q q 0 0 0 rg BT 326.73 353.10 Td (in ) Tj ET Q q 0 0 0 rg BT 336.58 353.10 Td (other ) Tj ET Q q 0 0 0 rg BT 359.20 353.10 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 421.80 353.10 Td (income/\(loss\) ) Tj ET Q q 0 0 0 rg BT 478.31 353.10 Td (or ) Tj ET Q q 0 0 0 rg BT 488.71 353.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 521.32 353.10 Td (in ) Tj ET Q q 0 0 0 rg BT 531.17 353.10 Td (equity) Tj ET Q q 0 0 0 rg BT 555.51 353.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 341.10 Td (or ) Tj ET Q q 0 0 0 rg BT 64.83 341.10 Td (\(ii\)a ) Tj ET Q q 0 0 0 rg BT 86.49 341.10 Td (business ) Tj ET Q q 0 0 0 rg BT 122.88 341.10 Td (combination. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 317.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 317.10 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 129.04 317.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 153.11 317.10 Td (are ) Tj ET Q q 0 0 0 rg BT 168.83 317.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 212.88 317.10 Td (using ) Tj ET Q q 0 0 0 rg BT 238.06 317.10 Td (the ) Tj ET Q q 0 0 0 rg BT 253.79 317.10 Td (full ) Tj ET Q q 0 0 0 rg BT 271.20 317.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 305.82 317.10 Td (method. ) Tj ET Q q 0 0 0 rg BT 341.83 317.10 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 380.87 317.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 396.61 317.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 437.34 317.10 Td (are ) Tj ET Q q 0 0 0 rg BT 453.06 317.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 500.44 317.10 Td (for ) Tj ET Q q 0 0 0 rg BT 515.62 317.10 Td (all ) Tj ET Q q 0 0 0 rg BT 529.13 317.10 Td (taxable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 305.10 Td (temporary ) Tj ET Q q 0 0 0 rg BT 96.72 305.10 Td (dif) Tj ET Q q 0 0 0 rg BT 107.64 305.10 Td (ferences ) Tj ET Q q 0 0 0 rg BT 142.57 305.10 Td (between ) Tj ET Q q 0 0 0 rg BT 177.51 305.10 Td (the ) Tj ET Q q 0 0 0 rg BT 191.35 305.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 226.29 305.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 261.80 305.10 Td (of ) Tj ET Q q 0 0 0 rg BT 271.75 305.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 296.70 305.10 Td (or ) Tj ET Q q 0 0 0 rg BT 306.65 305.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 345.49 305.10 Td (and ) Tj ET Q q 0 0 0 rg BT 361.56 305.10 Td (their ) Tj ET Q q 0 0 0 rg BT 381.50 305.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 395.34 305.10 Td (base, ) Tj ET Q q 0 0 0 rg BT 417.23 305.10 Td (except ) Tj ET Q q 0 0 0 rg BT 444.95 305.10 Td (to ) Tj ET Q q 0 0 0 rg BT 454.35 305.10 Td (the ) Tj ET Q q 0 0 0 rg BT 468.19 305.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 494.25 305.10 Td (that ) Tj ET Q q 0 0 0 rg BT 510.86 305.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.70 305.10 Td (deferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 293.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 68.34 293.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 107.69 293.10 Td (arise ) Tj ET Q q 0 0 0 rg BT 128.69 293.10 Td (from ) Tj ET Q q 0 0 0 rg BT 150.26 293.10 Td (the ) Tj ET Q q 0 0 0 rg BT 164.61 293.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 190.06 293.10 Td (recognition ) Tj ET Q q 0 0 0 rg BT 237.73 293.10 Td (of ) Tj ET Q q 0 0 0 rg BT 248.19 293.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 285.88 293.10 Td (or ) Tj ET Q q 0 0 0 rg BT 296.33 293.10 Td (the ) Tj ET Q q 0 0 0 rg BT 310.68 293.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 336.14 293.10 Td (recognition ) Tj ET Q q 0 0 0 rg BT 383.81 293.10 Td (of ) Tj ET Q q 0 0 0 rg BT 394.26 293.10 Td (an ) Tj ET Q q 0 0 0 rg BT 405.83 293.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 427.40 293.10 Td (or ) Tj ET Q q 0 0 0 rg BT 437.86 293.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 471.09 293.10 Td (in ) Tj ET Q q 0 0 0 rg BT 481.00 293.10 Td (a ) Tj ET Q q 0 0 0 rg BT 487.56 293.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 533.56 293.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 281.10 Td (is ) Tj ET Q q 0 0 0 rg BT 62.81 281.10 Td (not ) Tj ET Q q 0 0 0 rg BT 77.72 281.10 Td (a ) Tj ET Q q 0 0 0 rg BT 84.29 281.10 Td (business ) Tj ET Q q 0 0 0 rg BT 120.32 281.10 Td (combination ) Tj ET Q q 0 0 0 rg BT 172.44 281.10 Td (and ) Tj ET Q q 0 0 0 rg BT 189.02 281.10 Td (at ) Tj ET Q q 0 0 0 rg BT 198.37 281.10 Td (the ) Tj ET Q q 0 0 0 rg BT 212.72 281.10 Td (time ) Tj ET Q q 0 0 0 rg BT 232.63 281.10 Td (of ) Tj ET Q q 0 0 0 rg BT 243.10 281.10 Td (the ) Tj ET Q q 0 0 0 rg BT 257.45 281.10 Td (transaction, ) Tj ET Q q 0 0 0 rg BT 305.96 281.10 Td (af) Tj ET Q q 0 0 0 rg BT 313.54 281.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 334.56 281.10 Td (neither ) Tj ET Q q 0 0 0 rg BT 364.46 281.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 410.46 281.10 Td (profit ) Tj ET Q q 0 0 0 rg BT 434.81 281.10 Td (nor ) Tj ET Q q 0 0 0 rg BT 450.28 281.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 481.29 281.10 Td (profit. ) Tj ET Q q 0 0 0 rg BT 508.14 281.10 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 545.80 281.10 Td (tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 269.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 79.44 269.10 Td (are ) Tj ET Q q 0 0 0 rg BT 93.75 269.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 139.72 269.10 Td (for ) Tj ET Q q 0 0 0 rg BT 153.49 269.10 Td (all ) Tj ET Q q 0 0 0 rg BT 165.60 269.10 Td (deductible ) Tj ET Q q 0 0 0 rg BT 209.36 269.10 Td (temporary ) Tj ET Q q 0 0 0 rg BT 252.56 269.10 Td (dif) Tj ET Q q 0 0 0 rg BT 263.49 269.10 Td (ferences ) Tj ET Q q 0 0 0 rg BT 298.90 269.10 Td (to ) Tj ET Q q 0 0 0 rg BT 308.79 269.10 Td (the ) Tj ET Q q 0 0 0 rg BT 323.11 269.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 349.65 269.10 Td (that ) Tj ET Q q 0 0 0 rg BT 366.76 269.10 Td (it ) Tj ET Q q 0 0 0 rg BT 374.42 269.10 Td (is ) Tj ET Q q 0 0 0 rg BT 383.20 269.10 Td (probable ) Tj ET Q q 0 0 0 rg BT 420.29 269.10 Td (that ) Tj ET Q q 0 0 0 rg BT 437.40 269.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 468.38 269.10 Td (profit ) Tj ET Q q 0 0 0 rg BT 492.70 269.10 Td (will ) Tj ET Q q 0 0 0 rg BT 510.37 269.10 Td (be ) Tj ET Q q 0 0 0 rg BT 521.92 269.10 Td (available ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 257.10 Td (against ) Tj ET Q q 0 0 0 rg BT 84.03 257.10 Td (which ) Tj ET Q q 0 0 0 rg BT 110.18 257.10 Td (the ) Tj ET Q q 0 0 0 rg BT 124.11 257.10 Td (deductible ) Tj ET Q q 0 0 0 rg BT 167.47 257.10 Td (temporary ) Tj ET Q q 0 0 0 rg BT 210.27 257.10 Td (dif) Tj ET Q q 0 0 0 rg BT 221.20 257.10 Td (ferences ) Tj ET Q q 0 0 0 rg BT 256.21 257.10 Td (can ) Tj ET Q q 0 0 0 rg BT 271.80 257.10 Td (be ) Tj ET Q q 0 0 0 rg BT 282.95 257.10 Td (utilized, ) Tj ET Q q 0 0 0 rg BT 317.14 257.10 Td (unless ) Tj ET Q q 0 0 0 rg BT 343.85 257.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.78 257.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 392.79 257.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 406.72 257.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 431.76 257.10 Td (arise ) Tj ET Q q 0 0 0 rg BT 452.34 257.10 Td (from ) Tj ET Q q 0 0 0 rg BT 473.49 257.10 Td (the ) Tj ET Q q 0 0 0 rg BT 487.42 257.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 512.46 257.10 Td (recognition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 245.10 Td (of ) Tj ET Q q 0 0 0 rg BT 65.77 245.10 Td (an ) Tj ET Q q 0 0 0 rg BT 78.65 245.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 101.53 245.10 Td (or ) Tj ET Q q 0 0 0 rg BT 113.30 245.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 147.85 245.10 Td (in ) Tj ET Q q 0 0 0 rg BT 159.07 245.10 Td (a ) Tj ET Q q 0 0 0 rg BT 166.95 245.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 214.27 245.10 Td (that ) Tj ET Q q 0 0 0 rg BT 232.70 245.10 Td (is ) Tj ET Q q 0 0 0 rg BT 242.81 245.10 Td (not ) Tj ET Q q 0 0 0 rg BT 259.03 245.10 Td (a ) Tj ET Q q 0 0 0 rg BT 266.91 245.10 Td (business ) Tj ET Q q 0 0 0 rg BT 304.25 245.10 Td (combination ) Tj ET Q q 0 0 0 rg BT 357.68 245.10 Td (and ) Tj ET Q q 0 0 0 rg BT 375.56 245.10 Td (at ) Tj ET Q q 0 0 0 rg BT 386.22 245.10 Td (the ) Tj ET Q q 0 0 0 rg BT 401.87 245.10 Td (time ) Tj ET Q q 0 0 0 rg BT 423.09 245.10 Td (of ) Tj ET Q q 0 0 0 rg BT 434.86 245.10 Td (the ) Tj ET Q q 0 0 0 rg BT 450.52 245.10 Td (transaction, ) Tj ET Q q 0 0 0 rg BT 500.33 245.10 Td (af) Tj ET Q q 0 0 0 rg BT 507.92 245.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 530.24 245.10 Td (neither ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 233.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 100.37 233.10 Td (profit ) Tj ET Q q 0 0 0 rg BT 125.09 233.10 Td (nor ) Tj ET Q q 0 0 0 rg BT 140.92 233.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 172.29 233.10 Td (profit. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 209.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 209.10 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 128.07 209.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 142.82 209.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 168.69 209.10 Td (and ) Tj ET Q q 0 0 0 rg BT 185.67 209.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 225.42 209.10 Td (are ) Tj ET Q q 0 0 0 rg BT 240.17 209.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 281.03 209.10 Td (at ) Tj ET Q q 0 0 0 rg BT 290.78 209.10 Td (the ) Tj ET Q q 0 0 0 rg BT 305.54 209.10 Td (substantively ) Tj ET Q q 0 0 0 rg BT 360.85 209.10 Td (enacted ) Tj ET Q q 0 0 0 rg BT 393.92 209.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 408.68 209.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 430.09 209.10 Td (in ) Tj ET Q q 0 0 0 rg BT 440.41 209.10 Td (the ) Tj ET Q q 0 0 0 rg BT 455.17 209.10 Td (respective ) Tj ET Q q 0 0 0 rg BT 498.24 209.10 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 550.22 209.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 197.10 Td (which ) Tj ET Q q 0 0 0 rg BT 80.94 197.10 Td (the ) Tj ET Q q 0 0 0 rg BT 95.66 197.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 123.71 197.10 Td (operates ) Tj ET Q q 0 0 0 rg BT 159.52 197.10 Td (that ) Tj ET Q q 0 0 0 rg BT 177.02 197.10 Td (are ) Tj ET Q q 0 0 0 rg BT 191.72 197.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 229.76 197.10 Td (to ) Tj ET Q q 0 0 0 rg BT 240.04 197.10 Td (apply ) Tj ET Q q 0 0 0 rg BT 264.75 197.10 Td (to ) Tj ET Q q 0 0 0 rg BT 275.03 197.10 Td (the ) Tj ET Q q 0 0 0 rg BT 289.75 197.10 Td (period ) Tj ET Q q 0 0 0 rg BT 317.79 197.10 Td (when ) Tj ET Q q 0 0 0 rg BT 341.95 197.10 Td (the ) Tj ET Q q 0 0 0 rg BT 356.67 197.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 378.61 197.10 Td (is ) Tj ET Q q 0 0 0 rg BT 387.78 197.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 421.92 197.10 Td (or ) Tj ET Q q 0 0 0 rg BT 432.75 197.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 466.36 197.10 Td (is ) Tj ET Q q 0 0 0 rg BT 475.53 197.10 Td (settled. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 173.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 173.10 Td (The ) Tj ET Q q 0 0 0 rg BT 107.35 173.10 Td (recoverability ) Tj ET Q q 0 0 0 rg BT 164.67 173.10 Td (of ) Tj ET Q q 0 0 0 rg BT 174.80 173.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 209.91 173.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 223.92 173.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 249.05 173.10 Td (is ) Tj ET Q q 0 0 0 rg BT 257.52 173.10 Td (dependent ) Tj ET Q q 0 0 0 rg BT 300.42 173.10 Td (on ) Tj ET Q q 0 0 0 rg BT 312.21 173.10 Td (the ) Tj ET Q q 0 0 0 rg BT 326.23 173.10 Td (Group) Tj ET Q q 0 0 0 rg BT 354.56 173.10 Td (s ) Tj ET Q q 0 0 0 rg BT 360.25 173.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 387.60 173.10 Td (to ) Tj ET Q q 0 0 0 rg BT 397.18 173.10 Td (generate ) Tj ET Q q 0 0 0 rg BT 432.84 173.10 Td (suf) Tj ET Q q 0 0 0 rg BT 444.88 173.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 472.22 173.10 Td (future ) Tj ET Q q 0 0 0 rg BT 497.90 173.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 528.57 173.10 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 161.10 Td (in ) Tj ET Q q 0 0 0 rg BT 64.94 161.10 Td (the ) Tj ET Q q 0 0 0 rg BT 80.32 161.10 Td (period ) Tj ET Q q 0 0 0 rg BT 109.03 161.10 Td (in ) Tj ET Q q 0 0 0 rg BT 119.97 161.10 Td (which ) Tj ET Q q 0 0 0 rg BT 147.57 161.10 Td (it ) Tj ET Q q 0 0 0 rg BT 156.29 161.10 Td (is ) Tj ET Q q 0 0 0 rg BT 166.13 161.10 Td (assumed ) Tj ET Q q 0 0 0 rg BT 203.73 161.10 Td (that ) Tj ET Q q 0 0 0 rg BT 221.89 161.10 Td (the ) Tj ET Q q 0 0 0 rg BT 237.27 161.10 Td (deductible ) Tj ET Q q 0 0 0 rg BT 282.08 161.10 Td (temporary ) Tj ET Q q 0 0 0 rg BT 326.34 161.10 Td (dif) Tj ET Q q 0 0 0 rg BT 337.26 161.10 Td (ferences ) Tj ET Q q 0 0 0 rg BT 373.73 161.10 Td (reverse ) Tj ET Q q 0 0 0 rg BT 405.76 161.10 Td (and ) Tj ET Q q 0 0 0 rg BT 423.37 161.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 438.75 161.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 465.80 161.10 Td (carried ) Tj ET Q q 0 0 0 rg BT 496.72 161.10 Td (forward ) Tj ET Q q 0 0 0 rg BT 531.53 161.10 Td (can ) Tj ET Q q 0 0 0 rg BT 548.57 161.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 149.10 Td (utilized. ) Tj ET Q q 0 0 0 rg BT 89.36 149.10 Td (In ) Tj ET Q q 0 0 0 rg BT 100.56 149.10 Td (making ) Tj ET Q q 0 0 0 rg BT 133.42 149.10 Td (this ) Tj ET Q q 0 0 0 rg BT 150.73 149.10 Td (assessment, ) Tj ET Q q 0 0 0 rg BT 200.54 149.10 Td (the ) Tj ET Q q 0 0 0 rg BT 215.63 149.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 244.04 149.10 Td (considers ) Tj ET Q q 0 0 0 rg BT 284.68 149.10 Td (future ) Tj ET Q q 0 0 0 rg BT 311.43 149.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 343.17 149.10 Td (income ) Tj ET Q q 0 0 0 rg BT 375.47 149.10 Td (arising ) Tj ET Q q 0 0 0 rg BT 405.55 149.10 Td (on ) Tj ET Q q 0 0 0 rg BT 418.42 149.10 Td (the ) Tj ET Q q 0 0 0 rg BT 433.50 149.10 Td (most ) Tj ET Q q 0 0 0 rg BT 455.82 149.10 Td (recent ) Tj ET Q q 0 0 0 rg BT 483.11 149.10 Td (budgets ) Tj ET Q q 0 0 0 rg BT 517.09 149.10 Td (and ) Tj ET Q q 0 0 0 rg BT 534.39 149.10 Td (plans, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 137.10 Td (prepared ) Tj ET Q q 0 0 0 rg BT 90.79 137.10 Td (by ) Tj ET Q q 0 0 0 rg BT 102.61 137.10 Td (using ) Tj ET Q q 0 0 0 rg BT 126.10 137.10 Td (the ) Tj ET Q q 0 0 0 rg BT 140.14 137.10 Td (same ) Tj ET Q q 0 0 0 rg BT 162.50 137.10 Td (criteria ) Tj ET Q q 0 0 0 rg BT 192.63 137.10 Td (described ) Tj ET Q q 0 0 0 rg BT 232.77 137.10 Td (for ) Tj ET Q q 0 0 0 rg BT 246.25 137.10 Td (testing ) Tj ET Q q 0 0 0 rg BT 274.73 137.10 Td (the ) Tj ET Q q 0 0 0 rg BT 288.77 137.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 336.68 137.10 Td (of ) Tj ET Q q 0 0 0 rg BT 346.83 137.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 371.98 137.10 Td (and ) Tj ET Q q 0 0 0 rg BT 388.24 137.10 Td (goodwill, ) Tj ET Q q 0 0 0 rg BT 428.11 137.10 Td (moreover) Tj ET Q q 0 0 0 rg BT 466.03 137.10 Td (, ) Tj ET Q q 0 0 0 rg BT 470.35 137.10 Td (it ) Tj ET Q q 0 0 0 rg BT 477.72 137.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 516.75 137.10 Td (the ) Tj ET Q q 0 0 0 rg BT 530.79 137.10 Td (impact ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 125.10 Td (of ) Tj ET Q q 0 0 0 rg BT 65.13 125.10 Td (the ) Tj ET Q q 0 0 0 rg BT 80.15 125.10 Td (reversal ) Tj ET Q q 0 0 0 rg BT 114.60 125.10 Td (of ) Tj ET Q q 0 0 0 rg BT 125.73 125.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 157.40 125.10 Td (temporary ) Tj ET Q q 0 0 0 rg BT 201.30 125.10 Td (dif) Tj ET Q q 0 0 0 rg BT 212.23 125.10 Td (ferences ) Tj ET Q q 0 0 0 rg BT 248.33 125.10 Td (on ) Tj ET Q q 0 0 0 rg BT 261.14 125.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 297.81 125.10 Td (and ) Tj ET Q q 0 0 0 rg BT 315.05 125.10 Td (it ) Tj ET Q q 0 0 0 rg BT 323.41 125.10 Td (also ) Tj ET Q q 0 0 0 rg BT 342.32 125.10 Td (considers ) Tj ET Q q 0 0 0 rg BT 382.89 125.10 Td (the ) Tj ET Q q 0 0 0 rg BT 397.91 125.10 Td (period ) Tj ET Q q 0 0 0 rg BT 426.26 125.10 Td (over ) Tj ET Q q 0 0 0 rg BT 446.83 125.10 Td (which ) Tj ET Q q 0 0 0 rg BT 474.07 125.10 Td (these ) Tj ET Q q 0 0 0 rg BT 497.42 125.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 523.55 125.10 Td (could ) Tj ET Q q 0 0 0 rg BT 548.57 125.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 113.10 Td (recovered. ) Tj ET Q q 0 0 0 rg BT 97.89 113.10 Td (The ) Tj ET Q q 0 0 0 rg BT 115.57 113.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 151.02 113.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 183.15 113.10 Td (of ) Tj ET Q q 0 0 0 rg BT 193.62 113.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 229.06 113.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 243.41 113.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 268.87 113.10 Td (is ) Tj ET Q q 0 0 0 rg BT 277.67 113.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 311.45 113.10 Td (to ) Tj ET Q q 0 0 0 rg BT 321.37 113.10 Td (the ) Tj ET Q q 0 0 0 rg BT 335.72 113.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 362.28 113.10 Td (that ) Tj ET Q q 0 0 0 rg BT 379.41 113.10 Td (it ) Tj ET Q q 0 0 0 rg BT 387.10 113.10 Td (is ) Tj ET Q q 0 0 0 rg BT 395.91 113.10 Td (not ) Tj ET Q q 0 0 0 rg BT 410.82 113.10 Td (probable ) Tj ET Q q 0 0 0 rg BT 447.94 113.10 Td (that ) Tj ET Q q 0 0 0 rg BT 465.07 113.10 Td (suf) Tj ET Q q 0 0 0 rg BT 477.11 113.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 504.78 113.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 535.79 113.10 Td (profit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 101.10 Td (will ) Tj ET Q q 0 0 0 rg BT 72.06 101.10 Td (be ) Tj ET Q q 0 0 0 rg BT 84.00 101.10 Td (available ) Tj ET Q q 0 0 0 rg BT 122.58 101.10 Td (to ) Tj ET Q q 0 0 0 rg BT 132.86 101.10 Td (allow ) Tj ET Q q 0 0 0 rg BT 157.58 101.10 Td (the ) Tj ET Q q 0 0 0 rg BT 172.30 101.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 202.56 101.10 Td (of ) Tj ET Q q 0 0 0 rg BT 213.39 101.10 Td (part ) Tj ET Q q 0 0 0 rg BT 231.44 101.10 Td (or ) Tj ET Q q 0 0 0 rg BT 242.27 101.10 Td (all ) Tj ET Q q 0 0 0 rg BT 254.76 101.10 Td (of ) Tj ET Q q 0 0 0 rg BT 265.59 101.10 Td (the ) Tj ET Q q 0 0 0 rg BT 280.31 101.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 316.11 101.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 330.83 101.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 356.66 101.10 Td (to ) Tj ET Q q 0 0 0 rg BT 366.94 101.10 Td (be ) Tj ET Q q 0 0 0 rg BT 378.88 101.10 Td (utilized.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 77.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 77.10 Td (The ) Tj ET Q q 0 0 0 rg BT 107.22 77.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 134.45 77.10 Td (recognizes ) Tj ET Q q 0 0 0 rg BT 178.87 77.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 213.85 77.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 227.74 77.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 266.63 77.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 309.40 77.10 Td (with ) Tj ET Q q 0 0 0 rg BT 328.85 77.10 Td (the ) Tj ET Q q 0 0 0 rg BT 342.75 77.10 Td (existence ) Tj ET Q q 0 0 0 rg BT 381.62 77.10 Td (of ) Tj ET Q q 0 0 0 rg BT 391.63 77.10 Td (a ) Tj ET Q q 0 0 0 rg BT 397.74 77.10 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 441.62 77.10 Td (s ) Tj ET Q q 0 0 0 rg BT 447.19 77.10 Td (undistributed ) Tj ET Q q 0 0 0 rg BT 501.64 77.10 Td (profits, ) Tj ET Q q 0 0 0 rg BT 531.92 77.10 Td (except ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 65.10 Td (when ) Tj ET Q q 0 0 0 rg BT 77.91 65.10 Td (it ) Tj ET Q q 0 0 0 rg BT 85.72 65.10 Td (is ) Tj ET Q q 0 0 0 rg BT 94.64 65.10 Td (able ) Tj ET Q q 0 0 0 rg BT 113.55 65.10 Td (to ) Tj ET Q q 0 0 0 rg BT 123.58 65.10 Td (control ) Tj ET Q q 0 0 0 rg BT 154.16 65.10 Td (the ) Tj ET Q q 0 0 0 rg BT 168.63 65.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 197.00 65.10 Td (of ) Tj ET Q q 0 0 0 rg BT 207.58 65.10 Td (the ) Tj ET Q q 0 0 0 rg BT 222.05 65.10 Td (reversal ) Tj ET Q q 0 0 0 rg BT 255.94 65.10 Td (of ) Tj ET Q q 0 0 0 rg BT 266.53 65.10 Td (the ) Tj ET Q q 0 0 0 rg BT 281.00 65.10 Td (temporary ) Tj ET Q q 0 0 0 rg BT 324.34 65.10 Td (dif) Tj ET Q q 0 0 0 rg BT 335.27 65.10 Td (ference; ) Tj ET Q q 0 0 0 rg BT 369.72 65.10 Td (and ) Tj ET Q q 0 0 0 rg BT 386.41 65.10 Td (it ) Tj ET Q q 0 0 0 rg BT 394.22 65.10 Td (is ) Tj ET Q q 0 0 0 rg BT 403.14 65.10 Td (probable ) Tj ET Q q 0 0 0 rg BT 440.38 65.10 Td (that ) Tj ET Q q 0 0 0 rg BT 457.62 65.10 Td (this ) Tj ET Q q 0 0 0 rg BT 474.32 65.10 Td (temporary ) Tj ET Q q 0 0 0 rg BT 517.67 65.10 Td (dif) Tj ET Q q 0 0 0 rg BT 528.60 65.10 Td (ference ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 53.10 Td (will ) Tj ET Q q 0 0 0 rg BT 72.41 53.10 Td (not ) Tj ET Q q 0 0 0 rg BT 88.05 53.10 Td (reverse ) Tj ET Q q 0 0 0 rg BT 119.78 53.10 Td (in ) Tj ET Q q 0 0 0 rg BT 130.41 53.10 Td (the ) Tj ET Q q 0 0 0 rg BT 145.49 53.10 Td (foreseeable ) Tj ET Q q 0 0 0 rg BT 193.87 53.10 Td (future. ) Tj ET Q q 0 0 0 rg BT 222.90 53.10 Td (The ) Tj ET Q q 0 0 0 rg BT 241.30 53.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 269.71 53.10 Td (recognizes ) Tj ET Q q 0 0 0 rg BT 315.32 53.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 351.49 53.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 366.56 53.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 392.75 53.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 436.70 53.10 Td (with ) Tj ET Q q 0 0 0 rg BT 457.34 53.10 Td (the ) Tj ET Q q 0 0 0 rg BT 472.41 53.10 Td (deductible ) Tj ET Q q 0 0 0 rg BT 516.92 53.10 Td (temporary ) Tj ET Q endstream endobj 341 0 obj <> endobj 342 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 760.75 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 760.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.60 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 199.82 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 206.31 748.75 Td (O ) Tj ET Q q 0 0 0 rg BT 216.41 748.75 Td (THE CONSOLIDA) Tj ET Q q 0 0 0 rg BT 299.85 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 379.03 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 393.02 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 399.50 748.75 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.60 736.75 Td (At December) Tj ET Q q 0 0 0 rg BT 294.78 736.75 Td (31, 2015 and 2014) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 294.65 32.20 Td (F-21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 713.10 Td (dif) Tj ET Q q 0 0 0 rg BT 64.93 713.10 Td (ferences ) Tj ET Q q 0 0 0 rg BT 100.52 713.10 Td (on ) Tj ET Q q 0 0 0 rg BT 112.80 713.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 162.85 713.10 Td (in ) Tj ET Q q 0 0 0 rg BT 172.91 713.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 222.41 713.10 Td (only ) Tj ET Q q 0 0 0 rg BT 242.47 713.10 Td (to ) Tj ET Q q 0 0 0 rg BT 252.53 713.10 Td (the ) Tj ET Q q 0 0 0 rg BT 267.03 713.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 293.74 713.10 Td (that ) Tj ET Q q 0 0 0 rg BT 311.02 713.10 Td (it ) Tj ET Q q 0 0 0 rg BT 318.86 713.10 Td (is ) Tj ET Q q 0 0 0 rg BT 327.81 713.10 Td (probable ) Tj ET Q q 0 0 0 rg BT 365.08 713.10 Td (that ) Tj ET Q q 0 0 0 rg BT 382.36 713.10 Td (the ) Tj ET Q q 0 0 0 rg BT 396.85 713.10 Td (temporary ) Tj ET Q q 0 0 0 rg BT 440.23 713.10 Td (dif) Tj ET Q q 0 0 0 rg BT 451.16 713.10 Td (ferences ) Tj ET Q q 0 0 0 rg BT 486.74 713.10 Td (will ) Tj ET Q q 0 0 0 rg BT 504.58 713.10 Td (reverse ) Tj ET Q q 0 0 0 rg BT 535.73 713.10 Td (in ) Tj ET Q q 0 0 0 rg BT 545.79 713.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 701.10 Td (foreseeable ) Tj ET Q q 0 0 0 rg BT 102.02 701.10 Td (future ) Tj ET Q q 0 0 0 rg BT 128.40 701.10 Td (and ) Tj ET Q q 0 0 0 rg BT 145.34 701.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 176.71 701.10 Td (profit ) Tj ET Q q 0 0 0 rg BT 201.43 701.10 Td (will ) Tj ET Q q 0 0 0 rg BT 219.48 701.10 Td (be ) Tj ET Q q 0 0 0 rg BT 231.42 701.10 Td (available ) Tj ET Q q 0 0 0 rg BT 270.01 701.10 Td (against ) Tj ET Q q 0 0 0 rg BT 300.84 701.10 Td (which ) Tj ET Q q 0 0 0 rg BT 327.77 701.10 Td (the ) Tj ET Q q 0 0 0 rg BT 342.49 701.10 Td (temporary ) Tj ET Q q 0 0 0 rg BT 386.08 701.10 Td (dif) Tj ET Q q 0 0 0 rg BT 397.01 701.10 Td (ference ) Tj ET Q q 0 0 0 rg BT 428.93 701.10 Td (can ) Tj ET Q q 0 0 0 rg BT 445.30 701.10 Td (be ) Tj ET Q q 0 0 0 rg BT 457.24 701.10 Td (utilized. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 677.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 677.10 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 128.72 677.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 144.13 677.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 170.65 677.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 204.39 677.10 Td (to ) Tj ET Q q 0 0 0 rg BT 215.36 677.10 Td (the ) Tj ET Q q 0 0 0 rg BT 230.77 677.10 Td (carry-forward ) Tj ET Q q 0 0 0 rg BT 289.48 677.10 Td (of ) Tj ET Q q 0 0 0 rg BT 301.00 677.10 Td (unused ) Tj ET Q q 0 0 0 rg BT 332.52 677.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 347.93 677.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 375.01 677.10 Td (and ) Tj ET Q q 0 0 0 rg BT 392.64 677.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 408.05 677.10 Td (credits, ) Tj ET Q q 0 0 0 rg BT 440.40 677.10 Td (as ) Tj ET Q q 0 0 0 rg BT 451.92 677.10 Td (well ) Tj ET Q q 0 0 0 rg BT 472.33 677.10 Td (as ) Tj ET Q q 0 0 0 rg BT 483.86 677.10 Td (those ) Tj ET Q q 0 0 0 rg BT 508.16 677.10 Td (arising ) Tj ET Q q 0 0 0 rg BT 538.57 677.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 665.10 Td (deductible ) Tj ET Q q 0 0 0 rg BT 98.84 665.10 Td (temporary ) Tj ET Q q 0 0 0 rg BT 143.13 665.10 Td (dif) Tj ET Q q 0 0 0 rg BT 154.05 665.10 Td (ferences, ) Tj ET Q q 0 0 0 rg BT 193.05 665.10 Td (are ) Tj ET Q q 0 0 0 rg BT 208.45 665.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 255.50 665.10 Td (to ) Tj ET Q q 0 0 0 rg BT 266.47 665.10 Td (the ) Tj ET Q q 0 0 0 rg BT 281.88 665.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 309.50 665.10 Td (that ) Tj ET Q q 0 0 0 rg BT 327.69 665.10 Td (it ) Tj ET Q q 0 0 0 rg BT 336.44 665.10 Td (is ) Tj ET Q q 0 0 0 rg BT 346.30 665.10 Td (probable ) Tj ET Q q 0 0 0 rg BT 384.47 665.10 Td (that ) Tj ET Q q 0 0 0 rg BT 402.66 665.10 Td (future ) Tj ET Q q 0 0 0 rg BT 429.73 665.10 Td (profits ) Tj ET Q q 0 0 0 rg BT 459.03 665.10 Td (will ) Tj ET Q q 0 0 0 rg BT 477.77 665.10 Td (be ) Tj ET Q q 0 0 0 rg BT 490.40 665.10 Td (available ) Tj ET Q q 0 0 0 rg BT 529.68 665.10 Td (against ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 653.10 Td (which ) Tj ET Q q 0 0 0 rg BT 80.94 653.10 Td (they ) Tj ET Q q 0 0 0 rg BT 100.66 653.10 Td (can ) Tj ET Q q 0 0 0 rg BT 117.03 653.10 Td (be ) Tj ET Q q 0 0 0 rg BT 128.97 653.10 Td (utilized. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 629.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 629.10 Td (Current ) Tj ET Q q 0 0 0 rg BT 122.63 629.10 Td (income ) Tj ET Q q 0 0 0 rg BT 154.15 629.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 176.79 629.10 Td (and ) Tj ET Q q 0 0 0 rg BT 193.31 629.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 228.70 629.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 251.34 629.10 Td (are ) Tj ET Q q 0 0 0 rg BT 265.63 629.10 Td (of) Tj ET Q q 0 0 0 rg BT 273.78 629.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 290.30 629.10 Td (when ) Tj ET Q q 0 0 0 rg BT 314.05 629.10 Td (they ) Tj ET Q q 0 0 0 rg BT 333.35 629.10 Td (relate ) Tj ET Q q 0 0 0 rg BT 357.64 629.10 Td (to ) Tj ET Q q 0 0 0 rg BT 367.51 629.10 Td (the ) Tj ET Q q 0 0 0 rg BT 381.81 629.10 Td (same ) Tj ET Q q 0 0 0 rg BT 404.44 629.10 Td (taxation ) Tj ET Q q 0 0 0 rg BT 438.74 629.10 Td (authority ) Tj ET Q q 0 0 0 rg BT 476.93 629.10 Td (and ) Tj ET Q q 0 0 0 rg BT 493.46 629.10 Td (there ) Tj ET Q q 0 0 0 rg BT 515.53 629.10 Td (is ) Tj ET Q q 0 0 0 rg BT 524.29 629.10 Td (a ) Tj ET Q q 0 0 0 rg BT 530.81 629.10 Td (legally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 617.10 Td (enforceable ) Tj ET Q q 0 0 0 rg BT 103.13 617.10 Td (right ) Tj ET Q q 0 0 0 rg BT 124.52 617.10 Td (of ) Tj ET Q q 0 0 0 rg BT 135.35 617.10 Td (of) Tj ET Q q 0 0 0 rg BT 143.50 617.10 Td (fset. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 593.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 593.10 Td (Italian ) Tj ET Q q 0 0 0 rg BT 118.73 593.10 Td (Regional ) Tj ET Q q 0 0 0 rg BT 158.02 593.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 190.96 593.10 Td (T) Tj ET Q q 0 0 0 rg BT 196.37 593.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 208.99 593.10 Td (\(IRAP\) ) Tj ET Q q 0 0 0 rg BT 241.62 593.10 Td (is ) Tj ET Q q 0 0 0 rg BT 251.48 593.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 298.53 593.10 Td (within ) Tj ET Q q 0 0 0 rg BT 327.27 593.10 Td (income ) Tj ET Q q 0 0 0 rg BT 359.89 593.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 375.29 593.10 Td (expense. ) Tj ET Q q 0 0 0 rg BT 413.19 593.10 Td (IRAP) Tj ET Q q 0 0 0 rg BT 435.60 593.10 Td ( ) Tj ET Q q 0 0 0 rg BT 438.78 593.10 Td (is ) Tj ET Q q 0 0 0 rg BT 448.64 593.10 Td (calculated ) Tj ET Q q 0 0 0 rg BT 492.35 593.10 Td (on ) Tj ET Q q 0 0 0 rg BT 505.54 593.10 Td (a ) Tj ET Q q 0 0 0 rg BT 513.16 593.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 549.66 593.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 581.10 Td (income ) Tj ET Q q 0 0 0 rg BT 86.04 581.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 118.63 581.10 Td (by ) Tj ET Q q 0 0 0 rg BT 131.23 581.10 Td (the ) Tj ET Q q 0 0 0 rg BT 146.06 581.10 Td (Italian ) Tj ET Q q 0 0 0 rg BT 174.20 581.10 Td (Civil ) Tj ET Q q 0 0 0 rg BT 196.81 581.10 Td (Code ) Tj ET Q q 0 0 0 rg BT 220.53 581.10 Td (as ) Tj ET Q q 0 0 0 rg BT 231.46 581.10 Td (the ) Tj ET Q q 0 0 0 rg BT 246.28 581.10 Td (dif) Tj ET Q q 0 0 0 rg BT 257.21 581.10 Td (ference ) Tj ET Q q 0 0 0 rg BT 289.23 581.10 Td (between ) Tj ET Q q 0 0 0 rg BT 325.15 581.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 365.52 581.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 403.66 581.10 Td (and ) Tj ET Q q 0 0 0 rg BT 420.70 581.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 445.81 581.10 Td (before ) Tj ET Q q 0 0 0 rg BT 473.95 581.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 511.54 581.10 Td (income ) Tj ET Q q 0 0 0 rg BT 543.58 581.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 569.10 Td (expense, ) Tj ET Q q 0 0 0 rg BT 91.55 569.10 Td (and ) Tj ET Q q 0 0 0 rg BT 108.83 569.10 Td (in ) Tj ET Q q 0 0 0 rg BT 119.45 569.10 Td (particular ) Tj ET Q q 0 0 0 rg BT 160.60 569.10 Td (before ) Tj ET Q q 0 0 0 rg BT 188.98 569.10 Td (the ) Tj ET Q q 0 0 0 rg BT 204.03 569.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 222.98 569.10 Td (of ) Tj ET Q q 0 0 0 rg BT 234.15 569.10 Td (fixed-term ) Tj ET Q q 0 0 0 rg BT 279.20 569.10 Td (employees, ) Tj ET Q q 0 0 0 rg BT 327.30 569.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 352.91 569.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 379.64 569.10 Td (and ) Tj ET Q q 0 0 0 rg BT 396.92 569.10 Td (any ) Tj ET Q q 0 0 0 rg BT 414.20 569.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 446.47 569.10 Td (included ) Tj ET Q q 0 0 0 rg BT 483.75 569.10 Td (in ) Tj ET Q q 0 0 0 rg BT 494.36 569.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 517.19 569.10 Td (payments. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 557.10 Td (IRAP) Tj ET Q q 0 0 0 rg BT 76.41 557.10 Td ( ) Tj ET Q q 0 0 0 rg BT 78.91 557.10 Td (is ) Tj ET Q q 0 0 0 rg BT 88.08 557.10 Td (applied ) Tj ET Q q 0 0 0 rg BT 120.02 557.10 Td (on ) Tj ET Q q 0 0 0 rg BT 132.52 557.10 Td (the ) Tj ET Q q 0 0 0 rg BT 147.23 557.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 161.95 557.10 Td (base ) Tj ET Q q 0 0 0 rg BT 182.22 557.10 Td (at ) Tj ET Q q 0 0 0 rg BT 191.93 557.10 Td (3.9 ) Tj ET Q q 0 0 0 rg BT 206.93 557.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 238.86 557.10 Td (for ) Tj ET Q q 0 0 0 rg BT 253.02 557.10 Td (the ) Tj ET Q q 0 0 0 rg BT 267.74 557.10 Td (years ) Tj ET Q q 0 0 0 rg BT 291.33 557.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 317.71 557.10 Td (December ) Tj ET Q q 0 0 0 rg BT 361.29 557.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 376.29 557.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 401.29 557.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 423.79 557.10 Td (and ) Tj ET Q q 0 0 0 rg BT 440.73 557.10 Td (2013.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 533.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 533.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 115.68 533.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 139.15 533.10 Td (not ) Tj ET Q q 0 0 0 rg BT 154.84 533.10 Td (based ) Tj ET Q q 0 0 0 rg BT 180.52 533.10 Td (on ) Tj ET Q q 0 0 0 rg BT 193.44 533.10 Td (income, ) Tj ET Q q 0 0 0 rg BT 228.29 533.10 Td (such ) Tj ET Q q 0 0 0 rg BT 249.53 533.10 Td (as ) Tj ET Q q 0 0 0 rg BT 260.78 533.10 Td (property ) Tj ET Q q 0 0 0 rg BT 297.57 533.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 321.03 533.10 Td (and ) Tj ET Q q 0 0 0 rg BT 338.38 533.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 367.95 533.10 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 393.91 533.10 Td (are ) Tj ET Q q 0 0 0 rg BT 409.03 533.10 Td (included ) Tj ET Q q 0 0 0 rg BT 446.38 533.10 Td (in ) Tj ET Q q 0 0 0 rg BT 457.08 533.10 Td (other ) Tj ET Q q 0 0 0 rg BT 480.54 533.10 Td (expenses/\(income\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 521.10 Td (net.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 497.10 Td (Dividends) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 473.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 473.10 Td (Dividends ) Tj ET Q q 0 0 0 rg BT 134.82 473.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 169.63 473.10 Td (by ) Tj ET Q q 0 0 0 rg BT 183.34 473.10 Td (the ) Tj ET Q q 0 0 0 rg BT 199.27 473.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 228.54 473.10 Td (are ) Tj ET Q q 0 0 0 rg BT 244.46 473.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 281.49 473.10 Td (as ) Tj ET Q q 0 0 0 rg BT 293.53 473.10 Td (a ) Tj ET Q q 0 0 0 rg BT 301.68 473.10 Td (change ) Tj ET Q q 0 0 0 rg BT 333.71 473.10 Td (in ) Tj ET Q q 0 0 0 rg BT 345.20 473.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 373.91 473.10 Td (in ) Tj ET Q q 0 0 0 rg BT 385.40 473.10 Td (the ) Tj ET Q q 0 0 0 rg BT 401.33 473.10 Td (period ) Tj ET Q q 0 0 0 rg BT 430.59 473.10 Td (in ) Tj ET Q q 0 0 0 rg BT 442.08 473.10 Td (which ) Tj ET Q q 0 0 0 rg BT 470.24 473.10 Td (they ) Tj ET Q q 0 0 0 rg BT 491.17 473.10 Td (are ) Tj ET Q q 0 0 0 rg BT 507.09 473.10 Td (approved ) Tj ET Q q 0 0 0 rg BT 548.01 473.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 461.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 107.04 461.10 Td (or ) Tj ET Q q 0 0 0 rg BT 117.87 461.10 Td (the ) Tj ET Q q 0 0 0 rg BT 132.58 461.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 159.52 461.10 Td (of ) Tj ET Q q 0 0 0 rg BT 170.35 461.10 Td (Directors ) Tj ET Q q 0 0 0 rg BT 210.06 461.10 Td (as ) Tj ET Q q 0 0 0 rg BT 220.89 461.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 264.48 461.10 Td (under ) Tj ET Q q 0 0 0 rg BT 289.75 461.10 Td (local ) Tj ET Q q 0 0 0 rg BT 311.68 461.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 333.62 461.10 Td (and ) Tj ET Q q 0 0 0 rg BT 350.56 461.10 Td (regulations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 437.10 Td (Rounding ) Tj ET Q q 0 0 0 rg BT 98.75 437.10 Td (of ) Tj ET Q q 0 0 0 rg BT 109.58 437.10 Td (amounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 413.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 413.10 Td (All ) Tj ET Q q 0 0 0 rg BT 105.12 413.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 141.36 413.10 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 180.92 413.10 Td (in ) Tj ET Q q 0 0 0 rg BT 191.04 413.10 Td (the ) Tj ET Q q 0 0 0 rg BT 205.60 413.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 242.93 413.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 287.49 413.10 Td (and ) Tj ET Q q 0 0 0 rg BT 304.27 413.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 327.72 413.10 Td (have ) Tj ET Q q 0 0 0 rg BT 348.95 413.10 Td (been ) Tj ET Q q 0 0 0 rg BT 370.17 413.10 Td (rounded ) Tj ET Q q 0 0 0 rg BT 405.28 413.10 Td (of) Tj ET Q q 0 0 0 rg BT 413.43 413.10 Td (f ) Tj ET Q q 0 0 0 rg BT 419.11 413.10 Td (to ) Tj ET Q q 0 0 0 rg BT 429.23 413.10 Td (the ) Tj ET Q q 0 0 0 rg BT 443.79 413.10 Td (nearest ) Tj ET Q q 0 0 0 rg BT 474.45 413.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 512.91 413.10 Td (euro ) Tj ET Q q 0 0 0 rg BT 533.02 413.10 Td (unless ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 401.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 95.38 401.10 Td (stated.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 377.10 Td (Segment r) Tj ET Q q 0 0 0 rg BT 97.42 377.10 Td (eporting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 353.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 353.10 Td (The ) Tj ET Q q 0 0 0 rg BT 107.82 353.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 135.65 353.10 Td (has ) Tj ET Q q 0 0 0 rg BT 151.25 353.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 198.51 353.10 Td (that ) Tj ET Q q 0 0 0 rg BT 215.78 353.10 Td (it ) Tj ET Q q 0 0 0 rg BT 223.61 353.10 Td (has ) Tj ET Q q 0 0 0 rg BT 239.21 353.10 Td (one ) Tj ET Q q 0 0 0 rg BT 255.92 353.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 295.96 353.10 Td (and ) Tj ET Q q 0 0 0 rg BT 312.68 353.10 Td (one ) Tj ET Q q 0 0 0 rg BT 329.39 353.10 Td (reportable ) Tj ET Q q 0 0 0 rg BT 372.20 353.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 407.79 353.10 Td (based ) Tj ET Q q 0 0 0 rg BT 432.84 353.10 Td (on ) Tj ET Q q 0 0 0 rg BT 445.11 353.10 Td (the ) Tj ET Q q 0 0 0 rg BT 459.60 353.10 Td (information ) Tj ET Q q 0 0 0 rg BT 509.09 353.10 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 548.01 353.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 341.10 Td (its ) Tj ET Q q 0 0 0 rg BT 65.95 341.10 Td (CODM ) Tj ET Q q 0 0 0 rg BT 98.45 341.10 Td (in ) Tj ET Q q 0 0 0 rg BT 108.73 341.10 Td (making ) Tj ET Q q 0 0 0 rg BT 141.23 341.10 Td (decisions ) Tj ET Q q 0 0 0 rg BT 180.94 341.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 221.76 341.10 Td (allocation ) Tj ET Q q 0 0 0 rg BT 263.69 341.10 Td (of ) Tj ET Q q 0 0 0 rg BT 274.52 341.10 Td (resources ) Tj ET Q q 0 0 0 rg BT 314.78 341.10 Td (and ) Tj ET Q q 0 0 0 rg BT 331.71 341.10 Td (to ) Tj ET Q q 0 0 0 rg BT 341.99 341.10 Td (assess ) Tj ET Q q 0 0 0 rg BT 368.94 341.10 Td (performance.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 317.10 Td (Use ) Tj ET Q q 0 0 0 rg BT 72.05 317.10 Td (of ) Tj ET Q q 0 0 0 rg BT 82.88 317.10 Td (estimates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 293.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 293.10 Td (The ) Tj ET Q q 0 0 0 rg BT 109.11 293.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 165.44 293.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 206.22 293.10 Td (Statements ) Tj ET Q q 0 0 0 rg BT 253.66 293.10 Td (are ) Tj ET Q q 0 0 0 rg BT 269.43 293.10 Td (prepared ) Tj ET Q q 0 0 0 rg BT 307.97 293.10 Td (in ) Tj ET Q q 0 0 0 rg BT 319.31 293.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 367.83 293.10 Td (with ) Tj ET Q q 0 0 0 rg BT 389.17 293.10 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 413.86 293.10 Td (which ) Tj ET Q q 0 0 0 rg BT 441.86 293.10 Td (require ) Tj ET Q q 0 0 0 rg BT 473.74 293.10 Td (the ) Tj ET Q q 0 0 0 rg BT 489.51 293.10 Td (use ) Tj ET Q q 0 0 0 rg BT 506.41 293.10 Td (of ) Tj ET Q q 0 0 0 rg BT 518.30 293.10 Td (estimates, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 281.10 Td (judgments ) Tj ET Q q 0 0 0 rg BT 99.10 281.10 Td (and ) Tj ET Q q 0 0 0 rg BT 116.98 281.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 169.87 281.10 Td (that ) Tj ET Q q 0 0 0 rg BT 188.30 281.10 Td (af) Tj ET Q q 0 0 0 rg BT 195.89 281.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 214.31 281.10 Td (the ) Tj ET Q q 0 0 0 rg BT 229.97 281.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 266.73 281.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 300.16 281.10 Td (of ) Tj ET Q q 0 0 0 rg BT 311.93 281.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 338.70 281.10 Td (and ) Tj ET Q q 0 0 0 rg BT 356.57 281.10 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 399.73 281.10 Td (the ) Tj ET Q q 0 0 0 rg BT 415.39 281.10 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 459.37 281.10 Td (of ) Tj ET Q q 0 0 0 rg BT 471.14 281.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 516.79 281.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 543.56 281.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 269.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 93.19 269.10 Td (and ) Tj ET Q q 0 0 0 rg BT 109.59 269.10 Td (the ) Tj ET Q q 0 0 0 rg BT 123.78 269.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 159.64 269.10 Td (of ) Tj ET Q q 0 0 0 rg BT 169.94 269.10 Td (income ) Tj ET Q q 0 0 0 rg BT 201.34 269.10 Td (and ) Tj ET Q q 0 0 0 rg BT 217.75 269.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 255.81 269.10 Td (recognized. ) Tj ET Q q 0 0 0 rg BT 304.00 269.10 Td (The ) Tj ET Q q 0 0 0 rg BT 321.52 269.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 360.70 269.10 Td (and ) Tj ET Q q 0 0 0 rg BT 377.11 269.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 420.17 269.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 471.59 269.10 Td (are ) Tj ET Q q 0 0 0 rg BT 485.76 269.10 Td (based ) Tj ET Q q 0 0 0 rg BT 510.50 269.10 Td (on ) Tj ET Q q 0 0 0 rg BT 522.47 269.10 Td (elements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 257.10 Td (that ) Tj ET Q q 0 0 0 rg BT 71.16 257.10 Td (are ) Tj ET Q q 0 0 0 rg BT 85.54 257.10 Td (known ) Tj ET Q q 0 0 0 rg BT 114.92 257.10 Td (when ) Tj ET Q q 0 0 0 rg BT 138.75 257.10 Td (the ) Tj ET Q q 0 0 0 rg BT 153.14 257.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 190.28 257.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 234.66 257.10 Td (are ) Tj ET Q q 0 0 0 rg BT 249.04 257.10 Td (prepared, ) Tj ET Q q 0 0 0 rg BT 288.68 257.10 Td (on ) Tj ET Q q 0 0 0 rg BT 300.85 257.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 340.22 257.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 385.69 257.10 Td (and ) Tj ET Q q 0 0 0 rg BT 402.30 257.10 Td (on ) Tj ET Q q 0 0 0 rg BT 414.46 257.10 Td (any ) Tj ET Q q 0 0 0 rg BT 431.07 257.10 Td (other ) Tj ET Q q 0 0 0 rg BT 453.78 257.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 483.16 257.10 Td (that ) Tj ET Q q 0 0 0 rg BT 500.32 257.10 Td (are ) Tj ET Q q 0 0 0 rg BT 514.69 257.10 Td (considered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 245.10 Td (to ) Tj ET Q q 0 0 0 rg BT 64.28 245.10 Td (be ) Tj ET Q q 0 0 0 rg BT 76.22 245.10 Td (relevant. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 221.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 221.10 Td (The ) Tj ET Q q 0 0 0 rg BT 107.18 221.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 146.03 221.10 Td (and ) Tj ET Q q 0 0 0 rg BT 162.11 221.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 207.07 221.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 258.16 221.10 Td (are ) Tj ET Q q 0 0 0 rg BT 272.00 221.10 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 310.28 221.10 Td (periodically ) Tj ET Q q 0 0 0 rg BT 359.68 221.10 Td (and ) Tj ET Q q 0 0 0 rg BT 375.76 221.10 Td (continuously ) Tj ET Q q 0 0 0 rg BT 429.06 221.10 Td (by ) Tj ET Q q 0 0 0 rg BT 440.69 221.10 Td (the ) Tj ET Q q 0 0 0 rg BT 454.55 221.10 Td (Group. ) Tj ET Q q 0 0 0 rg BT 484.24 221.10 Td (If ) Tj ET Q q 0 0 0 rg BT 492.54 221.10 Td (the ) Tj ET Q q 0 0 0 rg BT 506.39 221.10 Td (items ) Tj ET Q q 0 0 0 rg BT 529.69 221.10 Td (subject ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 209.10 Td (to ) Tj ET Q q 0 0 0 rg BT 63.99 209.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 103.42 209.10 Td (do ) Tj ET Q q 0 0 0 rg BT 115.64 209.10 Td (not ) Tj ET Q q 0 0 0 rg BT 130.63 209.10 Td (perform ) Tj ET Q q 0 0 0 rg BT 165.05 209.10 Td (as ) Tj ET Q q 0 0 0 rg BT 175.60 209.10 Td (assumed, ) Tj ET Q q 0 0 0 rg BT 214.75 209.10 Td (then ) Tj ET Q q 0 0 0 rg BT 234.19 209.10 Td (the ) Tj ET Q q 0 0 0 rg BT 248.62 209.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 274.71 209.10 Td (results ) Tj ET Q q 0 0 0 rg BT 303.03 209.10 Td (could ) Tj ET Q q 0 0 0 rg BT 327.46 209.10 Td (dif) Tj ET Q q 0 0 0 rg BT 338.39 209.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 351.71 209.10 Td (from ) Tj ET Q q 0 0 0 rg BT 373.36 209.10 Td (the ) Tj ET Q q 0 0 0 rg BT 387.79 209.10 Td (estimates, ) Tj ET Q q 0 0 0 rg BT 429.72 209.10 Td (which ) Tj ET Q q 0 0 0 rg BT 456.38 209.10 Td (would ) Tj ET Q q 0 0 0 rg BT 483.59 209.10 Td (require ) Tj ET Q q 0 0 0 rg BT 514.12 209.10 Td (adjustment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 197.10 Td (accordingly) Tj ET Q q 0 0 0 rg BT 100.55 197.10 Td (. ) Tj ET Q q 0 0 0 rg BT 105.25 197.10 Td (The ) Tj ET Q q 0 0 0 rg BT 123.16 197.10 Td (ef) Tj ET Q q 0 0 0 rg BT 130.75 197.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 151.99 197.10 Td (of ) Tj ET Q q 0 0 0 rg BT 162.68 197.10 Td (any ) Tj ET Q q 0 0 0 rg BT 179.49 197.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 214.06 197.10 Td (in ) Tj ET Q q 0 0 0 rg BT 224.20 197.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 259.89 197.10 Td (are ) Tj ET Q q 0 0 0 rg BT 274.46 197.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 320.68 197.10 Td (in ) Tj ET Q q 0 0 0 rg BT 330.83 197.10 Td (the ) Tj ET Q q 0 0 0 rg BT 345.41 197.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 398.32 197.10 Td (income ) Tj ET Q q 0 0 0 rg BT 430.11 197.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 470.80 197.10 Td (in ) Tj ET Q q 0 0 0 rg BT 480.94 197.10 Td (the ) Tj ET Q q 0 0 0 rg BT 495.52 197.10 Td (period ) Tj ET Q q 0 0 0 rg BT 523.44 197.10 Td (in ) Tj ET Q q 0 0 0 rg BT 533.58 197.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 185.10 Td (the ) Tj ET Q q 0 0 0 rg BT 68.72 185.10 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 115.10 185.10 Td (is ) Tj ET Q q 0 0 0 rg BT 124.27 185.10 Td (made, ) Tj ET Q q 0 0 0 rg BT 150.92 185.10 Td (or ) Tj ET Q q 0 0 0 rg BT 161.75 185.10 Td (prospectively ) Tj ET Q q 0 0 0 rg BT 218.13 185.10 Td (in ) Tj ET Q q 0 0 0 rg BT 228.40 185.10 Td (future ) Tj ET Q q 0 0 0 rg BT 254.78 185.10 Td (periods. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 161.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 161.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.35 161.10 Td (items ) Tj ET Q q 0 0 0 rg BT 132.83 161.10 Td (requiring ) Tj ET Q q 0 0 0 rg BT 172.29 161.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 212.31 161.10 Td (for ) Tj ET Q q 0 0 0 rg BT 226.78 161.10 Td (which ) Tj ET Q q 0 0 0 rg BT 254.02 161.10 Td (there ) Tj ET Q q 0 0 0 rg BT 276.82 161.10 Td (is ) Tj ET Q q 0 0 0 rg BT 286.29 161.10 Td (a ) Tj ET Q q 0 0 0 rg BT 293.54 161.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 311.35 161.10 Td (that ) Tj ET Q q 0 0 0 rg BT 329.15 161.10 Td (a ) Tj ET Q q 0 0 0 rg BT 336.40 161.10 Td (material ) Tj ET Q q 0 0 0 rg BT 371.96 161.10 Td (dif) Tj ET Q q 0 0 0 rg BT 382.89 161.10 Td (ference ) Tj ET Q q 0 0 0 rg BT 415.11 161.10 Td (may ) Tj ET Q q 0 0 0 rg BT 435.14 161.10 Td (arise ) Tj ET Q q 0 0 0 rg BT 456.82 161.10 Td (in ) Tj ET Q q 0 0 0 rg BT 467.41 161.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 498.53 161.10 Td (of ) Tj ET Q q 0 0 0 rg BT 509.67 161.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.69 161.10 Td (carrying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 149.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 90.39 149.10 Td (of ) Tj ET Q q 0 0 0 rg BT 101.22 149.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 127.05 149.10 Td (and ) Tj ET Q q 0 0 0 rg BT 143.99 149.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 183.70 149.10 Td (in ) Tj ET Q q 0 0 0 rg BT 193.98 149.10 Td (the ) Tj ET Q q 0 0 0 rg BT 208.70 149.10 Td (future ) Tj ET Q q 0 0 0 rg BT 235.07 149.10 Td (are ) Tj ET Q q 0 0 0 rg BT 249.78 149.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 290.61 149.10 Td (below) Tj ET Q q 0 0 0 rg BT 314.40 149.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 125.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 90.00 125.10 Td (Allowance ) Tj ET Q q 0 0 0 rg BT 135.83 125.10 Td (for ) Tj ET Q q 0 0 0 rg BT 150.56 125.10 Td (doubtful ) Tj ET Q q 0 0 0 rg BT 188.07 125.10 Td (accounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 101.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 101.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.68 101.10 Td (allowances ) Tj ET Q q 0 0 0 rg BT 156.25 101.10 Td (for ) Tj ET Q q 0 0 0 rg BT 171.04 101.10 Td (doubtful ) Tj ET Q q 0 0 0 rg BT 208.07 101.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 246.19 101.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 274.86 101.10 Td (management) Tj ET Q q 0 0 0 rg BT 328.73 101.10 Td (s ) Tj ET Q q 0 0 0 rg BT 335.75 101.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 372.21 101.10 Td (of ) Tj ET Q q 0 0 0 rg BT 383.68 101.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 410.71 101.10 Td (inherent ) Tj ET Q q 0 0 0 rg BT 446.61 101.10 Td (in ) Tj ET Q q 0 0 0 rg BT 457.52 101.10 Td (the ) Tj ET Q q 0 0 0 rg BT 472.88 101.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 500.44 101.10 Td (and ) Tj ET Q q 0 0 0 rg BT 518.02 101.10 Td (end-client ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 89.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 78.82 89.10 Td (portfolio. ) Tj ET Q q 0 0 0 rg BT 118.23 89.10 Td (The ) Tj ET Q q 0 0 0 rg BT 135.84 89.10 Td (allowances ) Tj ET Q q 0 0 0 rg BT 182.32 89.10 Td (for ) Tj ET Q q 0 0 0 rg BT 196.04 89.10 Td (doubtful ) Tj ET Q q 0 0 0 rg BT 231.99 89.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 269.04 89.10 Td (are ) Tj ET Q q 0 0 0 rg BT 283.30 89.10 Td (based ) Tj ET Q q 0 0 0 rg BT 308.13 89.10 Td (on ) Tj ET Q q 0 0 0 rg BT 320.19 89.10 Td (management) Tj ET Q q 0 0 0 rg BT 374.06 89.10 Td (s ) Tj ET Q q 0 0 0 rg BT 380.01 89.10 Td (estimation ) Tj ET Q q 0 0 0 rg BT 423.73 89.10 Td (of ) Tj ET Q q 0 0 0 rg BT 434.12 89.10 Td (the ) Tj ET Q q 0 0 0 rg BT 448.40 89.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 474.35 89.10 Td (to ) Tj ET Q q 0 0 0 rg BT 484.19 89.10 Td (be ) Tj ET Q q 0 0 0 rg BT 495.69 89.10 Td (incurred, ) Tj ET Q q 0 0 0 rg BT 533.57 89.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 77.10 Td (derives ) Tj ET Q q 0 0 0 rg BT 85.53 77.10 Td (from ) Tj ET Q q 0 0 0 rg BT 107.62 77.10 Td (past ) Tj ET Q q 0 0 0 rg BT 126.38 77.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 172.33 77.10 Td (with ) Tj ET Q q 0 0 0 rg BT 192.76 77.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 223.18 77.10 Td (receivables, ) Tj ET Q q 0 0 0 rg BT 273.31 77.10 Td (current ) Tj ET Q q 0 0 0 rg BT 304.27 77.10 Td (and ) Tj ET Q q 0 0 0 rg BT 321.36 77.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 361.23 77.10 Td (past ) Tj ET Q q 0 0 0 rg BT 379.99 77.10 Td (due ) Tj ET Q q 0 0 0 rg BT 397.08 77.10 Td (amounts, ) Tj ET Q q 0 0 0 rg BT 436.11 77.10 Td (write-of) Tj ET Q q 0 0 0 rg BT 468.14 77.10 Td (fs ) Tj ET Q q 0 0 0 rg BT 478.01 77.10 Td (and ) Tj ET Q q 0 0 0 rg BT 495.10 77.10 Td (collections, ) Tj ET Q q 0 0 0 rg BT 543.58 77.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 65.10 Td (careful ) Tj ET Q q 0 0 0 rg BT 84.25 65.10 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 131.20 65.10 Td (of ) Tj ET Q q 0 0 0 rg BT 142.03 65.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 179.52 65.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 204.79 65.10 Td (quality) Tj ET Q q 0 0 0 rg BT 231.91 65.10 Td (. ) Tj ET Q endstream endobj 343 0 obj <> endobj 344 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 760.75 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 760.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.60 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 199.82 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 206.31 748.75 Td (O ) Tj ET Q q 0 0 0 rg BT 216.41 748.75 Td (THE CONSOLIDA) Tj ET Q q 0 0 0 rg BT 299.85 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 379.03 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 393.02 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 399.50 748.75 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.60 736.75 Td (At December) Tj ET Q q 0 0 0 rg BT 294.78 736.75 Td (31, 2015 and 2014) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 294.65 32.20 Td (F-22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 713.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 713.10 Td (At ) Tj ET Q q 0 0 0 rg BT 102.17 713.10 Td (December ) Tj ET Q q 0 0 0 rg BT 145.42 713.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 160.10 713.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 184.77 713.10 Td (the ) Tj ET Q q 0 0 0 rg BT 199.15 713.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 226.88 713.10 Td (had ) Tj ET Q q 0 0 0 rg BT 243.48 713.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 266.77 713.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 313.91 713.10 Td (from ) Tj ET Q q 0 0 0 rg BT 335.52 713.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 375.45 713.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 413.72 713.10 Td (of ) Tj ET Q q 0 0 0 rg BT 424.22 713.10 Td (1,192,496 ) Tj ET Q q 0 0 0 rg BT 471.39 713.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 509.67 713.10 Td (\(1,238,647 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 701.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 91.89 701.10 Td (at ) Tj ET Q q 0 0 0 rg BT 100.89 701.10 Td (December ) Tj ET Q q 0 0 0 rg BT 143.76 701.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 158.04 701.10 Td (2014\), ) Tj ET Q q 0 0 0 rg BT 185.66 701.10 Td (and ) Tj ET Q q 0 0 0 rg BT 201.88 701.10 Td (allowances ) Tj ET Q q 0 0 0 rg BT 248.09 701.10 Td (for ) Tj ET Q q 0 0 0 rg BT 261.53 701.10 Td (doubtful ) Tj ET Q q 0 0 0 rg BT 297.20 701.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 333.97 701.10 Td (of ) Tj ET Q q 0 0 0 rg BT 344.08 701.10 Td (18,671 ) Tj ET Q q 0 0 0 rg BT 378.37 701.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 416.26 701.10 Td (at ) Tj ET Q q 0 0 0 rg BT 425.26 701.10 Td (December ) Tj ET Q q 0 0 0 rg BT 468.13 701.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 482.41 701.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 504.20 701.10 Td (or ) Tj ET Q q 0 0 0 rg BT 514.31 701.10 Td (1.6 ) Tj ET Q q 0 0 0 rg BT 528.59 701.10 Td (percent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 689.10 Td (of ) Tj ET Q q 0 0 0 rg BT 65.52 689.10 Td (the ) Tj ET Q q 0 0 0 rg BT 80.92 689.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 105.22 689.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 138.93 689.10 Td (\(14,201 ) Tj ET Q q 0 0 0 rg BT 177.95 689.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 217.24 689.10 Td (at ) Tj ET Q q 0 0 0 rg BT 227.64 689.10 Td (December ) Tj ET Q q 0 0 0 rg BT 271.91 689.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 287.60 689.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 313.28 689.10 Td (or ) Tj ET Q q 0 0 0 rg BT 324.80 689.10 Td (1.1 ) Tj ET Q q 0 0 0 rg BT 340.48 689.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 373.09 689.10 Td (of ) Tj ET Q q 0 0 0 rg BT 384.61 689.10 Td (the ) Tj ET Q q 0 0 0 rg BT 400.01 689.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 424.31 689.10 Td (balance\). ) Tj ET Q q 0 0 0 rg BT 463.85 689.10 Td (Provisions ) Tj ET Q q 0 0 0 rg BT 509.27 689.10 Td (for ) Tj ET Q q 0 0 0 rg BT 524.12 689.10 Td (doubtful ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 677.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 91.38 677.10 Td (char) Tj ET Q q 0 0 0 rg BT 108.41 677.10 Td (ged ) Tj ET Q q 0 0 0 rg BT 125.24 677.10 Td (to ) Tj ET Q q 0 0 0 rg BT 135.41 677.10 Td (the ) Tj ET Q q 0 0 0 rg BT 150.02 677.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 202.96 677.10 Td (income ) Tj ET Q q 0 0 0 rg BT 234.79 677.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 275.50 677.10 Td (as ) Tj ET Q q 0 0 0 rg BT 286.22 677.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 304.73 677.10 Td (of ) Tj ET Q q 0 0 0 rg BT 315.45 677.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 337.28 677.10 Td (were ) Tj ET Q q 0 0 0 rg BT 359.11 677.10 Td (9,607 ) Tj ET Q q 0 0 0 rg BT 389.00 677.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 427.50 677.10 Td (for ) Tj ET Q q 0 0 0 rg BT 441.56 677.10 Td (the ) Tj ET Q q 0 0 0 rg BT 456.17 677.10 Td (year ) Tj ET Q q 0 0 0 rg BT 475.77 677.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 502.04 677.10 Td (December ) Tj ET Q q 0 0 0 rg BT 545.52 677.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 665.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 76.50 665.10 Td (\(6,769 ) Tj ET Q q 0 0 0 rg BT 109.83 665.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 148.44 665.10 Td (for ) Tj ET Q q 0 0 0 rg BT 162.60 665.10 Td (the ) Tj ET Q q 0 0 0 rg BT 177.32 665.10 Td (year ) Tj ET Q q 0 0 0 rg BT 197.02 665.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 223.40 665.10 Td (December ) Tj ET Q q 0 0 0 rg BT 266.98 665.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 281.98 665.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 304.48 665.10 Td (and ) Tj ET Q q 0 0 0 rg BT 321.42 665.10 Td (3,997 ) Tj ET Q q 0 0 0 rg BT 351.42 665.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 390.03 665.10 Td (for ) Tj ET Q q 0 0 0 rg BT 404.19 665.10 Td (year ) Tj ET Q q 0 0 0 rg BT 423.90 665.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 450.27 665.10 Td (December ) Tj ET Q q 0 0 0 rg BT 493.86 665.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 508.86 665.10 Td (2013\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 641.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 641.10 Td (At ) Tj ET Q q 0 0 0 rg BT 102.28 641.10 Td (December ) Tj ET Q q 0 0 0 rg BT 145.64 641.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 160.42 641.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 185.20 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 199.70 641.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 227.53 641.10 Td (had ) Tj ET Q q 0 0 0 rg BT 244.25 641.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 267.64 641.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 289.90 641.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 337.15 641.10 Td (of ) Tj ET Q q 0 0 0 rg BT 347.76 641.10 Td (176,536 ) Tj ET Q q 0 0 0 rg BT 387.54 641.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 425.93 641.10 Td (\(198,306 ) Tj ET Q q 0 0 0 rg BT 469.04 641.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 507.43 641.10 Td (at ) Tj ET Q q 0 0 0 rg BT 516.92 641.10 Td (December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 629.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 69.74 629.10 Td (2014\), ) Tj ET Q q 0 0 0 rg BT 98.81 629.10 Td (and ) Tj ET Q q 0 0 0 rg BT 116.49 629.10 Td (allowances ) Tj ET Q q 0 0 0 rg BT 164.16 629.10 Td (for ) Tj ET Q q 0 0 0 rg BT 179.06 629.10 Td (doubtful ) Tj ET Q q 0 0 0 rg BT 216.19 629.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 254.41 629.10 Td (of ) Tj ET Q q 0 0 0 rg BT 265.98 629.10 Td (18,371 ) Tj ET Q q 0 0 0 rg BT 301.73 629.10 Td (thousand, ) Tj ET Q q 0 0 0 rg BT 343.58 629.10 Td (or ) Tj ET Q q 0 0 0 rg BT 355.15 629.10 Td (10.4 ) Tj ET Q q 0 0 0 rg BT 375.89 629.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 408.55 629.10 Td (of ) Tj ET Q q 0 0 0 rg BT 420.12 629.10 Td (the ) Tj ET Q q 0 0 0 rg BT 435.58 629.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 459.94 629.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 483.16 629.10 Td (receivable ) Tj ET Q q 0 0 0 rg BT 527.48 629.10 Td (balance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 617.10 Td (\(14,664 ) Tj ET Q q 0 0 0 rg BT 91.87 617.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 130.01 617.10 Td (at ) Tj ET Q q 0 0 0 rg BT 139.27 617.10 Td (December ) Tj ET Q q 0 0 0 rg BT 182.39 617.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 196.93 617.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 221.46 617.10 Td (or ) Tj ET Q q 0 0 0 rg BT 231.83 617.10 Td (7.4 ) Tj ET Q q 0 0 0 rg BT 246.37 617.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 277.83 617.10 Td (of ) Tj ET Q q 0 0 0 rg BT 288.20 617.10 Td (the ) Tj ET Q q 0 0 0 rg BT 302.45 617.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 325.60 617.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 347.63 617.10 Td (receivable ) Tj ET Q q 0 0 0 rg BT 390.74 617.10 Td (balance\). ) Tj ET Q q 0 0 0 rg BT 429.14 617.10 Td (Provisions ) Tj ET Q q 0 0 0 rg BT 473.41 617.10 Td (for ) Tj ET Q q 0 0 0 rg BT 487.11 617.10 Td (doubtful ) Tj ET Q q 0 0 0 rg BT 523.04 617.10 Td (accounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 605.10 Td (char) Tj ET Q q 0 0 0 rg BT 71.03 605.10 Td (ged ) Tj ET Q q 0 0 0 rg BT 88.20 605.10 Td (to ) Tj ET Q q 0 0 0 rg BT 98.72 605.10 Td (the ) Tj ET Q q 0 0 0 rg BT 113.68 605.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 166.96 605.10 Td (income ) Tj ET Q q 0 0 0 rg BT 199.13 605.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 240.19 605.10 Td (as ) Tj ET Q q 0 0 0 rg BT 251.26 605.10 Td (selling, ) Tj ET Q q 0 0 0 rg BT 283.17 605.10 Td (general ) Tj ET Q q 0 0 0 rg BT 315.33 605.10 Td (and ) Tj ET Q q 0 0 0 rg BT 332.51 605.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 392.45 605.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 415.19 605.10 Td (were ) Tj ET Q q 0 0 0 rg BT 437.36 605.10 Td (10,298 ) Tj ET Q q 0 0 0 rg BT 472.60 605.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 511.45 605.10 Td (for ) Tj ET Q q 0 0 0 rg BT 525.85 605.10 Td (the ) Tj ET Q q 0 0 0 rg BT 540.80 605.10 Td (year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 593.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 81.50 593.10 Td (December ) Tj ET Q q 0 0 0 rg BT 126.21 593.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 142.34 593.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 165.97 593.10 Td (\(6,356 ) Tj ET Q q 0 0 0 rg BT 200.43 593.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 240.16 593.10 Td (for ) Tj ET Q q 0 0 0 rg BT 255.45 593.10 Td (the ) Tj ET Q q 0 0 0 rg BT 271.29 593.10 Td (year ) Tj ET Q q 0 0 0 rg BT 292.13 593.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 319.63 593.10 Td (December ) Tj ET Q q 0 0 0 rg BT 364.34 593.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 380.47 593.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 404.09 593.10 Td (and ) Tj ET Q q 0 0 0 rg BT 422.16 593.10 Td (10,521 ) Tj ET Q q 0 0 0 rg BT 458.29 593.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 498.02 593.10 Td (for ) Tj ET Q q 0 0 0 rg BT 513.31 593.10 Td (year ) Tj ET Q q 0 0 0 rg BT 534.14 593.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 581.10 Td (December ) Tj ET Q q 0 0 0 rg BT 97.58 581.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 112.58 581.10 Td (2013\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 557.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 557.10 Td (Should ) Tj ET Q q 0 0 0 rg BT 120.09 557.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 160.72 557.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 204.14 557.10 Td (worsen ) Tj ET Q q 0 0 0 rg BT 234.77 557.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 271.52 557.10 Td (in ) Tj ET Q q 0 0 0 rg BT 281.05 557.10 Td (an ) Tj ET Q q 0 0 0 rg BT 292.24 557.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 326.75 557.10 Td (in ) Tj ET Q q 0 0 0 rg BT 336.28 557.10 Td (default ) Tj ET Q q 0 0 0 rg BT 365.80 557.10 Td (risk, ) Tj ET Q q 0 0 0 rg BT 385.05 557.10 Td (or ) Tj ET Q q 0 0 0 rg BT 395.13 557.10 Td (if ) Tj ET Q q 0 0 0 rg BT 402.99 557.10 Td (other ) Tj ET Q q 0 0 0 rg BT 425.29 557.10 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 483.69 557.10 Td (arise, ) Tj ET Q q 0 0 0 rg BT 506.82 557.10 Td (the ) Tj ET Q q 0 0 0 rg BT 520.79 557.10 Td (estimates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 545.10 Td (of ) Tj ET Q q 0 0 0 rg BT 64.30 545.10 Td (the ) Tj ET Q q 0 0 0 rg BT 78.50 545.10 Td (recoverability ) Tj ET Q q 0 0 0 rg BT 136.00 545.10 Td (of ) Tj ET Q q 0 0 0 rg BT 146.30 545.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 182.16 545.10 Td (due ) Tj ET Q q 0 0 0 rg BT 198.57 545.10 Td (to ) Tj ET Q q 0 0 0 rg BT 208.33 545.10 Td (the ) Tj ET Q q 0 0 0 rg BT 222.52 545.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 250.04 545.10 Td (could ) Tj ET Q q 0 0 0 rg BT 274.23 545.10 Td (be ) Tj ET Q q 0 0 0 rg BT 285.65 545.10 Td (overstated, ) Tj ET Q q 0 0 0 rg BT 331.21 545.10 Td (and ) Tj ET Q q 0 0 0 rg BT 347.63 545.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 389.59 545.10 Td (allowances ) Tj ET Q q 0 0 0 rg BT 435.99 545.10 Td (could ) Tj ET Q q 0 0 0 rg BT 460.18 545.10 Td (be ) Tj ET Q q 0 0 0 rg BT 471.59 545.10 Td (required, ) Tj ET Q q 0 0 0 rg BT 509.38 545.10 Td (which ) Tj ET Q q 0 0 0 rg BT 535.80 545.10 Td (could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 533.10 Td (have ) Tj ET Q q 0 0 0 rg BT 75.38 533.10 Td (an ) Tj ET Q q 0 0 0 rg BT 87.32 533.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 120.35 533.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 150.06 533.10 Td (on ) Tj ET Q q 0 0 0 rg BT 162.56 533.10 Td (the ) Tj ET Q q 0 0 0 rg BT 177.28 533.10 Td (Group) Tj ET Q q 0 0 0 rg BT 205.61 533.10 Td (s ) Tj ET Q q 0 0 0 rg BT 212.00 533.10 Td (results.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 509.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 509.10 Td (Recoverability ) Tj ET Q q 0 0 0 rg BT 151.37 509.10 Td (of ) Tj ET Q q 0 0 0 rg BT 162.20 509.10 Td (non-current ) Tj ET Q q 0 0 0 rg BT 214.71 509.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 241.10 509.10 Td (with ) Tj ET Q q 0 0 0 rg BT 261.39 509.10 Td (definite ) Tj ET Q q 0 0 0 rg BT 295.00 509.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 323.06 509.10 Td (lives ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 485.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 485.10 Td (Non-current ) Tj ET Q q 0 0 0 rg BT 141.84 485.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 168.13 485.10 Td (with ) Tj ET Q q 0 0 0 rg BT 188.88 485.10 Td (definite ) Tj ET Q q 0 0 0 rg BT 222.39 485.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 249.80 485.10 Td (lives ) Tj ET Q q 0 0 0 rg BT 271.66 485.10 Td (include ) Tj ET Q q 0 0 0 rg BT 304.06 485.10 Td (property) Tj ET Q q 0 0 0 rg BT 337.29 485.10 Td (, ) Tj ET Q q 0 0 0 rg BT 342.75 485.10 Td (plant ) Tj ET Q q 0 0 0 rg BT 365.72 485.10 Td (and ) Tj ET Q q 0 0 0 rg BT 383.13 485.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 428.31 485.10 Td (and ) Tj ET Q q 0 0 0 rg BT 445.71 485.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 488.67 485.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 517.47 485.10 Td (Intangible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 473.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 79.83 473.10 Td (with ) Tj ET Q q 0 0 0 rg BT 100.11 473.10 Td (definite ) Tj ET Q q 0 0 0 rg BT 133.15 473.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 160.09 473.10 Td (lives ) Tj ET Q q 0 0 0 rg BT 181.48 473.10 Td (mainly ) Tj ET Q q 0 0 0 rg BT 211.75 473.10 Td (consist ) Tj ET Q q 0 0 0 rg BT 242.03 473.10 Td (of ) Tj ET Q q 0 0 0 rg BT 252.86 473.10 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 298.66 473.10 Td (development ) Tj ET Q q 0 0 0 rg BT 352.81 473.10 Td (costs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 449.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 449.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.10 449.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 136.21 449.10 Td (periodically ) Tj ET Q q 0 0 0 rg BT 186.53 449.10 Td (reviews ) Tj ET Q q 0 0 0 rg BT 220.19 449.10 Td (the ) Tj ET Q q 0 0 0 rg BT 234.96 449.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 270.83 449.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 303.39 449.10 Td (of ) Tj ET Q q 0 0 0 rg BT 314.27 449.10 Td (non-current ) Tj ET Q q 0 0 0 rg BT 363.48 449.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 389.37 449.10 Td (with ) Tj ET Q q 0 0 0 rg BT 409.70 449.10 Td (definite ) Tj ET Q q 0 0 0 rg BT 442.80 449.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 469.80 449.10 Td (lives ) Tj ET Q q 0 0 0 rg BT 491.24 449.10 Td (when ) Tj ET Q q 0 0 0 rg BT 515.46 449.10 Td (events ) Tj ET Q q 0 0 0 rg BT 543.56 449.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 437.10 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 113.35 437.10 Td (indicate ) Tj ET Q q 0 0 0 rg BT 147.72 437.10 Td (that ) Tj ET Q q 0 0 0 rg BT 165.43 437.10 Td (an ) Tj ET Q q 0 0 0 rg BT 177.58 437.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 199.73 437.10 Td (may ) Tj ET Q q 0 0 0 rg BT 219.66 437.10 Td (be ) Tj ET Q q 0 0 0 rg BT 231.82 437.10 Td (impaired. ) Tj ET Q q 0 0 0 rg BT 272.57 437.10 Td (Impairment ) Tj ET Q q 0 0 0 rg BT 321.94 437.10 Td (tests ) Tj ET Q q 0 0 0 rg BT 342.43 437.10 Td (are ) Tj ET Q q 0 0 0 rg BT 357.35 437.10 Td (performed ) Tj ET Q q 0 0 0 rg BT 401.71 437.10 Td (by ) Tj ET Q q 0 0 0 rg BT 414.42 437.10 Td (comparing ) Tj ET Q q 0 0 0 rg BT 459.90 437.10 Td (the ) Tj ET Q q 0 0 0 rg BT 474.83 437.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 510.86 437.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 543.57 437.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 425.10 Td (the ) Tj ET Q q 0 0 0 rg BT 68.39 425.10 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 117.20 425.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 149.37 425.10 Td (of ) Tj ET Q q 0 0 0 rg BT 159.87 425.10 Td (the ) Tj ET Q q 0 0 0 rg BT 174.26 425.10 Td (cash-generating ) Tj ET Q q 0 0 0 rg BT 239.74 425.10 Td (unit ) Tj ET Q q 0 0 0 rg BT 257.47 425.10 Td (\(CGU\). ) Tj ET Q q 0 0 0 rg BT 298.63 425.10 Td (The ) Tj ET Q q 0 0 0 rg BT 316.36 425.10 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 365.16 425.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 397.33 425.10 Td (is ) Tj ET Q q 0 0 0 rg BT 406.17 425.10 Td (the ) Tj ET Q q 0 0 0 rg BT 420.57 425.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 448.29 425.10 Td (of ) Tj ET Q q 0 0 0 rg BT 458.79 425.10 Td (the ) Tj ET Q q 0 0 0 rg BT 473.18 425.10 Td (CGU) Tj ET Q q 0 0 0 rg BT 497.07 425.10 Td (s ) Tj ET Q q 0 0 0 rg BT 503.14 425.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 519.19 425.10 Td (value ) Tj ET Q q 0 0 0 rg BT 543.02 425.10 Td (less ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 413.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 75.99 413.10 Td (of ) Tj ET Q q 0 0 0 rg BT 86.31 413.10 Td (disposal ) Tj ET Q q 0 0 0 rg BT 121.08 413.10 Td (and ) Tj ET Q q 0 0 0 rg BT 137.51 413.10 Td (its ) Tj ET Q q 0 0 0 rg BT 148.95 413.10 Td (value ) Tj ET Q q 0 0 0 rg BT 172.60 413.10 Td (in ) Tj ET Q q 0 0 0 rg BT 182.37 413.10 Td (use. ) Tj ET Q q 0 0 0 rg BT 200.19 413.10 Td (In ) Tj ET Q q 0 0 0 rg BT 210.51 413.10 Td (assessing ) Tj ET Q q 0 0 0 rg BT 249.72 413.10 Td (the ) Tj ET Q q 0 0 0 rg BT 263.93 413.10 Td (value ) Tj ET Q q 0 0 0 rg BT 287.58 413.10 Td (in ) Tj ET Q q 0 0 0 rg BT 297.35 413.10 Td (use, ) Tj ET Q q 0 0 0 rg BT 315.17 413.10 Td (the ) Tj ET Q q 0 0 0 rg BT 329.38 413.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 369.69 413.10 Td (future ) Tj ET Q q 0 0 0 rg BT 395.56 413.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 415.32 413.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 439.53 413.10 Td (are ) Tj ET Q q 0 0 0 rg BT 453.73 413.10 Td (discounted ) Tj ET Q q 0 0 0 rg BT 499.04 413.10 Td (to ) Tj ET Q q 0 0 0 rg BT 508.81 413.10 Td (their ) Tj ET Q q 0 0 0 rg BT 529.13 413.10 Td (present ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 401.10 Td (value ) Tj ET Q q 0 0 0 rg BT 78.05 401.10 Td (using ) Tj ET Q q 0 0 0 rg BT 102.12 401.10 Td (a ) Tj ET Q q 0 0 0 rg BT 108.95 401.10 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 139.66 401.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 175.94 401.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 193.32 401.10 Td (that ) Tj ET Q q 0 0 0 rg BT 210.71 401.10 Td (reflects ) Tj ET Q q 0 0 0 rg BT 242.53 401.10 Td (current ) Tj ET Q q 0 0 0 rg BT 273.24 401.10 Td (market ) Tj ET Q q 0 0 0 rg BT 303.40 401.10 Td (assessments ) Tj ET Q q 0 0 0 rg BT 354.12 401.10 Td (of ) Tj ET Q q 0 0 0 rg BT 364.85 401.10 Td (the ) Tj ET Q q 0 0 0 rg BT 379.46 401.10 Td (time ) Tj ET Q q 0 0 0 rg BT 399.63 401.10 Td (value ) Tj ET Q q 0 0 0 rg BT 423.68 401.10 Td (of ) Tj ET Q q 0 0 0 rg BT 434.41 401.10 Td (money ) Tj ET Q q 0 0 0 rg BT 464.02 401.10 Td (and ) Tj ET Q q 0 0 0 rg BT 480.85 401.10 Td (the ) Tj ET Q q 0 0 0 rg BT 495.46 401.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 516.75 401.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 550.24 401.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 68.72 389.10 Td (CGU.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 365.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 365.10 Td (For ) Tj ET Q q 0 0 0 rg BT 107.19 365.10 Td (the ) Tj ET Q q 0 0 0 rg BT 122.71 365.10 Td (period ) Tj ET Q q 0 0 0 rg BT 151.56 365.10 Td (covered ) Tj ET Q q 0 0 0 rg BT 186.50 365.10 Td (by ) Tj ET Q q 0 0 0 rg BT 199.80 365.10 Td (these ) Tj ET Q q 0 0 0 rg BT 223.65 365.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 279.73 365.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 320.24 365.10 Td (Statements, ) Tj ET Q q 0 0 0 rg BT 369.92 365.10 Td (the ) Tj ET Q q 0 0 0 rg BT 385.44 365.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 414.29 365.10 Td (has ) Tj ET Q q 0 0 0 rg BT 430.92 365.10 Td (not ) Tj ET Q q 0 0 0 rg BT 447.00 365.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 494.17 365.10 Td (any ) Tj ET Q q 0 0 0 rg BT 511.90 365.10 Td (impairment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 353.10 Td (char) Tj ET Q q 0 0 0 rg BT 71.03 353.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 86.86 353.10 Td (for ) Tj ET Q q 0 0 0 rg BT 101.02 353.10 Td (non-current ) Tj ET Q q 0 0 0 rg BT 150.16 353.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 175.99 353.10 Td (with ) Tj ET Q q 0 0 0 rg BT 196.27 353.10 Td (definite ) Tj ET Q q 0 0 0 rg BT 229.31 353.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 256.25 353.10 Td (lives.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 329.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 329.10 Td (Development ) Tj ET Q q 0 0 0 rg BT 146.37 329.10 Td (costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 305.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 305.10 Td (Development costs are capitalized if the conditions under IAS 38 - ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 359.09 305.10 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 402.51 305.10 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.51 305.10 Td ( have been met. ) Tj ET Q q 0 0 0 rg BT 492.58 305.10 Td (The starting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 293.10 Td (point for capitalization is based upon the technological and commercial feasibility of the project, which is usually when a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 281.10 Td (product development project has reached a defined milestone according to the Group) Tj ET Q q 0 0 0 rg BT 396.93 281.10 Td (s established product development ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 269.10 Td (model. Feasibility is based on management) Tj ET Q q 0 0 0 rg BT 229.52 269.10 Td (s judgment which is formed on the basis of estimated future cash flows. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 257.10 Td (Capitalization ceases and amortization of capitalized development costs begins on start of production of the relevant project. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 233.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 233.10 Td (The amortization of development costs requires management to estimate the lifecycle of the related model. ) Tj ET Q q 0 0 0 rg BT 519.29 233.10 Td (Any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 221.10 Td (changes in such assumptions would impact the amortization char) Tj ET Q q 0 0 0 rg BT 313.76 221.10 Td (ge recorded and the carrying amount of capitalized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 209.10 Td (development costs. ) Tj ET Q q 0 0 0 rg BT 132.97 209.10 Td (The periodic amortization char) Tj ET Q q 0 0 0 rg BT 256.34 209.10 Td (ge is derived after determining the expected lifecycle of the related model ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 197.10 Td (and, if applicable any expected residual value at the end of its life. Increasing an asset) Tj ET Q q 0 0 0 rg BT 399.69 197.10 Td (s expected lifecycle or its residual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 185.10 Td (value would result in a reduced amortization char) Tj ET Q q 0 0 0 rg BT 251.80 185.10 Td (ge in the consolidated income statement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 161.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 161.10 Td (The useful lives and residual values of the Group) Tj ET Q q 0 0 0 rg BT 289.39 161.10 Td (s models are determined by management at the time of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 149.10 Td (capitalization and reviewed annually for appropriateness. ) Tj ET Q q 0 0 0 rg BT 285.11 149.10 Td (The lives are based on historical experience with similar assets as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 137.10 Td (well as anticipation of future events which may impact their life such as changes in technology) Tj ET Q q 0 0 0 rg BT 432.96 137.10 Td (. Historically changes in useful ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 125.10 Td (lives and residual values have not resulted in material changes to the Group) Tj ET Q q 0 0 0 rg BT 358.91 125.10 Td (s depreciation char) Tj ET Q q 0 0 0 rg BT 434.24 125.10 Td (ge.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 101.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 101.10 Td (For the year ended December 31, 2015, the Group capitalized development costs of 154,409 thousand \(144,757 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 89.10 Td (thousand for the year ended December 31, 2014\).) Tj ET Q endstream endobj 345 0 obj <> endobj 346 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 760.75 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 760.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.60 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 199.82 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 206.31 748.75 Td (O ) Tj ET Q q 0 0 0 rg BT 216.41 748.75 Td (THE CONSOLIDA) Tj ET Q q 0 0 0 rg BT 299.85 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 379.03 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 393.02 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 399.50 748.75 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.60 736.75 Td (At December) Tj ET Q q 0 0 0 rg BT 294.78 736.75 Td (31, 2015 and 2014) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 294.65 32.20 Td (F-23) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 713.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 713.25 Td (Recoverability ) Tj ET Q q 0 0 0 rg BT 151.37 713.25 Td (of ) Tj ET Q q 0 0 0 rg BT 162.20 713.25 Td (goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 689.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 689.25 Td (In ) Tj ET Q q 0 0 0 rg BT 100.67 689.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 147.97 689.25 Td (with ) Tj ET Q q 0 0 0 rg BT 168.09 689.25 Td (IAS ) Tj ET Q q 0 0 0 rg BT 186.55 689.25 Td (36 ) Tj ET Q q 0 0 0 rg BT 198.89 689.25 Td (- ) Tj ET Q q 0 0 0 rg BT 204.56 689.25 Td (Impairment ) Tj ET Q q 0 0 0 rg BT 253.55 689.25 Td (of ) Tj ET Q q 0 0 0 rg BT 263.71 689.25 Td (Assets, ) Tj ET Q q 0 0 0 rg BT 294.66 689.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 332.56 689.25 Td (is ) Tj ET Q q 0 0 0 rg BT 341.57 689.25 Td (not ) Tj ET Q q 0 0 0 rg BT 356.69 689.25 Td (amortized ) Tj ET Q q 0 0 0 rg BT 399.01 689.25 Td (and ) Tj ET Q q 0 0 0 rg BT 415.79 689.25 Td (is ) Tj ET Q q 0 0 0 rg BT 424.80 689.25 Td (tested ) Tj ET Q q 0 0 0 rg BT 450.47 689.25 Td (for ) Tj ET Q q 0 0 0 rg BT 464.47 689.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 512.91 689.25 Td (annually ) Tj ET Q q 0 0 0 rg BT 549.69 689.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 677.25 Td (more ) Tj ET Q q 0 0 0 rg BT 77.05 677.25 Td (frequently ) Tj ET Q q 0 0 0 rg BT 120.64 677.25 Td (if ) Tj ET Q q 0 0 0 rg BT 129.25 677.25 Td (facts ) Tj ET Q q 0 0 0 rg BT 150.63 677.25 Td (or ) Tj ET Q q 0 0 0 rg BT 161.46 677.25 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 220.60 677.25 Td (indicate ) Tj ET Q q 0 0 0 rg BT 254.75 677.25 Td (that ) Tj ET Q q 0 0 0 rg BT 272.24 677.25 Td (the ) Tj ET Q q 0 0 0 rg BT 286.96 677.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 308.90 677.25 Td (may ) Tj ET Q q 0 0 0 rg BT 328.61 677.25 Td (be ) Tj ET Q q 0 0 0 rg BT 340.55 677.25 Td (impaired. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 653.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 653.25 Td (As ) Tj ET Q q 0 0 0 rg BT 104.00 653.25 Td (the ) Tj ET Q q 0 0 0 rg BT 119.11 653.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 147.55 653.25 Td (is ) Tj ET Q q 0 0 0 rg BT 157.10 653.25 Td (composed ) Tj ET Q q 0 0 0 rg BT 200.54 653.25 Td (of ) Tj ET Q q 0 0 0 rg BT 211.76 653.25 Td (one ) Tj ET Q q 0 0 0 rg BT 229.08 653.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 269.74 653.25 Td (segment, ) Tj ET Q q 0 0 0 rg BT 308.45 653.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 346.89 653.25 Td (is ) Tj ET Q q 0 0 0 rg BT 356.45 653.25 Td (tested ) Tj ET Q q 0 0 0 rg BT 382.67 653.25 Td (at ) Tj ET Q q 0 0 0 rg BT 392.77 653.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 421.21 653.25 Td (level, ) Tj ET Q q 0 0 0 rg BT 446.03 653.25 Td (which ) Tj ET Q q 0 0 0 rg BT 473.36 653.25 Td (represents ) Tj ET Q q 0 0 0 rg BT 516.78 653.25 Td (the ) Tj ET Q q 0 0 0 rg BT 531.89 653.25 Td (lowest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 641.25 Td (level ) Tj ET Q q 0 0 0 rg BT 76.93 641.25 Td (within ) Tj ET Q q 0 0 0 rg BT 105.99 641.25 Td (the ) Tj ET Q q 0 0 0 rg BT 121.71 641.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 150.76 641.25 Td (at ) Tj ET Q q 0 0 0 rg BT 161.48 641.25 Td (which ) Tj ET Q q 0 0 0 rg BT 189.41 641.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 228.47 641.25 Td (is ) Tj ET Q q 0 0 0 rg BT 238.64 641.25 Td (monitored ) Tj ET Q q 0 0 0 rg BT 283.24 641.25 Td (for ) Tj ET Q q 0 0 0 rg BT 298.40 641.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 332.45 641.25 Td (management ) Tj ET Q q 0 0 0 rg BT 387.04 641.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 426.09 641.25 Td (in ) Tj ET Q q 0 0 0 rg BT 437.37 641.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 485.83 641.25 Td (with ) Tj ET Q q 0 0 0 rg BT 507.10 641.25 Td (IAS ) Tj ET Q q 0 0 0 rg BT 526.72 641.25 Td (36. ) Tj ET Q q 0 0 0 rg BT 542.46 641.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 629.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 101.40 629.25 Td (test ) Tj ET Q q 0 0 0 rg BT 116.60 629.25 Td (is ) Tj ET Q q 0 0 0 rg BT 124.57 629.25 Td (performed ) Tj ET Q q 0 0 0 rg BT 167.53 629.25 Td (by ) Tj ET Q q 0 0 0 rg BT 178.83 629.25 Td (comparing ) Tj ET Q q 0 0 0 rg BT 222.90 629.25 Td (the ) Tj ET Q q 0 0 0 rg BT 236.42 629.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 271.05 629.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 302.35 629.25 Td (\(which ) Tj ET Q q 0 0 0 rg BT 331.42 629.25 Td (mainly ) Tj ET Q q 0 0 0 rg BT 360.50 629.25 Td (comprises ) Tj ET Q q 0 0 0 rg BT 402.35 629.25 Td (property) Tj ET Q q 0 0 0 rg BT 435.58 629.25 Td (, ) Tj ET Q q 0 0 0 rg BT 439.39 629.25 Td (plant ) Tj ET Q q 0 0 0 rg BT 460.69 629.25 Td (and ) Tj ET Q q 0 0 0 rg BT 476.43 629.25 Td (equipment, ) Tj ET Q q 0 0 0 rg BT 522.45 629.25 Td (goodwill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 617.25 Td (and ) Tj ET Q q 0 0 0 rg BT 69.73 617.25 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 114.32 617.25 Td (development ) Tj ET Q q 0 0 0 rg BT 167.26 617.25 Td (costs\) ) Tj ET Q q 0 0 0 rg BT 191.88 617.25 Td (and ) Tj ET Q q 0 0 0 rg BT 207.60 617.25 Td (the ) Tj ET Q q 0 0 0 rg BT 221.11 617.25 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 269.03 617.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 300.31 617.25 Td (of ) Tj ET Q q 0 0 0 rg BT 309.93 617.25 Td (the ) Tj ET Q q 0 0 0 rg BT 323.43 617.25 Td (CGU, ) Tj ET Q q 0 0 0 rg BT 348.33 617.25 Td (to ) Tj ET Q q 0 0 0 rg BT 357.40 617.25 Td (which ) Tj ET Q q 0 0 0 rg BT 383.13 617.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 419.97 617.25 Td (has ) Tj ET Q q 0 0 0 rg BT 434.59 617.25 Td (been ) Tj ET Q q 0 0 0 rg BT 454.76 617.25 Td (allocated. ) Tj ET Q q 0 0 0 rg BT 494.54 617.25 Td (The ) Tj ET Q q 0 0 0 rg BT 511.37 617.25 Td (recoverable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 605.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 86.50 605.25 Td (of ) Tj ET Q q 0 0 0 rg BT 97.33 605.25 Td (the ) Tj ET Q q 0 0 0 rg BT 112.04 605.25 Td (CGU ) Tj ET Q q 0 0 0 rg BT 135.66 605.25 Td (is ) Tj ET Q q 0 0 0 rg BT 144.83 605.25 Td (the ) Tj ET Q q 0 0 0 rg BT 159.54 605.25 Td (higher ) Tj ET Q q 0 0 0 rg BT 187.59 605.25 Td (of ) Tj ET Q q 0 0 0 rg BT 198.42 605.25 Td (its ) Tj ET Q q 0 0 0 rg BT 210.37 605.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 226.74 605.25 Td (value ) Tj ET Q q 0 0 0 rg BT 250.90 605.25 Td (less ) Tj ET Q q 0 0 0 rg BT 268.40 605.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 290.90 605.25 Td (of ) Tj ET Q q 0 0 0 rg BT 301.73 605.25 Td (disposal ) Tj ET Q q 0 0 0 rg BT 337.01 605.25 Td (and ) Tj ET Q q 0 0 0 rg BT 353.95 605.25 Td (its ) Tj ET Q q 0 0 0 rg BT 365.89 605.25 Td (value ) Tj ET Q q 0 0 0 rg BT 390.05 605.25 Td (in ) Tj ET Q q 0 0 0 rg BT 400.33 605.25 Td (use.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 581.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 581.25 Td (Product ) Tj ET Q q 0 0 0 rg BT 125.28 581.25 Td (warranties ) Tj ET Q q 0 0 0 rg BT 171.68 581.25 Td (and ) Tj ET Q q 0 0 0 rg BT 189.74 581.25 Td (liabilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 557.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 557.25 Td (The ) Tj ET Q q 0 0 0 rg BT 107.41 557.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 134.83 557.25 Td (establishes ) Tj ET Q q 0 0 0 rg BT 180.02 557.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 214.64 557.25 Td (for ) Tj ET Q q 0 0 0 rg BT 228.17 557.25 Td (product ) Tj ET Q q 0 0 0 rg BT 260.58 557.25 Td (warranties ) Tj ET Q q 0 0 0 rg BT 304.09 557.25 Td (at ) Tj ET Q q 0 0 0 rg BT 313.17 557.25 Td (the ) Tj ET Q q 0 0 0 rg BT 327.26 557.25 Td (time ) Tj ET Q q 0 0 0 rg BT 346.89 557.25 Td (the ) Tj ET Q q 0 0 0 rg BT 360.98 557.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 378.39 557.25 Td (is ) Tj ET Q q 0 0 0 rg BT 386.92 557.25 Td (recognized. ) Tj ET Q q 0 0 0 rg BT 435.02 557.25 Td (The ) Tj ET Q q 0 0 0 rg BT 452.43 557.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 479.85 557.25 Td (issues ) Tj ET Q q 0 0 0 rg BT 505.60 557.25 Td (various ) Tj ET Q q 0 0 0 rg BT 536.91 557.25 Td (types ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 545.25 Td (of ) Tj ET Q q 0 0 0 rg BT 64.99 545.25 Td (product ) Tj ET Q q 0 0 0 rg BT 98.19 545.25 Td (warranties ) Tj ET Q q 0 0 0 rg BT 142.50 545.25 Td (under ) Tj ET Q q 0 0 0 rg BT 167.92 545.25 Td (which ) Tj ET Q q 0 0 0 rg BT 195.02 545.25 Td (the ) Tj ET Q q 0 0 0 rg BT 209.89 545.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 263.07 545.25 Td (of ) Tj ET Q q 0 0 0 rg BT 274.06 545.25 Td (products ) Tj ET Q q 0 0 0 rg BT 311.16 545.25 Td (delivered ) Tj ET Q q 0 0 0 rg BT 351.02 545.25 Td (is ) Tj ET Q q 0 0 0 rg BT 360.34 545.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 400.20 545.25 Td (guaranteed ) Tj ET Q q 0 0 0 rg BT 446.72 545.25 Td (for ) Tj ET Q q 0 0 0 rg BT 461.04 545.25 Td (a ) Tj ET Q q 0 0 0 rg BT 468.14 545.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 498.00 545.25 Td (period ) Tj ET Q q 0 0 0 rg BT 526.20 545.25 Td (or ) Tj ET Q q 0 0 0 rg BT 537.19 545.25 Td (term, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 533.25 Td (which ) Tj ET Q q 0 0 0 rg BT 81.20 533.25 Td (is ) Tj ET Q q 0 0 0 rg BT 90.63 533.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 130.59 533.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 163.34 533.25 Td (by ) Tj ET Q q 0 0 0 rg BT 176.10 533.25 Td (the ) Tj ET Q q 0 0 0 rg BT 191.07 533.25 Td (legislation ) Tj ET Q q 0 0 0 rg BT 235.49 533.25 Td (in ) Tj ET Q q 0 0 0 rg BT 246.03 533.25 Td (the ) Tj ET Q q 0 0 0 rg BT 261.01 533.25 Td (country ) Tj ET Q q 0 0 0 rg BT 294.32 533.25 Td (where ) Tj ET Q q 0 0 0 rg BT 321.51 533.25 Td (the ) Tj ET Q q 0 0 0 rg BT 336.48 533.25 Td (car ) Tj ET Q q 0 0 0 rg BT 351.45 533.25 Td (is ) Tj ET Q q 0 0 0 rg BT 360.88 533.25 Td (sold. ) Tj ET Q q 0 0 0 rg BT 382.61 533.25 Td (The ) Tj ET Q q 0 0 0 rg BT 400.92 533.25 Td (reserve ) Tj ET Q q 0 0 0 rg BT 432.55 533.25 Td (for ) Tj ET Q q 0 0 0 rg BT 446.97 533.25 Td (product ) Tj ET Q q 0 0 0 rg BT 480.27 533.25 Td (warranties ) Tj ET Q q 0 0 0 rg BT 524.68 533.25 Td (includes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 521.25 Td (the ) Tj ET Q q 0 0 0 rg BT 68.94 521.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 107.19 521.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 129.91 521.25 Td (of ) Tj ET Q q 0 0 0 rg BT 140.95 521.25 Td (warranty ) Tj ET Q q 0 0 0 rg BT 179.21 521.25 Td (obligations ) Tj ET Q q 0 0 0 rg BT 226.37 521.25 Td (imposed ) Tj ET Q q 0 0 0 rg BT 262.98 521.25 Td (by ) Tj ET Q q 0 0 0 rg BT 275.70 521.25 Td (law ) Tj ET Q q 0 0 0 rg BT 292.85 521.25 Td (or ) Tj ET Q q 0 0 0 rg BT 303.90 521.25 Td (contract, ) Tj ET Q q 0 0 0 rg BT 341.32 521.25 Td (as ) Tj ET Q q 0 0 0 rg BT 352.37 521.25 Td (well ) Tj ET Q q 0 0 0 rg BT 372.31 521.25 Td (as ) Tj ET Q q 0 0 0 rg BT 383.36 521.25 Td (the ) Tj ET Q q 0 0 0 rg BT 398.29 521.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 436.54 521.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 459.26 521.25 Td (for ) Tj ET Q q 0 0 0 rg BT 473.64 521.25 Td (policy ) Tj ET Q q 0 0 0 rg BT 501.35 521.25 Td (coverage. ) Tj ET Q q 0 0 0 rg BT 542.46 521.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 509.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 95.15 509.25 Td (future ) Tj ET Q q 0 0 0 rg BT 121.85 509.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 144.67 509.25 Td (of ) Tj ET Q q 0 0 0 rg BT 155.83 509.25 Td (these ) Tj ET Q q 0 0 0 rg BT 179.20 509.25 Td (actions ) Tj ET Q q 0 0 0 rg BT 210.35 509.25 Td (are ) Tj ET Q q 0 0 0 rg BT 225.38 509.25 Td (principally ) Tj ET Q q 0 0 0 rg BT 271.52 509.25 Td (based ) Tj ET Q q 0 0 0 rg BT 297.12 509.25 Td (on ) Tj ET Q q 0 0 0 rg BT 309.94 509.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 362.22 509.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 403.36 509.25 Td (the ) Tj ET Q q 0 0 0 rg BT 418.40 509.25 Td (lifetime ) Tj ET Q q 0 0 0 rg BT 452.32 509.25 Td (warranty ) Tj ET Q q 0 0 0 rg BT 490.68 509.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 513.51 509.25 Td (of ) Tj ET Q q 0 0 0 rg BT 524.66 509.25 Td (each ) Tj ET Q q 0 0 0 rg BT 545.80 509.25 Td (car ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 497.25 Td (line ) Tj ET Q q 0 0 0 rg BT 71.70 497.25 Td (and ) Tj ET Q q 0 0 0 rg BT 88.84 497.25 Td (each ) Tj ET Q q 0 0 0 rg BT 109.86 497.25 Td (model ) Tj ET Q q 0 0 0 rg BT 137.55 497.25 Td (year ) Tj ET Q q 0 0 0 rg BT 157.46 497.25 Td (of ) Tj ET Q q 0 0 0 rg BT 168.50 497.25 Td (that ) Tj ET Q q 0 0 0 rg BT 186.19 497.25 Td (car ) Tj ET Q q 0 0 0 rg BT 201.10 497.25 Td (line, ) Tj ET Q q 0 0 0 rg BT 221.30 497.25 Td (as ) Tj ET Q q 0 0 0 rg BT 232.33 497.25 Td (well ) Tj ET Q q 0 0 0 rg BT 252.25 497.25 Td (as ) Tj ET Q q 0 0 0 rg BT 263.29 497.25 Td (historical ) Tj ET Q q 0 0 0 rg BT 303.20 497.25 Td (claims ) Tj ET Q q 0 0 0 rg BT 332.01 497.25 Td (experience ) Tj ET Q q 0 0 0 rg BT 378.01 497.25 Td (for ) Tj ET Q q 0 0 0 rg BT 392.37 497.25 Td (the ) Tj ET Q q 0 0 0 rg BT 407.29 497.25 Td (Group) Tj ET Q q 0 0 0 rg BT 435.62 497.25 Td (s ) Tj ET Q q 0 0 0 rg BT 442.22 497.25 Td (cars. ) Tj ET Q q 0 0 0 rg BT 463.52 497.25 Td (In ) Tj ET Q q 0 0 0 rg BT 474.55 497.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 512.53 497.25 Td (the ) Tj ET Q q 0 0 0 rg BT 527.45 497.25 Td (number ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 485.25 Td (and ) Tj ET Q q 0 0 0 rg BT 70.46 485.25 Td (magnitude ) Tj ET Q q 0 0 0 rg BT 114.70 485.25 Td (of ) Tj ET Q q 0 0 0 rg BT 125.05 485.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 167.07 485.25 Td (service ) Tj ET Q q 0 0 0 rg BT 197.41 485.25 Td (actions ) Tj ET Q q 0 0 0 rg BT 227.75 485.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 265.31 485.25 Td (to ) Tj ET Q q 0 0 0 rg BT 275.11 485.25 Td (be ) Tj ET Q q 0 0 0 rg BT 286.58 485.25 Td (approved, ) Tj ET Q q 0 0 0 rg BT 328.31 485.25 Td (and ) Tj ET Q q 0 0 0 rg BT 344.77 485.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 377.90 485.25 Td (related ) Tj ET Q q 0 0 0 rg BT 407.12 485.25 Td (to ) Tj ET Q q 0 0 0 rg BT 416.92 485.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 458.94 485.25 Td (service ) Tj ET Q q 0 0 0 rg BT 489.28 485.25 Td (actions, ) Tj ET Q q 0 0 0 rg BT 522.13 485.25 Td (are ) Tj ET Q q 0 0 0 rg BT 536.36 485.25 Td (taken ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 473.25 Td (into ) Tj ET Q q 0 0 0 rg BT 72.38 473.25 Td (consideration. ) Tj ET Q q 0 0 0 rg BT 131.58 473.25 Td (Due ) Tj ET Q q 0 0 0 rg BT 151.06 473.25 Td (to ) Tj ET Q q 0 0 0 rg BT 161.67 473.25 Td (the ) Tj ET Q q 0 0 0 rg BT 176.71 473.25 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 224.51 473.25 Td (and ) Tj ET Q q 0 0 0 rg BT 241.78 473.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 279.59 473.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 318.52 473.25 Td (of ) Tj ET Q q 0 0 0 rg BT 329.68 473.25 Td (these ) Tj ET Q q 0 0 0 rg BT 353.05 473.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 394.20 473.25 Td (factors, ) Tj ET Q q 0 0 0 rg BT 426.73 473.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 461.76 473.25 Td (in ) Tj ET Q q 0 0 0 rg BT 472.36 473.25 Td (the ) Tj ET Q q 0 0 0 rg BT 487.40 473.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 539.68 473.25 Td (used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 461.25 Td (could ) Tj ET Q q 0 0 0 rg BT 78.72 461.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 121.75 461.25 Td (af) Tj ET Q q 0 0 0 rg BT 129.34 461.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 146.83 461.25 Td (the ) Tj ET Q q 0 0 0 rg BT 161.54 461.25 Td (results ) Tj ET Q q 0 0 0 rg BT 190.15 461.25 Td (of ) Tj ET Q q 0 0 0 rg BT 200.98 461.25 Td (operations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 437.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 437.25 Td (The ) Tj ET Q q 0 0 0 rg BT 108.21 437.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 136.43 437.25 Td (periodically ) Tj ET Q q 0 0 0 rg BT 186.85 437.25 Td (initiates ) Tj ET Q q 0 0 0 rg BT 221.17 437.25 Td (voluntary ) Tj ET Q q 0 0 0 rg BT 262.16 437.25 Td (service ) Tj ET Q q 0 0 0 rg BT 293.14 437.25 Td (actions ) Tj ET Q q 0 0 0 rg BT 324.13 437.25 Td (to ) Tj ET Q q 0 0 0 rg BT 334.57 437.25 Td (address ) Tj ET Q q 0 0 0 rg BT 367.22 437.25 Td (various ) Tj ET Q q 0 0 0 rg BT 399.33 437.25 Td (client ) Tj ET Q q 0 0 0 rg BT 424.20 437.25 Td (satisfaction, ) Tj ET Q q 0 0 0 rg BT 474.91 437.25 Td (safety ) Tj ET Q q 0 0 0 rg BT 501.45 437.25 Td (and ) Tj ET Q q 0 0 0 rg BT 518.55 437.25 Td (emissions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 425.25 Td (issues ) Tj ET Q q 0 0 0 rg BT 80.11 425.25 Td (related ) Tj ET Q q 0 0 0 rg BT 109.53 425.25 Td (to ) Tj ET Q q 0 0 0 rg BT 119.53 425.25 Td (cars ) Tj ET Q q 0 0 0 rg BT 137.84 425.25 Td (sold. ) Tj ET Q q 0 0 0 rg BT 159.23 425.25 Td (Included ) Tj ET Q q 0 0 0 rg BT 196.44 425.25 Td (in ) Tj ET Q q 0 0 0 rg BT 206.43 425.25 Td (the ) Tj ET Q q 0 0 0 rg BT 220.87 425.25 Td (reserve ) Tj ET Q q 0 0 0 rg BT 251.95 425.25 Td (is ) Tj ET Q q 0 0 0 rg BT 260.84 425.25 Td (the ) Tj ET Q q 0 0 0 rg BT 275.28 425.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 315.81 425.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 334.14 425.25 Td (of ) Tj ET Q q 0 0 0 rg BT 344.69 425.25 Td (these ) Tj ET Q q 0 0 0 rg BT 367.45 425.25 Td (services ) Tj ET Q q 0 0 0 rg BT 401.88 425.25 Td (and ) Tj ET Q q 0 0 0 rg BT 418.54 425.25 Td (recall ) Tj ET Q q 0 0 0 rg BT 442.96 425.25 Td (actions. ) Tj ET Q q 0 0 0 rg BT 475.84 425.25 Td (The ) Tj ET Q q 0 0 0 rg BT 493.60 425.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 534.14 425.25 Td (future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 413.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 76.58 413.25 Td (of ) Tj ET Q q 0 0 0 rg BT 87.50 413.25 Td (these ) Tj ET Q q 0 0 0 rg BT 110.63 413.25 Td (actions ) Tj ET Q q 0 0 0 rg BT 141.53 413.25 Td (are ) Tj ET Q q 0 0 0 rg BT 156.32 413.25 Td (based ) Tj ET Q q 0 0 0 rg BT 181.68 413.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 221.47 413.25 Td (on ) Tj ET Q q 0 0 0 rg BT 234.05 413.25 Td (historical ) Tj ET Q q 0 0 0 rg BT 273.85 413.25 Td (claims ) Tj ET Q q 0 0 0 rg BT 302.54 413.25 Td (experience ) Tj ET Q q 0 0 0 rg BT 348.42 413.25 Td (for ) Tj ET Q q 0 0 0 rg BT 362.66 413.25 Td (the ) Tj ET Q q 0 0 0 rg BT 377.46 413.25 Td (Group) Tj ET Q q 0 0 0 rg BT 405.79 413.25 Td (s ) Tj ET Q q 0 0 0 rg BT 412.27 413.25 Td (cars. ) Tj ET Q q 0 0 0 rg BT 433.45 413.25 Td (Estimates ) Tj ET Q q 0 0 0 rg BT 474.91 413.25 Td (of ) Tj ET Q q 0 0 0 rg BT 485.83 413.25 Td (the ) Tj ET Q q 0 0 0 rg BT 500.63 413.25 Td (future ) Tj ET Q q 0 0 0 rg BT 527.09 413.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 549.67 413.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 401.25 Td (these ) Tj ET Q q 0 0 0 rg BT 77.16 401.25 Td (actions ) Tj ET Q q 0 0 0 rg BT 108.10 401.25 Td (are ) Tj ET Q q 0 0 0 rg BT 122.92 401.25 Td (inevitably ) Tj ET Q q 0 0 0 rg BT 165.53 401.25 Td (imprecise ) Tj ET Q q 0 0 0 rg BT 207.02 401.25 Td (due ) Tj ET Q q 0 0 0 rg BT 224.07 401.25 Td (to ) Tj ET Q q 0 0 0 rg BT 234.46 401.25 Td (several ) Tj ET Q q 0 0 0 rg BT 265.39 401.25 Td (uncertainties, ) Tj ET Q q 0 0 0 rg BT 321.60 401.25 Td (including ) Tj ET Q q 0 0 0 rg BT 361.98 401.25 Td (the ) Tj ET Q q 0 0 0 rg BT 376.81 401.25 Td (number ) Tj ET Q q 0 0 0 rg BT 409.98 401.25 Td (of ) Tj ET Q q 0 0 0 rg BT 420.92 401.25 Td (cars ) Tj ET Q q 0 0 0 rg BT 439.63 401.25 Td (af) Tj ET Q q 0 0 0 rg BT 447.22 401.25 Td (fected ) Tj ET Q q 0 0 0 rg BT 474.26 401.25 Td (by ) Tj ET Q q 0 0 0 rg BT 486.88 401.25 Td (a ) Tj ET Q q 0 0 0 rg BT 493.93 401.25 Td (service ) Tj ET Q q 0 0 0 rg BT 524.86 401.25 Td (or ) Tj ET Q q 0 0 0 rg BT 535.80 401.25 Td (recall ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 389.25 Td (action. ) Tj ET Q q 0 0 0 rg BT 84.79 389.25 Td (It ) Tj ET Q q 0 0 0 rg BT 94.76 389.25 Td (is ) Tj ET Q q 0 0 0 rg BT 105.29 389.25 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 152.47 389.25 Td (possible ) Tj ET Q q 0 0 0 rg BT 189.11 389.25 Td (that ) Tj ET Q q 0 0 0 rg BT 207.97 389.25 Td (the ) Tj ET Q q 0 0 0 rg BT 224.04 389.25 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 260.67 389.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 280.64 389.25 Td (of ) Tj ET Q q 0 0 0 rg BT 292.83 389.25 Td (these ) Tj ET Q q 0 0 0 rg BT 317.24 389.25 Td (service ) Tj ET Q q 0 0 0 rg BT 349.42 389.25 Td (and ) Tj ET Q q 0 0 0 rg BT 367.72 389.25 Td (recall ) Tj ET Q q 0 0 0 rg BT 393.78 389.25 Td (actions ) Tj ET Q q 0 0 0 rg BT 425.97 389.25 Td (may ) Tj ET Q q 0 0 0 rg BT 447.04 389.25 Td (require ) Tj ET Q q 0 0 0 rg BT 479.22 389.25 Td (the ) Tj ET Q q 0 0 0 rg BT 495.30 389.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 524.71 389.25 Td (to ) Tj ET Q q 0 0 0 rg BT 536.35 389.25 Td (make ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 377.25 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 108.35 377.25 Td (in ) Tj ET Q q 0 0 0 rg BT 119.39 377.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 148.75 377.25 Td (of ) Tj ET Q q 0 0 0 rg BT 160.34 377.25 Td (\(or ) Tj ET Q q 0 0 0 rg BT 175.26 377.25 Td (less ) Tj ET Q q 0 0 0 rg BT 193.52 377.25 Td (than\) ) Tj ET Q q 0 0 0 rg BT 217.32 377.25 Td (established ) Tj ET Q q 0 0 0 rg BT 265.02 377.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 301.03 377.25 Td (over ) Tj ET Q q 0 0 0 rg BT 322.06 377.25 Td (an ) Tj ET Q q 0 0 0 rg BT 334.76 377.25 Td (extended ) Tj ET Q q 0 0 0 rg BT 374.11 377.25 Td (period ) Tj ET Q q 0 0 0 rg BT 402.92 377.25 Td (of ) Tj ET Q q 0 0 0 rg BT 414.51 377.25 Td (time. ) Tj ET Q q 0 0 0 rg BT 437.81 377.25 Td (The ) Tj ET Q q 0 0 0 rg BT 456.61 377.25 Td (estimate ) Tj ET Q q 0 0 0 rg BT 493.19 377.25 Td (of ) Tj ET Q q 0 0 0 rg BT 504.78 377.25 Td (warranty ) Tj ET Q q 0 0 0 rg BT 543.58 377.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 365.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 96.49 365.25 Td (service ) Tj ET Q q 0 0 0 rg BT 127.31 365.25 Td (obligations ) Tj ET Q q 0 0 0 rg BT 174.25 365.25 Td (is ) Tj ET Q q 0 0 0 rg BT 183.42 365.25 Td (periodically ) Tj ET Q q 0 0 0 rg BT 233.68 365.25 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 272.82 365.25 Td (during ) Tj ET Q q 0 0 0 rg BT 301.43 365.25 Td (the ) Tj ET Q q 0 0 0 rg BT 316.15 365.25 Td (year) Tj ET Q q 0 0 0 rg BT 332.80 365.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 341.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 341.25 Td (In ) Tj ET Q q 0 0 0 rg BT 100.07 341.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 137.08 341.25 Td (the ) Tj ET Q q 0 0 0 rg BT 151.04 341.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 178.33 341.25 Td (makes ) Tj ET Q q 0 0 0 rg BT 205.62 341.25 Td (provisions ) Tj ET Q q 0 0 0 rg BT 249.03 341.25 Td (for ) Tj ET Q q 0 0 0 rg BT 262.43 341.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 302.49 341.25 Td (product ) Tj ET Q q 0 0 0 rg BT 334.77 341.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 367.62 341.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 389.36 341.25 Td (arising ) Tj ET Q q 0 0 0 rg BT 418.32 341.25 Td (from ) Tj ET Q q 0 0 0 rg BT 439.50 341.25 Td (property ) Tj ET Q q 0 0 0 rg BT 475.11 341.25 Td (damage ) Tj ET Q q 0 0 0 rg BT 507.95 341.25 Td (and ) Tj ET Q q 0 0 0 rg BT 524.13 341.25 Td (personal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 329.25 Td (injuries ) Tj ET Q q 0 0 0 rg BT 86.54 329.25 Td (including ) Tj ET Q q 0 0 0 rg BT 126.86 329.25 Td (wrongful ) Tj ET Q q 0 0 0 rg BT 166.06 329.25 Td (death, ) Tj ET Q q 0 0 0 rg BT 192.77 329.25 Td (and ) Tj ET Q q 0 0 0 rg BT 209.75 329.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 247.29 329.25 Td (exemplary ) Tj ET Q q 0 0 0 rg BT 292.03 329.25 Td (or ) Tj ET Q q 0 0 0 rg BT 302.91 329.25 Td (punitive ) Tj ET Q q 0 0 0 rg BT 338.23 329.25 Td (damages ) Tj ET Q q 0 0 0 rg BT 375.76 329.25 Td (alleged ) Tj ET Q q 0 0 0 rg BT 407.18 329.25 Td (to ) Tj ET Q q 0 0 0 rg BT 417.50 329.25 Td (be ) Tj ET Q q 0 0 0 rg BT 429.48 329.25 Td (the ) Tj ET Q q 0 0 0 rg BT 444.25 329.25 Td (result ) Tj ET Q q 0 0 0 rg BT 469.01 329.25 Td (of ) Tj ET Q q 0 0 0 rg BT 479.88 329.25 Td (product ) Tj ET Q q 0 0 0 rg BT 512.98 329.25 Td (defects. ) Tj ET Q q 0 0 0 rg BT 546.34 329.25 Td (By ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 317.25 Td (nature, ) Tj ET Q q 0 0 0 rg BT 83.69 317.25 Td (these ) Tj ET Q q 0 0 0 rg BT 106.44 317.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 128.64 317.25 Td (can ) Tj ET Q q 0 0 0 rg BT 144.72 317.25 Td (be ) Tj ET Q q 0 0 0 rg BT 156.36 317.25 Td (infrequent, ) Tj ET Q q 0 0 0 rg BT 202.15 317.25 Td (dif) Tj ET Q q 0 0 0 rg BT 213.08 317.25 Td (ficult ) Tj ET Q q 0 0 0 rg BT 236.39 317.25 Td (to ) Tj ET Q q 0 0 0 rg BT 246.37 317.25 Td (predict ) Tj ET Q q 0 0 0 rg BT 276.33 317.25 Td (and ) Tj ET Q q 0 0 0 rg BT 292.97 317.25 Td (have ) Tj ET Q q 0 0 0 rg BT 314.05 317.25 Td (the ) Tj ET Q q 0 0 0 rg BT 328.47 317.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 365.67 317.25 Td (to ) Tj ET Q q 0 0 0 rg BT 375.65 317.25 Td (vary ) Tj ET Q q 0 0 0 rg BT 395.62 317.25 Td (significantly ) Tj ET Q q 0 0 0 rg BT 447.81 317.25 Td (in ) Tj ET Q q 0 0 0 rg BT 457.79 317.25 Td (amount. ) Tj ET Q q 0 0 0 rg BT 492.49 317.25 Td (Costs ) Tj ET Q q 0 0 0 rg BT 516.92 317.25 Td (associated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 305.25 Td (with ) Tj ET Q q 0 0 0 rg BT 74.73 305.25 Td (these ) Tj ET Q q 0 0 0 rg BT 98.24 305.25 Td (provisions ) Tj ET Q q 0 0 0 rg BT 142.86 305.25 Td (are ) Tj ET Q q 0 0 0 rg BT 158.03 305.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 195.96 305.25 Td (in ) Tj ET Q q 0 0 0 rg BT 206.70 305.25 Td (the ) Tj ET Q q 0 0 0 rg BT 221.87 305.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 275.37 305.25 Td (income ) Tj ET Q q 0 0 0 rg BT 307.76 305.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 349.03 305.25 Td (and ) Tj ET Q q 0 0 0 rg BT 366.43 305.25 Td (any ) Tj ET Q q 0 0 0 rg BT 383.82 305.25 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 431.22 305.25 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 481.95 305.25 Td (are ) Tj ET Q q 0 0 0 rg BT 497.11 305.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 535.04 305.25 Td (in ) Tj ET Q q 0 0 0 rg BT 545.78 305.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 293.25 Td (period ) Tj ET Q q 0 0 0 rg BT 82.05 293.25 Td (in ) Tj ET Q q 0 0 0 rg BT 92.33 293.25 Td (which ) Tj ET Q q 0 0 0 rg BT 119.26 293.25 Td (the ) Tj ET Q q 0 0 0 rg BT 133.98 293.25 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 180.36 293.25 Td (is ) Tj ET Q q 0 0 0 rg BT 189.53 293.25 Td (determined.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 269.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 269.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 116.39 269.25 Td (contingent ) Tj ET Q q 0 0 0 rg BT 162.79 269.25 Td (liabilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 245.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 245.25 Td (The ) Tj ET Q q 0 0 0 rg BT 106.84 245.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 133.69 245.25 Td (makes ) Tj ET Q q 0 0 0 rg BT 160.53 245.25 Td (provisions ) Tj ET Q q 0 0 0 rg BT 203.50 245.25 Td (in ) Tj ET Q q 0 0 0 rg BT 212.57 245.25 Td (connection ) Tj ET Q q 0 0 0 rg BT 257.74 245.25 Td (with ) Tj ET Q q 0 0 0 rg BT 276.81 245.25 Td (pending ) Tj ET Q q 0 0 0 rg BT 310.32 245.25 Td (or ) Tj ET Q q 0 0 0 rg BT 319.95 245.25 Td (threatened ) Tj ET Q q 0 0 0 rg BT 362.89 245.25 Td (disputes ) Tj ET Q q 0 0 0 rg BT 396.96 245.25 Td (or ) Tj ET Q q 0 0 0 rg BT 406.58 245.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 427.31 245.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 476.92 245.25 Td (when ) Tj ET Q q 0 0 0 rg BT 499.88 245.25 Td (it ) Tj ET Q q 0 0 0 rg BT 506.73 245.25 Td (is ) Tj ET Q q 0 0 0 rg BT 514.70 245.25 Td (considered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 233.25 Td (probable ) Tj ET Q q 0 0 0 rg BT 90.78 233.25 Td (that ) Tj ET Q q 0 0 0 rg BT 107.57 233.25 Td (there ) Tj ET Q q 0 0 0 rg BT 129.35 233.25 Td (will ) Tj ET Q q 0 0 0 rg BT 146.70 233.25 Td (be ) Tj ET Q q 0 0 0 rg BT 157.93 233.25 Td (an ) Tj ET Q q 0 0 0 rg BT 169.16 233.25 Td (outflow ) Tj ET Q q 0 0 0 rg BT 202.06 233.25 Td (of ) Tj ET Q q 0 0 0 rg BT 212.19 233.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 236.20 233.25 Td (and ) Tj ET Q q 0 0 0 rg BT 252.43 233.25 Td (when ) Tj ET Q q 0 0 0 rg BT 275.89 233.25 Td (the ) Tj ET Q q 0 0 0 rg BT 289.90 233.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 321.69 233.25 Td (can ) Tj ET Q q 0 0 0 rg BT 337.36 233.25 Td (be ) Tj ET Q q 0 0 0 rg BT 348.59 233.25 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 393.70 233.25 Td (estimated. ) Tj ET Q q 0 0 0 rg BT 436.31 233.25 Td (If ) Tj ET Q q 0 0 0 rg BT 444.76 233.25 Td (an ) Tj ET Q q 0 0 0 rg BT 456.00 233.25 Td (outflow ) Tj ET Q q 0 0 0 rg BT 488.90 233.25 Td (of ) Tj ET Q q 0 0 0 rg BT 499.02 233.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 523.04 233.25 Td (becomes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 221.25 Td (possible ) Tj ET Q q 0 0 0 rg BT 89.14 221.25 Td (but ) Tj ET Q q 0 0 0 rg BT 104.28 221.25 Td (the ) Tj ET Q q 0 0 0 rg BT 118.85 221.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 151.21 221.25 Td (cannot ) Tj ET Q q 0 0 0 rg BT 180.22 221.25 Td (be ) Tj ET Q q 0 0 0 rg BT 192.02 221.25 Td (estimated, ) Tj ET Q q 0 0 0 rg BT 235.20 221.25 Td (the ) Tj ET Q q 0 0 0 rg BT 249.78 221.25 Td (matter ) Tj ET Q q 0 0 0 rg BT 277.68 221.25 Td (is ) Tj ET Q q 0 0 0 rg BT 286.71 221.25 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 326.29 221.25 Td (in ) Tj ET Q q 0 0 0 rg BT 336.42 221.25 Td (the ) Tj ET Q q 0 0 0 rg BT 351.00 221.25 Td (notes ) Tj ET Q q 0 0 0 rg BT 374.47 221.25 Td (to ) Tj ET Q q 0 0 0 rg BT 384.61 221.25 Td (the ) Tj ET Q q 0 0 0 rg BT 399.18 221.25 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 454.32 221.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 493.89 221.25 Td (Statements. ) Tj ET Q q 0 0 0 rg BT 542.46 221.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 209.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 81.40 209.25 Td (is ) Tj ET Q q 0 0 0 rg BT 89.93 209.25 Td (the ) Tj ET Q q 0 0 0 rg BT 103.99 209.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 134.17 209.25 Td (of ) Tj ET Q q 0 0 0 rg BT 144.35 209.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 165.64 209.25 Td (and ) Tj ET Q q 0 0 0 rg BT 181.93 209.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 196.00 209.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 246.17 209.25 Td (covering ) Tj ET Q q 0 0 0 rg BT 283.00 209.25 Td (a ) Tj ET Q q 0 0 0 rg BT 289.29 209.25 Td (wide ) Tj ET Q q 0 0 0 rg BT 310.58 209.25 Td (range ) Tj ET Q q 0 0 0 rg BT 334.64 209.25 Td (of ) Tj ET Q q 0 0 0 rg BT 344.83 209.25 Td (matters ) Tj ET Q q 0 0 0 rg BT 376.11 209.25 Td (in ) Tj ET Q q 0 0 0 rg BT 385.74 209.25 Td (various ) Tj ET Q q 0 0 0 rg BT 417.03 209.25 Td (jurisdictions. ) Tj ET Q q 0 0 0 rg BT 470.83 209.25 Td (Due ) Tj ET Q q 0 0 0 rg BT 489.34 209.25 Td (to ) Tj ET Q q 0 0 0 rg BT 498.97 209.25 Td (the ) Tj ET Q q 0 0 0 rg BT 513.04 209.25 Td (uncertainty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 197.25 Td (inherent ) Tj ET Q q 0 0 0 rg BT 89.64 197.25 Td (in ) Tj ET Q q 0 0 0 rg BT 100.30 197.25 Td (such ) Tj ET Q q 0 0 0 rg BT 121.51 197.25 Td (matters, ) Tj ET Q q 0 0 0 rg BT 156.33 197.25 Td (it ) Tj ET Q q 0 0 0 rg BT 164.77 197.25 Td (is ) Tj ET Q q 0 0 0 rg BT 174.32 197.25 Td (dif) Tj ET Q q 0 0 0 rg BT 185.25 197.25 Td (ficult ) Tj ET Q q 0 0 0 rg BT 209.23 197.25 Td (to ) Tj ET Q q 0 0 0 rg BT 219.89 197.25 Td (predict ) Tj ET Q q 0 0 0 rg BT 250.53 197.25 Td (the ) Tj ET Q q 0 0 0 rg BT 265.63 197.25 Td (outflow ) Tj ET Q q 0 0 0 rg BT 299.62 197.25 Td (of ) Tj ET Q q 0 0 0 rg BT 310.83 197.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 335.93 197.25 Td (that ) Tj ET Q q 0 0 0 rg BT 353.81 197.25 Td (could ) Tj ET Q q 0 0 0 rg BT 378.91 197.25 Td (result ) Tj ET Q q 0 0 0 rg BT 404.00 197.25 Td (from ) Tj ET Q q 0 0 0 rg BT 426.32 197.25 Td (such ) Tj ET Q q 0 0 0 rg BT 447.54 197.25 Td (disputes ) Tj ET Q q 0 0 0 rg BT 483.19 197.25 Td (with ) Tj ET Q q 0 0 0 rg BT 503.85 197.25 Td (any ) Tj ET Q q 0 0 0 rg BT 521.17 197.25 Td (certainty) Tj ET Q q 0 0 0 rg BT 555.50 197.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 185.25 Td (Moreover) Tj ET Q q 0 0 0 rg BT 93.03 185.25 Td (, ) Tj ET Q q 0 0 0 rg BT 97.59 185.25 Td (the ) Tj ET Q q 0 0 0 rg BT 111.86 185.25 Td (cases ) Tj ET Q q 0 0 0 rg BT 135.02 185.25 Td (and ) Tj ET Q q 0 0 0 rg BT 151.51 185.25 Td (claims ) Tj ET Q q 0 0 0 rg BT 179.68 185.25 Td (against ) Tj ET Q q 0 0 0 rg BT 210.06 185.25 Td (the ) Tj ET Q q 0 0 0 rg BT 224.33 185.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 251.94 185.25 Td (often ) Tj ET Q q 0 0 0 rg BT 274.55 185.25 Td (derive ) Tj ET Q q 0 0 0 rg BT 301.59 185.25 Td (from ) Tj ET Q q 0 0 0 rg BT 323.09 185.25 Td (complex ) Tj ET Q q 0 0 0 rg BT 359.58 185.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 381.07 185.25 Td (issues ) Tj ET Q q 0 0 0 rg BT 407.02 185.25 Td (which ) Tj ET Q q 0 0 0 rg BT 433.52 185.25 Td (are ) Tj ET Q q 0 0 0 rg BT 447.78 185.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 478.17 185.25 Td (to ) Tj ET Q q 0 0 0 rg BT 488.00 185.25 Td (a ) Tj ET Q q 0 0 0 rg BT 494.50 185.25 Td (dif) Tj ET Q q 0 0 0 rg BT 505.43 185.25 Td (fering ) Tj ET Q q 0 0 0 rg BT 531.36 185.25 Td (degree ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 173.25 Td (of ) Tj ET Q q 0 0 0 rg BT 64.59 173.25 Td (uncertainty) Tj ET Q q 0 0 0 rg BT 108.92 173.25 Td (, ) Tj ET Q q 0 0 0 rg BT 113.67 173.25 Td (including ) Tj ET Q q 0 0 0 rg BT 153.70 173.25 Td (the ) Tj ET Q q 0 0 0 rg BT 168.17 173.25 Td (facts ) Tj ET Q q 0 0 0 rg BT 189.31 173.25 Td (and ) Tj ET Q q 0 0 0 rg BT 206.00 173.25 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 264.90 173.25 Td (of ) Tj ET Q q 0 0 0 rg BT 275.48 173.25 Td (each ) Tj ET Q q 0 0 0 rg BT 296.06 173.25 Td (particular ) Tj ET Q q 0 0 0 rg BT 336.62 173.25 Td (case ) Tj ET Q q 0 0 0 rg BT 356.08 173.25 Td (and ) Tj ET Q q 0 0 0 rg BT 372.78 173.25 Td (the ) Tj ET Q q 0 0 0 rg BT 387.25 173.25 Td (manner ) Tj ET Q q 0 0 0 rg BT 419.49 173.25 Td (in ) Tj ET Q q 0 0 0 rg BT 429.53 173.25 Td (which ) Tj ET Q q 0 0 0 rg BT 456.22 173.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 499.57 173.25 Td (law ) Tj ET Q q 0 0 0 rg BT 516.26 173.25 Td (is ) Tj ET Q q 0 0 0 rg BT 525.19 173.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 550.22 173.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 161.25 Td (be ) Tj ET Q q 0 0 0 rg BT 66.93 161.25 Td (interpreted ) Tj ET Q q 0 0 0 rg BT 113.74 161.25 Td (and ) Tj ET Q q 0 0 0 rg BT 131.68 161.25 Td (applied ) Tj ET Q q 0 0 0 rg BT 164.61 161.25 Td (to ) Tj ET Q q 0 0 0 rg BT 175.88 161.25 Td (such ) Tj ET Q q 0 0 0 rg BT 197.71 161.25 Td (fact ) Tj ET Q q 0 0 0 rg BT 216.19 161.25 Td (and ) Tj ET Q q 0 0 0 rg BT 234.12 161.25 Td (circumstances, ) Tj ET Q q 0 0 0 rg BT 296.76 161.25 Td (and ) Tj ET Q q 0 0 0 rg BT 314.69 161.25 Td (the ) Tj ET Q q 0 0 0 rg BT 330.41 161.25 Td (jurisdiction ) Tj ET Q q 0 0 0 rg BT 379.45 161.25 Td (and ) Tj ET Q q 0 0 0 rg BT 397.39 161.25 Td (the ) Tj ET Q q 0 0 0 rg BT 413.10 161.25 Td (dif) Tj ET Q q 0 0 0 rg BT 424.03 161.25 Td (ferent ) Tj ET Q q 0 0 0 rg BT 450.84 161.25 Td (laws ) Tj ET Q q 0 0 0 rg BT 472.67 161.25 Td (involved. ) Tj ET Q q 0 0 0 rg BT 513.41 161.25 Td (The ) Tj ET Q q 0 0 0 rg BT 532.45 161.25 Td (Group ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 149.25 Td (monitors ) Tj ET Q q 0 0 0 rg BT 92.78 149.25 Td (the ) Tj ET Q q 0 0 0 rg BT 108.22 149.25 Td (status ) Tj ET Q q 0 0 0 rg BT 134.23 149.25 Td (of ) Tj ET Q q 0 0 0 rg BT 145.78 149.25 Td (pending ) Tj ET Q q 0 0 0 rg BT 181.22 149.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 203.88 149.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 255.42 149.25 Td (and ) Tj ET Q q 0 0 0 rg BT 273.09 149.25 Td (consults ) Tj ET Q q 0 0 0 rg BT 309.09 149.25 Td (with ) Tj ET Q q 0 0 0 rg BT 330.09 149.25 Td (experts ) Tj ET Q q 0 0 0 rg BT 362.20 149.25 Td (on ) Tj ET Q q 0 0 0 rg BT 375.42 149.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 398.08 149.25 Td (and ) Tj ET Q q 0 0 0 rg BT 415.74 149.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 431.19 149.25 Td (matters ) Tj ET Q q 0 0 0 rg BT 463.84 149.25 Td (on ) Tj ET Q q 0 0 0 rg BT 477.07 149.25 Td (a ) Tj ET Q q 0 0 0 rg BT 484.73 149.25 Td (regular ) Tj ET Q q 0 0 0 rg BT 516.27 149.25 Td (basis. ) Tj ET Q q 0 0 0 rg BT 542.00 149.25 Td (It ) Tj ET Q q 0 0 0 rg BT 551.33 149.25 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 137.25 Td (therefore ) Tj ET Q q 0 0 0 rg BT 91.47 137.25 Td (possible ) Tj ET Q q 0 0 0 rg BT 125.64 137.25 Td (that ) Tj ET Q q 0 0 0 rg BT 142.02 137.25 Td (the ) Tj ET Q q 0 0 0 rg BT 155.63 137.25 Td (provisions ) Tj ET Q q 0 0 0 rg BT 198.69 137.25 Td (for ) Tj ET Q q 0 0 0 rg BT 211.73 137.25 Td (the ) Tj ET Q q 0 0 0 rg BT 225.34 137.25 Td (Group) Tj ET Q q 0 0 0 rg BT 253.67 137.25 Td (s ) Tj ET Q q 0 0 0 rg BT 258.95 137.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 279.77 137.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 329.47 137.25 Td (and ) Tj ET Q q 0 0 0 rg BT 345.30 137.25 Td (litigation ) Tj ET Q q 0 0 0 rg BT 382.80 137.25 Td (may ) Tj ET Q q 0 0 0 rg BT 401.40 137.25 Td (vary ) Tj ET Q q 0 0 0 rg BT 420.56 137.25 Td (as ) Tj ET Q q 0 0 0 rg BT 430.28 137.25 Td (the ) Tj ET Q q 0 0 0 rg BT 443.88 137.25 Td (result ) Tj ET Q q 0 0 0 rg BT 467.49 137.25 Td (of ) Tj ET Q q 0 0 0 rg BT 477.21 137.25 Td (future ) Tj ET Q q 0 0 0 rg BT 502.47 137.25 Td (developments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 125.25 Td (in ) Tj ET Q q 0 0 0 rg BT 64.28 125.25 Td (pending ) Tj ET Q q 0 0 0 rg BT 99.00 125.25 Td (matters. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 101.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 101.25 Td (Litigation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 77.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 77.25 Td (V) Tj ET Q q 0 0 0 rg BT 96.11 77.25 Td (arious ) Tj ET Q q 0 0 0 rg BT 123.13 77.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 145.13 77.25 Td (proceedings, ) Tj ET Q q 0 0 0 rg BT 198.52 77.25 Td (claims ) Tj ET Q q 0 0 0 rg BT 227.20 77.25 Td (and ) Tj ET Q q 0 0 0 rg BT 244.22 77.25 Td (governmental ) Tj ET Q q 0 0 0 rg BT 301.77 77.25 Td (investigations ) Tj ET Q q 0 0 0 rg BT 359.90 77.25 Td (are ) Tj ET Q q 0 0 0 rg BT 374.68 77.25 Td (pending ) Tj ET Q q 0 0 0 rg BT 409.47 77.25 Td (against ) Tj ET Q q 0 0 0 rg BT 440.37 77.25 Td (the ) Tj ET Q q 0 0 0 rg BT 455.16 77.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 483.29 77.25 Td (on ) Tj ET Q q 0 0 0 rg BT 495.86 77.25 Td (a ) Tj ET Q q 0 0 0 rg BT 502.88 77.25 Td (wide ) Tj ET Q q 0 0 0 rg BT 524.89 77.25 Td (range ) Tj ET Q q 0 0 0 rg BT 549.67 77.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 65.25 Td (topics, ) Tj ET Q q 0 0 0 rg BT 84.57 65.25 Td (including ) Tj ET Q q 0 0 0 rg BT 126.52 65.25 Td (car ) Tj ET Q q 0 0 0 rg BT 142.91 65.25 Td (safety; ) Tj ET Q q 0 0 0 rg BT 173.74 65.25 Td (emissions ) Tj ET Q q 0 0 0 rg BT 217.37 65.25 Td (and ) Tj ET Q q 0 0 0 rg BT 235.99 65.25 Td (fuel ) Tj ET Q q 0 0 0 rg BT 255.72 65.25 Td (economy) Tj ET Q q 0 0 0 rg BT 291.72 65.25 Td (, ) Tj ET Q q 0 0 0 rg BT 298.40 65.25 Td (early ) Tj ET Q q 0 0 0 rg BT 322.57 65.25 Td (warning ) Tj ET Q q 0 0 0 rg BT 359.52 65.25 Td (reporting; ) Tj ET Q q 0 0 0 rg BT 403.13 65.25 Td (dealer) Tj ET Q q 0 0 0 rg BT 427.15 65.25 Td (, ) Tj ET Q q 0 0 0 rg BT 433.83 65.25 Td (supplier ) Tj ET Q q 0 0 0 rg BT 470.23 65.25 Td (and ) Tj ET Q q 0 0 0 rg BT 488.85 65.25 Td (other ) Tj ET Q q 0 0 0 rg BT 513.58 65.25 Td (contractual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 53.25 Td (relationships; ) Tj ET Q q 0 0 0 rg BT 110.51 53.25 Td (intellectual ) Tj ET Q q 0 0 0 rg BT 157.56 53.25 Td (property ) Tj ET Q q 0 0 0 rg BT 194.07 53.25 Td (rights ) Tj ET Q q 0 0 0 rg BT 219.48 53.25 Td (and ) Tj ET Q q 0 0 0 rg BT 236.55 53.25 Td (product ) Tj ET Q q 0 0 0 rg BT 269.72 53.25 Td (warranties ) Tj ET Q q 0 0 0 rg BT 314.00 53.25 Td (matters. ) Tj ET Q q 0 0 0 rg BT 348.56 53.25 Td (Some ) Tj ET Q q 0 0 0 rg BT 373.97 53.25 Td (of ) Tj ET Q q 0 0 0 rg BT 384.93 53.25 Td (these ) Tj ET Q q 0 0 0 rg BT 408.10 53.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 459.05 53.25 Td (allege ) Tj ET Q q 0 0 0 rg BT 485.55 53.25 Td (defects ) Tj ET Q q 0 0 0 rg BT 516.50 53.25 Td (in ) Tj ET Q q 0 0 0 rg BT 526.90 53.25 Td (specific ) Tj ET Q endstream endobj 347 0 obj <> endobj 348 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 760.75 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 760.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.60 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 199.82 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 206.31 748.75 Td (O ) Tj ET Q q 0 0 0 rg BT 216.41 748.75 Td (THE CONSOLIDA) Tj ET Q q 0 0 0 rg BT 299.85 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 379.03 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 393.02 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 399.50 748.75 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.60 736.75 Td (At December) Tj ET Q q 0 0 0 rg BT 294.78 736.75 Td (31, 2015 and 2014) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 294.65 32.20 Td (F-24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 713.10 Td (component ) Tj ET Q q 0 0 0 rg BT 100.28 713.10 Td (parts ) Tj ET Q q 0 0 0 rg BT 121.56 713.10 Td (or ) Tj ET Q q 0 0 0 rg BT 131.73 713.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 165.25 713.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 208.19 713.10 Td (airbags, ) Tj ET Q q 0 0 0 rg BT 241.41 713.10 Td (seat ) Tj ET Q q 0 0 0 rg BT 258.80 713.10 Td (belts, ) Tj ET Q q 0 0 0 rg BT 282.03 713.10 Td (brakes, ) Tj ET Q q 0 0 0 rg BT 312.47 713.10 Td (transmissions, ) Tj ET Q q 0 0 0 rg BT 371.27 713.10 Td (engines ) Tj ET Q q 0 0 0 rg BT 403.66 713.10 Td (and ) Tj ET Q q 0 0 0 rg BT 419.94 713.10 Td (fuel ) Tj ET Q q 0 0 0 rg BT 437.33 713.10 Td (systems\) ) Tj ET Q q 0 0 0 rg BT 474.17 713.10 Td (in ) Tj ET Q q 0 0 0 rg BT 483.79 713.10 Td (various ) Tj ET Q q 0 0 0 rg BT 515.07 713.10 Td (car ) Tj ET Q q 0 0 0 rg BT 529.12 713.10 Td (models ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 701.10 Td (or ) Tj ET Q q 0 0 0 rg BT 64.83 701.10 Td (allege ) Tj ET Q q 0 0 0 rg BT 91.20 701.10 Td (general ) Tj ET Q q 0 0 0 rg BT 123.13 701.10 Td (design ) Tj ET Q q 0 0 0 rg BT 151.73 701.10 Td (defects ) Tj ET Q q 0 0 0 rg BT 182.55 701.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 215.59 701.10 Td (to ) Tj ET Q q 0 0 0 rg BT 225.87 701.10 Td (car ) Tj ET Q q 0 0 0 rg BT 240.58 701.10 Td (handling ) Tj ET Q q 0 0 0 rg BT 278.07 701.10 Td (and ) Tj ET Q q 0 0 0 rg BT 295.01 701.10 Td (stability) Tj ET Q q 0 0 0 rg BT 326.58 701.10 Td (, ) Tj ET Q q 0 0 0 rg BT 331.58 701.10 Td (sudden ) Tj ET Q q 0 0 0 rg BT 362.41 701.10 Td (unintended ) Tj ET Q q 0 0 0 rg BT 409.35 701.10 Td (movement ) Tj ET Q q 0 0 0 rg BT 454.06 701.10 Td (or ) Tj ET Q q 0 0 0 rg BT 464.89 701.10 Td (crashworthiness. ) Tj ET Q q 0 0 0 rg BT 534.14 701.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 689.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 104.60 689.10 Td (seek ) Tj ET Q q 0 0 0 rg BT 124.66 689.10 Td (recovery ) Tj ET Q q 0 0 0 rg BT 161.92 689.10 Td (for ) Tj ET Q q 0 0 0 rg BT 175.87 689.10 Td (damage ) Tj ET Q q 0 0 0 rg BT 209.25 689.10 Td (to ) Tj ET Q q 0 0 0 rg BT 219.31 689.10 Td (property) Tj ET Q q 0 0 0 rg BT 252.54 689.10 Td (, ) Tj ET Q q 0 0 0 rg BT 257.33 689.10 Td (personal ) Tj ET Q q 0 0 0 rg BT 293.49 689.10 Td (injuries ) Tj ET Q q 0 0 0 rg BT 325.77 689.10 Td (or ) Tj ET Q q 0 0 0 rg BT 336.39 689.10 Td (wrongful ) Tj ET Q q 0 0 0 rg BT 375.33 689.10 Td (death ) Tj ET Q q 0 0 0 rg BT 399.28 689.10 Td (and ) Tj ET Q q 0 0 0 rg BT 416.00 689.10 Td (in ) Tj ET Q q 0 0 0 rg BT 426.07 689.10 Td (some ) Tj ET Q q 0 0 0 rg BT 449.46 689.10 Td (cases ) Tj ET Q q 0 0 0 rg BT 472.85 689.10 Td (could ) Tj ET Q q 0 0 0 rg BT 497.35 689.10 Td (include ) Tj ET Q q 0 0 0 rg BT 529.07 689.10 Td (a ) Tj ET Q q 0 0 0 rg BT 535.80 689.10 Td (claim ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 677.10 Td (for ) Tj ET Q q 0 0 0 rg BT 68.97 677.10 Td (exemplary ) Tj ET Q q 0 0 0 rg BT 114.49 677.10 Td (or ) Tj ET Q q 0 0 0 rg BT 126.13 677.10 Td (punitive ) Tj ET Q q 0 0 0 rg BT 162.22 677.10 Td (damages. ) Tj ET Q q 0 0 0 rg BT 202.29 677.10 Td (Adverse ) Tj ET Q q 0 0 0 rg BT 238.92 677.10 Td (decisions ) Tj ET Q q 0 0 0 rg BT 279.45 677.10 Td (in ) Tj ET Q q 0 0 0 rg BT 290.54 677.10 Td (one ) Tj ET Q q 0 0 0 rg BT 308.29 677.10 Td (or ) Tj ET Q q 0 0 0 rg BT 319.93 677.10 Td (more ) Tj ET Q q 0 0 0 rg BT 343.79 677.10 Td (of ) Tj ET Q q 0 0 0 rg BT 355.44 677.10 Td (these ) Tj ET Q q 0 0 0 rg BT 379.30 677.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 430.93 677.10 Td (could ) Tj ET Q q 0 0 0 rg BT 456.46 677.10 Td (require ) Tj ET Q q 0 0 0 rg BT 488.08 677.10 Td (the ) Tj ET Q q 0 0 0 rg BT 503.61 677.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 532.48 677.10 Td (to ) Tj ET Q q 0 0 0 rg BT 543.57 677.10 Td (pay ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 665.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 99.27 665.10 Td (damages, ) Tj ET Q q 0 0 0 rg BT 139.26 665.10 Td (or ) Tj ET Q q 0 0 0 rg BT 150.09 665.10 Td (undertake ) Tj ET Q q 0 0 0 rg BT 192.01 665.10 Td (service ) Tj ET Q q 0 0 0 rg BT 222.83 665.10 Td (actions, ) Tj ET Q q 0 0 0 rg BT 256.15 665.10 Td (recall ) Tj ET Q q 0 0 0 rg BT 280.86 665.10 Td (campaigns ) Tj ET Q q 0 0 0 rg BT 326.12 665.10 Td (or ) Tj ET Q q 0 0 0 rg BT 336.95 665.10 Td (other ) Tj ET Q q 0 0 0 rg BT 360.00 665.10 Td (costly ) Tj ET Q q 0 0 0 rg BT 386.38 665.10 Td (actions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 641.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 641.10 Td (Litigation ) Tj ET Q q 0 0 0 rg BT 131.55 641.10 Td (is ) Tj ET Q q 0 0 0 rg BT 140.32 641.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 170.75 641.10 Td (to ) Tj ET Q q 0 0 0 rg BT 180.64 641.10 Td (many ) Tj ET Q q 0 0 0 rg BT 204.96 641.10 Td (uncertainties, ) Tj ET Q q 0 0 0 rg BT 260.66 641.10 Td (and ) Tj ET Q q 0 0 0 rg BT 277.20 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 291.53 641.10 Td (outcome ) Tj ET Q q 0 0 0 rg BT 328.07 641.10 Td (of ) Tj ET Q q 0 0 0 rg BT 338.51 641.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 381.16 641.10 Td (matters ) Tj ET Q q 0 0 0 rg BT 412.71 641.10 Td (is ) Tj ET Q q 0 0 0 rg BT 421.48 641.10 Td (not ) Tj ET Q q 0 0 0 rg BT 436.37 641.10 Td (predictable ) Tj ET Q q 0 0 0 rg BT 482.89 641.10 Td (with ) Tj ET Q q 0 0 0 rg BT 502.78 641.10 Td (assurance. ) Tj ET Q q 0 0 0 rg BT 545.79 641.10 Td (An ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 629.10 Td (accrual ) Tj ET Q q 0 0 0 rg BT 84.72 629.10 Td (is ) Tj ET Q q 0 0 0 rg BT 93.24 629.10 Td (established ) Tj ET Q q 0 0 0 rg BT 139.52 629.10 Td (in ) Tj ET Q q 0 0 0 rg BT 149.16 629.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 194.88 629.10 Td (with ) Tj ET Q q 0 0 0 rg BT 214.51 629.10 Td (pending ) Tj ET Q q 0 0 0 rg BT 248.58 629.10 Td (or ) Tj ET Q q 0 0 0 rg BT 258.77 629.10 Td (threatened ) Tj ET Q q 0 0 0 rg BT 302.26 629.10 Td (litigation ) Tj ET Q q 0 0 0 rg BT 340.22 629.10 Td (if ) Tj ET Q q 0 0 0 rg BT 348.18 629.10 Td (a ) Tj ET Q q 0 0 0 rg BT 354.47 629.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 371.89 629.10 Td (is ) Tj ET Q q 0 0 0 rg BT 380.41 629.10 Td (probable ) Tj ET Q q 0 0 0 rg BT 417.25 629.10 Td (and ) Tj ET Q q 0 0 0 rg BT 433.54 629.10 Td (a ) Tj ET Q q 0 0 0 rg BT 439.83 629.10 Td (reliable ) Tj ET Q q 0 0 0 rg BT 471.67 629.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 506.84 629.10 Td (can ) Tj ET Q q 0 0 0 rg BT 522.57 629.10 Td (be ) Tj ET Q q 0 0 0 rg BT 533.86 629.10 Td (made. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 617.10 Td (Since ) Tj ET Q q 0 0 0 rg BT 78.64 617.10 Td (these ) Tj ET Q q 0 0 0 rg BT 101.62 617.10 Td (accruals ) Tj ET Q q 0 0 0 rg BT 136.80 617.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 175.87 617.10 Td (estimates, ) Tj ET Q q 0 0 0 rg BT 218.01 617.10 Td (it ) Tj ET Q q 0 0 0 rg BT 225.99 617.10 Td (is ) Tj ET Q q 0 0 0 rg BT 235.09 617.10 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 280.83 617.10 Td (possible ) Tj ET Q q 0 0 0 rg BT 316.04 617.10 Td (that ) Tj ET Q q 0 0 0 rg BT 333.46 617.10 Td (the ) Tj ET Q q 0 0 0 rg BT 348.10 617.10 Td (resolution ) Tj ET Q q 0 0 0 rg BT 390.52 617.10 Td (of ) Tj ET Q q 0 0 0 rg BT 401.28 617.10 Td (some ) Tj ET Q q 0 0 0 rg BT 424.82 617.10 Td (of ) Tj ET Q q 0 0 0 rg BT 435.57 617.10 Td (these ) Tj ET Q q 0 0 0 rg BT 458.55 617.10 Td (matters ) Tj ET Q q 0 0 0 rg BT 490.41 617.10 Td (could ) Tj ET Q q 0 0 0 rg BT 515.05 617.10 Td (require ) Tj ET Q q 0 0 0 rg BT 545.79 617.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 605.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 82.72 605.10 Td (to ) Tj ET Q q 0 0 0 rg BT 93.68 605.10 Td (make ) Tj ET Q q 0 0 0 rg BT 118.50 605.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 160.00 605.10 Td (in ) Tj ET Q q 0 0 0 rg BT 170.95 605.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 200.22 605.10 Td (of ) Tj ET Q q 0 0 0 rg BT 211.73 605.10 Td (the ) Tj ET Q q 0 0 0 rg BT 227.12 605.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 264.18 605.10 Td (accrued. ) Tj ET Q q 0 0 0 rg BT 300.93 605.10 Td (It ) Tj ET Q q 0 0 0 rg BT 310.21 605.10 Td (is ) Tj ET Q q 0 0 0 rg BT 320.06 605.10 Td (also ) Tj ET Q q 0 0 0 rg BT 339.34 605.10 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 385.83 605.10 Td (possible ) Tj ET Q q 0 0 0 rg BT 421.78 605.10 Td (that ) Tj ET Q q 0 0 0 rg BT 439.95 605.10 Td (the ) Tj ET Q q 0 0 0 rg BT 455.34 605.10 Td (resolution ) Tj ET Q q 0 0 0 rg BT 498.50 605.10 Td (of ) Tj ET Q q 0 0 0 rg BT 510.01 605.10 Td (some ) Tj ET Q q 0 0 0 rg BT 534.29 605.10 Td (of ) Tj ET Q q 0 0 0 rg BT 545.79 605.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 593.10 Td (matters ) Tj ET Q q 0 0 0 rg BT 85.87 593.10 Td (for ) Tj ET Q q 0 0 0 rg BT 99.97 593.10 Td (which ) Tj ET Q q 0 0 0 rg BT 126.84 593.10 Td (accruals ) Tj ET Q q 0 0 0 rg BT 162.03 593.10 Td (could ) Tj ET Q q 0 0 0 rg BT 186.69 593.10 Td (not ) Tj ET Q q 0 0 0 rg BT 201.90 593.10 Td (be ) Tj ET Q q 0 0 0 rg BT 213.78 593.10 Td (made ) Tj ET Q q 0 0 0 rg BT 237.87 593.10 Td (may ) Tj ET Q q 0 0 0 rg BT 257.52 593.10 Td (require ) Tj ET Q q 0 0 0 rg BT 288.27 593.10 Td (the ) Tj ET Q q 0 0 0 rg BT 302.93 593.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 330.91 593.10 Td (to ) Tj ET Q q 0 0 0 rg BT 341.13 593.10 Td (make ) Tj ET Q q 0 0 0 rg BT 365.22 593.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 405.98 593.10 Td (in ) Tj ET Q q 0 0 0 rg BT 416.20 593.10 Td (an ) Tj ET Q q 0 0 0 rg BT 428.07 593.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 460.50 593.10 Td (or ) Tj ET Q q 0 0 0 rg BT 471.27 593.10 Td (range ) Tj ET Q q 0 0 0 rg BT 495.91 593.10 Td (of ) Tj ET Q q 0 0 0 rg BT 506.68 593.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 543.00 593.10 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 581.10 Td (could ) Tj ET Q q 0 0 0 rg BT 78.72 581.10 Td (not ) Tj ET Q q 0 0 0 rg BT 94.00 581.10 Td (be ) Tj ET Q q 0 0 0 rg BT 105.93 581.10 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 151.75 581.10 Td (estimated. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 557.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 557.10 Td (The ) Tj ET Q q 0 0 0 rg BT 107.48 557.10 Td (term ) Tj ET Q q 0 0 0 rg BT 127.75 557.10 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 177.44 557.10 Td (possible ) Tj ET Q q 0 0 0 rg BT 216.59 557.10 Td (is ) Tj ET Q q 0 0 0 rg BT 225.20 557.10 Td (used ) Tj ET Q q 0 0 0 rg BT 245.47 557.10 Td (herein ) Tj ET Q q 0 0 0 rg BT 272.39 557.10 Td (to ) Tj ET Q q 0 0 0 rg BT 282.11 557.10 Td (mean ) Tj ET Q q 0 0 0 rg BT 305.70 557.10 Td (that ) Tj ET Q q 0 0 0 rg BT 322.63 557.10 Td (the ) Tj ET Q q 0 0 0 rg BT 336.79 557.10 Td (chance ) Tj ET Q q 0 0 0 rg BT 366.48 557.10 Td (of ) Tj ET Q q 0 0 0 rg BT 376.75 557.10 Td (a ) Tj ET Q q 0 0 0 rg BT 383.12 557.10 Td (future ) Tj ET Q q 0 0 0 rg BT 408.94 557.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 454.75 557.10 Td (or ) Tj ET Q q 0 0 0 rg BT 465.01 557.10 Td (event ) Tj ET Q q 0 0 0 rg BT 488.61 557.10 Td (occurring ) Tj ET Q q 0 0 0 rg BT 528.86 557.10 Td (is ) Tj ET Q q 0 0 0 rg BT 537.47 557.10 Td (more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 545.10 Td (than ) Tj ET Q q 0 0 0 rg BT 73.26 545.10 Td (remote ) Tj ET Q q 0 0 0 rg BT 103.06 545.10 Td (but ) Tj ET Q q 0 0 0 rg BT 117.88 545.10 Td (less ) Tj ET Q q 0 0 0 rg BT 134.92 545.10 Td (than ) Tj ET Q q 0 0 0 rg BT 154.18 545.10 Td (probable. ) Tj ET Q q 0 0 0 rg BT 193.25 545.10 Td (Although ) Tj ET Q q 0 0 0 rg BT 233.07 545.10 Td (the ) Tj ET Q q 0 0 0 rg BT 247.33 545.10 Td (final ) Tj ET Q q 0 0 0 rg BT 267.69 545.10 Td (resolution ) Tj ET Q q 0 0 0 rg BT 309.73 545.10 Td (of ) Tj ET Q q 0 0 0 rg BT 320.10 545.10 Td (any ) Tj ET Q q 0 0 0 rg BT 336.58 545.10 Td (such ) Tj ET Q q 0 0 0 rg BT 356.95 545.10 Td (matters ) Tj ET Q q 0 0 0 rg BT 388.42 545.10 Td (could ) Tj ET Q q 0 0 0 rg BT 412.68 545.10 Td (have ) Tj ET Q q 0 0 0 rg BT 433.59 545.10 Td (a ) Tj ET Q q 0 0 0 rg BT 440.07 545.10 Td (material ) Tj ET Q q 0 0 0 rg BT 474.87 545.10 Td (ef) Tj ET Q q 0 0 0 rg BT 482.46 545.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 499.48 545.10 Td (on ) Tj ET Q q 0 0 0 rg BT 511.52 545.10 Td (the ) Tj ET Q q 0 0 0 rg BT 525.78 545.10 Td (Group) Tj ET Q q 0 0 0 rg BT 554.11 545.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 533.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 94.51 533.10 Td (results ) Tj ET Q q 0 0 0 rg BT 123.37 533.10 Td (for ) Tj ET Q q 0 0 0 rg BT 137.78 533.10 Td (the ) Tj ET Q q 0 0 0 rg BT 152.75 533.10 Td (particular ) Tj ET Q q 0 0 0 rg BT 193.80 533.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 233.21 533.10 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361.75 149.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.50 361.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.50 361.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 361.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 361.75 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 361.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 361.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 361.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 361.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 361.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 361.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 361.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 361.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 333.75 149.00 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gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.50 299.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.50 299.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 299.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 299.75 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 299.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 299.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 299.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 299.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 299.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 299.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 299.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 299.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 273.75 149.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.50 273.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.50 273.75 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 273.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 273.75 66.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 273.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 273.75 55.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 273.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 273.75 55.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 273.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 273.75 55.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 273.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 273.75 55.00 -21.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 647.75 m 381.5 647.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 647.75 m 385.5 647.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 647.75 m 440.5 647.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 647.75 m 499.5 647.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 647.75 m 503.5 647.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 647.75 m 558.5 647.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 626.75 m 203.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 626.75 m 252.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 626.75 m 322.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 626.75 m 381.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 626.75 m 440.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 626.75 m 499.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 626.75 m 558.5 626.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 345.50 651.98 Td (AtDecember) Tj ET Q q 0 0 0 rg BT 390.44 651.98 Td (31, 2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 463.50 651.98 Td (AtDecember) Tj ET Q q 0 0 0 rg BT 508.44 651.98 Td (31, 2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 630.98 Td (Name) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 210.00 630.98 Td (Country) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 259.00 638.98 Td (Natur) Tj ET Q q 0 0 0 rg BT 279.30 638.98 Td (e of ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 259.00 630.98 Td (business) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 333.65 638.98 Td (Shar) Tj ET Q q 0 0 0 rg BT 349.95 638.98 Td (es held ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.65 630.98 Td (by the Gr) Tj ET Q q 0 0 0 rg BT 363.39 630.98 Td (oup) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 392.65 638.98 Td (Shar) Tj ET Q q 0 0 0 rg BT 408.95 638.98 Td (es held ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.90 630.98 Td (by NCI) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.65 638.98 Td (Shar) Tj ET Q q 0 0 0 rg BT 467.95 638.98 Td (es held ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.65 630.98 Td (by the Gr) Tj ET Q q 0 0 0 rg BT 481.39 630.98 Td (oup) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.65 638.98 Td (Shar) Tj ET Q q 0 0 0 rg BT 526.95 638.98 Td (es held ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.90 630.98 Td (by NCI) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 617.98 Td (Dir) Tj ET Q q 0 0 0 rg BT 68.41 617.98 Td (ectly held inter) Tj ET Q q 0 0 0 rg BT 119.36 617.98 Td (ests) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 603.00 Td (Ferrari S.p.A. ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 102.99 606.63 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 210.00 603.00 Td (Italy) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.00 603.00 Td (Manufacturing) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.30 603.00 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.30 603.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.30 603.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.30 603.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.40 603.00 Td (n.a.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.40 603.00 Td (n.a.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 577.98 Td (Indir) Tj ET Q q 0 0 0 rg BT 74.64 577.98 Td (ectly held thr) Tj ET Q q 0 0 0 rg BT 119.82 577.98 Td (ough Ferrari S.p.A. ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 188.71 581.61 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 557.00 Td (Ferrari North America Inc.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 210.00 557.00 Td (USA) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.00 565.00 Td (Importer and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.00 557.00 Td (distributor) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.30 557.00 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.30 557.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.30 557.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.30 557.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 480.30 557.00 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 557.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 557.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 557.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 536.00 Td (Ferrari Japan KK) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 210.00 536.00 Td (Japan) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.00 544.00 Td (Importer and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.00 536.00 Td (distributor) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.30 536.00 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.30 536.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.30 536.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.30 536.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 480.30 536.00 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 536.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 536.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 536.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 515.00 Td (Ferrari Australasia Pty Limited) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 210.00 515.00 Td (Australia) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.00 523.00 Td (Importer and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.00 515.00 Td (distributor) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.30 515.00 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.30 515.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.30 515.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.30 515.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 480.30 515.00 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 515.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 515.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 515.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 502.00 Td (Ferrari International Cars ) Tj ET Q q 0 0 0 rg BT 140.16 502.00 Td (T) Tj ET Q q 0 0 0 rg BT 144.76 502.00 Td (rading ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 494.00 Td (\(Shanghai\) Co. L.t.d. ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 126.55 497.63 Td (\(2\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 210.00 494.00 Td (China) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.00 502.00 Td (Importer and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.00 494.00 Td (distributor) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.30 494.00 Td (80) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.30 494.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.30 494.00 Td (20) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.30 494.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.30 494.00 Td (80) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 494.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 494.00 Td (20) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 494.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 481.00 Td (Ferrari Far East Pte Limited) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 210.00 481.00 Td (Singapore) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.00 481.00 Td (Service company) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.30 481.00 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.30 481.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.30 481.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.30 481.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 480.30 481.00 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 481.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 481.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 481.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 468.00 Td (Ferrari Management Consulting \(Shanghai\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 460.00 Td (Co. L.t.d.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 210.00 460.00 Td (China) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.00 460.00 Td (Service company) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.30 460.00 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.30 460.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.30 460.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.30 460.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 480.30 460.00 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 460.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 460.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 460.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 447.00 Td (Ferrari South West Europe S.a.r.l.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 210.00 447.00 Td (France) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.00 447.00 Td (Service company) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.30 447.00 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.30 447.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.30 447.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.30 447.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 480.30 447.00 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 447.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 447.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 447.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 434.00 Td (Ferrari Central East Europe GmbH) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 210.00 434.00 Td (Germany) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.00 434.00 Td (Service company) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.30 434.00 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.30 434.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.30 434.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.30 434.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 480.30 434.00 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 434.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 434.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 434.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 421.00 Td (G.S.A. S.A.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 210.00 421.00 Td (Switzerland) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.00 421.00 Td (Service company) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.30 421.00 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.30 421.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.30 421.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.30 421.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 480.30 421.00 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 421.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 421.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 421.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 408.00 Td (Ferrari North Europe L.t.d.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 210.00 408.00 Td (UK) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.00 408.00 Td (Service company) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.30 408.00 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.30 408.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.30 408.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.30 408.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 480.30 408.00 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 408.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 408.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 408.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 387.00 Td (Ferrari GED S.p.A. ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 121.43 390.63 Td (\(3\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 210.00 387.00 Td (Italy) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.00 395.00 Td (Investment) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.00 387.00 Td (property) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.40 387.00 Td (n.a.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.40 387.00 Td (n.a.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 480.30 387.00 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 387.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 387.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 387.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 366.00 Td (Mugello Circuit S.p.A.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 210.00 366.00 Td (Italy) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.00 374.00 Td (Racetrack) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.00 366.00 Td (management) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.30 366.00 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.30 366.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.30 366.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.30 366.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 480.30 366.00 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 366.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 366.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 366.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 353.00 Td (Ferrari Financial Services S.p.A. ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 163.86 356.63 Td (\(4\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 210.00 353.00 Td (Italy) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.00 353.00 Td (Financial services) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.30 353.00 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.30 353.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.30 353.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.30 353.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.30 353.00 Td (90) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 353.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 353.00 Td (10) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 353.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 324.98 Td (Indir) Tj ET Q q 0 0 0 rg BT 74.64 324.98 Td (ectly held thr) Tj ET Q q 0 0 0 rg BT 119.82 324.98 Td (ough other) Tj ET Q q 0 0 0 rg BT 156.79 324.98 Td ( Gr) Tj ET Q q 0 0 0 rg BT 168.42 324.98 Td (oup ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 316.98 Td (entities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 304.00 Td (Ferrari Financial Services ) Tj ET Q q 0 0 0 rg BT 141.20 304.00 Td (A.G. ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 158.75 307.63 Td (\(5\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 210.00 304.00 Td (Germany) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.00 304.00 Td (Financial services) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.30 304.00 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.30 304.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.30 304.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.30 304.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.30 304.00 Td (90) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 304.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 304.00 Td (10) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 304.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 291.00 Td (Ferrari Financial Services Inc. ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 155.85 294.63 Td (\(5\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 210.00 291.00 Td (USA) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.00 291.00 Td (Financial services) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.30 291.00 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.30 291.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.30 291.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.30 291.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.30 291.00 Td (90) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 291.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 291.00 Td (10) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 291.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 278.00 Td (Ferrari Financial Services Japan KK ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 175.41 281.63 Td (\(5\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 210.00 278.00 Td (Japan) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.00 278.00 Td (Financial services) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.30 278.00 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.30 278.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.30 278.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.30 278.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.30 278.00 Td (90) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 278.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 278.00 Td (10) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 278.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 257.00 Td (410, Park Display Inc. ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 130.77 260.63 Td (\(6\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 210.00 257.00 Td (USA) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.00 265.00 Td (Company holding) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.00 257.00 Td (real estate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.30 257.00 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.30 257.