%PDF-1.5%忏嫌 1 0 obj<>>>endobj2 0 obj<>stream 2026-03-02T20:05:48+08:00 2026-03-02T20:05:52+08:00 2026-03-02T20:05:52+08:00 Adobe InDesign 19.5 (Windows) uuid:074d69ff-8dd1-42d0-b331-3f7e398c6c7c xmp.did:24ffb9b5-4f95-9841-a9ae-635e7e7ecba1 xmp.id:c5694f50-6c1d-7944-a1c5-490c6ee01b4d proof:pdf xmp.iid:25c67f94-31fe-be40-80db-77760ee8eaae xmp.did:b21664c9-dddd-e141-af20-36553303d500 xmp.did:24ffb9b5-4f95-9841-a9ae-635e7e7ecba1 default converted from application/x-indesign to application/pdf Adobe InDesign 19.5 (Windows) / 2026-03-02T20:05:48+08:00 application/pdf Adobe PDF Library 17.0 False endstreamendobj14 0 obj<>endobj3 0 obj<>endobj16 0 obj<>endobj17 0 obj<>endobj10 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page/PieceInfo</LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>>>endobj11 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page/PieceInfo</LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>>>endobj12 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page/PieceInfo</LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>>>endobj13 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page/PieceInfo</LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>>>endobj18 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page/PieceInfo</LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>>>endobj19 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page/PieceInfo</LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>>>endobj20 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page/PieceInfo</LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>>>endobj21 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page/PieceInfo</LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>>>endobj22 0 obj<>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page/PieceInfo</LastModified/NumberOfPageItemsInPage 2/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>>>endobj23 0 obj<>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page/PieceInfo</LastModified/NumberOfPageItemsInPage 2/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>>>endobj39 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 18.7502 Tm (\226 15 \226)Tj ET q 0 Tc 0 g /GS1 gs 0 TL/Fm0 Do Q BT 0 Tc 13 0 0 13 113.3858 773.5878 Tm (\225)Tj 0.375 0 Td ( )Tj 0.068 Tc 0.07 Tw 1.806 0 Td [(R)0.5 (e)0.5 (c)0.6 (o)0.5 (g)0.5 (n)0.5 (i)0.5 (z)0.5 (i)0.5 (n)0.5 (g)13 ( )0.5 (t)0.6 (ha)0.6 (t)13 ( )0.5 (e)0.5 (x)0.5 (c)0.5 (h)0.5 (a)0.6 (n)0.5 (g)]TJ -0.068 Tw 12.122 0 Td [(e)0.5 (-)0.5 (p)]TJ 0.07 Tw 1.479 0 Td [(u)0.5 (b)0.5 (l)0.5 (i)0.5 (s)0.5 (h)0.6 (e)0.5 (d)13 ( )0.5 (i)0.5 (m)0.5 (p)0.5 (l)0.5 (i)0.5 (e)0.5 (d)13 ( )0.6 (v)0.5 (o)0.5 (l)0.5 (a)0.5 (t)0.5 (i)0.5 (l)0.5 (i)0.5 (t)0.5 (i)0.5 (e)0.6 (s)13 ( )0.5 (m)0.5 (a)0.5 (y)13 ( )0.5 (b)0.5 (e)43 ( )]TJ 0.047 Tc -13.601 -1.231 Td [(constrained)12.4 ( by)12.5 ( underlying)12.4 ( liquidity,)12.5 ( tenor)12.5 ( mismatches,)12.4 ( or)12.4 ( structural)22 ( )]TJ 0.048 Tc 0 -1.231 Td [(differences,)12.8 ( such)12.8 ( as)12.8 ( exotic)12.8 ( features)12.9 ( or)12.9 ( no)]TJ -0.048 Tw (n-s)Tj 0.07 Tw [(tandard)12.8 ( exercise)12.8 ( styles,)23 ( )]TJ 0.025 Tc 0.039 Tw 0 -1.231 Td (and may therefore be unsuitable for direct application to complex OTC )Tj 0.08 Tw 0 -1.231 Td (products, the company permits traders to determine pricing volatilities \)Tj 0.076 Tw 0 -1.231 Td (by reference to a combination of calibrated sources. These include: \(i\)\ )Tj 0 Tw 0 -1.231 Td (comparable OTC market quotes from peers or market makers, including )Tj 0.029 Tc 0.079 Tw 0 -1.231 Td [(implied)4 ( )0.5 (volatilities)4 ( )0.5 (obtained)4 ( )0.5 (through)4.1 ( )0.5 (direct)4 ( )0.5 (counterparty)4 ( )0.5 (inquiries;)4 ( )0.5 (\(ii\))4 ( )]TJ 0.027 Tc 0.081 Tw 0 -1.231 Td [(calibrated)2 ( )0.5 (historical)2 ( )0.5 (volatilities,)2 ( )0.5 (typically)2 ( )0.5 (computed)2 ( )0.5 (on)2 ( )0.5 (rolling)1.9 ( )0.5 (3)]TJ 0.025 Tc -0.025 Tw 27.866 0 Td [(0-)-2.2 (d)]TJ 0.027 Tc -0.027 Tw 1.412 0 Td [(ay,)2 ( )]TJ 0 Tc 0 Tw -29.279 -1.231 Td (6)Tj 0.025 Tc -0.025 Tw 0.525 0 Td [(0-)-6.1 (d)]TJ 0.031 Tc 0.077 Tw 1.42 0 Td [(ay,)6 ( )0.5 (or)6.1 ( )0.5 (longer)6 ( )0.5 (windows,)6 ( )0.5 (with)6 ( )0.5 (consideration)6 ( )0.5 (of)6 ( )0.5 (volatility)6 ( )0.5 (clustering)6 ( )]TJ 0.025 Tc 0.061 Tw -1.945 -1.231 Td (and mea)Tj -0.025 Tw (n-r)Tj 0.061 Tw (eversion characteristics; and \(iii\) implied volatility surfaces )Tj 0.057 Tc 0.07 Tw 0 -1.231 Td [(of)12.3 ( actively)12.3 ( traded)12.3 ( o)]TJ -0.057 Tw (n-e)Tj 0.07 Tw [(xchange)12.3 ( contracts,)12.4 ( used)12.3 ( as)12.3 ( an)12.4 ( supplemental)32 ( )]TJ 0.082 Tc 0 -1.231 Td [(reference)12.2 ( only)12.2 ( where)12.2 ( tenor,)12.2 ( strike,)12.2 ( structure)12.2 ( are)12.2 ( consistent)12.2 ( and)57.1 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (underlying assets are highly comparable.)Tj 18.568 -2.462 Td (On behalf of the Board)Tj /T1_1 1 Tf -2.089 -1.231 Td (Zhejiang Expressway Co., Ltd.)Tj 3.699 -1.231 Td (YUAN Yingjie)Tj /T1_0 1 Tf -0.025 Tw 13 0 3.4833 13 418.3493 485.5878 Tm (Chairman)Tj 0 Tw 13 0 0 13 56.6929 453.5878 Tm (Hangzhou, the PRC, )Tj (March 2)Tj (, 2026)Tj 0.047 Tc 0.07 Tw 13 0 3.4833 13 55.3588 421.5878 Tm [(As)12.3 ( at)12.2 ( the)12.2 ( date)12.3 ( of)12.3 ( this)12.3 ( announcement,)12.2 ( the)12.2 ( Chairman)12.3 ( of)12.2 ( the)12.2 ( Company)12.2 ( is)12.2 ( Mr.)12.2 ( YUAN)22 ( )]TJ 0.025 Tc 0.011 Tw 0.33 -1.231 Td (Yingjie; the executive Director of the Company is Mr. LI Wei; the other \non-executive )Tj 0.05 Tc 0.07 Tw 0.33 -1.231 Td [(D)0.5 (i)0.5 (r)0.5 (e)0.5 (c)0.5 (t)0.5 (or)0.5 (s)13 ( )0.5 (o)0.5 (f)13 ( )0.5 (t)0.5 (he)13 ( )0.5 (C)0.5 (o)0.5 (m)0.5 (p)0.5 (a)0.5 (n)0.5 (y)13 ( a)0.5 (r)0.5 (e)0.5 (:)13 ( )0.5 (M)0.5 (r)0.5 (.)13 ( )0.5 (Z)0.5 (HA)0.5 (O)13 ( )0.5 (X)0.5 (i)0.5 (l)0.5 (o)0.5 (n)0.5 (g)0.5 (,)12.9 ( )0.5 (M)0.5 (r)0.5 (.)13 ( )0.5 (F)0.5 (A)0.5 (N)13 ( Y)0.5 (e)13.1 ( a)0.5 (n)0.5 (d)13 ( )0.5 (M)0.5 (r)0.5 (.)13 ( )0.5 (H)0.5 (U)0.5 (A)0.5 (N)0.5 (G)25 ( )]TJ 0.025 Tc 0.06 Tw 0.33 -1.231 Td (Jianzhang; and the independent non-executive Directors of the Company ar\e: Mr. PEI )Tj 0 Tw 0.33 -1.231 Td (Ker-Wei, Ms. LEE Wai Tsang, Rosa and Mr. YU Mingyuan.)Tj ET endstreamendobj38 0 obj<>/Subtype/Form>>stream endstreamendobj26 0 obj<>endobj27 0 obj<>endobj42 0 obj<>endobj43 0 obj<>stream H塴U TW?d.?[漻&#jm+">J罞i Q饙跀$% N翶乂*$l@︰嫯[a}y鵙旌X鄣軺楉瓯醣V荤焫s鲮$诞{螢9鐭麡稃铨C罙I挴ね蔢磆撡`K仙峨'$Y 酤-!烈? N罇g蝕縏J瘒KiF?傸 d贳致2翑恳蜲姀{3 膞審 ?X弿 DywrL蘢~佅.迟f焜沙 匳Ag7瑁鶛|谄 汚(?J錗6^芹澽` 珁珣O7Y睟秾-'錄dL翣鏜蘧依蠌螏娉dd嫕譟魘螊?F?X4胧x篂臀3v濣妒0开H0亵?簧j饼 n褭 涗 dx嬐`龌骥S?问务O︱z儜 H?BI" ""坸 "C?%1EIL#墹崮4賢"潣CT砟=懝鋐蚧牬爟?E撯Y?2KyZ)Q旁)狥_嚖匼M m4(w忻翄2jH艕薨)a5a擗Z? ?54~?"8选МU袐鐿唀惶,e\''I9?﹑KNo栂IA頴 hT笼 篪 o騋c榿?%漟?鞜﹟揟N稔!籃﹢嬣貺巰ux(頳鉡?(\+z汊鈤Y桧敫u烕9掍溊AC絠匲"8+z恥,哺7mE\6'U脹$L黂q?g鰛?ㄙ訓KI蓑 踊值r[<毉浿忼m灥T+聇LW雊r{扉2蒥殶窚SU秡G磼?F耫魞坤Vフs%55 做羑-敗[.P_轾韁<灻輝0儣=腸`)亹萕眤4n郥甪oT 欚欱蔿f^玧耿暜珽撌5hk[蹡m?傊菭Ls?楻筦剶 g` 煴Q颶徱囫腂( ] Q8麫晠峭+醃┷?m堀y?螉?<氢橺??[噙澃硠l匢繟擝Z鍈嚵g?玎?趛w ?? ?e舟H召 零|uL?=3｜,捱x揄娑|草荬冠?%族y綻伜))w*、<衷P?(G2峾^[褿??} P閪p蚍$胕?婔?@]u飓Mc#褅胩S疖j痿C釷垈驠i錐}h憎/5s騾Z寭 'C潠~饂写鄂h丗7涬.m鈊rY阗n??VC沄蜫ヨrg蓠:N镊葬鞉恻\y鑻.O龓€莐g麔萙]砢僱-豩?= k疎橣緼鲪 犯D/%挔攭$Jdr牦犏麯_龈糊2u9粺;玾眺_?(Pg 1訽醘?qWx蕎郶I5 辩膹CD?犽幁誺洞皭胒lQ?4墟9W/冞鮾{q1r獰WP 婸硄壊┐駜Jv]?砎瑙崇%D鯊Kz誔耎(琝嚽kR{碦鷙氝 鵬涛](H_?趡R馽辉 ?圠昵Eua4跋s轤c鹿?(馞侁Q睈鮕衍黍閪w+E譖謡崟 ue孅+=>7昷q务孃騙洽b铯衆鞶Q\g?Z芉槶3腇4ml4諆墻埾(( xPD乁蕚怖挛矉<逋秽 ,P|癜榾E=馳Em訰焟抠芡眞0齥螜{秣稔具鱙aU誟7R[ま妍翥岎秿4a凖(a頚鸍8躅$騰~债jH鬨?PL挻簬_;萉仅颢DU€姖R礭b舃?琿躭4竪≌萩q>蔉^??溃 V傷趫枲?E们h.n槕?虆hH@K`6谌M諝 僔\k媳坷9?O碒譜輋罒W軭в?VlU颧v嫲'轓"XxO祁Oe硐蝒U毬?'j t钞汉Cv'挗???M? ^x縔槫-%E瞇逥x牂?hV!'玹vΞ!婥醦勮e乮 ,G卞kaHm?1|懯米饛蝽$DDJ澼1{屌舑N 髦 iB"耨dZAAfr聳鰁2噡甝^焥梫'a蘂锍詂Dm釫*梹磃i]qIC摜W~#鹆恱潡譻h轚偤陏<8|F錃?7薮I???葦3lrpmy?婎1倯S?hD嫕蘎鯥)徛 炒?筡靌7挒 蚃Qp6,复S6I嬩_?皋鉮踐[J?I饮??匟_Z€驊?&膠箈鄊Q娣j<4A"囍仡漧噼擖兖劸4w挤驷'/*蕅';0リ:?㈩QcoS蓳糦絻IU钔Mf咁燳0F浯?G 陲年z楧v玧òWN氿麈羓鼲櫅3<*輌鹀媼D!嘅I.嗹I抳h瑓蹤}j%熋"G魳蠬葆>懐?V1f輸I?憓欽eu婖阻<迍迌 u%_Y蓆檴:臸'眅泰 宾g?)盌栛c臨?<j6Z笁 濖< 練ix床镮綤硟俪;X腰弎橠^]FK-c?肐$慻xcDI.{甴筎+谇s堀蔙婎2郍B?稒嬽8W倍Cxm晿刉?g颧qo _槉V?霋d?A再浫}h;a??莨nh?ㄕ聴%v棢 ?k镊?Ｍ<疠竵霸猐r炵 詹攦蛏g鵷?縰礕兀皴ML潯斌ZM?v%I%?垔沲m\燅r设(沊ZyY舟el7q(t埼菾?椗dvZ&灆%湷{V?%憷?蘳褂?絲 c]E$稙杷度囿锺 L连??f缱TB輁Q踰B6Q姌鮤Q歃€帻gL?J毯$竃$-?咐tGa!H琮娊 伈/齩儃oL籕蹥縌6X>黛Z婉讫x邶a仆嬊FOS 禄%鎗>F蒕ЖL烈Mi虈a鞻軎鶔 yg€l咙%迗<~艏{載:疑鷲T娣:榐雱聗央脳ia纟蓺GW淉 Y?t羈8K罦垩躤璑J)e算怠?ёh潨籱届摂楓xJ鼅<?r4y紧~qkL腯璔樰??伋#?F㎡Qz?z?yHw函獊蟕3S2?蜚 嚞c+,獴漩{6p?I驽j s{8縬H?D閌偢s觾甯?嘎;x迲E撙灝燸)厎殙e]敿4F唂痆緇U咂k{8I=Y戫矫 m响蚡駨A1馫L械X黅GD 颖訩庰猪誹0嚮鯎Zm厵7礋嚼 菦s缠鵁?鬥Sf蘪洧岼烻4襖Q葳尼xCW螨厠?[鵘~險胏;媲鍜1珺?X宼樁粸 縕n 岺 谔B V怗骿x,?2,]恛$肒x硜丗并眫]p" 辱]<^?濏4伪葂>u哋中c(7邀婓??]寋DU薁撲鎡>&熕#駕&T把m忑輗k闹]1慡镖m?S醿s廀o"i碪!凋β`O憏?>AW侵?L幼碹#S給$€睌€>€幇V?缲-iAF蒭?躮泥粧狫M*摋嶇6虭3a P恾?J螈葖赏e陫!僻?*3擫F"焻楓赛暜&嘋!性j轱knp3襞鞘湨璨9%椖i时?tWmLSW枡?{-猸節?圠?踭矙8p0/B?畻v- ゥ穇菺)趓[@>聜菺4$s?菽8,?儿憴紬掜茆~,f?畀s?消>蟳搠絿>c坬撬K*/羮邛E渄v慆醄箚煙啶鵹?H亱 顳堒?蚔薪z漳鄄詡, 撱?嗚秳瑈B╧娡j?瞠泣}D齾痧豢D`秾U~a]尅衖 套_ _继?卽哢ㄅ?猊?笡嬂萉~嬎瘤pX?癛c(4?乺淋\懧+名Wd>]皪uvRxtR粺軠n虵Y暡k+?,⊙簒+畾rXs^棉/唣瑽蛲園RL<:鈬 >f 摸 颙?疃娽壴;89z脥s琱EZ畓殽缧锳嚥?k夆訐茬黠C?亭n=?.抾鐊!?s骄怹?帪={H?D鱭磅2熦諒з侓H秃键OJ疌黓霓;F镁匒i???⑥傈Z瑻1(戕嘜磺汧囦HN|こ鏋臙試'橰杻)H|?肐頱氠'il櫐萵豄 葱鋞?麏, q櫥YJ崁践6谒?\M纠I沮R"龋]槓 齪VT鯥偭钵@v8@挸nK葾HT鋖曊b陨渠硌繟佴彸邥`D澰逵Z始?薑QZP靕oj竳*,{涨r稜姴鏣OWh€&雉 巒渽縁劉G襏馓鯅倉婅舆勂頙?阐3脋躬Iぉ,W瀿诰i撁?渞?>瀷忽K鍪禔 ?嗚徃 碯暘P杒顠斖C挣芻瀧v鲲z豍椎﹙^o帋;п?墴?帓!Yh蓌漙蓪8h;蠔P}u9磙"S雝Q>{煋鎼?7??炦b褁BH 淁7|a瘍镼 葨午 缡q椪W[Bｅ?瘥淹亁?8B|hCp?禔?謢誼"e$u鈍?^a噴!B5铌衝HZ圛嗄?辐)u坅熦:鈛椿V莂4惼I<紃襮O睄|苉9i叓蔵jFI燤 挾斡錤汀m竀X=6e`蔻蹴9serq嬦vZ闙璤翵敓€_喺VP虭:G斲嬞 鍥瀔餇{磈粞m3uμ⒍ n€晈d?厯|q(頴篻葒|噎0椨?w暋F婋碐2骿?%桷壴摘2c嵡-w9T[e?思逷襶柃#羽&慷=荜`J错骩ZP笹  j'a鹞"M#0l4丛/桧薶莳縞棈膧|庚6幏疁O桛# endstreamendobj40 0 obj<>endobj41 0 obj<>stream H塡酝j跕嘟瀊柹"戎芄7ap艰u?v?de岱潗BI?+玢€&鰢緵]歝溳闺?迒鳗夘/]煭 譾忘駈\?擞颓鹠幾C勃r鶑t?Ow靼m嘢|舔oSМ扛嘷汇Ｋ忥泺'^c?粫踠\祥}┣5簗鬼樾﹄輡J鼽消]奔_ m紞uШ磕琙プ芔o榈蒪唼w輰窛瓮飠湿_^煍s@VfE~f~F.橩y霞G~e~E~cN樖乘Ｋ瘷兹s侅橗? 2m6O泧?娱狒tz8龞y孅曼挷 0冃 0冃 0冃 0冃 0冃 媮 6n(豍浮`C釂7 ?兀€?4鍬s€9`Vv)簲]?e棦K佶鑂v)簲[)禦?z暯奮eW佾K/稲lボJ睍r+臯虱[)稲le苁皶裲垦o垦o垦o垦o壆b灯绁g喛f颁濺_迯弎:m茜鸭OS:?i9p"t}?灯at?黡S? endstreamendobj44 0 obj<>stream H塴T Tg潗L@敤Fa?愠g}餞 価 俁媜 d€ I 腄"4倴夵| TD馫?R?V敳<磰{t穔祸涺浅;衭惠砱喂3?辖缥7鼶樐塂Na耉螊詇乖腥羓絍輈x厛w栶.H鋰t快鴈 蜗澣嘗畊a?決?Q?}r欰焋d=|欧切g}芮衚 侵}记P仵tw鱠昷} 荈ぅ9m*掯晳S徊胜$vL:?p??鏁栅?謍P?皶涨薄澽槚瘫W4湚砧Xc钱q峱ee潙U樵l寢幽rc媄U+=;?U耛/啬mM猌k澡u﹐膗*-\現p?入R9罘礤跇`W窢埲裝!?L$\楾?L膄8b辀,觍脤f瓢UB潜Pl昲挩跢nb揺s佴訂伺排猝I栦)擇H￥嚗糾偔?暑?痲睁3 懑幏?凟NrX缧)[)k?灗炄O*橍r沧?骚蒘?罝墸时涺 N¨瑳騴j以&'W:纡wR>T筨憿軪閽珧?l谔i査鼖?g][$|?l$_ E夀亸q?]!a)憂{唚怭K鵙r 峍2V?[甓權j搻Pu? U=怰M X珩?矙?噡 娿櫜俸硃ゥ龘?坸T稞〇j菲po+⒁仕燑=傧E愚氂昿萟p麎!6T鏃?W旑iR凑Tg 兴?x婽喹僩ぺx絷?玷昔鬧蘂蹕炳爯冫?辡gk詝t'逋Cw闶]極碆=逨辧?w続澄踓crm>gnm▲4旸I&icy店=G构+舅顅萼吙R=鍰-^丁,褙*氎唶p預3)4酾敮`鲇gim韻U?€h過喨躴爪殟Q 鍔掘l嬷€乓豎}嫂鎟菥嘄vD際7贔~魍祎硂礍火狌笷呕岱{Y*樑,囧MD?>惉+蝳闝x櫻惛#?*cvU镞环堔化ho、?/{{旲秡汦-O男b?憶殝?D焃雠2鶯臐纊I渼?瞼?畔恳`H傐袗餲?恢w裓{冉鹣2訚劽" 齦 蟍 靚兰Mrp淊B覫Ⅱ鱚?V猃[?鳳%d(|x薞苀佖?b"&g憰72D錱)語皶&⒐JZ鎃l橢兖 ,Ei瘍鸹RYF礥^-:蕿嫛菾撪X場-?@谷9@雒粎檍 U!3睪腿 Fp{楺(#砊X 鬌#粢~ 訴H[mN! v?l彽[,zK妷Yg珜+/爀焾y=L#w钋C折筱(G ~?~狍莾?恱躸鱖陀視yx郾簽A豔弓鯊鯴枋 巊驍??圎齖 資X曌拜顅b┮@襛\?E?W?x绖颼8->?wz緧:楛D{&々眛鸡⒐oP演瘙Z7睑FVi咣|竃Tzr|躇?R趱H8陸o/碋练I?卨 卬7騙鰦€? kX1g瀍恹膊砇垞"趨珂睨H軋RHXA疘竟Rk秧?<<伶8?霜峮e潞?窊e责扠恵HT? 螳$仕F 磪Bq/鐑=5€?@-頇a蔐尋弬靜爛;儦萕uo虰≒鄋鸹Qrⅳ?Q震q紹Vf鈬籈燄J1科:慗臃D晰渻窞:R邸披`潄 ny{O`7琨#{坅H€抶叠蚙%窺篸SG/M ?潿;ZB.姐揾幞%寅甸3Do[韮?见_4g蜏%g5彆裺yL褺婅}老&[N^鵶镩5慯q渷?铢e%;j倻蠹T7?淖窇P|胬jH犂w鄅"氣?潇s u懫 ta羘C隗b濁:X纱澔LD鹏m0坫脧临偄欉X 乆C???柷7aM"儛渥寲龞褎gtl6缽oD2泩?徫?頠徝w旻Eqea鄱觊qb↓蚏=?幤-€臐膓ITT\s峜Aml毜』iVY殽豒VA@寠?:&峩孃9'F菐Nnung2匿8gN齵缃镙飤颲at聠鬠坳~珵{刦{??Ye揱]狐#fD1x爣k℃?X襫?旄剉鵦泛M屾备)l緙桝尩腨嫲^"m檸?翤1埝*揷, 嶃秴Z否"w邞Q∮題"釶宄D璊B芅鶝6蚈 &A蛦&囑蘍шp. _B=赼瞢0栟佱 罰苿?臈u8囖ヲ輞辯K/0飠[溘 ?N曟j窗p斛o秀4Pa妧U圚$鲅7'嵶\ 盾&?x尶饁鮈_;裫[擦斲僜[+t疵轛婑 ? 餖爕$炒熵M肼qg薶 兝$?k北0阑 鲨倮勀輸?嘏6?x斜牣崨Z,园猷酶鞒歔"?WЬ6[煷$2 6P闇{漌振#鬾jz4:櫅h堮揍?7珕囘鑟訛?:4J$03︷3"尡|f璑,瘐Ψil冾2hn?蜥諾嶌Z遤1侠鰳谁~綨K' 苪哏5Oa渖 Ul2枷D驿?幷醰衾Zb虾濮V硔A﨟a x焣?榄祑f颀漴Z$辗N8鞹KP/背8櫅瀚鋉/扊uy9?,簰肒X/捤Z_ 朴:暹~豱涗$﹢8誩?斌旎蟑)羘凿^胜嚭Dr雊津:}/尛鬚燬鮮楒玻郱6葳&挍鍮c 鐍彫賑芡╂媴簼贬?' j猁t窓茱}丿8镇趻?? 壯笁囃淝?"?WμzV穀 飂甥薚r憙eざ膺Ｃ辅Xk耙蚲$d俎壶S4B踬褰+2氻-a1QH~,QG偼"麄顨?樝靊?hIN轩29淺鞶妕郰N固﹙=Q鈒`裣n;粕v讒戾磰d汋Ⅶ?蛹L櫉]' 剌 跪'屳綒鯊镧F5?K亏猂嗠?葙龗H妚崲>F瘭uj幐?€&憡q2颶圼#G18Gd跩屉髹 槪?蔏軬楻箠?Y莨 漐P誅轧X5|o訰QO乆籁炾G?_尡c 虠 "╫:潬瀴"F帣妀】g+蹱K堡9!嶼褻屯Z鐺) lz咴~鲁肀艞8XL,諕礪黥|Y鸻〈こ|顸柌餘牰 ．芞'"g揳 鴸鼫唊N覰誱l塽烲* 奰堜~羓(+~医]U淘k 湲ㄜ栣馂雽稄渷窝擻0(緒B矪擽B糂?N襫憋.嬟嘯 请D>xT橇$舣樖VsS$S姄?c鬖u 菾旫瘟:rIx巵億G{`o瞟v餖Go蕒偱譐-y-毇]調審镇J:UG 猖b钻?DvM_ 0nFIH氟綘原彛"痝雙;S蓶錀V饀荂困缌m6爿r樌D}子骃麷VI嚜BR駅?y跬4I=湝?亖8癇╢Sa6恂铅鈒>C曽$慆嵛K卓ΘQ闹)?'|擤v)S賸i毡#9?3C悖鴯;僾桃醸袱刎u牌婁娰慇眄c矊??X~yZZ|5廕釈f绳njA饾焸B洸)?m+豌p 洁kf?Se)w{=(?kqj？譎l蒲虔sQj﹥??b?,"鶍俦沉痷l9伩\搪$9??莔烃夼靁X}B/葵嶤%庛y蚧|譩祂LM苲茐?鷿<2萶>它峋”湯8橝慆s吪梵= о?&$寞J?懎鰉淭á枃??巇J敉\X]:筋.壃蓭qlW俐/谛?蕲厅曞€{▆璗羸VK?艛掟_东<*寚覚Kk ?鑬觚M摘璻rⅵ*7v?玪⑻绿00美汤 垧谹VAD艿1甴宗xbS撹魑刽溵聊s顭鱺窟份喵瘠输x.鞏dY髦?洱囯Jt$W08广-羽*鋓H濈鴖显犈&m?咹匽?8堶:晥鳚奴郋瘨)譨w桱E/癀D榟@ ?i抆矕砐H慛鳯紨h膕☉靇u/囧峮輳周児鉊e{a*漢菻衟瓕峃j$C[g買?#[8潟┱少$cK 璎駕<彛久.;藻蒻M5鮱|塣樁冋瓋櫕9_D齽梶馫苳8zd鬌oG7汾覠_蚔稒嗿yW]?,+?跘袢欖wc舂聥枕?篺貵M覉v{Y餕詔鬙粠羻3囫湔&@O崺9\孞蹑Upz坴檴J岴靉Ⅻ?瀆%-N鹢9?:0.:b5籨蚆2治y谥}聮朮蓨dU)M骈蕷蹡X荱bX睟?~4廤腩?HG遽d鵓[?m锋牥S叼t剔驱_剥玂咙橊托闪▲蝶x驺f赱oc膵?諣IoㄢE╡gbE#煳S?f)zntw7Wsf)曖 'j*廣M'嶿啢v@]N?CQ皵嶯峏肓鷟焔餻Q 顧^ 倏鈝}蚭 砄脤禦邅簦蕿鍽鰒﹚渠瀸.?静9齚w嗴?崸倠篡2韌k?澺?co#3???]┦?p ?纥 \W鋳揘伔糛s髅嬐蛌%檗虺xF跸てf>_L稸椎us兒z惴yCy釋趍D;?絤1"z褩zTb&Y?l韸斍?j`&\爗V"u毠X{Yq,??O儇v&収<?&?薗噁苿n'銮督x煖?L G箯?I?仼眄?sE]鷕鲣=鹬爆]颙饴幖.央v鸬;媕*裏埦啝迀槀 熖n翛霳模U红$R  ?-華G鹺v楚覜橇h?7b戨r:祃X褷€?紁嫃碓m闅B}兆 (d禯leM?h?g儊Ｆ蠇馷?6YCb?炶鷕溤)帟嬴覫汔N/3n 鈈tg#X=猴唣瀦&?}A€" -@M3 o楔q? ?RVW悹莸;飡磦Ta掛4藠?囎K蔝%Y賹Vk厮)5?Hw?^ ZK軃O嶩G{3出fj淫q~[b蛱幽廝_鍩橨LV锭H蜲妊纸y迿躣 _9X<尔捉檪tc仾?#~S骚?{殏钉i,/.#o莪倜n彀辯~7zp燊N疼慜虼[@宝濇! 死儒岐H'﹩pGO h?∴&訷逫Z須?惽1 u^P箲,砫邺Sk=YD袓g-鼾r彍胂L鑏莕钋彙l硠S卝B?*d..}摰閚諐狠眱棟:r 恣褑:纁P恀倭@'辋豓凼灘庱錻騆袵;nD払,HC0斋9?*6,樆= w> WXNg=lN-O犫?鋲4f朼'<砄f /鴓酑騷UMTX闱厌 O彄k镡Y轖伡+N瑔嶍恥謒曾v?r濑zN鷍碯]FF斉(久栙f{虹]彆a辽r>?箮r惋B? IaI┍凖P犣Aj襫澊u编jрU嫊;穭jp`W力s鈡禱匸P凵46灕糯r&k僃?鹘?犎?,?沢减?訡鮣M奀s￠q7 :?fq}7矱糚?&59枆a79bu@沱@澢驤By桟%>5:}h颛礧J鶧z"櫇譮w壸?):暼T?`?y9櫃沝ぽ(砕 蠰氄.5Z痦MK"49芶?>P?q溌?漋赆x&?棲B揕Z9T?{凗C? ]讒x+j藓9?LFW鼳^#龠镳鹞p蚙G6Z鋗Yif"蛙j?蔲I=Nh牘ejA?蚓a眵9腅L耣 熋g 姞塽yP?歵亼D纉 嘒 ?C9G奛诹讪??赕繽3趕駣}.ΑT船獠n疻鱔鳒W谞隍y聀`$8皳&f誡欬嵚d弧h?&屋1挬G?瑍檦W柘粽 ?@嬾;w淬}kiQ甞焐 B慔槈寚#<$覵?7.倮=跄?p\袵誴姆} S:A裚~剼e泳搛遁?0m膂屯蹼蛙O犛皿[鸑=h)g~鄹侊|忹殛銕u/鵑婭A?B".膆Q 鶉G巚稟p鴫kMi?壈pG q氝^{Z7聳? endstreamendobj25 0 obj<>endobj37 0 obj<>endobj36 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 18.7502 Tm (\226 14 \226)Tj ET q 0 Tc 0 g /GS1 gs 0 TL/Fm0 Do Q BT 13 0 0 13 113.3858 773.5878 Tm (Specifically, internal control procedures include the following:)Tj 0 Tc 0 -2.462 Td (\225)Tj 0.375 0 Td ( )Tj 0.071 Tc 0.07 Tw 1.806 0 Td [(Pricing)12.1 ( and)12 ( valuation)12.1 ( models)12.1 ( are)12 ( maintained)12.1 ( on)12 ( a)12 ( periodic)12.1 ( basis)46.1 ( )]TJ 0.045 Tc 0 -1.231 Td [(under)12.1 ( a)12.1 ( formal)12.1 ( model)12.1 ( governance)12.1 ( framework.)12.2 ( The)12.1 ( OTC)12.1 ( Derivatives)20 ( )]TJ 0.031 Tc 0.077 Tw 0 -1.231 Td [(Department)6.1 ( maintains)6.1 ( an)6 ( )0.5 (internal)6 ( )0.5 (library)6 ( )0.5 (of)6 ( )0.5 (models)6 ( )0.5 (for)6.1 ( )0.5 (OTC)6 ( )0.5 (products)6 ( )]TJ 0.053 Tc 0.07 Tw 0 -1.231 Td [(to)12.3 ( standardize)12.3 ( valuation)12.2 ( methodologies)12.3 ( and)12.2 ( processes.)12.2 ( This)12.2 ( library)28 ( )]TJ 0.047 Tc 0 -1.231 Td [(specifies)12 ( the)12.1 ( underlying)12.1 ( assumptions,)12.1 ( parameters,)12.1 ( data)12.1 ( sources,)12.1 ( and)22 ( )]TJ 0.061 Tc 0 -1.231 Td [(measurement)12.6 ( procedures)12.6 ( and)12.6 ( subjects)12.6 ( them)12.6 ( to)12.7 ( prudent)12.6 ( assessment)36 ( )]TJ 0.044 Tc 0 -1.231 Td [(and)12.8 ( periodic)12.8 ( testing.)12.8 ( Risk)12.8 ( management)12.8 ( personnel)12.9 ( independently)12.9 ( and)19 ( )]TJ 0.028 Tc 0.08 Tw 0 -1.231 Td [(regularly)3 ( )0.5 (review)3 ( )0.5 (model)3 ( )0.5 (effectiveness)3.1 ( )0.5 (and)3 ( )0.5 (the)3.1 ( )0.5 (reasonableness)3 ( )0.5 (of)3 ( )0.5 (model)3 ( )]TJ 0.027 Tc 0.081 Tw 0 -1.231 Td [(parameters)2 ( to)2 ( )0.5 (confirm)2 ( ongoing)2 ( )0.5 (fitness)2 ( )0.5 (for)2 ( )0.5 (purpose)2 ( )0.5 (and)2 ( )0.5 (alignment)2 ( )0.5 (with)2 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (observed market behavior.)Tj 0 Tc -2.181 -2.462 Td (\225)Tj 0.375 0 Td ( )Tj 0.061 Tc 0.07 Tw 1.806 0 Td [(When)12.8 ( providing)12.8 ( reques)]TJ -0.061 Tw (t-f)Tj 0 Tc 0 Tw (o)Tj 0.061 Tc -0.061 Tw 12.464 0 Td (r-q)Tj 0.07 Tw [(uote)12.8 ( services)12.8 ( for)12.8 ( opening)12.8 ( or)12.8 ( closing)36 ( )]TJ 0.025 Tc 0.049 Tw -12.464 -1.231 Td (positions to meet client demand, the OTC Derivatives