6]DWKPiUL,VWYiQ$V]&NHEEpVWiJDEEKD]DQ\HOYH 1pSQ\HOYLpVLURGDOPLQ\HOYLWDQXOPiQ\RN

Q\HOYHNHJ\QpOW|EERUV]iJEDQiOODPLOOHWOHJKLYDWDORVQ\HOYHNYDJ\UHJLRQiOLVKLYDWDORV Q\HOYHNYDODPLQWD]HOWpUiOODPLViJPLDWWVWDQGDUGQ\HOYLNO|QEVpJHNDODNXOWDNNL;;;, +R]]iWHV]LNKDDV]yEDQIRUJyNO|QEVpJHNQLQFVHQHNNRGLILNiOYDDNNRUFVDNUpV]OHJHVN|]SRQ WRNUyOOHKHWV]y$V]HU]NPHJiOODStWiVDV]HULQWEiUDQpPHWQ\HOYVRNRUV]iJEDQEHV]pOLDODNRV ViJNLVHEEYDJ\QDJ\REEUpV]HDQpPHWKLYDWDORVQ\HOYNpQWPDFVDNKpWRUV]iJEDQKDV]QiODWRV1p PHWRUV]iJEDQ$XV]WULiEDQpV/LHFKWHQVWHLQEHQHJ\HGOLKLYDWDORVQ\HOY6YiMFEDQDIUDQFLDD]

RODV]pVDUpWRURPiQPHOOHWWpV/X[HPEXUJEDQDIUDQFLD pV D /HW]HEXUJLVFK YDJ\ Ä/sW]HEXHU JHVFK´PHOOHWWD]HJ\LNKLYDWDORVQ\HOYVYpJO'pO7LUROEDQpV.HOHW%HOJLXPEDQUHJLRQiOLVKL YDWDORVQ\HOYLK0HJiOODStWiVXNV]HULQWDQpPHWQ\HOYQHNPDKiURPWHOMHVN|]SRQWMDYDQ1p PHWRUV]iJ$XV]WULDpV6YiMFUpV]OHJHVN|]SRQWMDSHGLJ/LHFKWHQVWHLQ/X[HPEXUJ.HOHW%HJLXP pV 'pO7LURO 0LQGHJ\LNUO NO|Q LV HVLN V]y D] HPOtWHWW NRQFHSFLy N|YHWNH]HWHV DONDOPD]iViYDO

*RQGRODWpEUHV]W ROYDVPiQ\ H] D IHMH]HW PLQGD]RNQDN DNLN Q\HOYL WHUYH]pVVHO Q\HOYSROLWLNiYDO DVWDQGDUGpVQHPVWDQGDUGQ\HOYYiOWR]DWRNYLV]RQ\iYDODVWDQGDUGQ\HOYLYDULiFLyYDODEHV]pOL DWWLW&GGHO D Q\HOYL YiOWR]iVRN WiUVDGDOPL RNDLYDO pV |VV]HIJJpVHLYHO LOOHWOHJ V]yWiUtUiVVDO pV V]HUNHV]WpVVHOIRJODONR]QDN(N|WHWSpOGiMDLVLJD]ROMDKRJ\DQ\HOYLW|EEN|]SRQW~ViJIRJDOPi QDNPLQGDPDLQDSLJV]&NHEEpVWiJDEEpUWHOPH]pVHHJ\DUiQWYDQ$QpPHWV]yWiUV]HU]LDV]&

NHEEpUWHOPH]pVV]HULQWMiUWDNHO+DDPDJ\DUWHV]HULQWQp]]NDNNRUDPDJ\DUQHPW|EEN|]

SRQW~Q\HOY$WiJDEEpUWHOPH]pVV]HULQWO/$167<È.,679È1YRQDWNR]yWDQXOPiQ\DLW07XG

±1\U±±0DJ\DURUV]iJDPDJ\DUQ\HOYHJ\HWOHQWHOMHV N|]SRQWMD 5RPiQLD 6]HUELD0RQWHQHJUy 6]ORYiNLD pV 8NUDMQD SHGLJ UpV]OHJHV N|]SRQWMDL $ YRQDWNR]yPDJ\DUQ\HOYWXGRPiQ\EHOLYLWiNHOVGOHJHVPDJ\DUi]DWDD]KRJ\YDQQDNDNLNDV]&

NHEEVYDQQDNDNLNDWiJDEEpUWHOPH]pVWIRJDGMiNHO.2175$±6$/<V]HUN1\HOYPHQWpVYDJ\

Q\HOYiUXOiV" %S %RQ\ROXOW W|EE LUiQ\ED LV HOiJD]y ± V PHUW D NLVHEEVpJL N|]|VVpJHN Q\HOYLM|YMHV]HPSRQWMiEyOLJHQIRQWRVH]pUW±Q\HOYVWUDWpJLDLIRQWRVViJ~NpUGpVN|UUOYDQV]y OSO3e17(.-È126$PHJPDUDGiVHVpO\HL%S±

$V]yWiUWODSR]JDWYDIHODGDWRNLVHV]QNEHMXWQDN6]HUHQFVpUHPiUMDYiEDQIRO\LND.iUSiW PHGHQFHL PDJ\DU NLVHEEVpJL Q\HOYKDV]QiODW V]RFLROLQJYLV]WLNDL YL]VJiODWD iOODSRWiQDN W|EE RO GDO~V]iPEDYpWHOHLVOD.2175$0,./Ï6PHJLQGtWRWWDpVV]HUNHV]WHWWHVRUR]DWRWÄ$PDJ\DUQ\HOY D.iUSiWPHGHQFpEHQD;;V]i]DGYpJpQ´DQQDNHGGLJL&6(51,&6.Ï,679È1*g1&=/$-26pV /$167<È.,679È1tUWDN|WHWHLWWRYiEEiDV]RPV]pGRVRUV]iJRNEDQP&N|GPDJ\DUQ\HOYLNXWD WyiOORPiVRN LOOHWOHJ LURGiN WHYpNHQ\VpJpW D] XWyEELDNUD Y| 01\ ± pV ±

$OLJKDYLWiVKRJ\EiUDQpPHWpVDPDJ\DUN|]|WWDNpWQ\HOYQ\HOYSROLWLNDLVWiWXViWDNpWQ\HOY N|]|VVpJW|UWpQHOPL~WMiQDNNO|QEVpJHLWVPDLKHO\]HWpWVWEWHNLQWYHLVQDJ\NO|QEVpJHNYDQ QDNDU|YLGHQEHPXWDWRWWV]yWiUV]iPRVWDQXOViJJDOV]ROJiODPDJ\DUQ\HOYPDLiOODSRWDOHtUiViUD EHPXWDWiViUDW|UHNYNXWDWyNQDNLV

