InBev-Baillet Latour Chair of European Union-China Relations

DEPARTMENT OF EU INTERNATIONAL RELATIONS AND DIPLOMACY STUDIES

EU-China ObserverIssue 4, 2011

!""#$%&'%()**% *%

!"#$%&'(&)'*+%*+,& &-. !/0&0123/456&7086!495:/4;&6774<45=&6!&6&>9!!80503? 6&899?&6!&!/0&

95=945=&50=9!46!495&9@&!/0&;36&&A/65=&BC"'&.......................................................................................................&D&&

D. @99E&:6@0!F&45&!/0&0179;065&15495&65E&3/456G&&!/0&H086H450&36:0&;9H:&7'$"*IJ&;04&KC"'("*LJ&:;43/!45=07&E"*C%$&..........................................&M&&

N. !/0&01&;984 &:!6/8&6**"&?"+O"PC*"&....................................................................................&-Q&

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

!""#$%&'%()**% *d%

RESPONSE RESOURCE DIPLOMACY IN AFRICA

Z++/%c/27/50+/%C2/71 %

%%

T7$%"4. *%0""#$@%NB%27$%k451@%T5/@$%g5</+0"/204+%]kTg^%4+%Q#1B%J'%()**%/</0+"2%27$%P$4=1$"%;$=#N10A%48%670+/%]670+/^%7/"%/225/A2$@%L0@$% /22$+204+M% !+% 02"% 5$=452'% 27$% kTg% =/+$1% A4+A1#@$@% 27/2% 670+$"$%/#2745020$"%N54V$%0+2$5+/204+/1%5#1$"%NB%5$"25/0+0+<%27$%$G=452"%48%/%+#?N$5%48%A4-$2$@% 5/L%?/2$50/1"M(%Z"% 27$% 4#2A4?$%48% /% @0"=#2$% "$221$?$+2% A/"$% 801$@%24<$27$5%NB%27$%:+02$@%C2/2$"%]:C^'%27$%9#54=$/+%:+04+%]9:^%/+@%R$G0A4'%270"%5#10+<% 0"% A4+"0@$5$@% /"% /% 1/+@?/5V'% 0+% =/520A#1/5% 5$</5@0+<% 27$% 670+$"$%@$A0"04+%24%5$"250A2%02"%$G=452%48%5/5$%$/527%$1$?$+2"MI%C#A7%/%D#@<$?$+2%+$$@"%24% N$% =#2% 0+% 27$% A4+2$G2% 48% <54L0+<% 0+2$5+/204+/1% A4+A$5+"% 4-$5% /% =4""0N1$%"7452/<$%48%5/5$%$/527%?$2/1"'%48%L70A7%670+/%0"%27$%1/5<$"2%"#==10$5M&%%

9#54=$/+% =410AB?/V$5"% L$1A4?$% 27$% 5$A$+2% kTg% -$5@0A2M J %T5/@$%

"254+<%"0<+/1%24%5$85/0+%854?%0?=4"0+<%#+8/05% 5$"250A204+"%24%25/@$%/+@%2/V$"%#"%4+$%"2$=%A14"$5%24%/% 1$-$1%=1/B0+<% d%T70"%@$?4+"25/2$"%27/2% 27$% 9:% "$$"% 27$% kTg% 5#10+<% /"% /% #"$8#1% 2441% 24% 2/AV1$% A#55$+2% <14N/1%A7/11$+<$"% "=/5V$@% NB% 27$% #+=5$A$@$+2$@% @$?/+@% 48% 5/L%?/2$50/1"% 854?%$?$5<0+<%A4#+250$"%10V$%670+/M%%

C0+A$%27$%2#5+%48%27$%(*"2%A$+2#5B'%670+/%7/"%5$/A7$@%/%+$L%"2/<$%48%02"%$A4+4?0A% @$-$14=?$+2M% l$2% 0+% 27$% ?$/+20?$'% 02% 0"% 0+A5$/"0+<1B% 5$10/+2% 4+%+/2#5/1% 5$"4#5A$"% 24% "#"2/0+% 02"% ?4@$5+0"/204+M% Z"% /% L/B% 24% 2/AV1$% 27$%?4#+20+<% @$=$+@$+AB% 4+% +/2#5/1% 5$"4#5A$"'% 27$% 670+$"$% <4-$5+?$+2% 7/"%"2/52$@% 24% A5$/2$% -/504#"% =410AB% 0+"25#?$+2"'% N427% /2% @4?$"20A% /+@%

