$NDUyUiJiVOHYHJĘQ\HOpVNLDODNXOiVD pVJ\yJ\NH]HOpVHORYDNQiO

6]HQW,VWYiQ(J\HWHP

ÈOODWRUYRVWXGRPiQ\L'RNWRUL,VNROD

$NDUyUiJiVOHYHJĘQ\HOpVNLDODNXOiVD pVJ\yJ\NH]HOpVHORYDNQiO

3K'pUWHNH]pVWp]LVHL

.pV]tWHWWH 1DJ\.ULV]WLQD

6]HQW,VWYiQ(J\HWHP

ÈOODWRUYRVWXGRPiQ\L'RNWRUL,VNROD

7pPDYH]HWĘ

'U%RGy*iERU3K''LSO(&96

6]HQW,VWYiQ(J\HWHPÈOODWRUYRVWXGRPiQ\LNDU 1DJ\iOODWNOLQLND

7pPDEL]RWWViJLWDJRN

'U.DEDL3pWHU3K'

6]HQW,VWYiQ(J\HWHPÈOODWRUYRVWXGRPiQ\LNDU gNROyJLDWDQV]pN

'U:DOWHU+HFNHU3K' 1\XJDOPD]RWWHJ\HWHPLWDQiU

1DJ\.ULV]WLQD

%HYH]HWpV

6]WHUHRWLSYLVHONHGpVD]DN|]HOD]RQRVIRUPiEDQOH]DMOyLVPpWOĘGĘYLVHONHGpVIRUPDDPLW OiWV]yODJFpOWDODQXOIRO\WDWD]iOODW0LYHODYLVHONHGpVIXQNFLyMDQHPPLQGLJQ\LOYiQYDOyD V]WHUHRWtSLD GHILQtFLyMiW iWIRJDOPD]WiN $] ~M GHILQtFLy V]HULQW D V]WHUHRWtSLD HJ\ LVPpWOĘGĘ YLVHONHGpV PHO\HW IUXV]WUiFLy D VWUHVV]HO YDOy IRO\DPDWRV N]GHOHP pVYDJ\ D N|]SRQWL LGHJUHQGV]HU PĦN|GpVpQHN ]DYDUD YiOW NL $] ~M GHILQtFLyYDO ~M NXWDWiVL NpUGpVHN PHUOQHN IHO PLYHO D V]WHUHRWtSLD NLDODNXOiViQDN RNiUyO MHOHQOHJ NHYHVHW WXGXQN D N|]SRQWL LGHJUHQGV]HUL ]DYDURNDW QHKp] YL]VJiOQL YDODPLQW YLWDWKDWy KRJ\ D YLVHONHGpV PHQQ\LEHQ VHJtWDVWUHVV]HOV]HPEHQLPHJN]GpVEHQ

$ IRJViJEDQ WDUWRWW iOODWRN N|]|WW J\DNRUL MHOHQVpJ D V]WHUHRWtSLD pV D] iOODW MyOpWH V]HPSRQWMiEyO NO|Q|V ILJ\HOPHW pUGHPHO $ ORYDNQiO OHJJ\DNUDEEDQ SUREOpPiW RNR]y V]WHUHRWtSLiN N|]p D V]LWiOiV pV D] LVWiOOyMiUiV PR]JiVL V]WHUHRWtSLiN YDODPLQW D NDUyUiJiVOHYHJĘQ\HOpV pV D IDUiJFViOiV WDUWR]LN RUiOLV V]WHUHRWtSLiN PHO\HN iWODJRV HOĘIRUGXOiVLJ\DNRULViJDpV

$ NDUyUiJiVOHYHJĘQ\HOpV VRUiQ D Oy UHQGV]HULQW D] HWHWĘ LWDWy NDUiPID YDJ\ ERNV] DMWy IHOV]tQpQHN UiJFViOiViYDO pV Q\DOGRViViYDO NH]GĘGLN (]W N|YHWL D IHOVĘ PHWV]ĘIRJDN PHJWiPDV]WiVD YDODPLQW D PHJIHOHOĘ Q\DN pV JpJHL]PRN PHJIHV]tWpVH PDMG HJ\

E|I|JpVV]HUĦKDQJKDOODWiVD1pKiQ\OyDIRJPHJWiPDV]WiVDQpONOLGp]LHOĘH]WDKDQJRWtJ\

HJ\HV KLYDWNR]iVRN D IHQWL YLVHONHGpVVRU OHtUiViUD D ÄOHYHJĘQ\HOpV´ NLIHMH]pV KDV]QiODWiW MDYDVROMiNYDODPLQWHONO|QtWHQHNÄPHJWiPDV]WiVRVpVPHJWiPDV]WiVQpONOLOHYHJĘQ\HOpVW´

$]RQEDQDÄOHYHJĘQ\HOpV´NLIHMH]pVVHPWHOMHVHQW|NpOHWHVPLYHOUDGLRJUiILiVHQGRV]NySRV YL]VJiODWVRUiQNLPXWDWWiNKRJ\DOyYDOyMiEDQQHPLVQ\HOLKDQHPFVDNDJDUDWEDQIRUJDWMDD OHYHJĘW $ PDJ\DU ORYDV V]DN]VDUJRQEDQ D ÄNDUyUiJy´ MHO]ĘYHO LOOHWHWW ORYDN N|]p HJ\DUiQW WDUWR]KDW D ÄPHJWiPDV]WiVRV OHYHJĘQ\HOpVW´ YpJ]Ę YDODPLQW FVXSiQ ÄIDUiJFViOy´ IiUD UiKDUDSyGHE|I|JpVV]HUĦKDQJRWQHPPXWDWyOy$NpWYLVHONHGpVHOVĘUiQp]pVUHKDVRQOyQDN WĦQKHW PpJLV HJ\PiVWyO MyO HONO|QtWKHWĘ YDODPLQW IXQNFLyMiW pV N|YHWNH]PpQ\HLW WHNLQWYH WHOMHVHQNO|QE|]ĘH]pUWIRQWRVD]RNHJ\pUWHOPĦHONO|QtWpVH

%L]RQ\RV IDMWiNQiO SO D] DQJRO WHOLYpUHN N|]|WW PDJDVDEE D V]WHUHRWtSLD HOĘIRUGXOiVL J\DNRULViJDpVQHPNL]iUWKRJ\DKDMODP|U|NOĘGKHW$ORYDVV]DNHPEHUHNN|]|WWWRYiEEiD]

LV iOWDOiQRVDQ HOWHUMHGW HONpS]HOpV KRJ\ D ORYDN HOWDQXOMiN HJ\PiVWyO H]W D UHQGHOOHQHV YLVHONHGpVIRUPiW +DEiU H]W D] HONpS]HOpVW HGGLJ VHPPLO\HQ NtVpUOHWL DGDW QHP WiPDV]WRWWD DOiQHPULWNDMHOHQVpJKRJ\DV]WHUHRWtSLiWPXWDWyORYDWHONO|QtWYHWDUWMiNDW|EELHJ\HGWĘO

$OHYHJĘQ\HOpVWDOyDOHJQDJ\REEDUiQ\EDQ]DEHWHWpVDODWWpVD]WN|YHWĘHQJ\DNRUROMD$

OHYHJĘQ\HOpVpVD]DEEDOYDOyHWHWpVNDSFVRODWiQDNDODSMDLWW|EEHQNXWDWWiND]RQEDQDSRQWRV PHFKDQL]PXVPiLJVHP LVPHUW$OHYHJĘQ\HOpVMHOH]KHWHJ\IDMWDUiJiVLKLiQ\W DPHQQ\LEHQ QLQFV PHJIHOHOĘ V]iODV WDNDUPiQ\ EL]WRVtWYD YDJ\ OHKHW HJ\ YLVFHUiOLV GLV]NRPIRUW pU]HW N|YHWNH]PpQ\H PLYHO D ]DEEDO YDOy HWHWpV N|YHWNH]WpEHQ QĘ D YDNEpO pV D YDVWDJEpO DFLGy]LVD 6]ROJiOKDWMD D]W D FpOW KRJ\ IRNR]]D D Q\iOWHUPHOĘGpVW pV H]iOWDO FV|NNHQWL D J\RPRU VDYDVViJiW .LYiOWyGKDW D]iOWDO KRJ\ HQGRJpQ RSLiWRN V]DEDGXOQDN IHO D ]DE HPpV]WpVH N|YHWNH]WpEHQ YDJ\ D ED]iOLV PDJYDN QXFOHXV FDXGDWXV SXWDPHQ QXFOHXV DFFXPEHQV PyGRVXOW DNWLYLWiVD N|YHWNH]WpEHQ $ OHJ~MDEE NXWDWiVRN DUUD XWDOQDN KRJ\ D N|]pSDJ\IRNR]RWWGRSDPLQHUJDNWLYLWiVDIRQWRVV]HUHSSHOEtUDV]WHUHRWtSLDNLDODNXOiViEDQ$