.,66-(1

*yV\0iULD)RQHWLNDDEHV]pGWXGRPiQ\D

2VLULV.LDGy%SODS

6RNV]tQ&pUGHNHVpVpOYH]HWHV0DJDVV]LQW&WXGRPiQ\RVLJpQQ\HONpV]OWPXQNiUyOV]yOy UHFHQ]LyNEDQULWNiQROYDVKDWyMHO]NPpJVHPW~O]yNKDD]2VLULV.LDGyWDQN|Q\YVRUR]DWiQDN HGDUDEMiUyOV]yOXQN$Ä)RQHWLNDDEHV]pGWXGRPiQ\D´FtP&N|WHWIHOVIRN~JUDGXiOLVpVSRV]WJ UDGXiOLVWDQXOiVUDWDQtWiVUDpSS~J\UHQGNtYODONDOPDVPLQWDWiUVWXGRPiQ\RNP&YHOLV]iPiUD DEHV]pGUOYDOyWXGiVXNNLV]pOHVtWpVpUHYDJ\DEHV]pGGHOGROJR]yJ\DNRUOyV]DNHPEHUHNHOPpOHWL

WRYiEENpS]pVpUH0LQGHPHOOHWWDMiQOKDWyD]RNQDNDEHV]pGLUiQWpUGHNOGWXGiVYiJ\yODLNXVRNQDN LVDNLNDWpPiUyONRUV]HU&pUWKHWpVDPLQGHQQDSRNEDQLVKDV]QRVtWKDWy|VV]HIRJODOyWNHUHVQHN

$EHV]pOWQ\HOYDNRPPXQLNiFLyOHJJ\DNRULEEHV]N|]HDPHO\ERQ\ROXOWP&N|GpVVRUR]DWR NDWIHOWpWHOH]PLQGDSURGXNFLyPLQGDSHUFHSFLyWHNLQWHWpEHQ$EHV]pGWXGRPiQ\RVPHJN|]HOt WpVHWHKiWQDJ\RQVRNIpOHWHUOHWHW|OHOIHO*Ï6<0È5,$D]WYiOODOWDKRJ\D]LGHWDUWR]yWpPiNQDN pVWXGRPiQ\RVHUHGPpQ\HNQHNDOHKHWVpJV]HULQWLOHJWiJDEEKRUL]RQWMiWIRJMDiWUHQGH]]HHOpV pUWHOPH]]H~J\KRJ\D]ROYDVyV]iPiUDPLQpOMREEDQPHJN|QQ\tWVHD]LQIRUPiFLyNIHOGROJR]i ViW(]pUWDN|Q\YUHQJHWHJLOOXV]WUiFLyWWiEOi]DWRWpViEUiWWDUWDOPD]DPHO\HNEHQPDJXQNLVYi ODV]WNHUHVKHWQN D IHOPHUONpUGpVHNUH 2O\DQ D QDJ\N|]|QVpJ V]iPiUDLV QpSV]HU&WpPiN LV WXGRPiQ\RVLJpQ\&NLIHMWpVEHQNHUOQHNHOpQNPLQWDVXWWRJiVDVSRQWiQEHV]pGIRQHWLNDLMHOOHJ ]HWHVVpJHL D NO|QOHJHV EHV]pGPyGRN D KDQJV]DODJ QpONOL EHV]pG D KDVEHV]pOpV D YLVV]DIHOp EHV]pOpV YDJ\ D UDSSHOpV D EHV]pG]DYDURN IRQHWLNiMD D] HJ\HGL EHV]pGMHOOHP]N pV D EHV]pO D]RQRVtWiVDEHV]pGpQHNIRQHWLNDLYL]VJiODWDDODSMiQDEHV]pGPHVWHUVpJHVHOiOOtWiVDpVIHOLVPHUp VHYDJ\DEHV]pGWHFKQLND0LQGH]HNEHPXWDWiViWSHGLJRO\DQiWIRJyIHMH]HWHNDODSR]]iNPHJDPH O\HNEONpSHWNDSKDWXQNiOWDOiEDQDIRQHWLNDWXGRPiQ\iUyOHV]N|]WiUiUyOW|UWpQHWpUODIRQROyJL iYDOYDODPLQWPiVWXGRPiQ\RNNDOYDOypULQWNH]pVpUODEHV]pGpVDKDOOiVpOHWWDQLDODSMDLUyOD]

DUWLNXOiFLyUyODEHV]pGDNXV]WLNDLV]HUNH]HWpUOpVSHUFHSFLyVN|YHWNH]PpQ\HLUO±DEHV]pGKDQJ RNWyODNO|QE|]NRDUWLNXOiFLyVIRO\DPDWRNRQNHUHV]WODSUR]yGLiLJ

$N|WHWDWXGRPiQ\RVNRUV]HU&VpJN|YHWHOPpQ\pWQHPFVDNWHPDWLNXVVRNV]tQ&VpJpYHOpV DOHJ~MDEEWXGRPiQ\RVHUHGPpQ\HNEHpStWpVpYHOHOpJtWLNLKDQHPD]]DOLVKRJ\HJ\VpJHVV]HP OpOHWLNHUHWEHQWiUJ\DOMDDEHV]pGGHONDSFVRODWRVHOPpOHWLpVJ\DNRUODWLLVPHUHWHNHWDPDJ\DUIR QHWLNDHUHGPpQ\HLWiOWDOiQRVIRQHWLNDLDODSRNRQN|]HOtWLPHJHJ\PiVUDYHWtWLD]HJ\HVMHOHQVpJHN HOHP]pVHNRU D NO|QE|]Q\HOYHNUH NDSRWW DGDWRNDW pV D]RN WDQXOViJDLW pV M|YEH PXWDWy iWWH NLQWpVWLVDGDPHJROGDQGyIRQHWLNDLNpUGpVHNUO