%Z++/%c/27/50+/%C2/71%0"%/%<5/@#/2$%0+%9:%!+2$5+/204+/1%;$1/204+"%/+@%>0=14?/AB%C2#@0$"%854?%27$%6411$<$%48%9#54=$'%,5#<$"M%Z"%/%P7>%5$"$/5A7$5%/2%27$%!+"202#2$%845%9#54=$/+%C2#@0$"%]!9C^%48%27$%W50D$%:+0-$5"02$02%,5#""$1%]W:,^'%"7$%0"%L5020+<%/%@0""$52/204+%4+%27$%250/+<#1/5%9:'%670+/%/+@%Z850A/%5$1/204+"M%C7$%0"%/1"4%/%5$"$/5A7%/""4A0/2$%/2%27$%,5#""$1"%!+"202#2$%48%64+2$?=45/5B%670+/%C2#@0$"%],!66C^M%*%F45$0<+%/+@%64??4+L$/127%g880A$%]F6g^%/+@%:c%T5/@$%s%!+-$"2?$+2%]:cT!^'%$%&'(ba:*P)G&'-.(>,)<7>&'9'%,$0D0+<'%Q#1B%()**M%(%k451@%T5/@$%g5</+0"/204+'%E('->).-=1.2).-9(.;&'9%$%&'() )G-(,7.-,)<->(2-;)21)2%-)!M=1.2(2&1')15)c(.&17,)<(C)G(2-.&(>,'%kTe>CI_&e;'%kTe>CI_Je;'%kTe>CI_EeI'%U$+$-/O%J%Q#1B%()**'%722=OeeLLLML24M45<e$+<10"7e+$L"f$e+$L"**f$eI_&fI_JfI_E5f$M72?%%I%9#54=$/+%64??0""04+'%<(C)G(2-.&(>,)E1>&?AU)ZVVR)8''7(>)<-=1.2'%,5#""$1"'%())_'%722=Oee25/@$M$AM$#54=/M$#e@4A10Ne@4A"e()*)eD#+$e25/@4Af*&d()KM=@8%%&%]$@M^'%<-,1>/-)@(>2-.,)8,)J>1+(>)E.1,=-?2,)a1.,-'P):%-)R2%)J:8)<-=1.2'%34+@4+O%6$+25$%845%9A4+4?0A%P410AB%;$"$/5A7'%()*'%==M%J*.d)M%J%9#54=$/+%64??0""04+')1').(C)4(2-.&(>,'%,5#""$1"'%J%Q#1B%()**'%722=Oee25/@$M$AM$#54=/M$#e@4A10Ne=5$""e0+@$GMA8?h0@rK(I%d% DD$)6-C,'%J%Q#1B%()**'%722=OeeLLLMNNAMA4M#Ve+$L"eN#"0+$"".*&)I)&dd%%

!""#$%&'%()**% *K%

0+2$5+/204+/1% 1$-$1MK%k701$% 27$%$G=452% 5$"250A204+"%4+% 5/L%?/2$50/1"%7/-$%N$$+%=/52%48%27$%@4?$"20A%5$"=4+"$'%670+/%7/"%/1"4%$+</<$@%0+%/%<14N/1%"25/2$<B%48%@0-$5"08B0+<%02"% 0?=452"%48%+/2#5/1%5$"4#5A$"M%T70"%7/"%N$$+%25/+"1/2$@%0+24%/%=410AB% 48% <54L0+<% $+</<$?$+2% 0+% Z850A/'% /% A4+20+$+2% L027% "254+<% 70"2450A/1%/+@%A#12#5/1%10+V"%L027%9#54=$M%!+%4+1B%/%"7452%=$504@%48%20?$'%670+/%7/"%2/V$+%

E%%Z</0+"2% 270"% N/AV<54#+@'% 270"% /520A1$% $G/?0+$"% 27$% 670+$"$% 5$"4#5A$%

@0=14?/AB% 0+% Z850A/% /+@% 02"% 0?=/A2% 4+% 427$5% ?/D45% A4+"#?$5"% 48% 5/L%?/2$50/1"M%,427%845%670+/%/+@%27$%9:'%27$%/AA$""%24%+4+.$+$5<B%5/L%?/2$50/1"%0"%/%A5#A0/1%/"=$A2%48% 27$05% 5$"4#5A$%=410A0$"'%/"% 27$B%/5$% 0+@0"=$+"0N1$% 0+% 27$%A4+"25#A204+%48% 0+85/"25#A2#5$"%/+@% 27$%=54@#A204+%48% 0+@#"25B%/+@%A4+"#?$5%=54@#A2"M% T7$% 4-$5/11% /5<#?$+2% =#2% 845L/5@% 0+% 270"% /520A1$% L011% @$?4+"25/2$%27/2% 27$% 670+$"$% "$/5A7% 845% Z850A/+% +/2#5/1% 5$"4#5A$"% @4$"% +42% +$A$""/501B%0?=1B% /% "02#/204+% 48% 50-/15B% L027% 27$% 9:'% N#2% 4+% 27$% A4+25/5B'% /% ?45$%A44=$5/20-$% /==54/A7% A4#1@% N$% 0+% 27$% 0+2$5$"2% 48% /11% /A245"% 0+-41-$@M% T7$%/520A1$% 0"% "25#A2#5$@% /"% 84114L"O% 805"2'% 02% =54-0@$"% /+% 4-$5-0$L% 48% 27$% A#55$+2%670+$"$% 5$"4#5A$% @0=14?/AB% 0+% Z850A/'% 27$+'% 02% $G/?0+$"% 27$% +/"A$+2%

