Page 1



1\KHWVEUHYQU

IHEUXDU

1\KHWVEUHYQU

)..+*Œ03&/25-

+HOVH6¡U‘VWWDUPnODYVHJWLOnEOLHQSnGULYHUIRUHQHWLVN OHYHUDQG¡UNMHGHPHQHUNMHQQHUDWGHWWHNDQY UVY UWVnLQQYLNOHW

'HWRNLNNHLQQRYHUVHJDW´RYHUVWLJHU´LUHJHOYHUNHWEHW\U´VYDUHUWLOHOOHU RYHUVWLJHU´RJGHUPHGYDOJWHGHIHLOSURVHG\UHLI¡OJHHQDYJM¡UHOVHL .2)$ 6HYLGHRLQWHUYMXHQHPHGVHQWUDOHSHUVRQHURPDNWXHOOHWHPDHULQQHQIRU RIIHQWOLJHDQVNDIIHOVHU'XILQQHUGHPSnZZZRIIHQWOLJHDQVNDIIHOVHUQR

)RUXPIRURIIHQWOLJHDQVNDIIHOVHU 5nGKXVJW 2VOR 7HOHIRQ )D[ ZZZRIIHQWOLJHDQVNDIIHOVHUQR


9LOY UHSnGULYHUIRUHWLVN OHYHUDQG¡UNMHGH +HOVH6¡U‘VWVNDOY UHSnGULYHU IRUHQHWLVNOHYHUDQG¡UNMHGHVLHU LQQNM¡SVGLUHNW¡U$QGHUV6NXPVQHV L+HOVH6¡U‘VW5+)PHQYLPn Y UHNODURYHUKYRULQQYLNOHWGHWHU (WSURGXNWNDQKDY UWLQQRPPDQJH XOLNHODQGI¡UGHWHUSDNNHWRJVHQGW WLORVV,IRUHWDNVSURWRNROOHQIRU KYRU+HOVHRJRPVRUJVGHSDUWHPHQWHW RJGHUHJLRQDOHIRUHWDNHQHEOLUHQLJH RPPnOHQHIRUGHWLQQHY UHQGHnU KDUHWLVNKDQGHOInWWHWHJHWSXQNW

,UHWQLQJVOLQMHQHLIRUHWDNVSURWRNROOHQVWnUGHWDWLDOOHVWRUHDQVNDIIHOVHU VNDOIRUHWDVHQULVLNRDQDO\VH'HWWHEHW\UDWYLPnVHDQW\SHSURGXNW SURGXNVMRQVODQGRJRPIDQJDYDQVNDIIHOVHQIRUNODUHULQQNM¡SVGLUHNW¡U 6NXPVQHVYLPnNXQQHI¡OJHRSSGHNUDYHQHYLVHWWHUVnYLPnYHOJHXW GHRPUnGHQHKYRUGHWHUVW¡UVWULVLNR9nUHOHYHUDQG¡UHUPnIRUSOLNWHVHJ WLOnWDDQVYDULGHWWHIHOWHW9LHUHQVWRURUJDQLVDVMRQXQGHUVWUHNHU 6NXPVQHVGHWYLOWDWLGnInRSSNXQQVNDSHQRJInGHWJRGW LPSOHPHQWHUWPHQQnKDUYLYHUNW¡\HWDOWVnUHWQLQJVOLQMHQHSnSODVV SnSHNHUKDQLHWLQWHUYMXSnQHWWVWHGHWWLOGHWUHJLRQDOHKHOVHIRUHWDNHW $YWDOHORMDOLWHW  +YHUHQNHOWDQVDWWSnHWV\NHKXVInULNNHJMRUWVnP\HPHGGHQQH SUREOHPDWLNNHQPHQLQQNM¡SVGLUHNW¡U$QGHUV6NXPVQHVL+HOVH6¡U‘VW 5+)PHQHUGHWHUHQYLNWLJWLQJDOOHDQVDWWHIDNWLVNNDQJM¡UH'HWHU PDQJHJRGHJUXQQHUWLOnY UHORMDOPRWLQQNM¡SVDYWDOHUVLHU

