4/./  28/62/806+2
+7/87+-32-/4832./+3-:/

GVUCEQPEGRVKQPFGNCNQKEKXKNG

0KEQNCU#WTC[

NGUVKPEQPEGXCDNGSWGNGUCHHCKTGUFG4QOGGVFWOQPCTSWGUQKGPVQECSWGVÃGUQ RCT NOJQOOG FG NC TWG UWTVQWV UK NOQP GUV QDNKIà FG UOCRGTEGXQKT SWG FG XKNU UGTXKVGWTUFWTQ[CWOGUGRNCKUGPV´PQWTTKTEGECSWGVW7PTKEJGEQWTVKUCP OGVGPXGTUFGUKPHCOKGUGVRCTNGOKPKUVÂTGFGNCXCNGVCKNNGNGUHCKVRCUUGT LWUSWOCWZJCNNGUGVCWZOCTEJÃUCWZJGTDGU€'VTCPIGOGPVTÃUQPPCPVCXGEEGV GURCEGRWDNKEFGNCTWGVGNSWOKNUOQWXTGCWOWTOWTGRWDNKE´NCHKPFW:8+++^G UKÂENG KPVGTPGV GUV WP GPFTQKV RGTOKUUKH ´ NC RCTQNG FÃEQWUWG TGN¸EJÃG GV KTTÃXÃTGPVG GV UWTVQWV URÃEKCNGOGPV CEEQTFà ´ NC FKUUÃOKPCVKQP FOKPHQTOCVKQPU PQP QHHKEKGNNGU GV RTQXGPCPV FG UQWTEGU RTKXÃGU %GRGPFCPV NOÃSWKNKDTGÃEQNQIKSWGHCKUCPVSWGUWTKPVGTPGVGTTGGVHNGWTKVWPGVGNNGRCTQNG NKDTGGVFÃUKPJKDÃGU[OÃVTKSWGOGPVQRRQUÃGCWZRWDNKECVKQPUKORTKOÃGUGV CW HNQV CWFKQXKUWGN GUV HTCIKNG %GV GURCEG GUV XWNPÃTCDNG ´ FGWZ OGPCEGU OQTVGNNGUWPTKUSWGFGEGPUWTGGPECUFGEQPEGPVTCVKQPFGUKPUVTWOGPVUFG RTQFWEVKQP GV FG FKHHWUKQP CWZ OCKPU FOWPG RQKIPÃG FOKPVGTOÃFKCKTGU OCTEJCPFU GV ´ NOKPXGTUG WP TKUSWG FOÃETQWNGOGPV GP ECU FOKPGHHKECEKVà FGU UCPEVKQPU TÃIWNCVTKEGU ÃECTVCPV NG DTQWJCJC GV NG EJCJWV .G UGEQPF TKUSWG KFGPVKHKG WP OÃECPKUOG CWVQGPVTGVGPW UK NGU XCPFCNGU L URCOOGWTU QW FKHHCOCVGWTU L GPXCJKUUGPV KPVGTPGV NC OCWXCKUG RCTQNG EQOOG FG NC OCWXCKUG OQPPCKG EJCUUG NC DQPPG UGNQP WP OÃECPKUOG XQKUKP FW EGTENG XKEKGWZ SWK UWT NGU OCTEJÃU FOQEECUKQP HCKV SWG NOKTTWRVKQP FG XGPFGWTU FÃNQ[CWZGPVTCÉPGNCFÃUGTVKQPFGUCEJGVGWTUKPVÂITGU

#TNGVVG(CTIG&KTGGVOCNFKTG.OQRKPKQPRWDNKSWGCW:8+++^GUKÂENG5GWKNR

+

&ÂUNQTUNCETÃCVKXKVÃKPUVKVWVKQPPGNNGCWVQWTFGNCTÃIWNCVKQPFGUEQPVGPWU UWTKPVGTPGVEQPUVKVWGWPGPLGWDTÖNCPVGVOCLGWT1TNGURÃTKRÃVKGUTÃEGPVGU RQWTCEENKOCVGT´KPVGTPGVPQVTGRC[UCIGNÃIKUNCVKHGVLWTKURTWFGPVKGNFGRWKU NGFÃDCVUWTNOCPPWNCVKQPFGNOCOGPFGOGPV(KNNQPLWUSWO´NCFKUEWUUKQP CEVWGNNG UWT NG (QTWO FGU &TQKVU FG NOKPVGTPGV RTQRQUÃ RCT NG TCRRQTV

%JTKUVKCP2CWNLWKNNGVUQPVTKEJGUFOGPUGKIPGOGPVU'NNGUQPVRGTOKUFG TGLGVGTCXGENCOÄOGHQTEGNOKFÃGFOWPGTÃIWNCVKQPGPVKÂTGOGPVFÃNÃIWÃG´WP EQFG FÃL´ EQFÃ HÖVKN NOÃOCPCVKQP FG NC 4ÃRWDNKSWG CWUUK DKGP SWG NOKFÃG FOWPG TÃIWNCVKQP CXGWINÃOGPV TÃINÃG RCT NG EQTRU FGU CPEKGPU FW EQTRU HWUUGPVKNUNGURKQPPKGTUFWTÃUGCW

%QPFWKTGWPGRGTURGEVKXGTÃCNKUVGUWTNOÃOGTIGPEGFGUPQTOGUUWUEGRVKDNGU FG IQWXGTPGT NOKPVGTPGV CXGE NOCEEQTF FG VQWU QDNKIG ´ RCUUGT RCT WPG TQWVG RCXÃGFOGODÖEJGUECTNGTÃUGCW´NCHTQPVKÂTGEQOOGNG.ÃXKCVJCPFG*QDDGU FWOÃECPKSWGGVFWUQEKCNOCKUCWUUKEQOOGNGFKGW*GTOÂUFWNQECNGVFW INQDCN PQWU QDNKIG ´ OGVVTG GP SWGUVKQP FGWZ CRRTQEJGU ENCUUKSWGU FG NC TÃIWNCVKQP NOCRRTQEJG nWPKXGTUCNKUVG€ GV NOCRRTQEJG nEQOOWPCWVCTKUVG€

%OGUVVQWVFOCDQTFWPGTÃIWNCVKQPRCTNCNQKSWKGUVEQPFCOPÃGNGE[DGTURCEG UOGUVÃTKIÃEQOOGWPGURCEGSWGNGUIQWXGTPGOGPVUPGRGWXGPVRCUEQPVTÏNGT GVNOCUUWLGVVKUUGOGPVFGUKPFKXKFWURCUUGRCTWPGEQPEWTTGPEGPQTOCVKXGGV[

GUVOCTSWÃRCTFGUCODKIWÊVÃUNCVGPVGU.GUUKI&GRNWUUGNQP.GUUKINC EQPFWKVG FOWP KPFKXKFW POGUV RNWU IQWXGTPÃG RCT NC UWDQTFKPCVKQP ´ WPG NQK GZQIÂPG FÃL´ GZKUVCPVG NC TÃIWNCVKQP FCPU NG E[DGTURCEG GUV KORQUÃG GUUGPVKGNNGOGPV RCT NG nEQFG NQIKEKGN€ SWK GUV NG PQWXGCW RCTCOÂVTG FÃVGTOKPCPV FG NC IQWXGTPGOGPVCNKVà UWT KPVGTPGV /CKU EOGUV CWUUK WPG TÃIWNCVKQPRCTNCnEQWVWOG€SWKUGVTQWXGOKUGCWRKNQTKNGURQTVGRCTQNGFGU CUUQEKCVKQPUFOKPVGTPCWVGUFÃPQPEGPVCXGEWPGDGNNGWPCPKOKVÃNGTKUSWGFOWPG TÃIWNCVKQPEQOOWPCWVCTKGPPGFWTÃUGCWUGNQPNCSWGNNGKNHCWFTCKVCRRNKSWGT UCPU FKUEWUUKQP CW PQWXGCW XGPW NGU OÃECPKUOGU FOQTFTG EQWVWOKGT TKVGU TQWVKPGUTÃIWNCTKVÃUKPEQTRQTÃGUGPXKIWGWTCWRTÂUFGUCPEKGPU%GSWKRTKXG FG NÃIKVKOKVà VQWVG TÃIWNCVKQP RCT NC EQWVWOG FW TÃUGCW EOGUV PQVCOOGPV NOCDUGPEG FG OÃFKCVKQPU KPUVKVWVKQPPGNNGU GV UQEKCNGU RGTOGVVCPV WPG CRRTQRTKCVKQPOCUUKXGGVGHHKECEGFGUUCXQKTHCKTGFGNOKPVGTPGV$QWNNKGT

