Professional Documents
Culture Documents
(GLWRULDO%RDUG
(GLWRULQ&KLHI
0U5DMLY$JDUZDO,$65HWG
'LUHFWRU*HQHUDO$,,/6*
(GLWRU
0V8WNDUVKD.DYDGL
'LUHFWRU5&8(6RI$,,/6*0XPEDL
(GLWRULDO%RDUG0HPEHUV
'U6QHKDODWD'HVKPXNK
)RUPHU9LFH&KDQFHOORU8QLYHUVLW\RI0XPEDL0XPEDL
'U-RRS:GHZLW
6HQLRU/HFWXUHU,QVWLWXWHRI6RFLDO6WXGLHVWKH+DJXHWKH1HWKHUODQGV
0U$MLWNXPDU-DLQ,$65HWG
,QIRUPDWLRQ&RPPLVVLRQHU6WDWH*RYHUQPHQWRI0DKDUDVKWUD0XPEDL
0UV0DQLVKD0KDLVNDU,$6
3ULQFLSDO6HFUHWDU\8UEDQ'HYHORSPHQW*RYHUQPHQWRI0DKDUDVKWUD ([RIILFLR&KDLUPDQ5&8(6$GYLVRU\
&RPPLWWHH
'U'LQHVK0HKWD
3URIHVVRU(PHULWXV&(378QLYHUVLW\$KPHGDEDG
'U9LEKXWL3DWHO
&KDLUSHUVRQ 3URIHVVRU$GYDQFHG&HQWUHIRU:RPHQ¶V6WXGLHV6FKRRORI'HYHORSPHQW6WXGLHV7DWD,QVWLWXWHRI
6RFLDO6FLHQFHV'HRQDU0XPEDL
'U9DQGDQD'HVDL
6HQLRU/HFWXUHULQ'HYHORSPHQW6WXGLHVDQG'LUHFWRU0$0VF'HYHORSPHQWDQG(QYLURQPHQW'HSDUWPHQWRI
*HRJUDSK\5R\DO+ROORZD\8QLYHUVLW\RI/RQGRQ8.
0U99LMD\NXPDU
6U$GYLVRU$,,/6*3XQH
7KH8UEDQ:RUOG4XDUWHUO\3XEOLFDWLRQRI5HJLRQDO&HQWUHIRU8UEDQDQG
(QYLURQPHQWDO6WXGLHVRI$OO,QGLD,QVWLWXWHRI/RFDO6HOI*RYHUQPHQW0XPEDL
2FWREHU'HFHPEHU
)RU&RQWDFW
0V8WNDUVKD.DYDGL
'LUHFWRU
5HJLRQDO&HQWUHIRU8UEDQ (QYLURQPHQWDO6WXGLHVRI
$OO,QGLD,QVWLWXWHRI/RFDO6HOI*RYHUQPHQW
015R\+XPDQ'HYHORSPHQW&DPSXV3ORW1Rµ)¶%ORFN
2SS*RYHUQPHQW&RORQ\%OGJ1R7365RDG1R%.&
%DQGUD(DVW0XPEDL,QGLD
7HO
)D[
(PDLOUFXHVGLUHFWRU#JPDLOFRPXWNDUVKDNDYDGL#\DKRRFRP
3XEOLVKHGE\
0U5DMLY$JDUZDO,$65HWG
'LUHFWRU*HQHUDO
$OO,QGLD,QVWLWXWHRI/RFDO6HOI*RYHUQPHQW
015R\+XPDQ'HYHORSPHQW&DPSXV3ORW1Rµ)¶%ORFN
2SS*RYHUQPHQW&RORQ\%OGJ1R7365RDG1R%.&
%DQGUD(DVW0XPEDL,QGLD
7HO
)D[
(PDLOGJ#DLLOVJRUJ
:HEVLWHZZZDLLOVJRUJ
7KH RSLQLRQV H[SUHVVHG LQ WKH DUWLFOHV SUHVHQWDWLRQV KHUHLQ DUH WKRVH RI WKH
DXWKRUV7KH\GRQRWUHIOHFWWKHRSLQLRQVRIWKH5HJLRQDO&HQWUHIRU8UEDQDQG
(QYLURQPHQWDO6WXGLHV$OO,QGLD,QVWLWXWHRI/RFDO6HOI*RYHUQPHQW0XPEDL
0LQLVWU\RI+RXVLQJDQG8UEDQ$IIDLUV*RYHUQPHQWRI,QGLDRU3XEOLVKHU
3ULQWHGDW&RS\WURQLFV%DQGUD(0XPEDL
7KH8UEDQ:RUOG 9ROXPH
4XDUWHUO\3XEOLFDWLRQRI WKH 1R
5HJLRQDO&HQWUHIRU8UEDQDQG(QYLURQPHQWDO6WXGLHVRI 2FWREHU'HFHPEHU
$OO,QGLD,QVWLWXWHRI /RFDO6HOI*RYHUQPHQW
0XPEDL
&RQWHQWV
z
Y¼±8
z bÇbb¼n,Á±´n±8´¼±ÁO¼Á±b8|8±8´|¼±8 ~·
±¡2F|Á¼(8¼bV
|8±b±´?(±nb´´±V
ÏYÇ8ObY
b¼±bn±3b°´+¼ÁYb´V
+O|nbÇbb¼+¼ÁYb´V
,8¼8´¼¼Á¼bn+O8+ObOb´Vb8±VÁF8¡
z t±8¼8Yb8¼|
8±b g~À
±¡+Á8¼8
|8Ç8V
Ï´´´¼8¼(±nb´´±V
ÏYÇ8ObY
b¼±bn±3b°´+¼ÁYb´V