$]HJ\HVIHMH]HWHNHOUHQGH]pVHORJLNXVDIRNR]DWRVViJHOYpQDODSXOSHGLJDV]HU]QHNH]HQ DWpUHQW|EESUREOpPiYDOLVPHJNHOOHWWN]GHQLH$NRDUWLNXOiFLyVMHOHQVpJHNWiUJ\DOiViQDNKHO\H SpOGiXO D]pUW YHW IHO NpUGpVHNHW PHUW H]HN UpV]EHQ D IRQHWLND UpV]EHQ D IRQROyJLD WiUJ\N|UpEH WDUWR]QDN$IRQHWLNDWXGRPiQ\iQDNEHPXWDWiVDIHODGDWHOpiOOtWMDDV]HU]WDWHNLQWHWEHQLVKRJ\KR J\DQpUYpQ\HVtWKHWLDOHJPHJIHOHOEEPyGRQHJ\LNUpV]UODV]HJPHQWiOLVpVV]XSUDV]HJPHQWiOLV PiVLNUpV]UOD]DUWLNXOiFLyVDNXV]WLNDLpV SHUFHSFLyV PHJN|]HOtWpV V]HPSRQWMDLW (]HN XJ\DQLV VRNV]RU HJ\PiVWyO HOYiODV]WKDWDWODQXO MHOHQQHN PHJ D] HJ\HV WHUOHWHNHQ tJ\ D IRNR]DWRVViJ pV HJ\PiVUDpSOpVN|YHWNH]HWHVIHQQWDUWiVDGLGDNWLNDLV]HPSRQWEyOQHKp]VpJHWMHOHQWKHW$V]HU]

PHJROGiViWH]HNUHOiVGD]HJ\HVIHMH]HWHNEHPXWDWiViQiO)HOPHUOD]D NpUGpVLVKRJ\DIRQHWL NXVOHMHJ\]pVHOYHLpVDIRQHWLNXVMHOHNKRONDSMDQDNKHO\HWHJ\WDQN|Q\YV]HUNH]HWpEHQ0LYHO DWXGRPiQ\RVViJPHJN|YHWHOLDIRQHWLNXVMHOHNKDV]QiODWiWPLQGHQWWORJLNXVYROQDKRJ\DN|WHW HOHMpQV]HUHSHOMHQD]H]HNHW|VV]HIRJODOyIHMH]HW8J\DQDNNRUDMHOHNYRQDWNR]iViQDNGHILQLiOiVi KR]HOHQJHGKHWHWOHQOV]NVpJHVHND]DUWLNXOiFLyVLVPHUHWHN1HPV]HUHQFVpVD]RQEDQD]DUWLNXOi FLy pV D] DNXV]WLNXP HJ\PiVUD pSOWiUJ\DOiViW VHP PHJV]DNtWDQL HJ\ LO\ PyGRQ V]HUYHWOHQO EHpNHOW~WPXWDWyYDO*Ï6<0È5,$D]WDPHJROGiVWYiODV]WRWWDKRJ\DIRQHWLNDHV]N|]WiUiWEHPX WDWyIHMH]HWEHQKHO\H]WHHODWUDQV]NULSFLyVUHQGV]HUHN EHPXWDWiViW tJ\ ORJLNXVDQ |VV]HNDS FVROWDD]WDIRQHWLNDLYL]VJiODWRNKR]V]NVpJHVPiVJ\DNRUODWLLVPHUHWHNNHO/iVVXNPRVWVRUEDQ pVUpV]OHWHVHEEHQPLPLQGHQWWDQXOKDWXQNPHJDEHV]pGUOHN|WHWHWNp]EHYpYH

$]IHMH]HWD I R Q H W L N D W X G R P i Q \ i U y O DGiOWDOiQRViWWHNLQWpVWDFpOMDLUyODUUyO KRJ\PLO\HQWHUOHWHNHWpVPLO\HQPyGV]HUHNNHOYL]VJiOPLO\HQWiUVWXGRPiQ\RNNDOiOOHJ\PiVW VHJtWV]|YHWVpJEHQpVDUUyOKRJ\PLYHOIRJODONR]LNDIRQHWLNXV7iPSRQWRWNDSXQNDWpPiEDQD]

LQWHUQHWHQYDOyNHUHVpVpKH]LQIRUPiFLyJ\&MWpVKH]LVKLV]HQDKDUPDGLNpYH]UHGWXGRPiQ\RVpOH WpEHQH]PiUHOHQJHGKHWHWOHQ5iDGiVNpSSHQPpJD]WLVPHJWXGKDWMXNPHO\LNQHYHVIRQHWLNXVUyO PLQWi]WD*%6KDZDÄ3\JPDOLRQ´+LJJLQVSURIHVV]RUiWpVNLYROWD]DPiVLNYLOiJKtU&IRQHWLNXV DNLDPXVLFDOILOPV]HUHSpQHNPHJIRUPiOiViKR]WDQiFVRNNDOOiWWDHOD]WMiWV]y5H[+DUULVRQW

$ E H V ] p G p O H W W D Q L D O D S M D L U y O V]yOyIHMH]HWDEHV]pGNpS]pVpVDKDOOiVV]HU YHLWpVD]RNP&N|GpVpWPXWDWMDEHÈWWHNLQWLDOpJ]pVIRO\DPDWiWpVIDMWiLWNLHPHOYHDKHO\HVEH V]pGOpJ]pVIHOWpWHOHLW$OpJFVpVDJpJHDQDWyPLDLOHtUiViWDKDQJV]DODJRNP&N|GpVpQHNUpV]OHWH]pVH N|YHWLDPHO\EHDV]HU]EHpStWHWWHDPDJ\DUpVQHP]HWN|]LIRQHWLNDLpVIRQLiWULDLV]DNLURGDORP OHJNRUV]HU&EEHUHGPpQ\HLWLV$KDQJV]DODJiOOiVRNKDJ\RPiQ\RVQDN WHNLQWKHWEHPXWDWiViQ W~O RO\DQIRJDOPDNNDOLVPHJLVPHUNHGKHWQNPLQWDKDQJV]DODJRNV]pOpOLHOWROyGiVDDSUHIRQiFLy D]|QJHNpS]pVHOPpOHWHLD]~QUHFVHJ]|QJHDQJROWHUPLQXVVDOFUHDN\YRLFHDMLWWHUpVDVKLP PHUD]WLVPHJWXGKDWMXNPLDNO|QEVpJDIHMKDQJpVDIDO]HWWWHFKQLNDN|]|WWpVLWWNDSRWWKHO\HW DVXWWRJRWWEHV]pGHOHP]pVHLV0LQGH]HQMHOHQVpJHNYiOWR]DWRVIXQNFLyLWLVPHJYLOiJtWMiNDNO|Q E|]Q\HOYHNEOKR]RWWSpOGiNVDPDJ\DUi]DWRNDWV]HPOpOHWHViEUiNUDM]RNIRWyNHJ\ILOPIHO YpWHONpSNRFNiLpVWiEOi]DWRNWHV]LNPpJpUWKHWEEp

$WROGDOpNFVEHPXWDWiVDNDSFViQHPOtWMNPHJKRJ\DV]HU]HJ\HJ\IRJDORPEHYH]HWp VHNRUDPDJ\DUpVKDV]NVpJHVDQHP]HWN|]LV]DNLURGDORPEDQDONDOPD]RWWHOQHYH]pVHNPLQGH J\LNpWIHOVRUROMDpVGHILQLiOMDLVH]HNYRQDWNR]iViWD]WLVMHOH]YHKDHJ\WHUPLQXVPiUQHPKDV]