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.30 257.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.30 257.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 480.30 257.00 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 257.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 257.00 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 241.25 Td (______________________________) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 231.65 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 72.00 231.65 Td (As a r) Tj ET Q q 0 0 0 rg BT 90.82 231.65 Td (esult of the Restructuring Ferrari N.V) Tj ET Q q 0 0 0 rg BT 211.11 231.65 Td (. became the par) Tj ET Q q 0 0 0 rg BT 264.13 231.65 Td (ent company of the Gr) Tj ET Q q 0 0 0 rg BT 335.37 231.65 Td (oup and dir) Tj ET Q q 0 0 0 rg BT 372.41 231.65 Td (ectly owns Ferrari S.p.A.. Prior to the Restructuring ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 222.05 Td (Ferrari S.p.A. was the par) Tj ET Q q 0 0 0 rg BT 155.93 222.05 Td (ent entity of the Gr) Tj ET Q q 0 0 0 rg BT 216.06 222.05 Td (oup.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 212.45 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 72.00 212.45 Td (In ) Tj ET Q q 0 0 0 rg BT 80.52 212.45 Td (August 2014 the Gr) Tj ET Q q 0 0 0 rg BT 143.11 212.45 Td (oup) Tj ET Q q 0 0 0 rg BT 156.74 212.45 Td (s shar) Tj ET Q q 0 0 0 rg BT 175.79 212.45 Td (eholding in Ferrari International Cars T) Tj ET Q q 0 0 0 rg BT 305.79 212.45 Td (rading \(Shanghai\) Co. L.t.d. incr) Tj ET Q q 0 0 0 rg BT 411.28 212.45 Td (eased fr) Tj ET Q q 0 0 0 rg BT 436.53 212.45 Td (om 59 per) Tj ET Q q 0 0 0 rg BT 468.68 212.45 Td (cent to 80 per) Tj ET Q q 0 0 0 rg BT 512.59 212.45 Td (cent. See ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 202.85 Td (Non-Contr) Tj ET Q q 0 0 0 rg BT 110.82 202.85 Td (olling inter) Tj ET Q q 0 0 0 rg BT 146.30 202.85 Td (ests" for further information.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 193.25 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 72.00 193.25 Td (In September 2015 the Gr) Tj ET Q q 0 0 0 rg BT 154.80 193.25 Td (oup enter) Tj ET Q q 0 0 0 rg BT 184.94 193.25 Td (ed into an agr) Tj ET Q q 0 0 0 rg BT 229.75 193.25 Td (eement to sell a gr) Tj ET Q q 0 0 0 rg BT 288.55 193.25 Td (oup of assets r) Tj ET Q q 0 0 0 rg BT 334.70 193.25 Td (elated to its investment pr) Tj ET Q q 0 0 0 rg BT 417.06 193.25 Td (operties, including its participation in ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 183.65 Td (Ferrari GED. S.p.A. to Maserati S.p.A..) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 174.05 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 72.00 174.05 Td (In July 2015 the Gr) Tj ET Q q 0 0 0 rg BT 134.36 174.05 Td (oup acquir) Tj ET Q q 0 0 0 rg BT 168.95 174.05 Td (ed the r) Tj ET Q q 0 0 0 rg BT 193.09 174.05 Td (emaining 10% of non-contr) Tj ET Q q 0 0 0 rg BT 281.00 174.05 Td (olling inter) Tj ET Q q 0 0 0 rg BT 316.48 174.05 Td (est of its subsidiary Ferrari Financial Services S.p.A. fr) Tj ET Q q 0 0 0 rg BT 494.17 174.05 Td (om ) Tj ET Q q 0 0 0 rg BT 505.80 174.05 Td (Aldasa GmbH, ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 164.45 Td (and as a r) Tj ET Q q 0 0 0 rg BT 103.93 164.45 Td (esult owns 100% of the shar) Tj ET Q q 0 0 0 rg BT 194.08 164.45 Td (e capital of the company) Tj ET Q q 0 0 0 rg BT 272.28 164.45 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 154.85 Td (\(5\) ) Tj ET Q q 0 0 0 rg BT 72.00 154.85 Td (Shar) Tj ET Q q 0 0 0 rg BT 86.82 154.85 Td (eholding held by Ferrari Financial Services S.p.A. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 145.25 Td (\(6\) ) Tj ET Q q 0 0 0 rg BT 72.00 145.25 Td (Shar) Tj ET Q q 0 0 0 rg BT 86.82 145.25 Td (eholding held by Ferrari North ) Tj ET Q q 0 0 0 rg BT 188.66 145.25 Td (America Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 123.65 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 123.65 Td (The ) Tj ET Q q 0 0 0 rg BT 107.01 123.65 Td (proportion ) Tj ET Q q 0 0 0 rg BT 150.68 123.65 Td (of ) Tj ET Q q 0 0 0 rg BT 160.47 123.65 Td (voting ) Tj ET Q q 0 0 0 rg BT 187.49 123.65 Td (rights ) Tj ET Q q 0 0 0 rg BT 211.73 123.65 Td (in ) Tj ET Q q 0 0 0 rg BT 220.97 123.65 Td (the ) Tj ET Q q 0 0 0 rg BT 234.64 123.65 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 283.32 123.65 Td (held ) Tj ET Q q 0 0 0 rg BT 302.00 123.65 Td (directly ) Tj ET Q q 0 0 0 rg BT 334.00 123.65 Td (or ) Tj ET Q q 0 0 0 rg BT 343.79 123.65 Td (indirectly ) Tj ET Q q 0 0 0 rg BT 383.57 123.65 Td (by ) Tj ET Q q 0 0 0 rg BT 395.03 123.65 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 423.70 123.65 Td (does ) Tj ET Q q 0 0 0 rg BT 443.49 123.65 Td (not ) Tj ET Q q 0 0 0 rg BT 457.72 123.65 Td (dif) Tj ET Q q 0 0 0 rg BT 468.65 123.65 Td (fer ) Tj ET Q q 0 0 0 rg BT 481.21 123.65 Td (from ) Tj ET Q q 0 0 0 rg BT 502.11 123.65 Td (the ) Tj ET Q q 0 0 0 rg BT 515.79 123.65 Td (proportion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 111.65 Td (of ) Tj ET Q q 0 0 0 rg BT 64.83 111.65 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 101.21 111.65 Td (shares ) Tj ET Q q 0 0 0 rg BT 128.70 111.65 Td (held. ) Tj ET Q q 0 0 0 rg BT 150.91 111.65 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 180.62 111.65 Td (does ) Tj ET Q q 0 0 0 rg BT 201.45 111.65 Td (not ) Tj ET Q q 0 0 0 rg BT 216.73 111.65 Td (have ) Tj ET Q q 0 0 0 rg BT 238.11 111.65 Td (any ) Tj ET Q q 0 0 0 rg BT 255.04 111.65 Td (shareholdings ) Tj ET Q q 0 0 0 rg BT 313.09 111.65 Td (in ) Tj ET Q q 0 0 0 rg BT 323.37 111.65 Td (preference ) Tj ET Q q 0 0 0 rg BT 368.05 111.65 Td (shares ) Tj ET Q q 0 0 0 rg BT 395.54 111.65 Td (of ) Tj ET Q q 0 0 0 rg BT 406.37 111.65 Td (subsidiaries.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 87.65 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 87.65 Td (As ) Tj ET Q q 0 0 0 rg BT 104.05 87.65 Td (permitted ) Tj ET Q q 0 0 0 rg BT 145.32 87.65 Td (by ) Tj ET Q q 0 0 0 rg BT 158.26 87.65 Td (IFRS, ) Tj ET Q q 0 0 0 rg BT 184.82 87.65 Td (certain ) Tj ET Q q 0 0 0 rg BT 214.96 87.65 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 265.12 87.65 Td (\(mainly ) Tj ET Q q 0 0 0 rg BT 299.17 87.65 Td (dormant ) Tj ET Q q 0 0 0 rg BT 335.43 87.65 Td (companies ) Tj ET Q q 0 0 0 rg BT 381.14 87.65 Td (or ) Tj ET Q q 0 0 0 rg BT 392.41 87.65 Td (entities ) Tj ET Q q 0 0 0 rg BT 424.23 87.65 Td (with ) Tj ET Q q 0 0 0 rg BT 444.95 87.65 Td (insignificant ) Tj ET Q q 0 0 0 rg BT 497.88 87.65 Td (operations\) ) Tj ET Q q 0 0 0 rg BT 545.81 87.65 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 75.65 Td (excluded ) Tj ET Q q 0 0 0 rg BT 92.23 75.65 Td (from ) Tj ET Q q 0 0 0 rg BT 113.81 75.65 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 169.83 75.65 Td (on ) Tj ET Q q 0 0 0 rg BT 181.97 75.65 Td (a ) Tj ET Q q 0 0 0 rg BT 188.55 75.65 Td (line-by-line ) Tj ET Q q 0 0 0 rg BT 237.34 75.65 Td (basis ) Tj ET Q q 0 0 0 rg BT 259.48 75.65 Td (and ) Tj ET Q q 0 0 0 rg BT 276.06 75.65 Td (are ) Tj ET Q q 0 0 0 rg BT 290.41 75.65 Td (accounted ) Tj ET Q q 0 0 0 rg BT 333.08 75.65 Td (for ) Tj ET Q q 0 0 0 rg BT 346.88 75.65 Td (at ) Tj ET Q q 0 0 0 rg BT 356.24 75.65 Td (cost. ) Tj ET Q q 0 0 0 rg BT 376.83 75.65 Td (Their ) Tj ET Q q 0 0 0 rg BT 400.63 75.65 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 441.63 75.65 Td (assets ) Tj ET Q q 0 0 0 rg BT 467.10 75.65 Td (and ) Tj ET Q q 0 0 0 rg BT 483.68 75.65 Td (revenues ) Tj ET Q q 0 0 0 rg BT 521.36 75.65 Td (represent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 63.65 Td (less ) Tj ET Q q 0 0 0 rg BT 70.96 63.65 Td (than ) Tj ET Q q 0 0 0 rg BT 90.14 63.65 Td (1 ) Tj ET Q q 0 0 0 rg BT 97.10 63.65 Td (percent ) Tj ET Q q 0 0 0 rg BT 128.48 63.65 Td (of ) Tj ET Q q 0 0 0 rg BT 138.77 63.65 Td (the ) Tj ET Q q 0 0 0 rg BT 152.94 63.65 Td (Group) Tj ET Q q 0 0 0 rg BT 181.27 63.65 Td (s ) Tj ET Q q 0 0 0 rg BT 187.13 63.65 Td (respective ) Tj ET Q q 0 0 0 rg BT 229.62 63.65 Td (amounts ) Tj ET Q q 0 0 0 rg BT 265.46 63.65 Td (for ) Tj ET Q q 0 0 0 rg BT 279.08 63.65 Td (each ) Tj ET Q q 0 0 0 rg BT 299.36 63.65 Td (period ) Tj ET Q q 0 0 0 rg BT 326.86 63.65 Td (and ) Tj ET Q q 0 0 0 rg BT 343.26 63.65 Td (at ) Tj ET Q q 0 0 0 rg BT 352.44 63.65 Td (each ) Tj ET Q q 0 0 0 rg BT 372.71 63.65 Td (date ) Tj ET Q q 0 0 0 rg BT 391.33 63.65 Td (presented ) Tj ET Q q 0 0 0 rg BT 431.60 63.65 Td (by ) Tj ET Q q 0 0 0 rg BT 443.56 63.65 Td (these ) Tj ET Q q 0 0 0 rg BT 466.07 63.65 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 520.80 63.65 Td (Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 51.65 Td (Statements. ) Tj ET Q endstream endobj 351 0 obj <> endobj 352 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 760.75 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 760.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.60 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 199.82 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 206.31 748.75 Td (O ) Tj ET Q q 0 0 0 rg BT 216.41 748.75 Td (THE CONSOLIDA) Tj ET Q q 0 0 0 rg BT 299.85 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 379.03 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 393.02 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 399.50 748.75 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.60 736.75 Td (At December) Tj ET Q q 0 0 0 rg BT 294.78 736.75 Td (31, 2015 and 2014) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 294.65 32.20 Td (F-26) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 713.25 Td (Non-contr) Tj ET Q q 0 0 0 rg BT 97.70 713.25 Td (olling ) Tj ET Q q 0 0 0 rg BT 124.10 713.25 Td (inter) Tj ET Q q 0 0 0 rg BT 144.46 713.25 Td (ests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 689.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 689.25 Td (The ) Tj ET Q q 0 0 0 rg BT 107.31 689.25 Td (non-controlling ) Tj ET Q q 0 0 0 rg BT 171.28 689.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 206.37 689.25 Td (at ) Tj ET Q q 0 0 0 rg BT 215.35 689.25 Td (December ) Tj ET Q q 0 0 0 rg BT 258.20 689.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 272.46 689.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 294.22 689.25 Td (arise ) Tj ET Q q 0 0 0 rg BT 314.86 689.25 Td (from ) Tj ET Q q 0 0 0 rg BT 336.06 689.25 Td (the ) Tj ET Q q 0 0 0 rg BT 350.04 689.25 Td (Group's ) Tj ET Q q 0 0 0 rg BT 383.05 689.25 Td (holding ) Tj ET Q q 0 0 0 rg BT 415.37 689.25 Td (in ) Tj ET Q q 0 0 0 rg BT 424.91 689.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 453.88 689.25 Td (International ) Tj ET Q q 0 0 0 rg BT 506.73 689.25 Td (Cars ) Tj ET Q q 0 0 0 rg BT 526.70 689.25 Td (T) Tj ET Q q 0 0 0 rg BT 532.46 689.25 Td (rading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 677.25 Td (\(Shanghai\) ) Tj ET Q q 0 0 0 rg BT 101.00 677.25 Td (Co. ) Tj ET Q q 0 0 0 rg BT 118.29 677.25 Td (L.t.d. ) Tj ET Q q 0 0 0 rg BT 142.80 677.25 Td (\("FICTS"\) ) Tj ET Q q 0 0 0 rg BT 187.98 677.25 Td (and ) Tj ET Q q 0 0 0 rg BT 205.54 677.25 Td (at ) Tj ET Q q 0 0 0 rg BT 215.88 677.25 Td (December ) Tj ET Q q 0 0 0 rg BT 260.09 677.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 275.71 677.25 Td (2014 ) Tj ET Q q 0 0 0 rg BT 298.83 677.25 Td (arise ) Tj ET Q q 0 0 0 rg BT 320.83 677.25 Td (from ) Tj ET Q q 0 0 0 rg BT 343.39 677.25 Td (the ) Tj ET Q q 0 0 0 rg BT 358.73 677.25 Td (Group) Tj ET Q q 0 0 0 rg BT 387.06 677.25 Td (s ) Tj ET Q q 0 0 0 rg BT 394.08 677.25 Td (holdings ) Tj ET Q q 0 0 0 rg BT 431.65 677.25 Td (in ) Tj ET Q q 0 0 0 rg BT 442.55 677.25 Td (FICTS ) Tj ET Q q 0 0 0 rg BT 472.90 677.25 Td (and ) Tj ET Q q 0 0 0 rg BT 490.46 677.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 520.79 677.25 Td (Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 665.25 Td (Services ) Tj ET Q q 0 0 0 rg BT 90.38 665.25 Td (S.p.A. ) Tj ET Q q 0 0 0 rg BT 118.16 665.25 Td (and ) Tj ET Q q 0 0 0 rg BT 135.10 665.25 Td (its ) Tj ET Q q 0 0 0 rg BT 147.05 665.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 196.76 665.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 214.81 665.25 Td (FFS ) Tj ET Q q 0 0 0 rg BT 238.43 665.25 Td (Group\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 601.75 370.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 601.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 601.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 601.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 573.75 370.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 573.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 573.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 573.75 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 628.75 m 488.5 628.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 628.75 m 492.5 628.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 628.75 m 557.5 628.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 628.75 m 488.5 628.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 614.75 m 488.5 614.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 628.75 m 492.5 628.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 628.75 m 557.5 628.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 614.75 m 557.5 614.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 457.95 633.20 Td (At December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 448.50 619.20 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 517.50 619.20 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 469.85 606.00 Td (\( thousand\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 592.20 Td (Equity attributable to non-controlling interests) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.75 592.20 Td (5,720) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 592.20 Td (8,695) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 578.20 Td (Of which attributable to FICTS) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.75 578.20 Td (5,720) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.75 578.20 Td (4,109) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 564.20 Td (Of which attributable to FFS Group) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.50 564.20 Td (n.a.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.75 564.20 Td (4,586) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 496.75 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 496.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 496.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 496.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 496.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 496.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 468.75 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 468.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 468.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 468.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 468.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 468.75 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 523.75 m 419.5 523.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 523.75 m 423.5 523.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 523.75 m 488.5 523.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 523.75 m 492.5 523.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 523.75 m 557.5 523.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 523.75 m 419.5 523.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 509.75 m 419.5 509.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 523.75 m 423.5 523.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 523.75 m 488.5 523.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 509.75 m 488.5 509.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 523.75 m 492.5 523.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 523.75 m 557.5 523.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 509.75 m 557.5 509.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.15 528.20 Td (For the years ended December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 379.50 514.20 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 448.50 514.20 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 517.50 514.20 Td (2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 435.35 501.00 Td (\( thousand\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 487.20 Td (Net profit attributable to non-controlling interests) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 395.75 487.20 Td (2,238) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.75 487.20 Td (3,644) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 487.20 Td (5,325) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 473.20 Td (Of which attributable to FICTS) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 395.75 473.20 Td (1,351) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.75 473.20 Td (3,059) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.75 473.20 Td (4,497) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 459.20 Td (Of which attributable to FFS Group) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 402.50 459.20 Td (887) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.50 459.20 Td (585) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.50 459.20 Td (828) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 431.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 431.25 Td (The ) Tj ET Q q 0 0 0 rg BT 108.49 431.25 Td (non-controlling ) Tj ET Q q 0 0 0 rg BT 173.64 431.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 209.91 431.25 Td (in ) Tj ET Q q 0 0 0 rg BT 220.63 431.25 Td (FICTS ) Tj ET Q q 0 0 0 rg BT 250.80 431.25 Td (and ) Tj ET Q q 0 0 0 rg BT 268.18 431.25 Td (the ) Tj ET Q q 0 0 0 rg BT 283.34 431.25 Td (FFS ) Tj ET Q q 0 0 0 rg BT 302.96 431.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 331.45 431.25 Td (are ) Tj ET Q q 0 0 0 rg BT 346.60 431.25 Td (not ) Tj ET Q q 0 0 0 rg BT 362.32 431.25 Td (considered ) Tj ET Q q 0 0 0 rg BT 408.58 431.25 Td (to ) Tj ET Q q 0 0 0 rg BT 419.30 431.25 Td (be ) Tj ET Q q 0 0 0 rg BT 431.68 431.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 476.83 431.25 Td (to ) Tj ET Q q 0 0 0 rg BT 487.55 431.25 Td (the ) Tj ET Q q 0 0 0 rg BT 502.71 431.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 531.20 431.25 Td (for ) Tj ET Q q 0 0 0 rg BT 545.80 431.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 419.25 Td (relevant ) Tj ET Q q 0 0 0 rg BT 88.70 419.25 Td (periods.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 395.25 Td (Restrictions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 375.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 375.25 Td (The ) Tj ET Q q 0 0 0 rg BT 108.96 375.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 137.93 375.25 Td (may ) Tj ET Q q 0 0 0 rg BT 158.56 375.25 Td (be ) Tj ET Q q 0 0 0 rg BT 171.41 375.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 203.15 375.25 Td (to ) Tj ET Q q 0 0 0 rg BT 214.34 375.25 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 262.19 375.25 Td (which ) Tj ET Q q 0 0 0 rg BT 290.05 375.25 Td (limit ) Tj ET Q q 0 0 0 rg BT 312.35 375.25 Td (its ) Tj ET Q q 0 0 0 rg BT 325.21 375.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 354.18 375.25 Td (to ) Tj ET Q q 0 0 0 rg BT 365.37 375.25 Td (use ) Tj ET Q q 0 0 0 rg BT 382.12 375.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 403.30 375.25 Td (in ) Tj ET Q q 0 0 0 rg BT 414.49 375.25 Td (relation ) Tj ET Q q 0 0 0 rg BT 448.45 375.25 Td (to ) Tj ET Q q 0 0 0 rg BT 459.64 375.25 Td (its ) Tj ET Q q 0 0 0 rg BT 472.51 375.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 505.35 375.25 Td (in ) Tj ET Q q 0 0 0 rg BT 516.55 375.25 Td (FICTS. ) Tj ET Q q 0 0 0 rg BT 549.69 375.25 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 363.25 Td (particular) Tj ET Q q 0 0 0 rg BT 91.91 363.25 Td (, ) Tj ET Q q 0 0 0 rg BT 96.73 363.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 116.81 363.25 Td (held ) Tj ET Q q 0 0 0 rg BT 136.35 363.25 Td (in ) Tj ET Q q 0 0 0 rg BT 146.44 363.25 Td (China ) Tj ET Q q 0 0 0 rg BT 172.65 363.25 Td (is ) Tj ET Q q 0 0 0 rg BT 181.63 363.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 212.27 363.25 Td (to ) Tj ET Q q 0 0 0 rg BT 222.37 363.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 251.89 363.25 Td (repatriation ) Tj ET Q q 0 0 0 rg BT 300.29 363.25 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 347.04 363.25 Td (\(and ) Tj ET Q q 0 0 0 rg BT 367.13 363.25 Td (may ) Tj ET Q q 0 0 0 rg BT 386.66 363.25 Td (only ) Tj ET Q q 0 0 0 rg BT 406.76 363.25 Td (be ) Tj ET Q q 0 0 0 rg BT 418.51 363.25 Td (repatriated ) Tj ET Q q 0 0 0 rg BT 463.58 363.25 Td (as ) Tj ET Q q 0 0 0 rg BT 474.23 363.25 Td (dividends\). ) Tj ET Q q 0 0 0 rg BT 521.26 363.25 Td (Based ) Tj ET Q q 0 0 0 rg BT 548.02 363.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 351.25 Td (the ) Tj ET Q q 0 0 0 rg BT 69.05 351.25 Td (Group's ) Tj ET Q q 0 0 0 rg BT 103.12 351.25 Td (review) Tj ET Q q 0 0 0 rg BT 129.68 351.25 Td (, ) Tj ET Q q 0 0 0 rg BT 135.01 351.25 Td (it ) Tj ET Q q 0 0 0 rg BT 143.39 351.25 Td (does ) Tj ET Q q 0 0 0 rg BT 164.55 351.25 Td (not ) Tj ET Q q 0 0 0 rg BT 180.16 351.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 211.86 351.25 Td (that ) Tj ET Q q 0 0 0 rg BT 229.69 351.25 Td (such ) Tj ET Q q 0 0 0 rg BT 250.85 351.25 Td (transfer ) Tj ET Q q 0 0 0 rg BT 284.21 351.25 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 331.48 351.25 Td (have ) Tj ET Q q 0 0 0 rg BT 353.18 351.25 Td (any ) Tj ET Q q 0 0 0 rg BT 370.45 351.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 403.82 351.25 Td (impacts ) Tj ET Q q 0 0 0 rg BT 437.75 351.25 Td (on ) Tj ET Q q 0 0 0 rg BT 450.58 351.25 Td (its ) Tj ET Q q 0 0 0 rg BT 462.86 351.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 491.24 351.25 Td (to ) Tj ET Q q 0 0 0 rg BT 501.85 351.25 Td (meet ) Tj ET Q q 0 0 0 rg BT 524.11 351.25 Td (liquidity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 339.25 Td (requirements. ) Tj ET Q q 0 0 0 rg BT 111.20 339.25 Td (Cash ) Tj ET Q q 0 0 0 rg BT 133.70 339.25 Td (held ) Tj ET Q q 0 0 0 rg BT 153.42 339.25 Td (in ) Tj ET Q q 0 0 0 rg BT 163.70 339.25 Td (China ) Tj ET Q q 0 0 0 rg BT 190.08 339.25 Td (at ) Tj ET Q q 0 0 0 rg BT 199.80 339.25 Td (December ) Tj ET Q q 0 0 0 rg BT 243.38 339.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 258.38 339.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 280.88 339.25 Td (amounted ) Tj ET Q q 0 0 0 rg BT 322.82 339.25 Td (to ) Tj ET Q q 0 0 0 rg BT 333.10 339.25 Td (106,405 ) Tj ET Q q 0 0 0 rg BT 373.10 339.25 Td (thousand.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 303.25 Td (4. NET) Tj ET Q q 0 0 0 rg BT 89.38 303.25 Td ( REVENUES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 279.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 279.25 Td (Net revenues are as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 218.75 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 218.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 218.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 218.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 218.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 218.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 190.75 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 190.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 190.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 190.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 190.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 190.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 162.75 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 162.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 162.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 162.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 162.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 162.75 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 243.75 m 419.5 243.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 243.75 m 423.5 243.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 243.75 m 488.5 243.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 243.75 m 492.5 243.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 243.75 m 557.5 243.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 243.75 m 419.5 243.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 230.75 m 419.5 230.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 243.75 m 488.5 243.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 230.75 m 488.5 230.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 243.75 m 557.5 243.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 230.75 m 557.5 230.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 162.75 m 419.5 162.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 162.75 m 419.5 162.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 149.75 m 419.5 149.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 147.75 m 419.5 147.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 162.75 m 488.5 162.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 149.75 m 488.5 149.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 147.75 m 488.5 147.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 162.75 m 557.5 162.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 149.75 m 557.5 149.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 147.75 m 557.5 147.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.15 248.15 Td (For the years ended December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 377.50 235.15 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.50 235.15 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 515.50 235.15 Td (2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.85 222.70 Td (\( thousand\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 210.01 Td (Cars and spare parts) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 380.00 208.21 Td (2,080,228) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 449.00 208.21 Td (1,943,729) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 518.00 208.21 Td (1,655,185) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 196.01 Td (Engines) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.75 194.21 Td (218,657) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.75 194.21 Td (311,155) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 524.75 194.21 Td (187,915) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 182.01 Td (Sponsorship, commercial and brand) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.75 180.21 Td (441,128) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.75 180.21 Td (416,673) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 524.75 180.21 Td (412,004) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 168.01 Td (Other) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.75 166.21 Td (114,356) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.25 166.21 Td (90,803) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.25 166.21 Td (80,166) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 154.15 Td (Total net revenues) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 380.00 153.70 Td (2,854,369) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 449.00 153.70 Td (2,762,360) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 518.00 153.70 Td (2,335,270) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 125.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 125.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 115.53 125.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 155.51 125.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 191.60 125.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 223.80 125.25 Td (income ) Tj ET Q q 0 0 0 rg BT 256.00 125.25 Td (generated ) Tj ET Q q 0 0 0 rg BT 297.63 125.25 Td (by ) Tj ET Q q 0 0 0 rg BT 310.40 125.25 Td (the ) Tj ET Q q 0 0 0 rg BT 325.38 125.25 Td (FFS ) Tj ET Q q 0 0 0 rg BT 344.83 125.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 373.15 125.25 Td (and ) Tj ET Q q 0 0 0 rg BT 390.35 125.25 Td (net ) Tj ET Q q 0 0 0 rg BT 405.34 125.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 443.64 125.25 Td (from ) Tj ET Q q 0 0 0 rg BT 465.84 125.25 Td (the ) Tj ET Q q 0 0 0 rg BT 480.83 125.25 Td (management ) Tj ET Q q 0 0 0 rg BT 534.68 125.25 Td (of ) Tj ET Q q 0 0 0 rg BT 545.78 125.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 113.25 Td (Mugello ) Tj ET Q q 0 0 0 rg BT 90.39 113.25 Td (racetrack.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 89.25 Td (5. COST) Tj ET Q q 0 0 0 rg BT 96.05 89.25 Td ( OF) Tj ET Q q 0 0 0 rg BT 112.07 89.25 Td ( SALES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 65.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 65.25 Td (Cost ) Tj ET Q q 0 0 0 rg BT 110.04 65.25 Td (of ) Tj ET Q q 0 0 0 rg BT 120.07 65.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 141.21 65.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.69 65.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.69 65.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.89 65.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.89 65.25 Td ( ) Tj ET Q q 0 0 0 rg BT 196.59 65.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.73 65.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.73 65.25 Td ( ) Tj ET Q q 0 0 0 rg BT 234.43 65.25 Td (amounted ) Tj ET Q q 0 0 0 rg BT 275.56 65.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.04 65.25 Td (1,498,806 ) Tj ET Q q 0 0 0 rg BT 331.74 65.25 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.85 65.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.05 65.25 Td (1,505,889 ) Tj ET Q q 0 0 0 rg BT 418.75 65.25 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.86 65.25 Td ( ) Tj ET Q q 0 0 0 rg BT 456.56 65.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.70 65.25 Td (1,234,643 ) Tj ET Q q 0 0 0 rg BT 519.40 65.25 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.51 65.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 53.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 101.66 53.25 Td (, ) Tj ET Q q 0 0 0 rg BT 107.52 53.25 Td (comprising ) Tj ET Q q 0 0 0 rg BT 155.87 53.25 Td (mainly ) Tj ET Q q 0 0 0 rg BT 186.99 53.25 Td (of ) Tj ET Q q 0 0 0 rg BT 198.68 53.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 238.13 53.25 Td (incurred ) Tj ET Q q 0 0 0 rg BT 274.80 53.25 Td (in ) Tj ET Q q 0 0 0 rg BT 285.93 53.25 Td (the ) Tj ET Q q 0 0 0 rg BT 301.50 53.25 Td (manufacturing ) Tj ET Q q 0 0 0 rg BT 363.17 53.25 Td (and ) Tj ET Q q 0 0 0 rg BT 380.96 53.25 Td (distribution ) Tj ET Q q 0 0 0 rg BT 430.43 53.25 Td (of ) Tj ET Q q 0 0 0 rg BT 442.12 53.25 Td (cars ) Tj ET Q q 0 0 0 rg BT 461.57 53.25 Td (and ) Tj ET Q q 0 0 0 rg BT 479.36 53.25 Td (parts, ) Tj ET Q q 0 0 0 rg BT 504.65 53.25 Td (including ) Tj ET Q q 0 0 0 rg BT 545.78 53.25 Td (the ) Tj ET Q endstream endobj 353 0 obj <> endobj 354 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 760.75 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 760.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.60 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 199.82 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 206.31 748.75 Td (O ) Tj ET Q q 0 0 0 rg BT 216.41 748.75 Td (THE CONSOLIDA) Tj ET Q q 0 0 0 rg BT 299.85 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 379.03 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 393.02 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 399.50 748.75 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.60 736.75 Td (At December) Tj ET Q q 0 0 0 rg BT 294.78 736.75 Td (31, 2015 and 2014) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 294.65 32.20 Td (F-27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 713.10 Td (engines ) Tj ET Q q 0 0 0 rg BT 86.66 713.10 Td (rented ) Tj ET Q q 0 0 0 rg BT 113.75 713.10 Td (to ) Tj ET Q q 0 0 0 rg BT 123.64 713.10 Td (other ) Tj ET Q q 0 0 0 rg BT 146.29 713.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 182.29 713.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 189.40 713.10 Td (racing ) Tj ET Q q 0 0 0 rg BT 216.50 713.10 Td (teams, ) Tj ET Q q 0 0 0 rg BT 244.43 713.10 Td (of ) Tj ET Q q 0 0 0 rg BT 254.87 713.10 Td (which, ) Tj ET Q q 0 0 0 rg BT 283.92 713.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 302.13 713.10 Td (of ) Tj ET Q q 0 0 0 rg BT 312.57 713.10 Td (materials, ) Tj ET Q q 0 0 0 rg BT 353.83 713.10 Td (components ) Tj ET Q q 0 0 0 rg BT 404.27 713.10 Td (and ) Tj ET Q q 0 0 0 rg BT 420.82 713.10 Td (labor ) Tj ET Q q 0 0 0 rg BT 443.47 713.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 465.58 713.10 Td (are ) Tj ET Q q 0 0 0 rg BT 479.90 713.10 Td (the ) Tj ET Q q 0 0 0 rg BT 494.22 713.10 Td (most ) Tj ET Q q 0 0 0 rg BT 515.78 713.10 Td (significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 701.10 Td (portion. ) Tj ET Q q 0 0 0 rg BT 88.18 701.10 Td (The ) Tj ET Q q 0 0 0 rg BT 106.73 701.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 150.29 701.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 173.29 701.10 Td (principally ) Tj ET Q q 0 0 0 rg BT 219.62 701.10 Td (include ) Tj ET Q q 0 0 0 rg BT 252.07 701.10 Td (depreciation, ) Tj ET Q q 0 0 0 rg BT 307.00 701.10 Td (amortization, ) Tj ET Q q 0 0 0 rg BT 363.04 701.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 404.37 701.10 Td (and ) Tj ET Q q 0 0 0 rg BT 421.81 701.10 Td (transportation ) Tj ET Q q 0 0 0 rg BT 480.37 701.10 Td (costs. ) Tj ET Q q 0 0 0 rg BT 505.88 701.10 Td (Cost ) Tj ET Q q 0 0 0 rg BT 527.22 701.10 Td (of ) Tj ET Q q 0 0 0 rg BT 538.56 701.10 Td (sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 689.10 Td (also ) Tj ET Q q 0 0 0 rg BT 72.61 689.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 108.43 689.10 Td (warranty ) Tj ET Q q 0 0 0 rg BT 146.47 689.10 Td (and ) Tj ET Q q 0 0 0 rg BT 163.41 689.10 Td (product-related ) Tj ET Q q 0 0 0 rg BT 226.99 689.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 251.99 689.10 Td (which ) Tj ET Q q 0 0 0 rg BT 278.93 689.10 Td (are ) Tj ET Q q 0 0 0 rg BT 293.63 689.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 334.45 689.10 Td (and ) Tj ET Q q 0 0 0 rg BT 351.39 689.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 388.87 689.10 Td (at ) Tj ET Q q 0 0 0 rg BT 398.58 689.10 Td (the ) Tj ET Q q 0 0 0 rg BT 413.30 689.10 Td (time ) Tj ET Q q 0 0 0 rg BT 433.58 689.10 Td (of ) Tj ET Q q 0 0 0 rg BT 444.41 689.10 Td (shipment ) Tj ET Q q 0 0 0 rg BT 483.57 689.10 Td (of ) Tj ET Q q 0 0 0 rg BT 494.40 689.10 Td (the ) Tj ET Q q 0 0 0 rg BT 509.12 689.10 Td (car) Tj ET Q q 0 0 0 rg BT 520.77 689.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 665.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 665.10 Td (Cost ) Tj ET Q q 0 0 0 rg BT 110.12 665.10 Td (of ) Tj ET Q q 0 0 0 rg BT 120.22 665.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 141.44 665.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.00 665.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.00 665.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.27 665.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.27 665.10 Td ( ) Tj ET Q q 0 0 0 rg BT 197.05 665.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.27 665.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.27 665.10 Td ( ) Tj ET Q q 0 0 0 rg BT 235.04 665.10 Td (includes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.15 665.10 Td (23,702 ) Tj ET Q q 0 0 0 rg BT 304.42 665.10 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.53 665.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.81 665.10 Td (15,992 ) Tj ET Q q 0 0 0 rg BT 379.09 665.10 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.20 665.10 Td ( ) Tj ET Q q 0 0 0 rg BT 416.97 665.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.19 665.10 Td (16,855 ) Tj ET Q q 0 0 0 rg BT 467.47 665.10 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.57 665.10 Td (, ) Tj ET Q q 0 0 0 rg BT 507.85 665.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 555.51 665.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 653.10 Td (of ) Tj ET Q q 0 0 0 rg BT 64.83 653.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 96.76 653.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 115.37 653.10 Td (and ) Tj ET Q q 0 0 0 rg BT 132.31 653.10 Td (other ) Tj ET Q q 0 0 0 rg BT 155.36 653.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 192.84 653.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 231.44 653.10 Td (from ) Tj ET Q q 0 0 0 rg BT 253.38 653.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 290.86 653.10 Td (services ) Tj ET Q q 0 0 0 rg BT 325.56 653.10 Td (companies. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 629.10 Td (6. SELLING, GENERAL) Tj ET Q q 0 0 0 rg BT 167.36 629.10 Td ( ) Tj ET Q q 0 0 0 rg BT 169.31 629.10 Td (AND ) Tj ET Q q 0 0 0 rg BT 192.93 629.10 Td (ADMINISTRA) Tj ET Q q 0 0 0 rg BT 257.75 629.10 Td (TIVE COSTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 605.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 605.10 Td (General ) Tj ET Q q 0 0 0 rg BT 124.89 605.10 Td (and ) Tj ET Q q 0 0 0 rg BT 142.57 605.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 203.02 605.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 226.26 605.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.28 605.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.28 605.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.02 605.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.02 605.10 Td ( ) Tj ET Q q 0 0 0 rg BT 286.26 605.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.95 605.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.95 605.10 Td ( ) Tj ET Q q 0 0 0 rg BT 327.19 605.10 Td (amounted ) Tj ET Q q 0 0 0 rg BT 369.86 605.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.88 605.10 Td (174,451 ) Tj ET Q q 0 0 0 rg BT 421.63 605.10 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.73 605.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.48 605.10 Td (167,843 ) Tj ET Q q 0 0 0 rg BT 504.22 605.10 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.33 605.10 Td ( ) Tj ET Q q 0 0 0 rg BT 543.57 605.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 593.10 Td (136,687 ) Tj ET Q q 0 0 0 rg BT 93.66 593.10 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.77 593.10 Td (, ) Tj ET Q q 0 0 0 rg BT 134.42 593.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 182.08 593.10 Td (, ) Tj ET Q q 0 0 0 rg BT 186.74 593.10 Td (and ) Tj ET Q q 0 0 0 rg BT 203.34 593.10 Td (mainly ) Tj ET Q q 0 0 0 rg BT 233.27 593.10 Td (consist ) Tj ET Q q 0 0 0 rg BT 263.20 593.10 Td (of ) Tj ET Q q 0 0 0 rg BT 273.69 593.10 Td (administration ) Tj ET Q q 0 0 0 rg BT 333.62 593.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 371.87 593.10 Td (and ) Tj ET Q q 0 0 0 rg BT 388.47 593.10 Td (other ) Tj ET Q q 0 0 0 rg BT 411.17 593.10 Td (general ) Tj ET Q q 0 0 0 rg BT 442.75 593.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 481.01 593.10 Td (that ) Tj ET Q q 0 0 0 rg BT 498.16 593.10 Td (are ) Tj ET Q q 0 0 0 rg BT 512.53 593.10 Td (not ) Tj ET Q q 0 0 0 rg BT 527.46 593.10 Td (directly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 581.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 102.04 581.10 Td (to ) Tj ET Q q 0 0 0 rg BT 112.32 581.10 Td (sales, ) Tj ET Q q 0 0 0 rg BT 136.75 581.10 Td (manufacturing ) Tj ET Q q 0 0 0 rg BT 197.56 581.10 Td (or ) Tj ET Q q 0 0 0 rg BT 208.39 581.10 Td (research ) Tj ET Q q 0 0 0 rg BT 244.20 581.10 Td (and ) Tj ET Q q 0 0 0 rg BT 261.14 581.10 Td (development ) Tj ET Q q 0 0 0 rg BT 315.29 581.10 Td (functions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 557.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 557.10 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.26 557.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.26 557.10 Td (, ) Tj ET Q q 0 0 0 rg BT 124.68 557.10 Td (general ) Tj ET Q q 0 0 0 rg BT 156.03 557.10 Td (and ) Tj ET Q q 0 0 0 rg BT 172.40 557.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 231.53 557.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 253.46 557.10 Td (include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.82 557.10 Td (15,789 ) Tj ET Q q 0 0 0 rg BT 319.24 557.10 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.35 557.10 Td ( ) Tj ET Q q 0 0 0 rg BT 357.28 557.10 Td (in ) Tj ET Q q 0 0 0 rg BT 366.98 557.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 388.91 557.10 Td (related ) Tj ET Q q 0 0 0 rg BT 418.04 557.10 Td (to ) Tj ET Q q 0 0 0 rg BT 427.74 557.10 Td (the ) Tj ET Q q 0 0 0 rg BT 441.88 557.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 467.14 557.10 Td (public ) Tj ET Q q 0 0 0 rg BT 494.06 557.10 Td (of) Tj ET Q q 0 0 0 rg BT 502.21 557.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 528.02 557.10 Td (process ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 545.10 Td (and ) Tj ET Q q 0 0 0 rg BT 71.43 545.10 Td (19,106 ) Tj ET Q q 0 0 0 rg BT 106.92 545.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 146.01 545.10 Td (related ) Tj ET Q q 0 0 0 rg BT 176.20 545.10 Td (to ) Tj ET Q q 0 0 0 rg BT 186.97 545.10 Td (the ) Tj ET Q q 0 0 0 rg BT 202.17 545.10 Td (one ) Tj ET Q q 0 0 0 rg BT 219.60 545.10 Td (of) Tj ET Q q 0 0 0 rg BT 227.75 545.10 Td (f ) Tj ET Q q 0 0 0 rg BT 234.07 545.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 275.93 545.10 Td (extra ) Tj ET Q q 0 0 0 rg BT 298.90 545.10 Td (bonus ) Tj ET Q q 0 0 0 rg BT 325.78 545.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 345.99 545.10 Td (to ) Tj ET Q q 0 0 0 rg BT 356.75 545.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 402.51 545.10 Td (for ) Tj ET Q q 0 0 0 rg BT 417.15 545.10 Td (the ) Tj ET Q q 0 0 0 rg BT 432.36 545.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 458.68 545.10 Td (public ) Tj ET Q q 0 0 0 rg BT 486.66 545.10 Td (of) Tj ET Q q 0 0 0 rg BT 494.81 545.10 Td (fering. ) Tj ET Q q 0 0 0 rg BT 524.18 545.10 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.49 545.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.49 545.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 533.10 Td (general ) Tj ET Q q 0 0 0 rg BT 85.92 533.10 Td (and ) Tj ET Q q 0 0 0 rg BT 102.86 533.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 162.57 533.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 185.07 533.10 Td (include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.00 533.10 Td (15,027 ) Tj ET Q q 0 0 0 rg BT 252.00 533.10 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.11 533.10 Td ( ) Tj ET Q q 0 0 0 rg BT 290.61 533.10 Td (related ) Tj ET Q q 0 0 0 rg BT 320.31 533.10 Td (to ) Tj ET Q q 0 0 0 rg BT 330.59 533.10 Td (the ) Tj ET Q q 0 0 0 rg BT 345.31 533.10 Td (resignation ) Tj ET Q q 0 0 0 rg BT 392.24 533.10 Td (of ) Tj ET Q q 0 0 0 rg BT 403.07 533.10 Td (the ) Tj ET Q q 0 0 0 rg BT 417.79 533.10 Td (former ) Tj ET Q q 0 0 0 rg BT 447.50 533.10 Td (Chairman ) Tj ET Q q 0 0 0 rg BT 489.43 533.10 Td (of ) Tj ET Q q 0 0 0 rg BT 500.26 533.10 Td (the ) Tj ET Q q 0 0 0 rg BT 514.98 533.10 Td (Group.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 509.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 509.10 Td (Selling ) Tj ET Q q 0 0 0 rg BT 121.50 509.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 144.67 509.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.61 509.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.61 509.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.28 509.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.28 509.10 Td ( ) Tj ET Q q 0 0 0 rg BT 204.44 509.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.04 509.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.04 509.10 Td ( ) Tj ET Q q 0 0 0 rg BT 245.21 509.10 Td (amounted ) Tj ET Q q 0 0 0 rg BT 287.81 509.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.75 509.10 Td (164,175 ) Tj ET Q q 0 0 0 rg BT 339.42 509.10 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.53 509.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.19 509.10 Td (132,247 ) Tj ET Q q 0 0 0 rg BT 421.86 509.10 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.97 509.10 Td ( ) Tj ET Q q 0 0 0 rg BT 461.13 509.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.74 509.10 Td (123,193 ) Tj ET Q q 0 0 0 rg BT 519.40 509.10 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.51 509.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 497.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 101.66 497.10 Td (, ) Tj ET Q q 0 0 0 rg BT 107.20 497.10 Td (and ) Tj ET Q q 0 0 0 rg BT 124.68 497.10 Td (mainly ) Tj ET Q q 0 0 0 rg BT 155.50 497.10 Td (consist ) Tj ET Q q 0 0 0 rg BT 186.32 497.10 Td (of ) Tj ET Q q 0 0 0 rg BT 197.69 497.10 Td (marketing ) Tj ET Q q 0 0 0 rg BT 241.28 497.10 Td (and ) Tj ET Q q 0 0 0 rg BT 258.76 497.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 281.24 497.10 Td (personnel ) Tj ET Q q 0 0 0 rg BT 323.16 497.10 Td (costs. ) Tj ET Q q 0 0 0 rg BT 348.70 497.10 Td (Marketing ) Tj ET Q q 0 0 0 rg BT 393.39 497.10 Td (and ) Tj ET Q q 0 0 0 rg BT 410.88 497.10 Td (events ) Tj ET Q q 0 0 0 rg BT 439.46 497.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 478.60 497.10 Td (consist ) Tj ET Q q 0 0 0 rg BT 509.42 497.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 549.68 497.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 485.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 75.77 485.10 Td (in ) Tj ET Q q 0 0 0 rg BT 85.32 485.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 130.96 485.10 Td (with ) Tj ET Q q 0 0 0 rg BT 150.51 485.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 172.27 485.10 Td (and ) Tj ET Q q 0 0 0 rg BT 188.48 485.10 Td (auto ) Tj ET Q q 0 0 0 rg BT 207.47 485.10 Td (shows, ) Tj ET Q q 0 0 0 rg BT 236.75 485.10 Td (media ) Tj ET Q q 0 0 0 rg BT 262.95 485.10 Td (and ) Tj ET Q q 0 0 0 rg BT 279.16 485.10 Td (client ) Tj ET Q q 0 0 0 rg BT 303.14 485.10 Td (events ) Tj ET Q q 0 0 0 rg BT 330.46 485.10 Td (for ) Tj ET Q q 0 0 0 rg BT 343.89 485.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.88 485.10 Td (launch ) Tj ET Q q 0 0 0 rg BT 386.31 485.10 Td (of ) Tj ET Q q 0 0 0 rg BT 396.41 485.10 Td (new ) Tj ET Q q 0 0 0 rg BT 414.84 485.10 Td (models ) Tj ET Q q 0 0 0 rg BT 445.50 485.10 Td (and ) Tj ET Q q 0 0 0 rg BT 461.71 485.10 Td (sponsorship ) Tj ET Q q 0 0 0 rg BT 511.27 485.10 Td (and ) Tj ET Q q 0 0 0 rg BT 527.48 485.10 Td (indirect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 473.10 Td (marketing ) Tj ET Q q 0 0 0 rg BT 97.04 473.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 119.54 473.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 155.36 473.10 Td (through ) Tj ET Q q 0 0 0 rg BT 188.97 473.10 Td (the ) Tj ET Q q 0 0 0 rg BT 203.68 473.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 240.07 473.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 247.57 473.10 Td (racing ) Tj ET Q q 0 0 0 rg BT 275.05 473.10 Td (team, ) Tj ET Q q 0 0 0 rg BT 299.49 473.10 Td (Scuderia ) Tj ET Q q 0 0 0 rg BT 336.97 473.10 Td (Ferrari.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 449.10 Td (7. RESEARCH ) Tj ET Q q 0 0 0 rg BT 126.51 449.10 Td (AND DEVELOPMENT) Tj ET Q q 0 0 0 rg BT 228.84 449.10 Td ( COSTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 425.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 425.10 Td (Research and development costs are as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 364.60 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 364.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 364.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 364.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 364.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 364.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 336.60 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 336.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 336.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 336.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 336.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 336.60 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 389.6 m 419.5 389.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 389.6 m 423.5 389.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 389.6 m 488.5 389.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 389.6 m 492.5 389.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 389.6 m 557.5 389.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 376.6 m 419.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 376.6 m 488.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 376.6 m 557.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 336.6 m 419.5 336.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 323.6 m 419.5 323.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 321.6 m 419.5 321.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 336.6 m 488.5 336.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 323.6 m 488.5 323.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 321.6 m 488.5 321.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 336.6 m 557.5 336.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 323.6 m 557.5 323.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 321.6 m 557.5 321.6 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 395.65 394.00 Td (For the years ended December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 377.50 381.00 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.50 381.00 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 515.50 381.00 Td (2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.85 368.55 Td (\( thousand\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 355.86 Td (Amortization of capitalized development costs) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.75 354.06 Td (114,856) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.75 354.06 Td (125,497) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 524.75 354.06 Td (120,444) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 341.86 Td (Research and development costs expensed during the year) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.75 340.06 Td (446,726) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.75 340.06 Td (415,336) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 524.75 340.06 Td (358,850) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 328.00 Td (Total research and development costs) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 386.75 327.05 Td (561,582) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.75 327.05 Td (540,833) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 327.05 Td (479,294) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 299.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 299.10 Td (The ) Tj ET Q q 0 0 0 rg BT 107.87 299.10 Td (main ) Tj ET Q q 0 0 0 rg BT 130.19 299.10 Td (component ) Tj ET Q q 0 0 0 rg BT 176.95 299.10 Td (of ) Tj ET Q q 0 0 0 rg BT 187.60 299.10 Td (research ) Tj ET Q q 0 0 0 rg BT 223.23 299.10 Td (and ) Tj ET Q q 0 0 0 rg BT 240.00 299.10 Td (development ) Tj ET Q q 0 0 0 rg BT 293.97 299.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 316.29 299.10 Td (expensed ) Tj ET Q q 0 0 0 rg BT 355.83 299.10 Td (related ) Tj ET Q q 0 0 0 rg BT 385.35 299.10 Td (to ) Tj ET Q q 0 0 0 rg BT 395.45 299.10 Td (the ) Tj ET Q q 0 0 0 rg BT 410.00 299.10 Td (research ) Tj ET Q q 0 0 0 rg BT 445.63 299.10 Td (and ) Tj ET Q q 0 0 0 rg BT 462.39 299.10 Td (development ) Tj ET Q q 0 0 0 rg BT 516.36 299.10 Td (performed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 287.10 Td (for ) Tj ET Q q 0 0 0 rg BT 68.49 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 83.54 287.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 120.26 287.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 128.09 287.10 Td (racing ) Tj ET Q q 0 0 0 rg BT 155.90 287.10 Td (car) Tj ET Q q 0 0 0 rg BT 167.71 287.10 Td (, ) Tj ET Q q 0 0 0 rg BT 173.04 287.10 Td (which ) Tj ET Q q 0 0 0 rg BT 200.31 287.10 Td (included ) Tj ET Q q 0 0 0 rg BT 237.58 287.10 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 279.85 287.10 Td (to ) Tj ET Q q 0 0 0 rg BT 290.46 287.10 Td (maximize ) Tj ET Q q 0 0 0 rg BT 332.71 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 347.76 287.10 Td (performance, ) Tj ET Q q 0 0 0 rg BT 403.62 287.10 Td (ef) Tj ET Q q 0 0 0 rg BT 411.20 287.10 Td (ficiency ) Tj ET Q q 0 0 0 rg BT 446.24 287.10 Td (and ) Tj ET Q q 0 0 0 rg BT 463.51 287.10 Td (safety ) Tj ET Q q 0 0 0 rg BT 490.21 287.10 Td (of ) Tj ET Q q 0 0 0 rg BT 501.38 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 516.42 287.10 Td (car) Tj ET Q q 0 0 0 rg BT 528.23 287.10 Td (, ) Tj ET Q q 0 0 0 rg BT 533.56 287.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 275.10 Td (are ) Tj ET Q q 0 0 0 rg BT 68.71 275.10 Td (expensed ) Tj ET Q q 0 0 0 rg BT 108.41 275.10 Td (as ) Tj ET Q q 0 0 0 rg BT 119.24 275.10 Td (incurred. ) Tj ET Q q 0 0 0 rg BT 157.56 275.10 Td (See ) Tj ET Q q 0 0 0 rg BT 174.50 275.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 196.44 275.10 Td (14 ) Tj ET Q q 0 0 0 rg BT 208.94 275.10 Td (for ) Tj ET Q q 0 0 0 rg BT 223.10 275.10 Td (information ) Tj ET Q q 0 0 0 rg BT 272.81 275.10 Td (on ) Tj ET Q q 0 0 0 rg BT 285.31 275.10 Td (development ) Tj ET Q q 0 0 0 rg BT 339.46 275.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 361.96 275.10 Td (capitalized.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 251.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 251.10 Td (The ) Tj ET Q q 0 0 0 rg BT 110.13 251.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 132.50 251.10 Td (National ) Tj ET Q q 0 0 0 rg BT 171.51 251.10 Td (Highway ) Tj ET Q q 0 0 0 rg BT 212.42 251.10 Td (T) Tj ET Q q 0 0 0 rg BT 218.18 251.10 Td (raf) Tj ET Q q 0 0 0 rg BT 229.10 251.10 Td (fic ) Tj ET Q q 0 0 0 rg BT 244.23 251.10 Td (Safety ) Tj ET Q q 0 0 0 rg BT 273.35 251.10 Td (Administration ) Tj ET Q q 0 0 0 rg BT 338.48 251.10 Td (\(NHTSA\) ) Tj ET Q q 0 0 0 rg BT 391.94 251.10 Td (recently ) Tj ET Q q 0 0 0 rg BT 428.72 251.10 Td (published ) Tj ET Q q 0 0 0 rg BT 472.19 251.10 Td (guidelines ) Tj ET Q q 0 0 0 rg BT 517.88 251.10 Td (for ) Tj ET Q q 0 0 0 rg BT 534.12 251.10 Td (driver ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 239.10 Td (distraction. ) Tj ET Q q 0 0 0 rg BT 100.16 239.10 Td (These ) Tj ET Q q 0 0 0 rg BT 125.60 239.10 Td (guidelines ) Tj ET Q q 0 0 0 rg BT 168.26 239.10 Td (focus, ) Tj ET Q q 0 0 0 rg BT 193.99 239.10 Td (among ) Tj ET Q q 0 0 0 rg BT 222.76 239.10 Td (other ) Tj ET Q q 0 0 0 rg BT 244.87 239.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 273.38 239.10 Td (on ) Tj ET Q q 0 0 0 rg BT 284.94 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 298.72 239.10 Td (need ) Tj ET Q q 0 0 0 rg BT 319.16 239.10 Td (to ) Tj ET Q q 0 0 0 rg BT 328.50 239.10 Td (modify ) Tj ET Q q 0 0 0 rg BT 358.95 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 372.73 239.10 Td (design ) Tj ET Q q 0 0 0 rg BT 400.40 239.10 Td (of ) Tj ET Q q 0 0 0 rg BT 410.29 239.10 Td (car ) Tj ET Q q 0 0 0 rg BT 424.06 239.10 Td (devices ) Tj ET Q q 0 0 0 rg BT 455.60 239.10 Td (and ) Tj ET Q q 0 0 0 rg BT 471.60 239.10 Td (other ) Tj ET Q q 0 0 0 rg BT 493.71 239.10 Td (driver ) Tj ET Q q 0 0 0 rg BT 519.15 239.10 Td (interfaces ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 227.10 Td (to ) Tj ET Q q 0 0 0 rg BT 64.90 227.10 Td (minimize ) Tj ET Q q 0 0 0 rg BT 105.79 227.10 Td (driver ) Tj ET Q q 0 0 0 rg BT 132.78 227.10 Td (distraction. ) Tj ET Q q 0 0 0 rg BT 180.39 227.10 Td (The ) Tj ET Q q 0 0 0 rg BT 199.06 227.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 227.73 227.10 Td (is ) Tj ET Q q 0 0 0 rg BT 237.52 227.10 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 282.29 227.10 Td (these ) Tj ET Q q 0 0 0 rg BT 305.96 227.10 Td (guidelines ) Tj ET Q q 0 0 0 rg BT 350.18 227.10 Td (and ) Tj ET Q q 0 0 0 rg BT 367.74 227.10 Td (their ) Tj ET Q q 0 0 0 rg BT 389.18 227.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 427.29 227.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 457.63 227.10 Td (on ) Tj ET Q q 0 0 0 rg BT 470.75 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 486.08 227.10 Td (Group's ) Tj ET Q q 0 0 0 rg BT 520.45 227.10 Td (results ) Tj ET Q q 0 0 0 rg BT 549.68 227.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 215.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 98.79 215.10 Td (and ) Tj ET Q q 0 0 0 rg BT 116.37 215.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 154.48 215.10 Td (position ) Tj ET Q q 0 0 0 rg BT 189.85 215.10 Td (and ) Tj ET Q q 0 0 0 rg BT 207.42 215.10 Td (determining ) Tj ET Q q 0 0 0 rg BT 258.88 215.10 Td (what ) Tj ET Q q 0 0 0 rg BT 281.45 215.10 Td (steps ) Tj ET Q q 0 0 0 rg BT 304.59 215.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 333.27 215.10 Td (countermeasures, ) Tj ET Q q 0 0 0 rg BT 406.10 215.10 Td (if ) Tj ET Q q 0 0 0 rg BT 415.34 215.10 Td (any) Tj ET Q q 0 0 0 rg BT 429.13 215.10 Td (, ) Tj ET Q q 0 0 0 rg BT 434.77 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 450.12 215.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 478.81 215.10 Td (will ) Tj ET Q q 0 0 0 rg BT 497.50 215.10 Td (need ) Tj ET Q q 0 0 0 rg BT 519.52 215.10 Td (to ) Tj ET Q q 0 0 0 rg BT 530.43 215.10 Td (take ) Tj ET Q q 0 0 0 rg BT 550.22 215.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 203.10 Td (comply ) Tj ET Q q 0 0 0 rg BT 86.50 203.10 Td (with ) Tj ET Q q 0 0 0 rg BT 106.77 203.10 Td (these ) Tj ET Q q 0 0 0 rg BT 129.82 203.10 Td (requirements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 179.10 Td (8. OTHER EXPENSES/\(INCOME\), NET) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 155.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 155.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 115.88 155.10 Td (expenses/\(income\), ) Tj ET Q q 0 0 0 rg BT 196.47 155.10 Td (net ) Tj ET Q q 0 0 0 rg BT 211.80 155.10 Td (in ) Tj ET Q q 0 0 0 rg BT 222.69 155.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 245.81 155.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 282.25 155.10 Td (other ) Tj ET Q q 0 0 0 rg BT 305.91 155.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 345.12 155.10 Td (of ) Tj ET Q q 0 0 0 rg BT 356.56 155.10 Td (33,137 ) Tj ET Q q 0 0 0 rg BT 392.18 155.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 431.40 155.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.73 155.10 Td (39,190 ) Tj ET Q q 0 0 0 rg BT 470.34 155.10 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.45 155.10 Td ( ) Tj ET Q q 0 0 0 rg BT 509.57 155.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.46 155.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.46 155.10 Td ( ) Tj ET Q q 0 0 0 rg BT 543.57 155.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 143.10 Td (15,218 ) Tj ET Q q 0 0 0 rg BT 88.52 143.10 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.63 143.10 Td ( ) Tj ET Q q 0 0 0 rg BT 126.64 143.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.44 143.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.44 143.10 Td (\), ) Tj ET Q q 0 0 0 rg BT 164.28 143.10 Td (net ) Tj ET Q q 0 0 0 rg BT 178.52 143.10 Td (of ) Tj ET Q q 0 0 0 rg BT 188.86 143.10 Td (other ) Tj ET Q q 0 0 0 rg BT 211.43 143.10 Td (income ) Tj ET Q q 0 0 0 rg BT 242.88 143.10 Td (of ) Tj ET Q q 0 0 0 rg BT 253.22 143.10 Td (22,102 ) Tj ET Q q 0 0 0 rg BT 287.74 143.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 325.87 143.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.20 143.10 Td (13,1) Tj ET Q q 0 0 0 rg BT 351.32 143.10 Td (10 ) Tj ET Q q 0 0 0 rg BT 363.34 143.10 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.45 143.10 Td ( ) Tj ET Q q 0 0 0 rg BT 401.47 143.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.26 143.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.26 143.10 Td ( ) Tj ET Q q 0 0 0 rg BT 433.28 143.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.73 143.10 Td (17,314 ) Tj ET Q q 0 0 0 rg BT 484.25 143.10 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.36 143.10 Td ( ) Tj ET Q q 0 0 0 rg BT 522.37 143.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.17 143.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.17 143.10 Td (\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 119.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 114.81 119.10 Td (expenses/\(income\), ) Tj ET Q q 0 0 0 rg BT 194.31 119.10 Td (net ) Tj ET Q q 0 0 0 rg BT 208.57 119.10 Td (mainly ) Tj ET Q q 0 0 0 rg BT 238.38 119.10 Td (relate ) Tj ET Q q 0 0 0 rg BT 262.62 119.10 Td (to ) Tj ET Q q 0 0 0 rg BT 272.44 119.10 Td (accruals ) Tj ET Q q 0 0 0 rg BT 307.23 119.10 Td (to ) Tj ET Q q 0 0 0 rg BT 317.04 119.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 360.75 119.10 Td (for ) Tj ET Q q 0 0 0 rg BT 374.45 119.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 395.92 119.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 446.27 119.10 Td (and ) Tj ET Q q 0 0 0 rg BT 462.75 119.10 Td (disputes ) Tj ET Q q 0 0 0 rg BT 497.56 119.10 Td (and ) Tj ET Q q 0 0 0 rg BT 514.04 119.10 Td (other ) Tj ET Q q 0 0 0 rg BT 536.63 119.10 Td (risks, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 107.10 Td (indirect ) Tj ET Q q 0 0 0 rg BT 86.55 107.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 109.10 107.10 Td (and ) Tj ET Q q 0 0 0 rg BT 125.54 107.10 Td (other ) Tj ET Q q 0 0 0 rg BT 148.09 107.10 Td (miscellaneous ) Tj ET Q q 0 0 0 rg BT 206.74 107.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 247.34 107.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 282.67 107.10 Td (of) Tj ET Q q 0 0 0 rg BT 290.82 107.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 307.26 107.10 Td (by ) Tj ET Q q 0 0 0 rg BT 319.26 107.10 Td (reversal ) Tj ET Q q 0 0 0 rg BT 352.91 107.10 Td (of ) Tj ET Q q 0 0 0 rg BT 363.24 107.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 406.92 107.10 Td (for ) Tj ET Q q 0 0 0 rg BT 420.58 107.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 442.02 107.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 492.34 107.10 Td (and ) Tj ET Q q 0 0 0 rg BT 508.78 107.10 Td (disputes ) Tj ET Q q 0 0 0 rg BT 543.56 107.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 95.10 Td (other ) Tj ET Q q 0 0 0 rg BT 77.05 95.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 98.44 95.10 Td (and ) Tj ET Q q 0 0 0 rg BT 115.38 95.10 Td (other ) Tj ET Q q 0 0 0 rg BT 138.42 95.10 Td (miscellaneous ) Tj ET Q q 0 0 0 rg BT 197.57 95.10 Td (income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 71.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 71.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 115.01 71.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 153.35 71.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.37 71.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.37 71.10 Td ( ) Tj ET Q q 0 0 0 rg BT 185.61 71.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 221.18 71.10 Td (12,933 ) Tj ET Q q 0 0 0 rg BT 255.92 71.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 294.27 71.10 Td (of ) Tj ET Q q 0 0 0 rg BT 304.84 71.10 Td (accruals ) Tj ET Q q 0 0 0 rg BT 339.83 71.10 Td (to ) Tj ET Q q 0 0 0 rg BT 349.85 71.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 393.76 71.10 Td (of ) Tj ET Q q 0 0 0 rg BT 404.34 71.10 Td (which ) Tj ET Q q 0 0 0 rg BT 431.02 71.10 Td (8,822 ) Tj ET Q q 0 0 0 rg BT 460.76 71.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 499.11 71.10 Td (related ) Tj ET Q q 0 0 0 rg BT 528.55 71.10 Td (to ) Tj ET Q q 0 0 0 rg BT 538.57 71.10 Td (legal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 59.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 104.49 59.10 Td (and ) Tj ET Q q 0 0 0 rg BT 121.11 59.10 Td (disputes ) Tj ET Q q 0 0 0 rg BT 156.07 59.10 Td (and ) Tj ET Q q 0 0 0 rg BT 172.69 59.10 Td (4,1) Tj ET Q q 0 0 0 rg BT 189.82 59.10 Td (1) Tj ET Q q 0 0 0 rg BT 194.45 59.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 201.62 59.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 239.91 59.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 279.30 59.10 Td (related ) Tj ET Q q 0 0 0 rg BT 308.68 59.10 Td (to ) Tj ET Q q 0 0 0 rg BT 318.64 59.10 Td (disputes ) Tj ET Q q 0 0 0 rg BT 353.60 59.10 Td (with ) Tj ET Q q 0 0 0 rg BT 373.56 59.10 Td (suppliers, ) Tj ET Q q 0 0 0 rg BT 414.34 59.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 459.29 59.10 Td (and ) Tj ET Q q 0 0 0 rg BT 475.91 59.10 Td (other ) Tj ET Q q 0 0 0 rg BT 498.63 59.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 527.47 59.10 Td (relating ) Tj ET Q endstream endobj 355 0 obj <> endobj 356 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 760.75 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 760.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.60 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 199.82 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 206.31 748.75 Td (O ) Tj ET Q q 0 0 0 rg BT 216.41 748.75 Td (THE CONSOLIDA) Tj ET Q q 0 0 0 rg BT 299.85 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 379.03 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 393.02 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 399.50 748.75 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.60 736.75 Td (At December) Tj ET Q q 0 0 0 rg BT 294.78 736.75 Td (31, 2015 and 2014) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 294.65 32.20 Td (F-28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 713.10 Td (to ) Tj ET Q q 0 0 0 rg BT 65.22 713.10 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 107.00 713.10 Td (The ) Tj ET Q q 0 0 0 rg BT 125.99 713.10 Td (most ) Tj ET Q q 0 0 0 rg BT 148.87 713.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 194.53 713.10 Td (accruals ) Tj ET Q q 0 0 0 rg BT 230.72 713.10 Td (to ) Tj ET Q q 0 0 0 rg BT 241.94 713.10 Td (the ) Tj ET Q q 0 0 0 rg BT 257.59 713.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 298.81 713.10 Td (for ) Tj ET Q q 0 0 0 rg BT 313.91 713.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 336.78 713.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 388.53 713.10 Td (and ) Tj ET Q q 0 0 0 rg BT 406.41 713.10 Td (disputes ) Tj ET Q q 0 0 0 rg BT 442.63 713.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 489.93 713.10 Td (in ) Tj ET Q q 0 0 0 rg BT 501.15 713.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 524.59 713.10 Td (relate ) Tj ET Q q 0 0 0 rg BT 550.23 713.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 701.10 Td (litigation ) Tj ET Q q 0 0 0 rg BT 92.61 701.10 Td (with ) Tj ET Q q 0 0 0 rg BT 112.89 701.10 Td (a ) Tj ET Q q 0 0 0 rg BT 119.83 701.10 Td (former ) Tj ET Q q 0 0 0 rg BT 149.53 701.10 Td (distributor) Tj ET Q q 0 0 0 rg BT 190.65 701.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 677.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 677.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 115.31 677.10 Td (income ) Tj ET Q q 0 0 0 rg BT 147.29 677.10 Td (in ) Tj ET Q q 0 0 0 rg BT 157.61 677.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 180.15 677.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 216.02 677.10 Td (5,802 ) Tj ET Q q 0 0 0 rg BT 246.06 677.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 284.71 677.10 Td (for ) Tj ET Q q 0 0 0 rg BT 298.92 677.10 Td (the ) Tj ET Q q 0 0 0 rg BT 313.68 677.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 333.44 677.10 Td (on ) Tj ET Q q 0 0 0 rg BT 345.98 677.10 Td (the ) Tj ET Q q 0 0 0 rg BT 360.74 677.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 378.83 677.10 Td (of ) Tj ET Q q 0 0 0 rg BT 389.70 677.10 Td (a ) Tj ET Q q 0 0 0 rg BT 396.68 677.10 Td (group ) Tj ET Q q 0 0 0 rg BT 422.56 677.10 Td (of ) Tj ET Q q 0 0 0 rg BT 433.43 677.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 459.30 677.10 Td (related ) Tj ET Q q 0 0 0 rg BT 489.05 677.10 Td (to ) Tj ET Q q 0 0 0 rg BT 499.37 677.10 Td (the ) Tj ET Q q 0 0 0 rg BT 514.13 677.10 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 665.10 Td (properties ) Tj ET Q q 0 0 0 rg BT 96.54 665.10 Td (in ) Tj ET Q q 0 0 0 rg BT 106.88 665.10 Td (Modena, ) Tj ET Q q 0 0 0 rg BT 144.71 665.10 Td (Italy) Tj ET Q q 0 0 0 rg BT 162.38 665.10 Td (, ) Tj ET Q q 0 0 0 rg BT 167.44 665.10 Td (which ) Tj ET Q q 0 0 0 rg BT 194.43 665.10 Td (the ) Tj ET Q q 0 0 0 rg BT 209.21 665.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 237.32 665.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 256.55 665.10 Td (to ) Tj ET Q q 0 0 0 rg BT 266.88 665.10 Td (the ) Tj ET Q q 0 0 0 rg BT 281.66 665.10 Td (tenant, ) Tj ET Q q 0 0 0 rg BT 311.15 665.10 Td (Maserati ) Tj ET Q q 0 0 0 rg BT 348.69 665.10 Td (S.p.A., ) Tj ET Q q 0 0 0 rg BT 379.03 665.10 Td (an ) Tj ET Q q 0 0 0 rg BT 391.03 665.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 409.93 665.10 Td ( ) Tj ET Q q 0 0 0 rg BT 412.49 665.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 440.60 665.10 Td (company) Tj ET Q q 0 0 0 rg BT 476.60 665.10 Td (. ) Tj ET Q q 0 0 0 rg BT 481.47 665.10 Td (The ) Tj ET Q q 0 0 0 rg BT 499.58 665.10 Td (total ) Tj ET Q q 0 0 0 rg BT 519.91 665.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 538.01 665.10 Td (price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 653.10 Td (\(as ) Tj ET Q q 0 0 0 rg BT 68.37 653.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 116.05 653.10 Td (by ) Tj ET Q q 0 0 0 rg BT 128.76 653.10 Td (an ) Tj ET Q q 0 0 0 rg BT 140.91 653.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 192.48 653.10 Td (valuation\) ) Tj ET Q q 0 0 0 rg BT 235.73 653.10 Td (amounted ) Tj ET Q q 0 0 0 rg BT 277.87 653.10 Td (to ) Tj ET Q q 0 0 0 rg BT 288.36 653.10 Td (37,130 ) Tj ET Q q 0 0 0 rg BT 323.56 653.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 362.38 653.10 Td (and ) Tj ET Q q 0 0 0 rg BT 379.52 653.10 Td (was ) Tj ET Q q 0 0 0 rg BT 397.78 653.10 Td (received ) Tj ET Q q 0 0 0 rg BT 434.35 653.10 Td (in ) Tj ET Q q 0 0 0 rg BT 444.84 653.10 Td (the ) Tj ET Q q 0 0 0 rg BT 459.76 653.10 Td (third ) Tj ET Q q 0 0 0 rg BT 481.35 653.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 512.37 653.10 Td (of ) Tj ET Q q 0 0 0 rg BT 523.41 653.10 Td (2015. ) Tj ET Q q 0 0 0 rg BT 548.02 653.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 68.72 641.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 115.09 641.10 Td (date ) Tj ET Q q 0 0 0 rg BT 134.24 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 148.96 641.10 Td (net ) Tj ET Q q 0 0 0 rg BT 163.68 641.10 Td (book ) Tj ET Q q 0 0 0 rg BT 186.18 641.10 Td (value ) Tj ET Q q 0 0 0 rg BT 210.33 641.10 Td (of ) Tj ET Q q 0 0 0 rg BT 221.16 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 235.88 641.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 261.71 641.10 Td (and ) Tj ET Q q 0 0 0 rg BT 278.65 641.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 318.37 641.10 Td (disposed ) Tj ET Q q 0 0 0 rg BT 355.87 641.10 Td (of ) Tj ET Q q 0 0 0 rg BT 366.70 641.10 Td (was ) Tj ET Q q 0 0 0 rg BT 384.75 641.10 Td (31,328 ) Tj ET Q q 0 0 0 rg BT 419.75 641.10 Td (thousand.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 617.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 617.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 114.94 617.10 Td (expenses/\(income\), ) Tj ET Q q 0 0 0 rg BT 194.58 617.10 Td (net ) Tj ET Q q 0 0 0 rg BT 208.97 617.10 Td (in ) Tj ET Q q 0 0 0 rg BT 218.93 617.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 241.10 617.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 276.60 617.10 Td (other ) Tj ET Q q 0 0 0 rg BT 299.32 617.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 337.59 617.10 Td (of ) Tj ET Q q 0 0 0 rg BT 348.09 617.10 Td (39,190 ) Tj ET Q q 0 0 0 rg BT 382.76 617.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 421.04 617.10 Td (\(15,218 ) Tj ET Q q 0 0 0 rg BT 459.05 617.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 497.33 617.10 Td (in ) Tj ET Q q 0 0 0 rg BT 507.28 617.10 Td (2013\), ) Tj ET Q q 0 0 0 rg BT 535.28 617.10 Td (net ) Tj ET Q q 0 0 0 rg BT 549.67 617.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 605.10 Td (other ) Tj ET Q q 0 0 0 rg BT 77.05 605.10 Td (income ) Tj ET Q q 0 0 0 rg BT 108.98 605.10 Td (of ) Tj ET Q q 0 0 0 rg BT 119.81 605.10 Td (13,1) Tj ET Q q 0 0 0 rg BT 141.94 605.10 Td (10 ) Tj ET Q q 0 0 0 rg BT 154.44 605.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 193.05 605.10 Td (in ) Tj ET Q q 0 0 0 rg BT 203.33 605.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 225.83 605.10 Td (\(17,314 ) Tj ET Q q 0 0 0 rg BT 264.16 605.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 302.76 605.10 Td (in ) Tj ET Q q 0 0 0 rg BT 313.04 605.10 Td (2013\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 581.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 581.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 114.72 581.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 152.76 581.10 Td (in ) Tj ET Q q 0 0 0 rg BT 162.49 581.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 184.43 581.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 219.71 581.10 Td (21,372 ) Tj ET Q q 0 0 0 rg BT 254.15 581.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 292.21 581.10 Td (of ) Tj ET Q q 0 0 0 rg BT 302.49 581.10 Td (accruals ) Tj ET Q q 0 0 0 rg BT 337.19 581.10 Td (to ) Tj ET Q q 0 0 0 rg BT 346.91 581.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 390.53 581.10 Td (of ) Tj ET Q q 0 0 0 rg BT 400.81 581.10 Td (which ) Tj ET Q q 0 0 0 rg BT 427.19 581.10 Td (12,783 ) Tj ET Q q 0 0 0 rg BT 461.64 581.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 499.70 581.10 Td (related ) Tj ET Q q 0 0 0 rg BT 528.85 581.10 Td (to ) Tj ET Q q 0 0 0 rg BT 538.57 581.10 Td (legal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 569.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 103.86 569.10 Td (and ) Tj ET Q q 0 0 0 rg BT 119.85 569.10 Td (disputes ) Tj ET Q q 0 0 0 rg BT 154.18 569.10 Td (and ) Tj ET Q q 0 0 0 rg BT 170.17 569.10 Td (8,589 ) Tj ET Q q 0 0 0 rg BT 199.22 569.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 236.88 569.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 275.64 569.10 Td (related ) Tj ET Q q 0 0 0 rg BT 304.39 569.10 Td (to ) Tj ET Q q 0 0 0 rg BT 313.72 569.10 Td (to ) Tj ET Q q 0 0 0 rg BT 323.04 569.10 Td (disputes ) Tj ET Q q 0 0 0 rg BT 357.37 569.10 Td (with ) Tj ET Q q 0 0 0 rg BT 376.70 569.10 Td (suppliers, ) Tj ET Q q 0 0 0 rg BT 416.86 569.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 461.17 569.10 Td (and ) Tj ET Q q 0 0 0 rg BT 477.16 569.10 Td (other ) Tj ET Q q 0 0 0 rg BT 499.25 569.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 527.46 569.10 Td (relating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 557.10 Td (to ) Tj ET Q q 0 0 0 rg BT 65.22 557.10 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 107.00 557.10 Td (The ) Tj ET Q q 0 0 0 rg BT 125.99 557.10 Td (most ) Tj ET Q q 0 0 0 rg BT 148.87 557.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 194.53 557.10 Td (accruals ) Tj ET Q q 0 0 0 rg BT 230.72 557.10 Td (to ) Tj ET Q q 0 0 0 rg BT 241.94 557.10 Td (the ) Tj ET Q q 0 0 0 rg BT 257.59 557.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 298.81 557.10 Td (for ) Tj ET Q q 0 0 0 rg BT 313.91 557.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 336.78 557.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 388.53 557.10 Td (and ) Tj ET Q q 0 0 0 rg BT 406.41 557.10 Td (disputes ) Tj ET Q q 0 0 0 rg BT 442.63 557.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 489.93 557.10 Td (in ) Tj ET Q q 0 0 0 rg BT 501.15 557.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 524.59 557.10 Td (relate ) Tj ET Q q 0 0 0 rg BT 550.23 557.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 545.10 Td (litigation ) Tj ET Q q 0 0 0 rg BT 92.61 545.10 Td (with ) Tj ET Q q 0 0 0 rg BT 112.89 545.10 Td (a ) Tj ET Q q 0 0 0 rg BT 119.83 545.10 Td (former ) Tj ET Q q 0 0 0 rg BT 149.53 545.10 Td (distributor) Tj ET Q q 0 0 0 rg BT 190.65 545.10 Td (.) Tj ET Q endstream endobj 357 0 obj <> endobj 358 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 760.75 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 760.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.60 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 199.82 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 206.31 748.75 Td (O ) Tj ET Q q 0 0 0 rg BT 216.41 748.75 Td (THE CONSOLIDA) Tj ET Q q 0 0 0 rg BT 299.85 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 379.03 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 393.02 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 399.50 748.75 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.60 736.75 Td (At December) Tj ET Q q 0 0 0 rg BT 294.78 736.75 Td (31, 2015 and 2014) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 294.65 32.20 Td (F-29) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 713.25 Td (9. NET) Tj ET Q q 0 0 0 rg BT 89.38 713.25 Td ( FINANCIAL) Tj ET Q q 0 0 0 rg BT 148.00 713.25 Td ( INCOME/\(EXPENSES\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 689.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 689.25 Td (The following table sets out details of financial income and expenses, including the amounts reported in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 677.25 Td (consolidated income statement within the financial income/\(expenses\) line item, as well as interest income from financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 665.25 Td (services activities, recognized under net revenues, and interest cost and other financial char) Tj ET Q q 0 0 0 rg BT 418.66 665.25 Td (ges from financial services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 653.25 Td (companies, recognized under cost of sales:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 602.75 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 602.75 203.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 53.50 588.75 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 574.75 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 574.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 574.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 574.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 574.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 574.75 65.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 53.50 560.75 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 546.75 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 546.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 546.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 546.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 546.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 546.75 65.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 53.50 532.75 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 518.75 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 518.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 518.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 518.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 518.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 518.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 490.75 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 490.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 490.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 490.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 490.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 490.75 65.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 53.50 476.75 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 462.75 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 462.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 462.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 462.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 462.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 462.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 434.75 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 434.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 434.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 434.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 434.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 434.75 65.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 53.50 420.75 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 406.75 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 406.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 406.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 406.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 406.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 406.75 65.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 53.50 392.75 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 378.75 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 378.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 378.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 378.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 378.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 378.75 65.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 53.50 364.75 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 350.75 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 350.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 350.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 350.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 350.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 350.75 65.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 53.50 336.75 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 322.75 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 322.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 322.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 322.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 322.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 322.75 65.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 53.50 308.75 301.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 285.75 301.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 285.75 65.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 285.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 285.75 65.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 285.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 285.75 65.00 -23.00 re f /GS0 gs 1 1 1 rg /GS0 gs 53.50 262.75 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 248.75 301.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 248.75 65.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 248.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 248.75 65.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 248.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 248.75 65.00 -23.00 re f /GS0 gs 1 1 1 rg /GS0 gs 53.50 225.75 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 211.75 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 211.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 211.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 211.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 211.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 211.75 65.00 -14.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 53.50 183.75 301.00 -14.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 354.50 183.75 65.00 -14.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 419.50 183.75 4.00 -14.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 423.50 183.75 65.00 -14.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 488.50 183.75 4.00 -14.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 492.50 183.75 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 616.75 m 419.5 616.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 616.75 m 423.5 616.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 616.75 m 488.5 616.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 616.75 m 492.5 616.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 616.75 m 557.5 616.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 602.75 m 419.5 602.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 602.75 m 488.5 602.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 602.75 m 557.5 602.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 602.75 m 419.5 602.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 602.75 m 488.5 602.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 602.75 m 557.5 602.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 560.75 m 419.5 560.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 560.75 m 488.5 560.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 560.75 m 557.5 560.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 532.75 m 419.5 532.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 519.75 m 419.5 519.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 517.75 m 419.5 517.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 532.75 m 488.5 532.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 519.75 m 488.5 519.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 517.75 m 488.5 517.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 532.75 m 557.5 532.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 519.75 m 557.5 519.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 517.75 m 557.5 517.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 392.75 m 419.5 392.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 392.75 m 488.5 392.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 392.75 m 557.5 392.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 322.75 m 419.5 322.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 322.75 m 488.5 322.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 322.75 m 557.5 322.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 309.75 m 419.5 309.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 307.75 m 419.5 307.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 309.75 m 488.5 309.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 307.75 m 488.5 307.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 309.75 m 557.5 309.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 307.75 m 557.5 307.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 285.75 m 419.5 285.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 285.75 m 488.5 285.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 285.75 m 557.5 285.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 263.75 m 419.5 263.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 261.75 m 419.5 261.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 263.75 m 488.5 263.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 261.75 m 488.5 261.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 263.75 m 557.5 263.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 261.75 m 557.5 261.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 184.75 m 419.5 184.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 182.75 m 419.5 182.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 184.75 m 488.5 184.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 182.75 m 488.5 182.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 184.75 m 557.5 184.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 182.75 m 557.5 182.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 170.75 m 419.5 170.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 168.75 m 419.5 168.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 170.75 m 488.5 170.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 168.75 m 488.5 168.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 170.75 m 557.5 170.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 168.75 m 557.5 168.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 395.65 621.20 Td (For the years ended December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 379.50 607.20 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 448.50 607.20 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 517.50 607.20 Td (2013) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 593.20 Td (Financial income:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.85 593.00 Td (\( thousand\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 579.20 Td (Interest income from bank deposits) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.65 578.20 Td (54) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.40 578.20 Td (2,333) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.15 578.20 Td (447) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 565.20 Td (Other interest income and financial income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 395.40 564.20 Td (6,473) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.40 564.20 Td (4,774) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.40 564.20 Td (1,981) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 62.00 551.21 Td (Interest income and other financial income) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.40 550.21 Td (6,527) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.40 550.21 Td (7,107) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.40 550.21 Td (2,428) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 62.00 537.21 Td (Finance income from financial services companies) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.90 536.21 Td (61,587) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.90 536.21 Td (45,760) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.90 536.21 Td (38,047) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 523.20 Td (Total financial income) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 390.90 522.20 Td (68,114) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 459.90 522.20 Td (52,867) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 528.90 522.20 Td (40,475) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 509.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 495.20 Td (Total financial income relating to:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 62.00 481.21 Td (Industrial companies \(A\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.40 480.21 Td (6,527) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.40 480.21 Td (7,107) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.40 480.21 Td (2,428) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 62.00 467.21 Td (Financial services companies \(reported within net revenues\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.90 466.21 Td (61,587) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.90 466.21 Td (45,760) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.90 466.21 Td (38,047) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 453.20 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 439.20 Td (Financial expenses:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 425.20 Td (Interest expenses on financial liabilities with FCA Group) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.90 424.20 Td (\(15,745) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 415.65 424.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 461.40 424.20 Td (\(6,141) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 484.65 424.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.40 424.20 Td (\(5,129) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 553.65 424.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 411.20 Td (Capitalized borrowing costs) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 395.40 410.20 Td (1,530) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.40 410.20 Td (1,588) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.40 410.20 Td (1,981) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 397.20 Td (Other interest cost and financial expenses) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.40 396.20 Td (\(3,163) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 415.65 396.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 468.15 396.20 Td (\(985) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 484.65 396.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 537.15 396.20 Td (\(718) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 553.65 396.20 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 62.00 383.21 Td (Interest expense and other financial expenses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 387.90 382.21 Td (\(17,378) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 415.65 382.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.40 382.21 Td (\(5,538) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.65 382.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.40 382.21 Td (\(3,866) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 553.65 382.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 62.00 369.21 Td (Interest expenses from banks) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.40 368.21 Td (\(3,357) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 415.65 368.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 468.15 368.21 Td (\(817) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.65 368.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.15 368.21 Td (\(315) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 553.65 368.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 62.00 355.21 Td (Write-downs of financial receivables) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.40 354.21 Td (\(9,607) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 415.65 354.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.40 354.21 Td (\(6,769) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.65 354.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.40 354.21 Td (\(3,997) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 553.65 354.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 62.00 341.21 Td (Net interest expenses on employee benefits provisions) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 403.65 340.21 Td (\(79) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 415.65 340.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 468.15 340.21 Td (\(400) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.65 340.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.15 340.21 Td (\(603) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 553.65 340.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 62.00 327.21 Td (Other financial expenses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.40 326.21 Td (\(5,029) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 415.65 326.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.40 326.21 Td (\(2,007) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.65 326.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.40 326.21 Td (\(7,769) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 553.65 326.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 313.20 Td (Total financial expenses) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 387.90 312.20 Td (\(35,450) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 415.65 312.20 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.90 312.20 Td (\(15,531) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 484.65 312.20 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 525.90 312.20 Td (\(16,550) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 553.65 312.20 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 299.21 Td (Net income/\(expenses\) from derivative financial instruments and foreign) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 290.21 Td (currency exchange rate differences) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.40 289.21 Td (\(4,930) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 415.65 289.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.40 289.21 Td (1,197) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.15 289.21 Td (118) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 276.20 Td (Total financial expenses and net expenses from derivative financial) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 267.20 Td (instruments and foreign currency exchange rate differences) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 387.90 266.20 Td (\(40,380) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 415.65 266.20 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.90 266.20 Td (\(14,334) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 484.65 266.20 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 525.90 266.20 Td (\(16,432) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 553.65 266.20 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 253.20 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 239.20 Td (Total financial expenses and net income/\(expenses\) from derivative financial) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 230.20 Td (instruments and foreign currency exchange rate differences relating to:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 62.00 216.21 Td (Industrial companies \(B\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 387.90 215.21 Td (\(16,678) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 415.65 215.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.40 215.21 Td (1,658) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.15 215.21 Td (423) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 62.00 202.21 Td (Financial services companies \(reported in cost of sales\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 387.90 201.21 Td (\(23,702) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 415.65 201.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.90 201.21 Td (\(15,992) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.65 201.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 525.90 201.21 Td (\(16,855) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 553.65 201.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 174.20 Td (Net financial income/\(expenses\) relating to industrial companies \(A+B\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 387.90 173.20 Td (\(10,151) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 415.65 173.20 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.40 173.20 Td (8,765) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.40 173.20 Td (2,851) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 146.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 146.25 Td (Interest expenses on financial liabilities with FCA) Tj ET Q q 0 0 0 rg BT 289.96 146.25 Td ( Group for the year ended December 31, 2015 includes 9,333 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 134.25 Td (thousand related to the FCA) Tj ET Q q 0 0 0 rg BT 166.21 134.25 Td ( Note. ) Tj ET Q endstream endobj 359 0 obj <> endobj 360 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 760.75 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 760.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.60 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 199.82 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 206.31 748.75 Td (O ) Tj ET Q q 0 0 0 rg BT 216.41 748.75 Td (THE CONSOLIDA) Tj ET Q q 0 0 0 rg BT 299.85 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 379.03 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 393.02 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 399.50 748.75 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.60 736.75 Td (At December) Tj ET Q q 0 0 0 rg BT 294.78 736.75 Td (31, 2015 and 2014) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 294.65 32.20 Td (F-30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 713.25 Td (10. INCOME ) Tj ET Q q 0 0 0 rg BT 118.54 713.25 Td (T) Tj ET Q q 0 0 0 rg BT 124.47 713.25 Td (AXES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 689.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 689.25 Td (Income tax expense is as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 625.75 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 625.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 625.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 625.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 625.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 625.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 597.75 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 597.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 597.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 597.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 597.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 597.75 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 652.75 m 419.5 652.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 652.75 m 423.5 652.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 652.75 m 488.5 652.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 652.75 m 492.5 652.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 652.75 m 557.5 652.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 638.75 m 419.5 638.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 638.75 m 488.5 638.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 638.75 m 557.5 638.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 638.75 m 419.5 638.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 638.75 m 488.5 638.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 638.75 m 557.5 638.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 583.75 m 419.5 583.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 570.75 m 419.5 570.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 568.75 m 419.5 568.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 583.75 m 488.5 583.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 570.75 m 488.5 570.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 568.75 m 488.5 568.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 583.75 m 557.5 583.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 570.75 m 557.5 570.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 568.75 m 557.5 568.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 390.15 657.20 Td (For the years ended December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 377.50 643.20 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.50 643.20 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 515.50 643.20 Td (2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 435.35 630.00 Td (\( thousand\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 616.21 Td (Current tax expense) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.75 616.21 Td (153,739) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.75 616.21 Td (137,468) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 524.75 616.21 Td (132,904) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 602.21 Td (Deferred tax \(income\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.75 602.21 Td (\(9,410) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 416.00 602.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.75 602.21 Td (\(4,600) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 602.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 526.25 602.21 Td (\(12,067) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.00 602.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 588.21 Td (Taxes relating to prior periods) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 399.50 588.21 Td (\(214) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 416.00 588.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.50 588.21 Td (350) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.50 588.21 Td (\(536) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.00 588.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 574.20 Td (Total income tax expense) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 386.75 574.20 Td (144,115) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.75 574.20 Td (133,218) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 574.20 Td (120,301) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 546.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 546.25 Td (The ) Tj ET Q q 0 0 0 rg BT 106.91 546.25 Td (reconciliation ) Tj ET Q q 0 0 0 rg BT 163.24 546.25 Td (between ) Tj ET Q q 0 0 0 rg BT 197.92 546.25 Td (the ) Tj ET Q q 0 0 0 rg BT 211.49 546.25 Td (income ) Tj ET Q q 0 0 0 rg BT 242.29 546.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 255.86 546.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 289.43 546.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 325.77 546.25 Td (in ) Tj ET Q q 0 0 0 rg BT 334.90 546.25 Td (the ) Tj ET Q q 0 0 0 rg BT 348.48 546.25 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 402.61 546.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 441.19 546.25 Td (Statements ) Tj ET Q q 0 0 0 rg BT 486.43 546.25 Td (and ) Tj ET Q q 0 0 0 rg BT 502.23 546.25 Td (the ) Tj ET Q q 0 0 0 rg BT 515.80 546.25 Td (theoretical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 534.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 68.72 534.25 Td (char) Tj ET Q q 0 0 0 rg BT 85.74 534.25 Td (ge, ) Tj ET Q q 0 0 0 rg BT 100.18 534.25 Td (calculated ) Tj ET Q q 0 0 0 rg BT 143.21 534.25 Td (on ) Tj ET Q q 0 0 0 rg BT 155.71 534.25 Td (the ) Tj ET Q q 0 0 0 rg BT 170.43 534.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 192.93 534.25 Td (of ) Tj ET Q q 0 0 0 rg BT 203.76 534.25 Td (the ) Tj ET Q q 0 0 0 rg BT 218.47 534.25 Td (theoretical ) Tj ET Q q 0 0 0 rg BT 263.17 534.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 277.89 534.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 299.26 534.25 Td (in ) Tj ET Q q 0 0 0 rg BT 309.54 534.25 Td (ef) Tj ET Q q 0 0 0 rg BT 317.13 534.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 334.62 534.25 Td (in ) Tj ET Q q 0 0 0 rg BT 344.89 534.25 Td (Italy) Tj ET Q q 0 0 0 rg BT 362.57 534.25 Td (, ) Tj ET Q q 0 0 0 rg BT 367.57 534.25 Td (is ) Tj ET Q q 0 0 0 rg BT 376.74 534.25 Td (as ) Tj ET Q q 0 0 0 rg BT 387.57 534.25 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 470.75 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 470.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 470.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 470.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 470.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 470.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 442.75 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 442.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 442.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 442.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 442.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 442.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 414.75 301.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 414.75 65.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 414.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 414.75 65.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 414.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 414.75 65.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 377.75 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 377.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 377.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 377.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 377.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 377.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 349.75 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 349.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 349.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 349.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 349.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 349.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 321.75 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 321.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 321.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 321.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 321.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 321.75 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 497.75 m 419.5 497.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 497.75 m 423.5 497.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 497.75 m 488.5 497.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 497.75 m 492.5 497.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 497.75 m 557.5 497.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 497.75 m 419.5 497.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 483.75 m 419.5 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 497.75 m 423.5 497.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 497.75 m 488.5 497.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 483.75 m 488.5 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 497.75 m 492.5 497.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 497.75 m 557.5 497.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 483.75 m 557.5 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 483.75 m 419.5 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 483.75 m 488.5 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 483.75 m 557.5 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 363.75 m 419.5 363.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 350.75 m 419.5 350.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 348.75 m 419.5 348.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 363.75 m 488.5 363.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 350.75 m 488.5 350.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 348.75 m 488.5 348.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 363.75 m 557.5 363.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 350.75 m 557.5 350.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 348.75 m 557.5 348.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 321.75 m 419.5 321.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 308.75 m 419.5 308.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 306.75 m 419.5 306.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 321.75 m 488.5 321.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 308.75 m 488.5 308.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 306.75 m 488.5 306.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 321.75 m 557.5 321.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 308.75 m 557.5 308.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 306.75 m 557.5 306.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 390.15 502.20 Td (For the years ended December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 377.50 488.20 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.50 488.20 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 515.50 488.20 Td (2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 435.35 475.00 Td (\( thousand\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 461.21 Td (Theoretical income tax expense) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 382.25 461.21 Td (119,396) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.25 461.21 Td (109,514) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 520.25 461.21 Td (100,760) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 447.21 Td (Tax effect on:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 68.00 433.21 Td (Permanent differences) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 391.25 433.21 Td (5,846) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.25 433.21 Td (\(3,061) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.50 433.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 526.25 433.21 Td (\(4,411) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.50 433.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 68.00 419.21 Td (Ef) Tj ET Q q 0 0 0 rg BT 76.33 419.21 Td (fect of changes in tax rate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 391.25 419.21 Td (4,005) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.50 419.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.50 419.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 68.00 405.21 Td (Differences between foreign tax rates and the theoretical Italian tax rate and) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 68.00 396.21 Td (tax holidays) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 391.25 396.21 Td (1,631) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 467.00 396.21 Td (680) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 536.00 396.21 Td (642) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 68.00 382.21 Td (Taxes relating to prior years) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.00 382.21 Td (\(214) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.50 382.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 467.00 382.21 Td (350) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.00 382.21 Td (\(536) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.50 382.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 68.00 368.21 Td (Withholding tax on earnings) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.00 368.21 Td (\(384) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.50 368.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.25 368.21 Td (6,607) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.25 368.21 Td (6,358) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 354.20 Td (Total income tax expense, excluding IRAP) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 382.25 354.20 Td (130,280) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.25 354.20 Td (114,090) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 520.25 354.20 Td (102,813) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 340.20 Td (Effective tax rate) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 395.75 340.20 Td (30.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.50 340.20 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.75 340.20 Td (28.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.50 340.20 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.75 340.20 Td (28.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 549.50 340.20 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 326.21 Td (IRAP \(current and deferred\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.75 326.21 Td (13,835) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.75 326.21 Td (19,128) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 524.75 326.21 Td (17,488) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 312.20 Td (Total income tax expense) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 382.25 312.20 Td (144,115) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.25 312.20 Td (133,218) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 520.25 312.20 Td (120,301) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 284.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 284.25 Td (Theoretical ) Tj ET Q q 0 0 0 rg BT 137.56 284.25 Td (income ) Tj ET Q q 0 0 0 rg BT 169.04 284.25 Td (taxes ) Tj ET Q q 0 0 0 rg BT 191.62 284.25 Td (have ) Tj ET Q q 0 0 0 rg BT 212.54 284.25 Td (been ) Tj ET Q q 0 0 0 rg BT 233.45 284.25 Td (calculated ) Tj ET Q q 0 0 0 rg BT 276.01 284.25 Td (at ) Tj ET Q q 0 0 0 rg BT 285.27 284.25 Td (a ) Tj ET Q q 0 0 0 rg BT 291.75 284.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 308.77 284.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.14 284.25 Td (27.5 ) Tj ET Q q 0 0 0 rg BT 338.67 284.25 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.10 284.25 Td ( ) Tj ET Q q 0 0 0 rg BT 370.13 284.25 Td (for ) Tj ET Q q 0 0 0 rg BT 383.83 284.25 Td (each ) Tj ET Q q 0 0 0 rg BT 404.19 284.25 Td (of ) Tj ET Q q 0 0 0 rg BT 414.55 284.25 Td (the ) Tj ET Q q 0 0 0 rg BT 428.81 284.25 Td (years ) Tj ET Q q 0 0 0 rg BT 451.94 284.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 477.86 284.25 Td (December ) Tj ET Q q 0 0 0 rg BT 520.98 284.25 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.52 284.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.52 284.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 272.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 272.25 Td ( ) Tj ET Q q 0 0 0 rg BT 76.62 272.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.68 272.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.68 272.25 Td (, ) Tj ET Q q 0 0 0 rg BT 118.79 272.25 Td (which ) Tj ET Q q 0 0 0 rg BT 145.85 272.25 Td (is ) Tj ET Q q 0 0 0 rg BT 155.14 272.25 Td (the ) Tj ET Q q 0 0 0 rg BT 169.98 272.25 Td (theoretical ) Tj ET Q q 0 0 0 rg BT 214.79 272.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 255.16 272.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 272.77 272.25 Td (of ) Tj ET Q q 0 0 0 rg BT 283.72 272.25 Td (taxation ) Tj ET Q q 0 0 0 rg BT 318.55 272.25 Td (in ) Tj ET Q q 0 0 0 rg BT 328.94 272.25 Td (Italy) Tj ET Q q 0 0 0 rg BT 346.62 272.25 Td (. ) Tj ET Q q 0 0 0 rg BT 351.74 272.25 Td (During ) Tj ET Q q 0 0 0 rg BT 382.69 272.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 405.31 272.25 Td (a ) Tj ET Q q 0 0 0 rg BT 412.36 272.25 Td (change ) Tj ET Q q 0 0 0 rg BT 443.30 272.25 Td (in ) Tj ET Q q 0 0 0 rg BT 453.69 272.25 Td (Italian ) Tj ET Q q 0 0 0 rg BT 481.85 272.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 496.69 272.25 Td (law ) Tj ET Q q 0 0 0 rg BT 513.75 272.25 Td (approved ) Tj ET Q q 0 0 0 rg BT 553.57 272.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 260.25 Td (reduction ) Tj ET Q q 0 0 0 rg BT 94.31 260.25 Td (in ) Tj ET Q q 0 0 0 rg BT 104.64 260.25 Td (the ) Tj ET Q q 0 0 0 rg BT 119.41 260.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 159.71 260.25 Td (income ) Tj ET Q q 0 0 0 rg BT 191.70 260.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 206.46 260.25 Td (rate, ) Tj ET Q q 0 0 0 rg BT 226.50 260.25 Td (from ) Tj ET Q q 0 0 0 rg BT 248.49 260.25 Td (27.5 ) Tj ET Q q 0 0 0 rg BT 268.54 260.25 Td (percent ) Tj ET Q q 0 0 0 rg BT 300.51 260.25 Td (to ) Tj ET Q q 0 0 0 rg BT 310.84 260.25 Td (24.0 ) Tj ET Q q 0 0 0 rg BT 330.89 260.25 Td (percent, ) Tj ET Q q 0 0 0 rg BT 365.37 260.25 Td (which ) Tj ET Q q 0 0 0 rg BT 392.36 260.25 Td (will ) Tj ET Q q 0 0 0 rg BT 410.46 260.25 Td (be ) Tj ET Q q 0 0 0 rg BT 422.45 260.25 Td (ef) Tj ET Q q 0 0 0 rg BT 430.04 260.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 459.79 260.25 Td (from ) Tj ET Q q 0 0 0 rg BT 481.78 260.25 Td (January ) Tj ET Q q 0 0 0 rg BT 515.43 260.25 Td (2017. ) Tj ET Q q 0 0 0 rg BT 539.92 260.25 Td (As ) Tj ET Q q 0 0 0 rg BT 553.58 260.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 248.25 Td (result, ) Tj ET Q q 0 0 0 rg BT 80.61 248.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 115.80 248.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 129.91 248.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 155.13 248.25 Td (and ) Tj ET Q q 0 0 0 rg BT 171.46 248.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 210.56 248.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 247.98 248.25 Td (to ) Tj ET Q q 0 0 0 rg BT 257.65 248.25 Td (reverse ) Tj ET Q q 0 0 0 rg BT 288.41 248.25 Td (in ) Tj ET Q q 0 0 0 rg BT 298.08 248.25 Td (and ) Tj ET Q q 0 0 0 rg BT 314.41 248.25 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 360.73 248.25 Td (to ) Tj ET Q q 0 0 0 rg BT 370.40 248.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 392.29 248.25 Td (have ) Tj ET Q q 0 0 0 rg BT 413.06 248.25 Td (been ) Tj ET Q q 0 0 0 rg BT 433.82 248.25 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 469.04 248.25 Td (to ) Tj ET Q q 0 0 0 rg BT 478.71 248.25 Td (reflect ) Tj ET Q q 0 0 0 rg BT 506.13 248.25 Td (the ) Tj ET Q q 0 0 0 rg BT 520.24 248.25 Td (reduction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 236.25 Td (in ) Tj ET Q q 0 0 0 rg BT 64.28 236.25 Td (the ) Tj ET Q q 0 0 0 rg BT 79.00 236.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 119.25 236.25 Td (income ) Tj ET Q q 0 0 0 rg BT 151.18 236.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 165.90 236.25 Td (rate. ) Tj ET Q q 0 0 0 rg BT 185.88 236.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 212.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 212.25 Td (In ) Tj ET Q q 0 0 0 rg BT 99.75 212.25 Td (order ) Tj ET Q q 0 0 0 rg BT 122.28 212.25 Td (to ) Tj ET Q q 0 0 0 rg BT 131.48 212.25 Td (facilitate ) Tj ET Q q 0 0 0 rg BT 167.88 212.25 Td (the ) Tj ET Q q 0 0 0 rg BT 181.52 212.25 Td (understanding ) Tj ET Q q 0 0 0 rg BT 239.60 212.25 Td (of ) Tj ET Q q 0 0 0 rg BT 249.36 212.25 Td (the ) Tj ET Q q 0 0 0 rg BT 263.00 212.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 276.64 212.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 293.05 212.25 Td (reconciliation ) Tj ET Q q 0 0 0 rg BT 349.45 212.25 Td (presented ) Tj ET Q q 0 0 0 rg BT 389.19 212.25 Td (above, ) Tj ET Q q 0 0 0 rg BT 416.99 212.25 Td (IRAP) Tj ET Q q 0 0 0 rg BT 439.41 212.25 Td ( ) Tj ET Q q 0 0 0 rg BT 440.83 212.25 Td (has ) Tj ET Q q 0 0 0 rg BT 455.59 212.25 Td (been ) Tj ET Q q 0 0 0 rg BT 475.89 212.25 Td (presented ) Tj ET Q q 0 0 0 rg BT 515.63 212.25 Td (separately) Tj ET Q q 0 0 0 rg BT 555.51 212.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 200.25 Td (IRAP) Tj ET Q q 0 0 0 rg BT 76.41 200.25 Td ( ) Tj ET Q q 0 0 0 rg BT 78.82 200.25 Td (is ) Tj ET Q q 0 0 0 rg BT 87.89 200.25 Td (calculated ) Tj ET Q q 0 0 0 rg BT 130.82 200.25 Td (on ) Tj ET Q q 0 0 0 rg BT 143.22 200.25 Td (a ) Tj ET Q q 0 0 0 rg BT 150.07 200.25 Td (measure ) Tj ET Q q 0 0 0 rg BT 185.79 200.25 Td (of ) Tj ET Q q 0 0 0 rg BT 196.52 200.25 Td (income ) Tj ET Q q 0 0 0 rg BT 228.36 200.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 260.75 200.25 Td (by ) Tj ET Q q 0 0 0 rg BT 273.15 200.25 Td (the ) Tj ET Q q 0 0 0 rg BT 287.77 200.25 Td (Italian ) Tj ET Q q 0 0 0 rg BT 315.72 200.25 Td (Civil ) Tj ET Q q 0 0 0 rg BT 338.13 200.25 Td (Code ) Tj ET Q q 0 0 0 rg BT 361.64 200.25 Td (as ) Tj ET Q q 0 0 0 rg BT 372.37 200.25 Td (the ) Tj ET Q q 0 0 0 rg BT 386.99 200.25 Td (dif) Tj ET Q q 0 0 0 rg BT 397.92 200.25 Td (ference ) Tj ET Q q 0 0 0 rg BT 429.74 200.25 Td (between ) Tj ET Q q 0 0 0 rg BT 465.46 200.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 505.62 200.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 543.57 200.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 188.25 Td (costs, ) Tj ET Q q 0 0 0 rg BT 79.65 188.25 Td (before ) Tj ET Q q 0 0 0 rg BT 108.34 188.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 146.47 188.25 Td (income ) Tj ET Q q 0 0 0 rg BT 179.05 188.25 Td (and ) Tj ET Q q 0 0 0 rg BT 196.64 188.25 Td (expense, ) Tj ET Q q 0 0 0 rg BT 234.49 188.25 Td (and ) Tj ET Q q 0 0 0 rg BT 252.08 188.25 Td (in ) Tj ET Q q 0 0 0 rg BT 263.01 188.25 Td (particular ) Tj ET Q q 0 0 0 rg BT 304.47 188.25 Td (before ) Tj ET Q q 0 0 0 rg BT 333.16 188.25 Td (the ) Tj ET Q q 0 0 0 rg BT 348.52 188.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 367.78 188.25 Td (of ) Tj ET Q q 0 0 0 rg BT 379.26 188.25 Td (fixed-term ) Tj ET Q q 0 0 0 rg BT 424.61 188.25 Td (employees, ) Tj ET Q q 0 0 0 rg BT 473.02 188.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 498.94 188.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 525.98 188.25 Td (and ) Tj ET Q q 0 0 0 rg BT 543.57 188.25 Td (any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 176.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 86.28 176.25 Td (included ) Tj ET Q q 0 0 0 rg BT 123.56 176.25 Td (in ) Tj ET Q q 0 0 0 rg BT 134.18 176.25 Td (lease ) Tj ET Q q 0 0 0 rg BT 157.01 176.25 Td (payments. ) Tj ET Q q 0 0 0 rg BT 200.68 176.25 Td (IRAP) Tj ET Q q 0 0 0 rg BT 223.10 176.25 Td ( ) Tj ET Q q 0 0 0 rg BT 225.94 176.25 Td (is ) Tj ET Q q 0 0 0 rg BT 235.46 176.25 Td (applied ) Tj ET Q q 0 0 0 rg BT 267.74 176.25 Td (on ) Tj ET Q q 0 0 0 rg BT 280.58 176.25 Td (the ) Tj ET Q q 0 0 0 rg BT 295.65 176.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 310.71 176.25 Td (base ) Tj ET Q q 0 0 0 rg BT 331.32 176.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.38 176.25 Td (3.9 ) Tj ET Q q 0 0 0 rg BT 356.73 176.25 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.15 176.25 Td ( ) Tj ET Q q 0 0 0 rg BT 389.00 176.25 Td (for ) Tj ET Q q 0 0 0 rg BT 403.51 176.25 Td (each ) Tj ET Q q 0 0 0 rg BT 424.67 176.25 Td (of ) Tj ET Q q 0 0 0 rg BT 435.84 176.25 Td (the ) Tj ET Q q 0 0 0 rg BT 450.91 176.25 Td (years ) Tj ET Q q 0 0 0 rg BT 474.85 176.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 501.57 176.25 Td (December ) Tj ET Q q 0 0 0 rg BT 545.50 176.25 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 164.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 164.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.14 164.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.14 164.25 Td ( ) Tj ET Q q 0 0 0 rg BT 101.77 164.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.85 164.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.85 164.25 Td (.The ) Tj ET Q q 0 0 0 rg BT 159.53 164.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 196.58 164.25 Td (in ) Tj ET Q q 0 0 0 rg BT 206.99 164.25 Td (IRAP) Tj ET Q q 0 0 0 rg BT 229.40 164.25 Td ( ) Tj ET Q q 0 0 0 rg BT 232.04 164.25 Td (in ) Tj ET Q q 0 0 0 rg BT 242.45 164.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 265.09 164.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 307.15 164.25 Td (to ) Tj ET Q q 0 0 0 rg BT 317.56 164.25 Td (2014 ) Tj ET Q q 0 0 0 rg BT 340.20 164.25 Td (is ) Tj ET Q q 0 0 0 rg BT 349.50 164.25 Td (mainly ) Tj ET Q q 0 0 0 rg BT 379.91 164.25 Td (due ) Tj ET Q q 0 0 0 rg BT 396.99 164.25 Td (to ) Tj ET Q q 0 0 0 rg BT 407.40 164.25 Td (a ) Tj ET Q q 0 0 0 rg BT 414.48 164.25 Td (change ) Tj ET Q q 0 0 0 rg BT 445.43 164.25 Td (in ) Tj ET Q q 0 0 0 rg BT 455.84 164.25 Td (the ) Tj ET Q q 0 0 0 rg BT 470.69 164.25 Td (related ) Tj ET Q q 0 0 0 rg BT 500.53 164.25 Td (Italian ) Tj ET Q q 0 0 0 rg BT 528.71 164.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 543.56 164.25 Td (law ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 152.25 Td (that ) Tj ET Q q 0 0 0 rg BT 71.50 152.25 Td (allows ) Tj ET Q q 0 0 0 rg BT 100.10 152.25 Td (personnel ) Tj ET Q q 0 0 0 rg BT 141.48 152.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 163.98 152.25 Td (to ) Tj ET Q q 0 0 0 rg BT 174.26 152.25 Td (be ) Tj ET Q q 0 0 0 rg BT 186.20 152.25 Td (deductible ) Tj ET Q q 0 0 0 rg BT 230.35 152.25 Td (for ) Tj ET Q q 0 0 0 rg BT 244.51 152.25 Td (IRAP) Tj ET Q q 0 0 0 rg BT 266.92 152.25 Td ( ) Tj ET Q q 0 0 0 rg BT 269.42 152.25 Td (purposes.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 128.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 104.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 84.25 Td ( ) Tj ET Q endstream endobj 361 0 obj <> endobj 362 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 760.75 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 760.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.60 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 199.82 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 206.31 748.75 Td (O ) Tj ET Q q 0 0 0 rg BT 216.41 748.75 Td (THE CONSOLIDA) Tj ET Q q 0 0 0 rg BT 299.85 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 379.03 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 393.02 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 399.50 748.75 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.60 736.75 Td (At December) Tj ET Q q 0 0 0 rg BT 294.78 736.75 Td (31, 2015 and 2014) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 294.65 32.20 Td (F-31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 713.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 713.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.05 713.10 Td (analysis ) Tj ET Q q 0 0 0 rg BT 142.76 713.10 Td (of ) Tj ET Q q 0 0 0 rg BT 153.59 713.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 189.40 713.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 204.12 713.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 229.95 713.10 Td (and ) Tj ET Q q 0 0 0 rg BT 246.88 713.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 282.69 713.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 297.41 713.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 337.12 713.10 Td (at ) Tj ET Q q 0 0 0 rg BT 346.84 713.10 Td (December ) Tj ET Q q 0 0 0 rg BT 390.42 713.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 405.42 713.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 427.92 713.10 Td (and ) Tj ET Q q 0 0 0 rg BT 444.86 713.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 469.86 713.10 Td (is ) Tj ET Q q 0 0 0 rg BT 479.03 713.10 Td (as ) Tj ET Q q 0 0 0 rg BT 489.86 713.10 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 649.60 372.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 649.60 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 649.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 649.60 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 621.60 372.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 621.60 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 621.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 621.60 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 593.60 372.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 593.60 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 593.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 593.60 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 565.60 372.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 565.60 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 565.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 565.60 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 537.60 372.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 537.60 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 537.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 537.60 64.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 676.6 m 489.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 676.6 m 493.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 676.6 m 557.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 676.6 m 489.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 662.6 m 489.5 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 676.6 m 493.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 676.6 m 557.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 662.6 m 557.5 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 607.6 m 489.5 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 593.6 m 489.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 607.6 m 557.5 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 593.6 m 557.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 551.6 m 489.5 551.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 551.6 m 557.5 551.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 537.6 m 489.5 537.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 524.6 m 489.5 524.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 522.6 m 489.5 522.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 537.6 m 557.5 537.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 524.6 m 557.5 524.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 522.6 m 557.5 522.6 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.95 681.05 Td (At December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 448.00 667.05 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 516.00 667.05 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 470.85 653.85 Td (\( thousand\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 640.05 Td (Deferred tax assets:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 68.00 626.06 Td (Deferred tax assets to be recovered after 12 months) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.25 626.06 Td (56,821) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.25 626.06 Td (63,935) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 68.00 612.06 Td (Deferred tax assets to be recovered within 12 months) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.25 612.06 Td (65,801) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.25 612.06 Td (47,781) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.75 598.05 Td (122,622) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 598.05 Td (111,716) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 584.05 Td (Deferred tax liabilities:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 68.00 570.06 Td (Deferred tax liability to be recovered after 12 months) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 458.25 570.06 Td (\(12,604) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 486.00 570.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.75 570.06 Td (\(5,368) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.00 570.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 68.00 556.06 Td (Deferred tax liability to be recovered within 12 months) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 458.25 556.06 Td (\(10,741) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 486.00 556.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 526.25 556.06 Td (\(16,244) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.00 556.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.25 542.05 Td (\(23,345) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 542.05 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 526.25 542.05 Td (\(21,612) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 554.00 542.05 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 528.05 Td (Net deferred tax assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.25 528.05 Td (99,277) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 528.05 Td (90,104) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 500.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 500.10 Td (The ) Tj ET Q q 0 0 0 rg BT 109.15 500.10 Td (movement ) Tj ET Q q 0 0 0 rg BT 154.97 500.10 Td (in ) Tj ET Q q 0 0 0 rg BT 166.35 500.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 203.27 500.10 Td (income ) Tj ET Q q 0 0 0 rg BT 236.31 500.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 252.13 500.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 279.06 500.10 Td (and ) Tj ET Q q 0 0 0 rg BT 297.11 500.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 337.93 500.10 Td (during ) Tj ET Q q 0 0 0 rg BT 367.65 500.10 Td (the ) Tj ET Q q 0 0 0 rg BT 383.47 500.10 Td (year) Tj ET Q q 0 0 0 rg BT 400.28 500.10 Td (, ) Tj ET Q q 0 0 0 rg BT 406.38 500.10 Td (without ) Tj ET Q q 0 0 0 rg BT 440.54 500.10 Td (taking ) Tj ET Q q 0 0 0 rg BT 469.15 500.10 Td (into ) Tj ET Q q 0 0 0 rg BT 488.31 500.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 545.79 500.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 488.10 Td (of) Tj ET Q q 0 0 0 rg BT 62.15 488.10 Td (fsetting ) Tj ET Q q 0 0 0 rg BT 94.64 488.10 Td (of ) Tj ET Q q 0 0 0 rg BT 105.47 488.10 Td (balances ) Tj ET Q q 0 0 0 rg BT 142.40 488.10 Td (within ) Tj ET Q q 0 0 0 rg BT 170.46 488.10 Td (the ) Tj ET Q q 0 0 0 rg BT 185.17 488.10 Td (same ) Tj ET Q q 0 0 0 rg BT 208.22 488.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 222.94 488.10 Td (jurisdiction, ) Tj ET Q q 0 0 0 rg BT 273.49 488.10 Td (is ) Tj ET Q q 0 0 0 rg BT 282.66 488.10 Td (as ) Tj ET Q q 0 0 0 rg BT 293.49 488.10 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 52.50 402.60 170.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.50 402.60 64.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 402.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 402.60 64.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 402.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 402.60 64.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 402.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 402.60 64.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 402.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 402.60 64.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.50 376.60 170.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.50 376.60 64.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 376.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 376.60 64.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 376.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 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1 rg /GS0 gs 426.50 142.60 64.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 142.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 142.60 64.00 -21.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 428.6 m 286.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 428.6 m 354.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 428.6 m 422.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 428.6 m 490.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 428.6 m 558.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 272.6 m 354.5 272.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 272.6 m 422.5 272.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 272.6 m 490.5 272.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 272.6 m 286.5 272.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 260.6 m 286.5 260.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 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0 i [] 0 d 0 J 0 j 3 M 426.5 121.60000000000002 m 490.5 121.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 109.60000000000002 m 490.5 109.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 107.60000000000002 m 490.5 107.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 121.60000000000002 m 558.5 121.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 109.60000000000002 m 558.5 109.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 107.60000000000002 m 558.5 107.60000000000002 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 233.50 449.28 Td (At December) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 242.00 441.28 Td (31, 2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 300.10 457.28 Td (Recognizedin) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.65 449.28 Td (consolidated) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 311.75 441.28 Td (income) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 307.30 433.28 Td (statement) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 377.10 449.28 Td (Charged) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 377.00 441.28 Td (toequity) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 440.25 457.28 Td (Translation) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.40 449.28 Td (differences) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.50 441.28 Td (and other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 446.40 433.28 Td (changes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 505.50 449.28 Td (At December) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.00 441.28 Td (31, 2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 369.85 420.20 Td (\( thousand\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 55.00 407.20 Td (Deferred tax assets arising on:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 61.00 394.20 Td (Provisions) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 261.30 394.20 Td (72,763) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.30 394.20 Td (4,067) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 411.30 394.20 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 469.30 394.20 Td (1,085) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 394.20 Td (77,915) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 61.00 381.20 Td (Deferred income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 261.30 381.20 Td (35,039) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.30 381.20 Td (4,279) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 411.30 381.20 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.30 381.20 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 381.20 Td (39,318) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 61.00 368.20 Td (Employee benefits) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 265.30 368.20 Td (3,373) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.60 368.20 Td (\(825) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.30 368.20 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.60 368.20 Td (\(306) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.30 368.20 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.30 368.20 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.30 368.20 Td (2,242) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 61.00 355.20 Td (Cash flow hedge reserve) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 261.30 355.20 Td (26,869) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 343.30 355.20 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 398.60 355.20 Td (\(2,602) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.30 355.20 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.30 355.20 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 355.20 Td (24,267) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 61.00 342.20 Td ( Foreign currency exchange rate dif) Tj ET Q q 0 0 0 rg BT 178.80 342.20 Td (ferences) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 265.30 342.20 Td (1,090) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.60 342.20 Td (\(747) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.30 342.20 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 411.30 342.20 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.30 342.20 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 342.20 Td (343) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 61.00 329.20 Td (Inventory obsolescence) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 261.30 329.20 Td (16,423) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.30 329.20 Td (8,254) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 411.30 329.20 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 475.30 329.20 Td (398) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 329.20 Td (25,075) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 61.00 316.20 Td (Allowances for doubtful accounts) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 265.30 316.20 Td (5,292) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 330.60 316.20 Td (\(1,647) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.30 316.20 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 411.30 316.20 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.60 316.20 Td (\(12) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.30 316.20 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.30 316.20 Td (3,633) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 61.00 303.20 Td (Depreciation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 261.30 303.20 Td (22,219) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.60 303.20 Td (\(537) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.30 303.20 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 411.30 303.20 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.30 303.20 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 303.20 Td (21,682) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 61.00 290.20 Td (Board of Directors compensation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 265.30 290.20 Td (3,416) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 330.60 290.20 Td (\(3,416) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.30 290.20 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 411.30 290.20 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.30 290.20 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 290.20 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 61.00 277.20 Td (Other) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 261.30 277.20 Td (11,846) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 330.60 277.20 Td (\(2,819) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.30 277.20 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 411.30 277.20 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 469.30 277.20 Td (1,811) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 277.20 Td (10,838) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 55.00 264.28 Td (T) Tj ET Q q 0 0 0 rg BT 59.60 264.28 Td (otal assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 257.30 264.28 Td (198,330) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 333.30 264.28 Td (6,609) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 398.60 264.28 Td (\(2,908) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.30 264.28 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.30 264.28 Td (3,282) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 529.30 264.28 Td (205,313) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 55.00 251.20 Td (Deferred tax liabilities arising on:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 61.00 238.20 Td (Depreciation) Tj ET Q BT 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ET q 0 0 0 rg BT 479.30 225.20 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.60 225.20 Td (\(79,531) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 555.30 225.20 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 61.00 212.20 Td (Employee benefits) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 262.60 212.20 Td (\(1,575) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.30 212.20 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.60 212.20 Td (\(138) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.30 212.20 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 411.30 212.20 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.30 212.20 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.60 212.20 Td (\(1,713) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 555.30 212.20 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 61.00 199.20 Td (Exchange rate dif) Tj ET Q q 0 0 0 rg BT 117.27 199.20 Td (ferences) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 262.60 199.20 Td (\(2,350) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.30 199.20 Td 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-13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 656.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 656.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 656.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 656.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 630.50 160.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.50 630.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 630.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 630.50 62.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 630.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 630.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 630.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 630.50 62.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 630.50 4.00 -13.00 re f /GS0 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1 rg /GS0 gs 507.50 578.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 552.50 160.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.50 552.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 552.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 552.50 62.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 552.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 552.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 552.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 552.50 62.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 552.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 552.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 552.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 552.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 526.50 160.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.50 526.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 526.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 526.50 62.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 526.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 526.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 526.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 526.50 62.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 526.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 526.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 526.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 526.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 500.50 160.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.50 500.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 500.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 500.50 62.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 500.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 500.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 500.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 500.50 62.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 500.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 500.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 500.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 500.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 474.50 160.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.50 474.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 474.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 474.50 62.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 474.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 474.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 474.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 474.50 62.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 474.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 474.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 474.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 474.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 448.50 160.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.50 448.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 448.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 448.50 62.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 448.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 448.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 448.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 448.50 62.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 448.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 448.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 448.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 448.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 422.50 160.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.50 422.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 422.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 422.50 62.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 422.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 422.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 422.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 422.50 62.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 422.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 422.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 422.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 422.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 396.50 160.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.50 396.50 50.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 396.50 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 396.50 62.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 396.50 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 396.50 50.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 396.50 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 396.50 62.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 396.50 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 396.50 50.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 396.50 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 396.50 50.00 -21.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213.5 682.5 m 263.5 682.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 682.5 m 329.5 682.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 682.5 m 383.5 682.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 682.5 m 449.5 682.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 682.5 m 503.5 682.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 682.5 m 557.5 682.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 213.5 526.5 m 263.5 526.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213.5 514.5 m 263.5 514.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213.5 512.5 m 263.5 512.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 526.5 m 329.5 526.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 514.5 m 329.5 514.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 512.5 m 329.5 512.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 526.5 m 383.5 526.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 514.5 m 383.5 514.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 512.5 m 383.5 512.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 526.5 m 449.5 526.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 514.5 m 449.5 514.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 512.5 m 449.5 512.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 526.5 m 503.5 526.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 514.5 m 503.5 514.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 512.5 m 503.5 512.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 526.5 m 557.5 526.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 514.5 m 557.5 514.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 512.5 m 557.5 512.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 213.5 409.5 m 263.5 409.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213.5 397.5 m 263.5 397.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213.5 395.5 m 263.5 395.