ORVANA PROVIDES UPDATE ON ITS BOLIVIAN SUBSIDIARY EMIPA

kAmkDA2? 4=2DDlQ=686?5$A2?r=2DDQm%~#~}%~k^DA2?m[ kDA2? 4=2DDlQ=686?5$A2?r=2DDQm}@G] a[ a_aek^DA2?m ^!#}6HDH:C6^ \\ ~CG2?2 |:?6C2=D r@CA] W%$)i ~#'X W~%r")i ~#'|uX WQkDEC@?8m~CG2?2k^DEC@?8mQ @C E96 QkDEC@?8mr@>A2?Jk^DEC@?8mQX AC@G:56D 2? FA52E6 @? E96 AC@8C6DD @7 E96 C2>A\FA @7 @A6C2E:@?D 2E :ED q@=:G:2? DF3D:5:2CJ[ t>AC6D2 |:?6C2 !2:E:Eí[ $]p] WQt|x!pQX] %96 r@>A2?J 2=D@ 2??@F?46D E96 7:=:?8 3J t|x!p H:E9 E96 pFE@C:525 56 $FA6CG:D:ó? 56= $:DE6>2 u:?2?4:6C@ WQp$uxQX[ q@=:G:2VD 7:?2?4:2= C68F=2E@C[ @7 :ED F?2F5:E65 7:?2?4:2= DE2E6>6?ED 7@C E96 7@FCE9 BF2CE6C @7 7:D42= J62C a_ae WQ"c u*a_aeQX[ E@86E96C H:E9 E96 C6=2E65 7:?2?4:2= 4@G6?2?ED 42=4F=2E:@?D] pD 2E $6AE6>36C b_[ a_ae[ t|x!pVD 7:?2?4:2= 4@G6?2?ED C2E:@D F?56C :ED q@=:G:2? 3@?5 :DDF2?46D H6C6 @FED:56 E96 2AA=:423=6 E9C6D9@=5D[ 2?5 t|x!p :D 4FCC6?E=J H:E9:? E96 4FC6 A6C:@5 AC@G:565 7@C F?56C E96 3@?5 E6C>D[ 5FC:?8 H9:49 :E :D H@C<:?8 E@ C6DE@C6 4@>A=:2?46]k^Am

k5:G 4=2DDlQ!#}0x>365565pDD6E#676C6?46Q :5lQs:GpDD6E!=246w@=56C`QmkAmk:>8 DC4lQ9EEADi^^>>I]AC?6HDH:C6]4@>^>65:2^|$`ggbffg^~CG2?2\|:?6C2=D\r@CA\~#'p}p\!#~'xst$\&!sp%t\~}\x%$\q~{x'xp}\$&q];A8n:5l~pb_dc`bbQ E:E=6lQ~CG2?2 |:?6C2=D r@CA] {@8@Q 2=ElQ~CG2?2 |:?6C2=D r@CA] {@8@Q ^mk^Amk^5:Gm

kAmyF2? v2G:5:2[ rt~ @7 ~CG2?2[ 4@>>6?E65[ k6>mQ%96 C2>A\FA 2E s@? |2C:@ 4@?E:?F65 :? ~4E@36C[ H:E9 E96 A=2?E AC@46DD:?8 2AAC@I:>2E6=J `f[d__ E@??6D @7 @I:56 >2E6C:2= 5FC:?8 E96 >@?E9 2?5 2G6C286 E9C@F89AFE 6I4665:?8 h__ E@??6D A6C 52J :? E96 =2DE H66< @7 ~4E@36C] sFC:?8 E96 >@?E9[ @FC E62> 4@?E:?F65 @AE:>:K:?8 E96 7:=EC2E:@? 4:C4F:E E9C@F89 E96 :?DE2==2E:@? 2?5 25;FDE>6?E @7 ?6H 7:=E6C 4=@E9D] }6H 7:=E6C 4=@E9D H6C6 :?DE2==65 @? EH@ @7 E96 E9C66 7:=E6C F?:ED 5FC:?8 >:5\~4E@36C 2?5 E96 E9:C5 H2D 7:EE65 H:E9 E96 ?6H 7:=E6C 4=@E9D @? }@G6>36C `] q2D65 @? E96 AC@8C6DD 249:6G65 E@ 52E6[ 2?5 DF3;64E E@ 4@?E:?F65 D2E:D724E@CJ @A6C2E:?8 2?5 >6E2==FC8:42= A6C7@C>2?46[ H6 2C6 E2C86E:?8 2 AC@8C6DD:G6 :?4C62D6 :? E9C@F89AFE E@H2C5 2AAC@I:>2E6=J `[c__ E@??6D A6C 52J 5FC:?8 }@G6>36C] $F3;64E E@ E96 C6DF=ED 249:6G65[ 7FCE96C :?4C62D6D H@F=5 36 6G2=F2E65 5FC:?8 s646>36C E@H2C5 E96 56D:8? C2E6 @7 2AAC@I:>2E6=J `[f__ E@??6D A6C 52J]Qk^6>mk^Am

