2010 campaign report - United Against Malaria

2010 campaign report - United Against Malaria

)\PSKPUN[OL>PUUPUN
;LHT[V)LH[4HSHYPH
6\Y[LHT
-V\UKPUNWHY[ULYZ
)PSS4LSPUKH.H[LZ
-V\UKH[PVU
*VTPJ9LSPLM
1VOUZ/VWRPUZ
)SVVTILYN:JOVVS
VM7\ISPJ/LHS[O
4HSHYPH5V4VYL
4HSHYPH5V4VYL<2
6MÄJLVM[OL<5
:LJYL[HY`.LULYHS»Z
:WLJPHS,U]V`MVY
4HSHYPH
65,
7(;/
7:0
9VSS)HJR4HSHYPH
7HY[ULYZOPW
<UP[LK5H[PVUZ
-V\UKH[PVU
*OHTWPVUZ
/9/7YPUJLZZ(Z[YPK
VM)LSNP\T
:OH\U)HY[SL[[
1VZLWO(U[VPUL)LSS
9VILY[)YVaPU
@]VUUL*OHRH*OHRH
9H`TVUK.*OHTILYZ
7L[LY*OLYUPU
(^H4HYPL*VSS:LJR
3HUKVU+VUV]HU
4HYR-PZO
+VU.HYILY
4LSPUKH-YLUJO.H[LZ
:\UPS.\SH[P
2PUNZSL`/VSNH[L
7OPSPWWL/\ILY
5VaPWOV1HU\HY`)HYKPSS
(ZOSL`1\KK
4PJOLS+2HaH[JORPUL
(UKYLH2LYaULY
1VOHU6SH]2VZZ
(UUH2V\YUPRV]H
1VHU3HWVY[H
;PT3LP^LRL
9VNLY4PSSH
4HUK`4VVYL
2HOU4VYILL
@V\ZZV\5+V\Y
7O\[O\TH5OSLRV
+H]PK6»*VUUVY
1VHU6SP]LY
3\JHZ9HKLIL
9PJR9LPSS`
4VSS`:PTZ
(UHU[:PUNO
+H]PK:[LYUILYN
*SP]L;HZRLY
+PHUH;H`SVY
2VSV;V\Yt
;LK;\YULY
+HUPLS=HZLSSH4+
4PRRLS=LZ[LYNHHYK
-YHUKZLU
7H[YPJR=PLPYH
(II`>HTIHJO
*HZL`>HZZLYTHU
2LPZOH5HZO>OP[HRLY
5.6WHY[ULYZ
(MYPJHU3LHKLYZ4HSHYPH
(SSPHUJL(34(
(SP]L2PJRPUN
(Y[MVY/\THUP[`
*HTLYVVU*VHSP[PVU
(NHPUZ[4HSHYPH
*HTLYVVU4LKPH
(NHPUZ[4HSHYPH
*(9,
*V[JV-V\UKH[PVU
*9,:0)
-YPLUKZ(MYPJH
;OL.SVIHS-\UK[V-PNO[
(0+:;\ILYJ\SVZPZHUK
4HSHYPH
/VTLSLZZ>VYSK*\W
2PUNZSL`/VSNH[L
-V\UKH[PVU
3HSLSH7YVQLJ[
43:>692:
;OL6ULULZZ/LHY[
;LHYZ(UK:TPSLZ
;OL7HSL`*LU[LYMVY
4LKPH
7YPUJLZZVM(MYPJH
-V\UKH[PVU
7YVQLJ[2LUL`H*P^HYH
9,3(;,
9PNO[;V7SH`
:V\[O(MYPJHU*VUZ\SH[L
.LULYHS¶*OPJHNV
:WYLHK[OL5L[
;VU`)SHPY-HP[O
-V\UKH[PVU
;OL>HZZLYTHU
-V\UKH[PVU
>VYSK,JVUVTPJ-VY\T
>VYSK=PZPVU
1Haa-4
2HTWHSH
7OHYTHJL\[PJHSZ0UK\Z[Y`
;OL2HTWHSH:LYLUH
/V[LS
2*)<NHUKH
2LU[HYV.YV\W
2LYaULY0U[LYUH[PVUHS
3PIYHPYPLKL-YHUJL
*VYWVYH[LWHY[ULYZ
45L[
?LL_:PIIPY\
:WVY[Z4LKPH
4HSH^P5H[PVU
,U[LY[HPUTLU[3[K
4HUaP=HSSL`3[K
-VV[IHSS[LHTZ
([VA;L_[PSL4PSSZ
4;5.YV\W
(UNVSH5H[PVUHS;LHT
():(*HWP[HS
4;=4;=\
(:,*4PTVZHZ
(J[P]PZPVU)SPaaHYK0UJ
4\S[PJOVPJL
*OLSZLH
(,.
5HUKV»Z
-*)HYJLSVUH
(tYVWVY[K\4HSP
5L^Z*VYWVYH[PVU
.OHUH5H[PVUHS;LHT
(MYPJHU+L]LSVWTLU[
5PRVU
0YLSHUK5H[PVUHS;LHT
*VYWVYH[PVU
5V]HY[PZ
4HSH^P5H[PVUHS;LHT
(MYPJHU-HZOPVU
5;=
4HSP5H[PVUHS;LHT
0U[LYUH[PVUHS
7LVWSLZ
5L[OLYSHUKZ5H[PVUHS
(MYPJHU9HPUIV^4PULYHSZ
;LHT
7ÄaLY0UJ
3PTP[LK(94
9LHS4HKYPK
7YLTPLY4LKPJHS
(UNSV(TLYPJHU
*VYWVYH[L3[K
9:*(UKLYSLJO[
(UNSVNVSK(ZOHU[P3[K
7YV[LH/V[LSZ
:V\[O(MYPJH5H[PVUHS
(YHILSSH7OPSHU[OYVWPJ
;LHT
7\SW-PSTZ
0U]LZ[TLU[(K]PZVYZ
:WHPU5H[PVUHS;LHT
9HKPV-YHUJL
(aHSH{/V[LSZ
0U[LYUH[PVUHSL
;HUaHUPH5H[PVUHS;LHT
)HYJSH`Z
9HKPV6UL<NHUKH
;HUaHUPH>VTLU»Z
)LH\[`AHTIPH
5H[PVUHS;LHT
9VJROVWWLY
)\ZPULZZ3LHKLYZOPW
<NHUKH5H[PVUHS;LHT
9HUK;LJOUPJHS:LY]PJLZ
:V\[O(MYPJH
3PTP[LK
<:4LU»Z5H[PVUHS;LHT *OLJRLYZ:OVW9P[L
:HZVS
AHTIPH5H[PVUHS;LHT
*OL]YVU
:OLYH[VU2HTWHSH/V[LS
*OPWPR\
-VV[IHSSMLKLYH[PVUZ
:R`:WVY[Z
HUKVYNHUPaH[PVUZ
*57:
:V[YH3[K
(UNVSHU-VV[IHSS
*VJH*VSH
:WVY[Z0SS\Z[YH[LK
-LKLYH[PVU
*YLH[P]L(Y[PZ[Z(NLUJ`
:HPK:HSPT)HROYLZHHUK
*HUHKPHU:VJJLY
+HPS`;PTL
*VTWHU`3[K
(ZZVJPH[PVU
+:.
:[HUKHYK)HUR
*V\UJPSVM,HZ[HUK
,HZ[(MYPJHU)YL^LYPLZ
*LU[YHS(MYPJHU-VV[IHSS
:[HUKHYK*OHY[LYLK)HUR
3PTP[LK!,()3<NHUKH
(ZZVJPH[PVUZ*,*(-(
:\TP[VTV*OLTPJHS
-tKtYH[PVU*HTLYV\UHPZL ,UKLTVS
:\WLY:WVY[
KL-VV[IHSS-,*(-66; ,:75
:`UNLU[H
-tKtYH[PVU0]VPYPLUUL
,__VU4VIPS*VYWVYH[PVU
KL-VV[IHSS
;OL:\U
-H[HUH7YPU[LYZ-LK,_
-tKtYH[PVU4HSPLUUL
;54
:V\[O(MYPJH
KL-VV[IHSS
;V[HS
-6?:VJJLY*OHUULS
-LKLYH[PVUVM<NHUKH
=LZ[LYNHHYK-YHUKZLU
-6?:WVY[Z
-VV[IHSS(ZZVJPH[PVUZ
=PKLV]PZPVU,U[LY[HPUTLU[
-<-(
.SVIHS)\ZPULZZ
>HZZLYTHU4LKPH.YV\W
-tKtYH[PVU0U[LYUH[PVUHSL *VHSP[PVUVU/0=(0+:
;\ILYJ\SVZPZHUK4HSHYPH
KL-VV[IHSS(ZZVJPH[PVU
>PSK*HT
-0-(
/HYTVU`.VSK4PUPUN
AHTILLM7YVK\J[Z73*
*VTWHU`3PTP[LK
-VV[IHSS(ZZVJPH[PVU
AHTIPHU)YL^LYPLZ73*
VM0YLSHUK
/LHS[O5L[
AVKPHJ
-VV[IHSS(ZZVJPH[PVU
/PSS2UV^S[VU0UJ
VMAHTIPH
.OHUH-VV[IHSS
(ZZVJPH[PVU
4HQVY3LHN\L:VJJLY
:WHUPZO5H[PVUHS
-VV[IHSS-LKLYH[PVU
;OL-0-(>VYSK*\W
6YNHUPaPUN*VTTP[[LL
;HUaHUPH-VV[IHSS
-LKLYH[PVU
<50;,+(.(05:;4(3(90(
<UP[LK(NHPUZ[4HSHYPHOHZSL]LYHNLK[YLTLUKV\ZYLZV\YJLZ![OLWV^LY
VMMVV[IHSS[OLH[[LU[PVUVU(MYPJHZ\YYV\UKPUN[OL>VYSK*\WVUNVPUN
Z\JJLZZLZPU[OLÄNO[HNHPUZ[THSHYPHHUK[OLUL[^VYRZHUKJYLH[P]P[`
VMHKP]LYZLNYV\WVMWHY[ULYZ<UP[LK[OL`HYLTHRPUNOPZ[VY`
¸0OVWLT`NSVIHSQV\YUL`
^PSSOLSWZVJJLYMHUZHSSV]LY
[OL^VYSK\UKLYZ[HUK[OPZ
KPZLHZL[OH[HMMLJ[ZT`
OVTL[V^UHUKTHU`V[OLYZ
PU(MYPJH0OVWL[VNL[HZ
THU`WLVWSLHZWVZZPISL[V
ZPNUT`IHSSZV0JHUIYPUN
P[IHJR[VV\Y(MYPJHUSLHK
LYZHUKZOV^[OLTOV^[OL
^VYSKPZILOPUK\Z
PUV\YLMMVY[Z
[VLUK
THSHYPH¹
*OHYSLZ
:ZHSP
<(4»Z`V\[O
HTIHZZHKVY
;OLMV\UKPUNWHY[ULYZVM<UP[LK(NHPUZ[4HSHYPHSLHKPUNVYNHUPaH[PVUZPU[OLNSVIHS
ÄNO[HNHPUZ[[OLKPZLHZLJHTL[VNL[OLY[V[HRLHK]HU[HNLVMHTVTLU[PUOPZ[VY`!