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 409.5 m 329.5 409.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 397.5 m 329.5 397.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 395.5 m 329.5 395.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 409.5 m 383.5 409.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 397.5 m 383.5 397.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 395.5 m 383.5 395.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 409.5 m 449.5 409.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 397.5 m 449.5 397.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 395.5 m 449.5 395.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 409.5 m 503.5 409.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 397.5 m 503.5 397.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 395.5 m 503.5 395.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 409.5 m 557.5 409.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 397.5 m 557.5 397.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 395.5 m 557.5 395.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213.5 395.5 m 263.5 395.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213.5 397.5 m 263.5 397.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 395.5 m 329.5 395.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 397.5 m 329.5 397.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 395.5 m 383.5 395.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 397.5 m 383.5 397.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 395.5 m 449.5 395.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 397.5 m 449.5 397.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 395.5 m 503.5 395.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 397.5 m 503.5 397.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 395.5 m 557.5 395.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 397.5 m 557.5 397.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 213.5 375.5 m 263.5 375.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213.5 363.5 m 263.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213.5 361.5 m 263.5 361.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 375.5 m 329.5 375.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 363.5 m 329.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 361.5 m 329.5 361.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 375.5 m 383.5 375.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 363.5 m 383.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 361.5 m 383.5 361.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 375.5 m 449.5 375.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 363.5 m 449.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 361.5 m 449.5 361.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 375.5 m 503.5 375.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 363.5 m 503.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 361.5 m 503.5 361.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 375.5 m 557.5 375.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 363.5 m 557.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 361.5 m 557.5 361.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 235.75 702.73 Td (At ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 222.75 694.73 Td (December) Tj ET Q q 0 0 0 rg BT 257.25 694.73 Td ( ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 226.00 686.73 Td (31, 2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 276.10 710.73 Td (Recognizedin ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 278.65 702.73 Td (consolidated ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 287.75 694.73 Td (income ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 283.30 686.73 Td (statement) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 345.10 695.22 Td (Charged) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.88 695.22 Td ( ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 345.00 686.73 Td (to equity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 375.00 686.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 394.65 702.73 Td (Changesinthe ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 406.30 694.73 Td (scope of ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 397.30 686.73 Td (consolidation) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.25 710.73 Td (T) Tj ET Q q 0 0 0 rg BT 464.99 710.73 Td (ranslation ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 461.40 702.73 Td (differ) Tj ET Q q 0 0 0 rg BT 480.36 702.73 Td (ences ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 463.50 694.73 Td (and other) Tj ET Q q 0 0 0 rg BT 496.47 694.73 Td ( ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.40 686.73 Td (changes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.51 686.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 529.75 702.73 Td (At) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.75 694.73 Td (December) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.00 686.73 Td (31, 2014) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 367.40 673.55 Td (\( thousand\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 660.75 Td (Deferred tax assets arising on:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 647.75 Td ( Provisions ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 238.25 647.75 Td (55,802) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 308.30 647.75 Td (5,597) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.30 647.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.30 647.75 Td (13,178) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.60 647.75 Td (\(1,814) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.30 647.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.25 647.75 Td (72,763) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 634.75 Td ( Deferred income ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 238.25 634.75 Td (26,163) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 308.30 634.75 Td (9,096) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.30 634.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.30 634.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.60 634.75 Td (\(220) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.30 634.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.25 634.75 Td (35,039) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 621.75 Td ( Employee benefits) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.25 621.75 Td (1,945) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 314.30 621.75 Td (367) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.25 621.75 Td (1,061) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.30 621.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 621.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.25 621.75 Td (3,373) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 608.75 Td ( Cash flow hedge reserve) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 252.30 608.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 318.30 608.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 358.25 608.75 Td (26,864) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.30 608.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.30 608.75 Td (5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.25 608.75 Td (26,869) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 595.75 Td ( Foreign currency exchange rate dif) Tj ET Q q 0 0 0 rg BT 173.80 595.75 Td (ferences) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.25 595.75 Td (1,090) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 318.30 595.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.30 595.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.30 595.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 595.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.25 595.75 Td (1,090) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 582.75 Td ( Inventory obsolescence) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 238.25 582.75 Td (16,326) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.60 582.75 Td (\(338) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.30 582.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.30 582.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.30 582.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.30 582.75 Td (435) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.25 582.75 Td (16,423) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 569.75 Td ( ) Tj ET Q q 0 0 0 rg BT 61.56 569.75 Td (Allowances for doubtful accounts ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.25 569.75 Td (9,106) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.60 569.75 Td (\(1,587) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.30 569.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.30 569.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.30 569.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.60 569.75 Td (\(2,227) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.30 569.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.25 569.75 Td (5,292) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 556.75 Td ( Depreciation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 238.25 556.75 Td (19,428) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 308.30 556.75 Td (2,791) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.30 556.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.30 556.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 556.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.25 556.75 Td (22,219) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 543.75 Td ( Board of Directors compensation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.25 543.75 Td (1,025) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 308.30 543.75 Td (2,391) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.30 543.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.30 543.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 543.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.25 543.75 Td (3,416) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 530.75 Td ( Other ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.25 530.75 Td (1,616) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.60 530.75 Td (\(7,899) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.30 530.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.30 530.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.30 530.75 Td (8,631) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.25 530.75 Td (9,498) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.25 530.75 Td (11,846) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 56.00 517.73 Td (T) Tj ET Q q 0 0 0 rg BT 60.60 517.73 Td (otal ) Tj ET Q q 0 0 0 rg BT 77.05 517.73 Td (Assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 234.25 517.73 Td (132,501) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 304.30 517.73 Td (10,418) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.25 517.73 Td (27,925) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 424.30 517.73 Td (21,809) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.25 517.73 Td (5,677) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.25 517.73 Td (198,330) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 504.75 Td (Deferred tax liabilities arising on:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 491.75 Td (Depreciation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 239.60 491.75 Td (\(9,455) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 260.30 491.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.60 491.75 Td (\(2,014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.30 491.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.30 491.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.30 491.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.60 491.75 Td (\(518) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.30 491.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.60 491.75 Td (\(11,987) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.30 491.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 478.75 Td ( Capitalization of development costs ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 235.60 478.75 Td (\(70,339) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 260.30 478.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.60 478.75 Td (\(3,536) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.30 478.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.30 478.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.30 478.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.60 478.75 Td (\(2,695) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.30 478.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.60 478.75 Td (\(76,570) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.30 478.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 465.75 Td ( Employee benefits) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 239.60 465.75 Td (\(1,291) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 260.30 465.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.60 465.75 Td (\(284) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.30 465.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.30 465.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.30 465.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 465.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.60 465.75 Td (\(1,575) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.30 465.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 452.75 Td ( Exchange rate dif) Tj ET Q q 0 0 0 rg BT 118.27 452.75 Td (ferences) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 245.60 452.75 Td (\(804) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 260.30 452.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.60 452.75 Td (\(1,546) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.30 452.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.30 452.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.30 452.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 452.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.60 452.75 Td (\(2,350) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.30 452.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 439.75 Td ( Cash flow hedge reserve equity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 235.60 439.75 Td (\(19,725) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 260.30 439.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 318.30 439.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 358.25 439.75 Td (19,724) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.30 439.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 439.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.60 439.75 Td (\(1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.30 439.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 426.75 Td ( Lease accounting) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 235.60 426.75 Td (\(12,549) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 260.30 426.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.60 426.75 Td (\(76) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.30 426.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.30 426.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.30 426.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 426.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.60 426.75 Td (\(12,625) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.30 426.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 413.75 Td ( ) Tj ET Q q 0 0 0 rg BT 57.86 413.75 Td (W) Tj ET Q q 0 0 0 rg BT 65.09 413.75 Td (ithholding tax on earnings undistributed) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 239.60 413.75 Td (\(6,075) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 260.30 413.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 314.30 413.75 Td (847) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.30 413.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.30 413.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 413.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.60 413.75 Td (\(5,228) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.30 413.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 56.00 400.73 Td (T) Tj ET Q q 0 0 0 rg BT 60.60 400.73 Td (otal Liabilities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 231.60 400.73 Td (\(120,238) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 260.30 400.73 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 305.60 400.73 Td (\(6,609) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.30 400.73 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.25 400.73 Td (19,724) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.30 400.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.60 400.73 Td (\(3,213) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 500.30 400.73 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 525.60 400.73 Td (\(110,336) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 554.30 400.73 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 387.75 Td (Deferred tax asset arising on tax loss carry-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 379.75 Td (forward ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.25 379.75 Td (1,322) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 314.30 379.75 Td (791) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.30 379.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.30 379.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.60 379.75 Td (\(3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.30 379.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.25 379.75 Td (2,110) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 56.00 366.73 Td (T) Tj ET Q q 0 0 0 rg BT 60.60 366.73 Td (otal net deferr) Tj ET Q q 0 0 0 rg BT 109.32 366.73 Td (ed tax assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 238.25 366.73 Td (13,585) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 308.30 366.73 Td (4,600) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.25 366.73 Td (47,649) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 424.30 366.73 Td (21,809) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.25 366.73 Td (2,461) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.25 366.73 Td (90,104) Tj ET Q BT /F1 10.00 Tf ET BT /F1 12.00 Tf ET q 0 0 0 rg BT 54.00 336.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 336.60 Td (The ) Tj ET Q q 0 0 0 rg BT 108.22 336.60 Td (decision ) Tj ET Q q 0 0 0 rg BT 144.22 336.60 Td (to ) Tj ET Q q 0 0 0 rg BT 154.68 336.60 Td (recognize ) Tj ET Q q 0 0 0 rg BT 196.22 336.60 Td (deferred ) Tj ET Q q 0 0 0 rg BT 232.20 336.60 Td (tax ) Tj ET Q q 0 0 0 rg BT 247.09 336.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 273.10 336.60 Td (is ) Tj ET Q q 0 0 0 rg BT 282.44 336.60 Td (made ) Tj ET Q q 0 0 0 rg BT 306.77 336.60 Td (for ) Tj ET Q q 0 0 0 rg BT 321.11 336.60 Td (each ) Tj ET Q q 0 0 0 rg BT 342.10 336.60 Td (company ) Tj ET Q q 0 0 0 rg BT 381.43 336.60 Td (in ) Tj ET Q q 0 0 0 rg BT 391.88 336.60 Td (the ) Tj ET Q q 0 0 0 rg BT 406.78 336.60 Td (Group ) Tj ET Q q 0 0 0 rg BT 435.00 336.60 Td (by ) Tj ET Q q 0 0 0 rg BT 447.68 336.60 Td (assessing ) Tj ET Q q 0 0 0 rg BT 487.58 336.60 Td (critically ) Tj ET Q q 0 0 0 rg BT 525.79 336.60 Td (whether ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 324.60 Td (the ) Tj ET Q q 0 0 0 rg BT 68.35 324.60 Td (conditions ) Tj ET Q q 0 0 0 rg BT 112.14 324.60 Td (exist ) Tj ET Q q 0 0 0 rg BT 133.16 324.60 Td (for ) Tj ET Q q 0 0 0 rg BT 146.94 324.60 Td (the ) Tj ET Q q 0 0 0 rg BT 161.29 324.60 Td (future ) Tj ET Q q 0 0 0 rg BT 187.30 324.60 Td (recoverability ) Tj ET Q q 0 0 0 rg BT 244.95 324.60 Td (of ) Tj ET Q q 0 0 0 rg BT 255.41 324.60 Td (such ) Tj ET Q q 0 0 0 rg BT 275.87 324.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 301.33 324.60 Td (by ) Tj ET Q q 0 0 0 rg BT 313.46 324.60 Td (taking ) Tj ET Q q 0 0 0 rg BT 340.58 324.60 Td (into ) Tj ET Q q 0 0 0 rg BT 358.27 324.60 Td (account ) Tj ET Q q 0 0 0 rg BT 391.49 324.60 Td (the ) Tj ET Q q 0 0 0 rg BT 405.84 324.60 Td (basis ) Tj ET Q q 0 0 0 rg BT 427.96 324.60 Td (of ) Tj ET Q q 0 0 0 rg BT 438.42 324.60 Td (the ) Tj ET Q q 0 0 0 rg BT 452.77 324.60 Td (most ) Tj ET Q q 0 0 0 rg BT 474.35 324.60 Td (recent ) Tj ET Q q 0 0 0 rg BT 500.90 324.60 Td (forecasts ) Tj ET Q q 0 0 0 rg BT 538.57 324.60 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 312.60 Td (budgets ) Tj ET Q q 0 0 0 rg BT 87.61 312.60 Td (and ) Tj ET Q q 0 0 0 rg BT 104.55 312.60 Td (plans.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 288.60 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 288.60 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 129.00 288.60 Td (taxes ) Tj ET Q q 0 0 0 rg BT 153.02 288.60 Td (on ) Tj ET Q q 0 0 0 rg BT 166.49 288.60 Td (the ) Tj ET Q q 0 0 0 rg BT 182.17 288.60 Td (undistributed ) Tj ET Q q 0 0 0 rg BT 238.42 288.60 Td (earnings ) Tj ET Q q 0 0 0 rg BT 275.77 288.60 Td (of ) Tj ET Q q 0 0 0 rg BT 287.57 288.60 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 338.25 288.60 Td (have ) Tj ET Q q 0 0 0 rg BT 360.60 288.60 Td (not ) Tj ET Q q 0 0 0 rg BT 376.85 288.60 Td (been ) Tj ET Q q 0 0 0 rg BT 399.20 288.60 Td (recognized, ) Tj ET Q q 0 0 0 rg BT 449.03 288.60 Td (except ) Tj ET Q q 0 0 0 rg BT 478.60 288.60 Td (in ) Tj ET Q q 0 0 0 rg BT 489.84 288.60 Td (cases ) Tj ET Q q 0 0 0 rg BT 514.41 288.60 Td (where ) Tj ET Q q 0 0 0 rg BT 542.31 288.60 Td (it ) Tj ET Q q 0 0 0 rg BT 551.34 288.60 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 276.60 Td (probable ) Tj ET Q q 0 0 0 rg BT 91.49 276.60 Td (the ) Tj ET Q q 0 0 0 rg BT 106.20 276.60 Td (distribution ) Tj ET Q q 0 0 0 rg BT 154.82 276.60 Td (will ) Tj ET Q q 0 0 0 rg BT 172.87 276.60 Td (occur ) Tj ET Q q 0 0 0 rg BT 197.58 276.60 Td (in ) Tj ET Q q 0 0 0 rg BT 207.86 276.60 Td (the ) Tj ET Q q 0 0 0 rg BT 222.57 276.60 Td (foreseeable ) Tj ET Q q 0 0 0 rg BT 270.60 276.60 Td (future.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 252.60 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 252.60 Td (Following ) Tj ET Q q 0 0 0 rg BT 133.33 252.60 Td (the ) Tj ET Q q 0 0 0 rg BT 147.75 252.60 Td (Separation ) Tj ET Q q 0 0 0 rg BT 192.72 252.60 Td (the ) Tj ET Q q 0 0 0 rg BT 207.14 252.60 Td (Group ) Tj ET Q q 0 0 0 rg BT 234.90 252.60 Td (no ) Tj ET Q q 0 0 0 rg BT 247.11 252.60 Td (longer ) Tj ET Q q 0 0 0 rg BT 274.86 252.60 Td (participates ) Tj ET Q q 0 0 0 rg BT 323.16 252.60 Td (in ) Tj ET Q q 0 0 0 rg BT 333.14 252.60 Td (the ) Tj ET Q q 0 0 0 rg BT 347.57 252.60 Td (FCA) Tj ET Q q 0 0 0 rg BT 366.47 252.60 Td ( ) Tj ET Q q 0 0 0 rg BT 368.68 252.60 Td (Group ) Tj ET Q q 0 0 0 rg BT 396.44 252.60 Td (Italian ) Tj ET Q q 0 0 0 rg BT 424.18 252.60 Td (tax ) Tj ET Q q 0 0 0 rg BT 438.61 252.60 Td (consolidation. ) Tj ET Q q 0 0 0 rg BT 497.20 252.60 Td (From ) Tj ET Q q 0 0 0 rg BT 523.57 252.60 Td (2016 ) Tj ET Q q 0 0 0 rg BT 545.78 252.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 240.60 Td (Group's ) Tj ET Q q 0 0 0 rg BT 87.75 240.60 Td (entities ) Tj ET Q q 0 0 0 rg BT 119.13 240.60 Td (will ) Tj ET Q q 0 0 0 rg BT 137.18 240.60 Td (participate ) Tj ET Q q 0 0 0 rg BT 181.88 240.60 Td (in ) Tj ET Q q 0 0 0 rg BT 192.16 240.60 Td (a ) Tj ET Q q 0 0 0 rg BT 199.10 240.60 Td (Group ) Tj ET Q q 0 0 0 rg BT 227.15 240.60 Td (tax ) Tj ET Q q 0 0 0 rg BT 241.87 240.60 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 298.25 240.60 Td (under ) Tj ET Q q 0 0 0 rg BT 323.52 240.60 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 353.22 240.60 Td (N.V) Tj ET Q q 0 0 0 rg BT 368.88 240.60 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 216.60 Td (1) Tj ET Q q 0 0 0 rg BT 58.45 216.60 Td (1. OTHER INFORMA) Tj ET Q q 0 0 0 rg BT 160.21 216.60 Td (TION BY) Tj ET Q q 0 0 0 rg BT 201.79 216.60 Td ( NA) Tj ET Q q 0 0 0 rg BT 217.99 216.60 Td (TURE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 192.60 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 192.60 Td (Personnel ) Tj ET Q q 0 0 0 rg BT 131.86 192.60 Td (costs ) Tj ET Q q 0 0 0 rg BT 154.29 192.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.49 192.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.49 192.60 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.41 192.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.41 192.60 Td ( ) Tj ET Q q 0 0 0 rg BT 211.84 192.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.70 192.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.70 192.60 Td ( ) Tj ET Q q 0 0 0 rg BT 251.13 192.60 Td (amounted ) Tj ET Q q 0 0 0 rg BT 292.98 192.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.19 192.60 Td (284,947 ) Tj ET Q q 0 0 0 rg BT 343.11 192.60 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.22 192.60 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.14 192.60 Td (279,680 ) Tj ET Q q 0 0 0 rg BT 424.07 192.60 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.18 192.60 Td ( ) Tj ET Q q 0 0 0 rg BT 462.60 192.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.46 192.60 Td (246,207 ) Tj ET Q q 0 0 0 rg BT 519.39 192.60 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.50 192.60 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 180.60 Td (respectively) Tj ET Q q 0 0 0 rg BT 101.66 180.60 Td (. ) Tj ET Q q 0 0 0 rg BT 106.48 180.60 Td (These ) Tj ET Q q 0 0 0 rg BT 132.86 180.60 Td (amounts ) Tj ET Q q 0 0 0 rg BT 169.24 180.60 Td (include ) Tj ET Q q 0 0 0 rg BT 201.18 180.60 Td (costs ) Tj ET Q q 0 0 0 rg BT 223.68 180.60 Td (that ) Tj ET Q q 0 0 0 rg BT 241.17 180.60 Td (were ) Tj ET Q q 0 0 0 rg BT 263.10 180.60 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 308.91 180.60 Td (mainly ) Tj ET Q q 0 0 0 rg BT 339.18 180.60 Td (in ) Tj ET Q q 0 0 0 rg BT 349.46 180.60 Td (connection ) Tj ET Q q 0 0 0 rg BT 395.83 180.60 Td (to ) Tj ET Q q 0 0 0 rg BT 406.11 180.60 Td (product ) Tj ET Q q 0 0 0 rg BT 439.16 180.60 Td (development ) Tj ET Q q 0 0 0 rg BT 493.31 180.60 Td (activities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 156.60 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 156.60 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.86 156.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.86 156.60 Td (, ) Tj ET Q q 0 0 0 rg BT 125.90 156.60 Td (the ) Tj ET Q q 0 0 0 rg BT 140.65 156.60 Td (Group ) Tj ET Q q 0 0 0 rg BT 168.73 156.60 Td (had ) Tj ET Q q 0 0 0 rg BT 185.70 156.60 Td (an ) Tj ET Q q 0 0 0 rg BT 197.67 156.60 Td (average ) Tj ET Q q 0 0 0 rg BT 231.29 156.60 Td (number ) Tj ET Q q 0 0 0 rg BT 264.37 156.60 Td (of ) Tj ET Q q 0 0 0 rg BT 275.24 156.60 Td (employees ) Tj ET Q q 0 0 0 rg BT 320.53 156.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.40 156.60 Td (2,954) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.90 156.60 Td ( ) Tj ET Q q 0 0 0 rg BT 356.43 156.60 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.76 156.60 Td (2,843) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.26 156.60 Td ( ) Tj ET Q q 0 0 0 rg BT 384.79 156.60 Td (employees ) Tj ET Q q 0 0 0 rg BT 430.09 156.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.40 156.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.40 156.60 Td ( ) Tj ET Q q 0 0 0 rg BT 462.93 156.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.91 156.60 Td (2,774) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.41 156.60 Td ( ) Tj ET Q q 0 0 0 rg BT 504.94 156.60 Td (employees ) Tj ET Q q 0 0 0 rg BT 550.24 156.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 144.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 144.60 Td (\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 120.60 Td (12. EARNINGS PER SHARE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 96.60 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 96.60 Td (As ) Tj ET Q q 0 0 0 rg BT 103.52 96.60 Td (discussed ) Tj ET Q q 0 0 0 rg BT 144.26 96.60 Td (in ) Tj ET Q q 0 0 0 rg BT 154.44 96.60 Td (Note ) Tj ET Q q 0 0 0 rg BT 176.29 96.60 Td (1, ) Tj ET Q q 0 0 0 rg BT 186.20 96.60 Td (for ) Tj ET Q q 0 0 0 rg BT 200.26 96.60 Td (the ) Tj ET Q q 0 0 0 rg BT 214.89 96.60 Td (periods ) Tj ET Q q 0 0 0 rg BT 246.73 96.60 Td (prior ) Tj ET Q q 0 0 0 rg BT 268.58 96.60 Td (to ) Tj ET Q q 0 0 0 rg BT 278.76 96.60 Td (the ) Tj ET Q q 0 0 0 rg BT 293.39 96.60 Td (Restructuring, ) Tj ET Q q 0 0 0 rg BT 352.73 96.60 Td (the ) Tj ET Q q 0 0 0 rg BT 367.35 96.60 Td (Restructuring ) Tj ET Q q 0 0 0 rg BT 424.19 96.60 Td (has ) Tj ET Q q 0 0 0 rg BT 439.93 96.60 Td (been ) Tj ET Q q 0 0 0 rg BT 461.22 96.60 Td (retrospectively ) Tj ET Q q 0 0 0 rg BT 523.04 96.60 Td (reflected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 84.60 Td (in ) Tj ET Q q 0 0 0 rg BT 63.96 84.60 Td (these ) Tj ET Q q 0 0 0 rg BT 86.69 84.60 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 141.65 84.60 Td (Financial ) Tj ET Q q 0 0 0 rg BT 181.04 84.60 Td (Statements ) Tj ET Q q 0 0 0 rg BT 227.11 84.60 Td (in ) Tj ET Q q 0 0 0 rg BT 237.07 84.60 Td (determining ) Tj ET Q q 0 0 0 rg BT 287.57 84.60 Td (the ) Tj ET Q q 0 0 0 rg BT 301.97 84.60 Td (number ) Tj ET Q q 0 0 0 rg BT 334.70 84.60 Td (of ) Tj ET Q q 0 0 0 rg BT 345.21 84.60 Td (shares ) Tj ET Q q 0 0 0 rg BT 372.38 84.60 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 421.23 84.60 Td (as ) Tj ET Q q 0 0 0 rg BT 431.74 84.60 Td (though ) Tj ET Q q 0 0 0 rg BT 461.71 84.60 Td (it ) Tj ET Q q 0 0 0 rg BT 469.44 84.60 Td (had ) Tj ET Q q 0 0 0 rg BT 486.07 84.60 Td (occurred ) Tj ET Q q 0 0 0 rg BT 523.22 84.60 Td (ef) Tj ET Q q 0 0 0 rg BT 530.81 84.60 Td (fective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 72.60 Td (January ) Tj ET Q q 0 0 0 rg BT 88.52 72.60 Td (1, ) Tj ET Q q 0 0 0 rg BT 99.43 72.60 Td (2013. ) Tj ET Q q 0 0 0 rg BT 125.35 72.60 Td (Share ) Tj ET Q q 0 0 0 rg BT 151.54 72.60 Td (amounts ) Tj ET Q q 0 0 0 rg BT 188.84 72.60 Td (have ) Tj ET Q q 0 0 0 rg BT 211.14 72.60 Td (been ) Tj ET Q q 0 0 0 rg BT 233.43 72.60 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 270.18 72.60 Td (retrospectively ) Tj ET Q q 0 0 0 rg BT 333.01 72.60 Td (to ) Tj ET Q q 0 0 0 rg BT 344.21 72.60 Td (reflect ) Tj ET Q q 0 0 0 rg BT 373.16 72.60 Td (this ) Tj ET Q q 0 0 0 rg BT 391.03 72.60 Td (change. ) Tj ET Q q 0 0 0 rg BT 425.26 72.60 Td (Following ) Tj ET Q q 0 0 0 rg BT 469.80 72.60 Td (the ) Tj ET Q q 0 0 0 rg BT 485.43 72.60 Td (Restructuring, ) Tj ET Q q 0 0 0 rg BT 545.78 72.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 60.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 95.39 60.60 Td (had ) Tj ET Q q 0 0 0 rg BT 112.33 60.60 Td (188,921,600 ) Tj ET Q q 0 0 0 rg BT 164.83 60.60 Td (common ) Tj ET Q q 0 0 0 rg BT 202.32 60.60 Td (shares ) Tj ET Q q 0 0 0 rg BT 229.81 60.60 Td (outstanding.) Tj ET Q endstream endobj 365 0 obj <> endobj 366 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 760.75 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 760.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.60 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 199.82 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 206.31 748.75 Td (O ) Tj ET Q q 0 0 0 rg BT 216.41 748.75 Td (THE CONSOLIDA) Tj ET Q q 0 0 0 rg BT 299.85 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 379.03 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 393.02 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 399.50 748.75 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.60 736.75 Td (At December) Tj ET Q q 0 0 0 rg BT 294.78 736.75 Td (31, 2015 and 2014) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 294.65 32.20 Td (F-33) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 713.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 713.25 Td (Basic earnings per share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 689.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 689.25 Td (Basic ) Tj ET Q q 0 0 0 rg BT 115.75 689.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 153.17 689.25 Td (per ) Tj ET Q q 0 0 0 rg BT 169.48 689.25 Td (share ) Tj ET Q q 0 0 0 rg BT 194.11 689.25 Td (is ) Tj ET Q q 0 0 0 rg BT 204.32 689.25 Td (calculated ) Tj ET Q q 0 0 0 rg BT 248.38 689.25 Td (by ) Tj ET Q q 0 0 0 rg BT 261.92 689.25 Td (dividing ) Tj ET Q q 0 0 0 rg BT 298.79 689.25 Td (the ) Tj ET Q q 0 0 0 rg BT 314.55 689.25 Td (profit ) Tj ET Q q 0 0 0 rg BT 340.30 689.25 Td (attributable ) Tj ET Q q 0 0 0 rg BT 389.38 689.25 Td (to ) Tj ET Q q 0 0 0 rg BT 400.69 689.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 429.23 689.25 Td (holders ) Tj ET Q q 0 0 0 rg BT 462.20 689.25 Td (of ) Tj ET Q q 0 0 0 rg BT 474.07 689.25 Td (the ) Tj ET Q q 0 0 0 rg BT 489.82 689.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 532.25 689.25 Td (by ) Tj ET Q q 0 0 0 rg BT 545.79 689.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 677.25 Td (weighted ) Tj ET Q q 0 0 0 rg BT 92.86 677.25 Td (average ) Tj ET Q q 0 0 0 rg BT 126.14 677.25 Td (number ) Tj ET Q q 0 0 0 rg BT 158.89 677.25 Td (of ) Tj ET Q q 0 0 0 rg BT 169.42 677.25 Td (common ) Tj ET Q q 0 0 0 rg BT 206.62 677.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 233.81 677.25 Td (in ) Tj ET Q q 0 0 0 rg BT 243.79 677.25 Td (issue. ) Tj ET Q q 0 0 0 rg BT 268.33 677.25 Td (The ) Tj ET Q q 0 0 0 rg BT 286.08 677.25 Td (following ) Tj ET Q q 0 0 0 rg BT 327.17 677.25 Td (table ) Tj ET Q q 0 0 0 rg BT 348.80 677.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 385.44 677.25 Td (the ) Tj ET Q q 0 0 0 rg BT 399.86 677.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 435.95 677.25 Td (used ) Tj ET Q q 0 0 0 rg BT 456.48 677.25 Td (in ) Tj ET Q q 0 0 0 rg BT 466.46 677.25 Td (the ) Tj ET Q q 0 0 0 rg BT 480.88 677.25 Td (calculation ) Tj ET Q q 0 0 0 rg BT 526.94 677.25 Td (of ) Tj ET Q q 0 0 0 rg BT 537.47 677.25 Td (basic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 665.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 90.38 665.25 Td (per ) Tj ET Q q 0 0 0 rg BT 105.65 665.25 Td (share ) Tj ET Q q 0 0 0 rg BT 129.24 665.25 Td (for ) Tj ET Q q 0 0 0 rg BT 143.40 665.25 Td (the ) Tj ET Q q 0 0 0 rg BT 158.12 665.25 Td (years ) Tj ET Q q 0 0 0 rg BT 181.72 665.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 208.10 665.25 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.68 665.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.68 665.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.68 665.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.68 665.25 Td ( ) Tj ET Q q 0 0 0 rg BT 314.18 665.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.12 665.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.12 665.25 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 614.75 260.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 614.75 41.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 614.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 614.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 614.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 614.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 614.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 586.75 260.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 586.75 41.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 586.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 586.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 586.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 586.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 586.75 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 628.75 m 420.5 628.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 628.75 m 424.5 628.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 628.75 m 489.5 628.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 628.75 m 493.5 628.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 628.75 m 558.5 628.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 628.75 m 420.5 628.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 614.75 m 420.5 614.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 614.75 m 489.5 614.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 628.75 m 558.5 628.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 614.75 m 558.5 614.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 614.75 m 558.5 614.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 586.75 m 420.5 586.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 586.75 m 489.5 586.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 586.75 m 558.5 586.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 573.75 m 420.5 573.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 571.75 m 420.5 571.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 573.75 m 489.5 573.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 571.75 m 489.5 571.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 573.75 m 558.5 573.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 571.75 m 558.5 571.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 391.15 633.20 Td (For the years ended December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 378.50 619.20 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 447.50 619.20 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 516.50 619.20 Td (2013) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 605.21 Td (Profit attributable to owners of the Company) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 317.00 605.00 Td ( thousand) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 387.75 605.21 Td (287,816) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.75 605.21 Td (261,371) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 525.75 605.21 Td (240,774) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 591.21 Td (W) Tj ET Q q 0 0 0 rg BT 64.77 591.21 Td (eighted average number of common shares) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 317.00 591.00 Td (thousand ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 387.75 591.21 Td (188.922) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.75 591.21 Td (188.922) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 525.75 591.21 Td (188.922) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.00 577.20 Td (Basic earnings per) Tj ET Q q 0 0 0 rg BT 127.84 577.20 Td ( common shar) Tj ET Q q 0 0 0 rg BT 182.17 577.20 Td (e ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.00 576.98 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 401.25 577.20 Td (1.52) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 470.25 577.20 Td (1.38) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 539.25 577.20 Td (1.27) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 549.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 549.25 Td (Diluted earnings per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 525.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 525.25 Td (Diluted ) Tj ET Q q 0 0 0 rg BT 122.33 525.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 158.53 525.25 Td (per ) Tj ET Q q 0 0 0 rg BT 173.63 525.25 Td (share ) Tj ET Q q 0 0 0 rg BT 197.06 525.25 Td (is ) Tj ET Q q 0 0 0 rg BT 206.06 525.25 Td (equal ) Tj ET Q q 0 0 0 rg BT 230.05 525.25 Td (to ) Tj ET Q q 0 0 0 rg BT 240.16 525.25 Td (basic ) Tj ET Q q 0 0 0 rg BT 263.03 525.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 299.24 525.25 Td (per ) Tj ET Q q 0 0 0 rg BT 314.34 525.25 Td (share ) Tj ET Q q 0 0 0 rg BT 337.77 525.25 Td (as ) Tj ET Q q 0 0 0 rg BT 348.43 525.25 Td (there ) Tj ET Q q 0 0 0 rg BT 370.75 525.25 Td (were ) Tj ET Q q 0 0 0 rg BT 392.51 525.25 Td (no ) Tj ET Q q 0 0 0 rg BT 404.84 525.25 Td (potentially ) Tj ET Q q 0 0 0 rg BT 449.94 525.25 Td (dilutive ) Tj ET Q q 0 0 0 rg BT 482.82 525.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 531.81 525.25 Td (for ) Tj ET Q q 0 0 0 rg BT 545.80 525.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 513.25 Td (years ) Tj ET Q q 0 0 0 rg BT 77.60 513.25 Td (presented) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 115.91 513.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 489.25 Td (13. GOODWILL) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 465.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 465.25 Td (At ) Tj ET Q q 0 0 0 rg BT 102.50 465.25 Td (December ) Tj ET Q q 0 0 0 rg BT 146.08 465.25 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.08 465.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.08 465.25 Td (, ) Tj ET Q q 0 0 0 rg BT 186.08 465.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 224.14 465.25 Td (amounted ) Tj ET Q q 0 0 0 rg BT 266.07 465.25 Td (to ) Tj ET Q q 0 0 0 rg BT 276.35 465.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.35 465.25 Td (787,178 ) Tj ET Q q 0 0 0 rg BT 316.35 465.25 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.46 465.25 Td ( ) Tj ET Q q 0 0 0 rg BT 354.96 465.25 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.29 465.25 Td (787,178 ) Tj ET Q q 0 0 0 rg BT 398.29 465.25 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.40 465.25 Td ( ) Tj ET Q q 0 0 0 rg BT 436.90 465.25 Td (at ) Tj ET Q q 0 0 0 rg BT 446.62 465.25 Td (December ) Tj ET Q q 0 0 0 rg BT 490.20 465.25 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.20 465.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.20 465.25 Td (\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 441.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 441.25 Td (In ) Tj ET Q q 0 0 0 rg BT 100.43 441.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 147.49 441.25 Td (with ) Tj ET Q q 0 0 0 rg BT 167.37 441.25 Td (IAS ) Tj ET Q q 0 0 0 rg BT 185.59 441.25 Td (36, ) Tj ET Q q 0 0 0 rg BT 200.19 441.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 237.85 441.25 Td (is ) Tj ET Q q 0 0 0 rg BT 246.62 441.25 Td (not ) Tj ET Q q 0 0 0 rg BT 261.50 441.25 Td (amortized ) Tj ET Q q 0 0 0 rg BT 303.58 441.25 Td (and ) Tj ET Q q 0 0 0 rg BT 320.12 441.25 Td (is ) Tj ET Q q 0 0 0 rg BT 328.89 441.25 Td (tested ) Tj ET Q q 0 0 0 rg BT 354.31 441.25 Td (for ) Tj ET Q q 0 0 0 rg BT 368.08 441.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 416.28 441.25 Td (annually) Tj ET Q q 0 0 0 rg BT 450.06 441.25 Td (, ) Tj ET Q q 0 0 0 rg BT 454.66 441.25 Td (or ) Tj ET Q q 0 0 0 rg BT 465.09 441.25 Td (more ) Tj ET Q q 0 0 0 rg BT 487.74 441.25 Td (frequently ) Tj ET Q q 0 0 0 rg BT 530.93 441.25 Td (if ) Tj ET Q q 0 0 0 rg BT 539.14 441.25 Td (facts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 429.25 Td (or ) Tj ET Q q 0 0 0 rg BT 65.04 429.25 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 124.40 429.25 Td (indicate ) Tj ET Q q 0 0 0 rg BT 158.76 429.25 Td (that ) Tj ET Q q 0 0 0 rg BT 176.47 429.25 Td (the ) Tj ET Q q 0 0 0 rg BT 191.40 429.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 213.55 429.25 Td (may ) Tj ET Q q 0 0 0 rg BT 233.48 429.25 Td (be ) Tj ET Q q 0 0 0 rg BT 245.63 429.25 Td (impaired. ) Tj ET Q q 0 0 0 rg BT 286.38 429.25 Td (Impairment ) Tj ET Q q 0 0 0 rg BT 335.74 429.25 Td (testing ) Tj ET Q q 0 0 0 rg BT 365.12 429.25 Td (is ) Tj ET Q q 0 0 0 rg BT 374.50 429.25 Td (performed ) Tj ET Q q 0 0 0 rg BT 418.86 429.25 Td (by ) Tj ET Q q 0 0 0 rg BT 431.57 429.25 Td (comparing ) Tj ET Q q 0 0 0 rg BT 477.05 429.25 Td (the ) Tj ET Q q 0 0 0 rg BT 491.98 429.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 528.01 429.25 Td (amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 417.25 Td (and ) Tj ET Q q 0 0 0 rg BT 70.69 417.25 Td (the ) Tj ET Q q 0 0 0 rg BT 85.16 417.25 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 134.04 417.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 166.29 417.25 Td (of ) Tj ET Q q 0 0 0 rg BT 176.87 417.25 Td (the ) Tj ET Q q 0 0 0 rg BT 191.34 417.25 Td (CGU. ) Tj ET Q q 0 0 0 rg BT 217.05 417.25 Td (The ) Tj ET Q q 0 0 0 rg BT 234.84 417.25 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 283.73 417.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 315.98 417.25 Td (of ) Tj ET Q q 0 0 0 rg BT 326.56 417.25 Td (the ) Tj ET Q q 0 0 0 rg BT 341.03 417.25 Td (CGU ) Tj ET Q q 0 0 0 rg BT 364.39 417.25 Td (is ) Tj ET Q q 0 0 0 rg BT 373.32 417.25 Td (the ) Tj ET Q q 0 0 0 rg BT 387.78 417.25 Td (higher ) Tj ET Q q 0 0 0 rg BT 415.58 417.25 Td (of ) Tj ET Q q 0 0 0 rg BT 426.17 417.25 Td (its ) Tj ET Q q 0 0 0 rg BT 437.87 417.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 454.00 417.25 Td (value ) Tj ET Q q 0 0 0 rg BT 477.90 417.25 Td (less ) Tj ET Q q 0 0 0 rg BT 495.16 417.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 517.41 417.25 Td (to ) Tj ET Q q 0 0 0 rg BT 527.44 417.25 Td (sell ) Tj ET Q q 0 0 0 rg BT 543.58 417.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 405.25 Td (its ) Tj ET Q q 0 0 0 rg BT 65.95 405.25 Td (value ) Tj ET Q q 0 0 0 rg BT 90.10 405.25 Td (in ) Tj ET Q q 0 0 0 rg BT 100.38 405.25 Td (use. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 381.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 381.25 Td (The ) Tj ET Q q 0 0 0 rg BT 108.53 381.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 160.96 381.25 Td (used ) Tj ET Q q 0 0 0 rg BT 182.27 381.25 Td (in ) Tj ET Q q 0 0 0 rg BT 193.03 381.25 Td (this ) Tj ET Q q 0 0 0 rg BT 210.46 381.25 Td (process ) Tj ET Q q 0 0 0 rg BT 243.44 381.25 Td (represent ) Tj ET Q q 0 0 0 rg BT 283.06 381.25 Td (management) Tj ET Q q 0 0 0 rg BT 336.93 381.25 Td (s ) Tj ET Q q 0 0 0 rg BT 343.81 381.25 Td (best ) Tj ET Q q 0 0 0 rg BT 362.90 381.25 Td (estimate ) Tj ET Q q 0 0 0 rg BT 399.20 381.25 Td (for ) Tj ET Q q 0 0 0 rg BT 413.84 381.25 Td (the ) Tj ET Q q 0 0 0 rg BT 429.04 381.25 Td (period ) Tj ET Q q 0 0 0 rg BT 457.57 381.25 Td (under ) Tj ET Q q 0 0 0 rg BT 483.32 381.25 Td (consideration. ) Tj ET Q q 0 0 0 rg BT 542.46 381.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 369.25 Td (estimate ) Tj ET Q q 0 0 0 rg BT 90.51 369.25 Td (of ) Tj ET Q q 0 0 0 rg BT 102.02 369.25 Td (the ) Tj ET Q q 0 0 0 rg BT 117.43 369.25 Td (value ) Tj ET Q q 0 0 0 rg BT 142.27 369.25 Td (in ) Tj ET Q q 0 0 0 rg BT 153.23 369.25 Td (use ) Tj ET Q q 0 0 0 rg BT 169.75 369.25 Td (of ) Tj ET Q q 0 0 0 rg BT 181.26 369.25 Td (the ) Tj ET Q q 0 0 0 rg BT 196.67 369.25 Td (CGU ) Tj ET Q q 0 0 0 rg BT 220.97 369.25 Td (for ) Tj ET Q q 0 0 0 rg BT 235.81 369.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 274.55 369.25 Td (of ) Tj ET Q q 0 0 0 rg BT 286.07 369.25 Td (performing ) Tj ET Q q 0 0 0 rg BT 334.24 369.25 Td (the ) Tj ET Q q 0 0 0 rg BT 349.64 369.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 379.48 369.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 428.77 369.25 Td (test ) Tj ET Q q 0 0 0 rg BT 445.84 369.25 Td (was ) Tj ET Q q 0 0 0 rg BT 464.58 369.25 Td (based ) Tj ET Q q 0 0 0 rg BT 490.53 369.25 Td (on ) Tj ET Q q 0 0 0 rg BT 503.72 369.25 Td (the ) Tj ET Q q 0 0 0 rg BT 519.12 369.25 Td (following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 357.25 Td (assumptions: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 333.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 333.25 Td (The ) Tj ET Q q 0 0 0 rg BT 126.20 333.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 164.39 333.25 Td (future ) Tj ET Q q 0 0 0 rg BT 190.92 333.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 211.35 333.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 236.23 333.25 Td (covering ) Tj ET Q q 0 0 0 rg BT 273.87 333.25 Td (the ) Tj ET Q q 0 0 0 rg BT 288.74 333.25 Td (period ) Tj ET Q q 0 0 0 rg BT 316.95 333.25 Td (from ) Tj ET Q q 0 0 0 rg BT 339.04 333.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 361.70 333.25 Td (through ) Tj ET Q q 0 0 0 rg BT 395.46 333.25 Td (2019 ) Tj ET Q q 0 0 0 rg BT 418.12 333.25 Td (have ) Tj ET Q q 0 0 0 rg BT 439.65 333.25 Td (been ) Tj ET Q q 0 0 0 rg BT 461.18 333.25 Td (derived ) Tj ET Q q 0 0 0 rg BT 493.83 333.25 Td (from ) Tj ET Q q 0 0 0 rg BT 515.92 333.25 Td (the ) Tj ET Q q 0 0 0 rg BT 530.79 333.25 Td (Ferrari ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 321.25 Td (business ) Tj ET Q q 0 0 0 rg BT 145.73 321.25 Td (plan. ) Tj ET Q q 0 0 0 rg BT 169.29 321.25 Td (In ) Tj ET Q q 0 0 0 rg BT 181.46 321.25 Td (particular ) Tj ET Q q 0 0 0 rg BT 223.61 321.25 Td (the ) Tj ET Q q 0 0 0 rg BT 239.67 321.25 Td (estimate ) Tj ET Q q 0 0 0 rg BT 276.83 321.25 Td (considers ) Tj ET Q q 0 0 0 rg BT 318.44 321.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 357.81 321.25 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 393.92 321.25 Td ( ) Tj ET Q q 0 0 0 rg BT 397.76 321.25 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 434.93 321.25 Td (to ) Tj ET Q q 0 0 0 rg BT 446.55 321.25 Td (reflect ) Tj ET Q q 0 0 0 rg BT 475.92 321.25 Td (the ) Tj ET Q q 0 0 0 rg BT 491.98 321.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 531.35 321.25 Td (capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 309.25 Td (expenditure. ) Tj ET Q q 0 0 0 rg BT 160.87 309.25 Td (These ) Tj ET Q q 0 0 0 rg BT 188.15 309.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 209.33 309.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 234.96 309.25 Td (relate ) Tj ET Q q 0 0 0 rg BT 260.57 309.25 Td (to ) Tj ET Q q 0 0 0 rg BT 271.76 309.25 Td (the ) Tj ET Q q 0 0 0 rg BT 287.39 309.25 Td (CGU ) Tj ET Q q 0 0 0 rg BT 311.91 309.25 Td (in ) Tj ET Q q 0 0 0 rg BT 323.10 309.25 Td (its ) Tj ET Q q 0 0 0 rg BT 335.96 309.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 377.14 309.25 Td (when ) Tj ET Q q 0 0 0 rg BT 402.21 309.25 Td (preparing ) Tj ET Q q 0 0 0 rg BT 443.93 309.25 Td (the ) Tj ET Q q 0 0 0 rg BT 459.56 309.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 497.95 309.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 543.57 309.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 297.25 Td (exclude ) Tj ET Q q 0 0 0 rg BT 142.00 297.25 Td (the ) Tj ET Q q 0 0 0 rg BT 157.12 297.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 198.35 297.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 219.02 297.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 244.15 297.25 Td (that ) Tj ET Q q 0 0 0 rg BT 262.05 297.25 Td (might ) Tj ET Q q 0 0 0 rg BT 288.29 297.25 Td (arise ) Tj ET Q q 0 0 0 rg BT 310.07 297.25 Td (from ) Tj ET Q q 0 0 0 rg BT 332.41 297.25 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 386.41 297.25 Td (plans ) Tj ET Q q 0 0 0 rg BT 410.43 297.25 Td (or ) Tj ET Q q 0 0 0 rg BT 421.66 297.25 Td (other ) Tj ET Q q 0 0 0 rg BT 445.11 297.25 Td (structural ) Tj ET Q q 0 0 0 rg BT 485.78 297.25 Td (changes. ) Tj ET Q q 0 0 0 rg BT 523.19 297.25 Td (V) Tj ET Q q 0 0 0 rg BT 529.12 297.25 Td (olumes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 285.25 Td (and ) Tj ET Q q 0 0 0 rg BT 125.09 285.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 147.19 285.25 Td (mix ) Tj ET Q q 0 0 0 rg BT 165.40 285.25 Td (used ) Tj ET Q q 0 0 0 rg BT 186.38 285.25 Td (for ) Tj ET Q q 0 0 0 rg BT 200.70 285.25 Td (estimating ) Tj ET Q q 0 0 0 rg BT 245.02 285.25 Td (the ) Tj ET Q q 0 0 0 rg BT 259.89 285.25 Td (future ) Tj ET Q q 0 0 0 rg BT 286.42 285.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 306.84 285.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 331.72 285.25 Td (are ) Tj ET Q q 0 0 0 rg BT 346.58 285.25 Td (based ) Tj ET Q q 0 0 0 rg BT 372.01 285.25 Td (on ) Tj ET Q q 0 0 0 rg BT 384.66 285.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 436.77 285.25 Td (that ) Tj ET Q q 0 0 0 rg BT 454.42 285.25 Td (are ) Tj ET Q q 0 0 0 rg BT 469.28 285.25 Td (considered ) Tj ET Q q 0 0 0 rg BT 515.25 285.25 Td (reasonable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 273.25 Td (and ) Tj ET Q q 0 0 0 rg BT 124.91 273.25 Td (sustainable ) Tj ET Q q 0 0 0 rg BT 171.82 273.25 Td (and ) Tj ET Q q 0 0 0 rg BT 188.73 273.25 Td (represent ) Tj ET Q q 0 0 0 rg BT 227.85 273.25 Td (the ) Tj ET Q q 0 0 0 rg BT 242.55 273.25 Td (best ) Tj ET Q q 0 0 0 rg BT 261.13 273.25 Td (estimate ) Tj ET Q q 0 0 0 rg BT 296.92 273.25 Td (of ) Tj ET Q q 0 0 0 rg BT 307.73 273.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 345.74 273.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 389.88 273.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 430.67 273.25 Td (market ) Tj ET Q q 0 0 0 rg BT 460.90 273.25 Td (trends ) Tj ET Q q 0 0 0 rg BT 487.82 273.25 Td (for ) Tj ET Q q 0 0 0 rg BT 501.95 273.25 Td (the ) Tj ET Q q 0 0 0 rg BT 516.64 273.25 Td (CGU ) Tj ET Q q 0 0 0 rg BT 540.23 273.25 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 261.25 Td (the ) Tj ET Q q 0 0 0 rg BT 122.72 261.25 Td (period ) Tj ET Q q 0 0 0 rg BT 150.76 261.25 Td (considered. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 237.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 237.25 Td (The ) Tj ET Q q 0 0 0 rg BT 126.44 237.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 164.86 237.25 Td (future ) Tj ET Q q 0 0 0 rg BT 191.63 237.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 212.29 237.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 237.41 237.25 Td (include ) Tj ET Q q 0 0 0 rg BT 269.73 237.25 Td (a ) Tj ET Q q 0 0 0 rg BT 277.06 237.25 Td (normalized ) Tj ET Q q 0 0 0 rg BT 324.94 237.25 Td (terminal ) Tj ET Q q 0 0 0 rg BT 361.15 237.25 Td (period ) Tj ET Q q 0 0 0 rg BT 389.59 237.25 Td (used ) Tj ET Q q 0 0 0 rg BT 410.81 237.25 Td (to ) Tj ET Q q 0 0 0 rg BT 421.48 237.25 Td (estimate ) Tj ET Q q 0 0 0 rg BT 457.69 237.25 Td (the ) Tj ET Q q 0 0 0 rg BT 472.80 237.25 Td (future ) Tj ET Q q 0 0 0 rg BT 499.57 237.25 Td (results ) Tj ET Q q 0 0 0 rg BT 528.57 237.25 Td (beyond ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 225.25 Td (the ) Tj ET Q q 0 0 0 rg BT 122.59 225.25 Td (time ) Tj ET Q q 0 0 0 rg BT 142.73 225.25 Td (period ) Tj ET Q q 0 0 0 rg BT 170.65 225.25 Td (explicitly ) Tj ET Q q 0 0 0 rg BT 210.79 225.25 Td (considered, ) Tj ET Q q 0 0 0 rg BT 258.98 225.25 Td (which ) Tj ET Q q 0 0 0 rg BT 285.79 225.25 Td (were ) Tj ET Q q 0 0 0 rg BT 307.59 225.25 Td (calculated ) Tj ET Q q 0 0 0 rg BT 350.49 225.25 Td (by ) Tj ET Q q 0 0 0 rg BT 362.86 225.25 Td (using ) Tj ET Q q 0 0 0 rg BT 386.91 225.25 Td (the ) Tj ET Q q 0 0 0 rg BT 401.50 225.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 434.96 225.25 Td (medium/long-term ) Tj ET Q q 0 0 0 rg BT 512.32 225.25 Td (growth ) Tj ET Q q 0 0 0 rg BT 543.02 225.25 Td (rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 213.25 Td (for ) Tj ET Q q 0 0 0 rg BT 122.16 213.25 Td (the ) Tj ET Q q 0 0 0 rg BT 136.88 213.25 Td (sector ) Tj ET Q q 0 0 0 rg BT 163.25 213.25 Td (equal ) Tj ET Q q 0 0 0 rg BT 187.41 213.25 Td (to ) Tj ET Q q 0 0 0 rg BT 197.69 213.25 Td (2.1 ) Tj ET Q q 0 0 0 rg BT 212.69 213.25 Td (percent ) Tj ET Q q 0 0 0 rg BT 244.61 213.25 Td (\(1.0 ) Tj ET Q q 0 0 0 rg BT 262.94 213.25 Td (percent ) Tj ET Q q 0 0 0 rg BT 294.87 213.25 Td (in ) Tj ET Q q 0 0 0 rg BT 305.14 213.25 Td (2014 ) Tj ET Q q 0 0 0 rg BT 327.64 213.25 Td (and ) Tj ET Q q 0 0 0 rg BT 344.58 213.25 Td (2.0 ) Tj ET Q q 0 0 0 rg BT 359.58 213.25 Td (percent ) Tj ET Q q 0 0 0 rg BT 391.51 213.25 Td (in ) Tj ET Q q 0 0 0 rg BT 401.78 213.25 Td (2013\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 189.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 189.25 Td (The ) Tj ET Q q 0 0 0 rg BT 127.57 189.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 167.12 189.25 Td (future ) Tj ET Q q 0 0 0 rg BT 195.01 189.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 216.80 189.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 243.04 189.25 Td (have ) Tj ET Q q 0 0 0 rg BT 265.94 189.25 Td (been ) Tj ET Q q 0 0 0 rg BT 288.83 189.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 331.17 189.25 Td (in ) Tj ET Q q 0 0 0 rg BT 342.97 189.25 Td (Euro, ) Tj ET Q q 0 0 0 rg BT 368.93 189.25 Td (and ) Tj ET Q q 0 0 0 rg BT 387.39 189.25 Td (discounted ) Tj ET Q q 0 0 0 rg BT 434.73 189.25 Td (using ) Tj ET Q q 0 0 0 rg BT 460.42 189.25 Td (a ) Tj ET Q q 0 0 0 rg BT 468.88 189.25 Td (post-tax ) Tj ET Q q 0 0 0 rg BT 505.11 189.25 Td (discount ) Tj ET Q q 0 0 0 rg BT 543.02 189.25 Td (rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 177.25 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 155.31 177.25 Td (for ) Tj ET Q q 0 0 0 rg BT 168.74 177.25 Td (that ) Tj ET Q q 0 0 0 rg BT 185.51 177.25 Td (currency) Tj ET Q q 0 0 0 rg BT 219.84 177.25 Td (, ) Tj ET Q q 0 0 0 rg BT 224.11 177.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 270.87 177.25 Td (by ) Tj ET Q q 0 0 0 rg BT 282.64 177.25 Td (using ) Tj ET Q q 0 0 0 rg BT 306.09 177.25 Td (a ) Tj ET Q q 0 0 0 rg BT 312.30 177.25 Td (base ) Tj ET Q q 0 0 0 rg BT 331.72 177.25 Td (W) Tj ET Q q 0 0 0 rg BT 340.05 177.25 Td (ACC ) Tj ET Q q 0 0 0 rg BT 362.38 177.25 Td (of ) Tj ET Q q 0 0 0 rg BT 372.49 177.25 Td (7.6 ) Tj ET Q q 0 0 0 rg BT 386.76 177.25 Td (percent ) Tj ET Q q 0 0 0 rg BT 417.96 177.25 Td (\(8.2 ) Tj ET Q q 0 0 0 rg BT 435.57 177.25 Td (percent ) Tj ET Q q 0 0 0 rg BT 466.77 177.25 Td (in ) Tj ET Q q 0 0 0 rg BT 476.32 177.25 Td (2014 ) Tj ET Q q 0 0 0 rg BT 498.09 177.25 Td (and ) Tj ET Q q 0 0 0 rg BT 514.31 177.25 Td (8.4 ) Tj ET Q q 0 0 0 rg BT 528.58 177.25 Td (percent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 165.25 Td (in ) Tj ET Q q 0 0 0 rg BT 118.13 165.25 Td (2013\). ) Tj ET Q q 0 0 0 rg BT 146.14 165.25 Td (The ) Tj ET Q q 0 0 0 rg BT 163.87 165.25 Td (W) Tj ET Q q 0 0 0 rg BT 172.20 165.25 Td (ACC ) Tj ET Q q 0 0 0 rg BT 195.11 165.25 Td (used ) Tj ET Q q 0 0 0 rg BT 215.79 165.25 Td (reflects ) Tj ET Q q 0 0 0 rg BT 247.56 165.25 Td (the ) Tj ET Q q 0 0 0 rg BT 262.13 165.25 Td (current ) Tj ET Q q 0 0 0 rg BT 292.79 165.25 Td (market ) Tj ET Q q 0 0 0 rg BT 322.91 165.25 Td (assessment ) Tj ET Q q 0 0 0 rg BT 369.70 165.25 Td (of ) Tj ET Q q 0 0 0 rg BT 380.38 165.25 Td (the ) Tj ET Q q 0 0 0 rg BT 394.94 165.25 Td (time ) Tj ET Q q 0 0 0 rg BT 415.07 165.25 Td (value ) Tj ET Q q 0 0 0 rg BT 439.07 165.25 Td (of ) Tj ET Q q 0 0 0 rg BT 449.75 165.25 Td (money ) Tj ET Q q 0 0 0 rg BT 479.32 165.25 Td (for ) Tj ET Q q 0 0 0 rg BT 493.33 165.25 Td (the ) Tj ET Q q 0 0 0 rg BT 507.90 165.25 Td (period ) Tj ET Q q 0 0 0 rg BT 535.79 165.25 Td (being ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 153.25 Td (considered ) Tj ET Q q 0 0 0 rg BT 153.82 153.25 Td (and ) Tj ET Q q 0 0 0 rg BT 170.75 153.25 Td (the ) Tj ET Q q 0 0 0 rg BT 185.47 153.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 206.86 153.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 240.46 153.25 Td (to ) Tj ET Q q 0 0 0 rg BT 250.73 153.25 Td (the ) Tj ET Q q 0 0 0 rg BT 265.45 153.25 Td (CGU ) Tj ET Q q 0 0 0 rg BT 289.06 153.25 Td (under ) Tj ET Q q 0 0 0 rg BT 314.33 153.25 Td (consideration.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 129.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 129.25 Td (The recoverable amount of the CGU was significantly higher than its carrying amount. Furthermore, the exclusivity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 117.25 Td (of the business, its historical profitability and its future earnings prospects indicate that the carrying amount of the goodwill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 105.25 Td (will continue to be recoverable, even in the event of dif) Tj ET Q q 0 0 0 rg BT 275.12 105.25 Td (ficult economic and market conditions.) Tj ET Q endstream endobj 367 0 obj <> endobj 368 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 760.75 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 760.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.60 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 199.82 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 206.31 748.75 Td (O ) Tj ET Q q 0 0 0 rg BT 216.41 748.75 Td (THE CONSOLIDA) Tj ET Q q 0 0 0 rg BT 299.85 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 379.03 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 393.02 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 399.50 748.75 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.60 736.75 Td (At December) Tj ET Q q 0 0 0 rg BT 294.78 736.75 Td (31, 2015 and 2014) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 294.65 32.20 Td (F-34) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 713.25 Td (14. INT) Tj ET Q q 0 0 0 rg BT 91.04 713.25 Td (ANGIBLE ) Tj ET Q q 0 0 0 rg BT 139.11 713.25 Td (ASSETS) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 636.75 146.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 636.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 204.50 636.75 68.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 636.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 636.75 68.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 636.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 636.75 68.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 636.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 636.75 68.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 636.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 636.75 68.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 599.75 146.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 599.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 204.50 599.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 599.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 599.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 599.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 599.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 599.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 599.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 599.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 599.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 571.75 146.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 571.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 204.50 571.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 571.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 571.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 571.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 571.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 571.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 571.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 571.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 571.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 543.75 146.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 543.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 204.50 543.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 543.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 543.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 543.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 543.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 543.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 543.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 543.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 543.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 515.75 146.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 515.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 204.50 515.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 515.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 515.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 515.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 515.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 515.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 515.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 515.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 515.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 473.75 146.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 473.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 204.50 473.75 68.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 473.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 473.75 68.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 473.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 473.75 68.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 473.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 473.75 68.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 473.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 473.75 68.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 436.75 146.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 436.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 204.50 436.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 436.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 436.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 436.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 436.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 436.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 436.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 436.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 436.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 408.75 146.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 408.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 204.50 408.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 408.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 408.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 408.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 408.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 408.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 408.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 408.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 408.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 380.75 146.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 380.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 204.50 380.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 380.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 380.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 380.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 380.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 380.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 380.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 380.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 380.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 352.75 146.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 352.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 204.50 352.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 352.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 352.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 352.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 352.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 352.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 352.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 352.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 352.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 324.75 146.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 324.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 204.50 324.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 324.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 324.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 324.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 324.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 324.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 324.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 324.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 324.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 296.75 146.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 296.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 204.50 296.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 296.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 296.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 296.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 296.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 296.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 296.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 296.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 296.75 68.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.5 649.75 m 272.5 649.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 649.75 m 344.5 649.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 649.75 m 416.5 649.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 649.75 m 488.5 649.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 649.75 m 492.5 649.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 649.75 m 560.5 649.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.5 571.75 m 272.5 571.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.5 558.75 m 272.5 558.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.5 556.75 m 272.5 556.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 571.75 m 344.5 571.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 558.75 m 344.5 558.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 556.75 m 344.5 556.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 571.75 m 416.5 571.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 558.75 m 416.5 558.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 556.75 m 416.5 556.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 571.75 m 488.5 571.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 558.75 m 488.5 558.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 556.75 m 488.5 556.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 571.75 m 492.5 571.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 558.75 m 492.5 558.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 556.75 m 492.5 556.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 571.75 m 560.5 571.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 558.75 m 560.5 558.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 556.75 m 560.5 556.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.5 501.75 m 272.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.5 488.75 m 272.5 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.5 486.75 m 272.5 486.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 501.75 m 344.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 488.75 m 344.5 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 486.75 m 344.5 486.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 501.75 m 416.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 488.75 m 416.5 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 486.75 m 416.5 486.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 501.75 m 488.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 488.75 m 488.5 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 486.75 m 488.5 486.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 501.75 m 492.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 488.75 m 492.5 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 486.75 m 492.5 486.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 501.75 m 560.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 488.75 m 560.5 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 486.75 m 560.5 486.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.5 408.75 m 272.5 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.5 395.75 m 272.5 395.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.5 393.75 m 272.5 393.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 408.75 m 344.5 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 395.75 m 344.5 395.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 393.75 m 344.5 393.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 408.75 m 416.5 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 395.75 m 416.5 395.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 393.75 m 416.5 393.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 408.75 m 488.5 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 395.75 m 488.5 395.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 393.75 m 488.5 393.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 408.75 m 492.5 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 395.75 m 492.5 395.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 393.75 m 492.5 393.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 408.75 m 560.5 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 395.75 m 560.5 395.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 393.75 m 560.5 393.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.5 352.75 m 272.5 352.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.5 339.75 m 272.5 339.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.5 337.75 m 272.5 337.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 352.75 m 344.5 352.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 339.75 m 344.5 339.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 337.75 m 344.5 337.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 352.75 m 416.5 352.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 339.75 m 416.5 339.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 337.75 m 416.5 337.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 352.75 m 488.5 352.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 339.75 m 488.5 339.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 337.75 m 488.5 337.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 352.75 m 492.5 352.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 339.75 m 492.5 339.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 337.75 m 492.5 337.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 352.75 m 560.5 352.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 339.75 m 560.5 339.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 337.75 m 560.5 337.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.5 297.75 m 272.5 297.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.5 295.75 m 272.5 295.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 297.75 m 344.5 297.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 295.75 m 344.5 295.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 297.75 m 416.5 297.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 295.75 m 416.5 295.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 297.75 m 492.5 297.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 295.75 m 492.5 295.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 297.75 m 560.5 297.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 295.75 m 560.5 295.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.5 283.75 m 272.5 283.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.5 281.75 m 272.5 281.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 283.75 m 344.5 283.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 281.75 m 344.5 281.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 283.75 m 416.5 283.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 281.75 m 416.5 281.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 295.75 m 488.5 295.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 297.75 m 488.5 297.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 283.75 m 492.5 283.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 281.75 m 492.5 281.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 283.75 m 560.5 283.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 281.75 m 560.5 281.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.5 269.75 m 272.5 269.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.5 267.75 m 272.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 269.75 m 344.5 269.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 267.75 m 344.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 269.75 m 416.5 269.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 267.75 m 416.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 281.75 m 488.5 281.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 283.75 m 488.5 283.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 269.75 m 488.5 269.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 267.75 m 488.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 269.75 m 492.5 269.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 267.75 m 492.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 269.75 m 560.5 269.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 267.75 m 560.5 267.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 217.75 681.20 Td (Externally) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 221.05 672.20 Td (acquired) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 213.50 663.20 Td (development) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 228.75 654.20 Td (costs) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 284.75 681.20 Td (Development) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 300.75 672.20 Td (costs) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 291.25 663.20 Td (internally) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 291.00 654.20 Td (generated) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 366.60 672.20 Td (Patents,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 359.95 663.20 Td (concessions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 359.10 654.20 Td (andlicenses) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 442.55 672.20 Td (Other) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 434.70 663.20 Td (intangible) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 443.00 654.20 Td (assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 516.15 654.20 Td (Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.85 641.00 Td (\( thousand\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.00 627.20 Td (Gr) Tj ET Q q 0 0 0 rg BT 67.83 627.20 Td (oss carrying amount at January ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.00 618.20 Td (1, 2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 239.75 618.20 Td (674,585) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 311.75 618.20 Td (297,986) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 383.75 618.20 Td (109,506) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 618.20 Td (34,991) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 521.00 618.20 Td (1,117,068) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 604.21 Td (Additions) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 244.25 604.21 Td (42,788) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 311.75 604.21 Td (101,969) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 388.25 604.21 Td (13,270) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.75 604.21 Td (2,608) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 527.75 604.21 Td (160,635) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 590.21 Td (Divestitures) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 260.00 590.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 332.00 590.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 396.50 590.21 Td (\(645) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 413.00 590.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.00 590.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.50 590.21 Td (\(645) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 557.00 590.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 576.21 Td (T) Tj ET Q q 0 0 0 rg BT 62.18 576.21 Td (ranslation dif) Tj ET Q q 0 0 0 rg BT 109.76 576.21 Td (ferences) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 260.00 576.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 332.00 576.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.50 576.21 Td (\(9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 413.00 576.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.00 576.21 Td (\(88) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 576.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.00 576.21 Td (\(97) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 557.00 576.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.00 562.20 Td (Balance at December) Tj ET Q q 0 0 0 rg BT 138.31 562.20 Td ( 31, 2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 239.75 562.20 Td (717,373) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 311.75 562.20 Td (399,955) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 383.75 562.20 Td (122,122) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 562.20 Td (37,511) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 521.00 562.20 Td (1,276,961) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 548.21 Td (Additions) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 239.75 548.21 Td (117,110) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 316.25 548.21 Td (37,299) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.75 548.21 Td (9,035) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.75 548.21 Td (7,589) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 527.75 548.21 Td (171,033) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 534.21 Td (Divestitures) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 260.00 534.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 332.00 534.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 389.75 534.21 Td (\(1,248) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 413.00 534.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.00 534.21 Td (\(18) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 534.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.75 534.21 Td (\(1,266) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 557.00 534.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 520.21 Td (Reclassification) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 260.00 520.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 332.00 520.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 401.00 520.21 Td (\(53) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 413.00 520.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.00 520.21 Td (53) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.00 520.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 506.21 Td (T) Tj ET Q q 0 0 0 rg BT 62.18 506.21 Td (ranslation dif) Tj ET Q q 0 0 0 rg BT 109.76 506.21 Td (ferences) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 260.00 506.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 332.00 506.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.75 506.21 Td (1,381) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.50 506.21 Td (335) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 536.75 506.21 Td (1,716) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.00 492.20 Td (Balance at December) Tj ET Q q 0 0 0 rg BT 138.31 492.20 Td ( 31, 2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 239.75 492.20 Td (834,483) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 311.75 492.20 Td (437,254) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 383.75 492.20 Td (131,237) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 492.20 Td (45,470) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 521.00 492.20 Td (1,448,444) Tj ET Q BT /F2 9.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 57.00 470.30 114.73 -8.04 re f /GS0 gs q 0 0 0 rg BT 57.00 464.20 Td (Accumulated amortization at ) Tj ET Q BT /F2 9.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 57.00 461.30 61.26 -8.04 re f /GS0 gs q 0 0 0 rg BT 57.00 455.20 Td (January 1, 2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 239.75 455.20 Td (524,482) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 311.75 455.20 Td (221,085) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.25 455.20 Td (97,145) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 455.20 Td (32,189) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 527.75 455.20 Td (874,901) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 441.21 Td (Amortization) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 244.25 441.21 Td (87,564) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 316.25 441.21 Td (37,933) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 388.25 441.21 Td (10,091) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.75 441.21 Td (2,057) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 527.75 441.21 Td (137,645) Tj ET Q BT /F1 9.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 57.00 433.45 43.49 -8.18 re f /GS0 gs q 0 0 0 rg BT 57.00 427.21 Td (Divestitures) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 260.00 427.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 332.00 427.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 396.50 427.21 Td (\(630) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 413.00 427.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.00 427.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.50 427.21 Td (\(630) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 557.00 427.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 413.21 Td (T) Tj ET Q q 0 0 0 rg BT 62.18 413.21 Td (ranslation dif) Tj ET Q q 0 0 0 rg BT 109.76 413.21 Td (ferences) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 260.00 413.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 332.00 413.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.50 413.21 Td (\(6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 413.00 413.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 468.50 413.21 Td (\(211) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 413.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.50 413.21 Td (\(217) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 557.00 413.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 57.00 405.30 115.06 -8.04 re f /GS0 gs q 0 0 0 rg BT 57.00 399.20 Td (Balance at December) Tj ET Q q 0 0 0 rg BT 138.31 399.20 Td ( 31, 2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 239.75 399.20 Td (612,046) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 311.75 399.20 Td (259,018) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 383.75 399.20 Td (106,600) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 399.20 Td (34,035) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 521.00 399.20 Td (1,011,699) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 385.21 Td (Amortization) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 244.25 385.21 Td (84,865) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 316.25 385.21 Td (29,991) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 388.25 385.21 Td (11,112) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.75 385.21 Td (2,692) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 527.75 385.21 Td (128,660) Tj ET Q BT /F1 9.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 57.00 377.45 43.49 -8.18 re f /GS0 gs q 0 0 0 rg BT 57.00 371.21 Td (Divestitures) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 260.00 371.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 332.00 371.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 389.75 371.21 Td (\(1,177) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 413.00 371.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.00 371.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.75 371.21 Td (\(1,177) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 557.00 371.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 357.21 Td (T) Tj ET Q q 0 0 0 rg BT 62.18 357.21 Td (ranslation dif) Tj ET Q q 0 0 0 rg BT 109.76 357.21 Td (ferences) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 260.00 357.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 332.00 357.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.75 357.21 Td (1,231) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.50 357.21 Td (221) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 536.75 357.21 Td (1,452) Tj ET Q BT /F2 9.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 57.00 349.30 115.06 -8.04 re f /GS0 gs q 0 0 0 rg BT 57.00 343.20 Td (Balance at December) Tj ET Q q 0 0 0 rg BT 138.31 343.20 Td ( 31, 2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 239.75 343.20 Td (696,911) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 311.75 343.20 Td (289,009) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 383.75 343.20 Td (117,766) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 343.20 Td (36,948) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 521.00 343.20 Td (1,140,634) Tj ET Q BT /F2 9.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 57.00 321.30 79.99 -8.04 re f /GS0 gs q 0 0 0 rg BT 57.00 315.20 Td (Carrying amount at:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.00 301.20 Td (January 1, 2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 239.75 301.20 Td (150,103) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 316.25 301.20 Td (76,901) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.25 301.20 Td (12,361) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.75 301.20 Td (2,802) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 527.75 301.20 Td (242,167) Tj ET Q BT /F2 9.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 57.00 293.30 72.56 -8.04 re f /GS0 gs q 0 0 0 rg BT 57.00 287.20 Td (December) Tj ET Q q 0 0 0 rg BT 95.81 287.20 Td ( 31, 2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 239.75 287.20 Td (105,327) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 311.75 287.20 Td (140,937) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.25 287.20 Td (15,522) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.75 287.20 Td (3,476) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 527.75 287.20 Td (265,262) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.00 273.20 Td (December) Tj ET Q q 0 0 0 rg BT 95.81 273.20 Td ( 31, 2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 239.75 273.20 Td (137,572) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 311.75 273.20 Td (148,245) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.25 273.20 Td (13,471) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.75 273.20 Td (8,522) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 527.75 273.20 Td (307,810) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 245.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 245.25 Td (Additions ) Tj ET Q q 0 0 0 rg BT 133.10 245.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.08 245.25 Td (171,033 ) Tj ET Q q 0 0 0 rg BT 186.23 245.25 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.34 245.25 Td ( ) Tj ET Q q 0 0 0 rg BT 225.99 245.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.41 245.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.41 245.25 Td ( ) Tj ET Q q 0 0 0 rg BT 261.06 245.25 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.39 245.25 Td (160,635 ) Tj ET Q q 0 0 0 rg BT 305.54 245.25 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.65 245.25 Td ( ) Tj ET Q q 0 0 0 rg BT 345.30 245.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.73 245.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.73 245.25 Td (\) ) Tj ET Q q 0 0 0 rg BT 383.71 245.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 424.57 245.25 Td (relate ) Tj ET Q q 0 0 0 rg BT 450.42 245.25 Td (to ) Tj ET Q q 0 0 0 rg BT 461.85 245.25 Td (externally ) Tj ET Q q 0 0 0 rg BT 505.48 245.25 Td (acquired ) Tj ET Q q 0 0 0 rg BT 543.56 245.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 233.25 Td (internally ) Tj ET Q q 0 0 0 rg BT 94.82 233.25 Td (generated ) Tj ET Q q 0 0 0 rg BT 136.18 233.25 Td (development ) Tj ET Q q 0 0 0 rg BT 190.33 233.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 212.83 233.25 Td (for ) Tj ET Q q 0 0 0 rg BT 226.99 233.25 Td (the ) Tj ET Q q 0 0 0 rg BT 241.71 233.25 Td (development ) Tj ET Q q 0 0 0 rg BT 295.86 233.25 Td (of ) Tj ET Q q 0 0 0 rg BT 306.69 233.25 Td (new ) Tj ET Q q 0 0 0 rg BT 325.85 233.25 Td (models ) Tj ET Q q 0 0 0 rg BT 357.24 233.25 Td (and ) Tj ET Q q 0 0 0 rg BT 374.18 233.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 424.45 233.25 Td (to ) Tj ET Q q 0 0 0 rg BT 434.73 233.25 Td (develop ) Tj ET Q q 0 0 0 rg BT 468.88 233.25 Td (existing ) Tj ET Q q 0 0 0 rg BT 503.05 233.25 Td (models. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 209.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 209.25 Td (In ) Tj ET Q q 0 0 0 rg BT 100.90 209.25 Td (the ) Tj ET Q q 0 0 0 rg BT 115.68 209.25 Td (year ) Tj ET Q q 0 0 0 rg BT 135.45 209.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 161.89 209.25 Td (December ) Tj ET Q q 0 0 0 rg BT 205.54 209.25 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.61 209.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.61 209.25 Td ( ) Tj ET Q q 0 0 0 rg BT 243.18 209.25 Td (the ) Tj ET Q q 0 0 0 rg BT 257.96 209.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 286.08 209.25 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 331.95 209.25 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 376.17 209.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 398.74 209.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.64 209.25 Td (797 ) Tj ET Q q 0 0 0 rg BT 432.20 209.25 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.31 209.25 Td ( ) Tj ET Q q 0 0 0 rg BT 470.88 209.25 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.21 209.25 Td (892 ) Tj ET Q q 0 0 0 rg BT 496.77 209.25 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.88 209.25 Td ( ) Tj ET Q q 0 0 0 rg BT 535.45 209.25 Td (in ) Tj ET Q q 0 0 0 rg BT 545.79 209.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 197.25 Td (year ) Tj ET Q q 0 0 0 rg BT 73.29 197.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 99.24 197.25 Td (December ) Tj ET Q q 0 0 0 rg BT 142.41 197.25 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.98 197.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.98 197.25 Td (\). ) Tj ET Q q 0 0 0 rg BT 184.74 197.25 Td (Those ) Tj ET Q q 0 0 0 rg BT 211.26 197.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 233.34 197.25 Td (will ) Tj ET Q q 0 0 0 rg BT 250.98 197.25 Td (be ) Tj ET Q q 0 0 0 rg BT 262.49 197.25 Td (amortized ) Tj ET Q q 0 0 0 rg BT 304.55 197.25 Td (over ) Tj ET Q q 0 0 0 rg BT 324.40 197.25 Td (the ) Tj ET Q q 0 0 0 rg BT 338.70 197.25 Td (useful ) Tj ET Q q 0 0 0 rg BT 365.21 197.25 Td (life ) Tj ET Q q 0 0 0 rg BT 380.62 197.25 Td (of ) Tj ET Q q 0 0 0 rg BT 391.03 197.25 Td (the ) Tj ET Q q 0 0 0 rg BT 405.32 197.25 Td (category ) Tj ET Q q 0 0 0 rg BT 441.83 197.25 Td (of ) Tj ET Q q 0 0 0 rg BT 452.24 197.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 477.64 197.25 Td (to ) Tj ET Q q 0 0 0 rg BT 487.50 197.25 Td (which ) Tj ET Q q 0 0 0 rg BT 514.02 197.25 Td (they ) Tj ET Q q 0 0 0 rg BT 533.32 197.25 Td (relate.) 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gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 428.75 m 398.5 428.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 426.75 m 398.5 426.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 440.75 m 447.5 440.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 428.75 m 447.5 428.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 426.75 m 447.5 426.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 440.75 m 509.5 440.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 428.75 m 509.5 428.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 426.75 m 509.5 426.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 440.75 m 558.5 440.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 428.75 m 558.5 428.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 426.75 m 558.5 426.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 388.75 m 275.5 388.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 376.75 m 275.5 376.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 374.75 m 275.5 374.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 388.75 m 324.5 388.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 376.75 m 324.5 376.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 374.75 m 324.5 374.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 388.75 m 398.5 388.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 376.75 m 398.5 376.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 374.75 m 398.5 374.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 388.75 m 447.5 388.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 376.75 m 447.5 376.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 374.75 m 447.5 374.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 388.75 m 509.5 388.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 376.75 m 509.5 376.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 374.75 m 509.5 374.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 388.75 m 558.5 388.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 376.75 m 558.5 376.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 374.75 m 558.5 374.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 337.75 m 275.5 337.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 335.75 m 275.5 335.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 337.75 m 324.5 337.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 335.75 m 324.5 335.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 337.75 m 398.5 337.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 335.75 m 398.5 335.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 337.75 m 447.5 337.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 335.75 m 447.5 335.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 337.75 m 509.5 337.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 335.75 m 509.5 335.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 337.75 m 558.5 337.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 335.75 m 558.5 335.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 324.75 m 275.5 324.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 322.75 m 275.5 322.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 324.75 m 324.5 324.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 322.75 m 324.5 322.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 324.75 m 398.5 324.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 322.75 m 398.5 322.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 324.75 m 447.5 324.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 322.75 m 447.5 322.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 324.75 m 509.5 324.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 322.75 m 509.5 322.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 324.75 m 558.5 324.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 322.75 m 558.5 322.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 311.75 m 275.5 311.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 309.75 m 275.5 309.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 311.75 m 324.5 311.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 309.75 m 324.5 309.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 311.75 m 398.5 311.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 309.75 m 398.5 309.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 311.75 m 447.5 311.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 309.75 m 447.5 309.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 311.75 m 509.5 311.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 309.75 m 509.5 309.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 311.75 m 558.5 311.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 309.75 m 558.5 309.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 243.35 665.98 Td (Land) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 284.35 673.98 Td (Industrial) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 285.70 665.98 Td (buildings) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 333.65 673.98 Td (Plant, machinery) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 337.30 665.98 Td (and equipment) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 414.35 673.98 Td (Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 414.70 665.98 Td (assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 456.10 681.98 Td (Advances and) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 459.05 673.98 Td (assets under) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 458.65 665.98 Td (construction) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.75 665.98 Td (Total) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 376.40 653.80 Td (\( thousand\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 632.98 Td (Gr) Tj ET Q q 0 0 0 rg BT 66.63 632.98 Td (oss carrying amount at January 1, 2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 250.25 632.98 Td (22,470) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 295.25 632.98 Td (271,441) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.30 632.98 Td (1,485,537) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 418.25 632.98 Td (119,838) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.30 632.98 Td (13,684) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 523.25 632.98 Td (1,912,970) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 620.00 Td (Additions) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.30 620.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 303.25 620.00 Td (4,371) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 373.30 620.00 Td (76,918) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.25 620.00 Td (11,974) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.30 620.00 Td (76,100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.25 620.00 Td (169,363) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 607.00 Td (Divestitures) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.30 607.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 314.60 607.00 Td (\(2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.30 607.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.60 607.00 Td (\(11,985) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 395.30 607.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.60 607.00 Td (\(3,097) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.30 607.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.30 607.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.60 607.00 Td (\(15,084) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 555.30 607.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 594.00 Td (T) Tj ET Q q 0 0 0 rg BT 61.61 594.00 Td (ranslation dif) Tj ET Q q 0 0 0 rg BT 103.89 594.00 Td (ferences) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.30 594.00 Td (30) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.30 594.00 Td (636) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.60 594.00 Td (\(892) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 395.30 594.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.60 594.00 Td (\(482) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.30 594.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.30 594.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.60 594.00 Td (\(708) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 555.30 594.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 580.98 Td (Balance at December) Tj ET Q q 0 0 0 rg BT 129.27 580.98 Td ( 31, 2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 250.25 580.98 Td (22,500) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 295.25 580.98 Td (276,446) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.30 580.98 Td (1,549,578) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 418.25 580.98 Td (128,233) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.30 580.98 Td (89,784) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 523.25 580.98 Td (2,066,541) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 568.00 Td (Additions) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 260.30 568.00 Td (142) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 299.25 568.00 Td (23,716) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 369.30 568.00 Td (117,618) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.25 568.00 Td (10,665) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.30 568.00 Td (32,769) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.25 568.00 Td (184,910) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 555.00 Td (Divestitures) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.30 555.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 300.60 555.00 Td (\(6,775) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.30 555.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.60 555.00 Td (\(23,962) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 395.30 555.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.60 555.00 Td (\(7,469) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.30 555.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.60 555.00 Td (\(139) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.30 555.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.60 555.00 Td (\(38,345) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 555.30 555.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 542.00 Td (T) Tj ET Q q 0 0 0 rg BT 61.61 542.00 Td (ranslation dif) Tj ET Q q 0 0 0 rg BT 103.89 542.00 Td (ferences) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.30 542.00 Td (29) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 310.60 542.00 Td (\(12) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.30 542.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.60 542.00 Td (\(458) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 395.30 542.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.30 542.00 Td (55) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.30 542.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.60 542.00 Td (\(386) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 555.30 542.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 528.98 Td (Balance at December) Tj ET Q q 0 0 0 rg BT 129.27 528.98 Td ( 31, 2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 250.25 528.98 Td (22,671) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 295.25 528.98 Td (293,375) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.30 528.98 Td (1,642,776) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 418.25 528.98 Td (131,484) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.25 528.98 Td (122,414) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 523.25 528.98 Td (2,212,720) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 483.98 Td (Accumulated amortization at January 1, 2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 264.30 483.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 295.25 483.98 Td (106,504) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.30 483.98 Td (1,148,438) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 422.25 483.98 Td (90,214) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 498.30 483.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 523.25 483.98 Td (1,345,156) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 471.00 Td (Depreciation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.30 471.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 303.25 471.00 Td (9,712) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 369.30 471.00 Td (131,303) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.25 471.00 Td (8,938) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.30 471.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.25 471.00 Td (149,953) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 458.00 Td (Divestitures) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.30 458.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 314.60 458.00 Td (\(1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.30 458.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.60 458.00 Td (\(11,848) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 395.30 458.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.60 458.00 Td (\(2,499) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.30 458.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.30 458.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.60 458.00 Td (\(14,348) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 555.30 458.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 445.00 Td (T) Tj ET Q q 0 0 0 rg BT 61.61 445.00 Td (ranslation dif) Tj ET Q q 0 0 0 rg BT 103.89 445.00 Td (ferences) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.30 445.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.30 445.00 Td (503) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.30 445.00 Td (189) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.60 445.00 Td (\(97) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.30 445.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.30 445.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 445.00 Td (595) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 431.98 Td (Balance at December) Tj ET Q q 0 0 0 rg BT 129.27 431.98 Td ( 31, 2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 264.30 431.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 295.25 431.98 Td (116,718) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.30 431.98 Td (1,268,082) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 422.25 431.98 Td (96,556) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 498.30 431.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 523.25 431.98 Td (1,481,356) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 419.00 Td (Depreciation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 299.25 419.00 Td (10,340) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 369.30 419.00 Td (124,950) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.25 419.00 Td (8,995) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.25 419.00 Td (144,285) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 406.00 Td (Divestitures) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 300.60 406.00 Td (\(3,947) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.30 406.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.60 406.00 Td (\(27,167) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 395.30 406.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.60 406.00 Td (\(6,515) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.30 406.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.60 406.00 Td (\(37,629) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 555.30 406.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 393.00 Td (T) Tj ET Q q 0 0 0 rg BT 61.61 393.00 Td (ranslation dif) Tj ET Q q 0 0 0 rg BT 103.89 393.00 Td (ferences) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 310.60 393.00 Td (\(12) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.30 393.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.60 393.00 Td (\(1,394) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 395.30 393.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.60 393.00 Td (\(16) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.30 393.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.60 393.00 Td (\(1,422) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 555.30 393.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 379.98 Td (Balance at December) Tj ET Q q 0 0 0 rg BT 129.27 379.98 Td ( 31, 2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 264.30 379.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 295.25 379.98 Td (123,099) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.30 379.98 Td (1,364,471) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 422.25 379.98 Td (99,020) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 498.30 379.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 523.25 379.98 Td (1,586,590) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 353.98 Td (Carrying amount at:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 340.98 Td (January 1, 2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 250.25 340.98 Td (22,470) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 295.25 340.98 Td (164,937) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 369.30 340.98 Td (337,099) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 422.25 340.98 Td (29,624) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.30 340.98 Td (13,684) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 529.25 340.98 Td (567,814) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 327.98 Td (December) Tj ET Q q 0 0 0 rg BT 91.50 327.98 Td ( 31, 2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 250.25 327.98 Td (22,500) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 295.25 327.98 Td (159,728) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 369.30 327.98 Td (281,496) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 422.25 327.98 Td (31,677) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.30 327.98 Td (89,784) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 529.25 327.98 Td (585,185) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 314.98 Td (December) Tj ET Q q 0 0 0 rg BT 91.50 314.98 Td ( 31, 2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 250.25 314.98 Td (22,671) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 295.25 314.98 Td (170,276) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 369.30 314.98 Td (278,305) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 422.25 314.98 Td (32,464) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.25 314.98 Td (122,414) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 529.25 314.98 Td (626,130) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 287.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 287.25 Td (Additions ) Tj ET Q q 0 0 0 rg BT 131.38 287.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.65 287.25 Td (184,910 ) Tj ET Q q 0 0 0 rg BT 181.08 287.25 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.19 287.25 Td ( ) Tj ET Q q 0 0 0 rg BT 219.12 287.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.83 287.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.83 287.25 Td ( ) Tj ET Q q 0 0 0 rg BT 250.77 287.25 Td (were ) Tj ET Q q 0 0 0 rg BT 272.13 287.25 Td (mainly ) Tj ET Q q 0 0 0 rg BT 301.84 287.25 Td (comprised ) Tj ET Q q 0 0 0 rg BT 345.42 287.25 Td (of ) Tj ET Q q 0 0 0 rg BT 355.69 287.25 Td (additions ) Tj ET Q q 0 0 0 rg BT 394.29 287.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.55 287.25 Td (1) Tj ET Q q 0 0 0 rg BT 414.18 287.25 Td (17,618 ) Tj ET Q q 0 0 0 rg BT 443.61 287.25 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.72 287.25 Td ( ) Tj ET Q q 0 0 0 rg BT 481.66 287.25 Td (to ) Tj ET Q q 0 0 0 rg BT 491.37 287.25 Td (plant, ) Tj ET Q q 0 0 0 rg BT 515.80 287.25 Td (machinery ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 275.25 Td (and ) Tj ET Q q 0 0 0 rg BT 69.83 275.25 Td (equipment ) Tj ET Q q 0 0 0 rg BT 113.43 275.25 Td (and ) Tj ET Q q 0 0 0 rg BT 129.25 275.25 Td (additions ) Tj ET Q q 0 0 0 rg BT 167.31 275.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.02 275.25 Td (32,769 ) Tj ET Q q 0 0 0 rg BT 210.91 275.25 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.02 275.25 Td ( ) Tj ET Q q 0 0 0 rg BT 248.41 275.25 Td (related ) Tj ET Q q 0 0 0 rg BT 277.00 275.25 Td (to ) Tj ET Q q 0 0 0 rg BT 286.17 275.25 Td (advances ) Tj ET Q q 0 0 0 rg BT 324.20 275.25 Td (and ) Tj ET Q q 0 0 0 rg BT 340.03 275.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 364.75 275.25 Td (under ) Tj ET Q q 0 0 0 rg BT 388.90 275.25 Td (construction. ) Tj ET Q q 0 0 0 rg BT 441.92 275.25 Td (Additions ) Tj ET Q q 0 0 0 rg BT 482.75 275.25 Td (to ) Tj ET Q q 0 0 0 rg BT 491.92 275.25 Td (plant, ) Tj ET Q q 0 0 0 rg BT 515.80 275.25 Td (machinery ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 263.25 Td (and ) Tj ET Q q 0 0 0 rg BT 71.25 263.25 Td (equipment ) Tj ET Q q 0 0 0 rg BT 116.26 263.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.85 263.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.85 263.25 Td ( ) Tj ET Q q 0 0 0 rg BT 149.66 263.25 Td (mainly ) Tj ET Q q 0 0 0 rg BT 180.24 263.25 Td (related ) Tj ET Q q 0 0 0 rg BT 210.24 263.25 Td (to ) Tj ET Q q 0 0 0 rg BT 220.83 263.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 271.41 263.25 Td (in ) Tj ET Q q 0 0 0 rg BT 281.99 263.25 Td (cars ) Tj ET Q q 0 0 0 rg BT 300.90 263.25 Td (production ) Tj ET Q q 0 0 0 rg BT 347.03 263.25 Td (lines, ) Tj ET Q q 0 0 0 rg BT 371.22 263.25 Td (engine ) Tj ET Q q 0 0 0 rg BT 400.69 263.25 Td (testing ) Tj ET Q q 0 0 0 rg BT 430.16 263.25 Td (equipment ) Tj ET Q q 0 0 0 rg BT 475.18 263.25 Td (and ) Tj ET Q q 0 0 0 rg BT 492.42 263.25 Td (to ) Tj ET Q q 0 0 0 rg BT 503.01 263.25 Td (upgrade ) Tj ET Q q 0 0 0 rg BT 538.02 263.25 Td (wind ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 251.25 Td (tunnel. ) Tj ET Q q 0 0 0 rg BT 83.44 251.25 Td (Additions ) Tj ET Q q 0 0 0 rg BT 125.39 251.25 Td (to ) Tj ET Q q 0 0 0 rg BT 135.67 251.25 Td (advances ) Tj ET Q q 0 0 0 rg BT 174.82 251.25 Td (and ) Tj ET Q q 0 0 0 rg BT 191.75 251.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 217.58 251.25 Td (under ) Tj ET Q q 0 0 0 rg BT 242.85 251.25 Td (construction ) Tj ET Q q 0 0 0 rg BT 294.79 251.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.06 251.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.06 251.25 Td ( ) Tj ET Q q 0 0 0 rg BT 327.56 251.25 Td (mainly ) Tj ET Q q 0 0 0 rg BT 357.84 251.25 Td (related ) Tj ET Q q 0 0 0 rg BT 387.54 251.25 Td (to ) Tj ET Q q 0 0 0 rg BT 397.82 251.25 Td (car ) Tj ET Q q 0 0 0 rg BT 412.53 251.25 Td (production ) Tj ET Q q 0 0 0 rg BT 458.35 251.25 Td (lines.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 227.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 227.25 Td (Additions ) Tj ET Q q 0 0 0 rg BT 131.67 227.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.22 227.25 Td (169,363 ) Tj ET Q q 0 0 0 rg BT 181.95 227.25 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.06 227.25 Td ( ) Tj ET Q q 0 0 0 rg BT 220.28 227.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.28 227.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.28 227.25 Td ( ) Tj ET Q q 0 0 0 rg BT 252.50 227.25 Td (were ) Tj ET Q q 0 0 0 rg BT 274.16 227.25 Td (mainly ) Tj ET Q q 0 0 0 rg BT 304.15 227.25 Td (comprised ) Tj ET Q q 0 0 0 rg BT 348.03 227.25 Td (of ) Tj ET Q q 0 0 0 rg BT 358.58 227.25 Td (additions ) Tj ET Q q 0 0 0 rg BT 397.47 227.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.03 227.25 Td (76,918 ) Tj ET Q q 0 0 0 rg BT 442.75 227.25 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.86 227.25 Td ( ) Tj ET Q q 0 0 0 rg BT 481.08 227.25 Td (to ) Tj ET Q q 0 0 0 rg BT 491.08 227.25 Td (plant, ) Tj ET Q q 0 0 0 rg BT 515.80 227.25 Td (machinery ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 215.25 Td (and ) Tj ET Q q 0 0 0 rg BT 69.83 215.25 Td (equipment ) Tj ET Q q 0 0 0 rg BT 113.43 215.25 Td (and ) Tj ET Q q 0 0 0 rg BT 129.25 215.25 Td (additions ) Tj ET Q q 0 0 0 rg BT 167.31 215.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.02 215.25 Td (76,100 ) Tj ET Q q 0 0 0 rg BT 210.91 215.25 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.02 215.25 Td ( ) Tj ET Q q 0 0 0 rg BT 248.41 215.25 Td (related ) Tj ET Q q 0 0 0 rg BT 277.00 215.25 Td (to ) Tj ET Q q 0 0 0 rg BT 286.17 215.25 Td (advances ) Tj ET Q q 0 0 0 rg BT 324.20 215.25 Td (and ) Tj ET Q q 0 0 0 rg BT 340.03 215.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 364.75 215.25 Td (under ) Tj ET Q q 0 0 0 rg BT 388.90 215.25 Td (construction. ) Tj ET Q q 0 0 0 rg BT 441.92 215.25 Td (Additions ) Tj ET Q q 0 0 0 rg BT 482.75 215.25 Td (to ) Tj ET Q q 0 0 0 rg BT 491.92 215.25 Td (plant, ) Tj ET Q q 0 0 0 rg BT 515.80 215.25 Td (machinery ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 203.25 Td (and ) Tj ET Q q 0 0 0 rg BT 71.00 203.25 Td (equipment ) Tj ET Q q 0 0 0 rg BT 115.77 203.25 Td (in ) Tj ET Q q 0 0 0 rg BT 126.10 203.25 Td (2014 ) Tj ET Q q 0 0 0 rg BT 148.66 203.25 Td (mainly ) Tj ET Q q 0 0 0 rg BT 179.00 203.25 Td (related ) Tj ET Q q 0 0 0 rg BT 208.76 203.25 Td (to ) Tj ET Q q 0 0 0 rg BT 219.09 203.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 269.42 203.25 Td (in ) Tj ET Q q 0 0 0 rg BT 279.76 203.25 Td (engine ) Tj ET Q q 0 0 0 rg BT 308.98 203.25 Td (assembly ) Tj ET Q q 0 0 0 rg BT 348.75 203.25 Td (lines, ) Tj ET Q q 0 0 0 rg BT 372.70 203.25 Td (engine ) Tj ET Q q 0 0 0 rg BT 401.91 203.25 Td (testing ) Tj ET Q q 0 0 0 rg BT 431.13 203.25 Td (equipment ) Tj ET Q q 0 0 0 rg BT 475.90 203.25 Td (and ) Tj ET Q q 0 0 0 rg BT 492.90 203.25 Td (to ) Tj ET Q q 0 0 0 rg BT 503.24 203.25 Td (upgrade ) Tj ET Q q 0 0 0 rg BT 538.00 203.25 Td (wind ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 191.25 Td (tunnel. ) Tj ET Q q 0 0 0 rg BT 83.66 191.25 Td (Additions ) Tj ET Q q 0 0 0 rg BT 125.89 191.25 Td (to ) Tj ET Q q 0 0 0 rg BT 136.44 191.25 Td (advances ) Tj ET Q q 0 0 0 rg BT 175.87 191.25 Td (and ) Tj ET Q q 0 0 0 rg BT 193.08 191.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 219.19 191.25 Td (under ) Tj ET Q q 0 0 0 rg BT 244.74 191.25 Td (construction ) Tj ET Q q 0 0 0 rg BT 296.95 191.25 Td (in ) Tj ET Q q 0 0 0 rg BT 307.51 191.25 Td (2014 ) Tj ET Q q 0 0 0 rg BT 330.29 191.25 Td (mainly ) Tj ET Q q 0 0 0 rg BT 360.84 191.25 Td (related ) Tj ET Q q 0 0 0 rg BT 390.82 191.25 Td (to ) Tj ET Q q 0 0 0 rg BT 401.38 191.25 Td (the ) Tj ET Q q 0 0 0 rg BT 416.37 191.25 Td (construction ) Tj ET Q q 0 0 0 rg BT 468.58 191.25 Td (of ) Tj ET Q q 0 0 0 rg BT 479.69 191.25 Td (the ) Tj ET Q q 0 0 0 rg BT 494.69 191.25 Td (new ) Tj ET Q q 0 0 0 rg BT 514.12 191.25 Td (building ) Tj ET Q q 0 0 0 rg BT 550.24 191.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 179.25 Td (house ) Tj ET Q q 0 0 0 rg BT 79.75 179.25 Td (the ) Tj ET Q q 0 0 0 rg BT 94.39 179.25 Td (Formula ) Tj ET Q q 0 0 0 rg BT 130.70 179.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 138.12 179.25 Td (racing ) Tj ET Q q 0 0 0 rg BT 165.53 179.25 Td (team, ) Tj ET Q q 0 0 0 rg BT 189.88 179.25 Td (inaugurated ) Tj ET Q q 0 0 0 rg BT 239.51 179.25 Td (in ) Tj ET Q q 0 0 0 rg BT 249.71 179.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 272.13 179.25 Td (and ) Tj ET Q q 0 0 0 rg BT 288.99 179.25 Td (the ) Tj ET Q q 0 0 0 rg BT 303.63 179.25 Td (construction ) Tj ET Q q 0 0 0 rg BT 355.48 179.25 Td (of ) Tj ET Q q 0 0 0 rg BT 366.24 179.25 Td (a ) Tj ET Q q 0 0 0 rg BT 373.10 179.25 Td (new ) Tj ET Q q 0 0 0 rg BT 392.18 179.25 Td (assembly ) Tj ET Q q 0 0 0 rg BT 431.82 179.25 Td (line ) Tj ET Q q 0 0 0 rg BT 449.23 179.25 Td (of ) Tj ET Q q 0 0 0 rg BT 459.81 179.25 Td (V6 ) Tj ET Q q 0 0 0 rg BT 474.46 179.25 Td (engines ) Tj ET Q q 0 0 0 rg BT 507.42 179.25 Td (to ) Tj ET Q q 0 0 0 rg BT 517.62 179.25 Td (be ) Tj ET Q q 0 0 0 rg BT 529.48 179.25 Td (used ) Tj ET Q q 0 0 0 rg BT 550.24 179.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 167.25 Td (the ) Tj ET Q q 0 0 0 rg BT 68.72 167.25 Td (Formula ) Tj ET Q q 0 0 0 rg BT 105.10 167.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 112.42 167.25 Td (W) Tj ET Q q 0 0 0 rg BT 121.06 167.25 Td (orld ) Tj ET Q q 0 0 0 rg BT 139.67 167.25 Td (Championship.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 143.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 143.25 Td (In ) Tj ET Q q 0 0 0 rg BT 100.76 143.25 Td (the ) Tj ET Q q 0 0 0 rg BT 115.40 143.25 Td (year ) Tj ET Q q 0 0 0 rg BT 135.03 143.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 161.34 143.25 Td (December ) Tj ET Q q 0 0 0 rg BT 204.85 143.25 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.78 143.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.78 143.25 Td (, ) Tj ET Q q 0 0 0 rg BT 244.70 143.25 Td (the ) Tj ET Q q 0 0 0 rg BT 259.35 143.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 287.32 143.25 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 333.06 143.25 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 377.14 143.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 399.57 143.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.33 143.25 Td (733 ) Tj ET Q q 0 0 0 rg BT 432.75 143.25 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.86 143.25 Td ( ) Tj ET Q q 0 0 0 rg BT 471.29 143.25 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.62 143.25 Td (696 ) Tj ET Q q 0 0 0 rg BT 497.05 143.25 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.15 143.25 Td ( ) Tj ET Q q 0 0 0 rg BT 535.58 143.25 Td (in ) Tj ET Q q 0 0 0 rg BT 545.79 143.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 131.25 Td (year ) Tj ET Q q 0 0 0 rg BT 73.29 131.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 99.24 131.25 Td (December ) Tj ET Q q 0 0 0 rg BT 142.41 131.25 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.98 131.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.98 131.25 Td (\). ) Tj ET Q q 0 0 0 rg BT 184.74 131.25 Td (Those ) Tj ET Q q 0 0 0 rg BT 211.26 131.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 233.34 131.25 Td (will ) Tj ET Q q 0 0 0 rg BT 250.98 131.25 Td (be ) Tj ET Q q 0 0 0 rg BT 262.49 131.25 Td (amortized ) Tj ET Q q 0 0 0 rg BT 304.55 131.25 Td (over ) Tj ET Q q 0 0 0 rg BT 324.40 131.25 Td (the ) Tj ET Q q 0 0 0 rg BT 338.70 131.25 Td (useful ) Tj ET Q q 0 0 0 rg BT 365.21 131.25 Td (life ) Tj ET Q q 0 0 0 rg BT 380.62 131.25 Td (of ) Tj ET Q q 0 0 0 rg BT 391.03 131.25 Td (the ) Tj ET Q q 0 0 0 rg BT 405.32 131.25 Td (category ) Tj ET Q q 0 0 0 rg BT 441.83 131.25 Td (of ) Tj ET Q q 0 0 0 rg BT 452.24 131.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 477.64 131.25 Td (to ) Tj ET Q q 0 0 0 rg BT 487.50 131.25 Td (which ) Tj ET Q q 0 0 0 rg BT 514.02 131.25 Td (they ) Tj ET Q q 0 0 0 rg BT 533.32 131.25 Td (relate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 107.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 107.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.22 107.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 162.51 107.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.51 107.25 Td (, ) Tj ET Q q 0 0 0 rg BT 188.23 107.25 Td (the ) Tj ET Q q 0 0 0 rg BT 203.66 107.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 232.43 107.25 Td (had ) Tj ET Q q 0 0 0 rg BT 250.08 107.25 Td (contractual ) Tj ET Q q 0 0 0 rg BT 297.72 107.25 Td (commitments ) Tj ET Q q 0 0 0 rg BT 355.37 107.25 Td (for ) Tj ET Q q 0 0 0 rg BT 370.25 107.25 Td (the ) Tj ET Q q 0 0 0 rg BT 385.68 107.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 424.43 107.25 Td (of ) Tj ET Q q 0 0 0 rg BT 435.98 107.25 Td (property) Tj ET Q q 0 0 0 rg BT 469.20 107.25 Td (, ) Tj ET Q q 0 0 0 rg BT 474.92 107.25 Td (plant ) Tj ET Q q 0 0 0 rg BT 498.13 107.25 Td (and ) Tj ET Q q 0 0 0 rg BT 515.78 107.25 Td (equipment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 95.25 Td (amounting ) Tj ET Q q 0 0 0 rg BT 99.27 95.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.55 95.25 Td (31,041 ) Tj ET Q q 0 0 0 rg BT 144.55 95.25 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.66 95.25 Td ( ) Tj ET Q q 0 0 0 rg BT 183.16 95.25 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.49 95.25 Td (52,389 ) Tj ET Q q 0 0 0 rg BT 221.49 95.25 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.60 95.25 Td ( ) Tj ET Q q 0 0 0 rg BT 260.10 95.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.82 95.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 328.40 95.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.40 95.25 Td (\).) Tj ET Q endstream endobj 371 0 obj <> endobj 372 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 760.75 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 760.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.60 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 199.82 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 206.31 748.75 Td (O ) Tj ET Q q 0 0 0 rg BT 216.41 748.75 Td (THE CONSOLIDA) Tj ET Q q 0 0 0 rg BT 299.85 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 379.03 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 393.02 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 399.50 748.75 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.60 736.75 Td (At December) Tj ET Q q 0 0 0 rg BT 294.78 736.75 Td (31, 2015 and 2014) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 294.65 32.20 Td (F-36) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 713.25 Td (16. INVESTMENTS ) Tj ET Q q 0 0 0 rg BT 148.75 713.25 Td (AND OTHER FINANCIAL) Tj ET Q q 0 0 0 rg BT 267.65 713.25 Td ( ) Tj ET Q q 0 0 0 rg BT 269.60 713.25 Td (ASSETS) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 649.75 370.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 649.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 649.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 649.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 621.75 370.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 621.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 621.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 621.75 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 676.75 m 489.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 676.75 m 493.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 676.75 m 558.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 662.75 m 489.5 662.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 662.75 m 558.5 662.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 607.75 m 489.5 607.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 594.75 m 489.5 594.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 592.75 m 489.5 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 607.75 m 558.5 607.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 594.75 m 558.5 594.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 592.75 m 558.5 592.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.95 681.20 Td (At December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 447.50 667.20 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 516.50 667.20 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 470.85 654.00 Td (\( thousand\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 640.21 Td (Investment properties) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 477.00 640.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 640.21 Td (35,565) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 626.21 Td (Delta Top Co option) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.25 626.21 Td (10,858) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 626.21 Td (10,546) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 612.21 Td (Other securities and other financial assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.50 612.21 Td (978) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 612.21 Td (1,320) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.00 598.20 Td (Total investments and other financial assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.25 598.20 Td (11,836) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 598.20 Td (47,431) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 570.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 570.25 Td (Investment properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 546.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 546.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 136.73 546.25 Td (properties ) Tj ET Q q 0 0 0 rg BT 179.01 546.25 Td (at ) Tj ET Q q 0 0 0 rg BT 188.53 546.25 Td (December ) Tj ET Q q 0 0 0 rg BT 231.91 546.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 246.71 546.25 Td (2014 ) Tj ET Q q 0 0 0 rg BT 269.00 546.25 Td (related ) Tj ET Q q 0 0 0 rg BT 298.50 546.25 Td (to ) Tj ET Q q 0 0 0 rg BT 308.58 546.25 Td (two ) Tj ET Q q 0 0 0 rg BT 325.88 546.25 Td (buildings ) Tj ET Q q 0 0 0 rg BT 365.40 546.25 Td (which ) Tj ET Q q 0 0 0 rg BT 392.14 546.25 Td (the ) Tj ET Q q 0 0 0 rg BT 406.65 546.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 434.50 546.25 Td (owned ) Tj ET Q q 0 0 0 rg BT 463.46 546.25 Td (in ) Tj ET Q q 0 0 0 rg BT 473.53 546.25 Td (Modena, ) Tj ET Q q 0 0 0 rg BT 511.10 546.25 Td (Italy) Tj ET Q q 0 0 0 rg BT 528.77 546.25 Td (, ) Tj ET Q q 0 0 0 rg BT 533.57 546.25 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 534.25 Td (were ) Tj ET Q q 0 0 0 rg BT 75.62 534.25 Td (held ) Tj ET Q q 0 0 0 rg BT 95.03 534.25 Td (for ) Tj ET Q q 0 0 0 rg BT 108.88 534.25 Td (the ) Tj ET Q q 0 0 0 rg BT 123.29 534.25 Td (purpose ) Tj ET Q q 0 0 0 rg BT 157.14 534.25 Td (of ) Tj ET Q q 0 0 0 rg BT 167.67 534.25 Td (earning ) Tj ET Q q 0 0 0 rg BT 199.84 534.25 Td (rental ) Tj ET Q q 0 0 0 rg BT 224.80 534.25 Td (income. ) Tj ET Q q 0 0 0 rg BT 258.77 534.25 Td (The ) Tj ET Q q 0 0 0 rg BT 276.51 534.25 Td (properties ) Tj ET Q q 0 0 0 rg BT 318.69 534.25 Td (were ) Tj ET Q q 0 0 0 rg BT 340.31 534.25 Td (leased ) Tj ET Q q 0 0 0 rg BT 367.48 534.25 Td (to ) Tj ET Q q 0 0 0 rg BT 377.46 534.25 Td (Maserati ) Tj ET Q q 0 0 0 rg BT 414.63 534.25 Td (S.p.A., ) Tj ET Q q 0 0 0 rg BT 444.61 534.25 Td (an ) Tj ET Q q 0 0 0 rg BT 456.24 534.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 475.14 534.25 Td ( ) Tj ET Q q 0 0 0 rg BT 477.33 534.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 505.08 534.25 Td (company) Tj ET Q q 0 0 0 rg BT 541.08 534.25 Td (. ) Tj ET Q q 0 0 0 rg BT 545.78 534.25 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 522.25 Td (September ) Tj ET Q q 0 0 0 rg BT 98.94 522.25 Td (23, ) Tj ET Q q 0 0 0 rg BT 113.61 522.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 138.28 522.25 Td (the ) Tj ET Q q 0 0 0 rg BT 152.67 522.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 180.39 522.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 199.23 522.25 Td (a ) Tj ET Q q 0 0 0 rg BT 205.84 522.25 Td (group ) Tj ET Q q 0 0 0 rg BT 231.35 522.25 Td (of ) Tj ET Q q 0 0 0 rg BT 241.85 522.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 267.35 522.25 Td (which ) Tj ET Q q 0 0 0 rg BT 293.96 522.25 Td (included ) Tj ET Q q 0 0 0 rg BT 330.57 522.25 Td (its ) Tj ET Q q 0 0 0 rg BT 342.19 522.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 388.24 522.25 Td (properties ) Tj ET Q q 0 0 0 rg BT 430.40 522.25 Td (to ) Tj ET Q q 0 0 0 rg BT 440.35 522.25 Td (Maserati ) Tj ET Q q 0 0 0 rg BT 477.50 522.25 Td (S.p.A. ) Tj ET Q q 0 0 0 rg BT 504.80 522.25 Td (The ) Tj ET Q q 0 0 0 rg BT 522.52 522.25 Td (total ) Tj ET Q q 0 0 0 rg BT 542.47 522.25 Td (sale ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 510.25 Td (price ) Tj ET Q q 0 0 0 rg BT 76.13 510.25 Td (\(as ) Tj ET Q q 0 0 0 rg BT 89.94 510.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 137.07 510.25 Td (by ) Tj ET Q q 0 0 0 rg BT 149.22 510.25 Td (an ) Tj ET Q q 0 0 0 rg BT 160.81 510.25 Td (independent ) Tj ET Q q 0 0 0 rg BT 211.83 510.25 Td (valuation\) ) Tj ET Q q 0 0 0 rg BT 254.52 510.25 Td (amounted ) Tj ET Q q 0 0 0 rg BT 296.10 510.25 Td (to ) Tj ET Q q 0 0 0 rg BT 306.03 510.25 Td (37,130 ) Tj ET Q q 0 0 0 rg BT 340.67 510.25 Td (thousand ) Tj ET Q q 0 0 0 rg BT 378.93 510.25 Td (and ) Tj ET Q q 0 0 0 rg BT 395.52 510.25 Td (was ) Tj ET Q q 0 0 0 rg BT 413.22 510.25 Td (received ) Tj ET Q q 0 0 0 rg BT 449.23 510.25 Td (in ) Tj ET Q q 0 0 0 rg BT 459.16 510.25 Td (the ) Tj ET Q q 0 0 0 rg BT 473.52 510.25 Td (third ) Tj ET Q q 0 0 0 rg BT 494.56 510.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 525.02 510.25 Td (of ) Tj ET Q q 0 0 0 rg BT 535.50 510.25 Td (2015. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 498.25 Td (At ) Tj ET Q q 0 0 0 rg BT 66.70 498.25 Td (the ) Tj ET Q q 0 0 0 rg BT 81.61 498.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 128.18 498.25 Td (date ) Tj ET Q q 0 0 0 rg BT 147.53 498.25 Td (the ) Tj ET Q q 0 0 0 rg BT 162.44 498.25 Td (net ) Tj ET Q q 0 0 0 rg BT 177.36 498.25 Td (book ) Tj ET Q q 0 0 0 rg BT 200.06 498.25 Td (value ) Tj ET Q q 0 0 0 rg BT 224.41 498.25 Td (of ) Tj ET Q q 0 0 0 rg BT 235.43 498.25 Td (the ) Tj ET Q q 0 0 0 rg BT 250.35 498.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 276.37 498.25 Td (and ) Tj ET Q q 0 0 0 rg BT 293.51 498.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 333.42 498.25 Td (disposed ) Tj ET Q q 0 0 0 rg BT 371.12 498.25 Td (of ) Tj ET Q q 0 0 0 rg BT 382.15 498.25 Td (was ) Tj ET Q q 0 0 0 rg BT 400.40 498.25 Td (31,328 ) Tj ET Q q 0 0 0 rg BT 435.59 498.25 Td (thousand. ) Tj ET Q q 0 0 0 rg BT 476.70 498.25 Td (The ) Tj ET Q q 0 0 0 rg BT 494.95 498.25 Td (gain ) Tj ET Q q 0 0 0 rg BT 514.86 498.25 Td (on ) Tj ET Q q 0 0 0 rg BT 527.56 498.25 Td (the ) Tj ET Q q 0 0 0 rg BT 542.47 498.25 Td (sale ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 486.25 Td (of ) Tj ET Q q 0 0 0 rg BT 64.83 486.25 Td (5,802 ) Tj ET Q q 0 0 0 rg BT 94.83 486.25 Td (thousand ) Tj ET Q q 0 0 0 rg BT 133.44 486.25 Td (was ) Tj ET Q q 0 0 0 rg BT 151.49 486.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 188.97 486.25 Td (as ) Tj ET Q q 0 0 0 rg BT 199.80 486.25 Td (other ) Tj ET Q q 0 0 0 rg BT 222.84 486.25 Td (income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 462.25 Td (The ) Tj ET Q q 0 0 0 rg BT 72.05 462.25 Td (movement ) Tj ET Q q 0 0 0 rg BT 116.76 462.25 Td (in ) Tj ET Q q 0 0 0 rg BT 127.04 462.25 Td (the ) Tj ET Q q 0 0 0 rg BT 141.75 462.25 Td (net ) Tj ET Q q 0 0 0 rg BT 156.47 462.25 Td (book ) Tj ET Q q 0 0 0 rg BT 178.97 462.25 Td (value ) Tj ET Q q 0 0 0 rg BT 203.13 462.25 Td (is ) Tj ET Q q 0 0 0 rg BT 212.30 462.25 Td (as ) Tj ET Q q 0 0 0 rg BT 223.13 462.25 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 54.00 403.75 106.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 160.00 403.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 164.00 403.75 89.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.00 403.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.00 403.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.00 403.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 403.75 89.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 403.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 403.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 403.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 403.75 89.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.00 375.75 106.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 160.00 375.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 164.00 375.75 89.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.00 375.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.00 375.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.00 375.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 375.75 89.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 375.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 375.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 375.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 375.75 89.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 164 416.75 m 253 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257 416.75 m 312 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 416.75 m 405 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 416.75 m 464 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 416.75 m 557 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 164 375.75 m 253 375.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 164 362.75 m 253 362.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 164 360.75 m 253 360.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 375.75 m 405 375.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 362.75 m 405 362.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 360.75 m 405 360.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 375.75 m 557 375.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 362.75 m 557 362.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 360.75 m 557 360.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 203.25 430.20 Td (At) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 177.35 421.20 Td (January 1, 2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 261.75 421.20 Td (Movements) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 355.25 430.20 Td (At) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 323.70 421.20 Td (December) Tj ET Q q 0 0 0 rg BT 362.51 421.20 Td ( 31, 2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 413.75 421.20 Td (Movements) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 507.25 430.20 Td (At) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 475.70 421.20 Td (December) Tj ET Q q 0 0 0 rg BT 514.51 421.20 Td ( 31, 2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.85 408.00 Td (\( thousand\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.50 394.21 Td (Gross carrying amount) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 224.75 394.21 Td (53,321) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 295.00 394.21 Td (309) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 376.75 394.21 Td (53,630) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 432.75 394.21 Td (\(53,630) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.50 394.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 544.50 394.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.50 380.21 Td (Accumulated depreciation) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 221.75 380.21 Td (\(16,681) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 249.50 380.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 285.25 380.21 Td (\(1,384) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.50 380.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 373.75 380.21 Td (\(18,065) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 401.50 380.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 435.75 380.21 Td (18,065) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 544.50 380.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.50 366.20 Td (Carrying amount) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 224.75 366.20 Td (36,640) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 376.75 366.20 Td (35,565) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 544.50 366.20 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 338.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 338.25 Td (The ) Tj ET Q q 0 0 0 rg BT 107.62 338.25 Td (rental ) Tj ET Q q 0 0 0 rg BT 132.45 338.25 Td (income ) Tj ET Q q 0 0 0 rg BT 163.96 338.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.36 338.25 Td (2,392 ) Tj ET Q q 0 0 0 rg BT 203.93 338.25 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.03 338.25 Td ( ) Tj ET Q q 0 0 0 rg BT 242.10 338.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.95 338.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.95 338.25 Td ( ) Tj ET Q q 0 0 0 rg BT 274.02 338.25 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.35 338.25 Td (3,179 ) Tj ET Q q 0 0 0 rg BT 306.92 338.25 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.03 338.25 Td ( ) Tj ET Q q 0 0 0 rg BT 345.10 338.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.95 338.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.95 338.25 Td ( ) Tj ET Q q 0 0 0 rg BT 377.02 338.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.53 338.25 Td (3,170 ) Tj ET Q q 0 0 0 rg BT 423.10 338.25 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.21 338.25 Td ( ) Tj ET Q q 0 0 0 rg BT 461.28 338.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.13 338.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.13 338.25 Td (\) ) Tj ET Q q 0 0 0 rg BT 496.53 338.25 Td (was ) Tj ET Q q 0 0 0 rg BT 514.15 338.25 Td (recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 326.25 Td (in ) Tj ET Q q 0 0 0 rg BT 64.28 326.25 Td (the ) Tj ET Q q 0 0 0 rg BT 79.00 326.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 132.04 326.25 Td (income ) Tj ET Q q 0 0 0 rg BT 163.97 326.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 204.79 326.25 Td (within ) Tj ET Q q 0 0 0 rg BT 232.85 326.25 Td (net ) Tj ET Q q 0 0 0 rg BT 247.56 326.25 Td (revenues.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 302.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 90.00 302.25 Td (Delta ) Tj ET Q q 0 0 0 rg BT 114.72 302.25 Td (T) Tj ET Q q 0 0 0 rg BT 119.91 302.25 Td (op ) Tj ET Q q 0 0 0 rg BT 132.41 302.25 Td (Co ) Tj ET Q q 0 0 0 rg BT 146.58 302.25 Td (option) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 278.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 278.25 Td (The ) Tj ET Q q 0 0 0 rg BT 108.79 278.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 137.59 278.25 Td (has ) Tj ET Q q 0 0 0 rg BT 154.16 278.25 Td (been ) Tj ET Q q 0 0 0 rg BT 176.28 278.25 Td (granted ) Tj ET Q q 0 0 0 rg BT 209.51 278.25 Td (an ) Tj ET Q q 0 0 0 rg BT 222.19 278.25 Td (option ) Tj ET Q q 0 0 0 rg BT 250.99 278.25 Td (by ) Tj ET Q q 0 0 0 rg BT 264.24 278.25 Td (Delta ) Tj ET Q q 0 0 0 rg BT 288.90 278.25 Td (T) Tj ET Q q 0 0 0 rg BT 294.31 278.25 Td (op ) Tj ET Q q 0 0 0 rg BT 307.55 278.25 Td (Co, ) Tj ET Q q 0 0 0 rg BT 324.97 278.25 Td (a ) Tj ET Q q 0 0 0 rg BT 332.65 278.25 Td (company ) Tj ET Q q 0 0 0 rg BT 372.55 278.25 Td (belonging ) Tj ET Q q 0 0 0 rg BT 415.79 278.25 Td (to ) Tj ET Q q 0 0 0 rg BT 426.81 278.25 Td (the ) Tj ET Q q 0 0 0 rg BT 442.27 278.25 Td (Formula ) Tj ET Q q 0 0 0 rg BT 479.40 278.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 487.64 278.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 516.44 278.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 535.23 278.25 Td (entity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 266.25 Td (responsible ) Tj ET Q q 0 0 0 rg BT 101.83 266.25 Td (for ) Tj ET Q q 0 0 0 rg BT 115.77 266.25 Td (the ) Tj ET Q q 0 0 0 rg BT 130.26 266.25 Td (promotion ) Tj ET Q q 0 0 0 rg BT 174.21 266.25 Td (of ) Tj ET Q q 0 0 0 rg BT 184.82 266.25 Td (the ) Tj ET Q q 0 0 0 rg BT 199.31 266.25 Td (Formula ) Tj ET Q q 0 0 0 rg BT 235.48 266.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 242.59 266.25 Td (W) Tj ET Q q 0 0 0 rg BT 251.23 266.25 Td (orld ) Tj ET Q q 0 0 0 rg BT 269.62 266.25 Td (Championship\). ) Tj ET Q q 0 0 0 rg BT 335.90 266.25 Td (The ) Tj ET Q q 0 0 0 rg BT 353.72 266.25 Td (option ) Tj ET Q q 0 0 0 rg BT 381.56 266.25 Td (allows ) Tj ET Q q 0 0 0 rg BT 409.95 266.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 439.43 266.25 Td (to ) Tj ET Q q 0 0 0 rg BT 449.49 266.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 487.31 266.25 Td (a ) Tj ET Q q 0 0 0 rg BT 494.02 266.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 516.85 266.25 Td (number ) Tj ET Q q 0 0 0 rg BT 549.68 266.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 254.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 81.73 254.25 Td (in ) Tj ET Q q 0 0 0 rg BT 92.25 254.25 Td (Delta ) Tj ET Q q 0 0 0 rg BT 116.45 254.25 Td (T) Tj ET Q q 0 0 0 rg BT 121.86 254.25 Td (op ) Tj ET Q q 0 0 0 rg BT 134.60 254.25 Td (Co ) Tj ET Q q 0 0 0 rg BT 149.01 254.25 Td (for ) Tj ET Q q 0 0 0 rg BT 163.41 254.25 Td (a ) Tj ET Q q 0 0 0 rg BT 170.59 254.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 193.88 254.25 Td (price ) Tj ET Q q 0 0 0 rg BT 216.60 254.25 Td (on ) Tj ET Q q 0 0 0 rg BT 229.34 254.25 Td (the ) Tj ET Q q 0 0 0 rg BT 244.30 254.25 Td (occurrence ) Tj ET Q q 0 0 0 rg BT 290.89 254.25 Td (of ) Tj ET Q q 0 0 0 rg BT 301.97 254.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 331.91 254.25 Td (events. ) Tj ET Q q 0 0 0 rg BT 362.50 254.25 Td (The ) Tj ET Q q 0 0 0 rg BT 380.79 254.25 Td (option ) Tj ET Q q 0 0 0 rg BT 409.08 254.25 Td (was ) Tj ET Q q 0 0 0 rg BT 427.38 254.25 Td (granted ) Tj ET Q q 0 0 0 rg BT 460.10 254.25 Td (from ) Tj ET Q q 0 0 0 rg BT 482.28 254.25 Td (2014 ) Tj ET Q q 0 0 0 rg BT 505.02 254.25 Td (until ) Tj ET Q q 0 0 0 rg BT 526.10 254.25 Td (2020, ) Tj ET Q q 0 0 0 rg BT 551.34 254.25 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 242.25 Td (renewable, ) Tj ET Q q 0 0 0 rg BT 100.36 242.25 Td (has ) Tj ET Q q 0 0 0 rg BT 116.47 242.25 Td (been ) Tj ET Q q 0 0 0 rg BT 138.13 242.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 169.23 242.25 Td (to ) Tj ET Q q 0 0 0 rg BT 179.79 242.25 Td (an ) Tj ET Q q 0 0 0 rg BT 192.00 242.25 Td (independent ) Tj ET Q q 0 0 0 rg BT 243.65 242.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 283.64 242.25 Td (and ) Tj ET Q q 0 0 0 rg BT 300.86 242.25 Td (has ) Tj ET Q q 0 0 0 rg BT 316.97 242.25 Td (been ) Tj ET Q q 0 0 0 rg BT 338.62 242.25 Td (measured ) Tj ET Q q 0 0 0 rg BT 379.72 242.25 Td (at ) Tj ET Q q 0 0 0 rg BT 389.71 242.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 406.37 242.25 Td (value. ) Tj ET Q q 0 0 0 rg BT 433.30 242.25 Td (For ) Tj ET Q q 0 0 0 rg BT 449.97 242.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 492.74 242.25 Td (information, ) Tj ET Q q 0 0 0 rg BT 545.23 242.25 Td (see ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 230.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 75.94 230.25 Td (26.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 206.25 Td (17. INVENT) Tj ET Q q 0 0 0 rg BT 112.72 206.25 Td (ORIES) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 144.75 370.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 144.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 144.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 144.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 116.75 370.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 116.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 116.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 116.75 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 170.75 m 489.5 170.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 170.75 m 493.5 170.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 170.75 m 558.5 170.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 157.75 m 489.5 157.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 157.75 m 558.5 157.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 102.75 m 489.5 102.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 89.75 m 489.5 89.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 87.75 m 489.5 87.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 102.75 m 558.5 102.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 89.75 m 558.5 89.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 87.75 m 558.5 87.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.95 175.15 Td (At December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 447.50 162.15 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 516.50 162.15 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 470.85 149.00 Td (\( thousand\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 135.21 Td (Raw materials) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.25 135.21 Td (75,812) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 135.21 Td (91,035) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 121.21 Td (Semi-finished goods) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.25 121.21 Td (67,819) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 121.21 Td (59,771) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 107.21 Td (Finished goods) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.75 107.21 Td (151,805) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 525.75 107.21 Td (145,199) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.00 93.20 Td (Total inventories) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.75 93.20 Td (295,436) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 525.75 93.20 Td (296,005) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 65.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 65.25 Td (The ) Tj ET Q q 0 0 0 rg BT 107.63 65.25 Td (accrual ) Tj ET Q q 0 0 0 rg BT 138.58 65.25 Td (to ) Tj ET Q q 0 0 0 rg BT 148.45 65.25 Td (the ) Tj ET Q q 0 0 0 rg BT 162.75 65.25 Td (provision ) Tj ET Q q 0 0 0 rg BT 202.61 65.25 Td (for ) Tj ET Q q 0 0 0 rg BT 216.36 65.25 Td (slow ) Tj ET Q q 0 0 0 rg BT 237.34 65.25 Td (moving ) Tj ET Q q 0 0 0 rg BT 269.98 65.25 Td (and ) Tj ET Q q 0 0 0 rg BT 286.51 65.25 Td (obsolete ) Tj ET Q q 0 0 0 rg BT 321.92 65.25 Td (inventories ) Tj ET Q q 0 0 0 rg BT 368.44 65.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 414.39 65.25 Td (within ) Tj ET Q q 0 0 0 rg BT 442.03 65.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 460.23 65.25 Td (of ) Tj ET Q q 0 0 0 rg BT 470.64 65.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 492.17 65.25 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.36 65.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.36 65.25 Td ( ) Tj ET Q q 0 0 0 rg BT 542.45 65.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 53.25 Td (1) Tj ET Q q 0 0 0 rg BT 63.63 53.25 Td (1,610 ) Tj ET Q q 0 0 0 rg BT 88.63 53.25 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.74 53.25 Td ( ) Tj ET Q q 0 0 0 rg BT 127.24 53.25 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.57 53.25 Td (3,091 ) Tj ET Q q 0 0 0 rg BT 160.57 53.25 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.68 53.25 Td ( ) Tj ET Q q 0 0 0 rg BT 199.18 53.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.45 53.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.45 53.25 Td ( ) Tj ET Q q 0 0 0 rg BT 231.95 53.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.89 53.25 Td (2,451 ) Tj ET Q q 0 0 0 rg BT 278.89 53.25 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.00 53.25 Td ( ) Tj ET Q q 0 0 0 rg BT 317.50 53.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.78 53.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.78 53.25 Td (\).) Tj ET Q endstream endobj 373 0 obj <> endobj 374 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 760.75 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 760.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.60 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 199.82 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 206.31 748.75 Td (O ) Tj ET Q q 0 0 0 rg BT 216.41 748.75 Td (THE CONSOLIDA) Tj ET Q q 0 0 0 rg BT 299.85 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 379.03 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 393.02 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 399.50 748.75 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.60 736.75 Td (At December) Tj ET Q q 0 0 0 rg BT 294.78 736.75 Td (31, 2015 and 2014) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 294.65 32.20 Td (F-37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 713.