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FWEJCORFGDCVCKNNG

%NCWFG&QTCPIGL,GCP2CPGN 5VÃRJCPKG2KCVQP

C EQODKPCKUQP FG NOÃNGEVTQPKSWG FG NOKPHQTOCVKSWG GV FG NC VÃNÃEQOOWPKECVKQP C GPVTCÉPÃ WPG TÃXQNWVKQP VGEJPQNQIKSWG NOCRRCTKVKQP FGU VGEJPQNQIKGU FG NOKPHQTOCVKQP GV FG NC EQOOWPKECVKQP 06+% 2CTOK NGU DQWNGXGTUGOGPVU TCFKECWZ SWOGNNGU GPVTCÉPGPV HKIWTGPV NC EQPPGEVKXKVÃ NG TÃVTÃEKUUGOGPV FG NOGURCEG GV NC IGUVKQPGPVGORUSWCUKTÃGN

5KNCIWGTTGGUVnWPCTVUKORNGOCKUVQWVFOGZÃEWVKQP€UCPCVWTGTGUVG HQPEVKQPFGNOKPPQXCVKQPVGEJPQNQIKSWG.OCTTKXÃGFGUPQWXGNNGUVGEJPQNQIKGU FGNOKPHQTOCVKQPGVFGNCEQOOWPKECVKQPEQPUVKVWGFQPEWPDQWNGXGTUGOGPV SWKHCKVHCKTG´NOGHHKECEKVÃOKNKVCKTGWPDQPFGPCXCPVUWHHKUCOOGPVUKIPKHKECVKH RQWT UG FGOCPFGT UOKN PG UOCIKV RCU FOWPG nTÃXQNWVKQP FCPU NGU CHHCKTGU OKNKVCKTGU€ .C FGTPKÂTG TÃXQNWVKQP OKNKVCKTG TGOQPVCPV ´ NOCTTKXÃG FG NOCTVKNNGTKG FG ECORCIPG FG NC HKP FW :8+++^G UKÂENG GV SWK C FÃEWRNà NGU ECRCEKVÃUFGFGUVTWEVKQP

%GVVG TÃXQNWVKQP OKNKVCKTG POGUV RCU UGWNGOGPV VGEJPKSWG 'NNG CHHGEVG GP RCTVKEWNKGTNGURTKPEKRGUHQPFCOGPVCWZFGNCIWGTTGOKUGPÃXKFGPEGRCTNG OCTÃEJCN (QEJ nNKDGTVà FOCEVKQP EQPEGPVTCVKQP FGU GHHQTVU GV ÃEQPQOKG FGU OQ[GPU€

%OGUVNOWPKQPFGHQPEVKQPUFÃVGEVGTVTCPUOGVVTGCIKTGPVGORUSWCUKTÃGNDKGPSWG IÃQITCRJKSWGOGPVUÃRCTÃGU

0CRQNÃQP

.

'P GHHGV NOKTTWRVKQP FGU 06+% QHHTG FG PQWXGNNGU RGTURGEVKXGU FOCRRNKECVKQP CWZ RTKPEKRGU FG NC IWGTTG UQWNKIPCPV RCT N´ NG ECTCEVÂTG XKUKQPPCKTG FG (QEJ 7PG XÃTKVCDNG OCPWXTG XGEVQTKGNNG FGXKGPV CNQTU RQUUKDNG FCPU NC OGUWTG QÔ NGU 06+% QWXTGPV FG PQWXGCWZ EJCORU FOCRRNKECVKQP CWZ RTKPEKRGU FG NC IWGTTG GV ´ NGWTU EQODKPCKUQPU 'PHKP NC OKUGGPWXTGFGEGUPQWXGNNGUVGEJPQNQIKGUPÃEGUUKVGFGTÃXKUGTNOCRRTQEJG FGNCUÃEWTKVÃNGUOQFGUFOGPVTCÉPGOGPVGVFGHQTOCVKQPCKPUKSWGNCEWNVWTG FWEQOOCPFGOGPV

.G EQODCV CÃTQVGTTGUVTG HWVWT ECTCEVÃTKUÃ RCT NC FQOKPCVKQP KPHQTOCVKQPPGNNG GV NC RTÃEKUKQP FGU GHHGVU RQWTTCKV HCKTG ÃOGTIGT VTQKU OQFGU QRÃTCVKHU NC EQPFWKVG RCTVCIÃG EQOOG UQWTEGENÃ FG NC NKDGTVÃ FOCEVKQP FW EJGHNCFÃEGPVTCNKUCVKQPFWEQODCV PÃEGUUCKTG RQWT CESWÃTKT NC EQPEGPVTCVKQP FGU GHHQTVU GV NC EQODKPCKUQP FGU XGEVGWTU EQOOG HCEVGWT FOÃEQPQOKG FGU OQ[GPU

2QWT CWVCPV NC FQOKPCVKQP KPHQTOCVKQPPGNNG UWRRQUG FG NC RCTV FGU EQODCVVCPVU SWGN SWG UQKV NG PKXGCW EQPUKFÃTÃ WPG EQPHKCPEG FCPU NG U[UVÂOG 'P GHHGV NGU ECRCEKVÃU PWOÃTKSWGU TGORNCEGTQPV NG NKGP RJ[UKSWG GPVTG NOGZÃEWVCPV GV UQP EJGH #WUUK CWZ VTQKU OQFGU QRÃTCVKHU EKVÃU RTÃEÃFGOOGPV XKGPPGPV UOCLQWVGT WPG PQWXGNNG RGTEGRVKQP FG NC RTKUG FG TKUSWG FCPU NC EQPEGRVKQP FGU U[UVÂOGU FG UÃEWTKVÃ FG NOKPHQTOCVKQP WP PQWXGCW EQPEGRV FOGPVTCÉPGOGPV GV FG HQTOCVKQP GV GPHKP WPG PQWXGNNG EWNVWTG FW EQOOCPFGOGPV

.OCRRQTVFGU06+%CWZRTKPEKRGUFGNCIWGTTG

n.CPWOÃTKUCVKQPFGNOGURCEGFGDCVCKNNGKPHNWGPEGTCFGHCÁQPKTTÃXGTUKDNGGV RCTHQKUKORTÃXKUKDNGNOCTVFWEQOOCPFGOGPVGVNOGORNQKFGUHQTEGU€

)%#&GNCPIJG4GXWGFGNCFÃHGPUGPCVKQPCNGLWKPn.COCPWXTGCÃTQVGTTGUVTG FW::+^GUKÂENGFQKVCNQTUÄVTGEQPÁWGGVTÃCNKUÃGUGNQPWPGPQWXGNNGCRRTQEJGEQODKPCPVFCPU NOGURCEG GV NG VGORU UWT NOGPUGODNG FW VJøVTG FOQRÃTCVKQPU GV UGNQP WP T[VJOG FÃEKFà GV KORQUà ´ NOCFXGTUCKTG FGU CEVKQPU FG VQWVGU PCVWTGU EQPFWKVGU GP EQPEGPVTCPV FGU XGEVGWTU QRÃTCVKQPPGNU FKOGPUKQPPÃU GV CLWUVÃU ´ NOGHHGV TGEJGTEJà UWT NGU QDLGEVKHU EJQKUKU GV UÃNGEVKQPPÃUGPHQPEVKQPFGUDWVU´CVVGKPFTG€

%´FWPKPUVTWOGPVFGPCVWTGOCVÃTKGNNGEQOOGWPU[UVÂOGFOCTOGUWPITQWRG FG HQTEGU QW KOOCVÃTKGN EQOOG WP EQORQTVGOGPV ´ GHHGV RU[EJQNQIKSWG FW V[RG FOWPGECORCIPGFGRTGUUG

)%# 5QWDKTQW 4CRRQTV UWT NC PWOÃTKUCVKQP FG NOGURCEG FG DCVCKNNG Pu%&'5%#$FWHGX

'P FOCWVTGU VGTOGU NGU EQPFKVKQPU FW EQODCV HWVWT XQPV EQPPCÉVTG FGU OQFKHKECVKQPU VGNNGU SWG NC PCVWTG OÄOG FG NC IWGTTG XC UOGP VTQWXGT RTQHQPFÃOGPVCHHGEVÃG'PGHHGVCRTÂUCXQKTNQPIVGORUEQPUKFÃTÃSWGRQWT XCKPETGKNHCNNCKVnNCEQODKPCKUQPFWHGWFWOQWXGOGPVGVFWEJQE€WPG PQWXGNNGHQTOGFGNCIWGTTGUGRTQHKNGRQWTNG::+^GUKÂENGEGNNGSWKEQPUKUVG´

nXCKPETGRCTNOKPHQTOCVKQP€

.CNKDGTVÃFOCEVKQPTGPHQTEÃGRCTNCEQPFWKVGRCTVCIÃG

n0QWU CNNQPU RCUUGT FOWPG TÃHÃTGPEG RGTUQPPGNNG IÃPÃTCPV WPG CEVKQP EQNNGEVKXG ´ WPG TÃHÃTGPEG INQDCNG RGTOGVVCPV NC EQJÃTGPEG FOCEVKQPU KPFKXKFWGNNGU€

.GRTKPEKRGFGNCNKDGTVÃFOCEVKQPGUVUQWXGPVEQPUKFÃTÃEQOOGNGRTGOKGT RTKPEKRG FG NC IWGTTG ´ NOQTKIKPG FG VQWU NGU CWVTGU 'P GHHGV UCPU NKDGTVÃ FOCEVKQPKNGUVKORQUUKDNGFGEQPEGPVTGTNGUGHHQTVUPKFOÃEQPQOKUGTSWQKSWG EGUQKV.CNKDGTVÃFOCEVKQPEOGUVNGHCKVFGRQWXQKTCIKTOCNITÃNOCFXGTUCKTGGV NGU FKXGTUGU EQPVTCKPVGU KORQUÃGU RCT NG OKNKGW GV NGU EKTEQPUVCPEGU 'P FOCWVTGUVGTOGUEOGUVNCECRCEKVÃTÃUKFWGNNGFOCIKTQWFGTÃCIKT´WPOQOGPV FQPPÃ

.C NKDGTVÃ FOCEVKQP TGRQUG UWT VTQKU RTÃUWRRQUKVKQPU NC UÖTGVÃ NC RTÃXKUKQP GV NOCPVKEKRCVKQP GV NOCRVKVWFG ´ RTGPFTG NOCUEGPFCPV UWT NOCFXGTUCKTG &CPU NOCXGPKT EG RTKPEKRG UG VTQWXGTC TGPHQTEÃ RCT NGU 06+%

FCPU NC OGUWTG QÔ NC ECRCEKVÃ TÃUKFWGNNG FW EJGH ´ CIKT UGTC RNWU ITCPFG RCTEG SWG OKGWZ EQPPWG NC EQPPGEVKXKVÃ .C PWOÃTKUCVKQP FG NOGURCEG FG DCVCKNNG 0'$ NC TÃEQNVG GV NG VTCKVGOGPV FGU FQPPÃGU %+54 GV NC VTCPUOKUUKQP FG NOKPHQTOCVKQP ´ RCTVKT FG U[UVÂOGU FOKPHQTOCVKQP OKU GP RNCEG ´ EJCEWP FGU PKXGCWZ EQPEGRVKQP 5+% OKUG GP WXTG 5+4 GZÃEWVKQP 5+6 EQPEQWTGPV ´ WPG XÃTKVCDNG VTCPURCTGPEG FW EJCOR FG DCVCKNNG