QiODWRVËJ\HJ\UpV]WPHJN|QQ\tWLD]ROYDVyWRYiEELWiMpNR]yGiViWPiVUpV]WNLNV]|E|OLD]HVHWOHJHV IpOUHpUWpVHNHWKDD]HJ\HVHOQHYH]pVHNQHPWHOMHVHQD]RQRVUHIHUHQFLiM~DNSODOiJ\V]iMSDGpV D]XYXODV]ypUWHOPH]pVpEHQHOKDWiUROiVXNV]NVpJHVVpJpEHQQHPHJ\|QWHW&DV]DNLURGDORP

$ IHMH]HW PiVRGLN UpV]pEHQ D KDOOiV V]HUYHL pV D KDOOiV IRO\DPDWDL NHUOQHN VRUUD %iU D KDOOiVLJHQERQ\ROXOWIRO\DPDWRNVRUR]DWiEDQYDOyVXOPHJDOHtUiVVWtOXViQDNN|V]|QKHWHQH]HN LV pUWKHWYp YiOQDN XJ\DQDNNRU HEEHQ QHP D W~O]RWW HJ\V]HU&VtWpV KDQHP D] pU]pNOHWHV SpOGiN iOWDOIHOLGp]HWWKpWN|]QDSLWDSDV]WDODWRNVHJtWHQHN0HJWXGKDWMXNSpOGiXOD]WKRJ\PLpUWKDOOMXN PiVQDN D KDQJXQNDW IHOYpWHOUO PLQW EHV]pG N|]EHQ KRJ\ KRJ\DQ YiOWR]LN D KDOOiVL NpSHVVpJ V]OHWpVWOD]LGVNRULJKRJ\PLNRUEHV]pOQNKDOOiVFV|NNHQpVUOQDJ\RWKDOOiVUyOpVVLNHWVpJUO Ä$ E H V ] p G V ] H J P H Q W i O L V V ] H U N H ] H W H ´ FtPHWYLVHOIHMH]HWDOHJNRUV]HU&EE iOWDOiQRVIRQHWLNDLNHUHWEHiJ\D]YDWiUJ\DOMDDPDJ\DUEHV]pGKDQJRNDUWLNXOiFLyVV]HPSRQW~UHQGV]H UH]pVpW1HPFVDNDPDJ\DUQRUPDWtYN|]Q\HOYKDQJWDQLHOHP]pVpWYpJ]LHODV]HU]KDQHPEHPXWDW RO\DQMHOHQVpJHNHWLVPLQWDVSRQWiQEHV]pGEHOLVYiDQ\HOYMiUiVLGLIWRQJXVRND]HJ\HVQ\HOYHNEHQ HOIRUGXOyWULIWRQJXVRNDFVHWWLQWKDQJRNDJORWWiOLVH[SOR]tYDVWE1HPWpUNLDIRQHWLNDLHOHP]pV RO\DQ SUREOpPiL HOO VHP DPHO\HN PHJRV]WMiN D V]DNPD NpSYLVHOLW PLQW SpOGiXO D >ÌE? NpS ]pVPyGMD LOOHWYH D=J? IRQROyJLDL pV NO|QE|] UHDOL]iFLyLQDN IRQHWLNDL VWiWXVD $ PiVRGODJRV NpS]pVLVDMiWRVViJRNV]iPEDYpWHOHpVDPDJ\DUEHV]pGKDQJRNJ\DNRULViJLPXWDWyL]iUMiNDIHMH]HWHW (]]HODKDWDOPDVLVPHUHWDQ\DJJDOWHKiWQHPFVDNDPDJ\DUKDQJWDQWRYiEELWDQXOPiQ\R]iVDKDQHP DGLDOHNWROyJLDLV]RFLROLQJYLV]WLNDLLGHJHQQ\HOYLVWEWXGiVPHJV]HU]pVHLVEL]WRVDODSRNRQLQGXOKDWHO

$ EHV]pGDNXV]WLND WHUOHWpUH Ä$ ] D U W L N X O i F L y p V D ] D N X V ] W L N X P N D S F V R O D W D ´ FtP&IHMH]HWYH]HWLiWD]ROYDVyWPHO\PLQGHQHNHOWWDV]NVpJHVIL]LNDLDNXV]WL NDLDODSIRJDOPDNDWWLV]Wi]]DPDMGDEHV]pGDNXV]WLNDLWHUPpV]HWpWPXWDWMDEH~J\KRJ\DNO|QE|]

DUWLNXOiFLyVP&N|GpVHNEOYH]HWLOHD] HOWpUDNXV]WLNDLN|YHWNH]PpQ\HNHW$ E H V ] p G K D Q J R N D N X V ] W L N D L V ] H U N H ] H W p W WiUJ\DOyIHMH]HWD]HOEELHNEHQPHJLVPHUWSDUDPpWH UHN D] LG D IUHNYHQFLD pV D] LQWHQ]LWiV KiUPDViEDQ IRJODOMD |VV]H D EHV]pGKDQJRN WtSXVDLQDN DNXV]WLNDLMHOOHP]LW$WiEOi]DWRNEDIRJODOWV]iPDGDWRNDKDQJV]tQNpSHNpVDJUDILNRQRNRO\DQ V]HPOpOHWHVHQLOOXV]WUiOMiND]HOPRQGRWWDNDWKRJ\KDD]ROYDVyEHOHPHUOH]HNQHNDE|QJpV]pVpEH DNiUKDQJV]tQNpSHWROYDVQLLVpV]UHYpWOHQOPHJWDQXOKDW$GLGDNWLNDLV]HPSRQWRNDWLVILJ\HOHPEH YHYV]HU]L DWWLW&G|W MyO PXWDWMD KRJ\ D] DNXV]WLNDL V]HUNH]HW EHPXWDWiVD N|]EHQ J\DNRULDN D YLVV]DXWDOiVRND]DUWLNXOiFLyVMHJ\HNUOHOPRQGRWWDNUDËJ\HJ\UpV]WHJ\VpJHVNpSDODNXOKDWNLD]

ROYDVyEDQDEHV]pGKDQJRNDUWLNXOiFLyVpVDNXV]WLNDLWHUPpV]HWpUOPiVUpV]WPHJHUVtWpVWQ\HUQHN DPiUHOVDMiWtWRWWLVPHUHWHNKDUPDGUpV]WSHGLJ~MDEEV]HPSRQWRNNDOHJpV]OKHWQHNNLDV]DNPDL YLWiVNpUGpVHNUHDGRWWNRUiEELYiODV]RNPDJ\DUi]DWRNSODVSLUiQVRNpVDSSUR[LPiQVRNPHJN