A4+A1#@$"% NB% =40+20+<% 4#2% 5$A$+2% @$-$14=?$+2"'% L70A7% A4#1@% $-$+2#/11B%1$/@%24%C0+4.9#54=$/+%A44=$5/204+%4-$5%Z850A/+%A4??4@020$"M%

&>50-$+% NB% =5/<?/20A% 5$845?"% 0+020/2$@% #+@$5% >$+<% m0/4=0+<% 0+% 27$% *_K)"'%670+/%7/"%"$2%02"%A4#5"$%24%0+@#"250/10"/204+M%F/A$@%L027%/%8/@0+<%0@$414<B'%27$%1$<020?/AB% 48% 27$% 5#10+<% 670+$"$% 64??#+0"2% P/52B% ]66P^% 0"% 24@/B% 1/5<$1B%N/"$@%4+%27$%/N0102B%24%$+"#5$%/%A4+20+#/204+%48%27$%$G25/45@0+/5B%$A4+4?0A%<54L27M% T7$% 66P% 0"% 27$5$NB% A4+854+2$@%L027% 27$% A7/11$+<$% 48% "$A#50+<% 27$%"#==1B% 48% +/2#5/1% 5$"4#5A$"'% L70A7% /5$% 0+@0"=$+"/N1$% 845% 27$% 8#527$5%?4@$5+0"/204+%48% 27$%A4#+25BM%R/""0-$%#5N/+0"/204+'% 0+%=/520A#1/5'%7/"%?$/+2%27/2%27$%@$?/+@%845%?$2/1"%845%27$%A4+"25#A204+%0+@#"25B%7/"%"#5<$@%4-$5%27$%=/"2% 8$L% B$/5"'% ?/V0+<% 670+/% 4+$% 48% 27$% 1$/@0+<% A4+"#?$5"% 48% "2$$1% /+@%A4==$5%0+%27$%L451@M%ZAA45@0+<%24%845$A/"2"'%27$%A#55$+2%670+$"$%@$?/+@%845%A4??4@020$"% 0"% 10V$1B% 24% <54L% $G=4+$+20/11B% 0+% 27$% 84527A4?0+<% @$A/@$"M_%!+%270"%A4+2$G2'%27$%670+$"$%<4-$5+?$+2%0""#$@%0+%())I%/%k702$%P/=$5%4+%R0+$5/1%;$"4#5A$"M%67/=2$5%84#5%48%27$%=410AB%@4A#?$+2%845$"$$"%27$%$G=145/204+%/+@%

27$%670+$"$% <4-$5+?$+2% $+A4#5/<$"% @4?$"20A% $+2$5=50"$"% 24% 2/V$% =/52% 0+%0+2$5+/204+/1% A44=$5/204+% 0+% 27$% "=7$5$% 48% ?0+$5/1% 5$"4#5A$"'% /+@% 0+%

*)%%

K%!"/N$11$%;/?@44'% .%C74#1@%Z850A/%N$%L4550$@%/N4#2%9:%;/L%

-?;=4)L&,?7,,&1')E(=-.'%+4M%*)J'%R//"250A72'%F$N5#/5B%()**'%=M%*&8M%E%:+02$@%[/204+"%64+8$5$+A$%4+%T5/@$%/+@%>$-$14=?$+2%]:[6TZ>^'%!?1'14&?)L-/->1=4-'2)&')85.&?()<-=1.2)ZVQV) )3172%#3172%)$11=-.(2&1'P)85.&?()(';)2%-)6-C)@1.4,)15)L-/->1=4-'2)E(.2'-.,%&='%[$L%l45V'%U$+$-/O%:+02$@%[/204+"'%()*)'%=M%I)M%_%T/?/5/%T50+7%L-72,?%-)D('F)$7..-'2)N,,7-,'%670+/%C=$A0/1'%F5/+V8#52%/?%R/0+'%*I%Q#+$%())dM%*)%!+845?/204+%g880A$%48%27$%C2/2$%64#+A01'%$%&'(d,)E1>&?A)1')G&'-.(>)<-,17.?-,'%,$0D0+<'%>$A$?N$5%())IM%

!""#$%&'%()**% *E%

!+% 27$% 85/?$L45V%48% 27$%$-41-0+<%670+$"$% 5$"4#5A$%@0=14?/AB'%Z850A/%7/"%N$$+%0@$+2080$@%/"%/%V$B%5$<04+M%,/"$@%4+%27$%())d%Z850A/+%k702$%P/=$5%/+@% 27$% F45#?% 845% 670+/.Z850A/% 644=$5/204+% ]Fg6Z6^'% 27$% 670+$"$%<4-$5+?$+2%7/"%"$2%#=%-/504#"%?$A7/+0"?"%24%"#==452%670+$"$%C2/2$.gL+$@%9+2$5=50"$"% ]Cg9"^% 0+% 27$% $G=145/204+'% $G=1402/204+% /+@% #2010"/204+% 48% Z850A/+%+/2#5/1%5$"4#5A$"M%64+A$""04+/1%14/+"%=54-0@$@%2754#<7%A5$@02%/<$+AB'%27$%670+$"$%9G=452%/+@%!?=452%,/+V%]9G0?%,/+V^'%7/-$%=54-$+%24%N$%4+$%48%27$%?4"2%$880A0$+2%2441"%24%$+A4#5/<$%27$%$G=/+"04+%48%670+$"$%Cg9"% 24% Z850A/M**%T70"% "2/2$% =/254+/<$% 4-$5% 805?"% /114L"% ,$0D0+<% 24% 488$5% "4.