ED]iOLV PDJYDN PyGRVXOW DNWLYLWiVD V]LQWpQ NDSFVRODWEDQ iOOKDW D YLVFHUiOLV GLV]NRPIRUW pU]HWWHO GH OHKHW JHQHWLNDL KDMODP YDJ\ HJ\ NRUDL pOHWV]DNDV]EDQ pUW VWUHVV]KDWiV N|YHWNH]PpQ\HLV

$OHYHJĘQ\HOĘORYDNED]iOLVPDJYDLQDNUHQGHOOHQHVPĦN|GpVHiOOKDWDQQDNKiWWHUpEHQLV KRJ\H]HNDORYDNEL]RQ\RVWDQXOiVLWHV]WHNEHQÄJ\HQJpEE´WHOMHVtWPpQ\WPXWDWQDNDNRQWUROO ORYDNKR]NpSHVW$]HJ\LNLO\HQYL]VJiODWEDQHJ\]DERWUHMWĘGRER]IHGHOpQHNIHOQ\LWiViKR]

V]NVpJHV LGĘ KRVV]iYDO PpUWpN D WDQXOpNRQ\ViJRW $ V]WHUHRWtSLiW PXWDWy ORYDN N|]O NHYHVHEEHQpVKRVV]DEELGĘDODWWWXGWiNFVDNWHOMHVtWHQLDIHODGDWRWDNRQWUROORYDNKR]NpSHVW (J\PiVLNWHV]WEHQDORYDNDWPHJWDQtWRWWiNDUUDKRJ\JRPEQ\RPiVUDMXWDORPIDODWMiUPDMG Qp]WpN KRJ\ D MXWDORP HOKDJ\iVD XWiQ PHQQ\L LGĘ NHOO DKKR] pV KiQ\ JRPEQ\RPiV KRJ\

NLROWyGMRQDWDQXOWYLVHONHGpV$OHYHJĘQ\HOĘORYDNQDNDNRQWUROKR]NpSHVWW|EEPHJHUĘVtWpV QpONOL HVHPpQ\ MXWDORPIDODW QpONOL JRPEQ\RPiV NHOOHWW DKKR] KRJ\ NLROWyGMRQ D NRUiEEDQ MXWDOPD]RWW YLVHONHGpV 7RYiEEi YiODV]WiVRV KHO\]HWEHQ D OHYHJĘQ\HOĘ ORYDN QHP YROWDN NpSHVHN IHOLVPHUQL D U|YLG pV KRVV]~WiY~ PHJHUĘVtWpV N|]|WWL NO|QEVpJHW VHP pV QHKH]HQ WXGWDN YiOWR]WDWQL HJ\ PiU NRUiEEDQ U|J]OW YLVHONHGpVHQ $ WDQXOiVL WHV]WHNEHQ PXWDWRWWÄJ\HQJpEE´WHOMHVtWPpQ\IHOYHWLDNpUGpVWKRJ\YDMRQDPLQGHQQDSRVORYDJOiVVRUiQ LVpUH]KHWĘHNHH]HNDNO|QEVpJHNDOHYHJĘQ\HOĘpVV]WHUHRWtSLiWQHPPXWDWyORYDNN|]|WW"

$ OHYHJĘQ\HOpV J\DNRULEE N|YHWNH]PpQ\H OHKHW D NRQGtFLyURPOiV D IHOVĘ PHWV]ĘIRJDN HONRSiVD DNyURVEpOPĦN|GpVYDODPLQW D J\RPRUIHNpO\pV HJ\HVNyOLNiVPHJEHWHJHGpVHN SO:LQVORZO\XNVpUYNLDODNXOiVD0LQGH]HND]iOODWpUWpNpWMHOHQWĘVHQFV|NNHQWKHWLNH]pUW V]DYDWRVViJL MRJLJpQ\W WiPDV]WKDW D YHYĘ $ OHYHJĘQ\HOpVW YpJ]Ę ORYDN HJ\ UpV]H LGHJHQ HPEHUHN MHOHQOpWpEHQ YDJ\ ~M N|UQ\H]HWEH NHUOYH iWPHQHWLOHJ DEEDKDJ\KDWMD D NyURV YLVHONHGpV J\DNRUOiViW tJ\ QHP PLQGLJ N|QQ\Ħ D]W SO DGiVYpWHOL YL]VJiODW HVHWpQ VHP

IHOLVPHUQL$OHYHJĘQ\HOpVMHOHQOpWpQHNYDJ\KLiQ\iQDNPHJEt]KDWyLJD]ROiViUDMHOHQOHJQHP iOOUHQGHONH]pVUHYL]VJiODWLPyGV]HUDV]DNLURGDORPEDQ

$OHYHJĘQ\HOpVHOĘIRUGXOiVLJ\DNRULViJQDNFV|NNHQWpVHD]HPOtWHWWHJpV]VpJJ\LRNRNEyO NLIRO\yODJ IRQWRV pV V]NVpJHV -HOHQOHJ D OHJKDWpNRQ\DEE J\yJ\NH]HOpVQHN D PHJHOĘ]pVW WDUWMiNYDJ\LVD]HJpV]VpJHVORYDNUL]LNyWpQ\H]ĘPHQWHVN|UQ\H]HWEHQYDOyWDUWiViWPLYHOKD HJ\V]HUDOyPiUOHYHJĘQ\HOĘOHWWQDJ\RQQHKp]OHV]RNWDWQLUyOD$QDSRQWDEL]WRVtWRWWV]DEDG PR]JiVL OHKHWĘVpJ D V]RFLiOLV NDSFVRODW NLDODNtWiViQDN EL]WRVtWiVD YDODPLQW D QDJ\

PHQQ\LVpJĦ V]iODV WDNDUPiQ\ PHOOHWW D NHYpV NRQFHQWUiOW WDNDUPiQQ\DO YDOy HWHWpV VHJtWKHW PHJHOĘ]QLDV]WHUHRWtSLiNNLDODNXOiViW

$MHOHQOHJUHQGHONH]pVUHiOOyNH]HOpVLOHKHWĘVpJHNYDJ\DNDGiO\R]]iNDORYDWIL]LNDLODJD V]WHUHRWtSLD J\DNRUOiViEDQ Q\DNV]tM V]iMNRViU D NDUyUiJy IHOV]tQ NH]HOpVH YDJ\ D Oy OHYHJĘQ\HOpVUH LUiQ\XOy PRWLYiFLyMiW SUyEiOMiN YDODKRJ\DQ FV|NNHQWHQL DNXSXQNW~UD DQWLGHSUHVV]iQVRN N|UQ\H]HWJD]GDJtWiV $ OHYHJĘQ\HOpV WHOMHV JiWOiViW D]RQEDQ HJ\LN MHOHQOHJ UHQGHONH]pVUH iOOy PyGV]HUUHO VHP OHKHW HOpUQL $ OHJHOWHUMHGWHEE J\yJ\NH]HOpV D Q\DNV]tM KDV]QiODWD PHO\ PHJQHKH]tWL LOO NpQ\HOPHWOHQQp WHV]L D Oy V]iPiUD D Q\DN EHKDMOtWiViW pV PHJIHV]tWpVpW (QQHN D PyGV]HUQHN D KiWUiQ\D KRJ\ J\DNUDQ LJHQ V]RURVUD NHOOK~]QLDKKR]KRJ\KDVVRQYDODPLQWDORYDNQDJ\UpV]HWRYiEEUDLVWXGOHYHJĘWQ\HOQLD Q\DNV]tMDONDOPD]iVDSHGLJMHOHQWĘVHQQ|YHOLD]iOODWVWUHVV]V]LQWMpW$PyGRVtWRWW)RUVVHOO IpOH PĦWpW VRUiQ D Oy OHYHJĘQ\HOpVEHQ KDV]QiOW IĘEE L]PDLW PRPRK\RLGHXV PVWHUQRK\RLGHXV PVWHUQRWK\URLGHXV LOO D Q DFFHVRULXV YHQWUiOLV iJiW WiYROtWMiN HO tJ\