,8¼8´¼¼Á¼bn+O8+ObOb´,++VÁF8¡
z ϱ(Á¼8OOÁ¼n2b|OÁ8±
´´´8Y |8±8¼+¼8tb +±´ ½~¸
nn±¼´n±Y8¼F±b8¼|b8´Ê
8Í88|bY ¡|8
ÏYÇ´±V-±F8?bt8+b±ÇOb´V
ÏY8´¼¼Á¼bnO8+bn~Çb±b¼¡
z +¼8¼Á´n8Y8YO8¼´UÏn¼b±
Çb±´n8Y¼~Ït±OÁ¼Á±b ·~ÀÎ
*8´|V
*b´b8±O|Ï´´O8¼bV
*bt8
b¼±bn±-±F88Y
DZb¼8+¼ÁYb´V
ÏY8´¼¼Á¼bnO8+bnÇb±b¼VÁF8
)RU&RQWDFW
0V8WNDUVKD.DYDGL
'LUHFWRU
5HJLRQDO&HQWUHIRU8UEDQ (QYLURQPHQWDO6WXGLHVRI
$OO,QGLD,QVWLWXWHRI/RFDO6HOI*RYHUQPHQW
015R\+XPDQ'HYHORSPHQW&DPSXV3ORW1Rµ)¶%ORFN
2SS*RYHUQPHQW&RORQ\%OGJ1R7365RDG1R%.&
%DQGUD(DVW0XPEDL,QGLD
7HO
)D[
(PDLOUFXHVGLUHFWRU#JPDLOFRPXWNDUVKDNDYDGL#\DKRRFRP
(GLWRULDO
ƵƌďǀĞŚŝĐƵůĂƌĞŵŝƐƐŝŽŶƐĨŽƌĐůĞĂŶĞƌĐŝƚLJĂŝƌ
ŵŽŶŐƚŚĞƚǁĞŶƚLJŵŽƐƚƉŽůůƵƚĞĚĐŝƚŝĞƐŝŶƚŚĞǁŽƌůĚ͕ƚŚŝƌƚĞĞŶĂƌĞĨƌŽŵ/ŶĚŝĂ͕ƐƚĂƚĞƐĂt,K
ƌĞƉŽƌƚ;ϮϬϭϰͿ͘WDϮ͘ϱĂŶĚWDϭϬ;ĂŝƌďŽƌŶĞƉĂƌƚŝĐƵůĂƚĞŵĂƚƚĞƌŽĨĚŝĂŵĞƚĞƌůĞƐƐƚŚĂŶϮ͘ϱŵŝĐƌŽŶƐ
ĂŶĚϭϬŵŝĐƌŽŶƐƌĞƐƉĞĐƚŝǀĞůLJͿůĞǀĞůƐŝŶƚŚĞĂŵďŝĞŶƚĂŝƌŝŶŵŽƐƚĐŝƚŝĞƐǁŚŝĐŚŵŽŶŝƚŽƌĂŝƌƋƵĂůŝƚLJŝƐ
ǁĂLJďĞLJŽŶĚΖƐĂĨĞΖůĞǀĞůƐƉƌĞƐĐƌŝďĞĚďLJt,K͘/ŶĂĚĚŝƚŝŽŶ͕ƚŚĞŚŝŐŚƉƌĞǀĂůĞŶĐĞŽĨ^KϮĂŶĚEKϮŝŶ
ƚŚĞĂŝƌƉƵƚƐƉĞŽƉůĞĂƚƐĞǀĞƌĞĂĚĚŝƚŝŽŶĂůŚĞĂůƚŚƌŝƐŬƐ͘sĞŚŝĐƵůĂƌƉŽůůƵƚŝŽŶŝƐĂŵĂũŽƌĐŽŶƚƌŝďƵƚŽƌƚŽ
ƉŽŽƌĂŝƌƋƵĂůŝƚLJŝŶŽƵƌĐŝƚŝĞƐ͘
tŚŝůĞ/ŶĚŝĂŝƐƚŚĞƚŽƉƚǁŽͲǁŚĞĞůĞƌƉƌŽĚƵĐĞƌŝŶƚŚĞǁŽƌůĚǁŝƚŚĂŶŶƵĂůƐĂůĞƐŽĨŽǀĞƌϭϳŵŝůůŝŽŶ
ƵŶŝƚƐ;ŽǀĞƌϰϴϬϬϬƵŶŝƚƐĞĂĐŚĚĂLJͿ͕ŝƚƐƉĂƐƐĞŶŐĞƌĐĂƌƐĂůĞƐĂƌĞƋƵŝƚĞŵŽĚĞƐƚŚĂǀŝŶŐƌĞĂĐŚĞĚϯ
ŵŝůůŝŽŶĂŶŶƵĂůůLJ͘^ĞǀĞƌĂůĐŽƵŶƚƌŝĞƐƐĞůůŵƵĐŚůĂƌŐĞƌƋƵĂŶƚŝƚŝĞƐŽĨĐĂƌƐ͘,ŽǁĞǀĞƌ͕ƚŚĞƉƌŽďůĞŵŽĨ
ǀĞŚŝĐƵůĂƌĞŵŝƐƐŝŽŶƐŝŶ/ŶĚŝĂŝƐƉĂƌƚŝĐƵůĂƌůLJƐĞǀĞƌĞĚƵĞƚŽĂŶƵŵďĞƌŽĨĨĂĐƚŽƌƐ͘WůLJŝŶŐŽĨǀĞƌLJŽůĚ
ǀĞŚŝĐůĞƐ;ǁŝƚŚŽůĚĞƌĞŶŐŝŶĞƚĞĐŚŶŽůŽŐLJͿ͕ƉŽŽƌůLJŵĂŝŶƚĂŝŶĞĚĞŶŐŝŶĞƐ͕ůĂdžĞŶĨŽƌĐĞŵĞŶƚŽĨĞŵŝƐƐŝŽŶ
ůĂǁƐ ŽŶ ŶŽŶͲĐŽŵƉůŝĂŶƚ ǀĞŚŝĐůĞƐ͕ ĂĚƵůƚĞƌĂƚĞĚ ĨƵĞůƐ͕ ƉŽŽƌ ƌŽĂĚ ĐŽŶĚŝƚŝŽŶƐ͕ ƚƌĂĨĨŝĐ ĐŽŶŐĞƐƚŝŽŶ
ƌĞƐƵůƚŝŶŐŝŶŐƌĞĂƚĞƌŝĚůŝŶŐĂŶĚƐůŽǁŵŽǀŝŶŐƚƌĂĨĨŝĐ͕ĂůůĂĚĚƵƉ͘'ŽǀĞƌŶŵĞŶƚŚĂƐŽǀĞƌƚŚĞLJĞĂƌƐƉƵƚ
ŝŶƉůĂĐĞƉƌŽŐƌĞƐƐŝǀĞůLJƐƚƌŝĐƚĞƌĞŵŝƐƐŝŽŶŶŽƌŵƐĨŽƌǀĞŚŝĐůĞŵĂŶƵĨĂĐƚƵƌĞƌƐƐƚĂƌƚŝŶŐŚĂƌĂƚ^ƚĂŐĞ//ŝŶ
ϮϬϬϱƚŽƚŚĞĐƵƌƌĞŶƚůLJƉƌĞǀĂŝůŝŶŐŚĂƌĂƚ^ƚĂŐĞ/s͘dŚĞŶĞdžƚƐƚĂŶĚĂƌĚƚŽďĞĂĚŽƉƚĞĚǁŽƵůĚďĞŚĂƌĂƚ
^ƚĂŐĞs/͕ƐŬŝƉƉŝŶŐ^ƚĂŐĞsŝŶǀŝĞǁŽĨƚŚĞŶĞĞĚƚŽƋƵŝĐŬůLJŝŵƉƌŽǀĞĞŵŝƐƐŝŽŶƐďLJĂĚŽƉƚŝŶŐĂƐƚƌŝĐƚĞƌ
ƌĞŐŝŵĞƐŽŽŶĞƌ͘^ƚĂŐĞs/͕ǁŚŝĐŚŝƐƚŽĐŽŵĞŝŶĨŽƌĐĞĨƌŽŵƉƌŝůϮϬϮϬĐĂůůƐĨŽƌƐŝŐŶŝĨŝĐĂŶƚĨƵĞůƋƵĂůŝƚLJ
ƵƉŐƌĂĚĞŝŶĂĚĚŝƚŝŽŶƚŽǀĞŚŝĐůĞƚĞĐŚŶŽůŽŐLJƵƉŐƌĂĚĂƚŝŽŶ͘dŚĞƌĞĂƌĞĞĨĨŽƌƚƐƚŽĂĚǀĂŶĐĞƚŚĞƐĐŚĞĚƵůĞ
ĨŽƌ^ƚĂŐĞs/ŝŵƉůĞŵĞŶƚĂƚŝŽŶŝŶƚŚĞEZƚŽƉƌŝůϮϬϭϴ͘
ƐƌĞŐĂƌĚƐƵƉŐƌĂĚĞĚĨƵĞů͕ŽŝůĐŽŵƉĂŶŝĞƐĂƌĞǁŽƌŬŝŶŐƚŽǁĂƌĚƐƉƌŽĚƵĐƚŝŽŶŽĨƵƉŐƌĂĚĞĚ^s/
ĐŽŵƉůŝĂŶƚĨƵĞůďLJƉƌŝůϮϬϭϵƉĂŶ/ŶĚŝĂ͕ĂLJĞĂƌĂŚĞĂĚŽĨƚŚĞƌŽůůŽƵƚŽĨ^s/ǀĞŚŝĐůĞƐ͘tŚŝůĞƚŚĞ