Department first )Tj 0.016 Tw 0 -1.231 Td (confirms all relevant structural terms with the client and then prices t\he )Tj 0.035 Tc 0.073 Tw 0 -1.231 Td [(transaction)10 ( )0.5 (using)10 ( )0.5 (an)10 ( )0.5 (approved)10 ( )0.5 (model)10 ( )0.5 (from)10 ( )0.5 (the)10 ( )0.5 (internal)10 ( )0.5 (model)10 ( )0.5 (library.)10 ( )]TJ 0.052 Tc 0.07 Tw 0 -1.231 Td [(Prior)12.1 ( to)12.1 ( quoting,)12.1 ( the)12.1 ( department)12.1 ( assesses,)12.1 ( among)12.1 ( other)12.1 ( factors,)12.1 ( the)27 ( )]TJ 0.049 Tc 0 -1.231 Td [(liquidity)12.3 ( of)12.3 ( the)12.3 ( contract,)12.3 ( exchange)12.3 ( position)12.3 ( limits,)12.2 ( potential)12.3 ( market)24 ( )]TJ 0.025 Tc 0.004 Tw 0 -1.231 Td (impact, applicable risk limits, and current position sizes. Quotations a\re )Tj 0.066 Tw 0 -1.231 Td (issued prudently in light of these assessments, with a view to ensuring \)Tj 0 Tw 0 -1.231 Td (fair, transparent, and appropriately ris)Tj -0.025 Tw (k-a)Tj 0 Tw (djusted pricing.)Tj 0 Tc -2.181 -2.462 Td (\225)Tj 0.375 0 Td ( )Tj 0.079 Tc 0.07 Tw 1.806 0 Td [(Bef)0.5 (ore)12.9 ( ma)0.5 (rket)12.9 ( ope)0.5 (n)12.9 ( eac)0.5 (h)12.9 ( tradin)0.5 (g)12.9 ( day,)12.9 ( )0.5 (traders)13 ( submit)12.9 ( )0.5 (a)12.9 ( base)0.5 (line)54 ( )]TJ 0.08 Tc -0.08 Tw 0 -1.231 Td (on)Tj 1.159 0 Td [(e)0.5 (-m)]TJ 0.07 Tw 1.794 0 Td [(on)0.5 (th)13 ( a)]TJ -0.08 Tw 3.007 0 Td [(t-)0.5 (t)]TJ 0 Tc 0 Tw (h)Tj 0.08 Tc -0.08 Tw 1.707 0 Td [(e)0.5 (-m)]TJ 0.07 Tw 1.794 0 Td [(on)0.5 (e)0.5 (y)12.9 ( v)0.5 (ola)0.5 (t)0.5 (ili)0.5 (ty)13 ( f)0.5 (or)13 ( e)0.5 (ac)0.5 (h)12.9 ( )0.5 (re)0.5 (le)0.5 (va)0.5 (nt)12.9 ( )0.5 (un)0.5 (de)0.5 (rl)0.5 (yin)0.5 (g)55 ( )]TJ 0.065 Tc -9.461 -1.231 Td [(commodity.)12.5 ( For)12.5 ( every)12.5 ( OTC)12.5 ( option)12.4 ( recorded)12.5 ( in)12.5 ( the)12.5 ( system)12.5 ( during)40 ( )]TJ 0.044 Tc 0 -1.231 Td [(the)12.8 ( day,)12.7 ( the)12.8 ( trader)12.7 ( inputs)12.8 ( the)12.7 ( specific)12.8 ( quoted)12.7 ( volatility)12.8 ( used)12.7 ( for)12.8 ( that)19 ( )]TJ 0.025 Tc 0.065 Tw 0 -1.231 Td (trade. The system retains an verifiable record of these inputs, enabling\ )Tj 0.063 Tw 0 -1.231 Td [(supervisory personnel )0.5 (to perform subsequent reviews and )0.5 (trace )0.5 (pricing )]TJ 0.03 Tc 0.078 Tw 0 -1.231 Td [(decisions)5 ( )0.5 (to)5 ( )0.5 (the)5 ( )0.5 (contemporaneous)5 ( )0.6 (market)5 ( )0.5 (and)5 ( )0.5 (model)5 ( )0.5 (settings)5 ( )0.5 (in)5 ( )0.5 (effect)5 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (at the time of execution.)Tj ET endstreamendobj34 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 18.7502 Tm (\226 13 \226)Tj 0.04 Tc 0.07 Tw 13 0 0 13 113.3858 776.0055 Tm [(market)12.1 ( data,)12.1 ( including)12.2 ( contemporaneous)12.2 ( o)]TJ -0.04 Tw (n-e)Tj 0.07 Tw [(xchange)12.2 ( prices)12.2 ( for)12.2 ( the)12.1 ( same)15 ( )]TJ 0.044 Tc 0 -1.231 Td [(or)12.6 ( closely)12.7 ( correlated)12.7 ( underlying)12.6 ( commodities,)12.6 ( the)12.7 ( dealer\222s)12.7 ( own)12.7 ( positions)19.1 ( )]TJ 0.051 Tc 0 -1.231 Td [(and)12.9 ( inventory)12.8 ( in)12.8 ( the)12.9 ( relevant)12.9 ( commodity,)12.9 ( and)12.8 ( composite)12.9 ( market)12.8 ( quotes.)26 ( )]TJ 0.025 Tc 0.065 Tw 0 -1.231 Td (Clients may receive multiple quotations from different dealers and compa\re )Tj 0.056 Tc 0.07 Tw 0 -1.231 Td [(them.)12.2 ( If)12.3 ( there)12.3 ( is)12.3 ( a)12.2 ( meeting)12.3 ( of)12.2 ( the)12.3 ( minds)12.3 ( on)12.3 ( key)12.3 ( commercial)12.3 ( points,)12.3 ( the)31 ( )]TJ 0.052 Tc 0 -1.231 Td [(parties)12.4 ( will)12.3 ( then)12.4 ( negotiate)12.4 ( definitive)12.4 ( terms)12.3 ( of)12.4 ( the)12.4 ( transaction,)12.4 ( including)27 ( )]TJ 0.044 Tc 0 -1.231 Td [(price,)12.5 ( quantity,)12.6 ( maturity,)12.6 ( and)12.6 ( other)12.6 ( bespoke)12.6 ( provisions.)12.6 ( Final)12.5 ( prices)12.5 ( may)19 ( )]TJ 0.047 Tc 0 -1.231 Td [(be)13 ( a)0.5 (dju)0.5 (ste)0.5 (d)12.9 ( t)0.5 (o)12.9 ( r)0.5 (ef)0.5 (le)0.5 (ct)12.9 ( )0.5 (bas)0.5 (is)13 ( di)0.5 (ffe)0.5 (re)0.5 (nc)0.5 (es,)13 ( s)0.5 (uch)13 ( a)0.5 (s)12.9 ( g)0.5 (rad)0.5 (e,)13 ( loc)0.5 (a)0.5 (tion)0.5 (,)12.9 ( )0.5 (del)0.5 (ive)0.5 (ry)22 ( )]TJ 0.072 Tc 0 -1.231 Td [(terms,)12.5 ( and)12.5 ( similar)12.6 ( factors.)12.5 ( Quotations)12.6 ( provided)12.5 ( by)12.5 ( Zheshang)12.5 ( Futures)47 ( )]TJ 0.057 Tc 0 -1.231 Td [(and)12.4 ( its)12.3 ( relevant)12.3 ( subsidiaries)12.3 ( to)12.4 ( Zheshang)12.3 ( Development)12.3 ( and)12.4 ( its)12.4 ( relevant)32 ( )]TJ 0.029 Tc 0.079 Tw 0 -1.231 Td [(subsidiaries)4.1 ( )0.5 (follow)4 ( )0.5 (the)4 ( )0.5 (same)4 ( )0.5 (procedures)4 ( )0.5 (used)4 ( )0.5 (for)4 ( )0.5 (all)4 ( )0.5 (OTC)4 ( )0.5 (derivatives.)4 ( )0.5 (Any)4 ( )]TJ 0.035 Tc 0.073 Tw 0 -1.231 Td [(deviations)10 ( )0.5 (from)10 ( )0.5 (on)10 ( exchange)10 ( )0.5 (prices)10 ( )0.5 (for)10 ( )0.5 (particular)10 ( )0.5 (underlying)10 ( )0.5 (commodities)10 ( )]TJ 0.046 Tc 0.07 Tw 0 -1.231 Td [(are)12.5 ( applied)12.5 ( consistently)12.4 ( to)12.5 ( quotations)12.5 ( for)12.5 ( Zheshang)12.5 ( Development)12.5 ( and)12.5 ( its)21 ( )]TJ 0.043 Tc 0 -1.231 Td [(relevant)12.1 ( subsidiaries)12.2 ( and)12.2 ( to)12.1 ( all)12.1 ( other)12.2 ( clients.)12.2 ( The)12.2 ( quotations)12.1 ( to)12.1 ( Zheshang)18 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.231 Td (Development and its relevant subsidiaries are no more favourable than th\ose )Tj 0.045 Tc 0.07 Tw 0 -1.231 Td [(offered)12.9 ( by)12.8 ( Zheshang)12.9 ( Futures)13 ( and)12.9 ( its)12.9 ( relevant)12.9 ( subsidiaries)12.9 ( to)12.9 ( independent)20 ( )]TJ 0.042 Tc 0 -1.231 Td [(third)12.4 ( parties.)12.4 ( Upon)12.5 ( agreement)12.4 ( of)12.5 ( the)12.5 ( parties,)12.4 ( the)12.5 ( OTC)12.4 ( derivatives)12.4 ( trading)17 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (will be executed.)Tj /T1_1 1 Tf -0.025 Tw -2.181 -2.462 Td (\(ii\))Tj 0 Tc 0 Tw ( )Tj 0.06 Tc 0.07 Tw 2.181 0 Td [(internal)12.2 ( control)12.2 ( procedures)12.1 ( for)12.2 ( OTC)12.2 ( derivatives)12.2 ( trading)12.1 ( under)12.2 ( the)35 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (Framework Agreement with Zheshang Development)Tj /T1_0 1 Tf 0.046 Tc 0.07 Tw 0 -2.462 Td [(O)0.5 (T)0.5 (C)13 ( d)0.5 (e)0.5 (r)0.5 (iv)0.5 (a)0.5 (t)0.5 (iv)0.5 (e)0.5 (s)13 ( )0.5 (tr)0.5 (a)0.5 (n)0.5 (s)0.5 (ac)0.5 (t)0.5 (i)0.5 (on)0.5 (s)13 ( )0.5 (a)0.5 (re)13 ( )0.5 (p)0.5 (r)0.5 (im)0.5 (a)0.5 (r)0.5 (il)0.5 (y)13 ( )0.5 (c)0.5 (on)0.5 (d)0.5 (uc)0.5 (t)0.5 (e)0.5 (d)13 ( b)0.5 (y)13 ( )0.5 (Zh)0.5 (e)0.5 (j)0.5 (i)0.5 (an)0.5 (g)13 ( )0.5 (Zh)0.5 (e)0.5 (q)0.5 (i)21 ( )]TJ 0.056 Tc 0 -1.231 Td [(Industrial)12.5 ( Co.,)12.6 ( Ltd.)12.5 ( \(\223)]TJ /T1_1 1 Tf [(Zhejiang)12.5 ( Zheqi)]TJ /T1_0 1 Tf [(\224\),)12.5 ( a)12.5 ( wholl)]TJ -0.056 Tw (y-o)Tj 0.07 Tw [(wned)12.5 ( subsidiary)12.6 ( of)31 ( )]TJ 0.057 Tc 0 -1.231 Td [(Zheshang)12.6 ( Futures.)12.6 ( Zheshang)12.7 ( Zheqi)12.6 ( maintains)12.6 ( a)12.7 ( comprehensive)12.6 ( internal)32.1 ( )]TJ 0.071 Tc 0 -1.231 Td [(control)12 ( system)12 ( for)12.1 ( its)12.1 ( OTC)12.1 ( derivatives)12.1 ( business)12.1 ( based)12 ( on)12.1 ( its)12.1 ( internal)46 ( )]TJ 0.065 Tc 0 -1.231 Td [(regulation,)12.1 ( in)12.2 ( particular,)12.1 ( the)12.2 ( Measures)12.2 ( for)12.1 ( the)12.1 ( Administration)12.2 ( of)12.2 ( OTC)40 ( )]TJ 0.038 Tc 0 -1.231 Td [(D)0.5 (e)0.5 (r)0.5 (i)0.5 (v)0.5 (a)0.5 (t)0.5 (i)0.5 (v)0.5 (e)0.5 (s)13 ( )0.5 (T)0.5 (r)0.5 (a)0.5 (n)0.5 (s)0.5 (a)0.5 (c)0.5 (t)0.5 (i)0.5 (o)0.5 (n)0.5 (s)13 ( )0.5 (\()]TJ /C0_0 1 Tf 0.462 Tc -0.462 Tw 11.255 0 Td [<0090>141.2 <0C19032E0803035B06DC0E380A15037405F8104D0B23136C062C>141.2 <0091>]TJ /T1_0 1 Tf 0.025 Tc -0.025 Tw 20.832 0 Td [(\))-12.5 (. )]TJ 0.046 Tc 0.07 Tw -32.087 -1.231 Td [(The)12.3 ( system)12.3 ( is)12.3 ( structured)12.3 ( around)12.3 ( clear)12.3 ( governance,)12.3 ( segregation)12.3 ( of)12.3 ( duties,)21 ( )]TJ 0.022 Tc 0 Tw 0 -1.231 Td (independent validation, rea)Tj -0.022 Tw (l-t)Tj 0 Tw [(ime supervision, and disciplined ex post review.)-3 ( )]TJ 0.025 Tc 0.028 Tw 0 -1.231 Td (These controls are designed to ensure that OTC derivative transactions t\o be )Tj 0.04 Tc 0.07 Tw 0 -1.231 Td [(conducted)12.7 ( under)12.6 ( the)12.7 ( Framework)12.7 ( Agreement)12.7 ( with)12.6 ( Zheshang)12.7 ( Development,)15 ( )]TJ 0.053 Tc 0 -1.231 Td [(are)12.3 ( executed)12.3 ( on)12.3 ( terms)12.3 ( without)12.3 ( preferential)12.3 ( treatment)12.3 ( compared)12.3 ( to)12.3 ( those)28 ( )]TJ 0.025 Tc 0.083 Tw 0 -1.231 Td [(offered )0.5 (to )0.5 (independent )0.5 (third )0.5 (parties )0.5 (and )0.5 (are )0.5 (consistent )0.5 (with market )0.5 (practice )]TJ 0 Tw 0 -1.231 Td (and arm\222)Tj -0.025 Tw (s-l)Tj 0 Tw (ength standards.)Tj ET endstreamendobj35 0 obj<>endobj45 0 obj[46 0 R]endobj46 0 obj<>endobj47 0 obj<>endobj48 0 obj<>endobj49 0 obj<>stream H塲`@0D(L`R€亖冓&7€I炱e臢`≡姖 JaoP8 郮 endstreamendobj50 0 obj<>stream H塴TkPS&卻rz潱癨Zm絍DQTD 舰€█\H?$" 腍Bb挀鼷$! I Oy*偔鮚u詊}芪m媵OG澒最郚gn鬫g篻脎臌謂k鯺礌愾俬4~鑠^凇痰Y誩﹊胍O暠8o鈢Q娦h4_t(螄??3?舣+朧厏事乺 唦糱qJ瑾 擣Cゆ皒5'?嚥?V?&ウ朩V1&~鄱-1)琒张1偌Zf蘜&鸗YuL:郴?骅?v蘍&沋毶圼鳜wq 1 f.奉hMUq牞嗂跔繰)冦倧s婠艂 W咶?.蝀Z艮-hq锈@7>▓稓鎥镋2Q5恩 Z貨 R綝@鶔 m?`?")塔 笳鷸嘈? Rt|囃喻沅?囂匇<N<邡潳?`掰稙z拙/w繇纮?3浵j6齝窵H姇?彛坜m瓴u櫆郊綣[9謆擳9儷菝箼.蔚害ň嗡8€轟豏T砢??LD bヴF宪嗵( 會?@6$9kI 榚軋ZF,c#Eh暂*?q榒儡T槇呁灊嵗^@?t敲躙R?汓n*悮?针⒎ 橹!rHi?o糒T娩,??弋)%摭瀤> 跔觯?+SD亽@Po%⒋X/(㈡t鹫|%瀦?詁1脔辠gg 蠒饓?柮歝b丣B禼?SCj2b~?趯'A讧沚?膐?jmo禸`^}w扷=_G*I峈;%=亡??N?屆悝蔯+謋&E旖[嫦?慢扇簺沘 厽?矔I癮,z,/酖lc摵1橽K脟]k:婌叹奄氙zn┩輇 蠼/駐vG泙 骼dn锨:??驗麩^癲樠#W(]G[Z鬀R? +玶8檸l阌=|徖蓐jS杖N僌蘲癱鼉4徣Z瑖?JK!jS悡搿+xZ儕,ltスO轇e?鴂t?鈴にZf殸'猁p酼y嚰C&鷌蛏}噥?熗g穚R郆.蓷 坕虳鐒,殈Bi綧8 鲢 橆冕 bL幡 N甆┤N尝访]铱邛u烩淗r究tS猳⒏騀鴣F6羑9FQ棈?愎鳘唁?|6N褲O铣7恒qN`珹彐)鄱}悁躔(}恊?% i嚬pb9tR1餙牞劼頇籮j??c澅N▽2擀[娘[珞餓諤??G r婻瘲S苜j*?n?`泺纽Y y孅RW(沃78豝挃隋2R绻?跛Kp披}N%劔嬥p琵檆fJ0x?冽?JS辻挢A暝ま滍,沃|n寐?弦褑{g$瑜唇z?酊慦€繯t?目樜怪i囵)OQ?琪8葔E?T€?纑k祥应F1撗~?潼?華:q嫗櫛漕氧M绸?QR偫t膺C缤VF€晛唩?8w畦婔曈u-O遣vА猾SvMu碟{?.蟺d嘚=箦惦Ｗ1適?o骩难<C綣$ Tw尩蛁?X弙捂堲髓lg}7巧m?蛭`悋鰱#J昅z侜y绹嬓谈匁?X嘪DJⅶ恚棶鯨t挝)U,謈穌xo嵀軂试(<頠8H筣eR鰎猾T叺L儊対x 迅擱] Wu g脵3崓< /碾O0后eⅢm伝韀FN牼辽飹a&呠`寯=獇`}"潦€+4璟儶4苊瞠1U桦D=Rе戾踆涷韥蓀(p!撓lc暞咥)汵f?P)界倦?s?踅郑遥m耿l[\莔蔾停Xu7(vUUi縜豧厕?Q~{5秃魆偵D`$猵K讳}揫uF非Mx;縫v;oみ-姑P?鐢蒎 *LC_e^訐|沰梠SsE迧|j瞛璮s?堃U烹刎饡罥cz_雠c涖 -裏莏n飧?狯pC{?;聁傐`H菩6$`薤!皪_喾dc儇?薆彸u扤w议-K?;?Lbc芳?撎凴:托d歷瀣2魷??;雏齰豲~鹽V鮡鹣c髌9铪p稖@嚵卝寀{,鰐 QD Kv?/絋3扎E爟邟フ啱1掮獒襛-販]賅*滒H尯1塦盌P氆9伒 6嚱_k绤埭久O爞捿]骣v鷛w_叛漈L1嗃ι轇 盨}觲qE6g屇齏痻$[孮;鱊Se~.Vcv?颪K@9zy"區浜╣O稔 \ ? A\?#:?}n藿?喼吝`庙罶a赛m 鴴堯觋?镙}$啨罏Q,┡U3綄[W犠晶G D&畵"瀷V D羂H?:4弉?篒D?伅搱ER|硣z替?:}Pq皍b+e鐕/吳鶧厾(谄皕k钞ERh =豚b溼騨b悈R苈遢)惹屓1蝛2s閕s硈 益丢|{'?斷絨 7w硒溡A琰乲rJ9C@"?腅蜓:菝 J汌7\逤 j醞籥e銺鎫 ^偪欧?(.翈€鱙`章鶮 ?qY滈s%萀贽lC 騈Q簺諶蔽轄奾VT勔g?嵗芳 ?垅崻C?楞媿 "?仳俦cXr ?[H`\檫亽瑴惦秹厌搜On迀H| 裷$}G,t穪1翆割楨<叒NsjZ?霡%?k窓就g凁ニ呙ッ?襼 彂m慡e鳯g{s[;伄>m扂緁R荡Ty坎疎莳淲鄾'A柕筁&A59?~ZｕQQ5Jjb℅?F/湡JkXo?臲?锞C\嬻B衕鲧LP葊^剾q20?o絒彡F& =U渽叼I汄 *妷銿0P肶\瀾郎嶈璜?傉i慇kN騟?8笔涀瑽鴑擹&4Lгlm $\{b"&$ 訌\?\Z羜T镄根淍X珘憽le娍+??依ōZ* 劽礧锊輁垘j鑅t薠pe晕┯n倂板Qa喪A 6K态cEZu愞耬1}'誣遊螡dUg?a鏷+籖陵!唳=漩[E"n0&瞔?`眛觙S氽vo紇HВ<躅z[-?Sx掼 nk垁谡鋷咆;``莾Sa内,鋶PM沀洩???俏?鬹攩莐胿鞄H蓠荿傈<鞒鼃,I~K禲. WF霍訞箍鏄疵茲輦楊#`鯢r菨 ?傕稽蔮 螨焙:`f榠踼.0觇??#J1m4"迿W}6@嬵$€猜o醫詴 沭U(i唴!竾t(]呏鑾j簬l櫵牔耕廍`]稇^>h閧€笧tDrm.榧V8Y1轆S侟@緉骏摚辞.竫戉路萞稥S?"S}?兼椿璿玖余獁j~卟絀鋓7扜X校L e儀u惽ロ|u鮒NKA70e籵VUbe€嚈X RR>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 18.7502 Tm (\226 12 \226)Tj 0.079 Tc 0.07 Tw 13 0 0 13 85.0394 776.0055 Tm [(By)12.8 ( combining)12.8 ( the)12.8 ( estimated)12.8 ( transaction)12.8 ( amount)12.8 ( with)12.8 ( the)12.8 ( risk)12.7 ( buffer,)12.8 ( the)54 ( )]TJ 0.05 Tc 0 -1.231 Td [(Company)12 ( seeks)12.1 ( to)12.1 ( set)12.1 ( an)12 ( annual)12.1 ( authorization)12.1 ( amount)12.1 ( that)12.1 ( is)12.1 ( closely)12.1 ( aligned)25 ( )]TJ 0.046 Tc 0 -1.231 Td [(wi)0.5 (th)12.9 ( )0.5 (ope)0.5 (ra)0.5 (tio)0.5 (na)0.5 (l)12.9 ( re)0.5 (a)0.5 (lit)0.5 (ies)13 ( wh)0.5 (ile)13 ( r)0.5 (ema)0.5 (ini)0.5 (ng)12.9 ( )0.5 (suf)0.5 (fi)0.5 (cie)0.5 (ntl)0.5 (y)12.9 ( r)0.5 (es)0.5 (ili)0.5 (en)0.5 (t)12.9 ( to)13 ( f)0.5 (ore)0.5 (se)0.5 (ea)0.5 (ble)21 ( )]TJ 0.052 Tc 0 -1.231 Td [(risks.)12.6 ( This)12.6 ( structure)12.6 ( preserves)12.7 ( operational)12.6 ( flexibility,)12.6 ( enables)12.6 ( rapid)12.6 ( strategic)27 ( )]TJ 0.045 Tc -0.045 Tw 0 -1.231 Td [(response,)12.6 ( )]TJ 4.505 0 Td (and)Tj 0.07 Tw 1.566 0 Td [( through)12.6 ( a)12.7 ( single,)12.6 ( well-calibrated)12.7 ( authorization,)12.6 ( enhances)12.7 ( )]TJ 0 Tc 0 Tw (B)Tj 0.045 Tc -0.045 Tw 26.906 0 Td [(oard)20 ( )]TJ 0.031 Tc 0.077 Tw -32.976 -1.231 Td [(decision-making)6 ( )0.5 (efficiency)6.1 ( )0.5 (and)6 ( )0.5 (helps)6 ( )0.5 (ensure)6.1 ( )0.5 (that)6 ( )0.5 (connected)5.9 ( )0.6 (transactions)6 ( )0.5 (remain)6 ( )]TJ 0.025 Tc 0.033 Tw 0 -1.231 Td (within a compliant framework throughout the year. The )Tj (above risk)Tj ( buffer reflects )Tj 0.054 Tc 0.07 Tw 0 -1.231 Td [(a)13 ( )0.6 (p)0.5 (r)0.5 (o)0.5 (f)0.5 (e)0.6 (s)0.5 (s)0.5 (i)0.5 (o)0.6 (n)0.5 (a)0.5 (l)13 ( )0.5 (a)0.6 (s)0.5 (s)0.5 (e)0.6 (s)0.5 (s)0.5 (m)0.5 (e)0.5 (n)0.6 (t)13 ( )0.5 (o)0.5 (f)13.1 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.6 (l)0.5 (i)0.5 (k)0.5 (e)0.6 (l)0.5 (i)0.5 (h)0.5 (o)0.5 (o)0.5 (d)13.1 ( )0.5 (a)0.5 (n)0.5 (d)13 ( )0.6 (i)0.5 (m)0.5 (p)0.5 (a)0.6 (c)0.5 (t)13 ( )0.5 (o)0.6 (f)13 ( )0.5 (t)0.5 (h)0.5 (e)13.1 ( )0.5 (i)0.5 (d)0.5 (e)0.6 (n)0.5 (t)0.5 (i)0.5 (f)0.5 (i)0.6 (e)0.5 (d)13 ( )0.5 (r)0.5 (i)0.6 (s)0.5 (k)29 ( )]TJ 0.037 Tc 0.071 Tw 0 -1.231 Td [(f)0.5 (a)0.6 (c)0.6 (t)0.5 (o)0.6 (r)0.5 (s)12 ( )0.6 (a)0.5 (n)0.6 (d)12 ( )0.5 (r)0.5 (e)0.6 (p)0.5 (r)0.6 (e)0.6 (s)0.5 (e)0.6 (n)0.5 (t)0.6 (s)12 ( )0.5 (a)12 ( )0.5 (r)0.6 (e)0.5 (a)0.6 (s)0.6 (o)0.5 (n)0.6 (a)0.5 (b)0.6 (l)0.5 (e)12 ( )0.5 (r)0.6 (a)0.6 (n)0.5 (g)0.6 (e)12 ( )0.5 (i)0.5 (n)12 ( )0.5 (l)0.6 (i)0.5 (g)0.6 (h)0.5 (t)12 ( )0.5 (o)0.6 (f)12 ( )0.5 (p)0.5 (r)0.6 (e)0.6 (v)0.5 (a)0.6 (i)0.5 (l)0.6 (i)0.5 (n)0.6 (g)12 ( )0.5 (o)0.5 (p)0.6 (e)0.5 (r)0.6 (a)0.6 (t)0.5 (i)0.6 (o)0.5 (n)0.6 (a)0.5 (l)12 ( )0.5 (a)0.6 (n)0.5 (d)12 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (market conditions.)Tj /T1_1 1 Tf -0.025 Tw -2.18 -2.462 Td (2.)Tj 0 Tc 0 Tw ( )Tj 0.022 Tc 2.18 0 Td (IN RELATION TO THE)Tj 0 Tc ( )Tj 0.022 Tc 11.424 0 Td [(FRAMEWORK AGREEMENT WITH ZHESHANG)-3 ( )]TJ 0.025 Tc -0.025 Tw -11.424 -1.231 Td (DEVELOPMENT)Tj /T1_0 1 Tf 0.041 Tc 0.07 Tw 0 -2.462 Td [(T)0.5 (he)13 ( )0.5 (Gr)0.5 (ou)0.5 (p)13 ( c)0.5 (o)0.5 (nd)0.5 (uc)0.5 (ts)13 ( )0.5 (se)0.5 (c)0.5 (u)0.5 (ri)0.5 (ti)0.5 (es)13 ( )0.5 (bu)0.5 (s)0.5 (in)0.5 (e)0.5 (ss)13 ( t)0.5 (h)0.5 (ro)0.5 (ug)0.5 (h)12.9 ( )0.5 (Z)0.5 (he)0.5 (s)0.5 (ha)0.5 (n)0.5 (g)12.9 ( )0.5 (Se)0.5 (c)0.5 (ur)0.5 (it)0.5 (i)0.5 (es)13 ( )0.5 (Co)0.5 (.,)13 ( )0.5 (Lt)0.5 (d.)16 ( )]TJ 0.057 Tc -0.057 Tw 0 -1.231 Td (\(\223)Tj /T1_1 1 Tf 0.07 Tw [(Zheshang)12.1 ( Securities)]TJ /T1_0 1 Tf [(\224\).)12.2 ( Among)12.2 ( others,)12.2 ( Zheshang)12.2 ( Futures,)12.2 ( a)12.2 ( subsidiary)12.2 ( of)32 ( )]TJ 0.049 Tc 0 -1.231 Td [(Zheshang)12.2 ( Securities,)12.3 ( has)12.2 ( entered)12.3 ( into)12.3 ( a)12.3 ( framework)12.3 ( agreement)12.2 ( with)12.3 ( Zheshang)24 ( )]TJ 0.096 Tc 0 -1.231 Td [(D)0.5 (ev)0.5 (el)0.5 (o)0.5 (pme)0.5 (n)0.5 (t)12.9 ( )0.5 (to)13 ( p)0.5 (ro)0.5 (vi)0.5 (de)13 ( )0.5 (OT)0.5 (C)13 ( d)0.5 (er)0.5 (iv)0.5 (at)0.5 (i)0.5 (ve)0.5 (s)12.9 ( )0.5 (ri)0.5 (sk)13 ( )0.5 (ma)0.5 (na)0.5 (ge)0.5 (m)0.5 (en)0.5 (t)12.9 ( )0.5 (se)0.5 (r)0.5 (vi)0.5 (ce)0.5 (s)12.9 ( )0.5 (t)0.5 (o)70.9 ( )]TJ 0.026 Tc 0.082 Tw 0 -1.231 Td [(Zheshang)1 ( )0.5 (Development)1 ( )0.5 (and)1.1 ( )0.5 (its)1 ( )0.5 (relevant)1 ( )0.5 (subsidiaries.)1 ( )0.5 (The)1.1 ( )0.5 (connected)1 ( )0.5 (transactions)1 ( )]TJ 0.054 Tc 0.07 Tw 0 -1.231 Td [(contemplated)12.2 ( under)12.2 ( this)12.3 ( Framework)12.3 ( Agreement)12.3 ( are)12.3 ( consistent)12.3 ( with)12.3 ( all)12.2 ( other)29 ( )]TJ 0.025 Tc 0.055 Tw 0 -1.231 Td (connected transactions of the Group and comply with the requirements und\er the )Tj 0 Tw 0 -1.231 Td (applicable Listing Rules.)Tj /T1_1 1 Tf -0.025 Tw 0 -2.462 Td (\(i\))Tj 0 Tc 0 Tw ( )Tj 0.069 Tc 0.07 Tw 2.181 0 Td [(the)12.1 ( detailed)12.1 ( pricing)12.1 ( policy)12.1 ( for)12.1 ( OTC)12.1 ( derivatives)12.2 ( trading)12.1 ( under)12.1 ( the)44 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (Framework Agreement with Zheshang Development)Tj /T1_0 1 Tf 0.051 Tw 0 -2.462 Td (The pricing policy for OTC derivatives trading applies to all counterpar\ties, )Tj 0.075 Tc 0.07 Tw 0 -1.231 Td [(including)12.2 ( Zheshang)12.2 ( Development)12.2 ( and)12.2 ( its)12.3 ( relevant)12.2 ( subsidiaries)12.2 ( under)50 ( )]TJ 0.054 Tc 0 -1.231 Td [(Framework)12.7 ( Agreement)12.6 ( with)12.7 ( Zheshang)12.6 ( Development,)12.7 ( and)12.7 ( is)12.6 ( designed)12.7 ( to)29 ( )]TJ 0.037 Tc 0.071 Tw 0 -1.231 Td [(achieve)12 ( )0.5 (prices)12 ( )0.5 (and)12 ( )0.5 (terms)12 ( )0.5 (that)12 ( )0.5 (reflect)12 ( )0.5 (prevailing)12 ( )0.5 (market)12 ( )0.5 (conditions)12.1 ( without)12 ( )]TJ 0.022 Tc 0 Tw 0 -1.231 Td (preferential treatment to Zheshang Development and its relevant subsidia\ries.)Tj 0.057 Tc 0.07 Tw 0 -2.462 Td [(Trading)12.8 ( in)12.7 ( commodity)12.8 ( derivatives)12.8 ( occurs)12.8 ( either)12.8 ( on)12.8 ( exchanges)12.7 ( or)12.8 ( in)12.7 ( the)32 ( )]TJ 0.025 Tc 0.059 Tw 0 -1.231 Td (OTC market. Exchange trading offers centralized liquidity and standardiz\ed )Tj 0.045 Tw 0 -1.231 Td (contracts, whereas the OTC market provides the flexibility to tailor con\tract )Tj 0.069 Tc 0.07 Tw 0 -1.231 Td [(terms,)12.5 ( such)12.4 ( as)12.6 ( size,)12.5 ( grade,)12.5 ( location,)12.4 ( and)12.5 ( delivery)12.5 ( provisions,)12.5 ( to)12.5 ( align)44 ( )]TJ 0.052 Tc 0 -1.231 Td [(with)12.2 ( specific)12.1 ( hedging)12.2 ( or)12.1 ( trading)12.2 ( needs)12.1 ( across)12.2 ( a)12.2 ( broad)12.2 ( range)12.2 ( of)12.2 ( physical)27 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (commodity markets.)Tj 0.045 Tc 0.07 Tw 0 -2.462 Td [(In)12.1 ( the)12.2 ( OTC)12.2 ( derivatives)12.1 ( market,)12.1 ( the)12.1 ( trading)12.1 ( process)12.1 ( typically)12.2 ( proceeds)12.1 ( as)20 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (follows. A client initiates a transaction by soliciting quotes from deal\ers who )Tj 0.043 Tc 0.07 Tw 0 -1.231 Td [(are)12.2 ( qualified)12.2 ( licensed)12.2 ( institutions)12.2 ( active)12.2 ( in)12.2 ( the)12.2 ( market,)12.1 ( such)12.2 ( as)12.1 ( Zheshang)18 ( )]TJ 0.054 Tc 0 -1.231 Td [(Futures)12.8 ( and)12.8 ( its)12.9 ( relevant)12.9 ( subsidiaries.)12.9 ( Dealers)12.9 ( retain)12.8 ( full)12.8 ( discretion)12.8 ( over)29 ( )]TJ 0.068 Tc 0 -1.231 Td [(whether)12.2 ( to)12.1 ( respond)12.1 ( and)12.1 ( provide)12.1 ( a)12.1 ( quotation.)12.1 ( Where)12.1 ( a)12.1 ( dealer)12.1 ( elects)12.1 ( to)43 ( )]TJ 0.036 Tc 0.072 Tw 0 -1.231 Td [(participate,)11 ( )0.5 (it)11 ( will)11 ( )0.5 (provide)11 ( )0.5 (an)11 ( )0.5 (initial)11 ( )0.5 (fee)11 ( )0.5 (quotation)11 ( )0.5 (informed)11 ( )0.5 (by)11 ( )0.5 (observable)11 ( )]TJ ET endstreamendobj32 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 18.7502 Tm (\226 11 \226)Tj 0.031 Tw 13 0 0 13 85.0394 776.0055 Tm (Second, the annual caps for the transactions have been set with due cons\ideration )Tj 0.072 Tc 0.07 Tw 0 -1.231 Td [(to)13 ( the)13 ( pr)0.5 (act)0.5 (ica)0.5 (l)12.9 ( r)0.5 (eq)0.5 (uire)0.5 (men)0.5 (ts)12.9 ( )0.5 (of)12.9 ( )0.5 (the)12.9 ( )0.5 (Gro)0.5 (up\222)0.5 (s)12.9 ( p)0.5 (rinc)0.5 (ipa)0.5 (l)12.9 ( b)0.5 (usi)0.5 (ness)0.5 (es)0.5 (,)12.9 ( na)0.5 (me)0.5 (ly)47 ( )]TJ 0.037 Tc 0.071 Tw 0 -1.231 Td [(expressway-related)12.1 ( )0.5 (development)12 ( )0.5 (and)12 ( )0.5 (operations,)12.1 ( )0.5 (as)12 ( )0.5 (well)12 ( )0.5 (as)12 ( )0.5 (securities)12 ( )]TJ -0.037 Tw 30.95 0 Td (business)Tj 0.025 Tc -0.025 Tw (. )Tj 0.044 Tc 0.07 Tw -30.95 -1.231 Td [(In)12.2 ( the)12.1 ( expressway)12.1 ( segment,)12.2 ( project)12.2 ( execution)12.2 ( is)12.2 ( subject)12.1 ( to)12.1 ( factors)12.1 ( beyond)12.1 ( the)19 ( )]TJ 0.047 Tc 0 -1.231 Td [(Group\222s)12.4 ( control,)12.4 ( including)12.4 ( weather)12.3 ( conditions)12.3 ( and)12.3 ( regulatory)12.4 ( changes,)12.3 ( which)22 ( )]TJ 0.025 Tc 0.067 Tw 0 -1.231 Td [(create )0.5 (inherent )0.5 (uncertainty )0.5 (regarding project )0.5 (scope )0.5 (and )0.5 (volume. )0.5 (The )0.5 (Group must )]TJ 0.044 Tc 0.07 Tw 0 -1.231 Td [(also)12.7 ( maintain)12.7 ( readiness)12.7 ( for)12.7 ( emergency)12.7 ( maintenance)12.7 ( in)12.7 ( response)12.7 ( to)12.7 ( unforeseen)19 ( )]TJ 0.025 Tc 0 -1.231 Td (events and fulfill mandated public service obligations, such as emergenc\y traffic )Tj 0.041 Tc 0 -1.231 Td [(ma)0.5 (n)0.5 (ag)0.5 (em)0.5 (e)0.5 (nt)13 ( a)0.5 (nd)13 ( e)0.5 (n)0.5 (su)0.5 (ri)0.5 (ng)13 ( u)0.5 (ni)0.5 (nt)0.5 (e)0.5 (rr)0.5 (up)0.5 (te)0.5 (d)12.9 ( )0.5 (ro)0.5 (a)0.5 (d)12.9 ( )0.5 (ac)0.5 (c)0.5 (es)0.5 (s.)13 ( )0.5 (In)13 ( a)0.5 (dd)0.5 (it)0.5 (io)0.5 (n,)13 ( t)0.5 (he)13 ( )0.5 (Gr)0.5 (ou)0.5 (p)12.9 ( )0.5 (i)0.5 (s)15.9 ( )]TJ 0.051 Tc 0 -1.231 Td [(exposed)12.1 ( to)12.1 ( price)12.1 ( volatility)12.1 ( in)12.1 ( engineering)12.1 ( materials)12.1 ( and,)12.1 ( within)12.1 ( its)12.1 ( )]TJ -0.051 Tw [(securities)26 ( )]TJ 0.06 Tc -0.06 Tw 0 -1.231 Td (business)Tj 0.07 Tw [(,)12.7 ( fluctuations)12.8 ( in)12.8 ( futures)12.8 ( prices.)12.7 ( In)12.7 ( light)12.8 ( of)12.7 ( the)12.8 ( above,)12.8 ( the)12.7 ( Company)34.9 ( )]TJ 0.025 Tc 0.054 Tw 0 -1.231 Td [(applied )0.5 (an average risk )0.5 (buffer )0.5 (of approximately )0.5 (35% )0.5 (to )0.5 (the )0.5 (baseline to )0.5 (prudently )]TJ 0.042 Tc 0.07 Tw 0 -1.231 Td [(a)0.5 (c)0.5 (c)0.5 (o)0.5 (m)0.5 (mo)0.5 (d)0.5 (a)0.5 (t)0.5 (e)13 ( )0.5 (u)0.5 (nc)0.5 (e)0.6 (rt)0.5 (a)0.5 (i)0.5 (n)0.5 (t)0.5 (i)0.5 (e)0.5 (s)12.9 ( )0.5 (n)0.5 (o)0.5 (t)13 ( )0.5 (c)0.5 (a)0.5 (p)0.5 (tu)0.5 (r)0.5 (e)0.5 (d)13 ( )0.5 (i)0.5 (n)12.9 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (b)0.5 (a)0.5 (s)0.5 (e)0.5 (li)0.5 (n)0.5 (e)0.5 (.)13 ( )0.5 (T)0.5 (h)0.5 (is)13 ( )0.5 (b)0.5 (u)0.5 (f)0.5 (f)0.5 (e)0.5 (r)13 ( a)0.5 (d)0.5 (d)0.5 (r)0.5 (e)0.5 (s)0.5 (s)0.5 (e)0.5 (s)17 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (three principal risk categories:)Tj 0.044 Tc 0.07 Tw 0 -2.462 Td [(\()19 (i)19 (\))19 ( )-797.5 (approximately)12.6 ( 1)12.7 (5)12.7 (%)12.6 ( for)12.6 ( project)12.7 ( execution)12.7 ( uncertainty,)12.7 ( including)12.7 ( potential)19 ( )]TJ 0.054 Tc 2.18 -1.231 Td [(scope)12.9 ( changes,)12.8 ( technical)12.9 ( adjustments,)12.9 ( or)12.9 ( urgent)12.9 ( incremental)12.9 ( services)12.9 ( in)29 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (ongoing projects;)Tj 0.061 Tc 0.07 Tw -2.18 -2.462 Td [(\()36 (i)36 (i)36 (\))36 ( )-477.5 (approximately)12.2 ( 1)12.2 (0)12.2 (%)12.2 ( for)12.2 ( contingencies)12.2 ( and)12.2 ( strategic)12.2 ( reserves,)12.2 ( including)35.9 ( )]TJ 0.041 Tc 2.18 -1.231 Td [(temporary)12.6 ( mandates)12.6 ( arising)12.5 ( from)12.6 ( national)12.5 ( strategies,)12.5 ( emergency)12.6 ( response)16 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (needs, and emergent market collaboration opportunities; and)Tj 0.052 Tc 0.07 Tw -2.18 -2.462 Td [(\()27 (i)27 (i)27 (i)27 (\))27 ( )-183.5 (approximately)12.1 ( 1)12.2 (0)12.1 (%)12.2 ( for)12.1 ( price)12.2 ( volatility)12.1 ( risk,)12.2 ( intended)12.1 ( to)12.1 ( hedge)12.1 ( potential)27 ( )]TJ 0.025 Tc 0 Tw 2.18 -1.231 Td (increases in core raw material or service costs during the contract peri\od.)Tj ET endstreamendobj31 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 18.7502 Tm (\226 10 \226)Tj /T1_1 1 Tf -0.025 Tw 8.45 0 0 13 85.0394 738.8479 Tm (No.)Tj 0 Tw 4.696 0 Td (connected persons)Tj -0.025 Tw 14.476 2.462 Td (estimated )Tj 0 Tw -0.666 -1.231 Td (amounts in )Tj -0.025 Tw 1.518 -1.231 Td (FY2026)Tj 0 Tw 4.8 0 Td (basis for the estimated amounts)Tj -0.025 Tw 8.45 0 3.4833 13 255.9443 722.8479 Tm (\(RMB\))Tj /T1_0 1 Tf 8.45 0 0 13 85.0394 690.8479 Tm (13.)Tj 0 Tw 4.696 0 Td (Zhejiang Transportation )Tj 1.231 -1.231 Td (Testing and Zhejiang )Tj 0 -1.231 Td (Zhejiao Testing)Tj 13.19 2.462 Td (44 million)Tj 0.031 Tc 0.077 Tw 5.707 0 Td [(The)6 ( )0.5 (term)6 ( )0.5 (of)6 ( )0.5 (this)6 ( )0.5 (Framework)6 ( )0.5 (Agreement)6 ( )0.5 (is)6 ( )0.5 (for)6 ( )0.5 (one)6.1 ( )0.5 (year)6.1 ( ending)6 ( )0.5 (on)6 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (December 31, 2026.)Tj 0.015 Tw 0 -2.462 Td [(The )0.5 (estimated amount )]TJ [(for )0.5 (FY2026)]TJ [( of )0.5 (RMB44 million is )0.5 (determined )]TJ 0.054 Tw 0 -1.231 Td [(with reference to the )0.5 (Group\222s )]TJ [(requirements )0.5 (for)]TJ [( road inspection )0.5 (and )]TJ 0.005 Tw -0 -1.231 Td (other services)Tj ( during the relevant period, comprising approximately )Tj 0.053 Tc 0.07 Tw 0 -1.231 Td [(RMB)12.7 (2)12.7 (9)12.7 ( million)12.8 ( for)12.8 ( road)12.7 ( inspection)12.7 ( services)12.7 ( and)12.8 ( approximately)28 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (RMB15 million for other services.)Tj ET endstreamendobj30 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 285.0378 18.7502 Tm (\226 9 \226)Tj /T1_1 1 Tf -0.025 Tw 8.45 0 0 13 85.0394 738.8479 Tm (No.)Tj 0 Tw 4.696 0 Td (connected persons)Tj -0.025 Tw 14.476 2.462 Td (estimated )Tj 0 Tw -0.666 -1.231 Td (amounts in )Tj -0.025 Tw 1.518 -1.231 Td (FY2026)Tj 0 Tw 4.8 0 Td (basis for the estimated amounts)Tj -0.025 Tw 8.45 0 3.4833 13 255.9443 722.8479 Tm (\(RMB\))Tj /T1_0 1 Tf 8.45 0 0 13 85.0394 690.8479 Tm (10.)Tj 0 Tw 4.696 0 Td (Zheshang Insurance)Tj 14.421 0 Td (70 million)Tj 0.064 Tc 0.07 Tw 5.707 0 Td [(The)12.1 ( term)12.2 ( of)12.2 ( this)12.1 ( Framework)12.1 ( Agreement)12.1 ( is)12.1 ( for)12.2 ( two)12.1 ( years)12.1 ( from)38.9 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (January 1, 2026 to December 31, 2027.)Tj 0.06 Tw 0 -2.462 Td (The estimated amount of RMB70 million in FY2026 is determined )Tj 0.044 Tc 0.07 Tw 0 -1.231 Td [(with)12.5 ( reference)12.5 ( to)12.5 ( the)12.5 ( Group\222s)12.5 ( insurance)12.5 ( requirements)12.5 ( during)12.5 ( the)19 ( )]TJ 0.059 Tc 0 -1.231 Td [(relevant)12 ( period,)12 ( comprising)12 ( approximately)12 ( RMB)12 (3)12.1 (1)12 ( million)12 ( for)34 ( )]TJ 0.039 Tc 0 -1.231 Td [(supplementary)12.3 ( medical)12.3 ( insurance,)12.3 ( approximately)12.3 ( RMB)12.3 (2)12.4 (2)12.3 ( million)14 ( )]TJ 0.053 Tc 0 -1.231 Td [(for)12.6 ( construction)12.6 ( all-risks)12.7 ( insurance,)12.7 ( and)12.6 ( approximately)12.6 ( RMB)12.6 (1)12.6 (7)28 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (million for other insurance products.)Tj 0.063 Tc 0.07 Tw 0 -2.462 Td [(T)0.5 (h)0.5 (e)13.1 ( )0.5 (s)0.5 (e)0.5 (r)0.6 (v)0.5 (i)0.5 (c)0.5 (e)0.5 (s)13.1 ( )0.5 (t)0.5 (o)13 ( )0.5 (b)0.6 (e)13 ( )0.5 (p)0.5 (r)0.5 (o)0.6 (v)0.5 (i)0.5 (d)0.5 (e)0.5 (d)13 ( )0.6 (u)0.5 (n)0.5 (d)0.5 (e)0.5 (r)13 ( )0.5 (t)0.6 (h)0.5 (i)0.5 (s)13 ( )0.5 (F)0.6 (r)0.5 (a)0.5 (m)0.5 (e)0.6 (w)0.5 (o)0.5 (r)0.5 (k)13 ( )0.5 (A)0.6 (g)0.5 (r)0.5 (e)0.5 (e)0.6 (m)0.5 (e)0.5 (n)0.5 (t)38 ( )]TJ 0.057 Tc 0 -1.231 Td [(are)12.4 ( recurring)12.4 ( in)12.4 ( nature.)12.4 ( The)12.4 ( Company)12.5 ( will)12.4 ( expand)12.4 ( cooperation)32 ( )]TJ 0.048 Tc 0 -1.231 Td [(in)12.9 ( the)12.8 ( employee)12.8 ( supplemental)12.9 ( medical)12.9 ( insurance)12.9 ( with)12.8 ( Zheshang)23 ( )]TJ 0.027 Tc 0.081 Tw 0 -1.231 Td [(Insurance.)2 ( )0.5 (An)2 ( )0.5 (increment)2 ( )0.5 (for)2 ( )0.5 (the)2 ( )0.5 (annual)2 ( )0.5 (cap)2 ( )0.5 (for)2 ( )0.5 (FY)2 (2)2 (0)2 (2)2 (7)2 ( )0.5 (\(RMB)2 (1)2 (5)2 (0)2 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (million\) reflects the plan.)Tj -0.025 Tw -24.824 -2.462 Td (11.)Tj 0 Tw 4.696 0 Td (Zhejiang Shunchang )Tj 1.231 -1.231 Td (and Jiaogong )Tj -0.025 Tw 0 -1.231 Td (Underground )Tj 0 -1.231 Td (Construction)Tj 0 Tw 12.665 3.692 Td (121 million)Tj 0.031 Tc 0.077 Tw 6.232 0 Td [(The)6 ( )0.5 (term)6 ( )0.5 (of)6 ( )0.5 (this)6 ( )0.5 (Framework)6 ( )0.5 (Agreement)6 ( )0.5 (is)6 ( )0.5 (for)6 ( )0.5 (one)6.1 ( )0.5 (year)6.1 ( ending)6 ( )0.5 (on)6 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (December 31, 2026.)Tj 0.109 Tc 0.07 Tw 0 -2.462 Td [(T)0.5 (h)0.6 (e)13 ( )0.5 (e)0.5 (s)0.6 (t)0.5 (i)0.5 (m)0.5 (a)0.5 (t)0.6 (e)0.5 (d)13 ( )0.5 (a)0.6 (m)0.5 (o)0.5 (u)0.5 (n)0.5 (t)13 ( )]TJ 0.096 Tc 0.083 Tw 11.588 0 Td [(f)-12.5 (o)-12.5 (r )0.5 (F)-12.5 (Y2026)]TJ 0.109 Tc 0.07 Tw [( )0.5 (o)0.5 (f)13.1 ( )0.5 (R)0.5 (M)0.5 (B)13 (1)13.1 (2)13 (1)13 ( )0.5 (m)0.5 (i)0.6 (l)0.5 (l)0.5 (i)0.5 (o)0.5 (n)13 ( )0.6 (i)0.5 (s)84 ( )]TJ 0.09 Tc -11.588 -1.231 Td [(determined)12.6 ( with)12.5 ( reference)12.5 ( to)12.6 ( the)12.5 ( Group\222s)12.5 ( )]TJ [(requirements)12.5 ( for)65 ( )]TJ 0.037 Tc -0.037 Tw 0 -1.231 Td (building)Tj 0.071 Tw 3.616 0 Td [( )0.5 (construction)12 ( )]TJ 6.087 0 Td [(works)12 ( )0.5 (such)12 ( )0.5 (as)12 ( )0.5 (maintenance,)12 ( )0.5 (renovation)12 ( )0.5 (and)12 ( )]TJ 0.025 Tc -0.025 Tw -9.703 -1.231 Td (refurbishment)Tj 0 Tw ( during the relevant period, comprising approximately )Tj 0.059 Tc 0.07 Tw 0 -1.231 Td [(RMB)12.5 (6)12.6 (3)12.6 ( million)12.5 ( for)12.6 ( hotel)12.5 ( renovation)12.6 ( and)12.6 ( refurbishment)12.6 ( works,)34 ( )]TJ 0.058 Tc 0 -1.231 Td [(a)0.5 (p)0.5 (pr)0.5 (o)0.5 (x)0.5 (im)0.5 (a)0.5 (t)0.5 (e)0.5 (ly)13 ( )0.5 (R)0.5 (M)0.5 (B)13 (1)12.9 (0)13 ( )0.5 (m)0.5 (il)0.5 (l)0.5 (i)0.5 (on)13 ( )0.5 (f)0.5 (or)13 ( )0.5 (m)0.5 (a)0.5 (in)0.5 (t)0.5 (e)0.5 (n)0.5 (a)0.5 (nc)0.5 (e)13 ( )0.5 (o)0.5 (f)12.9 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )]TJ -0.058 Tw [(r)0.5 (e)0.5 (l)0.5 (e)0.5 (v)0.5 (an)0.5 (t)33 ( )]TJ 0.025 Tc 0.075 Tw 0 -1.231 Td (buildings owned by the)Tj 0 Tc 0 Tw ( )Tj 0.025 Tc -0.025 Tw 10.486 0 Td (Group)Tj 0.075 Tw (, and approximately RMB48 million )Tj 0 Tw -10.486 -1.231 Td (for other related projects.)Tj -0.025 Tw -24.824 -2.462 Td (12.)Tj 0 Tw 4.696 0 Td (Zhejiang Information, )Tj 1.231 -1.231 Td (ZJIC, HangNing Co, )Tj 0 -1.231 Td (Ningbo YongTaiWen )Tj 0 -1.231 Td (Co, Hangrao Co, )Tj 0 -1.231 Td (Commercial Group )Tj 0 -1.231 Td (and Jiaogong Group)Tj 12.665 6.154 Td (115 million)Tj 0.031 Tc 0.077 Tw 6.232 0 Td [(The)6 ( )0.5 (term)6 ( )0.5 (of)6 ( )0.5 (this)6 ( )0.5 (Framework)6 ( )0.5 (Agreement)6 ( )0.5 (is)6 ( )0.5 (for)6 ( )0.5 (one)6.1 ( year)6.1 ( ending)6 ( )0.5 (on)6 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (December 31, 2026.)Tj 0.109 Tc 0.07 Tw 0 -2.462 Td [(T)0.5 (h)0.6 (e)13 ( )0.5 (e)0.5 (s)0.6 (t)0.5 (i)0.5 (m)0.5 (a)0.5 (t)0.6 (e)0.5 (d)13 ( )0.5 (a)0.6 (m)0.5 (o)0.5 (u)0.5 (n)0.5 (t)13 ( )]TJ 0.096 Tc 0.083 Tw 11.588 0 Td [(f)-12.5 (o)-12.5 (r )0.5 (F)-12.5 (Y2026)]TJ 0.109 Tc 0.07 Tw [( )0.5 (o)0.5 (f)13.1 ( )0.5 (R)0.5 (M)0.5 (B)13 (1)13.1 (1)13 (5)13 ( )0.5 (m)0.5 (i)0.6 (l)0.5 (l)0.5 (i)0.5 (o)0.5 (n)13 ( )0.6 (i)0.5 (s)84 ( )]TJ 0.041 Tc -11.588 -1.231 Td [(d)0.5 (e)0.5 (t)0.5 (e)0.5 (r)0.5 (m)0.5 (i)0.5 (n)0.5 (e)0.5 (d)13 ( )0.5 (w)0.5 (i)0.5 (t)0.5 (h)13 ( )0.5 (r)0.5 (e)0.5 (f)0.5 (e)0.5 (r)0.5 (e)0.5 (n)0.5 (c)0.5 (e)13 ( )0.5 (t)0.5 (o)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (c)0.5 (o)0.5 (n)0.5 (n)0.5 (e)0.5 (c)0.5 (t)0.5 (e)0.5 (d)13 ( )0.5 (p)0.5 (a)0.5 (r)0.5 (t)0.5 (y)0.5 (\222)0.5 (s)13 ( )]TJ -0.041 Tw 23.045 0 Td [(d)0.5 (i)0.5 (g)0.5 (i)0.5 (t)0.5 (a)0.5 (l)0.5 (i)0.5 (z)0.5 (a)0.5 (t)0.5 (i)0.5 (on)]TJ 0 Tc 0 Tw 5.83 0 Td ( )Tj 0.025 Tc 0.066 Tw -28.875 -1.231 Td [(requirements )0.5 (during )0.5 (the )0.5 (relevant )0.5 (period, )0.5 (comprising )0.5 (approximately )]TJ 0.076 Tc 0.07 Tw 0 -1.231 Td [(RMB)12.3 (7)12.3 (0)12.2 ( million)12.3 ( for)12.2 ( the)12.3 ( Transportation)12.3 ( Infrastructure)12.3 ( Digital)51 ( )]TJ 0.057 Tc 0 -1.231 Td [(Transformation)12.3 ( Upgrade)12.3 ( \(Phase)12.4 ( II\))12.3 ( )]TJ -0.057 Tw (Project)Tj 0.07 Tw [(,)12.4 ( and)12.3 ( approximately)32 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (RMB45 million for electromechanical )Tj -0.025 Tw (informatization)Tj 0 Tw ( projects.)Tj ET endstreamendobj29 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 285.0378 18.7502 Tm (\226 8 \226)Tj /T1_1 1 Tf -0.025 Tw 8.45 0 0 13 85.0394 738.8479 Tm (No.)Tj 0 Tw 4.696 0 Td (connected persons)Tj -0.025 Tw 14.476 2.462 Td (estimated )Tj 0 Tw -0.666 -1.231 Td (amounts in )Tj -0.025 Tw 1.518 -1.231 Td (FY2026)Tj 0 Tw 4.8 0 Td (basis for the estimated amounts)Tj -0.025 Tw 8.45 0 3.4833 13 255.9443 722.8479 Tm (\(RMB\))Tj /T1_0 1 Tf 8.45 0 0 13 85.0394 690.8479 Tm (8.)Tj 0 Tw 4.696 0 Td (Zheshang Development)Tj 0 Tc 18.508 0 Td (/)Tj 0.031 Tc 0.077 Tw 1.62 0 Td [(The)6 ( )0.5 (term)6 ( )0.5 (of)6 ( )0.5 (this)6 ( )0.5 (Framework)6 ( )0.5 (Agreement)6 ( )0.5 (is)6 ( )0.5 (for)6 ( )0.5 (one)6.1 ( year)6 ( )0.5 (ending)6 ( )0.5 (on)6 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (December 31, 2026.)Tj 0.071 Tc -0.071 Tw 0 -2.462 Td [(The)12.9 ( )]TJ 0.07 Tw 2.145 0 Td [(annual)12.9 ( )0.5 (cap)12.9 ( for)12.9 ( FY)13 (2)12.9 (0)12.9 (2)12.8 (6)13 ( )]TJ [(\(the)12.9 ( sum)12.9 ( of)12.9 ( t)0.5 (he)12.9 ( maximum)12.9 ( option)46 ( )]TJ 0.025 Tc 0.059 Tw -2.145 -1.231 Td [(premium and )0.5 (margin )0.5 (at any )0.5 (point in )0.5 (time for )0.5 (the existing )0.5 (contracts )]TJ 0.036 Tw 0 -1.231 Td (shall not exceed RMB500 million; and the maximum total business )Tj 0.05 Tw 0 -1.231 Td (scale of the existing contracts at any point in time shall not exceed )Tj 0.028 Tc -0.028 Tw 0 -1.231 Td [(R)-12.9 (M)-12.9 (B1,000 )]TJ 0.041 Tc -0.041 Tw 5.086 0 Td (million)Tj 0.07 Tw [(\))12.6 ( remains)12.7 ( the)12.7 ( same)12.6 ( as)12.6 ( the)12.7 ( previous)12.6 ( annual)12.7 ( cap)16 ( )]TJ 0.062 Tc -5.086 -1.231 Td [(and)12.7 ( was)12.7 ( reached)12.6 ( by)12.6 ( taking)12.7 ( into)12.7 ( account)12.6 ( the)12.6 ( estimated)12.6 ( demand)37 ( )]TJ 0.049 Tc 0 -1.231 Td [(for)12.4 ( risk)12.5 ( management)12.5 ( services)12.4 ( of)12.4 ( Zheshang)12.4 ( Development)12.4 ( and)12.5 ( its)24 ( )]TJ 0.025 Tc 0.027 Tw 0 -1.231 Td [(relevant )0.6 (subsidiaries; )0.6 (the )0.5 (market )0.6 (price )0.5 (of )0.6 (the )0.5 (underlying )0.5 (assets; )0.6 (and )]TJ 0.034 Tw 0 -1.231 Td (the scale of business and future business plan of Zheshang Futures, )Tj 0.037 Tc 0.071 Tw 0 -1.231 Td [(Zheshang)12 ( )0.5 (Development)12 ( )0.5 (and)12 ( )0.5 (their)12 ( )0.5 (relevant)12 ( )0.5 (subsidiaries.)12 ( )0.5 (Given)12 ( )0.5 (the)12 ( )]TJ 0.025 Tc 0.078 Tw 0 -1.231 Td (unpredictable nature of )Tj -0.025 Tw (OTC)Tj 0.078 Tw ( derivatives trading, the scale of OTC )Tj 0.044 Tc 0.07 Tw 0 -1.231 Td [(derivatives)12.3 ( transactions)12.4 ( in)12.3 ( FY)12.3 (2)12.4 (0)12.3 (2)12.3 (6)12.4 ( will)12.4 ( be)12.3 ( dynamically)12.4 ( matched)19 ( )]TJ 0 -1.231 Td [(t)0.5 (o)13 ( )0.6 (t)0.5 (h)0.5 (e)13 ( )0.5 (a)0.6 (c)0.5 (t)0.5 (u)0.5 (a)0.6 (l)13 ( )0.5 (d)0.5 (e)0.6 (m)0.5 (a)0.5 (n)0.5 (d)13 ( )0.6 (a)0.5 (r)0.5 (i)0.5 (s)0.6 (i)0.5 (n)0.5 (g)13 ( )0.5 (f)0.6 (r)0.5 (o)0.5 (m)13 ( )0.5 (t)0.5 (h)0.6 (e)13 ( )0.5 (p)0.5 (a)0.6 (r)0.5 (t)0.5 (i)0.5 (e)0.6 (s)0.5 (\222)13 ( )]TJ 20.945 0 Td [(b)0.5 (u)0.5 (l)0.5 (k)13.1 ( )0.5 (c)0.5 (o)0.5 (m)0.6 (mo)0.6 (d)0.5 (i)0.5 (t)0.5 (i)0.5 (e)0.6 (s)19 ( )]TJ 0.025 Tc -0.025 Tw -20.945 -1.231 Td (trading)Tj 0 Tc 0 Tw (.)Tj 0.025 Tc -0.025 Tw -24.824 -2.462 Td (9.)Tj 0 Tw 4.696 0 Td (Zhejiang Yingtong )Tj 1.231 -1.231 Td (Catering and )Tj 0 -1.231 Td (Zheshang Jinji )Tj 0 -1.231 Td (Shangcheng Branch)Tj 13.19 3.692 Td (29 million)Tj 0.031 Tc 0.077 Tw 5.707 0 Td [(The)6 ( )0.5 (term)6 ( )0.5 (of)6 ( )0.5 (this)6 ( )0.5 (Framework)6 ( )0.5 (Agreement)6 ( )0.5 (is)6 ( )0.5 (for)6 ( )0.5 (one)6.1 ( year)6 ( )0.5 (ending)6 ( )0.5 (on)6 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (December 31, 2026.)Tj 0.015 Tw 0 -2.462 Td [(The )0.5 (estimated amount )]TJ [(for )0.5 (FY2026)]TJ [( of )0.5 (RMB29 million is )0.5 (determined )]TJ 0.029 Tc 0.079 Tw 0 -1.231 Td [(with)4 ( )0.5 (reference)4 ( )0.5 (to)4 ( )0.5 (the)4 ( )0.5 (anticipated)4 ( )0.5 (demand)4 ( )0.5 (from)4 ( )0.5 (twelve)4.1 ( )0.5 (subsidiaries)4.1 ( )]TJ 0.037 Tc 0.071 Tw 0 -1.231 Td [(and)12 ( )0.5 (branches)12 ( )0.5 (of)12 ( )0.5 (the)12 ( )0.5 (Group)12 ( )0.5 (for)12 ( )0.5 (catering)12 ( )0.5 (management)12 ( )]TJ -0.037 Tw 23.415 0 Td (and)Tj 0.071 Tw 1.543 0 Td [( )0.5 (delivery)12 ( )]TJ 0.025 Tc 0 Tw -24.958 -1.231 Td (services during the relevant period.)Tj ET endstreamendobj28 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 285.0378 18.7502 Tm (\226 7 \226)Tj /T1_1 1 Tf -0.025 Tw 8.45 0 0 13 85.0394 738.8479 Tm (No.)Tj 0 Tw 4.696 0 Td (connected persons)Tj -0.025 Tw 14.476 2.462 Td (estimated )Tj 0 Tw -0.666 -1.231 Td (amounts in )Tj -0.025 Tw 1.518 -1.231 Td (FY2026)Tj 0 Tw 4.8 0 Td (basis for the estimated amounts)Tj -0.025 Tw 8.45 0 3.4833 13 255.9443 722.8479 Tm (\(RMB\))Tj /T1_0 1 Tf 8.45 0 0 13 85.0394 690.8479 Tm (7.)Tj 0 Tw 4.696 0 Td (Zheshang Development, )Tj -0.025 Tw 1.231 -1.231 Td (Zhejiang )Tj 0 -1.231 Td (Communications )Tj 0 Tw 0 -1.231 Td (Resources and )Tj -0.025 Tw 0 -1.231 Td (Oceanking )Tj 0 -1.231 Td (Development)Tj 0 Tc 0 Tw 17.277 6.154 Td (/)Tj 0.031 Tc 0.077 Tw 1.62 0 Td [(The)6 ( )0.5 (term)6 ( )0.5 (of)6 ( )0.5 (this)6 ( )0.5 (Framework)6 ( )0.5 (Agreement)6 ( )0.5 (is)6 ( )0.5 (for)6 ( )0.5 (one)6.1 ( year)6 ( )0.5 (ending)6 ( )0.5 (on)6 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (December 31, 2026.)Tj 0.088 Tc 0.07 Tw 0 -2.462 Td [(The)12.5 ( annual)12.4 ( cap)12.4 ( \(RMB)12.5 (9)12.4 (0)12.4 (0)12.4 ( million\))12.5 ( )]TJ 0.076 Tc 0.082 Tw [(f)-12.1 (o)-12 (r F)-12.1 (Y)0.5 (2026)]TJ 0.088 Tc 0.07 Tw 22.776 0 Td [( is)12.5 ( primarily)63 ( )]TJ 0.076 Tc -22.776 -1.231 Td [(based)12.7 ( on)12.7 ( the)12.7 ( projected)12.7 ( demand)12.8 ( from)12.8 ( Zheshang)12.7 ( Development)51 ( )]TJ 0.064 Tc 0 -1.231 Td [(and)12.5 ( its)12.5 ( relevant)12.5 ( subsidiaries)]TJ [(,)12.5 ( as)12.5 ( its)12.5 ( transactions)12.5 ( accounted)12.4 ( for)39 ( )]TJ 0.063 Tc 0 -1.231 Td [(over)12.4 ( 9)12.4 (0)12.4 (%)12.4 ( of)12.4 ( the)12.4 ( total)12.4 ( )]TJ [(amount)12.4 ( of)12.4 ( connected)12.4 ( transactions)]TJ 0 Tc 0 Tw 25.937 0 Td ( )Tj 0.063 Tc -0.063 Tw 0.383 0 Td [(under)38 ( )]TJ 0.044 Tc 0.07 Tw -26.32 -1.231 Td [(the)12.3 ( framework)12.3 ( agreement)12.3 ( for)]TJ 0.032 Tc 0.082 Tw 13.043 0 Td [( F)-12.2 (Y2025. )]TJ 0.044 Tc 0.07 Tw [(The)12.4 ( principal)12.3 ( business)12.3 ( of)]TJ 0 Tc 0 Tw 15.831 0 Td ( )Tj 0.024 Tc -0.024 Tw -28.875 -1.231 Td (Zheshang )Tj 4.356 0 Td (Development )Tj 0 Tw 5.929 0 Td [(is supply chain integration services for bulk)-1 ( )]TJ 0.038 Tc 0.07 Tw -10.285 -1.231 Td [(commodities.)12.5 ( According)12.5 ( to)12.6 ( the)12.6 ( FY)12.6 (2)12.5 (0)12.6 (2)12.5 (6)12.5 ( production)12.5 ( and)12.6 ( operation)13 ( )]TJ 0.032 Tc 0.076 Tw 0 -1.231 Td [(plan)7 ( )0.5 (of)7 ( )0.6 (Zheshang)7 ( )0.5 (Development)7 ( )0.5 (and)7 ( )0.5 (its)7.1 ( )]TJ -0.032 Tw 17.319 0 Td (relevant)Tj 0.076 Tw 3.471 0 Td [( )0.5 (subsidiaries,)6.9 ( )]TJ -0.032 Tw 6.098 0 Td (their)Tj 0 Tc 0 Tw 1.987 0 Td ( )Tj 0.025 Tc 0.016 Tw -28.875 -1.231 Td (estimated demand for each of the procurement of bulk commodities )Tj 0.043 Tc 0.07 Tw 0 -1.231 Td [(and)12.1 ( sales)12.1 ( of)12.1 ( bulk)12 ( commodities)12.1 ( is)12.1 ( RMB)12.1 (7)12.1 (9)12 (8)12.1 ( million,)12.1 ( respectively.)18 ( )]TJ 0.071 Tc 0 -1.231 Td [(O)0.5 (v)0.5 (e)0.5 (r)0.5 (a)0.5 (l)0.5 (l)0.5 (,)13 ( )0.6 (t)0.5 (h)0.5 (e)]TJ 5.612 0 Td [( )0.5 (p)0.5 (r)0.5 (o)0.5 (p)0.5 (o)0.5 (s)0.5 (e)0.5 (d)13.1 ( )0.5 (a)0.5 (n)0.5 (n)0.5 (u)0.5 (a)0.5 (l)13 ( )0.5 (c)0.5 (a)0.5 (p)13 ( )0.5 (w)0.6 (a)0.5 (s)13 ( )0.5 (d)0.5 (e)0.5 (t)0.5 (e)0.5 (r)0.5 (m)0.5 (i)0.5 (n)0.5 (e)0.6 (d)13 ( t)0.6 (a)0.5 (k)0.5 (i)0.5 (n)0.5 (g)13 ( )0.5 (i)0.5 (n)0.5 (t)0.5 (o)46 ( )]TJ 0.093 Tc -5.612 -1.231 Td [(consideration)12.5 ( comparable)12.4 ( spot)12.5 ( prices)12.5 ( of)12.5 ( bulk)12.4 ( commodities)68 ( )]TJ 0.07 Tc 0 -1.231 Td [(in)12.5 ( the)12.5 ( current)12.5 ( market)12.5 ( environment;)12.5 ( the)12.5 ( estimated)12.5 ( demand)12.5 ( for)45 ( )]TJ 0.069 Tc 0 -1.231 Td [(bulk)12.7 ( commodities)12.7 ( between)12.7 ( Zheshang)12.7 ( Futures)12.7 ( and)12.7 ( its)12.7 ( relevant)44 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (subsidiaries and Zheshang Development, Zhejiang Communications )Tj 0.033 Tw 0 -1.231 Td (Resources, Oceanking Development and their relevant subsidiaries, )Tj 0.023 Tc -0.023 Tw 0 -1.231 Td (together)Tj 0 Tw [( with a reasonable buffer; and the potential rise in the prices)-2 ( )]TJ 0.025 Tc 0.035 Tw 0 -1.231 Td (of bulk commodities and the scale effect of related businesses after )Tj -0.025 Tw 0 -1.231 Td (expansion.)Tj ET endstreamendobj24 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 285.0378 18.7502 Tm (\226 6 \226)Tj /T1_1 1 Tf -0.025 Tw 8.45 0 0 13 85.0394 738.8479 Tm (No.)Tj 0 Tw 4.696 0 Td (connected persons)Tj -0.025 Tw 14.476 2.462 Td (estimated )Tj 0 Tw -0.666 -1.231 Td (amounts in )Tj -0.025 Tw 1.518 -1.231 Td (FY2026)Tj 0 Tw 4.8 0 Td (basis for the estimated amounts)Tj -0.025 Tw 8.45 0 3.4833 13 255.9443 722.8479 Tm (\(RMB\))Tj /T1_0 1 Tf 8.45 0 0 13 85.0394 690.8479 Tm (6.)Tj 4.696 0 Td (Maintenance )Tj 0 Tw 1.231 -1.231 Td (Co, Zhejiang )Tj 0 -1.231 Td (Shunchang, Jiaogong )Tj -0.025 Tw 0 -1.231 Td (Maintenance )Tj 0 Tw 0 -1.231 Td (and Zhejiang )Tj -0.025 Tw 0 -1.231 Td (Communications )Tj 0 -1.231 Td (Resources)Tj 0 Tw 12.665 7.385 Td (822 million)Tj 0.054 Tc 0.07 Tw 6.232 0 Td [(The)12.8 ( term)12.7 ( of)12.8 ( this)12.8 ( Framework)12.7 ( Agreement)12.8 ( is)12.8 ( for)12.8 ( three)12.8 ( years)12.8 ( from)29 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (January 1, 2026 to December 31, 2028.)Tj 0.109 Tc 0.07 Tw 0 -2.462 Td [(T)0.5 (h)0.6 (e)13 ( )0.5 (e)0.5 (s)0.6 (t)0.5 (i)0.5 (m)0.5 (a)0.5 (t)0.6 (e)0.5 (d)13 ( )0.5 (a)0.6 (m)0.5 (o)0.5 (u)0.5 (n)0.5 (t)13 ( )0.6 (o)0.5 (f)13 ( )0.5 (R)0.6 (M)0.5 (B)13 (8)13 (2)13 (2)13.1 ( )0.5 (m)0.5 (i)0.5 (l)0.5 (l)0.6 (i)0.5 (o)0.5 (n)13 ( )0.5 (f)0.6 (o)0.5 (r)13 ( )0.5 (F)0.5 (Y)13.1 (2)13 (0)13 (2)13 (6)13 ( )0.6 (i)0.5 (s)84 ( )]TJ 0.025 Tc 0.072 Tw 0 -1.231 Td (determined with reference to the Group\222s operational requirements )Tj 0.037 Tw 0 -1.231 Td [(for expressway maintenance during the )0.5 (relevant period, comprising )]TJ 0.02 Tc 0 Tw 0 -1.231 Td [(approximately RMB228 million for routine expressway maintenance)-5 ( )]TJ 0.025 Tc 0.046 Tw 0 -1.231 Td (services, approximately RMB511 million for )Tj -0.025 Tw (dedicated)Tj 0.046 Tw ( expressway )Tj 0.067 Tw -0 -1.231 Td (maintenance services, and approximately RMB83 million for other )Tj 0 Tw 0 -1.231 Td (related projects.)Tj 0.032 Tc 0.076 Tw 0 -2.462 Td [(The)7 ( )0.5 (se)0.5 (rvices)7 ( )0.5 (to)7 ( )0.5 (be)7.1 ( )0.5 (provided)7 ( )0.5 (unde)0.5 (r)7 ( )0.5 (this)7 ( )0.5 (Frame)0.5 (work)7 ( )0.5 (Agree)0.5 (ment)7 ( )0.5 (are)7 ( )]TJ 0.057 Tc 0.07 Tw 0 -1.231 Td [(recurring)12.1 ( in)12.1 ( nature.)12.1 ( Therefore)12.1 ( the)12.1 ( annual)12 ( caps)12.1 ( for)12 ( FY)12.1 (2)12.1 (0)12.1 (2)12.1 (7)12.1 ( and)32 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (FY2028 are also set at RMB900 million.)Tj ET endstreamendobj5 0 obj<>/ExtGState<>/Font<>/ProcSet[/PDF/Text]/Properties<>>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page/PieceInfo</LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>>>endobj6 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page/PieceInfo</LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>>>endobj7 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page/PieceInfo</LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>>>endobj8 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page/PieceInfo</LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>>>endobj9 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page/PieceInfo</LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>>>endobj59 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 285.0378 18.7502 Tm (\226 5 \226)Tj /T1_1 1 Tf -0.025 Tw 8.45 0 0 13 85.0394 738.8479 Tm (No.)Tj 0 Tw 4.696 0 Td (connected persons)Tj -0.025 Tw 14.476 2.462 Td (estimated )Tj 0 Tw -0.666 -1.231 Td (amounts in )Tj -0.025 Tw 1.518 -1.231 Td (FY2026)Tj 0 Tw 4.8 0 Td (basis for the estimated amounts)Tj -0.025 Tw 8.45 0 3.4833 13 255.9443 722.8479 Tm (\(RMB\))Tj /T1_0 1 Tf 8.45 0 0 13 85.0394 690.8479 Tm (4.)Tj 0 Tw 4.696 0 Td (Zheshang Property and )Tj 1.231 -1.231 Td (Zheshang Culture)Tj 13.19 1.231 Td (50 million)Tj 0.031 Tc 0.077 Tw 5.707 0 Td [(The)6 ( )0.5 (term)6 ( )0.5 (of)6 ( )0.5 (this)6 ( )0.5 (Framework)6 ( )0.5 (Agreement)6 ( )0.5 (is)6 ( )0.5 (for)6 ( )0.5 (one)6.1 ( )0.5 (year)6.1 ( ending)6 ( )0.5 (on)6 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (December 31, 2026.)Tj 0.116 Tc 0.07 Tw 0 -2.462 Td [(The)12.6 ( estimated)12.6 ( annual)12.6 ( transaction)12.6 ( amount)12.5 ( )]TJ 0.103 Tc 0.083 Tw [(f)-12.9 (o)-13 (r F)-13 (Y2026 )]TJ 0.025 Tc -0.025 Tw [(o)-91 (f )]TJ 0.098 Tc 0.07 Tw 0 -1.231 Td [(a)0.5 (p)0.5 (p)0.6 (r)0.5 (o)0.5 (x)0.5 (i)0.5 (m)0.5 (a)0.5 (t)0.5 (e)0.6 (l)0.5 (y)13 ( )0.5 (R)0.5 (M)0.5 (B)13.1 (5)13 (0)13 ( )0.5 (m)0.5 (i)0.5 (l)0.5 (l)0.5 (i)0.6 (o)0.5 (n)13 ( )0.5 (i)0.5 (s)13 ( )0.5 (d)0.5 (e)0.6 (t)0.5 (e)0.5 (r)0.5 (m)0.5 (i)0.5 (n)0.6 (e)0.5 (d)13 ( )0.5 (b)0.5 (a)0.5 (s)0.6 (e)0.5 (d)13 ( )0.5 (o)0.5 (n)13 ( )0.5 (t)0.6 (h)0.5 (e)73 ( )]TJ 0.025 Tc 0.037 Tw 0 -1.231 Td (anticipated scope and volume of services )Tj (as required by the Group)Tj -0.025 Tw (, )Tj 0.022 Tc 0 Tw 0 -1.231 Td [(comprising: \(i\) business planning services of approximately RMB22)-2.9 ( )]TJ 0.025 Tc 0.065 Tw 0 -1.231 Td [(million; \(ii\) advertising )0.5 (and )0.5 (promotional services of )0.5 (approximately )]TJ 0.022 Tc 0 Tw 0 -1.231 Td [(RM)0.5 (B)0.5 (7 m)0.5 (il)0.5 (lio)0.5 (n;)0.5 ( \()0.5 (iii)0.5 (\) )0.5 (pr)0.5 (op)0.5 (er)0.5 (ty )0.5 (ma)0.5 (na)0.5 (ge)0.5 (me)0.5 (nt)0.5 ( s)0.5 (er)0.5 (vi)0.5 (ce)0.5 (s )0.5 (of)0.5 ( ap)0.5 (pr)0.5 (ox)0.5 (im)0.5 (at)0.5 (el)0.5 (y)-3 ( )]TJ 0.043 Tc 0.07 Tw 0 -1.231 Td [(RMB)12.5 (4)12.5 ( million;)12.5 ( and)12.4 ( \(iv\))12.5 ( )]TJ -0.043 Tw (other)Tj 0.07 Tw 13.244 0 Td [( services)12.5 ( of)12.5 ( approximately)12.5 ( RMB)12.4 (1)12.5 (7)18 ( )]TJ 0.066 Tc -13.244 -1.231 Td [(million.)12.3 ( The)12.3 ( Company)12.3 ( considers)12.4 ( )]TJ -0.066 Tw (this)Tj 0.07 Tw 17.34 0 Td [( estimate)12.3 ( reasonable)12.3 ( and)41 ( )]TJ 0.025 Tc 0 Tw -17.34 -1.231 Td (reflective of expected business needs during the relevant period.)Tj -0.025 Tw -24.824 -2.462 Td (5.)Tj 0 Tw 4.696 0 Td (Sci. & Edu. Group and )Tj 1.231 -1.231 Td (Zhejiang Jiaotou )Tj 0 -1.231 Td (Human Resources)Tj 12.665 2.462 Td (187 million)Tj 0.064 Tc 0.07 Tw 6.232 0 Td [(The)12.1 ( term)12.2 ( of)12.2 ( this)12.1 ( Framework)12.1 ( Agreement)12.1 ( is)12.1 ( for)12.2 ( two)12.1 ( years)12.1 ( from)38.9 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (January 1, 2026 to December 31, 2027.)Tj 0.072 Tc 0.07 Tw 0 -2.462 Td [(The)12.6 ( estimated)12.6 ( amount)12.5 ( of)]TJ 11.786 0 Td ( approximately)Tj 7.092 0 Td [( RMB)12.5 (1)12.6 (8)12.5 (7)12.6 ( million)12.5 ( for)47 ( )]TJ 0.047 Tc -18.878 -1.231 Td [(F)0.5 (Y)13.1 (2)13 (0)13.1 (2)13 (6)13 ( )0.6 (i)0.5 (s)13.1 ( )0.5 (d)0.6 (e)0.5 (t)0.6 (e)0.5 (r)0.6 (m)0.5 (i)0.5 (n)0.6 (e)0.5 (d)13.1 ( )0.5 (w)0.6 (i)0.5 (t)0.5 (h)13.1 ( )0.5 (r)0.6 (e)0.5 (f)0.6 (e)0.5 (r)0.6 (e)0.5 (n)0.6 (c)0.5 (e)13.1 ( )0.5 (t)0.6 (o)13 ( )0.6 (t)0.5 (h)0.5 (e)13.1 ( )]TJ -0.047 Tw 20.041 0 Td [(G)0.6 (r)0.5 (o)0.5 (u)0.6 (p)0.5 (\222)0.6 (s)]TJ 0.07 Tw 3.59 0 Td [( )0.5 (a)0.6 (n)0.5 (t)0.6 (i)0.5 (c)0.6 (i)0.5 (p)0.6 (a)0.5 (t)0.5 (e)0.6 (d)22 ( )]TJ 0.034 Tc 0.074 Tw -23.631 -1.231 Td [(demand)9 ( )0.5 (for)9 ( )0.5 (services)9 ( )0.5 (from)9 ( )0.5 (the)9 ( )0.5 (connected)9 ( )0.5 (party)9 ( )0.5 (during)9 ( )0.5 (the)9 ( )0.5 (relevant)9 ( )]TJ 0.062 Tc 0.07 Tw 0 -1.231 Td [(period,)12.7 ( comprising)12.7 ( approximately)12.8 ( RMB)12.7 (1)12.7 (6)12.7 (5)12.8 ( million)12.7 ( for)12.8 ( human)37 ( )]TJ 0.031 Tc 0.077 Tw 0 -1.231 Td [(resources)6 ( )0.5 (outsourcing)6.1 ( )0.5 (services,)6 ( )0.5 (approximately)6 ( )0.5 (RMB)6 (1)6.1 (4)6 ( )0.5 (million)6 ( )0.5 (for)6 ( )]TJ 0.03 Tc 0.078 Tw 0 -1.231 Td [(education)5 ( )0.5 (and)5 ( )0.5 (training)5 ( )0.5 (services,)5 ( )0.5 (and)5 ( )0.5 (approximately)5 ( )0.5 (RMB)5 (8)5 ( )0.6 (million)5 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.231 Td (for )Tj 1.516 0 Td (other)Tj 0 Tw ( services.)Tj 0.032 Tc 0.076 Tw -1.516 -2.462 Td [(The)7 ( )0.5 (se)0.5 (rvices)7 ( )0.5 (to)7 ( )0.5 (be)7.1 ( )0.5 (provided)7 ( )0.5 (unde)0.5 (r)7 ( )0.5 (this)7 ( )0.5 (Frame)0.5 (work)7 ( )0.5 (Agree)0.5 (ment)7 ( )0.5 (are)7 ( )]TJ 0.041 Tc 0.07 Tw 0 -1.231 Td [(recurring)12.8 ( in)12.8 ( nature.)12.8 ( An)12.8 ( increment)12.7 ( for)12.7 ( the)12.8 ( annual)12.7 ( cap)12.8 ( for)12.8 ( FY)12.8 (2)12.7 (0)12.8 (2)12.8 (7)16 ( )]TJ 0 Tc 0 Tw 0 -1.231 Td (\()Tj 0.025 Tc -0.025 Tw 0.358 0 Td (RMB350)Tj 0 Tw ( million\) reflects the plan.)Tj ET endstreamendobj58 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 285.0378 18.7502 Tm (\226 4 \226)Tj /T1_1 1 Tf -0.025 Tw 8.45 0 0 13 85.0394 738.8479 Tm (No.)Tj 0 Tw 4.696 0 Td (connected persons)Tj -0.025 Tw 14.476 2.462 Td (estimated )Tj 0 Tw -0.666 -1.231 Td (amounts in )Tj -0.025 Tw 1.518 -1.231 Td (FY2026)Tj 0 Tw 4.8 0 Td (basis for the estimated amounts)Tj -0.025 Tw 8.45 0 3.4833 13 255.9443 722.8479 Tm (\(RMB\))Tj /T1_0 1 Tf 8.45 0 0 13 85.0394 690.8479 Tm (3.)Tj 4.696 0 Td (ZJIC)Tj 0 Tw 13.896 0 Td (268 million)Tj 0.031 Tc 0.077 Tw 6.232 0 Td [(The)6 ( )0.5 (term)6 ( )0.5 (of)6 ( )0.5 (this)6 ( )0.5 (Framework)6 ( )0.5 (Agreement)6 ( )0.5 (is)6 ( )0.5 (for)6 ( )0.5 (one)6.1 ( )0.5 (year)6.1 ( ending)6 ( )0.5 (on)6 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (December 31, 2026.)Tj 0.064 Tc 0.07 Tw 0 -2.462 Td [(A)0.5 (s)13 ( )0.5 (di)0.5 (s)0.5 (c)0.5 (l)0.5 (o)0.5 (s)0.5 (e)0.5 (d)12.9 ( )0.5 (i)0.5 (n)13 ( )0.5 (th)0.5 (e)13 ( )0.5 (A)0.5 (n)0.5 (n)0.5 (ou)0.5 (n)0.5 (c)0.5 (e)0.5 (m)0.5 (e)0.5 (nt)0.5 (,)13 ( )0.5 (t)0.5 (he)13 ( )0.5 (h)0.5 (i)0.5 (s)0.5 (t)0.5 (or)0.5 (i)0.5 (c)0.5 (a)0.5 (l)13 ( s)0.5 (e)0.5 (r)0.5 (v)0.5 (i)0.5 (c)0.5 (e)13 ( f)0.5 (e)0.5 (e)0.5 (s)39 ( )]TJ 0.028 Tc 0.08 Tw 0 -1.231 Td [(incurred)3 ( )0.5 (by)3 ( )0.5 (the)3 ( )0.5 (Group)3 ( )0.5 (from)3 ( )0.5 (similar)3 ( )0.6 (transactions)3 ( )0.5 (with)3 ( )0.5 (ZJIC)3.1 ( )0.5 (for)3 ( )0.5 (the)3.1 ( )]TJ 0.025 Tc 0.031 Tw 0 -1.231 Td [(nine )0.5 (months )0.5 (ended )0.5 (September )0.5 (30, )0.5 (2025 )0.5 (amounted )0.5 (to )0.5 (approximately )]TJ 0.066 Tc 0.07 Tw 0 -1.231 Td [(RMB)12.9 (1)12.8 (1)12.8 ( million.)12.8 ( The)12.8 ( difference)12.9 ( between)12.9 ( the)12.8 ( historical)12.9 ( annual)41 ( )]TJ 0.035 Tc 0.073 Tw 0 -1.231 Td [(cap)10 ( )0.5 (and)10 ( )0.5 (the)10 ( )0.5 (actual)10 ( )0.5 (amount)10 ( )0.5 (was)10.1 ( )0.5 (primarily)10 ( )0.5 (due)10.1 ( )0.5 (to)10 ( )0.5 (delays)10 ( )0.6 (in)10 ( )0.5 (signing)10 ( )]TJ 0.04 Tc 0.07 Tw 0 -1.231 Td [(the)12.9 ( relevant)12.9 ( contracts)12.9 ( caused)12.9 ( by)12.8 ( preparatory)12.8 ( work)12.8 ( for)12.9 ( the)12.9 ( related)15 ( )]TJ 0.025 Tc 0.006 Tw 0 -1.231 Td (projects, with contracts for projects representing a larger proportion )Tj 0.066 Tc 0.07 Tw 0 -1.231 Td [(of)12.4 ( the)12.4 ( amount)12.4 ( being)12.5 ( signed)12.4 ( in)12.5 ( December)12.4 ( 2)12.4 (0)12.5 (2)12.5 (5)12.4 (.)]TJ 22.021 0 Td [( The)12.4 ( historical)41 ( )]TJ 0.025 Tc 0.061 Tw -22.021 -1.231 Td (utilization rate for the whole year of 2025 is expected to be higher )Tj 0.062 Tc 0.07 Tw 0 -1.231 Td [(than)12.3 ( 1)12.4 (%.)12.4 ( )]TJ -0.062 Tw (The)Tj 0.07 Tw 6.196 0 Td [( actual)12.4 ( transaction)12.4 ( amount)]TJ 12.314 0 Td [( for)12.3 ( the)12.4 ( year)12.4 ( ended)12.3 ( 3)12.3 (1)37 ( )]TJ 0.025 Tc 0.052 Tw -18.51 -1.231 Td (December 31, 2025)Tj ( will be updated in the Company\222s 2025 annual )Tj -0.025 Tw 0 -1.231 Td (report.)Tj 0.072 Tc 0.07 Tw 0 -2.462 Td [(T)0.5 (h)0.5 (e)13 ( )0.5 (e)0.5 (s)0.5 (t)0.5 (i)0.5 (m)0.5 (a)0.5 (t)0.5 (e)0.5 (d)13 ( t)0.5 (r)0.5 (a)0.5 (n)0.5 (s)0.5 (a)0.5 (c)0.5 (t)0.5 (i)0.5 (o)0.5 (n)13 ( )0.5 (a)0.5 (m)0.5 (o)0.5 (u)0.5 (n)0.5 (t)13 ( )0.5 (of)13 ( )0.5 (a)0.6 (pp)0.5 (r)0.5 (o)0.5 (x)0.5 (i)0.5 (m)0.5 (a)0.5 (t)0.5 (e)0.5 (l)0.5 (y)13 ( )0.5 (R)0.5 (M)0.5 (B)13 (2)12.9 (6)13 (8)47 ( )]TJ 0.081 Tc -0.081 Tw 0 -1.231 Td [(million)12.7 ( )]TJ 0.068 Tc 0.083 Tw 3.844 0 Td [(f)-12.8 (o)-12.9 (r F)-12.8 (Y2026 )]TJ 0.081 Tc 0.07 Tw [(comprises)12.6 ( the)12.7 ( following:)12.6 ( \(i\))12.7 ( survey)12.7 ( and)56 ( )]TJ 0.073 Tc -3.844 -1.231 Td [(design)12.9 ( services)12.9 ( for)12.8 ( major)12.8 ( expressway)12.8 ( projects,)12.8 ( including)12.9 ( the)48 ( )]TJ 0.061 Tc 0 -1.231 Td [(Ningbo-Zhoushan)12.7 ( Parallel)12.6 ( Line)12.7 ( Phase)12.7 ( II)12.7 ( Construction)12.6 ( Project,)36 ( )]TJ 0.087 Tc 0 -1.231 Td [(as)12.7 ( well)12.8 ( as)]TJ 0 Tc 0 Tw 4.858 0 Td ( )Tj 0.087 Tc 0.07 Tw 0.407 0 Td [(the)12.8 ( expansion)12.8 ( and)12.7 ( reconstruction)12.8 ( projects)12.7 ( of)]TJ 21.783 0 Td [( the)62 ( )]TJ 0.08 Tc -27.047 -1.231 Td [(Zhajiasu)12 ( Expressway)12.1 ( )]TJ -0.08 Tw (and)Tj 0.07 Tw 12.172 0 Td [( the)12.1 ( Jinhua)12.1 ( Section)12.1 ( of)12.1 ( the)12.1 ( Yongjin)55 ( )]TJ 0.099 Tc -12.172 -1.231 Td [(E)0.5 (xp)0.5 (re)0.5 (ss)0.5 (wa)0.5 (y,)13 ( t)0.5 (ot)0.5 (al)0.5 (in)0.5 (g)12.9 ( )0.5 (ap)0.5 (pr)0.5 (ox)0.5 (im)0.5 (a)0.5 (te)0.5 (ly)12.9 ( )0.5 (R)0.5 (MB)13 (1)12.9 (4)13 (8)12.9 ( )0.5 (mi)0.5 (lli)0.5 (on)0.5 (;)12.9 ( )0.5 (\(i)0.5 (i\))]TJ 0 Tc 0 Tw 28.875 0 Td ( )Tj 0.054 Tc 0.07 Tw -28.875 -1.231 Td [(engineering)12.2 ( procurement)12.2 ( construction)12.1 ( )]TJ [(for)12.1 ( expressway)12.1 ( ancillary)29 ( )]TJ 0.081 Tc 0 -1.231 Td [(f)0.5 (a)0.6 (c)0.5 (i)0.5 (l)0.6 (i)0.5 (t)0.5 (i)0.5 (e)0.6 (s)13 ( )0.5 (o)0.5 (f)13.1 ( )0.5 (a)0.5 (p)0.6 (p)0.5 (r)0.5 (o)0.5 (x)0.6 (i)0.5 (m)0.5 (a)0.5 (t)0.6 (e)0.5 (l)0.5 (y)13 ( )0.6 (R)0.5 (M)0.5 (B)13.1 (5)13 (0)13 ( )0.5 (m)0.6 (i)0.5 (l)0.5 (l)0.5 (i)0.5 (o)0.6 (n)0.5 (;)13 ( )0.5 (\()0.6 (i)0.5 (i)0.5 (i)0.5 (\))13.1 ( )0.5 (s)0.5 (u)0.5 (r)0.6 (v)0.5 (e)0.5 (y)13 ( )0.6 (a)0.5 (n)0.5 (d)56 ( )]TJ 0.033 Tc 0.075 Tw 0 -1.231 Td [(design)8 ( )0.5 (for)8 ( )0.5 (expressway)8 ( )0.5 (safety)8 ( )0.5 (and)8 ( )0.5 (resilience)8 ( )0.5 (enhancement)8 ( )0.5 (projects)8 ( )]TJ 0.079 Tc 0.069 Tw 0 -1.231 Td [(o)0.5 (f)13.1 ( a)0.6 (p)0.5 (p)0.6 (r)0.5 (o)0.6 (x)0.5 (i)0.5 (m)0.6 (a)0.6 (t)0.5 (e)0.6 (l)0.5 (y)13 ( R)0.5 (M)0.6 (B)13 (2)13.1 (0)13 ( m)0.6 (i)0.5 (l)0.6 (l)0.5 (i)0.5 (o)0.6 (n)0.5 (;)13.1 ( a)0.6 (n)0.5 (d)13.1 ( \()0.6 (i)0.5 (v)0.5 (\))13.1 ( o)0.6 (t)0.5 (h)0.5 (e)0.6 (r)13 ( p)0.5 (r)0.6 (o)0.5 (j)0.6 (e)0.5 (c)0.6 (t)0.5 (s)13.1 ( o)0.6 (f)54 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (approximately RMB50 million.)Tj ET endstreamendobj57 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 285.0378 18.7502 Tm (\226 3 \226)Tj /T1_1 1 Tf -0.025 Tw 8.45 0 0 13 85.0394 738.8479 Tm (No.)Tj 0 Tw 4.696 0 Td (connected persons)Tj -0.025 Tw 14.476 2.462 Td (estimated )Tj 0 Tw -0.666 -1.231 Td (amounts in )Tj -0.025 Tw 1.518 -1.231 Td (FY2026)Tj 0 Tw 4.8 0 Td (basis for the estimated amounts)Tj -0.025 Tw 8.45 0 3.4833 13 255.9443 722.8479 Tm (\(RMB\))Tj /T1_0 1 Tf 8.45 0 0 13 85.0394 690.8479 Tm (2.)Tj 0 Tw 4.696 0 Td (Zhejiang Expressway )Tj 1.231 -1.231 Td (Trading and Zhejiang )Tj 0 -1.231 Td (Jiaoke Supply Chain)Tj 12.665 2.462 Td (192 million)Tj 0.031 Tc 0.077 Tw 6.232 0 Td [(The)6 ( )0.5 (term)6 ( )0.5 (of)6 ( )0.5 (this)6 ( )0.5 (Framework)6 ( )0.5 (Agreement)6 ( )0.5 (is)6 ( )0.5 (for)6 ( )0.5 (one)6.1 ( )0.5 (year)6.1 ( ending)6 ( )0.5 (on)6 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (December 31, 2026.)Tj 0.045 Tc 0.07 Tw 0 -2.462 Td [(As)12.8 ( set)12.9 ( out)12.8 ( in)12.8 ( the)12.8 ( Announcement,)12.9 ( the)12.8 ( historical)12.9 ( purchase)12.9 ( amount)20 ( )]TJ 0.037 Tc 0.071 Tw 0 -1.231 Td [(of)12 ( )0.5 (the)12 ( )0.5 (Group)12 ( )0.5 (for)12 ( )0.5 (the)12 ( )0.5 (similar)12 ( )0.5 (materials)12 ( )0.5 (from)12 ( )0.5 (Zhejiang)12 ( )0.5 (Expressway)12 ( )]TJ 0.036 Tc 0.072 Tw 0 -1.231 Td [(Trading)11 ( )0.5 (and)11 ( )0.5 (Zhejiang)11 ( )0.5 (Jiaoke)11 ( )0.5 (Supply)11 ( )0.5 (Chain)11 ( )0.5 (being)11 ( )0.5 (RMB)11 (1)11 (4)11 ( )0.5 (million)11 ( )]TJ 0.043 Tc 0.07 Tw 0 -1.231 Td [(for)12.1 ( the)12 ( nine)12.1 ( months)12.1 ( ended)12.1 ( September)12.1 ( 3)12.1 (0)12 (,)12.1 ( 2)12 (0)12.1 (2)12.1 (5)12 (.)12.1 ( The)12 ( discrepancy)18 ( )]TJ 0.071 Tc 0 -1.231 Td [(between)12.1 ( the)12 ( historical)12.1 ( annual)12 ( cap)12.1 ( and)12.1 ( the)12 ( actual)12.1 ( amount)12.1 ( was)46 ( )]TJ 0.025 Tc 0.067 Tw 0 -1.231 Td (primarily due to two factors: \(i\) the )Tj (relevant products listed on the )Tj 0 Tc 0 Tw 28.85 0 Td ( )Tj 0.036 Tc -0.036 Tw -28.85 -1.231 Td (new)Tj (ly)Tj 0 Tc 0 Tw 2.614 0 Td ( )Tj 0.036 Tc -0.036 Tw 0.358 0 Td (established)Tj 0.072 Tw 4.831 0 Td [( )0.5 (e-commerce)11.1 ( platform)11 ( )]TJ 0.025 Tc -0.025 Tw 10.088 0 Td [(o)-11.3 (f )]TJ 0.036 Tc 0.072 Tw 1.252 0 Td [( )0.5 (Zhejiang)11 ( )0.5 (Expressway)11 ( )]TJ 0.049 Tc 0.07 Tw -19.143 -1.231 Td [(Trading)12.4 ( and)12.4 ( Zhejiang)12.3 ( Jiaoke)12.3 ( Supply)12.4 ( Chain)12.4 ( )]TJ -0.049 Tw (were)Tj 0.07 Tw 21.93 0 Td [( only)12.3 ( )]TJ -0.049 Tw [(relatively)24 ( )]TJ 0.043 Tc 0.07 Tw -21.93 -1.231 Td [(completed)12.2 ( and)]TJ 6.467 0 Td [( available)12.2 ( )]TJ [(for)12.2 ( procurement)]TJ 11.877 0 Td [( in)12.2 ( May)12.2 ( 2)12.2 (0)12.2 (2)12.3 (5)12.2 (,)12.2 ( resulting)18 ( )]TJ 0.025 Tc -0.025 Tw -18.344 -1.231 Td (in )Tj 0 Tc 0 Tw 1.181 0 Td (a)Tj 0.025 Tc 0.078 Tw 0.469 0 Td ( significan)Tj 0 Tc 0 Tw (t)Tj 4.85 0 Td ( )Tj 0.025 Tc 0.078 Tw 0.353 0 Td (decrease in)Tj ( connected transactions in FY2025; and )Tj 0.01 Tw -6.853 -1.231 Td (\(ii\) a substantial portion of procurement on the platform was settled \)Tj 0.049 Tc 0.07 Tw 0 -1.231 Td [(directly)12.4 ( with)12.3 ( independent)12.3 ( third-party)12.4 ( suppliers,)12.4 ( not)12.4 ( constituting)24 ( )]TJ 0.044 Tc 0 -1.231 Td [(connected)12.6 ( transactions.)12.7 ( However,)12.6 ( the)12.6 ( Group\222s)12.6 ( total)12.6 ( procurement)19 ( )]TJ 0.056 Tc -0.056 Tw 0 -1.231 Td (amount)Tj 0.07 Tw 3.326 0 Td [( on)12 ( the)12.1 ( platform)12 ( in)12.1 ( FY)12.1 (2)12.1 (0)12.1 (2)12.1 (5)12 ( \(including)12 ( settlements)12.1 ( with)31 ( )]TJ 0.052 Tc -3.326 -1.231 Td [(independent)12.4 ( third)12.4 ( parties\))12.5 ( was)12.4 ( approximately)12.5 ( RMB)12.5 (1)12.5 (6)12.4 (1)12.5 ( million,)27 ( )]TJ 0.049 Tc 0 -1.231 Td [(indicating)12.7 ( strong)12.6 ( underlying)12.6 ( demand.)12.7 ( The)12.7 ( estimated)12.7 ( transaction)24 ( )]TJ 0.056 Tc -0.056 Tw 0 -1.231 Td [(amount)12.8 ( )]TJ 0.043 Tc 0.083 Tw 3.697 0 Td [(f)-12.7 (o)-12.7 (r F)-12.7 (Y2026)]TJ 0.056 Tc 0.07 Tw [( of)12.8 ( approximately)12.8 ( RMB)12.8 (1)12.8 (9)12.8 (2)12.8 ( )]TJ -0.056 Tw (million)Tj 0.07 Tw 21.443 0 Td [( derived)31 ( )]TJ 0.046 Tc -25.141 -1.231 Td [(from)12.8 ( the)12.8 ( aggregate)12.8 ( procurement)12.8 ( requirements)12.8 ( of)12.8 ( the)12.8 ( Group\222s)12.8 ( 4)12.8 (3)21 ( )]TJ 0.026 Tc 0.082 Tw 0 -1.231 Td [(subsidiaries)1 ( )0.5 (and)1 ( )0.5 (branch)1 ( )0.5 (companies)1 ( )0.5 (for)1 ( )0.5 (FY)1 (2)1 (0)1 (2)1 (6)1 (,)1 ( )]TJ -0.026 Tw 21.024 0 Td (which)Tj 0.082 Tw 2.572 0 Td [( )0.5 (comparable)1.1 ( )]TJ 0.048 Tc 0.07 Tw -23.596 -1.231 Td [(to)12.4 ( the)12.3 ( Group\222s)12.4 ( procurement)12.3 ( amount)12.4 ( on)12.3 ( the)12.4 ( platform)12.4 ( in)12.4 ( FY)12.3 (2)12.3 (0)12.4 (2)12.3 (5)12.4 (.)23 ( )]TJ 0.038 Tc 0 -1.231 Td [(This)12.1 ( amount)12.2 ( encompasses)12.1 ( projected)12.2 ( expenditures)12.1 ( across)12.1 ( multiple)13 ( )]TJ 0.05 Tc 0 -1.231 Td [(categories,)12.6 ( including)12.5 ( )]TJ [(but)12.5 ( not)12.5 ( limited)12.6 ( to)]TJ 17.773 0 Td [( administrative)12.5 ( supplies,)25 ( )]TJ 0.025 Tc 0 Tw -17.773 -1.231 Td (equipment and engineering materials, and industrial products)Tj 0 Tc (.)Tj ET endstreamendobj56 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 285.0378 18.7502 Tm (\226 2 \226)Tj 0.084 Tc 0.07 Tw 13 0 0 13 85.0394 776.3179 Tm [(Agreements.)12.6 ( In)12.6 ( light)12.6 ( of)12.6 ( the)12.6 ( foregoing,)12.6 ( the)12.6 ( Company)12.6 ( adopted)12.6 ( a)12.6 ( two-step)59 ( )]TJ 0.041 Tc 0 -1.231 Td [(methodology)12.2 ( in)12.2 ( setting)12.3 ( the)12.2 ( annual)12.2 ( caps)12.3 ( under)12.3 ( the)12.3 ( Framework)12.2 ( Agreements,)12.2 ( the)16 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (details of which are set out below:)Tj 0.039 Tc 0.07 Tw 0 -2.462 Td [(Fi)0.5 (rs)0.5 (t,)13 ( th)0.5 (e)12.9 ( )0.5 (Co)0.5 (mpa)0.5 (ny)13 ( es)0.5 (ta)0.5 (bl)0.5 (is)0.5 (hed)13 ( t)0.5 (he)13 ( e)0.5 (sti)0.5 (ma)0.5 (te)0.5 (d)12.9 ( )0.5 (tra)0.5 (ns)0.5 (ac)0.5 (ti)0.5 (on)12.9 ( )0.5 (am)0.5 (oun)0.5 (t)12.9 ( )0.5 (in)12.9 ( )0.5 (FY)13 (2)12.9 (0)13 (2)12.9 (6)12.9 ( )0.5 (as)14 ( )]TJ 0.025 Tc 0.027 Tw 0 -1.231 Td (set out in the Announcement, which is the baseline of expected demand co\mpiled )Tj 0.043 Tc 0.07 Tw 0 -1.231 Td [(b)0.5 (y)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( r)0.5 (e)0.6 (le)0.5 (v)0.5 (a)0.5 (n)0.5 (t)13 ( )0.5 (b)0.5 (u)0.5 (s)0.5 (i)0.5 (n)0.5 (e)0.5 (s)0.5 (s)13 ( )]TJ 11.125 0 Td [(d)0.5 (e)0.5 (p)0.5 (a)0.5 (r)0.5 (t)0.5 (m)0.5 (e)0.5 (nt)0.5 (s)13 ( )0.5 (a)0.5 (n)0.5 (d)]TJ 7.265 0 Td [( )0.5 (u)0.5 (n)0.5 (i)0.5 (ts)0.5 (.)13 ( )0.5 (T)0.5 (h)0.5 (i)0.5 (s)13 ( )0.5 (b)0.5 (a)0.5 (s)0.5 (e)0.5 (l)0.5 (i)0.5 (n)0.5 (e)13 ( )0.5 (r)0.5 (e)0.5 (fl)0.5 (e)0.5 (c)0.6 (ts)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (b)0.5 (e)0.5 (s)0.5 (t)18 ( )]TJ 0.025 Tc 0.056 Tw -18.389 -1.231 Td (current estimate of foreseeable transaction volumes and is grounded in i\dentified )Tj 0.061 Tw 0 -1.231 Td (projects and plans with a high degree of certainty. It represents )Tj -0.025 Tw (the)Tj 0.061 Tw ( most reliable )Tj 0.037 Tc -0.037 Tw 0 -1.231 Td [(view)12 ( )]TJ 0.071 Tw 2.438 0 Td [( )0.5 (of)12 ( )0.5 (the)12.1 ( )0.5 (Group)12 ( )0.5 (and)12 ( )0.5 (the)12 ( )0.5 (relevant)12 ( )0.5 (connected)12 ( )0.5 (persons)]TJ 21.851 0 Td [( )0.5 (of)12 ( )0.5 (demand)12 ( )0.5 (at)12 ( )0.5 (this)12 ( )0.5 (time.)12 ( )]TJ 0.025 Tc 0.039 Tw -24.288 -1.231 Td (The Company has set out the details of estimated transaction amounts in \FY2026 )Tj 0.003 Tw 0 -1.231 Td [(in the )0.5 (Announcement. Further details of )0.5 (the basis )0.5 (for such estimated )0.5 (amount is set )]TJ 0 Tw 0 -1.231 Td (out as follows:)Tj /T1_1 1 Tf -0.025 Tw 8.45 0 0 13 85.0394 520.3179 Tm (No.)Tj 0 Tw 4.696 0 Td (connected persons)Tj -0.025 Tw 14.476 2.462 Td (estimated )Tj 0 Tw -0.666 -1.231 Td (amounts in )Tj -0.025 Tw 1.518 -1.231 Td (FY2026)Tj 0 Tw 4.8 0 Td (basis for the estimated amounts)Tj -0.025 Tw 8.45 0 3.4833 13 255.9443 504.3179 Tm (\(RMB\))Tj /T1_0 1 Tf 8.45 0 0 13 85.0394 472.3179 Tm (1.)Tj 0 Tw 4.696 0 Td (Zhejiang Information)Tj 13.896 0 Td (586 million)Tj 0.054 Tc 0.07 Tw 6.232 0 Td [(The)12.8 ( term)12.7 ( of)12.8 ( this)12.8 ( Framework)12.7 ( Agreement)12.8 ( is)12.8 ( for)12.8 ( three)12.8 ( years)12.8 ( from)29 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (January 1, 2026 to December 31, 2028.)Tj 0.136 Tc 0.07 Tw 0 -2.462 Td [(Th)0.5 (e)13 ( e)0.5 (st)0.5 (im)0.5 (ate)0.5 (d)13 ( a)0.5 (mou)0.5 (nt)13 ( o)0.5 (f)12.9 ( )0.5 (RM)0.5 (B)12.9 (5)13 (8)12.9 (6)13 ( mi)0.5 (ll)0.5 (io)0.5 (n)12.9 ( )0.5 (fo)0.5 (r)12.9 ( )0.5 (FY)13 (2)12.9 (0)12.9 (2)13 (6)111 ( )]TJ 0.067 Tc 0 -1.231 Td [(comprises)12.8 ( the)12.9 ( following:)12.8 ( \(i\))12.9 ( the)12.9 ( Transportation)12.9 ( Infrastructure)42 ( )]TJ 0.046 Tc 0 -1.231 Td [(Digital)12.2 ( Transformation)12.1 ( Upgrade)12.2 ( \(Phase)12.2 ( II\))12.1 ( Project,)12.1 ( representing)21 ( )]TJ 0.025 Tc 0.05 Tw 0 -1.231 Td (approximately RMB330 million; \(ii\) the Electromechanical System )Tj 0.019 Tw 0 -1.231 Td (Upgrade Project, representing approximately RMB124 million; \(iii\) )Tj 0.052 Tc 0.07 Tw 0 -1.231 Td [(t)0.5 (h)0.5 (e)13.1 ( )0.5 (E)0.5 (l)0.5 (e)0.5 (c)0.5 (t)0.6 (r)0.5 (o)0.5 (m)0.5 (e)0.5 (c)0.5 (h)0.6 (a)0.5 (n)0.5 (i)0.5 (c)0.5 (a)0.6 (l)13 ( )0.5 (S)0.5 (y)0.5 (s)0.5 (t)0.5 (e)0.6 (m)13 ( )0.5 (M)0.5 (a)0.5 (i)0.5 (n)0.6 (t)0.5 (e)0.5 (n)0.5 (a)0.5 (n)0.5 (c)0.6 (e)13 ( )0.5 (a)0.5 (n)0.5 (d)13.1 ( )0.5 (R)0.5 (e)0.5 (p)0.5 (a)0.6 (i)0.5 (r)13 ( )0.5 (P)0.5 (r)0.5 (o)0.5 (j)0.6 (e)0.5 (c)0.5 (t)0.5 (,)27 ( )]TJ 0.025 Tc 0.001 Tw 0 -1.231 Td (representing approximately RMB32 million; and \(iv\) other projects, )Tj 0 Tw 0 -1.231 Td (representing approximately RMB100 million.)Tj 0.032 Tc 0.076 Tw 0 -2.462 Td [(The)7 ( )0.5 (se)0.5 (rvices)7 ( )0.5 (to)7 ( )0.6 (be)7 ( )0.5 (provided)7 ( )0.5 (und)0.5 (er)7 ( )0.5 (this)7 ( )0.5 (Frame)0.5 (work)7 ( )0.5 (Agree)0.5 (ment)7 ( )0.5 (are)7 ( )]TJ 0.039 Tc 0.07 Tw 0 -1.231 Td [(recurring)12.1 ( in)12.1 ( nature.)12.1 ( The)12.1 ( above)12.1 ( projects)12.1 ( or)12.2 ( transaction)]TJ 0 Tc 0 Tw (s)Tj 0.039 Tc 0.07 Tw 24.217 0 Td [( of)12.1 ( similar)14.1 ( )]TJ 0.025 Tc 0.083 Tw -24.217 -1.231 Td [(nature )0.5 (may )0.5 (repeat )0.5 (in FY2027 )0.5 (and )0.5 (FY2028. )0.5 (The )0.5 (Group )0.5 (expects )0.5 (the )]TJ 0.029 Tc 0.079 Tw 0 -1.231 Td [(se)0.5 (rvice)0.5 (s)4 ( )0.5 (fees)4.1 ( )0.5 (may)4 ( )0.5 (inc)0.5 (rea)0.5 (se)4 ( )0.5 (ea)0.5 (ch)4 ( )0.5 (yea)0.5 (r)4 ( )0.5 (and)4 ( )0.5 (t)0.5 (he)4 ( )0.5 (annu)0.5 (al)4 ( )0.5 (cap)0.5 (s)4 ( )0.5 (incr)0.5 (ease)4 ( )]TJ 0.035 Tc 0.073 Tw 0 -1.231 Td [(accordingly)10 ( )0.5 (in)10 ( )0.5 (FY)10.1 (2)10 (0)10 (2)10 (7)10 ( )0.5 (\(RMB)10 (8)10 (6)10 (0)10 ( )0.5 (million\))10 ( )0.5 (and)10 ( )0.5 (FY)10.1 (2)10 (0)10 (2)10 (8)10 ( )0.5 (\(RMB)10 (9)10 (0)10 (0)10 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (million\) reflects the above.)Tj ET endstreamendobj51 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 285.0378 18.7502 Tm (\226 1 \226)Tj 0.065 Tc 0.07 Tw 13 0 3.4833 13 55.3588 773.5878 Tm [(Hong)12.1 ( Kong)12.1 ( Exchanges)12 ( and)12.1 ( Clearing)12 ( Limited)12 ( and)12 ( The)12 ( Stock)12.1 ( Exchange)12.1 ( of)12.1 ( Hong)40 ( )]TJ 0.03 Tc 0.078 Tw 0.33 -1.231 Td [(Kong)5 ( )0.5 (Limited)5 ( )0.5 (take)5 ( )0.5 (no)5 ( )0.5 (responsibility)5 ( )0.5 (for)5 ( )0.5 (the)5 ( )0.5 (contents)5 ( )0.5 (of)5 ( )0.6 (this)5 ( )0.5 (announcement,)5 ( )0.5 (make)5 ( )0.5 (no)5 ( )]TJ 0.027 Tc 0.081 Tw 0.33 -1.231 Td [(representation)2 ( )0.5 (as)2 ( )0.5 (to)2 ( )0.5 (its)2 ( )0.5 (accuracy)2 ( )0.5 (or)2 ( )0.5 (completeness)2 ( )0.5 (and)1.9 ( )0.5 (expressly)2 ( )0.5 (disclaim)2 ( any)2 ( )0.5 (liability)2 ( )]TJ 0.025 Tc 0.077 Tw 0.33 -1.231 Td (whatsoever for any loss howsoever arising from or in reliance upon the w\hole or any )Tj 0 Tw 0.33 -1.231 Td (part of the contents of this announcement.)Tj ET /PlacedPDF /MC0 BDC q 77.489 600.682 440.297 93.166 re W n /CS0 cs 1 scn /GS1 gs q 1 0 0 1 166.1255 637.5778 cm 0 0 m 33.501 0 l 33.501 53.021 l 14.851 45.424 3.162 20.82 0 0 c f Q 0.4 scn q 1 0 0 1 199.627 693.7419 cm 0 0 m 0 0.106 l -56.185 0.106 l -56.185 -45.586 l -46.855 -27.62 -24.562 -5.633 0 0 c f Q 1 scn q 1 0 0 1 150.668 637.5778 cm 0 0 m 2.725 0 l 6.903 22.38 28.855 48.883 48.959 54.305 c 48.959 54.694 l 28.298 49.144 4.291 22.956 0 0 c f Q 0 0 0 1 k q 1 0 0 1 212.6607 652.3361 cm 0 0 m -6.571 -11.365 l -2.185 -11.365 l -2.594 -13.956 l -10.997 -13.956 l -4.555 -2.591 l -8.608 -2.591 l -8.199 0 l h f Q q 1 0 0 1 217.232 652.3361 cm 0 0 m -0.863 -5.46 l 1.932 -5.46 l 2.795 0 l 5.553 0 l 3.346 -13.956 l 0.589 -13.956 l 1.522 -8.051 l -1.272 -8.051 l -2.205 -13.956 l -4.964 -13.956 l -2.757 0 l h f Q q 1 0 0 1 230.8565 652.3361 cm 0 0 m -0.409 -2.591 l -3.205 -2.591 l -3.684 -5.626 l -1.223 -5.626 l -1.632 -8.218 l -4.094 -8.218 l -4.591 -11.365 l -1.759 -11.365 l -2.168 -13.956 l -7.758 -13.956 l -5.553 0 l h f Q q 1 0 0 1 236.2676 642.8982 cm 0 0 m -0.182 -1.147 -0.619 -4.738 -4.08 -4.738 c -4.766 -4.738 -5.543 -4.627 -6.086 -4.313 c -5.65 -1.555 l -5.388 -1.999 -4.903 -2.333 -4.33 -2.333 c -3.034 -2.333 -2.904 -0.927 -2.757 0 c -1.266 9.439 l 1.492 9.439 l h f Q q 1 0 0 1 242.9405 652.3361 cm 0 0 m -2.206 -13.956 l -4.964 -13.956 l -2.757 0 l h f Q q 1 0 0 1 250.7686 652.3361 cm 0 0 m 1.144 -13.956 l -1.798 -13.956 l -1.945 -11.605 l -4.74 -11.605 l -5.612 -13.956 l -8.351 -13.956 l -2.905 0 l h -2.123 -5.701 m -2.104 -3.591 l -2.14 -3.591 l -2.77 -5.701 l -3.951 -9.42 l -2.007 -9.42 l h f Q q 1 0 0 1 258.4317 652.3361 cm 0 0 m 2.112 -8.421 l 2.154 -8.384 l 2.093 -7.717 2.152 -6.996 2.267 -6.275 c 3.257 0 l 6.016 0 l 3.81 -13.956 l 1.2 -13.956 l -0.874 -5.535 l -0.917 -5.57 l -1.011 -6.978 l -1.082 -7.551 l -2.094 -13.956 l -4.852 -13.956 l -2.647 0 l h f Q q 1 0 0 1 274.9297 646.155 cm 0 0 m -0.172 -1.092 l -0.64 -4.054 -1.986 -7.995 -5.743 -7.995 c -9.501 -7.995 -10.084 -3.962 -9.595 -0.87 c -9.086 2.35 -7.41 6.403 -3.467 6.403 c -1.338 6.403 -0.161 5.07 0.118 3.091 c -2.729 2.054 l -2.749 2.757 -2.797 3.85 -3.852 3.85 c -5.704 3.96 -6.433 0.518 -6.642 -0.797 c -6.869 -2.24 -7.283 -5.442 -5.247 -5.442 c -3.84 -5.442 -3.319 -3.554 -3.167 -2.593 c -4.926 -2.593 l -4.516 0 l h f Q q 1 0 0 1 288.5699 652.3361 cm 0 0 m -0.409 -2.591 l -3.205 -2.591 l -3.685 -5.626 l -1.223 -5.626 l -1.632 -8.218 l -4.094 -8.218 l -4.591 -11.365 l -1.759 -11.365 l -2.169 -13.956 l -7.758 -13.956 l -5.553 0 l h f Q q 1 0 0 1 293.3623 652.3361 cm 0 0 m 0.489 -1.943 l 0.621 -2.628 0.784 -3.351 0.818 -4.072 c 0.855 -4.072 l 1.118 -3.351 1.451 -2.646 1.821 -1.943 c 2.961 0 l 5.941 0 l 1.894 -6.756 l 3.957 -13.956 l 0.756 -13.956 l 0.219 -11.734 l 0.07 -11.031 0.013 -10.346 -0.062 -9.643 c -0.099 -9.643 l -0.413 -10.346 -0.688 -11.031 -1.04 -11.734 c -2.205 -13.956 l -5.315 -13.956 l -1.216 -6.756 l -3.109 0 l h f Q q 1 0 0 1 299.2657 638.3806 cm 0 0 m 2.206 13.956 l 5.073 13.956 l 5.667 13.956 9.871 14.326 9.161 9.828 c 8.747 7.219 6.826 5.72 4.272 5.72 c 3.667 5.756 l 2.757 0 l h 4.021 7.996 m 5.346 7.941 6.184 8.44 6.408 9.865 c 6.566 10.865 6.307 11.679 5.122 11.679 c 4.604 11.679 l h f Q q 1 0 0 1 308.833 638.3806 cm 0 0 m 2.206 13.956 l 4.982 13.956 l 6.741 13.956 9.857 13.771 9.256 9.958 c 9.013 8.421 8.193 7.107 6.704 6.349 c 8.126 0 l 5.22 0 l 3.813 6.44 l 3.775 6.44 l 2.758 0 l h 4.017 7.959 m 4.494 7.941 l 5.754 7.941 6.388 8.792 6.568 9.939 c 6.727 10.939 6.374 11.754 4.975 11.679 c 4.604 11.679 l h f Q q 1 0 0 1 326.9561 652.3361 cm 0 0 m -0.409 -2.591 l -3.204 -2.591 l -3.684 -5.626 l -1.222 -5.626 l -1.632 -8.218 l -4.093 -8.218 l -4.59 -11.365 l -1.759 -11.365 l -2.168 -13.956 l -7.758 -13.956 l -5.552 0 l h f Q q 1 0 0 1 334.4541 649.1901 cm 0 0 m -0.479 0.48 -1.1 0.888 -1.859 0.888 c -2.71 0.888 -3.328 0.371 -3.462 -0.481 c -3.826 -2.775 0.355 -2.905 -0.241 -6.682 c -0.634 -9.162 -2.354 -11.03 -4.945 -11.03 c -5.723 -11.03 -6.647 -10.79 -7.204 -10.327 c -6.787 -7.699 l -6.21 -8.145 -5.628 -8.44 -4.813 -8.44 c -3.926 -8.44 -3.128 -7.847 -2.981 -6.922 c -2.812 -5.849 -3.599 -5.441 -4.288 -4.886 c -5.711 -3.813 -6.527 -2.775 -6.206 -0.74 c -5.857 1.462 -4.279 3.368 -1.91 3.368 c -1.021 3.368 -0.264 3.128 0.425 2.684 c h f Q q 1 0 0 1 343.1553 649.1901 cm 0 0 m -0.479 0.48 -1.1 0.888 -1.859 0.888 c -2.71 0.888 -3.328 0.371 -3.463 -0.481 c -3.827 -2.775 0.354 -2.905 -0.242 -6.682 c -0.635 -9.162 -2.354 -11.03 -4.946 -11.03 c -5.723 -11.03 -6.647 -10.79 -7.204 -10.327 c -6.788 -7.699 l -6.211 -8.145 -5.629 -8.44 -4.813 -8.44 c -3.926 -8.44 -3.129 -7.847 -2.982 -6.922 c -2.812 -5.849 -3.6 -5.441 -4.289 -4.886 c -5.712 -3.813 -6.527 -2.775 -6.207 -0.74 c -5.858 1.462 -4.279 3.368 -1.911 3.368 c -1.022 3.368 -0.265 3.128 0.424 2.684 c h f Q q 1 0 0 1 348.5948 652.3361 cm 0 0 m 0.132 -6.663 l 0.144 -7.644 0.022 -8.644 -0.041 -9.625 c -0.003 -9.625 l 0.282 -8.644 0.514 -7.644 0.873 -6.663 c 3.313 0 l 5.498 0 l 5.754 -9.625 l 5.791 -9.625 l 6.038 -8.644 6.208 -7.681 6.531 -6.7 c 8.682 0 l 11.569 0 l 6.475 -13.956 l 4.088 -13.956 l 3.827 -6.588 l 3.869 -5.738 3.837 -4.886 3.842 -4.035 c 3.805 -4.035 l 3.522 -4.886 3.296 -5.738 2.958 -6.588 c 0.201 -13.956 l -2.204 -13.956 l -2.813 0 l h f Q q 1 0 0 1 367.1641 652.3361 cm 0 0 m 1.144 -13.956 l -1.798 -13.956 l -1.945 -11.605 l -4.741 -11.605 l -5.612 -13.956 l -8.351 -13.956 l -2.906 0 l h -2.123 -5.701 m -2.104 -3.591 l -2.141 -3.591 l -2.771 -5.701 l -3.952 -9.42 l -2.007 -9.42 l h f Q q 1 0 0 1 374.3077 652.3361 cm 0 0 m 0.844 -3.794 l 0.939 -4.479 l 0.976 -4.479 l 1.454 -3.443 l 3.239 0 l 6.329 0 l 1.923 -7.274 l 0.867 -13.956 l -1.892 -13.956 l -0.836 -7.274 l -3.035 0 l h f Q q 1 0 0 1 404.4678 645.3581 cm 0 0 m -0.828 -5.236 -3.582 -7.198 -6.043 -7.198 c -8.505 -7.198 -10.637 -5.236 -9.81 0 c -8.982 5.239 -6.229 7.2 -3.768 7.2 c -1.305 7.2 0.828 5.239 0 0 c -5.639 -4.646 m -3.808 -4.646 -3.119 -1.109 -2.944 0 c -2.747 1.24 -2.339 4.647 -4.171 4.647 c -6.004 4.647 -6.671 1.24 -6.867 0 c -7.042 -1.109 -7.472 -4.646 -5.639 -4.646 c f Q q 1 0 0 1 408.6602 639.9177 cm 0 0 m -0.152 -0.963 -1.056 -1.758 -2.037 -1.758 c -3.017 -1.758 -3.669 -0.963 -3.517 0 c -3.364 0.962 -2.462 1.759 -1.48 1.759 c -0.5 1.759 0.151 0.962 0 0 c f Q q 1 0 0 1 446.7276 639.9177 cm 0 0 m -0.151 -0.963 -1.055 -1.758 -2.037 -1.758 c -3.017 -1.758 -3.669 -0.963 -3.516 0 c -3.365 0.962 -2.461 1.759 -1.48 1.759 c -0.499 1.759 0.151 0.962 0 0 c f Q q 1 0 0 1 423.2803 652.3361 cm 0 0 m -1.796 -11.365 l 1.091 -11.365 l 0.681 -13.956 l -4.964 -13.956 l -2.757 0 l h f Q q 1 0 0 1 434.3848 652.3361 cm 0 0 m -0.41 -2.591 l -2.595 -2.591 l -4.391 -13.956 l -7.147 -13.956 l -5.352 -2.591 l -7.517 -2.591 l -7.107 0 l h f Q q 1 0 0 1 433.9922 638.3806 cm 0 0 m 2.206 13.956 l 4.297 13.956 l 4.779 13.956 10.665 14.659 9.433 6.867 c 8.804 2.888 6.812 0 2.461 0 c h 6.678 6.886 m 6.959 8.662 6.848 11.475 4.571 11.475 c 3.15 2.48 l 5.353 2.369 6.402 5.146 6.678 6.886 c f Q /CS0 cs 1 scn 201.496 657.206 244.34 1.374 re f 0 0 0 1 k q 1 0 0 1 385.3155 645.3151 cm 0 0 m 0.863 3.748 1.686 7.319 6.019 7.296 c 8.699 7.281 9.394 5.607 8.588 2.566 c 6.012 2.58 l 6.446 4.464 6.313 5.173 5.53 5.177 c 4.051 5.184 3.499 3.616 2.662 -0.015 c 1.827 -3.646 1.656 -5.215 3.136 -5.225 c 4.354 -5.23 4.707 -3.465 5 -2.346 c 7.593 -2.359 l 6.722 -6.148 5.101 -7.357 2.646 -7.343 c -1.687 -7.32 -0.854 -3.709 0 0 c f Q q 1 0 0 1 206.7022 677.6359 cm 0 0 m -0.638 0.692 -1.44 1.394 -2.307 1.997 c -3.604 0.199 l -2.777 -0.527 -1.982 -1.356 -1.153 -2.396 c -0.977 -1.59 -0.561 -0.838 0 0 c f Q q 1 0 0 1 215.6363 677.2369 cm 0 0 m -1.584 2.396 l -2.705 1.853 -3.936 1.453 -5.188 1.199 c -5.188 -7.589 l -5.237 -9.996 -5.702 -12.287 -6.629 -14.379 c -5.983 -14.521 -5.386 -14.853 -4.899 -15.377 c -4.239 -14.033 -3.859 -12.619 -3.747 -11.184 c -3.493 -9.713 -3.401 -7.753 -3.458 -5.193 c -2.882 -5.193 l -2.882 -15.377 l -1.008 -15.377 l -1.008 -5.193 l -0.144 -5.193 l -0.144 -2.596 l -3.458 -2.596 l -3.458 -0.799 l -2.507 -0.771 -1.361 -0.518 0 0 c f Q q 1 0 0 1 209.0079 668.6496 cm 0 0 m 1.153 0.999 l 1.153 3.795 l 0.919 3.546 0.533 3.292 0 2.996 c 0 4.593 l 1.153 4.593 l 1.153 6.99 l 0 6.99 l 0 10.784 l -1.873 10.784 l -1.987 10.811 -2.078 10.743 -2.017 10.585 c -2.078 10.518 -2.035 10.44 -2.017 10.385 c -1.86 10.293 -1.818 10.206 -1.873 10.185 c -1.873 6.99 l -3.314 6.99 l -3.314 4.994 l -4.056 5.642 -4.759 6.159 -5.332 6.39 c -6.341 4.394 l -5.701 4.053 -4.956 3.341 -4.18 2.396 c -3.9 3.067 -3.513 3.799 -3.026 4.593 c -1.873 4.593 l -1.873 1.598 l -3.026 0.999 l -3.056 0.923 -3.211 0.98 -3.458 1.199 c -3.689 1.332 -4.02 1.664 -4.467 2.197 c -5.04 -0.813 -5.646 -3.193 -6.197 -4.992 c -4.467 -6.79 l -4.048 -5.523 -3.647 -3.622 -3.17 -0.998 c -3.077 -1.145 -2.958 -1.574 -2.882 -2.396 c -1.873 -1.598 l -1.873 -3.794 l -1.824 -4.031 -2.021 -4.178 -2.45 -4.193 c -2.591 -4.168 -2.852 -4.139 -3.17 -3.994 c -2.859 -4.841 -2.578 -5.786 -2.306 -6.989 c -0.762 -6.723 0.026 -6.089 0 -4.992 c h f Q q 1 0 0 1 222.1065 675.2399 cm 0 0 m 0.473 1.001 0.867 1.665 1.298 1.997 c 0.452 2.951 -0.301 3.585 -1.009 3.994 c -2.017 2.197 l -1.321 1.674 -0.611 0.953 0 0 c f Q q 1 0 0 1 228.3033 675.4401 cm 0 0 m 2.882 0 l 2.882 2.596 l -4.756 