.GU06+%GVNCEQPSWÄVGFGNCUWRÃTKQTKVÃKPHQTOCVKQPPGNNG

2CTOK NGU CRRNKECVKQPU EQPETÂVGU FGU 06+% FCPU NGU VTCPUHQTOCVKQPU FW EJCORFGDCVCKNNGHKIWTGNCPWOÃTKUCVKQPFGNOGPUGODNGFGUOQFWNGUCNNCPV

%1.*WDKP2GTURGEVKXGUVCEVKSWGUÃF'EQPQOKEC

%+54 EQOOCPFGOGPV EQPVTÏNG EQOOWPKECVKQPU EQORWVGTU KPVGNNKIGPEG TGPUGKIPGOGPVUWTXGKNNCPEGGVTGEQPPCKUUCPEG

FW HCPVCUUKP CW U[UVÂOG EQORNGZG FG FÃHGPUG UQNCKT %GNC UOCRRGNNG NC PWOÃTKUCVKQPFGNOGURCEGFGDCVCKNNG0'$

.C 0'$ EQPUVKVWG FQPE WPG XÃTKVCDNG TÃXQNWVKQP PWOÃTKSWG FCPU NGU CHHCKTGUOKNKVCKTGUFCPUNCOGUWTGQÔGNNGRTQEWTGCWZEQODCVVCPVUCWZEJGHU GVCWZÃVCVUOCLQTUWPGEQPPCKUUCPEGGPVGORUSWCUKTÃGNFGNOÃXQNWVKQPFGNC UKVWCVKQPGVRGTOGVWPGCEEÃNÃTCVKQPFGNCRTKUGFGFÃEKUKQP

.GRTKPEKRCNCVQWVFGNCPWOÃTKUCVKQPÄVTGWPnOWNVKRNKECVGWTFOGHHKECEKVÀ

.C PWOÃTKUCVKQP GUV VQWV FOCDQTF WP OWNVKRNKECVGWT FOGHHKECEKVÃ ECT EOGUV WPGVGEJPQNQIKGSWKVTCPUHQTOGNCXQKZNGUFQPPÃGUNGUECTVGUNGURJQVQUW GP WP UKIPCN PWOÃTKSWG HCEKNGOGPV VTCPUOKUUKDNG GV RQWXCPV ÄVTG TGEQRKÃ UGNQP NGU DGUQKPU #KPUK NG RTQEGUUWU KPHQTOCVKQPPGN GV FÃEKUKQPPGN UOGP VTQWXG EQPUKFÃTCDNGOGPV CEEÃNÃTÃ .´ QÔ KN HCNNCKV RNWUKGWTU JGWTGU ´ WPG GUVCHGVVGRQWTVTCPUOGVVTGWPFQEWOGPVEQPHKFGPVKGNRCTGZGORNGWP#%1

´ FKUVTKDWGT CWZ RKÂEGU FOCTVKNNGTKG UQNCKT KN PG HCWFTC ´ RTÃUGPV SWG SWGNSWGUUGEQPFGU'PUWKVGRCTEGSWOGNNGÃXKVGSWGNOKPHQTOCVKQPPGUWDKUUG WPG VTCPUHQTOCVKQP QW WPG FÃHQTOCVKQP .G FQWVG FOWPG OCWXCKUG KPVGTRTÃVCVKQPFGNCUKVWCVKQPFGXTCKVÄVTGÃNKOKPÃ'PGHHGVNGUQTFTGUSWKJKGT FGUEGPFCKGPV GP ECUECFG RQWXCKGPV UWDKT FGU KPVGTRTÃVCVKQPU FKHHÃTGPVGU XQKTGFGUFÃHQTOCVKQPU#RTÃUGPVNGUFQPPÃGUUQPVÃEJCPIGCDNGUUCPURGTVG GP NKIPG 'PHKP RCTEG SWOGNNG GUV HCEKNGOGPV UVQEMCDNG .GU FQPPÃGU PWOÃTKSWGU RGWXGPV ÄVTG GP GHHGV HCEKNGOGPV EQORTGUUÃGU RQWT QEEWRGT OQKPUFOGURCEGFCPUNGUVTCPUOKUUKQPU

.GUTKUSWGUFGNCPWOÃTKUCVKQPNCRNCEGTGNCVKXGFGNOJQOOG

2CTOK NOGPUGODNG FGU TKUSWGU KN HCWV EKVGT NC UWTKPHQTOCVKQP NG PQP TGURGEV FW RTKPEKRG FG UWDUKFKCTKVÃ GV NOCDUGPEG FG FÃEKUKQP .C UWTKPHQTOCVKQP EQPUVKVWG WP TKUSWG RQWT NGU ÃEJGNQPU FOGZÃEWVKQP FÂU NQTU SWGNGUPKXGCWZUWRÃTKGWTUPOCWTCKGPVRCULQWÃNGWTTÏNG'PGHHGVKN[CWP TKUSWGFGFKHHWUKQPIÃPÃTCNGGVU[UVÃOCVKSWGFGNOKPHQTOCVKQPLWUSWOCWRNWU DCUPKXGCWUCPUVTCKVGOGPVKPVGTOÃFKCKTG.GEQODCVVCPVPGFQKVTGEGXQKTSWG

.GU[UVÂOG('.+0EQPUKUVG´HCKTGFWHCPVCUUKPWPXÃTKVCDNGU[UVÂOGFOCTOGUFQVÃ FG ECRVGWTU FOCKFG ´ NC FÃUKIPCVKQP FOQDLGEVKHU FG OQ[GPU FG EQOOWPKECVKQP KPVÃITÃGVE

.GU[UVÂOG/#46*#XKUG´EQQTFQPPGTGPVGORUTÃGNNGUCEVKQPUFGNOCTOÃGFG VGTTGFCPUNCVTQKUKÂOGFKOGPUKQP

#KT %QQTFKPCVKQP 1TFGT FQEWOGPV XCNCDNG JGWTGU GV TGNCVKH CWZ XQNWOGU CÃTKGPUCWZTÂINGURTÃÃVCDNKGUFOQWXGTVWTGFWHGWGVCWZETKVÂTGUFOKFGPVKHKECVKQPUFGU CÃTQPGHU

NOKPHQTOCVKQPSWKNGEQPEGTPGHCWVGFGSWQKUQPCEVKQPUOGPVTQWXGTCKVUCVWTÃG RCTGZEÂUFOKPHQTOCVKQP

.GPQPTGURGEVFWRTKPEKRGFGUWDUKFKCTKVÃGVNOÃETCUGOGPVFGUPKXGCWZ JKÃTCTEJKSWGU RQWTTCKV EQPFWKTG ´ WPG TGOKUG GP SWGUVKQP FG NC NKDGTVÃ FOCEVKQP FGU ÃEJGNQPU UWDQTFQPPÃU 'P GHHGV CXGE NC PWOÃTKUCVKQP FG NOGURCEGFGDCVCKNNGNGUÃEJGNQPUKPVGTOÃFKCKTGURGWXGPVÄVTGEQPVQWTPÃURCT NOÃEJGNQP UWRÃTKGWT FKURQUCPV FOWPG RNWU ITCPFG XWG FOGPUGODNG FGU QRÃTCVKQPU%GFGTPKGTRQWTTCKVCNQTUÄVTGVGPVÃFGOCPWXTGTNWKOÄOGNGU FKHHÃTGPVU OQFWNGU FG NC HQTEG QW CW OKPKOWO FOKORQUGT ´ UGU UWDQTFQPPÃU NG FÃVCKN FG NGWT OCPWXTG CPPKJKNCPV CKPUK NGWT NKDGTVÃ FOCEVKQP.GTKUSWGFGFÃTGURQPUCDKNKUCVKQPUGTCKVCNQTUVTÂUITCPF

2CTCFQZCNGOGPV NC PWOÃTKUCVKQP UK GNNG POGUV RCU OCÉVTKUÃG RQWTTCKV EQPFWKTG ´ TCNGPVKT NC RTKUG FÃEKUKQP 'P GHHGV NG EJGH RQWTTCKV ÄVTG VGPVÃ FOCVVGPFTGNCFGTPKÂTGKPHQTOCVKQPSWKRGTOGVVTCKVFGFKOKPWGTCWOCZKOWO NCRCTVFGNOKPVWKVKQPQWFGNCUWDLGEVKXKVÃFCPUUCFÃEKUKQP+NUOCIKVN´FOWP CDWU FG EQPHKCPEG FCPU NG U[UVÂOG SWK QEEWNVG NC PQVKQP RNWU SWG LCOCKU HQPFCOGPVCNG FG NC RTKUG FG TKUSWG %G RJÃPQOÂPG DKGP EQPPW FG FÃTGURQPUCDKNKUCVKQP RCT NOKPHQTOCVKSWG RQWTTCKV CNQTU CXQKT EQOOG GHHGV RGTXGTUFGTGVCTFGTNCFÃEKUKQPCNQTUSWGNOQDLGEVKHKPKVKCNFGNCPWOÃTKUCVKQP GUVDKGPFOCEEÃNÃTGTNGRTQEGUUWUFÃEKUKQPPGN.GU06+%EQPUVKVWGPVWPNGXKGT GUUGPVKGN FCPU NC UWRÃTKQTKVÃ QRÃTCVKQPPGNNG OCKU NGU FÃEKFGWTU FQKXGPV EQPUGTXGT ´ NOGURTKV SWOGNNGU PG UQPV SWOWP QWVKN OÄOG UOKN GUV TÃXQNWVKQPPCKTGCWUGTXKEGFGNOJQOOG

.GU06+%GVNCNQIKSWGFGTÃUGCW

.OKPHQTOCVKSWG UCPU NGU TÃUGCWZ PG EQPUVKVWG RCU KPVTKPUÂSWGOGPV WPG TÃXQNWVKQP HQPFCOGPVCNG FG OÄOG EG UQPV NGU TÃUGCWZ CUUQEKÃU ´ NC PWOÃTKUCVKQPFGNOGURCEGFGDCVCKNNGSWKCRRQTVGPVWPGCXCPEÃGUKIPKHKECVKXG FCPUNOCTVFGNCIWGTTG+NUOCIKVFQPEFOQTICPKUGTNOGPUGODNGFGUFQPPÃGU´

RCTVCIGT GP U[UVÂOG FG U[UVÂOG %+54 GV FG FÃHKPKT NOCTEJKVGEVWTG FGU U[UVÂOGUFOKPHQTOCVKQP5+EQTTGURQPFCPVCWZDGUQKPUQRÃTCVKQPPGNU .GRTQLGV%+54CWEWTFWRTQLGVFGPWOÃTKUCVKQPFGNOGURCEGFGDCVCKNNG

+N UOCIKV FOWP U[UVÂOG FG U[UVÂOG FQPV NG TÏNG RTKPEKRCN UGTC FOKPVÃITGT VQWUNGUTÃUGCWZFWEJCORFGDCVCKNNGFCPUWPGCTEJKVGEVWTGINQDCNG'PGHHGV NCIWGTTGOQFGTPGPOCFOGVRNWUNCRGTUKUVCPEGFGVGORUFGNCVGPEGGPVTGNC FÃVGEVKQPFOWPOCVÃTKGNGVUCFGUVTWEVKQP.GUEKDNGURQVGPVKGNNGUÃVCPVFGRNWU