[OL-0-(>VYSK*\WPU:V\[O(MYPJH
;OL[PKLPZ[\YUPUNPU[OLÄNO[HNHPUZ[THSHYPH;OYV\NOZ\WWVY[MYVTNV]LYUTLU[Z
[OLWYP]H[LZLJ[VYHUKWOPSHU[OYVWPZ[ZHUK[OLLMMVY[ZVMKLKPJH[LK5.6ZHUKOLHS[O
^VYRLYZ[OPZJVTT\UP[`PZTHRPUN[YLTLUKV\ZWYVNYLZZ[V^HYKZ[OL4PSSLUUP\T
+L]LSVWTLU[.VHSVMLUKPUNTHSHYPHKLH[OZ,YP[YLH9^HUKHHUK,[OPVWPHMVY
L_HTWSLOH]LYLK\JLKTHSHYPHKLH[OZI`TVYL[OHUOHSMPUYLJLU[`LHYZ
@L[THSHYPHJVU[PU\LZ[V[OYLH[LUHIV\[OHSMVM[OL^VYSK»ZWVW\SH[PVU,HJO`LHY[OPZ
WYL]LU[HISLHUK[YLH[HISLKPZLHZLPUMLJ[ZULHYS`HX\HY[LYIPSSPVUWLVWSLHUKRPSSZ
TVYL[OHU0[ZLJVUVTPJ[VSSVU(MYPJHPZLZ[PTH[LKH[IPSSPVU<:WLY
`LHY>LOH]L[OL[VVSZ[VV]LYJVTL[OLZLJOHSSLUNLZ(ZSP[[SLHZ‰JHUI\`
HSVUNSHZ[PUNPUZLJ[PJPKL[YLH[LKUL[[VWYV[LJ[HTV[OLYHUKOLYJOPSKMVY\W[VÄ]L
`LHYZ,K\JH[PVUHSLMMVY[ZJHU[LHJOWLVWSLOV^[VYLJVNUPaLHUKWYV[LJ[MYVT
THSHYPHHUKW\ISPJOLHS[O^VYRJHUTHRL[YLH[TLU[TVYLH]HPSHISL
-VV[IHSSWYV]LKHWV^LYM\SHUKJVTWLSSPUNUL^[VVSPU[OLÄNO[HNHPUZ[4HSHYPH
(ULZ[PTH[LKIPSSPVUWLVWSL^H[JOLKH[SLHZ[VULNHTLVM[OL>VYSK*\W
HSTVZ[H[OPYKVM[OL^VYSK»ZWVW\SH[PVU(JYVZZ(MYPJHMVV[IHSSPZL]LUTVYL
¸;VKH`^LHYLPUHIL[[LY
WVW\SHY>P[O[OL^VYSK»ZH[[LU[PVUMVJ\ZLKVU(MYPJH»ZÄYZ[>VYSK*\WHUK^P[OTHU`
WVZP[PVU[OHU^LOH]LL]LY
MVV[IHSSZ[HYZYL]LYLKHZUH[PVUHSOLYVLZ[OLVWWVY[\UP[`^HZLUVYTV\Z
(YTLK^P[O[OLLUNHNPUNHUK]LYZH[PSL<UP[LK(NHPUZ[4HSHYPHIYHUK[OLWHY[ULYZIYV\NO[
UL^HSSPLZPU[V[OLÄNO[HNHPUZ[THSHYPH-VV[IHSSSLNLUKZHTWSPÄLK[OLJHTWHPNU»Z
]VPJLHUKTPUPZ[YPLZVMZWVY[VWLULKUL^KVVYZPU(MYPJHUNV]LYUTLU[Z-VV[IHSSNHTLZ
WYV]LKHJVTWLSSPUN[VVSMVYLK\JH[PVUHUKHK]VJHJ`HUK[OLJHTWHPNUNHPULKHJJLZZ
[VZVTLVM[OL^VYSK»ZTVZ[WYVTPULU[NSVIHSL]LU[Z;OLJHTWHPNUHSZVPUZWPYLK
JVYWVYH[PVUZWHY[PJ\SHYS`T\S[PUH[PVUHSZPU(MYPJH[VHUL^SL]LSVMJVVWLYH[PVUHUK
KLKPJH[PVU[VLUKPUNTHSHYPHKLH[OZ
)`[OLLUKVM[OL>VYSK*\W[OLJHTWHPNUOHKOVZ[LKTVYL[OHUHJ[P]P[PLZ
LUNHNLKTVYL[OHUHTPSSPVUMHUZ[OYV\NOMVV[IHSSNHTLZHUKNLULYH[LKTVYL[OHU
IPSSPVUTLKPHPTWYLZZPVUZ
ILLU[V^PU[OLÄNO[HNHPUZ[
THSHYPH0[JVTLZKV^U[V
^PKLZWYLHKPTWSLTLU[H[PVU"
HUK^OH[IL[[LY[VVS[OHU
MVV[IHSS[VKLSP]LYTLZZHNLZ
[VWLVWSLHJYVZZ(MYPJH&¹
(^H4HYPL*VSS:LJR,_LJ\[P]L
+PYLJ[VYVM[OL9VSS)HJR4HSHYPH
7HY[ULYZOPWHUKMVYTLY4PUPZ[LYVM
/LHS[OVM:LULNHS
,UNHNPUNUL^Z[HRLOVSKLYZ
<UP[LK(NHPUZ[4HSHYPH»ZZ[YLUN[OPZP[ZKP]LYZP[`
)`SL]LYHNPUNL_PZ[PUNYLSH[PVUZOPWZPUHUL^
^H`HUKIYPUNPUNTHU`UL^WSH`LYZPU[V
[OLÄNO[HNHPUZ[THSHYPH[OLJHTWHPNU
SLK[VNYLH[LYSL]LSZVMHJJLZZWHY[PJPWH[PVU
HUKJVVYKPUH[PVU
6WLUPUNUL^KVVYZ[OYV\NOUL^YLSH[PVUZOPWZ
0UJV\U[YPLZPUJS\KPUN*[LK»0]VPYL.OHUHHUK;HUaHUPH[OL
JHTWHPNUMHJPSP[H[LKHUL^[`WLVMYLSH[PVUZOPWIL[^LLU5.6SLHKLYZ
3UHVLGHQW
HUKYLWYLZLU[H[P]LZ^P[OPU4PUPZ[YPLZVM:WVY[SLK[VUL^VYZ[YVUNLY
3DXO.DJDPHRI
WKH5HSXEOLFRI
YLSH[PVUZOPWZ^P[O4PUPZ[YPLZVM/LHS[OHUK5H[PVUHS4HSHYPH*VU[YVS
5ZDQGDUHFHLYHV
WKH8$0*ROGHQ
7YVNYHTZ54*7Z(ZHYLZ\S[WHY[ULYZNHPULKHJJLZZ[VHUL^SL]LSVM
%RRW$ZDUG
L]LU[ZHUKMVV[IHSSNHTLZ)`JV\WSPUNTHSHYPHMVJ\ZLKLK\JH[PVUHSHJ[P]P[PLZ
TLKPHV\[YLHJOHUKSVJHSH^HYLULZZL]LU[Z^P[O>VYSK*\WX\HSPM`PUNNHTLZMYPLUKS`
TH[JOLZHUK[V\YUHTLU[Z<UP[LK(NHPUZ[4HSHYPHKLSP]LYLKP[ZJY\JPHSTLZZHNLZH[MYLZOHUKLUNHNPUNL]LU[Z
-VV[IHSSMLKLYH[PVUSLHKLYZ^LYLHUV[OLYUL^JVUZ[P[\LUJ`LUNHNLKI`[OLJHTWHPNU[VÄNO[THSHYPH-\LSLKI`[OL
I\YKLUTHSHYPHWSHJLZVU(MYPJHU[LHTZHUK[OLWVW\SH[PVUPUNLULYHSMVV[IHSSMLKLYH[PVUZHJYVZZ[OLJVU[PULU[MYVT
QVPULK[OLJHTWHPNUHUKOLSWLKP[Z\JJLLK;OLZLMLKLYH[PVUZ^OPJOVYNHUPaL
HTH[L\YHUKWYVMLZZPVUHSSLHN\LZMVYWSH`LYZVMHSSHNLZZ[HUKH[[OLJLU[LY
>LHYLO\NLS`WYV\KVMV\Y
VMMVV[IHSS^P[OPULHJOJV\U[Y`>VYRPUN^P[O[OLTWYV]PKLKHJJLZZ[VUH[PVUHS
HJOPL]LTLU[ZVU[OLWP[JO
[LHTZHUKWSH`LYZHZ^LSSHZ[VNV]LYUTLU[Z
I\[KLMLH[PUNTHSHYPHPZHU
[OYV\NO[OL4PUPZ[LYZVM:WVY[>OPSL5.6Z
L]LUTVYLPTWVY[HU[NVHS¹
ÄNO[PUNTHSHYPHOHKL_PZ[PUNYLSH[PVUZOPWZ
2^LZP5`HU[HR`P7YLZPKLU[VM[OL
^P[O[OLW\ISPJZLJ[VY[OLZLUL^
.OHUH-VV[IHSS(ZZVJPH[PVU
YLSH[PVUZOPWZ^P[O4PUPZ[LYZVM:WVY[
HUK-VV[IHSS-LKLYH[PVUZHKKLKH
UL^JVUULJ[PVU[V[OLNV]LYUTLU[
HUKHUL^WHY[ULYPU[OLÄNO[HNHPUZ[THSHYPH
5H[PVUHSMVV[IHSS[LHTZ^LYLHSZVHUPTWVY[HU[MVYJLPU[OLJHTWHPNU