JiWROMiNDORYDWDOHYHJĘQ\HOpVEHQ$PĦWpWKDWpNRQ\ViJiUyOPHJRV]ODQDNDYpOHPpQ\HN KDWiViW D Oy VWUHVV]NH]HOpVL VWUDWpJLiMiUD D]RQEDQ HGGLJ PpJ QHP YL]VJiOWiN

$PHQQ\LEHQ D OHYHJĘQ\HOpV HJ\IDMWD PHJN]GpVL VWUDWpJLiW MHOHQW D Oy V]iPiUD D] ĘW pUĘ VWUHVV]HV LQJHUHNUH D OHYHJĘQ\HOpV JiWOiViQDN KDWiViUD V]LJQLILNiQVDQ URPROKDW D] iOODW VWUHVV]NH]HOpVLNpSHVVpJH

&pONLWĦ]pVHN

$ OHJJ\DNRULEE V]WHUHRWtSLiN KDMODPRVtWy WpQ\H]ĘLQHN YL]VJiODWD ORYDNQiO NO|Q|V WHNLQWHWWHODV]WHUHRWtSLiWPXWDWyV]RPV]pGOyKDWiViUD

$OHYHJĘQ\HOpVKDMODPRVtWyWpQ\H]ĘLQHNNHUHVpVHNpWVWDWLV]WLNDLPyGV]HUDG|QWpVLID pV D ORJLV]WLNXV UHJUHVV]Ly VHJtWVpJpYHO YDODPLQW D NpW PyGV]HU HUHGPpQ\HVVpJpQHN

|VV]HKDVRQOtWiVD

.RQWURO pV OHYHJĘQ\HOĘ ORYDN Ä,GHJHVVpJ´ Ä.pSH]KHWĘVpJ´ pV Ä%DUiWViJRVViJ´

WHPSHUDPHQWXP MHJ\HNEHQ PXWDWRWW HOWpUpVHLQHN YL]VJiODWD V]HPpO\LVpJ NpUGĘtY VHJtWVpJpYHO

/HYHJĘQ\HOpVW SURYRNiOy VWUHVV]WHV]W NLGROJR]iVD DPHO\ DONDOPDV D OHYHJĘQ\HOpV MHOHQOpWpQHNYDJ\KLiQ\iQDNPHJEt]KDWyLJD]ROiViUD

$ PyGRVtWRWW )RUVVHOOIpOH PĦWpWL HOMiUiV KDWpNRQ\ViJiQDN pV D PĦWpW N|YHWNH]PpQ\HLQHN IHOPpUpVH D] iOODW MyOpWH V]HPSRQWMiEyO YDODPLQW D PĦWpWLOHJ NH]HOWDQ\DNV]tMMDONH]HOWDNH]HOpVEHQQHPUpV]HVOWOHYHJĘQ\HOĘpVDV]WHUHRWtSLiW QHP PXWDWy ORYDN VWUHVV] NH]HOpVpQHN |VV]HKDVRQOtWiVD D OHYHJĘQ\HOpVW SURYRNiOy WHV]WVHJtWVpJpYHO

YL]VJiODW

0yGV]HUHN

.pUGĘtYHV IHOPpUpVW YpJH]WQN NLOHQF PDJ\DURUV]iJL ORYDUGiEDQ Oy YLVHONHGpVpUĘO WDUWiVL N|UOPpQ\HLUĘO $] DGDWRNDW V]HPpO\HVHQ D ORYDW MyO LVPHUĘ V]HPpO\ ORYiV] YDJ\

ORYDVVHJtWVpJpYHOYHWWNIHODKHO\V]tQHQ$NpUGĘtYEHQDOyiOWDOiQRVDGDWDLUDLYDUNRUD IDMWD WDUWiVL N|UOPpQ\HLUH ERNV] YDJ\ iOOiV KHWL NDUiPR]iV ORYDJOiV PHQQ\LVpJH QHP NtYiQWYLVHONHGpVpUHDJUHVV]LyV]|NpVLKDMODPV]WHUHRWtSLDYDODPLQWDOyV]RPV]pGViJiEDQ PD[LPXPERNV]WiYROViJEDQOpYĘORYDNQHPNtYiQWYLVHONHGpVpUHNpUGH]WQNUi

$ ORYDN V]WHUHRWLS YLVHONHGpVpQHN KDMODPRVtWy WpQ\H]ĘLW iOWDOiQRVtWRWW NHYHUW OLQHiULV PRGHOOHONHYHUWORJLV]WLNXVUHJUHVV]LyYDONHUHVWN

(UHGPpQ\HNpVpUWHOPH]pVN

$ YL]VJiOW ORYDUGiEDQ D V]WHUHRWtSLiN HOĘIRUGXOiVL J\DNRULViJD |VV]KDQJEDQ YROW D NOI|OGLDGDWRNNDOV]LWiOiVLVWiOOyMiUiVNDUyUiJiVOHYHJĘQ\HOpVIDUiJFViOiV $ V]WHUHRWtSLD MHOHQOpWpQHN OHJMHOHQWĘVHEE KDMODPRVtWy WpQ\H]ĘMH D V]RPV]pG Oy V]WHUHRWLS YLVHONHGpVH YROW HVpO\KiQ\DGRV (] D] |VV]HIJJpV QHP PDJ\DUi]KDWy D]

LVWiOOyKDWiVVDOPLYHOH]WDKDWiVWDPRGHOOUDQGRPYiOWR]yNpQWILJ\HOHPEHYHWWH$]RQORYDN N|]|WWWRYiEEiPHO\HN DJUHVV]tYYLVHONHGpVWPXWDWWDNV]HUQDJ\REEHVpOO\HOWDOiOWXQN V]WHUHRWtSLiWPXWDWyORYDWDQHPDJUHVV]tYHJ\HGHNKH]NpSHVW

$] DJUHVV]Ly pV D V]WHUHRWtSLD NDSFVRODWiUyO NHYpV LVPHUHW iOO UHQGHONH]pVQNUH .RUiEEL YL]VJiODWEDQ NLPXWDWWiN KRJ\ GRPLQiQV NDQFiN FVLNyL N|]|WW QDJ\REE HVpOO\HO DODNXO NL V]WHUHRWLSYLVHONHGpV]DYDU$GRPLQiQVHJ\HGHNiOWDOiEDQDJUHVV]tYHEEHNpVYpOKHWĘHQH]HQ HJ\HGHN PiU NLVHEE NRUOiWR]iVUD LV pU]pNHQ\HEEHQ UHDJiOQDN PLQW WiUVDLN 0iVRN V]HULQW D IUXV]WUiFLyYDJ\VWUHVV]N|]|VN|YHWNH]PpQ\HD]DJUHVV]LypVDV]WHUHRWtSLD

%iU D NpUGĘtYHV YL]VJiODW QHP DONDOPDV RNRNR]DWL |VV]HIJJpVHN D]RQRVtWiViUD HUHGPpQ\HLQNIHOYHWLNDQQDNOHKHWĘVpJpWKRJ\DV]WHUHRWLSYLVHONHGpVNLDODNXOiViEDQIRQWRV V]HUHSSHO EtU D V]RPV]pG Oy V]WHUHRWLS YLVHONHGpVH +D WRYiEEL YL]VJiODWRN PHJ LV HUĘVtWLN KRJ\ V]HUHSH OHKHW YDODPLO\HQ LPLWiFLyV WDQXOiVL IRO\DPDWQDN D V]WHUHRWtSLiW PXWDWy ORYDN L]ROiFLyMDVHPPLNpSSVHPFpOUDYH]HWĘPHJROGiVPLYHODW|EELHNWĘOYDOyHOV]LJHWHOWVpJQ|YHOL DOyEDQDIHV]OWVpJHWpVIHOHUĘVtWLDV]WHUHRWtSLDJ\DNRUOiViW$]RQEDQPHJIRQWRODQGyOHKHW KRJ\ D]RNDW D ORYDNDW PHO\HNQpO PHJMHOHQQHN D V]WHUHRWtSLD NRUDL Ii]LViQDN MHOHL pUGHPHV RO\DQN|UQ\H]HWEHQWDUWDQLDKROQLQFVDN|]YHWOHQN|UQ\H]HWpEHQPiVV]WHUHRWtSLiWPXWDWyOy

