Pan Lodowego Ogrodu Tom I



-DURVáDZ*U]ĊGRZLF]

3DQ/RGRZHJR2JURGX 7RP,



-DURVáDZ*U]ĊGRZLF]±XURG]RQ\ZURNXGHELXWRZDáZQD áDPDFKW\JRGQLNDÄ2GJáRV\´RSRZLDGDQLHP$]\OGODVWDU\FKSLORWyZ.OXE DEVROXWQHM NDUW\ NUHG\WRZHM SXEOLNDFMD Z LQWHUQHFLH Z  U  RWU]\PDá QRPLQDFMĊ GR 1DJURG\ (OHNWU\EDáWD D SR SXEOLNDFML Z :L]MDFK DOWHUQDW\ZQ\FK  WDNĪH QRPLQDFMĊ GR QDJURG\ 6ILQNVD :  URNX ZUD] ] $QGU]HMHP àDVNLP .U]\V]WRIHP 6RNRáRZVNLP 'DULXV]HP =LHQWDODNLHPL5DIDáHP=LHPNLHZLF]HP]DáRĪ\áPDJD]\QOLWHUDFNLÄ)HQL[´ Z NWyU\P SURZDG]Lá G]LDá SUR]\ SROVNLHM D RG  URNX E\á MHJR UHGDNWRUHPQDF]HOQ\P  2SUyF] WHJR SUDFXMH MDNR G]LHQQLNDU] ÄZROQ\ VWU]HOHF´ SURZDG]L VWDáą UXEU\NĊ QDXNRZRF\ZLOL]DF\MQą Z *D]HFLH 3ROVNLHM L WáXPDF]\ NRPLNV\ JáyZQLH]VHULL8VDJL
:V]\VWNLHZ\MĞFLD]DQLPVLĊZHMG]LH WU]HEDREHMU]HüWU]HED]EDGDü ERQLHZLDGRPRJG]LHZURJRZLHVLHG]ąZĞZLHWOLF\ 

+DYDPDO±3LHĞQL1DMZ\ĪV]HJR 



:V]\VWNLHF\WDW\]D(GGDSRHW\FNDWáXPLRSUDF$SRORQLD=DáXVND6WURPEHUJ=DNáDG1DURGRZ\LP 2VVROLĔVNLFK:URFáDZ

5R]G]LDá

1RFQ\:ĊGURZLHF

3

RZLDGDOL ĪH Z\V]HGá ZSURVW ] IDO 3yáQRFQHJR 0RU]D L ĪH ]URG]Lá JR LFK ORGRZDW\

ZĞFLHNá\EH]PLDUDSRZLáD]DSáRGQLRQDSU]H]PRU]HWRSLHOLFD 3RZLDGDOL ĪH Z\V]HGá ] 3XVWNRZL 7UZRJL JG]LH SRZVWDá MDNR SáyG F]\LFKĞ QLHF]\VW\FK P\ĞOLLQQ\QLĪSR]RVWDáH&LHQLH,QQ\ERZHZV]\VWNLPSRGREQ\GRF]áRZLHND 0yZLOL ĪH E\á V\QHP +LQGD ERJD ZRMyZ VSáRG]RQ\P ]H ĞPLHUWHOQą NRELHWą SRGF]DV

MHGQHM]ZĊGUyZHNERJDSRGSRVWDFLąZáyF]ĊJLSRĞZLHFLH 0yZLOLĪH]URG]LáJRSLRUXQNWyU\]DELáVWRMąFąQDZ\GPDFK6LNUDQĊ6áRQ\:LDWUFyUNĊ ZLHONLHJR ĪHJODU]D 6WLJLQJD .U]\F]ąFHJR 7RSRUD 6WDáD VDPRWQLH SRGF]DV EXU]\ QD NOLILH Z\SDWUXMąF QD KRU\]RQFLH ĪDJOL VWDWNX VZRMHJR XNRFKDQHJR 0DUWZD SRZLáD SáRPLHQLH L ZRMRZQLND 0yZLOL ĪH SRMDZLá VLĊ ZSURVW ] QRF\ MDGąF QD ZLHONLP MDN VPRN NRQLX ] MDVWU]ĊELHP VLHG]ąF\PQDUDPLHQLXLZLONLHPELHJQąF\PRERN 0yZLOLUyĪQHE]GXU\ %\áRFDáNLHPLQDF]HM 3UDZGDMHVWWDNDĪHZ\SOXá\JRJZLD]G\ 

 ± 0DV] SLĊWQDĞFLH PLQXW ± WáXPDF]\ -RID 7áXPDF]\ SR UD] FK\ED G]LHVLąW\ 6LHG]Ċ SU]\SLĊW\ ZHZQąWU] NRNRQX PRMH FXGDF]QH RSRU]ąG]HQLH Z\SHáQLD ZV]\VWNLH EDNLVW\ NDSVXá\ZWOHNUĊFąVLĊWHFKQLF\ZMDVNUDZRF]HUZRQ\FKNRPELQH]RQDFKNWRĞSRGáąF]DJUXE\ NDEHO L NOQLH Eá\VNDMą SRPDUDĔF]RZH ĞZLDWáD DODUPRZH MDNLHĞ XU]ąG]HQLH U]\JD FR FKZLOD VWUXPLHQLDPLJĊVWHMSDU\1LHMHVWHPJRWRZ\ 1LHMHVWHPJRWRZ\ ±3DPLĊWDM0XVLV]RGHMĞüFRQDMPQLHMSyáNLORPHWUDLVFKRZDüáHE(NVSOR]MDQLHEĊG]LH EDUG]R JáRĞQD .DSVXáD Z\SDUXMH DOH PRĪHV] REHUZDü NDPLHQLDPL NDZDáNDPL GU]HZ DOER F]\PNROZLHN %ĊGą GZLH IDOH XGHU]HQLRZH 1DMSLHUZ QRUPDOQD RG Z\EXFKX SRWHP

SRZURWQD0QLHMZLĊFHMSRWU]HFKVHNXQGDFK 3LHUZV]\U\NV\UHQ\1DGĊW\GDPVNLJáRV]DF]\QDRGOLF]Dü1DUD]LHFRG]LHVLĊüVHNXQG RGV]HĞFLXVHW1LHMHVWHPJRWRZ\=DUD]PQLHRGSDOąDSRWHPSyMGąGRNDQW\Q\ 1LH SRMPXMĊ MDN PRJáHP VLĊ Z WR ZSDNRZDü -RID SRSUDZLD MDNLHĞ NDEOH ZHZQąWU] NDSVXá\LXNUDGNLHPZFLVNDGREDNLVW\SDF]NĊW\WRQLX ± -DN SDQ VLĊ F]XMH" ± : VáXFKDZNDFK PHWDOLF]Q\ JáRV 1RZLQNRZD ± :]UDVWD SDQX WĊWQR ±1LHPDPSRMĊFLDGODF]HJR±FHG]ĊZXVWQLN'XUQ\NRQRZDá &]XMĊ VLĊ MDN MDNLĞ SUDGDZQ\ PDUWZ\ ZáDGFD 3U]\ZLą]DQ\ GR WURQX NWyU\ ]D FKZLOĊ VWDQLH Z SáRPLHQLDFK 3U]HGH PQą SU]HFLąJD NRURZyG ĪDáREQLNyZ ] GDUDPL 'RVWDáHP MXĪ V]ZDMFDUVNL VF\]RU\N L EXWHONĊ SDOLQNL RG MDNLHJRĞ NUDMDQD :V]\VWNR QLHOHJDOQH $UWHIDNW\ $QDFKURQL]P\'RZyG]WZRPLVMLWDNVLĊVWDUDáRĪHE\PQLHPLDáQDZHW]DSDOQLF]NL 'DU\JURERZH %UDNXMHW\ONRSáDF]HN 3RZLQQLE\OL]DGEDüRSáDF]NL 3LĊüVHWVHNXQG 1LHMHVWHPJRWyZ ±-DNVLĊF]XMHV]"±7R'HLUGUH5XGHNĊG]LRU\]QLNá\SRGNDSWXUHPSLĊNQHXVWD'HLUGUH GUĪąZRF]DFKEá\VNGLDPHQWyZ , MHGQDN PDP\ FKRü MHGQą SáDF]NĊ 1LH XGDáD QDP VLĊ WD NUyWND ]QDMRPRĞü PRMD UXGD 'HLUGUH ] 'HUU\ SU]H] QLHNWyU\FK QLHVáXV]QLH ]ZDQ\P /RQGRQGHUU\  :LHG]LDáDĞ ĪH QLF ] WHJRQLHEĊG]LH7DNLSU]\IURQWRZ\URPDQV 8QRV]Ċ W\ONR NFLXN &\IUDO MHVW QD UD]LH QLHDNW\ZQ\ 1LH PRJĊ Z\UHJXORZDü VRELH HPRFMLLVWUXJDüWZDUG]LHOD$WHĪMHVWPLVPXWQRUXGD'HLUGUH]'HUU\ $OHMHVW]DSyĨQRQDZHWĪHE\FRĞSRZLHG]LHü 7RPyMVWRV]DUD]SRGSDOą 1LHSRFDáXMHV]PQLHSU]HFLHĪSU]H]PDVNĊ =UHV]WąWRW\MHVWHĞSUDZG]LZ\PNRPDQGRVHP'HLUGUH3UDZG]LZ\P0RUVHP.DSUDOHP 0RUVNLHJR 2GG]LDáX 5R]SR]QDQLD 6SHFMDOQHJR -D MHVWHP W\ONR F\ZLOHP 2FKRWQLNLHP Z\ZLDGXNWyU\SU]HV]HGáURF]QHV]NROHQLH -HVWHĞWZDUGV]DRGHPQLH 3R]DW\PWRMD]QLNQĊQDWURQLH]SáRPLHQLDW\SyMG]LHV]GRNDQW\Q\ :\FLąJDP UĊNĊ 'HLUGUH NOHSLH PQLH Z GáRĔ 7DN WR MXĪ ] QDPL MHVW 1LH PD F]DVX QD VFHQ\ $SRWHPNWRĞXPLHUDEH]SRĪHJQDQLD 2ĞPLRUR QLH ZUyFLáR MDN GR WHM SRU\ -D PDP W\ONR VSUDZG]Lü FR VLĊ ] QLPL VWDáR $ QDMSUDZGRSRGREQLHM ]LGHQW\ILNRZDü FLDáD 0LQĊá\ GZD ODWD -HĪHOL MHGQDN SU]HĪ\OL WR Z\FLąJQąüLFKDOERQDSUDZLüWRFRVSLHSU]\OL,ZUyFLü

:UyFĊQLHFKZDVV]ODJ 7U]\VWDSLĊüG]LHVLąW .ODSD NDSVXá\ RSDGD ] ZL]JLHP VHUZRPRWRUyZ MHVW Z\SXNáD MDN SRNU\ZD FKUDEąV]F]D 6á\V]Ċ]DWU]DVNXMąFHVLĊU\JOH 'HLUGUH FDáXMH VLHGHPQDVWRZDUVWZRZH V]NáR WUyMNąWQHJR ZL]MHUD 1D SDQFHUQHM SRZLHU]FKQL]RVWDMHĞODGUG]DZREUą]RZHMV]PLQNL 3LĊNQHXVWD'HLUGUHRGELWHQDPRLPVDUNRIDJXMDN]DNU]HSáDNUHZ 6WDORZ\áRPRWQDV]F]\FLHNDSVXá\7U]DVN]NWyU\PV]F]ĊNLZSDVRZXMąVLĊZ JQLD]GR FXPRZQLF]H :V]\VWNLHHNUDQ\NRQWUROQHUR]Eá\VNXMą]LHOHQLąLEXUV]W\QHP ±1RFQ\:ĊGURZLHFWX.RQWUROD5R]SRF]\QDP\]U]XW-DNVLĊF]XMHV]'UDNNDLQHQ" ±*RWyZ ±-HVWHĞMXĪQDV]\QLHWUDQVSRUWRZHMUXV]DP\GRNRPRU\]U]XWRZHM ±=UR]XPLDáHP 3U]H]FDáąGURJĊ.RQWURODRGS\WXMHPQLH]SURFHGXUZVND]DĔSU]\U]ąGyZSHZQLHSRWR ĪHE\F]\PĞPQLH]DMąü7RQLHSURP 7R NDSVXáD ]U]XWRZD -HVWHP áDGXQNLHP 1LH PDP QD QLF ZSá\ZX 6WDUW L OąGRZDQLH RGEĊGą VLĊ DXWRPDW\F]QLH -D PDP ]DFLVQąü ]ĊE\ QD RFKUDQLDF]DFK XVWQLND L SDPLĊWDü R RGG\FKDQLX (ZHQWXDOQLH UR]OXĨQLü PLĊĞQLH P\ĞOHü R (XURSLH L SRVWDUDü VLĊ ]QDOHĨü Z W\P RGURELQĊSU]\MHPQRĞFL7RZV]\VWNR &RĞZURG]DMXSRF]W\SQHXPDW\F]QHM ±-DNVLĊF]XMHV]1LWM¶VHIQL" 1LWM¶VHIQL ± 1RFQ\ :ĊGURZLHF 0yM NU\SWRQLP :\JáRV]RQ\ Z JDUGáRZ\P QDU]HF]X /XG]L :\EU]HĪD 3UyF]PQLH PRĪH]H GZXG]LHVWX OXG]L ]QD WHQ MĊ]\N 3R]QDMĊ WHQ JáRV 7R /RGRZLHF6]HIPLVML6\PSDW\F]Q\MHJRPRĞüRGREURGXV]Q\PKXPDQLVW\F]Q\PZ\JOąG]LH SURIHVRUD ILOR]RILL ] MDNLHJRĞ V]DFRZQHJR XQLZHUV\WHWX : U]HF]\ZLVWRĞFL EH]Z]JOĊGQ\ MDN NREUD GLDEHá NWyU\ VNXVLá PQLH GR SU]\VWąSLHQLD GR SURJUDPX 7HUD] X]QDá ĪH PXVL VLĊ RVRELĞFLHSRĪHJQDü7R]SHZQRĞFLąZ\ZU]HQDPQLHRGSRZLHGQLRSR]\W\ZQHZUDĪHQLH ±-DNSDF]NDV]HILH ±7REĊG]LHMDNZOXQDSDUNX6SRGREDFLVLĊ .RU\WDU] NWyU\P VXQLH PyM NRNRQ UR]ĞZLHWODMą IOXRUHVFHQF\MQH REUĊF]H ODPS ]D PQą ]DP\NDMąVLĊJURG]LH 6DPWHJRFKFLDáHP 1LHZLG]ĊJZLD]G 1LHZLG]ĊWHĪJOREXNWyU\]DFKZLOĊVWDQLHVLĊPRLPMHG\Q\PĞZLDWHP .LHG\ RWZLHUD VLĊ JUyGĨ GRNX ]U]XWRZHJR WR ZV]\VWNR ]QDMGXMH VLĊ SRG VSRGHP SRG NDSVXáą-DPRJĊSDWU]HüQDĞFLDQĊREOHZDQą FRVHNXQGĊSRPDUDĔF]RZ\PEá\VNLHPODPS\ DODUPRZHM

: VáXFKDZNDFK KDáDV .RQWUROD VSUDZG]D RVWDWQLH SDUDPHWU\ QDGĊWD VXND ]DF]\QD RGOLF]DüFRVHNXQGĊ&R]DJáRV2EUDĪRQDZDONLULDZSU]HGHGQLXPHQVWUXDFML0DPQDG]LHMĊ ĪHQLJG\MHMQLHVSRWNDP ±&KFHV]FRĞSRZLHG]LHü" ±-HVWHPQLHZLQQ\ 2VWDWQL GĨZLĊN PRMHJR ĞZLDWD WR áRVNRW V]F]ĊN FXPRZQLF]\FK SU]HĞOL]JXMąF\FK VLĊ SR SDQFHU]XLVWáXPLRQ\áRPRWRGSDOHQLD 1LHMHVWHPJRWRZ\ 3RWHPQLHPDMXĪĪDGQ\FKGĨZLĊNyZ]]HZQąWU]SR]DJáRVDPLZVáXFKDZNDFK:\GDMĊ] VLHELHUDGRVQ\NRZERMVNLU\NLVSDGDP 7DNLHQRQV]DODQFNLH]DFKRZDQLDWRWUDG\FMD-HVWHPG]LDUVNLWZDUG\LQLH]QLV]F]DOQ\ :U]HF]\ZLVWRĞFLQDSUDZGĊ]DF]\QDPLVLĊWRSRGREDü 3UDZLHQLFQLHZLGDü:V]\VWNRZLUXMHJZLD]G\UR]PD]XMąVLĊZ]\J]DNLSU]H]FKZLOĊ ZLG]Ċ MHGQDN Ä0DQWĊ´ ZLV]ąFą QD QLHERVNáRQLH MDN V]HURNL JURW NHELU\MVNLHM VWU]Dá\ 0RPHQWDOQLH NXUF]\ VLĊ L ]DPLHQLD Z NROHMQą JZLD]GNĊ QLH GR RGUyĪQLHQLD RG LQQ\FK ĩHJQDMFLH SRGDWNL SURFHGXU\ L SU]HSLV\ ĩHJQDM F\ZLOL]DFMR ĩHJQDMFLH ĞZLĊWD KRWGRJL L V]SLWDOHĩHJQDM=LHPLRĩHJQDMVáRGND(XURSR1LHFKWZyME\NSRQLHVLHFLĊZMDVQąFKROHUĊ .RQLHF ,QLHFKZDVV]ODJ 6WDUDP VLĊ RGG\FKDü QRUPDOQLH DOH PDP ZUDĪHQLH ĪH NLV]NL SU]HFLVNDMą PL VLĊ SU]H] JDUGáR6NyUDWZDU]\UR]FLąJDVLĊZJU\PDVLHL]DF]\QDPĞOHSQąü&]XMĊMDNNUHZXFLHND] SDOFyZMDNGUĊWZLHMąQRJL 1DWUyMNąWQ\PZL]MHU]HZFLąĪZLG]ĊRGELWHSLĊNQHZDUJL'HLUGUH]'HUU\.UZDZ\ĞODG SRFDáXQNX]RVWDMHDĪ]G]LHUDJRNRNRQZĞFLHNáHJRRJQLDNWyU\Z\NZLWDZRNyáNDSVXá\  1LNW QD PQLH QLH F]HND :\VRNL NOLI QD EU]HJX PRU]D MHVW SXVW\ SR KRU\]RQW $Ī SR NUDQLHF U]DGNR SRURĞQLĊW\FK SRNUĊFRQ\PL NU]HZDPL VáRQ\FK EDJLHQ JG]LH PDMDF]\ FLHPQD OLQLDODVX =XSHáQLHEH]OXGQLH7RGREU]H*G\E\NWRĞVLĊWXQDSDWRF]\áPXVLDáE\PJR]DELü 7RQLHĪDUW 0LVMD MHVW ĞFLĞOH WDMQD 2ILFMDOQLH QLHOHJDOQD &Dá\ WHQ ĞZLDW MHVW RNU\W\ FDáNRZLWą NZDUDQWDQQą 2G NOĊVNL SURJUDPX EDGDZF]HJR NZDUDQWDQQą DEVROXWQą 3LHUZV]D DQWURSRLGDOQDF\ZLOL]DFMDZ]EDGDQ\PNRVPRVLH%H]FHQQD1LHPRJąVLĊGRZLHG]LHüĪHQLH VąVDPLZHZV]HFKĞZLHFLH1LHZROQRQDPJU]HEDüZLFKNXOWXU]HFRNROZLHNE\Z\SUDZLDOL .LPĪH MHVWHĞP\ E\ VąG]Lü L WDN GDOHM :V]\VWNR FR URELĊ VDPR PRMH LVWQLHQLH JZDáFL ZV]HONLH SU]HSLV\ XURF]\ĞFLH Z\GDQH Z %UXNVHOL /RGRZLHF MHVW Z ĞZLHWOH LGHRORJLL QLHLQJHUHQFML ]EURGQLDU]HP 5\]\NXMH V]RN NXOWXURZ\ ĪHE\ XUDWRZDü NLONX OXG]L .LOND MHGQRVWHN,PRĪHMHV]F]HFKFHZLHG]LHüRFRWXFKRG]L

7RQLH]JRGQH]G\UHNW\ZDPL =XSHáQLHPLWRQLHSU]HV]NDG]D /ąGXMĊ ] GRNáDGQRĞFLą GR MHGQHJR PHWUD MDNLHĞ SLĊüG]LHVLąW PHWUyZ RG NUDZĊG]L NOLIX 6SDGRFKURQW\SXVNU]\GáRLJUDZLWDF\MQHVLOQLF]NLPDQHZURZH &]HNDPSLĊüPLQXWDĪSRZáRNLRVW\JQąQDW\OHĪHEĊG]LHPRĪQDZ\MĞüDSRWHPRGSDODP U\JOHSRNU\Z\LRGSLQDPSDV\ .DSVXáDVWRMąFDZNUĊJXZ\SDORQHMWUDZ\Z\JOąGDMDNSĊNQLĊW\RZRF 0DP PDáR F]DVX 1LH PRJĊ JDSLü VLĊ QD ZLGRNL &]\P SUĊG]HM ZV]HONLH ĞODG\ PRMHJR SU]\E\FLDPXV]ą]QLNQąü 7U]HEDZ\GRE\üFDá\VSU]ĊWMDNLPDP]HVREą]DEUDü=ZLQąüVSDGRFKURQLZHSFKQąüJR GROXNX$SRWHPREMXF]\üVLĊZV]\VWNLPLPDQHODPLLXUXFKRPLüRGOLF]DQLH 0XV]ĊRGHMĞüSyáNLORPHWUD7RG\VWDQVMDNLG]LHOLPQLHRGZDSLHQQ\FKVNDáSRGODVHP 7RGREU]H3RZLQQ\GDüRVáRQĊSU]H]ZV]HONLPLRGáDPNDPL 5]HF]\ SU]HQRV]Ċ QD UDW\ :\SFKDQH WRUE\ MXF]QH VLRGáR ZRUHN EURĔ 3RZLHWU]H MHVW FKáRGQH L F]\VWH SU]HĞZLHWORQH QLHVDPRZLW\P RVWU\P EODVNLHP ]DFKRGX 7R MHG\QD REFD SODQHWDMDNąRJOąGDPZĪ\FLX-DNZLĊNV]RĞüOXG]LQLJG\QLHUXV]DáHPVLĊ]=LHPL3U]HGH ZV]\VWNLPMDNRĞQLHPRJĊSRMąüĪHZV]\VWNRZRNyáPQLHZ\JOąGDWDNSRVSROLFLH 6ZRMVNR 7UDZD WR MHVW WUDZD 5RĞOLQ\ MDN URĞOLQ\ 7URFKĊ REFH DOH QLH EDUG]LHM QLĪ Z WDNLHM %UD]\OLLF]\$XVWUDOLL1LHERQDGJáRZą]DFKyGVáRĔFDPRUVNLHIDOHSRQLĪHMNOLIXZ\JOąGDMą QRUPDOQLH-DNQDSROLJRQLH&RVWD9HUGH-DNZGRPXSRG6SOLWHP 7DNMDNZV]ĊG]LH ĩDOPLVSDGRFKURQX.LONXG]LHVLĊFLXPHWUyZNZDGUDWRZ\FKIROLL0RFQLHMV]HMLOĪHMV]HM QLĪMDNDNROZLHNGRVWĊSQDWXWNDQLQD0QyVWZRFXGRZQ\FKOLQHNSOHFLRQ\FK]DUDFKQLGX1D NDĪGHMPRĪQDE\SRZLHVLüZRáX:V]\VWNRWRPDZXáDPNXVHNXQG\]DPLHQLüVLĊZSDUĊD ZH PQLH PLHVLąFH PRUGHUF]HJR WUHQLQJX SU]HWUZDQLD Z\URELá\ LQVW\QNW ĞPLHFLDU]D .DĪGD U]HF] MDNą ]QDMG]LHV] PRĪH VLĊ SU]\GDü 'ODWHJR WUXGQR PL UR]VWDü VLĊ ]H VSDGRFKURQHP 0DUQXMĊJRDMXĪQLHGáXJRZDOF]ąF]MDNLPĞWDQGHWQ\PSRZUyVáHPEĊGĊGRQLHJRWĊVNQLá 3RGQRV]Ċ RVáRQĊ ]DSDOQLND SU]HNUĊFDP NOXF] ZSURZDG]DP V]HĞFLRF\IURZ\ NRG D SRWHP RGFK\ODP SRPDORZDQą QD F]HUZRQR UĊNRMHĞü SU]HNUĊFDP Mą L Z\FLąJDP QD FDáą GáXJRĞü 1LF =DPLDVW NZDGUDWRZ\FK F\IU RGOLF]DQLD ZLG]Ċ QD Z\ĞZLHWODF]X OLVWLQJ NRGyZ PDV]\QRZ\FKSRWHPMDNLHĞ]QDF]NLLMHGHQSRGUXJLPNRPXQLNDW\REáĊGDFK 5RELPLVLĊJRUąFR 7RMHGQD]WDMHPQLFWHJRĞZLDWD -HGQD]W\FKNWyUHPDPZ\MDĞQLü 0LGJDDUG MHVW VWUHIą ĞPLHUFL GOD HOHNWURQLNL 7X Z NUyWNLP F]DVLH ZV]\VWNLH EDMHU\

NWyU\PL Z GRPX MHVWHĞP\ RWRF]HQL RG QDURG]LQ DĪ SR JRGQą ĞPLHUü ]DF]\QDMą QDMSLHUZ ZDULRZDüSRWHPVLĊSVXüDZNRĔFXXPLHUDMą 3LHUZV]D HNVSHG\FMD QLH ]GRáDáD QDZHW Z\VWDUWRZDü 3URP UDWXQNRZ\ NWyU\ SR QLFK Z\VáDQR SR VWDUFLH GRWDUá W\ONR QD RUELWĊ FKZLOĊ SyĨQLHM ZV]\VWNLH XU]ąG]HQLD ]GHFKá\ =JDVáR QDZHW ĞZLDWáR Z NDELQLH D SRWHP SURP VWDQąá Z GU\ILH 0XVLHOL JR ]KRORZDü :V]\VF\SU]HĪ\OLDOHPXVLHOLZ\U]XFLüQDZHW]HJDUNL 3RMD]GNWyU\SU]\E\áSRRVWDWQLąHNVSHG\FMĊF]HNDáZXPyZLRQ\PSXQNFLH]DOHGZLHSyá JRG]LQ\.LHG\ZUyFLáRPDáRQLHUR]ELáVLĊRGRNVWDWNXPDFLHU]\VWHJR 7HUD] QLH ZLHP F]\ ]DSDOQLN UXV]\á D SDGá Z\ĞZLHWODF] F]\ WHĪ VHNZHQFMD VDPR]QLV]F]HQLD QLH ]RVWDáD SU]\MĊWD -HĪHOL VLĊ P\OĊ EĊGĊ WX GDOHM NXFDá L ZDOF]\á ] NODZLDWXUąDĪJáRZLFDKLSHUWHUPREDU\F]QDRĪ\MHSRGPRLPLQRJDPL .RQLHFPLVML &]XMĊ ĪH SáyFLHQQD NRV]XOD UREL VLĊ PRNUD 6WXNDP QHUZRZR Z PDUWZH NODZLV]H ZSURZDG]DMąFSURFHGXUĊ]DWU]\PDQLDSRWHPUHVHWXMĊXU]ąG]HQLHNOXF]HP 3RGQRVL VLĊ DOH WUZD WR WU]\ UD]\ GáXĪHM QLĪ ]Z\NOH =QRZX NOXF] NRG\ ZDMFKD 7\P UD]HPRGOLF]DQLHUXV]D1LHNWyUHF\IU\Z\JOąGDMąFXGDF]QLHMDNOLWHU\REFHJRDOIDEHWX =DNáDGDPĪH]DSDOQLNG]LDáDLU]XFDPVLĊJDORSHPZNLHUXQNXVNDá (NVSOR]MDGRSDGDPQLHSRQDMZ\ĪHMGZXVWXPHWUDFK =REDF]\áHPRĞOHSLDMąF\Eá\VNLQDZHWQLH]GąĪ\áHPSDĞü)DODXGHU]HQLRZD]PLDWDPQLH QLF]\P WVXQDPL L ZOHF]H SR EáRFLH L PFKDFK WU]ĊVDZLVND : XVWDFK PDP SHáQR EDJLHQQHM ZRG\MHGQDUĊNDLSOHF\SáRQąMDNREODQHXNURSHP =DSyáVHNXQG\SRGPXFKZUDFD3RZLHWU]HZ\SHáQLDREV]DUSUyĪQLZHSLFHQWUXP :QLRVHNMHVWSURVW\]DSDOQLNUXV]\á]DSLHUZV]\PUD]HP 0DáREUDNRZDáR :RNyá PLHMVFD JG]LH ]QDMGRZDáD VLĊ PRMD NDSVXáD MHVW W\ONR SyáRNUąJáD Z\UZD MDNE\ RJU\]LRQDRGNOLIXLSLHUĞFLHĔ]ZĊJORQHMWUDZ\1DGW\PZV]\VWNLPIRUPXMHVLĊJU]\EG\PX MDNPLQLDWXURZDHNVSOR]MDQXNOHDUQD ,QDND]DáVSDOLüZV]\VWNLHRNUĊW\QDEU]HJX =DSLHUĞFLHQLHPVNDá]DNWyU\P]áRĪ\áHPVSU]ĊWVLDGDPQDSáDVNLPNDPLHQLXLRSLHUDP VLĊSOHFDPLRJUDQLW3DWU]ĊZFLHPQLHMąFHQLHER6áXFKDPREF\FKWĊVNQ\FKJáRVyZSWDNyZ : QDV]\P ĞZLHFLH WUXGQR ]QDOHĨü SXVWNRZLH Z NWyU\P QLH EĊG]LH QLF]HJR RSUyF] SU]\URG\ QLHED QDG JáRZą L F]áRZLHND VLHG]ąFHJR QD NDPLHQLX &]áRZLHND NWyUHJR RERZLą]XMHMHG\QLHWRSUDZRMDNLHPDZVHUFX3U]H]FDáHPRMHĪ\FLHJG]LHNROZLHNE\PVLĊ UXV]\á L FRNROZLHN E\P URELá NRQWURORZDá\ PQLH PLOLRQ\ SU]HSLVyZ 7\VLąFH XU]ĊGQLNyZ QRUPDOL]RZDáRNDĪGąPRMąP\ĞOLNDĪG\SRVWĊSHN1DZV]\VWNRPLHOLSURFHGXU\3U]H]FDá\ F]DVXVLáRZDOLVLĊPQąRSLHNRZDüLXFKURQLüSU]HGMDNLPNROZLHNU\]\NLHP3U]H]FDáHĪ\FLH F]XáHPVLĊMDNE\PPLDáGZDQDĞFLHODW,PLOLRQ\URG]LFyZ 7XQLNWVLĊPQąQLHRSLHNXMH0RJĊVLĊXSLüVNUĊFLüQRJĊZ\OHFLHüZSRZLHWU]HG]LĊNL

ZáDVQHPXáDGXQNRZLWHUPLF]QHPXDOERZSDĞüGRMDNLHMĞVWXGQL:V]\VWNRQDZáDVQHU\]\NR %RĪHFR]DXOJD 3RG NODSą MXNyZ ]QDMGXMĊ SáDVNą SODVWLNRZą EXWHONĊ SDOLQNL Ä0RQDVW\U´ L SRFLąJDP VSRU\ á\N DOH QDMSLHUZ Z\OHZDP RGURELQĊ QD ZQĊWU]H GáRQL L SU]\FLVNDP GáRĔ GR ]LHPL 2ILDUDGOD+LQGDERJDZRMyZ7HUD]:\EU]HĪHĩDJOLWRPRMDMHG\QDRMF]\]QD&]XMĊVPDN ĞOLZNWyUHURVá\SRGUXJLHMVWURQLHNRVPRVXJG]LHĞSRG5LMHNą6PDNDGULDW\FNLHJRVáRĔFD NWyUH WX MHVW OHGZR GRVWU]HJDOQą EODGą JZLD]GNą ZHZQąWU] QLHLVWRWQHJR JZLD]GR]ELRUX ]ZDQHJR 'áRQLą 1LHZ\REUDĪDOQLH GDOHNR 1LH GR SRMĊFLD &]áRZLHN QLH XPLH P\ĞOHü Z DVWURQRPLF]Q\FK NDWHJRULDFK 3U]HVWU]HJDQR PQLH SU]HG W\P 7R IDWDOQH GOD VDPRSRF]XFLD 0RĪQDRV]DOHü 7DNMDNE\NWRĞNWR]DELHUDVLĊ]DFRĞSRGREQHJRPyJáE\üQRUPDOQ\ 5R]NáDGDP VZyM VNURPQ\ GRE\WHN .DĪG\ SU]HGPLRW ]QDP QD SDPLĊü W\VLąFH UD]\ PLDáHPJRZUĊNDFK8PLHPJR]áRĪ\üLUR]áRĪ\üQDZHWSU]H]VHQ 1D SRF]ąWNX QLH UR]XPLDáHP SR FR WR ZV]\VWNR 8ZDĪDáHP ĪH SRZLQLHQHP PLHü QRUPDOQąEURĔ&KRFLDĪSLVWROHW0RJĊSU]\SRPLQDüWXE\OFDMDVQHDOHSRFR]DWUXGQLDüV]WDE OXG]LĪHE\ SRG NLHUXQNLHP NVHQRHWQRORJyZ V]\OL PLEXW\ ]H VSHFMDOQ\FK PRG\ILNRZDQ\FK VNyU ]D SRPRFą NORQRZDQ\FK ĞFLĊJLHQ VNRUR PRJĊ SR SURVWX ]DáRĪ\ü VROLGQH ZRMVNRZH DOERWXU\VW\F]QHEXW\]DSLĊüG]LHVLąWHXUR".RPXWR]URELUyĪQLFĊ"3U]HMGĊGROHJHQG\MDNR 7HQ.WyU\0LDá&]DURG]LHMVNLH%XW\L]PLHQLĊNXOWXUĊWHJRĞZLDWD" 'ODF]HJR QLH ZROQR PL ]DEUDü PDMWHN" -HVWHP RNUĊFRQ\ FLHQNą SáyFLHQQą FKXVWą MDN SLHOXFKą 7R QLH WDNLH WUXGQH 3U]HZLą]XMH VLĊ Z SDVLH WDĞPĊ QDVWĊSQLH ]ZLVDMąFą ] W\áX SURVWRNąWQą V]PDWĊ RGZUDFD QD GUXJą VWURQĊ WDN E\ SRZVWDá\ GZD WUyMNąW\ L SU]HFLąJD PLĊG]\QRJDPLDSRWHPSU]HFLVNDNRQLHFSRGWDĞPąLZ\ZLMDQD]HZQąWU]3URVWH ,QLHZ\JRGQH 0DP áDGXQHN NWyU\ REMXF]\áE\ GXĪHJR NRQLD DOH PXV]Ċ VLĊ MDNRĞ ]DEUDü 1DXF]RQR PQLH RE\ZDü VLĊ EH] VSU]ĊWX DOH QLH ZLDGRPR MDN GáXJR WX ]DEDZLĊ .DĪG\ SU]HGPLRW ]ZLĊNV]DPRMHV]DQVHSU]HĪ\FLD =RVWDQĊ X]QDQ\ ]D ]DJLQLRQHJR Z DNFML MHĪHOL QLH ]QDMGą PQLH ]D URN Z W\P VDP\P PLHMVFXOXEMHĪHOLQLHGDP]QDNXĪ\FLD (OHNWURQLNDXPLHUDQDW\FKPLDVWDOHXNáDG\ELRQLF]QHMDNRĞHJ]\VWXMą1LHG]LZLPQLHWR :NRĔFXOXG]LHL]ZLHU]ĊWDPDMąVLĊWXGRVNRQDOH :\FLąJDPSRMHPQLN]UDGLRODULą0RMDPDVNRWND0RMH]ZLHU]ąWNR 0yMQDGDMQLN 0HWDORZ\ F\OLQGHU SRNU\W\ SOąWDQLQą RUQDPHQWyZ 1DFLVNDP NLOND R]GyE Z XVWDORQHM NROHMQRĞFL ± áHE ZĊĪD OLĞü NORQX NRáR ZR]X RNR ĪDE\ :HZQĊWU]Q\ WDQN Z\VXZD VLĊ ] V\NLHP UDGLRODULD XQRVL VLĊ EH]ZáDGQLH Z ]LHORQNDZ\P ĪHOX MDN ZLHOND PHGX]D 0DFNL ]ZLVDMą VZRERGQLH NDSHOXV]H DQWHQ RWXODMą MHM G]ZRQ SR V]NOLVW\P FLHOH SU]HELHJDMą W\ONR GUREQH SXQNFLNL Eá\VNyZ OXPLQHVFHQFML 1DGDMQLN ĞSL Z SyáWUZDQLX L F]HND QD VZyM F]DV

.LHG\Ğ EĊGĊ PXVLDá ZH]ZDü SRPRF ]DPHOGRZDü R ]DNRĔF]HQLX PLVML DOER ]áRĪ\ü VZyM RVWDWQL PHOGXQHN L ZWHG\ UDGLRODULD VLĊ REXG]L :\ĞOH PyM SU]HND] SURVWR GR VDWHOLW\ REVHUZDF\MQHJRLSU]\SXV]F]DOQLHEĊG]LHMąWRNRV]WRZDáRĪ\FLH 3RGF]DVWUHQLQJXRND]DáRVLĊĪHGRPDUV]XSRZLQLHQHP]DáRĪ\üQDVLHELHSHáQą]EURMĊ ,QDF]HMVLĊQLH]DELRUĊ]W\PZV]\VWNLP1LHMHVWFLĊĪNDDOHSR]GMĊFLXVWUDV]QLHQLHSRUĊF]QD :\SHáQLDSĊNDW\ZRUHNDMDPXV]Ċ]DEUDüMHV]F]HVDNZ\]URORZDQ\SáDV]F]EURĔWDUF]ĊL VLRGáR*G\E\WRE\áDQRUPDOQDWXWHMV]D]EURMDWROHGZRE\P]W\PZV]\VWNLPáD]Lá']LĊNL QRZRF]HVQ\P PDWHULDáRP NWyU\P ND]DQR MDN QDMZLHUQLHM XGDZDü NXWą VWDO SOHFLRQH U]HPLHQLH L XWZDUG]DQą VNyUĊ ZV]\VWNR áąF]QLH ] KHáPHP WR W\ONR GZDQDĞFLH NLOR 3HáHQ U\QV]WXQHN QRUPDOQHJR ZRMD ] :\EU]HĪD ZDĪ\ GZXNURWQLH ZLĊFHM =DNáDGDP QDJROHQQLNL NDUZDV]H NROF]XJĊ IROJRZ\ SyáSDQFHU] L KHáP 3U]\SLQDP SDV ] EURQLą L SR UD] SLHUZV]\ WXWDMZ\FLąJDPPLHF] :\NRQDQR JR Z ]DNáDGDFK 1RUGODQG SURGXNXMąF\FK JUDZLWDF\MQH KHOLNRSWHU\ ERMRZH 1LHSU]\SRPLQDPLHF]D/XG]L:\EU]HĪD-HVWWURFKĊGáXĪV]\PDGZDUD]\GáXĪV]ąUĊNRMHĞü EH]Z\UDĨQHMJáRZLF\NZDGUDWRZ\WDUF]RZ\MHOHFLMHGQRVLHF]QHRVWU]HZ\KRGRZDQHMDNR PRQRPROHNXODUQD F]ąVWHF]ND -HJR NV]WDáW WURFKĊ Z]RURZDQR QD VKLQREL NHQ PLHF]X VWDURMDSRĔVNLFK VNU\WREyMFyZ :RODáHP VDPXUDMVNą NDWDQĊ DOH PyM LQVWUXNWRU ZDONL ]D SRPRFąNLONXEROHVQ\FKSU]\NáDGyZXGRZRGQLáPLĪHWRJáXSLNDSU\V'RVWDáHP]DWRGXĪR EDUG]LHM XQLZHUVDOQH QDU]ĊG]LH NWyU\P PRJĊ ZDOF]\ü Z NLONX UyĪQ\FK VW\ODFK 8Ī\ZDMąF WDUF]\MHGQąUĊNąDOERREXUąF]0RJĊVLĊIHFKWRZDüZDOF]\üZVW\OXNHQMXWVXDOERUąEDüMDN WHPSODULXV] 0DF]HWĊ GRVWDáHP GRGDWNRZR MDNR ]Z\NáH QDU]ĊG]LH -HVW UyZQLH SURVWD Z EXGRZLH L UyZQLH Z\UDILQRZDQD WHFKQRORJLF]QLH FR PLHF] -HGQDN Z SDUDIHXGDOQ\FK NXOWXUDFK WDNLFK MDNWDPLHF]WR]D]Z\F]DMQLHE\OHFR1LHW\ONRNRV]WXMHPDMąWHN0LHĞFLVLĊZQLPKRQRU ZRMRZQLNDGXFK\RILDUIDUWMDNLĞEyJRVRELĞFLHLGLDEOLZLHG]ąFRMHV]F]H-HĪHOL]DF]QĊQLP ĞFLQDüVXFKHJDáĊ]LHQDRJQLVNRDOERNRSDüZ]LHPLQDURELĊVRELHNáRSRWXOXE]URELĊ]VLHELH SRĞPLHZLVNR:NDĪG\PUD]LHQLHSRWU]HEQLHSU]\FLąJQĊXZDJĊ -HVW MHV]F]H QyĪ WURFKĊ VSU]ĊWX ELZDNRZHJR FLHSáH XEUDQLH ]DSDVRZH EXW\ ]LPRZH EXW\ UR]áRĪRQ\ áXN VWU]Dá\ RZDOQD WDUF]D ] ODPLQDWX L U]ąG NRĔVNL &KROHUQH VLRGáR -HVW GRVNRQDáH L OHNNLH ]DZLHUD PQyVWZR VNU\WHN L UyĪQ\FK VDNZ DOH FK\ED QLH LVWQLHMH QLF EDUG]LHMQLHSRUĊF]QHJRZWUDQVSRUFLH +HáP RF]\ZLĞFLH QD JáRZĊ 6DNZ\ Vą WDN VNRQVWUXRZDQH ĪH PRJĊ SRZLHVLü MH QD UDPLRQDFK MHGQą ] SU]RGX GUXJą ] W\áX L VSLąü SR ERNDFK 3RZVWDMH ZWHG\ FRĞ Z URG]DMX SRNUDF]QHJR SOHFDND 7DUF]Ċ PRĪQD SU]\WURF]\ü QD SOHFDFK àXE\ ]H ]áRĪRQ\P áXNLHP QD SDVLHXSUDZHJRERNX0DF]HWĊSRGNODSąWRUE\ZLV]ąFHMQDSLHUVL 6LRGáR áDGXMĊ Z NRĔFX QD NDUN RSLHUD VLĊ ZHZQĊWU]Q\P F]DSUDNLHP R WDUF]Ċ MHGQD W\ELQNDZFKRG]LPLĊG]\VDNZĊLQDNDUF]HNKHáPX 2WRMD

1DGFKRG]Ċ 2EáDGRZDQ\ MDN GURPDGHU Z SHáQHM ]EURL ] VLRGáHP QD NDUNX Z\JOąGDMąF MDN 7ZHHGOHGXP L 7ZHHGOHGHH Z MHGQHM RVRELH 3RW\NDP VLĊ Z EáRWQLVW\P SHáQ\P VNDá L XVFKá\FKGU]HZWU]ĊVDZLVNXG]ZRQLĊRSRU]ąG]HQLHPL]PLHU]DPZVWURQĊODVXNWyU\VNU\MH FDáHWRG]LZRZLVNR .UyOHVWZR]DNRQLD =DSDGDPURN3RVWDQDZLDPREXG]LüF\IUDOD &\IUDO 0yM SDVRĪ\WQLF]\ DQLRá VWUyĪ Z\KRGRZDQ\ Z WDMQ\P ODERUDWRULXP 1LVKLPD %LRWURQLFVQDSRWU]HE\0RUVNLHJR2GG]LDáX5R]SR]QDQLD6SHFMDOQHJR -HG\Q\HOHPHQWHNZLSXQNXNWyUHJRQDSHZQRQLH]JXELĊLEH]NWyUHJRWUXGQRE\áRE\PL WXSU]HĪ\ü &]\QL ]H PQLH QDGF]áRZLHND 7R G]LĊNL QLHPX ZLG]Ċ Z FLHPQRĞFL Vá\V]Ċ SLVN P\V]\ ] GZXVWX PHWUyZ WR RQ Z FKZLOL ]DJURĪHQLD WáRF]\ PL Z Ī\á\ KLSHUDGUHQDOLQĊ NWyUD SU]\VSLHV]\ PRMH UXFK\ L UHDNFMH ']LĊNL QLHPX PHWDOLF]Q\ V]ZDUJRW /XG]L :\EU]HĪD DOER JDUGáRZ\EHáNRW$PLWUDMyZEU]PLZPRLFKXV]DFKMDNZáDVQDPRZD:UD]LHF]HJR]QLHF]XOL PQLHZ\OHF]\Z\ĞZLHWOLPDSĊQD]DPNQLĊW\FKSRZLHNDFKDOERFHORZQLNQDVLDWNyZFHRND 7RW\ONRG]LĊNLQLHPXSU]H]URNV]NROHQLDQDXF]\áHPVLĊW\OHLOHQRUPDOQLHPXVLDáE\P SR]QDZDüSU]H]GZDG]LHĞFLDODW %H] WHJR FKROHUQHJR SDVRĪ\WQLF]HJR JU]\ED Z PRLP Py]JX FDáD PLVMD E\áDE\ W\ONR NRV]WRZQ\PVDPREyMVWZHP :SXĞFLOLPLJRSU]H]QRV :WHG\ E\á MHV]F]H ]LDUQHP 5R]SXĞFLá ĞOX]yZNĊ L ]DPLHQLá VLĊ Z ODUZĊ QLH ZLĊNV]ą QLĪ ]DURG]LHFPDODULL$SRWHPZĊGURZDáNUZLRELHJLHPZ\SURZDG]DMąFZSROHELDáHFLDáNDNUZL DĪGRWDUáGRSRGZ]JyU]D7DP]DJQLHĨG]LáVLĊL]DF]ąáURVQąüNDUPLąFVLĊPRMąNUZLą .LHG\ Z JáĊERNLHM WDMHPQLF\ GZDQDĞFLH ODW WHPX ]DVWRVRZDQR SLHUZV]\ PRGHO PRMD XNRFKDQD RMF]\]QD XVWDPL MDNLHJRĞ RV]DODáHJR HXURNUDW\ XSDUáD VLĊ ĪHE\ F\IUDO GRSLOQRZDá DE\ĪRáQLHU]IXQNFMRQRZDá]JRGQLH]UHJXODPLQHPSURFHGXUDPLLVWRVRZQ\PLSU]HSLVDPL , QDMOHSLHMĪHE\E\áSRVáXV]Q\3RGHMU]HZDPLĪURLáVRELH(XURSĊZNWyUHMNLHG\Ğ]DáDGXMHVLĊ FRĞWDNLHJRNDĪGHPXQRZRURGNRZL7DPFLV]F]ĊĞOLZF\E\OL]RGG]LDáX)DOVFKLUPMDJHU.LONX NRPDQGRVyZ ]JLQĊáR MXĪ SRGF]DV SUyE SROLJRQRZ\FK D GZyFK SDOQĊáR VRELH Z áHE ]DQLP ]GąĪRQR]GH]DNW\ZRZDüLPZV]F]HS\7U]HFKZ\OąGRZDáRZZDULDWNRZLH %DáHPVLĊMDNFKROHUDNLHG\PLJRZSXV]F]DOL 7áXPDF]\OL ĪH WR V]yVWD GRNáDGQLH SU]HWHVWRZDQD ZHUVMD ĩH WR W\ONR XNáDG ZVSRPDJDMąF\ GRSDODF] NWyU\ QLH EĊG]LH ZWUąFDá PL VLĊ GR RVRERZRĞFL ĩH WR SR SURVWX ZHZQĊWU]Q\ NRPSXWHU 8GRVWĊSQL PL F]DVRZR QLHXĪ\ZDQH REV]DU\ Py]JX L SR]ZROL QD VWHURZDQLHVLáąZROLSURFHVDPLQDNWyUHQRUPDOQLHQLHPDP\ZSá\ZXĩHZUD]LHF]HJRMHVW WR FDáNRZLFLH RGZUDFDOQH -HĪHOL JR ]GH]DNW\ZRZDü SR SURVWX ]GHFKQLH L ]RVWDQLH ]UHVRUERZDQ\SU]H]RUJDQL]P7ZLHUG]LOLĪHZLHG]ąFRURELą

1LHZLHU]\áHPLP]DJURV] &KROHUQLHVLĊEDáHP $SRWHPF\IUDOVLĊXDNW\ZQLáLRGHEUDáPLVWUDFK 7RSLHUZV]HFR]URELá=DELáZHPQLH]GROQRĞüGR]Z\NáHJROXG]NLHJRSU]HUDĪHQLD'R SDQLNL DOER KLVWHULL 1LH GRVWDQĊ MXĪ XF]FLZHM OXG]NLHM QHUZLF\ L QLH EĊGĊ VLĊ EXG]Lá ] EU]XFKHPSHáQ\PQLHSRNRMXLSU]HF]XFLDQLHRNUHĞORQHJRQLHV]F]ĊĞFLDMDNQRUPDOQ\F]áRZLHN : REOLF]X ]DJURĪHQLD GR NRĔFD NRPELQXMĊ P\ĞOĊ L SODQXMĊ -HVWHP ]DQLHSRNRMRQ\ DOER SU]HVWUDV]RQ\DOHQLHPRJĊSRF]XüSDUDOLĪXMąFHMJUR]\1LHXPLHP.LHG\QLHG]LHMHVLĊQLF V]F]HJyOQHJRMHVWHPEH]P\ĞOQLHSRJRGQ\1LHSU]HMPXMĊVLĊQD]DSDV 0\ĞODáHPĪH]URELá]HPQLHSV\FKRSDWĊLQDW\FKPLDVWSROHFLDáHP]W\PGR/RGRZFD 3U]HEDGDOL PQLH &\IUDO SR SURVWX ]DáRĪ\á PL ILOWU\ 8PLHP NRFKDü OXELü ZVSyáF]Xü 0RĪHPLE\üVPXWQR0RJĊVLĊSU]HVWUDV]\ü8F]XFLDZ\ĪV]H]RVWDá\$OHQHJDW\ZQHHPRFMH QLHVąZVWDQLHXPQLHXURVQąüGRWDNLFKUR]PLDUyZĪHE\PQLHSRZDOLü /RGRZLHF RVWU]HJá ĪH WR PRĪH ]DELü ĩH Z WDNLP UD]LH PXV]Ċ PLHü GZD UD]\ ZLĊFHM UR]VąGNX QLĪ LQQL ER WH PHFKDQL]P\ SU]HUDĪHQLH L SDQLND WR QDWXUDOQH ]DEH]SLHF]HQLD Z\QLNDMąFH]LQVW\QNWXVDPR]DFKRZDZF]HJR 7\OHĪHRGSHZQHJRF]DVXLWDNPLDáHPJRWURFKĊ]DPDáR 1DMOHSV]\GRZyGĪH]JRG]LáHPVLĊZ]LąüXG]LDáZPLVML 6ą L NLHSVNLH VWURQ\ &]DVHP SU]\VSLHV]HQLH UHDNFML ZFDOH QLH MHVW Z\JRGQH .LHG\ KLSHUDGUHQDOLQD Z\SHáQLD NUHZ PRĪQD SU]HELü UĊNą GU]ZL NWyUH FKFH VLĊ RWZRU]\ü L SRJUXFKRWDü VRELH NRĞFL 'ĨZLĊNL Vą REQLĪRQH R NLOND RNWDZ L QLHF]\WHOQH 1LH GDM %RĪH Z WDNLPVWDQLHNODVQąüZGáRQLH0RĪQDXFLąüVRELHSDOFHFKZ\WDMąF]DV]QXUHN :V]\VF\ NWyU]\ V]NROLOLĞP\ VLĊ Z ]DPNX 'DUNPRRU SR DNW\ZDFML F\IUDOL EDOLĞP\ VLĊ GRW\NDüNRELHW7RZNRĔFXWHĪSRWUDILąE\üHPRFMH2SRZLDGDOLĞP\VRELHOHJHQG\RW\PMDN WRU]HNRPRMDNLĞNRPDQGRVUR]QLyVáNRPSOHWQLHSDQLHQNĊZSU]\Sá\ZLHQDPLĊWQRĞFL=UHV]Wą E\á\WHĪG]LHZF]ĊWDZJUXSLH'ZLH 2W\PFRVLĊG]LHMHNLHG\WUDILQDVLHELHGZRMHWDNLFK]GRSDODF]HPWHĪNUąĪ\á\OHJHQG\ -DNRPQLHLR'HLUGUH 1DV]F]ĊĞFLHWRE\á\W\ONROHJHQG\ .LHG\ F\IUDO SREáRJRVáDZLá PQLH GDUHP MĊ]\NyZ QD SU]HSXVWFH SRV]HGáHP GR SXEX Z $[HQKLOO L QLH SRWUDILáHP ]DPyZLü SLZD %HáNRWDáHP MDNąĞ PLHV]DQLQą PRZ\ :\EU]HĪD L NHELU\MVNLHJRZWUąFDMąFFKRUZDFNLHILĔVNLHLSROVNLHSU]HNOHĔVWZD3RWHPVLĊZ\UHJXORZDáR =NROHLQRNWRORSLDZ\GDMHVLĊZ\JRGQDGRSyNLQLHZOH]LHVLĊZFLHPQRĞFLDFKQDMDNLHĞ ĨUyGáRĞZLDWáDħUHQLFDUHDJXMHPRPHQWDOQLHF\IUDOWHĪDOHSRZLGRNQDVLDWNyZFH]RVWDMHQD SDUĊ PLQXW 'HLUGUH SROD]áD NLHG\Ğ Z QRF\ GR ORGyZNL SU]\ĞZLHFDMąF VRELH RF]DPL L RWZRU]\áDMą:]URNRG]\VNDáDGRSLHURSRĞQLDGDQLX = GUXJLHM VWURQ\ ĞZLDGRPRĞü ĪH Z UD]LH SRWU]HE\ PRĪQD ]áDSDü Z GáRĔ OHFąFą VWU]DáĊ DOER WUDILü QRĪHP RVĊ QD SQLX SRPDJD 3R]ZDOD SU]HWUZDü 0RLP ]DGDQLHP MHVW ]HEUDQLH

LQIRUPDFML0RMąJáyZQąEURQLąMHVWPy]J7HJRPQLHQDXF]RQR$OHIL]\F]QDSU]HZDJDGDMH ]XSHáQLHLQQHQDVWDZLHQLHSV\FKLF]QH 6áRĔFH ]DFKRG]L %UQĊ SU]H] WU]ĊVDZLVNR VWąSDMąF WXĪ SU]\ XVFKá\FK SQLDFK VNDF]Ċ SR VNDáDFKLNDPLHQLDFKEDODQVXMąFSLUDPLGąáDGXQNXQDNDUNX.RV]XODSRG]EURMąNROF]XJąL NDIWDQHPSU]HVLąNDSRWHP3OHF\SRSDU]RQHRGHNVSOR]MLSLHNąQLHGRZ\WU]\PDQLD&LHPQ\ VSOąWDQ\ODVLVWQDĞFLDQDRPV]Dá\FKNRQDUyZMXĪRNLONDQDĞFLHPHWUyZ6WDMĊQDXJLQDMąF\P VLĊG\ZDQLHPFKXVSRJOąGDPMHV]F]HQDPRUVNLKRU\]RQWWXĪQDGNUDZĊG]LąNOLIXLDNW\ZXMĊ F\IUDOD 

 =DSDGDáMXĪZF]HVQ\]PLHU]FKNLHG\9XNR'UDNNDLQHQZV]HGáPLĊG]\GU]HZD/DVE\á QLHSU]\MHPQ\ 1LVNL VSOąWDQ\ SHáHQ UDFKLW\F]Q\FK GU]HZHN R SRNUĊFRQ\FK NRQDUDFK REURĞQLĊW\FKEURGDW\PLSRURVWDPL*G]LHĞZJDáĊ]LDFKSRNU]\NLZDá\SWDNL 'UDNNDLQHQ PDV]HURZDá UyZQ\P U\WPLF]Q\P NURNLHP SU]\WU]\PXMąF MHGQą GáRQLą UĊNRMHĞüPLHF]DDGUXJąVWDELOL]XMąFXPLHV]F]RQHQDNDUNXVLRGáR]DF]HSLDMąFHVLĊRJDáĊ]LH : W\P OHVLH QLH E\áR ĞFLHĪHN 'U]HZD NWyUH XPDUá\ ]H VWDURĞFL SDGDá\ QD ĞFLyáNĊ SU]HJUDG]DMąFGURJĊDOER]DF]HSLDá\VLĊRNRURQ\VąVLHGQLFKLZLVLDá\QDVSOąWDQ\FKNRQDUDFK DSRWHPREUDVWDá\JU]\EDPLLSRURVWDPLDĪVSUyFKQLDá\,VWQDGĪXQJOD 3RJRG]LQLH]PLHU]\áSUĊGNRĞüPDUV]XLX]QDáĪHGRRGGDORQHMRRVLHPNLORPHWUyZVWDFML EDGDZF]HMZW\PWHPSLHEĊG]LHV]HGáMHV]F]HFRQDMPQLHMGZLHJRG]LQ\ 2F]\ZLĞFLH LVWQLDáD PRĪOLZRĞü ĪH SR GRWDUFLX QD PLHMVFH GRVWDQLH KHUEDWĊ L NDQDSNĊ ] G]LF]\]Qą Ä1DXF]\OLĞP\ VLĊ URELü PLHMVFRZ\ FKOHE 0\ĞOHOLĞP\ ĪH QLNW SR QDV MXĪ QLH SU]\OHFL´ : WHQ VSRVyE PLVMD ]RVWDQLH ]DNRĔF]RQD Z GZD GQL QLH OLF]ąF F]DVX SU]H]QDF]RQHJRQDSODQRZDQLHV]NROHQLHLSU]\JRWRZDQLD 'URJD VLĊ GáXĪ\áD /DV E\á PRQRWRQQ\ L QXGQ\ 7H VDPH SRNUĊFRQH F]DUQH NRQDU\ L QLHFKOXMQHIHVWRQ\NRá\V]ąF\FKVLĊQDZLHWU]HSRURVWyZ3DFKQLDáRPRNUąJU]\EQLąSUyFKQHP LRVWURSLĪPRZRPDá\PLJU\]RQLDPL 6SRMU]DáQDĞZLDWZSRGF]HUZLHQL7URFKĊ]QXGyZDWURFKĊGODWHJRĪHEXV]]DF]\QDáMXĪ WRQąü Z PURNX 3RGPDORZDQH ]LHOHQLą GU]HZD QLH ]URELá\ VLĊ áDGQLHMV]H ]D WR PRĪQD E\áR GRVWU]HF SRGREQH GR PDá\FK NDSLEDU JU\]RQLH VLHG]ąFH Z ĞFLyáFH Eá\VNDMąFH UR]MDU]RQ\PL VUHEUHP RF]NDPL SWDNL VNDF]ąFH Z JDáĊ]LDFK RZDG\ ĞPLJDMąFH Z SRZLHWU]X MDN SRFLVNL VPXJRZHZĊĪHF]DMąFHVLĊZĞUyG]DURĞOL :U]HF]\ZLVWRĞFLPDUV]WUZDáSUDZLHWU]\JRG]LQ\LNLHG\GRV]HGáQDPLHMVFH]DSDGáDMXĪ QRF : NUDMREUD]LH ZRNyá :ĊGURZFD QLF VLĊ QLH ]PLHQLáR 3R SURVWX Z SHZQ\P PRPHQFLH ]DWU]\PDáVLĊLSRZLHG]LDáÄ7XWDM´ :LHG]LDáĪH]QDMGXMHVLĊRNLONDG]LHVLąWPHWUyZRGSRODQ\QDV]F]\FLHZ]JyU]DQDNWyUHM Z]QLHVLRQR NU\Wą JRQWHP GUHZQLDQą FKDWĊ ] EDOL RWRF]RQą SDOLVDGą L QD]ZDQR 7HUHQRZą 6WDFMą%DGDZF]ą0LGJDDUG,,

'UDNNDLQHQ]GMąá]VLHELHQLHSRUĊF]Q\GRE\WHNLMDNQDMFLV]HMXáRĪ\áJRSRPLĊG]\GZRPD VSUyFKQLDá\PL SQLDPL PDVNXMąF SLHU]DVW\PL OLĞüPL SRGREQ\PL GR SDSURFL 3DQRZDáD FLV]D 3WDNL MXĪ XPLONá\ RG F]DVX GR F]DVX Vá\FKDü E\áR W\ONR SU]HFLąJáH EXF]HQLH QRFQHJR GUDSLHĪQLND 6LHG]ąF ZĞUyG SDSURFL F]HNDá DĪ Z\VFKQLH SU]HPRF]RQD SáyFLHQQD NRV]XOD L QDVáXFKLZDá :LDWU QLH QLyVá ĪDGQ\FK ]QDMRP\FK GĨZLĊNyZ = WHM RGOHJáRĞFL SRZLQQR E\ü Vá\FKDüWU]DVNRJQLDV]F]ĊNDQLHPHWDORZ\FKQDF]\ĔUR]PRZ\:VDPUD]SRUDQDNRODFMĊZ VWDFML EDGDZF]HM 1LNW QLH UR]PDZLDá 0DUWZą FLV]Ċ SU]HU\ZDá W\ONR FLFKXWNL WDMHPQLF]\ GĨZLĊN&RĞSRG]ZDQLDáRLNOHNRWDáRGHOLNDWQLHQDJUDQLF\Vá\V]DOQRĞFL :\UDĨQ\ ]D WR E\á ]DSDFK ]JQLOL]Q\ 2VWU\ L PGá\ UyZQRF]HĞQLH QLHPRĪOLZ\ GR SRP\OHQLD]QLF]\PLQQ\P 3U]H] FKZLOĊ NUĊFLá JáRZą ZFLąJDMąF SRZLHWU]H DĪ XVWDOLá NLHUXQHN ĝPLHUG]LDáR GRNáDGQLHRGVWURQ\VWDFML1LHWDNPRFQRMDNPRJá\E\FXFKQąüOXG]NLH]ZáRNLD]ZáDV]F]D RVLHPWUXSyZDOHMHGQDN 0RĪHWRSRSURVWXMDNLHĞSRU]XFRQH]DSDV\SRP\ĞODá =UH]\JQRZDá]KHáPXLWDUF]\3U]HZLHVLáPLHF]SU]H]SOHF\LVNRQWURORZDáF]\VLĊJDGR UĊNRMHĞFL D SRWHP GRFLąJQąá ZV]\VWNLH VSU]ąF]NL L SRGVNRF]\á NLOND UD]\ QD PFKX VSUDZG]DMąFF]\QLFQLHG]ZRQL1DJáRZLH]DZLą]DáFKXVWĊDSRWHP]QDOD]áSRGNRU]HQLDPL NDáXĪĊLZ\VPDURZDáEáRWHPF]RáRLSROLF]NL 6WDFMD Z]QRVLáD VLĊ QD Z]JyU]X SRURĞQLĊW\P SáRĪąF\PL VLĊ U]DGNR SR ]LHPL NU]HZDPL 1LHGRVWU]HJDáĪDGQHJRUXFKX:LG]LDáW\ONRV]F]HUEDWąQLH]E\WZ\VRNąSDOLVDGĊMDNJDUQLWXU SRSVXW\FK]ĊEyZL]DSDGQLĊW\SRĞURGNXGDFK1LHE\áRG\PXRJQLDĪDGQHJR UXFKX6WDFMD Z\JOąGDáDQDRSXV]F]RQąLWRUDF]HMGDZQR$MHGQDNF]XáQLHSRNyM 3RSLHUZV]HQDFDá\P]ERF]XZ]JyU]DZRGOHJáRĞFLNLONXG]LHVLĊFLXPHWUyZRGSDOLVDG\ OHĪDá\ PDUWZH ]ZLHU]ĊWD 2WDF]Dá\ FDáą SODFyZNĊ NUĊJLHP 6]F]XU\ G]LNL MHOHQLH ZLONL QDZHW SWDNL : UyĪQ\P VWDGLXP UR]NáDGX :LG]LDá NRĞFL SLyUD VWU]ĊS\ PLĊVD L IXWUD :LĊNV]RĞü ]ZLHU]ąW SRFLĊWR DOER UR]V]DUSDQR ĩDGQHJR SRU]ąGQLH QLH RSUDZLRQR DQL QLH REGDUWR]HVNyU\:V]\VWNLHQDWRPLDVWSR]EDZLRQRJáyZ 3R]D W\P QD Z]JyU]X E\áR R GREUH SLĊü VWRSQL ]LPQLHM QLĪ JG]LH LQG]LHM 7DND SODPD FKáRGX L ZLMąFHM VLĊ SDVPDPL PJá\ ] HSLFHQWUXP SRĞURGNX VWDFML ZLGRF]QD MDNR EáĊNLWQDZD SRĞZLDWD 3RGNUDGáVLĊSU]HP\NDMąFEH]JáRĞQLHRGNU]DNDGRZ\NURWXRGZ\NURWXGRVNDá\QLF]\P SROXMąF\ NRFXU =PDVDNURZDQH V]F]ąWNL OHĪDá\ JG]LHNROZLHN VSRMU]Hü QLHNWyUH ĞZLHFLá\ ]LHORQNDZ\P IRVIRU\F]Q\P EODVNLHP FLHSáD ELMąFHJR RG SURFHVyZ JQLOQ\FK 3RVWDQRZLá RGILOWURZDü IHWRU SDGOLQ\ ER QLH F]Xá MXĪ ĪDGQ\FK LQQ\FK ZRQL ,P EOLĪHM VWDFML W\P E\áR ]LPQLHMZLG]LDáREáRF]NLSDU\EXFKDMąFHPX]XVW %UDPĊ ]ELWą E\OH MDN ] NU]\Z\FK RGáXSDQ\FK NOLQDPL GHVHN Z\áDPDQR GDZQR WHPX 7\OH ĪH QDMZ\UDĨQLHM Z\áDPDQR Mą RG ĞURGND 3U]\ZDUá SOHFDPL GR SDOLVDG\ L SU]HVXQąá VLĊ

EOLĪHMIXUW\GHOLNDWQLHREHMPXMąFSDOFDPLRSOHFLRQąU]HPLHQLHPUĊNRMHĞüPLHF]D1RUPDOQLH EUDPĊ U\JORZDáD SRWĊĪQD EHOND WHUD] MXĪ QDGSUyFKQLDáD .LHG\Ğ FR QDMPQLHM URN WHPX SU]HáDPDáRMąSRWĊĪQHXGHU]HQLHMDNE\NWRĞZMHFKDáZEUDPĊWHUHQyZNą7\ONRĪHXF]HQLQLH G\VSRQRZDOLWHUHQyZNą 3RFK\OLá VLĊ SRG Z\áDPDQ\PL GHVNDPL L V]\ENLP UXFKHP ]DMU]Dá QD G]LHG]LQLHF 3XVWR %DáDJDQ5XLQD :HZQąWU]SDOLVDG\Z]QLHVLRQRGRPWHUD]SXVW\F]ĊĞFLRZR]EXU]RQ\LFLHPQ\SRĞURGNX ]QDMGRZDáD VLĊ NZDGUDWRZD VWXGQLD ] ĪXUDZLHP NLOND PQLHMV]\FK EXG\QHF]NyZ SRG VDPą ĞFLDQąF]ĊVWRNRáX:V]\VWNRWR]GąĪ\áRVLĊMXĪ]DPLHQLüZVWHUW\EHOHNLNDPLHQL *G]LHĞ NDSDáD ZRGD VNąGĞ GRELHJDá GHOLNDWQ\ NOHNRW SU]\ZRG]ąF\ QD P\ĞO GUHZQLDQH NRáDWNL3R]DW\PSDQRZDáDWXFLV]DLPDUWZRWD 'UDNNDLQHQ ZVXQąá VLĊ GR ĞURGND MDN NRW VWąSDMąF RVWURĪQLH SR GURG]H XáRĪRQHM ] PRNU\FKVSUyFKQLDá\FKGHVHN =DNOHNRWDáRSRUD]NROHMQ\LGRSLHURZWHG\WR]REDF]\á:LVLDá\QDNURNZLDFKFKDW\QD JDáĊ]LDFK GU]HZD URVQąFHJR SRĞURGNX G]LHG]LĔFD QD ]DRVWU]RQ\FK SDODFK F]ĊVWRNRáX ']ZRQNL ZLDWURZH .Rá\V]ąFH VLĊ ] ZLDWUHP QLHZLHONLH NRQVWUXNFMH XSOHFLRQH ] FLHQNLFK U]HP\NyZLWUDZ\ ,NRĞFL 3LV]F]HOH NRĞFL ĪHEHU F]DV]NL PQLHMV]\FK ]ZLHU]ąW :LVLDá\ QD U]HP\NDFK R]GRELRQH SĊF]NDPL SLyU NRá\VDá\ VLĊ Z SRGPXFKDFK ZLDWUX L ]GHU]Dá\ ]H VREą Z\GDMąF WHQ FLFK\ QDWUĊWQ\GĨZLĊNNWyU\Vá\V]DáRGGáXĪV]HJRF]DVX3RVWXNLZDQLDRUyĪQ\FKWRQDFKXNáDGDMąFH VLĊZSU]\SDGNRZHPHORG\MNL'ĨZLĊNNWyU\PyJáE\E\üPLá\GODXFKDJG\E\QLHPLDáWDN XSLRUQHJRĨUyGáD :ĞOL]JQąáVLĊGRFKDW\3DFKQLDáRVWDU\PGUHZQHP]ZLHWU]Dá\PLGDZQRRGF]\QQLNDPLL SOHĞQLą 'áXJLH ZQĊWU]H SRG]LHORQR QD NLOND SRPLHV]F]HĔ 5R]V]HU]\á ĨUHQLFH L Z]PRFQLá MHV]F]HEDUG]LHMSHUFHSFMĊĞZLDWáDG]LĊNLF]HPX]REDF]\áZQĊWU]HV]DUHMDNREODG\PĞZLFLH *G\E\ QLH F\IUDO Z FKDFLH E\áRE\ GOD QLHJR FLHPQR QLF]\P Z VWXGQL 'UHZQLDQH SU\F]H Z]GáXĪĞFLDQGáXJL]ELW\]EDOLVWyáSRĞURGNX3DOHQLVNR $SU]\W\PVWROHQDGPHWDORZ\PNXENLHPNWRĞVLHG]LDá6LHG]LDáQLHUXFKRPRMDNSRVąJ SRFK\ORQ\GRSU]RGXRSDUW\áRNFLDPLREODWMDNE\GXPDáQDGZLHF]RUQąKHUEDWą6NyUĊPLDá JáDGNąLQLHQDWXUDOQLHV]DUąEá\V]F]ąFąOHNNRZĞZLHWOHJZLD]GZSDGDMąF\PSU]H]G]LXUDZ\ GDFK 'UDNNDLQHQ QLH RGH]ZDá VLĊ W\ONR REV]HGá VWyá GRRNRáD L ]REDF]\á VLHG]ąFHJR ] GUXJLHM VWURQ\RGDUWą]PLĊVDF]DV]NĊSLHUĞFLHĔZ\V]F]HU]RQ\FK]ĊEyZSDáąNLĪHEHUNRĞFLGUXJLHM UĊNL7UXS $ ĞFLĞOHM SyáWUXS SyáSRVąJ :\JOąGDáR QD WR ĪH NWRĞ XPLHĞFLá JR SUDZ\P ERNLHP Z F]\PĞZ URG]DMXEHWRQXDSRWHPSRVDG]LáSU]\ VWROH9XNRZ\FLąJQąáUĊNĊLGRWNQąáOHNNR GáRQLWDPWHJR%\áD]LPQDLWZDUGD-HGQROLFLHV]DUD]NDV]NąGUREQ\FKNU\V]WDáNyZ*UDQLW

:\SROHURZDQ\ L SUHF\]\MQLH Z\U]HĨELRQ\ SRVąJ SUDZHM VWURQ\ FLDáD PĊĪF]\]Q\ /HZD UR]áRĪ\áD VLĊ L ]RVWDá W\ONR V]NLHOHW ] Z\VFKQLĊW\PL UHV]WNDPL VNyU\ L PLĊĞQL NDZDáNLHP VNDOSX]GáXJLPLMDVQ\PLZáRVDPLZFLąĪWU]\PDMąF\PVLĊF]DV]NL 3U]\NXFQąá]ERNXLREHMU]DáXZDĪQLHPLHMVFHZNWyU\PNRĔF]\áDVLĊU]HĨEDD]DF]\QDáR FLDáR 7DP JG]LH E\áR ZLGDü NRĞFL ZQLNDá\ Sá\QQLH Z NDPLHĔ WDN MDNE\ E\á\ ]H VREą VWRSLRQH&]\WR U]HF]\ZLĞFLHE\áDU]HĨED".WR]URELáFRĞSRGREQHJR":MDNLVSRVyE",SR FR" 1DEODFLHSU]HGPĊĪF]\]Qą]REDF]\áĞODG\NUZL%Uą]RZHFLHPQHNOHNV\NWyUHZVLąNá\ ZGUHZQRGDZQRWHPX3RWDUáMHSDOFHPSU]\áRĪ\áJRGRQRVDLPRFQRZFLąJQąáSRZLHWU]H 3RWHPSU]HPyJáV]\REU]\G]HQLHZ\UZDáMHGHQZáRV]F]DV]NLWDPWHJRLUyZQLHĪSU]HFLąJQąá QLPSRGQRVHP+DOOHULQJ'RNWRU-RKDQQ+DOOHULQJ]XQLZHUV\WHWXZ0RQDFKLXP :SRáRZLH]DPLHQLRQ\ZU]HĨEĊ ĝZLHü3DQLHQDGMHJRGXV]ą 6]XNDá ODERUDWRULXP Z QDG]LHL QD MDNLHĞ QRWDWNL DOH FDáH ZQĊWU]H FKDáXS\ E\áR NRPSOHWQLH ]GHPRORZDQH ĝURGHN XFLHUSLDá QDMEDUG]LHM :\JOąGDáR MDNE\ FRĞ WX Z\EXFKáR ]áDPDáRNRQVWUXNFMĊGDFKXDEHONL]ZDOLá\VLĊQDSRGáRJĊ=QDOD]áWURFKĊQDF]\ĔVNU]\QLĊ] UHV]WNDPL ZRMVNRZ\FK UDFML Ī\ZQRĞFLRZ\FK Z WRUHENDFK MDNLHĞ ]HWODáH V]F]ąWNL XEUDĔ 'DPVNDV]PLQNDUR]GHSWDQHOXVWHUNR 1LH PRJOL WX XĪ\ZDü NRPSXWHUyZ ĪDGQ\FK G\VNyZ G\NWDIRQyZ 0XVLHOL ]DSLV\ZDü ZV]\VWNR QD SDSLHU]H 0XVLDá\ ZLĊF JG]LHĞ E\ü SURWRNRá\ ] EDGDĔ QRWDWQLNL ]DSLVNL $OH QLF]HJRWDNLHJRQLHPyJá]QDOHĨü &RWXVLĊG]LDáR"1DSDGWXE\OFyZ" 3RPLHV]F]HQLD VWDFML Z\JOąGDá\ QD FHORZR ]GHPRORZDQH DOH QLH VSOąGURZDQH 'UDNNDLQHQ]RVWDáSU]\JRWRZDQ\ GRP\ĞOHQLDNDWHJRULDPL /XG]L:\EU]HĪDSU]\QDMPQLHMQD W\OH QD LOH WR E\áR PRĪOLZH -HGQDN ZLHG]LDá QD SHZQR ĪH JG\E\ E\á QD LFK PLHMVFX QLH GDURZDáE\ FKRüE\ GRVNRQDáHM VWDORZHM VLHNLHU]H NWyUD OHĪDáD VRELH QD ]LHPL =DEUDáE\ QDF]\QLDNDQLVWU\OXVWUR]SU\PLW\ZQHMáD]LHQNLLPQyVWZRLQQ\FKU]HF]\FKRFLDĪE\GDPVNą NRVPHW\F]NĊZNWyUHMVSRNRMQLHSRá\VNLZDáDJDUĞüELĪXWHULL:\QLyVáE\FRVLĊGDáRDSRWHP GRSLHURSRVRUWRZDáZ\U]XFDMąFWRFREH]ZDUWRĞFLRZH /DERUDWRULXP VNáDGDáR VLĊ PLĊG]\ LQQ\PL ] GáXJLHJR VROLGQHJR VWRáX RĞZLHWODQHJR SRORZ\PL ODPSDPL QD SDOLZR FLHNáH :\áRĪRQR QD QLP NROHNFMĊ QDMUyĪQLHMV]\FK PLHMVFRZ\FKSU]HGPLRWyZ %\á\ SRVHJUHJRZDQH 2VREQR JX]LNL VSU]ąF]NL]DSLQNL ± ZV]\VWNR F]HJR XĪ\ZDQR GR ]GRELHQLD L VSLQDQLD RG]LHĪ\ 2VREQR ELĪXWHULD ± GDPVND L PĊVND 1DV]\MQLNL DPXOHW\ QDUDPLHQQLNL NROF]\NL .DPLHQLH VUHEUR RGURELQD ]áRWD 3XGHáNR SHáQH PRQHW 7HĪ PLHV]DQLQD VUHEUQH VLHNDĔFH WRSRUQH NRURQ\ :\EU]HĪD ELWD FHVDUVND PRQHWD ] $PLWUDMX NZDGUDWRZHNHELU\MVNLHWLJULNL0QyVWZR'ODHZHQWXDOQHJRWXE\OFDQLH]á\áXS -HG\QHQRWDWNLQDMDNLHQDWUDILáWRSOLNU\VXQNyZQDNDOFHWHFKQLF]QHMSU]HGVWDZLDMąF\FK

RUQDPHQW\L]GRELHQLDXEUDĔ3R]DW\PQLHE\áRQLFĩDGQ\FKQRWHVyZSURWRNRáyZQLF .WRĞWXNLHG\ĞVLHG]LDá1DVNáDGDQ\PNU]HVHáNXLZFLHSá\PĞZLHWOHVSLU\WXVRZHMODPS\ G]LHOLá SUyENL SU]HGPLRWyZ 3RSLMDá FRĞ ] PHWDORZHJR NXEND NXSLRQHJR NLHG\Ğ Z VNOHSLH VSRUWRZ\PWHUD]]PDWRZLDáHJRLREURĞQLĊWHJRRGĞURGND]HVNRUXSLDáąV]DUąPDVąNWyUDQLH E\áDMXĪQDZHWSOHĞQLą 8Vá\V]Dá FRĞ 1D SU]\NáDG WR FR Z\GDU]\áR VLĊ +DOOHULQJRZL 0RĪH WRZDU]\V]\á WHPX MDNLĞKDáDV":VWDáJZDáWRZQLHLSU]HZUyFLáNU]HVHáNR=áRĪ\áRVLĊLXSDGáR 7H F]ĊĞFL VWDFML NWyU\FK QLH ]GHPRORZDQR Z\JOąGDá\ QD SRU]XFRQH Z MHGQHM FKZLOL QLF]\P VWDWHN GU\IXMąF\ SR 7UyMNąFLH %HUPXG]NLP 5R]JU]HEDQD SRĞFLHO QD SU\F]\ ]ELWHM ] RNRURZDQ\FK ĪHUG]L L PDWHUDFX ] SU]HSOHFLRQHM PLĊG]\ EHONDPL QDSLĊWHM OLQNL 2EZąFKDá ĞSLZyU]DP\NDMąFRF]\LZG\FKDMąFJáĊERNRSRZLHWU]H 3OHĞĔ NXU] WURFLQ\ S\á ]H VSUyFKQLDá\FK EHOHN L JG]LHĞ JáĊERNR OHGZR Z\F]XZDOQH ]QLNRPH UHV]WNL '1$ .LOND NRPyUHN QDVNyUND ĝOLQD ĝODGRZH LORĞFL QDVLHQLD /HWKHUKD]H 1LJHO/HWKHUKD]H 6\VWHPDW\F]QLH REV]HGá SRPLHV]F]HQLD PLHV]NDOQH REZąFKXMąF ]HWODáH UHV]WNL XEUDĔ VWDURĞZLHFNLH RVWU]D PDV]\QHN GR JROHQLD XW\WáDQH V]WXüFH =QDOD]á ĞODG\ ZV]\VWNLFK RĞPLRUJD $OHW\ONRĞODG\ 1D]HZQąWU]UR]OHJáVLĊSXVW\RGJáRVMDNE\FRĞSRWRF]\áRVLĊSRGUHZQLDQ\FKEHONDFK 8Mąá GáRQLą VWHUF]ąFą ]QDG UDPLHQLD UĊNRMHĞü PLHF]D L RVWURĪQLH Z\ĞOL]JQąá VLĊ ] FKDW\ VXQąF SOHFDPL SR EHONRZDQHM ĞFLDQLH : SRUyZQDQLX Z SyáPURNLHP FKDW\ QRF QD ]HZQąWU] Z\GDáD PX VLĊ ]XSHáQLH MDVQD ']LĊNL Z]PRFQLHQLX ĞZLDWáD ZLG]LDá QLHPDO MDN R V]DU\P SRFKPXUQ\P ĞZLFLH MHGQDN WDP JG]LH QLH GRFLHUDá EODVN JZLD]G L UR]SURV]RQD SRĞZLDWD DWPRVIHU\NU\á\VLĊSODP\JáĊERNLHJRFLHQLD 'UDNNDLQHQ VNRQFHQWURZDá VLĊ SUHF\]\MQLH VWDZLDMąF QRJL Z PLĊNNLFK EXWDFK L XWU]\PXMąFQLVNąSRVWDZĊERMRZą-HGQDGáRĔQDUĊNRMHĞFLGUXJDZ\FLąJQLĊWDGRSU]RGXQD Z\VRNRĞFLSXQNWXFKXGDQ7XĪRERNVWXGQLQDĞFLHĪFHZ\áRĪRQHMGUHZQLDQ\PLSRGNáDGDPL NROHEDá VLĊ SODVWLNRZ\ ĪyáW\ NXEHáHN (NLSD QLH PXVLDáD DĪ WDN GEDü R GRVWRVRZDQLH GR PLHMVFRZ\FKMDNRQ3RSLMDOL]LHPVNLHSLZR]SXV]HNRGJU]HZDOLVRELHURVWEHI]MDU]\QDPL F]HUSDOLZRGĊSROLHW\OHQRZ\PZLDGUHP &RĞPLJQĊáRPXQDJUDQLF\FLHQLD5XFK]E\WV]\ENLMDNQDLVWRWĊOXG]Ną-DNSU]HODWXMąF\ QLVNRSWDN =DáRĪ\á ĪH FRNROZLHN WR E\áR ZLH MXĪ R MHJR REHFQRĞFL 7H ZV]\VWNLH NRĞFL ZRNyá Z]JyU]D SR]RVWDZLDQR RG QLHGDZQD 1LHNWyUH WUXFKáD E\á\ FDáNLHP ĞZLHĪH $ RVWDWQL ĞODG XF]RQ\FKSRFKRG]LáVSU]HGGZyFKODW 3RZROLRVWURĪQLHREV]HGáFKDáXSĊGRRNRáDDOHQLFVLĊQLHSRUXV]DáR = W\áX ]D GRPHP JG]LH MHV]F]H QLH E\á QDWNQąá VLĊ QD SRVąJ 7\P UD]HP QRUPDOQ\ :\JáDG]RQDU]HĨED]NDPLHQLDFK\EDED]DOWX1LHZąWSOLZLHPLHMVFRZDLGREU]HZ\NRQDQD

3U]\SRPLQDáD]JUXEV]DXSURV]F]RQąV\OZHWNĊWDĔF]ąFHMFLĊĪDUQHMNRELHW\RZ\V]F]HU]RQ\FK ]ĊEDFK WUyMNąWQ\FK MDN ]ĊE\ UHNLQD : MHGQHM GáRQL WNZLáR FRĞ FR SU]\SRPLQDáR VLHUS XPLHV]F]RQ\ZZ\ZLHUFRQ\PRWZRU]HWDNĪHPRĪQDJRE\áRZ\Mąü:GUXJLHMGáRQLNRELHWD G]LHUĪ\áDNDPLHQQąPLVĊ3RVąJPLDá]SyáWRUDPHWUDZ\VRNRĞFLL]DSHZQHSU]\ZOHF]RQRJR WXZFHODFKEDGDZF]\FKPLPRĪHE\áXSLRUQLHFLĊĪNL$OHSRGMHJRXQLHVLRQąZWDĔFXVWRSą SLĊWU]\áD VLĊ VWHUWD F]DV]HN 3WDVLFK ]ZLHU]ĊF\FK R UyĪQHM ZLHONRĞFL L QDMUyĪQLHMV]\FK JDWXQNyZ 2UD]GZLHOXG]NLH 3U]\VLDGá RVWURĪQLH Z SR]\FML ] NWyUHM PyJá QDW\FKPLDVW SRGHUZDü VLĊ GR ZDONL L GHOLNDWQLH UR]JDUQąá NRĞFL 3LHUZV]D F]DV]ND NWyUą Z\GRE\á E\áD GUREQD NRĞü ĪXFKZRZD JG]LHĞ SU]HSDGáD =RVWDáD GRNáDGQLH RF]\V]F]RQD SU]H] RZDG\ LFK RVWUH RFWRZH ĞODG\ F]Xá EDUG]R Z\UDĨQLH VSáRZLDáD RG VáRĔFD VSáXNDQD SU]H] GHV]F]H -HGQDN ĞODG\ DPLQRNZDVyZ E\á\MHV]F]HZ\F]XZDOQH]DSDGáVLĊZLĊFZVRELHXVLáXMąFZ\FKZ\FLüGU]HPLąFHJG]LHĞSRG VSRGHPSU]\SRPLQDMąFHZRĔVSDU]RQ\FKSLyUĞODG\QXNOHRW\GyZ =QDOD]áMHDSRWHPF]HNDáSU]H]FKZLOĊDĪMHJR]DPLHQLRQHZED]ĊGDQ\FKF]ĊĞFLPy]JX UR]SR]QDMą LQG\ZLGXDOQ\ Z]yU 1D UD]LH ZLHG]LDá W\ONR ĪH WR '1$ SDFKQLH ]QDMRPR 0DU]HQD=DYUDWLORYD6SHFMDOLVWNDRGNVHQR]RRORJLL 'RWNQąá GáRQLą SRVąJX 0LVĊ L XQLHVLRQH XGR Z\UDĨQLH ]QDF]\á\ REILWH UG]DZH ĞODG\ L ]DFLHNL 8GHU]\áRZQLHJR]ERNX =QDJá\PSRGREQ\PGRĞZLĔVNLHJRNZLNXZL]JLHPV]DUHUR]PD]DQHL]ĊEDWH 'UDNNDLQHQ SU]HUD]Lá VLĊ L QDJOH FDá\ ĞZLDW ]ZROQLá ZU]DVN ]DPLHQLá VLĊ Z GXĪR QLĪV]\ GĨZLĊN MDNE\ UR]VWURMRQHM WUąE\ 3DGDMąF ]REDF]\á MDN UR]F]DSLHU]RQD FKXGD NRĔF]\QD ] LPSRQXMąF\PL Z\JLĊW\PL MDN KDNL V]SRQDPL SU]HODWXMH WXĪ NRáR MHJR WZDU]\ 3RZLHWU]H ]JĊVWQLDáR MDN ZRGD FKZ\FLá WR FRĞ JG]LHĞ PQLHM ZLĊFHM ]D NDUN GRSLHUR ZWHG\ XGHU]DMąF ELRGUHPLXGHPR]LHPLĊ6SUyFKQLDáHWUDP\XJLĊá\VLĊSRGFLĊĪDUHPMHJRFLDáDXFK\OLáJáRZĊ SU]HG]DWU]DVNXMąF\PLVLĊMDNSRWU]DVNV]F]ĊNDPLLSU]HWDF]DMąFVLĊWUDILáSRGHV]ZąZELRGUR SU]HFLZQLND SR F]\P Z\SFKQąá JR QDG VZRLP FLDáHP 5]XW SR áXNX :\NRQDQ\ ] G]LZQHM SR]\FMLDOHZNRĔFXVNXWHF]QLH :\U]XFLá RELH QRJL MDN VSUĊĪ\QD ZVWDMąF ] ]LHPL RG UD]X Z SRVWDZLH ERMRZHM L UyZQRF]HĞQLHZ\GRE\áPLHF]]QLVNLPĞOL]JDMąF\PVLĊGĨZLĊNLHPNWyU\SU]\ZRG]LáQDP\ĞO KDPXMąF\WUDPZDM 6WZRU]HQLHMHV]F]HSá\QĊáRZSRZLHWU]XERNLHPQLHSRUDGQLHZLRVáXMąFNRĔF]\QDPL: PGá\P ĞZLHWOH QRF\ MHJR VNyUD SRá\VNLZDáD OHNNR %\áR NUĊSH PLDáR PRĪH ] SyáWRUD PHWUD Z\VRNRĞFLLZMDNLĞVSRVyESU]\SRPLQDáRXSLRUQLHF]áHNRNV]WDáWQąĪDEĊ8GHU]\áRERNLHPR ]LHPLĊ RGELáR VLĊ L SRMHFKDáR QD JU]ELHFLH PHWU DOH MXĪ ZVWDZDáR MHGQ\P JZDáWRZQ\P UXFKHP NWyU\ SU]\ QRUPDOQ\P XSá\ZLH F]DVX PXVLDá E\ü QLH]DXZDĪDOQ\P PJQLHQLHP 6]HURNLS\VNMDNV]UDPDZSáDVNLPáELHZ\UDVWDMąF\PEH]SRĞUHGQLR]UDPLRQEá\VQąá]QRZX

U]ĊGDPLWUyMNąWQ\FKUHNLQLFK]ĊEyZ 3XOVXMąF\EyOQDSá\Qąá]UDPLHQLD'UDNNDLQHQNąWHPRND]REDF]\áNLONDQDĞFLHZąVNLFK Sá\WNLFK]DGUDSDĔMDNSR]RVWDZLRQ\FKSU]H]GUXFLDQąV]F]RWNĊ&K\EDPLDáRNROFHZVNyU]H QLF]\PSáDV]F]ND 8QLyVáPLHF]]ERNXJáRZ\Z]Z\Ná\PKDVVRQRNDPDH7RE\áRW\ONR]ZLHU]Ċ =REDF]\áMDNPLĊĞQLHQyJVWZRU]HQLDNXUF]ąVLĊSRF]\PRQRVDPRZ\VWU]HOLáRZMHJR VWURQĊ GRNáDGQLH MDN JLJDQW\F]QD ĪDED :LG]LDá MDN WUyMNąWQH GáXJLH VWRS\ NRá\V]ą VLĊ Z SRZLHWU]XMDNUR]NáDGDáDS\]QDVWDZLRQ\PLV]SRQDPL :\WU]\PDá GR RVWDWQLHM FKZLOL L XPNQąá SU]HG Eá\VNDZLF]Q\P FLRVHP áDS\ REURWRZ\P XQLNLHP]JRGQ\P]Ä]DVDGąZLUXMąFHMNXOL´SRF]\PFLąáVNRĞQLHPLHU]ąFWDNE\SU]HFLąü NUĊJRVáXS2VWU]HSRSá\QĊáRSU]H]]JĊVWQLDáHSRZLHWU]H'UDNNDLQHQ]REDF]\á]H]GXPLHQLHP ĪHVWZyUREUDFDVLĊZSRZLHWU]XXQLNDMąFFLĊFLDLXVWDZLDVLĊSU]RGHPQLHPDOUyZQRF]HĞQLH ]MHJRZáDVQ\PUXFKHP)HQRPHQDOQDV]\ENRĞüUHDNFML :\OąGRZDáR ERNLHP VSRG V]SRQyZ XQLRVá\ VLĊ GU]D]JL L FKPXUD SUyFKQD NWyUD SXFKáD SRZROLMDNZ]EXU]RQ\PXá,VWRWDQDW\FKPLDVWVSUĊĪ\áDPLĊĞQLHGRNROHMQHJRVNRNX 5R]SRF]ąá ZGHFK NLHG\ VNRF]\áD =V]HGá ] OLQLL DWDNX MHGQ\P Sá\QQ\P UXFKHP L FLąá SáDVNR QDMV]\EFLHM MDN XPLDá ZLHG]ąF ĪH PRĪH ]HUZDü VRELH ĞFLĊJQD 3R RVWU]X SRSá\QĊáD IDODGUJDĔZ\ZRáDQ\FKWXUEXOHQFMDPL7\PUD]HPVDPV]W\FKQDFKZLOĊZF]\PĞXJU]ą]áQLH ]DXZDĪ\áZF]\PERSU]HNUĊFLáGáRĔGRRGZUyFRQHJRFKZ\WXRVWU]HPZGyáLFKODVQąáQD NU]\ĪRSLVXMąFZSRZLHWU]XOHĪąFąyVHPNĊ7UDILáUD]]QRZXVDP\PNRĔFHP2GV]HGáNURN ZW\áLMHV]F]HUD]]PLHQLáFKZ\WPLHF]D:GHFKGRELHJáNRĔFD 7HUD]Z\GHFK2EVHUZXMąFĞZLDWZ]ZROQLRQ\PWHPSLHPRĪQD]DSRPQLHüRRGG\FKDQLX -DNLĞ SRGáXĪQ\ NV]WDáW SU]HVXQąá VLĊ SRZROL NR]LRáNXMąF Z SRZLHWU]X MDN SRU]XFRQ\ Z VWDQLH QLHZDĪNRĞFL 3U]\SRPLQDá XNZLDá 'UDNNDLQHQ VSRMU]Dá MHV]F]H UD] L ]REDF]\á ĪH WR RGFLĊWDáDSD'áRĔ]NDZDáNLHPSU]HGUDPLHQLDGU\IXMąFDZSRZLHWU]XLUR]SU\VNXMąFDNURSOH NUZLMDNPDOHĔNLHSXOVXMąFHEDORQLNL :\VWDZLáRVWU]HSU]HGVLHELHDSRWHPXQLyVáQDGJáRZĊ6]SRQ\]DJáĊELá\VLĊZ]LHPLĊ VWZyU Z\V]F]HU]\á VLĊ Z XSLRUQ\P XĞPLHFKX L QDJOH Z]GáXĪ JU]ELHWX L SU]H] JáRZĊ ]MHĪ\á JU]HELHĔ NROFyZ SRGREQ\FK GR NROFyZ MHĪR]ZLHU]D =DSDFKQLDáR RVWUR DOGHK\GHP PUyZNRZ\PLU\F\Qą'UDĔVWZRE\áRWHĪMDGRZLWH1LHGREU]H 7U]HEDE\áR]DEUDüWDUF]ĊLREDNDUZDV]H/HQLVWZRVLĊPĞFL :\VWU]HOLáR MDN WRUSHGD 7H W\OQH QRJL PXVLDá\ PLHü VLáĊ NDWDSXOW\ 6NRF]\áR MHGQDN WURFKĊ Z ERN ]DJDUQLDMąF RFDODáą áDSą REV]DU Z NWyU\P 'UDNNDLQHQ PXVLDá VLĊ ]QDOHĨü Z VZRLPREURWRZ\PXQLNX]JRGQ\P]]DVDGąZLUXMąFHMNXOL:REHFWHJRF]áRZLHNRGFK\OLáVLĊ GRW\áX]XQLHVLRQ\PPLHF]HPQDGDOVWRMąFVWRSDPLQD]LHPL8JLąáNRODQDV]SRQ\PLJQĊá\ PX QDG WZDU]ą D ZWHG\ ] XF]XFLHP ĪH SĊNDMą PX QDSUĊĪRQH MDN OLQ\ PLĊĞQLH EU]XFKD Z\SURVWRZDáVLĊLZ\SXV]F]DMąFSRZLHWU]HZVWUDV]Q\PZLEUXMąF\PZU]DVNXNWyU\EU]PLDá MDN UR]FLąJQLĊW\ JU]PRW FLąá XNRĞQLH L Z\NUĊFDMąF XQLN Z GUXJą VWURQĊ UR]PLQąá VLĊ ]H

VWZRUHPQLF]\PWRUUHDGRU 6WZyUZ\OąGRZDáQDW\OQ\FKNRĔF]\QDFKLRGZUyFLáVLĊ 2GUąEDQDáDSD]DNRĔF]\áDORWLXGHU]\áDR]LHPLĊ]PRNU\PSODĞQLĊFLHP =QyZVWDOLQDSU]HFLZVLHELH'UDNNDLQHQRGG\FKDáFLĊĪNRF]XMąFSXOVRZDQLHZV]\VWNLFK PLĊĞQL1LHZLG]LDáJG]LHWUDILá 6WZyU RWZRU]\á SDV]F]Ċ L QDJOH VNRĞQLH SU]H] MHJR SLHUĞ SRMDZLá VLĊ FLHPQ\ OĞQLąF\ QLF]\PZąVNDV]DUIDZĊĪ\N 'DOHMWDNVWDOL%H]NRĔFD $ SRWHP áHE UD]HP ] MHGQ\P UDPLHQLHP ]DF]ąá ]MHĪGĪDü ] NRUSXVX L SR GáXJLHM FKZLOL XGHU]\áHODVW\F]QLHR]LHPLĊ &]DVSRSá\QąáQRUPDOQLHĞZLDWáRJZLD]G]ĪyáWDZRVHSLRZHJR]URELáRVLĊ]QRZX]LHORQH DNDGáXEVLĊ]ZDOLáQDZ]QDNQRJL]DG\JRWDá\:ĊGURZLHFVWDáG\V]ąFFLĊĪNR]DGUDSDQLDQD UDPLHQLX SXOVRZDá\ SLHNąF\P EyOHP DOH QLH F]Xá G]LDáDQLD ĪDGQHM WUXFL]Q\ :V]\VWNLH PLĊĞQLHPXGUĪDá\VNXUF]]DFLVQąáVLĊQDá\GFHMDNVWDORZHFĊJL 3RWZyU GDOHM SRUXV]Dá VLĊ QD ]LHPL DOH GRĞü QLH]ERUQLH .RĔF]\Q\ GUJDá\ QDGDO G]LNR Eá\VNDá\ĞOHSLDS\VNRWZLHUDáVLĊL]DP\NDáFRFKZLOĊZ\VXZDáVLĊ]QLHJRMDNLĞSRMHG\QF]\ V]SLNXOHF MHĪ\á VLĊ L NáDGá JU]HELHĔ NROFyZ QD F]DV]FH 1DZHW RGUąEDQD áDSD FLąJOH GUDSDáD ]LHPLĊSD]XUDPL3U]HUąEDQ\WXáyZEOX]JDáU\WPLF]QLHVWUXJDPLNUZL 1LH SU]\SRPLQDá VRELH WDNLHJR ]ZLHU]ĊFLD :LĊNV]RĞü IDXQ\ 0LGJDDUGX SU]\SRPLQDáD QLHFR ]LHPVNą : SHZQ\P VWRSQLX .RQZHUJHQFMD ± SU]\VWRVRZDQLH GR ZDUXQNyZ -HGQDN E\OL WR NUHZQL QLF]\P ]H ]áHJR VQX 1LHGĨZLHG]LH VWRMąF QD W\OQ\FK áDSDFK VLĊJDá\ WU]HFK PHWUyZ JU]HELąF\ Z ]LHPL URĞOLQRĪHUQ\ VWZyU NWyU\ E\á RGSRZLHGQLNLHP OHQLZFD ZDĪ\á SUDZLHGZLHWRQ\PLDáV]SRQ\MDNV]DEOHLS\VNNWyUHJRPyJáSR]D]GURĞFLüNURNRG\O-DNQD =LHPL Z WU]HFLRU]ĊG]LH 0LHMVFRZ\ 6WZyUFD QDMZ\UDĨQLHM QLH SRU]XFLá XSRGREDQLD GR ]ĊEDW\FK MDN VPRNL SU]HGVWDZLFLHOL PHJDIDXQ\ 0RJáR VLĊ RND]Dü ĪH OHĪąF\ WX SRWZyU SURĞFLXWNR]Ä2JURGXUR]NRV]\]LHPVNLFK´%RVFKDORNDOQLHXFKRG]Lá]D]Z\NáąĪDEĊ 1LWM¶VHIQLXGHU]\áGáRQLąZJDUGĊPLHF]D1D]LHPLSU]HGQLPSRMDZLáDVLĊNUHVNDNUZL 0DFKQąá RVWU]HP Z QLHGEDá\P UHLVKLNL REUyFLá UĊNRMHĞü Z SDOFDFK L ZVXQąá PLHF] ] SRZURWHPGRSRFKZ\ ±8OI3RJURPFDĩDE±SRZLHG]LDáQLHJáRĞQR :UyFLáGRSRVąJXL]EDGDáGUXJąF]DV]NĊ =QDOD]áVLĊ /HWKHUKD]H %LHGDNQLHZUyFLMXĪ GR&DPEULGJH ,VWQLHQLHVWZRUDGUJDMąFHJRREHFQLHQD]LHPLQLHGDZDáRĪDGQHMRGSRZLHG]L7R]ZLHU]Ċ E\áRZ\MąWNRZRQLHEH]SLHF]QHLWDNV]\ENLHĪHF]áRZLHNQLHG\VSRQXMąF\F\IUDOHPQLHPLDá] QLPQDMPQLHMV]\FKV]DQVDOH]FDáąSHZQRĞFLąWRQLHRQR]DáDWZLáR+DOOHULQJD]PLHQLDMąFPX SRáRZĊ FLDáD Z JUDQLWRZ\ SRVąJ 7R QLH RQR Z\NRĔF]\áR =DYUDWLORYą L /HWKHUKD]H¶D SRQLHZDĪ W\P OXG]LRP RGUąEDQR JáRZ\ ]D SRPRFą RVWUHJR PHWDORZHJR L UDF]HM FLĊĪNLHJR QDU]ĊG]LD.UĊJL]DFKRZDá\ĞODG\SU]HFLĊFLDL]PLDĪGĪHQLD1DMSUDZGRSRGREQLHMFLHVLHOVNLHM

VLHNLHU\ QDGDO ZELWHM Z SLHQLHN SU]\ GUHZXWQL 2ERN Z VWHUFLH SRUąEDQ\FK VSUyFKQLDá\FK G]LĞSRODQ]QDOD]áUR]V\SDQHOXG]NLHNRĞFL=DZOHF]RQRLFKWDPLĞFLĊWR:ZDUVWZLHWURFLQL QD VDP\P SQLX ]DFKRZDá\ VLĊ ĞODG\ NUZL LFK RERMJD , WR NUZL WUDXPDW\F]QHM SHáQHM ELOLUXELQ\1DVWĊSQLHWHQNWRWR]URELá]DQLyVáJáRZ\LU]XFLáXVWySSRVąJX=HEUDáWHĪNUHZ GRMDNLHJRĞQDF]\QLDLQDSHáQLáQLąPLVĊSRVąJX.WRĞ]áRĪ\áWXRILDUĊ.WR" 3RVąJE\áPLHMVFRZ\DOHQLHSRFKRG]Lá]:\EU]HĪD:ĞUyGWXWHMV]\FKPLHV]NDĔFyZQLH E\áRZ\]QDZFyZFLĊĪDUQHMWDĔF]ąFHMERJLQL]VLHUSHP1LHPLHOLWDNLHMSRVWDFLZSDQWHRQLH 2LOHZLHG]LDáERJLQLHĩHJODU]\Z\JOąGDá\]XSHáQLHLQDF]HMLQLHZ\PDJDá\RILDU]OXG]L 7RPRJáDE\E\üHZHQWXDOQLHDPLWUDMVND3DQLĩQLZ$]]LQDDOHVWąGGR$PLWUDMXE\áRSRQDG W\VLąF NLORPHWUyZ JyU\ L SXVW\QLD 1LH E\áR GRNáDGQLH ZLDGRPR QD F]\P WHQ NXOW SROHJDá DOH PRĪH L Z\PDJDá RILDU 7\ONR VNąG WX $PLWUDMH" ,FK NUDM E\á ZLHONLP ZRMRZQLF]\P LPSHULXP NWyUH ]DJDUQĊáR ZLHOH NUDLQ ZáąF]QLH ] V]HUHJLHP QDGPRUVNLFK NUyOHVWZ VNąG SU]\E\OL ĩHJODU]H $ FL E\OL OXGHP XFKRGĨFyZ 1LH ]QLHĞOLE\ WX $PLWUDMyZ 8ZDĪDOL LFK ]D GHPRQ\LV]F]HU]HQLHQDZLG]LOL 6DPH]DJDGNL1DSRW\NDáQDUD]LHQDVDPHS\WDQLDLĪDGQ\FKRGSRZLHG]L .LONXQDVWRVHNXQGRZDZDOND]PĊF]\áD JRSRWZRUQLH0LĊĞQLHMXĪ]DF]\QDá\EROHüMXWUR EĊG]LH áD]Lá MDN SDUDOLW\N 7DN WR MXĪ VLĊ G]LDáR SR SU]\VSLHV]HQLX &]áRZLHN QLH MHVW SU]\VWRVRZDQ\ GR F]HJRĞ WDNLHJR 3U]H] NLOND FKZLO MHVW QDGF]áRZLHNLHP D SRWHP FKRUXMH SU]H] GREĊ :LHG]LDá ĪH ]D SDUĊ JRG]LQ SDGQLH L EĊG]LH VSDá -XĪ NUĊFLáR PX VLĊ Z JáRZLH 0LĊĞQLH PLDá\ SRWZRUQ\ GáXJ WOHQRZ\ VSDOLá QLHPDO FDáą JOXNR]Ċ MDNą G\VSRQRZDá MHJR RUJDQL]PMXĪZWHMFKZLOLĪRáąGHNVNUĊFDáPXVLĊ]JáRGX1DSHZQRWHĪQDGZHUĊĪ\áĞFLĊJQD 'UREQHV]UDP\SXOVRZDá\JRUąF\PEyOHP&K\EDQLHGRVWDáVLĊGRQLFKMDGDOH]SHZQRĞFLą EĊGąVLĊSDSUDü2SDU]RQHSOHF\]DODQHSRWHPSU]\FLĞQLĊWHNROF]XJąLSDQFHU]HPWHĪERODá\ MDNGLDEOL 2EV]HGá FDá\ WHUHQ DOH QLH ]QDOD]á ZLĊFHM FLDá =DYUDWLORYD /HWKHUKD]H +DOOHULQJ %UDNRZDáR SLĊFLX 2GHV]OL" 3RUZDQR LFK" =JLQĊOL UyZQLH WDMHPQLF]R DOH JG]LHĞ SR]D REUĊEHPVWDFML" :LHG]LDá ĪH QLF]HJR MXĪ VLĊ WX QLH GRZLH 3RV]HGá SRV]XNDü F]HJRĞ GR MHG]HQLD :RMVNRZHUDFMHQLHE\á\ZLHF]QRWUZDáHDOHPRJá\SU]HWUZDüEDUG]RGáXJR1LHVWHW\XF]HQL QLH JXVWRZDOL Z JRWRZ\FK UDFMDFK SRORZ\FK NWyUH ]DPNQLĊWH Z KHUPHW\F]Q\FK WRUHENDFK Z\JOąGDá\ L VPDNRZDá\ MDN ĪDUFLH GOD ]ZLHU]ąW DOH QLF]HJR QLH WU]HED E\áR ] QLPL URELü :\VWDUF]\áR RWZRU]\ü L ]MHĞü RVWDWHF]QLH QDZHW QLH SRGJU]HZDMąF =DEUDOL QDWRPLDVW VPDF]QLHMV]HUDFMHOLRILOL]RZDQHGRNWyU\FKWU]HEDE\áRGRODüZRG\3U]HĪXáMHGQąQDVXFKR SU]\SRPLQDáR WR MHG]HQLH JLSVX 3URV]HN ]ZLą]Dá QDW\FKPLDVW FDáą ĞOLQĊ L ]DVW\Já Z SRVWDFL VáRQHJR REOHSLDMąFHJR PX JDUGáR L MĊ]\N NLWX : ]ELRUQLNX Z áD]LHQFH SU]HWUZDáR WURFKĊ ZRG\]DVWDáHMFXFKQąFHMSODVWLNLHPSRMHPQLNDLSHáQHMJORQyZ:\SHáQLáMHGQDNW\PXVWDL Z\PLHV]Dá ] ]DVFKQLĊWą VNRUXSą F]HJRĞ FR PLDáR E\ü UDJRXW ] NUyOLND ] ZDU]\ZDPL Z REU]\GOLZąSDSNĊNWyUąPyJáMXĪMDNRĞSRáNQąü=QDOD]áMHV]F]HWXEĊGĪHPXSR]LRPNRZHJR

EDWRQLN L SRSLá WR POHNLHP VNRQGHQVRZDQ\P 1D ]DNRĔF]HQLH Z\GXVLá ZSURVW GR XVW WXEĊ SDVW\ DQFKRYLV : WDNLP VWDQLH ZáDĞFLZLH E\áR PX ZV]\VWNR MHGQR FR MH &]Xá VLĊ MDN XPLHUDMąF\ ] JáRGX UR]ELWHN =QDOD]á MHV]F]H WU]\ FDáH RSDNRZDQLD L VFKRZDá ]D QDSLHUĞQLN 5HV]WDE\áDUR]GDUWDSRJQLHFLRQD]DZDUWRĞüGDZQRUR]SXĞFLáDVLĊ]GHV]F]yZNąZ\ĪDUá\Mą ]ZLHU]ĊWD1LHZLHOH]UHV]WąWHJR]RVWDáR 2EV]HGá SRQRZQLH ODERUDWRULXP L VWZLHUG]Lá ĪH ]DFKRZDáR VLĊ WX VSRUR SU]HGPLRWyZ NWyUHMHV]F]HPRJąVLĊSU]\GDü1LHVWHW\SUDZLHQLFQLHPyJáMXĪ]DEUDü]HVREą,WDNFKRG]Lá REáDGRZDQ\ MDN ZĊGURZQ\ NUDPDU] 3R QDP\ĞOH ]DEUDá SU]\QDMPQLHM WXWHMV]H PRQHW\ %LĪXWHULĊ ]LHPVNLHM URERW\ ZV\SDá GR SXV]NL SR NDZLH L VFKRZDá SRG NDPLHQLDPL SRGPXUyZNL :\V]HGá SU]HG FKDáXSĊ L SRP\ĞODá ĪH ZEUHZ ZV]\VWNLP ]DáRĪHQLRP QLH ]RVWDQLH WXWDM 7RPLHMVFHQLHQDGDZDáRVLĊQDED]ĊZ\SDGRZą1LHQDGDZDáRVLĊGRQLF]HJR7U]HEDE\áR LĞü GDOHM 'RNąG QLH PLDá SRMĊFLD =DáRĪ\á ĪH GRSyNL QLH ]QDMG]LH FLDá SR]RVWDá\FK EĊG]LH XZDĪDá]DĪ\Z\FK7R]QDF]\ĪHPXVLHOLVWąGRGHMĞü'RNąG"1DSRF]ąWNXSUDZGRSRGREQLH SU]HGVLHELH 'U]HZR NWyUH URVáR SRĞURGNX G]LHG]LĔFD PLDáR G]LZQ\ SLHĔ ] EHF]NRZDW\P Z\EU]XV]HQLHP SRĞURGNX SU]\SRPLQDMąF\P SLHUĞ PĊĪF]\]Q\ 3U]\MU]Dá VLĊ XZDĪQLHM L ]DXZDĪ\á ĪH Z\UDVWDMąFH ] QLHJR NRQDU\ WDNĪH PLDá\ Z\UDĨQą OLQLĊ PLĊĞQL UDPLRQ ± EDUNL ELFHSV\ QDZHW Ī\á\ QD SU]HGUDPLRQDFK ,P GáXĪHM SDWU]\á W\P ZLĊFHM ZLG]LDá V]F]HJyáyZ ĩHEUDVXWNLRERMF]\NLJUG\NĊ±ZUHV]FLH]REDF]\áWHĪWZDU] ±1DVWĊSQDU]HĨED±SRZLHG]LDáQDJáRV±,VWQDJDOHULDV]WXNL $ZWHG\ZGUHZQLDQHMWZDU]\RWZDUá\VLĊRF]\ 'UDNNDLQHQZ]GU\JQąáVLĊLRGVNDNXMąFZW\áZ\MąáPLHF]GRSRáRZ\2F]\SDWU]\á\QD QLHJR ] MDNLPĞ REáąNDQ\P FLHUSLHQLHP 1RUPDOQH RF]\ ± ] ELDáNDPL OXG]NLH 7XWHMVL PLHOL WĊF]yZNLQLHPDOQDFDáąJDáNĊRF]QąMDNNRQLH 7ZDU]E\áD]QDMRPD'XYDO-RDTLQ'XYDO.LHURZQLNHNVSHG\FML ± &R FL VLĊ VWDáR" ± ]DS\WDá L XVá\V]Dá ĪH EH]ZLHGQLH PyZL Z MĊ]\NX :\EU]HĪD 3RZWyU]\áS\WDQLHSRDQJLHOVNX2F]\SRUXV]\á\VLĊJZDáWRZQLH ±1LHPRĪHV]PyZLü"0UXJQLMGZDUD]\QDWDNUD]QDQLH 'ZDPUXJQLĊFLD%DUG]RV]\ENR ±&]\WR]URELOLPLHMVFRZL" 7U]\PUXJQLĊFLD&RWR]QDF]\" ±&]\SR]RVWDOLĪ\Mą" 7U]\PUXJQLĊFLD ±&]\WR]QDF]\ĪHQLHZLHV]" &KZLOD]DVWDQRZLHQLD 'ZDPUXJQLĊFLD 3U]H]XP\Vá:ĊGURZFDSU]HSá\ZDá\VHWNLS\WDĔDOHQLHZLHOHZ\PDJDáRRGSRZLHG]LWDN

OXEQLH &RĞ]DVWXNDáRFLFKR -HGQD JDáą]ND QD SUDZ\P NRQDU]H SRUXV]DáD VLĊ OHNNR XGHU]DMąF R VąVLHGQLą 6WXNWXNVWXNVWXNWXN3U]HUZD6WXNVWXN3U]HUZD $OIDEHW0RUVH¶D"8VLáRZDá]UR]XPLHüFRWDPWHQQDGDMHDOHSRJXELáVLĊ .URSNDNUHVNDNURSNDNURSNDNUHVNDNUHVNDNURSND /0(" 7DPWHQ]DF]ąáMHV]F]HUD] .UHVNDNURSNDNUHVND.URSNDNURSND :UHV]FLH]UR]XPLDá.,//0(=DELMPQLH ±0DPFLĊ]DELü"±7DPWHQSU]HVWDáVWXNDü0UXJQąáGZDUD]\L]DPNQąáRF]\ ± 'XYDO 1LH FKFĊ FLĊ ]DELMDü 7R HNVSHG\FMD UDWXQNRZD ĝFLąJQĊ WX VWDWHN $OH PXV]Ċ VLĊGRZLHG]LHü*G]LHWDPFLSRV]OL"&RWXVLĊVWDáR".WRFLWR]URELá"-DNPRJĊSRPyF" ±.,//0(.,//0(.,/0(.,/0(.,/(0.,// 1LF]WHJR 'UDNNDLQHQSURVLáEáDJDáSU]HNRQ\ZDáLWáXPDF]\á%H]VNXWNX7DPWHQQLHRGSRZLDGDá QDĪDGQHS\WDQLHW\ONRZNyáNRSRZWDU]DáVZRMH 2EPDFDá GU]HZR ]H ZV]\VWNLFK VWURQ DOH QLH PyJá ]QDOHĨü QLF]HJR SUyF] GUHZQD =Z\NáHJR JáDGNLHJR VXFKHJR GUHZQD SUDZLH SR]EDZLRQHJR NRU\ 3LHĔ JDáĊ]LH ZąVNLH ODQFHWRZDWHOLĞFLHSRGREQHGRROLZQ\FK'U]HZRNWyUH]DZLHUDáRZVRELH'XYDODSRGREQLH MDNSRVąJZFKDáXSLH]DZLHUDáZVRELH+DOOHULQJD -HGQDN'XYDOĪ\á0LDáW\ONRRF]\L]GROQRĞüSRUXV]DQLDMHGQąJDáą]Ną&]\UyVáUD]HP] W\PGU]HZHP" 1LFG]LZQHJRĪH]ZDULRZDá 3U]HMĊW\]JUR]ąLZVSyáF]XFLHPPRĪHU]HF]\ZLĞFLH]GRáDáE\JR]DELüDOHQLHPLDáSRMĊFLD MDN-DNV]\ENRLKXPDQLWDUQLH]DELüGU]HZR"=UHV]WąWRQLHWDNLHSURVWH 2GV]HGáVWDUDMąFVLĊQLHVáXFKDüVWXNDMąFHM]XSRUHPJDáą]NL ±.O/0(.,/0(.,/0(.,/0( 3RGV]HGáGROHĪąFHMQD]LHPLSRáRZ\VWZRUDLSRVWDQRZLá]EDGDüJRGRNáDGQLHM1DSUyEĊ GĨJQąáJRPLHF]HP%ODGHRNUąJáHRF]\RWZRU]\á\VLĊUDSWRZQLHUDPLĊZELáRVLĊV]SRQDPL ZJUXQWLJáRZDQDJOHZ\VNRF]\áDMDNUDNLHWDQDZ\VRNRĞüMHJRWZDU]\3U]\VSLHV]HQLHVSDGáR MDN ]DVáRQD QD SOHFDFK L V]\L SRF]Xá QDSyU SRZLHWU]D NLHG\ RGVNDNLZDá Z W\á Z\ZLQąá VLĊ Z\VNRNLHP L WU]DVQąá JáRZĊ VWZRUD SRWĊĪQ\P ]DPDFKRZ\P NRSQLĊFLHP Z SRZLHWU]X =PLHQLáD NLHUXQHN ORWX SU]\VSLHV]DMąF Z\UDĨQLH D SRWHP SRWRF]\áD VLĊ SR ]LHPL ] REU]\GOLZ\PSXVW\PRGJáRVHP 'UDNNDLQHQSDWU]\áQDQLą]H]JUR]ąG\V]ąFFLĊĪNRDSyĨQLHM]REDF]\áĪHUDPLĊZ\FLąJD VLĊSU]HGVLHELHSD]XU\ZELMDMąZNOHSLVNRSRF]\PPLĊĞQLHQDSLQDMąVLĊSU]\FLąJDMąFEDUNL áHELUDPLĊ]QRZXZ\FLąJDVLĊGRSU]RGX]XSHáQLHMDNZMDNLPĞNLHSVNLPKRUURU]H,SHá]QLH

'RQLHJR ±3LF]NXPDWHUL±ZU]DVQąá'UDNNDLQHQ±=G\FKDMĪHĞFLHUZR 8FKZ\FLá PLHF] REXUąF] L ] FDáHM VLá\ SU]HELá VWZRU]HQLX F]DV]NĊ $ SRWHP XQLyVá ]DVNDNXMąFRFLĊĪNL]HZáRNQDRVWU]X]DPDFKQąáVLĊLSXĞFLááHESURVWRZĞFLDQĊSDOLVDG\DĪ ]DGXGQLáR ±3LĊüUD]\FLĊMXĪ]DELáHP±ZU]HV]F]DáUR]ZĞFLHF]RQ\GRJUDQLF±3U]HVWDĔĩ<û&RWR ]D MDNLHĞ NUHW\ĔVWZD" &R ]D SRFKU]DQLRQ\ ĞZLDW =DUD] WX SU]HOHFL %DED -DJD QD PLRWOH 3U]HMG]LHNRFLRáHNL]áRĪ\PLXV]DQRZDQLH 6WZyUMDNE\JRSRVáXFKDáER]DV\F]DáFLFKRL]QLHUXFKRPLDá ±1R±SRZLHG]LDá'UDNNDLQHQ±,OHĪHüPLWX 0LDá GRV\ü WHJR PLHMVFD E\á ZĞFLHNá\ ]PĊF]RQ\ L JáRGQ\ .OQąF SRG QRVHP SU]HPLHU]\áZLHONLPLNURNDPLG]LHG]LQLHFLZV]HGáGRFKDW\:\V]HGáSRFKZLOLQLRVąFVWDU\ SRVWU]ĊSLRQ\ NRF 5]XFLá JR QD ]LHPLĊ L NRSQLDNLHP ZWRF]\á QDĔ RGUąEDQą áDSĊ SR F]\P RZLQąáMąWZRU]ąFJUXE\WáXPRN:HZQąWU]V]PDW]DF]ĊáRVLĊFRĞSRUXV]DüZLĊF1LWM¶VHIQL NOQąFVWUDV]QLHSRILĔVNXJU]PRWQąáNLONDUD]\]DZLQLąWNLHPR]LHPLĊ 1DVWĊSQLH ]HEUDá SR]RVWDáH QD G]LHG]LĔFX V]F]ąWNL F]áRQNyZ Z\SUDZ\ L ]DQLyVá GR ZQĊWU]DFKDW\3RáRĪ\áZV]\VWNRFR]QDOD]áQDVWROHQDSU]HFLZSRVąJX+DOOHULQJDLVWDáSU]H] FKZLOĊ ] SRFK\ORQą JáRZą SRUXV]DMąF EH]JáRĞQLH XVWDPL 3U]HV]XNDá MHV]F]H UD] FKDWĊ L ZUHV]FLHZ\V]HGá]QLHZLHONLPSODVWLNRZ\PNDQLVWUHPREOHZDMąFĞFLDQ\L]DSDGQLĊW\GDFK] JRQWyZ $ SRWHP SU]\VLDGá Z EH]SLHF]QHM RGOHJáRĞFL L Z\GRE\á ] VDNLHZNL SU]\ SDVLH NU]HVLZR Ä0D SDQ VSUDZG]Lü FR VLĊ VWDáR ± PyZLá /RGRZLHF ± $ MHĪHOL EĊG]LH WU]HED VSU]ąWQąü FDá\EDáDJDQ´ 'XYDOFDá\F]DVVWXNDáPRQRWRQQLHJDáĊ]Lą 'UDNNDLQHQZVWDáNRSQąáZRFHPEURZDQLHVWXGQLLSRV]HGáSRVLHNLHUĊ .LHG\ VFKRG]Lá ]H Z]JyU]D SáRPLHQLH VLĊJDá\ MXĪ SRQDG SDOLVDGĊ L V\SDá\ LVNUDPL Z QRFQHQLHER 

 %XG]L PQLH GHV]F] 2EU]\GOLZ\ RáRZLDQ\ SRUDQHN ZĞUyG PJá\ L XSRUF]\ZHM PĪDZNL :V]\VWNRPQLHEROL-XĪQLHZLHPF]\]SRZRGXZF]RUDMV]HMZDONLF]\QRF\VSĊG]RQHMQD JUXE\PUR]ZLGORQ\PNRQDU]H-HVW]LPQR 5R]ZLą]XMĊ V]QXU NWyU\ XWU]\P\ZDá PQLH QD SQLX L VFKRG]Ċ QD ]LHPLĊ RWXORQ\ ZHáQLDQ\PSáDV]F]HP &RMDVLĊQDVáXFKDáHPRW\PSáDV]F]XĩHQDWXUDOQDZHáQDJU]HMHQDZHWNLHG\MHVWPRNUD ĩHSRGZSá\ZHPGHV]F]XZáyNQDVLĊNXUF]ąLSáDV]F]URELVLĊZRGRRGSRUQ\ 0RĪHLWDN 7\ONRĪHZWHG\MHVWMXĪ]XSHáQLHSU]HPRF]RQ\3RGREQLHMDNQRV]ąF\JRF]áRZLHN

%ROL PQLH VWDZ VNRNRZ\ ZV]\VWNLH PLĊĞQLH ]DGUDSDQLD QD SU]HGUDPLHQLX L RSDU]RQH SOHF\-HVWHPPRNU\]PDU]QLĊW\LZĞFLHNOHJáRGQ\ 7DPWHQRG]\ZDVLĊDNXUDWNLHG\VWRMĊZĞUyGSDSURFLGDMąFXOJĊSĊFKHU]RZL 6LHG]L QD VNUDMX ODVX QD GUHZQLDQ\P MHGQRRVLRZ\P ZR]LH ]DSU]ĊĪRQ\P Z NUĊSH ]ZLHU]ĊNRMDU]ąFHVLĊRGOHJOH]RVáHPDOERRNDSL ±7RE\áDSLĊNQDZDOND±PyZL±0RĪHQDZHWZDUWDSLHĞQL ±-DNDZDOND"±S\WDP -HVW FKXG\ RNU\W\ SáDV]F]HP ] NDSWXUHP L WU]\PD Z UĊNX SRáHü VáRQLQ\ RG NWyUHJR RGNUDZDQLHZLHONLHNDZDáNLWU]\PDQ\PZGáRQL]DNU]\ZLRQ\PQRĪHP 6SRNRMQLHV]QXUXMĊUR]SRUHN =GąĪĊZUD]LHF]HJR =GąĪĊ]DQLP]HVNRF]\]NR]áDDOER VLĊJQLHSRFRNROZLHNRVWUHJR ,JQRUXMĊ JR 7XWDM SRGHMĞFLH VDPRWQHJR F]áRZLHND ZH ĞQLH WR F]\Q QLHNXOWXUDOQ\ L QLHEH]SLHF]Q\:áDĞFLZLHPQLHREUD]Lá 3U]\QDMPQLHMRLOHZLHP 1LH PDP SRMĊFLD MDN PQLH Z\SDWU]\á Z JĊVW\P OLVWRZLX ZĞUyG JDáĊ]L 'ODWHJR MHVWHP ZĞFLHNá\ZáDĞFLZLHQDVLHELH =ELHUDP RGSRZLHGQLH SDW\NL QD RJQLVNR -HVW WX SDUĊ URĞOLQ NWyU\FK ]HVFKáH JDáĊ]LH ]DSáRQąQDZHWNLHG\ Vą ZLOJRWQH7DPWHQĪXMHVZRMHNĊV\SDWU]ąFQDPQLHEDGDZF]RW\PL QLHVDPRZLW\PL RF]DPL Z\SHáQLRQ\PL F]HUQLą &K\ED MHVW VWDU\ 7UXGQR RFHQLü 7XWDM F]WHUG]LHVWRODWHNZáDĞFLZLHMHVWVWDU\&KXGąWZDU]PDSREUXĪGĪRQą]PDUV]F]NDPLLZMDNLĞ VSRVyE]PĊF]RQą .U]HVLZRVWU]HODSĊNDPLLVNLHU5R]GPXFKXMĊĪDUQDNDZDáNXNRU\NXSFHSUyFKQDLLJLHá DĪSRMDZLVLĊSáRP\N .LHG\ JU]HMĊ GáRQLH SU]\ WU]HV]F]ąF\P RJQLX SRFKáDQLDMąF\P VXFKH SDW\NL P\ĞOĊ R NDZLH(VSUHVVRZPDOXWNLHMILOLĪDQFH]ZDUVWHZNąFUpPDQDZLHU]FKX7DPWHQZFLąĪVLHG]LL SRGDMHVRELHGRXVWNDZDáNLVDGáDQDNRĔFXQRĪD ±8VLąGĨSU]\RJQLX±PyZLĊ ±0RJáHPFLĊ]DELü±RGSRZLDGD]SHáQ\PLXVWDPL ±$OHQLH]DELáHĞ ±7RVSU\WQHWDNVSDüQDGU]HZLH ±:LGDüQLHGRĞüVSU\WQH%ĊG]LHV]WDNNU]\F]Dá]WHJRZR]X" ±:ROĊRJOąGDüĞZLDW]NR]áD:\ĪHM/HSLHMZLGDü :\FLąJDP]XNU\FLDVZRMHU]HF]\7RUE\VDNZ\ZUHV]FLHVLRGáRQDNWyU\PVLDGDPSU]\ RJQLX3U]\QDMPQLHMVLĊGRF]HJRĞSU]\GD=QDMGXMĊWZDUGHSDVNLVRORQHJRVXV]RQHJRPLĊVD ]DZLQLĊWH Z SHUJDPLQ 8JRWXMĊ MH ZH ZU]ąWNX 1LH PD NDZ\ SU]\QDMPQLHM Z\SLMĊ FRĞ Z URG]DMXEXOLRQX=DZV]HWRFRĞFLHSáHJRZĪRáąGNX ±.WRWDPPLHV]NDá"±0DFKDPUĊNąZNLHUXQNXZ]JyU]DQDNWyU\PF]HUQLHMHZ\SDORQ\ NLNXWVWDFML3DOLVDGDF]ĊĞFLRZRRFDODáDDOHMHV]F]HXQRVLVLĊVWDPWąGVáXSV]DUHJRG\PX

:]UXV]DUDPLRQDPL ±1LNW.DĪG\ZLHĪHWRSU]HNOĊWHPLHMVFH8URF]\VNR-DNLFKZLHOH7\ONRJáXSLZFKRG]L ZWDNLHPLHMVFD ±6]XNDPNRJRĞ-HVWHPREF\ZW\FKVWURQDFK6]XNDPWDNLFKNWyU]\E\OLREF\MDNMDL ]JXELOLVLĊ ±0QLHWHĪWXGáXJRQLHE\áR:\SUDZD 8Ī\ZD VáRZD ÄKDQVLQJ´ :\SUDZD D NRQNUHWQLH áXSLHVND SRGUyĪ PRUVND 'RVáRZQLH ÄGURJDSRV]F]ĊĞFLH´ :\FLąJDGáRĔ]QRĪHPZVND]XMąFODVSRGUXJLHMVWURQLHSRODQ\JG]LHV]XPLSRWRN ± 7DP MHVW WUDNW 3URZDG]L QDMSLHUZ GR SLHUZV]HJR GRPRVWZD 7DP PLHV]ND *ULVPD 6]DORQ\.U]\N ±%ĊG]LHFRĞZLHG]LDáRPRLFKNUHZQ\FK" ± 1LH $ PRĪH WDN $OH VWąG PRĪHV] LĞü W\ONR WDP *ULVPD 6]DORQ\ .U]\N RWRF]RQ\ NROF]DVW\P ZDáHP ] MHVLRQX VLHG]L Z GRPX SU]RGNyZ L UD]HP ] JDUVWNą VZRLFK GUĪ\ ]H VWUDFKXSU]HGW\PFRZ\FKRG]L]ODVX3LHUZV]\NWyU\PLHV]ND]D3XVWNRZLDPL7UZRJL,GĨL GDMPXSUH]HQW'DMPXVZyMáXS ±-DNLáXS" 0ĊĪF]\]QD QD ZR]LH ZVND]XMH ]DZLQLąWNR NWyUH OHĪ\ RSRGDO 7áXPRN ]H VWDUHJR SOHGX F]ĊĞFLRZRSU]HVLąNQLĊWHJRNUZLą7áXPRNNWyU\FLąJOHWURFKĊVLĊSRUXV]D ± &]DVHP Z\V\áD GR ODVX NRJRĞ REFHJR =E\W PáRGHJR E\ VLĊ EDü L ]E\W JáXSLHJR E\ RGPyZLüĪHE\XZROQLáJRRGNROHMQ\FKXSLRUyZ2GG]LHFL]LPQHMPJá\2EXG]RQ\FK$OH RQLQLJG\QLHSU]HVWDQąSU]\FKRG]Lü7R]á\F]DV:RMQDERJyZ.LHG\ĞWDNQLHE\áR$OHGDM PX WR QD SDPLąWNĊ 1LHFK SRZLHVL QD F]ĊVWRNROH L NU]\F]\ VZRLP OXG]LRP ĪH MHVW ZLHONLP VW\UVPDQHP 0DPMXĪWURFKĊĪDUXPRJĊSRVWDZLüQDQLPNXEHN]ZRGąLSRáDPDQ\PSDVNLHPPLĊVD ±1LHZLHPRF]\PPyZLV]0\ĞODáHPĪHWRĪDED 7DPWHQĞPLHMHVLĊ]DSUREDWą ± -HVWHP .UXF]\ &LHĔ 6SU]HGDMĊ PDJLF]QH U]HF]\ &KFHV] V]W\OHW NWyU\ VSURZDG]D NOąWZĊ QD ZáDĞFLFLHOD" .DPLHĔ NWyU\ ZUDFD" 0DP NDPLHQLH GURJL DPXOHW\ F]DUQHJR VQX SLyUDSWDNDJU]PRWX0DPZV]\VWNR ±3RWU]HEXMĊNRQLD ±1LHKDQGOXMĊNRĔPL+DQGOXMĊU]HF]DPLNWyUHF]\QLą ±0DV]FRĞFRSRWUDIL]DPLHQLüF]áRZLHNDZNDPLHĔ" ±&]DV"0DPPQyVWZRF]DVX ±$JG]LHPRJĊNXSLüNRQLH" ±7DPJG]LHNWRĞMHVSU]HGDMH&K\EDFLĊMHV]F]H]REDF]Ċ=QDMGĨGURJĊ Ä=QDMGĨ GURJĊ´ WR SRĪHJQDQLH 3U]\QDMPQLHM ZHGáXJ Ä.XOWXU\ L RQWRORJLL :\EU]HĪD´ 5HNRYLFD

±1D]\ZDMąPQLH1LWM¶VHIQL±ZRáDP]DQLP ± 7R ZLGDü 'OD PQLH MHVWHĞ ĝSLąF\ 1D 'U]HZLH ± RGNU]\NXMH SU]H] UDPLĊ L ]MHĪGĪD VZRLPVNU]\SLąF\PZR]HPQDGQRNRWOLQNLPLDĪGĪąFNRáDPLELDáHNZLDW\SDSURFL =RVWDMĊ VDP 'HV]F] V]XPL PRQRWRQQLH Z OLĞFLDFK PRMH RJQLVNR V\F]\ QLHFKĊWQLH SRG NURSODPLVSDGDMąF\PL]JDáĊ]L*G]LHĞZ\VRNRZQLHELHVá\FKDüSLVNGUDSLHĪQHJRSWDND 3RSLMDPFLHQNLEXOLRQL]DF]\QDPV\VWHPDW\]RZDüSODQG]LDáDĔ3UyĪQHVNRPSOLNRZDQH ]DMĊFLH ER WDN QDSUDZGĊ QLH ZLHP FR URELü GDOHM 3yMGĊ Wą ĞFLHĪNą 'RNąGNROZLHN SRV]OL QLHV]F]ĊĞQLEDGDF]HQDSHZQRQLHEUQĊOLQDSU]HáDMSU]H]ODVZLĊFLMDSyMGĊ=REDF]\P\FR WDPVá\FKDüXNRJRĞNRJRQD]\ZDMą*ULVPD6]DORQ\.U]\N 0XV]ĊPLHüNRQLD3LHQLĊG]\PDPGRĞüQLHOLF]ąFQDZHWWHJRFR]UDERZDáHPZVWDFML 0DP SDV Z\SFKDQ\ XáRĪRQ\PL UyZQR VWRVLNDPL ]áRW\FK L VUHEUQ\FK PRQHW ZLV]ąF\ PL QD ELRGUDFKMDNV\W\ZąĪERD3RWU]HEXMĊW\ONRVNOHSX]NRĔPL ,PXV]ĊZLHG]LHüFRVLĊZ\GDU]\áR7RQDZHWZDĪQLHMV]HRG]QDOH]LHQLDUR]ELWNyZ 

 7DPWHQ ZLHF]yU Z MDGDOQL Z 'DUNPRRU 8URF]\ĞFLH : NDPLHQQ\P NRPLQLH SáRQLH RJLHĔ VLHG]LP\ Z]GáXĪGáXJLHJR VWRáX Z EODVNXĞZLHF ZĞUyG VUHEHU SLHF]RQ\FK NXURSDWZ ]LHPQLDNyZ ] SLHFD L RF]\ZLĞFLH SU]\ RK\GQ\P \RUNVKLUH SXGGLQJ /RGRZLHF RFLHUD XVWD VHUZHWNąLZáDGF]\PUXFKHPGáRQLQDND]XMHE\QDODQRQDPZLQD ±=PLHQLRQR]DáRĪHQLDPLVML3ROHFLMHGHQ±PyZLZUHV]FLH±=HVSyáSR]RVWDMHV]NROHQLH ]RVWDMHXWU]\PDQHF]HNDP\QDUR]ZyMZ\SDGNyZ3ROLW\ND±GRGDMHZ\MDĞQLDMąF\PWRQHP .DPLHQLHMHP\ SU]\ VWROH SDWU]ąF WR QD VLHELH QDZ]DMHP WR QD /RGRZFD :\SLMD á\N VKHUU\ L RGZUDFD VLĊ GR MHGQHJR ]H VWHZDUGyZ NWyU\ SRGDMH PX WDFĊ ] ]DODNRZDQą QD F]HUZRQR NRSHUWą L OHĪąF\P RERN VUHEUQ\P V]W\OHWHP 3U]H] URN SU]\]Z\F]DLOLĞP\ VLĊ GR FHOHEU\REU]ĊGyZLFXGDF]QHMQLWRSVHXGRĞUHGQLRZLHF]QHMQLWRPDVRĔVNLHMDWPRVIHU\'R VPRNLQJyZ L ZLHF]RURZ\FK VXNLHQ NWyUH QDJOH ]DVWĊSXMą ]JU]HEQH GUHOLFK\ 1LNRJR WR MXĪ QLHĞPLHV]\ :V]\VF\ VLĊJDMą GR XPLHMĊWQRĞFL Z\QLHVLRQ\FK ]H V]NROHQLD .LHG\ /RGRZLHF SRPDJDMąFVRELHRVWU]HPNUXV]\SLHF]Ċü.DXIPDQQGRNáDGDVRELHQDG]LHQLDMDREUDFDPZ SDOFDFKVUHEUQ\NLHOLFKLZąFKDPVKHUU\&DYDOOLQRGáXELHZ]ĊEDFKD'HLUGUHRJU\]DJDáą]NĊ ZLQRJURQ:V]\VF\Z\JOąGDMąQDUR]OXĨQLRQ\FKLVZRERGQ\FK ± 3DQX &RUYLQDTXH G]LĊNXMHP\ ]D ZVSyáSUDFĊ 3DQLH &RUYLQDTXH ERVPDQ +DUGLQJ SRPRĪH SDQX VSDNRZDü U]HF]\ QD GROH Z KDOOX F]HND NLHURZFD 3U]\SRPLQDP ĪH RERZLą]XMHSDQDQDMZ\ĪV]DNODX]XODWDMHPQLF\SDĔVWZRZHM3URV]Ċ]DSRPQLHüRZV]\VWNLP FRSDQWXVá\V]DáLZLG]LDáSR]DMHGQ\P7\PĪHP\QLH]DSRPQLP\RSDQX']LĊNXMĊLGR ZLG]HQLD : JáĊERNLHM FLV]\ Vá\FKDü RGELMDMąFH VLĊ HFKHP VSRG VNOHSLHQLD NURNL 5HQp .LHG\ RJURPQHZLHU]HMH]DP\NDMąVLĊ]KXNLHPQLNWQDGDOQLHPyZLDQLVáRZD

±3DQRZLH.DXIPDQQ1LOIVVRQLSDQL'HFURXWGRXEH]SLHF]DQLD1DUD]LH3DQL0XOOLJDQ SDQ&DYDOOLQRSDQ5RJRZVNLSDQ.RKRXWHNLSDQ'DUWORZ±]HVSyáUH]HUZRZ\ &LV]D ±/HFLSDQ'UDNNDLQHQ 8áDPHNVHNXQG\NLHG\ZV]\VWNLPSXV]F]DMąQHUZ\1DQDV]ąPLDUĊRF]\ZLĞFLH1LOIVVRQ SURVWXMH VLĊ ] XOJą L Z\SLMD á\N ZLQD 'DUWORZ ]DFLVND ]ĊE\ ZLGDü MDN SXOVXMą PX PLĊĞQLH V]F]ĊN 'HFURXW MHVW ]DVNRF]RQD PD PLQĊ MDNE\ WUDILá Mą SLRUXQ 'HLUGUH SU]H] FKZLOĊ Z\JOąGD MDN ZDONLULD =DFLĞQLĊWH XVWD Z\VXQLĊW\ SRGEUyGHN Z RF]DFK Eá\VN GLDPHQWyZ -D QLHF]XMĊQLF1LFSR]D]DSDFKHP\RUNVKLUHSXGGLQJ 1DZHW.RKRXWHNSU]HVWDMHQDFKZLOĊMHĞü ± 3DQD 'UDNNDLQHQD SRSURV]Ċ ]H PQą 3DĔVWZD ]DSUDV]DP GR GDOV]HM NRODFML Z VZRERGQLHMV]HMDWPRVIHU]H6PDF]QHJRG]LĊNXMĊLGREUDQRF3URV]ĊE\üGREUHMP\ĞOL0LVMD EĊG]LHNRQW\QXRZDQD ±'RP\ĞODVLĊSDQGODF]HJR"±S\WDEDGDZF]RMXĪVLHG]ąF]DVZRLPELXUNLHPLQDELMDMąF IDMNĊ ±1LHNRPDQGRU]H ±-HVWSDQQDMVWDUV]\3DQSDPLĊWDMHV]F]HĞZLDWZNWyU\PE\OLĞP\MHG\Q\PĪ\FLHPZH ZV]HFKĞZLHFLH3DPLĊWDSDQF]DV\NLHG\QLHLVWQLDáQDSĊGQDGJUDZLWDF\MQ\DDVWURQDXW\NDWR E\áQLHSHZQ\HNVSHU\PHQW0DSDQWRMHV]F]HZJáRZLH-HVWSDQG]LHFNLHPVWDUHJRĞZLDWDL XURG]LáVLĊSDQZSU]HNRQDQLXĪHLVWQLHMHW\ONRWRFRQD=LHPLĪHMHVWHĞP\MHG\Q\PE\WHP UR]XPQ\PZH ZV]HFKĞZLHFLH DSUĊGNRĞüĞZLDWáDMHVWQLHSU]HNUDF]DOQD :HGáXJPQLHOHSLHM SDQ VLĊ GRVWRVXMH GR WDPW\FK L GR LFK PHQWDOQRĞFL ER RQL P\ĞOą WDN VDPR PLDUą VZRMHJR ĞZLDWD 'R WHJR SDĔVND PDWND E\áD 3RONą RMFLHF )LQHP D Z\FKRZDá VLĊ SDQ Z &KRUZDFML 6]RN NXOWXURZ\ WR GOD SDQD FRG]LHQQRĞü 3R]D W\P SDQ MDNR MHGHQ ] QLHZLHOX ]URELá VRELH UHOLJLĊ]QLH]DOHĪQRĞFL3DQQLHZLHU]\ZSDĔVWZRSU]HSLV\DQLUR]XP]ELRURZRĞFL-HVWSDQ VDPRWQLNLHP:LHU]\SDQZWRVZRMHSUDZRPRUDOQHLUR]VąGHN0LDáOHFLHü]HVSyáLZWHG\ SDQ ]RVWDáE\ QD =LHPL $OH PXVLP\ Z\VáDü MHGQHJR -HGQHJR F]áRZLHND 6ąG]Ċ ĪH SDQ SU]HĪ\MH3U]\QDMPQLHMMHVWQDWRMDNDĞV]DQVD ±7HUD]SRZLHPSDQXFRĞFRZLHSR]DPQąPRĪH]V]HĞüRVyE7RMXĪQDZHWQLHEĊG]LH QDMZ\ĪV]DNODX]XODWDMQRĞFL-HĪHOLSLĞQLHSDQVáRZRNRPXNROZLHNFKRüE\NDSUDO0XOOLJDQ ]JLQLHFLHRERMH3U]HSUDV]DP]DWHQWRQDOHWRQLH]EĊGQH:LDGRPRĪHPDSDQ]QDOHĨüJUXSĊ EDGDZF]ąDOERXVWDOLüFRVLĊ]QLPLVWDáRHZDNXRZDüNRJRVLĊGDLXVXQąüĞODG\HZHQWXDOQLH QDSUDZLü V]NRG\ NWyUH PRJOLE\ Z\U]ąG]Lü MHĪHOL GRV]áR GR QLHDXWRU\]RZDQHJR NRQWDNWX ] NVHQRF\ZLOL]DFMą DOH R W\P SDQ GRVNRQDOH ZLH 1LH ZLH SDQ QDWRPLDVW ĪH RWU]\PDá SDQ RILFMDOQą ]JRGĊ QD XĪ\FLH ZV]HONLFK ĞURGNyZ VWRVRZQLH GR RFHQ\ V\WXDFML :LH SDQ FR WR ]QDF]\" 3RFLąJDPá\NZKLVN\ ±/LFHQFMDQD]DELMDQLH

± 7DN -HĪHOL EĊG]LH SDQ ]PXV]RQ\ ]DELü PD SDQ GR WHJR SUDZR -D SRQRV]Ċ SHáQą RGSRZLHG]LDOQRĞü -HVW MHV]F]H GUXJD VSUDZD 1DWUDILRQR WDP QD ]MDZLVNR NWyUHJR QLH XPLHP\ QDZHW SRU]ąGQLH QD]ZDü D FR GRSLHUR Z\MDĞQLü &RĞ FR PRĪH E\ü QLHE\ZDOH QLHEH]SLHF]QHDOERSU]\QDMPQLHMPLHüQDMZ\ĪV]H]QDF]HQLH :\SLMDPá\NZKLVN\0LOF]Ċ ± 7DP Z\VWĊSXMH PDJLD ± PyZL ZUHV]FLH /RGRZLHF MDNE\ ] ]DĪHQRZDQLHP L QLHVPDNLHP ± 3U]\QDMPQLHM WDN WR Z\JOąGD Z UDSRUWDFK ] NWyU\PL VLĊ SDQ ]DSR]QD 1LHFK SDQZUyFLVWDPWąGĪ\Z\LSRZLHPLĪHSDGOLĞP\ RILDUą]áXG]HQLDNXJODUVWZDDOERHIHNWyZ XERF]Q\FK QLH]QDQHJR IHQRPHQX IL]\F]QHJR 0DP QDG]LHMĊ ĪH WDN EĊG]LH $OER QLHFK SDQ ZUyFLLSRZLHĪHZV]HFKĞZLDWVWDQąáQDJáRZLHDQDV]ĞZLDW]DFKZLOĊVWDQLHVLĊSLHNáHP  ĝFLHĪND MHVW ZąVND NDPLHQLVWD L SR]DUDVWDQD WUDZą 3URZDG]L Z Gyá 2ERN FKOXSRFH SRWRN ,GĊ &]XMĊ VLĊ MDN WXU\VWD 0ĊF]ąFD MHVW W\ONR P\ĞO ĪH JG]LHNROZLHN E\P SRV]HGá QLJG]LHQLHF]HNDQDPQLHVFKURQLVNRáD]LHQND]JRUąFąZRGąDQLF]\VWDSRĞFLHO 0\ĞOĊR'XYDOXZURĞQLĊW\PZGU]HZR'XYDOXNWyUHJRVND]DáHPQDSRZROQHNRQDQLHZ ]UąEDQ\PSQLX,OHWREĊG]LHWUZDáR"$ĪGU]HZRVSUyFKQLHMH".WRZLHLOHXPLHUDGU]HZR"

2ZLHOH]DZF]HĞQLHPSU]\V]HGáGRGZRUX ZLHOH]DSyĨQRGRLQQ\FK 3LZRZ\SLWHOXEMHV]F]HQLHXZDU]RQH 5]DGNRQDWUĊWZSRUĊSU]\FKRG]L  +DYDPDO±3LHĞQL1DMZ\ĪV]HJR

5R]G]LDá

'ZyU6]DORQHJR.U]\NX

7

UDNWMHVWVáDERZLGRF]Q\:áDĞFLZLHWR]DURĞQLĊWDWUDZąĞFLHĪNDDOHZLHPĪHQLH]JLQĊ

Z MDNLFKĞ QLHSU]HE\W\FK ERUDFK ,GĊ VWDOH QD ZVFKyG UyZQROHJOH GR Z\EU]HĪD ZLĊF PXV]ĊZNRĔFXWUDILüGROXG]L3RMDNLPĞF]DVLH]DF]\QDP]QDMGRZDüPLHMVFDRJQLVNRZH 2NUąJáHF]DUQHSODP\ZĊJODLSRSLRáX6WDUHDOHZ]GáXĪWHJRVWUXPLHQLDELZDNRZDQRRG F]DVX GR F]DVX 2JLHĔ SDORQR WXĪ SU]\ ĞFLHĪFH MDNE\ SRGUyĪQL EDOL VLĊ ]DJáĊELDü Z ODV 3RSDV\ E\á\ SRVSLHV]QH =QDMGXMĊ VUHEUQ\ R]GREQ\ NXEHN RNXW\ UyJ GR SLFLD NLOND NRĞFLDQ\FKJX]LNyZSU]\]ZRLW\PDá\WRSRUHNWNZLąF\ZSQLX]ZDORQHJRGU]HZD 'ZDUD]\WUDILDPQDQLHSRJU]HEDQHUR]ZáyF]RQH]ZáRNL5D]QDZ\VFKQLĊWHJROHĪąFHJR SU]\QDMPQLHM RG Syá URNX WUXSD QD NWyU\P RFDODá\ SRV]DUSDQH UHV]WNL XEUDQLD L WRSRUQHJR ODPHONRZHJR SXNOHU]D 2SRGDO OHĪ\ ]QLV]F]RQD GUHZQLDQD WDUF]D L ]DUG]HZLDá\ PLHF] ] ZLHORNąWQ\PVWRĪNRZDW\PMHOFHPLWDNąVDPąPDV\ZQąJáRZLFą0LHF]]:\EU]HĪDPDUQHM URERW\3RWHP]QRZXIUDJPHQW\VWDUHJR]ELHODáHJRV]NLHOHWXZQXUFLHVWUXPLHQLD 2E\GZDQLHPDMąJáyZ ĩDGHQQLHQDOHĪDáGRNRJRĞQDURG]RQHJRQD=LHPL 5R]JOąGDPVLĊDOHZLG]ĊW\ONRW\VLąFHV]DU\FKSQLFLąJQąF\FKVLĊZQLHVNRĔF]RQRĞüMDN MHVLRQRZDNROXPQDGD 0yM SáDV]F] V]W\ZQLHMH UREL VLĊ FLĊĪNL L FK\ED U]HF]\ZLĞFLH QLH SU]HSXV]F]D MXĪ ZRG\ DOHQLHPDWRVSHFMDOQLH ]QDF]HQLD=RVWDáE\PVXFK\W\ONRZPLHMVFDFK JG]LHFKURQLąPQLH XáRĪRQHGDFKyZNRZDWRIROJLSDQFHU]DDOHWDPMHVWHPVSRFRQ\LZV]\VWNRPQLHVZĊG]L 3RSRáXGQLXF]XMĊG\P*G]LHĞSáRQąRJQLVND3RMDNLPĞF]DVLHVá\V]ĊV]F]HNDQLHSVyZL SRU\NLZDQLHE\GáD3U]\QDMPQLHMWDNWRQD]\ZDP.LHG\ZLG]ĊGU]HZRQD]\ZDPMHÄMHVLRQ´ $OER ÄVRVQD´ $OER ÄSLQLD´ 7R OHSLHM QLĪ ÄZHOZLF]MD PLGJDDUGVND´ DOER ÄGUDJRPHULD´ 6á\V]ĊFKUDSOLZHSRKXNLZDQLD]DNRĔF]RQHSU]HFLąJá\PVNRZ\WHPSU]\SRPLQDMąFHF]NDZNĊ X KLHQ\ L P\ĞOĊ ÄSLHV V]F]HND´ PLPR ĪH DQL QLH V]F]HND DQL WR SLHV W\ONR VWZRU]HQLH IXQNFMRQDOQLHQDMEOLĪHMVSRNUHZQLRQH]W\JU\VHPZRUNRZDW\P ĝOL]JDP VLĊ QD PRNU\FK NDPLHQLDFK L NRU]HQLDFK NOQąF VZyM GRE\WHN 1DMFKĊWQLHM

U]XFLáE\P ZV]\VWNR Z NU]DNL DOH WR JáXSL SRP\Vá .DĪGD ] W\FK U]HF]\ PRĪH PL NLHG\Ğ XUDWRZDüĪ\FLH 'ZyU VWRL QD Z]JyU]X SU]HG QLP ZLGDü ]DNROH U]HNL GR NWyUHM ZSDGD PyM VWUXP\N 3RODQD ]RVWDáD Z\NDUF]RZDQD FDáD SRNU\WD MHVW SQLDPL ĞFLĊW\FK NLHG\Ğ GU]HZ = PLHMVFD JG]LH VWRMĊ ZLGDü F]ĊVWRNyá ZLHĔF]ąF\ ZDá QDMHĪRQ\ ]DRVWU]RQ\PL SDODPL 1DG QLP ]DSDGQLĊWHGDFK\SRNU\WHRPV]Dá\PJRQWHP:RNyáZDáXWRWXWRWDPVWRMąQLVNLHFLHPQH FKDW\]EHOHNEH]RNLHQZ\JOąGDMąFHMDNSU]\ZDORQHFLĊĪNLPLVWU]HFKDPL 'RVWU]HJDPOXG]L.LONRURZ\ELHJD]ODVXLUZLHQDZ\ĞFLJLZVWURQĊIRUWX .U]\N .LONDQDĞFLH PHWUyZ RGH PQLH SR NRVWNL Z VWUXPLHQLX VWRL G]LHZF]\QD ] ELDáą PRNUą V]PDWą Z UĊNX :LG]Ċ EODGą SU]HUDĪRQą WZDU] V]HURNR RWZDUWH RF]\ Z\SHáQLRQH F]HUQLą .RVP\NL SU]HPRF]RQ\FK FLHPQRILROHWRZ\FK ZáRVyZ SU]\NOHLá\ MHM VLĊ GR WZDU]\ GáXJD QLHELHVND VXNQLD WHĪ MHVW PRNUD L SU]\OHSLRQD GR FLDáD 6WRL WDN SU]H] VHNXQGĊ SR F]\P Z\GDMH]VLHELHSU]HUDĨOLZ\SLVNLU]XFDVLĊZSDQLF]QHMXFLHF]FHSRGJyUĊEá\VNDMąFERV\PL VWRSDPL1DEU]HJX]RVWDMHW\ONRGUHZQLDQ\NXEHáSHáHQ]PLĊW\FKV]PDW :IRUFLHMXĪ]DP\NDMąZLHU]HMHNWRĞSĊG]LGRĞURGNDGZLHU\F]ąFHSU]HUDĨOLZLHNRVPDWH NURZ\ PDV\ZQH MDN EDZRá\ ] UR]áRĪ\VW\PL URJDPL .U]\NL XMDGDQLH SVyZ D QDG W\P ZV]\VWNLPZ]QRVLVLĊSU]HFLąJá\JáRVMDNLHMĞWUąE\EU]PLąF\MDNU\NPDPXWD $OHĪWXNRFKDMąJRĞFL $MHGQDNPLHV]NDMąWXGREU]\OXG]LH3U]\ĞFLHĪFHSRVWDZLRQRNU]\ZąGUHZQLDQąZLDWĊ =Z\Náą EXGĊ ] EHOHN QDNU\Wą GDFKHP 0D W\ONR WU]\ ĞFLDQ\ D SU]HG ZHMĞFLHP ZLGDü NUąJ NDPLHQL L VWHUWĊ ZLOJRWQHJR ZĊJOD 'DOHM Z]QLHVLRQR SyáNROLVW\ NDPLHQQ\ PXUHN ĪHE\ RGELMDá FLHSáR GR ĞURGND MHVW WHĪ VWRV RSDáX SLHF]RáRZLFLH ]DVáRQLĊW\ RG GHV]F]X ZDUVWZą JDáĊ]L:ĞURGNXVWyá]ELW\]SyáEDOLLGZLHáDZ\&]HJRMHV]F]HWU]HED" 7XWDMQLHQDOHĪ\QLNRPXSU]\FKRG]Lü]QLHQDFNDGRGRPXLGRELMDüVLĊGREUDP\1DOHĪ\ XVLąĞüLF]HNDüDĪSRFLHELHZ\MGą-HĪHOLMHGQDNQLHZ\MGąMHVWJG]LHSU]HQRFRZDüUR]SDOLü RJQLVNR PD VLĊ GDFK QDG JáRZą 2GSRF]QLM ]MHG] Z\ĞSLM VLĊ L VSDGDM QD U\E\ : JUXQFLH U]HF]\PLá\RE\F]DM 3U]HGHZV]\VWNLPRGNáDGDPFKROHUQHVLRGáRQDáDZĊL]GHMPXMĊPRNU\U\QV]WXQHN 2GUąEDQąáDSĊVWZRUD]RVWDZLDPQDGZRU]H1LHFKPRNQLH7RPDE\üPRMHZNXSQHFRĞ ZURG]DMXÄXZROQLáHPZDVRGSRWZRUD´0RĪH]GRáDPVLĊGRZLHG]LHüFRWRMHVW" 5R]SDODP RJLHĔ SRG QDZLVHP GDFKX :\PDJD WR EHQHG\NW\ĔVNLHM FLHUSOLZRĞFL UR]GPXFKLZDQLD ĪDUX SRGNáDGDQLD PDOHĔNLFK LJLHá L GU]D]J SRWHP FKURQLHQLD ZąWá\FK SáRP\F]NyZSU]HGZLDWUHP 3R GZXG]LHVWX PLQXWDFK PDP MXĪ KXF]ąF\ RJLHĔ NWyU\ QLH ERL VLĊ VLąSLąFHJR GHV]F]X 6LHG]ĊQDVWROH]HVNU]\ĪRZDQ\PLQRJDPLSDOĊZIDMFHPyMEH]FHQQ\W\WRĔYLUJLQLDLPDU]ĊR KHUEDFLH1LF]WHJR1LHGDOLKHUEDW\'RSLHURWHUD]GRFLHUDGRPQLHLOHSRĪ\WHF]Q\FKU]HF]\ PRJáR RFDOHü Z VWDFML &KRüE\ KHUEDWD 1D SHZQR QLH Z\SLOL FDáHM KHUEDW\ D MD ZV]\VWNR

VSDOLáHP 'ZyU QD Z]JyU]X Z\GDMH VLĊ RSXV]F]RQ\ FLHPQ\ SRQXU\ L FLFK\ &]XMĊ ĪH MHVWHP EDF]QLHREVHUZRZDQ\DOHZJUXQFLHU]HF]\FLHV]ĊVLĊĪHSRVWDQRZLOLPQLHLJQRURZDü =PLHQLDP ELHOL]QĊ L Z\FLąJDP ] WRERáyZ VXFKH VSRGQLH =QDMGXMĊ WHĪ SyáNRĪXV]HN ] NDSWXUHPLURELĊUHPDQHQWZĞUyG]DSDVyZ 0DPEXOLRQZNRVWNDFK]DPNQLĊW\ZMDNLPĞQDWáXV]F]RQ\PVNyU]DQ\PZRUHF]NX0DP WURFKĊ NDUSDFNLFK ZĊG]RQ\FK VHUyZ VXFKą NLHáEDVĊ PLĊVR Z SDVNDFK VXFKDU\ RZLQLĊWH Z SHUJDPLQ 6]NODQ\ VáRLN ] PLRGHP ]DPNQLĊW\ V]HURNLP NRUNLHP 7URFKĊ SUDVRZDQ\FK VXV]RQ\FK RZRFyZ ] RU]HFKDPL NLOND EDWRQyZ FKDáZ\ DOH EH] RSDNRZDĔ Vą RZLQLĊWH Z MDNLHĞOLĞFLHFK\EDZLQRJURQRZH 1LHPRJOLPLGDüFXNUX7RE\áRE\RNURSQLHQLHEH]SLHF]QH0RJOLQDWRPLDVWFKDáZĊDOER SUDVRZDQHILJLDOERNDZDáNRUND2LOHZLHPDQLPLJGDá\DQLILJLDQLGĊE\NRUNRZHWXQLH Z\VWĊSXMą ZLĊF FR E\ V]NRG]LáR GDü WURFKĊ KHUEDW\" 1LH PRJOL RZLQąü WHJR Z OLĞFLH KHUEDFLDQH" =QDMGXMĊWHĪU]HF]\NWyUHSU]HP\FLáHPQLHOHJDOQLHLWHNWyUHPLZFLĞQLĊWR$OHDQLĞODGX NDZ\F]\KHUEDW\=UDGRĞFLą]QDMGXMĊWU]\WDEOLF]NLF]HNRODG\WURFKĊW\WRQLXEXWHONĊUDNLML GUXJąUXPXRELHVąSODVWLNRZHLSáDVNLH3UĊG]HM]JLQĊQLĪMHZ\U]XFĊ &RWR]DZVSDQLDáD U]HF] ± SODVWLN /HNND QLHWáXNąFD L V]F]HOQD ĝOLZRZLFĊ GDá PL /HYNRYLþ D Ä1DY\ 5XP´ SHZQLH'DUWORZ 5R]NUĊFDPPHWDORZ\SRMHPQLF]HNLPRQWXMĊZĊGNĊĩ\áNDMHVW]SOHFLRQHJRNRĔVNLHJR ZáRVLD±WUXGQRSU]\QDMPQLHMKDF]\NLLFLĊĪDUNLVąQRUPDOQH0RJáRLPSU]HFLHĪSU]\MĞüGR JáRZ\Z\SRVDĪ\üPQLHZNRĞFLDQHKDF]\NL.RPXĞVLĊQLHFKFLDáR%RJXG]LĊNL $SRWHPZ\FLQDPVRELHNLMLQDSUDZGĊLGĊQDU\E\ :LGDü MH 3U]HP\NDMą WXĪ SU]\ GQLH NU\Mą VLĊ ]D NDPLHQLDPL DOH QLH LQWHUHVXMą LFK DQL GĪGĪRZQLFHDQLNXONL]SU]HĪXWHJRVXFKDUDDQLNDZDáNLPLĊVD6ąSĊNDWHLVSDVLRQHG]LDáDMą PLW\ONRQDQHUZ\7U]HEDEĊG]LHVSUyERZDü]URELüMDNLĞRĞFLHĔ :DUWRE\áRE\]áRĪ\üáXNDOHRNURSQLHPLVLĊQLHFKFH-XĪLWDNFKRG]ĊREáDGRZDQ\MDN PXá:F]ĊĞFLDFKMHVWMHGQDNSRUĊF]QLHMV]\ *RWXMĊ ZRGĊ ] PLRGHP ]DSUDZLRQą RGURELQą ĞOLZRZLF\ 3UyF] WHJR QD NRODFMĊ EĊG]LH F]HNRODGDNDZDáHNNLHáEDV\LVXFKDU 3U]HF]\WDáHPPLOLRQ\NVLąĪHNNWyU\FKDNFMDWRF]\áDVLĊZEDĞQLRZ\FKĞZLDWDFKMDNPyM WNZLąF\FKZSVHXGRĞUHGQLRZLHF]X,ZV]ĊG]LHPRĪQDE\áRZHMĞüGRNDUF]P\U]XFLüQDVWyá PRQHWĊL]DNU]\NQąüÄ.DUF]PDU]XSLZD´±]DZV]HFKFLDáHPWDN]URELü 5R]SDODPRJLHĔLOHZOH]LH&KFĊZ\VXV]\üXEUDQLHDOHLSRND]DüĪHQLHMHVWHP]W\FK NWyU]\SU]HP\NDMąVLĊFK\áNLHP :IRUFLHFK\EDWUZDJRUąF]NRZDQDUDGD*G\E\PW\ONRPyJáWDPE\ü±JáRVRZDáE\P]D W\PE\]RVWDZLüG]LZQHJRREFHJRZVSRNRMXSU]\QDMPQLHMGRMXWUD 3RZLQLHQHP ]QDOHĨü ĞODG\ PRLFK VLHURW DOH XSá\QĊáR W\OH F]DVX ĪH MHGQD QRF QLH ]UREL

QLNRPX UyĪQLF\ $ VWUDV]QLH QLH FKFH PL VLĊ QDZLą]\ZDü NRQWDNWyZ 7URFKĊ PDP WUHPĊ D WURFKĊ MHVWHP ]PĊF]RQ\ 3RGRED PL VLĊ WD ZLDWD : )LQODQGLL FDáNLHP SRGREQH VWDZLDMą QD SDUNLQJDFKSU]\SODĪ\ =MHP VRELH NRODFMĊ SRSDWU]Ċ Z RJLHĔ SRP\ĞOĊ Z\SLMĊ MHV]F]H á\N ĞOLZRZLF\ L ] UR]NRV]ąZ\FLąJQĊVLĊQDW\PV]HURNLPVWROHQDNU\W\NRFHP]VLRGáHPSRGJáRZą.RPXWR EĊG]LHSU]HV]NDG]DáR" &Dá\ F]DV F]XMĊ QD VRELH F]\MĞ Z]URN .LHG\ PLHV]DP VZyM G]LZQ\ JURJ GRNáDGDP GR RJQLDDOERNURMĊWZDUGąMDNNDPLHĔNLHáEDVĊ3U]HQLNOLZ\EDGDZF]\ :LG]ĊW\ONRVLHF]RQHGHV]F]HPNU]DNLPLOF]ąF\QDMHĪRQ\SDODPLFLHPQ\GZyULPJáĊ 5RELVLĊ]LPQR3RZROL]ELHUDVLĊQD]PLHU]FK 3HZQR VNąGĞ PQLH REVHUZXMą =H V]F]\WX SDOLVDG\ DOER SU]H] MDNLHĞ VWU]HOQLFH 3URV]Ċ EDUG]R ,ZWHG\]DXZDĪDPG]LHFNR 3RMDZLD VLĊ QDJOH MDNE\ Z\VQXáR VLĊ ] PJá\ ZLMąFHM VLĊ SR ]LHPL &KáRSLHF PRĪH RĞPLROHWQL NDU\NDWXUDOQLH FKXG\ ] Z\GĊW\P RNUąJá\P EU]XFKHP 6WRL PLOF]ąF ]XSHáQLH QDJLQDGHV]F]XLFKáRG]LH]H]áRĪRQ\PLUĊNDPLMDNE\SLDVWRZDáFRĞQDSLHUVL =DSRPQLHOLRQLP"1LH]DXZDĪ\OLĪHQLH]GąĪ\á]DEUDPĊ"0RĪHQLHZLHG]ąGRNáDGQLH LOH PDMą G]LHFL" $ WHUD] SDQ *ULVPD 6]DORQ\ .U]\N XGDMH ĪH JR QLH PD Z GRPX D WHQ WX PRNQLHJRá\QDZĞFLHNá\P]LPQLH ±1LHEyMVLĊ±PyZLĊáDJRGQ\PWRQHP±&KFHV]FRĞGRMHG]HQLD" 1LH RG]\ZD VLĊ 6WRL QLHUXFKRPR L ZSDWUXMH VLĊ ZH PQLH W\PL QLHVDPRZLW\PL RF]DPL NWyUH]GDOHNDZV]DUyZFHZ\JOąGDMąMDNSXVWHRF]RGRá\2SXV]F]DQDJOHOHZąUĊNĊLRND]XMH VLĊ ĪH WR FR WDN WXOLá GR FKXGHM SLHUVL WR MHG\QLH GUXJD UĊND ]H VWUDV]QLH ]QLHNV]WDáFRQą GáRQLą R W\ONR F]WHUHFK SDOFDFK DOH ]D WR GáXJLFK QD GZDG]LHĞFLD FHQW\PHWUyZ ] ZLHORPD VWDZDPLMDNRGQyĪHNUDED 3DWU]ĊRVáXSLDá\QDGDOWU]\PDMąFZZ\FLąJQLĊWHMGáRQLNDZDáHNF]HNRODG\DZWHG\MHJR RF]\ QDJOH Eá\VNDMą IRVIRU\F]Qą ]LHOHQLą L FKáRSLHF VWDMH VLĊ PJáą REáRNLHP PJá\ NWyU\ UR]FKRG]LVLĊQLHSRVWU]HĪHQLH &RIDP UĊNĊ ] F]HNRODGą L F]XMĊ MDN ZáRV\ MHĪą PL VLĊ QDG NDUNLHP +LSHUDGUHQDOLQD XGHU]DMDNSUąG &]HNDPüZLF]ąFRGGHFKLEXNLDĪVLĊUR]HMG]LH ,ZWHG\]QRZXUR]OHJD VLĊ]DZRG]HQLH URJX 3R SURVWX FRIQąá VLĊ WURFKĊ L ]QLNQąá ZH PJOH P\ĞOĊ SDWU]ąF MDN RWZLHUD VLĊ GZXVNU]\GáRZD EUDPD L Z\FKRG]L ] QLHM NLONX OXG]L 6FKRG]ą RVWURĪQLH ]H Z]JyU]D RVáDQLDMąF VLĊ WDUF]DPL R G]LZDF]Q\P NV]WDáFLH SU]\ZRG]ąF\P QD P\ĞO NRQWUDEDV :LG]Ċ Eá\VNJURWyZQDZáyF]QLDFK ,GąGRPQLH 2GVWDZLDPNXEHNLNOQąFSRGQRVHP]DNáDGDPFLĊĪNLSyáSDQFHU]SU]\SLQDPRNXW\SDV

]PLHF]HP&]DVGRSUDF\ ,Gą3RZROLJRGQ\PNURNLHPĪHE\SRND]DüĪH]XSHáQLHVLĊPQLHQLHERMą-HGQDNWDUF]H Vą XQLHVLRQH ZáyF]QLH JRWRZH GR FLRVX : VXPLH RĞPLX PĊĪF]\]Q : ĞURGNX LG]LH GZyFK EH]WDUF]LZáyF]QLDOHSRGREQLHMDNUHV]WDZ]EURMDFK =DWU]\PXMąVLĊMDNLHĞG]LHVLĊüPHWUyZRGPRMHJRRER]RZLVNDLSDWU]ąZPLOF]HQLX-HGHQ ] W\FK GZyFK Z ĞURGNX WR VWDQRZF]R NWRĞ ZDĪQ\ =GRELRQ\ NDIWDQ QDELMDQ\ PHWDORZ\PL Sá\WNDPL RSLQD SĊNDWH FLDáR PĊĪF]\]QD PD UR]áRĪ\VWą VLZą EURGĊ L GáXJLH ZáRV\ XMĊWH Z ]áRWą REUĊF] WHĪ VLZH .WR ZLH PRĪH WR VDP V]HI -HGQDN QLH Z\GDMH V]DORQ\FK NU]\NyZ W\ONRPLOF]\SU]\JOąGDMąFVLĊEDGDZF]R 7DUF]RZQLF\Z\PLHQLDMąSyáJĊENLHPXZDJLSU]HNRQDQLĪHQLHPRJĊLFKXVá\V]Hü Ä=QDü ĪH PRĪQ\ 3DQFHU] FXG]R]LHPVNLHM URERW\ , PLHF] MDNL 3DWU] F]\ PD OXG]NLH RF]\0RĪHWRPDUD´ &]HNDP 7RRQLPRNQąQLHMD6LĊJDPSRVZyMNXEHNLZ\SLMDPá\NJRUąFHJRQDSRMX ± 7HQ NWR ZĊGUXMH ĞSL QD NDPLHQLX GDOHNą PD GURJĊ GR GRPX 0LDVW SLZD ZLWDMą RV]F]HSHPQLHGDG]ą]GMąüV]áRPX±SRZLDGDPGRELWQLHLZ\SLMDPQDVWĊSQ\á\N:\VLOLáHP FDáą ]QDMRPRĞü PRZ\ ĩHJODU]\ ĪHE\ VNOHFLü WHQ ZLHUV]\N 7X OXELą WDNLH U]HF]\ &LHNDZH F]\VWDU\WHĪRGSRZLHU\PRZDQNą 5R]S\FKD VWRMąF\FK SU]HG QLP L SRGFKRG]L RVWURĪQLH WU]\PDMąF MHGQą GáRĔ QD JáRZLF\ PLHF]D7DNVXMHPQLHRGVWySGRJáRZ\L]DJOąGDPLXZDĪQLHZRF]\ 7R PRĪH R]QDF]Dü ĪH ZLG]LDQR WX =LHPLDQ 0RMH RF]\ ]RVWDá\ XFKDUDNWHU\]RZDQH L Z\JOąGDMąMDNRF]\WXWHMV]\FKFDáHZ\SHáQLRQHFLHPQ\PLRU]HFKRZ\PLWĊF]yZNDPLQLF]\P XNURZ\ ,OHNURü]REDF]ĊZáDVQHRGELFLHDĪPQLHRGU]XFD1LHPRJĊVLĊSU]\]Z\F]DLü1D V]F]ĊĞFLHWXWDMOXVWURWRU]DGNRĞü$OHQDXNRZF\QLHSU]HFKRG]LOLĪDGQ\FKRSHUDFML,FKRF]\ PXVLDá\]ZUDFDüXZDJĊ 'ZyFK]MHJROXG]LRGQLHFKFHQLDSRZROLRGZUDFDZáyF]QLHRVWU]HPZGyáLRSLHUDMHR ]LHPLĊ 7R QLH ]QDF]\ ĪH SU]HVWDOL QD PQLH XZDĪDü 7HUD] MHGHQ UXFK UDPLHQLD SRZLQLHQ Z\VWDUF]\üĪHE\FLVQąüGU]HZFHPLSU]\JZRĨG]LüPQLHGRĞFLDQ\V]DáDVX ± /HNNRP\ĞOQ\ ZĊGURZLHF VWDMH SU]HG GZRUHP JG]LH FR QRF ĞPLHUü NRáDF]H FKFLDáE\ VWUDZ\RJQLDLSLZDDWXWDMW\ONRNUXNNUDF]H±RGSRZLDGDVWDU\±-HĪHOLVNáDGDV]ZLHUV]H PRĪHXFLHV]\V]NUyOD&KRGĨMHĞOLĞF]áRZLHNLHPDQLH2EXG]RQ\P=DVLąGĨSU]\VWROH =ELHUDP VZRMH U]HF]\ L UXV]DP ]D QLP GR GZRUX :RMH SRPDJDMą PL QLHĞü VLRGáR L VDNZ\.WyU\ĞELHU]HRGHPQLHQDZHWSDUXMąF\ZFLąĪNXEHN:LG]ĊĪHFRQDMPQLHMGZyFK] QLFKWR]DOHGZLHFKáRSF\-HGHQPDJyUDWU]\QDĞFLHODWL]WUXGHPGĨZLJDWDUF]ĊGUXJLHPX]D GXĪ\ KHáP ] F]HSFHP ] NROF]XJL L RNXODURZ\P QRVDOHP NROHELH VLĊ QD JáRZLH QLF]\P NRFLRáHN =NROHLLQQ\ZRMPDV]yVW\NU]\Ī\NQDNDUNXLOHNNRXW\NDQD SUDZąQRJĊ-HĪHOL ÄNUyO´Z\VWDZLáSU]HFLZNRPQLHWU]RQVZRMHMDUPLLWRU]HF]\ZLĞFLH]QLPLNLHSVNR .URF]Ċ UDPLĊ ZUDPLĊ]PRĪQ\PLGZRPDZRMDPLNWyU]\QLRVąPRMHWRERá\SR]RVWDOL

RWDF]DMą QDV DPDWRUVNLP ]H]RZDWR XVWDZLRQ\P V]\NLHP ÄMHĪD´ 1LH NOLQXMą R VLHELH WDUF] P\OąNURNLZSDGDMąMHGHQQDGUXJLHJRDOHPLHU]ąQDZV]\VWNLHVWURQ\ĞZLDWDNXW\PLJURWDPL ZáyF]QLRVWDWQLLGąW\áHPMDNE\ ZNDĪGHMFKZLOLVSRG]LHZDOLVLĊDWDNX 1LHQDZLHOHVLĊWR ]GDJG\E\FR±SHáQRG]LXUZW\PLFKÄMHĪX´ 5R]JOąGDP VLĊ DOH ]DSáDNDQD GHV]F]HP ]DPJORQD SRUĊED MHVW ]XSHáQLH SXVWD 7\ONR JG]LHĞ QD JUDQLF\ Z]URNX VWRL ELDáD FKXGD V\OZHWND FKáRSFD R RF]DFK MDN Z\SDORQH RNQD L GáXJLFKSDOFDFKSRUXV]DMąF\FKVLĊMDNRGQyĪDNUDED 2EDVNU]\GáDEUDP\RWZLHUDMąVLĊSU]HGQDPLLZFKRG]LP\QDEáRWQLVW\PDMGDQ'HV]F] VLHF]HNDáXĪHFKXGHZLHONLHEU\WDQ\V]DUSLąVLĊQDáDĔFXFKDFKSDFKQLHG\PHPVWĊFKOL]QąL FLDáDPLZLHOXOXG]L&LĊĪNLSLĪPRZ\]DSDFKSU]HQLNDWXZV]\VWNR *áyZQ\EXG\QHNMHVWPURF]Q\GáXJLLZĞURGNXSU]\SRPLQDKDQJDU:FHQWUDOQHMF]ĊĞFL PLĊG]\ NROXPQDPL PLHĞFL VLĊ GáXJL VWyá SU]\ NWyU\P VLHG]L NLONDQDĞFLH RVyE : SRZLHWU]X ZLVLFLĊĪNLVPUyGNWyU\PRĪQDE\NURLü'\PVQXMHVLĊSDVPDPLKDOODSRĞURGNXMHVWSUDZLH SXVWD7URFKĊVNU]\ĔWURFKĊIXWHUSU]\ZHMĞFLXVWRMDN]WDUF]DPLLZáyF]QLDPL7RZV]\VWNR 'HV]F] SDGD SU]H] G]LXUĊ Z GDFKX SURVWR Z SDOHQLVNR D QD ZSURVW Z V]HURNLP NDUOH VLHG]LRNU\W\IXWUHP*ULVPD6]DORQ\.U]\N -HVW VWDU\ -HV]F]H QLH ]JU]\ELDá\ MHV]F]H PRĪQD XZLHU]\ü ĪH PDV\ZQ\ PLHF] R NWyU\ VLĊRSLHUDQLHMHVWOHGZLHR]GREąDOHSRSREUXĪGĪRQHMWZDU]\SU]HW\NDQ\FKVLZL]QąGáXJLFK ZáRVDFK L Z\EODNá\P PDWRZ\P EáĊNLFLH RF]X ]QDü ODWD %RMą VLĊ JR WXWDM :LGDü WR Z VSRVRELH Z MDNL VLHG]ą MDN XGDMą QLHZLG]LDOQ\FK XQLNDMąF VSRMU]HQLD ]PUXĪRQ\FK EDGDZF]\FKRF]XJU\PDVyZXSDUW\FKXVW,W\ONRMDZLHPĪHWHMHJRJURĨQHPLQ\PDVNXMą VWUDFKLQLHSHZQRĞü*ULVPDEH]SU]HUZ\VLĊERL2VZRLFKOXG]LRVLHELHRFLąJáRĞüURGXR VZyMKRQRU$ZWHMFKZLOLERLVLĊPQLH -HVWHPRSyáJáRZ\Z\ĪV]\QLĪQDMZLĊNV]\]QLFK±WHJRQLHGDVLĊQLMDN]DPDVNRZDü'R WHJR PyM SyáSDQFHU] PD SRNDĨQH QDUDPLHQQLNL MDN Z VWURMX IXWEROLVW\ L QDGDMH PL Z\JOąG QLHPDOKHURVD&KRG]LáRRHIHNWSV\FKRORJLF]Q\DOHLRWRĪHRFKUDQLDF]HPDMąVSUĊĪ\QRZDü LSU]HMPRZDüQDVLHELHLPSHWXGHU]HQLD *ULVPD PLHU]\ PQLH SRGHMU]OLZ\P VSRMU]HQLHP L PDPOH MDNE\ FRĞ ĪXá 8GHU]DP NDUZDV]HP R QDSLHUĞQLN WU]DVN RGELMD VLĊ HFKHP RGVXILWX SRFK\ODP JáRZĊ Z RV]F]ĊGQ\P XNáRQLH.WRĞQHUZRZ\]VLHG]ąF\FKSU]\VWROHZ]GU\JDVLĊZ\UDĨQLH=DNROXPQDGąF]DLVLĊ ]HF]WHUHFKSU]HNRQDQ\FKĪHVąQLHZLGRF]QLZSyáPURNX&]XMĊLFKSRWVá\V]ĊVNU]\SLHQLH U]HPLHQL]DSDFKG]LHJFLXNWyU\P]DNRQVHUZRZDQRFLĊFLZ\6á\V]ĊMDNMHGQHPX]QLFKZDOL VHUFH ± :\EDF] FXG]R]LHPVNLHPX ZáyF]ĊG]H ZLHONL NUyOX ± PyZLĊ ± -HVWHP ]DJXELRQ\ Z W\PNUDMXLQLH]QDPVLĊQDGZRUVNLFKRE\F]DMDFK/HGZRLĨOHPyZLĊPRZą:\EU]HĪDLQLH XPLHP VLĊ SU]\ZLWDü DOH QDZHW MD Vá\V]DáHP R *ULVPLH 6]DORQ\P .U]\NX L ]DSUDJQąáHP VFKURQLüVLĊSRGWZyMGDFK 1LHEDUG]RPDPFRPXGDüZW\PSUREOHP=áRWDQLHPRJĊ3RSLHUZV]HPDVLĊ]DNUyOD

LWRRQWXMHVWHZHQWXDOQLHRGUR]GDZDQLD]áRWD±W\ONRJRREUDĪĊ3RGUXJLHMHĪHOL]REDF]ą LOH WHJR PDP ]Z\F]DMQLH PQLH ]DELMą -DNRĞ QLH PRJĊ VLĊ ]GRE\ü QD WR ĪHE\ GDü PX RGUąEDQąáDSĊVWZRUD'DáHPVRELHZPyZLüĪHWRQLHZLDGRPRFRDOHWHUD]]DF]\QDPE\ü SU]HNRQDQ\ ĪH ]DUąEDáHP OHĞQHJR V]NRGQLND L W\OH &R E\ SRP\ĞODQR R ĞUHGQLRZLHF]Q\P U\FHU]X NWyU\ U]XFLáE\ NUyORZL SRG QRJL NDZDáHN ZĊĪD DOER áHE ZLOND L REZRáDá VLĊ VPRNREyMFą":DULDFLLVWQLHMąZNDĪGHMNXOWXU]H ±3RGHMGĨJRĞFLX±UR]ND]XMH*ULVPD±6WDĔWDNE\VWDU\F]áRZLHNPyJáFLĊZLG]LHü 3RGFKRG]ĊGZDNURNLLVWDMĊZPLHMVFXRĞZLHWORQ\PFK\ERWOLZ\PSáRP\NLHPROHMRZ\FK NDJDQNyZ NWyUH NRSFą WUDQHP 3RGáRJD ]RVWDáD Z W\P PLHMVFX Z\MąWNRZR ]DPLHFLRQD L QD NU]\Z\FK GHVNDFK Z\U\VRZDQR ZĊJOHP NUąJ RSOHFLRQ\ ]QDNDPL SLVPD 5R]SR]QDMĊ UXQ\ :\EU]HĪD]DOIDEHWX6RQHUPDQQD9HLJODXFKRG]ąFH]DĞZLĊWH 2FRFKRG]L"7HVWMDNLĞF]\ FR" 1DMZ\UDĨQLHM WR F]\ WX VWRMĊ F]\ QLH PD MDNLHĞ ]QDF]HQLH :V]\VF\ SRFK\ODMą VLĊ Z RF]HNLZDQLXVLHG]ąVSLĊFLZG]LZQ\FKSR]\FMDFKMDNE\E\OLJRWRZLSRGHUZDüVLĊZNDĪGHM FKZLOL]áDZ\6SRG]LHZDMąVLĊĪHMHVWHPMDNLPĞXSLRUHPQLHVWHW\QLHZLHPFRURELąXSLRU\ -DNRF]áRZLHNPLDáE\PEDüVLĊW\FK]\J]DNyZF]\ZUĊF]SU]HFLZQLH"=DNáDGDPĪHWRNUąJ RFKURQQ\FK ]DNOĊü ZLĊF GHPRQ PXVLDáE\ LFK XQLNDü 1LHVWHW\ WR W\ONR WHRULD = ERNX Z QLV]\VLHG]LMDNDĞXEUDQDQD F]DUQRVWDUDEDED .DSWXUDOERPRĪHFKXVWD]DVáDQLDMHMWZDU] VLHG]L ]XSHáQLH QLHUXFKRPR L ZOHSLD ZH PQLH XZDĪQ\ SRGHMU]OLZ\ Z]URN 1DZHW GOD PQLH MHVWOHGZRZLGRF]QDDOHQLHVSRVyEMHMQLH]DXZDĪ\üERQLHVWHW\ĞPLHUG]LSU]HUDĨOLZLH ±7HQFRZĊGURZDáPDVXFKHJDUGáR±UHF\WXMH*ULVPD±3U]HSLMGRPQLHJRĞFLX 3RGDMąPLUyJ Z\SHáQLRQ\ F]\PĞPĊWQDZ\PSDFKQąF\PGURĪGĪDPLLVIHUPHQWRZDQ\P ]LDUQHP :DU]RQH GRPRZR SLZR 3DWU]ą ] QDMZ\ĪV]ą XZDJą F]\ VLĊ QDSLMĊ 0ĊĪF]\]QD NWyU\ VLHG]L QDMEOLĪHM ]DFLVND GáRQLH Z SLĊĞFL NROHMQ\ ]DJU\]D ZDUJL 2 FR FKRG]L" 0DP Z\SLüF]\QLH"3RP\ĞOP\±F]áRZLHNZ\SLMHRF]\ZLĞFLH'HPRQ\VąXQLFKQLHSLMąFH" :FLHPQRĞFLVNU]\SLFLĊFLZD:Ī\FLXPQLHQLHWUDILV]V\QNX1LHSU]\W\PRĞZLHWOHQLX =UHV]WąUyZQLNRZ\áXNQLHSU]HELMHODPLQDWX :\OHZDPRGURELQĊSLZDQDZQĊWU]HGáRQLLSU]\FLVNDPGáRĔGR]LHPL ±&RNROZLHNSLMĊSLMĊQDWZRMąF]HĞü+LQG]LH±Z\JáDV]DP :VWDMĊ L XQRV]Ċ UyJ GR XVW 3DWU]ą WDN XZDĪQLH MDNE\ WR E\áD QDMZDĪQLHMV]D U]HF] QD ĞZLHFLH:WHG\GRSLHURUR]XPLHP 'RGDOLF]HJRĞGRWHJRSLZD&]HJRĞF]HJRGHPRQ\VLĊERMąZURG]DMXZRG\ĞZLĊFRQHM L WR MHVW ZHUVMD RSW\PLVW\F]QD (ZHQWXDOQLH F]HJRĞ WUXMąFHJR F]HJR F]áRZLHN E\ QLH ]DXZDĪ\áLZWHG\MHVWJRU]HM&KROHUQDORJLNDVąGX%RĪHJR=GDPWHVWNLHG\SDGQĊWUXSHP± FRĞ MDN SUyED ZRG\ %DED WRQLH ± E\áD QLHZLQQD %DED Sá\ZD ± ZLHGĨPD -HĞOL ]DF]QĊ NDSU\VLüWR]QDF]\ĪHMHVWHPGHPRQHP=DNáDGDPĪHMHGQDNQLHXVLáXMąPQLHRGUD]XRWUXü L SLMĊ 1LH ]QDMą WX UDF]HM MDNLFKĞ SLRUXQXMąF\FK WRNV\Q ZLĊF MHĪHOL FRĞ EĊG]LH QLH WDN PRPHQWDOQLHZV]\VWNRZ\U]\JDP