6M[LUIYV\NO[PU[V[OLJHTWHPNUI`MVV[IHSSMLKLYH[PVUZ[OLUH[PVUHS
[LHTZHKKLKJLSLIYP[`[V[OLJHTWHPNU5H[PVUHS[LHTTLTILYZ
HYLYL]LYLKHZOLYVLZHUK^OLU[OL`ZWVRLHIV\[[OLPTWVY
7KH
860HQҋV
[HUJLVMZSLLWPUN\UKLYUL[ZHUKWYPVYP[PaPUNTHSHYPHVUUH[PVUHS
1DWLRQDO7HDP
OLHS[OHNLUKHZWLVWSLSPZ[LULK
SRVHVXQGHUDQHW
GXULQJD8$0
SKRWRVKRRW
1DWLRQDOWHDPV
)HGHUDWLRQSDUWQHUV
.SVIHSS`[OLJHTWHPNU\ZLKHJHKYLVMOPNOWYVÄSLJOHTWPVUZ[VYLHJOUL^
H\KPLUJLZ9HUNPUNMYVTMVV[IHSSSLNLUKZHUKLU[LY[HPULYZ[VJVYWVYH[LHUK5.6
SLHKLYZ[OLZLJOHTWPVUZSLU[[OLPYUV[VYPL[`WHZZPVUHUKSLHKLYZOPW[VTHRL
[OLJHTWHPNUHZ\JJLZZ
,UNHNPUNUL^HK]VJH[LZPUKVUVYJV\U[YPLZ
0UKVUVYJV\U[YPLZ[OLJHTWHPNUMVJ\ZLKVUI\PSKPUNW\ISPJZ\WWVY[MVY
JVU[PU\PUNPU]LZ[TLU[ZPULUKPUNTHSHYPHKLH[OZ<UP[LK(NHPUZ[4HSHYPH
MVJ\ZLKVUIYPUNPUNUL^]VPJLZ[V[OLÄNO[HUKOLSWPUNTHRL[OVZL
]VPJLZOLHYK[OYV\NOH]HYPL[`VML]LU[Z
<UP[LK(NHPUZ[4HSHYPHWHY[ULYZPU[OL<2NV[[OLH[[LU[PVUHUKZ\WWVY[
VMOPNOYHURPUNVMÄJPHSZPUJS\KPUNTLTILYZVMWHYSPHTLU[HUK[OL
(YJOIPZOVWVM*HU[LYI\Y`^OVYLJVYKLKHZWLJPHSTLZZHNLPUZ\WWVY[
VM[OLÄNO[HNHPUZ[THSHYPH
2QHRI0DOLҋVPRVW
SRSXODUWHDPVSRVHV
XQGHUDQHWEHIRUHD
VROGRXWPDWFK
0U:WHPU[OLJHTWHPNU^HZ;VKVZ*VU[YHSH4HSHYPHHUKP[LMMLJ[P]LS`
LUNHNLKRL`SLHKLYZ[OYV\NOIPSSIVHYKZHW\ISPJZLY]PJLHUUV\UJLTLU[7:(
JHTWHPNULMMLJ[P]LTLZZHNPUNH[-*)HYJLSVUHNHTLZHUKHOPNOWYVÄSLL]LU[^P[O
:WHUPZOUH[PVUHS[LHTYLWYLZLU[H[P]LZH[[OL0UZ[P[\[L
VM.SVIHS/LHS[O
0U[OL<UP[LK:[H[LZTHU`JHTWHPNU
HJ[P]P[PLZ[HYNL[LK`V\UNWLVWSL
I\PSKPUNVMM[OLZWVY[»ZWVW\SHYP[`
HTVUN`V\[O-YVTMVV[IHSSVY
ZVJJLYNHTLZ[VJO\YJOLZ[V
\UP]LYZP[PLZOPNOLULYN`L]LU[Z
JHW[\YLKH[[LU[PVUHUKI\PS[
Z\WWVY[MVYJVU[PU\LK
PU]LZ[TLU[ZPULYHKPJH[PUN
THSHYPHKLH[OZ
*KDQD)RRWEDOO
$VVRFLDWLRQ3UHVLGHQW
.ZHVL1\DQWDN\LKHOSV
FDPSDLJQSDUWQHUVGLVWULEXWH
QHWVWRWZRORFDOWHDPV
VFKRROFKLOGUHQDQG
VHYHUDOKXQGUHGORFDO
FRPPXQLW\PHPEHUV
0LQLVWHULDOSDUWQHUV
¸<UP[LK(NHPUZ[4HSHYPH
THYYPLZ\USPRLS`WHY[ULYZ
HYV\UK[OLNSVIL·
ZVJJLYZ[HYZHUK
Z[\KLU[ZJP]PSZLY]HU[Z
HUKJLSLIYP[PLZIPZOVWZ
HUKI\ZPULZZLZWVW
Z[HYZHUKWVSP[PJPHUZ
HUKJVTT\UP[PLZHUK
JVYWVYH[PVUZ(SVUL
LHJOTLYLS`OHZVUL
]VPJLI\[[VNL[OLY
MVYTHYLZV\UKPUN
JOVY\ZVMZ\WWVY[¹
4VSS`:PTZ<(4*OHTWPVU
PU<:(;VKH`
<RXWKSOD\HUVLQWKH86
,K\JH[PUN[OYV\NONHTLZ
;OLJHTWHPNU^HZ\UPX\LS`HISL[VSL]LYHNLMVV[IHSSNHTLZHZH
JVTT\UPJH[PVU[VVS([PU[LYUH[PVUHSUH[PVUHSHUKSVJHSTH[JOLZ
<UP[LK(NHPUZ[4HSHYPHJHSSLKH[[LU[PVU[V[OL
WYVNYLZZTHKLPU[OLÄNO[HNHPUZ[THSHYPHHUK
[OLPTWVY[HUJLVMJVU[PU\PUN[VWYPVYP[PaLP[
:OPUPUNHZWV[SPNO[[OYV\NO
PU[LYUH[PVUHSNHTLZ
([[OL>VYSK*\WX\HSPM`PUNNHTLIL[^LLU.OHUHHUK4HSP
WHY[ULYZNH]LMHUZJHTWHPNU;ZOPY[ZPU[OLOVTL[LHT»ZJVSVYZHUK
KYHWLKZ[HKP\TLU[YHUJLZ^P[OTVZX\P[VUL[Z7SH`LYZHSZV^VYL
<(4IYHUKLK\UPMVYTZ[VOPNOSPNO[[OLPYJVTTP[TLU[[VLYHKPJH[PUN
THSHYPHKLH[OZ
)&%DUFHORQD
GHGLFDWHGWKHLU86
WRXUWRUDLVLQJWKHSURÀOH
RI8QLWHG$JDLQVW0DODULD
LQWURGXFLQJIDQVWR
WKHFDPSDLJQWKURXJKÀHOG
VLJQDJHFDPSDLJQ
OLWHUDWXUHDQG36$V
¸(ZB-*)HYJLSVUHD[VVR
[OLÄLSKPUMYVU[VMTVYL
[OHU MHUZH[[OL
9VZL)V^S¯P[ZWSH`LYZ
^LYL^LHYPUNHUL^
^HYT\W[VWVUL
[OH[OLYHSKZ[OLJS\I»Z
JVTTP[TLU[[VHUL^
LMMVY[P[OHZQVPULK[V
OLSWPU[OLLYHKPJH[PUN
VMTHSHYPHPU(MYPJH·
<UP[LK(NHPUZ[4HSHYPH¹
¶5L^@VYR;PTLZ
4VYL[OHUMHUZ^H[JOLKHMYPLUKS`NHTLIL[^LLU)YHaPS
HUK;HUaHUPHIYHUKLKHZ<UP[LK(NHPUZ[4HSHYPHPU+HYLZ
:HSHHT*HTWHPNUWHY[ULYZÄSSLK[OLZ[HKP\T^P[OJHTWHPNU
TLZZHNPUNHUKPUMVYTH[PVUHIV\[THSHYPH[YLH[TLU[MYVT
[OLÄLSK[V[OLWYLZZYVVTZ[V[OLWHYRPUNSV[ZV\[ZPKL,]LU
[OLIHSSIV`Z^VYLIYHUKLKQLYZL`Z*HTWHPNUSLHKLYZ^LYL
OVUVYLK[OH[7YLZPKLU[1HRH`H2PR^L[LVM;HUaHUPHZPNULK
H<(4IHSS[VWSLKNLOPZZ\WWVY[MVY[OLJHTWHPNUHZKPK
ZL]LYHSKLSLNH[LZMYVTIV[OJV\U[YPLZHUK2HRn)YHaPS»ZIPNNLZ[
MVV[IHSSZ[HY
;OLJHTWHPNUHSZV\ZLK[OL*\WVM5H[PVUZHIPLUUPHSMVV[IHSS[V\YUHTLU[^OVZL
YLHJOPZZLJVUKVUS`[V[OL>VYSK*\W»Z[VM\Y[OLY[OLJHTWHPNU»ZNVHSZ7HY[ULY
,__VU4VIPSSL]LYHNLKP[ZWYLZLUJLPU(UNVSH[OLZP[LVM[OLL]LU[[VOVZ[HWYLZZ
JVUMLYLUJLHUKYLJLW[PVU[V^LSJVTL(UNVSH»Z4PUPZ[LYVM/LHS[OHUK-VV[IHSS
-LKLYH[PVU[V[OLJHTWHPNU;OLL]LU[HSZVSH\UJOLK[OL,__VU4VIPSM\UKLK7:(
MLH[\YPUN[OLJHTWHPNU»Z`V\[OHTIHZZHKVY*OHYSLZ:ZHSPYLHJOPUNTPSSPVUZPU