ŚƵŐĞŶƵŵďĞƌŽĨŽůĚĞƌǀĞŚŝĐůĞƐŽŶƌŽĂĚƐǁŝůůĚĞůĂLJƚŚĞŝŵƉƌŽǀĞŵĞŶƚŝŶĂŵďŝĞŶƚĂŝƌƋƵĂůŝƚLJ͕ƵƐĞŽĨ
ƚŚŝƐƐƵƉĞƌŝŽƌ^s/ĨƵĞůŝŶƚŚĞŽůĚĞƌǀĞŚŝĐůĞƐĐŽƵůĚŝŵƉƌŽǀĞƚŚĞƐŝƚƵĂƚŝŽŶƐŽŵĞǁŚĂƚ͘
dŚĞ ƉƌŽƉŽƐĞĚ ĂĐĐĞůĞƌĂƚĞĚ ŵŝŐƌĂƚŝŽŶ ƚŽ ^s/ ƐƚĂŶĚĂƌĚƐ ŝƐ Ă ŶŽƚĞǁŽƌƚŚLJ ĞĨĨŽƌƚ ĂŶĚ ǁŝůů
ĐŽŶƚƌŝďƵƚĞƚŽŝŵƉƌŽǀŝŶŐĂŵďŝĞŶƚĂŝƌƋƵĂůŝƚLJŝŶŽƵƌĐŝƚŝĞƐ͘'ŽǀĞƌŶŵĞŶƚΖƐĞŶĐŽƵƌĂŐĞŵĞŶƚƚŽƚŚĞ
ĂƵƚŽŵŽďŝůĞŝŶĚƵƐƚƌLJƚŽŵŽǀĞƚŽǁĂƌĚƐĞůĞĐƚƌŝĨŝĐĂƚŝŽŶ;ďĂƚƚĞƌLJŽƉĞƌĂƚĞĚĂƵƚŽŵŽďŝůĞƐͿĂůƐŽďŽĚĞƐ
ǁĞůů͘dŚĞƐĞ͕ĞƐƉĞĐŝĂůůLJƚŚĞůĂƚƚĞƌŵŽǀĞǁŝůůŚĂǀĞĚŝƐƌƵƉƚŝǀĞĞĨĨĞĐƚŽĨƚŚĞĚLJŶĂŵŝĐƐŽĨƚŚĞŝŶĚƵƐƚƌLJ
ǁŚŝĐŚŝƐĂŵĂũŽƌĞĐŽŶŽŵŝĐĚƌŝǀĞƌ͘dŚĞĂƵƚŽĂŶĐŝůůĂƌLJ͕ĨŝŶĂŶĐŝŶŐ͕ƐƉĂƌĞƐĂŶĚĂĨƚĞƌƐĂůĞƐƐĞƌǀŝĐĞ
ƐĞĐƚŽƌƐŚĂǀĞŚƵŐĞŽƉƉŽƌƚƵŶŝƚŝĞƐĨŽƌĞŵƉůŽLJŵĞŶƚĂŶĚƐĞůĨͲĞŵƉůŽLJŵĞŶƚ͘dŚĞŵŽǀĞƚŽĞůĞĐƚƌŝĐ
ǀĞŚŝĐůĞƐ ǁŝůů ĐĂůů ĨŽƌ ƌĞͲƐŬŝůůŝŶŐ ŽĨ Ă ůĂƌŐĞ ǁŽƌŬĨŽƌĐĞ ĂŶĚ ŶĞǁ ĚŽǁŶƐƚƌĞĂŵ ŝŶǀĞƐƚŵĞŶƚƐ͘ dŚĞ
ŵŝŐƌĂƚŝŽŶǁŝůůŚĂǀĞƚŽďĞŵĂŶĂŐĞĚǁĞůů͘
(GLWRULDO
/ŶƚŚĞĞŶĚŚŽǁĞǀĞƌ͕ĐŝƚŝĞƐǁŝůůŶĞĞĚƚŽŐƌĞĂƚůLJƵƉƐĐĂůĞƚŚĞĞĨĨŽƌƚƐƚŽĚĞǀĞůŽƉƉƵďůŝĐƚƌĂŶƐƉŽƌƚ
ŝŶƚŚĞŝƌĞĨĨŽƌƚƐƚŽĂĐŚŝĞǀĞƐĂĨĞĂŶĚĐůĞĂŶƵƌďĂŶŵŽďŝůŝƚLJ͘ZŽĂĚĐŽŶŐĞƐƚŝŽŶĂŶĚƌŽĂĚƐĂĨĞƚLJĂƌĞ
ŝƐƐƵĞƐĂƉĂƌƚĨƌŽŵĞŵŝƐƐŝŽŶͬĂŝƌƋƵĂůŝƚLJƚŚĂƚƉůĂŐƵĞŽƵƌĐŝƚŝĞƐ͘tŚŝůĞ^s/͕ĞůĞĐƚƌŝĐǀĞŚŝĐůĞƐ͕ĞƚĐ͘ǁŝůů
ĂĚĚƌĞƐƐĂŝƌƋƵĂůŝƚLJ͕ŽƚŚĞƌĐŽŶĐĞƌŶƐĐĂŶŽŶůLJďĞĂĚĚƌĞƐƐĞĚďLJƉĞƌƐƵĂĚŝŶŐĐŝƚŝnjĞŶƐƚŽƐŚŝĨƚƚŽƉƵďůŝĐ
ƚƌĂŶƐƉŽƌƚŽƉƚŝŽŶƐ͘tĞŶĞĞĚĂŶƵŵďĞƌŽĨĨŝƐĐĂůĂŶĚŶŽŶͲĨŝƐĐĂůŵĞĂƐƵƌĞƐŝŶƚŚŝƐĂƌĞĂ͘ZĞŐƵůĂƚŝŽŶƐ
ŶĞĞĚƚŽŵĂŬĞƉƵďůŝĐƚƌĂŶƐƉŽƌƚŵŽƌĞĂĨĨŽƌĚĂďůĞǁŚŝůĞŵĂŬŝŶŐƉĞƌƐŽŶĂůƚƌĂŶƐƉŽƌƚůĞƐƐƐŽ͘ĨƵĞů
ĐĞƐƐĂŶĚŚŝŐŚĞƌƉĂƌŬŝŶŐĐŚĂƌŐĞƐĐĂŶďĞƵƐĞĚƚŽĨƵŶĚĂŶLJĚĞĨŝĐŝƚŝŶƚŚĞŝŶĐŽŵĞŽĨƉƵďůŝĐƚƌĂŶƐƉŽƌƚ
ŽƉĞƌĂƚŽƌƐǁŚŝůĞŵĂŬŝŶŐƉƌŝǀĂƚĞǀĞŚŝĐůĞƵƐĞŵŽƌĞĞdžƉĞŶƐŝǀĞ͘ZĞƐƚƌŝĐƚŝŶŐƉƌŝǀĂƚĞƚƌĂŶƐƉŽƌƚǀĞŚŝĐůĞƐ
ŶĞĂƌŚƵďƐůŝŬĞƌĂŝůǁĂLJƐƚĂƚŝŽŶƐĂŶĚďƵƐƚĞƌŵŝŶŝĐŽƵůĚĐŽĂdžŵŽƌĞƚŽƵƐĞƉƵďůŝĐƚƌĂŶƐƉŽƌƚ͘DĂŬŝŶŐ
ƉƵďůŝĐ ƚƌĂŶƐƉŽƌƚ ƚŚĞ ĨĂƐƚĞƌ ŽƉƚŝŽŶ ďLJ ĨŽƌ ĞdžĂŵƉůĞ͕ ƌĞƐĞƌǀŝŶŐ ŵĂŝŶ ƚŚŽƌŽƵŐŚĨĂƌĞƐ ĨŽƌ ƉƵďůŝĐ
ƚƌĂŶƐƉŽƌƚǀĞŚŝĐůĞƐĐŽƵůĚĂůƐŽŚĞůƉ͘
ůŽŶŐƐŝĚĞ͕ƵƐĞŽĨŶŽŶͲŵŽƚŽƌŝnjĞĚƚƌĂŶƐƉŽƌƚ;WĞĚŝĐĂďƐ͕ĨŽƌĞdžĂŵƉůĞͿĂŶĚǁĂůŬŝŶŐŶĞĞĚƚŽďĞ
ĞŶĐŽƵƌĂŐĞĚ ďLJ ƌĞƐĞƌǀŝŶŐ ƌŽĂĚƐ ĂŶĚ ďƵŝůĚŝŶŐ ǁŝĚĞƌ ĨŽŽƚƉĂƚŚƐ͘ ^ĞǀĞƌĂů ĂĚĚŝƚŝŽŶĂů ŝŶŶŽǀĂƚŝǀĞ
ŵĞĂƐƵƌĞƐǁŝůůďĞƌĞƋƵŝƌĞĚƐƵƌŵŽƵŶƚƵƌďĂŶŵŽďŝůŝƚLJĐŚĂůůĞŶŐĞƐĂŶĚŵĂŬĞŽƵƌĐŝƚŝĞƐŵŽƌĞůŝǀĂďůĞ͘
&ŽƌŝŶƚŚĞďƵƐŝŶĞƐƐͲĂƐͲƵƐƵĂůƐĐĞŶĂƌŝŽǁĞĐŽƵůĚƐŽŽŶŚĂǀĞĐŚĂŽƐŽŶĐŝƚLJƌŽĂĚƐ͘tĞĐĂŶŶŽƚůĞƚƚŚĂƚ
ŚĂƉƉĞŶ͘
/ŶƚŚŝƐŝƐƐƵĞŽĨhƌďĂŶtŽƌůĚ͕ĂŵŽŶŐŽƚŚĞƌƉĂƉĞƌƐ͕ǁĞĐĂƌƌLJŽŶĞǁŚŝĐŚĚŝƐĐƵƐƐĞƐƚŚĞĞĨĨĞĐƚŽĨ
ǀĞŚŝĐƵůĂƌĞŵŝƐƐŝŽŶƐŽŶĂŝƌƉŽůůƵƚŝŽŶĂŶĚƌĞůĂƚĞĚŝƐƐƵĞƐ͘
'HYHORSPHQWRI7RXULVP,QIUDVWUXFWXUHLQ0DKDUDVKWUD
'U9LEKXWL3DWHO
&KDLUSHUVRQ 3URIHVVRU$GYDQFHG&HQWUHIRU:RPHQ
V6WXGLHV