3LMĊ GXV]NLHP DĪ GR ]DSDSUDQHJR UHV]WNDPL ]ERĪD L GURĪGĪ\ GQD 3LZR MHVW JĊVWDZH RK\GQH =DZLHUD W\OH ]DQLHF]\V]F]HĔ ĪH WUXGQR VLĊ ]RULHQWRZDü FR PD E\ü Wą WDMHPQLF]ą GRPLHV]NąĝODG\MDNLFKĞQLHSU]\MHPQ\FKURĞOLQQ\FKJDUEQLNyZWRFK\EDEáĊG\SURGXNF\MQH -DNLĞ QLHFKOXM QLH SRZ\ELHUDá FKZDVWyZ ]H ]ERĪD 1LH F]XMĊ QD V]F]ĊĞFLH PHW\OX QDWRPLDVW MHVWFRĞG]LZQHJRF]HJRQLHPRJĊUR]SR]QDü0HWDOLF]Q\PLHG]LDQ\SRVPDN 5XG]LHOHF]EU]HJXVWRáXMHVWEODG\MDNĞFLDQDQDXVWDFKPDOHGZR]DPDVNRZDQ\Z\UD] VNUDMQHJRREU]\G]HQLD1DSOXOLPLZWRSLZRF]\MDN" 3LMĊ 6]F]XSáD ERJDWR XEUDQD NRELHWD VLHG]ąFD RERN NUyOD MHVW F]HUZRQD QD WZDU]\ MDN SLZRQLDLSDWU]\SRĞFLDQDFK .WyU\Ğ]QLHGRV]á\FK]DEyMFyZXNU\W\FK]DILODUDPLZ\ELHJDQDG]LHG]LQLHFLVá\V]ĊĪH U]\JDWDPSURVWRQDPDMGDQ&R]ZDPLMHVW" 7R Vą MDNLHĞ JUXS\ KHPRZH ± NUHZ 1DNDSDOL PL WDP NUZL ĝODGRZR DOH Z\F]XZDOQLH &]áRZLHN E\ QLH Z\F]Xá ZLĊF VSRNRMQLH Z\SLMDP =RVWDMH PL MDNLĞ Z\UDĨQ\ ĞODG 2EF\ L QLHSU]\MHPQ\-DNLHĞNZDV\RFWRZHPOHNRZH2NURSQH 7RPLHVLĊF]QDNUHZ3DVNXGQ\GRZFLS 7UXGQRÄ0RUV\´QLHSĊNDMą 8ĞPLHFKDPVLĊSURPLHQQLHL]KXNLHPVWDZLDPRGZUyFRQ\UyJQDVWROHWXĪSU]HGUXG\P GĪHQWHOPHQHPNWyU\FRIDVLĊRGUXFKRZR1DMFKĊWQLHMU]XFLáE\PW\PZáHEEDELHVLHG]ąFHMZ QLV]\*áRZĊGDMĊĪHWRMHMSRP\Vá .UyO Z\JOąGD MDNE\ SRáNQąá ĪDEĊ -HVW ZĞFLHNá\ $OH FK\ED QLH QD PQLH 6WU]HOD SLRUXQXMąF\PVSRMU]HQLHPZNLHUXQNXQLHZLGRF]QHMVWDUXV]NL ±8VLąGĨSU]\VWROHJRĞFLX±SRZLDGD 6LDGDP 6ąVLDG UREL PL PLHMVFH L VNZDSOLZLH ZUĊF]D NROHMQ\ UyJ SLZD 1D MHJR WZDU]\ PLHV]D VLĊ Z\UD] XOJL REU]\G]HQLD L ZVSyáF]XFLD %LRUĊ RG QLHJR UyJ QLHVSLHV]QLH L EH] QHUZRZRĞFL ± 0yZLV] ĪHĞ FXG]R]LHPLHF D NáDQLDV] VLĊ QDV]HPX +LQGRZL MDN F]áRZLHN SRERĪQ\ ± PyZL*ULVPDSRGHMU]OLZLHL]WURVNą ± 0RL ERJRZLH Vą GDOHNR ± RGSRZLDGDP L QDJOH UR]XPLHP MHJR ]DWURVNDQLH 2Q PL SRGVXQąá ]DSDVNXG]RQH SLZR D MD MH SRĞZLĊFLáHP ERJX ZRMyZ EUDWHUVWZD EURQL JQLHZX EXU]\LKRQRUX=URELáHPWRZGREUHMZLHU]HZLĊFWRRQPDWHUD]SU]HUąEDQHMDNRWHQNWyU\ REUD]LáERJD:LG]ĊĪHZSXĞFLáHPJRQDDPHQLSRSUDZLDPLVLĊQDVWUyM .UyORZD SDWU]\ QD PQLH G]LZQ\P Z]URNLHP &]\ĪE\ WR E\á SUH]HQW RG FLHELH ZDV]D Z\VRNRĞü" :\SLMDPNROHMQ\á\NSLZD-HVWWURFKĊOHSV]HDOHQLHEDUG]R 6WDZLDMą PL SRZ\JLQDQ\ PHWDORZ\ WDOHU] SRGVXZDMąGUHZQLDQą PLVĊ SHáQą SDUXMąF\FK NDZDáNyZJRWRZDQHJRPLĊVD=DODWXMHOHNNR±XJRWRZDQRMHMXĪZRVWDWQLHMFKZLOL1LHMHVW MHV]F]H]HSVXWHDOHSUDZLH

:UDFDJZDUUR]PyZNWRĞVLHG]ąF\ZQLV]\]DF]\QDJUDüQDIOHFLH 3U]HV]HGáHP VWDUDQQH V]NROHQLH $SHW\WX QLH SVXMH PL DQL VWĊFKá\ SRVPDN á\NRZDWHJR PLĊVD DQL PĊWQH SLZR DQL F]DUQH REZyGNL ]D SRáDPDQ\PL SD]QRNFLDPL PĊĪF]\]Q\ VLHG]ąFHJRQDSU]HFLZDQLWáXVW\VRVVNOHMDMąF\U]DGNąEURGĊQDVWĊSQHJRZRMD-HJRWZDU]MHVW VWUDV]OLZLH ]QLHNV]WDáFRQD SUDZLH QLH PD GROQHM V]F]ĊNL DĪ SR NRĞü SROLF]NRZą FLąJQLH VLĊ QLHUyZQDSRV]DUSDQDEOL]QDSHZQLHRGWRSRUD =MDGáE\PSRU]ąGQąSOHVNDYLFĊ =VHUHP ±0XVLV]E\üV]DORQ\ĪHE\VDPRWQLHZĊGURZDüSR3XVWNRZLDFK7UZRJLSU]\E\V]X ±-HVWHPWXREF\LQLHZLHPF]\PVą3XVWNRZLD7UZRJL6]XNDPNLONRUJDVZRLFKLLGĊ SU]H]ĞZLDWQLHS\WDMąFMDNLQQL]ZąODV\LZ]JyU]DNWyUHSU]HPLHU]DP ±-DNFLĊZRáDMą" ± :HGáXJ ZDV]HM PRZ\ E\áRE\ WR 8OI 1LWM¶VHIQL ± RGSRZLDGDP 8 QLFK LPLRQD QLH ]DZV]H PDMą ]QDF]HQLH Vą URGRZH 3U]\GRPNL ]DĞ Vą LQG\ZLGXDOQH L SRZVWDMą WURFKĊ MDN LQGLDĔVNLHLPLRQD&KFLDáHP]DFKRZDüZáDVQHLPLĊ±9XNRFR]QDF]\SRFKRUZDFNXÄZLON´ DOHQLHVWHW\ÄYXNR´WRZMHGQ\P]WXWHMV]\FKĪDUJRQyZÄSWDVLHáDMQR´3U]HWáXPDF]\OLPLLPLĊ QDQRUZHVNL±8OIWRWRVDPRDQDV]F]ĊĞFLHZPRZLH:\EU]HĪDQLFQLH]QDF]\W\OHĪHOHSLHM EU]PLQLĪÄJXDQR´ ±:PáRGRĞFLZLHOHSRGUyĪRZDáHP±SRZLDGD*ULVPD±0RĪHE\áHPLZWZRLPNUDMX SU]\E\V]X-DNJR]Zą" 8ĞPLHFKDPVLĊ ± 0yM NUDM WR &KRUZDFMD ± PyZLĊ EH]F]HOQLH L ZLG]Ċ ĪH PLQD PX U]HGQLH ± -HVW WDN GDOHNRĪHĞZLHFąQDGQLPLQQHJZLD]G\ ±$E\ZDáHĞZNUDMXNWyU\]ZLHP\$PLVWUDQG" $PLWUDM ,FK ]QLHQDZLG]RQ\ ZUyJ 6SOXZDP QD ]LHPLĊ L XQRV]Ċ SLĊĞü PDPURF]ąF LPLĊ +LQGD3DWU]ą]DSUREDWą±]DUHDJRZDáHPSUDZLGáRZR&]\RQPQLHPD]DGXUQLD"3U]HFLHĪ JG\E\PE\áDPLWUDMVNLPV]SLHJLHP]URELáE\PWDNVDPR ±:LG]LDáHPJR±RGSRZLDGDPNUyWNR±,QLHFKFĊZLG]LHüZLĊFHM 1LH ZLHP GODF]HJR DOH NLHG\ SRGUyĪXMH VLĊ SR REF\FK NUDMDFK WR SR SRZURFLH OXG]LH SU]HGH ZV]\VWNLP S\WDMą Ä&R WDP MDGáHĞ"´ 6DP WHĪ R WR ]Z\NOH S\WDP 7R WDN MDNE\ NXOLQDUQHRGPLHQQRĞFLQDMZLĊFHMPyZLá\RREFHMNXOWXU]H=UHV]WąPRĪHLWDNMHVW *áyZQLHV]DUHJRWRZDQHPLĊVROHNNR]DODWXMąFHVWĊFKOL]QąLG]LZQ\PLNRU]HQLDPLNWyUH PDMą ]DELü VPUyG -DNLHĞ WUąENRZDWH JU]\E\ PRĪH SRURVW\ NLV]RQH Z VROL VNU]\SLąFH Z ]ĊEDFK QLF]\P JXPD 7URFKĊ PDU\QRZDQ\FK ZDU]\Z R G]LZQ\FK NV]WDáWDFK NRORUDFK L VPDNDFK FLąJQąF\FK SLZQLFą 6RORQH VXV]RQH SDVNLU\E\ 0ĊWQH GURĪGĪRZH SLZR .áąF]D SRGREQHZVPDNXGRF]RVQNXL]DUD]HPGRSRUDZ\JOąGDMąFHMDNWDWDUDN3U]HJU\]DVLĊW\P NROHMQH RFLHNDMąFH WáXV]F]HP L ZRGQLVW\P URVRáHP NĊV\ 1D ZSyá Z\URĞQLĊWH UD]RZH SRGSáRP\NL ]JU]\WDMąFH Z ]ĊEDFK RG SLDVNX ] NLHSVNLFK ĪDUHQ 7\ONR QLHOLF]QL PRJą

SRV]F]\FLü VLĊ PHWDORZ\PL DOER ED]DOWRZ\PL ĪDUQDPL NWyUH QLH NUXV]ą VLĊ GR PąNL DOH *ULVPD6]DORQ\.U]\NQDMZ\UDĨQLHMGRQLFKQLHQDOHĪ\ 3LZR PD ] V]HĞü SURFHQW 3U]\ W\P WHPSLH SLFLD Z FLąJX JRG]LQ\ GR GZyFK ZLĊNV]RĞü SU]\W\PVWROHEĊG]LHMXĪSLMDQD %H]SU]HUZ\GRS\WXMąVLĊRZLHĞFL]HĞZLDWD:\NUĊFDPVLĊRSRZLDGDPMDNLHĞJáXSVWZD &KFĊVSUDZLü ZUDĪHQLH ĪHGRELáHPGRLFKEU]HJXEH]SRĞUHGQLRLQLFQLHZLHPRQRZLQDFK ĩH PyM RNUĊW ]DWRQąá L W\ONR MD RFDODáHP &]XMĊ ĪH S\WDMą ] QLHSRNRMHP ']LHMH VLĊ FRĞ QLHGREUHJR :LHG]ą ĪH FRĞ QDGFKRG]L &]\ĪE\ ]DQRVLáR VLĊ QD ZRMQĊ" ,FK NUDM OHĪ\ QD XERF]X 5HV]WD NRQW\QHQWX OHĪ\ GDOHNR QD ]DFKRG]LH RGFLĊWD SU]H] SXVW\QLĊ L SRWĊĪQ\ áDĔFXFK JyUVNL 7HUHQ\ QLHPDO EH]OXGQH 1D PRU]X WU]HED SRNRQDü ODELU\QW VNDOLVW\FK QLHEH]SLHF]Q\FK Z\VHSHN FLHĞQLQ L V]NLHUyZ NWyU\PL JyU\ VFKRG]ą GR PRU]D ĩDGQD IORWD LQZD]\MQD QLH SU]HMG]LH $ QLNW SU]\ ]GURZ\FK ]P\VáDFK QLH EĊG]LH ZOyNá DUPLL SU]H] SXVW\QLĊLJyU\ZWĊG]LF]3RFR"3RLFKRNXWHPLHG]LąZLDGUD"6]F]HUEDWHVLHNLHU\" 3\WDMąF]\QLHZLG]LDáHPZĊGURZQ\FKPQLFKyZZF]HUZRQ\FKSáDV]F]DFKRWZDU]DFK]H VUHEUD 1LHZLG]LDáHP $F]\QLHZLG]LDáHPV]DORQ\FKF]DUQ\FKMHĨGĨFyZRWDWXRZDQ\FKWZDU]DFKXEUDQ\FKZ SRF]HUQLDáHĪHOD]RQDĪHOD]Q\FKNRQLDFK"0yZLVLĊĪHSRMDZLDMąVLĊMXĪFRUD]EOLĪHM" 1LHZLG]LDáHPQLNRJRWDNLHJR $F]\ZLG]LDáHP2EXG]RQ\FK" 1LHZLHPNLPVą2EXG]HQL-HVWHPWXREF\DZPRLFKVWURQDFKQLNWRQLFKQLHVá\V]Dá ± :RMQD ERJyZ MHVW ZV]ĊG]LH ± PUXF]\ 6SDORQ\ *QLHZ UXG\ NUyWNR RVWU]\ĪRQ\ ZRM VLHG]ąF\QDSU]HFLZNRRERNWHJRSRUąEDQHJRWRSRUHPRLPLHQLX'ĊERZD7ZDU]±3HZQLHX VLHELH]ZLHFLHLFKLQDF]HM']LHFL]LPQHMPJá\ .UĊFĊSU]HF]ąFRJáRZą &KFąZLHG]LHüF]\QLHZLG]LDáHPQLF]HJRG]LZQHJRSRGF]DVSRGUyĪ\SU]H]LFKODV ± 1LH MHVWHP SHZLHQ :LG]LDáHP FRĞ G]LZQHJR FR PQLH ]DDWDNRZDáR =DELáHP WR ± PyZLĊ±$OHWRSHZQLH]ZLHU]Ċ ,GĊGRVZRLFKU]HF]\NWyUHXáRĪRQRSRGĞFLDQąQDVFKOXGQ\VWRVLZ\MPXMĊ]DZLQLąWNR 3DWU]ą QD PQLH Z RVáXSLHQLX NLHG\ UR]VXSáXMĊ V]QXU L RGZLMDP NRF 2GUąEDQD áDSD VSDGD ] WU]DVNLHP QD GUHZQLDQą SRGáRJĊ SRPLĊG]\ ĞZLĊWH ]QDNL 3DOFH ZFLąĪ MHV]F]H WURFKĊ VLĊ SRUXV]DMą .U]\N=U\ZDMąVLĊQDUyZQHQRJLNRELHW\LG]LHFLSLV]F]ąNWRĞZ\NU]\NXMHLPLĊ+LQGD NWRĞ ]áRU]HF]\ L Z\GDMH HQWX]MDVW\F]QH ERMRZH U\NL NWRĞ GRVNDNXMH L NRSLH áDSĊ SR F]\P WFKyU]OLZLHFKRZDVLĊZWáXP=G]LF]HOL 6WRMĊ SRĞUyG WHJR ]JLHáNX L SRZROL PHWRG\F]QLH VNáDGDP NRF 3U]HĞPLHUGá RGRUHP SDGOLQ\LMDNE\U\Eą7U]HEDJREĊG]LHXSUDü -HGQL Vą ZĞFLHNOL D LQQL SU]HUDĪHQL .UyORZD MHVWEODGD MDN SU]HĞFLHUDGáR L JU\]LH SLĊĞü

&]DUQHZROHRF]\V]NOąVLĊRGáH] 6]RNF]\MDN" .UyOZRáDRZáyF]QLĊ3RGDMąPX]HVWRMDNDNUyWNLHPDV\ZQHGU]HZFH 5R]VWĊSXMąVLĊ *ULVPD SU]\GHSWXMH áDSĊ KDIWRZDQ\P VNyU]DQ\P EXWHP L VDSLąF ZELMD Z QLą NXWH ZąVNLH RVWU]H 3RZROL L PHWRG\F]QLH 6NyUD VWZRU]HQLD MHVW ĞOLVND WZDUGD L HODVW\F]QD D WUyMNąWQ\ JURW QLHQDG]Z\F]DMQLH RVWU\ 8VWĊSXMH QLHFKĊWQLH ZUHV]FLH 6]DORQ\ .U]\N GRSLQD VZHJR L XQRVL NRĔF]\QĊ QDG]LDQą QD ZáyF]QLĊ ZFLąĪ SRUXV]DMąFą SDOFDPL SU]\SRPLQDMąFą ]G\FKDMąFHJRNDOPDUD ±:ELMFLHWRQDGEUDPą1LHFKZV]\VF\2EXG]HQL]REDF]ąFRLFKF]HND$Z\SDWU]FLH F]\PMHVWPĊVWZR2WRSU]\V]HGáWXG]LĞREF\PąĪ6DPSU]HE\á3XVWNRZLD7UZRJLLGDMHPL PDUWZHJR2EXG]RQHJR$Z\" %RMą VLĊ QDZHW Z]Ląü RG QLHJR ZáyF]QLĊ 3U]H] FKZLOĊ QLH PD FKĊWQ\FK :UHV]FLH Z\VWĊSXMHGáXJRZáRV\PáRG]LDQRILROHWRZ\FKZáRVDFKLQLHSU]HQLNQLRQHMWZDU]\:\JOąGD MDNE\ E\á ZĞFLHNá\ .LHG\ ]DP\NDMą VLĊ ]D QLP RNXWH ZLHU]HMH KDOOL Vá\FKDü NU]\NL QD G]LHG]LĔFX 1LHPDPSRMĊFLDF]\LFKXFLHV]\áHPDOH]SHZQRĞFLą]URELáHPZUDĪHQLH ±&]HPXQLHZ]LąáHĞJáRZ\"±S\WDPQLH*ULVPD ±%\áDFLĊĪND±RGSRZLDGDPNUyWNR±3R]DW\PJU\]áD 3DUVNDĞPLHFKHPLSDWU]\QDPQLHSRGHMU]OLZLH ±-DN]DELáHĞ2EXG]RQHJR" ±=DUąEDáHP ± 3RWUDILą ]DELMDü VSRMU]HQLHP L E\ü Z WU]HFK PLHMVFDFK QDUD] ± NU]\F]\ NWRĞ ± ĩDGHQ F]áRZLHNQLHPRĪH]DELüXSLRUDĩHOD]RLPQLHSRUDG]L ±3RUDG]L±PyZLĊXVSRNDMDMąFR±7\ONRWU]HEDVLĊV]\ENRUXV]Dü :UDFDMą GR VWRáyZ VWDUDMąF VLĊ QLH VWąSQąü QD PLHMVFH Z NWyU\P SU]HG FKZLOą OHĪDáR PRMHWURIHXP 3DWU]ĊMDNSLMąFKFLZLHSLZRNDSLHLPSREURGDFKZVLąNDZ]DURVW=KXNLHPRGVWDZLDMą URJL QD VWyá L NU]\F]ą R NROHMQH G]EDQ\ 1LHNWyU]\ VSRJOąGDMą QD PQLH ] SRG]LZHP LQQL ] ]DERERQQ\POĊNLHPDMHV]F]HLQQL]QLHFKĊFLą .UyORZDZFLąĪMHVWEODGDMDNSDSLHUSRGEUyGHNMHMGUĪ\DOHNV]WDáWQHXVWD]DFLVNDMąVLĊZ JU\PDVLHXSRUXLZĞFLHNáRĞFL*ULVPDQDWRPLDVW]HUNDQDPQLH]QDG]LHMą&K\ED 1LH XPLHP UR]SR]QDZDü LFK HPRFML 7R SU]H] WH G]LZDF]QH ]ZLHU]ĊFH RF]\ 2F]\ QLHGĨZLHG]L RF]\ NUyZ ZLHZLyUHN SVyZ 2F]\ ]DMĊF\ : FDáRĞFL Z\SHáQLRQH EáĊNLWHP EUą]HPF]HUQLąDOERILROHWHP :UDFDPáRG\&K\EDMHVWWXNLPĞ]QDF]Q\P1DVWĊSFąWURQX"6LDGDSU]\VWROHLVLĊJDMąF SR SLZR F]ĊVWXMH PQLH FLĊĪNLP VSRMU]HQLHP 1LH OXEL PQLH 8]QDá ]D VZRMHJR U\ZDOD" 2GHEUDáHPPXSLHUZV]HĔVWZR" 3DWU]ĊMDN]DFLVNDMąVLĊPXV]F]ĊNLMDNEH]ZLHGQLHUR]G\PDMąQR]GU]D

$NW\ZXMĊF\IUDOD2WWDNQDZV]HONLZ\SDGHN 

 3U]HáNQąZV]\NROHMQ\á\N]OHNNR]DODWXMąFHJREDZROHJRURJX'UDNNDLQHQVWZLHUG]LáĪH RVWDWHF]QLHGDVLĊWRSLü1LHSU]\SRPLQDáRÄ.DUORYDF]NR´DOHQLHFKWDP:\FLąJQąáGáRĔGR GUHZQLDQHM PLV\ L SU]H] FKZLOĊ WU]\PDá Z\FLąJQLĊW\ SDOHF SRUXV]DMąF QLP RG MHGQHJR NDZDáND PLĊVLZD GR GUXJLHJR DĪ ]UH]\JQRZDá 6LĊJQąá SR FRĞ FR SRVWDQRZLá XZDĪDü ]D RJyUHN 8F]WD SU]HGáXĪDáD VLĊ L QLF QLH ZVND]\ZDáR QD WR E\ ZRMH ]DPLHU]DOL NáDĞü VLĊ VSDü 1LHNWyU\P ]DP\NDá\ VLĊ MXĪ RF]\ QLHNWyU]\ SRGU]HP\ZDOL QDG PLVNDPL DOH Z\UDĨQLH XVLáRZDOLQDVLáĊ]DFKRZDüSU]\WRPQRĞü.LHG\W\ONRNRPXĞJáRZD]DF]\QDáDNLZDüVLĊQDG VWRáHP VąVLDG EXG]Lá JR V]WXUFKQLĊFLHP QDMZ\UDĨQLHM ]DQLHSRNRMRQ\ 6DP ĞSLąF\ WHĪ VSUDZLDáZUDĪHQLHSU]HVWUDV]RQHJR 3U]H] FKZLOĊ MDNE\ GDOL PX VSRNyM L 'UDNNDLQHQ XPLODá VRELH F]DV REVHUZDFMą 6]DORQ\ .U]\N ZOHSLDá Z QLHJR EDGDZF]\ Z]URN L VLHG]LDá ]DVĊSLRQ\ SRFLąJDMąF FR MDNLĞ F]DV PDá\ á\N1DLOHPRĪQDE\áRRFHQLüURELáZUDĪHQLHNRJRĞNWRFRĞNQXMH-HJRPDáĪRQNDVLHG]LDáD SRQXUR QDG SXVW\P WDOHU]HP L SDWU]\áD VSRGH áED QD WRZDU]\VWZR SU]\ VWROH :\JOąGDáD QD VSRUR PáRGV]ą RG *ULVP\ 1LH E\áR WR áDWZR RFHQLü DOH VSUDZLDáD ZUDĪHQLH ĪH QLH SU]HNURF]\áD MHV]F]H WU]\G]LHVWNL =ZDĪ\ZV]\ ĪH SHZQR Z\V]áD ]D PąĪ RNRáR F]WHUQDVWHJR URNX Ī\FLD VSRNRMQLH PRJáD E\ü PDWNą L QDE]G\F]RQHJR PáRG]LHĔFD ] GáXJLPL ZáRVDPL L PRĪHRĞPLROHWQLHJRFKáRSFDVLHG]ąFHJRRERNQLHM2EDME\OLSRU]ąGQLHMXEUDQLQLĪUHV]WDLFK NDIWDQ\ XV]\WR ] EDUZLRQ\FK WNDQLQ L R]GRELRQR SU]\ GHNROFLH L QD PDQNLHWDFK UĊNDZyZ VNRPSOLNRZDQ\PLKDIWDPL2EDMPLHOLSU]\SDVDFKPHWDORZHRNXFLDL]GRELRQHQRĪH1DV]\L QRVLOL]áRWHDPXOHW\'ODF]HJRE\OLWDF\SRQXU]\".UyORZDPRJáDE\üUR]F]DURZDQDĪ\FLHP QDW\PSXVWNRZLX0RĪHGRMDGáRMHMWRWDMHPQLF]H]DJURĪHQLHSU]HGNWyU\PWDNVLĊWU]ĊĞOL"$ PRĪHFKRG]LáRR'UDNNDLQHQD"3U]\áDSDáMąNLONDUD]\QDWDNVXMąF\PSU]HFLąJá\PVSRMU]HQLX ]E\WQDWUĊWQ\PE\E\áRSU]\SDGNRZHLX]QDáĪHWRVWDUHMDNĞZLDW]MDZLVNR%LHGQDDPELWQD G]LHZF]\QD XZLĊ]LRQD QD SURZLQFML ]H VWDU\P L ERJDWV]\P RG QLHM PĊĪHP L WDMHPQLF]\ SU]\E\V]Ä8FLHNQLMP\UD]HP´0HORGUDPDW\F]QHDOHPRĪOLZH0áRG\F]áRZLHN]NROHLE\á SU]\SXV]F]DOQLH SR SURVWX ]D]GURVQ\ R VáDZĊ MDNą GDáR :ĊGURZFRZL SU]\QLHVLHQLH áDS\ SRWZRUD %LHGQ\ VPDUNDF] QLH PLDá SRMĊFLD ĪHEH]F\IUDOD 9XNR QLH PLDáE\ QDMPQLHMV]\FK V]DQVWDNVDPRMDNNDĪG\F]áRZLHN3RWZyUE\á]E\WV]\ENLLVSUDZQ\-HĪHOLWDNLFK]ZLHU]ąW E\áRWXZLĊFHMWRU]HF]\ZLĞFLHPLHV]NDĔF\GZRUX6]DORQHJR.U]\NXPLHOLSUREOHP 6SHNXORZDá]QXGyZ5RELáWRSU]HGF]\PJRSU]HVWU]HJDQR Ä1LH ]QDP\ WHM NXOWXU\´ ± PyZLOL 2VWU]HJDOL SU]HG ]áXGQ\PL SRGRELHĔVWZDPL L P\ĞOHQLHPZáDVQ\PLNDWHJRULDPLÄ%ĊG]LHV]ZLG]LDáUyĪQHU]HF]\DOHQLHEĊG]LHV]UR]XPLDá LFK ]QDF]HQLD 1LHNWyUH EĊGą FL VLĊ Z\GDZDá\ ]áH %ĊG]LHV] ZLG]LDá G]LHFL SLMąFH DONRKRO SU]HPRF Z URG]LQLH PRUGHUVWZD LQWU\JL RNUXFLHĔVWZR ND]LURG]WZR L NDQLEDOL]P 2GSXĞü

VRELH 1LH WZRMD VSUDZD 7R VLĊ G]LHMH SR GUXJLHM VWURQLH NRVPRVX 7\ PDV] ]QDOHĨü L Z\FLąJQąüVWDPWąGNLONRUROXG]L5HV]WDQLHFKVLĊWRF]\MDNFKFH´ %DED XNU\WD Z QLV]\ QLH SRUXV]DáD VLĊ RG GáXĪV]HJR F]DVX L FK\ED SU]\VQĊáD 1LH .WRĞ SRGV]HGáGRQLHMQLHZLGRF]Q\GODSR]RVWDá\FKZJáĊERNLPFLHQLXNROXPQDG\LQDFK\OLáVLĊ GRMHMXFKD'UDNNDLQHQZ\RVWU]\áVáXFK Ä6áRĔFHQDSHZQRMXĪ]DV]áR0URNJĊVWQLHMH´ Ä&]\LG]LH]LPQDPJáD"´±RGV]HSQĊáDVWDUD Ä1DUD]LHQLH´ Ä3U]\QLRVáHĞ"´ Ä%RMĊVLĊGRW\NDüMHJRU]HF]\F]FLJRGQD´ Ä*áXSF]H:\SLáNUHZLQLFQLH]DXZDĪ\á-HVWVáDE\0XVLRGHMĞü´ Ä6SURZDG]LQDQDV2EXG]RQ\FK´ -DFLGDPGRW\NDüPRMHU]HF]\]DQLHSRNRLáVLĊ'UDNNDLQHQ8EUDQ\ZF]HUĔLQIRUPDWRU RGV]HGáRGEDE\DOHQLH]EOLĪDáVLĊGRMHJRHNZLSXQNXW\ONRZ\V]HGá]KDOOL 6WDUD FRĞ NQXMH *ULVPD NQXMH .UyORZD WHĪ PáRG\ JDSL VLĊ MDNE\P PX NR]Ċ Z\GRLá &R]DWRZDU]\VWZR ± .LHG\ ]DF]ĊáD VLĊ WD ÄZRMQD ERJyZ´" ± ]DJDGQąá 6SDORQHJR *QLHZD 7HQ VSRMU]Dá QD QLHJRMDNQDLGLRWĊ ±.WRPRĪH]QDüVSUDZ\ERJyZ"'ODQDVOLF]\VLĊWRĪH2EXG]HQL]DF]ĊOLZ\FKRG]Lü] XURF]\VN .LHG\Ğ GDZQLHM RSRZLDGDQR UyĪQH U]HF]\ R 3XVWNRZLDFK 7UZRJL DOH GDáR VLĊ SU]H]QLHFKRG]Lü3RORZDOLĞP\QDMHOHQLHXSUDZLDOLĞP\SROD%\OLĞP\W\PLNWyU]\QLH]QDMą VWUDFKXERXPLHMąWXPLHV]NDü:LHG]LHOLĞP\JG]LHVąXURF]\VNDLMDNMHRPLMDü8PLHOLĞP\ SU]HMĞüSU]H]EDJQDLVNDá\/DWHPVSXV]F]DOLĞP\áRG]LHQDU]HNĊLSá\QĊOLĞP\DĪGRPRU]DD SRWHPV]XNDOLĞP\V]F]ĊĞFLDZGDOHNLFKNUDMDFK7HUD]MXĪRGODWQLHZ\Sá\ZDP\&DáDQDV]D ]LHPLDVWDáDVLĊXURF]\VNLHP*G\E\ĞP\ZVLHGOLQDáRG]LHSRSRZURFLH]QDOHĨOLE\ĞP\W\ONR SRJRU]HOLVNR L 2EXG]RQ\FK .WR Z\MG]LH GR ODVX MXĪ QLH ZUDFD 3RG SáXJ F]\ VWĊSRU LG]LH W\ONRWDNLHSROHNWyUHZLGDü]JURGX6]ODNLHPWHĪMXĪQLNWQLHFLąJQLH1LHPDZĊGURZFyZ NXSFyZ DQL SLHĞQLDU]\ 'URJD ]DF]\QD ]DUDVWDü 0yZLą ĪH WR ]LPQD PJáD L SXV]F]D DOH MD P\ĞOĊĪHZV]ĊG]LHMXĪWDNMHVW ±&RWRMHVWÄ]LPQDPJáD´"±3RGF]DV]GRE\ZDQLDLQIRUPDFMLZDĪQHMHVWE\UR]PyZFD PyJáPyZLüRW\PFRJRLQWHUHVXMH:LĊNV]RĞüOXG]LFKFHPyZLüW\ONRRVRELH=DWHPNLHG\ FKFHVLĊ]GRE\üLQIRUPDFMHWU]HEDVWDüVLĊZG]LĊF]Q\PVáXFKDF]HP1LHF]HNDüQDPRPHQW NLHG\ VDPHPX ]DF]QLH VLĊ PyZLü DOH VáXFKDü L GRS\W\ZDü VLĊ R V]F]HJyá\ 6SDORQ\ *QLHZ SRFK\OLáVLĊZMHJRVWURQĊL]DF]ąáPyZLüV]HSWHP ± 1DMSLHUZ UREL VLĊ ]LPQR 1DZHW Z VáRQHF]Q\ G]LHĔ 3RWHP ĞZLDWáR UREL VLĊ G]LZQH L SRMDZLD VLĊ PJáD ,QQD QLĪ ]Z\F]DMQD *ĊVWD L ]LPQD 5REL VLĊ FLFKR 1DZHW SWDNL QLH ĞSLHZDMą$SRWHPSU]\FKRG]ą2EXG]HQL&]DVHPWRVą]PDUOL$F]DVHPSRWZRU\$F]DVHP QLF QLH ZLGDü W\ONR F]áRZLHN ]DF]\QD VLĊ SDOLü $OER REUDFD Z NDPLHĔ 0yM V]ZDJLHU

]HVWDU]Dá VLĊ QD PRLFK RF]DFK L XPDUá $ WR FR XPDUáR GDOHM VLĊ UXV]DáR 3U]\ELáHP JR ZáyF]QLąGR]LHPLLXFLHNáHP.LHG\QDGFKRG]L]LPQDPJáDF]DVHPQDMJRUV]HFRF]áRZLHN PDZJáRZLHVWDMHSU]HGQLPMDNĪ\ZH0RMDĪRQDEDáDVLĊZRG\1LHQDXF]\áDVLĊSá\ZDü QLHSRGFKRG]LáDGRVWUXPLHQLDQDZHWVWXGQLVLĊEDáD0yZLáDĪHF]ĊVWRĞQLRW\PĪHWRQLH 0JáDGRSDGáDMąQDSROXSRGODVHP0yZLOLĪHU]XFDáDVLĊMDNV]DORQDMDNE\REVLDGá\MąRV\ $ SRWHP U]\JDáD ZRGą &DáH NXEá\ ZRG\ ] QLHM Z\FKRG]Lá\ DĪ XWRQĊáD : ZRG]LH NWyUą PLDáDZĞURGNX1DVXFK\PMDNSLHSU]SROX ±'ODF]HJRVWąGQLHRGHMG]LHFLH" ± 0\ MHVWHĞP\ OXG]LH *ULVP\ 3OHPLĊ 6]DORQHJR .U]\NX 1LH RGHMG]LHP\ &KFHP\ VLĊ ELü 7R QDV]D ]LHPLD 1LH PDP\ GRNąG RGHMĞü 6WDUD PyZL ĪH SU]\MG]LH G]LHĔ NLHG\ 2EXG]HQLSU]HVWDQąQDVQDFKRG]LüĩHRQLGRNąGĞLGąW\ONRQDV]JUyGVWRLLPQDGURG]H$OH SHZQHJRGQLDSyMGąZV]\VF\LZWHG\]DELRUą]HVREąPJáĊ7R]QLHMELRUąVLáĊ 7R PRJą E\ü Z\]LHZ\ ZXONDQLF]QH SRP\ĞODá 'UDNNDLQHQ 7RNV\F]QH L Z\ZRáXMąFH KDOXF\QDFMH$OERSRGZRGQHSRNáDG\MDNLHJRĞJD]XMDNZMH]LRU]H7DQJDQLND ± 7HUD] MDN MHVWHĞ ] QDPL SRUDG]LP\ VRELH ± RĞZLDGF]\á ]QLHQDFND 6SDORQ\ *QLHZ 'UDNNDLQHQ RVáXSLDá ± 8PLHV] ]DELMDü 2EXG]RQ\FK 1DXF]\V] QDV L SyMG]LHP\ VLĊ ELü 2GSĊG]LP\ LFK ± 7ĊSDZD WZDU] ]DF]ĊáD SURPLHQLRZDü HQWX]MD]PHP 6SDORQ\ *QLHZ SU]HSHáQLRQ\ XQLHVLHQLHP ]DF]ąá Z\JOąGDü SUDZLH V\PSDW\F]QLH ± 3XV]F]D ]QRZX XVá\V]\ 6]DORQ\.U]\N:UyFLP\QDVZRMą]LHPLĊ 0RĪHWHĪFKRG]LüRVSRU\V]OXEFRĞSRGREQHJRZ]ERĪXSRP\ĞODá'UDNNDLQHQ ±1LNWQLHFKRG]LV]ODNLHP"%\áHPSLHUZV]\"2GMDNGDZQD" ±&]DVHPWDNMHVWĪHZĊGURZLHFRND]XMHVLĊ2EXG]RQ\P:\JOąGDMDNF]áRZLHNDSRWHP MHVW]DSyĨQR 'UDNNDLQHQVLĊJQąáSRG]EDQLQDODá6SDORQHPX*QLHZRZLSLZD6]F]RGU]H ±']LZQ\F]áRZLHNWRPRĪHE\üFXG]R]LHPLHFDOERNWRĞREáąNDQ\-HGQHJRVSRWNDáHPSR GURG]H 1D]\ZDá VLĊ .UXF]\ &LHĔ 1LHNRQLHF]QLH WR PXVL E\ü DNXUDW 2EXG]RQ\ 1LH SU]\FKRG]LáWXQLNWG]LZQ\"=HGZDODWDWHPX" 6SDORQ\*QLHZSLáSU]H]MDNLĞF]DVDZNRĔFXSRVWDZLáUyJ]DRSDWU]RQ\ZSRVUHEU]DQH QyĪNLLRWDUáWZDU]UĊNDZHP ±7HUD]ZV]\VWNRMHVWG]LZQH±RGSRZLHG]LDáQLHSHZQLH±:RMQDERJyZ=á\F]DV ± 'REURGRV]OL -HVWHĞP\ Z SXQNFLH Z\MĞFLD ± PUXNQąá 'UDNNDLQHQ L SRFLąJQąá á\N ]H VZRMHJRURJX3RVWDQRZLá]DU\]\NRZDüZV]\VWNRQDMHGQąNDUWĊ ± 6]XNDP NRJRĞ &]ZRUJD OXG]L &XG]R]LHPFyZ ] EDUG]R GDOHND 7U]HFK PĊĪF]\]Q L NRELHWD 7R QLH Vą 2EXG]HQL DOH PRJą E\ü QLHEH]SLHF]QL , Vą ± G]LZQL 1LH PyZLą ZDV]ą PRZąLPDMąĞOHSHELDáHRF]\ 6SDORQ\ *QLHZ XQLyVá JáRZĊ ]QDG VWRáX L SU]HĞZLGURZDá :ĊGURZFD F]DUQ\P SDFLRUNRZDW\PVSRMU]HQLHPMDNXMHĪD ±-HGHQE\á-HV]F]H]DQLPVLĊQDGREUH]DF]ĊáR0LDáU\ELHRF]\3RZLQLHQE\üĞOHS\DOH

ZLG]LDá , PyZLá FKURSDZ\P MĊ]\NLHP MDN FRIQLĊW\ XP\VáRZR 1RV PLDá G]LZQ\ , F]DUQH ZáRV\ WDNLH GáXJLH VF]HVDQH QD W\á $ WZDU] ELDáą MDN ZRVN , Z\VRNL E\á MDN QLHF]áRZLHN -HV]F]HZ\ĪV]\QLĪW\$OHWRE\á3LHĞQLDU] ±.WR" ±8PLDáVSUDZLüĪHU]HF]\VLĊVWDZDá\.LHG\ĞE\áRWDNLFKZLHOXDOHWHUD]MXĪQLH/XG]LH PyZLąĪHSR]DELMDOLVLĊQDZ]DMHP$SRWHPWRLLQQLLFK]DELMDOL1LHNWyU]\VLĊWDF\URG]ą DOHOHSLHMLFKZ\QRVLü3RQRüVSURZDG]DMą]LPQąPJáĊ ±'ODF]HJR" ±7RVąWDF\FRXNUDGOLSLHĞQLERJyZ7DNLHFRSRWUDILąOHF]\üDOER]DELMDüDOERF]\QLü 5yĪQLH -HGHQ ]QD MHGQą D GUXJL G]LHVLĊü .LHG\ ERJRZLH VLĊ R W\P GRZLDGXMą Z\V\áDMą PJáĊĪHE\JR]QDOD]áD7DNE\áRL]WDPW\P:LHOHQLHXPLDáDOHZ\VWDUF]\áR%\áGZDGQLL SRV]HGá$SRWHPSU]\V]áD]LPQDPJáDLSRMDZLOLVLĊ2EXG]HQL0JáDV]áD]DQLP ±$FR]URELá"±]DS\WDá'UDNNDLQHQEDUG]RRVWURĪQLH ± 5yĪQH U]HF]\ PyZLOL -D ZLG]LDáHP W\ONR MDN ]DSDOLá RJLHĔ Eá\VNDZLFą ] GáRQL L MDGá SLDVHN]ZRGą %ODG\Z\VRNLRGáXJLFKF]DUQ\FKZáRVDFK9DQ'\NHQSRP\ĞODá9XNR9DQ'\NHQ] ]DSDOQLF]NąL]XSąZSURV]NX$OHJG]LHUHV]WD" 6SDORQ\ *QLHZ NLZDá VLĊ SU]\ VWROH D MHJR MHĪRZH SDFLRUNRZDWH RF]\ ]PĊWQLDá\ 2G GRáXSRMDZLáPXVLĊQDZHWZąVNLSDVHNELDáNyZNL ±1LHZROQRRW\PPyZLü-HVWQRF=á\F]DV:RMQDERJyZ 7URFKĊ WR ZV]\VWNR SU]\SRPLQDáR QLHXGDQH ZLHMVNLH ZHVHOH 3RPLPR ZV]HONLFK SUyE F]ĊĞü MXĪ ]DV\SLDáD )L]MRORJLD L DONRKRO ]DF]\QDá\ EUDü JyUĊ =ZLMDOL VLĊ Z NáĊEHN SRG ĞFLDQDPL NáDGOL WZDU]ą QD VWROH SRPLĊG]\ RJU\]LRQ\PL NRĞüPL NDáXĪDPL SLZD L UHV]WNDPL ZDU]\Z &L NWyU]\ SR]RVWDZDOL WU]HĨZL L SU]\WRPQL SU]\VXZDOL VLĊ EOLĪHM SDOHQLVND QD NWyU\P ĪDU]\á\ VLĊ EHONL SRV\NXMąFH SRG NURSODPL GUREQHJR GHV]F]X 'UDNNDLQHQ UR]HMU]Dá VLĊ ]D NROHMQ\P HZHQWXDOQ\P LQIRUPDWRUHP NRQVWDWXMąF ] QLHMDNLP ]DVNRF]HQLHP ĪH FRG]LHQQRĞüĞUHGQLRZLHF]DWRXSLRUQDZV]HFKRJDUQLDMąFDQXGD 7X QLH E\áR FR URELü 0RĪQD E\áR VLHG]LHü QDG SLZHP HZHQWXDOQLH RSRZLDGDü VRELH MDNLHĞKLVWRULH7RZV]\VWNR3R]DW\PE\áMHV]F]HVWUDFK6SRJOąGDOLWUZRĪQLHZFLHPQRĞü]D GU]ZLDPL VWDUDOL VLĊ PLHü SRG UĊNą MDNąĞ EURĔ QDZHW NLHG\ VSDOL :]GU\JDOL VLĊ QHUZRZR SU]H]VHQMDNG]LNLH]ZLHU]ĊWDF]DVHPEXG]LOLLWRF]\OLZRNyáVLHELHSU]HUDĪRQ\PZ]URNLHP D SRWHP ]QRZX ]DV\SLDOL 1XGD L VWUDFK 'áXJLH RNUHV\ PRQRWRQLL SU]HU\ZDQH NUyWNLPL VSD]PDPLOĊNXLSU]HUDĪHQLD 3RMDZLáVLĊYDQ'\NHQ&RWXURELá"'RNąGRGV]HGá" ±6W\UVPDQFKFH]WREąPyZLü±7RE\áWHQVDPNUĊS\VWDU]HFNWyU\SRQLHJRZ\V]HGá :ĊGURZLHF ZLHG]LDá MXĪ ĪH WDPWHQ QD]\ZD VLĊ 1XOOH ĝSLąF\ 1D /RG]LH 6WDQąá QD ZSURVW 'UDNNDLQHQD L SRFK\ODá VLĊ QDG áDZą RJU\]DMąF NRĞü =ZLDGRZFD ]DEUDá UyJ GR NWyUHJR ]GąĪ\á VLĊ MXĪ SU]\]Z\F]DLü L SRV]HGá ]D VWDUFHP XVLáXMąF QLH QDGHSQąü QLNRJR ]

GU]HPLąF\FK QD áDZLH L SRG QLą L SU]HFLVNDMąF VLĊ SRPLĊG]\ SOHFDPL W\FK NWyU]\ XVLáRZDOL QDGDOELHVLDGRZDü 3U]\W\POHSV]\PNRĔFXVWRáXSU]\NWyU\PVLHG]LDáZáDGFD]DEDZDE\áDMHV]F]HJRUV]D QLĪ JG]LH LQG]LHM 'RPQLHPDQD NUyORZD VLHG]LDáD V]W\ZQR MDNE\ SRáNQĊáD NLM L SDWU]\áD V]NODQ\PZ]URNLHPSURVWRSU]HGVLHELHPáRG\ĪXáSRJDUGOLZLHPDáHNĊV\PLĊVDDFKáRSLHF GU]HPDáZWXORQ\ZIXWURRNU\ZDMąFHUDPLRQDPDWNL 6DP*ULVPDSDWU]\áSU]HGVLHELHVSRGNU]DF]DVW\FKEUZLLPDPODáSU]H]FKZLOĊZDUJDPL ±,G]LHMHVLHĔ±RĞZLDGF]\á]QLHQDFND±'RNąGSyMG]LHSU]\E\V]NWyU\QLHPDQLNRJR" ĩDGQHM VWU]HFK\ SRG NWyUą E\ VLĊ VFKURQLá ĪDGQHJR RJQLD E\ RJU]Dá UĊFH ĪDGQHM VWUDZ\ Z NRFLRáNX"=RVWDĔ]QDPL'DPFLNRELHWĊLGRP0DPLFKZLĊFHMQLĪPĊĪyZNWyU]\PRJOLE\ WDP SDOLü RJLHĔ 'DP FL ]áRWR 6WDĔ X PRMHJR ERNX :ĊGUXMąF\ 1RFą L ZHVSU]\M VáDEQąFH UDPLĊVWDUFD5D]HPRGHSU]HP\2EXG]RQ\FKLZWHG\PJáDRGHMG]LH ± 1LNW QLH PRĪH VWDZDü QD GURG]H SU]H]QDF]HQLX ± RĞZLDGF]\á 'UDNNDLQHQ ± $ PRLP SU]H]QDF]HQLHPMHVWZĊGUyZND1LHPRJĊRJU]DüVLĊSU]\RJQLXDQL]DPLHV]NDüSRGGDFKHP SyNLQLHRGQDMGĊF]ZRUJDV]DORQ\FKREF\FKRĞOHS\FKU\ELFKRF]DFK7DNDMHVWZRODERJyZ Ä.LHG\UR]PRZDEĊG]LHV]áDQLHSRWZRMHMP\ĞOLRGZRáDMVLĊGRVLáZ\ĪV]\FK´±UDG]LOL 6]DORQ\.U]\NZ\GąáZDUJL ±6DPU]HNáHĞĪHWZRLERJRZLHVąGDOHNRSRGLQQ\PLJZLD]GDPL:ąWSLĊĪHE\WXWDMQD ]LHPLQDV]\FKERJyZPLHOLZLHOHGRSRZLHG]HQLD7HUD]NLHG\ERJRZLHWRF]ąZRMQĊDĞZLDW RV]DODáQLNWUR]VąGQ\QLHZGDMHVLĊZWDNLHU]HF]\.WRZLHF]HJRPRJąFKFLHü"3RFRPDV] V]XNDüF]HJRĞF]HJRMXĪQLHPD".RĞFLW\FKFRZĊGURZDOLPRĪHGDZQRMXĪJQLMąQDV]ODNX ± 7R QLH W\ONR VSUDZD ERJyZ ± RGSDUá WDMHPQLF]R 9XNR ± 7DPFL REF\ SU]HV]OL SU]H] WZyMNUDM0yZLRQRPLĪHMHGHQWXE\á:\VRNL3LHĞQLDU]RU\ELFKRF]DFK ± %\á F]DV NLHG\ V]ODNLHP FLąJQĊOL ZĊGURZF\ 3U]\FKRG]LOL L RGFKRG]LOL 1LH ZLDGRPR VNąGQLHZLDGRPRGRNąG7HUD]SU]\FKRG]ąMXĪW\ONR2EXG]HQL-HĪHOLQLHVWDQLHV]SU]\QDV SHZQHJR GQLD SU]HMGą F]ĊVWRNyá 1LH EĊG]LH MXĪ 'ZRUX 6]DORQHJR .U]\NX =RVWDQą W\ONR ]JOLV]F]DNRĞFLLNUXNL=RVWDĔ=RVWDĔFKRüGRZLRVQ\1DXF]QDVMDN]DELMDüG]LHFL]LPQHM PJá\-HGQR]JáDG]LáHĞ ±-HGQHJR±]DXZDĪ\á'UDNNDLQHQ± ,]DEUDáRPLWR]JRG]LQĊ*G\E\E\áRLFK ZLĊFHM SHZQLH E\P QLH Ī\á =DELHU] OXG]L GRE\WHN L RGHMGĨFLH VWąG =QDMG]LHV] LQQH Z]JyU]H L Z\VWDZLV]LQQ\GZyU3RFRĪ\üZWDNLPPLHMVFX" ±7RMHVW]LHPLDQDV]\FKSU]RGNyZ±ZDUNQąáPáRG]LHQLHF±3U]HVWDĔJREáDJDüRMF]H 1LH SRWU]HEXMHV] WHJR SU]\EáĊG\ 0DV] V\QD L PDV] ZLHUQ\FK ZRMyZ -HV]F]H MHVW SOHPLĊ 6]DORQHJR.U]\NX ±0áRG]LHQLHFNWyU\MHV]F]HQLFQLHZLG]LDáSRZLQLHQPLOF]HüNLHG\PyZLąPĊĪRZLH± Z\FHG]Lá *ULVPD ± 7HQ REF\ SU]\QLyVá G]LĞ áDSĊ SRWZRUD .WyU\ ] ZDV GRNRQDá F]HJRĞ WDNLHJR"0RĪHW\" ± 3LHV WHĪ F]DVHP SU]\QLHVLH UĊNĊ ] SRERMRZLVND DOH W\ONR JáXSLHF E\ VąG]Lá ĪH SLHV

Z\JUDá ELWZĊ 3RNDĪ PL MDN ]DELáHĞ SRWZRUD SU]\E\V]X 3RNDĪ PL WR XZLHU]Ċ ĪH FLĊ SRWU]HEXMHP\ ±0LOF] ±3R]ZyOPL]QLPZDOF]\ü*ULVPR6]DORQ\.U]\NX1LHNDĪPLVáXFKDüMDNQDMZLĊNV]\ ZRMRZQLNLVW\UVPDQNWyU\ZLyGáQLHJG\ĞSLąWNĊRNUĊWyZQDNRQLHFĞZLDWDEáDJDZáyF]ĊJĊR SRPRF1LHPyZGRQLHJRMDNE\ĞE\áVDP=DELMĊJRDZWHG\]UR]XPLHV]NWRREURQLQDV]ą ]LHPLĊ$OERXPUĊDZWHG\QLHFKRQFLĊEURQL ±0LOF]JáXSF]H&KFĊ]\VNDüZRMDDQLHWUDFLüV\QD ±1LHEĊG]LHP\ZDOF]\ü±XVSRNRLáJR'UDNNDLQHQ±7RE\áDE\JáXSRWD ±:LĊFEĊG]LHV]PXVLDáPLWRRGGDü±Z\FHG]LáPáRG]LHQLHFLSRVWDZLáQDVWROHPHWDORZ\ U]HĨELRQ\ZDOHFZLHONRĞFLSyáOLWURZHMNRQVHUZ\3RMHPQLN]UDGLRODULą 'UDNNDLQHQ ZHVWFKQąá -HGQR XGHU]HQLH NRVWNą SDOFD ZVND]XMąFHJR Z SXQNW SRPLĊG]\ RF]DPL L UyZQRF]HĞQLH GUXJLH NFLXNLHP Z ĞFLĊJQR QD QDGJDUVWNX ĪHE\ Z\SXĞFLá SRMHPQLN 8áDPHNVHNXQG\LEĊG]LHPRĪQDZUyFLüGRSU]HUZDQHMUR]PRZ\7\ONRĪHVWyáE\á]DV]HURNL ±,FRRMF]H"3RSURVLV]MHV]F]HUD]RSRPRFWFKyU]DNWyU\ERLVLĊ]GMąü]EURMĊQDZHWSRG VWU]HFKą" .WyUHPX QLH Z\VWDUF]\ NROF]XJD MDN PĊĪRZL W\ONR RNáDGD VLĊ FDá\ EODFKDPL QLF]\PĪyáZ"'ODWHJRĪHU]XFLáFLRFKáDSPLĊVD" *ULVPDPLOF]DáSU]H]FKZLOĊ ± 1LHFK WDN EĊG]LH 0XVLV] Z\NXSLü IDQW SU]\E\V]X *ULVPDOIL 'HV]F]RZ\ 3WDN FKFH ZDONL:LĊFELMFLHVLĊ3RNDĪQDPMDN]DELáHĞSRWZRUD ±1LHEĊGĊQLNRJR]DELMDá±Z\V\F]Dá'UDNNDLQHQ±3RZLHG]LDáHP ±:LĊFJRQLH]DELMDM$OHMHĪHOLFKFHV]RG]\VNDüWĊU]HF]ZDOF]]QLP$ZWHG\PRĪH EĊG]LHV]PXVLDá =JU]\WDá ]ĊEDPL LGąF GR VZRMHJR HNZLSXQNX ]áRĪRQHJR SRG ĞFLDQą 2WDNVRZDá V]\ENR VWHUWĊVSU]ĊWXDOHZ\GDZDáRPXVLĊĪHQLFZLĊFHMQLH]JLQĊáR$MHGQDNPXVLDáVSXĞFLüVZyM GRE\WHN]RND 1D VDOL SDQRZDáR SRUXV]HQLH :RMH SU]HNU]\NLZDOL VLĊ UDGRĞQLH UR]VXZDQR VWRá\ ]DSDORQRZLĊFHMSRFKRGQLZQLHVLRQRMHV]F]HNLONDODPSQDWUyMQRJDFK 9XNR ]GMąá SDQFHU] L NROF]XJĊ DNXUDW Z PRPHQFLH NLHG\ *ULVPDOIL ]DNáDGDá VZyM =RVWDZLáVRELHW\ONROHZ\NDUZDV]LZ\MąáPLHF]]SRFKZ\ ĝZLDWáR QLH E\áR QDMOHSV]H ODPS\ NRSFLá\ 'UHZQLDQD SRGáRJD SRNU\WD WURFLQDPL RE\ QLHRND]DáDVLĊ]E\WĞOLVND'UDNNDLQHQRGSLąáSDVLVWDQąáSRĞURGNXL]E\ZZ\VRNLHMSRVWDZLH ] PLHF]HP WU]\PDQ\P QLHGEDOH Z GáRQL 7DPWHQ VDSDá NRPLF]QLH VSRG KHáPX ZLGDü E\áR W\ONR XVWD ] Z\V]F]HU]RQ\PL MDN X SVD ]ĊEDPL L ]DFLĞQLĊWH V]F]ĊNL *ULVPDOIL SU]HFLąJQąá RVWU]HP SR VZRMHM WDUF]\ NU]HV]ąF SĊN LVNLHU L Z\GDá ] VLHELH Z\VRNL ZLEUXMąF\ ZU]DVN 7ZDU]PXSRF]HUZLHQLDáDDRF]\ZWUyMNąWQ\FKZL]XUDFKZ\GDZDá\VLĊREáąNDQH ±=DPáRG\FK\EDĪHE\JRWUDILáDDSRSOHNVMD±PUXNQąá'UDNNDLQHQSRFKRUZDFNX 2EUyFLáPLHF]ZGáRQLWDNĪHRVWU]HVFKRZDáRVLĊ]DMHJRUDPLHQLHPLGRWNQĊáREDUNX=

GáRQLZ\VWDZDáDPXW\ONRUĊNRMHĞü6WDáOHNNR]JDUELRQ\QDZ\SURVWRZDQ\FKQRJDFK]OHZą GáRQLą XQLHVLRQą QD Z\VRNRĞü VSORWX VáRQHF]QHJR &]áRZLHN VWRMąF\ Z SRVWDZLH URGHP ] DLNLGRZ\JOąGDMDNXGXFKRZLRQ\DOERUR]WDUJQLRQ\L]XSHáQLHQLHQDPLHMVFX 0áRG\UXV]\áGRDWDNX]XSHáQLHLQDF]HMWDĔF]ąFLSRGVNDNXMąFMDNERNVHUPLHF]LWDUF]D FDá\ F]DV SRUXV]Dá\ VLĊ QHUZRZR Z MHJR UĊNDFK MDN JáRZD NREU\ 'UDNNDLQHQ SDWU]\á PQLHM ZLĊFHMZĞURGHNMHJRV\OZHWNLLF]HNDáUR]OXĨQLZV]\PLĊĞQLH8]QDáĪH*ULVPDOILPDQLH]á\ UHIOHNV 3LHUZV]H FLĊFLH SDGáRE\ QLHPDO QLHVSRG]LHZDQLH JG\E\ QLH SRGREQ\ GR RGUD]\ JU\PDVNWyU\XQLyVáZDUJĊFKáRSDNDMDNLHĞüZLHUüVHNXQG\ZF]HĞQLHM%\áRWRQLVNLHFK\WUH FLĊFLH Z XGR REOLF]RQH QD SU]HUąEDQLH PLĊĞQL :\VWDUF]\áR ]URELü Syá NURNX Z W\á D QDVWĊSQLH ]HMĞü ] áXNX FLĊFLD 0áRG]LHQLHF RG]\VNDá UyZQRZDJĊ NLONRPD WDQHF]Q\PL SRGVNRNDPLLZ\VWU]HOLáQDJOHSRGVWĊSQ\PV]W\FKHP'UDNNDLQHQSU]HNUĊFLáEDUNLLREURWHP ]V]HGá ] OLQLL DWDNX SR F]\P QDGDO WU]\PDMąF PLHF] Z]GáXĪ UDPLHQLD VLĊJQąá SRG SDFKą FKáRSDNDZVWURQĊMHJRV]\L 0áRG\ NVLąĪĊ UXQąá QD SOHF\ ] RJURPQ\P LPSHWHP WDUF]D SRMHFKDáD ] áRVNRWHP DĪ SRG VWyá6WRMąF\ZSREOLĪXRGVNRF]\OLQDERNL 'UDNNDLQHQSRF]HNDáDĪ*ULVPDOIL]QDMG]LHWDUF]ĊLWUDILWU]ĊVąFąVLĊ]ZĞFLHNáRĞFLGáRQLą ZLPDNLDĪRG]\VNDKHáPNWyU\SRNR]LRáNRZDáSU]H]FDáąKDOOĊ 1DVWĊSQ\ DWDN E\á MHV]F]H V]\EV]\ ]DZLHUDá Z VRELH NLOND ILQW MHGQD SR GUXJLHM D ZUHV]FLH]RVWDáZ\SURZDG]RQ\SRSRFK\ORQHMWDUF]\F]HPXWRZDU]\V]\áG]LNLZ\VNRN 7\P UD]HP *ULVPDOIL SU]HZUyFLá áDZĊ L SU]HVXQąá VWyá WDUF]D XZLĊ]áD QD FKZLOĊ SRG EDUNLHPEORNXMąFPXUĊNĊ ±Ä-DNLHNROZLHNE\E\á\RNROLF]QRĞFL]DFKRZDM GRVWRMQRĞü'RVWRMQRĞüWRSU]\JRWRZDü VLĊ GR ZDONL FKáRGQR OHF] SRSUDZQLH QLH GDMąF VLĊ Z\SURZDG]Lü ] UyZQRZDJL UXFKDPL SU]HFLZQLND 3R]RUQD áDJRGQRĞü GRVWRMQRĞFL VNU\ZD W\VLąFH PRĪOLZRĞFL 7\OXĪ ]PLDQRP PRĪH SU]HFLZVWDZLü VLĊ VLáD $ ]DWHP GRVWRMQRĞü L VLáD WR MHGQR´ ± Z\UHF\WRZDá PX 'UDNNDLQHQVWDMąFQDVZRLPPLHMVFXSRĞURGNXVDOL 3RWU]HFKNROHMQ\FKDWDNDFKPáRG\NVLąĪĊVáDQLDáVLĊQDQRJDFK]H]PĊF]HQLDSRRELMDQ\ XSDGNDPLLSRNDOHF]RQ\EU]HJLHPZáDVQHMWDUF]\ 'ĨJDá FLąá L UąEDá DOH SU]HFLZQLND QLJG\ QLH E\áR Z PLHMVFX NWyUH SU]HFLQDá PLHF] :ĊGURZLHFE\áMDNREUDFDMąFDVLĊNXODMDNPJáD-HGQDNVDPDQLQDFKZLOĊQLHXND]DáRVWU]D FDá\ F]DV VFKRZDQHJR Z]GáXĪ SUDZHM UĊNL :\VWDUF]Dá PX V]\ENL FKZ\W F]WHUHFK SDOFyZ GáRQL NWyU\ Z\NUĊFDá FKáRSDNRZL QDGJDUVWHN FLVNDMąF JR R ]LHPLĊ VNUĊW EDUNyZ NURN XQLHVLHQLHUĊNL1LHGEDáHOHQLZHJHVW\MDNE\RSĊG]DáVLĊRGRZDGD ± Ä.DZDáHN NRU\ GUZL VRELH ]H V]WRUPX D ZLHU]ED ] KXUDJDQX´ ± SRUDG]Lá PX 'UDNNDLQHQ FKRFLDĪ ZFDOH QLH E\áR PX GR ĞPLHFKX &KáRSDN E\á QDSUDZGĊ V]\ENL L QLHEH]SLHF]Q\ D 9XND QLH QDXF]RQR MDN WRF]\ü EH]NUZDZH SU]\MDFLHOVNLH SRMHG\QNL &R FKZLOĊ PXVLDá NRQFHQWURZDü FDáą XZDJĊ ĪHE\ QLH SRVWąSLü ]JRGQLH ] RGUXFKHP ZELW\P Z Py]JLPLĊĞQLHNDĪąF\PSU]HFLąüRGVáRQLĊWąQDJOHWĊWQLFĊSU]HUąEDüSRGVWDZĊF]DV]NLNLHG\

ZLG]LDá W\á JáRZ\ SU]HFLZQLND SU]HV]\ü MHGQ\P V]\ENLP V]W\FKHP JDUGáR L ĞUyGPy]JRZLH UR]SáDWDü EU]XFK NLHG\ SU]HFLZQLN SU]HODW\ZDá RERN Z\ELW\ ZáDVQ\P LPSHWHP &R SDUĊ VHNXQG QDVWĊSRZDáR NLOND WDNLFK PRPHQWyZ JG\ MHG\QLH Z\VLáHN KDPXMąF\ QD ZSyá EH]ZLHGQ\UXFKUĊNLG]LHOLá*ULVPDOILHJRRGĞPLHUFL 7DPWHQ QLH PLDá R W\P SRMĊFLD 0\ĞODá W\ONR R ZáDVQHM ZĞFLHNáRĞFL L SRUDĪFH FRUD] EDUG]LHM SRRELMDQ\ ]PĊF]RQ\ L XSRNRU]RQ\ %\á FRUD] PQLHM VSUDZQ\ L FRUD] EDUG]LHM QLHEH]SLHF]Q\ =ZáDV]F]DGODVLHELH :\VWDUF]\SRP\ĞODá'UDNNDLQHQLMHGQ\PUXFKHPVWUąFLáNVLĊFLXKHáP]JáRZ\SRF]\P G]LREQąáJRQDGXFKHPJáRZLFąPLHF]D *ULVPDOIL]DWRF]\áVLĊFKZ\FLá]DNUDZĊGĨVWRáXL]ZDOLáVLĊWZDU]ąZUR]GHSWDQHWURFLQ\ 3RUXV]\áOHNNRMHGQąQRJąL]QLHUXFKRPLDá 'UDNNDLQHQRGV]HGáGRNąWDZQDJáHMFLV]\LVFKRZDáPLHF]GRSRFKZ\ ±ĩ\MH±RĞZLDGF]\áSDWU]ąF*ULVPLHZRF]\±5DQRWU]HEDPXGDüZRG\L]URELüRNáDG QDJáRZĊ 6LĊJQąáSU]H]VWyáLXMąáSRMHPQLN]UDGLRODULą ±7RMHVWPRMH±R]QDMPLá±,WDNMXĪ]RVWDQLH 

 àDĨQLDZNWyUHMPDPVSDüWRNDPLHQQDSU]\EXGyZND6]RSNDWU]\QDWU]\GRVWDZLRQD GR MHGQHJR ] EXG\QNyZ -HVW Z QLHM PXURZDQH ] ZLHONLFK JáD]yZ SDOHQLVNR Z\OHSLRQD VNDPLHQLDáąJOLQąSRGáRJDLGUHZQLDQ\SRGHVW1DEHONDFKSRGVXILWHPVXV]ąVLĊMDNLHĞ]LRáD G\PVQXMHVLĊOHQLZLHSU]H]RWZRU\ZV]F]\FLHGDFKX&]XMĊXOJĊL]áRĞü 1LHUDG]ĊVRELH1LHXPLHPVLĊ]QLPLGRJDGDü1LF]HJRVLĊQLHGRZLHG]LDáHPQLF]HJR QLH UR]XPLHP GDáHP VRELH SRGSURZDG]Lü UDGLRODULĊ L SR]ZROLáHP ZNUĊFLü VLĊ Z EyMNĊ %UDZR'UDNNDLQHQ 1LHPXV]Ċ]DWROHĪHüSRNRWHPUD]HP]LQQ\PLZRMDPLZZLHONLHMFXFKQąFHMKDOOLZĞUyG VPURGX QLHP\W\FK FLDá : NRVPDW\P SyáPURNX JG]LH FR FKZLOĊ NWRĞ FKUDSLH VWĊND GUDSLH VLĊDOERSXV]F]DZLDWU\ 6LHG]ĊQDVZRLPVLRGOHS\NDMąFIDMNĊLSDWU]ĊQDĪDU]ąFHVLĊSRODQDZSDOHQLVNX 1LHZLHPQDZHWF]\WRJRĞFLQQRĞüSU]\ZLOHMF]\REMDZQLHXIQRĞFL 1RF MHVW F]DUQD QD ]HZQąWU] ZFLąĪ VLąSL GHV]F] 6á\FKDü W\ONR NDV]HO VWRMąF\FK QD SRGHĞFLH ZDUWRZQLNyZ 7R FR VLĊ WX G]LHMH WR FRĞ Z URG]DMX SRGZ\ĪV]RQHM JRWRZRĞFL ERMRZHM=D]Z\F]DMFK\EDQLHĞSLąZVDOL1DZHWU\FHUVWZR*ULVP\PDMDNLHĞNRELHW\G]LHFL GRP\ DOER NZDWHU\ 7HUD] MHGQDN MHVW LQDF]HM 7HUD] MHVW F]DV ]LPQHM PJá\ FRNROZLHN WR ]QDF]\ .RELHW\ L G]LHFL ĞSLą Z RVREQHM NRPRU]H UyZQLHĪ ] EURQLą SRG UĊNą MHGQH QD GUXJLFK:RMHSR]DNRĔF]HQLXSLMDW\NLGU]HPLąQDVWRáDFKLSRGáRG]HKDOOLEURQLąFGRVWĊSX GR LFK V\SLDOQL 2VWDWQLD OLQLD REURQ\ 3U]\WXOHQL GR VLHELH QDZ]DMHP MDN NUyOLNL 1DZHW ]D

SRWU]HEąZ\FKRG]ąFK\áNLHPLMDNRĞWUZRĪQLHWXĪ]DSUyJ3U]HGEUDPĊJURG]LVNDSHZQLHQLH Z\V]OLE\QRFą]DĪDGQHVNDUE\ :\VWXNXMĊ IDMNĊ R NDPLHQLH SDOHQLVND SU]HFLąJDP VLĊ L Z\FKRG]Ċ QD ]HZQąWU] ]DNáDGDMąF NDSWXU SyáNRĪXV]ND : ĞZLHWOH UR]HGUJDQ\FK SáRPLHQL ODPS VWRMąF\FK SRG GDFKHPQDSRGHĞFLHEUDP\NURSOHGHV]F]XSU]\SRPLQDMąOĞQLąFHMDNUWĊüNUHVNL 1DVáXFKXMĊ 'RELHJD PQLH W\ONR V]F]HNDQLH SVyZ NURNL ZDUWRZQLND SXQNWRZDQH VWXNQLĊFLDPL GU]HZFD V\N ROHMRZ\FK NQRWyZ VNU]\SLHQLH SDVyZ V]F]ĊN PHWDOX L V]XP GHV]F]X1LFZLĊFHM 6WRMĊ SU]H] FKZLOĊ F]HNDMąF DĪ ZDUWRZQLN PQLH ]DXZDĪ\ %RL VLĊ RGHUZDü Z]URN RG FLHPQRĞFL ]D F]ĊVWRNRáHP ]HUND W\ONR SU]H] UDPLĊ :FKRG]Ċ SR RĞOL]Já\FK GUHZQLDQ\FK V]F]HEODFKVWDUDMąFVLĊQDURELüMDNQDMZLĊFHMKDáDVX:V]\VF\WXVąMDF\ĞQHUZRZL ± 7\ MHVWHĞ WHQ REF\ FR VDPRWQLH ZĊGUXMH" 7HQ NWyU\ ]DELá 2EXG]RQHJR" ± S\WD ZRM ZVND]XMąFUXFKHPJáRZ\VWHUF]ąFąQDGEUDPąZáyF]QLĊ]QDG]LDQąáDSą ±7RMD&KFLDáHP]REDF]\ü]LPQąPJáĊ ±1LFQLHZLGDü1LJG\QLFQLHZLGDüDĪMHVW]DSyĨQR ±:LG]LDáHĞNLHG\Ğ2EXG]RQHJR" .UĊFLJáRZą ±1LHZLHP&RĞZLG]LDáHP5XFKPJáĊ&]DVHPW\ONRRF]\VLĊĞZLHFą5D]ZLG]LDáHP MDNF]áRZLHNVLĊQDJOH]DSDOLá$OH]D]Z\F]DMW\ONR]QDMGXMHVLĊWUXS\%ĊG]LHV]V]HGáGDOHM" ±7DNLORV ± 0yZLą ĪHĞ V]DORQ\ $OH PQLH VLĊ ZLG]L ĪH MDN VWąG SyMG]LHV] WR GáXĪHM SRĪ\MHV] QLĪ P\ZV]\VF\ ±:LĊFF]HPXQLHRGHMG]LHFLH" ±-DN]HVZRMHM]LHPLLĞü"-HGQHPXáDWZLHM$FDá\PNODQHP"&KDáXSSU]HFLHĪDQL]LHPL QLH]DELHU]HP\-DNVW\UVPDQSRZLHWRSyMG]LHP\1LHSRZLH]RVWDQLHP\2GZRMQ\ERJyZ QLHXFLHNQLHV]:V]ĊG]LHWDNMHVW7U]HEDG]LZQHG]LHFLZ\QRVLüLQLHNUDĞüSLHĞQLERJyZ, SLOQRZDüRE\F]DMX=DZV]HMDNRĞE\áRWRLWHUD]]áHPLQLH'DOHNRWDNLG]LHV]" ± 6]XNDP V]DORQ\FK REF\FK R U\ELFK RF]DFK 3RGREQR MHGHQ WX E\á 0yZLOL PL ĪH 3LHĞQLDU] ± %\á WDNL 'DZQR DOH E\á :\VRNL WDNL ] F]DUQą JU]\Zą L EODG\ MDN U\ED = PLHVLąF SRVLHG]LDáLMHGQHMQRF\]QLNQąá2F]\PLDáVWUDV]QHDĪVáDERVLĊURELáR7DNLEU]\GNLDEDE\ ]D QLP ODWDá\ $ SRGREQR *ULVPD FKFLDá JR ]DELü W\ONR VLĊ EDá 'REU]H PyZLą ĪH WR E\á 3LHĞQLDU]=DUD]MDN]QLNQąáWRSU]\V]áDPJáDLRĞPLXPĊĪyZ]JLQĊáR$PyZLąĪHPJáDLG]LH ]D3LHĞQLDU]DPLĩHE\SLHĞQLRGHEUDüLRGGDüERJRP3RZLDGDMąĪHQLHPDQLFJRUV]HJRQLĪ 3LHĞQLDU]ERMHJRSLHĞQLF]\QLąDOH]DWRVSURZDG]DMą]á\ORV=HZV]\VWNLPLQQ\PF]áRZLHN VRELH SRUDG]L 1D ĪHOD]R MHVW RVWU]H QD WUXFL]QĊ L FKRUREĊ ± ]LRáD L XURNL QDZHW QD EDEĊ ]QDMG]LHVLĊVSRVyE7\ONRQDSLHĞQLERJyZF]áRZLHNQLFQLHSRUDG]L$QDMJRU]HMMDNSU]H] WRMDNLĞEyJVLĊRWRELHGRZLH3RFRJRV]XNDV]"

± 7DNL ORV ± RGSRZLDGDP Z\PLMDMąFR ± -HVW FRĞ NRPXĞ ZLQLHQ 1LH WX MHJR PLHMVFH 0XV]Ċ JR VWąG ]DEUDü 0yM NUyO FKFH JR ZLG]LHü ± &]WHU\ JáXSLH Z\MDĞQLHQLD Vą OHSV]H QLĪ MHGQRGREUH:LGDüZ\VWDUF]\ERZDUWRZQLNNLZDJáRZąLPLONQLH .RQFHQWUXMĊVLĊLDNW\ZXMĊF\IUDOD 

 :HZ]PRFQLRQ\PĞZLHWOHWHĪQLHZLHOHZLG]LDá7DVDPDSRUĊEDWHVDPHNU]DNLZLMąFD VLĊZĞUyGVNDáU]HNDLPURF]Q\ODVQDKRU\]RQFLH6NRQFHQWURZDáVLĊQDWHPSHUDWXU]HLZWHG\ ]REDF]\á]LPQąPJáĊ 5]HF]\ZLĞFLHE\áD]LPQD±RGREUHG]LHVLĊüVWRSQLQLĪV]DQLĪWHPSHUDWXUDRWRF]HQLD6DP HIHNW PJá\ Z\QLNDá ] NRQGHQVDFML DOH ZRNyá JURGX XWU]\P\ZDá VLĊ IDOXMąF\ SLHUĞFLHĔ ORGRZDWHJR SRZLHWU]D -HV]F]H GDOHM E\áR ZLGDü VQXMąFH VLĊ SDVPD VLĊJDMąFH ODVX QLF]\P PDFNL 'UDNNDLQHQ RSDUá VLĊ R EDOXVWUDGĊ L VSRMU]Dá XZDĪQLHM 0JáD NWyUą ZLG]LDá MDNR VLQREáĊNLWQ\ RSDU E\áD FDá\ F]DV Z UXFKX 1D SU]HPLDQ JĊVWQLDáD L U]HGáD NáĊELáD VLĊ QLHZ\UDĨQ\PL NV]WDáWDPL Z\GDZDáR VLĊ ĪH SRMDZLDMą VLĊ Z QLHM V\OZHWNL OXG]L L]ZLHU]ąW L MHV]F]HMDNLHĞQLHRNUHĞORQHNV]WDáW\WURFKĊMDNJDáĊ]LHDOERZLMąFHVLĊPDFNLDOERNáĊERZLVND ZĊĪ\ :V]\VWNR WR SR]RVWDZDáR Z QLHXVWDQQ\P UXFKX ]PLHQLDáR VLĊ ] MHGQHJR Z GUXJLH 0JáDJĊVWQLDáDJG]LHQLHJG]LHZSODP\RWRF]RQHLQWHQV\ZQ\PEáĊNLWHPNWyUHMDNE\Z\V\VDá\ FLHSáR ] RWRF]HQLD 7UZDáR WR FKZLOĊ SR F]\P REáRN UR]FKRG]Lá VLĊ L Z\GDZDáR VLĊ ĪH VWRL WDP SRNUDF]QD SyáOXG]ND V\OZHWND =REDF]\á FRĞ FR SU]\SRPLQDáR JDUEDWHJR PĊĪF]\]QĊ R NDU\NDWXUDOQLH]QLHNV]WDáFRQ\FKU\VDFK]SRV]F]HUELRQ\PLWRSRUDPL]DPLDVWGáRQLLQLWRZDQą F]DV]Ną SRURĞQLĊWą NROFDPL QD NWyUH QDG]LDQH E\á\ OXG]NLH XV]\ -HJR QRV L SRGEUyGHN SU]\SRPLQDá\ SRNUĊFRQH NRU]HQLH L VSODWDá\ VLĊ ]H VREą W\ONR RF]\ E\á\ ]XSHáQLH RNUąJáH L U\ELH6NyUDVWZRUDZ\JOąGDáDMDNZ\SROHURZDQD]DUG]HZLDáDEODFKD ,PGáXĪHMSDWU]\áW\PZLĊFHMGRVWU]HJDáVWUDV]\GHáMDNZMDNLHMĞáDPLJáyZFH:\GDZDáR VLĊĪHV\OZHWNLSRGFKRG]ąGRJURGXLSDWU]ąVWRMąFNUĊJLHPMDNLHĞGZDG]LHĞFLDPHWUyZSU]HG EUDPą:V]\VWNLHQDWUĊWQLHSU]\SRPLQDá\SRVWDFL]REUD]yZ%RVFKD7HVDPHNDU\NDWXUDOQH U\V\ WDNL VDP VDG\VW\F]Q\ VXUUHDOL]P W\ONR ĪH QLH PLDá\ VWDáHJR NV]WDáWX &Dá\ F]DV URVá\ ]PLHQLDá\ VLĊ SXOVRZDá\ 1D MHJR RF]DFK NUĊS\ ĪDELRJáRZ\ VWZyU Z\FLąJQąá VLĊ QDJOH Z\SURVWRZDá FKXGH QRJL SR F]\P ]DáDPDá Z\GáXĪRQ\ WXáyZ ]áRĪ\á SRG QLP NROF]DVWH NRĔF]\Q\ L XQLyVá WUyMNąWQą JáRZĊ ] WZDU]ą 'HLUGUH 'HLUGUH 0XOOLJDQ ] 'HUU\ R ZLHONLFK UR]ZDUW\FK ZĊĪRZ\FK RF]DFK L ] ZLMąFą VLĊ JU]\Zą MDN NáĊERZLVNR UR]ĪDU]RQ\FK GUXWyZ =REDF]\áSDUĊSLHUVLNáDSLąF\FKZ\V]F]HU]RQ\PL]ĊEDPLLZ]GU\JQąáVLĊ 7RMHVWMDNQDUNRW\F]Q\RGMD]GSRP\ĞODá7DFKROHUQDPJáDMHVWKDOXF\QRJHQQD 6WZRU\ZLG]LDáW\ONRZSRGF]HUZLHQL1LFQLHURELá\3RSURVWXVWDá\LSDWU]\á\ 3DWU]\á\QDáDSĊSRZLHV]RQąQDGEUDPą 'UDNNDLQHQ SRWU]ąVQąá JáRZą L VSRMU]Dá QRUPDOQLH EH] UR]NáDGX WHPSHUDWXU W\ONR SU]\

Z]PRFQLRQ\PĞZLHWOH ±:LG]LV]FRĞ"±]DS\WDáVWUDĪQLN ±0JáĊ±%\áDWRSUDZGD =QRZXZLG]LDáMHG\QLHPJáĊ  2EXG]LáVLĊQDJOHSRJUąĪRQ\ZFLHPQRĞFLáDĨQLLGXV]Q\P]DSDFKXZ\JDVáHJRSDOHQLVND 2EXG]Lá VLĊ L QDVáXFKLZDá 1LH XVLDGá W\ONR XFK\OLá SRZLHNL L SRZROL SU]HVXQąá GáRĔ E\ QDPDFDü UĊNRMHĞü PLHF]D àDĨQLD QLH PLDáD RNQD D ĞZLDWáR ZSDGDMąFH SU]H] G\PQLNL E\áR ]E\W VáDEH QDZHW SR Z]PRFQLHQLX 6SRMU]Dá QD UR]NáDG WHPSHUDWXU DOH L WDN F]Xá ĪH EXGND MHVWSXVWD7RE\áRFRĞQD]HZQąWU] 2GZLQąá NRF Sá\QQ\P EH]V]HOHVWQ\P UXFKHP L ]HĞOL]JQąá VLĊ ] SRGHVWX QD NWyU\P UR]áRĪ\áSRVáDQLH 1D ]HZQąWU] FLFKR XVSRNDMDMąFR V]XPLDá GHV]F] 2G]\ZDá\ VLĊ SRZROQH NURNL FLĊĪNLFK EXWyZ VWUDĪQLND 6WXNQĊáR GU]HZFH 1DSá\Qąá GHOLNDWQ\ RGJáRV WRZDU]\V]ąF\ UR]FLHUDQLX PRNU\FK ]PDU]QLĊW\FK GáRQL *G]LHĞ EOLVNR Z\áRZLá FLFKXWNL RGGHFK SU]H] QRV SRZROQ\ DOHSU]HFLHĪNDĪG\RGGHFKWRGĨZLĊN/HNNLV]HOHVWXEUDQLD0ODĞQLĊFLHEáRWD 3RF]Xá PURZLHQLH GáRQL +LSHUDGUHQDOLQD 6NRQFHQWURZDá VLĊ Z\KDPRZDá QDGHMĞFLH SU]\VSLHV]HQLD3URFHVPRĪQDE\áR]DWU]\PDüDOHZ\PDJDáRWRNLONXVHNXQG2VWDWQLHF]HJR SRWU]HERZDá Z WHM FKZLOL WR WU]HSRWDü VLĊ SR WHM áDĨQL MDN QLHWRSHU] Z NODWFH JUXFKRFąF ZV]\VWNRZRNyá Ä7ZRMąMHG\QąEURQLąMHVWPy]J±PyZLá/HYLVVRQ±1LHPLĊĞQLHQLHPLHF]DOHPy]J 7RQLHEĊG]LHWDNMDNQDILOPDFK:LHOHUD]\]RVWDQLHV]RVDF]RQ\DOER]DVNRF]RQ\6WUDFLV] EURĔ DOER QLH ]GąĪ\V] MHM GRE\ü 3R]QDV] VPDNSDQLNL SRUDĪNL ]PĊF]HQLD ZDONą 3DPLĊWDM JLQą JáyZQLH FL NWyU]\ SU]HVWDOL P\ĞOHü 3RGGDOL VLĊ 2SXĞFLOL UĊFH 1LJG\ QLH SU]HVWDZDM SODQRZDü 1DZHW QD VHNXQGĊ :V]\VWNR MHVW EURQLą .U]\N RPGOHQLH ZH]ZDQLH SRPRF\ á\ĪNDDOERNDZDáHNV]PDW\.DĪGHSU]HWUZDQLHWR]Z\FLĊVWZRLPSURZL]DFML´ 6SRNRMQ\P UXFKHP Z\FLąJQąá PLHF] ] SRFKZ\ L VSRMU]Dá QD WUyMNąWQ\ Z\ORW MHGQHJR ] G\PQLNyZ 3R SURVWX QLH]DEXGRZDQą SU]HVWU]HĔ SRG V]F]\WHP GDFKX WURFKĊ ]D PDáą ĪHE\ ]PLHĞFLá VLĊ WDP F]áRZLHN 1D ]HZQąWU] UR]OHJáR VLĊ SODĞQLĊFLH EáRWD .WRĞ WDP ZGHSQąá Z NDáXĪĊ 5R]HMU]DáVLĊMHV]F]HUD]=JDV]RQDODPSD6WRVVSU]ĊWXZNąFLH3RGHVW]UR]ZáyF]RQ\P SRVáDQLHP.DPLHQQHSDOHQLVNR:V]\VWNRPRĪHE\üEURQLą :V]F]HOLQLHGU]ZLSRMDZLáRVLĊZąVNLHRVWU]HQRĪDL]DF]ĊáRXQRVLüREURWRZ\GUHZQLDQ\ U\JLHO/HFLXWNR7\ONRWDNĪHE\Z\VXQąáVLĊ]KDNDDOHQLHZ\ZUyFLáZGUXJąVWURQĊ3RWHP Z\VWDUF]\áROHNNRQDSU]HüQDGU]ZL=DZLDV\]HVNyU]DQ\FKSDVyZQLHSRZLQQ\]DVNU]\SLHü ,QWUX] ZĞOL]JQąá VLĊ GR ĞURGND ]DP\NDMąF GU]ZL ]D VREą $ SRWHP EH]JáRĞQLH SRGNUDGá VLĊ GR SRGHVWX QD NWyU\P VSRF]\ZDá VNXORQ\ NV]WDáW SU]\NU\W\ NRFHP : áDĨQL E\áR NRPSOHWQLH FLHPQR ZLĊF SU]\E\V] QLH PyJá ]REDF]\ü'UDNNDLQHQD VWRMąFHJR QDG GU]ZLDPL

QD RĞFLHĪQLF\ SU]\OHSLRQHJR GR ĞFLDQ\ 9XNR QDWRPLDVW ZLG]LDá ]XSHáQLH Z\VWDUF]DMąFR :VDG]LáRVWU]HPLHF]DWĊSąVWURQąGRXVWLZ\FLąJQąZV]\SU]HGVLHELHGáRQLHUXQąáSáDVNRQD WZDU]:V]\VWNRRGE\áRVLĊZFLV]\ 'UDNNDLQHQ WUDILá GáRĔPL QD EHONĊ VWURSRZą Z\U]XFLá FLDáR GR SU]RGX OąGXMąF QD NOHSLVNX SR F]\P MHGQ\P UXFKHP VLĊJQąá SRG SDFKĊ LQWUX]D FKZ\WDMąF JR ]D JDUGáR L ]DFLVNDMąF PX WĊWQLFH SR ERNDFK WFKDZLF\ XMąá PLHF] 3RGELá NRODQHP QRJL QDSDVWQLND SU]HZUDFDMąF JR QD VLHELH 2GZUyFRQH Z Gyá RVWU]H RSDUáR VLĊ R WĊWQLFĊ V]\MQą 7HUD] Z\VWDUF]\áMHGHQUXFK .UyWNL $OHRVWU]HVLĊQLHSRUXV]\áR ± 7HUD] FLĊ SXV]F]Ċ ± WFKQąá 'UDNNDLQHQ GHOLNDWQ\P V]HSWHP ± $OH MHĪHOL VSUyEXMHV] NU]\NQąü MHĞOL SRF]XMĊ ĪH WZyM EU]XFK VLĊ QDSLQD SU]HWQĊ FL OLQLĊ RGGHFKX 1LH ]GąĪ\V] QDZHWNZLNQąüPRMDSDQL 3XĞFLáMą .UyORZDNDV]ODáDFKZLOĊLUR]FLHUDáDJDUGáRNOĊF]ąFRERNQLHJR]H]ZLHV]RQąJáRZą 3RGQLyVáQyĪNWyU\XSXĞFLáD:ąVNLQLH]E\WGáXJL6]\GáR3U]HELMHSUDZLHNDĪGHXEUDQLH LVLĊJQLHJáĊERNRDOHQLH]RVWDZLZLHOHĞODGyZ1DU]ĊG]LHVNU\WREyMF\ 3UyERZDáD FRĞ SRZLHG]LHü ]QRZX VLĊ ]DNU]WXVLáD =DF]HUSQąá NXEHN Z FHEU]H ] ZRGą L SRGDáMHM ± 0yZLá ĪH SU]\MG]LHV] 0yZLá ĪH ]D QLP EĊGą V]OL LQQL 2G UD]X FLĊ SR]QDáDP 1LH PDV]ĞZLĊW\FKRF]XMDNRQDOHMHVWHĞSRGREQ\:\VRNLRG]LZQHMWZDU]\:LHG]LDáDPĪHWHĪ MHVWHĞ V\QHP ERJyZ 2Q WDN VDPR VLHG]LDá L SDWU]\á 7DN MDNE\ ZLG]LDá ZV]\VWNR QD Z\ORW &]HNDáDPDĪSU]\MG]LHV],SU]\V]HGáHĞ3U]\QRV]ąFUĊNĊPRMHJRV\QD 'UDNNDLQHQ]GUĊWZLDá 1DOHĪDáR]DGDüWHUD]MHGQR]PLOLRQDS\WDĔNWyUHSU]\V]á\PXGRJáRZ\DOHQLHZLHG]LDá NWyUH 6]DUSQĊáD ]DSLQNĊ L RWXODMąFH Mą IXWUR VSDGáR QD ]LHPLĊ .UyORZD SRGJDUQĊáD NLHFNL L SRáRĪ\áD VLĊ QD Z]QDN ] EU]HJX SRGHVWX UR]NáDGDMąF V]HURNR QRJL :\FLąJQĊáD GR QLHJR UDPLRQD ±:HĨPQLH ±&KFLDáDĞPQLH]DELü ± 2GNąG RGV]HGá FR G]LHZLĊü PLHVLĊF\ URG]Ċ G]LHFNR FKRFLDĪ QLH FKRG]Ċ EU]HPLHQQD %RMąVLĊ6WDUDNDĪHZ\QRVLüMHZWDMHPQLF\'RODVX:]LPQąPJáĊĪHE\XPDUá\$OHRQH ZUDFDMą ,Gą GR VZRMHJR RMFD 3HZQHJR GQLD SRPV]F]ą PQLH L ]DELRUą ]H VREą 1DOHĪĊ GR QLHJR 1LH FKFĊ ĪHE\ WR VLĊ VNRĔF]\áR :HĨ PQLH FKFĊ URG]Lü ZLĊFHM G]LHFL ]LPQHM PJá\ 3HZQHJRGQLDVWDUDPQLH]DELMH7\OHODWXGDZDáD:LHG]ąFąGRSLHURRQMHMSRND]DáF]\PMHVW QDSUDZGĊ &RWHQYDQ'\NHQWXQDUR]UDELDá"±SRP\ĞODáUR]SDF]OLZLH'UDNNDLQHQ3LĊNQDV\WXDFMD

%\á FLHNDZ F]\ ZLHOX OXG]L Z KLVWRULL ]QDMGXMąF\FK VLĊ Z DQDORJLF]QHM V\WXDFML ]GąĪ\áR NU]\NQąüSU]HGĞPLHUFLąÄ.UyOXWRQLHMHVWWRFRP\ĞOLV]´ ±0XVLV]PLRGSáDFLü2GGDMPLG]LHFNR]DWRNWyUH]DELáHĞ ±0LDáDĞG]LHFNR]YDQ'\NHQHP" ±=NLP" ±3LHĞQLDU]HPRU\ELFKRF]DFK&]\WRRQND]DáFLPQLH]DELü" ±0LDáDP]QLPZLHOHG]LHFL,GDOHMEĊGĊPLDáD=QLPL]WREą$QD]\ZDáVLĊ$DNHQ $DNHQ+LHURQLPXVYDQ$NHQ]ZDQ\%RVFK ,G]LHFL]LPQHMPJá\5RG]RQHEH]FLąĪ\LZ\QRV]RQHGRODVX -DVQH &LHPQRĞüáDĨQLPDVNRZDáDWHZV]\VWNLHRGS\FKDMąFHGUREQHUyĪQLFH:ąVNLHVNU]\GHáND QRVD:\SHáQLRQHF]HUQLąZROHRF]\:áRV\URVQąFHQDNDUNXLXV]F]\WXSOHFyZMDNNRĔVND JU]\ZD :\GáXĪRQH XV]\ , LQQH V]F]HJyá\ NWyUH VSUDZLDá\ ĪH Z\GDZDáD VLĊ QLHOXG]ND : FLHPQRĞFLDFKE\áDSRSURVWXMDNNRELHWD0LDáD]LPQHGáRQLHLPRNUHVWRS\ 3DFKQLDáDWURFKĊNRĔVNLPSRWHPWURFKĊSLĪPHPLVNLVá\PPOHNLHP2EFR1LHOXG]NR 0yJáE\MąZ]Ląü 8ĞZLDGRPLáVRELHĪHPyJáE\MąUyZQLHĪ]DELüJG\E\PLDáWDNLNDSU\V 0yJáE\]URELüZáDĞFLZLHZV]\VWNRFRSU]\V]áRE\PXGRJáRZ\=DELü*ULVPĊLU]ąG]Lü ]DPLDVW QLHJR 3DQRZDü QDG WáXPHP ]ZDULRZDQ\FK ]DZV]RQ\FK QDüSDQ\FK KDOXF\QRJHQQ\PRSDUHPG]LNXVyZ$OERSR]DELMDüLFKZV]\VWNLFKLLĞüGDOHM1LHPLDáQDG VREą SUDZD DQL UHOLJLL DQL QLF]HJR %\á WX VDP 0yJá URELü ZV]\VWNR DOER QLF 2ELH PRĪOLZRĞFLE\á\UyZQLHQXGQHLGRQLF]HJRQLHSURZDG]Lá\ĝZLDWQLKLOL]PX 6SRMU]DáZMHMV]HURNRUR]ZDUWHZROHRF]\UR]FK\ORQHXVWDSHáQHGUREQ\FK]ĊEyZ .UyORZD =DFKFLDáRPXVLĊĞPLDü 7RQLHSURIHVMRQDOQH ±&KRGĨ±VWĊNQĊáD 1DGZRU]HUR]OHJáVLĊQDJOHMDNLĞKDáDV7U]DVNDQLHGU]ZLWXSRWZLHOXQyJZU]DVNLFRĞ SU]HZUyFLáRVLĊ]áRPRWHPSV\HNVSORGRZDá\]DFLHNá\PXMDGDQLHP 2GVNRF]\OL RG VLHELH 'UDNNDLQHQ SRUZDá VSRGQLH ZVNRF]\á Z EXW\ RZLMDMąF FKROHZNL E\OH MDN U]HPLHQLDPL ZELá QD JáRZĊ KHáP L ] MHGQ\P NDUZDV]HP WU]\PDQ\P Z ]ĊEDFK VSRMU]Dá QD NUyORZą VNXORQą QD SRGHĞFLH SDWU]ąFą QD QLHJR ZLOJRWQ\PL RF]DPL MDN SU]HVWUDV]RQ\V]F]XUHN =D GU]ZLDPL ]DEU]PLDá ZĞFLHNá\ ]DZRG]ąF\ U\N 3U]HFLąJá\ Z\ZRáXMąF\ FLDUNL QD SOHFDFK7DNLVDPMDNLZ\GDá]VLHELHNVLąĪĊSRGF]DVSRMHG\QNX ± 6]DORQ\ NU]\N ± Z\V]HSWDáD $ SRWHP MHM ]ĊE\ RGVáRQLá\ VLĊ Z REáąNDĔF]\P XĞPLHFKX±,GąPRMHG]LHFL3U]\ZRáDáHĞMH1DGFKRG]L]LPQDPJáD 'UDNNDLQHQVSRMU]DáQDQLąFLĊĪNRQDGDOWU]\PDMąFEODFKĊNDUZDV]DZ]ĊEDFKLV]DUSQąá

GU]ZL 1DPDMGDQLHSDQRZDáNRPSOHWQ\FKDRV0RĪQDE\áR]REDF]\üZRMyZZKHáPDFKDOHEH] JDFLDOERNRPSOHWQLHXEUDQ\FK]DWREH]EURQL/XG]LHELHJDOLZHZV]\VWNLHVWURQ\EH]áDGXL VNáDGX ZSDGDMąF QD VLHELH =DSDORQR SRFKRGQLH Z NDJDĔFDFK Z]GáXĪ F]ĊVWRNRáX L WHUD] PDMGDQ ]DODQ\ E\á PLJRWOLZ\P ĞZLDWáHP MDN RG SRĪDUX 0RNUH SRFKRGQLH V\SDá\ LVNU\ L NRSFLá\NWRĞSU]HZUyFLáVLĊREHF]NĊNWRĞZU]HV]F]DáMDNLHĞNRPHQG\DOHQLNWJRQLHVáXFKDá 1DGW\PZV]\VWNLPZ]QRVLáRVLĊSRQXUHEXF]HQLHURJX 'UDNNDLQHQ]QDOD]áQLHZ\EUXNRZDQ\NDZDáHNG]LHG]LĔFDLZELáPLHF]Z]LHPLĊSRF]\P ZVXQąáSDOFHZRWZRU\VNyU]DQHMPLWHQNLXPRFRZDQHMGRNDUZDV]D ± &R ]D EXUGHO ± Z\PDPURWDá QLHZ\UDĨQLH SR FKRUZDFNX ]DFLąJDMąF ]ĊEDPL SDVNL .OHSQąáGáRQLąZEODFK\Z\MąáPLHF]LVFKRZDáJRSRGSDFKĊ±:ĞURGNXQRF\$PLDáHP DNXUDWUR]ELHUDQąUDQGNĊ=NUyORZąSLF]NXPDWHUL .WRĞ Z\ELHJá ]]D QLHJR 9XNR WU]DVQąá JR SáDVNą GáRQLą Z SLHUĞ ]JDUQąá Z JDUĞü MHJR NROF]XJĊLSU]\FLąJQąáGRVLHELH ±&RVLĊG]LHMH"*G]LHOHFLV]" ±2EXG]HQL±Z\EHáNRWDáWDPWHQ]LRQąF]DSDFKHPSU]HWUDZLRQHJRSLZD±2EXG]HQL ±:V]\VF\WXMXĪVąREXG]HQLEDUDQLDJáRZR±ZDUNQąá'UDNNDLQHQ3FKQąáWDPWHJRQD ĞFLDQĊáDĨQLLUXV]\áGREUDP\ ']LNLERMRZ\ZU]DVNUR]EU]PLDáSRQRZQLHPURĪąFNUHZZĪ\áDFK:RMH]DWU]\PDOLVLĊL XFLFKOLQDFKZLOĊ .VLąĪĊ VWDá Z GHV]F]X ] PLHF]HP L WDUF]ą Z UĊNX 3yáQDJL W\ONR Z IXWU]DQ\FK EXWDFK L VSRGQLDFK'UDNNDLQHQQLHSR]QDáJRZSLHUZV]HMFKZLOLER*ULVPDOILZ\PDORZDáVRELHQD WZDU]\LSLHUVLF]DUQHV]HURNLH]\J]DNL6WDáWHUD]LZ\GDZDá]VLHELHWHQXSLRUQ\ZU]DVNRG NWyUHJRG]ZRQLáRZXV]DFK2GSRZLHG]LHOLPXFKyUHPMDNVWDGRV]DNDOL &K\EDWURFKĊ]DPRFQRJRSDOQąáHPSRP\ĞODá'UDNNDLQHQ]WURVNą ± *ULVPDOIL QLH ± ZU]DVQĊáD SLVNOLZLH MDNDĞ G]LHZF]\QD L ]DQLRVáD VLĊ UR]G]LHUDMąF\P SáDF]HP ±6WDQĊQD]JOLV]F]DFKRVWDWQLĪ\Z\±NU]\NQąáNVLąĪĊ±1LHFRIQĊVLĊDQLQLH]DSáDF]Ċ 1LHFKSáDF]HĞZLDWQLHFKFRIQąVLĊZURJRZLH1LHFKVWDQą]DPQąXPDUOL1LHFKSDPLĊWDMąFL FR]RVWDQą2EXGĨFLHERJDRSRZLHĞFLąRRVWDWQLPĪ\Z\P=DSáDF]+LQG]LHQDGW\PNWyU\ VLĊQLHFRIQąá2WRQDGFKRG]Ċ7HQNWyU\]DVWąSLGURJĊ1LHSU]HMG]LHFLH 7R MDNLĞ REU]ĊG SRP\ĞODá 'UDNNDLQHQ 3R]RVWDOL UR]VWąSLOL VLĊ GDMąF *ULVPDOILHPX SU]HMĞFLH 6WUDĪQLF\ PRFRZDOL VLĊ ] ]DVXZą PDá\FK GU]ZL QD ĞURGNX ZUyW 1DMHĪRQ\FK RG ]HZQąWU]ĪHOD]Q\PLNROFDPLGUHZQLDQ\FKGU]ZLF]HNZLHONRĞFLF]áRZLHND8FK\OLOLMHOHNNR *ULVPDOILSU]HFLVQąáVLĊSU]H]V]F]HOLQĊLZVLąNáZPURN 6WáRF]\OL VLĊ QD SRGHĞFLH ZLHĪ\ EUDPQHM ĪHE\ SRSDWU]Hü MDN ERKDWHUVNL V\Q ZáDGF\ EĊG]LH ]P\ZDá KDĔEĊ ZLHF]RUQHM NOĊVNL 3U]\ NRODFML ĞPLDOL VLĊ ] QLHJR D WHUD] PDMą á]\ Z RF]DFKNLHG\SRĞZLĊFDVLĊZRVWDWHF]Q\PPĊVWZLH%ĊG]LHWDPVWDáLRGSĊG]DáQDUNRW\F]QH

ZLG]LDGáDZ\PDFKXMąFVZRLPSURVW\PPLHF]HP%ĊG]LHGĨJDáPJáĊLUR]SĊG]DáRSDU %RKDWHU :ĊGURZLHFSU]HFLVQąáVLĊSU]H]]ELWąOĊNOLZLHJUXSNĊZRMyZQDVFKRGNDFKLZ\V]HGáQD SRNáDG]PRNU\FKĪHUG]LQDGEUDPą 1LFQLHE\áRZLGDü1DZHWPJá\ 7\ONR *ULVPDOILHJR VWRMąFHJR Z FLHPQRĞFL ] FLDáHP SRPDORZDQ\P Z F]DUQH ]\J]DNL NU]HV]ąFHJRSĊNLLVNLHURVWU]HPREU]HJWDUF]\ ± 7DP QLF QLH PD ± SRZLHG]LDá JáRĞQR 'UDNNDLQHQ ± 1LH PD SRWZRUyZ 7R W\ONR ZLG]LDGáD0JáDMHVWWUXMąFD 6SDORQ\ *QLHZ VWRMąF\ RERN FKZ\FLá JR ]D UDPLĊ L PLOF]ąF ZVND]Dá OHĪąFHJR QD SRGHĞFLH EH]JáRZHJR WUXSD VWUDĪQLND 7HJR VDPHJR ] NWyU\P 'UDNNDLQHQ UR]PDZLDá SU]HG NLONRPD JRG]LQDPL 1DG EUDPą VWHUF]DáD SRáRZD U]HĨELRQHM ZáyF]QL DOH áDS\ SRWZRUD QLH E\áR 9XNRRWZRU]\áXVWDMHGQDNQLFQLHSRZLHG]LDá 1DMSLHUZSRMDZLáRVLĊSU]HUDĪRQHVWDGNRMHOHQL6DPLHFVDPLFDLF]WHU\PáRGH:\ELHJá\ ]ODVXLSXĞFLá\VLĊZVWURQĊIRUWXLJQRUXMąF]XSHáQLH*ULVPDOILHJRMDNE\LFKQLHLQWHUHVRZDá 0JáD ]DWRSLáD QDJOH GU]HZD L ]DODáD SRODQĊ MDN IDOD SRZRG]LRZD 2JDUQĊáD XFLHNDMąFH ]ZLHU]ĊWDL]DQLP]QLNá\'UDNNDLQHQ]REDF]\á]RVáXSLHQLHPĪHSĊG]ąF\QDSU]HG]LHURJDF] UR]SDGDVLĊQDJOHZELHJXQDLGHDOQLHNZDGUDWRZHSRáFLHMDNE\SU]HELHJáSU]H]VLDWNĊZLą]HN ODVHUD3RWU]ąVQąáJáRZą ±7DPQLFQLHPD±SRZWyU]\á $SRWHPSU]\SRPQLDáVRELHVWZRUDNWyUHJR]DUąEDá0JáDF]\QLHWDPWRVWZRU]HQLHE\áR UHDOQH L SLHNLHOQLH QLHEH]SLHF]QH =DGUDSDQLD QD VNyU]H ZFLąĪ SLHNá\ JR MDN XNąV]HQLD PUyZHN =URELáR VLĊ ]LPQR 9XNR VSRMU]Dá SU]H] ILOWU WHUPLF]Q\ L ]REDF]\á MDN SU]HG VWRMąF\P ] Z\FLąJQLĊW\P PLHF]HP *ULVPDOILP JĊVWQLHMH VáXS PJá\ MDN PDMDF]\ Z QLP FRĞ NU]\ZRQRJLHJRZLHONLHJRLF]áHNRNV]WDáWQHJRQLF]\PUR]ZĞFLHF]RQ\JRU\OJyUVNL .WRĞ ZU]DVQąá : ]Z\Ná\P ZLG]HQLX VWZyU E\á ]JĊVWQLDáą FLHPQRĞFLą .RVPDW\P PURNLHPZNWyU\POĞQLá\W\ONRUR]MDU]RQHF]HUZLHQLąRF]\LSDOLVDGDSRWĊĪQ\FK]ĊEyZ ±7DPQLFQLHPD±SRZLHG]LDá'UDNNDLQHQSRUD]WU]HFL±7RW\ONRZLG]LDGáR3DWU]FLH WRSU]HOHFLQDZ\ORW :\UZDá SRFKRGQLĊ ] NDJDĔFD L FLVQąá SURVWR Z SRWZRUD +XF]ąF\ SáRPLHQLDPL SRFLVN SU]HNR]LRáNRZDá L RGELá VLĊ RG SLHUVL VWZRUD V\SLąF LVNUDPL 6WZRU]HQLH SU]\VLDGáR QLHFR L Z\GDáR ] VLHELH JU]PLąF\ LQIUDGĨZLĊNRZ\ U\N QLHPDO QD JUDQLF\ Vá\V]DOQRĞFL RG NWyUHJR GUĪDáRSRZLHWU]H 'UDNNDLQHQ ]DNOąá Z\U]XFLá PLHF] ]D EODQNL L SU]HVNRF]\á EDULHUĊ VWDUDMąF VLĊ QLH SRKDUDWDüR]DRVWU]RQHNRĔFHSDOL 3U]\VSLHV]HQLH VSDGáR QD QLHJR MDN ]DVáRQD ]PLHQLDMąF ORW Z VHQQH V]\ERZDQLH MDN

RSDGDQLH QD VSDGRFKURQLH 8VWDZLá QRJL QDSLąá PLĊĞQLH SRGZLQąá MĊ]\N L ]DFLVQąá ]ĊE\ = SRGHVWXGR]LHPLQLHE\áRZLĊFHMQLĪF]WHU\LSyáPHWUD3DPLĊWDáĪHQDZSURVWEUDP\QLHE\áR ĪDGQ\FKSDOL =LHPLD QDSá\QĊáD PX QD VSRWNDQLH =DPRUW\]RZDá XSDGHN SU]HZURWHP SU]H] EDUN L Z\UZDáVZyMPLHF]]]LHPL 8QLyVáRUĊĪ]ERNXJáRZ\SDWU]ąFSU]H]VXQąFHNX]LHPLNURSOHGHV]F]XNDĪGDOĞQLáDZ EODVNXSRFKRGQLMDNGLDPHQW:Z\KDPRZDQ\PĞZLHFLHKLSHUDGUHQDOLQ\PJáDZ\GDZDáDVLĊ V]W\ZQDMDN]DVáRQD.U]\N*ULVPDOILHJR]PLHQLáVLĊZ]DZRG]HQLHZLHORU\ED 6WZyU ]PDWHULDOL]RZDá VLĊ QDJOH L UXV]\á GR SU]RGX MDN NRVPDWD JyUD 3U]\SRPLQDá QLHGĨZLHG]LDMDVNLQLRZHJRNWyUHJRPDPD]DSRPQLDáDVLĊ]
0LHF]OHĪDá]DGDOHNR 1LHSU]HVWDZDMP\ĞOHü =DU]XFLá]GURZąQRJĊQDSU]\FLVNDMąFHJRGR]LHPLUDPLĊL]URELáSRWZRURZLGĨZLJQLĊQD áRNLHü 5yZQLHGREU]HPyJáE\FKFLHü]áDPDüILODUPRVWX &]DUQH ZDUJL XQLRVá\ VLĊ RGNOHLáD VLĊ RG QLFK NURSOD OHSNLHM ĞOLQ\ D 'UDNNDLQHQ QLE\ XU]HF]RQ\SDWU]\áMDNSRMDZLDMąVLĊNá\DSRWHPVWRĪNRZDW\F]ĊĞFLRZRZ\OLQLDá\áHEZLHONL MDNFHEHUVSDGDQDQLHJRSURVWRQDMHJRJáRZĊ 6]F]ĊNL]DWU]DVQĊá\VLĊ 1D VNRUXSLH NDUZDV]D NWyU\P 'UDNNDLQHQ VLĊ ]DVáRQLá 2FKUDQLDF] SRG ZDUVWZą XGDMąFHJR EODFKĊ W\WDQX PLDá PRG\ILNRZDQ\ VLHGHPQDVWRZDUVWZRZ\ ODPLQDW 6]NLHOHW R VWUXNWXU]HSODVWUDPLRGXZ\SHáQLRQ\SUDVRZDQ\PDUDFKQLGHP&LHNDZHMDNLHWRE\GOĊPLDáR QDFLVNV]F]ĊN .DUZDV]]DWU]HV]F]Dá/DGDFKZLODSĊNQLHDZWHG\UDPLĊ9XNDSRSURVWXUR]EU\ĨQLHVLĊ QLF]\PSRPLGRU 6LĊJQąáGUXJąUĊNąLZHWNQąáMąZUDQĊQDV]\LSRWZRUDSRF]\PQDPDFDáWDPZĞURGNX FRNROZLHNLV]DUSQąá 6WZyU Z\SURVWRZDá VLĊ QDJOH L QD FKZLOĊ XQLyVá áDSĊ SU]\JZDĪGĪDMąFą :ĊGURZFD GR ]LHPLZ\GDMąF]VLHELHJU]PLąF\U\N1LHSRUXV]DáVLĊVSHFMDOQLHV]\ENR0LDĪGĪąF\QDFLVN SRZROLXVWąSLááDSDSRGMHFKDáDZJyUĊDZW\PF]DVLH'UDNNDLQHQ]GąĪ\áSRGHUZDü]GURZą QRJĊRGHSFKQąüVLĊRGWXáRZLDEHVWLLLSRMHFKDüSOHFDPLSRPRNUHMWUDZLHUR]FLQDMąFVRELH VNyUĊRMDNLĞNRU]HĔ 0LHF]OHĪDáZWUDZLHQLHWNQLĊW\ 5R]PLQĊOL VLĊ Z DWDNX : ]ZROQLRQ\P WHPSLH Z\GDZDáR PX VLĊ ĪH SRWZyU F]áDSLH MDN EDZyáNURN]DNURNLHPZ\U\ZDMąFVWU]ĊS\GDUQLLUR]EU\]JXMąFEáRWR6DPZ\NUĊFLáFLĊĪNL ]H]RZDW\XQLNVNDF]ąFQDMHGQHMQRG]HLFLąáSR]LRPRSU]H]EU]XFK 3RWZyU ZDOLá VLĊ GR SU]RGX VHQQLH SRZROL MDN Z\VDG]RQ\ EXG\QHN XGHU]\á R ]LHPLĊ ] áRPRWHP RG NWyUHJR ZV]\VWNR ]DGUĪDáR 0LĊĞQLH L IXWUR ]DIDORZDá\ RG ZVWU]ąVX Z JyUĊ Z\OHFLDá\EU\]JLPRNUHM]LHPLLNR]LRáNXMąFHSDW\NL $SRWHPNURSOHSRPNQĊá\QRUPDOQLHZUyFLáV]XPGHV]F]XLZU]DVNLZRMyZVWRMąF\FKQD SRGHĞFLH 7UąFLá áHE SRWZRUD F]XENLHP EXWD GRVNRQDOH ZLHG]ąF ĪH WR LGLRW\]P DOH QLF VLĊ QLH VWDáR=ZLHU]ĊMDN]ZLHU]ĊĩDGHQWDP2EXG]RQ\ ±$OHĞW\EU]\GNL±PUXNQąá'UDNNDLQHQ±&K\EDQLHSRGREQ\GRWDW\ 3U]H]FKZLOĊVLHG]LDáG\V]ąFFLĊĪNR 1LHGáXJR *ULVPDOILVWDáVDPRWQLHSU]HGEUDPą]Z\FLąJQLĊW\PPLHF]HPMDNRĞĪDáRĞQLHLEH]UDGQLH 1DSRGHĞFLH]DSDGáDPDUWZDFLV]D6WUDV]QD1DZHWSV\XPLONá\

3U]HG FKáRSDNLHP Z\UyVá Z\VRNL FKXG\ VWZyU Z F]DUQHM PRNUHM SHOHU\QLH ] JáRZą Z\JOąGDMąFąMDNV]F]XU]DF]DV]ND7U]\PDáFRĞFRSU]\SRPLQDáRMDNLĞLQVWUXPHQWPX]\F]Q\ SRGREQ\GRPDV\ZQHJRIOHWX %DUG]R FLĊĪNR MHVW ELHF NXĞW\NDMąF QD MHGQHM QRG]H ] REQDĪRQ\P PLHF]HP =ZáDV]F]D SRNLONXPLQXWDFKSU]\VSLHV]HQLD ,VWRWD VWRMąFD SU]HG EUDPą XQLRVáD SLV]F]DáNĊ L Z\GDáD ] QLHM GĨZLĊN NWyU\ EU]PLDá MDN NU]\N NRELHW\ 3U]HUDĪDMąF\ SHáHQ XGUĊNL L VWUDFKX W\ONR GáXĪV]\ QLĪ PRJą Z\GDü ] VLHELH OXG]NLHSáXFD 'UDNNDLQHQELHJá :SRZLHWU]XXQRVLáVLĊXSLRUQ\ODPHQWD*ULVPDOILVWDá]XQLHVLRQ\PPLHF]HP ,VWDU]DáVLĊ 6WDU]Dá VLĊ ] WU]DVNLHP = FKU]ĊVWHP SRGREQ\P GR RGJáRVX SáRQąFHM WUDZ\ %áĊNLWQH ZáRV\ EODNá\ L SRNU\ZDá\ VLĊ VUHEUHP VLZL]Q\ VNyUD PDUV]F]\áD VLĊ JáĊERNLPL EUX]GDPL PLHF] G\JRWDá Z FRUD] EDUG]LHM SDMĊF]\FK SDOFDFK QD NRĔFDFK NWyU\FK URVá\ SRáDPDQH ĪyáWDZH SD]QRNFLH ]ZLMDMąF VLĊ Z KDNL = SyáRWZDUW\FK XVW Z\SDGDá\ PX ]ĊE\ MHGHQ SR GUXJLPFLąJQąFQLWNLJĊVWHMNUZLLĞOLQ\ 'UDNNDLQHQELHJá8QRV]ąFZSRZLHWU]XVNUĊFRQąQRJĊNXĞW\NDMąFLSRGVNDNXMąF 1DZHW XEUDQLH *ULVPDOILHJR VLĊ VWDU]DáR : MHGQHM VHNXQG]LH SRNU\áR VLĊ SODPDPL PHWDORZHRNXFLDSRF]HUQLDá\KDIW\VWUDV]\á\VWU]ĊSDPL]HWODá\FKQLWHN $QDGW\PZV]\VWNLPXQRVLáDVLĊQLHNRĔF]ąFDVLĊVNDUJDMDNNU]\NWRUWXURZDQHMEDQVKHH 9XNR GRELHJá L ]DWU]\PDá VLĊ Z SR]\FML NRWD SR]ZDODMąF Z\ZLFKQLĊWHM QRG]H OHGZR GRW\NDü]LHPL 3RGSU]\VSLHV]HQLHPVNDUJDE\áDQLVNLPZLEUXMąF\PEXF]HQLHPSHáQ\PLQIUDGĨZLĊNyZ 1LH]GąĪ\á =DQLP NOLQJD RSDGáD SU]HFLQDMąF ĞSLHZ XSLRUQHJR JUDMND WHQ XUZDá QDJOH L ]DF]ąá VLĊ UR]V\S\ZDü 7RQLHE\áS\á *UDMHN R JáRZLH Z NV]WDáFLH V]F]XU]HM F]DV]NL UR]SDGDá VLĊ QD üP\ 3ĊNDWH R OĞQLąF\FK PHWDOLF]QLH RGZáRNDFK L VNU]\GáDFK MDN PDOHĔNLH F]DUQH SHOHU\Q\ 6HWNL PDá\FK RZDGyZ RGODWXMąF\FKZQRF 0LHF]SU]HFLąáSXVWNĊ *ULVPDOIL OHĪDá QLHUXFKRPR QD ]LHPL ] Z\EODNá\PL F]DUQ\PL RF]DPL SDWU]ąF\PL Z GHV]F]RZH QLHER 1LH PUXJDá PLPR GUREQ\FK NURSOL GHV]F]X SUyV]ąF\FK PX SURVWR Z ĨUHQLFH %\á EDUG]R OHNNL MDN SXVWD VNRUXSD 3U]\SRPLQDá ]U]XFRQą Z\OLQNĊ ZĊĪD DOH U\VyZ WZDU]\QLHE\áRE\áDWZRUR]SR]QDü:\JOąGDáMDNPXPLD 0JáDVLĊUR]ZLDáD3R]RVWDáW\ONRGHV]F] 9XNR XGHU]\á F]RáHP KHáPX Z WĊ F]ĊĞü EUDP\ QD NWyUHM QLH E\áR NROFyZ L XVá\V]Dá Z

ĞURGNX]JU]\WU\JOL 5R]VWąSLOLVLĊZPLOF]HQLXNLHG\V]HGáNXĞW\NDMąF]PDUWZ\PNVLĊFLHPQDUĊNDFK 3RáRĪ\áJRQDVWROHZZLHONLHMKDOOLWXĪSU]\Z\JDVá\PSDOHQLVNX 3DWU]\áMDNZFKRG]ą]DQLPVWDMąFSRGĞFLDQDPLMDNE\EDOLVLĊSRGHMĞü ±7RWZyMV\Q*ULVPR±NU]\NQąá'UDNNDLQHQ6]F]ĊNLPXSXOVRZDá\±0LDáU]ąG]LüSR WRELHDOH]JLQąáĪHE\FLĊEURQLü=JLQąáUR]SĊG]DMąFZáyF]QLąPJáĊ6WDMąFSU]HFLZNREXU]\ 'ĨJDMąFPLHF]HPZXONDQ5ąELąFWU]ĊVLHQLH]LHPL3RWRE\ĞPyJáPyZLüĪHQLJG\VLĊQLH FRIDV]1D]\ZDáVLĊ*ULVPDOIL'HV]F]RZ\3WDN 2GNXĞW\NDáRGVWRáX6WRMąF\UR]VWĊSRZDOLVLĊSU]HGQLPNLHG\OD]áQLH]JUDEQLHQDGZyU 3DWU]\OLZPLOF]HQLXMDNV]XNDF]HJRĞSRPDMGDQLH:UHV]FLH]QDOD]áGUDELQĊSRWHPZV]HGá GR VWDMQL L SU]\QLyVá VWDUH WUĊ]OH 6WDOL GRRNRáD ĞOHG]ąF NDĪG\ MHJR NURN 3DWU]\OL NLHG\ REZLą]\ZDá QRJĊ U]HPLHQLDPL L ]DF]HSLDá VWRSĊ R V]F]HEOH GUDELQ\ 3U]H] MDNLĞ F]DV V]XNDá RGSRZLHGQLHJR XáRĪHQLD Z NRĔFX V]DUSQąá FDá\P FLDáHP ] QRJą XQLHUXFKRPLRQą PLĊG]\ V]F]HEODPL5R]OHJáVLĊFKUXSRWDSRWHP]GXV]RQ\NU]\NEU]PLąF\MDN JáRVZLOND3DWU]ąF\ FRIQĊOLVLĊ 'UDNNDLQHQVLHG]ąFUR]ZLą]DáU]HPLHQLHLUR]PDVRZDáVRELHNRVWNĊREUDFDMąFVWRSĊZH ZV]\VWNLHVWURQ\3RWHP]DáRĪ\áEXWLZUyFLáGRKDOOLUR]WUąFDMąFW\FKNWyU]\QLH]GąĪ\OLVLĊ FRIQąü =QDOD]á NRĞü QD NWyUHM ]RVWDáR VSRUR PLĊVD Z\VFKQLĊWą JRPyáNĊ VHUD SR]ELHUDá MDNLHĞ QDGJU\]LRQHFHEXOHSU]\VXQąáVRELHIDVNĊ]RJyUNDPL 3DWU]\OLMDNáDSF]\ZLHUZLHSODFNLFKOHEDMDNSURVWR]G]EDQDĪáRSLHSLZRFLHNQąFHPX SREURG]LHMDNUZLH]ĊEDPLJLF]ZJU\]DVLĊZFHEXOĊ 1LNWQLFQLHSRZLHG]LDá 1DZHW*ULVPD 3RWHP'UDNNDLQHQRGVXQąáRGVLHELHUHV]WNLMHG]HQLDZVWDáLZ\V]HGá]KDOOL 6WDOL QD EUXNRZDQ\P G]LHG]LĔFX NLHG\ ZFKRG]Lá GR áDĨQL L WU]DVQąá ]D VREą GU]ZLDPL 6á\FKDüE\áRMDN]DSLHUDF]\PĞGU]ZL .ODQ6]DORQHJR.U]\NXVWDáQDG]LHG]LĔFXLSDWU]\áQDáDĨQLĊ 3DGDáGHV]F] 5DQRSU]HVWDáRSDGDüDOHZV]\VF\GDOHMVWDOLPLOF]ąFRLEH]UDGQLH :UHV]FLH VWRSQLRZR VLĊ UR]HV]OL 7U]HED Z NRĔFX MDNRĞ Ī\ü 2WZDUWR EUDPĊ SDVWHU]H Z\SURZDG]LOLNURZ\LNR]\=DF]ąáVLĊMDNLĞUXFK6SRGVWU]HFKFKDáXS]DF]ąáVąF]\üVLĊG\P 7\ONR]GZRUXGRELHJDáRMXĪ]DZRG]HQLHNRELHWL JáRVEĊEHQND:LHG]ąFHM.VLąĪĊPLDá Z\UXV]\üZGDOHNąGURJĊ .WRĞ ]DSU]ąJá ZRáX GR SRUąEDQHJR WUXSD SRWZRUD L RGFLąJQąá NDZDáHN RG JURGX 1DMPĊGUVL L QDMRGZDĪQLHMVL ZRMH SRV]OL WDP] URJDPL SLZD Z GáRQLDFK ĪHE\ GĨJDü ĞFLHUZR ZáyF]QLąJDSLüVLĊLZ\PLHQLDüIDFKRZHXZDJL 3yĨQ\P UDQNLHP GU]ZL áDĨQL RWZRU]\á\ VLĊ L XND]Dá VLĊ 'UDNNDLQHQ 8W\NDá WURFKĊ QD

MHGQą QRJĊ DOH V]HGá SHZQLH REMXF]RQ\ VDNZDPL L WRUEą Z SHáQHM ]EURL ] VLRGáHP QD UDPLHQLX'DOHMPLDáNDPLHQQąWZDU]LQDGDOVLĊQLHRG]\ZDá *ULVPD]DVWąSLáPXGURJĊ ±0yMV\QXPDUáZF]RUDMZQRF\±R]QDMPLá ±:LG]LDáHP±ZDUNQąá'UDNNDLQHQ ±8PDUáSRWRĪHE\ĞW\]QDPL]RVWDá-HVWHĞPLWRZLQLHQ±]DF]ąá*ULVPDDOH]REDF]\á PLQĊ9XNDLSU]HUZDá 7HQU]XFLáVLRGáRQD]LHPLĊLV]\ENLPZĊĪRZ\PUXFKHPZ\GRE\áPLHF]7\ONRWURFKĊ± QDSLĊüSDOFyZDOH*ULVPDRGVNRF]\áJZDáWRZQLHGRW\áX3R]RVWDOLWHĪVLĊFRIQĊOL ±6SUyEXMPQLH]DWU]\PDüNUyOX±SRZLHG]LDá'UDNNDLQHQFLFK\PVWUDV]Q\PJáRVHP± $RELHFXMĊFLĪHMHV]F]HG]LĞGRSRáXGQLDQLHEĊG]LHSOHPLHQLD6]DORQHJR.U]\NX *ULVPDPLOF]Dá 1LWM¶VHIQL VFKRZDá PLHF] L ]DU]XFLá VLRGáR QD UDPLĊ 2GV]HGá Z]GáXĪ VWUXPLHQLD QLH RJOąGDMąFVLĊ]DVLHELHLQLNWJRQLH]DWU]\P\ZDá0yZLOLĪHPJáDV]áD]DQLP

6]URQRJU]\Z\]ZLHVLĊFRGQLDNDĪGHJR QRFERJRPSU]\QRVL 3LDQDURV\]HVZHJRS\VNDSDUVNDNDĪGHJRSRUDQND REU]DVNXQDGGROLQDPL  3LHĞQLR:DIWKUXGQLU]H 9DIWKUXGQLVPiO 

5R]G]LDá

.RĔNUXNLF]áRZLHN

3

LHUZV]\SRVWyMURELĊSU]\QDMPQLHMRWU]\JRG]LQ\PDUV]XRG'ZRUX6]DORQHJR.U]\NX

'ODSHZQRĞFL 6LHG]ĊQDVNDOHLPRF]Ċ]ZLFKQLĊWąNRVWNĊZORGRZDWHMZRG]LHILRUGX1LVNDWHPSHUDWXUD SU]\QRVLXOJĊLZVSRPDJDWHĪJRMHQLH &KRG]LáRQLHW\ONRRWRĪHE\QLHZLG]LHOLMDNNXĞW\NDPMDNZORNĊVLĊSRGSLHUDMąFNLMHP MDN V]XNDP Z NU]DNDFK RGRVREQLHQLD ZDOF]ąF ] QDGSVXW\P PLĊVHP EXQWXMąF\P NLV]NL : PRLP SRGUĊF]QLNX SU]HWUZDQLD VWDQRZF]R EUDNRZDáR UR]G]LDáX Ä5RĞOLQ\ ]LHOQH :\EU]HĪD ĩDJOL PRJąFH EH]SLHF]QLH ]DVWąSLü SDSLHU WRDOHWRZ\´ &KRG]LáR WHĪ R WR ĪH VDP PDP LFK GRV\ü -XĪPDP]GHF\GRZDQLH]E\WZLHOHPDWHULDáXGRXSRU]ąGNRZDQLD 0\ĞOĊRKDOXF\QDFMDFK-HVWHPSHZLHQĪHF]ĊĞüWHJRFRZLG]LDáHPPXVLDáRSRFKRG]Lü] PRMHMJáRZ\=ZáDV]F]DXSLRU\±MDNE\SURVWR]SáyFLHQV]DORQHJR+ROHQGUD0RĪOLZHWHĪĪH WRNV\F]QH G]LDáDQLH PJá\ PRĪH SURZRNRZDü GR DWDNX QLHNWyUH ]ZLHU]ĊWD &KRüE\ WHJR QLHGĨZLHG]LRZDWHJR%LJIRRWD 1DOHĪDáRE\ SREUDü SUyENL L ]EDGDü VNáDG =D SRPRFą F\IUDOD PRĪH PyJáE\P WR GR SHZQHJRVWRSQLD]URELüDOHWRU\]\NRZQHLJáXSLH %RMĊVLĊ =UHV]WąPJáDWRQLHPyMSUREOHP 0yMSUREOHPWRF]ZRUROXG]L]DJXELRQ\FKJG]LHĞZSXV]F]DFK:\EU]HĪD3U]\QDMPQLHM ZLHPĪHLGĊĞODGHPYDQ'\NHQD 7URSHPOLF]ąF\PVRELHGZDODWD :\REUDĨP\ VRELH KDOXF\QRJHQ NWyU\ GDMH WUZDáH REMDZ\ 1D PRLFK RF]DFK SRPLGRU ]DPLHQLDVLĊZSDMąNDSRWHP]DWUXFLHPLMDDOHMXĪ]DZV]HZLG]ĊRZRFMDNRSRPLGRURZHJR SDMąND 7UZDáH XV]NRG]HQLH SRVWU]HJDQLD &R ZLĊFHM WR VDPR ZLG]ą LQQL NWyU]\ GRVWDOL VLĊ SRGG]LDáDQLHWUXFL]Q\3U]\FKRG]LNWRĞQRZ\LGODQLHJRWRQDGDOSRPLGRU .VLąĪĊ]HVWDU]DáVLĊLUR]V\SDáQDPRLFKRF]DFKDOHPRĪHSRSURVWXWU]DVQąáQD]DZDáD

FDáDUHV]WDWRXURMHQLH" 5]HND VXQLH OHQLZLH PLĊG]\ Z\VRNLPL VNDOLVW\PL EU]HJDPL ZĞUyG NDPLHQL URVQą SRNUĊFRQHVRVQ\F]HSLDMąFHVLĊNRU]HQLDPLUHV]WHNJOHE\3U]\SRPLQDPLWR)LQODQGLĊ :DNDFMHXG]LDGND9DDLQDPRLQHQD*G\E\WXE\á]DUD]SRV]HGáE\QDU\E\ 6]ODN ZLMąF\ VLĊ SRPLĊG]\ NDPLHQLDPL L VNDáDPL WR PRUGĊJD GOD NRJRĞ ]H ]ZLFKQLĊWą NRVWNą=PRMHMZHZQĊWU]QHMPDS\Z\QLNDĪHF]HNDMąPQLHSU]\QDMPQLHMGZDGQLPDUV]X= WąQRJąPRĪHLWU]\ :ĊGUXMĊ SU]\VWDMąF FR GZLH JRG]LQ\ 0yJáE\P LĞü V]\EFLHM DOH QLH PD VLĊ GR F]HJR ĞSLHV]\ü3RUD]SLHUZV]\ZĪ\FLXF]XMĊĪHG]LHĔZWĊF]\ZHZWĊQLHPD]QDF]HQLD 0XV]Ċ ZNUyWFH FRĞ XSRORZDü DOER ]áRZLü 6NURPQ\ ĪHOD]Q\ ]DSDV QLH Z\VWDUF]\ QD GáXJR 0DU]ĊRZLHU]FKRZFX2SU]\VDG]LVW\PMHOHQLRZDW\PVWZRU]HG]LZQHMPDĞFLQDMDNLFK WXMHĪGĪą .UyOHVWZR]DNRQLD =áRWR]DNRQLD 0\ĞO R NRQLX VWDMH VLĊ SRPDáX PRMą REVHVMą : WHM F]ĊĞFL :\EU]HĪD QLH PD G]LNLFK ZLHU]FKRZFyZ ĩDGQ\FK VWDG PXVWDQJyZ 7\ONR VNDá\ GU]HZD L U]HND 5]HND Sá\QąFD GR PRU]D3U]\FKRG]LPLGRJáRZ\E\]EXGRZDüWUDWZĊLVSá\Qąü]QXUWHPGRXMĞFLDJG]LHMHVW SRUW3U]\QDMPQLHMMDNąĞGáXEDQNĊ.DQRH -HGQDNSRP\VáEXGRZ\áRG]LQLH]DJáXV]DREVHV\MQ\FKP\ĞOL :ROĊNRQLD 0DU]ĊRNRQLX 0DPW\ONRPDF]HWĊ±VROLGQąWUDWZĊEĊGĊEXGRZDá]W\G]LHĔ6]\EFLHMGRWUĊQDPLHMVFH SLHFKRWą 0DV]HUXMĊ SRPLĊG]\ NDPLHQLDPL L ] QXGyZ ZL]XDOL]XMĊ ZLHU]FKRZFD (OHPHQW SR]\W\ZQHJRP\ĞOHQLD:GXV]\Vá\V]ĊWĊWHQWSDUVNDQLHZLG]ĊMDNFZDáXMH]Z\FLąJQLĊW\PL QRJDPLLUR]ZLDQąJU]\Zą .RĔ.UyOHVWZR]DNRQLD 2]PLHU]FKXQDGU]HNąXQRVLVLĊPJáD0JOLVWHSDVPDLNáĊE\LQDWHQZLGRN]DF]\QDPL ELü VHUFH DOH WR ]Z\Ná\ ZLHF]RUQ\ RSDU 1LH PD JZDáWRZQHJR VSDGNX WHPSHUDWXU\ QLH PD KDOXF\QDFML =QDMGXMĊ ]DURĞQLĊW\ WUDZą F\SHO L EXGXMĊ VRELH V]DáDV QD EU]HJX :LąĪĊ F]XENL PDá\FK GU]HZHNLPRFXMĊMHGRSRNUĊFRQHJRSQLDZLĊNV]HJRSRGREQHJRGRZLHU]E\SRWHPRNáDGDP GDFKLJODVW\PLJDáĊ]LDPL:DUVWZąWDNLFKJDáĊ]LZ\NáDGDPWHĪSRGáRJĊQDPLRWX *G\E\PW\ONRPLDáNDZDáVZRMHJRVSDGRFKURQX&yĪWRE\áE\]DQDPLRW 3RJRG]LQLHSU]HGV]DáDVHPSáRQLHRJLHĔSDUXMHZRGDZPDQLHUFHLWOLVLĊÄ9LUJLQLD´Z IDMFH 1D EU]HJX ZRNyá PRMHJR RER]RZLVND UR]FLąJQLĊWH Vą SRW\NDF]H QD NWyU\FK G\QGDMą

PHWDORZHIUDJPHQW\RSRU]ąG]HQLD3U\PLW\ZQHDOHPRĪHQLNWQLHSRGHMG]LHPQLHZHĞQLH -HVWFLFKR1LHQDWXUDOQLHFLFKRLSXVWR&]DVHPW\ONRSOXV]F]HZRGDLNU]\F]\MDNLĞSWDN àDSLĊVLĊQDW\PĪHPyZLĊGRVLHELH &K\ED QLJG\ QLH E\áHP WDN GáXJR ]XSHáQLH VDP : GRPX QDZHW VDPRWQ\ F]áRZLHN EH] SU]HUZ\ Vá\V]\ PRZĊ 0yZLą SU]HGPLRW\ VSU]ĊW\ GRPRZH Ä.OXF]H %UDNXMH NOXF]\´ ± Z\NU]\NXMH F]LS ZSUDVRZDQ\ Z NXUWNĊ NLHG\ Z\FKRG]LV] ] GRPX *DGD GRP ORGyZND WHOHZL]RUVDPRFKyG .LHG\ E\áHP PDá\ WH ZV]\VWNLH U]HF]\ MHV]F]H QD GRNáDGNĊ XVLáRZDá\ F]áRZLHND SLOQRZDüLZ\FKRZ\ZDü7DNLHE\á\F]DV\Ä7RF]ZDUWDSXV]NDSLZD´±UXJDáDPRMHJRRMFD ORGyZND ± Ä-HGQR SLZR WR MHGQD MHGQRVWND DONRKROX L VWDQRZL UyZQRZDUWRĞü GZXG]LHVWX SLĊFLX VHWQ\FK JUDPD F]\VWHJR VSLU\WXVX 1DZHW WDND LORĞü PRĪH E\ü JURĨQD GOD ]GURZLD´ 6]ODJPyJáWUDILü=ZáDV]F]DZĞURGNXQRF\'ODWHJRRMFLHF]DNOHMDáWDĞPąNRG\NUHVNRZHQD RSDNRZDQLDFK L ORGyZND QLH PRJáD SRGOLF]Dü PX FKROHVWHUROX FXNUX WUyMJOLFHU\GyZ L MHGQRVWHNDONRKROX 1DNRODFMĊĪXMĊVXV]RQąNLHáEDVĊ]VXFKDUHPSRSLMDPZRGą]PLRGHPLUDNLMą3DWU]ĊZ RJQLVNR 3RWHP Z F]\VWH ZUHV]FLH QLHER SHáQH REF\FK JZLD]G UR]V\SDQ\FK SU]\SDGNRZR MDNJDUĞüSRSLRáX *G]LHĞ WDP Vą Z\VS\ ]DWRNL VSOLFNLHM JyU\ ,VWULL MH]LRUD 0D]XU L .DUHOLL 0yM SRWUyMQ\ GRP+YDU:URFáDZL7XUNX0RMHPLDVWD*G]LHĞWDP *G]LHĞ WDP SU]H] F]DUQą G]LXUĊ Z NRVPRVLH Sá\QLH Ä0DQWD´ D QD MHM SRNáDG]LH UXGD 'HLUGUH]'HUU\ZUDFDGRGRPX *G]LHĞWDP =DV\SLDPRZLQLĊW\ZLOJRWQ\PSáDV]F]HPSDWU]ąFZĪDURJQLVNDĝQLĊRNRQLDFK  %XG]LPQLHKXNHNVSOR]ML*ZDáWRZQ\JU]PRWNWyU\SU]HWDF]DVLĊHFKHPSRJyUDFK,QQ\ QLĪWU]DVNEá\VNDZLF\]ZáDV]F]DĪHSRUDQQHQLHERQLH]ZLDVWXMHEXU]\ :\VNDNXMĊ]V]DáDVXMDNVSUĊĪ\QD 3U]HG]LHUDP VLĊ PLĊG]\ GU]HZDPL Z VWURQĊ ] NWyUHM GRELHJá PQLH GĨZLĊN RVWURĪQLH ] PLHF]HPZUĊNX%ODG\EU]DVNPRNUHJDáĊ]LHFKODVWDMąPQLHSRWZDU]\7XQLHPDGRVáRZQLH QLF]HJRFRPRJáRE\Z\EXFKQąü3LHUZV]HFRSU]\FKRG]LPLGRJáRZ\WRMDNDĞV]WXF]NDYDQ '\NHQD &]áRZLHN ] =LHPL PyJáE\ VSRZRGRZDü Z\EXFK JG\E\ SRNRPELQRZDá -HĪHOL ]QDOD]áJG]LHĞVDOHWUĊVLDUNĊLZĊJLHOGU]HZQ\PyJá]URELüSURFK1LHZDĪQHSRFRZDĪQHĪH JG]LHĞWXMHVW 6]XNDPG\PXOHMDZ]LHPLF]HJRNROZLHN$OHQLH]QDMGXMĊQLFL]PDU]QLĊW\ZUDFDPGR RER]X ']LHĔ]DF]\QDVLĊRGEUDNyZ 1DMSLHUZEUDNSDVW\GR]ĊEyZ%UDNP\GáD.UHPXGRJROHQLDZRG\NRORĔVNLHM 5H]\JQXMĊ ] JROHQLD =DURVW GUDSLH PQLH L VZĊG]L DOH QLH FKFH PL VLĊ NRU]\VWDü ]

DUFKDLF]QHMEU]\WZ\ZNV]WDáFLHSyáNVLĊĪ\FDVFKRZDQHMZVNyU]DQ\PSRNURZFX 7DMHPQLF]\ KXN QLH GDMH PL VSRNRMX 3RVWDQDZLDP MHV]F]H UD] SU]HG Z\PDUV]HP SU]HV]XNDüWHUHQ %UDNXMHPLFDSSXFFLQRJU]DQHNLSDVW\]WXĔF]\NDDOERVDáDWNL]RĞPLRUQLF\WDNLHMMDNą GDMąZUHVWDXUDFMLÄ5HGL0DUH´ -HVW ]D WR JRUąFD ZRGD ] UR]SXV]F]RQą F]HNRODGą SDVHN VXV]RQHM ZRáRZLQ\ L NDZDáHN FKDáZ\ 3RNąSLHOLZORGRZDWHMU]HFHLP\FLXSRSLRáHPMHVWHP]]LĊEQLĊW\LPRNU\DOHQLHF]\VW\ $SRWHPNLHG\SDNXMĊGRE\WHNGRVNZLHUDPLMHV]F]HEUDNNRQLD 3U]HFKRG]Ċ OHGZR NLONDQDĞFLH PHWUyZ L W\P UD]HP ]QDMGXMĊ FRĞ FR PRĪH E\ü ĞODGHP PRMHMHNVSOR]ML2NUąJá\SODFHNSRVLZLDáHMG]LZQLHWUDZ\GRNáDGQLHRF]\V]F]RQ\]NU]DNyZ UR]U]XFRQ\FK GRRNRáD DOH QLH MHVW WR DQL OHM Z ]LHPL DQL QLH PD ĞODGyZ G]LDáDQLD WHPSHUDWXU\ $ SRĞURGNX ± ZLG]Ċ NRQLD *DSLĊ VLĊ Z RVáXSLHQLX SU]HNRQDQ\ ĪH WR KDOXF\QDFMD -HVW GXĪ\ SUDZLH GZD PHWU\ Z NáĊELH VLHUĞü R G]LZDF]QHM SUĊJRZDQHM PDĞFL MDNXW\JU\VD6WRLQDLGHDOQLHRNUąJáHMSRODQFH Z\FLĊWHMZĞUyGNDUáRZDW\FKVRVHQHNMDNE\ NWRĞSRVWDZLáWDPJLJDQW\F]QąV]NODQNĊ 2GSLQDP SDV\ L EDUG]R SRZROL NáDGĊ QD ]LHPL EDJDĪ L VLRGáR5REL PL VLĊ JRUąFR &Dá\ U]ąGPDP]ZLQLĊW\ZMHGQHM]VDNZ*RUąF]NRZRXVLáXMĊVRELHSU]\SRPQLHüJG]LHSRG]LDáHP ]ZyM OLQNL 2WZLHUDP NODS\ SRZROL JU]HELĊ ZĞUyG QDMUyĪQLHMV]\FK SU]HGPLRWyZ QLH VSXV]F]DMąF]ZLHU]ĊFLD]RND 7DĔF]\QLHSHZQLHSRG]LZDF]QHMSRODQFHSRNUĊJXSRVLZLDáHMSU]\JLĊWHMGR]LHPLWUDZ\ :\VXZDPRVWURĪQLHGáRĔLGRW\NDPMHM:\JOąGDMDNWDMHPQLF]\NUąJZ]ERĪXDOHWUDZDMHVW ]PDU]QLĊWD L SRNU\WD V]URQHP &KU]ĊĞFL SRG SRWUyMQ\PL NRS\WDPL MDN V]NáR 7DNL RNUąJá\ SU]\PUR]HN]NRQLHPSRĞURGNX 1DMZ\UDĨQLHM MHVW UyZQLH ]G]LZLRQ\ L VSDQLNRZDQ\ MDN MD 7XOL XV]\ Z\GDMH G]LZQH ZDUF]ąFH RGJáRV\ 1LH ZLHP FR WR ]QDF]\ ± V]NRORQR PQLH QD QRUPDOQ\FK ]LHPVNLFK NRQLDFK =QDMGXMĊ ZUHV]FLH OLQNĊ L URELĊ SĊWOĊ QD MHGQ\P NRĔFX SR F]\P SU]HSODWDP SU]H] QLą UHV]WĊLPDPODVVR =ZLHU]ĊZ\GDMH]VLHELHQHUZRZ\SU]HFLąJá\NZLNLRGELHJDNDZDáHNDOHW\ONRQDVNUDM SRODQNLMDNE\EDáRVLĊMąRSXĞFLü .UąĪ\P\ MDN SR DUHQLH -D SRZROQ\PL QLHPDO KLSQRW\F]Q\PL NURNDPL MHGQRF]HĞQLH XNáDGDP OLQĊ Z GXĪH NRáD UyZQR MHGQD SU]HG GUXJą WDN MDN PQLH XF]RQR =DFLVNDMąFą VLĊ SĊWOĊ QD NRĔFX UR]FLąJDP V]HURNR L XNáDGDP Z SDOFDFK WDN ĪHE\ PyF Z\NRQDü REV]HUQ\ RNUĊĪQ\UXFKQDGJáRZąLU]XFLü.RĔQLHVSXV]F]DPQLH]RF]XGUHSF]ąFERNLHPLVWDUDMąF VLĊXWU]\PDüMDNQDMZLĊNV]\G\VWDQV 7RQLHMHVWG]LNLZLHU]FKRZLHF.WRĞSU]\FLąáPXSRURĪHNUyWNRPRĪHQLHDĪWDNNUyWNR MDNMDE\PWR]URELáDOHMHGQDN1DERNXZLGDüZ\SDORQ\]QDN±NUąJSU]HFLĊW\SLRQRZąOLQLą

MDNJUHFNLHÄIL´1LHPDPF]DVXEDGDüSRODQNLDQL]DVWDQDZLDüVLĊZMDNLVSRVyESRZVWDáD 7HUD]QDMZDĪQLHMV]\MHVWNRĔ.LHG\ORV%yJDOERWXWHMVLERJRZLHGDMąPLZUĊFHVNDUEPDP ]DPLDUSRQLHJRVLĊJQąü &Dá\ F]DV SU]HPDZLDP GR QLHJR áDJRGQLH SR FKRUZDFNX SROVNX ILĔVNX L PRZą :\EU]HĪD 6WU]\ĪH XV]DPL L SRZDUNXMH QLHFKĊWQLH DOH QLH SR]ZDOD SRGHMĞü 8F]\á PQLH ,QGLDQLQ'DQQ\7KUHH)HDWKHUV=DNOLQDF]NRQL]:\RPLQJ8F]\áFLHUSOLZRĞFLZG]LHUDQLD VLĊZáDVNLVWZRU]HQLD]UR]XPLHQLDGODVNRPSOLNRZDQHMSV\FKLNLVWDGQHJR]ZLHU]ĊFLD =ZLHU]ĊFLD ] =LHPL 3R]D W\P 'DQQ\ PLDá F]DV 'XĪR F]DVX 2FHDQ F]DVX 0yJá SR]ZROLüVRELHQDFLHUSOLZRĞü-DQLHPDPF]DVX .UąĪ\P\SRSRODQFH1LHZLHPMDNGáXJR7XSRWU]HEQDMHVWFLHUSOLZRĞü 3RWU]HEQHPLZVSRPDJDQLH 

 0yJáE\üSHZQ\U]XWX&\IUDOZ\U\VRZDáPXZSROXZLG]HQLD]áXG]HQLHWRUXSRMDNLP SROHFLSĊWOD]DOHĪQLHRGSRáRĪHQLDUĊNLLQDSLĊFLDPLĊĞQLĝZLHWOLVWDNU]\ZDSá\ZDáDWRZJyUĊ WRZGyáF]DVHPXNáDGDáDVLĊQDNRĔVNLPáELHDF]DVHPRERN 'UDNNDLQHQVNRQFHQWURZDáVLĊOLQD]HĞZLVWHPNUąĪ\áDPXQDGJáRZą.RĔSU]HNUĊFLááHE SRSVLHPXLZ\V]F]HU]\á]ĊE\ 1DMZ\UDĨQLHMSRVWDQRZLáMHGQDNF]P\FKQąü]NUĊJX9XNRUXV]\áERNLHPĪHE\]DVWąSLü PXGURJĊNXU]HFHLWUDNWRZL ±'REU\NRĔ'REU\EDUG]RGREU\NRĔ±PDPURWDáQDSU]HPLDQSU]\PLOQLHLVWDQRZF]R 8]QDá ĪH QLH PD GáXĪHM QD FR F]HNDü L U]XFLá /DVVR ĞPLJQĊáR Z SRZLHWU]X MDN ZąĪ ZLHU]FKRZLHFVWXOLáXV]\LZ\VWU]HOLáQDJá\PSDQLF]Q\PNáXVHPZSURVWQD:ĊGURZFD 6]DUSQLĊFLH RPDO QLH Z\UZDáR PX QDGJDUVWND &R JRUV]D ZVWU]ąV XUD]Lá WHĪ NRVWNĊ L 'UDNNDLQHQ UXQąá QD ]LHPLĊ =ZLHU]Ċ NZLF]ąF SU]HUDĨOLZLH SU]HZORNáR JR SR PRNUHM SRNU\WHM WRSQLHMąF\P V]URQHP WUDZLH QDMZ\UDĨQLHM ]DPLHU]DMąF GRWU]Hü GR V]ODNX FR R]QDF]DáRĪH9XNREĊG]LHZOHF]RQ\SRVNDáDFKLNDPLHQLDFK 3RGFLąJQąáVLĊQDOLQLHLOHVLĊGDáRSRF]\PSRSXĞFLáMąXVLáXMąFSU]HNUĊFLüVLĊQRJDPL GRSU]RGX6]DUSQLĊFLHSRVWDZLáRJRQDQRJLDOH]DFKZLOĊUXQąáSRQRZQLH 8UDWRZDáR JR WR ĪH SRGGXV]RQ\ ZLHU]FKRZLHF SRVWDQRZLá ]DWU]\PDü VLĊ QD PRPHQW L VWDQąüGĊEDDSRWHPRWU]ąVQąüVLĊLSROX]RZDüSĊWOĊ ± =á\ NRĔ %DUG]R ]á\ QLHSR]\W\ZQ\ NRĔ 1LHGREU\ NRĔ ± NU]\NQąá 'UDNNDLQHQ Z\SOXZDMąFWUDZĊ±=QDF]\ZáDĞFLZLHQLHNRĔW\ONRWHQUHQLIHUMDNLĞ&]\GDQLHO&KROHUD FLĊ ZLH =á\ MHOHĔ %DUG]R QLHGREUH ]ZLHU]Ċ ZLHU]FKRZH QLH]QDQHJR JDWXQNX =áH RNDSL %U]\GNDĪ\UDID 8ZLą]Dá OLQĊ GR SQLD L XVLDGá ĪHE\ VSUDZG]Lü FR ]RVWDáR ] MHJR NRVWNL 3LHUZV]\ HWDS ]RVWDáRVLąJQLĊW\ :LHU]FKRZLHFV]DUSDáDUNDQHPZLHU]JDáVWDZDá GĊEDLZRJyOHSRND]\ZDáQDZV]HONLH

GRVWĊSQH PX VSRVRE\ ĪH QLH DNFHSWXMH V\WXDFML D ]DFKRZDQLH 'UDNNDLQHQD XZDĪD ]D VNDQGDOLF]QHLMHVWREXU]RQ\ &KZLORZRQLHPLDáRWR]QDF]HQLD 9XNR SU]\JRWRZDá VRELH ZV]\VWNR QLHVSLHV]QLH L PHWRG\F]QLH XNáDGDMąF VWDUDQQLH FDá\ U]ąGQDWUDZLHNDQWDUZRG]HVLRGáR]XáRĪRQ\PQDJyU]HSRSUĊJLHPNUyWNLF]DSUDN Ä1DOHĪ\SRGFKRG]LüSRZROLLVSRNRMQLH±WáXPDF]\á7KUHH)HDWKHUV±=ZLHU]ĊQLJG\QLH PRĪHZLG]LHüĪHVLĊERLV]7RQDMZDĪQLHMV]H´ 1DMSLHUZWU]HEDE\áRSRGHMĞü=V]HURNRUR]áRĪRQ\PLUDPLRQDPLĪHE\Z\GDZDüVLĊMDN QDMZLĊNV]\PL]DMPRZDüMDNQDMZLĊFHMPLHMVFD3RZROLDOHSHZQLH,FDá\F]DVPyZLü 8VSRNDMDMąF\PWRQHP :LHU]FKRZLHF]QyZ]DF]ąáV]DUSDüOLQąLZLHU]JDü2GJáRV\NWyUHZ\GDZDáQDMEDUG]LHM SU]\SRPLQDá\U\NZLHOEáąGDLNZLNĞZLQL 7U]HEDPyZLüàDJRGQLHLFLHUSOLZLH -HĪHOL LG]LHV] PXVLV] SRGHMĞü 1LH ZROQR VLĊ FRIDü -HĪHOL Z\FLąJDV] UĊNĊ PXVLV] GRWNQąü0XVLV]SRND]DüĪHMHVWHĞWXV]HIHP7RZáDĞQLHZWHMFKZLOLMHVWXVWDODQH±UD]QD ]DZV]H =ZLHU]Ċ QLH PRĪH RVLąJQąü DQL QD FKZLOĊ SU]HZDJL 5D] VWUDFLV] WZDU] L NRQLHF =RVWDQLHV]LVWRWąSRGU]ĊGQąMXĪQD]DZV]H$OHQLHV]DUSLQLHELM7RĪDGQDPHWRGD :\FLąJQąá GáRĔ GR ZLHONLHJR áED .RĔ U]XFLá VLĊ SU]HZUyFLá G]LNR RF]DPL L NáDSQąá LPSRQXMąF\PL ]ĊEDPL D SRWHP VSUyERZDá VWDQąü GĊED DOH XQLHPRĪOLZLá PX WR QDSUĊĪRQ\ DUNDQ 'UDNNDLQHQPRPHQWDOQLHXFK\OLáVLĊSU]HGWU]DVNDMąFąV]F]ĊNąDSRWHPGRWNQąáMHJRV]\L 'ODNRQLDWDNDSLHV]F]RWDSRZLQQDE\üXVSRNDMDMąFD 3RJáDVNDá SR ERNDFK ZLHONL áHE GRVNRQDOH ZLHG]ąF ĪH L WDN ]GąĪ\ RGVNRF]\ü SU]HG NDĪG\PDWDNLHP -HGHQ]LQGLDĔVNLFKVHNUHWyZWRGHOLNDWQHGPXFKDQLHNRQLRZLZQR]GU]D:VWDG]LHMHVW WRREMDZV\PSDWLL%XG]LXF]XFLHZVSyOQRW\L]DXIDQLD :]XSHáQLHLQQ\PĞZLHFLHX]XSHáQLHLQQ\FK]ZLHU]ąW 1LH]DXZDĪ\áF]\WRRGQLRVáRMDNLĞVNXWHN:NDĪG\PUD]LHQLHREHUZDá 7HUD]VPDNRá\N3RVWDQRZLáVSUDZG]LüF]\ZWHMUROLPRĪHZ\VWąSLüVXFKDU .LHG\SRGFKRG]LáSRUD]GUXJLZLHU]FKRZLHFU]XFDáVLĊMXĪPQLHMERF]\áVLĊZDUF]DáL SRWU]ąVDáJáRZąDOHQLHSUyERZDáNRSDü ± 'REU\ NRĔ GREUH NRQLVNR 'REUH GREUH ]ZLHU]Ċ ± 0LDá ZUDĪHQLH ĪH ]D FKZLOĊ RFKU\SQLH3DSODáWDNEH]SU]HUZ\MXĪRGJRG]LQ\ 6XFKDU ]RVWDá EDUG]R GRNáDGQLH REZąFKDQ\ D QDVWĊSQLH ]QLNQąá ] FKUXSQLĊFLHP Z ROEU]\PLFKV]F]ĊNDFK]QDF]QLHZLĊNV]\FKQLĪX]Z\Ná\FKNRQLMDNZHPá\QLH ±'REUD±SRZLHG]LDá'UDNNDLQHQ±7HUD]]LDUQR:FDOHPLVLĊWRQLHSRGREDDOHWDNE\ü PXVL L PLHMP\ WR MXĪ ]D VREą 1LH PD Z\MĞFLD PyM GURJL -D WDN QDSUDZGĊ QLH ]QDP VLĊ QD XMHĪGĪDQLX DQW\ORS L ĪDGHQ ]H PQLH NRZERM =DOLF]\áHP NXUV L W\OH DOH ZFDOH QLH E\áHP

XOXELHĔFHP7KUHH)HDWKHUVDDQLXNU\W\PWDOHQWHP 2WZRU]\á VNU\WNĊ Z VNyU]DQ\FK ]DNDPDUNDFK VDNZ\ L ]QDOD]á V]SU\FĊ RUD] WU]\ ]LDUQD ]DPNQLĊWHZPHWDORZ\FKDPSXáNDFK ± 7R QLH EĊG]LH ERODáR ± ]DSHZQLá SU]HNU]\ZLDMąFHJR áHE ZLHU]FKRZFD RWZLHUDMąF SRNU\Z\V]SU\F\LUR]NUĊFDMąFDPSXáNĊ±6DPSU]HV]HGáHPSU]H]FRĞSRGREQHJRLĪ\MĊ =LDUQR Sá\ZDáR Z SRMHPQLF]NX MDN V]NOLVWD ]LHORQNDZD NLMDQND 'UDNNDLQHQ ]DWU]DVQąá SRNU\ZĊV]SU\F\L]DF]ąáSRPSRZDüSRZLHWU]HPLDURZ\PLUXFKDPLWáRND ±*G\E\ĞP\PLHOLZLĊFHMF]DVX±WáXPDF]\á±*G\E\PE\áOHSV]\PPyZLąF\PGRNRQL D SU]\QDMPQLHM JG\E\P PLDá OHSV]ą ZLHG]Ċ R WZRMHM ELRORJLL ]DPLDVW W\FK RJyOQ\FK QLHFKOXMQ\FKLQLHGRNáDGQ\FKE]GHWyZNWyUHPDP\1RDOHMHVWMDNMHVW :HVWFKQąáLSRGV]HGáGRZLHU]FKRZFDFKRZDMąFOĞQLąFąV]SU\FĊZGáRQL ±&]XMĊVLĊRNURSQLH±]DSHZQLá]ZLHU]ĊOHZąUĊNąJáDV]F]ąFERNáEDDSRWHPJDUEDW\ F]DUQ\JU]ELHWQRVD.RĔ]DPUXF]DáLEU]PLDáRWRSUDZLHSU]\MDĨQLH'UDNNDLQHQZHVWFKQąáL SRGQLyVáGUXJąGáRĔSHZQ\PUXFKHPZVXQąá]ZLHU]ĊFLXZ\ORWV]SU\F\ZQR]GU]HLQDFLVQąá WáRN .RĔ Z\GDá ] VLHELH SU]HUDĪDMąF\ NZLN L VWDQąá GĊED D SRWHP V]DUSQąá VLĊ JZDáWRZQLH QDSLQDMąF OLQĊ 'UDNNDLQHQ RGVNRF]\á XQLNDMąF SRWĊĪQHJR NRSQLĊFLD Z JáRZĊ SR F]\P SU]HWRF]\á VLĊ SR WUDZLH /DVVR ]DFLVQĊáR VLĊ QD V]\L ]ZLHU]ĊFLD L NRĔ ]DPLDVW U\F]Hü FKDUF]Dá2F]\Z\V]á\PX]RUELWQDS\VNXSRMDZLáDVLĊSLDQD1LHPRJąFGRQLHJRSRGHMĞü ĪHE\]GMąüSĊWOĊ9XNRZ\MąáQyĪLFLDFKQąáOLQNĊWXĪSU]\GU]HZLH.RĔZ\VWU]HOLáMDNUDNLHWD ZLHU]JDMąFQDSU]HPLDQWRSU]HGQLPLWRW\OQ\PLQRJDPLSU]HVNRF]\áNĊSĊQLVNLFKNU]DNyZ NRVyZNLLSRJDORSRZDáZODV 'UDNNDLQHQVFKRZDáQyĪ $OHĪ]HPQLHVNXUZ\V\QSRP\ĞODá]H]GXPLHQLHP&]XMĊVLĊMDNE\P]HUĪQąáGHOILQD 2GZUyFLáVLĊLRVáXSLDá1DMHJRVDNZDFKSDQRV]\áRVLĊZLHONLHMDNJĊĞF]DUQHSWDV]\VNR] RJURPQ\PáEHPLSRWĊĪQ\PMDNRVWU]HF]HNDQDG]LREHP ±7RQLHZLDU\JRGQH±ZU]DVQąá'UDNNDLQHQSHáHQ]DVNRF]RQHJRREXU]HQLD±:\QRFKD PLVWąG 3WDN SU]HNUĊFLá áHE QD ERN SDWU]ąF QD 'UDNNDLQHQD Eá\VQąá ELDáą SRZLHNą SR F]\P FKDPVNLPFKUDSOLZ\PWRQHPDOHFDáNLHPZ\UDĨQLHSRZWyU]\á±:\QRFKD 5R]JDUQąá G]LREHP UR]V\SDQH U]HF]\ L ]QDOD]á NDZDáHN VXFKHM NLHáEDV\ NWyU\ SRáNQąá QDW\FKPLDVW QLH SU]HMPXMąF VLĊ NU]\NDPL L G]LNLP JDORSHP :ĊGURZFD 'UDNNDLQHQ SĊG]Lá SU]H]FDáąSRODQĊZ\ZU]DVNXMąFQDMJRUV]HILĔVNLHSU]HNOHĔVWZDDOHSRGVNDNXMąFQDRERODáHM QRG]H QLH PLDá ĪDGQ\FK V]DQV 3WDN G]LREQąá SRWĊĪQLH Z VWHUWĊ MHJR U]HF]\ FR Z\JOąGDáR MDNE\]G]LHOLáMHNLORIHP.LHG\XQLyVááHEZMHJRG]LRELHWNZLáPDá\OĞQLąF\PHWDOHPZDOHF =LDUQR ±1LH±GDUáVLĊ'UDNNDLQHQ±:WHMFKZLOLWRZ\SOXM 3WDNXGHU]\áRJURPQ\PLVNU]\GáDPLLZ]QLyVáVLĊQDGSRODQNĊ1LH]E\WSRVSLHV]QLH

± ĩHE\ FLĊ SRND]LáR ± ZU]HV]F]Dá ]ZLDGRZFD ± ĩHE\Ğ VVDá áRVLRZL Z SLHNOH FKROHUQD SRNUDNR $OHNUXNXQRVLáVLĊMXĪZ\VRNRQDGGU]HZDPL ±=DNUDF]WULXPIXMąFRVXNLQV\QX±NU]\NQąá]DQLP'UDNNDLQHQ±=DNUDF]LZ\SOXMWR ĩHE\ĞVLĊW\PXGáDZLáFKROHUR 2EHMU]Dá SR]RVWDáH U]HF]\ .RFLRáHN ]RVWDá SU]HG]LXUDZLRQ\ FR JRUV]D MHJR RVWDWQLH RFDODáH]LDUQRPLDáRZJQLHFLRQąREXGRZĊ.OQąF]áRĪ\áV]SU\FĊLSR]ELHUDáSR]RVWDáHU]HF]\ DSRWHP]DEUDáVLĊ]DPRQWRZDQLHáXNX ±1LJG\ZLĊFHMQLJG\MXĪ±Z\FHG]LáPRQWXMąFREDSLyUDáXF]\VNDLRVDG]DMąFEORF]NL ZLHORNUąĪND -HĪHOL SWDN SRáNQLH SRMHPQLN Z FDáRĞFL QLH SRZLQQR VLĊ QLF VWDü 3U]H] JáXSLH SWDV]\VNR F]áRZLHN EĊG]LH WHUD] ]DELMDá NUXNL G]LHVLąWNDPL D SRWHP MH SDWURV]\á =DMĊFLH QD ODWD&K\EDĪHE\GOĊR]GREL]LDUQHPJQLD]GRWDNMDNWRURELąVURNL%H]QDG]LHMQH ± 'ODF]HJR QLH PRJáHĞ ]HĪUHü F]HJR LQQHJR ± ZU]DVQąá NX QLHEX ± 1LHZ\VWDUF]\áD FL PRMDáRZLHFND"1LHPRJáHĞVLĊQDĪUHü]áRWDMHĪHOLWRMXĪPXVLDáRE\üFRĞEá\V]F]ąFHJR" 0LDá SDUĊ VWU]Dá NWyUH WU]HED E\áR SRVNUĊFDü $ L WDN PXVLDá WX F]HNDü 1LF ZLĊFHM QLH PRĪQDE\áR]URELü =DáRĪ\á ] SRZURWHP ]EURMĊ SR]ELHUDá VZyM GRE\WHN L ZUyFLá QD NDPLHQLVWą áDFKĊ JG]LH ZFLąĪZ]QRVLáVLĊMHJRV]DáDV0LDáZUDĪHQLHĪH]DF]\QDVLĊWXMXĪ]DGRPDZLDü 1D PLHMVFX ]QRZX UR]SDOLá RJQLVNR VNUĊFLá GR NRĔFD ZV]\VWNLH HOHPHQW\ áXNX L VSHFMDOQ\P NOXF]HP VNUyFLá L QDSLąá NLONXPHWURZą FLĊFLZĊ SU]HSOHFLRQą SU]H] V\VWHP ZLHORNUąĪNyZ'REU\FKVWU]DáRWRF]RQ\FKGU]HZFDFKE\áRW\ONRSLĊüDOHPLDáMHV]F]HVSRU\ ]DSDVJURWyZZVSHFMDOQ\PZRUHF]NX =DEUDáPDF]HWĊLSRV]HGáV]XNDüPDWHULDáXQDVWU]Dá\ =DEUDáRPXWRVSRURF]DVX±]QDOH]LHQLHZQDWXU]H]GHF\GRZDQLHSURVW\FKSUĊWyZQLHMHVW WDNLHáDWZH7DNQDSUDZGĊSURGXNFMDJáXSLFKVWU]DáSRZLQQDWUZDüSU]H]FDáą]LPĊ±Z\EUDQH SDW\NL REFLąĪRQH QD GROH RGZDĪQLNDPL ZLHV]D VLĊ JG]LHĞ Z VXFK\P PLHMVFX L F]HND DĪ Z\VH]RQXMąVLĊZ\VFKQąLVWDQąLGHDOQLHSURVWHDGRSLHURSRWHP]DRSDWUXMHMHZEU]HFKZ\L JURW\ 

 6LHG]Ċ L URELĊ VWU]Dá\ 7R XVSRNDMDMąFH ]DMĊFLH /XG]LH Ī\MąF\ Z SU\PLW\ZQ\FK NXOWXUDFK VSĊG]DMą Z WHQ VSRVyE ZLĊNV]RĞü ZROQHJR F]DVX 5REL VLĊ VWU]Dá\ QDSUDZLD QDU]ĊG]LD L EURĔ V]\MH XEUDQLD 7DN WU]HED URELü EH] SU]HUZ\ L PXV]Ċ VLĊ GR WHJR SU]\]Z\F]DLü3DVSHáHQ]áRWDQLF]HJRWXQLH]PLHQLD1LHPRJĊZH]ZDüWDNVyZNLSRMHFKDü GR VXSHUPDUNHWX L NXSLü VRELH ZLą]NL VWU]Dá DOER SDF]NL ULVRWWR ] RZRFDPL PRU]D 3HZQLH JG]LHĞWXLVWQLHMHKDQGHODOHQDRJyáQLNWQLHVSU]HGDMHEXWyZVWU]DáFHEXOLEXáHNF]\PDVáD .DĪG\ UREL WDNLH U]HF]\ VDP .DĪG\ VDP KRGXMH NXU\ SLHF]H FKOHE WND NRFH DOER ZDU]\ SLZR 0RĪHV] JG]LHĞ NXSLü JZRĨG]LH OXE ]DSLQNL DOH QLH PD WX VNOHSyZ VSRĪ\ZF]\FK 7R

UROQLF]DNXOWXUD ']LĊNLVSDFHURZLZĞUyGNU]DNyZ]QDOD]áHPF]WHU\SLyUDUyĪQHMZLHONRĞFLNWyUHQDGDG]ą VLĊQDEU]HFKZ\']LHOĊMHQDSyáQDFLQDPNRĔFHPRFXMĊSLyUDĪ\ZLFąLGUDWZąDSRGZyFK JRG]LQDFKSUDF\PDPMHV]F]HV]HĞüVWU]Dá 6WU]HODPSU]H]MDNLĞF]DVZNXSĊSLDFKXSRPLĊG]\Z\VRNLPLVNDáDPLQDEU]HJX:UDFDP GR ZSUDZ\ 6WU]Dá\ ODWDMą UR]PDLFLH ZLĊF VWDUDP VLĊ REOLF]Dü SRSUDZNL DĪ ZUHV]FLH SR GáXĪV]\PF]DVLHWUDILDP]DNDĪG\PUD]HPZPLĊVLVW\OLĞüXPLHV]F]RQ\QDVNDUSLHMDNRFHO 0yM áXN ] QDFLąJLHP EORF]NRZ\P ZDOL ] VLáą VLHGHPG]LHVLĊFLX IXQWyZ DOH G]LĊNL ZLHORNUąĪNRP QDFLąJD VLĊ MDN WU]\G]LHVWRIXQWRZ\ ± VWU]Dá\ ZELMDMą VLĊ Z SLDFK DĪ SR EU]HFKZ\ 0LPR WR SR JRG]LQLH EROą PQLH MXĪ PLĊĞQLH SUDZHJR UDPLHQLD L SOHFyZ 3U]HG RF]DPL VWDMą PL ]QLHNV]WDáFRQH V]NLHOHW\ ĞUHGQLRZLHF]Q\FK áXF]QLNyZ R NU]\Z\FK NUĊJRVáXSDFKL]HĞODGDPLSRQDGZHUĊĪRQ\FKĞFLĊJQDFK1DFLąJDPSRDQJLHOVNXRGQRJLSR VSRUWRZHPXQDZSURVWLSRMDSRĔVNX]QDGJáRZ\'ODSHZQRĞFLVWU]HODPMHV]F]HVSRGSDFK\ L ] ELRGUD WU]\PDMąF áXF]\VNR SR]LRPR 1D GZDG]LHĞFLD PHWUyZ XPLHV]F]DP MXĪ VWU]Dá\ PQLHMZLĊFHMJG]LHFKFĊ]Z\MąWNLHPMHGQHMNWyUąZ\UDĨQLH]QRVL :ELMDPVWU]Dá\Z]LHPLĊRERNQDPLRWXJRWRZHGRXĪ\WNX%URĔVWU]HOHFNDSRSUDZLDPL VDPRSRF]XFLH3RFKRG]Ċ]HĞZLDWDJG]LHQDMFKĊWQLHM]DELMDVLĊQDRGOHJáRĞü 3U]HUZDZSRGUyĪ\SU]H]QDF]RQDQDF]HNDQLH :LĊFF]HNDP 3RMDNLPĞF]DVLH]DELHUDPPLHF]QyĪNRáF]DQLLGĊQDSRORZDQLH 7RQLHWDNLHSURVWH-HGQąVWU]DáĊPDUQXMĊNUHW\ĔVNRVWU]HODMąFGROHFąFHJRSWDNDNWyU\ Z\GDáPLVLĊDSHW\F]QLHSRGREQ\GRJĊVL=E\WQLRXIDPZHZVSRPDJDQLHF\IUDODLFK\ELDPR ZáRVDOHVWU]DáDSU\VNDQDGREUHGZLHĞFLHPHWUyZZJyUĊDSRWHPVSDGDZJĊVWZLQĊL]QLND PL]RF]X 3R NLONX JRG]LQDFK WUDFĊ QDG]LHMĊ 2NROLFD MHVW MDN Z\PDUáD 1LH PD QDZHW QLF]HJR Z URG]DMX NUyOLNyZ :LĊNV]H ]ZLHU]ĊWD WUDZRĪHUQH ĪHUXMą R ĞZLFLH WR QLH MHVW RGSRZLHGQLD SRUD $OH QLH W\ONR R WR FKRG]L 1LH QDSRW\NDP ĪDE P\V]\ QLH Vá\FKDü SWDNyZ QLH ZLGDü QDZHWRZDGyZ 2VWDWHF]QLHNRĔF]ĊEURG]ąFSRSá\FL]QDFKU]HNL]áXNLHPZUĊNXLZ\SDWUXMąFU\EZĞUyG NDPLHQL L VNDá .LOND UD]\ VWU]HODP EH] ĪDGQHJR VNXWNX DĪ ZUHV]FLH ZLMąF\ VLĊ VUHEU]\VWRSUĊJRZDQ\ NV]WDáW SRGREQ\ GR PXUHQ\ ]D]QDF]RQ\ VWHUF]ąFą ] ZRG\ VWU]Dáą MDN JLJDQW\F]Q\P VSáDZLNLHP ZLHĔF]\ PRMH G]LHáR 1LRVĊ U\EĊ GR RER]X L SU]HSHáQLD PQLH WUXGQD GR Z\REUDĪHQLD GXPD &]XMĊ VLĊ MHGQRF]HĞQLH QLHSRNRQDQ\ L ĞPLHV]Q\ 3U]H] FDáH Ī\FLH NLHG\ FKFLDáHP U\EĊ WR Mą VRELH NXSRZDáHP 6]HGáHP GR 7HVFR Z +YDU]H DOER QD QDEU]HĪH ]D SRUWHP JG]LH FXPRZDá\ U\EDFNLH SRGXV]NRZFH DOER GR ULEDULF\ L WDP SU]HELHUDáHPZĞUyGVNRUSHQVDUGHOLL]XEDWDF\OHĪąF\FKSLĊNQLHQDORG]LHSURVWR]QRFQHJR SRáRZX $ WHUD] UR]SLHUD PQLH GXPD ] SRZRGX MHGQHM U\ENL 7\ONR GODWHJR ĪH ]GRE\áHP MHG]HQLHZ]DSRPQLDQ\PSU]H]%RJDLOXG]L]DNąWNX:\EU]HĪD]GDQ\MHG\QLHQDáXNLQDWXUĊ

3RGZyFKODWDFKV]NROHQLDPRG\ILNRZDQ\ELRQLF]QLHüZLF]RQ\ZV]NROHNRPDQGRVyZ ]\VNDáHPXPLHMĊWQRĞFLNWyUHWXWDMSRVLDGDNDĪGHG]LHFNR .LHG\]DSDGD]PLHU]FKSLHNĊQDGĪDUHPU\EĊSRFLĊWąQDG]ZRQD 3RUD]SLHUZV]\WXWDMNRODFMDPLVPDNXMH 3DUXMąFHNDZDáNLELDáHJRPLĊVDG]LHORQHSDOFDPLQDOLĞFLXNXEHNVáDEHJRJURJX =DF]\QDP F]Xü ĪH MHVWHP F]ĊĞFLą QDWXU\ 1D SU]\NáDG QLJG\ WDN EDUG]R QLH REFKRG]LáD PQLH SRJRGD 3U]H] FDáH PRMH Ī\FLH WR PyJá E\ü QDMZ\ĪHM SRZyG ĪHE\ MDN QDMV]\EFLHM ZUyFLü GR GRPX 'HV]F] XSDá DOER ĞQLHJ WR E\áR ]MDZLVNR Z\VWĊSXMąFH ]D RNQHP 7U]HED SRGNUĊFLüRJU]HZDQLHDOERZáąF]\üNOLPDW\]DFMĊDOERVFKRZDü]DSRPQLDQHPHEOH]WDUDVX 7XWDMGRSLHUROLWHUDOQLHQLHPDPGDFKXQDGJáRZąLEH]SU]HUZ\VSRJOąGDPZQLHER1LF W\ONR WHQ OLFK\ V]DáDVLN NWyU\ Z]QLRVáHP VRELH ] JDáĊ]L L ]ZLą]DQ\FK PáRG\FK GU]HZHN :\GDMH PL VLĊ ĪH ]ELHUD VLĊ QD GHV]F] ZLĊF RNU\ZDP JR MHV]F]H FXFKQąFą GHUNą NWyUą ]DEUDáHP]HVWDFMLGRQRV]HQLDáDS\PRMHJR*UHQGHOD1LHPDPQLFDPLPRWR]EXGRZDáHP VFKURQLHQLHL]GRE\áHPĪ\ZQRĞü&]XMĊVLĊMHGQRF]HĞQLHXERJLLG]LZQLHZROQ\ %XG]LPQLH]LPQRLPLJRWOLZ\VHOHG\QRZ\SREODVNMDN]RU]\SRODUQHM:SyáGRWU]HFLHM UDQR±ZLOF]DJRG]LQD&]DVNLHG\ĞSLVLĊQDMPRFQLHMDGRĞZLWXMHV]F]HGDOHNR&]DVNLHG\ F]áRZLHNMHVWSV\FKLF]QLHQDMVáDEV]\&]DV]DVDG]HNLQRFQ\FKDWDNyZ 6LHG]ĊSRWHPXZHMĞFLDGRV]DáDVXVNU\W\]DWDUF]ąNWyUą]DVWDZLáHPZHMĞFLH]áXNLHPZ GáRQLLVWU]DáąQDFLĊFLZLHLSDWU]ĊQDU]HNĊ 3U]\EU]HJXZRGDDĪVLĊJRWXMHRGW\VLĊF\U\ELZRGQ\FK]ZLHU]ąWNWyUHPLJRFąMDNJDUĞü VUHEUQ\FKPRQHWLZ\JOąGDMąMDNE\FKFLDá\XFLHNDüQDOąGSU]HGW\PFRG]LHMHVLĊQDĞURGNX QXUWX 7URFKĊ WR U]HF]\ZLĞFLH SU]\SRPLQD ]RU]Ċ 3U]HOHZD VLĊ SDVPDPL L REáRNDPL RSDOL]XMH VLQRLVHOHG\QRZRLU]XFDPLJRWOLZ\EODVNQDEU]HJL7\ONRĪHSHá]QLHSRSRZLHU]FKQLZRG\ MDN JLJDQW\F]Q\ ZąĪ 7R ]LPQD PJáD ZĊGUXMH U]HNą : Sá\ZDMąF\FK QDG ZRGą VPXJDFK L SDVPDFKPDMDF]ąSU]HQLNDMąFHVLĊV\OZHWNLEHVWLLLSRWZRUyZNáĊELąVLĊJPDWZDQLQ\PDFHN :LG]Ċ PJOLVWH JU]\Z\ L áE\ NRQL ZLG]Ċ QDMHĪRQH NROFDPL JU]ELHW\ $ ZHZQąWU] RSDUX PDWHULDOL]XMą VLĊ EDUG]LHM VROLGQH V\OZHWNL PDV]HUXMąF\FK ]ZLHU]ROXG]L 3RNUDF]Q\FK SRNUĊFRQ\FK MDN ] SáyFLHQ %RVFKD 3U]\SRPLQDP VRELH SUDGDZQH SOHPLĊ ] FHOW\FNLFK ZLHU]HĔVWDUV]HRGOXG]NLHMUDV\)RPRULDQLH3U]HGVWDZLDQRLFKMDNRF]áHNRNV]WDáWQHEHVWLHR Z\UDĨQLH ]ZLHU]ĊF\FK FHFKDFK 3RWZRU\ SRFKRG]ąFH ] JáĊELQ ZDOF]ąFH ] OXGĨPL R Z\VSĊ NWyUąSRWHPQD]ZDQR,UODQGLą:áDĞQLHWRZWHMFKZLOLZLG]Ċ &LąJQąF\ Z ]XSHáQHM FLV]\ QDG SRZLHU]FKQLą U]HNL QLHNRĔF]ąF\ VLĊ NRURZyG )RPRULDQ VSRZLW\FKZRSDOL]XMąFąPJáĊ 6LHG]ĊĞFLVNDMąFáXNLSDWU]Ċ=LPQRĞFLQDVNyUĊ :LHP ĪH WR W\ONR KDOXF\QDFMD DOH QLF QLH SRUDG]Ċ QD WR ĪH ZDOL PL VHUFH ĪH GáRĔ ĞFLVNDMąFD áXN MHVW PRNUD RG SRWX ĪH SRZVWU]\P\ZDQD RVWDWNLHP VLá KLSHUDGUHQDOLQD JRWXMH PLVLĊSRGVNyUą

3DWU]Ċ QD FXGDF]QH ĪDELH U\ELH JDG]LH L NRĔVNLH S\VNL QD OĞQLąFH JU]ELHW\ SRNU\WH JX]DPLSRGREQ\PLGRZU]RGyZ]NROFDPLDOERJáDGNLHSDWU]ĊQDU\MHLPRUG\SHáQHNáyZL ]DF]\QDZHPQLHQDUDVWDüLGLRW\F]QHSU]HVąGQHSU]HNRQDQLH%HV]WDPVLĊZP\ĞODFKDOHWR QLHSRPDJD -HVWHPSHZLHQĪH'ZyU6]DORQHJR.U]\NXSDGá .RURZyGFLąJQLHĞURGNLHPU]HNLLWUZDWRSUDZLHJRG]LQĊ 3RWHPRGFKRG]ąLQDSRZUyW]DSDGDFLHPQRĞü=PLQXW\QDPLQXWĊURELVLĊFLHSOHM 3U]HV]OL :LHPĪHE\OLKDOXF\QDFMą%\OLW\ONRPJáą6]OLSU]HFLHĪĞURGNLHPU]HNLSRSRZLHU]FKQL ZRG\=DWHPKDOXF\QDFMDDOERLOX]MD 0RMHQLH]áRPQHÄZLHU]ĊW\ONRZWRFRPDVHQV´MHGQDNQLHEDUG]RFKFHG]LDáDüRZSyá GRF]ZDUWHMUDQRZFLHPQąEH]NVLĊĪ\FRZąQRF :LHU]ĊZWRFRZLG]LDáHP $ZLG]LDáHPZĊGUXMąFąU]HNąDUPLĊXSLRUyZ  .ROHMQ\ UDQHN EH] NDZ\ P\GáD L SDVW\ GR ]ĊEyZ =QDMGXMĊ MDNLHĞ SLHNLHOQLH NZDĞQH V]NOLVWH MDJRG\ L MH ĪXMĊ &LHUSNL ĞFLąJDMąF\ VRN SHáHQ JDUEQLNyZ F]\ĞFL PL ]ĊE\ 1LH MHVW WRNV\F]Q\ DOH VPDF]Q\ WHĪ QLH 1LH GRVWDQĊ SUyFKQLF\ WDN VDPR MDN QLH GRVWDQĊ JU\S\ F]\ GĪXP\DOHG]LHĔUR]SRF]ĊW\EH]PLĊWRZHMSLDQ\ZXVWDFK]]ĊEDPLV]RUVWNLPLRGRVDGXRG UD]XMHVWMDNLĞQLHFKOXMQ\ 6LHG]ĊSU]\QLHZLHONLPSRUDQQ\PRJQLVNXL]DMDGDPZF]RUDMV]ąSLHF]RQąU\EĊ &\ZLOL]DFMD MHVW RNURSQLH XFLąĪOLZD 7áRF]QD KDáDĞOLZD SDQRV]\ VLĊ L ZFLVND Z NDĪG\ ]DNąWHN 0LPR WR EH] SU]HUZ\ PL F]HJRĞ EUDNXMH $ WR JD]HW\ D WR VLHFLRZHJR UDGLD D WR NDZ\DWRVRNXSRPDUDĔF]RZHJR&LąJOHF]HJRĞPLVLĊFKFH ,QLHRGPLHQQLHMHVWWRFRĞF]HJRWXQLHPD 7X MHVW W\ONR ZU]ąWHN ] PLRGHP NWyU\ ]D SDUĊ GQL VLĊ VNRĔF]\ á\NRZDWH WáXVWH PLĊVR SRGREQHGRZĊJRU]DQLHERODVLRNRORQ\JyUDPLNU\V]WDáRZ\ILRUG&KFĊSRF]\WDüNVLąĪNĊ REHMU]Hü KRORILOP FKFĊ LĞü GR HOHJDQFNLHM NRQRE\ Z PDULQLH L SLü FDSSXFFLQR SDWU]ąF QD ELDáHĞUyG]LHPQRPRUVNLHMDFKW\&KFĊF]\VWąNRV]XOĊLELDáHVSRGQLH &LHNDZHF]\PLNLHG\ĞSU]HMG]LH 1DUD]LHEH]SU]HUZ\MHVWPLRNURSQLHQLHZ\JRGQLH&]HNDQLHQDEU]HJXILRUGXGáXĪ\VLĊ QLH]QRĞQLH7U]HEDE\üFLHUSOLZ\P =DF]\QDP VLĊ MXĪ QLHSRNRLü 1LHSRWU]HEQLH ]GDáHP VLĊ QD ]LDUQR 7U]HED E\áR REáDVNDZLDü NRQLD QRUPDOQ\PL OXG]NLPL PHWRGDPL -DN NDĪG\ PLHV]NDQLHF :\EU]HĪD $OH QLH MHVWHP SURGXNWHP PRMHM F\ZLOL]DFML L MHĞOL W\ONR PRJĊ SyMĞü QD VNUyW\ QD SHZQR WR ]URELĊ -HĪHOL W\ONR SRG UĊNą MHVW MDNDĞ WHFKQRORJLD QD SHZQR MHM XĪ\MĊ F]\ WU]HED F]\ QLH WU]HED%RWDNMHVWOHSLHMSHZQLHMLEDUG]LHMQDXNRZR =LDUQRSRZLQQRMXĪVLĊ]DNW\ZRZDü,PRĪH]DELáRELHGQH]ZLHU]ĊDOERGRSURZDG]LáRMH

GRREáĊGX3RZLQQR]DG]LDáDüDOHWRSU]HFLHĪW\ONRWHRULDXNXWDSU]H]MDNLHJRĞMDMRJáRZHJR XF]RQHJR7HRULDNWyUąEH]P\ĞOQLHNXSLáHP]DPLDVWSRVáXĪ\üVLĊUR]VąGNLHP &KRG]Ċ SR OHVLH SU]\ZRG]ąF\P QD P\ĞO SRáXGQLRZą .DUHOLĊ 6NDá\ LJODVWH GU]HZD SRNUĊFRQHJDáĊ]LH6NRURQLHPDPQLFGRURERW\SRZLQLHQHPV]XNDüĪ\ZQRĞFL=QDPNLOND JDWXQNyZ MDGDOQ\FK JU]\EyZ L SRURVWyZ ZLHP MDN UR]SR]QDü MDGDOQH SĊG\ GU]HZ L OHĞQH RZRFH0DPQDG]LHMĊQDMDNLHJRĞG]LNDDOERMHOHQLD1LF2NROLFDMHVWMDNZ\PDUáD =QDMGXMĊW\ONRJDUĞüRU]HFKyZLNLONDJU]\EyZSRGREQ\FKGRWUXIOL 2NRáRSRáXGQLDZLG]ĊNUXND.UąĪ\SRQLHELHMDNF]DUQ\NU]\ĪZ\SDWUXMąFRILDU\UyZQLH EH]VNXWHF]QLHMDNMD,GĊZĞODG]DQLPVWDUDMąFVLĊQLHVWUDFLüJR]RF]XDĪZUHV]FLHVLDGDQD GU]HZLH MDNLHĞ GZLHĞFLH PHWUyZ RGH PQLH L ZWHG\ MXĪ MHVW PyM .RQFHQWUXMĊ Z]URN L SDWU]Ċ SU]H]NROLPDWRU\F\IUDODXVLáXMąFUR]SR]QDüF]\WRPyM]áRG]LHMF]\QLH$ZFKZLOĊSRWHP VSDGDRELMDMąFVLĊRJDáĊ]LHLWU]HSLHZNRQZXOVMDFKQD]LHPLSU]HV]\W\VWU]Dáą 3RNLONXPLQXWDFKZ\FLHUDPREOHSLRQ\NUZLąQyĪRPHFKLZLHPMXĪĪHWRQLHPyMSWDN D MHĪHOL QDZHW WR QLH SRáNQąá NDSVXá\ ]LDUQD -HG\Q\ SRĪ\WHN WR JDUĞü F]DUQ\FK OĞQLąF\FK ORWHNNWyUH]DELHUDP]HVREą .LHG\ ZUDFDP GR RER]X SLHUZV]H FR ZLG]Ċ WR PyM ZLHU]FKRZLHF 6WRL QD Z\V\SDQHM ELDá\PL RWRF]DNDPL SODĪ\ L ZHWNQąZV]\ ZLHONL JDUERQRV\ áHE GR V]DáDVX REZąFKXMH SRVáDQLH :\F]XZD PRMą REHFQRĞü L Z\GDMH ] VLHELH VHULĊ JU]PLąF\FK NZLNyZ SR F]\P SXV]F]DVLĊSURVWRQDPQLHNáXVHP2VWURĪQLHRGNáDGDPQD]LHPLĊSLyUDRU]HFK\LJU]\E\L VWRMĊJRWyZGRXQLNX 'RSDGDPQLHWXOąFXV]\LNZLF]ąFWDĔF]\ZRNyáLZS\FKDáHESRGSDFKĊRPDOPQLHQLH SU]HZUDFDMąFDOHZLG]ĊĪHWRUDGRĞüDQLHJQLHZLMHVWPLZVW\G *áDV]F]Ċ DNVDPLWQH IXWUR QD V]\L REHMPXMĊ JR L SR LQGLDĔVNX SU]\WXODP F]RáR GR MHJR F]RáD Z SáDVNLP PLHMVFX PLĊG]\ RF]DPL WDP JG]LH Z ]DWRNDFK NOLQRZ\FK ]DJQLHĨG]Lá VLĊ SUDZGRSRGREQLHUH]RQDWRU ±3U]\MDFLHO7ĊVNQLáHP±P\ĞOLNRĔ±3U]\MDFLHO6]HI.RĔE\áVDP &]XMĊ MHJR JáRV MDNR ZLEUDFMH SU]HQLNDMąFH PRMą F]DV]NĊ ']LZQ\ REF\ GĨZLĊN UR]EU]PLHZDMąF\ZJáRZLHRGNWyUHJRĞZLHU]ELąPQLH]ĊE\ *áDV]F]ĊZLHONLáHESRQRVLHDĪSRDNVDPLWQHPLĊNNLHQR]GU]DLFKZ\WQHZDUJLSRGREQH GR]DNRĔF]HQLDVáRQLRZHMWUąE\ ±1D]\ZDV]VLĊ-DGUDQ±V]HSFĊ±-DMHVWHP9XNR ±-DGUDQ±SRZWDU]D±9XNRL-DGUDQWHUD]UD]HP" ±7DN±PyZLĊ±5D]HP  8GDáRVLĊ&K\ED3RZLQLHQZWDNLPUD]LH]QDüNLONDG]LHVLąWNRPHQGGODEH]SLHF]HĔVWZD Z\SRZLDGDQ\FKSRFKRUZDFNXDOERSROVNX-HVWMDNF\UNRZ\NRĔLERMRZ\UXPDN]DUD]HP= SLĊüODWWUHQLQJXSURZDG]RQHJRRGZLHNXĨUHELĊFHJR]DNOĊWHZPDáHMV]NOLVWHMNLMDQFHNWyUD ]DOĊJáDVLĊZMHJRPy]JX