Z\I:HOHYHU(MYPJHUJV\U[YPLZ
.HS]HUPaPUNSLHKLYZ[OYV\NOUH[PVUHSNHTLZ
(NHTLIL[^LLU[OL[^VTVZ[WVW\SHY[LHTZPU4HSP:[HKL4HSPLUHUK+QVSPIH
L_WVZLKTVYL[OHUMHUZ[V[OLJHTWHPNU7SH`LYZ^LHYPUNJHTWHPNUZOPY[Z
Z[VVK\UKLYHNPHU[UL[ILMVYL[OLNHTL^OPSL<(4IHUULYZSPULK[OLÄLSK;6;(3
4HSPKVUH[LKLK\JH[PVUHSSLHÅL[Z[VMHUZHUKWHY[ULYZKPZ[YPI\[LKSVUNSHZ[PUN
SHRSOHHQJDJHGWKURXJK\RXWK
%
WRXUQDPHQWVLQWKH8QLWHG6WDWHV
IRRWEDOOVWDUVIHDWXUHGLQ36$V
¸;OYV\NOMVV[IHSS^L
JHUYLHJOL]LY`IVK`
PU]VS]L[OLTTHRL
[OLTMLLSPTWVY[HU[
HUKNL[WLVWSL
[OPURPUNHIV\[
^OH[[OL`JHUKV
[VOLSWÄNO[THSHYPH¹
-VV[IHSSLY1VZLWO(U[VPUL
)LSSPU0U[LY7YLZZ:LY]PJL
PUZLJ[PJPKL[YLH[LKUL[Z[VWSH`LYZHUKVMÄJPHSZ
7:(ZHPYLKMVYZL]LYHS^LLRZSLHKPUN\W[V
[OLL]LU[
0U:LULNHSMHTV\ZT\ZPJPHU@V\ZZV\
5+V\YKYL^TVYL[OHUMHUZ
HUK:LULNHS»ZTHQVYTLKPHV\[SL[Z[V
HMYPLUKS`NHTLMLH[\YPUNMVV[IHSS
SLNLUKZ)YVHKJHZ[UH[PVUHSS`[OL
NHTLPUJS\KLK]PKLVZHUKZWLLJOLZ
HIV\[[OLPTWVY[HUJLVM\ZPUN
TVZX\P[VUL[Z
;OL)\aa;V\YHWHY[ULYZOPWIL[^LLU5V[OPUN)\[5L[ZHUK
4HQVY3LHN\L:VJJLY]PZP[LKJP[PLZPU[OL<UP[LK:[H[LZ
OVZ[PUNPUZ[HKP\TL]LU[Z[OH[YHPZLKH^HYLULZZHIV\[THSHYPH
HUK[OLJHTWHPNU
´$VD
WHDPZHDUHZHOO
DZDUHRIWKHGDQJHUVRI
PDODULD,IRQHRIXVIDOOVLOOIURP
WKHGLVHDVHKHLVQRWDEOHWRSOD\
DQGWKHZKROHVTXDGVXIIHUV7KDWҋV
ZK\LWҋVFULWLFDOWKDWZHDOOGRRXUSDUW
WRÀJKWWKLVSUHYHQWDEOHGLVHDVHµ
&KULV.DWRQJR&DSWDLQRI
WKH=DPELDQDWLRQDO
WHDPZLWKWKH=DPELDQ
0LQLVWHURI+HDOWK
,TWOHZPaPUNILOH]PVYJOHUNL
[OYV\NOSVJHSNHTLZ
;OYV\NOV\[THSHYPHLUKLTPJJV\U[YPLZPU(MYPJHMVV[IHSS^HZHWV^LYM\S[VVSMVYYHPZPUN
H^HYLULZZHIV\[THSHYPHHTVUN`V\UNWLVWSLHUKWPX\PUN[OLPY
PU[LYLZ[PU^H`Z[VWYV[LJ[[OLTZLS]LZ0U;HUaHUPHWHY[ULYZ
VYNHUPaLK/HPR\IHSPRP*\WMVY[OL<UKLY<UKLYHUK
<UKLYSLHN\LZHJJVTWHUPLKI`THSHYPHMVJ\ZLK
HJ[P]P[PLZ[OH[LK\JH[LK[OV\ZHUKZVM`V\UNWSH`LYZHUK
MHUZ(SZVPU;HUaHUPH,HZ[(MYPJHUJVTWHU`:HPK:HSPT
)HROYLZH::)ZWVUZVYLK[OL<OHP*\W;V\YUHTLU[^OLYLWSH`LYZ
^VYL<UP[LK(NHPUZ[4HSHYPHQLYZL`ZHUKJHTWHPNUSLHKLYZZWVRLHIV\[[OL
PTWVY[HUJLVMWYV[LJ[PUNHNHPUZ[THSHYPH;OPZTHYRLK[OLÄYZ[VMZL]LYHSOPNO
PTWHJ[HJ[P]P[PLZPU[OLWHY[ULYZOPWIL[^LLU::)HUK[OLJHTWHPNU
*HTWHPNUWHY[ULY9PNO[[V7SH`HSZV\ZLKPUMVYTHSNHTLZ[VLK\JH[L
`V\[OHIV\[[OLKPZLHZLI`IYPUNPUNHJ[P]P[PLZ[VJVTT\UP[`JLU[LYZPU
Ä]L(MYPJHUJV\U[YPLZ
$SOD\HU
IURPWKH7DQ]DQLD
QDWLRQDOZRPHQҋV
WHDPKHOSVHGXFDWH
FKLOGUHQDERXWSURWHFWLQJ
DJDLQVWPDODULD
WKURXJKDJDPH
;OLJHTWHPNUHSZVVYNHUPaLKUPUL`V\[O[V\YUHTLU[ZPURL`JVUNYLZ
ZPVUHSKPZ[YPJ[ZPU[OL<UP[LK:[H[LZ9LWYLZLU[H[P]L1PT/PTLZ+*;H
TLTILYVM[OL*VUNYLZZPVUHS4HSHYPH*H\J\ZZWVRLH[[OLÄYZ[[V\YUHTLU[
HUKL]LU[YPLKOPZS\JRH[P[Z:WLLK2PJRJVU[LZ[
)RRWEDOOJDPHVZLWKFDPSDLJQPHVVDJLQJ
PLOOLRQ
IRRWEDOOIDQV
%
DWWHQGHGJDPHV
)\PSKPUNHTLKPHZ[YH[LN`
<UP[LK(NHPUZ[4HSHYPHYLHJOLKHNSVIHSH\KPLUJL)`I\PSKPUNHZVSPK
IYHUKHUKWYVTV[PUNP[[OYV\NOHKP]LYZPÄLKTLKPHZ[YH[LN`
[OLJHTWHPNUJHW[\YLK[OLH[[LU[PVUVMTPSSPVUZVMWLVWSL
*YLH[PUNHNSVIHSIYHUK
;OLJHTWHPNU^VYRLKOHYK[VJYLH[LHUKWYVTV[LHIYHUK[OH[JV\SKILHWWSPLKHZ
IYVHKS`HZWVZZPISL;OLMV\UKPUNWHY[ULYZJOVZLHUHTL[OH[JV\SKILLHZPS`HKHW[LK
PU[VKPMMLYLU[SHUN\HNLZHUK[OH[YLÅLJ[LKIV[OMVV[IHSSHUKH\UP[LKJVTT\UP[`;OL`
HSZVJOVZLHSVVRHUKMLLS[OH[JV\SKZWHUH]HYPL[`VMWSH[MVYTZHUKLUNHNLH\KPLUJLZ
HZKP]LYZLHZWVSPJ`SLHKLYZPUKVUVYJV\U[YPLZHUKMVV[IHSSLYZPU[OL<UKLYSLHN\LZ
PU(MYPJH;OLIYHUKJV\SKHSZVILLHZPS`PTWSLTLU[LKPUH]HYPL[`VMTLKPHPUJS\KPUN
IPSSIVHYKZWVZ[LYZ;ZOPY[ZHUKMVV[IHSSZ
$
ELOOERDUGLQ
0DOLSURFODLPV
DVD\HDU
RIYLFWRU\DJDLQVW
0DODULD
,_LJ\[PUNH^VYSK^PKLTLKPHJHTWHPNU
<UP[LK(NHPUZ[4HSHYPHZWYLHKP[ZTLZZHNL[OYV\NOYHKPVV\[YLHJOPUJV\U[Y`IPSS
IVHYKZ[OL^LITVIPSLWOVULZUL^ZWHWLYZHUK[LSL]PZPVU[HYNL[PUNTHYRL[ZYHUNPUN
MYVT[OLSVJHS[V[OLNSVIHS;OLJVU[LU[VMP[ZTLZZHNLZ]HYPLKI`H\KPLUJLI\[[OL
JLU[YHS[OLTL^HZHS^H`Z[OLZHTL!\UP[LK^LJHUILH[THSHYPH
;OLJHTWHPNUJYLH[LK7:(ZPUSHUN\HNLZ;OLZLZWV[ZPUJS\KLKZ\JOKP]LYZL
[HSLU[HZ<:TPKÄLSKLY3HUKVU+VUV]HU0]VYPHUSLNLUK
2VSV;V\Yt;HUaHUPHU`V\[OWSH`LYZHUK[OL
4HSPHU4PUPZ[LYVM/LHS[O7HY[ULY:\TP[VTV
*OLTPJHSWYVK\JLKHKKP[PVUHS7:(Z
[OYV\NOP[ZJVTWSPTLU[HY`-VV[IHSSLYZ
]Z4HSHYPHJHTWHPNU;VNL[OLY[OLZL