.C UWDUKFKCTKVÃ GUV WP ÃNÃOGPV EGPVTCN FG NC RJKNQUQRJKG FW EQOOCPFGOGPV HTCPÁCKUGVRNWUIÃPÃTCNGOGPVFGURC[UGWTQRÃGPU

GP RNWU OQDKNGU RCTHQKU PQ[ÃGU CW OKNKGW FG NC RQRWNCVKQP NOGPPGOK RGWV FKURCTCÉVTGGPSWGNSWGUOKPWVGUNCFGUVTWEVKQPFGUGWNGOGPVEJCTUUGTDGU CW -QUQXQ RCT NOCXKCVKQP FG NO#NNKCPEG GP VÃOQKIPG # NOCXGPKT NG FÃHK EQPUKUVGTC´GZRNQKVGTNOKPHQTOCVKQPGPVGORUTÃGN.GUU[UVÂOGU%+54UQPV CWEWTFGEGVVGTÃXQNWVKQPFCPUNGUCHHCKTGUOKNKVCKTGU.CTÃCNKUCVKQPFGU5+

PÃEGUUCKTGU CWZ FKHHÃTGPVU CEVGWTU FG NOGURCEG FG DCVCKNNG TGRQUG UWT WP EQPEGRV VGEJPQNQIKSWG FKV JQTK\QPVCN EOGUV´FKTG FGUVKPÃ ´ CUUWTGT GP RTKQTKVÃNCEQJÃTGPEGFGUPKXGCWZJKÃTCTEJKSWGUEQPEGRVKQPOKUGGPWXTG GV GZÃEWVKQP #KPUK NG U[UVÂOG FOKPHQTOCVKQP RQWT NG EQOOCPFGOGPV FGU HQTEGU5+%(GUVCVVTKDWÃCWPKXGCWFGNCEQPEGRVKQP2%FGPKXGCW´

NGU[UVÂOGFOKPHQTOCVKQPTÃIKOGPVCKTG5+4CWPKXGCWFGNCOKUGGPWXTG 2%FGPKXGCWGVGVNGU[UVÂOGFOKPHQTOCVKQPVGTOKPCN5+6CWPKXGCW FGNOGZÃEWVKQPU[UVÂOGUFOCTOGU

.CNQIKSWGFGTÃUGCWWPDQWNGXGTUGOGPVFGUPKXGCWZJKÃTCTEJKSWGU FWEQOOCPFGOGPVGVWPHCEVGWTFOCEEÃNÃTCVKQPXGTUNOKPVGTQRÃTCDKNKVÃ FGUU[UVÂOGUPCVKQPCWZGVCNNKÃU

'PTÃCNKVÃNGRTQDNÂOGFGNOÃETCUGOGPVFGUPKXGCWZJKÃTCTEJKSWGUÃXQSWÃ EKFGUUWU PG FQKV ÄVTG EQPUKFÃTÃ SWG EQOOG WP OCN PÃEGUUCKTG NQTUSWG NC TCRKFKVÃFGNOÃXQNWVKQPFGNCUKVWCVKQPNOGZKIGTC

'PGHHGVNGU06+%PGTGOGVVGPVRCUGPECWUGNCFÃEQORQUKVKQPFGNOCEVKQP GPVTQKURJCUGUEQPEGRVKQPOKUGGPWXTGGVGZÃEWVKQP'PTGXCPEJGGNNGU RGTOGVVGPV FG ETÃGT FGU nDQWENGU EQWTVGU€ GV FG FÃENQKUQPPGT NGU VTQKU PKXGCWZ HCKUCPV HK FGU TÂINGU FG UWDQTFKPCVKQP #KPUK NOGZRÃTKOGPVCVKQP VCEVKSWGOGPÃGCW%'2%RCTNG%&'5CENCKTGOGPVOQPVTÃNOQRRQTVWPKVà QHHGTVGRCTNGU06+%FGETÃGTFGUITQWRGUFGHQTEGUFGEKTEQPUVCPEGEQPÁWU OKUGPWXTGGVGZÃEWVÃUCWRNWUJCWVPKXGCWPKXGCW%QTRUFOCTOÃGQWFG

%QORQUCPVGVGTTGUVTGFGVJøVTGRQWTOGPGTFGUQRÃTCVKQPUEKDNÃGUEHNC OCPWXTG XGEVQTKGNNG EKFGUUQWU GP FÃRKV FGU FKHHKEWNVÃU EWNVWTGNNGU GV JKÃTCTEJKSWGUSWGEGNCRQUG

.GUTÃUGCWZOGVVGPVGPHKPGPGZGTIWGNCPÃEGUUKVÃFGFKURQUGTFGU[UVÂOGU KPVGTQRÃTCDNGU'PGHHGVUGWNGUNGUFQPPÃGUTÃRQPFCPVCWZOÄOGUUVCPFCTFU

4GURGEVKXGOGPV2%FG%QTRUFOCTOÃGQWFG%QORQUCPVGVGTTGUVTGFGVJøVTG2%

FGFKXKUKQP2%FGDTKICFG

4GURGEVKXGOGPV2%FGITQWRGOGPV2%FGUQWUITQWRGOGPV

%GPVTGFOGPVTCÉPGOGPVFGU2%DCUô/CKNN[NG%COR

%QOOCPFGOGPV FG NC FQEVTKPG GV FG NOGPUGKIPGOGPV UWRÃTKGWT FG NO#TOÃG FG VGTTG

RGWXGPV EKTEWNGT GV ÄVTG ÃEJCPIÃGU .C PWOÃTKUCVKQP HQTEG FQPE NOKPVGTQRÃTCDKNKVÃFGUFQPPÃGUVCPVCWRNCPPCVKQPCNSWOGPVTGNGUCNNKÃU .GU06+%GVNGUUQNWVKQPUPWOÃTKSWGU

.C OCUUG FOKPHQTOCVKQPU FKURQPKDNGU GV NC RWKUUCPEG FG ECNEWN FGU QTFKPCVGWTURGTOGVVTQPVFOÃNCDQTGTFGUOQFÂNGUUKOWNCPVNOCEVKQPCOKGGPNC EQORCTCPV´EGNNGFGNOGPPGOKGVFGRTQRQUGTFGUEJQKZHKPCWZFOWPGITCPFG QDLGEVKXKVÃ.GTÏNGLQWôEGVÃICTFRCTNCUKOWNCVKQPPOGUVRCUPÃINKIGCDNG 'P GHHGV NOGZRTGUUKQP FOWP DGUQKP FG U[UVÂOG FOKPHQTOCVKQP GUV VQWLQWTU FKHHKEKNG´HQTOWNGT.CUKOWNCVKQPQHHTGNCRQUUKDKNKVÃFGOKGWZEQPETÃVKUGTWP U[UVÂOG HWVWT 2CT CKNNGWTU GNNG LQWG WP TÏNG OCLGWT FCPU NC XCNKFCVKQP FGU U[UVÂOGU FOKPHQTOCVKQP ECT GNNG RGTOGV FOÃRTQWXGT NGU RTQEÃFWTGU FOGPVTCÉPGTGVFGHQTOGTNGURGTUQPPGNU´OQKPFTGEQÖVGVUWTVQWVFGXCNKFGT NCEQJÃTGPEGFWU[UVÂOGRCTUCUQWRNGUUGFOWVKNKUCVKQPGVNGURQUUKDKNKVÃUFG TGLQWGT

/CKUNGUUQNWVKQPUPWOÃTKSWGUSWGRTQRQUGPVNGU06+%CRRNKSWÃGUCWZ U[UVÂOGU FG UKOWNCVKQP RQWTTCKGPV EQPFWKTG ´ OKPKOKUGT NC RNCEG FG NOKPVWKVKQP FCPU NOGZGTEKEG FW EQOOCPFGOGPV 7PG VGNNG ÃXQNWVKQP RQWTTCKV HCKTGETCKPFTGSWGNCEQPFWKVGFGNCIWGTTGPGUQKVRNWUWPCTVOCKUVGPFG´

FGXGPKTWPGUEKGPEG%GVVGETCKPVGPOGUVRCULWUVKHKÃGUCWHUKNCOCEJKPGXGPCKV

´TGORNCEGTNOKPVGNNKIGPEGJWOCKPGGVNCECRCEKVÃFGFÃEKUKQPFGNOJQOOG

%GTVCKPU RGPUGPV SWG NG TÏNG VTCFKVKQPPGN FG NOQHHKEKGT EJCTKUOCVKSWG GP UKVWCVKQP FG EQOOCPFGOGPV FGXTCKV UOGUVQORGT 'P GHHGV EQOOG PQWU NG XGTTQPU RCT UWKVG NG EJGH RQWTTCKV ÄVTG FG RNWU GP RNWU ÃNQKIPÃ FG UGU JQOOGUGVPGEQOOWPKSWGTCXGEGWZSWOCWZVTCXGTUFOÃETCPUFKIKVCWZGVFG UKIPCWZPWOÃTKSWGU&CPUEGUEQPFKVKQPUNOCUEGPFCPVOQTCNFWEJGHUWTUGU UWDQTFQPPÃU PG VKGPFTCKV SWG RCT NC EQPHKCPEG SWG NGU WPU GV NGU CWVTGU CEEQTFGTCKGPV CWZ U[UVÂOGU FOKPHQTOCVKQP GV FG EQOOWPKECVKQP OKU GP RNCEG5GWNNGFGTPKGT ÃEJGNQP EOGUV´FKTG NG PKXGCW FOGZÃEWVKQP CW EQPVCEV FGURQRWNCVKQPUFGNOGPPGOKFWVGTTCKPEQPUGTXGTCKVEGVVGTGNCVKQPRJ[UKSWG SWKFGXTCKVFGXGPKTNOCRCPCIGFGNCUGEVKQPFWITQWRGXQKTGFGNOÃSWKRGQW FW DKPÏOG .C HQTOCVKQP OQTCNG NOGZGTEKEG FG NOCWVQTKVÃ FGXTCKGPV CNQTU GPEQTG RNWU FGUEGPFTG LWUSWOCW FGTPKGT PKXGCW FOGZÃEWVKQP UK EGVVG FKUVCPEKCVKQPGPVTGNGEJGHGVNOGZÃEWVCPVTÃUWNVCPVGFGU06+%UGIÃPÃTCNKUCKV

.CEQPEGPVTCVKQPFGUGHHQTVURCTNCFÃEGPVTCNKUCVKQPFWEQODCV

n(QECNKUGTNCRWKUUCPEGFGEQODCVFGNCHNQVVG´RCTVKTFGHQTEGUNCTIGOGPV FKURGTUÃGUOCKUÃVTQKVGOGPVOCKNNÃGU€

.G RTKPEKRG FG EQPEGPVTCVKQP FGU GHHQTVU HWV CW EGPVTG FG NC DCVCKNNG PCRQNÃQPKGPPG GV UQP CRRNKECVKQP GP HKV NG UWEEÂU FG NOCVVCSWG DNKPFÃG CNNGOCPFGFG)WFGTKCPFCPUNGU#TFGPPGU

.C EQPEGPVTCVKQP FGU GHHQTVU GUV NOQTKGPVCVKQP FCPU NOGURCEG GV FCPU NG VGORUFGUFKHHÃTGPVGUCEVKQPUGVFGUGHHGVUFGUU[UVÂOGUFOCTOGUCWVQWTFOWP DWV WPKSWG 'P FOCWVTGU VGTOGU CUUQEKÃ CW RTKPEKRG FG UWTRTKUG NC EQPEGPVTCVKQPFGUGHHQTVUXKUG´FÃEWRNGTNGUECRCEKVÃUFOWPGHQTEGGPETÃCPV NQECNGOGPVGVRQWTWPGFWTÃGFÃVGTOKPÃGWPTCRRQTVFGHQTEGHCXQTCDNG

#RTÂUWPGRÃTKQFGFGCPUECTCEVÃTKUÃGRCTWPnU[UVÂOGFKXKUÀRQWT OKGWZ UG EQPEGPVTGT NOÃXQNWVKQP VGEJPQNQIKSWG UGODNG ´ NOCXGPKT RTQOQWXQKTWPnU[UVÂOGFÃEGPVTCNKUÀRQWTOKGWZFQOKPGT

.GU06+%GVNCOCPWXTGÃENCVÃG

.CFKURGTUKQPIÃQITCRJKSWGCVQWLQWTUÃVÃWPÃNÃOGPVFÃVGTOKPCPVRQWTNC UCWXGICTFGFGUWPKVÃU/CKUGPVGPFWGUGWNGOGPVEQOOGOGUWTGFGUÖTGVÃ GNNG RGWV GPIGPFTGT FGU UKVWCVKQPU FÃUCUVTGWUGU FCPU NC OGUWTG QÔ NC FKURGTUKQPUKIPKHKGÃICNGOGPVWPGOQKPFTGUQNKFCTKVÃGVRCTEQPUÃSWGPVWPG RNWU ITCPFG XWNPÃTCDKNKVÃ TGNCVKXG .OÃOKGVVGOGPV FGU HQTEGU QPWUKGPPGU GP

$QUPKG POCVKN RCU HCXQTKUÃ NGU RTKUGU FOQVCIGU FG ECUSWGU DNGWU RCT NGU HCEVKQPUCWRTKPVGORU!