.OJ[RQVJÂUG FG EGV CTVKENG GUV SWG EGU FGWZ CRRTQEJGU ENCUUKSWGU L NQK EQWVWOG L PG RGWXGPV ETÃGT NOCEEQTF UWT NGU OÃECPKUOGU FG TÃIWNCVKQP FG NOKPVGTPGVRCTEGSWOGNNGUTGRQUGPVUWTWPGOÃEQPPCKUUCPEGFGUCIGPÂUGGVFG UC EQORQUKVKQP UQEKCNG %JG\ EGWZ SWK HWTGPV NGU RTGOKGTU FÃVGPVGWTU FGU KPUVTWOGPVUFGVTCPUOKUUKQPGVFGOCKNNCIGFGNCNKDTGRCTQNGQPVTQWXGWP CEEQTF EQOOWP UWT WP FQWDNG TGLGV FG NC EQWVWOG EQOOG FG NC NQK .C EQPVTKDWVKQP FG EGV CTVKENG GUV FG OKGWZ HCKTG EQORTGPFTG NGU RTQRQUKVKQPU HCKVGU CW UGKP FGU CUUQEKCVKQPU FOKPVGTPCWVGU FGU WVKNKUCVGWTU GV FG NGWTU

TGRTÃUGPVCPVURQWTRGPUGTWPGTÃIWNCVKQPNÃIKVKOGFWTÃUGCWÃOGTIGPV;CV KN EQPXGTIGPEG GPVTG NGU RQUKVKQPU FGU FKHHÃTGPVGU CUUQEKCVKQPU! 3WGNNGU UQNWVKQPUKPPQXCPVGUUQPVGNNGURTQRQUÃGURQWTTGOÃFKGT´EGVVGEQPEWTTGPEG PQTOCVKXGGVCWZKPEGTVKVWFGUFWU[UVÂOGTÃIWNCVKH!

.O1N[ORGFGNOKPVGTPGVHTCPÁCKUWPGn4ÃRWDNKSWG€FGEQORCIPQPU

&ÃPQPÁCPVNGUnOWTUFWOKETQEQUOG€WPOKNKVCPVCUUQEKCVKHFÃPQPEG GP UGRVGODTG NG EWNVG FGU QTKIKPGU SWK ETÃG WPG ÃNKVG FG NOCPEKGPPGVà GV TGLGVVGNGUCWVTGUFCPUNGUVCVWVFGDK\WVn2QWT[CXQKTOKUNGURKGFUFGOCPKÂTG WP RGW TWUVKSWG KN PG OCPSWG RNWU SWG FGU NKPWZKGPU SWK TGHWUGPV NGWT CKFG VGEJPKSWG GP EJCVTQQO ´ EGWZ SWK VGPVGPV FOKPUVCNNGT FGU XGTUKQPU LWIÃGU PQP EQPXGPCDNGU€ #KPUK KNU UG EQPUVKVWGPV EQOOG FGU nPQVCKTGU€ FW PGV NOGZRTGUUKQP GUV FG $GTPCTF .CPI FGU nTGPVKGTU€ NOGZRTGUUKQP GUV FG .CWTGPV%JGONC´ RTQRQU FW TGIKUVTCT )CPFK QW FGU nLWIGU FG RCKZ€ +N KNNWUVTGDKGPNGTGHWUFGNCTÃIWNCVKQPEQOOWPCWVCKTGSWKECTCEVÃTKUGNCRQUKVKQP FGU CUUQEKCVKQPU FOKPVGTPCWVGU HTCPÁCKU FGRWKU NOGUUQT FG NC FKHHWUKQP FOKPVGTPGV FCPU NG RC[U %G TGHWU EQTTGURQPF ´ WP TGLGV FW OQFG FG TÃIWNCVKQPFQOKPCPVFGRWKUNCETÃCVKQPFGNOKPVGTPGV

.G TGUUQTV FÃEKUKH FG NC ETÃCVKQP F[PCOKSWG FG NOKPVGTPGV CXCKV ÃVÃ NOÃVCDNKUUGOGPVFOWPEQTTKFQTRTQVGEVGWTEJQKZFGRQNKVKSWGRWDNKSWGFGUVKPÃ

´RTQVÃIGTNOKPPQXCVKQP´NCHQKUFGUEQPVTCKPVGUFWOCTEJÃGVFGNCRTGUUKQP FG NOQRKPKQP RWDNKSWG 2QWT NG FÃUKIPGT -KPI GV CN WUGPV FOWPG OÃVCRJQTGJKUVQTKSWG6JG)TGCV&KXKFGNCNKIPGFGRCTVCIGFGU/QPVCIPGU 4QEJGWUGU SWK FCPU NG O[VJG FG NC EQPSWÄVG FG NO1WGUV U[ODQNKUG NC HTQPVKÂTG GPVTG WP 'UV \QPG FG HQTEGU EQPUGTXCVTKEGU GV WP 1WGUV TKEJG FG NKDGTVÃGVFOQRRQTVWPKVÃUPQWXGNNGU%GHWVFQPERCTCFQZCNGOGPVCWVQWTFOWP ECPVQPPGOGPVFCPUNCEQPHKFGPVKCNKVÃFOWPGEQOOWPCWVÃFGVGEJPKEKGPUSWG UOÃVCKV CHHGTOKG NC IÃPÃCNQIKG FG EG PQWXGN GURCEG FG FKUEWUUKQP GV FG TGPEQPVTGU .G FQWDNGOGPV CPPWGN FG VTCHKE FGRWKU HCKUCPV SWG NG DCVCKNNQPFGPÃQRJ[VGURTÃUGPVUFGRWKUOQKPUFOWPCPGUVÃICN´EGNWKFGU CPEKGPU FW TÃUGCW C RTQXQSWà WPG ETKURCVKQP FGU CPEKGPU UWT WP WUCIG RCTEKOQPKGWZFGNCDCPFGRCUUCPVGGVUWTNGTGPHQTEGOGPVFGUOÃECPKUOGU FG TGRTÃUCKNNGU RCT QUVTCEKUOG CKPUK NC UVKIOCVKUCVKQP FGU PÃQRJ[VGU UWTPQOOÃU nDNCKTGCWZ€ PGYDKGU NQTUSWG FCPU NGU HQTWOU KNU OCPKHGUVGPV NGWT KPEQORÃVGPEG TCRRGNNGNC TWFGUUG FG NOCEEWGKN FGU PQWXGCWZ FCPU NGU

.O+PVGTPGV&QOCKP5WTXG[OGPÃGFGRWKURCT/CTM.QVVQTFG0GVYQTM9K\CTF GUVKOG NC VCKNNG FW TÃUGCW ´ RCTVKT FG NC OGUWTG FW PQODTG FOJÏVGU EQPPGEVÃU CW TÃUGCWEOGUV´FKTGFWPQODTGFGOCEJKPGU2QWTQDVGPKTNGPQODTGFOWVKNKUCVGWTUQP OWNVKRNKGIÃPÃTCNGOGPVRCTNGEJKHHTGOQ[GPFGNGPQODTGFGOCEJKPGU

UCNQQPUFG NC TWÃG XGTU NOQT #KPUK FW UKORNG HCKV FG NC TGPEQPVTG GPVTG WPG RQNKVKSWG FG ECPVQPPGOGPV FCPU NC ENCPFGUVKPKVÃ GV FOWPG EQWTDG GZRQPGPVKGNNG FG FKHHWUKQP NC TÃIWNCVKQP FOKPVGTPGV CXCKV RTKXKNÃIKÃ NC TÃIWNCVKQPUEQOOWPCWVCKTGRCTNCVTCFKVKQP

.CURÃEKHKEKVÃFGNOCXCPVICTFGHTCPÁCKUG

.CURÃEKHKEKVÃJKUVQTKSWGFGNOKPVGTPGVHTCPÁCKURCTQRRQUKVKQP´NOKPVGTPGV COÃTKECKPRTGUSWGGPVKÂTGOGPVFOQTKIKPGWPKXGTUKVCKTG(NKEJ[GUVSWOKN C ÃVà NCTIGOGPV HCÁQPPà RCT WPG EQOOWPCWVà TGUVTGKPVG FG SWGNSWGU FK\CKPGU FG DÃPÃXQNGU SWK QPV GHHGEVWà WP VTCXCKN EQPUKFÃTCDNG FG TCEEQTFGOGPVFOWVKNKUCVGWTUPQXKEGUPQVCOOGPVCUUQEKCVKHUCWOQOGPVFGU ITÂXGU FG FÃEGODTG FCVG FG DCRVÄOG GP (TCPEG FG NOKPVGTPGV nPQP OCTEJCPF GV UQNKFCKTG€ #WTC[ +NU EQPUVKVWGPV EG SWOKN GUV RQUUKDNG FOCRRGNGT NO1N[ORG FG NOKPVGTPGV HTCPÁCKU EGWZ SWK GP QPV OKU CW RQKPV NOKPHTCUVTWEVWTG TCEEQTFCPV NGU WUCIGTU HQWTPKUUGWTU FOCEEÂU OCKNNCPV NG TÃUGCW QRÃTCVGWTU FOKPVGTEQPPGZKQP QW CWVQTKUCPV WPG RWDNKECVKQP FG EQPVGPWU GP NKIPG HQWTPKUUGWTU FOJÃDGTIGOGPV GV FOCFTGUUGU TÃHÃTGPEÃGU