±-DGUDQWHUD]LQQ\ ±7HUD]MHVWLQDF]HM±PyZLĊ±-XĪQLHERLV]VLĊRJQLDQLHERLV]VLĊVNDNDüQDZHWMHĪHOL QLHZLHV]FRMHVW]DSU]HV]NRGą1LHSU]HVWUDV]\V]VLĊKXNXEá\VNXDQLJZDáWRZQHJRUXFKX 1LHEĊG]LHV]XFLHNDüFK\EDĪHFLNDĪĊ7HUD]ZLG]LV]ZFLHPQRĞFLLQLHEĊG]LHV]FKRURZDá =DNáDGDP F]DSUDN L U]ąG 1DUHV]FLH %LRUĊ GR UĊNL VLRGáR NWyUH GRWąG VDP QRVLáHP QD NDUNX 6WRLFLHUSOLZLHVWU]\ĪHW\ONRXV]DPLNLHG\]DSLQDPSRSUĊJSRGVWDZLDáHESRGQDELMDQ\ üZLHNDPLNDQWDUSRVáXV]QLHFKZ\WDZS\VNG]LZDF]QHZĊG]LGáR]DSURMHNWRZDQHGRV]F]ĊNL WDNLFKMDNRQ 3RWHP ĪZLURZD SODĪD QD EU]HJX ILRUGX Z\JOąGD MDN DUHQD F\UNRZD :LHU]FKRZLHF FRID VLĊ UREL SLUXHW\ NáDG]LH L SRGU\ZD QD NRPHQGĊ 3RVáXV]QLH MDN PRWRF\NO /DWD WUHQLQJX Z MHGQHMNDSVXáFH6KRZ%XIIDOR%LOOD $ĪV]NRGDĪHQLNWQLHSDWU]\ 1D NRODFMĊ SRGJU]HZDP MHGQą ] ZRMVNRZ\FK UDFML NWyUH ]DEUDáHP MHV]F]H ]H VWDFML :\NOHSXMĊG]LXUĊZNRFLRáNXLVWDUDPVLĊ]DNODMVWURZDüMą JOLQąZQDG]LHLĪHZ\SDOLVLĊZ ĪDU]HRJQLVNDDOHQLHZLHOHWRGDMH&LHNQLH2VWDWHF]QLHMHPSURVWR]RSDNRZDQLD ĝZLĊWXMĊ -HP SDUyZNL Z VRVLH EDUEHFXH ] NXNXU\G]ą Z\SLMDP VROLGQą PLDUNĊ UDNLML -DGUDQ GRVWDMH VSRUą SRUFMĊ SRNUXV]RQ\FK VXFKDUyZ D SRWHP LG]LH SRV]XNDü F]HJRĞ FR QDGDMH VLĊ QD SDV]Ċ 1LH ZLHP FR WR EĊG]LH VąG]ąF SR ]ĊEDFK MHVW ZV]\VWNRĪHUQ\ DOER L GUDSLHĪQ\ ĩDáXMĊĪHQLHPRJĊJRVS\WDüVNąGZ]LąáVLĊQDG]LZQHMSRODQFHLFRSU]HGWHPSRUDELDá 0D ]D PDá\ ]DVyE VáyZ SR]D W\P WDN QDSUDZGĊ QLH XPLH PyZLü 3R SURVWX QLH ZLH FR SRF]ąü]XPLHMĊWQRĞFLąPRZ\:\JáDV]DSURVWHNRPXQLNDW\DOHQLHSRWUDILQLFRSRZLHG]LHü DQLXEUDüZáDVQ\FKZVSRPQLHĔZVáRZD 6WDUDPVLĊQLHEXGRZDüJáXSLFKQLHXSUDZQLRQ\FKWHRULLDOHQLFQLHSRUDG]Ċ:\GDMHPL VLĊ ĪH MHJR SRMDZLHQLH VLĊ ]E\WQLR SDVXMH GR ]MDZLVND QD NWyUH ZFLąĪ VLĊ QDW\NDP L NWyUH URERF]RXZDĪDP]DKDOXF\QDFMĊ :\GDMHPLVLĊĪHWRVSUDZND]LPQHMPJá\  .LHG\ QDVWĊSQHJR UDQND Z\UXV]DP\ Z GURJĊ F]XMĊ VLĊ OHNNL MDN SLyUNR &Dá\ VSU]ĊW OąGXMH Z VDNZDFK XPLHV]F]RQ\FK QD NRĔVNLP ]DG]LH L ZHZQąWU] ]URORZDQHJR NRFD SU]HU]XFRQHJRSU]H]JU]ELHW1DUHV]FLHQLHPDPQDVRELH]EURLLNROF]XJL%URĔLVSU]ĊWZLVL Z VDNZDFK NDEXUDFK L ]DF]HSDFK NRĔ REZLHV]RQ\ PDQHODPL QLH SUH]HQWXMH VLĊ HOHJDQFNR WURFKĊ MDN UXPDN FLĊĪNLHM MD]G\ D WURFKĊ MDN REZRĨQ\ VWUDJDQ DOH QLH Z\JOąGD E\ ERGDM ]DXZDĪ\áVZyMáDGXQHN 1DUHV]FLHUR]SRF]\QDP ZĊGUyZNĊEH]KHáPXQDJáRZLHLVLRGáDQD NDUNX 5XV]DP\ :ąZR]HP Z]GáXĪ NUĊWHJR ILRUGX SU]H] ODV SU]H] VNDOLVWH SXVWNRZLD SRURVáH NU]DNDPL

-DNV]ODNSURZDG]L 3RSRáXGQLXQDW\NDPVLĊQDPRVW :áDĞFLZLHUXLQ\PRVWXDOHWDNLHĪH]DSLHUDMąGHFKZSLHUVL1DNDĪG\PEU]HJXZ]QRV]ą VLĊGZDROEU]\PLHS\ORQ\FK\ED]HWU]\G]LHĞFLPHWUyZZ\VRNRĞFLU]HNDMHVWZW\PPLHMVFX V]HURNDPDRNRáRVWXSLĊüG]LHVLĊFLXPHWUyZVNDOLVWHEU]HJLWHĪZ]QRV]ąVLĊQDNLONDSLĊWHU 3\ORQ\ QD EU]HJDFK WR PRQVWUXDOQH SRVąJL JLJDQWyZ 1D MHGQ\P EU]HJX NRELHWD QD GUXJLP SR]EDZLRQD JáRZ\ ILJXUD PĊĪF]\]Q\ :\FLąJDMą GR VLHELH UDPLRQD VWRMąF Z UR]NURNX QDG V]HURNą JáDGNą QDZLHU]FKQLą GURJL 0RVW XU\ZD VLĊ ] NDĪGHM VWURQ\ NLOND PHWUyZRGEU]HJXDOHZQXUFLHQLHZLGDüĪDGQ\FKSR]RVWDáRĞFL =VLDGDP ] NRQLD L REFKRG]Ċ UXLQ\ JáDG]ąF SRZLHU]FKQLĊ VNDá\ -HVW MHGQROLWD ĩDGQ\FK ĞODGyZREUyENLĪDGQ\FKVSRMHĔ-DNE\SU]HGPLOLRQDPLODWODZDXWZRU]\áDSUHF\]\MQHILJXU\ JLJDQWyZ QDZLHU]FKQLĊ L OLQ\ áąF]ąFH QLHJG\Ğ Z\FLąJQLĊWH WĊVNQLH UDPLRQD 7HUD] MXĪ QD ]DZV]HG]LHOLLFKU]HNDLQLJG\VLĊQLHVSRWNDMą .WRZNUDMXZNWyU\PV]F]\WHPDUFKLWHNWXU\MHVWEXGD]U]HĨELRQ\FKEDOL]GRáDáZ]QLHĞü FRĞWDNLHJR" 3RPRMHMVWURQLHILRUGXGURJDZFLQDVLĊZVNDOLVWH]ERF]HLáDJRGQLHQLNQLHZOHVLH7DN VDPR MDN PRVW MHVW SUHF\]\MQLH XIRUPRZDQą VNDáą 1LHPDO QLHWNQLĊWą *áDGNą MDN V]NáR QDZLHU]FKQLĊU\VXMH]DOHGZLHNLONDSĊNQLĊüZNWyUHZFLVNDMąVLĊWUDZDLNRU]HQLHGU]HZ 5XV]DP SRG JyUĊ GURJą 1LH SURZDG]L PRLP V]ODNLHPDOH FKFĊ ZLHG]LHü FR MHVW GDOHM 3U]HJUDG]DMąMąRJURPQHSQLH]ZDORQ\FKNLHG\Ğ GU]HZ]D]DNUĊWHPMHGQRZLHONLHRLJáDFK SRGREQ\FK GR DUDXNDULL Z\UDVWD ] LGHDOQLH RNUąJáHM G]LXU\ SRĞURGNX V]RV\ 3LHĔ PD WU]\ PHWU\ĞUHGQLF\.RS\WD-DGUDQDVWXNDMąRED]DOWRZąQDZLHU]FKQLĊ -HG]LHP\ WDN ] JRG]LQĊ DĪ ODV VLĊ SU]HU]HG]D L QD V]F]\FLH SRMDZLD VLĊ ]D QLP SXVWDü ZU]RVRZLVND 3áDVNRZ\Ī SRNU\ZDMąF\ V]F]\W Z]JyU]D : GROH ZLG]Ċ FLąJQąFą VLĊ DĪ SR RGOHJáHPLJRFąFHPRU]HSRáDüODVXMDNNRVPDW\EUą]RZRROLZNRZ\G\ZDQ *G]LHĞ R SLĊüVHW PHWUyZ GRVWU]HJDP FRĞ FR Z SLHUZV]HM FKZLOL Z]LąáHP ]D ELDáH ZDSLHQQH VNDá\ DOH WR EXGRZOH 2VWURáXNRZH VWRĪNL QLF]\P F]XENL ]DNRSDQ\FK Z ]LHPL SRFLVNyZ XVWDZLRQH Z NLONX NRQFHQWU\F]Q\FK NUĊJDFK &DáH Z F]DUQ\FK SRGREQ\FK GR PXFKSODPNDFKNWyUH]EOLVNDRND]XMąVLĊVWDGHPZLHONLFKNUXNyZ&]ĊĞüNUąĪ\ZJyU]HMDN RĪ\ZLRQHVWU]ĊS\VDG]\ 2GSLQDP PLHF] RG OHZHM W\ELQNL VLRGáD L ZROQ\P UXFKHP SU]HZLHV]DP JR SU]H] SOHF\ 3RGMHĪGĪDPVWĊSD]áXNLHPZSRJRWRZLXLVWU]DáąQDFLĊFLZLH = EOLVND EXGRZOH Vą ZLĊNV]H QLĪ E\ VLĊ Z\GDZDáR :MHĪGĪDP Z SLHUZV]\ NUąJ SU]\SRPLQD WR WURFKĊ PXU]\ĔVNą ZLRVNĊ W\ONR ĪH FKDW\ Vą QLF]\P Z\U]HĨELRQH ] ELDáHJR PDUPXUX 7DN VDPR MDN PRVW L NDPLHQQH JLJDQW\ Z\JOąGDMą UDF]HM QD RGOHZ QLĪ U]HĨEĊ &LV]D,FKyUDOQHNUDNDQLH 1LHPDWXĪ\ZHJRGXFKD 7R G]LZQH 1DZHW MHĪHOL WH G]LZDF]QH FKDW\ Vą SR]RVWDáRĞFLą SR MDNLHMĞ SUDGDZQHM

NXOWXU]H NWRĞ SRZLQLHQ WX PLHV]NDü 7R JRWRZH GRP\ :\VWDUF]\áRE\ GRURELü VRELH GU]ZL 6ąRNQDGDFKQLHOHMHVLĊQDJáRZĊ 0RĪHPLHMVFHQLHMHVWRGSRZLHGQLH"=WHJRFRF]\WDáHPRNXOWXU]HĩHJODU]\QLHFKĊWQLH RVLHGODMą VLĊ JG]LHĞ JG]LH QLH ZLG]ą ZRG\ 3U]HG GRPHP PXVL E\ü PRU]H U]HND NWyUD GR QLHJRSURZDG]LDOERSU]\QDMPQLHMMH]LRUR =HVNDNXMĊ ] NRQLD L RVWURĪQLH SRGFKRG]Ċ GR QDMEOLĪV]HJR EXG\QNX àXN WU]\PDP Z ]ZLHV]RQHMVZRERGQLHGáRQLSU]\WU]\PXMąFVWU]DáĊSDOFHP:\VWDUF]\FKZ\FLüGUXJąUĊNą]D FLĊFLZĊLPRĪQDVWU]HODü 1LHSRGREDPLVLĊWDFLV]DLWRPLHMVFH $NW\ZXMĊF\IUDOD 

 8PLDáSRGHMĞü]XSHáQLHEH]JáRĞQLH.UXNLUR]VWĊSRZDá\VLĊQLHFKĊWQLHQLHNWyUHZ]ELMDá\ VLĊ QD MHJR ZLGRN Z SRZLHWU]H ZDOąF FLĊĪNLPL VNU]\GáDPL -HGQDN ]D RVWURáXNRZ\P ZHMĞFLHP E\áD W\ONR FLHPQRĞü ]DSDFK VWĊFKOL]Q\ L PRNUD ]LHPLD SU]\NU\ZDMąFD ZDUVWZą NDPLHQQąSRVDG]NĊ , VWHUWD ]EXWZLDá\FK NRĞFL SRĞURGNX RNUąJáHJR SRPLHV]F]HQLD :\PLHV]DQ\FK MDN NU]\ZHSRĪyáNáHSDW\NL5HV]WNDMDNLHMĞEXUHMV]PDW\EUXGQRĪyáWDNXODF]DV]NL :VąVLHGQLPGRPXE\áRWDNVDPRDOHNRĞFLOHĪDáRWDPWURFKĊZLĊFHM'UDNNDLQHQX]QDá ĪHWRPXVLE\üURG]DMFPHQWDU]D :H Z]PRFQLRQ\P ĞZLHWOH ZLGDü E\áR Z\EODNáH SROLFKURPLH SRNU\ZDMąFH ĞFLDQ\ L ĞZLHĪV]H]QDNLUXQLF]QHZ\PDORZDQHRFKUąOXENUZLą ±1RWR]FDáąSHZQRĞFLąWUDILáHPQDFPHQWDU] ±PUXNQąá:ĊGURZLHFNURF]ąFVSLUDOQą DOHMNą SRPLĊG]\ JURERZFDPL ĝURGHN QHNURSROLL Z\]QDF]DáD RNUąJáD NDPLHQQD Sá\WD ]DVWDZLRQDVWU]HODMąF\PLQDNLONDPHWUyZZQLHERNDPLHQQ\PLNROFDPL : MHGQ\P ] JURERZFyZ ]QDOD]á V]NLHOHW VLHG]ąF\ MHV]F]H QD SRGáRG]H ZLGRF]QLH SU]HWUZDá\]DVFKQLĊWHĞFLĊJQDLUHV]WNLVNyU\:LQQ\FKE\á\MXĪW\ONRVWHUW\NRĞFLZGZyFK VSRF]\ZDá\Z\VFKQLĊWHSRGREQHGRPXPLLWUXS\.UXNL]HEUDá\VLĊSU]HGW\PLJURERZFDPLL NáĊELá\ VLĊ Z ĞURGNX Z\G]LREXMąF UHV]WNL PLĊVD 6SáRV]\á MH DOH QLH EDUG]R VLĊ EDá\ 'ZD Z]ELá\VLĊ Z JyUĊLSU]\VLDGá\QDGDFKXSR]RVWDáHUR]SLHU]FKá\VLĊ] JQLHZQ\PNUDNDQLHP 1LH ]DF]HSLDá LFK SU]HVDGQLH DJUHV\ZQLH = UR]áRĪRQ\PL VNU]\GáDPL PRJá\ PLHü ] SyáWRUD PHWUDG]LyENDĪGHJRZ\JOąGDáMDNRVWU]HNLORIDLE\áGáXĪV]\RGGáRQL .ROHMQ\WUXSE\áMHV]F]HZFDáNLHPQLH]á\PVWDQLH6LHG]LDáGRNáDGQLHZWHMVDPHMSR]\FML FRSR]RVWDáHSRĞURGNXSRPLHV]F]HQLD]HVNU]\ĪRZDQ\PLQRJDPL]UĊNDPLRSDUW\PLRNRODQD L GáRĔPL VNLHURZDQ\PL NX JyU]H = W\áX JáRZ\ ]RVWDá\ PX QDZHW GáXJLH VLZH ZáRV\ MDN QLHGRNáDGQLH]GDUW\VNDOS =DMU]Dá GR ĞURGND L ZWHG\ WUXS QDJOH RWZRU]\á RF]\ 3U]HNUZLRQH SRNU\WH ELHOPHP L PĊWQH MDN POHNR ] NUZLą 'UDNNDLQHQ RGVNRF]\á Z W\á QDSLQDMąF áXN L F]XMąF MDN

KLSHUDGUHQDOLQDXGHU]DZMHJRĪ\á\ &]áRZLHN RWZRU]\á XVWD L Z\GDá ] VLHELH RFKU\Sá\ ZU]DVN SU]\SRPLQDMąF\ NUDNDQLH SR F]\P]QyZ]QLHUXFKRPLDá 'UDNNDLQHQ Z\SXĞFLá SRZLHWU]H SRZROL RGSXĞFLá FLĊFLZĊ L SU]H] FKZLOĊ UR]PDVRZ\ZDá UĊFHF]HNDMąFDĪSDOLZRSU]HVWDQLHNUąĪ\üZMHJRNUZL ± $OHĞ PQLH EUDFLH Z\VWUDV]\á ± SRZLHG]LDá ± &RĞ W\ ]D MHGHQ" &KRU\ MHVWHĞ" 3RWU]HEXMHV]SRPRF\" 1LF ±&KFHV]MHĞü" 1LF 3U]HUDĨOLZLHFKXG\F]áRZLHNQLHRGH]ZDáVLĊDQLQLH]DUHDJRZDáQDZHWNLHG\'UDNNDLQHQ FKZ\FLá JR ]D UDPLĊ 3RG QLHPRĪOLZLH EUXGQą L ]HWODáą V]PDWą Z\GDZDá VLĊ SXVW\ MDN ZRVNRZ\RGOHZ 3XOVPLDáVáDE\DOHZ\F]XZDOQ\-HG\QąR]QDNąĪ\FLDE\áU]DGNLSRZROQ\RGGHFK ±.DWDWRQLN±]DZ\URNRZDá'UDNNDLQHQ±&PHQWDU]NDWDWRQLNyZ&R]DNUDM =PLHU]FKDáR ± $OER ZUDFDP\ QD V]ODN L EĊG]LHP\ QRFRZDOL NRáR PRVWX DOER ]RVWDMHP\ WXWDM ± SRZLHG]LDá GR NRQLD ± :\QLND PL ĪH WR MHVW VNUyW 3U]\QDMPQLHM WDN VLĊ Z\GDMH ] WHJR Z]JyU]D5]HNDMHVWWDPLURELáXNDP\FKFHP\GRVWDüVLĊGRXMĞFLDGRSRUWX$WHQQLHFK VRELHVLHG]L:NRĔFXQLNRPXQLHSU]HV]NDG]DDMDQLHMHVWHPZĊGURZQ\PSV\FKLDWUą -DGUDQSDUVNQąáLZ\GDá]VLHELHSU]HFLąJá\SRPUXN ±=DWHPSRVWDQRZLRQH 1LHNWyUH EXGRZOH E\á\ ]XSHáQLH SXVWH 'UDNNDLQHQ ]DPLyWá NDPLHQQą Sá\WĊ SRGáRJL ZLHFKFLHPJDáĊ]LSRF]\PSU]\QLyVáVRELHVWHUWĊVXFK\FKJDáĊ]L ±5R]VąGQLHMEĊG]LHMHGQDNVSDüQDGZRU]H±SRZLHG]LDáUąELąFNLMHPDF]HWąLXNáDGDMąF RJQLVNR ± =XSHáQLH QLH ZLHP GODF]HJR 1LH QLH ERMĊ VLĊ GXFKyZ , SRZLHP FL Z VHNUHFLH GODF]HJR0LDQRZLFLHGXFKyZQLHPD $MHGQDNQLHPLDáRFKRW\VSDüZHZQąWU]G]LZQHMVSLF]DVWHMEXGRZOL6LHG]LDáSDWU]ąFZ RJLHĔLVáXFKDáRGF]DVXGRF]DVXFKyUDOQHJRNUDNDQLDNUXNyZ]GUXJLHJRNRĔFDZLRVNL :NRĔFX]DVQąáRZLQLĊW\GHUNąSDWU]ąFZĪDURJQLVND 7XĪ RERN VWDá MHJR ZLHU]FKRZLHF RJU\]DMąF PLĊVLVWH OLĞFLH ] NU]DND L VWU]\JąF XV]DPL ZSDWU\ZDáVLĊZPURN3U]HGVQHP'UDNNDLQHQRSDUáVLĊF]RáHPRNRĔVNLáHE ±=áHPLHMVFH±P\ĞODá-DGUDQ±0LHMVFHĞPLHUFL9XNRĞSL-DGUDQSLOQXMH=áHPLHMVFH -DGUDQEĊG]LHNRSDüLJU\Ĩü.WRĞSU]\MG]LH-DGUDQ]DELMH9XNRĞSL 

 6LHG]ą ZRNyá PQLH SR WXUHFNX ] UĊNRPD RSDUW\PL R NRODQD GáRĔPL ]ZUyFRQ\PL NX QLHEX 3DWU]ą QD PQLH QDELHJQLĊW\PL NUZLą PĊWQ\PL ĞOHS\PL RF]DPL 6LHG]ą L ZELMDMą ZH

PQLHPDUWZ\Z]URNQLH]ZUDFDMąFXZDJLQDNUXNLV]DUSLąFHLFKFLDáD ± &LDáR WR PDUQRĞü ± V]HSFH MHGHQ -HJR JáRV EU]PL MDN V]HOHVW VXFK\FK FPHQWDUQ\FK OLĞFL±'XV]DWRWHĪPDUQRĞü0XVLV]E\üMDNNUXNĪHE\Z]ELüVLĊGRQLHED ± 2WR NROHMQ\ SU]\V]HGá NUDĞü SLHĞQL ± 7R QDVWĊSQ\ MHVW MXĪ QLHPDO V]NLHOHWHP ± %áąG]LV],G]LHV]SRVSLUDOLGRQLNąG6DPPXVLV]VWDüVLĊSLHĞQLą ± 'URJD ZLHG]LH GR ĞURGND D QLH QD ]HZQąWU] $OH WR JáXSLHF ± :ĊGUXMąF\ 1RFą 3U]\V]HGá]]HZQąWU]LRGHMG]LHQD]HZQąWU] ± 3U]\FKRG]ą WX SR SLHĞQL &KFą F]\QLü $OH WR MHVW PLHMVFH Z NWyU\P SU]HVWDMH VLĊ F]\QLü:NWyU\PSU]HVWDMHVLĊFRNROZLHN ± -HVWHĞ ]áRG]LHMHP 'ODF]HJR QDUXV]DV] VSRNyM .UXF]HJR 0LDVWD" -HVWHĞP\ PĊGUFDPL 3LHĞQLDU]DPL-HVWHĞP\]DMĊFL0\WXSU]HVWDMHP\E\ü'ODF]HJRQDPSU]HV]NDG]DV]" :\FLąJDUĊNĊLZ\U\ZDPLRNR3RND]XMHMHSá\ZDMąFHQDGáRQLMDNUR]ELWHMDMNR ±7\OHNRV]WXMHZLHG]D7HQFRFKFHF]\QLüPXVLXPLHüSDWU]HüZQĊWU]HP 6DPMHVW]XSHáQLHĞOHS\ ±:LG]LV]"±S\WD±-HGQRRGGDáHPĪHE\F]\QLü'UXJLHĪHE\SU]HVWDüF]\QLü2GGDáHP MHNUXNRP %XG]ĊVLĊMDNQDGĨZLĊNDODUPX3RQXU\SU]HGĞZLW:áDĞFLZLHWDNDSRVLQLDáDRGZVFKRGX QRF7U]HĨZ\LJRWyZGRG]LDáDQLD1LHZLHPF]\WR]SRZRGXNRV]PDUXF]\RVWU]HJDZF]HJR SRPUXNX-DGUDQD ,NRQ\WU\EXERMRZHJRZPJQLHQLXRNDSU]HODWXMąPLSU]H]SROHZLG]HQLD MDNKRORJUDILF]QHGHOLULXPWUHPHQV 

 'UDNNDLQHQZVWDáEH]JáRĞQLH]áXNLHPZUĊNXLSRGNUDGáVLĊGRNRQLDRSLHUDMąFRMHJR PLĊNNLEHF]NRZDW\ERN.RĔRGZUyFLáNXQLHPXZLHONLáHE]HWNQĊOLVLĊF]RáDPL ± &]áRZLHN L RVLRá ± SRP\ĞODá NRĔ ± =D JU]ELHWHP 1LH ZLGDü ,G]LH 1LH ERL VLĊ 2Q NáDPLH,ZLHĪHWXMHVWHĞP\ ±/HĪ±V]HSQąá'UDNNDLQHQ 3U]\NOĊNQąá L RSDUá GáRĔ ] áXNLHP R NRODQR .RĔ SRGZLQąá QRJL L ]QLNQąá Z Z\VRNLHM WUDZLHSRVáXV]QLHZ\FLąJDMąFV]\MĊLXNáDGDMąFáHEMDNRĞWDNSRVPRF]HPXEURGąQD]LHPL =LHPVNLNRĔE\WDNQLHPyJáSRP\ĞODá:ĊGURZLHF : WHUPRZL]ML NUXNL VLHG]ąFH QD VSLF]DVW\FK FKDáXSDFK OĞQLá\ MDN QHRQRZH SDSXJL EXG\QNL VWHUF]Dá\ ZRNyá QLF]\P VPRF]H ]ĊE\ 6á\FKDü E\áR VNU]\SLHQLH NLHSVNR QDVPDURZDQ\FK RVL =]D SDJyUND XND]DáD VLĊ ĪyáWRSRPDUDĔF]RZD SODPD Z NV]WDáFLH JX]RZDWHJRáED]ZLHU]ĊFLDSRGREQHJRGRRNDSLDOERPLQLDWXURZHMĪ\UDI\=DQLPXND]DáVLĊ GZXNRáRZ\ Zy]HN RERN NWyUHJR V]HGá EDUG]R QLVNL F]áRZLHN Z VNyU]DQ\P NDSHOXV]X ] ZLHONLPURQGHPLMDGáMDMNRQDWZDUGR 'UDNNDLQHQSRĞOLQLáSDOFHLSRSUDZLáSRVWU]ĊSLRQHSLyUDEU]HFKZ\ ±1LHPRĪHV]VSDü.UXF]\&LHQLX"±]DZRáDáQDFLąJDMąFáXN

±7\WHĪMHĪHOLQLHPDGU]HZDĝSLąF\1D'U]HZLH"±RGNU]\NQąáWDPWHQ±/HSLHMRGáyĪ áXNLGRU]XüGUHZ ±'REU]HZLG]ĊLEH]WHJR±RGNU]\NQąá9XNR ±2GáyĪáXNWRXVLąGĊ]WREąSU]\RJQLX ±$FR]WHJR]DSRĪ\WHN" ±ĝQLDGDQLH'DMRJLHĔMDGDPSLZRZĊG]RQNĊLFKOHE 'UDNNDLQHQ]GMąáVWU]DáĊ ±0DPXSLHF]RQąU\EĊ±SRZLHG]LDá 6LHG]LHOLSRREXVWURQDFKRJQLVNDSDWU]ąFQDVLHELHSU]H]SáRPLHQLH:VWDZDáSXUSXURZ\ ĞZLW=EOLVNDRND]DáRVLĊĪH.UXF]\&LHĔMHVWQLHPDONDUáHP.UĊS\P NU]\ZRQRJLPLEH] MHGQHJRRND2F]RGyáNU\áVLĊ]DNRĞFLDQąSá\WNąXPRFRZDQąU]HPLHQLDPL ±2GGDáHĞRNR]DZLHG]Ċ"±]DS\WDá'UDNNDLQHQ ±7DN'RZLHG]LDáHPVLĊĪHMDNVLĊZDOF]\EH]KHáPXWRPRĪQDVWUDFLüRNR$W\F]HJR VLĊGRZLHG]LDáHĞ" ± ĩH WR G]LZQ\ NUDM ĩH WUZD MDNDĞ ZRMQD ERJyZ ĩH WUXGQR WX VSRWNDü NRJRĞ NWR PD GREU]HZJáRZLHĩHZNDPLHQQ\FKGRPDFKPLHV]NDMąWUXS\5yĪQ\FKU]HF]\ ±:F]RUDMV]DWDWZRMDU\ED ±7ZRMHSLZRMHVWNZDĞQH&RWR]DPLHMVFH" ± 8URF]\VNR &PHQWDU] *áXSF\ NWyU]\ P\ĞOą ĪH Vą &]\QLąF\PL SU]\FKRG]ą WX RGGDü SLHĞQL ±,RGGDMą"±]DS\WDá'UDNNDLQHQSRFLąJDMąFá\N ±3LHĞQLERJyZQDOHĪąGRERJyZ1LHPRĪQDLFKDQL]DEUDüDQLRGGDü0RĪQDQDMZ\ĪHM ]DSRPQLHü ±'ODF]HJRPyZLV]]DJDGNDPL" ±0yZLĊWDNMDNS\WDV]=DJDGND]D]DJDGNĊ ±=QDV]ZLHOX3LHĞQLDU]\" ±=QDPZLHOXOXG]L 'UDNNDLQHQZHVWFKQąá ±6DPMHVWHĞ3LHĞQLDU]HP" ± 6WUDV]QLH GXĪR S\WDV] -DN EDED 3\WDV] L S\WDV] &R ]URELV] ] W\PL ZV]\VWNLPL VáRZDPL" ±0yZLáHPĪHV]XNDPNLONRUJDREF\FK-HGHQ]QLFKE\áZLG]LDQ\Z'ZRU]H6]DORQHJR .U]\NX7XWDMQD]\ZDMąJR$DNHQ6á\V]DáHĞRQLP":\VRNLF]DUQRZáRV\RU\ELFKRF]DFK -DNLFK]QDMGĊMHĪHOLQLHEĊGĊS\WDá" ±6]XNDMąFMDNSU]\SXV]F]DP.RQLDMXĪ]QDOD]áHĞ 'UDNNDLQHQ ZHVWFKQąá L V]WXUFKQąá RJQLVNR NLMHP Z\V\áDMąF Z V]DU]HMąFH QLHER VQRS\ F]HUZRQ\FK LVNLHU =XSHáQLH ]DSRPQLDá R NRQLX =DZRáDá JR -DGUDQ ZVWDá QDW\FKPLDVW SRWU]ąVQąááEHPLRGV]HGáQDERNVNXEDüWUDZĊ

± $ PRĪH FKFHV] ]DKDQGORZDü" -HĪHOL SRZLHV] PL FRĞ SRĪ\WHF]QHJR GDP FL PDUNĊ VUHEUHP&RĞFRPLSRPRĪHZSRV]XNLZDQLDFK &]DUQHRZDG]LHRNR.UXF]HJR&LHQLD]DOĞQLáR ±,GĨ]DZV]HSU]HGVLHELH7HQNWRWURSLPXVLV]XNDü]PLDQDWDPJG]LHVLĊF]HNDQLF VLĊQLHG]LHMH3\WDMDOERPLOF]DOH]DZV]HVáXFKDMRF]\PPyZLąOXG]LH1LHZLHU]ZQLFFR QLHPLHV]NDáRFKRüSU]H]FKZLOĊZWZRMHMJáRZLH1LHGRZLHU]DMQRZHPXPLHF]RZLWHPXFR G]LHZF]\QD SRZLH FL Z áyĪNX ERJRP DQL PRĪQ\P 1LH ZLHU] WHĪ SURVWDNRP DQL ]á\P OXG]LRP 0RJĊ WDN GáXJR DOH NDĪGD UDGD FL VLĊ SU]\GD 0RJĊ MXĪ GRVWDü PRMą PDUNĊ F]\ SRWU]HEXMHV]ZLĊFHMUDG" ±1LHSRZLHG]LDáHĞQLFF]HJRE\PQLHZLHG]LDá±XĞPLHFKQąáVLĊ'UDNNDLQHQ±0RJĊFL VLĊ ]UHZDQĪRZDü WDNą VDPą UDGą Ä0ąGU]H XF]\QL JG\ XPNQLH Z SRUĊ WHQ FR V]\G]L ] GUXJLHJR 1LH ZLH yZ FR NSL D SU]HĞODGXMH ĪH JR RGZHW F]HND´ $OER Ä&KZDO G]LHĔ ZLHF]RUHPĪRQĊJG\VSDORQDPLHF]JG\Z\SUyERZDQ\G]LHZLFĊJG\]DPąĪZ\GDQD/yG JG\VLĊSU]HV]áRSLZRJG\Z\SLWH´ ± àDGQLH WR SRZLHG]LDáHĞ ± RGSRZLHG]LDá XĞPLHFKHP .UXF]\ &LHĔ ± $ MHGQDN MD Z\ZLą]DáHP VLĊ ] XPRZ\ 3RZLHG]LDáHĞ ĪH GDV] PL PDUNĊ MHĪHOL SRZLHP FL FRĞ SRĪ\WHF]QHJR3RZLHG]LDáHP ±6RILVWD]FLHELH ±&RWRÄVMRIK\VWDG´" ±7RVáRZR]PRMHJRNUDMX2]QDF]DWHJRNWRNáDPLHQLHNáDPLąF.WRZ\JLQDVáRZDMDN ZLHU]ERZHJDáĊ]LHE\OHZ\V]áRQDMHJR1LHGRVWDQLHV]QDZHWVLHNDĔFD]DWDNLHUDG\ ±:WDNLPUD]LH]DJUDMP\RWZRMąPDUNĊ8PLHV]JUDüZNUyOD" ±1LH ±3RNDĪĊFL 'UDNNDLQHQZ\Mąá]DWNQLĊW\Z]LHPLĊNLMQDNWyU\PRSLHNDáNDZDáHNZĊG]RQNLSRZąFKDá PLĊVRSRF]\PXJU\]áRVWURĪQLH.UXF]\&LHĔSRNXĞW\NDáGRVZRMHJRZR]XLZUyFLáQLRVąF GUHZQLDQHSXGHáNRZNWyU\PFRĞJU]HFKRWDáRMDNZNRPSOHFLHV]DFKRZ\P =HVWDZVNáDGDáVLĊ]GUHZQLDQHMSODQV]\]RWZRUNDPLLSLRQyZNWyUHPRĪQDE\áR]DW\NDü ZWHRWZRUNLMHGQ\POXEGUXJLPNRĔFHP:áRĪRQHMHGQąVWURQąE\á\]Z\Ná\PLSLRQNDPLD GUXJą ± ZDĪQLHMV]\PL MDN GDPND Z ZDUFDEDFK 3UyF] WHJR E\áR MHV]F]H VNyU]DQH RNUąJáH SXGHáNR ]DZLHUDMąFH SáDVNLH NDPLHQLH ] Z\U\W\PL SR MHGQHM VWURQLH L QDSXV]F]RQ\PL IDUEą ]QDNDPL NWyUH R]QDF]Dá\ UR]PDLWH W\PF]DVRZH FHFK\ SLRQyZ DOER ZDUXQNL SDUWLL L WH NDPLHQLH]ZDQHÄNDPLHQLDPLORVX´QDOHĪDáRZ\FLąJDüQDĞOHSR]SRMHPQLND&]DUQHWU]HED E\áR SRND]Dü L ]DVWRVRZDü QDW\FKPLDVW F]HUZRQH WU]\PDü QD SyĨQLHM L XĪ\ü NLHG\ E\áR WR Z\JRGQH 'R WHJR LVWQLDá\ MHV]F]H GZLH ZLHORĞFLHQQH NRĞFL NWyU\PL U]XFDáR VLĊ ZHZQąWU] RWZDUWHJR SXGHáND &HOHP UR]JU\ZNL E\áR SU]HSURZDG]HQLH ÄNUyOD´ ] MHGQHJR URJX SODQV]\ GR GUXJLHJR 0RĪQD E\áR ]ELMDü SLRQ\ SU]HFLZQLND SUyERZDü ]DELü OXE ]DEORNRZDü MHJR ÄNUyOD´ DOER VNRQFHQWURZDü VLĊ QD SU]HSURZDG]HQLX JR GR URJX V]\EFLHM QLĪ ]UREL WR

SU]HFLZQLN *UD E\áD VNRPSOLNRZDQD DOH GR SRMĊFLD 'UDNNDLQHQ DNW\ZRZDá RGSRZLHGQL PRGXá F\IUDOD L ]DUHMHVWURZDá ZV]\VWNLH UHJXá\ ZáąF]QLH ]H ]QDF]HQLHP V\PEROL QD V]HĞüG]LHVLĊFLX F]WHUHFKNDPLHQLDFK7RE\á HOHPHQWNWyUHJREH]ZVSRPDJDQLDQLH]DSDPLĊWDáE\ZF]HĞQLHM QLĪSRNLONXUR]JU\ZNDFK1LNWE\QLH]DSDPLĊWDáLWRZáDĞQLHZ\GDáRPXVLĊ]DVWDQDZLDMąFH :VXQąá GáRĔ GR SRGUĊF]QHM VDNLHZNL ] PRQHWDPL ]DEUDQ\PL ]H VWDFML L QDPDFDá GZDQDĞFLH VUHEUQ\FK EODV]HN NDĪGą PQLHM ZLĊFHM SR Syá JUDPD &]WHU\ E\á\ R]GRELRQH U\VXQNLHP NRQLD LQQH F]áRZLHND ] JDáĊ]Lą MHV]F]H LQQH QLHPDO ]DWDUW\PL ]QDNDPL :\Mąá GáRĔ]VDNLHZNLLQLHSU]HOLF]DMąFZV\SDáPRQHW\GRSRNU\ZNLSRMHPQLND]NDPLHQLDPLORVX .UXF]\ &LHĔ ZELá Z ]LHPLĊ ]DRVWU]RQ\ SDW\N ] RGFKRG]ąFą Z ERN JDáĊ]Lą L QD VĊNX SRZLHVLáV]QXUHN]XPRFRZDQ\PSR]LRPRZąVNLPNU\V]WDáHP ±&RWRPDE\ü" ±-HGHQ]PRLFKWRZDUyZ7RJURWSUDZG\3RZLHPLMHĞOLEĊG]LHV]RV]XNLZDü ±-DNZWRPRĪQDRV]XNLZDü"3U]HFLHĪZV]\VWNRZLGDü ±:NDĪGHMJU]HPRĪQD =DJU]HFKRWDá\ NRĞFL :ĊGURZLHF PLDá JUDü ]LHORQ\PL 3RVWDQRZLá SRVáDü VZRMHJR NUyOD QDMNUyWV]ą GURJą Z DV\ĞFLH V]HĞFLX SLRQyZ XVWDZLRQ\FK Z REURQQ\ V]HĞFLRNąWQ\ V]\N D SR]RVWDá\PL QĊNDü SLRQ\ .UXF]HJR &LHQLD 3RWHP Z\FLąJQąá ÄGHV]F]RZH EDJQD´ D .UXF]\ &LHĔ MDNLĞ F]HUZRQ\ NDPLHĔ NWyU\ ]RVWDZLá VRELH QD SyĨQLHM %DJQD VSUDZLá\ ĪH MHJR NUyO XJU]ą]áPQLHMZLĊFHMZSRáRZLHSODQV]\DRGG]LDá\]ZLDGRZF]H]DSOąWDá\VLĊZVHULĊQLFQLH ]QDF]ąF\FK SRW\F]HN ] SLRQDPL SU]HFLZQLND &\IUDO SRGVXZDá PX PRĪOLZH UXFK\ SU]HFLZQLND L SUDFRZDá QDG ]QDOH]LHQLHP DOJRU\WPX MHJR VWUDWHJLL DOH VWDU]HF ] UHJXá\ Z\NRQ\ZDáLQQHUXFK\QLĪRSW\PDOQH3RNLONXPLQXWDFK'UDNNDLQHQGRV]HGáGRZQLRVNXĪH SU]HFLZQLNNRQFHQWUXMHVLĊQDDWDNDFKQDMHJRNUyODLW\ONRXGDMHĪHPD]DPLDUGRSURZDG]Lü VZRMHJRGR]DPNX 1LHUR]PDZLDOL6á\FKDüE\áRW\ONRJU]HFKRWNRĞFLVWXNNDPLHQLLSLRQyZ.DĪG\]ELáSR V]HĞüSLRQyZSU]HFLZQLNDDOHNUyO'UDNNDLQHQD]QDMGRZDáVLĊZJRUV]HMV\WXDFML:\ORVRZDá GZDF]HUZRQHNDPLHQLHNWyUHWU]\PDáZRGZRG]LH±ÄOyG´LÄFKRUREĊNRQL´RUD]GZDF]DUQH NWyUH ]DEORNRZDá\ MHGHQ ] MHJR RGG]LDáyZ .UXF]\ &LHĔ Z\FLąJDá VDPH F]HUZRQH L ]JURPDG]LáMXĪQLH]áąNROHNFMĊ &\IUDO SRGVXQąá PX GZLH HZHQWXDOQH VWUDWHJLH QD SRGVWDZLH DQDOL]\ UXFKyZ .UXF]HJR &LHQLD SU]\MPXMąF ]DáRĪHQLH ĪH ZV]\VWNLH NDPLHQLH ORVX WDPWHJR EĊGą PLDá\ QDMZLĊNV]\ PRĪOLZ\QLHNRU]\VWQ\ZSá\ZQDUXFK\:ĊGURZFD *URWSUDZG\]DF]ąáQDJOHSRZROLREUDFDüVLĊLZVND]DáFLHQNLPNRĔFHPQD'UDNNDLQHQD .UXF]\&LHĔ]PDUV]F]\áEUZLDOH]DQLPFRĞSRZLHG]LDáNU\V]WDáRGZUyFLáVLĊZMHJRVWURQĊ D SRWHP ]DF]ąá ZROQR ZLURZDü ZVND]XMąF QD ]PLDQĊ WR QD MHGQHJR WR QD GUXJLHJR L WDN ]RVWDáRMXĪGRNRĔFDJU\ 9XNR ]DVWRVRZDá MHGHQ ]H VZRLFK V\VWHPyZ L Z HIHNFLH SR MDNLPĞ F]DVLH RG]\VNDá

NRQWUROĊQDGĞURGNLHPSODQV]\NRV]WHPF]WHUHFKSRPQLHMV]\FKSLRQyZL]PXVLáSU]HFLZQLND GRXĪ\FLDWU]HFKNDPLHQL $ SRWHP X]QDá ĪH Z\VWDUF]\ L FHORZR SRSHáQLá NLOND EáĊGyZ ĪHE\ VSUDZG]Lü F]\ .UXF]\ &LHĔ WR ]DXZDĪ\ =DXZDĪ\á : RGSRZLHG]L 'UDNNDLQHQ ]HPĞFLá VLĊ NLONRPD EROHVQ\PL DWDNDPL L ]PXVLá NDUáD GR XĪ\FLD GZyFK NDPLHQL ± ÄF]DUQHJR RJQLD´ L ÄRJQLVWHM VWU]Dá\´SRF]\P]SHáQąĞZLDGRPRĞFLąSU]HJUDá .UXF]\&LHĔZ\SURVWRZDáVLĊZ\áDPDá]WU]DVNLHPSDOFHLSRFLąJQąáGáXJLá\NSLZD ±àDWZHSLHQLąG]H±RĞZLDGF]\áZV\SXMąFPRQHW\GRVDNLHZNL±*UDP\GDOHM"&KFHV] RGHJUDüVZRMHVUHEUR" ±1LH=DJUDMP\RFRĞLQQHJR ±2FR" ±2S\WDQLH-HĪHOLZ\JUDPRGSRZLHV]PLQDMHGQRS\WDQLH-HĪHOLSU]HJUDPGRVWDQLHV] PDUNĊVUHEUHP2GSRZLHV]V]F]HU]H±:\FLąJQąáGáRĔL]DWU]\PDáZLUXMąF\NU\V]WDá±%ĊGĊ ZLHG]LDá3RZLHVLáHĞJURWSUDZG\ .UXF]\&LHĔP\ĞODáSU]H]FKZLOĊ ±=JRGD ±:\OHMWURFKĊSLZDQD]LHPLĊLSRSURĞ+LQGDQDĞZLDGND .UXF]\&LHĔSDUVNQąá ±$FRWRGD" ±=UyEMDNPyZLĊ *UDOL 7\P UD]HP 'UDNNDLQHQ SRUXV]Dá VLĊ SHZQLHM 2EOLF]\á WU]\ QLH]DOHĪQH VWUDWHJLH ± MHGQą SU]HSURZDG]HQLDZáDVQHJRNUyODMHGQą]DELFLDNUyOD.UXF]HJR&LHQLDLMHGQą]DEORNRZDQLD JR SRĞURGNX SODQV]\ D WHUD] SU]HVNDNLZDá RG MHGQHM GR GUXJLHM UHDOL]XMąF MH ]DOHĪQLH RG XNáDGX QD SODQV]\ .UXF]\ &LHĔ ] FDáą SHZQRĞFLą RV]XNLZDá L U]XFDMąF NRĞFLą L ORVXMąF NDPLHQLH*URWSUDZG\ZLURZDáMDNV]DORQ\ 'UDNNDLQHQZ\JUDáV]\ENRLEH]OLWRĞQLHV]DFKXMąFNUyODSU]HFLZQLNDSU]\FLĞQLĊWHJRGR EU]HJXSODQV]\SRF]\PQDODáVRELHMHV]F]HSLZD]DWU]\PDáZLUXMąF\NU\V]WDáLXĞPLHFKQąá VLĊSURPLHQQLH ±7HUD]]DS\WDP ±&KZLOHF]NĊ±SU]HUZDá.UXF]\&LHĔ±$MHĪHOLQLHEĊGĊF]HJRĞZLHG]LDá" ±:WHG\SRZLHV]ĪHQLHZLHV]DOHSRZLHV]WHĪMDNWZRLP]GDQLHPPRĪHE\ü ±-HGQRS\WDQLHMHGQDRGSRZLHGĨ ±'REUD&]\Vá\V]DáHĞJG]LHPRĪHE\üREF\3LHĞQLDU]RU\ELFKRF]DFK]ZDQ\WX$DNHQ DOER Z\VRNL G]LDUVNL VWDU]HF R GáXJLFK VUHEUQ\FK ZáRVDFK ] UXGą EURGą ]ZDQ\ 2ODI )MROOVILQQ EDUG]R Z\VRND VPXNáD NRELHWD R NUyWNR SU]\FLĊW\FK ZáRVDFK NRORUX VáRP\ LPLHQLHP 8OULNH )UHLKRII DOER QLHZ\VRND NUĊSD NRELHWD R F]DUQ\FK NUĊFRQ\FK ZáRVDFK 3DVVLRQDULD &DOOR" :V]\VF\ PDMą RF]\ Z\JOąGDMąFH MDN ĞOHSH DOH ZLG]ą 6áDER PyZLą

]UR]XPLDá\P MĊ]\NLHP L Vą G]LZQL :\GDMą VLĊ PáRG]L L GRMU]DOL UyZQRF]HĞQLH 0RJą XFKRG]Lü ]D 3LHĞQLDU]\ DOH WDNĪH ]D V]DOHĔFyZ 0DMą G]LZQH SU]HGPLRW\ L G]LZQLH VLĊ ]DFKRZXMą3\WDQLHEU]PL&]\Vá\V]DáHĞJG]LHFLOXG]LHPRJąSU]HE\ZDü" ± 6á\V]DáHP UyĪQH RSRZLHĞFL R G]LZQ\FK OXG]LDFK &]ĊĞü ] WHJR WR EDMNL &]ĊĞü QLH GRW\F]\W\FKNWyU\FKV]XNDV]%\üPRĪHVá\V]DáHPRZ\VRNLPFKXG\P3LHĞQLDU]XRĞOHS\FK RF]DFKLZáRVDFKMDNZĊJLHO$OHZLG]LDQRJRWRWXWRWDP:ZLHOXPLHMVFDFKDOHQLJG]LHQD VWDáH3RGREQRE\á&]\QLąF\P7HKLVWRULH]DZV]HE\á\VWUDV]QH ±'ODF]HJR" ±-HGQRS\WDQLHMHGQDRGSRZLHGĨ ±1LH]DGDMĊQRZHJRS\WDQLD3\WDPRWZRMąRGSRZLHGĨERMHMQLH]UR]XPLDáHP ±-DNWRSRZLHG]LDáHĞ"6MRIK\VWDG"*UDP\GDOHM" ±*UDP\ 7\P UD]HP 'UDNNDLQHQ SU]HJUDá 3R ]DFLĊWHM ZDOFH DOH ]GHF\GRZDQLH L EH] QDMPQLHMV]\FKZąWSOLZRĞFL6WUDFLáNUyODRGZDSRODSU]HG]DPNLHP:VXQąáUĊNĊGRVDNZ\L QLHSDWU]ąF]DF]ąáSU]HOLF]DüSLHQLąG]H ±1LH±SRZLHG]LDá.UXF]\&LHĔ±:\JUDáHPVZRMHS\WDQLH =DWU]\PDáJURWSUDZG\LVSRMU]Dá'UDNNDLQHQRZLZRF]\ ±6]XNDV]W\FKFXG]R]LHPFyZ&R]URELV]NLHG\LFK]QDMG]LHV]" ±=DELRUĊLFKVWąG=DELRUĊLFKGRGRPX ±$MHĪHOLQLHEĊGąFKFLHOLLĞü]WREą" 9XNR]DPLONáQDFKZLOĊ ±-DNPRJąQLHFKFLHü"6ąWX]DJXELHQLREF\LFKFąZUyFLüGRGRPX&]HNDMąQDNRJRĞ WDNLHJRMDNMD*G\E\NWyUHĞMHGQDNQLHFKFLDáR-HĪHOLWDNE\VLĊVWDáRWRLWDNLFK]DELRUĊ FKFąF]\QLH6Láą2GSRZLHG]LDáHPFLQDGRGDWNRZHS\WDQLHGRW\F]ąFHRGSRZLHG]L ±7RWZRMDVSUDZD*UDP\" ±&RWRMHVWÄ]LPQDPJáD´"±]DS\WDá'UDNNDLQHQSyáJRG]LQ\SyĨQLHM ±)DWXPĩ\ZLRá0RĪOLZRĞü=DVáRQD3\WDQLHLRGSRZLHGĨQDUD] ±7RPDE\üRGSRZLHGĨ" .UXF]\&LHĔVNLQąáJáRZąZVWURQĊRWDF]DMąF\FKLFKVSLF]DVW\FKEXG\QNyZ ± &L FR Z QLFK VLHG]ą SU]H] FDáH Ī\FLH XVLáRZDOL ]QDOHĨü RGSRZLHGĨ L QD RJyá QLH ]QDOHĨOL=LPQDPJáDWRW\ONRPJáD$OHSRMDZLDVLĊQDXURF]\VNDFKLZV]ĊG]LHWDPJG]LHFRĞ OXENWRĞ]DF]\QDF]\QLü6SUDZLDüĪHU]HF]\VLĊVWDMą$OHF]DVHPVDPDPJáDF]\QL3RMDZLD VLĊ ]D W\P NWR ]QD SLHĞQL ERJyZ D F]DVHP SRMDZLD VLĊ VDPD 1LH PD OHSV]HM RGSRZLHG]L 0yZLąĪH]LPQDPJáDĪ\MH,QQLXZDĪDMąĪHWRRGGHFKERJyZDOEREUDPD]DĞZLDWyZ%\áD ]DZV]HL]DZV]HEĊG]LH .UXF]\&LHĔJUDáWURFKĊVáDELHMLFK\EDE\áMXĪ]PĊF]RQ\DOER'UDNNDLQHQZVSRPDJDQ\ F\IUDOHPUDG]LáVRELHFRUD]OHSLHM ±&RWRMHVWÄZRMQDERJyZ´"

± =DGDMHV] FRUD] JRUV]H S\WDQLD =D FKZLOĊ EĊG]LHV] FKFLDá ZLHG]LHü FR WR MHVW VáRĔFH DOER GODF]HJR Vą W\ONR GZD NVLĊĪ\FH :RMQD ERJyZ WR ZRMQD ERJyZ %RJRZLH ZDOF]ą ]H VREą 2F]\ZLĞFLH ]DZV]H WDN E\áR DOH WU]\PDOL VLĊ UHJXá :\REUDĨ VRELH GZyFK NPLHFL PLHV]NDMąF\FK QD Z\EU]HĪX 7DNLFK NWyU]\ VLĊ QLH OXELą -HGQDN NDĪG\ SLOQXMH ZáDVQHJR QRVD .LHG\ LFK OXG]LH VSRWNDMą VLĊ Z OHVLH DOER QD PRU]X SHZQLH VLĊ SRELMą DOH UyZQLH GREU]HPRJąQDVLHELHQLH]ZUDFDüXZDJL&]DVHPSRGNUDGQąVRELHNURZĊOXEU\E\]VLHFL F]DVHP NWRĞ GRVWDQLH SR áELH $OH RWR SHZQHJR GQLD RE\GZyFK RJDUQLD V]DOHĔVWZR 3áRQą FKDáXS\ JLQą G]LHZF]ĊWD VąVLHG]L Z\U]\QDMą VRELH QDZ]DMHP E\GáR LFK OXG]LH ]DELMDMą VLĊ SU]\ NDĪGHM RND]ML 1LNW QLH SROXMH ER VWUDFK 1LNW QLH XSUDZLD SyO DQL QLH ZDU]\ SLZD ER LQWHUHVXMHLFKW\ONRĪHOD]RNUHZLRJLHĔ&KDáXS\VąF]DUQHLVSDORQHQDSODĪ\OHĪąWUXS\QD áąNDFK Z]GĊWH PDUWZH NURZ\ 7DN VDPR MHVW ] ERJDPL 7\ONR ĪH NLHG\ RQL VLĊ JQLHZDMą U]HF]QLHNRĔF]\VLĊQDPLRWDQLXĪHOD]D &]DV\ Vą GREUH NLHG\ ERJyZ VSRW\ND VLĊ U]DGNR L W\ONR WDP JG]LH SRZLQQL E\ü 7R R]QDF]D ĪH Z ĞZLHFLH MHVW UyZQRZDJD 2G SHZQHJR F]DVX G]LHMH VLĊ ]E\W ZLHOH G]LZQ\FK U]HF]\ .LHG\Ğ ]LPQD PJáD E\áD W\ONR QD XURF]\VNDFK -HĪHOL SRMDZLDá VLĊ JáXSLHF NWyU\ FKFLDá]RVWDü&]\QLąF\PLSRV]HGáQDXURF]\VND]D]Z\F]DMJLQąáF]DVHPVSRW\NDáERJyZD F]DVHP E\á Z\EUDQ\ SU]H] PJáĊ 7HUD] PJáD SRMDZLD VLĊ Z UyĪQ\FK PLHMVFDFK 5XV]D VLĊ 3RMDZLDMąVLĊ]PDUOLSRMDZLDMąVLĊEHVWLHDOERUR]XPQH]ZLHU]ĊWD=E\WF]ĊVWR5yZQRZDJD UXQĊáD 3RMDZLOL VLĊ QRZL ZURJRZLH D GDZQL ]DFKRZXMą VLĊ MDNE\ FRĞ LFK RSĊWDáR ĝZLDW RV]DODá7DNWRMHVWNLHG\ERJRZLHU]XFDMąVLĊVRELHGRJDUGHá'DPFLMHGQąSUDZG]LZąUDGĊ 7U]\PDMVLĊ]GDOHNDRGERJyZ&]\QLąF\FKL]LPQHMPJá\ =QDMGĨW\FKNWyU\FKV]XNDV]L RGHMGĨ ]D PRU]D .LHG\ Z\GDU]D VLĊ FXG JáXSLHF SRGFKRG]L L JDSL VLĊ ] RWZDUWą JĊEą 5R]VąGQ\F]áRZLHNELHU]HQRJL]DSDVER]WDNLFKU]HF]\QLJG\QLHZ\QLNDQLFGREUHJR7R E\áDGREUDUDGD=DSDPLĊWDMMąĝSLąF\1D'U]HZLHWREĊG]LHV]PLDá]QLHMSRĪ\WHN ,GĨ GR SRUWX NWyU\ ]Zą ĩPLMRZH *DUGáR 7DP JG]LH VSRW\NDMą VLĊ WU]\ ILRUG\ ,G]LH MHVLHĔ 2NUĊW\ ZUDFDMą QD ]LPRZH OHĪD ] SRáXGQLRZ\FK V]ODNyZ %ĊG]LH ZLHONL MHVLHQQ\ MDUPDUN L ZLHF 'RNąGNROZLHN SRV]OL FL NWyU\FK V]XNDV] MHĪHOL V]OL RG 3XVWNRZL 7UZRJL PXVLHOL NLHG\Ğ WDP GRMĞü 3RWHP MXĪ QLH ZLHP :VLHGOL QD RNUĊW L RGSá\QĊOL DOER SRSá\QĊOL NWyU\PĞ]WU]HFKILRUGyZQDSRáXGQLHGRNUDMX2JQLDDOERSRV]OLV]ODNDPLSU]H]6áRQH*yU\ DOERSU]H]Z\EU]HĪHGRNUDMX5]HPLHQL0RĪHZSXV]F]Ċ$OHQDSHZQRSU]HFKRG]LOLSU]H] ĩPLMRZH*DUGáR,GĨWDPLV]XNDM1LHFKFĊWHUD]MXĪZLĊFHMJUDü,WDNFLąJOHRV]XNXMHV] ±0QLHMQLĪW\±RGSRZLHG]LDá'UDNNDLQHQ 6WDU]HFSR]ELHUDáU]HF]\DSRWHPZJUDPROLáVLĊQDNR]LRáVZRMHJRZy]ND ±=QDMGĨGURJĊ.UXF]\&LHQLX±SRZLHG]LDá'UDNNDLQHQ ±%\OHQLHWZRMą±ZDUNQąáWDPWHQLFPRNQąáQDRVáD ±&KFLDáHPW\ONRE\üXSU]HMP\±]DZRáDá]DQLP:ĊGURZLHF 6NU]\SLHQLHNyáXFLFKáRL'UDNNDLQHQ]RVWDáQDZ]JyU]XVDPW\ONRZWRZDU]\VWZLHNRQLD WUXSyZVLHG]ąF\FKZNDPLHQQ\FKV]DáDVDFKLNUXNyZ

±1RWRMHG]LHP\GRSRUWXQDMHVLHQQ\MDUPDUN±SRZLHG]LDá-DGUDQRZL±.XSLĊFLMDNLHĞ REZDU]DQNLF]\FRĞ =ZLQąá GHUNĊ L NRF SR F]\P ]DNU]ąWQąá VLĊ FKRZDMąF QDF]\QLD L UR]U]XFRQH ZRNyá RJQLVNDGURELD]JL-DGUDQSRVWDZLáQDJOHXV]\LZ\GDá]VLHELHRVWU]HJDZF]\ZDUNRW 1D VLRGOH UR]SLHUDá VLĊ NUXN ZLHONL MDN RU]Há L OĞQLąF\ EDUZą DQWUDF\WX &]\ĞFLá ZLHONL G]LyERáĊNLVSRJOąGDáEH]F]HOQLH ±:\QRFKD±]DNUDNDáWU\XPIDOQLH ± -D FL GDP ÄZ\QRFKD´ ]áRG]LHMX ± ZU]DVQąá 'UDNNDLQHQ L FKZ\FLá áXN DOH NUXN Z\VWU]HOLá Z QLHER ELMąF ZLHONLPL VNU]\GáDPL L ZPLHV]Dá VLĊ Z VWDGR SWDNyZ REVLDGDMąFH VWRĪNRZDWHGDFK\EXG\QNyZ ±&ZDQLDN±Z\FHG]Lá:ĊGURZLHFLVFKRZDááXN]SRZURWHPZáXELH,WDNE\PXQLF] WHJR QLH SU]\V]áR : FDá\P PLHĞFLH NUĊFLáR VLĊ SHZQLH ] GZLHĞFLH NUXNyZ IUXZDMąF\FK GUHSF]ąF\FKSRGDFKDFKMDNPXFK\SRáDMQLHLNUDF]ąF\FKDZV]\VWNLHE\á\GRNáDGQLHWDNLH VDPH =DZRáDá -DGUDQD L RVLRGáDá JR D SRWHP REMXF]\á UHV]Wą VSU]ĊWX L RGMHFKDOL .DPLHQQD VWDURĪ\WQD GURJD NRĔF]\áD VLĊ WDN MDNE\ ]MHFKDáD SRG WUDZĊ DOH GDOHM SURZDG]LáD ZąVND ]DURĞQLĊWD ĞFLHĪND WD VDPD NWyUą RGMHFKDá .UXF]\ &LHĔ L SURZDG]LáD PQLHM ZLĊFHM ZH ZáDĞFLZ\PNLHUXQNX.LHG\'UDNNDLQHQ]QLNQąáMXĪZOHVLHSRQLĪHMSRNU\WHM]UXG]LDáąWUDZą áąNL]MHGQHJR]HVSLF]DVW\FKGDFKyZSRGHUZDáVLĊZLHONLF]DUQ\NUXNLSROHFLDáMHJRĞODGHP

0áRGHOLV\ĞSLąZQRU]H 0áRGHSDQWHU\EDUDV]NXMąZĞUyGWUDZ 7\ONRV]F]HQLĊWDZáDGFyZ &]XZDMąQRFąV]F]HU]ąFNá\  .U]HPLHĔ6\Q3URFDU]D± NDLWRKLPRQNODQX6NDá\ .RGHNVZáDGF\

5R]G]LDá

2GZUyFRQ\ĩXUDZ

2

WZyU]RF]\OHQLXMXĪG]LHĔ±7DN]DF]\QDáVLĊNDĪG\PyMSRUDQHNRGNąGVNRĔF]\áHP

SLĊü ODW 2 SLHUZV]\P VLQ\P EU]DVNX RVWU\P RFKU\Sá\P JáRVHP 1DXF]\FLHOD QDZ\Ná\P GR NRPHQG Z\NU]\NLZDQ\FK Z V]\NX V]WXUPXMąFHM FLĊĪNLHM SLHFKRW\ SDVXMąF\P PRĪHGRRER]XZRMVNRZHJRDQLHGRFHVDUVNLHJRSDáDFX:WHQVSRVyEEXG]LáPQLHLPRLFK EUDFL ĪHE\ SĊG]Lü QDV GR üZLF]HĔ MHV]F]H SU]HG VNURPQ\P ĞQLDGDQLHP 'HV]F] F]\ ĞQLHJ JQDOLĞP\ SU]H] RJUyG Z V]DUDZ\P ĞZLHWOH GQLD ĪHE\ GĨZLJDü FLĊĪDU\ SU]HVNDNLZDü SU]HV]NRG\LüZLF]\üZDONĊQDNLMHLJRáHSLĊĞFL'RSLHURNLHG\VáRĔFHZVWDZDáR]]LĊEQLĊFL DOER]]LDMDQLZUDFDOLĞP\GRáDĨQLĪHE\Z\NąSDüVLĊZNLONXNXEáDFKORGRZDWHMZRG\3RWHP ]DNáDGDOLĞP\QDSRVLQLDF]RQHL]PDU]QLĊWHFLDáDSURVWHXEUDQLD]VXURZHJRSáyWQD6SRGQLH NRV]XOD L NXUWD )LOFRZH EXW\ R SOHFLRQ\FK SRGHV]ZDFK :\JOąGDOLĞP\ MDN ĪRáQLHU]H DOER FKáRSL7\OHW\ONRĪHQDV]HXEUDQLDE\á\F]\VWHFDáHLNRPSOHWQH0LDá\SUDNW\F]Q\EXU\OXE V]DURQLHELHVNLNRORULQLHVNRPSOLNRZDQ\Z]yU &Dá\F]DVSRĞSLHFKLWU]FLQDZUĊNDFK1DXF]\FLHODVNURPQ\VWUyMVNąSHSURVWHMHG]HQLH 1DV]D áDĨQLD E\áD ]EXGRZDQD ] QDMOHSV]HJR F]HUZRQHJR GUHZQD L SROHURZDQHJR PDUPXUX :LDGUD ] NWyU\FK ]OHZDQR QDV ZRGą ]URELRQR ] V]\ONUHWX ZLHONLFK ĪyáZL L RSUDZLRQR Z NVLĊĪ\FRZH VUHEUR 0LPR WR QLH ]D]QDOLĞP\ QDMPQLHMV]HJR ]E\WNX ĩDGQ\FK Z\P\ĞOQ\FK P\GHáĪDGQ\FKSDFKQLGHáDQLZRQQ\FKROHMNyZ=Z\NáDZRGDLWR]LPQDMDN]ORGRZFD 'R ĞQLDGDQLD VLDGDOLĞP\ Z VDOL SHáQHM EH]FHQQ\FK ZD] L U]HĨE ZĞUyG SURVW\FK NLUHQHĔVNLFK PHEOL ]URELRQ\FK WDN MDNE\ VWZRU]\á MH VDP %yJ 1D VWROH SRMDZLDá\ VLĊ FXGRZQH GHOLNDWQH QDF]\QLD ] NRV]WRZQHJR SRNU\WHJR Ī\ZLFą GUHZQD SRUFHODQ\ DOER PXV]OLDOHQDSyáPLVNDFKLZPLVHF]NDFK]QDMGRZDOLĞP\WURFKĊFKOHEDSDVWĊ]JURFKXDOER] U\E\ JDUĞü NDV]\ OXE SDUĊ á\ĪHN ]XS\ .RQLHF 3U]\QDMPQLHM WDN E\áR QD FR G]LHĔ .LHG\ RMFLHFQLHPXVLDáU]ąG]LüVDPZ\FKRG]Lá]FHVDUVNLHJRSDáDFXLZUDFDáGRVZRMHJRSDZLORQX -HGOLĞP\ ZWHG\ ] QLP NRODFMĊ SU]\ EODVNX RJQLD Z SDOHQLVNX DOER Z RJURG]LH ZĞUyG VNDá VWUXPLHQL L SRZ\JLQDQ\FK GUDJRPHULL D QD VWROH SRMDZLDá\ VLĊ G]LHVLąWNL QDMZVSDQLDOV]\FK SRWUDZ :WHG\ ZUDFDáR QDV]H G]LHFLĔVWZR 6áXFKDOLĞP\ MDN PDWND JUD QD FLQWDU]H L ĞSLHZD

NLUHQHĔVNLH EDMNL RMFLHF RSRZLDGDá QDP ]DEDZQH KLVWRU\MNL $OH QLH ]DZV]H LFK ZLG\ZDOLĞP\=Z\NOHE\á]QDPLW\ONR1DXF]\FLHOORGRZDWDZRGD]JU]HEQHXEUDQLDLVNąSH SRVLáNL 1LHNRĔF]ąFH VLĊ JRG]LQ\ üZLF]HĔ .DOLJUDILD MĊ]\NL VWUDWHJLD KLVWRULD SRH]MD SROLW\ND MD]GD NRQQD áXF]QLFWZR ZDOND ZáyF]QLą NLMHP PLHF]HP QRĪHP GZLHPD V]DEODPLZDONDZUĊF]Sá\ZDQLH 'R G]LHVLąWHJR URNX Ī\FLD QDZHW QLH ZLHG]LDáHP ĪH MHVWHP SU]\V]á\P ZáDGFą 0LHV]NDáHP ZH GZRU]H VNáDGDMąF\P VLĊ ] ZLHOX SDZLORQyZ ]EXGRZDQ\P SU]H] PRMHJR G]LDGND SRĞURGNX RJURGyZ ]ZDQ\FK :LRVNą &KPXU 'ZyU E\á ZLHUQą NRSLą QRUPDOQ\FK VLHG]LE Z\VRNLFK URGyZ ] NUDMX ] NWyUHJR SRFKRG]LP\ *G]LHĞ WDP QDG QLP Z]QRVLá VLĊ FHVDUVNL SDáDF DOH U]DGNR WDP E\ZDOLĞP\ 1DZHW QLH SDWU]\OLĞP\ Z MHJR VWURQĊ &Dá\P QDV]\P ĞZLDWHP E\á GZyU L :LRVND &KPXU 0LHOLĞP\ WX GU]HZD L NZLDW\ Sá\QąFą ZRGĊ L VWDZ\ Z\JOąGDMąFH MDN MH]LRUD VNDá\ L GUyĪNL Z\V\SDQH ELDá\P ĪZLUHP $QL GZyU DQL WDN Z\JOąGDMąF\RJUyGQLHPRJá\E\WXVWDQąü]DQLPQLHQDVWDáDQDV]DG\QDVWLD=DQLPSLHUZV]\] PRLFK SU]RGNyZ PyM SUDG]LDGHN QLH ]DVLDGá QD 7\JU\VLP 7URQLH 2JUyG E\á F]\VWR NLUHQHĔVNL0LDáEXG]LüZF]áRZLHNXVSRNyMLSRJRGĊGXFKDSá\QąFH]QDWXUDOQHMKDUPRQLL :\JOąGDá MDN G]LNL ]DNąWHN DOH REGDU]RQ\ GRVNRQDá\P SLĊNQHP 6WDQRZLá K\PQ QD F]HĞü 6WZyUF\ .DĪGH GU]HZR E\áR MDN U]HĨED .DĪGD VNDáD L NDĪGD NURSOD ZRG\ E\á\ QD VZRLP PLHMVFX ']LNLH DOH SHáQH UyZQRZDJL 'OD QDV .LUHQHQyZ SLĊNQR WR QDGPRUVNLH JyU\ L VWUXPLHQLH $PLWUDMVF\ FHVDU]H ]DZV]H PLHV]NDOL Z SDáDFX D RJUyG E\á QLHPDO SXVWą SRáDFLą QD NWyUHM GU]HZD NU]HZ\ L NZLDW\ URVá\ Z UyZQ\FK NZDGUDWRZ\FK ]DJRQDFK MDN Z]yU QD NLOLPLH ,FKRJUyG Z\JOąGDáMDNVWHSLMDNSHáHQ SU]HS\FKXG\ZDQ]DUD]HP6áXĪ\áGRMD]G\ NRQQHM L PLDá Z\JOąGDü SLĊNQLH ] RNLHQ SDáDFX 'OD QLFK SLĊNQR WR RWZDUW\ á\V\ VWHS QD NWyU\PNZLWQąNZLDW\ &]DVHP]DĞZĝZLĊWR.RQLUR]VWDZLDQRZLHONLFXFKQąF\ZRMáRNRZ\QDPLRWXVWDZLDQR ZQLPNDSLąFHRG]áRWDLNOHMQRWyZSDVNXGQHPHEOH]EDZROHMNRĞFLDFHVDU]VLHG]LDáZQLP MDGáWáXVWHPLĊVRĞZLVWDNyZSLHF]RQHQDZĊJODFKLSRSLMDáPOHF]QHSLZR]F]DUNLVáXFKDMąF MDNPXJUDMą3LHĞQL=LHPL $PLWUDMH QLH PRJOL QLJG\ VLĊ ]GHF\GRZDü F]\ Vą QDURGHP G]LNLFK NRF]RZQLNyZ F]\ LPSHULXPSRGELMDMąF\PĞZLDWLVWDQRZLąF\PMHJRVHUFH 0yM UyG QLH PD QLF ZVSyOQHJR ] $PLWUDMHP -HVWHĞP\ Z QLP HOHPHQWHP REF\P 3RGREQLH ]UHV]Wą MDN SU]\QDMPQLHM SRáRZD RE\ZDWHOL DOH MDN GR WHJR GRV]áR RSRZLHP Z LQQ\PPLHMVFX 0RMH G]LHFLĔVWZR E\áR ZáDĞQLH WDNLH ER SRFKRG]LP\ ] .LUHQHQX 2GOHJáHJR NUyOHVWZD NWyUHJR MXĪ QLH PD %\áHP V\QHP ZáDGF\ $ V\QRZLH ZáDGFyZ PXV]ą XPLHü ZLĊFHM E\ü PąGU]HMVLLV]ODFKHWQLHMVLQLĪLQQLOXG]LHERF]HNDLFKSU]HNOHĔVWZRU]ąG]HQLD0XV]ąXPLHü Z\U]HF VLĊ VLHELH MHĪHOL WU]HED 0XV]ą SRWUDILü WU]\PDü VLĊ Z FXJODFK ER NLHG\ EĊGą MXĪ ZáDGFDPL QLH EĊG]LH QLNRJR LQQHJR ĪHE\ LFK SRZVWU]\PDá 0XV]ą QLHĞü ORV ZV]\VWNLFK

LQQ\FK QD NDUNX 'ODWHJR QLH ZROQR QDP E\áR VRELH SREáDĪDü 1LH ZROQR QDP NLHURZDü VLĊ JQLHZHPNDSU\VHP]DFKFLDQNąDQLSRĪąGDQLHP'ODQDVPLDá\LVWQLHüW\ONRKRQRURGZDJDL VáXĪED 7DNPyZLá\NLUHQHĔVNLHNRGHNV\L]JRGQLH]QLPLQDVZ\FKRZ\ZDQR  7DNZLHOHU]HF]\PXV]ĊSDPLĊWDü 7XJG]LHWHUD]MHVWHPW\ONRWRPD]QDF]HQLH0XV]ĊSDPLĊWDü .LUHQHQ NWyUHJR QLJG\ QLH ZLG]LDáHP D NWyU\ PXV]Ċ QLHĞü Z VRELH ĪHE\ FDáNLHP QLH ]JLQąá 3LHĞQL PRMHM QLH]QDQHM ]LHPL 0RMą PDWNĊ NRQNXELQ\ PRMHJR RMFD 6DPHJR RMFD V]ODFKHWQHJR L SUDZHJR F]áRZLHND NWyU\ PyJá QDSUDZLü ĞZLDW 0RMHJR 1DXF]\FLHOD 0RMą QDXF]\FLHONĊ$LLQĊ1DZHWPRMHJREUDWD.LPLU=\áD:LRVNĊ&KPXU 0XV]Ċ SDPLĊWDü WHĪ ZLHONLH PDU]HQLH PRMHJR URGX 0RMHJR QLHLVWQLHMąFHJR NODQX 0DU]HQLH R $PLWUDMX WDNLP MDNL PLHOLĞP\ VWZRU]\ü 3RZROL L NRQVHNZHQWQLH SRNROHQLH ]D SRNROHQLHP$PLWUDMXMDNLWZRU]\áPyMRMFLHF.UDMXZNWyU\PZDUWRĪ\üDNWyUHJRQLNWQLH PXVLVLĊEDü.UDMXZNWyU\PZDUWRE\ü]DFQ\PF]áRZLHNLHP %\áSLHUZV]\PFHVDU]HPNWyUHPXE\áRGDQHZLG]LHüSLHUZV]HHIHNW\WHMSUDF\:LG]LDá MDNWRZV]\VWNRVLĊVWDMH ,ZLG]LDáMDNZDOLVLĊZPRU]HRJQLDLNUZL 0XV]ĊWRZV]\VWNRRFDOLü -HVW WHJR WDN ZLHOH ĪH QLH ZLHP RG F]HJR ]DF]ąü2SRZLHP R ZV]\VWNLP QLH SR]ZROĊ WHPXXPU]Hü=DPNQĊWRZVáRZDFKLSU]HQLRVĊSU]H]F]DVRJQLD&]DVZRMQ\ERJyZ 1DMSLHUZMHGQDNRSRZLHPRPRLPG]LHFLĔVWZLH  8URG]LáHP VLĊ Z 5RNX :RG\ 7R ZDP ZLHOH QLH SRZLH DOH GRĞü ĪH QLH E\áR WR WDN GDZQR 3LHUZV]H SLĊü ODW VSĊG]LáHP JáyZQLH Z 'RPX &\QREUX UD]HP ] PRMą PDWNą NRQNXELQDPL PDPNDPL L QLDQLDPL %\áHP G]LHFNLHP 2EV\S\ZDQR PQLH SRFDáXQNDPL GDZDQR áDNRFLH XF]RQR PyZLü L FKRG]Lü 1LHZLHOH ] WHJR SDPLĊWDP -DNLHĞ FLHQLH Z\ĞZLHWODQH QD SDUDZDQLH F]\MĞ JáRV NWyU\ ĞSLHZDá PL PRQRWRQQą VPXWQą L SLĊNQą NRá\VDQNĊ.RELHFHV]HSW\LĞPLHFK\']LHFLĊFHODWDSá\QąFHEH]F]DVXMDNZPDOLJQLH=áRWH PLĊNNLHFLHSáHLOHSNLHMDNPLyG 3RWHP VNRĔF]\áHP SLĊü ODW L SRF]XáHP MDN V]RUVWNLH WZDUGH OHF] RVWURĪQH GáRQLH PĊĪF]\]Q ]DEUDá\ PQLH ] 'RPX &\QREUX SURVWR ] PLĊNNLFK SDFKQąF\FK UDPLRQ NRELHW 1DMSLHUZ VLĊ ] WHJR FLHV]\áHP 1LH E\áHP MXĪ G]LHFNLHP 5REDNRZDWą EH]SáFLRZą LVWRWą WRF]ąFąEH]P\ĞOQHĪ\FLHSR]EDZLRQH]QDF]HQLD6WDáHPVLĊFKáRSFHP&]HNDáRPQLHG]LHVLĊü ODW Z 'RPX 6WDOL NWyUH PLDá\ Z\NXü ]H PQLH PĊĪF]\]QĊ 6]\ENR ]DWĊVNQLáHP ]D FLHSáHP 'RPX &\QREUX =D MHJR Z\JRGą L EH]WURVNą =D SLHV]F]RWą L VáRG\F]DPL NWyUH WHUD] Z\G]LHODQRPLWDNVNąSR .LHG\Ğ 1DXF]\FLHO ]REDF]\á MDN SáDF]Ċ XNUDGNLHP VFKRZDQ\ Z MDNLPĞ ]DNDPDUNX

8VLDGáRERNLVLHG]LDáPLOF]ąFLS\NDMąF]PDáHMIDMHF]NLSRF]\PSRZLHG]LDáFRĞWDNLHJR ±3LHUZV]HSLĊüODWVSĊG]LáHĞZUDPLRQDFKNRELHWLWHUD]]DQLPLWĊVNQLV]1LFG]LZQHJR NDĪG\ WĊVNQL -HGQDN SRZLHP FL W\ONR ĪH NLHG\ SU]HVWDQLHV] E\ü FKáRSFHP ]QRZX Z QLH SRZUyFLV]:WHG\MHGQDNEĊG]LHV]V]XNDáREF\FKNRELHW 2F]\ZLĞFLHĪHJRQLH]UR]XPLDáHP =UHV]WąZĞUyGVáXĪE\LQDXF]\FLHOLQDWXUDOQLHE\á\WHĪNRELHW\DOHQLHRWRFKRG]LáR'RP 6WDOLWRQLHE\áNODV]WRUDOHPLHMVFHQDXNL7DPQDVZ\NXZDQRLURELRQR]QDVZáDGFyZ7DP QDMZDĪQLHMV]\E\á1DXF]\FLHO .LHG\Ğ E\á VWUDWHJLHP %\ü PRĪH E\á QLP QDGDO .LHG\Ğ E\á GRZyGFą .LHG\Ğ E\á WHĪ VNU\WREyMFą0yMPHQWRU:ROQRPXE\áRZV]\VWNR 0yJáQDVNDUDü1DZHWWU]FLQąDOHURELáWRU]DGNR0yJáQDVXF]\üLZ\FKRZ\ZDü0yJá QDV]DZVW\G]DüLJáRG]LüNLHG\X]QDáĪHWU]HED1LHPXVLDáJLąüVLĊSU]HGQDPLZXNáRQLHMDN LQQLDQLPyZLü]QDPLQDNOĊF]NDFK]HZ]URNLHPZELW\PZ]LHPLĊ %DáHPVLĊJR .LPLU=\áQLHDOHRQQLHEDáVLĊQLNRJRLQLF]HJR%DáHPVLĊQLHW\ONRNDU1LHWHJRĪH SRVWDZLą SU]HGH PQą WDFĊ ] NXENLHP ZRG\ L PLVNą VXFKHM NDV]\ DOER VPDJQą WU]FLQą 1LH WHJRĪHEĊGĊRGUDQDGRQRF\F]\ĞFLáVWDMQLĊ%DáHPVLĊĪHVSRMU]\QDPQLHWDNLPVSHFMDOQ\P Z]URNLHPNWyU\RSDU]\PLGXV]Ċ:]URNLHPNWyU\EĊG]LHPQLHERODáMHV]F]HGáXJRLNWyUHJR QLHEĊGĊPyJá]DSRPQLHü =áRĞFLáHPVLĊQDQLHJR1LHQDZLG]LáHPQLHXVWDQQ\FKüZLF]HĔORGRZDWHMZRG\LVNąSHJR MHG]HQLD=Ī\PDáHPVLĊ QDFLąJáHQLHZ\JRG\QLHZ\VSDQLHLG\VF\SOLQĊ $OHF]XáHPĪHMHVW VSUDZLHGOLZ\ %\áVXURZ\ERPXVLDá 1LHNRQLHF]QLH]ZUDFDáVLĊGRQDVÄV]ODFKHWQ\NVLąĪĊ´8Ī\ZDáUDF]HMQLH]QDQHJRWXVáRZD ÄWRKLPRQ´R]QDF]DMąFHJRSRNLUHQHĔVNXÄZ\EUDQ\VSRĞUyGUyZQ\FK´ 5D] WXĪ SU]HG ĞPLHUFLą SRZLHG]LDá GR PQLH WDN MDN Z .LUHQHQLH ZDVDO ]ZUDFDá VLĊ GR ZáDGF\Ä5RPDVVX´±Ä0RMHĪ\FLH´ Ä2GHMGĨPRMHĪ\FLH´SRZLHG]LDá 1D]\ZDá VLĊ +DWLU 6DQGĪXN 3U]\QDMPQLHM RILFMDOQLH : SRNROHQLX PRMHJR RMFD FRUD] EDUG]LHMRWZDUFLHXĪ\ZDQRNLUHQHĔVNLFKLPLRQ.LUHQHQLXF]\OLG]LHFLMĊ]\NDSRMDZLDOLVLĊZ VZRLFKNODQRZ\FKVWURMDFKQDXOLF\:WHG\QLHPLDáRWRMXĪ]QDF]HQLDER]URELáRVLĊPRGQH =DF]DVyZPRMHJRRMFDPRĪQDE\áRSR]ZROLüVRELHQDZHWQDWRĪHE\FLNWyU]\XZDĪDOLVLĊ]D .LUHQHQyZ QRVLOL SXEOLF]QLH NODQRZH QRĪH 3RGREQLH E\áR ] LQQ\PL GDZQ\PL QDFMDPL SRGELW\PL SU]H] FHVDUVWZR &KRG]LOL SR XOLFDFK Z VZRLFK VWURMDFK WDN MDN MH SDPLĊWDOL 'ODWHJR GRVNRQDOH ZLHG]LHOLĞP\ ĪH QDV] 1DXF]\FLHO QD]\ZD VLĊ 5]HPLHĔ V\Q 6LRGODU]D ] NODQXĩXUDZLD :V]\VF\E\OLĞP\]NODQXĩXUDZLD 7R]QDF]\E\OLE\ĞP\JG\E\QDGDOLVWQLDáQDV]NUDM

*G\E\QLHURG]LQQDKDĔED]SRZRGX]GUDG\GRNWyUHMQDV]PXV]RQRE\NUDMSU]HWUZDá *G\E\ĞP\QLHE\OLSRWRPNDPL]GUDMF\NWyU\ĪHE\VLĊXNDUDüSU]\EUDáDPLWUDMVNLHQD]ZLVNR 7DKDOGLQ 7HQGĪDUXN FR ]QDF]\ 2GZUyFRQ\ ĩXUDZ 7DN VDPR MDN OLWHU\ ÄRGZUyFRQ\ SU]\MDFLHO´WRZNLUHQHĔVNLPSLĞPLH]QDNÄ]GUDMF\´ 3RJUąĪ\áVZyMUyGVSU]HGDáZáDVQ\NUDMLSRPyJáJR]QLV]F]\üGRUHV]W\:V]\VWNRSRWR ĪHE\NWyU\ĞMHJRSRWRPHN]DáRĪ\á7\JU\VLą&]DSNĊ,]PLHQLáRV]DODáąG]LNąW\UDQLĊZQRZ\ .LUHQHQ,QD]ZDáVLĊÄ]GUDG]LHFNLPĪXUDZLHP´ĪHE\SDPLĊWDü $OHPyZLáHPR1DXF]\FLHOX 1LJG\ PL QLF QLH GDá 7R ]QDF]\ GDá PL PQyVWZR U]HF]\ DOH QLJG\ QLF WDNLHJR FR QLH VáXĪ\áRE\GRQDXNL.LHG\ĞGRVWDáHPĪHOD]QąNXOĊ:\SROHURZDQąĪHOD]QąNXOĊ:\JOąGDáD MDNQLHZLHONDSLáND ±&RWRMHVW1DXF]\FLHOX"±]DS\WDáHP0LDáHPQDG]LHMĊĪHWRMHGQDNMDNDĞ]DEDZND ± .XOD Ī\F]HĔ .LHG\ EĊG]LH FL EDUG]R ĨOH L EDUG]REĊG]LHV] F]HJRĞ FKFLDá ĞFLĞQLM Mą Z SLĊĞFL ĝFLVNDM WDN GáXJR DĪ UR]SDF] SU]HPLQLH 7R MHGQDN EĊG]LH ]QDF]\áR ĪH QLH FKFLDáHĞ WHJRF]HJRĞGRVWDWHF]QLHPRFQR-HĪHOLQDSUDZGĊF]HJRĞ]DSUDJQLHV]VSUDZLV]ĪHNXODVWDQLH VLĊPLĊNNDMDNJOLQD:WHG\WZRMHĪ\F]HQLHVLĊVSHáQL -HGHQ 6WZyUFD ZLH MDN F]ĊVWR ĞFLVNDáHP NXOĊ -HGQą L GUXJą GáRQLą 0LDĪGĪ\áHP Mą L PLDĪGĪ\áHP&]DVHP]DV\SLDáHP]NXOąZGáRQL0LDáUDFMĊ6PXWHNPLMDáSRMDNLPĞF]DVLH $OHVSHáQLáDW\ONRMHGQRĪ\F]HQLHLWRQLHPRMHĩ\F]HQLH5]HPLHQLD &KFLDáĪHE\PPLDáVLOQHSDOFH $NLHG\Ğ]QRZXGRVWDáHPZ\VSĊ 7RE\áRMHGQR]ZDĪQLHMV]\FKGRĞZLDGF]HĔPRMHJRG]LHFLĔVWZDLGODWHJRRW\PRSRZLHP 1D MH]LRU]H Z QDV]\P RJURG]LH %\áR WDP NLOND V]WXF]Q\FK Z\VS SRNU\W\FK VNDáDPL URVá\QDQLFKGU]HZD,JODNLĞOLZ\LSLĊNQLHNZLWQąFHZLRVQąNU]HZ\3HZQHJRGQLDRND]DáR VLĊ ĪH Z RJURG]LH MHVW SHáQR VáXĪąF\FK NWyU]\ ZQLHĞOL WDP GXĪR VNU]\QHN ] SROHURZDQHJR GUHZQD : ĞFLDQNDFK VNU]\QNL PLDá\ U]ĊG\ RWZRUyZ D ZHZQąWU] FRĞ VLĊ UXV]DáR 0LĊG]\ QLPL VWDá &]\QLąF\ 0LVWU] =ZLHU]ąW :\VS\ WHĪ VLĊ ]PLHQLá\ 'RVDG]RQR QD QLFK PQyVWZR GUHZQLDQHM WU]FLQ\ QD EU]HJDFK OHĪDá\ VWHUW\ SDW\NyZ L QDMUyĪQLHMV]\FK SU]HGPLRWyZ 3RĞURGNXNDĪGHM]WU]HFKZ\VSZ]QLHVLRQRRĞPLRNąWQąDOWDQĊ 7HJRGQLDGRVWDOLĞP\WHĪQRZHNXUW\%\á\WDNLHVDPHMDNSU]HGWHPW\ONRĪHZ]XSHáQLH LQQ\FK NRORUDFK -D GRVWDáHP NXUWĊ R EDUZLH FLHPQHM ĪyáFL .LPLU =\á NDUPLQRZą D QDV] WU]HFLEUDW&]DJDMQLHELHVNą ,QWU\JXMąFH VNU]\QNL SRPDORZDQH E\á\ QD LGHQW\F]QH NRORU\ ĩyáW\ NDUPLQRZ\ L FKDEURZ\ ±&RWRMHVW"±]DS\WDá&]DJDM0LVWU]D=ZLHU]ąW ± %\VWUHWNL V]ODFKHWQ\ NVLąĪĊ ± RGSRZLHG]LDá WDPWHQ FKZ\WDMąF VLĊ Z XNáRQLH ]D UDPLRQD1LF]WHJRQLH]UR]XPLHOLĞP\ %\VWUHWNLRND]Dá\VLĊQLHZLHONLPL]ZLHU]ąWNDPLSRGREQ\PLGRPDQJXVW\ DOHRNUyWNLFK

RJRQNDFK L FKZ\WQ\FK áDSNDFK WDN MDN UĊFH X OXG]L 1D NDĪGHM Z\VSLH ]QDOD]áR VLĊ MHGQR VWDGR3RMHGQHMZ\VSLHGODNDĪGHJR]QDV =ZLHU]ąWND E\á\ UR]NRV]QH 1LH W\ONR LJUDá\ ]H VREą SR]ZDODá\ VLĊ JáDVNDü L EUDü QD NRODQDDOHURELá\WHĪG]LĊNLV]WXFH0LVWU]D=ZLHU]ąWSU]HG]LZQHU]HF]\7RVąVWZRU]HQLD NWyUH EXGXMą VNRPSOLNRZDQH QRU\ ] ZLHORPD Z\MĞFLDPL L SRáąF]RQ\PL NRU\WDU]DPL /HSLą QDG QLPL VWU]HOLVWH ZLHĪH ] JOLQ\ Z NWyU\FK VLHG]ą VWUDĪQLF\ RVWU]HJDMąF\ SU]HG QLHEH]SLHF]HĔVWZHP -HGQDN QDV]H E\VWUHWNL EXGRZDá\ GXĪR ZLĊNV]H L EDUG]LHM VNRPSOLNRZDQH EXGRZOH QLĪ QRUPDOQLH XPLDá\ WHĪ SUDFRZDü QD PDOXWNLFK SRODFK JG]LH Z\NRS\ZDá\ RZDG\ SĊGUDNL L MDGDOQH NáąF]D DOH ]DPLDVW SRĪHUDü MH QD PLHMVFX WDN MDN WR URELąZVWDQLHG]LNLP]QRVLá\MDNR]DSDV\GRQRU ± 2WR ZDV]H NUyOHVWZD ± SRZLHG]LDá 5]HPLHĔ 1DG DOWDQDPL áRSRWDá\ IODJL ± ĪyáWD NDUPLQRZDLFKDEURZD±7HUD]EĊG]LHFLHU]ąG]Lü 'RVWDOLĞP\WHĪSLV]F]DáNLSRPDORZDQHQDRGSRZLHGQLHNRORU\8PLHOLĞP\JUDüQDOHĪDáR WR GR QDV]HM HGXNDFML DOH WH SLV]F]DáNL SRZVWDá\ G]LĊNL V]WXFH 0LVWU]D =ZLHU]ąW 8PLDá\ SU]HPDZLDüGRE\VWUHWHN 3RXF]Dá NDĪGHJR ] QDV ] RVREQD WDN MDNE\ IXMDUNL PLDá\ SU]HPDZLDü WDMHPQ\PL MĊ]\NDPLNWyUHUR]XPLHOLĞP\W\ONRP\LQDV]H]ZLHU]ąWND6ąG]Ċ]UHV]WąĪHWDNZáDĞQLHE\áR 6LHG]LDáHPZRVREQHMNRPQDFLHQDZSURVW0LVWU]D=ZLHU]ąWQDG\ZDQLH]SLV]F]DáNąZ UĊNX L XVLáRZDáHP RGWZDU]Dü PHORG\MNL NWyUH PL JUDá 0LDá ZáDVQ\ LQVWUXPHQW =Z\Náą EODV]DQą IXMDUNĊ QD MDNLFK JU\ZDMą ĪHJODU]H 0HORGLH E\á\ SURVWH 3U]\ZRG]Lá\ QD P\ĞO WURFKĊV\JQDá\MD]G\Z\GDZDQHURJLHPSRNLONDQDWUĊWQ\FKWRQyZ±ÄV]\NNOLQD´ÄRGZUyW´ ÄDWDN´ ÄE\F]H URJL´  L PLDá\ SHáQLü SRGREQą UROĊ %U]PLDáD Z QLFK MHGQDN G]LZQD KLSQRW\F]QDQXWDMDNZPX]\FHJU\ZDQHMSU]H]SXVW\QQ\FKHUHPLWyZ3RGREQR.HELU\MF]\F\ XPLHMąZSURZDG]DüVLĊPX]\NąZWUDQVZNWyU\PQLHF]XMąEyOXWDĔF]ąSU]H]NLONDGQLEH] SU]HUZ\DOERSU]HELMDMąFLDáRJURWDPLVWU]DáQLHNUZDZLąFMHGQDNLQLHFLHUSLąF:LG\ZDáHP WDNLHU]HF]\NLHG\SRGF]DVĞZLąWE\ZDáHPZSDáDFXVLHG]ąFZQLV]\]DWURQHPPRMHJRRMFD $OHQLHE\áHPSXVW\QQ\PHUHPLWąDQLGRZyGFąMD]G\ 3RZLHG]LDáHPWR0LVWU]RZL=ZLHU]ąWL]DS\WDáHPF]HPXPDVáXĪ\üPRMDJUD ±5R]WURSQLHZVSRPQLDáHĞ.HELU\MF]\NyZV]ODFKHWQ\NVLąĪĊ±SRZLHG]LDá±1DSHZQR ZLG]LDáHĞ MDN PX]\Ną IOHWyZ ]PXV]DMą ZĊĪH DOER MDGRZLWH SXVW\QQH MDV]F]XUNL GR WDĔFD =ZLHU]Ċ VáXFKD L Z\GDMH VLĊ MDNE\ VSDáR ] RWZDUW\PL RF]DPL D ZWHG\ ]DNOLQDF] PRĪH MH EH]SLHF]QLHGRWNQąü,QVWUXPHQWNWyU\FLGDMĊSDQLHEĊG]LHG]LDáDáSRGREQLHDOHZQLPMHVW SUDZG]LZDPRF7DPWRWRW\ONRV]WXF]ND6SU\WQ\]DNOLQDF]SRSURVWXZLHĪHWRQLHGĨZLĊN G]LDáD QD JDGD D UXFK\ NRĔFD LQVWUXPHQWX : WZRLP IOHFLH PX]\ND SRG]LDáD QD ZROĊ E\VWUHWHN DOH W\ONR W\FK NWyUH QDOHĪą GR WZRMHJR VWDGD 'R ĩyáW\FK ']LĊNL QLHM ]PXVLV] ]ZLHU]ąWND GR URELHQLD U]HF]\ NWyU\FK QRUPDOQLH QLH SRWUDILą %ĊGą SUDZLH MDN PDOL OXG]LH W\ONR FDáNRZLFLH SRGSRU]ąGNRZDQH WZHM ZROL 7R ± XQLyVá SLV]F]DáNĊ ± QDU]ĊG]LH ZáDG]\ :áDG]\ DEVROXWQHM = SRF]ąWNX EĊG]LHV] XPLDá Z\GDZDü W\ONR SURVWH NRPHQG\ 7R MHGQDN

MHG\QLH DEHFDGáR ûZLF] V]ODFKHWQ\ NVLąĪĊ DĪ EĊG]LHV] JUDá QLH P\ĞOąF R RWZRUDFK IOHWX ZáDVQ\FK SDOFDFK L GĨZLĊNDFK $Ī PX]\ND ]DF]QLH RGGDZDü WZRMH P\ĞOL :WHG\ EĊG]LHV] PyJá ]PXVLü ]ZLHU]ąWND GR URELHQLD QLHVá\FKDQ\FK U]HF]\ 0RĪH EĊGą XPLDá\ ]EXGRZDü WUDWZ\LSá\ZDüQLPLQDSRáyZZRGQ\FKVWZRU]HĔPRĪHVWZRU]ąV]WXNĊOXE]EXGXMą]DPNL" 7REĊG]LH]DOHĪDáRW\ONRRGFLHELH ±-DNLH]ZLHU]ĊWDPRJąE\üWDNPąGUH"±VS\WDáHP±1DZHWQDMOHSLHMWUHVRZDQHSV\F]\ ERMRZHOHRSDUG\QLHSRWUDILąWDNLFKU]HF]\ ± 6ą PąGU]HMV]H QLĪ QRUPDOQLH 7ZyM V]ODFKHWQ\ RMFLHF 3áRPLHQLVW\ 6]WDQGDU ZáDGFD 7\JU\VLHJR 7URQX 3DQ ĝZLDWD L 3LHUZV]\ -HĨG]LHF QDND]Dá PL MH Z\KRGRZDü ± 0LVWU] =ZLHU]ąW SRFK\OLá VLĊ Z PRMą VWURQĊ XMPXMąF NXEHN ] ZLQHP RELHPD UĊNDPL L UR]HMU]Dá OHNNR ± 2WU]\PDáHP MHJR SRXIQą ]JRGĊ E\ XĪ\ü PRF\ ]LHPL XURF]\VND =PLHQLáHP MH Z áRQDFKPDWHNWDNE\E\á\PąGU]HMV]HQLĪMHVWWRGDQH]ZLHU]ĊWRP 6áXFKDáHPZRVáXSLHQLX2GG]LHFNDĪ\áHPVWUDV]OLZ\PLRSRZLHĞFLDPLRPRF\XURF]\VN RSRWZRUDFKNWyUHVWDPWąGZ\FKRG]Lá\MHV]F]H]DF]DVyZPRMHJRG]LDGD3RSU]HGQLFHVDU]H WU]\PDOL QD GZRUDFK &]\QLąF\FK L :LHG]ąF\FK XVLáRZDOL Z\NRU]\VWDü SRWĊJĊ XURF]\VN Z SROLW\FHLQDZRMQLHDOH]DZV]HNRĔF]\áRVLĊWRVWUDV]Q\PQLHV]F]ĊĞFLHP&RLUXV]WUDILDOLVLĊ KRFKV]WDSOHU]\WZLHUG]ąF\ĪH]QDOHĨOL]DJXELRQHLPLRQDERJyZLĪHPRFXURF]\VNEĊG]LHLP SRZROQD5D]GRSURZDG]LOLGRNOĊVNLZELWZLHUD]GR]DUD]\DUD]GRWHJRĪH]PDUOL]DF]ĊOL SRGREQR SRZVWDZDü ] JUREyZ ']LDGHN Z NRĔFX ]DEURQLá QDZHW ]EOLĪDü VLĊ GR XURF]\VN L ]DJUR]LáĞPLHUFLąNDĪGHPXNWRRĞPLHOLVLĊSRV]XNLZDü]DJXELRQ\FKLPLRQERJyZ=DU]ąGyZ PRMHJR RMFD ]DND]yZ E\áR FRUD] PQLHM DOH WHQ SR]RVWDá Z PRF\ 3R]ZDODQR QD GUREQH V]WXF]NLGRP\ĞODáHPVLĊĪHQDGZRU]HE\áRNLONXSUDZG]LZ\FK&]\QLąF\FKG]LDáDMąF\FKZ QDMJáĊEV]HM WDMHPQLF\ FKRü QLH ZLG]LDáHP ĪDGQHJR SUyF] 0LVWU]D =ZLHU]ąW &R GR SR]RVWDá\FKQLJG\QLHGRZLHG]LDáHPVLĊNLPE\OLDQLFRURELOL ± 7R ]XSHáQLH EH]SLHF]QH ± SRZLHG]LDá 0LVWU] =ZLHU]ąW ZLG]ąF PRMą PLQĊ ± 0RMD V]WXND MHVW SRG NRQWUROą =URELáHP W\ONR W\OH LOH XPLHP D WR QDSUDZGĊ QLH MHVW ZLHOH Z SRUyZQDQLX ] SUDZG]LZą PRFą XURF]\VN =DSHZQLDP FLĊ V]ODFKHWQ\ NVLąĪĊ ĪH FDá\ F]DV NRQWURORZDáRPQLHGZyFK:LHG]ąF\FKLJG\E\PXOHJáSRNXVLHVLĊJQLĊFLDSRSRWĊJĊWHMPRF\ FHVDUVF\ áXF]QLF\ Z PJQLHQLX RND ]DPLHQLOLE\ PQLH Z MHĪRZFD 1LH OĊNDM VLĊ QLF]HJR V]ODFKHWQ\NVLąĪĊLüZLF]1LHPRĪHV]WHUD]MHV]F]HZHMĞüQDVZRMąZ\VSĊ1LHZSUDZQDJUD SU]\SUDZLáDE\WZRMH]ZLHU]ąWNDRV]DOHĔVWZR :V]\VWNRVSURZDG]DáRVLĊGRWHJRĪHRWU]\PDáHPQDG]Z\F]DMQąFXGRZQąPRFZáDG]\ QDG VWDGHP SáRZ\FK ]ZLHU]ąWHN ELHJDMąF\FK SR RZDOQHM Z\VSLH NWyUą PRĪQD E\áR REHMĞü VSDFHUHPZF]DVLHPQLHMV]\PQLĪVSDOHQLHFDODĞZLHF\ 2F]\ZLĞFLH IDVF\QRZDáR PQLH WR &LHV]\áHP VLĊ ] PRMHM NXUW\ EDUZ\ MHVLHQQ\FK OLĞFL ZáDVQHM DOWDQ\ L SLV]F]DáNL *RG]LQDPL Z NRPQDFLH JUDáHP PHORG\MNL L MXĪ SR NLONX GQLDFK VWDáR VLĊ WDN MDN SU]HSRZLHG]LDá 0LVWU] =ZLHU]ąW 7ĊVNQH QLHSRNRMąFH GĨZLĊNL VSá\ZDá\ ] PRLFKXVWLSDOFyZLQDZHWQLHF]XáHPMXĪĪHWU]\PDPZGáRQLIXMDUNĊ1LHP\ĞODáHPRW\P

NLHG\GPXFKQąüDQLNWyUHRWZRU\RGVáRQLü=F]DVHP]DF]ąáHPáąF]\üPHORG\MNLDE\áRLFK ZLHOHLVąG]LáHPĪHSRMPXMĊRF]\PPyZLáVWDU\PLVWU]7RU]HF]\ZLĞFLHE\áRDEHFDGáRDMD XF]\áHPVLĊVNáDGDüZQLP]GDQLD1LHPRJáHPGRF]HNDüVLĊFKZLOLNLHG\ZHMGĊQDZ\VSĊL ]DF]QĊZ\SUyERZ\ZDüVZRMHXPLHMĊWQRĞFL -HG\Q\P NWyU\ QLH NU\á QLH]DGRZROHQLD ] FDáHM VSUDZ\ E\á PyM QDMVWDUV]\ EUDW .LPLU =\á .DĪG\ ] QDV SRFKRG]Lá ] LQQHM PDWNL 7R QLH MHVW UHJXáD DOH WDN VLĊ DNXUDW ]áRĪ\áR =JRGQLH ] RE\F]DMDPL FHVDUVNLHJR SDáDFX PLHOLĞP\ RERZLą]HN XZDĪDü ]D QDMZDĪQLHMV]ą PDWNĊFHVDU]RZąNWyUDE\áDPDWNąMHG\QLH&]DJDMD 5]HF] Z W\P ĪH UyĪQLOLĞP\ VLĊ EDUG]R RG VLHELH EDUG]LHM QLĪ ]D]Z\F]DM ]GDU]D VLĊ WR URG]HĔVWZX .LPLU =\á E\á QDMVWDUV]\ QDMZ\ĪV]\ L SU]H] GáXJL F]DV QDMVLOQLHMV]\ -DNR PDáH G]LHFNRNRFKDáHPJRLSRG]LZLDáHP.LHG\E\áHPWURFKĊVWDUV]\]DXZDĪ\áHPĪHMHVWRNUXWQ\ L Z\QLRVá\ :\GDZDáR PL VLĊ ĪH SRJDUG]D PQą L QLHQDZLG]L &]DJDMD 1LJG\ QLH RSXĞFLá ĪDGQHM RND]ML ĪHE\ QLH RND]Dü VZRMHM SU]HZDJL Z MDNLHMĞ G]LHG]LQLH -HĪHOL Z\SDGDáR PL ] QLPüZLF]\üZLHG]LDáHPĪHEĊGĊPLDáSU]HGUDPLRQDLQRJLZJUDQDWRZ\FKVLĔFDFKĪHMHĪHOL SU]\GXVLPQLHLZ\NUĊFLPLUĊNĊEĊG]LHXGDZDáĪHQLHZLG]LXQLHVLRQHJRSDOFDPRMHMZROQHM UĊNL QD ]QDN ĪH VLĊ SRGGDMĊ L QLH SXĞFL GRSyNL 5]HPLHĔ WHJR QLH ]DXZDĪ\ :H ZV]\VWNLP PXVLDá E\ü QDMOHSV]\ L QLF QLH EXG]LáR Z QLP WDNLHM ZĞFLHNáRĞFL MDN QDMGUREQLHMV]D SRUDĪND -DNR MHG\Q\ F]ĊVWR SRZWDU]Dá FR ]UREL NLHG\ MXĪ EĊG]LH FHVDU]HP -DNRĞ WDN PQLH L &]DJDMRZLZ\GDZDáRVLĊRF]\ZLVWHĪHLVWRWQLHWRRQ]RVWDQLHNLHG\ĞZáDGFą.LPLU=\áUZDá VLĊGRWHJR0QLHRERZLą]NLZáDGF\Z\GDZDá\VLĊSU]HUDĪDMąFH%\üW\PRGNRJR]DOHĪ\ORV ZV]\VWNLFKPLHV]NDĔFyZFHVDUVWZDVWDüJG]LHĞZWOH]DZV]\VWNLPFRVLĊG]LHMHZ\GDZDáR PLVLĊFLĊĪDUHPQLHGR]QLHVLHQLD=DĞ&]DJDM]DZV]HSRZWDU]DáĪHPDU]\MHG\QLHRW\PE\ ZUyFLü GR 'RPX &\QREUX URELü WR FR PLHV]NDMąFH WDP NRELHW\ L Ī\ü Z VSRNRMX *UDü QD FLQWDU]H PDORZDü L ]DMPRZDü VLĊ SLVDQLHP ZLHUV]\ DOER NRQWHPSODFMą SLĊNQD .LPLU =\á RF]\ZLĞFLHFKFLDáZLHG]LHüF]\Z]ZLą]NX]W\P&]DJDM]DPLHU]D]RVWDüMHJRNRQNXELQąL GUZLáEH]NRĔFD:U]HF]\ZLVWRĞFLPRJáRVLĊSU]HFLHĪRND]DüĪHĪDGHQ]QDVQLHQDGDMHVLĊ QD ZáDGFĊ L 7\JU\VLą &]DSNĊ ]DáRĪ\ NWyUHĞ ] WURMJD QDV]HJR PáRGV]HJR URG]HĔVWZD SU]HĪ\ZDMąFHJREH]WURVNLHODWDZ'RPX&\QREUX .RFKDáHP &]DJDMD MDNR PáRGV]HJR JáXSLXWNLHJR EUDWD L ZáDĞFLZLH E\áR PL JR ĪDO = &]DJDMHP E\á WHQ SUREOHP ĪH VDPR LVWQLHQLH ĞZLDWD MXĪ JR UDQLáR :\GDZDá VLĊ PLĊNNL L SáDF]OLZ\DOHZLHG]LDáHPĪHGODNRJRĞNWRWDNFLHUSL]ODGDSRZRGXGRWU]\P\ZDQLHNURNX EDUG]LHM JUXERVNyUQHPX .LPLU =\áRZL L PQLH VWDMH VLĊ ERKDWHUVWZHP &]DVHP &]DJDM FKOLSLąF L QDU]HNDMąF SRWUDILá RVLąJQąü FRĞ F]HJR DQL PQLH DQL PRMHPX EUDWX PLPR JUDQLWRZ\FKPLQL]DFLĞQLĊW\FKV]F]ĊNQLHXGDZDáRVLĊGRVWąSLü$OH]D]Z\F]DMQLHXGDZDáR PX VLĊ DQL VSHFMDOQLH JR WR QLH LQWHUHVRZDáR 1LH PyJá SRMąü QDMSURVWV]HM LQWU\JL QLH PyJá QDXF]\ü VLĊ SRU]ąGQLH DQL ĪDGQHM V]WXNL ZRMHQQHM DQL VWUDWHJLL .RFKDá QDWRPLDVW PX]\NĊ WDQLHF L ZHVRáH KLVWRU\MNL :\GDMH PL VLĊ ĪH U]HF]\ZLĞFLH SRZLQLHQ ]QDOHĨü VLĊ Z F]\PĞ Z URG]DMX'RPX&\QREUXLVLHG]LHüWDPQDSRGXV]NDFK]FLQWDUHPZUĊNX

7DPWHJRZLHF]RUXSU]\NRODFMLMDL&]DJDMFLHV]\OLĞP\VLĊ]QRZHJR]DGDQLD%\OLĞP\ SU]HFLHĪ G]LHüPL D GRVWDOLĞP\ QLH MHGQR NRFLĊ F]\ V]F]HQLDF]ND -XĪ WDNL QDE\WHN WR GOD G]LHFND VNDUE .DĪG\ ] QDV ]RVWDá ZáDĞFLFLHOHP SRQDG VHWNL SXV]\VW\FK VWZRU]HĔ Z\JOąGDMąF\FK WURFKĊ MDN Z\GU\ D WURFKĊ MDN PDáH SLHVNL NWyUH PRJá\E\ ]DFKZ\FLü QLHMHGQHJR&RZLĊFHMNDĪG\RWU]\PDáZáDVQHPDOHĔNLHNUyOHVWZR 7\ONR.LPLU=\áE\áNZDĞQ\QDWZDU]\L]ZĞFLHNáRĞFLąVáXFKDáQDV]HMSDSODQLQ\ ±6WUDWDF]DVX3U]HNOĊWDVWUDWDF]DVX±ZDUNQąáNUXV]ąFFKOHEQDVWyá1DJOHZ\PLHU]\á SDOHF SURVWR Z 5]HPLHQLD ± 3RZLQQLĞP\ GRVWDü SR RGG]LDOH ZRMVND 3RZLQQLĞP\ ]RVWDü GRZyGFDPL ±1LHNUXV]FKOHEDWRKLPRQLH±SRZLHG]LDáVSRNRMQLH5]HPLHĔ=DZV]HE\áVSRNRMQ\± 3RP\ĞOROXG]LDFKNWyU]\]UDGRĞFLą]MHGOLE\FKRüWRFRZáDĞQLHPDUQXMHV] ± , FR ] WHJR ± EXUNQąá .LPLU =\á ± .LHG\Ğ EĊGĊ FHVDU]HP L EĊGĊ PyJá WDU]Dü VLĊ Z FKOHELH-HVWHPV\QHPFHVDU]D1DXF]\FLHOX1DFRPLV]DFXQHNGODFKOHED"3U]HFLHĪQLHEĊGĊ DQL JR SLHNá DQL XSUDZLDá ]ERĪD 2G WHJR Vą ZLHĞQLDF\ -D EĊGĊ VLĊ ]DMPRZDá W\P ĪHE\ Z RJyOH PRJOL MH XSUDZLDü 3RZLQLHQHĞ SU]\JRWRZ\ZDü QDV GR ZDONL R FKZDáĊ LPSHULXP 7R MHVWQDV]HSU]H]QDF]HQLH7\]DĞNDĪHV]QDPPDUQRZDüF]DVQDRSLHNĊQDG]ZLHU]ĊWDPL7R SRWUDILE\OHSDVWXFK0DP\LPJUDüQDIXMDUNDFK" ±:LHONRĞüFHVDUVWZDWRZáDĞQLHFKOHEWRKLPRQLH.LHG\JR]DEUDNQLHF]\PEĊG]LHFDáD FKZDáDLPSHULXP"6DPPXVLV]MHĞüWDNVDPRMDNSDVWXFK-HVWHĞW\ONRF]áRZLHNLHPWDNMDN RQ ± -HVWHP LQQ\P F]áRZLHNLHP -HVWHP V\QHP FHVDU]D 1LNW QLH VDG]D SDVWXFKyZ QD WURQDFK:LĊFHME\áRE\ZW\PVHQVXJG\E\ĞGDáQDPSRVHWFHSLHFKRW\ 5]HPLHĔ Z\WDUá VWDUDQQLH PLVHF]NĊ ] VRVX NDZDáNLHP FKOHED L UR]SDUá VLĊ QD áDZLH Z\FLąJDMąFVZRMąIDMNĊLUyJ]]LRáDPL ± 3DPLĊWDV] MDN XF]\áHP FLĊ Sá\ZDü WRKLPRQLH" ± ]DS\WDá .LPLU =\á VNDPLHQLDá D V]F]ĊNL]DFLVQĊá\PXVLĊ]ZĞFLHNáRĞFLą%DáVLĊZRG\MDNNRFLĊ2VWDWQLQDXF]\áVLĊSá\ZDü NLHG\ MD L &]DJDM SOXVNDOLĞP\ VLĊ MXĪ Z MH]LRU]H EDUDV]NXMąF QLF]\P IRNL 1LJG\ QLH ]DSRPQLDáWHJRXSRNRU]HQLD ± 3áDNDáHĞ WRKLPRQLH NLHG\ ZRGD RP\ZDáD FL EURGĊ L PLDáHĞ ]DQXU]\ü WZDU] 7ZRL EUDFLDVLDGDOLGRĞQLDGDQLDOHGZRZSU]HSDVNDFKLMXĪFKFLHOLSĊG]LüGRVWDZXDW\PXVLDáHĞ LĞüQDVWURQĊERP\ĞORSá\ZDQLXSU]\SUDZLDáDFLĊRWRUVMH ± , FR ] WHJR ± ZDUNQąá .LPLU =\á WU]ĊVąF VLĊ ]H ]áRĞFL ]ZáDV]F]D ĪH &]DJDM ]DF]ąá FKLFKRWDü±3RNRQDáHPVZyMVWUDFK6DPSRZLHG]LDáHĞĪHNDĪG\F]áRZLHNPXVL]QDüZáDVQH RJUDQLF]HQLDLW\ONRJáXSF\QLF]HJRVLĊQLHERMą ±7RSUDZGD±SU]\]QDá5]HPLHĔ±3U]HáDPDáHĞVLĊLE\áHP]FLHELHGXPQ\EDUG]LHMQLĪ ] WZRLFK EUDFL NWyU\P SU]\V]áR WR EH] WUXGX $OH FR E\áRE\ 0áRG\ 7\JU\VLH V]ODFKHWQ\ NVLąĪĊJG\E\PXF]\áFLĊSá\ZDüWDNMDNWRURELąEDUEDU]\ĔF\]XMĞFLD*RU]NLHM:RG\LSR SURVWX ZU]XFLá FLĊ Z PRU]H" 8WRQąáE\Ğ ,FK G]LHFL WHĪ WRQą F]DVDPL 2QL ZLHU]ą ĪH NDĪG\

URG]L VLĊ GR PRU]D WDN MDN W\ ZLHU]\V] ĪH NDĪG\ URG]L VLĊ E\ E\ü GRZyGFą -HĪHOL ZLĊF FKFHV]NLHG\ĞU]ąG]LüOXGĨPLNWyU]\PDMąPDU]HQLDGXV]HLEOLVNLFKSRNDĪPLQDMSLHUZĪH XPLHV]U]ąG]Lü]ZLHU]ĊWDPL  3LHUZV]HJRGQLDQLHPRJáHPVLĊGRF]HNDüNRĔFDĞQLDGDQLD2GU\ZDáHPNDZDáNLFKOHED PDF]DMąF MH Z SDĞFLH ]DJU\]DáHP PDU\QRZDQ\PL ZDU]\ZDPL GXV]NLHP Z\SLáHP VRN SDOPRZ\LNLHG\W\ONR5]HPLHĔ]H]ZROLáSRJQDáHPGRRJURGX&]HNDáDQDPQLHáyGĨ]ĪyáWą MDN VáRĔFH IODJą QD UXILH L NRV]\N ] MHG]HQLHP -HGHQ GOD PQLH D GUXJL SHáHQ ]LDUHQ GXUU\ RU]HFKyZLSDVNyZVXV]RQHJRPLĊVDGODPRLFKE\VWUHWHN : PRMHM DOWDQLH PLDáHP FLHSá\ SáDV]F] L NRV] ] ZĊJODPL ER WR E\áD MHV]F]H ZF]HVQD ZLRVQDVNáDGDQHNU]HVáR]RSDUFLHPLVWyá'RWHJRNRV]MHG]HQLDLG]EDQVRNXSDOPRZHJR 7RZV]\VWNR0LDáHPMHV]F]H]DSD]XFKąNXUW\PRMąĪyáWąIXMDUNĊ 5HJXá\ E\á\ WDNLH ĪH QLH PRJáHP SRPDJDü PRLP ]ZLHU]ĊWRP LQDF]HM QLĪ JUą QD IOHFLH 1LHPRJáHPQLF]HJRGRWNQąüDQL]URELüVDPHPX -HGQDN WHJR SLHUZV]HJR GQLD QLH ]DJUDáHP QDZHW MHGQHM QXW\ 3R SURVWX SDWU]\áHP FR URELąPRMHE\VWUHWNL6WUDV]QLHPQLHNRUFLáRDOHSRVWDQRZLáHPĪHPXV]ĊMHQDMSLHUZSR]QDü 'RSRáXGQLDZ\GDZDá\PLVLĊSRSURVWX]DEDZQH7RVWZRU]HQLDNWyUHQLHSRWUDILąDQLFKZLOL XVLHG]LHü Z PLHMVFX 3U]H] FDá\ F]DV EDUDV]NXMą SU]HZUDFDMą VLĊ L JRQLą DOER ] NRPLF]Qą SRZDJą SU]HSDWUXMą ]LHPLĊ Z SRV]XNLZDQLX SU]\VPDNyZ 2EVHUZRZDáHP Z QDSLĊFLX SRFLąJDMąF SU]H] WU]FLQĊ QLHZLHONLH á\F]NL VRNX SDOPRZHJR FLHNDZ LFK QLHQDWXUDOQ\FK ]GROQRĞFLNWyUHWFKQĊáDZQLHPRFXURF]\VND]DNOĊWDV]WXNą0LVWU]D=ZLHU]ąW 1LH ]DXZDĪ\áHP QLF]HJR V]F]HJyOQHJR SR]D W\P ĪH F]DVHP EUDá\ GR áDSNL SDW\N E\ Z\GáXEDü]SQLDRZDGDDOERGRVLĊJQąüF]HJRĞZLG]LDáHPWHĪMDNUR]ELMDMąVNRUXSNĊPDáĪ\ WU]\PDQ\P Z áDSFH NDP\NLHP SRGNáDGDMąF GUXJL SRG VSyG 1LJG\ MHGQDN QLH ZLG]LDáHP G]LNLFK E\VWUHWHN L QLH PLDáHP SRMĊFLD F]\ F]DVHP QLH URELą WDN WHĪ QRUPDOQLH EH] PRF\ XURF]\VNLW\PSRGREQ\FKU]HF]\ 0RMD DOWDQD Z]QRVLáD VLĊ QD VáXSDFK L RWRF]RQD E\áD GUHZQLDQ\P SRPRVWHP ZLĊF ZLG]LDáHP ] QLHM FR VLĊ G]LHMH QLHPDO QD FDáHM Z\VHSFH ] Z\MąWNLHP PLHMVF JG]LH ZLGRN ]DVáDQLDá\ NĊS\ NU]HZyZ NRURQ\ NZLWQąF\FK ĞOLZ DOER WU]FLQRZLVND 6SĊG]LáHP WDP ZLHOH F]DVX :LHP ĪH PRMD Z\VSD PLDáD VWR RVLHPG]LHVLąW NURNyZ Z]GáXĪ L G]LHZLĊüG]LHVLąW ZV]HU] &KRG]LáHP SR QLHM F]DVHP VLDGDáHP QD VZRLP VNáDGDQ\P NU]HĞOH L REVHUZRZDáHP ]ZLHU]ąWND 6SUDZLDá\ ZUDĪHQLH ĪH ZFDOH PQLH QLH ZLG]ą 5\á\ Z ]LHPL L OHSLá\ ] JOLQ\ NRSXá\ SRáąF]RQH NRU\WDU]DPL Z\JOąGDMąF\PL MDN JUXEH NRU]HQLH GU]HZ ZĞUyG QLFK Z]QRVLá\ZLHĪHSU]\SRPLQDMąFHWHUPLWLHU\DOERZ\VRNLHNRPLQ\1DV]F]\FLHNDĪGHMSUDZLH ]DZV]HWNZLáRMHGQR]ZLHU]ąWNRZ\VWDZLDMąFáHEHNLZ\SDWUXMąF]DJURĪHQLD 3U]H]NROHMQHGQL]ZLHU]ąWNDZLWDá\PQLHMXĪNLHG\]MDZLDáHPVLĊQDZ\VSLH*G\W\ONR Z\VLDGDáHP]áRG]LSU]\ELHJDá\]HZV]\VWNLFKVWURQLVWDá\QDSODĪ\SyáNROHPZSDWUXMąFVLĊ ZHPQLHF]DUQ\PLĞOHSNDPLSRF]\P]DF]\QDá\PQLHZLWDüPHUGDMąFNUyWNLPLRJRQNDPLL

Z\NRQXMąFVHULHGUJDMąF\FKUXFKyZáHENDPLZ\JOąGDMąF\FKMDNNRPLF]Q\XNáRQ 1D WU]HFL G]LHĔ ]DF]ąáHP RG WHJR ĪH Z\V\SDáHP LP WURFKĊ NDUP\ D SRWHP SR UD] SLHUZV]\]DJUDáHPLPQDIXMDUFH=ZLHU]ĊWD]ELHJá\VLĊGRPRMHMDOWDQ\L]DWU]\PDá\QDZLGRN VWHUW\ ]LDUHQ L NDZDáNyZ VXV]RQHJR PLĊVD NWyUD WDP OHĪDáD 3R FKZLOL QDMRGZDĪQLHMV]H ]ZLHU]ąWNR Z\VXQĊáR S\V]F]HN ]DF]ĊáR REZąFKLZDü SU]\VPDNL ZUHV]FLH VLĊJQĊáR SR VXV]RQ\RZRFOHĪąF\QDZLHU]FKXLMĊáRJRRJU\]DüSU]\VLDGáV]\QDRJRQLH 1D WHQ ZLGRN QDVWĊSQD E\VWUHWND Z\VXQĊáD VLĊ ] WáXPX Z\UDĨQLH RĞPLHORQD SR QLHM QDVWĊSQDDSRFKZLOLSU]HGPRMąDOWDQą]QDOD]áDVLĊRJURPQD JURPDGD]ZLHU]ąWHNELMąF\FK VLĊ PLĊG]\ VREą JU\]ąF\FK L SU]HZUDFDMąF\FK ZĞUyG SRPDUDĔF]RZ\FK ]LDUHQ GXUU\ L NDZDáNyZPLĊVD 1LHRWRPLFKRG]LáR =XSHáQLHQLH 8QLRVáHP GR XVW IOHW L ]DJUDáHP 1LH SRWUDILáE\P SRZLHG]LHü NWyUH V\JQDá\ SRGVXQLĊWH PLSU]H]0LVWU]D=ZLHU]ąWJUDPZWHMFKZLOLSRSURVWXZ\UD]LáHPFRF]XáHPLP\ĞODáHPZ WHM FKZLOL $ FKFLDáHP ĪHE\ VWZRU]HQLD QDW\FKPLDVW VLĊ XVSRNRLá\ ]DQLP VLĊ SR]DELMDMą 7UZDáR WR SU]H] FKZLOĊ DĪ ZUHV]FLH E\VWUHWNL VWRSQLRZR SU]HVWDá\ VLĊ ELü L WUZDá\ WDN ] XQLHVLRQ\PL áHENDPL L ZOHSLRQ\PL ZH PQLH ĞZLGUXMąF\PL RF]NDPL MHGQH OHĪąFH MHV]F]H L VSOHFLRQHZPRUGHUF]\PXĞFLVNXLQQH]DVW\JáHZG]LZQ\FKSR]DFK*UDáHPSU]H]MDNLĞF]DV DĪ]ZLHU]ąWNDSRMĊá\3RGFKRG]Lá\SRNROHLLNDĪGHEUDáRWURFKĊNDUP\GRS\V]F]NDDWURFKĊ ZáDSNLLRGFKRG]LáRQDERN7UZDáRWRGRĞüGáXJRDĪZUHV]FLHE\VWUHWNL]DEUDá\ZV]\VWNR FRZ\V\SDáHPLRND]DáRVLĊĪH]RVWDáDVSRUDJUXSNDGODNWyUHMQLH]RVWDáRQLF:\V\SDáHP MHV]F]HWURFKĊĪHE\ĪDGQDE\VWUHWNDQLHRGHV]áDJáRGQDDĪ]UR]XPLDáHPĪHZV]\VWNLH]RVWDá\ QDNDUPLRQHDOHQLHNWyUHSRGFKRG]ąSRGDOWDQĊSRNLONDUD]\ .D]DáHPLPRGHMĞüL]DMąüVLĊZáDVQ\PLVSUDZDPL :FLąJXNROHMQ\FKGQL]DXZDĪ\áHP]H]GXPLHQLHPĪHPRMHE\VWUHWNLSU]HVWDá\]XSHáQLH V]XNDüSRĪ\ZLHQLDLEDZLüVLĊ3RU]XFLá\QDZHWVZRMHZLRVNLLZLHĪHVWUDĪQLF]HLQLHURELá\ QLF W\ONR VLHG]LDá\ ZRNyá PRMHM DOWDQ\ F]HNDMąF DĪ U]XFĊ LP WURFKĊ NDUP\ .LHG\ MH RGSĊG]DáHPSRSURVWXFKRZDá\VLĊZWUDZLHLZĞUyGNU]DNyZREVHUZXMąFNDĪG\PyMUXFKL F]HNDMąFF]\U]XFĊLPMHG]HQLHF]\QLH 3RSDUXGQLDFKPLDá\]PLHU]ZLRQHIXWURPáRGHE\á\FKXGHWXOLá\VLĊGRPDWHNLVLHG]LDá\ W\ONR ZOHSLDMąF ZH PQLH SDFLRUNRZDWH RF]ND DOH QLH ]DPLHU]Dá\ ZFDOH V]XNDü RZDGyZ L SĊGyZQDSODĪDFKLZWUDZLHMDNGRWąG]XSHáQLHMDNE\]DSRPQLDá\MDNWRVLĊUREL:LGRNE\á RNURSQ\ L DĪ NUDMDáR PL VLĊ VHUFH NLHG\ QD WR SDWU]\áHP DOH QLH GDáHP LP MXĪ DQL NĊVD 3U]\V]áR PL ZWHG\ GR JáRZ\ ĪH WR FR ]DZV]H XZDĪDáHP ]D QDMSURVWV]ą U]HF] QD ĞZLHFLH NWyUąSRZLQLHQ]URELüGREU\ZáDGFD±]DSHZQLüSRGGDQ\PMHG]HQLDGRV\WDZFDOHQLHG]LDáD WDN MDN SRZLQQR :FDOH QLH FKFLDáHP ĪHE\ PRMH E\VWUHWNL ]PLHQLá\ VLĊ Z EH]QDG]LHMQLH X]DOHĪQLRQHRG]DZDUWRĞFLPRMHJRNRV]DVWZRU]HQLD1LHZLHG]LDáHPGODF]HJRWDNVLĊVWDáR 0\ĞODáHP ĪH PRĪH PRMD NDUPD VPDNRZDáD LP WDN EDUG]R ĪH WHUD] QLH FKFą MXĪ QLF]HJR

LQQHJR-HGQDNNWyUHJRĞGQLDVáDQLDá\VLĊ]JáRGXDNLOND]QLFKXPDUáR3U]\ZORNá\LFKFLDáND SRG VDPą ZHUDQGĊ L XáRĪ\á\ QD SLDVNX MDN Z\U]XW VXPLHQLD 1D ZLGRN ELHGQ\FK VWZRU]HĔ OHĪąF\FK QLHUXFKRPR MDN SáRZH SXVWH PLHV]NL SRF]XáHP á]\ Z RF]DFK DOH QLH ]GMąáHP SRNU\Z\ ] NRV]D =DPLDVW WHJR Z]LąáHP IOHW L ]DJUDáHP LP R JáRG]LH RUD] R VPXWQ\P ORVLH NRQDMąFHM]JáRGXE\VWUHWNLD]DUD]SRWHPRREILWRĞFLSRĪ\ZLHQLDNU\MąFHJRVLĊQDSODĪDFKLZ WUDZLH1LHZLHOHWRGDáR=DOHGZLHNLOND]ZLHU]ąWRSXĞFLáRPLOF]ąFąJUXSNĊF]HNDMąFąQDPyM GDU L ]DF]ĊáR V]XNDü Z WUDZLH *UDáHP GDOHM L GRáRĪ\áHP MHV]F]H WRQ\ NWyUH RSRZLDGDá\ R GXPLH ZROQHM E\VWUHWNL SRWUDILąFHM VDPHM ]DGEDü R VLHELH L R PáRGH L NWyUD QLH ]DOHĪ\ RG QLF]\MHM áDVNL 3RWHP VLĊJQąáHP GR NRV]D ]DF]HUSQąáHP XNUDGNLHP JDUĞü SU]\VPDNyZ L SRV]HGáHP QD QDMEOLĪV]ą QDGEU]HĪQą áDFKĊ SLDVNX JG]LH UR]U]XFLáHP MH L ]DJU]HEDáHP Z SLDVNXSRF]\PZUyFLáHPGRDOWDQ\L]DF]ąáHPGDOHMJUDüWRVDPR *UDáHP L JUDáHP SU]Há\NDMąF á]\ D NLHG\ PLDáHP MXĪ ]XSHáQLH Z\VFKQLĊWH JDUGáR L RERODáH SDOFH ]REDF]\áHP ĪH SRZROL ]DF]\QD WR SU]\QRVLü MDNLĞ VNXWHN 3RMHG\QF]H ]ZLHU]ĊWD]DF]\QDá\ZUDFDüQDáąNĊLQDEU]HĪQHSODĪHE\Z\JU]HE\ZDü]]LHPLRZDG\RUD] Z\FLąJDü]ZRG\PDáĪH:NRĔFX]RVWDáRMXĪW\ONRNLOND]ZLHU]ąWDNLHG\SU]HVWDáHPJUDü SRMDNLPĞF]DVLHRGHV]á\LRQH 6LHG]LDáHP SRWHP L GáXJR P\ĞODáHP QDG W\P FR URELü =UR]XPLDáHP ĪH ]D SRPRFą PRMHJRIOHWXLNRV]DPRJĊQLHW\ONRQLPLU]ąG]LüDOHUyZQLHGREU]H]DELMDü7U]\]ZLHU]ąWND NWyUHOHĪDá\SU]HGPRMąDOWDQą]JLQĊá\QLHW\ONRSU]H]MDNLHĞZáDVQHFHFK\:LVWRFLH]DELáDMH PRMDJáXSRWD 2G WHM SRU\ JUDáHP EDUG]R RVWURĪQLH ĩ\FLH ]ZLHU]ąWHN Z\GDZDáR VLĊ SRGOHJDü QDWXUDOQ\PU\WPRPLEDáHPVLĊMH]DNáyFLü%\á\MHGQDNEDUG]RSRGDWQH QDPRMąPX]\NĊ , SRPDáXPRMHUR]ND]\]DF]Ċá\MHMHGQDN]PLHQLDü =PLHQLá VLĊ NV]WDáW ZLRVHN 1DGDO E\á\ WR NRSXODVWH NRSFH ] XELWHM JOLQ\ SRáąF]RQH WXQHODPLLSU]\NU\W\PLVWURSDPLNRU\WDU]DPLQDGDOZ]QRVLá\VLĊQDGQLPLZLHĪHVWUDĪQLF]H DOH ]DGHF\GRZDáHP ĪH SRZLQQ\ E\ü EXGRZDQH QD SODQLH NRQFHQWU\F]Q\FK Nyá ] SURPLHQLĞFLH XáRĪRQ\PL NRU\WDU]DPL L QRUDPL ĪHE\ ]ZLHU]ĊWRP áDWZLHM E\áR Z\FKRG]Lü L ZFKRG]Lü 3RĞURGNX ND]DáHP LP ]URELü ZLĊNV]ą NRSXáĊ R GZyFK SR]LRPDFK 1D JyUQ\P SRVWDQRZLáHP ]URELü PDJD]\Q Ī\ZQRĞFL D SRG]LHPQD MDPD GRĞü GXĪD ĪHE\ ]PLHĞFLá\ VLĊ WDPZV]\VWNLH]ZLHU]ĊWDPLDáDVáXĪ\üMDNRVFKURQ :\P\ĞODáHPUyĪQHU]HF]\1DXF]\áHPMHURELü]DJURG\]SOHFLRQ\FKSĊGyZLXVWDZLDüMH Z Sá\WNLHM SU]\EU]HĪQHM ZRG]LH WDN E\ WZRU]\á\ ]ZĊĪDMąFH VLĊ NRU\WDU]H ]DNRĔF]RQH RNUąJá\PLEDVHQDPLDSRWHP]DJDQLDüWDPUyĪQHVWZRU]HQLDZRGQHRZDG\LPDáHU\E\ 1LH ZV]\VWNR FR URELáHP PLDáR VHQV 3RVWDQRZLáHP NLHG\Ğ SRG]LHOLü MH QD JUXS\ L SU]\SLVDüLP]DGDQLD-HGQHPLDá\]ELHUDüSĊG\ LQQHSRORZDüDMHV]F]HLQQH]DMPRZDüVLĊ PáRG\PL DOH RND]DáR VLĊ ĪH ZSURZDG]DP Z LFK Ī\FLH ]E\W ZLHOH ]DPLHV]DQLD D GR WHJR RGELHUDP LP LFK ]Z\Ná\ ]DSDá 5RELá\ VLĊ DSDW\F]QH L VSHáQLDá\ PRMH UR]ND]\ EH] SU]HNRQDQLDDĪZUHV]FLHRND]DáRVLĊĪHZV]\VWNRMHVW]URELRQHE\OHMDNLGXĪRJRU]HMQLĪEH]

PRLFKXVSUDZQLHĔ 3RGREQLH E\áR NLHG\ ND]DáHP LP RGGDZDü GR PDJD]\QX ]E\W ZLHOH ]GRE\F]\ :\P\ĞOLáHP ĪH EĊGą ]QRVLü ZV]\VWNLH ]LDUQD RZRFH L RZDG\ GR PQLH D WR MD EĊGĊ MH UR]G]LHODá WDN ĪHE\ E\áR VSUDZLHGOLZLH : HIHNFLH W\ONR VQXá\ VLĊ SR SROHWNDFK L SODĪDFK L QLHZLHOH]QDMGRZDá\2GGDZDá\]GRE\F]HERG]LĊNLPRF\IOHWXQLHPRJá\PLVLĊVSU]HFLZLü DOH E\áR WHJR R ZLHOH PQLHM QLĪ SU]HGWHP =XSHáQLH MDNE\ VąG]Lá\ ĪH WR F]\ VLĊ Z HIHNFLH QDMHG]ą]XSHáQLHQLH]DOHĪ\RGLFKZ\VLáNXW\ONRPRMHJRZLG]LPLVLĊ 'RZLHG]LDáHP VLĊ WHĪ ĪH QLH PRJĊ QLHXVWDQQLH Z\GDZDü LP UR]ND]yZ PRLP IOHWHP 0XVLDá\PLHüF]DVĪHE\URELüWRFRFKFąERLQDF]HMUyZQLHĪURELá\VLĊDSDW\F]QHL]DF]\QDá\ FKRURZDü 7DN QDSUDZGĊ WR FDá\ F]DV PDUWZLáHP VLĊ F]\ Z\VSD MHVW Z VWDQLH GRVWDUF]\ü LP GRĞü MHG]HQLD0LVWU]=ZLHU]ąWQDSRPNQąáĪHZUD]LHJáRGXE\VWUHWNLSRWUDILą]DELMDüVLĊL]MDGDü QDZ]DMHP6WDQRZF]RQLHFKFLDáHPGRWHJRGRSXĞFLü'ODWHJRND]DáHPLPJURPDG]LüSĊG\L QDXF]\áHPVXV]\üPDáĪHLRZDG\QDNDPLHQLDFK:LHG]LDáHPĪHSyĨQLHMNLHG\PLQLHSHáQLD ODWDQDMZDĪQLHMV]HEĊGąRU]HFK\LRZRFHĞOLZ\&RNLONDGQLGRVWDZDáHPNRV]NDUP\NWyUą XNUDGNLHPUR]U]XFDáHPZWUDZLHL]DNRS\ZDáHPZSLDVNX 6WUDV]QLH FLHNDZLáR PQLH FR QD VZRLFK Z\VSDFK URELą PRL EUDFLD = JyUQHM SODWIRUP\ PRMHM DOWDQ\ ZLG]LDáHP RELH Z\VS\ DOH W\ONR MDNR NĊS\ GU]HZ L NU]HZyZ QD MH]LRU]H :LG]LDáHPIODJLSRZLHZDMąFHQDGGDFKDPLRGOHJá\FKDOWDQDOHQLHZLHOHZLĊFHM .WyUHJRĞ GQLD SRV]HGáHP GR .RPQDW\ =ZRMyZ Z 'RPX 6WDOL %DUG]R OXELáHP WDP FKRG]Lü .LHG\ XF]\OLĞP\ VLĊ KLVWRULL VWUDWHJLL DOER SROLW\NL ]ZRMH SU]\QRV]RQR QDP GR .RPQDW\ 3UDF\ L NDĪG\ ] QDV PLDá WDP ZáDVQ\ F]\WQLN QD NWyU\ ]DNáDGDá ]ZRMH -HGQDN GR .RPQDW\=ZRMyZFKRG]LáHP]DZV]HVDPZWHG\NLHG\QLHPLDáHPQLFGRURERW\=DNáDGDáHP QDF]\WQLN]ZRMHRSLVXMąFHGDOHNLHNUDLQ\QLHVDPRZLWHKLVWRULHRGXFKDFKLGHPRQDFKDOER RSRZLHĞFL R G]LZQ\FK VWZRUDFK ]DPLHV]NXMąF\FK NUDĔFH ]LHPL 6LHG]LDáHP JRG]LQDPL Z ĞZLHWOHODPS\LSRZROLREUDFDáHPJyUQ\XFKZ\WSU]HVXZDMąFSU]HGRF]DPLQLHNRĔF]ąFąVLĊ ZVWĊJĊ SDSLHUX $OH WHJR GQLD ]DXZDĪ\áHP WDP FRĞ G]LZQHJR : .RPQDFLH =ZRMyZ ]QDMGRZDá\ VLĊ WHĪ QLHZLHONLH VWROLNL SU]\ NWyU\FK PRĪQD E\áR XVLąĞü L RGSRF]ąü RUD] VWyá SR]ZDODMąF\ RJOąGDü ZLHONLH PDS\ L REUD]\ QD SáyWQLH L SHUJDPLQLH 1D VWROH NWRĞ ]RVWDZLá SU]HGPLRWNWyU\]DSHZQHSRVáXĪ\áPXMDNRSU]\FLVNGRV]F]HJyOQLHGXĪHMLQLHVIRUQHMPDS\ 1LHE\áWRSRSURVWXSU]HGPLRWDOH3U]HGPLRW-HGQD]W\FKGURJLFKLU]DGNLFKU]HF]\NWyUHVą QDV\FRQHPRFą7HQ]QDáHPGRĞüGREU]HER]DZV]HPDU]\áHPĪHE\PLHüWDNLQDZáDVQRĞü %\áRWRÄGáXJLHRNR´.U\V]WDá]DPNQLĊW\ZGáXJLPQDGáRĔF\OLQGU]H]F]HUZRQHJRGUHZQDL RSUDZLRQ\Z]áRWR3R]ZDODáRJOąGDüREUD]\QDRGOHJáRĞüDĪGRJUDQLF\Z]URNXLWR]DUyZQR Z G]LHĔ MDN Z QRF\ :\VWDUF]\áR SRSDWU]Hü SU]H]HĔ QD WR FR FKFLDáR VLĊ ]REDF]\ü GRNáDGQLHM D ZyZF]DV REUD] ]EOLĪDá VLĊ MDNE\ SDWU]ąF\ SRIUXQąá SURVWR GR VZRMHJR FHOX 3U]HGPLRW Z\F]XZDá NLHG\ FKFLDáR VLĊ FRĞ ]REDF]\ü Z V]F]HJyáDFK Z\VWDUF]\áR Z\WĊĪ\ü Z]URN FKFąF MH GRVWU]HF D ZWHG\ REUD] SU]\EOLĪDá VLĊ MHV]F]H EDUG]LHM 3U]\ RGURELQLH

ZSUDZ\PRĪQDE\áRSU]\EOLĪDüLRGGDODüREUD]\MDNVLĊFKFLDáRDMDQLHE\áHPZyZF]DVMXĪ WDNLJáXSLĪHE\SUyERZDüVLĊJDüUĊNąSRWRFRZÄRNX´]EOLĪDáRVLĊGRPRMHMWZDU]\ 'RĞü NUyWNR ZDOF]\áHP ] SRNXVą 3RVWDQRZLáHP SR SURVWX ĪH MHĪHOL NWRNROZLHN EĊG]LH UR]S\W\ZDáRÄRNR´QDW\FKPLDVWMHRGGDPQLHZ\P\ĞODMąFĪDGQ\FKEDMHNLQLHEĊGĊNUĊFLá 8VSRNRLáR PQLH WR SRGZyMQLH 3R SLHUZV]H SURVWH SU]\]QDQLH VLĊ GR F]HJRĞ WDNLHJR ] SRGQLHVLRQą WZDU]ą Ä7R MD VWáXNáHP ZD]Ċ %DUG]R FKFLDáHP Z\SUyERZDü WDNą ZáyF]QLĊ D ZLHG]LDáHPĪHQLHZROQRPLMHMZ\QLHĞüGRRJURGX3RVWDQRZLáHPĪH]áRĪĊVLĊW\ONRGRNLONX SFKQLĊüL]DUD]MąRGZLHV]Ċ6WDáRVLĊ´]UHJXá\SR]ZDODáRXQLNQąüVURĪV]HMNDU\3RGUXJLH ZWHQVSRVyEQDEUDáHPSU]HNRQDQLDĪHQLF]HJRQLHNUDGQĊ:NRĔFXSRĪ\F]DáHPW\ONRU]HF] NWyUą]QDOD]áHPZHZáDVQ\PGRPXDNWyUDE\áDPLSRWU]HEQD =DZLR]áHPÄRNR´QDZ\VSĊL]DF]ąáHPSRGJOąGDüVZRLFKEUDFL=SRGHVWXZHUDQG\]NĊS QDEU]HĪQ\FKNU]HZyZL]]DV]SDOHUyZGUHZQLDQ\FKWU]FLQDQDZHW]SU]HFLZOHJáHJREU]HJX MH]LRUDXNU\W\ZĞUyGVNDáLR]GREQ\FKNU]HZyZ 1D Z\VSLH &]DJDMD ]REDF]\áHP Z\VFKQLĊWH L SRNUXV]RQH UHV]WNL NRSXá QD EU]HJX RUD] QRZH GXĪH NRSXá\ ]EXGRZDQH ZRNyá MHJR DOWDQ\ %\á\ ]D GXĪH L REDZLDáHP VLĊ ĪH]DZDOą VLĊSRSLHUZV]HMSRU]ąGQHMXOHZLH-HJRXEDUZLRQ\FKSRSLHODWRE\VWUHWHNZáDĞFLZLHQLHE\áR ZLGDüQLJG]LHQDZ\VSLHW\ONRQDSLDV]F]\VWHMSRODQLHSU]HGDOWDQąWDPJG]LHZ]QRVLá\VLĊ NRSXá\ 1LH V]XNDá\ SRĪ\ZLHQLD SUDZLH Z RJyOH QLH Z\FKRG]Lá\ QD EU]HJ Z\VS\ W\ONR WDĔF]\á\ 3U]\QDMPQLHM WDN WR Z\JOąGDáR &]DJDM JUDá QD IOHFLH D ZV]\VWNLH ]ZLHU]ąWND XVWURMRQH SVWU\PL SROQ\PL NZLDWNDPL GUHSWDá\ Z PLHMVFX L REUDFDá\ VLĊ VWRMąF VáXSND ZRNyá NDUP\ Z\V\SDQHMQDZLHONąNXSĊSRĞURGNX 1LHVąG]ĊĪHE\WDNVLĊG]LDáR]DZV]H3RSLHUZV]H&]DJDMZ\SOXáE\SáXFDSU]H]VZRMą IXMDUNĊ SR GUXJLH E\VWUHWNL SDGá\E\ ] Z\FLHĔF]HQLD $OH F]ĊVWR NLHG\ VSRJOąGDáHP SU]H] ÄRNR´ QD MHJR Z\VSĊ ZLG\ZDáHP WDNLH REUD]NL =ZUyFLáHP W\ONR XZDJĊ ĪH IURQW ZHUDQG\ REVDG]RQ\ E\á NZLWQąF\P EOXV]F]HP D ZLHONLH NRSFH PLDá\ ĞFLDQ\ REOHSLRQH NRORURZ\PL NDP\NDPLLEá\V]F]ąF\PLPXV]ODPL7\JRGQLH]DEDZ\]ZáDVQ\PL]ZLHU]ĊWDPLZ\URELá\ZH PQLHRNRJRVSRGDU]DZLĊFSDWU]\áHPQDEáĊNLWQąZ\VSĊUDF]HMNU\W\F]QLH.DUP\]GQLDQD G]LHĔ E\áR FRUD] PQLHM E\VWUHWNL SUDZLH QLH V]XNDá\ SRĪ\ZLHQLD D MHĪHOL MXĪ WR ]MDGDá\ ZV]\VWNR QD PLHMVFX *áyZQLH VLHG]LDá\ SU]HG DOWDQą SDU]\á\ VLĊ DOER WDĔF]\á\ .LHG\ SDWU]\áHPQDLFKFRG]LHQQH]DFKRZDQLHPLDáHPZUDĪHQLHĪHQLHVąQRUPDOQH :\VSD.LPLU=\áDZ\JOąGDáD]XSHáQLHLQDF]HM.RORQLHE\VWUHWHNPLDá\NROLVW\NV]WDáWMDN XPQLHDOHSU]\SRPLQDá\ZDURZQHRER]\3R]EDZLRQHRWZRUyZNRSXá\]HZQĊWU]QHJRNUĊJX SRáąF]RQH E\á\ XOHSLRQ\P ] JOLQ\ PXUHP L PLDá\ Z\ĪV]H ZLHĪH SR]D W\P Z ZLRVFH Z\NRSDQRQLHOLF]QHZ\MĞFLD]NWyU\FKZLĊNV]RĞü]DVWDZLRQDE\áDNDPLHQLDPL3U]HGDOWDQą ]QDMGRZDáVLĊRF]\V]F]RQ\]WUDZ\SLDV]F]\VW\SODF &]ĊĞü ]ZLHU]ąW ]DMPRZDáD VLĊ QLHXVWDQQą SUDFą DOH W\ONR QLHNWyUH V]XNDá\ SRĪ\ZLHQLD &]ĊĞüĞFLQDáDPáRGHSĊG\WU]FLQ\DOHQLHWH]LHORQHNWyUHQDGDMąVLĊGRMHG]HQLDW\ONRĪyáWH

]GUHZQLDáH L EDUG]R WZDUGH 2GFLQDá\ UyZQH NDZDáNL PQLHM ZLĊFHM GáXJRĞFL GZyFK GáRQL L ]QRVLá\MHQDVWHUWĊSU]HGDOWDQą 'UXJDF]ĊĞüUXGREUą]RZ\FKE\VWUHWHNPRMHJREUDWDMDN]DXZDĪ\áHP±WHQDMZLĊNV]HQD RJyá GUHSWDáD SU]HG MHJR ZHUDQGą Z NDUQ\FK F]ZRURERNDFK WU]\PDMąF NLMNL Z áDSNDFK L XVWDZLDMąF VLĊ Z UyĪQH V]\NL ERMRZH .ZDGUDW SLĊFLRNąW ÄZáyF]QLĊ´ DOER ÄURJL E\ND´ 1LH ]G]LZLáHPVLĊERQLF]HJRLQQHJRSR.LPLU=\OHVLĊQLHVSRG]LHZDáHPDOH]DVWDQRZLáRPQLH WRĪHSHZQHJRGQLDZ\UDĨQLH]REDF]\áHPSRĞURGNXSODF\NXQLHZLHONLHRJQLVNR1LHPLDáHP SRMĊFLDMDNPRJáRPXVLĊXGDüQDXF]\ü]ZLHU]ąWNDNU]HVDüRJLHĔ3RGHMU]HZDáHPĪHUDF]HM ]áDPDá]DND]LVDPJRZ]QLHFLá3U]\RJQLXVWDá\WU]\MHJRUXGHE\VWUHWNLLRJU\]Dá\XNRĞQLH NRĔFHSDW\NyZSRF]\PRVPDODá\MHOHNNRĪHE\XWZDUG]LüZSáRPLHQLX 1DGDOE\áRWRFRĞF]HJRVLĊVSRG]LHZDáHPDOHRGWąGFRG]LHQQLHOXVWURZDáHPV\WXDFMĊQD REXZ\VSDFK =DQLHSRNRLáHPVLĊGRSLHURJG\NROHMQHJRGQLD]REDF]\áHP]XSHáQLHQRZąVFHQĊ.LPLU =\á VLHG]LDá QD NU]HĞOH QD WDUDVLH VZRMHM DOWDQ\ L JUDá D ZV]\VWNLH MHJR ]ZLHU]ĊWD L WH ] G]LGDPLLWHZ\QĊG]QLDáHNWyUH]Z\NOHSU]H]FDá\F]DVSUDFRZDá\VWDá\SU]HGQLPZLHONLP SyáNROHP1DZROQ\PPLHMVFXSU]HGDOWDQąMDN]DZV]HRVWDWQLRSáRQĊáRRJQLVNR 'RSLHUR SR FKZLOL ]RULHQWRZDáHP VLĊ ĪH ]ZLHU]ĊWD QLH VWRMą Z SU]\SDGNRZ\P WáXPLH Ä=ELHUDF]H´]ELOLVLĊZ EH]áDGQą JUXSĊSRĞURGNXQDWRPLDVWÄĪRáQLHU]H´RWDF]DOLMHNUĊJLHP VWRMąFVáXSND]RSXV]F]RQ\PLG]LGDPL =DFLHNDZLáR PQLH WR ZLĊF VFKRZDáHP ÄRNR´ ]D SDV NXUW\ L ZVSLąáHP VLĊ QD QDMZ\ĪV]H GU]HZR QD Z\VSLH ']LĊNL WHPX XNU\W\ Z JDáĊ]LDFK PLDáHP GXĪR OHSV]\ ZLGRN QD WR FR G]LDáRVLĊQDZ\VSLHPRMHJREUDWD .LOND E\VWUHWHN SHáQLąF\FK UROĊ ĪRáQLHU]\ RGáRĪ\áR SDW\NL L ZSDGáR JDORSHP Z WáXP Ä]ELHUDF]\´ SR F]\P Z\UZDáR ] QLHJR GZD Z\QĊG]QLDáH SU]HUDĪRQH ]ZLHU]ąWND 3RUZDQH E\VWUHWNL QDMZ\UDĨQLHM ZSDGá\ Z SDQLNĊ L XVLáRZDá\ XFLHNDü ZHZQąWU] NUĊJX DOH ZV]ĊG]LH QDWUDILDá\ QD V]SDOHU ĪRáQLHU]\ ] QDVWDZLRQ\PL G]LGDPL 3R NUyWNLHM FKZLOL SDQLNL ]RVWDá\ ]DSĊG]RQHQDVDPĞURGHNSODFX]XSHáQLHMDNNRZFHJRQLRQHSU]H]SDVWHUVNLHSV\=ZLHU]ĊWD VNáĊELá\ VLĊ QD FKZLOĊ D SRWHP ÄĪRáQLHU]H´ FRIQĊOL VLĊ D SRUZDQL Ä]ELHUDF]H´ ]RVWDOL QD SLDVNXV]DUSLąFVLĊL]ZLMDMąFZPLHMVFX6NRQFHQWURZDáHPZ]URNL]REDF]\áHPĪH]RVWDá\ XZLą]DQH]DV]\MĊPRFQ\PV]QXUNLHPXNUĊFRQ\P]á\NDGRQLHZLHONLHJRSDOLNDVWHUF]ąFHJR] ]LHPL 3RWHP ]REDF]\áHP ĪH ÄĪRáQLHU]H´ SRGFKRG]ą L ]DWU]\PXMą VLĊ WXĪ SU]HG XZLą]DQ\PL ]ZLHU]ąWNDPLNWyUHSU]HVWDá\QDFKZLOĊILNDüQD]LHPLV]DUSDüáDSNDPLGXV]ąFHMHV]QXUNLL SUyERZDü MH SU]HJU\Ĩü 2ELH JUXS\ VWDá\ VáXSND REZąFKXMąF VLĊ L UXV]DMąF QRVDPL D .LPLU =\á JUDá MDN V]DORQ\ $ SRWHP QDMZLĊNV]D E\VWUHWND PRMHJR EUDWD SRVWąSLáD NURN QDSU]yG L UDSWHPZELáDG]LGĊZEU]XFKSU]\ZLą]DQHJR]ZLHU]ąWND 1D ZLGRN NUZL WU\VNDMąFHM QD SLDVHN RPDO QLH VSDGáHP ] GU]HZD L R PDá\ ZáRV QLH XSXĞFLáHP PRMHJR ÄRND´ %\áHP ZVWU]ąĞQLĊW\ DOH ]QyZ XQLRVáHP F\OLQGHU GR WZDU]\ 3R

SURVWXQLHPRJáHPXZLHU]\üZWRFRZLG]Ċ $ZLG]LDáHPMDNNROHMQH]ZLHU]ĊWDSRGFKRG]ąLGĨJDMąQLHV]F]ĊVQHVWZRU]HQLDG]LGDPL DĪZSLDVNX]RVWDá\QLHUXFKRPHFLDáDSRNU\WHSR]OHSLDQ\PSRF]HUZLHQLDá\PRGNUZLIXWUHP NWyUHNROHMQLÄĪRáQLHU]H´QDGDOSU]HELMDOLVZRLPLZáyF]QLDPLPLPRĪHQLHE\áRMXĪSRFR =JRQLHQLZNXSĊSRPLĊG]\ZáyF]QLDPLÄ]ELHUDF]H´V]DPRWDOLVLĊZSDQLFHDOHV]SDOHU\ ÄĪRáQLHU]\´XWU]\P\ZDá\MDNLWDNLSRU]ąGHN 3R ]DGĨJDQLX ]ZLHU]ąW ÄĪRáQLHU]H´ U]XFLOL VLĊ QD ]ZáRNL L UR]V]DUSDOL MH %\VWUHWNL Z\JOąGDá\ SU]\ W\P L ]DFKRZ\ZDá\ VLĊ MDN VWDGR V]F]XUyZ .áĊELąFH VLĊ UG]DZH JU]ELHW\ E\VWUHWHNZPLHMVFXJG]LHSU]HGFKZLOąVWDOLLFKEUDFLDZ]EXG]Lá\ZHPQLHPGáRĞFL 3RNUyWNLPF]DVLHSR]DGĨJDQ\FKLSRĪDUW\FK]ZLHU]ĊWDFKQLH]RVWDáRQLFSR]DSODPDPL NUZLZVLąNDMąF\PLZSLDFKLGZRPDRGJU\]LRQPLáHENDPLNWyUHPyMEUDWND]Dá]DWNQąüQD ZáyF]QLDFKQDSODFX .LHG\]V]HGáHP]GU]HZDNUĊFLáRPLVLĊZJáRZLH]HPRFML 1DMSLHUZ FKFLDáHP SRZLHG]LHü R ZV]\VWNLP 5]HPLHQLRZL DOH V]\ENR XĞZLDGRPLáHP VRELHĪHZHGáXJ1DXF]\FLHODWRE\üPRĪHMD]áDPDáHPUHJXá\JU\DQLHPyMEUDW8NUDGáHP ÄRNR´ L SRGJOąGDáHP JR 7\PF]DVHP RQ W\ONR VLHG]LDá L JUDá 2ZV]HP ND]Dá VZRLP ]ZLHU]ĊWRP GRSXV]F]Dü VLĊ EH]VHQVRZQHJR RNUXFLHĔVWZD DOH QLNW QDV QLH RJUDQLF]Dá 'DQR QDP E\VWUHWNL Z\VS\ NDUPĊ L IOHW\ 3R]ZRORQR GDOHM URELü FR FKFHP\ DOH L UDG]Lü VRELH VDPHPX -HĪHOL PyM EUDW FKFLDá ĪHE\ MHJR ]ZLHU]ĊWD SU]HSURZDG]Dá\ DEVXUGDOQH HJ]HNXFMH PLDáGRWHJRSUDZR 3RSDWU]\áHPQDZáDVQHĪyáWH]ZLHU]ąWNDJRQLąFHVLĊSRZLRVFHLSU]HZUDFDMąFHZWUDZLH LQDJOHSRF]XáHPMDNLĞFLHĔZGXV]\ .LOND GQL SyĨQLHM SU]\E\áHP QD Z\VSĊ ZF]HĞQLH L ]DUD] SR Z\SLFLX NXEND FLHSáHJR RU]HFKRZHJR QDSDUX ]DF]ąáHP REVHUZRZDü V]NDUáDWQą Z\VSĊ 7HJR GQLD ]REDF]\áHP FRĞ QRZHJR =REDF]\áHP GZLH PDáH áRG]LH OHGZR ZLGRF]QH Z SRUDQQHM PJOH SU]\ELMDMąFH GR SODĪ\L]QLNDMąFHZWU]FLQRZLVNDFK0RĪHQLHE\á\WRMDNLHĞGRVNRQDáHVWDWNL±UDF]HMWUDWZ\ SU]\SRPLQDMąFH SRGZyMQH VQRS\ WU]FLQ\ ]ZLą]DQH FLDVQR QD REX NRĔFDFK DOH Sá\ZDá\ Z\VWDUF]DMąFRGREU]HL]DXZDĪ\áHPĪHQDNDĪGHMSá\QĊáRSRNLONDE\VWUHWHN.LPLU=\áD1LH ]DXZDĪ\áHP Z MDNL VSRVyE Sá\ZDMą DOH QLH GU\IRZDá\ EH]áDGQLH SFKDQH ZLDWUHP W\ONR VXQĊá\MHGQD]DGUXJąZVWURQĊMDNLHJRĞSU]HMĞFLDZĞUyGWU]FLQDĪ]QLNá\PL]RF]X =DLQWU\JRZDQ\ ZVSLąáHP VLĊ QD VZRMH GU]HZR L XQLRVáHP ÄRNR´ 0yM EUDW VLHG]LDá Z DOWDQLH SU]\ VWROH L SRMDGDá FRĞ OHQLZLH 3R FKZLOL ]DáRJD MHJR áRG]L SRMDZLáD VLĊ QD SODFX %\VWUHWNLNXĞW\NDá\NRPLF]QLHQDWU]HFKáDSNDFKZF]ZDUWHMG]LHUĪąFRSDUWąRNDUNZáyF]QLĊ :\JOąGDá\ QLH]JUDEQLH DOH ]DXZDĪ\áHP ĪH SU]HPLHV]F]DMą VLĊ GRV\ü VSUDZQLH -HGQDN SRPLĊG]\ UXG\PL JU]ELHWDPL ]ZLHU]ąW .LPLU =\áD ]DXZDĪ\áHP NLOND SRSLHODW\FK -HJR E\VWUHWNLSĊG]Lá\PLĊG]\VREąV]DUH]ZLHU]ąWNDNLFDMąFHQDGZyFKáDSNDFKLQLRVąFHQDUĊF]D NDUP\NWyUąZ\V\SDá\QDVWHUWĊDSRWHP]ELá\VLĊZWUZRĪQąJURPDGNĊLF]HNDá\ .LPLU=\áRGVXQąáRGVLHELHWDFĊ]GMąáQRJL]HVWRáXLZ]LąáIOHWDSRWHP]DF]ąáJUDü

: HIHNFLH GZLH SRSLHODWH SU]HUDĪRQH E\VWUHWNL &]DJDMD ]RVWDá\ ]DGĨJDQH L SU]\ DOWDQLH EUDWD SU]\E\á\ GZLH QRZH JáRZ\ QDG]LDQH QD SDW\NL D WU]\ SR]RVWDáH ]DJRQLRQR GR URERW\ UD]HP]UHV]WąÄ]ELHUDF]\´ =V]HGáHP QD ]LHPLĊ L GáXJR FKRG]LáHP SR VZRMHM Z\VSLH SRJUąĪRQ\ Z ]DGXPLH 3ROLF]\áHP VZRMH ]ZLHU]ĊWD DOH Z\GDZDáR PL VLĊ ĪH MHVW LFK W\OH LOH SU]HGWHP FKRü QLH PRJáHPPLHüSHZQRĞFL :F]RáJDáHPVLĊLOHVLĊW\ONRGDáRGRJáyZQHMQRU\LXVLáRZDáHPVSUDZG]LüF]\]DSDVyZ NDUP\ MHVW W\OH LOH ZF]HĞQLHM VSUDZG]LáHP WHĪ VNURPQH ]DVRE\ Z NRV]X Z PRMHM DOWDQLH :\GDZDáRPLVLĊĪHQLF]HJRQLHXE\áR0LPRWRFDá\F]DVF]XáHPVWUDFK .LPLU=\áPLDáDUPLĊE\VWUHWHNZ\SRVDĪRQ\FKZHZáyF]QLHZ\V]NRORQ\FKL]GROQ\FKGR ]DELMDQLD -HJR ]ZLHU]ĊWD XPLDá\ WHĪ NU]HVDü RJLHĔ L PLDá\ áRG]LH NWyU\PL SRWUDILá\ Z MDNLĞ VSRVyE Sá\ZDü :\VSD &]DJDMD E\áD EOLĪHM V]NDUáDWQHM QLĪ PRMD ZLĊF PLDáHP QDG]LHMĊ ĪH VWDQRZLOHSV]\FHOGODáXSLHĪF]\FKZ\SUDZDOHZLHG]LDáHPĪHVLĊáXG]Ċ.LPLU=\áV]\NRZDá VLĊGRZRMQ\:HGáXJQLHJR]Z\FLĊVWZRZWHMJU]HQLHSROHJDáRQDPąGU\PU]ąG]HQLXVWDGHP ]ZLHU]ąWHN = SHZQRĞFLą URLá VRELH PRPHQW Z NWyU\P QD ZV]\VWNLFK WU]HFK Z\VSDFK ]DáRSRF]ąMHJRNDUPLQRZHIODJL &KRG]LáHP SR Z\VSLH L UR]JOąGDáHP VLĊ SU]H] GáXĪV]\ F]DV 1DWUDILáHP QD GXĪ\ SRZDORQ\ SLHĔ ZRVNRZFD SRNU\W\ JUXEą NRUą SU]HMU]DáHP WHĪ NĊS\ GUHZQLDQ\FK WU]FLQ QD EU]HJDFK L ]QDOD]áHP QLHZ\NRU]\VWDQH MHV]F]H SRNáDG\ JOLQ\ QD Z\VRNLP SRáXGQLRZ\P EU]HJX $ SRWHP ZUyFLáHP GR DOWDQ\ L Z\GRE\áHP IOHW 0XVLDáHP XáRĪ\ü PRLP ]ZLHU]ĊWRP ]XSHáQLHQRZHSLHĞQL ,F]XáHPĪHPDP]DPDáRF]DVX 1DMSLHUZ ZH]ZDáHP ZV]\VWNLH ]ZLHU]ĊWD .LHG\ ]ELHJDá\ VLĊ SU]HVNDNXMąF L SU]HZUDFDMąF QDZ]DMHP QDJOH SU]HG RF]DPL VWDQĊá\ PL VFHQ\ HJ]HNXFML NWyUH UHJXODUQLH ZLG\ZDáHPMXĪQDV]NDUáDWQHMZ\VSLH 1DMSLHUZJUDáHPPRLP]ZLHU]ĊWRPSLHĞĔSU]HUDĪHQLD*UDáHPLPRV]NDUáDWQHMZ\VSLHL Sá\QąF\P VWDPWąG ]DJURĪHQLX 2 ZLHONLFK RGSDVLRQ\FK UXG\FK E\VWUHWNDFK NWyUH WU]\PDá\ QLRVąFHĞPLHUüZáyF]QLH:SUDZLáHPVZRMH]ZLHU]ĊWDZRVáXSLHQLHDSRWHPLVWQąSDQLNĊ 8VSRNRLáHP MH L ]DJUDáHP LP ] NROHL SLHĞĔ R ERKDWHUVWZLH 2 PĊĪQ\FK ZROQ\FK E\VWUHWNDFKNWyUHVWDZLąF]RáDZURJRPLREURQLąVZRMąZ\VSĊ2SRZLHZDMąFHMQDGQLąĪyáWHM IODG]H R]QDF]DMąFHM ZROQRĞü L EH]SLHF]Q\ GRP *UDáHP LOH VLá Z SáXFDFK ZNáDGDMąF Z WR FDá\JQLHZLSU]HUDĪHQLHMDNLHSRF]XáHP 3R MDNLPĞ F]DVLH PRMH E\VWUHWNL VLHG]LDá\ L VáXFKDá\ MDN ]DF]DURZDQH DĪ MD VDP SRG ZSá\ZHPZáDVQHJRJUDQLDSRF]XáHPVLĊ]GHWHUPLQRZDQ\LPĊĪQ\ :WHG\ND]DáHPLPVLĊEUDüGRURERW\ 2JáRVLáHP ĪH QDGV]HGá F]DV ZRMQ\ 3RG]LHOLáHP MH QD JUXS\ L Z\EUDáHP QDMVLOQLHMV]H ]ZLHU]ĊWD ] NWyU\FK SRVWDQRZLáHP XF]\QLü WU]RQ DUPLL 3R]RVWDáH VNLHURZDáHP GR FLĊFLD

SUĊWyZ]GUHZQLDQHMWU]FLQ\XPDFQLDQLDZLRVHNLGR]U\ZDQLDNRU\]SQLDZRVNRZFD 0LDáHP ZUDĪHQLH ĪH F]DV FLHNQLH PL PLĊG]\ SDOFDPL D .LPLU =\á PLDá QDGH PQą RJURPQąSU]HZDJĊ 1D V]F]ĊĞFLH RGNąG SRGDURZDQR QDP ]ZLHU]ĊWD PLHOLĞP\ QLHZLHOH LQQ\FK ]DMĊü L PRJOLĞP\ VSĊG]Dü GXĪR F]DVX QD Z\VSDFK 3R]D W\P SUDZLH VLĊ QLH ZLG\ZDOLĞP\ 3RVLáNL MHGOLĞP\RGG]LHOQLHĞQLDGDQLHMDNNRPXZ\SDGáRDGUXJLSRVLáHNQDMF]ĊĞFLHMQDZ\VSLH .LPLU =\á SRĞZLĊFDá F]DV PXV]WUXMąF VZRMą DUPLĊ &]DJDM ± ĞSLąF Z DOWDQLH JUDMąF QD FLQWDU]HLSRSLMDMąFSDOPRZ\VRNDMD±UR]SDF]OLZLHSU]\JRWRZXMąFREURQĊVZRMHMZ\VS\ :LHG]LDáHP ĪH QLH PRJĊ SU]HGVWDZLü WDNLHM VDPHM DUPLL MDN .LPLU =\á XVWDZLRQ\FK Z F]ZRURERN E\VWUHWHN X]EURMRQ\FK Z G]LG\ GáXJRĞFL GZyFK GáRQL 7DND Z\UyZQDQD ZDOND R]QDF]DáDE\PDVDNUĊRQLH]QDQ\PZ\QLNXFRZLĊFHMPRJáRE\VLĊRND]DüĪHDUPLDPRMHJR EUDWD VSĊG]DMąFD FDá\ GRW\FKF]DVRZ\ F]DV QD üZLF]HQLX ZDONL HJ]HNXFMDFK L QDSDGDFK QD Z\VSĊ &]DJDMD MHVW SR SURVWX VSUDZQLHMV]D 0XVLDáHP Z\P\ĞOLü FRĞ FR GDáRE\ PRLP ]ZLHU]ĊWRPSU]HZDJĊ 3RSLHUZV]HND]DáHPPRLPE\VWUHWNRPSU]\JRWRZDü]QDF]QLHGáXĪV]HQLHPDOáRNFLRZH SLNLSU]\VWRVRZDQHGR]DW\NDQLDGUXJLPNRĔFHPZ]LHPLĊ3RGUXJLHSRNáDGDáHPQDG]LHMĊ Z NRU]H ZRVNRZFD 0RMH ]ZLHU]ąWND ]HUZDá\ ] SQLD NLOND ZLHONLFK SáDWyZ JUXEHM JLĊWNLHM NRU\ =DPLHU]DáHP VNáRQLü MH GR SRFLĊFLD LFK QD SURVWRNąWQH NDZDá\ NWyUH QDWXUDOQLH Z\JLĊWHPRJá\E\]RVWDüRGW\áX]DRSDWU]RQHZSRSU]HF]NLL]DPLHQLüVLĊZWDUF]H.D]DáHP LPGĨJDüZáyF]QLDPLNRUĊLRND]\ZDáRVLĊĪHG]LGD]WU]FLQ\QLHMHVWZVWDQLHMHMSU]HELüD ]DRVWU]RQ\NRQLHFĞOL]JDVLĊQDNU]\ZLĨQLH 3U]\JRWRZDQLH WDUF] RND]DáR VLĊ MHGQDN WUXGQH L ĪPXGQH %\VWUHWNL PDMą RVWUH ]ĊE\ DOH QLH XPLHMą RJU\]Dü GUHZQD MDN EREURQLH :\FLQDMąF WDUF]H PXVLDá\ VLĊ F]ĊVWR ]PLHQLDü L NUZDZLá\ ] S\V]F]NyZ MHGQDN QLH UH]\JQRZDáHP L JUDáHP LP FDá\ F]DV ]PXV]DMąF GR Z\VLáNX 8VLáRZDáHPMHQDXF]\üNU]HVDüRJLHĔDOHPLPRĪH]QDOD]á\NU]HPLHQLHQLHZLHOHWRGDáR DMDX]QDáHPĪHRVWDWHF]QLHV]NRGDF]DVX -HGQDNSHZQHJRGQLD]DXZDĪ\áHPFLHNDZąU]HF]-HGQR]H]ZLHU]ąW]QDOD]áR]DPNQLĊWą VNRUXSĊPDáĪDQDEU]HJXLSRGQLyVáV]\MąRELHPDáDSNDPLQDGJáRZĊUDSWHPFLVQĊáRPXV]Oą ZGU]HZR6NRUXSDĞPLJQĊáDZSRZLHWU]XLSĊNáDXGHU]\ZV]\RSLHĔ:\MąáHPIOHWLND]DáHP E\VWUHWFH SRZWyU]\ü PDQHZU ]H ]QDOH]LRQ\P QD EU]HJX RWRF]DNLHP .DP\N ĞZLVQąá Z SRZLHWU]XDMD]UR]XPLDáHPĪHPDPQRZąEURĔ 3U]H]NROHMQHGQLZRNyáZLRVNLZ\UyVáZDá]XELWHMJOLQ\DZSREOLĪXZV]\VWNLFKWU]HFK SODĪ XNU\WH Z NU]DNDFK F]HNDá\ ]DVLHNL ] ]DRVWU]RQ\FK NU]\ĪDNyZ SRáąF]RQ\FK SRSU]HF]NDPLLVWRV\RNUąJá\FKNDP\NyZ1DNDĪGHMSODĪ\G]LHĔLQRFVFKRZDQHZVLWRZLX VLHG]LDáR SLOQXMąFH ]ZLHU]ąWNR Z\SDWUXMąF ZURJyZ 1D ]DVáRQLĊWHM SU]HG Z]URNLHP NRJRĞ NWRFKFLDáE\REVHUZRZDüPRMąZ\VSĊ]DSRPRFąÄGáXJLHJRRND´SRODQLHPRMHQDMVLOQLHMV]H E\VWUHWNL GUHSWDá\ Z V]\NX QDMHĪRQ\P GáXJLPL QD áRNLHü ZáyF]QLDPL XNU\WH ]D U]ĊGHP

ÄWDUF]RZQLNyZ´,QQDJUXSDFLVNDáDNDP\NDPLZSLHĔGU]HZDDĪRGSU\VNLZDáDNRUD .WyUHJRĞ GQLD ]QDOD]áHP QD EU]HJX Z\U]XFRQH SU]H] ZRGĊ UR]NáDGDMąFH VLĊ FLHOVNR VSRUHJRV]F]ĊNDF]DLMDNNROZLHNFXFKQąFHĞFLHUZRQLHQDGDZDáRVLĊMXĪGRMHG]HQLDND]DáHP E\VWUHWNRPSRFLąüMHPXV]ODPLL]DZOHFGRPURZLVND']LĊNLWHPXX]\VNDáHPJDUĞüRVWU\FK MDNLJá\GáXJLFKMDNPyMSDOHFRĞFLWU]\NROFH]SáHWZLMHV]F]HNLONDIUDJPHQWyZV]NLHOHWX QDGDMąF\FK VLĊ QD EURĔ 'RVWDOL MH JáyZQLH ÄWDUF]RZQLF\´ L ÄSURFDU]H´ ĪHE\ PLHü FRĞ GR ZáDVQHM REURQ\ JG\E\ V]\N VLĊ ]DáDPDá :\PDJDáR WR RVREQHM QDXNL ZLĊF VLHG]LDáHP L JUDáHP Z\P\ĞODMąF FRUD] WR QRZH V\JQDá\ D PRMH ]ZLHU]ąWND GĨJDá\ RĞFLDQ\PL V]W\OHWDPL VSRUą SU]\ZLH]LRQą ] EU]HJX G\QLĊ =DXZDĪ\áHP ĪH PDMą VNáRQQRĞü GR SRU]XFDQLD EURQL L U]XFDQLDVLĊQDRZRF]]ĊEDPLLSD]XUNDPLZLĊFNLHG\MXĪZELáHPLPGRáHENyZGRF]HJR VáXĪą RĞFL RJUDQLF]DáHP VLĊ GR SURVW\FK NDWHJRU\F]Q\FK V\JQDáyZ NWyUH R]QDF]Dá\ FRĞ Z URG]DMXÄ$WDNXM'ĨJDM´ 3U]H]FDá\F]DVREVHUZRZDáHPSR]RVWDáHZ\VS\:RNyáDOWDQ\.LPLU=\áDSRMDZLDá\VLĊ FRUD] WR QRZH JáRZ\ QDG]LDQH QD SDOH D VLHUĞü QD QLFK E\áD ]DUyZQR V]DUD MDN UXGD =DVWDQDZLDáHPVLĊFRE\P]URELáZLG]ąFWDPáHENLSáRZRSLDVNRZ\FK]ZLHU]ąWLF]XáHPMDN RJDUQLDPQLHZĞFLHNáRĞü 1DZ\VSLH&]DJDMDQLHZLHOHVLĊ]PLHQLáRLZ\GDMHVLĊĪHZFDOHQLH]DXZDĪ\á]QLNQLĊFLD F]ĊĞFL ]ZLHU]ąW 3RMDZLáD VLĊ WDP MHGQDN MHGQD U]HF] NWyUD PQLH SU]HUD]LáD 6WHUWD NDUP\ Z\V\SDQDQDSODĪĊQDZVFKRGQLPEU]HJX=UR]XPLDáHPZWHG\ĪH&]DJDMSRVWDQRZLáSáDFLü WU\EXWZQDG]LHLĪH.LPLU=\á]RVWDZLJRZVSRNRMX .WyUHJRĞ GQLD VS\WDáHP RVWURĪQLH 5]HPLHQLD FR ZáDĞFLZLH ZROQR QDP Z WDNLHM JU]H D F]HJR QLH ZROQR L F]\ E\áRE\ VáXV]QH ± WHRUHW\F]QLH ± GRSXĞFLü GR WHJR ĪHE\ SRPLĊG]\ ]ZLHU]ĊWDPLGRV]áRGRUR]OHZXNUZL3U]H]MDNLĞF]DVPLOF]DáS\NDMąFVZRMąIDMNĊ ± 3HZQHJR GQLD ]DVLąG]LHV] E\ü PRĪH QD 7\JU\VLP 7URQLH ± SRZLHG]LDá Z NRĔFX 1DXF]\FLHO ± -HĪHOL XGD FL VLĊ GRNRĔF]\ü ZLHONLH G]LHáR WZRMHJR URGX $PLWUDM QLH EĊG]LH QDSDGDáQDLQQHNUDMHDKDQGORZDá]QLPLDRE\ZDWHOHEĊGąFLHV]\üVLĊZROQRĞFLąNWyUąLP GDP\ =DF]QąEXGRZDü GODVLHELHLGODVZRLFKG]LHFL]DPLDVWQLV]F]\ü-HGQDNPRĪHZWHG\ QDGHMG]LH G]LHĔ NLHG\ SRMDZL VLĊ SRWĊĪQ\ ZUyJ 1DGHMGą EDUEDU]\ĔF\ ĪHE\ ]QLV]F]\ü ZV]\VWNR FR ]EXGRZDOLĞP\ SRGELü NUDM D RE\ZDWHOL XF]\QLü QLHZROQLNDPL &R ZWHG\ ]URELV]".RJRSRSURVLV]ĪHE\SU]HUZDá]DEDZĊLQLHGRSXĞFLáGRUR]OHZXNUZL" 1LFQLHRGSRZLHG]LDáHP=UR]XPLDáHPMHGQDNĪHQLHPDLQQHJRZ\MĞFLD0RJáHPSáDFLü MDN&]DJDMLF]HNDüDĪVWDUV]\EUDW]DF]QLH]QXGyZPRUGRZDüLPRMHE\VWUHWNL$OERSRGMąü ZDONĊL]Z\FLĊĪ\ü 3RV]HGáHP ZLĊF GR .RPQDW\ =ZRMyZ L V]XNDáHP QDWFKQLHQLD Z SLVPDFK GDZQ\FK NLUHQHĔVNLFK VWUDWHJyZ 3U]\SRPQLDá PL VLĊ MHGQDN XSDGHN NUDMX Z NWyU\P Ī\OL 2SRZLHĞü SU]HND]\ZDQD Z PRLP URG]LH SU]H] SRNROHQLD 2SRZLHĞü R F]DVLH NLHG\ SU]H] SU]HáĊF]H 2VWU\FK*yUUXQĊáDIDOD$PLWUDMyZDWRFRPRLSU]RGNRZLHXZDĪDOL]DZLHONLH]Z\FLĊVNLH ELWZ\ RND]DáR VLĊ QLF QLH]QDF]ąF\PL SRW\F]NDPL ] RGG]LDáDPL ]ZLDGRZF]\PL 2 ZLHONLHM

]MHGQRF]RQHM DUPLL ]HEUDQHM SU]H] ZV]\VWNLH NODQ\ 2 ZRMRZQLNDFK ZH ZVSDQLDá\FK ]EURMDFK QD RJURPQ\FK MDN VPRNL NRQLDFK L RGG]LDáDFK X]EURMRQHM SR ]ĊE\ SLHFKRW\ ]áRĪRQHM ] ZROQ\FK NPLHFL ] LFK URGyZ 2 QDMZVSDQLDOV]HM DUPLL ĞZLDWD NWyUą ]DGHSWDá\ QLH]OLF]RQH]DJRQ\DPLWUDMVNLHMFLĊĪNLHMSLHFKRW\:E\OHMDNLFKWDQLFK]EURMDFKQĊG]Q\FK QLVNLFK QLHGRĪ\ZLRQ\FK OXG]L MHGQDN FLąJQąF\FK W\VLąFDPL L RERMĊWQLH XPLHUDMąF\FK SRG FLRVDPL NLUHQHĔVNLHM VWDOL 0RL SU]RGNRZLH ZDOF]\OL L XPLHUDOL NDĪG\ ]DELMDá G]LHVLąWNL ZURJyZ D $PLWUDMH ZFLąĪ QDGFKRG]LOL %H] NRĔFD ,GHQW\F]QL MDN ILJXUNL ] WHUDNRW\ Z PDUQ\FK VNyU]DQ\FK ]EURMDFK L RVáRQLĊFL GUHZQLDQ\PL WDUF]DPL DOH LGąF\ EH] NRĔFD MDN PUyZNL 1LH E\áR Z QLFK ĪDGQHM VWUDWHJLL DQL PĊVWZD 7\ONR áRVNRW W\VLĊF\ SDU FLĊĪNLFK VDQGDáyZ W\ONR FLąJQąF\ VLĊ SR KRU\]RQW ODV ZáyF]QL L QLHVNRĔF]RQH SáRW\ WDUF] 6]OL L XPLHUDOL$REURĔF\ELOLVLĊSU]H]WU]\GQLWRSQLHMąFMDNZLRVHQQ\ĞQLHJ %LWZDZ'ROLQLH&]DUQ\FKàH] .RQLHFPRMHJRNUDMXNWyUHJRQLJG\QLHZLG]LDáHP .WyU\]DWRQąáZ$PLWUDMXMDNZPRU]XUR]GHSWDQ\SU]H]KRUG\EDUEDU]\ĔFyZ :LHG]LDáHP ĪH ZRMQ\ Z\JU\ZD VLĊ VSU\WHP ZLĊF V]XNDáHP QDWFKQLHQLD Z ]ZRMDFK VWDU\FKPLVWU]yZ :ąWSLáHP ĪHE\ .LPLU =\á ]DPLHU]Dá Z\NRQDü V]\ENL áXSLHĪF]\ QDSDG MDN QD Z\VSĊ &]DJDMD3RGHMU]HZDáHPUDF]HMĪHEĊG]LHFKFLDá]DMąüPyMWHUHQ]PLDĪGĪ\üRSyULZ\ZLHVLü QDPRMHMDOWDQLHV]NDUáDWQąIODJĊ3RWHPEH]WUXGXSRGELMH&]DJDMDL]Z\FLĊĪ\ &KRG]LáHP XNUDGNLHP SR RJURG]LH L XVLáRZDáHP GRMU]Hü FR G]LHMH VLĊ QD Z\VSLH .LPLU =\áD -HĪHOL FKFLDá PQLH QDSDĞü PXVLDá EXGRZDü áRG]LH =DSHZQH WU]\PDá MH XNU\WH ]D WU]FLQDPL=QDOD]áHPMHGQDNFDáHSRáDFLHVNRV]RQ\FKWU]FLQLVLWRZLDFRR]QDF]DáRĪH]HEUDá MXĪEXGXOHF -HG\QHFR]DREVHUZRZDáHPWRZLHONDNXSDJOLQ\NWyUąMHJR]ZLHU]ĊWDXV\SDá\SRĞURGNX SODFXSU]HGMHJRDOWDQą.U]ąWDá\VLĊSU]\QLHMMDNPUyZNLQD]GHFKá\PZROHDOHQLHPRJáHP ]UR]XPLHüFRURELąLGODF]HJR 3U]H]NLONDGQLQLHG]LDáRVLĊQLFV]F]HJyOQHJRDMDPLDáHPZUDĪHQLHĪHUR]FKRUXMĊVLĊ] QDSLĊFLD0RMH]ZLHU]ĊWDQLHPLDá\]E\WZLHOHF]DVXE\SUDFRZDüûZLF]\á\ZDONĊZV]\NX U]XFDQLHNDPLHQLDPLLXF]\á\VLĊFRNDĪG\PXVLURELüZUD]LHDODUPX1LHZLHONDF]ĊĞüQDGDO ]ELHUDáD MHG]HQLH DOH WHUD] ZV]\VWNR V]áR GR NRPRU\ VSLFKU]D MDNR ]DSDV F]DVX ZRMQ\ 2WU]\P\ZDá\FRG]LHQQLHVNąSHUDFMHNDUP\LFLąJOHFKRG]Lá\JáRGQH 3U]\FKRG]LáRPLGRJáRZ\ĪHE\üPRĪHGDáHPVLĊSRQLHĞüIDQWD]MLL.LPLU=\áZFDOHQLH ]DPLHU]DPQLHDWDNRZDü 1LHPRJáHP]DVQąüVSDáHPQLHVSRNRMQLHEXG]ąFVLĊFRFKZLOĊLZ\ELHJDáHPQDWDUDVE\ VSUDZG]LüF]\PRMDZ\VSDĞSLZFLHPQRĞFLDFKQDQRFQ\PMH]LRU]HF]\WHĪGRELHJDVWDPWąG RGJáRVELWZ\DOERF]\QLHZLGDüQDQLHMRJQLD 1LHPRJáHPMHĞüLQLHPRJáHPVLĊQDQLF]\PVNXSLü.LPLU=\áQDWRPLDVWSDWU]\áQDPQLH W\ONRVSRG]PUXĪRQ\FK SRZLHNLXĞPLHFKDáVLĊWDMHPQLF]R7DNąPLQĊPLHZDáZWHG\NLHG\

V]\NRZDáMDNąĞZ\MąWNRZR]áRĞOLZąLQWU\JĊDOERNLHG\XGDZDáRPXVLĊGRNXF]\üNWyUHPXĞ] QDV'RVWDZDáHPQDWHQZLGRNV]DáXLZLHOHPQLHNRV]WRZDáRE\QLHGDüSRVRELHSR]QDüĪH ZLHPFR]DPLHU]D 3HZQHJRUDQNDSRĞQLDGDQLX]DF]HSLáPQLH&]DJDM ±&]\PDV]MHV]F]HNDUPĊGOD]ZLHU]ąW"±]DS\WDá ±0RĪHPDPDPRĪHQLH±RGSRZLHG]LDáHPWDMHPQLF]R ±3RĪ\F]PLWURFKĊWDN]SyáNRV]D0QLHVLĊVNRĔF]\áDDOHNLHG\5]HPLHĔGDPLQRZą QDW\FKPLDVWFLRGGDP ± 7ZRMH ]ZLHU]ĊWD PRJą Z\Ī\ZLü VLĊ VDPH ]ELHUDMąF RZDG\ QDVLRQD PDáĪH L SĊG\ ± RGSDUáHP±$MDQLHPDPGRV\üNDUP\ĪHE\FLSRĪ\F]Dü : RF]DFK &]DJDMD ]DOĞQLá\ á]\ 2GZUyFLá VLĊ RGH PQLH ĪHE\P WHJR QLH ]DXZDĪ\á : 'RPX 6WDOL QLH SRFKZDODQR SáDF]X ] E\OH SRZRGX 1LH Z REOLF]X ]Z\NáHM SRUDĪNL QLHZ\JRG\ DOER UR]F]DURZDQLD 1DZHW QLH ] SRZRGX EyOX FK\ED ĪH E\áE\ QDSUDZGĊ GRMPXMąF\ ±'DPFL]DWRSLHUĞFLHĔRGPRMHMPDWNL±SRZLHG]LDá±$OERFRFKFHV] 1DSUDZGĊPX]DOHĪDáRDOHQLFQLHPRJáHPSRUDG]Lü ±1LH&]DJDM±RGSRZLHG]LDáHP±1LHFKFĊWZRLFKU]HF]\3RSURVWXQLHPDPGRĞüGXĪR NDUP\7\ONRW\OHLOHWU]HEDGODPRLFK]ZLHU]ąW &]DJDM RGV]HGá EH] VáRZD UR]F]DURZDQ\ L UR]JRU\F]RQ\ XVLáXMąF SRá\NDü á]\ D MD ]RVWDáHPQDZHUDQG]LHF]XMąFVLĊRNURSQLH %\áRPLJRĪDO=UHV]WąF]ĊVWRWDNE\áR -DNE\PDáRE\áRWHJRZV]\VWNLHJR5]HPLHĔZ\P\ĞOLáNROHMQąU]HF] 6LHGOLĞP\ NWyUHJRĞ GQLD UD]HP GR ĞQLDGDQLD DOH SU]HG NDĪG\P SRVWDZLRQR LQQH SRUFMH 1DPRMHMWDF\]QDMGRZDáDVLĊPLVND]JRWRZDQąZRVRORQ\PPOHNXRGURELQąF]HUZRQHMGXUU\ LQLFZLĊFHM&]DJDMRWU]\PDáW\ONRPLVHF]NĊNDV]\LNXEHNZRG\D.LPLU=\áGUZLąF]QDV EH]OLWRĞQLHSRFKáDQLDáNDZDáHF]NLZĊG]RQHJRNXUF]DNDPDF]DQHZRVWU\PVRVLH]DJU\]DáMH NLV]RQ\PL JU]\EDPL L F]HUSDá ]ZLQLĊW\P SODFNLHP FKOHED SDVWĊ U\EQą ] PLVHF]NL 1DOHZDá VRELH ] G]EDQND DURPDW\F]Q\ RU]HFKRZ\ QDSDU RG NWyUHJR DĪ NUĊFLáR Z QRVLH ] SRZRGX ERJDFWZDSU]\SUDZLSĊNDá]HĞPLHFKX =MDGáHPVZyMSRVLáHNVáXFKDMąFMHJRGUZLQDSRWHPSRV]HGáHPV]XNDü5]HPLHQLD1LJG\ QLHPLDáHPDEVROXWQLHF]\VWHJRVXPLHQLDDOHWHĪQLH]URELáHPRVWDWQLRQLF]HJRV]F]HJyOQHJR =GUXJLHMVWURQ\ZRODáHPZLHG]LHüNWyUą]PRLFKFLHPQ\FKVSUDZHNRGNU\WR 6LHG]LDá QD ZHUDQG]LH F]\WDMąF QLHZLHONL ]ZyM NWyU\ SU]\FLVQąá F]DUNą SDUXMąFHJR QDSDUXRU]HFKRZHJRLS\NDáIDMNĊ1DPyMZLGRNSRGQLyVáF]DUNĊLSR]ZROLáE\SDSLHU]ZLQąá VLĊXNU\ZDMąFVZRMąWUHĞü ±1DXF]\FLHOX]DFR]RVWDáHPXNDUDQ\" ±$GODF]HJRVąG]LV]ĪH]RVWDáHĞXNDUDQ\"±RGSRZLHG]LDáS\WDQLHP ± $ MDN PRĪQD ]UR]XPLHü ĞQLDGDQLH NWyUH G]LĞ GRVWDáHP" &K\ED ZLĊFHM MHVW VHQVX Z

