Implementing the Stop TB Strategy: a handbook for - Challenge TB

Loading...
IMPLEMENTING THE STOP TB STRATEGY A handbook for national tuberculosis control programmes

-QTPIQIRXMRKXLI ;,37XST8&7XVEXIK] %,%2(&33/*362%8-32%08&'328630463+6%11)7

;,30MFVEV]'EXEPSKYMRKMR4YFPMGEXMSR(EXE -QTPIQIRXMRKXLI;,37XST8&7XVEXIK]ELERHFSSOJSVREXMSREP XYFIVGYPSWMWGSRXVSPTVSKVEQQIW ;,3,818& 8YFIVGYPSWMW4YPQSREV]¦TVIZIRXMSRERHGSRXVSP,ERHFSSOW 1ERYEPW-;SVPH,IEPXL3VKERM^EXMSR7XST8&(ITX -7&2

201GPEWWM´GEXMSR;*

4VHHFTUFEDJUBUJPO -QTPIQIRXMRKXLI7XST8&7XVEXIK]ELERHFSSOJSVREXMSREPXYFIVGYPSWMW GSRXVSPTVSKVEQQIW+IRIZE;SVPH,IEPXL3VKERM^EXMSR ;,3,818& 

‰8PSME)FBMUI0SHBOJ[BUJPO %PPVMKLXWVIWIVZIH4YFPMGEXMSRWSJXLI;SVPH,IEPXL3VKERM^EXMSRGERFISFXEMRIHJVSQ;,34VIWW ;SVPH,IEPXL3VKERM^EXMSR%ZIRYI%TTME+IRIZE7[MX^IVPERH XIP JE\IQEMPFSSOSVHIVW$[LSMRX 6IUYIWXWJSVTIVQMWWMSRXSVITVSHYGISVXVERW PEXI;,3TYFPMGEXMSRW¦[LIXLIVJSVWEPISVJSVRSRGSQQIVGMEPHMWXVMFYXMSR¦WLSYPHFIEHHVIWWIH XS;,34VIWWEXXLIEFSZIEHHVIWW JE\IQEMPTIVQMWWMSRW$[LSMRX  8LIHIWMKREXMSRWIQTPS]IHERHXLITVIWIRXEXMSRSJXLIQEXIVMEPMRXLMWTYFPMGEXMSRHSRSXMQTP] XLII\TVIWWMSRSJER]STMRMSR[LEXWSIZIVSRXLITEVXSJXLI;SVPH,IEPXL3VKERM^EXMSRGSRGIVR MRKXLIPIKEPWXEXYWSJER]GSYRXV]XIVVMXSV]GMX]SVEVIESVSJMXWEYXLSVMXMIWSVGSRGIVRMRKXLI HIPMQMXEXMSRSJMXWJVSRXMIVWSVFSYRHEVMIW(SXXIHPMRIWSRQETWVITVIWIRXETTVS\MQEXIFSVHIV PMRIWJSV[LMGLXLIVIQE]RSX]IXFIJYPPEKVIIQIRX 8LIQIRXMSRSJWTIGM´GGSQTERMIWSVSJGIVXEMRQERYJEGXYVIVW«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

MMM

'SRXIRXW



4VIJEGI



Z



%GORS[PIHKIQIRXW

ZMM



%FFVIZMEXMSRW

\M



-RXVSHYGXMSR



1BSU* 5VCFSDVMPTJTDBSFBOEQSFWFOUJPO





'LETXIV

'EWIHIXIGXMSR





'LETXIV

8VIEXQIRXSJXYFIVGYPSWMWTEXMIRXW





'LETXIV

6IGSVHMRKERHVITSVXMRK





'LETXIV

8YFIVGYPSWMWMRGLMPHVIR





'LETXIV

'SRXEGXMRZIWXMKEXMSR





'LETXIV

-RJIGXMSRGSRXVSPMRLIEPXLGEVIWIXXMRKW





'LETXIV

-WSRME^MHTVIZIRXMZIXLIVET]





'LETXIV

&'+ZEGGMREXMSR





'LETXIV

4VIZIRXMSRXLVSYKLEHHVIWWMRKVMWOJEGXSVW



1BSU** 1SPHSBNNBUJDNBOBHFNFOUPGUVCFSDVMPTJT





'LETXIV 1EREKIVMEPWXVYGXYVI





'LETXIV 1EREKIQIRXG]GPI



 

'LETXIV 4VSKVEQQEXMGQEREKIQIRXSJHVYKVIWMWXERX  XYFIVGYPSWMW



 

'LETXIV 4VSKVEQQEXMGQEREKIQIRXSJXYFIVGYPSWMWERH  XLILYQERMQQYRSHI´GMIRG]ZMVYW





'LETXIV 0EFSVEXSV]WIVZMGIW





'LETXIV 1EREKIQIRXSJERXMXYFIVGYPSWMWHVYKWYTTPMIW



MZ

%,%2(&33/*362%8-32%08&'328630463+6%11)7



'LETXIV 7YTIVZMWSV]WYTTSVXXSFEWMGQEREKIQIRXYRMXW





'LETXIV (IZIPSTQIRXSJLYQERVIWSYVGIW



 

'LETXIV 1SRMXSVMRKERHIZEPYEXMSRSJTVSKVEQQI  TIVJSVQERGI





'LETXIV *YRHMRKSJXYFIVGYPSWMWGSRXVSP





'LETXIV 0IKEPERHVIKYPEXSV]MWWYIW



1BSU*** &OTVSJOHDPNQSFIFOTJWFDPOUSPMPGUVCFSDVMPTJT





'LETXIV 'SRXVMFYXMRKXSWXVIRKXLIRMRKSJLIEPXLW]WXIQW





'LETXIV )RKEKMRKEPPGEVITVSZMHIVW



 

'LETXIV 4VEGXMGEPETTVSEGLXSPYRKLIEPXLERHSXLIV  MRXIKVEXIHETTVSEGLIWXSLIEPXLGEVI



 

'LETXIV )UYMX]SJERHEGGIWWXSWIVZMGIWJSVTVIZIRXMSR  SJXYFIVGYPSWMWERHXVIEXQIRXSJTEXMIRXW





'LETXIV 7TIGMEPKVSYTWERHWMXYEXMSRW



 

'LETXIV -RZSPZIQIRXSJGSQQYRMXMIWERHTEXMIRXWMR  XYFIVGYPSWMWGEVIERHTVIZIRXMSR





'LETXIV %HZSGEG]GSQQYRMGEXMSRERHWSGMEPQSFMPM^EXMSR



 

'LETXIV 6SPISJREXMSREPXYFIVGYPSWMWGSRXVSPTVSKVEQQIW  MRVIWIEVGL



"OOFY 4USBUFHZGPSUIFDPOUSPMBOEFMJNJOBUJPOPGUVCFSDVMPTJT



Z

4VIJEGI

7

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´ GMIRG]ZMVYW ,-: LEWFIGSQIXLIQEMRHVMZMRKJSVGIFILMRHXLIMRGVIEWMRK MRGMHIRGISJ8&MRWYF7ELEVER%JVMGEERHIPWI[LIVIVIUYMVMRK284WXSVIEGL FI]SRH XLIMV YWYEP QERHEXI ERH XS [SVO NSMRXP] [MXL ,-: GSRXVSP WIVZMGIW XLI]LEZIEPWSLEHXSJEGIXLIIQIVKIRGISJQYPXMHVYKVIWMWXERX8& 1(68&  ERHQSWXVIGIRXP]I\XIRWMZIP]HVYKVIWMWXERX8& YQPEIHW8YFIV GYPSWMW0SRHSR+PSFEP1IHMGMRI MRTVIWW  >MKRSP1IXEP+PSFEPMRGMHIRGISJQYPXMHVYKVIWMWXERXXYFIVGYPSWMW.SYVREPSJ-RJIGXMSYW (MWIEWIW¦

4%68-

8YFIVGYPSWMWGEVI ERHTVIZIRXMSR 8LMWWIGXMSRVIµIGXWXLITEXMIRXGIRXVIHETTVSEGLXS8&GSRXVSP GEVI[LMGLMWEJYRHEQIRXEPTVMRGMTPISJ8&GSRXVSPEWVIGSQQIRHIH F]XLI7XST8&7XVEXIK]-XJSGYWIWSRXLIGEVIERHQEREKIQIRX SJTEXMIRXWERHXLIVIHYGXMSRSJVMWOJSVSXLIVW%PPEWTIGXWSJGEWI HIXIGXMSRHMEKRSWMWXVIEXQIRXERHGEWIQEREKIQIRXSJMRHMZMHYEP TEXMIRXWEVIMRGPYHIHEW[IPPEWXLIEZEMPEFPIETTVSEGLIWXS8& TVIZIRXMSR7TIGM´GMWWYIWGSRGIVRMRKXLIHMEKRSWMWERHXVIEXQIRXSJ HVYKVIWMWXERX8&ERH8&,-:EVIIQTLEWM^IHMRZMI[SJXLIMRGVIEWMRK TYFPMGLIEPXLMQTSVXERGISJXLIWIGSRHMXMSRW'LETXIVMWHIZSXIHXS XLIQEREKIQIRXSJ8&MRGLMPHVIR[LMGLVIUYMVIWWTIGMEPQIEWYVIWERH HMJJIVIRXETTVSEGLIWXSXLSWIJSV8&MREHYPXW 4VIZIRXMSRSJ8&MRGPYHIWMRXIVZIRXMSRWXSVIHYGIXVERWQMWWMSR ERHXSVIHYGIXLIVMWOSJ8&HMWIEWIMRMRJIGXIHTIVWSRW7SQISJXLI MRXIVZIRXMSRWVIWYPXMRWTIGM´GEGXMZMXMIWSJ8&GSRXVSPTVSKVEQQIW GSRXEGXXVEGMRKHIXIGXMSRSJWSYVGIWMRJIGXMSRGSRXVSPTVIZIRXMZI XLIVET]&'+ZEGGMREXMSRERHXVIEXQIRXSJ,-:MRJIGXIHTIVWSRW[MXL %6:3XLIVJEGXSVWXLEXWXVSRKP]MRµYIRGIXLIVMWOSJFIGSQMRKI\TSWIH ERHMRJIGXIH WYGLEWSZIVGVS[HMRK SVHIZIPSTMRKEGXMZI8& WYGL EW,-:TSSVRYXVMXMSRWQSOMRKHMEFIXIW SJXIRGERRSXFIVIEHMP] MRµYIRGIHF]XLI8&GSRXVSPTVSKVEQQIEGXMZMXMIWERHVIWSYVGIWERH YWYEPP]HSRSXJEPPYRHIVXLIHMVIGXVIWTSRWMFMPMX]SJXLI284W,S[IZIV XLI284WGERTPE]EWXVSRKEHZSGEG]VSPIMREXXIQTXMRKXSEPPIZMEXIXLI MQTEGXSJXLIWIVMWOJEGXSVW



 'EWIHIXIGXMSR

8

LI HIXIGXMSR SJ 8& GEWIW VIUYMVIW XLEX EJJIGXIH MRHMZMHYEPW EVI E[EVI SJ XLIMVW]QTXSQWLEZIEGGIWWXSLIEPXLJEGMPMXMIWERHEVIIZEPYEXIHF]LIEPXL [SVOIVW HSGXSVWRYVWIWQIHMGEPEWWMWXERXWGPMRMGEPSJ´GIVW [LSVIGSKRM^I XLIW]QTXSQWSJ8&,IEPXL[SVOIVWQYWXLEZIEGGIWWXSEVIPMEFPIPEFSVEXSV] ERHIRWYVIXLEXXLIRIGIWWEV]WTIGMQIRWEVIGSPPIGXIHJSVI\EQMREXMSR8LMWMW EGSQTPI\WIXSJEGXMZMXMIWERHFILEZMSYVWERHJEMPYVIEXER]WXEKIGERGEYWI HIPE]WMRHMEKRSWMWSVQMWHMEKRSWIW 8LIQSWXGSQQSRW]QTXSQSJTYPQSREV]8&MWETIVWMWXIRXTVSHYGXMZIGSYKL SJXIREGGSQTERMIHF]SXLIVRSRWTIGM´GW]QTXSQW%PXLSYKLXLITVIWIRGISJ EGSYKLJSV¦[IIOWMWRSRWTIGM´GXVEHMXMSREPP]LEZMRKEGSYKLSJXLMWHYVE XMSRLEWWIVZIHEWXLIGVMXIVMSRJSVHI´RMRKWYWTIGXIH8&ERHMWYWIHMRQSWX REXMSREPERHMRXIVREXMSREPKYMHIPMRIW 8LIJSPPS[MRKW]QTXSQWSJTYPQSREV]8&QE]EGGSQTER]GSYKLERHWTYXYQ TVSHYGXMSR