%GVVGRGVKVGEQNNGEVKXKVÃXKVUQWXGPVNGUOÄOGURGTUQPPGUCWRQUKVKQPPGOGPV UVTCVÃIKSWGUOQEEWRGTFGUHQPEVKQPUFGIGUVKQPPCKTGUFGUKVGUQWFGNKUVGU

&GWZ OQOGPVU HQTVU QPV CKPUK UECPFà NOÃENQUKQP GP (TCPEG FOWPG VGNNG CXCPVICTFGRWDNKSWGFGNOKPVGTPGVNCEQPUVTWEVKQPFG/[ICNGGVNG4"U.G FÃXGNQRRGOGPV CWVQWT FG /[ICNG FOWP GURCEG FG NKDGTVà FOGZRTGUUKQP HWV CEEKFGPVGN (TGF %KEÃTC ÃVCKV WP ÃVWFKCPV GP KPHQTOCVKSWG ´ 2CTKU 8+++ SWK CXCKV OQPVà WP UGTXGWT FOJÃDGTIGOGPV ITCVWKV /[ICNG EQOOG RTQLGV FOÃVWFG KN UOCIKUUCKV FG TÃCNKUGT FGU ÃVWFGU UVCVKUVKSWGU FG VTCHKE TÃUGCW .OJÃDGTIGOGPV ITCVWKV FG UKVG YGD ÃVCKV QHHGTV CHKP FG HQWTPKT NG OCVÃTKCW GZRÃTKOGPVCNFGNOÃVWFG%GPOGUVSWGRCTNCUWKVGSWGFÃXKCPVFG UQP DWV NOJQOOG UOGUV VTCPUHQTOà GP JÃDGTIGWT ITCVWKV PQP OCTEJCPF GV HTCPEQRJQPG+NUOCTTÄVCUWKVG´WPFÃRÏVFGRNCKPVGCWVKVTGFGUCRTÃVGPFWG TGURQPUCDKNKVà FOJÃDGTIGWT GV CWZ RTGUUKQPU CHHÃTGPVGU NKÃGU UCPU FQWVG CW HCKVSWOKNHCKUCKVFGNOQODTG´EGTVCKPUGPECRVCPVWPITQUOCTEJÃRQVGPVKGNFG ENKGPVU ´ JÃDGTIGT .C EQPUVKVWVKQP FW 4ÃUGCW CNVGTPCVKH GV U[PFKECN OKV GP ÃXKFGPEG NG FÃXQWGOGPV FGU HCÁQPPKGTU SWK UG OKTGPV ´ NC FKURQUKVKQP FGU OKNKVCPVU KPUVCNNCPV GV IÃTCPV NGU UGTXGWTU GV NGU NKUVGU FG FKUEWUUKQP nVTKODCNCPV´RKGFNGUOCEJKPGURGPFCPVNCITÂXGFG€QWTÃEWRÃTCPVFGU NKUVGU FOKPUETKVU RQWT HCKTG XKXTG FG PQWXGNNGU NKUVGU CXGE WP CRRQTV FG OGODTGU 5QWXGPV EGU HCÁQPPKGTU CEVKHU EQPUKFÂTGPV CXGE COGTVWOG NG OCPSWGFGTGEQPPCKUUCPEGQEVTQ[ÃRCTEGFÃXQWGOGPVn%OGUVVGNNGOGPVHCEKNG FGPGRCUUGRTÃQEEWRGTFWOCVÃTKGNSWCPFFGUDÃPÃXQNGUUOGPEJCTIGPVWCWRQKPV FOKIPQTGT SWG PQWU ÃVKQPU RTÃUGPVU ´ NC VCDNG€ %G HWV GPUWKVG CWVQWT FOWPG

DCVCKNNG GODNÃOCVKSWG NC FÃHCKVG FG NOKPVGTPGV SWG HWV U[ODQNKSWGOGPV EQPSWKUG NOCWVQPQOKG FG EGVVG CXCPVICTFG RWDNKSWG EQPUVKVWCPV NO1N[ORG NC FÃPQPEKCVKQP FG NC EQPFCOPCVKQP GP CRRGN NG HÃXTKGT FOWP HQWTPKUUGWTFOJÃDGTIGOGPVITCVWKVGVUCPURWDNKEKVÃ8CNGPVKP.CECODTGSWK CXCKVVCTFôUWRRTKOGTFGUQPUGTXGWTWPUKVGEQPVGPCPVFGURJQVQURTKXÃGU FOWP OCPPGSWKP .OCXCPVICTFG UG FQPPG WPG XKUKDKNKVà U[ODQNKSWG CWVQWT FOWPUKVGRCTQFKCPVNGRTQLGVQHHKEKGN&ÃHCKVGFGNO+PVGTPGV#WVQWTFWENKXCIG n&ÃHCKVG FG NOKPVGTPGV€n(ÄVG FG NOKPVGTPGV€ NG TÃUGCW EQNNGEVKH C RTKU EQPUEKGPEGFGUQPWPKVÃGVFGUQPKFGPVKVÃUVTWEVWTGNNG

.GFKUEQWTUURÃEKHKSWGFGNOCXCPVICTFGHTCPÁCKUGWPTGLGVFGNCTÃIWNCVKQP RCTNCnNQKUQWRNG€GVRCTNCnEJCTVG€

1P TGVTQWXG FCPU NOCXCPVICTFG HTCPÁCKUG FG NOKPVGTPGV EQOOG FCPU NOCXCPVICTFGCOÃTKECKPGWPTGLGVHQTVFGNCTÃIWNCVKQPUGNQPWPGNQKGZQIÂPG .CFÃPQPEKCVKQPFGUNQKUUOÃPQPEGCWOQVKH SWOGNNGU UGTXGPV J[RQETKVGOGPV RCT FG RWTU GHHGVU FOCRRGN ´ ETÃGT NC EQPHKCPEG FW RWDNKE RCT TCRRQTV ´ KPVGTPGV CHKP FOCVVKTGT WPG ENKGPVÂNG HCOKNKCNG ´ HQTV RQWXQKT FOCEJCV GV FG VTCPUHQTOGT CKPUK NG ECTCEVÂTG RWDNKE FOKPVGTPGV .GU TGRTÃUGPVCPVU FOCUUQEKCVKQPUFOKPVGTPCWVGUUOÃTKIGPVCKPUKEQPVTGNCnHTC[GWTKPEQPVTÏNÃGOKUG GPCXCPVRCTSWGNSWGURNWOKVKHUGPOCNFGUGPUCVKQPUHQTVGU€GVTGXGPFKSWGPVNG FTQKVFOÄVTGNGURQTVGRCTQNGCWVQPQOGUFGNCFÃHGPUGFGNOKPVGTPGVRWDNKE

/CKUEGSWKFKUVKPIWGGPRTQRTGNOCXCPVICTFGHTCPÁCKUGEOGUVUCECRCEKVÃ

´ HQTOWNGT FGU EQPEGRVKQPU KPPQXCPVGU OÄNCPV RNWUKGWTU FKOGPUKQPU TÃIWNCVTKEGU 2QWT LGVGT FGU RNCPEJGU UWT NOCDÉOG GPVTG NGU FGWZ RQUKVKQPU GZVTÄOGUFGNCTÃIWNCVKQPGZQIÂPGRCTNCNQKFWVGTTKVQKTGRJ[UKSWGGVFGNC TÃIWNCVKQPRCTNCPGVKSWGVVGFGWZEQPEGRVKQPUCVVÃPWÃGUFGUECKNNQWZQPVÃVà UGOÃUUWTNCXQKGFWTÃCNKUOGFGNCPQTOG#NCEQWVWOGCÃVà RTÃHÃTÃG NC nEJCTVG€GV´NCNQKWPGnNQKUQWRNG€KPVÃITCPVWPEQGHHKEKGPVFOKORWPKVÃ