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 713.10 Td (Changes in the provision for slow moving and obsolete inventories were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 664.60 370.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 664.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 664.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 664.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 636.60 370.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 636.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 636.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 636.60 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 677.6 m 489.5 677.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 677.6 m 558.5 677.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 650.6 m 489.5 650.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 650.6 m 558.5 650.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 622.6 m 489.5 622.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 609.6 m 489.5 609.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 607.6 m 489.5 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 622.6 m 558.5 622.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 609.6 m 558.5 609.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 607.6 m 558.5 607.6 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 447.50 682.00 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 516.50 682.00 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 470.85 668.85 Td (\( thousand\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.00 655.05 Td (At January 1,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.25 655.05 Td (54,693) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 655.05 Td (53,566) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 641.06 Td (Provision) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.25 641.06 Td (11,610) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 641.06 Td (3,091) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 627.06 Td (Use and other changes) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.75 627.06 Td (\(5,715) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 486.00 627.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.75 627.06 Td (\(1,964) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 555.00 627.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.00 613.05 Td (At December) Tj ET Q q 0 0 0 rg BT 107.56 613.05 Td ( 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.25 613.05 Td (60,588) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 613.05 Td (54,693) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 585.10 Td (18. CURRENT) Tj ET Q q 0 0 0 rg BT 123.27 585.10 Td ( RECEIV) Tj ET Q q 0 0 0 rg BT 163.38 585.10 Td (ABLES, OTHER CURRENT) Tj ET Q q 0 0 0 rg BT 289.05 585.10 Td ( ) Tj ET Q q 0 0 0 rg BT 291.00 585.10 Td (ASSETS ) Tj ET Q q 0 0 0 rg BT 330.20 585.10 Td (AND DEPOSITS IN FCA) Tj ET Q q 0 0 0 rg BT 439.94 585.10 Td ( GROUP) Tj ET Q q 0 0 0 rg BT 477.99 585.10 Td ( CASH ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 573.10 Td (MANAGEMENT) Tj ET Q q 0 0 0 rg BT 129.37 573.10 Td ( POOLS) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 509.60 370.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 509.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 509.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 509.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 481.60 370.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 481.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 481.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 481.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 453.60 370.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 453.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 453.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 453.60 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 536.6 m 489.5 536.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 536.6 m 493.5 536.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 536.6 m 558.5 536.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 522.6 m 489.5 522.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 522.6 m 558.5 522.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 439.6 m 489.5 439.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 426.6 m 489.5 426.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 424.6 m 489.5 424.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 439.6 m 558.5 439.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 426.6 m 558.5 426.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 424.6 m 558.5 424.6 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.95 541.05 Td (At December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 447.50 527.05 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 516.50 527.05 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 470.85 513.85 Td (\( thousand\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 500.06 Td (Trade receivables) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.75 500.06 Td (158,165) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 525.75 500.06 Td (183,642) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 486.06 Td (Deposits in FCA Group cash management pools) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.75 486.06 Td (139,172) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 525.75 486.06 Td (942,469) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 472.06 Td (Receivables from financing activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.00 472.06 Td (1,173,825) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 519.00 472.06 Td (1,224,446) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 458.06 Td (Current tax receivables) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.25 458.06 Td (15,369) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 458.06 Td (3,016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 444.06 Td (Other current assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.25 444.06 Td (46,477) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 444.06 Td (52,052) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.00 430.05 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 450.00 430.05 Td (1,533,008) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 519.00 430.05 Td (2,405,625) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 402.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 402.10 Td (T) Tj ET Q q 0 0 0 rg BT 95.74 402.10 Td (rade ) Tj ET Q q 0 0 0 rg BT 116.57 402.10 Td (receivables ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 378.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 378.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.05 378.10 Td (following ) Tj ET Q q 0 0 0 rg BT 149.43 378.10 Td (table ) Tj ET Q q 0 0 0 rg BT 171.37 378.10 Td (sets ) Tj ET Q q 0 0 0 rg BT 188.87 378.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 210.81 378.10 Td (a ) Tj ET Q q 0 0 0 rg BT 217.74 378.10 Td (breakdown ) Tj ET Q q 0 0 0 rg BT 264.67 378.10 Td (of ) Tj ET Q q 0 0 0 rg BT 275.50 378.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 297.99 378.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 345.46 378.10 Td (by ) Tj ET Q q 0 0 0 rg BT 357.96 378.10 Td (nature:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 314.60 370.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 314.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 314.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 314.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 286.60 370.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 286.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 286.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 286.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 258.60 370.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 258.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 258.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 258.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 230.60 370.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 230.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 230.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 230.60 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 341.6 m 489.5 341.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 341.6 m 493.5 341.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 341.6 m 558.5 341.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 327.6 m 489.5 327.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 341.6 m 558.5 341.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 327.6 m 558.5 327.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 230.60000000000002 m 489.5 230.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 217.60000000000002 m 489.5 217.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 215.60000000000002 m 489.5 215.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 230.60000000000002 m 558.5 230.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 217.60000000000002 m 558.5 217.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 215.60000000000002 m 558.5 215.60000000000002 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.95 346.05 Td (At December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 447.50 332.05 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 516.50 332.05 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 470.85 318.85 Td (\( thousand\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 305.06 Td (Trade receivables due from:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 69.00 291.06 Td (FCA Group companies) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.25 291.06 Td (42,247) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 291.06 Td (69,974) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 69.00 277.06 Td (Dealers) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.25 277.06 Td (45,185) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 277.06 Td (46,421) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 69.00 263.06 Td (Sponsors) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.25 263.06 Td (12,041) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 263.06 Td (25,474) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 69.00 249.06 Td (Brand activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.25 249.06 Td (38,789) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 249.06 Td (15,383) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 69.00 235.06 Td (Other) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.25 235.06 Td (19,903) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 235.06 Td (26,390) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.00 221.05 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.75 221.05 Td (158,165) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 525.75 221.05 Td (183,642) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 193.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 193.10 Td (T) Tj ET Q q 0 0 0 rg BT 95.76 193.10 Td (rade ) Tj ET Q q 0 0 0 rg BT 115.11 193.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 162.23 193.10 Td (due ) Tj ET Q q 0 0 0 rg BT 178.82 193.10 Td (from ) Tj ET Q q 0 0 0 rg BT 200.41 193.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 230.87 193.10 Td (relate ) Tj ET Q q 0 0 0 rg BT 255.22 193.10 Td (to ) Tj ET Q q 0 0 0 rg BT 265.15 193.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 312.27 193.10 Td (for ) Tj ET Q q 0 0 0 rg BT 326.07 193.10 Td (the ) Tj ET Q q 0 0 0 rg BT 340.44 193.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 358.13 193.10 Td (of ) Tj ET Q q 0 0 0 rg BT 368.61 193.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 386.86 193.10 Td (across ) Tj ET Q q 0 0 0 rg BT 414.00 193.10 Td (the ) Tj ET Q q 0 0 0 rg BT 428.36 193.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 454.94 193.10 Td (network ) Tj ET Q q 0 0 0 rg BT 489.85 193.10 Td (and ) Tj ET Q q 0 0 0 rg BT 506.44 193.10 Td (are ) Tj ET Q q 0 0 0 rg BT 520.80 193.10 Td (generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 181.10 Td (settled ) Tj ET Q q 0 0 0 rg BT 82.60 181.10 Td (within ) Tj ET Q q 0 0 0 rg BT 110.66 181.10 Td (15 ) Tj ET Q q 0 0 0 rg BT 123.16 181.10 Td (to ) Tj ET Q q 0 0 0 rg BT 133.44 181.10 Td (60 ) Tj ET Q q 0 0 0 rg BT 145.94 181.10 Td (days ) Tj ET Q q 0 0 0 rg BT 166.77 181.10 Td (from ) Tj ET Q q 0 0 0 rg BT 188.71 181.10 Td (the ) Tj ET Q q 0 0 0 rg BT 203.42 181.10 Td (date ) Tj ET Q q 0 0 0 rg BT 222.58 181.10 Td (of ) Tj ET Q q 0 0 0 rg BT 233.41 181.10 Td (invoice.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 157.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 157.10 Td (T) Tj ET Q q 0 0 0 rg BT 95.76 157.10 Td (rade ) Tj ET Q q 0 0 0 rg BT 114.74 157.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 161.49 157.10 Td (due ) Tj ET Q q 0 0 0 rg BT 177.71 157.10 Td (from ) Tj ET Q q 0 0 0 rg BT 198.93 157.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 217.83 157.10 Td ( ) Tj ET Q q 0 0 0 rg BT 219.61 157.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 246.94 157.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 291.48 157.10 Td (mainly ) Tj ET Q q 0 0 0 rg BT 321.03 157.10 Td (relate ) Tj ET Q q 0 0 0 rg BT 345.01 157.10 Td (to ) Tj ET Q q 0 0 0 rg BT 354.57 157.10 Td (the ) Tj ET Q q 0 0 0 rg BT 368.57 157.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 385.89 157.10 Td (of ) Tj ET Q q 0 0 0 rg BT 396.00 157.10 Td (engines ) Tj ET Q q 0 0 0 rg BT 428.33 157.10 Td (and ) Tj ET Q q 0 0 0 rg BT 444.54 157.10 Td (car ) Tj ET Q q 0 0 0 rg BT 458.53 157.10 Td (bodies ) Tj ET Q q 0 0 0 rg BT 486.42 157.10 Td (to ) Tj ET Q q 0 0 0 rg BT 495.97 157.10 Td (Maserati ) Tj ET Q q 0 0 0 rg BT 532.74 157.10 Td (S.p.A. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 145.10 Td (and ) Tj ET Q q 0 0 0 rg BT 73.02 145.10 Td (Of) Tj ET Q q 0 0 0 rg BT 83.39 145.10 Td (ficine ) Tj ET Q q 0 0 0 rg BT 110.74 145.10 Td (Maserati ) Tj ET Q q 0 0 0 rg BT 150.31 145.10 Td (Grugliasco ) Tj ET Q q 0 0 0 rg BT 198.77 145.10 Td (S.p.A. ) Tj ET Q q 0 0 0 rg BT 228.64 145.10 Td (\(together ) Tj ET Q q 0 0 0 rg BT 269.31 145.10 Td (Maserati\) ) Tj ET Q q 0 0 0 rg BT 321.09 145.10 Td (which ) Tj ET Q q 0 0 0 rg BT 350.11 145.10 Td (are ) Tj ET Q q 0 0 0 rg BT 366.90 145.10 Td (controlled ) Tj ET Q q 0 0 0 rg BT 412.03 145.10 Td (by ) Tj ET Q q 0 0 0 rg BT 426.61 145.10 Td (the ) Tj ET Q q 0 0 0 rg BT 443.41 145.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 462.31 145.10 Td ( ) Tj ET Q q 0 0 0 rg BT 466.90 145.10 Td (Group. ) Tj ET Q q 0 0 0 rg BT 499.53 145.10 Td (For ) Tj ET Q q 0 0 0 rg BT 518.01 145.10 Td (additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 133.10 Td (information, ) Tj ET Q q 0 0 0 rg BT 106.21 133.10 Td (see ) Tj ET Q q 0 0 0 rg BT 121.48 133.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 143.42 133.10 Td (27.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 109.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 109.10 Td (T) Tj ET Q q 0 0 0 rg BT 95.76 109.10 Td (rade ) Tj ET Q q 0 0 0 rg BT 115.46 109.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 162.93 109.10 Td (due ) Tj ET Q q 0 0 0 rg BT 179.87 109.10 Td (from ) Tj ET Q q 0 0 0 rg BT 201.81 109.10 Td (sponsors ) Tj ET Q q 0 0 0 rg BT 239.32 109.10 Td (relate ) Tj ET Q q 0 0 0 rg BT 264.02 109.10 Td (to ) Tj ET Q q 0 0 0 rg BT 274.30 109.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 310.68 109.10 Td (receivable ) Tj ET Q q 0 0 0 rg BT 354.26 109.10 Td (from ) Tj ET Q q 0 0 0 rg BT 376.20 109.10 Td (sponsors ) Tj ET Q q 0 0 0 rg BT 413.71 109.10 Td (of ) Tj ET Q q 0 0 0 rg BT 424.54 109.10 Td (the ) Tj ET Q q 0 0 0 rg BT 439.25 109.10 Td (Group) Tj ET Q q 0 0 0 rg BT 467.58 109.10 Td (s ) Tj ET Q q 0 0 0 rg BT 473.97 109.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 510.36 109.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 517.86 109.10 Td (activities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 85.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 85.10 Td (T) Tj ET Q q 0 0 0 rg BT 95.76 85.10 Td (rade ) Tj ET Q q 0 0 0 rg BT 115.46 85.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 162.93 85.10 Td (due ) Tj ET Q q 0 0 0 rg BT 179.87 85.10 Td (from ) Tj ET Q q 0 0 0 rg BT 201.81 85.10 Td (brand ) Tj ET Q q 0 0 0 rg BT 227.08 85.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 265.68 85.10 Td (relate ) Tj ET Q q 0 0 0 rg BT 290.38 85.10 Td (to ) Tj ET Q q 0 0 0 rg BT 300.66 85.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 337.05 85.10 Td (receivable ) Tj ET Q q 0 0 0 rg BT 380.63 85.10 Td (for ) Tj ET Q q 0 0 0 rg BT 394.79 85.10 Td (licensing ) Tj ET Q q 0 0 0 rg BT 433.39 85.10 Td (and ) Tj ET Q q 0 0 0 rg BT 450.33 85.10 Td (merchandising ) Tj ET Q q 0 0 0 rg BT 511.70 85.10 Td (activities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 61.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 61.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.05 61.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 136.10 61.10 Td (is ) Tj ET Q q 0 0 0 rg BT 145.27 61.10 Td (not ) Tj ET Q q 0 0 0 rg BT 160.55 61.10 Td (exposed ) Tj ET Q q 0 0 0 rg BT 195.82 61.10 Td (to ) Tj ET Q q 0 0 0 rg BT 206.09 61.10 Td (concentration ) Tj ET Q q 0 0 0 rg BT 263.01 61.10 Td (of ) Tj ET Q q 0 0 0 rg BT 273.84 61.10 Td (third ) Tj ET Q q 0 0 0 rg BT 295.23 61.10 Td (party ) Tj ET Q q 0 0 0 rg BT 318.28 61.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 343.54 61.10 Td (risk.) Tj ET Q endstream endobj 375 0 obj <> endobj 376 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 760.75 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 760.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.60 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 199.82 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 206.31 748.75 Td (O ) Tj ET Q q 0 0 0 rg BT 216.41 748.75 Td (THE CONSOLIDA) Tj ET Q q 0 0 0 rg BT 299.85 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 379.03 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 393.02 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 399.50 748.75 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.60 736.75 Td (At December) Tj ET Q q 0 0 0 rg BT 294.78 736.75 Td (31, 2015 and 2014) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 294.65 32.20 Td (F-38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 713.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 713.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.05 713.10 Td (following ) Tj ET Q q 0 0 0 rg BT 149.43 713.10 Td (table ) Tj ET Q q 0 0 0 rg BT 171.37 713.10 Td (sets ) Tj ET Q q 0 0 0 rg BT 188.87 713.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 210.81 713.10 Td (a ) Tj ET Q q 0 0 0 rg BT 217.74 713.10 Td (breakdown ) Tj ET Q q 0 0 0 rg BT 264.67 713.10 Td (of ) Tj ET Q q 0 0 0 rg BT 275.50 713.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 297.99 713.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 345.46 713.10 Td (by ) Tj ET Q q 0 0 0 rg BT 357.96 713.10 Td (currency:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 649.60 370.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 649.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 649.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 649.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 621.60 370.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 621.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 621.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 621.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 593.60 370.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 593.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 593.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 593.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 565.60 370.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 565.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 565.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 565.60 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 676.6 m 488.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 676.6 m 492.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 676.6 m 557.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 662.6 m 488.5 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 662.6 m 557.5 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 551.6 m 488.5 551.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 538.6 m 488.5 538.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 536.6 m 488.5 536.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 551.6 m 557.5 551.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 538.6 m 557.5 538.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 536.6 m 557.5 536.6 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 457.95 681.05 Td (At December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.50 667.05 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 515.50 667.05 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 469.85 653.85 Td (\( thousand\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 640.06 Td (Trade receivables denominated in:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 68.00 626.06 Td (Euro) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.75 626.06 Td (112,658) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 524.75 626.06 Td (160,582) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 68.00 612.06 Td (U.S. Dollar) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.25 612.06 Td (29,981) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.25 612.06 Td (18,485) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 68.00 598.06 Td (Pound Sterling) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.75 598.06 Td (4,398) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.75 598.06 Td (1,456) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 68.00 584.06 Td (Chinese Yuan) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.75 584.06 Td (1,026) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.75 584.06 Td (1,292) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 68.00 570.06 Td (Japanese Yen) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.75 570.06 Td (3,231) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.75 570.06 Td (1,271) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 68.00 556.06 Td (Other) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.75 556.06 Td (6,871) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.50 556.06 Td (556) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 542.05 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.75 542.05 Td (158,165) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 542.05 Td (183,642) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 514.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 514.10 Td (T) Tj ET Q q 0 0 0 rg BT 95.76 514.10 Td (rade ) Tj ET Q q 0 0 0 rg BT 115.32 514.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 162.65 514.10 Td (are ) Tj ET Q q 0 0 0 rg BT 177.21 514.10 Td (shown ) Tj ET Q q 0 0 0 rg BT 205.68 514.10 Td (net ) Tj ET Q q 0 0 0 rg BT 220.25 514.10 Td (of ) Tj ET Q q 0 0 0 rg BT 230.94 514.10 Td (an ) Tj ET Q q 0 0 0 rg BT 242.73 514.10 Td (allowance ) Tj ET Q q 0 0 0 rg BT 285.62 514.10 Td (for ) Tj ET Q q 0 0 0 rg BT 299.64 514.10 Td (doubtful ) Tj ET Q q 0 0 0 rg BT 335.88 514.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 373.22 514.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 420.56 514.10 Td (on ) Tj ET Q q 0 0 0 rg BT 432.91 514.10 Td (the ) Tj ET Q q 0 0 0 rg BT 447.49 514.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 469.84 514.10 Td (of ) Tj ET Q q 0 0 0 rg BT 480.53 514.10 Td (insolvency ) Tj ET Q q 0 0 0 rg BT 526.21 514.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 543.56 514.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 502.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 93.70 502.10 Td (experience. ) Tj ET Q q 0 0 0 rg BT 141.43 502.10 Td (Accruals ) Tj ET Q q 0 0 0 rg BT 179.45 502.10 Td (to ) Tj ET Q q 0 0 0 rg BT 189.72 502.10 Td (the ) Tj ET Q q 0 0 0 rg BT 204.42 502.10 Td (allowance ) Tj ET Q q 0 0 0 rg BT 247.44 502.10 Td (for ) Tj ET Q q 0 0 0 rg BT 261.58 502.10 Td (doubtful ) Tj ET Q q 0 0 0 rg BT 297.95 502.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 335.42 502.10 Td (are ) Tj ET Q q 0 0 0 rg BT 350.11 502.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 387.57 502.10 Td (in ) Tj ET Q q 0 0 0 rg BT 397.83 502.10 Td (selling, ) Tj ET Q q 0 0 0 rg BT 429.48 502.10 Td (general ) Tj ET Q q 0 0 0 rg BT 461.39 502.10 Td (and ) Tj ET Q q 0 0 0 rg BT 478.31 502.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 538.01 502.10 Td (costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 490.10 Td (in ) Tj ET Q q 0 0 0 rg BT 64.28 490.10 Td (the ) Tj ET Q q 0 0 0 rg BT 79.00 490.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 132.04 490.10 Td (income ) Tj ET Q q 0 0 0 rg BT 163.97 490.10 Td (statement. ) Tj ET Q q 0 0 0 rg BT 207.29 490.10 Td (Changes ) Tj ET Q q 0 0 0 rg BT 244.23 490.10 Td (in ) Tj ET Q q 0 0 0 rg BT 254.51 490.10 Td (the ) Tj ET Q q 0 0 0 rg BT 269.22 490.10 Td (allowance ) Tj ET Q q 0 0 0 rg BT 312.26 490.10 Td (for ) Tj ET Q q 0 0 0 rg BT 326.42 490.10 Td (doubtful ) Tj ET Q q 0 0 0 rg BT 362.80 490.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 400.29 490.10 Td (during ) Tj ET Q q 0 0 0 rg BT 428.90 490.10 Td (the ) Tj ET Q q 0 0 0 rg BT 443.61 490.10 Td (year ) Tj ET Q q 0 0 0 rg BT 463.32 490.10 Td (were ) Tj ET Q q 0 0 0 rg BT 485.25 490.10 Td (as ) Tj ET Q q 0 0 0 rg BT 496.08 490.10 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 440.60 370.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 440.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 440.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 440.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 412.60 370.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 412.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 412.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 412.60 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 453.6 m 489.5 453.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 453.6 m 558.5 453.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 426.6 m 489.5 426.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 426.6 m 558.5 426.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 398.6 m 489.5 398.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 385.6 m 489.5 385.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 383.6 m 489.5 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 398.6 m 558.5 398.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 385.6 m 558.5 385.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 383.6 m 558.5 383.6 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 447.50 458.05 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 516.50 458.05 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 470.85 444.85 Td (\( thousand\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.00 431.05 Td (At January 1,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.25 431.05 Td (14,664) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 431.05 Td (30,198) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 417.06 Td (Provision) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.25 417.06 Td (10,298) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 417.06 Td (6,356) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 403.06 Td (Use and other changes) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.75 403.06 Td (\(6,591) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 486.00 403.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 527.25 403.06 Td (\(21,890) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 555.00 403.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.00 389.05 Td (At December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.25 389.05 Td (18,371) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 389.05 Td (14,664) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 361.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 361.10 Td (Deposits ) Tj ET Q q 0 0 0 rg BT 127.50 361.10 Td (in ) Tj ET Q q 0 0 0 rg BT 138.34 361.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 157.80 361.10 Td ( ) Tj ET Q q 0 0 0 rg BT 160.30 361.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 189.47 361.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 210.86 361.10 Td (management ) Tj ET Q q 0 0 0 rg BT 266.70 361.10 Td (pools) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 337.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 337.10 Td (Deposits ) Tj ET Q q 0 0 0 rg BT 127.90 337.10 Td (in ) Tj ET Q q 0 0 0 rg BT 138.58 337.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 157.48 337.10 Td ( ) Tj ET Q q 0 0 0 rg BT 160.39 337.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 188.84 337.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 209.51 337.10 Td (management ) Tj ET Q q 0 0 0 rg BT 263.50 337.10 Td (pools ) Tj ET Q q 0 0 0 rg BT 288.07 337.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 327.62 337.10 Td (the ) Tj ET Q q 0 0 0 rg BT 342.74 337.10 Td (Group) Tj ET Q q 0 0 0 rg BT 371.07 337.10 Td (s ) Tj ET Q q 0 0 0 rg BT 377.86 337.10 Td (participation ) Tj ET Q q 0 0 0 rg BT 431.30 337.10 Td (until ) Tj ET Q q 0 0 0 rg BT 452.54 337.10 Td (the ) Tj ET Q q 0 0 0 rg BT 467.66 337.10 Td (Separation ) Tj ET Q q 0 0 0 rg BT 513.32 337.10 Td (in ) Tj ET Q q 0 0 0 rg BT 524.00 337.10 Td (a ) Tj ET Q q 0 0 0 rg BT 531.34 337.10 Td (group-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 325.10 Td (wide ) Tj ET Q q 0 0 0 rg BT 76.37 325.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 97.07 325.10 Td (management ) Tj ET Q q 0 0 0 rg BT 151.09 325.10 Td (system ) Tj ET Q q 0 0 0 rg BT 181.80 325.10 Td (at ) Tj ET Q q 0 0 0 rg BT 191.95 325.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 210.85 325.10 Td ( ) Tj ET Q q 0 0 0 rg BT 213.79 325.10 Td (Group, ) Tj ET Q q 0 0 0 rg BT 244.77 325.10 Td (where ) Tj ET Q q 0 0 0 rg BT 272.13 325.10 Td (the ) Tj ET Q q 0 0 0 rg BT 287.28 325.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 327.97 325.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 348.68 325.10 Td (management, ) Tj ET Q q 0 0 0 rg BT 405.20 325.10 Td (main ) Tj ET Q q 0 0 0 rg BT 428.12 325.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 462.16 325.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 506.75 325.10 Td (and ) Tj ET Q q 0 0 0 rg BT 524.12 325.10 Td (liquidity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 313.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 100.69 313.10 Td (of ) Tj ET Q q 0 0 0 rg BT 111.83 313.10 Td (the ) Tj ET Q q 0 0 0 rg BT 126.85 313.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 155.21 313.10 Td (were ) Tj ET Q q 0 0 0 rg BT 177.45 313.10 Td (centrally ) Tj ET Q q 0 0 0 rg BT 215.24 313.10 Td (coordinated ) Tj ET Q q 0 0 0 rg BT 265.25 313.10 Td (by ) Tj ET Q q 0 0 0 rg BT 278.05 313.10 Td (dedicated ) Tj ET Q q 0 0 0 rg BT 319.17 313.10 Td (treasury ) Tj ET Q q 0 0 0 rg BT 354.19 313.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 399.76 313.10 Td (with ) Tj ET Q q 0 0 0 rg BT 420.34 313.10 Td (the ) Tj ET Q q 0 0 0 rg BT 435.37 313.10 Td (objective ) Tj ET Q q 0 0 0 rg BT 474.83 313.10 Td (of ) Tj ET Q q 0 0 0 rg BT 485.96 313.10 Td (ensuring ) Tj ET Q q 0 0 0 rg BT 523.21 313.10 Td (ef) Tj ET Q q 0 0 0 rg BT 530.80 313.10 Td (fective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 301.10 Td (and ) Tj ET Q q 0 0 0 rg BT 71.10 301.10 Td (ef) Tj ET Q q 0 0 0 rg BT 78.69 301.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 106.89 301.10 Td (management ) Tj ET Q q 0 0 0 rg BT 160.64 301.10 Td (of ) Tj ET Q q 0 0 0 rg BT 171.63 301.10 Td (funds. ) Tj ET Q q 0 0 0 rg BT 199.01 301.10 Td (Deposits ) Tj ET Q q 0 0 0 rg BT 236.67 301.10 Td (with ) Tj ET Q q 0 0 0 rg BT 257.11 301.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 276.01 301.10 Td ( ) Tj ET Q q 0 0 0 rg BT 278.67 301.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 306.88 301.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 336.19 301.10 Td (Euro ) Tj ET Q q 0 0 0 rg BT 358.29 301.10 Td (Interbank ) Tj ET Q q 0 0 0 rg BT 399.26 301.10 Td (Of) Tj ET Q q 0 0 0 rg BT 409.63 301.10 Td (fered ) Tj ET Q q 0 0 0 rg BT 432.83 301.10 Td (Rate ) Tj ET Q q 0 0 0 rg BT 453.82 301.10 Td (\(EURIBOR\) ) Tj ET Q q 0 0 0 rg BT 515.90 301.10 Td (or ) Tj ET Q q 0 0 0 rg BT 526.89 301.10 Td (London ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 289.10 Td (Interbank ) Tj ET Q q 0 0 0 rg BT 94.96 289.10 Td (Of) Tj ET Q q 0 0 0 rg BT 105.33 289.10 Td (fered ) Tj ET Q q 0 0 0 rg BT 128.51 289.10 Td (Rate ) Tj ET Q q 0 0 0 rg BT 149.48 289.10 Td (\(LIBOR\) ) Tj ET Q q 0 0 0 rg BT 197.66 289.10 Td (+ ) Tj ET Q q 0 0 0 rg BT 205.94 289.10 Td (15 ) Tj ET Q q 0 0 0 rg BT 218.58 289.10 Td (bps ) Tj ET Q q 0 0 0 rg BT 235.12 289.10 Td (throughout ) Tj ET Q q 0 0 0 rg BT 281.65 289.10 Td (the ) Tj ET Q q 0 0 0 rg BT 296.51 289.10 Td (period ) Tj ET Q q 0 0 0 rg BT 324.70 289.10 Td (covered ) Tj ET Q q 0 0 0 rg BT 358.99 289.10 Td (by ) Tj ET Q q 0 0 0 rg BT 371.63 289.10 Td (these ) Tj ET Q q 0 0 0 rg BT 394.82 289.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 450.24 289.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 490.09 289.10 Td (Statements. ) Tj ET Q q 0 0 0 rg BT 539.12 289.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 558.02 289.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 277.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 81.36 277.10 Td (invested ) Tj ET Q q 0 0 0 rg BT 116.50 277.10 Td (the ) Tj ET Q q 0 0 0 rg BT 130.52 277.10 Td (deposits ) Tj ET Q q 0 0 0 rg BT 165.11 277.10 Td (in ) Tj ET Q q 0 0 0 rg BT 174.70 277.10 Td (highly ) Tj ET Q q 0 0 0 rg BT 202.06 277.10 Td (rated, ) Tj ET Q q 0 0 0 rg BT 226.36 277.10 Td (highly ) Tj ET Q q 0 0 0 rg BT 253.72 277.10 Td (liquid ) Tj ET Q q 0 0 0 rg BT 278.87 277.10 Td (money ) Tj ET Q q 0 0 0 rg BT 307.89 277.10 Td (market ) Tj ET Q q 0 0 0 rg BT 337.46 277.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 385.94 277.10 Td (or ) Tj ET Q q 0 0 0 rg BT 396.08 277.10 Td (bank ) Tj ET Q q 0 0 0 rg BT 417.33 277.10 Td (deposits. ) Tj ET Q q 0 0 0 rg BT 454.28 277.10 Td (The ) Tj ET Q q 0 0 0 rg BT 471.64 277.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 499.00 277.10 Td (accessed ) Tj ET Q q 0 0 0 rg BT 535.78 277.10 Td (funds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 265.10 Td (deposited ) Tj ET Q q 0 0 0 rg BT 94.27 265.10 Td (in ) Tj ET Q q 0 0 0 rg BT 103.99 265.10 Td (these ) Tj ET Q q 0 0 0 rg BT 126.48 265.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 163.41 265.10 Td (on ) Tj ET Q q 0 0 0 rg BT 175.35 265.10 Td (a ) Tj ET Q q 0 0 0 rg BT 181.73 265.10 Td (daily ) Tj ET Q q 0 0 0 rg BT 203.67 265.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 225.62 265.10 Td (and ) Tj ET Q q 0 0 0 rg BT 242.00 265.10 Td (had ) Tj ET Q q 0 0 0 rg BT 258.38 265.10 Td (the ) Tj ET Q q 0 0 0 rg BT 272.54 265.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 318.90 265.10 Td (right ) Tj ET Q q 0 0 0 rg BT 339.73 265.10 Td (to ) Tj ET Q q 0 0 0 rg BT 349.45 265.10 Td (withdraw ) Tj ET Q q 0 0 0 rg BT 389.17 265.10 Td (these ) Tj ET Q q 0 0 0 rg BT 411.66 265.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 435.82 265.10 Td (on ) Tj ET Q q 0 0 0 rg BT 447.76 265.10 Td (demand ) Tj ET Q q 0 0 0 rg BT 481.36 265.10 Td (and ) Tj ET Q q 0 0 0 rg BT 497.75 265.10 Td (terminate ) Tj ET Q q 0 0 0 rg BT 537.45 265.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 253.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 74.15 253.10 Td (management ) Tj ET Q q 0 0 0 rg BT 127.62 253.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 183.86 253.10 Td (depending ) Tj ET Q q 0 0 0 rg BT 227.89 253.10 Td (on ) Tj ET Q q 0 0 0 rg BT 240.27 253.10 Td (FCA's ) Tj ET Q q 0 0 0 rg BT 267.80 253.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 295.73 253.10 Td (to ) Tj ET Q q 0 0 0 rg BT 305.89 253.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 322.70 253.10 Td (at ) Tj ET Q q 0 0 0 rg BT 332.30 253.10 Td (the ) Tj ET Q q 0 0 0 rg BT 346.90 253.10 Td (relevant ) Tj ET Q q 0 0 0 rg BT 381.48 253.10 Td (time. ) Tj ET Q q 0 0 0 rg BT 403.96 253.10 Td (The ) Tj ET Q q 0 0 0 rg BT 421.89 253.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 457.58 253.10 Td (value ) Tj ET Q q 0 0 0 rg BT 481.61 253.10 Td (of ) Tj ET Q q 0 0 0 rg BT 492.32 253.10 Td (current ) Tj ET Q q 0 0 0 rg BT 523.02 253.10 Td (accounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 241.10 Td (with ) Tj ET Q q 0 0 0 rg BT 73.47 241.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 92.37 241.10 Td ( ) Tj ET Q q 0 0 0 rg BT 94.07 241.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 121.31 241.10 Td (approximates ) Tj ET Q q 0 0 0 rg BT 176.88 241.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 192.45 241.10 Td (value ) Tj ET Q q 0 0 0 rg BT 215.80 241.10 Td (based ) Tj ET Q q 0 0 0 rg BT 240.26 241.10 Td (on ) Tj ET Q q 0 0 0 rg BT 251.95 241.10 Td (the ) Tj ET Q q 0 0 0 rg BT 265.86 241.10 Td (short ) Tj ET Q q 0 0 0 rg BT 287.55 241.10 Td (maturity ) Tj ET Q q 0 0 0 rg BT 323.13 241.10 Td (of ) Tj ET Q q 0 0 0 rg BT 333.15 241.10 Td (these ) Tj ET Q q 0 0 0 rg BT 355.39 241.10 Td (investments. ) Tj ET Q q 0 0 0 rg BT 407.36 241.10 Td (For ) Tj ET Q q 0 0 0 rg BT 422.95 241.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 464.63 241.10 Td (information ) Tj ET Q q 0 0 0 rg BT 513.53 241.10 Td (on ) Tj ET Q q 0 0 0 rg BT 525.23 241.10 Td (deposits ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 229.10 Td (in ) Tj ET Q q 0 0 0 rg BT 64.72 229.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 83.62 229.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.57 229.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 115.06 229.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 135.78 229.10 Td (management ) Tj ET Q q 0 0 0 rg BT 189.81 229.10 Td (pools, ) Tj ET Q q 0 0 0 rg BT 216.92 229.10 Td (see ) Tj ET Q q 0 0 0 rg BT 232.64 229.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 255.02 229.10 Td (27. ) Tj ET Q q 0 0 0 rg BT 270.46 229.10 Td (Following ) Tj ET Q q 0 0 0 rg BT 314.53 229.10 Td (the ) Tj ET Q q 0 0 0 rg BT 329.69 229.10 Td (Separation ) Tj ET Q q 0 0 0 rg BT 375.40 229.10 Td (on ) Tj ET Q q 0 0 0 rg BT 388.34 229.10 Td (January ) Tj ET Q q 0 0 0 rg BT 422.38 229.10 Td (3, ) Tj ET Q q 0 0 0 rg BT 432.83 229.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 458.27 229.10 Td (these ) Tj ET Q q 0 0 0 rg BT 481.76 229.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 538.57 229.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 217.10 Td (terminated ) Tj ET Q q 0 0 0 rg BT 99.55 217.10 Td (and ) Tj ET Q q 0 0 0 rg BT 116.77 217.10 Td (the ) Tj ET Q q 0 0 0 rg BT 131.78 217.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 160.11 217.10 Td (received ) Tj ET Q q 0 0 0 rg BT 196.76 217.10 Td (the ) Tj ET Q q 0 0 0 rg BT 211.77 217.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 232.32 217.10 Td (that ) Tj ET Q q 0 0 0 rg BT 250.11 217.10 Td (was ) Tj ET Q q 0 0 0 rg BT 268.44 217.10 Td (held ) Tj ET Q q 0 0 0 rg BT 288.45 217.10 Td (on ) Tj ET Q q 0 0 0 rg BT 301.24 217.10 Td (deposit. ) Tj ET Q q 0 0 0 rg BT 335.21 217.10 Td (The ) Tj ET Q q 0 0 0 rg BT 353.54 217.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 381.88 217.10 Td (now ) Tj ET Q q 0 0 0 rg BT 401.89 217.10 Td (manages ) Tj ET Q q 0 0 0 rg BT 439.66 217.10 Td (its ) Tj ET Q q 0 0 0 rg BT 451.90 217.10 Td (own ) Tj ET Q q 0 0 0 rg BT 471.91 217.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 508.58 217.10 Td (and ) Tj ET Q q 0 0 0 rg BT 525.81 217.10 Td (treasury ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 205.10 Td (function ) Tj ET Q q 0 0 0 rg BT 89.83 205.10 Td (on ) Tj ET Q q 0 0 0 rg BT 102.33 205.10 Td (a ) Tj ET Q q 0 0 0 rg BT 109.26 205.10 Td (standalone ) Tj ET Q q 0 0 0 rg BT 154.53 205.10 Td (basis.) Tj ET Q endstream endobj 377 0 obj <> endobj 378 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 760.75 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 760.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.60 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 199.82 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 206.31 748.75 Td (O ) Tj ET Q q 0 0 0 rg BT 216.41 748.75 Td (THE CONSOLIDA) Tj ET Q q 0 0 0 rg BT 299.85 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 379.03 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 393.02 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 399.50 748.75 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.60 736.75 Td (At December) Tj ET Q q 0 0 0 rg BT 294.78 736.75 Td (31, 2015 and 2014) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 294.65 32.20 Td (F-39) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 713.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 713.25 Td (Receivables ) Tj ET Q q 0 0 0 rg BT 140.81 713.25 Td (from ) Tj ET Q q 0 0 0 rg BT 163.31 713.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 205.82 713.25 Td (activities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 689.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 689.25 Td (Receivables ) Tj ET Q q 0 0 0 rg BT 140.81 689.25 Td (from ) Tj ET Q q 0 0 0 rg BT 162.75 689.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 203.01 689.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 241.61 689.25 Td (are ) Tj ET Q q 0 0 0 rg BT 256.32 689.25 Td (as ) Tj ET Q q 0 0 0 rg BT 267.15 689.25 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 625.75 370.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 625.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 625.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 625.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 597.75 370.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 597.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 597.75 4.00 -14.00 re f /GS0 gs 0.8 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December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.50 667.05 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 515.50 667.05 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 469.85 653.85 Td (\( thousand\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 640.06 Td (United States) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.75 640.06 Td (640,953) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 524.75 640.06 Td (482,782) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 626.06 Td (United Kingdom) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.75 626.06 Td (293,804) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 524.75 626.06 Td (207,238) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 612.06 Td (Germany) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.25 612.06 Td (74,735) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.25 612.06 Td (74,167) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 598.06 Td (Switzerland) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.25 598.06 Td (56,569) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.25 598.06 Td (52,971) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 584.06 Td (Italy) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.75 584.06 Td (3,408) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.25 584.06 Td (45,817) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 570.06 Td (France) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.25 570.06 Td (38,659) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.25 570.06 Td (38,323) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 556.06 Td (Japan) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.00 556.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.25 556.06 Td (28,864) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 542.06 Td (Belgium) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.75 542.06 Td (7,533) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.75 542.06 Td (9,122) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 528.05 Td (Total client financing) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 449.00 528.05 Td (1,115,661) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 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(relates ) Tj ET Q q 0 0 0 rg BT 429.23 464.10 Td (to ) Tj ET Q q 0 0 0 rg BT 439.88 464.10 Td (the ) Tj ET Q q 0 0 0 rg BT 454.97 464.10 Td (full ) Tj ET Q q 0 0 0 rg BT 471.73 464.10 Td (reimbursement ) Tj ET Q q 0 0 0 rg BT 534.58 464.10 Td (of ) Tj ET Q q 0 0 0 rg BT 545.78 464.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 452.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 94.26 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 105.09 452.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 145.92 452.10 Td (related ) Tj ET Q q 0 0 0 rg BT 175.62 452.10 Td (to ) Tj ET Q q 0 0 0 rg BT 185.90 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 200.62 452.10 Td (establishment ) Tj ET Q q 0 0 0 rg BT 258.11 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 268.94 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 283.65 452.10 Td (Maserati ) Tj ET Q q 0 0 0 rg BT 321.14 452.10 Td (standalone ) Tj ET Q q 0 0 0 rg BT 366.40 452.10 Td (business ) Tj ET Q q 0 0 0 rg BT 402.79 452.10 Td (in ) Tj ET Q q 0 0 0 rg BT 413.07 452.10 Td (China.) 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(In ) Tj ET Q q 0 0 0 rg BT 457.57 404.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 480.88 404.10 Td (the ) Tj ET Q q 0 0 0 rg BT 496.40 404.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 525.26 404.10 Td (factored ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 392.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 101.71 392.10 Td (in ) Tj ET Q q 0 0 0 rg BT 112.23 392.10 Td (both ) Tj ET Q q 0 0 0 rg BT 132.74 392.10 Td (Italy ) Tj ET Q q 0 0 0 rg BT 153.81 392.10 Td (and ) Tj ET Q q 0 0 0 rg BT 170.98 392.10 Td (the ) Tj ET Q q 0 0 0 rg BT 185.94 392.10 Td (United ) Tj ET Q q 0 0 0 rg BT 215.89 392.10 Td (States ) Tj ET Q q 0 0 0 rg BT 242.52 392.10 Td (and ) Tj ET Q q 0 0 0 rg BT 259.69 392.10 Td (from ) Tj ET Q q 0 0 0 rg BT 281.87 392.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 307.11 392.10 Td (only ) Tj ET Q q 0 0 0 rg BT 327.63 392.10 Td (in ) Tj ET Q q 0 0 0 rg BT 338.14 392.10 Td (the ) Tj ET Q q 0 0 0 rg BT 353.10 392.10 Td (United ) Tj ET Q q 0 0 0 rg BT 383.05 392.10 Td (States. ) Tj ET Q q 0 0 0 rg BT 412.18 392.10 Td (Such ) Tj ET Q q 0 0 0 rg BT 434.92 392.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 482.63 392.10 Td (are ) Tj ET Q q 0 0 0 rg BT 497.57 392.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 540.85 392.10 Td (on ) Tj ET Q q 0 0 0 rg BT 553.58 392.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 380.10 Td (non-recourse ) Tj ET Q q 0 0 0 rg BT 108.32 380.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 130.45 380.10 Td (and ) Tj ET Q q 0 0 0 rg BT 147.01 380.10 Td (the ) Tj ET Q q 0 0 0 rg BT 161.35 380.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 189.02 380.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 228.35 380.10 Td (earns ) Tj ET Q q 0 0 0 rg BT 251.57 380.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 283.13 380.10 Td (of ) Tj ET Q q 0 0 0 rg BT 293.58 380.10 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 325.71 380.10 Td (+350 ) Tj ET Q q 0 0 0 rg BT 350.97 380.10 Td (bps ) Tj ET Q q 0 0 0 rg BT 366.99 380.10 Td (\(EURIBOR ) Tj ET Q q 0 0 0 rg BT 416.33 380.10 Td (+ ) Tj ET Q q 0 0 0 rg BT 424.10 380.10 Td (350 ) Tj ET Q q 0 0 0 rg BT 441.22 380.10 Td (bps ) Tj ET Q q 0 0 0 rg BT 457.24 380.10 Td (for ) Tj ET Q q 0 0 0 rg BT 471.02 380.10 Td (the ) Tj ET Q q 0 0 0 rg BT 485.36 380.10 Td (Italian ) Tj ET Q q 0 0 0 rg BT 513.03 380.10 Td (receivables ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 368.10 Td (factored ) Tj ET Q q 0 0 0 rg BT 88.53 368.10 Td (in ) Tj ET Q q 0 0 0 rg BT 98.08 368.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 119.85 368.10 Td (and ) Tj ET Q q 0 0 0 rg BT 136.06 368.10 Td (2013\). ) Tj ET Q q 0 0 0 rg BT 163.54 368.10 Td (The ) Tj ET Q q 0 0 0 rg BT 180.85 368.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 212.06 368.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 240.48 368.10 Td (amounted ) Tj ET Q q 0 0 0 rg BT 281.68 368.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.24 368.10 Td (71) Tj ET Q q 0 0 0 rg BT 305.86 368.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 312.64 368.10 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.75 368.10 Td ( ) Tj ET Q q 0 0 0 rg BT 350.52 368.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.95 368.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.95 368.10 Td ( ) Tj ET Q q 0 0 0 rg BT 385.72 368.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.05 368.10 Td (534 ) Tj ET Q q 0 0 0 rg BT 410.83 368.10 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.93 368.10 Td ( ) Tj ET Q q 0 0 0 rg BT 448.71 368.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.14 368.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.14 368.10 Td ( ) Tj ET Q q 0 0 0 rg BT 483.91 368.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.12 368.10 Td (326 ) Tj ET Q q 0 0 0 rg BT 521.89 368.10 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.00 368.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 356.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.16 356.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.16 356.10 Td (\) ) Tj ET Q q 0 0 0 rg BT 93.99 356.10 Td (and ) Tj ET Q q 0 0 0 rg BT 110.93 356.10 Td (is ) Tj ET Q q 0 0 0 rg BT 120.10 356.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 157.57 356.10 Td (in ) Tj ET Q q 0 0 0 rg BT 167.85 356.10 Td (net ) Tj ET Q q 0 0 0 rg BT 182.57 356.10 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 223.11 356.10 Td (within ) Tj ET Q q 0 0 0 rg BT 251.16 356.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 283.10 356.10 Td (income ) Tj ET Q q 0 0 0 rg BT 315.03 356.10 Td (of ) Tj ET Q q 0 0 0 rg BT 325.86 356.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 363.34 356.10 Td (services ) Tj ET Q q 0 0 0 rg BT 398.05 356.10 Td (activities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 332.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 90.00 332.10 Td (Dealer ) Tj ET Q q 0 0 0 rg BT 120.27 332.10 Td (financing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 308.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 308.10 Td (Receivables ) Tj ET Q q 0 0 0 rg BT 141.78 308.10 Td (for ) Tj ET Q q 0 0 0 rg BT 156.92 308.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 184.81 308.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 226.05 308.10 Td (are ) Tj ET Q q 0 0 0 rg BT 241.73 308.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 280.19 308.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 322.53 308.10 Td (by ) Tj ET Q q 0 0 0 rg BT 336.00 308.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 358.91 308.10 Td (of ) Tj ET Q q 0 0 0 rg BT 370.72 308.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 390.29 308.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 429.86 308.10 Td (under ) Tj ET Q q 0 0 0 rg BT 456.10 308.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 484.00 308.10 Td (network ) Tj ET Q q 0 0 0 rg BT 520.24 308.10 Td (financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 296.10 Td (programs ) Tj ET Q q 0 0 0 rg BT 94.42 296.10 Td (as ) Tj ET Q q 0 0 0 rg BT 105.41 296.10 Td (a ) Tj ET Q q 0 0 0 rg BT 112.50 296.10 Td (component ) Tj ET Q q 0 0 0 rg BT 159.59 296.10 Td (of ) Tj ET Q q 0 0 0 rg BT 170.58 296.10 Td (the ) Tj ET Q q 0 0 0 rg BT 185.45 296.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 223.10 296.10 Td (of ) Tj ET Q q 0 0 0 rg BT 234.08 296.10 Td (the ) Tj ET Q q 0 0 0 rg BT 248.96 296.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 286.59 296.10 Td (services ) Tj ET Q q 0 0 0 rg BT 321.46 296.10 Td (companies. ) Tj ET Q q 0 0 0 rg BT 369.37 296.10 Td (In ) Tj ET Q q 0 0 0 rg BT 380.36 296.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 403.01 296.10 Td (these ) Tj ET Q q 0 0 0 rg BT 426.22 296.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 473.84 296.10 Td (were ) Tj ET Q q 0 0 0 rg BT 495.93 296.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 528.02 296.10 Td (bearing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 284.10 Td (at ) Tj ET Q q 0 0 0 rg BT 63.06 284.10 Td (a ) Tj ET Q q 0 0 0 rg BT 69.34 284.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 86.17 284.10 Td (between ) Tj ET Q q 0 0 0 rg BT 121.33 284.10 Td (2.7 ) Tj ET Q q 0 0 0 rg BT 135.67 284.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 166.93 284.10 Td (and ) Tj ET Q q 0 0 0 rg BT 183.21 284.10 Td (4.2 ) Tj ET Q q 0 0 0 rg BT 197.56 284.10 Td (percent, ) Tj ET Q q 0 0 0 rg BT 231.32 284.10 Td (with ) Tj ET Q q 0 0 0 rg BT 250.94 284.10 Td (the ) Tj ET Q q 0 0 0 rg BT 265.00 284.10 Td (exception ) Tj ET Q q 0 0 0 rg BT 305.72 284.10 Td (of ) Tj ET Q q 0 0 0 rg BT 315.89 284.10 Td (an ) Tj ET Q q 0 0 0 rg BT 327.17 284.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 352.34 284.10 Td (limited, ) Tj ET Q q 0 0 0 rg BT 385.01 284.10 Td (non-interest ) Tj ET Q q 0 0 0 rg BT 434.62 284.10 Td (bearing ) Tj ET Q q 0 0 0 rg BT 466.45 284.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 496.20 284.10 Td (The ) Tj ET Q q 0 0 0 rg BT 513.59 284.10 Td (contractual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 272.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 78.08 272.10 Td (governing ) Tj ET Q q 0 0 0 rg BT 120.50 272.10 Td (the ) Tj ET Q q 0 0 0 rg BT 134.58 272.10 Td (relationships ) Tj ET Q q 0 0 0 rg BT 187.55 272.10 Td (with ) Tj ET Q q 0 0 0 rg BT 207.20 272.10 Td (the ) Tj ET Q q 0 0 0 rg BT 221.29 272.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 247.58 272.10 Td (network ) Tj ET Q q 0 0 0 rg BT 282.21 272.10 Td (vary ) Tj ET Q q 0 0 0 rg BT 301.85 272.10 Td (from ) Tj ET Q q 0 0 0 rg BT 323.16 272.10 Td (country ) Tj ET Q q 0 0 0 rg BT 355.57 272.10 Td (to ) Tj ET Q q 0 0 0 rg BT 365.22 272.10 Td (country) Tj ET Q q 0 0 0 rg BT 395.11 272.10 Td (, ) Tj ET Q q 0 0 0 rg BT 399.48 272.10 Td (although ) Tj ET Q q 0 0 0 rg BT 436.34 272.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 472.65 272.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 496.73 272.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 535.80 272.10 Td (range ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 260.10 Td (from ) Tj ET Q q 0 0 0 rg BT 75.87 260.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 83.29 260.10 Td (to ) Tj ET Q q 0 0 0 rg BT 93.50 260.10 Td (6 ) Tj ET Q q 0 0 0 rg BT 100.92 260.10 Td (months. ) Tj ET Q q 0 0 0 rg BT 135.12 260.10 Td (The ) Tj ET Q q 0 0 0 rg BT 153.10 260.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 181.08 260.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 217.94 260.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 244.79 260.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 284.98 260.10 Td (in) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 0 0 rg BT 292.76 260.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 295.19 260.10 Td (the ) Tj ET Q q 0 0 0 rg BT 309.83 260.10 Td (United ) Tj ET Q q 0 0 0 rg BT 339.47 260.10 Td (States. ) Tj ET Q q 0 0 0 rg BT 368.29 260.10 Td (Until ) Tj ET Q q 0 0 0 rg BT 391.27 260.10 Td (May ) Tj ET Q q 0 0 0 rg BT 412.03 260.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 434.45 260.10 Td (the ) Tj ET Q q 0 0 0 rg BT 449.10 260.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 477.08 260.10 Td (also ) Tj ET Q q 0 0 0 rg BT 495.61 260.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 533.59 260.10 Td (dealer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 248.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 94.52 248.10 Td (in ) Tj ET Q q 0 0 0 rg BT 105.05 248.10 Td (Japan ) Tj ET Q q 0 0 0 rg BT 130.57 248.10 Td (and ) Tj ET Q q 0 0 0 rg BT 147.76 248.10 Td (until ) Tj ET Q q 0 0 0 rg BT 168.85 248.10 Td (the ) Tj ET Q q 0 0 0 rg BT 183.82 248.10 Td (end ) Tj ET Q q 0 0 0 rg BT 201.01 248.10 Td (of ) Tj ET Q q 0 0 0 rg BT 212.09 248.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 234.85 248.10 Td (in ) Tj ET Q q 0 0 0 rg BT 245.38 248.10 Td (the ) Tj ET Q q 0 0 0 rg BT 260.35 248.10 Td (UK, ) Tj ET Q q 0 0 0 rg BT 280.04 248.10 Td (Germany) Tj ET Q q 0 0 0 rg BT 316.60 248.10 Td (, ) Tj ET Q q 0 0 0 rg BT 321.85 248.10 Td (Belgium ) Tj ET Q q 0 0 0 rg BT 359.05 248.10 Td (and ) Tj ET Q q 0 0 0 rg BT 376.24 248.10 Td (Switzerland. ) Tj ET Q q 0 0 0 rg BT 429.26 248.10 Td (Receivables ) Tj ET Q q 0 0 0 rg BT 480.32 248.10 Td (on ) Tj ET Q q 0 0 0 rg BT 493.07 248.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 520.25 248.10 Td (financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 236.10 Td (are ) Tj ET Q q 0 0 0 rg BT 68.71 236.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 108.41 236.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 141.45 236.10 Td (by ) Tj ET Q q 0 0 0 rg BT 153.95 236.10 Td (the ) Tj ET Q q 0 0 0 rg BT 168.66 236.10 Td (title ) Tj ET Q q 0 0 0 rg BT 186.71 236.10 Td (of ) Tj ET Q q 0 0 0 rg BT 197.54 236.10 Td (the ) Tj ET Q q 0 0 0 rg BT 212.26 236.10 Td (car ) Tj ET Q q 0 0 0 rg BT 226.97 236.10 Td (or ) Tj ET Q q 0 0 0 rg BT 237.80 236.10 Td (other ) Tj ET Q q 0 0 0 rg BT 260.85 236.10 Td (collateral.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 212.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 212.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.05 212.10 Td (following ) Tj ET Q q 0 0 0 rg BT 149.43 212.10 Td (table ) Tj ET Q q 0 0 0 rg BT 171.37 212.10 Td (sets ) Tj ET Q q 0 0 0 rg BT 188.87 212.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 210.81 212.10 Td (a ) Tj ET Q q 0 0 0 rg BT 217.74 212.10 Td (breakdown ) Tj ET Q q 0 0 0 rg BT 264.67 212.10 Td (of ) Tj ET Q q 0 0 0 rg BT 275.50 212.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 302.43 212.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 342.69 212.10 Td (by ) Tj ET Q q 0 0 0 rg BT 355.19 212.10 Td (geography:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 148.60 370.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 148.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 148.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 148.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 120.60 370.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 120.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 120.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 120.60 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 175.60000000000002 m 488.5 175.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 175.60000000000002 m 492.5 175.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 175.60000000000002 m 557.5 175.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 161.60000000000002 m 488.5 161.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 161.60000000000002 m 557.5 161.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 106.60000000000002 m 488.5 106.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 93.60000000000002 m 488.5 93.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 91.60000000000002 m 488.5 91.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 106.60000000000002 m 557.5 106.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 93.60000000000002 m 557.5 93.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 91.60000000000002 m 557.5 91.60000000000002 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 457.95 180.05 Td (At December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.50 166.05 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 515.50 166.05 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 469.85 152.85 Td (\( thousand\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 139.06 Td (Europe) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.00 139.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.50 139.06 Td (952) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 125.06 Td (United States) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.25 125.06 Td (27,263) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.25 125.06 Td (21,965) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 111.06 Td (Japan) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.00 111.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.25 111.06 Td (10,694) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 97.05 Td (Total dealer financing) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 97.05 Td (27,263) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 97.05 Td (33,611) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 381 0 obj <> endobj 382 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 760.75 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 760.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.60 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 199.82 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 206.31 748.75 Td (O ) Tj ET Q q 0 0 0 rg BT 216.41 748.75 Td (THE CONSOLIDA) Tj ET Q q 0 0 0 rg BT 299.85 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 379.03 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 393.02 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 399.50 748.75 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.60 736.75 Td (At December) Tj ET Q q 0 0 0 rg BT 294.78 736.75 Td (31, 2015 and 2014) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 294.65 32.20 Td (F-41) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 713.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 713.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 116.39 713.25 Td (current ) Tj ET Q q 0 0 0 rg BT 149.45 713.25 Td (assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 689.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 689.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 115.27 689.25 Td (current ) Tj ET Q q 0 0 0 rg BT 146.08 689.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 171.91 689.25 Td (are ) Tj ET Q q 0 0 0 rg BT 186.62 689.25 Td (as ) Tj ET Q q 0 0 0 rg BT 197.45 689.25 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 625.75 370.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 625.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 625.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 625.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 597.75 370.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 597.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 597.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 597.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 569.75 370.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 569.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 569.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 569.75 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 652.75 m 488.5 652.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 652.75 m 492.5 652.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 652.75 m 557.5 652.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 638.75 m 488.5 638.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 638.75 m 557.5 638.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 638.75 m 488.5 638.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 638.75 m 557.5 638.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 555.75 m 488.5 555.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 542.75 m 488.5 542.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 540.75 m 488.5 540.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 555.75 m 557.5 555.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 542.75 m 557.5 542.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 540.75 m 557.5 540.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 457.95 657.20 Td (At December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.50 643.20 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 515.50 643.20 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 469.85 630.00 Td (\( thousand\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 616.21 Td (Prepayments) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.25 616.21 Td (19,979) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.25 616.21 Td (14,191) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 602.21 Td (Italian and foreign VAT credits) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.75 602.21 Td (9,265) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.25 602.21 Td (17,205) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 588.21 Td (Due from personnel) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.50 588.21 Td (699) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.75 588.21 Td (1,382) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 574.21 Td (Security deposits) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.50 574.21 Td (869) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.50 574.21 Td (895) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 560.21 Td (Other receivables) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.25 560.21 Td (15,665) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.25 560.21 Td (18,379) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 546.20 Td (Total other current assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 546.20 Td (46,477) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.25 546.20 Td (52,052) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 518.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 518.25 Td (At ) Tj ET Q q 0 0 0 rg BT 103.61 518.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 163.31 518.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.31 518.25 Td (, ) Tj ET Q q 0 0 0 rg BT 189.43 518.25 Td (the ) Tj ET Q q 0 0 0 rg BT 205.26 518.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 234.43 518.25 Td (had ) Tj ET Q q 0 0 0 rg BT 252.48 518.25 Td (provided ) Tj ET Q q 0 0 0 rg BT 291.64 518.25 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 338.01 518.25 Td (through ) Tj ET Q q 0 0 0 rg BT 372.73 518.25 Td (third ) Tj ET Q q 0 0 0 rg BT 395.23 518.25 Td (parties, ) Tj ET Q q 0 0 0 rg BT 428.00 518.25 Td (amounting ) Tj ET Q q 0 0 0 rg BT 474.39 518.25 Td (to ) Tj ET Q q 0 0 0 rg BT 485.79 518.25 Td (73,564 ) Tj ET Q q 0 0 0 rg BT 521.90 518.25 Td (thousand ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 506.25 Td (\(126,677 ) Tj ET Q q 0 0 0 rg BT 97.59 506.25 Td (thousand ) Tj ET Q q 0 0 0 rg BT 136.46 506.25 Td (at ) Tj ET Q q 0 0 0 rg BT 146.44 506.25 Td (at ) Tj ET Q q 0 0 0 rg BT 156.42 506.25 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.27 506.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.27 506.25 Td (\), ) Tj ET Q q 0 0 0 rg BT 243.86 506.25 Td (principally ) Tj ET Q q 0 0 0 rg BT 289.95 506.25 Td (to ) Tj ET Q q 0 0 0 rg BT 300.49 506.25 Td (the ) Tj ET Q q 0 0 0 rg BT 315.47 506.25 Td (relevant ) Tj ET Q q 0 0 0 rg BT 350.43 506.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 365.41 506.25 Td (authorities ) Tj ET Q q 0 0 0 rg BT 410.38 506.25 Td (in ) Tj ET Q q 0 0 0 rg BT 420.93 506.25 Td (relation ) Tj ET Q q 0 0 0 rg BT 454.23 506.25 Td (to ) Tj ET Q q 0 0 0 rg BT 464.77 506.25 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 476.97 506.25 Td (the ) Tj ET Q q 0 0 0 rg BT 491.95 506.25 Td (validity ) Tj ET Q q 0 0 0 rg BT 525.27 506.25 Td (of ) Tj ET Q q 0 0 0 rg BT 536.36 506.25 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 494.25 Td (added ) Tj ET Q q 0 0 0 rg BT 80.44 494.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 95.23 494.25 Td (\(V) Tj ET Q q 0 0 0 rg BT 108.93 494.25 Td (A) Tj ET Q q 0 0 0 rg BT 115.04 494.25 Td (T\) ) Tj ET Q q 0 0 0 rg BT 131.49 494.25 Td (and ) Tj ET Q q 0 0 0 rg BT 148.49 494.25 Td (duties ) Tj ET Q q 0 0 0 rg BT 174.95 494.25 Td (for ) Tj ET Q q 0 0 0 rg BT 189.17 494.25 Td (which ) Tj ET Q q 0 0 0 rg BT 216.18 494.25 Td (the ) Tj ET Q q 0 0 0 rg BT 230.96 494.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 259.08 494.25 Td (requested ) Tj ET Q q 0 0 0 rg BT 299.97 494.25 Td (reimbursement ) Tj ET Q q 0 0 0 rg BT 362.51 494.25 Td (from ) Tj ET Q q 0 0 0 rg BT 384.52 494.25 Td (the ) Tj ET Q q 0 0 0 rg BT 399.30 494.25 Td (relevant ) Tj ET Q q 0 0 0 rg BT 434.07 494.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 448.86 494.25 Td (authorities ) Tj ET Q q 0 0 0 rg BT 493.64 494.25 Td (and ) Tj ET Q q 0 0 0 rg BT 510.64 494.25 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 525.43 494.25 Td (the ) Tj ET Q q 0 0 0 rg BT 540.03 494.25 Td (V) Tj ET Q q 0 0 0 rg BT 545.96 494.25 Td (A) Tj ET Q q 0 0 0 rg BT 552.07 494.25 Td (T) Tj ET Q q 0 0 0 rg BT 558.00 494.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 482.25 Td (related ) Tj ET Q q 0 0 0 rg BT 83.70 482.25 Td (to ) Tj ET Q q 0 0 0 rg BT 93.98 482.25 Td (temporary ) Tj ET Q q 0 0 0 rg BT 137.57 482.25 Td (import ) Tj ET Q q 0 0 0 rg BT 166.74 482.25 Td (of ) Tj ET Q q 0 0 0 rg BT 177.57 482.25 Td (classic ) Tj ET Q q 0 0 0 rg BT 206.72 482.25 Td (cars ) Tj ET Q q 0 0 0 rg BT 225.32 482.25 Td (for ) Tj ET Q q 0 0 0 rg BT 239.48 482.25 Td (restoration ) Tj ET Q q 0 0 0 rg BT 284.75 482.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 323.35 482.25 Td (which ) Tj ET Q q 0 0 0 rg BT 350.28 482.25 Td (would ) Tj ET Q q 0 0 0 rg BT 377.78 482.25 Td (become ) Tj ET Q q 0 0 0 rg BT 411.38 482.25 Td (due ) Tj ET Q q 0 0 0 rg BT 428.32 482.25 Td (if ) Tj ET Q q 0 0 0 rg BT 436.92 482.25 Td (the ) Tj ET Q q 0 0 0 rg BT 451.64 482.25 Td (car ) Tj ET Q q 0 0 0 rg BT 466.35 482.25 Td (is ) Tj ET Q q 0 0 0 rg BT 475.52 482.25 Td (not ) Tj ET Q q 0 0 0 rg BT 490.80 482.25 Td (exported. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 458.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 458.25 Td (The ) Tj ET Q q 0 0 0 rg BT 108.46 458.25 Td (analysis ) Tj ET Q q 0 0 0 rg BT 143.59 458.25 Td (of ) Tj ET Q q 0 0 0 rg BT 154.83 458.25 Td (current ) Tj ET Q q 0 0 0 rg BT 186.06 458.25 Td (receivables, ) Tj ET Q q 0 0 0 rg BT 236.44 458.25 Td (other ) Tj ET Q q 0 0 0 rg BT 259.90 458.25 Td (current ) Tj ET Q q 0 0 0 rg BT 291.13 458.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 317.37 458.25 Td (and ) Tj ET Q q 0 0 0 rg BT 334.72 458.25 Td (deposits ) Tj ET Q q 0 0 0 rg BT 370.42 458.25 Td (in ) Tj ET Q q 0 0 0 rg 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0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 409.75 m 498.5 409.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 409.75 m 502.5 409.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 409.75 m 557.5 409.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 368.75 m 380.5 368.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 368.75 m 439.5 368.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 368.75 m 498.5 368.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 368.75 m 557.5 368.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 368.75 m 321.5 368.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 368.75 m 380.5 368.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 368.75 m 439.5 368.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 368.75 m 498.5 368.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 368.75 m 557.5 368.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 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i [] 0 d 0 J 0 j 3 M 502.5 243.75 m 557.5 243.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 230.75 m 557.5 230.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 228.75 m 557.5 228.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 369.30 414.20 Td (At December 31, 2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 272.35 382.20 Td (Due within) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 277.20 373.20 Td (one year) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 344.75 400.20 Td (Due) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 328.85 391.20 Td (between one) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 337.10 382.20 Td (and five) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.25 373.20 Td (years) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.60 382.20 Td (Due beyond) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 393.10 373.20 Td (five years) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 453.75 373.20 Td (Overdue) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 519.65 373.20 Td (Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.35 360.00 Td (\( thousand\)) Tj ET Q BT /F1 9.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 56.00 352.45 63.39 -8.18 re f /GS0 gs q 0 0 0 rg BT 56.00 346.21 Td (Trade receivables) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 288.75 346.21 Td (129,215) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.75 346.21 Td (2,773) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.00 346.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 470.25 346.21 Td (26,177) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 524.75 346.21 Td (158,165) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 332.21 Td (Deposits in FCA Group cash management pools) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 288.75 332.21 Td (139,172) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 368.00 332.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.00 332.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 486.00 332.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 524.75 332.21 Td (139,172) Tj ET Q BT /F1 9.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 56.00 324.45 134.20 -8.18 re f /GS0 gs q 0 0 0 rg BT 56.00 318.21 Td (Receivables from financing activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 288.75 318.21 Td (252,531) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 347.75 318.21 Td (849,145) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.25 318.21 Td (55,919) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 470.25 318.21 Td (16,230) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 518.00 318.21 Td (1,173,825) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 304.20 Td (Client financing) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 288.75 304.20 Td (210,900) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 347.75 304.20 Td (832,612) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.25 304.20 Td (55,919) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.25 304.20 Td (16,230) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 518.00 304.20 Td (1,115,661) Tj ET Q BT /F3 9.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 68.00 296.45 78.89 -8.19 re f /GS0 gs q 0 0 0 rg BT 68.00 290.20 Td (Factoring receivables) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 293.25 290.20 Td (30,901) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.95 290.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.95 290.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 486.95 290.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 529.25 290.20 Td (30,901) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 276.20 Td (Dealer financing) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 293.25 276.20 Td (10,730) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 352.25 276.20 Td (16,533) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.95 276.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 486.95 276.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 529.25 276.20 Td (27,263) Tj ET Q BT /F1 9.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 56.00 268.45 83.46 -8.18 re f /GS0 gs q 0 0 0 rg BT 56.00 262.21 Td (Current tax receivables) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.25 262.21 Td (14,104) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.75 262.21 Td (1,265) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.00 262.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 486.00 262.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.25 262.21 Td (15,369) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 248.21 Td (Other current receivables) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.25 248.21 Td (25,636) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 363.50 248.21 Td (855) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.50 248.21 Td (7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 486.00 248.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.25 248.21 Td (26,498) Tj ET Q BT /F2 9.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 56.00 240.30 19.67 -8.04 re f /GS0 gs q 0 0 0 rg BT 56.00 234.20 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 288.75 234.20 Td (560,658) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 347.75 234.20 Td (854,038) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.25 234.20 Td (55,926) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 470.25 234.20 Td (42,407) Tj ET Q BT /F2 9.00 Tf ET 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Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 518.00 613.96 Td (1,224,446) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 599.95 Td (Client financing) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 288.75 599.95 Td (159,361) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 347.75 599.95 Td (714,534) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.25 599.95 Td (53,875) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.25 599.95 Td (11,514) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 524.75 599.96 Td (939,284) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 585.95 Td (Financial receivables from FCA Group companies) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 288.75 585.95 Td (161,303) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.95 585.95 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.95 585.95 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 486.95 585.95 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 524.75 585.95 Td (161,303) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 571.95 Td (Factoring receivables) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 293.25 571.95 Td (89,821) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.95 571.95 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.95 571.95 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 486.95 571.95 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 529.25 571.95 Td (89,821) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 557.95 Td (Dealer financing) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 293.25 557.95 Td (18,267) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 352.25 557.95 Td (14,826) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.95 557.95 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 481.50 557.95 Td (518) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 529.25 557.95 Td (33,611) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 543.95 Td (Other) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 304.50 543.95 Td (427) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.95 543.95 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.95 543.95 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 486.95 543.95 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.50 543.95 Td (427) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 529.96 Td (Current tax receivables) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 297.75 529.96 Td (3,016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 368.00 529.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.00 529.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 486.00 529.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.75 529.96 Td (3,016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 515.96 Td (Other current receivables) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.25 515.96 Td (37,163) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 363.50 515.96 Td (692) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.50 515.96 Td (6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 486.00 515.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.25 515.96 Td (37,861) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 501.95 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 282.00 501.95 Td (1,589,434) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 347.75 501.95 Td (731,934) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.25 501.95 Td (53,881) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 470.25 501.95 Td (16,185) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 518.00 501.95 Td (2,391,434) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 474.00 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 474.00 Td (T) Tj ET Q q 0 0 0 rg BT 95.41 474.00 Td (otal ) Tj ET Q q 0 0 0 rg BT 112.69 474.00 Td (receivables ) Tj ET Q q 0 0 0 rg BT 159.94 474.00 Td (from ) Tj ET Q q 0 0 0 rg BT 181.66 474.00 Td (financing ) Tj ET Q q 0 0 0 rg BT 221.71 474.00 Td (activities ) Tj ET Q q 0 0 0 rg BT 260.09 474.00 Td (at ) Tj ET Q q 0 0 0 rg BT 269.58 474.00 Td (December ) Tj ET Q q 0 0 0 rg BT 312.95 474.00 Td (31, ) Tj ET Q q 0 0 0 rg BT 327.73 474.00 Td (2015 ) Tj ET Q q 0 0 0 rg BT 350.01 474.00 Td (includes ) Tj ET Q q 0 0 0 rg BT 385.62 474.00 Td (1,170,891 ) Tj ET Q q 0 0 0 rg BT 432.90 474.00 Td (thousand ) Tj ET Q q 0 0 0 rg BT 471.29 474.00 Td (\(1,059,592 ) Tj ET Q q 0 0 0 rg BT 521.90 474.00 Td (thousand ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 462.00 Td (at ) Tj ET Q q 0 0 0 rg BT 63.94 462.00 Td (December ) Tj ET Q q 0 0 0 rg BT 107.75 462.00 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.97 462.00 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.97 462.00 Td (\) ) Tj ET Q q 0 0 0 rg BT 149.02 462.00 Td (which ) Tj ET Q q 0 0 0 rg BT 176.18 462.00 Td (relate ) Tj ET Q q 0 0 0 rg BT 201.10 462.00 Td (to ) Tj ET Q q 0 0 0 rg BT 211.60 462.00 Td (the ) Tj ET Q q 0 0 0 rg BT 226.54 462.00 Td (financial ) Tj ET Q q 0 0 0 rg BT 264.25 462.00 Td (services ) Tj ET Q q 0 0 0 rg BT 299.18 462.00 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 336.89 462.00 Td (and ) Tj ET Q q 0 0 0 rg BT 354.05 462.00 Td (such ) Tj ET Q q 0 0 0 rg BT 375.11 462.00 Td (receivables ) Tj ET Q q 0 0 0 rg BT 422.80 462.00 Td (are ) Tj ET Q q 0 0 0 rg BT 437.73 462.00 Td (generally ) Tj ET Q q 0 0 0 rg BT 477.65 462.00 Td (secured ) Tj ET Q q 0 0 0 rg BT 510.91 462.00 Td (on ) Tj ET Q q 0 0 0 rg BT 523.63 462.00 Td (the ) Tj ET Q q 0 0 0 rg BT 538.57 462.00 Td (titles ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 450.00 Td (of ) Tj ET Q q 0 0 0 rg BT 64.83 450.00 Td (cars ) Tj ET Q q 0 0 0 rg BT 83.43 450.00 Td (or ) Tj ET Q q 0 0 0 rg BT 94.26 450.00 Td (with ) Tj ET Q q 0 0 0 rg BT 114.54 450.00 Td (other ) Tj ET Q q 0 0 0 rg BT 137.58 450.00 Td (guarantees. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 402.00 Td (19. CURRENT) Tj ET Q q 0 0 0 rg BT 123.27 402.00 Td ( FINANCIAL) Tj ET Q q 0 0 0 rg BT 181.89 402.00 Td ( ) Tj ET Q q 0 0 0 rg BT 183.83 402.00 Td (ASSETS ) Tj ET Q q 0 0 0 rg BT 223.03 402.00 Td (AND OTHER FINANCIAL) Tj ET Q q 0 0 0 rg BT 341.93 402.00 Td ( LIABILITIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 378.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 378.00 Td (Current ) Tj ET Q q 0 0 0 rg BT 123.63 378.00 Td (financial ) Tj ET Q q 0 0 0 rg BT 161.68 378.00 Td (assets ) Tj ET Q q 0 0 0 rg BT 188.09 378.00 Td (and ) Tj ET Q q 0 0 0 rg BT 205.61 378.00 Td (other ) Tj ET Q q 0 0 0 rg BT 229.24 378.00 Td (financial ) Tj ET Q q 0 0 0 rg BT 267.29 378.00 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 307.59 378.00 Td (mainly ) Tj ET Q q 0 0 0 rg BT 338.44 378.00 Td (relates ) Tj ET Q q 0 0 0 rg BT 367.61 378.00 Td (to ) Tj ET Q q 0 0 0 rg BT 378.47 378.00 Td (foreign ) Tj ET Q q 0 0 0 rg BT 410.43 378.00 Td (exchange ) Tj ET Q q 0 0 0 rg BT 451.26 378.00 Td (derivatives. ) Tj ET Q q 0 0 0 rg BT 500.49 378.00 Td (The ) Tj ET Q q 0 0 0 rg BT 519.11 378.00 Td (following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 366.00 Td (table ) Tj ET Q q 0 0 0 rg BT 75.93 366.00 Td (sets ) Tj ET Q q 0 0 0 rg BT 93.43 366.00 Td (further ) Tj ET Q q 0 0 0 rg BT 123.14 366.00 Td (the ) Tj ET Q q 0 0 0 rg BT 137.86 366.00 Td (analysis ) Tj ET Q q 0 0 0 rg BT 172.57 366.00 Td (of ) Tj ET Q q 0 0 0 rg BT 183.40 366.00 Td (derivative ) Tj ET Q q 0 0 0 rg BT 225.88 366.00 Td (assets ) Tj ET Q q 0 0 0 rg BT 251.71 366.00 Td (and ) Tj ET Q q 0 0 0 rg BT 268.65 366.00 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 308.37 366.00 Td (at ) Tj ET Q q 0 0 0 rg BT 318.09 366.00 Td (December ) Tj ET Q q 0 0 0 rg BT 361.67 366.00 Td (31, ) Tj ET Q q 0 0 0 rg BT 376.67 366.00 Td (2015 ) Tj ET Q q 0 0 0 rg BT 399.17 366.00 Td (and ) Tj ET Q q 0 0 0 rg BT 416.11 366.00 Td (2014.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 279.50 232.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.50 279.50 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 279.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 279.50 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 279.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 279.50 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 279.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 279.50 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 251.50 232.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.50 251.50 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 251.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 251.50 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 251.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 251.50 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 251.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 251.50 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 223.50 232.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.50 223.50 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 223.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 223.50 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 223.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 223.50 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 223.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 223.50 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 329.5 m 350.5 329.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 329.5 m 354.5 329.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 329.5 m 419.5 329.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 329.5 m 423.5 329.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 329.5 m 488.5 329.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 329.5 m 492.5 329.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 329.5 m 557.5 329.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 329.5 m 350.5 329.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 315.5 m 350.5 315.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 329.5 m 354.5 329.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 315.5 m 354.5 315.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 329.5 m 419.5 329.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 315.5 m 419.5 315.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 329.5 m 488.5 329.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 315.5 m 488.5 315.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 329.5 m 492.5 329.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 315.5 m 492.5 315.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 329.5 m 557.5 329.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 315.5 m 557.5 315.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 292.5 m 350.5 292.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 292.5 m 419.5 292.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 292.5 m 488.5 292.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 292.5 m 557.5 292.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 251.5 m 350.5 251.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 251.5 m 419.5 251.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 251.5 m 488.5 251.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 251.5 m 557.5 251.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 223.5 m 350.5 223.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 210.5 m 350.5 210.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 208.5 m 350.5 208.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 223.5 m 419.5 223.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 210.5 m 419.5 210.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 208.5 m 419.5 208.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 223.5 m 488.5 223.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 210.5 m 488.5 210.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 208.5 m 488.5 208.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 223.5 m 557.5 223.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 210.5 m 557.5 210.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 208.5 m 557.5 208.5 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.95 333.95 Td (At December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 343.00 319.95 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 481.00 319.95 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 294.45 305.95 Td (Positivefair) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 307.20 296.95 Td (value ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 361.70 305.95 Td (Negativefair) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 376.20 296.95 Td (value) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.45 305.95 Td (Positivefair) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 445.20 296.95 Td (value ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 499.70 305.95 Td (Negativefair) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 514.20 296.95 Td (value ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.85 283.75 Td (\( thousand\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 269.96 Td (Cash flow hedge:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 68.00 255.96 Td (Foreign currency forwards) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 326.75 255.96 Td (1,900) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.75 255.96 Td (\(102,066) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 416.00 255.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.75 255.96 Td (8,004) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 521.75 255.96 Td (\(100,620) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.00 255.96 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 241.95 Td (Total cash flow hedges) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.75 241.95 Td (1,900) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 383.75 241.95 Td (\(102,066) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 416.00 241.95 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.75 241.95 Td (8,004) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 521.75 241.95 Td (\(100,620) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 554.00 241.95 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 227.96 Td (Other foreign exchange derivatives) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 326.75 227.96 Td (3,170) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.75 227.96 Td (\(1,266) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 416.00 227.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.50 227.96 Td (743) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.75 227.96 Td (\(3,473) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.00 227.96 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 213.95 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.75 213.95 Td (5,070) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 383.75 213.95 Td (\(103,332) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 416.00 213.95 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.75 213.95 Td (8,747) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 521.75 213.95 Td (\(104,093) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 554.00 213.95 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 186.00 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 186.00 Td (Other ) Tj ET Q q 0 0 0 rg BT 116.34 186.00 Td (foreign ) Tj ET Q q 0 0 0 rg BT 148.78 186.00 Td (exchange ) Tj ET Q q 0 0 0 rg BT 190.10 186.00 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 237.54 186.00 Td (relate ) Tj ET Q q 0 0 0 rg BT 263.31 186.00 Td (to ) Tj ET Q q 0 0 0 rg BT 274.65 186.00 Td (foreign ) Tj ET Q q 0 0 0 rg BT 307.10 186.00 Td (currency ) Tj ET Q q 0 0 0 rg BT 345.64 186.00 Td (forwards ) Tj ET Q q 0 0 0 rg BT 384.75 186.00 Td (which ) Tj ET Q q 0 0 0 rg BT 412.75 186.00 Td (do ) Tj ET Q q 0 0 0 rg BT 426.32 186.00 Td (not ) Tj ET Q q 0 0 0 rg BT 442.67 186.00 Td (meet ) Tj ET Q q 0 0 0 rg BT 465.67 186.00 Td (the ) Tj ET Q q 0 0 0 rg BT 481.45 186.00 Td (requirements ) Tj ET Q q 0 0 0 rg BT 537.22 186.00 Td (to ) Tj ET Q q 0 0 0 rg BT 548.56 186.00 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 174.00 Td (recognized ) Tj ET Q q 0 0 0 rg BT 100.36 174.00 Td (as ) Tj ET Q q 0 0 0 rg BT 111.19 174.00 Td (cash ) Tj ET Q q 0 0 0 rg BT 131.46 174.00 Td (flow ) Tj ET Q q 0 0 0 rg BT 152.29 174.00 Td (hedges.) Tj ET Q endstream endobj 385 0 obj <> endobj 386 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 760.75 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 760.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.60 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 199.82 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 206.31 748.75 Td (O ) Tj ET Q q 0 0 0 rg BT 216.41 748.75 Td (THE CONSOLIDA) Tj ET Q q 0 0 0 rg BT 299.85 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 379.03 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 393.02 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 399.50 748.75 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.60 736.75 Td (At December) Tj ET Q q 0 0 0 rg BT 294.78 736.75 Td (31, 2015 and 2014) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 294.65 32.20 Td (F-43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 713.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 713.10 Td (The ) Tj ET Q q 0 0 0 rg BT 106.92 713.10 Td (following ) Tj ET Q q 0 0 0 rg BT 147.19 713.10 Td (tables ) Tj ET Q q 0 0 0 rg BT 171.89 713.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 203.81 713.10 Td (an ) Tj ET Q q 0 0 0 rg BT 214.63 713.10 Td (analysis ) Tj ET Q q 0 0 0 rg BT 248.22 713.10 Td (by ) Tj ET Q q 0 0 0 rg BT 259.60 713.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 289.85 713.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 326.21 713.10 Td (and ) Tj ET Q q 0 0 0 rg BT 342.02 713.10 Td (due ) Tj ET Q q 0 0 0 rg BT 357.84 713.10 Td (date ) Tj ET Q q 0 0 0 rg BT 375.87 713.10 Td (of ) Tj ET Q q 0 0 0 rg BT 385.58 713.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 433.62 713.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 474.98 713.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 511.33 713.10 Td (instruments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 701.10 Td (based ) Tj ET Q q 0 0 0 rg BT 79.27 701.10 Td (on ) Tj ET Q q 0 0 0 rg BT 91.77 701.10 Td (their ) Tj ET Q q 0 0 0 rg BT 112.59 701.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 128.97 701.10 Td (value ) Tj ET Q q 0 0 0 rg BT 153.13 701.10 Td (and ) Tj ET Q q 0 0 0 rg BT 170.06 701.10 Td (notional ) Tj ET Q q 0 0 0 rg BT 205.34 701.10 Td (amounts:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 610.60 154.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.50 610.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 610.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 610.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 610.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 610.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 610.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 610.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 610.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 610.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 610.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 610.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 582.60 154.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.50 582.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 582.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 582.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 582.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 582.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 582.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 582.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 582.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 582.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 582.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 582.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 554.60 154.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.50 554.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 554.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 554.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 554.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 554.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 554.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 554.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 554.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 554.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 554.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 554.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 526.60 154.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.50 526.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 526.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 526.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 526.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 526.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 526.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 526.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 526.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 526.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 526.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 526.60 50.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208.5 664.6 m 263.5 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 664.6 m 267.5 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 664.6 m 327.5 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 664.6 m 331.5 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 664.6 m 381.5 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 664.6 m 385.5 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 664.6 m 440.5 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 664.6 m 444.5 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 664.6 m 504.5 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 664.6 m 508.5 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 664.6 m 558.5 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208.5 623.6 m 263.5 623.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 623.6 m 327.5 623.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 623.6 m 381.5 623.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 623.6 m 440.5 623.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 623.6 m 504.5 623.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 623.6 m 558.5 623.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208.5 512.6 m 263.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208.5 499.6 m 263.5 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208.5 497.6 m 263.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 512.6 m 327.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 499.6 m 327.5 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 497.6 m 327.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 512.6 m 381.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 499.6 m 381.5 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 497.6 m 381.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 512.6 m 440.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 499.6 m 440.5 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 497.6 m 440.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 512.6 m 504.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 499.6 m 504.5 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 497.6 m 504.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 512.6 m 558.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 499.6 m 558.5 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 497.6 m 558.5 497.6 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 340.80 669.05 Td (At December 31, 2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 215.95 646.05 Td (Fair value) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 215.10 637.05 Td (due within) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 219.20 628.05 Td (one year) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 277.45 655.05 Td (Fair value) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 273.10 646.05 Td (due between) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 273.70 637.05 Td (one and two) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 286.75 628.05 Td (years) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 338.10 637.05 Td (Total fair) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 345.70 628.05 Td (value) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 395.95 655.05 Td (Notional) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 389.60 646.05 Td (amount due) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.35 637.05 Td (within one) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 404.05 628.05 Td (year) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 457.45 655.05 Td (Notional) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.10 646.05 Td (amount due) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 450.35 637.05 Td (between one) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 447.25 628.05 Td (and two years) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 523.15 646.05 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 517.20 637.05 Td (notional) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 518.20 628.05 Td (amount) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.85 614.85 Td (\( thousand\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 601.06 Td (Currencies:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 69.00 587.05 Td (U.S. Dollar) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 231.90 587.06 Td (\(77,047) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.65 587.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 300.40 587.06 Td (\(1,812) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 323.65 587.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 349.90 587.06 Td (\(78,859) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 377.65 587.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.40 587.06 Td (689,476) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.90 587.06 Td (67,903) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 525.40 587.06 Td (757,379) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 69.00 573.05 Td (Pound Sterling) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 236.40 573.06 Td (\(3,834) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.65 573.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.15 573.06 Td (\(296) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 323.65 573.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 354.40 573.06 Td (\(4,130) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 377.65 573.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.40 573.06 Td (368,355) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.40 573.06 Td (5,395) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 525.40 573.06 Td (373,750) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 69.00 559.05 Td (Chinese Yuan) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 236.40 559.06 Td (\(7,839) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.65 559.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 314.65 559.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 354.40 559.06 Td (\(7,839) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 377.65 559.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.90 559.06 Td (48,658) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.65 559.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.90 559.06 Td (48,658) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 69.00 545.05 Td (Swiss Franc) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 236.40 545.06 Td (\(3,692) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.65 545.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 314.65 545.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 354.40 545.06 Td (\(3,692) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 377.65 545.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.90 545.06 Td (93,981) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.65 545.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.90 545.06 Td (93,981) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 69.00 531.05 Td (Japanese Yen) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 236.40 531.06 Td (\(3,434) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.65 531.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 314.65 531.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 354.40 531.06 Td (\(3,434) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 377.65 531.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.90 531.06 Td (54,206) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.65 531.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.90 531.06 Td (54,206) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 69.00 517.05 Td (Other) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 90.00 520.68 Td (\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 243.15 517.06 Td (\(308) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.65 517.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 314.65 517.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 361.15 517.06 Td (\(308) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 377.65 517.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.90 517.06 Td (19,628) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.65 517.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.90 517.06 Td (19,628) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.00 503.05 Td (Total amount) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 231.90 503.05 Td (\(96,154) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 259.65 503.05 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 300.40 503.05 Td (\(2,108) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 323.65 503.05 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 349.90 503.05 Td (\(98,262) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 377.65 503.05 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 400.60 503.05 Td (1,274,304) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 475.90 503.05 Td (73,298) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 518.60 503.05 Td (1,347,602) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 487.10 Td (______________________________) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 477.50 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 72.00 477.50 Td (Other mainly includes ) Tj ET Q q 0 0 0 rg BT 144.95 477.50 Td (Australian Dollar and Hong Kong Dollar) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 387.00 154.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.50 387.00 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 387.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 387.00 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 387.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 387.00 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 387.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 387.00 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 387.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 387.00 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 387.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 387.00 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 359.00 154.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.50 359.00 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 359.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 359.00 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 359.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 359.00 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 359.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 359.00 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 359.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 359.00 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 359.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 359.00 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 331.00 154.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.50 331.00 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 331.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 331.00 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 331.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 331.00 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 331.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 331.00 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 331.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 331.00 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 331.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 331.00 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 303.00 154.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.50 303.00 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 303.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 303.00 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 303.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 303.00 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 303.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 303.00 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 303.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 303.00 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 303.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 303.00 50.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 441 m 262.5 441 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 441 m 266.5 441 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 441 m 326.5 441 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 441 m 330.5 441 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 441 m 380.5 441 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 441 m 384.5 441 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 441 m 439.5 441 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 441 m 443.5 441 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 441 m 503.5 441 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 441 m 507.5 441 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 441 m 557.5 441 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 400 m 262.5 400 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 400 m 326.5 400 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 400 m 380.5 400 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 400 m 439.5 400 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 400 m 503.5 400 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 400 m 557.5 400 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 289 m 262.5 289 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 276 m 262.5 276 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 274 m 262.5 274 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 289 m 326.5 289 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 276 m 326.5 276 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 274 m 326.5 274 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 289 m 380.5 289 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 276 m 380.5 276 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 274 m 380.5 274 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 289 m 439.5 289 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 276 m 439.5 276 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 274 m 439.5 274 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 289 m 503.5 289 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 276 m 503.5 276 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 274 m 503.5 274 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 289 m 557.5 289 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 276 m 557.5 276 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 274 m 557.5 274 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 339.80 445.45 Td (At December 31, 2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 214.95 422.45 Td (Fair value) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 214.10 413.45 Td (due within) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 218.20 404.45 Td (one year) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 276.45 431.45 Td (Fair value) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 272.10 422.45 Td (due between) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 272.70 413.45 Td (one and two) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 285.75 404.45 Td (years) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 337.10 413.45 Td (Total fair) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 344.70 404.45 Td (value) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.95 431.45 Td (Notional) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.60 422.45 Td (amount due) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 391.35 413.45 Td (within one) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 403.05 404.45 Td (year) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.45 431.45 Td (Notional) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 450.10 422.45 Td (amount due) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 449.35 413.45 Td (between one) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.25 404.45 Td (and two years) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 522.15 422.45 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 516.20 413.45 Td (notional) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 517.20 404.45 Td (amount) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.85 391.25 Td (\( thousand\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 377.46 Td (Currencies:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 363.45 Td (U.S. Dollar) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 230.90 363.46 Td (\(46,896) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 258.65 363.46 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.90 363.46 Td (\(29,555) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 322.65 363.46 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 348.90 363.46 Td (\(76,451) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 376.65 363.46 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 406.40 363.46 Td (513,373) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 470.40 363.46 Td (304,934) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 524.40 363.46 Td (818,307) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 349.45 Td (Pound Sterling) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 235.40 349.46 Td (\(7,909) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 258.65 349.46 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 299.40 349.46 Td (\(2,177) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 322.65 349.46 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 348.90 349.46 Td (\(10,086) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 376.65 349.46 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 406.40 349.46 Td (299,304) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.90 349.46 Td (51,263) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 524.40 349.46 Td (350,567) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 335.45 Td (Chinese Yuan) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 235.40 335.46 Td (\(8,755) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 258.65 335.46 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 299.40 335.46 Td (\(4,126) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 322.65 335.46 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 348.90 335.46 Td (\(12,881) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 376.65 335.46 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 406.40 335.46 Td (136,573) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.90 335.46 Td (38,920) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 524.40 335.46 Td (175,493) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 321.45 Td (Swiss Franc) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 235.40 321.46 Td (\(1,144) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 258.65 321.46 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 306.15 321.46 Td (\(406) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 322.65 321.46 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 353.40 321.46 Td (\(1,550) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 376.65 321.46 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 406.40 321.46 Td (129,246) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.90 321.46 Td (32,332) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 524.40 321.46 Td (161,578) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 307.45 Td (Japanese Yen) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 238.40 307.46 Td (5,962) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 309.15 307.46 Td (893) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.40 307.46 Td (6,855) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 410.90 307.46 Td (73,499) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.90 307.46 Td (35,110) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 524.40 307.46 Td (108,609) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 293.45 Td (Other) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 89.00 297.08 Td (\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 235.40 293.46 Td (\(1,073) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 258.65 293.46 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 306.15 293.46 Td (\(160) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 322.65 293.46 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 353.40 293.46 Td (\(1,233) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 376.65 293.46 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 410.90 293.46 Td (47,012) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.90 293.46 Td (12,167) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.90 293.46 Td (59,179) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 279.45 Td (Total amount) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 230.90 279.45 Td (\(59,815) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 258.65 279.45 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 294.90 279.45 Td (\(35,531) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 322.65 279.45 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 348.90 279.45 Td (\(95,346) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 376.65 279.45 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 399.60 279.45 Td (1,199,007) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 470.40 279.45 Td (474,726) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 517.60 279.45 Td (1,673,733) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 263.50 Td (______________________________) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 253.90 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 72.00 253.90 Td (Other mainly includes ) Tj ET Q q 0 0 0 rg BT 144.95 253.90 Td (Australian Dollar and Hong Kong Dollar) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 229.90 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 229.90 Td (Cash flow hedges ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 205.90 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 205.90 Td (The ) Tj ET Q q 0 0 0 rg BT 107.08 205.90 Td (ef) Tj ET Q q 0 0 0 rg BT 114.67 205.90 Td (fects ) Tj ET Q q 0 0 0 rg BT 135.07 205.90 Td (recognized ) Tj ET Q q 0 0 0 rg BT 180.47 205.90 Td (in ) Tj ET Q q 0 0 0 rg BT 189.78 205.90 Td (the ) Tj ET Q q 0 0 0 rg BT 203.52 205.90 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 255.60 205.90 Td (income ) Tj ET Q q 0 0 0 rg BT 286.56 205.90 Td (statement ) Tj ET Q q 0 0 0 rg BT 326.41 205.90 Td (mainly ) Tj ET Q q 0 0 0 rg BT 355.72 205.90 Td (relate ) Tj ET Q q 0 0 0 rg BT 379.45 205.90 Td (to ) Tj ET Q q 0 0 0 rg BT 388.76 205.90 Td (currency ) Tj ET Q q 0 0 0 rg BT 425.26 205.90 Td (risk ) Tj ET Q q 0 0 0 rg BT 441.79 205.90 Td (management ) Tj ET Q q 0 0 0 rg BT 494.41 205.90 Td (and ) Tj ET Q q 0 0 0 rg BT 510.38 205.90 Td (in ) Tj ET Q q 0 0 0 rg BT 519.69 205.90 Td (particular ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 193.90 Td (the ) Tj ET Q q 0 0 0 rg BT 68.07 193.90 Td (exposure ) Tj ET Q q 0 0 0 rg BT 106.02 193.90 Td (to ) Tj ET Q q 0 0 0 rg BT 115.65 193.90 Td (Euro ) Tj ET Q q 0 0 0 rg BT 136.94 193.90 Td (/ ) Tj ET Q q 0 0 0 rg BT 141.57 193.90 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 161.21 193.90 Td (Dollar ) Tj ET Q q 0 0 0 rg BT 188.60 193.90 Td (for ) Tj ET Q q 0 0 0 rg BT 202.12 193.90 Td (sales ) Tj ET Q q 0 0 0 rg BT 223.41 193.90 Td (in ) Tj ET Q q 0 0 0 rg BT 233.04 193.90 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 252.67 193.90 Td (Dollar ) Tj ET Q q 0 0 0 rg BT 280.07 193.90 Td (in ) Tj ET Q q 0 0 0 rg BT 289.70 193.90 Td (the ) Tj ET Q q 0 0 0 rg BT 303.77 193.90 Td (United ) Tj ET Q q 0 0 0 rg BT 332.84 193.90 Td (States ) Tj ET Q q 0 0 0 rg BT 358.58 193.90 Td (of ) Tj ET Q q 0 0 0 rg BT 368.35 193.90 Td (America, ) Tj ET Q q 0 0 0 rg BT 407.13 193.90 Td (Canada ) Tj ET Q q 0 0 0 rg BT 438.97 193.90 Td (and ) Tj ET Q q 0 0 0 rg BT 455.26 193.90 Td (Mexico ) Tj ET Q q 0 0 0 rg BT 487.65 193.90 Td (and ) Tj ET Q q 0 0 0 rg BT 503.95 193.90 Td (other ) Tj ET Q q 0 0 0 rg BT 526.34 193.90 Td (markets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 181.90 Td (where ) Tj ET Q q 0 0 0 rg BT 80.93 181.90 Td (the ) Tj ET Q q 0 0 0 rg BT 95.65 181.90 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 115.93 181.90 Td (Dollar ) Tj ET Q q 0 0 0 rg BT 143.98 181.90 Td (is ) Tj ET Q q 0 0 0 rg BT 153.15 181.90 Td (the ) Tj ET Q q 0 0 0 rg BT 167.86 181.90 Td (reference ) Tj ET Q q 0 0 0 rg BT 207.54 181.90 Td (currency) Tj ET Q q 0 0 0 rg BT 241.87 181.90 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 157.90 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 157.90 Td (The ) Tj ET Q q 0 0 0 rg BT 108.38 157.90 Td (policy ) Tj ET Q q 0 0 0 rg BT 136.21 157.90 Td (of ) Tj ET Q q 0 0 0 rg BT 147.37 157.90 Td (the ) Tj ET Q q 0 0 0 rg BT 162.42 157.90 Td (Group ) Tj ET Q q 0 0 0 rg BT 190.81 157.90 Td (for ) Tj ET Q q 0 0 0 rg BT 205.30 157.90 Td (managing ) Tj ET Q q 0 0 0 rg BT 247.57 157.90 Td (currency ) Tj ET Q q 0 0 0 rg BT 285.38 157.90 Td (risk ) Tj ET Q q 0 0 0 rg BT 303.21 157.90 Td (normally ) Tj ET Q q 0 0 0 rg BT 342.15 157.90 Td (requires ) Tj ET Q q 0 0 0 rg BT 377.19 157.90 Td (that ) Tj ET Q q 0 0 0 rg BT 395.02 157.90 Td (projected ) Tj ET Q q 0 0 0 rg BT 435.05 157.90 Td (future ) Tj ET Q q 0 0 0 rg BT 461.76 157.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 482.37 157.90 Td (flows ) Tj ET Q q 0 0 0 rg BT 507.42 157.90 Td (from ) Tj ET Q q 0 0 0 rg BT 529.69 157.90 Td (trading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 145.90 Td (activities ) Tj ET Q q 0 0 0 rg BT 92.52 145.90 Td (which ) Tj ET Q q 0 0 0 rg BT 119.38 145.90 Td (will ) Tj ET Q q 0 0 0 rg BT 137.36 145.90 Td (occur ) Tj ET Q q 0 0 0 rg BT 161.99 145.90 Td (within ) Tj ET Q q 0 0 0 rg BT 189.97 145.90 Td (the ) Tj ET Q q 0 0 0 rg BT 204.61 145.90 Td (following ) Tj ET Q q 0 0 0 rg BT 245.91 145.90 Td (24 ) Tj ET Q q 0 0 0 rg BT 258.34 145.90 Td (months, ) Tj ET Q q 0 0 0 rg BT 292.71 145.90 Td (and ) Tj ET Q q 0 0 0 rg BT 309.57 145.90 Td (from ) Tj ET Q q 0 0 0 rg BT 331.43 145.90 Td (orders ) Tj ET Q q 0 0 0 rg BT 358.84 145.90 Td (acquired ) Tj ET Q q 0 0 0 rg BT 395.68 145.90 Td (\(or ) Tj ET Q q 0 0 0 rg BT 409.77 145.90 Td (contracts ) Tj ET Q q 0 0 0 rg BT 448.28 145.90 Td (in ) Tj ET Q q 0 0 0 rg BT 458.48 145.90 Td (progress\), ) Tj ET Q q 0 0 0 rg BT 500.62 145.90 Td (whatever ) Tj ET Q q 0 0 0 rg BT 539.68 145.90 Td (their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 133.90 Td (due ) Tj ET Q q 0 0 0 rg BT 71.03 133.90 Td (dates, ) Tj ET Q q 0 0 0 rg BT 96.66 133.90 Td (be ) Tj ET Q q 0 0 0 rg BT 108.69 133.90 Td (hedged. ) Tj ET Q q 0 0 0 rg BT 142.66 133.90 Td (It ) Tj ET Q q 0 0 0 rg BT 151.36 133.90 Td (is ) Tj ET Q q 0 0 0 rg BT 160.62 133.90 Td (considered ) Tj ET Q q 0 0 0 rg BT 206.52 133.90 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 251.86 133.90 Td (that ) Tj ET Q q 0 0 0 rg BT 269.45 133.90 Td (the ) Tj ET Q q 0 0 0 rg BT 284.25 133.90 Td (hedging ) Tj ET Q q 0 0 0 rg BT 319.06 133.90 Td (ef) Tj ET Q q 0 0 0 rg BT 326.65 133.90 Td (fect ) Tj ET Q q 0 0 0 rg BT 344.22 133.90 Td (arising ) Tj ET Q q 0 0 0 rg BT 374.03 133.90 Td (from ) Tj ET Q q 0 0 0 rg BT 396.06 133.90 Td (this ) Tj ET Q q 0 0 0 rg BT 413.09 133.90 Td (and ) Tj ET Q q 0 0 0 rg BT 430.12 133.90 Td (recorded ) Tj ET Q q 0 0 0 rg BT 467.69 133.90 Td (in ) Tj ET Q q 0 0 0 rg BT 478.05 133.90 Td (the ) Tj ET Q q 0 0 0 rg BT 492.86 133.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 513.22 133.90 Td (flow ) Tj ET Q q 0 0 0 rg BT 534.14 133.90 Td (hedge ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 121.90 Td (reserve ) Tj ET Q q 0 0 0 rg BT 85.37 121.90 Td (will ) Tj ET Q q 0 0 0 rg BT 103.42 121.90 Td (be ) Tj ET Q q 0 0 0 rg BT 115.36 121.90 Td (recognized ) Tj ET Q q 0 0 0 rg BT 161.72 121.90 Td (in ) Tj ET Q q 0 0 0 rg BT 172.00 121.90 Td (the ) Tj ET Q q 0 0 0 rg BT 186.72 121.90 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 239.76 121.90 Td (income ) Tj ET Q q 0 0 0 rg BT 271.70 121.90 Td (statement, ) Tj ET Q q 0 0 0 rg BT 315.02 121.90 Td (mainly ) Tj ET Q q 0 0 0 rg BT 345.29 121.90 Td (during ) Tj ET Q q 0 0 0 rg BT 373.90 121.90 Td (the ) Tj ET Q q 0 0 0 rg BT 388.61 121.90 Td (following ) Tj ET Q q 0 0 0 rg BT 430.00 121.90 Td (two ) Tj ET Q q 0 0 0 rg BT 447.50 121.90 Td (years.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 97.90 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 97.90 Td (Derivatives ) Tj ET Q q 0 0 0 rg BT 139.11 97.90 Td (relating ) Tj ET Q q 0 0 0 rg BT 172.66 97.90 Td (to ) Tj ET Q q 0 0 0 rg BT 183.45 97.90 Td (currency ) Tj ET Q q 0 0 0 rg BT 221.44 97.90 Td (risk ) Tj ET Q q 0 0 0 rg BT 239.45 97.90 Td (management ) Tj ET Q q 0 0 0 rg BT 293.55 97.90 Td (are ) Tj ET Q q 0 0 0 rg BT 308.77 97.90 Td (treated ) Tj ET Q q 0 0 0 rg BT 338.99 97.90 Td (as ) Tj ET Q q 0 0 0 rg BT 350.33 97.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 371.11 97.90 Td (flow ) Tj ET Q q 0 0 0 rg BT 392.46 97.90 Td (hedges ) Tj ET Q q 0 0 0 rg BT 423.24 97.90 Td (where ) Tj ET Q q 0 0 0 rg BT 450.68 97.90 Td (the ) Tj ET Q q 0 0 0 rg BT 465.91 97.90 Td (derivative ) Tj ET Q q 0 0 0 rg BT 508.90 97.90 Td (qualifies ) Tj ET Q q 0 0 0 rg BT 546.35 97.90 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 85.90 Td (hedge ) Tj ET Q q 0 0 0 rg BT 79.95 85.90 Td (accounting. ) Tj ET Q q 0 0 0 rg BT 128.25 85.90 Td (The ) Tj ET Q q 0 0 0 rg BT 145.88 85.90 Td (amount ) Tj ET Q q 0 0 0 rg BT 177.95 85.90 Td (recorded ) Tj ET Q q 0 0 0 rg BT 215.00 85.90 Td (in ) Tj ET Q q 0 0 0 rg BT 224.86 85.90 Td (the ) Tj ET Q q 0 0 0 rg BT 239.16 85.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 259.00 85.90 Td (flow ) Tj ET Q q 0 0 0 rg BT 279.41 85.90 Td (hedge ) Tj ET Q q 0 0 0 rg BT 305.36 85.90 Td (reserve ) Tj ET Q q 0 0 0 rg BT 336.31 85.90 Td (will ) Tj ET Q q 0 0 0 rg BT 353.94 85.90 Td (be ) Tj ET Q q 0 0 0 rg BT 365.46 85.90 Td (recognized ) Tj ET Q q 0 0 0 rg BT 411.40 85.90 Td (in ) Tj ET Q q 0 0 0 rg BT 421.25 85.90 Td (the ) Tj ET Q q 0 0 0 rg BT 435.55 85.90 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 488.17 85.90 Td (income ) Tj ET Q q 0 0 0 rg BT 519.68 85.90 Td (statement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 73.90 Td (according ) Tj ET Q q 0 0 0 rg BT 95.92 73.90 Td (to ) Tj ET Q q 0 0 0 rg BT 106.20 73.90 Td (the ) Tj ET Q q 0 0 0 rg BT 120.92 73.90 Td (timing ) Tj ET Q q 0 0 0 rg BT 149.53 73.90 Td (of ) Tj ET Q q 0 0 0 rg BT 160.36 73.90 Td (the ) Tj ET Q q 0 0 0 rg BT 175.08 73.90 Td (flows ) Tj ET Q q 0 0 0 rg BT 199.80 73.90 Td (of ) Tj ET Q q 0 0 0 rg BT 210.63 73.90 Td (the ) Tj ET Q q 0 0 0 rg BT 225.35 73.90 Td (underlying ) Tj ET Q q 0 0 0 rg BT 271.17 73.90 Td (transaction.) Tj ET Q endstream endobj 387 0 obj <> endobj 388 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 760.75 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 760.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.60 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 199.82 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 206.31 748.75 Td (O ) Tj ET Q q 0 0 0 rg BT 216.41 748.75 Td (THE CONSOLIDA) Tj ET Q q 0 0 0 rg BT 299.85 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 379.03 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 393.02 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 399.50 748.75 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.60 736.75 Td (At December) Tj ET Q q 0 0 0 rg BT 294.78 736.75 Td (31, 2015 and 2014) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 294.65 32.20 Td (F-44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 713.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 713.10 Td (The ) Tj ET Q q 0 0 0 rg BT 106.95 713.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 133.91 713.10 Td (reclassified ) Tj ET Q q 0 0 0 rg BT 180.85 713.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 203.36 713.10 Td (and ) Tj ET Q q 0 0 0 rg BT 219.20 713.10 Td (losses, ) Tj ET Q q 0 0 0 rg BT 247.00 713.10 Td (net ) Tj ET Q q 0 0 0 rg BT 260.62 713.10 Td (of ) Tj ET Q q 0 0 0 rg BT 270.36 713.10 Td (the ) Tj ET Q q 0 0 0 rg BT 283.98 713.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 297.60 713.10 Td (ef) Tj ET Q q 0 0 0 rg BT 305.19 713.10 Td (fect, ) Tj ET Q q 0 0 0 rg BT 324.08 713.10 Td (from ) Tj ET Q q 0 0 0 rg BT 344.92 713.10 Td (other ) Tj ET Q q 0 0 0 rg BT 366.88 713.10 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 428.81 713.10 Td (income/\(loss\) ) Tj ET Q q 0 0 0 rg BT 484.65 713.10 Td (to ) Tj ET Q q 0 0 0 rg BT 493.84 713.10 Td (the ) Tj ET Q q 0 0 0 rg BT 507.46 713.10 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 701.10 Td (income ) Tj ET Q q 0 0 0 rg BT 85.93 701.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 126.75 701.10 Td (as ) Tj ET Q q 0 0 0 rg BT 137.58 701.10 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 637.60 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 637.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 637.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 637.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 637.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 637.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 609.60 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 609.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 609.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 609.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 609.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 609.60 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 664.6 m 420.5 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 664.6 m 424.5 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 664.6 m 489.5 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 664.6 m 493.5 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 664.6 m 558.5 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 664.6 m 420.5 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 650.6 m 420.5 650.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 664.6 m 489.5 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 650.6 m 489.5 650.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 664.6 m 558.5 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 650.6 m 558.5 650.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 595.6 m 420.5 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 582.6 m 420.5 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 580.6 m 420.5 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 595.6 m 489.5 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 582.6 m 489.5 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 580.6 m 489.5 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 595.6 m 558.5 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 582.6 m 558.5 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 580.6 m 558.5 580.6 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 391.15 669.05 Td (For the years ended December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 378.50 655.05 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 447.50 655.05 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 516.50 655.05 Td (2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.35 641.85 Td (\( thousand\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 628.06 Td (Net \(costs\)/revenues) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 384.75 628.06 Td (\(145,095) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.00 628.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.25 628.06 Td (20,111) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 628.06 Td (7,636) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 614.06 Td (Net financial \(expenses\)/income) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 389.25 614.06 Td (\(23,745) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.00 614.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 458.25 614.06 Td (\(16,788) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 486.00 614.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 614.06 Td (10,982) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 600.06 Td (Income tax benefit/\(expense\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.25 600.06 Td (53,016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.75 600.06 Td (\(1,043) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 486.00 600.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.75 600.06 Td (\(5,846) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 555.00 600.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.00 586.05 Td (Total recognized in the consolidated income statement) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 384.75 586.05 Td (\(115,824) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.00 586.05 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 465.75 586.05 Td (2,280) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 586.05 Td (12,772) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 558.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 558.10 Td (The inef) Tj ET Q q 0 0 0 rg BT 123.41 558.10 Td (fectiveness of cash flow hedges was not material for the years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.60 558.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.60 558.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.60 558.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.60 558.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.04 558.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.04 558.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 534.10 Td (20. EQUITY) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 510.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 510.10 Td (As ) Tj ET Q q 0 0 0 rg BT 104.02 510.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 145.27 510.10 Td (in ) Tj ET Q q 0 0 0 rg BT 155.96 510.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 178.31 510.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 188.72 510.10 Td (for ) Tj ET Q q 0 0 0 rg BT 203.29 510.10 Td (the ) Tj ET Q q 0 0 0 rg BT 218.42 510.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 250.77 510.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 273.12 510.10 Td (the ) Tj ET Q q 0 0 0 rg BT 288.25 510.10 Td (Restructuring, ) Tj ET Q q 0 0 0 rg BT 348.09 510.10 Td (with ) Tj ET Q q 0 0 0 rg BT 368.78 510.10 Td (the ) Tj ET Q q 0 0 0 rg BT 383.91 510.10 Td (exception ) Tj ET Q q 0 0 0 rg BT 425.69 510.10 Td (of ) Tj ET Q q 0 0 0 rg BT 436.94 510.10 Td (the ) Tj ET Q q 0 0 0 rg BT 452.06 510.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 470.97 510.10 Td ( ) Tj ET Q q 0 0 0 rg BT 473.88 510.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 496.23 510.10 Td (and ) Tj ET Q q 0 0 0 rg BT 513.58 510.10 Td (subsequent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 498.10 Td (refinancing ) Tj ET Q q 0 0 0 rg BT 101.66 498.10 Td (\(explained ) Tj ET Q q 0 0 0 rg BT 145.99 498.10 Td (in ) Tj ET Q q 0 0 0 rg BT 155.90 498.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 177.47 498.10 Td (23\), ) Tj ET Q q 0 0 0 rg BT 195.43 498.10 Td (which ) Tj ET Q q 0 0 0 rg BT 221.99 498.10 Td (were ) Tj ET Q q 0 0 0 rg BT 243.55 498.10 Td (reflected ) Tj ET Q q 0 0 0 rg BT 280.65 498.10 Td (in ) Tj ET Q q 0 0 0 rg BT 290.56 498.10 Td (the ) Tj ET Q q 0 0 0 rg BT 304.90 498.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 359.81 498.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 399.15 498.10 Td (Statements ) Tj ET Q q 0 0 0 rg BT 445.16 498.10 Td (only ) Tj ET Q q 0 0 0 rg BT 465.06 498.10 Td (from ) Tj ET Q q 0 0 0 rg BT 486.63 498.10 Td (the ) Tj ET Q q 0 0 0 rg BT 500.98 498.10 Td (dates ) Tj ET Q q 0 0 0 rg BT 523.65 498.10 Td (in ) Tj ET Q q 0 0 0 rg BT 533.56 498.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 486.10 Td (they ) Tj ET Q q 0 0 0 rg BT 73.91 486.10 Td (occurred, ) Tj ET Q q 0 0 0 rg BT 114.09 486.10 Td (the ) Tj ET Q q 0 0 0 rg BT 129.00 486.10 Td (Restructuring ) Tj ET Q q 0 0 0 rg BT 186.13 486.10 Td (has ) Tj ET Q q 0 0 0 rg BT 202.16 486.10 Td (been ) Tj ET Q q 0 0 0 rg BT 223.74 486.10 Td (retrospectively ) Tj ET Q q 0 0 0 rg BT 285.85 486.10 Td (reflected ) Tj ET Q q 0 0 0 rg BT 323.52 486.10 Td (in ) Tj ET Q q 0 0 0 rg BT 334.00 486.10 Td (these ) Tj ET Q q 0 0 0 rg BT 357.24 486.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 412.71 486.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 452.62 486.10 Td (Statements ) Tj ET Q q 0 0 0 rg BT 499.20 486.10 Td (in ) Tj ET Q q 0 0 0 rg BT 509.68 486.10 Td (determining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 474.10 Td (the ) Tj ET Q q 0 0 0 rg BT 68.72 474.10 Td (number ) Tj ET Q q 0 0 0 rg BT 101.76 474.10 Td (of ) Tj ET Q q 0 0 0 rg BT 112.59 474.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 140.08 474.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 189.25 474.10 Td (as ) Tj ET Q q 0 0 0 rg BT 200.08 474.10 Td (though ) Tj ET Q q 0 0 0 rg BT 230.36 474.10 Td (the ) Tj ET Q q 0 0 0 rg BT 245.07 474.10 Td (Restructuring ) Tj ET Q q 0 0 0 rg BT 302.01 474.10 Td (had ) Tj ET Q q 0 0 0 rg BT 318.95 474.10 Td (occurred ) Tj ET Q q 0 0 0 rg BT 356.42 474.10 Td (ef) Tj ET Q q 0 0 0 rg BT 364.01 474.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 393.71 474.10 Td (January ) Tj ET Q q 0 0 0 rg BT 427.31 474.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 437.31 474.10 Td (2013.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 450.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 450.10 Td (Share ) Tj ET Q q 0 0 0 rg BT 116.95 450.10 Td (capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 426.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 426.10 Td (Following ) Tj ET Q q 0 0 0 rg BT 133.27 426.10 Td (the ) Tj ET Q q 0 0 0 rg BT 147.63 426.10 Td (Restructuring, ) Tj ET Q q 0 0 0 rg BT 206.71 426.10 Td (the ) Tj ET Q q 0 0 0 rg BT 221.08 426.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 242.11 426.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 261.47 426.10 Td (up ) Tj ET Q q 0 0 0 rg BT 273.62 426.10 Td (share ) Tj ET Q q 0 0 0 rg BT 296.87 426.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 325.67 426.10 Td (of ) Tj ET Q q 0 0 0 rg BT 336.14 426.10 Td (the ) Tj ET Q q 0 0 0 rg BT 350.51 426.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 391.54 426.10 Td (is ) Tj ET Q q 0 0 0 rg BT 400.36 426.10 Td (3,778 ) Tj ET Q q 0 0 0 rg BT 430.01 426.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 468.26 426.10 Td (at ) Tj ET Q q 0 0 0 rg BT 477.63 426.10 Td (December ) Tj ET Q q 0 0 0 rg BT 520.86 426.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 535.50 426.10 Td (2015, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 414.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 76.41 414.10 Td (and ) Tj ET Q q 0 0 0 rg BT 93.26 414.10 Td (2013, ) Tj ET Q q 0 0 0 rg BT 118.17 414.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 165.83 414.10 Td (, ) Tj ET Q q 0 0 0 rg BT 170.74 414.10 Td (consisting ) Tj ET Q q 0 0 0 rg BT 213.70 414.10 Td (of ) Tj ET Q q 0 0 0 rg BT 224.44 414.10 Td (188,921,600 ) Tj ET Q q 0 0 0 rg BT 276.85 414.10 Td (common ) Tj ET Q q 0 0 0 rg BT 314.26 414.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 341.66 414.10 Td (and ) Tj ET Q q 0 0 0 rg BT 358.51 414.10 Td (the ) Tj ET Q q 0 0 0 rg BT 373.13 414.10 Td (same ) Tj ET Q q 0 0 0 rg BT 396.09 414.10 Td (number ) Tj ET Q q 0 0 0 rg BT 429.05 414.10 Td (of ) Tj ET Q q 0 0 0 rg BT 439.79 414.10 Td (special ) Tj ET Q q 0 0 0 rg BT 469.96 414.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 497.93 414.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 527.83 414.10 Td (all ) Tj ET Q q 0 0 0 rg BT 540.23 414.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 402.10 Td (a ) Tj ET Q q 0 0 0 rg BT 60.94 402.10 Td (nominal ) Tj ET Q q 0 0 0 rg BT 96.21 402.10 Td (value ) Tj ET Q q 0 0 0 rg BT 120.37 402.10 Td (of ) Tj ET Q q 0 0 0 rg BT 131.20 402.10 Td (0.01.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 378.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 378.10 Td (The ) Tj ET Q q 0 0 0 rg BT 107.32 378.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 147.99 378.10 Td (did ) Tj ET Q q 0 0 0 rg BT 162.54 378.10 Td (not ) Tj ET Q q 0 0 0 rg BT 177.10 378.10 Td (issue ) Tj ET Q q 0 0 0 rg BT 198.87 378.10 Td (new ) Tj ET Q q 0 0 0 rg BT 217.31 378.10 Td (common ) Tj ET Q q 0 0 0 rg BT 254.08 378.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 280.85 378.10 Td (or ) Tj ET Q q 0 0 0 rg BT 290.95 378.10 Td (special ) Tj ET Q q 0 0 0 rg BT 320.49 378.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 347.83 378.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 374.59 378.10 Td (in ) Tj ET Q q 0 0 0 rg BT 384.15 378.10 Td (the ) Tj ET Q q 0 0 0 rg BT 398.14 378.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 423.25 378.10 Td (public ) Tj ET Q q 0 0 0 rg BT 450.02 378.10 Td (of) Tj ET Q q 0 0 0 rg BT 458.17 378.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 483.82 378.10 Td (and ) Tj ET Q q 0 0 0 rg BT 500.04 378.10 Td (did ) Tj ET Q q 0 0 0 rg BT 514.59 378.10 Td (not ) Tj ET Q q 0 0 0 rg BT 529.15 378.10 Td (receive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 366.10 Td (any ) Tj ET Q q 0 0 0 rg BT 70.94 366.10 Td (of ) Tj ET Q q 0 0 0 rg BT 81.77 366.10 Td (the ) Tj ET Q q 0 0 0 rg BT 96.49 366.10 Td (proceeds. ) Tj ET Q q 0 0 0 rg BT 137.02 366.10 Td (For ) Tj ET Q q 0 0 0 rg BT 153.41 366.10 Td (an ) Tj ET Q q 0 0 0 rg BT 165.35 366.10 Td (explanation ) Tj ET Q q 0 0 0 rg BT 214.50 366.10 Td (of ) Tj ET Q q 0 0 0 rg BT 225.33 366.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 260.04 366.10 Td (in ) Tj ET Q q 0 0 0 rg BT 270.32 366.10 Td (share ) Tj ET Q q 0 0 0 rg BT 293.92 366.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 323.07 366.10 Td (as ) Tj ET Q q 0 0 0 rg BT 333.90 366.10 Td (a ) Tj ET Q q 0 0 0 rg BT 340.84 366.10 Td (result ) Tj ET Q q 0 0 0 rg BT 365.55 366.10 Td (of ) Tj ET Q q 0 0 0 rg BT 376.38 366.10 Td (the ) Tj ET Q q 0 0 0 rg BT 391.10 366.10 Td (Separation ) Tj ET Q q 0 0 0 rg BT 436.36 366.10 Td (see ) Tj ET Q q 0 0 0 rg BT 451.63 366.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 473.57 366.10 Td (31.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 342.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 342.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.61 342.10 Td (loyalty ) Tj ET Q q 0 0 0 rg BT 138.32 342.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 166.38 342.10 Td (structure) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 318.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 318.10 Td (The ) Tj ET Q q 0 0 0 rg BT 107.79 318.10 Td (purpose ) Tj ET Q q 0 0 0 rg BT 141.69 318.10 Td (of ) Tj ET Q q 0 0 0 rg BT 152.26 318.10 Td (the ) Tj ET Q q 0 0 0 rg BT 166.71 318.10 Td (loyalty ) Tj ET Q q 0 0 0 rg BT 196.73 318.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 224.53 318.10 Td (structure ) Tj ET Q q 0 0 0 rg BT 261.75 318.10 Td (is ) Tj ET Q q 0 0 0 rg BT 270.66 318.10 Td (to ) Tj ET Q q 0 0 0 rg BT 280.68 318.10 Td (reward ) Tj ET Q q 0 0 0 rg BT 310.68 318.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 352.35 318.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 396.25 318.10 Td (of ) Tj ET Q q 0 0 0 rg BT 406.82 318.10 Td (the ) Tj ET Q q 0 0 0 rg BT 421.28 318.10 Td (Company) Tj ET Q q 0 0 0 rg BT 462.95 318.10 Td (s ) Tj ET Q q 0 0 0 rg BT 469.08 318.10 Td (common ) Tj ET Q q 0 0 0 rg BT 506.31 318.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 533.54 318.10 Td (and ) Tj ET Q q 0 0 0 rg BT 550.22 318.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 306.10 Td (promote ) Tj ET Q q 0 0 0 rg BT 90.08 306.10 Td (stability ) Tj ET Q q 0 0 0 rg BT 125.06 306.10 Td (of ) Tj ET Q q 0 0 0 rg BT 136.15 306.10 Td (the ) Tj ET Q q 0 0 0 rg BT 151.13 306.10 Td (Company) Tj ET Q q 0 0 0 rg BT 192.79 306.10 Td (s ) Tj ET Q q 0 0 0 rg BT 199.44 306.10 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 248.84 306.10 Td (base ) Tj ET Q q 0 0 0 rg BT 269.37 306.10 Td (by ) Tj ET Q q 0 0 0 rg BT 282.13 306.10 Td (granting ) Tj ET Q q 0 0 0 rg BT 318.21 306.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 360.40 306.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 413.70 306.10 Td (of ) Tj ET Q q 0 0 0 rg BT 424.78 306.10 Td (the ) Tj ET Q q 0 0 0 rg BT 439.76 306.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 481.40 306.10 Td (with ) Tj ET Q q 0 0 0 rg BT 501.94 306.10 Td (special ) Tj ET Q q 0 0 0 rg BT 532.46 306.10 Td (voting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 294.10 Td (shares. ) Tj ET Q q 0 0 0 rg BT 83.77 294.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.05 294.10 Td (In ) Tj ET Q q 0 0 0 rg BT 96.66 294.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 142.81 294.10 Td (with ) Tj ET Q q 0 0 0 rg BT 162.87 294.10 Td (the ) Tj ET Q q 0 0 0 rg BT 177.37 294.10 Td (Restructuring, ) Tj ET Q q 0 0 0 rg BT 236.58 294.10 Td (the ) Tj ET Q q 0 0 0 rg BT 251.08 294.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 292.25 294.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 319.53 294.10 Td (188,921,600 ) Tj ET Q q 0 0 0 rg BT 371.81 294.10 Td (special ) Tj ET Q q 0 0 0 rg BT 401.85 294.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 429.69 294.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 456.96 294.10 Td (to ) Tj ET Q q 0 0 0 rg BT 467.02 294.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 485.92 294.10 Td ( ) Tj ET Q q 0 0 0 rg BT 488.20 294.10 Td (and ) Tj ET Q q 0 0 0 rg BT 504.92 294.10 Td (Piero ) Tj ET Q q 0 0 0 rg BT 528.31 294.10 Td (Ferrari. ) Tj ET Q q 0 0 0 rg BT 560.51 294.10 Td ( ) Tj ET Q q 0 0 0 rg BT 563.01 294.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 282.10 Td (As ) Tj ET Q q 0 0 0 rg BT 68.25 282.10 Td (a ) Tj ET Q q 0 0 0 rg BT 75.82 282.10 Td (result ) Tj ET Q q 0 0 0 rg BT 101.17 282.10 Td (of ) Tj ET Q q 0 0 0 rg BT 112.64 282.10 Td (the ) Tj ET Q q 0 0 0 rg BT 127.99 282.10 Td (Separation, ) Tj ET Q q 0 0 0 rg BT 176.39 282.10 Td (the ) Tj ET Q q 0 0 0 rg BT 191.74 282.10 Td (special ) Tj ET Q q 0 0 0 rg BT 222.64 282.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 251.33 282.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 279.45 282.10 Td (held ) Tj ET Q q 0 0 0 rg BT 299.81 282.10 Td (by ) Tj ET Q q 0 0 0 rg BT 312.94 282.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 331.84 282.10 Td ( ) Tj ET Q q 0 0 0 rg BT 334.98 282.10 Td (were ) Tj ET Q q 0 0 0 rg BT 357.54 282.10 Td (distributed ) Tj ET Q q 0 0 0 rg BT 403.45 282.10 Td (to ) Tj ET Q q 0 0 0 rg BT 414.36 282.10 Td (the ) Tj ET Q q 0 0 0 rg BT 429.71 282.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 448.61 282.10 Td ( ) Tj ET Q q 0 0 0 rg BT 451.75 282.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 505.42 282.10 Td (holding ) Tj ET Q q 0 0 0 rg BT 539.11 282.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 558.01 282.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 270.10 Td (special ) Tj ET Q q 0 0 0 rg BT 83.99 270.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 111.78 270.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 139.00 270.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 160.67 270.10 Td (to ) Tj ET Q q 0 0 0 rg BT 170.68 270.10 Td (the ) Tj ET Q q 0 0 0 rg BT 185.13 270.10 Td (Separation. ) Tj ET Q q 0 0 0 rg BT 232.62 270.10 Td (Investors ) Tj ET Q q 0 0 0 rg BT 271.51 270.10 Td (who ) Tj ET Q q 0 0 0 rg BT 290.96 270.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 333.73 270.10 Td (common ) Tj ET Q q 0 0 0 rg BT 370.96 270.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 398.18 270.10 Td (in ) Tj ET Q q 0 0 0 rg BT 408.19 270.10 Td (the ) Tj ET Q q 0 0 0 rg BT 422.63 270.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 448.19 270.10 Td (public ) Tj ET Q q 0 0 0 rg BT 475.42 270.10 Td (of) Tj ET Q q 0 0 0 rg BT 483.57 270.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 509.68 270.10 Td (may ) Tj ET Q q 0 0 0 rg BT 529.12 270.10 Td (elect ) Tj ET Q q 0 0 0 rg BT 550.23 270.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 258.10 Td (participate ) Tj ET Q q 0 0 0 rg BT 98.73 258.10 Td (in ) Tj ET Q q 0 0 0 rg BT 109.03 258.10 Td (the ) Tj ET Q q 0 0 0 rg BT 123.78 258.10 Td (loyalty ) Tj ET Q q 0 0 0 rg BT 154.08 258.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 182.16 258.10 Td (program ) Tj ET Q q 0 0 0 rg BT 218.57 258.10 Td (by ) Tj ET Q q 0 0 0 rg BT 231.10 258.10 Td (registering ) Tj ET Q q 0 0 0 rg BT 276.39 258.10 Td (their ) Tj ET Q q 0 0 0 rg BT 297.24 258.10 Td (common ) Tj ET Q q 0 0 0 rg BT 334.77 258.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 362.29 258.10 Td (in ) Tj ET Q q 0 0 0 rg BT 372.59 258.10 Td (the ) Tj ET Q q 0 0 0 rg BT 387.34 258.10 Td (loyalty ) Tj ET Q q 0 0 0 rg BT 417.64 258.10 Td (share ) Tj ET Q q 0 0 0 rg BT 441.27 258.10 Td (register ) Tj ET Q q 0 0 0 rg BT 473.78 258.10 Td (and ) Tj ET Q q 0 0 0 rg BT 490.75 258.10 Td (holding ) Tj ET Q q 0 0 0 rg BT 523.83 258.10 Td (them ) Tj ET Q q 0 0 0 rg BT 546.35 258.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 246.10 Td (three ) Tj ET Q q 0 0 0 rg BT 76.37 246.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 102.36 246.10 Td ( ) Tj ET Q q 0 0 0 rg BT 104.74 246.10 Td ( ) Tj ET Q q 0 0 0 rg BT 107.13 246.10 Td (Each ) Tj ET Q q 0 0 0 rg BT 129.50 246.10 Td (special ) Tj ET Q q 0 0 0 rg BT 159.65 246.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 187.60 246.10 Td (share ) Tj ET Q q 0 0 0 rg BT 211.08 246.10 Td (entitles ) Tj ET Q q 0 0 0 rg BT 242.35 246.10 Td (the ) Tj ET Q q 0 0 0 rg BT 256.95 246.10 Td (holder ) Tj ET Q q 0 0 0 rg BT 284.89 246.10 Td (to ) Tj ET Q q 0 0 0 rg BT 295.05 246.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 330.19 246.10 Td (one ) Tj ET Q q 0 0 0 rg BT 347.02 246.10 Td (vote ) Tj ET Q q 0 0 0 rg BT 366.62 246.10 Td (at ) Tj ET Q q 0 0 0 rg BT 376.23 246.10 Td (the ) Tj ET Q q 0 0 0 rg BT 390.83 246.10 Td (Company) Tj ET Q q 0 0 0 rg BT 432.49 246.10 Td (s ) Tj ET Q q 0 0 0 rg BT 438.77 246.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 491.70 246.10 Td (meeting. ) Tj ET Q q 0 0 0 rg BT 528.79 246.10 Td ( ) Tj ET Q q 0 0 0 rg BT 531.18 246.10 Td (Only ) Tj ET Q q 0 0 0 rg BT 553.57 246.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 234.10 Td (minimal ) Tj ET Q q 0 0 0 rg BT 90.37 234.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 128.41 234.10 Td (accrues ) Tj ET Q q 0 0 0 rg BT 161.42 234.10 Td (to ) Tj ET Q q 0 0 0 rg BT 172.24 234.10 Td (the ) Tj ET Q q 0 0 0 rg BT 187.50 234.10 Td (special ) Tj ET Q q 0 0 0 rg BT 218.31 234.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 246.90 234.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 274.93 234.10 Td (allocated ) Tj ET Q q 0 0 0 rg BT 314.06 234.10 Td (to ) Tj ET Q q 0 0 0 rg BT 324.88 234.10 Td (a ) Tj ET Q q 0 0 0 rg BT 332.36 234.10 Td (separate ) Tj ET Q q 0 0 0 rg BT 368.16 234.10 Td (special ) Tj ET Q q 0 0 0 rg BT 398.96 234.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 437.00 234.