kAmkDA2? DEJ=6lQE6IE\564@C2E:@?i F?56C=:?6Qm~A6C2E:@?2= &A52E6k^DA2?mk^Am

kAmp== <6J s@? |2C:@ A=2?E 4:C4F:ED C6BF:C65 7@C E96 AC@46DD:?8 @7 E96 @I:56 DE@4<A:=6[ 2D 4@?E6>A=2E65 :? E96 ~I:56D $E@4<A:=6 !C@;64E 56D:8?[ 2C6 4FCC6?E=J @A6C2E:@?2=] rFCC6?E 677@CED 2C6 7@4FD65 @? @AE:>:K:?8 A=2?E @A6C2E:@?D 2D E96 C2>A\FA AC@8C6DD6D[ :?4=F5:?8 6?92?46>6?ED E@ :?DECF>6?E2E:@?[ 2FE@>2E:@? 2?5 @A6C2E:@?2= 52E2 >2?286>6?E]k^Am

kAmq2D65 @? C6DF=ED E@ 52E6[ >6E2==FC8:42= A6C7@C>2?46 :D 86?6C2==J :? =:?6 H:E9 56D:8? 2DDF>AE:@?D] t|x!p H:== 4@?E:?F6 E@ 6G2=F2E6 2?5 >@?:E@C >6E2==FC8:42= A6C7@C>2?46 2D E9C@F89AFE :D AC@8C6DD:G6=J :?4C62D65]k^Am

kAmuC@> 2 >6492?:42= A6C7@C>2?46 A6CDA64E:G6[ 7:=EC2E:@? 92D[ E@ 52E6[ 366? :56?E:7:65 2D E96 AC:>2CJ 2C62 7@C @AE:>:K2E:@? E@ DFAA@CE 9:896C E9C@F89AFE =6G6=D] sFC:?8 ~4E@36C[ t|x!p :>A=6>6?E65 >62DFC6D E@ :>AC@G6 7:=EC2E:@? A6C7@C>2?46[ H:E9 E96 :?DE2==2E:@? 2?5 25;FDE>6?E @7 ?6H 7:=E6C 4=@E9D C6AC6D6?E:?8 E96 AC:?4:A2= >@5:7:42E:@?] }6H 7:=E6C 4=@E9D H6C6 :?DE2==65 2?5 25;FDE65 @? EH@ @7 E96 E9C66 7:=E6C F?:ED 3J >:5\~4E@36C[ 4@?EC:3FE:?8 E@ 9:896C E9C@F89AFE 5FC:?8 E96 D64@?5 92=7 @7 E96 >@?E9[ :?4=F5:?8 2G6C286 E9C@F89AFE 6I4665:?8 h__ E@??6D A6C 52J :? E96 =2DE H66< @7 ~4E@36C] %96 E9:C5 7:=E6C H2D 7:EE65 H:E9 E96 ?6H 7:=E6C 4=@E9D @? }@G6>36C `[ a_ae]k^Am

kAmsFC:?8 ~4E@36C[ t|x!p AC@46DD65 2AAC@I:>2E6=J `f[d__ E@??6D @7 @I:56 >2E6C:2= 2D E96 A=2?E 4@?E:?F65 :ED C2>A\FA] (:E9 E96 7:=EC2E:@? >@5:7:42E:@?D ?@H :>A=6>6?E65 24C@DD 2== E9C66 7:=E6C F?:ED[ t|x!p 6IA64ED E@ 4@?E:?F6 E6DE:?8 AC@8C6DD:G6=J 9:896C E9C@F89AFE =6G6=D 5FC:?8 }@G6>36C[ E2C86E:?8 2AAC@I:>2E6=J `[c__ E@??6D A6C 52J[ DF3;64E E@ D2E:D724E@CJ @A6C2E:?8 2?5 >6E2==FC8:42= A6C7@C>2?46] %96 C2>A\FA H:== 4@?E:?F6 E@ 36 >2?2865 :? 2 4@?EC@==65 >2??6C[ H:E9 A=2?E A6C7@C>2?46 2?5 DE23:=:EJ 2DD6DD65 2D E9C@F89AFE :?4C62D6D] $F3;64E E@ E96 C6DF=ED 249:6G65[ 7FCE96C :?4C62D6D 2C6 6IA64E65 E@ 36 6G2=F2E65 5FC:?8 s646>36C E@H2C5 E96 A=2?EVD 56D:8? E9C@F89AFE @7 2AAC@I:>2E6=J `[f__ E@??6D A6C 52J]k^Am

kAmkDA2? DEJ=6lQE6IE\564@C2E:@?i F?56C=:?6Qmt|x!p &?2F5:E65 u:?2?4:2= $E2E6>6?ED "c u*a_ae Wq@=:G:2? vpp!X 2?5 q@?5 r@G6?2?E &A52E6k^DA2?mk^Am