7:(ZIYV\NO[UL^]VPJLZ[V[OL
JHTWHPNUHUKL_WHUKLKP[ZNSVIHS
HWWLHS7HY[ULYZOLSWLKKPZ[YPI\[L
[OL7:(Z[VHYLHJOVMTVYL
[OHUVULIPSSPVU"<:IHZLK
-V_:VJJLY*OHUULSHUK
(MYPJHUTLKPHNPHU[Z45L[
HUK:\WLY:WVY[KVUH[LK
,YRULDQ
[OV\ZHUKZVMOV\YZVM
IRRWEDOOOHJHQG
.ROR7RXUpGXULQJ
HPY[PTLHUKYHUMLH[\YL
D36$SKRWR
ZLNTLU[Z[VZ\WWVY[
VKRRW
<UP[LK(NHPUZ[4HSHYPH
%SULQWDQGUDGLRVWRULHV
;OL>VYSK*\WPZ
HIV\[TVYL[OHU
Q\Z[MVV[IHSS-VYVUL
TVU[O[OL^VYSK»ZH[
[LU[PVU^PSSILVU[OL
JVU[PULU[VM(MYPJHHUK
^LT\Z[\ZL[OPZ[PTL
[VOPNOSPNO[ZVTLVM
[OLPZZ\LZ[OH[(MYPJH
MHJLZSPRLTHSHYPH;OL
<UP[LK(NHPUZ[4HSHYPH
JHTWHPNUPZIYPUNPUN
[VNL[OLYH^PKLYHUNL
VMWHY[ULYZ^OVHYL
^VYRPUN[VYLK\JL
KLH[OZMYVTTHSHYPH
KYHTH[PJHSS`I`¹
2VSV;V\Yt0]VYPHU
MVV[IHSSSLNLUK
%PLOOLRQUHDFKHGWKURXJK
PHGLD
¸;OLPUUV]H[P]L[OPUN
HIV\[<(4PZ[OL^H`
[OH[P[PZ\ZPUNMVV[IHSS
ML]LY[VZWYLHK[OL
^VYK¹
-PUHUJPHS;PTLZ
<UP[LK(NHPUZ[4HSHYPH»ZPU[LNYH[LK^LIZ[YH[LN`ZWHUULK
-HJLIVVR;^P[[LY@V\;\ILZLJVUKZHUKHU
VYPNPUHS^LIZP[L^^^<UP[LK(NHPUZ[4HSHYPH
VYN[OH[JV\WSLKPUMVYTH[PVUHIV\[[OL
JHTWHPNU^P[OPU[LYHJ[P]L[VVSZPU
JS\KPUNHKPNP[HSIHSSMHUZJV\SKZPNU
PUZ\WWVY[VM[OLJHTWHPNUHUKH
ISVN^P[OYLN\SHYWVZ[ZMYVTV\Y
THU`WHY[ULYZ
0UÄ]LJV\U[YPLZPU(MYPJHHIV\[TPSSPVUWLVWSLZH^
JHTWHPNUTLZZHNPUNVUJVTWLSSPUNIPSSIVHYKZ[OH[
JV\WSLKPUMVYTH[PVUHIV\[ZSLLWPUN\UKLYUL[ZHUK
ZLLRPUN[YLH[TLU[^P[OPTHNLZVMPU[LYUH[PVUHSS`
YLUV^ULKMVV[IHSSZ[HYZ
)YPUNPUNHSVNV[VSPML
0UZWPYLKI`[OLJHTWHPNU»ZIYHUKPUNWHY[ULY5HUKV»Z
SH\UJOLKHULMMVY[ZLSSPUNIYHJLSL[ZIHZLKVU[OLJHTWHPNU»Z
SVNV;OLNSVIHSYLZ[H\YHU[JOHPU^P[OZ[VYLZPUJV\U[YPLZ^HZ
TV]LKI`SPMLZH]PUNZ\JJLZZLZPU[OLÄNO[HNHPUZ[THSHYPHHUK
^HU[LK[VOLSW:VSLHKLYZ[OLYLZWLHYOLHKLKHULMMVY[[VJYLH[LHUK
KPZ[YPI\[LIYHJLSL[Z[OH[^V\SKI\PSKH^HYLULZZHUKYHPZLTPSSPVU
<:MVY[OLJH\ZL
:RPDQ
PDNLQJWKH
8$0EUDFHOHWLQ
.KD\HOLWVKD
(WWYV_PTH[LS` \UZRPSSLK^VYRLYZPU[OL:V\[O
(MYPJHU[V^UZOPWVM2OH`LSP[ZOHUV^THRL
HSP]PUNWYVK\JPUN[OLIYHJLSL[Z:HSLZ
ILULÄ[[OL.SVIHS-\UK[V-PNO[(0+:
;\ILYJ\SVZPZHUK4HSHYPHPUHKKP[PVU
[VWYV]PKPUNH[VVSMVYLJVUVTPJ
KL]LSVWTLU[PU[OL[V^UZOPW
5HUKV»ZHUKV[OLYJVYWVYH[L
WHY[ULYZOH]LWSLKNLK[VZLSS
TPSSPVUIYHJLSL[ZHUK^LYL
&DPSDLJQ
DPEDVVDGRU
&KDUOHV6VDOLVOHHSV
XQGHUDQHWLQD
8QLWHG$JDLQVW
0DODULD36$
¸0[PZ[OLÄYZ[[PTL[OH[
(MYPJHPZUV^NP]PUN
TVUL`IHJR[V[OL
.SVIHS-\UK0[»ZYLHSS`
V\Y[PTL[VZ[HUK\W
UV^HUKNP]LIHJR¹
9VILY[)YVaPU*,6
VM5HUKV»Z
^LSSVU[OLPY^H`[V[OH[[V[HSH[
[OLJVUJS\ZPVUVM[OL>VYSK*\W
%ELOOLRQ36$YLHZV
%FRQWDFWVWRMRXUQDOLVWV
.L[[PUNNSVIHSH[[LU[PVU
;OLS\YLVMMVV[IHSSHUK[OLOPNOS`KP]LYZL
UL[^VYRZVM<UP[LK(NHPUZ[4HSHYPH»ZTHU`
WHY[ULYZNH]L[OLJHTWHPNU[YLTLUKV\Z
HJJLZZ[VPTWVY[HU[L]LU[Z
3L]LYHNPUN^VYSKL]LU[Z
0U)Y\ZZLSZ[OLJHTWHPNU»Z`V\UNHTIHZZHKVY*OHYSLZ:ZHSP^HZ[OL
Z[HYVM[OL<UP[LK(NHPUZ[4HSHYPHWYLZZJVUMLYLUJLH[[OL0U[LYUH[PVUHS
7YLZZ*LU[LYH[[OLPU]P[H[PVUVM/9/7YPUJLZZ(Z[YPKVM)LSNP\T
:WLJPHS9LWYLZLU[H[P]LVM[OL9VSS)HJR4HSHYPH7HY[ULYZOPW;OLYLOLTL[
^P[O[OL)LSNPHU4PUPZ[LYMVY*VVWLYH[PVU*OHYSLZ4PJOLSHUKH[H]PZP[[V
)LSNPHU7HYSPHTLU[[OH[MVSSV^LK=PJL7YLZPKLU[*VYPUUL+L7LYTLU[PLY
HUUV\UJLK[OH[)LSNP\T^V\SKPUJYLHZLP[ZJVU[YPI\[PVU[V[OL.SVIHS-\UK
([[OL>VYSK,JVUVTPJ-VY\TPU+H]VZ[OLJHTWHPNU
OVZ[LKHYLJLW[PVUZWVUZVYLKI`WHY[ULY2LU[HYV[OH[
'DYLG
&DPHURQFXUUHQW
8.3ULPH0LQLVWHU
VLJQVWKH8$0EDOODW
WKH:RUOG(FRQRPLF
)RUXPPHHWLQJ
LQ'DYRV
IYV\NO[[VNL[OLY^VYSKSLHKLYZSPRL<27YPTL4PUPZ[LY
+H]PK*HTLYVU.SVIHS-\UK,_LJ\[P]L+PYLJ[VY4PJOLS
2HaH[JORPUL<UP[LK5H[PVUZ-V\UKH[PVU7YLZPKLU[:LUH[VY
;PT>PY[OHUK3VYK4HYR4HSSVJO)YV^UHSVUN^P[OMVV[IHSS
SLNLUKZPUJS\KPUN3\JHZ9HKLILHUK,TTHU\LS7L[P[
*VU[PU\PUN[OLYLSH[PVUZOPW<UP[LK(NHPUZ[4HSHYPHOVZ[LK
HWYLZZL]LU[H[[OL>VYSK,JVUVTPJ-VY\TTLL[PUNPU
(MYPJH7YLZPKLU[1HRH`H2PR^L[LVM;HUaHUPHHUK7YLZPKLU[
7H\S2HNHTLVM9^HUKHH[[LUKLK^OPSL9H`*OHTILYZ[OL
8QLWHG
1DWLRQV'HSXW\
6HFUHWDU\*HQHUDO'U
$VKD5RVH0LJLURVKRZV
KHUVXSSRUWZLWKFDPSDLJQ
OHDGHUVDQG&KDUOHV6VDOL
8$0ҋV\HDUROG
DPEDVVDGRU
<UP[LK5H[PVUZ:LJYL[HY`.LULYHS»Z:WLJPHS,U]V`MVY4HSHYPH
HUK;PTV[O`APLTLY[OLOLHKVM[OL<:7YLZPKLU[»Z4HSHYPH
0UP[PH[P]LZWVRLH[[OLL]LU[