ˆ VIWTMVEXSV]W]QTXSQWWLSVXRIWWSJFVIEXLGLIWXERHFEGOTEMRWLEIQST X]WMW ˆ GSRWXMXYXMSREPW]QTXSQWPSWWSJETTIXMXI[IMKLXPSWWJIZIVRMKLXW[IEXW JEXMKYI 7]QTXSQWSJI\XVETYPQSREV]8&EVIVIPEXIHXSWTIGM´GI\XVETYPQSREV]WMXIW WYGLEWP]QTLRSHIWTPIYVEPEV]R\QIRMRKIWKIRMXSYVMREV]ERHMRXIWXMREP XVEGXWFSRIWTMREPGSVHI]IERHWOMR 7TYXYQWQIEVQMGVSWGST]7TYXYQWTIGMQIRWWLSYPHFISFXEMRIHJSVQMGVSWGSTMG I\EQMREXMSRJVSQEPPTEXMIRXWWYWTIGXIHSJLEZMRKTYPQSREV]8&1MGVSFMSPSKMGEP HMEKRSWMW MW GSR´VQIH F] GYPXYVMRK 1XYFIVGYPSWMW SV YRHIV ETTVSTVMEXI GMV GYQWXERGIWF]MHIRXMJ]MRKWTIGM´GRYGPIMGEGMHWIUYIRGIWMREGPMRMGEPWTIGMQIR  JVSQER]WYWTIGXIHWMXISJHMWIEWI,S[IZIVMRQER]WIXXMRKW[LIVIVIWSYVGIW EVIPMQMXIHRIMXLIVGYPXYVIRSVVETMHEQTPM´GEXMSRQIXLSHWEVIGYVVIRXP]EZEMPE FPISVJIEWMFPI-RWYGLGMVGYQWXERGIWXLIHMEKRSWMWSJ8&QE]EPWSFIGSR´VQIH F]XLITVIWIRGISJEGMHJEWXFEGMPPM %*& MRWTYXYQWQIEVI\EQMREXMSR6ITIEXIH WTYXYQWQIEVQMGVSWGST]QE]HMEKRSWITYPQSREV]8&MRYTXSX[SXLMVHWSJ EGXMZIGEWIW



%,%2(&33/*362%8-32%08&'328630463+6%11)7

-RRIEVP]EPPGPMRMGEPGMVGYQWXERGIWMRWIXXMRKWSJLMKL8&TVIZEPIRGIMHIRXM´GE XMSRSJ%*&F]QMGVSWGSTMGI\EQMREXMSRMWLMKLP]WTIGM´GJSVXLI1XYFIVGYPSWMW GSQTPI\7TYXYQWQIEVQMGVSWGST]MWXLIQSWXVETMHQIXLSHJSVHIXIVQMRMRK [LIXLIVETIVWSRLEW8&MXMHIRXM´IWTISTPI[LSEVIEXKVIEXIWXVMWOSJH]MRK JVSQXLIHMWIEWIERHXLIQSWXPMOIP]XVERWQMXXIVWSJMRJIGXMSR 7TYXYQWTIGMQIRW8LISTXMQYQRYQFIVSJWTYXYQWTIGMQIRWXSIWXEFPMWLE HMEKRSWMWLEWFIIRIZEPYEXIH8LI´VWXWTIGMQIR[EWJSYRHTSWMXMZIMR¦  SJEPPTEXMIRXWMR[LSQ%*&EVIYPXMQEXIP]HIXIGXIHXLIWIGSRHWTIGMQIR[EW TSWMXMZIMREREHHMXMSREP¦ ERHXLIXLMVHWTIGMQIRMREJYVXLIV¦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´GEXMSRERHVIGSVHMRKSJTEXMIRXW«EHHVIWWIW (MEKRSWMWSJWQIEVRIKEXMZIXYFIVGYPSWMW*SVWQIEVRIKEXMZIERHI\XVETYPQS REV]8&EHMEKRSWMWF]EGPMRMGMERWTIGMEPP]XVEMRIHMR8&QE]FIVIUYMVIHEW [IPPEWVEHMSKVETLMGI\EQMREXMSR%WRSGLIWXVEHMSKVETLMGTEXXIVRMWEFWS PYXIP]WTIGM´GJSVTYPQSREV]8&XLIHMEKRSWMWSJWQIEVRIKEXMZI8&MWEP[E]W TVIWYQTXMZIERHWLSYPHFIFEWIHSRSXLIVGPMRMGEPERHITMHIQMSPSKMGEPMRJSV QEXMSRMRGPYHMRKJEMPYVIXSVIWTSRHXSEGSYVWISJFVSEHWTIGXVYQERXMFMSXMGW ERHI\GPYWMSRSJSXLIVTEXLSPSK]6IPMERGISRGLIWXVEHMSKVETL]EWXLISRP] HMEKRSWXMGXIWXJSV8&VIWYPXWMRIMXLIVSZIVHMEKRSWMWSJ8&SVQMWWIHHMEKRSWIW SJ 8& ERH SXLIV HMWIEWIW ERH MW XLIVIJSVI RSX VIGSQQIRHIH 6EHMSKVETLMG I\EQMREXMSR LS[IZIV MW QSWX YWIJYP [LIR ETTPMIH EW TEVX SJ E W]WXIQEXMG 

 %VIHYGXMSRMRXLIRYQFIVSJWTIGMQIRWI\EQMRIHJSVWGVIIRMRK8&WYWTIGXWJVSQXLVIIXSX[S [EWVIGSQQIRHIHF];,3ERHIRHSVWIHF]XLI7XVEXIKMG8IGLRMGEPERH%HZMWSV]+VSYTJSV 8YFIVGYPSWMWMR.YRI

'%7)()8)'8-32



ETTVSEGLXSIZEPYEXITEXMIRXW[LSWIW]QTXSQWERHSV´RHMRKWWYKKIWX8&FYX [LSWIWTYXYQWQIEVWEVIRIKEXMZI*PYSVSWGST]VIWYPXWEVIRSXEGGITXEFPIEW HSGYQIRXIHIZMHIRGISJTYPQSREV]8& 4VIKRERG]'EWIHIXIGXMSRQIXLSHWMRTVIKRERG]WLSYPHI\GPYHIVEHMSKVETLMG I\EQMREXMSRTEVXMGYPEVP]MRXLI´VWXXVMQIWXIV 'YPXYVI;LMPIWTYXYQWQIEVQMGVSWGST]MWXLI´VWXFEGXIVMSPSKMGEPHMEKRSWXMG XIWXSJGLSMGI[LIVIEHIUYEXIUYEPMX]EWWYVIHPEFSVEXSV]JEGMPMXMIWEVIEZEMP EFPI XLI IZEPYEXMSR SJ TEXMIRXW [MXL RIKEXMZI WTYXYQ WQIEVW WLSYPH EPWS MRGPYHIGYPXYVI'YPXYVIEHHWI\XVEGSWXERHGSQTPI\MX]FYXKVIEXP]MRGVIEWIW XLIWIRWMXMZMX]ERHWTIGM´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¦ SJ8&MRTSTYPEXMSRW[MXLEPS[TVIZEPIRGISJ ,-:MRJIGXMSR-RTSTYPEXMSRW[MXLELMKLTVIZEPIRGISJ,-:MRJIGXMSRXLITVSTSV XMSRSJGEWIW[MXLI\XVETYPQSREV]8&MWLMKLIV&IGEYWIETTVSTVMEXIWTIGMQIRW QE]FIHMJ´GYPXXSSFXEMRJVSQWSQISJXLIWIWMXIWFEGXIVMSPSKMGEPGSR´VQEXMSR SJI\XVETYPQSREV]8&MWSJXIRQSVIHMJ´GYPXXLERJSVTYPQSREV]8&6IPEXMZIP] JI[1XYFIVGYPSWMWSVKERMWQWEVITVIWIRXMRI\XVETYPQSREV]WMXIWERHMHIRXM ´GEXMSRSJ%*&F]QMGVSWGST]MRWTIGMQIRWJVSQXLIWIWMXIWMWMRJVIUYIRX*SV I\EQTPIQMGVSWGSTMGI\EQMREXMSRSJTPIYVEPµYMHMRXYFIVGYPSYWTPIYVMXMWERH XYFIVGYPSYWQIRMRKMXMWHIXIGXW%*&MRSRP]EFSYX¦ SJGEWIW +MZIRXLIPS[]MIPHSJQMGVSWGST]FSXLGYPXYVIERHLMWXSTEXLSPSKMGEPI\EQMRE XMSRSJXMWWYIWTIGMQIRWWYGLEWXLSWIXLEXQE]FISFXEMRIHF]RIIHPIFMSTW] SJP]QTLRSHIWEVIMQTSVXERXHMEKRSWXMGXIWXWJSVI\XVETYPQSREV]8&



'EWIHI´RMXMSRWSJXYFIVGYPSWMW

%HMEKRSWMWSJ8&WLSYPHFIJSPPS[IHF]WTIGM´GEXMSRSJXLIX]TISJ8&MI XLIGEWIHI´RMXMSR[LMGLMWRIGIWWEV]JSVTVIWGVMFMRKXVIEXQIRXEGGSVHMRKXS WXERHEVHM^IHVIKMQIRWJSVTEXMIRXVIKMWXVEXMSRERHVITSVXMRKJSVGSLSVXEREP] WMWSJXVIEXQIRXSYXGSQIWERHJSVHIXIVQMRMRKXVIRHW 'EWIHI´RMXMSRWJSV8&XEOIMRXSEGGSYRXXLIEREXSQMGEPWMXISJHMWIEWIXLI FEGXIVMSPSKMGEPVIWYPXWXLIWIZIVMX]SJHMWIEWIERHXLILMWXSV]SJTVIZMSYWXVIEX



%,%2(&33/*362%8-32%08&'328630463+6%11)7

'*(63& %2-009786%8-:)%4463%',838,)(-%+237-73*7974)'8)(490132%6= 89&)6'9037-7 EF %PPTYPQSREV]8&W]QTXSQWG

8[SWTYXYQWEQTPIWSFXEMRIH

7TYXYQ%*&QMGVSWGST]

%PPWQIEVWRIKEXMZI

3RISVX[SWQIEVWTSWMXMZI

IXLEQFYXSP ) ERHWXVITXSQ]GMR 7 8EFPI WLS[WXLIVIGSQQIRHIHHSWIWJSVEHYPXWERHGLMPHVIR

*SVXVIEXQIRXTYVTSWIWTEXMIRXWEVIGEXIKSVM^IHEWTVIZMSYWP]YRXVIEXIH GEX IKSVMIW-ERH--- ERHTVIZMSYWP]XVIEXIH GEXIKSVMIW--ERH-: 8EFPIWERH JYVXLIVHI´RIXLIWIGEXIKSVMIW ;,3VIGSQQIRHWXLIYWISJ´\IHHSWIGSQFMREXMSRW *('W SJHVYKWJSVXLI XVIEXQIRXSJEPP8&TEXMIRXW7IZIVEPEHZERXEKIWSJ*('WSZIVMRHMZMHYEPQIHM GMRIW SVWMRKPIHVYKJSVQYPEXMSRW LEZIFIIRMHIRXM´IH ˆ TVIWGVMTXMSRIVVSVWEVIPMOIP]XSFIPIWWJVIUYIRX ˆ JI[IVXEFPIXWRIIHXSFIMRKIWXIH[LMGLQE]IRGSYVEKIEHLIVIRGIXSXVIEX QIRX 5"#-& 6)'311)2()((37)73**-6780-2)%28-89&)6'9037-7(69+7*36 %(9087%2(',-0(6)2E (VYK

6IGSQQIRHIHHSWI (EMP]

MWSRME^MH VMJEQTMGMR T]VE^MREQMHI IXLEQFYXSP WXVITXSQ]GMR E

8LVIIXMQIW[IIOP]

(SWIERHVERKI QKOKFSH][IMKLX

1E\MQYQ QK

 ¦



(SWIERHVERKI QKOKFSH][IMKLX

(EMP]QE\MQYQ QK

 ¦

¦

 ¦



 ¦



 ¦

¦

 ¦

¦

GLMPHVIR ¦ EHYPXW ¦

¦

 ¦

¦

 ¦

¦

 ¦

¦

%HETXIHJVSQ8VIEXQIRXSJXYFIVGYPSWMWKYMHIPMRIWJSVREXMSREPTVSKVEQQIWVHIH+IRIZE;SVPH,IEPXL 3VKERM^EXMSR ;,3'(78& 



%,%2(&33/*362%8-32%08&'328630463+6%11)7

ˆ TEXMIRXW GERRSX WIPIGX [LMGL QIHMGMRIW XS XEOI [LIR XVIEXQIRX MW RSX SFWIVZIH  4SSVFMSEZEMPEFMPMX]SJVMJEQTMGMRLEWFIIRJSYRHMRWSQI*('W8LIYWISJHVYK GSQFMREXMSRWSJEWWYVIHUYEPMX] MRGPYHMRKTVSZIRFMSEZEMPEFMPMX] MWIWWIRXMEP XLIWIQIHMGMRIWQE]FISFXEMRIHXLVSYKLXLI+PSFEP(VYK*EGMPMX] +(*  

$IJMESFO

8LIVIGSQQIRHIHHEMP]HSWISJIXLEQFYXSPMWLMKLIVMRGLMPHVIR QKOK  XLERMREHYPXW QKOK FIGEYWIXLITLEVQEGSOMRIXMGWEVIHMJJIVIRX TIEO WIVYQIXLEQFYXSPGSRGIRXVEXMSRWEVIPS[IVMRGLMPHVIRXLERMREHYPXWVIGIMZ MRKXLIWEQIQKOKHSWI %PXLSYKLIXLEQFYXSP[EWJVIUYIRXP]SQMXXIHJVSQ VIKMQIRWJSVGLMPHVIRMRXLITEWXS[MRKMRTEVXXSGSRGIVRWEFSYXXLIHMJ´GYPX] SJQSRMXSVMRKJSVXS\MGMX] TEVXMGYPEVP]JSVSTXMGRIYVMXMW MR]SYRKGLMPHVIREPMX IVEXYVIVIZMI[MRHMGEXIWXLEXIXLEQFYXSPMWWEJIMRGLMPHVIREXEHSWISJQK OK VERKI¦QKOK HEMP]7XVITXSQ]GMRWLSYPHFIEZSMHIH[LIRTSWWMFPI MRGLMPHVIRFIGEYWIXLIMRNIGXMSRWEVITEMRJYPERHMVVIZIVWMFPIEYHMXSV]RIVZI HEQEKIQE]SGGYV8LIYWISJWXVITXSQ]GMRMRGLMPHVIRMWQEMRP]VIWIVZIHJSV XLI´VWXX[SQSRXLWSJXVIEXQIRXSJ8&QIRMRKMXMW 