"4?$20?$"% ?0102/5B% $a#0=?$+2% 24% Z850A/+% A4#+250$"'% 0+% 5$2#5+% 845% +/2#5/1%5$"4#5A$"M% Y$+A$'% 27$% N4#+@/50$"% N$2L$$+% 670+$"$% /0@% /+@% $A4+4?0A%0+2$5$"2"%/5$%482$+%N1#55$@M%%

F#527$5?45$'% 7/-0+<% 0@$+2080$@% 0+85/"25#A2#5$"% /"% /+% $""$+20/1%=5$5$a#0"02$%845%27$%$G25/A204+%/+@%25/+"=452/204+%48%Z850A/+%?0+$5/1%5$"4#5A$"'%27$% 670+$"$% 9G0?% ,/+V% 0"% +4L% /1"4% 7$/-01B% 0+-41-$@% 0+% 80+/+A0+<% 670+$"$%=54D$A2"% 0+% 270"% "$A245M% g+% 27$% 4+$% 7/+@'% 670+/% A4+250N#2$"% 24% 80110+<% 27$%0+85/"25#A2#5$%</=% 0+%Z850A/'%L70A7% 0"% 0+%?/+B%A/"$"%/%?/D45% 0?=$@0?$+2% 845%@$-$14=?$+2M%g+%27$%427$5%7/+@'%,$0D0+<%8/A$"%<54L0+<%A5020A0"?%48%0+-$"20+<%0+% 0+85/"25#A2#5$%L027% 27$% "41$%/0?%48%$G25/A20+<%+/2#5/1% 5$"4#5A$"M%R45$4-$5'%27$% "4. .845.N$+$802% 27$% 670+$"$% 0+2$5$"2"% ?#A7% ?45$% 27/+% 274"$% 48% 27$05% Z850A/+%

<4-$5+?$+2%/+@%/%A4+"4520#?%48%670+$"$%A4?=/+0$"'%L4527%:Cp_%N01104+'%0"%/%<44@%011#"25/204+%845%27$%482$+%5/27$5%#+$a#/1%+/2#5$%48%C0+4.Z850A/+%5$1/204+"M%k701$% 27$% C0+4.64+<41$"$% D40+2% -$+2#5$% % C0A4?0+$"% % =54-0@$"% 0+85/"25#A2#5$%0+-$"2?$+2"'%27$%64+<41$"$%<4-$5+?$+2%7/"%<0-$+%27$%670+$"$%/#2745020$"%/%85$$%7/+@%4-$5%27$%?0+$5/1%A4+A$""04+%0+%27$%c/2/+</%=54-0+A$M*(%

@$=0A2$@% /"% A445@0+/2$@'% ?$5A/+2010"2% #+@$52/V0+<"M*I %T70"% =40+2% 48% -0$L% 0"%=/521B%5$81$A2$@%0+%27$%9#54=$/+%=410AB%/==54/A7M%T7$%9:%7/"%N$$+%/1/5?$@%

+45?/20-$% @0"A4#5"$% A$+25$@% 4+% =41020A/1% A4+@0204+/102BM% !2% 0"% 8$/5$@% 27/2% 27$%=5/<?/20A% N#"0+$"".450$+2$@% 670+$"$% /==54/A7% 0"% #+@$5?0+0+<% <44@%<4-$5+/+A$% 0+% Z850A/'% NB% 0+@05$A21B% "20?#1/20+<% 4+<40+<% A4+810A2"% 4-$5%5$"4#5A$"% 0+% A4#+250$"% 10V$% C#@/+% 45% [0<$50/M*&%!+% /@@0204+'% 9#54=$/+% $G=$52"%

**%P$2$5%,4""7/5@'% N'2-.'(2&1'(>)<&/-.,)6-2C1.F'%,$5V$1B'%R/B%())K'%722=OeeLLLM0+2$5+/204+/150-$5"M45<e801$"e670+/9G0?,/+VZ850A/M=@8%%*(%%Q47/++/%Q/+""4+%

$-'2.-)51.)$%&'-,-)327;&-,)<-=1.2'%:+0-$5"02B%48%C2$11$+N4"A7'%C2$11$+N4"A7'%Z#<#"2%())_'%=M%IIM%*I%Q4+/27/+%Y41"1/<'% 85.&?(')(';)8,&(')327;&-,'%-41M%J'%+4M%I'%3$0@$+'%())d'%==M%*II.*d_M%*&%>/+0$1%,/A7'% ;#A702/%,$50%/+@%:22/?%c#?/5%C0+7/%]$@"M^'%85.&?()(';)!'-.9A)3-?7.&2A'%[$L%>$170'%ZA/@$?0A%F4#+@/204+'%())_'%==M%E*._)M%