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 468.91 234.10 Td (and ) Tj ET Q q 0 0 0 rg BT 486.39 234.10 Td (the ) Tj ET Q q 0 0 0 rg BT 501.64 234.10 Td (special ) Tj ET Q q 0 0 0 rg BT 532.45 234.10 Td (voting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 222.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 81.06 222.10 Td (do ) Tj ET Q q 0 0 0 rg BT 93.13 222.10 Td (not ) Tj ET Q q 0 0 0 rg BT 107.98 222.10 Td (carry ) Tj ET Q q 0 0 0 rg BT 130.59 222.10 Td (any ) Tj ET Q q 0 0 0 rg BT 147.10 222.10 Td (entitlement ) Tj ET Q q 0 0 0 rg BT 194.16 222.10 Td (to ) Tj ET Q q 0 0 0 rg BT 204.01 222.10 Td (any ) Tj ET Q q 0 0 0 rg BT 220.52 222.10 Td (other ) Tj ET Q q 0 0 0 rg BT 243.14 222.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 274.08 222.10 Td (of ) Tj ET Q q 0 0 0 rg BT 284.48 222.10 Td (the ) Tj ET Q q 0 0 0 rg BT 298.77 222.10 Td (Group. ) Tj ET Q q 0 0 0 rg BT 328.89 222.10 Td ( ) Tj ET Q q 0 0 0 rg BT 330.81 222.10 Td (The ) Tj ET Q q 0 0 0 rg BT 348.43 222.10 Td (special ) Tj ET Q q 0 0 0 rg BT 378.27 222.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 405.90 222.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 432.96 222.10 Td (have ) Tj ET Q q 0 0 0 rg BT 453.91 222.10 Td (only ) Tj ET Q q 0 0 0 rg BT 473.76 222.10 Td (immaterial ) Tj ET Q q 0 0 0 rg BT 519.14 222.10 Td (economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 210.10 Td (entitlements ) Tj ET Q q 0 0 0 rg BT 105.18 210.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 124.42 210.10 Td (as ) Tj ET Q q 0 0 0 rg BT 135.05 210.10 Td (a ) Tj ET Q q 0 0 0 rg BT 141.79 210.10 Td (result, ) Tj ET Q q 0 0 0 rg BT 168.81 210.10 Td (do ) Tj ET Q q 0 0 0 rg BT 181.11 210.10 Td (not ) Tj ET Q q 0 0 0 rg BT 196.19 210.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 225.70 210.10 Td (the ) Tj ET Q q 0 0 0 rg BT 240.22 210.10 Td (Company) Tj ET Q q 0 0 0 rg BT 281.88 210.10 Td (s ) Tj ET Q q 0 0 0 rg BT 288.08 210.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 324.26 210.10 Td (per ) Tj ET Q q 0 0 0 rg BT 339.33 210.10 Td (share ) Tj ET Q q 0 0 0 rg BT 362.73 210.10 Td (calculation. ) Tj ET Q q 0 0 0 rg BT 411.39 210.10 Td ( ) Tj ET Q q 0 0 0 rg BT 413.69 210.10 Td (For ) Tj ET Q q 0 0 0 rg BT 429.89 210.10 Td (an ) Tj ET Q q 0 0 0 rg BT 441.63 210.10 Td (explanation ) Tj ET Q q 0 0 0 rg BT 490.58 210.10 Td (of ) Tj ET Q q 0 0 0 rg BT 501.21 210.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 535.72 210.10 Td (in ) Tj ET Q q 0 0 0 rg BT 545.80 210.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 198.10 Td (special ) Tj ET Q q 0 0 0 rg BT 84.26 198.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 112.32 198.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 139.81 198.10 Td (as ) Tj ET Q q 0 0 0 rg BT 150.64 198.10 Td (a ) Tj ET Q q 0 0 0 rg BT 157.58 198.10 Td (result ) Tj ET Q q 0 0 0 rg BT 182.30 198.10 Td (of ) Tj ET Q q 0 0 0 rg BT 193.13 198.10 Td (the ) Tj ET Q q 0 0 0 rg BT 207.84 198.10 Td (Separation ) Tj ET Q q 0 0 0 rg BT 253.11 198.10 Td (see ) Tj ET Q q 0 0 0 rg BT 268.38 198.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 290.31 198.10 Td (31.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 186.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 174.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 174.10 Td (Retained ) Tj ET Q q 0 0 0 rg BT 129.17 174.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 167.79 174.10 Td (and ) Tj ET Q q 0 0 0 rg BT 185.85 174.10 Td (other ) Tj ET Q q 0 0 0 rg BT 210.02 174.10 Td (reserves) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 150.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 150.10 Td (Retained ) Tj ET Q q 0 0 0 rg BT 128.04 150.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 164.42 150.10 Td (and ) Tj ET Q q 0 0 0 rg BT 181.36 150.10 Td (other ) Tj ET Q q 0 0 0 rg BT 204.40 150.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 239.66 150.10 Td (includes: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 126.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 126.10 Td (the ) Tj ET Q q 0 0 0 rg BT 103.99 126.10 Td (share ) Tj ET Q q 0 0 0 rg BT 126.87 126.10 Td (premium ) Tj ET Q q 0 0 0 rg BT 164.75 126.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 195.39 126.10 Td (of ) Tj ET Q q 0 0 0 rg BT 205.50 126.10 Td (5,975,434 ) Tj ET Q q 0 0 0 rg BT 252.27 126.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 290.16 126.10 Td (at ) Tj ET Q q 0 0 0 rg BT 299.15 126.10 Td (December ) Tj ET Q q 0 0 0 rg BT 342.01 126.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 356.29 126.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 378.07 126.10 Td (\(5,974,271 ) Tj ET Q q 0 0 0 rg BT 428.17 126.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 466.06 126.10 Td (at ) Tj ET Q q 0 0 0 rg BT 475.05 126.10 Td (December ) Tj ET Q q 0 0 0 rg BT 517.91 126.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 532.19 126.10 Td (2014\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 114.10 Td (which ) Tj ET Q q 0 0 0 rg BT 115.90 114.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 149.01 114.10 Td (from ) Tj ET Q q 0 0 0 rg BT 169.91 114.10 Td (the ) Tj ET Q q 0 0 0 rg BT 183.58 114.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 218.92 114.10 Td (of ) Tj ET Q q 0 0 0 rg BT 228.71 114.10 Td (common ) Tj ET Q q 0 0 0 rg BT 265.16 114.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 291.61 114.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 327.51 114.10 Td (to ) Tj ET Q q 0 0 0 rg BT 336.75 114.10 Td (the ) Tj ET Q q 0 0 0 rg BT 350.42 114.10 Td (Restructuring ) Tj ET Q q 0 0 0 rg BT 406.32 114.10 Td (and ) Tj ET Q q 0 0 0 rg BT 422.21 114.10 Td (from ) Tj ET Q q 0 0 0 rg BT 443.11 114.10 Td (a ) Tj ET Q q 0 0 0 rg BT 449.01 114.10 Td (share ) Tj ET Q q 0 0 0 rg BT 471.57 114.10 Td (premium ) Tj ET Q q 0 0 0 rg BT 509.13 114.10 Td (contribution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 102.10 Td (of ) Tj ET Q q 0 0 0 rg BT 100.83 102.10 Td (1,162 ) Tj ET Q q 0 0 0 rg BT 130.83 102.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 169.44 102.10 Td (made ) Tj ET Q q 0 0 0 rg BT 193.59 102.10 Td (by ) Tj ET Q q 0 0 0 rg BT 206.09 102.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 225.00 102.10 Td ( ) Tj ET Q q 0 0 0 rg BT 227.50 102.10 Td (in ) Tj ET Q q 0 0 0 rg BT 237.77 102.10 Td (2015;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 78.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 78.10 Td (the ) Tj ET Q q 0 0 0 rg BT 105.20 78.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 127.62 78.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 159.47 78.10 Td (of ) Tj ET Q q 0 0 0 rg BT 170.79 78.10 Td (5 ) Tj ET Q q 0 0 0 rg BT 183.77 78.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 222.87 78.10 Td (at ) Tj ET Q q 0 0 0 rg BT 233.07 78.10 Td (December ) Tj ET Q q 0 0 0 rg BT 277.14 78.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 292.62 78.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 318.11 78.10 Td (\(nil ) Tj ET Q q 0 0 0 rg BT 334.98 78.10 Td (at ) Tj ET Q q 0 0 0 rg BT 345.18 78.10 Td (December ) Tj ET Q q 0 0 0 rg BT 389.25 78.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 404.73 78.10 Td (2014\), ) Tj ET Q q 0 0 0 rg BT 433.55 78.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 481.51 78.10 Td (in ) Tj ET Q q 0 0 0 rg BT 492.28 78.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 540.22 78.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 66.10 Td (Dutch ) Tj ET Q q 0 0 0 rg BT 116.94 66.10 Td (law) Tj ET Q q 0 0 0 rg BT 130.73 66.10 Td (.) Tj ET Q endstream endobj 389 0 obj <> endobj 390 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 760.75 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 760.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.60 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 199.82 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 206.31 748.75 Td (O ) Tj ET Q q 0 0 0 rg BT 216.41 748.75 Td (THE CONSOLIDA) Tj ET Q q 0 0 0 rg BT 299.85 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 379.03 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 393.02 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 399.50 748.75 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.60 736.75 Td (At December) Tj ET Q q 0 0 0 rg BT 294.78 736.75 Td (31, 2015 and 2014) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 294.65 32.20 Td (F-45) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 689.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 689.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 116.39 689.10 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 180.55 689.10 Td (income/\(loss\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 665.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 665.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.05 665.10 Td (following ) Tj ET Q q 0 0 0 rg BT 149.43 665.10 Td (table ) Tj ET Q q 0 0 0 rg BT 171.37 665.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 206.64 665.10 Td (other ) Tj ET Q q 0 0 0 rg BT 229.68 665.10 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 292.71 665.10 Td (income/\(loss\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 604.60 331.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 604.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 604.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 604.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 604.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 604.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 578.60 331.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 578.60 55.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 578.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 578.60 55.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 578.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 578.60 55.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 544.60 331.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 544.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 544.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 544.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 544.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 544.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 510.60 331.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 510.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 510.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 510.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 510.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 510.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 484.60 331.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 484.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 484.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 484.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 484.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 484.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 458.60 331.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 458.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 458.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 458.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 458.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 458.60 55.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 629.6 m 440.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 629.6 m 444.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 629.6 m 499.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 629.6 m 503.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 629.6 m 558.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 629.6 m 440.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 616.6 m 440.5 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 629.6 m 444.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 629.6 m 499.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 616.6 m 499.5 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 629.6 m 558.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 616.6 m 558.5 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 578.6 m 440.5 578.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 557.6 m 440.5 557.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 578.6 m 499.5 578.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 557.6 m 499.5 557.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 578.6 m 558.5 578.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 557.6 m 558.5 557.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 510.6 m 440.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 510.6 m 499.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 510.6 m 558.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 484.6 m 440.5 484.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 484.6 m 499.5 484.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 484.6 m 558.5 484.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 471.6 m 440.5 471.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 458.6 m 440.5 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 471.6 m 499.5 471.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 458.6 m 499.5 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 471.6 m 558.5 471.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 458.6 m 558.5 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 445.6 m 440.5 445.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 433.6 m 440.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 431.6 m 440.5 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 445.6 m 499.5 445.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 433.6 m 499.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 431.6 m 499.5 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 445.6 m 558.5 445.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 433.6 m 558.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 431.6 m 558.5 431.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.40 633.83 Td (For the years ended December 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 404.50 620.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 463.50 620.83 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 522.50 620.83 Td (2013) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 453.90 608.65 Td (\( thousand\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 595.85 Td (Items that will not be reclassified to the consolidated income statement in subsequent periods:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 69.00 582.85 Td (Gains/\(Losses\) on remeasurement of defined benefit plans) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.30 582.85 Td (898) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 475.60 582.85 Td (\(4,739) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.30 582.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.60 582.85 Td (\(2,412) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 555.30 582.85 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 569.83 Td (Total items that will not be reclassified to the consolidated income statement in subsequent) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 561.83 Td (periods) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 425.30 561.83 Td (898) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.60 561.83 Td (\(4,739) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.30 561.83 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 534.60 561.83 Td (\(2,412) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 555.30 561.83 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 548.85 Td (Items that may be reclassified to the consolidated income statement in subsequent periods:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 69.00 535.85 Td (\(Losses\)/gains on cash flow hedging instruments arising during the period) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.60 535.85 Td (\(160,606) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 437.30 535.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 467.60 535.85 Td (\(145,018) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.30 535.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 535.85 Td (73,221) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 69.00 522.85 Td (Losses/\(gains\) on cash flow hedging instruments reclassified to the consolidated income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 69.00 514.85 Td (statement) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 411.25 514.85 Td (168,840) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 475.60 514.85 Td (\(3,323) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.30 514.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.60 514.85 Td (\(18,618) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 555.30 514.85 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 501.83 Td (Gains/\(losses\) on cash flow hedging instruments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.30 501.83 Td (8,234) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.60 501.83 Td (\(148,341) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.30 501.83 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 501.83 Td (54,603) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 69.00 488.85 Td (Exchange differences on translating foreign operations arising during the period) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.30 488.85 Td (13,344) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 474.30 488.85 Td (27,836) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.60 488.85 Td (\(7,467) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 555.30 488.85 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 475.83 Td (Total items that may be reclassified to the consolidated income statement in subsequent periods) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.30 475.83 Td (21,578) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.60 475.83 Td (\(120,505) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.30 475.83 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 475.83 Td (47,136) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 462.83 Td (Total other comprehensive income/\(loss\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.30 462.83 Td (22,476) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.60 462.83 Td (\(125,244) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.30 462.83 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 462.83 Td (44,724) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 69.00 449.85 Td (Related tax impact) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.60 449.85 Td (\(2,908) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 437.30 449.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 474.30 449.85 Td (47,649) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.60 449.85 Td (\(15,347) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 555.30 449.85 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 436.83 Td (Total other comprehensive income/\(loss\), net of tax) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.30 436.83 Td (19,568) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.60 436.83 Td (\(77,595) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.30 436.83 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 436.83 Td (29,377) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 409.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 409.10 Td (Losses ) Tj ET Q q 0 0 0 rg BT 119.59 409.10 Td (on ) Tj ET Q q 0 0 0 rg BT 131.96 409.10 Td (remeasurement ) Tj ET Q q 0 0 0 rg BT 195.40 409.10 Td (of ) Tj ET Q q 0 0 0 rg BT 206.10 409.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 238.45 409.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 268.58 409.10 Td (plans ) Tj ET Q q 0 0 0 rg BT 292.06 409.10 Td (mainly ) Tj ET Q q 0 0 0 rg BT 322.20 409.10 Td (include ) Tj ET Q q 0 0 0 rg BT 354.00 409.10 Td (actuarial ) Tj ET Q q 0 0 0 rg BT 390.79 409.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 414.26 409.10 Td (and ) Tj ET Q q 0 0 0 rg BT 431.07 409.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 457.33 409.10 Td (arising ) Tj ET Q q 0 0 0 rg BT 486.91 409.10 Td (during ) Tj ET Q q 0 0 0 rg BT 515.39 409.10 Td (the ) Tj ET Q q 0 0 0 rg BT 529.97 409.10 Td (period. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 397.10 Td (These ) Tj ET Q q 0 0 0 rg BT 80.38 397.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 103.99 397.10 Td (and ) Tj ET Q q 0 0 0 rg BT 120.92 397.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 147.32 397.10 Td (are ) Tj ET Q q 0 0 0 rg BT 162.02 397.10 Td (of) Tj ET Q q 0 0 0 rg BT 170.17 397.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 187.11 397.10 Td (against ) Tj ET Q q 0 0 0 rg BT 217.94 397.10 Td (the ) Tj ET Q q 0 0 0 rg BT 232.65 397.10 Td (related ) Tj ET Q q 0 0 0 rg BT 262.35 397.10 Td (net ) Tj ET Q q 0 0 0 rg BT 277.07 397.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 309.56 397.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 339.82 397.10 Td (liabilities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 373.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 373.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.05 373.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 122.76 373.10 Td (ef) Tj ET Q q 0 0 0 rg BT 130.35 373.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 147.84 373.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 180.88 373.10 Td (to ) Tj ET Q q 0 0 0 rg BT 191.16 373.10 Td (other ) Tj ET Q q 0 0 0 rg BT 214.20 373.10 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 277.24 373.10 Td (income/\(loss\) ) Tj ET Q q 0 0 0 rg BT 334.17 373.10 Td (are ) Tj ET Q q 0 0 0 rg BT 348.88 373.10 Td (as ) Tj ET Q q 0 0 0 rg BT 359.71 373.10 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 283.60 112.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 165.50 283.60 40.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 205.50 283.60 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 209.50 283.60 40.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.50 283.60 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.50 283.60 40.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.50 283.60 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 283.60 40.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 283.60 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 283.60 40.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 283.60 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 283.60 40.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 283.60 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 283.60 40.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 283.60 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 283.60 40.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 283.60 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 283.60 40.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 233.60 112.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 165.50 233.60 40.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 205.50 233.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 209.50 233.60 40.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.50 233.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.50 233.60 40.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.50 233.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 233.60 40.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 233.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 233.60 40.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 233.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 233.60 40.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 233.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 233.60 40.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 233.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 233.60 40.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 233.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 233.60 40.00 -21.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 165.5 337.6 m 205.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 337.6 m 209.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 337.6 m 249.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 337.6 m 253.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 337.6 m 293.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 337.6 m 297.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 337.6 m 337.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 337.6 m 341.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 337.6 m 381.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 337.6 m 385.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 337.6 m 425.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 337.6 m 429.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 337.6 m 469.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 337.6 m 473.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 337.6 m 513.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 337.6 m 517.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 337.6 m 557.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 165.5 337.6 m 205.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 165.5 324.6 m 205.5 324.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 337.6 m 209.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 324.6 m 209.5 324.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 337.6 m 249.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 324.6 m 249.5 324.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 337.6 m 253.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 324.6 m 253.5 324.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 337.6 m 293.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 324.6 m 293.5 324.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 337.6 m 337.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 324.6 m 337.5 324.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 337.6 m 341.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 324.6 m 341.5 324.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 337.6 m 381.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 324.6 m 381.5 324.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 337.6 m 385.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 324.6 m 385.5 324.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 337.6 m 425.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 324.6 m 425.5 324.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 337.6 m 469.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 324.6 m 469.5 324.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 337.6 m 473.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 324.6 m 473.5 324.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 337.6 m 513.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 324.6 m 513.5 324.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 337.6 m 517.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 324.6 m 517.5 324.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 337.6 m 557.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 324.6 m 557.5 324.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 165.5 295.6 m 205.5 295.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 295.6 m 249.5 295.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 295.6 m 293.5 295.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 295.6 m 337.5 295.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 324.6 m 381.5 324.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 295.6 m 381.5 295.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 324.6 m 425.5 324.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 295.6 m 425.5 295.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 324.6 m 469.5 324.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 295.6 m 469.5 295.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 324.6 m 473.5 324.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 324.6 m 513.5 324.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 295.6 m 513.5 295.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 324.6 m 517.5 324.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 324.6 m 557.5 324.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 295.6 m 557.5 295.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 165.5 212.60000000000002 m 205.5 212.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 165.5 192.60000000000002 m 205.5 192.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 165.5 190.60000000000002 m 205.5 190.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 212.60000000000002 m 249.5 212.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 192.60000000000002 m 249.5 192.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 190.60000000000002 m 249.5 190.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 212.60000000000002 m 293.5 212.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 192.60000000000002 m 293.5 192.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 190.60000000000002 m 293.5 190.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 212.60000000000002 m 337.5 212.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 192.60000000000002 m 337.5 192.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 190.60000000000002 m 337.5 190.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 212.60000000000002 m 381.5 212.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 192.60000000000002 m 381.5 192.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 190.60000000000002 m 381.5 190.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 212.60000000000002 m 425.5 212.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 192.60000000000002 m 425.5 192.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 190.60000000000002 m 425.5 190.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 212.60000000000002 m 469.5 212.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 192.60000000000002 m 469.5 192.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 190.60000000000002 m 469.5 190.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 212.60000000000002 m 513.5 212.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 192.60000000000002 m 513.5 192.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 190.60000000000002 m 513.5 190.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 212.60000000000002 m 557.5 212.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 192.60000000000002 m 557.5 192.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 190.60000000000002 m 557.5 190.60000000000002 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.90 341.83 Td (For the years ended December 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 221.00 328.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.00 328.83 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 485.00 328.83 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 172.40 307.83 Td (Pre-tax) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 171.85 299.83 Td (balance) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 222.65 315.83 Td (Tax) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 215.65 307.83 Td (income/) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 213.00 299.83 Td (\(expense\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 267.00 307.83 Td (Net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 259.85 299.83 Td (balance) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 304.40 307.83 Td (Pre-tax) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 303.85 299.83 Td (balance) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 354.65 315.83 Td (Tax) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 347.65 307.83 Td (income/) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 345.00 299.83 Td (\(expense\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.00 307.83 Td (Net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.85 299.83 Td (balance) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.40 307.83 Td (Pre-tax) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.85 299.83 Td (balance) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.65 315.83 Td (Tax) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.65 307.83 Td (income/) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.00 299.83 Td (\(expense\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 531.00 307.83 Td (Net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 523.85 299.83 Td (balance) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 343.40 287.65 Td (\( thousand\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 274.85 Td (Gains/\(losses\) on) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 266.85 Td (remeasurement of defined) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 258.85 Td (benefit plans) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 190.25 258.85 Td (898) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.60 258.85 Td (\(308) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 246.30 258.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.25 258.85 Td (590) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.60 258.85 Td (\(4,739) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 334.30 258.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.25 258.85 Td (1,061) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 401.60 258.85 Td (\(3,678) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.30 258.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.60 258.85 Td (\(2,412) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 466.30 258.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.25 258.85 Td (1,799) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 539.60 258.85 Td (\(613) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.30 258.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 245.85 Td (Gains/\(losses\) on cash flow) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 237.85 Td (hedging instruments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 184.25 237.85 Td (8,234) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 225.60 237.85 Td (\(2,600) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 246.30 237.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 272.25 237.85 Td (5,634) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.60 237.85 Td (\(148,341) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 334.30 237.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 356.25 237.85 Td (46,588) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 393.60 237.85 Td (\(101,753) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.30 237.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.25 237.85 Td (54,603) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.60 237.85 Td (\(17,146) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.30 237.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.25 237.85 Td (37,457) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 224.85 Td (Exchange gains/\(losses\) on) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 216.85 Td (translating foreign operations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 180.25 216.85 Td (13,344) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 238.25 216.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 268.25 216.85 Td (13,344) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.25 216.85 Td (27,836) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.25 216.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.25 216.85 Td (27,836) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.60 216.85 Td (\(7,467) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 466.30 216.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 502.25 216.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.60 216.85 Td (\(7,467) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.30 216.85 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 56.00 203.83 Td (Total other comprehensive) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 56.00 195.83 Td (\(loss\)/income) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 180.25 195.83 Td (22,476) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 225.60 195.83 Td (\(2,908) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 246.30 195.83 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 268.25 195.83 Td (19,568) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 305.60 195.83 Td (\(125,244) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 334.30 195.83 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 356.25 195.83 Td (47,649) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 397.60 195.83 Td (\(77,595) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 422.30 195.83 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.25 195.83 Td (44,724) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 485.60 195.83 Td (\(15,347) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.30 195.83 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.25 195.83 Td (29,377) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 156.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 156.10 Td (T) Tj ET Q q 0 0 0 rg BT 95.74 156.10 Td (ransaction with non-controlling interest for the year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 132.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 132.10 Td (T) Tj ET Q q 0 0 0 rg BT 95.76 132.10 Td (ransaction ) Tj ET Q q 0 0 0 rg BT 138.64 132.10 Td (with ) Tj ET Q q 0 0 0 rg BT 158.21 132.10 Td (non-controlling ) Tj ET Q q 0 0 0 rg BT 222.22 132.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 253.44 132.10 Td (for ) Tj ET Q q 0 0 0 rg BT 266.89 132.10 Td (the ) Tj ET Q q 0 0 0 rg BT 280.90 132.10 Td (year ) Tj ET Q q 0 0 0 rg BT 299.90 132.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 325.57 132.10 Td (December ) Tj ET Q q 0 0 0 rg BT 368.45 132.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 382.74 132.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 404.53 132.10 Td (relates ) Tj ET Q q 0 0 0 rg BT 432.42 132.10 Td (to ) Tj ET Q q 0 0 0 rg BT 441.99 132.10 Td (the ) Tj ET Q q 0 0 0 rg BT 456.00 132.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 493.33 132.10 Td (of ) Tj ET Q q 0 0 0 rg BT 503.45 132.10 Td (the ) Tj ET Q q 0 0 0 rg BT 517.46 132.10 Td (remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 120.10 Td (10 ) Tj ET Q q 0 0 0 rg BT 66.02 120.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 97.47 120.10 Td (of ) Tj ET Q q 0 0 0 rg BT 107.82 120.10 Td (NCI ) Tj ET Q q 0 0 0 rg BT 127.07 120.10 Td (of ) Tj ET Q q 0 0 0 rg BT 137.42 120.10 Td (the ) Tj ET Q q 0 0 0 rg BT 151.66 120.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 194.79 120.10 Td (FFS ) Tj ET Q q 0 0 0 rg BT 213.50 120.10 Td (from ) Tj ET Q q 0 0 0 rg BT 234.51 120.10 Td (Aldasa ) Tj ET Q q 0 0 0 rg BT 264.31 120.10 Td (GmbH. ) Tj ET Q q 0 0 0 rg BT 295.90 120.10 Td (The ) Tj ET Q q 0 0 0 rg BT 313.47 120.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 351.03 120.10 Td (price ) Tj ET Q q 0 0 0 rg BT 373.04 120.10 Td (for ) Tj ET Q q 0 0 0 rg BT 386.72 120.10 Td (the ) Tj ET Q q 0 0 0 rg BT 400.96 120.10 Td (FFS ) Tj ET Q q 0 0 0 rg BT 419.67 120.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 446.69 120.10 Td (was ) Tj ET Q q 0 0 0 rg BT 464.26 120.10 Td (8,500 ) Tj ET Q q 0 0 0 rg BT 493.78 120.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 531.91 120.10 Td (\(based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 108.10 Td (on ) Tj ET Q q 0 0 0 rg BT 66.53 108.10 Td (an ) Tj ET Q q 0 0 0 rg BT 78.49 108.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 129.89 108.10 Td (valuation\) ) Tj ET Q q 0 0 0 rg BT 172.96 108.10 Td (and ) Tj ET Q q 0 0 0 rg BT 189.93 108.10 Td (the ) Tj ET Q q 0 0 0 rg BT 204.67 108.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 240.51 108.10 Td (value ) Tj ET Q q 0 0 0 rg BT 264.69 108.10 Td (of ) Tj ET Q q 0 0 0 rg BT 275.55 108.10 Td (the ) Tj ET Q q 0 0 0 rg BT 290.29 108.10 Td (10 ) Tj ET Q q 0 0 0 rg BT 302.82 108.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 334.77 108.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 366.73 108.10 Td (at ) Tj ET Q q 0 0 0 rg BT 376.48 108.10 Td (the ) Tj ET Q q 0 0 0 rg BT 391.22 108.10 Td (time ) Tj ET Q q 0 0 0 rg BT 411.52 108.10 Td (of ) Tj ET Q q 0 0 0 rg BT 422.38 108.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 460.44 108.10 Td (was ) Tj ET Q q 0 0 0 rg BT 478.52 108.10 Td (5,898 ) Tj ET Q q 0 0 0 rg BT 508.55 108.10 Td (thousand. ) Tj ET Q q 0 0 0 rg BT 549.68 108.10 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 96.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 101.46 96.10 Td (with ) Tj ET Q q 0 0 0 rg BT 121.74 96.10 Td (IAS ) Tj ET Q q 0 0 0 rg BT 140.35 96.10 Td (27, ) Tj ET Q q 0 0 0 rg BT 155.35 96.10 Td (the ) Tj ET Q q 0 0 0 rg BT 170.07 96.10 Td (dif) Tj ET Q q 0 0 0 rg BT 181.00 96.10 Td (ference ) Tj ET Q q 0 0 0 rg BT 212.91 96.10 Td (of ) Tj ET Q q 0 0 0 rg BT 223.74 96.10 Td (2,602 ) Tj ET Q q 0 0 0 rg BT 253.74 96.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 292.35 96.10 Td (was ) Tj ET Q q 0 0 0 rg BT 310.40 96.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 347.88 96.10 Td (as ) Tj ET Q q 0 0 0 rg BT 358.71 96.10 Td (a ) Tj ET Q q 0 0 0 rg BT 365.65 96.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 405.91 96.10 Td (to ) Tj ET Q q 0 0 0 rg BT 416.19 96.10 Td (equity) Tj ET Q q 0 0 0 rg BT 440.53 96.10 Td (.) Tj ET Q endstream endobj 391 0 obj <> endobj 392 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 760.75 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 760.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.60 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 199.82 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 206.31 748.75 Td (O ) Tj ET Q q 0 0 0 rg BT 216.41 748.75 Td (THE CONSOLIDA) Tj ET Q q 0 0 0 rg BT 299.85 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 379.03 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 393.02 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 399.50 748.75 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.60 736.75 Td (At December) Tj ET Q q 0 0 0 rg BT 294.78 736.75 Td (31, 2015 and 2014) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 294.65 32.20 Td (F-46) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 689.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 689.25 Td (T) Tj ET Q q 0 0 0 rg BT 95.74 689.25 Td (ransaction ) Tj ET Q q 0 0 0 rg BT 142.14 689.25 Td (with ) Tj ET Q q 0 0 0 rg BT 162.43 689.25 Td (non-controlling ) Tj ET Q q 0 0 0 rg BT 229.95 689.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 266.89 689.25 Td (for ) Tj ET Q q 0 0 0 rg BT 281.62 689.25 Td (the ) Tj ET Q q 0 0 0 rg BT 296.89 689.25 Td (year ) Tj ET Q q 0 0 0 rg BT 317.16 689.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 344.10 689.25 Td (December ) Tj ET Q q 0 0 0 rg BT 388.25 689.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 403.25 689.25 Td (2014) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 616.75 370.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 616.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 616.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 616.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 588.75 370.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 588.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 588.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 588.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 560.75 370.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 560.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 560.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 560.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 532.75 370.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 532.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 532.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 532.75 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 643.75 m 489.5 643.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 643.75 m 493.5 643.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 643.75 m 558.5 643.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 629.75 m 489.5 629.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 629.75 m 558.5 629.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 532.75 m 489.5 532.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 519.75 m 489.5 519.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 517.75 m 489.5 517.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 532.75 m 558.5 532.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 519.75 m 558.5 519.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 517.75 m 558.5 517.75 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 653.11 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 453.65 657.70 Td ( For) Tj ET Q q 0 0 0 rg BT 469.73 657.70 Td ( the year) Tj ET Q q 0 0 0 rg BT 503.05 657.70 Td ( ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.70 648.70 Td (December) Tj ET Q q 0 0 0 rg BT 493.51 648.70 Td ( 31, 2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 634.60 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 442.70 634.70 Td ( Group) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 492.00 634.70 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 516.10 634.70 Td ( NCI) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 470.85 621.35 Td (\( thousand\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.00 607.70 Td (Transactions with non-controlling interests) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 486.00 607.61 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.00 607.61 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 555.00 607.61 Td () Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 57.00 593.70 Td (FICTS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 486.00 593.61 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.00 593.61 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 555.00 593.61 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 579.61 Td (Capital reduction and change in ownership percentage of FICTS from 59% to 80%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.75 579.61 Td (3,832) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.00 579.61 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.75 579.61 Td (\(5,050) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 555.00 579.61 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 565.61 Td (Expiration and renegotiation of FICTS constitution and change in operations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.75 565.61 Td (\(5,095) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 486.00 565.61 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.00 565.61 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 565.61 Td (59,074) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 57.00 551.70 Td (FFS Inc.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 486.00 551.61 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.00 551.61 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 555.00 551.61 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 537.61 Td (Capital increase) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 477.00 537.61 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.00 537.61 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 537.61 Td (1,219) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.00 523.70 Td (Total change in scope of consolidation) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 462.75 523.70 Td (\(1,263) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.00 523.70 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 492.00 523.70 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 523.70 Td (55,243) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 495.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 495.25 Td (Capital ) Tj ET Q q 0 0 0 rg BT 122.43 495.25 Td (reduction ) Tj ET Q q 0 0 0 rg BT 164.30 495.25 Td (and ) Tj ET Q q 0 0 0 rg BT 182.29 495.25 Td (change ) Tj ET Q q 0 0 0 rg BT 214.71 495.25 Td (in ) Tj ET Q q 0 0 0 rg BT 225.48 495.25 Td (ownership ) Tj ET Q q 0 0 0 rg BT 270.69 495.25 Td (percentage ) Tj ET Q q 0 0 0 rg BT 318.10 495.25 Td (of ) Tj ET Q q 0 0 0 rg BT 328.86 495.25 Td (FICTS ) Tj ET Q q 0 0 0 rg BT 360.18 495.25 Td (from ) Tj ET Q q 0 0 0 rg BT 382.61 495.25 Td (59 ) Tj ET Q q 0 0 0 rg BT 395.03 495.25 Td (percent ) Tj ET Q q 0 0 0 rg BT 428.00 495.25 Td (to ) Tj ET Q q 0 0 0 rg BT 438.21 495.25 Td (80 ) Tj ET Q q 0 0 0 rg BT 450.63 495.25 Td (percent ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 483.60 495.25 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.93 495.25 Td ( ) Tj ET Q q 0 0 0 rg BT 489.36 495.25 Td (In ) Tj ET Q q 0 0 0 rg BT 500.11 495.25 Td (June ) Tj ET Q q 0 0 0 rg BT 520.86 495.25 Td (2014, ) Tj ET Q q 0 0 0 rg BT 545.79 495.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 483.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 81.35 483.25 Td (of ) Tj ET Q q 0 0 0 rg BT 92.59 483.25 Td (Directors ) Tj ET Q q 0 0 0 rg BT 132.71 483.25 Td (of ) Tj ET Q q 0 0 0 rg BT 143.95 483.25 Td (FICTS ) Tj ET Q q 0 0 0 rg BT 174.09 483.25 Td (agreed ) Tj ET Q q 0 0 0 rg BT 203.64 483.25 Td (to ) Tj ET Q q 0 0 0 rg BT 214.33 483.25 Td (perform ) Tj ET Q q 0 0 0 rg BT 249.45 483.25 Td (a ) Tj ET Q q 0 0 0 rg BT 256.80 483.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 286.36 483.25 Td (reduction, ) Tj ET Q q 0 0 0 rg BT 329.53 483.25 Td (returning ) Tj ET Q q 0 0 0 rg BT 369.10 483.25 Td (all ) Tj ET Q q 0 0 0 rg BT 382.00 483.25 Td (of ) Tj ET Q q 0 0 0 rg BT 393.24 483.25 Td (the ) Tj ET Q q 0 0 0 rg BT 408.37 483.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 437.93 483.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 484.72 483.25 Td (to ) Tj ET Q q 0 0 0 rg BT 495.41 483.25 Td (two ) Tj ET Q q 0 0 0 rg BT 513.32 483.25 Td (of ) Tj ET Q q 0 0 0 rg BT 524.56 483.25 Td (the ) Tj ET Q q 0 0 0 rg BT 539.69 483.25 Td (non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 471.25 Td (controlling ) Tj ET Q q 0 0 0 rg BT 99.77 471.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 134.99 471.25 Td (in ) Tj ET Q q 0 0 0 rg BT 144.66 471.25 Td (FICTS, ) Tj ET Q q 0 0 0 rg BT 176.28 471.25 Td (and ) Tj ET Q q 0 0 0 rg BT 192.61 471.25 Td (reducing ) Tj ET Q q 0 0 0 rg BT 229.49 471.25 Td (the ) Tj ET Q q 0 0 0 rg BT 243.60 471.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 274.92 471.25 Td (of ) Tj ET Q q 0 0 0 rg BT 285.14 471.25 Td (the ) Tj ET Q q 0 0 0 rg BT 299.25 471.25 Td (third ) Tj ET Q q 0 0 0 rg BT 320.03 471.25 Td (non-controlling ) Tj ET Q q 0 0 0 rg BT 384.13 471.25 Td (interest. ) Tj ET Q q 0 0 0 rg BT 417.54 471.25 Td (As ) Tj ET Q q 0 0 0 rg BT 430.54 471.25 Td (a ) Tj ET Q q 0 0 0 rg BT 436.87 471.25 Td (result ) Tj ET Q q 0 0 0 rg BT 460.98 471.25 Td (of ) Tj ET Q q 0 0 0 rg BT 471.20 471.25 Td (the ) Tj ET Q q 0 0 0 rg BT 485.31 471.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 513.85 471.25 Td (reductions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 459.25 Td (Ferrari) Tj ET Q q 0 0 0 rg BT 83.99 459.25 Td (s ) Tj ET Q q 0 0 0 rg BT 89.91 459.25 Td (proportional ) Tj ET Q q 0 0 0 rg BT 141.38 459.25 Td (shareholding ) Tj ET Q q 0 0 0 rg BT 195.07 459.25 Td (in ) Tj ET Q q 0 0 0 rg BT 204.88 459.25 Td (FICTS ) Tj ET Q q 0 0 0 rg BT 234.14 459.25 Td (increased ) Tj ET Q q 0 0 0 rg BT 273.93 459.25 Td (from ) Tj ET Q q 0 0 0 rg BT 295.40 459.25 Td (59 ) Tj ET Q q 0 0 0 rg BT 307.44 459.25 Td (percent ) Tj ET Q q 0 0 0 rg BT 338.90 459.25 Td (to ) Tj ET Q q 0 0 0 rg BT 348.71 459.25 Td (80 ) Tj ET Q q 0 0 0 rg BT 360.74 459.25 Td (percent. ) Tj ET Q q 0 0 0 rg BT 394.55 459.25 Td (The ) Tj ET Q q 0 0 0 rg BT 412.13 459.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 447.48 459.25 Td (value ) Tj ET Q q 0 0 0 rg BT 471.17 459.25 Td (of ) Tj ET Q q 0 0 0 rg BT 481.53 459.25 Td (the ) Tj ET Q q 0 0 0 rg BT 495.78 459.25 Td (non-controlling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 447.25 Td (interest, ) Tj ET Q q 0 0 0 rg BT 88.43 447.25 Td (and ) Tj ET Q q 0 0 0 rg BT 105.37 447.25 Td (Ferrari) Tj ET Q q 0 0 0 rg BT 135.36 447.25 Td (s ) Tj ET Q q 0 0 0 rg BT 141.75 447.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 173.68 447.25 Td (in ) Tj ET Q q 0 0 0 rg BT 183.96 447.25 Td (FICTS ) Tj ET Q q 0 0 0 rg BT 213.69 447.25 Td (was ) Tj ET Q q 0 0 0 rg BT 231.74 447.25 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 267.57 447.25 Td (to ) Tj ET Q q 0 0 0 rg BT 277.85 447.25 Td (reflect ) Tj ET Q q 0 0 0 rg BT 305.88 447.25 Td (the ) Tj ET Q q 0 0 0 rg BT 320.60 447.25 Td (change ) Tj ET Q q 0 0 0 rg BT 351.41 447.25 Td (in ) Tj ET Q q 0 0 0 rg BT 361.69 447.25 Td (shareholding ) Tj ET Q q 0 0 0 rg BT 415.85 447.25 Td (structure.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 423.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 423.25 Td (Expiration ) Tj ET Q q 0 0 0 rg BT 137.68 423.25 Td (and ) Tj ET Q q 0 0 0 rg BT 156.46 423.25 Td (renegotiation ) Tj ET Q q 0 0 0 rg BT 214.68 423.25 Td (of ) Tj ET Q q 0 0 0 rg BT 226.23 423.25 Td (FICTS ) Tj ET Q q 0 0 0 rg BT 258.34 423.25 Td (constitution ) Tj ET Q q 0 0 0 rg BT 310.47 423.25 Td (and ) Tj ET Q q 0 0 0 rg BT 329.25 423.25 Td (change ) Tj ET Q q 0 0 0 rg BT 362.47 423.25 Td (in ) Tj ET Q q 0 0 0 rg BT 374.02 423.25 Td (operations ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 420.58 423.25 Td (-) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 423.91 423.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.13 423.25 Td (In ) Tj ET Q q 0 0 0 rg BT 438.68 423.25 Td (2014, ) Tj ET Q q 0 0 0 rg BT 464.39 423.25 Td (the ) Tj ET Q q 0 0 0 rg BT 479.83 423.25 Td (agreement ) Tj ET Q q 0 0 0 rg BT 524.69 423.25 Td (between ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 411.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 84.06 411.25 Td (and ) Tj ET Q q 0 0 0 rg BT 101.35 411.25 Td (the ) Tj ET Q q 0 0 0 rg BT 116.42 411.25 Td (non-controlling ) Tj ET Q q 0 0 0 rg BT 181.48 411.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 217.66 411.25 Td (expired. ) Tj ET Q q 0 0 0 rg BT 252.36 411.25 Td (Also ) Tj ET Q q 0 0 0 rg BT 274.11 411.25 Td (in ) Tj ET Q q 0 0 0 rg BT 284.74 411.25 Td (2014, ) Tj ET Q q 0 0 0 rg BT 310.09 411.25 Td (the ) Tj ET Q q 0 0 0 rg BT 325.16 411.25 Td (agreement ) Tj ET Q q 0 0 0 rg BT 369.65 411.25 Td (between ) Tj ET Q q 0 0 0 rg BT 405.82 411.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 435.88 411.25 Td (and ) Tj ET Q q 0 0 0 rg BT 453.17 411.25 Td (Maserati, ) Tj ET Q q 0 0 0 rg BT 493.50 411.25 Td (which ) Tj ET Q q 0 0 0 rg BT 520.79 411.25 Td (governed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 399.25 Td (how ) Tj ET Q q 0 0 0 rg BT 72.75 399.25 Td (FICTS ) Tj ET Q q 0 0 0 rg BT 101.50 399.25 Td (imported ) Tj ET Q q 0 0 0 rg BT 139.13 399.25 Td (and ) Tj ET Q q 0 0 0 rg BT 155.10 399.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 173.29 399.25 Td (Maserati ) Tj ET Q q 0 0 0 rg BT 209.81 399.25 Td (cars ) Tj ET Q q 0 0 0 rg BT 227.43 399.25 Td (in ) Tj ET Q q 0 0 0 rg BT 236.73 399.25 Td (China, ) Tj ET Q q 0 0 0 rg BT 264.65 399.25 Td (and ) Tj ET Q q 0 0 0 rg BT 280.61 399.25 Td (how ) Tj ET Q q 0 0 0 rg BT 299.36 399.25 Td (Maserati ) Tj ET Q q 0 0 0 rg BT 335.87 399.25 Td (was ) Tj ET Q q 0 0 0 rg BT 352.95 399.25 Td (compensated ) Tj ET Q q 0 0 0 rg BT 406.68 399.25 Td (for ) Tj ET Q q 0 0 0 rg BT 419.86 399.25 Td (such ) Tj ET Q q 0 0 0 rg BT 439.72 399.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 489.01 399.25 Td (expired. ) Tj ET Q q 0 0 0 rg BT 523.02 399.25 Td (Maserati ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 387.25 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 106.67 387.25 Td (a ) Tj ET Q q 0 0 0 rg BT 113.25 387.25 Td (new ) Tj ET Q q 0 0 0 rg BT 132.05 387.25 Td (Chinese ) Tj ET Q q 0 0 0 rg BT 166.41 387.25 Td (entity ) Tj ET Q q 0 0 0 rg BT 191.32 387.25 Td (to ) Tj ET Q q 0 0 0 rg BT 201.24 387.25 Td (distribute ) Tj ET Q q 0 0 0 rg BT 241.15 387.25 Td (Maserati ) Tj ET Q q 0 0 0 rg BT 278.28 387.25 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 313.18 387.25 Td (in ) Tj ET Q q 0 0 0 rg BT 323.10 387.25 Td (China. ) Tj ET Q q 0 0 0 rg BT 351.16 387.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 400.49 387.25 Td (, ) Tj ET Q q 0 0 0 rg BT 405.13 387.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 434.48 387.25 Td (no ) Tj ET Q q 0 0 0 rg BT 446.62 387.25 Td (longer ) Tj ET Q q 0 0 0 rg BT 474.31 387.25 Td (accounted ) Tj ET Q q 0 0 0 rg BT 516.98 387.25 Td (for ) Tj ET Q q 0 0 0 rg BT 530.78 387.25 Td (FICTS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 375.25 Td (as ) Tj ET Q q 0 0 0 rg BT 65.81 375.25 Td (a ) Tj ET Q q 0 0 0 rg BT 73.73 375.25 Td (Joint ) Tj ET Q q 0 0 0 rg BT 96.67 375.25 Td (Operation, ) Tj ET Q q 0 0 0 rg BT 142.63 375.25 Td (but ) Tj ET Q q 0 0 0 rg BT 158.90 375.25 Td (rather ) Tj ET Q q 0 0 0 rg BT 185.69 375.25 Td (as ) Tj ET Q q 0 0 0 rg BT 197.51 375.25 Td (a ) Tj ET Q q 0 0 0 rg BT 205.43 375.25 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 245.89 375.25 Td (. ) Tj ET Q q 0 0 0 rg BT 251.87 375.25 Td (Such ) Tj ET Q q 0 0 0 rg BT 275.35 375.25 Td (change ) Tj ET Q q 0 0 0 rg BT 307.15 375.25 Td (resulted ) Tj ET Q q 0 0 0 rg BT 342.29 375.25 Td (in ) Tj ET Q q 0 0 0 rg BT 353.55 375.25 Td (the ) Tj ET Q q 0 0 0 rg BT 369.25 375.25 Td (recognition ) Tj ET Q q 0 0 0 rg BT 418.27 375.25 Td (of ) Tj ET Q q 0 0 0 rg BT 430.09 375.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 473.56 375.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 500.37 375.25 Td (and ) Tj ET Q q 0 0 0 rg BT 518.30 375.25 Td (liabilities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 363.25 Td (previously ) Tj ET Q q 0 0 0 rg BT 98.95 363.25 Td (excluded ) Tj ET Q q 0 0 0 rg BT 137.77 363.25 Td (from ) Tj ET Q q 0 0 0 rg BT 159.94 363.25 Td (the ) Tj ET Q q 0 0 0 rg BT 174.89 363.25 Td (scope ) Tj ET Q q 0 0 0 rg BT 200.39 363.25 Td (of ) Tj ET Q q 0 0 0 rg BT 211.46 363.25 Td (consolidation, ) Tj ET Q q 0 0 0 rg BT 270.57 363.25 Td (and ) Tj ET Q q 0 0 0 rg BT 287.74 363.25 Td (the ) Tj ET Q q 0 0 0 rg BT 302.69 363.25 Td (derecognition ) Tj ET Q q 0 0 0 rg BT 360.40 363.25 Td (of ) Tj ET Q q 0 0 0 rg BT 371.46 363.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 401.40 363.25 Td (assets, ) Tj ET Q q 0 0 0 rg BT 429.96 363.25 Td (which ) Tj ET Q q 0 0 0 rg BT 457.13 363.25 Td (are ) Tj ET Q q 0 0 0 rg BT 472.07 363.25 Td (now ) Tj ET Q q 0 0 0 rg BT 492.02 363.25 Td (accounted ) Tj ET Q q 0 0 0 rg BT 535.29 363.25 Td (for ) Tj ET Q q 0 0 0 rg BT 549.68 363.25 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 351.25 Td (intercompany ) Tj ET Q q 0 0 0 rg BT 111.48 351.25 Td (transactions. ) Tj ET Q BT /F4 10.00 Tf ET 1 1 1 rg /GS0 gs 54.00 334.02 114.59 -8.93 re f /GS0 gs q 0 0 0 rg BT 54.00 327.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 327.25 Td (Dividends declared) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 54.00 310.18 36.00 -9.09 re f /GS0 gs q 0 0 0 rg BT 54.00 303.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 303.25 Td (FICTS ) Tj ET Q q 0 0 0 rg BT 119.67 303.25 Td (shareholders) Tj ET Q q 0 0 0 rg BT 172.79 303.25 Td ( ) Tj ET Q q 0 0 0 rg BT 175.22 303.25 Td (declared ) Tj ET Q q 0 0 0 rg BT 211.52 303.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 252.84 303.25 Td (to ) Tj ET Q q 0 0 0 rg BT 263.05 303.25 Td (non-controlling ) Tj ET Q q 0 0 0 rg BT 327.70 303.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 363.46 303.25 Td (of ) Tj ET Q q 0 0 0 rg BT 374.22 303.25 Td (79,369 ) Tj ET Q q 0 0 0 rg BT 409.16 303.25 Td (thousand, ) Tj ET Q q 0 0 0 rg BT 450.20 303.25 Td (representing ) Tj ET Q q 0 0 0 rg BT 502.06 303.25 Td ( ) Tj ET Q q 0 0 0 rg BT 504.49 303.25 Td (the ) Tj ET Q q 0 0 0 rg BT 519.14 303.25 Td (aggregate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 291.25 Td (distributable ) Tj ET Q q 0 0 0 rg BT 106.62 291.25 Td (profits ) Tj ET Q q 0 0 0 rg BT 135.36 291.25 Td (at ) Tj ET Q q 0 0 0 rg BT 145.20 291.25 Td (December ) Tj ET Q q 0 0 0 rg BT 188.92 291.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 204.05 291.25 Td (2014. ) Tj ET Q q 0 0 0 rg BT 228.60 291.25 Td (An ) Tj ET Q q 0 0 0 rg BT 243.45 291.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 276.07 291.25 Td (of ) Tj ET Q q 0 0 0 rg BT 287.03 291.25 Td ( ) Tj ET Q q 0 0 0 rg BT 289.66 291.25 Td (15,050 ) Tj ET Q q 0 0 0 rg BT 324.79 291.25 Td (thousand ) Tj ET Q q 0 0 0 rg BT 363.53 291.25 Td (was ) Tj ET Q q 0 0 0 rg BT 381.71 291.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 401.55 291.25 Td (to ) Tj ET Q q 0 0 0 rg BT 411.96 291.25 Td (the ) Tj ET Q q 0 0 0 rg BT 426.81 291.25 Td (non-controlling ) Tj ET Q q 0 0 0 rg BT 491.65 291.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 527.60 291.25 Td (in ) Tj ET Q q 0 0 0 rg BT 538.01 291.25 Td (2014 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 279.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.44 279.25 Td (53,942 ) Tj ET Q q 0 0 0 rg BT 106.94 279.25 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.05 279.25 Td ( ) Tj ET Q q 0 0 0 rg BT 146.05 279.25 Td (thousand ) Tj ET Q q 0 0 0 rg BT 185.16 279.25 Td (in ) Tj ET Q q 0 0 0 rg BT 195.94 279.25 Td (2015. ) Tj ET Q q 0 0 0 rg BT 221.22 279.25 Td (The ) Tj ET Q q 0 0 0 rg BT 239.77 279.25 Td (remaining ) Tj ET Q q 0 0 0 rg BT 283.31 279.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 316.84 279.25 Td (at ) Tj ET Q q 0 0 0 rg BT 327.06 279.25 Td (December ) Tj ET Q q 0 0 0 rg BT 371.14 279.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 386.64 279.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 412.15 279.25 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 456.80 279.25 Td (to ) Tj ET Q q 0 0 0 rg BT 467.57 279.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.57 279.25 Td (18,308) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.07 279.25 Td ( ) Tj ET Q q 0 0 0 rg BT 503.08 279.25 Td (thousand, ) Tj ET Q q 0 0 0 rg BT 544.68 279.25 Td (has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 267.25 Td (been ) Tj ET Q q 0 0 0 rg BT 75.38 267.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 112.85 267.25 Td (as ) Tj ET Q q 0 0 0 rg BT 123.68 267.25 Td (other ) Tj ET Q q 0 0 0 rg BT 146.73 267.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 186.45 267.25 Td (and ) Tj ET Q q 0 0 0 rg BT 203.38 267.25 Td (will ) Tj ET Q q 0 0 0 rg BT 221.44 267.25 Td (be ) Tj ET Q q 0 0 0 rg BT 233.38 267.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 253.10 267.25 Td (in ) Tj ET Q q 0 0 0 rg BT 263.38 267.25 Td (2016. ) Tj ET Q q 0 0 0 rg BT 288.38 267.25 Td (See ) Tj ET Q q 0 0 0 rg BT 305.31 267.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 327.25 267.25 Td (24.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 243.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 90.00 243.25 Td (Policies ) Tj ET Q q 0 0 0 rg BT 124.71 243.25 Td (and ) Tj ET Q q 0 0 0 rg BT 142.77 243.25 Td (processes ) Tj ET Q q 0 0 0 rg BT 184.16 243.25 Td (for ) Tj ET Q q 0 0 0 rg BT 198.88 243.25 Td (managing ) Tj ET Q q 0 0 0 rg BT 243.06 243.25 Td (capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 219.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 219.25 Td (The ) Tj ET Q q 0 0 0 rg BT 108.78 219.25 Td (Group) Tj ET Q q 0 0 0 rg BT 137.11 219.25 Td (s ) Tj ET Q q 0 0 0 rg BT 144.24 219.25 Td (objectives ) Tj ET Q q 0 0 0 rg BT 188.02 219.25 Td (when ) Tj ET Q q 0 0 0 rg BT 212.92 219.25 Td (managing ) Tj ET Q q 0 0 0 rg BT 255.59 219.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 285.47 219.25 Td (are ) Tj ET Q q 0 0 0 rg BT 300.92 219.25 Td (to ) Tj ET Q q 0 0 0 rg BT 311.93 219.25 Td (create ) Tj ET Q q 0 0 0 rg BT 339.03 219.25 Td (value ) Tj ET Q q 0 0 0 rg BT 363.92 219.25 Td (for ) Tj ET Q q 0 0 0 rg BT 378.82 219.25 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 432.59 219.25 Td (as ) Tj ET Q q 0 0 0 rg BT 444.16 219.25 Td (a ) Tj ET Q q 0 0 0 rg BT 451.83 219.25 Td (whole, ) Tj ET Q q 0 0 0 rg BT 482.01 219.25 Td (safeguard ) Tj ET Q q 0 0 0 rg BT 524.11 219.25 Td (business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 207.25 Td (continuity ) Tj ET Q q 0 0 0 rg BT 96.76 207.25 Td (and ) Tj ET Q q 0 0 0 rg BT 113.40 207.25 Td (support ) Tj ET Q q 0 0 0 rg BT 145.60 207.25 Td (the ) Tj ET Q q 0 0 0 rg BT 160.02 207.25 Td (growth ) Tj ET Q q 0 0 0 rg BT 190.56 207.25 Td (of ) Tj ET Q q 0 0 0 rg BT 201.09 207.25 Td (the ) Tj ET Q q 0 0 0 rg BT 215.51 207.25 Td (Group. ) Tj ET Q q 0 0 0 rg BT 245.28 207.25 Td (As ) Tj ET Q q 0 0 0 rg BT 258.60 207.25 Td (a ) Tj ET Q q 0 0 0 rg BT 265.24 207.25 Td (result, ) Tj ET Q q 0 0 0 rg BT 292.16 207.25 Td (the ) Tj ET Q q 0 0 0 rg BT 306.58 207.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 334.33 207.25 Td (endeavors ) Tj ET Q q 0 0 0 rg BT 377.07 207.25 Td (to ) Tj ET Q q 0 0 0 rg BT 387.06 207.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 424.25 207.25 Td (a ) Tj ET Q q 0 0 0 rg BT 430.89 207.25 Td (satisfactory ) Tj ET Q q 0 0 0 rg BT 479.19 207.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 520.27 207.25 Td (return ) Tj ET Q q 0 0 0 rg BT 546.35 207.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 195.25 Td (its ) Tj ET Q q 0 0 0 rg BT 65.95 195.25 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 118.99 195.25 Td (and ) Tj ET Q q 0 0 0 rg BT 135.92 195.25 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 177.29 195.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 218.66 195.25 Td (access ) Tj ET Q q 0 0 0 rg BT 246.70 195.25 Td (to ) Tj ET Q q 0 0 0 rg BT 256.97 195.25 Td (external ) Tj ET Q q 0 0 0 rg BT 291.68 195.25 Td (sources ) Tj ET Q q 0 0 0 rg BT 324.17 195.25 Td (of ) Tj ET Q q 0 0 0 rg BT 335.00 195.25 Td (funds.) Tj ET Q endstream endobj 393 0 obj <> endobj 394 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 760.75 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 760.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.60 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 199.82 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 206.31 748.75 Td (O ) Tj ET Q q 0 0 0 rg BT 216.41 748.75 Td (THE CONSOLIDA) Tj ET Q q 0 0 0 rg BT 299.85 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 379.03 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 393.02 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 399.50 748.75 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.60 736.75 Td (At December) Tj ET Q q 0 0 0 rg BT 294.78 736.75 Td (31, 2015 and 2014) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 294.65 32.20 Td (F-47) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 713.25 Td (21. EMPLOYEE BENEFITS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 689.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 689.25 Td (The Group) Tj ET Q q 0 0 0 rg BT 136.38 689.25 Td (s provisions for employee benefits are as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 625.75 370.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 625.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 625.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 625.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 597.75 370.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 597.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 597.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 597.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 569.75 370.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 569.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 569.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 569.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 541.75 370.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 541.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 541.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 541.75 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 652.75 m 489.5 652.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 652.75 m 493.5 652.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 652.75 m 558.5 652.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 652.75 m 489.5 652.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 638.75 m 489.5 638.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 652.75 m 493.5 652.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 652.75 m 558.5 652.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 638.75 m 558.5 638.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 583.75 m 489.5 583.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 569.75 m 489.5 569.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 583.75 m 558.5 583.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 569.75 m 558.5 569.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 541.75 m 489.5 541.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 528.75 m 489.5 528.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 526.75 m 489.5 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 541.75 m 558.5 541.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 528.75 m 558.5 528.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 526.75 m 558.5 526.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.95 657.20 Td (At December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 447.50 643.20 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 516.50 643.20 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 470.85 630.00 Td (\( thousand\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 616.21 Td (Present value of defined benefit obligations:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 69.00 602.21 Td (Italian employee severance indemnity \(TFR\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.25 602.21 Td (23,119) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 602.21 Td (25,837) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 69.00 588.21 Td (Pension plans) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.50 588.21 Td (805) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 588.21 Td (10,492) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.00 574.20 Td (Total present value of defined benefit obligations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.25 574.20 Td (23,924) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 574.20 Td (36,329) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 546.21 Td (Other provisions for employees) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.25 546.21 Td (54,449) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 546.21 Td (40,485) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.00 532.20 Td (Total provisions for employee benefits) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.25 532.20 Td (78,373) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.25 532.20 Td (76,814) Tj ET Q BT /F1 10.00 Tf ET BT /F4 9.00 Tf ET q 0 0 0 rg BT 54.00 504.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 90.00 504.25 Td (Defined contribution plan) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 480.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 480.25 Td (The ) Tj ET Q q 0 0 0 rg BT 108.35 480.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 136.70 480.25 Td (recognizes ) Tj ET Q q 0 0 0 rg BT 182.25 480.25 Td (the ) Tj ET Q q 0 0 0 rg BT 197.27 480.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 216.18 480.25 Td (for ) Tj ET Q q 0 0 0 rg BT 230.64 480.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 263.43 480.25 Td (contribution ) Tj ET Q q 0 0 0 rg BT 315.11 480.25 Td (plans ) Tj ET Q q 0 0 0 rg BT 339.02 480.25 Td (over ) Tj ET Q q 0 0 0 rg BT 359.58 480.25 Td (the ) Tj ET Q q 0 0 0 rg BT 374.60 480.25 Td (period ) Tj ET Q q 0 0 0 rg BT 402.95 480.25 Td (in ) Tj ET Q q 0 0 0 rg BT 413.53 480.25 Td (which ) Tj ET Q q 0 0 0 rg BT 440.77 480.25 Td (the ) Tj ET Q q 0 0 0 rg BT 455.78 480.25 Td (employee ) Tj ET Q q 0 0 0 rg BT 497.46 480.25 Td (renders ) Tj ET Q q 0 0 0 rg BT 529.69 480.25 Td (service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 468.25 Td (and ) Tj ET Q q 0 0 0 rg BT 70.49 468.25 Td (classifies ) Tj ET Q q 0 0 0 rg BT 109.20 468.25 Td (this ) Tj ET Q q 0 0 0 rg BT 125.70 468.25 Td (by ) Tj ET Q q 0 0 0 rg BT 137.75 468.25 Td (function ) Tj ET Q q 0 0 0 rg BT 173.13 468.25 Td (in ) Tj ET Q q 0 0 0 rg BT 182.96 468.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 201.13 468.25 Td (of ) Tj ET Q q 0 0 0 rg BT 211.51 468.25 Td (sales, ) Tj ET Q q 0 0 0 rg BT 235.50 468.25 Td (selling, ) Tj ET Q q 0 0 0 rg BT 266.72 468.25 Td (general ) Tj ET Q q 0 0 0 rg BT 298.20 468.25 Td (and ) Tj ET Q q 0 0 0 rg BT 314.69 468.25 Td (administrative ) Tj ET Q q 0 0 0 rg BT 373.95 468.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 396.00 468.25 Td (and ) Tj ET Q q 0 0 0 rg BT 412.49 468.25 Td (research ) Tj ET Q q 0 0 0 rg BT 447.85 468.25 Td (and ) Tj ET Q q 0 0 0 rg BT 464.34 468.25 Td (development ) Tj ET Q q 0 0 0 rg BT 518.05 468.25 Td (costs. ) Tj ET Q q 0 0 0 rg BT 542.45 468.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 456.25 Td (total ) Tj ET Q q 0 0 0 rg BT 73.42 456.25 Td (income ) Tj ET Q q 0 0 0 rg BT 104.51 456.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 144.48 456.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 178.34 456.25 Td (for ) Tj ET Q q 0 0 0 rg BT 191.65 456.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 223.28 456.25 Td (contributions ) Tj ET Q q 0 0 0 rg BT 277.71 456.25 Td (plans ) Tj ET Q q 0 0 0 rg BT 300.46 456.25 Td (in ) Tj ET Q q 0 0 0 rg BT 309.89 456.25 Td (the ) Tj ET Q q 0 0 0 rg BT 323.76 456.25 Td (years ) Tj ET Q q 0 0 0 rg BT 346.51 456.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.04 456.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 429.77 456.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.77 456.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.92 456.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.92 456.25 Td ( ) Tj ET Q q 0 0 0 rg BT 475.57 456.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.66 456.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.66 456.25 Td ( ) Tj ET Q q 0 0 0 rg BT 513.31 456.25 Td (was ) Tj ET Q q 0 0 0 rg BT 530.51 456.25 Td (2,990 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 444.25 Td (thousand, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.11 444.25 Td (13,986 ) Tj ET Q q 0 0 0 rg BT 130.11 444.25 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.22 444.25 Td ( ) Tj ET Q q 0 0 0 rg BT 168.72 444.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.66 444.25 Td (8,939 ) Tj ET Q q 0 0 0 rg BT 215.66 444.25 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.76 444.25 Td (, ) Tj ET Q q 0 0 0 rg BT 256.76 444.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 304.42 444.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 420.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 420.25 Td (Defined ) Tj ET Q q 0 0 0 rg BT 125.27 420.25 Td (benefit ) Tj ET Q q 0 0 0 rg BT 156.09 420.25 Td (obligations) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 396.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 90.00 396.25 Td (Italian ) Tj ET Q q 0 0 0 rg BT 119.17 396.25 Td (employee ) Tj ET Q q 0 0 0 rg BT 159.42 396.25 Td (severance ) Tj ET Q q 0 0 0 rg BT 201.89 396.25 Td (indemnity ) Tj ET Q q 0 0 0 rg BT 243.83 396.25 Td (\(TFR\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 372.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 372.25 Td (T) Tj ET Q q 0 0 0 rg BT 95.76 372.25 Td (rattamento ) Tj ET Q q 0 0 0 rg BT 140.89 372.25 Td (di ) Tj ET Q q 0 0 0 rg BT 151.05 372.25 Td (fine ) Tj ET Q q 0 0 0 rg BT 168.97 372.25 Td (rapporto ) Tj ET Q q 0 0 0 rg BT 205.23 372.25 Td (or ) Tj ET Q q 0 0 0 rg BT 215.94 372.25 Td (TFR ) Tj ET Q q 0 0 0 rg BT 245.53 372.25 Td (relates ) Tj ET Q q 0 0 0 rg BT 274.00 372.25 Td (to ) Tj ET Q q 0 0 0 rg BT 284.16 372.25 Td (the ) Tj ET Q q 0 0 0 rg BT 298.75 372.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 335.02 372.25 Td (that ) Tj ET Q q 0 0 0 rg BT 352.39 372.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 397.53 372.25 Td (in ) Tj ET Q q 0 0 0 rg BT 407.69 372.25 Td (Italy ) Tj ET Q q 0 0 0 rg BT 428.39 372.25 Td (are ) Tj ET Q q 0 0 0 rg BT 442.98 372.25 Td (entitled ) Tj ET Q q 0 0 0 rg BT 475.35 372.25 Td (to ) Tj ET Q q 0 0 0 rg BT 485.50 372.25 Td (receive ) Tj ET Q q 0 0 0 rg BT 516.74 372.25 Td (when ) Tj ET Q q 0 0 0 rg BT 540.78 372.25 Td (they ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 360.25 Td (leave ) Tj ET Q q 0 0 0 rg BT 78.31 360.25 Td (the ) Tj ET Q q 0 0 0 rg BT 93.75 360.25 Td (company ) Tj ET Q q 0 0 0 rg BT 133.62 360.25 Td (and ) Tj ET Q q 0 0 0 rg BT 151.28 360.25 Td (is ) Tj ET Q q 0 0 0 rg BT 161.16 360.25 Td (calculated ) Tj ET Q q 0 0 0 rg BT 204.91 360.25 Td (based ) Tj ET Q q 0 0 0 rg BT 230.89 360.25 Td (on ) Tj ET Q q 0 0 0 rg BT 244.11 360.25 Td (the ) Tj ET Q q 0 0 0 rg BT 259.55 360.25 Td (period ) Tj ET Q q 0 0 0 rg BT 288.31 360.25 Td (of ) Tj ET Q q 0 0 0 rg BT 299.86 360.25 Td (employment ) Tj ET Q q 0 0 0 rg BT 353.07 360.25 Td (and ) Tj ET Q q 0 0 0 rg BT 370.72 360.25 Td (the ) Tj ET Q q 0 0 0 rg BT 386.16 360.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 418.25 360.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 455.34 360.25 Td (of ) Tj ET Q q 0 0 0 rg BT 466.89 360.25 Td (each ) Tj ET Q q 0 0 0 rg BT 488.42 360.25 Td (employee. ) Tj ET Q q 0 0 0 rg BT 533.01 360.25 Td (Under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 348.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 83.70 348.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 127.87 348.25 Td (the ) Tj ET Q q 0 0 0 rg BT 142.58 348.25 Td (entitlement ) Tj ET Q q 0 0 0 rg BT 190.07 348.25 Td (may ) Tj ET Q q 0 0 0 rg BT 209.79 348.25 Td (be ) Tj ET Q q 0 0 0 rg BT 221.72 348.25 Td (partially ) Tj ET Q q 0 0 0 rg BT 257.54 348.25 Td (advanced ) Tj ET Q q 0 0 0 rg BT 297.80 348.25 Td (to ) Tj ET Q q 0 0 0 rg BT 308.08 348.25 Td (an ) Tj ET Q q 0 0 0 rg BT 320.02 348.25 Td (employee ) Tj ET Q q 0 0 0 rg BT 361.39 348.25 Td (during ) Tj ET Q q 0 0 0 rg BT 390.00 348.25 Td (the ) Tj ET Q q 0 0 0 rg BT 404.71 348.25 Td (employee) Tj ET Q q 0 0 0 rg BT 446.36 348.25 Td (s ) Tj ET Q q 0 0 0 rg BT 452.75 348.25 Td (working ) Tj ET Q q 0 0 0 rg BT 488.58 348.25 Td (life.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 324.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 324.25 Td (The ) Tj ET Q q 0 0 0 rg BT 107.88 324.25 Td (Italian ) Tj ET Q q 0 0 0 rg BT 135.75 324.25 Td (legislation ) Tj ET Q q 0 0 0 rg BT 179.75 324.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 220.40 324.25 Td (this ) Tj ET Q q 0 0 0 rg BT 237.18 324.25 Td (scheme ) Tj ET Q q 0 0 0 rg BT 269.50 324.25 Td (was ) Tj ET Q q 0 0 0 rg BT 287.38 324.25 Td (amended ) Tj ET Q q 0 0 0 rg BT 325.81 324.25 Td (by ) Tj ET Q q 0 0 0 rg BT 338.14 324.25 Td (Law ) Tj ET Q q 0 0 0 rg BT 358.24 324.25 Td (296 ) Tj ET Q q 0 0 0 rg BT 375.58 324.25 Td (of ) Tj ET Q q 0 0 0 rg BT 386.24 324.25 Td (27December ) Tj ET Q q 0 0 0 rg BT 442.16 324.25 Td (2006 ) Tj ET Q q 0 0 0 rg BT 464.49 324.25 Td (and ) Tj ET Q q 0 0 0 rg BT 481.26 324.25 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 528.03 324.25 Td (decrees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 312.25 Td (and ) Tj ET Q q 0 0 0 rg BT 70.95 312.25 Td (regulations ) Tj ET Q q 0 0 0 rg BT 117.90 312.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 145.41 312.25 Td (in ) Tj ET Q q 0 0 0 rg BT 155.70 312.25 Td (the ) Tj ET Q q 0 0 0 rg BT 170.43 312.25 Td (first ) Tj ET Q q 0 0 0 rg BT 189.05 312.25 Td (part ) Tj ET Q q 0 0 0 rg BT 207.11 312.25 Td (of ) Tj ET Q q 0 0 0 rg BT 217.95 312.25 Td (2007. ) Tj ET Q q 0 0 0 rg BT 242.96 312.25 Td (Under ) Tj ET Q q 0 0 0 rg BT 270.46 312.25 Td (these ) Tj ET Q q 0 0 0 rg BT 293.52 312.25 Td (amendments, ) Tj ET Q q 0 0 0 rg BT 349.08 312.25 Td (companies ) Tj ET Q q 0 0 0 rg BT 394.35 312.25 Td (with ) Tj ET Q q 0 0 0 rg BT 414.64 312.25 Td (at ) Tj ET Q q 0 0 0 rg BT 424.37 312.25 Td (least ) Tj ET Q q 0 0 0 rg BT 445.21 312.25 Td (50 ) Tj ET Q q 0 0 0 rg BT 457.72 312.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 503.00 312.25 Td (are ) Tj ET Q q 0 0 0 rg BT 517.72 312.25 Td (obliged ) Tj ET Q q 0 0 0 rg BT 550.23 312.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 300.25 Td (transfer ) Tj ET Q q 0 0 0 rg BT 86.83 300.25 Td (the ) Tj ET Q q 0 0 0 rg BT 101.18 300.25 Td (TFR ) Tj ET Q q 0 0 0 rg BT 121.82 300.25 Td (to ) Tj ET Q q 0 0 0 rg BT 131.90 300.25 Td (the ) Tj ET Q q 0 0 0 rg BT 146.41 300.25 Td (T) Tj ET Q q 0 0 0 rg BT 156.60 300.25 Td (reasury ) Tj ET Q q 0 0 0 rg BT 188.33 300.25 Td (fund ) Tj ET Q q 0 0 0 rg BT 213.40 300.25 Td (managed ) Tj ET Q q 0 0 0 rg BT 251.79 300.25 Td (by ) Tj ET Q q 0 0 0 rg BT 264.09 300.25 Td (the ) Tj ET Q q 0 0 0 rg BT 278.60 300.25 Td (Italian ) Tj ET Q q 0 0 0 rg BT 306.44 300.25 Td (state-owned ) Tj ET Q q 0 0 0 rg BT 357.05 300.25 Td (social ) Tj ET Q q 0 0 0 rg BT 382.67 300.25 Td (security ) Tj ET Q q 0 0 0 rg BT 416.63 300.25 Td (body ) Tj ET Q q 0 0 0 rg BT 438.92 300.25 Td (\(INPS\) ) Tj ET Q q 0 0 0 rg BT 478.43 300.25 Td (or ) Tj ET Q q 0 0 0 rg BT 489.06 300.25 Td (to ) Tj ET Q q 0 0 0 rg BT 499.14 300.25 Td (supplementary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 288.25 Td (pension ) Tj ET Q q 0 0 0 rg BT 86.94 288.25 Td (funds. ) Tj ET Q q 0 0 0 rg BT 113.50 288.25 Td (Prior ) Tj ET Q q 0 0 0 rg BT 135.33 288.25 Td (to ) Tj ET Q q 0 0 0 rg BT 144.94 288.25 Td (the ) Tj ET Q q 0 0 0 rg BT 158.99 288.25 Td (amendments, ) Tj ET Q q 0 0 0 rg BT 213.87 288.25 Td (accruing ) Tj ET Q q 0 0 0 rg BT 249.99 288.25 Td (TFR ) Tj ET Q q 0 0 0 rg BT 270.17 288.25 Td (for ) Tj ET Q q 0 0 0 rg BT 283.66 288.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 328.26 288.25 Td (of ) Tj ET Q q 0 0 0 rg BT 338.42 288.25 Td (all ) Tj ET Q q 0 0 0 rg BT 350.25 288.25 Td (Italian ) Tj ET Q q 0 0 0 rg BT 377.63 288.25 Td (companies ) Tj ET Q q 0 0 0 rg BT 422.22 288.25 Td (could ) Tj ET Q q 0 0 0 rg BT 446.27 288.25 Td (be ) Tj ET Q q 0 0 0 rg BT 457.54 288.25 Td (managed ) Tj ET Q q 0 0 0 rg BT 495.47 288.25 Td (by ) Tj ET Q q 0 0 0 rg BT 507.31 288.25 Td (the ) Tj ET Q q 0 0 0 rg BT 521.36 288.25 Td (company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 276.25 Td (itself. ) Tj ET Q q 0 0 0 rg BT 79.20 276.25 Td (Consequently) Tj ET Q q 0 0 0 rg BT 133.54 276.25 Td (, ) Tj ET Q q 0 0 0 rg BT 138.75 276.25 Td (the ) Tj ET Q q 0 0 0 rg BT 153.67 276.25 Td (Italian ) Tj ET Q q 0 0 0 rg BT 181.92 276.25 Td (companies) Tj ET Q q 0 0 0 rg BT 227.27 276.25 Td ( ) Tj ET Q q 0 0 0 rg BT 229.97 276.25 Td (obligation ) Tj ET Q q 0 0 0 rg BT 273.23 276.25 Td (to ) Tj ET Q q 0 0 0 rg BT 283.71 276.25 Td (INPS ) Tj ET Q q 0 0 0 rg BT 308.09 276.25 Td (and ) Tj ET Q q 0 0 0 rg BT 325.23 276.25 Td (the ) Tj ET Q q 0 0 0 rg BT 340.15 276.25 Td (contributions ) Tj ET Q q 0 0 0 rg BT 395.63 276.25 Td (to ) Tj ET Q q 0 0 0 rg BT 406.11 276.25 Td (supplementary ) Tj ET Q q 0 0 0 rg BT 467.69 276.25 Td (pension ) Tj ET Q q 0 0 0 rg BT 501.50 276.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 526.43 276.25 Td (take ) Tj ET Q q 0 0 0 rg BT 545.79 276.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 264.25 Td (form, ) Tj ET Q q 0 0 0 rg BT 79.48 264.25 Td (under ) Tj ET Q q 0 0 0 rg BT 105.80 264.25 Td (IAS ) Tj ET Q q 0 0 0 rg BT 125.46 264.25 Td (19 ) Tj ET Q q 0 0 0 rg BT 139.00 264.25 Td (revised, ) Tj ET Q q 0 0 0 rg BT 173.92 264.25 Td (of ) Tj ET Q q 0 0 0 rg BT 185.80 264.25 Td (Defined ) Tj ET Q q 0 0 0 rg BT 225.99 264.25 Td (contribution ) Tj ET Q q 0 0 0 rg BT 278.41 264.25 Td (plans ) Tj ET Q q 0 0 0 rg BT 307.51 264.25 Td (whereas ) Tj ET Q q 0 0 0 rg BT 343.81 264.25 Td (the ) Tj ET Q q 0 0 0 rg BT 359.57 264.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 397.00 264.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 435.52 264.25 Td (in ) Tj ET Q q 0 0 0 rg BT 446.85 264.25 Td (the ) Tj ET Q q 0 0 0 rg BT 462.61 264.25 Td (provision ) Tj ET Q q 0 0 0 rg BT 503.93 264.25 Td (for ) Tj ET Q q 0 0 0 rg BT 519.14 264.25 Td (employee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 252.25 Td (severance ) Tj ET Q q 0 0 0 rg BT 96.54 252.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 114.10 252.25 Td (retain ) Tj ET Q q 0 0 0 rg BT 139.99 252.25 Td (the ) Tj ET Q q 0 0 0 rg BT 155.33 252.25 Td (nature ) Tj ET Q q 0 0 0 rg BT 183.44 252.25 Td (of ) Tj ET Q q 0 0 0 rg BT 194.89 252.25 Td (Defined ) Tj ET Q q 0 0 0 rg BT 234.66 252.25 Td (benefit ) Tj ET Q q 0 0 0 rg BT 265.55 252.25 Td (plans. ) Tj ET Q q 0 0 0 rg BT 296.03 252.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 345.37 252.25 Td (, ) Tj ET Q q 0 0 0 rg BT 350.99 252.25 Td (the ) Tj ET Q q 0 0 0 rg BT 366.33 252.25 Td (provision ) Tj ET Q q 0 0 0 rg BT 407.23 252.25 Td (for ) Tj ET Q q 0 0 0 rg BT 422.02 252.25 Td (employee ) Tj ET Q q 0 0 0 rg BT 464.01 252.25 Td (severance ) Tj ET Q q 0 0 0 rg BT 506.55 252.25 Td (indemnity ) Tj ET Q q 0 0 0 rg BT 550.23 252.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 240.25 Td (Italy ) Tj ET Q q 0 0 0 rg BT 74.11 240.25 Td (consists ) Tj ET Q q 0 0 0 rg BT 107.57 240.25 Td (of ) Tj ET Q q 0 0 0 rg BT 117.69 240.25 Td (the ) Tj ET Q q 0 0 0 rg BT 131.70 240.25 Td (residual ) Tj ET Q q 0 0 0 rg BT 165.14 240.25 Td (obligation ) Tj ET Q q 0 0 0 rg BT 207.48 240.25 Td (for ) Tj ET Q q 0 0 0 rg BT 220.80 240.25 Td (TFR ) Tj ET Q q 0 0 0 rg BT 240.93 240.25 Td (until ) Tj ET Q q 0 0 0 rg BT 261.05 240.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 318.92 240.25 Td (2006. ) Tj ET Q q 0 0 0 rg BT 343.08 240.25 Td (This ) Tj ET Q q 0 0 0 rg BT 362.65 240.25 Td (is ) Tj ET Q q 0 0 0 rg BT 371.11 240.25 Td (an ) Tj ET Q q 0 0 0 rg BT 382.34 240.25 Td (unfunded ) Tj ET Q q 0 0 0 rg BT 421.89 240.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 453.67 240.25 Td (benefit ) Tj ET Q q 0 0 0 rg BT 483.22 240.25 Td (plan ) Tj ET Q q 0 0 0 rg BT 502.22 240.25 Td (as ) Tj ET Q q 0 0 0 rg BT 512.34 240.25 Td (the ) Tj ET Q q 0 0 0 rg BT 526.35 240.25 Td (benefits ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 228.25 Td (have ) Tj ET Q q 0 0 0 rg BT 74.33 228.25 Td (already ) Tj ET Q q 0 0 0 rg BT 105.20 228.25 Td (been ) Tj ET Q q 0 0 0 rg BT 125.53 228.25 Td (almost ) Tj ET Q q 0 0 0 rg BT 153.64 228.25 Td (entirely ) Tj ET Q q 0 0 0 rg BT 185.63 228.25 Td (earned, ) Tj ET Q q 0 0 0 rg BT 216.23 228.25 Td (with ) Tj ET Q q 0 0 0 rg BT 235.45 228.25 Td (the ) Tj ET Q q 0 0 0 rg BT 249.12 228.25 Td (sole ) Tj ET Q q 0 0 0 rg BT 266.68 228.25 Td (exception ) Tj ET Q q 0 0 0 rg BT 307.00 228.25 Td (of ) Tj ET Q q 0 0 0 rg BT 316.78 228.25 Td (future ) Tj ET Q q 0 0 0 rg BT 342.10 228.25 Td (revaluations. ) Tj ET Q q 0 0 0 rg BT 394.92 228.25 Td (Since ) Tj ET Q q 0 0 0 rg BT 418.59 228.25 Td (2007 ) Tj ET Q q 0 0 0 rg BT 440.04 228.25 Td (the ) Tj ET Q q 0 0 0 rg BT 453.71 228.25 Td (scheme ) Tj ET Q q 0 0 0 rg BT 485.14 228.25 Td (has ) Tj ET Q q 0 0 0 rg BT 499.92 228.25 Td (been ) Tj ET Q q 0 0 0 rg BT 520.25 228.25 Td (classified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 216.25 Td (as ) Tj ET Q q 0 0 0 rg BT 65.34 216.25 Td (a ) Tj ET Q q 0 0 0 rg BT 72.78 216.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 105.78 216.25 Td (contribution ) Tj ET Q q 0 0 0 rg BT 157.67 216.25 Td (plan, ) Tj ET Q q 0 0 0 rg BT 180.39 216.25 Td (and ) Tj ET Q q 0 0 0 rg BT 197.84 216.25 Td (the ) Tj ET Q q 0 0 0 rg BT 213.06 216.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 241.62 216.25 Td (recognizes ) Tj ET Q q 0 0 0 rg BT 287.38 216.25 Td (the ) Tj ET Q q 0 0 0 rg BT 302.61 216.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 346.71 216.25 Td (cost, ) Tj ET Q q 0 0 0 rg BT 368.33 216.25 Td (being ) Tj ET Q q 0 0 0 rg BT 393.55 216.25 Td (the ) Tj ET Q q 0 0 0 rg BT 408.78 216.25 Td (required ) Tj ET Q q 0 0 0 rg BT 445.10 216.25 Td (contributions ) Tj ET Q q 0 0 0 rg BT 500.88 216.25 Td (to ) Tj ET Q q 0 0 0 rg BT 511.67 216.25 Td (the ) Tj ET Q q 0 0 0 rg BT 526.89 216.25 Td (pension ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 204.25 Td (funds, ) Tj ET Q q 0 0 0 rg BT 81.22 204.25 Td (over ) Tj ET Q q 0 0 0 rg BT 101.49 204.25 Td (the ) Tj ET Q q 0 0 0 rg BT 116.21 204.25 Td (period ) Tj ET Q q 0 0 0 rg BT 144.25 204.25 Td (in ) Tj ET Q q 0 0 0 rg BT 154.53 204.25 Td (which ) Tj ET Q q 0 0 0 rg BT 181.47 204.25 Td (the ) Tj ET Q q 0 0 0 rg BT 196.19 204.25 Td (employee ) Tj ET Q q 0 0 0 rg BT 237.56 204.25 Td (renders ) Tj ET Q q 0 0 0 rg BT 269.49 204.25 Td (service.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 180.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 90.00 180.25 Td (Pension ) Tj ET Q q 0 0 0 rg BT 124.72 180.25 Td (plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 156.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 156.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 117.68 156.25 Td (companies, ) Tj ET Q q 0 0 0 rg BT 165.07 156.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 204.41 156.25 Td (in ) Tj ET Q q 0 0 0 rg BT 214.32 156.25 Td (Germany ) Tj ET Q q 0 0 0 rg BT 253.65 156.25 Td (sponsor ) Tj ET Q q 0 0 0 rg BT 286.89 156.25 Td (non-contributory ) Tj ET Q q 0 0 0 rg BT 356.79 156.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 388.90 156.25 Td (benefit ) Tj ET Q q 0 0 0 rg BT 418.79 156.25 Td (pension ) Tj ET Q q 0 0 0 rg BT 452.03 156.25 Td (plans, ) Tj ET Q q 0 0 0 rg BT 477.76 156.25 Td (for ) Tj ET Q q 0 0 0 rg BT 491.55 156.25 Td (which ) Tj ET Q q 0 0 0 rg BT 518.12 156.25 Td (the ) Tj ET Q q 0 0 0 rg BT 532.46 156.25 Td (Group ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 144.25 Td (meets ) Tj ET Q q 0 0 0 rg BT 79.46 144.25 Td (the ) Tj ET Q q 0 0 0 rg BT 93.81 144.25 Td (benefit ) Tj ET Q q 0 0 0 rg BT 123.71 144.25 Td (payment ) Tj ET Q q 0 0 0 rg BT 160.27 144.25 Td (obligation ) Tj ET Q q 0 0 0 rg BT 202.96 144.25 Td (when ) Tj ET Q q 0 0 0 rg BT 226.75 144.25 Td (it ) Tj ET Q q 0 0 0 rg BT 234.44 144.25 Td (falls ) Tj ET Q q 0 0 0 rg BT 253.79 144.25 Td (due. ) Tj ET Q q 0 0 0 rg BT 272.87 144.25 Td (Benefits ) Tj ET Q q 0 0 0 rg BT 308.33 144.25 Td (provided ) Tj ET Q q 0 0 0 rg BT 346.01 144.25 Td (depends ) Tj ET Q q 0 0 0 rg BT 380.91 144.25 Td (on ) Tj ET Q q 0 0 0 rg BT 393.04 144.25 Td (the ) Tj ET Q q 0 0 0 rg BT 407.39 144.25 Td (employee) Tj ET Q q 0 0 0 rg BT 449.04 144.25 Td (s ) Tj ET Q q 0 0 0 rg BT 455.07 144.25 Td (length ) Tj ET Q q 0 0 0 rg BT 482.20 144.25 Td (of ) Tj ET Q q 0 0 0 rg BT 492.66 144.25 Td (service ) Tj ET Q q 0 0 0 rg BT 523.11 144.25 Td (and ) Tj ET Q q 0 0 0 rg BT 539.68 144.25 Td (their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 132.25 Td (salary ) Tj ET Q q 0 0 0 rg BT 80.38 132.25 Td (in ) Tj ET Q q 0 0 0 rg BT 90.66 132.25 Td (the ) Tj ET Q q 0 0 0 rg BT 105.37 132.25 Td (final ) Tj ET Q q 0 0 0 rg BT 126.20 132.25 Td (years ) Tj ET Q q 0 0 0 rg BT 149.80 132.25 Td (leading ) Tj ET Q q 0 0 0 rg BT 181.73 132.25 Td (up ) Tj ET Q q 0 0 0 rg BT 194.23 132.25 Td (to ) Tj ET Q q 0 0 0 rg BT 204.51 132.25 Td (retirement.) Tj ET Q endstream endobj 395 0 obj <> endobj 396 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 760.75 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 760.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.60 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 199.82 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 206.31 748.75 Td (O ) Tj ET Q q 0 0 0 rg BT 216.41 748.75 Td (THE CONSOLIDA) Tj ET Q q 0 0 0 rg BT 299.85 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 379.03 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 393.02 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 399.50 748.75 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.60 736.75 Td (At December) Tj ET Q q 0 0 0 rg BT 294.78 736.75 Td (31, 2015 and 2014) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 294.65 32.20 Td (F-48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 713.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 713.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.05 713.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 146.08 713.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 176.34 713.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 217.17 713.10 Td (for ) Tj ET Q q 0 0 0 rg BT 231.33 713.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 263.81 713.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 294.08 713.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 341.02 713.10 Td (are ) Tj ET Q q 0 0 0 rg BT 355.73 713.10 Td (as ) Tj ET Q q 0 0 0 rg BT 366.56 713.10 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 648.60 370.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 648.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 648.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 648.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 620.60 370.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 620.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 620.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 620.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 592.60 370.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 592.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 592.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 592.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 564.60 370.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 564.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 564.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 564.60 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 676.6 m 488.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 676.6 m 492.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 676.6 m 557.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 662.6 m 488.5 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 662.6 m 557.5 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 564.6 m 488.5 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 551.6 m 488.5 551.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 549.6 m 488.5 549.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 564.6 m 557.5 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 551.6 m 557.5 551.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 549.6 m 557.5 549.6 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 438.25 681.05 Td (Expected benefit payments) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.50 667.05 Td (TFR) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 498.10 667.05 Td (Pension plans) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 467.35 653.06 Td (\( thousand\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 639.06 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.75 639.06 Td (1,747) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.50 639.06 Td (112) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 625.06 Td (2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.75 625.06 Td (2,860) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.00 625.06 Td (80) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 611.06 Td (2018) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.75 611.06 Td (1,551) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.50 611.06 Td (173) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 597.06 Td (2019) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.75 597.06 Td (1,576) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.50 597.06 Td (190) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 583.06 Td (2020) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.75 583.06 Td (1,535) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.50 583.06 Td (189) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 569.06 Td (2021-2024) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.75 569.06 Td (7,945) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.50 569.06 Td (283) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 555.05 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 555.05 Td (17,214) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 555.05 Td (1,027) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 527.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 527.10 Td (The following table summarizes the changes in the defined benefit obligations:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.00 468.60 278.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 468.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 468.60 13.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 468.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.00 468.60 13.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 468.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.00 440.60 278.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 440.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 440.60 13.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 440.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.00 440.60 13.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 440.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.00 412.60 278.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 412.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 412.60 13.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 412.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.00 412.60 13.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 412.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.00 384.60 278.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 384.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 384.60 13.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 384.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.00 384.60 13.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 384.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.00 356.60 278.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 356.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 356.60 13.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 356.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.00 356.60 13.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 356.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.00 328.60 278.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 328.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 328.60 13.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 328.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.00 328.60 13.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 328.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.00 300.60 278.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 300.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 300.60 13.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 300.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.00 300.60 13.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 300.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.00 272.60 278.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 272.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 272.60 13.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 272.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.00 272.60 13.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 272.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.00 244.60 278.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 244.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 244.60 13.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 244.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.00 244.60 13.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 244.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.00 216.60 278.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 216.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 216.60 13.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 216.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.00 216.60 13.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 216.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.00 188.60 278.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 188.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 188.60 13.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 188.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.00 188.60 13.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 188.60 67.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 53.00 174.60 278.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.00 160.60 278.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 160.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 160.60 13.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 160.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.00 160.60 13.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 160.60 67.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 482.6 m 398 482.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 482.6 m 478 482.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 482.6 m 558 482.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 454.6 m 398 454.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 454.6 m 478 454.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 454.6 m 558 454.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 314.6 m 558 314.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 314.6 m 398 314.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 301.6 m 398 301.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 299.6 m 398 299.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 314.6 m 478 314.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 301.6 m 478 301.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 299.6 m 478 299.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 314.6 m 558 314.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 301.6 m 558 301.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 299.6 m 558 299.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 146.60000000000002 m 398 146.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 133.60000000000002 m 398 133.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 131.60000000000002 m 398 131.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 146.60000000000002 m 478 146.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 133.60000000000002 m 478 133.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 131.60000000000002 m 478 131.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 146.60000000000002 m 558 146.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 133.60000000000002 m 558 133.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 131.60000000000002 m 558 131.60000000000002 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 339.10 487.05 Td (TFR liability) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.60 487.05 Td (Pension plans) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 514.15 487.05 Td (Total) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.35 473.06 Td (\( thousand\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 55.50 459.05 Td (Amounts at December) Tj ET Q q 0 0 0 rg BT 141.32 459.05 Td ( 31, 2013) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 369.75 459.05 Td (24,423) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 449.75 459.05 Td (12,955) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.75 459.05 Td (37,378) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 55.50 431.06 Td (Included in the consolidated income statement) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 381.00 431.06 Td (195) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.25 431.06 Td (5,319) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 431.06 Td (5,514) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 55.50 417.05 Td (Included in other comprehensive income/loss) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 61.50 403.06 Td (Actuarial \(gains\)/losses from:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 389.06 Td (- Demographic assumptions) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 382.50 389.06 Td (\(67) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 394.50 389.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.50 389.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.50 389.06 Td (\(67) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.50 389.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 375.06 Td (- Financial assumptions) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 374.25 375.06 Td (2,516) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.25 375.06 Td (1,380) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 375.06 Td (3,896) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 361.06 Td (- Other) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 381.00 361.06 Td (186) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.00 361.06 Td (724) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 541.00 361.06 Td (910) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 55.50 347.05 Td (Other) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 55.50 333.06 Td (Benefits paid) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 371.25 333.06 Td (\(1,675) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 394.50 333.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.25 333.06 Td (\(9,830) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.50 333.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 526.75 333.06 Td (\(11,505) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.50 333.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 55.50 319.06 Td (Other changes) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 381.00 319.06 Td (259) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.50 319.06 Td (\(56) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.50 319.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 541.00 319.06 Td (203) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 55.50 305.05 Td (Amounts at December) Tj ET Q q 0 0 0 rg BT 141.32 305.05 Td ( 31, 2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 369.75 305.05 Td (25,837) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 449.75 305.05 Td (10,492) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.75 305.05 Td (36,329) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 55.50 277.06 Td (Included in the consolidated income statement) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 385.50 277.06 Td (82) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.50 277.06 Td (72) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 541.00 277.06 Td (154) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 55.50 263.05 Td (Included in other comprehensive income/loss) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 61.50 249.06 Td (Actuarial \(gains\)/losses from:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 235.06 Td (- Demographic assumptions) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 385.50 235.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.50 235.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 235.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 221.06 Td (- Financial assumptions) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 378.00 221.06 Td (\(383) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 394.50 221.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 458.00 221.06 Td (\(155) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.50 221.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.00 221.06 Td (\(538) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.50 221.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 207.06 Td (- Other) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 378.00 207.06 Td (\(583) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 394.50 207.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.00 207.06 Td (223) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.00 207.06 Td (\(360) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.50 207.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 55.50 193.05 Td (Other) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 55.50 179.06 Td (Benefits paid) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 371.25 179.06 Td (\(1,825) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 394.50 179.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.25 179.06 Td (\(3,739) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.50 179.06 Td (\)) Tj ET Q BT /F1 5.85 Tf ET q 0 0 0 rg BT 480.50 183.70 Td (\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.25 179.06 Td (\(5,564) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.50 179.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 55.50 165.06 Td (Settlement) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 385.50 165.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.25 165.06 Td (\(6,792) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.50 165.06 Td (\)) Tj ET Q BT /F1 5.85 Tf ET q 0 0 0 rg BT 480.50 169.70 Td (\(2\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.25 165.06 Td (\(6,792) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.50 165.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 55.50 151.06 Td (Other changes) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 387.00 151.06 Td (\(9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 394.50 151.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.00 151.06 Td (704) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 541.00 151.06 Td (695) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 55.50 137.05 Td (Amounts at December) Tj ET Q q 0 0 0 rg BT 141.32 137.05 Td ( 31, 2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 369.75 137.05 Td (23,119) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.00 137.05 Td (805) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.75 137.05 Td (23,924) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 113.90 Td (\(1\) Includes 3,700 thousand r) Tj ET Q q 0 0 0 rg BT 152.58 113.90 Td (elated to the pension obligations paid for the former Chairman of Ferrari Financial Services ) Tj ET Q q 0 0 0 rg BT 452.41 113.90 Td (A.G.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 104.30 Td (\(2\) Relates to settlement of over accruals for pension obligations for the former Chairman of Ferrari Financial Services ) Tj ET Q q 0 0 0 rg BT 440.92 104.30 Td (A.G.) Tj ET Q endstream endobj 397 0 obj <> endobj 398 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 760.75 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 760.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.60 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 199.82 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 206.31 748.75 Td (O ) Tj ET Q q 0 0 0 rg BT 216.41 748.75 Td (THE CONSOLIDA) Tj ET Q q 0 0 0 rg BT 299.85 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 379.03 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 393.02 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 399.50 748.75 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.60 736.75 Td (At December) Tj ET Q q 0 0 0 rg BT 294.78 736.75 Td (31, 2015 and 2014) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 294.65 32.20 Td (F-49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 713.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 713.10 Td (Amounts recognized in the consolidated income statement are as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 625.60 112.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 165.50 625.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 205.50 625.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 209.50 625.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.50 625.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.50 625.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.50 625.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 625.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 625.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 625.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 625.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 625.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 625.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 625.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 625.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 625.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 625.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 625.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 597.60 112.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 165.50 597.60 40.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 205.50 597.60 4.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 209.50 597.60 40.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.50 597.60 4.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.50 597.60 40.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.50 597.60 4.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 597.60 40.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 597.60 4.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 597.60 40.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 597.60 4.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 597.60 40.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 597.60 4.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 597.60 40.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 597.60 4.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 597.60 40.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 597.60 4.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 597.60 40.00 -32.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 165.5 676.6 m 205.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 676.6 m 209.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 676.6 m 249.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 676.6 m 253.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 676.6 m 293.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 676.6 m 297.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 676.6 m 337.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 676.6 m 341.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 676.6 m 381.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 676.6 m 385.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 676.6 m 425.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 676.6 m 429.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 676.6 m 469.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 676.6 m 473.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 676.6 m 513.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 676.6 m 517.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 676.6 m 557.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 165.5 676.6 m 205.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 165.5 662.6 m 205.5 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 676.6 m 209.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 662.6 m 209.5 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 676.6 m 249.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 662.6 m 249.5 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 676.6 m 253.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 662.6 m 253.5 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 676.6 m 293.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 662.6 m 293.5 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 676.6 m 297.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 676.6 m 337.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 662.6 m 337.5 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 676.6 m 341.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 662.6 m 341.5 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 676.6 m 381.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 662.6 m 381.5 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 676.6 m 385.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 662.6 m 385.5 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 676.6 m 425.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 662.6 m 425.5 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 676.6 m 429.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 676.6 m 469.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 662.6 m 469.5 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 676.6 m 473.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 662.6 m 473.5 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 676.6 m 513.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 662.6 m 513.5 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 662.6 m 517.5 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 676.6 m 557.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 662.6 m 557.5 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 165.5 639.6 m 205.5 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 639.6 m 249.5 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 639.6 m 293.5 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 662.6 m 337.5 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 639.6 m 337.5 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 662.6 m 341.5 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 662.6 m 381.5 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 639.6 m 381.5 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 662.6 m 385.5 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 662.6 m 425.5 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 639.6 m 425.5 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 662.6 m 469.5 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 639.6 m 469.5 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 662.6 m 473.5 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 662.6 m 513.5 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 639.6 m 513.5 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 662.6 m 517.5 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 662.6 m 557.5 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 639.6 m 557.5 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 165.5 597.6 m 205.5 597.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 165.5 566.6 m 205.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 165.5 564.6 m 205.5 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 597.6 m 249.5 597.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 566.6 m 249.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 564.6 m 249.5 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 597.6 m 293.5 597.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 566.6 m 293.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 564.6 m 293.5 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 597.6 m 337.5 597.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 566.6 m 337.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 564.6 m 337.5 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 597.6 m 381.5 597.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 566.6 m 381.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 564.6 m 381.5 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 597.6 m 425.5 597.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 566.6 m 425.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 564.6 m 425.5 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 597.6 m 469.5 597.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 566.6 m 469.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 564.6 m 469.5 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 597.6 m 513.5 597.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 566.6 m 513.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 564.6 m 513.5 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 597.6 m 557.5 597.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 566.6 m 557.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 564.6 m 557.5 564.6 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 295.65 681.05 Td (For the years ended December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 220.00 667.05 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 352.00 667.05 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 484.00 667.05 Td (2013) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 176.00 644.05 Td (TFR) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 213.95 653.05 Td (Pension) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 218.70 644.05 Td (plans) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 263.15 644.05 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 308.00 644.05 Td (TFR) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 345.95 653.05 Td (Pension) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 350.70 644.05 Td (plans) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 395.15 644.05 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 440.00 644.05 Td (TFR) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 477.95 653.05 Td (Pension) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 482.70 644.05 Td (plans) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 527.15 644.05 Td (Total) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 338.35 630.06 Td (\( thousand\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 616.06 Td (Current service cost) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 197.50 616.06 Td (8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.00 616.06 Td (72) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 281.00 616.06 Td (80) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.50 616.06 Td (7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 357.75 616.06 Td (5,120) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 401.75 616.06 Td (5,127) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.00 616.06 Td (18) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 489.75 616.06 Td (1,016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.75 616.06 Td (1,034) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 602.06 Td (Interest expense) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 193.00 602.06 Td (74) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.00 602.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 281.00 602.06 Td (74) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 320.50 602.06 Td (188) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 364.50 602.06 Td (199) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 408.50 602.06 Td (387) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 452.50 602.06 Td (332) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 602.06 Td (250) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.50 602.06 Td (582) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 588.05 Td (Total recognized in the) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 579.05 Td (consolidated income) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 570.05 Td (statement) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 193.00 570.05 Td (82) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 237.00 570.05 Td (72) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 276.50 570.05 Td (154) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 320.50 570.05 Td (195) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 357.75 570.05 Td (5,319) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 401.75 570.05 Td (5,514) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 452.50 570.05 Td (350) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 489.75 570.05 Td (1,266) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 570.05 Td (1,616) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 542.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 542.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.66 542.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 145.67 542.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 167.66 542.10 Td (used ) Tj ET Q q 0 0 0 rg BT 189.11 542.10 Td (for ) Tj ET Q q 0 0 0 rg BT 203.89 542.10 Td (the ) Tj ET Q q 0 0 0 rg BT 219.22 542.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 275.65 542.10 Td (of ) Tj ET Q q 0 0 0 rg BT 287.10 542.10 Td (the ) Tj ET Q q 0 0 0 rg BT 302.43 542.10 Td (Italian ) Tj ET Q q 0 0 0 rg BT 330.87 542.10 Td (TFR ) Tj ET Q q 0 0 0 rg BT 352.33 542.10 Td (obligation ) Tj ET Q q 0 0 0 rg BT 396.00 542.10 Td (are ) Tj ET Q q 0 0 0 rg BT 411.32 542.10 Td (based ) Tj ET Q q 0 0 0 rg BT 437.21 542.10 Td (on ) Tj ET Q q 0 0 0 rg BT 450.32 542.10 Td (yields ) Tj ET Q q 0 0 0 rg BT 477.33 542.10 Td (of ) Tj ET Q q 0 0 0 rg BT 488.78 542.10 Td (high-quality ) Tj ET Q q 0 0 0 rg BT 540.78 542.10 Td (\(AA) Tj ET Q q 0 0 0 rg BT 558.00 542.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 530.10 Td (rated\) ) Tj ET Q q 0 0 0 rg BT 80.19 530.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 103.62 530.10 Td (income ) Tj ET Q q 0 0 0 rg BT 135.93 530.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 176.57 530.10 Td (for ) Tj ET Q q 0 0 0 rg BT 191.11 530.10 Td (which ) Tj ET Q q 0 0 0 rg BT 218.43 530.10 Td (the ) Tj ET Q q 0 0 0 rg BT 233.52 530.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 262.52 530.10 Td (and ) Tj ET Q q 0 0 0 rg BT 279.83 530.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 316.60 530.10 Td (of ) Tj ET Q q 0 0 0 rg BT 327.81 530.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 369.01 530.10 Td (match ) Tj ET Q q 0 0 0 rg BT 396.32 530.10 Td (the ) Tj ET Q q 0 0 0 rg BT 411.42 530.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 440.41 530.10 Td (and ) Tj ET Q q 0 0 0 rg BT 457.73 530.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 494.49 530.10 Td (of ) Tj ET Q q 0 0 0 rg BT 505.70 530.10 Td (the ) Tj ET Q q 0 0 0 rg BT 520.79 530.10 Td (projected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 518.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 84.32 518.10 Td (payments. ) Tj ET Q q 0 0 0 rg BT 127.70 518.10 Td (For ) Tj ET Q q 0 0 0 rg BT 144.15 518.10 Td (this ) Tj ET Q q 0 0 0 rg BT 161.16 518.10 Td (plan, ) Tj ET Q q 0 0 0 rg BT 183.43 518.10 Td (the ) Tj ET Q q 0 0 0 rg BT 198.21 518.10 Td (single ) Tj ET Q q 0 0 0 rg BT 224.65 518.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 263.87 518.10 Td (average ) Tj ET Q q 0 0 0 rg BT 297.51 518.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 333.95 518.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 351.49 518.10 Td (that ) Tj ET Q q 0 0 0 rg BT 369.05 518.10 Td (reflects ) Tj ET Q q 0 0 0 rg BT 401.03 518.10 Td (the ) Tj ET Q q 0 0 0 rg BT 415.80 518.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 456.68 518.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 485.35 518.10 Td (and ) Tj ET Q q 0 0 0 rg BT 502.35 518.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 534.90 518.10 Td (of ) Tj ET Q q 0 0 0 rg BT 545.79 518.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 506.10 Td (scheme ) Tj ET Q q 0 0 0 rg BT 87.08 506.10 Td (future ) Tj ET Q q 0 0 0 rg BT 114.05 506.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 144.91 506.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 186.32 506.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.08 506.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.08 506.10 Td ( ) Tj ET Q q 0 0 0 rg BT 224.17 506.10 Td (is ) Tj ET Q q 0 0 0 rg BT 233.93 506.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 258.68 506.10 Td (to ) Tj ET Q q 0 0 0 rg BT 269.55 506.10 Td (1.6 ) Tj ET Q q 0 0 0 rg BT 285.15 506.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 317.66 506.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.99 506.10 Td (1.9 ) Tj ET Q q 0 0 0 rg BT 336.59 506.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.01 506.10 Td ( ) Tj ET Q q 0 0 0 rg BT 369.10 506.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.98 506.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.98 506.10 Td ( ) Tj ET Q q 0 0 0 rg BT 403.07 506.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.60 506.10 Td (3.0 ) Tj ET Q q 0 0 0 rg BT 436.19 506.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.62 506.10 Td ( ) Tj ET Q q 0 0 0 rg BT 468.71 506.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.58 506.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.58 506.10 Td (\). ) Tj ET Q q 0 0 0 rg BT 508.28 506.10 Td (The ) Tj ET Q q 0 0 0 rg BT 526.92 506.10 Td (average ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 494.10 Td (duration ) Tj ET Q q 0 0 0 rg BT 89.88 494.10 Td (of ) Tj ET Q q 0 0 0 rg BT 100.77 494.10 Td (the ) Tj ET Q q 0 0 0 rg BT 115.54 494.10 Td (Italian ) Tj ET Q q 0 0 0 rg BT 143.45 494.10 Td (TFR ) Tj ET Q q 0 0 0 rg BT 164.34 494.10 Td (is ) Tj ET Q q 0 0 0 rg BT 173.57 494.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.88 494.10 Td (9 ) Tj ET Q q 0 0 0 rg BT 241.44 494.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.54 494.10 Td (. ) Tj ET Q q 0 0 0 rg BT 267.59 494.10 Td (Retirement ) Tj ET Q q 0 0 0 rg BT 314.58 494.10 Td (or ) Tj ET Q q 0 0 0 rg BT 325.46 494.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 366.89 494.10 Td (leaving ) Tj ET Q q 0 0 0 rg BT 398.88 494.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 420.31 494.10 Td (are ) Tj ET Q q 0 0 0 rg BT 435.07 494.10 Td (developed ) Tj ET Q q 0 0 0 rg BT 478.72 494.10 Td (to ) Tj ET Q q 0 0 0 rg BT 489.05 494.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 517.14 494.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 543.57 494.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 482.10 Td (projected ) Tj ET Q q 0 0 0 rg BT 93.70 482.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 121.75 482.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 167.55 482.10 Td (and ) Tj ET Q q 0 0 0 rg BT 184.49 482.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 206.43 482.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 261.13 482.10 Td (for ) Tj ET Q q 0 0 0 rg BT 275.29 482.10 Td (retirement ) Tj ET Q q 0 0 0 rg BT 318.88 482.10 Td (in ) Tj ET Q q 0 0 0 rg BT 329.16 482.10 Td (Italy) Tj ET Q q 0 0 0 rg BT 346.83 482.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 458.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 458.10 Td (The ) Tj ET Q q 0 0 0 rg BT 107.24 458.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 142.83 458.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 163.40 458.10 Td (are ) Tj ET Q q 0 0 0 rg BT 177.30 458.10 Td (used ) Tj ET Q q 0 0 0 rg BT 197.33 458.10 Td (in ) Tj ET Q q 0 0 0 rg BT 206.81 458.10 Td (measuring ) Tj ET Q q 0 0 0 rg BT 250.16 458.10 Td (the ) Tj ET Q q 0 0 0 rg BT 264.07 458.10 Td (pension ) Tj ET Q q 0 0 0 rg BT 296.88 458.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 315.79 458.10 Td (obligation ) Tj ET Q q 0 0 0 rg BT 358.04 458.10 Td (\(excluding ) Tj ET Q q 0 0 0 rg BT 402.38 458.10 Td (TFR\) ) Tj ET Q q 0 0 0 rg BT 425.74 458.10 Td (and ) Tj ET Q q 0 0 0 rg BT 441.88 458.10 Td (the ) Tj ET Q q 0 0 0 rg BT 455.79 458.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 486.92 458.10 Td (expense/\(income\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 446.10 Td (of ) Tj ET Q q 0 0 0 rg BT 65.57 446.10 Td (net ) Tj ET Q q 0 0 0 rg BT 81.03 446.10 Td (period ) Tj ET Q q 0 0 0 rg BT 109.82 446.10 Td (cost. ) Tj ET Q q 0 0 0 rg BT 131.44 446.10 Td (The ) Tj ET Q q 0 0 0 rg BT 150.23 446.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 179.02 446.10 Td (selects ) Tj ET Q q 0 0 0 rg BT 208.92 446.10 Td (these ) Tj ET Q q 0 0 0 rg BT 232.71 446.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 254.83 446.10 Td (on ) Tj ET Q q 0 0 0 rg BT 268.07 446.10 Td (the ) Tj ET Q q 0 0 0 rg BT 283.53 446.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 306.77 446.10 Td (of ) Tj ET Q q 0 0 0 rg BT 318.34 446.10 Td (the ) Tj ET Q q 0 0 0 rg BT 333.80 446.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 352.03 446.10 Td (on ) Tj ET Q q 0 0 0 rg BT 365.27 446.10 Td (return ) Tj ET Q q 0 0 0 rg BT 392.39 446.10 Td (on ) Tj ET Q q 0 0 0 rg BT 405.63 446.10 Td (high-quality ) Tj ET Q q 0 0 0 rg BT 457.75 446.10 Td (\(AA) Tj ET Q q 0 0 0 rg BT 474.98 446.10 Td ( ) Tj ET Q q 0 0 0 rg BT 478.22 446.10 Td (rated\) ) Tj ET Q q 0 0 0 rg BT 504.78 446.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 528.57 446.10 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 434.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 104.93 434.10 Td (for ) Tj ET Q q 0 0 0 rg BT 119.75 434.10 Td (which ) Tj ET Q q 0 0 0 rg BT 147.35 434.10 Td (the ) Tj ET Q q 0 0 0 rg BT 162.73 434.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 192.01 434.10 Td (and ) Tj ET Q q 0 0 0 rg BT 209.60 434.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 246.65 434.10 Td (of ) Tj ET Q q 0 0 0 rg BT 258.14 434.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 299.63 434.10 Td (match ) Tj ET Q q 0 0 0 rg BT 327.22 434.10 Td (the ) Tj ET Q q 0 0 0 rg BT 342.60 434.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 371.87 434.10 Td (and ) Tj ET Q q 0 0 0 rg BT 389.47 434.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 426.52 434.10 Td (of ) Tj ET Q q 0 0 0 rg BT 438.01 434.10 Td (the ) Tj ET Q q 0 0 0 rg BT 453.39 434.10 Td (projected ) Tj ET Q q 0 0 0 rg BT 493.75 434.10 Td (pension ) Tj ET Q q 0 0 0 rg BT 528.02 434.10 Td (defined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 422.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 83.98 422.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 103.42 422.10 Td (which ) Tj ET Q q 0 0 0 rg BT 130.07 422.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.95 422.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.95 422.10 Td ( ) Tj ET Q q 0 0 0 rg BT 166.17 422.10 Td (was ) Tj ET Q q 0 0 0 rg BT 183.94 422.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 207.81 422.10 Td (to ) Tj ET Q q 0 0 0 rg BT 217.81 422.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 277.79 422.10 Td (1.6 ) Tj ET Q q 0 0 0 rg BT 292.51 422.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 324.15 422.10 Td ( ) Tj ET Q q 0 0 0 rg BT 326.37 422.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.70 422.10 Td (2.1 ) Tj ET Q q 0 0 0 rg BT 344.41 422.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.84 422.10 Td ( ) Tj ET Q q 0 0 0 rg BT 376.06 422.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.05 422.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.05 422.10 Td ( ) Tj ET Q q 0 0 0 rg BT 408.27 422.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.93 422.10 Td (3.0 ) Tj ET Q q 0 0 0 rg BT 439.65 422.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.07 422.10 Td ( ) Tj ET Q q 0 0 0 rg BT 471.29 422.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.29 422.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.29 422.10 Td (\). ) Tj ET Q q 0 0 0 rg BT 509.17 422.10 Td (The ) Tj ET Q q 0 0 0 rg BT 526.94 422.10 Td (average ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 410.10 Td (duration ) Tj ET Q q 0 0 0 rg BT 89.83 410.10 Td (of ) Tj ET Q q 0 0 0 rg BT 100.66 410.10 Td (the ) Tj ET Q q 0 0 0 rg BT 115.37 410.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 162.32 410.10 Td (is ) Tj ET Q q 0 0 0 rg BT 171.49 410.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.74 410.10 Td (5 ) Tj ET Q q 0 0 0 rg BT 239.24 410.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.34 410.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 386.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 386.10 Td (Current ) Tj ET Q q 0 0 0 rg BT 122.70 386.10 Td (service ) Tj ET Q q 0 0 0 rg BT 153.16 386.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 171.42 386.10 Td (is ) Tj ET Q q 0 0 0 rg BT 180.24 386.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 226.26 386.10 Td (by ) Tj ET Q q 0 0 0 rg BT 238.41 386.10 Td (function ) Tj ET Q q 0 0 0 rg BT 273.88 386.10 Td (in ) Tj ET Q q 0 0 0 rg BT 283.81 386.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 302.07 386.10 Td (of ) Tj ET Q q 0 0 0 rg BT 312.55 386.10 Td (sales, ) Tj ET Q q 0 0 0 rg BT 336.64 386.10 Td (selling, ) Tj ET Q q 0 0 0 rg BT 367.96 386.10 Td (general ) Tj ET Q q 0 0 0 rg BT 399.53 386.10 Td (and ) Tj ET Q q 0 0 0 rg BT 416.12 386.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 475.48 386.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 497.63 386.10 Td (or ) Tj ET Q q 0 0 0 rg BT 508.11 386.10 Td (research ) Tj ET Q q 0 0 0 rg BT 543.57 386.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 374.10 Td (development ) Tj ET Q q 0 0 0 rg BT 108.15 374.10 Td (costs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 350.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 350.10 Td (The sensitivity of the defined benefit obligation to changes in the weighted principal assumptions is: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 73.50 252.60 185.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 252.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 252.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 252.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 252.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 252.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 252.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 252.60 66.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 316.6 m 329.5 316.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 301.6 m 329.5 301.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 316.6 m 333.5 316.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 301.6 m 333.5 301.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 316.6 m 398.5 316.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 301.6 m 398.5 301.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 316.6 m 467.5 316.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 301.6 m 467.5 301.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 316.6 m 471.5 316.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 301.6 m 471.5 301.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 316.6 m 537.5 316.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 301.6 m 537.5 301.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 301.6 m 329.5 301.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 267.6 m 329.5 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 301.6 m 398.5 301.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 267.6 m 398.5 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 301.6 m 467.5 301.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 267.6 m 467.5 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 301.6 m 537.5 301.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 267.6 m 537.5 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 237.60000000000002 m 329.5 237.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 223.60000000000002 m 329.5 223.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 221.60000000000002 m 329.5 221.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 237.60000000000002 m 398.5 237.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 223.60000000000002 m 398.5 223.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 221.60000000000002 m 398.5 221.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 237.60000000000002 m 467.5 237.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 223.60000000000002 m 467.5 223.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 221.60000000000002 m 467.5 221.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 237.60000000000002 m 537.5 237.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 223.60000000000002 m 537.5 223.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 221.60000000000002 m 537.5 221.60000000000002 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 372.50 319.83 Td (At December31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 320.00 305.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 461.50 305.83 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.45 287.83 Td ( Changes in) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 269.60 279.83 Td (assumption of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 261.85 271.83 Td (+1% discount rate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 345.45 293.68 Td ( Changes in) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 341.60 285.68 Td (assumption of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 342.70 277.68 Td (-1% discount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.60 269.73 Td (rate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 414.45 293.68 Td ( Changes in) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.60 285.68 Td (assumption of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.75 277.68 Td (+1% discount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 427.60 269.73 Td (rate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 483.95 293.68 Td ( Changes in) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.10 285.68 Td (assumption of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 481.20 277.68 Td (-1% discount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 497.10 269.73 Td (rate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 374.85 257.06 Td (\( thousand\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 76.00 241.85 Td (Impact on defined benefit obligation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.60 241.85 Td (\(1,675) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.30 241.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.30 240.85 Td (2,045) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.60 241.85 Td (\(2,092) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.30 241.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 516.30 240.85 Td (2,463) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 76.00 226.83 Td (T) Tj ET Q q 0 0 0 rg BT 80.60 226.83 Td (otal impact on defined benefit obligation) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 305.60 226.83 Td (\(1,675) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.30 226.83 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 377.30 226.83 Td (2,045) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.60 226.83 Td (\(2,092) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 464.30 226.83 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.30 226.83 Td (2,463) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 203.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 203.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.85 203.10 Td (above ) Tj ET Q q 0 0 0 rg BT 136.03 203.10 Td (sensitivity ) Tj ET Q q 0 0 0 rg BT 180.44 203.10 Td (analysis ) Tj ET Q q 0 0 0 rg BT 215.96 203.10 Td (on ) Tj ET Q q 0 0 0 rg BT 229.02 203.10 Td (TFR ) Tj ET Q q 0 0 0 rg BT 250.66 203.10 Td (is ) Tj ET Q q 0 0 0 rg BT 260.63 203.10 Td (based ) Tj ET Q q 0 0 0 rg BT 286.70 203.10 Td (on ) Tj ET Q q 0 0 0 rg BT 300.00 203.10 Td (a ) Tj ET Q q 0 0 0 rg BT 307.74 203.10 Td (change ) Tj ET Q q 0 0 0 rg BT 339.36 203.10 Td (in ) Tj ET Q q 0 0 0 rg BT 350.44 203.10 Td (an ) Tj ET Q q 0 0 0 rg BT 363.17 203.10 Td (assumption ) Tj ET Q q 0 0 0 rg BT 412.03 203.10 Td (while ) Tj ET Q q 0 0 0 rg BT 437.55 203.10 Td (holding ) Tj ET Q q 0 0 0 rg BT 471.41 203.10 Td (all ) Tj ET Q q 0 0 0 rg BT 484.70 203.10 Td (other ) Tj ET Q q 0 0 0 rg BT 508.55 203.10 Td (assumptions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 191.10 Td (constant. ) Tj ET Q q 0 0 0 rg BT 92.09 191.10 Td (In ) Tj ET Q q 0 0 0 rg BT 102.68 191.10 Td (practice, ) Tj ET Q q 0 0 0 rg BT 139.09 191.10 Td (this ) Tj ET Q q 0 0 0 rg BT 155.80 191.10 Td (is ) Tj ET Q q 0 0 0 rg BT 164.74 191.10 Td (unlikely ) Tj ET Q q 0 0 0 rg BT 199.78 191.10 Td (to ) Tj ET Q q 0 0 0 rg BT 209.82 191.10 Td (occur) Tj ET Q q 0 0 0 rg BT 231.63 191.10 Td (, ) Tj ET Q q 0 0 0 rg BT 236.39 191.10 Td (and ) Tj ET Q q 0 0 0 rg BT 253.09 191.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 287.56 191.10 Td (in ) Tj ET Q q 0 0 0 rg BT 297.61 191.10 Td (some ) Tj ET Q q 0 0 0 rg BT 320.98 191.10 Td (of ) Tj ET Q q 0 0 0 rg BT 331.58 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 346.06 191.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 397.77 191.10 Td (may ) Tj ET Q q 0 0 0 rg BT 417.25 191.10 Td (be ) Tj ET Q q 0 0 0 rg BT 428.95 191.10 Td (correlated. ) Tj ET Q q 0 0 0 rg BT 473.53 191.10 Td (When ) Tj ET Q q 0 0 0 rg BT 499.67 191.10 Td (calculating ) Tj ET Q q 0 0 0 rg BT 545.80 191.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 179.10 Td (sensitivity ) Tj ET Q q 0 0 0 rg BT 98.40 179.10 Td (of ) Tj ET Q q 0 0 0 rg BT 110.01 179.10 Td (the ) Tj ET Q q 0 0 0 rg BT 125.51 179.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 158.78 179.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 189.82 179.10 Td (obligation ) Tj ET Q q 0 0 0 rg BT 233.66 179.10 Td (to ) Tj ET Q q 0 0 0 rg BT 244.72 179.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 290.21 179.10 Td (actuarial ) Tj ET Q q 0 0 0 rg BT 327.91 179.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 380.65 179.10 Td (the ) Tj ET Q q 0 0 0 rg BT 396.15 179.10 Td (same ) Tj ET Q q 0 0 0 rg BT 419.97 179.10 Td (method ) Tj ET Q q 0 0 0 rg BT 453.25 179.10 Td (has ) Tj ET Q q 0 0 0 rg BT 469.87 179.10 Td (been ) Tj ET Q q 0 0 0 rg BT 492.02 179.10 Td (applied ) Tj ET Q q 0 0 0 rg BT 524.74 179.10 Td (as ) Tj ET Q q 0 0 0 rg BT 536.35 179.10 Td (when ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 167.10 Td (calculating ) Tj ET Q q 0 0 0 rg BT 100.37 167.10 Td (the ) Tj ET Q q 0 0 0 rg BT 115.08 167.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 147.57 167.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 177.83 167.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 211.44 167.10 Td (recognised ) Tj ET Q q 0 0 0 rg BT 257.26 167.10 Td (in ) Tj ET Q q 0 0 0 rg BT 267.54 167.10 Td (the ) Tj ET Q q 0 0 0 rg BT 282.25 167.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 323.07 167.10 Td (of ) Tj ET Q q 0 0 0 rg BT 333.90 167.10 Td (the ) Tj ET Q q 0 0 0 rg BT 348.62 167.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 386.10 167.10 Td (position.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 147.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 147.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 116.39 147.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 161.12 147.10 Td (for ) Tj ET Q q 0 0 0 rg BT 175.84 147.10 Td (employees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 123.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 123.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 115.01 123.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 158.93 123.10 Td (for ) Tj ET Q q 0 0 0 rg BT 172.83 123.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 217.84 123.10 Td (consist ) Tj ET Q q 0 0 0 rg BT 247.87 123.10 Td (of ) Tj ET Q q 0 0 0 rg BT 258.44 123.10 Td (the ) Tj ET Q q 0 0 0 rg BT 272.90 123.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 310.68 123.10 Td (future ) Tj ET Q q 0 0 0 rg BT 336.80 123.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 372.93 123.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 406.27 123.10 Td (to ) Tj ET Q q 0 0 0 rg BT 416.30 123.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 461.31 123.10 Td (in ) Tj ET Q q 0 0 0 rg BT 471.33 123.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 517.45 123.10 Td (with ) Tj ET Q q 0 0 0 rg BT 537.47 123.10 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 111.10 Td (remuneration ) Tj ET Q q 0 0 0 rg BT 109.81 111.10 Td (schemes, ) Tj ET Q q 0 0 0 rg BT 148.69 111.10 Td (which ) Tj ET Q q 0 0 0 rg BT 175.63 111.10 Td (are ) Tj ET Q q 0 0 0 rg BT 190.33 111.10 Td (not ) Tj ET Q q 0 0 0 rg BT 205.61 111.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 236.44 111.10 Td (to ) Tj ET Q q 0 0 0 rg BT 246.71 111.10 Td (actuarial ) Tj ET Q q 0 0 0 rg BT 283.63 111.10 Td (valuation, ) Tj ET Q q 0 0 0 rg BT 325.85 111.10 Td (including ) Tj ET Q q 0 0 0 rg BT 366.12 111.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 408.05 111.10 Td (bonus ) Tj ET Q q 0 0 0 rg BT 434.44 111.10 Td (plans.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 87.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 87.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.32 87.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 162.71 87.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.71 87.10 Td (, ) Tj ET Q q 0 0 0 rg BT 188.53 87.10 Td (other ) Tj ET Q q 0 0 0 rg BT 212.39 87.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 257.38 87.10 Td (for ) Tj ET Q q 0 0 0 rg BT 272.35 87.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 318.43 87.10 Td (comprised ) Tj ET Q q 0 0 0 rg BT 363.40 87.10 Td (long ) Tj ET Q q 0 0 0 rg BT 384.50 87.10 Td (term ) Tj ET Q q 0 0 0 rg BT 406.14 87.10 Td (bonus ) Tj ET Q q 0 0 0 rg BT 433.34 87.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 468.32 87.10 Td (amounting ) Tj ET Q q 0 0 0 rg BT 514.40 87.10 Td (to ) Tj ET Q q 0 0 0 rg BT 525.50 87.10 Td (52,553 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 75.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 92.47 75.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.80 75.10 Td (38,582 ) Tj ET Q q 0 0 0 rg BT 130.66 75.10 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.77 75.10 Td ( ) Tj ET Q q 0 0 0 rg BT 169.13 75.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.70 75.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 237.15 75.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.15 75.10 Td (\), ) Tj ET Q q 0 0 0 rg BT 265.34 75.10 Td (jubilee ) Tj ET Q q 0 0 0 rg BT 294.91 75.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 328.92 75.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 361.27 75.10 Td (to ) Tj ET Q q 0 0 0 rg BT 371.41 75.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 400.97 75.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 446.09 75.10 Td (by ) Tj ET Q q 0 0 0 rg BT 458.45 75.10 Td (the ) Tj ET Q q 0 0 0 rg BT 473.03 75.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 500.94 75.10 Td (in ) Tj ET Q q 0 0 0 rg BT 511.08 75.10 Td (the ) Tj ET Q q 0 0 0 rg BT 525.66 75.10 Td (event ) Tj ET Q q 0 0 0 rg BT 549.67 75.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 63.10 Td (achieving ) Tj ET Q q 0 0 0 rg BT 95.03 63.10 Td (30 ) Tj ET Q q 0 0 0 rg BT 107.19 63.10 Td (years ) Tj ET Q q 0 0 0 rg BT 130.45 63.10 Td (of ) Tj ET Q q 0 0 0 rg BT 140.93 63.10 Td (service ) Tj ET Q q 0 0 0 rg BT 171.41 63.10 Td (amounting ) Tj ET Q q 0 0 0 rg BT 216.34 63.10 Td (to ) Tj ET Q q 0 0 0 rg BT 226.28 63.10 Td (1,837 ) Tj ET Q q 0 0 0 rg BT 255.93 63.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 294.20 63.10 Td ( ) Tj ET Q q 0 0 0 rg BT 296.36 63.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.69 63.10 Td (1,856 ) Tj ET Q q 0 0 0 rg BT 329.35 63.10 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.46 63.10 Td ( ) Tj ET Q q 0 0 0 rg BT 367.61 63.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.99 63.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 435.23 63.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.23 63.10 Td (\), ) Tj ET Q q 0 0 0 rg BT 463.22 63.10 Td (and ) Tj ET Q q 0 0 0 rg BT 479.82 63.10 Td (other ) Tj ET Q q 0 0 0 rg BT 502.52 63.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 546.35 63.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 51.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 98.36 51.10 Td (amounting ) Tj ET Q q 0 0 0 rg BT 142.74 51.10 Td (to ) Tj ET Q q 0 0 0 rg BT 152.11 51.10 Td (59 ) Tj ET Q q 0 0 0 rg BT 168.71 51.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 206.42 51.10 Td ( ) Tj ET Q q 0 0 0 rg BT 208.02 51.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.35 51.10 Td (47 ) Tj ET Q q 0 0 0 rg BT 227.95 51.10 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.06 51.10 Td ( ) Tj ET Q q 0 0 0 rg BT 265.66 51.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.47 51.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 332.15 51.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 51.10 Td (\). ) Tj ET Q q 0 0 0 rg BT 359.58 51.10 Td (Interest ) Tj ET Q q 0 0 0 rg BT 391.17 51.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 424.97 51.10 Td (on ) Tj ET Q q 0 0 0 rg BT 436.57 51.10 Td (other ) Tj ET Q q 0 0 0 rg BT 458.72 51.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 501.99 51.10 Td (for ) Tj ET Q q 0 0 0 rg BT 515.25 51.10 Td (employees ) Tj ET Q endstream endobj 399 0 obj <> endobj 400 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 760.75 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 760.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.60 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 199.82 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 206.31 748.75 Td (O ) Tj ET Q q 0 0 0 rg BT 216.41 748.75 Td (THE CONSOLIDA) Tj ET Q q 0 0 0 rg BT 299.85 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 379.03 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 393.02 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 399.50 748.75 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.60 736.75 Td (At December) Tj ET Q q 0 0 0 rg BT 294.78 736.75 Td (31, 2015 and 2014) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 294.65 32.20 Td (F-50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 713.10 Td (amounted ) Tj ET Q q 0 0 0 rg BT 97.69 713.10 Td (to ) Tj ET Q q 0 0 0 rg BT 109.72 713.10 Td (5 ) Tj ET Q q 0 0 0 rg BT 123.97 713.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 164.33 713.10 Td ( ) Tj ET Q q 0 0 0 rg BT 168.58 713.10 Td (for ) Tj ET Q q 0 0 0 rg BT 184.50 713.10 Td (the ) Tj ET Q q 0 0 0 rg BT 200.96 713.10 Td (year ) Tj ET Q q 0 0 0 rg BT 222.42 713.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.55 713.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 310.89 713.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.89 713.10 Td ( ) Tj ET Q q 0 0 0 rg BT 335.14 713.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.47 713.10 Td (13 ) Tj ET Q q 0 0 0 rg BT 357.72 713.10 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.83 713.10 Td ( ) Tj ET Q q 0 0 0 rg BT 398.09 713.