&OWP EÏVÃ WPG RTQRQUKVKQP FOQTKIKPG KPFKIÂPG HQTOWNÃG RCT NG )TQWRGOGPV FGU ÃFKVGWTU FG UGTXKEGU VÃNÃOCVKSWGU )'56' TGITQWRCPV

#KPUKNGURTQVCIQPKUVGUFGNOKPVGTPGVPQPOCTEJCPFHTCPÁCKUQPVXKXGOGPVFÃPQPEà EQOOGWPGVCTVWHHGTKGNCXGTUKQPOQFKHKÃGCFQRVÃGGPVTQKUKÂOGNGEVWTGLWKP RCT NO#UUGODNÃG PCVKQPCNG FG NC NQK UWT NC EQOOWPKECVKQP CWFKQXKUWGNNG KUUWG FGU COGPFGOGPVU $NQEJG GNNG HCKV QDNKICVKQP ´ EJCEWP FG UOKFGPVKHKGT CWRTÂU FG UQP JÃDGTIGWT OCKU UCPU QDNKICVKQP FG XÃTKHKECVKQP RQWT EG FGTPKGT .C FWRNKEKVà HWV RGTÁWGEQOOGWPGKPVGPVKQPFOCEETQÉVTGNGENKXCIGSWKUÃRCTGNGFKUEQWTUFGUVKPÃCW ITCPF RWDNKE SWK FÃHKPKV WP KPVGTPGV nUÖT€ QÔ NOQP RGWV CXQKT WP EQOOGTEG VTCPSWKNNG GV NC TÃCNKVà FG NOKPPQXCVKQP SWK FQKV VGPKT EQORVG FGU EQPVTCKPVGU VGEJPKSWGUTGPFCPVVTÂUEQORNKSWÃGUNGUEQPVTÏNGUFOKFGPVKVÃUWTNGTÃUGCW

RTKPEKRCNGOGPV FGU VTCPUHWIGU FW OQPFG FW /KPKVGN RTQRQUC GP FG TGOÃFKGT CW EQOOWPCWVCTKUOG GP RTÏPCPV WPG TÃIWNCVKQP FG NOKPVGTPGV CWVQWTFOWPGEJCTVGÃOGTIGCPVFGEQPEGTVCVKQPUGPVTGUGURTKPEKRCWZCEVGWTU

%GVVG EJCTVG RTQRQUÃG NG OCTU RCT #PVQKPG $GCWUUCPV UWT OKUUKQP OKPKUVÃTKGNNGXKUCKV´EQFKHKGTFGOCPKÂTGGZRNKEKVGGVEQORTÃJGPUKDNGRCTWP VKGTUNGURTÃEGRVGUVCEKVGUKPUETKVUFCPUNCEQWVWOGQWNGUnKPUVKPEVU€%GTVGU RNWUNÃIKVKOGSWGNCUKORNGEQWVWOGNCEJCTVG$GCWUUCPVTGÁWVEGRGPFCPVWP CEEWGKNECNCOKVGWZGVNGVQNNÃIÃPÃTÃHWV´NOQTKIKPGFGNCETÃCVKQPGPQEVQDTG FOWPG FGU RTKPEKRCNGU UVTWEVWTGU FOCPKOCVKQP FW FÃDCV CWVQWT FG NOGZKUVGPEG FOWP KPVGTPGV PQP OCTEJCPF GV UQNKFCKTG NOCUUQEKCVKQP +4+5 .G TGRTQEJGOCLGWTCFTGUUôEGEQFGFGDQPPGEQPFWKVGÃVCKVNOCFLQPEVKQPCWZ EQFKHKECVKQPU FGU PQTOGU VCEKVGU GP XKIWGWT FOWPG TÂING UVKRWNCPV SWG NC EJCTVG UOCFTGUUCKV ´ VQWV WUCIGT FW TÃUGCW GV PQP RCU UGWNGOGPV ´ UGU OGODTGUCEVKHU1TWPEQFGFÃQPVQNQIKSWGRGWVCXQKTWPGXCNKFKVÃRQWTFGU RTQHGUUKQPPGNU OCKU QP PG RGWV KORQUGT ´ FGU EKVQ[GPU FG TGURGEVGT WPG LWUVKEGRCTCNNÂNGNCUGWNGQDNKICVKQPRQWTGWZ ÃVCPV EGNNG FG NC .QK 5GWNG NC .QK RGWV CXQKT WPG RTÃVGPVKQP ´ NOWPKXGTUCNKVà CW UGPU QÔ nPWN PG RGWV KIPQTGT NC NQK€ 2CT EGVVG KPEQPUÃSWGPEG NC nEJCTVG FG NOKPVGTPGV€ SWK DCHQWCKVNGUNKDGTVÃUEQPUVKVWVKQPPGNNGUÃVCKVFGXGPWGRQWTUGUFÃVTCEVGWTUWP DTCU OQTV CTVKHKEKGN RTQNQPIGCPV NC PGVKSWGVVG WPG RTQVJÂUG UWRRNÃVKXG OCKU KPCUUKOKNCDNG

# NOQRRQUà WPG CRRTQEJG XGPWG FW EJCOR LWTKURTWFGPVKGN RTQRQUC ´ NOQEECUKQPPQVCOOGPVFGNOCHHCKTGFWUKVGFOGPEJÂTGUFG;CJQQLWIÃGGP FGTGOÃFKGTCWNÃIKEGPVTKUOGRCT WPG EQPEGRVKQP CUUQWRNKG FG NC NQK %GVVG EQPEGRVKQPCPCN[UÃGGVÃXCNWÃGRCT/CUUKV(QNNÃCXKUG´CVVTKDWGTWP RNWUHQTVRQWXQKTKPVGTRTÃVCVKHCWLWIGTGPHQTÁCPVNCECRCEKVÃFGUOCIKUVTCVU CKPUK SWOWPG FÃNÃICVKQP HQTVG FG NC ECRCEKVà TÃIWNCVTKEG CWZ FKURQUKVKHU VGEJPKSWGUGWZOÄOGUNGNQIKEKGNFGHKNVTCIGFGXKGPVCKPUKNGDTCUFTQKVFWLWIG .GUOQFGUFGTÃIWNCVKQPRQWTTCKGPVÄVTGFKEVÃURCTFGUEJQKZVGEJPKSWGUGV FGUFKUEKRNKPGUCWUGPUFG(QWECWNVSWKCHHGEVGPVNGUHNWZFOKPHQTOCVKQP&ÂU NQTUFWHCKVFGNOKPECRCEKVÃFWFKURQUKVKHVGEJPKSWG´ICTCPVKTWPGGHHGEVKXKVô

FGNCTÂINGNGRCTCFKIOGÃVCVKUVGUGVTQWXGTGORNCEÃRCTnWPPKXGCW CEEGRVCDNG FG EQPHQTOKVÀ .OCVVTKDWVKQP FW IWKFCIG FGU EQPFWKVGU ´ FGU FKUEKRNKPGUVGEJPKSWGUGPIGPFTC´UQPVQWTWPGÃPQTOGEQPVGUVCVKQPCWUGKP FG NC EQOOWPCWVà FG NOKPVGTPGV SWK [ FÃPQPÁC WPG nKPHCPVKNKUCVKQP€ FGU WUCIGTU TÃFWKVU ´ NC EQPFKVKQP FG OKPGWTU KTTGURQPUCDNGU RTKXÃU FG NGWT ECRCEKVÃFGLWIGOGPV

7PGnOWVWCNKUCVKQPUQWRNG€SWKEQPVQWTPGNGUHQTOCNKUOGUCFOKPKUVTCVKHU /CKU RNWU IÃPÃTCNGOGPV KN [ C FCPU NC RTCVKSWG KPUVKVWVKQPPGNNG FGU HCÁQPPKGTUFGNOKPVGTPGVWPGRTQHQPFGFÃHKCPEGEQOOWPGXKU´XKUFGUGPVKVÃU HQTOGNNGU#KPUKRQWTNGUOGODTGUNGUnUVTWEVWTGULWTKFKSWGU€PGUKIPKHKGPV TKGPn%GWZSWKRQWTTQPVÄVTGLWIÃURCTNGWTUCEVGUEGUQPVUGUOGODTGUGV)KVQ[GP POGZKUVG SWG RCT GWZ RCU GP RTQRTG€ 5[NXCKP 8CNNGTQV VTÃUQTKGT FG (&0 OGODTG FG )KVQ[GP n%G SWK OOKPVÃTGUUG EG POGUV RCU SWK HCKV NGU EJQUGUOCKUNGUEJQUGUSWKUQPVHCKVGU5KWPGCUUQEKCVKQPHCKVFWEQOOGTEGEOGUVWP EQOOGTÁCPVUKWPGUQEKÃVÃHCKVFCPUNGEKVQ[GPEOGUVWPGUQEKÃVÃEKVQ[GPPGNGUVCVWV LWTKFKSWGFGNOGPVKVÃOGRCTCKVFGRGWFOKORQTVCPEG€$GPLCOKP$C[CTFCFJÃTGPV FG (&0 2CT TCRRQTV ´ EGU UVTWEVWTGU KPUVKVWVKQPPGNNGU NGU OGODTGUFÃXGNQRRGPVWPTCRRQTVRTCIOCVKSWGCKPUKRQWTTGITQWRGTNGWTU HQTEGUGVOWVWCNKUGTNGWTUTGUUQWTEGUGPDCPFGRCUUCPVGKNUQPVRTÃHÃTÃETÃGT WP)+'RNWVÏVSWOWPGEQQRÃTCVKXGRCTEGSWGNG)+'QHHTGRNWUFGUQWRNGUUG