LQQNM¡SVGLUHNW¡UHQRJKHUHUHQGDHQYHGnKDYQHXWHQRPDYWDOHQKDU GXLQJHQNRQWUROOSnKYRUYDUHQHUSURGXVHUWHOOHUXQGHUKYLONHIRUKROGGHQ HUSURGXVHUW9HGnEUXNHDYWDOHQYHWGXLKYHUWIDOOGHWHUJMRUWIRUV¡NSn nJM¡UHLQQNM¡SHQHHWLVNJRGHXQGHUVWUHNHU6NXPVQHV  'DJHQVDYWDOHPHG6YHUUH0RQVHQRPOHYHUDQVHUDYWHNVWLOHUWLOV\NHKXVL +HOVH6¡U‘VWO¡SHUXWGHWWHnUHWRJ+LQDVHULJDQJPHGHQQ\ DQVNDIIHOVHVSURVHVV,QQNM¡SVUnGJLYHU(Y\3OH\PHUJODGGHWEOLUVWLOW HWLVNHNUDYLSURVHVVHQYLYHWDWWHNVWLOHUHUSURGXVHUWLODYNRVWODQGRJ GHWHUJRGWYLOHJJHULQQHWLVNHNUDYLDQVNDIIHOVHQ'HWWHWURUMHJYLOEOL JRGWPRWWDWWDYEUDQVMHQRJVnVLHU3OH\P  2SSI¡OJLQJ  ,QQNM¡SVGLUHNW¡U$QGHUV6NXPVQHVL+HOVH6¡U‘VW5+)HURSSWDWWDY RSSI¡OJLQJHQ7HNVWLOHUHUHWK¡\ULVNRSURGXNWRJYLYLOI¡OJHWHWWRSS OHYHUDQG¡UHQHVRPEOLUYDOJWLGHQQHDQVNDIIHOVHQIRUnVHWLODWNUDYHQH YnUHEOLURSSI\OW2UJDQLVDVMRQHQ)UDPWLGHQLYnUHKHQGHUYDUNULWLVNHWLO IRUULJHWHNVWLODQVNDIIHOVHIRUGLGHWLNNHYDUVWLOWHWLVNHNUDYRJGLUHNW¡U 6NXPVQHVHUNMHQQHUDWGHWNDQNRPPHQ\HDYVO¡ULQJHULSUHVVHQRJVnL GHQQHDQVNDIIHOVHQ9LDQVYDUOLJJM¡UYnUHOHYHUDQG¡UHURJI¡OJHURSS PHQYLYHWDWGHWnI¡OJHRSSDOOHOHGGLSURGXNVMRQHQHUYDQVNHOLJ )RUVYDUHWKDUDNNXUDWEOLWWKHQJWXWLSUHVVHQIRUGLGHWIDQW VN\JJHIDEULNNHUPHGGnUOLJHDUEHLGVIRUKROGVRPOHYHUWHWLO KRYHGIDEULNNHQHLXQLIRUPVSURGXNVMRQHQGHUHV'HWNDQVNMHRVVRJVn XQGHUVWUHNHU6NXPVQHVPHQGDPnYLEDUHY UHJODGGHWEOLUDYVO¡UWRJ DQVYDUOLJJM¡UHGHVRPOHYHUHUYDUHQHWLORVV9LIRUYHQWHUDWYnUH OHYHUDQG¡UHUI¡OJHURSSGHNUDYHQHYLVHWWHURJDWGHMREEHUIRUHQ IRUEHGULQJGHUKYRUDOWLNNHHUVRPGHWVNDOY UH   