O|QE|]WHWpVpUHIHOVRUDNR]WDWRWWDUWLNXOiFLyVpUYHNPHOOpLWWDNXV]WLNDLWHUPpV]HW&HNLVIHOYRQXOWDW

KDWyN.LHPHOHQGKRJ\PDJ\DUQ\HOY&IRQHWLNDLWiUJ\~WDQN|Q\YEHQLWWNDSRWWKHO\HWHOVt]

EHQDIHOSDWWDQy]iUKDQJRN]|QJHNH]GpVLLGHMpQHNYRLFHRQVHWWLPH±927EHPXWDWiVD

$IHMH]HWEHQDI R Q H W L N D L N R D U W L N X O i F L y V I R O \ D P D W R N N|]pVRUROWMHOHQ VpJHNHWLVPHUKHWMNPHJDKDQJiWPHQHWHWDPyGRVXOWDUWLNXOiFLyVNRQILJXUiFLyWpVDEHV]pGKDQJ PHJYiOWR]iViWHOLGp]NHW$IHMH]HWWiUJ\DOiVPyGMDLOOHV]NHGLNDEEDDV]HPOpOHWEHDPHO\D]DU WLNXOiFLyV P&N|GpVHNEO YH]HWL OH D] DNXV]WLNDL HUHGPpQ\HNHW tJ\ D NRDUWLNXOiFLyV IRO\DPDWRN PLEHQOpWHD]DNXV]WLNXVIRUPDHOHP]pVpEHQN|QQ\HQPHJIRJKDWyYiYiOLNKLV]HQpStWDNRUiEEL IHMH]HWHNEOPHJV]HU]HWWLVPHUHWHNUH$IHMH]HWEHQD V ] H J P H Q W i O L V K D Q J V ] H U N H ] H W p V ] O H O p V p UO tUWDN V]LQWpQ N|QQ\HQ HOVDMiWtWKDWyN D KDOOiVUyO D] DUWLNXOiFLyUyO pV D]

HJ\HVEHV]pGKDQJRNDNXV]WLNDLMHOOHP]LUOPHJV]HU]HWWWXGiVDODSMiQ

0LXWiQ PLQGHQ V]HPSRQWEyO N|UOMiUWXN D V]HJPHQWiOLV V]HUNH]HWHW D] DUWLNXOiFLy DNXV]

WLNXP pV SHUFHSFLy KiUPDV HJ\VpJpEHQ D V ] X S U D V ] H J P H Q W i O L V K D Q J V ] H U N H ] H W WiUJ\DOiVDN|YHWNH]LN$V]HJPHQWiOLVpVV]XSUDV]HJPHQWiOLVV]HUNH]HWV]pWYiODV]WiVDDWXGRPi Q\RVYL]VJiOyGiVWHUPpV]HWpEOIDNDG%iUEHV]pGEHOLHJ\VpJNV]pWYiODV]WKDWDWODQViJXNPHJNpU GMHOH]KHWHWOHQDIRQHWLNDNpUGpVHLQHNNLHOpJtWPHJYiODV]ROiVDFpOMiEyODOHJW|EEHVHWEHQNO|QNHOO YL]VJiOQXQNNHW V D NO|QE|] PHJN|]HOtWpVPyGRNNDO Q\HUW HUHGPpQ\HN HJ\PiVUD YHWtWpVH

|VV]HNDSFVROiVD DGKDW D YDOyViJRW D OHKHW OHJK&EEHQ WNU|]NRPSOH[ NpSHW $ V]XSUDV]HJPHQ WXPRN DUWLNXOiFLyMD LQWURVSHNWtYHQ VRNNDO NHYpVEp YL]VJiOKDWy PLQW D V]HJPHQWiOLV V]HUNH]HWp W|EEHN N|]|WW D]pUW PHUW NLYpWHOHV HVHWHNWO HOWHNLQWYH OHKHWHWOHQ HOYiODV]WDQL D V]HJPHQWiOLV V]HUNH]HWiOWDOiEDQWXGDWRVDEEDUWLNXOiFLyMiWyO0LQGHPHOOHWWD V]XSUDV]HJPHQWXPRNW|EEVpJHD]

DNXV]WLNDLNpSDODSMiQMyOOHtUKDWyYiYiOLNPtJpV]OHOpVNHWJ\DNUDQEHIRO\iVROMiNDV]HJPHQWiOLV V]LQWHOHPHL*Ï6<0È5,$HJ\VpJEHQWiUJ\DOWDD]DUWLNXOiFLyVpVDNXV]WLNDLMHOOHP]NHWPDMGNO|Q IHMH]HWHW V]HQWHOW D V]XSUDV]HJPHQWXPRN pV]OHOpVpQHN $] iOWDOiQRV EHYH]HWW N|YHWHQ D]

HJ\HVV]XSUDV]HJPHQWXPRNUpV]OHWHVHOHP]pVHN|YHWNH]LN±XJ\DQFVDNNLWHNLQWpVVHOPiVQ\HOYHNUH

$EHV]pGGDOODPNDSFViQV]yNHUOD]LQWRQiFLyVpVDWRQiOLVQ\HOYHNNO|QEVpJpUODPLN URLQWRQiFLyUyO PDMG D V]HU]UpV]OHWHVHQ EHPXWDWMD D PDJ\DU PRQGDWIDMWiNUD MHOOHP] GDOODP VWUXNW~UiNDW D] DOWtSXVRNNDO HJ\WW $ KDQJV~O\pU]HW NLYiOWiViUD DONDOPDV DUWLNXOiFLyVDNXV]WLNDL OHKHWVpJHN PHOOHWW WiUJ\DOMD D KDQJV~O\IDMWiNDW D Q\HOYHN KDQJV~O\ DODS~ WLSROyJLiMiW D KDQJ V~O\QDNDEHV]pGULWPXVNLDODNtWiViEDQMiWV]RWWV]HUHSpWDPDJ\DUQRUPDWtYKDQJV~O\R]iVVDONDS FVRODWRVSROpPLiNDWpVSUREOpPiNDWYDODPLQWDKDQJV~O\HOWROyGiVMHOHQVpJpW$WHPSyQEHOOEHV]pO D] DUWLNXOiFLyV pV D EHV]pGWHPSy PHJNO|QE|]WHWpVpQHN MHOHQWVpJpUO NLV]iPtWiVXN PpUpVN PyGMiUyOMHOOHP]pUWpNHLNUONO|QE|]EHV]pGPyGRNEHV]pGKHO\]HWHNWpPiNVWEHVHWpEHQ.RU V]HU&|VV]HIRJODOyWROYDVKDWXQN D EHV]pGV]QHWUO LV DPHO\EHQ D KDJ\RPiQ\RV V]HPOpOHWPyGRW V]QHW FVHQGPHJKDODGYDDV]HU]SV]LFKROLQJYLV]WLNDLpVV]RFLROLQJYLV]WLNDLV]HPSRQWRNDWLV EHpStWIXQNFLRQiOLVGHILQtFLyWIRJDOPD]PHJ$VSRQWiQEHV]pGIRQHWLNDLMHOOHP]LWLVILJ\HOHPEH YpYHHONO|QtWQpPDpVNLW|OW|WWV]QHWHWpVEHV]pODV]DYDNRQEHOOPHJMHOHQV]QHWUOLV$EH V]pGULWPXVWDEHV]pGLGpVKDQJV~O\YLV]RQ\DLYDO|VV]HNDSFVROYDWiUJ\DOMDEHPXWDWMDDOHtUiViUD OpWUHKR]RWWPRGHOOHNHWYi]ROMDDWXGRPiQ\RVPHJLVPHUpVQHKp]VpJHLWpVNLWpUDUDSSHOpVULWPXV MHJ\HLUHLV$KDQJHUIXQNFLyLWN|YHWHQYpJOD]HJ\pQLKDQJV]tQH]HWWHONDSFVRODWRVLVPHUHWHN±