YL]VJiODW

0yGV]HUHN

$]HOVĘYL]VJiODWDGDWDLWIHOKDV]QiOYDDOHYHJĘQ\HOpVKDMODPRVtWyWpQ\H]ĘLWDORJLV]WLNXV UHJUHVV]Ly XWiQ D G|QWpVL ID PyGV]HU VHJtWVpJpYHO LV NLHOHPH]WN (] OHKHWĘVpJHW DGRWW DUUD KRJ\ EHPXWDVVXN D G|QWpVL ID PyGV]HU HOĘQ\HLW DONDOPD]KDWyViJiW D] iOODWRUYRVWXGRPiQ\

WHUOHWpQpV|VV]HKDVRQOtWVXNDNpWPyGV]HUKDWpNRQ\ViJiW

$] HJ\LN IRQWRV NO|QEVpJ D NpW VWDWLV]WLNDL PyGV]HU N|]|WW KRJ\ D ORJLV]WLNXV UHJUHVV]LyQiO V]iPRV DONDOPD]KDWyViJL IHOWpWHOQHN WHOMHVOQLH NHOO PtJ D G|QWpVL IiQiO QHP 7RYiEEL NO|QEVpJ KRJ\ D ORJLV]WLNXV UHJUHVV]Ly VHJtWVpJpYHO D KDMODPRVtWy WpQ\H]ĘN HVpO\KiQ\DGRViUyONDSXQNLQIRUPiFLyW$G|QWpVLIDHUHGPpQ\HSHGLJHJ\IDGLDJUDPPPHO\

PHJPRQGMD D V]WHUHRWtSLD EHN|YHWNH]pVpQHN YDOyV]tQĦVpJpW DGRWW N|UOPpQ\HN IHQQiOOiVD LVPHUHWpEHQPLN|]EHQV]HPOpOHWHVHQPXWDWMDDKDMODPRVtWyWpQ\H]ĘNN|]|WWL|VV]HIJJpVHNHW

$G|QWpVLIDHJ\NODVV]LILNiFLyVDOJRULWPXVPHO\UHNXU]tYPyGRQDPHJILJ\HOpVHNHWHJ\ID iJDLUDRV]WMDV]pWDSUHGLNFLySRQWRVViJiQDNQ|YHOpVHpUGHNpEHQ0DWHPDWLNDLDOJRULWPXVRN SO NKLQpJ\]HW WHV]W DODSMiQ YiODV]WMD NL D]W D YiOWR]yW pV D KR]]i WDUWR]y NV]|EpUWpNHW DPLYHO D PHJILJ\HOpVL HJ\VpJHNHW NpW FVRSRUWUD RV]WMD (]W D OpSpVW PLQGHQ HOiJD]yGiVQiO PHJLVPpWOL DPtJ HO QHP NpV]O D WHOMHV ID YDJ\LV D] |VV]HV HJ\HGHW EH QHP VRUROWD $ KDVtWiVL DOJRULWPXVVDO PLQGLJ RO\DQ YiOWR]yW pV NV]|EpUWpNHW NHUHV DPLYHO PD[LPDOL]iOQL WXGMDDIHQQPDUDGyFVRSRUWRNKRPRJHQLWiViW$G|QWpVLIiWD]56WDWLV]WLNDL6RIWZDUH USDUWpVSDUW\IJJYpQ\HLYHOLOOHV]WHWWN

(UHGPpQ\HNpVpUWHOPH]pVN

0LQGNpW PyGV]HU XJ\DQD]W D NpW IĘ KDMODPRVtWy WpQ\H]ĘW WDOiOWD PHJ DPLW D] HOVĘ YL]VJiODWEDQEHPXWDWWXQN$G|QWpVLIDD]RQEDQH]HNHQIHOOPiVKDMODPRVtWyWpQ\H]ĘNHWLV PHJQHYH]HWWDORJLV]WLNXVPyGV]HUKH]NpSHVWpVDPRGHOOWDOiODWDUiQ\DLVMREEYROW$G|QWpVL ID DODSMiQ D OHYHJĘQ\HOĘ V]RPV]pG MHOHQOpWH FVDN EL]RQ\RV IHOWpWHOHN PHOOHWW Q|YHOL D OHYHJĘQ\HOpVNLDODNXOiViQDNHVpO\pWKDYDQDOHYHJĘQ\HOĘV]RPV]pGRQNtYOV]LWiOyOyLVD]

DGRWWOyN|UQ\H]HWpEHQYDJ\KDD]DGRWWOyDJUHVV]LyWLVPXWDWpVKDMODPRVDV]|NpVUHLV$

G|QWpVLIDWRYiEEiUiPXWDWDUUDLVKRJ\D]RQORYDNN|]|WWDNLNHWiOOiVEDQOHN|WYHWDUWDQDN QĘ D V]WHUHRWtSLD HOĘIRUGXOiViQDN YDOyV]tQĦVpJH $ OHN|W|WW WDUWiVPyGRW PD PiU V]iPRV KHO\HQHOtWpOLN'iQLiEDQWLOWMiNLVDPLQHNMRJRVXOWViJiWMHOHQHUHGPpQ\HNDOiWiPDV]WMiN

YL]VJiODW

0yGV]HUHN

(EEHQDYL]VJiODWEDQHJ\V]HPpO\LVpJNpUGĘtYHWW|OWHWWQNNLOHYHJĘQ\HOĘpVNRQWURO V]WHUHRWtSLiWQHPPXWDWyOyJD]GiMiYDOKRJ\PHJQp]]NPHQQ\LUHpUH]KHWĘDPLQGHQQDSRV KDV]QiODW VRUiQ D OHYHJĘQ\HOĘ ORYDN YLVHONHGpVWHV]WHNEHQ PXWDWRWW ÄJ\HQJpEE´ WDQXOiVL NpSHVVpJHYDJ\QDJ\REEIRN~VWUHVV]pU]pNHQ\VpJH$PHQQ\LUHOHKHWHWWLJ\HNH]WQNPLQGHQ OHYHJĘQ\HOĘ Oy PHOOp D] DGRWW LVWiOOyEyO HJ\ KDVRQOy GH V]WHUHRWtSLiW QHP PXWDWy ORYDW YiODV]WDQL$NRQWUROpVDOHYHJĘQ\HOĘORYDNFVRSRUWMDQHPNO|QE|]|WWVHPDNRUD]LYDUD IDMWDDEHORYDJOiVLV]LQWYDJ\KDV]QiODWVSRUWYDJ\KREELWHNLQWHWpEHQ

$ NpUGĘtYUĘO PiU NRUiEEDQ EHEL]RQ\tWRWWiN KRJ\ PHJEt]KDWyDQ PpUL D] Ä,MHGĘVVpJHW´

Ä.pSH]KHWĘVpJHW´ pV D Ä%DUiWViJRVViJRW´ )ĘNRPSRQHQV HOHP]pV VHJtWVpJpYHO PHJiOODStWRWWiNKRJ\D]Ä,MHGĘVVpJ´WHPSHUDPHQWXPMHJ\DN|YHWNH]ĘWXODMGRQViJRNDWPpUL PHQQ\LUH´,GHJHV´Ä,QJHUOpNHQ\´Ä5pPOG|]LN´Ä.LV]iPtWKDWDWODQ´ÄeEHU´Ä'RPLQiQV´

YDJ\ Ä,MHGĘV´ D] DGRWW Oy $ Ä.pSH]KHWĘVpJ´ MHJ\EH WDUWR]RWW D OyÄ.RQFHQWUiOyNpSHVVpJH´

Ä7DQXOpNRQ\ViJD´Ä0HPyULiMD´pVÄ.LWDUWiVD´$Ä%DUiWViJRVViJRW´SHGLJDÄ%DUiWViJRVViJ HPEHUHNIHOp´DÄ%DUiWViJRVViJORYDNIHOp´DOyÄ.RRSHUiOyNpSHVVpJH´pVÄ.H]HOKHWĘVpJH´

NpUGpVHNPpUWpN

$WHPSHUDPHQWXPMHJ\HNUHDGRWWSRQWV]iPRNNO|QEVpJHLWDNpWFVRSRUWN|]|WWiOWDOiQRV OLQHiULV PRGHOOHO WHV]WHOWN DKRO WRYiEEL IJJHWOHQ YiOWR]yNpQW D NRU D] LYDU D IDMWD D EHORYDJOiVL V]LQW pV D Oy VSRUW YDJ\ KREEL FpOUD YDOy DONDOPD]iViW KDWiViW LV ILJ\HOHPEH YHWWN