!""#$%&'%()**% *_%

7/-$% @$=145$@% 27/2% ?/+B% 670+$"$% =54D$A2"% 0+% Z850A/% /5$% +42% 0+% 10+$% L027%0+2$5+/204+/1%$+-054+?$+2/1%"2/+@/5@"M*J%

!+% "7452'% 27$% =5$-04#"% =/5/<5/=7"% 7/-$% 70<710<72$@% 27/2% 27$% 670+$"$%5$"4#5A$%@0=14?/AB%0+%Z850A/%0"%?#A7%?45$%?#1208/A$2$@%27/+%482$+%/""#?$@M%!+@$$@'% 27$%670+$"$%=410AB% 0+%Z850A/% 0"%=/52%48% 27$%4-$5/11%670+$"$%a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

27$% <#0@0+<% 7/+@% 48% 27$% 670+$"$% <4-$5+?$+2'% @0-$5<0+<% 0+2$5$"2"% 7/-$%$?$5<$@% /"% /% 5$"#12% 48% /% <54L0+<% +#?N$5% 48% 670+$"$% /A245"% $+</<0+<% 0+%Z850A/M%

8.&*+*%1-.1&3?%$'*".&%"B&+"/*%-")&;-')$+"9=&&T7$% 670+$"$% <$4=41020A/1% "25/2$<B% 24% "$A#5$% +/2#5/1% 5$"4#5A$"% 0+% Z850A/% 7/"%250<<$5$@%?/""0-$%5$/A204+"%0+%9#54=$M%T7$%9#54=$/+%@$N/2$%7/"%N$$+%?4"21B%A7/5/A2$50"$@% NB% 27$% 8$/5% 27/2% A#55$+2% A7/+<$"% 0+% 27$% <14N/1% "#==1B% /+@%

"$A#502B%/+@%$A4+4?0A%A4?=$2020-$+$""M% T7$%/""#?=204+% 27/2% 27$%/AA$""% 24%+/2#5/1% 5$"4#5A$"% 0"%A5#A0/1% 24%<#/5/+2$$% 27$%N54/@$5%9#54=$/+%"$A#502B%7/"%N$$+%5$81$A2$@%0+%?/D45%9#54=$/+%=410AB%=/=$5"%"#A7%/"%27$%())I%9#54=$/+%C$A#502B% C25/2$<B% ]9CC^% /+@% 02"% ())E% !?=1$?$+2/204+% ;$=452M% ,427% =410AB%@4A#?$+2"% 5$A4??$+@%27$%$"2/N10"7?$+2%48%/%A4??4+%9#54=$/+%"25/2$<B%24%"$A#5$%+/2#5/1%5$"4#5A$"M*d%

0?=452"% 854?% Z850A/% /+@% /"% /% 5$"#12% #+@$5?0+$% 27$% ()))% 30"N4+% C25/2$<B'*K%L70A7% 0"% /0?$@% /2% ?/V0+<%V+4L1$@<$.N/"$@%$A4+4?B% 0+% 27$%L451@%A/=/N1$%48% "#"2/0+/N1$%$A4+4?0A%

*E%%Z"% /% A4+"$a#$+A$% 48% 9#54=$/+% 0+2$<5/204+'% R$?N$5% C2/2$"% 7/-$%

@$1$</2$@%/%<54L0+<%+#?N$5%48%25/@$%5$1/2$@%A4?=$2$+A$"%24%27$%9#54=$/+%1$-$1%/+@%02%7/"%27#"%N$A4?$%0+A5$/"0+<1B%@0880A#12%24%0@$+208B%27$%+/204+/102B%48%/% =/520A#1/5% A4?=/+BM% F45% 270"% 5$/"4+'% 27$% 9#54=$/+%64??0""04+% 7/"% N$$+%

*J%6750"%Z1@$+%/+@%Z+/%650"20+/% +<$"%

38NN8)*??(,&1'(>)E(=-.'%+4M%*&'%C4#27%Z850A/+%!+"202#2$%48%!+2$5+/204+/1%Z88/05"'%Q47/++$"N#5<'%C$=2$?N$5%())_'%=M*&M%*d%9#54=$/+%64#+A01'%8)3-?7.-)!7.1=-)&')()D-22-.)a1.>;#)!7.1=-(')3-?7.&2A)32.(2-9A'%,5#""$1"'%*(%>$A$?N$5%())I'%=M%I`%%9#54=$/+%64#+A01'%<-=1.2)1')2%-)N4=>-4-'2(2&1')15)2%-)!7.1=-(')3-?7.&2A)32.(2-9A)#)E.1/&;&'9)3-?7.&2A)&')()$%('9&'9)a1.>;'%,5#""$1"'%**%>$A$?N$5%())E'%=M%JM%*K%9#54=$/+%64??0""04+'%$144&,,&1')32(55)a1.F&'9)L1?74-'2)#)8'(>A,&,)15)2%-)?14=-2&2&/-'-,,)15)2%-)'1'#-'-.9A)-M2.(?2&/-)&';7,2.A)&')2%-)!"'%C96%]())K^%KK*'%,5#""$1"'%())KM%*E%9#54=$/+%64#+A01'%E.-,&;-'?A)$1'?>7,&1','%30"N4+'%(I.(&%R/5A7%()))M%

