Imerco

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

7"#$%&'()1#)8)+9-+/-'0#)+#0)+#&#4.)+5-:#/%).#)+#0)*#;%)+,1)#.2*0&</)0#-<# /%).#/=+#0)*#0=<'&<)#0+&916#

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

        

#

!"#$%%"&'()$%$(&*+,)-&

!

# >"#?=%#)*#@ABC#=*='2,)#9-+#4.)+5-#



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

" " "

" "

"

"

" ! ! ! ! ! ! ! ! ! ! ! ! ! !

!"#$%%"&'()$%$(&*+,)-&

!

D"#$%&'()#3-'&1&(()+#(E**)#0E#9-+),1&'')#0&<#4.)+5-#/=+#&#0)+),#FE1&(()+#-<# /%-+9-+6#

! #!<(&2(.*!+-.!7(.-+-00%&)%!-!#$%&'(6!%&!*%+!&-5+-5!/-5+-5+!<(&!*%$6!,+!*%!2,&!%)!$,11%!0.,&%!(5! <,1+%!&%+)-)51.-)D%&6!1($!:.-/%&!(/%&2(.*+!-!*%!<=1-10%!:8+-00%&3!T%&!+;)0%&!D%5!,+!*%+!%&!/-5+-5+! ,+!$,)!2,&!<9.5%)*%!7(.-+-00%&^! ! • 8$%/("2*$9(*0#0.!_!:M*%!<(&!7%&1(),.%+1!10=.*6!$%)!(51M!<(&!/-&01($2%*%)6!1M!$,)! 0,)!1;++%!%)!1+,)*,&*!(5!1%./<9.5%.-5!08)!<M!,)1,+6!*%!$%1+!%)5,5%&%*%!<(.0!+-.!,+!7,11%! :8+-00%&)%!&8)*+!-!.,)*%+3! • 4"&0"+.:;/<&(3&9%0/9(*0#0.!_!-!<(&2(.*!+-.!,+!08))%!1;.5%!*%&%1!/,&%&!+-.! (/%&0($$%.-5%!7&-1%&6!$%)!,+!*%!1+,*-5!0,)!<M!7&(<-+3!B()08&&%&%)*%!7&-1%&!%&!/-5+-5+6! <(&!%..%&1!195%&!*%&%1!08)*%&!,)*&%!/%D%3! • =$#6%9(*0#0.!_!*%)!2%&!/-.!D%5!)(0!$%)%6!%&!%)!,<!*%!/-5+-51+%!7(.-+-00%&6!<(&!*%)!%&! $%5%+!,<59&%)*%!<(&6!2/-.0%!(7.%/%.1%&!*%!:M*%!$,)5%!(5!<(&10%..-5%!08)*%&!(7.%/%&3! X)!<,1+!&%+8&7(.-+-06!$%*!<,1+%!&%+)-)51.-)D%&!<(&!2/(&*,)!(5!2/(&.%*%1!7&('%11%)!1%&! 8*3! • 52%.$#0"3/9(*0#0.!_!2%&!+;)0%&!D%5!7M!<=1-10%!+-.:8*1,/-1%&6!:811+,)*%&%6!(1/3! T%&!10,.!*%!<=1-10%!:8+-00%&!/;&%!5.,*!<(&6!,+!/-!%&!1M!5.,*!<(&!,+!:&85%!-)+%&)%++%+6!*,! #$%&'(1!N%:12(7!(51M!:.-/%&!:&85+!<.-++-5+!1($!`+-.:8*1,/-1`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a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