(UHGPpQ\HNpVpUWHOPH]pVN

$NRUD]LYDUDIDMWDpVDEHORYDJOiVLV]LQWQHPYROWKDWiVVDODWHPSHUDPHQWXPMHJ\HNUH D]RQEDQ DQQDN KRJ\ VSRUW YDJ\ KREEL FpOUD KDV]QiOWiN D ORYDW YDODPLQW D V]WHUHRWtSLD MHOHQOpWpQHNYROWV]LJQLILNiQVKDWiVD$VSRUW FpOUDKDV]QiOWORYDNÄ,MHGĘVVpJH´ DODFVRQ\DEE S Ä.pSH]KHWĘVpJH´ SHGLJ PDJDVDEE S YROW D KREEL ORYDNpKR] NpSHVW $ ORYDVRNHOEtUiOiVD DODSMiQDOHYHJĘQ\HOĘORYDNQDNDNRQWUROORYDNKR]NpSHVWV]LJQLILNiQVDQ DODFVRQ\DEE YROW D] Ä,MHGĘVVpJUH´ NDSRWW SRQWRN pUWpNH S D Ä.pSH]KHWĘVpJ´ pV Ä%DUiWViJRVViJ´MHJ\HNEHQD]RQEDQQHPNO|QE|]|WWDNpWFVRSRUWS pVS

$VSRUWFpOUDWDUWRWWORYDNiOWDOiEDQPDJDVDEEV]LQWHQYDQQDNEHORYDJROYDpVJ\DNUDEEDQ NHUOQHNNDSFVRODWED~MV]HUĦLQJHUHNNHOSOV]tQHVDNDGiO\PLQWDKREELORYDNpVH]iOWDO

MREEDQKR]]iV]RNKDWWDNpVNLVHEEUHDNFLyWPXWDWQDNHJ\LMHV]WĘKHO\]HWEHQ+DVRQOyNpSSHQD VSRUW ORYDN ORYDVDL iOWDOiEDQ PDJDVDEE ORYDVWXGiVVDO UHQGHONH]QHN tJ\ N|QQ\HEEHQ WXGMiN OHQ\XJWDWQLDORYDWDKREELORYDVRNKR]NpSHVW7RYiEEiD]VHPNL]iUWKRJ\VSRUWFpOUDHOHYH RO\DQORYDNDWYiODV]WDQDNLQNiEEPHO\HNHWMREEDQOHKHWNpSH]QL

.RUiEEL YL]VJiODWRN DODSMiQ D OHYHJĘQ\HOĘ ORYDN NLVHEE UHDNWLYLWiVW PXWDWQDN HJ\ DGRWW IHQ\HJHWHWWVpJHWMHOHQWĘ YDJ\LMHV]WĘKHO\]HWEHQ YDODPLQWQ\XJDOPLKHO\]HWEHQDODFVRQ\DEE SDUDV]LPSDWLNXV pV PDJDVDEE V]LPSDWLNXV WyQXV MHOOHP]L ĘNHW D NRQWURO ORYDNKR] NpSHVW )HOYHWpVQNV]HULQWOHKHWVpJHVKRJ\DORYDVRNiOWDONHYpVEpÄ,MHGĘVQHN´PLQĘVtWHWWYLVHONHGpV P|J|WW D OHYHJĘQ\HOĘ ORYDN SDVV]tY PHJN]GpVL VWUDWpJLiMD iOO $ ODERUDWyULXPL WHV]WHN HUHGPpQ\HLYHO HOOHQWpWEHQ D OHYHJĘQ\HOĘ ORYDN Ä.pSH]KHWĘVpJH´ YDJ\ Ä7DQXOpNRQ\ViJD´

QHPNO|QE|]|WWDNRQWUROOORYDNpWyO$]LQWHOOLJHQFLDWHV]WHNHUHGPpQ\HpVDORYDNWpQ\OHJHV ORYDJROKDWyViJD N|]|WW NRUiEEL YL]VJiODWRN VHP WXGWDN HGGLJ |VV]HIJJpVW NLPXWDWQL $ Ä%DUiWViJRVViJ´YpOKHWĘHQLQNiEEIJJDWDUWiVLpVIRJODONR]iVEHOLNO|QEVpJHNWĘOPLQWVHPD V]WHUHRWtSLDMHOHQOpWpWĘO

$ YL]VJiODWXQN DUUD PXWDW Ui KRJ\ D OHYHJĘQ\HOĘ ORYDN YLVHONHGpVWHV]WHNEHQ PXWDWRWW ÄJ\HQJpEE´WDQXOiVLNpSHVVpJHQHPV]NVpJV]HUĦHQMHOHQWLD]WKRJ\DV]WHUHRWtSLDMHOHQOpWH QHJDWtYLUiQ\EDEHIRO\iVROQiDOyWHOMHVtWPpQ\pWYDJ\NpSH]KHWĘVpJpW

YL]VJiODW

$ OHYHJĘQ\HOpV MHOHQOpWpQHN YDJ\ KLiQ\iQDN PHJEt]KDWy LJD]ROiViUD NLGROJR]WXQN HJ\

OHYHJĘQ\HOpVWSURYRNiOyVWUHVV]WHV]WHW$WHV]WNLGROJR]iViKR]OHYHJĘQ\HOĘORYDWN|]WN HQ\KHpVV~O\RVOHYHJĘQ\HOĘpVNRQWUROORYDWKDV]QiOWXQN

$ YLVHONHGpVWHV]W VRUiQ D ORYDNDW N|WĘIpN pV YH]HWĘV]iU VHJtWVpJpYHO D VDMiW ERNV]XNEDQ NLN|W|WWNDERNV]DMWDMiWQ\LWYDKDJ\WXN$YH]HWĘV]iUKRVV]DPHJHQJHGWHDOyQDNKRJ\D IHMpYHOHOpUMHDI|OGHWpVD]HWHWĘMpW$WHV]W|VV]HVHQSHUFLJWDUWRWWPHO\QHNHOVĘpVXWROVy SHUFpEHQDORYDWQHPpUWHHJ\pENOVĘEHKDWiV$]SHUFN|]|WWDYL]VJiOyV]HPpO\IHO DOi MiUNiOW D Oy ERNV]D HOĘWW HJ\ ]DEEDO W|OW|WW NXW\DWiODW ]|UJHWYH D Oy pUGHNOĘGpVpQHN IHONHOWpVHpUGHNpEHQ$SHUFEHQD]DERVWiODWDOyHOpKHO\H]WHWĘOHPpJpSSHQHOpUKHWHWOHQ WiYROViJEDQ$WiOHJpV]HQDSHUFLJH]HQDKHO\HQPDUDGWPLN|]EHQDDpVD SHUFNH]GHWHNRUDWiOEDQOpYĘ]DEEyODOyQDNNyVWROyWNEJUDPP]DERWDGRWWD]HWHWĘMpEH

$KDUPDGLNNyVWROyXWiQSHUFFHOSHUFD]DERVWiODWHOYLWWHDOyHOĘO$OyDKiWUDOpYĘ SHUFEHQWRYiEEUDLVNLN|WYHPDUDGW

$ ORYDN YLVHONHGpVpW D VWUHVV]WHV]W VRUiQ IRO\DPDWRVDQ YLGHyUD U|J]tWHWWN pV PpUWN KRJ\ D SHUF DODWW |VV]HVHQ KiQ\ PiVRGSHUFHW W|OW|WWHN OHYHJĘQ\HOpVVHO $ NRQWURO ORYDN YDODPLQW D] HQ\KH pV D V~O\RV OHYHJĘQ\HOĘ ORYDN V]WHUHRWtSLiYDO W|OW|WW LGHMpQHN KRVV]iW iOWDOiQRVOLQHiULVPRGHOOHOKDVRQOtWRWWXN|VV]H