/FXDBTFT

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



86)%81)283*89&)6'9037-74%8-)287

5"#-&

6)'311)2()(86)%81)286)+-1)27*362);'%7)73*89&)6'9037-7E

4EXMIRXXVIEXQIRX GEXIKSV]

4EXMIRXHMEKRSWXMG GEXIKSV]

-

2I[WQIEVTSWMXMZITEXMIRXWRI[ WQIEVRIKEXMZITEXMIRXW[MXL I\XIRWMZITEVIRGL]QEPMRZSPZIQIRX GSRGSQMXERX,-:VIPEXIHHMWIEWIWSV WIZIVIJSVQWSJI\XVETYPQSREV]8&

---

2I[WQIEVRIKEXMZITYPQSREV]8& SXLIVXLERMR'EXIKSV]- ERHPIWW WIZIVIJSVQWSJI\XVETYPQSREV]8&

8VIEXQIRXVIKMQIRWF -RMXMEPTLEWI

'SRXMRYEXMSRTLEWI

4VIJIVVIH ,6>)G

4VIJIVVIH ,6  ,6 

3TXMSREP ,6>)

3TXMSREP ,)

3TXMSREPH  ,6>) 

3TXMSREP  ,6 

4VIJIVVIH ,6>)I

4VIJIVVIH ,6  ,6 

3TXMSREP ,6>)

3TXMSREP ,)

3TXMSREP  ,6>) 

3TXMSREP  ,6 

E

%HETXIHJVSQ8VIEXQIRXSJXYFIVGYPSWMWKYMHIPMRIWJSVREXMSREPTVSKVEQQIWVHIH+IRIZE;SVPH,IEPXL 3VKERM^EXMSR ;,3'(78&   2YQFIVW TVIGIHMRK VIKMQIRW MRHMGEXI XLI PIRKXL SJ XVIEXQIRX MR QSRXLW 7YFWGVMTX RYQFIVW JSPPS[MRK VIKMQIRWMRHMGEXIXLIJVIUYIRG]SJEHQMRMWXVEXMSRTIV[IIO;LIRRSWYFWGVMTXRYQFIVWEVIKMZIRXLI VIKMQIRMWHEMP] G  7XVITXSQ]GMRQE]FIYWIHMRWXIEHSJIXLEQFYXSPERHMXWLSYPHVITPEGIIXLEQFYXSPMRXYFIVGYPSYWQIRMR KMXMW H  8LI XLVMGI [IIOP] XVIEXQIRX [EW PIWW IJJIGXMZI XLER HEMP] XVIEXQIRX EW QIEWYVIH F] GSRZIVWMSR VEXIW EXQSRXLW[MXLEWYKKIWXMSRSJPIWWJEZSYVEFPISYXGSQIWSZIVEPPEPXLSYKLXLIHMJJIVIRGIMRSYXGSQI JVSQXLIQSRXLHEMP]VIKMQIR[EWRIKPMKMFPI .MRHERM%2YRR%.)REVWSR()8[SQSRXLVIKMQIRWSJ GLIQSXLIVET]JSVXVIEXQIRXSJRI[P]HMEKRSWIHTYPQSREV]XYFIVGYPSWMWMRXIVREXMSREPQYPXMGIRXVIVERH SQM^IHXVMEP0ERGIX¦  I  )XLEQFYXSPMRXLIMRMXMEPTLEWIQE]FISQMXXIHJSVTEXMIRXW[MXLPMQMXIHRSRGEZMXEV]WQIEVRIKEXMZITYP QSREV]8&[LSEVIORS[RXSFI,-:RIKEXMZITEXMIRXW[MXLPIWWWIZIVIJSVQWSJI\XVETYPQSREV]8&ERH TEXMIRXW[MXLORS[RWYWGITXMFPIWXVEMRW F

ERHXLEXXLI,-:WXEXYWSJQER]8&TEXMIRXWMWYRORS[RXLMWXLVIIHVYKVIKM QIRMWRSXVIGSQQIRHIH 7YTIVZMWIHHEMP]EHQMRMWXVEXMSRSJQIHMGMRIWMRXLIMRMXMEPTLEWISJXVIEXQIRX SJEPPRI[GEWIWMWVIGSQQIRHIH7MRGISYXGSQIWJSVIXLEQFYXSPEVITSSVIV MRXLSWI[MXL,-:MRJIGXMSRXLITVIJIVVIHSTXMSRMW6,VEXLIVXLER),JSV,-: TSWMXMZITEXMIRXW 8LI TVIJIVVIH GSRXMRYEXMSRTLEWI VIKMQIR MW JSYV QSRXLW SJ VMJEQTMGMR ERH MWSRME^MH 6, EHQMRMWXIVIHHEMP]SVXLVIIXMQIW[IIOP]8LIQEMREHZERXEKI SJXLMWVIKMQIRMWXLIPS[VEXISJXVIEXQIRXJEMPYVIERHVIPETWIJSVTEXMIRXW [MXLJYPP]WYWGITXMFPI8&SV8&[MXLMRMXMEPVIWMWXERGIXSMWSRME^MH8LIYWISJ VMJEQTMGMRVIUYMVIWQIEWYVIWXSWYTTSVXTEXMIRXWXSEHLIVIXSXVIEXQIRXERH XSTVIZIRXXLIHIZIPSTQIRXSJVMJEQTMGMRVIWMWXERGI(EMP]XVIEXQIRXQE]FI ETTVSTVMEXIMJXLITEXMIRXMWLSWTMXEPM^IHSVMJXLIXVIEXQIRXWYTTSVXIV LIEPXL [SVOIVRIMKLFSYVGSQQYRMX]SVJEQMP]QIQFIV MWEFPIXSTVSZMHIGEVIGPSWI



%,%2(&33/*362%8-32%08&'328630463+6%11)7

XSXLITEXMIRX«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´GERXP]LMKLIVYRJEZSYVEFPISYXGSQI JEMPYVISVVIPETWI EXQSRXLWEJXIV XLIIRHSJGLIQSXLIVET]8LITVSTSVXMSRW[MXLYRJEZSYVEFPISYXGSQIW[IVI  JSVXLI,6>),)VIKMQIR MRMXMEPERHGSRXMRYEXMSRTLEWIWEHQMRMWXIVIH HEMP]    JSV  ,6>) ,) MRMXMEP TLEWI EHQMRMWXIVIH XLVII XMQIW [IIOP]  ERH JSV,6>),6 4VIKRERG] ERH PEGXEXMSR 3J XLI ´VWXPMRI HVYKW MWSRME^MH VMJEQTMGMR ERH IXLEQFYXSP QE] FI KMZIR WEJIP] HYVMRK TVIKRERG] 7XVITXSQ]GMR QE] GEYWI SXSXS\MGMX]MRXLIJIXYWERHMWGSRXVEMRHMGEXIH1SWXERXM8&HVYKWETTIEVMRPS[ GSRGIRXVEXMSRWMRFVIEWXQMPOEXPIZIPWXLEXHSRSXTVSHYGIXS\MGMX]MRMRJERXW &VIEWXJIIHMRKMWRSXGSRXVEMRHMGEXIH 

1SFWJPVTMZUSFBUFEDBTFT

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ˆ ´ZIHVYKWMRXLIMRMXMEPTLEWI VMJEQTMGMRMWSRME^MHT]VE^MREQMHIIXLEQ FYXSPERHWXVITXSQ]GMR 8LIMRMXMEPTLEWIMWEHQMRMWXIVIHJSVXLVIIQSRXLW [MXLEPP´ZIHVYKWEHQMRMWXIVIHJSVXLI´VWXX[SQSRXLW7XVITXSQ]GMRMW HMWGSRXMRYIHEJXIVX[SQSRXLWERHXLIJSYVVIQEMRMRKHVYKWEVIKMZIRMR XLIXLMVHQSRXL;,3VIGSQQIRHWHEMP]EHQMRMWXVEXMSRSJHVYKWMRXLIMRMXMEP TLEWI



86)%81)283*89&)6'9037-74%8-)287

5"#-&

6)'311)2()(86)%81)286)+-1)27*3646):-3970=86)%8)(4%8-)287 6)86)%81)286)+-1)27 E

4EXMIRX HMEKRSWXMG GEXIKSV]

8&TEXMIRXHMEKRSWXMG GEXIKSV]

--

6IPETWIW 8VIEXQIRXEJXIVHIJEYPX

--

8VIEXQIRXJEMPYVISJ'EXIKSV]-

8&XVIEXQIRXVIKMQIRW -RMXMEPTLEWI

'SRXMRYEXMSRTLEWI

4VIJIVVIH ,6>)7,6>)

4VIJIVVIH ,6)

3TXMSREP  ,6>)7  ,6>) 

3TXMSREP  ,6) 

4VIJIVVIH ,6>)7,6>)

4VIJIVVIH ,6)

-RWIXXMRKW[LIVI 3TXMSREP 6ITVIWIRXEXMZI(67HEXEWLS[PS[  ,6>)7  ,6>)  VEXIWSJ1(68&SVMRHMZMHYEPM^IH (78WLS[WHVYKWYWGITXMFPIHMWIEWI SV -RWIXXMRKWSJ ˆ 4SSVTVSKVEQQITIVJSVQERGI ˆ %FWIRGISJVITVIWIRXEXMZI(67HEXE  ERHSVGETEGMX]JSV(78SJGEWIW ˆ -RWYJ´GMIRXVIWSYVGIWXSMQTPIQIRX  'EXIKSV]-:XVIEXQIRX -:

8VIEXQIRXJEMPYVISJ'EXIKSV]-RWIXXMRKW[MXL ˆ %HIUYEXITVSKVEQQITIVJSVQERGI ˆ 6ITVIWIRXEXMZI(67HEXEWLS[MRK  LMKLVEXIWSJ1(68&ERHSVGETEGMX]  JSV(78SJGEWIW ˆ %ZEMPEFMPMX]SJRHPMRIHVYKW

-:

7XMPPWQIEVSVGYPXYVITSWMXMZIEJXIV WYTIVZMWIHVIXVIEXQIRXVIKMQIR  TVSZIRSVWYWTIGXIH1(68&GEWIWG

3TXMSREP  ,6) 

7TIGMEPP]HIWMKRIHWXERHEVHM^IHFSV MRHMZMHYEPMWIHVIKMQIRW[MXLXLI YWISJRHPMRIHVYKW

7TIGMEPP]HIWMKRIHWXERHEVHM^IHSV MRHMZMHYEPMWIHVIKMQIRW[MXLXLI YWISJRHPMRIHVYKW

(67!HVYKVIWMWXERGIWYVZIMPPERGI(78!HVYKWYWGITXMFMPMX]XIWXMRK1(68&!QYPXMHVYKVIWMWXERXXYFIV GYPSWMW E %HETXIHJVSQ8VIEXQIRXSJXYFIVGYPSWMWKYMHIPMRIWJSVREXMSREPTVSKVEQQIWVHIH+IRIZE;SVPH,IEPXL 3VKERM^EXMSR ;,3'(78&  F -XMWVIGSQQIRHIHXLEXWXERHEVHM^IHVIKMQIRWEVIFEWIHSRVITVIWIRXEXMZI(67HEXEJVSQTEXMIRXGEXIKS VMIWSVKVSYTW G  (VYKWYWGITXMFMPMX]XIWXMRKMWVIGSQQIRHIHJSVTEXMIRXW[LSEVIGSRXEGXWSJORS[R1(68&GEWIW

ˆ XLVIIHVYKWMRXLIGSRXMRYEXMSRTLEWI VMJEQTMGMRMWSRME^MHERHIXLEQFYXSP  8LIGSRXMRYEXMSRTLEWIMWEHQMRMWXIVIHJSV´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



%,%2(&33/*362%8-32%08&'328630463+6%11)7

FIEXXVMFYXEFPIXSERMRMXMEPVIWMWXERGIXSXLIHVYKWJEMPYVIMRWMXYEXMSRW[LIVI XVIEXQIRXLEWRSXFIIRHMVIGXP]SFWIVZIHQE]FIXLIVIWYPXSJTSSVXVIEXQIRX EHLIVIRGIGLESXMGXVIEXQIRXSVMRWYJ´GMIRXHVYKHSWEKIW 8LI'EXIKSV]--WXERHEVHM^IHVIKMQIRLEWTSSVVIWYPXWMR1(68&GEWIW PIWW XLER GYVIVEXI ERHQE]VIWYPXMRXLIEGUYMWMXMSRSJEHHMXMSREPVIWMWXERGI XSXLSWIHVYKWXLEX[IVIWXMPPIJJIGXMZIEXXLIWXEVXSJXVIEXQIRX IK)ERHSV > 'SYRXVMIW[MXLELMKLTVSTSVXMSRSJ1(68&EQSRKJEMPYVIWSJXLI'EXIKSV] - VIKMQIR WLSYPH GSRWMHIV XVIEXMRK WYGL GEWIW [MXL E VIKMQIR GSRWMWXMRK SJ WIGSRHPMRIHVYKW WII'LETXIV  7XVITXSQ]GMRWLSYPHFIEHQMRMWXIVIHF]MRNIGXMSRYWMRKHMWTSWEFPI WMRKPIYWI  SVWXIVMPI VIYWEFPI RIIHPIWERHW]VMRKIW-XWLSYPHRSXFIYWIHMRWIXXMRKW [LIVIXLIYWISJHMWTSWEFPISVWXIVMPIRIIHPIWERHW]VMRKIWMWRSXEWWYVIH8LI YWISJMREHIUYEXIP]WXIVMPM^IHVIYWEFPIW]VMRKIWERHRIIHPIWGEVVMIWEVMWOSJ XVERWQMWWMSRSJ,-:ERHSXLIVFPSSHFSVRITEXLSKIRW