!""#$%&'%()**% ()%

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a#$"2$@% 4+% R/B% (*'% ())K% 27/2% 27$% 64??0""04+%

7$5$+2%=41020A/1%/==54/A7%L027%5$</5@%24%5/L%?/2$50/1"%"#==10$"%845% 0+@#"25B'% 0+A1#@0+<% /11% 5$1$-/+2% /5$/"% 48% =410AB% ]845$0<+% /88/05"'% 25/@$'%

()%F4114L0+<%/%=#N10A%A4+"#12/204+%48%-/504#"% "2/V$741@$5"'% 27$%9#54=$/+%

64??0""04+%/@4=2$@%0+%())E%27$%9#54=$/+%;/L%R/2$50/1"%!+020/20-$%];R!^'%/"%/%805"2%0+2$<5/2$@%9#54=$/+%"25/2$<B%5$</5@0+<%5/L%?/2$50/1"M(*%T7$%;R!%0"%N/"$@%4+%275$$%=011/5"'%27$%805"2%4+$%84A#"0+<%4+%74L%24%"$A#5$%27$%/AA$""%48%"25/2$<0A%5$"4#5A$"% 0+% 2705@% A4#+250$"M% Y$+A$'% 02% =5$"$+2"% 27$% A45+$5"24+$% 48% /% ?45$%

0+%A4??4@02B%?/5V$2"%/+@%4+% ((%ZAA45@0+<%24%"4?$%4N"$5-$5"'%

(I % '% 27$%9#54=$/+% P/510/?$+2% /1"4% $G=5$""$@% $G=10A02% A4+A$5+"% 5$</5@0+<% 670+/M%Z?4+<%27$%5$/"4+"% 10"2$@%845% 27$%"$2.#=%48%/%"=$A0/1%9#54=$/+%;/L%R/2$50/1%U54#=% 48% 27$% 9#54=$/+% P/510/?$+2'% 27$% +$L1B% /==40+2$@% A7/05'% c/51.Y$0+b%F145$+b'% ?$+204+$@% L4550$"% 4-$5% 9#54=$/+% A4?=/+0$"% "#88$50+<% 854?% #+8/05%670+$"$%A4?=$20204+%0+%Z850A/M(&%%

F$/5"% /N4#2% =42$+20/1% @0"5#=204+% 854?%670+/% 5$</5@0+<% 27$% /AA$""% 24%+/2#5/1%5$"4#5A$"%7/-$%/1"4%A4+"0@$5/N1B%/12$5$@%9:.Z850A/%5$1/204+"M%k7$5$/"%

7%Z850A/%L/"%@4?0+/2$@%NB%2/1V"%/N4#2%/0@%/+@%=4-$52B%5$@#A204+'%670+/%7/"%N54#<72%27$%0""#$%48%5/L%?/2$50/1"%70<7%4+%27$% 9:.Z850A/% /<$+@/M% T7$5$% 7/"% N$$+% /+% 0+A5$/"0+<% /L/5$+$""% /?4+<%9#54=$/+% =410AB?/V$5"% /+@% N#"0+$""% 5$=5$"$+2/20-$"% 48% 27$% =42$+20/1% 48%

.9:% C25/2$<B%]QZ9C^'%2754#<7%27$%ZA204+%P1/+%4+%5/L%?/2$50/1"'%7/"%=#2%27$%84#+@/204+"%845%/%A14"$5%9:.Z850A/%A44=$5/204+%0+%270"%80$1@M(J%T7$%0?=452/+A$%48%5/L%?/2$50/1"%