(UHGPpQ\HNpVpUWHOPH]pVN

$EHPXWDWRWWVWUHVV]WHV]WVHJtWVpJpYHODOHYHJĘQ\HOpVWYpJ]ĘORYDNW|EEPLQWiQiONL OHKHWHWW YiOWDQL D V]WHUHRWtSLiW $ NRQWURO NRUiEEDQ QHP OHYHJĘQ\HOĘ OyQiO D VWUHVV]WHV]W QHP YiOWRWW NL OHYHJĘQ\HOpVW $ V~O\RV OHYHJĘQ\HOpVW YpJ]Ę ORYDN iWODJRVDQ D] LGĘ “ iWiWODJ“6(W|OW|WWpNDV]WHUHRWtSLDJ\DNRUOiViYDOPtJD]HQ\KpQOHYHJĘQ\HOĘORYDN

V]LJQLILNiQVDQNHYHVHEEHWD]LGʓiWW S

$VWUHVV]WHV]WNLYLWHOH]pVHQHPLJpQ\HOVSHFLiOLVEHUHQGH]pVWVHJtWVpJpYHODOHJW|EEPLQG HQ\KH PLQG V~O\RV PpUWpNĦ OHYHJĘQ\HOĘ OyQiO N|QQ\HQ pV YLV]RQ\ODJ U|YLG LGĘ DODWW NLYiOWKDWy D UHQGHOOHQHV V]WHUHRWtSLD $ WHV]W VHJtWVpJpYHO D OHYHJĘQ\HOpV PpUWpNpUĘO LV LQIRUPiFLyW NDSKDWXQN $ MHOHQ WDQXOPiQ\EDQ EHPXWDWRWW OHYHJĘQ\HOpVW SURYRNiOy VWUHVV]

WHV]WDONDOPDVOHKHWPLQGDWXGRPiQ\RVYL]VJiODWRNEDQPLQGD]iOODWRUYRVLJ\DNRUODWEDQLV

YL]VJiODW

0yGV]HUHN

(EEHQ D YL]VJiODWEDQ PyGRVtWRWW )RUVVHOOIpOH PĦWpWL HOMiUiVVDO NH]HOW Q\DNV]tMMDO NH]HOWNH]HOpVEHQQHPUpV]HVOWOHYHJĘQ\HOĘpVNRQWUROV]WHUHRWtSLiWQHPPXWDWyOy V]HUHSHOW $ QpJ\ FVRSRUW VWUHVV]HO V]HPEHQL PHJN]GĘ NpSHVVpJpW D YL]VJiODWEDQ EHPXWDWRWWOHYHJĘQ\HOpVWSURYRNiOyVWUHVV]WHV]WVHJtWVpJpYHOYL]VJiOWXN$ORYDNYLVHONHGpVpW YLGHyUD YHWWN D EHOVĘ HPRFLRQiOLV iOODSRW PpUpVpUH D V]tYIUHNYHQFLDYDULDELOLWiV PpUĘV]iPDLW /)+) DUiQ\ YiODV]WRWWXN PHO\HW D OyUD V]HUHOW 3RODU (TXLQH 6L SXO]XVPpUĘVHJtWVpJpYHOU|J]tWHWWQN$KLSRWp]LVHLQNWHV]WHOpVpUHOLQHiULVNHYHUWPRGHOOHNHW KDV]QiOWXQN

(UHGPpQ\HNpVpUWHOPH]pVN

(UHGPpQ\HLQNDODSMiQDQ\DNV]tMpVDPĦWpWN|]HOD]RQRVDUiQ\EDQWXGWDPHJDNDGiO\R]QL D OHYHJĘQ\HOpV NLYLWHOH]pVpW $ NpW JiWROW FVRSRUW YLVHONHGpVH pV V]tYIUHNYHQFLDYDULDELOLWiV YiOWR]iVD HJ\PiVVDO QDJ\ KDVRQOyViJRW PXWDWRWW D]RQEDQ V]LJQLILNiQVDQ NO|QE|]|WW D OHYHJĘQ\HOĘpVV]WHUHRWtSLiWQHPPXWDWyORYDNpWyO

$V]WHUHRWtSLiWQHPPXWDWyORYDNiWODJRVDQW|EELGĘWW|OW|WWHNDYYDOKRJ\ PHJSUyEiOMiN HOpUQLD]DERVWiODWpVDWiOHOWiYROtWiVDXWiQD]LGĘQDJ\UpV]pWSLKHQpVVHOW|OW|WWpN$PiVLN KiURP FVRSRUWKR] WDUWR]y ORYDN NHYpVEp SUyEiOWiN HOpUQL D ]DERV WiODW D WHV]W XWiQ SHGLJ NHYHVHEELGĘWW|OW|WWHNSLKHQpVVHOYDODPLQWW|EELGĘWOHYHJĘQ\HOpVVHO

$V]WHUHRWtSLiWQHPPXWDWyYDODPLQWDOHYHJĘQ\HOĘORYDNMyVWUHVV]DGDSWiFLyWPXWDWWDN PLYHO D WHV]W N|YHWNH]WpEHQ PHJQ|YHNHGHWW V]tYIUHNYHQFLDYDULDELOLWiV D YpJpQ YLVV]DWpUW D NH]GHWLpUWpNUH(]]HOHOOHQWpWEHQDNpWJiWROWFVRSRUWV]tYIUHNYHQFLDYDULDELOLWiVDHPHONHGHWW PDUDGWpVQDJ\NLOHQJpVWPXWDWRWWDWHV]WVRUiQYpJLJH]HNDORYDNQHPWDOiOWDNPHJIHOHOĘ PHJN]GpVLVWUDWpJLiW

(UHGPpQ\LQN DUUD PXWDWQDN Ui KRJ\ D OHYHJĘQ\HOpV JiWOiViQDN KDWiViUD V]LJQLILNiQVDQ URPOLN D] iOODW VWUHVV]NH]HOpVL NpSHVVpJH H]pUW D JiWOiV |QPDJiEDQ QHP HOHJHQGĘ D OHYHJĘQ\HOpV J\yJ\NH]HOpVpUH ± D Oy PRWLYiFLyMiW LV FV|NNHQWHQL NHOO $ Q\DNV]tMMDO pV PĦWpWWHO JiWROW ORYDN N|]|WW QHP WDOiOWXQN V]LJQLILNiQV HOWpUpVW VHP D YLVHONHGpV VHP D V]tYIUHNYHQFLDYDULDELOLWiV WHNLQWHWpEHQ (] DODSMiQ HJ\LN PyGV]HU VHP KDWpNRQ\DEE LOOHWYH HOĘQ\|VHEED]iOODWMyOpWHV]HPSRQWMiEyODPiVLNQiO

ÒMWXGRPiQ\RVHUHGPpQ\HN

$] LURGDORPEDQ HOVĘNpQW HPSLULNXVDQ EL]RQ\tWRWWDP KRJ\ V]WHUHRWtSLiW PXWDWy Oy V]RPV]pGViJDMHOHQWĘVHQQ|YHOLDV]WHUHRWLSYLVHONHGpVHOĘIRUGXOiVLJ\DNRULViJiQDND]

HVpO\pW

%HPXWDWWDP KRJ\ D G|QWpVL ID PyGV]HU KDWpNRQ\DQ DONDOPD]KDWy D] iOODWRUYRV WXGRPiQ\WHUOHWpQEHOOpV~MDOWHUQDWtYiWMHOHQWDKDMODPRVtWyWpQ\H]ĘNIHOWiUiViEDQ (J\ NRUiEEDQ PiU YDOLGiOW V]HPpO\LVpJ NpUGĘtY VHJtWVpJpYHO |VV]HKDVRQOtWRWWDP

OHYHJĘQ\HOĘpVNRQWUROORYDNWHPSHUDPHQWXPiW,JD]ROWDPKRJ\DOHYHJĘQ\HOĘORYDN SDVV]tY PHJN]GpVL VWUDWpJLiW KDV]QiOQDN pV H]pUW D ORYDVRN NHYpVEp Ä,MHGĘVQHN´

PLQĘVtWLN ĘNHW D NRQWURO ORYDNKR] NpSHVW $ Ä.pSH]KHWĘVpJ´ pV D Ä%DUiWViJRVViJ´

WHNLQWHWpEHQ QHP YROW NO|QEVpJ D NRQWURO pV OHYHJĘQ\HOĘ ORYDN N|]|WW (]]HO NLPXWDWWDP KRJ\ OHYHJĘQ\HOĘ ORYDN YLVHONHGpVWHV]WHNEHQ PXWDWRWW ÄJ\HQJpEE´