;OLJHTWHPNUHSZVWHY[PJPWH[LKPU[OL HUK9VSS
)HJR4HSHYPH)VHYK4LL[PUNZ^OPJOHYLH[[LUKLKI`
TPUPZ[LYPHSYLWYLZLU[H[P]LZMYVT[OYV\NOV\[(MYPJH([[OLÄYZ[
TLL[PUN<UP[LK(NHPUZ[4HSHYPH^HZHJVUJLW[HUKH[[LUKLLZVMMLYLK
LUJV\YHNLTLU[(`LHYSH[LYP[^HZHMVYJL!HM[LYSLHYUPUNVM[OLJHTWHPNU»ZWYVNYLZZHUKZLLPUNP[ZZ[VJRVM
JVTWLSSPUN7:(ZUL^TPUPZ[LYZWSLKNLK[OLPYJVTTP[TLU[[V<UP[LK(NHPUZ[4HSHYPH
FDPSDLJQODXQFKHYHQWV
FRXQWULHVZLWKFDPSDLJQ
DFWLYLWLHV
;OLJHTWHPNUHSZVZWVUZVYLKZVTLWYVTPULU[^VYSKL]LU[ZVMP[Z
V^U^P[OHZLYPLZVM<UP[LK(NHPUZ[4HSHYPHSH\UJOLZPU(UNVSH
)LSNP\T*[LK»0]VPYL,[OPVWPH:V\[O(MYPJH:WHPU;HUaHUPH[OL
<UP[LK2PUNKVTHUK[OL<UP[LK:[H[LZ0U[V[HSTVYL[OHU
KPNUP[HYPLZJYVZZZLJ[VYSLHKLYZHUKTLKPHYLWYLZLU[H[P]LZH[[LUKLK
[OLSH\UJOLZ^OPJO^LYLJV]LYLKPUTVYL[OHUTLKPHV\[SL[Z
2QHRI
IRXUSDUDGHV
LQ&DPHURRQ
WRPDUN:RUOG
0DODULD'D\
.VPUNNSVIHSVU>VYSK4HSHYPH+H`
<UP[LK(NHPUZ[4HSHYPHI\PS[[OLTVTLU[\THUKL_JP[LTLU[VM(WYPS[O
>VYSK4HSHYPH+H`PU[VHZLYPLZVML]LU[ZZWHUUPUNMV\Y^LLRZKLJSHYPUN
(WYPS¸>VYSK4HSHYPH4VU[O¹>P[OSLZZ[OHU[^VTVU[OZ[VNVILMVYL[OL
>VYSK*\W>VYSK4HSHYPH+H`VMMLYLKHUVWWVY[\UP[`[VYHSS`[OLJHTWHPNU»Z
KP]LYZLWHY[ULYZ^OVOVZ[LKTVYL[OHUL]LU[ZHYV\UK[OL^VYSK
;OLJHTWHPNUOVZ[LKNHTLZPUUPULJV\U[YPLZPU(MYPJHHUK^VYRLK[VSPURHJ
[P]P[PLZ^P[OPUJV\U[Y`5H[PVUHS4HSHYPH*VU[YVS7YVNYHTZ54*7Z[VM\Y[OLYPUM\ZL
MVV[IHSSPU[VMLKLYHSWYVNYHTZ-VYL_HTWSLPU.OHUHWHY[ULYZ^VYRLK^P[O[OL54*7[V
HZZLTISLVULVM[OL^VYSK»ZSHYNLZ[TVZX\P[VUL[Z)`KYHWPUNVULVM(JJYH»ZI\ZPLZ[PU[LYZLJ[PVUZPUTVZX\P[VUL[[PUN
HUKOVZ[PUNMVV[IHSSLYZILULH[OP[[OL`YLTPUKLKTVYL[OHUTPSSPVUWLVWSLVM[OLPTWVY[HUJLVMZSLLWPUN\UKLYUL[Z
7HY[ULYZJVU]LYNLKPU>HZOPUN[VU+*[V]PZP[TLTILYZVM*VUNYLZZHUKOVZ[HYLJLW[PVU[OH[IYV\NO[TVYL[OHU
MVV[IHSSZ[HYZNV]LYUTLU[SLHKLYZHUK5.6JVTT\UP[`TLTILYZ[VNL[OLY[VJLSLIYH[L[OL
JHTWHPNU([[OLYLJLW[PVUJHTWHPNUYLWYLZLU[H[P]LZWYLZLU[LKTVYL[OHU
ZPNUH[\YLZ\YNPUN*VUNYLZZ[V\UP[LPUZ\WWVY[VM[OLÄNO[HNHPUZ[THSHYPH
0UAHTIPH4PUPZ[LYVM/LHS[O2HWLTIH:PTIHVSLKH[LHTVM
WYVTPULU[NV]LYUTLU[VMÄJPHSZPUHMVV[IHSSNHTLHNHPUZ[MVYTLY
UH[PVUHS[LHTWSH`LYZ([HOHSM[PTLWYLZLU[H[PVUOLHUUV\UJLK
¸AHTIPHQVPUZV[OLYJV\U[YPLZHUKNSVIHSWHY[ULYZ[OH[OH]L
[LHTLK\W[V\ZLMVV[IHSSHZHJOHUULSVMJVTT\UPJH[PUNTHSHYPH
TLZZHNLZ¯^P[O[OLZLML^^VYKZ0HTZ\YL^LHYLUV^YLHK`[V
RPJRTHSHYPHV\[VMAHTIPH¹
3DUWQHUV
LQ0DOLFRYHUHG
SURPLQHQW
PRQXPHQWVLQ
PRVTXLWRQHWV
RQ:RUOG
0DODULD'D\
:RUOG0DODULD'D\
%
HYHQWV
>P[OZVT\JOHJ[P]P[`VU[OLNYV\UK[OLJHTWHPNU^VYRLKOHYK
[VLUZ\YLP[JHW[\YLK[OLNSVIHSTLKPHH[[LU[PVUP[KLZLY]LK
;OYV\NOL]LU[ZPUJS\KPUNHWYLZZJVUMLYLUJLPU:V\[O(MYPJH
HUKHZLYPLZVM[LSLJVUMLYLUJLZ^P[OSLHKPUNTLKPHV\[SL[Z
[OLJHTWHPNULHYULKHULZ[PTH[LKTPSSPVUPTWYLZZPVUZVU
>VYSK4HSHYPH+H`HSVUL
PLOOLRQPHGLDLPSUHVVLRQVRQ
:RUOG0DODULD'D\
,UNHNPUN[OLWYP]H[LZLJ[VY
*VYWVYH[LWHY[ULYZJVU[YPI\[LK[OLPYÄUHUJPHSYLZV\YJLZLTWSV`LL[PTL
IYHUKZHUKYL[HPSMVV[WYPU[ZILJH\ZL[OL`YLJVNUPaLK[OLZVJPHSILULÄ[Z
HUK[OLI\ZPULZZPUJLU[P]LZVMLYHKPJH[PUNTHSHYPHKLH[OZHJYVZZ[OL
JVU[PULU[VM(MYPJH
0U(MYPJH[OLJHTWHPNUVMMLYLKJVTWHUPLZHUL^^H`[V^VYR[VNL[OLY[VNP]LIHJR
;OLJHTWHPNU»ZIYHUKWYV]PKLKHWSH[MVYTJVTWHUPLZJV\SKZOHYL^OPSLKL]LSVWPUN\UPX\L
WYVNYHTZZ\P[LK[V[OLPYYLZV\YJLZHUKWYPVYP[PLZ*VYWVYH[PVUZSLKHUKZ\WWVY[LKZVTL
VM[OLJHTWHPNU»ZTVZ[JVTWLSSPUNHUKMHYYLHJOPUNHJ[P]P[PLZHUK<UP[LK(NHPUZ[4HSHYPH
THYRLK[OLÄYZ[[PTL(MYPJHUJVYWVYH[PVUZJVU[YPI\[LK[V[OL.SVIHS-\UK[V-PNO[
(0+:;\ILYJ\SVZPZHUK4HSHYPH
4LKPHJVTWHUPLZWYV]PKLKJY\JPHSZ\WWVY[PUZWYLHKPUN<UP[LK(NHPUZ[4HSHYPH»Z
TLZZHNL6ULRL`JHTWHPNUWHY[ULY:\WLY:WVY[OPNOSPNO[LK[OLJHTWHPNUPUH
TPU\[LLKP[PVUVM¸4`)LH\[PM\S.HTL¹HZWLJPHSVUMVV[IHSSHUKKL]LSVWTLU[[OH[
YLHJOLKTVYL[OHUHTPSSPVUWLVWSLVULHJOVMP[ZÄ]LZOV^PUNZ(Z(MYPJH»ZÄYZ[NSVIHS
ZWVUZVYVM[OL>VYSK*\WTVIPSLWOVULZLY]PJLWYV]PKLY4;5^HZHUPTWVY[HU[WHY[ULY
MVY[OLJHTWHPNU>P[OHWYLZLUJLPUJV\U[YPLZHUKTVYL[OHUTPSSPVUJ\Z[VTLYZ
[OLJVTWHU`»ZYLHJOPZ[YLTLUKV\Z4;5THKLTHSHYPHHMVJ\ZVMP[Z>VYSK*\WZWVUZVY
ZOPWPUJS\KPUNTLZZHNPUNPUP[ZIPSSIVHYKZ[L_[TLZZHNLZZ[HKP\TIVHYKZHUK7:(Z
¸¯[OLWYP]H[LZLJ[VY
ULLKZ[V[HRLYLZWVU
ZPIPSP[`MVYTHRPUN[OL
JV\U[Y`Z[YVUNHNHPU