*_% .%W$"2$@%0+2$5$"2"%/2%L45V%0+%27$%9#54=$/+%P/510/?$+2 $1.=1.(2-)!7.1=-)*+,-./(21.A'%(K%Q#+$%()**'%722=OeeLLLMA45=45/2$$#54=$M45<e<14N/1.$#54=$eA4+2$+2e()**e)de$#54=$".5$"4#5A$.<5/N%%()%64?=$2020-$+$""%64#+A01%48%R0+0"2$5"'%$17'?&>)$1'?>7,&1''%,5#""$1"'%(*%R/B%())KM%(*%9#54=$/+%64??0""04+'%:%-)<(C)G(2-.&(>,)N'&2&(2&/-)#)G--2&'9)17.)?.&2&?(>)'--;,)5&.)9.1C2%)(';)01+,)&')!7.1=-U)64??#+0A/204+%6gR%]())E^%d__'%,5#""$1"'%())E'%=MJM%((%9#54=$/+%64??0""04+'%:(?F>&'9)?%(>>-'9-,)&')?1441;&2A)4(.F-2,)(';)1').(C)4(2-.&(>,U)6gR%]()**^%(J%80+/1'%,5#""$1"'%()**M%(I% !7.8?2&/'%*%>$A$?N$5%()*)'%722=OeeLLLM$#5/A20-MA4?e$+e"#"2/0+/N0102Be$#.@5/L".=1/+".1#5$./850A/".?0+$5/1".+$L".J))*JK%%(&% !7.8?2&/'%*%R/5A7%()**'%722=OeeLLLM$#5/A20-MA4?e$+e"=$A0/15$=452.5/L?/2$50/1"e=/510/?$+2.<54#=.@0<.5/L.?/2$50/1.0""#$".+$L".J)(JdE%%(J%9#54=$/+%64#+A01'%:%-)85.&?(#!")32.(2-9&?)E(.2'-.,%&=P)8)01&'2)85.&?(#!")32.(2-9A'%30"N4+'%_%>$A$?N$5%())KM%

!""#$%&'%()**% (*%

7/"%/1"4%N$$+%5$02$5/2$@%0+%/%?45$%5$A$+2%9#54=$/+%=410AB%@4A#?$+2%4+%9:.Z850A/%5$1/204+"M(d%F#527$5?45$'%27$%()**%-$5"04+%48%27$%;R!%7/"%0+254@#A$@%27$%=4""0N0102B%48%#"0+<%48% 27$%9:.Z850A/% !+85/"25#A2#5$%F#+@%845% 27$% 8#+@0+<%48% 5/L%?/2$50/1"%=54D$A2"%0+%Z850A/M(K%

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

(_%%

6$.9)?,-$.A&7%$,'*9/,&".;&'$,,-()*&(*.*2-/,&$2&<-.$53?%$'*".&9$$'*%"/-$.&-.&82%-9"&T4%5$"4#5A$% @0=14?/AB% 0+% Z850A/% 24% 27$% 4-$5/11% +/2#5$% 48% 9:.670+/% 5$1/204+"% 0+%Z850A/M% P#bb1$@% NB% 27$% $?$5<0+<%670+$"$% 0+2$5$"2% 0+% Z850A/'%?/+B% 9#54=$/+%$G=$52"% /+@% =410AB?/V$5"% 7/-$% 1/5<$1B% $G/<<$5/2$@% 27$% "A4=$% 48% 670+$"$%/A20-020$"% 4+% 27$% Z850A/+% A4+20+$+2O% #+201% +4L'% 27$5$% /5$% +4% "0<+"% 48% 670+/%14AV0+<.#=%?0+$5/1"% 854?% 27$% 9:M%g+% 27$% A4+25/5B'% 02% 7/"% N$$+% /5<#$@% 27/2%670+$"$% 0+-$"2?$+2"% 0+% $G=145/204+% /+@% $G=1402/204+% 48% ?0+$5/1% 5$"$5-$"% 0+%Z850A/%A4#1@%/@@%24%<14N/1%"#==10$"M%k701$%27$5$%0"%A$52/0+1B%/+%4+<40+<%<14N/1%

4AA#5"% N$2L$$+% 9#54=$/+% /+@% 670+$"$% A4?=/+0$"% 0+% Z850A/M I) %!+% 8/A2'%670+$"$% Cg9"% ?4"21B% A4+A$+25/2$% 27$05% /A20-020$"% 0+% Z850A/+% A4#+250$"% /+@%$A4+4?0A% "$A245"%L7$5$% 27$B% 8/A$% 1$""% 14A/1% A4?=$20204+MI*%Z"% +$L.A4?$5"%4+%0+2$5+/204+/1%?/5V$2"'%670+$"$%?$2/1%/+@%?0+0+<%A4?=/+0$"%7/-$%"2/52$@%