kAmx? $6AE6>36C a_ab[ p$ux 2AAC@G65 2?5 C68:DE6C65 t|x!p 2D 2? 6=:8:3=6 3@?5 :DDF6C @? E96 q@=:G:2? DE@4< >2C<6E] pD 2 C68:DE6C65 3@?5 :DDF6C @? E96 q@=:G:2? DE@4< >2C<6E[ t|x!p :D C6BF:C65 E@ 7:=6 :ED BF2CE6C=J 7:?2?4:2= DE2E6>6?ED H:E9 p$ux]k^Am

kAmt|x!pVD 7:?2?4:2= DE2E6>6?ED 2C6 AC6A2C65 :? 244@C52?46 H:E9 q@=:G:2? 86?6C2==J 2446AE65 244@F?E:?8 AC:?4:A=6D WQq@=:G:2? vpp!QX[ H9:49 5:776CD :? 46CE2:? C6DA64ED 7C@> x?E6C?2E:@?2= u:?2?4:2= #6A@CE:?8 $E2?52C5D WQxu#$QX[ 2?5 2C6 ?@E 5:C64E=J 4@>A2C23=6 E@ E96 r@>A2?JVD 4@?D@=:52E65 7:?2?4:2= DE2E6>6?ED[ H9:49 2C6 AC6A2C65 :? 244@C52?46 H:E9 xu#$] t|x!pVD 7:?2?4:2= DE2E6>6?ED 7@C E96 A6C:@5 6?565 $6AE6>36C b_[ a_ae 2?5 E96 C6=2E65 4@G6?2?ED 42=4F=2E:@?D 2C6 F?2F5:E65]k^Am

kAm%96 F?2F5:E65 7:?2?4:2= DE2E6>6?ED 7@C E96 A6C:@5 6?565 $6AE6>36C b_[ a_ae 7@C t|x!p 42? 36 G:6H65 2E E96 7@==@H:?8 p$ux =2?5:?8 A286 WE96 Qp$ux !286QXik^Am

kAmk2 9C67lQ9EEADi^^6586]AC?6HDH:C6]4@>^4^=:?<^nEl_U2>Aj=l6?U2>Aj@lcg`af_a\`U2>Aj9lbcbf_hbchcU2>AjFl9EEADTbpTauTauHHH]2D7:]8@3]3@TauA3Tau6?E:5256D\:?D4C:E2D\C68:DEC@\56=\>6C425@\G2=@C6DU2>Aj2l9EEADTbpTauTauHHH]2D7:]8@3]3@TauA3Tau6?E:5256D\:?D4C:E2D\C68:DEC@\56=\>6C425@\G2=@C6DQ E2C86ElQ03=2?<Q C6=lQ?@7@==@HQm9EEADi^^HHH]2D7:]8@3]3@^A3^6?E:5256D\:?D4C:E2D\C68:DEC@\56=\>6C425@\G2=@C6Dk^2mk^Am

kAm%@ D62C49 7@C t|x!pVD 7:?2?4:2= DE2E6>6?ED[ D6=64E E96 7@==@H:?8 2E E96 p$ux !286ik^Am

kAmk6>mqFD42Ci t>AC6D2 |:?6C2 !2:E:Eí[ $]p] t|x!pk^Am

kAmk^6>mk6>m'6Ci tDE25@D u:?2?4:6C@Dk^6>mk^Am

kAmt|x!p q@?5D x 2?5 t|x!p q@?5D xx :? E96 q@=:G:2? |2C<6E W4@==64E:G6=J[ E96 Qq@?5DQX[ 2D >@C6 7F==J 56D4C:365 :? E96 r@>A2?JVD >@DE C646?E=J 7:=65 F?2F5:E65 :?E6C:> 7:?2?4:2= DE2E6>6?ED 2G2:=23=6 @? k2 9C67lQ9EEAi^^HHH]D652CA=FD]42Q C6=lQ?@7@==@HQmHHH]D652CA=FD]42k^2m[ 2C6 DF3;64E E@ 46CE2:? 7:?2?4:2= 4@G6?2?E C6BF:C6>6?ED E92E H6C6 E6DE65 2D 2E $6AE6>36C b_[ a_ae] %96 2AA=:423=6 4@G6?2?E E9C6D9@=5D 2C6 D6E @FE 36=@Hik^Am