/LHS[O`JOPSKYLUHYL
IL[[LYSLHYULYZHUK
T`M\[\YLJ\Z[VTLYZ
0^HU[[VJVU[YPI\[L
[V[OLTHSHYPHJVU[YVS
[HYNL[ZPUT`JV\U[Y`¹
9LUL@LKPL[P*,6VM[OL
3PIYHPYPLKL-YHUJL.YV\W
*V[LK»0]VPYL
9LJVNUPaPUNH[YLTLUKV\ZVWWVY[\UP[`[VZH]L[OLSP]LZVMP[ZLTWSV`LLZHUK[OLPY
MHTPSPLZ:[HUKHYK)HURILJHTLHSLHKLYPU[OLJHTWHPNU0[KPZ[YPI\[LKUL[Z
PUMVYTH[PVUHSTH[LYPHSZHUK<UP[LK(NHPUZ[4HSHYPHIYHJLSL[Z[VLTWSV`LLZ
PUTHSHYPHLUKLTPJJV\U[YPLZPU(MYPJHZH]PUNTPSSPVUZVMKVSSHYZPU
H]LY[LKZPJRKH`ZPU[OLWYVJLZZ;OLJVTWHU`HSZVSL]LYHNLKP[Z
MVV[IHSSZWVUZVYZOPWZ[VYHPZLW\ISPJH^HYLULZZVMTHSHYPHWYL]LU[PVU
HUK[YLH[TLU[
(aHSH{/V[LSZZPTPSHYS`MVJ\ZLKVUP[ZLTWSV`LLZWYV]PKPUNUL[Z
[OH[IYV\NO[THSHYPHYLSH[LKHIZLU[LLSL]LSZKV^U[VHSTVZ[aLYV
(ZP[WSHUZP[ZL_WHUZPVUHSSLTWSV`LLZHUKN\LZ[Z^PSSILVMMLYLK
UL[ZHUKLK\JH[PVUHSTH[LYPHSZ
*VTWHUPLZ^P[OSHYNLYL[HPSMVV[WYPU[Z^LYLHSZVH]HS\HISL
HZZL[>P[OZ[YVUNWYLZLUJLPU4HSP<NHUKHHUKAHTIPH
7KH
.LQJVOH\
VPSJVTWHU`;V[HS^VYRLKJSVZLS`^P[O<UP[LK(NHPUZ[
+ROJDWHH[SHGLWLRQ
4HSHYPHWHY[ULYZ[VKPZ[YPI\[LLK\JH[PVUHSTH[LYPHSH[NHZ
GLVWULEXWHGPRUH
WKDQQHWV
Z[H[PVUZZWVUZVYMVV[IHSS[V\YUHTLU[ZHUKIYPUNHKKP[PVUHS
WKURXJKRXWLWV
JVYWVYH[LWHY[ULYZ[V[OLJHTWHPNU>P[OZ[VYLZPU
PLOH
MRXUQH\
PLOOLRQ
HPSOR\HHVUHDFKHG
WKURXJK0DODULD6DIH
PLOOLRQ
$IULFDQFXVWRPHUV
WRXFKHG
JV\U[YPLZ[OL*OLJRLY:OVWYP[LZ\WLYTHYRL[JOHPUWYVTV[LK[OL<(4JHTWHPNU
HUKTHSHYPHH^HYLULZZHTVUNP[ZTHU`J\Z[VTLYZHUKZ[HMM;OLJVTWHU`
KPZ[YPI\[LKTVZX\P[VUL[Z[VZ[HMMKVUH[LKUL[Z[VVYWOHUHNLZHUKIVHYKPUN
ZJOVVSZHUKWYV]PKLK<(4IYHUKLK\UPMVYTZ
[VLTWSV`LLZ
;^VJVTWHUPLZ]LY`JSVZL[V[OLPZZ\L:\TP[VTVHUK=LZ[LYNHHYK
-YHUKZLUIYV\NO[[YLTLUKV\ZYLZV\YJLZ[V[OLJHTWHPNU(Z[OL[^V
SHYNLZ[WYVK\JLYZVMPUZLJ[PJPKL[YLH[LKTVZX\P[VUL[Z[OLJVTWHUPLZLHJO
THKLNLULYV\ZJVU[YPI\[PVUZVMUL[ZHZ^LSSHZV[OLYYLZV\YJLZ:\TP[VTV
HSZVJYLH[LKP[ZV^U7:(JHTWHPNU-VV[IHSSLYZ]Z4HSHYPHMLH[\YPUNTVYL
[OHUPU[LYUH[PVUHSMVV[IHSSZ[HYZ4LHU^OPSL=LZ[LYNHHYK-YHUKZLUZWVUZVYLK
[OL2PUNZSL`/VSNH[LL_WLKP[PVUHQV\YUL`[OYV\NO(MYPJHUJV\U[YPLZMLH[\YPUN
UL[KPZ[YPI\[PVUL]LU[ZHUKTHSHYPHWYL]LU[PVULK\JH[PVU
&DVW
PHPEHUV
IURP%LJ%URWKHUDQ
$IULFDQUHDOLW\VKRZZLWK
DYLHZHUVKLSRI
PRUHWKDQPLOOLRQ
SXWXSQHWVRQDLULQ
VXSSRUWRIWKH
FDPSDLJQ
,__VU4VIPS5V]HY[PZHUK7ÄaLYWYV]PKLKJY\JPHSZ\WWVY[I`ZWVUZVY
PUNZVTLVM[OLJHTWHPNU»ZTVZ[Z\JJLZZM\SHUKPTWHJ[M\SHJ[P]P[PLZ
PUJS\KPUNOPNOSL]LSHK]VJHJ`L]LU[Z;OL`HSZVOLSWLKWYVTV[L
<UP[LK(NHPUZ[4HSHYPHI`WHY[PJPWH[PUNVUWHULSZZWLHRPUN[V[OLWYLZZHUK
SL]LYHNPUN[OLPYMVV[WYPU[Z[VIYPUNTVYLH[[LU[PVU[V[OLJHTWHPNU
7KH0DODULD
6DIH3OD\ERRNLV
DUHVRXUFHWR
KHOSFRPSDQLHV
SURWHFWWKHLU
HPSOR\HHV
DQGFXVWRPHUV
/LSWPUNJVTWHUPLZILJVTL4HSHYPH:HML
;OLTVYLJVTWHU`SLHKLYZLUNHNLKPU[OLJHTWHPNU[OLTVYL[OL`
YLJVNUPaLK[OLVWWVY[\UP[`[VOLSW[OLPYV^ULTWSV`LLZWYV[LJ[[OLT
ZLS]LZHUK[OLPYMHTPSPLZ7HY[ULYPUN^P[OSVJHSUVUWYVÄ[SLHKLYZ<UP[LK
(NHPUZ[4HSHYPHKL]LSVWLK[OL4HSHYPH:HML7SH`IVVRHYLZV\YJLN\PKL
HUK[VVS[VOLSWPUMVYTUL^WHY[ULYZHIV\[OV^[VÄNO[THSHYPH;OLN\PKL
L_WSHPUZ[OLMV\YWPSSHYZVMILPUNTHSHYPHZHML¶LK\JH[PVUWYV[LJ[PVU]PZPIPSP[`HUK
HK]VJHJ`¶HUKLTWOHZPaLZ[OLULLKMVYHJVTWYLOLUZP]LZ[YH[LN`
[VÄNO[[OLKPZLHZL*VTWHU`SLHKLYZHYL\ZPUNP[[VKL]LSVWPU[LYUHSWYVNYHTZ
HUKHZVM[OL>VYSK*\WZL]LYHSOHKHSYLHK`ZLLUKYHTH[PJKLJSPULZPUHI
ZLU[LLPZTK\L[VTHSHYPH4VYL[OHUJVWPLZVM[OL7SH`IVVROH]LILLU
KPZ[YPI\[LKPU,UNSPZOHUK-YLUJOHJYVZZZ\I:HOHYHU(MYPJH
071
:^P[aLYSHUKHUK[OL<UP[LK:[H[LZ0[JVU[PU\LZ[VL]VS]LHZ
SUHVHQWVWKH
UL^H\[OVYP[H[P]LYLZV\YJLZZ\YMHJL
FDPSDLJQZLWK
IXQGVUDLVHGIURP
LWV:RUOG&XS
IDQSDUNV
%PLOOLRQRILQNLQG
FRQWULEXWLRQV
QHWV
GRQDWHG
3L]LYHNPUNHTVTLU[PUOPZ[VY`
<UP[LK(NHPUZ[4HSHYPH\ZLK[OLWV^LYVMMVV[IHSSHUK[OLH[[LU[PVUVM
[OL>VYSK*\W[VI\PSKNSVIHSZ\WWVY[MVY[OLÄNO[HNHPUZ[THSHYPH(M[LY
HWV^LYM\SZL[VMHJ[P]P[PLZHYV\UK[OL>VYSK*\WÄUHSZ[OLJHTWHPNUPZ
WVPZLKMVYZ\JJLZZPUP[ZUL_[Z[LW
:JVYPUNH.VHS
1\Z[HZ[OL>VYSK*\WNHTLZILNHU<UP[LK(NHPUZ[4HSHYPHYLSLHZLK.VHSH
UL^ZWHWLY[OH[JVTIPULKWOV[VZPU[LY]PL^Z^P[O(MYPJHUMVV[IHSSSLNLUKZSPRL
+PKPLY+YVNIHHNHTLZJOLK\SL^OLYLYLHKLYZJV\SK[YHJR]PJ[VYPV\Z[LHTZ
HUKTLZZHNLZHIV\[OV^[VWYL]LU[YLJVNUPaLHUK[YLH[THSHYPH0[^HZ