%HZIVWIIJJIGXWSJERXM8&HVYKW %QMRSVMX]SJ8&TEXMIRXW ¦ XVIEXIH[MXL'EXIKSV]-SV'EXIKSV]--VIKM QIRWI\TIVMIRGIEHZIVWIIJJIGXW8LIWIMRGPYHI ˆ QENSVEHZIVWIIJJIGXWKMZMRKVMWIXSWIVMSYWLIEPXLLE^EVHWERHVIUYMVMRK HMWGSRXMRYEXMSRSJERXM8&XVIEXQIRX ˆ QMRSVWMHIIJJIGXWGEYWMRKVIPEXMZIP]PMXXPIHMWGSQJSVXERHSJXIRVIWTSRHMRK XSW]QTXSQEXMGSVWMQTPIXVIEXQIRXXLI]QE]SGGEWMSREPP]TIVWMWXJSVXLI HYVEXMSRSJERXM8&XVIEXQIRX (IXEMPWSRXLIQSWXMQTSVXERXERHJVIUYIRXWMHIIJJIGXWEVITVSZMHIHMR8VIEX QIRXSJXYFIVGYPSWMWKYMHIPMRIWJSVREXMSREPTVSKVEQQIW -REHIUYEXIQEREKIQIRXSJEHZIVWIIJJIGXWMWPMOIP]XSGSRXVMFYXIXSMVVIKYPEV XVIEXQIRXERHHIJEYPX8LI284WLSYPHMQTPIQIRXETLEVQEGSZMKMPERGIW]WXIQ

 8VIEXQIRXSJHVYKVIWMWXERXXYFIVGYPSWMW 4EXMIRXWMR[LSQHVYKVIWMWXERX8&MWHMEKRSWIHERH[LSVIUYMVIXVIEXQIRX [MXLWIGSRHPMRIHVYKWEVIGPEWWM´IHEW;,38&HMEKRSWXMG'EXIKSV]-:ERH VIUYMVIVIKMQIRWXIVQIH¨'EXIKSV]-:VIKMQIRW©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«WQSXLIVSVSXLIVGEV IKMZIV7YTTSVXJVSQXLIGLMPH«WTEVIRXWERHMQQIHMEXIJEQMP]MWZMXEPXSIRWYVI EWEXMWJEGXSV]XVIEXQIRXSYXGSQI3JXIRELIEPXLGEVI[SVOIVGERSFWIVZIERH VIGSVHXLIXVIEXQIRXFYXMJXLMWEVVERKIQIRXMWRSXGSRZIRMIRXJSVXLIJEQMP] EXVEMRIHGSQQYRMX]QIQFIV TVIJIVEFP]WSQISRISXLIVXLERXLIGLMPH«WTEV IRXSVMQQIHMEXIJEQMP] GERYRHIVXEOIXLMWVIWTSRWMFMPMX]%PPGLMPHVIRWLSYPH



%,%2(&33/*362%8-32%08&'328630463+6%11)7

VIGIMZIXVIEXQIRXJVIISJGLEVKI[LIXLIVXLIGLMPHMWWQIEVTSWMXMZIEXHMEK RSWMWSVRSX*('WWLSYPHFIYWIH[LIRIZIVTSWWMFPIXSMQTVSZIWMQTPMGMX] SJERHEHLIVIRGIXSXVIEXQIRX4EXMIRXXVIEXQIRXGEVHWEVIVIGSQQIRHIHJSV HSGYQIRXMRKXVIEXQIRXEHLIVIRGI ,SWTMXEPGEVI'LMPHVIR[MXLWIZIVIJSVQWSJ8&WLSYPHFILSWTMXEPM^IHJSVMRXIR WMZIQEREKIQIRX[LIVITSWWMFPI'SRHMXMSRWXLEXQIVMXLSWTMXEPM^EXMSRMRGPYHI M 8&QIRMRKMXMWERHQMPMEV]8&TVIJIVEFP]JSVEXPIEWXXLI´VWXX[SQSRXLW MM VIWTMVEXSV]HMWXVIWW MMM WTMREP8&ERH MZ WIZIVIEHZIVWIIZIRXWWYGL EWGPMRMGEPWMKRWSJLITEXSXS\MGMX] IKNEYRHMGI -JMXMWRSXTSWWMFPIXSIRWYVI KSSHEHLIVIRGIERHXVIEXQIRXSYXGSQISRERSYXTEXMIRXFEWMWWSQIGLMPHVIR QE]VIUYMVILSWTMXEPM^EXMSRJSVWSGMEPSVPSKMWXMGVIEWSRW ,-:MRJIGXIHGLMPHVIR1SWXGYVVIRXMRXIVREXMSREPKYMHIPMRIWVIGSQQIRHXLEX8& MRGLMPHVIRMRJIGXIH[MXL,-:WLSYPHFIXVIEXIH[MXLEWM\QSRXLVIKMQIREWJSV GLMPHVIR[LSEVIRSXMRJIGXIH[MXL,-:;LIVITSWWMFPI,-:MRJIGXIHGLMPHVIR WLSYPHFIXVIEXIH[MXLVMJEQTMGMRJSVXLIIRXMVIHYVEXMSRSJXVIEXQIRXEWLMKLIV VIPETWIVEXIWEQSRK,-:MRJIGXIHEHYPXWLEZIFIIRJSYRH[LIRIXLEQFYXSPMW YWIHMRXLIGSRXMRYEXMSRTLEWI1SWXGLMPHVIR[MXL8&MRGPYHMRKXLSWI[LSEVI ,-:MRJIGXIHLEZIEKSSHVIWTSRWIXSXLIWM\QSRXLVIKMQIR4SWWMFPIGEYWIW SJJEMPYVIWYGLEWRSRGSQTPMERGI[MXLXLIVET]TSSVHVYKEFWSVTXMSRHVYK VIWMWXERGIERHEPXIVREXMZIHMEKRSWIWWLSYPHFIMRZIWXMKEXIHMRGLMPHVIR[LS EVIRSXMQTVSZMRKSRERXM8&XVIEXQIRX %PP GLMPHVIR [MXL 8& ERH ,-: GSMRJIGXMSR WLSYPH FI IZEPYEXIH XS HIXIVQMRI [LIXLIV%68MWMRHMGEXIHHYVMRKXLIGSYVWISJXVIEXQIRXJSV8&%TTVSTVMEXI EVVERKIQIRXWJSVEGGIWWXSERXMVIXVSZMVEPHVYKWWLSYPHFIQEHIJSVTEXMIRXW [LSQIIXMRHMGEXMSRWJSVXVIEXQIRX+MZIRXLIGSQTPI\MX]SJGSEHQMRMWXVEXMSR SJERXM8&XVIEXQIRXERH%68GSRWYPXEXMSR[MXLERI\TIVXMRXLMWEVIEMWVIG SQQIRHIHFIJSVIMRMXMEXMSRSJGSRGYVVIRXXVIEXQIRXJSV8&ERH,-:MRJIGXMSR VIKEVHPIWWSJ[LMGLHMWIEWIETTIEVIH´VWX,S[IZIVMRMXMEXMSRSJXVIEXQIRXJSV 8&WLSYPHRSXFIHIPE]IH'LMPHVIR[MXL8&ERH,-:GSMRJIGXMSRWLSYPHEPWS VIGIMZIGSXVMQS\E^SPIEWTVSTL]PE\MWJSVSXLIVMRJIGXMSRW -R,-:MRJIGXIHGLMPHVIR[MXLGSR´VQIHSVTVIWYQTXMZI8&HMWIEWIMRMXMEXMSRSJ ERXM8&XVIEXQIRXMWXLITVMSVMX]LS[IZIVXLISTXMQEPXMQMRKJSV%68MRMXMEXMSR MWRSXORS[R8LIHIGMWMSRSR[LIRXSWXEVX%68EJXIVWXEVXMRKERXM8&XVIEX QIRXMRZSPZIWEFEPERGIFIX[IIRXLIGLMPH«WEKITMPPFYVHIRTSXIRXMEPHVYK MRXIVEGXMSRWSZIVPETTMRKXS\MGMXMIWERHTSWWMFPI-6-7ZIVWYWXLIVMWOSJJYVXLIV TVSKVIWWMSRSJMQQYRIWYTTVIWWMSR[MXLMXWEWWSGMEXIHMRGVIEWIMRQSVXEPMX] ERHQSVFMHMX]1ER]GPMRMGMERWWXEVX%68¦[IIOWEJXIVWXEVXMRKERXM8&XVIEX QIRX

89&)6'9037-7-2',-0(6)2



 3FDPSEJOHBOESFQPSUJOH 'LMPHVIR[MXL8&WLSYPHEP[E]WFIMRGPYHIHMRXLIVSYXMRI284VIGSVHMRKERH VITSVXMRKW]WXIQ WII'LETXIV -XMWGVYGMEPXSRSXMJ]XLI284SJEPPMHIRXM´IH 8&GEWIWMRGLMPHVIRVIKMWXIVXLIQJSVXVIEXQIRXERHVIGSVHXLIMVXVIEXQIRX SYXGSQI%XXLIIRHSJXLIXVIEXQIRXGSYVWIJSVIEGLGLMPH[MXL8&XLIHMW XVMGX8&SJ´GIVWLSYPHVIGSVHXLIWXERHEVHSYXGSQIMRXLIHMWXVMGX8&VIKMWXIV *SYVSJXLIWXERHEVHSYXGSQIWEVIETTPMGEFPIXSGLMPHVIR[MXLWQIEVRIKEXMZI TYPQSREV] SV I\XVETYPQSREV] 8& XVIEXQIRX GSQTPIXMSR HIJEYPX HIEXL ERH XVERWJIVSYX 6IGSVHMRKERHVITSVXMRKX[SEKIKVSYTWJSVGLMPHVIR ¦]IEVWERH¦]IEVW  MRXLI8&VIKMWXIVWMWYWIJYPJSVHVYKTVSGYVIQIRX MRGLMPHJVMIRHP]JSVQYPE XMSRWJSV]SYRKGLMPHVIR ERHXSQSRMXSVXVIRHWSJGEWI´RHMRKERHXVIEXQIRX SYXGSQIW)ZEPYEXMSRSJXVIEXQIRXSYXGSQIF]GSLSVXEREP]WMWMRGLMPHVIRMWE ZEPYEFPIMRHMGEXSVSJXLIUYEPMX]SJTVSKVEQQIWJSVGLMPH8&TEXMIRXW*SV8& ,-:MRHMGEXSVWMRGLMPHVIRWII'LETXIV

 1EMREGXMZMXMIWXSFIGEVVMIHSYXF]XLIREXMSREP8&GSRXVSP  TVSKVEQQIJSVMQTPIQIRXEXMSRSJMRXIVZIRXMSRWXSTVIZIRXERH  QEREKIXYFIVGYPSWMWMRGLMPHVIR -QTPIQIRXEXMSRF]XLI284SJMRXIVZIRXMSRWXSTVIZIRXERHQEREKIGLMPHLSSH 8&VIUYMVIWXLIEGXMZMXMIWPMWXIHFIPS[  4VITEVEXMSRW ˆ EHZSGEXIXSLIEPXLEYXLSVMXMIWJSVQEMRWXVIEQMRKSJ¨GLMPHLSSH8&MRXIV ZIRXMSRW©EWTEVXSJVSYXMRI284EGXMZMXMIWMRGSPPEFSVEXMSR[MXLXLIQEXIV REPERHGLMPHLIEPXLTVSKVEQQI ˆ GSRHYGXEWMXYEXMSREREP]WMWSJXLII\XIRXXS[LMGLGLMPHLSSH8&MRXIV ZIRXMSRWEVIQEMRWXVIEQIHEWTEVXSJVSYXMRI284EGXMZMXMIWSJGYVVIRXP] EZEMPEFPIHEXESRTVIZIRXMSRGEWI´RHMRKERHXVIEXQIRXSYXGSQIERHSJ VIWSYVGIWEZEMPEFPIJSVMQTPIQIRXEXMSRSJGLMPHLSSH8&MRXIVZIRXMSRW ˆ EHETX284KYMHIPMRIWXSVIµIGXGLMPHLSSH8&MRXIVZIRXMSRW ˆ EHETXQEXIVREPERHGLMPHLIEPXLKYMHIPMRIWXSVIµIGXGLMPHLSSH8&TSPM GMIW ˆ IRKEKI[MXLOI]GSQQYRMX]WXEOILSPHIVW EGEHIQMGWEGXMZMWXWIXG XS HIZIPST ETTVSTVMEXI MRJSVQEXMSR IHYGEXMSR ERH GSQQYRMGEXMSR -)'  QEXIVMEP ˆ MRWIXXMRKW[MXLLMKL,-:TVIZEPIRGIIRWYVIIJJIGXMZIPMROEKIW[MXL,-: GSRXVSPWIVZMGIW