k5:GmkE23=6 3@C56ClQ_Q 46==DA24:?8lQ_Q 46==A255:?8lQ`Q 4=2DDlQAC?344QmkECmkE5 4=2DDlQAC?86?aQ 4@=DA2?lQ`Q C@HDA2?lQ`QmkA 4=2DDlQAC?>=cQmkDA2? 4=2DDlQAC?6HD0DA2?QmkDEC@?8mr@G6?2?Ek^DEC@?8mk^DA2?mk^Amk^E5mkE5 4=2DDlQAC?86?aQ 4@=DA2?lQ`Q C@HDA2?lQ`Q ?@HC2AlQ?@HC2AQmkA 4=2DDlQAC?>=cQmkDA2? 4=2DDlQAC?6HD0DA2?QmkDEC@?8mu@C>F=2k^DEC@?8mk^DA2?mk^Amk^E5mkE5 4=2DDlQAC?ACa AC?A=a AC?G2> AC?E24 AC?43ED AC?C3C3` AC?333D AC?D3=3`Q 4@=DA2?lQ`Q C@HDA2?lQ`Q ?@HC2AlQ?@HC2AQmkA 4=2DDlQAC?>=cQmkDA2? 4=2DDlQAC?6HD0DA2?QmkDEC@?8m#6BF:C65 %9C6D9@=5k^DEC@?8mk^DA2?mk^Amk^E5mk^ECmkECmkE5 4=2DDlQAC?86?cQ 4@=DA2?lQ`Q C@HDA2?lQ`QmkA 4=2DDlQAC?>=cQmkDA2? 4=2DDlQAC?6HD0DA2?Qms63E 4@G6C286k^DA2?mk^Amk^E5mkE5 4=2DDlQAC?86?cQ 4@=DA2?lQ`Q C@HDA2?lQ`Q ?@HC2AlQ?@HC2AQmkA 4=2DDlQAC?>=cQmkDA2? 4=2DDlQAC?6HD0DA2?QmWtqx%sp Z r2D9X ^k^DA2?mk^AmkA 4=2DDlQAC?>=cQmkDA2? 4=2DDlQAC?6HD0DA2?QmW#6A2J>6?ED @7 563E Z x?E6C6DEXk^DA2?mk^Amk^E5mkE5 4=2DDlQAC?86?dQ 4@=DA2?lQ`Q C@HDA2?lQ`Q ?@HC2AlQ?@HC2AQmkA 4=2DDlQAC?>=cQmkDA2? 4=2DDlQAC?6HD0DA2?Qm_]c_k^DA2?mk^Amk^E5mk^ECmkECmkE5 4=2DDlQAC?86?cQ 4@=DA2?lQ`Q C@HDA2?lQ`QmkA 4=2DDlQAC?>=cQmkDA2? 4=2DDlQAC?6HD0DA2?Qm%9:C5 A2CE:6D 563E 4@G6C286k^DA2?mk^Amk^E5mkE5 4=2DDlQAC?86?cQ 4@=DA2?lQ`Q C@HDA2?lQ`Q ?@HC2AlQ?@HC2AQmkA 4=2DDlQAC?>=cQmkDA2? 4=2DDlQAC?6HD0DA2?QmW%@E2= {:23:=:E:6D – x?E6C4@>A2?J p44@F?EDk3C ^mk3C ^m!2J23=6X ^ tBF:EJk^DA2?mk^Amk^E5mkE5 4=2DDlQAC?86?dQ 4@=DA2?lQ`Q C@HDA2?lQ`Q ?@HC2AlQ?@HC2AQmkA 4=2DDlQAC?>=cQmkDA2? 4=2DDlQAC?6HD0DA2?Qmb]__k^DA2?mk^Amk^E5mk^ECmkECmkE5 4=2DDlQAC?86?cQ 4@=DA2?lQ`Q C@HDA2?lQ`QmkA 4=2DDlQAC?>=cQmkDA2? 4=2DDlQAC?6HD0DA2?Qm{6G6C286k^DA2?mk^Amk^E5mkE5 4=2DDlQAC?86?cQ 4@=DA2?lQ`Q C@HDA2?lQ`Q ?@HC2AlQ?@HC2AQmkA 4=2DDlQAC?>=cQmkDA2? 4=2DDlQAC?6HD0DA2?Qms63E ^ tBF:EJk^DA2?mk^Amk^E5mkE5 4=2DDlQAC?86?dQ 4@=DA2?lQ`Q C@HDA2?lQ`Q ?@HC2AlQ?@HC2AQmkA 4=2DDlQAC?>=cQmkDA2? 4=2DDlQAC?6HD0DA2?Qma]d_k^DA2?mk^Amk^E5mk^ECmk^E23=6mk^5:Gm

kAmpD 2E $6AE6>36C b_[ a_ae[ 32D65 @? :ED F?2F5:E65 u*a_ae 7:?2?4:2= DE2E6>6?ED AC6A2C65 F?56C q@=:G:2? vpp![ t|x!pVD C2E:@D F?56C E96 7:?2?4:2= 4@G6?2?ED 56D4C:365 23@G6 H6C6 @FED:56 E96 C6BF:C65 E9C6D9@=5D] p44@C5:?8=J[ t|x!p :D 4FCC6?E=J H:E9:? E96 4FC6 A6C:@5 AC@G:565 7@C F?56C E96 E6C>D @7 E96 q@?5D WE96 QrFC6 !6C:@5QX] %96 :?:E:2= rFC6 !6C:@5 CF?D E9C@F89 s646>36C g[ a_ae 2?5 >2J 36 6IE6?565 :? 244@C52?46 H:E9 E96 E6C>D @7 E96 q@?5D[ DF3;64E E@ 3@?59@=56C 2AAC@G2=]k^Am