%G SWK EQORVG EOGUV CKPUK NOGURTKV nNOGURTKV CUUQEKCVKH€ n$TGH KN OG UGODNG SWG NGU KPVGPVKQPU NGU XCNGWTU GV NGU RTKPEKRGU EQORVGPV DKGP CXCPV NG U[UVÂOG FOQTICPKUCVKQP€.CWTGPV/CTVKPG\%G)+'ETÃÃGPHÃXTKGT )KVQ[GP VÃOQKIPG ÃICNGOGPV FOWP TCRRQTV QRRQTVWPKUVG CW OCTEJà KN GUV CKPUK TÃXÃNCVGWT SWG FCPU NGU FKUEQWTU )KVQ[GP PG UQKV RCU EQORCTà ´ WP

%7/#EQQRÃTCVKXGFOWVKNKUCVKQPFWOCVÃTKGNCITKEQNGOCKU ´ WPG )#'%

n'PFGWZOQVU)KVQ[GPPOGUVRCUFGUVKPÃCWZWVKNKUCVGWTUHKPCWZ%GPOGUVSWOWP )+'RQWTCEJGVGTFGNCEQPPGEVKXKVÃEQOOGFGURC[UCPUSWKHQTOGTCKGPVWP)#'%

RQWTCEJGVGTWPGOQKUUQPPGWUGDCVVGWUG€5VÃRJCPG$QTV\OG[GTHQPFCVGWTFG )KVQ[GPOCTU

%GRGPFCPV EGVVG UQWRNGUUG GV EGVVG VQNÃTCPEG CWZ J[DTKFGU EKXKSWGU OCTEJCPFU $QNVCPUMK 6JÃXGPQV UOCEEQORCIPG FG NC EQPHGEVKQP FG FKURQUKVKHUKPUVKVWVKQPPGNUHQTVTKIQWTGWZRQWTÃXKVGTUWTNGURQKPVUUGPUKDNGU VQWV TKUSWG FG FGUVTWEVKQP FW EQORQUKVG #KPUK FCPU NG OQWXGOGPV FW NQIKEKGNNKDTGNGHQTOCVFGNKGPEG)2.CKPUKSWOWPGTÃIWNCVKQPRCTFGUnFTQKVU EQWVWOKGTU€ GORÄEJG NGU EQPFWKVGU QRRQTVWPKUVGU FG VTKEJGWTU #WTC[

&G OÄOG FCPU NO1N[ORG FG NOKPVGTPGV NG TGEQWTU CW EQPEGRV FOCUUQEKCVKQPFGHCKVRGTOGVFOÃXKVGTNGUTÃEWRÃTCVKQPURCTFGUQRRQTVWPKUVGU

.O1N[ORG FG NOKPVGTPGV TGRQUG KPXGTUGOGPV UWT FGU VQNÃTCPEGU FG UVTWEVWTGU EQOOGTEKCNGU %GU CEEQTFU ´ NOCOKCDNG PG UQPV RCU NKÃU ´ FGU CTTKÂTGURGPUÃGU E[PKSWGU FG DÃPÃHKEG RCT ECRVWTG GUEQORVÃG FOWPG DCUG FOWVKNKUCVGWTU OCKU ´ FGU NKGPU EQNNÃIKCWZ n$GCWEQWR FG IGPU RCUUGPV NGWT VGORU ´ OCIQWKNNGT RQWT OGVVTG WPG OCEJKPGEJG\WPEQRCKP(#+€GZRNKSWG.CWTGPV%JGONCn+NUUQPVDKGPUQWXGPVQDNKIÃUFG FÃOÃPCIGT VQWU NGU UKZ OQKU 5K #NVGTP TGPCKUUCKV QÔ OGVVTCKVKN UGU OCEJKPGU! 5QP TGORNCÁCPV XKGPFTC EJG\ )KVQ[GP€ .CWTGPV %JGONC HÃXTKGT KPVGTXKGY ´ 8070GV

.GUOGODTGUDTCPFKUUGPVWPEQPEGRVIÃPÃTCNGOGPVTGVGPWRCTNGUVTKDWPCWZ RQWTTÃOWPÃTGTFGURCTVKEKRCPVUUCPUUVCVWVUFOWPGCUUQEKCVKQPSWKCWTCKGPV ÃVÃHNQWÃUCWRTQHKVFOCWVTGURCTVKEKRCPVUnRCTVKUCXGENCECKUUG€.GEQPEGRV XKUG´GORÄEJGTSWOKNUCTIWGPVFGNOKPGZKUVGPEGFOWPGCUUQEKCVKQPFÃRQUÃGGV FQPEFGNOCDUGPEGFOQDNKICVKQPFGTÃRCTVKTNGUDÃPÃHKEGU

.CNQKEKXKNGGVnNOKPUVKVWVKQPOQTCNG€FGUKPVGTPCWVGU

%QPVTCKTGOGPV´NOKPVWKVKQPSWKXKUG´NGWTKORWVGTWPGRQUVWTGNKDGTVCKTG ENCUUKSWG EG SWOKN [ C FOKPHKPKOGPV RCTCFQZCN FCPU NG V[RG FG TÃIWNCVKQP RTÃEQPKUÃRCTNGURKQPPKGTUFGNOKPVGTPGVHTCPÁCKUGUVNGWTXCNQTKUCVKQPCRRW[ÃG FG NC nNQK EKXKNG€ EQOOWPÃOGPV EQPUKFÃTÃG EQOOG WPG RNCPEJG FG UCNWV HCEG CW FÃXGNQRRGOGPV ETQKUUCPV FCPU NG OQPFG EQPVGORQTCKP CWUUK DKGP FW EQPVTCV RTKXà SWG FW FÃETGV RWDNKE %GRGPFCPV CWVQWT FG EG PÃQ TCFKECNKUOGFGVGEJPQRJKNGUJQUVKNG´NCHQKUCWOCTEJÃGV´NO'VCVEOGUVWPG EQPEGRVKQP HQTV QTKIKPCNG FG NC NQK SWK GUV FÃHGPFWG 'NNG GUV HQPFÃG UWT NC XKUÃGFOWPGTÃIWNCVKQPRCTNOKPUVKVWVKQPOQTCNGFGUKPVGTPCWVGU%KXKSWGEGVVG EQPEGRVKQPCEEGPVWGNCFKOGPUKQPFOKPVÃTKQTKVÃFGNOCFJÃUKQP´NCNQKHCKUCPV FG NC EQPHQTOKVà NG RTQFWKV FOWP JÃTQÊUOG OQTCN 'NNG UOQRRQUG CKPUK ´ WPG EQPEGRVKQPRÃPCNKUVGFGNCNQKHCKUCPVFGNCEQPHQTOKVÃNGRTQFWKVFGNCETCKPVG TCVKQPPGNNGFGUCPEVKQPUFKUUWCUKXGU%OGUVCKPUKRCTWPGVGPVCVKXGRÃPÃVTCPVG RQWTKPUVKVWGTFGPQWXGNNGUOWTUGPUQPFCPVNGUTGKPUGVNGUEWTUSWGRCUUG EG RTQLGV EKXKSWG %GVVG CRRTQEJG POGUV RCU UCPU TCRRGNGT NG TCFKECNKUOG TÃXQNWVKQPPCKTGRTQEJGFGNC/QPVCIPG5CKPV,WUVRCTGZGORNGFÃHKPKUUCKVNG TÃIKOG TÃRWDNKECKP RCT DGCWEQWR FOKPUVKVWVKQPU GV RGW FG NQKU RGW FG TGNCVKQPUEQPVTCEVWGNNGUCWUUK2NWUSWGRCTFGUOQ[GPUTÃRTGUUKHUEOGUVCKPUK RCT FGU OQ[GPU OQTCWZ SWG 4QDGURKGTTG GV NGU UKGPU EQORVCKGPV RQWT TÃCNKUGTNGWTRTQLGVFGUQEKÃVÃÃICNKVCKTGGVHTWICNGn1DÃKTCWZNQKUEGNC POGUV RCUENCKTECTNCNQKPOGUVCWVTGEJQUGSWGNCXQNQPVÃFGEGNWKSWKKORQUG€5CKPV,WUV (TCIOGPVUUWTNGUKPUVKVWVKQPUTÃRWDNKECKPGU