NDU]HNLHG\]QDVLĊVZRMąSU]HZLQĊDMDMHMQLH]QDP 5]HPLHĔZHVWFKQąá ±1LHXNDUDáHPFLĊ7HUD]MHVWHĞZáDGFą=UyĪQ\FKSRZRGyZWZRLSRGGDQLMHG]ąEDUG]R VNURPQLH ER WDN QDND]DáHĞ &]\ XZDĪDV] ]D VáXV]QH RS\FKDü VLĊ SU]\VPDNDPL Z WDNLHM V\WXDFML"-HĪHOLWDN]DUD]NDĪĊSRGDüFLGUXJLHĞQLDGDQLHWDNLHMDNLHGRVWDáWZyMEUDW 6NU]\ĪRZDáHPUĊFHQDUDPLRQDFKLXNáRQLáHPVLĊ ± =UR]XPLDáHP WZRMą QDXNĊ 1DXF]\FLHOX 0RMH ĞQLDGDQLH E\áR QDM]XSHáQLHM Z\VWDUF]DMąFH3U]HSUDV]DPĪH]DNáyFLáHPSRUDQHN ±7RGODPQLH]DV]F]\WWRKLPRQLH±RGSRZLHG]LDáRERMĊWQLH:\GDZDáRPLVLĊĪHP\ĞOL RF]\PĞ]XSHáQLHLQQ\P ±1DXF]\FLHOXFKFLDáE\PQRFRZDüQDPRMHMZ\VSLHSU]H]NLONDGQL3URV]ĊE\GDQRPL NRFLFLHSá\SáDV]F]NRV]]ZĊJODPLODPSĊLWURFKĊROLZ\DWDNĪHF]\WQLNGR]ZRMyZ3URV]Ċ WHĪE\ĞND]DáPLGDü]DSDV\MHG]HQLDWDNLHMDNLHXZDĪDV]]DVWRVRZQH ±7RUR]VąGQ\SRP\Vá±SRZLHG]LDáW\ONR .LHG\ZVLDGDáHPGRáyGNLZNWyUHMUR]S\FKDáRVLĊNLONDNRV]\]UyĪQ\PLU]HF]DPLMDNDĞ QLHGRSRZLHG]LDQDP\ĞONUąĪ\áDPLSRJáRZLHLGUDĪQLáDMDNGUDĪQLFLHUĔZELW\SRGVNyUĊ7R FR URELá L PyZLá 5]HPLHĔ U]DGNR E\áR W\ONR W\P F]\P VLĊ ]GDZDáR :\JOąGDáR QD WR ĪH GDZDáPLFRĞGR]UR]XPLHQLDDOHQLHZLHG]LDáHPFR 1DZ\VSLHNLHG\W\ONRVáXĪąF\XVWDZLOLZDOWDQLHPRMH]DSDV\LUR]SDOLOLRJLHĔDSRWHP RGSá\QĊOLGUXJLPF]yáQHPQDW\FKPLDVW]DMU]DáHPGRNRV]\ =DSDV\NWyUHRWU]\PDáHPVNáDGDá\VLĊ]SDVNyZWZDUGHJRVXV]RQHJRPLĊVDNDZDáNyZ VHUDLFKOHEDRUD]GáXJLHMFHEXOL'RWHJRJDUĞüVXV]RQ\FKRZRFyZPLRGRZHMĞOLZ\LG]EDQ NRU]HQQHJRSLZD 0RMHĞQLDGDQLHE\áRVNURPQHDOHQLHE\áRJáRGRZąUDFMąMDNSRUFMD&]DJDMD $SRWHPVRELHQDJOHSU]\SRPQLDáHP 'XUUDJRWRZDQDZPOHNX7DNLHĞQLDGDQLHRWU]\PDOLĪRáQLHU]HSLHFKRW\RSRUDQNXSU]HG ELWZąZ'ROLQLH&]DUQ\FKàH] 'R WHJR VXV]RQH VRORQH PLĊVR ZĊG]RQ\ NRZF]\ VHU FKOHE SLZR L FHEXOD 7R E\á\ W\SRZHZRMVNRZHUDFMH &LDUNLSU]HV]á\PLSRSOHFDFK &RZWDNLPUD]LHR]QDF]Dá\ZLNWXDá\NWyU\PLRS\FKDáVLĊ.LPLU=\á" &]DVNWyU\VSĊG]LáHPZWHG\QDZ\VSLHGRV\üV]\ENR]DF]ąáPLVLĊGáXĪ\ü2EFKRG]LáHP EU]HJVQXMąFSODQ\REURQ\PXV]WURZDáHPVZRMHE\VWUHWNLLZ\GDZDáRPLVLĊĪHUDG]ąVRELH MXĪFRUD]OHSLHM:\P\ĞOLáHPNLONDPDQHZUyZ]DOHĪQLHRGUR]ZRMXV\WXDFMLLüZLF]\áHPMH GR ]QXG]HQLD DĪ ZDUJL GUĊWZLDá\ PL RG IOHWX 3RWHP SRVWDQRZLáHP VSUDZG]Lü MDN VRELH SRUDG]ą L ]DF]ąáHP SRPLĊG]\ UR]ND]\ ZSODWDü SLHĞĔ SU]HUDĪHQLD %\áR GXĪR JRU]HM &]ĊĞü ]ZLHU]ąW XFLHNáD SRU]XFDMąF ZáyF]QLH V]\NL VLĊ SOąWDá\ L ]DPLDVW PDQHZUyZ Z\FKRG]LáD ] WHJR SDQLF]QD JPDWZDQLQD =DJUDáHP LP SLHĞĔ R ERKDWHUVWZLH 5D] GUXJL G]LHVLĊü UD]\ L

ZyZF]DV SRPRJáR =QyZ SRZVWDá PXU WDUF] ZáyF]QLH RSXĞFLá\ VLĊ L ]DJUDQD SR FKZLOL VWUDV]QD PHORGLD RSRZLDGDMąFD R ]DJURĪHQLX QLH VSRZRGRZDáD MXĪ WDNLHJR ]DPLHV]DQLD -HGQDNüZLF]\áHPWRGR]QXG]HQLDDĪ]ZLHU]ĊWDSDGDá\]Z\FLHĔF]HQLDDMD]UR]XPLDáHPĪH PXV]ĊGDüLPVSRNyMERLQDF]HMEĊGą]XSHáQLHGRQLF]HJR 'DáHPLPMHĞü 7URFKĊ F]\WDáHP DOH QLH PRJáHP VLĊ VNXSLü 6LąSLá ORGRZDW\ ZLRVHQQ\ GHV]F] 2EVHUZRZDáHP EáĊNLWQą L V]NDUáDWQą Z\VSĊ DOH SR]D PRPHQWDPL NLHG\ PRL EUDFLD SU]\Sá\QĊOLWDPQLFQDG]Z\F]DMQHJRVLĊQLHG]LDáR:LHF]RUHPZLG]LDáHPMDN&]DJDMZUDFD GRGRPXDOHQLHE\áHPSHZQ\F]\.LPLU=\áZUyFLáWDNĪH :QRF\VLHG]LDáHPSU]\ODPSLHQDVáXFKXMąFQRFQ\FKSWDNyZSDWU]ąFQDZĊJOHĪDU]ąFH VLĊZSLHF\NXDZNRĔFX]DVQąáHPRNXWDQ\NRFHPLSáDV]F]HP%XG]LáHPVLĊFRFKZLOĊQD NDĪGHSOXĞQLĊFLHZRG\LNDĪG\WU]DVNZFLHPQRĞFLDFKSU]HNRQDQ\ĪHWRMXĪDWDNDOHQLFVLĊ QLHG]LDáR .ROHMQ\ G]LHĔ E\á SRGREQ\ GR SRSU]HGQLHJR 3R SRáXGQLX QLHER ]DVQXáR VLĊ V]DU\PL FKPXUDPL L ]QyZ ]DF]ąá VLąSLü GHV]F] -HGQDN WHJR SRSRáXGQLD SRVWDQRZLáHP SRVWąSLü LQDF]HM2GF]HNDáHPGR]PLHU]FKXNLHG\ZVWDáDQRFQDPJáDJĊVWDLQLHSU]HQLNQLRQD :\JDVLáHPSLHF\N]GPXFKQąáHPODPSĊLXGHU]\áHPZJRQJ.LHG\VáXĪąF\SU]\Sá\QĊOL ]REDF]\áHPáyGĨGRSLHURRU]XWNDPLHQLHPRGEU]HJX ±:HĨFLHWHWU]\SXVWHNRV]HLZVDGĨFLHGRPRMHMáRG]LMHGHQQDGUXJLP±SRZLHG]LDáHP ± $ SRWHP RNU\MFLH MH PRLP SáDV]F]HP L RGSá\ĔFLH QD EU]HJ 7DP XNU\MFLH NRV]H L QLH PyZFLHQLNRPXĪH]RVWDáHPQDZ\VSLH 7HPX NWR QLJG\ QLH E\á FHVDUVNLP V\QHP Z\GDMH VLĊ ĪH WR WDNLH áDWZH ĩH RWDF]D JR WáXPVáXJJRWRZ\FKZNDĪGHMFKZLOLVSHáQLüQDZHWQDMG]LNV]\NDSU\V1LFSRGREQHJR ± $OHĪ 0áRG\ 7\JU\VLH V]ODFKHWQ\ NVLąĪĊ ± MĊF]HOL NOĊF]ąF SU]HGH PQą ] RF]DPL ZELW\PL Z SLDFK ± &R SRZLHG]LDáE\ WZyM V]ODFKHWQ\ RMFLHF ZáDGFD 7\JU\VLHJR 7URQX 3áRPLHQLVW\ 6]WDQGDU 3DQ ĝZLDWD L 3LHUZV]\ -HĨG]LHF JG\E\ GRZLHG]LDá VLĊ ĪH SR]EDZLOLĞP\ FLĊ áRG]L" -DN PyJáE\Ğ ZUyFLü QD EU]HJ 3R]ZyO E\ĞP\ WX F]HNDOL DĪ ]HFKFHV]ZUyFLü 2GPyZLáHP ±3R]ZyOSU]\QDMPQLHME\ĞP\SR]RVWDOLQDGUXJLPEU]HJXF]HNDMąFQDWZyMV\JQDá 3U]HNRQDáHPLFKZNRĔFXDOH]DEUDáRWRGáXĪV]\F]DV =RVWDáHPZUHV]FLHVDPDOHPXVLDáHPVLHG]LHüZ]LPQLHLNRPSOHWQ\FKFLHPQRĞFLDFKQLH ]DSDODMąF QDZHW ODPS\ RNU\W\ MHG\QLH NRFHP =UR]XPLDáHP ĪH .LPLU =\á QLH XGHU]\ ZLHG]ąF ĪH VLHG]Ċ QD Z\VSLH 1LH PLDáHP SRMĊFLD F]\ GD VLĊ QDEUDü DOH QLF LQQHJR QLH Z\P\ĞOLáHP 3RGREQLHMDNSLHUZV]HMQRF\Z\SDWU\ZDáHPRF]\JDSLąFVLĊZFLHPQRĞüLPJáĊDOHV]XP GHV]F]XRGDFK]PRU]\áPQLHZUHV]FLHSRPLPR]LPQD .LPLU =\á ]DDWDNRZDá R JRG]LQLH V]DNDOD : F]DVLH NLHG\ ĞZLW ZFLąĪ MHV]F]H QLH

QDGFLąJDDQRFZ\GDMHVLĊQDMJáĊEV]D 1LHZLHPFRPQLHREXG]LáR3LVNZDUWRZQLNyZF]\WU]DVNSáRPLHQL .LHG\]HUZDáHPVLĊQDQRJLQLHZLHG]LDáHPQDZHWJG]LHMHVWHP 3RUZDáHPVZyMIOHWDOHZ\GRE\áHP]QLHJRMHG\QLHMDNLHĞSU]\SDGNRZHSLVNL3LHUZV]H WUDWZ\ SRMDZLDá\ VLĊ MXĪ ]]D NáĊEyZ PJá\ L VXQĊá\ SURVWR QD SODĪH PRMHM Z\VS\ D MD ]REDF]\áHPZUHV]FLHG]LĊNLF]HPXSá\ZDMą=DNDĪGąáyGNąZZRG]LHWNZLá\GZD]ZLHU]ąWND L Sá\QąF SFKDá\ MH SU]HG VREą ZF]HSLRQH Z ZLą]NL WU]FLQ\ 1D NDĪGHM VLHG]LDá\ VWáRF]RQH UXGHE\VWUHWNL]XQLHVLRQ\PLZáyF]QLDPL = FLHPQRĞFL L RSDUyZ FR FKZLOD Z\ODW\ZDáR E]\F]ąF FRĞ SáRQąFHJR U\VXMąF F]HUZRQą NUHVNĊLFLąJQąFVWUXJĊRJQLD7U]FLQ\SDOLá\VLĊ]KXNLHPL]URELáRVLĊMDVQR =DJUDáHPZUHV]FLHDOH PRMHE\VWUHWNLMXĪZ\V\S\ZDá\VLĊ]QRULELHJDá\ZHZV]\VWNLH VWURQ\ *UDáHP 0RMH ]ZLHU]ĊWD XVWDZLá\ VLĊ Z V]\N Ä7DUF]RZQLF\´ QD SU]HG]LH ÄSLNLQLHU]\´ ] W\áX ÄSURFDU]H´SRERNDFK0QLHMZLĊFHM2ND]DáRVLĊĪHQLHNWyU]\ĪRáQLHU]HQLH]QDOHĨOLVZRLFK ZáyF]QLDQLHNWyU]\F]P\FKQĊOLGRJáyZQHMNRPRU\UD]HP]PáRG\PLLPDMąF\PLMHEURQLü VDPLFDPL 8QLRVáHPIOHWLUR]ND]DáHPSRELHFLPGRVWHUWRWRF]DNyZXNU\W\FKZWUDZLHSU]\EU]HJX Ä3URFDU]H´SRELHJOLMHGQDNW\ONRGRMHGQHM]QLFKEREDOLVLĊKXF]ąFHMĞFLDQ\RJQLDZMDNą ]DPLHQLDáRVLĊWU]FLQRZLVNR&]ĊĞüXFLHNáD 0LPRZV]\VWNRNLHG\áRG]LHSU]\ELMDá\GRSODĪ\VSDGáQDQLHJUDGNDPLHQL 7RE\áPyMQDMOHSV]\SRP\Vá %\VWUHWNL QLH U]XFDá\ FHOQLH DOH VNRUR NDPLHQLDPL PLRWDáR UyZQRF]HĞQLH NLONDQDĞFLH ]ZLHU]ąWHN QD VWáRF]RQ\FK SR]EDZLRQ\FK RFKURQ\ UG]DZ\FK QDSDVWQLNyZ VSDGDáR Z\VWDUF]DMąFR GXĪR SRFLVNyZ 3LHUZV]H E\VWUHWNL UXQĊá\ GR ZRG\ L SRMDZLá\ VLĊ Z QLHM SLHUZV]HSODP\NUZL 8Vá\V]DáHPIOHWL]REDF]\áHPPRMHJREUDWDRNLONDNURNyZRGPRMHJREU]HJX*UDáMDNąĞ G]LNąPHORGLĊQDUXILHMHJRáRG]LSáRQĊáDODPSDLZLGDüE\áRWU]FLQRZHWUDWZ\XV]HUHJRZDQH ]DQLąZZ\FLąJQLĊW\PV]\NX-HGQD]WUDWZSRGSá\QĊáDWDPLZLGDüE\áRMDNVWRMąFHQDQLHM ]ZLHU]ĊWD SRGSDODMą RG NQRWD ODPS\ VZRMH SRFLVNL .ROHMQH ĞZLHWOLVWH OLQLH V\SLąF LVNUDPL SU]HFLĊá\PURNVSDGDMąFSRPLĊG]\PRMHE\VWUHWNLPLRWDMąFHFDá\F]DVNDP\NDPL =DWRF]ND E\áD MXĪ ]DSFKDQD áRG]LDPL ] NWyU\FK QD EU]HJ UXQĊáD UXGD IDOD QDMHĪRQ\FK ZáyF]QLDPL]ZLHU]ąWPRMHJREUDWD 8QLRVáHP IOHW L ]DJUDáHP ÄSURFDU]RP´ V\JQDá GR RGZURWX MHGQRF]HĞQLH QDND]XMąF ÄZáyF]QLNRP´VWDüQLHUXFKRPRDÄWDUF]RZQLNRP´OHĪHüZWUDZLH =D SyĨQR &]ĊĞü PRLFK ÄSURFDU]\´ ]RVWDáD QDW\FKPLDVW ]DGĨJDQD ]DQLP VLĊJQĊáD SR VZRMąEURĔ&LNWyU]\VWDOLQDSU]HG]LH]RVWDOL]HSFKQLĊFLL]GHSWDQLDSR]RVWDOLU]XFLOLVLĊGR XFLHF]NL

*UDáHP .LPLU=\áUyZQLHĪGąáZVZyMIOHWDRELHPHORGLHPLHV]Dá\VLĊ]HVREą 0RMH XFLHNDMąFH ]ZLHU]ĊWD ZSDGá\ Z SĊG]LH Z UR]VWDZLRQ\ U]DGNR V]\N ÄZáyF]QLNyZ´ DOHMDNLPĞFXGHPQLH]PLHV]Dá\VLĊW\ONRSRELHJá\QDW\áJG]LHE\áRLFKPLHMVFH 3U]HPNQĊáRPLSU]H]JáRZĊĪHWDF]ĊĞüPDQHZUyZNWyUDSROHJDQDXFLHF]FHZ\FKRG]L PRLP]ZLHU]ĊWRPQDMOHSLHML]DJUDáHPQDVWĊSQ\V\JQDá Ä:áyF]QLF\´ ]ZDUOL V]\N L WXĪ SU]HG SĊG]ąFą IDODQJą UXG\FK Z\UyVá QDJOH PXU WDUF] ] WZDUGHMNRU\ZRVNRZFDLRSDGáU]ąGGáXJLFKZáyF]QL .ROHMQ\V\JQDáLNRĔFHZáyF]QLZELá\VLĊZ]LHPLĊ 2ELH DUPLH ]ZDUá\ VLĊ ] WU]DVNLHP 5R]OHJá VLĊ SU]HUDĪDMąF\ SLVN VHWHN PDá\FK JDUGHá :L]JNWyU\]DJáXV]\áPyMIOHW 5XGH]ZLHU]ĊWD]SLHUZV]\FKV]HUHJyZQDG]LDá\VLĊQDSLNLSU]\JLQDMąFMHGR]LHPLDOH W\OQHU]ĊG\SFKDá\MHQDGDOQLHXVWĊSOLZLHQDFLVNDMąFQDPRLFKÄWDUF]RZQLNyZ´RSLHUDMąF\FK VLĊ FDá\PL FLDáDPL R SáDW\ NRU\ :\JOąGDáR WR MDNE\ QD SODĪ\ SU]HS\FKDá\ VLĊ GZD SáDVNLH EH]NV]WDáWQH VWZRU\ -HGHQ SáRZ\ GUXJL UG]DZRF]HUZRQ\ 'áXJLH SLNL PRLFK ]ZLHU]ąW XPRĪOLZLDá\MHGQDNZDONĊWDNĪHW\OQ\PU]ĊGRPLZĞFLHNá\DWDNE\VWUHWHN.LPLU=\áD]DF]ąá ]ZDOQLDü 1LHNWyUH]ZLHU]ĊWD]SLHUZV]\FKU]ĊGyZ]DF]Ċá\ZSDGDüZIXULĊLSRU]XFLZV]\ZáyF]QLH U]XFDü VLĊ QD VLHELH ] ]ĊEDPL DĪ SU]yG RE\GZX V]\NyZ ]PLHQLá VLĊ Z MHGQR NáĊERZLVNR =ZLHU]ĊWD NWyUH ZLG]LDáHP RG W\JRGQL MDNR ZHVRáH EU\NDMąFH IXWU]DQH LVWRWNL WHUD] UZDá\ VRELHJDUGáDV]DUSDá\SD]XUDPLDĪIXWURPRLFKVWDáRVLĊUXGHMDNXLFKZURJyZ *UDáHP LOH W\ONR VLá Z SáXFDFK XVLáXMąF SU]HELü VLĊ SU]H] ZĞFLHNá\ ZL]J L SU\FKDQLH ]ZLHU]ąWEU]PLąFHMDNE\ZDOF]\áR]HVREąROEU]\PLHVWDGRG]LNLFKNRWyZ *UDáHPQDSU]HPLDQSLHĞĔZDONLLUR]ND]\ 5]XFLáHPNU\MąFHVLĊZNU]DNDFKGZDRGG]LDá\RGZRGRZHSRMHGQ\PQDNDĪGHVNU]\GáR LND]DáHPXWZRU]\üÄE\F]ąJáRZĊ´ &HQWUXPSU]HWU]HELRQHLRVáDELRQHZDONą]DF]ĊáRVLĊFRIDüDOHREDRGG]LDá\RGZRGRZH U]XFLá\VLĊZĞFLHNOHQDERNLZURJLHMIDODQJLL]DWU]DVQĊá\VLĊQDQLFKMDNV]F]ĊNL 8Vá\V]DáHP NROHMQH UR]ND]\ JUDQH SU]H] PRMHJR EUDWD &KURSDZH G]LNLH PHORGLH R QLHSRNRMąF\P EU]PLHQLX $ ]DUD] SRWHP SLVN ]DSRPQLDQHJR ZDUWRZQLND SR GUXJLHM VWURQLH Z\VS\ :\ELHJáHP ] DOWDQ\ L SRJQDáHP Z WDPWą VWURQĊ .LHG\ GRELHJáHP ]REDF]\áHP Z RGOHJá\P EODVNX RJQLD SáRQąFHJR ZRNyá PLHMVFD ELWZ\ NROHMQH áRG]LH VXQąFH MXĪ G]LREDPL SRSU]\EU]HĪQ\PSLDVNX 1LHPRJáHPSRMąüVNąGPyMEUDWZ]LąáW\OHE\VWUHWHN=DWU]FLQDPLXMU]DáHPEODVNODPS\ SáRQąFHM QD UXILH áRG]L L SRMDZLá VLĊ .LPLU =\á 2GáRĪ\á ZLRVáD XQLyVá IXMDUNĊ L ]DJUDá 5R]SR]QDZDáHP QDWUĊWQH SRZWDU]DMąFH VLĊ WRQ\ UR]ND]yZ RUD] MDNąĞ QLHSRNRMąFą SLVNOLZą PHORGLĊNWyUą]DJU]HZDáVZRMH]ZLHU]ĊWDGRDWDNX

:\SDGá\ QD SODĪĊ L UXV]\á\ GR DWDNX QDVWDZLDMąF ZáyF]QLH DOH LFK V]\N E\á UDF]HM EH]áDGQ\LZQLF]\PQLHSU]\SRPLQDáHOHJDQFNLFKF]ZRURERNyZMHJRGRERURZHMDUPLL :H]ZDáHPVZyMRVWDWQLRGG]LDá±GZLHG]LHVLąWNLÄZáyF]QLNyZ´VWDFMRQXMąF\FKZZLRVFH ±LQDND]DáHPLPXWZRU]\üQLHUXFKRP\ÄJURW´L]DWU]\PDüDWDNDSRWHPSRELHJáHP]REDF]\ü FRVLĊG]LHMHQDSODĪ\SRGZLRVNą 1DGELHJáHPZVDPąSRUĊ0RMHE\VWUHWNL]HSFKQĊá\QDSDVWQLNyZQLHPDOGRZRG\DFDáD áąNDSU]HGSODĪąE\áDXVáDQDQLHUXFKRP\PLNUZDZ\PLVWU]ĊSDPLIXWUD:W\PPRPHQFLH]H VWáRF]RQ\FKZ]DWRF]FHWU]FLQRZ\FKáyGHNUXQĊáDNROHMQDIDODQJD 1LHPRJáHPSRMąüFRVLĊG]LHMH0LHOLĞP\ VWDGDWHMVDPHM ZLHONRĞFLW\PF]DVHP.LPLU =\áGRVáRZQLH]DOHZDáPRMHZRMVNRNROHMQ\PLRGG]LDáDPLNWyUHEUDáQLHZLDGRPRVNąG , ZWHG\ ZEODVNXGRJDVDMąF\FKSáRQąF\FKWU]FLQLPGáHMSRĞZLDFLHSLHUZV]HJREU]DVNX ]REDF]\áHPĪHJU]ELHW\QRZ\FKDWDNXMąF\FKE\VWUHWHNVąSRSLHODWRV]DUH %\VWUHWNL&]DJDMD]EáĊNLWQHMZ\VS\ .LPLU=\áVWDáZVZRLPF]yáQLHLĞPLDáVLĊ =DJUDáHP Ä:V]\VF\ GR ZLRVNL EURQLü QRU´ L PRMH ]ZLHU]ĊWD ]DF]Ċá\ VLĊ FRIDü DOH XWU]\PXMąFMDNRWDNRV]\N 0RMDDUPLDZSDGáDSU]H]JáyZQHZHMĞFLHZPXU]HNWyUHND]DáHPQDW\FKPLDVW]DVWDZLü NDPLHQLHPL]U]XFLü]DVLHNL.ROF]DVWHNU]\ĪDNL]]DRVWU]RQ\FKJDáĊ]LVWRF]\á\VLĊ]PXUyZ MHĪąFVLĊXSRGQyĪD =DJUDáHP V\JQDá GR RFDODá\FK ÄSURFDU]\´ L QD QDGELHJDMąFą EH]áDGQLH DUPLĊ ]áRĪRQą ] E\VWUHWHN&]DJDMDLRFDODáHMF]ĊĞFLSLHUZV]HMIDODQJLSRV\SDá\VLĊNDPLHQLH .LHG\ XQRVLáHP IOHW FRĞ KXNQĊáR JZDáWRZQLH Z VáXSHN DOWDQ\ ZJQLDWDMąF GUHZQR 2EHMU]DáHPVLĊL]REDF]\áHP.LPLU=\áD]F]\PĞSU]\SRPLQDMąF\PU]HĨELRQąSDáNĊ3RFK\OLá VLĊLSRGQLyVáRWRF]DN]GQDáRG]LSRF]\PXPLHĞFLáJRZJQLHĨG]LHQDNRĔFXSDáNL3DUJDQ %URĔGRPLRWDQLDNDPLHQLXĪ\ZDQDGRSRORZDQLDSU]H]NHELU\MVNLFKSDVWHU]\ .LPLU=\á]DPDFKQąáVLĊNDPLHĔZDUNQąáZSRZLHWU]XLĞPLJQąáWXĪRERNPRMHMJáRZ\ 3U]\NXFQąáHP]DEDOXVWUDGąZHUDQG\LUR]HMU]DáHPVLĊ1LHPLDáHPĪDGQHMEURQL'RVáRZQLH QLF]HJR 0RMH ]ZLHU]ĊWD ZDOF]\á\ UR]SDF]OLZLH QD PXUDFK ZLRVNL D MD PXVLDáHP VSUDZG]Lü FR G]LHMHVLĊ]ÄSLHFKRWą´XWU]\PXMąFąGUXJąSODĪĊ .DPLHĔ ]QyZ JZL]GQąá Z SRZLHWU]X L ZLHĪD VWUDĪQLF]D Z PRMHM ZLRVFH UR]EU\]QĊáD VLĊ FKPXUąZ\VFKQLĊWHMJOLQ\ :\VNRF]\áHP ] ZHUDQG\ DOH NROHMQ\ SRFLVN WUDILá PQLH Z ERN 3RF]XáHP EyO MDN SU]\ SRWĊĪQ\PNRSQLĊFLXSRFLHPQLDáRPLZRF]DFKLUXQąáHPQD]LHPLĊZDNVDPLWQąFLHPQRĞü 2FNQąáHP VLĊ NUyWNR SRWHP :DOND QD PXUDFK ZLRVNL FLąJOH WUZDáD PRMH ]ZLHU]ĊWD GĨJDá\ZĞFLHNOHZáyF]QLDPLF]DVHPQLH]ZDĪDMąFQD]DVLHNLVWDF]Dá\VLĊ]PXUyZLU]XFDá\ QDQDSDVWQLNyZ]SD]XUDPL 3U]H] FKZLOĊ VNUĊFDáHP VLĊ L ZLáHP ] EyOX QD ]LHPL SR F]\P ]HEUDáHP VLĊ Z VRELH E\

ZVWDü%RNERODáPQLHMDNQDV]SLNRZDQ\LJáDPLDOHSRVWDQRZLáHPPLPRZV]\VWNRVWDQąüQD QRJL .LHG\ XQLRVáHP JáRZĊ ]REDF]\áHP .LPLU =\áD VWRMąFHJR EH]F]HOQLH QD PRMHM ]LHPL ] IOHWHP]DSDVHPLSDUJDQHPZGáRQL3U]\ZLWDáPQLHVROLGQ\PNRSQLDNLHPZJáRZĊDNLHG\ XSDGáHP]QRZX]DEUDáPLIOHWLV]HURNLPUXFKHPFLVQąáGRZRG\ ± :LWDP\ QD ZRMQLH EUDFLV]NX ± ]DUHFKRWDá 3RGV]HGá GR ZLRVNL L NRSQąá Z PXU DOH QLHZLHOHWRGDáRERJOLQDZ\VFKáDQDNDPLHĔ=DPDFKQąáVLĊZLĊFSDUJDQHP]PLDWDMąFNLOND PRLFKE\VWUHWHNQD]LHPLĊLZUyFLáQDVZRMąáyGĨ 3UyERZDáHP ZVWDü SRGFLąJQąZV]\ NRODQD ERN UZDá PQLH RNURSQLH L F]XáHP MDN PRMD WZDU]SXFKQLH=QRVDFLHNáDPLNUHZLNDSDáDQDSLDVHNF]DUQDZVLQ\PEODVNXSU]HGĞZLWX 1LHPLDáHPMXĪIOHWXLQLHPRJáHPZ\GDZDüUR]ND]yZ.LPLU=\áMDNLPĞFXGHPSU]HMąá ]ZLHU]ĊWD&]DJDMD 0RJáHPMXĪW\ONRVLHG]LHüLSDWU]HüQDU]HĨPRLFKE\VWUHWHN %H]VLOQLH =ZLHU]ĊWD FLąJOH ZDOF]\á\ 1LH Z\GDZDáHP LP UR]ND]yZ QLH SRGSRZLDGDáHP FR PDMą URELüDPLPRWRREZDURZDQDZLRVNDWU]\PDáDVLĊG]LHOQLH6LHG]LDáHPQDVWRSQLDFKZHUDQG\ LSRZVWU]\PXMąFá]\F]HNDáHPQDQLHXFKURQQąNOĊVNĊ 1DWUĊWQDJUDQDSU]H].LPLU=\áDPHORGLDGĨZLĊF]DáDPLZXV]DFKLZ\GDZDáRPLVLĊĪH SREU]PLHZDZQLHMFRĞKLSQRW\F]QHJR :áDĞFLZLHQLHZLG]LDáHPMXĪPXUyZZLRVNLW\ONRSDJyUHNSRNU\W\SRSLHODW\PLLUXG\PL JU]ELHWDPL =DXZDĪ\áHP MHGQDN ĪH E\VWUHWNL &]DJDMD QLH Vą WDN ]DMDGáH MDN UXGH L MDN PRL ZRMRZQLF\ 3UDZLH QLH PLDá\ EURQL L Z\GDZDá\ VLĊ W\ONR EH]P\ĞOQLH SU]Hü QD PXU\ DOH PRPHQWNLHG\PRLREURĔF\]RVWDQą]DODQLIDOąQDSDVWQLNyZE\áMXĪMHG\QLHNZHVWLąF]DVX 6SOXQąáHPNUZLąLVLHG]LDáHPREHMPXMąFUĊNRPDXV]NRG]RQ\ERN0LDáHPZUDĪHQLHĪH SU]\NDĪG\PRGGHFKXPRMHZQĊWU]HUR]G]LHUDVLĊMDNE\Z\URVá\ZQLPFLHUQLH $ ZWHG\ QDVWąSLáR FRĞ QLHRF]HNLZDQHJR 1DG ELWHZQ\ ]JLHáN NZLN L SU\FKDQLH UR]ZĞFLHF]RQ\FK ]ZLHU]ąW RUD] SU]HQLNOLZH WRQ\ IOHWX .LPLU =\áD Z]ELá VLĊ QDJOH QRZ\ GĨZLĊN 'RFKRG]Lá RG VWURQ\ GUXJLHM SODĪ\ L ] SHZQRĞFLą Z\GDZDá\ JR S\V]F]NL E\VWUHWHN -HGQDN QLH E\á WR SLVN EyOX DQL ZĞFLHNáRĞFL :\GDZDáR PL VLĊ ĪH Vá\V]Ċ Z QLP PHORGLĊ EU]PLąFąMDNE\ZLHOHRVyEJZL]GDáRMąFKyUHP 2G VWURQ\ GUXJLHM SODĪ\ ELHJá\ PRMH E\VWUHWNL 0RMH GZLH G]LHVLąWNL ÄZáyF]QLNyZ´ 7HUD]Z]EU\]JDQ\FKQDUXGRIXWHUNDFKZ\JOąGDMąFHMDN]ZLHU]ĊWD.LPLU=\áD1LNWQLPLQLH GRZRG]LáPyMIOHWOHĪDáQDGQLHMH]LRUD]UHV]Wą]SRNLHUHV]RZDQ\PERNLHPLWDNQLHE\áE\P ZVWDQLHJUDü$PLPRWR]ZLHU]ĊWDVDPH]VLHELHELHJá\QDSRPRFREOĊĪRQHMZLRVFH ,JZL]GDá\SLHĞĔRERKDWHUVWZLHNWyUąGODQLFKXáRĪ\áHP =DDWDNRZDá\ REOHJDMąF\FK ELHJQąF Z V]\NX ] QDGVWDZLRQ\PL ZáyF]QLDPL 3DWU]\áHP RQLHPLDá\MDNZELMDMąVLĊZSLHUĞFLHĔDWDNXMąF\FKLZ\FLQDMąVRELHGURJĊGREUDP\ : NUyWNLP F]DVLH DWDNXMąFH ]ZLHU]ĊWD PRFQR SU]HWU]HELRQH UXGH L ELHJDMąFH EH]UDGQLH

V]DUH ZSDGá\ Z SDQLNĊ 0RMH VáDQLDMąFH VLĊ QD QRJDFK ]ZLHU]DNL QDJOH RG]\VNDá\ VLá\ L U]XFLá\VLĊZSRĞFLJ %\VWUHWNL.LPLU=\áDXFLHNDá\GR]DWRNLJG]LHF]HNDá\QDQLHáyGNLXVLáRZDá\VS\FKDüMH QD ZRGĊ WáRF]ąF VLĊ L WUDWXMąF DOH PyM EUDW QDGDO JUDá VZyM V\JQDá GR DWDNX 8SDUFLH PRQRWRQQLHMDNE\QLHZLG]LDáĪHELWZDMHVWSU]HJUDQD0RĪHQLHPyJá]UR]XPLHüWHJRFRVLĊ VWDáRWDNVDPRMDNMD =ZLHU]ĊWD V]DUSDQH VSU]HF]Q\PL V\JQDáDPL PLRWDá\ VLĊ SR EU]HJX ELHJDMąF Z NyáNR L WUDILDMąFSURVWRSRGZáyF]QLHPRLFKĪRáQLHU]\$ĪZUHV]FLHWHNWyUHQLH]JLQĊá\UR]SLHU]FKá\ VLĊSRZ\VSLH =RVWDáD W\ONR SRNU\WD ]GHSWDQą L ]PLHU]ZLRQą WUDZą SRODQD L UR]U]XFRQH ZV]ĊG]LH QLHUXFKRPHFLDáDE\VWUHWHN5G]DZ\FKV]DU\FKLSáRZ\FK =GRáDáHPZVWDüSU]\FLVNDMąFGáRĔGRERNX .LPLU =\á SDWU]\á QD PQLH EODG\ ] ZĞFLHNáRĞFL SRF]\P ]DWNQąá IOHW ]D SDV L XVLDGá GR ZLRVHá ±:LWDP\QDZRMQLHEUDFLV]NX±Z\FKU\SLDáHPLVSOXQąáHPNUZLą :VWDZDáĞZLW  7RFRG]LDáRVLĊSRWHPSDPLĊWDPMDNSU]H]PJáĊ 8GHU]\áHPZJRQJLF]HNDáHPQDáyGĨ6áXĪąF\ SU]HUD]LOLVLĊĞPLHUWHOQLHZLG]ąFVLQLDN QDPRMHMV]F]ĊFHNXUWĊ]EU\]JDQąNUZLąLPRMąSRV]DU]Dáą]EyOXWZDU] 3RWHPRZLMDQRPQLHFLDVQREDQGDĪHPWDNĪHEyOMHV]F]HVLĊZ]PyJá0HG\NGDáPLGR SLFLD ]LRáD SR NWyU\FK NáXFLH Z ERNX ]HOĪDáR GR ]QRĞQ\FK UR]PLDUyZ 5]HPLHĔ ]GXVLá SU]HNOHĔVWZRZVNRF]\áGRáRG]LLSRSá\QąáQDW\FKPLDVWQDPRMąZ\VSĊ 3RáRĪRQRPQLHQDZHUDQG]LHQDV]H]ORQJXZĞUyGPQyVWZDSRGXV]HN'RVWDáHPFLHSáHJR QDSDUX RU]HFKRZHJR ] PLRGHP L WDFĊ NDQG\]RZDQ\FK RZRFyZ 6áXFKDáHP ĞSLHZX SWDNyZ SDWU]\áHP QD PLQLDWXURZ\ ZRGRVSDG SOXV]F]ąF\ ZĞUyG ELDá\FK VNDá QD ZSURVW PRMHM ZHUDQG\L]DF]ąáHPXV\SLDüDOHMDNRĞQLHPRJáHPQDSUDZGĊ]DVQąü &]XáHP VLĊ G]LZQLH &RĞ ZLVLDáR Z SRZLHWU]X 1LH ZLG]LDáHP QLJG]LH .LPLU =\áD DOH NLHG\ 5]HPLHĔ ZUyFLá ] PRMHM Z\VS\ VSRMU]DáHP SU]HORWQLH QD MHJR WZDU] L QDW\FKPLDVW SU]HVWDáHP E\ü VHQQ\ 3U]HUD]LáHP VLĊ 5]DGNR PRĪQD E\áR ]REDF]\ü JQLHZ QD WZDU]\ 5]HPLHQLD DOH WHJR GQLD SRZLHG]LHü R QLP ĪH E\á UR]JQLHZDQ\ WR W\OH FR QD]ZDü VPRND MDV]F]XUNą2F]\ZLĞFLHQLHSXUSXURZLDáQLHFLVNDáVLĊDQLQLHPLRWDáMDNFKáRS0LDáSRSURVWX EODGą WZDU] L ]DFLĞQLĊWH V]F]ĊNL DOH Z MHJR Z\JOąGDMąF\FK MDN VWXGQLH EUą]RZ\FK RF]DFK SáRQąá RJLHĔ 8ĞPLHFKQąá VLĊ GR PQLH ]H ZVSyáF]XFLHP L ]UR]XPLDáHP ] XOJą ĪH WR QLH MD MHVWHPZLQLHQMHJRJQLHZX *G]LHĞ SRĞUyG WHJR FDáHJR ]DPLHV]DQLD QLNW QLH ]DXZDĪ\á ĪH &]DJDM ]MDGá ĞQLDGDQLH L SRSá\QąáQDVZRMąZ\VSĊMDNE\QLJG\QLF :UyFLá SR PDáHM JRG]LQLH L SU]\ELá GR EU]HJX QLHPDO UyZQRF]HĞQLH ] áRG]Lą

SRZUDFDMąFHJR.LPLU=\áDNWyU\QLHZH]ZDáVáXĪąF\FKLZLRVáRZDá]DFLHNOH]SRQXUąPLQą &]DJDMZ\VNRF]\á]HVZRMHJRF]yáQDMDNRSDU]RQ\UR]WUąFDMąFVáXĪąF\FKEODG\]ZĞFLHNáRĞFL L]DODQ\á]DPLSRF]\PSRJQDáSURVWRQDEUDWDLQLHVSRG]LHZDQLHNRSQąáJRZWZDU] 1LJG\GRWąGQLH]GDU]\áRVLĊĪHE\ZMDNLFKNROZLHNRNROLF]QRĞFLDFKF]\WRZEyMFHF]\ SRGF]DVüZLF]HĔ]GRáDáERGDMGRWNQąü.LPLU=\áDMHGQDNW\PUD]HPSRZDOLáJRQD]LHPLĊ 1LHZLG]LDáHPJRMHV]F]HZWDNLHMIXULL=DQLPVáXĪąF\]GąĪ\OLJRRGFLąJQąüVNRF]\áEUDWXQD SLHUĞ L FKZ\FLZV]\ .LPLU =\áD ]D ZáRV\ ]DF]ąá WáXF MHJR JáRZą R ]LHPLĊ 7UZDáR WR W\ONR PRPHQW1DMVWDUV]\EUDWZ\V]DUSQąáVLĊ]MHJRXFKZ\WXLZ\NUĊFLáPXUĊNĊDZFKZLOĊSRWHP LFKUR]G]LHORQR -DNSyĨQLHMVLĊGRZLHG]LDáHPQLHFKRG]LáRW\ONRRWRĪH.LPLU=\á]GRáDá]DJDUQąüF]ĊĞü MHJR ]ZLHU]ąW 1LH ZLHP MDN WHJR GRNRQDá DOH SDPLĊWDP ĪH ZLHOH UD]\ ZLG]LDáHP MDN SRGSá\ZD F]yáQHP GR EáĊNLWQHM Z\VS\ L VLHG]L QLHUXFKRPR R U]XW NDPLHQLHP RG EU]HJX 7HUD]ZLHPĪHSRGVáXFKLZDáV\JQDá\&]DJDMD=GRáDáFK\EDZMDNLĞVSRVyERGJDGQąüMĊ]\N MHJRIOHWXLVSUDZLüE\E\VWUHWNLVáXFKDá\JRMDNVZHJRSDQD7HMQRF\NLHG\QDSDGáQDPRMą Z\VSĊ]GRáDá]DEUDü]HVREąW\ONRF]ĊĞüDWHNWyUHQLHFKFLDá\JRVáXFKDüRWUXá 5]HPLHĔ ]QDOD]á VWHUWĊ NDUP\ L ZRNyá SRVNUĊFDQH PDUWZH ]ZLHU]ĊWD &]DJDMD ] ĪyáWą SLDQą QD S\V]F]NDFK 1LNW QLH ZLHG]LDá VNąG QDMVWDUV]\ EUDW Z]Ląá WUXFL]QĊ DĪ RGNU\WR ZáDPDQLHGRVNáDGXRJURGQLF]HJR.LPLU=\áXĪ\áVSURV]NRZDQ\FKMDJyGU]HZLHQLDNWyU\PL WUXWRV]F]XU\ZNDQDáDFKLVSLFKU]DFK 5]HPLHĔQLHRGH]ZDáVLĊGRQLHJRDQLVáRZHP1DZHWQDQLHJRQLHVSRMU]Dá2GZUyFLáVLĊ W\ONR L ZV]HGá GR SDZLORQX =REDF]\áHP SRWHP MDN Z\FKRG]L RNU\W\ QLHSR]RUQą NXUWą ] NDSWXUHPFRR]QDF]DáRĪHSRV]HGáZLG]LHüVLĊ]QDV]\PRMFHPSDQHP7\JU\VLHJR7URQX 3U]H] NROHMQH GQL OHĪDáHP Z áyĪNX DOER QD ZHUDQG]LH ]E\W ]DMĊW\ ZáDVQ\P EyOHP E\ ]DXZDĪ\ü ĪH Z GRPX G]LHMH VLĊ FRĞ QLH]Z\NáHJR &]HNDáHP DĪ SĊNQLĊWH ĪHEUR ]DF]QLH VLĊ ]UDVWDü%RODáRPQLHNLHG\RGG\FKDáHPLNLHG\SUyERZDáHPVLĊSU]HZUDFDüFLDVQR]DZLQLĊWH EDQGDĪHWDNĪHVSUDZLDá\PLZLHOHFLHUSLHQLD &]ĊVWRSLáHP]LRáDLSU]H]ZLĊNV]RĞüF]DVXVSDáHPQLHZLHG]ąFFRVLĊZRNyáG]LHMH 0LPRWR]ZUyFLáHPXZDJĊĪHPyMPHG\N+DF]LQ7HVWXJDMMHVWUR]WU]ĊVLRQ\'UĪDá\PX UĊFHNLHG\RGPLHU]DáPLOHNDUVWZDLUR]SDODáWURFLF]NLSRZLHU]DMąFPRMH]GURZLHDPLWUDMVNLHM 3DQL ĩQLZ RUD] QLHNWyU\P QRZ\P ERJRP NWyU\FK WHUD] Z\]QDZDQR Z $PLWUDMX D NWyU]\ E\OLQDV]\PLNLUHQHĔVNLPLEyVWZDPLW\ONRPDMąF\PLLQQHLPLRQD ±'EDMRFLDáDLGXFKDV\QyZ7\JU\VDR,GąF\3RG*yUĊGDMLPVZRMąVLáĊQLHSR]ZyOLP RGSá\Qąü.VLĊĪ\FRZ\P:R]HPEáDJDP\FLĊ ±3RZLHG]LDáHĞÄV\QyZ´"±SU]HUZDáHPPX±&]\NWRĞMHVWMHV]F]HFKRU\" ± 7ZyM EUDW 0áRG\ 7\JU\V NVLąĪĊ .LPLU =\á OHĪ\ FKRU\ RG GZyFK GQL ± RGSDUá ± :\PLRWXMHLQLHPRĪHMHĞü%UHG]LZJRUąF]FH0RĪHWDNE\üĪH ±ĩHFR"±]DS\WDáHPSU]HUDĪRQ\%\áHPZĞFLHNá\QD.LPLU=\áDDOHWRMHGQDNE\áPyM EUDW

± 1LH EĊG]LHP\ R W\P PyZLü V]ODFKHWQ\ NVLąĪĊ 1LH ZWHG\ NLHG\ F]DUQH SWDNL NUąĪą ZRNyáQDV]HJRGRPX ±$OHFRPXVLĊVWDáR" ±6]ODFKHWQ\NVLąĪĊ.LPLU=\áEDZLáVLĊU]HZLHQLHPSDQLH7RVWUDV]QDWUXFL]QD.LHG\ VLĊQLHZLHMDNMHMXĪ\ZDüPRĪQDVDPHPXVLĊ]DWUXü3URV]HNPRĪH]RVWDüQDUĊNDFKDOERQD XEUDQLX2ELHFDMPL0áRG\7\JU\VLHĪHQLJG\QLHZHĨPLHV]WHJRGRUĊNL .LPLU=\áXPDUáZQRF\QDVWĊSQHJRGQLD=DSDGáZVHQ]NWyUHJRMXĪVLĊQLHREXG]Lá 3áDNDáHPWDNĪHP\ĞODáHPLĪPLVHUFHSĊNQLHĝZLDWVLĊ]PLHQLá%\áHPG]LHFNLHPLGR WDPWHM SRU\ MHV]F]H QLNRJR QLJG\ QLH VWUDFLáHP -DNRĞ Z\GDZDáR PL VLĊ ĪH ĞPLHUü QLH PD ZVWĊSX GR :LRVNL &KPXU 7R E\áR FRĞ R F]\P VLĊ W\ONR F]\WDáR DOER Vá\V]DáR Z RSRZLHĞFLDFK &R FKZLOD QDW\NDáHP VLĊ QD FRĞ FR PLDáR MDNLĞ ]ZLą]HN ] PRLP EUDWHP L QLH PRJáHP XZLHU]\üĪHNWRĞNWRSU]HGFKZLOą]áDPDáPLĪHEURVLHG]LDáQDW\PNU]HĞOHDOERF]\WDá]ZyM PRĪH]QLNQąüWDNMDNE\QLJG\QLHLVWQLDáDĞODG\MHJRG]LDáDĔ]RVWDMąMDNE\QLJG\QLF1DZHW WDN RVRELVWH MDN QDGJU\]LRQ\ RZRF :\GDZDáR PL VLĊ ĪH PXVL JG]LHĞ E\ü ĩH SU]HPLHU]D NRU\WDU]HDOERZ\FKRG]L]NRPQDW\QDFKZLOĊSU]HGW\P]DQLPMDWDPZHMGĊ 8URF]\VWRĞFLSRJU]HERZHWUZDá\WU]\GQLLMDNWRQDNLUHQHĔVNLFKSRJU]HEDFKRGE\ZDá\ VLĊ Z FDáNRZLWHM FLV]\ 6WRV Z\JDVá D MHG\Q\P ĞODGHP SR PRLP VWDUV]\P EUDFLH E\áD NDPLHQQD ODPSD QD V]F]\FLH QLHZLHONLHJR NXUKDQX L RERN Z\U]HĨELRQD PLVD QD RILDUQH NDG]LGáDR]GRELRQDSáDVNRU]HĨEąPDáHJRNRQLND3U]\SRPQLDáRPLVLĊĪH.LPLU=\áNRFKDá NRQLH L MDNR G]LHFNR F]ĊVWR XGDZDá NRQLND .LHG\ SDWU]\áHP QD UHOLHI PLDáHP JR SU]HG RF]DPLMDNRWDPWHJRNLONXOHWQLHJRFKáRSFDDQLHWHJRVSU]HGNLONXGQL:\VRNLHJRFKXGHJR RRNUXWQ\FKZąVNLFKRF]DFKQLHPDOMXĪPĊĪF]\]QĊ 7DPWHQ MHJR XNRFKDQ\ NRQLN Z\U]HĨELRQD ] P\GODQHJR NDPLHQLD ]DEDZND ] NWyUą VLĊ QLHUR]VWDZDáVWDQąáPLSU]HGRF]DPLLZWHG\GRSLHUR]UR]XPLDáHPĪHPyMEUDWQLHĪ\MH 3RSá\QąáHP QD MHJR V]NDUáDWQą Z\VSĊ %\VWUHWNL ]RVWDá\ MXĪ ]DEUDQH SU]H] 0LVWU]D =ZLHU]ąW ]UHV]Wą ] UXG\FK VWZRU]RQHN RFDODáR W\ONR NLOND V]WXN &KRG]LáHP SR Z\VSLH RJOąGDáHP SR]RVWDáRĞFL ZLRVHN SDWU]\áHP QD F]DV]NL ]DELW\FK Z HJ]HNXFMDFK ]ZLHU]ąWHN QDG]LDQ\FK QD SDW\NL ZRNyá DOWDQ\ L UDSWHP ZU]DVQąáHP ] SU]HUDĪHQLD 3U]H] FKZLOĊ Z\GDZDáRPLVLĊĪHZLG]ĊPRMHJREUDWD%\áXSLRUQ\ELDáRĪyáW\LXĞPLHFKDáVLĊ]áRĞOLZLH 'RSLHURSRFKZLOL]UR]XPLDáHPĪHSDWU]ĊQDRVWDWQLHG]LHáRMHJRE\VWUHWHN7ĊG]LZQąNXSĊ JOLQ\NWyUąSRGHMU]DáHPWXĪSU]HGZRMQą=GRáDáVSUDZLüĪHQLHZLHONLHIXWU]DQHVWZRU]HQLD NWyU\PLU]ąG]LáLNWyUH]DELMDá]EXGRZDá\PXSRVąJ 3R NLONX W\JRGQLDFK ]DXZDĪ\áHP MHGQDN MHV]F]H MHGQą U]HF] NWyUą ]DSDPLĊWDáHP QD ]DZV]H PLPR ĪH ] SR]RUX QLH PLDáD ] FDáą VSUDZą QLF ZVSyOQHJR :WHG\ ] NROHL XĞZLDGRPLáHPVRELHSRUD]SLHUZV]\ĪHMHVWHPV\QHPFHVDU]DLĪHNLUHQHĔVNLHNRGHNV\PDMą GODPQLHWRKLPRQD±3LHUZV]HJR:ĞUyG5yZQ\FKVSHFMDOQHSUDZD=UR]XPLDáHPĪHQLHPD GODPQLHV]DQV\QDVSRNRMQHEH]WURVNLHĪ\FLHLFLDUNLSU]HV]á\PLSRSOHFDFK

6LHG]LHOLĞP\ Z .RPQDFLH 1DXNL ] &]DJDMHP L $DVLQą ± PáRGV]ą VLRVWUą NWyUD ZáDĞQLH RSXĞFLáD 'RP &\QREUX 6áXFKDOLĞP\ 0LVWU]D =ZLHU]ąW NWyU\ RSRZLDGDá R RE\F]DMDFK UyĪQ\FKVWZRU]HĔ0yZLáRZLHONLFKMDNFLHOĊWDVNDOQ\FKZLONDFKĪ\MąF\FKZODVDFK3yáQRF\ :SHZQ\PPRPHQFLHGU]ZLXFK\OLá\VLĊLGRNRPQDW\FLFKRMDNGXFKZV]HGá5]HPLHĔĪHE\ ]DEUDü]DSRPQLDQąIDMNĊ ± 'EDMą R VLHELH QDZ]DMHP L QLH F]\QLą VRELH NU]\ZG\ MHĪHOL Vą ] WHJR VDPHJR VWDGD ± PyZLá0LVWU]=ZLHU]ąW±-HĪHOLZDOF]ą]HVREąQDZ]DMHPWRW\ONRGRPRPHQWXDĪMHGHQ] ZDOF]ąF\FK U]XFL VLĊ QD ]LHPLĊ L RGVáRQL EU]XFK 7DN VDPR MHVW JG\ PáRGH ZDOF]ą GOD ]DEDZ\ -HGQDN F]DVHP URG]L VLĊ ZLON NWyU\ MHVW ]á\ L QDGPLHUQLH RNUXWQ\ .WyU\ NąVD SRPLPR ĪH MHJR SU]HFLZQLN RGVáRQLá EU]XFK L JDUGáR -HĪHOL RNDĪH VLĊ ĪH WDN VLĊ VWDáR MHJR ZáDVQ\ RMFLHF NWyU\ REVHUZXMH ]DEDZĊ ] GDOHND SRGFKRG]L L ]DELMD WDNLH V]F]HQLĊ ,QDF]HM PáRGH GRURĞQLH L RNDĪH VLĊ GOD ZáDVQHJR VWDGD W\UDQHP D E\ü PRĪH ]JXEą :LONL PXV]ą SROHJDüQDVRELH7DNRWREHVWLHSLOQXMąVZRMHJRZLOF]HJRSUDZD 5]HPLHĔ VWDá MDN ZU\W\ VáXFKDMąF 0LVWU]D =ZLHU]ąW 3RWHP VLĊJQąá SR VZRMą IDMNĊ L Z\V]HGáUyZQLHFLFKRMDNVLĊSRMDZLá1LNWQLH]ZUyFLáQDQLHJRXZDJLLW\ONRMD]DXZDĪ\áHP ĪH]DFLVQąáV]F]ĊNLDSRSROLF]NXSRFLHNáDá]D

2U]HáJG\áRZLV]XNDLZ\SDWUXMH QDGEU]HJLHPPRUVNLPVLĊ]DWU]\PDZV]\± 7DNWHĪLF]áRZLHNJG\ZWáXPVLĊ]DPLHV]D $PDVWURQQLNyZPDáR  +DYDPDO±3LHĞQL1DMZ\ĪV]HJR

5R]G]LDá

ĩPLMRZH*DUGáR

0

LDVWR ZLGDü E\áR ]H Z]JyU]D :áDĞFLZLH VHQVRZQLHMV]H E\áRE\ RNUHĞOHQLH ÄZLRVND´

DOERÄRVDGD´3RSURVWXZLHONLH]JUXSRZDQLHJRVSRGDUVWZUR]U]XFRQ\FKFKDRW\F]QLH QD REX EU]HJDFK ILRUGX L RNROLF]Q\FK Z]JyU]DFK %XG\QNL E\á\ SRGREQH GR VLHELH 'UHZQLDQHGáXJLHGRP\RU]HĨELRQ\FKVáXSDFK]DEXGRZDQHZF]ZRURERNL$OHRVDGDPLDáD ZáDVQH ZDá\ ]LHPQH ]ZLHĔF]RQH SRF]HUQLDáą SDOLVDGą RSDVXMąFH FDá\ WHUHQ RG EU]HJX GR EU]HJX D SRPLĊG]\ JRVSRGDUVWZDPL ZLá\ VLĊ XOLF]NL Z\áRĪRQH GUHZQLDQ\PL WUDPDPL :]GáXĪFDáHJREU]HJXILRUGXFLąJQĊáRVLĊGUHZQLDQHQDEU]HĪHLSRVWDZLRQHQDSDODFKSLUV\ ZFLQDMąFHVLĊQDNLONDG]LHVLąWPHWUyZZZRGĊ=DWHPQLHFKEĊG]LHÄPLDVWR´ %UDPD E\áD RWZDUWD L QLNW MHM QLH SLOQRZDá 1LNW WHĪ QLH ]DF]HSLDá G]LZQLH XEUDQHJR URVáHJRPĊĪF]\]Q\MDGąFHJRQDZLHONLPSUĊJRZDQ\PUXPDNX]SU]\FLĊW\PLURJDPL 1LHNWyU]\ WURFKĊ VLĊ JDSLOL ER F]áRZLHN E\á Z\VRNL D MHJR ZLHU]FKRZLHF REZLHV]RQ\ VDNZDPL L ]DZLQLąWNDPL 0ąĪ PLDá QD VRELH EXU\ ZHáQLDQ\ SáDV]F] ] JáĊERNLP NDSWXUHP L WU]\PDá Z XVWDFK G]LZDF]Qą Z\JLĊWą IXMDUNĊ ] NWyUHM Z\SXV]F]Dá NáĊE\ G\PX WDN MDN WR URELOLPLHV]NDĔF\3RáXGQLD 0LQąáZLHĪĊEUDPQąLVNLHURZDáVLĊSURVWRQDQDEU]HĪH ± 1DMSLHUZ QRFOHJ ± SRZLHG]LDá GR NRQLD ± 'DFK QDG JáRZą 7R MHVW JáyZQ\ SRUW Z RNROLF\ 0XV]ą WX E\ü SU]\MH]GQL D WR ]QDF]\ ĪH LVWQLHMą MDNLHĞ JRVSRG\ &LąJQą WX NXSF\ ĪHJODU]HZDJDEXQG\WDF\MDNP\3U]HFLHĪNWRĞPXVLQDW\PURELüLQWHUHV5R]XPLHPĪHQLH Z\QDOHĨOL PDV]\Q\ SDURZHM DQL SU\V]QLFD $OH QLH XZLHU]Ċ ĪH QLNW GRWąG QLH ]DXZDĪ\á ĪH SRGUyĪQ\]DSáDFLEU]ĊF]ąFąPRQHWą]DGDFKQDGJáRZąWURFKĊZRG\LMDNąĞVWUDZĊĩHJODU] NWyU\ ]HMG]LH QD OąG PXVL SU]HGH ZV]\VWNLP ]MHĞü FRĞ FR QLH EĊG]LH SDUV]\Zą RNUĊWRZą VWUDZą 6WDQRZF]R WHĪ PXVL VLĊ QDSLü 3RWU]HEXMH ]DSHZQH NRELHW\ L ]D WR ZV]\VWNR WHĪ ]DSáDFL $ JG]LH G]LZNL WDP L KRWHOH 4XRG HUDW GHPRQVWUDQGXP 1LH SU]HQRV]Ċ XZDUXQNRZDĔ NXOWXURZ\FK 3R SURVWX ZLHU]Ċ Z SUDZR ]\VNX 8QLZHUVDOQH Z VNDOL NRVPLF]QHMSURV]ĊUHQLIHUD 'URJDZLáDVLĊSRPLĊG]\JRVSRGDUVWZDPLDOHSURZDG]LáDZNRĔFXQDEU]HJ0LMDáOXG]L

MHGQRRVLRZH ZR]\ QD GUHZQLDQ\FK NRáDFK ]DáDGRZDQH WRZDUHP NURZ\ SV\ L ĞZLQLH 0LMDá PLHMVFRZ\FK RNU\W\FK EDUZLRQ\PL SáDV]F]DPL Z VNyU]DQ\FK PLVNRZDW\FK F]DSHF]NDFK L MDNLFKĞ REHUZDĔFyZ REZLHV]RQ\FK EURQLą SU]\SXV]F]DOQLH ĪHJODU]\ :LG]LDá NRELHW\ Z SURVW\FK NLHFNDFK L VáRPLDQ\FK NDSHOXV]DFK ELHJDMąFH G]LHFL -HV]F]H QLH ZLG]LDá WX W\OX OXG]LZMHGQ\PPLHMVFX ± $FK WHQ ZLHONRPLHMVNL ]JLHáN ± Z\FHG]Lá SU]HSURZDG]DMąF -DGUDQD SU]H] VWDGR V]HĞFLRURJLFKRZLHF 'URJDZLRGáDZGyáLZWHG\VWRMąFQD]ERF]XSRPLĊG]\GRPDPL]REDF]\áVWDWNL6WDá\ SU]\ QDEU]HĪX VXQĊá\ ĞURGNLHP V]HURNLHJR ILRUGX NRá\VDá\ VLĊ QD NRWZLFDFK .LONDG]LHVLąW 1LH ZLDGRPR GODF]HJR Z\REUDĪDá VRELH ĪH EĊGą Z\JOąGDá\ MDN ZLNLĔVNLH GUDNNDU\ DOH SU]\SRPLQDá\ UDF]HM ĞUHGQLHM ZLHONRĞFL GĪRQNL 0LDá\ Z\VRNLH ]DGDUWH UXI\ ] NDV]WHODPL SRGZyMQ\NLOLG]LZQHĪDJOHSU]\SRPLQDMąFHĪDOX]MHDOERZDFKODU]H7U]\RNUĊW\PLMDá\VLĊ Z QXUFLH U]HNL L ZLGDü E\áR ĪH QD ĪDJODFK Z\PDORZDQH Vą SURVWH JHRPHWU\F]QH ]QDNL UR]SR]QDZF]H 3DWU]\á SU]H] FKZLOĊ Ī\F]OLZLH &DáH Ī\FLH OXELá VWDWNL ]ZáDV]F]D ĪDJORZFH 7H WXWDM Z\JOąGDá\ VROLGQLH L SRU]ąGQLH 1LHGXĪH UDF]HM GR ĪHJOXJL SU]\EU]HĪQHM DOH RVWDWHF]QLH Ä6DQWD0DULD´WHĪURELáDWDNLHZUDĪHQLH 1D QDEU]HĪX ]VLDGá ] NRQLD L SURZDG]Lá JR NUyWNR SU]\ S\VNX -DGUDQ WXOLá XV]\ L SRPUXNLZDáFRĞ]QLH]DGRZROHQLHP -HJRUR]ELWNRZLHPXVLHOLURELüWRVDPRFRRQ=DF]HSLDOLPLHMVFRZ\FKLS\WDOLRQRFOHJ 7R WHĪ PXVLDáD E\ü VWDáD NRVPLF]QD :ĊGURZDOL WX SU]H] ODV\ VSDOL SRG JRá\P QLHEHP 1DMZ\UDĨQLHM]QDOLMĊ]\NDSU]\QDMPQLHM]QDáJRYDQ'\NHQ0LHOLMDNLHĞSLHQLąG]H0XVLHOL GRPDJDü VLĊ QRFOHJX V]XNDü MDNLHJRĞ Z\V]\QNX 3RFKRG]LOL ] =LHPL 3U]HGH ZV]\VWNLP JRUąFD ZRGD SRU]ąGQD FLHSáD NRODFMD L QRFOHJ %DOLD EHF]ND FRNROZLHN %\OH VLĊ XP\ü L SU]HVSDüSRGGDFKHP 1DOHĪDáRV]XNDüMDNLHJRĞKRWHOX =QDOD]á JR SR JRG]LQLH 7R QLH E\áD QDZHW JRVSRGD DQL NDUF]PD 5DF]HM NDUDZDQVHUDM =EXGRZDQHZSRGNRZĊGRPLV]F]HSRGREQHGRVWRGRá\JG]LH]ZLHU]ĊWDWU]\PDQRQDGROHD VSDüPRĪQDE\áRSRNRWHPQDVąVLHNXGRNWyUHJRZFKRG]LáRVLĊSRGUDELQLH : MHGQ\P ] EXG\QNyZ E\áR SDOHQLVNR D SRQXU\ PDáRPyZQ\ JRVSRGDU] Z\SRĪ\F]Dá NRFLRáNLLVSU]HGDZDáRSDáĩDGQHMNXFKQLĪDGQHJREDUXĪDGQHJRÄ*RVSRGDU]XSLZD´ : SREOLĪX SRUWX E\áR ] SLĊü WDNLFK SODFyZHN L ZV]\VWNLH Z\SFKDQH GR JUDQLF ZR]DPL NRĔPL L PXáDPL ZV]ĊG]LH NUĊFLá\ VLĊ WáXP\ OXG]L =EOLĪDá VLĊ MHVLHQQ\ MDUPDUN .XSF\ VLHG]LHOL L VSDOL QD VZRLFK ZR]DFK WáRF]ąF\FK VLĊ QD G]LHG]LĔFX D MHĪHOL QLH WR NUĊFLáD VLĊ SU]\ QLFK HVNRUWD ]áRĪRQD ] W\SyZ VSRG FLHPQHM JZLD]G\ Z KHáPDFK L ] EURQLą 1LH RGVWĊSRZDOLáDGXQNXDQLQDNURNLá\SDOLSRQXURSU]H]ZL]XU\ZSRF]HUQLDá\FKV]áRPDFK ±1LHZLHU]Ċ±SRZLHG]LDá'UDNNDLQHQ±1LH]QDMGĊQRFOHJXERQLH]URELáHPUH]HUZDFML :UyFLá QD QDEU]HĪH L Z\SDWU]\á VRELH VROLGQLH Z\JOąGDMąFHJR U\EDND QDMZ\UDĨQLHM

ZáDĞFLFLHODSĊNDWHMáRG]LZ\áDGRZXMąFHJRNRV]QLHZLHONLFKVUHEUQ\FKU\EHNSRGREQ\FKGR VDUGHOL 1HJRFMDFMHQLHWUZDá\GáXJR 5\EDN VWDá SU]H] FKZLOĊ SDWU]ąF QD VROLGQą V]WXNĊ VUHEUD QD Z\FLąJQLĊWHM GáRQL 'UDNNDLQHQDLGUDSDáVLĊSRá\VLQLH]VXQąZV]\QDW\áJáRZ\VNyU]DQąF]DSHF]NĊSRGREQąGR PLVNL-HJR]DáRJD±FKXG\QDVWRODWHN]WLNDPLQHUZRZ\PLLREUDĪRQ\QDFDá\ĞZLDWĪ\ODVW\ FKXG]LHOHF Z ĞUHGQLP ZLHNX WHĪ F]HNDOL Z PLOF]HQLX SDWU]ąF QD VUHEUR MDNE\ QLJG\ QLH ZLG]LHOLW\OHERJDFWZD ±6WDMQLDGODNRQLDLMDNLNROZLHNGDFKGODPQLH±SRZWyU]\á'UDNNDLQHQ±àDĨQLDV]RSD GUHZXWQLD%\OHWDPE\á\MDNLHĞGU]ZLLĪHE\PQLHQLNWQLHRNUDGá 5\EDN F]RFKUDá VLĊ SR JáRZLH F]HNDMąFD QD ]DáDGXQHN U\E VLHFL L WDNLHOXQNX ] áRG]L G]LHZF]\QD VLHG]ąFD QD NRĨOH Zy]ND ]H VSyGQLFą ]DWNQLĊWą ] MHGQHM VWURQ\ ]D SDV ĪXáD RERMĊWQLH VáRPNĊ &KXG]LHOHF PDPURWDá SRG QRVHP RJOąGDMąF NU\W\F]QLH SRZLą]DQH FXFKQąFHVLHFLFKáRSDNWU]\PDáVLĊV]WDJXSUDFRZLFLHGUDSLąFVLĊSLĊWąZá\GNĊDF]DVOHFLDá 'UDNNDLQHQ]DPNQąáGáRĔDOHVWDU\QDJOHVSOXQąáQD]LHPLĊLFKZ\FLáJR]DQDGJDUVWHN ±3U]\ELMHP±SRZLHG]LDá±-HGQDyVPDPDUNLVUHEUHPWDNMDNSRZLHG]LDáHĞ0DPVXFKą GUHZXWQLĊ ] áDĨQLą 'XĪD =PLHĞFLV] VLĊ L W\ L NRĔ 1D WU]\ GQL 3RWHP Z\Sá\ZDP ER NVLĊĪ\FHEĊGąVLĊZ\SHáQLDü%ĊG]LHV]FKFLDáGDOHMPLHV]NDüWRGRSáDFLV]MHV]F]HMHGQąyVPą ±3U]\ELWH±SRWZLHUG]Lá'UDNNDLQHQLĞFLVQąáQDGJDUVWHNU\EDND 

 &Dáą FKDáXSĊ V]RSĊ Z NWyUHM PDP PLHV]NDü SRGZyU]H L Z RJyOH ZV]\VWNR SU]HQLND ]DSDFKU\E&]XMĊRVWUąZRĔU\ELHM]JQLOL]Q\]DSDFKĞOX]XG\PQ\DURPDWZĊG]RQ\FKWXV] SU]HVLąNQLĊW\VROąLMRGHPVPUyGVXV]ąF\FKVLĊVLHFL 3U]HGHZV]\VWNLP]GHMPXMĊVLRGáR]-DGUDQDLSU]HFLHUDPPXVLHUĞüZLHFKFLHPVLDQD2G JRVSRGDU]DGRVWDMĊVWDU\FXFKQąF\U\EDPLZRUHNSHáHQVXV]RQ\FKSRPDUDĔF]RZ\FK]LDUHQ 2EURN 8NáDGDPVZRMHU]HF]\SRGĞFLDQąLMHVWHPZGRPX6]RSDMHVWPURF]QDRGURELQDĞZLDWáD ZSDGDSU]H]V]F]HOLQ\ZEHONDFKLRWZRU\SRGV]F]\WHPGDFKX:NDĪG\PUD]LHMHVWWRMDNLĞ GDFK &]XMĊXOJĊL]PĊF]HQLH'RWDUáHPGRMDNLHJRĞFHOX=UHDOL]RZDáHPMDNLĞHWDS2WRMHVWHP Z SRUFLH ĩPLMRZH *DUGáR L ]QDOD]áHP VRELH GDFK QDG JáRZą SRPLPR V]F]\WX VH]RQX :áDĞFLZLH NRĔFD VH]RQX ĩHJODU]H ZUDFDMą GR GRPX ]H VZRLFK áXSLHVNLFK RGNU\ZF]R KDQGORZ\FK Z\SUDZ :LĊNV]RĞü ]DZLQLH GR WHJR SRUWX L ]D NLOND GQL WUXGQR MXĪ EĊG]LH R PLHMVFH QD NRWZLFRZLVNX D R ZROQ\P SDFKRáNX SU]\ NHL EĊG]LH PRĪQD W\ONR SRPDU]\ü 6WDWNL ]H ]áRĪRQ\PL Z]GáXĪ EXUW PLHF]DPL SRMDZLą VLĊ QDZHW QD SODĪ\ SR MHGQHM L GUXJLHM VWURQLHILRUGXQLF]\PZ\U]XFRQHQDEU]HJZLHORU\E\=DF]QLHVLĊZLHONLWDUJàXS\WRZDU\ QLHZROQLF\ EURĔ VUHEUR NRU]HQLH IXWUD EĊGą SU]HFKRG]Lü ] UąN GR UąN .XSF\ NWyU]\

SU]\E\OLWX]HVZRLPLZR]DPL]JáĊELOąGX]URELąGRVNRQDáHLQWHUHV\LREáRZLąVLĊOHSLHMQLĪ ĪHJODU]HLWRQLHQDGVWDZLDMąFNDUNXSRGF]DVZ\SUDZ 2NROLF]QLPLHV]NDĔF\VSU]HGDG]ąFDáHPLĊVRSLZRFKOHELU\E\MDNLHVąZRNROLF\FR FKFLZVLQDUXV]ąQDZHWZáDVQH]LPRZH]DSDV\L]RVWDQąSRWHP]JDUĞFLąVUHEUDDOHEH]PąNL WUDQXLU\E$MHV]F]HSRWHPRGEĊG]LHVLĊZLHF %ĊGąUR]VWU]\JDüVSRU\UDG]Lü]DZLą]\ZDüVRMXV]HLXĞPLHU]DüURGRZHZDĞQLH 7RZV]\VWNRF]HJRVLĊGRZLHG]LDáHPSRGF]DVGURJLGRWHMFKDW\ $WHUD]QLHPDPSRMĊFLDFRURELüGDOHM 3U]HGH ZV]\VWNLP QLH ZLHP GODF]HJR PRL UR]ELWNRZLH RSXĞFLOL VWDFMĊ L XGDOL VLĊ QD ZĊGUyZNĊ 3RZLHG]P\ ĪH XFLHNDOL SU]HG ]LPQą PJáą L MHM IHQRPHQDPL 3RZLHG]P\ ĪH GRWDUOL WXWDM *G\E\P E\á QD LFK PLHMVFX VWDUDáE\P VLĊ ]RVWDZLü ZLDGRPRĞü :\U\ü JG]LHĞ QDSLV Z URG]DMX Ä'UDNNDLQHQ E\á WXWDM´" 1DMUR]VąGQLHM E\áRE\ JG\E\ WX RVLHGOL L F]HNDOL 1LHZ\NOXF]RQH]UHV]WąĪHWDN]URELOL &K\EDĪHLFKSRUZDQRQDSDGQLĊWRDOERZMDNLĞLQQ\VSRVyEQDS\WDOLVRELHELHG\ 7DNF]\LQDF]HMNROHMQRĞüMHVWWDVDPD]ORNDOL]RZDüHZHQWXDOQLHRGELüHZDNXRZDü 1D SRGZyU]X ĪRQD U\EDND NRĔF]\ ZLą]Dü VLHFL SU]HSODWDMąF SU]H] V]QXUNL GUHZQLDQH F]yáHQNRLZFKRG]LGRGRPX1DVWDU\PURVQąF\PSRĞURGNXGU]HZLHVUHEU]\VW\PLQLHPDO SR]EDZLRQ\PNRU\VLHG]LRJURPQ\F]DUQ\NUXNLá\SLHQDPQLHF]DUQ\PMDNDJDWRNLHP ± 0DP FLĊ GRV\ü ± PyZLĊ 1LH FKFH PL VLĊ MXĪ GR QLHJR VWU]HODü U]XFDü F]\PĞ DQL SUyERZDüJR]áDSDü-HVWUyZQLHV]\ENLMDNMDFRZLĊFHMGRVNRQDOHRGJDGXMHPRMHLQWHQFMH, ]DZV]H MHVW QLHGDOHNR .LHG\ EXG]Ċ VLĊ SU]\ RJQLVNX VLHG]L JG]LHĞ QD VWHUFLH VSU]ĊWX DOER SREOLVNLHMJDáĊ]L.UDGQLHUHV]WNLPRMHJRMHG]HQLDDOHPXV]ĊSU]\]QDüĪHUD]SU]\QLyVáVSRUą U\EĊ D UD] VWZRU]HQLH SRGREQH GR NUyOLND L ]RVWDZLá RERN PRMHJR SRVáDQLD -DGUDQ JR LJQRUXMHLMDZáDĞFLZLHWHĪ 5\EDNVWRLRSDUW\RILODUZVSLHUDMąF\GDFKMHJRGRPXMHNDV]Ċ]GUHZQLDQHMPLVNLLWHĪ SDWU]\QDNUXND ±7ZyM"±S\WD ±7UXGQRSRZLHG]LHü±PyZLĊ±&LąJOHJRVSRW\NDP ±=á\RPHQ7RSWDNĞPLHUFL,SRVáDQLHFERJyZ ±7RW\ONRSWDN']LĊNXMĊ]DQRFOHJ ±0\MHVWHĞP\VSRNRMQLOXG]LH±FHG]L±6WUDQGOLQJRZLH &\IUDO JáXSLHMH QD FKZLOĊ SRGVXZD PL QHRORJL]P ÄEU]HJDQLH´ D SRWHP SRSUDZLD QD Äĩ\MąF\QDEU]HJX´ ±*G\E\QLHWRFRVLĊRVWDWQLRG]LHMHWRE\PRGPyZLá1LHOXELĊREF\FKZGRPX$OH MHVWZRMQDERJyZ6DP6NLIDQDU'UHZQLDQ\3áDV]F]QLHSU]\MąáNLHG\ĞG]LZQHJRZĊGURZFDL SURV]ĊMDNVLĊVNRĔF]\áR7HUD]G]LZQLFKRG]ąSRĞZLHFLH$W\MHVWHĞG]LZQ\1RLGDáHĞPL GZLHV]HNOHF]\VW\PVUHEUHP ±,GĊGRPLDVWD±R]QDMPLDP±6SXV]F]DV]MDNLHĞSV\QDQRFF]\FRĞWDNLHJR"

±=DNRáDWDMWRFLĊZSXV]F]Ċ1D]\ZDPVLĊ/XQI*RUąF\.U]HPLHĔ 3DWU]\SU]H]FKZLOĊMDNSU]\SLQDPPLHF]LQDU]XFDPSáDV]F] ± 1LH ZROQR REF\P QRVLü EURQL Z REUĊELH ZDáyZ 7\ONR QyĪ PRĪHV] Z]Ląü -HVW PLU MHVLHQQHJR ZLHFX -HĪHOL ]DELMHV] F]áRZLHND ]RVWDQLHV] XWRSLRQ\ Z VLHFL ] RJQLVW\PL ZĊJRU]DPL 7DNLH MHVW SUDZR 6WUDQGOLQJyZ /XG]L %U]HJX -HĪHOL MHGQDN NWRĞ FLĊ QDSDGQLH SLHUZV]\LXWRF]\FLNUZLDOERXMPLHEURĔFKRüE\NXIHOOXENRĞüPRĪHV]VLĊEURQLü-HGQDN MHĪHOLXPLHV]OHSLHMQLH]DELMDM0RĪHV]SRWHPSyMĞüQDZLHFLWDPJRZ\]ZDü3RG'U]HZHP 2JQLD $OH QLJG\ ZHZQąWU] F]ĊVWRNRáX 0yZLĊ FL WR MD /XQI &]áRZLHN %U]HJX 3U]\MPLM GREUąUDGĊWRGRĪ\MHV]ĪHE\]DSáDFLüPLMHV]F]HGZLHV]HNOH ±']LĊNXMĊ*RUąF\.U]HPLHQLX=RVWDZLĊPLHF]3RZLHG]F]HJRMHV]F]HQLHZROQR" :]UXV]DUDPLRQDPL ±:V]\VWNRZROQRFRMHVWUR]VąGQH1LHREUDĪDMPĊĪyZNRELHWDQLERJyZ 1DZHW MHVWHP ]DGRZRORQ\ 0LHF] MHVW FLĊĪNL SOąF]H PL VLĊ SRG QRJDPL ]DF]HSLD R SáDV]F] L ]ZUDFD XZDJĊ $ SRWHP Z\FKRG]Ċ SU]H] EUDPĊ :WDSLDP VLĊ Z WáXP L QLH ]DPLHU]DPREUDĪDüPĊĪyZNRELHWDQLERJyZ 7U]HED LĞü WDP JG]LH MHVW MDN QDMZLĊFHM OXG]L 1D QDEU]HĪH 7R V]HURNL GUHZQLDQ\ SRPRVW FLąJQąF\ VLĊ Z]GáXĪ ILRUGX àRG]LH FXPXMą GR SDFKRáNyZ U]HĨELRQ\FK WRSRUQLH Z UyĪQH Z]RU\ SUDZGRSRGREQLH R]QDF]DMąF\FK VWDáH URGRZH PLHMVFD 1D GUHZQLDQ\FK WUDPDFK]QRJDPLWXĪQDGZRGąVLHG]ąOXG]LHSRSLMDMąF]URJyZJUDMąZNUyODLMDNąĞLQQą JUĊSROHJDMąFąQDU]XFDQLXJDUĞFLU]HĨELRQ\FKNORFNyZ 7R G]LZQH DOH QLH Z\JOąGDMą MXĪ GOD PQLH VSHFMDOQLH HJ]RW\F]QLH :V]\VWNR MHVW MDNLHĞ WDNLH ]Z\F]DMQH 1RV]ą SRUWNL V]QXURZDQH OXĨQH NRV]XOH REV]\WH NUDMNą L ĞFLąJQLĊWH FLĊĪNLPLSDVDPLGRWHJRNDIWDQ\]JUXEHJRVXNQD&]DVHP]DSLQDQHQDVUHEUQHVSLQNLNUyWNLH SáDV]F]H *G\E\ QLH WH VSU]ąF]NL NODPHUNL L NRORURZH WNDQH NUDMNL Z\JOąGDOLE\ SRVSROLFLH 2WIDFHFLZSRUWNDFKLSáyFLHQQ\FKEOX]DFK7URFKĊ]JU]HEQ\FKLW\OH 1DZHWQD =LHPLQLH VSRZRGRZDOLE\]ELHJRZLVND.RELHW\QRV]ąV]HURNLHĞFLąJQLĊWHZSDVLHVXNQLHSRGREQHGR JUHFNLHJR SHSOXP DOH ] JUXEHJR SáyWQD &]DVHP WH ERJDWV]H PDMą QD JáRZDFK OXĨQR SU]HU]XFRQHFKXVWNLLNOXF]HXSDVD:V]\VF\LNRELHW\LPĊĪF]\ĨQLLG]LHFLQLHUR]VWDMąVLĊ ]QRĪDPL 5R]JOąGDP VLĊ RGUXFKRZR 1LH MHVWHP SHZLHQ F]\ E\P LFK WDN áDWZR UR]SR]QDá 8EUDQ\FKMDNWXWHMVLZLQQ\FKIU\]XUDFK&]\SR]QDPSRZLHG]P\RJRORQHJR)MROOVILQQD] ERNREURGDPL"%URGDWHJRYDQ'\NHQD]RVWU]\ĪRQ\PLZáRVDPL"'áXJRZáRVą)UHLKRII" 3RWU]HEQ\ PL MDNLĞ MDUPDUN DOER NDUF]PD 0LHMVFH JG]LH MHVW GXĪR OXG]L QDMOHSLHM PLHMVFRZ\FK 3RZLQLHQHP WHĪ NXSLü WXWHMV]\ NDIWDQ L PRĪH WDNą VNyU]DQą P\FNĊ &KĊWQLH E\PWHĪFRĞ]MDGá =QDMGXMĊ ZUHV]FLH SODF SRPLĊG]\ JRVSRGDUVWZDPL ]DVWDZLRQ\ GUHZQLDQ\PL VWUDJDQDPL MHVWWHĪFLąJVWRáyZQDNR]áDFKLMHJRPRĞüVSU]HGDMąF\SLZRZSURVW]EHF]HNXVWDZLRQ\FKQD ZR]LH7U]HEDPLHüMHGQDNZáDVQ\NXEHN

3RG QRJDPL WUDZD XGHSWDQD Z EáRWQLVWH NOHSLVNR ZRNyá NUĊFą VLĊ FKXGH SV\ -HVW SDOHQLVNR SU]\ NWyU\P MDNLĞ ]DFQ\ F]áRZLHN VSU]HGDMH SLHF]RQH QD ĪHOD]Q\P ZLV]ąF\P QD áDĔFXFKDFK UXV]FLH NDZDáNL PLĊVD QDG]LDQH QD SDW\NL L NZDGUDWRZH U\E\ SRGREQH GR SáDV]F]HN:\JOąGDWRMDNIHVW\QLW\OH6WDáDNRVPLF]QD .XSXMĊ VRELH RNXW\ UyJ GR SLFLD ]DRSDWU]RQ\ RG GRáX Z VPRF]H QyĪNL L VLDGDP ]D VWRáHPWDPJG]LHMHVWMHV]F]HWURFKĊPLHMVFD6NURPQLHLQDXERF]X ĩXMĊSRáHüPLĊVDSRSLMDPVáRGNDZ\PPĊWQ\PSLZHPLSDWU]Ċ7DNDSUDFD 0LHMVFRZL UyĪQLą VLĊ RG ĪHJODU]\ 6ą PQLHM NU]\NOLZLH RG]LDQL ]GDMą VLĊ MDF\Ğ VSRNRMQLHMVLWU]\PDMąVLĊQDXERF]XVLHG]ąSU]\ZáDVQ\FKVWRáDFK0LONOLZLLSRZĞFLąJOLZLZ UXFKDFK ĩHJODU]H Z\JOąGDMą L ]DFKRZXMą VLĊ Z\]\ZDMąFR 0DMą NUyWNR SU]\FLĊWH ZáRV\ L SU]\VWU]\ĪRQHEURG\QDSROLF]NDFKLEDUNDFKZLMąVLĊVNRPSOLNRZDQHWDWXDĪH&]ĊVWRXEUDQL W\ONRZVSRGQLHF]DVHPMDNLHĞVNyU]DQHNDPL]HOHQDJRáHFLDáR,FK]DFKRZDQLHLZ\JOąGFRĞ PLSU]\SRPLQD7HHQWX]MDVW\F]QHZU]DVNLWZDU]ąZWZDU]NLHG\VSRW\NDVLĊGZyFKNXPSOL ZDOHQLH NXENLHP Z GUHZQLDQ\ VWyá WD RVWHQWDF\MQD ZHVRáRĞü 5\N DĪ GR VSXUSXURZLHQLD WZDU]\LĪ\áQDVNURQLDFKSLFLHGXV]NLHPSURVWR]JOLQLDQHJRG]EDQD 5RELáHPZĪ\FLXEDUG]RUyĪQHU]HF]\&]ĊVWRREUDFDáHPVLĊZĞUyGVSHF\ILF]Q\FKOXG]L 6]PXJORZDáHP VDPRFKRG\ SU]H] 6DKDUĊ ĪHJORZDáHP PLHV]NDáHP QD áRG]L MHĨG]LáHP QD PRWRF\NOXE\á\WDNLHRNUHV\NLHG\PRĪQDPQLHE\áRVSRWNDüZV]ĊG]LHWDPJG]LHĪ\FLHMHVW ]DSUDZLRQHDGUHQDOLQąLJG]LHQLHURELVLĊWHJRVDPHJRFRG]LHQQLHRWHMVDPHMJRG]LQLH 7DĔF]ą 6DPLPĊĪF]\ĨQLLW\ONRNLONDNRELHWWHĪZ\WDWXRZDQ\FKLUyZQLHG]LNLFKMDNRQL7RQLH MHVW WDQLHF WRZDU]\VNL 7XSLą Z NUĊJX Z]ELMDMąF NáĊE\ NXU]X RG F]DVX GR F]DVX GZyFK VNDF]HQDVLHELHL]GHU]DMąVLĊZSRZLHWU]XWRUVDPLF]DVHPZDOąQDZ]DMHPSU]HGUDPLRQDPL Z SU]HGUDPLRQD ZV]\VWNR GR G]LNLHJR U\WPX EĊEQyZ L MDNLHMĞ IXMDUNL :U]DVN 1DZHW QLH ZLDGRPRF]\WRMHV]F]HĞSLHZF]\W\ONRHQWX]MD]P =DF]\QDPF]XüVLĊMDNZGRPX :\VWDUF]\áRE\JG]LHĞWX]DSDUNRZDüU]ąGPRWRF\NOLDOERXEUDüLFKZPXQGXU\/HJLRQX (WUDQJHUH 3U]HĪ\OL ,FLHV]ąVLĊ]WHJR -HV]F]HQLHGDZQRU]\JDOLĪyáFLąQDUR]NRá\VDQ\FKSRNáDGDFKVZRLFKÄZLOF]\FKRNUĊWyZ´ VLNDOL Z SRUWNL ]H VWUDFKX NXOąF VLĊ SRG WDUF]DPL VLHF]HQL GHV]F]HP VWU]Dá QD MDNLHMĞ SODĪ\ DOER SĊG]LOL SU]H] SáRQąFH REFH PLDVWD ] UĊNDPL G\PLąF\PL RG ĞZLHĪHM NUZL L OXG]NLHJR WáXV]F]X 1DĪDUOL VLĊ WHJR SR JDUGáR :\V]áR LP QRVHP 2SáDNDOL ZLHOX NXPSOL L G]LHVLąWNL UD]\VDP\FKVLHELH$OHSU]HĪ\OLLZUyFLOLGRGRPX,WHUD]VąQLH]QLV]F]DOQL 0DMą ]GRE\Wą JG]LHĞ GDOHNR JDUĞü NUXV]FX QDGDO ZLG]ą QLHER QDG JáRZą L F]XMą VPDN SLZD 7HUD] FDáD DGUHQDOLQD NWyUą ĪDUOL ZG\FKDOL L NWyUą U]\JDOL SU]H] PLHVLąFH Z\SUDZ\ SáRQLHLPZĪ\áDFKLSDUXMH]HáEyZ

7HĪE\PZU]HV]F]Dá $OHRGQLFKQLF]HJRVLĊQLHGRZLHP 0yM VąVLDG ZDOL VLĊ QD PQLH FDá\P FLĊĪDUHP 3U]\WU]\PXMĊ JR ]D NDIWDQ QD SOHFDFK L GHOLNDWQLHXNáDGDPWZDU]ąQDVWROHSRPLĊG]\U\ELHRĞFL1LHV]XNDP]ZDG\ :FDOHQLHFKFĊĪHE\XWRSLOLPQLH]RJQLVW\PLZĊJRU]DPL 3\WDüWU]HEDZĞUyGPLHMVFRZ\FK6LHG]ąSU]\RVREQ\FKVWRáDFK]PLHF]DPLSU]\SDVDFK PLONOLZL L MDF\Ğ SRVĊSQL 3RSDWUXMą QD UR]ZU]HV]F]DQ\FK ĪHJODU]\ VSRGH áED 1DZHW QLH ] QLHFKĊFLąDOHEDGDZF]R1LH]DPLHU]DMą]RVWDüNROHMQ\PVSOąGURZDQ\PPLDVWHPGODWHJRQLH ZSXV]F]ąREF\FK]EURQLąGODWHJRVDPLVWDOHPDMąSRGUĊNąPLHF]HDOERWRSRU\ 1DVáXFKXMĊ 7R QLHáDWZH SU]\ FDá\P ZU]DVNX MDNL WX SDQXMH 7U]HED RGILOWURZDü SLVNOLZą PX]\NĊ Z\SDGNRZą NLONXVHW UyZQRF]HVQ\FK UR]PyZ NWyUH UR]VDG]DMą SODF 8PLHP Z\áRZLü ]H ]JLHáNX SRMHG\QF]ą Z\PLDQĊ ]GDĔ QLHPDO MDN PLNURIRQ NLHUXQNRZ\ .RQFHQWUXMĊ VLĊ QD VáRZDFKNOXF]DFKÄFXG]R]LHPF\´ÄREF\´Ä$DNHQ´DOHWHĪÄZRMQDERJyZ´ÄĞOHS\´ÄU\ELH RF]\´Ä&]\QLąF\´ÄSLHĞQLERJyZ´ÄGZDODWDWHPX´ 6áXFKDP Ä1LHZLHPGRF]HJRZUDFDP2MFLHFE\áMXĪVWDU\PRĪHE\üLWDNĪHXPDUáDOHZWHG\ EUDWPyJáZ]LąüFDáąVFKHGĊLGODPQLHQLFQLH]RVWDZL0RĪHVLĊRND]DüWDNĪHWU]HEDEĊG]LH LĞüQDVZRMHW\ONRQLHZLHPGRNąG´ 1LH Ä-DMXĪZLĊFHMQLHSRSá\QĊ5RELVLĊFRUD]JRU]HM7U]HEDSá\ZDüFRUD]GDOHMLF]DV\FRUD] JRUV]H .LHG\Ğ ]D V\QyZ .U]\F]ąFHJR 7RSRUD UD] SRSá\QąáHĞ QD FKąV L PRJáHĞ SRVWDZLü RVDGĊ$WHUD]=DJDUĞüVUHEUDNDUNXQDGVWDZLDü´ 1LH Ä3LHUZV]\LRVWDWQLUD]Sá\QĊ]&]DUQ\P/LĞFLHP1DMJRUV]DU]HF]WRWDNLVW\UVPDQNWyU\ QLHPDV]F]ĊĞFLD0yZLąĪHREUD]LáERJyZSá\ZDMąF]NRELHWDPL&]\QLąF\FKZR]Lá=WHJR W\ONRVZDU\QDRNUĊFLHMDNVLĊQLHJĪąWRELMąGRQLF]HJRWDNDZ\SUDZD´ 1LH Ä7U]\ ZRá\ áDFLDWH RVLHP V]HNOL VUHEUHP GR WHJR GZDQDĞFLH IXQWyZ ZRVNX SR GZLH L MHGQąyVPąEDU\áHNGĊERZ\FKWDNLFKF]WHURNZDUWRZ\FK]HGZDZR]\L´ 1LH Ä$RQZVDG]DUĊNĊSRGVSyGQLFĊLZU]HV]F]\RQDPDV]W\OHW´ 1LH Ä3DUĊĪHOD]Q\FKJDUQNyZNROF]XJĊPDUQąLSRGDUWąMDNLĞáXNWDNLĪHOLWRĞüEUDáD]JDUĞü SDFLRUNyZQLFZLĊFHM7DNLHWRE\á\áXS\$ELOLVLĊWU]\GQL´ 1LH Ä1LH SU]HF]Ċ ĪHĞ RGZDĪQ\ $OH WHUD] MXĪ QLH MHVW WDN ĪH MDN NRPX Z GRPX QXGQR WR UXV]D Z ĞZLDW L WDP GRSLHUR ]QDMG]LH ]áRWR GR SDVD DOER ĪHOD]R GR EU]XFKD 7HUD] ZRMQD

ERJyZQDZHWZHZáDVQ\PGRPXQLHZLHV]F]\GRĪ\MHV]GRZLHF]RUD7DNWRVLĊSRURELáR, WDNE\áR]WZRLPZXMHP´ =DUD] 7RMXĪPQLHQLHFRLQWHUHVXMH 7RMHGHQ]PLHMVFRZ\FKDOHUR]PDZLD]ĪHJODU]HP0LHMVFRZ\MHVWZĞUHGQLPZLHNXD ĪHJODU]PáRG\LQLHFRZ\QLRVá\1RVLVLĊERJDWRGáXJLHZáRV\]ZLą]DáQDNDUNXU]HPLHQLHP ZRSOHFLRQ\NXF\NZ\JOąGDMąF\MDNSDáND6ąG]ąFSRDPXOHWDFKRNXFLDFKQRĪDLPLVWHUQ\FK KDIWDFKREUDPRZXMąF\FKNRV]WRZQ\]LHORQ\SáDV]F]PRĪQ\:V]\VWNRPD]GRELRQHQDZHW PLĊNNLHVNyU]DQHEXW\=QRV]RQHDOHZQDMZ\ĪV]\PJDWXQNX 3LMą ]D MHJR SLHQLąG]H ']LZQH NZDGUDWRZH PRQHW\ ] RWZRUHP SHZQLH NHELU\MVNLH 6WDU\ MHVW FK\ED MDNLPĞ MHJR NUHZQ\P L PD PX GR SRZLHG]HQLD FRĞ SU]\NUHJR D PáRG\ WR Z\F]XZD ± 0QLH VLĊ ]GDMH ĪH WR E\á SR SURVWX 3LHĞQLDU] DOH GREU\ ± FLąJQLH PLHMVFRZ\ ± 7DNL MDNLFK RG ODW VLĊ QLH ZLG\ZDáR 7ZyM ZXM E\á ]D EDUG]R Z\QLRVá\ 1DMERJDWV]\ QDMPRĪQLHMV]\ PLDá QDMZLĊNV]\ GZyU Z ĩPLMRZ\P *DUGOH .LHG\ F]áRZLHN FKHáSL VLĊ ERJDFWZHPZNRĔFX]REDF]ąJRERJRZLHLQLHV]F]ĊĞFLHJRWRZH ±=QDáHPZXMD$GUDOILH±FHG]LPáRG\&K\EDFKFHPLHüWRMXĪ]DVREą ± 3LHĞQLDU] FKFLDá X QLHJR JRĞFLü D ZXM ND]Dá PX LĞü SUHF] 7UXGQR VLĊG]LZLü 7DPWHQ ZV]HGáGRQDMPRĪQLHMV]HJRZáDG\NLZRNROLF\LSRZLDGDMDNGRQLHZROQLNDÄ%ĊGĊWXVSDáL MDGá'DZDMSLZD´7ZyMZXMND]DáJRZ\U]XFLüLVDP]áDSDá]DWRSyU$WDPWHQRGZUyFLáVLĊ EH] VáRZD L Z\V]HGá SU]HG EUDPĊ 0RMD VWDUD PyZL ĪH SU]HNOąá GZyU MHGQ\P VáRZHP 3RGQLyVá W\ONR UĊNĊ L ZWHG\ WR VLĊ VWDáR 1LH XZLHU]\V] PXVLDáE\Ğ ]REDF]\ü 'ZyU MHV]F]H VWRLLSHZQLH]DZV]HEĊG]LHVWDá/XG]LHXGDMąĪHJRQLHZLG]ą1DZHWSRGFKRG]LüVLĊERMą ±ĩ\MHPyMZXMF]\QLH"=DELáJRWHQREF\"$PRMDFLRWND"$G]LHFL"$LFKOXG]LH" 0ĊĪF]\]QDGUDSLHVLĊ]]DNáRSRWDQLHPSRGP\FNą ±&LĊĪNRSRZLHG]LHü0RĪHLĪ\MąDOHOHSLHMĪHE\QLHĪ\OL1DMOHSLHMVDP]REDF]  'RSLMDP SLZR L ]DZLHV]DP UyJ QD SDVLH 0yM JRVSRGDU] *RUąF\ .U]HPLHĔ WHĪ R W\P ZVSRPLQDá2NLPĞNWRQD]\ZDáVLĊ6NLIDQDU'UHZQLDQ\3áDV]F]LQDS\WDáVRELHELHG\ERQLH SU]\MąáZĊGURZFD 0LHMVFRZ\ NWyUHJR Z\ELHUDP QD LQIRUPDWRUD VWRL RSDUW\ R VWUDJDQ ] ZHáQLDQ\PL GHUNDPLL]NFLXNDPL]DWNQLĊW\PL]DSDVREVHUZXMHÄZLOF]\RNUĊW´NWyU\ZFKRG]LGRSRUWX KDOVXMąFQDSRGREQ\PGRZDFKODU]DIRNX ±=DFQ\F]áRZLHNXJG]LHNLHG\ĞPLHV]NDáNPLHü]ZDQ\'UHZQLDQ\P3áDV]F]HP" 7DPWHQSOXMHSU]H]]ĊE\LQLHRGU\ZDRF]XRGRNUĊWX ± 5R]VąGQ\ F]áHN QLH FLHNDZL VLĊ WDNLPL VSUDZDPL &KFHV] FLHV]\ü RF]\ NU]\ZGą SU]HNOĊWHJR F]áRZLHND" &KFHV] ]REDF]\ü 'ZyU ĩHOD]Q\FK &LHUQL" 7U]HED LĞü Z JyUĊ QD ]ERF]H 'R PLHMVFD JG]LH URVQą ĞOLZ\ L VWRL QDMSLĊNQLHMV]\ U]HĨELRQ\ GZyU MDNL Z Ī\FLX

ZLG]LDáHĞ 7DP VNąG ZLGDü FDáą ]DWRNĊ L PRU]H 1D Z]JyU]X 7DP JG]LH QLNW QLH FKRG]L L QDZHWGURJDZ\JQLáDĝFLHĪNąJáXSFyZ ,GĊ ZLĊF ĞFLHĪNą JáXSFyZ 3RG JyUĊ PLĊG]\ ĞFLDQDPL ] EHOHN ]DEXGRZDQ\FK Z F]ZRURERNL JRVSRGDUVWZ 1LHNWyUH Vą EDUG]R VWDUH D QLHNWyUH UHPRQWRZDQR L Z\PLHQLDQR SRV]F]HJyOQHEHONLWHUD]ZLGRF]QHMDNRáDW\PáRGHJRMDVQHJRGUHZQD-HGQDNZV]\VWNLHVą QLHPDO LGHQW\F]QH , WH QD RNR NLONXVHWOHWQLH L WH NWyUH SRVWDZLRQR QLHGDZQR ,GHQW\F]QH ĩDGQHJR SRVWĊSX ĪDGQHM FKĊFL XOHSV]HQLD F]HJRNROZLHN ĪDGQ\FK SUyE XĪ\FLD QRZ\FK PDWHULDáyZ =DF]\QDPZąWSLüF]\ UR]SR]QDPWHQÄQDMSLĊNQLHMV]\GZyU´ZPLHĞFLH-HG\QH UyĪQLFHWRZLHONRĞüSR]DW\PWHXERĪV]HNU\WHVąJRQWHPDOERVWU]HFKąERJDWV]HNDZDáNDPL áXSND1DILODUDFKERJDWV]\FKGRPyZZLGDüZLĊFHMRUQDPHQWyZ7RZV]\VWNR 7RVDPRGRW\F]\RNUĊWyZ6ąQLHPDOEOLĨQLDF]HMDNZ\NRQDQHWDĞPRZR:FDOHQLHWDNLH SU\PLW\ZQH 1LVNR ]DQXU]RQH VWDELOL]RZDQH UXFKRP\PL PLHF]DPL SU]\ EU]HJX SRGQRV]RQ\PL ZDKDGáRZR QD EXUWĊ 7DNLH VDPR RĪDJORZDQLH WDNLH VDPH UXIRZH NDV]WHOH WDNDVDPDSRMHG\QF]DNDWDSXOWDZF]ĊĞFLG]LRERZHMSU]\VWRVRZDQDGRPLRWDQLDRV]F]HSyZ, WDNL VDP ]DFLRV QD SUDZ\P G]LRERZ\P UHOLQJX WXĪ SRQLĪHM EXNV]SU\WX 3RZWyU]RQ\ ] EH]P\ĞOQą GRNáDGQRĞFLą QD NDĪG\P VWDWNX -DN NODVD UHJDWRZD 'ODF]HJR" 3U]HFLHĪ NDĪG\ Z\QDOD]HNWRSU]HZDJDQDGSU]HFLZQLNLHPZLĊNV]DSUĊGNRĞüOHSV]DPDQHZURZRĞü6]DQVD QD]Z\FLĊVWZRDOERXUDWRZDQLHĪ\FLD ,WHGRP\LRNUĊW\LPLHF]HQLH]RVWDá\Z\P\ĞORQHSU]HGFKZLOą6ąRSUDFRZDQHFDáNLHP VSU\WQLH SU]HV]á\ GáXĪV]ą HZROXFMĊ %RGDM GREU]H VSHáQLDMą VZRMą IXQNFMĊ DOH QDMZ\UDĨQLHM XĪ\WNRZDQH Vą Z W\P NV]WDáFLH RG NLONXVHW ODW :\JOąGDMą MDNE\ P\ĞO WHFKQLF]QD UR]ZLMDáD VLĊUDĨQRGRSHZQHJRPRPHQWXDĪNWRĞSRZLHG]LDáÄVWRS´,ZV]\VWNRVWDQĊáR 3U]\ZRG]LPLWRQDP\ĞOĞUHGQLRZLHF]Qą-DSRQLĊ,VWQLDá\WDNLHNRQVHUZDW\ZQHNXOWXU\ DOHSU]HFLHĪQLHGRWHJRVWRSQLDĪHE\SRZLHODüV]F]HUEĊQDEXUFLHNDĪGHJRRNUĊWX :LG]Ċ NĊSĊ GU]HZ QD V]F]\FLH Z]JyU]D L GDFK\ GRPRVWZD &KDáXSD MDN FKDáXSD DOH U]HF]\ZLĞFLH SRVWDZLRQD Z PLHMVFX ] NWyUHJR UR]FLąJD VLĊ QDMOHSV]\ ZLGRN :LGDü VWąG L NRQLHF NOLIX D ]D QLP PRU]H ZLGDü SRUW L PLDVWR Z GROH :Dá PLHMVNL FLąJQLH VLĊ R VWR PHWUyZVWąGDĪGR]ERF]DDOHWXMHVWGXĪRQLĪV]\LEDUG]LHM]DQLHGEDQ\QLĪZGROH .LHG\ĞE\áRWXZLĊFHMGRPyZDOH]RVWDá\SRU]XFRQH1DVDP\PEU]HJXVWRMąWHĪUHV]WNL MDNLHMĞ RNUąJáHM NRQVWUXNFML ]RVWDá\ ] QLHM W\ONR NDPLHQQH ]áRPNL VWRMąFH Z NUĊJX QLF]\P GROPHQ\'DZQDĞZLąW\QLD" 6WDMĊSU]HG]EXWZLDáąEUDPą]DP\NDMąFąIURQWRZ\PXU 1LHNWyUH EHONL FDáNLHP VSUyFKQLDá\ GDV]HN QDG IXUWą ]DSDGá VLĊ ] MHGQHM VWURQ\ SU]H] V]F]HOLQ\ZLGDü]DURĞQLĊW\NU]DNDPLSRGZyU]HF:]GáXĪĞFLDQZLMąVLĊW\ONRV]W\ZQHF]DUQH SQąF]D SRGREQH GR EOXV]F]X 2EILFLH SRUDVWDMą ZV]\VWNLH ĞFLDQ\ ZáDĪą QD GDFK OHĪą QD NDPLHQLDFKSRGZyUFD 7UDFĊWXF]DV :FKRG]Ċ QD NáDGNĊ SURZDG]ąFą GR EUDP\ SU]HU]XFRQą QDG URZHP RGZDGQLDMąF\P

6WDUH]JQLáHEHONLVNU]\SLąPLSRGQRJDPL ±:\QRFKD±ZU]DVN =QDMRP\NUDF]ąF\JáRV 0yMNUXN 7U]HSLH VNU]\GáDPL ZLV]ąF Z PLHMVFX QDG SRGZyUFHP MDN PHZD ZDOF]ąFD ]H V]WRUPRZ\PZLDWUHP $SRWHPSLNXMHSURVWRQDPQLH-DNMDVWU]ąENWyU\]QDOD]áNUyOLND -HVWZLHONLZDĪ\]RVLHPNLORPDG]LyEZLHONRĞFLF]HNDQDORGRZHJRLV]SRQ\MDNPRMH SDOFH .LHG\WDNLSWDNOHFLNRPXĞSURVWRQDJáRZĊWRURELZUDĪHQLH 

 'UDNNDLQHQSU]\VLDGáRGUXFKRZRLXQLyVáGáRĔFKFąFRVáRQLüWZDU]L]HVNRF]\ü]NáDGNL JG\VSDGDMąF\MDNSRFLVNNUXNXGHU]\áQDJOHVNU]\GáDPLLVNUĊFLZV]\ ZPLHMVFXZ\VWU]HOLá ]QRZXZJyUĊ = EOLVND GRELHJá :ĊGURZFD G]LZQ\ PHWDOLF]Q\ GĨZLĊN L JU]HFKRW MDNE\ UR]ZLMDMąFHJR VLĊáDĔFXFKD %OXV]F]]DF]ąáVLĊUXV]Dü 3U]\SRPLQDáRWRJQLD]GRREXG]RQ\FKQDJOHZĊĪ\ 3ĊG\ SRUXV]Dá\ VLĊ PLĊNNLP UXFKHP ZLMąF SR ĞFLDQDFK ]QDG GDFKX Z\VWU]HOLá\ Z JyUĊ NROHMQHOLDQ\UR]ZLMDMąFVLĊMDNNRĔFHSHMF]D .UXN PáyFLá VNU]\GáDPL SRá\NDMąF NROHMQH PHWU\ D WXĪ SRG QLP SURVWRZDá VLĊ SĊG F]DUQHJR EOXV]F]X :ĞUyG VSRZROQLRQHJR F]DVX Vá\FKDü E\áR ĞZLVW ] MDNLP áRG\JD OLĞFLH L FLHUQLHFLĊá\SRZLHWU]H 2VWU\PHWDOLF]Q\ĞZLVW -HV]F]HXGHU]HQLHVNU]\GHáLNUXNXPNQąáSR]D]DVLĊJMHGQHMáRG\JL DOH GUXJDSU]HFLĊáD PXGURJĊWXĪSU]HGG]LREHP%\áD]QDF]QLHGáXĪV]D 'UDNNDLQHQ XVá\V]Dá ZáDVQ\ RVWU]HJDZF]\ NU]\N NWyU\ UR]ODá VLĊ Z SU]HFLąJá\ EDVRZ\ JU]PRW .ROHMQH SĊG\ ĞPLJQĊá\ SU]H] SRZLHWU]H SURVWR Z MHJR VWURQĊ ]E\W V]\ENR ĪHE\ VHQVRZQLH]DUHDJRZDü :ĊGURZLHF RGFK\OLá WXáyZ L ]REDF]\á MDN JDáąĨ SU]HODWXMH PX SU]HG WZDU]ą D SRWHP Z\SURVWRZDá VLĊ L SDWU]ąF QD ]ZLMDMąF\ VLĊ MDN EDW NRQLHF JDáĊ]L Z\ELá VLĊ ] REX QyJ GR FLĊĪNLHJRSyáVDOWDZW\á -HV]F]H Z SRZLHWU]X SRF]Xá ĪH REHUZDá VDP\P NRĔFHP SĊGX SU]H] XGR =DSLHNáR JZDáWRZQLHMDNVPDJQLĊFLHUR]SOHFLRQąVWDORZąOLQNą :\OąGRZDá FKZLHMQLH SR]D NáDGNą L RGVNRF]\á NLOND NURNyZ Z W\á /HGZR ]DJRMRQD NRVWND]QRZX]DUHDJRZDáDüPLąF\PEyOHPQDGZHUĊĪRQ\FKĞFLĊJLHQ

/LDQDFRIDáDVLĊ]\J]DNRZDW\PZĊĪRZ\PUXFKHP8QLyVáQRJĊĪHE\MąSU]\GHSQąüDOH Z RVWDWQLHM FKZLOL ]UH]\JQRZDá 3ĊN F]DUQ\FK MDN VDG]D OLĞFL ]DZLQąá VLĊ QD EHONDFK NáDGNL WQąF QD QLFK JáĊERNLH V]UDP\ QLF]\P VWDORZH RVWU]D 'UXJD JDáąĨ SU]HĞOL]JQĊáD VLĊ RERN L SRV]DWNRZDáDQDVWU]ĊS\PDáHGU]HZNRURVQąFHZURZLH 6SRMU]DáQDVZRMHXGR6SRGQLHZLVLDá\ZVWU]ĊSDFKSU]HFLĊWHJáDGNRZNLONXPLHMVFDFK VNyUDSRGVSRGHPWHĪE\áDSRNDOHF]RQDFDá\ERNXGDPLDáMXĪSU]HVLąNQLĊW\NUZLą ±0RMHQDMOHSV]HVSRGQLH±ZDUNQąá : SRZLHWU]X ZLURZDáR NLOND F]DUQ\FK SLyU .UXN ]DNUDNDá WU\XPIDOQLH V]\EXMąF SR]D ]DVLĊJLHPSĊGyZNWyUHVPDJDá\SRZLHWU]HQDGG]LHG]LĔFHP ±0DáREUDNRZDáR=GDMHVLĊĪHXUDWRZDáHĞPLĪ\FLH±SRZLHG]LDá9XNR8QLyVáQLHZLHONL NDPLHĔLU]XFLá 3RFLVNSRV]\ERZDáQDGNáDGNąL]RVWDáXGHU]RQ\ZSRZLHWU]XQLHZLHONąZLFLą5R]OHJáVLĊ PHWDOLF]Q\EU]ĊNEá\VQĊá\LVNU\ ±5R]XPLHP±Z\FHG]Lá'UDNNDLQHQ±7RUHDJXMHQDUXFK 3ĊG\ ]QRZX ]DF]Ċá\ VLĊ ZLü SDVNXGQ\P PDFNRZDW\P UXFKHP GUąF GU]D]JL ] EHOHN L Z\GUDSXMąFV]UDP\QDNDPLHQLDFK $ ZWHG\ ] JáĊEL GRPRVWZD EXFKQąá NU]\N 3U]HUDĨOLZ\ FKyUDOQ\ ZU]DVN NLONRUJD WRUWXURZDQ\FK OXG]L .U]\N QLH E\á DUW\NXáRZDQ\ Vá\FKDü E\áR PĊĪF]\]Q L NRELHW\ ZU]HV]F]ąF\FKXGUĊF]RQ\PLJáRVDPL 'UDNNDLQHQFRIQąáVLĊMHV]F]HNLONDNURNyZNOQąFSRILĔVNXDZWHG\PDFNLSU]HVWDá\VLĊ SRUXV]Dü.U]\N]DPLHQLáVLĊZFKyU]DZRG]HĔLMĊNyZSRF]\PVWRSQLRZR]DPLONá :ĊGURZLHFRVáXSLDá ±7U]HEDLPSRPyF±PUXNQąá±7\ONRMDNNLHG\SRGHMĞüQLHPRĪQD" 2EV]HGáGZyUGRRNRáDZEH]SLHF]QHMRGOHJáRĞFLDOHQLF]HJRQLHZ\P\ĞOLá ±:\VDG]LüWRZFKROHUĊ"±]DVWDQDZLDáVLĊ±:MHFKDüF]RáJLHP" .UXN]DNUDNDáNUąĪąFPXQDGJáRZą ±&R]DSRSLHSU]RQ\ĞZLDW±ZHVWFKQąá'UDNNDLQHQ6SRMU]DáZGyáL]REDF]\áĪHWUDZD ZRNyáGZRUXSRNU\áDVLĊV]URQHP±'REURGRV]OL=QRZXWRVDPR 'ZyU SRQRZQLH EXFKQąá ZU]DVNLHP SQąF]D SRUDVWDMąFH ĞFLDQ\ RG W\áX ]DF]Ċá\ VLĊ ZLü 6á\V]Dá V]F]ĊN VNDF]ąF\FK SR EHONDFK L ]GHU]DMąF\FK VLĊ OLĞFL ]JU]\W ]DFLVNDMąF\FK VLĊ OLDQ VNU]\SLąF\FKMDNVWDORZHOLQ\,Z\FLHGUĊF]RQ\FKOXG]LZHZQąWU]3U]HUDĪDMąFHMDNSURVWR] SLHNáD ,MHV]F]HMHGHQNU]\NF]áRZLHNDGRFKRG]ąF\VSU]HGEUDP\ 3RELHJáWDPL]REDF]\á PáRGHJRĪHJODU]DWHJRVDPHJRNWyU\UR]PDZLDá]PLHMVFRZ\P SU]\ VWUDJDQDFK MDN OHĪ\ QD SOHFDFK V]DUSLąF VLĊ EH]UDGQLH ] ELDáą ] SU]HUDĪHQLD WZDU]ą L QRJDPLRSOHFLRQ\PLFLDVQROLDQą3ĊGZOyNáJRSRZROLSRNáDGFHSURVWRQDG]LHG]LQLHF :GyáSRSRNU\WHMVSUyFKQLDá\PLSRGNáDGDPLGURG]HXFLHNDáMHJRWRZDU]\V] ±1LHUXV]DMVLĊ±ZU]DVQąá'UDNNDLQHQ±=XSHáQLHSU]HVWDĔVLĊUXV]Dü

3RUZDQ\ĪHJODU]VSRMU]DáQDQLHJR]UR]SDF]ąL]GXPLHQLHPQDWZDU]\DOHMDNE\XVáXFKDá 7U]\PDMąFHJRSQąF]HOHNNR]ZROQLáROHF]QDGDOZORNáRRILDUĊSREHONDFKW\ONROHQLZLHM 9XNR UR]HMU]Dá VLĊ UR]SDF]OLZLH DOH QLH ]REDF]\á QLF]HJR FR PRĪQD E\ Z\NRU]\VWDü 1DMEDUG]LHMSU]\GDáE\VLĊGURJRZ\]HVWDZUDWRZQLF]\=K\GUDXOLF]Q\PLQRĪ\FDPLGRFLĊFLD NDURVHULLLZ\FLąJDUNą 3RELHJá GR QDMEOLĪV]HJR JRVSRGDUVWZD MHGQHJR ] W\FK RSXV]F]RQ\FK NWyUH VSRNRMQLH FK\OLáRVLĊNXXSDGNRZLRGZLHĞFLHNURNyZRERN1LH]RVWDáRWDPQLFW\ONR]DSDGQLĊW\GDFK EXU]DQ\LURVQąFHQDG]LHG]LĔFXNU]DNL1LHE\áRĞODGXF]DUQHJREOXV]F]X 3R QDP\ĞOH FKZ\FLá ]ELWH ] GHVHN GU]ZL ZLV]ąFH QD MHGQ\P VNyU]DQ\P ]DZLDVLH L Z\UZDá JZRĨG]LH WU]\PDMąFH SDV SU]\ IUDPXG]H 8QLyVá GU]ZL QDG JáRZĊ L SRSĊG]Lá ] SRZURWHP 'R NáDGNL SRGFKRG]Lá RVWURĪQLH &RUD] ZROQLHM DĪ VWDQąá L ]DPDUá ]XSHáQLH QLHUXFKRPR WXĪSU]\JUDQLF\]DNWyUąSQąF]D]DF]\QDá\UHDJRZDü.LONDSĊGyZXQLRVáRVLĊRVWU]HJDZF]R MHGQDN]DUD]]QLHUXFKRPLDá\'UDNNDLQHQVWDáSU]H]FKZLOĊ]GU]ZLDPLQDGJáRZąF]XMąFMDN GUĪąPXPLĊĞQLHSRF]\P]URELáEDUG]RSRZROQ\JáĊERNLZGHFKLFLVQąáGHVNDPLSURVWRZH ZURWD 3ĊG\ ĞPLJQĊá\ ] ZL]JLHP L RSORWá\ Z SRZLHWU]X OHFąF\ SRFLVN *DáĊ]LH ]DFLVQĊá\ VLĊ ZĊĪRZ\P UXFKHP QD GHVNDFK Z\FLQDMąF Z QLFK JáĊERNLH ĞODG\ MDN áDĔFXFK SLá\ PHFKDQLF]QHM ±1LHUXV]DMVLĊ±SRZWyU]\á'UDNNDLQHQ±1DZHWQLHRGG\FKDM +LSHUDGUHQDOLQD SáRQĊáD PX Z PLĊĞQLDFK MHGQDN PXVLDá QDG W\P ]DSDQRZDü 0yJá Z\SU]HG]LüUXFKPDFHNLZ\V]DUSQąüOHĪąFHJRDOHXUZDáE\PXQRJL 3RFK\OLá VLĊ Sá\QQ\P QLHPDO QLH]DXZDĪDOQ\P UXFKHP MDN Z VHQQ\P NRV]PDU]H =XSHáQLHMDNE\SRUXV]Dá VLĊ]DWRSLRQ\ZVW\JQąFHMĪ\ZLF\:ROQR%DUG]RZROQR0LOLPHWU SRPLOLPHWU]H7DNĪHE\QLHSRUXV]\üSRZLHWU]D8JLQDáNRODQDMHJRSUDZDGáRĔZĊGURZDáD GRSRFKZ\QRĪDSU]\SDVLH:ROQR%DUG]RZROQR 7DNZROQRMDNURĞQLHEOXV]F] 1LHSRWUDILáE\SRZLHG]LHüMDNGáXJRWRWUZDáR :\GDZDáR PX VLĊ ĪH FDá\PL W\JRGQLDPL ĩH VáRĔFH ]DV]áR L ZVWDáR ]DQLP ZUHV]FLH SU]\NOĊNQąá SU]\ OHĪąF\P ĪHJODU]X ] QRĪHP Z GáRQL L ]GRáDá SU]\áRĪ\ü RVWU]H GR SĊGX RSODWDMąFHJRMHJRNRVWNL *G]LHĞWDPGDOHNRQLRVá\VLĊĞSLHZ\LáRVNRWEĊEQD6]XPLDáRPRU]H.U]\F]Dá\PHZ\ 7U]HV]F]Dá\ L SĊNDá\ GHVNL GU]ZL V]DUSDQH SU]HVXZDMąF\PL VLĊ SĊGDPL SU]\ VDPHM EUDPLH &]XEHN RVWU]D QRĪD RSDUá VLĊ R EHONL WZRU]ąF GĨZLJQLĊ L EDUG]R SRZROL DOH ]H VWDá\P QDFLVNLHP NUDZĊGĨ WQąFD QDVXQĊáD VLĊ QD JDáąĨ ĞFLVNDMąFą NRVWNL ĪHJODU]D 7HUD] SRWU]HEQ\ E\áUXFKZGyá 0RQRPROHNXODUQH RVWU]H Z\KRGRZDQH Z ]DNáDGDFK ORWQLF]\FK 1RUGODQG SU]HFLZNR

ĪHOD]QHPX SĊGRZL F]DUQHJR EOXV]F]X 0DWHULDá R WZDUGRĞFL GLDPHQWX SU]HFLZNR ]DVLODQHM ]LPQąPJáąPDJLLNOąWZ\0LOLPHWUSRPLOLPHWU]H :áyNQRSRZáyNQLH .U]\F]Dá\PHZ\ :\GDZDáR PX VLĊ ĪH Vá\V]\ MDN ZáyNQD URĞOLQ\ XVWĊSXMą VWRSQLRZR SRG QDFLVNLHP RVWU]DZ\GDMąFFLFKXWNLHĞSLHZQHGĨZLĊNLSĊNDMąF\FKVWUXQ 3QąF]HXVWąSLáR ,ZWHG\MHGQDJUXEDNURSODSRWXRGHUZDáDVLĊVSRPLĊG]\EUZL:ĊGURZFDLSRV]\ERZDáD Z Gyá QD EHONL UR]SU\VNXMąF VLĊ QD Z\ĞOL]JDQ\P GUHZQLH L SRUXV]DMąF PLQLDWXURZą IDOĊ SRZLHWU]D 0DFNLVWU]HOLá\]FKU]ĊVWHPUR]NUĊFRQ\FKáDĔFXFKyZ &]DV UXV]\á GR SU]RGX L Z\KDPRZDá ]DWRSLRQ\ Z ZRGRVSDG]LH KLSHUDGUHQDOLQ\ NWyUD UXQĊáDSU]H]MHJRĪ\á\ %DUG]RZLHOHU]HF]\Z\GDU]\áRVLĊUyZQRF]HĞQLH &LVQąá QyĪ ]D SOHF\ XGHU]\á GáRĔPL Z EHONL Z\U]XFDMąF FLDáR Z SRZLHWU]H L FKZ\FLá ĪHJODU]D]DSDVVWDUDMąFVLĊQLHZ\V]DUSQąüPXSU]\W\PZQĊWU]QRĞFL .UXNVIUXQąá]QLHED]RGJáRVHPNUDNDQLDUR]FLąJQLĊW\PGREXF]HQLDWUDQVIRUPDWRUD 3ĊG\SU]HFLĊá\SRZLHWU]HW\VLąFHPF]DUQ\FKRVWU]\IDOXMąFMDNZRGRURVW\ZSU]\Sá\ZLH -DNLĞ FLHPQ\ REUDFDMąF\ VLĊ SU]HGPLRW SU]HWRF]\á VLĊ Z SRZLHWU]X WXĪ NRáR JáRZ\ :ĊGURZFDL]JU]PRWHPSRJUąĪ\áVLĊZEHONDFKSRPRVWXZJQLDWDMąFZQLHQDGODWXMąFHSĊG\ 2EDML'UDNNDLQHQLĪHJODU]UXQĊOLQDZ]QDNZWUDZĊLNDPLHQLH 8Vá\V]DáNU]\NLNLONXOXG]LLQDJOH]H]GXPLHQLHPSRMąáĪHVá\V]\]UR]XPLDáHJáRV\LĪH F]DV Sá\QLH QRUPDOQLH ĝZLDWáR Z\GDZDáR PX VLĊ G]LZQLH MDVNUDZH L VLQH GĨZLĊNL QLHQRUPDOQLHRVWUH 8VLDGáZWUDZLH -HGHQ ] SU]\E\á\FK Ī\ODVW\ ĪHJODU] R F]HUZRQ\FK ZáRVDFK UR]FLQDá VSRGQLH NRPSDQD L XVLáRZDá]DWDPRZDüNUHZV]PDWą ±.RĞFLVąFDáH%ĊG]LHV]FKRG]Lá±SRZLHG]LDá ±0\ĞODáHPĪHPyMNXPXFLHNá ±3RELHJáSRQDV:\FLąJQĊOLE\ĞP\FLĊ ±1LH±RGSDUáPáRG\ĪHJODU]NUyWNR±1DZHWE\ĞFLHWDPQLHZHV]OL7RSRFLĊáRE\ZDVQD VWU]ĊS\7RWDPWHQPąĪPQLHXUDWRZDá ±-DNWR]URELáHĞ"±]DS\WDáZLHONLW\SEH]NRV]XOLRWDWXRZDQHMF]DV]FH ±2VWURĪQLH±RGSDUá'UDNNDLQHQLZVWDáSRV]XNDüQRĪD±3RFRĞWDPZáD]Lá" ±1LNWNWRPDUR]XPQLHPyZLWDNLPWRQHPGR$WOHLID.U]HPLHQQHJR.RQLDVW\UVPDQD /XG]L2JQLD ± 1LNW UR]VąGQ\ QLH EĊG]LH VLĊ REXU]Dá QD UR]VąGQą SU]\JDQĊ *UXQILH ± RGSDUá PáRG]LHQLHF ± 3RV]HGáHP ER XVá\V]DáHP NU]\N FLHUSLąF\FK OXG]L 1LH NRFKDáHP ZXMD DOH

RGGDáE\P Ī\FLH ]D +URGLQĊ PRMą FLRWNĊ 0\ĞOĊ WHĪ ĪH QDZHW WDNL FDS MDN 6NLIDQDU QLH SRZLQLHQW\OHFLHUSLHü1LNWQLHSRZLQLHQ ±7HĪLFKVá\V]DáHP±SRZLHG]LDá'UDNNDLQHQ±$OHSU]\V]áRPLGRJáRZ\ĪHOXG]LHQLH PRJąĪ\üEH]MHG]HQLDLZRG\GUĊF]HQLRGNLONXODW ±$WRĪHJDáĊ]LH]Z\NOHVLĊQLHUXV]DMąF]DVHPWHĪFLQLHSU]\V]áRGRJáRZ\" 'UDNNDLQHQ]QDOD]áQyĪLVFKRZDáJRGRSRFKZ\ ± 6SDOP\ WR ± SRZLHG]LDá UXG\ ĪHJODU] REZLą]XMąF SU]\MDFLHORZL á\GNĊ V]DUSLDPL ± %ĊG]LHV]NXĞW\NDáZVSDUW\RRV]F]HSMDNG]LDG6SDOP\FDá\GZyU ± 7R VLĊ FK\ED QLH EĊG]LH FKFLDáR SDOLü ± ]DXZDĪ\á 9XNR ] SRZąWSLHZDQLHP ± 6ą MDN ĪHOD]R ±1LH]RVWDZLP\WDNWHJR±RĞZLDGF]\á$WOHLIXVLáXMąFZVWDü ± 7X QLH W\ONR FKRG]L R WZRMą FLRWNĊ ± RGH]ZDá VLĊ PLOF]ąF\ GRWąG VWDUV]\ ĪHJODU] ] SU]\VWU]\ĪRQąSRPDUDĔF]RZąEURGąL]ZLą]DQ\PLQDNDUNXZáRVDPL±6WUDQGOLQJRZLHEĊGą XGDZDOLĪHQLFWXQLHPDDZQDMOHSV]\PUD]LH]DF]QąEUDüSLHQLąG]H]DSRND]\ZDQLHWHJR FLHNDZVNLP5]HF]ZW\PĪHMHĪHOLWRVąURĞOLQ\WR]Z\Ná\UR]SOHQLDüVLĊLURVQąü0LDáHP NLHG\ĞSDU]ąF\NU]DNZRJURG]LH=DSRPQLDáHPRQLPLSRV]HGáHPQDPRU]H3RURNXWU]HED E\áRZV]\VWNRZ\SDODüER]DURVáRZ\VRNRQDFKáRSD$OHWHQREF\PąĪPDUDFMĊ7RPRĪH QLHFKFLHüVLĊSDOLü7RQDVLHQLHSLHĞQLERJyZ ±3U]\QLHĞFLHWXNLONDNRWZLF±SRUDG]Lá'UDNNDLQHQ±ĩHOD]Q\RUF]\NGXĪRáDĔFXFKyZL SRF]ZyUQ\]DSU]ĊJZRáyZ ±$FRĞW\]DMHGHQĪHE\QDPUDG]Lü" ± 7DNL FR XUDWRZDá U]\ü GUXJLHPX F]áRZLHNRZL FKRü QLH PXVLDá ± ]DXZDĪ\á PáRG\ $WOHLI ± .LHG\ UR]VąGQ\ PąĪ UDG]L WR W\ONR JáXSL QLH VáXFKD ± ]DZWyURZDá PX SRPDUDĔF]RZREURG\ ± 6SUyEXMP\ ]URELü MDN SRZLHG]LDá SRGSDOLü ]DZV]H PRĪQD -HVWHP *UXQDOGL2VWDWQLH6áRZR-DNFLĊ]Zą" ±8OI1LWM¶VHIQL1RFQ\:ĊGURZLHF ±/HSLHMFKRG]Lü]DGQLD-HVWHĞFXG]R]LHPFHP" ±=GDOHND6]XNDPPRLFKNUDMDQyZNWyU]\]DJLQĊOLWXGZDODWDWHPX ±1D]\ZDV]VLĊMHGQDNSRQDV]HPX ±1D]\ZDPVLĊSRVZRMHPX0yZLĊMDNE\WREU]PLDáRZZDV]HMPRZLH 0áRG\ĪHJODU]SRGV]HGáNXOHMąF]Z\FLąJQLĊWąGáRQLąLSRZLWDá'UDNNDLQHQDWDNMDNWX PLHOLZ]Z\F]DMXĞFLVNDMąFELFHSVLFKZ\WDMąFGUXJąGáRQLą]DNDUN ±8UDWRZDáHĞPLĪ\FLH3RPRMHPXWR]QDF]\ĪHMHVWHĞGREU\PF]áRZLHNLHP:ĊGUXMąF\ 1RFą-HVWHP$WOHLI.U]HPLHQQ\.RĔ 6SURZDG]LOL ZRá\ SU]\QLHĞOL NRWZLFH áDĔFXFK\ QDZHW MDNąĞ GUDJĊ GR Z\U\ZDQLD ZRGRURVWyZ:RNyá]HEUDáRVLĊMXĪNLONXQDVWXJDSLyZ ±=WHJRQLHEĊG]LHQLFGREUHJR±ZRáDáNWRĞ

±7U]HEDZV]\VWNLHKDNLU]XFLüQDUD]L]DUD]SRJRQLü ZRá\±SRZLHG]LDá'UDNNDLQHQ± =GąĪ\áHP]REDF]\üMDNLHV]\ENLHVąWHSĊG\3RWQąáDĔFXFK\LĪHOD]D]DQLPVLĊREHMU]\FLH ± -HGQDN E\P MH SRGSDOLá ± ]DSURSRQRZDá *UXQDOGL ± :]LąáHP ]H VWDWNX GZLH EHF]NL SDOLZDGRNDWDSXOW\0RĪHWRMHSU]\QDMPQLHMRVáDEL ±$MDNREOHMHV]" ±1LHZLG]LDáHĞQLJG\ÄVPRF]HMROLZ\´"7RVLĊVDPR]DSDODQDSRZLHWU]X 3ĊG\ FKZ\FLá\ EDU\áNL OHGZR MH U]XFRQR MHGQą QDZHW Z SRZLHWU]X .OHSNL SĊNá\ PRPHQWDOQLHUR]OHZDMąFZRNyáEUXGQRĪyáWąPĊWQąFLHF]NWyUDQDW\FKPLDVW]DF]ĊáDSDURZDü D SR NLONX VHNXQGDFK EXFKQĊáD KXF]ąF\P NRSFąF\P JĊVW\P F]DUQ\P G\PHP SáRPLHQLHP VLĊJDMąF\PDĪGRGDFKX 'ZyUHNVSORGRZDáZU]DVNLHPWRUWXURZDQ\FKZHZQąWU]OXG]L 3ĊG\ ]DF]Ċá\ VNUĊFDü VLĊ L VPDJDü SRZLHWU]H ZORNąF ]D VREą KXF]ąFH ZDFKODU]H RJQLD DOHWUXGQRE\áRVWZLHUG]LüF]\LPWRZF]\PNROZLHNV]NRG]L ± .RWZLFH 7HUD] ± ZU]DVQąá $WOHLI +DNL SRV]\ERZDá\ ZORNąF ]D VREą áDĔFXFK\ L ZSDGá\ZNáĊERZLVNRZLMąF\FKVLĊSĊGyZ ±3RF]HNDMFLHNLHG\VLĊQDSQą±]DZRáDá'UDNNDLQHQ±,SRJRĔFLHZRá\ :Rá\ SU]\SRPLQDá\ UDF]HM MDNLHĞ PDVWRGRQW\ EDZRá\ VNU]\ĪRZDQH ] QRVRURĪFDPL DOH Z\JOąGDá\SRWĊĪQLHQLF]\PUXFKRPHJyU\Ī\ODVW\FKPLĊĞQLSXOVXMąF\FKSRGEUą]RZąVNyUą :ĊGURZLHF SDWU]\á MDN SRWĊĪQH SRWUyMQH NRS\WD ]DSDGDMą VLĊ Z WUDZLH MDN ] V]HURNLFK QR]GU]\EXFKDSDUD=DSU]ĊJUXV]\á 3RZROLPHWUSRPHWU]HSĊG\QDSLĊá\VLĊRJQLZDáDĔFXFKyZ]DF]Ċá\WU]HV]F]Hü ±'DOHM'DDDOHM+RRR±GDUOLVLĊSRJDQLDF]HRNáDGDMąF]ZLHU]ĊWDEDWDPL -HGQD]áRG\JUR]FLąJQLĊWDMXĪGRJUDQLFSĊNáDQDJOH]KXNLHPLĞPLJQĊáDZSRZLHWU]X *DSLHSDGOLQD]LHPLĊ .ROHMQHSĊG\VPDJQĊá\ZQDSLĊW\áDĔFXFKLRZLQĊá\VLĊZRNyáRJQLZ3RQLFKQDVWĊSQHL QDVWĊSQHSR FKZLOLZV]\VWNLHSĊG\Z]DVLĊJX Z]URNXWU]\PDá\MXĪ]DKDNL =DSU]ĊJVWDQąá :Rá\ FLąJQĊá\ QDGDO .RS\WD ZELMDá\ VLĊ Z ]LHPLĊ ] S\VNyZ L ERNyZ NDSDáD SLDQD DOH F]DUQ\EOXV]F]QLHGDZDáVLĊZ\UZDü =DZSOąWDQHZJDáĊ]LHQDSLĊWHáDĔFXFK\WU]\PDá\MXĪZV]\VWNLHáRG\JL -HGHQ]áDĔFXFKyZZ\GDáQDJOHFLFKXWNLGĨZLĊN ±'RĞURGND±ZU]DVQąá$WOHLI 3XĞFLOL VLĊ JDORSHP GRE\ZDMąF QRĪ\ W\ONR *UXQDOGL MHGQ\P PLPRZROQ\P UXFKHP Z\áXVNDá]UąNPLHMVFRZHJRJDSLDZáyF]QLĊ 'UDNNDLQHQELHJáUD]HP]QLPLDOHĪDáRZDáMXĪSRVHNXQG]LH7RE\áJáXSLSRP\Vá 6WRGRáDDOERPRĪHRERUDSáRQĊáD]KXNLHPVáXSF]DUQHJRG\PXZDOLáZQLHER 3ĊG\ F]DUQHJR EOXV]F]X ĞPLJDá\ ZRNyá DOH ]DFKRZ\ZDá\ VLĊ MDN ]GH]RULHQWRZDQH 0áyFLá\ SáRQąF\ EXG\QHN VLHNá\ NáĊE\ G\PX L VNDF]ąFH SR GDFKX SáRPLHQLH SU]HFLQDá\ VSDGDMąFHZRNyáSU]HSDORQHEHONL:HZQąWU]URVáRLFKRZLHOHPQLHMQLĪZRNyáGZRUX

'UDNNDLQHQ NOQąF Z WU]HFK MĊ]\NDFK ZáDVQą JáXSRWĊ SU]HVNRF]\á ZLMąFą VLĊ SR ]LHPL JDáąĨ*UXQDOGLSFKQąáNáąEOLDQZáyF]QLąLSĊG\PRPHQWDOQLHRSORWá\GU]HZFH ĩHJODU] V]DUSQąá L XGDáR PX VLĊ XZROQLü EURĔ DF]NROZLHN FDáą Z QDFLĊFLDFK L ] SRZ\JLQDQ\PRVWU]HP 1DZLGRNNRELHW\ZV]\VF\]DPDUOLQDFKZLOĊ /HĪDáD QD JDQNX RSOHFLRQD F]DUQ\P EOXV]F]HP OLĞFLH MDN Z\FLĊWH ] RNRSFRQHM EODFK\ SRNU\ZDá\ MHM JáRZĊ QLF]\P SHUXND FLHQNLH SĊG\ ZELMDá\ VLĊ Z SRPDUV]F]RQą ZRVNRZą VNyUĊ %\áR ZLGDü W\ONR Syá WZDU]\ L MHGQR VWUDV]QH Z\EDáXV]RQH RNR ] NWyUHJR FLHNá VWUXP\F]HN áH] = RWZDUW\FK XVW GRELHJDá QLHSU]HUZDQ\ JDUGáRZ\ MĊN Vá\V]DOQ\ QDZHW SRSU]H]KXNSáRPLHQL ±+URGLQR±NU]\NQąá$WOHLI ±1LHGRW\NDMMHM±U\NQąáUyZQRF]HĞQLH'UDNNDLQHQFKZ\WDMąFJR]DUDPLĊ 0áRG\ĪHJODU]SDWU]\áEH]UDGQLHDUĊFHPXRSDGá\.RELHWD]DZRG]LáDFDá\F]DVV]DUSLąF VLĊZĞUyGSUXMąF\FKMHMVNyUĊF]DUQ\FKOLĞFL :LHONLá\V\ĪHJODU]]WDWXRZDQąF]DV]NąUR]HSFKQąáLFKLEá\VNDZLF]Q\PUXFKHPZELáMHM RVWU]HSRGEURGĊ+URGLQDV]DUSQĊáDVLĊLZ\SUĊĪ\áDDSRWHPRSDGáDEH]ZáDGQLH =QDOHĨOLMHV]F]HGZyFKOXG]LZUyĪQ\FKPLHMVFDFK-HGHQQLHĪ\áRGGDZQDLQLHE\áRMXĪ ĪDGQ\FKĞODGyZSRSĊWDMąF\FKJRJDáĊ]LDFK]GUXJLHJRRFDODáDW\ONRJáRZDDOHWDJáRZDFDáD RSOHFLRQDJDáĊ]LDPLLOLĞüPLMDNPDNDEU\F]Q\RZRFZFLąĪNU]\F]DáD$WOHLIEH]VáRZDSFKQąá JRQRĪHPSRGXFKRLNU]\NSRFKZLOLXVWDá : JáyZQHM KDOOL Z\JOąGDáR MDN Z V]NODUQL 3ĊG\ ZLá\ VLĊ SR SRGáRG]H L ĞFLDQDFK D QD SU]HFLZOHJá\P NRĔFX VWRáX Z ZLHONLP U]HĨELRQ\P IRWHOX VLHG]LDá 6NLIDQDU 'UHZQLDQ\ 3áDV]F] %OXV]F] RSODWDá PX UĊFH ZELMDá VLĊ SRG ]JQLáą VNyUĊ RZLMDá NRĞFL L SRUXV]Dá VLĊ ZRNyáJáRZ\ ± =DELM PQLH ± ZU]DVQąá ]DVNDNXMąFR SU]\WRPQLH QD LFK ZLGRN ± 1D OLWRĞü 6NLQJL L PĊVWZR+LQGD$WOHLILHV\QX$WOHJR]DELMPQLH ±1LHSU]HMG]LHP\±SRZLHG]LDá*UXQDOGL±-XĪQDVZLG]ą 3ĊG\QDSRGáRG]HLĞFLDQDFKXQLRVá\VLĊJU]HFKRF]ąFOLĞüPLNWyUHG]ZRQLá\MDNNDZDáNL EODFK\ ±=W\áXWHĪMHVWQLHGREU]H±GRSRZLHG]LDáW\PVDP\PU]HF]RZ\PWRQHP±:V]\VWNLHVą MXĪQDG]LHG]LĔFX 'UDNNDLQHQRGZUyFLáVLĊLSá\QQ\PUXFKHP]DEUDáPXZáyF]QLĊ $SRWHPREUyFLáVLĊL]DPDFKQąá :V]\VWNRWUZDáRXáDPHNVHNXQG\*UXQDOGLQLH]GąĪ\áQDZHWRWZRU]\üXVW :ĊGURZLHF Z MHGQHM FKZLOL PLDá EURĔ Z UĊNDFK D Z QDVWĊSQHM ZáyF]QLD Z\UDVWDáD SRĞURGNX F]RáD 6NLIDQDUD L Z\FKRG]LáD GR SRáRZ\ ] RSDUFLD IRWHOD :áDG\ND G\JRWDá SU]H] FKZLOĊ]DFLVNDMąFZ\JLĊWHSDOFHSRF]\PZ\SUĊĪ\áVLĊQDVLHG]LVNXLXZLąGá 3ĊG\VWU]HOLá\]HĞFLDQLRSORWá\GU]HZFHWQąFMHQDNDZDáNLDOHQDJOH]QLHUXFKRPLDá\

5R]OHJá VLĊ G]LZDF]Q\ JáXFK\ GĨZLĊN MDN VNU]\SLHQLH ROEU]\PLFK ĪHOD]Q\FK GU]ZL GR KDQJDUXDSRWHPáRVNRWMDNE\Z\V\SDQRVNU]\QNĊJZRĨG]L =DSDGáDFLV]D6á\FKDüE\áRW\ONRKXNSáRPLHQL %OXV]F]REZLVáLSU]HVWDáVLĊSRUXV]Dü 'UDNNDLQHQPLOF]DáLSDWU]\áQDQLHUXFKRPHFLDáRRSOHFLRQHOLDQDPLF]DUQHJREOXV]F]X 0LOF]DáLW\ONRV]F]ĊNLPXSUDFRZDá\ ±.UyOHZQD]DVQĊáD±Z\FHG]Lá±:\QRĞP\VLĊVWąG 2JLHĔ GRVLĊJQąá MXĪ GDFKX GZRU]\V]F]D L ZV]ĊG]LH GáXJLPL VLZ\PL SDVPDPL VQXá VLĊ G\P àRG\JL OHĪDá\ QD ]LHPL DOER SRUDVWDá\ ĞFLDQ\ DOH QLH E\áR Z QLFK ZLĊFHM Ī\FLD QLĪ Z ]Z\F]DMQHMURĞOLQLH :ĊGURZLHFNRSQąáOHĪąFąPXQDGURG]HJDáąĨZ]ELMDMąFFKPXUĊUXGHJRS\áX ±-XĪUG]HZLHMH±SRZLHG]LDá :\V]OLSU]HGEUDPĊ]XSHáQLHVSRNRMQLH *DSLHZLZDWRZDOLLRJOąGDOLRJURPQ\NáąESĊGyZZOHF]RQ\]DZRáDPL $WOHLIRGZUyFLáVLĊLSDWU]\áQDSáRQąF\GZyUZPLOF]HQLX3RSROLF]NDFKFLHNá\PXá]\ 

 0áRG\SáDF]H1LFG]LZQHJRSU]HFLHĪPDOHGZR]HGZDG]LHĞFLDODWDOERMHV]F]HPQLHM$ ZáDĞQLHMHGHQ]MHJROXG]L]DELáNRELHWĊNWyUąNRFKDá1DMHJRSURĞEĊ .LPE\áDGODQLHJR" .RFKDQNą"0RĪHRSLHNXQNą"1LHE\áRZLGDüLOHPLDáDODW 1LH PRJĊ SR]E\ü VLĊ VSU]HG RF]X ZLGRNX ZáyF]QL Sá\QąFHM Z SRZLHWU]X L RK\GQHJR GĨZLĊNX ] MDNLP SU]HELMD F]DV]NĊ VWDUFD 3UDNW\F]QLH MXĪ QLH Ī\á L QLH E\áR F]DVX QD FRNROZLHNLQQHJR$OHWRQLF]HJRQLH]PLHQLD 7RMXĪGUXJL 7DPWHQE\áGU]HZHPDWHQĪ\Z\PWUXSHPZURĞQLĊW\PZĪHOD]Q\EOXV]F] 1LHZLHPFRZLG]Ċ 1LHUR]XPLHPWHJRFRZLG]Ċ $OH ZLHP ĪH ]DELáHP MXĪ GZyFK OXG]L ER QLH PRJáHP LP LQDF]HM SRPyF *G\E\ QLH F\IUDOE\áRE\]HPQąĨOH 6LDGDPQD]LHPLLGUĪąF\PLUĊNDPLZ\FLąJDPIDMNĊ1LHGREU]HPL]H]PĊF]HQLD =ZQĊWU]DSáRQąFHJRGZRUXZ\FKRG]ąSR]RVWDOLGZDM0DMąV]DUHVNDPLHQLDáHWZDU]H *UXQDOGLZ\FLHUDQyĪRWUDZĊLSRZROLZVWDMH ±7RZV]\VF\±PyZLNUyWNR ±$G]LHFL" ±:V]\VF\ 'ZyUSáRQLH 1LHVá\FKDüMXĪNU]\NyZ

 ±7RVLĊF]ĊVWRXZDV]GDU]D"±S\WDPVWDZLDMąFQDVWROHG]EDQSHáHQSLZD ± ,P EOLĪHM GRPX W\P UR]ZDĪQ\ PąĪ RVWURĪQLHM Z\GDMH VUHEUR ± RGSRZLDGD *UXQDOGL 2VWDWQLH6áRZR±$OHLXQDV]GDU]DVLĊĪHMHGHQGUXJLHPXNXSLSLZD ±3\WDPRUXV]DMąFHVLĊFLHUQLH]ĪHOD]D2ZLG]LDGáDZ]LPQHMPJOHNWyUHPRJą]DELMDü :ĊGURZFyZNWyU]\PRJą]DPNQąüGZyUĪ\Z\PLRNRZDPL-HGQ\PVáRZHPMDNVá\V]DáHP 2OXG]LNWyU]\WRSLąVLĊQDVXFKHM]LHPL]RVWDMą]PLHQLHQLZNDPLHĔOXEURVQąFHGU]HZR2 NRQLHNWyUHSRMDZLDMąVLĊZKXNXJURPXSRĞURGNXSXV]F]\2JDGDMąFHNUXNL 1DOHZDVRELHGRURJXLSLMHEH]VáRZDDSRWHPZVWDZLDJRZRNUąJá\RWZyUQDEODFLH ± .LHG\ E\áHP PáRGV]\ PyZLáHP ĪH WR ZV]\VWNR EDMĊG\ *DGNL NWyUH RSRZLDGD VLĊ ] QXGyZ]LPą$OHWHUD]MHVWHPPĊĪHPZVLOHZLHNXLQLHMHGQRMXĪZLG]LDáHP1LHZLHPFR] WHJRE\áRSUDZGąDOHMHĪHOLW\ONRSRáRZDWR]QDF]\ĪHWRFRJDGDMąRWHMZRMQLHERJyZWR FK\EDSUDZGD6NąGSU]\E\áHĞĪHRWRS\WDV]" ±=GDOHND=WDNGDOHNDĪHXQDVWRWDNĪHEDMNL :]UXV]DUDPLRQDPL ±,PGDOHMMHVWHĞRGGRPXW\PGáXĪHMJRQLHZLG]LV]6NąGZLHV]FRWDPVLĊWHUD]G]LHMH" 0RF]\SDOHFZSLZLHLNUHĞOLQLPEH]P\ĞOQLHNUHVNLQDEODFLH ± .LHG\Ğ ]GDU]DáR VLĊ ĪH VSRWNDáHĞ ERJD WZDU]ą Z WZDU] 5D] GZD UD]\ Z Ī\FLX 0yM RMFLHF VSRWNDá NLHG\ E\á PáRG\ 2PDO QLH XPDUá ZWHG\ ]H VWUDFKX %Dá VLĊ ĪH ]RVWDQLH Z\EUDĔFHP 7R E\á 8UG àRZFD :LHV] MDN WR MHVW ] ERJDPL 3RGUyĪXMą SR ĞZLHFLH L Z\JOąGDMąMDNQRUPDOQLOXG]LH7HQZ\JOąGDáMDNG]LHFLDN'ZXQDVWROHWQLFKáRSLHFXEUDQ\Z VNyUĊJyUVNLHJRZLOND]MHJRNáDPLQDV]\LL]URJLHPNROF]DVWHJRMHOHQLDZGáRQL6WDU\QLH E\á JáXSL ZLĊF QDW\FKPLDVW F]P\FKQąá $ ZWHG\ ĞFLHĪNĊ SU]HJUDG]D PX ODZLQD L QD NDPLHQLDFK ]MHĪGĪD WHQ G]LHFLDN W\ONR WU]\ UD]\ ZLĊNV]\ 'RRNRáD ĞZLDWáR L ]ZLHU]DNL VLĊ ]HZV]ąG]áDĪą3DWU]\QDRMFDLS\WDÄ1LHFKFHV]E\üERKDWHUHPRSRZLHĞFL"´6WDU\QDWRĪH ]DĪDGQHVNDUE\ĞZLDWD:LDGRPRMDNWRVLĊNRĔF]\JG\EyJFLĊ]DXZDĪ\LF]HJRĞ]HFKFH 2MFLHF WDN PX SRZLHG]LDá $ WDPWHQ VLĊ ĞPLHMH L PyZL Ä'REU]H ZLĊF QLH ]DJUDV] ]H PQą 2GHMGĨ´ 2MFLHF RGV]HGá L Ī\á VRELH GDOHM $OH SU]\VLĊJDP ĪH SU]H] FDáH Ī\FLH QLJG\ QLH SU]\WUDILáR PX VLĊ QLF FLHNDZHJR 1LF $QL GREUHJR DQL ]áHJR -DN SRV]HGá QD SRORZDQLH WUZDáRWRPRĪHGRSRáXGQLD=DZV]HFRĞZ\V]áRLVWDZDáRPXGRVWU]DáX7DNLHDQLGXĪHDQL PDáH ĝUHGQLH &KFLDá Sá\Qąü QD PRU]H L XGDáR PX VLĊ FK\ED ]D SLąW\P URNLHP ] NROHL 3RSá\QĊOLOHGZR]DZ\VS\RVWURJRZHLWUDILOLQDGU\IXMąFąSXVWąJDOHUĊNXSLHFNą.XSDWRZDUX L ]H WU]HFK FKRU\FK $PLWUDMyZ =DEUDOL ZV]\VWNR L GR GRPX 1LH E\áR GDOHM F]HJR V]XNDü 3RSá\QąáMHV]F]HUD]LJG]LHNROZLHNVLĊXGDOLWDPVWDáDPJáD1LJG]LHQLHPRJOLWUDILüFK\ED ĪH SRSá\QĊOL ] SRZURWHP -HV]F]H SDUĊ WDNLFK SU]\JyG L UR]HV]áR VLĊ 1LNW JR QLH FKFLDá X VLHELH QD EXUFLH 7DNLH Ī\FLH PLDá PyM VWDU\ 3RV]HGá Z NRQNXU\ WR JR ] PLHMVFD SU]\MĊOL ']LHZXFKD DQL PąGUD DQL JáXSLD DQL áDGQD DQL EU]\GND 1R QXGQD , WDN Ī\á 7\ONR SROH EDUDQ\ U\E\ EDE\ L G]LHFLDNL &DáH Ī\FLH SDWU]\á W\ONR MDN GHV]F] NDSLH ] GDFKX MDN VLĊ

REUDFDMąĪDUQDDOER URĞQLH]ERĪH$ĪVLĊUR]SLá]WHMQXG\.LHG\ XPLHUDáWRSRZLHG]LDáĪH FKRFLDĪUD]FRĞPXVLĊSU]\GDU]\ ±àDGQDKLVWRU\MND3RZLHG]PL*UXQDOGLJG]LHPRJĊVSRWNDü3LHĞQLDU]D" ±$QDFRFL3LHĞQLDU]"0DáRPDV]NáRSRWyZ" ±0yZLáHPFLMXĪNRJRV]XNDP ±$GODF]HJRWR3LHĞQLDU]PLDáE\FRĞRQLFKZLHG]LHü" ±%RPDWĊPRF1LHFKVLĊQDFRĞSU]\GD ± 3RZLHP FL FRĞ R 3LHĞQLDU]DFK 1DMOHSV]\ MHVW WDNL NWyU\ MHVW ]D PąGU\ ĪHE\ F]\QLü 0\ĞOLV] ĪH WHQ FR WDN SLĊNQLH ]DáDWZLá GZyU 6NLIDQDUD E\á SRWĊĪQ\" -D FL PyZLĊ ĪH RQ QDZHW QLH ZLH GR G]LĞ FR ]URELá 5R]HĨOLá VLĊ WURFKĊ L SRV]HGá , VDPR VLĊ VWDáR $ GZD GQL SyĨQLHM]JXELáNR]LNLUR]]áRĞFLáVLĊQDVDPHJRVLHELHZLĊFWHUD]VDPMHVWNĊSąWHJREOXV]F]X 7DNWRMHVW]W\PLLFKSLHĞQLDPL8QDVE\áMHGHQNWyU\FKFLDáĪHE\G]LHZNLQLHPRJá\PXVLĊ RSU]Hü=Z\F]DMQDU]HF]±SLHĞĔERJyZMDN]áRWRWDNDFRWRRQLHMRSRZLDGDMąZJDGNDFKR ERJDFK &R SRSDWU]\ QD NWyUą SRPDPURF]H WR JR EĊG]LH NRFKDáD =QDOD]á MDNLHJRĞ ZĊGURZQHJR MHGQRRNLHJR G]LDGD NWyU\ SRZLHG]LDá ĪH JR QDXF]\ 3RWHP SROD]á QD XURF]\VND 1RUPDOQLH XURF]\VNR WDNLHJR ]DELMH DOH WHPX VLĊ XGDáR 'RVWDá VZRMą SLHĞĔ ERJyZ =DSRPQLDá W\ONR VLĊ QDXF]\ü MDN MH RGV\áDü .áĊELá\ PX VLĊ SR FKDáXSLH ZLHV]Dá\ ZRNyá QD MDEáRQLDFK DOH RGSĊG]Dü VLĊ QLH GDá\ 8FLHNá ZUHV]FLH WR JR GRSDGOL LFK NUHZQL SRGGXVLOL SRGHUĪQĊOL JDUGáR ZU]XFLOL Z EDJQR L SU]\ELOL NRáNLHP $ WDPWH NRELW\ GDOHM QD QLHJRF]HNDMą1LHPRĪQDLFK]DEUDüQDZHWVLáą6WDUHMXĪVąDOHF]HNDMą6WRMąSU]\GURG]HL SDWU]ą1LHEUDFLH3LHĞQLERJyZVąGODERJyZ&]áRZLHNQDGW\PQLHSDQXMH%\ZDMąWDF\ NWyU]\ ]DELHUDMą 3LHĞQLDU]\ QD RNUĊW\ 1LHFK PX RGZUDFD RV]F]HS\ L VWU]Dá\ ZURJD QLHFK RVáRQLZV]\VWNLFKSU]HGRJQLHPDOERVSURZDG]LZLDWU5]DGNRZUDFDMą1DZHWGHVNLSRWDNLP RNUĊFLH QLH ]QDMG]LHV] %R ZLG]LV] VWU]DáD NWyUD ]PLHQL ORW JG]LHĞ PXVL SROHFLHü :LDWU NWyU\ SU]\EĊG]LH QD ZH]ZDQLH VSURZDG]L V]WRUP DOER FLV]Ċ ]D GZD GQL 3LHĞQLDU] Z\JLQD OLQLH ORVX L ]DUD] SRWHP ZV]\VWNR ]DPLHQLD VLĊ Z ZĊ]Há :V]\VWNR FR WDN Z\V]DFKUXMHV] ZUDFDSRWHPGZDUD]\LZMHV]F]HJRUV]HMSRVWDFLDOERĞZLDWZRNyáSRWZRUQLHMH1LHPDQLF ]DGDUPR ±&KFĊW\ONRWDNLHJR]REDF]\ü&KFĊ]UR]XPLHüFRWRMHVW *UXQDOGLZ\SLMDNROHMQ\á\NLGUDSLHVLĊSRGP\FNą =RJQLVWąEURGąLĪyáW\PL ZáRVDPL SRZLQLHQ Z\JOąGDü MDN NODXQ DOH QLH UREL QD PQLH WDNLHJR ZUDĪHQLD &K\ED VLĊ MXĪ SU]\]Z\F]DLáHP0Lá\FKáRSDOHFRPLSRPRĪH 1LH ]QDMGĊ LFK 3RWU]HEQ\ MHVW WURS ĝODG $ MD QLH PDP QLF 3RWU]HEQD MHVW KLSRWH]D 5RERF]HZ\MDĞQLHQLH%H]WHJREĊGĊSRSURVWXJDSLáVLĊ]RWZDUWąJĊEąQDFRUD]G]LZQLHMV]H Z\GDU]HQLD6]XNDPF]ZRUJDOXG]LZĞUyGW\VLĊF\QDG]LNLPNRQW\QHQFLH0LOLRQ\KHNWDUyZ ODVyZ JyU L ZU]RVRZLVN 7\VLąFH RVDG L ĪDGQHM PDS\ 1LH LVWQLHMą GRNXPHQW\ DQL ZáDG]D &]áRZLHNQD]\ZDVLĊWDNMDNVLĊSU]HGVWDZLD7XWDMMHĪHOLQLNWFLĊQLH]DSDPLĊWDáWR]QDF]\ ĪHQLHLVWQLHMHV]

:RNyá QDV]HJR VWRáX FR FKZLOD SU]HFKRG]L NWRĞ NWR ] SXQNWX ZLG]HQLD WXWHMV]\FK MHVW FXGDF]QLH XEUDQ\ L QLH ]QD MĊ]\ND 2WR ZLHONL GUDE ] UR]FLąJQLĊW\PL XV]DPL L Z\SXNá\PL Z]RUDPLEOL]QQDPLHG]LDQ\FKSROLF]NDFKPDQDVRELHW\ONRKDIWRZDQąNDPL]HONĊLEXILDVWH V]DUDZDU\=DFKZLOĊSU]HFKRG]LNWRĞZELDá\PSáDV]F]XVSRZLMDMąF\PFDáHFLDáRMHVWEDUG]R Z\VRNLLFKXG\DOHQLHZLDGRPRQDZHWMDNLHMMHVWSáFL6]F]HOLQĊZ]DZRMXRVáDQLDVLDWND] SDFLRUNyZ QLH ZLGDü QDZHW RF]X ] NáĊERZLVND ELDá\FK IDáGyZ Z\VWDMH W\ONR MHGQD FKXGD GáRĔG]LHUĪąFDU]HĨELRQąODVHF]NĊ]NRĞFL]DNRĔF]RQąF]HUZRQąNLWąZáRVLD1LNWQLH]ZUDFD QDQLFKXZDJL0RLXF]HQLPXVLHOLE\WXZMHFKDüUyĪRZ\PFDGLOODNLHPURF]QLNµĪHE\LFK ]DSDPLĊWDQR =DGXĪRWXUXFKX ±:UDFDM]QDPL±SURSRQXMH*UXQDOGL±-HĪHOLQLH]QDMG]LHV]W\FKVZRLFKSU]H]LPXMX PQLH 3RSá\QLHP\ Z JyUĊ 'UDJRULQ\ GR NUDMX 2JQLD 0RĪH L $WOHLI ]HFKFH ĪHE\Ğ ]RVWDá QD MHJRGZRU]H" 8ĞPLHFKDPVLĊ ±=REDF]\P\ ± 1LHZLHOX QDV ZUDFD Z W\P URNX ± PyZL QLHRF]HNLZDQLH ± :\Sá\QĊOLĞP\ Z WU]\ RNUĊW\ 7U]\ SLĊNQH WUDNNHQ\ SR SLĊüG]LHVLĊFLX FKáRSD QD NDĪG\P :UDFDP\ MHGQ\P Z GZXG]LHVWX7RQLHEĊG]LHZHVRáHSRZLWDQLH 8QRV]ĊEUZLDOHZ\SLMDGXV]NLHP]DZDUWRĞüURJXLQLHPyZLQLFZLĊFHM =RVWDZLDPJRW\PF]DVHPLLGĊF]HJRĞV]XNDü6DPQLHZLHPZáDĞFLZLHF]HJR 1DXF]RQR PQLH PQyVWZD U]HF]\ 0RJĊ SRUR]XPLHü VLĊ Z V]HĞFLX WXWHMV]\FK MĊ]\NDFK PRJĊ ZLG]LHü Z FLHPQRĞFLDFK XPLDáE\P LFK ZáDĞFLZLH QDZHW Z\ZĊV]\ü $OH SU]HFLHĪ QLH SRGZyFKODWDFK .UąĪĊ ZĞUyG VWUDJDQyZ 5REL VLĊ LFK FRUD] ZLĊFHM 2ERN VWDá\FK NRQVWUXNFML ]ELW\FK ] EHOHN RVáRQLĊW\FK GDV]NDPL SU]\ NWyU\FK KDQGOXMą PLHMVFRZL VWDMą ZR]\ ] NWyU\FK VSU]HGDMH VLĊ VNyUNL EURĔ ELĪXWHULĊ JZRĨG]LH QDMUyĪQLHMV]H U]HF]\ 1D SXVWHM MHV]F]H UDQR áąFHWXĪXXMĞFLDMXĪVWRMąQDPLRW\]DJURG\GRNWyU\FK]JDQLDVLĊE\GáRLNRQLH:ILRUG]LH FRFKZLODSRMDZLDMąVLĊQRZHZLOF]HRNUĊW\=ZLMDMąVZRMHSRGREQHGRĪDOX]MLĪDJOHU]XFDMą NRWZLFH L VWDMą JG]LH VLĊ GD 7áRN FRUD] ZLĊNV]\ ] NDĪGą VHNXQGą 3áRQą RJQLVND Vá\FKDü EĊEQ\ L ĞSLHZ\ *G]LH VSRMU]Hü WDNĪH QD GDOHNLP SU]HFLZOHJá\P EU]HJX ĪHJODU]H VWDZLDMą QDPLRW\ :\VWDUF]ą GZD NR]LRáNL GR NáDG]HQLD EH]DQPDV]WX QD NWyU\FK RSLHUD VLĊ ERP L SU]HU]XFDJyUąĪDJLHO %U]HJLJUDQLFHRER]RZLVNSDWUROXMąJUXSNL]EURMQ\FKSLOQXMąF\FKE\ĪDGHQĪHJODU]QLH ]DEUDá FLĊĪNLHM EURQL GR PLDVWD 6DPL DĪ XJLQDMą VLĊ RG VSU]ĊWX +HáP\ WDUF]H ZáyF]QLH WRSRU\ PLHF]H SDQFHU]H 3HáHQ U\QV]WXQHN NWyU\ FKU]ĊĞFL JURĨQLH L OĞQLZ SRSRáXGQLRZ\P VáRĔFX 3RPLĊG]\VWUDJDQDPLWU]HEDVLĊMXĪSU]HS\FKDü 5R]JOąGDPVLĊ&Dá\ F]DVOXVWUXMĊVHWNL PLMDQ\FKWZDU]\NRELHF\FKPĊVNLFKELDá\FKPLHG]LDQ\FKLRVNyU]H]LHORQNDZRROLZNRZHM

L VLQREáĊNLWQHM UHMHVWUXMĊ W\VLąFH ZDUNRF]\NyZ EUyG ZąVyZ NXF\NyZ F]XSU\Q WDWXDĪ\ ZLG]Ċ Z\SHáQLRQH EUą]HP EáĊNLWHP DOER F]HUQLą QLHOXG]NLH RF]\ SU]HSXV]F]DP SU]H] XV]\ W\VLąFHVáyZZNLONXMĊ]\NDFK7URSLĊ 3UDZLH EH] XG]LDáX ZROL DOH ZLHP ĪH Z\VWDUF]\ JG\ XVá\V]Ċ ]QDMRPH VáRZR DOER ]REDF]ĊOXG]NLHRNR]RNUąJáąWĊF]yZNąREUDPRZDQąELHOąRNUąJáąWZDU]EXOZLDVW\QRVDOER RGVWDMąFHXV]\ 0LHMVFDNWyUHPRĪQDX]QDü]DVWDáHVNOHS\NDUF]P\OXENDQWRU\]QDMGXMąVLĊWDPJG]LH FKDáXS\FLąJQąVLĊWXĪSU]\QDEU]HĪXQDVDP\PEU]HJXILRUGX7RPURF]QHEHONRZDQHL]E\ SHáQH WRZDUyZ DOER ]DVWDZLRQH FLĊĪNLPL VWRáDPL 7XWDM UH]\GXMą QDMSRZDĪQLHMVL NXSF\ 6LHG]ą QD ]\GODFK SU]HG VZRLPL NDQWRUDPL OXE QD EU]HJX SRPRVWX SRSLMDMą SLZR JDZĊG]ą OXEJUDMąZGHVHF]NL3RMHG\QF]\FKQLHZROQLNyZNRQLHDOERE\GáRNXSXMHVLĊQDSODFX7DP NZLWQLH GHWDO 7XWDM KDQGOXMH VLĊ VWDGDPL G]LHVLąWNDPL OXG]L FDá\PL VWDWNDPL WRZDUyZ 7R ZLGDü 2WRVWDUV]DZ\MHJRPRĞüVLHG]LVRELHQDEHF]FHLSDWU]\VSRGSU]\PUXĪRQ\FKSRZLHNQD VXQąFHU]HNąZLOF]HRNUĊW\-HJRVąVLHG]LXZLMDMąVLĊSU]\VWUDJDQDFKZ\WDF]DMąEHF]NLSHáQH SLZDWDPJG]LHQDMZLĊFHMVSUDJQLRQ\FKJDUGHáSLHNąNXU\LU\E\DOERWDUJXMąVLĊR]DPRUVNLH WRZDU\ 3HáQR WDP ZU]DVNX L WHDWUX DZDQWXUĊ R NDĪGHJR NRQLD R NDĪG\ NUąJ ZRVNX NDĪGą JUXGNĊSDFKQLGáDOXEF\]HORZDQ\V]W\OHW$OHZUXFKXVąPLHG]LDNLQDMZ\ĪHMFLHQNLHVUHEUQH EODV]NL=UąNGRUąNSU]HFKRG]ąJDUĞFLHVLHNDĔFyZÄPXV]OL´QDMZ\ĪHMPDUNLLV]HNOH &R LQQHJR WXWDM 7HPX QLH FKFH VLĊ QDZHW UXV]\ü W\áND 6LHG]L L RGFLQD NR]LNLHP NDZDáHF]NL VHUD $OH Z\VWDUF]\ SRSDWU]Hü QD KDIWRZDQ\ MHGZDE MHJR NDIWDQD QD EXW\ Z\V]\ZDQH VUHEUQ\PL R]GREDPL QD SĊNL NRV]WRZQ\FK DPXOHWyZ RFKURQQ\FK SU]\ZLH]LRQ\FK]FDáHJRĞZLDWDQDRSDOL]XMąFHVUHEUHPIXWURNWyUHSRGáRĪ\áVRELHSRGW\áHN 6SyMU]FLH QD Z\áRĪRQH ZHZQąWU] VNOHSX WRZDU\ SU]\NU\WH NDZDáNLHP VXNQD ]REDF]FLH SUHF\]\MQLH Z\NRQDQą ZDJĊ ] SROHURZDQHJR ]áRWD VUHEUD L NRĞFL NWyUą FDá\ F]DV PD SRG UĊNą 1D W\P RGZDĪD VLĊ ]áRWR L GURJLH NDPLHQLH 7XWDM EU]ĊF]ą FLĊĪNLH NRURQ\ GHQDU\ L JZLFKW\ 3RSDWU]FLH QD SU]HĞOL]JXMąF\FK VLĊ Z FLHQLX VNOHSX PĊĪF]\]Q QLH RGNáDGDMąF\FK DQL QD FKZLOĊWRSRUyZNWyU]\QLHVSXV]F]DMąJR]RND=W\áXGRPXWDPJG]LHVNáDG\WRZDUyZF]DL VLĊLFKMHV]F]HZLĊFHM:\VWDUF]\MHGHQJZL]G 6SyMU]FLH QD PDáH ]ELWH ] SRWĊĪQ\FK GHFK FLĊĪNLH GU]ZL FDáH SRNU\WH RNXFLDPL L áEDPL EUHWQDOL 6ą ]DSDUWH NRáNLHP FR ]QDF]\ ĪH ]DP\NDMą VLĊ VDPH Z\VWDUF]\ W\ONR NRSQąü EORNDGĊ2WRSRWĊĪQHKDNLSURZDGQLFPRQVWUXDOQHM]DVXZ\ %R WXWDM VSU]HGDMH VLĊ FDáH VWDGD ]ZLHU]ąW KDQGOXMH XSURZDG]RQ\PL QD GUXJLP NRĔFX ĞZLDWD NVLĊĪQLF]NDPL VSU]HGDMH UHJDOLD L PDJLF]QHPLHF]H 7XWDM ]PLHQLDMą ZáDĞFLFLHOD FDáH RNUĊW\LZR]\WRZDUyZ 7DPQDSODFXVZRMHLQWHUHV\]DáDWZLDMąĪHJODU]HLVWHUQLF\7XWDMSU]\FKRG]ąKDQGORZDü VW\UVPDQL

'ODWHJR VLHG]L VRELH EH]WURVNR NLHG\ UHV]WD PLDVWD KDUXMH Z SRFLH F]RáD FKFąF Z\NRU]\VWDüWHMHG\QHĪQLZDZURNX-HVLHQQ\MDUPDUN.LHG\ZUDFDMąWXZLOF]HáRG]LHSHáQH áXSyZLQDGMHĪGĪDMąZ\JáRGQLDOLLVWĊVNQLHQLĪHJODU]H]SDVDPLQDELW\PLVUHEUHP&DáDRVDGD ]DNDVXMHUĊNDZ\LU]XFDVLĊ]DUDELDü&]\PNWRPD.RFLRáNLHPEHF]NąSLZDUĊNDPLXVWDPL FLSą:V]\VWNLPPRĪQD]DURELüZMHVLHQQ\MDUPDUN 7\ONR W\FK NLONXQDVWX MHJRPRĞFL VLHG]L VRELH Z SURPLHQLDFK SRSRáXGQLRZHJR VáRĔFD L F]HNDDĪNOLHQFLVDPLGRQLFKSU]\MGą 1LHPDWXSRVWHUXQNXSROLFMLQLHPDWHĪNUyOD1DMZLĊNV]DZáDG]DWRZáDĞQLHFLVLHG]ąF\ SRGĞFLDQDPLQDU]HĨELRQ\FK]\GODFK]ZRQQHJRGUHZQD-HĪHOLNWRĞQDSUDZGĊZLHFRĞZW\P PLHĞFLHWRZáDĞQLHRQL =QDMGXMĊ NDUF]PĊ 0URF]Qą EXGĊ SU]HG NWyUą SRVWDZLRQR NLOND áDZ 6ą SUDZLH SXVWH 7DP X XMĞFLD WU]HED SU]HFLVNDü VLĊ GR EHF]NL SLZD Z\PDFKXMąF URJLHP L EU]ĊF]ąF PRQHWDPL $OH WXWDM G]EDQ SLZD NRV]WXMH GZDQDĞFLH VLHNDĔFyZ &HQD ]DSRURZD 5yZQRZDUWRĞü F]WHUHFKG]EDQyZLNLONXEDUDQLFKXGĨFyZWDPGDOHM 1DUHV]FLHÄ*RVSRGDU]XSLZD´5]XFDPFDáąPDUNĊ .XSXMĊLVLDGDPMDNRQLSDWU]ąFQDVXQąFHSRU]HFHRNUĊW\NWyUHZ\PLMDMąVLĊQDZ]DMHP XVLáXMąQLHZSDGDüQDSá\QąFH]NRWZLFRZLVNGUXJLHJREU]HJXZLRVáRZHáyGNLSHáQHĪHJODU]\L ]FRUD]ZLĊNV]\PWUXGHPV]XNDMąPLHMVFDGRSU]\ELFLD 3LZRMHVWWXU]HF]\ZLĞFLHGXĪROHSV]HDOHZGDOV]\PFLąJXQLHMHVWWRÄ.DUORYDF]NR´DQL Ä+HLQHNHQ´DQLÄ7\VNLH´ 1LHZLGDüF]\P]DMPXMąVLĊSRV]F]HJyOQLNXSF\6LHG]ĊLXVLáXMĊZ\GHGXNRZDüNWyU\] QLFK MHVW QDMPRĪQLHMV]\ = NWyU\P FKFLDáE\P JDGDü JG\E\P E\á SRU]XFRQ\P Z REFHM NXOWXU]HQDXNRZFHP 8F]HQL QLH ]DEUDOL ZV]\VWNLFK SLHQLĊG]\ ]H VWDFML =DSRPQLHOL" 1LH SRWU]HERZDOL" 8FLHNDOL Z SRĞSLHFKX" 8]QDOL ĪH PDMą Z\VWDUF]DMąFR GXĪR L QLH FKFLDáR LP VLĊ SDPLĊWDü R NDVHFLHQXPL]PDWyZZODERUDWRULXP" &LVLHG]ąF\QDQDEU]HĪXOXG]LHWRHOLWD1DZHWMHĪHOLPRLUR]ELWNRZLHQLHV]XNDOLXQLFK SRPRF\ WR NDĪGD ZDUWRĞFLRZD ZLHĞü PXVLDáD WX WUDILü $ WR MHVW WRZDU NWyU\ MD FKFĊ NXSRZDü 3RSLMDP SLZR L NU]\ZLĊ VLĊ RVWHQWDF\MQLH 1DELMDP IDMNĊ L EDZLĊ VLĊ FLĊĪNLP ]áRW\P JZLFKWHP -HVW ZLHONRĞFL SLĊFLX HXUR W\ONR WU]\ UD]\ JUXEV]\ -DNLHĞ WU]\VWD JUDP ]áRWD *G\E\P VSU]HGDá JR Z PMHQMDþQLF\ Z +YDU]H ]D UyZQRZDUWRĞü PyJáE\P ]MHĞü GREUą ]DNUDSLDQąNRODFMĊ1RPRĪHGZLH 7XWDMPRĪQD]DWRĪ\üSU]H]SyáURNX 0DUQLH REURELRQD PRQHWD NLHSVNR QDGDMH VLĊ GR ĪRQJORZDQLD 2EUDFDP Mą SRPLĊG]\ NRVWNDPLSDOFyZLNDĪĊMHMNR]LRáNRZDüGRPDáHJRSDOFDL]SRZURWHP7RMHGQR]üZLF]HĔ SRZWDU]DQ\FK GR ]QXG]HQLD NWyUH ]GDQLHP /HYLVVRQD SU]\JRWRZ\ZDá\ PQLH GR QDXNL

V]HUPLHUNLQRĪHP =ZUDFDPXZDJĊ2WRFKRG]L 1LNW PQLH WX QLH QDSDGQLH 1LH QD W\P QDEU]HĪX SRPLĊG]\ Z\WZRUQ\PL ÄEXWLNDPL´ V]DFRZQ\FKNXSFyZ 2NUĊW\ NUĊFą VLĊ SR ILRUG]LH FRUD] EDUG]LHM EH]UDGQLH .U]\NL QHUZRZH PDQHZU\ ĪDJODPLZLRVáDSU]HNOHĔVWZD 1LHPDUDG\FKáRSF\NRPSOHWQDNLFKD7U]HEDEĊG]LHZ\S\FKDüVWDWHNQDSODĪĊ&LĊĪND URERWDDOHWRQLFZSRUyZQDQLX]W\PMDNąKDUyZNąEĊG]LHSRGNRS\ZDQLHJRLKRORZDQLH] SRZURWHPZPRU]H0RĪHFLHLĞüMHV]F]HGDOHMZJyUĊU]HNLDOHWDPQXUWMHVWVLOQLHMV]\DGQR Sá\WV]HLVNDOLVWH7RQLFZLOF]HRNUĊW\XPLHMąSá\ZDüZSá\WNLHMZRG]LHLZQXUWDFKU]HN 8 QDV Z VH]RQLH ĪHJODUVNLP VDPR FXPRZDQLH Z SRUFLH WR EL]QHV 7XWDM ± NRPSOHWQD SDUW\]DQWNDFK\EDQDZHWQLHZ\P\ĞOLOLRSáDWSRUWRZ\FK 0DPF]DV %DZLĊVLĊV]WXNą]áRWD 3RWHP]RVWDZLDPNRV]WRZQHSLZRZG]EDQLHLZFKRG]ĊGRMHGQHJR]NDQWRUyZ ±1LHFKFLEáRJRVáDZLąERJRZLHDOHQLHFKFLĊSU]\W\PQLH]REDF]ą]DFQ\F]áRZLHNX± ZRáDP L FDá\ F]DV EH]P\ĞOQLH EDZLĊ VLĊ JZLFKWHP 2JOąGDP RU\JLQDOQą EURĔ ZLV]ąFą QD ĞFLDQDFKSĊNLNRV]WRZQ\FKVNyUHNZ\JOąGDMąMDNGXFK\ĞQLHĪQ\FKOLVyZ :SRZLHWU]XXQRVLVLĊ]DSDFKMDNLFKĞHJ]RW\F]Q\FKNRU]HQLLZRQQ\FKĪ\ZLF :VWDMHLXĞPLHFKDVLĊOHNNRFKRZDMąFGáRQLHSRGSDFKDPL6WRLZGU]ZLDFK]DJUDG]DMąF PL GURJĊ : JáĊEL GRPRVWZD ]D VWHUWą RNXW\FK VNU]\Ĕ GZyFK VSRFRQ\FK L SDFKQąF\FK ĞZLHĪRZ\SLW\PSLZHPPĊĪF]\]QSRGQRVLVLĊ]]\GOLLĞFLVNDNUyWNLHGREUHGRZDONLZWáRNX WRSRU\1LHZLG]ĊLFK-HGHQ]QLFKPDQDGNZDVRWĊGUXJLOHNNRXW\NDQDOHZąQRJĊPRĪHPD FLDVQ\EXW ± àDGQLH SRZLHG]LDQH SU]\E\V]X ± PyZL áDJRGQLH ± &KFHV] FRĞ NXSLü RG :ĊG]RQHJR 8OOH" ±.WRĞPLPyZLáĪHPDV]F]\QLąFHSU]HGPLRW\$OHPyZLĊRSUDZG]LZ\FK7DNLFKNWyUH SU]\E\á\]GDOHNDLU]HF]\ZLĞFLHFRĞURELą ± ,GĨ QD SODF 7DP SHáQR WDNLFK NWyU]\ MH VSU]HGDMą =DS\WDM X ĪHJODU]\ &KąĞQLF\ SU]\ZRĪąUyĪQHU]HF]\LQDZHWQLHZLHG]ąFRWRMHVW-DVLĊQLHEDZLĊW\PáDMQHP ±3RWU]HEXMĊF]HJRĞVSHFMDOQHJR,ZLG]LDáHPMXĪSODF3U]\E\áHP]GDOHNDDOHQDZHWMD ZLHP ĪH ZDUWRĞFLRZ\FK U]HF]\ QLH VSU]HGDMH VLĊ QD VWUDJDQDFK 6]XNDP F]HJRĞ FR QLH SRMDZLáRVLĊZW\PURNX ± :LĊF LGĨ GZD GRP\ GDOHM JG]LH PLHV]ND *UXOH 6áRPLDQ\ 3LHV 0RĪH RQ EĊG]LH FRĞ PLDá7R]áRW\JZLFKW" 5RELĊ SURVWą V]WXF]NĊ ] SDOPRZDQLHP PRQHW\ L GPXFKDP Z SDOFH 3RND]XMĊ PX SXVWą GáRĔ ±1LHPDKDQGOXQLHPD]áRWD

2GZUDFDPVLĊGRZ\MĞFLDDOHMXĪZGU]ZLDFKSU]\VWDMĊ ± $ ZLHV] PRĪH :ĊG]RQ\ 8OOH NWR VSU]HGDMH QLHZROQLNyZ DOH VSHFMDOQ\FK 6]XNDP GZyFK FXG]R]LHPVNLFK NRELHW MHGQHM Z\ĪV]HM QLĪ URVá\ PąĪ OHF] FKXGHM ] ZáRVDPL MDN VáRPDDGUXJLHMQRUPDOQHJRZ]URVWXDOHRZáRVDFKEDUZ\VDG]\LVNUĊFRQ\FKQLF]\PEDUDQLH UXQR 2SLVXMĊ UHV]WĊ SR]RVWDáHM SU]\ Ī\FLX HNVSHG\FML QLH ]DSRPLQDMąF GRGDü R ÄĞOHS\FK´ U\ELFK RF]DFK NWyUH MHGQDN ZLG]ą L FKURSDZHM PRZLH , R W\P ĪH PRJą XFKRG]Lü ]D REáąNDQ\FKDOER3LHĞQLDU]\ 3U]\VXZDVRELH]\GHOLVLDGDSU]HGHPQąSDWU]\RF]DPLMDNNURSOHVPRá\]NWyU\FKQLH SRWUDILĊQLF]HJRZ\F]\WDü 3U]\VLDGDP QD VWROH QD NWyU\P SLĊWU]ą VLĊ SRVRUWRZDQH GR GUHZQLDQ\FK SXGHáHN GURELD]JL ±-HVWMHV]F]HMHGQDU]HF]NWyUąSRVLDGDNDĪG\GREU\NXSLHFD]DNWyUąWHĪGDáE\P]áRWR 7RZLHĞFL:LHĞFLROXG]LDFKNWyU\FKFLRSLVDáHP0RĪHSRMDZLOLVLĊWXWDMDOERJG]LHLQG]LHM" 0RĪH VSU]HGDOL OXE XF]\QLOL FRĞ G]LZQHJR" $ PRĪH WR LFK VSU]HGDQR" :LHV] FR :ĊG]RQ\ 8OOH" 'DP FL WHJR JZLFKWD 1D ]DOLF]NĊ-HĪHOLQLHGRZLHV] VLĊ QLF]HJR WR PL JR RGGDV] ± 8ĞPLHFKDPVLĊVáRGNRZV]\VWNLPL]ĊEDPLMDNZLON$SRWHPU]XFDPPRQHWąZEHONRZDQą ĞFLDQĊ 7R QLH MHVW WDNLH WUXGQH : JUXQFLH U]HF]\ NZHVWLD VWDELOL]DFML U]XWX L SUĊGNRĞFL SRF]ąWNRZHM1RLQDGJDUVWND7U]HEDWHĪZLHG]LHüĪH]áRWRMHVWPLĊNNLPPHWDOHP0RQHWDZ ĪDGQ\PUD]LHQLHSU]HWQLHZáyNLHQGUHZQD7U]HEDQDWRPLDVWU]XFLüZSLRQRZąEHONĊZWHG\ VLĊZELMHSRPLĊG]\ZáyNQD 5RELMHGQDNZUDĪHQLH-HJRPRĞFLHZVąVLHGQLPSRPLHV]F]HQLXWUDWXMąVLĊZGU]ZLDFKDOH ]DPLHUDMąQDZLGRNXQLHVLRQHMUĊNLZáDĞFLFLHODNDQWRUX ±.RU]HQQHJRSLZD±PyZL:ĊG]RQ\8OOH±=LPQHJR3URVWR]HVWXGQL -HVWHĞP\ZLĊFSU]\MDFLyáPL3RSLMDP\NODURZQ\ QDSyMZNWyU\PNRV]WRZQHSU]\SUDZ\ SUDZLH]DELMDMąVPUyGGURĪGĪ\ 8OOHZ\FLąJDQyĪLSRGáXĪV]HMFKZLOLXGDMHPXVLĊZ\GáXEDüJZLFKWD]EHONL2JOąGDJR XZDĪQLHSRF]\PU]XFDQDV]DONĊVZRMHMZDJLLVWXNDED]DOWRZ\PLRGZDĪQLNDPL ± -HĪHOL EĊG]LHV] PL MHV]F]H Z SU]\V]áRĞFL SáDFLá QLH ZELMDM ZV]\VWNLHJR Z ĞFLDQ\ ± PUXF]\ 3URZDG]L PQLH SRWHP ZąVNLPL SU]HMĞFLDPL SRPLĊG]\ FKDáXSDPL ĞPLHUG]L WX PRF]HP SU]HJQLáHGHVNLSRGQRJDPLWDSODMąVLĊZEáRFLH 3RWHPNDĪHF]HNDü6WRMĊZPDáHMXOLF]FHVáXFKDMąFSVyZV]F]HNDMąF\FK]DRVWURNRáHP GZRUXL]DVWDQDZLDPVLĊPHODQFKROLMQLHF]\FRNROZLHNVLĊG]LHMHF]\WHĪ:ĊG]RQ\XVLáXMH PQLHRUĪQąü :UHV]FLHRWZLHUDMąMHGQRVNU]\GáREUDP\L]DSUDV]DMąPQLHGRĞURGND 1D G]LHG]LĔFX URĞQLH NLOND RZRFRZ\FK GU]HZ QD WUDZLH XVWDZLRQR SDUĊ NU]HVHá L