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.78 713.10 Td (21 ) Tj ET Q q 0 0 0 rg BT 436.03 713.10 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.14 713.10 Td ( ) Tj ET Q q 0 0 0 rg BT 476.39 713.10 Td (for ) Tj ET Q q 0 0 0 rg BT 492.30 713.10 Td (the ) Tj ET Q q 0 0 0 rg BT 508.77 713.10 Td (years ) Tj ET Q q 0 0 0 rg BT 534.12 713.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 701.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 112.58 701.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.58 701.10 Td ( ) Tj ET Q q 0 0 0 rg BT 135.08 701.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.02 701.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.02 701.10 Td (, ) Tj ET Q q 0 0 0 rg BT 177.02 701.10 Td (respectively\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 677.10 Td (22. PROVISIONS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 653.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 653.10 Td (Changes ) Tj ET Q q 0 0 0 rg BT 126.94 653.10 Td (in ) Tj ET Q q 0 0 0 rg BT 137.22 653.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 181.39 653.10 Td (were ) Tj ET Q q 0 0 0 rg BT 203.32 653.10 Td (as ) Tj ET Q q 0 0 0 rg BT 214.15 653.10 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 585.60 209.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 585.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 585.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 585.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 585.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 585.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 585.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 585.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 585.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 585.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 557.60 209.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 557.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 557.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 557.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 557.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 557.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 557.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 557.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 557.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 557.60 60.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 598.6 m 322.5 598.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 598.6 m 379.5 598.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 598.6 m 436.5 598.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 598.6 m 493.5 598.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 598.6 m 557.5 598.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 543.6 m 322.5 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 543.6 m 379.5 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 543.6 m 436.5 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 543.6 m 493.5 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 543.6 m 557.5 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 530.6 m 322.5 530.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 528.6 m 322.5 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 530.6 m 379.5 530.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 528.6 m 379.5 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 530.6 m 436.5 530.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 528.6 m 436.5 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 530.6 m 493.5 530.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 528.6 m 493.5 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 530.6 m 557.5 530.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 528.6 m 557.5 528.6 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 287.25 621.05 Td (At) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 265.80 612.05 Td (December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 283.00 603.05 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 331.95 612.05 Td (Additional) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 332.80 603.05 Td (provisions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 389.25 603.05 Td (Utilization) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 444.30 612.05 Td (Translation) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 445.55 603.05 Td (differences) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 522.25 621.05 Td (At) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 500.80 612.05 Td (December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 518.00 603.05 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 389.35 589.85 Td (\( thousand\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 576.06 Td (Warranty provision) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.25 576.06 Td (68,512) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 351.25 576.06 Td (33,516) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.25 576.06 Td (\(26,028) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 433.00 576.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.50 576.06 Td (312) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.25 576.06 Td (76,312) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 562.06 Td (Legal proceedings and disputes) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.25 562.06 Td (44,544) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 355.75 562.06 Td (8,822) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 409.75 562.06 Td (\(8,302) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 433.00 562.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 478.00 562.06 Td (\(87) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.00 562.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.25 562.06 Td (44,977) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 548.06 Td (Other risks) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.25 548.06 Td (21,718) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 355.75 548.06 Td (8,535) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.25 548.06 Td (\(10,046) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 433.00 548.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.50 548.06 Td (351) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.25 548.06 Td (20,558) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 534.05 Td (Total provisions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 289.75 534.05 Td (134,774) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 351.25 534.05 Td (50,873) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 405.25 534.05 Td (\(44,376) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.00 534.05 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.50 534.05 Td (576) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 534.05 Td (141,847) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 506.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 506.10 Td (The ) Tj ET Q q 0 0 0 rg BT 109.01 506.10 Td (warranty ) Tj ET Q q 0 0 0 rg BT 148.01 506.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 189.25 506.10 Td (represents ) Tj ET Q q 0 0 0 rg BT 233.24 506.10 Td (the ) Tj ET Q q 0 0 0 rg BT 248.92 506.10 Td (best ) Tj ET Q q 0 0 0 rg BT 268.49 506.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 305.27 506.10 Td (of ) Tj ET Q q 0 0 0 rg BT 317.06 506.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 374.96 506.10 Td (given ) Tj ET Q q 0 0 0 rg BT 400.64 506.10 Td (by ) Tj ET Q q 0 0 0 rg BT 414.10 506.10 Td (the ) Tj ET Q q 0 0 0 rg BT 429.78 506.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 458.79 506.10 Td (for ) Tj ET Q q 0 0 0 rg BT 473.91 506.10 Td (contractual, ) Tj ET Q q 0 0 0 rg BT 524.29 506.10 Td (legal, ) Tj ET Q q 0 0 0 rg BT 549.69 506.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 494.10 Td (constructive ) Tj ET Q q 0 0 0 rg BT 105.72 494.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 153.01 494.10 Td (arising ) Tj ET Q q 0 0 0 rg BT 183.07 494.10 Td (from ) Tj ET Q q 0 0 0 rg BT 205.36 494.10 Td (product ) Tj ET Q q 0 0 0 rg BT 238.75 494.10 Td (warranties ) Tj ET Q q 0 0 0 rg BT 283.24 494.10 Td (given ) Tj ET Q q 0 0 0 rg BT 308.31 494.10 Td (for ) Tj ET Q q 0 0 0 rg BT 322.81 494.10 Td (a ) Tj ET Q q 0 0 0 rg BT 330.10 494.10 Td (specified ) Tj ET Q q 0 0 0 rg BT 369.04 494.10 Td (period ) Tj ET Q q 0 0 0 rg BT 397.43 494.10 Td (of ) Tj ET Q q 0 0 0 rg BT 408.61 494.10 Td (time. ) Tj ET Q q 0 0 0 rg BT 431.73 494.10 Td (Such ) Tj ET Q q 0 0 0 rg BT 454.58 494.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 499.09 494.10 Td (are ) Tj ET Q q 0 0 0 rg BT 514.15 494.10 Td (recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 482.10 Td (on ) Tj ET Q q 0 0 0 rg BT 66.50 482.10 Td (shipment ) Tj ET Q q 0 0 0 rg BT 105.67 482.10 Td (of ) Tj ET Q q 0 0 0 rg BT 116.50 482.10 Td (the ) Tj ET Q q 0 0 0 rg BT 131.21 482.10 Td (car ) Tj ET Q q 0 0 0 rg BT 145.92 482.10 Td (to ) Tj ET Q q 0 0 0 rg BT 156.20 482.10 Td (the ) Tj ET Q q 0 0 0 rg BT 170.91 482.10 Td (dealer) Tj ET Q q 0 0 0 rg BT 194.79 482.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 458.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 458.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.43 458.10 Td (warranty ) Tj ET Q q 0 0 0 rg BT 146.85 458.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 187.50 458.10 Td (is ) Tj ET Q q 0 0 0 rg BT 197.06 458.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 238.26 458.10 Td (on ) Tj ET Q q 0 0 0 rg BT 251.14 458.10 Td (the ) Tj ET Q q 0 0 0 rg BT 266.24 458.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 289.12 458.10 Td (of ) Tj ET Q q 0 0 0 rg BT 300.33 458.10 Td (the ) Tj ET Q q 0 0 0 rg BT 315.42 458.10 Td (Group) Tj ET Q q 0 0 0 rg BT 343.75 458.10 Td (s ) Tj ET Q q 0 0 0 rg BT 350.53 458.10 Td (past ) Tj ET Q q 0 0 0 rg BT 369.52 458.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 415.70 458.10 Td (and ) Tj ET Q q 0 0 0 rg BT 433.02 458.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 480.32 458.10 Td (terms, ) Tj ET Q q 0 0 0 rg BT 507.92 458.10 Td (related ) Tj ET Q q 0 0 0 rg BT 538.00 458.10 Td (costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 446.10 Td (are ) Tj ET Q q 0 0 0 rg BT 67.91 446.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 113.48 446.10 Td (within ) Tj ET Q q 0 0 0 rg BT 140.74 446.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 158.55 446.10 Td (of ) Tj ET Q q 0 0 0 rg BT 168.58 446.10 Td (sales. ) Tj ET Q q 0 0 0 rg BT 192.10 446.10 Td (The ) Tj ET Q q 0 0 0 rg BT 209.35 446.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 251.04 446.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 294.41 446.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 339.98 446.10 Td (in ) Tj ET Q q 0 0 0 rg BT 349.46 446.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 371.16 446.10 Td (were ) Tj ET Q q 0 0 0 rg BT 392.30 446.10 Td (related ) Tj ET Q q 0 0 0 rg BT 421.20 446.10 Td (to ) Tj ET Q q 0 0 0 rg BT 430.68 446.10 Td (an ) Tj ET Q q 0 0 0 rg BT 441.82 446.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 476.28 446.10 Td (in ) Tj ET Q q 0 0 0 rg BT 485.76 446.10 Td (shipment ) Tj ET Q q 0 0 0 rg BT 524.13 446.10 Td (volumes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 434.10 Td (from ) Tj ET Q q 0 0 0 rg BT 75.94 434.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 98.44 434.10 Td (to ) Tj ET Q q 0 0 0 rg BT 108.72 434.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 131.22 434.10 Td (and ) Tj ET Q q 0 0 0 rg BT 148.16 434.10 Td (a ) Tj ET Q q 0 0 0 rg BT 155.09 434.10 Td (change ) Tj ET Q q 0 0 0 rg BT 185.91 434.10 Td (in ) Tj ET Q q 0 0 0 rg BT 196.19 434.10 Td (product ) Tj ET Q q 0 0 0 rg BT 229.23 434.10 Td (mix.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 410.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 410.10 Td (The ) Tj ET Q q 0 0 0 rg BT 107.92 410.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 148.06 410.10 Td (for ) Tj ET Q q 0 0 0 rg BT 162.09 410.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 183.89 410.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 234.58 410.10 Td (and ) Tj ET Q q 0 0 0 rg BT 251.38 410.10 Td (disputes ) Tj ET Q q 0 0 0 rg BT 286.53 410.10 Td (represents ) Tj ET Q q 0 0 0 rg BT 329.43 410.10 Td (management) Tj ET Q q 0 0 0 rg BT 383.30 410.10 Td (s ) Tj ET Q q 0 0 0 rg BT 389.56 410.10 Td (best ) Tj ET Q q 0 0 0 rg BT 408.04 410.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 443.73 410.10 Td (of ) Tj ET Q q 0 0 0 rg BT 454.42 410.10 Td (the ) Tj ET Q q 0 0 0 rg BT 469.01 410.10 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 522.47 410.10 Td (expected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 398.10 Td (to ) Tj ET Q q 0 0 0 rg BT 64.51 398.10 Td (be ) Tj ET Q q 0 0 0 rg BT 76.67 398.10 Td (required ) Tj ET Q q 0 0 0 rg BT 112.72 398.10 Td (to ) Tj ET Q q 0 0 0 rg BT 123.22 398.10 Td (settle ) Tj ET Q q 0 0 0 rg BT 147.06 398.10 Td (or ) Tj ET Q q 0 0 0 rg BT 158.12 398.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 199.72 398.10 Td (resolve ) Tj ET Q q 0 0 0 rg BT 231.33 398.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 253.49 398.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 304.53 398.10 Td (and ) Tj ET Q q 0 0 0 rg BT 321.70 398.10 Td (disputes. ) Tj ET Q q 0 0 0 rg BT 359.51 398.10 Td (The ) Tj ET Q q 0 0 0 rg BT 377.78 398.10 Td (most ) Tj ET Q q 0 0 0 rg BT 399.96 398.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 444.90 398.10 Td (accruals ) Tj ET Q q 0 0 0 rg BT 480.38 398.10 Td (to ) Tj ET Q q 0 0 0 rg BT 490.89 398.10 Td (the ) Tj ET Q q 0 0 0 rg BT 505.84 398.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 546.34 398.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 386.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 76.48 386.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 127.85 386.10 Td (and ) Tj ET Q q 0 0 0 rg BT 145.34 386.10 Td (disputes ) Tj ET Q q 0 0 0 rg BT 181.16 386.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 228.07 386.10 Td (in ) Tj ET Q q 0 0 0 rg BT 238.90 386.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 264.45 386.10 Td (relate ) Tj ET Q q 0 0 0 rg BT 289.70 386.10 Td (to ) Tj ET Q q 0 0 0 rg BT 300.53 386.10 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 336.36 386.10 Td (disputes ) Tj ET Q q 0 0 0 rg BT 372.19 386.10 Td (with ) Tj ET Q q 0 0 0 rg BT 393.01 386.10 Td (a ) Tj ET Q q 0 0 0 rg BT 400.50 386.10 Td (former ) Tj ET Q q 0 0 0 rg BT 430.76 386.10 Td (distributor) Tj ET Q q 0 0 0 rg BT 471.87 386.10 Td (. ) Tj ET Q q 0 0 0 rg BT 477.20 386.10 Td (This ) Tj ET Q q 0 0 0 rg BT 498.03 386.10 Td (class ) Tj ET Q q 0 0 0 rg BT 520.52 386.10 Td (of ) Tj ET Q q 0 0 0 rg BT 531.90 386.10 Td (claims ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 374.10 Td (relate ) Tj ET Q q 0 0 0 rg BT 79.86 374.10 Td (to ) Tj ET Q q 0 0 0 rg BT 91.30 374.10 Td (allegations ) Tj ET Q q 0 0 0 rg BT 138.28 374.10 Td (by ) Tj ET Q q 0 0 0 rg BT 151.94 374.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 200.02 374.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 260.32 374.10 Td (that ) Tj ET Q q 0 0 0 rg BT 278.97 374.10 Td (the ) Tj ET Q q 0 0 0 rg BT 294.85 374.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 324.06 374.10 Td (has ) Tj ET Q q 0 0 0 rg BT 341.05 374.10 Td (violated ) Tj ET Q q 0 0 0 rg BT 376.92 374.10 Td (the ) Tj ET Q q 0 0 0 rg BT 392.80 374.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 418.68 374.10 Td (of ) Tj ET Q q 0 0 0 rg BT 430.67 374.10 Td (the ) Tj ET Q q 0 0 0 rg BT 446.54 374.10 Td (arrangements, ) Tj ET Q q 0 0 0 rg BT 506.56 374.10 Td (including ) Tj ET Q q 0 0 0 rg BT 548.00 374.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 362.10 Td (terminating ) Tj ET Q q 0 0 0 rg BT 103.48 362.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.07 362.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 163.54 362.10 Td (relationships. ) Tj ET Q q 0 0 0 rg BT 220.52 362.10 Td (Judgments ) Tj ET Q q 0 0 0 rg BT 266.68 362.10 Td (in ) Tj ET Q q 0 0 0 rg BT 277.83 362.10 Td (these ) Tj ET Q q 0 0 0 rg BT 301.76 362.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 353.45 362.10 Td (may ) Tj ET Q q 0 0 0 rg BT 374.04 362.10 Td (be ) Tj ET Q q 0 0 0 rg BT 386.86 362.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 415.24 362.10 Td (before ) Tj ET Q q 0 0 0 rg BT 444.15 362.10 Td (the ) Tj ET Q q 0 0 0 rg BT 459.75 362.10 Td (end ) Tj ET Q q 0 0 0 rg BT 477.57 362.10 Td (of ) Tj ET Q q 0 0 0 rg BT 489.27 362.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 512.65 362.10 Td (or ) Tj ET Q q 0 0 0 rg BT 524.36 362.10 Td (in ) Tj ET Q q 0 0 0 rg BT 535.52 362.10 Td (2017, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 350.10 Td (although ) Tj ET Q q 0 0 0 rg BT 91.87 350.10 Td (any ) Tj ET Q q 0 0 0 rg BT 109.18 350.10 Td (such ) Tj ET Q q 0 0 0 rg BT 130.38 350.10 Td (judgment ) Tj ET Q q 0 0 0 rg BT 171.02 350.10 Td (may ) Tj ET Q q 0 0 0 rg BT 191.11 350.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 221.74 350.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 252.94 350.10 Td (to ) Tj ET Q q 0 0 0 rg BT 263.59 350.10 Td (judicial ) Tj ET Q q 0 0 0 rg BT 296.45 350.10 Td (review) Tj ET Q q 0 0 0 rg BT 323.01 350.10 Td (. ) Tj ET Q q 0 0 0 rg BT 328.17 350.10 Td (While ) Tj ET Q q 0 0 0 rg BT 355.48 350.10 Td (the ) Tj ET Q q 0 0 0 rg BT 370.56 350.10 Td (outcome ) Tj ET Q q 0 0 0 rg BT 407.87 350.10 Td (of ) Tj ET Q q 0 0 0 rg BT 419.07 350.10 Td (such ) Tj ET Q q 0 0 0 rg BT 440.27 350.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 491.46 350.10 Td (is ) Tj ET Q q 0 0 0 rg BT 501.00 350.10 Td (uncertain, ) Tj ET Q q 0 0 0 rg BT 543.57 350.10 Td (any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 338.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 81.48 338.10 Td (in ) Tj ET Q q 0 0 0 rg BT 92.85 338.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 122.54 338.10 Td (of ) Tj ET Q q 0 0 0 rg BT 134.45 338.10 Td (the ) Tj ET Q q 0 0 0 rg BT 150.26 338.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 195.52 338.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 234.08 338.10 Td (are ) Tj ET Q q 0 0 0 rg BT 249.88 338.10 Td (not ) Tj ET Q q 0 0 0 rg BT 266.25 338.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 305.37 338.10 Td (to ) Tj ET Q q 0 0 0 rg BT 316.73 338.10 Td (be ) Tj ET Q q 0 0 0 rg BT 329.76 338.10 Td (material ) Tj ET Q q 0 0 0 rg BT 366.11 338.10 Td (to ) Tj ET Q q 0 0 0 rg BT 377.48 338.10 Td (the ) Tj ET Q q 0 0 0 rg BT 393.28 338.10 Td (Group's ) Tj ET Q q 0 0 0 rg BT 428.12 338.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 466.69 338.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 508.05 338.10 Td (or ) Tj ET Q q 0 0 0 rg BT 519.97 338.10 Td (results ) Tj ET Q q 0 0 0 rg BT 549.66 338.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 326.10 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 302.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 302.10 Td (The ) Tj ET Q q 0 0 0 rg BT 109.00 302.10 Td (utilization ) Tj ET Q q 0 0 0 rg BT 152.99 302.10 Td (related ) Tj ET Q q 0 0 0 rg BT 183.65 302.10 Td (to ) Tj ET Q q 0 0 0 rg BT 194.87 302.10 Td (reversal ) Tj ET Q q 0 0 0 rg BT 229.97 302.10 Td (of ) Tj ET Q q 0 0 0 rg BT 241.75 302.10 Td (accruals ) Tj ET Q q 0 0 0 rg BT 277.95 302.10 Td (for ) Tj ET Q q 0 0 0 rg BT 293.06 302.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 315.94 302.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 367.71 302.10 Td (and ) Tj ET Q q 0 0 0 rg BT 385.60 302.10 Td (disputes ) Tj ET Q q 0 0 0 rg BT 421.83 302.10 Td (resolved ) Tj ET Q q 0 0 0 rg BT 459.15 302.10 Td (in ) Tj ET Q q 0 0 0 rg BT 470.38 302.10 Td (2015. ) Tj ET Q q 0 0 0 rg BT 495.57 302.10 Td (Accruals ) Tj ET Q q 0 0 0 rg BT 534.56 302.10 Td (to ) Tj ET Q q 0 0 0 rg BT 545.78 302.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 290.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 94.28 290.10 Td (for ) Tj ET Q q 0 0 0 rg BT 108.44 290.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 130.37 290.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 181.19 290.10 Td (and ) Tj ET Q q 0 0 0 rg BT 198.13 290.10 Td (disputes ) Tj ET Q q 0 0 0 rg BT 233.40 290.10 Td (are ) Tj ET Q q 0 0 0 rg BT 248.11 290.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 294.47 290.10 Td (within ) Tj ET Q q 0 0 0 rg BT 322.53 290.10 Td (other ) Tj ET Q q 0 0 0 rg BT 345.58 290.10 Td (expenses/\(income\), ) Tj ET Q q 0 0 0 rg BT 425.55 290.10 Td (net.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 266.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 266.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.47 266.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 149.17 266.10 Td (for ) Tj ET Q q 0 0 0 rg BT 163.75 266.10 Td (other ) Tj ET Q q 0 0 0 rg BT 187.22 266.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 209.03 266.10 Td (are ) Tj ET Q q 0 0 0 rg BT 224.16 266.10 Td (related ) Tj ET Q q 0 0 0 rg BT 254.28 266.10 Td (to ) Tj ET Q q 0 0 0 rg BT 264.98 266.10 Td (disputes ) Tj ET Q q 0 0 0 rg BT 300.68 266.10 Td (and ) Tj ET Q q 0 0 0 rg BT 318.04 266.10 Td (matters ) Tj ET Q q 0 0 0 rg BT 350.40 266.10 Td (which ) Tj ET Q q 0 0 0 rg BT 377.76 266.10 Td (are ) Tj ET Q q 0 0 0 rg BT 392.89 266.10 Td (not ) Tj ET Q q 0 0 0 rg BT 408.58 266.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 439.83 266.10 Td (to ) Tj ET Q q 0 0 0 rg BT 450.53 266.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 472.89 266.10 Td (proceeding ) Tj ET Q q 0 0 0 rg BT 520.23 266.10 Td (including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 254.10 Td (disputes ) Tj ET Q q 0 0 0 rg BT 89.28 254.10 Td (with ) Tj ET Q q 0 0 0 rg BT 109.56 254.10 Td (suppliers, ) Tj ET Q q 0 0 0 rg BT 150.67 254.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 195.93 254.10 Td (and ) Tj ET Q q 0 0 0 rg BT 212.87 254.10 Td (other ) Tj ET Q q 0 0 0 rg BT 235.91 254.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 265.07 254.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 298.11 254.10 Td (to ) Tj ET Q q 0 0 0 rg BT 308.39 254.10 Td (contracts.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 230.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 230.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.05 230.10 Td (following ) Tj ET Q q 0 0 0 rg BT 149.43 230.10 Td (table ) Tj ET Q q 0 0 0 rg BT 171.37 230.10 Td (sets ) Tj ET Q q 0 0 0 rg BT 188.87 230.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 210.81 230.10 Td (total ) Tj ET Q q 0 0 0 rg BT 231.08 230.10 Td (other ) Tj ET Q q 0 0 0 rg BT 254.13 230.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 275.52 230.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 321.88 230.10 Td (for ) Tj ET Q q 0 0 0 rg BT 336.04 230.10 Td (the ) Tj ET Q q 0 0 0 rg BT 350.76 230.10 Td (years ) Tj ET Q q 0 0 0 rg BT 374.36 230.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.73 230.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 459.32 230.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.32 230.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.32 230.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.32 230.10 Td ( ) Tj ET Q q 0 0 0 rg BT 506.82 230.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.75 230.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.75 230.10 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 138.60 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 138.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 138.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 138.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 138.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 138.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 110.60 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 110.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 110.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 110.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 110.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 110.60 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 193.60000000000002 m 419.5 193.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 193.60000000000002 m 423.5 193.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 193.60000000000002 m 488.5 193.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 193.60000000000002 m 492.5 193.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 193.60000000000002 m 557.5 193.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 193.60000000000002 m 419.5 193.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 179.60000000000002 m 419.5 179.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 193.60000000000002 m 423.5 193.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 193.60000000000002 m 488.5 193.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 179.60000000000002 m 488.5 179.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 193.60000000000002 m 557.5 193.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 179.60000000000002 m 557.5 179.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 96.60000000000002 m 419.5 96.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 96.60000000000002 m 488.5 96.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 96.60000000000002 m 557.5 96.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 96.60000000000002 m 419.5 96.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 83.60000000000002 m 419.5 83.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 81.60000000000002 m 419.5 81.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 96.60000000000002 m 488.5 96.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 83.60000000000002 m 488.5 83.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 81.60000000000002 m 488.5 81.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 96.60000000000002 m 557.5 96.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 83.60000000000002 m 557.5 83.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 81.60000000000002 m 557.5 81.60000000000002 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 390.15 198.05 Td (For the years ended December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 377.50 184.05 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.50 184.05 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 515.50 184.05 Td (2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 435.35 170.85 Td (\( thousand\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 157.05 Td (Recorded in the consolidated income statement within:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 68.00 143.06 Td (Cost of sales) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.75 143.06 Td (3,847) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.75 143.06 Td (5,088) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.75 143.06 Td (2,239) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 68.00 129.06 Td (Other expenses/\(income\), net) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.75 129.06 Td (4,111) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.75 129.06 Td (8,589) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.50 129.06 Td (296) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 68.00 115.06 Td (Selling, general and administrative costs) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.50 115.06 Td (8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.75 115.06 Td (1,317) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.50 115.06 Td (347) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 68.00 101.06 Td (Income tax expense) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.50 101.06 Td (569) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.00 101.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.00 101.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.75 87.06 Td (8,535) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.25 87.06 Td (14,994) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.75 87.06 Td (2,882) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 401 0 obj <> endobj 402 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 760.75 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 760.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.60 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 199.82 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 206.31 748.75 Td (O ) Tj ET Q q 0 0 0 rg BT 216.41 748.75 Td (THE CONSOLIDA) Tj ET Q q 0 0 0 rg BT 299.85 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 379.03 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 393.02 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 399.50 748.75 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.60 736.75 Td (At December) Tj ET Q q 0 0 0 rg BT 294.78 736.75 Td (31, 2015 and 2014) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 294.65 32.20 Td (F-51) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 713.25 Td (23. DEBT) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 689.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 689.25 Td (The breakdown of debt by nature and by maturity is as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 591.75 156.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 209.50 591.75 40.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.50 591.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.50 591.75 40.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.50 591.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 591.75 40.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 591.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 591.75 40.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 591.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 591.75 40.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 591.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 591.75 40.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 591.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 591.75 40.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 591.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 591.75 40.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 565.75 156.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 209.50 565.75 40.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.50 565.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.50 565.75 40.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.50 565.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 565.75 40.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 565.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 565.75 40.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 565.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 565.75 40.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 565.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 565.75 40.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 565.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 565.75 40.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 565.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 565.75 40.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 653.75 m 249.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 653.75 m 253.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 653.75 m 293.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 653.75 m 297.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 653.75 m 337.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 653.75 m 341.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 653.75 m 381.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 653.75 m 385.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 653.75 m 425.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 653.75 m 429.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 653.75 m 469.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 653.75 m 473.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 653.75 m 513.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 653.75 m 517.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 653.75 m 557.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 653.75 m 249.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 640.75 m 249.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 653.75 m 253.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 640.75 m 253.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 653.75 m 293.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 640.75 m 293.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 653.75 m 297.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 640.75 m 297.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 653.75 m 337.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 640.75 m 337.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 653.75 m 341.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 640.75 m 341.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 653.75 m 381.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 640.75 m 381.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 653.75 m 425.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 640.75 m 425.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 653.75 m 429.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 640.75 m 429.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 653.75 m 469.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 640.75 m 469.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 653.75 m 473.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 640.75 m 473.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 653.75 m 513.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 640.75 m 513.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 653.75 m 517.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 640.75 m 517.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 653.75 m 557.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 640.75 m 557.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 640.75 m 249.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 603.75 m 249.5 603.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 640.75 m 253.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 640.75 m 293.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 603.75 m 293.5 603.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 640.75 m 297.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 640.75 m 337.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 603.75 m 337.5 603.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 640.75 m 341.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 640.75 m 381.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 603.75 m 381.5 603.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 640.75 m 425.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 603.75 m 425.5 603.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 640.75 m 429.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 640.75 m 469.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 603.75 m 469.5 603.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 640.75 m 473.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 640.75 m 513.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 603.75 m 513.5 603.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 640.75 m 517.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 640.75 m 557.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 603.75 m 557.5 603.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 552.75 m 249.5 552.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 540.75 m 249.5 540.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 538.75 m 249.5 538.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 552.75 m 293.5 552.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 540.75 m 293.5 540.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 538.75 m 293.5 538.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 552.75 m 337.5 552.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 540.75 m 337.5 540.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 538.75 m 337.5 538.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 552.75 m 381.5 552.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 540.75 m 381.5 540.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 538.75 m 381.5 538.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 552.75 m 425.5 552.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 540.75 m 425.5 540.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 538.75 m 425.5 538.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 552.75 m 469.5 552.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 540.75 m 469.5 540.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 538.75 m 469.5 538.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 552.75 m 513.5 552.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 540.75 m 513.5 540.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 538.75 m 513.5 538.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 552.75 m 557.5 552.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 540.75 m 557.5 540.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 538.75 m 557.5 538.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 354.50 657.98 Td (At December 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 287.00 644.98 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 463.00 644.98 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 222.10 623.98 Td (Due) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 218.10 615.98 Td (within) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 214.50 607.98 Td (one year) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 266.10 631.98 Td (Due ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 259.00 623.98 Td (between) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 259.55 615.98 Td (one and) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 256.65 607.98 Td (five years) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 310.10 623.98 Td (Due) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 304.55 615.98 Td (beyond) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 300.65 607.98 Td (five years) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 352.25 607.98 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 398.10 623.98 Td (Due) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 394.10 615.98 Td (within) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 390.50 607.98 Td (one year) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 442.10 631.98 Td (Due ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.00 623.98 Td (between) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.55 615.98 Td (one and) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 432.65 607.98 Td (five years) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.10 623.98 Td (Due) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.55 615.98 Td (beyond) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.65 607.98 Td (five years) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.25 607.98 Td (Total) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 365.40 595.80 Td (\( thousand\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 583.00 Td (Borrowings from banks) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 220.25 583.00 Td (905,419) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 258.25 583.00 Td (1,339,725) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.25 583.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.25 583.00 Td (2,245,144) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.25 583.00 Td (91,982) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.25 583.00 Td (16,197) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.25 583.00 Td (926) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.25 583.00 Td (109,105) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 570.00 Td (Financial liabilities with FCA) Tj ET Q q 0 0 0 rg BT 150.89 570.00 Td ( Group) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 228.25 570.00 Td (3,787) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 282.25 570.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.25 570.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.25 570.00 Td (3,787) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 396.25 570.00 Td (378,542) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.25 570.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 502.25 570.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.25 570.00 Td (378,542) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 557.00 Td (Other debt) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 224.25 557.00 Td (10,203) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 272.25 557.00 Td (1,256) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.25 557.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 356.25 557.00 Td (11,459) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.25 557.00 Td (20,796) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.25 557.00 Td (1,777) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 502.25 557.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.25 557.00 Td (22,573) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 56.00 543.98 Td (T) Tj ET Q q 0 0 0 rg BT 60.60 543.98 Td (otal Debt) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 220.25 543.98 Td (919,409) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 258.25 543.98 Td (1,340,981) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.25 543.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.25 543.98 Td (2,260,390) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.25 543.98 Td (491,320) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.25 543.98 Td (17,974) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 498.25 543.98 Td (926) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.25 543.98 Td (510,220) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 516.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 90.00 516.25 Td (Borrowings ) Tj ET Q q 0 0 0 rg BT 140.85 516.25 Td (from ) Tj ET Q q 0 0 0 rg BT 163.35 516.25 Td (banks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 492.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 492.25 Td (Borrowings ) Tj ET Q q 0 0 0 rg BT 139.69 492.25 Td (from ) Tj ET Q q 0 0 0 rg BT 161.59 492.25 Td (bank ) Tj ET Q q 0 0 0 rg BT 183.50 492.25 Td (at ) Tj ET Q q 0 0 0 rg BT 193.18 492.25 Td (December ) Tj ET Q q 0 0 0 rg BT 236.74 492.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 251.70 492.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 274.17 492.25 Td (were ) Tj ET Q q 0 0 0 rg BT 296.07 492.25 Td (2,245,144 ) Tj ET Q q 0 0 0 rg BT 343.53 492.25 Td (thousand ) Tj ET Q q 0 0 0 rg BT 382.11 492.25 Td (\(109,105 ) Tj ET Q q 0 0 0 rg BT 425.41 492.25 Td (thousand ) Tj ET Q q 0 0 0 rg BT 463.98 492.25 Td (at ) Tj ET Q q 0 0 0 rg BT 473.67 492.25 Td (December ) Tj ET Q q 0 0 0 rg BT 517.22 492.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 532.19 492.25 Td (2014\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 480.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 94.24 480.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 134.48 480.25 Td (at ) Tj ET Q q 0 0 0 rg BT 144.73 480.25 Td (December ) Tj ET Q q 0 0 0 rg BT 188.84 480.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 204.37 480.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 227.39 480.25 Td (included ) Tj ET Q q 0 0 0 rg BT 264.85 480.25 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 277.32 480.25 Td (1,495,725 ) Tj ET Q q 0 0 0 rg BT 325.35 480.25 Td (thousand ) Tj ET Q q 0 0 0 rg BT 364.48 480.25 Td (\(nil ) Tj ET Q q 0 0 0 rg BT 381.40 480.25 Td (at ) Tj ET Q q 0 0 0 rg BT 391.64 480.25 Td (December ) Tj ET Q q 0 0 0 rg BT 435.75 480.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 451.28 480.25 Td (2014\) ) Tj ET Q q 0 0 0 rg BT 477.64 480.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 511.21 480.25 Td (to ) Tj ET Q q 0 0 0 rg BT 522.01 480.25 Td (the ) Tj ET Q q 0 0 0 rg BT 537.04 480.25 Td (T) Tj ET Q q 0 0 0 rg BT 542.45 480.25 Td (erm ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 468.25 Td (Loan, ) Tj ET Q q 0 0 0 rg BT 80.07 468.25 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 95.31 468.25 Td (498,987 ) Tj ET Q q 0 0 0 rg BT 135.84 468.25 Td (thousand ) Tj ET Q q 0 0 0 rg BT 174.97 468.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 208.53 468.25 Td (to ) Tj ET Q q 0 0 0 rg BT 219.34 468.25 Td (the ) Tj ET Q q 0 0 0 rg BT 234.58 468.25 Td (Bridge ) Tj ET Q q 0 0 0 rg BT 264.82 468.25 Td (Loan ) Tj ET Q q 0 0 0 rg BT 288.39 468.25 Td (\(nil ) Tj ET Q q 0 0 0 rg BT 305.30 468.25 Td (at ) Tj ET Q q 0 0 0 rg BT 315.54 468.25 Td (December ) Tj ET Q q 0 0 0 rg BT 359.65 468.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 375.17 468.25 Td (2014\) ) Tj ET Q q 0 0 0 rg BT 401.53 468.25 Td (and ) Tj ET Q q 0 0 0 rg BT 418.99 468.25 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 437.01 468.25 Td (250,432 ) Tj ET Q q 0 0 0 rg BT 477.53 468.25 Td (thousand ) Tj ET Q q 0 0 0 rg BT 516.66 468.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 550.23 468.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 456.25 Td (other ) Tj ET Q q 0 0 0 rg BT 77.05 456.25 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 125.10 456.25 Td (from ) Tj ET Q q 0 0 0 rg BT 147.04 456.25 Td (banks ) Tj ET Q q 0 0 0 rg BT 172.87 456.25 Td (\(109,105 ) Tj ET Q q 0 0 0 rg BT 216.20 456.25 Td (thousand ) Tj ET Q q 0 0 0 rg BT 254.81 456.25 Td (at ) Tj ET Q q 0 0 0 rg BT 264.52 456.25 Td (December ) Tj ET Q q 0 0 0 rg BT 308.11 456.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 323.11 456.25 Td (2014\).) 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0.9333333333333333 1 rg /GS0 gs 280.50 314.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 314.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 314.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 314.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 314.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 314.75 106.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 286.75 139.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 193.50 286.75 87.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 286.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 286.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 286.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 286.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 286.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 286.75 106.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 407.75 m 280.5 407.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 407.75 m 364.5 407.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 407.75 m 368.5 407.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 407.75 m 448.5 407.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 407.75 m 558.5 407.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 393.75 m 364.5 393.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 393.75 m 448.5 393.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 286.75 m 364.5 286.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 286.75 m 448.5 286.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 286.75 m 364.5 286.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 273.75 m 364.5 273.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 271.75 m 364.5 271.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 286.75 m 448.5 286.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 273.75 m 448.5 273.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 271.75 m 448.5 271.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 218.05 412.20 Td (Curr) Tj ET Q q 0 0 0 rg BT 237.38 412.20 Td (ency) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 323.80 412.20 Td (At December) Tj ET Q q 0 0 0 rg BT 374.36 412.20 Td ( 31, 2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 479.95 412.20 Td (Inter) Tj ET Q q 0 0 0 rg BT 499.28 412.20 Td (est Rate) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 306.25 398.20 Td (Principal) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 386.10 398.20 Td (Book ) Tj ET Q q 0 0 0 rg BT 408.20 398.20 Td (V) Tj ET Q q 0 0 0 rg BT 413.87 398.20 Td (alue) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.05 384.20 Td (\(Curr) Tj ET Q q 0 0 0 rg BT 326.38 384.20 Td (ency ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.70 375.20 Td (thousand\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 383.85 375.20 Td (\( thousand\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 361.21 Td (Term Loan) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 196.00 361.21 Td (Euro) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 325.00 361.21 Td (1,425,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 409.00 361.21 Td (1,420,230) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.00 361.21 Td (EURIBOR 3M + 90bps) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 347.21 Td (Term Loan) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 196.00 347.21 Td (U.S. Dollar) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 336.25 347.21 Td (82,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.25 347.21 Td (75,495) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.00 347.21 Td (LIBOR 3M + 90bps) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 333.21 Td (Bridge Loan) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 196.00 333.21 Td (Euro) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 331.75 333.21 Td (500,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 415.75 333.21 Td (498,987) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.00 333.21 Td (EURIBOR 1M + 40bps) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 319.21 Td (Other borrowings from banks) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 196.00 319.21 Td (U.S. Dollar) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 331.75 319.21 Td (150,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 415.75 319.21 Td (138,219) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.00 319.21 Td (LIBOR + 110bps) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 305.21 Td (Other borrowings from banks) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 196.00 305.21 Td (U.S. Dollar) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 331.75 305.21 Td (100,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.25 305.21 Td (91,975) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.00 305.21 Td (LIBOR + 95bps) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 291.21 Td (Other borrowings from banks) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 196.00 291.21 Td (Euro) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 348.00 291.21 Td (n.a.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.25 291.21 Td (20,238) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.00 291.21 Td (various) Tj ET Q BT /F2 9.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 57.00 283.30 112.11 -8.04 re f /GS0 gs q 0 0 0 rg BT 57.00 277.20 Td (T) Tj ET Q q 0 0 0 rg BT 62.18 277.20 Td (otal borr) Tj ET Q q 0 0 0 rg BT 96.26 277.20 Td (owings fr) Tj ET Q q 0 0 0 rg BT 131.84 277.20 Td (om banks) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 325.00 277.20 Td (2,257,000) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 409.00 277.20 Td (2,245,144) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 249.25 Td ( ) Tj ET Q endstream endobj 403 0 obj <> endobj 404 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 760.75 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 760.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.60 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 199.82 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 206.31 748.75 Td (O ) Tj ET Q q 0 0 0 rg BT 216.41 748.75 Td (THE CONSOLIDA) Tj ET Q q 0 0 0 rg BT 299.85 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 379.03 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 393.02 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 399.50 748.75 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.60 736.75 Td (At December) Tj ET Q q 0 0 0 rg BT 294.78 736.75 Td (31, 2015 and 2014) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 294.65 32.20 Td (F-52) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 713.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 713.25 Td (T) Tj ET Q q 0 0 0 rg BT 95.19 713.25 Td (erm ) Tj ET Q q 0 0 0 rg BT 113.80 713.25 Td (Loan ) Tj ET Q q 0 0 0 rg BT 137.97 713.25 Td (and ) Tj ET Q q 0 0 0 rg BT 156.03 713.25 Td (Bridge ) Tj ET Q q 0 0 0 rg BT 186.31 713.25 Td (Loan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 689.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 689.25 Td (For ) Tj ET Q q 0 0 0 rg BT 106.39 689.25 Td (information ) Tj ET Q q 0 0 0 rg BT 156.10 689.25 Td (on ) Tj ET Q q 0 0 0 rg BT 168.60 689.25 Td (the ) Tj ET Q q 0 0 0 rg BT 183.14 689.25 Td (T) Tj ET Q q 0 0 0 rg BT 188.55 689.25 Td (erm ) Tj ET Q q 0 0 0 rg BT 206.60 689.25 Td (Loan ) Tj ET Q q 0 0 0 rg BT 229.64 689.25 Td (and ) Tj ET Q q 0 0 0 rg BT 246.58 689.25 Td (Bridge ) Tj ET Q q 0 0 0 rg BT 276.30 689.25 Td (Loan ) Tj ET Q q 0 0 0 rg BT 299.35 689.25 Td (see ) Tj ET Q q 0 0 0 rg BT 314.61 689.25 Td ("The ) Tj ET Q q 0 0 0 rg BT 336.74 689.25 Td (Facility" ) Tj ET Q q 0 0 0 rg BT 373.88 689.25 Td (below) Tj ET Q q 0 0 0 rg BT 397.67 689.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 665.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 90.00 665.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 116.39 665.25 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 165.58 665.25 Td (from ) Tj ET Q q 0 0 0 rg BT 188.08 665.25 Td (banks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 645.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 116.21 645.25 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 165.21 645.25 Td (from ) Tj ET Q q 0 0 0 rg BT 188.09 645.25 Td (banks ) Tj ET Q q 0 0 0 rg BT 214.86 645.25 Td (mainly ) Tj ET Q q 0 0 0 rg BT 246.07 645.25 Td (relate ) Tj ET Q q 0 0 0 rg BT 271.72 645.25 Td (to ) Tj ET Q q 0 0 0 rg BT 282.94 645.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 321.36 645.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 362.02 645.25 Td (of ) Tj ET Q q 0 0 0 rg BT 373.79 645.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 404.44 645.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 445.10 645.25 Td (Services ) Tj ET Q q 0 0 0 rg BT 482.42 645.25 Td (Inc, ) Tj ET Q q 0 0 0 rg BT 501.13 645.25 Td (to ) Tj ET Q q 0 0 0 rg BT 512.35 645.25 Td (support ) Tj ET Q q 0 0 0 rg BT 545.79 645.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 633.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 92.08 633.25 Td (services ) Tj ET Q q 0 0 0 rg BT 127.39 633.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 172.15 633.25 Td (and ) Tj ET Q q 0 0 0 rg BT 189.69 633.25 Td (in ) Tj ET Q q 0 0 0 rg BT 200.57 633.25 Td (particular ) Tj ET Q q 0 0 0 rg BT 241.99 633.25 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 254.53 633.25 Td (138,219 ) Tj ET Q q 0 0 0 rg BT 295.13 633.25 Td (thousand ) Tj ET Q q 0 0 0 rg BT 334.34 633.25 Td (\(62,009 ) Tj ET Q q 0 0 0 rg BT 373.28 633.25 Td (thousand ) Tj ET Q q 0 0 0 rg BT 412.49 633.25 Td (at ) Tj ET Q q 0 0 0 rg BT 422.81 633.25 Td (December ) Tj ET Q q 0 0 0 rg BT 467.00 633.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 482.60 633.25 Td (2014\) ) Tj ET Q q 0 0 0 rg BT 509.03 633.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 542.68 633.25 Td (to ) Tj ET Q q 0 0 0 rg BT 553.56 633.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 621.25 Td ($150 ) Tj ET Q q 0 0 0 rg BT 75.97 621.25 Td (million ) Tj ET Q q 0 0 0 rg BT 106.83 621.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 126.59 621.25 Td (Dollar ) Tj ET Q q 0 0 0 rg BT 154.10 621.25 Td (denominated ) Tj ET Q q 0 0 0 rg BT 207.72 621.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 232.46 621.25 Td (facility) Tj ET Q q 0 0 0 rg BT 260.13 621.25 Td (, ) Tj ET Q q 0 0 0 rg BT 264.60 621.25 Td (which ) Tj ET Q q 0 0 0 rg BT 291.01 621.25 Td (bears ) Tj ET Q q 0 0 0 rg BT 314.08 621.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 345.48 621.25 Td (at ) Tj ET Q q 0 0 0 rg BT 354.67 621.25 Td (a ) Tj ET Q q 0 0 0 rg BT 361.08 621.25 Td (variable ) Tj ET Q q 0 0 0 rg BT 395.25 621.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 412.20 621.25 Td (of ) Tj ET Q q 0 0 0 rg BT 422.50 621.25 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 454.47 621.25 Td (plus ) Tj ET Q q 0 0 0 rg BT 473.11 621.25 Td (a ) Tj ET Q q 0 0 0 rg BT 479.52 621.25 Td (spread. ) Tj ET Q q 0 0 0 rg BT 509.95 621.25 Td (This ) Tj ET Q q 0 0 0 rg BT 529.70 621.25 Td (facility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 609.25 Td (was ) Tj ET Q q 0 0 0 rg BT 72.05 609.25 Td (renewed ) Tj ET Q q 0 0 0 rg BT 108.41 609.25 Td (in ) Tj ET Q q 0 0 0 rg BT 118.69 609.25 Td (January ) Tj ET Q q 0 0 0 rg BT 152.29 609.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 174.78 609.25 Td (for ) Tj ET Q q 0 0 0 rg BT 188.94 609.25 Td (a ) Tj ET Q q 0 0 0 rg BT 195.88 609.25 Td (further ) Tj ET Q q 0 0 0 rg BT 225.58 609.25 Td (18 ) Tj ET Q q 0 0 0 rg BT 238.08 609.25 Td (months; ) Tj ET Q q 0 0 0 rg BT 272.80 609.25 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 287.52 609.25 Td (91,975 ) Tj ET Q q 0 0 0 rg BT 322.52 609.25 Td (thousand ) Tj ET Q q 0 0 0 rg BT 361.12 609.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 394.16 609.25 Td (to ) Tj ET Q q 0 0 0 rg BT 404.44 609.25 Td (a ) Tj ET Q q 0 0 0 rg BT 411.37 609.25 Td (new ) Tj ET Q q 0 0 0 rg BT 430.53 609.25 Td ($100 ) Tj ET Q q 0 0 0 rg BT 453.03 609.25 Td (million ) Tj ET Q q 0 0 0 rg BT 484.42 609.25 Td (term ) Tj ET Q q 0 0 0 rg BT 505.24 609.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 524.95 609.25 Td (that ) Tj ET Q q 0 0 0 rg BT 542.45 609.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 597.25 Td (entered ) Tj ET Q q 0 0 0 rg BT 85.38 597.25 Td (into ) Tj ET Q q 0 0 0 rg BT 102.89 597.25 Td (on ) Tj ET Q q 0 0 0 rg BT 114.85 597.25 Td (November ) Tj ET Q q 0 0 0 rg BT 159.01 597.25 Td (17, ) Tj ET Q q 0 0 0 rg BT 173.47 597.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 197.92 597.25 Td (the ) Tj ET Q q 0 0 0 rg BT 212.09 597.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 249.59 597.25 Td (of ) Tj ET Q q 0 0 0 rg BT 259.87 597.25 Td (which ) Tj ET Q q 0 0 0 rg BT 286.27 597.25 Td (were ) Tj ET Q q 0 0 0 rg BT 307.65 597.25 Td (used ) Tj ET Q q 0 0 0 rg BT 327.94 597.25 Td (to ) Tj ET Q q 0 0 0 rg BT 337.67 597.25 Td (repay ) Tj ET Q q 0 0 0 rg BT 361.83 597.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 398.77 597.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 437.94 597.25 Td (with ) Tj ET Q q 0 0 0 rg BT 457.67 597.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 476.58 597.25 Td ( ) Tj ET Q q 0 0 0 rg BT 478.53 597.25 Td (in ) Tj ET Q q 0 0 0 rg BT 488.27 597.25 Td (the ) Tj ET Q q 0 0 0 rg BT 502.44 597.25 Td (United ) Tj ET Q q 0 0 0 rg BT 531.61 597.25 Td (States. ) Tj ET Q q 0 0 0 rg BT 560.50 597.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 585.25 Td (This ) Tj ET Q q 0 0 0 rg BT 73.34 585.25 Td (facility ) Tj ET Q q 0 0 0 rg BT 103.23 585.25 Td (bears ) Tj ET Q q 0 0 0 rg BT 125.89 585.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 156.89 585.25 Td (at ) Tj ET Q q 0 0 0 rg BT 165.67 585.25 Td (a ) Tj ET Q q 0 0 0 rg BT 171.68 585.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 193.79 585.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 210.34 585.25 Td (and ) Tj ET Q q 0 0 0 rg BT 226.34 585.25 Td (matures ) Tj ET Q q 0 0 0 rg BT 259.56 585.25 Td (in ) Tj ET Q q 0 0 0 rg BT 268.90 585.25 Td (December ) Tj ET Q q 0 0 0 rg BT 311.55 585.25 Td (2016. ) Tj ET Q q 0 0 0 rg BT 335.62 585.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 359.95 585.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 396.50 585.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 435.28 585.25 Td (also ) Tj ET Q q 0 0 0 rg BT 452.95 585.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 487.84 585.25 Td (20,238 ) Tj ET Q q 0 0 0 rg BT 521.91 585.25 Td (thousand ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 573.25 Td (\(12,668 ) Tj ET Q q 0 0 0 rg BT 93.39 573.25 Td (thousand ) Tj ET Q q 0 0 0 rg BT 133.06 573.25 Td (at ) Tj ET Q q 0 0 0 rg BT 143.83 573.25 Td (December ) Tj ET Q q 0 0 0 rg BT 188.48 573.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 204.54 573.25 Td (2014\) ) Tj ET Q q 0 0 0 rg BT 231.43 573.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 265.53 573.25 Td (to ) Tj ET Q q 0 0 0 rg BT 276.87 573.25 Td (various ) Tj ET Q q 0 0 0 rg BT 309.86 573.25 Td (short ) Tj ET Q q 0 0 0 rg BT 333.42 573.25 Td (and ) Tj ET Q q 0 0 0 rg BT 351.42 573.25 Td (medium-term ) Tj ET Q q 0 0 0 rg BT 409.41 573.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 435.73 573.25 Td (facilities ) Tj ET Q q 0 0 0 rg BT 473.72 573.25 Td (of ) Tj ET Q q 0 0 0 rg BT 485.61 573.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 516.38 573.25 Td (S.p.A. ) Tj ET Q q 0 0 0 rg BT 545.22 573.25 Td ( ) Tj ET Q q 0 0 0 rg BT 547.99 573.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 561.25 Td (December ) Tj ET Q q 0 0 0 rg BT 97.09 561.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 111.60 561.25 Td (2014 ) Tj ET Q q 0 0 0 rg BT 133.61 561.25 Td (other ) Tj ET Q q 0 0 0 rg BT 156.16 561.25 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 203.72 561.25 Td (from ) Tj ET Q q 0 0 0 rg BT 225.17 561.25 Td (banks ) Tj ET Q q 0 0 0 rg BT 250.51 561.25 Td (also ) Tj ET Q q 0 0 0 rg BT 268.63 561.25 Td (included ) Tj ET Q q 0 0 0 rg BT 305.07 561.25 Td (34,428 ) Tj ET Q q 0 0 0 rg BT 339.58 561.25 Td (thousand ) Tj ET Q q 0 0 0 rg BT 377.69 561.25 Td (of ) Tj ET Q q 0 0 0 rg BT 388.03 561.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 417.25 561.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 456.47 561.25 Td (Services ) Tj ET Q q 0 0 0 rg BT 492.35 561.25 Td (Japan ) Tj ET Q q 0 0 0 rg BT 517.13 561.25 Td (KK ) Tj ET Q q 0 0 0 rg BT 533.58 561.25 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 549.25 Td (were ) Tj ET Q q 0 0 0 rg BT 75.93 549.25 Td (repaid ) Tj ET Q q 0 0 0 rg BT 103.41 549.25 Td (during ) Tj ET Q q 0 0 0 rg BT 132.02 549.25 Td (2015. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 529.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 90.00 529.25 Td (Revolving ) Tj ET Q q 0 0 0 rg BT 133.60 529.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 161.66 529.25 Td (Facility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 509.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 509.25 Td (For ) Tj ET Q q 0 0 0 rg BT 106.39 509.25 Td (information ) Tj ET Q q 0 0 0 rg BT 156.10 509.25 Td (on ) Tj ET Q q 0 0 0 rg BT 168.60 509.25 Td (the ) Tj ET Q q 0 0 0 rg BT 183.32 509.25 Td (Revolving ) Tj ET Q q 0 0 0 rg BT 227.49 509.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 254.98 509.25 Td (Facility) Tj ET Q q 0 0 0 rg BT 284.88 509.25 Td (, ) Tj ET Q q 0 0 0 rg BT 289.88 509.25 Td (see ) Tj ET Q q 0 0 0 rg BT 305.15 509.25 Td ("The ) Tj ET Q q 0 0 0 rg BT 327.28 509.25 Td (Facility" ) Tj ET Q q 0 0 0 rg BT 364.41 509.25 Td (below) Tj ET Q q 0 0 0 rg BT 388.20 509.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 489.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 489.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 133.07 489.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 173.34 489.25 Td (with ) Tj ET Q q 0 0 0 rg BT 193.63 489.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 213.09 489.25 Td ( ) Tj ET Q q 0 0 0 rg BT 215.59 489.25 Td (Group) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 465.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 465.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 130.03 465.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 170.06 465.25 Td (with ) Tj ET Q q 0 0 0 rg BT 190.66 465.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 209.56 465.25 Td ( ) Tj ET Q q 0 0 0 rg BT 212.38 465.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 240.75 465.25 Td (at ) Tj ET Q q 0 0 0 rg BT 250.78 465.25 Td (December ) Tj ET Q q 0 0 0 rg BT 294.68 465.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 310.00 465.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 332.82 465.25 Td (were ) Tj ET Q q 0 0 0 rg BT 355.06 465.25 Td (3,787 ) Tj ET Q q 0 0 0 rg BT 385.38 465.25 Td (thousand ) Tj ET Q q 0 0 0 rg BT 424.31 465.25 Td (\(378,542 ) Tj ET Q q 0 0 0 rg BT 467.95 465.25 Td (thousand ) Tj ET Q q 0 0 0 rg BT 506.88 465.25 Td (at ) Tj ET Q q 0 0 0 rg BT 516.91 465.25 Td (December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 453.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 69.63 453.25 Td (2014\). ) Tj ET Q q 0 0 0 rg BT 98.36 453.25 Td (The ) Tj ET Q q 0 0 0 rg BT 117.03 453.25 Td (3,787 ) Tj ET Q q 0 0 0 rg BT 147.66 453.25 Td (thousand ) Tj ET Q q 0 0 0 rg BT 186.89 453.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 236.68 453.25 Td (at ) Tj ET Q q 0 0 0 rg BT 247.03 453.25 Td (December ) Tj ET Q q 0 0 0 rg BT 291.24 453.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 306.86 453.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 329.99 453.25 Td (was ) Tj ET Q q 0 0 0 rg BT 348.67 453.25 Td (fully ) Tj ET Q q 0 0 0 rg BT 370.68 453.25 Td (settled ) Tj ET Q q 0 0 0 rg BT 399.91 453.25 Td (following ) Tj ET Q q 0 0 0 rg BT 441.92 453.25 Td (the ) Tj ET Q q 0 0 0 rg BT 457.27 453.25 Td (Separation ) Tj ET Q q 0 0 0 rg BT 503.16 453.25 Td (on ) Tj ET Q q 0 0 0 rg BT 516.28 453.25 Td (January ) Tj ET Q q 0 0 0 rg BT 550.51 453.25 Td (3, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 441.25 Td (2016. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 417.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 417.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 130.06 417.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 170.12 417.25 Td (with ) Tj ET Q q 0 0 0 rg BT 190.74 417.25 Td (FCA) Tj ET Q q 0 0 0 rg BT 209.64 417.25 Td ( ) Tj ET Q q 0 0 0 rg BT 212.48 417.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 240.88 417.25 Td (at ) Tj ET Q q 0 0 0 rg BT 250.94 417.25 Td (December ) Tj ET Q q 0 0 0 rg BT 294.86 417.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 310.21 417.25 Td (2014 ) Tj ET Q q 0 0 0 rg BT 333.05 417.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 373.11 417.25 Td (related ) Tj ET Q q 0 0 0 rg BT 403.15 417.25 Td (to ) Tj ET Q q 0 0 0 rg BT 413.77 417.25 Td (a ) Tj ET Q q 0 0 0 rg BT 421.05 417.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 446.66 417.25 Td (line ) Tj ET Q q 0 0 0 rg BT 464.50 417.25 Td (held ) Tj ET Q q 0 0 0 rg BT 484.56 417.25 Td (with ) Tj ET Q q 0 0 0 rg BT 505.18 417.25 Td (Fiat ) Tj ET Q q 0 0 0 rg BT 523.58 417.25 Td (Chrysler ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 405.25 Td (Finance ) Tj ET Q q 0 0 0 rg BT 88.16 405.25 Td (North ) Tj ET Q q 0 0 0 rg BT 113.43 405.25 Td (America, ) Tj ET Q q 0 0 0 rg BT 152.86 405.25 Td (the ) Tj ET Q q 0 0 0 rg BT 167.57 405.25 Td (purpose ) Tj ET Q q 0 0 0 rg BT 201.73 405.25 Td (of ) Tj ET Q q 0 0 0 rg BT 212.56 405.25 Td (which ) Tj ET Q q 0 0 0 rg BT 239.50 405.25 Td (was ) Tj ET Q q 0 0 0 rg BT 257.55 405.25 Td (to ) Tj ET Q q 0 0 0 rg BT 267.83 405.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 299.76 405.25 Td (the ) Tj ET Q q 0 0 0 rg BT 314.47 405.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 353.07 405.25 Td (of ) Tj ET Q q 0 0 0 rg BT 363.90 405.25 Td (the ) Tj ET Q q 0 0 0 rg BT 378.62 405.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 416.10 405.25 Td (services ) Tj ET Q q 0 0 0 rg BT 450.81 405.25 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 488.30 405.25 Td (in ) Tj ET Q q 0 0 0 rg BT 498.58 405.25 Td (the ) Tj ET Q q 0 0 0 rg BT 512.75 405.25 Td (Americas.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 90.00 381.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 116.39 381.25 Td (debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 361.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 361.25 Td (At ) Tj ET Q q 0 0 0 rg BT 103.29 361.25 Td (December ) Tj ET Q q 0 0 0 rg BT 147.67 361.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 163.46 361.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 186.75 361.25 Td (other ) Tj ET Q q 0 0 0 rg BT 210.59 361.25 Td (debt, ) Tj ET Q q 0 0 0 rg BT 233.60 361.25 Td (mainly ) Tj ET Q q 0 0 0 rg BT 264.67 361.25 Td (related ) Tj ET Q q 0 0 0 rg BT 295.16 361.25 Td (to ) Tj ET Q q 0 0 0 rg BT 306.23 361.25 Td (the ) Tj ET Q q 0 0 0 rg BT 321.74 361.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 360.02 361.25 Td (services ) Tj ET Q q 0 0 0 rg BT 395.52 361.25 Td (entities, ) Tj ET Q q 0 0 0 rg BT 430.19 361.25 Td (amounted ) Tj ET Q q 0 0 0 rg BT 472.92 361.25 Td (to ) Tj ET Q q 0 0 0 rg BT 483.99 361.25 Td (1) Tj ET Q q 0 0 0 rg BT 493.62 361.25 Td (1,459 ) Tj ET Q q 0 0 0 rg BT 519.41 361.25 Td (thousand, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 349.25 Td (22,573 ) Tj ET Q q 0 0 0 rg BT 89.00 349.25 Td (thousand ) Tj ET Q q 0 0 0 rg BT 127.61 349.25 Td (at ) Tj ET Q q 0 0 0 rg BT 137.33 349.25 Td (December ) Tj ET Q q 0 0 0 rg BT 180.91 349.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 195.91 349.25 Td (2014.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 325.25 Td (The Facility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 301.25 Td (On November 30, 2015, the Company) Tj ET Q q 0 0 0 rg BT 242.38 301.25 Td (, as borrower and guarantor) Tj ET Q q 0 0 0 rg BT 352.22 301.25 Td (, and certain other members of the Group, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 289.25 Td (borrowers, entered into a 2.5 billion facility with a syndicate of ten banks \(the Facility\). ) Tj ET Q q 0 0 0 rg BT 420.38 289.25 Td (The Facility comprises a bridge ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 277.25 Td (loan of 500 million \(the Bridge Loan\), a term loan of 1,500 million \(the T) Tj ET Q q 0 0 0 rg BT 371.55 277.25 Td (erm Loan\) and a revolving credit facility of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 265.25 Td (500 million \(the RCF\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 241.25 Td (The Bridge Loan has a 12 month maturity with an option for the Company to extend once for a six-month period. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 229.25 Td (The Bridge Loan bears interest at a rate per annum equal to the aggregate of EURIBOR plus a mar) Tj ET Q q 0 0 0 rg BT 448.68 229.25 Td (gin increasing from 40 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 217.25 Td (basis points to 145 basis points depending on the number of months elapsed from first drawdown. ) Tj ET Q q 0 0 0 rg BT 447.94 217.25 Td (The ) Tj ET Q q 0 0 0 rg BT 465.80 217.25 Td (T) Tj ET Q q 0 0 0 rg BT 471.21 217.25 Td (erm Loan and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 205.25 Td (RCF each have a maturity of five years. ) Tj ET Q q 0 0 0 rg BT 215.71 205.25 Td (The ) Tj ET Q q 0 0 0 rg BT 233.58 205.25 Td (T) Tj ET Q q 0 0 0 rg BT 238.99 205.25 Td (erm Loan bears interest at a rate per annum equal to the aggregate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 193.25 Td (EURIBOR, plus a mar) Tj ET Q q 0 0 0 rg BT 144.37 193.25 Td (gin ranging from 50 basis points to 105 basis points depending on the applicable Consolidated ) Tj ET Q q 0 0 0 rg BT 523.86 193.25 Td (T) Tj ET Q q 0 0 0 rg BT 529.27 193.25 Td (otal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 181.25 Td (Net Debt to Consolidated ) Tj ET Q q 0 0 0 rg BT 157.88 181.25 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 232.59 181.25 Td ( ratio, calculated in accordance with the terms of the Facility) Tj ET Q q 0 0 0 rg BT 474.35 181.25 Td (. ) Tj ET Q q 0 0 0 rg BT 479.17 181.25 Td (The RCF bears ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 169.25 Td (interest at a rate per annum equal to the aggregate of EURIBOR with respect to loans denominated in Euro, or LIBOR with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 157.25 Td (respect to loans denominated in other currencies, plus a mar) Tj ET Q q 0 0 0 rg BT 293.74 157.25 Td (gin ranging from 35 basis points to 90 basis points depending on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 145.25 Td (the applicable Consolidated ) Tj ET Q q 0 0 0 rg BT 167.40 145.25 Td (T) Tj ET Q q 0 0 0 rg BT 172.81 145.25 Td (otal Net Debt to Consolidated ) Tj ET Q q 0 0 0 rg BT 294.18 145.25 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 368.90 145.25 Td ( ratio, calculated in accordance with the terms ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 133.25 Td (of the Facility) Tj ET Q q 0 0 0 rg BT 109.45 133.25 Td (. Loans under the RCF may be drawn in Euro or an alternative currency at Company's option.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 109.25 Td (As of December 31, 2015, the proceeds of the Bridge Loan and the ) Tj ET Q q 0 0 0 rg BT 360.57 109.25 Td (T) Tj ET Q q 0 0 0 rg BT 365.98 109.25 Td (erm Loan were fully drawn down for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 97.25 Td (purposes of repaying financial liabilities with FCA. ) Tj ET Q q 0 0 0 rg BT 264.62 97.25 Td (The Bridge Loan was fully drawn down by the Company) Tj ET Q q 0 0 0 rg BT 492.53 97.25 Td (, whilst 1,425 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 85.25 Td (million of the ) Tj ET Q q 0 0 0 rg BT 110.76 85.25 Td (T) Tj ET Q q 0 0 0 rg BT 116.17 85.25 Td (erm Loan was drawn down by the Company and the remaining 75 million was drawn down by Ferrari ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 73.25 Td (Financial Services Inc. ) Tj ET Q q 0 0 0 rg BT 147.68 73.25 Td (The Company intends to refinance the Bridge Loan prior to its maturity with longer term debt, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 61.25 Td (including through capital markets or other financing transactions. ) Tj ET Q q 0 0 0 rg BT 320.04 61.25 Td (As of December 31, 2015, the RCF was undrawn. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 49.25 Td (Proceeds of the RCF may be used from time to time for general corporate and working capital purposes of the Group. ) Tj ET Q endstream endobj 405 0 obj <> endobj 406 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 760.75 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 760.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.60 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 199.82 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 206.31 748.75 Td (O ) Tj ET Q q 0 0 0 rg BT 216.41 748.75 Td (THE CONSOLIDA) Tj ET Q q 0 0 0 rg BT 299.85 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 379.03 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 393.02 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 399.50 748.75 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.60 736.75 Td (At December) Tj ET Q q 0 0 0 rg BT 294.78 736.75 Td (31, 2015 and 2014) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 294.65 32.20 Td (F-53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 701.10 Td (The Facility is unsecured and provides for mandatory prepayments, af) Tj ET Q q 0 0 0 rg BT 370.29 701.10 Td (firmative and negative covenants and events ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 689.10 Td (of default in a form customary for bank financings of investment grade borrowers in the European syndicated loan market. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 677.10 Td (The Facility has no financial maintenance covenants. Mandatory prepayments are required, subject to certain exceptions, in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 665.10 Td (the event of a change of control, as well as, with respect to the Bridge Loan only) Tj ET Q q 0 0 0 rg BT 375.47 665.10 Td (, \(i\) issuance of debt securities in capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 653.10 Td (markets transactions, and \(ii\) certain relevant disposals. Subject to various exceptions and qualifications, negative covenants ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 641.10 Td (include \(i\)limitations on the Company's ability to provide security for other financial indebtedness, \(ii\)restrictions on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 629.10 Td (financial indebtedness that the Company's subsidiaries may incur or have outstanding, and \(iii\)restrictions on the Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 617.10 Td (ability to make certain disposals of assets. Events of default include \(i\)failure to make payments when due, \(ii\)other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 605.10 Td (breaches under the Facility not remedied within a 30-day grace period, \(iii\)breaches of representations and warranties, \(iv\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 593.10 Td (attachment by creditors of, or distress, execution, sequestration or other process enforced upon, the whole or any material part ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 581.10 Td (of the Group) Tj ET Q q 0 0 0 rg BT 107.88 581.10 Td (s assets, \(v\)cross-payment default or cross-acceleration with certain other financial indebtedness, \(vi\)cessation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 569.10 Td (of business, \(vii\) seizure, nationalization or expropriation of material assets; or \(viii\) bankruptcy or other insolvency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 557.10 Td (proceedings. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 533.10 Td (As of December31, 2015 the Company was in compliance with all covenants under the Facility) Tj ET Q q 0 0 0 rg BT 473.70 533.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 509.10 Td (The Facility is limited in recourse to the Company and the other members of the Group which borrow under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 497.10 Td (Facility) Tj ET Q q 0 0 0 rg BT 83.90 497.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 449.10 Td (24. OTHER LIABILITIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 425.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 425.10 Td (An analysis of other liabilities is as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 361.60 370.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 361.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 361.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 361.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 333.60 370.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 333.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 333.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 333.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 305.60 370.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 305.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 305.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 305.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 277.60 370.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 277.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 277.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 277.60 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 388.6 m 489.5 388.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 388.6 m 493.5 388.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 388.6 m 558.5 388.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 388.6 m 489.5 388.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 374.6 m 489.5 374.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 388.6 m 493.5 388.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 388.6 m 558.5 388.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 374.6 m 558.5 374.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 263.6 m 489.5 263.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 250.60000000000002 m 489.5 250.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 248.60000000000002 m 489.5 248.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 263.6 m 558.5 263.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 250.60000000000002 m 558.5 250.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 248.60000000000002 m 558.5 248.60000000000002 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.95 393.05 Td (At December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 447.50 379.05 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 516.50 379.05 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 470.85 365.85 Td (\( thousand\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 352.06 Td (Deferred income) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.75 352.06 Td (268,452) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 525.75 352.06 Td (234,536) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 338.06 Td (Advances) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.75 338.06 Td (173,669) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 525.75 338.06 Td (187,222) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 324.06 Td (Accrued expenses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.25 324.06 Td (76,514) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 324.06 Td (85,624) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 310.06 Td (Security deposits) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.25 310.06 Td (20,695) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 310.06 Td (33,117) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 296.06 Td (Payables to personnel) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.25 296.06 Td (17,145) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 296.06 Td (28,713) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 282.06 Td (Social security payables) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.25 282.06 Td (18,950) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 282.06 Td (13,251) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 268.06 Td (Other) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.25 268.06 Td (79,359) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 268.06 Td (87,915) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.00 254.05 Td (Total other liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.75 254.05 Td (654,784) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 525.75 254.05 Td (670,378) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 226.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 226.10 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 127.13 226.10 Td (income ) Tj ET Q q 0 0 0 rg BT 158.16 226.10 Td (at ) Tj ET Q q 0 0 0 rg BT 166.98 226.10 Td (December ) Tj ET Q q 0 0 0 rg BT 209.67 226.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.77 226.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.77 226.10 Td ( ) Tj ET Q q 0 0 0 rg BT 245.37 226.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.41 226.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.41 226.10 Td ( ) Tj ET Q q 0 0 0 rg BT 283.01 226.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 321.83 226.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 356.75 226.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 392.24 226.10 Td (received ) Tj ET Q q 0 0 0 rg BT 427.71 226.10 Td (under ) Tj ET Q q 0 0 0 rg BT 452.08 226.10 Td (the ) Tj ET Q q 0 0 0 rg BT 465.89 226.10 Td (scheduled ) Tj ET Q q 0 0 0 rg BT 507.48 226.10 Td (maintenance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 214.10 Td (program ) Tj ET Q q 0 0 0 rg BT 91.06 214.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.39 214.10 Td (135,957 ) Tj ET Q q 0 0 0 rg BT 135.07 214.10 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.18 214.10 Td ( ) Tj ET Q q 0 0 0 rg BT 174.36 214.10 Td (at ) Tj ET Q q 0 0 0 rg BT 184.75 214.10 Td (December ) Tj ET Q q 0 0 0 rg BT 229.02 214.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.70 214.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.70 214.10 Td ( ) Tj ET Q q 0 0 0 rg BT 267.88 214.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.50 214.10 Td (1) Tj ET Q q 0 0 0 rg BT 295.13 214.10 Td (1) Tj ET Q q 0 0 0 rg BT 299.75 214.10 Td (1,589 ) Tj ET Q q 0 0 0 rg BT 325.43 214.10 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.54 214.10 Td ( ) Tj ET Q q 0 0 0 rg BT 364.72 214.10 Td (at ) Tj ET Q q 0 0 0 rg BT 375.12 214.10 Td (December ) Tj ET Q q 0 0 0 rg BT 419.38 214.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.06 214.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.06 214.10 Td (\), ) Tj ET Q q 0 0 0 rg BT 464.07 214.10 Td (which ) Tj ET Q q 0 0 0 rg BT 491.69 214.10 Td (are ) Tj ET Q q 0 0 0 rg BT 507.08 214.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 543.57 214.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 202.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 99.88 202.10 Td (as ) Tj ET Q q 0 0 0 rg BT 110.23 202.10 Td (net ) Tj ET Q q 0 0 0 rg BT 124.46 202.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 162.01 202.10 Td (over ) Tj ET Q q 0 0 0 rg BT 181.80 202.10 Td (the ) Tj ET Q q 0 0 0 rg BT 196.03 202.10 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 248.58 202.10 Td (program ) Tj ET Q q 0 0 0 rg BT 284.47 202.10 Td (term. ) Tj ET Q q 0 0 0 rg BT 307.31 202.10 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 344.85 202.10 Td (income ) Tj ET Q q 0 0 0 rg BT 376.30 202.10 Td (also ) Tj ET Q q 0 0 0 rg BT 394.43 202.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 429.77 202.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 465.67 202.10 Td (collected ) Tj ET Q q 0 0 0 rg BT 503.78 202.10 Td (under ) Tj ET Q q 0 0 0 rg BT 528.57 202.10 Td (various ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 190.10 Td (other ) Tj ET Q q 0 0 0 rg BT 77.05 190.10 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 127.58 190.10 Td (which ) Tj ET Q q 0 0 0 rg BT 154.52 190.10 Td (are ) Tj ET Q q 0 0 0 rg BT 169.22 190.10 Td (reliant ) Tj ET Q q 0 0 0 rg BT 197.27 190.10 Td (on ) Tj ET Q q 0 0 0 rg BT 209.77 190.10 Td (the ) Tj ET Q q 0 0 0 rg BT 224.48 190.10 Td (future ) Tj ET Q q 0 0 0 rg BT 250.86 190.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 303.88 190.10 Td (of ) Tj ET Q q 0 0 0 rg BT 314.71 190.10 Td (a ) Tj ET Q q 0 0 0 rg BT 321.65 190.10 Td (service ) Tj ET Q q 0 0 0 rg BT 352.47 190.10 Td (or ) Tj ET Q q 0 0 0 rg BT 363.30 190.10 Td (other ) Tj ET Q q 0 0 0 rg BT 386.34 190.10 Td (act ) Tj ET Q q 0 0 0 rg BT 400.50 190.10 Td (of ) Tj ET Q q 0 0 0 rg BT 411.33 190.10 Td (the ) Tj ET Q q 0 0 0 rg BT 426.05 190.10 Td (Group.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 166.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 166.10 Td (Advances ) Tj ET Q q 0 0 0 rg BT 131.16 166.10 Td (at ) Tj ET Q q 0 0 0 rg BT 140.12 166.10 Td (December ) Tj ET Q q 0 0 0 rg BT 182.94 166.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.17 166.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.17 166.10 Td ( ) Tj ET Q q 0 0 0 rg BT 218.91 166.10 Td (and ) Tj ET Q q 0 0 0 rg BT 235.08 166.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.82 166.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.82 166.10 Td ( ) Tj ET Q q 0 0 0 rg BT 258.55 166.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 297.50 166.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 332.56 166.10 Td (advances ) Tj ET Q q 0 0 0 rg BT 370.94 166.10 Td (from ) Tj ET Q q 0 0 0 rg BT 392.12 166.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 419.96 166.10 Td (received ) Tj ET Q q 0 0 0 rg BT 455.56 166.10 Td (for ) Tj ET Q q 0 0 0 rg BT 468.95 166.10 Td (the ) Tj ET Q q 0 0 0 rg BT 482.91 166.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 520.18 166.10 Td (of ) Tj ET Q q 0 0 0 rg BT 530.24 166.10 Td (special ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 154.10 Td (series, ) Tj ET Q q 0 0 0 rg BT 81.77 154.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 112.60 154.10 Td (edition ) Tj ET Q q 0 0 0 rg BT 142.87 154.10 Td (and ) Tj ET Q q 0 0 0 rg BT 159.81 154.10 Td (supercars. ) Tj ET Q endstream endobj 407 0 obj <> endobj 408 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 760.75 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 760.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.60 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 199.82 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 206.31 748.75 Td (O ) Tj ET Q q 0 0 0 rg BT 216.41 748.75 Td (THE CONSOLIDA) Tj ET Q q 0 0 0 rg BT 299.85 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 379.03 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 393.02 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 399.50 748.75 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.60 736.75 Td (At December) Tj ET Q q 0 0 0 rg BT 294.78 736.75 Td (31, 2015 and 2014) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 294.65 32.20 Td (F-54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 713.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 713.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 115.31 713.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 155.07 713.10 Td (at ) Tj ET Q q 0 0 0 rg BT 164.83 713.10 Td (December ) Tj ET Q q 0 0 0 rg BT 208.45 713.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 223.49 713.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 246.04 713.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 281.90 713.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.90 713.10 Td (18,308) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.40 713.10 Td ( ) Tj ET Q q 0 0 0 rg BT 316.94 713.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 355.59 713.10 Td (related ) Tj ET Q q 0 0 0 rg BT 385.34 713.10 Td (to ) Tj ET Q q 0 0 0 rg BT 395.66 713.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 437.08 713.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 470.72 713.10 Td (to ) Tj ET Q q 0 0 0 rg BT 481.04 713.10 Td (the ) Tj ET Q q 0 0 0 rg BT 495.80 713.10 Td (non-controlling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 701.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 85.93 701.10 Td (in ) Tj ET Q q 0 0 0 rg BT 96.21 701.10 Td (FICTS ) Tj ET Q q 0 0 0 rg BT 125.94 701.10 Td (\(64,319 ) Tj ET Q q 0 0 0 rg BT 164.27 701.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 202.88 701.10 Td (at ) Tj ET Q q 0 0 0 rg BT 212.60 701.10 Td (December ) Tj ET Q q 0 0 0 rg BT 256.18 701.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 271.18 701.10 Td (2014\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 677.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 677.10 Td (An ) Tj ET Q q 0 0 0 rg BT 104.72 677.10 Td (analysis ) Tj ET Q q 0 0 0 rg BT 139.44 677.10 Td (of ) Tj ET Q q 0 0 0 rg BT 150.27 677.10 Td (other ) Tj ET Q q 0 0 0 rg BT 173.32 677.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 213.03 677.10 Td (\(excluding ) Tj ET Q q 0 0 0 rg BT 258.30 677.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 291.88 677.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 330.48 677.10 Td (and ) Tj ET Q q 0 0 0 rg BT 347.42 677.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 383.22 677.10 Td (income\) ) Tj ET Q q 0 0 0 rg BT 418.49 677.10 Td (by ) Tj ET Q q 0 0 0 rg BT 430.99 677.10 Td (due ) Tj ET Q q 0 0 0 rg BT 447.92 677.10 Td (date ) Tj ET Q q 0 0 0 rg BT 467.08 677.10 Td (is ) Tj ET Q q 0 0 0 rg BT 476.25 677.10 Td (as ) Tj ET Q q 0 0 0 rg BT 487.08 677.10 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 579.60 156.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 209.50 579.60 40.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.50 579.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.50 579.60 40.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.50 579.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 579.60 40.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 579.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 579.60 40.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 579.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 579.60 40.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 579.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 579.60 40.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 579.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 579.60 40.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 579.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 579.60 40.00 -21.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 641.6 m 249.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 641.6 m 253.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 641.6 m 293.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 641.6 m 297.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 641.6 m 337.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 641.6 m 341.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 641.6 m 381.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 641.6 m 385.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 641.6 m 425.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 641.6 m 429.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 641.6 m 469.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 641.6 m 473.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 641.6 m 513.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 641.6 m 517.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 641.6 m 557.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 641.6 m 249.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 628.6 m 249.5 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 641.6 m 253.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 628.6 m 253.5 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 641.6 m 293.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 628.6 m 293.5 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 641.6 m 297.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 628.6 m 297.5 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 641.6 m 337.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 628.6 m 337.5 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 641.6 m 341.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 628.6 m 341.5 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 641.6 m 381.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 628.6 m 381.5 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 641.6 m 425.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 628.6 m 425.5 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 641.6 m 429.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 628.6 m 429.5 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 641.6 m 469.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 628.6 m 469.5 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 641.6 m 473.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 628.6 m 473.5 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 641.6 m 513.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 628.6 m 513.5 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 641.6 m 517.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 628.6 m 517.5 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 641.6 m 557.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 628.6 m 557.5 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 591.6 m 249.5 591.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 591.6 m 293.5 591.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 591.6 m 337.5 591.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 591.6 m 381.5 591.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 628.6 m 425.5 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 591.6 m 425.5 591.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 628.6 m 429.5 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 628.6 m 469.5 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 591.6 m 469.5 591.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 628.6 m 473.5 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 628.6 m 513.5 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 591.6 m 513.5 591.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 628.6 m 517.5 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 628.6 m 557.5 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 591.6 m 557.5 591.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 559.6 m 249.5 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 557.6 m 249.5 557.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 559.6 m 293.5 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 557.6 m 293.5 557.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 559.6 m 337.5 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 557.6 m 337.5 557.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 559.6 m 381.5 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 557.6 m 381.5 557.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 559.6 m 425.5 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 557.6 m 425.5 557.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 559.6 m 469.5 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 557.6 m 469.5 557.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 559.6 m 513.5 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 557.6 m 513.5 557.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 559.6 m 557.5 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 557.6 m 557.5 557.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 354.50 645.83 Td (At December 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 287.00 632.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 463.00 632.83 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 222.10 611.83 Td (Due) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 218.10 603.83 Td (within) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 214.50 595.83 Td (one year) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 266.10 619.83 Td (Due ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 259.00 611.83 Td (between) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 259.55 603.83 Td (one and) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 256.65 595.83 Td (five years) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 310.10 611.83 Td (Due) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 304.55 603.83 Td (beyond) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 300.65 595.83 Td (five years) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 352.25 595.83 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 398.10 611.83 Td (Due) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 394.10 603.83 Td (within) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 390.50 595.83 Td (one year) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 442.10 619.83 Td (Due ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.00 611.83 Td (between) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.55 603.83 Td (one and) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 432.65 595.83 Td (five years) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.10 611.83 Td (Due) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.55 603.83 Td (beyond) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.65 595.83 Td (five years) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.25 595.83 Td (Total) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 365.40 583.65 Td (\( thousand\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 570.85 Td (Total other liabilities \(excluding accrued) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 562.85 Td (expenses and deferred income\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 220.25 562.85 Td (289,694) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 268.25 562.85 Td (12,512) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.25 562.85 Td (7,612) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 352.25 562.85 Td (309,818) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 396.25 562.85 Td (306,630) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.25 562.85 Td (35,982) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.25 562.85 Td (7,606) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.25 562.85 Td (350,218) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 535.10 Td (25. ) Tj ET Q q 0 0 0 rg BT 73.82 535.10 Td (TRADE P) Tj ET Q q 0 0 0 rg BT 116.69 535.10 Td (A) Tj ET Q q 0 0 0 rg BT 122.99 535.10 Td (Y) Tj ET Q q 0 0 0 rg BT 129.30 535.10 Td (ABLES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 511.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 511.10 Td (T) Tj ET Q q 0 0 0 rg BT 95.76 511.10 Td (rade ) Tj ET Q q 0 0 0 rg BT 115.70 511.10 Td (payables ) Tj ET Q q 0 0 0 rg BT 153.42 511.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.48 511.10 Td (507,499 ) Tj ET Q q 0 0 0 rg BT 204.71 511.10 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.82 511.10 Td ( ) Tj ET Q q 0 0 0 rg BT 243.55 511.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.50 511.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 312.32 511.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.32 511.10 Td ( ) Tj ET Q q 0 0 0 rg BT 335.06 511.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.39 511.10 Td (535,707 ) Tj ET Q q 0 0 0 rg BT 378.62 511.10 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.73 511.10 Td ( ) Tj ET Q q 0 0 0 rg BT 417.46 511.10 Td (at ) Tj ET Q q 0 0 0 rg BT 427.41 511.10 Td (December ) Tj ET Q q 0 0 0 rg BT 471.23 511.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 486.46 511.10 Td (2014\) ) Tj ET Q q 0 0 0 rg BT 512.53 511.10 Td (are ) Tj ET Q q 0 0 0 rg BT 527.47 511.10 Td (entirely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 499.10 Td (due ) Tj ET Q q 0 0 0 rg BT 70.94 499.10 Td (within ) Tj ET Q q 0 0 0 rg BT 99.00 499.10 Td (one ) Tj ET Q q 0 0 0 rg BT 115.93 499.10 Td (year) Tj ET Q q 0 0 0 rg BT 132.59 499.10 Td (. ) Tj ET Q q 0 0 0 rg BT 137.41 499.10 Td (The ) Tj ET Q q 0 0 0 rg BT 155.46 499.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 191.27 499.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 223.77 499.10 Td (of ) Tj ET Q q 0 0 0 rg BT 234.60 499.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 257.08 499.10 Td (payables ) Tj ET Q q 0 0 0 rg BT 294.57 499.10 Td (is ) Tj ET Q q 0 0 0 rg BT 303.74 499.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 349.55 499.10 Td (to ) Tj ET Q q 0 0 0 rg BT 359.83 499.10 Td (be ) Tj ET Q q 0 0 0 rg BT 371.77 499.10 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 415.92 499.10 Td (to ) Tj ET Q q 0 0 0 rg BT 426.20 499.10 Td (their ) Tj ET Q q 0 0 0 rg BT 447.02 499.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 463.40 499.10 Td (value.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 475.10 Td (26. F) Tj ET Q q 0 0 0 rg BT 79.37 475.10 Td (AIR ) Tj ET Q q 0 0 0 rg BT 100.02 475.10 Td (V) Tj ET Q q 0 0 0 rg BT 105.95 475.10 Td (ALUE MEASUREMENT) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 451.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 451.10 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 113.15 451.10 Td (13 ) Tj ET Q q 0 0 0 rg BT 125.18 451.10 Td (establishes ) Tj ET Q q 0 0 0 rg BT 170.53 451.10 Td (a ) Tj ET Q q 0 0 0 rg BT 176.99 451.10 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 216.77 451.10 Td (that ) Tj ET Q q 0 0 0 rg BT 233.79 451.10 Td (categorizes ) Tj ET Q q 0 0 0 rg BT 280.79 451.10 Td (into ) Tj ET Q q 0 0 0 rg BT 298.37 451.10 Td (three ) Tj ET Q q 0 0 0 rg BT 320.39 451.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 345.74 451.10 Td (the ) Tj ET Q q 0 0 0 rg BT 359.98 451.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 386.46 451.10 Td (to ) Tj ET Q q 0 0 0 rg BT 396.26 451.10 Td (the ) Tj ET Q q 0 0 0 rg BT 410.50 451.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 449.74 451.10 Td (techniques ) Tj ET Q q 0 0 0 rg BT 494.53 451.10 Td (used ) Tj ET Q q 0 0 0 rg BT 514.89 451.10 Td (to ) Tj ET Q q 0 0 0 rg BT 524.69 451.10 Td (measure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 439.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 70.29 439.10 Td (value ) Tj ET Q q 0 0 0 rg BT 94.35 439.10 Td (by ) Tj ET Q q 0 0 0 rg BT 106.77 439.10 Td (giving ) Tj ET Q q 0 0 0 rg BT 134.73 439.10 Td (the ) Tj ET Q q 0 0 0 rg BT 149.36 439.10 Td (highest ) Tj ET Q q 0 0 0 rg BT 180.66 439.10 Td (priority ) Tj ET Q q 0 0 0 rg BT 213.07 439.10 Td (to ) Tj ET Q q 0 0 0 rg BT 223.25 439.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 252.88 439.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 279.17 439.10 Td (\(unadjusted\) ) Tj ET Q q 0 0 0 rg BT 331.57 439.10 Td (in ) Tj ET Q q 0 0 0 rg BT 341.76 439.10 Td (active ) Tj ET Q q 0 0 0 rg BT 368.04 439.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 402.11 439.10 Td (for ) Tj ET Q q 0 0 0 rg BT 416.18 439.10 Td (identical ) Tj ET Q q 0 0 0 rg BT 453.02 439.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 478.76 439.10 Td (and ) Tj ET Q q 0 0 0 rg BT 495.61 439.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 535.24 439.10 Td (\(level ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 427.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 61.18 427.10 Td (inputs\) ) Tj ET Q q 0 0 0 rg BT 91.14 427.10 Td (and ) Tj ET Q q 0 0 0 rg BT 107.76 427.10 Td (the ) Tj ET Q q 0 0 0 rg BT 122.16 427.10 Td (lowest ) Tj ET Q q 0 0 0 rg BT 150.46 427.10 Td (priority ) Tj ET Q q 0 0 0 rg BT 182.63 427.10 Td (to ) Tj ET Q q 0 0 0 rg BT 192.59 427.10 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 248.09 427.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 274.72 427.10 Td (\(level ) Tj ET Q q 0 0 0 rg BT 299.67 427.10 Td (3 ) Tj ET Q q 0 0 0 rg BT 306.85 427.10 Td (inputs\). ) Tj ET Q q 0 0 0 rg BT 339.31 427.10 Td (In ) Tj ET Q q 0 0 0 rg BT 349.83 427.10 Td (some ) Tj ET Q q 0 0 0 rg BT 373.12 427.10 Td (cases, ) Tj ET Q q 0 0 0 rg BT 398.90 427.10 Td (the ) Tj ET Q q 0 0 0 rg BT 413.30 427.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 439.93 427.10 Td (used ) Tj ET Q q 0 0 0 rg BT 460.44 427.10 Td (to ) Tj ET Q q 0 0 0 rg BT 470.40 427.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 505.90 427.10 Td (the ) Tj ET Q q 0 0 0 rg BT 520.30 427.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 536.36 427.10 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 415.10 Td (of ) Tj ET Q q 0 0 0 rg BT 65.26 415.10 Td (an ) Tj ET Q q 0 0 0 rg BT 77.63 415.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 100.00 415.10 Td (or ) Tj ET Q q 0 0 0 rg BT 111.26 415.10 Td (a ) Tj ET Q q 0 0 0 rg BT 118.63 415.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 152.67 415.10 Td (might ) Tj ET Q q 0 0 0 rg BT 178.94 415.10 Td (be ) Tj ET Q q 0 0 0 rg BT 191.31 415.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 240.32 415.10 Td (within ) Tj ET Q q 0 0 0 rg BT 268.80 415.10 Td (dif) Tj ET Q q 0 0 0 rg BT 279.73 415.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 305.98 415.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 332.24 415.10 Td (of ) Tj ET Q q 0 0 0 rg BT 343.50 415.10 Td (the ) Tj ET Q q 0 0 0 rg BT 358.64 415.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 375.45 415.10 Td (value ) Tj ET Q q 0 0 0 rg BT 400.04 415.10 Td (hierarchy) Tj ET Q q 0 0 0 rg BT 437.14 415.10 Td (. ) Tj ET Q q 0 0 0 rg BT 442.57 415.10 Td (In ) Tj ET Q q 0 0 0 rg BT 453.84 415.10 Td (those ) Tj ET Q q 0 0 0 rg BT 477.88 415.10 Td (cases, ) Tj ET Q q 0 0 0 rg BT 504.41 415.10 Td (the ) Tj ET Q q 0 0 0 rg BT 519.55 415.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 536.36 415.10 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 403.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 109.45 403.10 Td (is ) Tj ET Q q 0 0 0 rg BT 118.25 403.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 166.47 403.10 Td (in ) Tj ET Q q 0 0 0 rg BT 176.38 403.10 Td (its ) Tj ET Q q 0 0 0 rg BT 187.96 403.10 Td (entirety ) Tj ET Q q 0 0 0 rg BT 220.64 403.10 Td (in ) Tj ET Q q 0 0 0 rg BT 230.55 403.10 Td (the ) Tj ET Q q 0 0 0 rg BT 244.91 403.10 Td (same ) Tj ET Q q 0 0 0 rg BT 267.59 403.10 Td (level ) Tj ET Q q 0 0 0 rg BT 289.16 403.10 Td (of ) Tj ET Q q 0 0 0 rg BT 299.62 403.10 Td (the ) Tj ET Q q 0 0 0 rg BT 313.97 403.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 329.99 403.10 Td (value ) Tj ET Q q 0 0 0 rg BT 353.78 403.10 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 393.67 403.10 Td (at ) Tj ET Q q 0 0 0 rg BT 403.02 403.10 Td (the ) Tj ET Q q 0 0 0 rg BT 417.37 403.10 Td (lowest ) Tj ET Q q 0 0 0 rg BT 445.61 403.10 Td (level ) Tj ET Q q 0 0 0 rg BT 467.18 403.10 Td (input ) Tj ET Q q 0 0 0 rg BT 489.87 403.10 Td (that ) Tj ET Q q 0 0 0 rg BT 507.00 403.10 Td (is ) Tj ET Q q 0 0 0 rg BT 515.81 403.10 Td (significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 391.10 Td (to ) Tj ET Q q 0 0 0 rg BT 64.28 391.10 Td (the ) Tj ET Q q 0 0 0 rg BT 79.00 391.10 Td (entire ) Tj ET Q q 0 0 0 rg BT 104.26 391.10 Td (measurement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 367.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 367.10 Td (Levels ) Tj ET Q q 0 0 0 rg BT 119.16 367.10 Td (used ) Tj ET Q q 0 0 0 rg BT 139.99 367.10 Td (in ) Tj ET Q q 0 0 0 rg BT 150.26 367.10 Td (the ) Tj ET Q q 0 0 0 rg BT 164.98 367.10 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 205.23 367.10 Td (are ) Tj ET Q q 0 0 0 rg BT 219.94 367.10 Td (as ) Tj ET Q q 0 0 0 rg BT 230.77 367.10 Td (follows: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 343.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 343.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 133.55 343.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 141.33 343.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 168.57 343.10 Td (are ) Tj ET Q q 0 0 0 rg BT 183.56 343.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 213.56 343.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 240.23 343.10 Td (\(unadjusted\) ) Tj ET Q q 0 0 0 rg BT 293.00 343.10 Td (in ) Tj ET Q q 0 0 0 rg BT 303.56 343.10 Td (active ) Tj ET Q q 0 0 0 rg BT 330.22 343.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 364.66 343.10 Td (for ) Tj ET Q q 0 0 0 rg BT 379.11 343.10 Td (identical ) Tj ET Q q 0 0 0 rg BT 416.32 343.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 442.44 343.10 Td (and ) Tj ET Q q 0 0 0 rg BT 459.66 343.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 499.66 343.10 Td (that ) Tj ET Q q 0 0 0 rg BT 517.44 343.10 Td (the ) Tj ET Q q 0 0 0 rg BT 532.45 343.10 Td (Group ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 331.10 Td (can ) Tj ET Q q 0 0 0 rg BT 124.38 331.10 Td (access ) Tj ET Q q 0 0 0 rg BT 152.41 331.10 Td (at ) Tj ET Q q 0 0 0 rg BT 162.13 331.10 Td (the ) Tj ET Q q 0 0 0 rg BT 176.85 331.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 232.66 331.10 Td (date.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 307.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 307.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 134.02 307.10 Td (2 ) Tj ET Q q 0 0 0 rg BT 142.27 307.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 169.97 307.10 Td (are ) Tj ET Q q 0 0 0 rg BT 185.43 307.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 213.13 307.10 Td (other ) Tj ET Q q 0 0 0 rg BT 236.93 307.10 Td (than ) Tj ET Q q 0 0 0 rg BT 257.40 307.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 287.88 307.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 315.01 307.10 Td (included ) Tj ET Q q 0 0 0 rg BT 352.69 307.10 Td (within ) Tj ET Q q 0 0 0 rg BT 381.50 307.10 Td (level ) Tj ET Q q 0 0 0 rg BT 404.19 307.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 412.44 307.10 Td (that ) Tj ET Q q 0 0 0 rg BT 430.69 307.10 Td (are ) Tj ET Q q 0 0 0 rg BT 446.15 307.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 492.72 307.10 Td (for ) Tj ET Q q 0 0 0 rg BT 507.63 307.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.10 307.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 549.69 307.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 295.10 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 150.22 295.10 Td (either ) Tj ET Q q 0 0 0 rg BT 175.48 295.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 208.52 295.10 Td (or ) Tj ET Q q 0 0 0 rg BT 219.35 295.10 Td (indirectly) Tj ET Q q 0 0 0 rg BT 257.02 295.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 271.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 271.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 133.26 271.10 Td (3 ) Tj ET Q q 0 0 0 rg BT 140.76 271.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 167.71 271.10 Td (are ) Tj ET Q q 0 0 0 rg BT 182.42 271.10 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 238.23 271.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 265.18 271.10 Td (for ) Tj ET Q q 0 0 0 rg BT 279.34 271.10 Td (the ) Tj ET Q q 0 0 0 rg BT 294.06 271.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 319.89 271.10 Td (and ) Tj ET Q q 0 0 0 rg BT 336.83 271.10 Td (liabilities.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 247.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 247.10 Td (Assets ) Tj ET Q q 0 0 0 rg BT 118.06 247.10 Td (and ) Tj ET Q q 0 0 0 rg BT 136.12 247.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 176.40 247.10 Td (that ) Tj ET Q q 0 0 0 rg BT 195.02 247.10 Td (are ) Tj ET Q q 0 0 0 rg BT 210.85 247.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 253.35 247.10 Td (at ) Tj ET Q q 0 0 0 rg BT 263.63 247.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 281.13 247.10 Td (value ) Tj ET Q q 0 0 0 rg BT 305.84 247.10 Td (on ) Tj ET Q q 0 0 0 rg BT 318.91 247.10 Td (a ) Tj ET Q q 0 0 0 rg BT 326.41 247.10 Td (recurring ) Tj ET Q q 0 0 0 rg BT 368.36 247.10 Td (basis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 223.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 223.10 Td (The ) Tj ET Q q 0 0 0 rg BT 107.85 223.10 Td (following ) Tj ET Q q 0 0 0 rg BT 149.04 223.10 Td (table ) Tj ET Q q 0 0 0 rg BT 170.77 223.10 Td (shows ) Tj ET Q q 0 0 0 rg BT 198.08 223.10 Td (the ) Tj ET Q q 0 0 0 rg BT 212.60 223.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 228.78 223.10 Td (value ) Tj ET Q q 0 0 0 rg BT 252.74 223.10 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 292.79 223.10 Td (for ) Tj ET Q q 0 0 0 rg BT 306.76 223.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 344.04 223.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 369.67 223.10 Td (and ) Tj ET Q q 0 0 0 rg BT 386.41 223.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 425.93 223.10 Td (that ) Tj ET Q q 0 0 0 rg BT 443.23 223.10 Td (are ) Tj ET Q q 0 0 0 rg BT 457.74 223.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 498.35 223.10 Td (at ) Tj ET Q q 0 0 0 rg BT 507.87 223.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 524.05 223.10 Td (value ) Tj ET Q q 0 0 0 rg BT 548.01 223.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 211.10 Td (a ) Tj ET Q q 0 0 0 rg BT 60.94 211.10 Td (recurring ) Tj ET Q q 0 0 0 rg BT 100.08 211.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 122.58 211.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.30 211.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 190.88 211.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.88 211.10 Td ( ) Tj ET Q q 0 0 0 rg BT 213.38 211.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.32 211.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.32 211.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 147.60 238.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 147.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 147.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 147.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 147.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 147.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 147.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 147.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 147.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 147.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 119.60 238.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 119.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 119.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 119.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 119.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 119.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 119.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 119.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 119.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 119.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 91.60 238.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 91.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 91.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 91.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 91.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 91.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 91.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 91.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 91.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 91.60 50.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 174.60000000000002 m 395.5 174.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 174.60000000000002 m 399.5 174.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 174.60000000000002 m 449.5 174.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 174.60000000000002 m 453.5 174.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 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rg BT 491.00 597.95 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 597.95 Td (104,093) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 571.00 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 571.00 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.83 571.00 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.83 571.00 Td ( ) Tj ET Q q 0 0 0 rg BT 123.33 571.00 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.27 571.00 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.27 571.00 Td (, ) Tj ET Q q 0 0 0 rg BT 165.27 571.00 Td (there ) Tj ET Q q 0 0 0 rg BT 187.75 571.00 Td (were ) Tj ET Q q 0 0 0 rg BT 209.68 571.00 Td (no ) Tj ET Q q 0 0 0 rg BT 222.18 571.00 Td (transfers ) Tj ET Q q 0 0 0 rg BT 259.11 571.00 Td (between ) Tj ET Q q 0 0 0 rg BT 294.93 571.00 Td (levels ) Tj ET Q q 0 0 0 rg BT 320.75 571.00 Td (in ) Tj ET Q q 0 0 0 rg BT 331.03 571.00 Td (the ) Tj ET Q q 0 0 0 rg BT 345.75 571.00 Td (fair ) Tj ET Q q 0 0 0 rg BT 362.12 571.00 Td (value ) Tj ET Q q 0 0 0 rg BT 386.28 571.00 Td (hierarchy) Tj ET Q q 0 0 0 rg BT 423.38 571.00 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 547.00 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 547.00 Td (The ) Tj ET Q q 0 0 0 rg BT 107.73 547.00 Td (fair ) Tj ET Q q 0 0 0 rg BT 123.78 547.00 Td (value ) Tj ET Q q 0 0 0 rg BT 147.62 547.00 Td (of ) Tj ET Q q 0 0 0 rg BT 158.13 547.00 Td (current ) Tj ET Q q 0 0 0 rg BT 188.63 547.00 Td (financial ) Tj ET Q q 0 0 0 rg BT 225.79 547.00 Td (assets ) Tj ET Q q 0 0 0 rg BT 251.30 547.00 Td (and ) Tj ET Q q 0 0 0 rg BT 267.92 547.00 Td (other ) Tj ET Q q 0 0 0 rg BT 290.64 547.00 Td (financial ) Tj ET Q q 0 0 0 rg BT 327.80 547.00 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 367.20 547.00 Td (is ) Tj ET Q q 0 0 0 rg BT 376.05 547.00 Td (related ) Tj ET Q q 0 0 0 rg BT 405.43 547.00 Td (to ) Tj ET Q q 0 0 0 rg BT 415.39 547.00 Td (derivative ) Tj ET Q q 0 0 0 rg BT 457.55 547.00 Td (financial ) Tj ET Q q 0 0 0 rg BT 494.71 547.00 Td (instruments ) Tj ET Q q 0 0 0 rg BT 543.56 547.00 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 535.00 Td (is ) Tj ET Q q 0 0 0 rg BT 62.40 535.00 Td (measured ) Tj ET Q q 0 0 0 rg BT 102.45 535.00 Td (by ) Tj ET Q q 0 0 0 rg BT 114.19 535.00 Td (taking ) Tj ET Q q 0 0 0 rg BT 140.91 535.00 Td (into ) Tj ET Q q 0 0 0 rg BT 158.20 535.00 Td (consideration ) Tj ET Q q 0 0 0 rg BT 213.81 535.00 Td (market ) Tj ET Q q 0 0 0 rg BT 243.31 535.00 Td (parameters ) Tj ET Q q 0 0 0 rg BT 288.90 535.00 Td (at ) Tj ET Q q 0 0 0 rg BT 297.85 535.00 Td (the ) Tj ET Q q 0 0 0 rg BT 311.80 535.00 Td (balance ) Tj ET Q q 0 0 0 rg BT 344.07 535.00 Td (sheet ) Tj ET Q q 0 0 0 rg BT 366.35 535.00 Td (date, ) Tj ET Q q 0 0 0 rg BT 387.24 535.00 Td (using ) Tj ET Q q 0 0 0 rg BT 410.64 535.00 Td (valuation ) Tj ET Q q 0 0 0 rg BT 449.59 535.00 Td (techniques ) Tj ET Q q 0 0 0 rg BT 494.08 535.00 Td (widely ) Tj ET Q q 0 0 0 rg BT 523.03 535.00 Td (accepted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 523.00 Td (in ) Tj ET Q q 0 0 0 rg BT 64.78 523.00 Td (the ) Tj ET Q q 0 0 0 rg BT 80.00 523.00 Td (financial ) Tj ET Q q 0 0 0 rg BT 117.98 523.00 Td (business ) Tj ET Q q 0 0 0 rg BT 154.88 523.00 Td (environment. ) Tj ET Q q 0 0 0 rg BT 210.92 523.00 Td (In ) Tj ET Q q 0 0 0 rg BT 222.25 523.00 Td (particular) Tj ET Q q 0 0 0 rg BT 260.16 523.00 Td (, ) Tj ET Q q 0 0 0 rg BT 265.66 523.00 Td (the ) Tj ET Q q 0 0 0 rg BT 280.88 523.00 Td (fair ) Tj ET Q q 0 0 0 rg BT 297.76 523.00 Td (value ) Tj ET Q q 0 0 0 rg BT 322.42 523.00 Td (of ) Tj ET Q q 0 0 0 rg BT 333.75 523.00 Td (forward ) Tj ET Q q 0 0 0 rg BT 368.40 523.00 Td (contracts ) Tj ET Q q 0 0 0 rg BT 407.50 523.00 Td (and ) Tj ET Q q 0 0 0 rg BT 424.94 523.00 Td (currency ) Tj ET Q q 0 0 0 rg BT 462.92 523.00 Td (swaps ) Tj ET Q q 0 0 0 rg BT 490.36 523.00 Td (is ) Tj ET Q q 0 0 0 rg BT 500.03 523.00 Td (determined ) Tj ET Q q 0 0 0 rg BT 548.02 523.00 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 511.00 Td (taking ) Tj ET Q q 0 0 0 rg BT 81.50 511.00 Td (the ) Tj ET Q q 0 0 0 rg BT 96.21 511.00 Td (prevailing ) Tj ET Q q 0 0 0 rg BT 139.25 511.00 Td (foreign ) Tj ET Q q 0 0 0 rg BT 170.63 511.00 Td (currency ) Tj ET Q q 0 0 0 rg BT 208.11 511.00 Td (exchange ) Tj ET Q q 0 0 0 rg BT 248.36 511.00 Td (rate ) Tj ET Q q 0 0 0 rg BT 265.85 511.00 Td (and ) Tj ET Q q 0 0 0 rg BT 282.78 511.00 Td (interest ) Tj ET Q q 0 0 0 rg BT 314.72 511.00 Td (rates ) Tj ET Q q 0 0 0 rg BT 336.09 511.00 Td (at ) Tj ET Q q 0 0 0 rg BT 345.81 511.00 Td (the ) Tj ET Q q 0 0 0 rg BT 360.53 511.00 Td (balance ) Tj ET Q q 0 0 0 rg BT 393.56 511.00 Td (sheet ) Tj ET Q q 0 0 0 rg BT 416.61 511.00 Td (date.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 487.00 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 487.00 Td (The ) Tj ET Q q 0 0 0 rg BT 107.10 487.00 Td (par ) Tj ET Q q 0 0 0 rg BT 121.43 487.00 Td (value ) Tj ET Q q 0 0 0 rg BT 144.64 487.00 Td (of ) Tj ET Q q 0 0 0 rg BT 154.52 487.00 Td (cash ) Tj ET Q q 0 0 0 rg BT 173.85 487.00 Td (and ) Tj ET Q q 0 0 0 rg BT 189.84 487.00 Td (cash ) Tj ET Q q 0 0 0 rg BT 209.16 487.00 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 256.26 487.00 Td (usually ) Tj ET Q q 0 0 0 rg BT 286.70 487.00 Td (approximates ) Tj ET Q q 0 0 0 rg BT 342.13 487.00 Td (fair ) Tj ET Q q 0 0 0 rg BT 357.56 487.00 Td (value ) Tj ET Q q 0 0 0 rg BT 380.77 487.00 Td (due ) Tj ET Q q 0 0 0 rg BT 396.77 487.00 Td (to ) Tj ET Q q 0 0 0 rg BT 406.10 487.00 Td (the ) Tj ET Q q 0 0 0 rg BT 419.87 487.00 Td (short ) Tj ET Q q 0 0 0 rg BT 441.43 487.00 Td (maturity ) Tj ET Q q 0 0 0 rg BT 476.86 487.00 Td (of ) Tj ET Q q 0 0 0 rg BT 486.75 487.00 Td (these ) Tj ET Q q 0 0 0 rg BT 508.85 487.00 Td (instruments, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 475.00 Td (which ) Tj ET Q q 0 0 0 rg BT 80.94 475.00 Td (consist ) Tj ET Q q 0 0 0 rg BT 111.22 475.00 Td (primarily ) Tj ET Q q 0 0 0 rg BT 150.93 475.00 Td (of ) Tj ET Q q 0 0 0 rg BT 161.76 475.00 Td (bank ) Tj ET Q q 0 0 0 rg BT 183.70 475.00 Td (current ) Tj ET Q q 0 0 0 rg BT 214.51 475.00 Td (accounts.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 451.00 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 451.00 Td (The ) Tj ET Q q 0 0 0 rg BT 110.01 451.00 Td (following ) Tj ET Q q 0 0 0 rg BT 153.37 451.00 Td (table ) Tj ET Q q 0 0 0 rg BT 177.27 451.00 Td (provides ) Tj ET Q q 0 0 0 rg BT 216.18 451.00 Td (a ) Tj ET Q q 0 0 0 rg BT 225.08 451.00 Td (reconciliation ) Tj ET Q q 0 0 0 rg BT 284.53 451.00 Td (from ) Tj ET Q q 0 0 0 rg BT 308.43 451.00 Td (the ) Tj ET Q q 0 0 0 rg BT 325.12 451.00 Td (opening ) Tj ET Q q 0 0 0 rg BT 361.80 451.00 Td (balances ) Tj ET Q q 0 0 0 rg BT 400.69 451.00 Td (to ) Tj ET Q q 0 0 0 rg BT 412.94 451.00 Td (the ) Tj ET Q q 0 0 0 rg BT 429.62 451.00 Td (closing ) Tj ET Q q 0 0 0 rg BT 462.98 451.00 Td (balances ) Tj ET Q q 0 0 0 rg BT 501.87 451.00 Td (for ) Tj ET Q q 0 0 0 rg BT 518.00 451.00 Td (fair ) Tj ET Q q 0 0 0 rg BT 536.34 451.00 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 439.00 Td (measurements ) Tj ET Q q 0 0 0 rg BT 113.70 439.00 Td (categorized ) Tj ET Q q 0 0 0 rg BT 162.28 439.00 Td (in ) Tj ET Q q 0 0 0 rg BT 172.56 439.00 Td (level ) Tj ET Q q 0 0 0 rg BT 194.49 439.00 Td (3 ) Tj ET Q q 0 0 0 rg BT 201.99 439.00 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.27 439.00 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.27 439.00 Td ( ) Tj ET Q q 0 0 0 rg BT 234.77 439.00 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.71 439.00 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.71 439.00 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 380.50 350.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 380.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 380.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 380.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 352.50 350.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 352.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 352.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 352.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 324.50 350.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 324.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 324.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 324.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 296.50 350.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 296.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 296.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 296.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 268.50 350.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 268.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 268.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 268.50 75.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 393.5 m 478.5 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 393.5 m 557.5 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 324.5 m 478.5 324.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 311.5 m 478.5 311.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 309.5 m 478.5 309.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 324.5 m 557.5 324.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 311.5 m 557.5 311.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 309.5 m 557.5 309.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 268.5 m 478.5 268.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 255.5 m 478.5 255.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 253.5 m 478.5 253.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 268.5 m 557.5 268.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 255.5 m 557.5 255.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 253.5 m 557.5 253.5 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 419.20 406.95 Td (Other non-) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 406.95 397.95 Td (current securities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 490.20 406.95 Td (Other financial) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.75 397.95 Td (assets/\(liabilities\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 459.85 384.75 Td (\( thousand\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 370.95 Td (At January 1, 2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.00 370.95 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 370.95 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 356.96 Td (Gains/\(losses\) recognized in consolidated income statement) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.00 356.95 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 356.95 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 342.96 Td (Gains/\(losses\) recognized in other comprehensive income) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.00 342.95 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 342.95 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 328.96 Td (Issue/\(settlement\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.25 328.96 Td (10,546) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.00 328.96 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 314.95 Td (December 31, 2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 450.25 314.95 Td (10,546) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 314.95 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 300.96 Td (Gains/\(losses\) recognized in consolidated income statement) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.50 300.96 Td (312) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.00 300.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 286.96 Td (Gains/\(losses\) recognized in other comprehensive income) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.00 286.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.00 286.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 272.96 Td (Issues/\(settlements\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.00 272.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.00 272.96 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 258.95 Td (At December 31, 2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 450.25 258.95 Td (10,858) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.00 258.95 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 231.00 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 231.00 Td (Assets ) Tj ET Q q 0 0 0 rg BT 118.06 231.00 Td (and ) Tj ET Q q 0 0 0 rg BT 136.12 231.00 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 176.40 231.00 Td (not ) Tj ET Q q 0 0 0 rg BT 192.24 231.00 Td (measured ) Tj ET Q q 0 0 0 rg BT 234.74 231.00 Td (at ) Tj ET Q q 0 0 0 rg BT 245.02 231.00 Td (fair ) Tj ET Q q 0 0 0 rg BT 262.52 231.00 Td (value ) Tj ET Q q 0 0 0 rg BT 287.24 231.00 Td (on ) Tj ET Q q 0 0 0 rg BT 300.30 231.00 Td (a ) Tj ET Q q 0 0 0 rg BT 307.80 231.00 Td (recurring ) Tj ET Q q 0 0 0 rg BT 349.75 231.00 Td (basis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 207.00 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 207.00 Td (For ) Tj ET Q q 0 0 0 rg BT 107.01 207.00 Td (financial ) Tj ET Q q 0 0 0 rg BT 145.11 207.00 Td (instruments ) Tj ET Q q 0 0 0 rg BT 194.89 207.00 Td (represented ) Tj ET Q q 0 0 0 rg BT 244.10 207.00 Td (by ) Tj ET Q q 0 0 0 rg BT 257.22 207.00 Td (short-term ) Tj ET Q q 0 0 0 rg BT 301.99 207.00 Td (receivables ) Tj ET Q q 0 0 0 rg BT 350.08 207.00 Td (and ) Tj ET Q q 0 0 0 rg BT 367.64 207.00 Td (payables, ) Tj ET Q q 0 0 0 rg BT 408.24 207.00 Td (for ) Tj ET Q q 0 0 0 rg BT 423.02 207.00 Td (which ) Tj ET Q q 0 0 0 rg BT 450.58 207.00 Td (the ) Tj ET Q q 0 0 0 rg BT 465.92 207.00 Td (present ) Tj ET Q q 0 0 0 rg BT 497.91 207.00 Td (value ) Tj ET Q q 0 0 0 rg BT 522.69 207.00 Td (of ) Tj ET Q q 0 0 0 rg BT 534.14 207.00 Td (future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 195.00 Td (cash ) Tj ET Q q 0 0 0 rg BT 73.48 195.00 Td (flows ) Tj ET Q q 0 0 0 rg BT 97.41 195.00 Td (does ) Tj ET Q q 0 0 0 rg BT 117.44 195.00 Td (not ) Tj ET Q q 0 0 0 rg BT 131.93 195.00 Td (dif) Tj ET Q q 0 0 0 rg BT 142.86 195.00 Td (fer ) Tj ET Q q 0 0 0 rg BT 155.67 195.00 Td (significantly ) Tj ET Q q 0 0 0 rg BT 207.36 195.00 Td (from ) Tj ET Q q 0 0 0 rg BT 228.51 195.00 Td (carrying ) Tj ET Q q 0 0 0 rg BT 263.53 195.00 Td (value, ) Tj ET Q q 0 0 0 rg BT 289.40 195.00 Td (the ) Tj ET Q q 0 0 0 rg BT 303.32 195.00 Td (Group ) Tj ET Q q 0 0 0 rg BT 330.58 195.00 Td (assumes ) Tj ET Q q 0 0 0 rg BT 365.62 195.00 Td (that ) Tj ET Q q 0 0 0 rg BT 382.32 195.00 Td (carrying ) Tj ET Q q 0 0 0 rg BT 417.35 195.00 Td (value ) Tj ET Q q 0 0 0 rg BT 440.71 195.00 Td (is ) Tj ET Q q 0 0 0 rg BT 449.09 195.00 Td (a ) Tj ET Q q 0 0 0 rg BT 455.23 195.00 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 499.70 195.00 Td (approximation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 183.00 Td (of ) Tj ET Q q 0 0 0 rg BT 65.37 183.00 Td (the ) Tj ET Q q 0 0 0 rg BT 80.62 183.00 Td (fair ) Tj ET Q q 0 0 0 rg BT 97.54 183.00 Td (value. ) Tj ET Q q 0 0 0 rg BT 124.73 183.00 Td (In ) Tj ET Q q 0 0 0 rg BT 136.09 183.00 Td (particular) Tj ET Q q 0 0 0 rg BT 174.00 183.00 Td (, ) Tj ET Q q 0 0 0 rg BT 179.54 183.00 Td (the ) Tj ET Q q 0 0 0 rg BT 194.80 183.00 Td (carrying ) Tj ET Q q 0 0 0 rg BT 231.15 183.00 Td (amount ) Tj ET Q q 0 0 0 rg BT 264.18 183.00 Td (of ) Tj ET Q q 0 0 0 rg BT 275.55 183.00 Td (current ) Tj ET Q q 0 0 0 rg BT 306.90 183.00 Td (receivables ) Tj ET Q q 0 0 0 rg BT 354.91 183.00 Td (and ) Tj ET Q q 0 0 0 rg BT 372.38 183.00 Td (other ) Tj ET Q q 0 0 0 rg BT 395.97 183.00 Td (current ) Tj ET Q q 0 0 0 rg BT 427.32 183.00 Td (assets ) Tj ET Q q 0 0 0 rg BT 453.69 183.00 Td (and ) Tj ET Q q 0 0 0 rg BT 471.16 183.00 Td (of ) Tj ET Q q 0 0 0 rg BT 482.53 183.00 Td (trade ) Tj ET Q q 0 0 0 rg BT 505.55 183.00 Td (payables ) Tj ET Q q 0 0 0 rg BT 543.58 183.00 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 171.00 Td (other ) Tj ET Q q 0 0 0 rg BT 77.05 171.00 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 116.76 171.00 Td (approximates ) Tj ET Q q 0 0 0 rg BT 173.14 171.00 Td (their ) Tj ET Q q 0 0 0 rg BT 193.96 171.00 Td (fair ) Tj ET Q q 0 0 0 rg BT 210.34 171.00 Td (value.) Tj ET Q endstream endobj 411 0 obj <> endobj 412 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 760.75 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 760.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.60 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 199.82 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 206.31 748.75 Td (O ) Tj ET Q q 0 0 0 rg BT 216.41 748.75 Td (THE CONSOLIDA) Tj ET Q q 0 0 0 rg BT 299.85 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 379.03 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 393.02 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 399.50 748.75 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.60 736.75 Td (At December) Tj ET Q q 0 0 0 rg BT 294.78 736.75 Td (31, 2015 and 2014) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 294.65 32.20 Td (F-56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 713.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 713.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.09 713.10 Td (following ) Tj ET Q q 0 0 0 rg BT 149.51 713.10 Td (table ) Tj ET Q q 0 0 0 rg BT 171.49 713.10 Td (represents ) Tj ET Q q 0 0 0 rg BT 214.57 713.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 250.42 713.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 282.96 713.10 Td (and ) Tj ET Q q 0 0 0 rg BT 299.94 713.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 316.35 713.10 Td (value ) Tj ET Q q 0 0 0 rg BT 340.55 713.10 Td (for ) Tj ET Q q 0 0 0 rg BT 354.75 713.10 Td (the ) Tj ET Q q 0 0 0 rg BT 369.51 713.10 Td (most ) Tj ET Q q 0 0 0 rg BT 391.50 713.10 Td (relevant ) Tj ET Q q 0 0 0 rg BT 426.24 713.10 Td (categories ) Tj ET Q q 0 0 0 rg BT 469.31 713.10 Td (of ) Tj ET Q q 0 0 0 rg BT 480.18 713.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 517.70 713.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 543.57 713.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 701.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 93.72 701.10 Td (not ) Tj ET Q q 0 0 0 rg BT 109.00 701.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 149.81 701.10 Td (at ) Tj ET Q q 0 0 0 rg BT 159.53 701.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 175.90 701.10 Td (value ) Tj ET Q q 0 0 0 rg BT 200.06 701.10 Td (on ) Tj ET Q q 0 0 0 rg BT 212.56 701.10 Td (a ) Tj ET Q q 0 0 0 rg BT 219.50 701.10 Td (recurring ) Tj ET Q q 0 0 0 rg BT 258.64 701.10 Td (basis:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 614.60 238.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 614.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 614.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 614.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 614.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 614.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 614.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 614.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 614.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 614.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 586.60 238.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 586.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 586.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 586.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 586.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 586.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 586.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 586.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 586.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 586.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 558.60 238.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 558.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 558.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 558.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 558.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 558.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 558.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 558.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 558.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 558.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 531.60 238.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 531.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 531.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 531.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 531.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 531.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 531.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 531.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 531.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 531.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 490.60 238.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 490.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 490.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 490.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 490.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 490.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 490.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 490.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 490.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 490.60 50.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 664.6 m 395.5 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 664.6 m 399.5 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 664.6 m 449.5 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 664.6 m 453.5 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 664.6 m 503.5 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 664.6 m 507.5 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 664.6 m 557.5 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 664.6 m 395.5 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 650.6 m 395.5 650.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 664.6 m 399.5 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 650.6 m 399.5 650.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 664.6 m 449.5 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 650.6 m 449.5 650.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 664.6 m 503.5 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 650.6 m 503.5 650.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 664.6 m 507.5 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 650.6 m 507.5 650.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 664.6 m 557.5 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 650.6 m 557.5 650.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.5 627.6 m 341.5 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 627.6 m 395.5 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 627.6 m 449.5 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 627.6 m 503.5 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 627.6 m 557.5 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 518.6 m 395.5 518.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 505.6 m 395.5 505.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 503.6 m 395.5 503.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 518.6 m 449.5 518.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 505.6 m 449.5 505.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 503.6 m 449.5 503.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 518.6 m 503.5 518.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 505.6 m 503.5 505.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 503.6 m 503.5 503.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 518.6 m 557.5 518.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 505.6 m 557.5 505.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 503.6 m 557.5 503.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 490.6 m 395.5 490.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 477.6 m 395.5 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 475.6 m 395.5 475.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 490.6 m 449.5 490.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 477.6 m 449.5 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 475.6 m 449.5 475.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 490.6 m 503.5 490.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 477.6 m 503.5 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 475.6 m 503.5 475.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 490.6 m 557.5 490.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 477.6 m 557.5 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 475.6 m 557.5 475.6 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.95 669.05 Td (At December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.00 655.05 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 496.00 655.05 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 307.00 637.05 Td (Note) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 352.25 641.55 Td (Carrying) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 355.20 632.55 Td (amount) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 404.45 637.05 Td (Fair value) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 641.55 Td (Carrying) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 463.20 632.55 Td (amount) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 512.45 637.05 Td (Fair value) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 430.85 619.20 Td (\( thousand\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 605.06 Td (Deposits in FCA Group cash management pools) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 311.50 605.06 Td (18) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 362.75 605.06 Td (139,172) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 416.75 605.06 Td (139,172) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 470.75 605.06 Td (942,469) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 524.75 605.06 Td (942,469) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 591.06 Td (Receivables from financing activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.00 591.06 Td (1,173,825) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 410.00 591.06 Td (1,173,825) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.00 591.06 Td (1,224,446) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 518.00 591.06 Td (1,225,931) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 577.05 Td (Client financing) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 356.00 577.05 Td (1,115,661) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 410.00 577.05 Td (1,115,661) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.75 577.05 Td (939,284) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 524.75 577.05 Td (940,769) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 563.05 Td (Financial receivables from FCA Group companies) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 311.50 563.06 Td (18) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.00 563.05 Td (-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 443.00 563.05 Td (-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.75 563.05 Td (161,303) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 524.75 563.05 Td (161,303) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 549.05 Td (Factoring receivables) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 311.50 549.06 Td (18) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 367.25 549.05 Td (30,901) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.25 549.05 Td (30,901) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.25 549.05 Td (89,821) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 529.25 549.05 Td (89,821) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 535.85 Td (Dealer financing) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 311.50 535.86 Td (18) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 367.25 535.85 Td (27,263) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.25 535.85 Td (27,263) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.25 535.85 Td (33,611) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 529.25 535.85 Td (33,611) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 522.85 Td (Other) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 311.50 522.86 Td (18) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.00 522.85 Td (-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 443.00 522.85 Td (-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 486.50 522.85 Td (427) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.50 522.85 Td (427) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 509.05 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 356.00 509.05 Td (1,312,997) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 410.00 509.05 Td (1,312,997) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.00 509.05 Td (2,166,915) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 518.00 509.05 Td (2,168,400) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 481.05 Td (Debt) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 311.50 481.06 Td (23) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 356.00 481.05 Td (2,260,390) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 410.00 481.05 Td (2,259,878) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 470.75 481.05 Td (510,220) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.75 481.05 Td (509,355) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 453.10 Td (27. RELA) Tj ET Q q 0 0 0 rg BT 101.04 453.10 Td (TED P) Tj ET Q q 0 0 0 rg BT 129.47 453.10 Td (AR) Tj ET Q q 0 0 0 rg BT 143.56 453.10 Td (TY) Tj ET Q q 0 0 0 rg BT 157.08 453.10 Td ( ) Tj ET Q q 0 0 0 rg BT 159.40 453.10 Td (TRANSACTIONS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 429.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 429.10 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 128.08 429.10 Td (to ) Tj ET Q q 0 0 0 rg BT 138.93 429.10 Td (IAS ) Tj ET Q q 0 0 0 rg BT 158.12 429.10 Td (24, ) Tj ET Q q 0 0 0 rg BT 173.69 429.10 Td (the ) Tj ET Q q 0 0 0 rg BT 188.98 429.10 Td (related ) Tj ET Q q 0 0 0 rg BT 219.26 429.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 248.99 429.10 Td (of ) Tj ET Q q 0 0 0 rg BT 260.40 429.10 Td (the ) Tj ET Q q 0 0 0 rg BT 275.69 429.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 304.32 429.10 Td (are ) Tj ET Q q 0 0 0 rg BT 319.60 429.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 351.56 429.10 Td (and ) Tj ET Q q 0 0 0 rg BT 369.07 429.10 Td (individuals ) Tj ET Q q 0 0 0 rg BT 416.59 429.10 Td (capable ) Tj ET Q q 0 0 0 rg BT 450.20 429.10 Td (of ) Tj ET Q q 0 0 0 rg BT 461.60 429.10 Td (exercising ) Tj ET Q q 0 0 0 rg BT 505.77 429.10 Td (control, ) Tj ET Q q 0 0 0 rg BT 539.67 429.10 Td (joint ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 417.10 Td (control ) Tj ET Q q 0 0 0 rg BT 85.08 417.10 Td (or ) Tj ET Q q 0 0 0 rg BT 96.17 417.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 141.14 417.10 Td (influence ) Tj ET Q q 0 0 0 rg BT 181.10 417.10 Td (over ) Tj ET Q q 0 0 0 rg BT 201.63 417.10 Td (the ) Tj ET Q q 0 0 0 rg BT 216.61 417.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 244.92 417.10 Td (and ) Tj ET Q q 0 0 0 rg BT 262.12 417.10 Td (its ) Tj ET Q q 0 0 0 rg BT 274.32 417.10 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 326.80 417.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 372.32 417.10 Td (belonging ) Tj ET Q q 0 0 0 rg BT 415.07 417.10 Td (to ) Tj ET Q q 0 0 0 rg BT 425.61 417.10 Td (the ) Tj ET Q q 0 0 0 rg BT 440.59 417.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 459.49 417.10 Td ( ) Tj ET Q q 0 0 0 rg BT 462.25 417.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 490.56 417.10 Td (and ) Tj ET Q q 0 0 0 rg BT 507.75 417.10 Td (Exor ) Tj ET Q q 0 0 0 rg BT 529.95 417.10 Td (Group, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 405.10 Td (and ) Tj ET Q q 0 0 0 rg BT 71.38 405.10 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 134.86 405.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 185.01 405.10 Td (of ) Tj ET Q q 0 0 0 rg BT 196.28 405.10 Td (the ) Tj ET Q q 0 0 0 rg BT 211.44 405.10 Td (Group. ) Tj ET Q q 0 0 0 rg BT 242.43 405.10 Td (In ) Tj ET Q q 0 0 0 rg BT 253.70 405.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 291.91 405.10 Td (members ) Tj ET Q q 0 0 0 rg BT 331.50 405.10 Td (of ) Tj ET Q q 0 0 0 rg BT 342.77 405.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 372.92 405.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 401.41 405.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 428.78 405.10 Td (of ) Tj ET Q q 0 0 0 rg BT 440.05 405.10 Td (Directors, ) Tj ET Q q 0 0 0 rg BT 482.70 405.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 510.07 405.10 Td (of ) Tj ET Q q 0 0 0 rg BT 521.34 405.10 Td (Statutory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 393.10 Td (Auditors ) Tj ET Q q 0 0 0 rg BT 91.50 393.10 Td (and ) Tj ET Q q 0 0 0 rg BT 108.44 393.10 Td (executives ) Tj ET Q q 0 0 0 rg BT 153.14 393.10 Td (with ) Tj ET Q q 0 0 0 rg BT 173.42 393.10 Td (strategic ) Tj ET Q q 0 0 0 rg BT 209.79 393.10 Td (responsibilities ) Tj ET Q q 0 0 0 rg BT 272.84 393.10 Td (and ) Tj ET Q q 0 0 0 rg BT 289.78 393.10 Td (their ) Tj ET Q q 0 0 0 rg BT 310.61 393.10 Td (families ) Tj ET Q q 0 0 0 rg BT 345.32 393.10 Td (are ) Tj ET Q q 0 0 0 rg BT 360.03 393.10 Td (also ) Tj ET Q q 0 0 0 rg BT 378.63 393.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 424.45 393.10 Td (related ) Tj ET Q q 0 0 0 rg BT 454.15 393.10 Td (parties.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 369.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 369.10 Td (The ) Tj ET Q q 0 0 0 rg BT 107.81 369.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 135.62 369.10 Td (carries ) Tj ET Q q 0 0 0 rg BT 164.53 369.10 Td (out ) Tj ET Q q 0 0 0 rg BT 179.57 369.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 229.60 369.10 Td (with ) Tj ET Q q 0 0 0 rg BT 249.64 369.10 Td (related ) Tj ET Q q 0 0 0 rg BT 279.10 369.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 308.02 369.10 Td (on ) Tj ET Q q 0 0 0 rg BT 320.28 369.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 369.74 369.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 394.22 369.10 Td (that ) Tj ET Q q 0 0 0 rg BT 411.48 369.10 Td (are ) Tj ET Q q 0 0 0 rg BT 425.95 369.10 Td (normal ) Tj ET Q q 0 0 0 rg BT 456.53 369.10 Td (in ) Tj ET Q q 0 0 0 rg BT 466.57 369.10 Td (the ) Tj ET Q q 0 0 0 rg BT 481.05 369.10 Td (respective ) Tj ET Q q 0 0 0 rg BT 523.85 369.10 Td (markets, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 357.10 Td (considering ) Tj ET Q q 0 0 0 rg BT 102.57 357.10 Td (the ) Tj ET Q q 0 0 0 rg BT 116.69 357.10 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 175.79 357.10 Td (of ) Tj ET Q q 0 0 0 rg BT 186.03 357.10 Td (the ) Tj ET Q q 0 0 0 rg BT 200.16 357.10 Td (goods ) Tj ET Q q 0 0 0 rg BT 225.96 357.10 Td (or ) Tj ET Q q 0 0 0 rg BT 236.20 357.10 Td (services ) Tj ET Q q 0 0 0 rg BT 270.32 357.10 Td (involved. ) Tj ET Q q 0 0 0 rg BT 309.59 357.10 Td (T) Tj ET Q q 0 0 0 rg BT 315.34 357.10 Td (ransactions ) Tj ET Q q 0 0 0 rg BT 362.24 357.10 Td (carried ) Tj ET Q q 0 0 0 rg BT 391.91 357.10 Td (out ) Tj ET Q q 0 0 0 rg BT 406.59 357.10 Td (by ) Tj ET Q q 0 0 0 rg BT 418.50 357.10 Td (the ) Tj ET Q q 0 0 0 rg BT 432.63 357.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 460.09 357.10 Td (with ) Tj ET Q q 0 0 0 rg BT 479.78 357.10 Td (these ) Tj ET Q q 0 0 0 rg BT 502.24 357.10 Td (related ) Tj ET Q q 0 0 0 rg BT 531.35 357.10 Td (parties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 345.10 Td (are ) Tj ET Q q 0 0 0 rg BT 69.61 345.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 110.22 345.10 Td (of ) Tj ET Q q 0 0 0 rg BT 121.95 345.10 Td (those ) Tj ET Q q 0 0 0 rg BT 146.46 345.10 Td (a ) Tj ET Q q 0 0 0 rg BT 154.30 345.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 204.90 345.10 Td (nature, ) Tj ET Q q 0 0 0 rg BT 235.78 345.10 Td (which ) Tj ET Q q 0 0 0 rg BT 263.62 345.10 Td (have ) Tj ET Q q 0 0 0 rg BT 285.90 345.10 Td (had ) Tj ET Q q 0 0 0 rg BT 303.74 345.10 Td (an ) Tj ET Q q 0 0 0 rg BT 316.58 345.10 Td (ef) Tj ET Q q 0 0 0 rg BT 324.17 345.