H]HPSHISLPUMV\YSHUN\HNLZHUKYLHJOLKHULZ[PTH[LKTPSSPVUWLVWSL
[OYV\NOV\[Z\I:HOHYHU(MYPJH
*LSLIYH[PUN(MYPJH
<UP[LK(NHPUZ[4HSHYPHOLSWLKRPJRVMM[OL>VYSK*\W[OYV\NOH
WYLZZJVUMLYLUJL^P[O-0-((MYPJHU-VV[IHSS3LNLUKZ9VNLY4PSSH
HUK1VZLWO(U[VPUL)LSSNLULYH[LKL_JP[LTLU[HUK[OLL]LU[LHYULK
JV]LYHNLPUJY\JPHSW\ISPJH[PVUZZ\JOHZ;OL:\UHUK
1\UL1\S`
;OL+HPS`;LSLNYHWO
>PUUPUN4V]LZ
.6(3
6UL[LHT6ULNVHS;VNL[OLY^LJHUZ[VWTHSHYPH
NHTLZJOLK\SLPUZPKL
Y
3DUWQHUV
FRXSOHG:RUOG
&XSJDPHVZLWK
PDODULDHGXFDWLRQ
LQUXUDODUHDVLQ
0DODZL
LW
UN[V^PUP
U
H YP
:SLLW\UKLYHSVUNSHZ[PUN
PUZLJ[PJPKL[YLH[LKUL[L]LY`UPNO[
<UP[LK(NHPUZ[4HSHYPHWHY[ULY4;5
([ÄYZ[ZPNUZVMML]LYNV
\ZLKP[Z>VYSK*\WZWVUZVYZOPW[VI\PSK
[VHOLHS[OJLU[LYMVY[LZ[PUN H^HYLULZZVMHUKZ\WWVY[MVY[OLÄNO[HNHPUZ[
>693+*<7 THSHYPH)`\ZPUNP[ZMHUWHYRZPU1VOHUULZI\YNHUK
,+0;065
*HWL;V^U[VLK\JH[L]PZP[VYZP[YLHJOLKTVYL[OHUMHUZ0[HSZV
KVUH[LKHWVY[PVUVM[PJRL[ZHSLZ[V[OLJHTWHPNU»ZILULÄJPHY`[OL.SVIHS
-\UK[V-PNO[(0+:;\ILYJ\SVZPZHUK4HSHYPH
,UJV\YHNLWYLNUHU[^VTLU
[VZLLRHU[LUH[HSJHYL
-V
<UP[LK(NHPUZ[4HSHYPH^HZOVUVYLK[VIL[OLVMÄJPHSJH\ZLVM¸*LSLIYH[L
(MYPJH·;OL.YHUK-PUHSL*VUJLY[¹PU1VOHUULZI\YN[^VKH`ZILMVYL
[OLÄUHSNHTL;OLYLJHTWHPNUJOHTWPVU@]VUUL*OHRH*OHRH
¸(UL[JHUZLLTSPRL
UV[OPUNI\[H[[OL
PU[YVK\JLKHUHSSZ[HYSPUL\WVMWLYMVYTLYZHUKZWVRLVM[OLPTWVY[HUJL
ZHTL[PTLP[JHU
ZH]LHSV[VMSP]LZ¹
VMLYHKPJH[PUNTHSHYPH+\YPUN[OLJVUJLY[MVV[IHSSSLNLUKZ1VZLWO
¶+PKPLY+YVNIH
(U[VPUL)LSSHUK:OH\U)HY[SL[[ZWVRL[V[OLZVSKV\[H\KPLUJLVM
WLVWSLHIV\[[OLPYYVSLPU[OLJHTWHPNU,HJOH[[LUKLLYLJLP]LKHVUL
&RYHU
WHNLKVJ\TLU[KLZJYPIPUN[OLJHTWHPNUHUK^H[JOLKHZLYPLZVMZOVY[
RI*RDOWKH
FDPSDLJQҋVRIÀFLDO
ÄSTZHIV\[THSHYPH[OYV\NOV\[[OLZOV^
:RUOG&XS
SH
Y
[
LZ
Z[
HYZ
PH
IPNN
*HW[HPUVM[OL0]VY`*VHZ[
MVV[IHSS[LHTHUK<(4
*OHTWPVU
H
[T
\UP[
LHNHPUZ
>PSS`V\&
QHZVSDSHU
PU[LY]PL^ZX\PaX\LZ[PVUZHUKH>VYSK*\WZJOLK\SL
)RXQGLQJSDUWQHUV
)RRWEDOOSDUWQHUV
1*2SDUWQHUV
0USH[L1\S`[OLJHTWHPNUTHPU[HPULKTVTLU[\T[OYV\NOL]LU[ZH[[OL[O
(ZZLTIS`VM[OL(MYPJHU<UPVUHUL]LU[[OH[KYL^OLHKZVMZ[H[L
[V<NHUKH[VKPZJ\ZZ(MYPJH»ZM\[\YL7HY[ULYZJV\WSLKHIYLHRMHZ[MVY
WYP]H[LZLJ[VYSLHKLYZ^P[OH[YPW[VHSVJHSZJOVVS^OLYL9PNO[[V7SH`
SLKNHTLZ[OH[LK\JH[LKJOPSKYLUHIV\[THSHYPHWYL]LU[PVU([[OL
L]LU[»ZNHSHYLJLW[PVU<UP[LK(NHPUZ[4HSHYPHWHY[ULYLK^P[O
V[OLYNSVIHSOLHS[OVYNHUPaH[PVUZ[VOPNOSPNO[[OLPTWVY[HUJLVM
LSPTPUH[PUNTHSHYPHHUKV[OLYKPZLHZLZ*HTWHPNUJOHTWPVU
@]VUUL*OHRH*OHRHZWVRLYLTPUKPUN[OLH\KPLUJLVM[OLPY
YLZWVUZPIPSP[`[VPU]LZ[PU[OLOLHS[OVM^VTLUHUKJOPSKYLU
<YRQQH
&KDND&KDNDRQH
RIWKHFDPSDLJQҋVPRVW
DFWLYHFKDPSLRQVVSHDNV
ZLWK+(-DND\D0ULVKR
.LNZHWH3UHVLGHQWRI
7DQ]DQLDDWWKH$IULFDQ
8QLRQ6XPPLWZKLOH
ZHDULQJDQHFNODFH
YHUVLRQRIWKH8$0
EUDFHOHW
)\PSKPUN^VYSK^PKLZ\WWVY[
<UP[LK(NHPUZ[4HSHYPH»ZJLSLIYH[PVUZK\YPUN[OL>VYSK*\W
^LYLUV[SPTP[LK[V(MYPJH0U[OL<2:\TP[VTVOVZ[LKHSP]L
ZJYLLUPUNVM[OL,UNSHUK]Z:SV]LUPHNHTL;OLYL[OLUL[
THU\MHJ[\YLYSH\UJOLKP[Z¸-VV[IHSSLYZ]Z4HSHYPH¹7:(JHTWHPNU
[VHUH\KPLUJLVMW\ISPJHUKWYP]H[LZLJ[VYSLHKLYZHUKMVV[IHSS
LU[O\ZPHZ[Z0U[OL<UP[LK:[H[LZTVYL[OHUWLVWSLH[[LUKLK[OL
*OPJHNV>VYSK*\W-LZ[P]HSPU:VSKPLY-PLSK;OLJHTWHPNULK\JH[LKH[
[LUKLLZ[OYV\NOHULUNHNPUNIVV[OHUKJOHTWPVUZ3HUKVU+VUV]HU
,TTHU\LS,IV\tHUK2VSV;V\YtZWVRL[V[OLJYV^KPUJHTWHPNU7:(Z
IYVHKJHZ[V]LY[OLQ\TIV[YVU
4HRPUN[OLUL_[TV]L
<UP[LK(NHPUZ[4HSHYPH»ZVWWVY[\UP[`[VSL]LYHNLMVV[IHSS[V
L_WHUKP[ZIYHUKHUKI\PSKUL^YLSH[PVUZOPWZKVLZU»[LUK
^P[O[OL>VYSK*\W:PUJL[OL[V\YUHTLU[JHTWHPNU
WHY[ULYZOH]LLZ[HISPZOLKUL^JVUULJ[PVUZ^P[O5H[PVUHS
4HSHYPH*VU[YVS7YVNYHTZ/LHS[OHUK:WVY[Z4PUPZ[YPLZ
SVJHS5.6»ZHUK[OLWYP]H[LZLJ[VYPUTHSHYPHLUKLTPJ
(MYPJHUJV\U[YPLZ<UP[LK(NHPUZ[4HSHYPHJHU
$FDPSDLJQ
LUNHNLTVYLSVJHSJVSSHIVYH[VYZ[OYV\NOMVV[IHSS
EDOOVLJQHGE\
SURPLQHQW$IULFDQ
Z[YLUN[OLUPUN[OLJHTWHPNU»Z]VPJLHUKKLLWLUPUN
PLQLVWHUV
P[ZYLHJO[OYV\NOV\[[OLJVU[PULU[>P[OSVJHS5.6
WHY[ULYZSLHKPUN[OL^H`VU[OLKL]LSVWTLU[VM
JV\U[Y`ZWLJPÄJZ[YH[LNPLZ[OLJHTWHPNUPZWVPZLK[V
L_WHUKP[ZYLHJOHUKPTWHJ[PU(MYPJH
&RUSRUDWH3DUWQHUV
&KDPSLRQV
*RDO
^^^<UP[LK(NHPUZ[4HSHYPHVYN
PUMV'<UP[LK(NHPUZ[4HSHYPHVYN