VWROLF]HN :ĊG]RQ\ 8OOH F]HND Z WRZDU]\VWZLH SU]\MDFLHOD 3RPDUV]F]RQHJR G]LDG\JL ] JUG\Ną WDN VWHUF]ąFą ] REZLVáHM V]\L ĪH PRĪQD E\ QD QLHM SRZLHVLü NDSHOXV] 7R 0DOIDVW /HFąF\.DPLHĔ6]DFRZQ\PąĪNWyU\ZLHZV]\VWNRRG]LZQ\FKQLHZROQLNDFK 6LDGDP ] QLPL GRVWDMĊ ]LHORQNDZą F]DUNĊ ] JUXEHJR SĊFKHU]\NRZHJR V]NáD L QDOHZDMą PLXURF]\ĞFLHF]HJRĞFRMHVWZ\UDĨQLH]LHORQHLSDFKQLHMDNV\URSQDNDV]HO 0DOIDVWNODV]F]HDZWHG\GZyFKVáXĪąF\FKRWZLHUDZLHU]HMHEXG\QNXNWyU\Z]LąáHP]D Z\MąWNRZRGáXJąVWRGRáĊ:\SURZDG]DMąEDUG]RZ\VRNąNRELHWĊRNU\WąDĪSRF]XEHNJáRZ\ F]HUZRQ\PSáDV]F]HP]JáĊERNLPNDSWXUHP 0LOF]Ċ =GHMPXMą ] QLHM SáDV]F] ']LHZF]\QD MHVW SRG VSRGHP QDJD L PD ]XSHáQLH ELDáą VNyUĊ SRNU\Wą VNRPSOLNRZDQ\P JHRPHWU\F]Q\P WDWXDĪHP Z F]HUQL L F]HUZLHQL 0D GáXJLH ZáRV\ EDUZ\ ĞQLHJX XSLĊWH Z ZĊ]Há 2WZLHUD WDWXRZDQH SRZLHNL L ZLG]Ċ QDJOH ELDáH RF]\ SU]H] NWyUH SU]HĞZLWXMH F]HUZRQD WĊF]yZND 3URVW\ JU]ELHW ZąVNLHJR QRVD FLąJQLH VLĊ QLHPDO SLRQRZRLG]LHZF]\QDZ\JOąGDMDNZąĪ ± -HVW ĞOHSD ± RG]\ZD VLĊ FKUDSOLZ\P EDUG]R JURPNLP JáRVHP 0DOIDVW ± 7DN MDN FKFLDáHĞĝOHSDOHF]ZLG]LMDNPyZLáHĞ-HMĞZLDWWRFLHPQRĞü/HGZRFRZLG]LZG]LHĔDOH MHMNUyOHVWZRWRGRW\N1LH]QRVLĞZLDWáDQDZHWMHMVNyUDWHJRQLHOXEL7U]HEDMąWU]\PDüZ PURNX L RVáDQLDü RG ĞZLDWáD 3RFKRG]L ] GDOHNLHJR NUDMX L MHVW NDSáDQNą FXG]R]LHPVNLHM ERJLQL NWyUą ]Zą ,UUKDQQD -HM FKUDP\ WR FLHPQH MDVNLQLH D NXOW SROHJD QD REFRZDQLX ] PĊĪF]\]QDPLDOERQLHZLDVWDPL-HMZV]\VWNRMHGQR:LG]LZFLHPQRĞFLLZLG]LGRW\NLHP$ MHMGRW\NWRFRĞF]HJRPĊĪRZLHQLHSRWUDILą]DSRPQLHü0DáRMHLSLĊNQLHĞSLHZDGRVZRMHM ERJLQL DOH WR MHVW EH]SLHF]QH ER RQD MHVW EDUG]R GDOHNR =D WR ZFDOH QLH PyZL 3LĊü JZLFKWyZ]áRWHP3UDZG]LZ\VNDUE 3RFLąJDPá\NQDSRMXLVWZLHUG]DPĪHWRFK\EDWU]HED]ĪDOHPX]QDü]DZLQR3DFKQLHMDN Sá\QGRNąSLHOL .UĊFĊJáRZą :PLOF]HQLX&RWXJDGDü=RVWDáHPERJDW\P]ERF]RQ\PDPDWRUHPG]LZROąJyZ 7RPRĪHSU]\JDUELRQ\PLHG]LDQRVNyU\G]LDGHN]GáXJLPLGRSDVDVUHEUQ\PLZáRVDPLL MHGQąUĊNą"6WRLZPLOF]HQLXLEDZLVLĊWU]\PDQ\PLZGáRQLNDP\NDPL ±7HQXURG]LáVLĊFDáNLHPEH]RF]XLWRMDNR&]\QLąF\0RĪQD JRWU]\PDüZGRPXEH] REDZ-HVWEH]SLHF]Q\GODOXG]LLE\GáD']LĊNLVZRMHMV]WXFHMDNE\ZLG]LDá3RWUDILZ\F]\WDü U]HF]\ ]DNU\WH NLHG\ GDü PX SU]HGPLRW NWyU\ GR NRJRĞ QDOHĪDá 3UDZGD MHGQDN ĪH MHVW ] .HELUXLOHSLHMVLĊJRUR]XPLHMHĪHOLNWR]QDWDPWHMV]ąPRZĊ0DMHV]F]HMHGQąSLHĞĔ±NLHG\ GDV] PX MDNąĞ U]HF] NWyUD VLĊ ]áDPDáD SRWUDIL VSUDZLü ĪH F]ĊĞFL VLĊ ]URVQą 7R Vą SLHĞQL REF\FK ERJyZ L X QDV QLH VSURZDG]DMą QLHPDO ĪDGQHJR QLHV]F]ĊĞFLD 7HJR RGGDP ]D GZDG]LHĞFLDPDUHNVUHEUD .ROHMQDQLHZROQLFDMHVWREOHF]RQDZFRĞFRSU]\SRPLQD]áRFLVW\REFLVá\NRPELQH]RQGR QXUNRZDQLDSRNU\W\ UXG\PL]\J]DNDPL.XFDXVWySVWUDĪQLNDREOL]XMąFZDUJLLRSLHUDVLĊ

GáRĔPLR]LHPLĊ0DRVWUH]ĊE\LF]DUQHZDUJL1DV]\L]DSLĊWRMHMREURĪĊ]SU]\F]HSLRQ\P áDĔFXFKHP ± 7D QLH MHVW PRĪH FDáNLHP ĞOHSD DOH WDN MDN FKFLDáHĞ Z\GDMH VLĊ QLHVSHáQD UR]XPX 0RĪQLZGDOHNLPNUDMXKRGXMąWDNLHMDNRQDV]WXNą&]\QLąF\FKGRR]GRE\LZáDVQHMREURQ\D WDNĪHGRSRORZDĔ)XWURNWyUHMąSRUDVWDMHVWSUDZG]LZH=LPą]URELVLĊJĊVWV]HZLĊFZFDOH QLH WU]HED MHM GDZDü XEUDQLD 0RĪQD Mą XáRĪ\ü L ZWHG\ EĊG]LH VWU]HJáD REHMĞFLD DOH QDOHĪ\ UR]G]LHODü RG SVyZ ER SR]DJU\]D 1LH EĊG]LH PLHü SRWRPVWZD ]H ]Z\Ná\P PĊĪHP DOH FKĊGRĪ\üPRĪQDMDNNWROXEL.RV]WXMHWU]\G]LHĞFLPDUHNVUHEUD 5R]FLHUDPF]RáR=DF]\QDPF]XüVLĊ]PĊF]RQ\ 2JOąGDPMHGQDNGDOHMSDUDGĊG]LZROąJyZ6ąNROHMQHDEVXUGDOQHPXWDFMHDOH]GDU]DMąVLĊ WDNĪHRVREQLF\G]LZQLHRNDOHF]HQLMDNE\FHORZR]QLHNV]WDáFHQL1LNWMHGQDNQLHPDOXG]NLFK RF]X V]HURNLFK ]ĊEyZ NXOLVWHM F]DV]NL L RGVWDMąF\FK XV]X 1LNW QLH SU]\SRPLQD 2ODID )MROOVILQQD8OULNH)UHLKRII3LHUDYDQ'\NHQDDQL3DVVLRQDULL&DOOR 1LNW 7RW\ONRF\UNG]LZROąJyZ -DN WR SRZLHG]LDá WZyUFD WDNLHJR F\UNX QLHMDNL %DUQXP" Ä&RG]LHQQLH URG]L VLĊ QRZ\ IUDMHU´" 3RMDZLDMą VLĊ ]Z\NOL QLHZROQLF\ W\ONR ĪH SULPD VRUW 6PXNáH SRVWDZQH G]LHZF]ĊWD R UR]PDLW\P NRORU]H VNyU\ PXVNXODUQL PĊĪF]\ĨQL 1LH XPLHP F]\WDü ] W\FK LFK RF]X 2F]X ZLHZLyUHNIRNLZĊĪ\3R]EDZLRQHZ\UD]XSDFLRUNL6ą]UR]SDF]HQL"=RERMĊWQLDOL" 7R NXOWXUD EH] WHFKQRORJLL &RĞ WU]HED WHĪ URELü ] MHĔFDPL 0RĪH OHSLHM ]DSU]ĊJDü GR SUDF\ QLĪ SDWURV]\ü QD VFKRGDFK SLUDPLG\ L Z\SXV]F]Dü LP NUHZ QD FKZDáĊ 6áRĔFD L 8SLHU]RQHJR:ĊĪD:V]ĊG]LHWDNE\áR 1D=LHPLWHĪ 6WDáDNRVPLF]QD -HGQDN F]XáE\P VLĊ OHSLHM JG\E\ SU]HSHáQLDáR PQLH W\ONR ĞZLĊWH REXU]HQLH L SRF]XFLH KXPDQLVW\F]QHMZ\ĪV]RĞFL$]DF]\QDPVLĊáDSDüQDW\PĪHNXVLPQLHĪHE\NXSLüNRJRĞ1D SU]\NáDGWĊVPXNáąMDNWDQFHUNDG]LHZF]\QĊRSXUSXURZ\FKZáRVDFKNáĊELąF\FKVLĊQLF]\P FKPXUD 6WRL RVáDQLDMąF UDPLRQDPL SLHUVL OHNNR GUĪ\ ] ]LPQD DOER]H VWUDFKX = RGOHJáRĞFL SDUX PHWUyZ L SRG ĞZLDWáR Z\GDMH VLĊ ĞOLF]QD 3RPLPR WURFKĊ ]D ZąVNLHM F]DV]NL L ]E\W SRFLąJáHMWZDU]\MDNXZV]\VWNLFKWXWDM0DPDáHZ\WDWXRZDQHZ]RUNLQDF]ROHLSROLF]NDFKL FLHQNLHEUZL :\REUDĪDPVRELHWRĞZLĊWHREXU]HQLHSRGUXJLHMVWURQLHZV]HFKĞZLDWD -HĪHOL MHM QLH NXSLĊ ]UREL WR NWRĞ LQQ\ %ĊG]LH Mą ELá JáRG]Lá SRQLHZLHUDá PRĪH WRUWXURZDá PRĪH Mą ]DELMH %ĊG]LH SĊG]Lü Ī\FLH GRPRZHJR ]ZLHU]ĊFLD %ĊGą Mą SRJDQLDü EDE\ZáDĞFLFLHODOERLZáDĞFLFLHONDZV]\VF\=QDMG]LHVLĊQDGROHKLHUDUFKLL7URFKĊSRZ\ĪHM NURZ\-HMĞZLDWRJUDQLF]\VLĊGRMHGQHM]WXWHMV]\FKVPURGOLZ\FKFKDáXS]EDOLNRĪXFKyZ ZV]\ L VNLVáHJR U\ELHJR WáXV]F]X =DSRPQL QDZHW NLP E\áD $ SRWHP ]HVWDU]HMH VLĊ L

SU]HVWDQLHE\üĞOLF]QD$W\PVDP\PGURJD 3U]\PQLHMHMURODRJUDQLF]\VLĊGRGRWU]\P\ZDQLDPLWRZDU]\VWZD7DNĪHZáyĪNXQLH EąGĨP\KLSRNU\WDPL&]DVHPPLSRPRĪH1DXF]ĊMąUyĪQ\FKU]HF]\XF\ZLOL]XMĊ3RWUZDWR NLOND PLHVLĊF\ QDMZ\ĪHM URN GDM %RĪH $ SRWHP NLHG\ EĊGĊ RGODW\ZDá GDP MHM ]áRWD L SRPRJĊVLĊXVWDZLü=RVWDQLHZLHONąSDQLąLXáRĪ\VRELHĪ\FLH .LHG\E\áHPG]LHFNLHPSRV]WRUPLHELHJDáHPSRSODĪ\L]ELHUDáHPZ\U]XFRQHSU]H]IDOH NUDE\=HEUDáHPFK\ED]HVWRàDSDáHPMHLZ\QRVLáHPZPRU]HSR]DIDOHSU]\ERMX=DMĊáRPL WR SDUĊ JRG]LQ ]DQLP XQLRVáHP Z]URN L ]REDF]\áHP ĪH SODĪD SR KRU\]RQW ]DVáDQD MHVW XPLHUDMąF\PLNUDEDPL0LQĊáRW\OHODWDMDQLF]HJRVLĊQLHQDXF]\áHP -HGQDN P\ĞO SR]RVWDMH NXV]ąFD 3DWU]Ċ QD QLą L QLH PRJĊ SR]E\ü VLĊ SU]HG]LZQHJR XF]XFLD 6WDü PQLH :\VWDUF]\ ZVND]Dü Mą SDOFHP Z\VXSáDü NLOND VUHEUQ\FK EODFK ] SDVD L EĊG]LHPRMD7DNWRWXWDMZ\JOąGDĩDGQ\FKNRODFMLSU]\ĞZLHFDFKĪDGQ\FKQHJRFMDFML :WHG\Vá\V]ĊĪHPDF]WHUQDĞFLHODW &K\EDMHVWHPGDOHNRRGGRPX ±6]XNDPNRQNUHWQ\FKOXG]LDQLHSRGREQ\FKDOERZRJyOHG]LZQ\FK0DOIDĞFLH/HFąF\ .DPLHQLX -HGQDN EDUG]R PL SRPRJOLĞFLH 1LH NXSLĊ ĪDGQHJR ] W\FK QLHZROQLNyZ MHGQDN GDP ZDP MHV]F]H SR PDUFH VUHEUHP MHĪHOL XPRĪOLZLFLH PL REHMU]HQLH ZV]\VWNLFK QLHZROQLNyZ MDF\ Vą Z PLHĞFLH X LQQ\FK NXSFyZ 1LH P\ĞOĊ R W\FK NWyU\FK ĪHJODU]H EĊGą Z\VWDZLDOLQDSODFXDOHRSR]RVWDá\FK :ĊG]RQ\8OOHJáDV]F]HVLĊSRV]F]ĊFH ±7HUD]QLHZROQLNyZMHVWPDáR=á\F]DVZRMQDERJyZ&RUD]PQLHMZ\SUDZZ\Sá\ZD 0ĊĪRZLHVLHG]ąZGRPDFKLSLOQXMą$OHPRĪHP\]REDF]\üWRFRMHVW :LHF]RUHP PDP ZV]\VWNLHJR GRV\ü 2EHMU]DáHP MHV]F]H ]H GZLH VHWNL OXG]L L SUyERZDáHPSU]HS\W\ZDüZV]HĞFLXMĊ]\NDFKW\FKNWyU]\UR]XPLHOLFRPyZLĊ1LNWLQLJG\ QLH ZLG]LDá PRLFK UR]ELWNyZ $QL WX DQL Z NUDMDFK Z NWyU\FK LFK SRUZDQR 0áRGH G]LHZF]\Q\ ZG]LĊF]\á\ VLĊ GR PQLH L RELHF\ZDá\ PL FXGD QD NLMX MHĪHOL MH NXSLĊ .LONX VSU\WQLHMV]\FKRSRZLDGDáRPLUyĪQHEDMNLZQDG]LHLĪHLPVLĊWRRSáDFL']LHFLVWáRF]RQHZ NąFLH SRPLHV]F]HQLD SDWU]\á\ QD PQLH SU]HUDĪRQ\PL RF]DPL ]ZLHU]ąWHN Z VFKURQLVNX &KZ\WDQR PQLH ]D UĊFH L XGD ']LHZF]ĊFH GáRQLH PRFRZDá\ VLĊ ]H V]QXUNDPL UR]SRUND ZLHV]Dá\PLVLĊQDV]\L 1LHNWyU]\ Vá\V]ąF ZáDVQą PRZĊ ZSDGDOL Z KLVWHULĊ L Z\NU]\NLZDOL ZLDGRPRĞFL NWyUH PLDáHP SU]HND]Dü LFK NUHZQ\P 3U]HNOLQDOL /XG]L :\EU]HĪD ZáDVQ\FK L FXG]\FK ERJyZ %áDJDOLRSRPRF $OHQLHE\áRWDPQLNRJR]W\FKNWyU\FKV]XNDáHP 3DUV]\Z\G]LHĔ :UDFDP QD SODF 3ĊND Z V]ZDFK RG ZU]DVNyZ EĊEQyZ L SLV]F]DáHN ZV]\VWNLH áDZ\ L VWRá\ Vą MXĪ ]DMĊWH SáRQą RJQLVND QD UXV]WDFK VNZLHUF]ą PLĊVR L U\E\ PĊWQH SLZR OHMH VLĊ SLHQLVWąVWUXJąGRNXENyZURJyZG]EDQyZLJDUGHá

$WOHLIL*UXQDOGLVLHG]ąQDNDZDáNDFKIXWUDSU]\VNDáDFKQDEU]HJXPDMąZáDVQHRJQLVNRL ZáDVQąEHF]XáNĊSLZD:RáDMąPQLH]GDOHND 6LHG]L WDP MHV]F]H NLONX LQQ\FK SRGREQ\FK GR QLFK 3RZĞFLąJOLZ\FK L PLONOLZ\FK -HGQDN ZLWDMą PQLH VHUGHF]QLH -XĪ ZV]\VF\ Vá\V]HOL R F]DUQ\P EOXV]F]X ĝFLVNDP\ VRELH ELFHSV\LNDUNL'ODF]HJRQLH 2GSRZLDGD PL LFK WRZDU]\VWZR :RNyá ZU]DVN G]LNLH WDĔFH MDF\Ğ IDFHFL ĞFLJDMą FKLFKRF]ąFHG]LHZF]ĊWDNWRĞU]\JD]SOXVNLHPGRZRG\7XVLHG]LEDQGDSRQXUDNyZLSDWU]\ ZRJLHĔ:\PLHQLDP\OHQLZHXZDJL 6WUDFLOL VWX WU]\G]LHVWX OXG]L L GZD RNUĊW\ = WHJR W\ONR SLĊüG]LHVLĊFLX Z ELWZDFK L ]DPRUVNLFK DZDQWXUDFK 5HV]WD SU]HSDGáD FDáNLHP QLHGDOHNR :\EU]HĪD ĩDJOL QD MDNLHMĞ SU]HNOĊWHM Z\VSLH = SRZRGX MDNLHMĞ NOąWZ\ 7\OH Z\QLND ] WHJR FR PL PyZLą VNąSR L QLHFKĊWQLHDMDVLĊQLHGRS\WXMĊ 0DPZáDVQHSUREOHP\ *G]LHNROZLHNVSRMU]ĊZLG]ĊSODĪĊ]DVáDQąNUDEDPL 0LOLRQ\NUDEyZ  2GUD]XPRĪQDUR]SR]QDü]áH]DPLDU\SU]HFKRGQLD:LGDüWRSRVSRVRELHZMDNLLG]LHZ WZRMąVWURQĊSRW\PMDNSDWU]\MDNWU]\PDUĊFH0LOLRQ\]QDNyZ :ELMDQRPLWRGRJáRZ\ $PLPRWRSRGURG]HGRVLHG]LE\/XQID*RUąFHJR.U]HPLHQLDSR]ZROLáHPVRELHPLQąü MHGQHJR VLHG]ąFHJR SRG ĞFLDQą F]áRZLHND L ZOHĨü QD GZyFK SR]RVWDá\FK PLPR ĪH LFK V\OZHWNLDĪSáRQĊá\RGDGUHQDOLQ\LĪąG]\PRUGX 1DZHW WUXGQR WR QD]ZDü XOLFą 3R SURVWX ZąVNLH SU]HMĞFLH SRPLĊG]\ GZRPD F]ĊVWRNRáDPL:áDĞFLZLHRSáRWHN3RGQRJDPLEáRWRNDáXĪHXZ\ORWXXOLF]NLSU]HP\NDSLHV SU]\JDUELRQ\MDNKLHQD :\JOąGDMąMDN]DEáąNDQLĪHJODU]H,GąSURVWRQDPQLHVSOHFHQLSU]\MDĨQLHUDPLRQDPLWHQ ] OHZHM WU]\PD Z GáRQL VPXNá\ JOLQLDQ\ G]EDQ 5R]áąF]DMą UDPLRQD ĪHE\ SXĞFLü PQLH ĞURGNLHP2WGZyFKOHNNR]DWDF]DMąF\FKVLĊSLMDF]NyZ 1LF PQLH QLH XVSUDZLHGOLZLD $QL ]PĊF]HQLH DQL ]DP\ĞOHQLH DQL OHFLXWNR V]XPLąFH Z JáRZLH SLZR 6]NRORQR PQLH ZáDĞQLH QD WDNLH RNROLF]QRĞFL /HYLVVRQ FK\ED E\ PQLH ]DELá JG\E\ WR ZLG]LDá 1LJG\ QLH ZROQR SU]HFKRG]Lü ĞURGNLHP SRPLĊG]\ GZRPD OXGĨPL 1LH ZROQRJDSLüVLĊSRGQRJLLUR]P\ĞODü 1LHZFLHPQHMXOLF]FH 7HQ ] SUDZHM FKZ\WD PQLH ]D UĊNĊ SRZ\ĪHM áRNFLD D WHQ ] OHZHM VWU]HOD SRGVWĊSQ\P QLVNLP SFKQLĊFLHP SURVWR Z NRUSXV &LRV LG]LH SR áXNX QLH QD ZSURVW PLĊG]\ ĪHEUD W\ONR SRGáRSDWNĊ7U\EDODUPRZ\SRWU]HEXMHGZyFKG]LHVLąW\FKVHNXQG\QDDNW\ZDFMĊ  $SRWHPVWRMĊZPURF]QHMXOLF]FHZĞUyGVPROLVW\FKFLHQLLVUHEUQHJRĞZLDWáDMHGQHJR]

NVLĊĪ\FyZ : GáRQL FLąĪ\ PL GáXJL VLHUSRZDWR Z\JLĊW\ NLQGĪDá NWyU\ QLH QDOHĪ\ GR PQLH %yO QDSá\ZD ] UR]FLĊFLD Z PLĊĞQLX QDMV]HUV]\P JU]ELHWX SRZROL L MDNE\ QLHSHZQLH 'ZyFK OXG]L OHĪ\ SU]HGH PQą MHGHQ ZSDUW\ Z ĞFLDQĊ ] G]LZQLH Z\NU]\ZLRQą JáRZą L SRGZLQLĊWą QLHPRĪOLZLH QRJą MDN V]PDFLDQ\ SDMDF\N =D PQą WU]HFL NOĊF]\ Z EáRFLH SRFK\ORQ\ MDNE\ VNáDGDáSRNáRQ ĩ\MĊ 'UĪąPLQRJLLZ]DVDG]LHQLHSDPLĊWDPFRVLĊVWDáR 6á\V]ĊFKDUNRW 7R WHQ NWyU\ VLHG]LDá SRG ĞFLDQą D SRWHP QDJOH Z\UyVá PL ]D SOHFDPL :áDĞFLFLHO NLQGĪDáX 7HUD] NOĊF]\ XVLáXMąF UR]SDF]OLZLH ]DFLVQąü UR]FKODVWDQą WĊWQLFĊ V]\MQą SDOFH ĞOL]JDMąPXVLĊZHNUZLSá\QąFHMREILFLHMDNZLQR]UR]FLĊWHJREXNáDND 7HQNWyU\PQLHSFKQąá ZáDĞQLHXPLHUD3DOFHG\JRF]ąPX FRUD]VáDELHMZ\JOąGDMąMDN QRJL UR]GHSWDQHJR NUDED 2F]\ Z\ZUDFDMą VLĊ SRG SRZLHNDPL ZLGDü QDZHW ZąVNL SDVHN ELDáNyZNL1LHPDGODQLHJRV]DQV-DNWRE\áR" 3DPLĊWDP ĪH SU]HGH ZV]\VWNLP XFLHNáHP VSRG RVWU]D NWyUH Z UR]FLąJQLĊW\P F]DVLH MDNE\ Z\KDPRZDáR ZELMDMąF PL VLĊ Z ERN SU]\ áRSDWFH -DNE\ XJU]Ċ]áR Z Ī\ZLF\ NWyUD ]DODáD QDJOH ĞZLDW :V]\VWNR ]ZROQLáR L W\ONR MD SU]HSFKQąáHP VLĊ PLĊG]\ VHNXQGDPL ]VXQąáHP VLĊ ] ĪHOD]D NWyUH MXĪ PQLH ]DF]ĊáR ]DELMDü L VSORWáHP VZRMH UDPLĊ ] MHJR ]DNáDGDMąFPXGĨZLJQLĊQDáRNLHü 7R E\áR ZWHG\ NLHG\ ]JUXFKRWDáHP NRODQR WHPX GUXJLHPX F]\ SU]HGWHP" $ PRĪH UyZQRF]HĞQLH" 7RFK\ED]URELáHPZF]HĞQLHMERNLHG\]DSOHFDPLVá\V]DáHP]JU]\WZ\FLąJDQHM]SRFKZ\ VWDOL MXĪ PLDáHP ZROQą GUXJą UĊNĊ 0RJáHP ]URELü PX DWHPL RGZUDFDMąF\ XZDJĊ FLRV Z JUG\NĊ L SRVáDü SyáREURWHP SURVWR SRG FLĊFLH WHJR ] W\áX 6NRĞQH V]\ENLH FLĊFLH ] REX UąN NWyUHPLDáRSU]HNUHĞOLüPLXNRĞQLHSOHF\DUR]SáDWDáRQRĪRZQLNRZLSLHUĞ 3RWHPZ\MąáHPWDPWHPXV]DEOĊ=DELáHPJRZWHG\F]\QDMSLHUZWHJR]H]áDPDQąQRJą" 1LHZLHP 8SDGDá ZLĊF NRSQąáHP JR Z SRZLHWU]X L MHJR XSDGHNQDJOH ]PLHQLá NLHUXQHN SRPNQąá GRJyU\MDNJG\E\ZVWDZDáW\ONRPLDáMXĪ]áDPDQ\NDUNLMHJRJáRZDNLZDáDVLĊJURWHVNRZR MDNE\V]\MDE\áDMHG\QLHZ\SHáQLRQ\PSLDVNLHPUĊNDZHP 3RWHP REUyW L FLĊFLH 7DPWHQ ZFLąĪ VWDá QLH ZLHU]ąF ZáDVQ\P RF]RP 3DWU]\á QD SU]\MDFLHODNWyU\Z\UyVáQDJOHQDGURG]HMHJRV]DEOLLQDZáDVQHUĊFH]NWyU\FK]QLNáDEURĔ :WHG\ SU]HFLąáHP PX V]\MĊ L XFLHNáHP VSDQLNRZDQ\ ]WU\EX ERMRZHJR MDNE\ WR RQ E\á F]HPXĞZLQLHQ ,ZWHG\G]EDQVWáXNáVLĊR]LHPLĊ $WHUD]VWRMĊVDP]REF\PĪHOD]HPZGáRQLDZRNyáPQLHXPLHUDMąOXG]LH,MHVWHPMXĪ NLPĞLQQ\PQLĪSLĊüPLQXWWHPX -HVWHP]DEyMFą

&]XMĊ SDVNXGQ\ UZąF\ EyO Z ERNX NWyU\ SU]\SRPLQD PL ĪH QLH MHVWHP SU]\QDMPQLHM WUXSHP7RQLHE\áQDSDGUDEXQNRZ\DQLĪDGQDEyMND7RE\á]DPDFK .WRĞFKFLDáPQLH]DELü 7HQ]SU]HFLĊWąV]\MąXSDGDPLĊNNRZEáRWRLZLHONąNDáXĪĊZáDVQHMNUZL &XFKQLHWXNUZLąPRF]HPLU]HĨQLą 3U]HV]XNXMĊ FLDáD 1LH PDMą QLF]HJR FKDUDNWHU\VW\F]QHJR 3RUWNL NRV]XOH NXUW\ $PXOHW\ 3U]\ SDVDFK QLHZLHONLH VDNLHZNL QRĪH MDNLHĞ á\ĪNL ZLV]ąFH QD áDĔFXV]NDFK &]HJR VLĊ VSRG]LHZDáHP" 'RNXPHQWyZ" 0RĪHILUPRZ\FK]DSDáHN]QRFQHJRNOXEX]RGUĊF]QLH]DSLVDQ\PDGUHVHPPDLORZ\P" :V]\VF\PDMąJHRPHWU\F]QHWDWXDĪHQDUDPLRQDFK=\J]DNRZDWHZ]RU\SU]\SRPLQDMąFH VW\OL]RZDQ\GUXWNROF]DVW\,FKUĊFHZ\JOąGDMąSU]H]WRMDNĪPLMH , DPXOHW\ :V]\VF\ WXWDM QRV]ą FDáH NROHNFMH ZLVLRUNyZ ] PHWDOX NRĞFL L NDPLHQLD 3DQLF]QLHERMąVLĊNOąWZL]LPQHMPJá\&DáDWDRGSXVWRZDELĪXWHULDPDLFKFKURQLü-HGQDN V]\MHPRLFKNOLHQWyZ]GRELąW\ONRSRMHG\QF]HVUHEUQHZLVLRUNL7DNLHVDPH'ZDVSOHFLRQH ZĊĪHSU]\SRPLQDMąFHVSLUDOĊ'1$ =U\ZDP U]HPLHĔ L FKRZDP ZLVLRUHN GR NLHV]HQL D SRWHP P\MĊ RNUZDZLRQH GáRQLH Z NDáXĪ\ &]XMĊĪHERN]DF]\QDPLGUĊWZLHüDNRV]XODOHSLVLĊGRFLDáD3RGSDFKąZLG]ĊZLHONą SODPĊ1LHGREU]H7UDFĊ]DGXĪRNUZL3U]HVLąNDMXĪSU]H]SyáNRĪXV]HN 6LHUS ZNáDGDP ] SRZURWHP Z GáRĔ ZáDĞFLFLHORZL &]\ PRJOL SR]DELMDü VLĊ QDZ]DMHP" 3DQQXPHUMHGHQVNUĊFDNDUNSDQXQXPHUGZD3DQQXPHUWU]\RGZG]LĊF]DVLĊVLHUSHPSU]H] SLHUĞZLĊFSDQQXPHUMHGHQFKODVWDJRQRĪHPSRV]\L.LHSVNLH3RFRGXVLáVNRURPLDáQyĪ" $OHWDNPXVL]RVWDüDUDF]HMQLHQDOHĪ\VLĊWXVSRG]LHZDüHNLS\ĞOHGF]HM1DMZDĪQLHMV]HĪHE\ PQLHWXQLNWQLH]REDF]\á 5R]JOąGDP VLĊ F]\ QLH ]RVWDZLáHP ĞODGyZ 5R]U\ZDP NRV]XOĊ L ZS\FKDP SRG SDFKĊ NáąESáyWQDNWyU\SU]\FLVNDPáRNFLHP1LHFKFĊ]RVWDZLü]DVREąĞFLHĪNLNUZLLVNRĔF]\üZ VLHFL]RJQLVW\PLZĊĪDPLF]\F]\PĞWDNLP:\FKRG]ąF]RSáRWNDVWąSDPSRNDPLHQLDFK /XQI*RUąF\.U]HPLHĔRWZLHUDPLQDW\FKPLDVWMDNE\F]HNDáSRGGU]ZLDPL ± =áRG]LHM ± NU]\F]\ &]XMĊ MDN VWDMH PL VHUFH -DGUDQ 6SU]ĊW /XQI DĪ WU]ĊVLH VLĊ ] HPRFML0DZUĊNXNUyWNLV]HURNLWRSyU±2WUXáSVDLSU]HOD]áSU]H]F]ĊVWRNyá3RGDFKX-XĪ VSDOLĞP\ =áRG]LHM OHĪ\ QD Z]QDN QD G]LHG]LĔFX ] UR]U]XFRQ\PL QD ERNL UĊNDPL -HJR WZDU] Z\JOąGDMDNPLD]JD 5R]S\FKDP JUXSNĊ ZVWU]ąĞQLĊW\FK GRPRZQLNyZ L RWZLHUDP GU]ZL 6NREHO MHVW F]\PĞ SU]HFLĊW\5yZQRLJáDGNRMDNODVHUHP:ĞURGNXZLWDPQLHJáĊERNLSRPUXN-DGUDQD 7XOĊVLĊGRZLHONLHJRáEDLSU]\FLVNDPF]RáRGRMHJRF]RáD

±=á\F]áRZLHN±6á\V]ĊZJáRZLH±3U]\V]HGá]á\F]áRZLHN-DGUDQQLHSyMG]LH-DGUDQL 9XNRUD]HP ±-XĪGREU]H±*áDV]F]ĊJRSRV]\L ±7ZyMSWDNZ\G]LREDáPXRF]\±RSRZLDGDJRVSRGDU]±.LHG\W\ONRZV]HGáGRV]RS\ $ SRWHP NRĔ VLĊ XUZDá L NRSQąá JR Z JáRZĊ =DELá\ JR WZRMH ]ZLHU]ĊWD ± .UĊFL JáRZą ] WUZRJąLQLHGRZLHU]DQLHP ±.DĪPLGDüZRG\1DMOHSLHMJRUąFHM±PyZLĊ]FRUD]ZLĊNV]\PWUXGHPLZ\GDMHPLVLĊ ĪH ]DUD] ]HPGOHMĊ 7U]ĊVą PL VLĊ NRODQD = V]RNX SRVWWUDXPDW\F]QHJR ] XSá\ZX NUZL L ]PĊF]HQLDZDONą&KZ\WDPVLĊIUDPXJL%RNEROLMDNMDVQDFKROHUD 3DOFHQLHEDUG]RFKFąPQLHVáXFKDüNLHG\Z\FLąJDPNU]HVLZR /XQINU]\F]\ĪHE\SU]\QLHĞOLZRGĊLVDP]DSDODNDJDQHN ±7HUD]PQLH]RVWDZQDFKZLOĊ :\FRIXMHVLĊLPDPZUDĪHQLHĪHZMHJRWZDU]\ZLG]ĊOĊN *U]HELĊZVDNZDFKNOĊF]ąFZĞUyGUR]V\SDQ\FKU]HF]\DOHVWUDV]QLHFKFHPLVLĊSRáRĪ\ü ZQLHWZDU]ąL]DVQąü 3RWHP VWRMĊ QDJL QDG FHEUHP L URELĊ ELODQV VWUDW =QRZX áXSLH PQLH VWDZ VNRNRZ\ RSDU]HQLD QD SOHFDFK FLąJOH GRVNZLHUDMą DOH QLH PD ĪDGQ\FK RWZDUW\FK UDQ QD XG]LH NLONDQDĞFLHV]UDPRGVSRWNDQLD]F]DUQ\PEOXV]F]HPLWRSFKQLĊFLHZERN1LHMHVWJáĊERNLH PLĊVLHĔ MHVW SU]HFLĊW\ PRĪH QD SyáWRUD FHQW\PHWUD $OH RSáXFQD MHVW QLHWNQLĊWD 'R WHJR NROHNFMD NLONXQDVWX GUREQ\FK VNDOHF]HĔ RWDUü L VLQLDNyZ Z QDMUyĪQLHMV]\FK PLHMVFDFK =GHMPXMĊ]DVNRUXSLDáHV]DUSLHNWyU\PLRZLQąáPLQRJĊMHGHQ]/XG]L2JQLDDSRWHPELRUĊ SRMHPQLN L ]DVNOHSLDP ZV]\VWNLH UDQ\ SLDQNą RSDWUXQNX NWyUD ]DVW\JD Z ELDáH NOHNV\ =DZLHUD NOHM NRPyUNRZ\ ĞURGHN SU]HFLZEyORZ\ HQ]\P\ ZVSRPDJDMąFH JRMHQLH L LPPXQRJOREXOLQ\DOHZW\PWHPSLH]XĪ\FLDEĊGĊ]DGZDW\JRGQLHUR]JQLDWDáSU]HĪXW\FKOHE ]SDMĊF]\QDPL :U]XFDPGRNXEND]LPQHMZRG\GZLHWDEOHWNLNRPSOHNVXUHJHQHUDF\MQHJRLZSRZLHWU]X UR]FKRG]L VLĊ ]DSDFK F\WUXVyZ ĝZLHĪR Z\FLĞQLĊWH SRPDUDĔF]H F\WU\Q\ L PDQGDU\QNL :\SLMDPPXVXMąF\QDSyMZXV]DFKG]ZRQLPLPHORG\MND]UHNODP\Ä2UDQJLQ\´LF]XMĊĪH PDPá]\ZRF]DFK&KFĊGRGRPX 1D EHOFH SRG VXILWHP VLHG]L RJURPQ\ F]DUQ\ SWDN SRGREQ\ GR NUXND L Eá\VND QD PQLH ELDáąSRZLHNąQDF]DUQ\PMDNDJDWRNX ±1D]\ZDV]VLĊ1HYHUPRUH±PyZLĊPX±,]RVWDMHV]]HPQą ±1HYHUPRUH±.UDF]H1LJG\MXĪ ±1DUHV]FLHWRSRZLHG]LDáHб3U]\WDNXMĊ]VDW\VIDNFMą 0\MĊ VLĊ ] JUXEV]D MDN VLĊ GD ]DNáDGDP LQQą NRV]XOĊ L SRUWNL &\IUDO ]DOHZD PQLH SRWRNLHPHQGRUILQ\ĝZLDWURELVLĊSDVWHORZRSOXV]RZ\WĊS\EyOSU]\JDVDUZLHW\ONRRVWURL NUyWNR SU]\ QLHRVWURĪQ\P SRUXV]HQLX .RV]PDUQ\ FLHĔ Z GXV]\ UR]SHá]D VLĊ SR NąWDFK 7UXGQR6WDáRVLĊ7DNLHMHVWĪ\FLH1LHWZRMDZLQD0RJOLFLĊQLH]DELMDüZWHG\E\Ī\OL7DNL

WRĞZLDW&R]URELV]" :\VSRZLDGDV]VLĊ"=DG]ZRQLV]QDSROLFMĊ"3yMG]LHV]QDWHUDSLĊ" /XQISU]\QRVLPLPLVNĊMDNLHMĞXJRWRZDQHMFLHPQRF]HUZRQHMIDVROLRZLHONLFK]LDUQDFK ZĊG]RQąU\EĊLG]EDQSLZD:PLOF]HQLXSDWU]\QDSU]HVLąNQLĊWąNUZLąNRV]XOĊSU]HELWąSRG UĊNDZHPLWDNVDPR]PDOWUHWRZDQąNDPL]HOĊ ±'DM±PyZL±.RELHW\Z\SLRUą :\FLąJDP ]DEUDQ\ PRUGHUF\ DPXOHW L SRND]XMĊ PX 6SOXZD ] REU]\G]HQLHP L XQRVL SLĊĞüPDPURFąFLPLĊ+LQGD ±1LHQRĞWHJR7R]QDN6PHLULQJD%RJD:ĊĪD ±&RWR]DMHGHQ" :]UXV]DUDPLRQDPL :\V\VDP]LDUQDRGU]XFDMąFJUXEHáXSLQ\UZĊU\EĊLVWDUDPVLĊQLHMHĞüMDN]ZLHU]Ċ ±%yJNUDMX:ĊĪ\8QLNDM/XG]L:ĊĪ\7RĨOLOXG]LH1DSDGDMąQDZV]\VWNLFKQLHW\ONR QD ZURJyZ ĩ\Mą Z JyUDFK àDSLą OXG]L L RGGDMą LFK :ĊĪRZL 8PLHMą SRZDOLü F]áRZLHND Z]URNLHP$RGNąGSU]\V]áDZRMQDERJyZPyZLVLĊĪHRJDUQĊáDLFK]LPQDPJáDLRV]DOHOL 6NąGWRPDV]"1LHSRMDZLOLVLĊZW\PURNX ±$SRMDZLąVLĊ" ±-HVWSRNyMMHVLHQQHJRZLHFX:V]\VF\/XG]LH:\EU]HĪDPRJą$OHPRĪHZW\PURNX VW\UVPDQLEĊGąUDG]LüĪHE\LFKQDMHFKDü:V]\VF\PDMąGRV\ü6á\V]DáHPĪHOXG]LH]NUDMX 2JQLDL]NUDMX.RQLL]=LHPL6áRQHM7UDZ\VNDUĪąVLĊĪH6PHLULQJRZLHSRU\ZDMąNRELHW\L G]LHFL7DPFLVLĊZ\SLHUDMąLPyZLąĪHWRPJáDMH]DEUDáD7HUD]SRGREQRPDMąNUyODWDNMDN FXG]R]LHPVNLH G]LNXV\ -HGQHJR NWyU\ MHVW QDG ZV]\VWNLPL L NDĪGHPX PRĪH UR]ND]\ZDü *áXSRWD =DSDPLĊWDM FR FL PyZLĊ FXG]R]LHPF]H -HĪHOL SyMG]LHV] QD PRU]H L ]REDF]\V] F]DUQ\ ĪDJLHO ]H VUHEUQ\P ]QDNLHP 7DĔF]ąF\FK :ĊĪ\ áDGXM NDWDSXOWĊ L ZDOF] DOER VWDZLDM ZV]\VWNLHĪDJOHLXFLHNDM,QDF]HMSRUZąFLĊLRGGDG]ą:ĊĪRZL=DELáHĞNRJRĞ"±S\WDQDJOH EDGDZF]R 3DWU]ĊQDQLHJRSXVW\PZ]URNLHP0LOF]ĊDQDXVWDFKZ\NZLWDPLGUZLąF\XĞPLHFK ±3U]HFLHĪZLG]LDáHĞĪHQLHPDPPLHF]D ±=áRG]LHMDMXĪ]DEUDQR±PyZL±-HJRJáRZD]QDMG]LHVLĊQDáąFHSRGRJQLVW\PGU]HZHP QDG]LDQDQDW\NĊ1DSRVWUDFKLGODSU]\SRPQLHQLDRSRNRMX ±2SRNRMX"±ĝPLHMĊVLĊ ±%ĊG]LHZLGDüFRVLĊG]LHMH]W\PLNWyU]\áDPLąPLU 8ĞPLHFKDPVLĊNU]\ZR  5DQR LGĊ SURVWR GR :ĊG]RQHJR 8OOH , W\P UD]HP PDP VLĊ MXĪ QD EDF]QRĞFL 1D OHZHM UĊFH SRá\VNXMH NDUZDV] QyĪ ]DZLHVLáHP QD V]HONDFK SRG SDFKą ]DVáRQLĊW\ SRáą NDIWDQD :RODáE\P]DEUDüPLHF]DOHWUXGQR 3RGURG]HRPLMDPV]HURNLPáXNLHPIHUDOQ\RSáRWHN:ąWSOLZHE\QDSDVWQLF\QDGDOOHĪHOL

ZXOLF]FHDOHMDNRĞQLHPDPRFKRW\WDPFKRG]Lü 'U]ZLGRNDQWRUXVą]DPNQLĊWH :ĊG]RQ\ 8OOH MHVW GOD PQLH SLHUZV]\P SRGHMU]DQ\P FKRü QLH PDP SRMĊFLD R FR FKRG]LáR.D]DáPQLHRNUDĞü",W\ONRW\OH" &LĊĪNR ]RULHQWRZDü VLĊ Z DUFKLWHNWXU]H W\FK GRPyZ :HZQĊWU]QH G]LHG]LĔFH SDWLD MHGHQ SRGZyU]HF SU]HFKRG]L Z GUXJL ZV]\VWNR ]DPNQLĊWH DOER ĞFLDQDPL EXG\QNyZ DOER SDOLVDGDPL]EDOL1LHZLDGRPRJG]LH]DF]\QDVLĊMHGHQDNRĔF]\GUXJL 3RP\ĞOP\6SyMU]P\JG]LHNRĔF]ąVLĊĞFLDQ\MHJRNDQWRUX-DNLMHVWSU]HELHJGDFKyZ 6LDGDPZWHMVDPHMNDUF]PLHFRSRSU]HGQLR%XG\QNLSU]\OHJDMąGRVLHELH]DEXGRZDQLD QDGQDEU]HĪHPWZRU]ąMHGHQFLąJ 3DWU]ĊQDNUĊFąF\FKVLĊSRQDEU]HĪXOXG]LLZLG]ĊĪHFRĞVLĊ]PLHQLáR=QLNá\ZV]\VWNLH G]LHFL1LHELHJDMąMXĪSRQDEU]HĪX]GUHZQLDQ\PLPLHF]DPLQLHSU]HS\FKDMąVLĊSRPLĊG]\ VSyGQLFDPL L SRUWNDPL SU]HFKRGQLyZ QLH NXFDMą XPRUXVDQH L JáRGQH QD SURJDFK GRPyZ =QLNá\EH]ĞODGX =PLHQLáVLĊWHĪZ\JOąGRE\ZDWHOVNLFKSDWUROL :\GDMHVLĊLFKMDNE\ZLĊFHMDOHSHZQLHGODWHJRĪHZV]\VF\NUĊFąVLĊZ]GáXĪEU]HJX, G]LVLDMZV]\VF\PDMąZUĊNDFKáXNLD]]DSOHFyZVWHUF]ąLPSĊNLGáXJLFKVWU]Dá,VWUDĪQLF\L ]Z\NOLSU]HFKRGQLH]HUNDMąMDNE\XNUDGNLHPQDU]HNĊ 1DGZDZLOF]HRNUĊW\NRá\V]ąFHVLĊSRĞURGNXQXUWXEXUWDZEXUWĊ3U]\E\á\ZQRF\1D UXIDFK áRSRFą ]ĊEDWH F]DUQH SURSRUFH REV]\WH VUHEUQą ODPyZNą ] V\PEROHP SU]\SRPLQDMąF\PVSLUDOĊ'1$DOERR]QDF]HQLHVáXĪE\PHG\F]QHM7DĔF]ąFH:ĊĪH &K\ED QLNW QLH FLHV]\ VLĊ ] LFK SU]\E\FLD $QL PLHV]NDĔF\ ĩPLMRZHJR *DUGáD DQL LQQL ĪHJODU]H 3RPLĊG]\ RNUĊWDPL D VWRMąF\PL QD EU]HJX OXGĨPL WUZDMą QHJRFMDFMH -HGQDN áDWZR ]DXZDĪ\ü ĪH ZV]\VF\ SU]\E\OL QD MHVLHQQ\ ZLHF Vą SR VWURQLH PLHV]NDĔFyZ SRUWX 1D SRNáDGDFK RNUĊWyZ QLH ZLGDü QDGPLHUQHM QHUZRZRĞFL DOH MDNRĞ WDN SU]\ NDWDSXOWDFK Z NRV]DFKSáRQLHRJLHĔLSU]\SDGNLHPVWRLSU]\QLFKGZyFKOXG]L-HGHQSU]\ZLQG]LHQDFLąJX D GUXJL Z SREOLĪX XáRĪRQ\FK QD VWRMDNX RV]F]HSyZ 6ą JUXEH QDVPDURZDQH F]\PĞ FR SU]\SRPLQD VPRáĊ L ]DNRĔF]RQH G]LZQ\PL ZU]HFLRQRZDW\PL JURWDPL SU]H] FR Z\JOąGDMą MDN JUDQDW\ SU]HFLZSDQFHUQH 1D SRNáDGDFK ZV]\VF\ SU]\SDGNLHP PDMą QD VRELH NROF]XJL L KHáP\ZV]\VF\WHĪWU]\PDMąSRGUĊNąáXNLOXERV]F]HS\ 1LHWU]HEDE\üPLVWU]HPZV]DFRZDQLXVLá-HĪHOL/XG]LH:ĊĪ\QLHSU]HVWDQąVLĊVWDZLDü MHVLHQQ\MDUPDUN]DF]QLHVLĊU]HĨQLą]NWyUHMĪDGHQ]QLFKQLHZ\MG]LHĪ\Z\ 3RZDĪQLH Z\JOąGDMąF\ EURGDW\ MHJRPRĞü Z QLHELHVNLP SáDV]F]X VWRMąF\ QD SLUVLH Z RWRF]HQLXZRMyZU\F]\FRĞSRUD]NROHMQ\ZVND]XMąFUĊNą-DVQH /XG]LH:ĊĪ\PDMąFXPRZDüQDGUXJLPEU]HJXZQDMGDOV]\PPLHMVFXDQDVWURQĊSRUWXL GR Z]JyU]D QD NWyU\P EĊG]LH VLĊ RGE\ZDá ZLHF SRGUyĪRZDü Z áyGNDFK 2QL ]DĞ F]XMą VLĊ GRWNQLĊFLLXSLHUDMąVLĊ]RVWDüQDNRWZLF\WDPJG]LHVą 1DSLĊFLHURĞQLH0\ĞOĊĪHZV]\VF\ZRNROLF\VWRMąQDEU]HJXDOERQDSURJDFKGRPyZL

SDWU]ą QD RNUĊW\ :ĊĪ\ :V]\VF\ F]HNDMą &]\ ]D FKZLOĊ SRV\SLą VLĊ VWU]Dá\" .UXFK\ PLU MHVLHQQHJRZLHFXSU\ĞQLHMDNEDĔNDP\GODQD" :ĊĪH VWRMą RSDUFL QLHGEDOH R QDGEXUFLD L ZDQW\ L UyZQLHĪ EDZLą VLĊ WU]\PDQ\PL Z UĊNDFKWRSRUDPLLRV]F]HSDPL .LHG\ZFKRG]ĊGRNDUF]P\DNW\ZXMĊMHGQRF]HĞQLHZVSRPDJDQLH 

 :HZQąWU] E\áR SXVWR 'UDNNDLQHQ Z\PLQąá GáXJLH áDZ\ L ZĞOL]JQąá VLĊ ]D SáDW VNyU\ ]DVáDQLDMąF\ ZHMĞFLH =URELá WR PLĊNNLP NRFLP UXFKHP QLHPDO QLH SRUXV]DMąF ]DVáRQ\ = W\áX Z ZąVNLP SRPLHV]F]HQLX VWDá\ VWHUW\ SRF]HUQLDá\FK EHF]HN L NLOND SRáDPDQ\FK ]\GOL 6NU]\SQĊá\ GU]ZL QD SRGZyUNR L ZáDĞFLFLHO NDUF]P\ SU]HV]HGá NRU\WDU]HP QLRVąF SR GZD SXVWHG]EDQ\ZNDĪG\PUĊNX3U]HV]HGáGRGU]ZLQDZSURVWLRWZRU]\áMHVRELHNRSQLDNLHP SRF]\P]QLNQąáZJáĊELGRPRVWZD3ODPDFLHQLDSRPLĊG]\EHF]NDPLSU]\EUDáDQDJOHOXG]Ną SRVWDüLZ\ĞOL]JQąáVLĊ]QLHM9XNR3U]HPLHU]\áEH]JáRĞQLHNRU\WDU]LZ\V]HGáQDG]LHG]LQLHF 'U]ZLRVDG]RQHQDGUHZQLDQ\FKNRáNDFK]DVNU]\SLDá\W\ONROHNNR &]HUZRQRZáRVD G]LHZF]\QND VLHG]ąFD SR WDPWHM VWURQLH QD JDQNX ] GUHZQLDQ\P NRQLNLHPZGáRQLVNDPLHQLDáDQDMHJRZLGRNDOH:ĊGURZLHFSU]\áRĪ\áW\ONRSDOHFGRXVWL EH] Z\VLáNX ZVNRF]\á QD GDFK V]RS\ SU]\OHJDMąFHM GR NDPLHQQHJR PXUX VWDPWąG GZRPD GáXJLPL VXVDPL QD GDFK EXG\QNX L ]QLNQąá SR GUXJLHM VWURQLH NDOHQLF\ 1DGDO E\áR FLFKR 1LHQDWXUDOQLHFLFKRZFDá\PPLHĞFLHW\ONR]QDEU]HĪDJG]LHPLHV]NDĔF\SRUWXQHJRFMRZDOL] :ĊĪDPLQLRVá\VLĊRNU]\NL 'UDNNDLQHQ ]MHFKDá ] GDFKX QD Z]QDN L ]HVNRF]\á QD NDPLHQQ\ SRGZyU]HF SR F]\P RSDGáQDF]WHU\áDS\MDNNRWLZVWDáNU]\ZLąFVLĊLOHNNRXW\NDMąFQDOHZąQRJĊ :ĊG]RQ\ 8OOH VLHG]LDá QLHUXFKRPR QD áDZLH ] UR]áRĪRQą ZĊG]RQą U\Eą QD NRODQDFK L SDWU]\áQDQLHJR]RWZDUW\PLXVWDPL.DZDáHNVNyU\]SáHWZąSU]\OHSLáPXVLĊGREURG\ 6NU]\SQĊá\GU]ZL :ĊGURZLHFXFK\OLáVLĊSyáREURWHPSXV]F]DMąFZ]GáXĪFLDáDGáRĔ]WRSRUHP]DEORNRZDá RG JyU\ QDGJDUVWHN QDSDVWQLND JU]PRWQąá JR áRNFLHP Z F]RáR L XáRĪ\á QLHUXFKRPHJR QD ]LHPL:V]\VWNRWUZDáRW\OHLOHPUXJQLĊFLHLRGE\áRVLĊZ]XSHáQHMFLV]\ ± =DELáHĞ PL V\QD ± Z\FKU\SLDá 8OOH RVáXSLDá\ 5\ELD SáHWZD QDGDO ZLVLDáD PX Z VNRáWXQLRQHMEURG]LH 'UDNNDLQHQ SRGV]HGá GR QLHJR V]\ENLP NURNLHP ZV]HGá SR VFKRGNDFK ZHUDQG\ L SU]\GHSQąáPXQDJOHNODWNĊSLHUVLRZąSU]\FLVNDMąFSOHF\KDQGODU]DGRĞFLDQ\ 'PXFKQąáZSDOFHZNWyU\FKQDJOHSRMDZLáDVLĊVUHEUQDPRQHWD ± :F]RUDM ]DSáDFLáHP FL JZLFKWD ± SRZLHG]LDá ± ']LVLDM GDP FL PDUNĊ 6UHEUR MHVW WZDUGV]HQLĪ]áRWRLP\ĞOĊĪHZ\GáXELHV]MHW\PUD]HP]F]RáD ±&FR±Z\MąNDá:ĊG]RQ\8OOH ±%\áRLFKWU]HFK±ZDUNQąá'UDNNDLQHQ±1LNWPQLHQLH]QDZW\PPLHĞFLHDMHGQDNQD

PQLHF]HNDOL7HUD]OHĪąZRSáRWNXDMDFKFĊZLHG]LHüFRPDV]]W\PZVSyOQHJR1RVLOLWR± 3RND]DáDPXOHW±:V]\VF\WU]HM.XPDV]VLĊ]:ĊĪDPL" :\FLąJQąáGáRĔGRMHJR WZDU]\8OOHZ\EDáXV]\áRF]\XND]XMąFZąVNLSDVHNELDáHNMDN SU]HUDĪRQ\NRĔDOH9XNRSVWU\NQąáW\ONRU\ELąSáHWZĊNWyUD]DF]ĊáDJRMXĪLU\WRZDü ± %\á W\ONR MHGHQ ± Z\U]Ċ]Lá 8OOH QLH VSXV]F]DMąF Z]URNX ] PRQHW\ NWyUą 'UDNNDLQHQ WU]\PDáPLĊG]\NFLXNLHPDSDOFHPZVND]XMąF\P±-HGHQQLHWU]HFK,SU]\V]HGáQDQDEU]HĪH ]DUD] MDN SRV]HGáHĞ =DS\WDá GRNáDGQLH WDN MDN W\ &]\ E\á WX NWRĞ G]LZQ\ L S\WDá R Z\VRNLHJR ĞOHSHJR PĊĪD ] ZáRVDPL MDN NUXF]H SLyUD 1LH SDPLĊWDP FR SRZLHG]LDáHP SU]\VLĊJDP3DPLĊWDPW\ONRMHJRRF]\=URELá\VLĊ]áRWH$ZRNyáE\áDPJáD&KZLOĊSRWHP VLHG]LDáHP Z NDQWRU]H ]XSHáQLH VDP -XFKD OHFLDáD PL ] QRVD 3U]\VLĊJQĊ QD +LQGD MHĪHOL FKFHV]$WHUD]GDMPLSRGHMĞüGRV\QD ± 7ZyM V\Q ]DUD] VLĊ REXG]L ± SRZLHG]LDá 'UDNNDLQHQ ± 0RĪH EĊG]LH U]\JDá DOH QLF ZLĊFHM 1LHFK SU]\NáDGD PRNUH V]PDW\ GR JáRZ\ L VLĊ SU]HĞSL 1DMOHSLHM MDNE\ PyJá SU]\áRĪ\üOyG =DEUDáQRJĊSR]ZROLá8OOHPXRGNOHLüVLĊRGĞFLDQ\LZ\NDV]OHü ±&K\EDFLZLHU]Ċ±U]HNá9XNR±7\ONRGODF]HJRMDNLĞ:ąĪPLDáE\PQLH]QDü" ±1LH]QDáFLĊ±RGSDUá:ĊG]RQ\8OOH±$OH]QDáWHJRF]DUQHJRNWyUHJRV]XNDV]FK\ED 3\WDáRNRJRNROZLHNG]LZQHJRDW\MHVWHĞG]LZQ\ ± :FDOH QLH MHVWHP G]LZQ\ ± QDGąVDá VLĊ 'UDNNDLQHQ ± 1LH SLáHP W\ONR G]LVLDM FDSSXFFLQR ±&]HJR"±]DS\WDá8OOHZRVáXSLHQLX ±1LHZDĪQH1DZHWW\WHJRQLHPDV]'DMPLNRU]HQQHJRSLZD ±-DNEĊG]LHV]PQLHMHV]F]HNLHG\FKFLDáRGZLHG]Lü±]DXZDĪ\á8OOH]QLHVPDNLHP±QLH ]MHĪGĪDM]GDFKX 6\Q:ĊG]RQHJR8OOHMĊNQąáLXVLDGáSRWU]ąVDMąFEROHĞQLHJáRZą

1LHOHNFHZDĪV]HSWyZLV]HOHVWyZWUDZ\ 1LHOHNFHZDĪLVNLHUQLHVLRQ\FKSU]H]ZLDWU 3RĪRJDMHVWFKZLOą ,EH]P\ĞOQ\PJQLHZHP 3R]RVWDQąV]DUHRGSRSLRáX]JOLV]F]D ,W\ONREyOEĊG]LHSáRQąáEH]NRĔFD  .LUHQHĔVND.VLĊJD3U]\VáyZ

5R]G]LDá

2JLHĔ3XVW\QL

0

yZLOL ĪH QDGHV]áD ] SXVW\QL 3URVWR ] EH]ZRGQHJR SLHNáD 1DKHO =\P JG]LH QLH PD

QLF]HJRSUyF]NDPLHQLSLDFKXLNĊSĪHOD]QHMWUDZ\6DPRWQDNRELHWDRNU\WDOXĨQ\P F]HUZRQ\P SáDV]F]HP MDNL QRVL VLĊ QD SXVW\QL ] WZDU]ą VNU\Wą SRG JáĊERNLP NDSWXUHP 3URURNLQLNWyUDSRZLHG]LDáDĪHSRGSDOLĞZLDW*áRVLáDĪH]RVWDáDSU]\VáDQDSU]H]SUDGDZQą ERJLQLĊ$PLWUDMX3RG]LHPQą0DWNĊ%RJLQLĊRGNWyUHMOXGVLĊRGZUyFLá 3U]\QDMPQLHMWDNWRZ\JOąGDáRZSORWNDFKNWyUHSRZWDU]DQRQDSODFDFKLED]DUDFKFDáHJR LPSHULXP :\GDU]\áR VLĊ WR SRGF]DV Z\MąWNRZR XSDOQHJR VXFKHJR ODWD 1LHER SáRQĊáR Z SRáXGQLRZ\FKSURZLQFMDFKZ\V\FKDá\U]HNLD]LHPLDSRNU\ZDáDVLĊVSĊNDQąVNRUXSą6NZDU ZVWDZDá G]LHĔ Z G]LHĔ L RG ZLRVQ\ Z FHQWUDOQ\FK SURZLQFMDFK QLH VSDGáD QDZHW NURSOD GHV]F]X 0yM RMFLHF ĞFLąJQąá GR VLHELH :LHG]ąF\FK DOH QLH GRWDUáR GR PQLH FR PX SRZLHG]LHOL 0\ĞOĊ ĪH QLF ZDĪQHJR 6ą U]HF]\ QD NWyUH QDZHW QDMOHSV]\ ZáDGFD QLHZLHOH PRĪH SRUDG]Lü D QDOHĪ\ GR QLFK ZáDĞQLH VXV]D SRZyGĨ DOER ]DUD]D 1DZHW QDMPĊGUV]\ LPSHUDWRUQLH]DWU]\PDKXUDJDQXLQDZHWQDMELWQLHMV]DDUPLDQLHSRNRQDEXU]\3RSURVWXWDN MHVW :WHG\ ]DF]\QDáHP MXĪ E\ü PáRG]LHĔFHP 0yM QDMVWDUV]\ EUDW .LPLU =\á QLH Ī\á D MD RVZRLáHPVLĊMXĪ]P\ĞOąRĞZLHFLHNWyU\Z\JOąGDLQDF]HM2GZLHG]DáHPF]DVHPMHJRJUyEZ 2JURG]LH0LOF]HQLDL]DSDODáHPWURFLF]NLZNDPLHQQHMPLVLHR]GRELRQHMUHOLHIHPZNV]WDáFLH NRQLDDOHQLHP\ĞODáHPRQLP]E\WF]ĊVWR3U]\Z\NáHP =UHV]Wą PyM 1DXF]\FLHO QLH GDZDá PL ]E\W ZLHOH F]DVX QD ]DGXPĊ 2 LOH QLHXVWDQQH üZLF]HQLDLG\VF\SOLQĊMDNLHMSRGGDZDQRQDVZ 'RPX6WDOLWUDNWRZDáHPMDNRXFLąĪOLZRĞü GRNWyUHMWU]HEDSU]\Z\NQąüRW\OH]ZLHNLHP]DF]ąáHPPLHüGRGDWNRZH]DMĊFLD0yMEUDWL GZLHVLRVWU\SU]HVLDG\ZDOLZ.RPQDFLH1DXNLQDG]ZRMDPLLVáXFKDOLQDXF]\FLHOD-DEDUG]R F]ĊVWR Z\FKRG]LáHP Z WRZDU]\VWZLH 5]HPLHQLD .OXF]\OLĞP\ WDMQ\PL NDPLHQQ\PL NRU\WDU]DPLDĪGRSDáDFX3U]HGWHPSUDZLHQLJG\QLHRSXV]F]DáHP:LRVNL&KPXU-HMRJURG\ L GRP\ E\á\ GOD PQLH FDá\P ĞZLDWHP &LąJQąF\ VLĊ MDN RNLHP VLĊJQąü PXU L ĞFLDQ\

7\JU\VLHJR3DáDFXR]QDF]Dá\GODPQLHWRVDPRFRGODNRJRĞLQQHJRKRU\]RQW 3RGF]DV ĞZLąW L XURF]\VWRĞFL ]DELHUDOL QDV F]DVHP ĪHE\ĞP\ SDWU]\OL QD PLVWHULD ]]D NROXPQ 7\JU\VLHM 6DOL DOER VSRJOąGDOL QD NRURZRG\ WDQFHU]\ QD 3ODFX 7\VLąFD .RQL SU]HG SDáDFHPF]DVHPSURZDG]RQRQDVGRĞZLąW\QLSDĔVWZRZHMDOHWRZV]\VWNRE\á\HJ]RW\F]QH Z\FLHF]NLWDNLHVDPHMDNU]DGNLHZ\MD]G\GR2UOHJR3DáDFXZ0RUVNLFK*yUDFK 0RMD ZLHG]D R ĞZLHFLH SRFKRG]LáD ]H ]ZRMyZ L RSRZLHĞFL 2 ED]DUDFK L XOLFDFK 0DUDQDKDUX NWyUH PyJáE\P RGZLHG]Lü ]DUD] SR ĞQLDGDQLX ZLHG]LDáHP W\OH VDPR FR R NHELU\MVNLFKVWHSDFKJyUVNLFKPLDVWDFK6DXUDJDUXDOERU]HNDFKLNDQDáDFK-DUPDNDQG\ -HG\QL SURĞFL OXG]LH MDNLFK ZLG\ZDáHP WR SDáDFRZL RJURGQLF\ VáXĪąF\ L QLHZROQLF\ 6\FL L ]GURZL VSUDZLDOL ZUDĪHQLH ]XSHáQLH V]F]ĊĞOLZ\FK L Z\GDZDáR PL VLĊ ĪH WDN VDPR Z\JOąGDMąZV]\VF\PLHV]NDĔF\LPSHULXPDZáDĞFLZLHZV]\VF\OXG]LHQDĞZLHFLH -HGQDNNLHG\]DF]ąáHPVWDZDüVLĊPáRG]LHĔFHPPXVLDáRVLĊWR]PLHQLü5]HPLHĔ]DELHUDá PQLH GR SDáDFX ĪHE\P SU]\JOąGDá VLĊ QDUDGRP L REVHUZRZDá ] XNU\FLD SRVHOVWZD SU]\E\ZDMąFH GR PRMHJR RMFD &RG]LHQQLH UDQR PXVLDáHP Z\VáXFKDü UDSRUWX R VWDQLH SDĔVWZD 'RZLDG\ZDáHP VLĊ R V]WRUPDFK EXQWDFK NRUFDFK ]ERĪD L GXUU\ RNUĊWDFK SRGDWNDFK QLHSRNRMDFK L ZDĞQLDFK UHOLJLMQ\FK 5]HPLHĔ EH]OLWRĞQLH SU]HS\W\ZDá PQLH VSUDZG]DMąFF]\UR]XPLHPLSDPLĊWDPWHZV]\VWNLHU]HF]\.D]DáPLPyZLüFR]URELáE\PZ WHM F]\ LQQHM V\WXDFML L QLH WROHURZDá E\OH MDNLFK EH]P\ĞOQ\FK RGSRZLHG]L &DáH GQLH PXVLDáHP VSĊG]Dü QD QLHNRĔF]ąF\FK VLĊ G\VNXVMDFK 1LH Z\VWDUF]DáD RGSRZLHGĨ Z URG]DMX ÄSU]HVXQąáE\P W\PHQ SLHFKRW\ GR .HE]HJDUX´ DOER ÄSRGQLyVáE\P SRGDWHN R SLĊü GLUKDQyZ RG VWUDJDQX´ 1LHXVWDQQLH SDGDá\ NROHMQH ÄMDN´ L ÄGODF]HJR´ 0XVLDáHP Z\P\ĞODü UR]ZLą]DQLDLLFKEURQLü0ĊF]\áRPQLHWREDUG]LHMQLĪüZLF]HQLDV]WXNLZDONL ,QQD ]PLDQD Z PRLP Ī\FLX SROHJDáD ZáDĞQLH QD W\P ĪH VNRĔF]\á VLĊ GOD PQLH F]DV V]HUPLHUNL QD NLMH 'RVWDáHP ZáDVQ\ PLHF] QyĪ áXN L ZáyF]QLĊ 3URVWH L WDQLH WDNLH MDNLH Z\GDMHVLĊZRMVNX=RVWU]DPL]GREUHMVWDOLDOHRSUDZLRQHZ]Z\F]DMQąNRĞüLGUHZQR 6LQLDNLLVWáXF]HQLDNWyUH]GRELá\PQLHGRWąG]RVWDá\]DVWąSLRQHSU]H]Sá\WNLHV]UDP\L VNDOHF]HQLD 5D]VS\WDáHP5]HPLHQLDNLHG\]D]QDPMDNLHJRĞZ\WFKQLHQLD ±àDWZ\G]LHĔE\áZF]RUDM±RGSRZLHG]LDáPLQDWRĞPLHMąFVLĊ±7DNEĊG]LHMXĪSU]H] FDáHWZRMHĪ\FLH=DSDPLĊWDMWRKLPRQLH 1LHáDWZR E\áR PL VLĊ VNXSLü QD W\P ZV]\VWNLP ER L MD ]DF]ąáHP VLĊ ]PLHQLDü 0LDáHP ZUDĪHQLHĪHQDVWąSLáRWR]GQLDQDG]LHĔ -HGQHJR GQLD FDá\ PyM ĞZLDW Z\SHáQLDáR SRORZDQLH QD RGURELQĊ ZROQRĞFL ĪHE\P PyJá ELHJDüSRRJURG]LHVWU]HODü]áXNXGRNRV]\DOERSá\ZDüZMH]LRU]HDQDJOHRND]DáRVLĊĪH QLHPDGODPQLHFLHNDZV]HMU]HF]\SRGVáRĔFHPQLĪWHQPRPHQWNLHG\SRNRMRZD+DIPDVWRL SRGĞZLDWáRQDWDUDVLHLSU]H]V]DWĊZLGDüZ\UDĨQ\]DU\VMHMFLDáD *G\PRMDQDXF]\FLHOND$LLQDWáXPDF]\áDPLSLVPDGDZQ\FKZRG]yZLZ\NáDGDáD]DVDG\ VNXWHF]QHM SROLW\NL MD ZLG]LDáHP W\ONR MHM V]\MĊ D NRQNUHWQLH WR PLHMVFH QD NDUNX JG]LH

]DF]\QDá\ VLĊ SRGSLĊWH Z\VRNR ZáRV\ 6áXFKDáHP MDN WáXPDF]\ PL ]DVDG\ KDQGOX MHJR V]WXF]NL L WDMHPQLFH DOH ]DV\SLDáHP ] RWZDUW\PL RF]DPL QLH PRJąF RGHUZDü Z]URNX RG WDMHPQLF]HJR RFLHQLRQHJR PLHMVFD PLĊG]\ MHM SLHUVLDPL ZLGRF]QHJR PLĊG]\ ]DSLQNDPL NDIWDQD &]ĊVWR ]DMPRZDOLĞP\ VLĊ JUą NWyUD E\áD üZLF]HQLHP XPLHMĊWQRĞFL KDQGORZ\FK 1D]\ZDáDVLĊWDUELVV8ZLHOELDáHPZWRJUDüDOHRGSHZQHJRPRPHQWXFLąJOHSU]HJU\ZDáHP 0QLHM REFKRG]LáR PQLH WR F]\ ]GRáDP Z\WDUJRZDü RG $LLQ\ U]DGNL F]DUQ\ NDPLHĔ L MDNL XNáDG Z\ORVXMĊ QLĪ WR F]\ XGD PL VLĊ ]REDF]\ü Z UR]FLĊFLX VSyGQLF\ MHM XGR DOER ZHZQĊWU]QąF]ĊĞüVWRS\ 1LE\ZLHG]LDáHPĪHGRUDVWDPL]DF]\QDPVWDZDüVLĊPĊĪF]\]QąDOHQLHSU]\SXV]F]DáHP SU]HGWHP ĪH WR EĊG]LH MDN SRĪDU VWHSX 0\ĞODáHP ĪH ]DF]QĊ SRĪąGDü NRELHW WDN MDN SUDJQąáHP GRVWDü ZáDVQHJR NRQLD DOER RJOąGDü Z\VWĊS DNUREDWyZ 2W ]DFKFLDQND NWyUą ] EUDNXPRĪOLZRĞFL]UHDOL]RZDQLDáDWZREĊG]LH]LJQRURZDüL]GXVLü1LHUR]XPLDáHPF]\PVą WHZV]\VWNLHSáRPLHQQHHPRFMHRNWyU\FKF]\WDáHPXSRHWyZ1LHVąG]LáHPĪHWREĊG]LHMDN REH]ZáDGQLDMąFDWĊVNQRWD]DGRPHPLJRUąF]NDLSUDJQLHQLHSRĞURGNXSXVW\QLUyZQRF]HĞQLH :LHG]LDáHP ĪH F]HND PQLH PDáĪHĔVWZR ] MHGQą ] NVLĊĪQLF]HN ]H VWDU\FK DPLWUDMVNLFK URGyZ PRĪH FyUNą ZáDGF\ MDNLHJRĞ FXG]R]LHPVNLHJR NUDMX ĩH SUyF] WHJR EĊGĊ PLDá NLOND NRQNXELQ$OHZLHG]LDáHPĪHĪDGQHMQLHZ\ELRUĊVDPZHGáXJQDND]XVHUFDLĪHZ]DVDG]LH QLHPDVSRVREXĪHE\MHGQą]QLFK]RVWDáD$LLQDPRMDQDXF]\FLHOND ,WDNFDá\NUDMXPLHUDá]SUDJQLHQLDLMDWHĪ7\ONRĪHOXG]LHL]ZLHU]ĊWDPDU]\OLRZRG]LH DMDXV\FKDáHPSUDJQąFFLDáD$LLQ\ 0yMRMFLHFND]DáZ\GDZDüSDV]ĊGODE\GáDLGRZR]LüZRGĊ]U]HNGRQLHNWyU\FKPLDVW= SURZLQFML REU]HĪQ\FK ĞFLąJDQR EHF]NL L QDSHáQLDQR MH ZRGą NWyUD MHFKDáD FDá\PL VWDMDPL ]DQLPZ\GDQRMąOXG]LRPSRVNRSNXG]LHQQLH $VLOU]HNDSá\QąFDSU]H]VWROLFĊZ\JOąGDáDMDNSRWRNLWRF]\áDVLĊOHQLZLHNRU\WHPSU]H] V]HURNLSDVV]DUHJRVSĊNDQHJRRGVáRĔFDPXáX 1LH PRJáHP SU]\SRPQLHü VRELH WZDU]\ $LLQ\ NLHG\ W\ONR ]QLNDáD PL ] RF]X :LHG]LDáHPĪHPDJUDQDWRZHOHNNRVNRĞQHRF]\LVSODWDMąFHVLĊZSLHUĞFLHQLHLSXNOHZáRV\ NRORUXOHWQLHJRQLHEDQRFą&]HUQLSU]HĞZLWXMąFHMJUDQDWHP3DPLĊWDáHPQRVZąVNLMDNQyĪL SHáQHXVWDROHNNRRSDGDMąF\FKNąFLNDFKDOHWRE\á\W\ONRVáRZD1LHPRJáHP]REDF]\üWHJR SU]HG RF]DPL GXV]\ FKRFLDĪ EDUG]R VLĊ VWDUDáHP :\GDZDáR PL VLĊ ĪH WZDU] QDXF]\FLHONL ]QDMGXMHVLĊ]DMDNąĞ]DVáRQąLODGDPRPHQWMąXMU]ĊDOHNLHG\W\ONRZ\REUD]LáHPVRELHRF]\ ]QLNDá\ XVWD D JG\ SU]\SRPLQDáHP VRELH ZáRV\ ]QLNDáD FDáD WZDU] /HĪDáHP QRFDPL ĞFLVNDMąFĪHOD]QąNXOĊĪ\F]HĔRWU]\PDQąRG5]HPLHQLD.XOĊGRNWyUHMWDNSU]\Z\NáHPĪH NLHG\ W\ONR E\áR PL ĨOH VLĊJDáHP SR QLą RGUXFKRZR &]DVHP ]DV\SLDáHP GRSLHUR JG\ Z\SDGDáDPL]GáRQL 6WXGQLHQDV]ODNDFKWU]HEDE\áRREVWDZLüZRMVNLHPĪHE\QLHZ\EUDQRLFKGRGQD:R]\ ]DáDGRZDQHEHF]NDPLWHĪPXVLDá\MHFKDüSRGRFKURQąMD]G\'XUUDVFKáDQDSRODFKDNROE\

E\á\ZLHONRĞFLG]LHFLĊFHMSLąVWNL 8VLáRZDáHP ]ZDOF]\ü VSDODMąFH PQLH SUDJQLHQLH L ]DMąü VLĊ F]\PĞ LQQ\P $OH QDZHW QDXND ]URELáD VLĊ PRQRWRQQD ']LHĔ Z G]LHĔ SDáDF Ī\á W\ONR GHV]F]HP ZRGą L ]ERĪHP 1LHXVWDQQLH ]OLF]DQR ]DSDV\ VWUDWHJLF]QH L ]DVWDQDZLDQR VLĊ MDN NUDM PD SU]HĪ\ü GR QDVWĊSQHJRURNX3RQLHZDĪWDNVDPRMDNLQQLVDPQLHSRWUDILáHP]QDOHĨüĪDGQHMGREUHMUDG\ F]XáHPVLĊW\P]PĊF]RQ\  &RUD]F]ĊĞFLHMGRVWDZDOLĞP\QLHSRNRMąFHUDSRUW\2GNRPHQGDQWyZZRMVNRZ\FKVWDQLF RG VWUDĪ\ PLHMVNLFK RG XU]ĊGQLNyZ L V]SLHJyZ 3RZWDU]DáR VLĊ Z QLFK MHGQR RNUHĞOHQLH V]HSWDQHQDED]DUDFKZSU]\GURĪQ\FKJRVSRGDFKQDVWDFMDFKLSODFDFKÄJQLHZERJyZ´1LH E\áR QLF G]LZQHJR Z W\P ĪH NLHG\ G]LHMH VLĊ ĨOH OXG]LH SRGHMU]HZDMą R MDNLHĞ G]LDáDQLH ERJyZ$OHZLPSHULXPPRMHJRRMFDSORWNLRVWDU\FKERJDFKE\á\QDSUDZGĊQLHEH]SLHF]QHL SRGNDĪG\PZ]JOĊGHPSROLW\F]QH 0XVLDáE\PRSRZLDGDüRW\PMDNZ\JOąGDá$PLWUDMZF]DVDFKJG\PyMG]LDGHN]DVLDGDá QD 7\JU\VLP 7URQLH 6WRSQLRZR R W\P RSRZLHP DOH MHV]F]H QLH WHUD] 'RĞü ĪH NLHG\ QD ED]DUDFK V]HSWDQR R JQLHZLH ERJyZ PLDQR QD P\ĞOL VWDU\FK ERJyZ :LHONą 3RG]LHPQą 0DWNĊ L MHM VáXJL $]]LQĊ NWyUHM SU]\ NDĪG\FK ĪQLZDFK VNáDGDQR G]LHVLąWNL RILDU ] NUZL MHĔFyZ'ZyFK.VLĊĪ\FRZ\FK%UDFLNWyU]\SDWURQRZDOLPĊĪF]\]QRP.RGHNV=LHPLNWyU\ UHJXORZDá QLH W\ONR NDĪG\ NURN F]áRZLHND RG QDURG]LQ SR ĞPLHUü DOH QLHPDO NDĪGH VáRZR MDNLHZ\SRZLDGDá : WDPW\P $PLWUDMX F]áRZLHN QLH PLDá QLHPDO QLF]HJR QD ZáDVQRĞü :V]\VWNR E\áR SRĞZLĊFRQH ERJRP L ZV]\VWNR QDOHĪDáR GR QLFK 2F]\ZLĞFLH ZLG\ZDQR LFK UyZQLH U]DGNR MDN WHUD] DOER JG]LH LQG]LHM -HGQDN $PLWUDMH ZLHU]\OL ĪH Vą OXGHP VWDQRZLąF\P ZáDVQRĞü 3RG]LHPQHM0DWNLLĪHZV]\VWNLHSRGERMHVąRG]\VNLZDQLHPMHMG]LHG]LFWZD8IDOLĪHNLHG\ SRGELMąFDá\ĞZLDWLRGGDG]ąJR0DWFHZUyFL]áRW\ZLHN:LHNREILWRĞFLV]F]ĊĞFLDLPLáRĞFL &]DVNLHG\OXG]LHQLHPLHOLSáFLLZV]\VWNRLZV]\VF\E\OLMHGQRĞFLą:yZF]DVSĊNQLĊW\QD GZRMHĞZLDW]URĞQLHVLĊQDQRZR1LHEĊG]LHGQLDLQRF\NRELHW\LPĊĪF]\]Q\DQLGREUDL]áD W\ONRKDUPRQLDMHGQRĞFL 0\ .LUHQHQL ZLHU]\P\ Z FR LQQHJR : PR]ROQą 3RGUyĪ 3RG *yUĊ NX RĞZLHFHQLX L KDUPRQLL]H6WZRU]\FLHOHP:LHU]\P\ĪHVąUyĪQHGURJLLZLHOH]QLFKW\FKNWyUHLGą3RG *yUĊSU]H]WUXGE\FLDVSUDZLHGOLZ\POLWRĞFLZ\PZROQ\PLGREU\PMHVWVáXV]Q\PL-HGQDN NDĪG\ LG]LH VDP L PXVLZ\ELHUDü VZyM V]ODN %RJRZLH ± G]LZQH SRVWDFL SRMDZLDMąFH VLĊ QD ]LHPL±UyZQLHĪSRGąĪDMąWąGURJąWDNVDPRMDNLQQHVWZRU]HQLD-HGQL]GąĪDMą3RG*yUĊD LQQLJXELąVZRMąĞFLHĪNĊWDNVDPRMDNOXG]LHDOHQLHPDMą]QDF]HQLD,]PXVLOLĞP\$PLWUDMGR SU]\MĊFLDWHMILOR]RILL 6WRSQLRZR NURN SR NURNX SR]ZROLOLĞP\ OXG]LRP áąF]\ü VLĊ Z PDáĪHĔVWZD PLHV]NDü UD]HP EXGRZDü GRP\ JURPDG]Lü GRE\WHN L Z\FKRZ\ZDü ZáDVQH G]LHFL 3R]ZROLOLĞP\ LP LĞü3RG*yUĊLZ\ELHUDüGURJL3R]ZROLOLĞP\LPSDPLĊWDüRGDZQ\FKMĊ]\NDFKLRE\F]DMDFK

NUDMyZ]NWyU\FKSRFKRG]LOL]DQLP]RVWDOLSRGELFLSU]H]FHVDUVWZRSR]ZROLOLĞP\NáDQLDüVLĊ GDZQ\PERJRPRLOHW\ONRSR]RVWDZDOLSRVáXV]QLQDV]\PSUDZRPL7\JU\VLHPX7URQRZL $OH SU]\V]áD VXV]D D ] QLą JáyG L FKRURE\ L QD ED]DUDFK ]DF]ĊWR V]HSWDü R JQLHZLH ERJyZ 'DZQ\FKERJyZ7\FKNWyU\FKREUDĪRQR ,RSURURNLQL]ZDQHM2JQLHP3XVW\QL3RWĊĪQHMNRELHFLHNWyUDXNU\ZDáDVZRMąWZDU]SRG NDSWXUHPL]RVWDáDSU]\VáDQDSU]H]UR]JQLHZDQą3RG]LHPQą0DWNĊFKáRV]F]ąFąQLHSRVáXV]Q\ OXGRJQLHPVXV]\ ± 'ODF]HJR PD WR WDNLH ]QDF]HQLH" ±VS\WDáHP 5]HPLHQLD SU]\ ĞQLDGDQLX ± 6DUNDMą ER FLHUSLą 'HV]F] VSDGQLH SUĊG]HM F]\ SyĨQLHM 7R RNURSQH ĪH QLHNWyU]\ XPUą ĪH URN EĊG]LH JRUV]\DOHSU]HFLHĪPRĪHP\SRGQLHĞüSRGDWNLZSURZLQFMDFKNWyUHQLHXFLHUSLDá\0RĪHP\ WDP RGEXGRZDü VWDGD NWyUH GDP\ SRV]NRGRZDQ\P Z :HZQĊWU]Q\P .UĊJX 'HV]F] NLHG\Ğ VSDGQLH3U]HFLHĪSU]\ZR]LP\ZRGĊLUR]GDMHP\Mą5R]GDMHP\WHĪĪ\ZQRĞü:LG]ąSU]HFLHĪ ĪHRMFLHFLPSRPDJD$GHV]F]VSDGQLHLWDN8Sá\QLHF]DVL]DSRPQąRVXV]\7DNVDPRMDN ]DSRPQąRWHMSURURNLQL ±&KFLDáE\PĪHE\ĞPLDáUDFMĊ±SRZLHG]LDá5]HPLHĔLVSRMU]DáSRQXURZVZRMąF]DUNĊ] QDSDUHPRU]HFKRZ\P±3RZLHG]MDNDMHVWQDMFHQQLHMV]DU]HF]NWyUąGDOLĞP\$PLWUDMRZL" ±0\±5R]HĞPLDáHPVLĊ7U]HSQąáPQLHDOHWHĪVLĊXĞPLHFKQąá±'DOLĞP\LPZROQRĞü± SRZLHG]LDáHP SRZDĪQLHMąF ± &]\ LVWQLHMH ZLĊNV]\ VNDUE" 0RJą REFRZDü ]H VREą QLH ]ZDĪDMąFQDNDVW\DOHQLNWLFKWHĪGRWHJRQLH]PXV]D6WDUHURG\QDGDOWU]\PDMąVLĊVZRLFK NDVW JG\ FKFą 'DOLĞP\ LP SUDZR .DĪG\ PRĪH Z\ELHUDü GURJĊ 0RĪH XSUDZLDü SROH DOER KDQGORZDüDOERZVWąSLüGRZRMVND ±.DĪG\"±]DS\WDáGUZLąFR±7RMDNVLĊWRG]LHMHĪHZV]\VF\+LUXNRZLHXSUDZLDMąSROD 6LQGDUyZ"ĩDGHQQLHOXELKDQGOX" ±1LHPDMąF]\PKDQGORZDü-HGQDNNLHG\Ğ]DRSXV]F]HQLHZLRVNLF]HNDáDLFKĞPLHUüD WHUD]PRJąLĞüJG]LHFKFąLURELüFRFKFą ±:LĊFGODF]HJRWHJRQLHURELą0áRG\7\JU\VLH" ±%RQLHSRWUDILą±UR]]áRĞFLáHPVLĊ±=QRZXZ\NUĊFDV]VáRZD-DVQHĪHMHĞOLRGVHWHN ODWNDĪG\PyJáLFK]DELMDüERE\OLQDMQLĪV]ąNDVWąLQLF]\PQLHUyĪQLOLVLĊRGQLHZROQLNyZWR MHV]F]H GáXJR EĊGą FLHPQL -HGQDN R LOH ZLHP 6LQGDURZLH PXV]ą WHUD] LP SáDFLü :H ZV]\VWNLFKZLHMVNLFKRVDGDFKVąFHVDUVF\QDXF]\FLHOH0RĪHZLĊFLFKG]LHFL ±,]DSHZQH6LQGDURZLHVą]WHJRSRZRGXV]F]ĊĞOLZVL ±0\ĞOĊĪHWDNVNRURWHUD]PRJąVLĊERJDFLü.LHG\]DSáDFąOXG]LRPLRGGDG]ąSRGDWNL UHV]WĊ]\VNXPDMąGODVLHELH:WHG\QLHPLHOLQLF]HJR ± =DSHZQLDP FLĊ ĪH L ZWHG\ XPLHOL VLĊ ERJDFLü 0LHOL VZRMH VSRVRE\ .DSáDQL QLH WU]\PDOLSU]HFLHĪZV]\VWNLHJRZW\FKVZRLFK&]HUZRQ\FK:LHĪDFK=DWHPXVWDOLOLĞP\MXĪĪH +LUXNRPQLHGDOLĞP\QLF$FRGDOLĞP\6LQGDURP" ± :LHV] GRVNRQDOH ĪH MHV]F]H QLH VNRĔF]\OLĞP\ 0LQĊá\ GRSLHUR WU]\ SRNROHQLD

8VLáXMHP\ Z\OHF]\ü FDá\ NUDM 3RZLQLHQHĞ PLHü ZLĊFHM V]DFXQNX GOD WHJR FR RVLąJQąá PyM RMFLHFDWZyMZáDGFD ± +R KR 0áRG\ 7\JU\V EĊG]LH PQLH VWUDV]\á ]GUDGą VWDQX 7R WDN MDNE\P MD ELá FLĊ WRKLPRQLH]DNDĪG\PUD]HPNLHG\QLHZLHPFRSRZLHG]LHü ± 3\WDáHP FLĊ W\ONR GODF]HJR 7\JU\VLH ,PSHULXP PD VLĊ EDü MHGQHM V]DORQHM NRELHW\ 0DáR MHVW SURURNyZ G]LZQ\FK NXOWyZ NU]\F]ąF\FK QD SODFDFK" 7DF\ MHVWHĞP\ VáDEL" :\VWDUF]\NLONDW\JRGQLXSDáX" ± -HVW LQQD *G]LHNROZLHN VLĊ SRMDZL WDP SRWHP SR]RVWDMą MHM ]ZROHQQLF\ =DNáDGDMą NDVWRZHXEUDQLDZ]QRV]ą]QRZX&]HUZRQH:LHĪH2GGDMąPDMąWHNĞZLąW\QL ±'ODF]HJR" ± 1LHZLHOH ZLDGRPR 5\WXDá\ Vą WDMHPQH -HM PRZ\ WR ]Z\NáH JURĨE\ VWDUH EDMNL R 3RG]LHPQHM 0DWFH NWyUą MHM G]LHFL PXV]ą QDNDUPLü L WH VDPH ZL]MH QRZHJR ]URĞQLĊWHJR ĞZLDWD MHGQRĞFL %H] SRG]LDáyZ EH] QLHVSUDZLHGOLZRĞFL L WDN GDOHM 6ą Z W\P QRZH U]HF]\ NWyUHGRGDáDGRVWDUHMZLDU\DOHWRQLF]HJRQLHWáXPDF]\0D]QDF]HQLHWRĪHUR]GDMHZRGĊL Ī\ZQRĞü,ZHGáXJWHJRFRSU]\V\áDMąZUDSRUWDFKXU]ĊGQLF\GDMHOXG]LRPĨUyGáD ±-DNWRÄGDMHĨUyGáD´" 5]HPLHĔRWZRU]\áJUXEąWXOHMĊLZ\GRE\á]QLHMSOLN]ZRMyZ ± 3URV]Ċ NLV]áDN .DKLU '\P Z *yUDFK 6ĊSLFK 8GHU]\áD SLĊĞFLą Z NDPLHĔ VWRMąF\ SRĞURGNX ED]DUX D QDVWĊSQLH SU]HZUyFLáD JR 3RG VSRGHP Z\WU\VQĊáR ĨUyGáR -HVW PDáH DOH ELMHMXĪRGPLHVLąFDLZFLąĪGDMHZRGĊ7RVDPRQDSU]HGPLHĞFLDFK%DXVDEDGX=RVWDZLáDSR VRELH ĨUyGáR NWyUH WU\VND ]H ĞFLDQ\ VNDOQHM L QD SRGPLHMVNLP ED]DU]H SRGEXU]\áD WáXP GR RGHEUDQLD WRZDUyZ NXSFRP 1LHZLHOH WHJR E\áR DOH UR]GDZDáD SRWHP GXUUĊ NRELHWRP L G]LHFLRP&]HUSDáD]LDUQD]EHF]NL]DSRPRFąGUHZQLDQHJRVNRSNDLZ\GDáDMHMRNRáR7XWDM PDPSURV]ĊÄZLĊFHMQLĪSLĊüUD]\SRSLĊüG]LHVLąWNRUFyZ´3U]HV]áRELQKRQGXUU\]MHGQHM EHF]NL 'DOHM ]DWU]\PXMH VLĊ Z MDVNLQLDFK DOER SLZQLFDFK L WDP X]GUDZLD FKRU\FK 0DP UDSRUW\ R Z\OHF]RQ\FK ]áDPDQLDFK R XVXQLĊFLX RJQLVW\FK ZU]RGyZ Z\OHF]RQHM ]JQLOLĨQLH RGGHFKXLJRUąF]FHEDJLHQQHM ±:LĊFMHVW&]\QLąFą0RĪHP\MąDUHV]WRZDü ± 1LH SRZLQLHQHĞ V]\EFLHM PyZLü QLĪ P\ĞOLV] WRKLPRQLH $UHV]WRZDü ]D WR ĪH QDSRLáD VSUDJQLRQ\OXG"ĩH]URELáDWRF]HJRP\QLHSRWUDILP\"0RĪHMHV]F]H]DF]RSXMP\WHĨUyGáD" $ SRWHP SRZLHĞP\ Z\OHF]RQ\FK" 5]HF] Z W\P ĪH R]GURZLHĔF\ OHGZR VWDQą QD QRJL ]DF]\QDMąEUHG]LüR3RG]LHPQHM%RJLQLRGGDMąPDMąWHNLRGEXGRZXMą&]HUZRQH:LHĪH 6áXFKDáHPMDNLĞF]DVZPLOF]HQLXEDZLąFVLĊF]DUNą ± 3U]HVWDMĊ UR]XPLHü WZRMH QDXNL 5]HPLHQLX 1LH ZLHP F]HJR FKFHV] PQLH QDXF]\ü" -DNDMHVWRGSRZLHGĨ" 1DXF]\FLHOZHVWFKQąá ± 3RZROL NRĔF]\ VLĊ GOD FLHELH F]DV JRWRZ\FK RGSRZLHG]L NWyUH PRĪQD ]QDOHĨü Z ]ZRMDFK L NRGHNVDFK 8F]Ċ FLĊ MXĪ W\ONR P\ĞOHü .RU]\VWDü ] WHM FDáHM ZLHG]\ NWyUą 'RP

6WDOL XVLáRZDá XPLHĞFLü Z WZRMHM SXVWHM JáRZLH SU]H] W\OH ODW %RZLHP PRĪH QDGHMĞü F]DV NLHG\WRMDEĊGĊRF]HNLZDáRGFLHELHRGSRZLHG]LQDS\WDQLHFRURELü0áRG\7\JU\VLHDW\ EĊG]LHV]PXVLDáMHMXG]LHOLü-HGQDN]DQLPWRQDVWąSLF]DVE\ĞSR]QDáĞZLDW ±-DNWR" ±0XVLV]Z\MĞü]SDáDFX%H]RUV]DNyZ7\JU\VLHJR:R]XHVNRUW\LFDáHJRV]WXF]QHJR ĞZLDWD NWyU\ ]H VREą QRVLV] MDN ĪyáZ QRVL VNRUXSĊ &]DV Z\MĞü ]H VNRUXS\ 0DV] E\ü 7\JU\VHPQLHĪyáZLHP  , WDN QDGV]HGá F]DV NLHG\ GRVWDáHP V]DW\ ]Z\NáHJR 6LQGDUD &LHPQRĪyáWą NXUWĊ ] F]DUQ\PLREV]\FLDPLOXĨQHVSRGQLHLILOFRZHEXW\QDSOHFLRQ\FKU]HPLHQQ\FKSRGHV]ZDFK =DVNRF]\áR PQLH WR ĪH E\á\ Z QLHFR OHSV]\P JDWXQNX L ERJDWV]H QLĪ WH NWyUH ]D]Z\F]DM QRVLáHPQDFRG]LHĔ 1DXF]RQR PQLH MDN ]Z\NOL OXG]LH WDF\ MDN PáRG\ F]áRZLHN NWyU\ QLHGDZQR ]GDá HJ]DPLQ\ZFHVDUVNLFKXU]ĊGDFKPRJąVLĊ]DFKRZ\ZDüMDNQDOHĪ\SR]GUDZLDüLQQ\FKOXG]L LFRZPLHĞFLHNRPXĞWDNLHPXSU]\VWRLDFRQLH $ NWyUHJRĞ UDQND 1DXF]\FLHO SU]HGVWDZLá PL F]áRZLHND NWyU\ PLDá VLĊ VWDü GOD PQLH NROHMQ\PZDĪQ\PWRZDU]\V]HPĪ\FLD %\áZ\VRNLFKXG\LVSUDZLDáZUDĪHQLHMDNE\XSOHFLRQRJR]]DVXSáDQ\FKZ\VXV]RQ\FK QD VáRĔFX U]HPLHQL 1RVLá ZDUNRF]\N ZHWHUDQD L ]DXZDĪ\áHP ĪH PD QD EDUNX WDWXDĪ F]WHUQDVWHJRW\PHQX]ZDQHJRÄ3LRUXQRZ\P´%\áQLHFRPáRGV]\RG5]HPLHQLDDOHQDPQLH VSUDZLDáZUDĪHQLHQLHPáRGHJROHF]SR]EDZLRQHJRZLHNXQLF]\PNRĔ 1D]\ZDáVLĊ%UXVV\Q3LRáXQQLNDLSRFKRG]Lá]NODQX6WUXPLHQLD 3RZLWDá PQLH SRZĞFLąJOLZLH RWXODMąF SLĊĞü GUXJą GáRQLą L SU]\NáDGDMąF Mą QD FKZLOĊ GR F]RáD ±7RKLPRQLHPyMSDQLH±PUXNQąá ± 1LH VSRG]LHZDM VLĊ F]RáRELWQRĞFL 0áRG\ 7\JU\VLH ± RĞZLDGF]\á 5]HPLHĔ ± %UXV PD VSUDZLüE\ĞSR]RVWDáĪ\Z\L]GURZ\QDXOLFDFKPLDVWDLSRZUyFLáGRSDáDFX,W\ONRW\OH7R QLH MHVW WZyM VáXĪąF\ DOH RSLHNXQ 2GWąG PRĪHV] Z\FKRG]Lü WDMHPQ\P Z\MĞFLHP L VSDFHURZDü SR 0DUDQDKDU]H DOH %UXV ]DZV]H PD FL WRZDU]\V]\ü 1LH PD RG WHJR Z\MąWNX %ĊG]LHXF]\áFLĊĞZLDWDDOHQLNWWDPQD]HZQąWU]QLHPRĪHQDZHWSRP\ĞOHüĪHMHVWWZRLP VáXJą2ILFMDOQLHQD]\ZDVLĊ7HQG]\Q%\UWDáDMLPDV]VLĊGRQLHJR]ZUDFDüÄVLWDU7HQG]\Q´ QLJG\ LQDF]HM 7\ ]DĞ EĊG]LHV] VLĊ QD]\ZDá $UGĪXN +DWDUPDá MHGQDN %UXV EĊG]LH GR FLHELH PyZLá$UGĪXN$UNLDOERQDZHW5XGD*áRZD7DNMDNE\E\áNLPĞVWDUV]\PDOERZDĪQLHMV]\P &]DVHPEĊG]LHPyZLáOHNFHZDĪąF\PWRQHPOXEFLĊZ\ĞPLHZDá7RVWDQRZLF]ĊĞüSU]HEUDQLD WDNVDPRMDNNXUWDF]\IDáV]\ZHLPLRQD  .LHG\ SR UD] SLHUZV]\ PLDáHP RSXĞFLü :LRVNĊ &KPXU FLHV]\áHP VLĊ DOH JG]LHĞ Z ĞURGNXE\áHPWHĪSU]HUDĪRQ\

:ĊGURZDOLĞP\ GáXJLPL EUXNRZDQ\PL NRU\WDU]DPL NWyUH RĞZLHWODá\ W\ONR QLHZLHONLH ODPS\ ROHMRZH Z QLV]DFK 6á\FKDü E\áR MHG\QLH QDV]H NURNL RUD] G]LZQ\ SRPUXN JG]LHĞ GDOHNR6S\WDáHP%UXVDFRWR]DGĨZLĊN ±0LDVWR±U]HNáW\ONR 3R GáXĪV]\P F]DVLH GRWDUOLĞP\ GR NUĊW\FK VFKRGyZ D SRWHP GR GU]ZL %UXV NWyUHJR RGWąG PLDáHP QD]\ZDü ÄVLWDU 7HQG]\Q´ Z\Mąá ] UĊNDZD NOXF] XZLą]DQ\ QD U]HPLHQLX L MH RWZRU]\á 6WDQĊOLĞP\ Z MDNLPĞ QLHZLHONLP SRPLHV]F]HQLX EH] RNQD 0yM SU]HZRGQLN VWDUDQQLH SU]HNUĊFLá NOXF] D SRWHP RWZRU]\á NROHMQH GU]ZL 7UDILOLĞP\ GR QDVWĊSQHJR ]DVWDZLRQHJR EHF]NDPL L SDNDPL VNáDGX PLQĊOLĞP\ MHV]F]H MHGQH GU]ZL Z\V]OLĞP\ SR VFKRGDFK L RGJDUQąZV]\ ]DVáRQĊ ] SDFLRUNyZ ZHV]OLĞP\ GR FLDVQHJR QLHSR]RUQHJR NDQWRUND Z NWyU\P VLZ\ ]JDUELRQ\ VWDU]HF ĞOĊF]Dá QDG SXOSLWHP L VNUREDá FRĞ WU]FLQRZ\P SLyUHPQDQLHZLHONLP]ZRMX1DSyáNDFKOHĪDá\VHWNL]ZRMyZRUD]WXOHLGRSU]HFKRZ\ZDQLD GRNXPHQWyZ 'UHZQLDQ\FK VNyU]DQ\FK L PDORZDQ\FK Ī\ZLFą 6WDU]HF QLH ]ZUyFLá QD QDV QDMPQLHMV]HM XZDJL WDN MDNE\ QDV Z RJyOH QLH E\áR 8PRF]\á SLVDN Z UR]URELRQ\P WXV]X L GDOHMNUHĞOLáUyZQHV]HUHJLOLWHU ±7RNDQWRUSLVDU]D±SRZLHG]LDá%UXV±0LHĞFL VLĊQDXOLF\3RZURĨQLF]HMZG]LHOQLF\ KDQGORZHM3LVDU]QD]\ZDVLĊ6]\áJDQ+DWMH]LGLPXVLV]WR]DSDPLĊWDüQDZV]HONLZ\SDGHN JG\E\]GDU]\áRVLĊĪHEĊG]LHV]VDPPXVLDáZUyFLüGRGRPX ± 6]\áJDQ +DWMH]LG ± SRZWyU]\áHP ± 3LVDU] ] NDQWRUHP QD 3RZURĨQLF]HM Z G]LHOQLF\ KDQGORZHM 6]\áJDQ+DWMH]LGVLĊJQąáSRNRĞFLDQąSLHF]ĊüLSU]HWRF]\áMąSRNDUFLH'ODQLHJRE\OLĞP\ QLHZLG]LDOQL ±&RRQUREL" ±3LV]HOXG]LRPXU]ĊGRZHSLVPD3URĞE\ZQLRVNLLRĞZLDGF]HQLD$WDNĪHSU\ZDWQHOLVW\ WHVWDPHQW\OLVW\UR]ZRGRZHLW\PSRGREQH7DNąPDSUDFĊ %UXVUR]JDUQąá]DVáRQĊ]U]HPLHQLLZ\V]HGáQDXOLFĊDMDZ\V]HGáHPWXĪ]DQLP ,RPDOQLHXSDGáHPNLHG\]DODáPQLHEODVNVáRĔFDKDáDVWáXPL]JLHáN:LG\ZDáHPMXĪ ZLĊFHM OXG]L QDUD] DOH RGG]LDá\ ZRMVND DOER WáXP\ ZLHUQ\FK SU]\SRPLQDá\ ] GDOHND UDF]HM UDEDWĊNZLDWyZ7XWDMOXG]LHGRVáRZQLHVLĊNáĊELOL3DWU]\áHPQDFLDVQHNORFNRZDWHGRP\Z ĪyáWDZ\P NRORU]H Z\VFKQLĊWHM JOLQ\ WáRF]ąFH VLĊ MHGQH QD GUXJLFK EDUZQH XEUDQLD Z\VWDZLRQHSU]HGZHMĞFLDVWRV\WRZDUyZáRSRFąFHFKRUąJLHZNLV]\OGyZL]DNUĊFLáRPLVLĊZ JáRZLH %\áREUXGQRLKDáDĞOLZLH 3U]HFLVNDOLĞP\ VLĊ SRPLĊG]\ OXGĨPL VLHG]ąF\PL Z SRGFLHQLDFK NWyU]\ SDOLOL IDMNL DOER SRSLMDOL QDSDU EURG]LOLĞP\ Z XV\SDQ\FK WDP VWHUWDFK RZRFyZ ODZLURZDOLĞP\ SRPLĊG]\ VWRVDPL JOLQLDQ\FK QDF]\Ĕ OXE SU]HS\FKDOLĞP\ VLĊ Z ]DODQ\P VáRĔFHP WáXPLH 1LNW QLH XVWĊSRZDá QDP PLHMVFD QLNW QLH SRPDJDá SU]HMĞü 7U]HED E\áR ZFLVNDü VLĊ QD VLáĊ VáXFKDü SU]HNOHĔVWZ L ]QRVLü SRV]WXUFKLZDQLD &]XáHP VPUyG SRWX Z\PLHV]DQ\ ] ]DSDFKHP

VNZLHUF]ąFHM QD UXV]WDFK SLHF]HQL L NRU]HQL GRGDZDQ\FK GR ]LHORQHJR NHELU\MVNLHJR ZLQD 0LDVWRUyZQRF]HĞQLHSDFKQLDáRLFXFKQĊáRE\áR]DUD]HPLQWHUHVXMąFHLSU]HUDĪDMąFHSRQĊWQH LRGS\FKDMąFH =DSDPLĊWDáHP W\ONR FKDRV L WáRN , ZVWU]ąVDMąFH XF]XFLH ĪH QLNW QLH ]ZUDFD QD PQLH XZDJL VSOHFLRQH ] RNURSQ\P OĊNLHP ĪH ]D FKZLOĊ ]RVWDQĊ UR]SR]QDQ\ 7áXP VSUDZLDá ZUDĪHQLH ĪH ZV]\VF\ LGą ZH ZV]\VWNLFK NLHUXQNDFK UyZQRF]HĞQLH =DXZDĪ\áHP WHĪ ĪH QLHNWyU]\FKRURZDOLDOERQRVLOLĞODG\GDZQ\FKVFKRU]HĔ%UDNRZDáRLP]ĊEyZPLHOLEOL]Q\ ]GDU]DOLVLĊOXG]LHSR]EDZLHQLQRJLOXEUĊNLF]DVHPPLHOLSRZ\NUĊFDQHGáRQLHDOERURSLHMąFH ZU]RG\ .LHG\ SU]HV]OLĞP\ NDZDáHN SRF]XáHP VLĊ RNURSQLH ]PĊF]RQ\ L QDEUDáHP RFKRW\ ĪHE\ ZUyFLüGR:LRVNL&KPXUSU]HEUDüVLĊLXVLąĞüZRJURG]LH3RZLHG]LDáHPRW\P%UXVRZLDOH W\ONRSDUVNQąá ± -HV]F]H QLH ZLG]LDáHĞ PLDVWD $UNL 0DV] GR QLHJR SU]\Z\NQąü 7R MHVW Ī\FLH 7HQ VPUyGKDáDVLFLOXG]LH:WZRLPRJURG]LHVLĊĞQL7\PXVLV]VLĊREXG]Lü 6]OLĞP\ ZLĊF XOLFDPL D PQLH NUĊFLáR VLĊ Z JáRZLH RG ]JLHáNX XSDáX D ZNUyWFH ]H ]PĊF]HQLD ±.LHG\MHVWHĞ]PĊF]RQ\PRĪHV]XVLąĞüJG]LHĞZFLHQLXQD]LHPLDOHWDPEĊG]LH]NROHL GXV]QR L WáRF]QR .DĪG\ FKFH XVLąĞü Z FLHQLX 3R]RVWDOL SU]HFKRGQLH EĊGą FLĊ NRSDOL L SRWUąFDOL &R LQQHJR MHĞOL PDV] MDNLHĞ SLHQLąG]H :WHG\ PRĪHV] ]QDOHĨü NDUF]PĊ L WDP RGSRF]ąü QDSLü VLĊ F]HJRĞ L XVLąĞü Z\JRGQLH QD ]\GOX 7R MHGQDN NRV]WXMH 3RGREQLH MDN NDĪG\ RZRF NDĪG\ NDZDáHN SLHF]RQHJR ĪyáZLD L Z RJyOH ZV]\VWNR FR ZLG]LV]: PLHĞFLH NRV]WXMH ZV]\VWNR .DZDáHN FLHQLD FKZLOD Z\SRF]\QNX NĊV MHG]HQLD -HĪHOL FKFHV] FKRüE\ JG]LHĞXVLąĞüLRGSRF]ąüPXVLV]SáDFLü:PLHĞFLHSáDFLVLĊFRFKZLOĊL]DZV]\VWNR7DNĪH ]D NDĪG\ á\N ZRG\ 7DPWHQ F]áHN LGąF\ ] G]LZQ\P ]ELRUQLNLHP QD SOHFDFK VSU]HGDMH ZáDĞQLHZRGĊ.LHG\EĊG]LHP\Z\FKRG]LOLQDVWĊSQ\PUD]HPGRVWDQLHV]WURFKĊPLHG]LDNyZ PQLHMZLĊFHMGLUKDQD7\OHLOHZ\QRVLG]LHQQD]DSáDWDGODFLHĞOL*G\]HFKFHV]FRĞNXSLüDOER ]MHĞüEĊG]LHV]PXVLDá]ZUDFDüXZDJĊQDFHQ\LVSUDZG]DüF]\PRĪHV]VRELHQDWRSR]ZROLü 3DPLĊWDM ĪH RGNąG WUZD VXV]D QDMGURĪHM Z W\P PLHĞFLH NRV]WXMH ]DVSRNRMHQLH SUDJQLHQLD 0LPRWRZVWROLF\MHV]F]HMHVWZ]JOĊGQLHQRUPDOQLH 3R MDNLPĞ F]DVLH MHGQDN L %UXV ]]LDMDá VLĊ L XVLHGOLĞP\ Z SRGFLHQLX SU]HG MDNLPĞ PURF]Q\P SRPLHV]F]HQLHP QD GUHZQLDQ\FK WZDUG\FK NU]HVHáNDFK D JUXE\ REHUĪ\VWD SU]\QLyVáQDPF]DUNLQDSDUXRU]HFKRZHJR ±'ODF]HJRXVLHGOLĞP\WXWDMVLWDU7HQG]\Q" ±%RÄ8.RFXUD´MHVWGREU\QDSDU'XĪRJRUV]\QLĪWRFRSLMDV]]D]Z\F]DMDOH]GRáDV] JRSU]HáNQąü ± $OH ]DSáDFLáHĞ Syá WLJULND : WDPWHM JRVSRG]LH QDSRMH Vą WDĔV]H =D WH VDPH PRQHW\ RSUyF]QDSDUXGRVWDOLE\ĞP\MHV]F]HSRW\NZLHNRU]HQQHJRSLZD ±6NąGZLHV]"±=PDUV]F]\áEUZL

±&HQ\Z\SLVDQRNUHGąQDRNLHQQLF\VLWDU7HQG]\Q±]DXZDĪ\áHP 3RWHPSROXELáHPZ\SUDZ\GRPLDVWD&KRG]LOLĞP\SRXOLFDFKFRMDNLĞF]DVSU]\VLDGDMąF Z WDZHUQDFK SU]HFKDG]DOLĞP\ VLĊ SR ED]DUDFK L SODFDFK %UXV Z ]DVDG]LH SR]ZDODá PL FKRG]Lü JG]LH FKFLDáHP VSU]HFLZLDá VLĊ W\ONR NLHG\ SRVWDQDZLDáHP Z\EUDü VLĊ Z QLHNWyUH G]LHOQLFH ±7DPMHVW]E\WQLHEH]SLHF]QLH±RGSRZLDGDáNUyWNR 3ROXELáHP REVHUZRZDQLH OXG]L L SU]\VáXFKLZDQLH VLĊ UR]PRZRP :\SDWU\ZDáHP HJ]RW\F]QLH Z\JOąGDMąF\FK FXG]R]LHPFyZ L F]XáHP UDGRĞü ZLG]ąF SU]HS\FKDMąFHJR VLĊ SU]H]WáXPF]áRZLHNDZNLUHQHĔVNLHMNXUFLH]NODQRZ\PLKDIWDPLQDUĊNDZDFKL]QRĪHPX ERNX /XELáHP WHĪ áD]Lü EH] FHOX 3U]HMĞü SU]H] ED]DU ]ZDĪ\ü Z GáRQL NHELU\MVNą V]DEOĊ NXSLü SLHF]RQą NDáDPDUQLFĊ ] XOLF]QHJR UXV]WX L SRSLü W\NZą NRU]HQQHJR SLZD SRWDUJRZDü VLĊ R V]QXU SDFLRUNyZ D SRWHP RILDURZDü JR SLHUZV]HM QDSRWNDQHM áDGQHM G]LHZF]\QLH 0LDáHPMHGQDNW\OHUR]XPXE\QLH]EOLĪDüVLĊGRNRELHWZNDVWRZ\FKV]DWDFK]WDWXDĪHPQD F]ROH ± 0ĊĪF]\]QRP QLH ZROQR RG]\ZDü VLĊ GR QLFK EH] S\WDQLD ± ]DXZDĪ\á %UXV ± .UHZQL PRJąFLĊSRWXUERZDüDPRĪHNWRĞ]HFKFHSFKQąüFLĊQRĪHPZWáRNX .LONDUD]\VXURZRPQLH]EHV]WDáNLHG\FKFLDáHPLĞüZMDNLHĞSRGHMU]DQHPLHMVFD ±1LFFLVLĊQLHVWDQLH±SRZLHG]LDá±1LHWRELHVNRURWXMHVWHPDOHEĊGąSUyERZDOLFLĊ ]DF]HSLDüDMDEĊGĊPXVLDáLFK]DELü:WHQVSRVyEVND]XMHV]LFKQDĞPLHUü7REH]P\ĞOQH RNUXFLHĔVWZR 8]QDáHPWR]DSU]HFKZDáNLDOHSHZQHJRGQLDPQLHRNUDG]LRQR 1DZHW WHJR QLH ]DXZDĪ\áHP 3U]HFLVNDOLĞP\ VLĊ SU]H] ED]DU %UXV LGąF\ ]D PQą QDJOH RGZUyFLáVLĊ JZDáWRZQLHXVá\V]DáHPNU]\NL]REDF]\áHPĪHPyMRSLHNXQĞFLVNDQDGJDUVWHN FKXGHJRZ\URVWNDRV]F]XURZDWHMWZDU]\LF]HUZRQ\FKRF]DFKG]LHUĪąFHJRVDNLHZNĊNWyUą QLHZLDGRPRMDNRGFLąá RGPRMHJRSDVD =áRG]LHMZ\GDá]VLHELHSU]HUDĨOLZ\ Z\VRNLSLVNL FKODVQąáGáRĔ%UXVDZąVNLPRVWU]HPNWyUHZRNDPJQLHQLXZ\URVáRPX]GUXJLHMGáRQL1LH ]GąĪ\á%UXVUyZQLHV]\ENRFRIQąáUĊNĊLFKáRSDNQLHPDOSU]HUąEDáZáDVQ\QDGJDUVWHN .LHG\ RGFKRG]LOLĞP\ SU]HS\FKDMąF VLĊ SU]H] WáXP Z\URVWHN ZLá VLĊ QD ]LHPL SRĞURGNX ]ELHJRZLVNDVNRZ\F]ąFMDN]UDQLRQ\SLHVDNUHZ]UR]FLĊWHMUĊNLFKOXVWDáDZRNyáQDSLDFK :HIHNFLH7HQG]\QSU]\ZáDV]F]\áVRELHPRMąRG]\VNDQąVDNLHZNĊ ± 6SĊG]LV] WHQ G]LHĔ EH] JURV]D 5XGD *áRZR WR PRĪH QDXF]\V] VLĊ XZDĪDü 7HQ PDá\ V]F]XUSU]\SáDFLĪ\FLHPWZRMHJDSLRVWZR ±3U]HFLHĪWRW\ONRUĊND±]DXZDĪ\áHP ± 5ĊNĊ ]DXZDĪ\á ER JR EROL L VDP VLĊ FLąá ± Z\FHG]Lá %UXV L G\VNUHWQLH ZVXQąá RVWU]H ZLHONRĞFLPDáHJROLĞFLDGRSRFKHZNLNWyUDQLF]\PDPXOHWZLVLDáDPXQDV]\L &LĊĪNRPLWHUD]P\ĞOHüR0DUDQDKDU]HPRMHMPáRGRĞFLERWHJRPLDVWDMXĪQLHPDLE\ü PRĪHQLJG\QLHEĊG]LH'ODWHJRSDPLĊWDP7RPLDVWRWHĪPXV]ĊQLHĞüZVRELHUD]HP]FDáą UHV]Wą5D]HP]PRLPQLH]QDQ\PNUDMHP.LUHQHQHPFDá\PPRLPNODQHP:LRVNą&KPXU

$LLQąRMFHPEUDüPLPDWNąL5]HPLHQLHP7DNZLHOHWHJRMHVW 7DNZLHOHVSáRQĊáR 0DUDQDKDU :WHG\ Ī\áR %\áR ZXOJDUQH KDáDĞOLZH L NU]\NOLZH DOH ZHVRáH MDN SRGSLWD G]LZND :V]\VWNRPRĪQDWXE\áRVSU]HGDüLNXSLüZLG]LDáRVLĊNDUDZDQ\NXSLHFNLH]FDáHJRĞZLDWD 7DĔF]RQR JUDQR Z NRĞFL SLWR ]LHORQH ZLQR L DPEULMĊ $Ī GR QDGHMĞFLD XSDOQHM JUDQDWRZHM QRF\ QD XOLFDFK NáĊELá VLĊ WáXP : G]LHOQLF\ UH]\GHQFML E\áR VSRNRMQLHM 7DP UR]OHJDá VLĊ ĞSLHZ SWDNyZ &KRG]LáHP WDP F]DVHP ĪHE\ SRSDWU]Hü QD ELDáH NRSXá\ SDáDFyZ L NLSLąFH ]LHOHQLą ZHZQĊWU]QH RJURG\ /XELáHP ]HUNQąü XNUDGNLHP QD RWRF]RQą RJURGHP ĞZLąW\QLĊ 'DOLML JG]LH Z DOWDQDFK VLHG]LDá\ QDJLH GáXJRZáRVH NDSáDQNL SLĊNQH MDN QLPI\ L VSU]HGDZDá\ VZRMH WDWXRZDQH FLDáD ]D ]áRWą V]HNOĊ QD U]HF] ĞZLąW\QL 3DWU]\áHP QD LFK R]GRELRQHNRORURZ\PLNZLDWDPLLOLĞüPLVPXNáHXGDLSRGREQHGRRZRFyZSLHUVLLF]XáHP MDN PRMH SRĪąGDQLH VWU]HOD Z\VRNLP SáRPLHQLHP QLF]\P WUDILRQH SLRUXQHP ROHLVWH GU]HZR -HGQDN QLF QLH PyZLáHP %UXVRZL L RQ WHĪ PLOF]Dá &]ĊVWR MHGQDN ]DVWDQDZLDáHP VLĊ VNąG ]GRE\ü]áRWąV]HNOĊ :RODáHP MHGQDN NUĊWH MDN ODELU\QW XOLF]NL G]LHOQLF\ KDQGORZHM L SRUWRZHM 3RUW U]HF]Q\ FXFKQąá ZWHG\ SU]HUDĨOLZLH VWDWNL EDUNL L JDOHU\ VWDá\ F]DVHP L R NLONDG]LHVLąW NURNyZ RG SRPRVWyZ QD SRNáDG\ ]DáRJL PXVLDá\ VFKRG]Lü SR GUDELQDFK D WRZDU\ QRV]RQR EURG]ąF Z WáXVW\PPXOHSU]\NU\W\PVSĊNDQąVNRUXSą:EáRFLHJQLá\RGSDGNLLOĊJá\VLĊPLOLRQ\PXFK 3RGF]DV W\FK VSDFHUyZ F]ĊVWR Vá\V]DáHP R 2JQLX 3XVW\QL ± 1DKHO ,IULML , R JQLHZLH GDZQ\FK ERJyZ , R SU]HNOĊWHM FXG]R]LHPVNLHM G\QDVWLL NWyUD VSURZDG]DáD QD FHVDUVWZR NDUĊJQLHZLSODJL .LHG\Vá\V]DáHPWHV]HSWDQNLRJDUQLDáPQLHOĊNLSU]HF]XFLHMDNLHJRĞQLHV]F]ĊĞFLD &RNROZLHN VLĊ G]LDáR LPLĊ SURURNLQL ZUDFDáR Z SORWNDFK XSRUF]\ZLH MDN IDáV]\ZD PRQHWD .LHG\ Z PLHĞFLH Z\URLá\ VLĊ PXFK\ Vá\V]DáHP ĪH Ä1DKHO SRZLHG]LDáD ĪH SU]\MGą PXFK\ ĩH Z\ĪUą RF]\ ZURJRP 3RG]LHPQHM /ĊJQą VLĊ ] JU]HFKyZ SU]HFLZ .RGHNVRZL =LHPL=WHJRSREáDĪDQLD=WHJRKDQGOX=QLHF]\VWRĞFL.DĪG\W\ONRGODVLHELHDGOD0DWNL QLF3RWHPEĊG]LHMHV]F]HJRU]HM´ ']LHOQLFD KDQGORZD MHGQDN Ī\áD KDQGOHP ZROQRĞFLą SRGUyĪRZDQLD L VZRERGą MDNLH GDZDá\QDV]HSUDZD7DPSRJáRVNLRFXGDFKSURURNLQLSRZWDU]DQR]QLHFKĊFLąLREDZą7DP QLHPyZLRQRĪHÄZV]\VWNRZUyFLGRVWDUHJR0LVNDGXUU\NDĪGHPXL.RGHNV=LHPL6NRĔF]ą VLĊWHNLUHQHĔVNLHSRU]ąGNL=QRZXEĊG]LHMDN]DG]LDGyZ.DSáDQL]URELąSRU]ąGHNLZUyFą GHV]F]H´ $ MHĪHOL WR ] SU]HUDĪHQLHP 1D ED]DUDFK SUDFRZDOL ZROQL OXG]LH , QLH WĊVNQLOL ]D SRZURWHP&]HUZRQ\FK:LHĪZLĊFZXOLF]NDFKG]LHOQLF\KDQGORZHMF]XáHPVLĊOHSLHM  2GNąG]DF]ąáHPZ\P\NDüVLĊGRPLDVWDLQDF]HMWHĪSDWU]\áHPQD:LRVNĊ&KPXU1DGDO Z\GDZDáD PL VLĊ QDMOHSV]\P PLHMVFHP QD ]LHPL PRLP GRPHP DOH ]DF]ąáHP PLHü QLHSRNRMąFH SRGHMU]HQLD ĪH E\ü PRĪH U]HF]\ZLĞFLH MHVW QDMOHSV]\P PLHMVFHP QD ]LHPL ,

GRP\ LQQ\FK OXG]L QLH W\ONR QLH Vą MHM PQLHMV]\PL ZHUVMDPL DOH QDZHW Z RJyOH MHM QLH SU]\SRPLQDMą=DF]ąáHPOHSLHMUR]XPLHüĞZLDW .LHG\ VáXFKDáHP UDSRUWyZ R WRZDUDFK FáDFK L ]ELRUDFK ZLG]LDáHP SU]HG RF]DPL NRV]H F]HUZRQHMGXUU\VWHUW\RZRFyZSĊNLGáXJLHMFHEXOLLVWDGDF]HUZRQ\FKZRáyZSRU\NXMąF\FK Z ]DJURGDFK 3RWUDILáHP ]UR]XPLHü F]\P MHVW SLĊü JDOHU ] áDGXQNLHP VNyU DOER W\PHQ SLHFKRW\,SRMąáHPĪHĞZLDWMHVWZLHONL $FDáąUHV]WĊĞZLDWDZ\SHáQLDáPL]DSDFK$LLQ\MHMZáRV\MHMGáXJLHQRJLEá\VNDMąFHZ UR]FLĊFLXVXNQLQLF]\PQRĪ\FHLWRWDNĪHSU]HSHáQLDáRPRMąJáRZĊZNWyUHMURELáRVLĊUyZQLH WáRF]QRMDNQDQDMZLĊNV]\PED]DU]H0DUDQDKDUX 3RSDGDáHPF]DVHPZVPĊWQH]DP\ĞOHQLH:LHF]RUDPLVLHG]LDáHPZPRMHMV\SLDOQLDOER QDWDUDVLHLSDWU]\áHPQDRJUyG6áXFKDáHPZRáDQLDQRFQ\FKSWDNyZLVSRJOąGDáHPQDOĞQLąFH ZRG\MH]LRUD6]XNDáHPPLOF]HQLDLVDPRWQRĞFL$LLQD 0\ĞOĊĪHWRQLHE\áDZáDĞFLZLHPLáRĞü&K\EDQLH1DSHZQRQDWRPLDVWE\áRWRZĞFLHNáH RJQLVWHSRĪąGDQLH*G\E\PPyJáPLHüLQQąNRELHWĊNWyUDSRFLąJDáDE\PQLHUyZQLHSRWĊĪQLH MDN $LLQD QDXF]\FLHOND V]\ENR Z\ZLHWU]DáDE\ PL ] JáRZ\ $OH Z PRLP ĞZLHFLH LVWQLDáD JáyZQLH$LLQDZLĊFSáRQąáHPGODQLHM 1LHZLHPF]\]DXZDĪ\áDFRVLĊ]HPQąG]LHMH3HZQLHQDW\FKPLDVWERQLHNDUFLáDPQLH MXĪ WDN VXURZR MDN NLHG\Ğ PLPR ĪH ]DPLDVW VáXFKDü FR PyZL PL R LQWU\JDFK L KDQGOX VáXFKDáHPW\ONRPHORGLLMHMJáRVXDOERZG\FKDáHPZRĔWDWDUDNXNWyU\PSDFKQLDá\MHMZáRV\ :\GDZDáRVLĊĪHQLH]ZUDFDQDWRQDMPQLHMV]HMXZDJL .WyUHMĞXSDOQHMQRF\QLHZ\WU]\PDáHPLSRV]HGáHPGRRNRáD'RPX6WDOLĪHE\SRV]XNDü MHM V\SLDOQL PDMąFHM WDN MDN ZV]\VWNLH SDWLR RWZDUWH QD RJUyG 7DN QDSUDZGĊ QLH PLDáHP SRMĊFLD FR URELĊ &KFLDáHP W\ONR SRSDWU]Hü :LHG]LDáHP ĪH MHM ZLGRN PRĪH SU]\QLHĞü SU]\QDMPQLHM MDNąĞ SR]RUQą XOJĊ 6NUDGDáHP VLĊ ]D NU]DNDPL DĪ QDWUDILáHP QD MHM SDWLR 3RĞURGNX Z]QRVLá\ VLĊ QLHZLHONLH ELDáH VNDá\ L URVáD QLHZ\VRND SRZ\JLQDQD VRVQD 3U]\VLDGáHP]DNZLWQąF\PNU]HZHPOHW\FMLRNZLDWDFKZLHONLFKMDNPRMDJáRZDLF]HNDáHP %\á XSDá ZLĊF QDXF]\FLHOND ND]DáD ]áRĪ\ü ĞFLDQĊ GR RJURGX MDN ZV]\VF\ L ]URORZDü ]DVáRQ\ĪHE\XSRORZDüFKRüQDMPQLHMV]\SRZLHZFKáRGX 6LHG]LDáDQDJUXEHMSRGXV]FHLSLáDFRĞ]PDáHMF]DUNL-HMVáXĪąFDNXFDáDQLHUXFKRPRSRG ĞFLDQą D QD SRGHĞFLH UR]áRĪRQR MXĪ OHWQL PDWHUDF ] JUXEHJR ILOFX REV]\WHJR GHOLNDWQą FKáRGQąWNDQLQą3áRQĊá\GZLHODPS\LSDQRZDáDFLV]D 3DWU]\áHP 3RWHP$LLQDRGSUDZLáDVáXĪąFąLZVWDáD3RGHV]áDQDVDPVNUDMV\SLDOQLQLHPDOQDWDUDVL SRZROLUR]ZLą]DáDWDĞPĊSU]HSDVXMąFąGRPRZąVXNQLĊ&LHQNLOĞQLąF\PDWHULDáVSá\Qąá]MHM UDPLRQLELRGHUMDNZRGDZ\UDĨQLHXVá\V]DáHPOHNNLV\N]MDNLPĞOL]JDáVLĊSRVNyU]H 2PDOQLHMĊNQąáHP]]DFKZ\WX :MHGQHMFKZLOLZV]\VWNLHWDMHPQLFHNWyUHWDNZ\WUZDOHWURSLáHPXMDZQLRQRPLQDUD]L WDNV]F]RGU]HMDNQLHPRJáHPQDZHWPDU]\ü:WDPWHMFKZLOLFKFLDáHPPLHüVWRRF]XĪHE\

ZLG]LHüUyZQRF]HĞQLHMHMZąVNLHVWRS\VPXNáHELRGUDXPLĊĞQLRQ\SáDVNLEU]XFKLNRá\V]ąFH VLĊ SLHUVL R VWHUF]ąF\FK FLHPQ\FK VXWNDFK D QDGH ZV]\VWNR VFKOXGQ\ WUyMNąW SRPLĊG]\ QRJDPLJG]LHGZLH]PDUV]F]NLELHJQąFHZGyáEU]XFKDVSRW\NDá\VLĊQLF]\PGHOWDU]HNL 8QDV.LUHQHQyZQDJRĞüQLHMHVWQLF]\PQDG]Z\F]DMQ\PFKRüQLNWVLĊ]QLąQLHREQRVL -HVW QDWXUDOQD :LG\ZDáHP SU]HGWHP QDJLH NRELHW\ : áDĨQL Z 'RPX &\QREUX DOER QDG MH]LRUHP :LG\ZDáHP WDQFHUNL NWyUH QLH PLDá\ QD VRELH QLF SUyF] ROLZ\ ]DZLHV]HN áDĔFXV]NyZL]áRWHJRS\áX $OHWRE\áRFRLQQHJR7RE\áD$LLQD 0RMDQDXF]\FLHOND%RJLQL .LHG\ RERZLą]\ZDá MHV]F]H GDZQ\ DPLWUDMVNL NRGHNV ]D SRGHMU]HQLH QDJRĞFL NRELHW\ NLHG\ R W\P QLH ZLHG]LDáD PĊĪF]\]QD PyJá ]RVWDü RĞOHSLRQ\ =D RND]\ZDQLH SRĪąGDQLD QLHSU]\VWRMQH SURSR]\FMH OXE GRW\N JUR]LáD FKáRVWD 1D NRELHW\ ] Z\ĪV]\FK NDVW QLH ZROQR E\áRQDZHWSDWU]Hü7RRQHPLDá\ZVWĊSZG]LHG]LQ\3RG]LHPQHM%RJLQLLGODWHJRPĊVNDFKXü ZREHFQLFKE\áD]EURGQLą0ĊĪF]\]QDPyJáSU]\VWąSLüGRQLHZLDVW\MHG\QLH]D]JRGąERJLQLL W\ONRQDZH]ZDQLH:yZF]DVMHGQDNPLDáRGQRVLüVLĊGRWHJR]DV]F]\WXZ\áąF]QLH]F]FLąL SRNRUą : W\P PRPHQFLH GRVNRQDOH WR UR]XPLDáHP :WHG\ JG\ $LLQD SRZROL QDFLHUDáD VLĊ ROHMNLHP $SRWHP]GMĊáD]HĞFLDQ\NHELU\MVNąV]DEOĊLRNUąJáąWDUF]ĊL]DF]ĊáDüZLF]HQLD 7RE\áRMHV]F]HJRUV]H -HGQRF]HĞQLHSLĊNQHLG]LNLHLWDNEROHVQHĪHF]XáHPMDNE\SRĪąGDQLHUR]V]DUS\ZDáRPL V]SRQDPLSRGEU]XV]H 3DWU]\áHP MDN ZĊĪRZH FLDáR $LLQ\ SRUXV]D VLĊ L OĞQL RG ROHMNX MDN QDSLQDMą VLĊ L SUĊĪą VPXNáHPLĊĞQLHSRGFLHQNąVNyUą 7R E\áR MDN WDQLHF $LLQD E\áD ZWHG\ MDN NREUD L ZLMąFD VLĊ Z ZRG]LH U\ED 7DUF]D L Z\JLĊWH RVWU]H Sá\ZDá\ Z MHM GáRQLDFK L SRUXV]Dá\ VLĊ ZRNyá MHM FLDáD Vá\V]DáHP WXSDQLH ERV\FKVWySQDNRELHUFDFKĞZLVWVWDOLLáRPRWZáDVQHJRVHUFD $ SyĨQLHM QDXF]\FLHOND RGáRĪ\áD EURĔ L ZHV]áD GR áDĨQL :LG]LDáHP MHM V\OZHWNĊ Z SU]\WáXPLRQ\P ĞZLHWOH MHGQHM ODPS\ L SU]H] FLHQNą ZDUVWZĊ PXĞOLQX RVáDQLDMąFą áDĨQLĊ :\MĊáD]DSLQNLLV]SLOH]ZáRVyZLSR]ZROLáDLPRSDĞüVNáĊELRQąIDOąQDSOHF\DSRWHP]HV]áD SRVWRSQLDFKGREDVHQX]FKáRGQąZRGą 6LHG]LDáHPLSDWU]\áHP $LLQD QLH ZH]ZDáD VáXĪąF\FK W\ONR OHĪDáD VDPD Z ZRG]LH OHQLZLH ZRG]ąF JąENą SR XQLHVLRQHMQRG]HDOERZ]GáXĪUDPLHQLD :LHOH GDáE\P ZWHG\ VLHG]ąF RV]DODá\ L UR]SDORQ\ ]D NZLWQąF\P NU]HZHP OHW\FML ĪHE\ E\üJąENą 3RWHP Z\QXU]\áD VLĊ ]QyZ ]]D ĞFLDQ\ ZLOJRWQD L QDJD RFLHUDMąF VLĊ ELDá\P JUXE\P UĊF]QLNLHP L XVLDGáD QD VZRLP G\ZDQLH VZRERGQLH VSODWDMąF QRJL Z NRVWNDFK 6LĊJQĊáD SR

VPXNá\ G]EDQHN ] VRNLHP SDOPRZ\P L QDSHáQLDMąF F]DUNL SRZLHG]LDáD W\P VZRLP QLVNLP PHORG\MQ\PJáRVHP ± 1D G\ZDQLH MHVW ]QDF]QLH Z\JRGQLHM QLĪ Z NU]DNDFK :HMGĨ L XVLąGĨ SU]\ PQLH WRKLPRQLH 1DXF]RQR PQLH ZLHOX U]HF]\ DOH QLH MDN ]DFKRZDü WZDU] Z WDNLHM V\WXDFML :VWDáHP SXUSXURZ\LRQLHPLDá\LZ\MąNDáHPW\ONR ±$LLQRMD ±8VLąGĨ0áRG\7\JU\VLH±RGU]HNáD 8VLDGáHP]HZV]\VWNLFKVLáVWDUDMąFVLĊQLHGUĪHü 0RMD QDXF]\FLHOND $LLQD NWyUD GRWąG Z\NáDGDáD PL ]DVDG\ SROLW\NL KDQGOX L LQWU\JL SRFK\OLáD VLĊ NX PQLH SRGDMąF F]DUNĊ ] VRNLHP SDOPRZ\P NXOLVWD SLHUĞ ]DNRĔF]RQD VWRĪNRZDWą VXWNą ]DNRá\VDáD VLĊ GUREQH NURSOH ZRG\ PLJRWDá\ QD QDROLZLRQHM VNyU]H MDN NOHMQRW\ ±3RZLHG]FRE\ĞGDá]DWRE\PQLHGRWNQąü" 2GFKU]ąNQąáHP ±1LHZLHP1LHPDPQLFF]HJRPRJáDE\ĞFKFLHü ±$JG\E\ĞPLDá"$FRE\áE\ĞJRWyZGDü]DWRĪHE\PWRMDGRWNQĊáDFLHELH" 1LHZLHG]LDáHPDOHF]XáHPĪHQDNRĔFXMĊ]\NDPDPVáRZRÄZV]\VWNR´ ±7RFRLVWQLHMHSRPLĊG]\NRELHWąLPĊĪF]\]QąQLHUyĪQLVLĊ]E\WQLRRGWHJRFRG]LHMH VLĊJG]LHNROZLHNLQG]LHMZĪ\FLX-HVWF]ĊĞFLą'URJL3RG*yUĊ0RĪHE\üGREUHDOER]áH7DN VDPR MDN ZDOND MDN KDQGHO L SROLW\ND =UHV]Wą ]DZLHUD Z VRELH L ]DVDG\ KDQGOX L ZDONL L LQWU\JL , MHVW WDN VDPR SRWĊĪQH -HGQRF]HĞQLH MHVW WR FRĞ F]HJR WDN EDUG]R SUDJQLHP\ ĪH VDPRSUDJQLHQLHPRĪHE\üQLHEH]SLHF]QH-HĪHOLNWRĞPDV]F]ĊĞFLHPRĪHĪ\üEH]ZDONLDOER SROLW\NL$OHQLNWQLHFKFHLPDáRNWRSRWUDILĪ\üEH]WHJR%ĊG]LHV]VSRW\NDáZLHOHNRELHWZ Ī\FLX 0áRG\ 7\JU\VLH 1LHNWyUH EĊGą FL RERMĊWQH QD QLHNWyUH ]ZUyFLV] XZDJĊ D LQQH SRNRFKDV]1LHNWyU\FKEĊG]LHV]WHĪSRĪąGDáLWRPRĪHWDNMDNSRĪąGDV]ZWHMFKZLOLPQLH± 8ĞPLHFKQĊáDVLĊOHFLXWNR±&KRüPRĪHLQLHERMDMHVWHPSLHUZV]D6WDQRZLĊWDMHPQLFĊ1D UD]LHPRĪHV]W\ONRZ\REUDĪDüVRELHFRPRJĊGDüLMDNWRVPDNXMH Ä1DUD]LH´&]\SRZLHG]LDáDÄQDUD]LH´" ± -HĪHOL VSRMU]\V] Z JáąE VLHELH L SRP\ĞOLV] MDN ZLHOH FKFLDáE\Ğ GDü ]D WR ĪHE\ PQLH SRVLąĞü ]UR]XPLHV] MDN ZLHONą ZáDG]Ċ PRĪH PLHü NRELHWD QDG PĊĪF]\]Qą ± FLąJQĊáD QDXF]\FLHOND ± =UR]XPLHV] WHĪ MDNLH WR PRĪH E\ü QLHEH]SLHF]QH GOD LPSHULXP %\ü PRĪH ]RVWDQLHV] LPSHUDWRUHP 0áRG\ 7\JU\VLH 1LNW QLH PRĪH PLHü QDG WREą WDNLHM ZáDG]\ =DSDPLĊWDM WR MHVW ZDOND 7\ONR ĪH Z ZDOFH EURQLą MHVW XPLHMĊWQRĞü ]DGDZDQLD EyOX 7X ± XPLHMĊWQRĞü GDZDQLD UR]NRV]\ 7R F]\P Z ZDOFH MHVW JURĨED FLHUSLHQLD W\P MHVW WXWDM RELHWQLFD HNVWD]\ -HGQDN HIHNW MHVW WHQ VDP -HVW WR ZáDG]D MDNą GDMH ]Z\FLĊVWZR QDG SRNRQDQ\P 6DP]GHF\GRZDáHĞNLHG\QDGV]HGáF]DVE\ĞVLĊWHJRGRZLHG]LDá6SyMU]SRZLQLHQHĞE\á

WXZHMĞüLSRZLHG]LHüÄ$LLQRMHVWHPWZRLPZáDGFąLSUDJQĊWZRMHJRFLDáD0RLPĪ\F]HQLHP MHVW E\ FLĊ SRVLąĞü´ 7\ MHGQDN VNU\áHĞ VLĊ Z NU]DNDFK E\ VSRMU]Hü QD PQLH ] GDOHND L SRV]XNDü XOJL Z WZRMHM WĊVNQRFLH &]\ QLH ZLHV] ĪH MHVWHĞ PRĪH SU]\V]á\P ZáDGFą 7\JU\VLHJR7URQX"$OERNLPĞNWRVWDQLH]DWURQHPZáDGF\"7DNF]\LQDF]HMORVLPSHULXP EĊG]LH VSRF]\ZDá Z WZRLFK UĊNDFK -HVWHĞ PRLP VXZHUHQHP -HGQ\P ] QDMSRWĊĪQLHMV]\FK OXG]L QD ĞZLHFLH 0LPR WR ]DFKRZDáHĞ VLĊ MDN ]Z\Ná\ PáRG]LHQLHF NWyUHJR RĞOHSLáR FLDáR SRQĊWQHMNRELHW\-HVWHĞMXĪPĊĪF]\]QąWRKLPRQLH$ZW\FKVSUDZDFKPĊĪF]\ĨQLVąVáDELL EH]UDGQL1LFQLHPRJąSRUDG]LüQDRJLHĔWĊVNQRW\LSRĪąGDQLDNWyU\ZQLFKVWDOHSáRQLH7R MDNWUDZLąFDFLĊFKRUREDQDNWyUąOHNDUVWZRSRVLDGDNRELHWD,NWyUHZ\G]LHODEDUG]RVNąSR 1LHPRĪHP\SR]ZROLüĪHE\ĞE\áVáDE\7\JU\VLH1LHPRĪHP\SR]ZROLüE\Ğ]DSRPQLDáNLP MHVWHĞUR]SDF]OLZLHV]XNDMąFOHNDUVWZD=GHMPLMV]DWĊ ±&R"$LLQRMD±1LHZLHPF]\VLĊVSáRQLáHPDOHSU]HSHáQLDá\PQLHWDNLHHPRFMHĪH QDMFKĊWQLHME\PXFLHNá&]XáHPĪHFDá\GUĪĊLĪHZDOLPLVHUFH ± 6á\V]DáHĞ =GHMPLM V]DWĊ 7DN 3U]HSDVNĊ WHĪ : W\FK ]PDJDQLDFK QLH PD ]EURL -HVW JRáHFLDáRSU]HFLZJRáHPXFLDáX-DNZFKZLOLQDURG]LQ 6LHG]LDáHP QDJL QDSU]HFLZ PRMHM QDXF]\FLHONL L MHM FLDáR R NWyU\P WDN GáXJR ĞQLáHP PLDáHPWXĪSU]HGVREą:LG]LDáHPNDĪG\V]F]HJyáMHMVNyU\LQLHPRJáHPRGHUZDüZ]URNX DOHMHGQRF]HĞQLHZLHG]LDáHPMDNVDPZ\JOąGDPLVWDUDáHPVLĊWRXNU\üMDNPRJáHP ±:WHMFKZLOLSU]HVWDĔVLĊZVW\G]Lü±]DZRáDáD±1LHPDV]F]HJR$WDF]ĊĞüWZRMHJR FLDáD QLH XPLH NáDPDü ĩ\MH ZáDVQ\P Ī\FLHP 7\ PRĪHV] FKFLHü E\ü FKáRGQ\ L SHáHQ JRGQRĞFLDOHWHQUREDF]HNPDLQQH]GDQLH&KFHE\üSáRQąFąZáyF]QLą=GDU]\VLĊWHĪĪHW\ EĊG]LHV]FKFLDáG]LDáDüSRGF]DVJG\RQ]HFKFHVSDüDOEREĊG]LHVPXWQ\%RQLHXPLHNáDPDü 7\XPLHV]XNU\üOĊNWURVNLOXESRĪąGDQLH0RĪHV]WHĪG]LDáDüZEUHZVZRLPQDVWURMRPDOER QDZHWZEUHZVRELH0DV]FKDUDNWHU7DF]ĊĞüFLHELHQLH-HVWMDN]ZLHU]Ċ'ODWHJRQLHPRĪHV] E\ü]GDQ\QDMHJRNDSU\V\LQLHPRĪHPLHüQDGWREąZáDG]\-HJRJáyGQLHPRĪHRGHEUDüFL UR]VąGNX$WHUD]GRWNQLMPQLH'RWNQLMPRMHMSLHUVL ±$LLQR7\PQLHXF]\V]" $LLQDXMĊáDPRMąGáRĔLVDPDSRSURZDG]LáDMąSRVZRLPFLHOH ± $ FR P\ĞODáHĞ" 7DN MHVW QDMOHSLHM 1DXF]Ċ FLĊ ]Z\FLĊĪDü 8PLHV] MXĪ UDG]Lü VRELH ] PĊĪF]\]QDPL DOH WR MHVW áDWZH 7HUD] PXVLV] XPLHü SRUDG]Lü VRELH WHĪ ] NRELHWDPL 6ą SRWĊĪQLHMV]H L EDUG]LHM QLHEH]SLHF]QH $OH MD L WHJR FLĊ QDXF]Ċ 1DMSLHUZ MHGQDN PXV]Ċ SRUDG]LüVRELH]WZRLPREáąNDQ\PSUDJQLHQLHP1LHPRĪQDQDXF]\üPDQLHUSU]\VWROHNRJRĞ NWRXPLHUD]JáRGX7HUD]QLHMHVWHĞZVWDQLHDQLSRMąüDQL]URELüQLF]HJR 3FKQĊáDPQLHQDG\ZDQLSRF]XáHPGHOLNDWQHáDVNRWDQLHJU]\Z\MHM]ZLFKU]RQ\FKZáRVyZ QD VZRLP EU]XFKX $ SRWHP FRĞ F]HJR QLH XPLDáHP QDZHW QD]ZDü ĝZLDW VSáRQąá Z MHGQHM FKZLOL.U]\NQąáHPQLH]GDMąFVRELHVSUDZ\ĪHNU]\F]Ċ :\GDZDáRPLVLĊĪHF]DVVWDQąáZPLHMVFXDFDá\ĞZLDWRJUDQLF]\áVLĊGRMHGQHJRSXQNWX QD PRLP FLHOH &KFLDáHP ĪHE\ WUZDáR WR ZLHF]QLH DOH WDN QDSUDZGĊ E\áD WR W\ONR MHGQD

FKZLOD $LLQD SR]ZROLáD PL OHĪHü Z EH]UXFKX SR F]\P SU]\WXOLáD JáRZĊ GR PRMHJR EU]XFKD L RWDUáDXVWD ± :LG]LV] MDNLH WR SURVWH" 7HUD] F]XMHV] XOJĊ 3R UD] SLHUZV]\ RG GDZQD , MHVW WR XF]XFLH ]D NWyUH PyJáE\Ğ RGGDü EDUG]R ZLHOH 6SU\WQD NRELHWD PRJáDE\ X]\VNDü QLHPDáH ZSá\Z\ ZLHG]Ċ DOER ERJDFWZR Z ]DPLDQ ]D WHQ PDá\ PRPHQW V]F]ĊĞFLD =áD NRELHWD PRJáDE\ Z\NRU]\VWDü WZRMą EH]EURQQRĞü L VNU]\ZG]Lü FLĊ QD GáXJLH ODWD 6SUDZLü ĪH MXĪ ]DZV]H F]XáE\Ğ VLĊ XSRNRU]RQ\ *G\E\ ]DVSRNRLáD FLĊ MDNDĞ ODGDF]QLFD OXE SU]\SDGNRZD NRELHWD VąG]LáE\Ğ ĪH MHVW MHG\QD Z VZRLP URG]DMX L SHZQLH E\Ğ VLĊ QDW\FKPLDVW ]DNRFKDá 7\PF]DVHP WR W\ONR MD WR ]URELáDP 7R E\áR EDUG]R áDWZH WRKLPRQLH .DĪGD PRJáDE\ WR ]URELü JG\E\ ]HFKFLDáD L QLH PD Z W\P ZLHOH IDW\JL 3R SURVWX ZLHG]LDáDP MDN L ZLHP ĪH SRWUDILĊWRGREU]H7DNMHVWEH]SLHF]QLHMGODZV]\VWNLFK7HUD]RGSRF]QLM$SRWHP]DF]QLHP\ RGQRZDDOHWHUD]MXĪQDSUDZGĊ=DF]QLHV]RGWHJRĪHPXVLV]SR]QDüPRMHFLDáR ,NRQLHFNRĔFyZQDSUDZGĊE\áDWRQDXND7DNDVDPDMDNWDQLHFDOERU]HF]\ZLĞFLHV]WXND ZDONL2GZLHG]DáHPMHMV\SLDOQLĊQLHPDOFRG]LHQQLH3U]\FKRG]LáHPJG\]DSDGDá]PLHU]FKL ]DSDODQRODPS\DZ\FKRG]LáHPRJRG]LQLHZRáXZSRáRZLHQRF\%\á\]DGDQLDE\áDZLHG]D ,E\á\NDU\ .LHG\]URELáHPFRĞZ\MąWNRZRQLH]JUDEQLH]DFKáDQQLHDOERSRVSLHV]QLHGRVWDZDáHPZ WZDU] $ SRWHP WáXPDF]\áD PL MHV]F]H UD] SRND]\ZDáD SURZDG]LáD PRMH SDOFH OXE VDPD SRND]\ZDáDQDPQLHWRRFRFKRG]LáRWDNĪHE\P]UR]XPLDá,ND]DáDSRZWDU]DüMHV]F]HUD]L MHV]F]H UD] GR ]QXG]HQLD DĪ X]QDáD ĪH SRMąáHP ']LĞ ZLHP ĪH Vą NRELHW\ NWyUH SRGF]DV PLáRĞFL SUDJQą U]ąG]Lü Z\GDZDü UR]ND]\ SRQLHZLHUDü PĊĪF]\]Qą DOER ]DGDZDü PX EyO 'RSLHURZWHG\F]XMąVDW\VIDNFMĊ$OH$LLQDGRQLFKQLHQDOHĪDáD2QDQDSUDZGĊPQLHXF]\áD 6WDUDQQLHLSRU]ąGQLHNURNSRNURNX 'RNáDGQLH WDN VDPR MDN XF]\áD PQLH LQWU\J G\SORPDFML OXE SROLW\NL F]\ KDQGOX 2EDZLDáHP VLĊ QDZHW ĪH VWUDFĊ GR WHJR VHUFH L ]DLQWHUHVRZDQLH DOH QLF SRGREQHJR QLH QDVWąSLáR%\á\WRMHG\QHOHNFMHMDNLFKQLHRSXĞFLáE\P]DĪDGQHVNDUE\ĞZLDWD,WRPLPRĪH $LLQDE\áDEDUG]RZ\PDJDMąFąQDXF]\FLHONą .LHG\ SR UD] SLHUZV]\ SU]HĪ\áD ]H PQą VSD]P\ UR]NRV]\ F]XáHP VLĊ WDN GXPQ\ MDN MHV]F]HQLJG\ZĪ\FLXDOHV]\ENRVSURZDG]LáDPQLHQD]LHPLĊ ±6DPDWR]URELáDPSRVáXJXMąFVLĊWREą±SRZLHG]LDáD±1LHPDZW\P QLF]áHJRLWDN SRZLQQRE\ü7RMHVWMDNJUDQDFLQWDU]H7\JUDV]QDPQLHMDQDWRELH3RSURZDG]LáDPFLĊ]D UĊNĊLGRVWDáDPFRFKFLDáDP$OHQLHSRNRQDáHĞPQLH1DVWąSLWRGRSLHURZWHG\JG\QLHEĊGĊ XPLDáDFLVLĊRSU]Hü*G\RGGDPFLVLĊFKRüQLHEĊGĊFKFLDáDLJG\EĊGĊVNDPOHüLEáDJDüR ZLĊFHM*G\VSUDZLV]ĪHVWUDFĊQDGVREąNRQWUROĊLQLHEĊGĊPRJáDQLF]HJRXGDZDü7RE\ü PRĪHQDVWąSLDOHMHV]F]HQLHWHUD]7U]HEDFLZLĊFHMZSUDZ\LVDPRNRQWUROL&]ĊVWREĊG]LHV] GDZDá PL ]Z\Náą UR]NRV] DOH VDP ]DXZDĪ\V] NLHG\ QDVWąSL WHQ PRPHQW :WHG\ NLHG\ W\ ]HFKFHV]DQLHNLHG\MDEĊGĊFKFLDáD:WHG\SRNRQDV]PQLHWDNMDNZNDĪGHMFKZLOLMDPRJĊ

SRNRQDüFLHELH$WHUD]ZHĨZLĊFHMROHMNXLUR]VPDUXMJRWXWDM8áyĪSDOFHZ'DFKĝZLDWD : G]LHĔ E\áD Wą VDPą $LLQą ] XSLĊW\PL Z\WZRUQLH ZáRVDPL L Z ]DSLĊW\P KDIWRZDQ\P NDIWDQLH 5R]NáDGDáD ]ZRMH PDS\ DOER SODQV]Ċ GR WDUELVV L XF]\áD PQLH .WyUHJRĞ UDQND XMąáHPMHMSRĞODGHNLSRJáDG]LáHPJRWDNMDNZLHG]LDáHPĪHOXELSRF]\PGRVWDáHPPRFQRZ WZDU]DĪPLSRFLHPQLDáRZRF]DFK ±7DOHNFMDEĊG]LHZQRF\XF]QLX±ZDUNQĊáD±1LHMHVWHPWZRMąNRFKDQNąWRKLPRQLHL QLJG\ QLH EĊGĊ -HVWHP QDXF]\FLHONą L FKFĊ ĪHE\Ğ SRND]Dá PL QRZ\ V]ODN KDQGORZ\ ] 1DUJLQXGR$NDVDQ\LZ\WáXPDF]\áFRPRĪHP\PLHü]UR]FLąJQLĊFLDQDGQLPNRQWUROL  ']LĊNL ZLHF]RUQ\P OHNFMRP NWyUH RGE\ZDáHP EDUG]R SLOQLH VSá\Qąá QD PQLH VSRNyM L ZLĊFHMUR]VąGNX:SUDZG]LHF]ĊVWRZUDFDáHPGRVLHELH]PĊF]RQ\L]RERODá\PLOĊGĨZLDPL DOHF]XáHPRJURPQąXOJĊ1DGDORGF]XZDáHPSRĪąGDQLHL]DF]ĊáRPLVLĊZ\GDZDüĪHMHVWWR SUDJQLHQLH QLH GR ]DVSRNRMHQLD DOH E\áR WR FRĞ ]XSHáQLH LQQHJR QLĪ G]LNL REáĊG MDNLHJR ]D]QDZDáHP SU]HGWHP 3U]\QDMPQLHM ]DF]ąáHP UR]XPLHü FR VLĊ ZRNyá PQLH G]LHMH $ QLH G]LDáRVLĊGREU]H ± 3U]\QDMPQLHM RVWDWQLR QLH JDSLV] VLĊ MXĪ QD QLHZLDVW\ MDN VNDOQ\ ZLON 5XGD *áRZR ± EXUNQąá NLHG\Ğ %UXV SRGF]DV Z\SUDZ\ GR PLDVWD ± 7X VLĊ ]DF]\QD URELü QLHEH]SLHF]QH $UD]\PRZLH áDĪą MXĪ ZV]ĊG]LH RNXWDQL Z NDVWRZH V]PDW\ L ]DF]\QDMą RWZDUFLH WURSLü Z\VWĊSNLSU]HFLZERJLQL1DVLFKRG]ąMXĪSRF]WHUHFKSRPLHĞFLH2GNLONXGQLZNDQDáDFKL ZU]HFH]QDMGXMHVLĊWUXS\OXG]LQRV]ąF\FKQDURGRZHVWURMH.LUHQHQyZWHĪ = NDĪG\P GQLHP Z\F]XZDáR VLĊ ZLĊNV]H QDSLĊFLH 3U]\ PLHMVNLFK VWXGQLDFK VWDOH NRF]RZDá WáXP ] ZLDGUDPL L EXNáDNDPL SHáHQ ZĞFLHNá\FK ]PĊF]RQ\FK OXG]L RNU\W\FK SU]HFLZVáRQHF]Q\PLSáDV]F]DPL&RFKZLODZ\EXFKDá\EyMNL 3DWUROH JDUQL]RQX PLHMVNLHJR NWyUH SU]HGWHP FKRG]Lá\ X]EURMRQH JáyZQLH Z ELF]H L GUHZQLDQHSDáNLSU]HS\FKDá\VLĊSU]H]WáXPĪDUWXMąF]SU]HNXSQLDPLL]DF]HSLDMąFNXUW\]DQ\ WHUD] ]DF]Ċá\ Z\JOąGDü JURĨQLH :\GDQR LP ĪHOD]QH KHáP\ NWyUH ZSURZDG]LOLĞP\ NLOND ODW WHPXPLHOLUyZQLHĪPLHF]HLZáyF]QLH]NDĪG\PSDWUROHPV]áRWHĪGZyFKáXF]QLNyZ &RUD] F]ĊĞFLHM Vá\V]DáHP JG]LHĞ Z WáXPLH SU]HNOHĔVWZD SRG DGUHVHP ÄFXG]R]LHPVNLHM G\QDVWLL´ FRUD] F]ĊĞFLHM NWRĞ SRERĪQLH Z]\ZDá 3RG]LHPQą 0DWNĊ FKRü WR FK\ED ] WFKyU]RVWZD &]HUZRQH V]DW\ L VUHEUQH PDVNL NDSáDQyZ 3RG]LHPQHM ZLG\ZDáR VLĊ GR QLHGDZQDU]DGNR6NURPQLHSU]HFLVNDOLVLĊSU]H]WáXPF]DVHPXVLáRZDOLQDSRPLQDüLJURPLü DOH RWZDUFLH LFK Z\ĞPLHZDQR L SRV]WXUFKLZDQR 7HUD] ZV]ĊG]LH E\áR LFK SHáQR &KRG]LOL EXWQLHZRWRF]HQLXDNROLWyZRRJRORQ\FKJáRZDFK]SDáNDPLZUĊNXDWáXPUR]VWĊSRZDáVLĊ SU]HGQLPL.XSF\]DVáDQLDOLWRZDU\DOXG]LHZQDURGRZ\FKVWURMDFKSDU\LNRELHW\XEUDQL QLH]JRGQLH].RGHNVHP=LHPLQDJOH]QLNDOL]XOLFNU\MąFVLĊSREUDPDFKLZSRGFLHQLDFK 1DPXUDFK]DF]ąáSRMDZLDüVLĊG]LZQ\]QDNU\VRZDQ\ZĊJOHPDOERRFKUąDNLONDUD]\ FK\EDNUZLą2NUąJSU]HFLĊW\SLRQRZąOLQLą =DS\WDáHPZLĊF%UXVDF]\ZLHFRWRMHVW6SOXQąáQD]LHPLĊ

±Ä3RG]LHPQHáRQR´]QDNWHJRSU]HNOĊWHJRNXOWX .RUFLáRPQLHĪHE\SRZLHG]LHüĪHQDSU]\NáDGáRQR$LLQ\Z\JOąGD]XSHáQLHLQDF]HMDOH ZLHG]LDáHPĪHWRJáXSLDSU]HFKZDáND=PLOF]DáHP8VLáXMąFVLĊZWHQVSRVyESRSLVDüSU]HG %UXVHPE\áE\PĪDáRVQ\  5]HF]\ZLĞFLH SRMDZLáD VLĊ SODJD PXFK %\á\ ZV]ĊG]LH 2JURPQH WáXVWH L RV]DODáH MDN SU]HGEXU]ą3FKDá\VLĊGRRF]XLXVWLREVLDGDá\MHG]HQLH3DOLOLĞP\NDG]LGáDDOHQLHEDUG]R WRSRPDJDáR : SyáQRFQ\FK SURZLQFMDFK GOD RGPLDQ\ V]DODá V]WRUP MDNLHJR QLH ZLG]LDQR RG ODW SRZyGĨ]DODáDSRODLU\ERáyZVWZR]DPDUáR : SURZLQFML -DUPDNDQG\ VXFKH MDN SLHSU] ODV\ VWDQĊá\ Z RJQLX : 6DXUDJDU]H L .DQJDEDG]LHZ\EXFKáD]DUD]D 6áRZDÄJQLHZERJyZ´LÄ2JLHĔ3XVW\QL´ZUDFDá\MDNREáąNDQHHFKR3URURNLQLSRMDZLDáD VLĊFRFKZLODQLHZLDGRPRVNąG*G]LHW\ONRVLĊSRMDZLáDZ\WU\VNDá\ĨUyGáDVXFKHGU]HZD URG]Lá\ NZLDW\ L RZRFH RFLHPQLDOL RG]\VNLZDOL Z]URN D NXODZL VWDZDOL QD QRJL =P\ZDáD OXG]LRP ZU]RG\ ]Z\Náą JąENą MDNE\ WR E\á\ JUXGNL ]DVFKQLĊWHM JOLQ\ D VNyUD SRG VSRGHP E\áD ]GURZD L JáDGND QDZHW EH] EOL]Q :V]ĊG]LH WDP RGGDZDQR PDMąWNL SRG ]DU]ąG NXOWX L Z]QRV]RQR &]HUZRQH :LHĪH .DSáDQL 3RG]LHPQHM 0DWNL Z\URLOL VLĊ MDN V]F]XU\ :RNyá ĞZLąW\ĔEXGRZDQR'RP\.RELHW0DWNLNRFKDQNLLĪRQ\QDJOHSU]HVWDZDá\]DXZDĪDüVZRLFK PĊĪF]\]Q L ZSURZDG]Dá\ VLĊ WDP E\ Ī\ü X ERNX $]]LQ\ 8U]ąG]DQR WDMHPQLF]H PLVWHULD Z MDVNLQLDFK SRGF]DV NWyU\FK RV]DODOL PĊĪF]\ĨQL SRGREQR SR]EDZLDOL VLĊ JHQLWDOLyZ =DF]ĊWR ]QDMGRZDü WUXS\ ] SRGHUĪQLĊW\PL JDUGáDPL L Z\UZDQ\PL VHUFDPL : MDVNLQLDFK RGNU\ZDQR RILDUQHNDPLHQQHVWRá\FDáH]DODQHNUZLą3RPLPRĪH]DNUZDZHRILDU\]OXG]LQDV]HSUDZR NDUDáRĞPLHUFLąQDMZ\UDĨQLHM]QyZNWRĞ]DF]ąáNDUPLü3DQLąĩQLZ  6WDOLĞP\ ] RMFHP L 5]HPLHQLHP Z 6DOL ĝZLDWD ± RJURPQHM NRPQDFLH Z SDáDFX JG]LH PR]DLND SU]HGVWDZLDáD FDá\ ]QDQ\ ĞZLDW $PLWUDM L ZV]\VWNLH MHJR SURZLQFMH 0RU]H 3yáQRFQH:V]HFKPRU]HL0RU]H:HZQĊWU]QHWDNĪH.HELU1DVVLPSXVW\QLHFXG]R]LHPVNLH NUDMHZV]\VWNR 6SHFMDOQLHXNV]WDáWRZDQHWRNHQ\SU]HGVWDZLDá\PLDVWDDLQQHJyU\NWyUHZ\VWDZDá\QDG SRVDG]NĊ 1DGPLDVWDPLLRVDGDPLZNWyU\FKZLG]LDQR1DKHO,IULMĊ±2JLHĔ3XVW\QLFHVDU]ND]Dá XVWDZLü PDORZDQH QD F]HUZRQR ILJXUNL ] WHUDNRW\ 3RVWDü ]DNDSWXU]RQHM NRELHW\ ]DOXGQLDáD MXĪFDáąSRáDüLPSHULXP2GRVDGQDJUDQLF\1DKHO=\PXDĪSR.HE]HJDU ,]EOLĪDáDVLĊGR SURZLQFML:HZQĊWU]QHJR.UĊJX ± 2QD SR SURVWX QLH PRĪH E\ü ZV]ĊG]LH ± UR]]áRĞFLá VLĊ RMFLHF ± -HGQHJR GQLD Z\SXV]F]D ĨUyGáR QD SODFX PLHMVNLP Z .DQJDEDG]LH D QDVWĊSQHJR VSUDZLD ĪH SDKDQGHM ] +\UPL]XVWDMHZRJQLX7RMHVWGZDQDĞFLHVWDMZMHGHQG]LHĔ$SU]\FKRG]LSLHV]R=DZV]H

SLHV]R ± 7RZDU]\V]\ MHM MHV]F]H V]HĞFLX XF]QLyZ ± ]DXZDĪ\áHP ± , QLRVą WĊ SU]HNOĊWą WDMHPQLF]ą VNU]\QLĊ : V]HĞFLX ZLĊF MHVW FLĊĪND 1LH PDMą ]DSDVyZ ZRG\ DQL Ī\ZQRĞFL 7\ONRVNU]\QLĊ$KDMHV]F]HVąGZDĞOHSHERMRZHOHRSDUG\NWyUHSU]\QLHMELHJQą'ODF]HJR QLH PRĪHP\ GRZLHG]LHü VLĊ ZLĊFHM" &KRüE\ WHJR FR MHVW Z VNU]\QL" ± ]DS\WDáHP 1DXF]\FLHOD $OH QLH S\WDáHP MXĪ MDN XF]HĔ 0RMH S\WDQLH QLH E\áR SU]HMDZHP EH]UDGQRĞFL ĩąGDáHPRGSRZLHG]L ± 6WUDFLOLĞP\ MXĪ F]WHUHFK V]SLHJyZ ± RGSRZLHG]LDá 5]HPLHĔ JáXFKR ± 3R SURVWX QLH ZUyFLOL1LHZLHPQDZHWF]\LFK]DELWR ±&]\WRE\OL.LUHQHQL" ± 7R QLH PD ]QDF]HQLD ± U]XFLá RVWUR FHVDU] ± 1LH EĊG]LHV] U]ąG]Lá .LUHQHQHP W\ONR $PLWUDMHP:V]\VF\OXG]LHEĊGąWZRLPLSRGGDQ\PL-HĪHOL]DF]QLHV]P\ĞOHüZWHQVSRVyE ZNUyWFHQLHEĊG]LHXU]ĊGXNWyUHJRQLHWU]\PDMąQDVLURGDF\LGRSURZDG]LV]GREXQWX ±ħOHPQLH]UR]XPLDáHĞRMF]H±RGU]HNáHP±7XFKRG]LRWHQNXOW:\]QDZFD ,GąFHJR 3RG*yUĊLGURJLGR6WZRU]\FLHODQLH]DSUDJQLHSU]HMĞüQDVWURQĊ3RG]LHPQHM$PLWUDMWRFR LQQHJR 0RĪH ]QDü WĊ UHOLJLĊ L EDü VLĊ MHM 0RĪH WHĪ GR QLHM Z MDNLĞ VSRVyE WĊVNQLü DOER Mą SRZDĪDü ±%\OLVSUDZG]HQLSRGW\PZ]JOĊGHP±RGSRZLHG]LDáVSRNRMQLHM±8IDáE\PNDĪGHPX] QLFK QD W\OH QD LOH Z RJyOH PRĪQD NRPXNROZLHN XIDü &L OXG]LH Vą GRELHUDQL ] QDMUR]VąGQLHMV]\FK L V]NROHQL RG G]LHFND 1LH PRĪQD LFK RPDPLü JáXSLPL V]WXF]NDPL 1LH EĊGąWHĪWĊVNQLüGRW\UDQLL&]HUZRQ\FK:LHĪ 6SRMU]DáHPQDSRVDG]NĊ&]HUZRQH:LHĪHVWDá\MXĪZZLHOXPLDVWDFKIRUWDFKRVDGDFKD QDZHWPDá\FKNLV]áDNDFK:\JOąGDáRWRMDNE\QDGFKRG]Lá\]SXVW\QLRWDF]DMąF:HZQĊWU]Q\ .UąJ ± 6SUDZ\ SRV]á\ ]D GDOHNR ± SRZLHG]LDáHP ± 0yM V]ODFKHWQ\ RMFLHF SRZLQLHQ Z\VáDü VNU\WREyMFyZ ± -XĪ WR ]URELRQR ± PUXNQąá 5]HPLHĔ ± = WDNLP VDP\P HIHNWHP ] MDNLP Z\VáDQR V]SLHJyZ 1LH WDN áDWZR ]DELü NRJRĞ NWR SRMDZLD VLĊ Z FXGRZQ\ VSRVyE WR WX WR WDP 1LH ZLHP\ JG]LH QRFXMH DQL JG]LH SRMDZL VLĊ MXWUR =UHV]Wą WX QLH W\ONR FKRG]L R SURURNLQLĊ :\ĪV]H NDVW\ RWZDUFLH ]DF]\QDMą SRSLHUDü NDSáDQyZ 1LF G]LZQHJR 2G]\VNDOLE\ GDZQą SR]\FMĊ ± 0XVLP\ XGHU]\ü Z NDSáDQyZ =QLNDMą OXG]LH VNáDGDQH Vą NUZDZH RILDU\ 0DP\ SRZyG ± &Dá\ SUREOHP Z W\P 0áRG\ 7\JU\VLH ĪH Z\FLHĔF]RQ\ XPLHUDMąF\ ] SUDJQLHQLD OXG OJQLH GR :LHĪ , GRVWDMH WDP Ī\ZQRĞü ZRGĊ L PLHMVFH GR VSDQLD 1LH PDP SRMĊFLD VNąG WR ELRUą1DJOHZSRG]LHPLDFK&]HUZRQ\FK:LHĪRWZRU]\á\VLĊPDJLF]QHVNDUEFHSHáQHGXUU\ FHEXOL PąNL L ZRG\ $ GR WHJR PDP\ VZRMH ZáDVQH SUDZR $ PyZL RQR ĪH NDĪG\ PRĪH NáDQLDüVLĊVZRLPERJRP

±2LOHQLHQDUXV]DSUDZLQQ\FKOXG]L1LHZROQRLPVNáDGDüRILDUNUZLDQDPQLHZROQR SDWU]Hü QD WR SU]H] SDOFH 1DZRáXMą GR ]QLV]F]HQLD ZV]\VWNLFK LQQ\FK NXOWyZ GR ]DELFLD OXG]L NWyU]\ VSU]HFLZLDMą VLĊ 3UDPDWFH L .RGHNVRZL =LHPL GR EXQWX SU]HFLZ 7\JU\VLHPX 7URQRZL1LHSRZLHV]PLĪHWRMHVW]JRGQH]SUDZHP0DP\SRZyGĪHE\QDQLFKUXV]\üL WRSRZDĪQ\SRZyG ±0LHOLE\ĞP\JG\E\QLHVXV]D ±1DXF]\FLHOX±SRZLHG]LDáHP±3URURNLQL]ZDQD2JLHĔ3XVW\QLZ\]ZDODĨUyGáDVáRGNLHM ZRG\ WDP JG]LH LFK QLJG\ QLH E\áR L JG]LH QDZHW JáĊELQRZH VWXGQLH MXĪ QLHPDO Z\VFKá\ /HF]\ ĞPLHUWHOQLH FKRU\FK 3RMDZLD VLĊ FR G]LHĔ Z LQQ\P ]DNąWNX LPSHULXP SU]HPLHU]DMąF FDáH VWDMH Z PJQLHQLX RND 5R]PQDĪD Ī\ZQRĞü :]EXG]D RJLHĔ =GDU]\áR VLĊ ĪH FL NWyU]\ VLĊMHMVSU]HFLZLOL]DSáRQĊOLĪ\Z\PSáRPLHQLHPLSáRQĊOLWDNGáXJRDĪLFKFLDáDREUyFLá\VLĊ ZMDVQ\SRSLyá3RQRüWHQNWRXMU]\MHMWZDU]ĞOHSQLHLMHJRRF]\Z\JOąGDMąMDN]áRWH1LHPDO NDĪG\NWRVLĊ]QLą]HWNQLH]RVWDMHZ\]QDZFą3RG]LHPQHM&]\MDSRZWDU]DPEDMNL]ED]DUX F]\PyZLĊFRZLG]LDáHPZFHVDUVNLFK]ZRMDFKSLVDQ\FKSU]H]VWUDWHJyZLV]SLHJyZ" ±7RMHVWZFHVDUVNLFK]ZRMDFK±RGSRZLHG]LDá5]HPLHĔQLHSHZQLH ± 'R WHJR FDá\ :HZQĊWU]Q\ .UąJ QĊND VXV]D MDNLHM GRWąG QLNW QLH RJOąGDá = QLHZLDGRP\FKSU]\F]\QZ\V\FKDMąVWXGQLH 1D FDá\NUDMVSDGDMą]DUD]\QDSyáQRF\V]DOHMH V]WRUPPLPRODWDV\SLHĞQLHJLSá\ZDNUDDOHPLPRWRUR]EyMQLF\]ZLOF]\FKRNUĊWyZMDNLPĞ FXGHPQĊNDMąZ\EU]HĪH&]\FRĞSU]HNUĊFLáHP" ±1LH ± :LĊF SRZLHG] PL 5]HPLHQLX ER MHVWHP W\ONR SURVW\P NVLĊFLHP L QLH UR]XPLHP FR MHV]F]HPXVLVLĊ]GDU]\üE\ĞP\XZLHU]\OLĪHWRMHVWJQLHZGDZQHMERJLQL"0RĪH3RG]LHPQD 0DWNDQDSUDZGĊFKFHRG]\VNDü$PLWUDMNWyU\P]DZáDGQĊOLFXG]R]LHPF\" ±%RERJRZLHQLHPRJąG]LDáDüZWHQVSRVyE6SRWNDáHĞNLHG\ĞMDNLHJRĞERJDWRKLPRQLH" ±1LH ±$MDWDN =H F]WHU\UD]\3RZLHPFLMDNG]LDáDMą:LG]LDáHĞNLHG\Ğ]DZRG\ERMRZ\FK OHRSDUGyZSRSLVXMąF\FKVLĊV]WXF]NDPL" ±:LHV]ĪHWDN ± 3U]HZRGQLN VLHG]L QD NU]HĞOH L ZROQR PX W\ONR JZL]GDü SUDZGD" /HRSDUG SU]HELHJD SU]H] SU]HV]NRG\ QLV]F]\ FHOH REDOD PDQHNLQ\ WURSL L ]DELMD NUyOLND D SRWHP SU]\QRVL JR SU]HZRGQLNRZL3RZLHG]FRWRE\á\E\]D]DZRG\JG\E\SU]HZRGQLN]DVWU]HOLáNUyOLNDVDP SRSU]HZUDFDá FHOH D QD NRQLHF ĞFLąá VZRMHJR NRQNXUHQWD" 7X MHVW WDN VDPR %RJRZLH SRMDZLDMą VLĊ Z ]LHPVNLFK SRVWDFLDFK L ZV]F]\QDMą SRQRü F]DVHP MDNLHĞ LQWU\JL F]DVHP SRS\FKDMąZ\EUDQ\FKOXG]LE\FRĞXF]\QLOL$OERQDZLHG]DMąVZRMHĞZLĊWHPLHMVFDZERVNLHM SRVWDFLQDSU]\NáDGSURPLHQLDNVLĊĪ\FRZHJRĞZLDWáDOXEVáXSDG\PXLZWHG\F]DVHPPyZLą FRĞ ZLHUQ\P 1LH]UR]XPLDOH G]LZQLH DOER ]XSHáQLH RG U]HF]\ &LHPQL OXG]LH QD]\ZDMą LFK ERJDPL $OH MD QLH ZLHP F]\P Vą WH LVWRW\ :HGáXJ QDV]HM ZLDU\ %RJLHP MHVW W\ONR 6WZRU]\FLHONWyU\ QLHSRMDZLDVLĊQLJG\ LQLJG]LH7\FKLQQ\FKQD]\ZDP\QDGDNX±GXFK\

Ī\ZLRá\ 1LH PRJą VSURZDG]Dü VXV]\ DQL Z\JU\ZDü RVRELĞFLH ELWHZ F]\ GDZDü FXGRZQHM PRF\ Z\EUDĔFRP ER ZWHG\ ZV]\VWNLH ]DF]Ċá\E\ WDN URELü 1DVWąSLáE\ NRQLHF ĞZLDWD 3RG]LHPQD0DWNDQLHPRĪHUR]ND]\ZDüVáRĔFXERJRQLHVWZRU]\áD,GODWHJRĪHĞZLHFLRQR QDGLQQ\PLNUDMDPLNWyUHPDMąVZRMHQDGDNX ± :LHP SU]HFLHĪ DOH ZHGáXJ PQLH QDGDNX WR Vą LVWRW\ ] QDV]HJR NUDMX : .LUHQHQLH PLHOLĞP\ UyĪQH QDGDNX L ,GąFHJR SRG *yUĊ L 6WZRU]\FLHOD 0RĪH WX MHVW LQDF]HM =UHV]Wą $PLWUDMHZLHU]ąĪH3RG]LHPQDGDáDĪ\FLHZV]\VWNLPLVWRWRP:LĊFQLHPRĪHE\üQDGDNXER RQHQLHVWZDU]DMą$RLOHZLHPQDGLQQ\PL]LHPLDPLVáRĔFHĞZLHFLQRUPDOQLH ±$VNąGZLHV]ĪHFRNROZLHNVWZRU]\áD"%RLPWDNSRZLHG]LDáD" ± :V]\VWNR MHGQR 0RĪH SRZLQQLĞP\ ]QDOHĨü VSRVyE ĪHE\ SRUR]XPLHü VLĊ ] Wą 3RG]LHPQą0DWNą"$PLWUDMMHVWWHUD]QDV] ± 3R SLHUZV]H ± SRZLHG]LDá PyM RMFLHF ± 7R QLH WDNLH SURVWH 7R QLH VáXĪąFD 1LH SU]\MG]LH GODWHJR ĪH NODVQąáHĞ Z UĊFH ĩHE\ SU]\ZRáDü ERJD QDGDNX F]\ MDN MH WDP ]ZDü WU]HED ]URELü QD LFK F]HĞü FRĞ F]HJR VRELH Ī\F]ą L MHV]F]H E\ü V]F]HU\P Z\]QDZFą L SUDJQąüLPVáXĪ\ü1LHFKFĊGRNRQDüNUZDZHJRPRUGXZMDNLHMĞMDVNLQL]ZáDV]F]DĪHPRĪH E\üQDGDUHPQ\$SRGUXJLHFRPRJOLE\ĞP\MHM]DSURSRQRZDü"ĩHVDPLVLĊZ\WU]HELP\ D SRWHP]DSURZDG]LP\.RGHNV=LHPL" ±:LĊFSRSURĞP\RSRPRF,GąFHJRSRG*yUĊ$OERLQQHNLUHQHĔVNLHQDGDNX:H]ZLMP\ .DPDUDVVX ±2GGDZQDQLNWLFKQLHZLG]LDá=UHV]WąERJRZLHQLHPRJąWRF]\üZRMQ\WRKLPRQLH3R SURVWXQLHPRJą=QLV]F]\OLE\ĞZLDWLVLHELH ±:HGáXJ.VLĊJL'URJLNLHG\ĞWDNE\áR±]DXZDĪ\áHP ±7DNV\QX,ZHGáXJ.VLĊJL]QLV]F]\áRZWHG\ĞZLDW  'QL PLMDá\ D VXV]D WUZDáD QDGDO :\GDZDáR VLĊ ĪH QLNW MXĪ QLH SDPLĊWD NLHG\ SDGDá GHV]F]1DZHWMH]LRURZ:LRVFH&KPXUVNXUF]\áRVLĊZRNyáZ\VSLQDEU]HJXSRMDZLá\VLĊ ZLHONLH áDFK\ SLDVNX ] ZRG\ Z\URVá\ VNDá\ NWyU\FK SU]HGWHP QLJG\ QLH ZLG]LDáHP 1DV]H VWUXPLHQLH]PLHQLá\VLĊZOHQLZHOHGZRSá\QąFHVWUXP\F]NL 2MFLHF SRVWDQRZLá Z\SURZDG]Lü ZRMVNR ĪHE\ VWU]HJáR SRU]ąGNX $PLWUDMVND FLĊĪND SLHFKRWDNWyUDSU]H]SRNROHQLDSRGELMDáDĞZLDWWHUD]PLDáD]DSURZDG]LüVSRNyMZHZáDVQ\FK PLDVWDFK 'URJDPL FDáHJR LPSHULXP ]H ZV]\VWNLFK SURZLQFML FLąJQĊá\ U]ĊG\ ZR]yZ ] EHF]NDPLZRG\LĪ\ZQRĞFLą:SURZLQFMDFKREU]HĪQ\FKSRGDWNLVLĊJQĊá\QLHPDOGZXG]LHVWX RGVWDLNXSF\ZSDGOLZHZĞFLHNáRĞü : VWROLF\ E\áR ZáDĞFLZLH EH]SLHF]QLH DOH ZV]ĊG]LH ZLG]LDáR VLĊ RGG]LDá\ ZRMVND ] ZLHONLPLWDUF]DPLLERMRZ\PLZáyF]QLDPLZSHáQ\FK]EURMDFK0LHV]F]DQLHNWyU]\QLJG\QLH ZLG]LHOL ZáDVQHJR ZRMVND Z JRWRZRĞFL ERMRZHM SDWU]\OL QD WR ] SU]HUDĪHQLHP L QLHGRZLHU]DQLHP 0QLHSU]HUD]LáRFRLQQHJR

6]OLĞP\]%UXVHPEU]HJLHPXOLF\WURFKĊPQLHM]DWáRF]RQHMQLĪ]Z\NOH,PGáXĪHMWUZDáD VXV]D W\P Z\UDĨQLHM E\áR ZLGDü ĪH PLDVWR VLĊ ]PLHQLD :LHOH VNOHSyZ L NDQWRUyZ ]DPNQLĊWR :DU]\ZD L RZRFH QD VWUDJDQDFK E\á\ EU]\GNLH SRPDUV]F]RQH L SRNU\WH EUXQDWQ\PLSODPDPL1DGEU]HJLHPU]HNLSRGPXUDPL]KXNLHPSáRQĊá\RJURPQHVWRV\1D XOLFDFKZV]ĊG]LHJG]LH]DOHJDáMDNLĞFLHĔVSRF]\ZDOLZ\FLHĔF]HQLOXG]LHQLH]ZDĪDMąF\QD PXFK\ NWyUH REVLDGDá\ LP WZDU]H :V]ĊG]LH PRĪQD E\áR VSRWNDü NRJRĞ NWR ĪHEUDá R á\N ZRG\ 8OLFDPL SFKDQR ZR]\ QD ZLHONLFK NRáDFK L ZU]XFDQR QD QLH FLDáD W\FK NWyU]\ XPDUOL ] SRZRGXXSDáXDOER]SUDJQLHQLDERLWR]DF]ĊáRVLĊ]GDU]Dü:U]XFDQR QDZR]\WHĪ]ZáRNL W\FK NWyU\FK ]QDMGRZDQR R ZVFKRG]LH VáRĔFD /HĪąF\FK QD XOLF\ VLQ\FK L V]W\ZQ\FK ] SRGHUĪQLĊW\PL JDUGáDPL L Z\UZDQ\PL VHUFDPL 7\FK NWyU]\ ]áDPDOL MHGQR ] QLH]OLF]RQ\FK SUDZ.RGHNVX=LHPL &LDáD SDORQR SRG PXUDPL ĪHE\ QLH GRSXĞFLü GR ]DUD]\ :RNyá VWRVyZ FDá\ F]DV NRF]RZDá\ JUXS\ ]DZRG]ąF\FK NRELHW Z F]DUQ\FK ]DZRMDFK Z\JOąGDMąF\FK MDN NUXNL :V]ĊG]LHXQRVLáVLĊVPUyGVSDOHQL]Q\LPXFK\0LOLRQ\PXFK 3DWU]\OLĞP\ QD WR ] %UXVHP L PLOF]HOLĞP\ 2MFLHF QDND]Dá VSHFMDOQ\P HG\NWHP SU]HGVWDZLFLHORP ZV]\VWNLFK NXOWyZ Z\GDZDü ZRGĊ L Ī\ZQRĞü RUD] RWDF]Dü RSLHNą SRWU]HEXMąF\FK MHGQDN GU]ZL ZLĊNV]RĞFL ĞZLąW\Ĕ E\á\ ]DPNQLĊWH 1D RGU]ZLDFK L PXUDFK ĞZLąW\ĔZ\PDORZDQRVDG]ąOXERFKUą]QDN3RG]LHPQHJRàRQD ± 1DSLMP\ VLĊ F]HJRĞ ± SRZLHG]LDá %UXV ± &KRüE\ PLDáR WR NRV]WRZDü GLUKDQD -D VWDZLDP &]\QQą WDZHUQĊ ]QDOHĨOLĞP\ ] WUXGHP 6RNX SDOPRZHJR QLH E\áR 6LHG]LHOLĞP\ QDG NXENDPL FLHQNLHJR FLHSáDZHJR NRU]HQQHJR SLZD L SDWU]\OLĞP\ QD ĞFLDQĊ QDSU]HFLZNR QD NWyUHMQDED]JUDQRZĊJOHPÄ1DGFKRG]L2JLHĔ3XVW\QL´ ± *G\E\ W\ONR VSDGá GHV]F] ± Z\FHG]Lá JáXFKR %UXV± =Z\Ná\ GHV]F] 1DMOHSLHM ]DUD] -HV]F]HPRJá\E\VLĊXGDüGUXJLHOHWQLHĪQLZD:WHG\QDW\FKPLDVW]DJRQLOLE\ĞP\WĊKRáRWĊZ NUZDZ\FK V]PDWDFK ] SRZURWHP SRG ]LHPLĊ JG]LH LFK PLHMVFH 5D]HP ] 3RG]LHPQą 6XNą RJQLDPLLSXVW\QLDPL0LDVWRE\RGĪ\áR=QRZX]DJUDáDE\PX]\NDQDSODFDFK 1DSLáVLĊOHWQLHJRQDSRMXLVNU]\ZLáVLĊ ±&LąJQLH]JQLOL]Qą'UDĔSĊG]LMHQDZRG]LH]U]HNL-HĪHOLVSDGQLHSRU]ąGQ\GHV]F]WR ZLHV]FR]URELĊ5XGD*áRZR" ±&RVLWDU7HQG]\Q" ±3RGDUXMĊFL]áRWąV]HNOĊVLWDU$UGĪXN,VDPWHĪ]DELRUĊMHGQą ĝURGNLHP XOLF\ SU]HV]áR V]HĞFLX ĪRáQLHU]\ 7\PHQ G]LHZLĊWQDVW\ Ä.DQDGLUVNL´ SRP\ĞODáHPPDFKLQDOQLHSDWU]ąFQDJRGáRQDWDUF]DFK ±&RR]QDF]DWHQV\PEROQDGJRGáHPÄF]DUQHMUĊNL´VLWDU7HQG]\Q" ±-DNLV\PERO" ±7HQNWyU\Z\JOąGDMDNSU]HFLQDMąFHVLĊSyáNROD

%UXV]DFLVQąáV]F]ĊNL ± 6DPL VRELH Z\PDORZDOL 7R ÄGZD NVLĊĪ\FH´ ± ]QDN .VLĊĪ\FRZ\FK %UDFL 'ZyFK WU\NyZ *UXEHM %DE\ VLHG]ąF\FK SU]\ MHM ]DIDMGDQ\P SRG]LHPQ\P WURQLH ± 2VWDWQLH VáRZD %UXV Z\U]HNá JáRĞQR MDNE\ SURVWR Z WZDU] SDWURORZL 5R]OHJá VLĊ FKU]ĊVW L ĪRáQLHU]H ]DWU]\PDOLVLĊDSRWHP]áRPRWHPSRVWDZLOLWDUF]HQD]LHPL ±0yZLáHĞGRQDVNPLRWNX"±]DS\WDáGRZyGFDLSRGV]HGáGRQDV]HJRVWROLNDĩRáQLHU]H VWDQĊOLNUĊJLHP]DVáDQLDMąFQDVLGRZyGFĊRGUHV]W\XOLF\ %UXVXĞPLHFKQąáVLĊOHNNRVLĊJDMąFSRGSRáĊNXUW\$SRWHPQDJOHMHJRUĊNDZ\VWU]HOLáD GR SU]RGX D GZD SDOFH XFKZ\FLá\ JUG\NĊ GRZyGF\ MDN V]SRQ\ %UXV Z\Mąá VSRG NXUWNL FLĊĪNąĪHOD]QąSLHF]ĊüLSRGVXQąáWDPWHPXSRGRF]\ĩRáQLHU]H]QLHUXFKRPLHOL%UXVSXĞFLá V]\MĊWDPWHJRLXQLyVáVLĊ]]\GOD ±2F]\ĞFLüWDUF]H±V\NQąá±1DW\FKPLDVW ± 7DN VLWDU ELQKRQSDKDQ ± Z\FKDUF]Dá GRZyGFD ± 7R W\ONR WDN ĪHE\ SU]\MDĨQLHM GR PLHV]NDĔFyZ ±%\áHĞVHWQLNLHPVLWDU7HQG]\Q"±]DS\WDáHPNLHG\RGHV]OL ± 5RELáHP ZLHOH U]HF]\ $UNL $OH WD SU]HG FKZLOą E\áD QDSUDZGĊ JáXSLD /HSLHM VWąG FKRGĨP\3U]\FLąJDP\XZDJĊ :\SUDZ\ GR PLDVWD SU]HVWDá\ E\ü UR]U\ZNą XEDUZLDMąFą PRQRWRQLĊ PRMHJR Ī\FLD 6]F]HU]H PyZLąF ZRODáE\P Z RJyOH QLH RJOąGDü JR Z WDNLP VWDQLH -HGQDN QDGDO FKRG]LOLĞP\ 5R]PDZLDOLĞP\ ] OXGĨPL SU]HFKDG]DOLĞP\ VLĊ SR SXVWDZ\FK XOLFDFK QD NWyU\FKVá\FKDüE\áRJáyZQLHáRPRWFLĊĪNLFKĪRáQLHUVNLFKEXWyZ3RGPXUDPLQDGDOSáRQĊá\ VWRV\ 2MFLHF ]GRáDá VSURZDG]Lü ZLHONL WUDQVSRUW ZRG\ EDUNDPL U]HF]Q\PL L SU]\QDMPQLHM NDĪG\PLHV]NDQLHFGRVWDZDáG]LHQQLHVZyMVNRSHNZRG\'RVWDUF]DOLĞP\WHĪĪ\ZQRĞüLZRGĊ GRZV]\VWNLFKĞZLąW\ĔRSUyF]&]HUZRQ\FK:LHĪLQDND]DOLĞP\UR]GDZDüMHSRWU]HEXMąF\P =DGEDOLĞP\ ĪHE\ ZV]\VF\ VLĊ R W\P GRZLHG]LHOL ']LĊNL WHPX SRVXQLĊFLX V]F]RGUREOLZRĞü NDSáDQyZ3RG]LHPQHMSU]HVWDáDVLĊZ\UyĪQLDü6WUDFRQRNLONXNDSáDQyZPQLFKyZLĪHUFyZ SU]\áDSDQ\FKQDNUDG]LHĪ\Ī\ZQRĞFL 3LFLH PXOLVWHM FXFKQąFHM FLHF]\ ] U]HNL Z\ZRá\ZDáR RNURSQH EROHĞFL JRUąF]NĊ L Z]GĊFLDNWyUHF]ĊVWRNRĔF]\á\VLĊĞPLHUFLąDPLPRWRFRG]LHQQLHZLHOXSUyERZDáR $GHV]F]QLHFKFLDáVSDĞü']LHĔZG]LHĔZVWDZDáRUR]SDORQHEXFKDMąFHĪDUHPVáRĔFHL QDZHWEH]FKPXUQHQLHERZ\GDZDáRVLĊMDNLHĞZ\EODNáH 3U]HF]XFLH QLHV]F]ĊĞFLD ZLVLDáR L QDG NUDMHP L QDG :LRVNą &KPXU : QDV]HM ĞZLąW\QL SU]H]FDá\G]LHĔVá\FKDüE\áRJRQJL1LHXVWDQQLH]DQRV]RQRPRGá\GR6WZRU]\FLHOD,GąFHJR 3RG *yUĊ L ZV]\VWNLFK QDGDNX ']LHĔ L QRF SáRQĊá\ SĊNL RILDUQ\FK NDG]LGHáHN L ZV]ĊG]LH VPĊWQLHZLVLDá\ZEH]ZLHWU]XPRGOLWHZQHSURSRUFH -HG\Qą MDĞQLHMV]ą VWURQą PRMHJR Ī\FLD ZyZF]DV E\á\ OHNFMH MDNLFK XG]LHODáD PL $LLQD 1RFDPL XSDá Z\GDZDá VLĊ MHV]F]H GRWNOLZV]\ GR WHJR QLHXVWDQQLH ZLVLDáR QDG QDPL IDWXP *QLHZX%RJLQLLG]LHĔZG]LHĔGRVWDZDOLĞP\]áHZLDGRPRĞFL1DZHW:LHG]ąF\E\OL]JRGQL