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 342.55 345.10 Td (on ) Tj ET Q q 0 0 0 rg BT 355.96 345.10 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 397.39 345.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 416.90 345.10 Td (of ) Tj ET Q q 0 0 0 rg BT 428.63 345.10 Td (sales, ) Tj ET Q q 0 0 0 rg BT 453.97 345.10 Td (and ) Tj ET Q q 0 0 0 rg BT 471.81 345.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 495.20 345.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 543.57 345.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 333.10 Td (payables; ) Tj ET Q q 0 0 0 rg BT 94.26 333.10 Td (in ) Tj ET Q q 0 0 0 rg BT 104.54 333.10 Td (particular) Tj ET Q q 0 0 0 rg BT 142.45 333.10 Td (, ) Tj ET Q q 0 0 0 rg BT 147.45 333.10 Td (these ) Tj ET Q q 0 0 0 rg BT 170.50 333.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 220.76 333.10 Td (relate ) Tj ET Q q 0 0 0 rg BT 245.46 333.10 Td (to:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 309.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 90.00 309.10 Td (T) Tj ET Q q 0 0 0 rg BT 95.01 309.10 Td (ransactions ) Tj ET Q q 0 0 0 rg BT 144.18 309.10 Td (with ) Tj ET Q q 0 0 0 rg BT 163.91 309.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 182.61 309.10 Td ( ) Tj ET Q q 0 0 0 rg BT 185.11 309.10 Td (Gr) Tj ET Q q 0 0 0 rg BT 195.85 309.10 Td (oup ) Tj ET Q q 0 0 0 rg BT 213.35 309.10 Td (companies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 285.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 285.10 Td (the ) Tj ET Q q 0 0 0 rg BT 121.94 285.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 139.21 285.10 Td (of ) Tj ET Q q 0 0 0 rg BT 149.26 285.10 Td (engines ) Tj ET Q q 0 0 0 rg BT 181.53 285.10 Td (and ) Tj ET Q q 0 0 0 rg BT 197.69 285.10 Td (car ) Tj ET Q q 0 0 0 rg BT 211.62 285.10 Td (bodies ) Tj ET Q q 0 0 0 rg BT 239.45 285.10 Td (to ) Tj ET Q q 0 0 0 rg BT 248.95 285.10 Td (Maserati ) Tj ET Q q 0 0 0 rg BT 285.66 285.10 Td (S.p.A. ) Tj ET Q q 0 0 0 rg BT 312.67 285.10 Td (and ) Tj ET Q q 0 0 0 rg BT 328.83 285.10 Td (Of) Tj ET Q q 0 0 0 rg BT 339.20 285.10 Td (ficine ) Tj ET Q q 0 0 0 rg BT 363.69 285.10 Td (Maserati ) Tj ET Q q 0 0 0 rg BT 400.39 285.10 Td (Grugliasco ) Tj ET Q q 0 0 0 rg BT 445.99 285.10 Td (S.p.A. ) Tj ET Q q 0 0 0 rg BT 473.00 285.10 Td (\(together ) Tj ET Q q 0 0 0 rg BT 510.82 285.10 Td (Maserati\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 273.10 Td (which ) Tj ET Q q 0 0 0 rg BT 134.94 273.10 Td (are ) Tj ET Q q 0 0 0 rg BT 149.65 273.10 Td (controlled ) Tj ET Q q 0 0 0 rg BT 192.69 273.10 Td (by ) Tj ET Q q 0 0 0 rg BT 205.19 273.10 Td (the ) Tj ET Q q 0 0 0 rg BT 219.90 273.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 238.81 273.10 Td ( ) Tj ET Q q 0 0 0 rg BT 241.31 273.10 Td (Group;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 249.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 249.10 Td (the ) Tj ET Q q 0 0 0 rg BT 122.86 249.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 161.04 249.10 Td (of ) Tj ET Q q 0 0 0 rg BT 172.02 249.10 Td (engine ) Tj ET Q q 0 0 0 rg BT 201.32 249.10 Td (components ) Tj ET Q q 0 0 0 rg BT 252.28 249.10 Td (for ) Tj ET Q q 0 0 0 rg BT 266.59 249.10 Td (the ) Tj ET Q q 0 0 0 rg BT 281.45 249.10 Td (use ) Tj ET Q q 0 0 0 rg BT 297.42 249.10 Td (in ) Tj ET Q q 0 0 0 rg BT 307.85 249.10 Td (the ) Tj ET Q q 0 0 0 rg BT 322.71 249.10 Td (production ) Tj ET Q q 0 0 0 rg BT 368.68 249.10 Td (of ) Tj ET Q q 0 0 0 rg BT 379.65 249.10 Td (Maserati ) Tj ET Q q 0 0 0 rg BT 417.28 249.10 Td (engines ) Tj ET Q q 0 0 0 rg BT 450.47 249.10 Td (from ) Tj ET Q q 0 0 0 rg BT 472.55 249.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 491.45 249.10 Td ( ) Tj ET Q q 0 0 0 rg BT 494.10 249.10 Td (US ) Tj ET Q q 0 0 0 rg BT 509.53 249.10 Td (LLC, ) Tj ET Q q 0 0 0 rg BT 533.56 249.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 237.10 Td (is ) Tj ET Q q 0 0 0 rg BT 117.17 237.10 Td (controlled ) Tj ET Q q 0 0 0 rg BT 160.21 237.10 Td (by ) Tj ET Q q 0 0 0 rg BT 172.71 237.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 191.61 237.10 Td ( ) Tj ET Q q 0 0 0 rg BT 194.11 237.10 Td (Group;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 213.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 213.10 Td (the ) Tj ET Q q 0 0 0 rg BT 123.09 213.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 161.50 213.10 Td (of ) Tj ET Q q 0 0 0 rg BT 172.70 213.10 Td (automotive ) Tj ET Q q 0 0 0 rg BT 220.56 213.10 Td (lighting ) Tj ET Q q 0 0 0 rg BT 254.54 213.10 Td (and ) Tj ET Q q 0 0 0 rg BT 271.85 213.10 Td (automotive ) Tj ET Q q 0 0 0 rg BT 319.71 213.10 Td (components ) Tj ET Q q 0 0 0 rg BT 370.91 213.10 Td (from ) Tj ET Q q 0 0 0 rg BT 393.22 213.10 Td (Magneti ) Tj ET Q q 0 0 0 rg BT 429.42 213.10 Td (Marelli ) Tj ET Q q 0 0 0 rg BT 461.72 213.10 Td (S.p.A., ) Tj ET Q q 0 0 0 rg BT 492.38 213.10 Td (Magneti ) Tj ET Q q 0 0 0 rg BT 528.57 213.10 Td (Marelli ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 201.10 Td (Espana ) Tj ET Q q 0 0 0 rg BT 140.45 201.10 Td (S.A., ) Tj ET Q q 0 0 0 rg BT 163.51 201.10 Td (Automotive ) Tj ET Q q 0 0 0 rg BT 214.86 201.10 Td (Lighting ) Tj ET Q q 0 0 0 rg BT 252.87 201.10 Td (LLC ) Tj ET Q q 0 0 0 rg BT 275.33 201.10 Td (and ) Tj ET Q q 0 0 0 rg BT 292.55 201.10 Td (Automotive ) Tj ET Q q 0 0 0 rg BT 343.90 201.10 Td (Lighting ) Tj ET Q q 0 0 0 rg BT 381.91 201.10 Td (Italia ) Tj ET Q q 0 0 0 rg BT 406.02 201.10 Td (S.p.A. ) Tj ET Q q 0 0 0 rg BT 434.88 201.10 Td (\(which ) Tj ET Q q 0 0 0 rg BT 466.22 201.10 Td (form ) Tj ET Q q 0 0 0 rg BT 489.22 201.10 Td (part ) Tj ET Q q 0 0 0 rg BT 508.34 201.10 Td (of ) Tj ET Q q 0 0 0 rg BT 520.24 201.10 Td (Magneti ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 189.10 Td (Marelli\), ) Tj ET Q q 0 0 0 rg BT 150.20 189.10 Td (which ) Tj ET Q q 0 0 0 rg BT 177.14 189.10 Td (is ) Tj ET Q q 0 0 0 rg BT 186.31 189.10 Td (controlled ) Tj ET Q q 0 0 0 rg BT 229.35 189.10 Td (by ) Tj ET Q q 0 0 0 rg BT 241.85 189.10 Td (the ) Tj ET Q q 0 0 0 rg BT 256.57 189.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 275.47 189.10 Td ( ) Tj ET Q q 0 0 0 rg BT 277.97 189.10 Td (Group;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 165.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 165.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 157.66 165.10 Td (with ) Tj ET Q q 0 0 0 rg BT 177.33 165.10 Td (other ) Tj ET Q q 0 0 0 rg BT 199.77 165.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 218.67 165.10 Td ( ) Tj ET Q q 0 0 0 rg BT 220.57 165.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 248.01 165.10 Td (companies, ) Tj ET Q q 0 0 0 rg BT 295.17 165.10 Td (mainly ) Tj ET Q q 0 0 0 rg BT 324.84 165.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 357.28 165.10 Td (to ) Tj ET Q q 0 0 0 rg BT 366.95 165.10 Td (the ) Tj ET Q q 0 0 0 rg BT 381.06 165.10 Td (services ) Tj ET Q q 0 0 0 rg BT 415.16 165.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 452.60 165.10 Td (by ) Tj ET Q q 0 0 0 rg BT 464.50 165.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 483.40 165.10 Td ( ) Tj ET Q q 0 0 0 rg BT 485.29 165.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 512.74 165.10 Td (companies, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 153.10 Td (including ) Tj ET Q q 0 0 0 rg BT 148.91 153.10 Td (human ) Tj ET Q q 0 0 0 rg BT 179.27 153.10 Td (resources, ) Tj ET Q q 0 0 0 rg BT 222.67 153.10 Td (payroll, ) Tj ET Q q 0 0 0 rg BT 256.63 153.10 Td (tax, ) Tj ET Q q 0 0 0 rg BT 274.48 153.10 Td (customs, ) Tj ET Q q 0 0 0 rg BT 312.90 153.10 Td (procurement ) Tj ET Q q 0 0 0 rg BT 366.57 153.10 Td (of ) Tj ET Q q 0 0 0 rg BT 378.04 153.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 419.50 153.10 Td (coverage, ) Tj ET Q q 0 0 0 rg BT 461.22 153.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 508.23 153.10 Td (and ) Tj ET Q q 0 0 0 rg BT 525.81 153.10 Td (treasury ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 141.10 Td (services ) Tj ET Q q 0 0 0 rg BT 142.71 141.10 Td (and ) Tj ET Q q 0 0 0 rg BT 159.65 141.10 Td (sponsorship ) Tj ET Q q 0 0 0 rg BT 209.93 141.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 247.97 141.10 Td (for ) Tj ET Q q 0 0 0 rg BT 262.13 141.10 Td (the ) Tj ET Q q 0 0 0 rg BT 276.84 141.10 Td (display ) Tj ET Q q 0 0 0 rg BT 308.23 141.10 Td (of ) Tj ET Q q 0 0 0 rg BT 319.06 141.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 337.96 141.10 Td ( ) Tj ET Q q 0 0 0 rg BT 340.46 141.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 368.51 141.10 Td (company ) Tj ET Q q 0 0 0 rg BT 407.67 141.10 Td (logos ) Tj ET Q q 0 0 0 rg BT 431.84 141.10 Td (on ) Tj ET Q q 0 0 0 rg BT 444.34 141.10 Td (the ) Tj ET Q q 0 0 0 rg BT 459.05 141.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 495.44 141.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 502.94 141.10 Td (cars.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 117.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 117.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.05 117.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 136.10 117.10 Td (also ) Tj ET Q q 0 0 0 rg BT 154.71 117.10 Td (has ) Tj ET Q q 0 0 0 rg BT 170.54 117.10 Td (the ) Tj ET Q q 0 0 0 rg BT 185.25 117.10 Td (following ) Tj ET Q q 0 0 0 rg BT 226.64 117.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 264.12 117.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 314.38 117.10 Td (with ) Tj ET Q q 0 0 0 rg BT 334.66 117.10 Td (the ) Tj ET Q q 0 0 0 rg BT 349.38 117.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 368.28 117.10 Td ( ) Tj ET Q q 0 0 0 rg BT 370.78 117.10 Td (Group:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 93.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 93.10 Td (the ) Tj ET Q q 0 0 0 rg BT 122.49 93.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 150.31 93.10 Td (sells ) Tj ET Q q 0 0 0 rg BT 170.36 93.10 Td (a ) Tj ET Q q 0 0 0 rg BT 177.07 93.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 208.23 93.10 Td (of ) Tj ET Q q 0 0 0 rg BT 218.83 93.10 Td (its ) Tj ET Q q 0 0 0 rg BT 230.55 93.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 252.81 93.10 Td (and ) Tj ET Q q 0 0 0 rg BT 269.52 93.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 306.77 93.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 354.02 93.10 Td (to ) Tj ET Q q 0 0 0 rg BT 364.07 93.10 Td (the ) Tj ET Q q 0 0 0 rg BT 378.56 93.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 397.46 93.10 Td ( ) Tj ET Q q 0 0 0 rg BT 399.73 93.10 Td (Bank ) Tj ET Q q 0 0 0 rg BT 423.11 93.10 Td (Group, ) Tj ET Q q 0 0 0 rg BT 453.43 93.10 Td (which ) Tj ET Q q 0 0 0 rg BT 480.14 93.10 Td (is ) Tj ET Q q 0 0 0 rg BT 489.09 93.10 Td (jointly ) Tj ET Q q 0 0 0 rg BT 517.47 93.10 Td (controlled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 81.10 Td (by ) Tj ET Q q 0 0 0 rg BT 120.89 81.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 139.79 81.10 Td ( ) Tj ET Q q 0 0 0 rg BT 142.69 81.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 171.13 81.10 Td (and ) Tj ET Q q 0 0 0 rg BT 188.46 81.10 Td (a ) Tj ET Q q 0 0 0 rg BT 195.80 81.10 Td (third ) Tj ET Q q 0 0 0 rg BT 217.58 81.10 Td (party) Tj ET Q q 0 0 0 rg BT 237.47 81.10 Td (, ) Tj ET Q q 0 0 0 rg BT 242.87 81.10 Td (on ) Tj ET Q q 0 0 0 rg BT 255.76 81.10 Td (derecognition ) Tj ET Q q 0 0 0 rg BT 313.63 81.10 Td (of ) Tj ET Q q 0 0 0 rg BT 324.86 81.10 Td (the ) Tj ET Q q 0 0 0 rg BT 339.97 81.10 Td (asset, ) Tj ET Q q 0 0 0 rg BT 364.80 81.10 Td (the ) Tj ET Q q 0 0 0 rg BT 379.91 81.10 Td (dif) Tj ET Q q 0 0 0 rg BT 390.83 81.10 Td (ference ) Tj ET Q q 0 0 0 rg BT 423.14 81.10 Td (between ) Tj ET Q q 0 0 0 rg BT 459.35 81.10 Td (the ) Tj ET Q q 0 0 0 rg BT 474.46 81.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 510.67 81.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 543.56 81.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 69.10 Td (the ) Tj ET Q q 0 0 0 rg BT 122.72 69.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 179.09 69.10 Td (received ) Tj ET Q q 0 0 0 rg BT 215.45 69.10 Td (or ) Tj ET Q q 0 0 0 rg BT 226.28 69.10 Td (receivable ) Tj ET Q q 0 0 0 rg BT 269.86 69.10 Td (is ) Tj ET Q q 0 0 0 rg BT 279.03 69.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 325.39 69.10 Td (in ) Tj ET Q q 0 0 0 rg BT 335.67 69.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 354.28 69.10 Td (of ) Tj ET Q q 0 0 0 rg BT 365.11 69.10 Td (sales;) Tj ET Q endstream endobj 413 0 obj <> endobj 414 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 760.75 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 760.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.60 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 199.82 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 206.31 748.75 Td (O ) Tj ET Q q 0 0 0 rg BT 216.41 748.75 Td (THE CONSOLIDA) Tj ET Q q 0 0 0 rg BT 299.85 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 379.03 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 393.02 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 399.50 748.75 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.60 736.75 Td (At December) Tj ET Q q 0 0 0 rg BT 294.78 736.75 Td (31, 2015 and 2014) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 294.65 32.20 Td (F-57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 713.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 713.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 139.80 713.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 171.61 713.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 213.98 713.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 261.34 713.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 290.94 713.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 333.30 713.10 Td (from ) Tj ET Q q 0 0 0 rg BT 357.34 713.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 376.25 713.10 Td ( ) Tj ET Q q 0 0 0 rg BT 380.85 713.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 411.00 713.10 Td (companies. ) Tj ET Q q 0 0 0 rg BT 460.87 713.10 Td (Debt ) Tj ET Q q 0 0 0 rg BT 484.91 713.10 Td (from ) Tj ET Q q 0 0 0 rg BT 508.95 713.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 527.85 713.10 Td ( ) Tj ET Q q 0 0 0 rg BT 532.45 713.10 Td (Group ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 701.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 153.26 701.10 Td (relate ) Tj ET Q q 0 0 0 rg BT 177.97 701.10 Td (to ) Tj ET Q q 0 0 0 rg BT 188.24 701.10 Td (the ) Tj ET Q q 0 0 0 rg BT 202.96 701.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 239.35 701.10 Td (owed ) Tj ET Q q 0 0 0 rg BT 263.51 701.10 Td (under ) Tj ET Q q 0 0 0 rg BT 288.78 701.10 Td (such ) Tj ET Q q 0 0 0 rg BT 309.61 701.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 346.54 701.10 Td (at ) Tj ET Q q 0 0 0 rg BT 356.25 701.10 Td (the ) Tj ET Q q 0 0 0 rg BT 370.97 701.10 Td (dates ) Tj ET Q q 0 0 0 rg BT 394.02 701.10 Td (presented. ) Tj ET Q q 0 0 0 rg BT 437.33 701.10 Td (See ) Tj ET Q q 0 0 0 rg BT 454.27 701.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 476.21 701.10 Td (23;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 677.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 677.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 137.60 677.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 165.54 677.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 210.70 677.10 Td (participated ) Tj ET Q q 0 0 0 rg BT 260.29 677.10 Td (in ) Tj ET Q q 0 0 0 rg BT 270.46 677.10 Td (the ) Tj ET Q q 0 0 0 rg BT 285.06 677.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 303.97 677.10 Td ( ) Tj ET Q q 0 0 0 rg BT 306.36 677.10 Td (group-wide ) Tj ET Q q 0 0 0 rg BT 354.85 677.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 375.01 677.10 Td (management ) Tj ET Q q 0 0 0 rg BT 428.49 677.10 Td (system ) Tj ET Q q 0 0 0 rg BT 458.66 677.10 Td (where ) Tj ET Q q 0 0 0 rg BT 485.48 677.10 Td (the ) Tj ET Q q 0 0 0 rg BT 500.09 677.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 540.24 677.10 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 665.10 Td (management, ) Tj ET Q q 0 0 0 rg BT 163.21 665.10 Td (main ) Tj ET Q q 0 0 0 rg BT 184.82 665.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 217.55 665.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 260.82 665.10 Td (and ) Tj ET Q q 0 0 0 rg BT 276.87 665.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 312.38 665.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 357.88 665.10 Td (of ) Tj ET Q q 0 0 0 rg BT 367.83 665.10 Td (the ) Tj ET Q q 0 0 0 rg BT 381.67 665.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 408.83 665.10 Td (are ) Tj ET Q q 0 0 0 rg BT 422.66 665.10 Td (centrally ) Tj ET Q q 0 0 0 rg BT 459.26 665.10 Td (coordinated ) Tj ET Q q 0 0 0 rg BT 508.08 665.10 Td (by ) Tj ET Q q 0 0 0 rg BT 519.70 665.10 Td (dedicated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 653.10 Td (treasury ) Tj ET Q q 0 0 0 rg BT 143.45 653.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 189.46 653.10 Td (of ) Tj ET Q q 0 0 0 rg BT 201.04 653.10 Td (the ) Tj ET Q q 0 0 0 rg BT 216.50 653.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 235.40 653.10 Td ( ) Tj ET Q q 0 0 0 rg BT 238.65 653.10 Td (Group. ) Tj ET Q q 0 0 0 rg BT 269.95 653.10 Td (Deposits ) Tj ET Q q 0 0 0 rg BT 308.19 653.10 Td (in ) Tj ET Q q 0 0 0 rg BT 319.22 653.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 338.12 653.10 Td ( ) Tj ET Q q 0 0 0 rg BT 341.37 653.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 370.16 653.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 391.18 653.10 Td (management ) Tj ET Q q 0 0 0 rg BT 445.51 653.10 Td (pools ) Tj ET Q q 0 0 0 rg BT 470.43 653.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 510.32 653.10 Td (the ) Tj ET Q q 0 0 0 rg BT 525.78 653.10 Td (Group) Tj ET Q q 0 0 0 rg BT 554.11 653.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 641.10 Td (participation ) Tj ET Q q 0 0 0 rg BT 160.01 641.10 Td (in ) Tj ET Q q 0 0 0 rg BT 169.26 641.10 Td (such ) Tj ET Q q 0 0 0 rg BT 189.06 641.10 Td (pools. ) Tj ET Q q 0 0 0 rg BT 214.70 641.10 Td (Deposits ) Tj ET Q q 0 0 0 rg BT 251.18 641.10 Td (with ) Tj ET Q q 0 0 0 rg BT 270.43 641.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 289.33 641.10 Td ( ) Tj ET Q q 0 0 0 rg BT 290.80 641.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 317.82 641.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 345.94 641.10 Td (EURIBOR ) Tj ET Q q 0 0 0 rg BT 391.31 641.10 Td (or ) Tj ET Q q 0 0 0 rg BT 401.11 641.10 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 432.58 641.10 Td (+15bps. ) Tj ET Q q 0 0 0 rg BT 466.08 641.10 Td (See ) Tj ET Q q 0 0 0 rg BT 481.99 641.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 502.90 641.10 Td (18. ) Tj ET Q q 0 0 0 rg BT 516.88 641.10 Td (Following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 629.10 Td (the ) Tj ET Q q 0 0 0 rg BT 122.19 629.10 Td (Separation ) Tj ET Q q 0 0 0 rg BT 166.93 629.10 Td (these ) Tj ET Q q 0 0 0 rg BT 189.45 629.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 245.29 629.10 Td (have ) Tj ET Q q 0 0 0 rg BT 266.14 629.10 Td (been ) Tj ET Q q 0 0 0 rg BT 286.99 629.10 Td (terminated ) Tj ET Q q 0 0 0 rg BT 331.72 629.10 Td (and ) Tj ET Q q 0 0 0 rg BT 348.13 629.10 Td (the ) Tj ET Q q 0 0 0 rg BT 362.32 629.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 389.85 629.10 Td (manages ) Tj ET Q q 0 0 0 rg BT 426.81 629.10 Td (its ) Tj ET Q q 0 0 0 rg BT 438.23 629.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 474.10 629.10 Td (and ) Tj ET Q q 0 0 0 rg BT 490.51 629.10 Td (treasury ) Tj ET Q q 0 0 0 rg BT 524.69 629.10 Td (function ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 617.10 Td (on ) Tj ET Q q 0 0 0 rg BT 120.50 617.10 Td (a ) Tj ET Q q 0 0 0 rg BT 127.44 617.10 Td (standalone ) Tj ET Q q 0 0 0 rg BT 172.70 617.10 Td (basis;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 593.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 593.10 Td (until ) Tj ET Q q 0 0 0 rg BT 128.99 593.10 Td (September ) Tj ET Q q 0 0 0 rg BT 174.42 593.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 199.57 593.10 Td (the ) Tj ET Q q 0 0 0 rg BT 214.45 593.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 242.66 593.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 285.86 593.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 308.50 593.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 356.13 593.10 Td (from ) Tj ET Q q 0 0 0 rg BT 378.23 593.10 Td (the ) Tj ET Q q 0 0 0 rg BT 393.10 593.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 412.00 593.10 Td ( ) Tj ET Q q 0 0 0 rg BT 414.66 593.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 442.87 593.10 Td (on ) Tj ET Q q 0 0 0 rg BT 455.53 593.10 Td (a ) Tj ET Q q 0 0 0 rg BT 462.63 593.10 Td (non-recourse ) Tj ET Q q 0 0 0 rg BT 517.48 593.10 Td (basis. ) Tj ET Q q 0 0 0 rg BT 542.45 593.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 581.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 139.93 581.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 169.08 581.10 Td (on ) Tj ET Q q 0 0 0 rg BT 181.58 581.10 Td (such ) Tj ET Q q 0 0 0 rg BT 202.41 581.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 249.88 581.10 Td (is ) Tj ET Q q 0 0 0 rg BT 259.05 581.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 296.53 581.10 Td (in ) Tj ET Q q 0 0 0 rg BT 306.80 581.10 Td (net ) Tj ET Q q 0 0 0 rg BT 321.52 581.10 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 362.06 581.10 Td (See ) Tj ET Q q 0 0 0 rg BT 379.00 581.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 400.93 581.10 Td (18;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 557.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 557.10 Td (the ) Tj ET Q q 0 0 0 rg BT 122.16 557.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 149.66 557.10 Td (had ) Tj ET Q q 0 0 0 rg BT 166.04 557.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 202.97 557.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 249.88 557.10 Td (with ) Tj ET Q q 0 0 0 rg BT 269.61 557.10 Td (Maserati ) Tj ET Q q 0 0 0 rg BT 306.54 557.10 Td (and ) Tj ET Q q 0 0 0 rg BT 322.49 557.10 Td (Automotive ) Tj ET Q q 0 0 0 rg BT 372.21 557.10 Td (Lighting ) Tj ET Q q 0 0 0 rg BT 408.60 557.10 Td (LLC ) Tj ET Q q 0 0 0 rg BT 429.43 557.10 Td (\(Automotive ) Tj ET Q q 0 0 0 rg BT 486.91 557.10 Td (Lighting\), ) Tj ET Q q 0 0 0 rg BT 533.57 557.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 545.10 Td (were ) Tj ET Q q 0 0 0 rg BT 129.93 545.10 Td (settled ) Tj ET Q q 0 0 0 rg BT 158.53 545.10 Td (in ) Tj ET Q q 0 0 0 rg BT 168.81 545.10 Td (2015. ) Tj ET Q q 0 0 0 rg BT 193.81 545.10 Td (See ) Tj ET Q q 0 0 0 rg BT 210.75 545.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 232.69 545.10 Td (18.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 521.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 521.10 Td (T) Tj ET Q q 0 0 0 rg BT 95.01 521.10 Td (ransactions ) Tj ET Q q 0 0 0 rg BT 144.18 521.10 Td (with ) Tj ET Q q 0 0 0 rg BT 163.91 521.10 Td (Exor ) Tj ET Q q 0 0 0 rg BT 185.84 521.10 Td (Gr) Tj ET Q q 0 0 0 rg BT 196.59 521.10 Td (oup ) Tj ET Q q 0 0 0 rg BT 214.09 521.10 Td (companies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 497.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 497.10 Td (the ) Tj ET Q q 0 0 0 rg BT 122.90 497.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 151.13 497.10 Td (incurs ) Tj ET Q q 0 0 0 rg BT 178.25 497.10 Td (rental ) Tj ET Q q 0 0 0 rg BT 203.70 497.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 226.38 497.10 Td (from ) Tj ET Q q 0 0 0 rg BT 248.50 497.10 Td (Iveco ) Tj ET Q q 0 0 0 rg BT 273.39 497.10 Td (Finanziaria ) Tj ET Q q 0 0 0 rg BT 321.05 497.10 Td (S.p.A. ) Tj ET Q q 0 0 0 rg BT 349.02 497.10 Td (related ) Tj ET Q q 0 0 0 rg BT 378.90 497.10 Td (to ) Tj ET Q q 0 0 0 rg BT 389.36 497.10 Td (the ) Tj ET Q q 0 0 0 rg BT 404.26 497.10 Td (rental ) Tj ET Q q 0 0 0 rg BT 429.71 497.10 Td (of ) Tj ET Q q 0 0 0 rg BT 440.72 497.10 Td (trucks ) Tj ET Q q 0 0 0 rg BT 467.84 497.10 Td (used ) Tj ET Q q 0 0 0 rg BT 488.85 497.10 Td (by ) Tj ET Q q 0 0 0 rg BT 501.54 497.10 Td (the ) Tj ET Q q 0 0 0 rg BT 516.43 497.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 553.00 497.10 Td (1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 485.10 Td (racing ) Tj ET Q q 0 0 0 rg BT 135.49 485.10 Td (team;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 461.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 461.10 Td (the ) Tj ET Q q 0 0 0 rg BT 122.72 461.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 150.77 461.10 Td (earns ) Tj ET Q q 0 0 0 rg BT 174.37 461.10 Td (sponsorship ) Tj ET Q q 0 0 0 rg BT 224.65 461.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 258.80 461.10 Td (from ) Tj ET Q q 0 0 0 rg BT 280.73 461.10 Td (Iveco ) Tj ET Q q 0 0 0 rg BT 305.44 461.10 Td (S.p.A.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 437.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 437.10 Td (T) Tj ET Q q 0 0 0 rg BT 95.01 437.10 Td (ransactions ) Tj ET Q q 0 0 0 rg BT 144.18 437.10 Td (with ) Tj ET Q q 0 0 0 rg BT 163.91 437.10 Td (other ) Tj ET Q q 0 0 0 rg BT 187.51 437.10 Td (r) Tj ET Q q 0 0 0 rg BT 191.04 437.10 Td (elated ) Tj ET Q q 0 0 0 rg BT 217.97 437.10 Td (parties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 413.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 413.10 Td (the ) Tj ET Q q 0 0 0 rg BT 122.68 413.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 160.68 413.10 Td (of ) Tj ET Q q 0 0 0 rg BT 171.48 413.10 Td (leather ) Tj ET Q q 0 0 0 rg BT 201.15 413.10 Td (goods ) Tj ET Q q 0 0 0 rg BT 227.50 413.10 Td (from ) Tj ET Q q 0 0 0 rg BT 249.41 413.10 Td (Poltrona ) Tj ET Q q 0 0 0 rg BT 285.76 413.10 Td (Frau ) Tj ET Q q 0 0 0 rg BT 306.55 413.10 Td (S.p.A. ) Tj ET Q q 0 0 0 rg BT 334.30 413.10 Td (\(Poltrona ) Tj ET Q q 0 0 0 rg BT 378.42 413.10 Td (Frau\). ) Tj ET Q q 0 0 0 rg BT 409.31 413.10 Td (The ) Tj ET Q q 0 0 0 rg BT 427.32 413.10 Td (former ) Tj ET Q q 0 0 0 rg BT 456.99 413.10 Td (Chairman ) Tj ET Q q 0 0 0 rg BT 498.89 413.10 Td (had ) Tj ET Q q 0 0 0 rg BT 515.79 413.10 Td (significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 401.10 Td (influence ) Tj ET Q q 0 0 0 rg BT 147.70 401.10 Td (over ) Tj ET Q q 0 0 0 rg BT 167.97 401.10 Td (Poltrona ) Tj ET Q q 0 0 0 rg BT 204.36 401.10 Td (Frau ) Tj ET Q q 0 0 0 rg BT 225.19 401.10 Td (until ) Tj ET Q q 0 0 0 rg BT 246.02 401.10 Td (March ) Tj ET Q q 0 0 0 rg BT 274.62 401.10 Td (25, ) Tj ET Q q 0 0 0 rg BT 289.62 401.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 312.12 401.10 Td (when ) Tj ET Q q 0 0 0 rg BT 336.28 401.10 Td (he ) Tj ET Q q 0 0 0 rg BT 348.22 401.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 367.39 401.10 Td (his ) Tj ET Q q 0 0 0 rg BT 381.56 401.10 Td (interest;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 377.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 377.10 Td (the ) Tj ET Q q 0 0 0 rg BT 122.72 377.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 160.75 377.10 Td (of ) Tj ET Q q 0 0 0 rg BT 171.58 377.10 Td (components ) Tj ET Q q 0 0 0 rg BT 222.41 377.10 Td (for ) Tj ET Q q 0 0 0 rg BT 236.57 377.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 272.96 377.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 280.46 377.10 Td (racing ) Tj ET Q q 0 0 0 rg BT 307.94 377.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 326.54 377.10 Td (from ) Tj ET Q q 0 0 0 rg BT 348.48 377.10 Td (COXA) Tj ET Q q 0 0 0 rg BT 376.26 377.10 Td ( ) Tj ET Q q 0 0 0 rg BT 378.76 377.10 Td (S.p.A., ) Tj ET Q q 0 0 0 rg BT 409.04 377.10 Td (controlled ) Tj ET Q q 0 0 0 rg BT 452.09 377.10 Td (by ) Tj ET Q q 0 0 0 rg BT 464.59 377.10 Td (Piero ) Tj ET Q q 0 0 0 rg BT 488.20 377.10 Td (Ferrari;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 353.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 353.10 Td (consultancy ) Tj ET Q q 0 0 0 rg BT 158.26 353.10 Td (services ) Tj ET Q q 0 0 0 rg BT 192.97 353.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 231.02 353.10 Td (by ) Tj ET Q q 0 0 0 rg BT 243.52 353.10 Td (HPE ) Tj ET Q q 0 0 0 rg BT 264.91 353.10 Td (S.r) Tj ET Q q 0 0 0 rg BT 275.75 353.10 Td (.l., ) Tj ET Q q 0 0 0 rg BT 288.53 353.10 Td (controlled ) Tj ET Q q 0 0 0 rg BT 331.57 353.10 Td (by ) Tj ET Q q 0 0 0 rg BT 344.07 353.10 Td (Piero ) Tj ET Q q 0 0 0 rg BT 367.68 353.10 Td (Ferrari; ) Tj ET Q q 0 0 0 rg BT 400.16 353.10 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 329.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 329.10 Td (sponsorship ) Tj ET Q q 0 0 0 rg BT 157.89 329.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 201.64 329.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 234.29 329.10 Td (to ) Tj ET Q q 0 0 0 rg BT 244.18 329.10 Td (Formula ) Tj ET Q q 0 0 0 rg BT 280.18 329.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 287.29 329.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 325.50 329.10 Td (with ) Tj ET Q q 0 0 0 rg BT 345.38 329.10 Td (Philip ) Tj ET Q q 0 0 0 rg BT 371.39 329.10 Td (Morris ) Tj ET Q q 0 0 0 rg BT 400.72 329.10 Td (International, ) Tj ET Q q 0 0 0 rg BT 456.42 329.10 Td (of ) Tj ET Q q 0 0 0 rg BT 466.86 329.10 Td (which ) Tj ET Q q 0 0 0 rg BT 493.41 329.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 505.08 329.10 Td (. ) Tj ET Q q 0 0 0 rg BT 509.68 329.10 Td (Marchionne ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 317.10 Td (is ) Tj ET Q q 0 0 0 rg BT 117.17 317.10 Td (a ) Tj ET Q q 0 0 0 rg BT 124.11 317.10 Td (director ) Tj ET Q q 0 0 0 rg BT 157.70 317.10 Td (and ) Tj ET Q q 0 0 0 rg BT 174.64 317.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 186.31 317.10 Td (. ) Tj ET Q q 0 0 0 rg BT 191.31 317.10 Td (Camilleri ) Tj ET Q q 0 0 0 rg BT 231.58 317.10 Td (is ) Tj ET Q q 0 0 0 rg BT 240.75 317.10 Td (Chairman.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 293.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 293.10 Td (In ) Tj ET Q q 0 0 0 rg BT 100.50 293.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 147.64 293.10 Td (with ) Tj ET Q q 0 0 0 rg BT 167.59 293.10 Td (IAS ) Tj ET Q q 0 0 0 rg BT 185.87 293.10 Td (24, ) Tj ET Q q 0 0 0 rg BT 200.55 293.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 250.48 293.10 Td (with ) Tj ET Q q 0 0 0 rg BT 270.43 293.10 Td (related ) Tj ET Q q 0 0 0 rg BT 299.81 293.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 328.64 293.10 Td (also ) Tj ET Q q 0 0 0 rg BT 346.92 293.10 Td (include ) Tj ET Q q 0 0 0 rg BT 378.53 293.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 436.24 293.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 469.51 293.10 Td (to ) Tj ET Q q 0 0 0 rg BT 479.46 293.10 Td (Directors, ) Tj ET Q q 0 0 0 rg BT 521.34 293.10 Td (Statutory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 281.10 Td (Auditors ) Tj ET Q q 0 0 0 rg BT 91.50 281.10 Td (and ) Tj ET Q q 0 0 0 rg BT 108.44 281.10 Td (managers ) Tj ET Q q 0 0 0 rg BT 149.25 281.10 Td (with ) Tj ET Q q 0 0 0 rg BT 169.53 281.10 Td (strategic ) Tj ET Q q 0 0 0 rg BT 205.90 281.10 Td (responsibilities.) Tj ET Q endstream endobj 415 0 obj <> endobj 416 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 760.75 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 760.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.60 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 199.82 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 206.31 748.75 Td (O ) Tj ET Q q 0 0 0 rg BT 216.41 748.75 Td (THE CONSOLIDA) Tj ET Q q 0 0 0 rg BT 299.85 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 379.03 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 393.02 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 399.50 748.75 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.60 736.75 Td (At December) Tj ET Q q 0 0 0 rg BT 294.78 736.75 Td (31, 2015 and 2014) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 294.65 32.20 Td (F-58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 713.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 713.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.05 713.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 144.43 713.10 Td (of ) Tj ET Q q 0 0 0 rg BT 155.26 713.10 Td (the ) Tj ET Q q 0 0 0 rg BT 169.98 713.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 220.24 713.10 Td (with ) Tj ET Q q 0 0 0 rg BT 240.52 713.10 Td (related ) Tj ET Q q 0 0 0 rg BT 270.22 713.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 299.38 713.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 345.74 713.10 Td (in ) Tj ET Q q 0 0 0 rg BT 356.02 713.10 Td (the ) Tj ET Q q 0 0 0 rg BT 370.74 713.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 423.78 713.10 Td (income ) Tj ET Q q 0 0 0 rg BT 455.71 713.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 496.53 713.10 Td (are ) Tj ET Q q 0 0 0 rg BT 511.24 713.10 Td (as ) Tj ET Q q 0 0 0 rg BT 522.07 713.10 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 622.60 106.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 159.50 622.60 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.50 622.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.50 622.60 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg 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0.9333333333333333 1 rg /GS0 gs 203.50 537.60 40.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.50 537.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 537.60 42.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 537.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.50 537.60 40.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 537.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 537.60 40.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 537.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 537.60 42.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 537.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 537.60 40.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 537.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 537.60 40.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 537.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 537.60 42.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 506.60 106.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 159.50 506.60 40.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.50 506.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.50 506.60 40.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.50 506.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 506.60 42.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 506.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.50 506.60 40.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 506.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 506.60 40.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 506.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 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0.9333333333333333 1 rg /GS0 gs 471.50 457.60 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 457.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 457.60 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 433.60 106.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 159.50 433.60 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.50 433.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.50 433.60 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.50 433.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 433.60 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 433.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.50 433.60 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 433.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 433.60 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 433.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 433.60 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 433.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 433.60 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 433.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 433.60 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 433.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 433.60 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 402.60 106.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 159.50 402.60 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.50 402.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.50 402.60 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.50 402.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 402.60 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 402.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.50 402.60 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 402.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 402.60 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 402.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 402.60 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 402.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 402.60 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 402.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 402.60 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 402.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 402.60 42.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 159.5 678.6 m 199.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 678.6 m 203.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 678.6 m 243.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243.5 678.6 m 247.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.5 678.6 m 289.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 678.6 m 293.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 678.6 m 333.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 678.6 m 337.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 678.6 m 377.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 678.6 m 381.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 678.6 m 423.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 678.6 m 427.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 678.6 m 467.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 678.6 m 471.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 678.6 m 511.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 678.6 m 515.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 678.6 m 557.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 159.5 678.6 m 199.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 159.5 666.6 m 199.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 678.6 m 203.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 666.6 m 203.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 678.6 m 243.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 666.6 m 243.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243.5 678.6 m 247.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243.5 666.6 m 247.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.5 678.6 m 289.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.5 666.6 m 289.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 678.6 m 333.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 666.6 m 333.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 678.6 m 337.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 666.6 m 337.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 678.6 m 377.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 666.6 m 377.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 678.6 m 381.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 666.6 m 381.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 678.6 m 423.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 666.6 m 423.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 678.6 m 467.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 666.6 m 467.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 678.6 m 471.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 666.6 m 471.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 678.6 m 511.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 666.6 m 511.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 678.6 m 515.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 666.6 m 515.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 678.6 m 557.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 666.6 m 557.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 159.5 666.6 m 199.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 159.5 633.6 m 199.5 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 666.6 m 203.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 666.6 m 243.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 633.6 m 243.5 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243.5 666.6 m 247.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.5 666.6 m 289.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.5 633.6 m 289.5 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 666.6 m 333.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 633.6 m 333.5 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 666.6 m 337.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 666.6 m 377.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 633.6 m 377.5 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 666.6 m 381.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 666.6 m 423.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 633.6 m 423.5 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 666.6 m 467.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 633.6 m 467.5 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 666.6 m 471.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 666.6 m 511.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 633.6 m 511.5 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 666.6 m 515.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 666.6 m 557.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 633.6 m 557.5 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 562.6 m 243.5 562.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 159.5 562.6 m 199.5 562.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 159.5 550.6 m 199.5 550.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 562.6 m 243.5 562.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 550.6 m 243.5 550.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.5 562.6 m 289.5 562.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.5 550.6 m 289.5 550.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 562.6 m 333.5 562.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 550.6 m 333.5 550.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 562.6 m 377.5 562.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 550.6 m 377.5 550.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 562.6 m 423.5 562.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 550.6 m 423.5 550.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 562.6 m 467.5 562.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 550.6 m 467.5 550.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 562.6 m 511.5 562.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 550.6 m 511.5 550.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 562.6 m 557.5 562.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 550.6 m 557.5 550.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 159.5 518.6 m 199.5 518.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 159.5 506.6 m 199.5 506.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 518.6 m 243.5 518.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 506.6 m 243.5 506.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.5 518.6 m 289.5 518.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.5 506.6 m 289.5 506.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 518.6 m 333.5 518.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 506.6 m 333.5 506.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 518.6 m 377.5 518.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 506.6 m 377.5 506.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 518.6 m 423.5 518.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 506.6 m 423.5 506.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 518.6 m 467.5 518.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 506.6 m 467.5 506.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 518.6 m 511.5 518.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 506.6 m 511.5 506.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 518.6 m 557.5 518.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 506.6 m 557.5 506.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 159.5 433.6 m 199.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 159.5 421.6 m 199.5 421.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 433.6 m 243.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 421.6 m 243.5 421.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.5 433.6 m 289.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.5 421.6 m 289.5 421.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 433.6 m 333.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 421.6 m 333.5 421.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 433.6 m 377.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 421.6 m 377.5 421.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 433.6 m 423.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 421.6 m 423.5 421.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 433.6 m 467.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 421.6 m 467.5 421.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 433.6 m 511.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 421.6 m 511.5 421.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 433.6 m 557.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 421.6 m 557.5 421.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 159.5 403.6 m 199.5 403.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 159.5 401.6 m 199.5 401.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 421.6 m 243.5 421.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 403.6 m 243.5 403.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 401.6 m 243.5 401.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.5 421.6 m 289.5 421.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.5 403.6 m 289.5 403.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.5 401.6 m 289.5 401.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 421.6 m 333.5 421.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 403.6 m 333.5 403.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 401.6 m 333.5 401.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 421.6 m 377.5 421.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 403.6 m 377.5 403.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 401.6 m 377.5 401.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 421.6 m 423.5 421.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 403.6 m 423.5 403.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 401.6 m 423.5 401.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 421.6 m 467.5 421.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 403.6 m 467.5 403.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 401.6 m 467.5 401.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 421.6 m 511.5 421.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 403.6 m 511.5 403.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 401.6 m 511.5 401.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 421.6 m 557.5 421.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 403.6 m 557.5 403.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 401.6 m 557.5 401.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 159.5 401.6 m 199.5 401.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 159.5 403.6 m 199.5 403.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 159.5 390.6 m 199.5 390.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 401.6 m 243.5 401.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 403.6 m 243.5 403.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 390.6 m 243.5 390.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.5 401.6 m 289.5 401.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.5 403.6 m 289.5 403.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.5 390.6 m 289.5 390.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 401.6 m 333.5 401.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 403.6 m 333.5 403.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 390.6 m 333.5 390.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 401.6 m 377.5 401.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 403.6 m 377.5 403.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 390.6 m 377.5 390.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 401.6 m 423.5 401.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 403.6 m 423.5 403.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 390.6 m 423.5 390.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 401.6 m 467.5 401.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 403.6 m 467.5 403.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 390.6 m 467.5 390.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 401.6 m 511.5 401.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 403.6 m 511.5 403.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 390.6 m 511.5 390.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 401.6 m 557.5 401.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 403.6 m 557.5 403.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 390.6 m 557.5 390.6 l s BT /F2 7.00 Tf ET q 0 0 0 rg BT 307.15 682.66 Td (For the years ended December 31,) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 217.00 670.66 Td (2015) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 351.00 670.66 Td (2014) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 485.00 670.66 Td (2013) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 173.75 652.01 Td (Net) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 165.80 645.01 Td (revenues) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 212.15 648.51 Td (Costs) Tj ET Q BT /F2 7.00 Tf ET BT /F2 4.55 Tf ET q 0 0 0 rg BT 228.48 651.68 Td (\(1\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 262.75 659.01 Td (Net) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 254.95 652.01 Td (financial) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 256.30 645.01 Td (income/) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 252.60 638.01 Td (\(expenses\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 307.75 652.01 Td (Net) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 299.80 645.01 Td (revenues) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 346.15 648.51 Td (Costs) Tj ET Q BT /F2 7.00 Tf ET BT /F2 4.55 Tf ET q 0 0 0 rg BT 362.48 651.68 Td (\(1\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 396.75 659.01 Td (Net) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 388.95 652.01 Td (financial) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 390.30 645.01 Td (income/) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 386.60 638.01 Td (\(expenses\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 441.75 652.01 Td (Net) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 433.80 645.01 Td (revenues) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 480.15 648.51 Td (Costs) Tj ET Q BT /F2 7.00 Tf ET BT /F2 4.55 Tf ET q 0 0 0 rg BT 496.48 651.68 Td (\(1\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 530.75 659.01 Td (Net) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 522.95 652.01 Td (financial) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 524.30 645.01 Td (income/) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 520.60 638.01 Td (\(expenses\)) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 342.90 626.44 Td (\( thousand\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 56.00 614.66 Td (FCA Group companies) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 56.00 602.65 Td (Maserati) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 173.85 602.65 Td (184,444) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 224.90 602.65 Td (2,250) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 279.65 602.65 Td (67) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 307.85 602.65 Td (259,143) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 355.40 602.65 Td (31,345) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 404.90 602.65 Td (1,274) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 441.85 602.65 Td (194,760) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 489.40 602.65 Td (39,759) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 547.65 602.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 56.00 590.65 Td (FCA US LLC) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 180.90 590.65 Td (1,253) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 221.40 590.65 Td (23,562) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 279.65 590.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 314.90 590.65 Td (1,110) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 355.40 590.65 Td (33,898) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 413.65 590.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 457.65 590.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 489.40 590.65 Td (14,997) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 547.65 590.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 56.00 578.65 Td (Magneti Marelli) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 180.90 578.65 Td (1,397) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 221.40 578.65 Td (29,746) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 279.65 578.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 314.90 578.65 Td (1,190) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 355.40 578.65 Td (24,233) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 413.65 578.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 454.15 578.65 Td (970) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 489.40 578.65 Td (20,666) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 547.65 578.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 56.00 566.65 Td (Other FCA Group companies) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 180.90 566.65 Td (7,412) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 221.40 566.65 Td (42,768) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 265.05 566.65 Td (\(11,601) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 286.65 566.65 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 314.90 566.65 Td (5,198) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 355.40 566.65 Td (38,706) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 404.90 566.65 Td (2,793) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 445.40 566.65 Td (11,789) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 489.40 566.65 Td (18,929) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 545.30 566.70 Td (\(53) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 554.65 566.65 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 56.00 554.66 Td (Total FCA Group companies) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 173.85 554.66 Td (194,506) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 221.40 554.66 Td (98,326) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 265.05 554.66 Td (\(11,534) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 286.65 554.66 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 307.85 554.66 Td (266,641) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 351.85 554.66 Td (128,182) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 404.90 554.66 Td (4,067) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 441.85 554.66 Td (207,519) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 489.40 554.66 Td (94,351) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 545.30 554.71 Td (\(53) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 554.65 554.66 Td (\)) Tj ET Q BT /F2 7.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 56.00 534.40 69.36 -6.25 re f /GS0 gs q 0 0 0 rg BT 56.00 529.66 Td (Exor Group companies) Tj ET Q BT /F2 7.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 56.00 527.40 81.74 -6.25 re f /GS0 gs q 0 0 0 rg BT 56.00 522.66 Td (\(excluding the FCA Group\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 56.00 510.65 Td (Exor Group companies) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 186.15 510.66 Td (277) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 230.15 510.66 Td (338) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 279.65 510.66 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 320.15 510.66 Td (279) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 364.15 510.66 Td (404) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 413.65 510.66 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 454.15 510.66 Td (281) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 498.15 510.66 Td (387) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 547.65 510.66 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 56.00 485.66 Td (Other related parties) Tj ET Q BT /F1 7.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 56.00 478.50 38.30 -6.36 re f /GS0 gs q 0 0 0 rg BT 56.00 473.65 Td (Poltrona Frau) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 189.65 473.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 233.65 473.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 279.65 473.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 323.65 473.65 Td (98) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 355.40 473.65 Td (20,115) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 413.65 473.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 454.15 473.65 Td (177) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 489.40 473.65 Td (22,073) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 547.65 473.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 56.00 461.65 Td (COXA S.p.A.) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 186.15 461.65 Td (174) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 224.90 461.65 Td (7,561) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 279.65 461.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 320.15 461.65 Td (279) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 358.90 461.65 Td (8,774) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 413.65 461.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 461.15 461.65 Td (1) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 492.90 461.65 Td (5,732) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 547.65 461.66 Td () Tj ET Q BT /F1 7.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 56.00 454.50 28.01 -6.36 re f /GS0 gs q 0 0 0 rg BT 56.00 449.65 Td (HPE S.r.l.) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 189.65 449.65 Td (11) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 224.90 449.65 Td (5,518) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 279.65 449.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 323.65 449.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 358.90 449.65 Td (3,461) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 413.65 449.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 457.65 449.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 492.90 449.65 Td (3,175) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 547.65 449.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 56.00 437.65 Td (Other related parties) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 180.90 437.65 Td (1,024) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 237.15 437.65 Td (6) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 279.65 437.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 323.65 437.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 364.15 437.65 Td (120) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 413.65 437.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 457.65 437.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 498.15 437.65 Td (543) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 547.65 437.65 Td () Tj ET Q BT /F2 7.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 56.00 430.40 77.83 -6.25 re f /GS0 gs q 0 0 0 rg BT 56.00 425.66 Td (Total other related parties) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 180.90 425.66 Td (1,209) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 221.40 425.66 Td (13,085) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 279.65 425.66 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 320.15 425.66 Td (377) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 355.40 425.66 Td (32,470) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 413.65 425.66 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 454.15 425.66 Td (178) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 489.40 425.66 Td (31,523) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 547.65 425.66 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 56.00 413.66 Td (Total transactions with related) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 56.00 406.66 Td (parties) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 173.85 406.66 Td (195,992) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 217.85 406.66 Td (111,749) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 265.05 406.66 Td (\(11,534) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 286.65 406.66 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 307.85 406.66 Td (267,297) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 351.85 406.66 Td (161,056) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 404.90 406.66 Td (4,067) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 441.85 406.66 Td (207,978) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 485.85 406.66 Td (126,261) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 545.30 406.71 Td (\(53) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 554.65 406.66 Td (\)) Tj ET Q BT /F2 7.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 56.00 399.40 58.41 -6.25 re f /GS0 gs q 0 0 0 rg BT 56.00 394.66 Td (Total for the Group) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 168.60 394.66 Td (2,854,369) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 212.60 394.66 Td (1,848,467) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 265.05 394.66 Td (\(10,151) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 286.65 394.66 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 302.60 394.66 Td (2,762,360) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 346.60 394.66 Td (1,832,059) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 404.90 394.66 Td (8,765) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 436.60 394.66 Td (2,335,270) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 480.60 394.66 Td (1,492,427) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 538.90 394.66 Td (2,851) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 379.10 Td (______________________________) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 369.50 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 72.00 369.50 Td (Costs include cost of sales, selling, general and administrative costs and other expenses/\(income\).) Tj ET Q endstream endobj 417 0 obj <> endobj 418 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 760.75 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 760.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.60 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 199.82 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 206.31 748.75 Td (O ) Tj ET Q q 0 0 0 rg BT 216.41 748.75 Td (THE CONSOLIDA) Tj ET Q q 0 0 0 rg BT 299.85 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 379.03 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 393.02 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 399.50 748.75 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.60 736.75 Td (At December) Tj ET Q q 0 0 0 rg BT 294.78 736.75 Td (31, 2015 and 2014) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 294.65 32.20 Td (F-59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 713.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 713.10 Td (Non-financial assets and liabilities originating from related party transactions are as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 629.60 154.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.50 629.60 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 629.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 629.60 39.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 629.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 629.60 39.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 629.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 629.60 39.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 629.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 629.60 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 629.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 629.60 39.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 629.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 629.60 39.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 629.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 629.60 39.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 605.60 154.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.50 605.60 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 605.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 605.60 39.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 605.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 605.60 39.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 605.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 605.60 39.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 605.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 605.60 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 605.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 605.60 39.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 605.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 605.60 39.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 605.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 605.60 39.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 581.60 154.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.50 581.60 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 581.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 581.60 39.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 581.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 581.60 39.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 581.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 581.60 39.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 581.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 581.60 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 581.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 581.60 39.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 581.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 581.60 39.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 581.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 581.60 39.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 544.60 154.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.50 544.60 44.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 544.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 544.60 39.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 544.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 544.60 39.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 544.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 544.60 39.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 544.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 544.60 44.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 544.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 544.60 39.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 544.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 544.60 39.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 544.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 544.60 39.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 500.60 154.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.50 500.60 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 500.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 500.60 39.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 500.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 500.60 39.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 500.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 500.60 39.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 500.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 500.60 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 500.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 500.60 39.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 500.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 500.60 39.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 500.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 500.60 39.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 476.60 154.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.50 476.60 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 476.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 476.60 39.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 476.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 476.60 39.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 476.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 476.60 39.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 476.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 476.60 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 476.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 476.60 39.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 476.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 476.60 39.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 476.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 476.60 39.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 452.60 154.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.50 452.60 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 452.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 452.60 39.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 452.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 452.60 39.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 452.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 452.60 39.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 452.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 452.60 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 452.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 452.60 39.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 452.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 452.60 39.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 452.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 452.60 39.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 428.60 154.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.50 428.60 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 428.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 428.60 39.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 428.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 428.60 39.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 428.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 428.60 39.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 428.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 428.60 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 428.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 428.60 39.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 428.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 428.60 39.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 428.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 428.60 39.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 678.6 m 251.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 678.6 m 255.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 678.6 m 294.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 678.6 m 298.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 678.6 m 337.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 678.6 m 341.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 678.6 m 380.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 678.6 m 384.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 678.6 m 428.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 678.6 m 432.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 678.6 m 471.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 678.6 m 475.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 678.6 m 514.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 678.6 m 518.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 678.6 m 557.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 678.6 m 251.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 666.6 m 251.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 678.6 m 255.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 666.6 m 255.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 678.6 m 294.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 666.6 m 294.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 678.6 m 298.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 666.6 m 298.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 678.6 m 337.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 666.6 m 337.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 678.6 m 341.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 666.6 m 341.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 678.6 m 380.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 666.6 m 380.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 678.6 m 384.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 678.6 m 428.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 666.6 m 428.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 678.6 m 432.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 666.6 m 432.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 678.6 m 471.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 666.6 m 471.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 678.6 m 475.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 666.6 m 475.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 678.6 m 514.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 666.6 m 514.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 678.6 m 518.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 666.6 m 518.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 678.6 m 557.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 666.6 m 557.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 640.6 m 251.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 640.6 m 294.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 640.6 m 337.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 640.6 m 380.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 640.6 m 428.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 640.6 m 471.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 640.6 m 514.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 640.6 m 557.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 569.6 m 251.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 569.6 m 294.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 569.6 m 337.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 569.6 m 380.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 569.6 m 251.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 557.6 m 251.5 557.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 569.6 m 294.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 557.6 m 294.5 557.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 569.6 m 337.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 557.6 m 337.5 557.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 569.6 m 380.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 557.6 m 380.5 557.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 569.6 m 428.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 557.6 m 428.5 557.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 569.6 m 471.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 557.6 m 471.5 557.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 569.6 m 514.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 557.6 m 514.5 557.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 569.6 m 557.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 557.6 m 557.5 557.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 525.6 m 251.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 513.6 m 251.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 525.6 m 294.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 513.6 m 294.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 525.6 m 337.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 513.6 m 337.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 525.6 m 380.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 513.6 m 380.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 525.6 m 428.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 513.6 m 428.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 525.6 m 471.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 513.6 m 471.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 525.6 m 514.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 513.6 m 514.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 525.6 m 557.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 513.6 m 557.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 440.6 m 251.5 440.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 428.6 m 251.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 440.6 m 294.5 440.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 428.6 m 294.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 440.6 m 337.5 440.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 428.6 m 337.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 440.6 m 380.5 440.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 428.6 m 380.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 440.6 m 428.5 440.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 428.6 m 428.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 440.6 m 471.5 440.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 428.6 m 471.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 440.6 m 514.5 440.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 428.6 m 514.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 440.6 m 557.5 440.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 428.6 m 557.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 416.6 m 251.5 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 428.6 m 294.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 416.6 m 294.5 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 428.6 m 337.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 416.6 m 337.5 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 428.6 m 380.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 416.6 m 380.5 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 428.6 m 428.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 416.6 m 428.5 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 428.6 m 471.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 416.6 m 471.5 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 428.6 m 514.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 416.6 m 514.5 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 428.6 m 557.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 416.6 m 557.5 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 405.6 m 251.5 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 403.6 m 251.5 403.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 405.6 m 294.5 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 403.6 m 294.5 403.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 405.6 m 337.5 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 403.6 m 337.5 403.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 405.6 m 380.5 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 403.6 m 380.5 403.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 416.6 m 428.5 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 405.6 m 428.5 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 403.6 m 428.5 403.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 416.6 m 471.5 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 405.6 m 471.5 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 403.6 m 471.5 403.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 416.6 m 514.5 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 405.6 m 514.5 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 403.6 m 514.5 403.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 416.6 m 557.5 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 405.6 m 557.5 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 403.6 m 557.5 403.6 l s BT /F2 7.00 Tf ET q 0 0 0 rg BT 359.05 682.66 Td (At December 31,) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 286.50 670.66 Td (2015) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 463.50 670.66 Td (2014) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 220.10 655.51 Td (Trade) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 212.50 648.51 Td (receivables) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 265.60 655.51 Td (Trade) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 261.45 648.51 Td (payables) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 308.60 659.01 Td (Other) Tj ET Q q 0 0 0 rg BT 326.36 659.01 Td ( ) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 306.25 652.01 Td (curr) Tj ET Q q 0 0 0 rg BT 319.34 652.01 Td (ent ) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 306.25 645.01 Td (assets) Tj ET Q BT /F2 7.00 Tf ET BT /F2 4.55 Tf ET q 0 0 0 rg BT 323.36 648.18 Td (\(1\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 351.60 655.51 Td (Other) Tj ET Q q 0 0 0 rg BT 369.36 655.51 Td ( ) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 344.20 648.51 Td (liabilities) Tj ET Q BT /F2 7.00 Tf ET BT /F2 4.55 Tf ET q 0 0 0 rg BT 371.42 651.68 Td (\(2\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 397.10 655.51 Td (Trade) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 389.50 648.51 Td (receivables) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 442.60 655.51 Td (Trade) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 438.45 648.51 Td (payables) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 485.60 659.01 Td (Other) Tj ET Q q 0 0 0 rg BT 503.36 659.01 Td ( ) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 483.25 652.01 Td (curr) Tj ET Q q 0 0 0 rg BT 496.34 652.01 Td (ent ) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 483.25 645.01 Td (assets) Tj ET Q BT /F2 7.00 Tf ET BT /F2 4.55 Tf ET q 0 0 0 rg BT 500.36 648.18 Td (\(1\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 528.60 655.51 Td (Other) Tj ET Q q 0 0 0 rg BT 546.36 655.51 Td ( ) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 521.20 648.51 Td (liabilities) Tj ET Q BT /F2 7.00 Tf ET BT /F2 4.55 Tf ET q 0 0 0 rg BT 548.42 651.68 Td (\(2\)) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 370.40 633.44 Td (\( thousand\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 56.00 621.66 Td (FCA Group companies) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 56.00 609.65 Td (Maserati) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 229.40 608.65 Td (40,362) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 275.90 608.65 Td (4,884) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 327.65 608.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 358.40 608.65 Td (34,924) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 406.40 608.65 Td (68,224) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 452.90 608.65 Td (5,368) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 504.65 608.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 535.40 608.65 Td (50,736) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 56.00 597.65 Td (FCA US LLC) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 238.15 596.65 Td (501) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 275.90 596.65 Td (4,248) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 327.65 597.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 370.65 596.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 409.90 596.65 Td (1,062) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 452.90 596.65 Td (8,250) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 504.65 597.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 547.65 597.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 56.00 585.65 Td (Magneti Marelli) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 232.90 584.65 Td (1,007) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 275.90 585.65 Td (6,169) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 327.65 584.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 370.65 584.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 415.15 584.65 Td (516) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 452.90 585.65 Td (6,239) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 504.65 584.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 547.65 584.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 56.00 573.65 Td (Other FCA Group companies) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 238.15 572.65 Td (377) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 275.90 572.65 Td (5,399) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 318.90 573.65 Td (3,668) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 354.85 573.65 Td (122,743) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 415.15 572.65 Td (172) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 452.90 573.65 Td (2,766) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 495.90 572.65 Td (2,417) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 531.85 573.65 Td (100,532) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 56.00 561.66 Td (Total FCA Group companies) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 229.40 561.66 Td (42,247) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 272.40 561.66 Td (20,700) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 318.90 561.66 Td (3,668) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 354.85 561.66 Td (157,667) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 406.40 561.66 Td (69,974) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 449.40 561.66 Td (22,623) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 495.90 561.66 Td (2,417) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 531.85 561.66 Td (151,268) Tj ET Q BT /F2 7.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 56.00 541.40 129.25 -6.25 re f /GS0 gs q 0 0 0 rg BT 56.00 536.66 Td (Exor Group companies \(excluding the FCA) Tj ET Q BT /F2 7.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 56.00 534.40 22.04 -6.25 re f /GS0 gs q 0 0 0 rg BT 56.00 529.66 Td (Group\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 56.00 517.65 Td (Exor Group companies) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 245.15 517.66 Td (2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 284.65 517.66 Td (40) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 327.65 517.66 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 370.65 517.66 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 418.65 517.66 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 461.65 517.66 Td (28) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 504.65 517.66 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 547.65 517.66 Td () Tj ET Q BT /F2 7.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 56.00 497.40 62.73 -6.25 re f /GS0 gs q 0 0 0 rg BT 56.00 492.66 Td (Other related parties) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 56.00 480.65 Td (Poltrona Frau) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 241.65 479.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 284.65 479.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 327.65 479.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 370.65 480.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 409.90 479.65 Td (1,763) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 452.90 480.65 Td (8,564) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 504.65 479.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 547.65 480.65 Td () Tj ET Q BT /F1 7.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 56.00 473.50 38.90 -6.36 re f /GS0 gs q 0 0 0 rg BT 56.00 468.65 Td (COXA S.p.A.) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 241.65 467.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 275.90 467.65 Td (1,434) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 327.65 467.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 370.65 467.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 415.15 467.65 Td (308) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 452.90 467.65 Td (1,448) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 504.65 467.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 547.65 467.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 56.00 456.65 Td (HPE S.r.l.) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 241.65 455.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 275.90 455.65 Td (1,609) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 327.65 456.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 370.65 456.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 418.65 455.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 458.15 455.65 Td (686) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 504.65 456.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 547.65 456.65 Td () Tj ET Q BT /F1 7.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 56.00 449.50 57.14 -6.36 re f /GS0 gs q 0 0 0 rg BT 56.00 444.65 Td (Other related parties) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 232.90 443.65 Td (3,670) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 284.65 443.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 327.65 444.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 361.90 443.65 Td (2,767) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 409.90 443.65 Td (1,647) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 458.15 443.65 Td (251) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 504.65 444.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 547.65 443.65 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 56.00 432.66 Td (Total other related parties) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 232.90 432.51 Td (3,670) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 275.90 432.51 Td (3,043) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 327.65 432.51 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 361.90 432.51 Td (2,767) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 409.90 432.51 Td (3,718) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 449.40 432.51 Td (10,949) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 504.65 432.51 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 547.65 432.51 Td () Tj ET Q BT /F2 7.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 56.00 425.40 113.55 -6.25 re f /GS0 gs q 0 0 0 rg BT 56.00 420.66 Td (Total transactions with related parties) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 229.40 419.66 Td (45,919) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 272.40 419.66 Td (23,783) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 318.90 419.66 Td (3,668) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 354.85 419.66 Td (160,434) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 406.40 419.66 Td (73,692) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 449.40 419.66 Td (33,600) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 495.90 419.66 Td (2,417) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 531.85 419.66 Td (151,268) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 56.00 408.66 Td (Total for the Group) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 225.90 407.66 Td (158,165) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 268.85 407.66 Td (507,499) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 315.40 407.66 Td (61,846) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 354.85 407.66 Td (780,016) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 402.90 407.66 Td (183,642) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 445.85 407.66 Td (535,707) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 492.40 407.66 Td (55,068) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 531.85 407.66 Td (779,894) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 393.10 Td (______________________________) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 383.50 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 72.00 383.50 Td (Other curr) Tj ET Q q 0 0 0 rg BT 106.14 383.50 Td (ent assets include other curr) Tj ET Q q 0 0 0 rg BT 196.95 383.50 Td (ent assets and curr) Tj ET Q q 0 0 0 rg BT 257.31 383.50 Td (ent tax r) Tj ET Q q 0 0 0 rg BT 283.68 383.50 Td (eceivables.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 373.90 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 72.00 373.90 Td (Other liabilities include other liabilities and curr) Tj ET Q q 0 0 0 rg BT 229.02 373.90 Td (ent tax payables.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 328.30 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 328.30 Td (Financial assets and liabilities originating from related party transactions are as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 222.80 100.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 153.50 222.80 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 222.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 204.50 222.80 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 222.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 222.80 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 222.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 222.80 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 222.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 222.80 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 222.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 222.80 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 222.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 222.80 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 222.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 222.80 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 196.80 100.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 153.50 196.80 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 196.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 204.50 196.80 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 196.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 196.80 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 196.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 196.80 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 196.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 196.80 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 196.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 196.80 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 196.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 196.80 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 196.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 196.80 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 162.80 100.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 153.50 162.80 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 162.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 204.50 162.80 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 162.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 162.80 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 162.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 162.80 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 162.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 162.80 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 162.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 162.80 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 162.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 162.80 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 162.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 162.80 47.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 153.5 292.79999999999995 m 200.5 292.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 292.79999999999995 m 204.5 292.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.5 292.79999999999995 m 251.5 292.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 292.79999999999995 m 255.5 292.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 292.79999999999995 m 302.5 292.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 292.79999999999995 m 306.5 292.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 292.79999999999995 m 353.5 292.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 292.79999999999995 m 357.5 292.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 292.79999999999995 m 404.5 292.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 292.79999999999995 m 408.5 292.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 292.79999999999995 m 455.5 292.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 292.79999999999995 m 459.5 292.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 292.79999999999995 m 506.5 292.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 292.79999999999995 m 510.5 292.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 292.79999999999995 m 557.5 292.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 153.5 292.79999999999995 m 200.5 292.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 153.5 279.79999999999995 m 200.5 279.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 292.79999999999995 m 204.5 292.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 279.79999999999995 m 204.5 279.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.5 292.79999999999995 m 251.5 292.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.5 279.79999999999995 m 251.5 279.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 292.79999999999995 m 255.5 292.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 279.79999999999995 m 255.5 279.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 292.79999999999995 m 302.5 292.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 279.79999999999995 m 302.5 279.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 292.79999999999995 m 306.5 292.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 279.79999999999995 m 306.5 279.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 292.79999999999995 m 353.5 292.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 279.79999999999995 m 353.5 279.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 292.79999999999995 m 357.5 292.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 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) Tj ET Q q 0 0 0 rg BT 108.42 689.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 127.38 689.25 Td (of ) Tj ET Q q 0 0 0 rg BT 138.58 689.25 Td (the ) Tj ET Q q 0 0 0 rg BT 153.67 689.25 Td (Directors ) Tj ET Q q 0 0 0 rg BT 193.74 689.25 Td (and ) Tj ET Q q 0 0 0 rg BT 211.05 689.25 Td (Statutory ) Tj ET Q q 0 0 0 rg BT 249.95 689.25 Td (Auditors ) Tj ET Q q 0 0 0 rg BT 287.82 689.25 Td (of ) Tj ET Q q 0 0 0 rg BT 299.02 689.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 329.09 689.25 Td (S.p.A. ) Tj ET Q q 0 0 0 rg BT 357.25 689.25 Td (and ) Tj ET Q q 0 0 0 rg BT 374.55 689.25 Td (the ) Tj ET Q q 0 0 0 rg BT 389.64 689.25 Td (Directors ) Tj ET Q q 0 0 0 rg BT 429.71 689.25 Td (of ) Tj ET Q q 0 0 0 rg BT 440.91 689.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 470.99 689.25 Td (N.V) Tj ET Q q 0 0 0 rg BT 486.64 689.25 Td (., ) Tj ET Q q 0 0 0 rg BT 494.51 689.25 Td (for ) Tj ET Q q 0 0 0 rg BT 509.04 689.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 545.22 689.25 Td (out ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 677.25 Td (their ) Tj ET Q q 0 0 0 rg BT 74.83 677.25 Td (respective ) Tj ET Q q 0 0 0 rg BT 117.86 677.25 Td (functions, ) Tj ET Q q 0 0 0 rg BT 160.07 677.25 Td (including ) Tj ET Q q 0 0 0 rg BT 200.35 677.25 Td (those ) Tj ET Q q 0 0 0 rg BT 223.96 677.25 Td (in ) Tj ET Q q 0 0 0 rg BT 234.23 677.25 Td (other ) Tj ET Q q 0 0 0 rg BT 257.28 677.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 310.32 677.25 Td (companies, ) Tj ET Q q 0 0 0 rg BT 358.09 677.25 Td (are ) Tj ET Q q 0 0 0 rg BT 372.79 677.25 Td (as ) Tj ET Q q 0 0 0 rg BT 383.62 677.25 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 613.75 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 613.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 613.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 613.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 613.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 613.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 585.75 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 585.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 585.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 585.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 585.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 585.75 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 640.75 m 419.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 640.75 m 423.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 640.75 m 488.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 640.75 m 492.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 640.75 m 557.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 640.75 m 419.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 626.75 m 419.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 640.75 m 423.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 640.75 m 488.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 626.75 m 488.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 640.75 m 557.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 626.75 m 557.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 571.75 m 419.5 571.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 571.75 m 488.5 571.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 571.75 m 557.5 571.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 558.75 m 419.5 558.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 556.75 m 419.5 556.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 558.75 m 488.5 558.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 556.75 m 488.5 556.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 558.75 m 557.5 558.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 556.75 m 557.5 556.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 390.15 645.20 Td (For the years ended December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 377.50 631.20 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.50 631.20 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 515.50 631.20 Td (2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 435.35 618.00 Td (\( thousand\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 604.21 Td (Directors of Ferrari ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 128.22 604.21 Td (S.p.A.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.75 604.21 Td (2,904) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.25 604.21 Td (20,676) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.75 604.21 Td (8,198) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 590.21 Td (Directors of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 101.48 590.21 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 142.31 590.21 Td (.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.50 590.21 Td (243) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 477.00 590.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.00 590.00 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 576.21 Td (Statutory auditors) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.50 576.21 Td (105) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.50 576.21 Td (164) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.50 576.21 Td (139) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 562.20 Td (Total emoluments) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 395.75 562.20 Td (3,252) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 562.20 Td (20,840) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.75 562.20 Td (8,337) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 534.25 Td (The ) Tj ET Q q 0 0 0 rg BT 108.84 534.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 151.00 534.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 209.84 534.25 Td (payable ) Tj ET Q q 0 0 0 rg BT 244.23 534.25 Td (to ) Tj ET Q q 0 0 0 rg BT 255.31 534.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 293.59 534.25 Td (of ) Tj ET Q q 0 0 0 rg BT 305.22 534.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 335.72 534.25 Td (S.p.A. ) Tj ET Q q 0 0 0 rg BT 364.31 534.25 Td (and ) Tj ET Q q 0 0 0 rg BT 382.04 534.25 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 412.55 534.25 Td (N.V) Tj ET Q q 0 0 0 rg BT 428.20 534.25 Td (. ) Tj ET Q q 0 0 0 rg BT 434.00 534.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.85 534.25 Td (3,147 ) Tj ET Q q 0 0 0 rg BT 483.64 534.25 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.75 534.25 Td ( ) Tj ET Q q 0 0 0 rg BT 523.05 534.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.01 534.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.01 534.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 522.25 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.33 522.25 Td (20,676 ) Tj ET Q q 0 0 0 rg BT 92.33 522.25 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.44 522.25 Td ( ) Tj ET Q q 0 0 0 rg BT 130.94 522.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.22 522.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.22 522.25 Td ( ) Tj ET Q q 0 0 0 rg BT 163.72 522.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.66 522.25 Td (8,198 ) Tj ET Q q 0 0 0 rg BT 210.66 522.25 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.76 522.25 Td ( ) Tj ET Q q 0 0 0 rg BT 249.26 522.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.54 522.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.54 522.25 Td (\). ) Tj ET Q q 0 0 0 rg BT 287.69 522.25 Td (This ) Tj ET Q q 0 0 0 rg BT 307.97 522.25 Td (is ) Tj ET Q q 0 0 0 rg BT 317.14 522.25 Td (inclusive ) Tj ET Q q 0 0 0 rg BT 355.74 522.25 Td (of ) Tj ET Q q 0 0 0 rg BT 366.57 522.25 Td (the ) Tj ET Q q 0 0 0 rg BT 381.29 522.25 Td (following:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 498.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 498.25 Td (an ) Tj ET Q q 0 0 0 rg BT 119.94 498.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 152.43 498.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.26 498.25 Td (2,372 ) Tj ET Q q 0 0 0 rg BT 193.26 498.25 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.37 498.25 Td ( ) Tj ET Q q 0 0 0 rg BT 231.87 498.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.15 498.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.15 498.25 Td ( ) Tj ET Q q 0 0 0 rg BT 264.65 498.25 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.98 498.25 Td (4,132 ) Tj ET Q q 0 0 0 rg BT 297.98 498.25 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.09 498.25 Td ( ) Tj ET Q q 0 0 0 rg BT 336.59 498.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.87 498.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.87 498.25 Td ( ) Tj ET Q q 0 0 0 rg BT 369.37 498.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.31 498.25 Td (7,566 ) Tj ET Q q 0 0 0 rg BT 416.31 498.25 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.41 498.25 Td ( ) Tj ET Q q 0 0 0 rg BT 454.91 498.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.19 498.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.19 498.25 Td (\) ) Tj ET Q q 0 0 0 rg BT 491.02 498.25 Td (for ) Tj ET Q q 0 0 0 rg BT 505.18 498.25 Td (salary;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 474.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 474.25 Td (an ) Tj ET Q q 0 0 0 rg BT 119.78 474.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 152.12 474.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.79 474.25 Td (15,027 ) Tj ET Q q 0 0 0 rg BT 197.64 474.25 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.75 474.25 Td ( ) Tj ET Q q 0 0 0 rg BT 236.09 474.25 Td (in ) Tj ET Q q 0 0 0 rg BT 246.21 474.25 Td (2014 ) Tj ET Q q 0 0 0 rg BT 268.56 474.25 Td (for ) Tj ET Q q 0 0 0 rg BT 282.56 474.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 340.45 474.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 362.79 474.25 Td (related ) Tj ET Q q 0 0 0 rg BT 392.34 474.25 Td (to ) Tj ET Q q 0 0 0 rg BT 402.46 474.25 Td (the ) Tj ET Q q 0 0 0 rg BT 417.02 474.25 Td (resignation ) Tj ET Q q 0 0 0 rg BT 463.80 474.25 Td (of ) Tj ET Q q 0 0 0 rg BT 474.47 474.25 Td (the ) Tj ET Q q 0 0 0 rg BT 489.03 474.25 Td (former ) Tj ET Q q 0 0 0 rg BT 518.58 474.25 Td (Chairman ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 462.25 Td (of ) Tj ET Q q 0 0 0 rg BT 119.27 462.25 Td (the ) Tj ET Q q 0 0 0 rg BT 134.42 462.25 Td (Group. ) Tj ET Q q 0 0 0 rg BT 164.76 462.25 Td (At ) Tj ET Q q 0 0 0 rg BT 177.70 462.25 Td (December ) Tj ET Q q 0 0 0 rg BT 221.72 462.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 237.16 462.25 Td (2014, ) Tj ET Q q 0 0 0 rg BT 262.59 462.25 Td (the ) Tj ET Q q 0 0 0 rg BT 277.75 462.25 Td (total ) Tj ET Q q 0 0 0 rg BT 298.46 462.25 Td (payable ) Tj ET Q q 0 0 0 rg BT 332.49 462.25 Td (to ) Tj ET Q q 0 0 0 rg BT 343.20 462.25 Td (the ) Tj ET Q q 0 0 0 rg BT 358.36 462.25 Td (former ) Tj ET Q q 0 0 0 rg BT 388.50 462.25 Td (Chairman ) Tj ET Q q 0 0 0 rg BT 430.87 462.25 Td (amounted ) Tj ET Q q 0 0 0 rg BT 473.24 462.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.96 462.25 Td (22,083 ) Tj ET Q q 0 0 0 rg BT 519.40 462.25 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.50 462.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 450.25 Td (and ) Tj ET Q q 0 0 0 rg BT 124.94 450.25 Td (included ) Tj ET Q q 0 0 0 rg BT 161.87 450.25 Td (the ) Tj ET Q q 0 0 0 rg BT 176.59 450.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 209.08 450.25 Td (due ) Tj ET Q q 0 0 0 rg BT 226.02 450.25 Td (for ) Tj ET Q q 0 0 0 rg BT 240.18 450.25 Td (the ) Tj ET Q q 0 0 0 rg BT 254.90 450.25 Td (post ) Tj ET Q q 0 0 0 rg BT 274.07 450.25 Td (employment ) Tj ET Q q 0 0 0 rg BT 326.56 450.25 Td (benefit ) Tj ET Q q 0 0 0 rg BT 356.82 450.25 Td (plan; ) Tj ET Q q 0 0 0 rg BT 379.32 450.25 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 426.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 426.25 Td (an ) Tj ET Q q 0 0 0 rg BT 121.28 426.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 155.12 426.25 Td (of ) Tj ET Q q 0 0 0 rg BT 167.30 426.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.30 426.25 Td (775 ) Tj ET Q q 0 0 0 rg BT 191.14 426.25 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.25 426.25 Td ( ) Tj ET Q q 0 0 0 rg BT 231.10 426.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.72 426.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.72 426.25 Td ( ) Tj ET Q q 0 0 0 rg BT 266.56 426.25 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.89 426.25 Td (1,517 ) Tj ET Q q 0 0 0 rg BT 301.24 426.25 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.35 426.25 Td ( ) Tj ET Q q 0 0 0 rg BT 341.19 426.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.81 426.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.81 426.25 Td ( ) Tj ET Q q 0 0 0 rg BT 376.66 426.25 Td (and ) Tj ET Q q 0 0 0 rg BT 394.94 426.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.94 426.25 Td (632 ) Tj ET Q q 0 0 0 rg BT 418.79 426.25 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.90 426.25 Td ( ) Tj ET Q q 0 0 0 rg BT 458.74 426.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.36 426.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.36 426.25 Td (\) ) Tj ET Q q 0 0 0 rg BT 497.54 426.25 Td (as ) Tj ET Q q 0 0 0 rg BT 509.71 426.25 Td (the ) Tj ET Q q 0 0 0 rg BT 525.77 426.25 Td (Group) Tj ET Q q 0 0 0 rg BT 554.10 426.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 414.25 Td (contribution ) Tj ET Q q 0 0 0 rg BT 159.38 414.25 Td (to ) Tj ET Q q 0 0 0 rg BT 169.66 414.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 202.15 414.25 Td (benefit ) Tj ET Q q 0 0 0 rg BT 232.41 414.25 Td (obligations ) Tj ET Q q 0 0 0 rg BT 279.35 414.25 Td (and ) Tj ET Q q 0 0 0 rg BT 296.29 414.25 Td (long-term ) Tj ET Q q 0 0 0 rg BT 338.22 414.25 Td (bonus ) Tj ET Q q 0 0 0 rg BT 364.62 414.25 Td (plans.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 390.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 390.25 Td (The ) Tj ET Q q 0 0 0 rg BT 108.90 390.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 151.12 390.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 210.02 390.25 Td (payable ) Tj ET Q q 0 0 0 rg BT 244.47 390.25 Td (to ) Tj ET Q q 0 0 0 rg BT 255.60 390.25 Td (key ) Tj ET Q q 0 0 0 rg BT 273.40 390.25 Td (management ) Tj ET Q q 0 0 0 rg BT 327.84 390.25 Td (in ) Tj ET Q q 0 0 0 rg BT 338.98 390.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 362.33 390.25 Td (was ) Tj ET Q q 0 0 0 rg BT 381.24 390.25 Td (16,364 ) Tj ET Q q 0 0 0 rg BT 417.10 390.25 Td (thousand, ) Tj ET Q q 0 0 0 rg BT 459.06 390.25 Td (of ) Tj ET Q q 0 0 0 rg BT 470.75 390.25 Td (which ) Tj ET Q q 0 0 0 rg BT 498.54 390.25 Td (280 ) Tj ET Q q 0 0 0 rg BT 521.90 390.25 Td (thousand ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 378.25 Td (related ) Tj ET Q q 0 0 0 rg BT 83.70 378.25 Td (to ) Tj ET Q q 0 0 0 rg BT 93.98 378.25 Td (long-term ) Tj ET Q q 0 0 0 rg BT 135.91 378.25 Td (benefits.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 354.25 Td (28. COMMITMENTS) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 330.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 330.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 92.50 330.25 Td (Arrangements with Key Suppliers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 306.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 306.25 Td (From ) Tj ET Q q 0 0 0 rg BT 113.97 306.25 Td (time ) Tj ET Q q 0 0 0 rg BT 134.04 306.25 Td (to ) Tj ET Q q 0 0 0 rg BT 144.12 306.25 Td (time, ) Tj ET Q q 0 0 0 rg BT 166.69 306.25 Td (in ) Tj ET Q q 0 0 0 rg BT 176.77 306.25 Td (the ) Tj ET Q q 0 0 0 rg BT 191.28 306.25 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 227.46 306.25 Td (course ) Tj ET Q q 0 0 0 rg BT 255.86 306.25 Td (of ) Tj ET Q q 0 0 0 rg BT 266.49 306.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 305.18 306.25 Td (the ) Tj ET Q q 0 0 0 rg BT 319.69 306.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 347.54 306.25 Td (enters ) Tj ET Q q 0 0 0 rg BT 373.72 306.25 Td (into ) Tj ET Q q 0 0 0 rg BT 391.57 306.25 Td (various ) Tj ET Q q 0 0 0 rg BT 423.31 306.25 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 479.47 306.25 Td (with ) Tj ET Q q 0 0 0 rg BT 499.55 306.25 Td (key ) Tj ET Q q 0 0 0 rg BT 516.29 306.25 Td (third ) Tj ET Q q 0 0 0 rg BT 537.47 306.25 Td (party ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 294.25 Td (suppliers ) Tj ET Q q 0 0 0 rg BT 94.81 294.25 Td (in ) Tj ET Q q 0 0 0 rg BT 107.28 294.25 Td (order ) Tj ET Q q 0 0 0 rg BT 133.08 294.25 Td (to ) Tj ET Q q 0 0 0 rg BT 145.55 294.25 Td (establish ) Tj ET Q q 0 0 0 rg BT 185.25 294.25 Td (strategic ) Tj ET Q q 0 0 0 rg BT 223.81 294.25 Td (and ) Tj ET Q q 0 0 0 rg BT 242.95 294.25 Td (technological ) Tj ET Q q 0 0 0 rg BT 301.51 294.25 Td (advantages. ) Tj ET Q q 0 0 0 rg BT 352.10 294.25 Td (A) Tj ET Q q 0 0 0 rg BT 358.77 294.25 Td ( ) Tj ET Q q 0 0 0 rg BT 363.47 294.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 396.49 294.25 Td (number ) Tj ET Q q 0 0 0 rg BT 431.74 294.25 Td (of ) Tj ET Q q 0 0 0 rg BT 444.77 294.25 Td (these ) Tj ET Q q 0 0 0 rg BT 470.01 294.25 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 528.57 294.25 Td (contain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 282.25 Td (unconditional ) Tj ET Q q 0 0 0 rg BT 110.51 282.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 147.56 282.25 Td (obligations ) Tj ET Q q 0 0 0 rg BT 193.52 282.25 Td (to ) Tj ET Q q 0 0 0 rg BT 202.82 282.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 239.87 282.25 Td (a ) Tj ET Q q 0 0 0 rg BT 245.83 282.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 267.89 282.25 Td (or ) Tj ET Q q 0 0 0 rg BT 277.74 282.25 Td (minimum ) Tj ET Q q 0 0 0 rg BT 318.15 282.25 Td (quantity ) Tj ET Q q 0 0 0 rg BT 352.44 282.25 Td (of ) Tj ET Q q 0 0 0 rg BT 362.29 282.25 Td (goods ) Tj ET Q q 0 0 0 rg BT 387.70 282.25 Td (and/or ) Tj ET Q q 0 0 0 rg BT 414.76 282.25 Td (services ) Tj ET Q q 0 0 0 rg BT 448.49 282.25 Td (with ) Tj ET Q q 0 0 0 rg BT 467.78 282.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 489.85 282.25 Td (and ) Tj ET Q q 0 0 0 rg BT 505.80 282.25 Td (determinable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 270.25 Td (price ) Tj ET Q q 0 0 0 rg BT 76.49 270.25 Td (provisions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 250.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 90.00 250.25 Td (Arrangements ) Tj ET Q q 0 0 0 rg BT 151.40 250.25 Td (with ) Tj ET Q q 0 0 0 rg BT 171.69 250.25 Td (Sponsors) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 230.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 230.25 Td (Certain ) Tj ET Q q 0 0 0 rg BT 122.47 230.25 Td (of ) Tj ET Q q 0 0 0 rg BT 133.83 230.25 Td (the ) Tj ET Q q 0 0 0 rg BT 149.08 230.25 Td (Group's ) Tj ET Q q 0 0 0 rg BT 183.36 230.25 Td (sponsorship ) Tj ET Q q 0 0 0 rg BT 234.18 230.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 273.30 230.25 Td (include ) Tj ET Q q 0 0 0 rg BT 305.77 230.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 331.02 230.25 Td (whereby ) Tj ET Q q 0 0 0 rg BT 368.48 230.25 Td (the ) Tj ET Q q 0 0 0 rg BT 383.74 230.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 412.32 230.25 Td (is ) Tj ET Q q 0 0 0 rg BT 422.02 230.25 Td (obligated ) Tj ET Q q 0 0 0 rg BT 462.27 230.25 Td (to ) Tj ET Q q 0 0 0 rg BT 473.08 230.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 511.65 230.25 Td (a ) Tj ET Q q 0 0 0 rg BT 519.13 230.25 Td (minimum ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 218.25 Td (quantity ) Tj ET Q q 0 0 0 rg BT 89.27 218.25 Td (of ) Tj ET Q q 0 0 0 rg BT 100.10 218.25 Td (goods ) Tj ET Q q 0 0 0 rg BT 126.50 218.25 Td (and/or ) Tj ET Q q 0 0 0 rg BT 154.54 218.25 Td (services ) Tj ET Q q 0 0 0 rg BT 189.25 218.25 Td (from ) Tj ET Q q 0 0 0 rg BT 211.19 218.25 Td (its ) Tj ET Q q 0 0 0 rg BT 223.14 218.25 Td (sponsors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 198.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 198.25 Td (Future ) Tj ET Q q 0 0 0 rg BT 118.61 198.25 Td (minimum ) Tj ET Q q 0 0 0 rg BT 160.00 198.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 198.04 198.25 Td (obligations ) Tj ET Q q 0 0 0 rg BT 244.98 198.25 Td (under ) Tj ET Q q 0 0 0 rg BT 270.25 198.25 Td (these ) Tj ET Q q 0 0 0 rg BT 293.30 198.25 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 349.66 198.25 Td (at ) Tj ET Q q 0 0 0 rg BT 359.38 198.25 Td (December ) Tj ET Q q 0 0 0 rg BT 402.96 198.25 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.96 198.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.96 198.25 Td ( ) Tj ET Q q 0 0 0 rg BT 440.46 198.25 Td (were ) Tj ET Q q 0 0 0 rg BT 462.39 198.25 Td (as ) Tj ET Q q 0 0 0 rg BT 473.22 198.25 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 125.75 168.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 125.75 64.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.50 125.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 125.75 64.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 125.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 125.75 64.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 125.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 125.75 64.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 125.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 125.75 64.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 166.75 m 285.5 166.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 137.75 m 285.5 137.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 166.75 m 289.5 166.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 166.75 m 353.5 166.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 137.75 m 353.5 137.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 166.75 m 357.5 166.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 166.75 m 421.5 166.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 137.75 m 421.5 137.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 166.75 m 425.5 166.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 166.75 m 489.5 166.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 137.75 m 489.5 137.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 166.75 m 493.5 166.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 166.75 m 557.5 166.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 137.75 m 557.5 137.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 113.75 m 285.5 113.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 111.75 m 285.5 111.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 113.75 m 289.5 113.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 111.75 m 289.5 111.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 113.75 m 353.5 113.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 111.75 m 353.5 111.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 113.75 m 357.5 113.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 111.75 m 357.5 111.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 113.75 m 421.5 113.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 111.75 m 421.5 111.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 113.75 m 425.5 113.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 111.75 m 425.5 111.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 113.75 m 489.5 113.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 111.75 m 489.5 111.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 113.75 m 557.5 113.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 111.75 m 557.5 111.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 351.50 171.43 Td (At December 31, 2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 227.20 149.98 Td (Due within one) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 245.50 141.98 Td (year) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 292.10 149.98 Td (Due between one) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 294.60 141.98 Td (and three years) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.10 157.98 Td (Due between) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 365.50 149.98 Td (three and five) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 379.85 141.98 Td (years) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 429.40 149.98 Td (Due beyond five) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.85 141.98 Td (years) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.25 141.98 Td (Total) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 371.40 129.80 Td (\( thousand\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 117.00 Td (Minimum purchase obligations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 260.30 117.00 Td (82,265) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 328.30 117.00 Td (96,874) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 396.30 117.00 Td (36,183) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 474.30 117.00 Td (834) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.30 117.00 Td (216,156) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 421 0 obj <> endobj 422 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 760.75 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 760.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.60 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 199.82 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 206.31 748.75 Td (O ) Tj ET Q q 0 0 0 rg BT 216.41 748.75 Td (THE CONSOLIDA) Tj ET Q q 0 0 0 rg BT 299.85 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 379.03 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 393.02 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 399.50 748.75 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.60 736.75 Td (At December) Tj ET Q q 0 0 0 rg BT 294.78 736.75 Td (31, 2015 and 2014) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 294.65 32.20 Td (F-61) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 713.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 713.25 Td (Operating ) Tj ET Q q 0 0 0 rg BT 134.17 713.25 Td (lease ) Tj ET Q q 0 0 0 rg BT 157.22 713.25 Td (agreements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 689.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 689.25 Td (The ) Tj ET Q q 0 0 0 rg BT 107.93 689.25 Td (future ) Tj ET Q q 0 0 0 rg BT 134.18 689.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 175.42 689.25 Td (minimum ) Tj ET Q q 0 0 0 rg BT 216.70 689.25 Td (lease ) Tj ET Q q 0 0 0 rg BT 239.06 689.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 279.76 689.25 Td (under ) Tj ET Q q 0 0 0 rg BT 304.91 689.25 Td (non-cancellable ) Tj ET Q q 0 0 0 rg BT 370.59 689.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 410.73 689.25 Td (leases, ) Tj ET Q q 0 0 0 rg BT 439.49 689.25 Td (mainly ) Tj ET Q q 0 0 0 rg BT 469.64 689.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 502.56 689.25 Td (to ) Tj ET Q q 0 0 0 rg BT 512.72 689.25 Td (the ) Tj ET Q q 0 0 0 rg BT 527.32 689.25 Td (lease ) Tj ET Q q 0 0 0 rg BT 549.68 689.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 677.25 Td (property ) Tj ET Q q 0 0 0 rg BT 90.38 677.25 Td (and ) Tj ET Q q 0 0 0 rg BT 107.32 677.25 Td (cars, ) Tj ET Q q 0 0 0 rg BT 128.41 677.25 Td (are ) Tj ET Q q 0 0 0 rg BT 143.12 677.25 Td (as ) Tj ET Q q 0 0 0 rg BT 153.95 677.25 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 598.75 168.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 598.75 64.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.50 598.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 598.75 64.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 598.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 598.75 64.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 598.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 598.75 64.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 598.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 598.75 64.00 -21.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 641.75 m 285.5 641.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 641.75 m 289.5 641.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 641.75 m 353.5 641.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 641.75 m 357.5 641.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 641.75 m 421.5 641.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 641.75 m 425.5 641.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 641.75 m 489.5 641.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 641.75 m 493.5 641.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 641.75 m 557.5 641.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 610.75 m 285.5 610.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 610.75 m 353.5 610.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 610.75 m 421.5 610.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 610.75 m 489.5 610.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 610.75 m 557.5 610.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 578.75 m 285.5 578.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 576.75 m 285.5 576.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 578.75 m 353.5 578.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 576.75 m 353.5 576.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 578.75 m 421.5 578.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 576.75 m 421.5 576.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 578.75 m 489.5 578.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 576.75 m 489.5 576.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 578.75 m 557.5 578.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 576.75 m 557.5 576.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 351.50 645.98 Td (At December 31, 2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 227.20 622.98 Td (Due within one) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 245.50 614.98 Td (year) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 292.10 622.98 Td (Due between one) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 294.60 614.98 Td (and three years) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.10 630.98 Td (Due between) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 365.50 622.98 Td (three and five) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 379.85 614.98 Td (years) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 429.40 622.98 Td (Due beyond five) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.85 614.98 Td (years) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.25 614.98 Td (Total) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 371.40 602.80 Td (\( thousand\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 590.00 Td (Future minimum lease payments under operating) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 582.00 Td (lease agreements) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.30 582.00 Td (3,649) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 332.30 582.00 Td (4,275) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.30 582.00 Td (766) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 478.30 582.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.30 582.00 Td (8,690) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 554.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 554.25 Td (During ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.59 554.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.59 554.25 Td (, ) Tj ET Q q 0 0 0 rg BT 147.35 554.25 Td (the ) Tj ET Q q 0 0 0 rg BT 162.83 554.25 Td (Group) Tj ET Q q 0 0 0 rg BT 191.16 554.25 Td (s ) Tj ET Q q 0 0 0 rg BT 198.31 554.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 239.34 554.25 Td (lease ) Tj ET Q q 0 0 0 rg BT 262.58 554.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 301.94 554.25 Td (amounted ) Tj ET Q q 0 0 0 rg BT 344.64 554.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.67 554.25 Td (19,162 ) Tj ET Q q 0 0 0 rg BT 391.44 554.25 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.54 554.25 Td ( ) Tj ET Q q 0 0 0 rg BT 430.80 554.25 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.13 554.25 Td (14,881 ) Tj ET Q q 0 0 0 rg BT 469.90 554.25 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.00 554.25 Td ( ) Tj ET Q q 0 0 0 rg BT 509.26 554.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.30 554.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 554.25 Td ( ) Tj ET Q q 0 0 0 rg BT 543.56 554.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 542.25 Td (15,349 ) Tj ET Q q 0 0 0 rg BT 89.00 542.25 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.11 542.25 Td ( ) Tj ET Q q 0 0 0 rg BT 127.61 542.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.89 542.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.89 542.25 Td (\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 518.25 Td (29. ) Tj ET Q q 0 0 0 rg BT 69.00 518.25 Td ( ) Tj ET Q q 0 0 0 rg BT 71.50 518.25 Td ( ) Tj ET Q q 0 0 0 rg BT 74.00 518.25 Td (QUALIT) Tj ET Q q 0 0 0 rg BT 112.71 518.25 Td (A) Tj ET Q q 0 0 0 rg BT 119.19 518.25 Td (TIVE ) Tj ET Q q 0 0 0 rg BT 145.59 518.25 Td (AND ) Tj ET Q q 0 0 0 rg BT 169.76 518.25 Td (QUANTIT) Tj ET Q q 0 0 0 rg BT 215.69 518.25 Td (A) Tj ET Q q 0 0 0 rg BT 222.17 518.25 Td (TIVE ) Tj ET Q q 0 0 0 rg BT 249.12 518.25 Td (INFORMA) Tj ET Q q 0 0 0 rg BT 297.26 518.25 Td (TION ) Tj ET Q q 0 0 0 rg BT 325.32 518.25 Td (ON ) Tj ET Q q 0 0 0 rg BT 342.82 518.25 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 398.94 518.25 Td ( ) Tj ET Q q 0 0 0 rg BT 401.44 518.25 Td (RISKS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 494.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 494.25 Td (The ) Tj ET Q q 0 0 0 rg BT 108.05 494.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 136.10 494.25 Td (is ) Tj ET Q q 0 0 0 rg BT 145.27 494.25 Td (exposed ) Tj ET Q q 0 0 0 rg BT 180.54 494.25 Td (to ) Tj ET Q q 0 0 0 rg BT 190.82 494.25 Td (the ) Tj ET Q q 0 0 0 rg BT 205.53 494.25 Td (following ) Tj ET Q q 0 0 0 rg BT 246.92 494.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 284.40 494.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 305.79 494.25 Td (connected ) Tj ET Q q 0 0 0 rg BT 348.82 494.25 Td (with ) Tj ET Q q 0 0 0 rg BT 369.10 494.25 Td (its ) Tj ET Q q 0 0 0 rg BT 381.05 494.25 Td (operations: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 470.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 470.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 134.31 470.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 155.36 470.25 Td (arising ) Tj ET Q q 0 0 0 rg BT 186.13 470.25 Td (both ) Tj ET Q q 0 0 0 rg BT 207.46 470.25 Td (from ) Tj ET Q q 0 0 0 rg BT 230.45 470.25 Td (its ) Tj ET Q q 0 0 0 rg BT 243.44 470.25 Td (normal ) Tj ET Q q 0 0 0 rg BT 275.32 470.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 326.07 470.25 Td (relations ) Tj ET Q q 0 0 0 rg BT 364.05 470.25 Td (with ) Tj ET Q q 0 0 0 rg BT 385.38 470.25 Td (final ) Tj ET Q q 0 0 0 rg BT 407.25 470.25 Td (clients ) Tj ET Q q 0 0 0 rg BT 436.91 470.25 Td (and ) Tj ET Q q 0 0 0 rg BT 454.89 470.25 Td (dealers, ) Tj ET Q q 0 0 0 rg BT 489.26 470.25 Td (and ) Tj ET Q q 0 0 0 rg BT 507.25 470.25 Td (its ) Tj ET Q q 0 0 0 rg BT 520.25 470.25 Td (financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 458.25 Td (activities; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 434.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 434.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 143.69 434.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 162.99 434.25 Td (with ) Tj ET Q q 0 0 0 rg BT 182.56 434.25 Td (particular ) Tj ET Q q 0 0 0 rg BT 222.67 434.25 Td (reference ) Tj ET Q q 0 0 0 rg BT 261.65 434.25 Td (to ) Tj ET Q q 0 0 0 rg BT 271.23 434.25 Td (the ) Tj ET Q q 0 0 0 rg BT 285.25 434.25 Td (availability ) Tj ET Q q 0 0 0 rg BT 332.03 434.25 Td (of ) Tj ET Q q 0 0 0 rg BT 342.16 434.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 366.18 434.25 Td (and ) Tj ET Q q 0 0 0 rg BT 382.42 434.25 Td (access ) Tj ET Q q 0 0 0 rg BT 409.75 434.25 Td (to ) Tj ET Q q 0 0 0 rg BT 419.33 434.25 Td (the ) Tj ET Q q 0 0 0 rg BT 433.34 434.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 457.90 434.25 Td (market, ) Tj ET Q q 0 0 0 rg BT 489.97 434.25 Td (should ) Tj ET Q q 0 0 0 rg BT 518.44 434.25 Td (the ) Tj ET Q q 0 0 0 rg BT 532.45 434.25 Td (Group ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 422.25 Td (require, ) Tj ET Q q 0 0 0 rg BT 141.32 422.25 Td (and ) Tj ET Q q 0 0 0 rg BT 158.25 422.25 Td (to ) Tj ET Q q 0 0 0 rg BT 168.53 422.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 206.01 422.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 255.18 422.25 Td (in ) Tj ET Q q 0 0 0 rg BT 265.46 422.25 Td (general;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 398.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 398.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 145.25 398.25 Td (market ) Tj ET Q q 0 0 0 rg BT 175.28 398.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 192.55 398.25 Td (\(principally ) Tj ET Q q 0 0 0 rg BT 241.47 398.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 274.28 398.25 Td (to ) Tj ET Q q 0 0 0 rg BT 284.32 398.25 Td (foreign ) Tj ET Q q 0 0 0 rg BT 315.47 398.25 Td (currency ) Tj ET Q q 0 0 0 rg BT 352.71 398.25 Td (exchange ) Tj ET Q q 0 0 0 rg BT 392.73 398.25 Td (rates, ) Tj ET Q q 0 0 0 rg BT 416.38 398.25 Td (and ) Tj ET Q q 0 0 0 rg BT 433.09 398.25 Td (to ) Tj ET Q q 0 0 0 rg BT 443.13 398.25 Td (a ) Tj ET Q q 0 0 0 rg BT 449.84 398.25 Td (much ) Tj ET Q q 0 0 0 rg BT 474.32 398.25 Td (lesser ) Tj ET Q q 0 0 0 rg BT 499.36 398.25 Td (extent, ) Tj ET Q q 0 0 0 rg BT 528.56 398.25 Td (interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 386.25 Td (rates\), ) Tj ET Q q 0 0 0 rg BT 135.21 386.25 Td (as ) Tj ET Q q 0 0 0 rg BT 146.04 386.25 Td (the ) Tj ET Q q 0 0 0 rg BT 160.75 386.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 188.81 386.25 Td (operates ) Tj ET Q q 0 0 0 rg BT 224.62 386.25 Td (internationally ) Tj ET Q q 0 0 0 rg BT 285.44 386.25 Td (in ) Tj ET Q q 0 0 0 rg BT 295.71 386.25 Td (dif) Tj ET Q q 0 0 0 rg BT 306.64 386.25 Td (ferent ) Tj ET Q q 0 0 0 rg BT 332.46 386.25 Td (currencies.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 362.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 362.25 Td (These ) Tj ET Q q 0 0 0 rg BT 116.64 362.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 138.29 362.25 Td (could ) Tj ET Q q 0 0 0 rg BT 163.27 362.25 Td (significantly ) Tj ET Q q 0 0 0 rg BT 216.02 362.25 Td (af) Tj ET Q q 0 0 0 rg BT 223.60 362.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 241.35 362.25 Td (the ) Tj ET Q q 0 0 0 rg BT 256.33 362.25 Td (Group) Tj ET Q q 0 0 0 rg BT 284.66 362.25 Td (s ) Tj ET Q q 0 0 0 rg BT 291.31 362.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 329.05 362.25 Td (position ) Tj ET Q q 0 0 0 rg BT 364.04 362.25 Td (and ) Tj ET Q q 0 0 0 rg BT 381.24 362.25 Td (results ) Tj ET Q q 0 0 0 rg BT 410.10 362.25 Td (of ) Tj ET Q q 0 0 0 rg BT 421.19 362.25 Td (operations, ) Tj ET Q q 0 0 0 rg BT 468.11 362.25 Td (and ) Tj ET Q q 0 0 0 rg BT 485.31 362.25 Td (for ) Tj ET Q q 0 0 0 rg BT 499.73 362.25 Td (this ) Tj ET Q q 0 0 0 rg BT 516.94 362.25 Td (reason ) Tj ET Q q 0 0 0 rg BT 545.80 362.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 350.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 81.99 350.25 Td (identifies ) Tj ET Q q 0 0 0 rg BT 121.64 350.25 Td (and ) Tj ET Q q 0 0 0 rg BT 138.52 350.25 Td (monitors ) Tj ET Q q 0 0 0 rg BT 176.51 350.25 Td (these ) Tj ET Q q 0 0 0 rg BT 199.50 350.25 Td (risks, ) Tj ET Q q 0 0 0 rg BT 223.33 350.25 Td (in ) Tj ET Q q 0 0 0 rg BT 233.54 350.25 Td (order ) Tj ET Q q 0 0 0 rg BT 257.08 350.25 Td (to ) Tj ET Q q 0 0 0 rg BT 267.29 350.25 Td (detect ) Tj ET Q q 0 0 0 rg BT 293.60 350.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 331.03 350.25 Td (negative ) Tj ET Q q 0 0 0 rg BT 367.34 350.25 Td (ef) Tj ET Q q 0 0 0 rg BT 374.93 350.25 Td (fects ) Tj ET Q q 0 0 0 rg BT 396.25 350.25 Td (in ) Tj ET Q q 0 0 0 rg BT 406.46 350.25 Td (advance ) Tj ET Q q 0 0 0 rg BT 441.65 350.25 Td (and ) Tj ET Q q 0 0 0 rg BT 458.53 350.25 Td (take ) Tj ET Q q 0 0 0 rg BT 477.62 350.25 Td (the ) Tj ET Q q 0 0 0 rg BT 492.28 350.25 Td (necessary ) Tj ET Q q 0 0 0 rg BT 533.58 350.25 Td (action ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 338.25 Td (to ) Tj ET Q q 0 0 0 rg BT 64.05 338.25 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 99.08 338.25 Td (them, ) Tj ET Q q 0 0 0 rg BT 123.85 338.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 163.33 338.25 Td (through ) Tj ET Q q 0 0 0 rg BT 196.70 338.25 Td (its ) Tj ET Q q 0 0 0 rg BT 208.42 338.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 248.45 338.25 Td (and ) Tj ET Q q 0 0 0 rg BT 265.16 338.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 305.19 338.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 343.56 338.25 Td (and ) Tj ET Q q 0 0 0 rg BT 360.26 338.25 Td (if ) Tj ET Q q 0 0 0 rg BT 368.64 338.25 Td (required, ) Tj ET Q q 0 0 0 rg BT 406.72 338.25 Td (through ) Tj ET Q q 0 0 0 rg BT 440.10 338.25 Td (the ) Tj ET Q q 0 0 0 rg BT 454.58 338.25 Td (use ) Tj ET Q q 0 0 0 rg BT 470.18 338.25 Td (of ) Tj ET Q q 0 0 0 rg BT 480.78 338.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 523.03 338.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 326.25 Td (instruments. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 302.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 302.25 Td (The ) Tj ET Q q 0 0 0 rg BT 107.60 302.25 Td (following ) Tj ET Q q 0 0 0 rg BT 148.55 302.25 Td (section ) Tj ET Q q 0 0 0 rg BT 178.93 302.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 215.43 302.25 Td (qualitative ) Tj ET Q q 0 0 0 rg BT 259.69 302.25 Td (and ) Tj ET Q q 0 0 0 rg BT 276.19 302.25 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 325.46 302.25 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 371.95 302.25 Td (on ) Tj ET Q q 0 0 0 rg BT 384.01 302.25 Td (the ) Tj ET Q q 0 0 0 rg BT 398.29 302.25 Td (ef) Tj ET Q q 0 0 0 rg BT 405.87 302.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 422.92 302.25 Td (that ) Tj ET Q q 0 0 0 rg BT 439.97 302.25 Td (these ) Tj ET Q q 0 0 0 rg BT 462.58 302.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 483.53 302.25 Td (may ) Tj ET Q q 0 0 0 rg BT 502.80 302.25 Td (have ) Tj ET Q q 0 0 0 rg BT 523.74 302.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 545.79 302.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 290.25 Td (Group. ) Tj ET Q q 0 0 0 rg BT 84.54 290.25 Td (The ) Tj ET Q q 0 0 0 rg BT 102.76 290.25 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 152.65 290.25 Td (data ) Tj ET Q q 0 0 0 rg BT 171.99 290.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 207.98 290.25 Td (in ) Tj ET Q q 0 0 0 rg BT 218.44 290.25 Td (the ) Tj ET Q q 0 0 0 rg BT 233.34 290.25 Td (following ) Tj ET Q q 0 0 0 rg BT 274.90 290.25 Td (section ) Tj ET Q q 0 0 0 rg BT 305.91 290.25 Td (does ) Tj ET Q q 0 0 0 rg BT 326.92 290.25 Td (not ) Tj ET Q q 0 0 0 rg BT 342.37 290.25 Td (have ) Tj ET Q q 0 0 0 rg BT 363.93 290.25 Td (any ) Tj ET Q q 0 0 0 rg BT 381.05 290.25 Td (predictive ) Tj ET Q q 0 0 0 rg BT 423.71 290.25 Td (value, ) Tj ET Q q 0 0 0 rg BT 450.54 290.25 Td (in ) Tj ET Q q 0 0 0 rg BT 461.00 290.25 Td (particular ) Tj ET Q q 0 0 0 rg BT 501.99 290.25 Td (the ) Tj ET Q q 0 0 0 rg BT 516.89 290.25 Td (sensitivity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 278.25 Td (analysis ) Tj ET Q q 0 0 0 rg BT 88.16 278.25 Td (on ) Tj ET Q q 0 0 0 rg BT 100.11 278.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 131.48 278.25 Td (market ) Tj ET Q q 0 0 0 rg BT 161.18 278.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 182.02 278.25 Td (does ) Tj ET Q q 0 0 0 rg BT 202.29 278.25 Td (not ) Tj ET Q q 0 0 0 rg BT 217.02 278.25 Td (reflect ) Tj ET Q q 0 0 0 rg BT 244.50 278.25 Td (the ) Tj ET Q q 0 0 0 rg BT 258.66 278.25 Td (complexity ) Tj ET Q q 0 0 0 rg BT 305.59 278.25 Td (of ) Tj ET Q q 0 0 0 rg BT 315.87 278.25 Td (the ) Tj ET Q q 0 0 0 rg BT 330.03 278.25 Td (market ) Tj ET Q q 0 0 0 rg BT 359.74 278.25 Td (or ) Tj ET Q q 0 0 0 rg BT 370.01 278.25 Td (the ) Tj ET Q q 0 0 0 rg BT 384.17 278.25 Td (reaction ) Tj ET Q q 0 0 0 rg BT 418.32 278.25 Td (which ) Tj ET Q q 0 0 0 rg BT 444.70 278.25 Td (may ) Tj ET Q q 0 0 0 rg BT 463.87 278.25 Td (result ) Tj ET Q q 0 0 0 rg BT 488.03 278.25 Td (from ) Tj ET Q q 0 0 0 rg BT 509.41 278.25 Td (any ) Tj ET Q q 0 0 0 rg BT 525.79 278.25 Td (changes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 266.25 Td (that ) Tj ET Q q 0 0 0 rg BT 71.50 266.25 Td (are ) Tj ET Q q 0 0 0 rg BT 86.20 266.25 Td (assumed ) Tj ET Q q 0 0 0 rg BT 123.14 266.25 Td (to ) Tj ET Q q 0 0 0 rg BT 133.42 266.25 Td (take ) Tj ET Q q 0 0 0 rg BT 152.57 266.25 Td (place. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 242.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 242.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 118.06 242.25 Td (risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 218.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 218.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 118.13 218.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 136.26 218.25 Td (is ) Tj ET Q q 0 0 0 rg BT 146.07 218.25 Td (the ) Tj ET Q q 0 0 0 rg BT 161.42 218.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 179.55 218.25 Td (of ) Tj ET Q q 0 0 0 rg BT 191.01 218.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 233.02 218.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 251.72 218.25 Td (arising ) Tj ET Q q 0 0 0 rg BT 282.07 218.25 Td (from ) Tj ET Q q 0 0 0 rg BT 304.64 218.25 Td (the ) Tj ET Q q 0 0 0 rg BT 319.99 218.25 Td (failure ) Tj ET Q q 0 0 0 rg BT 349.22 218.25 Td (to ) Tj ET Q q 0 0 0 rg BT 360.13 218.25 Td (collect ) Tj ET Q q 0 0 0 rg BT 389.91 218.25 Td (a ) Tj ET Q q 0 0 0 rg BT 397.49 218.25 Td (receivable. ) Tj ET Q q 0 0 0 rg BT 444.20 218.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 472.33 218.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 490.46 218.25 Td (encompasses ) Tj ET Q q 0 0 0 rg BT 545.80 218.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 206.25 Td (direct ) Tj ET Q q 0 0 0 rg BT 79.26 206.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 96.76 206.25 Td (of ) Tj ET Q q 0 0 0 rg BT 107.59 206.25 Td (default ) Tj ET Q q 0 0 0 rg BT 137.86 206.25 Td (and ) Tj ET Q q 0 0 0 rg BT 154.80 206.25 Td (the ) Tj ET Q q 0 0 0 rg BT 169.51 206.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 187.01 206.25 Td (of ) Tj ET Q q 0 0 0 rg BT 197.84 206.25 Td (a ) Tj ET Q q 0 0 0 rg BT 204.78 206.25 Td (deterioration ) Tj ET Q q 0 0 0 rg BT 258.37 206.25 Td (of ) Tj ET Q q 0 0 0 rg BT 269.20 206.25 Td (the ) Tj ET Q q 0 0 0 rg BT 283.92 206.25 Td (creditworthiness ) Tj ET Q q 0 0 0 rg BT 352.51 206.25 Td (of ) Tj ET Q q 0 0 0 rg BT 363.34 206.25 Td (the ) Tj ET Q q 0 0 0 rg BT 378.06 206.25 Td (counterparty) Tj ET Q q 0 0 0 rg BT 427.94 206.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 182.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 182.25 Td (The ) Tj ET Q q 0 0 0 rg BT 108.82 182.25 Td (maximum ) Tj ET Q q 0 0 0 rg BT 152.65 182.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 178.69 182.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 196.97 182.25 Td (to ) Tj ET Q q 0 0 0 rg BT 208.02 182.25 Td (which ) Tj ET Q q 0 0 0 rg BT 235.74 182.25 Td (the ) Tj ET Q q 0 0 0 rg BT 251.23 182.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 280.06 182.25 Td (is ) Tj ET Q q 0 0 0 rg BT 290.00 182.25 Td (theoretically ) Tj ET Q q 0 0 0 rg BT 343.26 182.25 Td (exposed ) Tj ET Q q 0 0 0 rg BT 379.30 182.25 Td (at ) Tj ET Q q 0 0 0 rg BT 389.79 182.25 Td (December ) Tj ET Q q 0 0 0 rg BT 434.16 182.25 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.93 182.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.93 182.25 Td ( ) Tj ET Q q 0 0 0 rg BT 473.21 182.25 Td (is ) Tj ET Q q 0 0 0 rg BT 483.15 182.25 Td (represented ) Tj ET Q q 0 0 0 rg BT 532.51 182.25 Td (by ) Tj ET Q q 0 0 0 rg BT 545.79 182.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 170.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 90.02 170.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 126.60 170.25 Td (of ) Tj ET Q q 0 0 0 rg BT 137.63 170.25 Td (the ) Tj ET Q q 0 0 0 rg BT 152.55 170.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 190.23 170.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 216.26 170.25 Td (stated ) Tj ET Q q 0 0 0 rg BT 242.29 170.25 Td (in ) Tj ET Q q 0 0 0 rg BT 252.76 170.25 Td (the ) Tj ET Q q 0 0 0 rg BT 267.68 170.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 320.92 170.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 361.94 170.25 Td (of ) Tj ET Q q 0 0 0 rg BT 372.97 170.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 410.66 170.25 Td (position ) Tj ET Q q 0 0 0 rg BT 445.58 170.25 Td (sheet ) Tj ET Q q 0 0 0 rg BT 468.83 170.25 Td (and ) Tj ET Q q 0 0 0 rg BT 485.97 170.25 Td (the ) Tj ET Q q 0 0 0 rg BT 500.88 170.25 Td (nominal ) Tj ET Q q 0 0 0 rg BT 536.36 170.25 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 158.25 Td (of ) Tj ET Q q 0 0 0 rg BT 64.83 158.25 Td (the ) Tj ET Q q 0 0 0 rg BT 79.55 158.25 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 124.80 158.25 Td (provided. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 134.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 134.25 Td (Dealers ) Tj ET Q q 0 0 0 rg BT 123.16 134.25 Td (and ) Tj ET Q q 0 0 0 rg BT 140.21 134.25 Td (clients ) Tj ET Q q 0 0 0 rg BT 168.94 134.25 Td (are ) Tj ET Q q 0 0 0 rg BT 183.76 134.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 214.71 134.25 Td (to ) Tj ET Q q 0 0 0 rg BT 225.11 134.25 Td (a ) Tj ET Q q 0 0 0 rg BT 232.17 134.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 265.88 134.25 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 310.15 134.25 Td (of ) Tj ET Q q 0 0 0 rg BT 321.10 134.25 Td (their ) Tj ET Q q 0 0 0 rg BT 342.04 134.25 Td (creditworthiness. ) Tj ET Q q 0 0 0 rg BT 413.26 134.25 Td ( ) Tj ET Q q 0 0 0 rg BT 415.30 134.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 465.20 134.25 Td (, ) Tj ET Q q 0 0 0 rg BT 470.32 134.25 Td (it ) Tj ET Q q 0 0 0 rg BT 478.50 134.25 Td (is ) Tj ET Q q 0 0 0 rg BT 487.79 134.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 515.96 134.25 Td (practice ) Tj ET Q q 0 0 0 rg BT 550.22 134.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 122.25 Td (obtain ) Tj ET Q q 0 0 0 rg BT 81.41 122.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 118.81 122.25 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 163.99 122.25 Td (against ) Tj ET Q q 0 0 0 rg BT 194.73 122.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 216.04 122.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 259.56 122.25 Td (with ) Tj ET Q q 0 0 0 rg BT 279.75 122.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 304.94 122.25 Td (granted ) Tj ET Q q 0 0 0 rg BT 337.34 122.25 Td (for ) Tj ET Q q 0 0 0 rg BT 351.42 122.25 Td (the ) Tj ET Q q 0 0 0 rg BT 366.06 122.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 404.01 122.25 Td (of ) Tj ET Q q 0 0 0 rg BT 414.76 122.25 Td (cars ) Tj ET Q q 0 0 0 rg BT 433.28 122.25 Td (and ) Tj ET Q q 0 0 0 rg BT 450.14 122.25 Td (parts. ) Tj ET Q q 0 0 0 rg BT 474.32 122.25 Td (These ) Tj ET Q q 0 0 0 rg BT 500.62 122.25 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 545.79 122.25 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 110.25 Td (further ) Tj ET Q q 0 0 0 rg BT 83.71 110.25 Td (strengthened, ) Tj ET Q q 0 0 0 rg BT 139.80 110.25 Td (where ) Tj ET Q q 0 0 0 rg BT 166.73 110.25 Td (possible, ) Tj ET Q q 0 0 0 rg BT 204.51 110.25 Td (by ) Tj ET Q q 0 0 0 rg BT 217.01 110.25 Td (retaining ) Tj ET Q q 0 0 0 rg BT 255.05 110.25 Td (title ) Tj ET Q q 0 0 0 rg BT 273.10 110.25 Td (on ) Tj ET Q q 0 0 0 rg BT 285.60 110.25 Td (cars ) Tj ET Q q 0 0 0 rg BT 304.20 110.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 335.03 110.25 Td (to ) Tj ET Q q 0 0 0 rg BT 345.30 110.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 385.57 110.25 Td (agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 86.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 86.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 116.92 86.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 154.96 86.25 Td (of ) Tj ET Q q 0 0 0 rg BT 165.22 86.25 Td (material ) Tj ET Q q 0 0 0 rg BT 199.90 86.25 Td (significance ) Tj ET Q q 0 0 0 rg BT 250.14 86.25 Td (are ) Tj ET Q q 0 0 0 rg BT 264.27 86.25 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 304.51 86.25 Td (on ) Tj ET Q q 0 0 0 rg BT 316.43 86.25 Td (an ) Tj ET Q q 0 0 0 rg BT 327.80 86.25 Td (individual ) Tj ET Q q 0 0 0 rg BT 370.27 86.25 Td (basis. ) Tj ET Q q 0 0 0 rg BT 394.56 86.25 Td (Where ) Tj ET Q q 0 0 0 rg BT 423.13 86.25 Td (objective ) Tj ET Q q 0 0 0 rg BT 461.71 86.25 Td (evidence ) Tj ET Q q 0 0 0 rg BT 499.16 86.25 Td (exists ) Tj ET Q q 0 0 0 rg BT 523.87 86.25 Td (that ) Tj ET Q q 0 0 0 rg BT 540.79 86.25 Td (they ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 74.25 Td (are ) Tj ET Q q 0 0 0 rg BT 68.08 74.25 Td (uncollectible, ) Tj ET Q q 0 0 0 rg BT 124.09 74.25 Td (in ) Tj ET Q q 0 0 0 rg BT 133.74 74.25 Td (whole ) Tj ET Q q 0 0 0 rg BT 160.05 74.25 Td (or ) Tj ET Q q 0 0 0 rg BT 170.25 74.25 Td (in ) Tj ET Q q 0 0 0 rg BT 179.89 74.25 Td (part, ) Tj ET Q q 0 0 0 rg BT 199.81 74.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 232.77 74.25 Td (write-downs ) Tj ET Q q 0 0 0 rg BT 284.63 74.25 Td (are ) Tj ET Q q 0 0 0 rg BT 298.71 74.25 Td (recognized. ) Tj ET Q q 0 0 0 rg BT 346.80 74.25 Td (The ) Tj ET Q q 0 0 0 rg BT 364.22 74.