2.596 l -4.756 0 l -2.018 0 l -2.018 -10.185 l -5.765 -10.185 l -5.765 -12.782 l 3.747 -12.782 l 3.747 -10.185 l 0 -10.185 l h f Q q 1 0 0 1 222.6831 673.0427 cm 0 0 m -0.843 0.682 -1.63 1.268 -2.45 1.598 c -3.603 0 l -2.897 -0.487 -2.124 -1.16 -1.298 -2.197 c -0.977 -1.365 -0.589 -0.692 0 0 c f Q q 1 0 0 1 221.6739 670.2473 cm 0 0 m -0.642 -2.363 -1.437 -4.4 -2.45 -5.991 c -0.719 -8.188 l 0.145 -6.243 0.905 -3.981 1.585 -1.398 c 0.941 -0.968 0.413 -0.51 0 0 c f Q q 1 0 0 1 241.1128 672.6438 cm 0 0 m 6.773 0 l 6.773 3.994 l 0 3.994 l 0 4.195 l 2.568 4.262 4.87 4.417 6.917 4.793 c 5.909 6.989 l 4.054 6.406 1.485 6.172 -1.73 6.191 c -1.73 4.593 l -3.018 5.841 -3.764 6.503 -4.035 6.591 c -5.043 4.793 l -4.264 4.027 -3.538 3.228 -2.882 2.396 c -2.828 3.121 -2.455 3.813 -1.73 4.394 c -1.73 -0.999 l -1.794 -4.652 -2.237 -7.519 -3.17 -9.585 c -2.449 -9.703 -1.857 -10.083 -1.297 -10.784 c -0.928 -9.703 -0.604 -8.416 -0.289 -6.99 c -0.105 -5.393 0.022 -4.047 0 -2.796 c h 0 2.197 4.9 -0.399 re f Q q 1 0 0 1 238.8077 672.4445 cm 0 0 m 0.144 0.199 l -0.67 1.009 -1.472 1.72 -2.306 2.197 c -2.823 1.438 -3.154 0.804 -3.315 0.399 c -2.436 -0.386 -1.647 -1.196 -1.008 -1.998 c -1.008 -2.197 l -0.642 -1.225 -0.312 -0.513 0 0 c f Q 241.545 668.849 5.909 3.396 re 243.274 670.847 2.306 -0.399 re f q 1 0 0 1 237.3667 670.2473 cm 0 0 m -0.51 -2.986 -1.13 -5.268 -1.874 -6.79 c -0.144 -8.587 l 0.418 -7.121 0.96 -4.82 1.441 -1.598 c 0.954 -1.231 0.468 -0.665 0 0 c f Q q 1 0 0 1 247.7427 668.4493 cm 0 0 m -6.63 0 l -6.63 -5.192 l -6.594 -5.549 -6.495 -5.89 -6.341 -6.191 c -6.095 -6.387 -5.848 -6.513 -5.477 -6.591 c -0.577 -6.591 l 0.042 -6.513 0.443 -5.714 0.72 -4.194 c 0.435 -4.046 0.225 -3.89 0 -3.595 c h -2.45 -1.598 0.865 -0.599 re -4.9 -1.598 0.865 -0.599 re -1.009 -4.194 m -1.141 -4.397 -1.239 -4.456 -1.298 -4.394 c -4.611 -4.394 l -4.757 -4.456 -4.849 -4.368 -4.9 -4.194 c -4.9 -3.794 l -0.865 -3.794 l -0.929 -3.979 -0.971 -4.135 -1.009 -4.194 c f Q q 1 0 0 1 264.4434 676.6379 cm 0 0 m -2.738 0 l -2.839 0.734 -3.078 1.71 -3.458 2.995 c -5.333 2.197 l -5.049 1.476 -4.844 0.744 -4.756 0 c -7.206 0 l -7.206 -2.596 l 0 -2.596 l h f Q q 1 0 0 1 257.959 670.2473 cm 0 0 m -0.78 0.749 -1.441 1.645 -2.018 2.796 c -2.018 3.395 l -0.865 3.395 l -0.865 5.792 l -2.018 5.792 l -2.018 9.187 l -4.18 9.187 l -4.215 9.213 -4.243 9.154 -4.18 8.987 c -4.243 8.979 -4.194 8.891 -4.035 8.787 c -3.997 8.608 -3.947 8.501 -3.891 8.388 c -3.891 5.792 l -5.909 5.792 l -5.909 3.395 l -3.891 3.395 l -4.439 0.982 -5.178 -0.772 -6.198 -1.996 c -5.763 -2.713 -5.417 -3.6 -5.189 -4.593 c -4.792 -4.234 -4.405 -3.718 -3.891 -2.996 c -3.891 -8.388 l -2.018 -8.388 l -2.018 -1.398 l -1.717 -1.738 -1.322 -2.187 -0.721 -2.796 c -0.541 -1.592 -0.302 -0.675 0 0 c f Q q 1 0 0 1 263.4346 666.8518 cm 0 0 m -0.064 -1.385 -0.184 -2.04 -0.288 -1.997 c -0.395 -2.04 -0.43 -1.971 -0.433 -1.797 c -0.433 6.191 l -5.188 6.191 l -5.188 1.997 l -5.187 1.033 -5.376 0.047 -5.764 -0.798 c -6.137 -1.854 -6.671 -2.653 -7.35 -3.395 c -6.755 -3.863 -6.25 -4.438 -5.764 -4.993 c -4.258 -3.404 -3.47 -1.366 -3.458 1.198 c -3.314 3.795 l -2.306 3.795 l -2.306 -2.197 l -2.33 -2.897 -2.308 -3.356 -2.306 -3.595 c -2.224 -3.941 -2.104 -4.204 -1.874 -4.394 c -1.696 -4.682 -1.479 -4.819 -1.297 -4.792 c -0.144 -4.792 l 0.246 -4.848 0.542 -4.701 0.721 -4.394 c 0.992 -4.106 1.217 -2.985 1.441 -0.999 c 1.217 -0.928 0.964 -0.762 0.721 -0.599 c 0.379 -0.294 0.175 -0.137 0 0 c f Q q 1 0 0 1 279.4156 679.2346 cm 0 0 m -10.232 0 l -10.232 -2.596 l -7.206 -2.596 l -7.782 -3.395 l -6.342 -4.124 -5.447 -4.67 -5.044 -4.992 c -10.088 -4.992 l -10.088 -17.375 l -8.215 -17.375 l -8.215 -13.38 l -5.621 -13.38 l -5.621 -16.975 l -3.604 -16.975 l -3.604 -13.38 l -1.008 -13.38 l -1.008 -14.379 l -1.028 -14.801 -1.317 -15.006 -1.874 -14.979 c -2.119 -14.997 -2.415 -14.967 -2.738 -14.979 c -2.394 -15.757 -2.155 -16.684 -2.017 -17.773 c -0.162 -17.717 0.793 -17.151 0.865 -15.977 c 0.865 -4.992 l -2.594 -4.992 l -2.017 -4.593 l -2.45 -4.394 l -1 -3.402 0.161 -2.476 1.009 -1.598 c h -5.621 -11.184 -2.594 0.798 re -5.621 -8.188 -2.594 0.799 re -4.179 -3.195 m -5.188 -2.596 l -3.026 -2.596 l h -1.008 -11.184 -2.594 0.798 re -3.604 -7.39 2.594 -0.799 re f Q q 1 0 0 1 291.9375 679.633 cm 0 0 m -2.163 -0.599 l -2.053 -0.944 -1.926 -1.265 -1.874 -1.597 c -7.061 -1.597 l -7.061 -3.794 l 5.619 -3.794 l 5.619 -1.597 l 0.576 -1.597 l 0.486 -1.168 0.262 -0.622 0 0 c f Q 295.109 675.44 -7.926 -4.393 re 293.235 673.044 -4.179 0.399 re f q 1 0 0 1 285.4522 661.8596 cm 0 0 m 1.874 0 l 1.874 6.591 l 9.656 6.591 l 9.656 2.796 l 9.703 2.622 9.633 2.534 9.512 2.596 c 8.647 2.596 l 8.647 6.191 l 2.739 6.191 l 2.739 1.199 l 4.612 1.199 l 4.612 1.797 l 6.917 1.797 l 6.917 1.199 l 8.647 1.199 l 8.647 1.797 l 9.027 1.16 9.176 0.458 9.224 -0.398 c 10.175 -0.226 10.814 -0.011 11.097 0.399 c 11.421 0.71 11.582 1.149 11.673 1.598 c 11.673 8.787 l 0 8.787 l h 6.917 3.794 -2.306 0.599 re f Q q 1 0 0 1 312.962 665.0549 cm 0 0 m 0.18 0.948 0.573 1.679 1.152 2.197 c 0.045 2.771 -0.934 3.639 -1.874 4.992 c 0.288 4.992 l 0.288 10.185 l -2.738 10.185 l -2.738 10.585 l 0.864 10.585 l 0.864 12.981 l -2.738 12.981 l -2.738 14.179 l -4.756 14.179 l -4.783 14.248 -4.824 14.19 -4.756 13.979 c -4.824 13.965 -4.789 13.878 -4.756 13.78 c -4.648 13.713 -4.606 13.634 -4.611 13.581 c -4.611 12.981 l -7.927 12.981 l -8.801 13.761 -9.532 14.288 -10.231 14.578 c -11.097 12.581 l -10.3 12.122 -9.554 11.411 -8.936 10.585 c -8.73 11.216 -8.427 11.831 -7.927 12.382 c -7.927 10.585 l -4.611 10.585 l -4.611 10.185 l -7.494 10.185 l -7.494 4.992 l -5.477 4.992 l -5.507 4.78 -5.592 4.663 -5.765 4.593 c -5.838 4.389 -5.915 4.302 -5.909 4.193 c -6.605 3.581 -7.365 3.073 -8.215 2.796 c -8.215 5.991 l -11.817 5.991 l -11.817 3.395 l -10.231 3.395 l -10.231 0.998 l -10.869 0.432 -11.425 0.05 -11.961 -0.199 c -11.425 -1.1 -11.081 -2.173 -10.809 -3.396 c -10.095 -2.466 -9.518 -1.773 -9.08 -1.398 c -8.427 -2.319 -7.442 -2.885 -6.197 -2.996 c 0.576 -3.195 l 0.552 -2.943 0.545 -2.757 0.576 -2.597 c 0.552 -1.705 0.714 -0.847 1.009 0 c -1.01 -0.199 l -2.738 -0.36 l -2.738 2.796 l -1.799 1.328 -0.918 0.421 0 0 c -2.738 7.988 1.152 -0.999 re -4.611 6.989 -1.153 0.999 re -6.197 -0.4 m -6.485 -0.389 -6.852 -0.261 -7.351 0 c -7.752 0.255 -8.068 0.616 -8.215 0.998 c -8.215 1.997 l -7.984 1.601 -7.667 1.055 -7.351 0.199 c -6.225 0.772 -5.331 1.514 -4.611 2.396 c -4.611 -0.4 l h f Q q 1 0 0 1 304.7471 673.6418 cm 0 0 m -0.916 1.04 -1.746 1.712 -2.449 1.998 c -3.458 0.2 l -2.449 -0.492 -1.697 -1.242 -1.153 -1.998 c -1.153 -2.197 l -0.854 -1.204 -0.479 -0.492 0 0 c f Q q 1 0 0 1 327.7901 675.0398 cm 0 0 m -0.814 1.368 -1.313 2.762 -1.585 4.195 c -3.459 3.596 l -3.172 1.65 -2.623 -0.046 -1.729 -1.597 c -0.935 -3.137 0.094 -4.318 1.297 -5.192 c 1.641 -4.201 2.092 -3.353 2.738 -2.595 c 1.641 -2.065 0.739 -1.178 0 0 c f Q q 1 0 0 1 319.1436 669.6482 cm 0 0 m 0.062 0.011 0.211 0.187 0.433 0.399 c 0.59 0.713 0.724 0.889 0.865 0.999 c 2.342 3.258 3.385 5.608 3.891 7.988 c 2.017 8.787 l 1.584 7.589 l 0.752 4.965 -0.346 3.112 -1.73 1.997 c -1.098 1.64 -0.563 0.937 0 0 c f Q q 1 0 0 1 325.0518 668.0505 cm 0 0 m 0.501 -0.819 0.812 -1.473 1.009 -1.996 c -0.35 -2.174 -1.427 -2.301 -2.307 -2.396 c -2.046 -1.823 -1.939 -1.541 -1.874 -1.398 c -0.865 1.797 l -0.548 2.623 -0.321 3.442 -0.144 4.194 c -0.412 4.32 -1.117 4.555 -2.307 4.993 c -2.545 3.541 -2.799 2.438 -3.026 1.598 c -3.892 -1.398 l -4.324 -2.396 l -5.621 -2.396 l -5.93 -2.438 -6.197 -2.418 -6.484 -2.396 c -6.409 -2.438 -6.388 -2.496 -6.341 -2.596 c -6.324 -2.642 -6.303 -2.691 -6.341 -2.796 c -5.476 -5.592 l 1.73 -4.193 l 1.943 -4.642 2.142 -5.314 2.449 -6.191 c 3.008 -5.52 3.682 -5.119 4.467 -4.992 c 3.703 -2.701 2.852 -0.731 1.874 0.798 c h f Q q 1 0 0 1 346.5088 677.4366 cm 0 0 m -0.577 0.798 l -3.747 0.798 l -3.574 1.223 -3.504 1.583 -3.459 1.797 c -5.332 2.196 l -5.713 0.238 -6.214 -1.253 -6.918 -2.197 c -6.918 1.797 l -11.962 1.797 l -11.962 -5.393 l -9.945 -5.393 l -9.945 -12.183 l -10.376 -12.183 l -10.376 -5.992 l -12.105 -5.992 l -12.224 -6.09 -12.294 -6.178 -12.25 -6.391 c -12.294 -6.471 -12.251 -6.568 -12.105 -6.591 c -12.076 -6.734 -12.034 -6.831 -11.962 -6.99 c -11.962 -12.382 l -12.131 -12.516 -12.271 -12.546 -12.538 -12.581 c -12.364 -13.189 -12.237 -14.125 -12.105 -15.377 c -6.63 -13.979 l -6.63 -11.383 l -7.297 -11.639 -7.847 -11.766 -8.215 -11.783 c -8.215 -9.386 l -6.773 -9.386 l -6.773 -7.789 l -6.63 -8.588 l -6.516 -8.636 -6.473 -8.616 -6.485 -8.588 c -6.368 -8.577 -6.326 -8.558 -6.341 -8.588 c -6.341 -15.577 l -4.468 -15.577 l -4.468 -14.778 l -2.45 -14.778 l -2.45 -15.577 l -0.577 -15.577 l -0.577 -8.388 l -0.289 -8.588 l -0.154 -7.407 0.105 -6.48 0.432 -5.792 c -0.394 -5.545 -1.125 -5.212 -1.73 -4.793 c -0.95 -3.487 -0.401 -1.887 0 0 c -8.791 -2.796 -1.297 1.997 re -7.494 -6.191 m -7.062 -6.99 l -8.215 -6.99 l -8.215 -5.393 l -6.918 -5.393 l -6.918 -3.795 l -6.818 -3.876 -6.733 -3.945 -6.63 -3.994 c -6.551 -4.149 -6.452 -4.258 -6.341 -4.394 c -6.221 -4.501 -6.115 -4.667 -6.054 -4.793 c -5.629 -4.492 -5.354 -4.121 -5.188 -3.795 c -5.023 -4.062 -4.905 -4.238 -4.756 -4.394 c -4.742 -4.403 -4.666 -4.492 -4.612 -4.593 c -5.277 -5.311 -6.241 -5.847 -7.494 -6.191 c -2.594 -1.797 m -2.64 -2.112 -2.829 -2.512 -3.171 -2.996 c -3.171 -3.195 l -3.574 -2.785 -3.863 -2.346 -4.035 -1.797 c h -2.45 -12.382 -2.018 2.396 re -2.018 -7.589 m -4.323 -7.589 l -4.323 -7.39 l -4.216 -7.377 -4.047 -7.261 -3.747 -7.189 c -3.539 -6.91 -3.343 -6.744 -3.171 -6.591 c -2.66 -7.065 -2.287 -7.358 -2.018 -7.39 c h f Q q 1 0 0 1 360.6162 672.2434 cm 0 0 m 1.297 0 l 1.619 -0.01 1.838 0.068 2.017 0.2 c 2.183 0.399 2.329 0.74 2.449 1.199 c 2.59 1.785 2.71 2.438 2.882 3.196 c 2.105 3.335 1.528 3.588 1.151 3.994 c 1.063 3.471 1.015 3.072 1.008 2.796 c 0.867 2.447 0.811 2.301 0.721 2.397 c 0.648 2.301 0.6 2.379 0.576 2.596 c 0.576 6.791 l -3.892 6.791 l -3.892 4.793 l -3.827 2.623 -4.144 1.209 -4.757 0.6 c -4.757 6.791 l -9.512 6.791 l -9.512 0.6 l -9.533 -3.852 -9.766 -7.031 -10.232 -8.986 c -9.639 -9.04 -9.104 -9.488 -8.647 -10.385 c -8.253 -8.981 -8.014 -7.002 -7.926 -4.393 c -6.484 -4.393 l -6.484 -7.588 l -6.521 -7.859 -6.62 -7.968 -6.773 -7.987 c -7.036 -8.045 -7.388 -8.064 -7.926 -7.987 c -7.641 -8.532 -7.45 -9.362 -7.35 -10.584 c -6.881 -10.551 -6.444 -10.463 -6.054 -10.385 c -5.551 -10.132 -5.262 -9.927 -5.189 -9.586 c -4.988 -9.411 -4.875 -9.079 -4.757 -8.586 c -4.516 -9.088 -4.242 -9.684 -3.892 -10.385 c -2.793 -9.811 -1.863 -9.088 -1.152 -8.387 c -0.302 -9.303 0.642 -10.083 1.729 -10.584 c 1.95 -9.889 2.352 -9.167 2.882 -8.387 c 1.859 -7.948 0.951 -7.284 0.144 -6.39 c 1.135 -5.013 1.754 -3.326 2.017 -1.397 c 1.44 -0.798 l -3.315 -0.798 l -2.709 0.029 -2.363 0.76 -2.307 1.398 c -2.096 2.086 -2.032 3.081 -2.018 4.394 c -1.152 4.394 l -1.152 1.598 l -1.14 0.604 -0.765 0.068 0 0 c -6.629 -1.997 -1.153 1.997 re -6.629 2.397 -1.153 1.997 re -0.288 -3.195 m -0.498 -3.725 -0.78 -4.271 -1.152 -4.792 c -1.47 -4.398 -1.771 -3.852 -2.018 -3.195 c h -2.45 -6.39 m -2.891 -6.904 -3.665 -7.392 -4.757 -7.788 c -4.757 0.2 l -4.284 0.087 -3.904 -0.253 -3.604 -0.798 c -4.612 -0.798 l -4.612 -3.195 l -4.035 -3.195 l -3.849 -3.433 -3.764 -3.647 -3.748 -3.794 c -3.44 -4.661 -3.019 -5.539 -2.45 -6.39 c f Q q 1 0 0 1 377.0284 679.2346 cm 0 0 m -3.026 0 l -3.026 -0.998 l -4.18 -0.2 l -4.744 -2.339 -5.597 -3.997 -6.629 -5.192 c -6.629 -4.195 l -6.342 -2.796 l -6.118 -1.763 -5.955 -0.983 -5.909 -0.4 c -7.782 0.199 l -8.313 -2.993 -9.128 -5.606 -10.232 -7.589 c -9.756 -8.58 -9.438 -9.545 -9.224 -10.386 c -8.883 -9.877 -8.637 -9.4 -8.502 -8.987 c -8.502 -17.574 l -6.629 -17.574 l -6.629 -5.792 l -6.385 -6.181 -6.082 -6.776 -5.765 -7.789 c -5.575 -7.468 -5.421 -7.293 -5.333 -7.189 c -5.333 -9.386 l -3.892 -9.386 l -4.069 -12.257 -4.921 -14.314 -6.484 -15.577 c -5.702 -16.079 -5.217 -16.722 -5.044 -17.375 c -3.273 -15.894 -2.324 -13.192 -2.161 -9.386 c -0.433 -9.386 l -0.473 -11.066 -0.502 -12.314 -0.576 -13.18 c -0.621 -13.914 -0.713 -14.401 -0.864 -14.579 c -0.966 -14.792 -1.212 -14.89 -1.585 -14.979 c -1.895 -14.86 -2.184 -14.84 -2.45 -14.778 c -2.113 -15.523 -1.889 -16.42 -1.729 -17.574 c -0.728 -17.513 0.012 -17.278 0.433 -16.776 c 0.87 -16.342 1.124 -15.523 1.153 -14.379 c 1.293 -13.163 1.335 -10.803 1.298 -7.189 c 2.017 -7.988 l 2.166 -7.049 2.439 -6.211 2.882 -5.392 c 1.229 -3.548 0.272 -1.715 0 0 c -5.188 -6.989 m -4.013 -5.47 -3.268 -3.987 -2.883 -2.396 c -1.297 -2.396 l -0.671 -4.193 0.075 -5.674 1.009 -6.989 c h f Q q 1 0 0 1 389.8389 679.2346 cm 0 0 m -2.018 0.399 l -2.138 -0.457 -2.263 -1.11 -2.305 -1.398 c -6.485 -1.398 l -6.485 -3.994 l -3.025 -3.994 l -3.988 -6.805 -5.241 -8.746 -6.773 -9.786 c -6.12 -10.482 -5.69 -11.232 -5.476 -12.183 c -4.923 -11.632 -4.27 -10.92 -3.458 -9.985 c -3.458 -17.375 l -1.584 -17.375 l -1.584 -13.581 l 2.595 -13.581 l 2.595 -14.379 l 2.619 -14.567 2.592 -14.635 2.595 -14.579 c 2.472 -14.685 2.346 -14.704 2.162 -14.778 c 1.944 -14.771 1.558 -14.782 1.009 -14.778 c 1.401 -15.523 1.6 -16.44 1.586 -17.574 c 2.809 -17.513 3.605 -17.278 4.036 -16.776 c 4.387 -16.333 4.583 -15.942 4.612 -15.577 c 4.612 -4.792 l -1.009 -4.792 l -0.865 -3.994 l 6.053 -3.994 l 6.053 -1.398 l -0.288 -1.398 l -0.125 -0.74 -0.032 -0.263 0 0 c 2.595 -11.184 -4.181 0.798 re -1.584 -7.189 4.179 -0.799 re f Q q 1 0 0 1 409.9991 666.4528 cm 0 0 m 0.937 0.886 1.726 1.715 2.45 2.597 c 0.721 3.994 l 0.065 3.05 -0.386 2.504 -0.576 2.197 c -0.794 2.739 -0.878 3.432 -0.865 4.394 c -0.288 4.394 l -0.288 3.994 l 1.441 3.994 l 1.441 12.782 l -4.9 12.782 l -4.9 -1.398 l -6.196 -1.597 l -5.765 -4.593 l -1.297 -3.195 l -1.297 -1.797 l -0.653 -2.966 0.29 -3.99 1.585 -4.792 c 1.691 -3.892 2.071 -3.035 2.738 -2.197 c 1.499 -1.717 0.636 -0.957 0 0 c -3.026 10.386 2.738 -0.799 re -3.026 -0.998 m -3.026 4.394 l -2.738 4.394 l -2.553 2.164 -2.25 0.467 -1.729 -0.799 c h -0.288 6.591 -2.739 0.799 re f Q q 1 0 0 1 399.9112 679.2346 cm 0 0 m 0 -17.375 l 1.873 -17.375 l 1.873 -11.983 l 2.055 -12.374 2.222 -13.124 2.45 -14.179 c 4.143 -13.885 5.016 -12.617 5.045 -10.386 c 5.009 -8.989 4.594 -7.595 3.747 -6.191 c 5.187 -0.998 l 4.611 0 l h 2.738 -10.983 m 2.602 -11.144 2.406 -11.232 2.162 -11.184 c 2.067 -11.223 1.961 -11.213 1.873 -11.184 c 1.873 -2.796 l 2.594 -2.796 l 2.594 -2.996 l 1.873 -6.39 l 2.651 -7.877 3.01 -9.125 3.026 -10.185 c 3.003 -10.521 2.926 -10.773 2.738 -10.983 c f Q q 1 0 0 1 426.2676 675.0398 cm 0 0 m -0.836 1.368 -1.335 2.762 -1.585 4.195 c -3.459 3.596 l -3.193 1.65 -2.644 -0.046 -1.874 -1.597 c -0.955 -3.137 0.071 -4.318 1.298 -5.192 c 1.619 -4.201 2.07 -3.353 2.595 -2.595 c 1.619 -2.065 0.72 -1.178 0 0 c f Q q 1 0 0 1 418.0528 670.0481 cm 0 0 m 0.139 0.313 0.272 0.489 0.289 0.6 c 1.892 2.859 2.932 5.209 3.458 7.589 c 1.586 8.388 l 1.153 7.189 l 0.299 4.566 -0.798 2.713 -2.161 1.597 c -1.551 1.241 -1.016 0.539 -0.576 -0.399 c -0.39 -0.389 -0.242 -0.213 0 0 c f Q q 1 0 0 1 423.5293 668.0505 cm 0 0 m 0.481 -0.819 0.791 -1.473 1.009 -1.996 c -0.371 -2.174 -1.448 -2.301 -2.307 -2.396 c -2.067 -1.823 -1.961 -1.541 -1.874 -1.398 c -0.865 1.797 l -0.567 2.623 -0.342 3.442 -0.145 4.194 c -0.434 4.32 -1.138 4.555 -2.307 4.993 c -2.566 3.541 -2.819 2.438 -3.026 1.598 c -4.035 -1.398 l -4.323 -2.396 l -5.621 -2.396 l -5.95 -2.438 -6.219 -2.418 -6.485 -2.396 c -6.429 -2.438 -6.408 -2.496 -6.341 -2.596 c -6.346 -2.642 -6.324 -2.691 -6.341 -2.796 c -5.477 -5.592 l 1.729 -4.193 l 1.923 -4.642 2.12 -5.314 2.306 -6.191 c 2.986 -5.52 3.661 -5.119 4.323 -4.992 c 3.683 -2.701 2.83 -0.731 1.873 0.798 c h f Q q 1 0 0 1 432.7364 679.2346 cm 0 0 m 0 -2.596 l 10.232 -2.596 l 10.232 -13.979 l 10.21 -14.411 9.59 -14.578 8.358 -14.579 c 8.774 -15.347 9.013 -16.342 9.08 -17.574 c 11.025 -17.356 12.031 -16.518 12.106 -14.979 c 12.106 0 l h f Q 433.459 673.243 8.646 2.597 re f q 1 0 0 1 441.0948 672.2434 cm 0 0 m -7.061 0 l -7.061 -8.586 l -4.899 -8.586 l -4.899 -6.79 l 0 -6.79 l h -1.874 -4.194 -3.025 1.797 re f Q q 1 0 0 1 413.0245 639.0095 cm 0 0 m -0.51 -2.405 -1.948 -3.284 -3.693 -3.674 c -3.711 -3.674 l -3.492 -2.639 l -2.695 -2.385 -1.819 -2.033 -1.372 -0.39 c -3.015 -0.39 l -2.408 2.464 l 0.524 2.464 l h f Q Q BT /T1_1 1 Tf -0.025 Tw 10 0 0 10 80.9478 618.2515 Tm (\(A)Tj 0 Tc 0 Tw ( )Tj 0.025 Tc -0.025 Tw 1.294 0 Td (joint)Tj 0 Tc 0 Tw ( )Tj 0.025 Tc -0.025 Tw 2.259 0 Td (sto)Tj 0 Tc 0 Tw (c)Tj 1.691 0 Td (k)Tj 0.469 0 Td ( )Tj 0.025 Tc -0.025 Tw 0.3 0 Td (limited)Tj 0 Tc 0 Tw ( )Tj 0.025 Tc -0.025 Tw 3.253 0 Td (company)Tj 0 Tc 0 Tw ( )Tj 4.084 0 Td (i)Tj 0.302 0 Td (n)Tj 0.024 Tc -0.024 Tw 0.523 0 Td (corp)Tj 0 Tc 0 Tw (o)Tj 2.452 0 Td (r)Tj 0.413 0 Td (a)Tj 0.024 Tc -0.024 Tw 0.523 0 Td (te)Tj 0 Tc 0 Tw (d)Tj 1.293 0 Td ( )Tj 0.274 0 Td (i)Tj 0.301 0 Td (n)Tj 0.524 0 Td ( )Tj 0.025 Tc -0.025 Tw 0.306 0 Td (the)Tj 0 Tc 0 Tw ( )Tj 1.595 0 Td (P)Tj 0.557 0 Td (e)Tj 0.025 Tc -0.025 Tw 0.469 0 Td (opl)Tj 0 Tc 0 Tw (e)Tj 1.821 0 Td (\222)Tj 0.319 0 Td (s)Tj 0.413 0 Td ( )Tj 0.025 Tc -0.025 Tw 0.3 0 Td (Republic)Tj 0 Tc 0 Tw ( )Tj 4.055 0 Td (o)Tj 0.523 0 Td (f)Tj 0.302 0 Td ( )Tj 0.025 Tc -0.025 Tw 0.302 0 Td (China)Tj 0 Tc 0 Tw ( )Tj 0.025 Tc -0.025 Tw 2.87 0 Td (with)Tj 0 Tc 0 Tw ( )Tj 2.123 0 Td (l)Tj 0.025 Tc -0.025 Tw 0.302 0 Td (imited)Tj 0 Tc 0 Tw ( )Tj 0.025 Tc -0.025 Tw 2.95 0 Td (liabilit)Tj 0 Tc 0 Tw (y)Tj 3.335 0 Td (\))Tj /T1_2 1 Tf -25.595 -1.366 Td (\()Tj 0.025 Tc -0.025 Tw 0.357 0 Td (Stock)Tj 0 Tc 0 Tw ( )Tj 0.025 Tc -0.025 Tw 2.815 0 Td (code:)Tj 0 Tc 0 Tw ( )Tj 0.025 Tc -0.025 Tw 2.702 0 Td (0576)Tj 0 Tc 0 Tw (\))Tj ET EMC BT /T1_3 1 Tf 0.025 Tc 15 0 0 15 113.3504 564.6819 Tm (SUPPLEMENTAL ANNOUNCEMENT REGARDING)Tj 1.163 -1.333 Td (CONTINUING CONNECTED TRANSACTIONS)Tj 3.732 -1.333 Td (FRAMEWORK AGREEMENTS)Tj /T1_0 1 Tf 0.031 Tc 0.077 Tw 13 0 0 13 56.6929 492.682 Tm [(Reference)6 ( )0.5 (is)6 ( )0.5 (made)6 ( )0.5 (to)6 ( )0.5 (the)6 ( )0.5 (announcement)6 ( )0.5 (\(the)6.1 ( )0.5 (\223)]TJ /T1_3 1 Tf -0.031 Tw (Announcement)Tj /T1_0 1 Tf 0.077 Tw [(\224\))6 ( )0.5 (dated)6 ( )0.5 (December)6.1 ( )0.5 (3)6 (1)6 (,)6 ( )]TJ 0.025 Tc 0.027 Tw 0 -1.231 Td (2025 of Zhejiang Expressway Co., Ltd. \(the \223)Tj /T1_3 1 Tf -0.025 Tw (Company)Tj /T1_0 1 Tf 0.027 Tw (\224\) in respect of the Framework )Tj 0.059 Tc 0.07 Tw 0 -1.231 Td [(A)0.5 (g)0.6 (r)0.5 (e)0.6 (e)0.5 (m)0.6 (e)0.5 (n)0.6 (t)0.5 (s)13 ( )0.6 (e)0.5 (n)0.5 (t)0.6 (e)0.5 (r)0.6 (e)0.5 (d)13 ( )0.6 (i)0.5 (n)0.6 (t)0.5 (o)13 ( )0.6 (b)0.5 (e)0.6 (t)0.5 (w)0.5 (e)0.6 (e)0.5 (n)13.1 ( )0.5 (t)0.5 (h)0.6 (e)13 ( )0.6 (C)0.5 (o)0.6 (m)0.5 (p)0.5 (a)0.6 (n)0.5 (y)13 ( )0.6 (a)0.5 (n)0.6 (d)13 ( )0.6 (i)0.5 (t)0.5 (s)13 ( )0.6 (r)0.5 (e)0.6 (l)0.5 (e)0.6 (v)0.5 (a)0.6 (n)0.5 (t)13 ( )0.6 (s)0.5 (u)0.5 (b)0.6 (s)0.5 (i)0.5 (d)0.6 (i)0.5 (a)0.6 (r)0.5 (i)0.5 (e)0.6 (s)13 ( )0.6 (a)0.5 (n)0.6 (d)34 ( )]TJ 0.025 Tc 0.021 Tw 0 -1.231 Td (various connected persons of the Company. Unless otherwise stated, terms\ used in this )Tj 0 Tw 0 -1.231 Td (announcement shall have the same meanings as those defined in the Announ\cement.)Tj 0.068 Tw 0 -2.462 Td (This supplemental announcement is made to provide supplemental informati\on on the )Tj 0 Tw 0 -1.231 Td (relevant Framework Agreements.)Tj /T1_3 1 Tf 0 Tc 0 -2.462 Td (1)Tj 0.025 Tc -0.025 Tw 0.525 0 Td (. )Tj 0.023 Tc 0 Tw 1.655 0 Td (IN RELATION TO THE)Tj [( BASIS FOR DETERMINING THE ANNUAL CAPS)-2 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.231 Td (FOR)Tj 0 Tw ( THE FRAMEWORK AGREEMENTS)Tj /T1_0 1 Tf 0.039 Tc 0.07 Tw 0 -2.462 Td [(When)12.2 ( setting)12.2 ( the)12.2 ( annual)12.2 ( caps)12.2 ( under)12.2 ( the)12.3 ( Framework)12.2 ( Agreements,)12.2 ( the)12.2 ( Company)14 ( )]TJ 0.025 Tc 0.037 Tw 0 -1.231 Td (considered the actual transaction amounts incurred in FY2025 for compreh\ension )Tj 0.039 Tc 0.07 Tw 0 -1.231 Td [(o)0.5 (f)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (u)0.5 (n)0.5 (de)0.6 (r)0.5 (ly)0.5 (i)0.5 (n)0.5 (g)13 ( )0.5 (b)0.5 (u)0.5 (s)0.5 (i)0.5 (n)0.5 (e)0.5 (s)0.5 (s)0.5 (;)13 ( )0.5 (h)0.5 (o)0.5 (w)0.5 (e)0.5 (v)0.5 (e)0.5 (r)0.5 (,)13 ( )0.5 (s)0.5 (uc)0.6 (h)12.9 ( )0.6 (hi)0.5 (s)0.5 (t)0.5 (o)0.5 (r)0.5 (i)0.5 (c)0.5 (a)0.5 (l)13 ( )0.5 (a)0.5 (m)0.5 (o)0.5 (u)0.5 (n)0.5 (t)0.5 (s)13 ( )0.5 (w)0.5 (e)0.5 (r)0.5 (e)13 ( )0.5 (n)0.5 (o)0.5 (t)13 ( u)0.5 (s)0.5 (e)0.5 (d)13 ( )0.5 (a)0.5 (s)14.1 ( )]TJ 0.052 Tc 0 -1.231 Td [(a)12.8 ( direct)12.8 ( basis)12.8 ( for)12.9 ( projecting)12.9 ( future)12.9 ( demand.)12.8 ( The)12.8 ( variance)12.8 ( between)12.9 ( the)12.8 ( actual)27 ( )]TJ 0.071 Tc 0 -1.231 Td [(transaction)12.7 ( amounts)12.8 ( in)12.8 ( FY)12.7 (2)12.7 (0)12.8 (2)12.7 (5)12.7 ( and)12.8 ( the)12.7 ( annual)12.8 ( caps)12.8 ( under)12.8 ( the)12.7 ( Framework)46 ( )]TJ 0.025 Tc 0.058 Tw 0 -1.231 Td (Agreements demonstrates that transactions between the Group and the conn\ected )Tj 0.048 Tc 0.07 Tw 0 -1.231 Td [(parties)12.5 ( are)12.5 ( conducted)12.5 ( strictly)12.4 ( on)12.4 ( the)12.5 ( basis)12.4 ( of)12.4 ( actual)12.4 ( commercial)12.5 ( requirements)23 ( )]TJ 0.036 Tc 0.072 Tw 0 -1.231 Td [(arising)11 ( )0.5 (from)11 ( )0.5 (specific)11 ( )0.5 (projects,)11 ( )0.5 (and)11 ( )0.5 (are)11 ( )0.5 (determined)11 ( )0.5 (independently)11 ( )0.5 (in)11 ( )0.5 (accordance)11 ( )]TJ 0.046 Tc 0.07 Tw 0 -1.231 Td [(with)12.7 ( arm\222s)12.7 ( length)12.7 ( principles.)12.7 ( No)12.7 ( unnecessary)12.8 ( or)12.7 ( non-arm\222s)12.8 ( length)12.7 ( transaction)21 ( )]TJ 0.028 Tc 0.08 Tw 0 -1.231 Td [(arrangements)3 ( )0.5 (have)3 ( )0.5 (been)3 ( )0.5 (made)3 ( )0.5 (as)3 ( )0.5 (a)3 ( )0.5 (consequence)3 ( )0.5 (of)3 ( )0.5 (entering)3 ( )0.5 (into)3 ( )0.5 (the)3 ( )0.5 (Framework)3 ( )]TJ ET endstreamendobj55 0 obj<>endobj60 0 obj<>stream application/pdf E_00576_4c Adobe Illustrator 25.0 (Windows) 2024-01-15T14:54:13+09:00 2024-01-15T14:54:13+08:00 2024-01-15T14:54:13+08:00 xmp.did:ef7d82c0-dde1-de4f-9f5d-042e46f8c5f8 uuid:2a254b43-249c-49f1-ad57-f876a6cbab33 uuid:67F1F8F326CFE011BA47F9F83F5171AA proof:pdf uuid:37caae51-39e9-8a40-817c-bfcec54d2794 uuid:67F1F8F326CFE011BA47F9F83F5171AA uuid:67F1F8F326CFE011BA47F9F83F5171AA saved xmp.iid:ef7d82c0-dde1-de4f-9f5d-042e46f8c5f8 2024-01-15T14:54:11+08:00 Adobe Illustrator 25.0 (Windows) / Document Print AIRobin 1 False True 209.999998 297.000005 Millimeters TimesLTStd-Bold Times LT Std Bold Open Type Version 2.050;PS 002.000;hotconv 1.0.51;makeotf.lib2.0.18671 False TimesLTStd-Bold.otf TimesLTStd-Italic Times LT Std Italic Open Type Version 2.050;PS 002.000;hotconv 1.0.51;makeotf.lib2.0.18671 False TimesLTStd-Italic.otf Black PANTONE 336 CVC 闋愯ō鑹茬エ缇ょ祫 0 White CMYK PROCESS 0.000000 0.000000 0.000000 0.000000 Black CMYK PROCESS 0.000000 0.000000 0.000000 100.000000 CMYK Red CMYK PROCESS 0.000000 100.000000 100.000000 0.000000 CMYK Yellow CMYK PROCESS 0.000000 0.000000 100.000000 0.000000 CMYK Green CMYK PROCESS 100.000000 0.000000 100.000000 0.000000 CMYK Cyan CMYK PROCESS 100.000000 0.000000 0.000000 0.000000 CMYK Blue CMYK PROCESS 100.000000 100.000000 0.000000 0.000000 CMYK Magenta CMYK PROCESS 0.000000 100.000000 0.000000 0.000000 C=15 M=100 Y=90 K=10 CMYK PROCESS 15.000000 100.000000 90.000000 10.000000 C=0 M=90 Y=85 K=0 CMYK PROCESS 0.000000 90.000000 85.000000 0.000000 C=0 M=80 Y=95 K=0 CMYK PROCESS 0.000000 80.000000 95.000000 0.000000 C=0 M=50 Y=100 K=0 CMYK PROCESS 0.000000 50.000000 100.000000 0.000000 C=0 M=35 Y=85 K=0 CMYK PROCESS 0.000000 35.000000 85.000000 0.000000 C=5 M=0 Y=90 K=0 CMYK PROCESS 5.000000 0.000000 90.000000 0.000000 C=20 M=0 Y=100 K=0 CMYK PROCESS 20.000000 0.000000 100.000000 0.000000 C=50 M=0 Y=100 K=0 CMYK PROCESS 50.000000 0.000000 100.000000 0.000000 C=75 M=0 Y=100 K=0 CMYK PROCESS 75.000000 0.000000 100.000000 0.000000 C=85 M=10 Y=100 K=10 CMYK PROCESS 85.000000 10.000000 100.000000 10.000000 C=90 M=30 Y=95 K=30 CMYK PROCESS 90.000000 30.000000 95.000000 30.000000 C=75 M=0 Y=75 K=0 CMYK PROCESS 75.000000 0.000000 75.000000 0.000000 C=80 M=10 Y=45 K=0 CMYK PROCESS 80.000000 10.000000 45.000000 0.000000 C=70 M=15 Y=0 K=0 CMYK PROCESS 70.000000 15.000000 0.000000 0.000000 C=85 M=50 Y=0 K=0 CMYK PROCESS 85.000000 50.000000 0.000000 0.000000 C=100 M=95 Y=5 K=0 CMYK PROCESS 100.000000 95.000000 5.000000 0.000000 C=100 M=100 Y=25 K=25 CMYK PROCESS 100.000000 100.000000 25.000000 25.000000 C=75 M=100 Y=0 K=0 CMYK PROCESS 75.000000 100.000000 0.000000 0.000000 C=50 M=100 Y=0 K=0 CMYK PROCESS 50.000000 100.000000 0.000000 0.000000 C=35 M=100 Y=35 K=10 CMYK PROCESS 35.000000 100.000000 35.000000 10.000000 C=10 M=100 Y=50 K=0 CMYK PROCESS 10.000000 100.000000 50.000000 0.000000 C=0 M=95 Y=20 K=0 CMYK PROCESS 0.000000 95.000000 20.000000 0.000000 C=25 M=25 Y=40 K=0 CMYK PROCESS 25.000000 25.000000 40.000000 0.000000 C=40 M=45 Y=50 K=5 CMYK PROCESS 40.000000 45.000000 50.000000 5.000000 C=50 M=50 Y=60 K=25 CMYK PROCESS 50.000000 50.000000 60.000000 25.000000 C=55 M=60 Y=65 K=40 CMYK PROCESS 55.000000 60.000000 65.000000 40.000000 C=25 M=40 Y=65 K=0 CMYK PROCESS 25.000000 40.000000 65.000000 0.000000 C=30 M=50 Y=75 K=10 CMYK PROCESS 30.000000 50.000000 75.000000 10.000000 C=35 M=60 Y=80 K=25 CMYK PROCESS 35.000000 60.000000 80.000000 25.000000 C=40 M=65 Y=90 K=35 CMYK PROCESS 40.000000 65.000000 90.000000 35.000000 C=40 M=70 Y=100 K=50 CMYK PROCESS 40.000000 70.000000 100.000000 50.000000 C=50 M=70 Y=80 K=70 CMYK PROCESS 50.000000 70.000000 80.000000 70.000000 PANTONE 336 CVC SPOT 100.000000 CMYK 100.000000 0.000000 65.098000 47.058800 鍒楀嵃鑹插僵缇ょ祫 1 C=0 M=30 Y=70 K=0 CMYK PROCESS 0.000000 30.000000 70.000000 0.000000 C=5 M=70 Y=90 K=0 CMYK PROCESS 5.000000 70.000000 90.000000 0.000000 C=5 M=90 Y=75 K=0 CMYK PROCESS 5.000000 90.000000 75.000000 0.000000 C=30 M=0 Y=95 K=0 CMYK PROCESS 30.000000 0.000000 95.000000 0.000000 C=60 M=5 Y=95 K=0 CMYK PROCESS 60.000000 5.000000 95.000000 0.000000 C=30 M=0 Y=10 K=0 CMYK PROCESS 30.000000 0.000000 10.000000 0.000000 C=60 M=10 Y=5 K=0 CMYK PROCESS 60.000000 10.000000 5.000000 0.000000 C=80 M=5 Y=10 K=0 CMYK PROCESS 80.000000 5.000000 10.000000 0.000000 鐏伴殠 1 K=100 GRAY PROCESS 255 K=90 GRAY PROCESS 229 K=80 GRAY PROCESS 203 K=70 GRAY PROCESS 178 K=60 GRAY PROCESS 152 K=50 GRAY PROCESS 127 K=40 GRAY PROCESS 101 K=30 GRAY PROCESS 76 K=20 GRAY PROCESS 50 K=10 GRAY PROCESS 25 K=5 GRAY PROCESS 12 Adobe PDF library 15.00 endstreamendobj53 0 obj<>endobj54 0 obj<>endobj62 0 obj<>endobj63 0 obj<>stream H塴SPe掊竇T:慶u福蒗g耇F蠨CT ?=飮v8 垊埣K麵A先<E??枨~t蕆2G瞬檞蠗n鷻f殱y鰗焪焔烑泒I"8 Ir乙鬳玍瓨檏 Rfn幟揻窐?N謸rD蔪 陬5軟/gL8E姑 緼 箈伣4mt鸪摀欏悄&?9.€0?'P槠桥朋驧烻!9/嘏籬t~九?^$A,髶仺糦鈲糃4玅苣 鵏惩瞑(奀?(2+灑`馔6薇Q郬逆尿刨驵?燐弞ya」@怴c篅F錷WlD靖T4K&s伱l稩涆孷R谽蕃し(?I/瞡葓}(='譥$? H?茞倶D " a 窻e5膓?讚g蒣AS侟A?┲?儱喾\瓇R羒?W败??P 蚸窤!廹?8肻TjJ>网O璇4糉忒銲P]&WD#哸?賰臥X=爿彰小儭 =W倏惁Hc s胶+v(艼樌陂[嘅呚∶ˉ霋rXM登?? ^ 2嫹,?c穗k 鮋nS9 黂_8撆S8幜捣qD-$C詀(凩y莽b#=漰揩h缅1_h{酇?澰 歇?J{y?件?驅c`u?yq吞緰甠镘d晓衦栜 榯垧A~椦絣G\c垿? 瘱,蘎膳緟 灡膛%:.?dt密x 兓幼T育'褒 殎焈凌裮L?3kY妍苞h鬆弁钯葩薤h<溒iZ薲/躉度險蛴?f4乑嚔簝uH鎹z?)峊╀HU]f蚣厎Ш絵'呫yk 験?8?(\椔u+?熣鏠煯3憆 醳gxM鞌 X尘疽a墅:G屬屖Z雤?s??ZNI宏蔶o狏 P?鏻琥B磉辺牭匙|S嗑飥?dn?钓撃窛m簨g_;c逤Z?9矒靲a*9Hz跂璒旺&啪C[?\O6跨?捸?醞韉堷蛎7/炰擸K蔯aQ{xL嘍啻飄+逦L鯧/9瑩Gp揇焳隞.If飏}挑$LS>~H贱櫱禹e椥谑鱗v?l_堃xΖ邪v &葳{}x?k?,飩pNIp鰨懂c/嫢;豧I??蝔螎 鶼タ|永A#5蠵i槮G:.с糭孢茈7嘻p邓!鸽P瑨w蒄T_蓊藆迪:穕a1#则\.複NY\┒█暊稘^郁挛P袅鰶⊿锂|資妻Pゴ橼:鬓?\ 瓏:Dz静MU隉$Z鶕T0@5轾脾饿阳9@='^C5p踅懤劈啌怟@e鍩唟=鋱J啍??R媐浏[Rr/觘铐堾璇{?:咽壔誩5?6桨惦??兢}竬璏％坭{眑H刈>endobj64 0 obj<>stream H塴T Pgz@eG佑?*rx盇+妉da1XFAq`鑙`ffnT悂儨篞憖(^?5琫蘪4拲殿氦^洘*迟讵TW浸?鼷撅}E構&夋m?B潽覇F剆收翜"E?\翶E黒頧w'~??≡熖?光枷L>|鲂蒰槗(@↖蟖諌I沣縬?G?堰{*鶰农}峉Q8貂鲻e?5q*&-<窹拽?}涁~(悓啓秓oR班$感D,8wah貚貤還＿?洂7颛Blh?蠪€徖攡垸贜聄.餥豂翜t 刬t?讯湣驱I杞h钗柏=nū??炍C炄揋(坬掊?夲'-81釓?嫪萂;飚{*螳嶳鯂??嶤焊团梭ly|FqT 瓏R浑为釩wV螅髳f颀V@^&>冴p 屾 ?弸n€嬻k哤? 殝 腋?丷攦侾奃1?躟橛?'d箛駱锠m棦廯.,?@敠\龆曈'牱So鬣K_隳,}=汓m>fI狉 鉓崷On 煞蕧篚`祷F砧藍〧洯 =懜辊板b.冧瀸嚂椠瞂晧a跱伯糙?鋸孥舵擶柁2?`o皡 ?? ;Y孙挈X羯匊(X孇? 榸馺珤*(Jh4s2,'蠢*/擸飚?ym晆?P]7肔4喢r11庩dSM辶殄k芎6∨槠睯璍b8}帡碯t嵾€箲?bx%8懕{u靱┍负﹄9|_Q'3U郉W樕b)屌K蜓}R4璅;胁 邨2㈢闔'H墒>虦蒕苟層秋]?g 烗僼a笀甤傺+V爺w厭翡AF??靘l襶除嗩/鴜p曑 %blGk&~逎予寥u罶騄i崣ｒ奨搯F &瓁塳鎄瑔鱝 荦昄[藀鈇/酂AX胱妾y膵˙筰W睕鋲?/ku>鰤3贱憣O寜?K6翜髜Y铪 妅萲oom觇b?犲殈腲煾r炕潠鋸葒mohx訞d聠d橅r鉾p磁rh 赳*#魅h厧覫 ?v抗妒蘒8?7萂r砙欧=歑迖V嫉脑.尦鹚A+蓤K嵿籁胻cR 荙Y奠?o鲇B糶洦 d遬哢PE>=qk靷待`v栄屲Q淏阱d?匉R獔j徽\誠?毹腶}埙PgR幦區}QZ诮i忮w享噃I妎tCv-麏_箯g萭b可峹?IBZ佟禙陥叠彾?晠赟}*縆 ?历恡染劵8埬蛰8履tB凶寅?F櫋袞I慧殮洓伻c騙烝Ks硏贶飒歩繸up闍臺 ?奴`﹁cM潓Hny雥j2} 痌)吹!迟▊?E婚]彇帻サ詞嶆 3u_n箄4証_?#N妍Tz}v鲘鐝 vy剔釭彸鼷_g1?.MW -2罩哉潿<,頪蕝qT?闡V侓b?K @e1T?v鹨檵J鉓dknO矕薔Jj薽锉w5O9搛苅骏B+恾n!7g硧湟"C貯Y]江卝?J扟v祜yz濑?E沖?粡>瘟轠嗺Z狶筎櫿f盤鵩G?嗴?捋Iv领脇8O祧.?ī+ 肅鯁(c渞專麝贱?━帄u -e茇睠 I 劙%da ! "K哢P娯j+3T犞娳j?澏缫么=庇?齵罟蠼?飝?< '浭妹G1pHC^o瀃嘅晊:诖襎磃绻h凎b幂郋※羀<[滉lF摑懑J@`I瞡?O鰓牤F仉[+鉃juP兾灆^`sk铔覲 W#拈Y擻k?U;鬎衾濎溁若妶阎1橿?鯌鵞4忰x毳鮟侜o滯1H]嬊皣q?R*_m搬#Y濦鸘?r$"??骡jzj!Mq{ !^泙7cA? 3碘擁G譫?割rA菜1鱢?毜毅?s剟mrd嶜?驝Uk,斻tD涁?qs釼7]QE~穊譴渓碵o|V妱?鬡亩d卡>镍 岸?苇-,X恶|濂"罪糜\;旋鵿刯═?纘?搃z狃岑o腰輊鱬,乐卐m脩m?篼芜?畘慂=?Eb暔蠱鼗.炀W緜憄9肅1Vx%?psZ_俖卣y鞦A垪昬j筋Z钣[続M镹g0h?縄G8鳅黒裰%nZ韦g凱2c跆層v6读w學欬ζ [馛<埒奎`檹/c:^:兾?苏:?焞傋i米o>檴b梺{p遮>皋2欲Nk鮙脯鳉 敥[;v5? <孷$3崀F嘿?澥 +沦? &B'?~h譖?X衝釜干z|3<譠l@否丮倈堹?薻,?]襳j鈛 鬬?迯撲hя O煩魁锏5B哖p@WaIqA.礼(盷?+?嚑孜2Yy諳鲇`慃釤澽=O黗-~9ｌN郫刕ё汄R簲S?*)e莱裟 晒躬簪bW?S梛t鶊s?i悳4嶿膹(瘖H蒍H(eI笛犝 8铻 烌蟀?K侥墽誽x鑋`!l 鰆TbzR枡*潦F?#?睕#鴁4昜b?h馦1遪紟瘘pn 暇m搎UD慟蝾棌嗷恱H8 H確?嚁脬噉抖練ゑ鴋硚?w塙屿蘾獛菸o&NW咈剦1???鱙&洯Uvx鋑z鑡s}'W蟩Bτ*L斏?鈈€mx鎴OS邃疑% d琛救])?mEU?-Q3?簫g&`?€s扌j}1 瀉x/信坨灢玩f?恢特o尽禞gヮ槪遷0多~t4幪垑菾?%濠d松kR廛\1?阩<苭瘪蝎[煩+梵悝媎菺垔>FK 棙帖忕Q9e厬 /q晿a~KO卐q塳鄀-Z珬浜?缂X溉G€Х蹑 endstreamendobj52 0 obj[/Separation/PANTONE#20336#20CVC/DeviceCMYK<>]endobj15 0 obj<>endobj65 0 obj<>endobjxref 0 66 0000000000 65535 f 0000000016 00000 n 0000000137 00000 n 0000002727 00000 n 0000000000 00000 f 0000081519 00000 n 0000082693 00000 n 0000083780 00000 n 0000084867 00000 n 0000085955 00000 n 0000003006 00000 n 0000004095 00000 n 0000005184 00000 n 0000006273 00000 n 0000002693 00000 n 0000183690 00000 n 0000002787 00000 n 0000002876 00000 n 0000007362 00000 n 0000008451 00000 n 0000009528 00000 n 0000010617 00000 n 0000011718 00000 n 0000012904 00000 n 0000079034 00000 n 0000033950 00000 n 0000018385 00000 n 0000018953 00000 n 0000074746 00000 n 0000070396 00000 n 0000063569 00000 n 0000062038 00000 n 0000057599 00000 n 0000049907 00000 n 0000038914 00000 n 0000045043 00000 n 0000034174 00000 n 0000034061 00000 n 0000018248 00000 n 0000014102 00000 n 0000025426 00000 n 0000025990 00000 n 0000019406 00000 n 0000019830 00000 n 0000026622 00000 n 0000045161 00000 n 0000045186 00000 n 0000045319 00000 n 0000045384 00000 n 0000045657 00000 n 0000045782 00000 n 0000108923 00000 n 0000183504 00000 n 0000176730 00000 n 0000177178 00000 n 0000140752 00000 n 0000103185 00000 n 0000097990 00000 n 0000092155 00000 n 0000087043 00000 n 0000140789 00000 n 0000179532 00000 n 0000177536 00000 n 0000177883 00000 n 0000179903 00000 n 0000183826 00000 n trailer <]>> startxref 184006 %%EOF