%HJUHSVIRUWRONQLQJIHOWH RSSGUDJVJLYHU

+YDEHW\U´RYHUVWLJHU´"  )RUVNULIWHQ†  EHQ\WWHUSnWLOVYDUHQGHPnWHVRPGH¡YULJH ´2YHUVWLJHU´EUXNWRP(8(‘6WHUVNHOYHUGLHQHLUHJHOYHUNHWIRURIIHQWOLJH EHVWHPPHOVHQHVRPRPKDQGOHUWHUVNHOYHUGLHUXWWU\NNHW´RYHUVWLJHU´ DQVNDIIHOVHUEHW\U´VYDUHUWLOHOOHURYHUVWLJHU´NRQVWDWHUHU.2)$ SnSHNHUNODJHQHPQGD(QQDWXUOLJVSUnNOLJIRUVWnHOVHWLOVLHUDWGHDQVOnWWH .ODJHQHPQGDIRURIIHQWOLJHDQVNDIIHOVHU LHQDYJM¡UHOVH(Q YHUGLHQHLVOLNHWLOIHOOHUPnY UHK¡\HUHHQQGHVRPHUDQJLWWLIRUVNULIWHQ  RSSGUDJVJLYHUVRPWRONHW´RYHUVWLJHU´VRP´K¡\HUHHQQ´EU¡WGD )RUVNULIWRPRIIHQWOLJHDQVNDIIHOVHUHUPHQWnY UHHQLPSOHPHQWHULQJDY UHJHOYHUNHWYHGnOHJJHWLOJUXQQIHLOGHODYIRUVNULIWHQ (XURSD3DUODPHQWHWVRJ5nGHWVGLUHNWLY1U()DYPDUV RPVDPRUGQLQJDYIUHPJDQJVPnWHQHYHGLQQJnHOVHDYRIIHQWOLJHYDUHRJ WMHQHVWHNRQWUDNWHURJRIIHQWOLJHE\JJHRJDQOHJJVNRQWUDNWHU(WWHU(‘6 'HWHUKHOOHUVMHOGHQDWYHUGLHQDY DYWDOHQHU1RUJHIRUSOLNWHWWLOnLQQI¡UHUHJHOYHUNHWLWUnGPHG(8V HWRSSGUDJVRPNRQNXUUDQVHXW GLUHNWLYHU'HWWHLQQHE UHUEODQWDQQHWDWWRONQLQJHQDYIRUVNULIWHQPn VHWWHVHULGHQWLVNPHGHQDYWHUVNHO VNMHLO\VDYGLUHNWLYHWSRHQJWHUHU.2)$ YHUGLHQH0HQVnVNMHGGHLIRUELQGHOVH  PHGHWRSSGUDJVRP6WHLQNMHUKDOOHQ ´6YDUHUWLOHOOHURYHUVWLJHU´ $6NXQQJMRUGH'HWJMDOGWHQEHJUHQVHW  DQEXGVNRQNXUUDQVHRPUnGJLYQLQJV .ODJHQHPQGDIUHPKROGHUDWGHWLGLUHNWLYHWDUWLNNHOVRPRPKDQGOHU WMHQHVWHULWLONQ\WQLQJWLOGHWDOMSURVMHN ´7 UVNHOYHUGLHUIRURIIHQWOLJHNRQWUDNWHU´IUHPNRPPHUGHWDWGLUHNWLYHW WHULQJXWDUEHLGHOVHDYDQEXGVGRNXPHQ JMHOGHUIRURIIHQWOLJHNRQWUDNWHUKYRUGHQDQVOnWWHYHUGL´VYDUHUWLOHOOHU WHURJNRQWUDKHULQJPHGHQWUHSUHQ¡UHU RYHUVWLJHU´Q UPHUHDQJLWWHWHUVNHOYHUGLHU(WWHUNODJHQHPQGDV LIRUELQGHOVHPHGSODQOHJJLQJRJXW RSSIDWQLQJHUGHWLQJHQUHHOOJUXQQWLODWUHJHOHQVNDOIRUVWnVDQQHUOHGHV E\JJLQJDY6WHLQNMHUKDOOHQ HWWHUQRUVNLQWHUQUHWW2JQnUQHPQGDKHOOHULNNHKDUIXQQHWKROGHSXQNWHU IRUDQQHWHQQDWIRUVNULIWHQYDUPHQWVRPHQLPSOHPHQWHULQJDYGLUHNWLYHW RJVnSnGHWWHSXQNWE¡UGHQRUVNHUHJOHQHRPWHUVNHOYHUGLHQHIRUVWnVVOLN 9HUGLHQSnRSSGUDJHWYDUPLOONURQHUVRPHUWHUVNHOYHUGLHQIRU DWXWWU\NNHW´RYHUVWLJHU´HUVDPPHQIDOOHQGHPHGGLUHNWLYHWV´VYDUHUWLO WMHQHVWHNM¡SIUDDQGUHHQQVWDWOLJHRSSGUDJVJLYHUH6WHLQNMHUKDOOHQYDOJWH HOOHURYHUVWLJHU´ nI¡OJHSURVHG\UHQIRUDQVNDIIHOVHUXQGHUGHQQHWHUVNHOYHUGLHQPHQRYHU  GHQQDVMRQDOHWHUVNHOYHUGLHQSnNURQHU6HNVDYGHV\Y 1nUDQVNDIIHOVHQVRPLGHWWHWLOIHOOHWHUEHUHJQHWWLOnKDHQDQVOnWW WLOE\GHUQHNODJHWGHQQHDYJM¡UHOVHQLQQIRU.2)$ VDN 'H YHUGLSnO\GHQGHPLOOLRQHUNURQHUVOLNDWGHQDOWVnVYDUHUWLO PHQWHDWDQVNDIIHOVHQVNXOOHIXOJWSURVHG\UHQHVRPJMHOGHURYHU(8(‘6 WHUVNHOYHUGLHQL†  HUI¡OJHOLJO¡VQLQJHQDWDQVNDIIHOVHQIDOOHULQQ WHUVNHOYHUGLHQH XQGHUGHO,,,LIRUVNULIWHQNRQVWDWHUHUQHPQGD 

5:2010