WDQXOiVL NpSHVVpJH pV D V]WHUHRWtSLD MHOHQOpWH QHP EHIRO\iVROMD QHJDWtY LUiQ\ED D Oy WHOMHVtWPpQ\pWYDJ\NpSH]KHWĘVpJpW

.LGROJR]WDPHJ\OHYHJĘQ\HOpVWSURYRNiOyVWUHVV]WHV]WHWPHO\PHJEt]KDWyDQLJD]ROMD D OHYHJĘQ\HOpV MHOHQOpWpW YDJ\ KLiQ\iW $ WHV]W D OHJW|EE PLQG HQ\KH PLQG V~O\RV PpUWpNĦ OHYHJĘQ\HOĘ OyQiO N|QQ\HQ pV YLV]RQ\ODJ U|YLG LGĘ DODWW NLYiOWMD D UHQGHOOHQHVV]WHUHRWtSLiW$WHV]WVHJtWVpJpYHODOHYHJĘQ\HOpVPpUWpNpUĘOLVPHJEt]KDWy pVYDOLGpVLQIRUPiFLyW NDSXQNtJ\DWHV]WKDV]QRVPLQGDWXGRPiQ\RV YL]VJiODWRN PLQGD]iOODWRUYRVLJ\DNRUODWV]iPiUDSODGiVYpWHOLYL]VJiODWQiO

$] iOWDODP NLGROJR]RWW VWUHVV]WHV]W VHJtWVpJpYHO Qp]WHP D Q\DNV]tMMDO pV PĦWpWWHO JiWROW YDODPLQW D QHP JiWROW OHYHJĘQ\HOĘ pV NRQWURO ORYDN VWUHVV]NH]HOpVL VWUDWpJLDEHOL NO|QEVpJHLW .LPXWDWWDP KRJ\ D Q\DNV]tMMDO pV PĦWpWWHO JiWROW OHYHJĘQ\HOĘORYDNN|]|WWQLQFVV]LJQLILNiQVHOWpUpVVHPDOHYHJĘQ\HOpVPpUWpNHVHPD VWUHVV]WHV]WEHQ PXWDWRWW YLVHONHGpV YDJ\ D V]tYIUHNYHQFLDYDULDELOLWiV WHNLQWHWpEHQ 7RYiEEi LJD]ROWDP KRJ\ D OHYHJĘQ\HOpV VHJtWL D] iOODWRW D VWUHVV]HO YDOy PHJN]GpVEHQ $ OHYHJĘQ\HOpV JiWOiViQDN KDWiViUD V]LJQLILNiQVDQ URPOLN D] iOODW VWUHVV]NH]HOpVL NpSHVVpJH 9L]VJiODWRP HUHGPpQ\HL D]W PXWDWMiN D Q\DNV]tMMDO YDJ\

PĦWpWWHOW|UWpQĘJiWOiVVDONDSFVRODWEDQKRJ\HJ\LNPyGV]HUVHPKDWpNRQ\DEELOOHWYH HOĘQ\|VHEE D] iOODW MyOpWH V]HPSRQWMiEyO D PiVLNQiO $ JiWOiV |QPDJiEDQ QHP HOHJHQGĘDOHYHJĘQ\HOpVJ\yJ\NH]HOpVHVRUiQDOyPRWLYiFLyMiWLVFV|NNHQWHQLNHOO

$]pUWHNH]pVDODSMiXOV]ROJiOyWXGRPiQ\RVN|]OHPpQ\HN

)RO\yLUDWRNEDQPHJMHOHQWN|]OpVUHHOIRJDGRWWOHNWRUiOWWHOMHVV]|YHJĦ WXGRPiQ\RVN|]OHPpQ\HNDQJROQ\HOYHQ

1DJ\ . 6FKURWW $ .DEDL 3 3RVVLEOH LQIOXHQFH RI QHLJKERXUV RQ VWHUHRW\SLF EHKDYLRXULQKRUVHV$SSO$QLP%HKDY6FL±,) 1DJ\.5HLF]LJHO-+DUQRV$6FKURWW$.DEDL37UHHEDVHGPHWKRGVDVDQ

DOWHUQDWLYH WR ORJLVWLF UHJUHVVLRQ LQ UHYHDOLQJ ULVN IDFWRUV RI FULEELWLQJ LQ KRUVHV -(TXLQH9HW6FLDFFHSWHGIRUSXEOLFDWLRQ,)

1DJ\ . %iUGRV *\ %iQV]N\ 1 %RGy * 'LIIHUHQFHV LQ WHPSHUDPHQW WUDLWV EHWZHHQ FULEELWLQJ DQG FRQWURO KRUVHV $SSO $QLP %HKDY 6FL VXEPLWWHG IRU SXEOLFDWLRQ,)

1DJ\ . %RGy * %iUGRV *\ +DUQRV $ .DEDL 3 7KH HIIHFW RI D IHHGLQJ VWUHVVWHVWRQWKHEHKDYLRXUDQGKHDUWUDWHYDULDELOLW\RIFULEELWLQJKRUVHVZLWKRU ZLWKRXWLQKLELWLRQ$SSO$QLP%HKDY6FLVXEPLWWHGIRUSXEOLFDWLRQ,)

)RO\yLUDWRNEDQPHJMHOHQWN|]OpVUHHOIRJDGRWWOHNWRUiOWWHOMHVV]|YHJĦ WXGRPiQ\RVN|]OHPpQ\HNPDJ\DUQ\HOYHQ

1DJ\ . %RGy * $ PHJWiPDV]WiVRV OHYHJĘQ\HOpV pV J\yJ\NH]HOpVpQHN ~M OHKHWĘVpJHL0DJ\ÈOODWRUY/DSMD,)

1DJ\ . %RGy * /HYHJĘQ\HOpVW SURYRNiOy VWUHVV]WHV]W ORYDN V]iPiUD 0DJ\

ÈOODWRUY/DSMDDFFHSWHGIRUSXEOLFDWLRQ,)

.RQJUHVV]XVL|VV]HIRJODOyNSRV]WHUHNHOĘDGiVRNDQJROQ\HOYHQ

1DJ\ . 6FKURWW $ .DEDL 3 'R KRUVHV OHDUQ VWHUHRW\SLF EHKDYLRXU IURP RWKHU KRUVHV" 3RV]WHU ;;,; ,QWHUQDWLRQDO (WKRORJLFDO &RQJUHVV %XGDSHVW SRV]WHU DEV]WUDNW

1DJ\ .%RGy*%iUGRV*\+DUQRV$,VPRGLILHG)RUVVHOO¶VRSHUDWLRQVXSHULRUWR FULEELQJ FROODU LQ SUHYHQWLQJ FULEELWLQJ LQ KRUVHV" ,QWHUQDWLRQDO (TXLQH 6FLHQFH 0HHWLQJ 5HJHQVEXUJHOĘDGiVDEV]WUDNW

.RQJUHVV]XVL|VV]HIRJODOyNSRV]WHUHNHOĘDGiVRNPDJ\DUQ\HOYHQ

1DJ\ . $ ORYDN UHQGHOOHQHV V]WHUHRWLS YLVHONHGpVpQHN HOĘIRUGXOiVL J\DNRULViJD PDJ\DURUV]iJL ORYDUGiNEDQ 3RV]WHU ;,, /yJ\yJ\iV]DWL .RQJUHVV]XV %XGDSHVW SRV]WHU DEV]WUDNW

1DJ\.6FKURWW$.DEDL3/HKHWHWDQXOWDORYDNV]WHUHRWLSYLVHONHGpVH",;0DJ\DU (WROyJLDL.RQIHUHQFLD*|GHOĘDGiVDEV]WUDNW

1DJ\ . 5HLF]LJHO - +DUQRV $ 6FKURWW $ .DEDL 3 '|QWpVL IiN PLQW D ORJLV]WLNXV UHJUHVV]Ly DOWHUQDWtYiMD 5L]LNyIDNWRURN NHUHVpVH ORYDN V]WHUHRWLS PDJDWDUWiV]DYDUDLQiO HVHWWDQXOPiQ\3RV]WHU9,,0DJ\DU%LRPHWULDLpV%LRPDWHPDWLNDL.RQIHUHQFLD%XGDSHVW SRV]WHUDEV]WUDNW

1DJ\ . %RGy * /RYDN OHJJ\DNRULEE UHQGHOOHQHV V]WHUHRWLS YLVHONHGpVHL pV NH]HOpVL OHKHWĘVpJN;,,,/yJ\yJ\iV]DWL.RQJUHVV]XV%XGDSHVWHOĘDGiVDEV]WUDNW