%,%2(&33/*362%8-32%08&'328630463+6%11)7

*EGMPMXEXIQIIXMRKW[MXLVIPIZERXLIEPXLERHSXLIVEYXLSVMXMIWEXREXMSREP VIKMSREPSVTVSZMRGMEPERHHMWXVMGXPIZIPXSIRWYVIIRKEKIQIRXSJEPPLIEPXL TVSZMHIVW KSZIVRQIRXRSRKSZIVRQIRXEPSVKERM^EXMSRWTVMZEXIWIGXSVVIPM KMSYWERHGLEVMX]SVKERM^EXMSRWIXG  8VEMRMRKXSMQTPIQIRXGLMPHLSSH8&MRXIVZIRXMSRW ˆ HIZIPSTERHTVSHYGIXVEMRMRKQEXIVMEPJSVLIEPXLWXEJJFEWIHSRREXMSREP KYMHIPMRIW ˆ HIZIPSTERHTVSHYGIXVEMRMRKQEXIVMEPJSVGSQQYRMX]TEVXMGMTERXW IK XLSWIMRZSPZIHMRGSRXEGXXVEGMRKERHGEWI´RHMRKERHMRTVSQSXMRKERH IRGSYVEKMRKEHLIVIRGIEW¨XVIEXQIRXWYTTSVXIVW©  ˆ WIRWMXM^I LIEPXL WXEJJ ERH VIPIZERX GSQQYRMX] QIQFIVW VIKEVHMRK XLI REXYVIERHI\XIRXSJXLITVSFPIQSJGLMPHLSSH8&ERHQSXMZEXIXLIQXS WLEVIVIWTSRWMFMPMX]JSVGSRXEGXXVEGMRKGEWI´RHMRKERHXVIEXQIRXWYT TSVX (IPMZIV]SJGLMPHLSSH8&MRXIVZIRXMSRWEWTEVXSJVSYXMRI284EGXMZMXMIW ˆ EWWIWWHVYKTVSGYVIQIRXW]WXIQJSVIJJIGXMZIRIWWMRIRWYVMRKEZEMPEFMPMX] SJUYEPMX]EWWYVIHJSVQYPEXMSRWSJERXM8&HVYKWJSVGLMPHVIR ERHGSRWMHIV SFXEMRMRKXLIWIHVYKWXLVSYKLXLI+(*  ˆ QSRMXSVVIWYPXWSJGSRXEGXXVEGMRKGEWI´RHMRKERHXVIEXQIRXWYTTSVX ˆ GLIGOLS[IJJIGXMZIP]XLIVSYXMRI284VIGSVHMRKERHVITSVXMRKW]WXIQMW GETXYVMRKXLIHEXESRGEWI´RHMRKERHXVIEXQIRXSYXGSQIW ˆ IZEPYEXILS[IJJIGXMZIP]XLIJYPPVERKISJLIEPXLTVSZMHIVWMWQSFMPM^IHXS GSRXVMFYXIXSQEOMRKLMKLUYEPMX]GLMPHLSSH8&MRXIVZIRXMSRWYRMZIVWEPP] EGGIWWMFPI ˆ EWWIWWIJJIGXMZIRIWWSJXLIW]WXIQSJTVSGYVIQIRXSJXYFIVGYPMR %HZSGEG]GSQQYRMGEXMSRWERHWSGMEPQSFMPM^EXMSR %'71 EGXMZMXMIW ˆ MRGSVTSVEXIQIWWEKIWEFSYXGLMPHLSSH8&MR%'71EGXMZMXMIWJSVLIEPXL TVSQSXMSR ˆ EHZSGEXIJSVGSQQMXQIRXERHJYRHWXSIRWYVIYRMZIVWEPEGGIWWXSLMKL UYEPMX]GLMPHLSSH8&MRXIVZIRXMSRWEWTEVXSJVSYXMRI284EGXMZMXMIW

;,3KYMHIPMRIW +YMHERGIJSVREXMSREPXYFIVGYPSWMWTVSKVEQQIWSRXLIQEREKIQIRXSJXYFIVGYPSWMWMR GLMPHVIR+IRIZE;SVPH,IEPXL3VKERM^EXMSR ;,3,818&;,3*', '%, 

89&)6'9037-7-2',-0(6)2



+YMHIPMRIWJSVXLITVSKVEQQEXMGQEREKIQIRXSJHVYKVIWMWXERXXYFIVGYPSWMW+IRIZE ;SVPH,IEPXL3VKERM^EXMSR ;,3,818&  8VIEXQIRXSJXYFIVGYPSWMWKYMHIPMRIWJSVREXMSREPTVSKVEQQIWVHIH+IRIZE;SVPH ,IEPXL3VKERM^EXMSR ;,3'(78& 

/I]VIJIVIRGIW %RXMVIXVSZMVEPXLIVET]SJ,-:MRJIGXMSRMRMRJERXWERHGLMPHVIRXS[EVHWYRMZIVWEPEGGIWW 6IGSQQIRHEXMSRWJSVETYFPMGLIEPXLETTVSEGL+IRIZE;SVPH,IEPXL3VKERM^EXMSR  )XLEQFYXSPIJ´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¦ 1EVEMW&.IXEP(MZIVWMX]SJHMWIEWIQERMJIWXEXMSRWMRGLMPHLSSHTYPQSREV]XYFIVGYPS WMW%RREPWSJ8VSTMGEP4EIHMEXVMGW¦ 2IPWSR0.;IPPW'(+PSFEPITMHIQMSPSK]SJGLMPHLSSHXYFIVGYPSWMW-RXIVREXMSREP.SYV REPSJ8YFIVGYPSWMWERH0YRK(MWIEWI¦ 3J´GMEPWXEXIQIRX+YMHERGIJSVREXMSREPXYFIVGYPSWMWTVSKVEQQIWSRXLIQEREKIQIRX SJXYFIVGYPSWMWMRGLMPHVIR'LETXIVW¦MRXLIWIVMIW § 'LETXIV-RXVSHYGXMSRERHHMEKRSWMWSJXYFIVGYPSWMWMRGLMPHVIR-RXIVREXMSREP.SYV REPSJ8YFIVGYPSWMWERH0YRK(MWIEWI  ¦ § 'LETXIV%RXMXYFIVGYPSWMWXVIEXQIRXMRGLMPHVIR-RXIVREXMSREP.SYVREPSJ 8YFIVGYPSWMWERH0YRK(MWIEWI  ¦ § 'LETXIV  1EREKIQIRX SJ 8& MR XLI ,-:MRJIGXIH GLMPH -RXIVREXMSREP .SYVREP SJ 8YFIVGYPSWMWERH0YRK(MWIEWI  ¦ § 'LETXIV'LMPHLSSHGSRXEGXWGVIIRMRKERHQEREKIQIRX-RXIVREXMSREP.SYVREPSJ 8YFIVGYPSWMWERH0YRK(MWIEWI  ¦ § 'LETXIV,IEPXLWXEJJVSPIWERHVIWTSRWMFMPMXMIWVIGSVHMRKERHVITSVXMRKERH&'+ ZEGGMREXMSR-RXIVREXMSREP.SYVREPSJ8YFIVGYPSWMWERH0YRK(MWIEWI  ¦  ;IMWQYPPIV11IXEP(MEKRSWMWSJGLMPHLSSHXYFIVGYPSWMWMR1EPE[MEREYHMXSJLSWTMXEP TVEGXMGI-RXIVREXMSREP.SYVREPSJ8YFIVGYPSWMWERH0YRK(MWIEWI¦



 'SRXEGXMRZIWXMKEXMSR

%

VIZMI[ SJ GSRXEGX MRZIWXMKEXMSRW GEVVMIH SYX MR PS[MRGSQI ERH QMHHPI MRGSQIGSYRXVMIWWLS[IHXLEX SJMHIRXM´IHLSYWILSPHGSRXEGXWSJRI[ TYPQSREV]8&GEWIWLEH8&EXXLIXMQISJXLIIZEPYEXMSRSJ[LSQ LEH FEGXIVMSPSKMGEPP]GSR´VQIH8&%QSRKGSRXEGXWEKIHYRHIV]IEVW [IVI JSYRHXSLEZI8&1SVIXLER SJLSYWILSPHGSRXEGXWLEHPEXIRX8&MRJIGXMSR 08&- ;,3ERHXLI-RXIVREXMSREP9RMSR%KEMRWX8YFIVGYPSWMWERH0YRK(MWIEWI XLI9RMSR VIGSQQIRHXEVKIXMRKGLMPHVIREKIHYRHIV]IEVWJSVGSRXEGXMRZIW XMKEXMSRERHXVIEXQIRXSJ08&-MRPS[MRGSQIGSYRXVMIW[LIVIJYPPMQTPIQIRXE XMSRSJGSRXEGXMRZIWXMKEXMSRWQE]RSXFIJIEWMFPI8LI´RHMRKWMRHMGEXIXLI RIIHJSVTSPMGMIWXSEHHVIWW08&-EQSRKGPSWIGSRXEGXWMRWIXXMRKWSJLMKL8& MRGMHIRGI-RPS[MRGMHIRGIWIXXMRKWETTVSEGLMRKXLIIPMQMREXMSRTLEWIGSRXEGX MRZIWXMKEXMSRTPE]WEWMKRM´GERXVSPIMR8&GSRXVSP WII%RRI\ 



7XERHEVHWJSVGSRXEGXMRZIWXMKEXMSR

8LIMQTPIQIRXEXMSRSJ8&GSRXEGXMRZIWXMKEXMSREGXMZMXMIWF]XLI284WLSYPH YWIGPIEVHI´RMXMSRWSJXLI8&MRHI\GEWIERHGSRXEGXWTVSGIHYVIWXSFIYWIH MRIZEPYEXMRKGSRXEGXWTSPMGMIWJSVXVIEXMRK08&-ERHQSRMXSVMRKSJXLIVIWYPXW SJGSRXEGXMRZIWXMKEXMSRW8LIWIHI´RMXMSRWEVIRSX[IPPWXERHEVHM^IHEXXLI KPSFEPPIZIPERHZEV]EQSRKGSYRXVMIWEVIEWERHIZIR[MXLMRGSYRXVMIW(IGM WMSRWEFSYXGSRXEGXMRZIWXMKEXMSRERHXVIEXQIRXSJ08&-WLSYPHFIFEWIHSRXLI FYVHIRSJ8&MRXLIGSYRXV]ERHXLIVIWSYVGIWEZEMPEFPI

 (I´RMXMSRWJSVGSRXEGXMRZIWXMKEXMSR &IJSVI YRHIVXEOMRK GSRXEGX MRZIWXMKEXMSRW TVIGMWI HI´RMXMSRW JSV XLI MRHI\ GEWIERHJSVXLIGSRXEGXWRIIHXSFIIWXEFPMWLIH 

*OEFYDBTF

%PPWQIEVTSWMXMZITYPQSREV]8&GEWIWWLSYPHFIGSRWMHIVIHEWMRHI\GEWIWXLIMV GSRXEGXWWLSYPHFIIZEPYEXIHJSV8&%PPGLMPHVIR[MXL8&WLSYPHFIGSRWMHIVIHEW MRHI\GEWIWXLITYVTSWISJGSRXEGXMRZIWXMKEXMSRMWXSMHIRXMJ]XLIWSYVGISJ8& XVERWQMWWMSR7SQIGSYRXVMIWQE]YWIFVSEHIVHI´RMXMSRWJSVI\EQTPIMRGPYHMRK EWMRHI\GEWIWSXLIVJSVQWSJ8&WYGLEWWQIEVRIKEXMZITYPQSREV]8&GEWIWSV ER]JSVQSJTYPQSREV]8&MVVIWTIGXMZISJMXWFEGXIVMSPSKMGEPWXEXYW

'328%'8-2:)78-+%8-32





$POUBDUT

8&GSRXEGXWWLSYPHFIGPIEVP]HI´RIHMRXIVQWSJXLIX]TISJGSRXEGXERHXLI GPSWIRIWW ERH HYVEXMSR SJ I\TSWYVI XS XLI MRHI\ GEWI -R QER] HIZIPSTMRK GSYRXVMIWE8&GSRXEGXMWHI´RIHEWER]LSYWILSPHQIQFIVEXXLIQSQIRXSJ XLIMHIRXM´GEXMSRSJXLIMRHI\GEWI%PPGLMPHVIRMRXLILSYWILSPHIWTIGMEPP] XLSWIEKIHYRHIV]IEVWWLSYPHFIEWWIWWIHJSV8&,MKLTVMSVMX]WLSYPHEPWS FIKMZIRXSGSRXEGXW[LSLEZI,-:MRJIGXMSRERHXLSWI[MXLSXLIVYRHIVP]MRK VMWOJEGXSVWJSV8&8LIHI´RMXMSRSJGSRXEGXWQE]FII\XIRHIHXSMRGPYHIMRHM ZMHYEPWMRGSRKVIKEXIWIXXMRKW IKXLI[SVOTPEGIWGLSSPWWSGMEPKEXLIVMRKW TVMWSRWLSWTMXEPWSXLIVLIEPXLJEGMPMXMIW MJTVSPSRKIHGSRXEGX[MXLERMRHI\ GEWILEWXEOIRTPEGI