kAmt|x!p q@?5D x :D D4965F=65 E@ >2EFC6 @? }@G6>36C f[ a_ae[ H:E9:? E96 :?:E:2= rFC6 !6C:@5[ H:E9 E96 A2J>6?E @7 :ED 7:7E9 2?5 7:?2= 4@FA@?] x7 4@>A=6E65 2D 6IA64E65[ E9:D A2J>6?E H@F=5 7F==J D2E:D7J t|x!pVD D4965F=65 563E D6CG:46 @3=:82E:@?D F?56C E96 t|x!p q@?5D x] %96 t|x!p q@?5D xx :D D4965F=65 E@ >2EFC6 @? u63CF2CJ `h[ a_af]k^Am

kAmsFC:?8 E96 rFC6 !6C:@5[ t|x!p :D H@C<:?8 E@ 7F=7:== E96 2AA=:423=6 C6BF:C6>6?ED F?56C E96 q@?5D[ :?4=F5:?8 :?7@C>2E:@? 2?5 24E:@? A=2? C6BF:C6>6?ED :?E6?565 E@ C6DE@C6 4@>A=:2?46 H:E9 E96 4@G6?2?E E9C6D9@=5D] t|x!p[ H:E9 E96 DFAA@CE @7 E96 r@>A2?J[ :?E6?5D E@ 4@?E:?F6 H@C<:?8 H:E9 3@?59@=56CD 2?5 @E96C C6=6G2?E A2CE:6D E@ :56?E:7J 2?5 :>A=6>6?E 2AAC@AC:2E6 C6>65:2= >62DFC6D] $F49 >62DFC6D 2?5 E96:C 67764E:G6?6DD C6>2:? DF3;64E E@ @?8@:?8 6G2=F2E:@? 2?5[ H96C6 2AA=:423=6[ 5:D4FDD:@?D H:E9 3@?59@=56CD[ 2?5 E96C6 42? 36 ?@ 2DDFC2?46 E92E E96D6 677@CED H:== C6DE@C6 4@>A=:2?46 H:E9 E96 4@G6?2?E E9C6D9@=5D H:E9:? E96 rFC6 !6C:@5 @C 2?J 6IE6?D:@? E96C6@7]k^Am

kAm%96 G2C:2?46 36EH66? t|x!pVD 42=4F=2E65 7:?2?4:2= 4@G6?2?ED C2E:@D 2D 2E $6AE6>36C b_[ a_ae 2?5 E96 C2E:@D t|x!p 925 2?E:4:A2E65 C67=64ED 2 ?F>36C @7 724E@CD[ :?4=F5:?8 6IE6C?2= 4:C4F>DE2?46D @FED:56 t|x!pVD 4@?EC@=[ DF49 2D E96 244@F?E:?8 :>A24E @7 q@=:G:2VD EC2?D:E:@? E@ E96 ?6H @77:4:2= 6I492?86 C2E6 C68:>6 2?5 E96 :>A24E @7 D@4:2= F?C6DE 2?5 C@25 3=@4<256D :? |2J 2?5 yF?6 a_ae @? E96 ~I:56D $E@4<A:=6 !C@;64E D4965F=6[ 2D H6== 2D @E96C @A6C2E:@?2= 2?5 7:?2?4:2= 724E@CD]k^Am

kAmkDA2? DEJ=6lQE6IE\564@C2E:@?i F?56C=:?6Qm"F2=:7:65 !6CD@?k^DA2?mk^Am

kAm%96 D4:6?E:7:4 2?5 E649?:42= :?7@C>2E:@? :? E9:D ?6HD C6=62D6 C6=2E65 E@ E96 r@>A2?JVD t|x!p @A6C2E:@? 92D 366? C6G:6H65 2?5 2AAC@G65 3J {F:D xD=2[ r9:67 @7 v6@=@8J @7 t>AC6D2 |:?6C2 !2:E:Eí[ $]p][ 2 "F2=:7:65 !6CD@? 2D 567:?65 F?56C }2E:@?2= x?DECF>6?E cb\`_` 2?5 2? 6>A=@J66 @7 t|x!p[ 2 DF3D:5:2CJ @7 ~CG2?2[ 2?5 :D ?@E :?56A6?56?E @7 E96 r@>A2?J]k^Am

kAmkDA2? DEJ=6lQE6IE\564@C2E:@?i F?56C=:?6Qmr@?D@=:52E65 ~A6C2E:@?2= 2?5 u:?2?4:2= !6C7@C>2?46k^DA2?mk^Am