EHOHpUWYHDGRKiQ\]iVQDNpVD]DONROKROIRJ\DV]WiVQDNDEHV]pOKDQJPLQVpJpWEHIRO\iVROyKDWi ViW ± |VV]HJ]pVpW ROYDVKDWMXN $ V ] X S U D V ] H J P H Q W X P R N p V ] O H O p V p UO V]yOy IHMH]HWXJ\DQHEEHQDVRUUHQGEHQYHV]LYpJLJDV]XSUDV]HJPHQWiOLVV]HUNH]HWHOHPHLWLOOHWYH DKDOOJDWyUDWHWWKDWiVXNDW$V]XSUDV]HJPHQWiOLVV]HUNH]HWHOHPHLN|OFV|Q|VHJ\PiVUDKDWiVEDQ IJJpVEHQOpWH]QHNpVP&N|GQHNVH]WPLQGD]DNXV]WLNDLDGDWRNLQWHUSUHWiOiVDNRUPLQGDSHU FHSFLyYL]VJiODWDNRUWHNLQWHWEHNHOOYHQQL$V]HU]pSSHQH]pUWPLQGYpJLJMHO]LD]HJ\HVHOHPHN NDSFVRODWiWDW|EELYHOD]DUWLNXOiFLyD]DNXV]WLNXPpVDSHUFHSFLyHJ\VpJpEHQNH]HOYHDNO|Q IpOHQ\HOYLNRPPXQLNiFLyVIXQNFLyNDWEHW|OWVDMiWRVViJRNDW

$ V S R Q W i Q E H V ] p G M H O O H P ]L W NO|QiOOyIHMH]HWEHQWiUJ\DOMD*Ï6<(]V]LQWpQ PHJIHOHODPRGHUQWXGRPiQ\RVHOYiUiVRNQDNKLV]HQDIRQHWLNDVRNiLJV]LQWHNL]iUyODJDWHUPp

V]HWHVWOHOUXJDV]NRGRWWNtVpUOHWLN|UOPpQ\HNN|]|WWU|J]tWHWWJ\DNUDQIHOROYDViVRQDODSXOyEHV]pG SURGXNFLy YL]VJiODWiYDO IRJODONR]RWW pV DOLJ NDSWDN ILJ\HOPHW D NHYpVEp NRQWUROOiOW YDJ\ D QRU PDWtYWyOHOWpUN|]Q\HOYLEHV]pGYiOWR]DWRNKDFVDNQHPDSHOOHQJpUUHiOOtWiVXNYROWDFpO$EH V]pGWHUYH]pVSV]LFKROLQJYLV]WLNDLYRQDWNR]iVDLYDOYH]HWLIHODWpPiWDV]HU]PDMGRO\DQIRQHWLNDL VDMiWRVViJRNDW YHV] VRUUD DPHO\HNEHQ MyO PHJUDJDGKDWyN D VSRQWiQ pV D QHP VSRQWiQ YDJ\

QDJ\PpUWpNEHQNRQWUROOiOWEHV]pGN|]|WWLNO|QEVpJHN,O\HQDVHPOHJHVPDJiQKDQJ]yPHJMHOH QpVH D PDJ\DUEDQ D KDQJ]yLGWDUWDPRN U|YLGOpVH D ]|QJHNH]GpVL LG D EHV]pGWHPSy pV D V]QHWH]pVHOWpUpVHLDPHJDNDGiVMHOHQVpJHN$VSRQWiQEHV]pGWDJROiViWW|EEWpQ\H]KDWiUR]]D PHJ $] HJ\pUWHOP&WDJROiV DODSIHOWpWHOH D PHJpUWpVQHN H]pUW YL]VJiODWD KDQJWDQL HV]N|]HLQHN IHOGHUtWpVH IRQWRV HOVVRUEDQ V]XSUDV]HJPHQWiOLV IRQHWLNDL IHODGDW (EEHQ D IHMH]HWEHQ NDSRWW KHO\HWD]pU]HOHPNLIHMH]pVpVQpKiQ\NO|QOHJHVEHV]pGPyGWiUJ\DOiVDLV

$ IHMH]HW QpKiQ\ IRQROyJLDL DODSIRJDORP WLV]Wi]iVD XWiQ D I R Q H W L N D p V D I R Q R O y J L D K D W i U i Q HOKHO\H]NHGWHUOHWHNUODGV]iPRWDIRQRWDNWLNDLV]DEiO\RNUyODKDQJ UHQG pV LOOHV]NHGpV W|UYpQ\V]HU&VpJHLUO YpJO SHGLJ D IRQROyJLDL NRDUWLNXOiFLy N|UpEH WDUWR]y MHOHQVpJHNUO,GHWDUWR]LNDKLiWXVW|OWpVDKDVRQXOiVRNWtSXVDLDU|YLGKRVV]~RSSR]tFLyPHJYiO WR]iVDpVDNLHVpV$NRDUWLNXOiFLyYDOIRJODONR]y IHMH]HWHN iWWHNLQWpVpEO NLW&QLN WHKiW KRJ\ H]

DSUREOpPDN|U~MPHJYLOiJtWiVEDQWiUXOHOpQNDFVRSRUWRVtWiVDKDJ\RPiQ\RVQiON|YHWNH]HWHVHEE V]HPSRQWUHQGV]HUDODSMiQW|UWpQWtJ\DOH]DMOyIRQHWLNDLpVIRQROyJLDLIRO\DPDWRNDWDNRUiEELQiO SRQWRVDEEDQWXGMXNPHJKDWiUR]QLpVHONO|QtWHQL