 4VSGIWWSJGSRXEGXMRZIWXMKEXMSR 8LIMRHI\GEWIWLSYPHFIMRXIVZMI[IHEWWSSREWTSWWMFPIEJXIVHMEKRSWMWXS MHIRXMJ]GSRXEGXW8LIMRXIVZMI[WLSYPHEWE´VWXTVMSVMX]JSGYWSRXLILSYWI LSPHFYXXLIUYIWXMSRWWLSYPHGSZIVSXLIVIRZMVSRQIRXWEWQIRXMSRIHEFSZI -HIEPP]XLIMRXIVZMI[WLSYPHFIGSRHYGXIHF]ETIVWSRJEQMPMEV[MXLXLIGYPXYVI ERHXLIWIXXMRK;LIVIZIVTSWWMFPIELSQIZMWMXWLSYPHFIQEHIXSSFXEMRE GPIEVIVYRHIVWXERHMRKSJXLITEXMIRX«WGMVGYQWXERGIWERHXSGSR´VQXLIVIWYPXW SJXLIMRXIVZMI[ %PP MHIRXM´IH TVMSVMXM^IH GSRXEGXW SJ XLI MRHI\ GEWI WLSYPH FI MRWXVYGXIH XS GSQIXSXLILIEPXLJEGMPMX]JSVIZEPYEXMSR8LIMHIRXM´IHGSRXEGXWWLSYPHFI PMWXIH MJ XLI] HS RSX ETTIEV JSV IZEPYEXMSR E LSQI SV SXLIV WIXXMRK  ZMWMX WLSYPHFIQEHI%WETVMSVMX]IZIV]IJJSVXWLSYPHFIQEHIXSEWWIWWGLMPHVIR ERHTISTPIPMZMRK[MXL,-:%-(7SVXLSWI[MXLSXLIVGSRHMXMSRWERHWMXYEXMSRW EWWSGMEXIH[MXLERMRGVIEWIHVMWOSJ8&%JXIVPMWXMRKXLIGSRXEGXWXLIVIWYPXWSJ XLIMVEWWIWWQIRXWLSYPHFIVIGSVHIH 8LITVSGIHYVIJSVWGVIIRMRK8&GSRXEGXWWLSYPHFIGPIEVP]HI´RIH8LIIZEPY EXMSRQE]FIPMQMXIHXSHIXIVQMRMRK[LIXLIVXLIGSRXEGXLEWW]QTXSQWXLEX QE]WYKKIWX8&%WEQMRMQYQEPPEHSPIWGIRXERHEHYPX8&GSRXEGXWWLSYPHFI EWOIH[LIXLIVXLI]LEZIETIVWMWXMRKGSYKL "[IIOW 7TYXYQWQIEVI\EQM REXMSRWWLSYPHFIGEVVMIHSYXSRXLSWI[MXLETIVWMWXIRXGSYKL%PPGLMPHVIRERH 40,-:WLSYPHFIQSVIXLSVSYKLP]EWWIWWIHJSV8&MRGPYHMRKSJI\XVETYPQSREV] WMXIW

 4VSZMWMSRSJXVIEXQIRX *SYVMQTSVXERXGSRWMHIVEXMSRWWLSYPHFIXEOIRMRXSEGGSYRX[LIRTVSZMHMRK XVIEXQIRX M  %R]GSRXEGXMHIRXM´IHEWLEZMRKEGXMZI8&WLSYPHFIVIKMWXIVIHERHXVIEXIH MRPMRI[MXLXLI284TSPMG]



%,%2(&33/*362%8-32%08&'328630463+6%11)7

MM  'LMPHVIREKIHYRHIV]IEVW[LSEVIGPSWIGSRXEGXWERH[LSHSRSXLEZI IZMHIRGI SJ 8& WLSYPH FI W]WXIQEXMGEPP] XVIEXIH [MXL MWSRME^MH GLIQS TVSTL]PE\MWQKOKHEMP]JSVWM\QSRXLW MMM 'LMPHVIREKIH]IEVWERHEFSZI[LSEVIMRKSSHLIEPXLHSRSXVIUYMVI GLIQSTVSTL]PE\MWFYXWLSYPHFIJSPPS[IHYTSREGPMRMGEPFEWMW MZ 40,-:[LSEVIGPSWIGSRXEGXWSJERMRJIGXMSYWMRHI\GEWIERH[LSHSRSX LEZIIZMHIRGISJ8&WLSYPHFIXVIEXIH[MXLMWSRME^MHQKHE]JSV¦ QSRXLW

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

 1SRMXSVMRK 8LIMQTPIQIRXEXMSRSJ8&GSRXEGXMRZIWXMKEXMSREGXMZMXMIWVIUYMVIWEQSRMXSVMRK ERHIZEPYEXMSRW]WXIQXSTVSZMHIMRJSVQEXMSRSR M XLITVSGIWWSJ8&GSRXEGX MRZIWXMKEXMSR MM XLI]MIPHSJ8&GSRXEGXWGVIIRMRKERH MMM XLIEGXMZMXMIWERH QSRMXSVMRKSJ-48%QSHIPSJVIKMWXIVJSVGSRXEGXWMWTVSTSWIHMRXLI;,3 VIGSVHMRKERHVITSVXMRKW]WXIQ

 8YFIVGYPSWMWERHMRXIVREXMSREPEMVXVEZIP 8VERWQMWWMSR SJ 1 XYFIVGYPSWMW MRJIGXMSR QE] SGGEWMSREPP] SGGYV MR TEWWIR KIVWWIEXIHMRGPSWITVS\MQMX]XSERMRJIGXMSYW8&TEXMIRXSRFSEVHEREMVGVEJX HYVMRKTVSPSRKIHµMKLXW µMKLXWI\GIIHMRKLSYVW -RRSGEWILEWEGXMZI8& FIIRVITSVXIHWYFWIUYIRXP]EQSRKWYGLGSRXEGXW8LIVMWOSJMRJIGXMSRHYV MRKTVSPSRKIHEMVXVEZIPMWIWXMQEXIHXSFIWMQMPEVXS SVPIWWXLER XLIVMWOMR SXLIVGSRKVIKEXIWIXXMRKW*SPPS[MRKERMRGMHIRXMRZSPZMRKTSWWMFPII\TSWYVI XSERMRJIGXMSYW8&GEWISREPSRKLEYPµMKLXGSRXEGXMRZIWXMKEXMSRWEVIVIG SQQIRHIHJSVXLITEWWIRKIVWWIEXIHMRXLIWEQIVS[ERHMRXLIX[SVS[W MRJVSRXERHXLIX[SVS[WFILMRHXLIMRHI\GEWI MI´ZIVS[W ERHEMVGVI[ [SVOMRKMRXLIWEQIGEFMREVIE;,3LEWTYFPMWLIHKYMHIPMRIWSRTVSGIHYVIW ERHVIWTSRWMFMPMXMIWJSVXLITVIZIRXMSRERHGSRXVSPSJ8&EWWSGMEXIH[MXLEMV XVEZIP WIIFIPS[ 

'328%'8-2:)78-+%8-32



;,3KYMHIPMRIW +YMHERGIJSVREXMSREPXYFIVGYPSWMWTVSKVEQQIWSRXLIQEREKIQIRXSJXYFIVGYPSWMWMR GLMPHVIR+IRIZE;SVPH,IEPXL3VKERM^EXMSR ;,3,818&  8YFIVGYPSWMW ERH EMV XVEZIP KYMHIPMRIW JSV TVIZIRXMSR ERH GSRXVSP VH IH +IRIZE ;SVPH ,IEPXL 3VKERM^EXMSR  ;,3,818& EZEMPEFPI EX LXXT[[[ [LSMRXXFTYFPMGEXMSRW;,3C,81C8&CCIRKTHJ 

/I]VIJIVIRGIW &E]SRE.IXEP'SRXEGXMRZIWXMKEXMSRWEWEQIERWSJHIXIGXMSRERHXMQIP]XVIEXQIRX SJTIVWSRW[MXLMRJIGXMSYWQYPXMHVYKVIWMWXERXXYFIVGYPSWMW-RXIVREXMSREP.SYVREPSJ 8YFIVGYPSWMWERH0YRK(MWIEWI  ¦ &I]IVW2IXEP%TVSWTIGXMZIIZEPYEXMSRSJGLMPHVIRYRHIVXLIEKISJ]IEVWPMZMRKMR XLIWEQILSYWILSPHEWEHYPXW[MXLVIGIRXP]HMEKRSWIHTYPQSREV]XYFIVGYPSWMW-RXIV REXMSREP.SYVREPSJ8YFIVGYPSWMWERH0YRK(MWIEWI   'PEIWWIRW2.1IXEP,MKLJVIUYIRG]SJXYFIVGYPSWMWMRLSYWILSPHWSJMRHI\8&TEXMIRXW -RXIVREXMSREP.SYVREPSJ8YFIVGYPSWMWERH0YRK(MWIEWI  ¦ (VMZIV'6IXEP8VERWQMWWMSRSJ1]GSFEGXIVMYQXYFIVGYPSWMWEWWSGMEXIH[MXLEMVXVEZIP .SYVREPSJXLI%QIVMGER1IHMGEP%WWSGMEXMSR¦ )GOLSJJ'8)ZEPYEXMSRSJEGPMRMGEPMRHI\EQSRKEHYPXGSRXEGXWSJGLMPHVIR[MXLXYFIV GYPSWMW MR VYVEP ,EMXM -RXIVREXMSREP .SYVREP SJ 8YFIVGYPSWMW ERH 0YRK (MWIEWI    ¦ )XOMRH7':IIR.8LIVSPISJGSRXEGXXVEGMRKMRPS[ERHLMKLTVIZEPIRGIGSYRXVMIW-R 6EZMKPMSRI1'IH6IMGLQERERH,IVWL´IPH«WXYFIVGYPSWMWEGSQTVILIRWMZIMRXIVRE XMSREPETTVSEGLVHIH2I[=SVO-RJSVQE,IEPXLGEVI97%-RG¦ /IR]SR8%IXEP8VERWQMWWMSRSJQYPXMHVYKVIWMWXERX1]GSFEGXIVMYQXYFIVGYPSWMWHYVMRK EPSRKEMVTPERIµMKLX2I[)RKPERH.SYVREPSJ1IHMGMRI¦ 6IMGLPIV16IXEP8YFIVGYPSWMWGSRXEGXMRZIWXMKEXMSRW-RXIVREXMSREP.SYVREPSJ8YFIV GYPSWMWERH0YRK(MWIEWI  7¦7 6MIHIV,'SRXEGXWSJXYFIVGYPSWMWTEXMIRXWMRLMKLMRGMHIRGIGSYRXVMIW-RXIVREXMSREP .SYVREPSJ8YFIVGYPSWMWERH0YRK(MWIEWI  7¦7 >EGLEVMEL6IXEP4EWWMZIZIVWYWEGXMZIXYFIVGYPSWMWGEWI´RHMRKERHMWSRME^MHTVI ZIRXMZIXLIVET]EQSRKLSYWILSPHGSRXEGXWMREVYVEPHMWXVMGXSJ1EPE[M-RXIVREXMSREP .SYVREPSJ8YFIVGYPSWMWERH0YRK(MWIEWI  ¦



 -RJIGXMSRGSRXVSPMR LIEPXLGEVIWIXXMRKW

*

SPPS[MRKXLIMRXVSHYGXMSRSJWLSVXGSYVWIGLIQSXLIVET]MRXLIWQIEW YVIWXSMQTVSZIMRJIGXMSRGSRXVSPMRLIEPXLGEVIWIXXMRKWVIGIMZIHVIPEXMZIP] PS[TVMSVMX]+MZIRXLIVETMHWXIVMPM^MRKIJJIGXSJVMJEQTMGMRXLIMWSPEXMSRSJMRJIG XMSYW8&TEXMIRXWJVSQSXLIVLSWTMXEPTEXMIRXWERHJVSQXLIGSQQYRMX][EWRS PSRKIVGSRWMHIVIHMQTSVXERX%WEVIWYPX8&MWSPEXMSR[EVHW[IVIHMWGSRXMR YIHERHQIEWYVIWWYGLEWGSYKLL]KMIRIERH[IEVMRKSJWYVKMGEPQEWOWF] MRJIGXMSYWTEXMIRXW[IVIRSPSRKIVIRGSYVEKIH8LIVMWOSJMRJIGXMSRJSVLIEPXL [SVOIVW[EWRSXXLSYKLXXSVIUYMVIER]WTIGM´GTSPMG]SVTVIZIRXMZIQIEWYVIW I\GITXJSVPEFSVEXSV]WXEJJHIEPMRK[MXLGYPXYVIERH(78SJ1XYFIVGYPSWMW

8LIMRGVIEWMRKMQTSVXERGISJHVYKVIWMWXERX8&EW[IPPEWXLIMQTEGXSJ,-: MRJIGXMSR LEW PIH XS E VIETTVEMWEP SJ XLI MQTSVXERGI SJ MRJIGXMSR GSRXVSP MR LIEPXLGEVIERHSXLIVGSRKVIKEXIWIXXMRKW8LITVIWIRGISJQER],-:MRJIGX IH ERH MQQYRSGSQTVSQMWIH TEXMIRXW TPYW LIEPXLGEVI [SVOIVW MR LSWTMXEPW XSKIXLIV[MXLXLIEFWIRGISJETTVSTVMEXIMRJIGXMSRGSRXVSPTSPMG]ERHTVEGXMGI GVIEXIW E JEZSYVEFPI IRZMVSRQIRX JSV XVERWQMWWMSR ERH WTVIEH SJ 8& EQSRK LSWTMXEPTEXMIRXWLSWTMXEP[SVOIVWERHXLIGSQQYRMX]8LIVIMWXLIVIJSVIER YVKIRXRIIHXSVIJSGYWEXXIRXMSRSR8&MRJIGXMSRGSRXVSPTEVXMGYPEVP]MRLMKL VMWOWIXXMRKW