.CFÃIÃPÃTGUEGPEGEQPVGORQTCKPGFGNCTÃIWNCVKQPRCTNCNQK

.CEQPEGRVKQPEKXKNGFGNCNQKSWKUGFÃICIGFWRTQUÃN[VKUOGFGUOKNKVCPVU FG NOKPVGTPGV HTCPÁCKU RCTV FOWPG RNCKPVG EQPVTG NC FÃIÃPÃTGUEGPEG FG NC NQK FCPU NGU TÃIWNCVKQPU EQPVGORQTCKPGU %OGUV PQVCOOGPV EQPVTG NG TKUSWG FG OKUGGPRNCEGTCORCPVGFOWPGLWUVKEGRCTCNNÂNGSWOGNNGUGFTGUUG.COGPCEG FG FÃDQTFGOGPV FG NOCWVQTKVÃ LWFKEKCKTG UOCTVKEWNG CWVQWT FOWP TKUSWG FG UWDUVKVWVKQP´NCNQKFG EQPVTCVU RTKXÃU GV FOCXKU FOCWVQTKVÃU CFOKPKUVTCVKXGU KPFÃRGPFCPVGU +N UGTCKV CKPUK HCEKNG FG OQPVTGT SWG EGVVG FQWDNG ETKVKSWG EQPVTGNGEQPVTCVGVEQPVTGNGFÃETGVGUVTÃCEVKXÃG´EJCSWGPQWXGCWNKVKIGUWT

NC TÃIWNCVKQP FG NOKPVGTPGV 2QWT PG EKVGT SWOWP GZGORNG UWT NC RÃTKQFG EQPVGORQTCKPGNGRTQLGVFGEQTÃIWNCVKQPFGNOKPVGTPGVCWVQWTFW(QTWOFGU

&TQKVUFGNOKPVGTPGVEJCTIÃPQVCOOGPVFGnFÃQPVQNQIKGFGUEQPVGPWU€GUV ETKVKSWÃCWPQOFWHCKVSWGNOKPUVCPEGFGEQPVTÏNGFGXTCKVÄVTGNGUVTKDWPCWZGV PQP NOCWVQTKVà CFOKPKUVTCVKXG /CKU EG SWK GUV UWTVQWV RQKPVà EOGUV NOKNNÃIKVKOKVà FOWPG UKVWCVKQP CVVTKDWCPV WP RQWXQKT TÃIWNCVGWT GHHGEVKH CWZ UKORNGU CEVGWTU RTKXÃU #KPUK NC NQK UVKRWNG NC OKUG GP RNCEG FOWPG nNKIPG FOWTIGPEG€FGUVKPÃG´TGEWGKNNKTNGURNCKPVGUFOWVKNKUCVGWTU%GUUVTWEVWTGUGP GNNGUOÄOGUUQPVTCTGOGPVFGRWTUÄVTGURWDNKEU´NOGZEGRVKQPFWECUDGNIG OCKU NG EKDNCIG FGU EQPVGPWU [ ÃVCPV UVTKEVGOGPV NKOKVà CWZ EQPVGPWU RÃFQRJKNGU 'NNGU CUUQEKGPV NGU KPVGTOÃFKCKTGU VGEJPKSWGU FKHHÃTGPVU OKPKUVÂTGUGVNGUUGTXKEGUFGRQNKEG

/CKU NC ECTCEVÃTKUVKSWG HQPFCOGPVCNG GUV SWG EGU NKIPGU FOWTIGPEG FGUVKPÃGU´NCSWCNKHKECVKQPFGURNCKPVGUTGÁWGUKPEKVGPVNGUJÃDGTIGWTU´WPG TÃCEVKQP RTQORVG UCPU CVVGPFTG NC FÃEKUKQP RÃPCNG .C LWUVKEG GUV CNQTU TGPFWG RCT FGU KPVGTOÃFKCKTGU VGEJPKSWGU UWT NC DCUG FG NGWT RTQRTG ÃXCNWCVKQP UWDLGEVKXG FW ECTCEVÂTG nOCPKHGUVGOGPV KNNKEKVG€ FOWP EQPVGPW JÃDGTIÃ.CUKVWCVKQPNCRNWUEQWTCPVGGUVFGVTCPUOGVVTGNGECUCWZUGTXKEGU TÃRTGUUKHU WPKSWGOGPV NQTUSWG NOCWVGWT FW EQPVGPW QW NOKPVGTOÃFKCKTG VGEJPKSWGPOCRCUQDVGORÃTôNOKPLQPEVKQPFGNOQTICPKUOGRTKXÃ+N[CCKPUK FÃPQPEKCVKQP FG NOKPUVCWTCVKQP FOWP TÃIKOG FOGZEGRVKQP CW FTQKV EQOOWP XQKTGFOWPINKUUGOGPVXGTUWPGLWUVKEGRTKXÃGUGUWDUVKVWCPV´NCLWUVKEG%OGUV VQWVNGUWLGVCWUUKFGNOCHHCKTGn,GDQ[EQVVG&CPQPG€FOCXTKN5WKVG´NC RNCKPVGFGNOCITQKPFWUVTKGNCWOQVKHFOWPGCVVGKPVGCWFTQKVFGNCOCTSWGNG TGIKUVTCTFÃEKFCFGEQWRGTNGUCEEÂUCWUKVGOKNKVCPV&ÃRQUCPV´UQPVQWTWPG RNCKPVG EQPVTG NG TGIKUVTCT NO1N[ORG FG NOKPVGTPGV UOGUV CNQTU CRRW[à UWT NG FTQKVCWPQOFOWPGCVVGKPVGEQPUVKVWVKQPPGNNG´NCNKDGTVÃFOGZRTGUUKQPRQWT FÃPQPEGTWPCTDKVTCIGRTKXÃNCTÃUKNKCVKQPOQVKXÃGRCTWPGRTÃVGPFWCVVGKPVG CWZENCWUGUEQPVTCEVWGNNGU.GFÃDCVCRQTVÃUWTNCRTKOCWVÃGPVTGNGEQPVTCV GVNCNQKNOKPVGTOÃFKCKTGVGEJPKSWGCTIWCPVFOWPGRTKOCWVÃFWEQPVTCVUWTNC NQKNGUCUUQEKCVKQPUFOKPVGTPCWVGUWPGRTKOCWVÃFGNCNQK

2CTCNNÂNGOGPV NC UWDUVKVWVKQP ´ NC NQK FW FÃETGV CFOKPKUVTCVKH GUV LWIÃG FOCWVCPV RNWU OGPCÁCPVG SWG NGU CWVQTKVÃU CFOKPKUVTCVKXGU OÄOG KPFÃRGPFCPVGU POQHHTGPV RCU NGU ICTCPVKGU UWHHKUCPVGU FG RTQEÃFWTG EQPVTCFKEVQKTG GV FG FTQKV ´ NC FÃHGPUG #KPUK NG EQPUGKN FG EQTÃIWNCVKQP GPXKUCIà GUV FG FTQKV RTKXà nSWGN EQPVTÏNG FÃOQETCVKSWG RQWTTCVQP CNQTU NWK KORQUGT! 3WGNNG VTCPURCTGPEG FG HQPEVKQPPGOGPV RQWTTCVKN CUUWTGT! %GNNG ´ NCSWGNNGXQWFTQPVDKGPEQPUGPVKTUGUOGODTGU€+4+5CXTKN'UVPQVCOOGPV FÃPQPEÃG NOKPUVCWTCVKQP FOWPG HQTOG EGPUKVCKTG FG EQPVTÏNG VGNNG SWG PQVCOOGPVRTQOWGRCTNOCXKUFW%QPUGKNFO'VCVUWTNOCXCPVRTQLGV.5+%GNC RTQFWKV WPG WUWTRCVKQP FW FÃDCV RWDNKE NGU KPUVCPEGU CFOKPKUVTCVKXGU