#RTÃUGPVWPGFGUEQPUÃSWGPEGUFGNOCXÂPGOGPVFGU06+%UWTNGEJCOR FG DCVCKNNG GUV SWG nNC UKIPCVWTG EOGUV NC OQTV€ .C FKURGTUKQP IÃQITCRJKSWGFGXKGPVFQPEWPKORÃTCVKH

5KJKGTKNUOCIKUUCKVFGHCEKNKVGTNCEQPEGPVTCVKQPFGUGURTQRTGUOQ[GPUVQWV GPEQPVTCTKCPVEGNNGFGNOCFXGTUCKTGNCOCPWXTGHWVWTGUGTCRTQDCDNGOGPV KPXGTUGKNUOCIKTCFGOCKPVGPKTNCFKNWVKQPFGUGUHQTEGUVQWVGPEJGTEJCPV´

EQPEGPVTGT EGNNGU FG NOCFXGTUCKTG 2QWT EGNC NGU WPKVÃU FGXTQPV PÃEGUUCKTGOGPV ÄVTG HWTVKXGU GZVTÄOGOGPV OQDKNGU GV ECRCDNGU FG UG TGEQPHKIWTGT 'P RCTVKEWNKGT GNNGU FGXTQPV RQWXQKT UG OQWXQKT ´ ITCPFG XKVGUUG UWT FGU XÃJKEWNGU DNKPFÃU NÃIGTU UCPU ÄVTG EQPVTCKPVGU RCT WPG NQIKUVKSWG RGUCPVG #KPUK RCTCNNÂNGOGPV CW RTKPEKRG FG UÖTGVÃ NC FKNWVKQP

#- %GDTQYUMK 5GC %JCPIG EKVÃ RCT .CWTGPV /WTCYKGE FCPU .C IWGTTG FW ::+G UKÂENGÃF1FKNG,CEQDR

.CWTGPV/WTCYKGE.CIWGTTGCW::+GUKÂENGÃF1FKNG,CEQDR

UOKORQUGRCTEGSWGNCIWGTTGEJCPIGFGPCVWTG2NWVÏVSWGFGEQPSWÃTKTWP VGTTKVQKTG NGU HQTEGU EJGTEJGTQPV ´ NG EQPVTÏNGT RNWVÏV SWG FG FÃVTWKTG NOGPPGOK NGU HQTEGU EJGTEJGTQPV ´ NWK FÃPKGT VQWVG ECRCEKVÃ FOCEVKQP 2QWT EGNC KN HCWFTC WP ITCPF PQODTG FG RGVKVGU WPKVÃU FÃEGPVTCNKUÃGU CIKNGU OQDKNGUGVTCRKFGUKPVGTEQPPGEVÃGU´WPKPVTCPGVFGNCDCVCKNNGGVKPVÃITÃGUCW TÃUGCWKPHQTOCVKQPPGNFGEQOOCPFGOGPV

.GU06+%GVNCOCPWXTGEKDNÃG

#NOCWDGFW::+^GUKÂENGNOCTVFGNCOCPWXTGGUVCRRGNôÄVTGTGPQWXGNà .C )WGTTG HTQKFG CXGE UC NQIKSWG CTKVJOÃVKSWG XKUCPV ´ QRRQUGT VQWLQWTU RNWU FG OCUUGU FOJQOOGU GV FOCTOGU C EÃFà NG RCU ´ WPG NQIKSWG nHKPCNKVCKTG€ FOGORNQK FGU HQTEGU .C EQPEGRVKQP HTQPVCNG FG NOCEVKQP FGU HQTEGU VGTTGUVTGU KUUWG FGU IWGTTGU PCRQNÃQPKGPPGU POGUV RNWU CFCRVÃG ´ NOGPXKTQPPGOGPV IÃQRQNKVKSWG CEVWGN 'PHKP NOGZRNQUKQP FGU FKUVCPEGU NOKORNQUKQP FGU FÃNCKU GV NC RTÃEKUKQP FGU CTOGU KORQUGPV WPG PQWXGNNG EQPFWKVGFGNOCEVKQPTÃCNKUÃGUGNQPWPGCRRTQEJGXGEVQTKGNNGGPVGORUSWCUK TÃGN

&GNCPQVKQPFGOCUUG´NCPQVKQPFOGHHGVU

&GRWKU4QOGNCIWGTTGVGTTGUVTGEQPUKUVGGPWPCHHTQPVGOGPVFGITCPFGU DCPFGUFOJQOOGUCTOÃURNWUQWOQKPUQTICPKUÃUSWGNGUEJGHUVGPVGPVFG EQPEGPVTGTGPEGTVCKPURQKPVUFWFKURQUKVKHCFXGTUGRQWTETÃGTWPTCRRQTVFG HQTEG HCXQTCDNG GV RGTEGT NG HTQPV CFXGTUG 2QWT EGNC NGU EJGHU CW ITÃ FG NOÃXQNWVKQPVGEJPKSWGFGUCTOGUQPVTGEJGTEJÃNCEQODKPCKUQPUCXCPVGGPVTG NGEJQENGHGWGVNCOCPWXTGRGTOGVVCPVFGTGORQTVGTNCXKEVQKTG&CPUEG EQPVGZVGNCIWÃTKNNCGVNGUKÂIGFGRNCEGHQTVGPGUQPVSWGFGUECURCTVKEWNKGTU 'PGHHGVNCIWGTTGCDKGPVQWLQWTUÃVÃWPGCHHCKTGFGEQPHTQPVCVKQPFGOCUUG EQOOGGPVÃOQKIPGPVNGUOQTVUOKNKVCKTGUVQWLQWTURNWUPQODTGWZCWHKNFGU UKÂENGU %GWZ FG NC TÃXQNWVKQP GV FG NO'ORKTG CVVGKIPGPV OKNNKQPU NGU UQNFCVUOQTVUFGNC)TCPFG)WGTTGUQPVOKNNKQPUGVEGWZFWUGEQPFEQPHNKV OQPFKCNOKNNKQPU

.C NQIKSWG FG OCUUG PG TGEWNG RCU HQPFCOGPVCNGOGPV CRTÂU NC 5GEQPFG )WGTTG OQPFKCNG 'P HCKV NC )WGTTG HTQKFG UOKPUETKV FCPU EGVVG EQPVKPWKVÃ RWKUSWGNGUVCVWSWQUOÃVCDNKVUWTNCDCUGFGTCRRQTVUFGHQTEGEQPUVKVWÃURCT NOCEEWOWNCVKQP FG RCTV GV FOCWVTG FOJQOOGU CTOÃU FG EJCTU FG ECPQPU FOCXKQPU FG PCXKTGUW GV FG OKUUKNGU DCNKUVKSWGU %GVVG PQVKQP EQORCTCVKXG FG OCUUGU SWK UOQRRQUGPV GUV RCTVKEWNKÂTGOGPV DKGP VTCFWKVG FCPU NGU FQEWOGPVUQHHKEKGNUGVNGU#VNCUUVTCVÃIKSWGUFGNOÃRQSWG

+N HCWFTC CVVGPFTG NC IWGTTG FW )QNHG GV NGU OWNVKRNGU ETKUGU FG NC HKP ::^GUKÂENG RQWT EQPUVCVGT SWG NG RCUUCIG FOWPG NQIKSWG ECRCEKVCKTG ´ WPG NQIKSWG HKPCNKVCKTG GUV FGXGPW NC PQTOG .C RTKPEKRCNG TCKUQP TÃUWNVG FG NC FKUU[OÃVTKGFGUOQ[GPU2CTPCVWTGNGUEQPHNKVUUQPVVQWU´RTÃUGPVKPÃICWZ FCPUFGURTQRQTVKQPURQWXCPVCNNGTFG´&GRNWUNOCU[OÃVTKGFGXTCKV FGXGPKTNCTÂING&CPUNGUEQPHNKVUCU[OÃVTKSWGUNGUUVTCVÃIKGUCFXGTUGUUQPV FKCOÃVTCNGOGPV QRRQUÃGU GP KPVGPVKQP EJQSWGT NOQRKPKQP RWDNKSWG GP TGURGEVCDKNKVà WUCIG FG DQWENKGT JWOCKP GP KPVGPUKVà PQPTGURGEV FW RTKPEKRGFGRTQRQTVKQPPCNKVÃGPOQTCNKVÃCEVKQPVGTTQTKUVG.CTÃUQNWVKQP FGEGUETKUGUPGRGWVXGPKTFGNCUGWNGCEEWOWNCVKQPFGECRCEKVÃUOCKURNWVÏV FOCEVKQPU GP VGTOGU nFOGHHGVU ´ QDVGPKT€ UWT NGU UQWTEGU FG RWKUUCPEG FG NOCFXGTUCKTGOKNKVCKTGKPUVKVWVKQPPGNNGHKPCPEKÂTGEWNVWTGNNGRU[EJQNQIKSWG GVE

&GNCPQVKQPFGHTQPV´NCPQVKQPFOGURCEGNCEWPCKTG

.G EQPVGZVG FGU QRÃTCVKQPU CÃTQVGTTGUVTGU GUV TCFKECNGOGPV FKHHÃTGPV FG EGNWK FGU FÃEGPPKGU RTÃEÃFGPVGU .OGURCEG FGU QRÃTCVKQPU C NKVVÃTCNGOGPV ÃENCVÃRQWTFGXGPKTVTKFKOGPUKQPPGN6QWVFOCDQTFNGUEQODCVUPGUQPVRNWU EQPEGPVTÃUUWTWPGNKIPGFGHTQPVGPUWKVGKNUPOQRRQUGPVRNWUGZENWUKXGOGPV FGUHQTEGUCTOÃGUGPHKPNGURQRWNCVKQPUUQPVUQWXGPVNGUGPLGWZFGNCETKUG