6MWOSJXVERWQMWWMSRSJXYFIVGYPSWMWMRLIEPXLGEVIWIXXMRKW

,IEPXLGEVI[SVOIVWEVIEXQYGLLMKLIVVMWOSJ8&MRJIGXMSRERHHMWIEWIGSQ TEVIH[MXLXLIKIRIVEPTSTYPEXMSR-RLIEPXLGEVIWIXXMRKWSXLIVRSRQIHMGEP WXEJJQE]EPWSFIEXVMWOXLVSYKLGSRXEGX[MXLMRJIGXMSYWWSYVGIW1IEWYVIWXS GSRXVSPMRJIGXMSREVIRIIHIHMREPPWIXXMRKW[LIVIXLIVIMWEWMKRM´GERXVMWOSJ XVERWQMWWMSRSJ8&MRJIGXMSR8LIWIWIXXMRKWMRGPYHIKIRIVEPLIEPXLJEGMPMXMIW [LIVITEXMIRXW[MXLGSYKLERHMR[LSQTYPQSREV]8&LEWFIIRHMEKRSWIHEVI MRGPSWIGSRXEGX[MXLLIEPXLWXEJJERHSXLIVWMREGVS[HIHERHTSSVP]ZIRXMPEXIH IRZMVSRQIRX ;EMXMRKVSSQW SVGSVVMHSVW [LIVITEXMIRXWERHEGGSQTER]MRKTISTPIMRGPYH MRKGLMPHVIR[EMXXSVIGIMZIQIHMGEPGEVIEVISJXIREVIEWSJTEVXMGYPEVVMWO-R LSWTMXEPWXLIVMWOSJXVERWQMWWMSRMWVIPEXMZIP]LMKLIWTIGMEPP]MRTYPQSREV] HMWIEWI[EVHW8LIVMWOSJWTVIEHMRGVIEWIW[LIRXLITVIZEPIRGISJ,-:MRXLI

-2*)'8-32'328630-2,)%08,'%6)7)88-2+7



GSRXEGXW WXEJJERHSXLIVTEXMIRXW MWLMKL0EFSVEXSVMIWTEVXMGYPEVP]XLSWIGEV V]MRKSYX1XYFIVGYPSWMWGYPXYVITVSGIHYVIWEVIEPWSLMKLVMWOEVIEW3XLIV LMKLVMWOWIXXMRKWMRGPYHIMRWXMXYXMSRWWYGLEWNEMPWTVMWSRWERHHIXIRXMSRGIR XVIWERHHVYKVILEFMPMXEXMSRGIRXVIW3XLIVWMXYEXMSRWWYGLEWIRGPSWIHIRZM VSRQIRXWHYVMRKTVSPSRKIHXVEZIPQE]VIUYMVIWTIGMEPEXXIRXMSR 8LIVIEVIWTIGM´GWXVEXIKMIWXSEHHVIWWMRJIGXMSRGSRXVSPFYXXLIQEMRMRJIGXMSR GSRXVSPQIEWYVIMWXLITVSTIVSVKERM^EXMSRERHMQTPIQIRXEXMSRSJGEWIHIXIG XMSRTVSGIHYVIW4EXMIRXWVIGIMZMRKEHIUYEXIXVIEXQIRXEVIVETMHP]VIRHIVIH RSRMRJIGXMSYW

 -RJIGXMSRGSRXVSPWXVEXIKMIW 8LIXLVIIPIZIPWSJ8&MRJIGXMSRGSRXVSPEVI[SVOTPEGIERHEHQMRMWXVEXMZI QER EKIVMEP GSRXVSPQIEWYVIWIRZMVSRQIRXEPGSRXVSPQIEWYVIWERHTIVWSREPTVS XIGXMZIIUYMTQIRX VIWTMVEXSV]TVSXIGXMSR )EGLPIZIPSTIVEXIWEXEHMJJIVIRX TSMRXMRXLIXVERWQMWWMSRTVSGIWW ˆ [SVOTPEGIERHEHQMRMWXVEXMZIGSRXVSPQIEWYVIWVIHYGIXLII\TSWYVISJWXEJJ ERHTEXMIRXW ˆ IRZMVSRQIRXEPGSRXVSPQIEWYVIWVIHYGIXLIGSRGIRXVEXMSRSJMRJIGXMSYWHVST PIXRYGPIM ˆ TIVWSREPTVSXIGXMZIIUYMTQIRX VIWTMVEXSV]TVSXIGXMSR TVSXIGXWWXEJJMRWTI GM´GWIXXMRKW[LIVIXLIGSRGIRXVEXMSRSJHVSTPIXRYGPIMGERRSXFIEHIUYEXIP] VIHYGIHF]EHQMRMWXVEXMZIERHIRZMVSRQIRXEPGSRXVSPQIEWYVIW 

8PSLQMBDFBOEBENJOJTUSBUJWFDPOUSPMNFBTVSFT

;SVOTPEGIERHEHQMRMWXVEXMZIGSRXVSPQIEWYVIWLEZIXLIKVIEXIWXMQTEGXSR TVIZIRXMRK8&XVERWQMWWMSR8LI]WIVZIEWXLI´VWXPMRISJHIJIRGIJSVTVIZIRX MRKXLIWTVIEHSJ8&MRLIEPXLGEVIWIXXMRKW8LIKSEPWEVI M XSTVIZIRX8& I\TSWYVISJWXEJJERHTEXMIRXW ERH MM  XS VIHYGI XLI WTVIEH SJMRJIGXMSRF] IRWYVMRKVETMHERHVIGSQQIRHIHHMEKRSWXMGMRZIWXMKEXMSRERHXVIEXQIRXJSV TEXMIRXWERHWXEJJWYWTIGXIHSVORS[RXSLEZI8& 8LI´ZIGSQTSRIRXWSJKSSH[SVOTPEGIERHEHQMRMWXVEXMZIGSRXVSPEVI ˆ ERMRJIGXMSRGSRXVSPTPER ˆ EHQMRMWXVEXMZIWYTTSVXJSVTVSGIHYVIWGSRXEMRIHMRXLITPERMRGPYHMRKUYEP MX]EWWYVERGI ˆ XVEMRMRKSJLIEPXLGEVIERHSXLIVWXEJJ ˆ IHYGEXMSRSJTEXMIRXWERHMRGVIEWMRKGSQQYRMX]E[EVIRIWW ˆ GSSVHMREXMSRERHGSQQYRMGEXMSR[MXLXLI8&GSRXVSPTVSKVEQQI



%,%2(&33/*362%8-32%08&'328630463+6%11)7

)EGLJEGMPMX]WLSYPHLEZIE[VMXXIR8&MRJIGXMSRGSRXVSPTPER[MXLETVSXSGSPJSV XLITVSQTXVIGSKRMXMSRWITEVEXMSRTVSZMWMSRSJWIVZMGIWMRZIWXMKEXMSRJSV8& ERHVIJIVVEPSJTEXMIRXW[MXLWYWTIGXIHSVGSR´VQIH8&HMWIEWI%HIWMKREXIH MRJIGXMSR GSRXVSP SJ´GIV MW VIWTSRWMFPI JSV SZIVWIIMRK XLI MQTPIQIRXEXMSR SJ MRJIGXMSRGSRXVSPQIEWYVIWERHTVSZMHMRKMRJIGXMSRGSRXVSPXVEMRMRKJSVLIEPXL GEVIERHSXLIVWXEJJ[LSQE]FII\TSWIHXS8&MRJIGXMSR %PPWXEJJ[SVOMRKMREJEGMPMX]WLSYPHYRHIVWXERHXLIMQTSVXERGISJMRJIGXMSR GSRXVSPTSPMGMIWERHXLIMVVSPIMRMQTPIQIRXMRKXLIQ%WTEVXSJXVEMRMRKIEGL LIEPXLGEVI[SVOIVERHWXEJJQIQFIVMRGPYHMRKER]PE][SVOIVWWLSYPHVIGIMZI NSFGEXIKSV]WTIGM´GMRWXVYGXMSR8VEMRMRKWLSYPHFIGSRHYGXIHFIJSVIMRMXMEP EWWMKRQIRXERHGSRXMRYMRKIHYGEXMSRWLSYPHFITVSZMHIHXSEPPIQTPS]IIWERH ZSPYRXIIVWERRYEPP] 6IQMRHIVWXLEXLIEPXLGEVI[SVOIVWERHSXLIVWXEJJGERHIZIPST8&VIKEVHPIWW SJ TVIZMSYW MRJIGXMSR WXEXYW SV &'+ ZEGGMREXMSR WLSYPH FI KMZIR EW TEVX SJ ERRYEPVIXVEMRMRKSRMRJIGXMSRGSRXVSP7XEJJWLSYPHFIMRZIWXMKEXIHJSV8&JVII SJGLEVKIMJXLI]LEZIEGSYKLJSVX[S[IIOWSVPSRKIV8LIMRJIGXMSRGSRXVSP TPERWLSYPHPMWXHIWMKREXIHWXEJJQIQFIVWXSFIGSRXEGXIHXSMRMXMEXIGSR´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ˆ ZIRXMPEXMSR REXYVEPERHQIGLERMGEP  ˆ ´PXVEXMSR ˆ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

-2*)'8-32'328630-2,)%08,'%6)7)88-2+7



SRP]NYWXM´IHMJXLIVIMWJVIIEMVµS[SYXJVSQXLIVSSQXLVSYKLSTIR[MRHS[W (IWMKRMRK[EMXMRKEVIEWERHI\EQMREXMSRVSSQWXSQE\MQM^IREXYVEPZIRXMPEXMSR GERWMKRM´GERXP]VIHYGIXLIWTVIEHSJ8&-R[EVQGPMQEXIWSTIREMVWLIPXIVW [MXLEVSSJXSTVSXIGXTEXMIRXWJVSQWYRERHVEMREVIETTVSTVMEXI 2IKEXMZITVIWWYVIZIRXMPEXMSRMWERSXLIVQIXLSHYWIHXSTVIZIRXGSRXEQMREXIH EMVJVSQµ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´GMIRG]TEVXMGYPEXIEMV ,)4%  ´PXIVWQE]FIEYWIJYPEPXIVREXMZIXSQIGLERMGEPZIRXMPEXMSRVIUYMVMRKWXVYGXYVEP GLERKIW6SSQEMVGPIERIVW[MXL,)4%´PXIVWQE]FIJVIIWXERHMRKSVQE]FI TIVQERIRXP]EXXEGLIHXSµSSVWSVGIMPMRKWXSQMRMQM^IXEQTIVMRK'SVVIGXQEMR XIRERGISJXLI´PXIVMWIWWIRXMEP 9PXVEZMSPIXKIVQMGMHEPMVVEHMEXMSR1XYFIVGYPSWMWMWOMPPIHMJXLISVKERMWQWEVI I\TSWIHXSWYJ´GMIRXYPXVEZMSPIXKIVQMGMHEPMVVEHMEXMSR 9:+- ,S[IZIVIJJIG XMZIRIWWHITIRHWSRGPSWIGSRXEGX[MXLXLI9:PMKLXWSYVGIERHQE]FIPMQMXIH MJLYQMHMX]MWLMKL SZIV ERH[LIVIHYWXPIZIPWEVILMKL9:PMKLXWWLSYPH FIHMVIGXIHXSXLIGIMPMRKEWWSGMEXIH[MXLEHIUYEXIEMVµS[ERHVIKYPEVP]QEMR XEMRIH8LIQENSVGSRGIVRWEFSYXMREHIUYEXIP]MRWXEPPIHERHQEMRXEMRIH9:+- LEZIFIIREHZIVWIVIEGXMSRWWYGLEWEGYXIERHGLVSRMGWOMRERHI]IGLERKIW VIWYPXMRK JVSQ SZIVI\TSWYVI *SV XLIWI VIEWSRW ERH FIGEYWI SJ MREFMPMX] XS EWWIWWMXWIJJIGXMZIRIWWMR´IPHGSRHMXMSRW9:+-MWRSXKIRIVEPP]VIGSQQIRHIH EWEQIXLSHXSHMWMRJIGXVSSQEMVMRTEXMIRX[EVHW 

1FSTPOBMQSPUFDUJWFFRVJQNFOU SFTQJSBUPSZQSPUFDUJPO

4IVWSREPVIWTMVEXSV]TVSXIGXMSRMRZSPZIWXVEMRMRKMRXLIWIPIGXMSRERHYWISJ VIWTMVEXSVW6IWTMVEXSVWWLSYPHRSXFIVIPMIHYTSRXSTVSXIGXLIEPXLGEVI[SVO IVWJVSQMRLEPMRK1XYFIVGYPSWMWMRXLIEFWIRGISJWXERHEVH[SVOTPEGIERH IRZMVSRQIRXEPGSRXVSPW8LI]EVII\TIRWMZIVIUYMVIWTIGMEPM^IHIUYMTQIRXXS IRWYVITVSTIV´XERHEVISJXIRYREZEMPEFPIMRVIWSYVGIPMQMXIHWIXXMRKW8LIMV



%,%2(&33/*362%8-32%08&'328630463+6%11)7

YWIWLSYPHFIVIWXVMGXIHXSWTIGM´GLMKLVMWOEVIEWMRLSWTMXEPWERHVIJIVVEP GIRXVIWWYGLEWVSSQW[LIVIWTMVSQIXV]SVFVSRGLSWGST]EVITIVJSVQIHSV WTIGMEPM^IHXVIEXQIRXGIRXVIWJSVTEXMIRXW[MXL1(68&-JEVIWTMVEXSVMWRIIH IHE97%GIVXM´IH2 SVKVIEXIV SV)9GIVXM´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