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 396.08 74.25 Td (of ) Tj ET Q q 0 0 0 rg BT 406.28 74.25 Td (the ) Tj ET Q q 0 0 0 rg BT 420.37 74.25 Td (write-down ) Tj ET Q q 0 0 0 rg BT 468.34 74.25 Td (is ) Tj ET Q q 0 0 0 rg BT 476.88 74.25 Td (based ) Tj ET Q q 0 0 0 rg BT 501.51 74.25 Td (on ) Tj ET Q q 0 0 0 rg BT 513.38 74.25 Td (an ) Tj ET Q q 0 0 0 rg BT 524.69 74.25 Td (estimate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 62.25 Td (of ) Tj ET Q q 0 0 0 rg BT 64.83 62.25 Td (the ) Tj ET Q q 0 0 0 rg BT 79.55 62.25 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 128.68 62.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 148.95 62.25 Td (flows, ) Tj ET Q q 0 0 0 rg BT 176.17 62.25 Td (timing ) Tj ET Q q 0 0 0 rg BT 204.78 62.25 Td (of ) Tj ET Q q 0 0 0 rg BT 215.61 62.25 Td (those ) Tj ET Q q 0 0 0 rg BT 239.22 62.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 259.49 62.25 Td (flows, ) Tj ET Q q 0 0 0 rg BT 286.71 62.25 Td (the ) Tj ET Q q 0 0 0 rg BT 301.43 62.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 320.04 62.25 Td (of ) Tj ET Q q 0 0 0 rg BT 330.87 62.25 Td (recovery ) Tj ET Q q 0 0 0 rg BT 368.34 62.25 Td (and ) Tj ET Q q 0 0 0 rg BT 385.28 62.25 Td (the ) Tj ET Q q 0 0 0 rg BT 400.00 62.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 416.37 62.25 Td (value ) Tj ET Q q 0 0 0 rg BT 440.53 62.25 Td (of ) Tj ET Q q 0 0 0 rg BT 451.36 62.25 Td (any ) Tj ET Q q 0 0 0 rg BT 468.30 62.25 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 513.55 62.25 Td (received. ) Tj ET Q endstream endobj 423 0 obj <> endobj 424 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 760.75 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 760.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.60 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 199.82 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 206.31 748.75 Td (O ) Tj ET Q q 0 0 0 rg BT 216.41 748.75 Td (THE CONSOLIDA) Tj ET Q q 0 0 0 rg BT 299.85 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 379.03 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 393.02 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 399.50 748.75 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.60 736.75 Td (At December) Tj ET Q q 0 0 0 rg BT 294.78 736.75 Td (31, 2015 and 2014) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 294.65 32.20 Td (F-62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 713.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 713.10 Td (Receivables ) Tj ET Q q 0 0 0 rg BT 140.58 713.10 Td (from ) Tj ET Q q 0 0 0 rg BT 162.29 713.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 202.32 713.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 240.69 713.10 Td (amounting ) Tj ET Q q 0 0 0 rg BT 285.73 713.10 Td (to ) Tj ET Q q 0 0 0 rg BT 295.78 713.10 Td (1,173,825 ) Tj ET Q q 0 0 0 rg BT 343.05 713.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 381.43 713.10 Td (at ) Tj ET Q q 0 0 0 rg BT 390.91 713.10 Td (December ) Tj ET Q q 0 0 0 rg BT 434.27 713.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.04 713.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.04 713.10 Td ( ) Tj ET Q q 0 0 0 rg BT 471.31 713.10 Td (\(1,224,446 ) Tj ET Q q 0 0 0 rg BT 521.91 713.10 Td (thousand ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 701.10 Td (at ) Tj ET Q q 0 0 0 rg BT 63.37 701.10 Td (December ) Tj ET Q q 0 0 0 rg BT 106.61 701.10 Td (31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.11 701.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.11 701.10 Td (\) ) Tj ET Q q 0 0 0 rg BT 144.60 701.10 Td (are ) Tj ET Q q 0 0 0 rg BT 158.96 701.10 Td (shown ) Tj ET Q q 0 0 0 rg BT 187.23 701.10 Td (net ) Tj ET Q q 0 0 0 rg BT 201.60 701.10 Td (of ) Tj ET Q q 0 0 0 rg BT 212.08 701.10 Td (the ) Tj ET Q q 0 0 0 rg BT 226.45 701.10 Td (allowance ) Tj ET Q q 0 0 0 rg BT 269.14 701.10 Td (for ) Tj ET Q q 0 0 0 rg BT 282.96 701.10 Td (doubtful ) Tj ET Q q 0 0 0 rg BT 319.00 701.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 356.14 701.10 Td (amounting ) Tj ET Q q 0 0 0 rg BT 401.06 701.10 Td (to ) Tj ET Q q 0 0 0 rg BT 411.00 701.10 Td (18,671 ) Tj ET Q q 0 0 0 rg BT 445.65 701.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 483.92 701.10 Td (\(14,201 ) Tj ET Q q 0 0 0 rg BT 521.90 701.10 Td (thousand ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 689.10 Td (at ) Tj ET Q q 0 0 0 rg BT 63.62 689.10 Td (December ) Tj ET Q q 0 0 0 rg BT 107.10 689.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 689.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.00 689.10 Td (\). ) Tj ET Q q 0 0 0 rg BT 150.24 689.10 Td ( ) Tj ET Q q 0 0 0 rg BT 152.11 689.10 Td (After ) Tj ET Q q 0 0 0 rg BT 175.61 689.10 Td (considering ) Tj ET Q q 0 0 0 rg BT 224.66 689.10 Td (the ) Tj ET Q q 0 0 0 rg BT 239.28 689.10 Td (allowance ) Tj ET Q q 0 0 0 rg BT 282.22 689.10 Td (for ) Tj ET Q q 0 0 0 rg BT 296.28 689.10 Td (doubtful ) Tj ET Q q 0 0 0 rg BT 332.57 689.10 Td (accounts, ) Tj ET Q q 0 0 0 rg BT 372.45 689.10 Td (16,230 ) Tj ET Q q 0 0 0 rg BT 407.35 689.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 445.86 689.10 Td (of ) Tj ET Q q 0 0 0 rg BT 456.59 689.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 503.97 689.10 Td (were ) Tj ET Q q 0 0 0 rg BT 525.80 689.10 Td (overdue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 677.10 Td (\(12,032 ) Tj ET Q q 0 0 0 rg BT 91.13 677.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 128.54 677.10 Td (at ) Tj ET Q q 0 0 0 rg BT 137.05 677.10 Td (December ) Tj ET Q q 0 0 0 rg BT 179.43 677.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.23 677.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.23 677.10 Td (\). ) Tj ET Q q 0 0 0 rg BT 220.36 677.10 Td ( ) Tj ET Q q 0 0 0 rg BT 221.57 677.10 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 264.78 677.10 Td (overdue ) Tj ET Q q 0 0 0 rg BT 298.29 677.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 344.56 677.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 382.50 677.10 Td (a ) Tj ET Q q 0 0 0 rg BT 388.24 677.10 Td (minor ) Tj ET Q q 0 0 0 rg BT 413.42 677.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 443.61 677.10 Td (of ) Tj ET Q q 0 0 0 rg BT 453.24 677.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 499.51 677.10 Td (from ) Tj ET Q q 0 0 0 rg BT 520.24 677.10 Td (financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 665.10 Td (activities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 641.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 641.10 Td (In ) Tj ET Q q 0 0 0 rg BT 100.58 641.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 138.10 641.10 Td (of ) Tj ET Q q 0 0 0 rg BT 148.68 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 163.14 641.10 Td (total ) Tj ET Q q 0 0 0 rg BT 183.16 641.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 230.38 641.10 Td (from ) Tj ET Q q 0 0 0 rg BT 252.07 641.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 292.08 641.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 332.92 641.10 Td (1,170,891 ) Tj ET Q q 0 0 0 rg BT 380.17 641.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 418.53 641.10 Td (\(1,059,592 ) Tj ET Q q 0 0 0 rg BT 469.10 641.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 507.46 641.10 Td (at ) Tj ET Q q 0 0 0 rg BT 516.92 641.10 Td (December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 629.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.04 629.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.04 629.10 Td (\) ) Tj ET Q q 0 0 0 rg BT 94.91 629.10 Td (relate ) Tj ET Q q 0 0 0 rg BT 119.66 629.10 Td (to ) Tj ET Q q 0 0 0 rg BT 129.98 629.10 Td (the ) Tj ET Q q 0 0 0 rg BT 144.73 629.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 182.26 629.10 Td (services ) Tj ET Q q 0 0 0 rg BT 217.01 629.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 254.54 629.10 Td (and ) Tj ET Q q 0 0 0 rg BT 271.52 629.10 Td (such ) Tj ET Q q 0 0 0 rg BT 292.39 629.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 339.91 629.10 Td (are ) Tj ET Q q 0 0 0 rg BT 354.65 629.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 394.40 629.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 427.48 629.10 Td (on ) Tj ET Q q 0 0 0 rg BT 440.02 629.10 Td (the ) Tj ET Q q 0 0 0 rg BT 454.78 629.10 Td (titles ) Tj ET Q q 0 0 0 rg BT 476.76 629.10 Td (of ) Tj ET Q q 0 0 0 rg BT 487.63 629.10 Td (cars ) Tj ET Q q 0 0 0 rg BT 506.27 629.10 Td (or ) Tj ET Q q 0 0 0 rg BT 517.14 629.10 Td (with ) Tj ET Q q 0 0 0 rg BT 537.46 629.10 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 617.10 Td (guarantees. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 597.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 597.10 Td (T) Tj ET Q q 0 0 0 rg BT 95.76 597.10 Td (rade ) Tj ET Q q 0 0 0 rg BT 115.23 597.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 162.47 597.10 Td (amounting ) Tj ET Q q 0 0 0 rg BT 207.52 597.10 Td (to ) Tj ET Q q 0 0 0 rg BT 217.56 597.10 Td (158,165 ) Tj ET Q q 0 0 0 rg BT 257.33 597.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 295.71 597.10 Td (at ) Tj ET Q q 0 0 0 rg BT 305.20 597.10 Td (December ) Tj ET Q q 0 0 0 rg BT 348.55 597.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.32 597.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.32 597.10 Td ( ) Tj ET Q q 0 0 0 rg BT 385.59 597.10 Td (\(183,642 ) Tj ET Q q 0 0 0 rg BT 428.69 597.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 467.07 597.10 Td (at ) Tj ET Q q 0 0 0 rg BT 476.55 597.10 Td (December ) Tj ET Q q 0 0 0 rg BT 519.91 597.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.68 597.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.68 597.10 Td (\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 585.10 Td (are ) Tj ET Q q 0 0 0 rg BT 68.00 585.10 Td (shown ) Tj ET Q q 0 0 0 rg BT 95.91 585.10 Td (net ) Tj ET Q q 0 0 0 rg BT 109.92 585.10 Td (of ) Tj ET Q q 0 0 0 rg BT 120.05 585.10 Td (the ) Tj ET Q q 0 0 0 rg BT 134.06 585.10 Td (allowance ) Tj ET Q q 0 0 0 rg BT 176.39 585.10 Td (for ) Tj ET Q q 0 0 0 rg BT 189.85 585.10 Td (doubtful ) Tj ET Q q 0 0 0 rg BT 225.53 585.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 262.31 585.10 Td (amounting ) Tj ET Q q 0 0 0 rg BT 306.88 585.10 Td (to ) Tj ET Q q 0 0 0 rg BT 316.46 585.10 Td (18,371 ) Tj ET Q q 0 0 0 rg BT 350.75 585.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 388.66 585.10 Td (\(14,664 ) Tj ET Q q 0 0 0 rg BT 426.28 585.10 Td ( ) Tj ET Q q 0 0 0 rg BT 428.08 585.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 465.98 585.10 Td (at ) Tj ET Q q 0 0 0 rg BT 474.99 585.10 Td (December ) Tj ET Q q 0 0 0 rg BT 517.87 585.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.17 585.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.17 585.10 Td (\). ) Tj ET Q q 0 0 0 rg BT 560.50 585.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 573.10 Td (After ) Tj ET Q q 0 0 0 rg BT 78.62 573.10 Td (considering ) Tj ET Q q 0 0 0 rg BT 128.79 573.10 Td (the ) Tj ET Q q 0 0 0 rg BT 144.52 573.10 Td (allowance ) Tj ET Q q 0 0 0 rg BT 188.58 573.10 Td (for ) Tj ET Q q 0 0 0 rg BT 203.75 573.10 Td (doubtful ) Tj ET Q q 0 0 0 rg BT 241.16 573.10 Td (accounts, ) Tj ET Q q 0 0 0 rg BT 282.16 573.10 Td (26,177 ) Tj ET Q q 0 0 0 rg BT 318.18 573.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 357.81 573.10 Td (of ) Tj ET Q q 0 0 0 rg BT 369.65 573.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 418.14 573.10 Td (were ) Tj ET Q q 0 0 0 rg BT 441.09 573.10 Td (overdue ) Tj ET Q q 0 0 0 rg BT 476.81 573.10 Td (\(4,153 ) Tj ET Q q 0 0 0 rg BT 511.16 573.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 550.79 573.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 561.10 Td (December ) Tj ET Q q 0 0 0 rg BT 97.58 561.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.58 561.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.58 561.10 Td (\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 541.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 90.00 541.10 Td (Liquidity ) Tj ET Q q 0 0 0 rg BT 129.72 541.10 Td (risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 521.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 521.10 Td (Liquidity ) Tj ET Q q 0 0 0 rg BT 130.72 521.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 149.22 521.10 Td (arises ) Tj ET Q q 0 0 0 rg BT 175.48 521.10 Td (if ) Tj ET Q q 0 0 0 rg BT 185.09 521.10 Td (the ) Tj ET Q q 0 0 0 rg BT 200.80 521.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 229.85 521.10 Td (is ) Tj ET Q q 0 0 0 rg BT 240.02 521.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 270.17 521.10 Td (to ) Tj ET Q q 0 0 0 rg BT 281.45 521.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 309.94 521.10 Td (the ) Tj ET Q q 0 0 0 rg BT 325.66 521.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 351.38 521.10 Td (needed ) Tj ET Q q 0 0 0 rg BT 383.19 521.10 Td (to ) Tj ET Q q 0 0 0 rg BT 394.46 521.10 Td (carry ) Tj ET Q q 0 0 0 rg BT 418.50 521.10 Td (out ) Tj ET Q q 0 0 0 rg BT 434.77 521.10 Td (its ) Tj ET Q q 0 0 0 rg BT 447.72 521.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 492.87 521.10 Td (under ) Tj ET Q q 0 0 0 rg BT 519.14 521.10 Td (economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 509.10 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 100.56 509.10 Td (The ) Tj ET Q q 0 0 0 rg BT 118.68 509.10 Td (main ) Tj ET Q q 0 0 0 rg BT 141.26 509.10 Td (determinant ) Tj ET Q q 0 0 0 rg BT 191.60 509.10 Td (of ) Tj ET Q q 0 0 0 rg BT 202.51 509.10 Td (the ) Tj ET Q q 0 0 0 rg BT 217.30 509.10 Td (Group) Tj ET Q q 0 0 0 rg BT 245.63 509.10 Td (s ) Tj ET Q q 0 0 0 rg BT 252.10 509.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 288.58 509.10 Td (position ) Tj ET Q q 0 0 0 rg BT 323.38 509.10 Td (is ) Tj ET Q q 0 0 0 rg BT 332.63 509.10 Td (the ) Tj ET Q q 0 0 0 rg BT 347.43 509.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 367.78 509.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 409.22 509.10 Td (by ) Tj ET Q q 0 0 0 rg BT 421.80 509.10 Td (or ) Tj ET Q q 0 0 0 rg BT 432.71 509.10 Td (used ) Tj ET Q q 0 0 0 rg BT 453.62 509.10 Td (in ) Tj ET Q q 0 0 0 rg BT 463.98 509.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 504.32 509.10 Td (and ) Tj ET Q q 0 0 0 rg BT 521.34 509.10 Td (investing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 497.10 Td (activities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 473.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 473.10 Td (Prior ) Tj ET Q q 0 0 0 rg BT 112.80 473.10 Td (to ) Tj ET Q q 0 0 0 rg BT 123.37 473.10 Td (the ) Tj ET Q q 0 0 0 rg BT 138.38 473.10 Td (Separation, ) Tj ET Q q 0 0 0 rg BT 186.44 473.10 Td (the ) Tj ET Q q 0 0 0 rg BT 201.45 473.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 229.80 473.10 Td (participated ) Tj ET Q q 0 0 0 rg BT 279.79 473.10 Td (in ) Tj ET Q q 0 0 0 rg BT 290.37 473.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 310.93 473.10 Td (pooling ) Tj ET Q q 0 0 0 rg BT 344.28 473.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 400.94 473.10 Td (with ) Tj ET Q q 0 0 0 rg BT 421.51 473.10 Td (FCA. ) Tj ET Q q 0 0 0 rg BT 446.26 473.10 Td ( ) Tj ET Q q 0 0 0 rg BT 449.06 473.10 Td (From ) Tj ET Q q 0 0 0 rg BT 473.52 473.10 Td (an ) Tj ET Q q 0 0 0 rg BT 485.76 473.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 526.32 473.10 Td (point ) Tj ET Q q 0 0 0 rg BT 549.67 473.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 461.10 Td (view) Tj ET Q q 0 0 0 rg BT 72.79 461.10 Td (, ) Tj ET Q q 0 0 0 rg BT 76.84 461.10 Td (the ) Tj ET Q q 0 0 0 rg BT 90.60 461.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 117.71 461.10 Td (manages ) Tj ET Q q 0 0 0 rg BT 154.24 461.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 189.68 461.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 206.23 461.10 Td (by ) Tj ET Q q 0 0 0 rg BT 217.78 461.10 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 263.77 461.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 283.09 461.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 306.86 461.10 Td (and ) Tj ET Q q 0 0 0 rg BT 322.85 461.10 Td (keeping ) Tj ET Q q 0 0 0 rg BT 356.05 461.10 Td (an ) Tj ET Q q 0 0 0 rg BT 367.04 461.10 Td (adequate ) Tj ET Q q 0 0 0 rg BT 404.12 461.10 Td (level ) Tj ET Q q 0 0 0 rg BT 425.11 461.10 Td (of ) Tj ET Q q 0 0 0 rg BT 434.99 461.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 458.76 461.10 Td (at ) Tj ET Q q 0 0 0 rg BT 467.52 461.10 Td (its ) Tj ET Q q 0 0 0 rg BT 478.52 461.10 Td (disposal. ) Tj ET Q q 0 0 0 rg BT 515.35 461.10 Td ( ) Tj ET Q q 0 0 0 rg BT 516.90 461.10 Td (Following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 449.10 Td (the ) Tj ET Q q 0 0 0 rg BT 67.76 449.10 Td (Separation, ) Tj ET Q q 0 0 0 rg BT 114.57 449.10 Td (the ) Tj ET Q q 0 0 0 rg BT 128.33 449.10 Td (main ) Tj ET Q q 0 0 0 rg BT 149.87 449.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 182.52 449.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 225.72 449.10 Td (and ) Tj ET Q q 0 0 0 rg BT 241.71 449.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 291.02 449.10 Td (in ) Tj ET Q q 0 0 0 rg BT 300.35 449.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 319.66 449.10 Td (and ) Tj ET Q q 0 0 0 rg BT 335.64 449.10 Td (marketable ) Tj ET Q q 0 0 0 rg BT 381.61 449.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 420.91 449.10 Td (of ) Tj ET Q q 0 0 0 rg BT 430.79 449.10 Td (the ) Tj ET Q q 0 0 0 rg BT 444.55 449.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 471.65 449.10 Td (are ) Tj ET Q q 0 0 0 rg BT 485.40 449.10 Td (centrally ) Tj ET Q q 0 0 0 rg BT 521.92 449.10 Td (managed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 437.10 Td (or ) Tj ET Q q 0 0 0 rg BT 64.76 437.10 Td (supervised ) Tj ET Q q 0 0 0 rg BT 109.96 437.10 Td (by ) Tj ET Q q 0 0 0 rg BT 122.40 437.10 Td (the ) Tj ET Q q 0 0 0 rg BT 137.05 437.10 Td (treasury ) Tj ET Q q 0 0 0 rg BT 171.69 437.10 Td (department ) Tj ET Q q 0 0 0 rg BT 219.10 437.10 Td (with ) Tj ET Q q 0 0 0 rg BT 239.31 437.10 Td (the ) Tj ET Q q 0 0 0 rg BT 253.96 437.10 Td (aim ) Tj ET Q q 0 0 0 rg BT 271.39 437.10 Td (of ) Tj ET Q q 0 0 0 rg BT 282.15 437.10 Td (ensuring ) Tj ET Q q 0 0 0 rg BT 319.03 437.10 Td (ef) Tj ET Q q 0 0 0 rg BT 326.61 437.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 356.25 437.10 Td (and ) Tj ET Q q 0 0 0 rg BT 373.12 437.10 Td (ef) Tj ET Q q 0 0 0 rg BT 380.71 437.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 408.68 437.10 Td (management ) Tj ET Q q 0 0 0 rg BT 462.21 437.10 Td (of ) Tj ET Q q 0 0 0 rg BT 472.97 437.10 Td (the ) Tj ET Q q 0 0 0 rg BT 487.62 437.10 Td (Group) Tj ET Q q 0 0 0 rg BT 515.95 437.10 Td (s ) Tj ET Q q 0 0 0 rg BT 522.27 437.10 Td (liquidity) Tj ET Q q 0 0 0 rg BT 555.52 437.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 425.10 Td (Following ) Tj ET Q q 0 0 0 rg BT 97.03 425.10 Td (the ) Tj ET Q q 0 0 0 rg BT 111.16 425.10 Td (Separation, ) Tj ET Q q 0 0 0 rg BT 158.34 425.10 Td (the ) Tj ET Q q 0 0 0 rg BT 172.47 425.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 199.93 425.10 Td (has ) Tj ET Q q 0 0 0 rg BT 215.18 425.10 Td (established ) Tj ET Q q 0 0 0 rg BT 261.52 425.10 Td (series ) Tj ET Q q 0 0 0 rg BT 286.20 425.10 Td (of ) Tj ET Q q 0 0 0 rg BT 296.45 425.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 329.46 425.10 Td (which ) Tj ET Q q 0 0 0 rg BT 355.82 425.10 Td (are ) Tj ET Q q 0 0 0 rg BT 369.94 425.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 407.94 425.10 Td (or ) Tj ET Q q 0 0 0 rg BT 418.19 425.10 Td (supervised ) Tj ET Q q 0 0 0 rg BT 462.87 425.10 Td (centrally ) Tj ET Q q 0 0 0 rg BT 499.76 425.10 Td (by ) Tj ET Q q 0 0 0 rg BT 511.67 425.10 Td (the ) Tj ET Q q 0 0 0 rg BT 525.80 425.10 Td (treasury ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 413.10 Td (department ) Tj ET Q q 0 0 0 rg BT 101.48 413.10 Td (with ) Tj ET Q q 0 0 0 rg BT 121.76 413.10 Td (the ) Tj ET Q q 0 0 0 rg BT 136.48 413.10 Td (purpose ) Tj ET Q q 0 0 0 rg BT 170.64 413.10 Td (of ) Tj ET Q q 0 0 0 rg BT 181.47 413.10 Td (optimizing ) Tj ET Q q 0 0 0 rg BT 227.30 413.10 Td (the ) Tj ET Q q 0 0 0 rg BT 242.01 413.10 Td (management ) Tj ET Q q 0 0 0 rg BT 295.60 413.10 Td (of ) Tj ET Q q 0 0 0 rg BT 306.43 413.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 331.15 413.10 Td (and ) Tj ET Q q 0 0 0 rg BT 348.09 413.10 Td (reducing ) Tj ET Q q 0 0 0 rg BT 385.58 413.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 421.97 413.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 439.47 413.10 Td (which ) Tj ET Q q 0 0 0 rg BT 466.41 413.10 Td (include:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 389.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 389.10 Td (centralizing ) Tj ET Q q 0 0 0 rg BT 139.70 389.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 176.09 389.10 Td (management ) Tj ET Q q 0 0 0 rg BT 229.68 389.10 Td (through ) Tj ET Q q 0 0 0 rg BT 263.29 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 278.00 389.10 Td (use ) Tj ET Q q 0 0 0 rg BT 293.83 389.10 Td (of ) Tj ET Q q 0 0 0 rg BT 304.66 389.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 324.93 389.10 Td (pooling ) Tj ET Q q 0 0 0 rg BT 357.99 389.10 Td (arrangement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 377.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 377.10 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 140.27 377.10 Td (a ) Tj ET Q q 0 0 0 rg BT 147.21 377.10 Td (conservative ) Tj ET Q q 0 0 0 rg BT 200.24 377.10 Td (level ) Tj ET Q q 0 0 0 rg BT 222.17 377.10 Td (of ) Tj ET Q q 0 0 0 rg BT 233.00 377.10 Td (available ) Tj ET Q q 0 0 0 rg BT 271.59 377.10 Td (liquidity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 365.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 365.10 Td (diversifying ) Tj ET Q q 0 0 0 rg BT 140.83 365.10 Td (sources ) Tj ET Q q 0 0 0 rg BT 173.32 365.10 Td (of ) Tj ET Q q 0 0 0 rg BT 184.15 365.10 Td (funding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 353.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 353.10 Td (obtaining ) Tj ET Q q 0 0 0 rg BT 130.27 353.10 Td (adequate ) Tj ET Q q 0 0 0 rg BT 168.31 353.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 193.57 353.10 Td (lines) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 341.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 341.10 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 136.94 341.10 Td (future ) Tj ET Q q 0 0 0 rg BT 163.32 341.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 199.71 341.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 254.41 341.10 Td (on ) Tj ET Q q 0 0 0 rg BT 266.91 341.10 Td (the ) Tj ET Q q 0 0 0 rg BT 281.63 341.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 304.13 341.10 Td (of ) Tj ET Q q 0 0 0 rg BT 314.96 341.10 Td (business ) Tj ET Q q 0 0 0 rg BT 351.35 341.10 Td (planning) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 317.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 317.10 Td (Intercompany ) Tj ET Q q 0 0 0 rg BT 146.85 317.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 185.94 317.10 Td (between ) Tj ET Q q 0 0 0 rg BT 220.57 317.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 247.45 317.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 277.65 317.10 Td (is ) Tj ET Q q 0 0 0 rg BT 285.64 317.10 Td (not ) Tj ET Q q 0 0 0 rg BT 299.74 317.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 338.26 317.10 Td (other ) Tj ET Q q 0 0 0 rg BT 360.13 317.10 Td (than ) Tj ET Q q 0 0 0 rg BT 378.67 317.10 Td (through ) Tj ET Q q 0 0 0 rg BT 411.10 317.10 Td (the ) Tj ET Q q 0 0 0 rg BT 424.63 317.10 Td (application ) Tj ET Q q 0 0 0 rg BT 470.38 317.10 Td (of ) Tj ET Q q 0 0 0 rg BT 480.03 317.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 521.34 317.10 Td (requiring ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 305.10 Td (that ) Tj ET Q q 0 0 0 rg BT 71.50 305.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 121.76 305.10 Td (with ) Tj ET Q q 0 0 0 rg BT 142.04 305.10 Td (related ) Tj ET Q q 0 0 0 rg BT 171.74 305.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 200.89 305.10 Td (be ) Tj ET Q q 0 0 0 rg BT 212.83 305.10 Td (conducted ) Tj ET Q q 0 0 0 rg BT 256.43 305.10 Td (at ) Tj ET Q q 0 0 0 rg BT 266.14 305.10 Td (arm) Tj ET Q q 0 0 0 rg BT 284.47 305.10 Td (s ) Tj ET Q q 0 0 0 rg BT 290.86 305.10 Td (length ) Tj ET Q q 0 0 0 rg BT 318.36 305.10 Td (terms.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 281.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 281.10 Td (Details ) Tj ET Q q 0 0 0 rg BT 120.51 281.10 Td (on ) Tj ET Q q 0 0 0 rg BT 132.69 281.10 Td (the ) Tj ET Q q 0 0 0 rg BT 147.09 281.10 Td (maturity ) Tj ET Q q 0 0 0 rg BT 183.15 281.10 Td (profile ) Tj ET Q q 0 0 0 rg BT 211.99 281.10 Td (of ) Tj ET Q q 0 0 0 rg BT 222.50 281.10 Td (the ) Tj ET Q q 0 0 0 rg BT 236.90 281.10 Td (Group) Tj ET Q q 0 0 0 rg BT 265.23 281.10 Td (s ) Tj ET Q q 0 0 0 rg BT 271.30 281.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 308.46 281.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 333.97 281.10 Td (and ) Tj ET Q q 0 0 0 rg BT 350.59 281.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 389.99 281.10 Td (and ) Tj ET Q q 0 0 0 rg BT 406.61 281.10 Td (on ) Tj ET Q q 0 0 0 rg BT 418.79 281.10 Td (the ) Tj ET Q q 0 0 0 rg BT 433.19 281.10 Td (structure ) Tj ET Q q 0 0 0 rg BT 470.36 281.10 Td (of ) Tj ET Q q 0 0 0 rg BT 480.87 281.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 523.03 281.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 269.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 103.06 269.10 Td (are ) Tj ET Q q 0 0 0 rg BT 117.67 269.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 155.61 269.10 Td (in ) Tj ET Q q 0 0 0 rg BT 165.78 269.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 191.51 269.10 Td (19 ) Tj ET Q q 0 0 0 rg BT 203.91 269.10 Td (and ) Tj ET Q q 0 0 0 rg BT 220.74 269.10 Td (23. ) Tj ET Q q 0 0 0 rg BT 235.64 269.10 Td (Details ) Tj ET Q q 0 0 0 rg BT 266.36 269.10 Td (of ) Tj ET Q q 0 0 0 rg BT 277.09 269.10 Td (the ) Tj ET Q q 0 0 0 rg BT 291.70 269.10 Td (repayment ) Tj ET Q q 0 0 0 rg BT 336.30 269.10 Td (of ) Tj ET Q q 0 0 0 rg BT 347.02 269.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 389.40 269.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 426.78 269.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 475.84 269.10 Td (are ) Tj ET Q q 0 0 0 rg BT 490.44 269.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 528.39 269.10 Td (in ) Tj ET Q q 0 0 0 rg BT 538.56 269.10 Td (Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 257.10 Td (19.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 233.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 233.10 Td (During ) Tj ET Q q 0 0 0 rg BT 121.47 233.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 144.60 233.10 Td (the ) Tj ET Q q 0 0 0 rg BT 159.96 233.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 188.64 233.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 221.20 233.10 Td (into ) Tj ET Q q 0 0 0 rg BT 239.90 233.10 Td (a ) Tj ET Q q 0 0 0 rg BT 247.47 233.10 Td (new ) Tj ET Q q 0 0 0 rg BT 267.27 233.10 Td (revolving ) Tj ET Q q 0 0 0 rg BT 308.73 233.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 334.63 233.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 366.09 233.10 Td (of ) Tj ET Q q 0 0 0 rg BT 377.55 233.10 Td (500 ) Tj ET Q q 0 0 0 rg BT 400.69 233.10 Td (million ) Tj ET Q q 0 0 0 rg BT 432.72 233.10 Td (which ) Tj ET Q q 0 0 0 rg BT 460.29 233.10 Td (was ) Tj ET Q q 0 0 0 rg BT 478.98 233.10 Td (entirely ) Tj ET Q q 0 0 0 rg BT 512.66 233.10 Td (undrawn ) Tj ET Q q 0 0 0 rg BT 550.78 233.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 221.10 Td (December ) Tj ET Q q 0 0 0 rg BT 97.42 221.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 112.25 221.10 Td (2015. ) Tj ET Q q 0 0 0 rg BT 136.92 221.10 Td (The ) Tj ET Q q 0 0 0 rg BT 154.80 221.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 182.69 221.10 Td (believes ) Tj ET Q q 0 0 0 rg BT 217.79 221.10 Td (that ) Tj ET Q q 0 0 0 rg BT 235.12 221.10 Td (the ) Tj ET Q q 0 0 0 rg BT 249.67 221.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 274.23 221.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 312.66 221.10 Td (available ) Tj ET Q q 0 0 0 rg BT 351.08 221.10 Td (to ) Tj ET Q q 0 0 0 rg BT 361.20 221.10 Td (it, ) Tj ET Q q 0 0 0 rg BT 371.59 221.10 Td (in ) Tj ET Q q 0 0 0 rg BT 381.70 221.10 Td (addition ) Tj ET Q q 0 0 0 rg BT 416.81 221.10 Td (to ) Tj ET Q q 0 0 0 rg BT 426.93 221.10 Td (those ) Tj ET Q q 0 0 0 rg BT 450.37 221.10 Td (that ) Tj ET Q q 0 0 0 rg BT 467.70 221.10 Td (will ) Tj ET Q q 0 0 0 rg BT 485.59 221.10 Td (be ) Tj ET Q q 0 0 0 rg BT 497.37 221.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 538.56 221.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 209.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 94.56 209.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 135.95 209.10 Td (will ) Tj ET Q q 0 0 0 rg BT 154.30 209.10 Td (enable ) Tj ET Q q 0 0 0 rg BT 183.18 209.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 213.18 209.10 Td (to ) Tj ET Q q 0 0 0 rg BT 223.76 209.10 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 252.66 209.10 Td (the ) Tj ET Q q 0 0 0 rg BT 267.67 209.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 322.66 209.10 Td (of ) Tj ET Q q 0 0 0 rg BT 333.79 209.10 Td (its ) Tj ET Q q 0 0 0 rg BT 346.03 209.10 Td (investing ) Tj ET Q q 0 0 0 rg BT 385.48 209.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 424.38 209.10 Td (and ) Tj ET Q q 0 0 0 rg BT 441.61 209.10 Td (working ) Tj ET Q q 0 0 0 rg BT 477.73 209.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 507.17 209.10 Td (needs, ) Tj ET Q q 0 0 0 rg BT 535.24 209.10 Td (fulfill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 197.10 Td (its ) Tj ET Q q 0 0 0 rg BT 65.05 197.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 111.10 197.10 Td (to ) Tj ET Q q 0 0 0 rg BT 120.49 197.10 Td (repay ) Tj ET Q q 0 0 0 rg BT 144.30 197.10 Td (its ) Tj ET Q q 0 0 0 rg BT 155.35 197.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 174.17 197.10 Td (and ) Tj ET Q q 0 0 0 rg BT 190.22 197.10 Td (ensure ) Tj ET Q q 0 0 0 rg BT 217.92 197.10 Td (an ) Tj ET Q q 0 0 0 rg BT 228.97 197.10 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 276.10 197.10 Td (level ) Tj ET Q q 0 0 0 rg BT 297.14 197.10 Td (of ) Tj ET Q q 0 0 0 rg BT 307.08 197.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 346.45 197.10 Td (and ) Tj ET Q q 0 0 0 rg BT 362.49 197.10 Td (strategic ) Tj ET Q q 0 0 0 rg BT 397.97 197.10 Td (flexibility) Tj ET Q q 0 0 0 rg BT 436.76 197.10 Td (. ) Tj ET Q q 0 0 0 rg BT 440.75 197.10 Td (The ) Tj ET Q q 0 0 0 rg BT 457.90 197.10 Td (Group, ) Tj ET Q q 0 0 0 rg BT 487.56 197.10 Td (therefore ) Tj ET Q q 0 0 0 rg BT 525.25 197.10 Td (believes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 185.10 Td (there ) Tj ET Q q 0 0 0 rg BT 76.49 185.10 Td (is ) Tj ET Q q 0 0 0 rg BT 85.66 185.10 Td (no ) Tj ET Q q 0 0 0 rg BT 98.16 185.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 142.87 185.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 160.37 185.10 Td (of ) Tj ET Q q 0 0 0 rg BT 171.20 185.10 Td (a ) Tj ET Q q 0 0 0 rg BT 178.14 185.10 Td (lack ) Tj ET Q q 0 0 0 rg BT 197.29 185.10 Td (of ) Tj ET Q q 0 0 0 rg BT 208.12 185.10 Td (liquidity) Tj ET Q q 0 0 0 rg BT 241.36 185.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 161.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 161.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 133.07 161.10 Td (market ) Tj ET Q q 0 0 0 rg BT 164.45 161.10 Td (risks ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 137.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 137.10 Td (The ) Tj ET Q q 0 0 0 rg BT 107.39 137.10 Td (Group) Tj ET Q q 0 0 0 rg BT 135.72 137.10 Td (s ) Tj ET Q q 0 0 0 rg BT 141.45 137.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 174.95 137.10 Td (market ) Tj ET Q q 0 0 0 rg BT 204.55 137.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 221.39 137.10 Td (is ) Tj ET Q q 0 0 0 rg BT 229.90 137.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 267.84 137.10 Td (to ) Tj ET Q q 0 0 0 rg BT 277.46 137.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 308.18 137.10 Td (currency) Tj ET Q q 0 0 0 rg BT 342.50 137.10 Td (, ) Tj ET Q q 0 0 0 rg BT 346.85 137.10 Td (which ) Tj ET Q q 0 0 0 rg BT 373.13 137.10 Td (arises ) Tj ET Q q 0 0 0 rg BT 397.73 137.10 Td (both ) Tj ET Q q 0 0 0 rg BT 417.35 137.10 Td (in ) Tj ET Q q 0 0 0 rg BT 426.97 137.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 472.69 137.10 Td (with ) Tj ET Q q 0 0 0 rg BT 492.30 137.10 Td (the ) Tj ET Q q 0 0 0 rg BT 506.36 137.10 Td (geographical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 125.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 102.60 125.10 Td (of ) Tj ET Q q 0 0 0 rg BT 113.41 125.10 Td (the ) Tj ET Q q 0 0 0 rg BT 128.11 125.10 Td (Group) Tj ET Q q 0 0 0 rg BT 156.44 125.10 Td (s ) Tj ET Q q 0 0 0 rg BT 162.82 125.10 Td (industrial ) Tj ET Q q 0 0 0 rg BT 203.08 125.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 241.66 125.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 283.57 125.10 Td (to ) Tj ET Q q 0 0 0 rg BT 293.83 125.10 Td (the ) Tj ET Q q 0 0 0 rg BT 308.53 125.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 342.67 125.10 Td (in ) Tj ET Q q 0 0 0 rg BT 352.93 125.10 Td (which ) Tj ET Q q 0 0 0 rg BT 379.86 125.10 Td (it ) Tj ET Q q 0 0 0 rg BT 387.90 125.10 Td (sells ) Tj ET Q q 0 0 0 rg BT 408.16 125.10 Td (its ) Tj ET Q q 0 0 0 rg BT 420.09 125.10 Td (products, ) Tj ET Q q 0 0 0 rg BT 459.52 125.10 Td (and ) Tj ET Q q 0 0 0 rg BT 476.44 125.10 Td (in ) Tj ET Q q 0 0 0 rg BT 486.70 125.10 Td (relation ) Tj ET Q q 0 0 0 rg BT 519.73 125.10 Td (to ) Tj ET Q q 0 0 0 rg BT 529.99 125.10 Td (the ) Tj ET Q q 0 0 0 rg BT 544.69 125.10 Td (use ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 113.10 Td (of ) Tj ET Q q 0 0 0 rg BT 64.83 113.10 Td (external ) Tj ET Q q 0 0 0 rg BT 99.53 113.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 143.69 113.10 Td (denominated ) Tj ET Q q 0 0 0 rg BT 197.84 113.10 Td (in ) Tj ET Q q 0 0 0 rg BT 208.12 113.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 239.50 113.10 Td (currencies. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 89.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 89.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 131.30 89.10 Td (dif) Tj ET Q q 0 0 0 rg BT 142.23 89.10 Td (ferences ) Tj ET Q q 0 0 0 rg BT 177.41 89.10 Td (arising ) Tj ET Q q 0 0 0 rg BT 206.50 89.10 Td (on ) Tj ET Q q 0 0 0 rg BT 218.37 89.10 Td (the ) Tj ET Q q 0 0 0 rg BT 232.47 89.10 Td (settlement ) Tj ET Q q 0 0 0 rg BT 275.44 89.10 Td (of ) Tj ET Q q 0 0 0 rg BT 285.64 89.10 Td (monetary ) Tj ET Q q 0 0 0 rg BT 325.28 89.10 Td (items ) Tj ET Q q 0 0 0 rg BT 348.82 89.10 Td (or ) Tj ET Q q 0 0 0 rg BT 359.03 89.10 Td (on ) Tj ET Q q 0 0 0 rg BT 370.90 89.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 409.43 89.10 Td (monetary ) Tj ET Q q 0 0 0 rg BT 449.07 89.10 Td (items ) Tj ET Q q 0 0 0 rg BT 472.61 89.10 Td (at ) Tj ET Q q 0 0 0 rg BT 481.70 89.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 502.46 89.10 Td (dif) Tj ET Q q 0 0 0 rg BT 513.38 89.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 538.57 89.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 77.10 Td (those ) Tj ET Q q 0 0 0 rg BT 76.57 77.10 Td (at ) Tj ET Q q 0 0 0 rg BT 85.25 77.10 Td (which ) Tj ET Q q 0 0 0 rg BT 111.15 77.10 Td (they ) Tj ET Q q 0 0 0 rg BT 129.83 77.10 Td (were ) Tj ET Q q 0 0 0 rg BT 150.72 77.10 Td (initially ) Tj ET Q q 0 0 0 rg BT 183.29 77.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 219.73 77.10 Td (during ) Tj ET Q q 0 0 0 rg BT 247.30 77.10 Td (the ) Tj ET Q q 0 0 0 rg BT 260.98 77.10 Td (period ) Tj ET Q q 0 0 0 rg BT 287.99 77.10 Td (or ) Tj ET Q q 0 0 0 rg BT 297.78 77.10 Td (in ) Tj ET Q q 0 0 0 rg BT 307.02 77.10 Td (previous ) Tj ET Q q 0 0 0 rg BT 342.92 77.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 379.37 77.10 Td (statements, ) Tj ET Q q 0 0 0 rg BT 425.54 77.10 Td (are ) Tj ET Q q 0 0 0 rg BT 439.21 77.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 484.53 77.10 Td (in ) Tj ET Q q 0 0 0 rg BT 493.78 77.10 Td (the ) Tj ET Q q 0 0 0 rg BT 507.45 77.10 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 65.10 Td (income ) Tj ET Q q 0 0 0 rg BT 86.73 65.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 128.35 65.10 Td (within ) Tj ET Q q 0 0 0 rg BT 157.20 65.10 Td (the ) Tj ET Q q 0 0 0 rg BT 172.72 65.10 Td (net ) Tj ET Q q 0 0 0 rg BT 188.23 65.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 226.51 65.10 Td (income/\(expenses\) ) Tj ET Q q 0 0 0 rg BT 304.78 65.10 Td (line ) Tj ET Q q 0 0 0 rg BT 323.07 65.10 Td (item ) Tj ET Q q 0 0 0 rg BT 344.14 65.10 Td (or ) Tj ET Q q 0 0 0 rg BT 355.77 65.10 Td (as ) Tj ET Q q 0 0 0 rg BT 367.40 65.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 386.80 65.10 Td (of ) Tj ET Q q 0 0 0 rg BT 398.43 65.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 421.16 65.10 Td (for ) Tj ET Q q 0 0 0 rg BT 436.12 65.10 Td (char) Tj ET Q q 0 0 0 rg BT 453.15 65.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 469.78 65.10 Td (arising ) Tj ET Q q 0 0 0 rg BT 500.29 65.10 Td (from ) Tj ET Q q 0 0 0 rg BT 523.03 65.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 53.10 Td (services ) Tj ET Q q 0 0 0 rg BT 88.71 53.10 Td (companies.) Tj ET Q endstream endobj 425 0 obj <> endobj 426 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 760.75 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 760.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.60 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 199.82 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 206.31 748.75 Td (O ) Tj ET Q q 0 0 0 rg BT 216.41 748.75 Td (THE CONSOLIDA) Tj ET Q q 0 0 0 rg BT 299.85 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 379.03 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 393.02 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 399.50 748.75 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.60 736.75 Td (At December) Tj ET Q q 0 0 0 rg BT 294.78 736.75 Td (31, 2015 and 2014) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 294.65 32.20 Td (F-63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 713.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 713.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.73 713.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 139.12 713.10 Td (of ) Tj ET Q q 0 0 0 rg BT 150.63 713.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 182.69 713.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 220.84 713.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 261.78 713.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 279.94 713.10 Td (dif) Tj ET Q q 0 0 0 rg BT 290.87 713.10 Td (ferences ) Tj ET Q q 0 0 0 rg BT 327.36 713.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 365.51 713.10 Td (within ) Tj ET Q q 0 0 0 rg BT 394.25 713.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 432.41 713.10 Td (income/\(expenses\) ) Tj ET Q q 0 0 0 rg BT 510.56 713.10 Td (for ) Tj ET Q q 0 0 0 rg BT 525.40 713.10 Td (the ) Tj ET Q q 0 0 0 rg BT 540.80 713.10 Td (year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 701.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 80.28 701.10 Td (December ) Tj ET Q q 0 0 0 rg BT 123.76 701.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.66 701.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.66 701.10 Td (, ) Tj ET Q q 0 0 0 rg BT 163.56 701.10 Td (except ) Tj ET Q q 0 0 0 rg BT 192.05 701.10 Td (for ) Tj ET Q q 0 0 0 rg BT 206.11 701.10 Td (those ) Tj ET Q q 0 0 0 rg BT 229.62 701.10 Td (arising ) Tj ET Q q 0 0 0 rg BT 259.23 701.10 Td (on ) Tj ET Q q 0 0 0 rg BT 271.63 701.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 309.01 701.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 358.07 701.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 398.79 701.10 Td (at ) Tj ET Q q 0 0 0 rg BT 408.40 701.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 424.68 701.10 Td (value, ) Tj ET Q q 0 0 0 rg BT 451.23 701.10 Td (amounted ) Tj ET Q q 0 0 0 rg BT 493.07 701.10 Td (to ) Tj ET Q q 0 0 0 rg BT 503.24 701.10 Td (net ) Tj ET Q q 0 0 0 rg BT 517.86 701.10 Td (income ) Tj ET Q q 0 0 0 rg BT 549.69 701.10 Td (of ) Tj ET Q q 0 0 0 rg BT 560.52 701.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 689.10 Td (10,794 ) Tj ET Q q 0 0 0 rg BT 88.43 689.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 126.47 689.10 Td (\(net ) Tj ET Q q 0 0 0 rg BT 143.95 689.10 Td (income ) Tj ET Q q 0 0 0 rg BT 175.32 689.10 Td (of ) Tj ET Q q 0 0 0 rg BT 185.58 689.10 Td (15,663 ) Tj ET Q q 0 0 0 rg BT 220.01 689.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 258.06 689.10 Td (and ) Tj ET Q q 0 0 0 rg BT 274.43 689.10 Td (net ) Tj ET Q q 0 0 0 rg BT 288.58 689.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 326.61 689.10 Td (of ) Tj ET Q q 0 0 0 rg BT 336.87 689.10 Td (9,1) Tj ET Q q 0 0 0 rg BT 354.00 689.10 Td (10 ) Tj ET Q q 0 0 0 rg BT 365.93 689.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 403.97 689.10 Td (for ) Tj ET Q q 0 0 0 rg BT 417.57 689.10 Td (the ) Tj ET Q q 0 0 0 rg BT 431.71 689.10 Td (years ) Tj ET Q q 0 0 0 rg BT 454.75 689.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 480.56 689.10 Td (December ) Tj ET Q q 0 0 0 rg BT 523.57 689.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.00 689.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.00 689.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 677.10 Td (and ) Tj ET Q q 0 0 0 rg BT 70.94 677.10 Td (2013, ) Tj ET Q q 0 0 0 rg BT 95.94 677.10 Td (respectively\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 653.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 653.10 Td (The ) Tj ET Q q 0 0 0 rg BT 107.71 653.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 137.09 653.10 Td (of ) Tj ET Q q 0 0 0 rg BT 147.59 653.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 178.64 653.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 215.78 653.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 255.70 653.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 272.86 653.10 Td (dif) Tj ET Q q 0 0 0 rg BT 283.78 653.10 Td (ferences ) Tj ET Q q 0 0 0 rg BT 319.26 653.10 Td (arising ) Tj ET Q q 0 0 0 rg BT 348.64 653.10 Td (from ) Tj ET Q q 0 0 0 rg BT 370.25 653.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 407.40 653.10 Td (services ) Tj ET Q q 0 0 0 rg BT 441.77 653.10 Td (companies, ) Tj ET Q q 0 0 0 rg BT 489.20 653.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 535.23 653.10 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 641.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 73.48 641.10 Td (of ) Tj ET Q q 0 0 0 rg BT 85.19 641.10 Td (sales, ) Tj ET Q q 0 0 0 rg BT 110.50 641.10 Td (for ) Tj ET Q q 0 0 0 rg BT 125.53 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 141.12 641.10 Td (year ) Tj ET Q q 0 0 0 rg BT 161.71 641.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 188.96 641.10 Td (December ) Tj ET Q q 0 0 0 rg BT 233.41 641.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.29 641.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.29 641.10 Td ( ) Tj ET Q q 0 0 0 rg BT 272.66 641.10 Td (amounted ) Tj ET Q q 0 0 0 rg BT 315.47 641.10 Td (to ) Tj ET Q q 0 0 0 rg BT 326.62 641.10 Td (net ) Tj ET Q q 0 0 0 rg BT 342.21 641.10 Td (income ) Tj ET Q q 0 0 0 rg BT 375.02 641.10 Td (of ) Tj ET Q q 0 0 0 rg BT 386.72 641.10 Td (20,908 ) Tj ET Q q 0 0 0 rg BT 422.60 641.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 462.08 641.10 Td (\(net ) Tj ET Q q 0 0 0 rg BT 481.00 641.10 Td (income ) Tj ET Q q 0 0 0 rg BT 513.81 641.10 Td (of ) Tj ET Q q 0 0 0 rg BT 525.51 641.10 Td (14,575 ) Tj ET Q q 0 0 0 rg BT 560.51 641.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 629.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 92.61 629.10 Td (and ) Tj ET Q q 0 0 0 rg BT 109.55 629.10 Td (net ) Tj ET Q q 0 0 0 rg BT 124.26 629.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 162.86 629.10 Td (of ) Tj ET Q q 0 0 0 rg BT 173.69 629.10 Td (4,107 ) Tj ET Q q 0 0 0 rg BT 203.69 629.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 242.30 629.10 Td (for ) Tj ET Q q 0 0 0 rg BT 256.46 629.10 Td (the ) Tj ET Q q 0 0 0 rg BT 271.18 629.10 Td (years ) Tj ET Q q 0 0 0 rg BT 294.78 629.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 321.15 629.10 Td (December ) Tj ET Q q 0 0 0 rg BT 364.74 629.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.74 629.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.74 629.10 Td ( ) Tj ET Q q 0 0 0 rg BT 402.24 629.10 Td (and ) Tj ET Q q 0 0 0 rg BT 419.18 629.10 Td (2013, ) Tj ET Q q 0 0 0 rg BT 444.18 629.10 Td (respectively\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 605.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 605.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.77 605.10 Td (Group) Tj ET Q q 0 0 0 rg BT 137.10 605.10 Td (s ) Tj ET Q q 0 0 0 rg BT 144.22 605.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 183.54 605.10 Td (to ) Tj ET Q q 0 0 0 rg BT 194.54 605.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 227.20 605.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 245.41 605.10 Td (risk, ) Tj ET Q q 0 0 0 rg BT 266.13 605.10 Td (though ) Tj ET Q q 0 0 0 rg BT 297.14 605.10 Td (less ) Tj ET Q q 0 0 0 rg BT 315.36 605.10 Td (significant, ) Tj ET Q q 0 0 0 rg BT 363.30 605.10 Td (arises ) Tj ET Q q 0 0 0 rg BT 389.29 605.10 Td (from ) Tj ET Q q 0 0 0 rg BT 411.95 605.10 Td (the ) Tj ET Q q 0 0 0 rg BT 427.39 605.10 Td (need ) Tj ET Q q 0 0 0 rg BT 449.49 605.10 Td (to ) Tj ET Q q 0 0 0 rg BT 460.50 605.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 482.05 605.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 520.25 605.10 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 593.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 91.98 593.10 Td (and ) Tj ET Q q 0 0 0 rg BT 108.29 593.10 Td (the ) Tj ET Q q 0 0 0 rg BT 122.38 593.10 Td (necessity ) Tj ET Q q 0 0 0 rg BT 160.92 593.10 Td (to ) Tj ET Q q 0 0 0 rg BT 170.57 593.10 Td (deploy ) Tj ET Q q 0 0 0 rg BT 199.66 593.10 Td (surplus ) Tj ET Q q 0 0 0 rg BT 230.43 593.10 Td (funds. ) Tj ET Q q 0 0 0 rg BT 257.03 593.10 Td (In ) Tj ET Q q 0 0 0 rg BT 267.24 593.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 304.39 593.10 Td (during ) Tj ET Q q 0 0 0 rg BT 332.37 593.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 354.25 593.10 Td (the ) Tj ET Q q 0 0 0 rg BT 368.34 593.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 395.77 593.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 427.07 593.10 Td (into ) Tj ET Q q 0 0 0 rg BT 444.50 593.10 Td (a ) Tj ET Q q 0 0 0 rg BT 450.82 593.10 Td (new ) Tj ET Q q 0 0 0 rg BT 469.22 593.10 Td (T) Tj ET Q q 0 0 0 rg BT 474.63 593.10 Td (erm ) Tj ET Q q 0 0 0 rg BT 492.05 593.10 Td (Loan ) Tj ET Q q 0 0 0 rg BT 514.47 593.10 Td (and ) Tj ET Q q 0 0 0 rg BT 530.79 593.10 Td (Bridge ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 581.10 Td (Loan ) Tj ET Q q 0 0 0 rg BT 77.01 581.10 Td (for ) Tj ET Q q 0 0 0 rg BT 91.12 581.10 Td (a ) Tj ET Q q 0 0 0 rg BT 98.02 581.10 Td (total ) Tj ET Q q 0 0 0 rg BT 118.25 581.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 150.71 581.10 Td (of ) Tj ET Q q 0 0 0 rg BT 161.50 581.10 Td (2 ) Tj ET Q q 0 0 0 rg BT 173.95 581.10 Td (billion ) Tj ET Q q 0 0 0 rg BT 202.53 581.10 Td (which ) Tj ET Q q 0 0 0 rg BT 229.42 581.10 Td (bear ) Tj ET Q q 0 0 0 rg BT 249.09 581.10 Td (floating ) Tj ET Q q 0 0 0 rg BT 282.65 581.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 303.99 581.10 Td (of ) Tj ET Q q 0 0 0 rg BT 314.77 581.10 Td (interest. ) Tj ET Q q 0 0 0 rg BT 349.17 581.10 Td (Changes ) Tj ET Q q 0 0 0 rg BT 386.06 581.10 Td (in ) Tj ET Q q 0 0 0 rg BT 396.30 581.10 Td (market ) Tj ET Q q 0 0 0 rg BT 426.52 581.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 458.41 581.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 479.75 581.10 Td (may ) Tj ET Q q 0 0 0 rg BT 499.42 581.10 Td (have ) Tj ET Q q 0 0 0 rg BT 520.76 581.10 Td (the ) Tj ET Q q 0 0 0 rg BT 535.44 581.10 Td (ef) Tj ET Q q 0 0 0 rg BT 543.02 581.10 Td (fect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 569.10 Td (of ) Tj ET Q q 0 0 0 rg BT 65.28 569.10 Td (either ) Tj ET Q q 0 0 0 rg BT 91.00 569.10 Td (increasing ) Tj ET Q q 0 0 0 rg BT 135.04 569.10 Td (or ) Tj ET Q q 0 0 0 rg BT 146.32 569.10 Td (decreasing ) Tj ET Q q 0 0 0 rg BT 192.03 569.10 Td (the ) Tj ET Q q 0 0 0 rg BT 207.20 569.10 Td (Group) Tj ET Q q 0 0 0 rg BT 235.53 569.10 Td (s ) Tj ET Q q 0 0 0 rg BT 242.37 569.10 Td (net ) Tj ET Q q 0 0 0 rg BT 257.54 569.10 Td (profit/\(loss\), ) Tj ET Q q 0 0 0 rg BT 310.21 569.10 Td (thereby ) Tj ET Q q 0 0 0 rg BT 343.15 569.10 Td (indirectly ) Tj ET Q q 0 0 0 rg BT 384.42 569.10 Td (af) Tj ET Q q 0 0 0 rg BT 392.01 569.10 Td (fecting ) Tj ET Q q 0 0 0 rg BT 422.72 569.10 Td (the ) Tj ET Q q 0 0 0 rg BT 437.89 569.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 460.84 569.10 Td (and ) Tj ET Q q 0 0 0 rg BT 478.23 569.10 Td (returns ) Tj ET Q q 0 0 0 rg BT 508.95 569.10 Td (of ) Tj ET Q q 0 0 0 rg BT 520.23 569.10 Td (financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 557.10 Td (and ) Tj ET Q q 0 0 0 rg BT 70.94 557.10 Td (investing ) Tj ET Q q 0 0 0 rg BT 110.10 557.10 Td (transactions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 533.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 533.10 Td (These ) Tj ET Q q 0 0 0 rg BT 116.19 533.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 153.47 533.10 Td (market ) Tj ET Q q 0 0 0 rg BT 183.55 533.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 204.75 533.10 Td (could ) Tj ET Q q 0 0 0 rg BT 229.27 533.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 281.57 533.10 Td (af) Tj ET Q q 0 0 0 rg BT 289.16 533.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 306.45 533.10 Td (the ) Tj ET Q q 0 0 0 rg BT 320.98 533.10 Td (Group) Tj ET Q q 0 0 0 rg BT 349.31 533.10 Td (s ) Tj ET Q q 0 0 0 rg BT 355.51 533.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 392.80 533.10 Td (position ) Tj ET Q q 0 0 0 rg BT 427.33 533.10 Td (and ) Tj ET Q q 0 0 0 rg BT 444.08 533.10 Td (results ) Tj ET Q q 0 0 0 rg BT 472.50 533.10 Td (of ) Tj ET Q q 0 0 0 rg BT 483.14 533.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 529.60 533.10 Td (and ) Tj ET Q q 0 0 0 rg BT 546.35 533.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 521.10 Td (this ) Tj ET Q q 0 0 0 rg BT 70.29 521.10 Td (reason ) Tj ET Q q 0 0 0 rg BT 98.24 521.10 Td (these ) Tj ET Q q 0 0 0 rg BT 120.63 521.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 141.36 521.10 Td (are ) Tj ET Q q 0 0 0 rg BT 155.42 521.10 Td (identified ) Tj ET Q q 0 0 0 rg BT 195.58 521.10 Td (and ) Tj ET Q q 0 0 0 rg BT 211.86 521.10 Td (monitored, ) Tj ET Q q 0 0 0 rg BT 257.31 521.10 Td (in ) Tj ET Q q 0 0 0 rg BT 266.94 521.10 Td (order ) Tj ET Q q 0 0 0 rg BT 289.88 521.10 Td (to ) Tj ET Q q 0 0 0 rg BT 299.50 521.10 Td (detect ) Tj ET Q q 0 0 0 rg BT 325.22 521.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 362.05 521.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 397.77 521.10 Td (ef) Tj ET Q q 0 0 0 rg BT 405.36 521.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 426.08 521.10 Td (in ) Tj ET Q q 0 0 0 rg BT 435.70 521.10 Td (advance ) Tj ET Q q 0 0 0 rg BT 470.30 521.10 Td (and ) Tj ET Q q 0 0 0 rg BT 486.58 521.10 Td (take ) Tj ET Q q 0 0 0 rg BT 505.08 521.10 Td (the ) Tj ET Q q 0 0 0 rg BT 519.15 521.10 Td (necessary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 509.10 Td (actions ) Tj ET Q q 0 0 0 rg BT 84.96 509.10 Td (to ) Tj ET Q q 0 0 0 rg BT 95.38 509.10 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 130.79 509.10 Td (them, ) Tj ET Q q 0 0 0 rg BT 155.92 509.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 195.77 509.10 Td (through ) Tj ET Q q 0 0 0 rg BT 229.52 509.10 Td (its ) Tj ET Q q 0 0 0 rg BT 241.60 509.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 282.00 509.10 Td (and ) Tj ET Q q 0 0 0 rg BT 299.08 509.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 339.48 509.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 378.22 509.10 Td (and ) Tj ET Q q 0 0 0 rg BT 395.30 509.10 Td (if ) Tj ET Q q 0 0 0 rg BT 404.04 509.10 Td (required, ) Tj ET Q q 0 0 0 rg BT 442.50 509.10 Td (through ) Tj ET Q q 0 0 0 rg BT 476.24 509.10 Td (the ) Tj ET Q q 0 0 0 rg BT 491.10 509.10 Td (use ) Tj ET Q q 0 0 0 rg BT 507.07 509.10 Td (of ) Tj ET Q q 0 0 0 rg BT 518.04 509.10 Td (derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 497.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 91.48 497.10 Td (instruments. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 473.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 473.10 Td (As ) Tj ET Q q 0 0 0 rg BT 102.92 473.10 Td (part ) Tj ET Q q 0 0 0 rg BT 120.28 473.10 Td (of ) Tj ET Q q 0 0 0 rg BT 130.41 473.10 Td (the ) Tj ET Q q 0 0 0 rg BT 144.44 473.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 163.34 473.10 Td ( ) Tj ET Q q 0 0 0 rg BT 165.15 473.10 Td (Group, ) Tj ET Q q 0 0 0 rg BT 195.01 473.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 224.02 473.10 Td (applied ) Tj ET Q q 0 0 0 rg BT 255.27 473.10 Td (the ) Tj ET Q q 0 0 0 rg BT 269.29 473.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 288.19 473.10 Td ( ) Tj ET Q q 0 0 0 rg BT 290.00 473.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 317.36 473.10 Td (treasury ) Tj ET Q q 0 0 0 rg BT 351.38 473.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 368.18 473.10 Td (management ) Tj ET Q q 0 0 0 rg BT 421.08 473.10 Td (policies. ) Tj ET Q q 0 0 0 rg BT 456.49 473.10 Td ( ) Tj ET Q q 0 0 0 rg BT 458.30 473.10 Td (Following ) Tj ET Q q 0 0 0 rg BT 501.23 473.10 Td (the ) Tj ET Q q 0 0 0 rg BT 515.25 473.10 Td (Separation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 461.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 83.64 461.10 Td (has ) Tj ET Q q 0 0 0 rg BT 99.40 461.10 Td (implemented ) Tj ET Q q 0 0 0 rg BT 154.04 461.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 171.48 461.10 Td (management ) Tj ET Q q 0 0 0 rg BT 225.00 461.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 258.54 461.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 298.18 461.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 331.16 461.10 Td (to ) Tj ET Q q 0 0 0 rg BT 341.37 461.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 372.68 461.10 Td (exchange, ) Tj ET Q q 0 0 0 rg BT 415.36 461.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 447.23 461.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 464.65 461.10 Td (and ) Tj ET Q q 0 0 0 rg BT 481.52 461.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 517.85 461.10 Td (risk. ) Tj ET Q q 0 0 0 rg BT 537.78 461.10 Td ( ) Tj ET Q q 0 0 0 rg BT 540.21 461.10 Td ( ) Tj ET Q q 0 0 0 rg BT 542.47 461.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 449.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 87.60 449.10 Td (as ) Tj ET Q q 0 0 0 rg BT 98.43 449.10 Td (an ) Tj ET Q q 0 0 0 rg BT 110.37 449.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 161.74 449.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 189.80 449.10 Td (are ) Tj ET Q q 0 0 0 rg BT 204.50 449.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 257.55 449.10 Td (in ) Tj ET Q q 0 0 0 rg BT 267.83 449.10 Td (line ) Tj ET Q q 0 0 0 rg BT 285.33 449.10 Td (with ) Tj ET Q q 0 0 0 rg BT 305.61 449.10 Td (those ) Tj ET Q q 0 0 0 rg BT 329.21 449.10 Td (that ) Tj ET Q q 0 0 0 rg BT 346.71 449.10 Td (the ) Tj ET Q q 0 0 0 rg BT 361.43 449.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 389.48 449.10 Td (followed ) Tj ET Q q 0 0 0 rg BT 427.53 449.10 Td (under ) Tj ET Q q 0 0 0 rg BT 452.79 449.10 Td (the ) Tj ET Q q 0 0 0 rg BT 467.51 449.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 486.41 449.10 Td ( ) Tj ET Q q 0 0 0 rg BT 488.91 449.10 Td (Group.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 437.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 425.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 425.10 Td (Risk ) Tj ET Q q 0 0 0 rg BT 110.45 425.10 Td (management ) Tj ET Q q 0 0 0 rg BT 163.64 425.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 196.85 425.10 Td (permit ) Tj ET Q q 0 0 0 rg BT 225.06 425.10 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 271.04 425.10 Td (to ) Tj ET Q q 0 0 0 rg BT 280.93 425.10 Td (be ) Tj ET Q q 0 0 0 rg BT 292.47 425.10 Td (used ) Tj ET Q q 0 0 0 rg BT 312.91 425.10 Td (for ) Tj ET Q q 0 0 0 rg BT 326.68 425.10 Td (managing ) Tj ET Q q 0 0 0 rg BT 368.22 425.10 Td (exposures ) Tj ET Q q 0 0 0 rg BT 410.31 425.10 Td (to ) Tj ET Q q 0 0 0 rg BT 420.20 425.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 451.18 425.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 491.04 425.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 512.03 425.10 Td (and ) Tj ET Q q 0 0 0 rg BT 528.57 425.10 Td (interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 413.10 Td (rates. ) Tj ET Q q 0 0 0 rg BT 78.68 413.10 Td ( ) Tj ET Q q 0 0 0 rg BT 81.98 413.10 Td (Derivatives ) Tj ET Q q 0 0 0 rg BT 131.38 413.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 161.34 413.10 Td (be ) Tj ET Q q 0 0 0 rg BT 174.08 413.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 206.81 413.10 Td (into ) Tj ET Q q 0 0 0 rg BT 225.67 413.10 Td (for ) Tj ET Q q 0 0 0 rg BT 240.63 413.10 Td (speculative ) Tj ET Q q 0 0 0 rg BT 288.91 413.10 Td (purposes ) Tj ET Q q 0 0 0 rg BT 327.77 413.10 Td (and ) Tj ET Q q 0 0 0 rg BT 345.51 413.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 405.46 413.10 Td (to ) Tj ET Q q 0 0 0 rg BT 416.54 413.10 Td (the ) Tj ET Q q 0 0 0 rg BT 432.06 413.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 480.89 413.10 Td (are ) Tj ET Q q 0 0 0 rg BT 496.40 413.10 Td (major ) Tj ET Q q 0 0 0 rg BT 523.03 413.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 401.10 Td (instititutions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 377.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 377.10 Td (In ) Tj ET Q q 0 0 0 rg BT 101.44 377.10 Td (particular) Tj ET Q q 0 0 0 rg BT 139.35 377.10 Td (, ) Tj ET Q q 0 0 0 rg BT 144.97 377.10 Td (the ) Tj ET Q q 0 0 0 rg BT 160.30 377.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 188.97 377.10 Td (has ) Tj ET Q q 0 0 0 rg BT 205.41 377.10 Td (used ) Tj ET Q q 0 0 0 rg BT 226.85 377.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 269.95 377.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 308.04 377.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 357.82 377.10 Td (as ) Tj ET Q q 0 0 0 rg BT 369.27 377.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 390.15 377.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 411.59 377.10 Td (hedges ) Tj ET Q q 0 0 0 rg BT 442.48 377.10 Td (for ) Tj ET Q q 0 0 0 rg BT 457.25 377.10 Td (the ) Tj ET Q q 0 0 0 rg BT 472.58 377.10 Td (purpose ) Tj ET Q q 0 0 0 rg BT 507.36 377.10 Td (of ) Tj ET Q q 0 0 0 rg BT 518.80 377.10 Td (fixing ) Tj ET Q q 0 0 0 rg BT 545.80 377.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 365.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 84.53 365.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 121.16 365.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 160.56 365.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 177.20 365.10 Td (at ) Tj ET Q q 0 0 0 rg BT 186.07 365.10 Td (which ) Tj ET Q q 0 0 0 rg BT 212.16 365.10 Td (a ) Tj ET Q q 0 0 0 rg BT 218.26 365.10 Td (predetermined ) Tj ET Q q 0 0 0 rg BT 277.66 365.10 Td (proportion ) Tj ET Q q 0 0 0 rg BT 321.53 365.10 Td (of ) Tj ET Q q 0 0 0 rg BT 331.51 365.10 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 374.25 365.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 423.66 365.10 Td (denominated ) Tj ET Q q 0 0 0 rg BT 476.97 365.10 Td (in ) Tj ET Q q 0 0 0 rg BT 486.40 365.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 516.93 365.10 Td (currencies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 353.10 Td (will ) Tj ET Q q 0 0 0 rg BT 71.92 353.10 Td (be ) Tj ET Q q 0 0 0 rg BT 83.73 353.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 126.62 353.10 Td (for) Tj ET Q q 0 0 0 rg BT 137.73 353.10 Td (. ) Tj ET Q q 0 0 0 rg BT 142.08 353.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 191.41 353.10 Td (, ) Tj ET Q q 0 0 0 rg BT 196.28 353.10 Td (as ) Tj ET Q q 0 0 0 rg BT 206.97 353.10 Td (a ) Tj ET Q q 0 0 0 rg BT 213.78 353.10 Td (result ) Tj ET Q q 0 0 0 rg BT 238.36 353.10 Td (of ) Tj ET Q q 0 0 0 rg BT 249.06 353.10 Td (applying ) Tj ET Q q 0 0 0 rg BT 286.42 353.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 303.78 353.10 Td (management ) Tj ET Q q 0 0 0 rg BT 357.24 353.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 390.71 353.10 Td (with ) Tj ET Q q 0 0 0 rg BT 410.85 353.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 441.53 353.10 Td (to ) Tj ET Q q 0 0 0 rg BT 451.68 353.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 482.92 353.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 520.26 353.10 Td (exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 341.10 Td (exposure, ) Tj ET Q q 0 0 0 rg BT 96.02 341.10 Td (the ) Tj ET Q q 0 0 0 rg BT 111.66 341.10 Td (Group) Tj ET Q q 0 0 0 rg BT 139.99 341.10 Td (s ) Tj ET Q q 0 0 0 rg BT 147.31 341.10 Td (results ) Tj ET Q q 0 0 0 rg BT 176.84 341.10 Td (of ) Tj ET Q q 0 0 0 rg BT 188.60 341.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 233.68 341.10 Td (and ) Tj ET Q q 0 0 0 rg BT 251.54 341.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 272.73 341.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 298.38 341.10 Td (have ) Tj ET Q q 0 0 0 rg BT 320.68 341.10 Td (not ) Tj ET Q q 0 0 0 rg BT 336.88 341.10 Td (been ) Tj ET Q q 0 0 0 rg BT 359.18 341.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 381.49 341.10 Td (exposed ) Tj ET Q q 0 0 0 rg BT 417.69 341.10 Td (to ) Tj ET Q q 0 0 0 rg BT 428.89 341.10 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 479.53 341.10 Td (in ) Tj ET Q q 0 0 0 rg BT 490.73 341.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 523.03 341.10 Td (currency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 329.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 94.25 329.10 Td (rates.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 305.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 305.10 Td (The ) Tj ET Q q 0 0 0 rg BT 109.74 305.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 142.82 305.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 181.99 305.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 223.94 305.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 243.12 305.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 283.42 305.10 Td (on ) Tj ET Q q 0 0 0 rg BT 297.61 305.10 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 342.90 305.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 394.29 305.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 420.71 305.10 Td (is ) Tj ET Q q 0 0 0 rg BT 431.57 305.10 Td (hedged ) Tj ET Q q 0 0 0 rg BT 464.65 305.10 Td (by ) Tj ET Q q 0 0 0 rg BT 478.85 305.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 523.02 305.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 293.10 Td (instruments. ) Tj ET Q q 0 0 0 rg BT 106.00 293.10 Td (Despite ) Tj ET Q q 0 0 0 rg BT 139.38 293.10 Td (these ) Tj ET Q q 0 0 0 rg BT 162.76 293.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 197.81 293.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 250.91 293.10 Td (sudden ) Tj ET Q q 0 0 0 rg BT 282.07 293.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 315.44 293.10 Td (movements ) Tj ET Q q 0 0 0 rg BT 364.38 293.10 Td (in ) Tj ET Q q 0 0 0 rg BT 374.99 293.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 406.70 293.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 444.51 293.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 485.10 293.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 506.81 293.10 Td (could ) Tj ET Q q 0 0 0 rg BT 531.86 293.10 Td (have ) Tj ET Q q 0 0 0 rg BT 553.57 293.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 281.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 98.71 281.10 Td (ef) Tj ET Q q 0 0 0 rg BT 106.30 281.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 123.79 281.10 Td (on ) Tj ET Q q 0 0 0 rg BT 136.29 281.10 Td (the ) Tj ET Q q 0 0 0 rg BT 151.00 281.10 Td (Group) Tj ET Q q 0 0 0 rg BT 179.33 281.10 Td (s ) Tj ET Q q 0 0 0 rg BT 185.72 281.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 222.10 281.10 Td (and ) Tj ET Q q 0 0 0 rg BT 239.04 281.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 259.31 281.10 Td (flows.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 257.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 257.10 Td (Information ) Tj ET Q q 0 0 0 rg BT 140.26 257.10 Td (on ) Tj ET Q q 0 0 0 rg BT 152.76 257.10 Td (the ) Tj ET Q q 0 0 0 rg BT 167.48 257.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 183.86 257.10 Td (value ) Tj ET Q q 0 0 0 rg BT 208.01 257.10 Td (of ) Tj ET Q q 0 0 0 rg BT 218.84 257.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 261.32 257.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 298.80 257.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 347.97 257.10 Td (held ) Tj ET Q q 0 0 0 rg BT 367.69 257.10 Td (is ) Tj ET Q q 0 0 0 rg BT 376.86 257.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 414.90 257.10 Td (in ) Tj ET Q q 0 0 0 rg BT 425.18 257.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 447.12 257.10 Td (19. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 233.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 233.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.63 233.10 Td (following ) Tj ET Q q 0 0 0 rg BT 150.61 233.10 Td (section ) Tj ET Q q 0 0 0 rg BT 182.02 233.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 219.54 233.10 Td (qualitative ) Tj ET Q q 0 0 0 rg BT 264.83 233.10 Td (and ) Tj ET Q q 0 0 0 rg BT 282.36 233.10 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 332.65 233.10 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 380.18 233.10 Td (on ) Tj ET Q q 0 0 0 rg BT 393.26 233.10 Td (the ) Tj ET Q q 0 0 0 rg BT 408.56 233.10 Td (ef) Tj ET Q q 0 0 0 rg BT 416.15 233.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 434.22 233.10 Td (that ) Tj ET Q q 0 0 0 rg BT 452.30 233.10 Td (these ) Tj ET Q q 0 0 0 rg BT 475.94 233.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 497.92 233.10 Td (may ) Tj ET Q q 0 0 0 rg BT 518.22 233.10 Td (have. ) Tj ET Q q 0 0 0 rg BT 542.46 233.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 221.10 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 104.12 221.10 Td (data ) Tj ET Q q 0 0 0 rg BT 123.68 221.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 159.91 221.10 Td (below ) Tj ET Q q 0 0 0 rg BT 187.25 221.10 Td (does ) Tj ET Q q 0 0 0 rg BT 208.49 221.10 Td (not ) Tj ET Q q 0 0 0 rg BT 224.18 221.10 Td (have ) Tj ET Q q 0 0 0 rg BT 245.97 221.10 Td (any ) Tj ET Q q 0 0 0 rg BT 263.31 221.10 Td (predictive ) Tj ET Q q 0 0 0 rg BT 306.20 221.10 Td (value, ) Tj ET Q q 0 0 0 rg BT 333.27 221.10 Td (in ) Tj ET Q q 0 0 0 rg BT 343.96 221.10 Td (particular ) Tj ET Q q 0 0 0 rg BT 385.17 221.10 Td (the ) Tj ET Q q 0 0 0 rg BT 400.30 221.10 Td (sensitivity ) Tj ET Q q 0 0 0 rg BT 444.32 221.10 Td (analysis ) Tj ET Q q 0 0 0 rg BT 479.45 221.10 Td (on ) Tj ET Q q 0 0 0 rg BT 492.36 221.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 530.25 221.10 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 209.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 75.35 209.10 Td (does ) Tj ET Q q 0 0 0 rg BT 96.15 209.10 Td (not ) Tj ET Q q 0 0 0 rg BT 111.39 209.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 139.38 209.10 Td (the ) Tj ET Q q 0 0 0 rg BT 154.06 209.10 Td (complexity ) Tj ET Q q 0 0 0 rg BT 201.51 209.10 Td (of ) Tj ET Q q 0 0 0 rg BT 212.31 209.10 Td (the ) Tj ET Q q 0 0 0 rg BT 226.99 209.10 Td (market ) Tj ET Q q 0 0 0 rg BT 257.21 209.10 Td (or ) Tj ET Q q 0 0 0 rg BT 268.00 209.10 Td (the ) Tj ET Q q 0 0 0 rg BT 282.68 209.10 Td (reaction ) Tj ET Q q 0 0 0 rg BT 317.35 209.10 Td (which ) Tj ET Q q 0 0 0 rg BT 344.25 209.10 Td (may ) Tj ET Q q 0 0 0 rg BT 363.93 209.10 Td (result ) Tj ET Q q 0 0 0 rg BT 388.61 209.10 Td (from ) Tj ET Q q 0 0 0 rg BT 410.51 209.10 Td (any ) Tj ET Q q 0 0 0 rg BT 427.41 209.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 462.08 209.10 Td (that ) Tj ET Q q 0 0 0 rg BT 479.54 209.10 Td (are ) Tj ET Q q 0 0 0 rg BT 494.21 209.10 Td (assumed ) Tj ET Q q 0 0 0 rg BT 531.11 209.10 Td (to ) Tj ET Q q 0 0 0 rg BT 541.35 209.10 Td (take ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 197.10 Td (place.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 185.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 90.00 185.10 Td (Quantitative ) Tj ET Q q 0 0 0 rg BT 143.61 185.10 Td (information ) Tj ET Q q 0 0 0 rg BT 195.57 185.10 Td (on ) Tj ET Q q 0 0 0 rg BT 208.63 185.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 241.13 185.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 280.29 185.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 322.23 185.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 340.84 185.10 Td (risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 161.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 161.10 Td (The ) Tj ET Q q 0 0 0 rg BT 107.94 161.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 135.88 161.10 Td (is ) Tj ET Q q 0 0 0 rg BT 144.95 161.10 Td (exposed ) Tj ET Q q 0 0 0 rg BT 180.11 161.10 Td (to ) Tj ET Q q 0 0 0 rg BT 190.28 161.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 207.67 161.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 245.06 161.10 Td (from ) Tj ET Q q 0 0 0 rg BT 266.89 161.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 301.49 161.10 Td (in ) Tj ET Q q 0 0 0 rg BT 311.66 161.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 342.93 161.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 380.30 161.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 420.44 161.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 444.21 161.10 Td (which ) Tj ET Q q 0 0 0 rg BT 471.04 161.10 Td (can ) Tj ET Q q 0 0 0 rg BT 487.31 161.10 Td (af) Tj ET Q q 0 0 0 rg BT 494.90 161.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 512.28 161.10 Td (its ) Tj ET Q q 0 0 0 rg BT 524.12 161.10 Td (earnings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 149.10 Td (and ) Tj ET Q q 0 0 0 rg BT 70.94 149.10 Td (equity) Tj ET Q q 0 0 0 rg BT 95.28 149.10 Td (. ) Tj ET Q q 0 0 0 rg BT 100.28 149.10 Td (In ) Tj ET Q q 0 0 0 rg BT 111.11 149.10 Td (particular:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 125.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 125.10 Td (Where ) Tj ET Q q 0 0 0 rg BT 138.04 125.10 Td (a ) Tj ET Q q 0 0 0 rg BT 145.88 125.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 174.83 125.10 Td (company ) Tj ET Q q 0 0 0 rg BT 214.88 125.10 Td (incurs ) Tj ET Q q 0 0 0 rg BT 242.72 125.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 266.12 125.10 Td (in ) Tj ET Q q 0 0 0 rg BT 277.30 125.10 Td (a ) Tj ET Q q 0 0 0 rg BT 285.13 125.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 323.51 125.10 Td (dif) Tj ET Q q 0 0 0 rg BT 334.44 125.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 361.15 125.10 Td (from ) Tj ET Q q 0 0 0 rg BT 383.99 125.10 Td (that ) Tj ET Q q 0 0 0 rg BT 402.38 125.10 Td (of ) Tj ET Q q 0 0 0 rg BT 414.11 125.10 Td (its ) Tj ET Q q 0 0 0 rg BT 426.96 125.10 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 468.39 125.10 Td (any ) Tj ET Q q 0 0 0 rg BT 486.23 125.10 Td (change ) Tj ET Q q 0 0 0 rg BT 517.94 125.10 Td (in ) Tj ET Q q 0 0 0 rg BT 529.12 125.10 Td (foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 113.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 145.22 113.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 185.22 113.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 206.35 113.10 Td (can ) Tj ET Q q 0 0 0 rg BT 222.47 113.10 Td (af) Tj ET Q q 0 0 0 rg BT 230.06 113.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 247.29 113.10 Td (the ) Tj ET Q q 0 0 0 rg BT 261.76 113.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 301.77 113.10 Td (results ) Tj ET Q q 0 0 0 rg BT 330.13 113.10 Td (of ) Tj ET Q q 0 0 0 rg BT 340.70 113.10 Td (that ) Tj ET Q q 0 0 0 rg BT 357.95 113.10 Td (company) Tj ET Q q 0 0 0 rg BT 393.95 113.10 Td (. ) Tj ET Q q 0 0 0 rg BT 398.70 113.10 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.28 113.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.28 113.10 Td (, ) Tj ET Q q 0 0 0 rg BT 434.02 113.10 Td (the ) Tj ET Q q 0 0 0 rg BT 448.49 113.10 Td (total ) Tj ET Q q 0 0 0 rg BT 468.51 113.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 490.74 113.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 515.21 113.10 Td (exposed ) Tj ET Q q 0 0 0 rg BT 550.23 113.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 101.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 139.24 101.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 176.58 101.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 216.70 101.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 234.04 101.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 251.41 101.10 Td (amounted ) Tj ET Q q 0 0 0 rg BT 293.21 101.10 Td (to ) Tj ET Q q 0 0 0 rg BT 303.35 101.10 Td (the ) Tj ET Q q 0 0 0 rg BT 317.93 101.10 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 361.94 101.10 Td (of ) Tj ET Q q 0 0 0 rg BT 372.63 101.10 Td (53 ) Tj ET Q q 0 0 0 rg BT 385.00 101.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 416.78 101.10 Td (of ) Tj ET Q q 0 0 0 rg BT 427.48 101.10 Td (the ) Tj ET Q q 0 0 0 rg BT 442.06 101.10 Td (Group) Tj ET Q q 0 0 0 rg BT 470.39 101.10 Td (s ) Tj ET Q q 0 0 0 rg BT 476.64 101.10 Td (turnover ) Tj ET Q q 0 0 0 rg BT 512.88 101.10 Td (\(44 ) Tj ET Q q 0 0 0 rg BT 528.58 101.10 Td (percent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 89.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.28 89.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.28 89.10 Td (\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 65.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 65.10 Td (The ) Tj ET Q q 0 0 0 rg BT 126.04 65.10 Td (main ) Tj ET Q q 0 0 0 rg BT 148.53 65.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 179.90 65.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 217.37 65.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 257.61 65.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 275.09 65.10 Td (to ) Tj ET Q q 0 0 0 rg BT 285.36 65.10 Td (which ) Tj ET Q q 0 0 0 rg BT 312.29 65.10 Td (the ) Tj ET Q q 0 0 0 rg BT 327.00 65.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 355.05 65.10 Td (is ) Tj ET Q q 0 0 0 rg BT 364.21 65.10 Td (exposed ) Tj ET Q q 0 0 0 rg BT 399.47 65.10 Td (is ) Tj ET Q q 0 0 0 rg BT 408.63 65.10 Td (the ) Tj ET Q q 0 0 0 rg BT 423.34 65.10 Td (Euro/U.S. ) Tj ET Q q 0 0 0 rg BT 465.83 65.10 Td (Dollar ) Tj ET Q q 0 0 0 rg BT 493.87 65.10 Td (for ) Tj ET Q q 0 0 0 rg BT 508.03 65.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 529.96 65.10 Td (in ) Tj ET Q q 0 0 0 rg BT 540.23 65.10 Td (U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 53.10 Td (Dollar ) Tj ET Q q 0 0 0 rg BT 135.55 53.10 Td (in ) Tj ET Q q 0 0 0 rg BT 145.33 53.10 Td (the ) Tj ET Q q 0 0 0 rg BT 159.55 53.10 Td (United ) Tj ET Q q 0 0 0 rg BT 188.77 53.10 Td (States ) Tj ET Q q 0 0 0 rg BT 214.66 53.10 Td (and ) Tj ET Q q 0 0 0 rg BT 231.10 53.10 Td (Mexico ) Tj ET Q q 0 0 0 rg BT 263.64 53.10 Td (and ) Tj ET Q q 0 0 0 rg BT 280.08 53.10 Td (other ) Tj ET Q q 0 0 0 rg BT 302.63 53.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 336.29 53.10 Td (where ) Tj ET Q q 0 0 0 rg BT 362.72 53.10 Td (the ) Tj ET Q q 0 0 0 rg BT 376.94 53.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 396.73 53.10 Td (Dollar ) Tj ET Q q 0 0 0 rg BT 424.27 53.10 Td (is ) Tj ET Q q 0 0 0 rg BT 432.95 53.10 Td (the ) Tj ET Q q 0 0 0 rg BT 447.17 53.10 Td (reference ) Tj ET Q q 0 0 0 rg BT 486.35 53.10 Td (currency) Tj ET Q q 0 0 0 rg BT 520.68 53.10 Td (. ) Tj ET Q q 0 0 0 rg BT 525.18 53.10 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.51 53.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.51 53.10 Td (, ) Tj ET Q endstream endobj 427 0 obj <> endobj 428 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 760.75 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 760.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.60 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 199.82 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 206.31 748.75 Td (O ) Tj ET Q q 0 0 0 rg BT 216.41 748.75 Td (THE CONSOLIDA) Tj ET Q q 0 0 0 rg BT 299.85 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 379.03 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 393.02 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 399.50 748.75 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.60 736.75 Td (At December) Tj ET Q q 0 0 0 rg BT 294.78 736.75 Td (31, 2015 and 2014) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 294.65 32.20 Td (F-64) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 713.10 Td (the ) Tj ET Q q 0 0 0 rg BT 123.04 713.10 Td (value ) Tj ET Q q 0 0 0 rg BT 147.52 713.10 Td (of ) Tj ET Q q 0 0 0 rg BT 158.67 713.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 208.69 713.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 241.51 713.10 Td (exposed ) Tj ET Q q 0 0 0 rg BT 277.10 713.10 Td (to ) Tj ET Q q 0 0 0 rg BT 287.70 713.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 322.73 713.10 Td (in ) Tj ET Q q 0 0 0 rg BT 333.34 713.10 Td (the ) Tj ET Q q 0 0 0 rg BT 348.38 713.10 Td (Euro/U.S. ) Tj ET Q q 0 0 0 rg BT 391.20 713.10 Td (Dollar ) Tj ET Q q 0 0 0 rg BT 419.57 713.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 460.15 713.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 477.96 713.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 521.31 713.10 Td (for ) Tj ET Q q 0 0 0 rg BT 535.80 713.10 Td (about ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 701.10 Td (67 ) Tj ET Q q 0 0 0 rg BT 120.60 701.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 152.63 701.10 Td (\(63 ) Tj ET Q q 0 0 0 rg BT 168.56 701.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 200.59 701.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.97 701.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.97 701.10 Td (\)\) ) Tj ET Q q 0 0 0 rg BT 240.23 701.10 Td (of ) Tj ET Q q 0 0 0 rg BT 251.16 701.10 Td (the ) Tj ET Q q 0 0 0 rg BT 265.98 701.10 Td (total ) Tj ET Q q 0 0 0 rg BT 286.36 701.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 323.94 701.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 341.54 701.10 Td (from ) Tj ET Q q 0 0 0 rg BT 363.58 701.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 413.38 701.10 Td (activity) Tj ET Q q 0 0 0 rg BT 442.72 701.10 Td (. ) Tj ET Q q 0 0 0 rg BT 447.82 701.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 473.20 701.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 518.01 701.10 Td (exposures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 689.10 Td (included ) Tj ET Q q 0 0 0 rg BT 144.44 689.10 Td (the ) Tj ET Q q 0 0 0 rg BT 158.67 689.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 198.43 689.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 215.43 689.10 Td (between ) Tj ET Q q 0 0 0 rg BT 250.75 689.10 Td (the ) Tj ET Q q 0 0 0 rg BT 264.98 689.10 Td (Euro ) Tj ET Q q 0 0 0 rg BT 286.43 689.10 Td (and ) Tj ET Q q 0 0 0 rg BT 302.87 689.10 Td (the ) Tj ET Q q 0 0 0 rg BT 317.10 689.10 Td (following ) Tj ET Q q 0 0 0 rg BT 358.00 689.10 Td (currencies: ) Tj ET Q q 0 0 0 rg BT 403.87 689.10 Td (Swiss ) Tj ET Q q 0 0 0 rg BT 429.22 689.10 Td (Franc, ) Tj ET Q q 0 0 0 rg BT 456.50 689.10 Td (Pound ) Tj ET Q q 0 0 0 rg BT 484.07 689.10 Td (Sterling, ) Tj ET Q q 0 0 0 rg BT 520.24 689.10 Td (Canadian ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 677.10 Td (Dollar) Tj ET Q q 0 0 0 rg BT 133.15 677.10 Td (, ) Tj ET Q q 0 0 0 rg BT 138.10 677.10 Td (Australian ) Tj ET Q q 0 0 0 rg BT 182.90 677.10 Td (Dollar) Tj ET Q q 0 0 0 rg BT 208.04 677.10 Td (, ) Tj ET Q q 0 0 0 rg BT 213.69 677.10 Td (Japanese ) Tj ET Q q 0 0 0 rg BT 251.90 677.10 Td (Y) Tj ET Q q 0 0 0 rg BT 258.12 677.10 Td (en, ) Tj ET Q q 0 0 0 rg BT 273.21 677.10 Td (Chinese ) Tj ET Q q 0 0 0 rg BT 308.10 677.10 Td (Y) Tj ET Q q 0 0 0 rg BT 314.21 677.10 Td (uan ) Tj ET Q q 0 0 0 rg BT 331.80 677.10 Td (and ) Tj ET Q q 0 0 0 rg BT 349.38 677.10 Td (Hong ) Tj ET Q q 0 0 0 rg BT 374.75 677.10 Td (Kong ) Tj ET Q q 0 0 0 rg BT 400.11 677.10 Td (Dollar) Tj ET Q q 0 0 0 rg BT 425.11 677.10 Td (. ) Tj ET Q q 0 0 0 rg BT 430.75 677.10 Td (None ) Tj ET Q q 0 0 0 rg BT 455.56 677.10 Td (of ) Tj ET Q q 0 0 0 rg BT 467.03 677.10 Td (these ) Tj ET Q q 0 0 0 rg BT 490.72 677.10 Td (exposures, ) Tj ET Q q 0 0 0 rg BT 536.36 677.10 Td (taken ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 665.10 Td (individually) Tj ET Q q 0 0 0 rg BT 155.68 665.10 Td (, ) Tj ET Q q 0 0 0 rg BT 161.12 665.10 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 201.25 665.10 Td (10 ) Tj ET Q q 0 0 0 rg BT 214.18 665.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 246.54 665.10 Td (of ) Tj ET Q q 0 0 0 rg BT 257.81 665.10 Td (the ) Tj ET Q q 0 0 0 rg BT 272.97 665.10 Td (Group) Tj ET Q q 0 0 0 rg BT 301.30 665.10 Td (s ) Tj ET Q q 0 0 0 rg BT 308.12 665.10 Td (total ) Tj ET Q q 0 0 0 rg BT 328.83 665.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 360.65 665.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 398.56 665.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 439.25 665.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 457.17 665.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 496.21 665.10 Td (for ) Tj ET Q q 0 0 0 rg BT 510.81 665.10 Td (commercial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 653.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 139.87 653.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.54 653.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.54 653.10 Td (, ) Tj ET Q q 0 0 0 rg BT 173.92 653.10 Td (with ) Tj ET Q q 0 0 0 rg BT 193.58 653.10 Td (the ) Tj ET Q q 0 0 0 rg BT 207.68 653.10 Td (exception ) Tj ET Q q 0 0 0 rg BT 248.44 653.10 Td (of ) Tj ET Q q 0 0 0 rg BT 258.65 653.10 Td (the ) Tj ET Q q 0 0 0 rg BT 272.75 653.10 Td (Pound ) Tj ET Q q 0 0 0 rg BT 300.20 653.10 Td (Sterling, ) Tj ET Q q 0 0 0 rg BT 336.25 653.10 Td (which ) Tj ET Q q 0 0 0 rg BT 362.57 653.10 Td (represented ) Tj ET Q q 0 0 0 rg BT 410.54 653.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 470.18 653.10 Td (12 ) Tj ET Q q 0 0 0 rg BT 482.06 653.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 513.37 653.10 Td (\(12 ) Tj ET Q q 0 0 0 rg BT 528.58 653.10 Td (percent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 641.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.35 641.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.35 641.10 Td (\). ) Tj ET Q q 0 0 0 rg BT 148.75 641.10 Td (It ) Tj ET Q q 0 0 0 rg BT 158.44 641.10 Td (is ) Tj ET Q q 0 0 0 rg BT 168.68 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 184.47 641.10 Td (Group) Tj ET Q q 0 0 0 rg BT 212.80 641.10 Td (s ) Tj ET Q q 0 0 0 rg BT 220.26 641.10 Td (policy ) Tj ET Q q 0 0 0 rg BT 248.83 641.10 Td (to ) Tj ET Q q 0 0 0 rg BT 260.18 641.10 Td (use ) Tj ET Q q 0 0 0 rg BT 277.09 641.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 320.64 641.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 359.20 641.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 409.43 641.10 Td (to ) Tj ET Q q 0 0 0 rg BT 420.79 641.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 448.24 641.10 Td (a ) Tj ET Q q 0 0 0 rg BT 456.25 641.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 487.02 641.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 533.90 641.10 Td (of ) Tj ET Q q 0 0 0 rg BT 545.80 641.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 629.10 Td (exposure, ) Tj ET Q q 0 0 0 rg BT 149.57 629.10 Td (on ) Tj ET Q q 0 0 0 rg BT 162.53 629.10 Td (average ) Tj ET Q q 0 0 0 rg BT 196.59 629.10 Td (between ) Tj ET Q q 0 0 0 rg BT 232.87 629.10 Td (50 ) Tj ET Q q 0 0 0 rg BT 245.84 629.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 278.23 629.10 Td (and ) Tj ET Q q 0 0 0 rg BT 295.63 629.10 Td (90 ) Tj ET Q q 0 0 0 rg BT 308.60 629.10 Td (percent. ) Tj ET Q q 0 0 0 rg BT 343.49 629.10 Td (Until ) Tj ET Q q 0 0 0 rg BT 367.02 629.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 392.49 629.10 Td (some ) Tj ET Q q 0 0 0 rg BT 416.56 629.10 Td (exposures ) Tj ET Q q 0 0 0 rg BT 459.52 629.10 Td (were ) Tj ET Q q 0 0 0 rg BT 481.92 629.10 Td (covered ) Tj ET Q q 0 0 0 rg BT 516.53 629.10 Td (over ) Tj ET Q q 0 0 0 rg BT 537.27 629.10 Td (a ) Tj ET Q q 0 0 0 rg BT 544.67 629.10 Td (24-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 617.10 Td (month ) Tj ET Q q 0 0 0 rg BT 136.22 617.10 Td (rolling ) Tj ET Q q 0 0 0 rg BT 165.54 617.10 Td (period, ) Tj ET Q q 0 0 0 rg BT 196.25 617.10 Td (and ) Tj ET Q q 0 0 0 rg BT 213.35 617.10 Td (since ) Tj ET Q q 0 0 0 rg BT 236.56 617.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 259.22 617.10 Td (such ) Tj ET Q q 0 0 0 rg BT 280.21 617.10 Td (timeframe ) Tj ET Q q 0 0 0 rg BT 323.96 617.10 Td (has ) Tj ET Q q 0 0 0 rg BT 339.95 617.10 Td (been ) Tj ET Q q 0 0 0 rg BT 361.49 617.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 395.80 617.10 Td (to ) Tj ET Q q 0 0 0 rg BT 406.24 617.10 Td (12 ) Tj ET Q q 0 0 0 rg BT 418.90 617.10 Td (months ) Tj ET Q q 0 0 0 rg BT 451.01 617.10 Td (for ) Tj ET Q q 0 0 0 rg BT 465.33 617.10 Td (all ) Tj ET Q q 0 0 0 rg BT 477.99 617.10 Td (currencies. ) Tj ET Q q 0 0 0 rg BT 524.23 617.10 Td (For ) Tj ET Q q 0 0 0 rg BT 540.78 617.10 Td (firm ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 605.10 Td (commitments, ) Tj ET Q q 0 0 0 rg BT 167.44 605.10 Td (the ) Tj ET Q q 0 0 0 rg BT 182.16 605.10 Td (policy ) Tj ET Q q 0 0 0 rg BT 209.65 605.10 Td (is ) Tj ET Q q 0 0 0 rg BT 218.82 605.10 Td (to ) Tj ET Q q 0 0 0 rg BT 229.10 605.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 250.49 605.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 276.86 605.10 Td (the ) Tj ET Q q 0 0 0 rg BT 291.58 605.10 Td (exposure.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 581.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 581.10 Td (Several ) Tj ET Q q 0 0 0 rg BT 141.36 581.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 191.96 581.10 Td (are ) Tj ET Q q 0 0 0 rg BT 207.54 581.10 Td (located ) Tj ET Q q 0 0 0 rg BT 239.79 581.10 Td (in ) Tj ET Q q 0 0 0 rg BT 250.95 581.10 Td (countries ) Tj ET Q q 0 0 0 rg BT 290.98 581.10 Td (that ) Tj ET Q q 0 0 0 rg BT 309.36 581.10 Td (are ) Tj ET Q q 0 0 0 rg BT 324.94 581.10 Td (outside ) Tj ET Q q 0 0 0 rg BT 357.21 581.10 Td (the ) Tj ET Q q 0 0 0 rg BT 372.80 581.10 Td (Eurozone, ) Tj ET Q q 0 0 0 rg BT 416.99 581.10 Td (in ) Tj ET Q q 0 0 0 rg BT 428.15 581.10 Td (particular ) Tj ET Q q 0 0 0 rg BT 469.84 581.10 Td (the ) Tj ET Q q 0 0 0 rg BT 485.43 581.10 Td (United ) Tj ET Q q 0 0 0 rg BT 516.03 581.10 Td (States, ) Tj ET Q q 0 0 0 rg BT 545.79 581.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 569.10 Td (United ) Tj ET Q q 0 0 0 rg BT 138.98 569.10 Td (Kingdom, ) Tj ET Q q 0 0 0 rg BT 183.03 569.10 Td (Switzerland, ) Tj ET Q q 0 0 0 rg BT 237.06 569.10 Td (China, ) Tj ET Q q 0 0 0 rg BT 267.21 569.10 Td (Hong ) Tj ET Q q 0 0 0 rg BT 293.20 569.10 Td (Kong, ) Tj ET Q q 0 0 0 rg BT 321.69 569.10 Td (Japan, ) Tj ET Q q 0 0 0 rg BT 349.89 569.10 Td (Australia ) Tj ET Q q 0 0 0 rg BT 390.31 569.10 Td (and ) Tj ET Q q 0 0 0 rg BT 408.51 569.10 Td (Singapore. ) Tj ET Q q 0 0 0 rg BT 454.50 569.10 Td (As ) Tj ET Q q 0 0 0 rg BT 469.38 569.10 Td (the ) Tj ET Q q 0 0 0 rg BT 485.36 569.10 Td (Group) Tj ET Q q 0 0 0 rg BT 513.69 569.10 Td (s ) Tj ET Q q 0 0 0 rg BT 521.35 569.10 Td (reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 557.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 144.67 557.10 Td (is ) Tj ET Q q 0 0 0 rg BT 153.03 557.10 Td (the ) Tj ET Q q 0 0 0 rg BT 166.94 557.10 Td (Euro, ) Tj ET Q q 0 0 0 rg BT 190.57 557.10 Td (the ) Tj ET Q q 0 0 0 rg BT 204.48 557.10 Td (income ) Tj ET Q q 0 0 0 rg BT 235.61 557.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 279.52 557.10 Td (of ) Tj ET Q q 0 0 0 rg BT 289.54 557.10 Td (those ) Tj ET Q q 0 0 0 rg BT 312.34 557.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 356.80 557.10 Td (are ) Tj ET Q q 0 0 0 rg BT 370.70 557.10 Td (converted ) Tj ET Q q 0 0 0 rg BT 411.82 557.10 Td (into ) Tj ET Q q 0 0 0 rg BT 429.07 557.10 Td (Euro ) Tj ET Q q 0 0 0 rg BT 450.20 557.10 Td (using ) Tj ET Q q 0 0 0 rg BT 473.56 557.10 Td (the ) Tj ET Q q 0 0 0 rg BT 487.47 557.10 Td (average ) Tj ET Q q 0 0 0 rg BT 520.25 557.10 Td (exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 545.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 125.51 545.10 Td (for ) Tj ET Q q 0 0 0 rg BT 139.70 545.10 Td (the ) Tj ET Q q 0 0 0 rg BT 154.44 545.10 Td (period ) Tj ET Q q 0 0 0 rg BT 182.52 545.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 201.98 545.10 Td (even ) Tj ET Q q 0 0 0 rg BT 223.39 545.10 Td (if ) Tj ET Q q 0 0 0 rg BT 232.02 545.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 270.08 545.10 Td (and ) Tj ET Q q 0 0 0 rg BT 287.05 545.10 Td (mar) Tj ET Q q 0 0 0 rg BT 302.42 545.10 Td (gins ) Tj ET Q q 0 0 0 rg BT 321.61 545.10 Td (are ) Tj ET Q q 0 0 0 rg BT 336.35 545.10 Td (unchanged ) Tj ET Q q 0 0 0 rg BT 382.19 545.10 Td (in ) Tj ET Q q 0 0 0 rg BT 392.49 545.10 Td (local ) Tj ET Q q 0 0 0 rg BT 414.46 545.10 Td (currency) Tj ET Q q 0 0 0 rg BT 448.78 545.10 Td (, ) Tj ET Q q 0 0 0 rg BT 453.81 545.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 488.54 545.10 Td (in ) Tj ET Q q 0 0 0 rg BT 498.85 545.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 539.13 545.10 Td (rates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 533.10 Td (can ) Tj ET Q q 0 0 0 rg BT 124.38 533.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 154.09 533.10 Td (the ) Tj ET Q q 0 0 0 rg BT 168.81 533.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 201.30 533.10 Td (of ) Tj ET Q q 0 0 0 rg BT 212.13 533.10 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 252.67 533.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 275.17 533.10 Td (and ) Tj ET Q q 0 0 0 rg BT 292.11 533.10 Td (profit ) Tj ET Q q 0 0 0 rg BT 316.82 533.10 Td (as ) Tj ET Q q 0 0 0 rg BT 327.65 533.10 Td (restated ) Tj ET Q q 0 0 0 rg BT 361.25 533.10 Td (in ) Tj ET Q q 0 0 0 rg BT 371.53 533.10 Td (Euro.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 509.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 509.10 Td (The ) Tj ET Q q 0 0 0 rg BT 126.15 509.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 158.74 509.10 Td (of ) Tj ET Q q 0 0 0 rg BT 169.67 509.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 195.60 509.10 Td (and ) Tj ET Q q 0 0 0 rg BT 212.64 509.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 252.46 509.10 Td (of ) Tj ET Q q 0 0 0 rg BT 263.39 509.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 316.53 509.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 361.89 509.10 Td (that ) Tj ET Q q 0 0 0 rg BT 379.49 509.10 Td (report ) Tj ET Q q 0 0 0 rg BT 405.97 509.10 Td (in ) Tj ET Q q 0 0 0 rg BT 416.34 509.10 Td (a ) Tj ET Q q 0 0 0 rg BT 423.38 509.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 460.96 509.10 Td (other ) Tj ET Q q 0 0 0 rg BT 484.11 509.10 Td (than ) Tj ET Q q 0 0 0 rg BT 503.92 509.10 Td (the ) Tj ET Q q 0 0 0 rg BT 518.74 509.10 Td (Euro ) Tj ET Q q 0 0 0 rg BT 540.78 509.10 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 497.10 Td (vary ) Tj ET Q q 0 0 0 rg BT 128.53 497.10 Td (from ) Tj ET Q q 0 0 0 rg BT 150.74 497.10 Td (period ) Tj ET Q q 0 0 0 rg BT 179.05 497.10 Td (to ) Tj ET Q q 0 0 0 rg BT 189.59 497.10 Td (period ) Tj ET Q q 0 0 0 rg BT 217.90 497.10 Td (as ) Tj ET Q q 0 0 0 rg BT 229.00 497.10 Td (a ) Tj ET Q q 0 0 0 rg BT 236.20 497.10 Td (result ) Tj ET Q q 0 0 0 rg BT 261.19 497.10 Td (of ) Tj ET Q q 0 0 0 rg BT 272.28 497.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 307.25 497.10 Td (in ) Tj ET Q q 0 0 0 rg BT 317.80 497.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 358.32 497.10 Td (rates. ) Tj ET Q q 0 0 0 rg BT 382.26 497.10 Td (The ) Tj ET Q q 0 0 0 rg BT 400.57 497.10 Td (ef) Tj ET Q q 0 0 0 rg BT 408.16 497.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 429.80 497.10 Td (of ) Tj ET Q q 0 0 0 rg BT 440.89 497.10 Td (these ) Tj ET Q q 0 0 0 rg BT 464.21 497.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 499.18 497.10 Td (are ) Tj ET Q q 0 0 0 rg BT 514.15 497.10 Td (recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 485.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 142.70 485.10 Td (in ) Tj ET Q q 0 0 0 rg BT 154.63 485.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 183.78 485.10 Td (as ) Tj ET Q q 0 0 0 rg BT 196.27 485.10 Td (a ) Tj ET Q q 0 0 0 rg BT 204.86 485.10 Td (component ) Tj ET Q q 0 0 0 rg BT 253.45 485.10 Td (of ) Tj ET Q q 0 0 0 rg BT 265.93 485.10 Td (other ) Tj ET Q q 0 0 0 rg BT 290.64 485.10 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 355.32 485.10 Td (income/\(loss\) ) Tj ET Q q 0 0 0 rg BT 413.91 485.10 Td (under ) Tj ET Q q 0 0 0 rg BT 440.84 485.10 Td (gains/\(losses\) ) Tj ET Q q 0 0 0 rg BT 499.43 485.10 Td (from ) Tj ET Q q 0 0 0 rg BT 523.02 485.10 Td (currency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 473.10 Td (translation ) Tj ET Q q 0 0 0 rg BT 152.71 473.10 Td (dif) Tj ET Q q 0 0 0 rg BT 163.64 473.10 Td (ferences.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 449.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 449.10 Td (The ) Tj ET Q q 0 0 0 rg BT 107.74 449.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 135.49 449.10 Td (monitors ) Tj ET Q q 0 0 0 rg BT 173.24 449.10 Td (its ) Tj ET Q q 0 0 0 rg BT 184.88 449.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 222.61 449.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 260.91 449.10 Td (to ) Tj ET Q q 0 0 0 rg BT 270.88 449.10 Td (conversion ) Tj ET Q q 0 0 0 rg BT 316.95 449.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 356.90 449.10 Td (risk, ) Tj ET Q q 0 0 0 rg BT 376.59 449.10 Td (although ) Tj ET Q q 0 0 0 rg BT 413.78 449.10 Td (there ) Tj ET Q q 0 0 0 rg BT 435.96 449.10 Td (was ) Tj ET Q q 0 0 0 rg BT 453.71 449.10 Td (no ) Tj ET Q q 0 0 0 rg BT 465.90 449.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 499.19 449.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 533.60 449.10 Td (in ) Tj ET Q q 0 0 0 rg BT 543.57 449.10 Td (this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 437.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 84.82 437.10 Td (at ) Tj ET Q q 0 0 0 rg BT 94.53 437.10 Td (the ) Tj ET Q q 0 0 0 rg BT 109.25 437.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 148.40 437.10 Td (date. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 413.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 413.10 Td (There ) Tj ET Q q 0 0 0 rg BT 116.21 413.10 Td (have ) Tj ET Q q 0 0 0 rg BT 137.98 413.10 Td (been ) Tj ET Q q 0 0 0 rg BT 159.75 413.10 Td (no ) Tj ET Q q 0 0 0 rg BT 172.64 413.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 218.31 413.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 253.41 413.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.08 413.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.08 413.10 Td ( ) Tj ET Q q 0 0 0 rg BT 286.97 413.10 Td (in ) Tj ET Q q 0 0 0 rg BT 297.64 413.10 Td (the ) Tj ET Q q 0 0 0 rg BT 312.75 413.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 340.63 413.10 Td (or ) Tj ET Q q 0 0 0 rg BT 351.86 413.10 Td (structure ) Tj ET Q q 0 0 0 rg BT 389.73 413.10 Td (of ) Tj ET Q q 0 0 0 rg BT 400.96 413.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 439.95 413.10 Td (to ) Tj ET Q q 0 0 0 rg BT 450.62 413.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 482.39 413.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 520.26 413.10 Td (exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 401.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 71.49 401.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 88.99 401.10 Td (or ) Tj ET Q q 0 0 0 rg BT 99.82 401.10 Td (in ) Tj ET Q q 0 0 0 rg BT 110.09 401.10 Td (the ) Tj ET Q q 0 0 0 rg BT 124.81 401.10 Td (Group) Tj ET Q q 0 0 0 rg BT 153.14 401.10 Td (s ) Tj ET Q q 0 0 0 rg BT 159.53 401.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 194.25 401.10 Td (policies. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 377.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 377.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.67 377.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 146.79 377.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 184.32 377.10 Td (in ) Tj ET Q q 0 0 0 rg BT 195.23 377.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 212.23 377.10 Td (value ) Tj ET Q q 0 0 0 rg BT 237.01 377.10 Td (of ) Tj ET Q q 0 0 0 rg BT 248.46 377.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 291.56 377.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 329.67 377.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 379.46 377.10 Td (held ) Tj ET Q q 0 0 0 rg BT 399.80 377.10 Td (by ) Tj ET Q q 0 0 0 rg BT 412.92 377.10 Td (the ) Tj ET Q q 0 0 0 rg BT 428.26 377.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 456.94 377.10 Td (at ) Tj ET Q q 0 0 0 rg BT 467.28 377.10 Td (December ) Tj ET Q q 0 0 0 rg BT 511.49 377.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.11 377.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.11 377.10 Td ( ) Tj ET Q q 0 0 0 rg BT 550.24 377.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 365.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 79.56 365.10 Td (against ) Tj ET Q q 0 0 0 rg BT 109.57 365.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 140.13 365.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 176.79 365.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 216.23 365.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 232.90 365.10 Td (risk, ) Tj ET Q q 0 0 0 rg BT 252.09 365.10 Td (which ) Tj ET Q q 0 0 0 rg BT 278.21 365.10 Td (would ) Tj ET Q q 0 0 0 rg BT 304.89 365.10 Td (arise ) Tj ET Q q 0 0 0 rg BT 325.46 365.10 Td (in ) Tj ET Q q 0 0 0 rg BT 334.92 365.10 Td (the ) Tj ET Q q 0 0 0 rg BT 348.82 365.10 Td (case ) Tj ET Q q 0 0 0 rg BT 367.71 365.10 Td (of ) Tj ET Q q 0 0 0 rg BT 377.73 365.10 Td (a ) Tj ET Q q 0 0 0 rg BT 383.85 365.10 Td (hypothetical, ) Tj ET Q q 0 0 0 rg BT 437.46 365.10 Td (immediate ) Tj ET Q q 0 0 0 rg BT 481.35 365.10 Td (and ) Tj ET Q q 0 0 0 rg BT 497.48 365.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 529.70 365.10 Td (change ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 353.10 Td (of ) Tj ET Q q 0 0 0 rg BT 64.86 353.10 Td (10 ) Tj ET Q q 0 0 0 rg BT 77.39 353.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 109.34 353.10 Td (in ) Tj ET Q q 0 0 0 rg BT 119.65 353.10 Td (the ) Tj ET Q q 0 0 0 rg BT 134.40 353.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 174.68 353.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 196.08 353.10 Td (of ) Tj ET Q q 0 0 0 rg BT 206.94 353.10 Td (the ) Tj ET Q q 0 0 0 rg BT 221.69 353.10 Td (major ) Tj ET Q q 0 0 0 rg BT 247.54 353.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 278.95 353.10 Td (currencies ) Tj ET Q q 0 0 0 rg BT 322.56 353.10 Td (with ) Tj ET Q q 0 0 0 rg BT 342.87 353.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.62 353.10 Td (Euro, ) Tj ET Q q 0 0 0 rg BT 382.09 353.10 Td (would ) Tj ET Q q 0 0 0 rg BT 409.62 353.10 Td (be ) Tj ET Q q 0 0 0 rg BT 421.58 353.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 481.87 353.10 Td (135,271 ) Tj ET Q q 0 0 0 rg BT 521.90 353.10 Td (thousand ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 341.10 Td (\(177,704 ) Tj ET Q q 0 0 0 rg BT 97.72 341.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 136.71 341.10 Td (at ) Tj ET Q q 0 0 0 rg BT 146.81 341.10 Td (December ) Tj ET Q q 0 0 0 rg BT 190.78 341.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.17 341.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.17 341.10 Td (\). ) Tj ET Q q 0 0 0 rg BT 234.88 341.10 Td (Receivables, ) Tj ET Q q 0 0 0 rg BT 288.58 341.10 Td (payables ) Tj ET Q q 0 0 0 rg BT 326.45 341.10 Td (and ) Tj ET Q q 0 0 0 rg BT 343.78 341.10 Td (future ) Tj ET Q q 0 0 0 rg BT 370.54 341.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 393.41 341.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 418.52 341.10 Td (for ) Tj ET Q q 0 0 0 rg BT 433.06 341.10 Td (which ) Tj ET Q q 0 0 0 rg BT 460.39 341.10 Td (hedges ) Tj ET Q q 0 0 0 rg BT 491.04 341.10 Td (have ) Tj ET Q q 0 0 0 rg BT 512.80 341.10 Td (been ) Tj ET Q q 0 0 0 rg BT 534.57 341.10 Td (put ) Tj ET Q q 0 0 0 rg BT 550.23 341.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 329.10 Td (place ) Tj ET Q q 0 0 0 rg BT 77.37 329.10 Td (were ) Tj ET Q q 0 0 0 rg BT 99.08 329.10 Td (not ) Tj ET Q q 0 0 0 rg BT 114.14 329.10 Td (included ) Tj ET Q q 0 0 0 rg BT 150.85 329.10 Td (in ) Tj ET Q q 0 0 0 rg BT 160.91 329.10 Td (the ) Tj ET Q q 0 0 0 rg BT 175.41 329.10 Td (analysis. ) Tj ET Q q 0 0 0 rg BT 212.40 329.10 Td (It ) Tj ET Q q 0 0 0 rg BT 220.79 329.10 Td (is ) Tj ET Q q 0 0 0 rg BT 229.74 329.10 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 274.77 329.10 Td (to ) Tj ET Q q 0 0 0 rg BT 284.83 329.10 Td (assume ) Tj ET Q q 0 0 0 rg BT 316.55 329.10 Td (that ) Tj ET Q q 0 0 0 rg BT 333.82 329.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 368.31 329.10 Td (in ) Tj ET Q q 0 0 0 rg BT 378.37 329.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 409.52 329.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 446.78 329.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 486.81 329.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 507.97 329.10 Td (will ) Tj ET Q q 0 0 0 rg BT 525.80 329.10 Td (produce ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 317.10 Td (the ) Tj ET Q q 0 0 0 rg BT 68.72 317.10 Td (opposite ) Tj ET Q q 0 0 0 rg BT 105.10 317.10 Td (ef) Tj ET Q q 0 0 0 rg BT 112.69 317.10 Td (fect, ) Tj ET Q q 0 0 0 rg BT 132.68 317.10 Td (of ) Tj ET Q q 0 0 0 rg BT 143.51 317.10 Td (an ) Tj ET Q q 0 0 0 rg BT 155.45 317.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 179.60 317.10 Td (or ) Tj ET Q q 0 0 0 rg BT 190.43 317.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 220.68 317.10 Td (amount, ) Tj ET Q q 0 0 0 rg BT 255.68 317.10 Td (on ) Tj ET Q q 0 0 0 rg BT 268.18 317.10 Td (the ) Tj ET Q q 0 0 0 rg BT 282.90 317.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 328.72 317.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 378.99 317.10 Td (that ) Tj ET Q q 0 0 0 rg BT 396.48 317.10 Td (have ) Tj ET Q q 0 0 0 rg BT 417.86 317.10 Td (been ) Tj ET Q q 0 0 0 rg BT 439.23 317.10 Td (hedged.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 293.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 293.10 Td (Information ) Tj ET Q q 0 0 0 rg BT 143.07 293.10 Td (on ) Tj ET Q q 0 0 0 rg BT 156.13 293.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 189.19 293.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 207.80 293.10 Td (risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 269.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 269.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.83 269.10 Td (Group's ) Tj ET Q q 0 0 0 rg BT 143.35 269.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 182.73 269.10 Td (to ) Tj ET Q q 0 0 0 rg BT 193.79 269.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 226.51 269.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 244.78 269.10 Td (risk, ) Tj ET Q q 0 0 0 rg BT 265.56 269.10 Td (though ) Tj ET Q q 0 0 0 rg BT 296.62 269.10 Td (less ) Tj ET Q q 0 0 0 rg BT 314.90 269.10 Td (significant, ) Tj ET Q q 0 0 0 rg BT 362.89 269.10 Td (arises ) Tj ET Q q 0 0 0 rg BT 388.94 269.10 Td (from ) Tj ET Q q 0 0 0 rg BT 411.66 269.10 Td (the ) Tj ET Q q 0 0 0 rg BT 427.16 269.10 Td (need ) Tj ET Q q 0 0 0 rg BT 449.32 269.10 Td (to ) Tj ET Q q 0 0 0 rg BT 460.38 269.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 481.99 269.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 520.25 269.10 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 257.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 91.98 257.10 Td (and ) Tj ET Q q 0 0 0 rg BT 108.29 257.10 Td (the ) Tj ET Q q 0 0 0 rg BT 122.38 257.10 Td (necessity ) Tj ET Q q 0 0 0 rg BT 160.92 257.10 Td (to ) Tj ET Q q 0 0 0 rg BT 170.57 257.10 Td (deploy ) Tj ET Q q 0 0 0 rg BT 199.66 257.10 Td (surplus ) Tj ET Q q 0 0 0 rg BT 230.43 257.10 Td (funds. ) Tj ET Q q 0 0 0 rg BT 257.03 257.10 Td (In ) Tj ET Q q 0 0 0 rg BT 267.24 257.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 304.39 257.10 Td (during ) Tj ET Q q 0 0 0 rg BT 332.37 257.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 354.25 257.10 Td (the ) Tj ET Q q 0 0 0 rg BT 368.34 257.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 395.77 257.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 427.07 257.10 Td (into ) Tj ET Q q 0 0 0 rg BT 444.50 257.10 Td (a ) Tj ET Q q 0 0 0 rg BT 450.82 257.10 Td (new ) Tj ET Q q 0 0 0 rg BT 469.22 257.10 Td (T) Tj ET Q q 0 0 0 rg BT 474.63 257.10 Td (erm ) Tj ET Q q 0 0 0 rg BT 492.05 257.10 Td (Loan ) Tj ET Q q 0 0 0 rg BT 514.47 257.10 Td (and ) Tj ET Q q 0 0 0 rg BT 530.79 257.10 Td (Bridge ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 245.10 Td (Loan ) Tj ET Q q 0 0 0 rg BT 77.01 245.10 Td (for ) Tj ET Q q 0 0 0 rg BT 91.12 245.10 Td (a ) Tj ET Q q 0 0 0 rg BT 98.02 245.10 Td (total ) Tj ET Q q 0 0 0 rg BT 118.25 245.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 150.71 245.10 Td (of ) Tj ET Q q 0 0 0 rg BT 161.50 245.10 Td (2 ) Tj ET Q q 0 0 0 rg BT 173.95 245.10 Td (billion ) Tj ET Q q 0 0 0 rg BT 202.53 245.10 Td (which ) Tj ET Q q 0 0 0 rg BT 229.42 245.10 Td (bear ) Tj ET Q q 0 0 0 rg BT 249.09 245.10 Td (floating ) Tj ET Q q 0 0 0 rg BT 282.65 245.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 303.99 245.10 Td (of ) Tj ET Q q 0 0 0 rg BT 314.77 245.10 Td (interest. ) Tj ET Q q 0 0 0 rg BT 349.17 245.10 Td (Changes ) Tj ET Q q 0 0 0 rg BT 386.06 245.10 Td (in ) Tj ET Q q 0 0 0 rg BT 396.30 245.10 Td (market ) Tj ET Q q 0 0 0 rg BT 426.52 245.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 458.41 245.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 479.75 245.10 Td (may ) Tj ET Q q 0 0 0 rg BT 499.42 245.10 Td (have ) Tj ET Q q 0 0 0 rg BT 520.76 245.10 Td (the ) Tj ET Q q 0 0 0 rg BT 535.44 245.10 Td (ef) Tj ET Q q 0 0 0 rg BT 543.02 245.10 Td (fect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 233.10 Td (of ) Tj ET Q q 0 0 0 rg BT 64.37 233.10 Td (either ) Tj ET Q q 0 0 0 rg BT 89.17 233.10 Td (increasing ) Tj ET Q q 0 0 0 rg BT 132.31 233.10 Td (or ) Tj ET Q q 0 0 0 rg BT 142.68 233.10 Td (decreasing ) Tj ET Q q 0 0 0 rg BT 187.47 233.10 Td (the ) Tj ET Q q 0 0 0 rg BT 201.73 233.10 Td (Group's ) Tj ET Q q 0 0 0 rg BT 235.01 233.10 Td (net ) Tj ET Q q 0 0 0 rg BT 249.27 233.10 Td (profit/\(loss\), ) Tj ET Q q 0 0 0 rg BT 301.03 233.10 Td (thereby ) Tj ET Q q 0 0 0 rg BT 333.05 233.10 Td (indirectly ) Tj ET Q q 0 0 0 rg BT 373.41 233.10 Td (af) Tj ET Q q 0 0 0 rg BT 381.00 233.10 Td (fecting ) Tj ET Q q 0 0 0 rg BT 410.80 233.10 Td (the ) Tj ET Q q 0 0 0 rg BT 425.06 233.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 447.10 233.10 Td (and ) Tj ET Q q 0 0 0 rg BT 463.58 233.10 Td (returns ) Tj ET Q q 0 0 0 rg BT 493.39 233.10 Td (of ) Tj ET Q q 0 0 0 rg BT 503.76 233.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 543.56 233.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 221.10 Td (investing ) Tj ET Q q 0 0 0 rg BT 93.17 221.10 Td (transactions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 197.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 197.10 Td (These ) Tj ET Q q 0 0 0 rg BT 116.25 197.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 153.60 197.10 Td (market ) Tj ET Q q 0 0 0 rg BT 183.73 197.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 204.99 197.10 Td (could ) Tj ET Q q 0 0 0 rg BT 229.58 197.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 281.94 197.10 Td (af) Tj ET Q q 0 0 0 rg BT 289.53 197.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 306.88 197.10 Td (the ) Tj ET Q q 0 0 0 rg BT 321.47 197.10 Td (Group's ) Tj ET Q q 0 0 0 rg BT 355.08 197.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 392.43 197.10 Td (position ) Tj ET Q q 0 0 0 rg BT 427.03 197.10 Td (and ) Tj ET Q q 0 0 0 rg BT 443.84 197.10 Td (results ) Tj ET Q q 0 0 0 rg BT 472.31 197.10 Td (of ) Tj ET Q q 0 0 0 rg BT 483.01 197.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 529.54 197.10 Td (and ) Tj ET Q q 0 0 0 rg BT 546.35 197.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 185.10 Td (this ) Tj ET Q q 0 0 0 rg BT 70.29 185.10 Td (reason ) Tj ET Q q 0 0 0 rg BT 98.24 185.10 Td (these ) Tj ET Q q 0 0 0 rg BT 120.63 185.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 141.36 185.10 Td (are ) Tj ET Q q 0 0 0 rg BT 155.42 185.10 Td (identified ) Tj ET Q q 0 0 0 rg BT 195.58 185.10 Td (and ) Tj ET Q q 0 0 0 rg BT 211.86 185.10 Td (monitored, ) Tj ET Q q 0 0 0 rg BT 257.31 185.10 Td (in ) Tj ET Q q 0 0 0 rg BT 266.94 185.10 Td (order ) Tj ET Q q 0 0 0 rg BT 289.88 185.10 Td (to ) Tj ET Q q 0 0 0 rg BT 299.50 185.10 Td (detect ) Tj ET Q q 0 0 0 rg BT 325.22 185.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 362.05 185.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 397.77 185.10 Td (ef) Tj ET Q q 0 0 0 rg BT 405.36 185.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 426.08 185.10 Td (in ) Tj ET Q q 0 0 0 rg BT 435.70 185.10 Td (advance ) Tj ET Q q 0 0 0 rg BT 470.30 185.10 Td (and ) Tj ET Q q 0 0 0 rg BT 486.58 185.10 Td (take ) Tj ET Q q 0 0 0 rg BT 505.08 185.10 Td (the ) Tj ET Q q 0 0 0 rg BT 519.15 185.10 Td (necessary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 173.10 Td (actions ) Tj ET Q q 0 0 0 rg BT 85.67 173.10 Td (to ) Tj ET Q q 0 0 0 rg BT 96.80 173.10 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 132.92 173.10 Td (them, ) Tj ET Q q 0 0 0 rg BT 158.76 173.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 199.32 173.10 Td (through ) Tj ET Q q 0 0 0 rg BT 233.78 173.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 274.89 173.10 Td (and ) Tj ET Q q 0 0 0 rg BT 292.68 173.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 333.79 173.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 373.24 173.10 Td (and ) Tj ET Q q 0 0 0 rg BT 391.03 173.10 Td (if ) Tj ET Q q 0 0 0 rg BT 400.48 173.10 Td (required, ) Tj ET Q q 0 0 0 rg BT 439.65 173.10 Td (through ) Tj ET Q q 0 0 0 rg BT 474.10 173.10 Td (the ) Tj ET Q q 0 0 0 rg BT 489.67 173.10 Td (use ) Tj ET Q q 0 0 0 rg BT 506.35 173.10 Td (of ) Tj ET Q q 0 0 0 rg BT 518.03 173.10 Td (derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 161.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 91.52 161.10 Td (instruments. ) Tj ET Q q 0 0 0 rg BT 143.04 161.10 Td (The ) Tj ET Q q 0 0 0 rg BT 161.13 161.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 202.55 161.10 Td (did ) Tj ET Q q 0 0 0 rg BT 217.87 161.10 Td (not ) Tj ET Q q 0 0 0 rg BT 233.19 161.10 Td (enter ) Tj ET Q q 0 0 0 rg BT 255.71 161.10 Td (into ) Tj ET Q q 0 0 0 rg BT 273.81 161.10 Td (any ) Tj ET Q q 0 0 0 rg BT 290.78 161.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 322.76 161.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 340.28 161.10 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 386.69 161.10 Td (in ) Tj ET Q q 0 0 0 rg BT 397.01 161.10 Td (the ) Tj ET Q q 0 0 0 rg BT 411.77 161.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 443.74 161.10 Td (covered ) Tj ET Q q 0 0 0 rg BT 477.93 161.10 Td (by ) Tj ET Q q 0 0 0 rg BT 490.47 161.10 Td (the ) Tj ET Q q 0 0 0 rg BT 505.22 161.10 Td (Consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 149.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 93.71 149.10 Td (Statements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 125.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 125.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.39 125.10 Td (Group's ) Tj ET Q q 0 0 0 rg BT 142.48 125.10 Td (most ) Tj ET Q q 0 0 0 rg BT 164.77 125.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 209.82 125.10 Td (floating ) Tj ET Q q 0 0 0 rg BT 243.76 125.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 261.59 125.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 299.41 125.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 325.59 125.10 Td (were ) Tj ET Q q 0 0 0 rg BT 347.86 125.10 Td (the ) Tj ET Q q 0 0 0 rg BT 362.92 125.10 Td (deposits ) Tj ET Q q 0 0 0 rg BT 398.54 125.10 Td (in ) Tj ET Q q 0 0 0 rg BT 409.16 125.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 428.06 125.10 Td ( ) Tj ET Q q 0 0 0 rg BT 430.90 125.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 459.29 125.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 479.90 125.10 Td (management ) Tj ET Q q 0 0 0 rg BT 533.83 125.10 Td (pools, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 113.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 75.34 113.10 Td (and ) Tj ET Q q 0 0 0 rg BT 93.36 113.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 114.70 113.10 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 163.82 113.10 Td (and ) Tj ET Q q 0 0 0 rg BT 181.83 113.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 212.61 113.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 261.16 113.10 Td (from ) Tj ET Q q 0 0 0 rg BT 284.17 113.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 325.51 113.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 365.19 113.10 Td (\(mainly ) Tj ET Q q 0 0 0 rg BT 399.87 113.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 438.42 113.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 486.97 113.10 Td (from ) Tj ET Q q 0 0 0 rg BT 509.98 113.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 528.88 113.10 Td ( ) Tj ET Q q 0 0 0 rg BT 532.46 113.10 Td (Group ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 101.10 Td (companies, ) Tj ET Q q 0 0 0 rg BT 101.13 101.10 Td (factoring ) Tj ET Q q 0 0 0 rg BT 139.09 101.10 Td (receivables, ) Tj ET Q q 0 0 0 rg BT 188.42 101.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 214.71 101.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 254.34 101.10 Td (and ) Tj ET Q q 0 0 0 rg BT 270.65 101.10 Td (some ) Tj ET Q q 0 0 0 rg BT 293.62 101.10 Td (client ) Tj ET Q q 0 0 0 rg BT 317.70 101.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 357.33 101.10 Td (receivables\) ) Tj ET Q q 0 0 0 rg BT 407.49 101.10 Td (while ) Tj ET Q q 0 0 0 rg BT 431.57 101.10 Td (the ) Tj ET Q q 0 0 0 rg BT 445.66 101.10 Td (Group's ) Tj ET Q q 0 0 0 rg BT 478.77 101.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 497.85 101.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 536.92 101.10 Td (bears ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 89.10 Td (floating ) Tj ET Q q 0 0 0 rg BT 87.48 89.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 108.74 89.10 Td (of ) Tj ET Q q 0 0 0 rg BT 119.45 89.10 Td (interest. ) Tj ET Q q 0 0 0 rg BT 153.24 89.10 Td (At ) Tj ET Q q 0 0 0 rg BT 165.62 89.10 Td (December ) Tj ET Q q 0 0 0 rg BT 209.08 89.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.97 89.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.97 89.10 Td (, ) Tj ET Q q 0 0 0 rg BT 248.85 89.10 Td (a ) Tj ET Q q 0 0 0 rg BT 255.66 89.10 Td (10 ) Tj ET Q q 0 0 0 rg BT 268.04 89.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 290.43 89.10 Td (point ) Tj ET Q q 0 0 0 rg BT 313.36 89.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 350.16 89.10 Td (in ) Tj ET Q q 0 0 0 rg BT 360.32 89.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 392.13 89.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 413.39 89.10 Td (on ) Tj ET Q q 0 0 0 rg BT 425.77 89.10 Td (such ) Tj ET Q q 0 0 0 rg BT 446.48 89.10 Td (floating ) Tj ET Q q 0 0 0 rg BT 479.96 89.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 497.33 89.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 534.69 89.10 Td (assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 77.10 Td (and ) Tj ET Q q 0 0 0 rg BT 70.77 77.10 Td (debt, ) Tj ET Q q 0 0 0 rg BT 92.81 77.10 Td (with ) Tj ET Q q 0 0 0 rg BT 112.92 77.10 Td (all ) Tj ET Q q 0 0 0 rg BT 125.24 77.10 Td (other ) Tj ET Q q 0 0 0 rg BT 148.12 77.10 Td (variables ) Tj ET Q q 0 0 0 rg BT 186.54 77.10 Td (held ) Tj ET Q q 0 0 0 rg BT 206.08 77.10 Td (constant, ) Tj ET Q q 0 0 0 rg BT 244.24 77.10 Td (would ) Tj ET Q q 0 0 0 rg BT 271.56 77.10 Td (have ) Tj ET Q q 0 0 0 rg BT 292.77 77.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 326.75 77.10 Td (in ) Tj ET Q q 0 0 0 rg BT 336.86 77.10 Td (an ) Tj ET Q q 0 0 0 rg BT 348.63 77.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 383.71 77.10 Td (in ) Tj ET Q q 0 0 0 rg BT 393.81 77.10 Td (profit ) Tj ET Q q 0 0 0 rg BT 418.36 77.10 Td (before ) Tj ET Q q 0 0 0 rg BT 446.22 77.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 469.10 77.10 Td (of ) Tj ET Q q 0 0 0 rg BT 479.76 77.10 Td (1,204 ) Tj ET Q q 0 0 0 rg BT 509.59 77.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 548.02 77.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 65.10 Td (an ) Tj ET Q q 0 0 0 rg BT 65.76 65.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 94.74 65.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 117.06 65.10 Td (\(a ) Tj ET Q q 0 0 0 rg BT 127.15 65.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 163.89 65.10 Td (of ) Tj ET Q q 0 0 0 rg BT 174.54 65.10 Td (598 ) Tj ET Q q 0 0 0 rg BT 196.86 65.10 Td (thousand ) Tj ET Q q 0 0 0 rg BT 235.29 65.10 Td (at ) Tj ET Q q 0 0 0 rg BT 244.83 65.10 Td (December ) Tj ET Q q 0 0 0 rg BT 288.23 65.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.06 65.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.06 65.10 Td (\). ) Tj ET Q q 0 0 0 rg BT 331.04 65.10 Td (The ) Tj ET Q q 0 0 0 rg BT 348.91 65.10 Td (analysis ) Tj ET Q q 0 0 0 rg BT 383.45 65.10 Td (is ) Tj ET Q q 0 0 0 rg BT 392.44 65.10 Td (based ) Tj ET Q q 0 0 0 rg BT 417.53 65.10 Td (on ) Tj ET Q q 0 0 0 rg BT 429.85 65.10 Td (the ) Tj ET Q q 0 0 0 rg BT 444.39 65.10 Td (assumption ) Tj ET Q q 0 0 0 rg BT 492.27 65.10 Td (that ) Tj ET Q q 0 0 0 rg BT 509.58 65.10 Td (floating ) Tj ET Q q 0 0 0 rg BT 543.01 65.10 Td (rate ) Tj ET Q endstream endobj 429 0 obj <> endobj 430 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 760.75 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 760.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.60 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 199.82 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 206.31 748.75 Td (O ) Tj ET Q q 0 0 0 rg BT 216.41 748.75 Td (THE CONSOLIDA) Tj ET Q q 0 0 0 rg BT 299.85 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 379.03 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 393.02 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 399.50 748.75 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.60 736.75 Td (At December) Tj ET Q q 0 0 0 rg BT 294.78 736.75 Td (31, 2015 and 2014) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 294.65 32.20 Td (F-65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 713.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 90.62 713.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 115.58 713.10 Td (and ) Tj ET Q q 0 0 0 rg BT 131.66 713.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 150.51 713.10 Td (which ) Tj ET Q q 0 0 0 rg BT 176.59 713.10 Td (expires ) Tj ET Q q 0 0 0 rg BT 207.10 713.10 Td (during ) Tj ET Q q 0 0 0 rg BT 234.85 713.10 Td (the ) Tj ET Q q 0 0 0 rg BT 248.70 713.10 Td (projected ) Tj ET Q q 0 0 0 rg BT 287.54 713.10 Td (12 ) Tj ET Q q 0 0 0 rg BT 299.18 713.10 Td (month ) Tj ET Q q 0 0 0 rg BT 326.37 713.10 Td (period ) Tj ET Q q 0 0 0 rg BT 353.56 713.10 Td (will ) Tj ET Q q 0 0 0 rg BT 370.75 713.10 Td (be ) Tj ET Q q 0 0 0 rg BT 381.83 713.10 Td (renewed ) Tj ET Q q 0 0 0 rg BT 417.33 713.10 Td (or ) Tj ET Q q 0 0 0 rg BT 427.30 713.10 Td (reinvested ) Tj ET Q q 0 0 0 rg BT 470.03 713.10 Td (in ) Tj ET Q q 0 0 0 rg BT 479.45 713.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 508.86 713.10 Td (instruments, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 701.10 Td (bearing ) Tj ET Q q 0 0 0 rg BT 86.49 701.10 Td (the ) Tj ET Q q 0 0 0 rg BT 101.20 701.10 Td (hypothetical ) Tj ET Q q 0 0 0 rg BT 153.13 701.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 197.29 701.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 229.22 701.10 Td (rates.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 677.10 Td (30. ENTITY) Tj ET Q q 0 0 0 rg BT 111.43 677.10 Td (-WIDE DISCLOSURES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 653.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 653.10 Td (The following table presents an analysis of net revenues by geographic location of the Group) Tj ET Q q 0 0 0 rg BT 464.89 653.10 Td (s clients:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 604.60 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 604.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 604.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 604.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 604.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 604.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 576.60 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 576.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 576.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 576.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 576.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 576.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 548.60 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 548.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 548.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 548.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 548.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 548.60 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 629.6 m 420.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 629.6 m 424.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 629.6 m 489.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 629.6 m 493.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 629.6 m 558.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 629.6 m 420.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 616.6 m 420.5 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 629.6 m 424.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 629.6 m 489.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 616.6 m 489.5 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 629.6 m 493.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 629.6 m 558.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 616.6 m 558.5 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 534.6 m 420.5 534.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 534.6 m 489.5 534.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 534.6 m 558.5 534.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 534.6 m 420.5 534.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 521.6 m 420.5 521.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 519.6 m 420.5 519.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 534.6 m 489.5 534.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 521.6 m 489.5 521.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 519.6 m 489.5 519.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 534.6 m 558.5 534.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 521.6 m 558.5 521.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 519.6 m 558.5 519.6 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 393.15 634.00 Td (For the years ended December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 378.50 621.00 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 447.50 621.00 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 516.50 621.00 Td (2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 439.85 608.55 Td (\( thousand\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 595.06 Td (Italy) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 387.75 595.06 Td (238,532) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.75 595.06 Td (514,277) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 525.75 595.06 Td (372,817) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 581.06 Td (Other EMEA) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 381.00 580.06 Td (1,209,916) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.00 580.06 Td (1,113,823) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 519.00 580.06 Td (1,008,015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 567.06 Td (Americas ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 93.73 571.14 Td (\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 387.75 566.06 Td (884,971) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.75 566.06 Td (635,507) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 525.75 566.06 Td (536,483) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 553.06 Td (Greater China ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 109.98 557.14 Td (\(2\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 387.75 552.06 Td (257,249) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.75 552.06 Td (289,069) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 525.75 552.06 Td (235,399) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.00 539.06 Td (Rest of ) Tj ET Q q 0 0 0 rg BT 84.50 539.06 Td (AP) Tj ET Q q 0 0 0 rg BT 95.18 539.06 Td (AC ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 109.93 543.14 Td (\(3\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 387.75 538.06 Td (263,701) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.75 538.06 Td (209,684) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 525.75 538.06 Td (182,556) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.00 526.00 Td (Total net revenues) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 381.00 525.55 Td (2,854,369) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 450.00 525.55 Td (2,762,360) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 519.00 525.55 Td (2,335,270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 509.10 Td (______________________________) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 499.50 Td (\(1\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 499.50 Td (Includes United States, Canada, Mexico and the r) Tj ET Q q 0 0 0 rg BT 231.45 499.50 Td (est of Central and South ) Tj ET Q q 0 0 0 rg BT 311.08 499.50 Td (America) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 489.90 Td (\(2\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 489.90 Td (Includes mainland China, Hong Kong and T) Tj ET Q q 0 0 0 rg BT 213.71 489.90 Td (aiwan) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 480.30 Td (\(3\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 480.30 Td (Mainly r) Tj ET Q q 0 0 0 rg BT 99.48 480.30 Td (elates to Japan and ) Tj ET Q q 0 0 0 rg BT 163.77 480.30 Td (Australia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 444.30 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 444.30 Td (The following table presents an analysis of non-current assets other than financial instruments and deferred tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 432.30 Td (assets by geographic location:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 341.80 88.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 341.80 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 197.50 341.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.50 341.80 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 341.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 341.80 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 341.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 341.80 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 341.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 341.80 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 341.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 341.80 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 341.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 341.80 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 315.80 88.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 315.80 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 197.50 315.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.50 315.80 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 315.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 315.80 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 315.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 315.80 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 315.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 315.80 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 315.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 315.80 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 315.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 315.80 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.50 289.80 88.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 289.80 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 197.50 289.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.50 289.80 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 289.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 289.80 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 289.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 289.80 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 289.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 289.80 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 289.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 289.80 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 289.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 289.80 56.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 141.5 396.79999999999995 m 197.5 396.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 396.79999999999995 m 201.5 396.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 201.5 396.79999999999995 m 257.5 396.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 396.79999999999995 m 261.5 396.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 396.79999999999995 m 317.5 396.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 396.79999999999995 m 321.5 396.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 396.79999999999995 m 377.5 396.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 396.79999999999995 m 381.5 396.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 396.79999999999995 m 437.5 396.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 396.79999999999995 m 441.5 396.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 396.79999999999995 m 497.5 396.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 396.79999999999995 m 501.5 396.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 396.79999999999995 m 557.5 396.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 141.5 396.79999999999995 m 197.5 396.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 141.5 383.79999999999995 m 197.5 383.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 396.79999999999995 m 201.5 396.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 383.79999999999995 m 201.5 383.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 201.5 396.79999999999995 m 257.5 396.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 201.5 383.79999999999995 m 257.5 383.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 396.79999999999995 m 261.5 396.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 383.79999999999995 m 261.5 383.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 396.79999999999995 m 317.5 396.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 383.79999999999995 m 317.5 383.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 396.79999999999995 m 321.5 396.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 396.79999999999995 m 377.5 396.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 383.79999999999995 m 377.5 383.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 396.79999999999995 m 381.5 396.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 383.79999999999995 m 381.5 383.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 396.79999999999995 m 437.5 396.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 383.79999999999995 m 437.5 383.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 396.79999999999995 m 441.5 396.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 383.79999999999995 m 441.5 383.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 396.79999999999995 m 497.5 396.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 383.79999999999995 m 497.5 383.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 396.79999999999995 m 501.5 396.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 383.79999999999995 m 501.5 383.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 396.79999999999995 m 557.5 396.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 383.79999999999995 m 557.5 383.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 141.5 383.79999999999995 m 197.5 383.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 141.5 354.79999999999995 m 197.5 354.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 201.5 383.79999999999995 m 257.5 383.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 201.5 354.79999999999995 m 257.5 354.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 383.79999999999995 m 317.5 383.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 354.79999999999995 m 317.5 354.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 383.79999999999995 m 377.5 383.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 354.79999999999995 m 377.5 354.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 383.79999999999995 m 437.5 383.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 354.79999999999995 m 437.5 354.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 383.79999999999995 m 497.5 383.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 354.79999999999995 m 497.5 354.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 383.79999999999995 m 557.5 383.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 354.79999999999995 m 557.5 354.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 141.5 276.79999999999995 m 197.5 276.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 141.5 264.79999999999995 m 197.5 264.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 141.5 262.79999999999995 m 197.5 262.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 201.5 276.79999999999995 m 257.5 276.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 201.5 264.79999999999995 m 257.5 264.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 201.5 262.79999999999995 m 257.5 262.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 276.79999999999995 m 317.5 276.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 264.79999999999995 m 317.5 264.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 262.79999999999995 m 317.5 262.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 276.79999999999995 m 377.5 276.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 264.79999999999995 m 377.5 264.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 262.79999999999995 m 377.5 262.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 276.79999999999995 m 437.5 276.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 264.79999999999995 m 437.5 264.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 262.79999999999995 m 437.5 262.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 276.79999999999995 m 497.5 276.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 264.79999999999995 m 497.5 264.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 262.79999999999995 m 497.5 262.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 276.79999999999995 m 557.5 276.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 264.79999999999995 m 557.5 264.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 262.79999999999995 m 557.5 262.79999999999995 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 320.50 401.03 Td (At December31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 221.00 388.03 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 431.00 388.03 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 152.95 375.03 Td (Property,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 152.65 367.03 Td (plant and) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 150.75 359.03 Td (equipment) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 213.40 359.03 Td (Goodwill) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 271.40 367.03 Td (Intangible) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 279.20 359.03 Td (assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 332.95 375.03 Td (Property,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 332.65 367.03 Td (plant and) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.75 359.03 Td (equipment) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 389.85 367.03 Td (Investment) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.50 359.03 Td (properties) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.40 359.03 Td (Goodwill) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 511.40 367.03 Td (Intangible) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.20 359.03 Td (assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 328.85 346.05 Td (\( thousand\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 333.05 Td (Italy) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 168.25 333.05 Td (617,420) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 228.25 333.05 Td (787,178) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 288.25 333.05 Td (304,754) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 348.25 333.05 Td (576,388) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 412.30 333.05 Td (35,565) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 468.25 333.05 Td (787,178) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.25 333.05 Td (260,990) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 320.05 Td (Other EMEA) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 176.30 320.05 Td (2,779) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 246.30 320.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 296.30 320.05 Td (1,691) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 356.30 320.05 Td (3,194) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.30 320.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 486.30 320.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.30 320.05 Td (2,205) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 307.05 Td (Americas) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 86.65 310.68 Td ( \(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 176.30 307.05 Td (4,347) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 246.30 307.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 296.30 307.05 Td (1,071) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 356.30 307.05 Td (3,696) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.30 307.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 486.30 307.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.30 307.05 Td (1,035) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 294.05 Td (Greater China) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 101.09 297.68 Td ( \(2\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 182.30 294.05 Td (532) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 246.30 294.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 306.30 294.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.30 294.05 Td (711) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.30 294.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 486.30 294.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 294.05 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 281.05 Td (Rest of ) Tj ET Q q 0 0 0 rg BT 80.45 281.05 Td (AP) Tj ET Q q 0 0 0 rg BT 89.94 281.05 Td (AC) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 101.05 284.68 Td ( \(3\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 176.30 281.05 Td (1,052) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 246.30 281.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.30 281.05 Td (294) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 356.30 281.05 Td (1,196) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.30 281.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 486.30 281.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.30 281.05 Td (1,031) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 56.00 268.03 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 168.25 268.03 Td (626,130) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 228.25 268.03 Td (787,178) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 288.25 268.03 Td (307,810) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.25 268.03 Td (585,185) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 412.30 268.03 Td (35,565) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.25 268.03 Td (787,178) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.25 268.03 Td (265,262) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 252.30 Td (______________________________) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 242.70 Td (\(1\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 242.70 Td (Includes United States, Canada, Mexico and the r) Tj ET Q q 0 0 0 rg BT 231.45 242.70 Td (est of Central and South ) Tj ET Q q 0 0 0 rg BT 311.08 242.70 Td (America) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 233.10 Td (\(2\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 233.10 Td (Includes mainland China, Hong Kong and T) Tj ET Q q 0 0 0 rg BT 213.71 233.10 Td (aiwan) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 223.50 Td (\(3\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 223.50 Td (Mainly r) Tj ET Q q 0 0 0 rg BT 99.48 223.50 Td (elates to Japan and ) Tj ET Q q 0 0 0 rg BT 163.77 223.50 Td (Australia) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 187.50 Td (31. SUBSEQUENT) Tj ET Q q 0 0 0 rg BT 141.07 187.50 Td ( EVENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 163.50 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 163.50 Td (The ) Tj ET Q q 0 0 0 rg BT 108.10 163.50 Td (Group ) Tj ET Q q 0 0 0 rg BT 136.21 163.50 Td (has ) Tj ET Q q 0 0 0 rg BT 152.10 163.50 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 192.96 163.50 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 239.96 163.50 Td (events ) Tj ET Q q 0 0 0 rg BT 268.06 163.50 Td (through ) Tj ET Q q 0 0 0 rg BT 301.73 163.50 Td (February ) Tj ET Q q 0 0 0 rg BT 340.38 163.50 Td (25, ) Tj ET Q q 0 0 0 rg BT 355.44 163.50 Td (2016, ) Tj ET Q q 0 0 0 rg BT 380.49 163.50 Td (which ) Tj ET Q q 0 0 0 rg BT 407.49 163.50 Td (is ) Tj ET Q q 0 0 0 rg BT 416.71 163.50 Td (the ) Tj ET Q q 0 0 0 rg BT 431.49 163.50 Td (date ) Tj ET Q q 0 0 0 rg BT 450.70 163.50 Td (the ) Tj ET Q q 0 0 0 rg BT 465.47 163.50 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 520.80 163.50 Td (Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 151.50 Td (Statements ) Tj ET Q q 0 0 0 rg BT 100.38 151.50 Td (were ) Tj ET Q q 0 0 0 rg BT 122.31 151.50 Td (authorized ) Tj ET Q q 0 0 0 rg BT 167.01 151.50 Td (for ) Tj ET Q q 0 0 0 rg BT 181.17 151.50 Td (issuance. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 127.50 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 127.50 Td (The Separation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 106.50 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 106.50 Td (As explained in Note 1, the Restructuring transactions were completed in October 2015. ) Tj ET Q q 0 0 0 rg BT 445.00 106.50 Td (The remaining steps of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 94.50 Td (Separation were completed between January 1 and January 3, 2016 and were performed through two consecutive demer) Tj ET Q q 0 0 0 rg BT 533.92 94.50 Td (gers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 82.50 Td (followed by a mer) Tj ET Q q 0 0 0 rg BT 126.85 82.50 Td (ger under Dutch law) Tj ET Q q 0 0 0 rg BT 208.12 82.50 Td (. ) Tj ET Q q 0 0 0 rg BT 212.56 82.50 Td (As part of the Separation a new entity) Tj ET Q q 0 0 0 rg BT 363.26 82.50 Td (, FE New N.V) Tj ET Q q 0 0 0 rg BT 419.46 82.50 Td (., was created. Pursuant to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 70.50 Td (demer) Tj ET Q q 0 0 0 rg BT 78.80 70.50 Td (gers the shares in the Company held by FCA) Tj ET Q q 0 0 0 rg BT 257.67 70.50 Td ( were ultimately transferred to FE New N.V) Tj ET Q q 0 0 0 rg BT 432.44 70.50 Td (., with FE New N.V) Tj ET Q q 0 0 0 rg BT 511.42 70.50 Td (. issuing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 58.50 Td (shares in its capital to the shareholders of FCA. In connection with the demer) Tj ET Q q 0 0 0 rg BT 363.18 58.50 Td (gers, the mandatory convertible security holders ) Tj ET Q endstream endobj 431 0 obj <> endobj 432 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.85 760.75 Td (Ferrari N.V) Tj ET Q q 0 0 0 rg BT 329.64 760.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.60 748.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 199.82 748.75 Td (T) Tj ET Q q 0 0 0 rg BT 206.31 748.75 Td (O ) Tj ET Q q 0 0 0 rg BT 216.41 748.75 Td (THE CONSOLIDA) Tj ET Q q 0 0 0 rg BT 299.85 748.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 379.03 748.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 393.02 748.75 Td (A) Tj ET Q q 0 0 0 rg BT 399.50 748.75 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.60 736.75 Td (At December) Tj ET Q q 0 0 0 rg BT 294.78 736.75 Td (31, 2015 and 2014) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 294.65 32.20 Td (F-66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 713.10 Td (of FCA) Tj ET Q q 0 0 0 rg BT 83.73 713.10 Td ( also received shares in FE New N.V) Tj ET Q q 0 0 0 rg BT 230.18 713.10 Td (. On completion of the Separation the Company was mer) Tj ET Q q 0 0 0 rg BT 457.72 713.10 Td (ged with and into FE ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 701.10 Td (New N.V) Tj ET Q q 0 0 0 rg BT 91.04 701.10 Td (. and FE New N.V) Tj ET Q q 0 0 0 rg BT 164.18 701.10 Td (. was renamed Ferrari N.V) Tj ET Q q 0 0 0 rg BT 269.52 701.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 680.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 680.10 Td (Following ) Tj ET Q q 0 0 0 rg BT 133.10 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 147.29 680.10 Td (Separation, ) Tj ET Q q 0 0 0 rg BT 194.53 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 208.73 680.10 Td (share ) Tj ET Q q 0 0 0 rg BT 231.80 680.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 260.43 680.10 Td (of ) Tj ET Q q 0 0 0 rg BT 270.74 680.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 299.92 680.10 Td (N.V) Tj ET Q q 0 0 0 rg BT 315.58 680.10 Td (. ) Tj ET Q q 0 0 0 rg BT 320.05 680.10 Td (amounted ) Tj ET Q q 0 0 0 rg BT 361.46 680.10 Td (to ) Tj ET Q q 0 0 0 rg BT 371.22 680.10 Td (2.5 ) Tj ET Q q 0 0 0 rg BT 390.70 680.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 424.07 680.10 Td (comprising ) Tj ET Q q 0 0 0 rg BT 471.04 680.10 Td (193,923,499 ) Tj ET Q q 0 0 0 rg BT 523.02 680.10 Td (common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 668.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 82.22 668.10 Td (and ) Tj ET Q q 0 0 0 rg BT 99.89 668.10 Td (56,497,618 ) Tj ET Q q 0 0 0 rg BT 148.13 668.10 Td (special ) Tj ET Q q 0 0 0 rg BT 179.12 668.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 207.91 668.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 236.13 668.10 Td (all ) Tj ET Q q 0 0 0 rg BT 249.36 668.10 Td (with ) Tj ET Q q 0 0 0 rg BT 270.37 668.10 Td (nominal ) Tj ET Q q 0 0 0 rg BT 306.38 668.10 Td (value ) Tj ET Q q 0 0 0 rg BT 331.27 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 342.83 668.10 Td (0.01 ) Tj ET Q q 0 0 0 rg BT 368.56 668.10 Td (per ) Tj ET Q q 0 0 0 rg BT 384.56 668.10 Td (share. ) Tj ET Q q 0 0 0 rg BT 411.39 668.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 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(liabilities ) Tj ET Q q 0 0 0 rg BT 358.75 632.10 Td (with ) Tj ET Q q 0 0 0 rg BT 379.08 632.10 Td (the ) Tj ET Q q 0 0 0 rg BT 393.85 632.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 412.75 632.10 Td ( ) Tj ET Q q 0 0 0 rg BT 415.31 632.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 443.41 632.10 Td (were ) Tj ET Q q 0 0 0 rg BT 465.39 632.10 Td (settled ) Tj ET Q q 0 0 0 rg BT 494.05 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 511.04 632.10 Td (the ) Tj ET Q q 0 0 0 rg BT 525.81 632.10 Td (relevant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 620.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 102.03 620.10 Td (were ) Tj ET Q q 0 0 0 rg BT 123.96 620.10 Td (terminated. ) Tj ET Q q 0 0 0 rg BT 171.72 620.10 Td ( ) Tj ET Q q 0 0 0 rg BT 174.04 620.10 Td (The ) Tj ET Q q 0 0 0 rg BT 192.09 620.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 234.57 620.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 273.16 620.10 Td (which ) Tj ET Q q 0 0 0 rg BT 300.10 620.10 Td (were ) Tj ET Q q 0 0 0 rg BT 322.03 620.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 366.74 620.10 Td (held ) Tj ET Q q 0 0 0 rg BT 386.46 620.10 Td (by ) Tj ET Q q 0 0 0 rg BT 398.96 620.10 Td (FCA) Tj ET Q q 0 0 0 rg BT 417.86 620.10 Td ( ) Tj ET Q q 0 0 0 rg BT 420.36 620.10 Td (were ) Tj ET Q q 0 0 0 rg BT 442.29 620.10 Td (novated ) Tj ET Q q 0 0 0 rg BT 476.45 620.10 Td (to ) Tj ET Q q 0 0 0 rg BT 486.72 620.10 Td (Ferrari ) Tj ET Q q 0 0 0 rg BT 516.43 620.10 Td (S.p.A. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 596.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 596.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.05 596.10 Td (Separation ) Tj ET Q q 0 0 0 rg BT 153.31 596.10 Td (had ) Tj ET Q q 0 0 0 rg BT 170.25 596.10 Td (no ) Tj ET Q q 0 0 0 rg BT 182.75 596.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 212.46 596.10 Td (on ) Tj ET Q q 0 0 0 rg BT 224.96 596.10 Td (the ) Tj ET Q q 0 0 0 rg BT 239.68 596.10 Td (Company) Tj ET Q q 0 0 0 rg BT 281.34 596.10 Td (s ) Tj ET Q q 0 0 0 rg BT 287.73 596.10 Td (results ) Tj ET Q q 0 0 0 rg BT 316.34 596.10 Td (of ) Tj ET Q q 0 0 0 rg BT 327.17 596.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 371.33 596.10 Td (or ) Tj ET Q q 0 0 0 rg BT 382.16 596.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 419.64 596.10 Td (position. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 572.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 572.10 Td (Finally) Tj ET Q q 0 0 0 rg BT 117.69 572.10 Td (, ) Tj ET Q q 0 0 0 rg BT 122.73 572.10 Td (on ) Tj ET Q q 0 0 0 rg BT 135.27 572.10 Td (January ) Tj ET Q q 0 0 0 rg BT 168.91 572.10 Td (4, ) Tj ET Q q 0 0 0 rg BT 178.95 572.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 201.49 572.10 Td (the ) Tj ET Q q 0 0 0 rg BT 216.25 572.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 257.68 572.10 Td (also ) Tj ET Q q 0 0 0 rg BT 276.33 572.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 320.52 572.10 Td (the ) Tj ET Q q 0 0 0 rg BT 335.28 572.10 Td (listing ) Tj ET Q q 0 0 0 rg BT 362.82 572.10 Td (of ) Tj ET Q q 0 0 0 rg BT 373.70 572.10 Td (its ) Tj ET Q q 0 0 0 rg BT 385.69 572.10 Td (common ) Tj ET Q q 0 0 0 rg BT 423.22 572.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 450.75 572.10 Td (on ) Tj ET Q q 0 0 0 rg BT 463.30 572.10 Td (the ) Tj ET Q q 0 0 0 rg BT 478.05 572.10 Td (Mercato ) Tj ET Q q 0 0 0 rg BT 513.73 572.10 Td (T) Tj ET Q q 0 0 0 rg BT 519.14 572.10 Td (elematico ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 560.10 Td (Azionario, ) Tj ET Q q 0 0 0 rg BT 98.99 560.10 Td (the ) Tj ET Q q 0 0 0 rg BT 113.70 560.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 137.31 560.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 177.56 560.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 216.16 560.10 Td (by ) Tj ET Q q 0 0 0 rg BT 228.66 560.10 Td (Borsa ) Tj ET Q q 0 0 0 rg BT 254.49 560.10 Td (Italiana, ) Tj ET Q q 0 0 0 rg BT 289.47 560.10 Td (under ) Tj ET Q q 0 0 0 rg BT 314.74 560.10 Td (the ) Tj ET Q q 0 0 0 rg BT 329.45 560.10 Td (ticker ) Tj ET Q q 0 0 0 rg BT 354.72 560.10 Td (symbol ) Tj ET Q q 0 0 0 rg BT 386.67 560.10 Td (RACE. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 536.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 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512.10 Td (total ) Tj ET Q q 0 0 0 rg BT 511.90 512.10 Td (distribution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 500.10 Td (of ) Tj ET Q q 0 0 0 rg BT 64.61 500.10 Td (87 ) Tj ET Q q 0 0 0 rg BT 81.88 500.10 Td (million. ) Tj ET Q q 0 0 0 rg BT 115.38 500.10 Td (The ) Tj ET Q q 0 0 0 rg BT 133.21 500.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 181.59 500.10 Td (will ) Tj ET Q q 0 0 0 rg BT 199.43 500.10 Td (be ) Tj ET Q q 0 0 0 rg BT 211.14 500.10 Td (made ) Tj ET Q q 0 0 0 rg BT 235.07 500.10 Td (from ) Tj ET Q q 0 0 0 rg BT 256.78 500.10 Td (the ) Tj ET Q q 0 0 0 rg BT 271.28 500.10 Td (share ) Tj ET Q q 0 0 0 rg BT 294.65 500.10 Td (premium ) Tj ET Q q 0 0 0 rg BT 333.03 500.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 364.17 500.10 Td (which ) Tj ET Q q 0 0 0 rg BT 390.89 500.10 Td (is ) Tj ET Q q 0 0 0 rg BT 399.83 500.10 Td (a ) Tj ET Q q 0 0 0 rg BT 406.55 500.10 Td (distributable ) Tj ET Q q 0 0 0 rg BT 458.81 500.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 489.95 500.10 Td (under 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