#KPUK NC PQVKQP FG HTQPV QRRQUCPV FGU CTOÃGU UOGUVQORGCW RTQHKV FG FKURQUKVKHU VGTTGUVTGU FG RNWU GP RNWU NCEWPCKTGU .C PQVKQP FG nEGPVTG FG ITCXKVÀRTGPFCNQTUVQWVGUCXCNGWT'PGHHGVKNPGUOCIKVRNWUFGTCKUQPPGT WPKSWGOGPVGPHQPEVKQPFWFKURQUKVKHHTQPVCNFGNOCFXGTUCKTGOCKUFOCVVCSWGT RTKQTKVCKTGOGPV NC XÃTKVCDNG UQWTEG FG UC RWKUUCPEG EGNNGEK RQWXCPV ÄVTG OKNKVCKTGÃEQPQOKSWGRQNKVKSWGOÃFKCVKSWGW

&GNOQTFTGQDNKSWG´NOQTFTGXGEVQTKGN

.GU CTOÃGU FG NOCPVKSWKVÃ CWZ VGORU OQFGTPGU QPV RTCVKSWÃ NOQTFTG RCTCNNÂNG EOGUV´FKTG NOCHHTQPVGOGPV GP NKIPG FG DCVCKNNG EQPVTG NKIPG FG DCVCKNNG.CUGWNGOCPWXTGRQUUKDNGÃVCKVEGNNGFGNOGPXGNQRRGOGPVRCTNGU CKNGUKNNWUVTÃGRCT*CPPKDCNCWEQWTUFGNCDCVCKNNGFG%CPPGU%OGUV´NCHKP FW :8+++^G UKÂENG SWG )WKDGTV HQTOCNKUGTC NOCDCPFQP FG NOQTFTG RCTCNNÂNG GV NOCFQRVKQP FG NOQTFTG QDNKSWG SWOKN FÃETKXKV CKPUK n,OCRRGNNG QDNKSWG VQWVG

.GU ÃXÃPGOGPVU FTCOCVKSWGU SWK QPV HTCRRÃ NG EWT FG /CPJCVVCP NG UGRVGODTGGPEQPUVKVWGPVWPGETWGNNGFÃOQPUVTCVKQP

%GVVGPQVKQPFGEGPVTGFGITCXKVÃCÃVÃOKUGGPNWOKÂTGRCT%NCWUGYKV\NGEGPVTG FGITCXKVÃFGUHQTEGUGUVGPHCKVWPGPQVKQPEQORNGZGFGPCVWTGRQNKVKEQUVTCVÃIKSWG SWKRGWVRTGPFTGFKHHÃTGPVGUHQTOGUUWKXCPVNGUECUEQPUKFÃTÃU

FKURQUKVKQPQÔNOQPRQTVGUWTNOGPPGOKWPGRCTVKG GVNOÃNKVGFGUGUHQTEGUGVQÔNOQP VKGPVNGTGUVGJQTUFGRQTVÃGFGNWKVQWVGFKURQUKVKQPQÔNOQPCVVCSWGCXGECXCPVCIGWP QW RNWUKGWTU RQKPVU VCPFKU SWOQP FQPPG EJCPIG CWZ CWVTGU€ .GU OCPWXTGU PCRQNÃQPKGPPGU UG UQPV KPUETKVGU FCPU EGVVG RGTURGEVKXG VTCEÃG RCT )WKDGTV FGOÄOGNGUDCVCKNNGUVGTTGUVTGUFGUFGWZIWGTTGUOQPFKCNGUPOQPVRQWTCKPUK FKTG RCU FÃTQIà ´ EGVVG nQTFTG QDNKSWG€ ´ SWGNSWGU GZEGRVKQPU RTÂU RTÃHKIWTCPV nNOQTFTG XGEVQTKGN€ EQOOG NOQHHGPUKXG FW )WFGTKCP FCPU NGU

#TFGPPGUGPQWNOKTTWRVKQPFGNC^G&$FWIÃPÃTCN.GENGTEGP#NUCEG´

RCTVKTFG5CXGTPGGP

%GV CTV FG NC IWGTTG UOGUV UQRJKUVKSWà CXGE nNOCRRTQEJG KPFKTGEVG€

VJÃQTKUÃG RCT .KFFGNN *CTV RQWT SWK NOCVVCSWG FGU UQWTEGU FG NC RWKUUCPEG CFXGTUGEQPUKUVG´UWTRTGPFTGFÃUÃSWKNKDTGTGVFÃUQTICPKUGTNOCFXGTUCKTGRCT FGUCEVKQPUKPFKTGEVGU

.GU PQWXGNNGU VGEJPQNQIKGU XKGPPGPV FQPPGT WP PQWXGCW UQWHHNG ´ NOCRRTQEJG KPFKTGEVG FCPU NC OGUWTG QÔ KN GUV ´ RTÃUGPV RQUUKDNG FG HCKTG EQPXGTIGTFGUHQTEGUFGVQWVGUPCVWTGUGVFCPUWPOKPKOWOFGVGORUUWT NGU EGPVTGU FG ITCXKVà FG NOCFXGTUCKTG EOGUV NOCRRTQEJG XGEVQTKGNNG %GNC C RQWTRTKPEKRCNGEQPUÃSWGPEGCRTÂUFGWZUKÂENGUOCTSWÃURCTNCRTÃÃOKPGPEG FG NC OCUUG FOQWXTKT NC RGTURGEVKXG FG nNOCRRTQEJG EKDNÃG€ .G U[UVÂOG nFKXKUKQPPCKTG€ XC FQPE ÄVTG TGORNCEà RCT WPG NQIKSWG FOCITÃICVKQP QRÃTCVKQPPGNNG CWVQWT FOWP RTKPEKRG NC OQFWNCTKVà GV FOWPG OÃVJQFG NC EQPUVKVWVKQP FG HQTEG +N GP TÃUWNVG WPG QTICPKUCVKQP UQWRNG TÃXGTUKDNG GV CFCRVÃGCWZDGUQKPUQRÃTCVKQPPGNUGPXWGFGRTQFWKTGWPGPUGODNGFOGHHGVU RQWTCVVGKPFTGNOQDLGEVKHn.GRTKPEKRGFKXKUKQPPCKTGCXÃEW€

8GTUWPGTÃFWEVKQPFWXQNWOGFGUHQTEGU .CSWCNKVÃTGORNCEGTCNCSWCPVKVÃ

#XGE NC RTÃEKUKQP FGU CTOGOGPVU QP EQORTKOG NC SWCPVKVÃ FCPU NC SWCNKVÃ %GTVGU NGU OWPKVKQPU ´ JCWV FGITÃ FG RTÃEKUKQP GZKUVGPV FGRWKU NG FÃDWV FGU CPPÃGU VQWVGHQKU EOGUV XÃTKVCDNGOGPV NQTU FG NC IWGTTG FW )QNHGSWOGNNGUQPVÃVÃWVKNKUÃGUFGHCÁQPUKIPKHKECVKXGVÃOQKIPCPVCNQTUFOWPG TÃGNNGÃXQNWVKQPFCPUNOCTVFGNCIWGTTG.OKPUVTWOGPVCNKUCVKQPFWNCUGTGVNC

.G EQOVG FG )WKDGTV 'ETKVU OKNKVCKTGU ÃF %QRGTPKE RTÃHCEG GV PQVGUFWIÃPÃTCN/GPCTF

7PEGPVTGFGITCXKVÃGUVWPGPQVKQPIÃPÃTKSWGRQWTVTCFWKTG´EJCSWGPKXGCWFG NOGPICIGOGPVNGRQKPVUWTNGSWGNNGUÃPGTIKGUFQKXGPVÄVTGHQECNKUÃGUnEGPVTGXKVCN€

CWPKXGCWUVTCVÃIKSWGnEGPVTGFÃVGTOKPCPV€CWPKXGCWQRÃTCVKHGVnRQKPVFÃEKUKH€

CWPKXGCWVCEVKSWG

)W[*WDKP2GTURGEVKXGUVCEVKSWGUÃF'EQPQOKECR

RTÃEKUKQP FG NC PCXKICVKQP FQPPÃG RCT NG )NQDCN 2QUKVKQPKPI 5[UVGO )25 UQPV FGWZ ÃXQNWVKQPU VGEJPKSWGU OCLGWTGU SWK RGTOGVVGPV GPVTG CWVTGU FG FKTGSWGNCRTÃEKUKQPFGUCTOGOGPVUXCEJCPIGTNCFQPPGOQKPUFOCTOGU OQKPUFOGZRQUKVKQPRNWUFGEQWRUCWDWVGVRNWUFGNÃVCNKVÃ

.CNQIKUVKSWGCNNÃIÃG

.G RQKFU FG NC NQIKUVKSWG XC EQPUKFÃTCDNGOGPV FKOKPWGT 'P GHHGV NC RTÃEKUKQP FGU VKTU XC RGTOGVVTG FG TÃFWKTG EQPUKFÃTCDNGOGPV NGU EQPUQOOCVKQPU.´QÔKNHCNNCKVRNWUKGWTUFK\CKPGUFOQDWURQWTUCVWTGTWPG

\QPGFGWZQWVTQKUOWPKVKQPUKPVGNNKIGPVGUECRCDNGUFGVKTGTCWDWVUWTFGU QDLGEVKHUÃNQKIPÃUFGRNWUFGMOUWHHKTQPV´FÃUQTICPKUGTWPEQPXQK#KPUK NGU PQTKCU FG RQKFU NQWTFU EJCTIÃU FG OWPKVKQPU FOCTVKNNGTKG UGTQPV TGORNCEÃGURCTNOGORQTVFGNCUGWNGFQVCVKQPFGOWPKVKQPUFKVGUKPVGNNKIGPVGU PÃEGUUCKTGU ´ EJCSWG U[UVÂOG FOCTOGU /CKU NGU OWPKVKQPU KPVGNNKIGPVGU PG UQPV RCU NC UGWNG ECWUG FG NOCNNÂIGOGPV RTÃXKUKDNG FG NC NQIKUVKSWG .OQRVKOKUCVKQP FGU HNWZ IT¸EG ´ NC IGUVKQP KPHQTOCVKSWG FGU UVQEMU NC OWVWCNKUCVKQPFGUÃSWKRGOGPVUGVNGWTUVCPFCTFKUCVKQPFGXTCKGPVEQPEQWTKT´

WPGTÃFWEVKQPIÃPÃTCNGFWRQKFUFGNCNQIKUVKSWGFGIWGTTG .GEQODCVXKTVWGN

.GE[DGTGURCEGFGXKGPVFGRNWUGPRNWUNGEGPVTGFGITCXKVÃFGVQWVGUNGU CEVKXKVÃU JWOCKPGU 5WT NC 6QKNG UOÃEJCPIGPV NGU FQPPÃGU ÃEQPQOKSWGU UQEKCNGUOÃFKCVKSWGUGVOÄOGOKNKVCKTGU&GUDCVCKNNGUUO[FÃTQWNGPVGVUO[

FÃTQWNGTQPV FG RNWU GP RNWU .GU XKTWU KPHQTOCVKSWGU n+ NQXG [QW€ GP GV NGU VGEJPKSWGU FG HQWTXQKGOGPV OCPKRWNCVKQP FOKOCIGU FG EJKHHTGUWGPUQPVWPCXCPVIQÖV