kAm"c u*a_ae 4@?D@=:52E65 @A6C2E:@?2= 2?5 7:?2?4:2= 9:89=:89ED H:== 36 C6=62D65 H:E9 E96 2F5:E65 2??F2= 7:?2?4:2= DE2E6>6?ED 2?5 |sU2>Ajp 7@C u*a_ae[ 6IA64E65 E@ 36 AF3=:D965 :? =2E6 }@G6>36C a_ae]k^Am

kAmkDEC@?8mpq~&% ~#'p}pk^DEC@?8m – ~CG2?2 :D 2 >F=E:\>:?6 8@=5\4@AA6C\D:=G6C 4@>A2?J] ~CG2?2VD 2DD6ED 4@?D:DE @7 E96 AC@5F4:?8 ~C@G2==6 @A6C2E:@? :? ?@CE96C? $A2:?j E96 s@? |2C:@ @A6C2E:@? :? q@=:G:2j 2?5 E96 %28F2D AC@A6CEJ =@42E65 :? pC86?E:?2] p55:E:@?2= :?7@C>2E:@? :D 2G2:=23=6 2E ~CG2?2VD H63D:E6 Wk2 9C67lQ9EEAi^^HHH]@CG2?2]4@>Q C6=lQ?@7@==@HQmHHH]@CG2?2]4@>k^2mX]k^Am

kAmkDEC@?8mk6>mr2FE:@?2CJ $E2E6>6?ED – u@CH2C5\{@@<:?8 x?7@C>2E:@?k^6>mk^DEC@?8mk^Am

kAmk6>mr6CE2:? DE2E6>6?ED :? E9:D ?6HD C6=62D6 4@?DE:EFE6 7@CH2C5\=@@<:?8 DE2E6>6?ED @C 7@CH2C5\=@@<:?8 :?7@C>2E:@? H:E9:? E96 >62?:?8 @7 2AA=:423=6 D64FC:E:6D =2HD WQ7@CH2C5\=@@<:?8 DE2E6>6?EDQX] u@CH2C5\=@@<:?8 DE2E6>6?ED :?4=F56[ H:E9@FE =:>:E2E:@?[ DE2E6>6?ED C682C5:?8i E96 4@?E:?F65 C2>A\FA @7 @I:56 AC@46DD:?8 @A6C2E:@?D 2E s@? |2C:@j 6IA64E65 :?4C62D6D :? A=2?E E9C@F89AFE[ :?4=F5:?8 E96 E2C86E @7 2AAC@I:>2E6=J `[c__ E@??6D A6C 52J 5FC:?8 }@G6>36C a_ae 2?5 A@E6?E:2= 7FCE96C :?4C62D6D 5FC:?8 s646>36C a_ae E@H2C5 E96 56D:8? E9C@F89AFE @7 2AAC@I:>2E6=J `[f__ E@??6D A6C 52Jj E96 6IA64E65 @A6C2E:?8[ >6492?:42= 2?5 >6E2==FC8:42= A6C7@C>2?46 @7 E96 A=2?E 2D E9C@F89AFE :?4C62D6Dj E96 6IA64E65 36?67:ED @7 E96 >@5:7:42E:@?D >256 E@ E96 7:=EC2E:@? 4:C4F:E 2?5 @E96C A=2?E @AE:>:K2E:@? :?:E:2E:G6Dj t|x!pVD 6IA64E2E:@?D C682C5:?8 E96 A2J>6?E @7 E96 7:7E9 2?5 7:?2= 4@FA@? @7 E96 t|x!p q@?5D x @? }@G6>36C f[ a_ae 2?5 E96 C6DF=E:?8 D2E:D724E:@? @7 :ED D4965F=65 563E D6CG:46 @3=:82E:@?D F?56C DF49 q@?5Dj 2?5 t|x!pVD 677@CED 5FC:?8 E96 rFC6 !6C:@5[ :?4=F5:?8 E96 56G6=@A>6?E 2?5 :>A=6>6?E2E:@? @7 C6>65:2= >62DFC6D :?E6?565 E@ C6DE@C6 4@>A=:2?46 H:E9 E96 7:?2?4:2= 4@G6?2?E E9C6D9@=5D 2?5 E96 A@E6?E:2= 67764E:G6?6DD @7 DF49 >62DFC6Dj 2?5 E96 6IA64E65 E:>:?8 @7 E96 C6=62D6 @7 E96 r@>A2?JVD 2F5:E65 2??F2= 7:?2?4:2= DE2E6>6?ED 2?5 |sU2>Ajp 7@C u*a_ae]k^6>mk^Am