6FKRRORI'HYHORSPHQW6WXGLHV7DWD,QVWLWXWHRI6RFLDO6FLHQFHV'HRQDU0XPEDL
48$57(5/<38%/,&$7,212)7+(5&8(62)$,,/6*080%$,92/12
6LPSOLILFDWLRQ RI SURFHGXUHV DQG VLQJOH 6LPLODUO\WKH0LQLVWU\KDVDVFKHPHRIDSSURYLQJ
ZLQGRZFOHDUDQFHPHFKDQLVPIRU&RQIHUHQFH 7UDYHO $JHQWV 7RXU 2SHUDWRUV $GYHQWXUH 7RXU
([KLELWLRQV 2SHUDWRUVDQG7RXULVW7UDQVSRUW2SHUDWRUVWKHLGHD
7KHEXUHDXZLOOUHFRPPHQGWRWKH'HSDUWPHQW EHLQJWRHQFRXUDJHTXDOLW\VWDQGDUGDQGVHUYLFHLQ
RI 7RXULVP RQ TXDOLILFDWLRQ FULWHULD IRU WKHVHFDWHJRULHVVRDVWRSURPRWH7RXULVPLQ,QGLD
GLVEXUVHPHQW RI DGGLWLRQDO ILVFDO EHQHILWV 7KLV LV D YROXQWDU\ VFKHPH RSHQ WR DOO ERQDILGH
XQGHUWKLVSROLF\ DJHQFLHV
WRXULVPLQIUDVWUXFWXUHDVWKH\PDNHDUUDQJHPHQWV WKHJOREDOWRXULVPPDUNHW7KURXJKDQLQWHJUDWHG
RIWLFNHWVIRUWUDYHOE\DLUUDLOVKLSSDVVSRUWYLVD PDUNHWLQJ DQG SURPRWLRQDO VWUDWHJ\ DQG D
HWF 7KH\ DOVR DUUDQJH DFFRPPRGDWLRQ WRXUV V\QHUJL]HGFDPSDLJQLQDVVRFLDWLRQZLWKWKH7UDYHO
HQWHUWDLQPHQW DQG RWKHU WRXULVP UHODWHG VHUYLFHV 7UDGH 6WDWH *RYHUQPHQWV DQG ,QGLDQ 0LVVLRQV
,QERXQG WRXU RSHUDWRUV PDNH DUUDQJHPHQWV 7KH VSHFLILF HOHPHQWV RI SURPRWLRQDO HIIRUWV
IRU WUDQVSRUW DFFRPPRGDWLRQ VLJKWVHHLQJ XQGHUWDNHQ RYHUVHDV LQFOXGH $GYHUWLVLQJ LQ WKH
HQWHUWDLQPHQW DQG RWKHU WRXULVP UHODWHG VHUYLFHV 3ULQW (OHFWURQLF0HGLD3DUWLFLSDWLRQLQ)DLUV
IRU IRUHLJQ WRXULVWV 7RXULVW 7UDQVSRUW 2SHUDWRUV ([KLELWLRQV 2UJDQLVLQJ 6HPLQDUV :RUNVKRSV
SURYLGHWRXULVWWUDQVSRUWOLNHFDUVFRDFKHVERDWV 5RDG 6KRZV ,QGLD (YHQLQJV 3ULQWLQJ RI
HWF WR WRXULVWV IRU WUDQVIHUV VLJKWVHHLQJ DQG %URFKXUHVDQG&ROODWHUDOV%URFKXUH6XSSRUW-RLQW
MRXUQH\V WR WRXULVW SODFHV HWF $GYHQWXUH 7RXU $GYHUWLVLQJZLWK7UDYHO$JHQWV7RXU2SHUDWRUV
2SHUDWRUVHQJDJHLQDFWLYLWLHVUHODWHGWR$GYHQWXUH ,QYLWLQJ WKH 0HGLD DQG 7UDYHO 7UDGH WR YLVLW WKH
7RXULVPLQ,QGLDQDPHO\ZDWHUVSRUWVDHURVSRUWV FRXQWU\XQGHUWKH+RVSLWDOLW\3URJUDPPHHWF
PRXQWDLQHHULQJ WUHNNLQJ DQG VDIDULV RI YDULRXV ,QFUHGLEOH,QGLD,QWHUQDWLRQDO&DPSDLJQV
NLQGV HWF ,Q DGGLWLRQ WR WKDW KH PD\ DOVR PDNH
DUUDQJHPHQWV IRU WUDQVSRUW DFFRPPRGDWLRQ HWF 0 L Q L V W U \ R I 7R X U L V P F R P P H Q F H G L W V
'RPHVWLF WRXU RSHUDWRUV PDNH DUUDQJHPHQWV ,QWHUQDWLRQDO79&DPSDLJQ([WHQGHGWR
IRU WUDQVSRUW DFFRPPRGDWLRQ VLJKWVHHLQJ IRU(XURSHDQG$PHULFDVUHJLRQZKLFK
HQWHUWDLQPHQW DQG RWKHU WRXULVP UHODWHG VHUYLFHV ILQLVKHGLQWKHILUVWKDOIRIWKH
IRUGRPHVWLFWRXULVWV ,Q'HFHPEHUWKH0LQLVWU\ODXQFKHGLWV