ĪH WUZDMąFD WDN GáXJR VXV]D MHVW ]XSHáQLH QLHQDWXUDOQD 3RĞUyG WHJR FLąJáHJR SU]\JQĊELHQLD RERMHV]XNDOLĞP\]DSRPQLHQLDZQLHNRĔF]ąF\FKVLĊ]PDJDQLDFK -HGQDNNWyUHMĞQRF\]DVNRF]\áDPQLH 3U]\V]HGáHPMDN]Z\NOHLZĞOL]JQąáHPVLĊ]RJURGXSURVWRGRMHMV\SLDOQL$LLQDVLHG]LDáD QD G\ZDQLH Z VZRMHM ZLHF]RUQHM VXNQL D RERN VNURPQLH NOĊF]DáD VPXNáD QLH]QDQD PL G]LHZF]\QD 7U]\PDáD GáRQLH QD NRODQDFK L SDWU]\áD QLHUXFKRPR ZLHONLPL FLHPQRV]PDUDJGRZ\PL RF]DPL %\áD Z PRLP ZLHNX OXE QLHZLHOH VWDUV]D L PLDáD F]HUZRQH ZáRV\MDNMDW\ONRFK\EDFLHPQLHMV]H ± 7R MHVW 0LUDK ± RGH]ZDáD VLĊ $LLQD ± ']LVLHMV]HM QRF\ ]PLHU]\V] VLĊ ] SUDZG]LZ\P SU]HFLZQLNLHP&]DVVSUDZG]LüF]HJRVLĊQDXF]\áHĞ ±$LLQR±]DRSRQRZDáHPáDJRGQLH±0LUDKMHVWSLĊNQDDOHSU]HFLHĪZFDOHMHMQLH]QDP :ROĊOHNFMH]WREą ±3RZLHG]LDáDP±XFLĊáD±7DNLHMHVWG]LĞWZRMH]DGDQLH7RMHVWXPLHMĊWQRĞü-DNMD]GD NRQQDDOERZDOND1LHZLHV]MDNLHJRNRQLDSU]\MG]LHFLGRVLąĞüDQLQLHEĊG]LHV]FDáHĪ\FLH ZDOF]\á]HVZRLPPLVWU]HPZRMQ\']LĞ]PLHU]\V]VLĊ]0LUDK,SRNRQDV]Mą 6LĊJQĊáD SR FLQWDU L SR FKZLOL Z\GDZDáR VLĊ ĪH QLH ]ZUDFD QD QDV QDMPQLHMV]HM XZDJL SRFKáRQLĊWDFLFKąJUą 0LUDK Z]LĊáD PQLH ]D UĊNĊ L ]DSURZDG]LáD QD SRGHVW GR áRĪD $LLQ\ $ SRWHP RSXĞFLáD PXĞOLQRZ\EDOGDFKLP ± 1LH ]ZUDFDM QD QLą XZDJL ± V]HSQĊáD 0LDáD PHORG\MQ\ SU]\MHPQ\ JáRV , SLĊNQLH SDFKQLDáD±,QLHVáXFKDMFRPyZLRZDOFH7RQLHĪDGQDZDONDW\ONRPLáRĞü8GRZRGQLĊFL ĪHQLHPDWRQLFZVSyOQHJR]ZRMQą1LHZDĪQHF]\FKFLDáDFLĊXSRNRU]\üF]\Z\SUyERZDü 1LHFKPDFRFKFLDáD0RĪHMXĪVLĊQLJG\QLHVSRWNDP\ZLĊFPRĪHP\GDüVRELHQDSDPLąWNĊ WURFKĊ V]F]ĊĞFLD 2EHMPLM PQLH SDQLH L ]DSRPQLM R ZV]\VWNLP D MD VSUDZLĊ ĪHE\Ğ QLH ]DSRPQLDáWHMQRF\ -D MHGQDN XZLHU]\áHP $LLQLH L SRVWDQRZLáHP QLH GDü ]D Z\JUDQą 0LUDK E\áD FXGRZQD DOHSRWUDILáHPRGZ]DMHPQLüNDĪGą]MHMSLHV]F]RWSRZLHOHNURü3RWUDILáHPMXĪSDQRZDüQDG VREą L QLH VSáRQąü SU]HGZF]HĞQLH .LHG\ SRF]XáHP VSHáQLHQLH QLHPDO QDW\FKPLDVW PRJáHP SRGMąü PLáRVQH ]PDJDQLD L ZLG]LDáHP ]GXPLHQLH Z MHM V]PDUDJGRZ\FK RF]DFK 1LH E\áR WR áDWZH L WUZDáR FDá\PL JRG]LQDPL DOH ZUHV]FLH RVLąJQąáHP VZyM FHO 8Vá\V]DáHP JDUGáRZH NU]\NL ]XSHáQLH LQQH QLĪ HOHJDQFNLH QDPLĊWQH MĊNL NWyUH Z\GDZDáD GRWąG SDWU]\áHP MDN ZLMHVLĊSRGHPQą]DFKáDQQLHFKZ\WDMąFZV]\VWNRFRGDMĊQDMHMG]LNLHRF]\L]PLHU]ZLRQH ZáRV\ VSDGDMąFH QD WZDU] 1LH XGDZDáD $LLQD QDXF]\áD PQLH MDN UR]SR]QDü NLHG\ NRELHWD XGDMH .LHG\Z\V]áDGáXJROHĪDáHPQDZ]QDNQLHPRJąFVLĊSRUXV]\ü]H]PĊF]HQLD&]XáHPVLĊ SXVW\ L OHNNL MDN REáRN D MHGQDN Z MDNLĞ VSRVyE ]EUXNDQ\ L XSRNRU]RQ\ &]XáHP ]áRĞü QD QDXF]\FLHONĊ ±0RLP]GDQLHPSR]ZROLáDFLZ\JUDü±SRZLHG]LDáD$LLQD±$OHLWDNVSLVDáHĞVLĊQLHĨOH

±&KFLDáDĞPRMHMSRUDĪNL±ZDUNQąáHP ±1LH±V]HSQĊáDEDUG]RVPXWQR±&KFLDáDPRG]\VNDüPyMFKáyG-HVWHPQDXF]\FLHONą &]ĊVWR SRWHP E\ZDáR WDN ĪH VSRW\NDOLĞP\ VLĊ ZLHF]RUHP RERMH VPXWQL L SHáQL ]á\FK SU]HF]Xü PDMąF GRĞü VXV]\ JUyĨE ]DPLHV]HN L ZU]DVNyZ ]DPDVNRZDQ\FK NDSáDQyZ QD XOLFDFK'RĞüPDSVWUDWHJLLLáDGXQNyZZRG\L]ERĪDNWyU\FKMXĪQLHE\áRVNąGEUDü $ SRWHP REHMPRZDOLĞP\ VLĊ L QLH E\áR MXĪ QLF]HJR LQQHJR QLĪ QDV]H FLDáD MHGZDE SU]HĞFLHUDGHá]DSDFKZRQQ\FKROHMNyZLNDG]LGHáLF]DUQDQRFSU]HGV\SLDOQLą :WHG\ZáDĞQLHMąSRNRQDáHP 3RUD]SLHUZV]\LRVWDWQL 3yĨQLHMOHĪDáD]XSHáQLHQLHUXFKRPR]ODQDSRWHP]UR]U]XFRQ\PLQRJDPLG\V]ąFFLĊĪNR 1LHSRZLHG]LDáDQLF 3RGáXJLPF]DVLHXNOĊNáDQDáyĪNXLXMĊáDPRMHUDPLRQD ± 0XVLDá QDGHMĞü WHQ PRPHQW ± SRZLHG]LDáD ± 7R MXĪ NRQLHF WZRMHM QDXNL 0áRG\ 7\JU\VLH ,GĨ WHUD] ERJDWV]\ R ZLHG]Ċ NWyUą QLHZLHOX SRVLDGD L QLH ]DSRPQLM F]HJR VLĊ QDXF]\áHĞ1LF]HJRZLĊFHMMXĪFLĊQLHQDXF]ĊWRKLPRQLH 3RP\ĞOHüĪHMHV]F]HWU]\XGHU]HQLDVHUFDZF]HĞQLHME\áHPGXPQ\]VLHELHLV]F]ĊĞOLZ\ 7HUD] F]XáHP VLĊ WDN MDNE\P ]RVWDá VDP Z F]DUQHM SXVWFH -DNE\ Z\GDUWR PL VHUFH ]RVWDZLDMąF]LHMąFąNUZDZąUDQĊ1DJOH-DNE\PZSDGáSRGOyG 2VáXSLDá\ SDWU]\áHP QD MHM VPDJáH FLDáR L QLH PRJáHP XZLHU]\ü ĪH ZLG]Ċ MH SR UD] RVWDWQL2GWąGEĊG]LHMXĪ]DZV]HW\ONRQDXF]\FLHONą6NáĊELRQDJU]\ZDJUDQDWRZ\FKZáRVyZ GOD PQLH EĊG]LH W\ONR NXQV]WRZQLH XSLĊWą IU\]XUą SHáQą V]SLO L NODPHU D SLHUVL L áRQR ] MHGZDELVW\PWUyMNąWHPP\VLHJRIXWHUND]QLNQąQD]DZV]HSRGOĞQLąF\PLWNDQLQDPLVXNQL 0LDáHPĞFLĞQLĊWHJDUGáR2GFKU]ąNQąáHP ±$LLQR7RZNRĔFXWU]HEDSRZLHG]LHü-D 1LH]GąĪ\áHP=DPNQĊáDPLXVWDGZRPDSDOFDPLLSRJáDG]LáDSRSROLF]NX ± 1LH WRKLPRQLH %ĊG]LHV] ZáDGFą -D ± QDXF]\FLHONą FHVDUVNLFK G]LHFL L VWUDWHJLHP 1DXF]\áDPFLĊF]HJRĞĪHE\ĞQLH]RVWDáLJUDV]NąZáDVQHMĪąG]\ĩHE\ĪDGQDNRELHWDQLHPRJáD QDWRELHJUDüLXF]\QLüFLĊQLHZROQLNLHP1DXF]\áDPFLĊWDĔFDFLDá$OHF]\QLH]DXZDĪ\áHĞ PyM SLĊNQ\ W\JU\VNX ĪH QLH QDXF]\áDP FLĊ F]\P MHVW PLáRĞü" 7\ONR WHJR MDN VRELH ] QLą UDG]Lü %\á W\ONR WDQLHF 6RNL QDV]\FK FLDá SRW LQDPLĊWQRĞü -ĊN QLH PLáRVQH ]DNOĊFLD 1LH E\áRF]XáRĞFL&]\WHJRQLH]DXZDĪ\áHĞ"0LUDKNWyUąZLG]LDáHĞW\ONRSU]H]MHGQąQRFGDáDFL W\VLąF UD]\ ZLĊFHM F]XáRĞFL QLĪ MD SU]H] FDá\ WHQ F]DV 7HUD] MXĪ ZLHP ĪH SRWUDILV] PQLH RNLHá]QDü L SRNRQDü , ]URELáE\Ğ WR MHV]F]H ZLHOH UD]\ 2GWąG ZNUDGá\E\ VLĊ PLĊG]\ QDV XF]XFLD D QD WR QLH PRĪQD SR]ZROLü %\á\E\ SRFDáXQNL UR]PRZ\ á]\ L ĞPLHFK -XĪ QLH E\áRE\ ]PDJDĔ W\ONR Z]DMHPQH KRáG\ =DPLDVW GDü FL ZROQRĞü Z\ERUX VDPD E\P FLĊ XVLGOLáD ±$LLQRSDPLĊWDPĪHE\üPRĪHEĊGĊNLHG\ĞFHVDU]HP=DZLHOHODW2MFLHFMHVWMHV]F]H PáRG\ L QLHFK 'URJD SR]ZROL PX ]DFKRZDü ]GURZLH 1LH MHVWHP JáXSL $OH PRJĊ SU]HFLHĪ

PLHüNRQNXELQ\ 6\NQĊáDMDNE\]H]áRĞFLą ±&yĪ]DSRNXVDĩ\áDE\PXERNXPRMHJRNVLĊFLDVFKRZDQDZFLHQLXXVLGOLZV]\JRRG QDMPáRGV]\FK ODW 3LHUZV]D NRELHWD NWyUD GDáD PX V]F]ĊĞFLH 3LHUZV]D NWyUą SRVLDGá 7D NWyUDXF]\áDJRRGG]LHFND$WHUD]SLHUZV]DNRQNXELQD$NLHG\ĞMXWUR]DURNDOERG]LHVLĊü ODW VWDQĊáDE\P Z FLHQLX WURQX 8NU\WD EH]SLHF]QLH PDMąF ZáDGFĊ QD ZáDVQRĞü Z V\SLDOQL 1LH WRKLPRQLH 1LH QDUDĪĊ 7\JU\VLHJR 7URQX QD WDNLH QLHEH]SLHF]HĔVWZR 0DV] V]HVQDĞFLH ODWV]ODFKHWQ\NVLąĪĊ-D]DĞMHVWHPVWDUD0DPSU]HV]áRGZDUD]\W\OHODWFRW\3RZLQLHQHĞ WHUD] SRV]XNDü G]LHZF]\Q\ Z RGSRZLHGQLP GOD FLHELH ZLHNX ĝZLHĪHM SLĊNQHM L GHOLNDWQHM 7DNLHM MDN 0LUDK =DSRPQLM R PRLFK U]DGNLFK ZáRVDFK REZLVá\FK SLHUVLDFK ]ZLRWF]DáHM VNyU]HĪ\ODVW\FKGáRQLDFKLVWRSDFK ±$OHĪ$LLQRMHVWHĞSLĊNQD0ĊĪF]\ĨQLSáRQąNLHG\FLĊZLG]ą-HVWHĞMDNGRMU]Dá\RZRF 6áRGNLLFLĊĪNLRGVáRĔFD ± &ĞĞ 3RZLHG] PL WR ]D G]LHVLĊü ODW V]ODFKHWQ\ NVLąĪĊ =D G]LHVLĊü ODW NLHG\ ZFLąĪ EĊG]LHV] EDUG]R PáRG\ :WHG\ FL XZLHU]Ċ 7HUD] áDVLV] VLĊ MHG\QLH GR ZVSRPQLHQLD RJQLD MDNLZ\UZDáDP]WZRLFKWU]HZL 0LOF]DáHP XVLáXMąF ]GáDZLü Z VRELH UR]SDF] DOH F]XáHP ĪH PD UDFMĊ SRPLPR ĪH ZV]\VWNRZHPQLHVLĊEXQWRZDáR  3RWHPSU]HĪ\áHPF]DUQHSRQXUHGQLV]XNDMąFVDPRWQRĞFLVLHG]ąFQDGNXENLHPQDSDUXL SDWU]ąF SU]HG VLHELH V]NODQ\P Z]URNLHP $LLQD ]DFKRZ\ZDáD VLĊ WDN VDPR MDN ]DZV]H 6SRNRMQLH L QDWXUDOQLH ]XSHáQLH MDN SU]HGWHP ]DQLP GRWNQąáHP Mą SR UD] SLHUZV]\ :\GDZDáRPLVLĊĪH]XSHáQLHMHMWRQLHREHV]áRLZFDOHQLHFLHUSLWDNMDNMDLSRF]XáHPVLĊ MHV]F]HJRU]HM6DPMHMZLGRNE\áGODPQLHQLHGR]QLHVLHQLD .LOND UD]\ VDPRWQ\ Z PRMHM V\SLDOQL NLHG\ E\áHP ]XSHáQLH SHZLHQ ĪH QLNW QLH PRĪH PQLH ]REDF]\ü SR]ZROLáHP VRELH XZROQLü ]ĪHUDMąFą PQLH UR]SDF] L ]DSáDNDáHP JRU]NR àNDáHPMDNG]LHFNRDOHQLHSU]\QLRVáRPLWRZLĊNV]HMXOJLàNDáHPĞFLVNDMąFZGáRQLWĊVDPą ĪHOD]QąNXOĊNWyUąGRVWDáHPRG5]HPLHQLDMDNRG]LHFNR0RMąFXGRZQąNXOĊĪ\F]HĔ 5R]SDF]GDáDPLW\ONR]PĊF]HQLHG]LĊNLNWyUHPX]DVQąáHP 8Sá\QąáMDNLĞW\G]LHĔLPRMHFLDáRVLĊREXG]LáR6PXWHNQLHSU]HPLQąáDOHRJLHĔ]DSáRQąá QDQRZRLWHQVDPQLHSRVNURPLRQ\JáyG]QRZX]DF]ąáPLGRVNZLHUDü 3U]HGWHP ZLHF]RUDPL VLHG]LDáHP Z VZRMHM NRPQDFLH DOER QD WDUDVLH F]\WDáHP SU]\ ĞZLHWOH ODPS JUDáHP QD FLQWDU]H OXE IOHFLH 3RWHP QLHPDO NDĪG\ ZLHF]yU QDOHĪDá GR $LLQ\ 7HUD]QLHXPLDáHPZUyFLüGRZáDVQ\FK]DMĊü.UDMUR]SDGDáVLĊRGVXV]\ZV]ĊG]LHSDQRV]\OL VLĊEXQWRZQLF\L]áRZURG]\NDSáDQLGRWHJRVWUDFLáHP$LLQĊ1LHE\áRQLFW\ONRNOĊVNDSODJL WĊVNQRWD L UR]SDF] &Dá\ ĞZLDW Z\GDZDá PL VLĊ VSRSLHORQ\P SRJRU]HOLVNLHP L ]DF]ąáHP PDU]\üRW\PĪHE\MXĪXPU]HüLRGHMĞüGR6WZRU]\FLHOD'DOHNR RG2JQLD3XVW\QLVXV]\L $LLQ\

7DNLHJR ZáDĞQLH ZLHF]RUD GXV]QHJR L VPXWQHJR VLHG]LDáHP QD SRGXV]FH SDWU]ąF Z RJUyG QDG NWyU\P ]DFKRG]LáR VáRĔFH =DSUDJQąáHP E\ SU]\QLHVLRQR PL ZLQD SDOPRZHJR L XGHU]\áHPZJRQJ 'U]ZL XFK\OLá\ VLĊ L ZHV]á\ SU]H] QLH WU]\ G]LHZF]ĊWD NWyU\FK QLJG\ MHV]F]H QLH ZLG]LDáHP 1LRVá\ QD WDF\ ZLQR L SDWHUĊ RZRFyZ MHGQD WU]\PDáD FLQWDU .DĪGD E\áD LQQD -HGQDPLDáDJUDQDWRZRILROHWRZHZáRV\GUXJDEDUZ\F]HUZRQHMPLHG]LDWU]HFLDQLHPDOELDáH %\á\PáRGH±PQLHMZLĊFHMZPRLPZLHNX ± 6]ODFKHWQ\ NVLąĪĊ SDQLH 0áRG\ 7\JU\VLH ± 3RFK\OLá\ VLĊ Z XNáRQLH QD NOĊF]NDFK L ]DPDUá\WDN ± 3U]\V\áD QDV IDGLUD $LLQD ± SRZLHG]LDáD WD R FLHPQ\FK ZáRVDFK ĞZLHWOLVW\FK MDN ZLHF]RUQH QLHER ± -HVWHĞP\ WZRLPL QRZ\PL SRNRMRZ\PL 0DP\ VSUDZLü ĪHE\Ğ PyJá RGSRF]ąü SR WUXGDFK GQLD L PLDá UDQR VLá\ L FKĊü GR ]DMPRZDQLD VLĊ VZRLP V]ODFKHWQ\P WUXGHP-DMHVWHP)\DOODWDRF]HUZRQ\FKZáRVDFKQD]\ZDVLĊ7DKHODDELDáRZáRVDWR,ULVVD ,ULVVD SLĊNQLH ĞSLHZD L JUD QD FLQWDU]H :V]\VWNLH WR XPLHP\ DOH RQD MHVW QLH]UyZQDQD -HM JáRVX PRĪQD VáXFKDü JRG]LQDPL ]DSRPQLDZV]\ R FDá\P ĞZLHFLH -D ]DĞ SRWUDILĊ WDĔF]\ü L FKRüWRQLFWDNLHJRWZyMRMFLHFZáDGFD7\JU\VLHJR7URQXE\ááDVNDZ]DĪDUWRZDüREVHUZXMąF PRMH QLH]JUDEQH SRSLV\ ĪH ]DFKFLDáR PX VLĊ U]XFLü ZV]\VWNR L XFLHF ]H PQą QD NUDQLHF ĞZLDWD7DKHODSRWUDIL]DĞRSRZLDGDüWDNMDNE\MHMVáRZDU]XFDá\F]DUQDVáXFKDMąFHJRL]QD ZLĊFHM KLVWRULL QLĪ JZLD]G QD QLHELH 6ą ]DEDZQH L ERKDWHUVNLH L ]DG]LZLDMąFH DOER U]HZQH :V]\VWNLH MHVWHĞP\ WHĪ PLVWU]\QLDPL V]WXNL PLáRĞFL L SRWUDILP\ VSUDZLü ĪH ]DSRPQLV] R FDá\P ĞZLHFLH D UDQR ZVWDQLHV] MDNR ]XSHáQLH QRZ\ F]áRZLHN 3RJRGQ\ L U]HĞNL =QDP\ MHV]F]H ZLHOH V]WXN 8PLHP\ PDVRZDü L ]PLHQLü RERODáH FLDáR ]PĊF]RQHJR PĊĪF]\]Q\ Z VSUĊĪ\VWH L U]HĞNLH MDN PáRGHJR RJLHUD 0RĪHP\ WHĪ PLOF]Hü DOER E\ü QLHZLG]LDOQH MHĞOL ]HFKFHV]8PLHP\WHĪ]QDOHĨüUDGĊQDVPXWNLLXNRLüEyO&RW\ONR]HFKFHV] ± =RVWDZFLH WR ZLQR L LGĨFLH VRELH ± SRZLHG]LDáHP GUHZQLDQ\P JáRVHP ± 0DP MXĪ SRNRMRZHJRLQLFZLĊFHMPLQLHWU]HED=XSHáQLHQLHMHVWHPZQDVWURMXGRUR]U\ZHNWDĔFDL KLVWRU\MHN&R]DĞGRPLáRĞFLWRVDP]GHF\GXMĊF]\MHV]F]HNLHG\NROZLHN]HFKFĊWRURELüL] NLP -HVWHĞFLH U]HF]\ZLĞFLH SLĊNQH ZLĊF SU]HNDĪFLH IDGLU]H $LLQLH PRMH SRG]LĊNRZDQLH L PRMąZG]LĊF]QRĞü$WHUD]]RVWDZFLHPQLH ± =URELP\ MDN NDĪHV] V]ODFKHWQ\ NVLąĪĊ ± SRZLHG]LDáD )\DOOD SRFK\ODMąF VLĊ MHV]F]H JáĊELHM±)DGLUD$LLQDSU]HZLG]LDáDĪHWDNPRĪHE\üLEĊG]LHZLHG]LDáDFR]QDPL]URELüZ WDNLHMV\WXDFML ±&R" ±-HĪHOLQLH]GRáDP\Z\OHF]\üFLĊSDQLH]HVPXWNX%ĊG]LHWRR]QDF]DáRĪHMHVWHĞP\QLF QLHZDUWH L ]RVWDQLHP\ SU]HND]DQH GR ZRMVNRZHJR GRPX XFLHFK Z IRUFLH Z 6DXUDJDU]H E\ ]DEDZLDüĪRáQLHU]\ ±.SLV])\DOOR" ±1LHSDQLH2GMHG]LHP\]WUDQVSRUWHPLUHNUXWDPL]DWU]\GQL)DGLUD$LLQDVSRU]ąG]LáD

OLVWZWHMVSUDZLH ± 'REU]H ZLĊF ± U]XFLáHP ]H ]áRĞFLą ± )DGLUD $LLQD MDN ]Z\NOH SRVWDZL QD VZRLP 0RĪHFLH]RVWDüPRLPLSRNRMRZ\PL$WHUD]QDOHMFLHPLZLQDLLGĨFLHGRVZRLFKNRPQDW 6SRMU]DáHPQDQLHMHV]F]HUD]L]PLHQLáHPFKZLORZR]GDQLH ±=UHV]WąZáDĞFLZLHSRWU]HEXMĊNRELHW\=RVWDQLHV])\DOOR ±:\EDF]PLSDQLHDOH]E\WGáXJRE\áHĞSRJUąĪRQ\ZVPXWNX ±&RWRPD]QDF]\ü" ± -HVWHĞ DĪ FKRU\ ]H ]JU\]RW\ SDQLH -HGQD G]LHZF]\QD QLH SRNRQD WDNLHJR EyOX ']LĞ SRWU]HEXMHV]QDVWU]HFKLEĊG]LHP\GDZDü]VLHELHZV]\VWNR3R]ZyOQDPVLĊ]DMąüWREąLQLH P\ĞORQLF]\PDRELHFXMĊĪHUDQR]EXG]LV]VLĊXĞPLHFKQLĊW\ 5DQRRND]DáRVLĊĪH$LLQDSRUD]NROHMQ\PLDáDUDFMĊ 1DGDOF]XáHPVWUDWĊLWĊVNQLáHPGRPRMHMQDXF]\FLHONLDOHG]LHZF]ĊWDXPLDá\VSUDZLüĪH ] NDĪG\P GQLHP EyO PDODá &]XáHP VLĊ MDN ZRVNRZD WDEOLF]ND ,FK UĊFH XVWD MĊ]\NL L áRQD XVXZDá\]HPQLHVWRSQLRZR$LLQĊL]DSLV\ZDá\VLHELH-HGQDNWDNMDNSU]HZLG]LDáDDQLMHGQR DQLGUXJLHQLHE\áRPLáRĞFLą0ąGUD$LLQDZLHG]LDáDĪHE\áDGODPQLHPHQWRUNąLPLVWU]\QLą 3RZLHUQLF]Ną.LPĞNRJRáDWZRPRJáHPX]QDü]DUyZQHJRVRELHLSRNRFKDüFDá\PVHUFHP 2GGDü MHM QLH W\ONR SRĪąGDQLH DOH L V]DFXQHN F]XáRĞü WURVNĊ L SU]\MDĨĔ 3RG]LHOLü NDĪG\ VHNUHW L SRVáXFKDü NDĪGHM UDG\ :LHG]LDáD R W\P GODWHJR SLOQRZDáD ĪHE\ QLH RND]Dü PL DQL RGURELQ\F]XáRĞFL 0RMH G]LHZF]\Q\ E\á\ VáRGNLH L F]XáH =DV\S\ZDá\ PQLH QDMZ\P\ĞOQLHMV]\PL SLHV]F]RWDPL L SU]\ELHJDá\ QD NDĪGH VNLQLHQLH 6SHáQLDá\ QDMJáXSV]H ]DFKFLDQNL &]HJRNROZLHN]DSUDJQąáHPQLHRGPLHQQLHDĪSáRQĊá\]QDPLĊWQRĞFLL]DSDáX0RMHNRPQDW\ E\á\ZFLąĪSHáQHFKLFKRWyZMDNE\PWU]\PDáZQLFKVWDGRĞSLHZDMąF\FKSWDNyZ3R]RVWDZDá\ MHGQDN VáXĪąF\PL L RND]\ZDá\ WR QD NDĪG\P NURNX -D E\áHP NVLĊFLHP 3U]\V]á\P LPSHUDWRUHP2QHSRNRMRZ\PL,WDNPLDáR]RVWDü 1LHZ\FKRG]LáHPZWHG\GRPLDVWD 6\WXDFMD E\áD FDá\ F]DV WDND VDPD 7UDQVSRUW\ ]DSHZQLDá\ PLQLPXP SRGVWDZRZ\FK SRWU]HE SRG PXUDPL SáRQĊá\ VWRV\ SDWUROH XWU]\P\ZDá\ MDNL WDNL SRU]ąGHN Z JáyZQ\FK PLDVWDFK&RUDQR]ELHUDQR]XOLFNLONDZR]yZWUXSyZ:\GDZDáRVLĊĪHSR]RVWDMHMHG\QLH F]HNDüQDGHV]F] $OHGHV]F]QLHFKFLDáSDGDü]XSHáQLHMDNE\QLHER]DSRPQLDáRMDNWRVLĊUREL : SDáDFX PyZLRQR EH] SU]HUZ\ R VWDU\P SRP\ĞOH NWyU\ MXĪ RG GDZQD PLDQR ]UHDOL]RZDü 2 GRSURZDG]HQLX GR PLDVW F]\VWHM ZRG\ ] JyUVNLFK U]HN L ORGRZFyZ NWyUD SRSá\QĊáDE\ NDPLHQQ\PL NRU\WDPL VWRMąF\PL QD ILODUDFK 6áXS\ WH PLDá\E\ E\ü VWRSQLRZR FRUD] PQLHMV]H L ZRGD G]LĊNL SRFK\áRĞFL VDPD GRWDUáDE\ GR PLDVW .RU\WD FLąJQĊá\E\ VLĊ F]DVHP VHWNDPL VWDM .LHG\Ğ MXĪ PyM G]LDG SUyERZDá ]EXGRZDü FRĞ WDNLHJR DOH SU]\V]áR WU]ĊVLHQLH ]LHPL R QLHVSRW\NDQHM VLOH L EXGRZD OHJáD Z JUX]DFK 3UyF] WHJR QDOHĪDáR ]EXGRZDü ZH ZV]\VWNLFK PLDVWDFK F\VWHUQ\ QD GHV]F]RZą ZRGĊ WDN MDN Z RVDGDFK

SXVW\QQ\FK -HGQDN GRSyNL WUZDáD VXV]D R UR]SRF]ĊFLX MDNLFKNROZLHN SUDF QLH E\áR FR PDU]\ü ±2VWDWQLGHV]F]VSDGáZF]HVQąZLRVQą±SRZLHG]LDá5]HPLHĔXNáDGDMąFQDVWROH]ZRMH PHOGXQNyZ L UDSRUWyZ ± 7R EĊG]LH MXĪ V]yVW\ PLHVLąF 5yZQR G]LHVLĊü GQL SR WDPW\P GHV]F]X]VHUFD1DKHO=\PQDGHV]áD2JLHĔ3XVW\QL1DKHO,IULMD ±,ZWHG\VLĊ]DF]ĊáR±RGSDUáHP±1DGDOWZLHUG]ĊĪHWRU]HF]\ZLĞFLHJQLHZERJyZ ±7DNLHP\ĞOHQLHQLFQLHGDMH=ZáDV]F]DĪHSURURNLQLFKFHĪHE\ĞWDNP\ĞODá ±.WRMąVSRWNDáSLHUZV]\" ± :RMVNR ']LHVLąWND SLHFKRW\ ] WU]\QDVWHJR W\PHQX ]ZDQHJR Ä6áRQHF]Q\P´ ] .DPLUVDUX7RE\áSRVWHUXQHNSU]\VWXGQLQDV]ODNXKDQGORZ\PSU]HGNLV]áDNLHP6]\áJ\U\] àXF]QLF\ L U\GZDQ SXVW\QQ\ 3RZLHG]LDáD LP Ä3U]\FKRG]Ċ VSRG ]LHPL L SU]\FKRG]Ċ ] SXVW\QL 3U]\QRV]Ċ ZDP VáRZR JQLHZX %RZLHP SRU]XFLOLĞFLH SUDZR 3RG]LHPQHM 0DWNL L UR]GDUOLĞFLH ĞZLDW =DND]LOLĞFLH ĞZLĊWH áRQR ]LHPL HJRL]PHP JZDáWHP L FKFLZRĞFLą 7HUD] SyMGĨFLH]DPQąDOER]JRU]HMFLHERZLHPMDMHVWHP1DKHO,IULMD2JLHĔ3XVW\QLLQLRVĊĞZLĊW\ SáRPLHĔ JQLHZX 2JLHĔ NWyU\ RF]\ĞFL ĞZLDW L RGGD JR 0DWFH 7DN E\ ZV]\VWNR VWDáR VLĊ MHGQ\P´ ±&RVLĊVWDáR]W\PLĪRáQLHU]DPL" ±2FDODáGRZyGFD'ODWHJRRW\PZLHP\1LHVWHW\WHQF]áRZLHNSRWHPRV]DODáLSRZLHVLá VLĊ %\OL WDP WHĪ NXSF\ NWyU]\ SU]\V]OL GR VWXGQL 1LHNWyU]\ Vą G]LĞ MHM Z\]QDZFDPL QLHNWyU]\XFLHNOLDUHV]WD]JLQĊáDSRGREQRZEXU]\SLDVNRZHMNWyUDSU]\E\áDQDMHMJQLHZQH ZH]ZDQLH:LU\UR]SDORQHJRSLDVNXNWyUHREGDUá\LFK]FLDáDLSR]RVWDZLá\W\ONRNRĞFL$OH QDMSLHUZZ]LĊOLMą]DREáąNDQą-DNNWRĞSU]\FKRG]L]HZVFKRGXQD1DKHO=\PLWRVDPRWQLH MHVW MDVQH ĪH PRĪH PLHü XGDU VáRQHF]Q\ &KFLHOL GDü MHM ZRG\ DOH ]DF]ĊáD LFK OĪ\ü DĪ Z NRĔFX GRZyGFD SRV]F]Xá Mą VZRLPL OHRSDUGDPL 7R SRGREQR Vą WH ]ZLHU]ĊWD NWyUH MHM VWDOH WRZDU]\V]ąW\ONRWHUD]PDMąG]LZQH]áRWHRF]\-HGQLWZLHUG]ąĪHVąĞOHSHDLQQLĪHZLG]ą ]QDF]QLHZLĊFHM7RMHVWEH]]QDF]HQLD0áRG\7\JU\VLH1LHZLHPF]\PMHVWWDNRELHWDDOH ZV]\VWNR FR ZLHP\ MHVW Z\PLHV]DQH ] EDMNDPL =UHV]Wą F]ĊĞü ] QLFK VDPD UR]SXV]F]D 0\ĞOĊ ĪH MHVW SR SURVWX &]\QLąFą 3UDZG]LZą &]\QLąFą WDNą MDN ] GDZQ\FK RSRZLHĞFL 7DNąNWyUDE\üPRĪH]QDOD]áD]DJLQLRQHLPLRQDERJyZ3RZLQQD]RVWDü]DELWDFKRüE\W\ONR ]WHJRSRZRGX-HVWJURĨQDMDNZĞFLHNá\SLHVLWDNVDPRQLHREOLF]DOQD ± &]\QLąF\ Vą SRGREQR SU]\ZLą]DQL GR XURF]\VN ± ]DXZDĪ\áHP ± $ RQD Z\GDMH VLĊ FKRG]LüJG]LHFKFH ±%\ZDOL&]\QLąF\NWyU\FKRGPLHQLá\XURF]\VNDLVSUDZLá\ĪHPRJOLQLHĞüF]ĊĞüPRF\ Z VRELH =QRZX SRZWDU]DP VWDUH EDMNL 6DP QLJG\ QLF WDNLHJR QLH ZLG]LDáHP :LG]LDáHP QDWRPLDVWFRVLĊG]LHMHNLHG\NWRĞ]DF]\QDF]\QLü3RMDZLDMąVLĊZLG]LDGáDLSRWZRU\URGHP ]NRV]PDUyZLSRWHPĪ\MąSU]H]MDNLĞF]DVMDNE\E\á\U]HF]\ZLVWH=GDU]DMąVLĊFXGD.ZLWQą NDPLHQLH U]HF]\ ]PLHQLDMą NV]WDáW L QDWXUĊ : FKRU\ V]DORQ\ VSRVyE 7R VDPR ]GDU]D VLĊ OXG]LRP NWyU]\ Vą Z RWRF]HQLX &]\QLąFHJR 8PLHUDMą ]PLHQLDMą QDWXUĊ L FKRUXMą Z

G]LZDF]Q\ SRWZRUQ\ VSRVyE :V]\VWNR VLĊ NRĔF]\ NLHG\ WR WUDILD VDPHJR &]\QLąFHJR = UHJXá\ V]\ENR 1LHVWHW\ ZV]\VF\ &]\QLąF\ NWyU\FK VSRWNDáHP E\OL REáąNDQL 7ZyM G]LDG FKFLDáZ\NRU]\VWDüLFKPRFZZRMVNXDOHWRE\áD]XSHáQDNOĊVND1LHSRWUDILOL]URELüQLJG\ QDMSURVWV]HMU]HF]\GZDUD]\WDNVDPR5D]LPZ\FKRG]LáRDUD]QLHDOERG]LDáDáRQDRGZUyW 3RQRVLOLĞP\RGWHJRZLĊFHMVWUDWQLĪZURJRZLH-HGQDNWXPDP\GRF]\QLHQLD]F]\PĞLQQ\P 1DMZ\UDĨQLHM1DKHO,IULMDURELFRFKFHLXGDMHVLĊMHM ±&]\&]\QLąF\PRĪHSRZRGRZDüVXV]Ċ" ± 1LH 7R MHVW ]D ZLHONLH 1LH ZLHP\ SU]HFLHĪ GODF]HJR GHV]F] SDGD DOER QLH SDGD &]\QLąF\PRĪHFRĞSRGSDOLü]PLHQLüDOERVWZRU]\üDOHQLHSRGQLHVLHJyU\LQLH]PLHQLMHMZ ZXONDQ ±$ERJRZLH]QDF]\QDGDNX" ±7HĪQLH&K\ED1LJG\WHJRQLHURELOL&K\EDQLHPRJąDOERLPQLHZROQR ± =DVWDQDZLDP VLĊ 0RĪH QDGDNX WHĪ VLĊ F]DVHP URG]ą L WD 1DKHO ,IULMD MHVW SR SURVWX QRZ\PURG]DMHP1LHRNU]HVDQ\PERPáRG\P ±7RSRFRRGZRáXMHVLĊGR3RG]LHPQHM"*G\E\VDPDE\áDQDGDNXĪąGDáDE\KRáGyZGOD VLHELH=UHV]WąQLHVá\V]DáHPQLJG\ĪHE\SRMDZLDá\VLĊQRZHQDGDNX2GVHWHNODWVąWHVDPH &K\ED 7DN Z\JOąGDá\ QDV]H SRUDQQH UDSRUW\ R VWDQLH SDĔVWZD =DPLDVW DQDOL]RZDü KDQGHO SROLW\NĊLZRMVNR]DMPRZDOLĞP\VLĊVXV]ąLSURURNLQLą1LHE\áRRGWHJRXFLHF]NL : PLHĞFLH XOLFH E\á\ QLHPDO SXVWH 6]OLĞP\ ] %UXVHP SU]H] ]DODQH VáRĔFHP SODFH L SDWU]\OLĞP\ QDQLHOLF]QHF]\QQHNUDP\SU]HFKRGQLHSU]HP\NDOLVLĊFK\áNLHPSRGFLHQLDPLL ERF]Q\PL XOLF]NDPL :V]\VF\ QRVLOL NXUW\ L SRUWNL Z EXU\FK NDVWRZ\FK NRORUDFK 7DZHUQ\ NU\á\ VLĊ ]D ]DPNQLĊW\PL RNLHQQLFDPL L WUXGQR E\áR SRZLHG]LHü F]\ Vą RWZDUWH F]\ QLH 7U]HED E\áR VWXNDü L F]HNDü &]DVDPL RWZLHUDQR GU]ZL L PRĪQD E\áR ZĞOL]JQąü VLĊ SU]H] V]SDUĊGRPURF]QHJRGXV]QHJRZQĊWU]DJG]LHVLHG]LHOLPLOF]ąF\OXG]LHRWZDU]DFKVNU\W\FK ZNDSWXUDFKSXVW\QQ\FKSáDV]F]\DOERSRGURQGDPLNDSHOXV]\ 1D ĞFLDQDFK FR FKZLOĊ VSRW\NDáR VLĊ V\PEROH 3RG]LHPQHM 0DWNL OXE QDSLV\ Z URG]DMX Ä3DWU]FLHQDSXVW\QLĊ1DGFKRG]L2JLHĔ´ 3R]D W\P Z 0DUDQDKDU]H SDQRZDá VSRNyM :V]ĊG]LH RSUyF] SODFyZ L ĞZLąW\QL JG]LH Z\GDZDQR ZRGĊ ER WDP ]DZV]H NáĊELá VLĊ WáXP -HGQDN E\á WR G]LZQ\ VSRNyM PDUWZ\ L VWUDV]Q\ : SRZLHWU]X ZLVLDáR MDNLHĞ RF]HNLZDQLH -DNE\ QDGFKRG]LáD EXU]D DOER PLDá Z\EXFKQąüZXONDQ 1D VNU]\ĪRZDQLDFK VWDá\ QDPLRW\ ] ZáyF]QL L SáDV]F]\ VLHG]LHOL Z QLFK ĪRáQLHU]H R F]HUZRQ\FK WZDU]DFK L VSDORQ\FK VáRĔFHP UDPLRQDFK EH] KHáPyZ L ] JáRZDPL RNU\W\PL PRNU\PLFKXVWDPL %\áRQLHW\ONRJRUąFRDOHLGXV]QRDSRZLHWU]HE\áRDĪV]DUHRGPXFK  $ SRWHP QDGHV]áD WDPWD QRF 6WUDV]QD QRF SHáQL GUXJLHJR NVLĊĪ\FD 6SDáHP OHNNLP

FKRU\PVQHPPRNU\RGSRWXEXG]LáHPVLĊZLHOHUD]\LPLDáHPZUDĪHQLHĪHZFDOHQLHĞSLĊ W\ONR OHĪĊ Z FLHPQRĞFL SDWU]ąF QD QRFQ\ RJUyG L VáXFKDMąF OHNNLFK RGGHFKyZ PRLFK G]LHZF]ąW -HGQDN PXVLDáHP ĞQLü ER Z\GDáR PL VLĊ ĪH SDWU]Ċ QD ]DNDSWXU]RQą SRVWDü QDGFKRG]ąFąRGVWURQ\MH]LRUD0LDáDEDUG]RREV]HUQ\SáDV]F]OĞQLąF\MDVNUDZąF]HUZLHQLą UR]V]HU]DQ\NXGRáRZLDGáRQLHVFKRZDQHE\á\ZV]HURNLHUĊNDZ\1LHZLG]LDáHPWHĪWZDU]\ W\ONRRZDOQ\RWZyUNDSWXUDZ\SHáQLRQ\F]HUQLą3áDV]F]SRZLHZDáOHNNRLXQRVLáVLĊQLF]\P QDMFLHĔV]\PXĞOLQDOER]PLĊW\FLHQLXWNL]ZyM,ĞZLHFLáF]HUZRQRSRPDUDĔF]RZ\PEODVNLHP U]XFDMąFPGáHUXGHĞZLDWáRQDMH]LRURWUDZĊLNU]HZ\:V]\VWNRZRNyáPLJRWDáRDQDSDWLR VWDáD]DNDSWXU]RQDPURF]QDV\OZHWNDXEUDQDZSáDV]F]]SáRPLHQL :LHG]LDáHPQDFRSDWU]Ċ7R1DKHO,IULMD2JLHĔ3XVW\QL3U]\V]áDSRPQLH 2EXG]LáHPVLĊ]WDNLPXF]XFLHPMDNE\PVSDGDá=QRZXOHĪDáHPZV\SLDOQLLFDá\PRNU\ RG SRWX SDWU]\áHP QD RJUyG 8Vá\V]DáHP V]HSW\ PRLFK G]LHZF]ąW 7DN FLFKH L GHOLNDWQH ĪH Z]LąáE\PMH]DV]HOHVWZLDWUXZOLĞFLDFKW\ONR ĪHRGPLHVLĊF\QLHE\áR ZLDWUX2SUyF]WHJR F]XáHPáDVNRWDQLHQDSLHUVLMDNE\FKRG]LáDSRQLFKPXFKD ±3U]\WU]\PDMPXQRJL3RáyĪVLĊQDQLFK±5R]SR]QDáHPJáRV7DKHOL±0RĪHZFDOH VLĊQLHREXG]L -HV]F]HQLJG\ZĪ\FLXWDNVLĊQLHSU]HUD]LáHP ± 7\ XVLąGĨ PX QD UDPLRQDFK ± V]HSQĊáD )\DOOD 8Vá\V]DáHP FLFK\ ]JU]\W QRĪD GRE\ZDQHJR]SRFKZ\ 2WZRU]\áHP RF]\ L EDUG]R ZLHOH VWDáR VLĊ UyZQRF]HĞQLH 3R SLHUZV]H QD PRMHM SLHUVL ]QDMGRZDá VLĊ RK\GQ\ UREDN F]áRQRZDQ\ NURF]ąF\ QD RĞPLX ]JLQDMąF\FK VLĊ QRJDFK L SRNU\W\ EUą]RZ\P SDQFHU]HP ] XQLHVLRQ\P SáDVNLP áEHP ]DNRĔF]RQ\P KDNRZDW\PL V]F]ĊNDPL %\á ZLHONRĞFL PRMHM GáRQL 6SRMU]DáHP SURVWR Z OĞQLąFH OHFLXWNR ]áRWHP F]ZRUR RF]XZ\JOąGDMąF\FKMDNNOHMQRW\ =DQLP ]GąĪ\áHP VLĊ SRUXV]\ü ,ULVVD U]XFLáD VLĊ FDá\P FLDáHP QD PRMH QRJL D 7DKHOD Z\URVáD QDJOH ] FLHPQRĞFL ]D PRMą JáRZą L XNOĊNáD PL QD UDPLRQDFK VLDGDMąF QD WZDU]\ L ĞFLVNDMąFJáRZĊXGDPL :]GU\JQąáHPVLĊF]XMąF]LPQ\GRW\NVWDOLQDSLHUVLDOHSRFKZLOL]UR]XPLDáHPĪHZFDOH QLHPDMą]DPLDUXPQLH]DGĨJDü)\DOODZVXQĊáDQyĪSRGVLHG]ąFHJRQDPRMHMSLHUVLUREDNDL Eá\VNDZLF]Q\PUXFKHPZ\U]XFLáDZSRZLHWU]H 7DKHOD XQLRVáD VLĊ ] PRMHM WZDU]\ L ]GąĪ\áHP ]REDF]\ü MDN RZDG ZLMH VLĊ Z SRZLHWU]X QLF]\PZąĪLFLĊĪNRVSDGDQDSRVDG]NĊ6SDGáQDZ]QDNSU]HELHUDMąFJZDáWRZQLHRGQyĪDPL SR F]\P Z\JLąá VLĊ Eá\VNDZLF]Q\P UXFKHP L RGHSFKQąá V]F]ĊNDPL RG SRGáRJL 7DKHOD ĞPLJQĊáD QLF]\P áDVLFD SRUZDáD NU\V]WDáRZą F]DUĊ SHáQą RZRFyZ Z\V\SDáD MH SR F]\P U]XFLáDVLĊQDSRGáRJĊLQDNU\áDVWZRU]HQLHPLVą ±:RáDMFLHVWUDĪ±]DZRáDáD±,]DSDOFLHĞZLDWáR0RĪHE\üLFKZLĊFHM 8Vá\V]DáHP WU]DVN NU]HVLZD L Z NRPQDFLH ]DSáRQĊáR PLJRWOLZH ĞZLDWáR ODPS\ ,ULVVD VWRF]\áDVLĊ]PRLFKQyJ

8VLDGáHPQDáyĪNXL]DF]ąáHPVLĊĞPLDü , ZWHG\ JR ]REDF]\áHP 8EUDQHJR Z FLHPQRF]HUZRQą V]DWĊ NWyUD GRSyNL QLH ]DSDOLOLĞP\ ĞZLDWáD E\áD W\ONR SODPą FLHPQRĞFL ZĞUyG PURNX 1DZHW WZDU] PLDá RNXWDQą ]DZRMHP 7UZDá QLHUXFKRPR SU]\ VDG]DZFH GRNáDGQLH Z PLHMVFX Z NWyU\P ZH ĞQLH ZLG]LDáHP]DNDSWXU]RQHZLGPR .U]\NQąáHP]U\ZDMąFVLĊQDUyZQHQRJLLSRUZDáHPPLHF]]HVWRMDND ±6WUDĪ6]SLHJZ]DPNX±ZU]DVQĊáDG]LNR7DKHOD =U]XFLáHP SRFKZĊ ] PLHF]D D Z W\P PRPHQFLH ]DPDVNRZDQ\ QDSDVWQLN ZVWDá L JZDáWRZQLHPDFKQąáUĊNą&RĞĞZLVQĊáR,ULVVDVNRF]\áDZSDGDMąFQDPQLHSOHFDPLLSFKQĊáD GRW\áXZLĊFQLHPRJáHP]DDWDNRZDü ±=GURJLG]LHZF]\QRERXFLHNQLH±NU]\NQąáHPRGVNDNXMąFLU]XFLáHPVLĊGRDWDNX 6]DWDQDSDVWQLND]DáRSRWDáDNLHG\]ZLQąáVLĊZPLHMVFXEá\VNDZLF]QLHMDNOLVLV]DUSQąá VLĊ Z ERN :ąVNLH RVWU]H Eá\VQĊáR Z SRZLHWU]X 2GELáHP MH L FLąáHP JR SU]H] F]RáR DOH ]GąĪ\áVLĊXFK\OLüLEá\VNDZLF]QLHGĨJQąáPQLHZRF]\1LH]GąĪ\áE\PWHJRRGELüFKRüE\P üZLF]\á V]HUPLHUNĊ SU]H] FDáH Ī\FLH -HGQDN Z W\P PRPHQFLH ] NRPQDW\ ĞPLJQąá ZLHONL FLHPQ\G\VNLWUDILáJRZUĊNĊ]EODV]DQ\PáRPRWHP%\áRWRW\ONRSRGDURZDQHPLPJQLHQLH RND DOH ]GąĪ\áHP MH Z\NRU]\VWDü L ZELáHP PX RVWU]H JáĊERNR Z EU]XFK 3RF]XáHP MDN SU]HELMDIDáG\V]DW\LJU]ĊĨQLHZHZQĊWU]QRĞFLDFK 6UHEUQDWDFDSRWRF]\áDVLĊ]EU]ĊNLHPSRNDPLHQLDFKWDUDVXLZSDGáDZWUDZĊ ± ,IULMDDD±Z\FKDUF]DáLUXQąáQDPQLHQDELMDMąFVLĊDĪSRMHOHF2VWU]HZ\V]áRPX] SOHFyZ]WU]DVNLHPSUXWHMWNDQLQ\2GVNRF]\áHPQLH]GąĪ\ZV]\XZROQLüPLHF]D6NU\WREyMFD SRVWąSLáNRĞODZ\PNURNLHPZPRMąVWURQĊZ\FLąJDMąFUĊNĊDOHW\ONRSU]HMHFKDáSDOFDPLSR PRMHMSLHUVL]RVWDZLDMąFQDVNyU]HVPXJLNUZL 7DKHODXGHU]\áDZQLHJRFDá\PFLDáHP]G]LNLPSLVNLHPL]ZDOLOLVLĊ]WDUDVX6NRF]\áHP ]DQLąDOHMXĪVLHG]LDáDPXQDSLHUVLZELMDMąFUD]SRUD]WU]\PDQ\REXUąF]PLHF] =áDSDáHPMą]DUĊFHREMąáHPPRFQRLGHOLNDWQLHZ\MąáHPEURĔ]GáRQL ±-XĪMXĪ±Z\V]HSWDáHPSU]\WXODMąFMą0LDáDG]LNLHRF]\LSLDQĊQDXVWDFK ±,ULVVDDDD±]DZ\áDVWUDV]Q\PJáRVHP 2GZUyFLáHPVLĊ ,ULVVD VWDáD FLąJOH Z W\P VDP\P PLHMVFX SU]\ áRĪX WDP JG]LH ZSDGáD QD PQLH 0LDáD Z\WU]HV]F]RQH RF]\ L ]DFLĞQLĊWH SLĊĞFL D GRNáDGQLH SRPLĊG]\ SLHUVLDPL WNZLá UĊNRMHĞFLą Z GyáMDNLĞQyĪRV]HURNLPRVWU]XMDNE\SU]\NOHLáVLĊGRFLDáD 5]XFLáHPVLĊGRQLHMLFKZ\FLáHP]DUDPLRQD,ULVVDNDV]OQĊáDQDJOHLSU\FKQĊáDF]HUZRQą ĞOLQą D Z FKZLOĊ SRWHP ] MHM XVW SRWRF]\á VLĊ VWUXPLHĔ NUZL 3R EURG]LH L Z Gyá EU]XFKD 8áRĪ\áHP Mą QD ]LHPL L WU]\PDáHP Z REMĊFLDFK 8Vá\V]DáHP VWUDV]Q\ G]LNL ZU]DVN Ä6WUDĪ 0HG\ND´LGRWDUáRGRPQLHĪHWRMDZU]HV]F]Ċ 6WHUF]ąFHMHM]SLHUVLQDU]ĊG]LHPLDáRUĊNRMHĞüRNUĊFRQąU]HPLHQLHPLG]LZDF]QHRVWU]H UR]JDáĊ]LRQH QD ZV]\VWNLH VWURQ\ RVWU\PL NUDZĊG]LDPL MDN OLĞü -HGQR ] W\FK RVWU]\ WNZLáR

WHUD]ZFLHOHPRMHMVáRGNLHM,ULVV\]DPLDVWZPRLP 3RGREQRNLHG\ZUHV]FLHSU]\ELHJOLQDGDONOĊF]DáHPWXOąF,ULVVĊFDá\]EU\]JDQ\NUZLąL Z\GDZDáHP ] VLHELH G]LNLH RFKU\SáH Z\FLH NWyUH EU]PLDáR MDN JáRV ZLOND 'áXJR QLH SR]ZROLáHPRGHEUDüVRELHFLDáDPLPRĪHE\áRMXĪ]LPQH  ± 3U]HV]HGá SU]H] PXU 1LH ZLHP Z MDNL VSRVyE 7U]HFK VWUDĪQLNyZ ]QDOHĨOLĞP\ ] SRGHUĪQLĊW\PLJDUGáDPLMHGQHJR]UDQDPLRGWHJRRVWU]DNWyU\P]DELáQDL,ULVVĊ±5]HPLHĔ PyZLáWZDUGRLU]HF]RZRDOHZLGDüE\áRĪHMHVWZĞFLHNá\ ± 'RV\ü WHJR ± Z\FHG]Lá FHVDU] ± 6NU\WREyMFD XPDUá SRQRü ] LPLHQLHP SURURNLQL QD XVWDFK 7R MHVW ]DPDFK QD 7\JU\VL 7URQ 1DW\FKPLDVW SU]\JRWRZDü SODQ XGHU]HQLD Z &]HUZRQH:LHĪH:V]\VF\NDSáDQLPDMą]RVWDüDUHV]WRZDQL*G]LHNROZLHN]QDMG]LHFLHĞODG\ NUZDZ\FK RILDU ] OXG]L VWUDFLü ZV]\VWNLFK NDSáDQyZ :LHĪH ]EXU]\ü ZV]HONLH ERJDFWZD L ]DSDV\VNRQILVNRZDü3RVáXĪąGODRILDUVXV]\=DSURURNLQLĊ]ZDQą2JLHĔ3XVW\QLZ\]QDF]\ü QDJURGĊ 7\VLąF GLUKDQyZ ]D PDUWZą L W\ONR PDUWZą .XOW 3RG]LHPQHM ]RVWDMH RJáRV]RQ\ ]EURGQLF]\P .DĪG\ NWR EĊG]LH QRVLá MHJR ]QDNL V]DW\ DOER Z]\ZDá WR QDGDNX SXEOLF]QLH ]RVWDQLHDUHV]WRZDQ\LXPLHV]F]RQ\QDJDOHUDFKZRMHQQ\FKQDWU]\ODWD=DRGZRá\ZDQLHVLĊ GR.RGHNVX=LHPLLJURĪHQLHNRPXNROZLHNĞPLHUFLąOXENOąWZąODWSLĊü :VWDá ±,MHV]F]HMHGQR=DND]XMĊKRQRURZ\FKVDPREyMVWZ'RZyGFDVWUDĪ\SU]\ERF]QHMQDELá VLĊQDVZyMPLHF]7\PF]DVHPE\áPLSRWU]HEQ\.DĪG\MHVW ± 2MF]H ± Z\FKU\SLDáHP &]XáHP MDNE\P PLDá Z JDUGOH SXVW\QLĊ 1LH F]XáHP MXĪ ZáDĞFLZLH VPXWNX W\ONR WĊS\ JQLHZ =LPQ\ MDN OyG :LHG]LDáHP ĪH WHQ JQLHZ ]RVWDQLH ZH PQLHQDGáXJRDPRĪHLQD]DZV]H ±7DN0áRG\7\JU\VLH" ±1DL,ULVVDXUDWRZDáDPLĪ\FLH2VáRQLáDPQLHSU]HGW\PRVWU]HP3URV]ĊE\SRFKRZDQR MąZ2JURG]LH&LV]\]U\WXDáHPQDOHĪQ\PERKDWHURZLZRMHQQHPX ± 'REU]H 2WU]\PD SRĞPLHUWQLH VWRSLHĔ SDKDQGHMD VWUDĪ\ SU]\ERF]QHM -HM URG]LQD RWU]\PD]Z\F]DMRZHQDGDQLDMDN]DĞPLHUüRILFHUDZZRMQLH&]\E\áDWZRMąQDáRĪQLFą" ±2MF]HSRNRUQLHSURV]ĊE\ĞXF]\QLáMąRILFMDOQLHPRMąSLHUZV]ąNRQNXELQą ±=JRGD ±7HUD]MHV]F]HWHQRZDG±SRZLHG]LDá5]HPLHĔ±0LVWU]=ZLHU]ąWWZLHUG]LĪHZ\JOąGD MDN SXVW\QQD VNRUSHQLFD W\ONR SLĊü UD]\ ZLĊNV]D L EUą]RZRF]HUZRQD D QLH ĪyáWD :HGáXJ QLHJRWDNLFKUREDNyZMDNWHQQLHPD=Z\NáHVNRUSHQLFHĪ\MąZJQLD]GDFKMDNPUyZNLLVą EDUG]R MDGRZLWH 7R FR ZSHá]áR GR NRPQDW\ ZHGáXJ REOLF]HĔ 0LVWU]D =ZLHU]ąW PRJáRE\ ]DELüV]HĞüNRQLDOERGZDNDPLHQQHZRá\7RE\áRSUDZG]LZHQDU]ĊG]LH]DPDFKX*G\E\WHQ VWZyUPLDáWURFKĊV]F]ĊĞFLD]DELáE\QLHW\ONR0áRGHJR7\JU\VDLMHJRSRNRMRZHDOHSRáRZĊ PLHV]NDĔFyZ 'RPX 6WDOL 1LH ZLHP\ VNąG Z]Ląá VLĊ VNU\WREyMFD DOH QLHVWHW\ PRĪH E\ü ]GUDMFą 1D FLHOH PD ĞZLHĪH EOL]Q\ WDP JG]LH ZHWHUDQL QRV]ą WDWXDĪH , MHV]F]H MHGQR 0D

ELHOPRQDRF]DFK  &LDáR,ULVV\XEUDQRZ]EURMĊSDKDQGHMDVWUDĪ\SU]\ERF]QHMSU]\NU\WRWDUF]ąLSRáRĪRQR MHM QD SLHUVL ]áDPDQ\ PLHF] 3RJU]HE RGE\ZDá VLĊ Z FLV]\ MDN ZV]\VWNLH NLUHQHĔVNLH XURF]\VWRĞFLĪDáREQH7\ONRNLHG\VWRVMXĪZ\JDVá)\DOOD]DĞSLHZDáDFLFKRÄ'ROLQĊ&]DUQ\FK àH]´6á\V]DáHPMHMĞSLHZLFLFKHPLDURZHXGHU]HQLDZRMVNRZHJREĊEQD:WHG\]DSáDNDáHP DOHSáDNDáHPMDNGRURVá\-DNĪRáQLHU]%H]GĨZLĊNXLĪDGQHJRJU\PDVXW\ONRSRSROLF]NDFK Sá\QĊá\PLá]\ 'RVWDáD SURVW\ ZRMVNRZ\ NXUKDQ ] VXURZ\FK NDPLHQL ] NDPLHQQą ODPSą RĞZLHWODMąFą 'URJĊ 1DRILDUQHMPLVLHND]DáHPZ\U\üRSUyF]V\PEROX7\JU\VDUHOLHIZNV]WDáFLHFLQWDUX ,ULVVDRGHV]áD'URJą3RG*yUĊ $P\]RVWDOLĞP\VDPL 3ODQ ]RVWDá SU]\JRWRZDQ\ =DEUDáR WR W\ONR NLOND GQL ]XSHáQLH MDNE\ VWUDWHG]\ PLHOL JR MXĪZV]XIODG]LHLW\ONRF]HNDOLQDRGSRZLHGQLPRPHQW1RFąUR]OHJá\VLĊEĊEQ\V\JQDáRZH ,FKáRPRWQLyVáVLĊRGSDáDFXSU]H]VWDQLFHQDV]ODNDFKSU]HND]\ZDQ\RGMHGQHMGRGUXJLHM SU]H]PLDVWDZĊ]á\KDQGORZHDĪSRSXVW\QQHLQDGEU]HĪQHIRUW\ :V]\VWNLHJDUQL]RQ\GRVWDá\UR]ND]SU]\JRWRZDQLDZ\PDUV]XL]HEUDQLDVLá.DĪG\PLDá XGHU]\ü QD &]HUZRQH :LHĪH Z VZRLP PLHĞFLH ĝFLąJQLĊWR ERMRZH U\GZDQ\ D SU]HUDĪHQL PLHV]F]DQLH XVá\V]HOL SR UD] SLHUZV]\ FRĞ FR SU]HUDĪDáR GRWąG W\ONR PLHV]NDĔFyZ SRGELMDQ\FK]LHP±SRGREQHGRU\NXVáRQL]DZRG]HQLHURJyZ]DJDQLDF]\ &Dá\PL QRFDPL Vá\FKDü E\áR MDN IRUW\ L SRV]F]HJyOQH RGG]LDá\ UR]PDZLDMą ]H VREą JáRVHPEĊEQyZ 'R VWROLF\ ZPDV]HURZDá VLHGHPQDVW\ W\PHQ FLĊĪNLHM SLHFKRW\ ]ZDQ\ Ä.DPLHQQ\P´ ] Z\SRVDĪHQLHPREOĊĪQLF]\PXNU\W\PQDZR]DFKWDERURZ\FK 7U]\ GQL RG Z\GDQLD UR]ND]yZ Z SDáDFX NLHG\ E\áRE\ MXĪ MDVQH ĪH GRWDUá\ GR ZV]\VWNLFK VWDQLF L MHGQRVWHN ZRMVNR PLDáR XWZRU]\ü SLHUĞFLHĔ ZRNyá &]HUZRQ\FK :LHĪ L XGHU]\üQDZV]\VWNLHQDUD]'RNáDGQLHRJRG]LQLHZLONDSRPLĊG]\SyáQRFąDĞZLWHP 7U]HFLHJRGQLDRJRG]LQLHZLOND $OHWDPWHMQRF\VSDGáGHV]F] &KPXU\ QDGHV]á\ R ]DFKRG]LH VáRĔFD D Z QRF\ UR]V]DODáD VLĊ EXU]D 1D VSĊNDQą RG JRUąFD ]LHPLĊ UXQĊáD ĞFLDQD ZRG\ 3LRUXQ\ ELá\ FR FKZLOĊ L NLHG\ XGHU]\á SLHUZV]\ JURP SRUZDáHP VLĊ QD UyZQH QRJL ] áyĪND 'HV]F] ODá WDN ĪH QLH E\áR ZLGDü QLF QD Z\FLąJQLĊFLH UĊNL=GDFKyZZRNyáSDWLRODá\VLĊZRGRVSDG\LSU]H]RJUyGSRSá\QĊá\VWUXPLHQLH 'áXJR VLHG]LHOLĞP\ REHMPXMąF VLĊ ZH WURMH VáXFKDMąF XSUDJQLRQHJR GHV]F]X L QLHXVWDQQHJR WU]DVNX SLRUXQyZ 8SLRUQH ILROHWRZH ĞZLDWáR Z\GRE\ZDáR ] PURNX QDV]H VSOHFLRQHFLDáDZLG]LDáHPWZDU]7DKHOLWZDU])\DOOLL]GDZDáRPLVLĊF]DVHPĪHZĞZLHWOH Eá\VNDZLF\ZLG]ĊWHĪ,ULVVĊ

7DN MH ]DSDPLĊWDáHP : EODVNX SLRUXQyZ Z EXU]\ ZSRGPXFKDFK WDN Z\WĊVNQLRQHJR ZLOJRWQHJR SRZLHWU]D L Z SOXVNX GHV]F]X 3U]H] FKZLOĊ ]DFKFLDáR PL VLĊ Z\MĞü SURVWR Z WĊ XOHZĊDOH]DSRPQLDQHMXĪRGGDZQDXF]XFLHFKáRGXVSUDZLáRĪHVSá\QĊáRQDPQLH]PĊF]HQLH L]DVQąáHPWZDUGRSRPLPREXU]\&K\EDWDNWZDUGRMDNQLHVSDáHPRGPLHVLĊF\  2EXG]LáR PQLH V]DUSQLĊFLH ]D UDPLĊ 2FNQąáHP VLĊ QLHFKĊWQLH RZLQLĊW\ GRNáDGQLH SU]HĞFLHUDGáDPL %\áR F]DUQR ]D RNQHP QDGDO V]DODáD EXU]D ']LHZF]ĊWD NU]ąWDá\ VLĊ SR SRNRMX )\DOOD VNU]HVDáD RJLHĔ L ZWHG\ ]REDF]\áHP %UXVD 6WDá QDG PRLP áyĪNLHP Z FLHPQRĪyáWHMV]DFLHNDVW\6LQGDUyZLWU]\PDáMDNLHĞ]DZLQLąWND ± 8ELHUDM VLĊ L R QLF QLH S\WDM ± U]XFLá MDNLPĞ WDNLP SU]\GHSQLĊW\P JáRVHP ĪH VLĊ SU]HUD]LáHP &K\ED SRZLHG]LDá FRĞ MHV]F]H DOH ]DJáXV]\á JR KXN JURPX NWyU\ GáXJR SU]HZDODáVLĊQDGSDáDFHPLPLDVWHPMDNE\SRGDFKXMHĨG]Lá\ZR]\WDERURZH .WRĞSU]HELHJá]WXSRWHPSRNRU\WDU]X8Vá\V]DáHPRGOHJáHNU]\NL 3RF]XáHP Z EU]XFKX QDJáH ]LPQR MDNE\ PUy] ĞFLąá PL ZQĊWU]QRĞFL %UXV U]XFLá PL SU]HEUDQLHZNWyU\PFKRG]LáHPGRPLDVWD:'RPX6WDOLQLNWQLHELHJDáZĞURGNXQRF\1LNW WXQLHNU]\F]Dá1LJG\ :FLąJDMąF VSRGQLH L QLH]JUDEQLH ZLąĪąF ZRNyá á\GHN WDĞP\ SRGUyĪQ\FK EXWyZ ZLHG]LDáHP MXĪ ĪH FRĞ VLĊ VWDáR W\ONR QLH ZLHG]LDáHP FR )\DOOD XNOĊNáD SU]HGH PQą L XVLáRZDáDPLSRPyFDOHWU]ĊVá\MHMVLĊUĊFH8QLRVáHPMHMWZDU]L]REDF]\áHPĪHMHVWPRNUD RGáH] ±.RV]XODV]\ENR1LHPDF]DVX±]DZRáDá%UXV ± ,G]LHP\ GR PLDVWD" &KFHV] ]REDF]\ü ZDONĊ" 8GHU]HQLH QD &]HUZRQH :LHĪH ± 8ĞZLDGRPLáHPVRELH±-HVWHĞP\WDPSRWU]HEQL" -HV]F]H QD SRá\ VSDáHP GODWHJR RSRZLDGDáHP WDNLH JáXSVWZD =DáRĪ\áHP NRV]XOĊ L Z]LąáHPNXUWĊ]UąN7DKHOL ± =GUDGD ± NU]\NQąá %UXV ± :RMVNR SU]HV]áR QD VWURQĊ 3RG]LHPQHM Ä.DPLHQQL´ V]WXUPXMą 7\JU\VL 3DáDF 7ZyM RMFLHF QLH Ī\MH %áDJDP XELHUDM VLĊ :áDGFR 7\JU\VLHJR 7URQX :WDNLRWRVSRVyERVáXSLDá\LRZáDGQLĊW\SU]HUDĪHQLHP]DSLQDMąFWU]ĊVąF\PLVLĊUĊNDPL NRáNLNDIWDQDLQDU]XFDMąFSOHFLRQ\VáRPLDQ\SáDV]F]ELRUąFSRGUyĪQ\NRV]LNLMZĊGURZFD] UąN%UXVDGRZLHG]LDáHPVLĊĪH]RVWDáHPFHVDU]HP ±8ELHUDMFLHVLĊ±NU]\NQąáHPGRG]LHZF]\Q ± 6SRWNDP\ MH SyĨQLHM ± ]DZRáDá %UXV ± =QDMGĨFLH IDGLUĊ $OKDPĊ RQD SRZLH ZDP FR PDFLHURELü%LHJLHP6]ODFKHWQ\SDQLH0XVLP\GRWU]HüGR5]HPLHQLD :V]\VWNR MHGQR F]\ MHVW VLĊ FHVDU]HP ZáDGFą ĞZLDWD 3áRPLHQLVW\P 6]WDQGDUHP L 3LHUZV]\P -HĨGĨFHP -HĪHOL NWRĞ ]RVWDQLH REXG]RQ\ Z ĞURGNX QRF\ ZĞUyG RJQLD FKDRVX L EXU]\ ĪHE\ GRZLHG]LHü VLĊ ĪH ĞZLDW VLĊ ZDOL ZyZF]DV ]QDF]QLH OHSLHM MHVW SU]H] MDNLĞ F]DV GRVWDZDüUR]ND]\QLĪMHZ\GDZDü

3DPLĊWDP WR ZV]\VWNR MDN VHQ =á\ VHQ QLF]\P PDMDNL EDJLHQQHM JRUąF]NL 0QyVWZR FKDRW\F]Q\FKREUD]yZMHGHQ]DGUXJLP 3DPLĊWDP UXG\ PLJRFąF\ SREODVN QD PRNUHM WUDZLH SDWLR WDNL VDP MDN Z PRLP ĞQLH 3DPLĊWDPQLHXVWDQQ\]JLHáNLáRVNRWGRELHJDMąF\VWDOHJG]LHĞ]GDOHNDSRPLĊG]\XGHU]HQLDPL JURPX3DPLĊWDPKXNGHV]F]XZDOąFHJRZGDFK %LHJOLĞP\NRU\WDU]DPL:ĞUyGNRPQDWPHEOLLNRELHUFyZVQXá\VLĊSDVPDVLZHJRG\PX .RU\WDU] NWyU\P QLH PRJOLĞP\ SU]HMĞü ER WáRF]\áD VLĊ Z QLP VWUDĪ SU]\ERF]QD 3DPLĊWDP VWáRF]RQH SOHF\ RSLĊWH SDQFHU]DPL L PXU KHáPyZ MDN EUXN XOLF\ , VWUDV]Q\ ]JLHáN JG]LHĞ ] SU]RGX.U]\NRJáXV]DMąF\NU]\NZLHOXJDUGHá6PUyGG\PXLNUZL .RPQDWD 3WDNyZ Z NWyUHM VWDáD MXĪ KXF]ąFD ĞFLDQD RJQLD L PXVLHOLĞP\ VLĊ FRIQąü 1D SRGáRG]HLNRELHUFDFKZĞUyGSRPDUDĔF]RZ\FKVWU]HODMąF\FKSRGVXILWSáRPLHQLOHĪDá\FLDáD -DNLHĞ SDWLR QD NWyUH VSDGDá\ VWU]Dá\ &Dá\ GHV]F] ]DSDODMąF\FK VWU]Dá NWyUH Z\GDZDá\ EU]ĊF]ąFH]DZRG]HQLHMDNJLJDQW\F]QHSV]F]Rá\LFLąJQĊá\]DVREąZDUNRF]HG\PX %UXV FLąJQąá PQLH ]D UDPLĊ SU]HELHJDOLĞP\ NROHMQH NRU\WDU]H D SRWHP Z SRWRNDFK GHV]F]XVNUDFDOLĞP\GURJĊSU]H]RJUyG : RGGDOL Z]QRVLá VLĊ 7\JU\VL 3DáDF Z\JOąGDMąF\ MDN ZXONDQ -DN FLHPQD JyUD ]ZLHĔF]RQDKXF]ąF\PVáXSHPRJQLD ±2JLHĔ3XVW\QL±Z\V]HSWDáHPWĊSR 0LQĊOLĞP\ NLONX VáXĪąF\FK L SRNRMRZ\FK SĊG]ąF\FK JG]LHĞ ] ZáyF]QLDPL Z UĊNDFK L NODSLąF\FKSyáSDQFHU]DPLRUR]SLĊW\FKU]HPLHQLDFKE\OHMDNQDU]XFRQ\PLQDFLDáD .RU\WDU] Z NWyU\P NLONX SU]\ERF]Q\FK FDá\FK ]EU\]JDQ\FK NUZLą EH]VNXWHF]QLH DWDNRZDáR ZH ZĞFLHNáHM IXULL ĞFLDQĊ WDUF] QDMHĪRQą ZáyF]QLDPL %UQĊOL SR WUXSDFK VZRLFK WRZDU]\V]\LJLQĊOLMHGHQSRGUXJLPZDOąFVLĊQDEDU\NDGĊ]FLDá %DJLHQQDJRUąF]ND=á\VHQ 3DPLĊWDPWRMDNVHQ =QRZX]DODQ\GHV]F]HPRJUyGNURSOHSRá\VNXMąFHZEODVNXSRĪRJLQLF]\PLVNU\ ,PRMD$LLQD 1DJD $LLQD WDĔF]ąFD ] RNUąJáą NHELU\MVNą WDUF]ą L V]DEOą Z UĊNX ZĞUyG GHV]F]X L DWDNXMąF\FK ĪRáQLHU]\ 7DND MDNą ]DSDPLĊWDáHP WDPWHM QRF\ NLHG\ SR UD] SLHUZV]\ ZLG]LDáHPMHMFLDáR 7\ONRWHUD]E\áGHV]F]RJLHĔLNUHZ 3DPLĊWDP F]DUQH SDQFHU]H Ä.DPLHQQHJR´ W\PHQX SURVWRNąWQH WDUF]H QD NWyU\FK GRPDORZDQRÄGZDNVLĊĪ\FH´LOĞQLąFHJURW\ZáyF]QL ,FLDáDOHĪąFHZRNyá ,$LLQĊ:LG]LDáHPMDN]DF]HSLDEU]HJLHPWDUF]\RZ\SXNá\KRSORQĪRáQLHU]DLRGFK\OD MDNWQLHJRSRJDUGOHMDNRGVNDNXMHGRW\áXVSUĊĪ\ĞFLHQLF]\PSDQWHUDE\SRFKZLOL]QRZX GRVNRF]\ü L FLąü ± SáDVNR SR QRJDFK SFKQąü SDGDMąFH FLDáR L RGVNRF]\ü JG]LH LQG]LHM SRGF]DV JG\ ZáyF]QLH SU]HV]\ZDMą SRZLHWU]H L ]LHPLĊ Z PLHMVFX Z NWyU\P SU]HG FKZLOą

E\áD :LG]LDáHP :NRV]PDUQ\PĞQLH 0RMą$LLQĊ 7DĔF]\áD 2VWU]D RGELMDá\ VLĊ ] áRPRWHP ĞOL]JDá\ VLĊ SR NHELU\MVNLHM WDUF]\ ZLG]LDáHP MDN Ä.DPLHQQL´ FRIDOL VLĊ WUZRĪQLH SDWU]ąF QD QDJą ZRMRZQLF]NĊ ]ODQą NUZLą L GHV]F]HP :LG]LDáHP MDN $LLQD XĞPLHFKD VLĊ G]LNR L SU]HVXZD NU]\Z\P JU]ELHWHP V]DEOL SR XVWDFK ]OL]XMąF ] QLHM SRVRNĊ D SRWHP MDN VNDF]H ]QRZX LMDN JáRZD Z JáĊERNLP F]DUQ\P KHáPLH NR]LRáNXMHZSRZLHWU]X-DNVNDF]HQRJDPLQDWDUF]HSU]HZUDFDMąFVWáRF]RQ\FK]DQLPLOXG]L ,ZLG]LDáHPMDN]DP\NDVLĊZRNyáQLHMNUąJWDUF]MDNWDĔF]\SRĞURGNXG]ZRQLąFV]DEOą RĞFLDQĊKRSORQyZ .UąJ]DPNQąáVLĊL]DFLVQąá 3RWHPZLG]LDáHPW\ONRSOHF\ZF]DUQ\FKSDQFHU]DFKMDNVWDGRNUDEyZNWyUHV]DUSLąFRĞ PLĊG]\VREą $MHV]F]HSRWHPZU]DVNUDGRĞFLLUĊNĊZ\VWDMąFą]WáXPXWU]\PDMąFą]DJUDQDWRZHZáRV\ JáRZĊPRMHMQDXF]\FLHONL0RMHM$LLQ\ :LG]ĊF]HUZRQąRGNUZLWZDU]LRF]\MDNG]LXU\SU]H]NWyUHZLGDüQRF 6á\V]ĊVNDQGRZDQHWU\XPIDOQLHÄ,IULMD,IULMD,IULMD :LG]LDáHPWR :PRLPĞQLH :\GDMHPLVLĊĪHNU]\F]DáHPLXVLáRZDáHPELHFGRZDONL3DPLĊWDPMDNV]XNDáHPEURQL MDNXGDáRPLVLĊSRZDOLü%UXVDLMDNSRFKZLOLRQSRZDOLáPQLH3U]\QDMPQLHMZ\GDMHPLVLĊ ĪHSDPLĊWDP -DNPDMDNLEDJLHQQHMJRUąF]NL 2FNQąáHPVLĊZ.RPQDFLH=ZRMyZSU]\MHGQ\P]ZHMĞüGRWDMHPQ\FKNRU\WDU]\ :ĞUyGSyáHNSHáQ\FKNRGHNVyZZLHUV]\WUDNWDWyZPDSLRSRZLHĞFL 5]HPLHĔ PLDá QD VRELH QDJROHQQLNL L SDQFHU] ]H VNyU\ NDPLHQQHJR ZRáX QD F]ROH ]DZLą]DáSU]HSDVNĊSRNU\WąEODFKDPLLZáDĞQLH]DSLQDáSRGEURGąRNXWHRVáRQ\SROLF]NRZH :LG]LDáHP JR QLHZ\UDĨQLH QLF]\P SU]H] PJáĊ :\GDZDáR PL VLĊ ĪH .RPQDWD =ZRMyZ MHVWSHáQDG\PX*áRV5]HPLHQLDGRFKRG]LáGRPQLHMDNSU]H]SRGXV]NĊ ±-HVWUDQQ\" ±1LHVLWDU5]HPLHĔ2JáXV]\áHPJRERUZDáVLĊGRZDONL ±'REU]H]URELáHĞ 2GJáRV\ELWZ\GRELHJDá\WXSU]\WáXPLRQHMDNRGOHJá\V]WRUP ±5]HPLHĔ±Z\EHáNRWDáHP±0yMRMFLHFQLHĪ\MH$LLQDQLHĪ\MH ±:LHPV]ODFKHWQ\FHVDU]X 2SU]\WRPQLDáHPQDFKZLOĊ ±0RMDPDWND0yMEUDW&HVDU]RZDPDWND0RMHVLRVWU\%LHJQLMP\'RP&\QREUXMHVW

RGSRáXGQLD7U]HED]HEUDüOXG]L.DĪELüZEĊEQ\LZH]ZDüSRPRF ±6]ODFKHWQ\SDQLHWZyMEUDWV]ODFKHWQ\NVLąĪĊ&]DJDM]JLQąáQDSURJX'RPX&\QREUX EURQLąFZUD]]HVWUDĪąZVWĊSXGRNRPQDW=JLQąá]PLHF]HPZUĊNXZDOF]ąFXERNXVZRLFK VLyVWU L QDXF]\FLHOD 'RP &\QREUX ]RVWDá MXĪ ]DMĊW\ L VSOąGURZDQ\ :V]\VF\ PLHV]NDĔF\ ]RVWDOLZ\PRUGRZDQLDSDZLORQ\SRGSDORQR ±5]HPLHĔ&RRQPyZL"7RQLHPRĪOLZH ± 0yZL SUDZGĊ WRKLPRQLH ± 5]HPLHĔ ]DSLąá RVáRQ\ RSDUá QRJĊ QD EH]FHQQ\P LQWDUVMRZDQ\PVWROHL]DF]ąá]DFLąJDüSDVNLQDJROHQQLNyZ ±:LĊFGDMPLEURĔ±SRZLHG]LDáHP±:LGRF]QLHSU]\V]HGáG]LHĔE\XPU]HüĝZLDWVLĊ VNRĔF]\áDWHJRQRZHJRQLNWQLHFKFHRJOąGDü ± 6]ODFKHWQ\ LPSHUDWRU]H NDLWRKLPRQLH NODQX ĩXUDZLD RVWDWQL ZáDGFR G\QDVWLL 7HQGĪDUXNRWRRVWDWQLUR]ND]WZRMHJRRMFD%U]PLRQQLHZROQRFLXPU]Hü 8MąáPQLH]DUDPLRQDLVSRMU]DáZPRMąNDPLHQQąEODGąWZDU]'UĪDáHP ± 1LHĞ Z VRELH QDV] ĞZLDW WRKLPRQLH 1LH ZROQR FL WHUD] XPU]Hü Z ZDOFH WDN MDN QLH ZROQR E\áR XPU]Hü WZHPX SUDG]LDGRZL SR ELWZLH Z 'ROLQLH &]DUQ\FK àH] 2GHMGĨ QD Z\JQDQLH L SU]HĪ\M $ SRWHP ZUyü L RG]\VNDM 7\JU\VL 7URQ :Uyü NLHG\ WZRL SRGGDQL SR]QDMą F]\P MHVW ZáDG]D 3RG]LHPQHM 0DWNL L &]HUZRQ\FK :LHĪ =ELHU] .LUHQHQyZ ]H ZV]\VWNLFK NODQyZ =ELHU] ZV]\VWNLFK ZROQ\FK OXG]L ZĞUyG $PLWUDMyZ $ SRWHP ]ZDO &]HUZRQH :LHĪH Z S\á L SRáyĪ JáRZĊ 1DKHO ,IULML QD PRLP JURELH 7DN SRZLHG]LDá WZyM RMFLHF ± 1LH VNDODP KRQRUX PRMHJR NODQX ± NU]\NQąáHP ± -HVWHĞP\ .LUHQHQDPL -HVWHĞP\ NODQHP ĩXUDZLD 3DPLĊWDV]" Ä1LNW QLH ]RVWDQLH VDP QD SDVWZĊ ZURJyZ 1LH RGGDP\ DQL MHJRFLDáDDQLGXV]\*G]LHZDOF]\MHGHQWDPSU]\MGąZV]\VF\1LNWQLH]RVWDQLHSRU]XFRQ\ QLNWQLH]RVWDQLH]DSRPQLDQ\´3DPLĊWDV]5]HPLHQLX"7DPZDOF]ąQDVLEUDFLDDW\FKFHV] ĪHE\PXFLHNDá" ± 7DN VDPR NU]\F]Dá WZyM SUDG]LDG $OH XVáXFKDá L WR G]LĊNL QLHPX ]\VNDOLĞP\ 7\JU\VL 7URQ L RGURG]LOLĞP\ VLĊ ] SRSLRáX 7HUD] RGHMGĨ WRKLPRQLH 3DPLĊWDM F]HJR FLĊ XF]\áHP %UXV FLĊ SRSURZDG]L 2Q ZLH JG]LH LĞü L FR URELü 1LHĞ Z VRELH ZV]\VWNR FR SLĊNQH D FR ]DELMą G]LVLHMV]HM QRF\ 3DPLĊWDM R PQLH R $LLQLH R ,ULVVLH R WZRLP EUDFLH 3DPLĊWDM R ZV]\VWNLFK3DPLĊWDMR 0DUDQDKDU]HNWyU\WHUD]XPLHUD3DPLĊWDM-HVWHĞWHUD]MHG\QąĪ\Zą SDPLĊFLą -HĪHOL ]JLQLHV] DOER ]DSRPQLV] P\ ZV]\VF\ WHĪ ]JLQLHP\ QDSUDZGĊ ,GĨ 0áRG\ 7\JU\VLH,GĨ'URJą3RG*yUĊ$SRWHPZUyüWXLRGEXGXM.LUHQHQ 5]HPLHĔ XáRĪ\á QD VWROH GZLH ZąVNLH WDUF]H UĊNDZLFRZH :VXQąá GáRĔ DĪ SR áRNLHü GR SLHUZV]HM L XQLyVá Mą SRWUyMQ\P RVWU]HP GR JyU\ D SRWHP SU]\FLVQąá QLP GUXJą WDUF]Ċ L ZVXQąáZQLąGUXJLHUDPLĊ :U]DVNLLáRPRWQDNRU\WDU]DFKVá\FKDüE\áRMXĪFRUD]EOLĪHM %UXVXMąáPQLH]DUDPLĊ'HOLNDWQLHDOHVWDQRZF]R ±-XĪQDGFKRG]ąSDQLH

± 1LH ± NU]\NQąáHP ± -HV]F]H QLH :V]\VF\ ]JLQĊOL 3R]ZyO PL VLĊ SRĪHJQDü SU]\QDMPQLHM ] QLP 1LH PRJĊ VWUDFLü MHV]F]H 5]HPLHQLD -HVWHP LPSHUDWRUHP ± :\SURVWRZDáHP VLĊ QDJOH ± 6\QX 6LRGODU]D ] NODQX ĩXUDZLD QLH ]áDPLĊ UR]ND]X PRMHJR RMFDDOHW\SyMG]LHV]]HPQą ±1LHW\ONRW\GRVWDáHĞRVWDWQLUR]ND]WRKLPRQLH0yMEU]PLDáGRSLOQXMĪHE\XFLHNOL 5R]OHJá VLĊ KXN Z\áDP\ZDQ\FK GU]ZL GR NRPQDW\ 'HVNL SROHFLDá\ DĪ QD ĞURGHN SRPLĊG]\]ZRMHLG\ZDQ\3U]H]V]F]HOLQĊMXĪE\áRZLGDüF]DUQHOĞQLąFHRGGHV]F]XLNUZL SDQFHU]HMDNE\NáĊELá\VLĊWDPUREDNL 5]HPLHĔ PDFKQąá UĊNDPL L ]GHU]\á ]H ]JU]\WHP RVWU]D NU]HV]ąF SĊN LVNLHU $ SRWHP RGZUyFLáVLĊLQDJOHREMąáPQLHRVWURĪQLHĪHE\QLHSRGHUĪQąüPLJDUGáDVWHUF]ąF\P]WDUF]\ RVWU\PMDNEU]\WZDWUyM]ĊEHPLSRFDáRZDáZF]RáR ±2GHMGĨ5RPDVVX±SRZLHG]LDá Ä2GHMGĨPRMHĪ\FLH´ %UXVSRFLąJQąáPQLH]DUDPLĊ

'DOHNDMHVWSRGUyĪGáXJLHVąGURJLMH]GQH 'áXJDMHVWWĊVNQRWDOXG]ND :ąWSOLZHF]\GRXSUDJQLRQHJRFHOXGRMG]LHV] /RVWRUR]VWU]\JQLH  6YLSVGDJPiO±3LHĞĔR6ZLSGDJX

5R]G]LDá

7DĔF]ąFH:ĊĪH

2

NUĊW\:ĊĪ\RGSá\QĊá\1LHZLHPF]\QDGUXJąVWURQĊILRUGXF]\ZRJyOHVLĊZ\QLHĞOL

ZNDĪG\PUD]LHZSRUFLHLFKQLHZLGDü:V]\VWNRZVND]XMHQDWRĪHRLOHNDĪG\PRĪH SU]\MHFKDü QD MHVLHQQ\ ZLHF WR /XG]LH :ĊĪH QLH Vą WX PLOH ZLG]LDQL 'OD PQLH WR EDUG]R QLHZ\JRGQH ER WR MHG\Q\ ĞODG QD MDNL GRWąG QDWUDILáHP 0XV]Ċ SU]\FLVQąü MDNLHJRĞ :ĊĪD 3UREOHPZW\PĪHQLHZ\GDMąVLĊGXV]DPLWRZDU]\VWZD 3U]HFKDG]DP VLĊ QDEU]HĪHP L ]DFKRG]Ċ GR GURJLFK NDQWRUyZ 0LĊG]\ LQQ\PL GR SROHFDQHJRPLJRUąFR*UXOH6áRPLDQHJR3VD6]XNDPU]HF]\ 3U]HJOąGDP FDáH VWRV\ GURELD]JyZ QD ZLGRN NWyU\FK NDĪGHPX DQW\NZDULXV]RZL ]DSRWQLDá\E\ V]NáD NRQWDNWRZH =DSLQNL V]SLOH QRĪH NXENL NU]HVLZD DPXOHW\ ELĪXWHULD 1LHNWyUH WRSRUQH LQQH ]DVNDNXMąFR SUHF\]\MQH 6SOHFLRQH Z]RU\ SU]\ZRG]ąFH QD P\ĞO VNRPSOLNRZDQH ZĊ]á\ QD U]HPLHQLDFK DOER VSOąWDQH NRQDU\ 6W\OL]RZDQH ]ZLHU]ĊWD SRVWDFL OXG]NLHL]QDNLQDMFXGDF]QLHMV]\FKDOIDEHWyZ2GOHZDQHNXWHU\WRZDQHLF\]HORZDQH&XGD $OH MD V]XNDP ± ]DSDOQLF]HN :áRVNLHM ELĪXWHULL 6]PLQNL 6]ZDMFDUVNLHJR VF\]RU\ND .RPSDVX 3URVW\FK WXU\VW\F]Q\FK JDGĪHWyZ ]H VNOHSX VSRUWRZHJR )LRONL PHJDSLU\Q\ /RUQHWNL 6NáDGDQ\FK V]WXüFyZ ] QLHUG]HZQHM VWDOL 6]F]RWHF]NL GR ]ĊEyZ :V]\VWNR PRĪH VLĊ WUDILü 2 LOH QLH ]DZLHUDáR ĪDGQHM HOHNWURQLNL EĊG]LH WX G]LDáDü L ]DFKZ\FDü &RNROZLHN FKRüE\ QyĪ GOD SáHWZRQXUND PRJáRE\ Z]EXG]Lü IXURUĊ L ]RVWDü VSU]HGDQH ]D SRZDĪQH SLHQLąG]H1yĪSáHWZRQXUND±RVWU\MDNEU]\WZDSá\ZDMąF\REOHF]RQ\ZSRFKZĊ]F]DUQHJR LMDVNUDZRĪyáWHJRSODVWLNX 1LF .LHG\S\WDPRSá\ZDMąFHQRĪHNWyU\FKQLHWU]HEDRVWU]\üPHWDORZHOHF]OHNNLHEXWHONL Z NWyU\FK JRUąF\ QDSyM FDá\PL GQLDPL SR]RVWDQLH JRUąF\ D ]LPQ\ QLH ]DJU]HMH VLĊ FKRüE\ EXWHONDOHĪDáDQDVáRĔFXOXEWHĪRV]NODQHSU]\áELFHZNWyU\FKZLGDüSRGZRGąQDSRW\NDP Z]URNSHáHQZVSyáF]XFLDLOHNNLHJRG\VWDQVX1LNWQLHZ\NRQXMHĪDGQ\FKJHVWyZZRNROLF\ F]RáDDOHWRFK\EDGODWHJRĪHQLHGRNRĔFDNRMDU]ąXPLHMVFRZLHQLHREáĊGX]Py]JLHP 3RND]XMą PL QDWRPLDVW NDPLHĔ NWyU\ U]XFRQ\ Z JyUĊ ]DZV]H SRNDĪH GURJĊ EĊEHQ

SU]\ZRáXMąF\ ZLONL DOER WRSRUHN NWyU\ SU]HG Z\MD]GHP SRáRĪRQ\ SRG áyĪNLHP VSURZDG]L QLHFK\EQąĞPLHUüQDNRFKDQNDĪRQ\ ']LĊNXMĊ -HVWHPUR]ZLHG]LRQ\REHMGĊVLĊMDNRĞEH]VWDGDZLONyZLSR]RVWDMĊJáĊERNRSU]HNRQDQ\ ĪHNDPLHĔU]XFRQ\ZJyUĊQDMSHZQLHMVSDGQLHPLQDJáRZĊ : NRĔFX SU]HFKDG]DP VLĊ ZĞUyG VWUDJDQyZ 2JOąGDP QDMFXGDF]QLHMV]H VWURMH Z\SDWUXMąFGĪLQVyZSRODURZ\FKEOX]DOERNXUWHN]WKHUPRWH[X =DPLDVW WHJR Vą PLHF]H XVWDZLRQH Z SXVW\FK EHF]NDFK MDN MDNLHĞ SDUDVROH OXE ]DZLHV]RQH ] SRFKZDPL QD NRáNDFK NROF]XJL ZLV]ąFH QD NLMDFK SU]HZOHF]RQ\FK SU]H] UĊNDZ\U]ĊG\KHáPyZFDáHSDOLVDG\ZáyF]QLLáXNyZ .XSXMĊJUXE\SĊNVWU]Dá&DáąZLą]NĊOLF]ąFąSLĊüG]LHVLąWV]WXN-HGQDNQLHQDWUDILDPQD ĪDGHQ SRĪ\WHF]Q\ ĞODG L RVWDWHF]QLH OąGXMĊ ]D VWRáHP Z WRZDU]\VWZLH SLHF]RQHM SRáyZNL MDNLHJRĞSWDNDLSODFNDFKOHED 5ZĊ NDZDáNL PLĊVD SRSLMDP SLZHP L PDU]Ċ R FURLVVDQFLH ] GĪHPHP $OER JU]DQFH ] VDODWDL]KRERWQLFH:\SDWUXMĊ/XG]L:ĊĪ\&LQDRNUĊFLHPLHOLWDWXDĪHQLHW\ONRQDUĊNDFK DOH L QD WZDU]DFK QRVLOL VLĊ UDF]HM QD F]DUQR L PLHOL FLHPQH Z\VPDURZDQH F]\PĞ MDNE\ VPRáąGáXJLHZáRV\:\UyĪQLDOLVLĊ -HGQDNFLNWyU]\QDPQLHQDSDGOLZ\JOąGDOLW\SRZRMDNWXWHMVLSU]HFKRGQLH:EUą]DFK F]HUZLHQLDFKLROLZNRZHM]LHOHQLMDNZV]\VF\3RUWNLGáXJLHEOX]\MDNLHĞSHOHU\QNL*G\E\ QLH WDWXDĪH L ZLVLRUNL WUXGQR E\áRE\ UR]SR]QDü Z QLFK :ĊĪ\ =UHV]Wą SRMDZLOL VLĊ ]DQLP SU]\Sá\QĊá\WDPWHRNUĊW\ 0LHOL EURG\ D :ĊĪH JROą WZDU]H -HGQDN ]D]Z\F]DM WX QRVL VLĊ ]DURVW SU]\VWU]\ĪRQ\ Z NUyWNą V]F]HFLQĊ 7DNą EURGĊ PRĪQD ]DSXĞFLü Z W\G]LHĔ 1LH ZLGDü F]\ MHVW ĞZLHĪD F]\ SU]\VWU]\ĪRQD1DMZ\UDĨQLHMPRLQLHĪ\MąF\SU]\MDFLHOHXVLáRZDOLZWRSLüVLĊZWáXP ±.XSPLSLZDĝSLąF\1D'U]HZLH±6á\V]ĊVNU]\SLąF\]U]ĊGOLZ\JáRV ±0LáRFLĊZLG]LHü.UXF]\&LHQLX&RNLHSVNRLQWHUHVLG]LH" ±1LHDOHVNRURFLĊMXĪVSRWNDáHPWRQLHFKEĊG]LH]WHJRSU]\QDMPQLHMMDNDĞNRU]\Ğü ±$FRMD]\VNDPSR]DW\PĪH]PDUQXMHVLĊWURFKĊWHJRNLHSVNLHJRSLZD" ± .LHG\ JáXSL VSRW\ND PąGUHJR ]DZV]H PD ] WHJR SRĪ\WHN /XG]LH PRJą SRP\ĞOHü ĪH PRĪHPDWURFKĊUR]XPXVNRUR]PąGU\PVLHG]L ±7R]QRZXNRU]\ĞüGODFLHELH $MHGQDNNXSLáHPPXSLZD ±6NRURMHVWHĞWDNLE\ZDá\WRF]\SRZLHV]PLFRZLHV]R/XG]LDFK:ĊĪDFKF]\PXV]Ċ] WREąZ\JUDüZNUyOD" ± 0DMą SR GZLH UĊFH L GZLH QRJL -DN SU]\MG]LH QRF WR ĞSLą D MDN ZVWDQą WR LGą VLĊ Z NU]DNL Z\VLNDü 3R ZRG]LH ĪHJOXMą D SR ORG]LH MHĪGĪą QD á\ĪZDFK 1DMOHSLHM LFK ]DELMDü ĪHOD]HP*áXSLHJRSRW\PSR]QDüĝSLąF\1D'U]HZLHĪH]DGDMHJáXSLHS\WDQLD ±*G]LHĪ\Mą"

± 1D ZVFKRG]LH ]D =LHPLą 2JQLD 0RĪQD SRSá\Qąü WDP Z]GáXĪ EU]HJX DOER RG GUXJLHM VWURQ\ILRUGHP'UDJRULQ\DOERĞURGNLHP±LĞüJyUDPL$QDFRFLRQL" ±0RĪHWDNE\üĪHMHGHQ]W\FKNWyU\FKV]XNDPWUDILáPLĊG]\QLFK ±1RWRSRNáRSRFLH3RVWDZPXJG]LHĞSU]\GURG]HĪDOQ\NDPLHĔLZ\SLM]DMHJRVSRNyM ±1LHGRSyNLQLH]REDF]ĊWUXSD ±=REDF]\V]QDMSUĊG]HMZáDVQHJR ±0QLHQLHWDNáDWZR]DELü ±&RĞRW\PVá\V]DáHP3RVáXFKDMFRSRZLHPĝSLąF\1D'U]HZLH'RWDNLHMNUDLQ\MDN =LHPLD :ĊĪ\ QLH ZFKRG]L VLĊ WUDNWHP SURV]ąF R QRFOHJ 3RGREQR ]RVWDáD RJDUQLĊWD SU]H] ]LPQą PJáĊ ZLĊF QLH ZLHU] QLF]HPX FR FL WDP SRZLHG]ą DOER QDZHW WHPX FR VDP ]REDF]\V] -HGQDN WX QLH EąGĨ WDNL SRGHMU]OLZ\ 5R]VąGQ\ PąĪ ZLH NRJR VLĊ VWU]HF L XPLH RGUyĪQLDü ZURJyZ RG SU]\MDFLyá -DN FL NWRĞ SURSRQXMH ĪH SRGZLH]LH FLĊ SR GURG]H VNRU]\VWDM .LHG\ ]QDMG]LHV] SU]\MDFLHOD WR QLH SRU]XFDM JR SRFKRSQLH NLHG\ ]HFKFH FL WRZDU]\V]\ü1LHRGU]XFDMWHĪJRĞFLQ\,G]LHMHVLHĔOHSLHMPLHüQDGJáRZąGDFKQLĪFKPXU\ /HSLHMVLHG]LHüSU]\RJQLXQLĪEUQąüZPRNU\PĞQLHJX,SU]HGHZV]\VWNLPQLHSR]ZyOVRELH RGHEUDü WHJR FR ]GRE\áHĞ : =LHPL :ĊĪ\ QLH SU]\MPXM SRFKRSQLH DQL á\ND ZRG\ DQL NĊVD VWUDZ\DQLFLDáDQLHZLDVW\,XZDĪDMQDá\GNL:ĊĪHNąVDMą =DJOąGDGRG]EDQNDLNU]\ZLVLĊSRF]\PRVWHQWDF\MQLHVWDZLDJRGRJyU\GQHP.LZDP JáRZąLLGĊSRQDVWĊSQ\-HVWHPFLHNDZFRVWDU]HFPLMHV]F]HSRZLH .LHG\ZUDFDPGRVáRZQLHSRWU]HFKVHNXQGDFKáDZDSU]\VWROHMHVWSXVWD5R]JOąGDPVLĊ DOH .UXF]HJR &LHQLD QLH PD QLJG]LH Z ]DVLĊJX Z]URNX :LG]Ċ QDWRPLDVW *UXQDOGLHJR 2VWDWQLH 6áRZR VWRMąFHJR Z WRZDU]\VWZLH PáRGHJR $WOHLID 0DFKDMą GR PQLH SU]\MDĨQLH 'REU]H3U]\QDMPQLHMNWRĞZ\SLMHWRSLZR ±*G]LHSRV]HGáWHQ]NWyU\PPyZLáHP" *UXQDOGLXQRVLEUZL ± 6LHG]LDáHĞ VDP *DSLáHĞ VLĊ SU]HG VLHELH D SRWHP ZVWDáHĞ L SRV]HGáHĞ SR SLZR 3R]GUDZLDáHPFLĊDOHQLHXVá\V]DáHĞ1LHZLG]LDáHPE\Ğ]NLPĞPyZLá 3DWU]ĊQDQLFKZRVáXSLHQLX$WOHLINU]\ZLZDUJLZJU\PDVLHW\SXÄQLHSDWU]QDPQLHMD QLFQLHZLG]LDáHP´LWHĪNUĊFLJáRZą 6LDGDMą L ]DUD] RGSLQDMą URJL RG SDVD *UXQDOGL SRGQRVL SRNU\ZNĊ G]EDQD L ZąFKD ]DZDUWRĞü ± 3R PLHVLąFDFK QD PRU]X ± PyZL ± NDĪGH SLZR MHVW GREUH 1DZHW WR NWyUH 6WUDQGOLQJRZLH ZDU]ą QD MHVLHQQ\ ZLHF ] PRF]X NR]áD RVWX L SRP\M :LHG]ą ĪH ĪHJODU]H RVXV]ąZV]\VWNLHEHF]NL ±.LHG\]DF]QLHVLĊZLHF"±S\WDP ±1LHZLHV]"-XĪWUZD &]XMĊVLĊMDNZV]NROH'ODF]HJR]DZV]HZV]\VF\VNąGĞZV]\VWNRZLHG]ąDMDQLH7RMDN ]á\VHQÄ'RNLHG\WU]HED]DOLF]\üFKHPLĊ"±1LHZLHG]LDáHĞ"'RZF]RUDM´$SRWHPWDNVDPR

SU]H]FDáHĪ\FLH :VWDMĊ ±0XV]ĊWDPLĞü0yZLáHPZDPĪHV]XNDPNRJRĞ&KFLDáHPWDPWRRJáRVLü $WOHLINUĊFLJáRZą ± 7R VLĊ QLH WDN UREL 1LH SR]ZROą FL RJáDV]Dü QLF]HJR Z .UĊJX .DPLHQL 7DP VLĊ RGE\ZDMą ZLHONLH QDUDG\ VW\UVPDQyZ L QDMZDĪQLHMV]H VąG\ 7DP VLĊ áDJRG]L VSRU\ PLĊG]\ FDá\PL ]LHPLDPL 1LH PRĪHV] WDN VRELH ZHMĞü L FRĞ RJáDV]Dü W\P EDUG]LHM ĪH MHVWHĞ FXG]R]LHPFHP$PDá\FKNUĊJyZJG]LHVLĊVąG]L]Z\NáHVSRU\MHVW]DGXĪR'RWHJRSHáQR WDPJDSLyZ6LHG]ąQDZHWQDVNDáDFKLGU]HZDFKERFKFąRJOąGDüSRMHG\QNL0RĪHWUDILVLĊ WHĪHJ]HNXFMD":\QDMPLMNU]\NDF]D ±.RJR" ±2QPDUDFMĊ±SRZLDGD*UXQDOGL±.U]\NDF]D7DNLHJRFRPDGREUąSDPLĊüLJURPNL JáRV 'DV] PX SDUĊ PLHG]LDNyZ ZLĊF EĊG]LH FKRG]Lá SR ZLHFX L MDUPDUNX L ZRáDá W\FK NWyU\FKV]XNDV]NU]\F]ąFĪHWXVLHG]LV]7XSU]\MHĪGĪDMąOXG]LHV]XNDüW\FKFRSRSá\QĊOL]D PRU]DLQLHZUyFLOLNRELHW\S\WDMąRVZRLFKPĊĪyZOXG]LHVDPLJXELąVLĊFRFKZLOD3U]HFLHĪ WXMHVWĪHJODU]\MDNĞOHG]LZáDZLF\àDWZR]QDMG]LHV]NU]\NDF]DXEUDQ\SVWURNDWRPDNLM] NRJXFLPLSLyUDPLQDNRĔFX  1RWRZ\QDMPXMĊNU]\NDF]DXEUDQHJRZMDVNUDZąNXUWĊREV]\WąáDWDPLZSU]HUyĪQ\FK NRORUDFK L G]ZRQHF]NDPL :\JOąGD MDN WUHIQLĞ DOH PD U]HF]\ZLĞFLH GRVNRQDáą SDPLĊü 1LH PDPSRMĊFLDMDNWRUREL-HVWSHZQHĪHQDZLGRNVUHEUQHJRVLHNDĔFDDĪNLSLRGPRW\ZDFML 3R NLONX SUyEDFK Z\NU]\NXMH SHáHQ RSLV SRV]XNLZDQ\FK ZUD] ] W\ONR RGURELQĊ ]QLHNV]WDáFRQ\PL QD]ZLVNDPL RUD] ]XSHáQLH ]UR]XPLDOH NUyWNL NRPXQLNDW SR DQJLHOVNX Ä(ZDNXDFMD :UDFDMFLH GR GRPX =HVSyá UDWXQNRZ\ MHVW WXWDM 6]XNDMFLH 8OID 1RFQHJR :ĊGURZFD 6WDFMD 0LGJDDUG ,, ZUDFDMFLH GR GRPX´ *áRV PD MDN WUąED MHU\FKRĔVND 3R SLHUZV]HMSUyELHDĪPLG]ZRQLZXV]DFK 2NUHĞOHQLHÄUHVFXHWHDPLVKHUH´ZVWRVXQNXGRPQLHMHGQHJRMHVWPRĪH]E\WV]XPQHDOH QLHFKFĊRGELHUDüPRLPUR]ELWNRPGXFKD1LHFKZ\REUDĪDMąVRELHG]LHVLĊFLRRVRERZ\]HVSyá HZDNXDF\MQ\REZLHV]RQ\ VSU]ĊWHP2LOH]UR]XPLHMąFRWR]QDF]\Ä]H]EyUUDEXQNRZ\ \H] GXGD´ : WHM V\WXDFML PRJĊ ZUyFLü GR VWROLND L Z\UDELDü VLĊ WRZDU]\VNR Z]QRV]ąF SXFKDU\ Z SRF]XFLXGREU]HVSHáQLRQHJRRERZLą]NX ±&KFLDáHĞLĞü]QDPLMDNEĊG]LHP\NXSRZDüQLHZROQLNyZ±]DXZDĪD$WOHLI±0XVLP\ ZV]\VF\ NXSLü SU]\QDMPQLHM ]H GZXG]LHVWX PĊĪF]\]Q L NLOND G]LHZF]\Q -D GZLH *UXQDOGL WHĪ]HGZLH3RWU]HEQLLGRZLRVHáLZGRPX ±3yMGĊ&KRG]LRWRĪHFLNWyU\FKV]XNDPPRJOLNLHG\ĞSyMĞüZQLHZROĊ6NąGVLĊELRUą QLHZROQLF\" ± 1R QDMSLHUZ MDNLĞ QLHZROQLN VSRW\ND QLHZROQLFĊD SRWHP ± 1DMZ\UDĨQLHM SRPLPR

NURZLFKRF]XPDPMHV]F]HMDNąĞHNVSUHVMĊZWZDU]\ER2VWDWQLH6áRZRQDJOHPLONQLH ±3\WDPF]\NWRĞWXSROXMHQDOXG]LLVSU]HGDMHLFKSRWHP" ± 1LH ,FK NUHZQL E\ FLĊ ]DELOL 8 ZDV WDN VLĊ UREL" :V]\VF\ áDSLą VLĊ QDZ]DMHP L VSU]HGDMą"7RVąEUDĔF\]REF\FKNUDMyZF]DVHPMHĔF\=GDU]DVLĊĪHWDNĪHSU]\URGRZ\FK ZUyĪGDFK -HVW WHĪ WDNLH SUDZR ĪH SU]HVWĊSFD PRĪH ]RVWDü RGGDQ\ SRV]NRGRZDQHPX ĪHE\ RGSUDFRZDáZLQĊ$OHWRQLHMHVWQD]DZV]H±EUDĔF\LGąZQLHZROĊQDODWG]LHVLĊüMHĔF\QD GZDG]LHĞFLDDVND]DQL]DOHĪ\MDNZLHFSRVWDQRZL &KFĊ MHV]F]H R FRĞ ]DS\WDü DOH UDSWHP SU]\ QDV]\P VWROH VWDMH GZyFK PLHMVFRZ\FK Z SHáQ\PU\QV]WXQNXMHGHQ]WRSRUHPZGáRQLLWDUF]ąDGUXJL]NUyWNąZáyF]QLą ±7\MHVWHĞWHQG]LZQ\FXG]R]LHPLHFFRJRQD]\ZDMą1RFQ\:ĊGURZLHFNWyU\PLHV]NDX *RUąFHJR.U]HPLHQLD" ±7DN±RGSRZLDGDPSHáHQQLHSRNRMX±2FRFKRG]L"=QRZXJRQDSDGOL" ±7U]DFLLĞüSRGVąG3RG*áyJ3UDZG\ : MHGQHM FKZLOL VWDMH PL SU]HG RF]DPL ZLGRN XOLF]NL L OHĪąFH QD QLHM WU]\ WUXS\ /XG]L :ĊĪ\ D SRWHP SHUVSHNW\ZD XWRSLHQLD Z VLHFL &\IUDO UHDJXMH QD XGHU]HQLH VWUDFKX L QDW\FKPLDVWVLĊDNW\ZXMH 

 'UDNNDLQHQ VSRMU]Dá SU]HFLąJOH QD VWUDĪQLNyZ V]DFXMąF VLá\ 0LPR EURQL WU]\PDQHM Z JRWRZRĞFLQLHZ\GDZDOLVLĊJURĨQL $WOHLI RGVWDZLá UyJ L EDUG]R SRZROL ZVWDá ] áDZ\ SDWU]ąF QD SU]\E\V]yZ *UXQDOGL ZVDG]LáGRXVWNFLXNLSDOHFZVND]XMąF\SRF]\PSU]HUDĨOLZLHJZL]GQąá 1DMHGQ\P]ZLOF]\FKRNUĊWyZUR]OHJá\VLĊNU]\NLLWXSRWQyJ ±1LNWNWRVLHG]LSU]\VWROH]/XGĨPL2JQLDQLHEĊG]LHQLJG]LHZOHF]RQ\±RĞZLDGF]\á $WOHLIVWDQRZF]R±2QMHVWFXG]R]LHPFHP3U]\E\áQDZ\EU]HĪHQLHGDZQRLQLHPRĪHPLHü WX]QLNLPĪDGQHM]ZDG\ERQLNWJRWXQLH]QDSUyF]QDV1LHPRĪHPLHüVSRUXZNUDMXZ NWyU\PMHVWWDNNUyWNR 2MPRJĊSRP\ĞODá'UDNNDLQHQZWHQF]\LQQ\VSRVyE]DPLHV]DQ\ZOHNNROLF]ąFSLĊü UyĪQ\FK]DEyMVWZ ±3R]DW\PQLH]QDQDV]\FKSUDZZLĊFQLHPRĪQDJRZLQLüRLFKáDPDQLH ±6ąSUDZDNWyUHZV]ĊG]LHQDĞZLHFLHVąWDNLHVDPH±RGSRZLHG]LDáIOHJPDW\F]QLHWHQ] WRSRUHP ± $ QDOHĪ\ GR QLFK SUDZR SU]HFLZ ]áRG]LHMRP =DĞ /\IGDJ .DUPLąF\ 5\E\ KDQGODU]NRQL]=LHPL6áRQHM7UDZ\PyZLĪHĞPXXNUDGáQDMOHSV]HJRNRQLD]HVWDGDNWyUH ZLyGáQDMDUPDUN ±7HQ.DUPLąF\5\E\SRZLQLHQOHSLHMSLOQRZDüVZRMHJRGRE\WNXDQLH]DZUDFDüPĊĪRP JáRZĊ QD MDUPDUNX ± Z\FHG]Lá *UXQDOGL 3R F]\P ]ZUyFLá VLĊ GR 'UDNNDLQHQD ± 8NUDGáHĞ NRQLDWHPXWDP/\IGDJRZL" ± 1LH ± RGSDUá 'UDNNDLQHQ ± $OH SUDZGD ĪH VSRWNDáHP NRQLD VDPHJR Z OHVLH L

XMDU]PLáHP:LG]LDáHPĪHPDMDNLĞ]QDNQDVNyU]HDOHWDPQLNRJRQLHE\áR'REU]HSyMGĊ =REDF]\P\2GSáDFĊWHPX.DUPLąFHPX5\E\LSRZV]\VWNLP ± 6DP QLH SyMG]LHV] -HVWHĞ MHGQ\P ] QDV L Z WDNLP UD]LH ZV]\VF\ /XG]LH 2JQLD SyMGą SRG*áyJ3UDZG\ ±-DNPyZLZDV]HSUDZR"±]DS\WDá9XNRĪHJODU]DNLHG\V]OLMXĪZNLONXQDVWXZVWURQĊ WáXPXREOHJDMąFHJRáąNL±-HĪHOLNRĔPD]QDNLDXFLHNQLHZáDĞFLFLHORZLWRWU]HEDJRRGGDü" ±$OH±ĪDFKQąáVLĊ*UXQDOGL±:RJyOHQLHVá\V]DáHPĪHE\NWRRGGDZDá]QDOH]LRQHJR NRQLD /\IGDJ .DUPLąF\ 5\E\ RG UD]X URELá DQW\SDW\F]QH ZUDĪHQLH 0LDá RNUąJáH EODGRQLHELHVNLHRF]NDLU]DGNąEURGĊZ\JOąGDMąFąMDNNĊSDZRGRURVWyZSUyF]WHJRE\áMDNLĞ WDNLEODG\LFLDVWRZDW\MDNQLHGRSLHF]RQDEXáND:RNyáVWDáRSDUĊRVyEDOHQDMZ\UDĨQLHMWHQ VąGQLHXFKRG]Lá]DV]F]HJyOQLHSDVMRQXMąF\ ± -HVWHP -ROJZLU .VLĊĪ\F 1D 7ZDU]\ JáRVLFLHO SUDZD ± R]QDMPLá VWDU]HF VLHG]ąF\ SU]\ RJQLVNXQDZ\VRNLPELDá\PNDPLHQLX±7HQWX/\IGDJ.DUPLąF\5\E\SRZLDGDĪHĞRGHEUDá PX NRQLD NWyU\ PLDá E\ü SRĞZLĊFRQ\ ERJX PRU]D 0HGLURZL 0yZL ĪH MHGHQ ] MHJR OXG]L SR]QDá ]ZLHU]Ċ QD NWyU\P ZMHFKDáHĞ GR PLDVWD :\EUDá PQLH E\P UR]VąG]Lá WHQ VSyU ER WZLHUG]LĪHPXVLFLĊ]DELüLFKFHE\]GMĊWR]FLHELHPLUMHVLHQQHJRZLHFX&RQDWRSRZLHV]" ± 6]DFRZQ\ -ROJZLU]H ± ]DF]ąá 'UDNNDLQHQ ± 1LH ]QDP /\IGDJD L QLJG\ JR QLH ZLG]LDáHP L QLF]HJR PX QLH XNUDGáHP 7HJR UXPDND VSRWNDáHP GDOHNR VWąG Z OHVLH NLHG\ V]HGáHPU]HNąRG3XVWNRZL7UZRJL%\áVDPLEáąNDáVLĊSRSXV]F]\2NLHá]QDáHPJRLWHUD] MHVWPyM$OHMHĪHOL/\IGDJXGRZRGQLĪHQDSUDZGĊNRĔMHVWMHJRMHVWHPJRWyZ]DSáDFLüPX ]Z\NáąFHQĊMDNąELHU]H]DNRQLHLGRU]XFLüFRĞMDNRRGV]NRGRZDQLH:LHU]FKRZFDERZLHP MXĪQLHRGGDP ± 7R ] =LHPL 6áRQHM 7UDZ\ SĊG]L VLĊ VWDGD Z]GáXĪ U]HNL 9ODULQ\" 6]HGáHĞ WX SU]H] 3XVWNRZLD7UZRJL"±]DS\WDá*UXQDOGL ±6]HGáHPSURVWRZ]GáXĪZ\EU]HĪD±]DZRáDá/\IGDJ±.RĔ]RVWDáXNUDG]LRQ\QRFąQD Z\GPDFKVLHGHPGQLGURJLVWąGQDSyáQRF=DEUDQRJRPRFą&]\QLąF\FK3RVá\V]HOLĞP\KXN JURPX L NRQLD QLH E\áR =QLNQąá ]H ĞURGND VWDGD 0LDá E\ü SRĞZLĊFRQ\ Z ZDĪQHM PRUVNLHM VSUDZLH 0HGLURZL ZLĊF SRQLRVáHP VWUDWĊ SRWUyMQą 5D] ĪH VWUDFLáHP UXPDND ZDUWHJR WU]\ JZLFKW\GZDĪHSU]HSDGáRRELHFDQHZRWXPGODERJDWU]\ĪHWHQSU]\EáĊGD]DNSLá]HPQLH ZMHĪGĪDMąFQDPRLPRJLHU]HGRPLDVWD'ZLHRVWDWQLHU]HF]\QLHVąGRZ\FHQLHQLD3RZLDGDP FL-ROJZLU]HĪHWHQZáyF]ĊJDPXVLXPU]HüDMDPXV]ĊRG]\VNDüVZRMą ZáDVQRĞü ,MHV]F]H SRZLHP ĪH WHQ F]áHN PD NáDPOLZ\ MĊ]\N ER WR MHVW NRĔ V]\NRZDQ\ QD RILDUĊ Z\EUDQ\ Z ĨUHELĊFWZLHSU]H]NDSáDQD0HGLUDLQDMG]LNV]\]G]LNLFK1LH]QDVLRGáDLQLNWJRQLHRNLHá]QD ± 6DPHĞ SRZLHG]LDá ĪH 8OI REUD]Lá FLĊ ER MHĨG]L QD W\P NRQLX ± SU]HUZDá *UXQDOGL ± -DNLHĞ G]LZ\ QDP WX RSRZLDGDV] 7HQ F]áRZLHN MHVW VáDE\ Z JáRZLH SUDZRPyZFR 1LHSRWU]HEQLHZVWDZDOLĞP\RGSLZD ±&K\EDPXVLP\]REDF]\üWHJRNRQLD±SRZLHG]LDá-ROJZLU±1LHFKNWRĞSRĞOHVWUDĪQLND

GRGRPX/XQIDLSU]\SURZDG]LWR]ZLHU]Ċ ±7DNQLHPRĪHE\ü±RGH]ZDáVLĊ'UDNNDLQHQ±7HQZLHU]FKRZLHF]DELMHNDĪGHJRNWR QLH EĊG]LH PQą D VSUyEXMH JR RGZLą]Dü =HV]áHM QRF\ MXĪ ]DELá ]áRG]LHMD NWyU\ QDSDGá QD GRP /XQID L FKFLDá JR XNUDĞü 6DP PXV]Ċ JR SU]\SURZDG]Lü 3RĞOLM PQLH UD]HP ]H VWUDĪQLNLHP ±:WHG\XFLHNQLHV]±NU]\NQąá/\IGDJ ± :LĊF SRĞOLM ] QLP G]LHVLĊFLX VWUDĪQLNyZ DOER FKRGĨP\ ZV]\VF\ ± ]QLHFLHUSOLZLá VLĊ *UXQDOGL ± 7HUD] WR MD VDP FKFĊ ]REDF]\ü RJLHUD NWyU\ MHVW ZDUW WU]\ JZLFKW\ ER MHV]F]H F]HJRĞWDNLHJRQLHZLG]LDáHP&]\RQPRĪHIDMGD]áRWHP"3á\ZDSRPRU]X")UXZDZKXNX JURPX",MDNWRMHVWĪHMHGQRF]HĞQLHPRĪQDLQLHPRĪQDJRGRVLąĞü" 2VWDWHF]QLH 'UDNNDLQHQ RGE\á VSDFHU GR GRPX /XQID SRG HVNRUWą VWUDĪQLNyZ L ZUyFLá MDGąF QD -DGUDQLH 1D ZLGRN RJQLVND L ]HEUDQ\FK ZRNyá OXG]L D ]ZáDV]F]D /\IGDJD ZLHU]FKRZLHF ]DF]ąá SU\FKDü L SRU\NLZDü ERF]\ü VLĊ L WDĔF]\ü ZLĊF :ĊGURZLHF PXVLDá JR XVSRNRLü=VLDGáSRJáDG]LáNRQLDSRV]\LLSU]\WXOLáF]RáRGRMHJRáED ±-DGUDQL9XNRUD]HP±=DEU]PLDáRZUH]RQDWRU]H±-DGUDQQLHSyMG]LH=á\F]áRZLHN QLH]DELHU]H-DGUDQL9XNRUD]HP 1RQLHWDNQLHPRJĊSRP\ĞODá'UDNNDLQHQQLHRGGDPJR ± .RĔ MDN NRĔ ± R]QDMPLá *UXQDOGL ± :DUW PRĪH WU]\ V]HNOH DOH QLH ZLĊFHM , ZV]\VF\ĞP\ZLG]LHOLMDN1LWM¶VHIQLQDQLPMHĨG]L ±&]\WRMHVWWZyMNRĔ/\IGDJX"±]DS\WDá-ROJZLU ± .DĪG\ ZLG]L ĪH /\IGDJD 0D QDV]H ]QDNL QD ERNX± ZU]HV]F]HOL OXG]LH .DUPLąFHJR 5\E\ *áRVLFLHOSUDZDZVWDá]NDPLHQLDNU]\ZLąFVLĊLFKZ\WDMąF]DSOHF\QDZ\VRNRĞFLNU]\ĪD DSRWHPVWXNQąáODVNąZ]LHPLĊ ± 3RZLHP WDN Z\ /XG]LH 6áRQHM 7UDZ\ V]OLĞFLH Z\EU]HĪHP 1RFQHJR :ĊGURZFD ZLG]LDQRMDNZMHĪGĪDSU]H]SRáXGQLRZąEUDPĊZLĊFV]HGá]DFKRGQLPEU]HJLHP9ODULQ\1LH PRJáRE\üLQDF]HMERREDMQLHPDFLHáRG]L:LĊFZ\QLND]WHJRĪHQLHPyJáFLXNUDĞüWHJR NRQLDQDZ\GPDFKERJRWDPQLHE\áR:LĊFDQLQLHRGHEUDáFLSU]HPRFąWZRMHMZáDVQRĞFL DQLFLĊQLHREUD]Lá=GUXJLHMVWURQ\QLHXOHJDZąWSOLZRĞFLĪHWRWZyMNRĔLSRQLRVáHĞVWUDWĊ :V]\VWNR ZVND]XMH QD WR ĪH U]HF] VWDáD VLĊ ] SRZRGX PRF\ &]\QLąF\FK D SUDZR ZWHG\ PyZL ĪH WDNLH SU]\SDGNL WUDNWXMH VLĊ WDN VDPR MDN WH NWyUH VDPH VLĊ VWDMą VSRZRGRZDQH SU]H] ERJyZ DOER ORV -DN XGHU]HQLH SLRUXQD DOER IDOĊ QD PRU]X DOER V]WRUP &K\ED ĪH VFKZ\WDVLĊ&]\QLąFHJR:LĊFS\WDPZDVF]\8OI1RFQ\:ĊGURZLHFMHVW&]\QLąF\P" /XG]LH2JQLDSRSDWU]\OLSRVRELHDOHQLFQLHSRZLHG]LHOL ± -HVW &]\QLąF\P ± GDUOL VLĊ VWURQQLF\ /\IGDJD ± 0yZL VLĊ ĪH XQLNQąá ĞPLHUFL RG F]DUQHJREOXV]F]XZGRPX6NLIDQDUD ±-HVWV]\ENLLV]\ENRURELPLHF]HP±SRZLHG]LDáJU]PLąF\PJáRVHP*UXQDOGL±'RWHJR PD áHE QD NDUNX -HĪHOL WR ]QDF]\ ĪH MHVW &]\QLąF\P WR X QDV Z =LHPL 2JQLD Vą VDPL

&]\QLąF\ 3RZLHG] PL SUDZRPyZFR MDNLH SUDZR áDPLH PąĪ NWyU\ SRUDG]L VRELH ] QLHV]F]ĊĞFLHP" :ĊGUXMąF\ 1RFą QLH SRVDG]Lá WDP WHJR Ī\ZHJR EOXV]F]X ] ĪHOD]D W\ONR SRPyJá JR QDP SRZ\U\ZDü L ]DELá 6NLIDQDUD FR ]GMĊáR NOąWZĊ :V]\VF\ WR ZLG]LHOLĞP\ *G\E\ E\á &]\QLąF\P WR QLH QDUDĪDáE\ VLĊ QD ĞPLHUü Z\U\ZDMąF EOXV]F] NRWZLFą L UąELąF QRĪHPW\ONRVSRSLHOLáE\JRSLHĞQLąERJyZ ± $ ]DWHP WHJR F]\ 8OI 1LWM¶VHIQL MHVW &]\QLąF\P QLH PRĪQD UR]VWU]\JQąü ± R]QDMPLá SUDZRPyZFD±8ZDĪDP]DWHPĪHVSUDZDSRZLQQDVNRĔF]\üVLĊRGV]NRGRZDQLHP-HGQDN JG\ZJUĊZFKRG]LREUDĪRQDF]HĞüRGV]NRGRZDQLHQLHZ\VWDUF]\1LHPRĪQDXNDUDü8OIDER QLFQLH]URELá6SyUMHGQDNSR]RVWDá0XVLFLHJRZLĊFUR]VWU]\JQąüWXSU]HG*áRJLHP3UDZG\ :\VWDUF]\]Z\Ná\SRMHG\QHN7DNLZNWyU\PSU]HJU\ZDWHQNWRZ\NURF]\]DZ\]QDF]RQH SROH U]XFL QD ]LHPLĊ PLHF] DOER XFLHNQLH ]D NDPLHĔ :yZF]DV QLH ZROQR JR ]DELMDü DOH VWUDFLLNRQLDLRGV]NRGRZDQLHNWyUHZ\QLHVLHSLĊüPDUHNVUHEUD ±1LHFKFĊWDNLHJRSRMHG\QNX±ZU]DVQąá /\IGDJ±7XSU]HGVąGHPMHVLHQQHJRZLHFX PDPSUDZRĪąGDüSRMHG\QNXZ.UĊJX2JQLD ±1LHQR7REUHGQLH±NU]\F]Dá*UXQDOGL±&]HJRW\RGQLHJRFKFHV]":\PRUGRZDáFL URG]LQĊ F]\ FR" 3U]HFLHĪ GR G]LĞ ZFDOH JR QLH ZLG]LDáHĞ .UąJ 2JQLD MHVW GOD PĞFLFLHOL 3R]ZROLV]SUDZRPyZFRĪHE\NWRĞVLĊJDáSRSUDZR]HPVW\]SRZRGXNRQLD]DSDUĊV]HNOL" ±3UDZRPyZLW\ONRĪHNDĪG\PRĪHĪąGDü.UĊJX2JQLD ±&RWR]DÄ.UąJ2JQLD´"±]DS\WDá'UDNNDLQHQQDFK\ODMąFVLĊGR$WOHLID ±:\]QDF]DVLĊSROHRJQLVNDPL±RGSRZLHG]LDáPáRG\±$ZDOF]\GRZROQąEURQLąMDNą NWR FKFH :FKRG]L GZyFK Z\FKRG]L MHGHQ DOER ĪDGHQ 3URVWH L QLH PRĪQD ]URELü LQDF]HM -HĪHOL REDM SRUąELą VLĊ WDN ĪH QLH PRJą GDOHM ZDOF]\ü ]RVWDZLD VLĊ LFK Z NUĊJX DĪ MHGHQ XPU]HOXEZ\GREU]HMHQDW\OHE\GRELüGUXJLHJR7DNGáXJRMDNWU]HED 'UDNNDLQHQ]DFLVQąáV]F]ĊNL:LĊF]QRZXDOER]DELMĊDOERXPUĊ=SRZRGXNRQLD&R]D SRSLHSU]RQ\ĞZLDW ± 5R]VąGĨ SUDZRPyZFR &]\ ZDUWR E\ NWRĞ XPDUá ] SRZRGX NRQLD" ± ]DS\WDá 'UDNNDLQHQ ± 1LH ZLG]LDáHP QLJG\ WHJR F]áRZLHND 1LF GOD PQLH QLH ]QDF]\ 1LH FKFĊ JR ]DELMDü3URSRQRZDáHPPXRGSáDWĊ&]HJRRQMHV]F]HFKFHRGHPQLH" ± -HĪHOL RQ ĪąGD .UĊJX 2JQLD PD GR WHJR SUDZR ± R]QDMPLá -ROJZLU ± %RZLHP ZWHG\ NDĪG\U\]\NXMHWDNVDPR2JáDV]DP]DWHP.UąJ2JQLD  ±0RJĊPXRGGDüWHJRNRQLD±ZDUNQąáUR]JRU\F]RQ\'UDNNDLQHQGR*UXQDOGLHJR±6DP JRXNáDGDáHPLZLHPĪHNRĔJR]DELMHLXFLHNQLHGRPQLH ± 5DF]HM RQ ]DELMH NRQLD ĪHE\ FL GRNXF]\ü =UHV]Wą RQ ZFDOH QLH FKFH NRQLD &KFH VLĊ ELü0XVLDáHĞPX]DOHĨü]DVNyUĊ±RGSRZLHG]LDá*UXQDOGL±=HWQLMJRLSRNáRSRFLH&K\ED SRUDG]LV]VRELH]WDNLPWáXVW\PVNXQNVHP" ±1LHFKFĊPLHüMHJRĞPLHUFLQDVXPLHQLX ±7DNLFKU]HF]\VLĊ UDF]HMQLHZ\ELHUD =UHV]WąĪ\FLHWDNLHJR UREDODWRQLHZLHONLFLĊĪDU

=DUD]ĞZLDW]URELVLĊWURFKĊOHSV]\ .LHG\ SU]\QLHVLRQR ZRUHN ] EURQLą L ZĞFLHNá\ 'UDNNDLQHQ ]DáRĪ\á SHáHQ U\QV]WXQHN ZáąF]QLH]KHáPHPLSyáSDQFHU]HPRJQLHMXĪUR]SDORQR%\áRWRRVLHPRJQLVNZRGOHJáRĞFL MDNLFKĞWU]HFKPHWUyZMHGQRRERNGUXJLHJR:LHĞüRSRMHG\QNXZ.UĊJX2JQLD]GąĪ\áDMXĪ RELHFWáXPLQXGQDZ\VSyURXNUDG]LRQHJRNRQLDQDJOHEDUG]R]\VNDáQDSRSXODUQRĞFL3ROH ZDONLRWRF]\áD]ZDUWDFLĪEDLSU]\MDFLHOHPXVLHOLVLáąWRURZDü'UDNNDLQHQRZLSU]HMĞFLH -HJR SU]HFLZQLN MXĪ VWDá Z NUĊJX L NX RVáXSLHQLX :ĊGURZFD WR QLH E\á /\IGDJ :ĞUyG RJQLVNVWDáMDNLĞZ\VRNLLFKXG\MHJRPRĞüZF]DUQHMSHOHU\QLH]NDSWXUHP0LDáUĊFH]DáRĪRQH QDSLHUVLDWZDU]JLQĊáDPXZFLHQLX1LHZLGDüE\áRQDWRPLDVWĪDGQHMEURQL ±&RWR]DMHGHQ"±9XNR]DS\WDáVLHG]ąFHJRQDNDPLHQLX-ROJZLUDZVND]XMąFPLHF]HP ±*G]LHWHQFRPQLHZ\]ZDá" ±%URQLą/\IGDJDMHVWWHQRWRPąĪ6NRURRQFKFLDáZHMĞüZ.UąJ2JQLD]DPLDVWWDPWHJR WRMHJRVSUDZD7HUD]REDMSU]HNURF]\OLĞFLHNUąJZ\MG]LHW\ONRMHGHQ 1LHE\áRUDG\ 'UDNNDLQHQ ]DFLąJQąá SRSUĊJL NDUZDV]\ L SRSUDZLá KHáP QD JáRZLH =JLHáN WáXPX SU]\WáXPLRQ\JáĊERNLPVLĊJDMąF\PDĪSRXV]\QDNDUF]NLHPEU]PLDáMDNV]XPPRU]D 0LDá]áHSU]HF]XFLD$QDGHZV]\VWNRQLHFKFLDáMXĪQLNRJR]DELMDü :\Mąá PLHF] L ZELá Z ]LHPLĊ SR F]\P XNOąNá QD FKZLOĊ Z SR]\FML ]D]HQ XVLáXMąF RF]\ĞFLü Py]J L ]PLHQLü VLĊ Z PDV]\QĊ GR ZDONL &]Xá VLĊ ZPDQHZURZDQ\ ]QLHFKĊFRQ\ L ]PĊF]RQ\)DWDOQ\VWDQZWDNLHMV\WXDFML 1LHXGDZDáRVLĊ0\ĞOLWU]HSRWDá\ZJáRZLHMDNVWDGRZURQ 3U]HFLZQLN VWDá QD UR]VWDZLRQ\FK QRJDFK L SDWU]\á VSRG NDSWXUD QLHUXFKRP\ MDN VNDáD *G]LH PLDá EURĔ" 'ODF]HJR FKFLDá ZHMĞü Z .UąJ 2JQLD" 7R SRZDĪQD VSUDZD 'ODF]HJR WDPWHQE\áWDNLVSRNRMQ\" 2FRWXFKRG]L" 9XNR ZSXĞFLá SRZLHWU]H SU]H] QRV D Z\SXĞFLá SU]H] XVWD ,EXNL (QHUJLD FKL 'URJD RĞPLXNUĊJyZ'URJDZRMRZQLND%ODEODEOD 3LHUGRá\ :\VNRF]\á Z SRZLHWU]H SURVWXMąF QRJL Z\FLąJQąá PLHF] L SU]HáRĪ\á GáRĔ SU]H] LPDNL WDUF]\ Ä1LH Z\ELHUDV] DQL F]DVX DQL PLHMVFD DQL SU]HFLZQLND ± WR RQ Z\ELHUD FLHELH´ ± SRZLHG]LDá/HYLVVRQ :áDVQ\RGGHFKV]XPLDáSRGNRSXáąKHáPXMDNZZLDGU]H3U]HFLZQLNQDGDOVLĊQLHUXV]Dá W\ONRá\SDáSRQXUR0LDáVLĊJDMąFHGRáRNFLĪHOD]QHUĊNDZLFH'XVLFLHOMDNLĞF]\FR" ±1LH]QDV]SRWĊJLFLHPQHMVWURQ\0RF\/XNH±SRZLHG]LDáPX'UDNNDLQHQ=DXZDĪ\á ĪHFK\EDMHVWZĞFLHNá\ERPLPRZROQLH]DF]ąáGUZLü=DZV]HWDNE\áR 7DPWHQEH]SRĞSLHFKXRGSLąáSáDV]F]LSR]ZROLáPXRSDĞüQD]LHPLĊ0LDá]\J]DNRZDWH WDWXDĪH QD WZDU]\ L UDPLRQDFK D VF]HVDQH QD W\á JáRZ\ GáXJLH ZáRV\ ]DSOHFLRQH Z ZąVNLH

ZDUNRF]\NL Z\VPDURZDQH E\á\ G]LHJFLHP 8EUDQ\ E\á Z F]DUQą VNyU]DQą NDPL]HONĊ D SUyF]WHJRQDJRá\PWRUVLH]ZLVDáPXDPXOHWSRGREQ\GRVSLUDOL'1$DOERV\PEROXVáXĪE\ PHG\F]QHM 7DĔF]ąFH :ĊĪH 5R]SURVWRZDá ]H ]JU]\WHP SDOFH Z PHWDORZ\FK RVáRQDFK SR F]\PXGHU]\áSLĊĞFLąZGáRĔLVLĊJQąáGRVNyU]DQHMSyáRNUąJáHMSRFKZ\XSDVDVNąGZ\GRE\á OĞQLąF\G\VNZLHONRĞFLĞUHGQLHMSL]]\7áXP]DV]HPUDá 3U]HFLZQLN ]PUXĪ\á SDVNXGQH ĪyáWDZH ĞOHSLD L ]DV\F]Dá SRND]XMąF QDFLĊW\ QD NRĔFX UR]GZRMRQ\MĊ]\N]DEDUZLRQ\F]\PĞQDF]DUQR ±)DMQR7\MDLIULVEHH±Z\FHG]Lá:ĊGURZLHF±1DĞPLHUüLĪ\FLH 3U]\VSLHV]HQLHXGHU]\áR PXZĪ\á\MHV]F]H]DQLPWDPWHQZ\SXĞFLáG\VN5]HF]\ZLĞFLH UXFKHPQDGJDUVWNDWDNVDPRMDNQDSODĪ\ =JLHáNWáXPXUR]FLąJQąáVLĊZJáXFK\SRPUXNDG\VNFLąáSRZLHWU]HREUDFDMąFVLĊZRNyá RVL /HFLDá WURFKĊ V]\EFLHM QLĪ SRZLQLHQ L ]PLHU]Dá Z VWURQĊ 'UDNNDLQHQD SR áXNRZDWHM Z]QRV]ąFHMVLĊWUDMHNWRULL&]áRZLHN:ąĪVWDáZFLąĪQLHUXFKRPR]Z\FLąJQLĊWąUĊNąLSáDVNR UR]áRĪRQąGáRQLą 'UDNNDLQHQZ\OLF]\áVRELHWRUORWXG\VNXLZ\NUĊFLáXQLNZSU]HFLZQąVWURQĊ7DNLXQLN MHVWQDMOHSV]\DOHWUXGQ\1LHRGDWDNXDOHSRGDWDN3U]H]XáDPHNVHNXQG\MHVWJURĨQLHMD SRWHPWUDMHNWRULHVLĊUR]PLMDMą :WHRULL '\VNZ\UDĨQLH]DG\JRWDáZSRZLHWU]XSRF]\PQDJOH]DF]ąáVLĊSU]HFK\ODüLVNUĊFDüZ VWURQĊ:ĊGURZFD 7HQ QLH ]GąĪ\á VLĊ SU]HUD]Lü DOH NROHMQ\ XQLN ]URELá Z RVWDWQLHM FKZLOL :LUXMąFH RVWU]H PXVQĊáRMHJRWDUF]Ċ]RVWDZLDMąFZ\UDĨQąV]F]HUEĊ]QyZ]DG\JRWDáRZSRZLHWU]XLRGFK\OLáR ORW GR JyU\ ]DWRF]\áR áXN L VSDGáR SURVWR Z PHWDORZą UĊNDZLFĊ SU]HFLZQLND 8GHU]HQLH Z WDUF]ĊRPDOQLHSRZDOLáR9XNDQD]LHPLĊ 2QW\PVWHUXMHSRP\ĞODá'UDNNDLQHQ:\NUĊFLáHPVLĊERMHVWHPGDOHNR0DLFKMHV]F]H NLOND 1LH GD PL QDZHW SRGHMĞü 0RĪH VLĊ Z\SFKDü .UDY 0DJD DLNLGR L V]HUPLHUND 7X SRWU]HEQ\MHVWUHZROZHU '\VNZ\VWU]HOLá]GáRQL:ĊĪDLSRPNQąáW\PUD]HPSáDVNRQLHPDOQDZ\VRNRĞFLNRODQ 7áXP ]DUHDJRZDá UR]FLąJQLĊW\P EDVRZ\P JU]PRWHP ] RSyĨQLHQLHP QLHPDO WU]HFK G]LHVLąW\FKVHNXQG\ Ä0\ĞO±SRZLHG]LDáZMHJRJáRZLH/HYLVVRQ±.WRQLHP\ĞOLMHVWWUXSHP´ :ąĪ VWDá ] Z\FLąJQLĊWą GáRQLą L UR]áRĪRQą SáDVNR UĊNDZLFą 6WHUXMH GáRQLą SRP\ĞODá 'UDNNDLQHQ-DNQDOLWRĞüERVNą" 0XVLDáUHDJRZDüWXĪSU]HGWUDILHQLHPWDNĪHE\QLH]RVWDZLüWDPWHPXF]DVXQDNRUHNW\ .LHG\WDOHU]]QDMGRZDáVLĊRGZDNURNLFLąá]JyU\ :RVWDWQLHMFKZLOLNUąJSU]HNUĊFLáVLĊGRSLRQXLUR]PLQąá]MHJRRVWU]HPSRF]\PRGELá VLĊRG]LHPLLZLUXMąFMDNXUZDQHNRáRFLĊĪDUyZNLSU\VQąáPXSURVWRZWZDU] 'UDNNDLQHQ ]DVáRQLá VLĊ OHFąF SU]H] ]JĊVWQLDáH ]PLHQLRQH Z UWĊü SRZLHWU]H 3RGVWDZLá

SáDVNRVZRMąWDUF]ĊLSR]ZROLáSRFLVNRZLSU]HWRF]\üVLĊSRQLHM3U]HPNQĊáRPXSU]H]P\ĞO ĪHSRSU]HGQLRZ\V]F]HUELáSDQFHU]ERNUĊFLáVLĊZGUXJąVWURQĊMDNRVWU]HSLá\WDUF]RZHM 3LáDWDUF]RZDWRWDNDSLáDGRFLĊFLDWDUF]SRP\ĞODáJáXSLRXGHU]DMąFR]LHPLĊ :VWU]ąVZ\UZDáPXLPDN]GáRQLLWDUF]DRGSá\QĊáD]UDPLHQLDMDNZVWDQLHQLHZDĪNRĞFL ĪHJOXMąFZĞUyGZ\UZDQ\FKNDZDáNyZGDUQL :\U]XFLá RELH QRJL SRGU\ZDMąF VLĊ SRGU]XWHP ] ]LHPL 6WDZ VNRNRZ\ RGSRZLHG]LDá SU]HFLąJáąIDOą]QDMRPHJRPGOąFHJREyOX :WHQVSRVyEQLJG\PLWRQLHZ\GREU]HMHSU]HPNQĊáR'UDNNDLQHQRZLSU]H]P\ĞO '\VN Z\OHFLDá ] .UĊJX 2JQLD L ZSDGá SRPLĊG]\ JDSLyZ Z]ELMDMąF F]HUZRQą FKPXUĊ UR]S\ORQHMNUZL7áXPHNVSORGRZDáNU]\NLHP 'UDNNDLQHQ Z\VWU]HOLá WUyMVNRNLHP Z VWURQĊ :ĊĪD 3á\Qąá SU]H] ROHLVWH SRZLHWU]H ZLG]ąFMDNWDPWHQV]\EFLHMQLĪSRZLQLHQVLĊJDGRVZRMHMWRUE\2GELáVLĊSUDZąQRJąPDMąF MHV]F]H GREUH G]LHVLĊü PHWUyZ L SRSá\Qąá ]QRZX NLHG\ SDOFH WDPWHJR XMPRZDá\ RVWU]H 8GHU]\á GUXJą QRJą Z ]LHPLĊ ZLHG]ąF MXĪ ĪH QLH GRELHJQLH NLHG\ ]JLĊW\ QDGJDUVWHN SU]HFLZQLNDZ\SURVWRZDáVLĊLSRFLVNZ\ĞOL]JQąáVLĊZMHJRVWURQĊ 1LHE\áRF]DVX 'UDNNDLQHQRWZRU]\áSLĊĞüLSR]ZROLáPLHF]RZLRGSá\Qąü]GáRQL $ SRWHP XGHU]\á UĊNą G\VN ] JyU\ SRGNáDGDMąF GUXJą L XZLĊ]Lá JR SRPLĊG]\ NODVNDMąF\PL GáRĔPL 6WRSD :ĊGURZFD XGHU]\áD R ]LHPLĊ 'UDNNDLQHQ WDUJQąá ELRGUDPL Z\NUĊFDMąF Z SRZLHWU]X SLUXHW SU]HPLHĞFLá JyUQą GáRĔ VWDUDMąF VLĊ QLH GRW\NDü RVWUHM MDN EU]\WZDNUDZĊG]LWQąFHMSRF]\PFKZ\FLáG\VNSRPLĊG]\NFLXNDSDOHFZVND]XMąF\LQDGDO REUDFDMąFVLĊZ\VWU]HOLáJRVSRGSDFK\ 0LQĊOL VLĊ WXĪWXĪ QLHPDO RFLHUDMąF UDPLRQDPL D SRWHP REDM VWDOL SU]H] FKZLOĊ QLHUXFKRPR 7áXPPLOF]Dá 3DOFH Z PHWDORZHM UĊNDZLF\ Z\SURVWRZDá\ VLĊ L NROHMQ\ G\VN Z\VXQąá VLĊ ] QLFK ZELMDMąFVLĊZWUDZĊ 6NąGĞGRELHJDáFLFK\SHUOLVW\V]XPMDN]RJURGRZHJR]UDV]DF]D = SU]HFLĊWHM XNRĞQLH V]\L &]áRZLHND :ĊĪD VWU]HODá SXOVXMąF\ VWUXPLHĔ MDVQHM WĊWQLF]HM NUZL 3R]DW\PREDMVWDOLEH]UXFKX $ SRWHP SRG F]áRZLHNLHP Z F]DUQHM NDPL]HOL XJLĊá\ VLĊ NRODQD L ]ZDOLá VLĊ QDJOH QD ]LHPLĊEH]ZáDGQLHQLF]\PSRU]XFRQDPDULRQHWNDD'UDNNDLQHQZ\V]HGá]WU\EXERMRZHJR 3URVWRZHZU]DVNWáXPXKXNSáRQąF\FKRJQLVNLUXGHĞZLDWáRSRSRáXGQLD ±1DSODĪ\QLHPLDáHPVRELHUyZQ\FK±Z\FHG]Lá:ĊGURZLHFLSRGQLyVáOHĪąF\ZWUDZLH PLHF]=QDOD]áMHV]F]HWDUF]ĊLUR]WUąFDMąFWáXPRSXĞFLá.UąJ2JQLD 1LHRFLHUDMąFNUZLVąF]ąFHMVLĊ]QRVDSRZDUG]HGRV]HGáDĪGRPLHMVFDJG]LHOHĪDá\MHJR U]HF]\LVWDá-DGUDQLWDPGRSLHUR]HPGODá



 %XG]ĊVLĊVNRáRZDQ\ZNRPSOHWQ\FKGXV]Q\FKFLHPQRĞFLDFK 6LHG]Ċ G\V]ąF L SDWU]Ċ Z FLHPQRĞü 3URVWR ] NRV]PDUX SHáQHJR ZĊĪ\ NUZL WUXSyZ L ZLQ\ ,VWQH SLHNáR 7R F\IUDO F]\ĞFL PL Py]J 0RJĊ FKRG]Lü L SDWU]Hü Z OXVWUR PRJĊ ]QLHĞü ZáDVQą RVRERZRĞü SRPLPR ĪH GRSLHUR FR ]DELáHP F]áRZLHND PRJĊ GUZLü VRELH ] V]RNX SRVWWUDXPDW\F]QHJRDOHFHQą]DWRVąNRV]PDU\JRGQH'DQWHJR 1LFQLHZLG]Ċ 1LHMHVWHP]ZLą]DQ\DOHPDPQDVRELHW\ONRVSRGQLH.RVWNDVSXFKáDZ\UDĨQLHQDGáRQL PDPDPDWRUVNR]DZLą]DQ\RSDWUXQHN]MDNLHMĞSU]HVLąNQLĊWHMNUZLąV]PDW\ *G]LHMDMHVWHP"7RORFK"3LZQLFD" -HVWFLHPQR 3DFKQLH VROą VWĊFKOL]Qą ZĊG]RQ\P PLĊVHP L VPRáą 3RPLHV]F]HQLH UH]RQXMH GUHZQLDQ\P SRJáRVHP MDN ZQĊWU]H JLWDU\ 6á\V]Ċ JG]LHĞ QLHGDOHNR SOXVNDQLH ZRG\ GDOHM SU]HFLąJáH VNU]\SLHQLH OLQ F]\MHĞ NURNL VWXNDMąFH GĨZLĊF]QLH MDNE\ NRĔ áD]Lá SR PRĞFLH ] GUHZQD 2NUĊW -HVWHPQDRNUĊFLH /HĪĊQDGUHZQLDQHMSRGáRG]HQDNLONXJUXE\FKDOHEUXGQ\FKIXWUDFKU]XFRQ\FKMHGQRQD GUXJLH :]PDFQLDP ĞZLDWáR L ZLG]Ċ ĪH RSRGDO SRPLĊG]\ ZUĊJDPL L SRG Z\EU]XV]RQą EHF]NRZDWREXUWąOHĪąPRMHWRERá\VLRGáRLVDNZ\ =QDMGXMĊ PDĞü SU]HFLZNR VWáXF]HQLRP ]QRZX RSDWUXQHN Z DHUR]ROX ]QRZX NRPSOHNV UHJHQHUDF\MQ\1DV]F]ĊĞFLHRSDWU]RQHZF]RUDMUDQ\VLĊQLHRWZRU]\á\%LDáHVPXJLRSDWUXQNX WU]\PDMąRGĪ\ZLDMąGRSURZDG]DMąSRZLHWU]HLOHF]ą=DWRQDGáRQL]DURELáHPXNRĞQąV]UDPĊ RGQDVDG\SDOFDZVND]XMąFHJRDĪGRĞURGNDNLĞFL-HGQDNPXVLDáHPFKODVQąüVLĊRWHQG\VN -DN FR ZLHF]yU 3U]HQRĞQD NOLQLND 9XNR 'UDNNDLQHQ ± MHGQRRVRERZ\ RGG]LDá SRXUD]RZ\ =DNáDGDPMHV]F]HVDPRXV]W\ZQLDMąF\EDQGDĪQDNRVWNĊLSUDZLHQLHNXĞW\NDMąF]QDMGXMĊ VRELHĞZLHĪHXEUDQLHDSRWHPZ\FKRG]ĊQDSRNáDG -HVWHPQDZLOF]\PRNUĊFLH/XG]L2JQLD1DSRNáDG]LHZĪHOD]Q\PNRWOHĪDU]ąVLĊZĊJOH QDOHĪąF\PQDZLHU]FKXUXV]FLHVNZLHUF]ąNDZDáNLPLĊVD ±7RE\áRFRбNU]\F]ąQDPyMZLGRN.WRĞZUĊF]DPLUyJ3LMĊ&LąJOHNUĊFLPLVLĊZ JáRZLHLEROąPQLHZV]\VWNLHPLĊĞQLHMDNE\PUR]áDGRZDáSU]\F]HSĊSLDFKXZLGáDPL ±$OHVLĊĞPLDáHPMDNWRSROHFLDáRZWáXP $OHĪZ\OXG]LHPDFLHSRF]XFLHKXPRUX ±0\ĞOHOLĞP\ĪHFLĊUDQLá±WáXPDF]\$WOHLI± :LĊFSU]\QLHĞOLĞP\ FLĊWXWDM:V]\VWNLH

WZRMHU]HF]\MXĪ]DEUDOLĞP\RG/XQID.RĔWHĪMHVWSRGSRNáDGHP7DPQDG]LRELHMHVWWDNLH PLHMVFH8ZLą]DQ\LGRVWDáMHĞü1LHFKFLDáRGFLHELHRGHMĞü1DRNUĊWWHĪQDMSLHUZZQLHĞOLĞP\ FLHELHZWHG\VDPZV]HGáSRWUDSLH:LHUQ\NRĔ:DUWRE\áRVLĊRQLHJR ELü]W\P:ĊĪHP =RVWDĔ]QDPL:ĊGUXMąF\1RFą*G]LHNROZLHNEĊG]LHV]FKFLDáMHV]F]HV]XNDüW\FKVZRLFKL WDNZDUWRPLHüGRNąGZUDFDüLJG]LHUR]SDOLüRJLHĔ:PRLPGZRU]HMHVWGXĪRPLHMVFD ± ']LĊNXMĊ FL $WOHLILH ± PyZLĊ %R L FR WX SRZLHG]LHü , WDN Z\ELHUDP VLĊ GR =LHPL :ĊĪ\DWRMHVWSRGURG]H 6LDGDPQD]ZLQLĊW\PĪDJOXSRGUR]SLĊW\PQDSRNáDG]LHSU]HGIRUNDV]WHOHPSáyFLHQQ\P QDPLRWHP *UXQDOGL ZFKRG]L SR V]HURNLP WUDSLH L ]ZLQQLH SU]HVNDNXMH QD SRNáDG 6LDGD L Z\FLąJD UĊNĊ]DUD]ZW\NDMąPXSHáQ\UyJ ±1LHFKFLERJRZLHEáRJRVáDZLą6SDOOH±SRZLDGD]SU]HVDGQąHPID]ąSRF]\PV]WXUFKD NU\W\F]QLHNDZDáHNXGĨFDOHĪąF\QDUXV]FLH±&Dá\Ğ"±S\WDPQLHRGU\ZDMąFUyJRGXVW ±3U]HĪ\MĊ ±3RV]HGáHPJDZĊG]Lü]G]LHOQ\P/\IGDJLHPNWyU\MHVWSLHUZV]\GRZ\]\ZDQLDNRJRĞ QD .UąJ 2JQLD D RVWDWQL JG\ VDPHPX WU]HED VLĊ ELü , PDP QRZLQ\ ± 6LĊJD SR PLĊVR QDGJU\]DNDZDáHNĪXMHFKZLOĊSRF]\PZ\FK\ODVLĊLZ\SOXZDZV]\VWNR]DEXUWĊ2GNáDGD PLĊVR]SRZURWHPQDUXV]WLV]WXUFKDNRĔFHPQRĪD 2EVHUZXMĊJRFLHUSOLZLH ± 5]HF]\ZLĞFLH MHJR OXG]LH SR]QDOL WZRMHJR NRQLD /\IGDJ VLĊ ZĞFLHNá D QDZHW GRVWDá V]DáX/XELERZLHPXFKRG]Lü]DJZDáWRZQLNDLXZDĪDVLĊ]DZLHONLHJRVW\UVPDQD6NDUĪ\áVLĊ SU]\SLZLHDĪWXGRVLDGáVLĊGRQLHJRWDPWHQ:ąĪLSRZLDGDĪHWHĪPDGRFLHELHVSUDZĊER QLE\ ]DELáHĞ PX NUHZQLDND , WR RQ SRUDG]Lá /\IGDJRZL ĪHE\ Z\]ZDá FLĊ QD .UąJ 2JQLD L SU]\VLąJáĪHEĊG]LHVDPVLĊELá&RZLĊFHM]DSáDFLáPX]DWR3U]\RND]MLWRWZRMHSLĊüPDUHN RGV]NRGRZDQLD]SR]GURZLHQLDPLRG/\IGDJD3URVLáĪHE\PFLSU]HND]Dá ± , WR ZV]\VWNR WHQ /\IGDJ SRZLHG]LDá FL SR SU]\MDĨQL" ± 0DFKLQDOQLH SU]\MPXMĊ VSRUą JDUĞüVUHEUD ±=DSU]\MDĨQLOLĞP\VLĊER]DSURSRQRZDáHPPX.UąJ2JQLD3RZLHG]LDáHPĪHWHĪPDP VSUDZĊ ER ]QDáHP MHJR V]XU]HJR NWyU\ PLDá PL NLHG\Ğ SRPyF Z PRUVNLHM ELWZLH 2V]XNDá PQLHLRGSá\QąáDMDSRWUDFLáHPOXG]LLZUyFLáHPEH]áXSXUDQQ\QDVWDWNXNWyU\FDá\F]DV EUDáZRGĊ'RVWDOLĞP\]EDOLVW\PDáRVLĊZV]\VWNRQLHVSDOLáR3RQLHZDĪWHQV]ZDJLHUMXĪQLH Ī\MH ]DSURSRQRZDáHP ĪH EĊG]LH PLDá ]DV]F]\W VDP ]DáDWZLü WĊ VSUDZĊ 'R WHJR UR]PDZLDOLĞP\QDGXUZLVNLHPJG]LHOXG]LHáDWZRVLĊ]DSU]\MDĨQLDMąQDZHWMHĞOLNWRĞQD]\ZD VLĊ.DUPLąF\5\E\ ±$FRE\Ğ]URELáJG\E\VLĊ]JRG]Lá" ±:WHG\QLH]PDUQRZDáE\PWHJRQXGQHJRZLHFX *UXQDOGLZJU\]DVLĊZU]HSĊLFKUXSLHMDNNRĔDMDQLHZLHPF]\WXVLĊG]LĊNXMHZWDNLFK V\WXDFMDFKF]\WHĪQDOHĪ\WR]LJQRURZDü:NRĔFXPXG]LĊNXMĊĝPLHMHVLĊ

± 7R MXĪ PRMD NROHMQD VSUDZD ] :ĊĪDPL ± SRZLDGDP ± :F]RUDM MHGHQ ] QLFK S\WDá R PQLH FKRü QLH PyJá PQLH ]QDü ']LĞ MHGHQ FKFLDá ]DELü 3RSU]HGQLHJR ZLHF]RUD WDN VDPR WU]HFKQDSDGáRPQLHZPLHĞFLH ±7RW\]DELáHĞWDPW\FK WU]HFK"±*UXQDOGLFKLFKRF]HZDOąFGáRQLąZNRODQRLNU]WXVL VLĊ U]HSą ± :ĊĪH ĪąGDOL SRPVW\ DOH LP SRZLHG]LHOL ĪH VDPL SR]DELMDOL VLĊ SR SLMDQHPX 'REU]HPLHüQDSRNáDG]LHNRJRĞNWR]DELMD:ĊĪ\ ±&K\EDQLNWLFKWXQLHOXEL=DF]\QDPLE\üLFKĪDO ± %R LFK QLH ]QDV] ĩ\Mą Z JyUVNLFK SXVWNRZLDFK L EDZLą VLĊ ZLHG]ą &]\QLąF\FK 8SRGDEQLDMąVLĊGRJDGyZLWDNVDPRĪ\Mą3RZLDGDPFL1LWM¶VHIQLMHĪHOLMDNLĞ:ąĪSRZLHFL ĪH G]LHĔ MHVW áDGQ\ WR VSUDZGĨ RG UD]X F]\ Z RJyOH MHVW G]LHĔ L FR RQFKFLDá Z WHQ VSRVyE ]\VNDü 0\ WX ZV]\VF\ QLH GRELHUDOLĞP\ VLĊ ZHGáXJ áDJRGQRĞFL DOH :ĊĪH WR FR LQQHJR 6ą JRUVL RG $PLWUDMyZ 0\ /XG]LH 2JQLD PDP\ GR QLFK EOLVNR SU]H] JyU\ 1LF LFK QLH LQWHUHVXMHW\ONR]áRWRLWHQLFKV]DORQ\EyJFRJRQD]\ZDMą6PHLULQJ3RU\ZDMąOXG]LF]\WR QD PRU]X F]\ Z REF\FK NUDMDFK F]\ Z GRPX L ]DU]\QDMą Z ĞZLąW\QL :ĊĪD 3RGREQR SRĞZLĊFDMąQDZHWZáDVQHG]LHFL,FKEDE\ZV]\VWNLHSUyEXMąF]\QLü3RZLDGDPFLP\ZLHP\ QDMOHSLHMF]\PVą:ĊĪH ±,WDNEĊGĊPXVLDáLĞüPLĊG]\QLFK&LNWyU]\]DJLQĊOLPRJOLWUDILüPLĊG]\:ĊĪ\ ± :HĨ GREUą UDGĊ RG WHJR FR ZLHOH ZLG]LDá L GREU]H FL Ī\F]\ 3á\Ĕ ] QDPL $ MDN MXĪ EĊG]LHV] Z =LHPL 2JQLD ]QDMGĨ VRELH áDGQH PLHMVFH QDG QDV]\P MH]LRUHP L ]EXGXM FKDWĊ 2SáDF]W\FKNWyU\FKV]XNDV]LSRVWDZLPNDPLHQLHĪHE\SDPLĊüQLH]JLQĊáD$MHĪHOL]QRZX SU]\MG]LHFLRFKRWDLĞüZ=LHPLĊ:ĊĪ\LGĨGRVWRGRá\LWDPSRZLHĞVLĊQDZRG]DFK ±8QDVVLĊWDNQLHUREL±PyZLĊPX±1LH]RVWDZLDP\QLNRJR2ELHFDáHPĪH]QDMGĊLFK XZROQLĊ MHĪHOL WU]HED L ]DELRUĊ GR GRPX , WDN EĊG]LH 2SáDF]Ċ GRSLHUR NLHG\ ]REDF]Ċ LFK PDUWZHFLDáD *UXQDOGL ]ZLHV]D QDJOH JáRZĊ PDUNRWQLHMH L SRFLąJD á\N SLZD 3RWHP GáXJR SDWU]\ ]D EXUWĊQDFKDW\áRG]LHSU]\SRPRVWDFKLSáRQąFHZV]ĊG]LHRJQLVND=EU]HJXQLRVąVLĊĞSLHZ\L ZU]DVNL3U]Há\NDĞOLQĊ]WUXGHP ± =UR]XPLDáHP FR PyZLáHĞ ± SRZLDGD ± 8 QDV MHVW WDN VDPR L NLHG\Ğ WHĪ ZUyFLP\ GR /RGRZHJR2JURGXSRQDV]\FK 3RWHPPLONQLHLQLHPyZLZLĊFHMQDWHQWHPDW=GąĪ\áHPVLĊ]RULHQWRZDüĪHWXQLHQDOHĪ\ S\WDü R EROHVQH U]HF]\ -HĪHOL EĊG]LH FKFLDá PL R W\P SRZLHG]LHü VDP ]DF]QLH -HĪHOL QLH QDOHĪ\WRXV]DQRZDü1LHZROQRVLĊGRS\W\ZDü 6á\V]ĊEDVRZHNUDNDQLH 1HYHUPRUH VLHG]L QD V]F]\FLH ]áRĪRQHJR GR EH]DQPDV]WX G]LZQHJR JDIOD L F]\ĞFL G]LREHPSLyUD 1RWRMHVWHĞP\ZNRPSOHFLH 1D EU]HJX UR]OHJDMą VLĊ QDJOH JZDáWRZQH RNU]\NL L ĞPLHFK\ ]PLHV]DQH ] NLONRPD SU]HUDĨOLZ\PL ZU]DVNDPL UR]SDF]\ -HGQL NU]\F]ą ] HQWX]MD]PHP L UDGRĞFLą SRGF]DV JG\

LQQLZ]ELMDMąZQLHERUR]SDF]OLZąVNDUJĊ ±&RWDPVLĊG]LHMH" ± 3U]\Sá\Qąá ZLOF]\ RNUĊW 7HQ FR ZáDĞQLH SRGSá\ZD GR EU]HJX -HVW ] =LHPL 2UáyZ VąG]ąFSR]QDNDFK.RELHW\2UáyZSU]\MHFKDá\GRĩPLMRZHJR*DUGáDVSRWNDüVZRLFKPĊĪyZ 1LHNWyUH ]DĞ ZáDĞQLH GRZLHG]LDá\ VLĊ ĪH ZUyFą WDN MDN SU]\MHFKDá\ ± VDPH 7R WH NWyUH NU]\F]ą =REDF]\á\ RGZUyFRQH WDUF]H VZRLFK PĊĪF]\]Q SRZLHV]RQH QD EXUFLH 2QL QLNRJR MXĪQLHSRZLWDMą ±'ODF]HJRZ\Sá\ZDFLH" ± .WR WR ZLH" .WRĞ URG]L VLĊ ELHGQ\ L PRĪH DOER QDU]HNDü QD ORV DOER ]DEUDü PLHF] L V]XNDüV]F]ĊĞFLD7U]HEDKDQGORZDüZDOF]\üOXE]DFLąJDüVLĊXREF\FKZáDGFyZ3RWRĪHE\ NXSLü QLHZROQ\FK NURZ\ ]LHPLĊ ]EXGRZDü GRP GDü SRVDJ FyUNRP ]DSHZQLü GREURE\W NRELHWRP0\MHVWHĞP\ZĊGURZF\PRU]D1LHXPLHP\LQDF]HM.LHG\ĞZRMQDZ\JQDáDQDV] QDV]HM ]LHPL 3U]\V]HGá $PLWUDM L VSDOLá QDV]H VWU]HFK\ =RVWDOLĞP\ P\ SRWRPNRZLH W\FK NWyU]\ PLHV]NDOL QD EU]HJX .LHG\ QLH E\áR VLĊ MXĪ PRĪQD ELü ZVLHGOL QD RNUĊW\ L ]QDOHĨOL QRZą ]LHPLĊ WXWDM $OH MXĪ ] QLFK QLH ]VLąG]LHP\ 7DNL QDV] ORV &]DVHP NWRĞ SU]HVWDMH Sá\ZDü =RVWDMH Z GRPX L SDWU]\ MDN URVQą GU]HZD NRá\V]H G]LHFL SURZDG]L SáXJ REUDFD EUXVHP $OH XSá\ZD URN GZD L QLH PRĪH GáXĪHM :\FKRG]L QDG ZRGĊ L SDWU]\ QD IDOH 'ODF]HJRJĊVLZĊGUXMą"=QDPLMHVWWDNVDPR%DEDNWyUDWDNWĊVNQLWHUD]PDFLĊGRV\üLQLH PRĪH]QLHĞüERQLHU]ąG]LMXĪGRPHPSU]H]SyáURNX1RVLNOXF]HDOHPXVLVLĊ]WREąOLF]\ü , PXVL SDWU]Hü EH] Z\WFKQLHQLD QD WZRMą JĊEĊ 'UZL ĪH MHVWHĞ KRá\V] L ERLV] VLĊ ZDOF]\ü ] ORVHP ĩH ]G]LDG]LDáHĞ L W\OH ] FLHELH SRĪ\WNX FR ]H VWDUHJR ZRáX 1LHNWyU]\ SLMą L WRSLą FDáNLHPUR]XPZSLZLH&RG]LHQQLHMHVWWDNVDPR :LĊFELRUąWDUF]ĊKHáPLPLHF]LZFKRG]ąQDGHVNLSRNáDGX1LHZLHPGODF]HJRDOHQLH XPLHP\ LQDF]HM 0RĪH WR GODWHJR ĪH RGHEUDOL QDP SUDZG]LZą ]LHPLĊ" $OH ZVLDGDV] QD ZLOF]\ RNUĊW L MHVW ]XSHáQLH LQDF]HM 6WĊFKá\ SODFHN NWyUHJR QLH GDáE\Ğ Z GRPX SVX QD RNUĊFLH WR NUyOHZVNLH MHG]HQLH :V]\VWNR PRĪH VLĊ ]GDU]\ü 3RZLHWU]H ]QRZX MHVW OHNNLH SDFKQLH VROą L VPRáą 0DV] PLHF] Z UĊNX JZLD]G\ QDG JáRZą L ]QRZX MHVWHĞ ZROQ\ 3UyEXMHV] V]F]ĊĞFLD 0RĪH ZUyFLV] ERJDW\ MDN NUyO D PRĪH ZFDOH $ SRWHP W\VLąF UD]\ PyZLV] VRELH ĪH QLJG\ ZLĊFHM 3U]HNOLQDV] ZáDVQ\ UR]XP ĪH QLH PRJáHĞ Z\VLHG]LHü QD OąG]LH %LMHV] VLĊ QLH ZLDGRPR ] NLP WRSLV] Z V]WRUPDFK F]DVHP WUDILDV] Z WDNLH ]LHPLH NWyUHOHSLHME\áRRPLMDü$OHSRWHPZUDFDV]7ZRMDNRELHWDRND]XMHVLĊOHSV]DQLĪZV]\VWNLH NVLĊĪQLF]NL SRáXGQLD D FKDáXSD SLĊNQLHMV]D QLĪ SDáDF $ SRWHP PLMD Syá URNX SU]\FKRG]L ZLRVQDL]QRZXGRPURELVLĊFLDVQ\VWU]HFKD]DQLVNDSRZLHWU]H]DJĊVWHDSLZRVáDEH'QL ]QRZX URELą VLĊ NUyWNLH L MHGQDNRZH , ]QRZX ]DF]\QDV] SDWU]Hü QD ZRGĊ 7DN MXĪ MHVW %\ZDMą NRELHW\ NWyUH PDMą WDN VDPR L WHĪ Sá\ZDMą $OH U]DGNR =D]Z\F]DM ZROą U]ąG]Lü GRPHPQLHZROQLNDPLG]LHüPLKDQGORZDü.LHG\QDVQLHPDZV]\VWNLPU]ąG]ąNRELHW\ ± 5R]XPLHP FR SRZLHG]LDáHĞ R SDWU]HQLX QD IDOH ± RGSRZLDGDP PX ± : PRLP Ī\FLX E\áRWDNVDPR

1DELMDP IDMNĊ L SDWU]Ċ Z FLHPQRĞü ,OH PLDáHP GRPyZ" ,OH NRELHW" ,OH ODW" 7\OH UD]\ F]XáHPVLĊVWDU\L]QXG]RQ\DOHQLHE\áRWDPZGRPXĪDGQ\FKZLOF]\FKRNUĊWyZQDNWyUH PRĪQDE\áRZVLąĞüĩDGQHJRRGZUDFDQLDORVXSURVW\PPLHF]HP $ ]DWHP NLHURZFD NRQZRMyZ KXPDQLWDUQ\FK SU]HP\WQLN EL]QHVPHQ NRUHVSRQGHQW ZRMHQQ\SáHWZRQXUHNQDSODWIRUPLHZLHUWQLF]HMSRV]XNLZDF]ZUDNyZZáyF]ĊJDVNLSSHUGR Z\QDMĊFLD NLHURZFD UDMGRZ\ F]HJR WR QLH URELáHP" ']LHVLąWNL ]DZRGyZ 7\ONR QLJG\ QLH E\áHPZVWDQLH]DVLąĞüGRWHJRFRMHVWFRG]LHQQLHWDNLHVDPR,QLJG\QLF]HJRGáXĪHMQLĪQD NLOND NLONDQDĞFLH ODW 2GPLHQLHF $GUHQDOLQH DGGLFWHG PyZLOL OHNDU]H 2VRERZRĞü QLHGRMU]DáD .U\]\V ZLHNX ĞUHGQLHJR 3HZQLH W\ONR ĪH Z PRLP ĞZLHFLH ZLHN ĞUHGQL SRWUDIL WUZDüLVWRODW 8ĞZLDGDPLDP VRELH ĪH WHUD] FKFĊ SRáRĪ\ü VLĊ Z ZDQQLH ]URELü ]DNXS\ RGNXU]\ü SRGáRJĊ RGQDOHĨü 'HLUGUH ]DEUDü Mą GR GRPX EXG]Lü VLĊ RERN QLHM L ZLG]LHü SU]H] RNQR $GULDW\NL3DOPLĪDQĊSRGUXJLHMVWURQLHSU]HVP\NX&KFĊQDSLüVLĊFDSSXFFLQRLLĞüGRWHDWUX 7ĊVNQLĊ]DVSRNRMHPNROĊGDPLXOLFąQDNWyUHMQLNWLQLFPLQLH]DJUDĪD$OHWDNQDSUDZGĊ XSá\QLH NLOND PLHVLĊF\ L ]DWĊVNQLĊ GR UĊNRMHĞFL PLHF]D SURVW\FK FLHPQ\FK OXG]L Z NROF]XJDFKLGURĪGĪRZHJRSLZD,]QRZXZVLąGĊQDPRWRU7HĪ]DF]QĊÄSDWU]HüQDZRGĊ´ 0LOF]\P\ 5R]XPLHP\VLĊ-DLG]LNLQLWRZLNLQJQLWRSLUDW]GUXJLHJRNRĔFDZV]HFKĞZLDWD ,MHVWGREU]H  5DQRSRQRF\VSĊG]RQHMZ]DWáRF]RQHMFLDVQHMáDGRZQL]DáRJDVFKRG]LQDOąGQDJLHáGĊ QLHZROQLNyZ$OHQDMSLHUZZLHONLHOLF]HQLHVUHEUDSRWU]ąVDQLHVDNLHZNDPL.DĪG\SLĊüUD]\ RJOąGDNDĪGąPRQHWĊUDFKXMHQRWXMHFRĞQDNDZDáNDFKNRU\ ±3RFRPDP\VDPLUDG]LüZLRVáDPL±SRZLDGDNWyU\б$LZGRPXSRWU]HEQL-DEĊGĊ PXVLDáXZROQLüZW\PURNXWU]HFKZLĊFWU]HEDRGNXSLüERQLHEĊG]LHNRPXURELü ±$FR]QLPLEĊG]LH" ±'RVWDQąEUDQVROHW\ZROQRĞFL]PRLP]QDNLHPSRPDUFHVUHEUHPLSyMGąVRELH&KRFLDĪ .LG\áDM SHZQLH ]RVWDQLH 6WDU\ MXĪ MHVW 3U]\Z\Ná GR :\EU]HĪD ĩDJOL 3U]\Z\Ná PyZLü FR FKFHLXĪ\ZDüUR]VąGNX=EXGXMHVRELHFKDáXSĊLGDOHMEĊG]LHXPQLHDOHZWHG\EĊGĊPXVLDá PXFRĞSáDFLü'RJDGDP\VLĊ=REDF]\P\FRNRELHWDSRZLH 1D JLHáG]LHWáRN1LHZROQLF\VLHG]ąZQDPLRWDFKVNXFLĪHOD]Q\PLRNRZDPLQDUĊNDFKL QRJDFK 1LHNWyU]\ Vą FKRU]\ QLHNWyU]\ UDQQL 3RPLĊG]\ ]DJURGDPL FKRG]ą NXSXMąF\ RJOąGDMąV]DUSLą]DZáRV\REPDFXMąPLĊĞQLH]DJOąGDMąZ]ĊE\.RELHW\VLHG]ąMXĪQDJRQLH PDVHQVXFRFKZLOĊ]G]LHUDüNLHFNLLZDOF]\ü]áDĔFXFKDPL.RV]PDUQ\ZLGRN:\ZUDFDPL VLĊZV]\VWNRNLHG\QDWRSDWU]Ċ 3U]\SRPLQDPLVLĊ$IU\NDSRZRMQLH 3U]\JRWRZ\ZDQRPQLHQDWR1DSXEOLF]QHHJ]HNXFMHQDZLGRNQLHZROQLNyZQD UyĪQH U]HF]\,ZLHPĪHQLF]HJRQLH]PLHQLĊ

1LH PDP LP QLF]HJR GR ]DSURSRQRZDQLD Z ]DPLDQ 6DPL SFKDMFLH VZRMH SáXJL" :\QDOHĨüLPWUDNWRU" :LĊFLQWHUHVXMąPQLHZ\áąF]QLHWZDU]H6]XNDP /XG]NLFKRF]XXVWZNWyU\FKVLHG]LGZDUD]\PQLHMDOH]DWRGZDUD]\V]HUV]\FK]ĊEyZ RNUąJáR ]DNRĔF]RQ\FK XV]X :áRVyZ NWyUH NRĔF]ą VLĊ QDG NDUNLHP D QLH FLąJQą PLĊG]\ áRSDWNDPLQLF]\PNRĔVNDJU]\ZD 6]XNDPOXG]L ']LHVLąWNL UD]\ ]QDMGXMĊ NRJRĞ ]ZLQLĊWHJR Z NáĊEHN ]H Z]URNLHP ZELW\P Z ]LHPLĊ L RVWURĪQLH XQRV]Ċ PX JáRZĊ 3RFLąJáD WZDU] ZLOJRWQH RF]\ MDN SRGáXĪQH NURSOH VPRá\ QRV ZąVNLMDNSáHWZDLJĊVWHELDáH]ĊE\QLF]\P]LDUQDU\ĪX 1LF 6SRW\NDP QDWRPLDVW /XG]L :ĊĪ\ &K\ED SHáQH ]DáRJL WDPW\FK RNUĊWyZ NWyUH SU]\Sá\QĊá\QRFą1LHZLG]ĊĪHE\NRJRNROZLHNNXSRZDOL.UĊFąVLĊMHGQDNZĞUyGQDPLRWyZ L]DJOąGDMąQLHZROQLNRPZWZDU]HMDNE\NRJRĞV]XNDOL =XSHáQLHWDNMDNMD 1LHSRGREDPLVLĊWR $OH QLH ]QDMGXMĊ PRLFK SRV]XNLZDQ\FK DQL ĪDGQHJR SR QLFK ĞODGX 1LNW QLH UHDJXMH QD QDZRá\ZDQLDSRDQJLHOVNXQLNWQLFQLHZLH .DPLHĔZZRGĊ  3RMXWU]HZ\Sá\ZDP\&KRG]ĊZLĊFZĞUyGVWUDJDQyZLV]XNDPF]HJRĞFRPRĪH]DVWąSLü PL NDZĊ KHUEDWĊ L W\WRĔ :ąFKDP MDNLHĞ QDVLRQD GXĪH RZDOQH RU]HFK\ SRGREQH GR SU]HURĞQLĊW\FKPLJGDáyZUR]PDLWH]LRáD3RND]XMĊNXSFRPIDMNĊLWáXPDF]ĊGRF]HJRVáXĪ\ : NRĔFX GRVWDMĊ ZRUHF]HN MDNLFKĞ SRGHMU]DQ\FK OLĞFL .XSXMĊ W\WXáHP HNVSHU\PHQWX SRGREQLH MDN RU]HFK\ ER PDMą PLá\ RU]HĨZLDMąF\ ]DSDFK 'RVWDMĊ WHĪ VSUDVRZDQH OHSNLH RZRFHEDUG]RVáRGNLHNWyUH]DVWąSLąPLNRĔF]ąF\VLĊPLyG.XSXMĊUyZQLHĪQRZ\SáDV]F]L SRUWNLQRZ\NRFLRáHN2GQDZLDP]DSDV\DOHQLH]QDMGXMĊQLJG]LHSU]HGPLRWyZ]QDGUXNLHP Ä0DGHLQ7DLZDQ´ĪDGQ\FK]LHPVNLFKDUWHIDNWyZ 1DSRNáDGZFKRG]ąNXSLHQLSU]H]]DáRJĊQLHZROQLF\3RQDGSLĊüG]LHVLąWRVyE=D]Z\F]DM GRV\ü PáRG]L PĊĪF]\ĨQL WDF\ Z ZLHNX SRERURZ\P 1D PQLH VSUDZLDMą ZUDĪHQLH G]LHFL %ĊGą PLHV]NDOL Z áDGRZQL QD PLĊG]\SRNáDG]LH L REVáXJLZDOL ZąVNLH SUDZLH F]WHURPHWURZH ZLRVáDRSXV]F]DQHSU]H]RGVXZDQHNOX]\ZEXUWDFK ĩHJODU]H]GHMPXMąLPRNRZ\FRSU]\MPXMĊ]XOJą -HGHQ]ĪHJODU]\LPLHQLHP(WLO6NU]\GODWD7DUF]DNXSXMHVWDGRNUyZLVFKRG]L]RNUĊWX =RVWDQLHZPLHĞFLHPD]DPLDUSĊG]LüE\GáROąGHPGRGRPX 3RGF]DVZáyF]ĊJLZĞUyGFKDWLVWUDJDQyZQDW\NDPVLĊQDZDUV]WDWU]HĨELDU]DNWyU\UREL SDPLąWNRZH Sá\W\ QDJUREQH 7R NDZDá VNDá\ ]DZLHUDMąF\ ZDUVWZ\ MDVQHJR L FLHPQHJR NDPLHQLD0ĊĪF]\]QDRGNXZDEU]HJVNDá\]RVWDZLDMąFMDVQąSáDVNąSRZLHU]FKQLĊQDNWyUHM

U\MH UR]PDLWH REUD]NL SU]HGVWDZLDMąFH VFHQ\ ] Ī\FLD ]PDUáHJR R]GDELD MH ZRNyá Z]RUDPL L Z\FLQDQDSLV\  :81/,)1,26Ą&<:,/.$7(1&2.,('<ĝ 32.21$à75=(&+$0,75$-Ï:=à$0$1<0 :,26à(0,.7Ï5<80,$à6.586=<û6(5&( 1$-7:$5'6=(*2:2-$3,(ĝ1,Ą3à$&=&,(321,0

 5\W\SU]HELMDMąMDVQąSRZLHU]FKQLĊLGRFLHUDMąGRFLHPQHJRPLQHUDáXSRGVSRGHPZLĊF Vą EDUG]R Z\UDĨQH : ZDUV]WDFLH FDá\ F]DV Vá\FKDü áRVNRW GáXW L PáRWyZ 2NUĊW\ ZUDFDMą NDPLHQLDU] PD SHáQH UĊFH URERW\ .XSXMĊ VRELH GZD GXĪH NDZDáNL GHVNL L JU]HELĊ Z RJQLVNDFK V]XNDMąF RGSRZLHGQLFK NDZDáNyZ ZĊJOD .LHG\ V]NLFXMĊ ]ELHUD VLĊ ZRNyá PQLH QLHZLHONLWáXP']LHFL]DJOąGDMąPLSU]H]UDPLĊJDSLHĞPLHMąVLĊLGDMąGREUHUDG\ .DPLHQLDU] PD ZLĊFHM ]DPyZLHĔ QLĪ F]DVX ZLĊF PXV]Ċ JR SU]HNRQDü FDá\P ]áRW\P JZLFKWHP $OH ZWHG\ U]XFD ZV]\VWNR L MHVWHP GOD QLHJR NOLHQWHP URNX 3U]HVWDMH QDZHW SRGVXZDüPLVZRMHSRP\Vá\]JDG]DVLĊWHĪQDWRĪHNDPLHQLHPDMąVWDQąüSU]\GURG]HDQLH QDNOLILH :]RU\ QLH Vą VNRPSOLNRZDQH ZLĊF QLH ]DELRUą PX GXĪR F]DVX 'ZLH Sá\W\ -HGQD ] Z\UDĨQ\PQDSLVHPSRDQJLHOVNX  '22&$/$à<&+=(67$&-,0,'*$$5',,35=<%<à(0 1$5$781(.3<7$-&,(28/)$12&1(*2:ĉ'52:&$

.,(58-ĉ6,ĉ'2=,(0,:ĉĩ<35=(==,(0,ĉ2*1,$ 7$07(ĩ02ĩ1$=267$:,$û,1)250$&-(/8% 32&=(.$û1$':25=(67<560$1$,0,(1,(0 $7/(,).5=(0,(11<.2ē98.2'5$..$,1(1  1DSLV QD GUXJLHM ]RVWDá Z\NRQDQ\ UXQDPL :\EU]HĪD L JáRVLá ĪH QLHMDNL 8OI 1LWM¶VHIQL ]DSáDFLVUHEUHP]DZLHĞFLRF]ZRUJX&]\QLąF\FKRU\ELFKRF]DFKNWyUHLWDNGDOHM1DGW\P ]QDMGRZDá\VLĊF]WHU\WZDU]HNWyUHQDV]NLFRZDáHPZĊJOHPQDGHVFHSRVáXJXMąFVLĊF\IUDOHP LZ\ĞZLHWODMąFVRELHZL]HUXQNLUR]ELWNyZQD]DPNQLĊW\FKSRZLHNDFK2EUD]NLPXVLDá\]RVWDü XSURV]F]RQH L Z\VW\OL]RZDQH WDN ĪHE\ PRJá\ ]RVWDü Z\U\VRZDQH ZĊJOHP QD GHVFH D QDVWĊSQLH Z\U\WH Z NDPLHQLX DOH ]DFKRZDáHP FHFK\ FKDUDNWHU\VW\F]QH -HĪHOL UR]ELWNRZLH ]REDF]ąMHLZUyFąQD=LHPLĊSR]ZąPQLHGRVąGX 6WDáHP NDPLHQLDU]RZL QDG JáRZą NLHG\ U]HĨELá RF]\ 8SU]HG]LáHP JR ĪH MHĪHOL W\P GHPRQRP]URELVLĊQRUPDOQHRF]\]DF]QąZLG]LHüLQLHFK\EQLHVSURZDG]ą]LPQąPJáĊ 5]HĨELáLRQLFQLHS\WDá 0RĪHV]VRELHE\üZDULDWHPMHĪHOLMHVWHĞERJDW\