kAmk6>mu@CH2C5\=@@<:?8 DE2E6>6?ED 2C6 ?@E DE2E6>6?ED @7 9:DE@C:42= 724E 2?5 2C6 86?6C2==J :56?E:7:65 3J H@C5D @C A9C2D6D DF49 2D Q36=:6G6DQ[ Q6IA64EDQ[ QA=2?DQ[ Q6DE:>2E6DQ[ Q:?E6?5DQ[ Q2?E:4:A2E6DQ[ Q>2JQ[ Q4@F=5Q[ QH@F=5Q[ Q>:89EQ[ QH:==Q @C D:>:=2C 6IAC6DD:@?D[ 2?5 :?4=F56 DE2E6>6?ED C682C5:?8 7FEFC6 6G6?ED 2?5 A6C7@C>2?46]k^6>mk^Am

kAmk6>mu@CH2C5\=@@<:?8 DE2E6>6?ED :?G@=G6 D:8?:7:42?E <?@H? 2?5 F?<?@H? C:D<D[ F?46CE2:?E:6D 2?5 2DDF>AE:@?D] %96 7@CH2C5\=@@<:?8 DE2E6>6?ED :? E9:D ?6HD C6=62D6 2C6 32D65 @? 2DDF>AE:@?D :?4=F5:?8[ H:E9@FE =:>:E2E:@?i t|x!pVD 23:=:EJ E@ 4@?E:?F6 E96 C2>A\FA @7 E96 ~I:56D $E@4<A:=6 !C@;64E :? 2 4@?EC@==65 2?5 AC@8C6DD:G6 >2??6Cj E96 23:=:EJ @7 E96 A=2?E E@ 249:6G6 2?5 DFDE2:? E2C86E65 E9C@F89AFE =6G6=D H9:=6 >2:?E2:?:?8 D2E:D724E@CJ @A6C2E:?8[ >6492?:42= 2?5 >6E2==FC8:42= A6C7@C>2?46j E96 6IA64E65 A6C7@C>2?46 2?5 67764E:G6?6DD @7 E96 >@5:7:42E:@?D :>A=6>6?E65 E@ E96 7:=EC2E:@? 4:C4F:E 2?5 @E96C A=2?E @AE:>:K2E:@? :?:E:2E:G6Dj E96 4@?E:?F65 2G2:=23:=:EJ @7 ?646DD2CJ >2E6C:2=D[ DFAA=:6D 2?5 D6CG:46D 2?5 E96 23D6?46 @7 >2E6C:2= 5:DCFAE:@?D E@ =@8:DE:4D 2?5 DFAA=J 492:?D 2E @C ?62C s@? |2C:@j t|x!pVD 23:=:EJ E@ >2<6 D4965F=65 A2J>6?ED 2?5 @E96CH:D6 >66E :ED @3=:82E:@?D F?56C E96 q@?5Dj t|x!pVD 23:=:EJ E@ 56G6=@A 2?5 :>A=6>6?E 2AAC@AC:2E6 >62DFC6D 5FC:?8 E96 rFC6 !6C:@5 E@ C6DE@C6 4@>A=:2?46 H:E9 E96 7:?2?4:2= 4@G6?2?E E9C6D9@=5Dj E96 2G2:=23:=:EJ @7 2?J 6IE6?D:@? @7 E96 rFC6 !6C:@5 :? 244@C52?46 H:E9 E96 2AA=:423=6 E6C>D @7 E96 q@?5D 2?5 DF3;64E E@ E96 C6BF:C65 3@?59@=56C 2AAC@G2=j 2?5 4@>>@5:EJ AC:46D 2?5 @E96C 64@?@>:4 2?5 >2C<6E 4@?5:E:@?D C6>2:?:?8 H:E9:? C2?86D 4@?D:DE6?E H:E9 4FCC6?E 6IA64E2E:@?D] %96C6 42? 36 ?@ 2DDFC2?46 E92E 2?J @7 E96D6 2DDF>AE:@?D H:== AC@G6 4@CC64E @C E92E 2?J 7@CH2C5\=@@<:?8 DE2E6>6?ED H:== 36 249:6G65]k^6>mk^Am