EGPUÃGU ÃOGVVTG FGU CXKU FÃVKGPPGPV GP HCKV NGU OQ[GPU FOKORQUGT NGWTU FÃEKUKQPU EGNNGUEK C[CPV VGPFCPEG ´ RTÃXCNQKT UWT NGU FÃEKUKQPU FG LWUVKEG 'NNGU NKXTGPV FQPE WPG LWUVKEG RCTCNNÂNG FOCWVCPV RNWU OGPCÁCPVG SWOGNNGU UQPV UWURGEVÃGUFOQRCEKVÃGVFGEQTTWRVKDKNKVÃFCPUNGEJQKZFGUOGODTGUSWK´NC FKHHÃTGPEGFGOCIKUVTCVUUQPVCOQXKDNGUFCPUNCEQORQUKVKQPFGNOQTFTGFW LQWT GV FCPU NC RTKUG FG FÃEKUKQP #KPUK CNQTU SWOCW FÃRCTV NG (QTWO FGU

&TQKVU FG NOKPVGTPGV ÃVCKV TÃFWKV ´ WP CPKOCVGWT FW FÃDCV RWDNKE KN GUV RTQITGUUKXGOGPV EQPUKFÃTÃ CXCPV OÄOG UQP KPUVKVWVKQP EQOOG WP KPVGTNQEWVGWTKPEQPVQWTPCDNGNGUFQEWOGPVUFOQTKGPVCVKQPFW IQWXGTPGOGPV NG TÃHÃTGPEGPV ´ RNWUKGWTU TGRTKUGU NG EQPUVKVWCPV EQOOG VKGTU KPHNWGPV 2QWTVCPV UC TGRTÃUGPVCVKXKVÃ GUV FQWVGWUG WPG ENCWUG FW TCRRQTV 2CWN RTQRQUGEQOOGETKVÂTGFGTGRTÃUGPVCVKXKVÃFGUOGODTGUCUUQEKÃUFW%QPUGKNNG XGTUGOGPVFOWPGEQVKUCVKQPFGGWTQU%GUQWRÁQPUWTNCFÃNÃICVKQPCDQWVKV

´WPEWTKGWZRCTCFQZGEGNWKFOWPTGPHQTEGOGPVFGNCETKVKSWGFGNOQTICPKUOG NQTUSWG EGNWKEK CEETQÉV UC TGRTÃUGPVCVKXKVÃ %OGUV CKPUK NC RTÃVGPVKQP ´ NC TGRTÃUGPVCVKXKVÃ FG NOQTICPKUOG SWK GUV CVVCSWÃG EGVVG RTÃVGPVKQP ´ NC TGRTÃUGPVCVKXKVÃGPWUWTRCPVNGFÃDCVRWDNKEGORÄEJGNOQTICPKUOGFOCUUWTGT UGUOKUUKQPUFOÃFWECVKQPGVFGHCEKNKVCVKQPFWFÃDCVRWDNKE

.OKPUVKVWVKQPOQTCNGFGUKPVGTPCWVGUNCTÃIWNCVKQPQTKIKPCNGRTÏPÃG RCTNO1N[ORG

(CEG´EGFQWDNGFÃPKITGOGPVFWEQPVTCVGVFWFÃETGVSWGNNGEQPEGRVKQP RQUKVKXG ÃOGTIGVGNNG FGU RTCVKSWGU FG NO1N[ORG HTCPÁCKU FG NOKPVGTPGV!

%OGUV CWVQWT FOWP HQTV CEEGPV OKU UWT NC PÃEGUUKVÃ FOÃFWSWGT ´ FGU XCNGWTU OQTCNGU SWG UG HQPFG NG IWKFCIG EQORQTVGOGPVCN XKUÃ RCT NGU CUUQEKCVKQPU FOKPVGTPCWVGU %G TCFKECNKUOG GUV CW RTKPEKRG FOWP DCUEWNGOGPV FW RTKPEKRG TÃIWNCVGWT FG NOQTFTG UQEKCN SWK RCUUG FG NC TÃIWNCVKQP RCT NC ETCKPVG GV NC EQPVTCKPVG´NCTÃIWNCVKQPRCTNGEQPUGPVGOGPVGVNCXGTVW

0QWU CNNQPU FQPPGT WP GZGORNG FG EG OQFG FG TÃIWNCVKQP QTKIKPCN RCT NOKPUVKVWVKQP#WEQWTUFGNCOQDKNKUCVKQPEQPVTGNCOQFKHKECVKQPRCTNG5ÃPCV FWRTQLGVFGNQKKUUWFGU COGPFGOGPVU $NQEJG OCK KORQUCPV ´ VQWV YGDOGUVTGWPGKFGPVKHKECVKQPCWRTÂUFGUQPJÃDGTIGWTNO1N[ORGKPUVKVWCWP TKVGQTKIKPCNNQWHQSWGGVRTQXQECVGWT2QWTUGPUKDKNKUGTEJCSWGWVKNKUCVGWTCWZ EQPUÃSWGPEGURTCVKSWGUFGNCOGUWTGKNUTGVQWTPÂTGPVUWTNWKNCOGPCEG+NU EQPÁWTGPV WP RGVKV RTQITCOOG ,CXCUETKRV NOGPLQKIPCPV FG UOKFGPVKHKGT .QTUSWG NOWVKNKUCVGWT CTTKXG UWT WP UKVG OGODTG FG NOCPPGCW n&ÃHCKVG FG NOKPVGTPGV€TGITQWRCPVNO1N[ORGEHKPHTCKNUGVTQWXGTGFKTKIÃXGTUWPCWVTG UGTXGWT PQOOà nTGTQWVGWTHNKSWGWT€ SWK NOGPLQKPV FG UOKFGPVKHKGT .OWVKNKUCVGWT FQKV KPFKSWGT CW OQKPU WPG CFTGUUG GOCKN XCNKFG CHKP FG TGEGXQKTWPKFGPVKHKCPVGVWPOQVFGRCUUGSWOKNTGÁQKVRCTOCKN7PGHQKUEGU

KPHQTOCVKQPU HQWTPKGU KN RGWV RCUUGT # EG OQOGPV VQWVGU UGU XKUKVGU UQPV UWKXKGU GV UVQEMÃGU GV NWK UQPV TCRRGNÃGU NQTUSWOKN WVKNKUG NG U[UVÂOG 2CT NC RTCVKSWG NOWUCIGT ÃVCKV CKPUK EQPFWKV ´ GPXKUCIGT FG NWKOÄOG NGU FCPIGTU FOWPGVGNNGKPLQPEVKQPn2WKUSWGPQWUCWVGWTUUQOOGUQDNKIÃUFGPQWUKFGPVKHKGT RQWTGZGTEGTPQVTGNKDGTVÃFOGZRTGUUKQPXQWUWVKNKUCVGWTUSWKRTQEÃFG\FGNCOÄOG NKDGTVÃRWKUSWOKNPO[CFGEQOOWPKECVKQPSWGUKWPTÃEGRVGWTRGTÁQKVEGSWKGUVÃOKU FGXG\ NOÄVTG CWUUK€ HQPFCVGWT FW 4"U %G TKVG RTQXQECPV GUV FGUVKPÃG ´ NC UGPUKDKNKUCVKQP FGU WVKNKUCVGWTU +N GUV TKEJG FOGPUGKIPGOGPVU KN RGTOGV PQVCOOGPV FG OKPQTGT NOKORQTVCPEG FOWPG TÃIWNCVKQP RCT NGU FKURQUKVKHU VGEJPKSWGUFGNOKPVGTPGV