2GZLHG]DP MHV]F]H :ĊG]RQHJR 8OOH 7\P UD]HP QLH VSDGDP ] GDFKX QLH ZELMDP QLF]HJR Z ĞFLDQ\ DQL QLNLP QLH SRQLHZLHUDP =RVWDZLDP PX MHV]F]H MHGQHJR JZLFKWD QD SU]\V]áRĞüLSU]\SRPLQDPF]HJRV]XNDP ± -HGHQ :ąĪ ]QRZX R FLHELH S\WDá ± PyZL ± 1LH OXELĊ WHJR 1LH OXELĊ NLHG\ GR PQLH SU]\FKRG]ą 3VXMą PL W\ONR LQWHUHV 7\P UD]HP WR MXĪ S\WDá ZáDĞQLH R FLHELH 2 EDUG]R Z\VRNLHJR URVáHJR PĊĪD ]ZDQHJR :ĊGUXMąF\ 1RFą 3RZLHG]LDáHP PX ĪH RG SDUX GQL FLĊ QLHZLG]LDáHPDOHVá\V]DáHPĪHELáHĞVLĊZ.UĊJX2JQLDRMDNLHJRĞNRQLD7\OHPXU]HNáHP &K\EDERSRWHP]QRZXRFNQąáHPVLĊMDN]HVQXD:ĊĪDQLHE\áR .LZDPJáRZąLGDMĊPXWHJRJZLFKWDQDZV]HONLZ\SDGHN /XG]LH:ĊĪHVWDQRZF]R]DF]\QDMąPQLHLQWHUHVRZDü3UREOHPZW\PĪHQLJG]LHLFKQLH ZLGDü3UyĪQRV]XNDüLFKQDXOLF\MDUPDUNXDOERQDZ]JyU]XQDUDG$SRWHPZ\VNDNXMąMDN GLDEOLNL ] SXGHáND : ]DXáNX : .UĊJX 2JQLD 8 :ĊG]RQHJR 1D WDUJX QLHZROQLNyZ :LHG]ąĪHQLHVąPLOHZLG]LDQLDOHWHĪQLHXNU\ZDMąVLĊ3RSURVWXSRMDZLDMąVLĊJG]LHFKFą ]DáDWZLDMąVZRMHLQDJOH]QLNDMą -DNZĊĪH 2VWDWQLH JRG]LQ\ VSĊG]DP QD QDEU]HĪX SRSLMDMąF WR GURJLH QLE\ OHSV]H SLZR L REVHUZXMąF:U]HF]\ZLVWRĞFLSRSURVWXVLHG]ĊLP\ĞOĊ&]XMĊMXĪĪHQLF]HJRQLH]DáDWZLĊZ SRUFLHĩPLMRZH*DUGáR7HUD]F]DVPLZGURJĊGRNUDLQ\:ĊĪ\:LHPĪHSRGUyĪQDVWDWNXZ JyUĊU]HNL]DRV]F]ĊG]LPLPDVĊF]DVXDOHLWDNGRVWDMĊREMDZyZNWyUHPyM]QDMRP\VNLSSHU QD]\ZDáÄSRUFLFą´7RFKRUREDSV\FKLF]QD]ZLą]DQD]QLHPRĪQRĞFLąZ\Sá\QLĊFLD]SRUWX%R DZDULD ER WU]HED Z\PLHQLü F]LS Z VLOQLNX ER NWRĞ QLH GRMHFKDá :LĊF áD]LV] WDP L QD]DG L F]HNDV]:SRUFLH =QRZX RGZLHG]DP ED]DU .XSXMĊ F]DUQ\ SyáNRĪXV]HN ] NDSWXUHP QLHVWHW\ WDNLFK ] HPEOHPDWDPL :ĊĪ\ QLNW QLH VSU]HGDMH =ZyM SRU]ąGQHM OLQ\ L ZLą]NĊ ]DPRUVNLFK ]Lyá NWyU\PL NRELHW\ F]HUQLą EUZL ']LHJLHü DOER MDNLHĞ LQQH VPDURZLGáR ]QDMGĊ VDP FKRüE\ QD VWDWNX %DUZQLN NWyU\P EĊG]LH PRĪQD LPLWRZDü WDWXDĪH ]URELĊ ] VDG]\ ]PLHV]DQHM ] WáXV]F]HP D F]HUZRQ\ ] RFKU\ $PXOHW PDP : UD]LHSRWU]HE\ PRJĊ ] GDOHND XFKRG]Lü ]D MHGQHJR]QLFK =MHGQ\PZ\MąWNLHPNWyUHJR/RGRZLHFMDNRĞQLHZ]LąáSRGXZDJĊ 7U]HEDE\áRZ\VáDüNXUGXSOD  :\Sá\ZDP\ R ĞZLFLH NLHG\ MHV]F]H ĞSLĊ 1LNW PQLH QLH EXG]L L QLF]HJR RGH PQLH QLH FKFH DOH F]XMĊ ĪH FRĞ VLĊ ]PLHQLáR L SRGU\ZDP VLĊ QDW\FKPLDVW 6á\V]Ċ WXSRW VWyS QD SRNáDG]LH V]XUDQLH UR]PDLW\FK SU]HGPLRWyZ Vá\V]Ċ MDN FXPD ] FKODSQLĊFLHP OąGXMH Z ZRG]LH D SRWHP JáXFK\ áRPRW EĊEHQND L ZLRVáD 6NU]\SLHQLH GU]HZFyZ QLHUyZQ\ SOXVN ZRG\6NU]\SSOXVN 5]HNDFKOXSRF]HREXUW\1LHVá\FKDüĞZLVWXSHMF]DDQLMĊNyZ%RJXG]LĊNL 3á\QLHP\

8ELHUDPVLĊSU]\SLQDPSDV]PLHF]HPLQRĪHPSRF]\PZ\FKRG]Ċ]áDGRZQLLSDWU]ĊQD XP\NDMąFH EU]HJL PLMDP\ G]LHVLąWNL ZLOF]\FK RNUĊWyZ LGHQW\F]QHM NRQVWUXNFML MDN NODVD UHJDWRZD,GHQW\F]Q\FKFRGRJáĊERNLHMV]F]HUE\QDUHOLQJXSUDZHMEXUW\0LMDP\QDEU]HĪH] NDQWRUDPLSDWU]ĊQDFKDáXSĊ:ĊG]RQHJR8OOHQDUXI\VWRMąF\FKSU]\SLUVDFKVWDWNyZ 3U]\Z\NáHPZáDĞFLZLHGRWHJRPLDVWDDWHUD]]QRZXZQLH]QDQH 3R]GUDZLDMą PQLH UR]UDGRZDQ\ SRGUyĪą *UXQDOGL SRGDMH PL UyJ ] ]DSUDZLRQ\P NRU]HQLDPLSLZHP 3LZR QD ĞQLDGDQLH RELDG L NRODFMĊ -HVW SRĪ\ZQH SR]D W\P Z SURFHVLH SURGXNF\MQ\P JRWRZDQRMHDQLHZLHONDLORĞüDONRKROXGRGDWNRZRGH]\QIHNXMHZLĊFMHVWEH]SLHF]QLHMV]HRG ZRG\ ]DNDĪRQHM ZV]\VWNLP FR GR QLHM ZSDGáR JQRMRZLFą SU]HVLąNDMąFą SU]H] ]LHPLĊ EDNWHULDPL FKROHU\ F]HUZRQNL L QLH ZLDGRPR F]\P MHV]F]H 7\OH W\ONR ĪH ZV]\VF\ WX UR]ZDOLP\VRELHZąWURE\LSRSDGQLHP\ZDONRKROL]P 1DMEDUG]LHMFKFLDáE\PXP\ü]ĊE\ 3\WDP JR FR VLĊ UREL JG\ WU]HED ]D SRWU]HEą D MHVW VLĊ MXĪ QD VWDWNX 2WU]\PXMĊ RGSRZLHGĨRF]\ZLVWą*UXQDOGLZVND]XMHJáRZąZRGĊ]DEXUWą :ąWSOLZRĞFL PDP W\ONR SU]H] FKZLOĊ QD ZLGRN MDNLHMĞ NRELHW\ SU]HFKDG]DMąFHM VLĊ SR EHONRZDQ\PQDEU]HĪXLSDWU]ąFHMQDQDV]RNUĊWVSRGGáRQLFKURQLąFHMRF]\SU]HGSRUDQQ\P VáRĔFHP : NRĔFX VWDMĊ VRELH ] GUXJLHM EXUW\ ER Z\GDMH PL VLĊ ĪH ]DáRJL RNUĊWyZ ]DNRWZLF]RQ\FKQDGUXJLPEU]HJXILRUGXVNDOLVW\PLEH]OXGQ\PWRPĊĪRZLHE\ZDOLNWyU]\ QLH]JRUV]ąVLĊE\OHF]\P :W\PPRPHQFLHPLMDP\GZDVWDWNLVWRMąFHQDNRWZLF\RERNVLHELHUXIDPLGRVNDOLVWHJR EU]HJX:LG]ĊáRSRF]ąFHOHQLZLH]ĊEDWHSURSRUFH]ZL]HUXQNLHPWDĔF]ąF\FKZĊĪ\LMDNLHJRĞ FKXGHJRMHJRPRĞFLDRSDUWHJRRV]WDJ]NXENLHPZUĊNXDSRWHPEH]P\ĞOQLHVSRJOąGDPQD SDVSLDQ\NWyU\]RVWDZLDPZ]GáXĪEXUW\ 7UZDWRXáDPHNVHNXQG\NLHG\XĞZLDGDPLDPVRELHFRQLHSDVRZDáRPLZW\PREUD]NX 0RĪH RSDOL]XMąFH EáĊNLWHP V]NáD VSRUWRZ\FK RNXODUyZ SU]HFLZVáRQHF]Q\FK PDUNL Ä9LVFRQWL9HFWRU´SDQLH]ZLDGRZFR" 1DW\FKPLDVWVSRJOąGDPQDQLHJRZ\RVWU]DPREUD]DOHZLG]ĊĪHWRQLHMHVWYDQ'\NHQ 7R Z RJyOH QLNW ] PRLFK -HVW QLVNL ZLG]Ċ ZąVNą V]F]XU]ą WZDU] VF]HVDQH QD W\á GUREQH ZDUNRF]\NL RGVáDQLDMą SRGáXĪQH ZąVNLH XFKR Z\V]F]HU]D ]ZDUWą SDOLVDGĊ GUREQ\FK ]ĊEyZ MDNPLĊWRZHWLFWDNL1RJĊRSLHUDRREURWQLFĊDUNDEDOLVW\LSRFLąJD]F\QRZHJRNXEHF]ND 0LHMVFRZ\ 6NDNDüGRZRG\"3U]HV]XNDüRNUĊW" 3URVLüR]DWU]\PDQLH"7RQLHWDNVyZND =DDWDNRZDüVDPRWQLHGZDRNUĊW\SHáQH:ĊĪ\" 1LHUHDOQH 'RZLHP VLĊ W\OH ĪH WH RNXODU\ GRVWDá RG NRJRĞ NWR GRVWDá RG MHV]F]H NRJRĞ D SU]\SXV]F]DOQLHSRSURVWX]DEUDQRMHNLHG\ĞMHGQHPX]PRLFKUR]ELWNyZ1DMSHZQLHM]DĞQLH

GRZLHPVLĊQLF]HJR 7RMHVWMHG\QLHNROHMQ\WURSZLRGąF\GR=LHPL:ĊĪ\ 3U]H]FKZLOĊELMĊVLĊ]P\ĞODPL ,WRP\ĞOĊV]\ENR 2GSRZLHGĨ EU]PL SU]HG VLHELH 'R NUDMX :ĊĪ\ MDN QDMSUĊG]HM &KRG]L R U\]\NR ]ZLą]DQH ] PDVRZ\PL RILDUDPL ] OXG]L 2 RVáDZLRQ\ KXPDQLWDU\]P MHJR PLHV]NDĔFyZ 2 QLHQDV\FRQ\ DSHW\W ERJD 6PHLULQJD 2 ]LPQą PJáĊ -HĪHOL UR]ELWNRZLH ZSDGOL Z UĊFH /XG]L :ĊĪ\SU]\SXV]F]DOQLHMXĪQLHĪ\MąDOER]JLQąZNUyWFH -HĪHOL WHUD] SU]\ELMĊ GR EU]HJX Z\MĊFLH WHJR NRQNUHWQHJR MHJRPRĞFLD ]DELHU]H PL NLOND GQL0XV]ĊJRĞOHG]LüPXV]ĊGRSDĞüJRQLHSRVWU]HĪHQLHNLHG\EĊG]LHVDPDOER]DDUDQĪRZDü WDNą V\WXDFMĊ 'RZLHP VLĊ F]HJRĞ OXE VLĊ QLH GRZLHP L ]QDMGĊ VLĊ Z SXQNFLH Z\MĞFLD QD NRQLX]GąĪDMąFZJyU\0DMąFW\G]LHĔDOERGZDZSOHF\ 7\PF]DVHPVWDWNLHPEĊGĊMXĪZSRáRZLHGURJL $ ]DWHP WU]HED RSDQRZDü QHUZ\ QLH GDü VLĊ SRQLHĞü HNVF\WDFML L VSRNRMQLH XVLąĞü QD ]ZLQLĊW\FKOLQDFKDOERSRP\ĞOHüRĞQLDGDQLX7RW\ONRPDá\SU]HGPLRWNWyU\PRĪQDQRVLüZ NLHV]HQL ]HGU]Hü MHĔFRZL ] WZDU]\ MHGQ\P UXFKHP ER Z\ZRáXMH FLHNDZRĞü L SU]\FLąJD XZDJĊ D GR WHJR ]JáĊELü MHJR IXQNFMRQRZDQLH PRĪQD VDPRG]LHOQLH L EH] WUXGX 'URELD]J NWyU\ SU]H] SUDZLH GZD ODWD PyJá G]LHVLąWNL UD]\ SU]HMĞü ] UąN GR UąN %\ü RGELHUDQ\ VLáą SU]HJU\ZDQ\ZGHVHF]NLOXENDPLHQLH]G]LHUDQ\]WZDU]\]DELWHJRGDURZDQ\NUHZQHPXZ UDPDFK]ZURWXGáXJXDOER]RVWDüNXSLRQ\QDVWUDJDQLH 7HRNXODU\]DSLĊüG]LHVLąWHXURPRJá\E\RSRZLHG]LHüPLIDVF\QXMąFąKLVWRULĊDOHWRQLH RNXODU\E\PSU]HVáXFKLZDáW\ONRV]F]XUNRZDWHJR&]áRZLHND:ĊĪDNWyU\PLDáMHQDQRVLH :EUHZSR]RURPZLHPGRV\ü:LHPĪHQLNWQLHOXEL:ĊĪ\ZLĊFQLHPDZLHOXNRQWDNWyZ SRPLĊG]\ QLPL D UHV]Wą 5]HF]\ NWyUH SU]HFKRG]ą ] UąN GR UąN D GR WDNLFK QLHZąWSOLZLH QDOHĪą RNXODU\ SU]HFLZVáRQHF]QH ] SRZáRNą DQW\UHIOHNV\MQą DXWRPDW\F]Qą SRODU\]DFMą L ILOWUHP 89 Ä9LVFRQWL 9HFWRU´ ZĊGUXMą RG MHGQHJR :ĊĪD GR GUXJLHJR $ ]DWHP MHVWHP Z GREU\PPLHMVFX 1DRNUĊFLHSá\QąF\PGR=LHPL:ĊĪ\ -DNQDMSUĊG]HM 'DMą PL NDZDáHN VHUD L NXEHN VNZDĞQLDáHJR RZF]HJR POHND GR WHJR NDZDáHN SODFNRZDWHJR FKOHED =D EXUWą VXQą VNDOLVWH EU]HJL ILRUGX QDG QLPL Z]QRV]ą VLĊ XUZLVND L SXV]F]D = GRáX QLHSRZVWU]\PDQLH GRELHJD VNU]\S L SOXVN SLĊWQDVWX SDU ZLRVHá 1LHUyZQR :LRĞODU]HQLHPDMąZSUDZ\SHZQLHQLHNWyU]\]QLFKSRUD]SLHUZV]\ZĪ\FLXG]LHUĪąZLRVáD 3á\QLHP\ 6FKRG]Ċ SRG SRNáDG QD G]LRELH F]\V]F]Ċ -DGUDQD L SR]ZDODP PX RSU]Hü ZLHONL áHE QD UDPLHQLX*áDV]F]ĊJRSRZ\JLĊWHMV]\LZ\SRZLDGDPMDNLHĞXVSRNDMDMąFHEDQDá\SRSROVNXL FKRUZDFNX'REU]HF]DVHPZ\SRZLHG]LHüFKRüNLONDVáyZZQRUPDOQ\PMĊ]\NX 6WHUXMH WHQ ZLHONL á\V\ FKáRS NWyUHJR SR]QDáHP SU]\ GRPRVWZLH 6NLIDQDUD ZDOF]ąF ]

F]DUQ\PEOXV]F]HP*UXQI.ROF]DVWH6HUFH &R]DLPLĊ -HVW PDáRPyZQ\ L JHQHUDOQLH VFHSW\F]Q\ DOH FK\ED MXĪ PQLH ]DDNFHSWRZDá 6LHG]L QD GUHZQLDQ\P UHOLQJXUXIRZHJRNDV]WHOXLRSLHUDQRJĊZVNyU]DQHMFLĪPLH RZ\JLĊW\UXPSHO 7RHWDWRZ\VWHUQLN $WOHLIDMDNVá\V]Ċ*UXQDOGLPLDáZáDVQ\VWDWHNDOHMXĪQLHPD3U]HSDGá RNUĊWLFDáD]DáRJD]Z\MąWNLHPRĞPLXOXG]L1DGDOQLHZLHPZMDNLFKRNROLF]QRĞFLDFK 6LHG]Ċ RERN VWHUQLND L SDWU]Ċ QD U]HNĊ 1DV] PáRG\ GRZyGFD ]DPNQąá VLĊ Z UXIRZHM NDELQLH ]H VZRLPL QRZ\PL QLHZROQLFDPL 7HUD] REDM Vá\V]\P\ Z\UDĨQLH U\WPLF]QH G]LHZF]ĊFHMĊNL7UZDWRMXĪRGUDQD *UXQIXĞPLHFKDVLĊSRGZąVHPLWXSLHZGHN ±6SRNyMWDP6WHURZDüQLHPRĪQD (NVSHU\PHQWDOQLH ]DSDODP ]LRáD NWyUH VRELH NXSLáHP DOH ]DUD] NDV]OĊ L Z\VWXNXMĊ ZV]\VWNR ]D EXUWĊ 6]F]\SLH Z MĊ]\N L SDFKQLH MDN VSDORQ\ PDMHUDQHN 1LH Vą QD V]F]ĊĞFLH WUXMąFHDQLQDUNRW\F]QHW\ONRSRSURVWXEH]VHQVX àyGĨSá\QLH]DNRODPL]ZRG\VWHUF]ąELDáHRVWUHVNDá\QDGQDPL]DP\NDMąVLĊXUZLVND] GU]HZNDPLF]HSLDMąF\PLVLĊV]F]HOLQ 1HYHUPRUH V]\EXMH ] UR]SRVWDUW\PL VNU]\GáDPL SRĞURGNX ZąZR]X L NUDF]H RJáXV]DMąFR DĪQLHVLHVLĊHFKR 3U]HJOąGDPU\QV]WXQHNQDSHáQLDPNRáF]DQVWU]DáDPLUHV]WĊ]ZLą]XMĊZSĊF]HNLRZLMDP NRFHP5RELVLĊFKáRGQR 1LHZROQLF\SU]\ZLRVáDFK]DF]\QDMąĞSLHZDüFRĞPRQRWRQQLHLVPXWQRQDMSLHUZFLFKRD SRWHPFRUD]Z\UDĨQLHM =DELHUDPQDSRNáDGEXWHONĊSDOLQNL 3á\QLHP\6NU]\SSOXVN 'R=LHPL2JQLD  3LHUZV]HJRWUXSDPLMDP\SRSRáXGQLX3á\QLHWZDU]ąZGyáZSLHUZV]HMFKZLOLZ\JOąGD MDN NDZDáHN SQLD DOH ZNUyWFH RND]XMH VLĊ ĪH WR F]áRZLHN 'U\IXMH ] SUąGHP PD UR]áRĪRQH V]HURNR UDPLRQD D QD ĞURGNX SOHFyZ Z\KDIWRZDQ\ RNUąJá\ HPEOHPDW SU]HGVWDZLDMąF\ WU]\ HVRZDWHNV]WDáW\ZSLVDQHZRNUąJ 7DNLVDPMDNQDQDV]\PĪDJOX 6WDMHP\ Z GU\ILH DOH PLMD QDV ]E\W GDOHNR 6SDOOH 5\EL 1yĪ ELHJQLH Z]GáXĪ EXUW\ ] ZáyF]QLąLXVLáXMHSU]\FLąJQąüFLDáRDOHXGDMHPXVLĊW\ONRRGZUyFLüMHWZDU]ąGRJyU\ 7UXS PD WZDU] REMHG]RQą GR QDJLHM F]DV]NL SU]H] U\E\ ] UHV]W\ ]RVWDá\ W\ONR VLQH Z\PRF]RQHVWU]ĊS\1LHPRĪQDJRUR]SR]QDü1LNWQLHZLHNWRWRMHVW 0LMDQDVL]QLND]D]DNUĊWHP 1DSRNáDG]LHZV]\VF\PLONQąLW\ONR]QLHSRNRMHPSDWU]ąSU]HGG]LyEMDNE\REDZLDOLVLĊ FRVLĊZ\QXU]\]]D]DNRODILRUGX

± 1LNRJR QLH PD ± PyZL *UXQI MDNRĞ PDUWZR L QLHSHZQLH 8QRVL VNyU]DQą P\FNĊ ] RNXW\P RWRNLHP L GUDSLH VLĊ Z á\VLQĊ ± 1LH PD P\ĞOLZ\FK QLH PD U\EDNyZ 5]HND MHVW SXVWD1LHSRGREDPLVLĊWR 1LNRPXVLĊQLHSRGRED 3RJRG]LQLHPLMDMąQDVMHV]F]HGZDWUXS\ZW\PMHGHQSR]EDZLRQ\JáRZ\LUDPLHQLDD GUXJL]WU]HPDGáXJLPLVWU]DáDPLVWHUF]ąF\PL]SOHFyZ :RáDMą$WOHLIDNWyU\QDGDOVLHG]LZDFKWHUNDV]WHOXRGUDQDQLHZ\V]HGáQDZHWSRNU]HSLü VLĊá\NLHPSLZD 3DWU]\PLOF]ąFRQDWUXS\LSU]\JU\]DZDUJL]QLHSU]HQLNQLRQ\PZ\UD]HPWZDU]\ ±1LHGREU]HWRZ\JOąGD±PyZLQDVWĊSQLHRERMĊWQ\PJáRVHP :V]\VF\ UR]FKRG]ą VLĊ QDJOH SR FDá\P VWDWNX MDNE\ WR ÄQLHGREU]H´ WR E\áD MDNDĞ NRPHQGD DOER KDVáR %H] ELHJDQLQ\ L SRĞSLHFKX QLH VSUDZLD WR ZUDĪHQLD ĪDGQHJR DODUPX .WRĞ SU]\QRVL QDUĊF]H WDUF] L XVWDZLD MH Z]GáXĪ UHOLQJX NWRĞ MXĪ UR]WU]HSXMH NROF]XJĊ L SRPDJDNROHG]HZFLąJQąüNDIWDQSU]H]JáRZĊNWRĞZ\MPXMHPLHF]LURELNLOND]DPDV]\VW\FK ]DZLMDVyZZSRZLHWU]XSRF]\PVSRJOąGDNU\W\F]QLHZ]GáXĪRVWU]DNWRĞVWRLMXĪ]SDVHPZ ]ĊEDFKL]DSLQDRVáRQ\SROLF]NRZHKHáPX 7HĪ VFKRG]Ċ SRG SRNáDG L ]DNáDGDP NROF]XJĊ ]DELHUDP NDUZDV]H L KHáP 0LHF] SU]HZLHV]DPSU]H]SOHF\ELRUĊWHĪVDMGDN]áXNLHPLNRáF]DQ 3DWU]ąFLHNDZLHMDNVNUDFDPFLĊFLZĊNOXF]HPLVSUDZG]DP]DFKRZDQLHZLHORNUąĪNyZQD JU\IDFK .WRĞ SU]\PLHU]D VLĊ GR PDMGDQX DOH V]HĞüFLĊFLZ SU]HG WZDU]ą JR SHV]\ 1LH ZLH NWyUąQDSLąü 'DOHM Sá\QLHP\ ZáDĞFLZLH EH] VáRZD QD SRNáDG]LH ]DOHJáR PLOF]HQLH 1LH ZLGDü QHUZRZRĞFL 7R QLH MHVW SU]\JRWRZDQLH GR DWDNX DOH SR SURVWX QLH ZLHG]ą F]HJR VLĊ VSRG]LHZDü7DNDQDZSyáERMRZDQRQV]DODQFMD1DGHNXVąSU]\JRWRZDQHRV]F]HS\WDUF]HL WRSRU\ MHGHQ ] ĪHJODU]\ ]GMąá OLQ\ ZLąĪąFH DUNDEDOLVWĊ L RGEORNRZDá REURWQLFĊ DOH SRWHP XVLDGáQDSRGVWDZLHPDFKLQ\LJU\]LHFKUXSLąFMDNLĞRZRF3R]RVWDOLRSLHUDMąVLĊRGUHZQLDQH UHOLQJLLXZDĪQLHSU]HSDWUXMąPLMDQHEU]HJL -HVWSXVWR  3RG ZLHF]yU ZSá\ZDP\ QD QLHZLHONLH UR]OHZLVNR ] SUDZHM VWURQ\ RWZLHUD VLĊ VSRUD SODĪD ]DV\SDQD VNDOLVW\P WáXF]QLHP RWRF]RQD ODVHP 1D F\SOX ZLGDü QLHGXĪH NDPLHQQH ]DEXGRZDQLD SU]\NU\WH JáĊERNR VWU]HFKą L VWDU\ GUHZQLDQ\ SRPRVW -HVW ]XSHáQLH FLFKR QDZHWSV\QLHV]F]HNDMą &XPXMHP\ SUDZą EXUWą WDN ĪHE\ G]LyE Z\VWDZDá QD MH]LRUR 1D SRPRVW ]HVNDNXMą QDMSLHUZ 6SDOOH SRWHP MHV]F]H WU]HFK ZV]\VF\ ] WDUF]DPL QD SOHFDFK L áXNDPL Z UĊNX 'RSLHUR SRWHP GZyFK LQQ\FK ELHU]H VLĊ ]D ZLą]DQLH FXP &]WHUHM áXF]QLF\ ]PLHU]DMą RVWURĪQLHQDEU]HJ ± ,GĊ]QLPL"±RG]\ZDPVLĊGR$WOHLIDWDNQLWR]SURSR]\FMąQLWR]SURĞEąRUR]ND]

-HVWWXVW\UVPDQHPSRZLQLHQHPWRXV]DQRZDü ±,GĨ±PyZLNUyWNR8MPXMĊáXNL]HVNDNXMĊQDVWDUHEHONLSRPRVWX 1LRVąáXNLZWHQVDPVSRVyEFRMD-HGQąUĊNąVWU]DáDQDFLĊFLZLHSU]\WU]\PDQDSDOFHP QD PDMGDQLH 1D SODĪ\ QDW\FKPLDVW VLĊ UR]V\SXMą 6SDOOH LG]LH SU]RGHP SR]RVWDOL WU]HM V]HURNLP U]ĊGHP ]D QLP MD QD NRĔFX =DNáDGDP ĪH ZLHG]ą FR WR MHVW V]\N XEH]SLHF]RQ\ ZLĊFSU]HZLHV]DPWDUF]ĊSU]H]SOHF\LRGZUDFDPVLĊMDNSU]\VWDáRW\OQHMVWUDĪ\ &LV]D 6á\FKDüW\ONR]JU]\WNDPLHQLSRGSRGHV]ZDPL %\üPRĪHWRQDGPLDURVWURĪQRĞFLDOHDNW\ZXMĊF\IUDOD 

 3RGFKRG]LOLRVWURĪQLHPLĊNNRVWDZLDMąFQRJLWDNE\RWRF]DNLQLH]JU]\WDá\SRGVWRSDPL 'UDNNDLQHQ LGąF\ QD NRĔFX XVLáRZDá PLHü RF]\ GRRNRáD JáRZ\ 1LH PyJá FDá\ F]DV LĞü W\áHP ZLĊF Z NRĔFX NURF]\á ERNLHP ]HUNDMąF FR FKZLOĊ WR Z MHGQą WR Z GUXJą VWURQĊ ] áXNLHP Z RSXV]F]RQ\P UĊNX ]H VWU]Dáą QD FLĊFLZLH L SU]\WU]\PXMąF MXĪ EHáW 3U]HSDWU\ZDá VNUDMODVXZWHUPRZL]MLDOHQLNRJRQLHE\áRZLGDü &KDáXSD VWDáD QD F\SOX ZELMDMąF\P VLĊ Z MH]LRUR Z GRVNRQDá\P PLHMVFX QD QLHZLHONą SU]\VWDĔMDFKWRZąLNQDMSĊDOERSU]\QDMPQLHMVPDĪDOQLĊ %\áRFLFKR .LHG\ ]EOLĪ\OL VLĊ GR GRPRVWZD 6SDOOH SU]HáRĪ\á áXN QD SOHF\ D ]GMąá WDUF]Ċ L FLFKR Z\VXQąáPLHF]:áRĪ\áRVWU]HSRGSDFKĊSRF]\PVWU]HOLáSDOFDPLLSRND]DáGZDDQDVWĊSQLH ZVND]DáZSUDZR]DFKDWĊ 'ZyFKĪHJODU]\QDW\FKPLDVWUXV]\áRZWDPW\PNLHUXQNX'UDNNDLQHQ]DMąáLFKPLHMVFHZ V]\NXSRSUDZHMVWURQLH6SDOOH7HQSRGNUDGáVLĊGRGU]ZLL]DVWXNDáJáRZLFąPLHF]D ±+HM'URIQLUZVWDZDM7RMD6SDOOH5\EL1yĪ3U]\Sá\QĊOLĞP\ 1LF3RGáXĪV]HMFKZLOL6SDOOHSU]\WXOLáVLĊERNLHPGRGU]ZLLSFKQąáMHEDUNLHPDOHQLF VLĊQLHZ\GDU]\áR ±=DPNQLĊWHRGĞURGND±V]HSQąá 'UDNNDLQHQ]GMąáVWU]DáĊXPLHĞFLáMąZNRáF]DQLHDSRWHPZVXQąááXNZVDMGDNLNOHSQąá ĪHJODU]DZUDPLĊSRND]XMąFQDPLJLĪHE\RGVXQąáVLĊRGGU]ZL 2EHMU]Dá NXWH V]WRUFRZH ]DZLDV\ ] SRGUG]HZLDáHJR ĪHOD]D ]OXVWURZDá IXWU\QĊ SRWHP RSXNDáOHNNRGHVNLXMąáĪHOD]Q\XFKZ\WLWDUJQąáGU]ZLDPL =DVXZD ]QDMGRZDáD VLĊ SU]\SXV]F]DOQLH JG]LHĞ QD Z\VRNRĞFL PHWU GZDG]LHĞFLD L E\áD GUHZQLDQD 'UDNNDLQHQFRIQąáVLĊRNURNZ]LąáNLONDJáĊERNLFKZGHFKyZL]DPNQąáRF]\XZDOQLDMąF KLSHUDGUHQDOLQĊ%DUG]RRVWURĪQLHSU]HVXQąáQRJLQDRWRF]DNDFKSRF]\PVNXUF]\áSU]HSRQĊ Z\U]XFDMąF SRZLHWU]H Z JZDáWRZQ\P RNU]\NX REUyFLá ELRGUD L ZELá SURVWH NRSQLĊFLH SRGELFLHPWDPJG]LHSRZLQQDE\ü]DVXZD

'U]ZL RWZRU]\á\ VLĊ ] SU]HUDĨOLZ\P KXNLHP NWyU\ UR]ODá VLĊ Z MHJR XV]DFK MDN SU]HFLąJá\ áRVNRW JURPX =DVXZD SĊNáD DOH QLH UR]SDGáD VLĊ QDWRPLDVW XGHU]HQLH Z\UZDáR KDNRNWyU\E\áDRSDUWDLZ\VWU]HOLáRJRGRĞURGNDSRPLHV]F]HQLD9XNRFRIQąáQRJĊĪHE\ RG]\VNDüUyZQRZDJĊMHGQRF]HĞQLHOXVWUXMąFWUZRĪQLHVWDQĞFLĊJLHQLPLĊĞQL:\GDZDáRVLĊ ĪHZV]\VWNRMHVWZSRU]ąGNX 6SDOOH L GUXJL ĪHJODU] VWDOL SR ERNDFK MHV]F]H MDN ]DWU]\PDQL Z NDGU]H ] SyáRWZDUW\PL XVWDPLNLHG\SRFK\OLáVLĊLUXV]\áMDNQDMSá\QQLHMV]\PLUXFKDPLGRZQĊWU]D0LDáZUDĪHQLH ĪH URELą WX ] VLHELH GXUQLyZ L MXĪ PLDá SRZUyFLü GR QRUPDOQHJR VWDQX L ]DZRáDü FRĞ Z URG]DMXÄ']LHĔGREU\SU]HSUDV]DP]DGU]ZL´ DOHZSRZLHWU]XZLVLDáR FRĞWDNLHJRĪHQLH FKFLDá ]GHMPRZDü WU\EX ERMRZHJR 8VLáRZDá W\ONR SRUXV]Dü VLĊ QDWXUDOQLH D QLH PLRWDü MDN SDVLNRQLN 1LH ]GąĪ\á SU]HNURF]\ü SURJX NLHG\ ]REDF]\á Z FLHPQRĞFLDFK FKDW\ FRĞ JRUąFHJR L SRURĞQLĊWHJRIXWUHPZLHONLHJRMDNFLHOĊFRRGELáRVLĊRG]LHPLLZ\VWU]HOLáRZQLHJRQLF]\P SRFLVN]NDWDSXOW\ %\áR MHV]F]H Z SRZLHWU]X NLHG\ XGDáR PX VLĊ Z\KDPRZDü UXFK FLDáD GR SU]RGX L RGZUyFLüSXV]F]DMąFWRFRĞRERNVLHELH 7XĪRERNWZDU]\PLJQĊáDPXZ\V]F]HU]RQD]ĊEDWDSDV]F]DZNU\]LHIDOXMąFHJRIXWUD] S\VND FLąJQĊá\ VLĊ OHSNLH QLWNL ĞOLQ\ 'UDNNDLQHQ ]GąĪ\á REMąü NFLXNLHP L SDOFHP ZVND]XMąF\P UĊNRMHĞü VWHUF]ąFą ]QDG UDPLHQLD L Z\KRORZDü PLHF] GR JyU\ 6WZyU PLMDá JR MXĪ MDN SRURĞQLĊWD SáRZRF]DUQ\P IXWUHP WRUSHGD =DPNQąá GáRĔ ZRNyá UĊNRMHĞFL L FLąá SU]HFLVNDMąF RVWU]H SU]H] SRZLHWU]H ]PLHQLRQH Z ROHM F]XMąF MDN WXUEXOHQFMH ZLEUXMą QD SRZLHU]FKQLVWDOL 0LHF]XGHU]\áMDNZPRNU\ĞQLHJSU]HFLQDMąFFHOSRGURG]H]DKDF]DMąFNLONDUD]\RFRĞ WZDUGHJR 'UĪąF\ Z SRZLHWU]X OZL U\N ]ZLQąá VLĊ SU]HFLąJá\P ]DZRG]HQLHP MDN V\JQDá V\UHQ\RNUĊWRZHML]DPLONá :VNRF]\áZĞZLDWU]HF]\ZLVW\LUyZQRF]HĞQLHXVá\V]DáMDNGZDFLĊĪNLHSU]HGPLRW\ZDOą VLĊQD]LHPLĊ]PRNU\PFKODSQLĊFLHPLSRF]XáOHSNLHJRUąFHEU\]JLQDWZDU]\ ±1RL]DUąEDáHPSVDGDSLF]NLPDWHUL±ZDUNQąá'UDNNDLQHQ±3RMDNąFKROHUĊĪHĞVLĊQD PQLHU]XFDá" ± 0yZLOL ĪH V]\ENR VLĊ UXV]DV] ± SRZLHG]LDá 6SDOOH ± $OH WR FK\ED MHVW ]D ZLHOH 1LH ]GąĪ\áHP]REDF]\üMDNZ\FLąJDV]PLHF] ±(WDP±RGSDUáOHNFHZDĪąFR'UDNNDLQHQ±7RQLFWDNLHJR =QDG ZHMĞFLD VSDGá NDZDá VWU]HFK\ UyZQR RGFLĊW\ NRĔFHP RVWU]D 6SRMU]HOL QD QLHJR Z PLOF]HQLX ±7URFKĊPLVLĊ]DF]HSLáR±R]QDMPLá9XNR]HVNUXFKą :ĞURGNXE\áRFLHPQR:HV]OLMHGHQ]DGUXJLPZJĊVW\JRUąF\QLHPDORGyU]JQLOL]Q\ 6SDOOHUR]NDV]ODáVLĊ ±1LHPDWXF]HJRV]XNDü±SRZLHG]LDáJáXFKR'UDNNDLQHQJG]LHĞ]PURNX±:\MGĨFLH

MDJRRGHWQĊ ±&RRGHWQLHV]" ±7HJRWZRMHJR'URIQLUD3RZLHVLáVLĊXSRZDá\  :LVLDá ]H GZD GQL =ZáRNL E\á\ V]W\ZQH ] UR]áRĪRQ\PL V]HURNR UDPLRQDPL XVWD Z\SHáQLDáVSXFKQLĊW\ILROHWRZ\MĊ]\NWZDU]SU]\EUDáDQLHPDOF]DUQąEDUZĊ ± 5ĊFH PLDá ZROQH GU]ZL E\á\ ]DZDUWH RG ĞURGND ± SRZLHG]LDá 'UDNNDLQHQ ± 6DP VLĊ SRZLHVLá ±$JG]LHMHJRNRELHW\"-HJRQLHZROQL"']LHFL" ±:ĞURGNXE\áW\ONRSLHV ±0RLP]GDQLHP±U]HNáEDUG]RSRZROL6SDOOH±WRW\MHVWHĞ&]\QLąF\=QDV]WDNąSLHĞĔ ĪHE\SU]HPyZLá" ±1LH]QDPĪDGQ\FKSLHĞQL ±6á\V]DáHPMDNJDGDV]GRNRQLDZMHJRPRZLH ±7RMHVWPRMDPRZD:ĊGUXMĊVDPRWQLHWRJDGDPGRZV]\VWNLHJRQDZHWGRNUXND1LH MHVWHP&]\QLąF\6SDOOH=QDPV]WXNĊPLHF]D]PRMHJRNUDMXGODWHJRV]\ENRVLĊUXV]DP ± 7DP ]D GRPHP ± NU]\NQąá MHGHQ ] ZRMyZ Z\VáDQ\FK QD W\á\ GRPRVWZD 3RELHJOL ZV]\VF\ ± 7H JáRZ\ Vą VWDUV]H QLĪ MHJR ĞPLHUü ± R]QDMPLá 'UDNNDLQHQ SU]\NOĊNDMąF SU]\ WU]HFK NRELHF\FKJáRZDFKXáRĪRQ\FKSLHF]RáRZLFLHQDVWHUFLHNDPLHQL±2FRQDMPQLHMNLONDGQL ±=DELáZV]\VWNLHDSRWHPVLĊSRZLHVLá"$JG]LHUHV]WD" ±,OX]QLPPLHV]NDáR" ±1LHE\áERJDW\0LDáF]ZRURQLHZROQ\FKGZLHNRELHW\LWURMHG]LHFL%\áDMHV]F]HMHJR PDWND7RZáDĞQLHRQDLMHJREDE\5HV]WDSU]HSDGáD 'UDNNDLQHQUR]HMU]DáVLĊZRNyá ±7RFK\EDQLHRQMH]DELá ±'ODF]HJR"0RĪHRV]DODá ± 7DP QD ]LHPL OHĪ\ áXN L NRáF]DQ 2ERN PDUWZ\ NR]LRá 7XĪ SU]\ OHVLH $ WXWDM ]REDF]FLH WU]\ ]DRVWU]RQH W\F]NL 1D V]SLFDFK MHVW NUHZ .WRĞ QDG]LDá JáRZ\ QD W\F]NL *G\E\ 'URIQLU RV]DODá WR E\ MH WDN ]RVWDZLá $OH RQ MH ]DVWDá QD W\F]NDFK :\V]HGá ] ODVX ]REDF]\á MH U]XFLá FR PLDá Z UĊNDFK L SRGELHJá =GMąá JáRZ\ ] W\F]HN L XáRĪ\á 3RWHP VLĊ SRZLHVLá ± =REDF]FLH WXWDM ± NU]\NQąá NWRĞ VSRG FKDáXS\ :UyFLOL ZLĊF SRG FKDWĊ 6WDáD WDP MXĪ UHV]WD]DáRJLSDWU]ąFQDWUXSDSU]HUąEDQHJRSVDLZ\áDPDQHGU]ZL ±3RSDWU]FLHQDEHONLLQDRNLHQQLFH±1DĞFLDQDFKLGUHZQLDQ\FKRNLHQQLFDFKE\áRSHáQR ĞZLHĪ\FK V]UDP NWyU\FK QLH ]DXZDĪ\OL RG UD]X 1LH E\á\ EDUG]R JáĊERNLH DOH ]D WR OLF]QH :\JOąGDáRMDNE\JLJDQW\F]Q\NRWRVWU]\áVRELHRWĊFKDWĊSD]XU\ ±1DGU]ZLDFKRGĞURGND±:VND]Dá*UXQDOGL

1DGU]ZLDFKRGĞURGNDZLGQLDáU]ąG]QDNyZZ\GUDSDQ\FKNU]\ZRSRVSLHV]QLHNRĔFHP QRĪD1DSLVEU]PLDá  :5$&$-Ą=0*àĄ:&,(012ĝ&,/8%2ĝ:,&,(  ±$MHGQDNSU]HPyZLá±SRZLHG]LDá6SDOOH $WOHLIVSOXQąáSU]H]]ĊE\ ±:QLHĞFLHJRGRĞURGND*áRZ\LSVDWHĪ6SDOP\FKDáXSĊ3RWHPJRWXMHP\W\ONRVWUDZĊ GODVLHELHLQLHZROQ\FKLELHU]HP\ZRGĊ]HVWUXPLHQLD1LJG]LHQLHFKRG]LüVDPHPXQDZHW ]DSRWU]HEą1DQRFĞSLP\QDáRG]L:\FLąJQLHP\VLĊQDNRWZLF\QDZRGĊGDOHNRRGEU]HJX :QĊWU]HFKDW\Z\SHáQLOLFKUXVWHPNWRĞ]QDOD]áEHF]XáNĊWUDQXNWyU\UR]ODOLSRJDáĊ]LDFK LSRGáRG]HQDNRQLHFNWRĞSU]\áRĪ\áSRFKRGQLĊGRVWU]HFK\ &KDáXSDSáRQĊáDSUDZLHFDáąQRF]DOHZDMąFUG]DZ\PEODVNLHPSODĪĊVNUDMODVXLMH]LRUR &]XZDOL QD ]PLDQĊ SR GZyFK SDWU]ąF QD EU]HJ L ZRGĊ ] áXNDPL SRG UĊNą DOH QLF QLH QDVWąSLáR 

 3á\QLHP\ RG ĞZLWX )LRUG FLąJQLH VLĊ GDOHM ZĞUyG VNDá DOH XUZLVND Vą GXĪR QLĪV]H 1LHZROQL Vą SU]HVWUDV]HQL 6á\V]Ċ MDN V]HSFą GR VLHELH SRG SRNáDGHP 6á\V]Ċ DPLWUDMVNL L NHELU\MVNL:NyáNRWRVDPRRNOąWZLHRSU]HNOĊWHM]LHPLLMDNLFKĞLPLRQDFKERJyZRUD]R XURF]\VNDFK3LOQXMąF\LFKĪHJODU]ZU]HV]F]\ZUHV]FLHLVPDJDNRJRĞNDZDáNLHPOLQ\SRWHP Vá\FKDüW\ONRXGHU]HQLDEĊEQDLSOXVNZLRVHá 5REL VLĊ ]LPQR 1RF E\áD ]LPQD DOH UDQR ZFDOH QLH ]URELáR VLĊ OHSLHM .RáR SRáXGQLD ZSá\ZDP\ ZH PJáĊ *ĊVWą MDN ĞPLHWDQD VQXMąFą VLĊ VPXJDPL QDG ZRGą EU]HJL OHGZR PDMDF]ą Z ELDá\FK RSDUDFK VNDá\ QD NXUVLH SRMDZLDMą VLĊ ]QLHQDFND QLF]\P GXFK\ OHGZR GZDG]LHĞFLDPHWUyZSU]HGG]LREHP *UXQIMHVW]PĊF]RQ\FRFKZLOĊUR]FLHUDNąFLNLRF]XDOHQLHSR]ZDODQLNRPXVWHURZDü 3á\QLHP\ :V]\VF\VąQLHVSRNRMQLLZV]\VWNLPMHVWVSLHV]QR 6LHG]Ċ QD SRWĊĪQ\P áXF]\VNX DUNDEDOLVW\ QD G]LRELH ] áXNLHP QD NRODQDFK L IDMNą Z ]ĊEDFKLZ\SDWUXMĊVNDá2NU]\NXMĊMHSRWHPZVND]XMąF*UXQIRZLNLHUXQHN 3á\QLHP\SU]H]PJáĊ &]DVDPLPLMDP\XQRV]ąFHVLĊQDZRG]LHMDNLHĞFLHPQHNV]WDáW\DOHWUXGQR]DXZDĪ\üF]\ WRNROHMQHWUXS\F]\FRLQQHJR 1DQRFVWDMHP\QDNROHMQ\PMH]LRUNX]NDPLHQLVWąZ\VSąSRĞURGNX3DOLP\QDQLHMRJLHĔ ]Z\U]XFRQ\FKSU]H]ZRGĊZ\ELHORQ\FKNLMyZ0JáDVQXMHVLĊNáĊEDPLZRNyá3U]HSDWUXMĊMą ZWHUPRZL]MLDOHQLHZLG]ĊĪDGQ\FKSRWZRUyZMDNQD3XVWNRZLDFK7UZRJLDOERQD9ODULQLH 0JáDMDNPJáD-HVLHĔLG]LH

: QRF\ UR]OHJD VLĊ NU]\N :\VRNL SLVNOLZ\ MDN NU]\N G]LHFND DOER FLHUSLąFHM NRELHW\ 'RFKRG]L]RSDUX:V]\VF\]U\ZDMąVLĊQDUyZQHQRJLFKZ\WDMąEURĔ]DSDODMąNQRW\ODPS NWRĞ UR]GPXFKXMH RJQLVNR 1LF QLH ZLGDü 7\ONR WHQ NU]\N :\VRND SLVNOLZD VNDUJD 1DMSLHUZMHGHQDSRWHPFDá\FKyUSLV]F]\MDNVWDGRV]DNDOL 6LHG]LP\ SDWU]ąF QD ZV]\VWNLH VWURQ\ ĞFLVNDMąF Z PRNU\FK GáRQLDFK PDMGDQ\ áXNyZ L VW\OLVNDWRSRUyZ:\SXV]F]DP\NLONDSáRQąF\FKVWU]DáDOHLFKSáRPLHQLHQLNQąQDW\FKPLDVW MDNE\ZSDGDá\ZPOHNR1LFQLHZLGDüDQLZHZ]PRFQLRQ\PĞZLHWOHDQLZWHUPRZL]MLDQL QRUPDOQLH 6á\FKDüW\ONRNU]\N  5DQRPJáDQDGDOVWRL:LOF]\RNUĊWVXQLHFLFKRU]HNąZĞUyGELDáHJRRSDUXPDMDF]ąVáDER V\OZHWNLVNDáJDáĊ]LLVWHUF]ąF\FK]EU]HJXNRU]HQL']LZQHSLVNLUR]OHJDMąVLĊQDEU]HJXFR MDNLĞ F]DV %U]PL WR WURFKĊ MDN NU]\N GUDSLHĪQHJR SWDND D WURFKĊ MDN ZU]DVN SU]HUDĪRQHJR G]LHFND2NURSQ\GĨZLĊN :V]\VF\ VWRMą SU]\ EXUWDFK QLH RGNáDGDMąF áXNyZ QDZHW QD FKZLOĊ .RPXĞ SXV]F]DMą QHUZ\LQDNROHMQ\ZU]DVNVWU]DáDSU\VND]ZL]JLHPJG]LHĞZNáĊE\PJá\ ±1LHVWU]HODMQDĞOHSR±ZDUF]\*UXQDOGL 1LHSRNRL PQLH WR ĪH QLF]HJR QLH ZLG]Ċ 'OD WHUPRZL]ML PJáD QLH SRZLQQD E\ü ĪDGQą SU]HV]NRGą'RVWU]HJDPMDNLHĞSĊNDWHQLHZLHONLHV\OZHWNLSU]HP\NDMąFHRGF]DVXGRF]DVX MDN FLHQLH ZĞUyG FLHQL -HGQDN QLH SáRQą EDUZDPL SU]HZLG]LDQ\PL SU]H] F\IUDOD GOD WHPSHUDWXU\ LVWRW Ī\Z\FK 1LH UyĪQLą VLĊ RG RWRF]HQLD MDN VNDá\ 7\ONR F]DVHP ZĞUyG W\FK VNDáVáDERSHáJDMąSXQNW\LOLQLHZ\SHáQLRQHRUDQĪHP 3á\QLHP\ ']LyE WQLH ZRGĊ U]ĊG\ ZLRVHá ]DSDGDMą VLĊ ] SOXVNLHP D MD ZDOF]Ċ ] LUUDFMRQDOQ\PSRF]XFLHPGHMDYX &RMDNLĞF]DV6SDOOHZ\V\áDSU]HGG]LyESáRQąFąVWU]DáĊ6]\EXMH]V\NLHPZELDáąSXVWNĊ L]QLND-HĪHOLXSDGQLHQDEU]HJ]REDF]\P\WR 7R Z\JOąGD MDN VFHQD Ī\ZFHP Z\MĊWD ] Ä-ąGUD FLHPQRĞFL´ =D FKZLOĊ NWRĞ ]RVWDQLH WUDILRQ\ ZáyF]QLą NWyUD Z\OHFL QLH ZLDGRPR VNąG L SU]HV]\MH PX SLHUĞ D P\ ]DF]QLHP\ UR]SDF]OLZLH V]\ü ] áXNyZ QD ZV]\VWNLH VWURQ\ NWRĞ GRSDGQLH EDOLVW\ L ]DF]QLH PLRWDü Z EU]HJMHGHQRV]F]HS]DGUXJLPWHQWUDILRQ\EĊG]LHNRQDáQDSRNáDG]LHSU\FKDMąFNUZLąD] PJá\ SR REX EU]HJDFK EĊG]LH GRELHJDü WR V]\GHUF]R UR]SDF]OLZH ]DZRG]HQLH &]XMĊ WR MDN IDWXPDOER]áąZUyĪEĊ&RĞQLHXQLNQLRQHJR .WRWREĊG]LH" 8 &RQUDGD ]JLQąá NDSLWDQ =DWHP $WOHLI" $ PRĪH VWRMąF\ SU]\ VWHU]H *UXQI" $ PRĪH *UXQDOGLERMHJROXELĊFK\EDQDMEDUG]LHM" 0XV]Ċ ]URELü FRĞ FDáNLHP LQQHJR QLĪ :LOODUG &RĞ ĪHE\ RGZUyFLü NOąWZĊ &RNROZLHN E\OHSU]HáDPDüWHQSDUDQRLF]Q\QDVWUyMPJá\V]DOHĔVWZDLPDWQL =DF]\QDPĞSLHZDüQDFDáHJDUGáRVWDUąGZXG]LHVWRZLHF]QąNDQW\F]NĊNWyUDNRMDU]\PL

VLĊEDUG]RERMRZR ,VHHDUHGGRRUDQG,ZDQQDSDLQWLWEODFN 1RRWKHUFRORUV,MXVWZDQQDWXUQLWEODFN ,VHH±JLUOVDUHZDONLQJZHDULQJVXPPHUFORWKHV ,QHHGWRFORVHP\H\HVXQWLOP\GDUNQHVVJRHV :U]DVNL QD EU]HJX PLONQą =DSDGD SHáQD NRQVWHUQDFML FLV]D 1D RNUĊFLH WHĪ 3DWU]ą F]XMQLHMDNE\PLRGELáR ±0RJą]DF]ąüVWU]HODü±RG]\ZDVLĊQDJOH$WOHLI±6LHGĨFLH]DWDUF]DPL =DNáDGDP\WDUF]HU]ĊGHP]DUHOLQJ:VXZDVLĊGyáWDUF]\ZVSHFMDOQąV]F]HOLQĊLEORNXMH OLQąSU]HZOHF]RQąSU]H]LPDNL6WHUQLNVFKRG]L]HVZRMHJRXOXELRQHJRPLHMVFDLWHĪVLĊNU\MH VWHUXMąFNRQZHQFMRQDOQLHUXPSOHPWU]\PDQ\PZGáRQL .RáRSRáXGQLDPJáDVWRSQLRZRVLĊUR]áD]L]DWR]DF]\QDSDGDüGHV]F] 5R]SLQDP\ QDG SRNáDGHP QDPLRW L VLHG]LP\ ]PDU]QLĊFL SU]HPRF]HQL SDWU]ąF MDN GHV]F]FLXUNDSROLQDFKLVLHF]HZRGĊ2ZLMDPVLĊGRGDWNRZRSáDV]F]HP:V]\VWNRFRPDP QDVRELHLSRGREQ\GROXĨQHJRVZHWUDNDIWDQLSyáNRĪXV]HNLSáDV]F]VąZLOJRWQHLFXFKQą PRNUąZHáQą 3R SRáXGQLX ZSá\ZDP\ QD ZLHONLH MH]LRUR SRPLĊG]\ ]LHORQ\PL Z]JyU]DPL ]D QLPL FLąJQLHVLĊODVDMHV]F]HGDOHMPDMDF]ąZHPJOHRĞQLHĪRQHJyU\1DGMH]LRUHPZLGDüZRGGDOL FLHPQHV]F]\W\VSDG]LVW\FKGDFKyZLSDOLVDG\NLONXVSRU\FKVDG\E ± =LHPLD 2JQLD ± V]HSFH *UXQDOGL D MHJR RF]\ MDN ]LHORQH NDUEXQNXá\ Z\SHáQLDMą VLĊ á]DPL :U]DVN :DOLP\ WRSRUDPL L UĊNRMHĞFLDPL PLHF]\ R WDUF]H NWRĞ SU]\QRVL RJURPQ\ IDOLVW\ UyJ ] RNXW\PNRĔFHPNWyU\RSLHUDQDUDPLHQLXMDNED]RRNĊ 3U]HUDĨOLZH]DZRG]HQLHZ]ELMDVLĊZQLHERLWRF]\QDGMH]LRUHP :RGDPDG]LZDF]Q\V]PDUDJGRZ\NRORULSDFKQLHMDNE\FKOHEHPMDNRGOHJáDSLHNDUQLD 3RSĊG]DMą QLHZROQ\FK SRG SRNáDGHP %ĊEHQ XGHU]D V]\EV]\P U\WPHP ZLRVáD VLĊJDMą GDOHMZSU]yGLHQHUJLF]QLHMXGHU]DMąGRW\áX :LGDüMXĪPDOHĔNLHMDNGURELQ\V\OZHWNLOXG]LELHJDMąF\FKSREU]HJXLSRPRĞFLH .RQFHQWUXMĊ Z]URN L ZLG]Ċ ĪH Z]QRV]ą UDPLRQD NX QLHEX MDNDĞ NRELHWD Z QLHELHVNLHM VXNQLNOĊF]\QDEU]HJXZSá\WNLHMZRG]LHLV]DUSLHVLĊ]DUR]SXV]F]RQHZáRV\NWRĞEURG]LMXĪ SRSDVMDNE\FKFLDáSU]\MĞüQDPQDVSRWNDQLHLQDMZ\UDĨQLHMZU]HV]F]\ 1LH WDN Z\REUDĪDP VRELH SRZLWDQLD 1LH SRGRED PL VLĊ WR DOH QLF QLH PyZLĊ 0RL ĪHJODU]HQLFMHV]F]HQLHZLG]ą=DGDOHNR1LHZLG]ąZUDNX]DWRSLRQHJRWXĪSU]\SRPRĞFLH ]H]ZĊJORQ\PLNLNXWDPLPDV]WyZVWHUF]ąF\PLQDGZRGą 3á\QLHP\ SUDZLH JRG]LQĊ =DF]\QD ZLDü MDNLĞ VáDE\ ZLDWHUHN ZLĊF VWDZLDMą G]LZDF]Q\ IRNSRGREQ\GRZDFKODU]DLRNUĊWUXV]DV]\EFLHMQDĪDJOXLZLRVáDFK .LHG\ MHVWHĞP\ R SDUĊVHW PHWUyZ RG EU]HJX ZV]\VF\ ZLG]ą MXĪ ĪH FRĞ MHVW QLH WDN L

PLONQą %LHJDMąF\ SR EU]HJX OXG]LH ]DUyZQR NRELHW\ MDN L PĊĪF]\ĨQL PDMą QD VRELH SDQFHU]H DOER NROF]XJL NRELHW\ VXNQLH ]DNDVDQH GR Syá XGD L ]DWNQLĊWH ]D SDV QLH UR]VWDMą VLĊ ] WRSRUDPLLPLHF]DPL &XPXMHP\ ZUHV]FLH ZĞUyG ZU]DVNyZ SáDF]X NU]\NyZ SDGDQLD VRELH Z UDPLRQD NRELHW\LG]LHZF]ĊWDV]DUSLąVZRLFKPĊĪF]\]QLWXOąVLĊGRQLFKQD]PLDQĊ =ELHUDP VZRMH U]HF]\ SRWHP VSURZDG]DP -DGUDQD QD EU]HJ 6WRMĊ VNURPQLH ] ERNX ZĞUyGZU]HV]F]ąFHJRWáXPXELHJDQLQ\LV]F]HNDMąF\FKSVyZQLH]JUDEQ\FKLSU]\VDG]LVW\FK MDNKLHQ\ &]XMĊVLĊMDNDONRKROLNQDDUDEVNLPZHVHOX 1LHDGHNZDWQLH ,VDPRWQLH -HVWHP ]PĊF]RQ\ SRGUyĪą L QDMFKĊWQLHM E\P FRĞ ]MDGá $ SU]HGH ZV]\VWNLP SRWU]HEXMĊ EHF]NL JRUąFHM ZRG\ L MDNLHJRĞ GXĪHJR FHEUD , MHV]F]H NRFLRáND GUREQHJR SRSLRáX RUD] WáXV]F]X]NWyUHJR]URELĊP\GáR 1RLZ\FKRGND  ± 6FKRG]ą ] JyU ± VWUHV]F]D $WOHLI 6LHG]LP\ Z ZLHONLHM VDOL SU]\ VWROH 3RPLHV]F]HQLH MHVWGXĪRZLĊNV]HLWURFKĊQDZHWMDĞQLHMV]HQLĪKDOODZ'ZRU]H6]DORQHJR.U]\NX±6FKRG]ą ]JyULQDSDGDMąQDGRPRVWZD7RJáyZQLH:ĊĪH3RMDZLDVLĊWHĪ]LPQDPJáD,G]LHILRUGHP VQXMH VLĊ SR OHVLH -DN QD XURF]\VNDFK 6ą ZLG]LDGáD Vą G]LZQH U]HF]\ 5D]HP ] :ĊĪDPL SU]\FKRG]ąG]LZQHLVWRW\0DáHLFDáH]ĪHOD]D-DNNUDE\0DMąRVWU]D]DPLDVWUąNLQLHáDWZR MH]DELü3DOąRVDG\LELRUąOXG]LZQLHZROĊ$OHQDMJRUV]\MHVWJUDMHN 1LHUXFKRPLHMĊ]XGĨFHP]GáRQL3U]Há\NDP ±*UDMHN" ±1RFDPLSRGFKRG]LSRGRVDG\LVWRLZFLHPQRĞFL1LNWJRQLJG\QLHZLG]LDáGRNáDGQLH 7\ONR V\OZHWNĊ Z NDSWXU]H 0yZLą ĪH PD WZDU] V]F]XUD *UD QD IOHFLH ] NRĞFL 6WUDV]Qą G]LZQąPX]\NĊRGNWyUHMG]LHFLZDULXMą8FLHNDMąSRWHPZODVLSU]HSDGDMą ±6NąGRQLSU]\FKRG]ą"±S\WD*UXQDOGL]PLHQLRQ\PJáRVHP ±2GVWURQ\6]NODQ\FK:LHUFKyZDOERSU]H]1LHGĨZLHG]Lą3U]HáĊF],Z]GáXĪ'UDJRULQ\ 2VWDWQLH 6áRZR SDWU]\ FKZLOĊ SU]HG VLHELH SR F]\P RVWURĪQLH RGNáDGD QDGJU\]LRQą áRSDWNĊQDVWyáLRFLHUDXVWDNDZDáNLHPFKOHED:VWDMHSRZROL ±-DGĊQDW\FKPLDVW ±%LHU]FLHNRQLH±RGSRZLDGDPX$WOHLI±$MDNMXĪEĊG]LHV]ZGRPXSDNXMFLHGRE\WHN ]DSDV\ ELHU]FLH E\GáR ZV]\VWNLFK GRPRZQLNyZ L VFKRGĨFLH WXWDM QD ]LPĊ 0yZ WR ZV]\VWNLPNWyU\FKVSRWNDV]1LHFKVFKRG]ąQDGMH]LRUR]DSDOLVDGĊ'RPX2JQLD1LHFKQLNW WHM]LP\QLH]RVWDMHVDP 'RSLMDPSLZRLRGVWDZLDPUyJGRJyU\QRJDPLQDVWyá1LHEĊG]LHNąSLHOL

±3RMDGĊ]QLP±PyZLĊ $WOHLINLZDJáRZą  /HMH GHV]F] -HG]LHP\ Z]GáXĪ ILRUGX NWyU\ FLąJQLH VLĊ GDOHM ]D MH]LRUHP 5]HND MHVW WX WURFKĊ ZĊĪV]D V]XPL ZGROH ZąZR]X 0LOF]\P\ 6á\FKDü W\ONR VWáXPLRQ\ WĊWHQW QD PRNUHM ĞFLHĪFHLFKU]ĊVWRSRU]ąG]HQLD:JyU]HQLHVLHVLĊNUDNDQLH1HYHUPRUH¶D -HG]LHP\ZG]LHZLĊFLX-D*UXQDOGL6SDOOHLMHV]F]HV]HĞFLXĪHJODU]\]GDZQHJRRNUĊWX 2GF]DVXGRF]DVXWU]HED]VLDGDüLSURZDG]LüNRQLHSU]\S\VNX5RELVLĊ]DVWURPR3RWHP SRSDUXJRG]LQDFKJyU\áDJRGQLHMąWURFKĊ 'ZDUD]\]QDMGXMHP\JáRZ\QDELWHQDW\F]NLVWRMąFHSU]\V]ODNX ±%UDOOLL%UDOXQG±PyZLQDJOH6SDOOHJáXFKR±2MFLHFLV\Q=QDáHPLFK :LHF]RUHPGHV]F]XVWDMH -HG]LHP\ SRWHP Z FLHPQRĞFLDFK 3RZROL RVWURĪQLH DOH NRQLH SRW\NDMą VLĊ L JXELą MXĪ SáDW\SLDQ\ 5R]SDODP\RJLHĔQDGU]HNąQDSODĪ\Z\V\SDQHMRWRF]DNDPLZĞUyGVNDá 2VWDWQLH6áRZRQLHRG]\ZDVLĊVLHG]LW\ONRSDWU]\ZRJLHĔLZ\áDPXMH]WU]DVNLHPSDOFH 6SDOOH SU]HFLąJD PDáą RVHáNą SR RVWU]X PLHF]D 6\VWHPDW\F]QLH L ] QDP\VáHP 3R]D W\P SDQXMHFLV]D 6VVVV]JU]\W 6VVVV]JU]\W 1DVáXFKXMHP\ F]\ Z FLHPQRĞFLDFK QLH UR]OHJQLH VLĊ ZU]DVN DOH QLF]HJR QLH Vá\FKDü 1LNWQLHZU]HV]F]\QLFQLHSRGNUDGDVLĊZĞUyGNU]DNyZ 7\ONRVVVV]JU]\WRVHáNL6SDOOH6WXNQLĊFLDNRS\WF]DVHPSRPUXNLSDUVNDQLHNRQLD ,WU]DVNRJQLD .RQFHQWUXMĊ VLĊ L ]DSDGDP Z GZXJRG]LQQ\ OHWDUJ UHJHQHUXMąF\ 2ZLQLĊW\ SáDV]F]HP L ZVSDUW\RVLRGáR 5XV]DP\RSLHUZV]\PEU]DVNX =ZLMDP\ VLĊ MHV]F]H Z FLHPQRĞFLDFK 7\OH F]DVX ĪHE\ ZHMĞü QD FKZLOĊ Z NU]DNL FDá\ F]DV]PLHF]HPSRGUĊNąSRWHPSU]HP\üWZDU]ORGRZDWąZRGą]ILRUGX -XĪZVLRGOHĪXMHP\NDZDáNLVXV]RQHJRPLĊVDLZĊG]RQHJRVHUD ']LHZF]\QD OHĪ\ QD ĞFLHĪFH ]XSHáQLH QDJD 0D UR]U]XFRQH SU]\SDGNRZR UDPLRQD L SRGJLĊWą QRJĊ :\áXSLRQR MHM RF]\ 3R MDVQHM EODGRQLHELHVNDZHM VNyU]H NRQWUDVWXMąFHM ] SXUSXURZ\PLZáRVDPLUR]V\SDQ\PLZRNyáJáRZ\FKRG]ąPXFK\ *UXQDOGL ]DWU]\PXMH VLĊ L QLH PRĪH MHFKDü GDOHM -HGHQ ] ĪHJODU]\ ]HVNDNXMH ] VLRGáD SU]\NOĊND QD FKZLOĊ SU]\ G]LHZF]\QLH SU]\WU]\PXMąF PLHF] SR F]\P XQRVL WZDU] L NUĊFL SU]HF]ąFRJáRZą 2VWDQLH6áRZR]DP\NDQDFKZLOĊRF]\]OHGZRVNU\ZDQąXOJą 5XV]DP\GDOHM

3R NLONX JRG]LQDFK Z\MHĪGĪDP\ ] ODVX L WUDILDP\ QD NROHMQą GROLQĊ ] MH]LRUHP 1DG EU]HJLHPVWRL]DEXGRZDQ\SDOLVDGąGZyU:LGDü]GDOHNDĪHEUDPDMHVW]DPNQLĊWD)UDJPHQW SDOLVDG\LMHGHQ]EXG\QNyZZHZQąWU]VąF]DUQHLVSDORQH *UXQDOGL NDPLHQLHMH Z VLRGOH =DFLVND SDOFH NXUF]RZR QD áĊNX L SU]\JU\]D QHUZRZR ZRG]H7UZDWRNLONDVHNXQGSRF]\PVSLQDNRQLDLSXV]F]DVLĊG]LNLPJDORSHPZGyá 'RMHĪGĪDMąFZV]\VF\PDP\MXĪKHáP\QDJáRZDFKLáXNLZGáRQL :HZQąWU]QDG]LHG]LĔFXVá\FKDüXMDGDQLHL]DZRG]HQLHSVyZLNU]\NLNLONXRVyEZLĊF Ī\Mą%RJXG]LĊNL1LHWUDILOLĞP\QDNROHMQHPLHMVFHPDVDNU\ %UDPDRWZLHUDVLĊLQDJOHZ\FKRG]L]QLHM*UXQDOGL-HVWELDá\MDNĞFLDQDLNURF]\QLF]\P ĞOHSLHF JG]LHĞSU]HGVLHELHQLHZLDGRPRGRNąG ,G]LHZFLąĪRELMDMąFVLĊ PLĊG]\VNDáDPLD SRWHPVLDGDQDGMH]LRUHPLSRZROL]GHMPXMHKHáP]JáRZ\àHENDZ\SDGDPX]GáRQLLWRF]\ VLĊ]EU]ĊNLHPZĞUyGNDPLHQLD2VWDWQLH6áRZRSDWU]\PDUWZRSU]HGVLHELH =VLDGDP\]NRQL5XV]DPZVWURQĊ*UXQDOGLHJRDOH6SDOOHFKZ\WDPQLH]DUDPLĊ ±1LHWHUD]±ZDUF]\±7HUD]QLHZROQR]RVWDZ&KRGĨP\VLĊGRZLHG]LHüFRVLĊVWDáR 2QPXVLWHUD]]QDOHĨüVLá\GRĪ\FLD :SURZDG]DP\ NRQLH QD EUXNRZDQ\ NDPLHQLDPL PDMGDQ SRPLĊG]\ SáDF]ąF\FK OXG]L .WRĞRGELHUDRGQDVZLHU]FKRZFHMDNDĞNRELHWD]HVSOHFLRQ\PLQDNDUNXZáRVDPLLPLHF]HP QDSOHFDFKSRGDMHQDPSRURJXSLZD7U]ĊVąMHMVLĊUĊFH 6SyĨQLOLĞP\ VLĊ R GZD GQL ']LHZF]\QD RSRZLDGD VSRNRMQLH DOH MDNLPĞ WDNLP GUHZQLDQ\P JáRVHP 6]RN SRVWWUDXPDW\F]Q\ =DF]Ċá\ VLĊ QDSDG\ QD P\ĞOLZ\FK QD RVDGQLNyZĪ\MąF\FKZ\ĪHMZJyUDFKLSDVWHU]\=DELWRNLONXOXG]LVSDORQRSDUĊFKDáXS&RĞ ]DELáR Z OHVLH P\ĞOLZ\FK MHGQHJR ]QDOH]LRQR FDáNLHP VSDORQHJR QD QLHWNQLĊWHM RJQLHP WUDZLH:LĊFĞFLąJQĊáDLFKWXGRGZRUX 3LOQRZDOLVLĊ1DQRF]DP\NDOLVLĊ]DSDOLVDGą,VWU]HJOLEUDP\ :\VáDOLMHGQHJRNRQQRGR'ZRUX.U]HPLHQQHJR.RQLDDOHQLHZUyFLá 3RWHP NLOND UD]\ SRMDZLDOL VLĊ :ĊĪH QD G]LZQ\FK NRQLDFK 2GSĊG]DQR LFK VWU]DáDPL ] áXNyZ$WDNRZDOLW\ONRSRGRVáRQąQRF\QDMF]ĊĞFLHMQDGUDQHP$OHQLH]E\W]DFLHNOH1ĊNDOL W\ONR 8GDáRVLĊ]DELüWU]HFKF]\F]WHUHFK 3RVWDQRZLáDĪHSU]\JRWXMąáRG]LHVSá\Qą'UDJRULQąDĪGRZLHONLHJRMH]LRUDLVFKURQLąVLĊ ZHGZRU]H$WOHLID$OHQDVWĊSQHMQRF\:ĊĪHSRGSDOLOLV]RSĊQDáRG]LH 3RMDZLDá\ VLĊ VWUDV]QH PJOLVWH SRWZRU\ RUD] QLH]QDQH ZF]HĞQLHM LVWRW\ Z\JOąGDMąFH WURFKĊ MDN PRUVNLH NUDE\ ] ĪHOD]D D WURFKĊ MDN OXG]LH 6á\V]HOL MDN Z QRF\ NU]\F]ą QLHOXG]NLPLSLVNOLZ\PLJáRVDPL 3RWHP XVá\V]HOL PX]\NĊ IOHWX %DUG]R VPXWQą L EDUG]R G]LZQą 3V\ Z\á\ NLHG\ WD PX]\NDVLĊUR]OHJDáD5D]]REDF]\OLJUDMNDVWRMąFHJRQDVNUDMXODVXZSáDV]F]X]NDSWXUHPL WU]\PDMąFHJR GáXJL IOHW 3UyERZDOL JR ]DVWU]HOLü DOH ZWHG\ RQ ]DF]ąá VLĊ NUĊFLü L WDĔF]\ü SRĞUyGVSDGDMąF\FKLZELMDMąF\FKVLĊZRNyáQLHJRVWU]Dá

']LHFL *UXQDOGLHJR L MHV]F]H NLONRUR G]LHFL U\EDNyZ L SDVWHU]\ NWyUH E\á\ ZWHG\ Z JUyGNX]URELá\VLĊFKRUH1LHRG]\ZDá\VLĊW\ONRVWDá\QDSDOLVDG]LHLSDWU]\á\ZODV7\ONR WDNLHNWyUHPLDá\ZLĊFHMQLĪRVLHPODWLPQLHMQLĪF]WHUQDĞFLH $SU]HGZF]RUDMWDPFL]DDWDNRZDOL0LHV]NDĔF\EURQLOLVLĊFDáąQRFL]GRáDOLLFKRGHSU]Hü D QDZHW XJDVLü VWRGRáĊ $ UDQR RND]DáR VLĊ ĪH ZV]\VWNLH WH G]LHFL RWZRU]\á\ RNLHQQLFH Z\V]á\]GRPXZNWyU\PE\á\]DPNQLĊWHSU]\VWDZLá\VRELHGUDELQĊGRSDOLVDG\LRGHV]á\ 'RODVX  3U]HSDNRZXMĊ HNZLSXQHN F]ĊĞü U]HF]\ WU]HED EĊG]LH WX ]RVWDZLü 3U]\JRWRZXMĊ Z\SRVDĪHQLHPLQLPXP$SRWHPLGĊGR*UXQDOGLHJRSRJUąĪRQHJRZUR]SDF]\QDGMH]LRUHPL XVLáXMąFHJR]HEUDüVLá\GRĪ\FLD%H]FHUHPRQLDOQLHFKZ\WDPJR]DUDPLĊ ±=ELHUDMVLĊ2VWDWQLH6áRZR1LHPDF]DVX±3RGQRVLQDPQLHPDUWZąPRNUąWZDU] ±1LH]QDOHĨOLĞP\DQLMHGQHJRWUXSDG]LHFND±PyZLĊPX±$QLZU]HFHDQLZOHVLHDQL QLJG]LH2QLMHSRU\ZDMąDQLH]DELMDMą7RE\áRSU]HGZF]RUDM'RSDGQLHP\LFK 8QRVLEUZLMDNE\QLHUR]XPLDáFRPyZLĊ ±-DN" ±8PLHPWURSLüĞODG1DZHWZĊV]\üMDNSLHVMHĞOLWU]HED1LHRGSXĞFLP\%LHU]]HGZyFK OXG]LLEURĔ6]NRGDF]DVX ±3yMG]LHV]]HPQą"±S\WD±'R=LHPL:ĊĪ\" ±7DN,WDNV]HGáHPZWDPWąVWURQĊ

']LVLDMVáRĔFHQLHZ]HMG]LH :PDUWZ\FKĨUHQLFDFKWZHJRRMFD :GRPXXF]WXMąSDGOLQRĪHUF\ 0XVLV]VLĊXNU\üPXVLV]RGHMĞü =UR]SDF]ąZ]DFLĞQLĊW\FKSLĊĞFLDFK &KRFLDĪZVHUFXPLHV]NDQyĪ  3LHĞĔ=GUDG]RQHJR± .LUHQHQDXWRUQLH]QDQ\ 3LHĞQL.LUHQHQX± 0DMD/LGLD.RVVDNRZVND

5R]G]LDá

6SDORQD=LHPLD

%

LHJOLĞP\ NRU\WDU]HP Z ]XSHáQ\FK FLHPQRĞFLDFK 3U]HVWDáHP MXĪ SURWHVWRZDü .LHG\

%UXV SRFLąJQąá PQLH Z F]HOXĞü WXQHOX XVá\V]DáHP MDN 5]HPLHĔ ]DWU]DVQąá GU]ZL L ]DVXQąá U\JOH RG ]HZQąWU] =QDOD]áHP VLĊ Z PURNX NWyU\ NU\á PRMH á]\ L SU]HUDĪHQLH :\GDZDáRVLĊĪHELHJQLHP\WDNEH]NRĔFDDJG]LHĞZ\VRNRQDGQDV]\PLJáRZDPLWRF]\áD VLĊZRMQDLSU]HOHZDáVLĊSXOVXMąF\]JLHáNMDNRGJáRVGDOHNLHJRV]DOHMąFHJRRFHDQX

:RNyáPQLHLZHPQLHWUZDáDWDVDPDF]DUQDSXVWND3U]HELHUDáHPQRJDPLERND]DQRPL LĞü$OHQLHPLDáHPSRMĊFLDGRNąGLSRFR =DZV]HZ\GDZDáRPLVLĊĪHVWDQąü]QLHQDFNDZREOLF]XZáDVQHMĞPLHUFLWRPXVLE\üFRĞ SRWZRUQHJR :LHG]LDáHP ĪH QLNW QLH PRĪH E\ü SHZLHQ MDN VLĊ ZWHG\ ]DFKRZD L F]\ QLH REXG]L VLĊ Z QLP SU]HUDĪRQH SUDJQąFH Ī\ü ]ZLHU]Ċ $OH QLH SU]\SXV]F]DáHP ĪH PRĪQD XQLNQąüĞPLHUFLLF]XüNRQLHF]QRĞüGDOV]HJRĪ\FLDMDNRVWUDV]QHEU]HPLĊ 0RMD PDWND FHVDU]RZD NWyUD WUDNWRZDáD PQLH MDN V\QD RMFLHF $LLQD &]DJDM 0LVWU] =ZLHU]ąW ZV]\VF\ XPDUOL 1LH LVWQLHOL 1DZHW 5]HPLHĔ )\DOOD L 7DKHOD SHZQR MXĪ Z WHM FKZLOL QLH Ī\OL 8PDUOL ZV]\VF\ NWyU\FK ]QDáHP 0yM ĞZLDW PRMą :LRVNĊ &KPXU SRĪHUDáD KXF]ąFDSRĪRJD =RVWDáHPVDPZGXV]QHMFLHPQRĞFL , ]D]GURĞFLáHP LP &KFLDáHP RGHMĞü 'URJą 3RG *yUĊ WDP JG]LH RQL DOER SU]HSDĞü Z SXVWFHF]DUQHMLJáĊERNLHMMDNWDNWyUDPQLHRWDF]DáD 7\PF]DVHPND]DOLPLĪ\ü &HVDU]:áDGFD7\JU\VLHJR7URQXEH]WURQX.DLWRKLPRQNODQXĩXUDZLDDOHEH]NODQX 6DP:FLHPQRĞFLDFK2VWDWQLĪ\Z\ *G\E\QLH%UXVNWyU\PQLHSURZDG]LáWRP\ĞOĊĪHRVXQąáE\PVLĊSRGĞFLDQąLOHĪDáDĪ XPDUáE\P]JáRGX %LHJOLĞP\ SU]H] GáXJLH NRU\WDU]H *G\ SáRQĊá\ Z QLFK NDJDQNL Z\GDZDáR PL VLĊ ĪH GURJDGRPLDVWDWUZDW\ONRFKZLOĊ.LHG\SU]HPLHU]DáHPMHSRUD]RVWDWQLZPURNX]GDZDá\ VLĊQLHPLHüNRĔFD

:UHV]FLH XVá\V]DáHP ]JU]\W NOXF]D L FLFKH VNU]\SLHQLH GU]ZL :\V]OLĞP\ GR VNáDGX QLHPDO UyZQLH PURF]QHJR MDN NRU\WDU] W\ONR JG]LHĞ ] ]HZQąWU] SHáJDáD VáDED SRĞZLDWD Z NWyUHMZLGDüE\áR]DU\V\EHF]HNLSDNFKRFLDĪPRĪHWRPRMHRF]\SU]\Z\Ná\GRFLHPQRĞFL 3U]HNUDGDOLĞP\VLĊZFLV]\EH]VáRZD=SRGUyĪQ\PLNRV]DPLQDSOHFDFKZSOHFLRQ\FK SáDV]F]DFK SU]HFLZGHV]F]RZ\FK %UXV RGVXQąá EDUG]R SRZROL ]DVáRQĊ ] SDFLRUNyZ NLHG\ GRELHJá\QDVJáRV\ ±&RWDPFKRZDV]"&RPDV]SRGUĊNąSVLH" àRPRW]MDNLPFRĞSU]HZUyFLáRVLĊQDSRGáRJĊ ±1LHUXV]DMFLHPRLFKZLHUV]\±&LFK\JáRVNWyUHJRQLJG\QLHVá\V]DáHP %UXV ]VXQąá U]HPLHQLH NRV]D L SRZROL SRVWDZLá JR QD ]LHPL $ SRWHP Z]Ląá VZyM NLM L SU]HNUĊFLá MHJR NRQLHF .LM UR]SDGá VLĊ D SRPLĊG]\ F]ĊĞFLDPL Eá\VQĊáD VWDO %UXV Z\VXQąá RVWU]HLGHOLNDWQLHRSDUáGUXJąF]ĊĞüODVNLRĞFLDQĊSRF]\PVLĊJQąá]DSD]XFKĊLZ\MąáFRĞFR SU]\SRPLQDáRJUXE\KXIQDO $ SRWHP MHJR V]HURNLH SOHF\ ]DVáRQLá\ PL Z\MĞFLH ZLĊF QLH PRJáHP ]REDF]\ü FR VLĊ G]LHMH]DGU]ZLDPL ±0yZLĊMHV]F]HUD]=áRWRSLHQLąG]HLZLQRFXG]R]LHPVNDODUZR,OLVW\2GGDZDMOLVW\ .DSáDQLFKFąSR]QDüNWRSáDV]F]\áVLĊSU]HGFXG]R]LHPFDPLNWRFKFLDáSRMPRZDüEUXGDVyZ QLH]HVZRMHMNDVW\LNWRáDPDá.RGHNV=LHPL:V]\VWNLH ±/LVWyZQLHZROQR±]DV]HPUDá6]\áJDQ+DWMH]LGSLVDU]VLHG]ąF\]DSXOSLWHPZFLąĪ] WU]FLQRZ\P U\VLNLHP Z UĊNX :ROQą GáRQLą SU]\FLVNDá NDUWNĊ NU\MąF MHM WUHĞü MDN XF]HĔ SU]\áDSDQ\QDU\VRZDQLXJU\]PRáyZ 'ZDMQLVNLHMUDQJLĪRáQLHU]HSLHFKRW\]Ä.DPLHQQHJR´W\PHQXSOąGURZDOLSRPLHV]F]HQLH 1D SRGáRG]H VWDá RNUąJá\ NRV] GR NWyUHJR ZU]XFDOL ]ZRMH ]ELHUDQH ] SyáHN 1LH PLHOL FLĊĪNLFK SDQFHU]\ DOH QDMSURVWV]H VHJPHQWRZH ]EURMH L ĪDGHQ QDZHW QLH QRVLá KHáPX W\ONR SU]HZLą]DQH ZRNyá JáRZ\ RVáRQ\ F]RáD L SROLF]NyZ -HGHQ ] QLFK WU]\PDá VWDUFD ]D ZáRV\ L SU]\NáDGDáPXNLQGĪDáGRJDUGáD 7\OH]GąĪ\áHP]REDF]\ü]DQLP%UXVZV]HGáGRSRPLHV]F]HQLD 0DFKQąá UĊNą NUyWNLH RVWU]H ĞPLJQĊáR Z SRZLHWU]X L UyZQRF]HĞQLH Eá\VNDZLF]QLH FLąá W\P G]LZQ\P PLHF]HP ZáDĞFLZLH NDZDáNLHP NLMD ] RVWU]HP 'UXJL ĪRáQLHU] ]DVáRQLá VLĊ RGUXFKRZR UĊNą DOH %UXV SU]HUąEDá PX Mą GR SRáRZ\ Z\UZDá RVWU]H ] NRĞFL L ] RK\GQ\P FKU]ĊVWHPZELáMHĪRáQLHU]RZLSRPLĊG]\ZLą]DQHĪHOD]QHSDV\SDQFHU]D3U]HNUĊFLáPLHF]L Z\V]DUSQąá JR ] SRZURWHP 3LHUZV]\ ]DWDF]Dá VLĊ SR NDQWRU]H WU]\PDMąF ]D JDUGáR UĊNDPL VSRPLĊG]\SDOFyZFLHNá\PXVWUXJLNUZLNDSLąFQD]DOHJDMąFHSRGáRJĊ]ZRMHLNDUWNL ±8ZDĪDMQDPRMHZLHUV]H±Z\V]HSWDáSLVDU] %UXVZ\MU]DáRVWURĪQLHQDXOLFĊLUR]HMU]DáVLĊ ± 3XVWR ± V]HSQąá 3R F]\P ZUyFLá FKZ\FLá MHGQHJR ] ĪRáQLHU]\ SRG UDPLRQD L W\áHP Z\ZOyNá JR QD XOLFĊ :UyFLá SR FKZLOL L ]áDSDá GUXJLHJR ]D ZLą]DQLD SDQFHU]D QD NDUNX L SRZOyNáSR]LHPLQLH]ZDĪDMąFĪHWHQMHV]F]HĪ\MHLNRQDZáDĞQLHGáDZLąFVLĊZáDVQąNUZLąL

Z\ZUDFDMąFRF]DPL =DEUDáHPREDQDV]HNRV]HLNLMH]NRU\WDU]DSRF]\PZFLVQąáHPVLĊGRNDQWRUND ± 'REU\ ZLHF]yU VLWDU 6]\áJDQ ± SR]GURZLáHP VWDUXV]ND NWyU\ MDN ]Z\NOH XGDZDá ĪH PQLH QLH ZLG]L W\ONR SRGQLyVá ] SRGáRJL F]\VWą NDUWNĊ XSVWU]RQą NURSODPL NUZL L ]DQXU]\á WU]FLQNĊZWXV]X 1LHPRJáHPSR]E\üVLĊZUDĪHQLDĪHNRQLHF]QLHPXV]ĊVLĊREXG]Lü ±0DP\V]DQVĊW\ONRGRSyNLMHVWQRF±R]QDMPLá%UXV]DJOąGDMąFSU]H]UDPLĊ]SURJX± &KRGĨ$UGĪXN 3RGDáHPNRV]LNLMRUD]NDSHOXV]NWyU\VSDGáPX]JáRZ\ :\V]OLĞP\ZQRFSLHUZV]ąFKáRGQąQRFRGPLHVLĊF\'HV]F]ZFLąĪODáJĊVWRDOHQLHE\áD WRMXĪWDSU]HUDĨOLZDXOHZD5\QV]WRNDPLSá\QĊá\SRWRNLPĊWQHMZRG\LE\áRSUDZLHMDVQR] SRZRGXUXGHMáXQ\ELMąFHMQDGSáDVNLPLGDFKDPLRGVWURQ\SDáDFX ±0XVLP\GRVWDüVLĊQDGU]HNĊ±Z\V]HSWDá%UXV±1DVDPNRQLHFG]LHOQLF\KDQGORZHM ]DSRUWHP 3U]\WDNQąáHPRERMĊWQLH 3U]HP\NDOLĞP\ VLĊ SRG ĞFLDQDPL &]DVHP GRELHJDá QDV WXUNRW Nyá F]DVHP VWXNRW NRĔVNLFK NRS\W QD PRNU\P EUXNX .U\OLĞP\ VLĊ ZWHG\ Z\V]XNXMąF QDMFLHPQLHMV]H NąW\ Z SRGFLHQLDFKZ]DXáNDFKDOER]DVWHUWDPLĞPLHFL .LOND UD]\ XOLF]Ną SU]HELHJáR SDUX ĪRáQLHU]\ ] SLNDPL Z UĊNDFK F]HNDOLĞP\ ZWHG\ DĪ XFLFKQLH FKU]ĊVW ĪHOD]D L áRPRW FLĊĪNLFK SRGELW\FK JZRĨG]LDPL VDQGDáyZ ]DNáDGDQ\FK QD ]Z\NáHSáyFLHQQHEXW\]SOHFLRQ\PLSRGHV]ZDPL 3U]HG]LHUDOLĞP\ VLĊ SU]H] SXVWH Z\PDUáH PLDVWR RĞZLHWORQH W\ONR PGá\P SREODVNLHP Z\JOąGDMąF\PMDNSU]HGĞZLWNWyU\MHGQDNQLHE\áĞZLWHP 3U]H]WDNLHPLDVWRWU]HEDE\áRLĞü]XSHáQLHLQDF]HM1LJG\QLHZLDGRPRFRVLĊVSRWND]D URJLHP %UXV ]DJOąGDá ]D UyJ EXG\QNX OXVWURZDá RNROLFĊ L SRND]\ZDá PL NROHMQą RVáRQĊ ]D NWyUąPLDáHPGRELHFLSU]\FXSQąü6WRMąF\SRGĞFLDQąSU]HZUyFRQ\Zy]HNQDZDU]\ZDNLOND EHF]HNSRGFLHQLD 'RSLHUR NLHG\ SU]HELHJáHP WHQ NDZDáHN L XNU\áHP VLĊ GRELHJDá GR PQLH L Z\SDWU\ZDá QDVWĊSQHJRXNU\FLD:QRF\RSXVWRV]DáHPLDVWRZ\JOąGDáRREFRLGDZQRMXĪSU]HVWDáHPPLHü ERGDMSRMĊFLHJG]LHMHVWHP %UXVMHGQDN]QDáGURJĊLZLyGáPQLHSHZQLHRPLMDMąFRNROLFHZV]HONLFKĞZLąW\ĔLSXVWH SODFH3U]HFKRG]LOLĞP\SU]H]MDNLHĞSRGZyUNDEUDP\L]DXáNL1LHSU]\VWDZDáDQLQDFKZLOĊ ]XSHáQLHMDNE\SU]HPLHU]DáWĊGURJĊQRFąVHWNLUD]\ -HGHQ ] WDNLFK SODFyZ ZLG]LHOLĞP\ ] GDOHND 3HáHQ ĪRáQLHU]\ Z F]HUZRQ\FK SDQFHU]DFK Ä3áRPLHQLVWHJR´W\PHQXSLUDPLG\RSDUW\FKRVLHELHZáyF]QLPDORZDQHQDF]DUQRV]HURNLH PLVNRZDWH KHáP\ ] QXPHUDPL ELQKRQyZ ]DáRĪRQH QD RFKURQQH RSDVNL RSLQDMąFH F]RáD L SROLF]NL :\JDQLDOL SU]HUDĪRQ\FK OXG]L ] GRPyZ L UR]G]LHODOL LFK QD SODFX :LG]LDáHP MDN

RGU\ZDMąĪRQ\RGPĊĪyZMDN]JDQLDMąG]LHFLZRVREQąVWáRF]RQąJUXSNĊ2ERNVWDáRWU]HFK Z\VRNLFK NDSáDQyZ SURURNLQL Z F]HUZRQ\FK SáDV]F]DFK L VUHEUQ\FK PDVNDFK Z NWyU\FK RGELMDáVLĊEODVNSáRPLHQL :LG]LDáHPMDNZ\ZOHNDMąMDNLHJRĞPĊĪF]\]QĊ]WáXPXLUR]FLąJDMąJRQDRFHPEURZDQLX VWXGQL Z\NUĊFLZV]\ UĊFH D SRWHP SRGU]\QDMą JDUGáR -DN NDSáDQ ]ELHUD NUHZ GR RILDUQHM PLVNLLZ\FLąJDNU]HPLHQQ\VLHUSDSRWHPSRFK\ODVLĊQDGNRQDMąF\P %UXVSRFLąJQąáPQLH]DUDPLĊ ±&]\ZPRLPNLMXSRGUyĪQ\PWDNĪHMHVWEURĔ"±]DS\WDáHPJRNLHG\VFKRZDOLĞP\VLĊZ NROHMQ\P]DNDPDUNXZĞUyGVWHUWJQLMąF\FKV]PDWLVWDU\FKGHVHN ± -HVW ZLHOH EURQL 7R NLM V]SLHJD 0DV] PLHF] L QyĪ L áDĔFXFK L ZáyF]QLĊ : G]LHĔ SRNDĪĊFLMDNMH]QDOHĨü']LVLDMPXVLZ\VWDUF]\üFLPLHF]8JyU\MHVWPRVLĊĪQ\SLHUĞFLHĔ 3RZ\ĪHMQLHJRNLMMHVWUĊNRMHĞFLąPLHF]DW\ONRWU]HEDJRSU]HNUĊFLü :LG]LHOLĞP\ WUXS\ 3RUąEDQ\FK VLHUSDPL MD]G\ ] SRGHUĪQLĊW\PL JDUGáDPL DOER SRZLHV]RQ\FKRF]DUQ\FKWZDU]DFKNRá\V]ąF\FKVLĊZGHV]F]X &RĞ ZH PQLH SĊNáR GRSLHUR NLHG\ ZLG]LDáHP JZDáFRQą G]LHZF]\QĊ V]DUSLąFą VLĊ Z VWU]ĊSDFK NRV]XOL UR]NU]\ĪRZDQą QD VWUDJDQLH WU]\PDQą SU]H] F]WHUHFK ĪRáQLHU]\ ]D UĊFH L QRJL']LHZF]\QDZ\áDLZ]\ZDáDSRPRF\ =GąĪ\áHP Z\Mąü PLHF] W\ONR GR SRáRZ\ JG\ %UXV FKZ\FLá PQLH ]D QDGJDUVWHN L XQLHUXFKRPLáZ\NUĊFDMąFUDPLĊ ±1LHZROQRWRKLPRQLH±WFKQąáPLGRXFKD±2QLZV]\VF\QLHSRWR]JLQĊOLE\ĞWHUD] RGGDá Ī\FLH Z SRW\F]FH ] SLHUZV]\PL OHSV]\PL ĪRáQLHU]DPL 7R MHVW LFK QRF JQLHZX :UDFD .RGHNV=LHPL']LĞVRELHIROJXMąSRWRĪHE\MXWURFDá\ĞZLDWWU]ąVáVLĊ]HVWUDFKX2QLU]ąG]ą VWUDFKHP $UGĪXN =REDF]\V] MHV]F]H JRUV]H RNUXFLHĔVWZD L WHĪ QLF QLH EĊG]LHV] PyJá SRUDG]Lü7HUD]Vą]DMĊFL7RGREU]HER]QDF]\ĪHP\PRĪHP\SU]HMĞüQLH]DXZDĪHQL &LąJQąáPQLHSU]H]XPLHUDMąFHPLDVWRLQLHSR]ZDODáQDQDMPQLHMV]ąFKZLOĊZ\WFKQLHQLD 1DZHW ZWHG\ NLHG\ ]REDF]\OLĞP\ QDV]\FK ĪRáQLHU]\ 3U]HELHJDOLĞP\ ZWHG\ SR SáDVNLFK GDFKDFKSREOLVNLFKGRPyZLZLG]LDáHPZV]\VWNR]JyU\ 1DV]\FK = PDUDQDKDUVNLHJR Ä3LRUXQRZHJR´ W\PHQX Z ĪyáW\FK SDQFHU]DFK ] F]DUQ\P W\JU\VHP QD WDUF]DFK EH] GRPDORZDQ\FK SRGZyMQ\FK NVLĊĪ\FyZ OXE ]QDNX 3RG]LHPQHJR àRQD 1LH E\áR LFK ZLHOX 1DZHW QLH MHGQD SHáQD VHWND %URQLOL VFKRGyZ ĞZLąW\QL 1DZHW QLH ZLHP MDND WR E\áD ĞZLąW\QLD DOH QD SHZQR QLH 3RG]LHPQHM 0DWNL %LDáD ]GRELRQD NROXPQDPL L UHOLHIDPL QD IURQWRQDFK :LG]LDáHP UyZQH PXU\ ĪyáW\FK WDUF] QDMHĪRQH ZáyF]QLDPL XVWDZLRQH Z NLOND U]ĊGyZ ]DSRUĊ ] Zy]NyZ VWUDJDQyZ EHF]HN L SU]HZUyFRQ\FKSRVąJyZXZUyWĞZLąW\QLMDNRRVWDWQLąOLQLĊREURQ\1DVFKRGDFKSU]HGQLPL OHĪDá\]ZDá\WUXSyZZF]DUQ\FKLF]HUZRQ\FKSDQFHU]DFK : XOLF]NDFK SU]HG ĞZLąW\QLą WáRF]\OL VLĊ MXĪ SDZĊĪQLF\ NXOąF\ VLĊ ]D VZRLPL ZLHONLPL WDUF]DPLD]DQLPLZLGDüE\áRV]\NXMąF\FKVLĊáXF]QLNyZ3LHFKRWDZ]QRVLáDPLHF]HDG]LNL

ZU]DVNÄ,IULMD,IULMD´SRGQRVLáQLHER ±7RVąQDVLOXG]LH±NU]\F]DáHPQD%UXVD±1DVL3RZLQQLĞP\E\ü]QLPL3RZLQQLĞP\ JURPDG]LüLFKZRNyáVLHELHSU]HFLHĪZDOF]ąRWRVDPR ± 2QL SDGQą ± ]DZRáDá %UXV ± 6SyMU] QD áXF]QLNyZ 3ROLF] LFK 6SyMU] QD U\GZDQ\ Z WDPWHMXOLF]FH6SyMU]QDÄ.DPLHQQ\FK´VNáDGDMąF\FKRQDJHUZWDPW\PNRĔFXSODFX=REDF] ]DSDODMąFHSRFLVNLQDWDPW\FKZR]DFK&RLPSRPRĪHGZyFKOXG]L" :NRĔFXSRFLąJQąáPQLH]DVREą :DOF]ąF\FK VSRW\NDOLĞP\ WHM QRF\ MHV]F]H NLOND UD]\ =DZV]H E\OL QLHOLF]QL L ]DZV]H PLHOLSU]HFLZNRVRELHZLHOX :WHG\ZLG]LDáHPSRUD]SLHUZV]\SUDZG]LZHPĊVWZR .LONXQDVWXĪRáQLHU]\]JUXSRZDQ\FKSRĞURGNXSODFXRVáRQLĊW\FKSRFK\ORQ\PLWDUF]DPLL PLHU]ąF\FK ZH ZV]\VWNLHVWURQ\ZáyF]QLDPLZ V]\NXÄPXV]OL´RUD]WDĔF]ąFą ZRNyáMD]GĊ ]DV\SXMąFąLFKGHV]F]HPVWU]Dá :LG]LDáHP WHĪ XFLHNDMąF\FK : SRUąEDQ\FK ]EURMDFK SURZDG]ąF\FK NXĞW\NDMąF\FK NROHJyZ SRG UĊNĊ ] PLHF]DPL Z GUXJLHM JDUĞFL FLĊW\FK QDJOH QLH]OLF]RQ\PL FLRVDPL SU]HODWXMąF\FKZRNyáQLFKMHĨGĨFyZ/XG]LNWyU]\QDGDOVWDOLPLPRĪHLFKFLDáDZ\JOąGDá\ MDNSRVLHNDQH :LG]LDáHP WHĪ V]DUĪXMąFH U\GZDQ\ SXVW\QQH 5R]SĊG]RQH MDN VNRUSLRQ\ QDMHĪRQH NROFDPL 3R UD] SLHUZV]\ Z Ī\FLX XVá\V]DáHP VWUDV]Q\ ĞZLVW ZLUXMąF\FK NRV XPRFRZDQ\FK QDREUĊF]\NRáD =REDF]\áHPMDNXFLHNDMąF\F]áRZLHNNWyUHJRPLMDU\GZDQUR]SDGDVLĊ Z ELHJXQDNDZDáNLZFKPXU]HNUZLNWyUD]EU\]JDáDZV]\VWNRZRNyáĝFLDQ\EUXNPRMąWZDU] 3DWU]\áHPQDWRVLHG]ąF]DMDNąĞEHF]NąLF]XáHPMDNGHV]F]VSá\ZDPL]SROLF]NyZUD]HP] MHJRNUZLąLPRLPLá]DPL =XSHáQLH]QLHQDFND]REDF]\OLĞP\WHĪ1DKHO,IULMĊ2JLHĔ3XVW\QL 7DĔF]\áD QD NDPLHQQ\P PRĞFLH QDG NDQDáHP :LURZDáD MDN ZU]HFLRQR ] UR]áRĪRQ\PL V]HURNR UĊNDPL L SU]HFK\ORQą JáRZą ] NWyUHM VSDGáNDSWXU D F]HUZRQ\ PLJRF]ąF\ SáDV]F] WDNLMDNZPRLPĞQLHZ]QRVLáVLĊZRNyáQLHMMDNEá\VNDMąF\VWRĪHNDOERVNU]\GáDRZDGD%\áD VDP\PUXFKHP 3RREXMHMVWURQDFKVLHG]LDá\GZDERMRZHOHRSDUG\REOL]XMąFVLĊQLHSHZQLHLUR]JOąGDMąF %UXVFKZ\FLáPQLH]DNRáQLHU]LĞFLąJQąáZGyá]DPXUHN ±0XV]Ċ]REDF]\üMHMWZDU] ±2ĞOHSQLHV]±V\NQąá .WRĞELHJáZ]GáXĪNDQDáX 3URURNLQL ]DWU]\PDáD VLĊ L RWZRU]\áD XVWD D SRWHP Z\GDáD ] VLHELH VWUDV]Q\ Z\VRNL GĨZLĊNNWyU\UR]GDUáPLXV]\SRFKZLOLXFLFKáFKRüQDGDOPLDáDRWZDUWHXVWDLNU]\F]DáDD MDF]XáHPWHQNU]\NJG]LHĞZĞURGNX=DVáRQLáHPJáRZĊ %LHJQąF\ F]áRZLHN ]DSDOLá VLĊ QDJOH MDNE\ REODáD JR ROLZD ] NDJDQND L ]DPLHQLá VLĊ Z SáRPLHĔ .U]\F]ąF\ ZLHU]JDMąF\ SáRPLHĔ R RJQLVW\FK UĊNDFK L QRJDFK NWyU\ PLRWDá VLĊ SR

EU]HJXSU]H]FKZLOĊSRF]\P]V\NLHPUXQąáZZRGĊ $MHGQDNSU]H]PJQLHQLHZLG]LDáHPMHMWZDU] 6WUDV]QąWZDU]QLWRNRELHW\QLPĊĪF]\]Q\V]DORQąRSáRQąF\FK]áRWHPRF]DFK 1LHRĞOHSáHPPRĪHGODWHJRĪHRQDQLHVSRMU]DáDQDPQLH $SRWHP]DNUĊFLáDVLĊ]QRZXQDU]XFLáDNDSWXULZWRSLáDZPURNXOLF]NLDREDOHRSDUG\ SRELHJá\]DQLą :\UZDáHPVLĊ%UXVRZL ±0RJáHPMą]DELüV\QX3LRáXQQLND±ZDUNQąáHP±0RJáHPVNRĔF]\üWRWXLWHUD] ±1LHGRELHJáE\ĞQDZHW±SRZLHG]LDá±*G\E\GDáRVLĊMąWDN]DELüVDPE\PWR]URELáL SU]\QLyVáFLMHMJáRZĊ-XĪGDZQR 1DGDO SU]HG]LHUDOLĞP\ VLĊ SU]H] VWUDV]QH REFH PLDVWR :LG]LHOLĞP\ MDN WR WX WR WDP Z\EXFKDMą SRĪDU\ ZLG]LHOLĞP\ MDN KXF]ąFH NXOH SRFLVNyZ ]DSDODMąF\FK VXQą MHGHQ SR GUXJLPSU]H]QLHERVá\V]HOLĞP\NU]\N]VHWHNJDUGHá1LHZLHPLOHWRWUZDáR1LHZLHPF]\ VSDáHPF]\ELHJáHPQDMDZLH :NRĔFXGRSDGOLĞP\U]HNL 1LH E\áD MXĪ Wą VDPą ZSyáZ\VFKáą U]HF]XáNą ]PLHQLRQą Z OHQLZ\ VWUXP\N WRF]ąF\ VLĊ SU]H]SDVEáRWD ']LĞ VXQĊáD MDN FLHPQD VSLHQLRQD PDVD ] SOXVNLHP ZORNąF ]H VREą EHF]NL ĞPLHFL ]HUZDQH áRG]LH L FLDáD ]DELW\FK : RGGDOL E\áR ZLGDü MDN Z SRUFLH SáRQą ]GHU]DMąFH VLĊ ]H VREąRNUĊW\Vá\FKDüE\áR]JLHáNELWZ\ %UXV ]QDOD]á MDNąĞ NDPLHQQą V]RSĊ SRURĞQLĊWą QD GDFKX WUDZą L ]DV]F]ĊNDá NOXF]HP RWZLHUDMąFPDáHGU]ZLF]NL=DJU]HFKRWDááDĔFXFK3REOLVNLHGRP\VWDá\FLFKHLFLHPQHMDNE\ LFKPLHV]NDĔF\VSRNRMQLHVSDOL :V]HGáHPDZáDĞFLZLHZF]RáJDáHPVLĊGRĞURGNDSRPLĊG]\SREHNXMąFHZFLHPQRĞFLDFK NRZFHVá\V]DáHPFKU]ĊVW]MDNLPĪXMą]HVFKáH]LHOVNR%UXVUR]JDUQąááDMQRLSU]HJQLáąVáRPĊ QDSRGáRG]HDSRWHPXQLyVáNODSĊLQDJOHZV]HGáJG]LHĞSRG]LHPLĊ3RF]RáJDáHPVLĊ]DQLP ZORNąF RED NRV]H ]DF]HSLDMąF R ZV]\VWNR NLMHP V]HOHV]F]ąF SáDV]F]HP L JXELąF FR FKZLOĊ NDSHOXV] 6]OLĞP\ SR NDPLHQQ\FK VFKRGDFK ĝFLDQ\ WHĪ E\á\ NDPLHQQH L ZLOJRWQH .DĪG\ NURN RGELMDáVLĊHFKHP3RFKZLOLVWDQĊOLĞP\%\áRFLHPQRDOHF]XáHPĪHWRMDNDĞGXĪDSLZQLFDZ NWyUHMVWRLZRGD6á\V]DáHPMDNVSDGDMąGRQLHMNURSOH]VXILWX =DWU]HV]F]DáR NU]HVLZR SR FKZLOL PUXĪąF RF]\ Z EODVNX NDJDQND ]REDF]\áHP RUOą WZDU] %UXVD L MHJR GáRQLH D SR FKZLOL FDáH SRPLHV]F]HQLH %\áR GRĞü GXĪH ] EHF]NRZDW\P VNOHSLHQLHP FDáą SRGáRJĊ ]DMPRZDá EDVHQ Z NWyU\P NRá\VDáD VLĊ ZLRVáRZD áyGND WDND ] MDNLHM FKáRSL QD U]HFH SURZDG]ą KDQGHO 'áXJD ] GDFKHP UR]FLąJQLĊW\P QD SDáąNDFK RG G]LREXLNZDGUDWRZ\PEDOGDFKLPHPQDUXILH ±:FKRGĨQDSU]yGSDQLH±V]HSQąá%UXV±3RáRĪ\V]VLĊSRGSáyWQHPLSU]HĞSLV]6ąWDP VXFKH NRFH UĊF]QLNL QDZHW MHG]HQLH L QDSRMH 7U]HED Z\SRF]ąü %ĊG]LHP\ Sá\QĊOL DĪ GR

ĞZLWX ±'RNąGFKFHV]Sá\QąüZW\PORFKX"±]DS\WDáHP ±8ZLHU]PL$UGĪXN3RSá\QLHP\3RVSLHV]VLĊNDJDQHN]DUD]]JDĞQLH :VLDGáHP GR áRG]L L Z\FLąJQąáHP QRJL 3ODQGHND QD G]LRELH E\áD QD W\OH Z\VRNR ĪH PRĪQDE\áRWDPVLHG]LHüLQLHRSLHUDüVLĊJáRZąRGDFK %UXV RGZLą]Dá FXP\ L Z]Ląá VWRMąFH SRG ĞFLDQą ZLRVáR , ZWHG\ NDJDQHN U]HF]\ZLĞFLH ]JDVá&LHPQRĞüNWyUD]DSDGáDE\áDMHV]F]HJáĊEV]DQLĪSU]HGWHP$SRWHP%UXVSRFLąJQąá ]D MDNLĞ áDĔFXFK 5R]OHJá VLĊ WXUNRW L V]XP ZRG\ SU]HG QDPL SRMDZLáD VLĊ V]F]HOLQD SU]H] NWyUąZSDGáRPGáHQRFQHĞZLDWáR 3U]HGQLD ĞFLDQD SLZQLF\ RWZRU]\áD VLĊ SRZROL D Z\SHáQLDMąFD ORFK ZRGD ] V]XPHP SRSá\QĊáD QDFK\ORQą NDPLHQQą QLHFNą Z\PXURZDQą ] NZDGUDWRZ\FK NDPLHQL SURZDG]ąFą SURVWRGRZRG\:\JOąGDáDMDNRGSá\ZEXU]RZHJRU\QV]WRND'RZRG\ QLHE\áRGDOHNRDQL Z\VRNR']LĊNLEXU]\6Sá\QĊOLĞP\OHGZRNLONDNURNyZLG]LyEQDV]HMáRG]LXGHU]\áZZRGĊ 'U]ZLZNDPLHQQHMĞFLDQLHQDGU]HNą]DPNQĊá\VLĊQDJOHLQLHSRWUDILáE\PSRZLHG]LHüJG]LH VLĊ]QDMGXMą:LG]LDáHPW\ONRĞFLDQĊLURVQąFH]QLHMNU]DNLLNĊS\WUDZ\ %UXVSFKQąáUXGHOLáyGĨSRSá\QĊáD]SUąGHP 6LHG]LDáHP SU]H] FKZLOĊ SDWU]ąF QD UR]OHZDMąFH VLĊ QD EU]HJX RJQLH QD Z\EXFKDMąFH JG]LHĞZFLHPQRĞFLNU]\NLL]DVWDQDZLDáHPVLĊF]\MHV]F]HNLHG\NROZLHN]REDF]ĊWRPLDVWR *G]LHĞ FDá\ F]DV Vá\FKDü E\áR UyZQH áRPRWDQLH EĊEQyZ V\JQDáRZ\FK 1LRVáR VLĊ SU]H] ZRGĊLSXOVRZDáRZSRZLHWU]X %UXV]DNOąá ±=PLHQLOLPRZĊEĊEQyZ±SRZLHG]LDá±1LFQLHUR]XPLHP7RQLHVąQDV]HNRG\ 0LDá UDFMĊ 7HĪ QLF]HJR QLH UR]XPLDáHP PLPR ĪH ]QDáHP PRZĊ EĊEQyZ OHSLHM QLĪ QLHMHGHQRILFHU=QDáHPWU]\MĊ]\NLEĊEQyZ]F]HJRWHĪWHQQDMWDMQLHMV]\LGDOHMQLF]HJRQLH SRMPRZDáHP=Z\MąWNLHPMHGQHJRVáRZD1LH]PLHQLOLMHGQHJRVáRZDNWyUHSRZWDU]DáRVLĊ ZNRPXQLNDWDFKFRFKZLOĊÄ7HQGĪDUXN´2GZUyFRQ\ĩXUDZ 7RMD 0RMHLPLĊ  àyGĨ VXQĊáD ZDUWNR ] SUąGHP %UXV VWHURZDá QLHPDOQLH XĪ\ZDMąF ZLRVáD 2G F]DVX GR F]DVXSR]ZDODáMHMNUĊFLüVLĊZZLUDFKLGU\IRZDüEH]ZáDGQLHW\áHPSRWRĪHE\QLH]ZUDFDáD QD VLHELH XZDJL SRĞUyG SQL GHVHN Sá\ZDMąF\FK EHF]HN L UR]PDLW\FK ĞPLHFL ZOHF]RQ\FK U]HNą 5D] SU]HOHFLDáR QDG QDPL NLOND ]EáąNDQ\FK VWU]Dá ZELMDMąF VLĊ ] SOXVNLHP Z ZRGĊ UD] FDáNLHP QLHGDOHNR ] V\NLHP XGHU]\á Z ZRGĊ ]DSDODMąF\ SRFLVN ] MDNLHMĞNDWDSXOW\ SR F]\P UR]ODáZRNyáVLHELHSáRQąFąSODPĊRJQLDDOHP\ĞOĊĪHQLHVWU]HODQRGRQDV 7\P UD]HP SR UD] SLHUZV]\ RG GDZQD SRJRGD E\áD SR QDV]HM VWURQLH 7DP JG]LH QLH GRFLHUDáDUXGDáXQDSRĪDUyZVWDáDVPROLVWDFLHPQRĞüOHMąF\FDá\F]DVGHV]F]WáXPLáFKOXSRW

ZRG\DV]HURNDQDJOHLZDUWNDU]HNDSHáQDĞPLHFLXQLHPRĪOLZLDáDMDNąNROZLHNNRQWUROĊ :SHZQ\PPRPHQFLH]QLRVáRQDVSRGOHZ\EU]HJJG]LHSáRQąáRJLHĔLQDMHJRWOHZLGDü E\áR ĪRáQLHU]\ Z KHáPDFK L ] ZáyF]QLDPL Z UĊNDFK -HGQDN %UXV QDU]XFLá W\ONR QD VLHELH SU]HPRF]RQą V]PDWĊ OHĪąFą QD SDODQNLQLH L SRáRĪ\á VLĊ QD Z]QDN 3U]\U]XFRQD FLHPQ\PL EUXQDWQ\PLSODQGHNDPLQDV]DáyGĨ]DPLHQLáDVLĊZSRGáXĪQ\EH]NV]WDáWQ\FLHĔWDNLVDPMDN SQLHZ]GĊWHNURZ\LFLDáD]DELW\FKSá\QąFHZGyáU]HNL ĩRáQLHU]HQLH]DV]F]\FLOLQDVQDZHWVSRMU]HQLHP 3R MDNLPĞ F]DVLH SU]HVWDáHP Z\JOąGDü VSRG GDV]NX 3RáRĪ\áHP VLĊ QD GQLH SRGSLHUDMąF JáRZĊ]ZLQLĊW\PNRFHPLSRVWDQRZLáHP]DVQąüDOHQLHPRJáHP &]XáHPĪHQDMZDĪQLHMV]HWRQLHP\ĞOHü2QLF]\PFRQLHMHVWWHUDĨQLHMV]RĞFLą7DNMDN WR URELá %UXV 3U]\QDMPQLHM WDNLH VSUDZLDá ZUDĪHQLH .LHG\ VSRWNDP\ SDWURO P\ĞOHü W\ONR R W\P MDN JR RPLQąü XNU\ü VLĊ DOER SR]DELMDü ĪRáQLHU]\ L FR HZHQWXDOQLH ]URELü ] FLDáDPL 'RSyNLPDP\áyGĨSá\QąüLP\ĞOHüW\ONRRZRG]LHU]HFHVWHU]HLZLRĞOH.LHG\EĊG]LHP\ JáRGQLP\ĞOHüR]GRE\FLXMHG]HQLD1LJG\RW\PFREĊG]LHGDOHM1LJG\RW\PFRMXĪE\áR 1LFWDNLHJRQLHLVWQLHMH,VWQLHMHW\ONRWRFRWHUD]1LHMHVWHPFHVDU]HPZáDGFąĞZLDWDVLHURWą DQLXFLHNLQLHUHPĞFLJDQ\PSU]H]KRUG\RV]DODáHJRZRMVND-HVWHPW\PNWyU\Sá\QLHU]HNą$ SRWHPPRĪHW\PNWyU\LG]LHSU]H]ODV 1LFZLĊFHM %UXV WHĪ VWUDFLá FDá\ ĞZLDW 7HĪ PLDá SU]\MDFLyá URG]LQĊ WHĪ E\á .LUHQHQHP MDN MD $OH Z\GDZDáR VLĊ ĪH LQWHUHVXMH JR W\ONR MDN SU]HG]LHUDü VLĊ SU]H] PLDVWR -DN ]QDOHĨü áyGĨ $ WHUD] MDN QLH]DXZDĪHQLH SU]HĞOL]JQąü VLĊ U]HNą L Z\GRVWDü ]H VWUHI\ ZDON , QLH P\ĞOL R QLF]\PLQQ\P 3á\QĊOLĞP\ ] SUąGHP QD ]DFKyG :LHG]LDáHP ĪH ZLRVNL ]DEXGRZDQLD L JRVSRGDUVWZD FLąJQą VLĊ ]D PLDVWHP FDá\PL PLODPL QD REX EU]HJDFK -HGQDN QXUW Sá\Qąá ZDUWNR L PLDáHP QDG]LHMĊĪHGRĞZLWX]GRáDP\GRSá\QąüGRMDNLFKĞQLH]DPLHV]NDQ\FKUHMRQyZ 1LHZLHG]LDáHPJG]LHMHVWHĞP\QLHZLHG]LDáHPWHĪMDNGDOHNRMHVWGRĞZLWX &]XáHPVLĊMDNE\PVLHG]LDáQDNRV]XSHáQ\PMDNLFKĞZĞFLHNá\FK]ZLHU]ąW:LHG]LDáHP ĪHZ\VWDUF]\MHGHQQLHRVWURĪQ\UXFKDSRNU\ZDNRV]DVSDGQLHLFDá\NRV]PDUZ\GRVWDQLHVLĊ QD ZROQRĞü 7HUD] PRMD JáRZD E\áD WDNLP NRV]HP 6WDá JG]LHĞ WDP Z PRLP XP\ĞOH D ]ZLHU]ĊWDZLá\VLĊU]XFDá\LSFKDá\SRNU\ZĊ 1LHP\ĞOHü1LHGRSXV]F]DüGRVLHELHFDáHMSRWZRUQRĞFLWHJRFRVLĊVWDáR1LHRJDUQLDü WHJRXP\VáHP1LHP\ĞOHüRQLNLPEOLVNLP1LHFKFLąJOHMHV]F]HĪ\MąZPRMHMJáRZLHQLHFK ZPRMHMSDPLĊFLSDáDFQDGDOVWRLQLHFKSWDNLFKRG]ąSRWUDZLHQLHFKPRMHG]LHZF]ĊWDVLHG]ą QDWDUDVLH]FLQWDUDPLZUĊNDFK1LHFKSDU]\VLĊQDSDUZVNUĊFDQ\FKPRVLĊĪQ\FKLPEU\NDFK *G]LHĞZPRMHMSDPLĊFL *G]LHĞZPRMHMJáRZLH -HVWW\ONRWRDOERFKOXSRF]ąFDZRNyáPĊWQDZRGDSHáQDRGSDGNyZLSOHFLRQDSODQGHND QDGJáRZą

$OHQLFZLĊFHM 0LQĊOLĞP\PRVW\EXOZDU\LWUDNW\GRFKRG]ąFHGRU]HNLRUD]ZRGRSRMHLPDáHSU]\VWDQLH 7XWDM QD SHZQR QLNW QDV MXĪ QLH PyJá ZLG]LHü ZLĊF %UXV ]DEORNRZDá VWHU L ZLRVáRZDá MDN V]DORQ\WR]MHGQHMWR]GUXJLHMEXUW\:DOF]\áRNDĪGąFKZLOĊFLHPQRĞFLLNDĪG\NROHMQ\NURN RGGDODMąF\QDVRGPLDVWD :NRĔFXUXFKSOXVNLPURNZ]LĊá\JyUĊL]DSDGáHPZSyáVHQFKRüZ\GDZDáRPLVLĊĪH QLHĞSLĊLFDá\F]DVVá\V]ĊNDĪGHSOXĞQLĊFLHV]XPGHV]F]XLNU]\NQRFQHJRSWDND  2EXG]Lá PQLH JZDáWRZQ\ V]HOHVW L V]XUDQLH R EXUW\ 1DV]D áyGĨ ZELMDáD VLĊ JáĊERNR Z WU]FLQ\:RGDE\áDWXSá\WNDDQLHERURELáRVLĊMDVQH8VLDGáHPJZDáWRZQLHLRGZUyFLáHPVLĊ %UXVRGS\FKDáVLĊZLRVáHPRGGQDDQDGDFKXSDODQNLQXOHĪDá\FDáHQDUĊF]DĞZLHĪRĞFLĊW\FK WU]FLQ ']LyE UR]S\FKDá ĞFLDQĊ MDVQ\FK áRG\J D ]D UXIą U]HND OHGZR MXĪ PDMDF]\áD SRPLĊG]\ WU]FLQDPL 2WZRU]\áHP XVWD DOH %UXV JHVWHP QDND]Dá PL PLOF]HQLH àyGĨ VWDQĊáD ZUHV]FLH 0yM SU]HZRGQLN]GMąáVSRGQLHLEXW\SRF]\P ZVDPHMSU]HSDVFHZV]HGáGRZRG\GĨJDMąFGQR NLMHPL]QLNQąáZWU]FLQDFK :UyFLáSRGáXĪV]HMFKZLOLLZJUDPROLáVLĊQDSRNáDG ±0XVLDáHPVSUDZG]LüF]\QLNRJRWXQLHPD±R]QDMPLá±5RELVLĊMDVQRSU]HF]HNDP\ WXG]LHĔ.LHG\QDGHMG]LHQRF]QRZXUXV]\P\,PGDOHMPRĪHP\SRSá\QąüáRG]LąW\POHSLHM GODQDV 8VLDGáLZ\WDUáQRJL ± 6ą U]HF]\ NWyUH PXVLV] ]DSDPLĊWDü 1D]\ZDV] VLĊ $UGĪXN +DWDUPDá MDN SRGF]DV QDV]\FK Z\SUDZ GR PLDVWD MD ]DĞ WDN VDPR MDN ZWHG\ QD]\ZDP VLĊ 7HQG]\Q %\UWDáDM L MHVWHPWZRLPVWU\MHP2EDMMHVWHĞP\]XERĪDá\PL6LQGDUDPL]PDáHJRPLDVWHF]ND1LJG\QLH XĪ\OLĞP\ W\FK LPLRQ ZLĊF Vą EH]SLHF]QH 2EDM SRFKRG]LP\ ] .DPLUVDUX X SRGQyĪD JyU .DPLU =DNRĔF]\áHĞ ZáDĞQLH QDXNĊ X SLVDU]D 6]\áJDQD +DWMH]LGD NWyUD SR]ZROL FL ]GDü HJ]DPLQ\QDXU]ĊGQLNDQLVNLHMUDQJL-HGQDNWZRMąDPELFMąMHVWVáXĪ\üMDNRSLVDU]LXU]ĊGQLN &]HUZRQHM :LHĪ\ L ĞZLąW\QL 3RG]LHPQHM 0DWNL %RZLHP QDMZDĪQLHMV]H Vą GOD FLHELH SUDZG]LZH DPLWUDMVNLH WUDG\FMH =DEUDáHP FLĊ ] PLDVWD SRQLHZDĪ WZyM RMFLHF MHVW FKRU\ L ZUDFDP\GR.DPLUVDUX-DNVLĊGD5HZROXFMD]DVNRF]\áDQDVZPLHĞFLH ± -DN QD]\ZD VLĊ PyM RMFLHF" ± ]DS\WDáHP U]HF]RZR VWDUDMąF VLĊ ]H ZV]\VWNLFK VLá QLH SRP\ĞOHüRZáDVQ\PRMFX ± 8]LU +DWDUPDá 0DWND QD]\ZDáD VLĊ 8ILMD .\G\UĪ\P DOH MXĪ QLH Ī\MH 8PDUáD NLHG\ E\áHĞ G]LHFNLHP 0DV] MHV]F]H EUDWD L VLRVWUĊ 3URV]Ċ RWR OLVW NWyU\ QLE\ QDSLVDá GR FLHELH WZyMRMFLHF7DPSRGUR]PDLW\PLSUHWHNVWDPLZ\PLHQLRQHVąLPLRQDLQD]ZLVNDZV]\VWNLFK F]áRQNyZ WZRMHM URG]LQ\ 0XVLV] VLĊ WHJR QDXF]\ü WDN E\Ğ SDPLĊWDá QDZHW ZH ĞQLH 0XVLV] SDPLĊWDü MHV]F]H R ZLHOX U]HF]DFK 2GWąG ZLĊFHM QLH SRZLHP GR FLHELH WDN MDN QDOHĪ\ 1LH

QD]ZĊ FLĊ V]ODFKHWQ\P NVLĊFLHP WRKLPRQHP FHVDU]HP 6ą U]HF]\ ZDĪQLHMV]H RG NXOWXU\ L XSU]HMPRĞFL :LHG] ĪH SRPLPR LĪ EĊGĊ FLĊ F]DVHP OĪ\á Z\ĞPLHZDá D PRĪH QDZHW SRQLHZLHUDáMHVWHPWZRLPSRGGDQ\PLZLG]ĊZWRELHW\ONRLPSHUDWRUD-HĪHOLRG]\VNDV]WURQ DOER]QDMG]LHP\VLĊZEH]SLHF]Q\PPLHMVFXPRĪHV]Z\GDüPLUR]ND]LMDRGSáDFĊĞPLHUFLą ZV]\VWNLH SU]HMDZ\ EH]F]HOQRĞFL MDNLHM VLĊ GRSXV]F]Ċ -HGQDN PXVLP\ E\ü PąGU]HMVL RG QDV]\FK ZURJyZ 'ODWHJR WHĪ QLH SRZLHP\ DQL VáRZD SR NLUHQHĔVNX 1LH EĊG]LHP\ NXOW\ZRZDü F\ZLOL]RZDQ\FK RE\F]DMyZ WDNLFK MDN NąSLHO Z\SRF]\QHN SR ĞQLDGDQLX NRQWHPSODFMD SLĊNQD SU]\URG\ OXE F]\WDQLH 1LH EĊG]LHP\ PRGOLü VLĊ GR 6WZRU]\FLHOD L G]LĊNRZDü PX QDZHW JG\ ]REDF]\P\ QDMSLĊNQLHMV]H ZLGRNL L PLHMVFD QD ĞZLHFLH -HVWHĞP\ $PLWUDMDPL ] $PLWUDMX L XZDĪDP\ WR ZV]\VWNR ]D FXG]R]LHPVNLH VáDERĞFL L REFH RE\F]DMH NWyU\FKQLHUR]XPLHP\ =DSLĊNQRXZDĪDP\VWHSJDORSQDNRQLXL]Z\FLĊVWZR3RG]LHPQHM 0DWNLNWyUHXVXQLHZV]\VWNLHUyĪQLFHLVSUDZLĪHZV]\VWNRVWDQLHVLĊMHGQ\P:V]\VWNRFR QLH LVWQLHMH Z .RGHNVLH =LHPL XZDĪDP\ ]D ]EĊGQH L ]áH 'ODWHJR QLH GUJQLH QDP QDZHW SRZLHNDNLHG\EĊG]LHP\ZLG]LHOLMDNSOąGUXMHVLĊMDNLHNROZLHNĞZLąW\QLHMDNSDOLVLĊNVLĊJL DOER UR]ELMD SRVąJL 1LH ]ZUyFLP\ XZDJL JG\ EĊGą SU]\ QDV RGELHUDOL OXG]LRP ZROQRĞü L F]áRZLHF]HĔVWZR 1DZHW QLH UR]XPLHP\ FR WR MHVW 'OD QDV ZROQRĞü WR SRVáXV]HĔVWZR 3UDPDWFHDKRQRUWRJRUOLZRĞüZZ\SHáQLDQLXRERZLą]NyZSDPLĊWDMRW\P3DPLĊWDMSU]H] FDá\F]DV ± 7HUD] PXV]Ċ LĞü L ]RVWDZLĊ FLĊ WXWDM 0XV]Ċ ]REDF]\ü JG]LH MHVWHĞP\ L FR VLĊ G]LHMH &]\QDGURJDFKVWRMąSDWUROHF]\JG]LHĞWRF]ąVLĊMHV]F]HZDONL&]\GDVLĊNXSLüĪ\ZQRĞü :UyFĊ1DMGDOHMGRSRáXGQLD-HĪHOLMHGQDNQLHZUyFĊGRQRF\]HSFKQLMáyGĨQDZRGĊLSá\Ĕ] SUąGHP 2 EU]DVNX VWDZDM Z XNU\W\FK PLHMVFDFK : WU]FLQDFK QD Z\VSDFK OXE Z ZąVNLFK RGQRJDFK1LHSDORJQLD6WUDZĊMHG]]LPQąDOERSRGJU]HZDMMąQDGNQRWHPODPS\:G]LHĔ ĞSLM Sá\Ĕ OXE PDV]HUXM QRFą 1LH PyZ ] QLNLP L QLH SR]ZyO VLĊ ]REDF]\ü -HĪHOL XMU]\ FLĊ MHGHQ F]áRZLHN ]DELM JR -HĪHOL ZLĊFHM XFLHNDM -HĪHOL QLF VLĊ QLH Z\GDU]\ SR G]LHVLĊFLX QRFDFKSRZLQLHQHĞGRWU]HüZSREOLĪH6DXUDJDUX=QDMGĨZWHG\V]ODNLNLHUXMVLĊQDZVFKyG :VWHODĪXPRMHJRNRV]D]QDMG]LHV]SXVW\ZĞURGNXNDZDáHNGUHZQLDQHMWU]FLQ\DZHZQąWU] VSLVDQHPLHMVFDGRNWyU\FKPDV]VLĊNLHURZDüLOXG]LNWyU]\E\üPRĪHSRPRJąFL7RW\OH $OHMDZUyFĊ :UyFĊ GR SRáXGQLD 1LH VFKRGĨ QD EU]HJ -HĪHOLXVá\V]\V] NRJRĞ QLH UXV]DM VLĊ .DĪG\ NWRPLHV]NDQDGU]HNąUR]SR]QDGĨZLĊNMDNLZ\GDMHSRUXV]HQLHVLĊQDáRG]L-HĪHOLEĊG]LHV] SRWU]HERZDáVLĊRF]\ĞFLüWDNĪH]UyEWR]áRG]L-HĪHOLEĊG]LHV]FKFLDáMHĞüOXESLüVą]DSDV\, QLH SLM ZRG\ ] U]HNL %XU]D VSRZRGRZDáD SRZyGĨ D ZRMQD VSXĞFLáD QLą ZLHOH WUXSyZ : ZRG]LHPRĪHE\ü]DUD]D 3R W\FK VáRZDFK ]DEUDá NLM RUD] ]DZLQLąWNR ]URELRQH ]H VSRGQL EXWyZ L VNDUSHW NWyUH ZFLVQąáGRV]W\ZQHJRSRGUyĪQHJRNDSHOXV]DLQDNU\áPQLHVWDUąVLHFLąU\EDFNąRGSDODQNLQX DĪSRG]LyESRF]\PSRZSODWDáZQLąáRG\JLWU]FLQ ± *G\E\Ğ MHGQDN SRWU]HERZDá Z\MĞü VLHü MHVW UR]FLĊWD ] MHGQHM VWURQ\ ± R]QDMPLá D

SRWHPQLRVąFNDSHOXV]SHáHQU]HF]\QLF]\PNRV]\NLNLM]DáRĪRQ\]DNDUNLRSOHFLRQ\MHGQą UĊNąZV]HGáPLĊG]\WU]FLQ\ =RVWDáHPVDP 1D áRG]L E\áR GRĞü PLHMVFD ĪHE\ SU]HMĞü RVWURĪQLH QD UXIĊ L WDP ]DVLąĞü SRG RVáRQą SDODQNLQX L VLHFL QD Z\JRGQHM áDZHF]FH 0RJáHP SDWU]Hü PLĊG]\ áRG\JDPL QD U]HNĊ RVáRQLĊWą ĞFLDQą WU]FLQ D JG\E\P FKFLDá VLĊ SRáRĪ\ü PRJáHP ZF]RáJDü VLĊ SRG SDáąNL QD G]LRELHLVSDü =QDOD]áHPNLONDRJURPQ\FKJąVLRUyZ]ZRGąLZLQHPSDOPRZ\PVXV]RQHNRĨOHPLĊVR ZĊG]RQHVHU\FKOHEPLRGRZHĞOLZ\LUyĪQHLQQHU]HF]\ 3RNU]HSLáHPVLĊRGURELQĊDOHQLHF]XáHPVLĊ JáRGQ\5DF]HM FKRU\ =DSUDJQąáHP F]DUNL QDSDUXRU]HFKRZHJRDOHQLHE\áHPSHZLHQF]\PDPWXRU]HFK\F]DUNLLW\JOH1LHFKFLDáHP WHĪSDOLüEH]SRWU]HE\RJQLD 6LHG]LDáHP QD áDZFH MDN Z WU]FLQRZHM DOWDQLH ĪXáHP VXV]RQH ĞOLZ\ L QLF QLH PRJáHP SRUDG]Lü QD WR ĪH FDáD V\WXDFMD ZUHV]FLH GR PQLH GRWDUáD 3RNU\ZD NRV]D VSDGáD L PRMH NRV]PDU\ Z\GRVWDá\ VLĊ QD ]HZQąWU] :LG]LDáHP LFK ZV]\VWNLFK &Dá\ NRURZyG WZDU]\ 7DNLFKMDNLFK]DSDPLĊWDáHPLWRMDNPXVLDáDZ\JOąGDüLFKĞPLHUü*áRZĊ$LLQ\WU]\PDQą ]D ZáRV\ SU]H] Z\MąF\FK ĪRáQLHU]\ 0RMHJR ELHGQHJR EUDWD SU]\Z\NáHJR UDF]HM GR FLQWDUX QLĪ PLHF]D ]DGĨJDQHJR ZáyF]QLDPL PRMH QLHV]F]ĊVQH SRNRMRZH JZDáFRQH SU]H] G]LHVLąWNL FXFKQąF\FKMDNNR]á\FKU]ĊV]F]ąF\FKREU\]JDQ\PNUZLąĪHOD]HPĪRáQLHU]\SRWHP]DUĪQLĊWH WĊS\PL SRV]F]HUELRQ\PL RVWU]DPL PLHF]\ SLHFKRW\ 3áRQąFH ]DVáRQ\ 'RPX &\QREUX ]ZLMDMąFH VLĊ L F]HUQLHMąFH NZLDW\ L NZLWQąFH JDáĊ]LH PDORZDQH SWDNL RGODWXMąFH UD]HP ] VDG]ąLSáRPLHQLDPL 1LH EĊG]LH MXĪ ĝZLĊWD :LDWUX" 7\VLĊF\ ODWDZFyZ SXV]F]DQ\FK Z SLHUZV]\FK FLHSá\FK SRGPXFKDFK"1LHEĊG]LHĝZLĊWD1DGHMĞFLD6áRĔFDZVDP\PĞURGNXPURĨQHM]LP\":LHONLFK RJQLVN SáRQąF\FK QD ĞQLHJX" 7DĔFyZ ZRNyá RJQLD" 1LH EĊG]LH 'QLD /HWQLFK *RGyZ" 1LF W\ONR QLHNRĔF]ąFH VLĊ NUZDZH RILDU\ L PRGá\ X VWyS &]HUZRQ\FK :LHĪ" 7\ONR ĞZLĊWD SáRGQRĞFLLĞZLĊWD3RG]LHPQHJRàRQDSU]\NDĪGHMRND]ML" 5R]SDF] QLH WUZDáD GáXJR =XSHáQLH MDNE\ Z\SDOLáD VLĊ ZH PQLH MXĪ ZF]HĞQLHM , MDNE\ SRWHP FDáH PRMH ZQĊWU]H ]DPDUáR 1LH ZLHG]LDáHP F]\ RMFLHF PLDá UDFMĊ VąG]ąF ĪH PRJĊ SRZUyFLü]DMDNLĞF]DVLSU]\ZRáDüWRZV]\VWNRGRĪ\FLD$OHE\áHPSHZLHQĪHVSUyEXMĊDOER XPUĊSUyEXMąF =QXGyZREHMU]DáHPNLMDOHQLHXGDáRPLVLĊGRNRĔFDUR]V]\IURZDüMDNG]LDáD8PLDáHP Z\MąüPLHF]XGDáRPLVLĊUyZQLHĪVSUDZLüĪHGUXJLNRQLHFZ\SXĞFLáZąVNLHRVWU]HL]DPLHQLá VLĊZHZáyF]QLĊDOHQLF]HJRZLĊFHMQLH]QDOD]áHP 3U]HMU]DáHPWDNĪHVZyMNRV]SRGUyĪQ\0RĪQDWDPE\áR]QDOHĨüWRFROXG]LH]D]Z\F]DM ]DELHUDMąZSRGUyĪL]F]\PPyJáE\ZĊGURZDü$UGĪXN+DWDUPDá6LQGDU].DPLUVDUX7URFKĊ ELHOL]Q\ FLHSá\ NDIWDQ SáDV]F] EXW\ MHGQH ]DSDVRZH GUXJLH ILOFRZH QD ]LPĊ ZRMVNRZH RNXWH VDQGDá\ GR ]DNáDGDQLD QD REXZLH UĊF]QLN NRF á\ĪND PHWDORZH V]F]\SF]\NL GR

MHG]HQLDPDá\QyĪNXEHNSXGHáNR]SU]\ERUDPLGRSLVDQLD2UD]PRMDĪHOD]QDNXODĪ\F]HĔ 3UH]HQW RG 5]HPLHQLD NWyU\ )\DOOD DOER 7DKHOD VSDNRZDá\ PL GR SOHFDND 1D Z\SDGHN JG\E\E\áRPLVPXWQRJG\E\QLHE\áRLFKSU]\PQLHĪHE\PQLHSRFLHV]\ü 5R]SáDNDáHPVLĊGRSLHURZWHG\VLHG]ąFQDGRWZDUW\PNRV]HPLĞFLVNDMąFNXOĊZGáRQL WDNMDNURELáHPWRSU]H]FDáHĪ\FLH 1DZHWMHĪHOLSRZUyFĊQDF]HOHZRMVND]ZDOĊ&]HUZRQH:LHĪHLSRáRĪĊSDVNXGQąJáRZĊ 1DKHO,IULMLQDJURELHRMFDRGEXGXMĊSDáDFL:LRVNĊ&KPXUWRF]\RQLSRZUyFą":\MGąMHGQR ]DGUXJLP]PJá\LXVLąGą]HPQąQDSDWLR" :VWDáRPJOLVWHVáRĔFHDMDVLHG]LDáHPQDáRG]L &]HNDáHP *G\QDVWDáUDQHNQDJOHXVá\V]DáHPĞSLHZ -DNLĞFKáRSPRĪHU\EDNSá\QąáU]HNąZ]GáXĪWU]FLQ6á\V]DáHPMDNVNU]\SLąZLRVáDLMDN ĞSLHZD SURVWą FNOLZą SLRVHQNĊ R áDSDQLX U\E L R W\P MDN QDMSLĊNQLHMV]H ]DQLHVLH GR GRPX VZRMHM XNRFKDQHM , ĪH WH U\E\ Vą SLĊNQLHMV]H QLĪ NOHMQRW\ NWyU\FK RQ QLH PD L PLHü QLH EĊG]LH ER MHVW ELHGQ\ , MHV]F]H ĪH U\E\ PRĪQD ]MHĞü D NOHMQRW\ Vą ]LPQH WZDUGH L QLH QDSHáQLąEU]XFKD 8ĞPLHFKQąáHP VLĊ ] UR]F]XOHQLHP 7DP WRF]\áD VLĊ ZRMQD NDSáDQL SRGU]\QDOL OXG]LRP JDUGáD SáRQĊá\ PLDVWD L ZDOLá\ VLĊ WURQ\ FDá\PL QRFDPL QLHEHP QLRVáD VLĊ REFD PRZD EĊEQyZDRQURELáVZRMHàRZLáU\E\1DNDUPL VZRMąXNRFKDQąD UHV]WĊ]DQLHVLHQDED]DU 7DPFLQDSFKDMąEU]XFK\LEĊGąGDOHMELüEXU]\üLSDOLüLQLH]GDG]ąVRELHQLJG\VSUDZ\ĪH PRJąVRELHQDWRSR]ZROLüW\ONRGODWHJRĪHRQQLF]HJRQLHSRGSDODDQLQLH]DELMDW\ONRáRZL U\E\ 5R]VXQąáHPOHNNRWU]FLQ\ZSOHFLRQHZVLHüĪHE\QDQLHJRSRSDWU]Hü =áRĪ\áZLRVáDLZ\MąáGáXJąW\F]NĊ]DNRĔF]RQąKDNLHPNWyUą]DQXU]\áZZRG]LH=URELáR PL VLĊ ĪDO ELHGQHJR FLHPQHJR GXUQLD NWyU\ V]XND VZRLFK SXáDSHN QD NUDE\ L PDáĪH DOER ZLĊFLHU]\PLPRĪH]HV]áDEXU]DU]HNąSRSá\QĊáDZF]RUDMIDODSRZRG]LRZDZORNąFZRMHQQH ĞPLHFLDWHMHJRSXáDSNLLVLHFLSRV]á\ZGU]D]JLOXESá\QĊá\WHUD]GRPRU]D 5\EDN MHGQDN FRĞ ]QDOD]á L KRORZDá WR GR VZRMHM áRG]L GDOHM ĞSLHZDMąF SU]H] ]DFLĞQLĊWH ]ĊE\ 3U]\MU]DáHP VLĊ GRNáDGQLHM L RND]DáR VLĊ ĪH ZHVRá\ U\EDN KROXMH ± WUXSD 8GDáR PX VLĊ SU]\FLąJQąü ]ZáRNL GR EXUW\ L XZLą]Dü ]D V]\MĊ SR F]\P VWĊNDMąF RGZUyFLá MH QD Z]QDN L UR]SLąáSDVNWyU\ZU]XFLáGRáRG]LSU]HV]XNDá]DQDGU]HREPDFDáV]\MĊL]QDOD]áMDNLĞDPXOHW NWyU\ SR FKZLOL WHĪ ]DJU]HFKRWDá R GHVNL D SRWHP RGSLąá MHV]F]H VDQGDá\ L RGHSFKQąá WUXSD VZRMąW\F]NąZ\V\áDMąFJRZGDOV]ąGURJĊ]QXUWHP =URELáRPLVLĊQLHGREU]H=REDF]\áHPMDNQDGDO ĞSLHZDMąFSRZLRVáRZDá GRQDVWĊSQHJR GU\IXMąFHJR U]HNą FLDáD ]ZLHĔF]RQHJR QLF]\P PDV]WHP VWHUF]ąFą ] SOHFyZ GáXJą VWU]Dáą :\MąáVNáDGDQ\QRĪ\NSRF]\PREFLąáVWU]DáĊL]GMąáPDUWZHPXĪyáWąNXUWĊPDUDQDKDUVNLHJR W\PHQXSLHFKRW\:]DGXPLHSU]HáRĪ\áSDOHFSU]H]G]LXUĊSRVWU]DOHMDNE\V]DFXMąFF]\WR

VLĊRSáDFL]DV]\ZDü 'áXJR SDWU]\áHP MDN Sá\ZD WR WX WR WDP SR U]HFH SDWU]\áHP ] PLHV]DQLQą SRJDUG\ L OLWRĞFL 2NUDGDáWUXS\DOHWHĪFRGODQLHJR]QDF]\á\MDNLHĞELWZ\ZPLHĞFLH"&RJRREFKRG]LáR F]\QDGDOEĊG]LHU]ąG]LáFHVDU]NWyU\MHVWMDNLPĞ.LUHQHQHPLNWyU\FKFLDá]EXGRZDüOHSV]\ NUDM W\ONR QLH ]GąĪ\á F]\ WHĪ WHUD] EĊG]LH JR RERZLą]\ZDá MDNLĞ .RGHNV =LHPL MDNLĞ SRG]LHPQ\NXOWDZáDG]DWRWHUD]EĊGąQLHFHVDUVF\XU]ĊGQLF\W\ONRNDSáDQLZPDVNDFK"&]\ WRZV]\VWNR]QDF]\ĪHGDUPRZHVDQGDá\LNXUWDPDMąVSá\QąüU]HNą"$QLFHVDU]HDQLNDSáDQL QLHGDOLPXQLJG\VDQGDáyZ'DáPXMHPDUWZ\ĪRáQLHU]7HUD]]DáRĪ\MHQDVWDUHSáyFLHQQH EXW\ L QLH W\ONR VWDQLH VLĊ HOHJDQFNL 7HUD] WH EXW\ Z\WU]\PDMą ]QDF]QLH GáXĪHM 5HV]WĊ VLĊ VSU]HGDLEĊG]LHPRĪQDNXSLüVRELHGXUU\DOER FKOHEDDOERPLĊVQ\FK JU]\EyZ$OERZĊJOD GU]HZQHJRQD]LPĊF]\ROLZ\ 7DNWRZ\JOąGDáREH]UyĪQLF\F]\PLVLĊSRGREDáRF]\QLH'RWHJRPLDáHPXF]XFLHĪH JG\E\WHQPLá\U\EDNZLHG]LDáNWRVLHG]LZWU]FLQDFKNLONDNURNyZRGQLHJRREáRZLáE\VLĊ PRĪH MHV]F]H EDUG]LHM 'ODWHJR WU]\PDáHP Z GáRQL VZRMą SRGUyĪą ODVNĊ ] OHNNR MXĪ Z\VXQLĊW\PRVWU]HP 5\EDN SR MDNLPĞ F]DVLH RGSá\Qąá L ]QRZX ]RVWDáHP VDP ,P GáXĪHM WDN VLHG]LDáHP W\P EDUG]LHMF]XáHPMDNURĞQLHZHPQLHQLHSRNyM%DáHPVLĊLR %UXVDLRVLHELH1LHXPLDáHP SRZLHG]LHü MDN GáXJR JR MXĪ QLH E\áR DOH ]GDZDáR PL VLĊ ĪH ]D GáXJR &RNROZLHN VLĊ Z\GDU]\áRLWDNPXVLDáHPF]HNDüGRQRF\E\RGSá\Qąü 1LHPLDáHPW\ONRSRMĊFLDGRNąG 3RNROHMQ\PGáXJLPF]DVLH]QRZXXVá\V]DáHPKDáDVSOXVNZRG\LSRVWXNLZDQLHNURNyZ QD GHVNDFK SRNáDGX 7\P UD]HP U]HNą FLąJQĊáD GZXSRNáDGRZD JDOHUD /HĪDáHP ]XSHáQLH QLHUXFKRPRLSDWU]\áHPSRPLĊG]\ĨGĨEáDPLWU]FLQ\6á\FKDüE\áRMXĪZ\UDĨQLHáRPRWEĊEQyZ L ĞZLVW ELF]D SRG SRNáDGHP V]HUHJL ZLRVHá SRUXV]Dá\ VLĊ UyZQR MDN SáHWZ\ MDNLHJRĞ PRUVNLHJR VWZRU]HQLD D G]LyE FLąá IDOH XND]XMąF FR FKZLOĊ PLHU]ąF\ GR SU]RGX ĪHOD]Q\ WDUDQ 1D JyUQ\P SRNáDG]LH VWDOL ĪRáQLHU]H ] áXNDPL JRWRZ\PL GR VWU]DáX L XZDĪQLH SU]HJOąGDOLEU]HJL:NRV]DFKSáRQąáRJLHĔDSU]\GZyFKEDOLVWDFKQDG]LRELHLUXILH]DáRJL F]HNDá\QDUR]ND] /HĪDáHPMDN]DMąFSU]HNRQDQ\ĪHáRPRWPRMHJRVHUFD]DJáXV]\]DFKZLOĊLFKEĊEHQ -HGHQ]ĪRáQLHU]\QDJOH QDSLąááXNLVWU]DáDE]\NQĊáDZWU]FLQ\WUDILDMąF FRĞFRZ\GDáR PXVLĊSRGHMU]DQH6WU]HOHFZVND]DáWRPLHMVFHGUXJąVWU]DáąWU]\PDQąZUĊNXDMHJRVąVLDG ]DQLyVáVLĊĞPLHFKHP -HV]F]HZF]RUDMZV]\VWNLHWHJDOHU\QDOHĪDá\GRPRMHJRRMFD']LĞE\á\WRMHG\QLHRNUĊW\ ZURJD *DOHUD Sá\QĊáD V]\ENR L QLH XSá\QĊáR GXĪR F]DVX MDN EĊEHQ L SOXVN ZLRVHá XFLFKá\ D Vá\FKDüE\áRW\ONRSRĞZLVW\ZDQLHSWDNyZV]HOHVWWU]FLQLSOXVNZRG\ 0RĪH%UXV]RVWDZLáPQLHVDPHJR"

0RMD ZDUWRĞü PQLH VDPHPX ]GDZDáD VLĊ ĞPLHFKX ZDUWD ,VWQLDáD GRSyNL VWDá 7\JU\VL 3DáDF SyNL ZRNyá PQLH NUĊFLá\ VLĊ VHWNL ZLHUQ\FK OXG]L 0LDáHP JZDUG]LVWyZ NRGHNV\ VWDU\FKPLVWU]yZGRUDGFyZ$OHWHUD]" %\áHPW\ONRQLHGRURVWNLHP5]HF]\ZLĞFLHPRJáHP]RVWDüQDMZ\ĪHMSLVDU]HPZĞZLąW\QL -DNPLDáE\PRGZUyFLüWRFRVLĊVWDáR".RJRSRUZDü]DVREąLNXF]HPXSRSURZDG]Lü" 6DP%UXVPyJá]DV]\üVLĊJG]LHĞLSU]HWUZDü%\áHPGODQLHJRW\ONRFLĊĪDUHP 6LHG]LDáHP GáXJR SRJUąĪRQ\ Z WDNLP SU]\JQĊELHQLX D SRWHP ]URELáR PL VLĊ ZVW\G :VW\GQDP\ĞORW\PFRSRZLHG]LDáE\RMFLHFJG\E\XVá\V]DáPRMHP\ĞOL &RSRZLHG]LDáE\5]HPLHĔ"&]\G]LHVLĊüODWZ'RPX6WDOL]GDáRVLĊQDQLF" 1DKHO,IULMDWDNĪHQLHPLDáDQLF]HJR:\V]áD]SXVW\QLQDNWyUHMQLHPRĪHSU]HWUZDüDQL F]áRZLHN DQL ]ZLHU]Ċ , Z Syá URNX ]ZDOLáD W\VLąFOHWQLH FHVDUVWZR Z S\á SRNRQDáD QDV ZV]\VWNLFK]DPNQLĊW\FK]DPXUDPLSDáDFyZERJDW\FKZLHG]ąVHWHNNLUHQHĔVNLFKPĊGUFyZ RWRF]RQ\FKX]EURMRQ\PLSR]ĊE\ĪRáQLHU]DPL $PLDáDPQLHMQLĪMDZWHMFKZLOL %\ü PRĪH XPLDáD F]\QLü %\ü PRĪH ]QDOD]áD ]DJLQLRQH LPLRQD ERJyZ 0LDáD VZRMą 3RG]LHPQą 0DWNĊ -D WHĪ PLDáHP VZRLFK QDGDNX 0LDáHP WHĪ PąGURĞü QLH]QDQHJR 6WZRU]\FLHODL'URJĊ3RG*yUĊ7DPQDSyáQRF\JG]LHQLHJG\ĞE\á.LUHQHQ 8]QDáHPĪH%UXVQLHZUyFL:WDNLPUD]LHSyMGĊJRV]XNDü-HVWHP.LUHQHQHP-HVWHP] NODQXĩXUDZLDZLĊFQLH]RVWDZLĊJR7DNQDND]XMHKRQRUZRMRZQLND-HĪHOL]JLQąáZUyFĊWX ZVLąGĊ QD áyGĨ L SRSá\QĊ GDOHM $ SRWHP SRU]XFĊ Mą L SyMGĊ QD SyáQRF 1RFDPL MDN UDG]Lá 3U]H]2VWUH*yU\=REDF]ĊQDZáDVQHRF]\'ROLQĊ&]DUQ\FKàH]=QDMGĊPLHMVFHZNWyU\P NLHG\ĞVWDá]DPHNĩXUDZLD±:áDGF\2JQLDVLHG]LEDPRMHJRURGX1DZHWMHĪHOLQLHPDWDP MXĪ .LUHQHQyZ WR GXFK\ PLHMVFD RFDODá\ 'U]HPLą Z JyUDFK VNDáDFK L XURF]\VNDFK 3U]\ZRáDP QDV]H QDGDNX L ] QLFK ]DF]HUSQĊ VLáĊ =DV]\MĊ VLĊ Z JyUDFK L SRV]XNDP LPLRQ ERJyZ$SRWHPZUyFĊL]QLV]F]Ċ,IULMĊ 3RVWDQRZLáHPSRF]HNDüGR]PLHU]FKXDSRWHPLĞüĞODGHP%UXVD 3R SRáXGQLX XVá\V]DáHP PRZĊ EĊEQyZ =QyZ QLF QLH ]UR]XPLDáHP SR]D WU]HPD ]QLHNV]WDáFRQ\PLVáRZDPLNWyUHZ\GDá\PLVLĊSRGREQHGRÄU]HND´ÄWU]\´LÄáDĔFXFK´ 7DNZPyZLáHPVRELHLĪ%UXVSU]HSDGáĪHNLHG\ZUyFLáE\áHPSHZLHQĪHWRQLHRQ7\P EDUG]LHM ĪH SU]HĞOL]JQąá VLĊ SRPLĊG]\ WU]FLQDPL QLHPDO EH]JáRĞQLH 1DJOH SU]\ G]LRELH Z\URVáDFLHPQDV\OZHWNDZLĊFSRUZDáHPNLMZ\VXZDMąFRVWU]HLSFKQąáHPJRZV]\MĊSRG EURGą 2GELá SFKQLĊFLH ZáDVQ\P NLMHP L XSDGá Z ZRGĊ QD Z]QDN 3RGHUZDá VLĊ QDW\FKPLDVW ]áRZLáRGSá\ZDMąF\NDSHOXV]LVSRMU]DáQDPQLH]HZĞFLHNáRĞFLą ± 7R W\ONR MD *G\E\P PLDá ]áH ]DPLDU\ ] SHZQRĞFLą E\Ğ MXĪ QLH Ī\á 6á\FKDü PQLH Z\UDĨQLHQDG]LHVLĊüNURNyZ :U]XFLáGRáRG]LPRNU\ZRUHNNWyU\QLyVáZGUXJLPUĊNXLZJUDPROLáVLĊQDSRNáDG ±6á\V]DáHĞEĊEQ\"

±7DN2]PURNXPLDáHP]DPLDUSRFLHELHLĞü =QLHUXFKRPLDá]HVSRGQLDPLZUĊNX ±$MDNFKFLDáHĞPQLH]QDOHĨü",SRFR"6NRURQLHZUyFLáHPWR]QDF]\áRE\ĪHQLHĪ\MĊ DOER FR JRUV]D ]GUDG]LáHP (ZHQWXDOQLH ĪH PQLH VFKZ\WDQR D WR ]QDF]\ ĪH ZNUyWFH ]GUDG]ĊQDWRUWXUDFK:NDĪG\PUD]LHSRZLQLHQHĞQDW\FKPLDVWXFLHNDü ±'ODF]HJRPyZLV]ĪH]GUDG]LV]" ± 1LH ZLG]LDáHĞ WRUWXU D MD WDN /XG]LH PRJą WU]\PDü VLĊ GáXĪHM OXE NUyFHM DOH JáXSRWą MHVW]DNáDGDüĪHSR]RVWDQąQLH]áRPQL.LHG\NWRĞFLEOLVNLZSDGDZUĊFHZURJDQDW\FKPLDVW SU]\MPLM ĪH SRZLH ZV]\VWNR FR ZLH 7DN MHVW EH]SLHF]QLHM %ĊGĊ VWDUDá VLĊ Z UD]LH F]HJR ]JLQąüOXE]DGDüVRELHĞPLHUüDOHQLJG\QLHZLDGRPR7HUD]NRQLHF]QLHVSUyEXMVSDü3U]HG QDPLFDáDQRF&RJRUV]DWRRVWDWQLDMDNą]DU\]\NXMHP\ZáRG]L ±'ODF]HJR" ±'RNąGV]HGáPHOGXQHNVNRURSU]HV\áDQRJRWĊG\" ± 0yJá E\ü RJyOQ\ Ä'R ZV]\VWNLFK XV]X´ 6NRUR 1DKHO ,IULMD SU]HMĊáD ZáDG]Ċ Z\ĞOH GXĪRWDNLFKPHOGXQNyZ ±1DWRE\á]DNUyWNL$MHĪHOLQLHE\áRJyOQ\" ±7RV]HGáGRXMĞFLD'RIRUWXZ&]HQGĪDEDG]LH ±$WRR]QDF]DĪH]HFKFą]DPNQąüU]HNĊ 5R]HĞPLDáHPVLĊ ±-DNPRĪQD]DPNQąüU]HNĊ" ± :\VWDUF]ą WU]\ JDOHU\ ]DNRWZLF]RQH Z QXUFLH MHGQD RERN GUXJLHM 8VWDZLD VLĊ MH G]LREHP GR QXUWX L U]XFD NRWZLFH $ SRWHP áąF]\ VLĊ EXUW\ áDĔFXFKDPL 3RPLĊG]\ EXUWDPL RNUĊWyZSHáQ\FKáXF]QLNyZQLNWQLHSU]HSá\QLHĪ\Z\ ±-XĪSá\QĊáDZJyUĊMHGQDJDOHUD±SRZLHG]LDáHP±'RZLHG]LDáHĞVLĊF]HJRĞ" ± 7X MHVW QLHGDOHNR RVDGD 2EVHUZRZDáHP Mą W\ONR ] XNU\FLD 7R ZROQL ] QLVNLFK NDVW =QDF]\ VLĊ E\OL ZROQL GR ZF]RUDM *áyZQLH +LUXNRZLH L .DUDKLPRZLH GZLH PRĪQLHMV]H URG]LQ\ $IUDLPyZ 6á\V]HOL W\ONR SRJáRVNL ĩH ZUDFD .RGHNV =LHPL ĩRQ\ URGRZLW\FK $PLWUDMyZ RG UD]X ]DF]Ċá\ VLĊ Z\SURZDG]Dü L XU]ąG]Dü VRELH 'RP .RELHW ,QQL áDGXMą GRE\WHNQDZR]\LFKFąXFLHNDü0yZLVLĊWHĪĪHJQLHZ3RG]LHPQHM0DWNLQLH]RVWDáMHV]F]H XáDJRG]RQ\LSRGGDQLKRáGXMąF\FXG]R]LHPVNLPPRGRPUHOLJLRPLáDPLąF\.RGHNV=LHPL PDMąRVWDWQLPRPHQWE\VLĊQDZUyFLü-HĞOLVLĊVSyĨQLąVXV]DSRZUyFLDLFK]PLHFLH2JLHĔ 3XVW\QL 7R ZV]\VWNR MHGQDN SORWNL 1LNW QLH ZLH FR EĊG]LH GDOHM 1LHNWyU]\ V]\NXMą MXĪ ]DSDV\ E\ RGGDü MH NDSáDQRP D LQQL ]DNRSXMą MH GR ]LHPL : NDĪG\P UD]LH NDUF]PDU] MXĪ UR]ELMDEHF]NL]SLZHPLSDOPRZ\PZLQHP.DSáDQLMHV]F]HQLHSU]\E\OL ±7RFREĊGąSLOL" ±:RGĊLPOHNR3RG]LHPQD0DWNDQLH]H]ZDODQDQLFFRGDMHÄQLHQDWXUDOQąLJU]HV]Qą´ UDGRĞü1DZHWSU]\SUDZLDüQLF]HJRQLHZROQR1LHZROQRWDNĪHXáDWZLDüVRELHĪ\FLD0DV]Z VNXSLHQLXLSRZDG]HPR]ROQLHSUDFRZDüQDU]HF]]LHPLLV]\NRZDüVLĊGRZDONLE\RG]\VNDü

MHMG]LHG]LFWZR ±7DNE\ZV]\VWNRVWDáRVLĊMHGQ\P±]DNRĔF]\áHP ± +DIUDP DN\G\á 3RZLHG]LDáHĞ SUDZGĊ ± RGSRZLHG]LDá L XĞPLHFKQąá VLĊ ] DSUREDWą ± 0\ĞODáHPĪHOHSLHM]QDV]UHOLJLHLPSHULXP ± =QDáHP $OH WĊ DNXUDW QLHGRNáDGQLH =OHNFHZDĪ\áHP Mą ER P\ĞODáHP ĪH MXĪ QLH SRZUyFL ±,P\OLáHĞVLĊ±]DXZDĪ\áVPXWQRLSRáRĪ\áVLĊ±7HUD]WU]HEDVSDü ±6LWDU7HQG]\Q" ±7DN" ±'RNąG]PLHU]DP\" ±-DNQDMGDOHM$GRNąGFKFLDáE\ĞMHFKDü" ±=D2VWUH*yU\'R.LUHQHQX'RGRPX 8VLDGáZáRG]L ±7R]á\SRP\Vá-XĪWDPQDFLHELHF]HNDMą7RE\áRáDWZHGRSU]HZLG]HQLD&RZLĊFHMWR QLH PD VHQVX 7DP MHVW W\ONR G]LND ]QLV]F]RQD SURZLQFMD JG]LH QLH PLHV]ND QLHPDO QLNW ] QDV]\FKURGDNyZ7URFKĊSODQWDFMLNLONDGUyJLMHGQRPLDVWRSRUW.DQJDEDG=EXGRZDQHRG QRZDSRDPLWUDMVNX:V]\VWNLFKZ\VLHGORQR'R.DQGDUXQDGU]HNĊ)LJLVVQDVWHS\2VVLUX 'R.LUHQHQXSU]\JQDQRLQQ\FK7RMHVWWHUD]SURZLQFMDNDQJDEDG]ND1LHPDMXĪ.LUHQHQX ±:LĊFGRNąG" ±3R]D]QDQ\ĞZLDW7DPJG]LHNRĔF]ąVLĊPDS\7DPJG]LHQLNWFLĊQLH]QDMG]LH ±1LHSRZLHV]PL" ±3RZLHP$OHMHV]F]HQLHG]LĞ,PPQLHMZLHV]W\POHSLHM 3U]H] FDáą QRF Sá\QĊOLĞP\ RVWURĪQLH WXĪ SRG EU]HJLHP FLFKR L SRZROL 2G ]DNUĊWX GR ]DNUĊWX :\SDWU\ZDOLĞP\ RF]\ ĪHE\ VSUDZG]Lü F]\ QD U]HFH QLH NRá\V]ą VLĊ MXĪ JDOHU\ SRáąF]RQHáDĔFXFKDPL3RMDNLPĞF]DVLHRF]\SU]\Z\Ná\PLGRPURNXDOHLWDN]DF]\QDáHP ZLG]LHü]DGDUWHUXI\RNUĊWyZZNDĪGHMNĊSLHWU]FLQ\LZĞUyGIDO ĝZLHFLá W\ONR MHGHQ NVLĊĪ\F 7DKLP ZLĊF QRF E\áD FLHPQD 1DVáXFKLZDOLĞP\ VDPL SRUR]XPLHZDMąF VLĊ QD PLJL OXE QDMFLFKV]\P V]HSWHP *áRV QLHVLH VLĊ SR ZRG]LH ZLĊF FKFLHOLĞP\ XáRZLü NURNL QD SRNáDG]LH SOXVN ZRG\ ZRNyá áDĔFXFKyZ NRWZLF]Q\FK V]F]ĊN EURQLSRPUXNUR]PyZ .LHG\QLHER]DF]ĊáRV]DU]HüQDZVFKRG]LHZSá\QĊOLĞP\ZXMĞFLHMDNLHMĞQLHZLHONLHMU]HNL L XNU\OLĞP\ VLĊ SRG QDZLVHP Z\VRNLHJR EU]HJX 2G GUXJLHM VWURQ\ SRZLQQ\ QDV ]DVáDQLDü NU]DNL ĞZLV]F]ąFHM ZLHU]E\ L WU]FLQ\ DOH L WDN ]DVáRQLOLĞP\ áyGĨ VLHFLą Z NWyUą ZSOHWOLĞP\ ZLWNLLáRG\JLWU]FLQDĪVWDáDVLĊQLHZLGRF]QD:]DVLĊJXZ]URNXQLHE\áRZLGDüQLNRJRDQD EU]HJXFLąJQĊá\VLĊEDJQDNĊS\GU]HZLWUDZ\VSáRZLDáHLVSDORQHVXV]ą %\áHPWDN]PĊF]RQ\ĪHOHGZR]MDGáHPFRNROZLHN.DZDáNLVXV]RQHJRPLĊVDLVHUURVá\ PL Z XVWDFK NLHG\ SRFLąJDáHP ] EXNáDND SRZLHNL VDPH PL RSDGDá\ :F]RáJDáHP VLĊ SRG SáyWQRL]DVQąáHPMHV]F]H]DQLPVáRĔFHZVWDáR

1DVWĊSQHJR GQLD D ZáDĞFLZLH QDVWĊSQHM QRF\ ]DUD] SR ]PLHU]FKX RGSá\QĊOLĞP\ W\ONR NDZDáHN PRĪH PLOĊ PRĪH GZLH DĪ ]QDOHĨOLĞP\ WU]FLQRZLVNR L RGSRZLHGQL SáDVNL EU]HJ :\QLHĞOLĞP\ QDV]H NRV]H GR NWyU\FK SU]HáRĪ\OLĞP\ F]ĊĞü ]DSDVyZ %UXV ND]Dá PL VLĊ UR]HEUDüLVDPWHĪ]GMąáXEUDQLHZLĊFPXVLDáHPEURG]LüZĞUyGWU]FLQMHG\QLHZSU]HSDVFHL EH]EXWyZ ± -HĪHOL NWRĞ FLĊ VSRWND RG UD]X ]REDF]\ ĪH MHVWHĞ PRNU\ L MXĪ EĊG]LH ZLHG]LDá ĪH EURG]LáHĞZU]HFH.DĪGDU]HF]NWyUHMPRĪQDVLĊRWRELHGRZLHG]LHüMHG\QLHSDWU]ąFPRĪH E\üGODNRJRĞZVND]yZNą 3RWHP ND]Dá PL SRF]HNDü OHĪąF QD EU]HJX L ZVLDGá GR QDV]HM áRG]L 6WDUDáHP VLĊ QLH P\ĞOHü R QLF]\P L QLH ]DVWDQDZLDü QDG VZRLP ORVHP W\ONR VNRQFHQWURZDü VLĊ QD W\P FR URELĊ DOH NLHG\ SDWU]\áHP MDN Z\Sá\ZD QD U]HNĊ ]URELáR PL VLĊ ĪDO 3U]H] FDá\ F]DV W\ONR WUDFĊ0yMĞZLDWURELVLĊFRUD]XERĪV]\.LHG\бZ\GDZDáRPLVLĊĪHPLHVLąFHDOERODWDWHPX ± ]GDZDáR PL VLĊ ĪH QLH PDP QLF , U]HF]\ZLĞFLH VDP ZáDĞFLZLH QLF]HJR QLH PLDáHP DOH Z\VWDUF]\áRĪHSRWU]HERZDáHPLQDW\FKPLDVWVLĊSRMDZLDáRàyGĨJDOHUDIORWDRNUĊWyZNRĔ VWDGRNRQLFRNROZLHN1LE\QLHPLDáHPQLFQDZHWZáDVQ\FKSLHQLĊG]\DOH]DUD]HPPLDáHP ZV]\VWNR 7HUD]PyMPDMąWHNPLHĞFLáVLĊZNRV]XSRGUyĪQ\P:LĊFĪDOPLE\áRáRG]L:LR]áDPQLH GDZDáDVFKURQLHQLHLSR]ZDODáDEH]SLHF]QLHVSDüQDZHWSRGF]DVXOHZ\ %UXV Z\Sá\Qąá QD ĞURGHN U]HNL VLHG]ąF QDJR QDZHW EH] SU]HSDVNL SR F]\P VLĊJQąá GR GQD L Z\Mąá GUHZQLDQ\ F]RS àyGĨ Z\SHáQLáD VLĊ ZRGą L ]DSDGáD Z WRQL D PyM SU]HZRGQLN SRGSá\QąáFLFKRSDUVNDMąFGREU]HJXQLHPDOQLHZLGRF]Q\ZPURNX 2GWąGPRLPMHG\Q\PGDFKHPQDGJáRZąPLDáE\üV]W\ZQ\MDNPLVNDSRGUyĪQ\NDSHOXV] SOHFLRQ\ ]H ]GUHZQLDáHM NRU\ L SRPDORZDQ\ Ī\ZLFą HZHQWXDOQLH VáRPLDQ\ SáDV]F] SU]HFLZGHV]F]RZ\ ± 2GZUyü NXUWĊ QD OHZą VWURQĊ MDN MD ± SRZLHG]LDá %UXV ± 7HQ NDVWRZ\ ĪyáW\ MHVW ]E\W MDVNUDZ\ĞZLHFLV]QLE\SRFKRGQLD :HZQĊWU]QD VWURQD NXUW\ E\áD REV]\WD QLMDNLP FLHPQREUą]RZ\P PDWHULDáHP U]HF]\ZLĞFLHOHGZRZLGRF]Q\PZFLHPQRĞFL ±7HUD]]PLHU]SDV\NRV]DWDNĪHE\VLHG]LDáSHZQLHMDNVLRGáRQDNRĔVNLPJU]ELHFLH1LH PRĪH FLĊ REFLHUDü =DZLąĪ VWDUDQQLH WDĞP\ NDSHOXV]D =DFLąJQLM ZLą]DQLD EXWyZ à\GNL PXV]ąE\üĞFLĞQLĊWH :\MąáVSRGNRV]XOL3U]HGPLRW±ÄRNRSyáQRF\´6]NODQąNXOĊZNWyUHMSá\ZDá]DQXU]RQ\ Z ZRG]LH NDPLHĔ Z\JOąGDMąF\ MDN RNR NWyU\ REUDFDá VLĊ ĨUHQLFą ]DZV]H QD SyáQRF 8FLHV]\áHPVLĊĪHJRPD 5XV]\OLĞP\SU]H]SXVWHáĊJLNWyUHQLHGDZQRE\á\JURĨQ\PLEDJQDPL7HUD]VWDá\WXW\ONR NDáXĪHLSá\WNLHáDFK\EáRWD3U]H]PLHVLąFHVXV]\VáRĔFHZ\SLáR]QLFKQLHPDOFDáąZRGĊ %UXV PDV]HURZDá UyZQ\P DQL V]\ENLP DQL ZROQ\P NURNLHP .LM ]DáRĪ\á QD NDUN L SU]HZLHVLáSU]H]QLHJRUĊFH

±0\ĞODáHPĪHNLMSRGUyĪQ\VáXĪ\GRSRGSLHUDQLD±]DXZDĪ\áHP ± 7R QDZ\N ± Z\MDĞQLá ± 3U]H] FDáH ODWD QRVLáHP WDN ZáyF]QLĊ : F]DVLH PDUV]X UĊFH PĊF]ąVLĊWDNVDPRMDNQRJL ± $OH Z WHQ VSRVyE QD PLOĊ ZLGDü Z WRELH ĪRáQLHU]D ± SRZLHG]LDáHP ± 0RĪH QDZHW ELQKRQSDKDQGHMD ±6HWQLNQLHQRVLVDPZáyF]QL±SRZLHG]LDá±6HWQLNZR]L]DGHNQDNRĔVNLPJU]ELHFLH /DVNĊMHGQDN]GMąáLSRGSLHUDáVLĊQLąMDNURELąWRZĊGURZF\ .LHG\ ZĊGUXMH VLĊ QRFą F]DV VLĊ GáXĪ\ L FLąJQLH QLHPLáRVLHUQLH 1LH PD QD FR SDWU]Hü :V]ĊG]LH MHVW W\ONR FLHPQRĞü R UyĪQ\FK RGFLHQLDFK 3ODP\ Z NWyU\FK ]PĊF]RQ\ Z]URN V]\ENR ]DF]\QD ZLG]LHü ]DJURĪHQLH 6]OLĞP\ L V]OLĞP\ DĪ UDPLRQD ]DF]Ċá\ PQLH EROHü RG NRV]DLF]XáHPMDNEDUG]RMHVWFLĊĪNL $SRWHPV]OLĞP\GDOHM :NRĔFX]DS\WDáHP%UXVDNLHG\RGSRF]QLHP\ ±-HV]F]HGDOHNRGRSyáQRF\±RGSDUá±1RFGRSLHURVLĊ]DF]ĊáD =DWHP QLH PLQĊáD QDZHW JRG]LQD %\áHP SU]HNRQDQ\ ĪH WR MXĪ SUDZLH JRG]LQD ZLOND L QLHGáXJR]DF]QLHĞZLWDü &]DVHP QRJL ]DF]\QDá\ QDP VLĊ ]DSDGDü Z PODVNDMąF\P EáRFLH L WU]HED E\áR NOXF]\ü %DJQDFXFKQĊá\LNUąĪ\á\WDPVWDGDĪąGOąF\FKQLH]QRĞQLHPRVNLWyZ 1DGUDQHPV]OLĞP\MHV]F]HGRV\üGáXJRLPLHMVFHQDQRFOHJ]QDOHĨOLĞP\NLHG\MXĪGQLDáR 3U]\JLĊOLĞP\ GR VLHELH F]XENL NLONX PáRG\FK GU]HZ NWyUH ]ZLą]DOLĞP\ V]QXUHP Z PLHMVFXZNWyU\PE\áRWURFKĊWUDZ\]DPLDVWPD]LVWHJREáRWD:QĊWU]HV]DáDVXZ\áRĪ\OLĞP\ JDáĊ]LDPLLQDUĊF]DPLVLWRZLD :\GDZDáRPLVLĊĪHEDJQDQLHPDMąNRĔFD .ROHMQH QRFH E\á\ WDNLH VDPH &R JRUV]D NOXF]\OLĞP\ ZRNyá LGHQW\F]Q\FK EDMRUHN L ZĞUyGWDNLFKVDP\FKNĊSGU]HZDOERSRGREQ\FKNU]DNyZ=DF]ąáHPSRGHMU]HZDüĪHGDZQR MXĪ ]JXELOLĞP\ NLHUXQHN L FKRG]LP\ Z NyáNR 2EDZLDáHP VLĊ ĪH EĊG]LHP\ WDN FKRG]Lü DĪ ]DEUDNQLHZRG\SRWHPMHG]HQLDLWDNVNRĔF]\VLĊQDV]DXFLHF]ND=DF]QLHP\SLüUXGąZRGĊ ]QDGEáRWDDĪZNRĔFXSDGQLHP\REDM]JáRGXLEDJLHQQHMJRUąF]NL 3RWHPREDZLDáHPVLĊĪHáDĪąFSREDJQDFKQDWUDILP\ZNRĔFXQDXURF]\VNR6WDUDáHPVLĊ Z\SDWU\ZDü MHJR ]QDNyZ XVWDZLRQ\FK Z NUĊJL SUDVWDU\FK NDPLHQL G]LZDF]Q\FK VSRWZRUQLDá\FK GU]HZ URVQąF\FK Z NROH DOER Z\EXMDá\FK URĞOLQ OXE WHĪ RNUąJá\FK SODFNyZ á\VHM]LHPLQDNWyUHMQLFQLHURĞQLH $OHQLFWDNLHJRQLH]QDOD]áHP  .LHG\SRNLONXGQLDFKEDJQDVNRĔF]\á\VLĊQDUHV]FLHL]DF]ąáVLĊVXFK\SDFKQąF\Ī\ZLFą ODV SRF]XáHP QLHZ\VáRZLRQą XOJĊ 6]\ENR MHGQDN RND]DáR VLĊ ĪH ZĊGUyZND SU]H] ODV MHVW UyZQLH XFLąĪOLZD MDN SR EDJQDFK FKRü QLHFR V]\EV]D 1LH PXVLHOLĞP\ MXĪ REFKRG]Lü WU]ĊVDZLVN DOH ]D WR QLH E\áR ZRG\ 0LHOLĞP\ W\ONR SR MHGQ\P EXNáDNX FR ]QDF]\áR ĪH

V]\ENR ]DF]QLHP\ FLHUSLHü ] SUDJQLHQLD 'R WHJR ZV]\VWNLHJR F]XáHP ĪH MHVWHP SRNU\W\ NXU]HPL]DVFKQLĊW\PSRWHPĪHFDáDVNyUDVZĊG]LPQLH]EUXGX *G\SRMDZLáRVLĊĞZLDWáREU]DVNX%UXVSRND]DáPLMDN]QDMGRZDüGU]HZDNWyUHPDMąZ VRELHWURFKĊZRG\LMDN]ELHUDüMąQDFLQDMąFJDáĊ]LH3RND]DáMDNZ\JOąGDMąSDU]ąFHSQąF]D NWyU\FKWU]HEDXQLNDüMDN]QDMGRZDüNRU]HQLHLRU]HFK\QDGDMąFHVLĊGRMHG]HQLDLNWyUHOLĞFLH OHF]ąMąWU]ąFHVLĊUDQ\ 6WUDFLáHPSRF]XFLHF]DVX ']LHĔQRFG]LHĔQRF 0LDáHP ZUDĪHQLH ĪH QLH SDPLĊWDP MXĪ EODVNX VáRĔFD .ROHMQHM QRF\ VSDGá GHV]F] 0\OLĞP\ VLĊ Z MHJR VWUXJDFK UR]SLĊOLĞP\ SáDV]F]H WDN E\ áDSDá\ ZRGĊ L SR]ZDODá\ MHM VSá\ZDü GR SRGVWDZLRQHJR NRFLRáND 6WUDFLOLĞP\ GXĪR F]DVX DOH QDSHáQLOLĞP\ SU]\QDMPQLHM EXNáDNL .WyUHMĞ QRF\ ]QDOHĨOLĞP\ ELHJQąF\ SU]H] ODV WUDNW L SRVWDQRZLOLĞP\ SyMĞü QLP SU]\QDMPQLHM NDZDáHN DĪ EĊG]LHP\ PRJOL ]RULHQWRZDü VLĊ JG]LH MHVWHĞP\ %UXV Z\FLąJDá ÄRNRSyáQRF\´FRMDNLĞF]DVDOHQLHSRGREDáDPLVLĊMHJRQLHSU]HQLNQLRQDPLQDNLHG\SDWU]\á QD]PLDQĊWRZDPXOHWWR]QRZXZJZLD]G\ 7RLGąFZ]GáXĪWHJRWUDNWXQDWNQĊOLĞP\VLĊQDĪRáQLHU]\%\áRLFKGZyFKLRGUD]XPRĪQD E\áR]DXZDĪ\üĪHDQLQLHE\OLĪDGQ\PSDWUROHPDQLQLHQDOHĪHOLGR]Z\FLĊ]FyZ 7RE\OLQDVLĪRáQLHU]H 6SRWNDOLĞP\LFKWXĪSU]HGĞZLWHP 6WDOLQDV]ODNX-HGHQ]ZáyF]QLąZUĊNXDGUXJL]PLHF]HP1LHPLHOLWDUF]DQLSDQFHU]\ MHGHQ]QLFKPLDáJáRZĊRNUĊFRQąSU]HVLąNQLĊWąNUZLąV]PDWą ±&RĞFLH]DMHGQL"±]DZRáDáWHQ]ZáyF]QLąNLHG\W\ONRQDV]REDF]\á ±6NUĊFDP\ZODV±V\NQąá%UXV =ODVXMHGQDNZ\V]áRMHV]F]HWU]HFKGRNáDGQLHZPLHMVFXJG]LH]DPLHU]DOLĞP\VNUĊFLü &LPLHOLVHJPHQWRZH]EURMHDOHWDN]DUG]HZLDáHLEUXGQHĪHQLHGDáRVLĊ]DXZDĪ\üLFK NRORUX :\JOąGDOL UyZQLH QĊG]QLH :LHG]LDáHP MXĪ ĪH QLH SU]HV]OL QD VWURQĊ 3RG]LHPQHM ZLĊFXFLHV]\áHPVLĊQDLFKZLGRN ±3\WDáHPFRĞFLH]DMHGQL±]DZRáDáZáyF]QLN±&KáRSL" ±/HSVLRGFLHELHĪRáQLHU]X±ZDUNQąá%UXV±-HGQRVWNDVWRSLHĔLPLĊ" 6WDOLZRNyáQDV-DNRĞWDNQRQV]DODQFNR]PLHF]DPLZUĊNX1LHSRGREDáRPLVLĊWR ±7HUD]±RGH]ZDáVLĊMHGHQ]QLFK]RZLQLĊWąUĊNąMHG\Q\NWyU\QRVLáSRJLĊW\KHáP±WR FK\EDEĊG]LHW\PHQÄ8PU]\NyZ´QLH" ±3R]ZyOFLHQDPSU]HMĞü±SRSURVLáHP±0\WHĪXFLHNDP\SU]H]ZRMVNLHP1DKHO,IULML ± $ F]\ P\ JG]LH XFLHNDP\" ± SRZLHG]LDá NROHMQ\ ± 'RNąG XFLHNDü" 0\ MXĪ WUXS\ *G]LHĞWDE\OLNLHG\QDVELOL"-DNMXĪVZRLELMąVZRLFKWRĞZLDWSRPRMHPXLG]LHVLĊNRĔF]\ü 7HUD]WRLQRZáDVQDU]\üVLĊOLF]\ ± &R PDFLH Z NRV]DFK" ± :áyF]QLN REOL]Dá QHUZRZR ZDUJL ± =RVWDZFLH MH QD ]LHPL L

LGĨFLHVRELH ±7DNWRQLH±RGH]ZDáVLĊNWRб8Q\QDVZLG]LDá\$SRGREQLHĪWDNLFKMDNP\WRSDQLH VNáDGDMąZRILHU]HZH:LHĪDFK,SáDFą]DZLHĞFL %UXVRGSLąáNRV]LSRZROLSRVWDZLáJRQD]LHPL ±5yEWDNMDNMD±SRZLHG]LDá±=GHMPLMNRV]$UGĪXN =GMąáHPNRV]LOHGZR]GąĪ\áHPJRSRVWDZLüUR]OHJáVLĊĞZLVW .LHG\ XQLRVáHP Z]URN ZáyF]QLN V]HGá JG]LHĞ ĞOHSR ] UR]áRĪRQ\PL UĊNDPL D ] XVW Sá\QĊáDPXVWUXJDNUZL :LG]LDáHPMDN%UXVREUDFDVLĊ]PLHF]HPZUĊNXLNLMHPZGUXJLPMDNRSDGDJRGZyFK ĪRáQLHU]\ Z\ZLMDMąF PLHF]DPL D SR]RVWDOL U]XFDMą VLĊ Z PRMą VWURQĊ 3U]HNUĊFLáHP NRQLHF NLMDLPDFKQąáHPQLPVá\V]ąFMDNRVWU]HZ\SDGD]W\OQHJRNRĔFDLEORNXMHVLĊ]DWU]DVNLHP ĩRáQLHU] NWyU\ E\á EOLĪHM PQLH ]DVWDZLá VLĊ PLHF]HP ZLĊF XGHU]\áHP JR GUXJLP NRĔFHP SRZ\ĪHMáRNFLDLGĨJQąáHPQLPZWZDU] 2EUyFLáHP NLM ZRNyá FLDáD L ZELáHP PX RVWU]H Z EU]XFK ]DQLP ]RULHQWRZDáHP VLĊ FR URELĊ 7\VLąFH UD]\ URELáHP WR Z SRZLHWU]X UyĪQ\PL ZáyF]QLDPL DOER NLMHP ] RZLQLĊW\P VNyUąNRĔFHPDOHSRUD]SLHUZV]\SRF]XáHPMDNRVWU]HSU]HELMDFLDáR ĩRáQLHU]Z\WU]HV]F]\áRF]\SDWU]ąFZRVáXSLHQLXMDNF]HUZRQDVWDOZ\ĞOL]JXMHVLĊ]MHJR WU]HZL SR F]\P ]G]LHOLáHP JR Z ERN JáRZ\ GUXJLP NRĔFHP NLMD ĪHE\ XVXQąü JR VRELH ] GURJL'UXJLNWyU\VWDá]DQLPMHGQDN]GRáDá]DVáRQLüVLĊSU]HGFLRVHPPRMąODVNąLRSOyWáMą UDPLHQLHPZLĊĪąFRVWU]HJG]LHĞ]DVZRMąSDFKą 3U]HNUĊFLáHP VZyM NRQLHF L Z\MąáHP PLHF] SR F]\P FLąáHP JR Z VNURĔ =DVWDZLá VLĊ VZRLPSRV]F]HUELRQ\PRVWU]HPDZW\PPRPHQFLHUR]OHJáVLĊPHWDOLF]Q\JU]HFKRWLQDJOH áDĔFXFK R GUREQ\FK RJQLZDFK RSOyWá PX V]\MĊ 2GVNRF]\áHP Z ERN ZELMDMąF PX RVWU]H JáĊERNRSRGSDFKĊ %UXVVWDáZRNyáOHĪąF\FKQDĞFLHĪFHZLMąF\FKVLĊĪRáQLHU]\DáDĔFXFKZ\VWDZDá]NRĔFD MHJR SRGUyĪQHJR NLMD 6]DUSQąá GR W\áX SU]HZUDFDMąF ĪRáQLHU]D L RGSOąWDá áDĔFXFK NWyU\ SLHF]RáRZLFLHZVXQąá]SRZURWHPSRF]\P]DáRĪ\áGUHZQLDQąSRFKZĊL]DNUĊFLá6FKRZDá] GUXJLHMVWURQ\PLHF]LNLM]QyZE\áNLMHP ±=DSRPQLDáHPFLĊ]DS\WDüMDNVLĊ]QDMGXMHWHQáDĔFXFK±SRZLHG]LDáHP ± 1LH ZDUWR VLĊ UR]SUDV]Dü ± RGSDUá ± .LM V]SLHJD GDMH ]D GXĪR PRĪOLZRĞFL 7U]HED ZSUDZ\ĪHE\V]\ENRZ\ELHUDü ±0\ĞODáHPĪHFKFHV]RGGDüLPNRV]H±SRZLHG]LDáHP=DF]\QDá\PLVLĊWU]ąĞüQRJL ±1LH=NRV]HPQDSOHFDFKQLHZ\JRGQLHVLĊZDOF]\ 0XVLDáHP XVLąĞü QD ]LHPL &]XáHP VLĊ VáDE\ L RNURSQLH ]PĊF]RQ\ MDNE\P V]HGá EH] Z\WFKQLHQLD RG GZyFK GQL 3DWU]\áHP QD PRLFK ZáDVQ\FK ĪRáQLHU]\ NWyU]\ QLH SU]HV]OL QD VWURQĊ ZURJD QLH SRGGDOL VLĊ D WHUD] Z QDJURGĊ E\OL áRZQą ]ZLHU]\Qą Z MDNLFKĞ ODVDFK SR F]\P ]RVWDOL ]DELFL SU]H] WHJR NWyUHPX E\OL ZLHUQL ĝZLDW ]DF]ąá ]GDZDü VLĊ ]E\W VNRPSOLNRZDQ\LQLH]UR]XPLDá\

3DWU]\áHP QD V]DUą WZDU] ] ]DVW\Já\P Z\UD]HP FLHUSLHQLD WHJR NWyUHJR SFKQąáHP Z EU]XFK0LDáV]HURNRRWZDUWHRF]\ ĩRáQLHU]NWyUHJRSU]HELáHPPLHF]HPZFLąĪĪ\áNU]WXV]ąFVLĊLZDOF]ąFRNDĪG\RGGHFK ,QQ\SRUXV]DáVLĊQLHPUDZRGUDSLąFSDOFDPLSLDFKDQDVWĊSQ\MĊF]DáSU]HUDĨOLZLH%UXVZ\Mąá ]]DQDGU]DNUyWNLV]HURNLV]W\OHWLSRGV]HGáGRQLHJR ± %UXV ± NU]\NQąáHP 1LH ]DUHDJRZDá 8NOąNá SU]\ ĪRáQLHU]X REMąá JR WURVNOLZLH ]D UDPLRQD SR F]\P QDJOH GĨJQąá Z NDUN 7HQ V]DUSQąá VLĊ UR]SDF]OLZLH D MHJR VWRS\ ]DG\JRWDá\GUDSLąFRNXW\PLSRGHV]ZDPLWUDZĊLXELWą]LHPLĊWUDNWX -ĊNLXFLFKá\ :ELáHP Z]URN Z ]LHPLĊ ZLG]ąF MDN PyM SU]HZRGQLN SRFK\OD VLĊ SU]\ QDVWĊSQ\P NRQDMąF\P ± 1LH EáDJDP QLH PDPR ± 8Vá\V]DáHP D SRWHP UR]OHJá VLĊ NUyWNL SU]HUDĨOLZ\ NU]\N 'RWąG Z\GDZDáR PL VLĊ ĪH SRNRQDQ\ Z ZDOFH SDGD QDW\FKPLDVW L RGFKRG]L %á\VNDZLF]QLHLEH]]EĊGQ\FKFLHUSLHĔ1LH]GDZDáHPVRELHVSUDZ\ĪHQDZHWNWRĞSU]HV]\W\ PLHF]HPQDZ\ORWPRĪHNRQDüJRG]LQDPL 6á\V]DáHP MDN EXW\ ĪRáQLHU]\ V]XUDMą SR ]LHPL NLHG\ %UXV RGZOHNDá LFK MHGQHJR SR GUXJLP Z ODV 3RWHP SU]HV]XNDá NU]DNL L U]XFLá QD ĞFLHĪNĊ GZD SRGDUWH ZLHORNURWQLH áDWDQH ZRUNL 0LOF]DáHP %UXV Z\V\SDá ]DZDUWRĞü ZRUNyZ DOH QLHZLHOH WHJR E\áR MDNLHĞ V]PDW\ SRJLĊW\ NXEHN VSOHĞQLDá\ NDZDáHN VHUD ]DZLQLĊW\ Z SU]HWáXV]F]RQ\ SDSLHU =QDOD]á SáDVNL QLHPDOSXVW\EXNáDNLWU]\PDMąFJRPLĊG]\NRODQDPLREODáZRGąSRNUZDZLRQHGáRQLHLQyĪ ± :RMQD WR WU\XPI NRQLHF]QRĞFL ± RGH]ZDá VLĊ VSáXNXMąF NUHZ , P\MąF PHWRG\F]QLH UĊFH±%DUG]RF]ĊVWRURELV]QLHWRFRVáXV]QHDOERV]ODFKHWQHDOHWRFRWU]HED2QLX]QDOLĪH PXV]ąQDVREUDERZDüL]DELü%\OLJáRGQL]DV]F]XFLLSRU]XFHQL'ODWHJRWRP\PXVLHOLĞP\ ]DELü LFK , GODWHJR WU]HED E\áR WR GRNRĔF]\ü NLHG\ E\OL MXĪ SRNRQDQL :]LĊFLH GR QLHZROL E\áRQLHPRĪOLZH3R]RVWDZLHQLHNRQDMąF\FKQDGURG]HRNUXWQHLQLHEH]SLHF]QH 3RNLZDáHPJáRZąZPLOF]HQLX &]XáHPVLĊW\ONR]PĊF]RQ\ :RUNLLPLHF]HZ\U]XFLOLĞP\ZNU]DNLSODP\NUZLQDGURG]H]DV\SDOLĞP\SLDFKHP 6]OLĞP\WUDNWHPSU]H]FDáąQRFSRWHP]QDOHĨOLĞP\VWUXPLHĔLZHV]OLĞP\]MHJRELHJLHP VSRU\NDZDáHNZODVĪHE\XP\üVLĊQDSLüLSU]HQRFRZDüZĞUyGJĊVWHJR]DJDMQLND.ROHMQHM QRF\ZUyFLOLĞP\QDV]ODN :WHG\ SR UD] SLHUZV]\ VSRWNDOLĞP\ QD WHM GURG]H ]Z\NáHJR ZĊGURZFD /HGZR ]DSDGá ]PLHU]FKXVá\V]HOLĞP\WĊWHQWLZVNRF]\OLĞP\QDW\FKPLDVWSRPLĊG]\GU]HZDJG]LHSDGOLĞP\ SáDVNRQD]LHPLĊF]HNDMąFDĪSRGUyĪQLNSU]HMHG]LH 7R E\á MHGHQ MHĨG]LHF MDGąF\ V]\ENR QD ZLHONLP FĊWNRZDQ\P NRQLX 7\OH W\ONR ]GąĪ\áHP]DXZDĪ\ü2GF]HNDOLĞP\DĪXFLFKQLHWĊWHQWNRS\WSRWHPMHV]F]HWURFKĊDSyĨQLHM