.OÃEQPQOKGFGUOQ[GPURCTNCEQODKPCKUQPFGUXGEVGWTU

n.OGHHGV TGEJGTEJà GUV CVVGKPV RCT NC TÃUWNVCPVG FOWP GPUGODNG FG XGEVGWTU QRÃTCVKQPPGNU€

.GRTKPEKRGFOÃEQPQOKGFGUOQ[GPUEQPUKUVG´POGPICIGTSWOWPGSWCPVKVà UWHHKUCPVG FG HQTEGU RQWT CVVGKPFTG NOQDLGEVKH TGEJGTEJà 2CTEG SWG NGU TGUUQWTEGU UQPV EQORVÃGU SWG NOKPVGNNKIGPEG FG UKVWCVKQP QWXTG FGU RGTURGEVKXGU VQWV CWUUK GHHKECEGU SWG EGNNG FW nTQWNGCW EQORTGUUGWT€ GV

*KGT KN HCNNCKV LWUSWO´ RQKFU NQWTFU RQWT CWVQTKUGT OKPWVG FG VKT CW EQTRU FOCTOÃG

)%#&GNCPIJG.OCEVKQPFGUHQTEGUVGTTGUVTGUCWEQPVCEVFGUTÃCNKVÃU%&'5

RCTEGSWGNGUNQKUFGNCIWGTTGKORQUGPVNGRTKPEKRGFGRTQRQTVKQPPCNKVÃNG RTKPEKRG FOÃEQPQOKG FGU OQ[GPU GUV CW EWT FG NC FQEVTKPG OKNKVCKTG HTCPÁCKUG

'P FOCWVTGU VGTOGU NOÃEQPQOKG FGU OQ[GPU EOGUV NC TÃRCTVKVKQP GV NOCRRNKECVKQP LWFKEKGWUG FGU ECRCEKVÃU FOCEVKQP GP XWG FOQDVGPKT NG OGKNNGWT TGPFGOGPV RQWT CVVGKPFTG NG DWV CUUKIPÃ .OKPPQXCVKQP VGEJPQNQIKSWG XC RGTOGVVTGFGEQODKPGTNGUXGEVGWTUGPVTGGWZGVFGHQWTPKTFGUGHHGVUCLWUVÃU CWZDGUQKPUQRÃTCVKQPPGNU

6TQKURTÃUWRRQUKVKQPU

5GEQORTGPFTGKPVGTQRÃTCDKNKVÃFGUU[UVÂOGU

.OKPVGTQRÃTCDKNKVà GUV WP KORÃTCVKH SWK POGUV RCU PQWXGCW .QPIVGORU TGEJGTEJÃG CHKP FG HCKTG FGU ÃEQPQOKGU FOÃEJGNNG GNNG GUV ´ RTÃUGPV RTKPEKRCNGOGPV OQVKXÃG RCT WP KORÃTCVKH FG DQP UGPU KN UOCIKV FG NC PÃEGUUKVà RQWT NGU HQTEGU CTOÃGU FGU FKHHÃTGPVU RC[U CNNKÃU UWT WP VJøVTG FOQRÃTCVKQPU FG RQWXQKT VTCXCKNNGT GPUGODNG +N UOCIKV FQPE CWFGN´ FOWP UKORNG KORÃTCVKH ÃEQPQOKSWG FOWPG GZKIGPEG VTÂU HQTVG KPFWKVG RCT NC OWNVKPCVKQPCNKVÃFGUQRÃTCVKQPU#EGVGHHGVNOGPLGWCWLQWTFOJWKRQTVGUWTNC ECRCEKVÃFGUU[UVÂOGUWPKVÃUGVQTICPKUOGUPCVKQPCWZ´QRÃTGTGPUGODNGIT¸EG´NC EQORCVKDKNKVÃFGNGWTUQTICPKUCVKQPUFQEVTKPGURTQEÃFWTGUGVÃSWKRGOGPVUTGURGEVKHU .GU 06+% TGRTÃUGPVGPV WPG EJCPEG GZEGRVKQPPGNNG ´ UCKUKT RQWT TÃCNKUGT NOKPVGTQRÃTCDKNKVà FGU U[UVÂOGU FCPU NC OGUWTG QÔ NG PWOÃTKSWG FGXKGPV NOÃNÃOGPVFGNCPICIGEQOOWP

)ÃPÃTGTFGUU[PGTIKGUXGTUWPGUWRÃTKQTKVÃFCPUNGFQOCKPG FWEQOOCPFGOGPV

.OCRRQTV FGU PQWXGNNGU VGEJPQNQIKGU FG NOKPHQTOCVKQP XÃTKVCDNG OCVKÂTG RTGOKÂTGFWUCXQKTEQPEQWTV´ETÃGTNGUEQPFKVKQPUFOWPGUWRÃTKQTKVÃFCPUNG FQOCKPG FW EQOOCPFGOGPV %G FGTPKGT XKUCPV ´ RGTOGVVTG CW EJGH KPVGTCTOGUFOKORQUGTUCXQNQPVÃUWTNGVGTTCKPEQOOGPEGRCTnNGTGEWGKNFG NOKPHQTOCVKQPUQPVTCKVGOGPVNGRTQEGUUWUFGRTKUGFGFÃEKUKQPGVNCOKUGGPWXTG FG EGU FÃEKUKQPU RQWT ICIPGT QW ICTFGT NOKPKVKCVKXG€ %GNC UG VTCFWKV EQPETÂVGOGPVRCTNGFÃXGNQRRGOGPVFGU5+%FGUOQ[GPUFGTGPUGKIPGOGPV

n7PGIWGTTGGUVNÃIKVKOGUKGNNGGUVLWUVGEQPUKFÃTÃGEQOOGWNVKOGTGEQWTUFÃEKFÃGRCT WPG CWVQTKVà UQWXGTCKPG GV TGURGEVCPV NG RTKPEKRG FG RTQRQTVKQPPCNKVÀ 5CKPV 6JQOCU FO#SWKP

&QEWOGPVFOÃVWFGFW%&'5%4'&#6FGn.CUWRÃTKQTKVÃFCPUNGFQOCKPG FWEQOOCPFGOGPV€%&'5

GVFGEQPVTGTGPUGKIPGOGPVFGNCIWGTTGÃNGEVTQPKSWGGVKPHQTOCVKSWGFGNC UKOWNCVKQPGVNOCPCN[UGQRÃTCVKQPPGNNGGVFWRTQEGUUWUFGVCTIGVKPI

#IKTGPUGODNGNGRCTVCIGECRCEKVCKTG

.C TÃXQNWVKQP PWOÃTKSWG QWXTG FGU RQUUKDKNKVÃU GZEGRVKQPPGNNGU RQWT NC TÃCNKUCVKQP FG ECRCEKVÃU QRÃTCVKQPPGNNGU GV WP RCTVCIG FG EGNNGUEK FCPU NG ECFTGFOWPGPICIGOGPVGPEQCNKVKQP'PGHHGVRQWTFGUTCKUQPUFGNÃIKVKOKVÃ GVFGUQNKFCTKVÃNGUQRÃTCVKQPUOCLGWTGUUQPV´RTÃUGPVOWNVKPCVKQPCNGU1TNC EQORQUKVKQPFGUOQ[GPUOKUGPWXTGGUVEQPVTCKPVGRCTNGUGZKIGPEGUFGU WPU GV FGU CWVTGU EJCEWP UQWJCKVCPV FOWPG RCTV EQPUGTXGT WPG EGTVCKPG CWVQPQOKG FÃEKUKQPPGNNG RTKPEKRG FW ECTVQP TQWIG GV FOCWVTG RCTV KORQUGTWPGKPHNWGPEGCWUGKPFGNCEQCNKVKQPNGNGCFGTUJKR%GNCUGVTCFWKV CNQTURCTWPRCTVCIGECRCEKVCKTGUCXCPVFQUCIGPWOÃTKSWGVGEJPQNQIKSWGGV RQNKVKSWGSWKXKUG´UCVKUHCKTGNGUKPVÃTÄVUUKPIWNKGTUFGEJCSWGPCVKQP/CKUEG RCTVCIG UGTCKV VTÂU FKHHKEKNG UOKN POGZKUVCKV RCU FOQWVKN RGTOGVVCPV FG TÃCNKUGT EGVVGEQQRÃTCVKQP.GU06+%[EQPVTKDWGPVNCTIGOGPVUCPUGNNGUNCFÃOCTEJG ECRCEKVCKTGRGTFTCKVCNQTUWPGITCPFGRCTVKGFGUCUWDUVCPEG

6TQKUQDLGEVKHU

.OQRVKOKUCVKQPFGUHQTEGUNOCITÃICVKQP

.CPQWXGNNGCRRTQEJGFQEVTKPCNGFGNOCTOÃGFGVGTTGHTCPÁCKUGTGFÃHKPKVNC OCPKÂTGFQPVGUVEQPUVKVWÃGNCHQTEGGPICIÃGUWTWPVJøVTGFOQRÃTCVKQP 5K JKGTNGUWPKVÃUÃVCKGPVEQPUVKVWÃGUGPVCPVSWGHQTEGRGTOCPGPVGRTÄVG´ÄVTG GPICIÃGFCPUWPEQPHNKVFGJCWVGKPVGPUKVÃFCPUFGUFÃNCKUVTÂUDTGHUEHNGU GZGTEKEGU CPPWGNU FG OKUG GP CNGTVG QRÃTCVKQPPGNNG n6TCOQPVCPG€ GV n#NK\À GNNGU EQPUVKVWGPV ´ RTÃUGPV WP nTÃUGTXQKT FG HQTEGU€ ´ RCTVKT FWSWGNGPXGTVWFWRTKPEKRGFGnNCOQFWNCTKVÀNGUWPKVÃUFGUVKPÃGU´ÄVTG GPICIÃGUUQPVEQPUVKVWÃGU#KPUKNCNQIKSWGFOQTICPKUCVKQPFGHQTEGURGTOCPGPVGU UGVTQWXGCDCPFQPPÃGCWRTQHKVFOWPGXÃTKVCDNGNQIKSWGFOCITÃICVKQPQRÃTCVKQPPGNNG RGTOGVVCPVFGIÃPÃTGTCWOQOGPVXQWNWGVUGNQPNGUDGUQKPUFGNCUKVWCVKQP NGU HQTEGU CFCRVÃGU .GU 06+% FCPU EGVVG NQIKSWG RGTOGVVGPV FG FKOKPWGT NGU EQPVTCKPVGU FG HCKUCDKNKVà FG NOCITÃICVKQP QRÃTCVKQPPGNNG GV HCEKNKVGPV NGU DGUQKPUGPEQWTUFOCEVKQPFGEQPHKIWTCVKQPUUWEEGUUKXGUFGUHQTEGU

%OGUV´FKTGNCECRCEKVÃFGRNCPKHKECVKQPFGUEKDNGU

%OGUV CKPUK SWG NC (TCPEG FCPUNG ECFTG FG UC RCTVKEKRCVKQP ´NOQRÃTCVKQP (QTEGU CNNKÃGUCW-QUQXQCGZKIÃFGEQPUGTXGTWPTGICTFRQNKVKSWGUWTNGEJQKZFGUEKDNGUSWK NWKÃVCKGPVCUUKIPÃGURCTNO16#0