$ODLNXVROYDVyV]iPiUDD]HJ\LNOHJpUGHNHVHEEIHMH]HWYDOyV]tQ&OHJDKLV]HQH]WiU J\DOMDD ] D O N D O P D ] R W W I R Q H W L N D p V D E H V ] p G W H F K Q R O y J L D OHJIRQWRVDEEWHU

OHWHLWLQQHQLVPHUKHWNPHJDIRQHWLNDÄKpWN|]QDSLEE´J\DNRUODWLDONDOPD]iVDLDPHO\HNNHOPLQ GDQQ\LDQQDSPLQWQDSWDOiONR]KDWXQNÄ$EHV]pG]DYDURNIRQHWLNiMD´FtP&DOIHMH]HW VRUUD YHV]L PLQGD]RNDWDMHOHQVpJHNHWDPHO\HNHWEiUNLWDSDV]WDOKDWVDMiWPDJiQYDJ\DN|UQ\H]HWpEHQpO N|Q,O\HQDPXWiOiVDUHNHGWVpJDKDQJV]tQH]HWPHJYiOWR]iVDLGVNRUEDQD]RUUKDQJ]yVEHV]pG DJpJHP&W|WWHNEHV]pGOHKHWVpJHLDS|V]HVpJIDMWiLDGDGRJiVDKDGDUiVDQDJ\RWKDOOiVDVLNHW VpJVWEDPHO\HNNHONDSFVRODWEDQKDV]QRVJ\DNRUODWLLVPHUHWHNELUWRNiEDLVMXWKDWXQN$]DONDO PD]RWW NXWDWiV HJ\LN OHJL]JDOPDVDEE WHUOHWH D W|UYpQ\V]pNL IRQHWLND DPHO\ D EHV]pOV]HPpO\

HJ\pUWHOP&D]RQRVtWiViWFpOR]]D$EHV]pGPHVWHUVpJHVHOiOOtWiViQDNLJpQ\HPiUW|EEPLQWNpW V]i] pYHV V D OHJNRUV]HU&EE EHV]pGV]LQWHWL]iOy HOMiUiVRNDW D] pOHW W|EE WHUOHWpQ DONDOPD]]iN DNO|QIpOHLQIRUPiFLyN|]OUHQGV]HUHNWOSOWHOHIRQRVV]ROJiOWDWiVRNSiO\DXGYDURNW|PHJN|]

OHNHGpVLHV]N|]|NDYDNRNV]iPiUDNpV]OWIHOROYDVyV]RIWYHUHNHQNHUHV]WODGLDJQRV]WLNDLSO KDOOiVV]&UHOMiUiVRNLJ$NRPSXWHUL]iOWYLOiJPiVLNQDJ\NLKtYiVDDEHV]pGPHVWHUVpJHVIHOLVPH UpVH DPHO\KH] HOHQJHGKHWHWOHQO V]NVpJHV EHV]pGDGDWEi]LVRN OpWUHKR]iVD ± D] XWyEELDN XJ\D QDNNRUVRNDODSNXWDWiVV]iPiUDLVNRUSXV]NpQWV]ROJiOKDWQDN$]DONDOPD]RWWIRQHWLNDHJ\LNMyO LVPHUWWHUOHWHDEHV]pGWHFKQLND]iUMDDIHMH]HWHW

0LQWHPOtWHWWNDIHMH]HWEHQD I R Q H W L N D H V ] N | ] W i U i W IRJODOWD|VV]HDV]HU]

(OVNpQWDPDJ\DUQ\HOYLOHtUiVV]HPSRQWMiEyOMHOHQWVV]HJPHQWiOLVpVV]XSUDV]HJPHQWiOLVIRQH WLNDL MHO|OpVUHQGV]HUHNHW D PDJ\DU HJ\H]PpQ\HV pV D QHP]HWN|]L IRQHWLNDL iEpFpW LVPHUKHWMN PHJPDMGDNtVpUOHWLIRQHWLNiEDQDONDOPD]RWWHV]N|]|NHWP&V]HUHNHWpVHOMiUiVRNDW(]HNN|]O NLHPHOMN D] LQJ\HQHVHQ KR]]iIpUKHWV]RIWYHUHNHW KLV]HQ VHJtWVpJNNHO D] ROYDVy PDJD LV Yp JH]KHWIRQHWLNDLHOHP]pVHNHW$ ] i O W D O i Q R V p V D P D J \ D U I R Q H W L N D W | U W p Q H W p W PXWDWMDEHDIHMH]HWYpJODÄ. L W H N L Q W p V ´ FtPDODWWDIRQHWLNDDNWXiOLVNXWDWiVLWpPiLpV PHJROGDQGyNpUGpVHL]iUMiNDWDUWDOPDVpVLJpQ\HViWWHNLQWpVW

.RQNUpWNpUGpVHLQNUHN|QQ\HQPHJNHUHVKHWMNDYiODV]WDWiUJ\PXWDWyVHJtWVpJpYHOpVKD YDODPHO\WpPDIHONHOWHWWHpUGHNOGpVQNHWROGDODVLURGDORPMHJ\]pNVHJtWDWRYiEELWiMpNR]yGiV EDQ$N|Q\YV]|YHJpEHQDW|EELIHMH]HWUHXWDOiVRNN|QQ\tWLNPHJDWiMpNR]yGiVWD]LVPHUHWV]HU]pVW SHGLJDPiUHPOtWHWWHNPHOOHWWDIpON|YpUNLHPHOpVHNpVDIHMH]HW]iUy|VV]HIRJODOiVRNVHJtWLN

(KiURPpVIpOV]i]ROGDODVWDQN|Q\YV]tQYRQDOiWWHNLQWYHDYLOiJEiUPHO\HJ\HWHPpQPHJ iOOQi D KHO\pW pV NLPHUtWWDQDQ\DJD OHKHWQH DNiU HJ\ IRQHWLND V]DN VW~GLXPDLQDN LV 1HPFVDN

|VV]HJ]LDWXGRPiQ\RVHUHGPpQ\HNHWKDQHPHN|]EHQPHJLVPHUWHWDNXWDWiVPyGV]HUWDQLHOYHLYHO LVDNtVpUOHWHNEHPXWDWiVDSpOGiWDGpVNHGYHWFVLQiODM|YNXWDWyLQDN+DDN|WHWWDUWDOPiW|VV]H YHWMND](XUySDL8QLy62&5$7(6SURJUDPMDNHUHWpEHQP&N|GIRQHWLNDLPXQNDFVRSRUWV]DN PDLDMiQOiViEDQIHOYRQXOWDWRWWWpPiNNDOY|0$5.Ï$/(;$1'5$$IRQHWLNDRNWDWiVD(XUySiEDQ 1\U±D]WOiWMXNKRJ\*Ï6<0È5,$N|Q\YHQHPFVDNNLHOpJtWLGHVRNWHNLQWHWEHQIHOO LVP~OMDD]RWWPHJIRJDOPD]RWWHOYiUiVRNDW