(d%9#54=$/+%64??0""04+')*')2%-)?1',1>&;(2&1')15)!")85.&?().->(2&1',) )QUT)+&>>&1')=-1=>-U)SV)?17'2.&-,U)2C1)?1'2&'-'2,U)1'-)5727.-'%6gR]()*)^%dI&'%,5#""$1"'%()*)'%=M%KM%(K%9#54=$/+%64??0""04+'%:(?F>&'9)?%(>>-'9-,)&')?1441;&2A)4(.F-2,)(';)1').(C)4(2-.&(>,U)6gR%]()**^%(J%80+/1'%,5#""$1"'%()**'%=M%*IM%(E%U$5?/+%F$@$5/1%R0+0"25B%48%9A4+4?0A"%/+@%T$A7+414<B'%4(2-.&(>,),2.(2-9A)#))3(5-97(.;&'9)(),7,2(&'(+>-),7==>A)15)'1'#-'-.9A)4&'-.(>).-,17.?-,)51.)J-.4('A'%,$510+'%gA24N$5%()**M%(_%,#+@$"-$5N/+@%@$5%>$#2"A7$+%!+@#"250$%],>!^'%<1%,2155,&?%-.%-&2) )8'51.;-.7'9-')(')N';7,2.&-)7';)E1>&2&F)!.9-+'&,+-.&?%2);-.)DLN#E.e,&;&(>9.7==-)N'2-.'(2&1'(>-)<1%,21555.(9-''%,$510+'%*d%R/5A7%())K'%%722=OeeLLLMN@0.4+10+$M@$e,>!g[3![9f![9ZZCPe0F!39M@11em9d*d9*_ZF9K6&dEJ,Z>I96d*()K,>IZ&e(F(J(*)(**dK**>JZ_6)))_)(K>d(6E)eP>Fe;47"2488N$50A72MP>F%%30 Z8>,'%g96>'%:[>P'%:[96Z'%85.&?(')!?1'14&?)*72>11F)ZVQQ'%=M*)dM%30 DD$'%(_%Q#1B%()*)' I*%Q4+/27/+% #N. <-=1.2)51.)2%-)L-/->1=4-'2)$144&22--)15)2%-)!7.1=-(')E(.>&(4-'2'%W50D$%:+0-$5"02$02%,5#""$1%]W:,^'%,5#""$1"'%*_%R/5A7%())K'%=M%&_M%

!""#$%&'%()**% ((%

24%=/52+$5%L027%?45$%$G=$50$+A$@%k$"2$5+%A4?=/+0$"%0+%Z850A/MI(%Z+%$G/?=1$%845% 270"% 7/"% N$$+% 27$% D40+2% -$+2#5$% N$2L$$+% 27$% Z1#?0+0#?% 645=45/204+% 48%670+/%]670+/1A4^%/+@%27$%?0+0+<%<0/+2%;04%T0+24%0+%/%=54D$A2%0+%U#0+$/MII%%

T7$%9:%0+020/2$@%0+%())J%/%@0/14<#$%L027%670+/%4+%Z850A/'%<#0@$@%NB%/%=$5"=$A20-$% 48% A44=$5/204+% #>$-$14=?$+2M%9-$+2#/11B'%270"%L/"%25/+"1/2$@%0+24%/%9#54=$/+%=54=4"/1%4-$5%/%

I&%/"%/+%0++4-/20-$%85/?$L45V%48%$GA7/+<$% /?4+<% 9#54=$/+'% 670+$"$% /+@% Z850A/+% 5$=5$"$+2/20-$"M% T7$%

=/52+$5"70="% 0+% 84#5% "$A245"'%4+$%48%L70A7% 0"% 27$% "#"2/0+/N1$%?/+/<$?$+2%48%+/2#5/1%5$"4#5A$"M%%

0+020/20-5$"4#5A$% "25/2$<B% 24L/5@"%Z850A/% 0"% #+@$5<40+<% "4?$%?4@$"2% A7/+<$"% 27/2%

IJ%R4"2%=54?0+$+21B'% 27$% 670+$"$% 25/@0204 .0+2$5+/1%/88/05"%48%2705@%A4#+250$"%7/"%$-41-$@'%/"%670+$"$%4880A0/1"%7/-$%"2/52$@%24%N/1/+A$%27$05%$A4+4?0A%4ND$A20-$"%0+%Z850A/%L027%50"V"%48%=41020A/1%0+"2/N0102BM%C#@/+%/+@%?45$%5$A$+21B%30NB/%/5$%$G/?=1$"%845%27$%A/#204#"%5$A/10N5/204+%48%670+$"$%0+2$5$"2"%0+%Z850A/MId%T/V0+<%0+24%/AA4#+2%270"%<$+$5/1%25$+@'%Z1@$+%/+@%

/% +#?N$5% 48% 0+2$5+/204+/1% 5$<#1/204+% 0+020/20-$"% 24% 0?=54-$% <4-$5+/+A$'%25 IK%%

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

I(%>$N45/7%,5t#20</?'% $%&'()&')85.&?(P):%-).-(>),21.AU)()%R/5A7%()*)'%722=OeeLLLMA70+//850A/5$/1"245BMA4?e()*)e)IeA70+/./+@.504.20+24.0+.<#0+$/.L01@M72?1%II%,,6'%14AM%A02M I&%9#54=$/+%64??0""04+'%:%-)!"U)85.&?()(';)$%&'(P):1C(.;,)2.&>(2-.(>);&(>197-)(';)?11=-.(2&1''%6gR]())E^%dJ&'%,5#""$1"'%())EM%IJ%Z1@$+%/+@%Z1-$"'%4=M%A02M'%=M%()M%Id%Q4+/"%P/5$114.P1$"+$5'% "%30NB/%7$@<$%70<710<72"%"7082%4+%+4+. a1.>;)E1>&2&?,)<-/&-C'%*&%Q#+$%()**'%722=OeeLLLML451@=41020A"5$-0$LMA4?e/520A1$"e_*J&eA70+/".10NB/.7$@<$.70<710<72"."7082.4+.+4+0+2$58$5$+A$%%IK%!N0@M'%=M%()M%