3XEOLFLW\ ,QWHUQDWLRQDO 79 &DPSDLJQ (XURSH
/HDGLQJ79FKDQQHOVRISDQUHJLRQDOUHDFKDUHSDUW
$VSDUWRILWVPDUNHWLQJSXEOLFLW\DFWLYLWLHV RIWKH0HGLD3ODQRIWKH0LQLVWU\
WKH 0LQLVWU\ RI 7RXULVP EULQJV RXW EURFKXUHV
3DUWLFLSDWLRQLQ7UDYHO)DLUVDQG([KLELWLRQV
OHDIOHWVPDSVILOPV&'VHWFRQYDULRXVWRSLFV
(DFK KHDGLQJ JLYHQ EHORZ GHWDLOV WKH WKHPH RQ , Q G L D W R X U L V P R II L F H V R Y H U V H D V K D Y H
DQ DOO ,QGLD EDVLV EDVHG RQ DYDLODELOLW\ RI WKH SDUWLFLSDWHGLQWKHPDMRULQWHUQDWLRQDO7UDYHO)DLUV
UHVSHFWLYH SURGXFWV ,Q FDVH RI WKH GHVWLQDWLRQ DQG ([KLELWLRQV LQ LPSRUWDQW WRXULVW JHQHUDWLQJ
IROGHUV WKH OHDIOHW IROGHU EURFKXUH JLYHV WKH PDUNHWVWKHZRUOGRYHUDVZHOODVLQHPHUJLQJDQG
LQIRUPDWLRQDERXWWKHSODFHRUWKHGHVWLQDWLRQZLWK SRWHQWLDO PDUNHWV WR VKRZFDVH DQG SURPRWH WKH
YDULRXVIDFHWVRIWKHIDFLOLWLHVDYDLODEOHVLJKWVHHLQJ WRXULVP SURGXFWV RI WKH FRXQWU\ 7KHVH LQFOXGH
DURXQGWKHSODFHLPSRUWDQWWHOHSKRQHQXPEHUVDQG $UDELDQ 7UDYHO 0DUNHW $70 LQ 'XEDL 3$7$
WKH FRQWDFW SRLQWV RI ,QGLD WRXULVP RIILFHUV 7UDYHO 0DUW LQ 0DFDX :RUOG ([SR LQ
6LPLODUO\ WKH ILOPV GHDO ZLWK WKH VXEMHFW LQ LWV 6KDQJKDL &KLQD ,QWHUQDWLRQDO 7UDYHO 0DUW LQ
HQWLUHW\FRYHULQJDOOGHVWLQDWLRQVRIWKHFRXQWU\ 6KDQJKDL,7%±$VLDLQ6LQJDSRUH:RUOG7UDYHO
0DUNHW :70 LQ /RQGRQ ,0(; LQ )UDQNIXUW
2YHUVHDV0DUNHWLQJ ),785LQ0DGULGDQG,7%LQ%HUOLQ
2YHUVHDV RIILFHV RI *R, DUH FUHDWHG E\ 7KH ,QGLDWRXULVP%HLMLQJZDVDZDUGHGWKH³%HVW
0LQLVWU\RI7RXULVP*RYHUQPHQWRI,QGLDWKURXJK 7RXULVP 3URPRWLRQ $ZDUG´ DW WKH :RUOG 7UDYHO
LWVRIILFHVRYHUVHDVHQGHDYRUVWRSRVLWLRQ,QGLD )DLU LQ 6KDQJKDL ,QGLD WRXULVP 7RN\R ZDV
LQ WKH WRXULVP JHQHUDWLQJ PDUNHWV DV D SUHIHUUHG DZDUGHGWKH³%HVW%RRWK2SHUDWLRQ$ZDUG´DWWKH
WRXULVP GHVWLQDWLRQ WR SURPRWH YDULRXV ,QGLDQ .RUHD :RUOG 7UDYHO )DLU DQG WKH ³%HVW 7RXULVP
WRXULVPSURGXFWVYLVjYLVFRPSHWLWLRQIDFHGIURP 3URPRWLRQ $ZDUG´ DW WKH %XVDQ ,QWHUQDWLRQDO
YDULRXVGHVWLQDWLRQVDQGWRLQFUHDVH,QGLD
VVKDUHRI 7RXULVP)DLULQ6RXWK.RUHD
48$57(5/<38%/,&$7,212)7+(5&8(62)$,,/6*080%$,92/12
6RPH0DMRU3URPRWLRQDO$FWLYLWLHV8QGHUWDNHQ ¾ ,QGLD WRXULVP 'XEDL RUJDQL]HG WKH *ROI
IRU2YHUVHDV3URPRWLRQ 7RXUQDPHQWDW5DV$O.KDLPDK8QLWHG$UDE
(PLUDWHV ,QGLDWRXULVP -RKDQQHVEXUJ
7KH 0LQLVWU\ RI 7RXULVP *RYW RI ,QGLD
RUJDQLVHG³.QRZ,QGLD´VHPLQDUWRWKHJURXS
XQGHUWRRN D VHULHV RI SURPRWLRQDO LQLWLDWLYHV WR
RI SHRSOH WUDYHOOLQJ WR ,QGLD DQG IRU WKH
