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Page 1: CEM - Companhia de Electricidade de Macau...COMPANHIA DE ELECTRICIDADE DE MACAU - CEM, S.A. REPORT AND OPINION OF THE SUPERVISORY BOARD To the Shareholders, In accordance with Article
Page 2: CEM - Companhia de Electricidade de Macau...COMPANHIA DE ELECTRICIDADE DE MACAU - CEM, S.A. REPORT AND OPINION OF THE SUPERVISORY BOARD To the Shareholders, In accordance with Article
Page 3: CEM - Companhia de Electricidade de Macau...COMPANHIA DE ELECTRICIDADE DE MACAU - CEM, S.A. REPORT AND OPINION OF THE SUPERVISORY BOARD To the Shareholders, In accordance with Article
Page 4: CEM - Companhia de Electricidade de Macau...COMPANHIA DE ELECTRICIDADE DE MACAU - CEM, S.A. REPORT AND OPINION OF THE SUPERVISORY BOARD To the Shareholders, In accordance with Article
Page 5: CEM - Companhia de Electricidade de Macau...COMPANHIA DE ELECTRICIDADE DE MACAU - CEM, S.A. REPORT AND OPINION OF THE SUPERVISORY BOARD To the Shareholders, In accordance with Article
Page 6: CEM - Companhia de Electricidade de Macau...COMPANHIA DE ELECTRICIDADE DE MACAU - CEM, S.A. REPORT AND OPINION OF THE SUPERVISORY BOARD To the Shareholders, In accordance with Article
Page 7: CEM - Companhia de Electricidade de Macau...COMPANHIA DE ELECTRICIDADE DE MACAU - CEM, S.A. REPORT AND OPINION OF THE SUPERVISORY BOARD To the Shareholders, In accordance with Article
Page 8: CEM - Companhia de Electricidade de Macau...COMPANHIA DE ELECTRICIDADE DE MACAU - CEM, S.A. REPORT AND OPINION OF THE SUPERVISORY BOARD To the Shareholders, In accordance with Article
Page 9: CEM - Companhia de Electricidade de Macau...COMPANHIA DE ELECTRICIDADE DE MACAU - CEM, S.A. REPORT AND OPINION OF THE SUPERVISORY BOARD To the Shareholders, In accordance with Article
Page 10: CEM - Companhia de Electricidade de Macau...COMPANHIA DE ELECTRICIDADE DE MACAU - CEM, S.A. REPORT AND OPINION OF THE SUPERVISORY BOARD To the Shareholders, In accordance with Article