.C XKXG UGPUKDKNKVà FG NO1N[ORG ´ VQWVG TÃIWNCVKQP RCT FGU FKUEKRNKPGU OÃTKVG FOÄVTG GZCOKPÃG GV OKPQTG EQPUKFÃTCDNGOGPV NOKORQTVCPEG CVVTKDWÃG IÃPÃTCNGOGPV ´ NC TÃIWNCVKQP RCT NC VGEJPKSWG QW RCT NG nEQFG€ .GUUKI .CTÃIWNCVKQPRCTNGUFKURQUKVKHUVGEJPKSWGUGUVFÃPQPEÃGRCTEGSWOGNNG FKUUKOWNG NGU RTKPEKRGU FG TÃIWNCVKQP FW HCKV FG NGWT GZKUVGPEG nVTCPURCTGPVG€RQWTNOWUCIGTGVRCTEGSWOGNNGPGTGURGEVGRCUNOCWVQPQOKG FWUWLGVSWKNOWUG#KPUKGNNGUWUEKVGNCTÃDGNNKQPFGUWUCIGTUSWKRTQVGUVGPV EQPVTGNOKTTGURGEVFGUNKDGTVÃU KPFKXKFWGNNGUEOGUVNGECUFWECRVGWTOCUSWà SWK KFGPVKHKG QW FW HKNVTG NQIKEKGN PQP RCTCOÃVTCDNG SWK EGPUWTG %GU FKURQUKVKHU FÃENGPEJGPV WPG TCIG FG FÃHKGT KNU GPIGPFTGPV WPG ÃOWNCVKQP ÃPGTXÃGUWTNGTÃUGCWRQWTETCSWGTNGOÃECPKUOG%OGUVCKPUKNGWTECTCEVÂTG OCEJKPKSWGSWKGUVTGLGVÃNOCDUGPEGFGVGUVGWTJWOCKPFCPUNOÃXCNWCVKQPFGU EQPVGPWU QHHGPUCPVU EQPFWKV NGU HKNVTGU ´ RTCVKSWGT WPG EGPUWTG CDUWTFG HQPFCOGPVCNGOGPV ´ ECWUG FW HCKV SWOKNU UQPV KPECRCDNGU FOCRRTÃEKGT GP HQPEVKQPFWEQPVGZVGNGEQPVGPWUGPUKDNG

(CEG´WPGRQNKEGFWTÃUGCWSWKUOGHHGEVWGTCKVFCPUNGUKNGPEGFWHCÁQPPCIG RCT NGU EJQUGU NG OQFG FG TÃIWNCVKQP RTÏPÃ RCT NGU WUCIGTU EQPUKUVG ´ HCKTG RQTVGT NG RQKFU FW TÃÃSWKNKDTCIG UWT NOKPVÃITCVKQP OQTCNG FOWPG RCTV GP UGPUKDKNKUCPV NGU WVKNKUCVGWTU RCT FGU FKURQUKVKHU LQWCPV NG TÏNG FOÃXGKNNGWTU FG EQPUEKGPEG FOCWVTG RCTV GP RTQOQWXCPV FGU U[UVÂOGU EKXKNU FG TÃIWNCVKQP UWUEGRVKDNGUFOÄVTGÃICNGOGPVKPVÃTKQTKUÃURCTVQWUNGUKPVGTPCWVGU

%OGUVCKPUKWP OQFGFWGNFGTÃIWNCVKQP SWKGUV RTQOW RCT NO1N[ORG FG NOKPVGTPGV HTCPÁCKU +N UOCIKV FOWPG RCTV FG OWNVKRNKGT FGU QEECUKQPU FOWP CRRTGPVKUUCIG RCT NC RTCVKSWG FGU GPLGWZ RQNKVKSWGU FG NOWUCIG IT¸EG ´ NOGUUCKOCIGUWTKPVGTPGVFGUWRRQTVUTKVWGNUFOÃXGKNFGUEQPUEKGPEGUFGUVKPÃU HKPCNGOGPV´RTQXQSWGTNGTKTG+NUOCIKVFOCWVTGRCTVFGHCXQTKUGTNGUQEECUKQPU FOWPG UGPUKDKNKUCVKQP OWVWGNNG FG VQWU NGU WUCIGTU GP HCXQTKUCPV NC EQPUVKVWVKQP FG FKURQUKVKHU FG OÃFKCVKQPU EKXKNG +TKU LQWCPV PQP UGWNGOGPV WP TÏNG FG HCEKNKVCVKQP ´ NOCOKCDNG FGU NKVKIGU OCKU CWUUK FG HQTOCVKQPFGUKPVGTPCWVGU

%OGUVCKPUKUWTWPOQFÂNGRTQEJGFGEGNWKFG4QWUUGCWSWG UOKPUVKVWGNC TÃIWNCVKQP FGU EQPFWKVGU RTÏPÃG RCT NO1N[ORG FGU OKNKVCPVU .C nEKVà FÃOQETCVKSWG€ FQKV KPUVKVWGT UGU EKVQ[GPU ÄVTG WPG EKVà ÃFWECVKXG &CPU UGU ÃETKVU 4QWUUGCW C PQVCOOGPV EJGTEJà ´ OGVVTG GP ÃXKFGPEG NG TÏNG ETWEKCN FGUHQPEVKQPURÃFCIQIKSWGUFGNCEKVÃ'PGHHGVRCTUQPCEVKQPRÃFCIQIKSWG NC EKVà TÃCNKUG UC XQECVKQP OQTCNG GV HCKV HCEG CWZ FCPIGTU SWK NC IWGVVGPV +PUVCNNGTCWEWTFGNCXKGRWDNKSWGWPFKURQUKVKHÃFWECVKHEOGUVPQVCOOGPV EQPVTKDWGT ´ NOCWVQHQTOCVKQP FG EJCEWP RCT UC RCTVKEKRCVKQP ´ FGU TKVGU EQNNGEVKHU HÄVGU EKVQ[GPPGU RCIGU COWUCPVGU RCT UC UGPUKDKNKUCVKQP GP TGICTFCPVFGUNQIQUFGUCPPGCWZ(CEGCWZFÃHCKNNCPEGUFGNCTÃIWNCVKQPRCT NGOCTEJÃGVRCTNO'VCVHCEG´NOKPGRVKGFOWPGTÃIWNCVKQPFKUEKRNKPCKTGRCTNG EQFGVGEJPKSWGEOGUVHKPCNGOGPVGPUGVQWTPCPVXGTUNGUQWEKFOWPGKPUVKVWVKQP OQTCNGFGNOKPVGTPCWVGSWGTÃUKFGWPEJGOKPVTCÁCDNGRQWTNGHWVWT

$KDNKQITCRJKG

#WTC[02QNKVKSWGFGNOKPHQTOCVKSWGGVFGNOKPHQTOCVKQP.GURKQPPKGTUFGNC PQWXGNNG HTQPVKÂTG ÃNGEVTQPKSWG VJÂUG FG UQEKQNQIKG FKT .CWTGPV 6JÃXGPQV '*'55 2CTKUR

$GCWUUCPV#%QFGFGDQPPGEQPFWKVGRQWTNOCWVQTÃIWNCVKQPFGNO+PVGTPGVRCT NGURTQHGUUKQPPGNUTCRRQTVFGOKUUKQPOKPKUVÃTKGNNGOCTU

$QWNNKGT&n.GUEQPXGPVKQPURQWTWPGCRRTQRTKCVKQPFWTCDNGFGU6+%7VKNKUGT WPQTFKPCVGWTGVEQPFWKTGWPGXQKVWTG€5QEKQNQIKGFWVTCXCKNXQNPu

&WTMJGKO' n&KXKUKQP FW HCKV OQTCN€KP 6GZVGU 4GNKIKQP OQTCNG CPQOKG ÃFKVKQPUFG/KPWKV2CTKUR

(CTIG#&KTGGVOCNFKTG.OQRKPKQPRWDNKSWGCW:8+++^GUKÂENG5GWKN2CTKU (NKEJ[2n+PVGTPGVQWNCEQOOWPCWVÃUEKGPVKHKSWGKFÃCNG€KP4ÃUGCWZPu +4+5 n2QWT WPG CNVGTPCVKXG FÃOQETCVKSWG ´ NC EQTÃIWNCVKQP FO+PVGTPGV€

TCRRQTVJVVRYYYKTKUUIFIQTIFQEWOGPVUTCRRQTVEQTGITCRRQTVEQTGIJVON -KPI,.)TKPVGT4'2KEMGTKPI,/n)TCPFGWTGVFÃECFGPEGFO#TRCPGV.C UCICFG0GVXKNNGEKVÃEJCORKIQPFWE[DGTURCEG€4ÃUGCWZPuR

.GUUKI.%QFGCPF1VJGT.CYUQH%[DGTURCEG$CUKE$QQMUR

/CUUKV(QNNÃC ( 4ÃIWNCVKQP FG NO+PVGTPGV SWGNNG RNCEG RQWT NGU WUCIGTU!

EQNNQSWG )QWXGTPCPEG GV WUCIGU FO+PVGTPGV XGTU WP PQWXGN GPXKTQPPGOGPV PQTOCVKH!/QPVTÃCNFÃEGODTG

2CWN % FKT &W FTQKV GV FGU NKDGTVÃU UWT NOKPVGTPGV .C EQTÃIWNCVKQP EQPVTKDWVKQP HTCPÁCKUG RQWT WPG TÃIWNCVKQP OQPFKCNG TCRRQTV RQWT NG 2TGOKGT /KPKUVTGOCK

5CKPV,WUV(TCIOGPVUFO+PUVKVWVKQPU4ÃRWDNKECKPGUTÃÃFKVKQP.C&KURWVG