UXV]\OLĞP\ZGDOV]ąGURJĊ'ODSHZQRĞFLEU]HJLHPODVX 0\ĞOĊ ĪH E\OLĞP\ SR SURVWX ]PĊF]HQL ,QQD U]HF] ĪH Z\SU]HG]LZV]\ QDV L ]DF]DLZV]\ VLĊ ]D NĊSą NU]DNyZ GZLHĞFLH NURNyZ GDOHM VLHG]LDá ]XSHáQLH FLFKR 1DZHW MHJR NRĔ QLH Z\GDá]VLHELHQDMPQLHMV]HJRGĨZLĊNX ±'REU\ZLHF]yUZĊGURZF\±2GH]ZDáRVLĊ]FLHPQRĞFL =DPDUOLĞP\ REDM VSUĊĪHQL GR VNRNX ]DFLVNDMąF SDOFH QD GUHZQLH SRGUyĪQ\FK NLMyZ 6LHG]LDáQDOHĪąF\PNRQLX=ZLHU]ĊV]DUSQĊáRJáRZąLGĨZLJQĊáRVLĊQDQRJLDMHĨG]LHFW\ONR ]DNRá\VDáVLĊZVLRGOHL]MHFKDáQDĞFLHĪNĊ 0LDá QD VRELH NLUHQHĔVNą NXUWĊ ] NODQRZ\PL REV]\FLDPL SRGUyĪQ\ NDSHOXV] SU]\SRPLQDMąF\ SáDVNą PLVNĊ QyĪ QD OHZ\P ELRGU]H PLHF] SU]\ VLRGOH L áXN QD SOHFDFK 3DWU]\OLĞP\QDQLHJRZRVáXSLHQLX ±=DXZDĪ\áHPĪHVFKRZDOLĞFLHVLĊNLHG\SU]HMHĪGĪDáHP:ĊGUXMHFLHQRFąLNU\MHFLHVLĊ SU]HGNDĪG\PZLĊFFK\EDQLHMHVWHĞFLHQLHEH]SLHF]QL3R]ZyOFLHĪHVSRMU]ĊZDPZWZDU]H 8QLHĞFLHOHNNRURQGDNDSHOXV]\G]LĊNXMĊ-HVWHP/HPLHV]V\Q6]NXWQLNDNDLWRKLPRQNODQX *ĊVL 0LOF]HOLĞP\ :\GDZDáVLĊQLHPRĪOLZ\0yJáQDPVLĊĞQLüDOERSRFKRG]Lü]MDNLHMĞEDMNLDOHSU]HFLHĪ QLHPyJáLVWQLHüQDSUDZGĊ ± 6SRMU]DáHP ZDP Z WZDU]H :LHP WHUD] ĪH PRJĊ ZDP ]DXIDü :LG]Ċ WZDU]H OXG]L ĞZLDWá\FKLE\ZDá\FK$OHZLG]ĊWHĪ]PĊF]HQLHZLG]ĊGáXJąGURJĊLZLG]ĊVWUDFKĞFLJDQHJR 'ODWHJR SRZLHP WDN ± RGZLHGĨFLH PyM GRP -HG\Q\ ZĞUyG W\FK SXVWNRZL 2GSRF]QLMFLH ]MHG]FLH L Z\NąSFLH VLĊ $ Z ]DPLDQ SRZLHG]FLH PL FR VLĊ G]LHMH QD ĞZLHFLH %\áHP Z RVDG]LH+D]\á*\U]DODVHPDOHWDPFK\EDZV]\VF\SRV]DOHOL%UHG]ąMDNE\PLHOLJRUąF]NĊ :\LG]LHFLH]GDOHNDZLĊFSRZLQQLĞFLHFRĞZLHG]LHü ± ']LĊNXMHP\ SDQLH ± RGSRZLHG]LDá %UXV ± -HVWHĞP\ 6LQGDUDPL -D QD]\ZDP VLĊ 7HQG]\Q%\UWDáDMDWRMHVWPyMVLRVWU]HQLHF$UGĪXN+DWDUPDá:NUyWFHEĊG]LHXU]ĊGQLNLHP :UDFDP\GRGRPX 'DOHM SRV]OLĞP\ WU]\PDMąF VLĊ XSU]ĊĪ\ MHJR NRQLD : ERN ] GURJL NDPLHQLVWą ĞFLHĪNą SRWHPSU]H]]DJDMQLN$SRWHPRPDOQLHNU]\NQąáHP]H]GXPLHQLD 'RP/HPLHV]DZ\JOąGDáMDNNLUHQHĔVNDSRVLDGáRĞüQDPDORZDQDQDSáyWQLH=DEXGRZDQ\ Z F]ZRURERN ] SRNU\W\P GDFKyZNą F]WHURVSDGRZ\P SRGZyMQ\P GDFKHP VWRMąF\ QDG VWUXPLHQLHP:LG]LDáHPFLHSáHĞZLDWáRELMąFH]RNLHQLG\PXQRV]ąF\VLĊ]NRPLQyZ :\GDZDáR PL VLĊ ĪH ĞQLĊ NLHG\ SU]HFKRG]LáHP SU]H] GZXVNU]\GáRZą EUDPĊ NLHG\ SDWU]\áHPQDGRPRZQLNyZNWyU]\Z\V]OLPXQDVSRWNDQLH2VWDWQLUD]WDNLHVXNQLHLNDIWDQ\ GUXNRZDQHZOLĞFLHLJHRPHWU\F]QHZ]RU\ZLG]LDáHPZ:LRVFH&KPXU ± :LWDMFLH Z QDV]\P GRPX ZĊGURZF\ ± SRZLHG]LDáD FLHPQRZáRVD NRELHWD WU]\PDMąF WDFĊQDNWyUHMVWDá\GZLHPDOHĔNLHF]DUNLQDSDUXRU]HFKRZHJRLGZDFLDVWHF]ND %UXV SRG]LĊNRZDá EH]UDGQLH UR]JOąGDMąF VLĊ GRRNRáD SR F]\P SRZąFKDá QDSDU MDNE\

ZLG]LDáJRSRUD]SLHUZV]\ZĪ\FLX-DPLDáHPSURVWV]ąUROĊLQLHPXVLDáHPQLF]HJRXGDZDü 3RSURVWXJDSLáHPVLĊ]RWZDUW\PLV]HURNRRF]DPLMDNRJáXSLDá\ 2GHEUDQR QDP NRV]H D SRWHP ]DSURZDG]RQR SURVWR GR áDĨQL Z\áRĪRQHM MDVQ\PL Z\SROHURZDQ\PL NDPLHQLDPL :V]ĊG]LH E\á\ ODPS\ QD JáDGNLFK GHVNDFK VWDá\ R]GREQH GU]HZND Z NDPLRQNRZ\FK GRQLFDFK : áDĨQL SU]\JRWRZDQR MXĪ GZD RJURPQH FHEU\ SHáQH SDUXMąFHMZRG\QDVWROHOHĪDá\UĊF]QLNLLPLVNDZ\FLąJX]P\GOQLF\RUD]JąENL .LHG\ ] ERF]Q\FK GU]ZL ZHV]á\ GZLH PáRGH VáXĪąFH QDJLH OĞQLąFH RG ROLZ\ L ]DF]Ċá\ UR]UDELDüP\GOQLFĊSRF]XáHPMDNFRĞVLĊZHPQLHUR]WDSLD]]DFKZ\WX %UXV NU]\NQąá L Z\SFKQąá PQLH ] áDĨQL SR F]\P RGZUyFLá VLĊ GR GU]ZL ĞFLVNDMąF Z GáRQLDFKNDSHOXV] ±1LHZROQR1LHGREU]H±Z\EHáNRWDáGRĞPLHMąFHJRVLĊJRVSRGDU]D±1LHZROQRQDP SDWU]HüQDFLDáRNRELHW\EH]]JRG\3RG]LHPQHM1LHZROQRVLĊREQDĪDüEDUG]RĨOH ± 7UXGQR ± SRZLHG]LDá /HPLHV] ± $OH MHĪHOL G]LHZF]ĊWD Z\MGą ]JRG]LFLH VLĊ XP\ü" &KFLHOLE\ĞP\]MHĞü]ZDPLSRVLáHNDEH]WHJREĊG]LHWR]UyĪQ\FKSRZRGyZQLHPRĪOLZH 7DNLPDP\RE\F]DMZ\EDF]FLH1LHFKFHP\ĞFLąJDüQDZDVJQLHZXZDV]HMERJLQL =JRG]LOLĞP\ VLĊ EXUF]ąF FRĞ SRG QRVHP L SDWU]ąF Z ]LHPLĊ MDN GZyFK SURVWDNyZ %\OLĞP\ $PLWUDMDPL :UDFDOLĞP\ GR GRPX Z SXVW\QQHM RVDG]LH *G\E\ QLH %UXV ]DSRPQLDáE\PRW\PQDW\FKPLDVW  ±1LHXIDPPX±Z\PDPURWDá%UXVNLHG\VLHG]LHOLĞP\ZZRG]LH±1LJG\QLHVá\V]DáHP R ĪDGQ\P NODQLH *ĊVL 1LJG\ QLH ZLG]LDáHP NDLWRKLPRQD PLHV]NDMąFHJR Z FKDáXSLH NPLHFLD=GUXJLHMVWURQ\VNąGWXPLDáDE\VLĊZ]LąüNODQRZDVLHG]LED" ±$JG]LHMHJRNODQ":V]\VF\PLHV]NDMąZWHMFKDáXSLH"±]DS\WDáHP±0LPRZV]\VWNR ĪDáXMĊĪHPXVLDáHĞRGHVáDüG]LHZF]ĊWD ±-HJRNRELHWDVDPDZLWDJRĞFLLQRVLSRGPDORZDQąWZDU]MDNDNWRUND7HQNWyU\RGHEUDá NRQLD WR E\á MHJR V\Q 1LH SRGRED PL VLĊ WR 'R WHJR ZV]\VF\ PĊĪF]\ĨQL L QDZHW VáXĪED QRV]ą RGĞZLĊWQH XEUDQLD ,FK NODQRZH ]QDNL Vą FXGDF]QH ± RGSRZLHG]LDá ± 1LH GRW\NDM P\GOQLF\QLHSRZLQLHQHĞQDZHWZLHG]LHüFRWRMHVW ±&R]DWHP]URELP\"&]\WRSXáDSND" ± 7HQ GRP VWRL RG GDZQD 7H RGĞZLĊWQH XEUDQLD E\á\ZLHORNURWQLH QDSUDZLDQH L áDWDQH 2QLMHQRV]ąRGODW1LHPRĪOLZHĪHE\SRMDZLOLVLĊWXWDMDNXUDW]QDV]HJRSRZRGX ±0XV]ĊZ]LąüRGURELQĊP\GOQLF\1LH]P\MĊWHJRLQDF]HM  :V]\VWNR E\áR WX G]LZQH 6LHG]LHOLĞP\ Z ZLHONLHM MDGDOQL QLF]\P ZDĪQL JRĞFLH 6SRF]\ZDOLĞP\ QD SRGXV]NDFK SDWU]ąF QD GUHZQLDQH WDFH L SyáPLVNL ] SRWUDZDPL MDNLH ]Z\NOHSRGDMHVLĊQDSyĨQHĞQLDGDQLH=DRNQDPLE\áDQRFDQDSDOHQLVNXZURJXNRPQDW\ WU]DVNDáRJLHĔ 'RRNRáD QLVNLHJR VWRáX VLHG]LHOL ZV]\VF\ GRPRZQLF\ WDNĪH VáXĪED ] Z\MąWNLHP VWDUHM

NRELHW\LFKáRSDNDNWyU]\SRGDZDOLGRVWRáXDOHSRWHPUyZQLHĪLRQLXVLHGOL %UXVXVLáRZDáQDNáDGDüVRELHNLV]RQHZDU]\ZDá\ĪNąREZąFKLZDáQLHSHZQLHSDVW\MDNE\ QLH ZLHG]LDá FR WR MHVW SR]ZDODá SRNRUQLH JRVSRGDU]RZL XF]\ü VLĊ MDN QDNáDGD VLĊ SDVWĊ NDZDáNLHP FKOHED /HPLHV] E\á ]DFKZ\FRQ\ 7áXPDF]\á QDP SU]H]QDF]HQLH NDĪGHJR SU]HGPLRWXLRSRZLDGDáRNDĪGHMSRWUDZLHMDNE\VDPMąZ\P\ĞOLá 0DU\QRZDQH PLĊVR E\áR ]D VáRGNLH SDVWD U\EQD ]D RVWUD D PLPR WR F]XáHP MDNE\P QLJG\ZĪ\FLXQLHMDGáQLF]HJROHSV]HJR &yUND /HPLHV]D SU]\QLRVáD QD MHJR SURĞEĊ FLQWDU L ]DJUDáD %\áR WR RNURSQH DOH L WDN F]XáHPMDNE\PWUDILáGRGRPX0yJáE\PVáXFKDüMHMJRG]LQDPL 3R NRODFML SU]\QLHVLRQR /HPLHV]RZL SXV]NĊ ] ]LRáDPL L IDMHF]NĊ %UXV PLDá NDPLHQQą WZDU]LQDZHWQLHSU]HáNQąáĞOLQ\1DZHWQLHVSRMU]DáQD]LRáD *RVSRGDU]QLHSRVLDGDá VLĊ]QLHFLHUSOLZRĞFLF]HNDMąFQDQRZLQ\DOHQLHSRSĊG]DáQDV :UHV]FLH ]DS\WDá FR VLĊ G]LHMH QLH]RERZLą]XMąFR L G\VNUHWQLH ZLĊF SRZLHG]LHOLĞP\ PX SRNUyWFH L FKDRW\F]QLH WR FR PRJáR ZLHG]LHü GZyFK SURZLQFMXV]\ ]DVNRF]RQ\FK SU]H] SU]HZUyWZVWROLF\ (IHNW E\á SLRUXQXMąF\ ĩRQD /HPLHV]D ]EODGáD MDN ĞFLDQD FR E\áR ZLGRF]QH QDZHW SRG G]LZDF]Q\P PDNLMDĪHP D RQ VDP VLHG]LDá QLHUXFKRPR L VáXFKDá ]ZLQąZV]\ SLĊĞFL L EH]ZLHGQLH]DFLVNDMąF]ĊE\ ± 2EDORQR 7\JU\VL 7URQ" ± ]DS\WDá EH]UDGQLH ± &HVDU] QLH Ī\MH" :UDFD .RGHNV =LHPL" ± 1DGV]HGá G]LHĔ JQLHZX 3RG]LHPQHM 0DWNL ± SRZLHG]LDá %UXV ± =HVáDáD QDP VXV]Ċ E\ĞP\VLĊRSDPLĊWDOL$SRWHPSU]\VáDáD]1DKHO=\PXSURURNLQLĊ]ZDQą2JQLHP3XVW\QL NWyUD ]HFKFLDáD ]PLHĞü FXG]R]LHPVNą G\QDVWLĊ L Z\SDOLü Mą ĞZLĊW\P SáRPLHQLHP 7DN QDP PyZLRQR ± :LĊF WR SUDZGD FR VąG]LáHP SU]H] FDáH Ī\FLH ± Z\FHG]Lá ZĞFLHNá\ /HPLHV] ± 0\ $PLWUDMH MHVWHĞP\ JáXSFDPL 5DFMĊ PDMą EDUEDU]\ĔF\ NWyU]\ VSOXZDMą QD VDP QDV] ZLGRN -HVWHĞP\QLHZROQLNDPLLMHG\QHFR]QDP\WRQLHZROD'ODQDVLGODZV]\VWNLFK5D]WUDILáD QDPVLĊG\QDVWLDNWyUDSU]\QLRVáDFRĞZLĊFHMQLĪSHMF]0RJOLĞP\QDXF]\üVLĊĪ\üMDNOXG]LH F\ZLOL]RZDQL2GW\FKNWyU\FKNLHG\Ğ]QLV]F]\OLĞP\0RJOLĞP\PLHüSUDZRGURJLPX]\NĊ P\ü VLĊ EXGRZDü L KDQGORZDü 0RJOLĞP\ ZUHV]FLH ]UR]XPLHü FR WR MHVW KRQRU L ZROQRĞü 0RJOLĞP\QDXF]\üVLĊ'URJL3RG*yUĊMDNZV]\VWNLHLVWRW\QDĞZLHFLH$OHQLH3RFR"&]\ QLHOHSLHM]QRZXRGGDüVLĊZQLHZROĊGXUQLRPZPDVNDFKLNVLĊG]HZNWyUHMQLHPDQLFSR]D EH]P\ĞOQ\PL]DND]DPL"=QRZXEĊG]LHP\EDQGąG]LNXVyZU]XFDMąF\FKVLĊQDFDá\ĞZLDWMDN ZĞFLHNáHSV\=QRZXEĊG]LHP\U\ü]LHPLĊSD]XUDPLWDPJG]LHQRUPDOQ\F]áRZLHNVLĊJQąáE\ SRáRSDWĊ =QRZXEĊG]LHP\SDOLüZV]\VWNRF]HJRQLH]QDP\]NVLĊJLL QLV]F]\üZV]\VWNR F]HJR QLH UR]XPLHP\ %R WDN NDĪH VWDU\ EDUEDU]\ĔVNL NRGHNV 3UDZR G]LNLFK SXVW\QQ\FK NRF]RZQLNyZ ±1LHZROQRQDPWHJRVáXFKDü±Z\EHáNRWDá%UXVSDWU]ąFZ]LHPLĊ

± 2FK XVá\V] RVWDWQL UD] Z Ī\FLX FR FL PyZL ZROQ\ F]áRZLHN ± ]DZRáDá /HPLHV] ± 3RVáXFKDMF]HJRĞF]HJRZLĊFHMQLHXVá\V]\V]DFRQD]\ZDVLĊSUDZGą-HVWHP$PLWUDMHPWDN MDN W\ $OH QLH FKFĊ RG G]LĞ R W\P SDPLĊWDü 2G G]LĞ EĊGĊ MXĪ W\ONR /HPLHV]HP V\QHP 6]NXWQLND ] NODQX *ĊVL -D L FDáD PRMD URG]LQD %ĊG]LHP\ WX VLHG]LHü 1LH ]DáRĪ\P\ NODQRZ\FKV]PDWLQLHSR]ZROLP\UR]G]LHOLüVLĊLNDUPLüNDSáDQRPMDNGRPRZHE\GáR0RĪH ]DSRPQąRQDVQDW\PSXVWNRZLX$MHĪHOLQLHEĊG]LHP\VLĊELü=URELP\WRFR]URELOLE\QD QDV]\P PLHMVFX .LUHQHQL :LHV] FR VLWDU 7HQG]\Q" %R MHVWHĞP\ RVWDWQLPL .LUHQHQDPL =DSDPLĊWDM QDV =DSDPLĊWDM MDN Z\JOąGD WHQ GRP =DSDPLĊWDM FR MDGáHĞ L MDN WUDNWXMH VLĊ ZĊGURZFD NWyU\ MHVW VDPRWQ\ ]PĊF]RQ\ L JáRGQ\ 7R ZV]\VWNR QD]\ZD VLĊ F\ZLOL]DFMD =DSDPLĊWDMWRPyMELHGQ\FLHPQ\SU]\MDFLHOXWRZWHG\ĞZLDWGRNRĔFDQLHXPU]H  'áXJROHĪDáHPSDWU]ąFZVXILW0RĪHGODWHJRĪHRGZ\NáHPRGVSDQLDZQRF\DPRĪHRG PLĊNNLHMSRĞFLHOLLMDVQ\FKĞFLDQ$PRĪHGODWHJRĪHQLHPRJáHP]DSRPQLHüVáyZ$PLWUDMD NWyU\XGDZDá.LUHQHQD-DE\áHP.LUHQHQHPLXGDZDáHP$PLWUDMD2EDME\OLĞP\GRVNRQDOLZ VZRLFKURODFK$MDGDáE\PZV]\VWNRĪHE\PyFVLĊ]QLP]DPLHQLü 5DQR]MHGOLĞP\ĞQLDGDQLHMDNJG\E\QLJG\QLF'RVWDOLĞP\QDSDUXLJRUąFHSODFNLFKOHED LSDVWĊ]WZDURJX'DáQDPWHĪ]DSDV\QDGURJĊRZLQLĊWHWURVNOLZLHZFKXVWHF]NL ± 1LH SU]\QLHĞOLĞFLH PL GREU\FK ZLHĞFL ± SRZLHG]LDá ± $OH WR FR SRZLHG]LHOLĞFLH E\áR ZDĪQH7HUD]EĊG]LHP\SU]\JRWRZDQL ± 1LF QLH PRĪQD SRUDG]Lü QD JQLHZ ERJLQL ± SRZLHG]LDá PX %UXV ± 1LH PRĪQD JR ]DWU]\PDüMDNQLHPRĪQD]DWU]\PDüEXU]\ ± 7R QLH MHVW ĪDGQD ERJLQL SU]\MDFLHOX ± U]HNá /HPLHV] ± 7R W\ONR MHGHQ ] GXFKyZ Ī\ZLRáyZ 1DGDNX -HGQD ] G]LZQ\FK LVWRW NWyUH PLHV]NDMą QD ĞZLHFLH UD]HP ] QDPL 1LF]HJRQLHVWZDU]DDQLQLFQLHGDMH=DSDPLĊWDMPyMSU]\MDFLHOXERMHĪHOLNLHG\Ğ]REDF]\V] SUDZG]LZHJR %RJD UR]SR]QDV] JR RG UD]X 7R WHQ FR GDMH Ī\FLH FR VWZDU]D ĞZLDW L GR NWyUHJRZV]\VF\GąĪ\P\-HVWGXĪRZLĊNV]\QLĪWZRMDERJLQLLZLĊNV]\QDZHWQLĪĞZLDW-HJR ZLHONRĞüQLH]DOHĪ\RGWDNLFKJáXSVWZMDNWRFRNWR]MDGáMDNVLĊXEUDá]NLPVLĊRĪHQLáDOER ] NLP VSDá , QLH SRWU]HEXMH RG QLNRJR RILDU ] NUZL DQL QLH WU]HED EáD]QyZ Z F]HUZRQ\FK SáDV]F]DFKLPDVNDFKĪHE\JR]UR]XPLHü ± ']LĊNXMHP\ FL ]D JRĞFLQĊ ± SRZLHG]LDá FLFKR %UXV ± 3URV]Ċ FLĊ ]DELHU] VZRLFK L RGHMGĨFLHVWąG-DNQDMGDOHM6á\V]DáHPĪH.LUHQHQLWHĪSRWUDILOLXFLHNDüNU\üVLĊL ZDOF]\ü SRGVWĊSHPNLHG\ZURJRZLHE\OL]E\WOLF]QL ± 1LH VLWDU 7HQG]\Q ± RGSDUá /HPLHV] ± 1D WR QLH SR]ZROLáE\ LP KRQRU 8ZLHU] PL ZLHPQDMOHSLHMFR]URELOLE\SUDZG]LZL.LUHQHQL=RVWDOLE\ZVZRMHMURGRZHMVLHG]LELHLĪ\OL VSRNRMQLH UR]XPQLH L F\ZLOL]RZDQLH $ JG\E\ LFK QDSDGQLĊWR ZDOF]\OLE\ GR RVWDWQLHJR :LHPWRERVDPMHVWHP.LUHQHQHP  'áXJR PLOF]HOLĞP\ LGąF WUDNWHP SR UD] SLHUZV]\ RG GDZQD Z ĞZLHWOH GQLD 1LH

ZLHG]LHOLĞP\FRSRZLHG]LHü .RáRSRáXGQLDGRWDUOLĞP\GRV]HUV]HMGURJLDOHQLHSRWUDILáHPSRZLHG]LHüF]\WRMHVWWHQ VDPV]ODNNWyU\PZĊGURZDOLĞP\SU]H]ODVF]\MDNLĞLQQ\0\ĞOĊĪHMHGQDNLQQ\ERWDPWHQ E\á QLHPDO SXVW\ D WX MXĪ GZD UD]\ PXVLHOLĞP\ NU\ü VLĊ Vá\V]ąF WĊWHQW NRQL 5D] E\áR WR SLĊFLXMHĨGĨFyZDLQQ\PUD]HPGZyFK ±7RPXVLE\üZRMVNR±SRZLHG]LDá%UXV±-HĪHOL]GąĪ\OLMXĪSU]\ZUyFLü.RGHNV=LHPL WR QLNRPX SUyF] ZRMVND L NDSáDQyZ QLH EĊG]LH ZROQRSRGUyĪRZDü LQDF]HM QLĪ QD SLHFKRWĊ L W\ONR]]H]ZROHQLHP ±'ODF]HJRQLHSU]HF]HNDP\GQLD" ±=EOLĪDP\VLĊGRU]HNL-HVWWDPQLHZLHONLHPLDVWRLPRVW=FDáąSHZQRĞFLą]DPNQLĊW\L VąQDQLPSRVWHUXQNLZLĊFPXVLP\]QDOHĨüVSRVyEĪHE\SU]HMĞüDWREĊG]LHPRĪOLZHW\ONRZ G]LHĔ7RQLHMHVWMDNLĞEDUG]RZDĪQ\PRVWZLĊFPDPQDG]LHMĊĪHFRĞZ\P\ĞOĊ3DPLĊWDMZ PLHĞFLH ]DZV]H QDMáDWZLHM VLĊ XNU\ü 1D SXVWNRZLDFK MHVW PDáR OXG]L DOH GODWHJR NDĪG\ RG UD]X]ZUDFDXZDJĊ 3RMDNLPĞF]DVLHPLQąáQDVGZXNRáRZ\Zy]]DSU]ĊĪRQ\ZZRá\&KáRSZLR]ąF\QDQLP VWHUW\REZLą]DQ\FKSáyWQHPSDNXQNyZV]HGáRERNZR]X]NLMHPZUĊNXLQLHSR]GURZLáQDV DQLQLH]DSURSRQRZDáSRGZLH]LHQLD ±%ĊG]LHP\PLMDOLEORNDG\LSRVWHUXQNLQDGURJDFK±SRZLHG]LDá%UXV±1LH]DZV]HXGD VLĊ WHJR XQLNQąü 0XVLV] ZLĊF ]DSDPLĊWDü ]DVDGĊ F]WHUHFK SRGRELHĔVWZ -HĪHOL FLĊ V]XNDMą GRVWDMąRSLV3URVW\WDNLMDNLPRJąSRMąü]Z\NOLĪRáQLHU]HLQDXF]\üVLĊJRQDSDPLĊü-HĞOL ]JDG]DV] VLĊ ] W\P RSLVHP Z MHGQ\P SXQNFLH ]ZUDFDMą QD FLHELH XZDJĊ -HĪHOL Z GZyFK URELąVLĊSRGHMU]OLZL-HĪHOLZWU]HFKMHVWHĞSRGHMU]DQ\LZWHG\]UHJXá\MDNLĞRILFHUPXVLMXĪ SRGMąüGHF\]MĊFRURELüGDOHM-HĪHOLWZyMZ\JOąG]JDG]DVLĊ]RSLVHPZF]WHUHFKSXQNWDFK WRMHVWHĞW\PNWyUHJRV]XNDMąL]RVWDQLHV]]DWU]\PDQ\1LFLFKQLHREFKRG]LF]\MXĪWDNLHJR ZF]HĞQLHM ]DWU]\PDOL 7R ZRMVNR :HGáXJ QLFK NLHG\ PDMą GRVWDUF]\ü PáRG]LHĔFD Z RGSRZLHGQLPZLHNXZ\JOąGDMąFHJRL]DFKRZXMąFHJRVLĊMDNQDVWĊSFD7\JU\VLHJR7URQXWR LPZLĊFHMLFKGRVWDUF]ąW\POHSLHM/HSLHM]QDOHĨüSLĊFLXFHVDU]\QLĪMHGQHJR'RWHJRĪHE\ SRNRQDüSRVWHUXQHNGURJRZ\SRWU]HEQ\MHVWIRUWHO ±$QLHPRJOLE\ĞP\RPLQąüPRVWX" ±1LHPDP\MXĪáRG]LDWDU]HNDMHVW]E\WE\VWUDL]GUDGOLZD 'URJD ZLRGáD ]QyZ SU]H] ODV DOH QLH WDN JáĊERNL MDN SRSU]HGQL &R FKZLOD Z\FKRG]LOLĞP\QDVNDOLVWHZU]RVRZLVNRSRURĞQLĊWHNU]DNDPL .LHG\Z\FK\QĊOLĞP\]]DNROHMQHJR]DJDMQLNDQDWNQĊOLĞP\VLĊQDG]LZQ\ZLGRN 1D GURG]H VWDá NU]\ZR GUHZQLDQ\ GZXNRáRZ\ Zy]HN QD NWyU\P VLHG]LDá OHGZR XWU]\PXMąFUyZQRZDJĊNDSáDQ3RG]LHPQHMZF]HUZRQ\PSáDV]F]XRVáDQLDMąFVLĊRGVáRĔFD SDUDVROHP 3U]\ RVL Zy]ND ELHG]Lá VLĊ ĞZLąW\QQ\ DNROLWD R RJRORQHM JáRZLH UyZQLHĪ Z F]HUZRQ\FKV]DWDFKDOHVNáDGDMąF\FKVLĊ]EXILDVW\FKSRUWHNĞFLĞOHSRZLą]DQ\FKZRNyáá\GNL F]DUQ\PLWDĞPDPLLG]LZQHMNXUW\]DNU\ZDMąFHMW\ONRMHGQRUDPLĊ

1DQDV]ZLGRNNDSáDQ]U]XFLáNDSWXULMHGQ\PUXFKHPQDáRĪ\áOĞQLąFąMDNOXVWURPDVNĊ ± +HM Z\ WDP ± *áRV NDSáDQD EU]PLDá WDN MDNE\ PLDá Z JDUGOH PHWDORZH VWUXQ\ ± %LHJLHPWX3RPyĪFLHWHPXQLHGRUDMG]LH %UXVXĞPLHFKQąáVLĊMDNLPĞWDNLPG]LZQ\PXĞPLHFKHPNWyU\SU]\ZRG]LáQDP\ĞOZLOND  ± 1LH ]QDMGą LFK" ± VS\WDáHP SyĨQLHM VLHG]ąF QD GUHZQLDQ\P NRĨOH L SDWU]ąF QD ]DGNL RVáyZ ± 3UĊG]HM F]\ SyĨQLHM ]QDMGą ± RGSRZLHG]LDá PHWDOLF]Q\ JáRV ]]D OXVWU]DQHM PDVNL ± =QDMGąGZDJRáHEH]LPLHQQHWUXS\7HLFKPDVNLWRGODQDVRJURPQDZ\JRGD$UGĪXN.LHG\ GRMHG]LHP\GRPLDVWDPXVLV]]HMĞü]NR]áDLLĞüRERNĩDGQHPXĪRáQLHU]RZLDNROLWDLGąF\QD SLHFKRWĊ L ZLR]ąF\ UR]SDUWHJR Z\JRGQLH NDSáDQD QLH VNRMDU]\ VLĊ ] XFLHNDMąF\P QDVWĊSFą WURQX -HGQDN PLDVWR L SRVWHUXQNL WR ]DZV]H U\]\NR &]DV E\Ğ ZLHG]LDá GRNąG SRGąĪDü *G\E\ FRĞ PL VLĊ VWDáR GRVWDĔ VLĊ ]D ZV]HONą FHQĊ GR 6DXUDJDUX 6WDPWąG GR QLHZLHONLHJR PLDVWD QD VNUDMX SXVW\QL NWyUH ]ZLH VLĊ 1DKLOJ\á $ WDP SU]\áąF]\V] VLĊ GR NDUDZDQ\ SU]HP\WQLNyZVROLLGąF\FKSU]H]SXVW\QLĊ ±$OHGRNąG" ± =D 3XVW\QLĊ .RĔFD ĝZLDWD L *yU\ %DULHURZH 'R NUDMX SRWZRUyZ EDUEDU]\ĔFyZ L EHVWLL'RNUDMX]NWyUHJRSU]\Sá\ZDMąZLOF]HRNUĊW\ 0LOF]DáHP ± 3U]HFLHĪ QLH SU]HĪ\MĊ WDP DQL FKZLOL /XG]LH 1LHGĨZLHG]LH Vą OXGRĪHUFDPL D ]DáRJL ZLOF]\FKRNUĊWyZWRQLHERV]F]\F\LXSLRU\ ± %DMNL 7R MHG\QH PLHMVFH QD ]LHPL JG]LH 1DKHO QLH EĊG]LH PRJáD FLĊ ]QDOHĨü DQL SR FLHELHVLĊJQąü 3U]HMHFKDOLĞP\MHV]F]HNDZDáHN ±$GODF]HJRPyZLV]PLWRDNXUDWWHUD]" ±'ODWHJRĪHQLHZLHPFRVWDQLHVLĊ]DFKZLOĊ:W\PSU]HEUDQLXPRĪHLSU]HMHG]LHP\ SU]H]PRVWDOHE\üPRĪHEĊG]LHP\PXVLHOLQRFRZDüZĞUyGNDSáDQyZZ&]HUZRQHM:LHĪ\ :\MHFKDOLĞP\DNXUDW]]D]DNUĊWXL&]HUZRQD:LHĪDRJURPQDLVWDUDXND]DáDVLĊQDV]\P RF]RP

=G\FKDFLE\GáRXPLHUDMąNUHZQL LW\VDPXPLHUDV] /HF]VáDZDNWyUąĞVRELH]GRE\á QLHXPU]HQLJG\ =G\FKDFLE\GáRXPLHUDMąNUHZQL LW\XPLHUDV] :LHPMHGQąU]HF]FRQLJG\QLHXPU]H 6ąGRXPDUá\P  +DYDPDO±3LHĞQL1DMZ\ĪV]HJR

5R]G]LDá

2JUyG5R]NRV]\=LHPVNLFK

6

DP Z\]QDF]\á MHV]F]H GZyFK OXG]L RSUyF] *UXQDOGLHJR .D]Dá LP ]DáRĪ\ü FLHPQH

QDMOHSLHMF]DUQHXEUDQLDLZ\VPDURZDüZáRV\G]LHJFLHP5R]URELáEDUZQLNLZ\PDORZDá F]DUQH]\J]DNLQDUDPLRQDFKLWZDU]\=DZLHVLáQDV]\LDPXOHW7DĔF]ąF\FK:ĊĪ\3DWU]\OLZ PLOF]HQLXQDWRFRURELá ±'DMFLHPLFRĞFRGRQLFKQDOHĪDáR8EUDQLDNRFHJU]HELHĔ

3U]\QLHĞOL 1HUZRZR ] ELHJDQLQą WUZRĪQ\P SU]HV]XNLZDQLHP NąWyZ V]XNDQLHP SR ]DNDPDUNDFK$OHZNRĔFX]QDOHĨOL-DNLĞV]DOFRĞSRGREQHJRGRVZHWUDNRĞFLDQ\JU]HE\N 'UHZQLDQHJR NRQLND 'UDNNDLQHQ XMąá V]DOLN L SU]\FLVQąá JR GR WZDU]\ ZFLąJDMąF JáĊERNR SRZLHWU]H 6WDOL ZRNyá FLDVQ\P NUĊJLHP ZOHSLDMąF Z QLHJR FLHPQH ]ZLHU]ĊFH RF]\ EH] Z\UD]X L PLOF]HOLZRVáXSLHQLX =DPNQąá RF]\ XVLáXMąF Z\GRE\ü FKDUDNWHU\VW\F]Q\ REF\ ]DSDFK SRWX JUXS\ ROLIDNW\F]QHDOHQLHZLHG]LDáF]\VLĊXGD=DSDFKE\á]E\WREF\]DGXĪRUyĪQLF1LHGDáRVLĊ GRQLF]HJRSU]\SRU]ąGNRZDü&\IUDOSUDFRZDáQDSHáQ\FKREURWDFKDOHRSURJUDPRZDQLDQLH SU]\VWRVRZDQRGR]DSDPLĊW\ZDQLD]QDF]QLNyZREF\FK ±.WRWRMHVW"±]DS\WDáDNWyUDĞ]NRELHWWUZRĪQ\PV]HSWHP ±&XG]R]LHPLHF=ZąJR1RFQ\:ĊGURZLHF ±7R&]\QLąF\" ±1LHZLHP ± 0LHF] QyĪ áXN L VWU]Dá\ ± SRZLHG]LDá 'UDNNDLQHQ L ZVWDá ± 1LH EUDü LQQHM EURQL =D PDáRQDVĪHE\ĞP\ZGDZDOLVLĊZELWZ\:HĨFLHNRQLHNWyUHQLHERMąVLĊRJQLDDQLMD]G\SR JyUDFK 7URFKĊ MHG]HQLD 5HV]WĊ FRNROZLHN EĊG]LH QDP SRWU]HEQH PXVLP\ ]GRE\ü VRELH VDPL-HĪHOL]REDF]\P\:ĊĪ\QLHURELüKDáDVX,]ELHUDMFLHVLĊĪZDZRSRWU]HEQDQDPNDĪGD FKZLODGQLD :\V]HGá QD PDMGDQ L VSUDZG]Lá XSU]ąĪ -DGUDQD &LHPQRZáRVD NRELHWD ] PLHF]HP QD SOHFDFKVWDáDRSDUWDRVáXS\NUXĪJDQNDLSDWU]\áDQDQLHJREDGDZF]R

± =QDMGĊ MH ± SRZLHG]LDá ± -HVW QD WR QDG]LHMD -HĪHOL Ī\Mą RGELMHP\ MH L SU]\SURZDG]LP\ 6SRMU]Dá Z FLHPQH RF]\ MDN X ZLHZLyUNL DOH MDN ]Z\NOH QLH UR]SR]QDá Z QLFK ĪDGQ\FK HPRFML5R]SDF]"5H]\JQDFMD" ±=NWyUHMVWURQ\SDOLVDG\E\áDGUDELQD" :VND]DáDUĊNą ±'HV]F]SDGDá3UyERZDOLĞP\]SVDPLDOHVWUDFLá\WURS ±0\QLHVWUDFLP\ 3DWU]\OLZPLOF]HQLXVFHSW\F]QLHMDNRSDGáQDF]ZRUDNDFKSRGSDOLVDGąPDFDMąFWUDZĊL PRNUą]LHPLĊ=QDOD]áMHGHQZ]yUĞODGyZSRWHPGUXJL7URS\NLONXSVyZLZLHOXOXG]L ±:V]\VWNRWX]DGHSWDQH±SRZLHG]LDá]SU]\JDQą±1DUD]LHWDP±:VND]DáNLHUXQHN± 1LHZVLDGDüQDNRQLHLG]LHP\QDSU]HáDMSU]H]ODV 3RELHJOL ]D QLP %LHJá WUXFKWHP SU]\NXFDMąF FR FKZLOĊ E\ PDFDü GHOLNDWQLH QLHPDO SLHV]F]RWOLZLHEáRWRUR]JDUQLDüLZąFKDüĞFLyáNĊUR]JOąGDüVLĊLZG\FKDüJáĊERNRSRZLHWU]H 1LHPRJOL]DQLPQDGąĪ\ü'UDNNDLQHQSU]HVNDNLZDáSQLHLNDPLHQLHZVSLQDáVLĊSR]ERF]X ± 1LH SURZDG]Lü NRQL EH]P\ĞOQLH ]D PQą ± ZDUNQąá QDJOH WZDUG\P JáRVHP ± 2EFKRGĨFLHSU]HV]NRG\:DĪQHĪHE\ĞFLHPQLHZLG]LHOLDQLHGHSWDOLPLSRSLĊWDFK 7URS\SURZDG]Lá\DĪGRQLHZLHONLHJRVWUXP\NDV]XPLąFHJRZĞUyGNDPLHQL'UDNNDLQHQ ZV]HGáZZRGĊLSDWU]\áSU]H]FKZLOĊ ±7XSV\VWUDFLá\ĞODG±SRZLHG]LDá]QDP\VáHPMDNE\GRVLHELH6SXĞFLáJáRZĊLSDWU]\á QDGQRV]XNDMąFNDPLHQLRGZUyFRQ\FKMDĞQLHMV]ąVWURQąGRJyU\NRU]HQLLJDáĊ]LQDEU]HJX ]DNWyUHNWRĞFKZ\FLáE\XFKURQLüVLĊSU]HGXSDGNLHP3RWHPUXV]\áSRNRODQDZZRG]LHZ JyUĊ VWUXPLHQLD 3R MDNLPĞ F]DVLH ]QRZX SU]\VWDQąá L ]QyZ SDWU]\á Z ZRGĊ SRG VZRLPL QRJDPLDSRWHPOXVWURZDáZ\VRNLEU]HJ ±7XWDM±R]QDMPLá±:JyUĊWHJR]ERF]D ±-HGQR]QLFKXW\ND±U]XFLáSRFKZLOL±7RFKáRSLHF ±7DUIL±RGSRZLHG]LDáJáXFKR6SDOOH 6WRNE\á]E\WVWURP\GODNRQLZLĊFPXVLHOLREHMĞüJRZGUDSDüVLĊSRĞUyGZ\ZUyFRQ\FK SQLZ\NURWyZLVNDáSRWRW\ONRĪHE\]DUD]]HMĞü]GUXJLHMVWURQ\ ± 3U]HFLHĪ WX MHVW ĞFLHĪND ± Z\PDPURWDá 6SDOOH ] QLH]DGRZROHQLHP ± 0RJOLĞP\ QRUPDOQLHGRMHFKDüZVLRGOH ±3U]HFLHĪRQWURSL6NąGPLDáZLHG]LHüJG]LHĞODGSURZDG]L ± -HĪHOL RQ QDSUDZGĊ WURSL SR WDNLFK GHV]F]DFK WR ]QDF]\ MHVW WDN MDN RG SRF]ąWNX PyZLáHP7RMHVW&]\QLąF\ ±$OHQDV]&]\QLąF\ ±'REU]HERMHĞOLQLHWRáD]LP\QDSUyĪQR = GUXJLHM VWURQ\ U]HF]\ZLĞFLH E\áD ĞFLHĪND DOH 'UDNNDLQHQ GRĞü V]\ENR ]V]HGá ] QLHM L SRZĊGURZDáZGyá]ERF]D:LGDüE\áRMDNVNDF]HSRPLĊG]\VUHEU]\VW\PLSQLDPLLFRFKZLOD

SU]\NOĊNDSU]\]LHPL:GROHPLĊG]\GU]HZDPLE\áRGXĪRMDĞQLHMWDPRWZLHUDáDVLĊJyUVND áąND:LG]LHOLMDN9XNRZ\FKRG]LQDWUDZĊL]QRZXOXVWUXMH]LHPLĊQDF]ZRUDNDFK ±1LH]HMG]LHP\WĊG\]NRĔPL2QVHSRNLFDáMDNNR]LFDDOHV]NDS\SRáDPLąQRJL ±7RMDN" ±6XFK\PĪOHEHPNDZDáHNGDOHM-DZH]PĊNRQLH]*MDILPDW\OHü]DQLP 'UDNNDLQHQ VWUDFLá WURS FR QDMPQLHM WU]\ UD]\ 0yJá SROHJDü MHG\QLH QD ĞODGDFK L WR UR]P\W\FK ER ]DSDFK U]HF]\ZLĞFLH VSáXNDá\ GHV]F]H L SU]\NU\á\ LQQH ZRQLH UyZQLH REFH L QLHZ\UDĨQH .LHG\ JR VSRWNDOL NOĊF]Dá QD ]LHPL L SU]\NáDGDá GR QLHM PLHF] Z\VXQLĊW\ NDZDáHN ] SRFKZ\ 7U]HZLN SRFKZ\ OHĪDá Z W\P VDP\P PLHMVFX DOH JáRZLFD Z UĊNDFK :ĊGURZFD NUĊFLáDVLĊSR]LHPLLSU]\NáDGDáMąWRWXWRWDP ±=ZDULRZDá ± 0LHU]Ċ GáXJRĞü NURNX ± ZDUNQąá 'UDNNDLQHQ ± =JXELáHP ĞODG ZLĊF V]XNDP RG SRSU]HGQLHJR1LHSU]HV]NDG]DM .DZDáHNGDOHMGRJRQLOLJR]QRZX6WDáLSDWU]\áZ]LHPLĊ ±7XLFKVSRWNDOL ±.WR" ± .LONX PĊĪF]\]Q 3LĊFLX F]\ V]HĞFLX , RVLHP G]LZQ\FK VWZRUyZ 7R EĊGą FK\ED WH NUDE\RNWyU\FKZV]\VF\JDGDMąĝODG\G]LZQHMDNE\OXG]NLHDOHZąVNLHLGáXJLH,WHRVWU]D ± ZV]\VWNR ZRNyá SRFLĊWH /LĞFLH SQLH =XSHáQLH MDNE\ QLPL EH]P\ĞOQLH Z\PDFKLZDá\ :ąVNLHGáXJLHEU]HV]F]RW\%DUG]RRVWUH$OHNUZLQLHPD1LNRPXWXQLFQLH]URELRQR7R QLHE\áDZDOND :\SURVWRZDáVLĊ ± 7DPFL PLHOL NRQLH &LĊĪNLH L G]LZQLH SRGNXWH &]\ WĊG\ VLĊ LG]LH SU]H] WĊ 6]NODQą 3U]HáĊF]" ±1LH ±$JG]LHNROZLHNGRNUDMX:ĊĪ\" ±3U]H]1LHGĨZLHG]LH:LHUFK\PRĪH7RQLHZ\VRNRGDUDGĊ]NRĔPL ±:LĊFSRNDĪPLGURJĊ -HFKDOL EH] Z\WFKQLHQLD DĪ GR ]PURNX *G]LHĞ SR GURG]H 'UDNNDLQHQ ]HVNRF]\á QDJOH ] NRQLDLXNOąNáZWUDZLH:VWDáSRWHPLSRGDá*UXQDOGLHPXPDáąVNyU]DQąF]DSHF]NĊ ±0DV].WyUHĞ]JXELáR7HUD]ZLG]LFLHZUHV]FLHĪHGREU]HLG]LHP\ 3RWHP ]QRZX ]VLHGOL ] NRQL L V]OL GDOHM SRPLPR FLHPQRĞFL 'UDNNDLQHQ SDUá GR SU]RGX SHZQLHMDNSRUyZQHMGURG]H.RQLHSRW\NDá\VLĊOXG]LH]DF]HSLDOLRJDáĊ]LH ±7U]HED]URELüSRVWyM±SRZLHG]LDáNWRĞ ±1LHPDF]DVX±ZDUNQąá*UXQDOGL±8OIMDNRĞLG]LHWRLP\PRĪHP\ 6]OL Z NRPSOHWQ\FK FLHPQRĞFLDFK SRG JyUĊ SRW\NDMąF VLĊ ZĞUyG VNDá 6SDOOH OHNNR VNUĊFLáQRJĊDGUXJLZRMLPLHQLHP*MDILĩHOD]Q\5DQHN]Z\PLRWRZDá]H]PĊF]HQLD

: NRĔFX MHGQDN ]URELOL SRVWyM 1D WU]\ JRG]LQ\ SU]HG ĞZLWHP QD NDPLHQLVW\P ]ERF]X SRZ\ĪHMOLQLLODVX'UDNNDLQHQ]DEURQLáSDOLüRJLHĔ ±=E\WQLHZ\UDĨQLHZLG]Ċ±SRZLHG]LDá±0RJáHP]JXELüĞODG7U]HED F]HNDüGRUDQD ERMHĪHOLĨOHLG]LHP\EĊG]LHP\PXVLHOLZUDFDü =ZDOLOLVLĊMHGHQRERNGUXJLHJRQDPRNUąWUDZĊG\V]ąFUR]SDF]OLZLH1LNWQLHPLDáVLá\ SRZLHG]LHüDQLVáRZD%XNáDN]ZRGąSU]HZĊGURZDá]UąNGRUąN 3RWHP *MDIL L 6SDOOH ]DVQĊOL 'UDNNDLQHQ VLHG]LDá RZLQLĊW\ SáDV]F]HP L QDVáXFKLZDá D *UXQDOGLVLHG]LDáRERNLZ\áDP\ZDáQHUZRZRSDOFH:LGDüE\áRĪHQDMFKĊWQLHMV]HGáE\GDOHM 6NyU]DQąF]DSHF]NĊ]QDOH]LRQąSRGURG]HWU]\PDáSU]H]FDá\F]DVZGáRQL ±1DSUDZGĊZLG]LV]WURS"±]DS\WDáZNRĔFX±:W\FKFLHPQRĞFLDFK" ±:FLHPQRĞFLDFKMXĪQLH'ODWHJRVWDQĊOLĞP\=DV]HGáWHQGUXJLNVLĊĪ\F:RJyOHWRFRĞ ZLG]ĊDOHWURSLüQLHPRJĊ ±2F]\FLĞZLHFąZPURNXMDNXZLOND±]DXZDĪ\á*UXQDOGLSRQXUR$SRFKZLOL±$FR URELüMDNMXĪGRMG]LHP\":HF]WHUHFK" ± 1D SHZQR QLH EĊG]LHP\ U]XFDü VLĊ QD QLFK ZV]\VWNLFK ] ZU]DVNLHP =REDF]\ VLĊ =URELP\ ]DVDG]NĊ SRZ\ELMDP\ SR MHGQ\P PRĪH WU]HED EĊG]LH ]URELü VDERWDĪ 1DMZDĪQLHMV]HWRRGELüG]LHFL ±&RWRMHVWÄ]DERWDUK´" ±=REDF]\V] 5XV]\OLOHGZRQLHERSRV]DU]DáR : JyUĊ Z JyUĊ L Z JyUĊ 3RPLĊG]\ NDPLHQLDPL F]HSLDMąF VLĊ VNDá L KROXMąF FRUD] EDUG]LHM ]GHJXVWRZDQH NRQLH 1LH E\áR WX ĪDGQHJR WUDNWX W\ONR NDPLHQLVWD KDOD 1DG QLPL Z]QRVLá\VLĊV]DUHV]F]\W\VNąSDQHRGSRáRZ\ZHPJOH 'UDNNDLQHQVWDQąáQDJOHLSRGQLyVáUĊNĊ ±6WDü&LFKRVá\V]\FLH" 1LFQLHVá\V]HOL ±7DPWRZ\FLHNWyUHVá\V]HOLĞP\QD'UDJRULQLH1LHVá\V]\FLH" ±-DFK\EDFRĞVá\V]Ċ±SRZLHG]LDá*MDILQLHSHZQLH ±$MDQLF ±'DOHM1LHPDF]DVX 3RNLONXJRG]LQDFKSU]HV]OLSU]HáĊF]L]DF]ĊOLVFKRG]LüDĪGURJĊSU]HJURG]LáLPVWUXPLHĔ 1LHE\áRWXĞFLHĪNLDQLWUDNWX1LF7\ONRVWUXPLHĔVNDá\LNĊS\NRVyZNL3DWU]\OL]QDG]LHMą MDNP\V]NXMHZĞUyGVNDáDĪZVND]DáNLHUXQHN ±:JyUĊ.RQQLMHFKDOLVWUXPLHQLHPUHV]WDV]áDRERNSRVNDáDFK %LHJOL Z]GáXĪ VWUXPLHQLD 3RWHP QD GUXJL EU]HJ L ZGyá GROLQ\ 3R ĞOLVNLFK ZLOJRWQ\FK VNDáDFKOHGZRZLGRF]QąĞFLHĪNą.RĔ*MDILHJRZSDGáZSDQLNĊ&KUDSDáWDĔF]\áLZ\GDZDá ]VLHELHG]LNLHZL]JLĩHJODU]V]DUSDáVLĊSU]H]FKZLOĊĞZLDGRPĪHZV]\VF\VWRMąLSDWU]ąQDĔ ]SU]\JDQąZNRĔFX]DU]XFLá]ZLHU]ĊFLXSáDV]F]QDJáRZĊLSRSURZDG]LáMHSRW\NDMąFHVLĊQD

NRĔFXSRFKRGX ±1LH]GUDG]DMSR]\FML±ZDUNQąá'UDNNDLQHQ6SRMU]HOLQDQLHJRZPLOF]HQLX 1DGQLHGROLQ\:ĊGURZLHFQDJOHVWDQąáLUR]HMU]DáVLĊEH]UDGQLH 3U]\VWDQĊOL VSRNRMQLH F]HNDMąF DĪ ]QDMG]LH WURS =DZV]H ]QDMGRZDá 6LHG]LHOL FLFKR L VWDUDOLVLĊQLHSU]HV]NDG]Dü*UXQDOGLXQLyVáEXNáDNSLMąFSRWHPREODáVRELHWZDU]RGURELQą ZRG\6SDOOHVLDGáXQyJNRQLDL]ZLHVLáJáRZĊ=GMąáKHáPLSU]\WURF]\áVRELHGRSDVNDSR F]\PUR]PDVRZDá]PĊF]RQąWZDU] &]HNDOL 'UDNNDLQHQ RJOąGDá JDáą]NL SRWHP FRIQąá VLĊ GR ]ERF]D L RGSLąZV]\ PLHF] ]DF]ąá PLHU]\üĞODG\ &]HNDOLDĪ]QDMG]LHĞODG3HZQLMDN]DNDĪG\PUD]HP 'UDNNDLQHQ ZVWDá NRSQąá Z VNDáĊ L Z\U]XFLá ] VLHELH FDá\ FLąJ SU]HUDĪDMąF\FK ILĔVNLFK SU]HNOHĔVWZ NWyUH EU]PLDá\ WDN MDNE\ NWRĞ ]DQXU]\á UR]SDORQH GR ELDáRĞFL RVWU]H Z ORGRZDW\PVWUXPLHQLX]ORGRZFD ĩHJODU]HPLOF]HOLLVáXFKDOL]V]DFXQNLHPFKRüQLHPRJOL]UR]XPLHüDQLVáRZD ±.RQLHF±SRZLHG]LDáZUHV]FLH:ĊGURZLHF±7HUD]QDSUDZGĊLFK]JXELOLĞP\7XPDP RVWDWQLĞODG±.RSQąáZ]LHPLĊ±$GDOHMMDNE\XQLHĞOLVLĊZSRZLHWU]H7HUD]]DF]QąVLĊWH ZDV]H FKROHUQH E]GHW\ ] ]LPQ\PL PJáDPL L LQQH PDJLF]QH JyZQD NWyU\FK QDSUDZGĊ QLH ]QRV]Ċ 1DSUDZGĊ MHEHP WL GXV]X GD SLF]NL PDWHUL WHJR QLHQDZLG]Ċ 3U]HV]NDG]D PL WR Z SUDF\ .WRĞ PRĪH ZLH JG]LH SROHĨOL" 7DP" 7DP" $ PRĪH WDP" $ PRĪH SRIUXQĊOL QD G]LNLFKJĊVLDFK":W\PNUHW\ĔVNLPĞZLHFLHSHZQRF]ĊVWRVLĊWDNSRGUyĪXMH :\SURVWRZDáVLĊL]DF]HUSQąáNLONDJáĊERNLFKRGGHFKyZ ± 3RSURV]Ċ R ZRGĊ ± SRZLHG]LDá QDJOH XSU]HMP\P WRQHP SU]HZLHV]DMąF PLHF] SU]H] SOHF\ *UXQDOGL SRGDá PX EXNáDN 'UDNNDLQHQ Z\SLáRWDUá XVWD ZLHU]FKHP GáRQLL RGGDá PX ZRUHN ± =HMĞFLH ]H ]ERF]D ± R]QDMPLá VSRNRMQLH ± E\áR WUDZHUVHP Z WĊ VWURQĊ &]\OL SU]HG VLHELH1LHPDĞODGX]QDF]\LG]LHP\SU]HGVLHELH $OHSU]HV]OL]DOHGZLHNLONDG]LHVLąWNURNyZ ±6WyM±ZU]DVQąá6SDOOH 'UDNNDLQHQ NWyU\ SU]HV]HGá ZVWĊSQH SU]HV]NROHQLH Z 0RUVNLP 2GG]LDOH 5R]SR]QDQLD 6SHFMDOQHJR ]DPDUá ] XQLHVLRQą QRJą 7DNLH QDJáH JURPRZH ÄVWyM´ R]QDF]DáR GOD QLHJR ± PLQĊ3RW\NDF]IRWRNRPyUNĊDOERODVHURZ\IXJDV3RFKZLOLXĞZLDGRPLáVRELHĪHWXQLHPD PLQSU]HFLZSLHFKRWQ\FKLEDUG]RSRZROLSRVWDZLáSRGHV]ZĊEXWDQDĞFLHĪFH ±&RVLĊVWDáR"±]DS\WDáFLHUSOLZLH 6SDOOHZVND]\ZDáFRĞUĊNą ±1LHZLG]LV]" ±6SDOOH±Z\FHG]Lá'UDNNDLQHQ±3RSURV]ĊU]HF]RZR:LG]ĊZLHOHU]HF]\DOHQLHZLHP RFRFKRG]L:LG]ĊJyU\NU]DNLVNDá\

±8URF]\VNR3DWU]QDWHSRNUĊFRQHNU]DNL1DNUąJPDUWZ\FKSWDNyZGRRNRáD1DWUXSD NR]LF\NWyUDSRURVáDMDNLPLĞNROFDPL1DV]NLHOHW\VNDOQ\FKSLHVNyZ ±5R]XPLHP±]DF]ąá'UDNNDLQHQ±ĪHZ]ZLą]NX]W\PQLHPRĪHP\LĞüGDOHM" ±:LG]LV]MDNSRZLHWU]HIDOXMH" ±&]\OLPXVLP\WRREHMĞü ±-DN"=DVWURPR,ZJyUĊLZGyá.RQLHSRVSDGDMą 'UDNNDLQHQXVLDGáQDWUDZLHLZ\MąáIDMNĊ ±.WRĞPDMDNLHĞSRP\Vá\" 6NU]HVDá RJLHĔ UR]GPXFKXMąF ĪDU QD NDPLHQLX ZĞUyG VXFK\FK LJLHá NRVyZNL ZUHV]FLH Eá\VQąá SáRP\N 'UDNNDLQHQ EDUG]R RVWURĪQLH SU]\SDOLá PDáą JDáą]NĊ NWyUą SU]\áRĪ\á GR JáyZNLIDMNL 3R]RVWDOL PLOF]HOL SU]\JOąGDMąF PX VLĊ ] ]DFLHNDZLHQLHP 'UDNNDLQHQ Z\SXĞFLá NáąE G\PXSRF]\P]DPNQąáQDPRPHQWRF]\ ±3U]HSUDV]DP±SRZLHG]LDá±&K\EDMHVWHP]PĊF]RQ\=DUD]FRĞZ\P\ĞOĊ 6LHG]LDáWDNSU]H]FKZLOĊS\NDMąF]IDMNLLUR]JOąGDáVLĊ ±:\QRFKD±]DNUDNDáQDJOH1HYHUPRUHVLDGDMąFQDVNDOHWXĪSU]HGJUDQLFąXURF]\VND ±7\OHWRMXĪVDPZLHP±SRZLHG]LDáPX'UDNNDLQHQ±7\ONRFRGDOHM" .UXNSU]HOHFLDáPXQDGJáRZąLXVLDGáQDLQQHMVNDOH ±7UDDNW ±)DMQR±Z\FHG]Lá'UDNNDLQHQ±'ODF]HJRQLH"3U]HFLHĪWR]XSHáQLHUDFMRQDOQH,G]LHP\ ]DNUXNLHP6áRZQLNFLVLĊSRV]HU]\áMDNVá\V]Ċ ±7UDDNW7UDDNW±NUDNDá1HYHUPRUH ± :RODáE\P ĪHE\Ğ SRZLHG]LDá ÄGURJD´ ÄWĊG\´ DOER FRĞ Z W\P URG]DMX FR PQLHM VLĊ NRMDU]\]NUDNDQLHP3RSURVWXQLHF]XáE\PVLĊDĪWDNEDUG]RMDNNUHW\Q 2GWHJRPRPHQWXV]OL]QDF]QLHV]\EFLHM1LHWU]HEDE\áRMXĪSU]\VWDZDüFRFKZLOĊWURSLü DQLV]XNDüĞODGyZ 7UZDáRWRQDVWĊSQHNLONDJRG]LQLĪHJODU]H]DF]ĊOLGRFKRG]LüGRZQLRVNXĪHSWDNJRQLLFK MHV]F]HJRU]HMQLĪ'UDNNDLQHQ =HV]OLZMDNąĞGROLQĊSRWHPZVSLĊOLVLĊQDNROHMQ\QLH]E\WZ\VRNLJU]ELHWJyUVNL : GROH SRPLĊG]\ VWRĪNRZDW\PL ĞZLHUNDPL FLąJQĊáR VLĊ NRU\WR U]HNL D WXĪ SU]\ QLP VWDáDF]ZRURNąWQDVDG\ED=RWZRUyZG\PRZ\FKSRGGDFKHPVąF]\á\VLĊVLQHVPXJLLZRNyá NUĊFLáRVLĊNLONDRVyEPDOHĔNLFKVWąGMDNPUyZNL ±&RIQąüNRQLH±]DZRáDá'UDNNDLQHQ±,ZV]\VF\SDGQLM1LHVWDüQDWOHQLHED 2GZUyFLá VLĊ L ]REDF]\á ĪH ZV]\VF\ L WDN OHĪą D *MDIL SU]\WU]\PXMH SU]\ S\VNDFK ZDUXMąFHQDSRGZLQLĊW\FKQRJDFKZV]\VWNLHNRQLH 3U]HVWDĔ RGVWDZLDü WX NRPDQGRVD ]EHV]WDá VLĊ Z P\ĞODFK 3U]HFLHĪ RQL QLH Vą JáXSL L EDZLąVLĊZWRSU]H]FDáHĪ\FLH 3RGF]RáJDáVLĊGRNUDZĊG]LLZ\MU]DáEDUG]RRVWURĪQLHOXVWUXMąFRNROLFĊ

± 'ZRMH OXG]L SĊG]L JG]LHĞ NR]\ 3U]HG EUDPą VLHG]L MHGHQ SU]\ PLHF]X DOH QLH ZLHP F]\ WR PD E\ü ZDUWRZQLN F]\ W\ONR WDN VRELH VLHG]L ĩUH FRĞ ELDáHJR ] PLVNL 0D SRG UĊNą áXNZLĊFVąG]ĊĪHMHGQDNZDUWRZQLN7RZV]\VWNR:ĊĪH)U\]XUDWDWXDĪHLWDNGDOHM7HUD] Z\FKRG]L ]H ĞURGND MDNLHĞ ]ZLHU]Ċ ĝZLQD" 1LH WR QLH ]ZLHU]Ċ 7R MHVW MHGHQ ] W\FK WDN ]ZDQ\FK NUDEyZ 5]HF]\ZLĞFLH FDá\ Z SDQFHU]X RVWU]\ QLH ZLG]Ċ -HVW PDáH VLĊJDáRE\ URVáHPX PĊĪRZL GR SLHUVL DOH NUĊSH -DNRĞ G]LZQLH FKRG]L -DNE\ VDP WXáyZ EH] JáRZ\ :\JOąGDWRUDF]HMMDNU\EDJáĊELQRZDQDQRJDFKQLĪNUDE'REUD :\F]RáJDáVLĊW\áHPL]VXQąáQDGUXJąVWURQĊPLĊG]\VNDá\ ± =URELP\ WDN ± SRZLHG]LDá ± -D WDP ]DUD] SyMGĊ 6DP =EDGDP MDN WR Z\JOąGD L VSUDZG]ĊF]\PDMąZDV]HG]LHFL=REDF]ĊLOXMHVW]EURMQ\FKLMDNVLĊSLOQXMą:\PDFLHWX F]HNDü 1LH VFKRGĨFLH ]D PQą QLH NRPELQXMFLH QLF]HJR 1LH SRPRĪHFLH PL 6DP PDP QDMZLĊNV]ąV]DQVĊ-HĪHOLPQLH]áDSLą]DXZDĪ\FLHWR-DNLHĞWU\XPIDOQHZU]DVNLELHJDQLQDL ZRJyOHDZDQWXUD$OHWRPRĪHUyZQLHĪR]QDF]DüĪHVDPSRVWDQRZLáHPWDPQDURELüMDNLHJRĞ EDáDJDQX&]HNDMFLHFLHUSOLZLH-HVWSRPQLHMHĪHOLQLHZUyFĊGRUDQD ±/HSLHMSyMG]LHP\]WREą±SRZLHG]LDá*UXQDOGL ±3RSLHUZV]HXGHU]\P\QRFąMDNVLĊĞFLHPQL-HVWQDV]DPDáRĪHE\DWDNRZDüRGUD]XL VSUDZG]DüZV]\VWNRERMHP5R]ZDOąQDVZSLĊüPLQXWLSRVSUDZLH3RGUXJLHNWRĞ]RVWDQLH ]NRĔPLDSRG]LHFLLG]LHP\ZHWU]HFK ±1DNRQLDFKPRĪQDV]\EFLHMXFLHF±]DXZDĪ\á6SDOOHQLHĞPLDáR ± 1LH ZROQR QDP NRU]\VWDü ] WHM ĞFLHĪNL NWyUD VLĊWX FLąJQLH 7R MHVW LFK ĞFLHĪND L FDá\ F]DV Mą REVHUZXMą 7R MHG\QH ZHMĞFLH GR GROLQ\ NWyU\P PRJą ZMHFKDü ]EURMQL D SU]\QDMPQLHMWDNSHZQLHXZDĪDMą=QDMG]LHP\VRELHLQQHPLHMVFHNDZDáHNVWąG7DPQDPQLH SRF]HNDFLHLWDPSRF]HNDWHĪ6SDOOH]NRĔPLNLHG\SyMG]LHP\RGELMDüG]LHFL ±'ODF]HJRÄ6SDOOH´"±]DSURWHVWRZDáZ\ZRáDQ\ ±'ODWHJRĪHVNUĊFLáHĞQRJĊ$NWRĞPXVL]RVWDü]NRĔPLERWRMHG\QDV]DQVDXFLHF]NL .LHG\ EĊG]LHP\ MXĪ EOLVNR W\ EĊG]LHV] VWU]HODá GR JRQLąF\FK L VSXV]F]Dá LP QD JáRZĊ NDPLHQLH0\QLHEĊG]LHP\PLHOLQDWRF]DVX =HV]OL NDZDáHN Z Gyá ]ERF]D L ]QDOHĨOL NRWOLQNĊ SRPLĊG]\ VNDáDPL Z PLHMVFX QLHZLGRF]Q\P]JUyGND 'UDNNDLQHQZ\F]RáJDáVLĊQDJU]ELHWLZ\MU]DáQDGUXJąVWURQĊ ±'RVNRQDOH±SRZLHG]LDá±1LHZ\VRNRDOHVWURPR 1D GQR GROLQ\ U]HF]\ZLĞFLH SURZDG]LáD ELDáD ZDSLHQQD ĞFLDQD VNDOQD R Z\VRNRĞFL QDMZ\ĪHMSLĊWQDVWXPHWUyZ :GROHV]XPLDáSRWRN 6SDOOH VSĊWDá NRQLH L SR]ZROLá LP V]F]\SDü Z\VFKQLĊWą JyUVNą WUDZĊ L REJU\]Dü ĪyáWH SRURVW\]HVNDá'UDNNDLQHQUR]SLąáVZRMHVDNZ\L]QDPDV]F]HQLHPXNáDGDáSU]HGVREąUyĪQH SU]HGPLRW\ 0LHF] ]ZyM OLQ\ QyĪ áXN Z VDMGDNX L NRáF]DQ .U]HVLZR 'XĪ\ V]ZDMFDUVNL VF\]RU\NNWyU\XáRĪ\áXURF]\ĞFLHSRĞURGNX

±1LHSRGREDPLVLĊWR±RĞZLDGF]\á*UXQDOGL 'UDNNDLQHQ XPRF]\á SDOHF Z UR]URELRQ\P QD SáDVNLP NDPLHQLX F]DUQ\P EDUZQLNX L SRSUDZLDáVRELH]\J]DNRZDWHZ]RU\QDUDPLRQDFKRUD]WZDU]\ ±'ODF]HJR]DZV]HZWDNLHMV\WXDFML]QDMG]LHVLĊNWRĞNRPXVLĊÄQLHSRGRED´":\QDMąá ZDV ZV]\VWNLFK NWRĞ F]\ MDN" ± ]DS\WDá 9XNR Z\FLHUDMąF EDUZQLN R WUDZĊ L JU]HELąF Z VDNZLHZSRV]XNLZDQLXNDUDELĔF]\ND]yVHPNą]MD]GRZą ± 1LH SRGRED PL VLĊ ĪH ZV]\VWNR ]DOHĪ\ RG FLHELH D W\PF]DVHP WR W\ WDĔF]\V] ]H ĞPLHUFLą:RMRZQLNQLHVLHG]LLQLHF]HNDSU]\NRQLDFK1LHERLP\VLĊ ± 0\OLV] VLĊ ± RĞZLDGF]\á 'UDNNDLQHQ SU]\SLQDMąF NDUDELĔF]\N GR SDVD L VSUDZG]DMąF F]\ QyĪ QLH ]DF]HSLD VLĊ R OLQĊ ± 7R ZáDĞQLH NZHVWLD U\]\ND :RMRZQLN OHFL ] U\NLHP Z\ZLMDMąF WRSRUHP SR F]\P VWU]HODMą PX WU]\ UD]\ Z ]DGHN L ]DW\NDMą MHJR PĊĪQ\ áHE QD W\F]NĊ -D XGHU]Ċ SRG RVáRQą FLHPQRĞFL =DELMĊ Z PLOF]HQLX %ĊGĊ ZLHG]LDá GRNąG SyMĞü L JG]LH V]XNDü 1LH SU]\V]OLĞP\ WX Z\GDZDü :ĊĪRP ELWZ\ 3U]\V]OLĞP\ RG]\VNDü ZDV]H G]LHFL0RĪHE\üWDNĪHQDVWX]DELMąLQLFVLĊQLHXGD$OHQLHOLF]QDWRĪH]QDMG]LHV]VLĊ ZWHG\ZSLHĞQLFK\EDĪHWZyMNRĔXPLHĞSLHZDü%R]OXG]LQLHRFDOHMHQLNW =DáRĪ\áQDF]RáRVZRMąF]DUQąFKXVWĊL]ZLą]DáMą]W\áXJáRZ\ 3DWU]\OL Z PLOF]HQLX MDN XQLHUXFKDPLD VWU]Dá\ Z NRáF]DQLH E\ QLH Z\SDGDá\ L QLH JU]HFKRWDá\ :\SUyERZDá NLOND PRFRZDĔ VDMGDND ] áXNLHP WDN ĪHE\ R QLF QLH ]DF]HSLDü SU]HZLHVLáSU]H]SOHF\PLHF]LUR]SOyWáEXFKWĊOLQ\ =QDOD]áQDGXUZLVNLHPSRNUĊFRQHGU]HZNRSRGREQHGREU]R]\LSFKQąá FDá\P FLĊĪDUHP SLHĔSRF]\PXZLHVLáVLĊQDQLPQDGSU]HSDĞFLą ± :\WU]\PD ± R]QDMPLá ZLąĪąF ZĊ]Há FXPRZQLF]\ X QDVDG\ SQLD ± 7ĊG\ EĊG]LHP\ VFKRG]Lü &LVQąáOLQĊZGyáLVSRMU]Dá]DNUDZĊGĨ ±:\VWDUF]\áR±VWZLHUG]Lá±1DZHWMHVW]DSDV 6]F]ĊNQąáNDUDELĔF]\NLHPV]DUSQąáQLPGODNRQWUROLLSU]HáRĪ\áOLQĊ]DSOHFDPL ±,GĊ±U]XFLá±&]HNDMFLHDĪZUyFĊ ±=QDMGĨGURJĊ±SRZLHG]LDá6SDOOH 'UDNNDLQHQ SU]HNUĊFLá VLĊ JáRZą Z Gyá L SRPDV]HURZDá SR VNDOQHM ĞFLDQLH SU]\ ZWyU]H ĞZLVWXOLQ\ĞOL]JDMąFHMVLĊSU]H]KDPXMąFHRF]NDyVHPNL 3RFKZLOLZ\MU]HOL]DNUDZĊGĨDOH:ĊGURZFDMXĪWDPQLHE\áR /LQDSU]\WXORQD FLDVQR GRZDSLHQQHMĞFLDQ\WHĪZ\GDZDáDVLĊOHGZRZLGRF]QD  /HĪDáSRGRVáRQąJĊVW\FKVSOąWDQ\FKNU]DNyZNRVyZNLLREVHUZRZDá5RELáQDUHV]FLHWR GRF]HJRVLĊSU]\JRWRZ\ZDá'R]EURMQHJRRGELMDQLDLHZDNXRZDQLDMHĔFyZ:SUDZG]LHQLH W\FKMHĔFyZDOHQDSRF]ąWHNGREUHLWR : OHVLH ]QDOD]á REURĞQLĊWH OLĞüPL SĊG\ EOXV]F]X L RNUĊFLá VLĊ QLPL LPSURZL]XMąF FRĞ SRGREQHJR GR VWURMX PDVNXMąFHJR VQDMSHUD 7HUD] ZLHG]LDá ĪH SyNL QLH ]UREL MDNLHJRĞ

JáXSVWZD QLH SRZLQQL JR ]REDF]\ü 1D ZSURVW EUDP\ ]QDMGRZDá VLĊ MHGHQ GXĪ\ EXG\QHN VWRMąF\ZSRSU]HNUyZQROHJOHGRF]ĊVWRNRáX3RERNDFKGZDGáXJLHEXG\QNLJRVSRGDUF]H 1D G]LHG]LĔFX NUĊFLáR VLĊ NLONXQDVWX X]EURMRQ\FK /XG]L :ĊĪ\ SUDZGRSRGREQLH W\FK NWyU]\SU]\MHFKDOLQRFą]EUDĔFDPLZDV\ĞFLHÄNUDEyZ´ 3UyF] WHJR E\OL WX MHV]F]H MDF\Ğ VWDOL PLHV]NDĔF\ :LGDü E\áR MDN áDĪą SR REHMĞFLX SR JRG]LQLH SU]\MHFKDáR WURMH PDá\P ZR]HP Z\áDGRZDQ\P VLDQHP %\áD MHV]F]H WDPWD SDUD SDVWHU]\NWyU\FKZ\WURSLáNLONDVHWPHWUyZGDOHMQDGUR]OHZLVNLHPSRWRNX3RGNUDGáVLĊZLFK VWURQĊ &KáRSDN OHĪDá QD WUDZLH ] UĊNDPL SRG JáRZą L MDNąĞ WUDZNą Z ]ĊEDFK RGGDZDá VLĊ NRQWHPSODFMLREáRNyZ']LHZF]\QD]DĞNOĊF]DáDNDZDáHNGDOHMSU]\VNDOQHMĞFLDQLH]NWyUHM VSDGDáPDá\ZRGRVSDG:RGDSLHQLáDVLĊZ\SHáQLDMąFRNUąJá\QDWXUDOQ\VWDZHNLVSDGDáDGR SRWRNX6LHODQND .OĊF]ąFD W\áHP G]LHZF]\QD E\áD QDJD W\ONR QD JáRZLH PLDáD ZLHQLHF ] JDáĊ]L NU]HZX REV\SDQHJR GUREQ\PL F]HUZRQ\PL MDJRGDPL =\J]DNRZDWH F]HUZRQRF]DUQH WDWXDĪH SRNU\ZDá\ QLH W\ONR MHM UDPLRQD DOH WDNĪH SOHF\ L XGD 8QRVLáD GáRQLH L ĞSLHZDáD DOH Z V]XPLH ZRGRVSDGX QLH E\áR Vá\FKDü DQL VáRZD :LG]LDá W\ONR MHM SOHF\ WáXVWDZH QDZLDVHP PyZLąF ] V]HUHJDPL GUREQ\FK IDáGHN QDG ELRGUDPL L UDPLRQD NWyUH Z]QRVLáD GR JyU\ RGU]XFDMąF JáRZĊ 3RWHP XQLRVáD VLĊ QD NRODQDFK L Z\NRQDáD NLOND ZLMąF\FK VLĊ UXFKyZ ELRGUDPLSRWHPUDPLRQDPLMDNE\üZLF]\áDWDQLHFEU]XFKD6SRMU]DáXZDĪQLHML]DXZDĪ\áĪH G]LHZF]\QD WU]\PD QD NRODQDFK NRĨOąWNR 3RáRĪ\áD MH SU]HG VREą QD ]LHPL L ]QRZX ]DF]ĊáD WDĔF]\üQDNOĊF]NDFK 3U]HPNQĊáRPXSU]H]JáRZĊĪHPRĪHZDUWRE\áRE\W\FKGZRMHF]\PĞQDVWUDV]\üDOHQLH ZLHG]LDá F]\P 0yJáE\ LFK ]DELü L ]RVWDZLü WXWDM ZWHG\ PLHV]NDĔF\ IRUWX Z\V]OLE\ QD SRV]XNLZDQLHSRWHPE\LFK]QDOHĨOLL]ELHJOLE\VLĊGRZRGRVSDGX]RVWDZLDMąFWDPWąIODQNĊ ]XSHáQLHRGVáRQLĊWąDOHRNURSQLHQLHFKFLDáRPXVLĊWHJRURELü -XĪ]DF]ąáVLĊZ\FRI\ZDüNLHG\]REDF]\áMDNZELDáHMSLDQLHSRGZRGRVSDGHPSRMDZLDMą VLĊ MDNLHĞ FLHPQH NV]WDáW\ NWyUH SU]HFLQDMą ZRGĊ HVRZDW\PL UXFKDPL D SRWHP ZRNyá G]LHZF]\Q\ ZLMą VLĊ RJURPQH F]DUQRF]HUZRQH ZĊĪH =ZLą]DQH NRĨOĊ V]DUSDáR VLĊ UR]SDF]OLZLH áE\ ZĊĪ\ XGHU]\á\ MH PRPHQWDOQLH MDN SHMF]H L ]ZLHU]ąWNR SDGáR ZĞUyG GUJDZHN1DW\FKPLDVW]RVWDáRRSOHFLRQHSU]H]NáĊERZLVNRJDGyZL]QLNáRSRGSOąWDQLQąFLDá .LOND ZĊĪ\ ZVSLĊáR VLĊ WHĪ QD G]LHZF]\QĊ RSODWDMąF VLĊ ZRNyá XG L UDPLRQ %\á\ UyĪQHM ZLHONRĞFL 2G PDá\FK JUXERĞFL NFLXND L NUyWV]\FK QLĪ Syá PHWUD GR GZXPHWURZ\FK L JUXE\FKMDNUDPLĊPĊĪF]\]Q\ 'UDNNDLQHQSU]\MąáGRZLDGRPRĞFLWRFR]REDF]\áSRF]\PZ\FRIDáVLĊLSU]H]]DJDMQLN ZUyFLá Z RNROLFĊ IRUWX 1DMEDUG]LHM WUDSLáR JR ĪHSU]\ WDNLP UXFKX QD PDáHM SU]HVWU]HQL QLH ]GRáDZNUDĞüVLĊGRĞURGND &]DWRZDáZNLONXPLHMVFDFKSU]H]NLONDJRG]LQDOHQLHE\áRPRĪOLZRĞFL 2EVHUZRZDá ÄNUDED´ NWyU\ Z\OD]á SR UD] NROHMQ\ L SU]HFKDG]Dá VLĊ SU]HG EUDPą :DUWRZQLN ZDUNQąá FRĞ GR QLHJR L GĨJQąá SDQFHU] NRĔFHP ZáyF]QL .UDE SRND]Dá QDJOH

UDPLRQD ] NU]\Z\PL RVWU]DPL NWyUH GRWąG E\á\ FLDVQR VSOHFLRQH QD EHF]NRZDWHM SLHUVL L ]DV\F]Dá 6WUDĪQLNNU]\NQąáRVWURL]G]LHOLáNUDEDGU]HZFHPSU]H]SáDVNLáHESRF]\PZ\MąáFRĞ]]D SD]XFK\.UDEZ\GDá]VLHELHXSLRUQ\SU]HFLąJá\ZU]DVNSRWZRUQLHZ\VRNLLFRIQąáVLĊGR JURGX 7R MDNLHĞ ]ZLHU]Ċ SRP\ĞODá 'UDNNDLQHQ SU]\QDMPQLHM VWUDĪQLN WDN VLĊ GR WHJR RGQRVLá -HGQDN WHQ SDQFHU] Z\JOąGD QD V]WXF]Q\ 1D WDQGHWQą ]EURMĊ ] SRGUG]HZLDáHM EODFK\ MDNNROZLHNRZ\P\ĞOQ\PNV]WDáFLH7\ONRQDFRWD]EURMDMHVWQDVDG]RQD"1DJLJDQW\F]QHJR NXUF]DND" 3RVWDQRZLá SU]HF]RáJDü VLĊ QD GUXJą VWURQĊ IRUWX L VSUyERZDü SRGVáXFKLZDü SRG F]ĊVWRNRáHP 3R SRáXGQLX UR]OHJáR VLĊ QDJOH SU]HFLąJáH EXF]HQLH URJyZ L RWZDUWR EUDPĊ :\SDGáR VWDPWąGNáXVHPNLONXMHĨGĨFyZD]DQLPLZGZyFKV]HUHJDFKUyZQRPDV]HURZDá\NUDE\ 'UDNNDLQHQ E\á ZWHG\ Z SRáRZLH SU]HF]RáJLZDQLD VLĊ SU]H] áąNĊ QD ZSURVW JURGX 2SOHFLRQ\ GRNáDGQLH NáĊERZLVNLHP SQąF]\ L VXFKą WUDZą Z\JOąGDá UDF]HM MDN SDJyUHN OXE NXSD VLDQD NWyUD VSDGáD ] ZR]X 3RUXV]Dá VLĊ WDN SRZROL ĪH WU]HED E\ QDSUDZGĊ XZDĪQHJR REVHUZDWRUDĪHE\]DXZDĪ\áMDNLNROZLHNUXFK -HGQDNNLHG\RGG]LDáZ\PDV]HURZDáZSURVWQDQLHJRMHG\QHFRPyJá]URELüWRSRZROL RSXĞFLüWZDU]QD]LHPLĊLF]HNDü .RQLH QD NWyU\FK MHĨG]LOL :ĊĪH Z\JOąGDá\ FXGDF]QLH 1RVLá\ SHáQH ]EURMH DOH FDáH Z MDNLFKĞ QLHUHJXODUQ\FK áXVNDFK L RGURVWDFK SU]\SRPLQDá\ UDF]HM MDV]F]XUNL DOER NRQLNL PRUVNLH7DVDPDHVWHW\NDGRW\F]\áDSDQFHU]\ÄNUDEyZ´ &RĞJRVWUDV]QLHPĊF]\áRZLFKZ\JOąG]LHDOHQLHSRWUDILáVRELHXĞZLDGRPLüFR&RĞQLH QDPLHMVFX&RĞ]G]LHG]LQ\Ä&]\PUyĪQLąVLĊWHREUD]NL"´ 2EáRĪRQH NROF]DVW\PL VHJPHQWDPL NRS\WR XGHU]\áR Z ]LHPLĊ WXĪ RERN MHJR JáRZ\ Z]ELMDMąF FKPXUĊ S\áX 2 PHWU RG QLHJR PDV]HURZDá\ FKU]ĊV]F]ąF OXĨQ\PL EODFKDPL G]LZDF]QH VWZRU\ 3UDZLH QLH PLDá\ JáyZ W\ONR SáDVNLH Z\EU]XV]HQLH ] F]\PĞ Z URG]DMX V]HURNLHJR G]LRED ] SU]RGX L ZąVNLHM V]F]HOLQ\ QDG G]LREHP 3U]\SRPLQDáR WR V]HVQDVWRZLHF]Q\KHáPWXUQLHMRZ\W\SXÄĪDELS\VN´ .RĔZELáNRS\WRRERNMHJRXGDNROHMQ\SU]HV]HGáWXĪQDGJáRZą'UDNNDLQHQQDZHWQLH GUJQąáFKRüFDáHFLDáRFKFLDáRSRUZDüVLĊ]ZU]DVNLHPQDUyZQHQRJL -HĨG]LHFPRĪHFLĊQLHZLG]LDOHNRĔF]XMHĪHFRĞMHVWQLHZSRU]ąGNXLGODWHJRQLHFKFH WX VWDZDü .RQLH FHQLą VRELH UyZQRZDJĊ L QLHQDZLG]ą GHSWDü SR QLH ZLDGRPR F]\P 3RGHMU]HZDáMHGQDNĪHVLĊSRFLHV]D7RZNRĔFXQLHE\á\WDNQDSUDZGĊNRQLH 3U]HMD]GRGG]LDáXQDGMHJRJáRZąWUZDáPQLHMQLĪWU]\G]LHĞFLVHNXQGDOH'UDNNDLQHQRZL Z\GDZDáRVLĊĪHWRQLHNRĔF]ąF\VLĊNRV]PDU.LHG\ZV]\VF\SU]HV]OLQLHPXVLDáVLĊQDZHW ]PXV]DüGRWHJRĪHE\SR]RVWDüQDPLHMVFX%\áZ\NRĔF]RQ\ 3ROHĪĊWXSRP\ĞODá0RĪHQDZHWVLĊ]GU]HPQĊ

=DF]ĊáRVLĊURELüV]DUR6áRĔFHVFKRZDáRVLĊMXĪ]DNUDZĊG]LąV]F]\WXLGROLQĊ]DODáGáXJL FLHĔ 7U]HEDE\áRVLĊVSLHV]\ü 3U]HSHá]á QD GUXJą VWURQĊ IRUWX ± EDJQLVWą áąNĊ RGG]LHODMąFą JR RG ]ERF]D GROLQ\ L SR GáXĪV]\PF]DVLHSU]HNUDGáVLĊGRSDOLVDG\1DZHWQLHE\áDWDNDZ\VRND  ±3RGDMPLUĊNĊ±SRZLHG]LDá'UDNNDLQHQZ\FK\ODMąFVLĊQDJOH]]DXUZLVND*UXQDOGLRG NLONXJRG]LQVLHG]ąF\XSDUFLHSU]\REZLą]DQ\POLQąGU]HZNXRGVNRF]\áZW\á ±6NąGHĞVLĊWXZ]Ląá"3U]HGFKZLOąSDWU]\áHPQDGyáLQLNRJRQLHE\áR ±3DWU]\áHĞQDPQLHW\ONRQLHZLHG]LDáHĞQDFRSDWU]\V] ±0DMąG]LHFL" ± 0DMą 7U]\PDMą MH Z RERU]H SU]\ VDPHM SDOLVDG]LH -DN VLĊ SDWU]\ RG ZHMĞFLD WR SR SUDZHM UĊFH 7R GáXJL EXG\QHN 3LHUZV]H GU]ZL WR VLRGODUQLD GUXJLH RERUD GOD Ny] L FKOHZ WU]HFLHWRZáDĞQLHSRPLHV]F]HQLHJG]LH]DPNQĊOLG]LHFL1LHRWZyU]FLHW\ONRQDVWĊSQHJR7R MHVW]DJURGDJG]LHWU]\PDMąNUDE\7RG]LNLH]ZLHU]ĊWD1LHZLHPMDNLHDOHZDĪQHĪHFDáH] ĪHOD]D L EDUG]R V]\ENLH : WHM FKZLOL W\ONR WU]\ ER UHV]WD Z\V]áD ] IRUWX WUDNWHP UD]HP ] MD]Gą :LG]LDáHP MDN MH NDUPLą 6DPL /XG]LH :ĊĪH FK\ED VLĊ LFK ERMą -HGHQ SRGV]HGá GR ]DJURG\ L ZU]XFLá WDP üZLHUü ĞZLQLDND 3RWHP Vá\FKDü E\áR W\ONR ZU]DVN L ĞZLVW RVWU]\ D PLĊVR ]QLNáR 8ZDĪDMFLH QD QLH 7HUD] Z ĞURGNX MHVW JG]LHĞ SLĊWQDVWX :ĊĪ\ , PĊĪRZLH L NRELHW\ Vą ]EURMQL =ELHUDMFLH VLĊ 0XVLP\ XNU\ü VLĊ Z ]DJDMQLNX ]DQLP VSURZDG]ą NR]\ ] SDVWZLVND ±'ODF]HJR" ±3RZLHPZDPSRGURG]H3RGDMFLHPLKHáPLNDUZDV]H  =DF]ĊáR VLĊ RG WHJR ĪH PáRGD NDSáDQND L FKáRSDN NWyU\ SDVá ] QLą NR]\ ZSDGOL R ]DFKRG]LHVáRĔFDGRIRUWXSU]HUDĪHQLL]RNURSQ\PNU]\NLHP.LHG\ZUDFDOLVSRGZRGRVSDGX SĊG]ąF VWDGR QDWNQĊOL VLĊ QD F]WHU\ ĞZLĊWH ZĊĪH %\á\ PDUWZH L ] RGUąEDQ\PL áEDPL D LFK FLDáDEOXĨQLHUFDQDFLąJQąáQDNLMHMDNUĊNDZLF]NLLXVWDZLáZĞUyGVNDá -HV]F]H QLNW QLH Vá\V]Dá R QLF]\P SRGREQ\P D MXĪ ]XSHáQLH QLH PRĪQD E\áR ]UR]XPLHü MDNWRVLĊPRJáRVWDüWXĪSU]\IRUFLHZVDP\PĞURGNXLFKGROLQ\]ZLGRNLHPQD6NDPLHQLDáH &XGD SR GURG]H GR ĞZLĊWHJR ZRGRVSDGX 'RVáRZQLH R NLOND NURNyZ RG QLFK 7R E\áR ]XSHáQLH QLH GR XZLHU]HQLD ZLĊF ] IRUWX Z\ELHJOL QLHPDO ZV]\VF\ NWyU]\ E\OL Z ]DVLĊJX JáRVX :DUWRZQLNSRELHJáUyZQLHĪSRQLHZDĪJR]DZRáDQRÄ3RSDWU]FR]FLHELH]DZDUWRZQLN -DNWRPRĪOLZH3RGVDP\PIRUWHP.WRWRPyJá]URELü"7\ONRSRSDWU]´ 1RWRSRSDWU]\á 1LH ZLG]LDá QDWRPLDVW F]áRZLHND ] PLHF]HP QD SOHFDFK NWyU\ ZĞOL]JXMH VLĊ GR ZQĊWU]D IRUWXMDNFLHĔ

=DUD] ]D EUDPą 'UDNNDLQHQ VNUĊFLá Z]GáXĪ SDOLVDG\ JG]LH SRG ĞFLDQą RERU\ VWDá Zy] ] VLDQHP 3U]\NOĊNQąá QD FKZLOĊ SU]\ SU]HGQLFK NRáDFK L ] V]HURNLP XĞPLHFKHP QD WZDU]\ Z\GRE\á VZyM ZLHORF]\QQRĞFLRZ\ V]ZDMFDUVNL VF\]RU\N SU]HP\FRQ\ ] OHNFHZDĪHQLHP ZV]HONLFKUHJXá7XĪSU]\ UĊNRMHĞFL]QDMGRZDáRVLĊVWDORZHNyáNR:ĊGURZLHFSRFLąJQąáMH UR]ZLMDMąF WU]\G]LHVWRFHQW\PHWURZą SLáNĊ VWUXQRZą 0RQRPROHNXODUQ\ ZáRV R RVWURĞFL GLDPHQWX L Z\WU]\PDáRĞFL SRUyZQ\ZDOQHM ] RGSRUQRĞFLą FXP\ GXĪHJR RNUĊWX 3U]HáRĪ\á VWUXQĊSU]H]EHONĊG\V]ODLRGFLąáMąWU]HPDGáXJLPLSRFLąJQLĊFLDPL ±1LJG\QLHXĪ\ZDV]W\FKZV]\VWNLFKJDGĪHWyZPyZLOL±]DPUXF]DáSRGQRVHPQLRVąF G\V]HOQDUDPLHQLX]DXáNLHPSRPLĊG]\RERUąDSDOLVDGą6]HGáOLF]ąFNURNLDĪ]QDOD]áVLĊQD Z\VRNRĞFL SRPLHV]F]HQLD ] NWyUHJR QLHGDZQR GRELHJDá\ JR SU]HUDĪDMąFH G]LHFLĊFH JáRV\ -DNLHĞVHQQHMDNE\ZPDOLJQLH Ä*G]LHMHVWPX]\ND"&KFĊĪHE\]QRZXE\áDPX]\ND0DPDPDPDPDPD&KFĊGR ZĊĪD´ -HV]F]HF]XáFLDUNLQDVDPRZVSRPQLHQLH 2SDUá G\V]HO R SDOLVDGĊ SR F]\P SRGVNRF]\á L UR]SDUá QRJL SRPLĊG]\ F]ĊVWRNRáHP D ĞFLDQąLZVSLąáVLĊQDGDFKRERU\ *G]LHĞ GDOHNR OXG]LH ZU]HV]F]HOL QD VLHELH ]áRU]HF]\OL L Z\JUDĪDOL QLHZLG]LDOQHPX ZURJRZL$ZV]\VWNR]SRZRGXNLONXZĊĪ\'ODQLFKE\áRWRFRĞWDNLHJRMDNGOD$UDEDJRá\ NDQNDQQDPRGOLWHZQ\PG\ZDQLNX 'UDNNDLQHQ ZKRORZDá G\V]HO QD JyUĊ L QDJOH ]QLHUXFKRPLDá Z EDUG]R QLHZ\JRGQHM SR]\FML =D VWRGRáą SRMDZLá VLĊ Z\VRNL &]áRZLHN :ąĪ L RSDUáV]\ VLĊ SOHFDPL R ĞFLDQĊ UR]V]QXURZDáUR]SRUHN 3RWHP UR]OHJá VLĊ SOXVN L EH]WURVNLH SRĞZLVW\ZDQLH 'UDNNDLQHQ F]HNDá FLHUSOLZLH WU]\PDMąF G\V]HO Z SRZLHWU]X :ąĪ XOĪ\á VRELH SR F]\P PDMVWUXMąF SU]\ SRUWNDFK QDJOH VSRMU]Dá QD GROQ\ NRQLHF GUąJD ZLV]ąF\ Z SRZLHWU]X PHWU RG MHJR JáRZ\ 3RZLyGá SR QLP Z]URNLHPLQDWOHFLHPQLHMąFHJRQLHEDGRMU]DáVLHG]ąFHJRGZDPHWU\Z\ĪHM:ĊGURZFD ± 1LH VLND VLĊ ]D VWRGRáą ± PUXNQąá 'UDNNDLQHQ ] Z\U]XWHP SRWHP JU]PRWQąá :ĊĪD NRĔFHP G\V]OD Z WZDU] 8QLyVá VáXS L SU]HU]XFLá JR ]D SDOLVDGĊ RSLHUDMąF MHGQ\P NRĔFHP SRPLĊG]\]DRVWU]RQ\PLSDODPL :\GRE\á PLHF] L ZELá JR Z VWU]HFKĊ WQąF V]QXUNL L SUXMąF SDFKQąFH NXU]HP VWDUH ZDUVWZ\ VáRP\ 3RNU\FLH GDFKX SRV\SDáR VLĊ ]D RERUĊ D :ĊGURZLHF VLĊJQąá ]QyZ SR VF\]RU\N L Z\Mąá VWUXQĊ E\ SU]HFLąü EHONL L ZLĊĨE\ GDFKX 3RFK\OLá VLĊ SRWHP L OHĪąF QD GDFKX]HUZDáEHONLVWDQRZLąFHSRGáRJĊVąVLHNX=DMU]DáGRĞURGNDL]DXZDĪ\ZV]\SLĊFLRUR G]LHFL VWáRF]RQ\FK Z NąFLH L SRGQRV]ąF\FK QD QLHJR RVáXSLDáH S\V]F]NL Z\FRIDá VLĊ 3LHUZV]\HWDS]DNRĔF]RQ\ *G]LHĞGDOHNRZ\EXFKá\NU]\NL*ZDáWRZQHLKLVWHU\F]QH1LHE\áRF]DVX(WDSGUXJL± VDERWDĪ .LOND VWU]Dá SRVáDQ\FK ] ]DJDMQLND SU]H]*UXQDOGLHJR SRZVWU]\PDáR WáXPHN SU]HG SU]HV]XNDQLHP RNROLF]Q\FK NU]DNyZ :DUWRZQLN SDGá QD ĞFLHĪNĊ ]H VWU]Dáą VWHUF]ąFą ] RND

QDQLHJR]ZDOLáDVLĊWĊJDQLHZLDVWDRSRGSLĊW\FKZ\VRNRZáRVDFKSRGREQ\FKGRVLWRZLD.WRĞ NROHMQ\]QRJąSU]HV]\WąQDZ\ORWNXĞW\NDMąFLZ\MąFV]XNDáVFKURQLHQLDUHV]WDU]XFLáDVLĊ NU\ü]DVNDáDPL 'UDNNDLQHQ SU]\JLĊW\ ZSyá SRELHJá SR GDFKX L SU]HVNRF]\á QD VWU]HFKĊ NU\MąFą GRPRVWZR 7HUD] PXVLDá RGZUyFLü XZDJĊ RVWU]HODQ\FK :ĊĪ\ RG ]DJDMQLND L NXSLü WURFKĊ F]DVXRE\GZXĪHJODU]RP :FLąJQąá SRZLHWU]H L VNRQFHQWURZDá VLĊ DNW\ZXMąF F\IUDOD SR F]\P UR]SLąá VDMGDN L VWRMąFQDGDFKXVLĊJQąáSRáXN : ]ĊEDFK PLHĞFLá\ PX VLĊ W\ONR GZLH VWU]Dá\ :\EUDá ZLĊF SLĊü L ZELá MH Z VWU]HFKĊ DNW\ZRZDáWHUPRZL]MĊ:]DSDGDMąF\PQDJOHPURNXEH]NV]WDáWQHSODP\FLHQLD]DPLHQLá\VLĊ ZFKáRGQHVNDá\LSDáDMąFHJRUąF\PLEDUZDPLVNXORQH]DQLPLV\OZHWNL'UDNNDLQHQ]DáRĪ\á VWU]DáĊ L Z\PLHU]\á Z QLHER SDWU]ąF SR SDUDEROLF]Q\FK OLQLDFK Z\ĞZLHWORQ\FK PX SU]H] SURJUDP7HQVWDUV]\VNXORQ\]DUDFKLW\F]QąRVáRQą]NĊS\NRVyZNL:VND]XMHUĊNąPLHMVFH JG]LHPRĪHNU\üVLĊ*UXQDOGLLFRĞZU]HV]F]\']LĊNXMĊ1LHEĊG]LHV]PLWXQLFZVND]\ZDá 'UXJLELHJQąF\]ZU]DVNLHPGRJURGX1DVWĊSQ\1DVWĊSQ\.ROHMQHVWU]Dá\Z\SXĞFLáMHGQą SRGUXJLHMZSRZLHWU]HGRVNRQDOHZLHG]ąFJG]LHWUDILąL]HVNRF]\á]GDFKX =MHFKDá SR ĞOLVNLHM VáRPLH QD PDMGDQ DNXUDW Z VDP UD] ĪHE\ ]GHU]\ü VLĊ ] JUXE\P :ĊĪHPZ\FKRG]ąF\PSRĞSLHV]QLH]EXG\QNX]WRSRUHPZUĊNX 7UZDáR WR XáDPHN VHNXQG\ 'UDNNDLQHQ ZELá PX NRODQR Z ZąWUREĊ NFLXN Z RNR SR F]\P JU]PRWQąá JR F]RáRZą F]ĊĞFLą KHáPX Z WZDU] 3U]\WU]\PDá SDGDMąFHJR L ] WUXGHP SFKQąáQDLQQHJRMHJRPRĞFLDZDOąFHJRVLĊSU]HGGU]ZL7DPWHQRWZRU]\áXVWDGRZU]DVNXL XWRQąáZPLRGRZRJĊVW\PSRZLHWU]XSU]\VSLHV]HQLD :ĊGURZLHFUąEQąáJRQDGJDUVWNLHPWXĪSRQLĪHMVNURQLSRF]\PZ\VNRF]\áOHNNRLZELá ERF]QHNRSQLĊFLHZNODWNĊSLHUVLRZąRVXZDMąFHJRVLĊJUXEDVD2EDM:ĊĪHSRSá\QĊOLGRW\áX ZSDGDMąFGRZQĊWU]DGRPRVWZD6á\V]DáMDNáDPLąWDPZĞURGNXFRĞ]UR]OHZDMąF\PVLĊEH] NRĔFDSU]HFLąJá\PWU]DVNLHP 'UDNNDLQHQ]DWU]DVQąáGU]ZLLUR]HMU]DáVLĊSRG]LHG]LĔFX=QDOD]á]DSRPQLDQąRSDUWąR ĞFLDQĊ ZáyF]QLĊ L ZELá RVWU]H Z GHVNL GU]ZL ]DSLHUDMąF GUXJL NRQLHF R ]LHPLĊ 3RWHP Z\V]DUSQąáSĊNVáRP\]HVWU]HFK\LSU]\NOĊNQąáĪHE\VNU]HVDüRJLHĔ *UXQDOGLL*MDILZSDGOLSU]H]V]HURNRRWZDUWąEUDPĊG\V]ąFLZ\PDFKXMąFáXNDPL ±*UXQDOGLW\QLH±ZU]DVQąá'UDNNDLQHQ±=DSDOLVDGĊ%ĊG]LHV]RGELHUDáG]LHFL7DP JG]LHRSDUW\G\V]HOELHJLHP *UXQDOGL]DNUĊFLáVLĊZPLHMVFXLSRJQDáMDNE\JRQLá\JRGHPRQ\ 'UDNNDLQHQ SRGSDOLá VWU]HFKĊ %XFKQĊá\ ZHVRáH SRPDUDĔF]RZH SáRP\F]NL L NáĊE\ JĊVWHJR MDN ĞPLHWDQD VLZHJR G\PX &KZ\FLá MHV]F]H MDNąĞ áDZĊ L NLOND EHF]HN L ]ZDOLá WR ZV]\VWNRQDNXSĊEDU\NDGXMąFGU]ZL ±*MDIL]DP\NDMEUDPĊ±U\NQąá±1D]DVXZĊ *MDILQDSDUáQDVNU]\GáDEUDP\DSRWHPSFKQąáNXWąĪHOD]Qą]DVXZĊ

àRPRWDQLHZGU]ZLRGFKDáXS\VWDZDáRVLĊFRUD]JZDáWRZQLHMV]H ±=DPQą±NU]\NQąá'UDNNDLQHQ±1DGDFK 6SOyWáUĊFHLOHGZREXW*MDILHJRRSDUáPXVLĊRGáRQLHZ\SFKQąáJRZSRZLHWU]H 6WU]HFKD SáRQĊáD DĪ PLáR *G]LHĞ ]QDG VWUXPLHQLD :ĊĪH SRGQLHĞOL SDQLF]Q\ ZU]DVN DOH EDOLVLĊZ\FK\OLü]]DNDPLHQLSU]HNRQDQLĪHVąRVWU]HOLZDQL]NLONXVWURQ:\SXĞFLáMHV]F]H GZLHVWU]Dá\ZQLHERQDZ\F]XFLHĪHE\XWU]\PDüLFKZW\PQDVWURMX *MDILEH]UDGQLH]MHFKDá]SRZURWHP]GDFKXLUąEQąáZ]LHPLĊ 'U]ZLSĊNá\]WU]DVNLHPXGHU]RQH F]\PĞRGZHZQąWU] =D FKZLOĊUąEQLĊWRMHV]F]HUD] .LONDGHVHNNR]LRáNXMąFSROHFLDáRQDPDMGDQ 'UDNNDLQHQ ZVDG]Lá WU]\ VWU]Dá\ MHGQD ]D GUXJą Z G]LXUĊ SR Z\áDPDQ\FK GHVNDFK =H ĞURGNDUR]OHJáVLĊG]LNLNU]\N *MDILJUDPROLáVLĊ]]LHPLV\F]ąFLNXĞW\NDMąF 'U]ZL ]DJURG\ XFK\OLá\ VLĊ SRZROL L Z\V]á\ VWDPWąG GZD NUDE\ :\JOąGDá\ SDVNXGQLH -DN NDUá\ Z Sá\WRZ\FK SLĊWQDVWRZLHF]Q\FK ]EURMDFK MDN PRUVNLH VWZRU\ DOER GHPRQ\ ] SáyFLHQMDNLHJRĞRV]DODáHJR+ROHQGUD%RVFK"%UHXJHO"3URV]ĊEDUG]R %ODFKDSDQFHU]\E\áDSHáQDZĪHUyZLSU]\SRPLQDáDZ\SROHURZDQąUG]Ċ .WRĞ]DF]ąáZDOLüRG]HZQąWU]Z]DU\JORZDQąEUDPĊ *MDILZ\MąáPLHF] +XF]ąFD SODPD RJQLD UR]ODáD VLĊ MXĪ QD Syá GDFKX L SRĪHUDáD VWU]HFKĊ ] RJáXV]DMąF\P WU]DVNLHP .WyU\Ğ ] XZLĊ]LRQ\FK ZHZQąWU] OXG]L FLVQąá áDZą Z ZąVNLH RNQR Z\ELMDMąF RNLHQQLFĊ DOH W\ONR MH ]DEORNRZDá GR UHV]W\ àDZDXWNZLáD Z SRáRZLH L Z\VWDZDáD WHUD] QD ]HZQąWU] 3LHUZV]\ ] NUDEyZ UXV]\á QD QLHJR JZDáWRZQLH L QDJOH UR]SOyWá ZLHF]QLH ]DáRĪRQH QD SLHUVLUDPLRQDXND]XMąFGZLHGRWąGVNU\WH]DSOHFDPLNU]\ZHV]DEOH8QLyVáVLĊWURFKĊL] SáDVNLHJRSU]HFLĊWHJRW\ONRZąVNąZL]XUąKHáPXZ\EXFKQąáSLVNOLZ\NU]\N 6WZyU E\á SLHNLHOQLH V]\ENL 1DSU]HPLHQQH XGHU]HQLD V]DEHO VSDGDá\ ] SUĊGNRĞFLą ZLUQLNyZĞPLJáRZFD:SU]\VSLHV]HQLX'UDNNDLQHQZLG]LDáQDSLQDMąFáXNMDNFLRV\VWU]HODMą MHGHQ ]D GUXJLP *MDIL REGDU]RQ\ IHQRPHQDOQ\P UHIOHNVHP RGELá WU]\ WDNLH XGHU]HQLD SR F]\PMHJRGáRĔZ\SU\VQĊáDGRJyU\NR]LRáNXMąFZSRZLHWU]XLZORNąFZDUNRF]NUZL 6DPZ\VWU]HOLáWU]\UD]\SURVWRZV]F]HOLQĊKHáPXWHJR]W\áXZLG]ąFMHGQRF]HĞQLHMDN *MDIL UR]SDGD VLĊ WDN MDNE\ ZSDGá Z ZHQW\ODWRU : HNVSOR]ML NUZL JXELąF NRĔF]\Q\ UR]ODWXMąF VLĊ Z SRZLHWU]X MHV]F]H ]DQLP XSDGá QD ]LHPLĊ 7DPWH WU]\ VWU]Dá\ E\á\ MXĪ QD JUDQLF\ Z\WU]\PDáRĞFL áXNX Z\VWU]HOLá MH Z PQLHM QLĪ VHNXQGĊ RVWDWQLD UR]OHFLDáD VLĊ Z SRZLHWU]X RG XGHU]HQLD FLĊFLZ\ 6SU]ĊW PyJá QLH Z\WU]\PDü VWU]HODQLD Z SU]\VSLHV]HQLX :\U]XFLá áXN Z SRZLHWU]H L Z\GRE\á PLHF] SR F]\P RGELá GZD ] W\FK NXUF]RZ\FK PRPHQWDOQ\FK MDN XGHU]HQLD VNRUSLRQD FLĊü L ZVDG]Lá GZD SFKQLĊFLD SRPLĊG]\ VHJPHQW\ SDQFHU]D7HQSLHUZV]\WUDILRQ\]áXNXNUDEáD]LáĞOHSRSRPDMGDQLHLVLHNDáFRSRSDGáR 'UDNNDLQHQZ\VNRF]\á]WU\EXERMRZHJRDOHGOD*MDILHJRE\áRMXĪ]DSyĨQR:\JOąGDá

MDNE\ ZV]HGá QD PLQĊ :ĊGURZLHF VFKRZDá PLHF] L VSRMU]Dá QD NUDED NWyU\ XVLDGá QDJOH Z PLHMVFX L XZLąGá OHNNR W\ONR VNURELąF ]LHPLĊ RVWU]DPL :V]\VWNR ZRNyá ]EU\]JDQH E\áR NUZLą*MDILHJRNWyU\GUJDáQD]LHPLLE\áRMXĪ]DSyĨQR1LHPRĪQDE\áRPXSRPyFDQLQLH E\áRJRMDNZ\QLHĞü 1LHE\áRMXĪF]DVXDOHWHJRPXVLDáVLĊGRZLHG]LHü 'UXJL NUDE ]ZDOLá VLĊ QD PDMGDQ ] RNURSQ\P áRPRWHP SU]\ZRG]ąF\P QD P\ĞO NUDNVĊ VDPRFKRGRZą 7UXGQRE\áR]QDOHĨüMDNLHNROZLHNPRFRZDQLDSDQFHU]DZUHV]FLHRGNU\áMDNLHĞáąF]HQLHL UR]JLąáMHQDVLáĊNDOHF]ąFGáRQLH3RWHPNLHG\MXĪFLąJQąá]DGXĪ\DUNXV]EODFK\XVá\V]Dá MDN Z\VNDNXMą MHGHQ SR GUXJLP QLW\ L XGDáR PX VLĊ RGFK\OLü OHNNR KHáP : ĞURGNX SRG EODFKDPL ZLGDü E\áR FRĞ PLĊVLVWHJR MDN FLDáR PDáĪD SHáQH ĞOLVNLFK PDFHN L QDF]\Ĕ ]DODQH MDNLPĞFXFKQąF\PĞOX]HPDZW\PZV]\VWNLPZLGDüE\áRFKXGHEODGHFLDáNR ,NUHZ ±0DPXVLXEROL±9XNRXVá\V]Dá]HĞURGNDPHWDOLF]Q\ JáRVLZU]DVQąá2GVNRF]\áGR W\áXJXELąFPLHF]LGDOHMVLĊFRIDá±&KFĊGRZĊĪD *áRV XPLONá D 'UDNNDLQHQ FRIDá VLĊ DĪ RSDUá VLĊ R ĞFLDQĊ L ]MHFKDá SR QLHM QD PDMGDQ 6LHG]LDá WDN SU]H] FKZLOĊ DĪ UR]OHJáR VLĊ NROHMQH SRWĊĪQH XGHU]HQLH R EUDPĊ :ĊGURZLHF Z]GU\JQąá VLĊ L RFNQąá QD FKZLOĊ %UDPD ]DWU]ĊVáD VLĊ SR UD] NROHMQ\ GU]ZL RG SáRQąFHJR GZRUXSĊNá\QDSRáRZĊLZLGDüE\áRMDNNLONXOXG]LSFKDMH]FDáHMVLá\ :VWDá ]DWDF]DMąF VLĊ SRGQLyVá áXN ]QDOD]á JG]LHĞ PLHF] L VFKRZDá JR GR SRFKZ\ $ SRWHP]]XSHáQLHPDUWZąLQLHUXFKRPąWZDU]ąZ\ELáVLĊ]]LHPLFKZ\WDMąFGáRQLąEHONĊSR F]\PZJUDPROLáQDGDFK =QDOD]áPLHMVFHZNWyU\PZ\SUXáVWU]HFKĊLZĞOL]JQąáVLĊGRĞURGND =DFKRZ\ZDáVLĊMDNDXWRPDW :\FLąJDáG]LHFLMHGQRSRGUXJLPQDVąVLHNSRWHPQDGDFKQLHSR]ZDODMąFLPVLĊUR]áD]Lü LSU]\WU]\PXMąFQLF]\PNRFLĊWD3RWHPVSXĞFLáMHSRG\V]OXSURVWRZUDPLRQD*UXQDOGLHJR 6NRF]\á ] GDFKX RGELá RG SDOL L SRV]\ERZDá Z FLHPQRĞü =LHPLD QDGOHFLDáD PX QD VSRWNDQLH=DPRUW\]RZDáXSDGHNSU]HZURWNąLSRNXĞW\NDá]D*UXQDOGLP ±*G]LH*MDIL" ±1LHĪ\MH.UDE :WRSLOLVLĊZPURNZORNąFG]LHFLVQXMąFHVLĊMDNVRPQDPEXOLF\ :ĊĪH ZU]HV]F]HOL ]DMĊFL V]WXUPRZDQLHP ZáDVQHM EUDP\ L NRQWHPSORZDQLHP SRĪDUX FKDáXS\RĞOHSLHQLRJQLHPLRJáXV]HQLZáDVQ\PZU]DVNLHPLSDQLNą 7DN MDN Z $IU\FH SU]HV]áR SU]H] JáRZĊ 'UDNNDLQHQRZL 7DN VDPR E\áR Z $IU\FH 7DN VDPRZ\JOąGDá\DUPLHZDUORUGyZ2ILFHURZLHSRF]WHUQDĞFLHODWDUHV]WDRGVLHGPLXZ]Z\Ī &KZ\FLáGZRMHG]LHFLSRGSDFKĊLELHJáVWDUDMąFVLĊVWąSDüMDNQDMFLV]HM .LHG\GRELHJOLGROLQ\'UDNNDLQHQFKZ\FLá*UXQDOGLHJR]DUDPLĊ ±:FKRGĨSLHUZV]\±SRZLHG]LDá±%ĊG]LHV]ZFLąJDáG]LHFLUD]HP]H6SDOOHMDEĊGĊMH

SU]\ZLą]\ZDá ±$SRWHPZHMG]LHV]"±]DS\WDá*UXQDOGLVWDQRZF]R ±1LH3RWHPPXV]ĊLĞüGDOHM Ä0DPXVLXFKFĊGRZĊĪD´ ±=DRSLHNXMVLĊPRLPNRQLHP%ĊG]LHWĊVNQLá7U]\PDMJRLQLHZ\U]XFDMPRLFKU]HF]\ :UyFĊ ±1LHPRĪHV]LĞüVDP ± 2GSURZDGĨFLH G]LHFL GR GRPX 3LOQXMFLH LFK 6ą MDN ]DWUXWH DOH P\ĞOĊ ĪH NLHG\Ğ LP SU]HMG]LH 0RJą ]QRZX XFLHNDü , VSLHV]FLH VLĊ :VDGĨFLH MH QD PRMHJR NRQLD L NRQLD *MDILHJR 'UDNNDLQHQ Z\Mąá NLOND VWU]Dá L ZELá MH MHGQą RERN GUXJLHM Z ]LHPLĊ .RáF]DQ E\á MXĪ SUDZLHSXVW\ : FLHPQRĞFLDFK RG VWURQ\ KXF]ąFHJR V\SLąFHJR LVNUDPL SRĪDUX Vá\FKDü E\áR NU]\NL L WXSRWQyJ ±8OIEĊG]LHP\QDFLHELHF]HNDü ± 6á\V]DáHP ± RGSRZLHG]LDá 'UDNNDLQHQ WZDUGR 1LH ZROQR VLĊ UR]NOHMDü 0RUV\ QLH SĊNDMą ±*UXQDOGL" ±7DN" ±0yMNRĔ3U]\WXOF]RáRGRMHJRF]RáDLSRZLHG]PXĪHZUyFĊGREU]H" ±'REU]HSU]\MDFLHOX-HĞOLQLHWRMDSRFLHELHZUyFĊ$ZLHV]FRWRVąWHNUDE\" ±1LHFKFHV]ZLHG]LHü 8ĞFLVQĊOL VRELH ELFHSV\ L NDUNL D SRWHP *UXQDOGL ]DF]ąá VLĊ ZVSLQDü =DWU]\PDá VLĊ QD FKZLOĊ ±1LWM¶VHIQL" ±7DN" ±=QDMGĨGURJĊ ±%RK±RGSRZLHG]LDá:ĊGURZLHFSRFKRUZDFNX 'UDNNDLQHQXQLyVááXNLZ\SXĞFLáZPURNSLHUZV]ąVWU]DáĊ2GSRZLHG]LDáPXNU]\N 3RWHP VWU]HOLá MHV]F]H GZD UD]\ L SU]\ZLą]Dá SLHUZV]H G]LHFNR SRG SDFKDPL ZĊ]áHP UDWRZQLF]\P.ROHMQHZ\UXV]\áRJG]LHĞZFLHPQRĞüLPXVLDáFKZ\FLüMH]DNDUNMDNNRFLĊ =QRZX QDSLąá áXN L VWU]HOLá SRQRZQLH =RVWDáR WURMH ĞFLJDMąF\FK NWyU]\ ]RULHQWRZDOL VLĊ ZUHV]FLHĪHSR]RVWDOLOHĪąSU]HV]\FLVWU]DáDPLDOERNRQDMąZáDĞQLHQD]LHPLLFRIQĊOLVLĊ =JyU\]ZL]JLHPSRPNQĊá\NROHMQHVWU]Dá\*UXQDOGLL6SDOOH8ĞPLHFKQąáVLĊ .LHG\ RVWDWQL FKáRSLHF SRMHFKDá GR JyU\ FKOLSLąF L RFLHUDMąF VLĊ R VNDáĊ 'UDNNDLQHQ VFKRZDááXNLZWRSLáVLĊZPURN 



&LHPQRĞüGDMHPLSRF]XFLHEH]SLHF]HĔVWZD.LHG\SU]HFKRG]ĊSU]H]]DJDMQLNQDW\NDP VLĊ QD WURMH :ĊĪ\ GĨJDMąF\FK ZáyF]QLDPL NĊS\ WUDZ\ L NU]DNL G]LHZF]\QD SRFKOLSXMH ] ZĞFLHNáRĞFLSR]RVWDOLPDMą]DFLĞQLĊWHV]F]ĊNL=QDMGą =QDMGą E\GODND NWyU\ ]DELá ĞZLĊWH ZĊĪH SRGSDOLá LP GRP L SRUZDá LFK QLHZROQLNyZ .WyU\]DELáW\OXEUDFL:LĊFEĊGąV]XNDü7RQLFĪHGRPVLĊSDOLWRQLFĪHNDĪGDSDUDUąNMHVW SRWU]HEQDGRZLDGHUL]ZDODQLDVWU]HFK\ 7RQLFĪHMHVWNRPSOHWQLHFLHPQR 1LHRGSXV]F]ą%ĊGąV]XNDü7RQLFĪHZPLHMVFXZNWyU\PVSUDZF\MXĪRGGDZQDQLH PDSUDZDE\ü :SDGDMąQDGU]HZDSRW\NDMąVLĊ]DF]HSLDMąRVWU]DPLRJDáĊ]LH , PLMDMą PQLH SR REX VWURQDFK 7\ONR GODWHJR ĪH NOĊF]Ċ ]XSHáQLH QLHUXFKRPR ] RSXV]F]RQą WZDU]ą L WU]\PDP GáRĔ QD UĊNRMHĞFL PLHF]D 0RMD V\OZHWND QLH SU]\SRPLQD OXG]NLHM -HVW SR SURVWX F]DUQą SODPą $ QDGH ZV]\VWNR QLH SRUXV]D VLĊ : PURNX RNR UHMHVWUXMHJáyZQLHUXFK6LHG]ĊWDNFLHUSOLZLHDĪRGHMGąLSRWHPMHV]F]HGáXĪHM $SRWHPRSXV]F]DPLFKGROLQĊ :\FKRG]L SLHUZV]\ NVLĊĪ\F L MDN GOD PQLH UREL VLĊ FDáNLHP MDVQR =DWU]\PXMĊ VLĊ Z RVáRQLĊWHMNRWOLQFHQD]ERF]XQLHZLHONLHMVWURPHMJyU\ 1LH FKRG]L R FLHPQRĞü &KRG]L R PURF]NL SU]HG RF]DPL R JáyG L ]PĊF]HQLH .LONDG]LHVLąWVHNXQGWU\EXERMRZHJRWHĪ]HEUDáRVZRMHĪQLZR -HVWHPZ\NRĔF]RQ\ 0DP QLHZLHOH ]DSDVyZ =DZLQLąWNR ] JDUĞFLą SDVNyZ VXV]RQHJR PLĊVD GZD EDWRQ\ FKDáZ\ L WH QRZH VXV]RQH RZRFH SRGREQH GR ZLHONLFK GDNW\OL 7\OH FR XSFKQąáHP SR NLHV]HQLDFK 1LHPDPEXNáDND 3LáHPQLHGDZQRZRGĊ]HVWUXPLHQLDDOHEUDNQDF]\QLDWRPRĪHE\üSUREOHP7U]HEDE\áR ]DEUDü SU]\QDMPQLHM SODVWLNRZą EXWHONĊ SR ĞOLZRZLF\ 0LDáHP WDP MHV]F]H SUDZLH SRáRZĊ UDNLML 0RJáDE\ VáXĪ\ü QDZHW GR SU]HP\ZDQLD UDQ D SRWHP EXWHOND VWDáDE\ VLĊ GRVNRQDáą PDQLHUNą 7UXGQR 0DPFRPDPDF]HJRQLHPDPQLHSRWU]HEXMĊ &]XMĊSRWU]HEĊSRĞSLHFKX7RLQVW\QNW:LHPĪHMHVWHPXFHOX ,ZLHPĪHMHVWFK\ED]DSyĨQR =DNáDGDPNDSWXUSyáNRĪXV]NDLREHMPXMĊVLĊFLDVQRUDPLRQDPLSRF]\P]QDMGXMĊVRELH PLHMVFHRVáRQLĊWHRGZLDWUX -HVW GZDG]LHĞFLD SR GUXJLHM ĞURGD GZXG]LHVWHJR F]ZDUWHJR SDĨG]LHUQLND ZHGáXJ XPRZQHJRNDOHQGDU]DORNDOQHJR7HPSHUDWXUDSRZLHWU]DV]HĞüVWRSQLVLáDZLDWUXWU]\G]LHĞFL NLORPHWUyZQDJRG]LQĊ'REUDQRF0LGJDDUG 

3REXGND R SLHUZV]\P EU]DVNX =ELHUDP RVWU]HP QRĪD URVĊ ] WUDZ\ &DSSXFFLQR D OD :\EU]HĪHĩDJOLĩXMĊNDZDáHNPLĊVDSyáEDWRQXFKDáZ\LGDNW\OD $SRWHPRSXV]F]DPPRMąNRWOLQNĊLUXV]DPQDV]F]\W 6LDGDPQDV]F]\FLHWXĪSU]HGĞZLWHP &]DV QD SRUDQQą RGSUDZĊ OXVWUDFMĊ RNROLF\ Z SLHUZV]\FK SURPLHQLDFK VáRĔFD L ]DSODQRZDQLHG]LDáDĔQDQDMEOLĪV]HV]HVQDĞFLHJRG]LQ']LDáDĔUDFMRQDOQ\FKLVHQVRZQ\FK :VFKRG]LVáRĔFH:VSDQLDá\PRPHQWNLHG\SLHUZV]\SRPDUDĔF]RZ\SURPLHĔSU]HFLVND VLĊPLĊG]\V]F]\WDPLLPDOXMHSU]HGHPQąSDQRUDPĊJyUVNLHJRáDĔFXFKD 7RNRPSOHWQ\REáĊG 6]NRORQRPQLHZáDĞQLHSRGWDNLPNąWHPĪHE\PQLHRV]DODáSDWU]ąFQDG]LHFL]PLHQLRQH ZERMRZHPDV]\Q\Z\JOąGDMąFHMDNSLHNLHOQHNDUá\ĩHE\PQLHJU\]áVLĊZQLHVNRĔF]RQRĞü NLHG\ZLG]ĊMDNSLHFSU]HPDZLDOXG]NLPJáRVHPDOERJG\SUDZDIL]\NLLGąVRELHQDVSDFHU $OHWRZV]\VWNRMHVWNZHVWLDVNDOL 3DWU]Ċ QD JyU\ RWDF]DMąFH GáXJą L V]HURNą GROLQĊL F]XMĊ SXVWNĊ &RĞ Z URG]DMX REUD]X NRQWUROQHJR DOER NRPXQLNDWX ÄSDQLF VFUHHQ´ Ä8P\Vá Z\NRQDá QLHSUDZLGáRZą RSHUDFMĊ L QDVWąSLMHJR]DPNQLĊFLH-HĪHOLSUREOHPEĊG]LHVLĊSRZWDU]DáVNRQWDNWXMVLĊ]HVSU]HGDZFą´ :LG]Ċ JyUĊ NWyUD MHVW ZąVND L Z]QRVL VLĊ áDJRGQ\PL OLQLDPL DĪ GR PLHMVFD JG]LH MHVW XFLĊWDUyZQRMDNQRĪHPDQDV]F]\FLHVWRLLGHDOQDOĞQLąFDNXODZ\VRNRĞFLELXURZFD/LF]ąF RGSRGVWDZ\ZV]\VWNRPD]V]HĞüVHWPHWUyZ.XODVWRLZZRG]LH:RG]LHNWyUDREUDFDMą SRZROLLRP\ZDMHMSRZLHU]FKQLĊDSRWHPZ\FLHNDQDSLĊüVWURQZRGRVSDGDPL :LG]Ċ V]F]\W NWyU\ MHVW VWRĪNLHP ,GHDOQ\P VWU]HOLVW\P VWRĪNLHP SU]HELMDMąF\P Z SRáRZLHZ\VRNRĞFLNROHMQąNXOĊMDNJOREXVZLHONRĞFLOLJRZHJRVWDGLRQX 1LH ZV]\VWNLH Vą JHRPHWU\F]QH DOH QLHPDO NDĪG\ V]F]\W Z RNROLF\ MHVW U]HĨEą 2 FHORZ\FKW\WDQLF]Q\FKNV]WDáWDFKEH]ĞODGXREUyENL $ Z GROLQLH ZLGDü MHV]F]H EDUG]LHM REáąNDQH WZRU\ FKRü ]QDF]QLH PQLHMV]H SU]\SRPLQDMąFH MDNLHĞ G]LZDF]QH IRQWDQQ\ EXG\QNL L VDG]DZNL ZĞUyG NWyU\FK VQXMH VLĊ PJáD 0DPRWZDUWHXVWDZ\WU]HV]F]RQHRF]\LPLOF]Ċ 0LOF]ĊZVRELHLQD]HZQąWU] *ZDáWRZQLHXVLáXMĊVRELHW\ONRSU]\SRPQLHüZMDNLVSRVyEPRĪQDSU]HUZDüKDOXF\QDFMH 7RQLHPRĪOLZH $]DWHPMHVWHPRWUXW\ &RĞWXMHVWZSRZLHWU]X $OHPRMDGáRĔZ\JOąGDMDNGáRĔ 6WDGR SWDNyZ SU]HODWXMąF\FK SRQLĪHM MHGQDN QLH SU]HPLHQLD VLĊ Z PRLFK RF]DFK Z OHV]F]HDOERQDOHĞQLNL5RVQąFHZRNyáNĊS\WUDZ\WDNĪHVą]JRGQH]Ä$WODVHPGRR]QDF]DQLD URĞOLQ]LHOQ\FK.RQW\QHQWX3yáQRFQHJR´ .LHG\ FRĞ QLH PD SUDZD LVWQLHü D MHGQDN LVWQLHMH SU]\MPXMĊ WR GR ZLDGRPRĞFL L QLH

]DGUĊF]DPVLĊS\WDQLDPLÄMDN´LÄGODF]HJR´7DN]RVWDáHPZ\V]NRORQ\ 6FKRG]ĊZWĊGROLQĊ 'áXJą Z\REORQą JUDQLą FLąJQąFą VLĊ SRQLĪHM SRFK\ORQHJR SU]HZLHV]RQHJR RG SU]RGX V]F]\WX *yUD ] NWyUHM VFKRG]Ċ Z GROLQĊ Z RJyOH PD WDNLH PLĊNNLH RSá\ZRZH OLQLH ,GĊ SR JáDGNLPZ\ĞOL]JDQ\PJUDQLFLHMDNSRMDNLHMĞJLJDQW\F]QHMUXU]H*UDĔRSDGDGRV\üáDJRGQLH DOHMHVWQDSUDZGĊĞOLVNR3RREXVWURQDFKPDPSU]HSDĞü3ROHZHMRNUąJáąJáĊERNąNRWOLQNĊ RWRF]RQą SU]H] PRMą JyUĊ D SR GUXJLHM HNVSR]\FMĊ QD NROHMQą GROLQĊ VWUXPLHQLD : NDĪGą VWURQĊ]HGZLHĞFLHPHWUyZZGyá1LHSU]\MHPQLH *UDĔSRNWyUHMLGĊFLąJQLHVLĊáDJRGQ\PRSDGDMąF\PJU]ELHWHPMDNLHĞSyáNLORPHWUD -HVWĞOLVNR 3U]\GDá\E\VLĊKDNLLSRUĊF]yZND 3RGáXĪV]\PF]DVLHPJá\QDGROHUR]FKRG]ąVLĊWURFKĊZLG]ĊMDNSá\QąGROLQąWURFKĊMDN U]HNLVSá\ZDMąVSRPLĊG]\V]F]\WyZLáąF]ąVLĊZMHGHQGáXJLQXUWDOHSR]DW\PZLGRF]QRĞü ]DF]\QDVLĊSRSUDZLDü:VWDMHVáRĔFH 3DWU]ĊWDPJG]LHLGĊLQDJOHVWDMĊZRVáXSLHQLX %RZLG]ĊZ\UDĨQLHĪHNLHUXMĊVLĊ±NXVWRSLH 6PXNáHM NRELHFHM VWRSLH OHĪąFHM SáDVNR QD ]LHPL SU]HG Z\VXQLĊWą GR SU]RGX QRJą 6WRSLHGáXJRĞFLMDNLFKĞVWXSLĊüG]LHVLĊFLXPHWUyZ $LGĊSRUDPLHQLX ,]EOLĪDPVLĊGRáRNFLDàRNFLDZVSDUWHJRRNRODQR .DPLHQQ\ PRVW áąF]ąF\ GZD QLĪV]H V]F]\W\ WR SU]HGUDPLRQD OHĪąFH RERN VLHELH 6FKRG]Ċ SR FLHOH JLJDQW\F]QHM NRELHW\ NWyUD VLHG]L ] Z\VXQLĊW\PL GR SU]RGX QRJDPL ]H ]ZLHV]RQąZGyáJáRZą]UDPLRQDPLRSDUW\PLáRNFLDPLRNRODQD 3RGFKRG]Ċ EDUG]R RVWURĪQLH QD LOH GDMH VLĊ WR QD RNUąJáHM SRZLHU]FKQL UDPLHQLD L ]DJOąGDPZGyá :LG]Ċ JLJDQW\F]QH NXOLVWH SLHUVL ]ZLHĔF]RQH VXWNDPL ZLHONRĞFL NLONXPHWURZ\FK NUĊS\FKEDV]WQDURĪQ\FK3RFK\ORQDWZDU]MHVWVWąGQLH]E\WGREU]HZLGRF]QD']LHZF]\QDPD ]ZLHV]RQąJáRZĊZVSDUWąRUDPLRQDLSDWU]\ZGyá 1DMJRUV]\ PRPHQW PDUV]X WR SU]HMĞFLH SU]H] GáRĔ -HVW VWURPR WU]HED RVWURĪQLH ]HĞOL]JLZDüVLĊ]Ná\NFLQDSDOLF]NLQDV]F]ĊĞFLHSDOHFVHUGHF]Q\LPDá\VąWURFKĊZ\VXQLĊWHL WZRU]ąSUDZLHVWRSQLH2ĞPLRPHWURZHVWRSQLHDOH]DZV]H &]XMĊ VLĊ MDN *XOLZHU FKRü ] NRELHWą R W\FK UR]PLDUDFK QDZHW *XOLZHU E\ VRELH QLH SRUDG]Lá1DMHMGáRQLPRĪQDE\UR]HJUDüPHF]NRV]\NyZNLL]PLHĞFLüZLG]yZ &DáH V]F]ĊĞFLH ĪH XVLDGáD Z\FLąJDMąF VWRS\ WDN GDOHNR : WHQ VSRVyE VFKRG]HQLH SR JROHQLMHVWXFLąĪOLZHDOHZ\NRQDOQH 3RGUyĪZLHĔF]\]HMĞFLH]SDOFyZVWRS\2ND]XMHVLĊĪHSD]QRNLHüPDáHJRSDOFDZFDOHQLH MHVW VSHFMDOQLH QLĪHM QLĪ LQQH L ] MHJR SRZLHU]FKQL QD NWyUHM PRĪQD E\ ]DSDUNRZDü GZD

VDPRFKRG\GR]LHPLMHVWGREUHWU]\SLĊWUD 6FKRG]Ċ ĪOHEHP SRPLĊG]\ SDOFDPL , VWRMĊ Z REáĊGQHM GROLQLH RWRF]RQHM FXGDF]Q\PL U]HĨEDPL8VWySG]LHZF]\Q\NWyUDXVLDGáDLRSDUáDJáRZĊQDVSOHFLRQ\FKUDPLRQDFK , FDáH V]F]ĊĞFLH ĪH XVLDGáD 7HUD] PD ] F]WHU\VWD PHWUyZ GR F]XEND JáRZ\ .LHG\ ZVWDQLHEĊG]LHPLHU]\áDVRELH]NLORPHWU &]XMĊQDVWUyMREáĊGXSU]HQLNDMąF\FDáąGROLQĊLPDPZUDĪHQLHĪHWREĊG]LHFLĊĪNLG]LHĔ 1DZV]HONLZ\SDGHNDNW\ZXMĊF\IUDOD 

 8]QDá ĪH QLH RGPyZL VRELH VSDFHUX Z NRWOLQNĊ XWZRU]RQą SU]H] QRJL G]LHZF]\Q\ D QDNU\WąRGJyU\SU]H]JáRZĊLVSOHFLRQHUDPLRQD ±=PĊF]\áHPVLĊPRMDGURJD±RĞZLDGF]\á'UDNNDLQHQ±%DUG]RSRGREDMąPLVLĊGáXJLH QRJLDOHSRWZRMHMVFKRG]LáHPSyáWRUHMJRG]LQ\7RFK\EDSU]HVDGD 3RG Z]QRV]ąFą VLĊ GZLHĞFLH PHWUyZ Z\ĪHM ROEU]\PLą WZDU]ą ]QDMGRZDáR VLĊ RNUąJáH MH]LRUNRGRNWyUHJRFLXUNDáD]JyU\ZRGD:\Sá\ZDáDGRNáDGQLH]NąFLNyZRF]X ±7RFK\EDSU]HVDGD±]DZRáDá'UDNNDLQHQ±,OHWU]HEDU\F]HüĪHE\PLHüSLĊFLRPHWURZH VWDODNW\W\ X QRVD" 0LOLRQ ODW" &R ]D KLVWHU\F]ND :HĨĪH VLĊ Z JDUĞü G]LHZF]\QR 2WU]\M VRELHVWDODNW\W\LXĞPLHFKQLMVLĊ 2EV]HGáMH]LRUNRLVSRMU]DáZ]GáXĪXG ± :LHG]LDáHP 3RG]LZX JRGQ\ UHDOL]P $OH PDV] ZLHONą MDVNLQLĊ ± ]DZRáDá FKFąF Z\ZRáDüHFKR±7HUD]PXV]ĊMXĪLĞüDOHZSRZURWQHMGURG]H]ZLHG]ĊVRELHFLHELH=DZV]H XZLHOELDáHPMDVNLQLH  'QRGROLQ\E\áRSáDVNLH5RVáDWDPWUDZDLGU]HZDSU]HFLQDá\MHVWUXPLHQLHUR]OHZDMąFH VLĊZRNUąJáHVWDZ\,W\ONRW\OHZ\JOąGDáRQRUPDOQLH 1LHQRUPDOQHE\á\QDSU]\NáDGGáXJLHU]HNLPJá\WRF]ąFHVLĊGROLQą =LPQHM PJá\ SHáQHM ZLMąF\FK VLĊ ]PLHQQRNV]WDáWQ\FK VWZRUyZ ZLGRF]Q\FK Z WHUPRZL]ML =D SRURĞQLĊW\P ODVHP Z]JyU]HP PDMDF]\á\ MDNLHĞ ]DEXGRZDQLD $OH QLH ]Z\NáH GUHZQLDQHFKDáXS\]EDOLGRNWyU\FKSU]\Z\Ná-DNLHĞEXOZLDVWHEXG\QNLQLWRJLJDQW\F]QH G\QLHQLWREXQNU\QLSĊNDWHG]EDQNL *G]LHĞMXĪZLG]LDáFRĞWDNLHJR0LDáWRPĊF]ąFHSRF]XFLHMXĪRGGDZQD&RĞ]QDMRPHJR DOHSR]D]DVLĊJLHPSDPLĊFL3LDVNRZHG]LZDF]QHEXGRZOHLNZDGUDWRZDZLHĪD]ZLHĔF]RQD FLHQNąF]DUQąV]XELHQLFąZWOH &RĞMDNGpMjYX&]ĊĞüG]LZDF]QHJRSU]HF]XFLDNWyUHGUĊF]\áRJRRGNLONXGQL7XĪWXĪ ]DQDMEOLĪV]\P]DNUĊWHPPy]JX3UDZLHZ]DVLĊJXUĊNL 7H MDVNUDZRUyĪRZH SV\FKRGHOLF]QH IRQWDQQ\ Z\JOąGDMąFH MDN VNRPSRQRZDQH ] Z\SUHSDURZDQ\FKUR]FLĊW\FKQDU]ąGyZLIUDJPHQWyZNROF]DVW\FKSDQFHU]\KRPDUyZ

7H]ZLHU]ĊWDNUĊFąFHVLĊWRWXWRWDP &]DUQDWU]\JáRZDMDV]F]XUND:\FKRG]ąFD]HVWDZX 1D0LGJDDUG]LHQLHPDWU]\JáRZ\FKMDV]F]XUHN 1LHPDWHĪURSXFKRZDW\FKF]DUQ\FKVWZRUyZSRNU\W\FKOĞQLąF\PLMDNNRUDOHZU]RGDPL NWyUHSLHNąVRELHQDUXV]FLHOXG]NąVWRSĊ 1LH PD V]HĞFLRQRJLHJR V]F]XUD Z RNXODUDFK ZORNąFHJR VNRUXSĊ MDN ĪyáZ ]ZáDV]F]D MHĪHOLVNRUXSDMHVWZNOĊVáDMDNPHWDORZDPLVDLR]GRELRQDGáRQLąSU]\ELWąGRQLHMQRĪHP 7URFKĊSU]\SRPLQDáRWRQDüSDQ\SDUNUR]U\ZNL 3DWU]\á QD JLJDQW\F]QH UyĪRZRVHOHG\QRZH NZLDW\ ĞOLVNLH Z GRW\NX L SU]\SRPLQDMąFH FLDáR 3DWU]\á QD MDNLHĞ PLĊVLVWH ELDáH NXOH MDN ROEU]\PLH RZRFH Z NWyU\FK SRUXV]Dá\ VLĊ QLHPUDZRMDNLHĞSU]HĞZLWXMąFHSU]H]ĞFLDQNLOXG]NLHNV]WDáW\ 6]HGá 7U]HED]QDOHĨüNRJRNROZLHNRGNRJRPRĪQDVLĊF]HJRĞGRZLHG]LHü :V]HGáQDSDJyUHN]ZLHĔF]RQ\FXGDF]QąU]HĨEą]SRSU]HSODWDQ\FKUyĪRZ\FKNV]WDáWyZ QLH GR RSLVDQLD 3U]H] RWZyU Z MHGQ\P ] HOHPHQWyZ FDá\ F]DV Z NyáNR SU]HODW\ZDáR VWDGR F]DUQ\FKRV]DODá\FKSWDV]NyZ:NyáNRLZNyáNRDĪVLĊQLHGREU]HURELáR 1D V]F]\FLH Z]JyU]D ]REDF]\á NROHMQą NXOLVWą EDQLĊ MDN FLHQNL ELDá\ RZRF %\á ZLHONL MDN QDPLRW Z ĞURGNX SDUD /XG]L :ĊĪ\ NRSXORZDáD PHFKDQLF]QLH FKRü ] ]DSDPLĊWDQLHP WDSODMąFVLĊZUR]JQLHFLRQ\PQDUyĪRZąPLD]JĊPLąĪV]XRZRFX 6SRMU]Dá WĊSR SU]H] UR]V]DUSDQą ] ERNX SRGREQą GR ELDáHJR SHUJDPLQX VNyUNĊ RZRFX ZLG]LDá ]ODQH SRWHP SOHF\ PĊĪF]\]Q\ SRNU\WH ]\J]DNDPL F]HUZRQRF]DUQHJR WDWXDĪX L WDN VDPRWDWXRZDQHá\GNLLVWRS\NRELHW\VSOHFLRQHQDMHJRSRĞODGNDFK 3DWU]\á Z PLOF]HQLX MDN RZRF Z\SXV]F]D QDJOH NROF]DVWą ZLMąFą VLĊ áRG\JĊ NWyUD NZLWQLH RJURPQ\P MDN WDFD ELDá\P ORWRVHP UR]NáDGD SáDVNR SáDWNL D QDVWĊSQLH SąF]NXMH ROEU]\PLąRSDOL]XMąFąEDĔNąNWyUDRGODWXMH]ZLDWUHP ±&RMDWDNLHJR]MDGáHPGDSLF]NLPDWHUL±PUXNQąá'UDNNDLQHQ 8VWySZ]JyU]DNáĊELá\VLĊVHWNLQDJLFKFLDá/XG]L:ĊĪ\:áDĞQLHNáĊELá\7DNEH]VHQVX 7R QDZHW QLH E\áD MDNDĞ NRQNUHWQD RUJLD :LOL VLĊ SR VRELH MDN UREDNL WDSODOL EH]P\ĞOQLH Z VDG]DZFHZRNyáFLHOLVWHMREUDFDMąFHMVLĊIRQWDQQ\ 1LH ]ZUDFDOL QD QLHJR XZDJL 3U]HFKRG]Lá PLĊG]\ QLPL SU]\F]DMRQ\ UR]SĊG]DMąF FXGDF]QHSWDNLLMDV]F]XUNLSOąF]ąFHVLĊSRGQRJDPLWU]\PDMąFGáRĔQDVWHUF]ąFHM]]DSOHFyZ UĊNRMHĞFLPLHF]D 1DSUDZGĊ QLH ]ZUDFDOL QD QLHJR XZDJL àD]LOL WR WX WR WDP MDN QDüSDQL DOER ]DKLSQRW\]RZDQL 1LH ]DUHDJRZDOL QDZHW NLHG\ UR]WUąFLá WDNą JUXSNĊ SU]HZUDFDMąF QLHNWyU\FK QD ]LHPLĊ .WRĞ ZVWDá L SROD]á GDOHM D QLHNWyU]\ OHĪHOL EH]P\ĞOQLH DĪ NWRĞ LQQ\ SRáRĪ\áVLĊQDQLFKWDNVDPRVHQQLHLEH]]DLQWHUHVRZDQLD ± :LHP ± SRZLHG]LDá QDJOH 'UDNNDLQHQ GR SU]HFKRG]ąFHJR :ĊĪD ± 7R MHVW 2JUyG 5R]NRV]\=LHPVNLFK

±7R±ZVND]DáQDFLHOLVWąIRQWDQQĊ±MHVW)RQWDQQDĩ\FLDF]\5DGRĞFLQLHSDPLĊWDPMXĪ 5R]XPLHV]" ± .ROHMQ\ SU]HFKRG]ąF\ VSRMU]Dá QD QLHJR P\GODQ\P Z]URNLHP L SRZUyFLá GR SU]HĪXZDQLDF]HUZRQ\FKMDJyG ± 1LH PRJáHĞ WHJR Z\P\ĞOLü PRUGR ± ]DZRáDá 'UDNNDLQHQ ± 1LH PRJáHĞ ZLG]LHü REUD]yZ%RVFKDZLĊFWR]QDF]\ĪHMHGQDNPDPKDOXF\QDFMH 5XV]\áGDOHMDQDJOH]DWU]\PDáVLĊSU]\NROHMQHMJUXSFH ± $DNHQ ± SRZLHG]LDá =QLHUXFKRPLHOL L VSRMU]HOL QD QLHJR ± +LHURQLPXV YDQ $NHQ %RVFK ±$DNHQ±RGSRZLHG]LDáPXFKyUWĊS\FKJáRVyZ ±)DMQLHVLĊ]ZDPLJDGD7RWHUD]PRĪH3LHUYDQ'\NHQ" =DSDGáDQDJáDFLV]D ±&LHUĔ±RGSRZLHG]LDáQLHSHZQ\JáRV$]DFKZLOĊGUXJLMDNE\]REDZą±&LHUĔ $SRFKZLOLFDá\VNDQGRZDQ\FKyU ±&LHUĔ&LHUĔ&LHUĔ .U]\F]HOLZVND]XMąFJG]LHĞSDOFHP:JyUĊGROLQ\ ± :LG]LDáHP FLĊ ± ]DZRáDá 'UDNNDLQHQ GR PQLFKD Z KDELFLH ] WRQVXUą L V]F]XU]\P S\V]F]NLHPSU]\VWURMRQ\PELQRNODPLWU]\PDMąFHJRRSUDZQąZVDILDQNVLąĪNĊ±:LG]LDáHP FLĊMXĪZPX]HXP  ±3RGVXPXMP\±PyZLá'UDNNDLQHQ±%RVFK3U]\GRPHN$DNHQ=LPQDPJáD2NXODU\ QD WZDU]\ :ĊĪD 6W\OLVW\ND ]EURL L SDQFHU]\ FKDUDNWHU\VW\F]QD GOD SLĊWQDVWHJR ZLHNX : ĞZLHFLH Z NWyU\P V]F]\WHP WHFKQLNL MHVW Syá]DPNQLĊWD áHEND ] QRVDOHP 'DOHM Ä2JUyG UR]NRV]\]LHPVNLFK´]QDF]\WX]DW\PZ]JyU]HPEĊG]LHP\PLHOL :V]HGáQDZ]JyU]H ±2&KU\VWHPLáRVLHUQ\Ä0X]\F]QHSLHNáR´ 1DG UyZQLQą E\áR Z\UDĨQLH FLHPQLHM =ELHUDá\ VLĊ QDG QLą F]DUQH FKPXU\ D Z RGGDOL ZĞUyG]UXMQRZDQ\FKUXGHUSáRQĊá\SRĪDU\SRGĞZLHWODMąFV]XELHQLFH &RĞ]DG]ZRQLáR 'UDNNDLQHQ RGHUZDá Z]URN RG V]DUSDQ\FK GĨJDQ\FK L SRQLHZLHUDQ\FK QDJLFK :ĊĪ\ L V]DUSLąF\FK MH NUĊS\FK GHPRQyZ R ĪDELRWUXSLFK S\VNDFK 3DWU]\á QD OXG]L ZNUĊFDQ\FK Z JLJDQW\F]Qą OLUĊ NRUERZą QD RJURPQą EDQLDVWą NRE]Ċ Z\JOąGDMąFą MDN Z\UZDQ\ ] FLDáD ROEU]\PDNUZDZ\QDU]ąGQDV]SLNRZDQ\ROEU]\PLPLIXMDUNDPL 3RG QRJDPL SU]HFKRG]Lá PX KHáP %DQLDVW\ ]DPNQLĊW\ SU]\áELFą QD GZyFK NU]\Z\FK NDUOLFKQRJDFK1DV]F]\FLHKHáPXG\QGDáDRGUąEDQDOXG]NDVWRSDSU]HV]\WDVWU]Dáą ±&LHELHWHĪMXĪJG]LHĞZLG]LDáHP 7RUWXURZDQL Z\JOąGDOL QD UyZQLH ]RERMĊWQLDá\FK L VHQQ\FK MDN FL NWyU]\ EUDOL XG]LDá Z RUJLDFK7DNĪHJáyZQLHZLOLVLĊSRVRELHLWáRF]\OLQD]LHPL 7\ONR Z\VQXZDMąFH VLĊ ] ]LPQHM PJá\ SRWZRU\ V]F]XU]RĪDELH K\EU\G\ L NDUá\ PLDá\ Z

VRELHWURFKĊĪ\FLD ±3U]HSUDV]DPF]\NWRĞPRĪHZLG]LDáWX3LHUDYDQ'\NHQD" ±&LHUĔ&LHUĔ&LHUĔ 'UDNNDLQHQUR]WDUáWZDU]LUXV]\áGDOHMSU]HS\FKDMąFVLĊSU]H]WáXP1LHGDOHNR $Ī GR ZLHONLHJR ZR]X ]DSU]ĊĪRQHJR Z NUDE\ Z DV\ĞFLH NROHMQ\FK RSDQFHU]RQ\FK G]LHFL 'UDNNDLQHQQDW\FKPLDVWSU]\F]DLáVLĊLFKZ\FLá]DUĊNRMHĞüPLHF]D .UDE\RWDF]Dá\JRZ\GDMąFWHQVZyMXSLRUQ\SLVNRGNWyUHJRDĪG]ZRQLáRZXV]DFK 3U]\VLDGá Z QLVNLHM SR]\FML ERMRZHM DOH REFKRG]Lá\ JR NUĊJLHP MDN SDQFHUQH ĪDE\ Z ZąVNLFKZL]XUDFKWQąF\FKV]HURNLHVWDORZHS\VNLE\áDW\ONRFLHPQRĞü.UąĪ\áFKZLOĊ]MHGQą GáRQLąQDUĊNRMHĞFLDGUXJąZ\FLąJQLĊWąSU]HGVLHELHDĪZV]\VWNLHNUDE\Z\VXQĊá\UĊFHVSRG SDFK L V]F]ĊNQĊá\ RVWU]DPL :RNyá :ĊGURZFD VWDá SLHUĞFLHĔ NU]\Z\FK EU]HV]F]RWyZ MDN NRURQD]FLHUQL :\SURVWRZDáVLĊ ± 1LH PRJĊ ± Z\V]HSWDá ± 1LH PRJĊ :LHP F]\P MHVWHĞFLH -D QDZHW XGHU]\ü G]LHFND QLHSRWUDILĊ:\EDF]NRPDQGRU]H:\EDF]FLHPLZV]\VF\1LHPRJĊ .UDE\QDJOH]PHWDOLF]Q\PĞZLVWHPVFKRZDá\RVWU]D ±&LHUĔ&LHUĔ&LHUĔ ±'REUD±SRZLHG]LDá'UDNNDLQHQ]WUXGHP±&LHUĔ :y] PLDá QDELMDQH NROFDPL EXUW\ ] SRF]HUQLDáHJR GUHZQD Z]PRFQLRQHJR ĪHOD]Q\PL SDVDPL.ROFHE\á\WDNĪHQDNRáDFK2WZRU]\áDVLĊNODSDLRSDGáDPXSRGQRJL:HZQĊWU]QD F]ĊĞüPLDáDĪHOD]QHVWRSQLH ±'REUD±SRZWyU]\á'UDNNDLQHQ±-DGĊ =Z\VRNDPLDáGREU\ZLGRNQDNáĊERZLVNDFLDáWRUWXU\KXF]ąFHRJQLHLGRá\NORDF]QHL WDU]DMąF\FK VLĊ ZĞUyG WHJR WDWXRZDQ\FK QLHV]F]ĊĞQLNyZ .UDE\ ]DSU]ĊJá\ VLĊ L SRFLąJQĊá\ VNU]\SLąF\Zy]SU]H]SLHNáRSHáQH]JLHáNXSLVNOLZ\FKNDNRIRQLF]Q\FKWRQyZIXMDUHNLNRE] ±:PX]\F]Q\PSLHNOHNRQLHF]QLHSRZLQQ\E\üWHĪDNRUGHRQ\±PUXNQąá'UDNNDLQHQ :y]WRF]\áVLĊZĞUyGREáĊGX:ĊĪHF]HSLDOLVLĊV]SU\FKLREUĊF]\XVLáRZDOLZVSLQDüQD EXUW\SUXMąFFLDáDRNROFHSRF]\PRGSDGDOLLNRáDSU]HWDF]Dá\VLĊSRQLFK &LHUĔ XND]Dá PX VLĊ ]D ]DNUĊWHP GROLQ\ 2WRF]RQ\ JyUDPL SRG SRFKPXUQ\P QLHEHP :\JOąGDá WURFKĊ MDN JLJDQW\F]QH ZLUXMąFH VWDGR SWDNyZ DOER WRUQDGR -DN ROEU]\PLH VWU]HODMąFHZQLHERZU]HFLRQR ±1DOLWRĞüERVNąFRWRMHVW"±Z\V]HSWDá'UDNNDLQHQ ±&LHUĔ&LHUĔ&LHUĔ = EOLVND NLHG\ ]VLDGá MXĪ ] ZR]X RND]DáR VLĊ ĪH &LHUĔ QDSUDZĊ E\á UXFKHP *LJDQW\F]Q\P IUDNWDOHP ] ĪHOD]D 2EUDFDMąF\FK VLĊ REUĊF]\ NRV ZDKDGHá Nyá ]ĊEDW\FK L PLPRĞURGyZ :V]\VWNR WR ZLURZDáR ZRNyá VLHELH QDZ]DMHP ] V]XPHP SU]\ZRG]ąF\P QD P\ĞO JLJDQW\F]QH ZLUQLNL &KZLODPL SU]\SRPLQDáR WR DVWURODELXP FKZLODPL ZU]HFLRQR D

FKZLODPLMDNLĞPHFKDQL]P]HJDURZ\ ±&LHUĔ&LHUĔ&LHUĔ ±=ZDULRZDOLĞFLH"1LHSRGHMGĊGRWHJRSU]HFLHĪPQLHSRVLHND±ZDUNQąá'UDNNDLQHQ :WHG\FRĞVLĊ]PLHQLáR 2EUĊF]H]DF]Ċá\]ZDOQLDüNRV\LZDKDGáDRGFK\ODüLRELHNW]DF]ąá]PLHQLDüNV]WDáWMDN PRQVWUXDOQDXNáDGDQND]NXWHJRĪHOD]DLHOHPHQWyZPRVWRZ\FK2OEU]\PLHNV]WDáW\REUDFDá\ VLĊ]V]XPHPSRZLHWU]DLRJáXV]DMąF\P]JU]\WHPSRF]\PXVWDZLDá\VLĊMHGHQSU]HGGUXJLP GRSDVRZXMąF VLĊ SáDVNLPL QDMHĪRQ\PL RJURPQ\PL QLWDPL SRNáDGDPL L WZRU]ąF PRVW %\á QLHUXFKRP\ DOH ]D FKZLOĊ MHJR QDZLHU]FKQLD PRJáD VLĊ UR]G]LHOLü L UR]SDĞü ]DPLHQLDMąF Z SOąWDQLQĊZLUXMąF\FKF]ĊĞFL $ SR W\P PRĞFLH NURF]\á Z\VRNL PĊĪF]\]QD R VF]HVDQ\FK QD NDUN FLHPQ\FK ZáRVDFK XEUDQ\ZF]DUQ\JDUQLWXULF]DUQąNRV]XOĊ]SáDV]F]HPQDU]XFRQ\PQDUDPLRQD ±.LPMHVWHбNU]\NQąáZPRZLH:\EU]HĪD±6NąG]QDV]VáRZRÄ$DNHQ´"&RURELV]Z =LHPL:ĊĪ\" ± 'RNWRU YDQ '\NHQ MDN VąG]Ċ ± U]HNá 'UDNNDLQHQ SR DQJLHOVNX L VFKRZDá PLHF] GR SRFKZ\ 7DPWHQVNDPLHQLDá ±&KDUDNWHU\]DFMD±SRZLHG]LDá±8FKDUDNWHU\]RZDOLFLRF]\,QRV,QDZHWXV]\ 2GZUyFLáVLĊ ±3URV]Ċ]DPQą =DSOHFDPL'UDNNDLQHQDUR]OHJáVLĊV]F]ĊNNLONXQDVWXRVWU]\ 3LHUZV]\NURNSU]HVąG]DáVSUDZĊ 9DQ '\NHQ V]HGá SU]HG VLHELH SRZLHZDMąF SRáDPL SáDV]F]D D PRVW UR]SDGDá VLĊ WXĪ ]D 'UDNNDLQHQHP UR]G]LHODá QDJOH QD ZDKDGáD WU\E\ L ZLUXMąFH MDN ĞPLJáD RVWU]D 7DP JG]LH V]OL ZLGDü E\áR ĪHOD]QH ĞFLDQ\ L NRU\WDU]H DOH ]D SOHFDPL ZV]\VWNR MXĪ E\áR UXFKHP ZLURZDQLHPĞZLVWHPL]JU]\WHPREUDFDMąF\FKVLĊF]ĊĞFL .RPQDWD E\áD RNUąJáD L VWDORZD MDN ZV]\VWNR 3U]\ZRG]LáD QD P\ĞO ZLNWRULDĔVNL SDURVWDWHN DOER ORNRPRW\ZĊ .XWH ĪHOD]QH PHEOH ]DZLMDV\ L R]GyENL D SRPLĊG]\ QLPL VWHUF]ąFH QLW\ SRGáRJD Z\UDĨQLH ]áRĪRQD ] WUyMNąWQ\FK HOHPHQWyZ MDN VWDORZH ]ĊE\ :V]\VWNRWRPRJáRZNDĪGHMFKZLOLUR]SDĞüVLĊZFKDRVLUXFKZLUXMąFHJRĪHOD]D ± 3DQLH YDQ '\NHQ ± ]DF]ąá 'UDNNDLQHQ ± -HVWHP HNLSą UDWXQNRZą 3U]\MHFKDáHP ZDV HZDNXRZDü ± (ZDNXDFMD ± SRZLHG]LDá YDQ '\NHQ ± 3R F]WHUHFK ODWDFK F]WHUHFK PLHVLąFDFK L GZXG]LHVWXGZyFKGQLDFK(ZDNXDFMD ±*G]LHVąSR]RVWDOL" ±3RZ\GDU]HQLDFKZVWDFMLRFDODáRQDVF]ZRUR3RV]OLĞP\NDĪGHZVZRMąVWURQĊ ±'ODF]HJR" ±%\áR]E\WQLHEH]SLHF]QLH.DĪG\NRQW\QXRZDáPLVMĊQDZáDVQąUĊNĊ1LHFKĪHSDQVLDGD

SDQLH ±'UDNNDLQHQ ±'UDNNDLQHQ-DNLĞ6NDQG\QDZ" ±:SHZQ\PVHQVLHMHVWHP](XURS\ĝURGNRZHM)LQODQGLD3ROVND&KRUZDFMD ± (XURSD ĞURGNRZD =QDF]\ ZVFKRGQLD SUDZGD" 1LHSRVáXV]QH SURZLQFMH 5RVML :VWHF]QH SURNDSLWDOLVW\F]QH NVHQRIRELF]QH V]RZLQLVW\F]QH QLH]G\VF\SOLQRZDQH 7DNLH ZVLRZH PĊGUNL ] NUDMyZ QLHGĨZLHG]L 1D V]F]ĊĞFLH WR GUXJL NUDQLHF NRVPRVX SDQLH 'UDNLQHQ1LHPXVLP\VLĊW\PSU]HMPRZDü ±&RVLĊVWDáRZVWDFML" ± 7R FR ]DZV]H VLĊ VWDMH NLHG\ FLHPQL OXG]LH VWDMą Z REOLF]X SRVWĊSX 2GNU\FLD NWyUH PRĪH XPRĪOLZLü ZV]\VWNR D FKRZDMą VLĊ Z VZyM NRQVHUZDW\ZQ\ OĊF]HN 3U]\V]áRĞü QDOHĪ\ GRRGZDĪQ\FK7\FKNWyU]\QLHERMąVLĊ]PLHQLDüĞZLDWD=PLDQ\WRVyOĪ\FLD0yMGRPMHVW VDPą]PLDQą-HVWV\PEROHP]PLDQ=DXZDĪ\áSDQ" 'UDNNDLQHQZVWDá ±2SRZLHPLSDQRW\PSRGURG]H=ELHUDMP\VLĊ ±1LHFKSDQVLĊQDSLMHNRQLDNX0DPWXZV]\VWNRWDNĪHLNRQLDN2FKSU]HSUDV]DPSDQ SHZQLHZROLZyGNĊ3URV]ĊVSRMU]Hü 9DQ'\NHQRWZRU]\áV]DINĊLZ\GRE\áGZDNU\V]WDáRZHNLHOLV]NL ± 7HQ ĞZLDW GDMH QLHRJUDQLF]RQH PRĪOLZRĞFL 3DUDGRNV SROHJD QD W\P ĪH FL NWyU]\ WX Ī\MąVą]E\WFLHPQLĪHE\]QLFKVNRU]\VWDü-HGQDNNLHG\ĞWRXPLHOL±ZLG]LDáSDQFR]URELOL ] JyUDPL" ,PSRQXMąFH 0DJQLILTXH 3URV]Ċ VSRMU]Hü XQRV]Ċ NLHOLV]HN ± ZLG]L SDQ MDN SRWQLHMH" -DN URVL VLĊ RG ĞURGND" -D WR VSUDZLDP SURV]Ċ SDQD ¬ SURSRV ZLG]LDá SDQ PRMH ÄĞZLHUV]F]H´" :LG]L SDQ MDNL UREL VLĊ FLĊĪNL" 1DSHáQLá VLĊ 6WZRU]\áHP ZyGNĊ =LPQą 3URV]ĊEH]REDZ\-DNWRVLĊXZDVPyZLÄQD]GDURZLD´" 'UDNNDLQHQVSRMU]DáZNLHOLV]HN ±6WąGWHQ%RVFK"6WZDU]DWRSDQ"3RFR" ±&]\SDQQLHUR]XPLH"6WZDU]DPERFKFĊ%RWHQĞZLDWGDMHPLWDNąZáDG]Ċ$2JUyG MHVW FXGRZQą DOHJRULą ZáDG]\ MDNą ]GDQLHP %RVFKD %yJ PLDá QDG OXGĨPL 3LHNáR L QLHER 2JUyG UR]NRV]\ L RJUyG FLHUSLHQLD 0DP VZyM OXG /XG NWyU\ SU]HNXZDP Z FRĞ QRZHJR 6SUDZLDPĪHSU]HFKRG]LKLVWRU\F]QH]PLDQ\=HĞUHGQLRZLHF]QHJRWURJORG\W\]PLHF]HPZ 1RZHJR &]áRZLHND : WHM GROLQLH ZLG]LDá SDQ SURFHV Z\FKRZ\ZDQLD 1DJURGD L NDUD &L NWyU]\]D]QDOLNDU\PDU]ąRQDJURG]LH&LNWyU]\]D]QDOLQDJURG\ZLHG]ąMXĪRFRZDOF]ąL PDMąPRW\ZDFMĊ ±$OHSRFR" ±%RWRMHVWZáDG]DSDQLH'UDNLQRZ-DMHVWHPZáDG]ą-HVWHPERJLHP7RMDNSDQVąG]L GDPVLĊWHUD]]DZLHĨüQDWĊFLDVQąEUXGQą]DOXGQLRQąSODQHWĊĪHE\WDPE\OHNWRPyZLáPL FRPDPURELü":\PDFKLZDáMDNąĞVSOHĞQLDáąEXUĪXD]\MQąGHPRNUDFMą"=HWODá\PLSRMĊFLDPL GREUDL]áD"

6SOyWáGáRQLHQDSRNU\W\PZ]RUDPLVWDORZ\PEODFLHLSRFK\OLáVLĊGR'UDNNDLQHQD ± 1LHFK PL SDQ SRZLH JG]LH SRSHáQLáHP EáąG 0XVLDá SDQ WUDILü GR ĩPLMRZHJR *DUGáD 'ODF]HJRPRLOXG]LHSDQDWDPQLH]QDOHĨOL" ±=QDOHĨOL ±:LĊFGODF]HJRSDQĪ\MH" ±&]\ĪE\SDQND]DáPQLH]DELüYDQ'\NHQ"5RGDND"=LHPLDQLQD"(XURSHMF]\ND"7HJR NWRSU]\MHFKDáSDQDUDWRZDü" ±5DWRZDü"3U]HGF]\P" ±.DĪHSDQSRU\ZDüG]LHFL"=PLHQLDMHZSRWZRU\" ± -DN WX MHVW GDOHNR" ,OH ODW ZĊGUXMH WX ĞZLDWáR 'UDNDQVHQ" 6WR W\VLĊF\" , SDQ ZOHF]H SU]H] FDá\ NRVPRV VZRMH LGLRW\F]QH QLF QLH]QDF]ąFH QRUPDW\Z\" $EVROXW\ Z NWyUH QLNW SR]DSDQHPQLHZLHU]\",GREURL]áRMHVWWXWDMZSDĔVNLHMJáRZLH'ODF]HJRSDQVLĊREXU]D" %R URELĊ ZRMRZQLNyZ ] OXG]L ]D PáRG\FK R NLOND ODW" .LOND 6ą ZWHG\ Z ZLHNX Z NWyU\P QDMOHSLHM VLĊ GR WHJR QDGDMą 1LH ]DĞPLHFRQR LP Py]JX VNUXSXáDPL L QLH ]QDMą VWUDFKX QD ]DSDV1LHERMąVLĊĞPLHUFLERMHMQLHUR]XPLHMą 'UDNNDLQHQZVWDáLXQLyVáNLHOLV]HN ± :LH SDQ FR" -HVW SDQ DUHV]WRZDQ\ 'RNWRU]H 3LHU YDQ '\NHQ DUHV]WXMĊ SDQD ]D ]áDPDQLH NRQZHQFML R QLHLQJHUHQFML Z NVHQRF\ZLOL]DFMĊ D WDNĪH ]D OXGREyMVWZR L ]EURGQLH ZRMHQQH ±-DNLSDQMHVWĞPLHV]Q\-DNLVWUDV]QLHJURWHVNRZ\2EDZLDPVLĊ7RWRĪHQLHMHVWHĞMXĪ Z.DQVDV 'UDNNDLQHQSRFK\OLáVLĊLSRZROLZ\ODáZyGNĊQDEODWWXĪSU]HGYDQ'\NHQHP ± : .DQVDV QDMZ\ĪHM GRVWDáE\Ğ GRĪ\ZRFLH &]DUQRNVLĊĪQLNX ] 2] 3UREOHP Z W\P ĪH QLH SU]\VáDOL WX 'RURWNL 0LDáHP FLĊ HZDNXRZDü $OH SULRU\WHW EU]PL VSU]ąWQąü EDáDJDQ $ SDQMHVWHĞNZLQWHVHQFMąEDáDJDQXYDQ'\NHQ 9DQ'\NHQZVWDá ±0LáRVLĊUR]PDZLDáRQDSUDZGĊ=SU]\MHPQRĞFLąXVá\V]DáHPPRZĊURG]LQQHMSODQHW\L SRF]XáHP ]QyZ VPURGHN EXUĪXD]\MQHM KLSRNU\]ML 'RVNRQDáH OHNDUVWZR QD QRVWDOJLĊ 1LHVWHW\ WD UR]PRZD UREL VLĊ SU]\NUD ZLĊF VLĊ SRĪHJQDP\ ĩHJQDP SDQLH 'UDNRZ /D FRQYHUVDWLRQHVWILQLV  :V]\VWNRVWDáRVLĊQDUD]&]ĊĞüSRNRMXZNWyUHMVLHG]LDáYDQ'\NHQREUyFLáDVLĊQDJOH ZRNyá RVL]DVáDQLDMąF VLĊ ĞFLDQą 5yZQRF]HĞQLH SRGáRJD UR]MHFKDáD VLĊ QD WUyMNąWQH F]ĊĞFL L FDá\ SRNyM UR]áRĪ\á VLĊ UR]SDGDMąF QD IUDJPHQW\ EĊGąFH F]ĊĞFLDPL JLJDQW\F]Q\FK NRV REUĊF]\LZDKDGHá 7\ONR ĪH 'UDNNDLQHQ E\á MXĪ ZWHG\ Z WU\ELH ERMRZ\P (OHPHQW\ VNáDGDMąFH VLĊ QD WZLHUG]Ċ &LHUĔ E\á\ ]E\W ZLHONLH 'RUyZQ\ZDá\ UR]PLDUDPL IUDJPHQWRP ORWQLVNRZFD L QLH PRJá\ RG ]HUD UR]SĊG]Lü VLĊ GR RJURPQ\FK SUĊGNRĞFL 1DZHW MHĞOL QLH ZLDGRPR FR MH

QDSĊG]DáRE\á\PDWHULą6WDOąĪHOD]HPDOERMDNLPĞVWRSHP 5XV]\á\V]\ENRDOH'UDNNDLQHQUXV]DáVLĊ]QDF]QLHV]\EFLHM.LHG\SRGáRJDUR]SDGáDVLĊ SRVWąSLá NURN QD MHGHQ ] W\FK REURWRZ\FK IUDJPHQWyZ L SRMHFKDá UD]HP ] QLP Z FKDRV ZLUXMąFHJRĪHOD]D=DQLPHOHPHQWQDNWyU\PVWDáSU]HNUĊFLáVLĊGRJyU\QRJDPLSU]HVNRF]\á QD SU]HVXZDMąF\ VLĊ RERN NRUERZyG SRWHP QD RVWU]H ZDKDGáD VWDá QD QLP WU]\PDMąF VLĊ UDPLHQLD L PDMąF SyáNVLĊĪ\FRZDW\ EU]HV]F]RW SRG QRJDPL SRWHP SU]HVNRF]\á QD W\WDQLF]QH V]SU\FK\ MDNLHJRĞ NRáD VWDPWąG QD ZLHONLH MDN EODQNL IRUWHF\ ]ĊE\ ROEU]\PLHM ]ĊEDWNL ] NWyU\FK ]HVNRF]\á ]DQLP VSORWá\ VLĊ ] LQQ\P NRáHP SU]HELHJá SR MDNLPĞ PRQVWUXDOQ\P SRS\FKDF]X SU]HVNRF]\á QDG ZLHONą MDN VNU]\GáR RGU]XWRZFD NRVą SU]HMHFKDá NDZDáHN QD LQQ\P RVWU]X L ZĊGURZDá WDN VDP\P LQVW\QNWHP L ]P\VáHP UyZQRZDJL FRUD] QLĪHM L QLĪHM :LHG]LDáĪHMHGHQEáąGZ\VWDUF]\E\QDW\FKPLDVW]RVWDá]PLHORQ\UR]S\ORQ\QDIUDJPHQW\ MDNNDF]NDZWXUELQLH7RE\áDXNáDGDQND&]\VWRPDQXDOQDV]WXF]ND$RQE\áZW\PGREU\ ,GXĪRV]\EV]\RGPHFKDQL]PX &\IUDO Z\NUHĞODá PX UXFK SRV]F]HJyOQ\FK F]ĊĞFL DOH ZLGDü E\áR MDN VLĊ UR]SĊG]DMą 1DMJRUV]H E\á\ REUĊF]H : MDNLĞ QLHPRĪOLZ\ VSRVyE PRJá\ ZLURZDü UyZQRF]HĞQLH Z NLONX SáDV]F]\]QDFKMDNE\PLDá\QDUD]GZLHRVLHLWRZV]\VWNRVNáDGDáRVLĊLUR]NáDGDáRSá\QQLH ZLUXMąF FRUD] V]\EFLHM DOH GOD WU\EX ERMRZHJR L WDN E\á WR VHQQ\ QLHVSLHV]Q\ UXFK $ ZV]\VWNR FR SU]HFK\OL VLĊ Z MHGQą VWURQĊ PXVL SRZUyFLü Z GUXJą FR VLĊ Z]QLHVLH PXVL VSDĞü D FR VLĊ ]DPNQLH Z ZDUXQNDFK QLHXVWDQQHJR UXFKX ]D FKZLOĊ PXVL VLĊ RWZRU]\ü 7R E\áDXNáDGDQNDDXNáDGDQNLPDMąUHJXá\QDZHWMHĪHOLVąILJXUDPLQLHPRĪOLZ\PL 'ODWHJRMąUR]ZLą]Dá  .LHG\ SU]HVNRF]\á ] SHáQHM ZĪHUyZ JLJDQW\F]QHM NU]\ZNL QD ]LHPLĊ L SR]ZROLá MHM RGMHFKDü QDW\FKPLDVW F]P\FKQąá ]DNRVDPL MDN NUyOLN 0XVLDá VLĊ XNU\ü L ]QDOHĨü ZáDĞFLZ\ PRPHQWDOERVSRVyE2GVNRF]\üF]\SU]\ZDURZDü" 0yJáZ\P\ĞOLüFRĞLZUyFLüWX]DMDNLĞF]DV 0yJáWHĪVNRU]\VWDüĪHYDQ'\NHQMHVWSU]HNRQDQ\LĪXPDUáLSRF]HNDüDĪVLĊSRNDĪH 1DOHĪDáRSRVSU]ąWDü7\ONRF]\]DELFLHYDQ'\NHQDZ\VWDUF]\"-DN]DWU]\PDü0X]\F]QH 3LHNáR"5R]SĊG]Lü2JUyG5R]NRV]\=LHPVNLFK" -HGQDN SRZVWU]\PDQLH GRPRURVáHJR ERJD PXVLDáR E\ü SRF]ąWNLHP =DWU]\PDQLHP PHFKDQL]PX 0XVLDáRGSRF]ąüL]HEUDüP\ĞOL 3U]HV]HGáSU]H]3LHNáR]GMąZV]\XEUDQLHLVSU]ĊW7U]\PDáWRZV]\VWNRSU]HGVREąLOD]á QDJLMDNRWĊSLDá\ZRNyáWDNLFKVDP\FKQDJXVyZUyZQLHQLHPUDZRSU]HELHUDMąF\FKQRJDPL =RVWDZLáVRELHW\ONRKHáPLEXW\ 0LQąá V]XELHQLFĊ D SRWHP ZLHONą KDUIĊ ] NWyUHM ]GHMPRZDQR ZáDĞQLH SyáĪ\ZHJR SRFLĊWHJR VWUXQDPL QLHPDO QD G]ZRQD :ĊĪD ĩ\á L MĊF]Dá VáDER L ZLGDü E\áR ĪH WH JáĊERNLH V]UDP\]DF]\QDMąPX]DUDVWDü3ĊNDW\VWZyUREURĞQLĊW\EURGDZNDPLFKZ\FLáQDJOH9XNR]D

UDPLĊ GUXJL SU]\NU\W\ SRF]HUQLDáą SU]\áELFą ] MDV]F]XU]\P RJRQHP G\QGDMąF\P PLĊG]\ QRJDPL]áDSDáJR]GUXJLHMVWURQ\LRED]DF]Ċá\]DVNDNXMąFRVLOQLHZOHF:ĊGURZFDZVWURQĊ KDUI\ ± 1LH G]LĊNXMĊ PRĪH LQQ\P UD]HP ± SRZLHG]LDá XSU]HMPLH L U]XFLá WáXPRN QD ]LHPLĊ UD]HP ] PLHF]HP VDMGDNLHP L FDá\P VSU]ĊWHP $ SRWHP ]JUXFKRWDá URSXFKRZL RELH UĊFH L ZJQLyWáKHáPMDV]F]XURZLSRWĊĪQ\PREURWRZ\PNRSQLĊFLHP&KZ\FLáVWZRUD]DNDUNLQRJĊ SRF]\PPLRWQąáQLPZVWUXQ\KDUI\5R]OHJáVLĊĞSLHZQ\]JU]\WZV]\VWNLFKVWUXQDSRWHP SU]HUDĨOLZ\ĞZLĔVNLZU]DVNMDV]F]XUDNLHG\VWUXQ\ZUDVWDá\PXZFLDáR 'UDNNDLQHQ SRGQLyVá VZyM WáXPRN ] ]LHPL L SRGMąá ]H]RZDW\ PDUV] SRGREQLH MDN LQQH ]RPELH : 2JURG]LH 5R]NRV]\ E\áR áDWZLHM :LĊFHM E\áR WX áDĪąF\FK EH] FHOX L QLNW QLH QDSU]\NU]DáVLĊSURSRQXMąFWRUWXU\ 1DZLGRNSU]HFKRG]ąF\FKÄĞZLHUV]F]\´SRSURVWXXSXĞFLáWáXPRNQD]LHPLĊLRVXQąáVLĊ ZNáĊERZLVNRQDJLFKZLMąF\FKVLĊSRVRELHFLDá=DWRQąáZQLFKZSOąWDQLQLHĞOLVNLFKRGSRWX UDPLRQLXGZĞUyGZDUJLSDOFyZ $ SRWHP ZVWDá L Z\SOąWDá VLĊ .LONRUR UDPLRQ XQLRVáR VLĊ ]D QLP FKZ\WDMąF ]D á\GNL L REHMPXMąF]DXGD 'UDNNDLQHQSRFK\OLáVLĊL]DGDáPLDĪGĪąF\NUyWNLFLRVZVDPĞURGHNWZDU]\V]F]HJyOQLH QDPROQHJR:ĊĪD ±0yZLáHPW\ONREH]PDFDQHN$SDQL1LHWRĪHE\SDQLPLVLĊQLHSRGREDáDDOHW\P UD]HPQDSUDZGĊQLHPDPF]DVX 3RV]HGá MHV]F]H GDOHM L ]D Z]JyU]HP VWDQąá SDWU]ąF QD 6LHG]ąFą ']LHZF]\QĊ NWyUD Z]QRVLáDVLĊQDWOHQLHED ±1DZHWQLHZLHV]MDNVLĊFLHV]ĊĪHFLĊZLG]ĊPDáD±SRZLHG]LDá]DNáDGDMąFVSRGQLH 5XV]\áGDOHMZNLHUXQNXZ]JyU] ±*G]LHĞWXWU]HEDEĊG]LHSU]\ZDURZDü±PUXNQąá &KZLOĊ SRWHP MHGQDN WXĪ SU]HG QLP ]DNZLWá NROHMQ\ ROEU]\PL EDQLDVW\ RZRF %LDá\ L SU]HĞZLWXMąF\]HVNXORQąV\OZHWNąZĞURGNX 2ZRFSĊNáLXND]DáVLĊYDQ'\NHQRGU]XFDMąF\SHOHU\QĊGUDPDW\F]Q\PJHVWHP ±'REUD±SRZLHG]LDá'UDNNDLQHQ±7\LMD1DSLĊĞFL 9DQ'\NHQ]DNODVNDá3RZROLLGUZLąFR ± -HVWHP SRG ZUDĪHQLHP 3DQ MHVW MDN ZU]yG QD W\áNX P\QKHHU 'UDNRZ 1LH ZLHP MDN SDQWR]URELáDOHWRE\áRHIHNWRZQH,MHVWSDQVDUNDVW\F]Q\7DLURQLDZREOLF]XĞPLHUFLMDNLH WR QRUPDĔVNLH 3DQX VLĊ ]GDMH ĪH WR MHVW MDNDĞ SLHĞĔ R SLHUĞFLHQLX 1LEHOXQJyZ" :LH SDQ ]URELP\LQDF]HMG]LVLDMEĊG]LHWDNĪHWRZąĪ]DELMD6LJXUGD =DPDFKQąáVLĊQDJOHLGáXJDMHVLRQRZDZáyF]QLDĞPLJQĊáDZSRZLHWU]X 5yZQRF]HĞQLH]WU\EHPERMRZ\P =ZROQLáDGRNáDGQLHZPRPHQFLHNLHG\WUyMNąWQHRVWU]HZVXQĊáRVLĊZSLHUĞ'UDNNDLQHQD

L Sá\QĊáR WDN SRZROQ\P VHQQ\P UXFKHP DĪ SU]HELáR NRV]XOĊ L Z\MHFKDáR ] GUXJLHM VWURQ\ VWHUF]ąFPX]SOHFyZ &KZ\FLá GU]HZFH L XVLáRZDá Z\V]DUSQąü G]LGĊ ]FLDáD DOH E\áR WR QLHPRĪOLZH =DWRF]\á VLĊF]XMąFMDNWNZLZHZQąWU]MDNSRUXV]DVLĊVWDORZ\P]ĊEHPZMHJRWNDQNDFKSU]\NDĪG\P XGHU]HQLXVHUFD 3áXFDZ\SHáQLDá\VLĊFK\EDNUZLą&]XáMHMPLHG]LDQ\]DSDFKLPHWDOLF]Q\VáRQ\VPDN =DNU]WXVLáVLĊLSU\FKQąáNUZLąQDGU]HZFHLVZRMHREHMPXMąFHMHUĊFH8SDGáQDNRODQD :VWDá ± :áyF]QLD 2G\QD SRZLHG]P\ ± U]HNá YDQ '\NHQ ± -HVLRQRZD :áDGF\ NUXNyZ L SRZLHV]RQ\FK SU]\MDFLHOD OXG]L &RĞ MDN W\ $OH VSyĨQLáHĞ VLĊ 5DJQDURN MXĪ VLĊ RGE\á =PLHU]FKERJyZE\áZ]HV]á\PW\JRGQLX7HUD]MHVWĞZLWQRZHMHU\ 'UDNNDLQHQFKDUF]ąF]URELá]Z\VLáNLHPNURNZVWURQĊYDQ'\NHQDDOHWHQRGVXQąáJR GHOLNDWQLH ±:LHV]FR"1LHRGSRZLDGDPLWRĪH]RVWDáRFLRNRáRGZyFKGRWU]HFKPLQXWDJRQLL= WHJRE\üPRĪHF]ĊĞüEH]SU]\WRPQRĞFL"3U]HGáXĪP\WRWURFKĊ3RWUDNWXMWRMDNRSUH]HQW 9DQ'\NHQXMąáWZDU]'UDNNDLQHQDZRELHGáRQLHLXQLyVáMąSRF]\PVWXOLáXVWDLZ\GDá] VLHELH FLFKXWNL ĞZLVW :ĊGURZLHF FKZ\FLá JR ]D QDGJDUVWNL Z\V]F]HU]DMąF SXUSXURZH ]ĊE\ MDNXPLHUDMąF\ZLON $ SRWHP ]DNU]WXVLá VLĊ ]QRZX SU\FKDMąF NUZLą L SXĞFLá QDGJDUVWNL YDQ '\NHQD ]RVWDZLDMąFQDQLFKF]HUZRQHVPXJL ±1RLW\OH±SRZLHG]LDáYDQ'\NHQ±$WHUD]LGĨGRGRPX,GĨLOH]GRáDV]7DN]DUD]QLH XPU]HV]-HV]F]HWURFKĊ1LHFKVLĊQDFLHV]Ċ 

 8PLHUDP $MHGQDNLGĊ &]XMĊ JR &]XMĊ WHQ FKROHUQ\ ĪHOD]Q\ SUĊW Z VRELH MDN UR]S\FKD VLĊ PLĊG]\ ĪHEUDPL SU]HELMDRVLHUG]LHLSUXMHSáXFDMDNZ\áD]LSU]H]HVRZDWHSĊNQLĊFLHZáRSDWFH 1LHZLHPGODF]HJRZFLąĪĪ\MĊ,GODF]HJRLGĊ 7RVLĊ]DF]\QDRGVWyS 6ąQLHREHFQH1DZHWQLH]LPQHDOHWDNMDNE\]QLNDá\-DNE\P VDP ]QLNDá FHQW\PHWU SR FHQW\PHWU]H =QLNDMą PL QRJL ]QLNDMą SDOFH REHMPXMąFH GU]HZFH &Dá\EĊGĊWDN]QLNDáUR]Sá\ZDáVLĊZFLHPQRĞFLDĪGRRF]X2QH]QLNQąQDNRĔFX :áDĞFLZLHVLĊQLHERMĊ1LHZLHPGODF]HJR7RQĊZEyOXDOHQLHERMĊVLĊ,FLąJOHLGĊ 8SDGDPZVWDMĊ ,LGĊ $OHQLHERMĊVLĊ 7\ONRMHVWPLĪDO1LHEDSRUDQNyZEXOZDUyZXVWG]LHZF]\Q\ORWXSWDND7\FKNWyU\FK NRFKDP%RĪHWDNPLĪDO0DPR

%ąGĨ%RĪH%ąGĨSRWDPWHMVWURQLH-HVWHPWDNGDOHNR -HVWHPSRGUXJLHMVWURQLHNRVPRVX =QDMG]LHV]PQLHWXWDM" ,GĊ 'ODF]HJRWDNGáXJR" :LG]ĊWUDZĊSRGQRJDPLZLG]ĊZV]\VWNRSU]HNUHĞORQH]EU\]JDQ\PGU]HZFHP 1RJL PDP FRUD] V]W\ZQLHMV]H D PLPR WR ZFLąĪ LGĊ -DN WR PRĪOLZH ĪH PRMH VHUFH MHV]F]HSUDFXMH":MDNLVSRVyE]DWRSLRQHZHNUZLUR]SUXWHSáXFDSRPSXMąSRZLHWU]H" .URN]DNURNLHP ,GĊ , ZLG]Ċ ĪH ]DF]\QDP FK\ED WUDFLü Z]URN PRMH UĊFH Z\JOąGDMą G]LZQLH 6NyUD UREL VLĊ V]DURVUHEU]\VWDQLFG]LZQHJRDOHZ\GDMHPLVLĊĪHSDOFHNWyUHREHMPXMąGU]HZFHVąFRUD] GáXĪV]H ,GĊ 8QRV]Ċ MHGQą GáRĔ GR RF]X L ZLG]Ċ ĪH QDSUDZGĊ Vą GáXĪV]H , ĪH ĞURGNRZ\ SDOHF UR]GZDMDVLĊRGSRáRZ\ 1RJL PDP MDN NORFH FRUD] VáDELHM MH F]XMĊ DOH V]W\ZQLHMą PL 6WDZLDP NURNL DOH V]W\ZQRMDNE\PV]HGáQDV]F]XGáDFK -HV]F]HSDUĊNURNyZ-HV]F]HNDZDáHN 1LHWU]\PDPMXĪGU]HZFDERSDOFHPLVLĊSOąF]ą6NyUDQLHMHVWMXĪW\ONRV]DURVUHEU]\VWD DOH REáD]L GáXJLPL SDVPDPL MDN MHVLRQRZD NRUD 3DOFH L UĊFH Vą FRUD] GáXĪV]H .RĔFDPL SDOFyZZáyF]ĊMXĪSR]LHPL ,QRJLPLSXFKQą6]W\ZQHLJUXEHMDNNORFH -DNSQLH 1LHPRJĊLĞüGDOHMLVWDMĊ 7HUD]XSDGQĊLZV]\VWNRVLĊVNRĔF]\ $OH QLH XSDGDP 6á\V]Ċ WU]DVN L FKFĊ ]REDF]\ü FR WR DOH QLH PRJĊ SRUXV]\ü JáRZą 6SRJOąGDPNąWHPRNDLZLG]ĊĪHWRUR]HUZDQHXEUDQLHOHĪ\ZRNyáSQLD0RMHJRSQLD 2JáDGNLHMVUHEU]\VWHMNRU]HMDNMHVLRQ -HVWHPMHVLRQHP -HVLRQHPĞZLDWDMDN
0yM JU]ELHW SURVWXMH VLĊ QDJOH L V]W\ZQLHMH G]LZQ\ VNXUF] ]DG]LHUD UĊFH Z JyUĊ UĊFH NWyUHVWDMąVLĊJDáĊ]LDPL 1DUDPLHQLXVLDGDPLNUXN0yMNUXN ±1HYHUPRUH±NUDF]HNUXNVLHG]ąFQDPRLPUDPLHQLX±1LJG\MXĪ .U]\F]ĊFKFĊNU]\F]HüDOHVá\V]ĊĪHQLHPDMXĪNU]\NX=PRMHJRGUHZQLDQHJRJDUGáD QLHZ\GRE\ZDVLĊĪDGHQGĨZLĊN 7\ONRV]XPOLĞFL   .RQLHFWRPXSLHUZV]HJR