DJJUHVVLYHO\SURPRWHWRXULVPWR,QGLD
JURXS RI ODGLHV WUDYHOOLQJ WR VRXWK ,QGLD
$V SDUW RI WKH SURPRWLRQDO LQLWLDWLYHV JLYLQJ LQIRUPDWLRQ DERXW VKRSSLQJ KRWHOV
XQGHUWDNHQ 5RDG 6KRZV ZHUH RUJDQL]HG LQ $\XUYHGD DQG VSDV DQG VDIH WUDYHOOLQJ IRU
LPSRUWDQWWRXULVWJHQHUDWLQJPDUNHWVRYHUVHDVZLWK ZRPHQ
SDUWLFLSDWLRQ RI GLIIHUHQW VHJPHQWV RI WKH WUDYHO 0DUNHW5HVHDUFK
LQGXVWU\
6WDWLVWLFDO GDWD LV DQ LPSRUWDQW WRRO IRU WKH
¾ 5RDG6KRZVLQFROODERUDWLRQZLWKWKH,QGLDQ SODQQHUVDQGSROLF\PDNHUVQRWRQO\IRUSODQQLQJ
$VVRFLDWLRQRI7RXU2SHUDWRUVZHUHRUJDQL]HG SROLF\IRUPXODWLRQEXWDOVRWRPRQLWRUWKHSURJUHVV
LQ &,6 &RXQWULHV GXULQJ WKH PRQWKV RI RI WKH VFKHPHV DQG HYDOXDWH WKHLU LPSDFW 7KH
6HSWHPEHU2FWREHU 5RDG 6KRZV LQ 0LQLVWU\ RI 7RXULVP EULQJV RXW DQ $QQXDO
FROODERUDWLRQ ZLWK WKH 3$7$ ,QGLD &KDSWHU 3XEOLFDWLRQFDOOHG³,QGLD7RXULVP6WDWLVWLFV´HYHU\
ZHUH RUJDQLVHG LQ 0D\ LQ 86$ DQG \HDU JLYLQJ GHWDLOV RI LQWHUQDWLRQDO DQG GRPHVWLF
&DQDGD 7KH 5RDG 6KRZV FRPSULVHG WRXULVP LQFOXGLQJ GHWDLOV DERXW WKH FODVVLILHG
SUHVHQWDWLRQV RQ ,QGLD IROORZHG E\ RQHWR KRWHOV HWF ,Q DGGLWLRQ D VPDOO EURFKXUH FDOOHG
RQH EXVLQHVV PHHWLQJV EHWZHHQ WKH WUDGH ³7RXULVP6WDWLVWLFVDWD*ODQFH´LVDOVREURXJKWRXW
GHOHJDWLRQIURP,QGLDDQGWKHWUDYHOWUDGHLQWKH JLYLQJXSGDWHGDQGODWHVWNH\VWDWLVWLFDOGDWD7KH
UHVSHFWLYH FRXQWULHV 7KH GHOHJDWLRQ IRU WKH 0LQLVWU\DOVRHVWLPDWHVPRQWKZLVH)RUHLJQ7RXULVW
5RDG 6KRZV ZDV OHG E\ WKH 6HFUHWDU\ $UULYDOV )7$V ILJXUHV DQG )RUHLJQ ([FKDQJH
7RXULVP (DUQLQJV)((IURPWRXULVPDQGWKLVLVEURXJKW
RXWZLWKLQDWLPHODJRIMXVWGD\V
¾ ,QGLD WRXULVP 7RURQWR XQGHUWRRN PDVVLYH
DGYHUWLVLQJ DQG RXWGRRU SXEOLFLW\ GXULQJ WKH &RRSHUDWLRQZLWK,QWHUQDWLRQDORUJDQL]DWLRQV
9DQFRXYHU:LQWHU*DPHVLQ9DQFRXYHU ,QWHUQDWLRQDO&RRSHUDWLRQ'LYLVLRQLVRQHRI
DQG DOVR 3DUDO\PSLFV *DPHV IURP WKH LPSRUWDQW GLYLVLRQV RI WKH 0LQLVWU\ RI
)HEUXDU\WR0DUFK 7RXULVPZKLFKHQJDJHVLQYDULRXVFRQVXOWDWLRQV
D Q G Q H J R W L D W L R Q V Z L W K W K H L Q W H U Q D W L R Q D O
¾ ,QGLD7RXULVP3DULVSDUWLFLSDWHGDQGVXSSRUWHG
RUJDQLVDWLRQV VXFK DV 8QLWHG 1DWLRQV :RUOG
WKH UG )UDQFH,QGLD %XVLQHVV &XS *ROI
7RXULVP2UJDQL]DWLRQ81:72(FRQRPLFDQG
7RXUQDPHQWKHOGDW6W7URSH])UDQFHGXULQJ
6RFLDO &RPPLVVLRQ IRU $VLD DQG WKH 3DFLILF
WK WK 2FWREHU $ KLJK OHYHO
(6&$3 %D\ RI %HQJDO ,QLWLDWLYH IRU 0XOWL
GHOHJDWLRQ OHG E\ +RQ
EOH 0LQLVWHU 7RXULVP 6HFWRUDO 7HFKQLFDO DQG (FRQRPLF &RRSHUDWLRQ