;,3KYMHIPMRIW +YMHIPMRIWJSVXLITVIZIRXMSRSJXYFIVGYPSWMWMRLIEPXLGEVIJEGMPMXMIWMRVIWSYVGIPMQMXIH WIXXMRKW+IRIZE;SVPH,IEPXL3VKERM^EXMSR ;,3'(78&  +YMHIPMRIWJSVXLITVSKVEQQEXMGQEREKIQIRXSJHVYKVIWMWXERXXYFIVGYPSWMW+IRIZE ;SVPH,IEPXL3VKERM^EXMSR ;,3,818&  -RJIGXMSRTVIZIRXMSRERHGSRXVSPSJITMHIQMGTVSRIERHTERHIQMGTVSRIEGYXIVIWTMVE XSV]HMWIEWIWMRLIEPXLGEVI;,3-RXIVMQ+YMHIPMRIW+IRIZE;SVPH,IEPXL3VKERM ^EXMSR  ;,3'(7)46 EZEMPEFPI EX LXXT[[[[LSMRXGWVVIWSYVGIW TYFPMGEXMSRW;,3C'(7C)46CCGTHJEGGIWWIH*IFVYEV]  8YFIVGYPSWMWMRJIGXMSRGSRXVSPMRXLIIVESJI\TERHMRK,-:GEVIERHXVIEXQIRX¦%HHIR HYQ XS ;,3 +YMHIPMRIW JSV XLI TVIZIRXMSR SJ XYFIVGYPSWMW MR LIEPXL GEVI JEGMPMXMIW MR VIWSYVGIPMQMXIH WIXXMRKW +IRIZE ;SVPH ,IEPXL 3VKERM^EXMSR  ;,3,81 8& 

/I]VIJIVIRGIW &EWY 7 IX EP 4VIZIRXMSR SJ RSWSGSQMEP XVERWQMWWMSR SJ I\XIRWMZIP] HVYKVIWMWXERX XYFIVGYPSWMW MR VYVEP 7SYXL %JVMGER HMWXVMGX LSWTMXEPW ER ITMHIQMSPSKMGEP QSHIPPMRK WXYH]0ERGIX¦ +YMHIPMRIWJSVTVIZIRXMRKXLIXVERWQMWWMSRSJ1]GSFEGXIVMYQXYFIVGYPSWMWMRLIEPXL GEVIWIXXMRKW1SVFMHMX]ERH1SVXEPMX];IIOP]6ITSVX¦ EZEMPEFPI EXLXXT[[[GHGKSZQQ[V4(*VVVVTHJEGGIWWIH*IFVYEV]  )WGSQFI%3IWIV'1EVXMRI^'2EXYVEPZIRXMPEXMSRXSVIHYGIRSWSGSQMEPXVERWQMWWMSR SJXYFIVGYPSWMWERHSXLIVEMVFSVRIMRJIGXMSRW-RXIVREXMSREP.SYVREPSJ8YFIVGYPSWMWERH 0YRK(MWIEWI7¦7

-2*)'8-32'328630-2,)%08,'%6)7)88-2+7



4EM14VSXIGXMRKLIEPXLGEVI[SVOIVWJVSQXYFIVGYPSWMWMRXLIIVESJI\XIRWMZIP]HVYK VIWMWXERXXYFIVGYPSWMW2EXMSREP1IHMGEP.SYVREPSJ-RHME¦ 6ENMRMWL . IX EP 8YFIVGYPSWMW EQSRK LIEPXLGEVI [SVOIVW MR PS[ ERH QMHHPIMRGSQI GSYRXVMIWEW]WXIQEXMGVIZMI[4YFPMG0MFVEV]SJ7GMIRGI¦ 1IR^MIW(.SWLM64EM16MWOSJXYFIVGYPSWMWMRJIGXMSRERHHMWIEWIEWWSGMEXIH[MXL [SVOMRLIEPXLGEVIWIXXMRKW-RXIVREXMSREP.SYVREPSJ8YFIVGYPSWMWERH0YRK(MWIEWI ¦



 -WSRME^MHTVIZIRXMZIXLIVET]

4

VIZIRXMZIXLIVET]EPWSORS[REWGLIQSTVSTL]PE\MW[MXLMWSRME^MHVIHYGIW XLIVMWOSJ M E´VWXITMWSHISJ8&SGGYVVMRKMRTISTPII\TSWIHXSMRJIGXMSR SV[MXLPEXIRXMRJIGXMSRERH MM EVIGYVVIRXITMWSHISJ8&%PXLSYKLEPPTISTPI [MXLPEXIRX8&MRJIGXMSR[LSXEOIMWSRME^MHFIRI´XXLIKVIEXIWXVIHYGXMSRMR MRJIGXMSR MW SFWIVZIH MR ,-:RIKEXMZI TEXMIRXW ERH MR 878 ERH ,-:TSWMXMZI MRHMZMHYEPW ;,3 VIGSQQIRHW MWSRME^MH XEOIR EX E HEMP] HSWI SJ  QKOK QE\MQYQ QK JSVEXPIEWXWM\QSRXLWERHMHIEPP]JSVRMRIQSRXLW7LSVXIVVMJEQTMGMR GSRXEMRMRKVIKMQIRWLEZIWLS[RWMQMPEVIJ´GEG]GSQTEVIH[MXL¦QSRXLW SJMWSRME^MHQSRSXLIVET]FYXVMJEQTMGMRGSRXEMRMRKVIKMQIRWEVIQSVIPMOIP] XSFIHMWGSRXMRYIHFIGEYWISJEHZIVWIIJJIGXW-RGVIEWIHVEXIWSJLITEXSXS\MG MX]ERHHIEXLMR,-:YRMRJIGXIHMRHMZMHYEPWLEZIFIIRVITSVXIHJSVVIKMQIRW GSRXEMRMRKVMJEQTMGMRERHT]VE^MREQMHI,S[IZIVXLMWVMWOETTIEVWXSFIPMQ MXIHXS,-:YRMRJIGXIHMRHMZMHYEPWEWEVMKSVSYWVIEREP]WMWSJEPEVKIXVMEPSJ VMJEQTMGMRERHT]VE^MREQMHIMR,-:MRJIGXIHTEXMIRXWGSR´VQIHEREFWIRGISJ WIVMSYWXS\MGMX] 4VIZIRXMZIXLIVET]LEWFIIRYWIHQEMRP]JSVMXWFIRI´GMEPIJJIGXMRXLIMRHM ZMHYEP%XETSTYPEXMSRPIZIPQEXLIQEXMGEPQSHIPPMRKSJGSQQYRMX][MHITVI ZIRXMZIXLIVET]MRWIXXMRKW[MXLELMKLFYVHIRSJFSXL,-:ERH8&WYKKIWXWXLEX XLMWWXVEXIK]QE]GSRXVMFYXIXSEVIHYGXMSRMRXLIMRGMHIRGISJ8& 8LIMQTEGXSJTVIZIRXMZIXLIVET]TVSKVEQQIWSRXLIIQIVKIRGISJHVYKVIWMW XERGIMWRSX]IXORS[R0MQMXIH´RHMRKWHSRSXI\GPYHIERMRGVIEWIHVMWOSJ MWSRME^MHVIWMWXERX8&EJXIV-48 8LI QEMR KVSYTW JSV TVIZIRXMZI XLIVET] YRHIV TVSKVEQQEXMG GSRHMXMSRW EVI XLSWIEXQSWXVMWOSJTVSKVIWWMRKXS8&HMWIEWI8LIWIEVI M 40,-: MM MRJERXW ERHGLMPHVIR[LSEVIGSRXEGXWSJ8&TEXMIRXWERH MMM VIGIRX878GSRZIVXIVW WMRGIXLIVMWOSJHIZIPSTMRKEGXMZI8&MWMRGVIEWIHMRXLI´VWXJI[]IEVW



-WSRME^MHTVIZIRXMZIXLIVET]MRGLMPHVIR

7II'LETXIV

-732-%>-(46):)28-:)8,)6%4=



 -WSRME^MHTVIZIRXMZIXLIVET]MRVIGIRX878GSRZIVXIVW 8VIEXQIRX[MXLMWSRME^MHSJ878TSWMXMZIMRHMZMHYEPWPMZMRKMRWIXXMRKW[MXLLMKL TVIZEPIRGISJ8&MWLMKLP]IJ´GEGMSYWMRVIHYGMRKXLIVMWOSJHIZIPSTMRKEGXMZI 8&4VIZIRXMZIXLIVET]MWXLIVIJSVIVIGSQQIRHIHJSV878TSWMXMZIMRHMZMHYEPW [LSHSRSXLEZIEGXMZI8& 878QE]RSXMHIRXMJ]VIGIRXP]MRJIGXIHGSRXEGXWIWTIGMEPP]GLMPHVIRERHQE] RSXFITSWMXMZIMRTISTPI[MXL1XYFIVGYPSWMWERH,-:GSMRJIGXMSRFIGEYWISJ VIHYGIHMQQYRIVIWTSRWMZIRIWW878QE]EPWSFIRIKEXMZIMRETTVS\MQEXIP]  SJ,-:RIKEXMZITISTPI[MXLEGXMZI8&



-WSRME^MHTVIZIRXMZIXLIVET]MRTISTPIPMZMRK[MXL,-:

8LIVMWOSJ8&MRMRHMZMHYEPWMRJIGXIH[MXLFSXL1XYFIVGYPSWMWERH,-:MWQYGL LMKLIVXLERJSVXLSWI[MXLSYX,-:MRJIGXMSREX¦ VMWOTIV]IEVERH¦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ˆ TISTPIPMZMRKMRTSTYPEXMSRW[MXLELMKLTVIZEPIRGISJ1XYFIVGYPSWMWMRJIG XMSR IWXMQEXIHXSFI"  ˆ LIEPXLGEVI[SVOIVW ˆ LSYWILSPHGSRXEGXWSJ8&TEXMIRXW ˆ TVMWSRIVW ˆ QMRIVW ˆ SXLIVWIPIGXIHKVSYTWEXLMKLVMWOSJEGUYMVMRKSVXVERWQMXXMRK8& 8&ERH,-:GSRXVSPTVSKVEQQIWWLSYPHGSPPEFSVEXIXSIRWYVITVSZMWMSRSJ-48 EWTEVXSJXLITEGOEKISJGEVIJSV40,-:[LIREGXMZI8&LEWFIIRI\GPYHIHERH MRJSVQEXMSREFSYX-48WLSYPHFIQEHIEZEMPEFPIXSEPP40,-:7MRGI40,-:EVI YWYEPP]MRGSRXEGX[MXLLIEPXLGEVIWIVZMGIWXLIVIEVISTTSVXYRMXMIWXSTVSZMHI -48ERHIRGSYVEKIEHLIVIRGI



%,%2(&33/*362%8-32%08&'328630463+6%11)7

%PPTISTPIEXXIRHMRK,-:GSYRWIPPMRKERHXIWXMRKWLSYPHFIEWOIH[LIXLIVXLI] LEZIEGSYKLERHSXLIVW]QTXSQWWYGLEWJIZIVSV[IMKLXPSWWXLSWI[LSHS WLSYPHFIWGVIIRIHJSV8&8LSWIJSYRHXSLEZI8&WLSYPHFIVIKMWXIVIHERH XVIEXIHF]XLI8&GSRXVSPTVSKVEQQI'
Loading...

Implementing the Stop TB Strategy: a handbook for - Challenge TB

IMPLEMENTING THE STOP TB STRATEGY A handbook for national tuberculosis control programmes -QTPIQIRXMRKXLI ;,37XST8&7XVEXIK] %,%2(&33/*362%8...

1MB Sizes 2 Downloads 10 Views

Recommend Documents

The Stop TB Strategy - World Health Organization
II. The Stop TB Strategy at a glance. 6. III. Vision, goal, objectives, targets and indicators. 7. IV. The six principal

Doc. Pochette FR TB+HIV - Stop TB Partnership
relatives à la permission de reproduire ou de traduire des publications de l'OMS – que ce soit pour la vente ou une ....

Innovative Chest X-ray solutions supporting TB - Stop TB Partnership
Nov 13, 2012 - Chest radiography: ▫ sensitive at reduced specificity, requires films, chemicals and expertise for accu

TBCAP Project - Malawi - Challenge TB
Nov 7, 2013 - (MOH) to meet its TB program goals through the use of the Directly Observed Treatment,. Short-course chemo

TB Anak : TB Indonesia
Anak dengan infeksi TB saat ini menunjukkan sumber penyakit TB di masa depan. Beban kasus TB Anak di dunia tidak ... Sis

here [.pdf] - Stop TB Partnership
Nov 14, 2010 - Eva Moya (USA) e-mail: [email protected] 10:40-10:55 Building partnerships to bring NGOs on board and harn

Global Plan to End TB - Stop TB Partnership
Nov 30, 2015 - Investment requirements to achieve the. 90-(90)-90 targets .... Glossary. Active TB disease an illness in

TB Policies in 29 Countries - Stop TB Partnership
Delamanid for children/ adolescent MDR-TB treatment. (Interim policy guidance). • Treatment of. DS-TB and patient care

Mycobacteriology Laboratory Manual - Stop TB Partnership
and DST reports. • Specimen Transfer Form, Appendix A. • Study Source Document, Appendix B. • QA/QC records. All o

CDC | TB | Basic TB Facts - TB Personal Stories | Kenni's Story
Mar 7, 2013 - “At the ER, a physician assistant saw something on my chest x-ray that looked like a big white cloud, an