.OCFCRVCVKQP´NCUKVWCVKQPNCECRCEKVÃFGTGEQPHKIWTCVKQP

.G RTKPEKRG FG OQFWNCTKVÃ ´ NC DCUG FG NC NQIKSWG FOCITÃICVKQP QRÃTCVKQPPGNNG FQKV RGTOGVVTG FG EQPUVTWKTG WPG QTICPKUCVKQP UQWRNG GV TÃXGTUKDNG +N UOCIKV N´ FOWP XÃTKVCDNG FÃHK FCPU NC OGUWTG QÔ FGTTKÂTG EGVVG QTICPKUCVKQPUGVTQWXGPVPQPUGWNGOGPVFGUOCVÃTKGNUNQWTFUGVEQORNGZGU OCKU UWTVQWV FGU JQOOGU GV FGU HGOOGU FQPV NG DGUQKP FG EQJÃUKQP TGUVG WPG EQPFKVKQP HQPFCOGPVCNG FW UWEEÂU &CPU EGU EQPFKVKQPU VQWV EG SWK EQPEQWTV ´ TÃFWKTG NGU ÃXGPVWGNNGU TWRVWTGU FG EQOOWPKECVKQP GV FOKPHQTOCVKQPGUVFÃVGTOKPCPV.GU06+%[VTQWXGPVCNQTUPCVWTGNNGOGPVVQWV NGWTUGPU

.CRÃPÃVTCVKQPFGEJCORUFOQRÃTCVKQPUÃNCTIKGU

.GU QRÃTCVKQPU TÃEGPVGU QPV OQPVTà SWG NC RCKZ UG ICIPG UWT FKHHÃTGPVU VGTTCKPU RCU WPKSWGOGPV OKNKVCKTGU .G EJCOR FGU QRÃTCVKQPU GUV XCUVG CNNCPV FG NOCEVKQP RU[EJQNQIKSWG ´ NC TGEQPUVTWEVKQP FG NC XKG FG NC EKVà GP RCUUCPV RCT NGU FGUVTWEVKQPU RJ[UKSWGU GV NC RCTCN[UKG FGU QTICPGU ÃEQPQOKSWGU 5K VQWVGU EGU QRÃTCVKQPU UQPV EQORNGZGU ´ OGVVTG GP WXTG GNNGUFQKXGPVPÃEGUUCKTGOGPVÄVTGEQPFWKVGUGPEQJÃTGPEG´VQWUNGUPKXGCWZ RQWT VGPFTG XGTU NC TÃCNKUCVKQP FGU DWVU TGEJGTEJÃU 2QWT EGNC KN HCWV PÃEGUUCKTGOGPV FKURQUGT FGU OQ[GPU PÃEGUUCKTGU RQWT CRRTÃJGPFGT NGU EQPFKVKQPU GV NGU NKOKVGU FGU CEVKQPU ´ GPVTGRTGPFTG .C OCÉVTKUG FG NOKPHQTOCVKQP RGTOGV FOCEETQÉVTG NGU RGTHQTOCPEGU INQDCNGU FGU HQTEGU ECRCDNGU FG OCÉVTKUGTVQWUNGURCTCOÂVTGUFGNCUQEKÃVÃFGNOKPHQTOCVKQP.GU06+% QHHTGPVGP NOQEEWTTGPEG WPG RCNGVVG FOQWVKNU RQWT NC nOCÉVTKUG FGU EJCORU RU[EJQNQIKSWGU€

7PDWVWNVKOGNCOCPWXTGXGEVQTKGNNGFKVGINQDCNG

.GU06+%UQPVFCPUNGEJCORQRÃTCVKQPPGNWPOWNVKRNKECVGWTFOGHHKECEKVà 'P VGORU SWOQWVKN FOCKFG CW EQOOCPFGOGPV GNNGU UGTXGPV RNWU FG HCEKNKVCVGWTFGNCOCPWXTGSWGFGRKNQVGCWVQOCVKSWG.CPWOÃTKUCVKQPFG NOGURCEG FG DCVCKNNG 0'$ C RQWT EQPUÃSWGPEGU QRÃTCVKQPPGNNGU WPG PÃEGUUCKTGCPVKEKRCVKQPFGNCOCPWXTGFGUDQWENGUFGEQOOCPFGOGPVGP TÃUGCW OQFWNCDNG VQWV CW NQPI FG NOCEVKQP GV WPG WVKNKUCVKQP EQODKPCVQKTG FGUCTOGU#KPUKnFOWPGCEVKQPNQIKSWGCTKVJOÃVKSWGGVCPCNQIKSWGQPRCUUG´WPG NQIKSWG XGEVQTKGNNG GV FKIKVCNG FOGORNQK FGU HQTEGU€ .C OCPWXTG XGEVQTKGNNG TGPFWGRQUUKDNGRCTNGU06+%CUUWTGNCUWRÃTKQTKVÃQRÃTCVKQPPGNNGFGUHQTEGU GVTGPFRQUUKDNGNCOCPWXTGHWVWTGFKVGINQDCNG

.OCEVKQPFGUHQTEGUVGTTGUVTGUCWEQPVCEVFGUTÃCNKVÃU%&'5EJRR

#W VQVCN NC UWRÃTKQTKVÃ QRÃTCVKQPPGNNG RCUUG ´ RTÃUGPV RCT NC OKUG GP WXTGFGUPQWXGNNGUVGEJPQNQIKGUFGNOKPHQTOCVKQPGVFGNCEQOOWPKECVKQP +NGPTGUUQTVWPTGPHQTEGOGPVFGURTKPEKRGUFGNCIWGTTGCXGENOÃOGTIGPEGFG VTQKUOQFGUQRÃTCVKHUNCEQPFWKVGRCTVCIÃGNCFÃEGPVTCNKUCVKQPFWEQODCVGV NC EQODKPCKUQP FGU XGEVGWTU /CKU NGU 06+% PG UCWTCKGPV UWHHKTG CW TÂINGOGPVFGUETKUGUEOGUVNOJQOOG´NOCRRWKFGEGUVGEJPKSWGUSWKUGTCNG RTKPEKRCN CTVKUCP FG NC TÃWUUKVG FG NOCEVKQP OKNKVCKTG /CKU UK NC RNCEG FG NOJQOOG FGOGWTG EGPVTCNG GV FÃVGTOKPCPVG UQP CEVKQP TGUVG RQWT RCTVKG FÃRGPFCPVGFWFGITÃFGEQPHKCPEGCEEQTFÃCWZPQWXGNNGUVGEJPQNQIKGU

+NGPTGUUQTVRQWTEGTVCKPUSWGnNCEQPHKCPEGFCPUNGU[UVÂOGFCPUNOQWVKN FCPU UGU ECRCEKVÃU TGORNCEGTC NG NKGP EJCTPGN RJ[UKSWG GPVTG NOGZÃEWVCPV GV UQP EJGH€ 7PG VGNNG FÃRGPFCPEG UWRRQUGTCKV SWG NGU 06+% FGXKGPFTCKGPV NOCNRJCGVNOQOÃICGVSWGNOJQOOGNGWTUGTCKVUWDQTFQPPÃ+NPGHCWFTCLCOCKU QWDNKGTSWGNCHKPCNKVÃEQPUKUVG´CVVGKPFTGNGUQDLGEVKHUHKZÃURCTNOÄVTGJWOCKP GVSWGNGUPQWXGNNGUVGEJPQNQIKGUUQPVWPQWVKNSWKRTGPFWPGRNCEGFGRNWU GP RNWU KORQTVCPVG EGTVGU OCKU SWOGNNGU FGOGWTGPV WP QWVKN CW UGTXKEG FG NOJQOOG &QPPGT WPG FKOGPUKQP SWCUK O[UVKSWG ´ EGU QWVKNU EQPUVKVWGTCKV WPGITCXGGTTGWT%GRGPFCPVGPEQTGRNWUSWGRQWTNGUCWVTGUQWVKNUEQORVG VGPW FG NOKORQTVCPEG ETQKUUCPVG FGU 06+% GV UCPU TGOGVVTG GP ECWUG NC EQJÃUKQP PÃEGUUCKTG GPVTG NGU JQOOGU GV NGU HGOOGU EQPUVKVWCPV NC EJCÉPG JKÃTCTEJKSWG NC EQPHKCPEG CEEQTFÃG ´ EG PQWXGN QWVKN UGTC KPFKURGPUCDNG

%GVVG PÃEGUUCKTG EQPHKCPEG RCUUGTC KORÃTCVKXGOGPV RCT WPG PQWXGNNG CRRTQEJG FW TKUSWG RCT NOÃNCDQTCVKQP FG U[UVÂOGU FG UÃEWTKVÃ FG NOKPHQTOCVKQPGVRCTWPPQWXGCWEQPVGZVGRÃFCIQIKSWG

.GUEQPUÃSWGPEGUFWFÃXGNQRRGOGPVFGU06+%

.C IWGTTG KPHQTOCVKSWG POGUV RNWU WP EQPEGRV XKTVWGN 'NNG TGXÄV FGU HQTOGU FKXGTUGU FCPU NG DWV FG FÃVTWKTG FG RCTCN[UGT QW FG RTGPFTG NG EQPVTÏNG FGU U[UVÂOGU KPHQTOCVKSWGU ´ RCTVKT FOQTFKPCVGWTU GV FG RTQITCOOGU %G V[RG FG IWGTTG PG UWRRQUG RCU HQTEÃOGPV FGU OQ[GPU EQPUKFÃTCDNGUSWGNSWGUURÃEKCNKUVGUGPKPHQTOCVKSWGFGUQTFKPCVGWTUGVFGU RTQITCOOGU UWT ÃVCIÂTG UWHHKUGPV RQWT UOKPVTQFWKTG EJG\ POKORQTVG SWGN

.CWTGPV/WTCYKGE.CIWGTTGCW::+GUKÂENGQREKV

'PRNWUFGCVVCSWGUQPVÃVÃOGPÃGUEQPVTGFGUUKVGUOKNKVCKTGU

.GU nXKTWU€ SWK KPHGEVGPV NGU RTQITCOOGU GV NGU HKEJKGTU NGU nXGTU€ SWK FÃVTWKUGPVNGUTGUUQWTEGUFWU[UVÂOGGVUGFÃRNCEGPVFCPUNGUTÃUGCWZNGUnDQODGU NQIKSWGU€SWKUGRTÃUGPVGPVUQWUNCHQTOGFGRTQITCOOGUEJCTIÃUFOKPVTQFWKTGNGU XKTWU GV NGU XGTU NGU nEJGXCWZ FG 6TQKG€ GV NGU nVTCRRGU€ SWK RGTOGVVGPV FG UOKPVTQFWKTGFKUETÂVGOGPVFCPUWPQTFKPCVGWTRQWTOQFKHKGTQWEQPUWNVGTNGEQPVGPW

WUCIGTSWCPFKNFKURQUGFOWPGCFTGUUGKPVGTPGVGVSWOKNPOCRCUFGU[UVÂOGFG UÃEWTKVÃ.CUÃEWTKVÃKPHQTOCVKSWGTGUVGFQPE´KPXGPVGT/CKUEGSWKTGPFNC V¸EJGRCTVKEWNKÂTGOGPVEQORNGZGEOGUVSWOGNNGFQKVÄVTGGPOGUWTGFGEQNNGT CW RNWU RTÂU ´ NOKPPQXCVKQP VGEJPQNQIKSWG %OGUV FQPE WPG ICIGWTG SWG FG RGPUGTRQWXQKTETÃGTFWTCDNGOGPVFGUU[UVÂOGUKPXKQNCDNGU%OGUVRQWTSWQK NOKFÃGFOWPGEQPEGRVKQPFGNCUÃEWTKVÃHQPFÃGUWTVTQKURKNKGTUNCIGUVKQPFW TKUSWGNCNWVVGKPHQTOCVKSWGRCUUKXGGVNCNWVVGKPHQTOCVKSWGQHHGPUKXGOÃTKVG FOÄVTGFÃXGNQRRÃG