-RLQW 6HFUHWDU\ 7 5HJLRQDO 'LUHFWRU ,QGLD %,067(& 0HNRQJ*DQJD &RRSHUDWLRQ
7RXULVP)UDQNIXUWDWWHQGHGWKHHYHQW+RQ
EOH 0*&$VVRFLDWLRQRI6RXWK(DVW$VLDQ1DWLRQV
0LQLVWHU RI 7RXULVP LQDXJXUDWHG WKH )UDQFH $6($1 DQG 6RXWK $VLDQ $VVRFLDWLRQ IRU
,QGLD%XVLQHVV&XS*ROI7RXUQDPHQWRQWK 5HJLRQDO &RRSHUDWLRQ 6$$5& DQG 6RXWK
RI2FWREHUDQGWKHUHZDVDPHHWLQJKHOGZLWK $VLDQ 6XEUHJLRQDO (FRQRPLF &RRSHUDWLRQ
YDULRXV 6WDNHKROGHUV IRU SURPRWLRQ RI *ROI 6$6(&7KLV'LYLVLRQKROGVFRQVXOWDWLRQVDQG
7RXULVP QHJRWLDWLRQV ZLWK RWKHU FRXQWULHV IRU VLJQLQJ RI
$JUHHPHQWV 0HPRUDQGXP RI 8QGHUVWDQGLQJ ,QGLD
VIDLUVDQGIHVWLYDOVVRPHRIZKLFKDUH
0R8IRUELODWHUDOPXOWLODWHUDOFRRSHUDWLRQLQWKH DOUHDG\ZHOOHVWDEOLVKHGVXFKDVWKH3XVKNDUPHOD
ILHOGRIWRXULVPRUJDQL]HV-RLQW:RUNLQJ*URXS RI $MPHU WKH 'HVHUW )HVWLYDO DW -DLVDOPHU WKH
0HHWLQJV ZLWK RWKHU FRXQWULHV DQG DWWHQGV -RLQW .XPEK 0HOD 1DYFKDQGL PHOD LQ 0HHUXW
&RPPLVVLRQ 0HHWLQJV LQ FRRUGLQDWLRQ ZLWK 6KDQWLQLNHWDQ 0HOD LQ %ROSXU HWF VKRXOG EH
WKH 0LQLVWULHV RI &RPPHUFH &XOWXUH ([WHUQDO SURPRWHG DV XQLTXH SURGXFWV RI ,QGLDQ FXOWXUH
$IIDLUV&LYLO$YLDWLRQ)LQDQFH3HWUROHXPHWF 'LIIHUHQWIHVWLYDORI,QGLDOLNH+ROL'LZDOL'XUJD
IRUGHYHORSPHQWDQGSURPRWLRQRIWRXULVP 3XMD*DQHVK8WVDY1DYDUDWULHWFDUHVRPHRIWKH
1LFKH7RXULVP IHVWLYDOVRI,QGLDVKRXOGEHPRUHRUJDQL]HWRDWWUDFW
'RPHVWLFDVZHOODV,QWHUQDWLRQDOWRXULVW0HODVDQG
7RXULVWVZKRDUHLQWHUHVWHGLQQDWXUDOWRXULVP IHVWLYDOV DUH QHHGHG WR EH SURPRWHG WR DWWUDFW
IRU UHFUHDWLRQ ZKLFK LQFOXGHV D ZLGH UDQJH RI WRXULVWV $FFRUGLQJ WR WKH UHVSRQGHQWV WKH WRXU
DFWLYLWLHV VNLLQJ SDUDJOLGLQJ VZLPPLQJ ZDWHU RSHUDWRUVKDYHWREHRUJDQL]HGSURJUDPPHIRUWKH
UDIWLQJ ILVKLQJ KXQWLQJ KRUVH ULGLQJ WUHNNLQJ WRXULVWWRHQFRXUDJHUXUDOWRXULVP
VDIDULVHWF5XUDOQDWXUDOWRXULVPLVDWWUDFWLYHIRU
WKUHHUHDVRQVLWZLOOFRVWHIIHFWLYHDQGSROOXWLRQIUHH )LOP7RXULVP/LW)HVW7RXULVP
HQYLURQPHQW DQG ORWV RI JUHHQHU\ 6RPH RI WKH ,QWKHUHFHQWWLPHV,QWHUQDWLRQDO)LOPOLWHUDU\
DGYHQWXURXV JDPH UHTXLUHV RSHUDWLRQDO VNLOOV WR )HVWLYDOV DOVR DWWUDFW WKRXVDQGV RI WRXULVWV
KHOS WKH WRXULVW $FFRUGLQJ WKH UHVSRQGHQWV WKH +XQGUHGV RI (YHQW 0DQDJHPHQW FRPSDQLHV DUH
WUDLQHG WRXULVW JXLGH LV YHU\ LPSRUWDQW IRU UXUDO LQYROYHG LQ WKH RUJDQL]DWLRQ RI WKH PHJD HYHQWV
QDWXUDOWRXULVP7KH\KDYHWKHUHVSRQVLELOLWLHVWR 3URSHUVWDQGDUGVRIKHDOWKDQGVDIHW\QHHGWREHSXW