kAmk6>mp4EF2= C6DF=ED 4@F=5 5:776C >2E6C:2==J 7C@> E9@D6 6IAC6DD65 @C :>A=:65 :? 7@CH2C5\=@@<:?8 DE2E6>6?ED 5F6 E@ 2 G2C:6EJ @7 724E@CD[ >2?J @7 H9:49 2C6 36J@?5 E96 r@>A2?JVD 4@?EC@=[ :?4=F5:?8i E96 :?23:=:EJ @7 E96 A=2?E E@ 249:6G6 @C DFDE2:? E2C86E65 E9C@F89AFE =6G6=D @C 56D:8? E9C@F89AFE H:E9:? E96 6IA64E65 E:>67C2>6j @A6C2E:?8[ >6492?:42= @C >6E2==FC8:42= A6C7@C>2?46 5:776C:?8 7C@> 4FCC6?E 6IA64E2E:@?D 2D E9C@F89AFE :?4C62D6Dj E96 7:=EC2E:@? 4:C4F:E >@5:7:42E:@?D @C @E96C A=2?E @AE:>:K2E:@? :?:E:2E:G6D ?@E 249:6G:?8 E96 2?E:4:A2E65 C6DF=EDj 5:DCFAE:@?D E@ E96 2G2:=23:=:EJ @7 >2E6C:2=D[ DFAA=:6D[ D6CG:46D[ =@8:DE:4D @C DFAA=J 492:?D 2E @C ?62C s@? |2C:@j D@4:2= F?C6DE[ C@25 3=@4<256D @C @E96C 6G6?ED 27764E:?8 @A6C2E:@?D @C =@8:DE:4D :? q@=:G:2j 56E6C:@C2E:@? :? q@=:G:2VD 64@?@>:4 4@?5:E:@?D[ :?4=F5:?8 7@C6:8? 6I492?86 4@?DEC2:?ED[ 492?86D :? 6I492?86 C2E6D 2?5 7F6= D9@CE286Dj t|x!pVD :?23:=:EJ E@ >2<6 D4965F=65 A2J>6?ED @C @E96CH:D6 >66E :ED @3=:82E:@?D F?56C E96 t|x!p q@?5D @C @E96C 563E @3=:82E:@?Dj E96 :?23:=:EJ E@ 56G6=@A[ :>A=6>6?E @C DF446DD7F==J 4@>A=6E6 C6>65:2= >62DFC6D 5FC:?8 E96 q@?5DV rFC6 !6C:@5j E96 :?23:=:EJ E@ C6DE@C6 4@>A=:2?46 H:E9 E96 7:?2?4:2= 4@G6?2?E E9C6D9@=5D H:E9:? E96 rFC6 !6C:@5 @C E@ @3E2:? 2?J C6BF:C65 3@?59@=56C 2AAC@G2=D @C 6IE6?D:@?Dj :?4C62D6D :? @A6C2E:?8 @C 42A:E2= 4@DEDj E96 :?23:=:EJ E@ @3E2:? 255:E:@?2= 7:?2?4:?8[ :7 C6BF:C65[ @? 2446AE23=6 E6C>D @C 2E 2==j 492?86D :? 4@>>@5:EJ AC:46Dj 2?5 492?86D :? =2HD[ C68F=2E:@?D @C 8@G6C?>6?E A@=:4:6D 27764E:?8 >:?:?8 @A6C2E:@?D :? q@=:G:2] p55:E:@?2= C:D< 724E@CD 2AA=:423=6 E@ E96 r@>A2?J 2C6 56D4C:365 :? E96 r@>A2?JVD >@DE C646?E p??F2= x?7@C>2E:@? u@C>[ 2G2:=23=6 @? $tsp#Z]k^6>mk^Am

kAmk6>m~CG2?2 5@6D ?@E F?56CE2<6 2?J @3=:82E:@? E@ FA52E6 7@CH2C5\=@@<:?8 DE2E6>6?ED[ 6I46AE 2D C6BF:C65 3J 2AA=:423=6 =2H] #6256CD 2C6 42FE:@?65 ?@E E@ A=246 F?5F6 C6=:2?46 @? 7@CH2C5\=@@<:?8 DE2E6>6?ED]k^6>mk^Am

kA :5lQ!&#{Qmk:>8 E:E=6lQr:D:@?Q H:5E9lQ`aQ 96:89ElQ`aQ 2=ElQr:D:@?Q DC4lQ9EEADi^^6586]AC?6HDH:C6]4@>^4^:>8^72G:4@?]A?8nD?l%~gfcb`U2>AjD5la_ae\``\_aQ ^m ':6H @C:8:?2= 4@?E6?E E@ 5@H?=@25 >F=E:>65:2ik2 :5lQ!#}&#{Q C6=lQ?@7@==@HQ 9C67lQ9EEADi^^HHH]AC?6HDH:C6]4@>^?6HD\C6=62D6D^@CG2?2\AC@G:56D\FA52E6\@?\:ED\3@=:G:2?\DF3D:5:2CJ\6>:A2\b_ahaf`dg]9E>=Q E2C86ElQ03=2?<Qm9EEADi^^HHH]AC?6HDH:C6]4@>^?6HD\C6=62D6D^@CG2?2\AC@G:56D\FA52E6\@?\:ED\3@=:G:2?\DF3D:5:2CJ\6>:A2\b_ahaf`dg]9E>=k^2mk^Am

kAm$~&#rt ~CG2?2 |:?6C2=D r@CA]k^Am

kAmk:>8 2=ElQQ DC4lQ9EEADi^^CE]AC?6HDH:C6]4@>^CE]8:7n}6HDxE6>x5l%~gfcb`U2>Aj%C2?D>:DD:@?0x5la_ae``_aa`b_!#0}t($0&$!#00000%~gfcb`U2>Ajs2E6x5la_ae``_aQ DEJ=6lQ3@C56Ci_AIj H:5E9i`AIj 96:89Ei`AIjQ ^mk^Am