1DJ\ . %RGy * $ NDUyUiJiV J\yJ\NH]HOpVL OHKHWĘVpJHL ORYDNQiO 07$ È7% OpVH

$NDGpPLDLEHV]iPROy%XGDSHVWHOĘDGiVDEV]WUDNW

1DJ\.%RGy*$NDUyUiJiVpVOHYHJĘQ\HOpVPHJHOĘ]pVHpVJ\yJ\NH]HOpVpQHN OHKHWĘVpJHL/yWHQ\pV]WpVL7XGRPiQ\RV1DSRN'HEUHFHQHOĘDGiVDEV]WUDNW

1DJ\.%RGy*$NDUyUiJyPĦWpWKDWpNRQ\ViJiQDNIHOPpUpVH0DJ\DURUV]iJRQ07$

È7%OpVH$NDGpPLDLEHV]iPROy%XGDSHVWHOĘDGiVDEV]WUDNW

1DJ\.%RGy*$NDUyUiJiVOHYHJĘQ\HOpVJiWOiViQDNKDWiVDDORYDNVWUHVV]NH]HOpVL VWUDWpJLiMiUD07$È7%OpVH$NDGpPLDLEHV]iPROy%XGDSHVWHOĘDGiVDEV]WUDNW

1DJ\ . %RGy * $ NDUyUiJiV JiWOiViYDO FV|NNHQKHW D ORYDN VWUHVV]HO V]HPEHQL PHJN]GĘNpSHVVpJH07$È7%OpVH$NDGpPLDLEHV]iPROy%XGDSHVWHOĘDGiVDEV]WUDNW

.|V]|QHWQ\LOYiQtWiV

$3K'GLVV]HUWiFLyHONpV]tWpVHD]LGĘQDJ\UpV]pEHQPDJiQ\RVpVHOV]LJHWHOWWHYpNHQ\VpJ D]RQEDQ D N|YHWNH]Ę V]HPpO\HN VHJtWVpJH pV KR]]iMiUXOiVD QpONO VRVHP MXWRWWDP YROQD HO LGiLJ

(OVĘVRUEDQV]HUHWQpPPHJN|V]|QQLWpPDYH]HWĘP'U%RGy*iERUVHJtWVpJpWWiPRJDWiViW pVEiWRUtWiViW.O|QN|V]|Q|PKRJ\3K'WDQXOPiQ\DLPVRUiQDYL]VJiODWDLPHOYpJ]pVpKH]

PLQGHQ LGĘW pV DQ\DJL WiPRJDWiVW D UHQGHONH]pVHPUH ERFViWRWW YDODPLQW KRJ\ V]DNPDLODJ PLQGYpJLJIHOJ\HOWHpVPHGHUEHWHUHOWHDNXWDWiVRNDW

.|V]|QHWWHO WDUWR]RP PLQGD]RNQDN D WDQiURNQDN DNLN HJ\HWHPL pV SRV]WJUDGXiOLV WDQXOPiQ\DLP VRUiQ VHJtWHWWHN HOPpO\tWHQL D] LVPHUHWHLPHW D YLVHONHGpVELROyJLD pV ELRVWDWLV]WLND WpPDN|U|NEHQ .|V]|Q|P 'U .DEDL 3pWHUQHN KRJ\ PiU ILDWDO ]RROyJXV KDOOJDWy NRURPEDQ HONH]GKHWWHP D ORYDNUyO V]HU]HWW J\DNRUODWL WXGiVRPDW D YLVHONHGpVELROyJLiEDQLVKDV]QRVtWDQL.|V]|Q|P'U5\R.XVXQRVHQHN-5$(TXLQH5HVHDUFK ,QVWLWXWH7RN\R-DSiQKRJ\EHSLOODQWiVWDGRWWDNXWDWiVDLEDPHO\PLQGYpJLJ|V]W|Q]ĘHUĘYHO KDWRWW SiO\DIXWiVRPUD .|V]|Q|P 'U .LV -iQRVQDN 'U %iUGRV *\|UJ\QHN 'U %iED

$QGUiVQDN 'U .HUHNHV =ROWiQQDN 'U 5HLF]LJHO -HQĘQHN 6FKURWW $QLNyQDN 'U %yNRQ\

9HURQLNiQDN .RYiWV 'DQLHOOiQDN pV +DOPDL =VX]ViQDN KRJ\ NpUGpVHLPPHO EiUPLNRU ]DNODWKDWWDPĘNHW.|V]|Q|P'U .DWKHULQH $ +RXSW&RUQHOO8QLYHUVLW\ ,WKDND86$pV 'U+XV]HQLF]D*\XODHOLVPHUĘV]DYDLWpVEiWRUtWiViW

.O|QN|V]|QHWWHOWDUWR]RP'U+DUQRV$QGUHiQDNpV'U+DUQRV=VROW3URIHVV]RUÒUQDN KRJ\D3K'|V]W|QGtMDPOHMiUWDXWiQPXQNiWEL]WRVtWRWWDNV]iPRPUDpVVWDWLV]WLNDLWXGiVRP PpO\tWpVpW OHKHWĘYp WHWWpN ,JD]L V]DNPDL NLKtYiVW MHOHQWHWW V]iPRPUD D PDGiUYRQXOiV pV D NOtPDYiOWR]iVNDSFVRODWiQDNDYL]VJiODWD

+iOiVDQ N|V]|Q|P *DYDOGD .LQJiQDN .LVV *HRUJLQiQDN pV %iQV]N\ 1RpPLQHN D]

DGDWJ\ĦMWpVEHQ Q\~MWRWW VHJtWVpJpW YDODPLQW V]HUHWQpP PHJN|V]|QQL D ORYDVRNQDN W|EEHN N|]|WW9DUJD=ROWiQQDN%DNRQ\L$QLNyQDN0ROQiU.iUPHQQHN0DXV,ORQiQDN&VHUPiNQp /yFV\ .ULV]WLQiQDN pV +DUJLWDL -iQRVQDN pV SHUV]H D ORYDNQDN KRJ\ NpV]VpJHVHQ KR]]iMiUXOWDNDYL]VJiODWRNHOYpJ]pVpKH]

.|V]|Q|P PXQNDWiUVDLPQDN W|EEHN N|]|WW 'U 0DNUD =LWiQDN 'U 9HUHV .DWD 2UVRO\iQDN 'U .XWDVL 2UVRO\iQDN 'U 7yWK 3pWHUQHN 'U ,]LQJ 6LPRQQDN .RYiFV 6]LOYLiQDN pV D] OOĘL 1DJ\iOODW .OLQLND |VV]HVPXQNDWiUViQDN D VRN VHJtWVpJHW pV D YHON HJ\WWHOW|OW|WWYLGiPLGĘW

9pJO GH QHP XWROVy VRUEDQ V]HUHWQpP PHJN|V]|QQL V]OHLPQHN QDJ\V]OHLPQHN pV FVDOiGRP W|EEL WDJMiQDN ± EHOHpUWYH D ORYDLPDW ± YDODPLQW D EDUiWDLPQDN KRJ\ pOHWHP IRQWRVDEE SLOODQDWDLEDQ PLQGLJ PHOOHWWHP iOOWDN pV DKRO WXGWDN VHJtWHWWHN gU|N KiOiYDO WDUWR]RP D 6]HQW -iQRV .yUKi] pV D 0È9 .yUKi] RUYRVDLQDN W|EEHN N|]|WW'U )HUHQF]L -iQRVQDN pV 'U 6PROF] .DWDOLQQDN D .ULVQD 7XGDW 1HP]HWN|]L 6]HUYH]HWH WDJMDLQDN NO|Q|V WHNLQWHWWHO6ULOD ,QGUDG\XPQD 0DKDUDMDQDN 6ULOD 6LYDUDPD 6ZDPLQDNpV 6ULOD 3UDEKXSDGDQDN YDODPLQW D %KDJDYDG *LWD QHNWiUL WDQtWiVDLQDN KRJ\ HJ\HWHPL WDQXOPiQ\DLP YpJpQ HOV]HQYHGHWW V~O\RV ORYDV EDOHVHWHPEĘO PLQG IL]LNDLODJ PLQG V]HOOHPLOHJPLQGOHONLOHJIHOpSOKHWWHPpV~MUDWHOMHVpUWpNĦpOHWHWpOKHWHN

%XGDSHVWV]HSWHPEHU

1DJ\.ULV]WLQD