0$5.Ï$/(;$1'5$

6]DWKPiUL,VWYiQ$V]&NHEEpVWiJDEEKD]DQ\HOYH 1pSQ\HOYLpVLURGDOPLQ\HOYLWDQXOPiQ\RN

6]HUN7È75$,6=,/È5'±72/&69$,1$*<*È%25 (/7(%7.0DL0DJ\DU1\HOYL7DQV]pN%SODS

6]DWKPiUL,VWYiQpYHVWQQHSOLH]DWDQXOPiQ\N|WHWH]DYiORJDWiVtUiVDLEyO.LV~M V]iOOiVpVN|UQ\pNHQpSQ\HOYHDPDJ\DULURGDOPLQ\HOYHJ\HJ\IRQWRVHVHPpQ\HDODNMDDONRWiVD NRSRJWDWEHD]ROYDVyKR]$FtPEHQDÄV]&NHEEpVWiJDEEKD]D´±MHOHQWpVW|UWpQHWHV]HULQW±

D]RWWKRQDFVDOiGDV]OKHO\pVD]RUV]iJ$]WMHONpSH]LÄKRJ\WDUWR]XQNYDODKRYiKRJ\V]i PRQWDUWDQDNEHQQQNHWKRJ\DJ\|NHUHLQNRGDN|WQHN´1HPYpOHWOHQKRJ\DPDJ\DUUH IRUPiWXVQ\HOYpV]HOYHLpVFVHOHNHGHWHLHJ\EHFVHQJHQHNDQpPHWNDWROLNXVWHROyJXVXWROVyN|Q\

YpYHO-RVHSK5DW]LQJHU=XU*HPHLQVFKDIWJHUXIHQ>.|]|VVpJUHPHJKtYD@)UHLEXUJ 0LQWHJ\KLYDWDORVDQXJ\DQLVQQHSHWOQ\HOYpV]7DEXODJUDWXODWRULD±NWDUWMiNV]i PRQDQ\HOYpV]HJ\HWHPLWDQiUW$V]&NHEEpVWiJDEEKD]DQ\HOYHD]RQEDQQHPH]pDV]&NHEEN|

UpPLQWDKRJ\Ä3LW\XWDQiU~U´VHPSXV]WiQD]|YpN$WiJDEEKD]ip6]DWKPiUL,VWYiQVRNV]i]

WDQiUUiOHWWHJ\NRULKDOOJDWyMDH]HNQHNDWDQiURNQDNVRNH]HUWDQiUUiPpUQ|NNpRUYRVViOHWWGL iNMDpVtJ\WRYiEE±KDQHPLVDGLQILQLWXP±GHWt]WL]HQ|WPLOOLyLJ$PLDQHYHVQ\HOYpV]NDUMiW DQ\HOYpV]HWQpOWiJDEEUDQ\LWMDD]D]LVNRODWHUHPWpVDWXGyVN|]|VVpJDODNtWiV0LQWDMyNHUWpV]

6]DWKPiUL,VWYiQOiUPDQpONOJ\|NHUH]WHWHWWDJ\|NpUWHOHQtWQHP]HWN|]L]VDUQRNViJEDQ$I|OG NHUHNVpJUHNLWHUMHGSLDFJD]GDViJEDQDPHO\KDWiViEDQPpJD]VDUQRNViJQiOLVJ\|NpUWHOHQtWEE DSURIHVVRUHPHULWXVPpJPLQGLJJ\|NHUH]WHWDPLNRUDPXOWLQDFLRQiOLVPXOWLNRORUEDSiYi]RWWV]LQJOL W NHUHVL PHJ V]DNGROJR]DWiYDO $ QDJ\ SiUW pV SLDFWOHNHGpV ÄNXQViJL HVMpEHQ´ KRPRNHV 6]DWKPiUL,VWYiQNiORPLVWDNXQWDUWy]NRGiVVDO pV NiORPLVWD NXQ HOW|NpOWVpJJHO WDQXOQLWXGQL YiJ\y HPEHULpVWXGyVNDSFVRODWRNKiOyMiWÄGROJRVDQ´V]WWHPDJDN|UpPLQGHQpYEHQÄV]yOiVRNEDQJD]GDJ WUpIiUDLVKDMOyEHV]pGpYHO´$]HJ\HWOHQW|EEPLQWKiURPpYWL]HGHV]QWHOHQPXQNiONRGy Ä6WtOXVNXWDWyFVRSRUWRW´LVKtYWDpOHWUHpVDFVRSRUWPpJPLQGLJÄpOIHOOHOKHWD]pONN|]|WW´Y|

0pJPDLVPLQWiQDNWHNLQWKHWDKiURPt]Q\HOYMiUiVWYL]VJiOyHVWDQXOPiQ\±

5|YLGPpJLVILQRPDQiUQ\DOW.HYpVGHN|UOWHNLQWHQNLYiODV]WRWW|QiOOyJ\&MWpVDODSMiQWXGyV yYDWRVViJJDOGHDKR]]ipUWEL]WRQViJiYDOtWpOLPHJDWpQ\HNHWD]tIRQpPDN|]VpJHQNpQWHOWpU IXQNFLRQiOLVPHJWHUKHOWVpJpWpVKDWiUR]]DPHJD]RNRNDWPHVWHUVpJHNKHO\QHYHNV]&NHEEN|U&

WiMV]DYDN$NLV~MV]iOOiVLQ\HOYMiUiVt]iOODSRWiWYLV]RQWWHOMHVJ\&MWpVDODSMiQYL]VJiOMD±

pVFVLV]ROWPHJNO|QE|]WHWpVHNNHORV]WiO\R]]DDMHOHQVpJHNHWV]RFLiOLVpUYpQ\HVVpJJ\DNRULViJ N|]Q\HOYLNHWWVVpJVWE

$]XJRUW|U|NKiERU~±EiUIHOIHOOREEDQ±MREEiUD FVDN SLVOiNRO PiU iPGH QDJ\ IVWWHO OiUPiYDOEDMYtYQ\HOYpV]pVQ\HOYP&YHODPpGLiEDQ$NODVV]LNDILOROyJXVQDNLQGXOW%DOi]V-i