.GU06+%GVNCIGUVKQPFWTKUSWGUÃEWTKVCKTGFCPUNGUU[UVÂOGUFOKPHQTOCVKQP .GUFKURQUKVKHUGVNGUVGEJPQNQIKGUFGNOKPHQTOCVKQPUQPVVGNUSWOKNUEQORTKOGPV XQKTGKPXGTUGPVNGUTCRRQTVUFGRTQZKOKVÃGZKUVCPVGPVTGNGOQPFGGVNGUJQOOGU.G RTQDNÂOGRCTCFQZCNGUVSWOCWOQOGPVQÔNGU06+%GVNGEQPEGRVFGUWRTÃOCVKGFG NOKPHQTOCVKQPQPVGPXCJKNGEJCORFGDCVCKNNGFCPUVQWUUGURCTCOÂVTGUNCPÃEGUUKVÃ FGIÃTGTNGTKUSWGGVNGEQPVTÏNGFWFGXGPKTFGEGUKPHQTOCVKQPUUWTEGOÄOGEJCOR GUVGZCEGTDÃG

6QWVG NC PWCPEG EQPUKUVG ´ EQPUGTXGT WPG EGTVCKPG KPFÃRGPFCPEG FCPU NOKPVGTFÃRGPFCPEG

.C UÃEWTKVÃ FG NOKPHQTOCVKQP GUV FQPE OGPCEÃG %GU OGPCEGU FOQTFTG VGEJPQNQIKSWG OCKU CWUUK JWOCKP TGEQWXTGPV RNWUKGWTU HQTOGU RCT RQWT QWEQPVTGNOKPHQTOCVKQP.OGZGORNGNGRNWURTQDCPVFGTKUSWGFCPUNCURJÂTG KPHQTOCVKQPPGNNGGUVRCTHCKVGOGPVTÃUWOÃFCPUNCRTQDNÃOCVKSWGUÃEWTKVCKTG SWG UQWNÂXG NG U[UVÂOG 'EJGNQP .C UÃEWTKVÃ FG NOKPHQTOCVKQP GUV FQPE WP GPLGWOCLGWTEQORVGVGPWFGUQPQOPKRTÃUGPEGFCPUNGUU[UVÂOGUFOCTOGU NGU U[UVÂOGU FOKPHQTOCVKQP GV FG EQOOWPKECVKQP NGU U[UVÂOGU FG EQOOCPFGOGPVGVFWHCKVFGNCFÃRGPFCPEGCEETWGFWOKNKVCKTGHCEG´EGWZ EK 2CTCNNÂNGOGPV NG EJCOR FW UCXQKT UWT NC IGUVKQP FGU TKUSWGU GV UWT NC HKCDKNKVÃ PG EGUUG FG UOÃVQHHGT 7PG TÃRQPUG ´ EG RTQDNÂOG UGODNG FQPE RQWXQKT ÄVTG CXCPEÃG 2QWT EG HCKTG KN PQWU HCWV ICTFGT ´ NOGURTKV SWG NC UÃEWTKVÃ FG NOKPHQTOCVKQP POGUV RCU WPG HKP GP UQK OCKU WPG EQPFKVKQP FG FKHHWUKQPCRRTQRTKÃGFGNOKPHQTOCVKQPXKCNGU06+%

.GUOGPCEGURGUCPVUWTNOKPHQTOCVKQP

.GU OGPCEGU SWK RÂUGPV UWT NOKPHQTOCVKQP UQPV FQWDNGU GNNGU RQTVGPV EGTVGU UWT NGU U[UVÂOGU FOKPHQTOCVKQP KPHQTOCVKUÃU OCKU CWUUK UWT NGWT GPXKTQPPGOGPV

C.GUCVVCSWGUKPHQTOCVKSWGUEQPVTGNGUU[UVÂOGUFOKPHQTOCVKQPU

´RTQRTGOGPVRCTNGT

.GVJøVTGFOQRÃTCVKQPGUVWPNKGWQÔUGLQWGNCDCVCKNNGFGNOKPHQTOCVKQP .GUU[UVÂOGUFOKPHQTOCVKQPGVFGEQOOWPKECVKQPUQPVWPOQ[GPFOCESWÃTKT WPGUWRÃTKQTKVÃKPHQTOCVKQPPGNNGGVWPGGHHKECEKVÃFÃEKUKQPPGNNG.OCVVCSWGFG EGUOQ[GPUFGEQOOWPKECVKQPGUVFQPENCHCÁQPNCRNWUUÖTGRQWTCPPKJKNGT VQWVGGHHKECEKVÃQRÃTCVKQPPGNNGCFXGTUG

%GU CVVCSWGU UG HQPV FCPU VTQKU DWVU FKUVKPEVU RCT RQWT QW EQPVTG NOKPHQTOCVKQP

LNC FGUVTWEVKQP RCT FGU CITGUUKQPU RJ[UKSWGU NOKPVTWUKQP QW NC FÃITCFCVKQP FW UQHVYCTG GV FW JCTFYCTG RGTOGVVGPV WPG RTKUG FG EQPVTÏNG FWU[UVÂOGFOKPHQTOCVKQPRCTNGDKCKUFOWPQWVKNNOKPHQTOCVKQP.CVCEVKSWG WVKNKUÃG RQWT ICIPGT NC IWGTTG FG NOKPHQTOCVKQP GUV FG TGPFTG NG EJCOR FG DCVCKNNGQRCSWG

LNGTGPUGKIPGOGPVKPHQTOCVKSWGRCTNOGZRNQTCVKQPFWU[UVÂOGNOÃEQWVGGV NG FÃET[RVCIG RGTOGV WPG GZRNQKVCVKQP FG NC TGUUQWTEG KPHQTOCVKQPPGNNG CFXGTUG ´ UQP RTQHKV .C SWCNKVà GV NC RGTVKPGPEG FG NOKPHQTOCVKQP TGEWGKNNKG EQPFKVKQPPGPVNCDQPPGOCÉVTKUGFGUQRÃTCVKQPUUWTNGVJøVTG

LNC PGWVTCNKUCVKQP FW U[UVÂOG GUV WP OQ[GP FG NWVVGT EQPVTG NOKPHQTOCVKQP +N RGTOGV FOGZGTEGT WP RQWXQKT FOKPHNWGPEG UWT NOGPPGOK GP UCRCPVUQPOQTCNGVUCXQNQPVÃ

.CIWGTTGRCTRQWTQWEQPVTGNOKPHQTOCVKQPRTÃUGPVGFQPEFGUOGPCEGUGV FGU EQPUÃSWGPEGU RTQVÃKHQTOGU UWT NG EJCOR FG DCVCKNNG /CKU NGU OGPCEGU UWT NOKPHQTOCVKQP PG UG TÃUWOGPV RCU CWZ UGWNGU CVVCSWGU FGU U[UVÂOGU FOKPHQTOCVKQP KPHQTOCVKUÃU NC UÃEWTKVÃ FQKV ÄVTG GPXKUCIÃG FG HCÁQP RNWU NCTIGNCOGPCEGÃVCPVINQDCNG

D.GUOGPCEGUINQDCNGUFOCVVCSWGUFGU06+%

2QWTEQORTGPFTGNCOGPCEGUÃEWTKVCKTGFCPUUCINQDCNKVÃKNGUVPÃEGUUCKTG FGRTGPFTGGPEQORVGFGWZÃNÃOGPVUURÃEKHKSWGUNOCVVCSWCPVGUVFKHHKEKNG´

KFGPVKHKGTFWHCKVFGUQPGZVÃTKQTKVÃCWEJCORFGDCVCKNNGNCOGPCEGPOGUVRCU VQWLQWTUGZVÃTKGWTGCWEJCORFGDCVCKNNGOCKURGWVÃOCPGTFOWPGOCWXCKUG ÃXCNWCVKQPGVKFGPVKHKECVKQPFWTKUSWGGPKPVGTPG

LNC IWGTTG FG NOKPHQTOCVKQP EQPEGRV COÃTKECKP FO+PHQTOCVKQP 9CTHCTG OGVGPGZGTIWGFGRQUUKDNGUCVVCSWGUEQPVTGNGUKPHQTOCVKQPU%GUCVVCSWGU

&QEVTKPG KPVGTCTOÃGU FOGORNQK FGU HQTEGU GP QRÃTCVKQP EJR 8++ n/CÉVTKUG FG NOKPHQTOCVKQP€

+9QW+PHQTOCVKQP9CTHCTGIWGTTGOGPÃGFCPUNCURJÂTGKPHQTOCVKQPPGNNG

XQKGPV NGWT PQODTG UG OWNVKRNKGT GV UQPV NG HCKV FG UKORNGU RCTVKEWNKGTU QW JCEMGTU FG ITQWRGU VGTTQTKUVGU QTICPKUÃU XQKTG FO'VCVU GPPGOKU .C RGWT RQTVGUWTWPGRQUUKDNGKPVTWUKQPFCPUNGUU[UVÂOGUFGRKTCVGUKPHQTOCVKSWGU ECRCDNGU FOGP OQFKHKGT NGU FQPPÃGU 5WT NG EJCOR FG DCVCKNNG KN GP XC FG NOCWVJGPVKEKVÃFGNOKPVÃITKVÃFGNCFKURQPKDKNKVÃQWGPEQTGFGNCEQPHKFGPVKCNKVÃ FGU FQPPÃGU 6QWVG CVVCSWG RQTVCPV UWT NGU U[UVÂOGU FOKPHQTOCVKQPU UVTCVÃIKSWGUCWTCWPGKPÃXKVCDNGTÃRGTEWUUKQPUWTNGPKXGCWQRÃTCVKQPPGNQW VCEVKSWG.OKPHQTOCVKQPUWKVGPGHHGVWPRTKPEKRGFGEKTEWNCVKQPGPDQWENG.G HNWZFOKPHQTOCVKQPGUVFQPEEQPVKPWUQWUNOKORWNUKQPFWTÃUGCW

LOCKUNCUÃEWTKVÃFGNOKPHQTOCVKQPRGWVCWUUKÄVTGOGPCEÃGRCTWPWUCIGT OCNXGKNNCPV GP KPVGTPG +N RQWTTC UOCIKT FOWP XKTWU KPHQTOCVKSWG QW FOWPG FÃUKPHQTOCVKQP 'P RNWU FG NC RTQVGEVKQP FG NOKPHQTOCVKQP VTCPUOKUG XKGPV UOCLQWVGT NC PÃEGUUCKTG RTÃUGTXCVKQP FW TÃUGCW NWKOÄOG SWK RQWTTCKV ÄVTG CNQTUCEEGUUKDNG´NOCFXGTUCKTG

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#KPUKNGU06+%FQKXGPVFGOGWTGTCWUGTXKEGFGNOJQOOGGP PQPNOKPXGTUG .C HQTOCVKQP CWZ 06+% FQKV FQPE UOKPUETKTG UGNQP WPG CRRTQEJG GORTWPVG FOÃVJKSWG

.GU06+%GVNCRTKUGFGTGURQPUCDKNKVÃU

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LGPUWKVG NG EJGH OKNKVCKTG GUV FÃUKIPÃ RQWT GPFQUUGT WPG TGURQPUCDKNKVÃ KPJÃTGPVG´UCHQPEVKQP

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.GU06+%GVNCECRCEKVÃFGFKUEGTPGOGPVFWEJGH

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.GU06+%GVNGUTCRRQTVUJWOCKPU

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