XQGHUVWDQG WKH FXVWRPHU QHHG DQG XVH KLV LQ SODFH VR WKDW WRXULVWV DUH QRW GXSHG FKHDWHG
H[SHULHQFHDQGVNLOOWRNHHSWKHPVDIHDQGKDSS\ GHIUDXGHGDQGZRPHQWRXULVWVGRQRWIDFHVH[XDO
&XOWXUDO WRXULVP LV FRQFHUQHG ZLWK WKH YLROHQFH
FXOWXUH KLVWRU\ DQG DUFKHRORJ\ RI ORFDO SHRSOH +HDOWK 7RXULVP ZKLFK LV FRQFHUQHG ZLWK
7KH\DUHLQWHUHVWHGLQYLVLWLQJFXOWXUDOO\VLJQLILFDQW KHDOWK \RJD DQG $\XUYHGD WUHDWPHQWV 7RXULVWV
SODFHVLQ,QGLD7KHSODFHVZLWKKLVWRULFDOHYLGHQFH EHOLHYHWKDW+HDOWK7RXULVPFRXOGEHDJRRGRSWLRQ
DWWUDFWWRXULVWV6LQFHPRVWRIWKHVHSODFHVGRQRW IRUUXUDOWRXULVP0DQ\SHRSOHDUHVXIIHULQJIURP
KDYH SURSHU DFFRPPRGDWLRQ IDFLOLWLHV SHRSOH YDULRXV SK\VLFDO DQG PHQWDO LOOQHVV OLNH FKURQLF
JHQHUDOO\SUHIHUWRJRIRUDGD\WULS,QVRXWKHUQSDUW KHDGDFKHORVVRIVOHHSPHQWDOWHQVLRQUKHXPDWLF
RI ,QGLD WKHUH DUH ODUJH WHPSOHV PDGH LQ DQFLHQW SDLQ PXVFXODU VWUDLQV VSUDLQV QHUYRXV SDLQV RI
SHULRG RU PHGLHYDO SHULRG )RUWV RI GLIIHUHQW PXVFXODURULJLQREHVLW\RUH[FHVVLYHIDWQHVVDQG
1L]DPVRUWKHUXOHUVLQUHPRWHDUHDVFRXOGWKHDUHD
PXVFOHV ZHDNQHVV 0DQ\ UHVSRQGHQWV DUH
RI LQWHUHVW IRU PDQ\ WRXULVWV /RWV RI IRUWV DQG
LQWHUHVWHGIRUKHDOWKWRXULVP<RJD$\XUYHGDDQG
SDODFHV RI 0DKDUDMDV IURP PHGLHYDO SHULRG DQG
VSDWUHDWPHQWDUHWLPHWHVWHGDQGWUXVWHGPHWKRGV
PRGHUQSHULRGDUHDYDLODEOHLQQRUWKHUQDQGZHVWHUQ
WR LPSURYH \RXU SK\VLFDO DQG PHQWDO DFWLYLW\
RI,QGLD7HPSOHIURPDOOWKHSHULRGVDUFKHRORJLFDO
LUUHVSHFWLYHRIWKHDJHJURXS$\XUYHGDLVWKHRQO\
H[FDYDWLRQRIDQFLHQWSHULRGLVDYDLODEOHLQQRUWKHUQ
V\VWHPRIPHGLFDOWUHDWPHQW5XUDO7RXULVP,W
VDQ
DQGZHVWHUQRI,QGLD,QHDVWHUQSDUWRI,QGLDZH
ILQG WHPSOHV IURP DOO SHULRG DQG %ULWLVK $OFRYHWKDW,QGLDFDQRIIHULQWKHZRUOGZKLFKXVHV
DUFKLWHFWXUDO HYLGHQFH LQ GLIIHUHQW SODFHV DQ ERWDQLFDOWUHDWPHQWIRUWKHERG\DQGPLQG$OOWKUHH
HYLGHQFHRIPRGHUQSHULRG0DNLQJWKHKLVWRULFDO KDYHEHHQDFFHSWHGJOREDOWRGD\7KH:RUOG+HDOWK
VLWH D FDQWHU RI DWWUDFWLRQ ZH FDQ SURYLGH RWKHU 2UJDQL]DWLRQ UHFRJQL]HV LW DV DQ DOWHUQDWLYH
VHUYLFHVWRDWWUDFWWKHDWWHQWLRQRIWKHWRXULVW PHGLFLQH<RJD$\XUYHGDDQGVSDWUHDWPHQWVDUH
48$57(5/<38%/,&$7,212)7+(5&8(62)$,,/6*080%$,92/12
WKH ZRUOG
V PRVW HFRIULHQGO\ PHGLFLQH QRQH RI FRPIRUWDEOH,WFRXOGEHDKROLGD\DFFRPPRGDWLRQ
WKHP KDYH DQ\ VLGHHIIHFWV 0RUHRYHU ,QGLD LV D ZLWKSDUNVDQGKRVWHOV+RWHOVZLWKPRWRUORGJHV
PDMRU VXSSOLHU RI GRFWRUV QXUVHV KHDOWK EDU DQG UHVWDXUDQW IDFLOLWLHV 0RWHOV DQG VHOI
PDQDJHPHQW SHUVRQQHO WR VHYHUDO LQGXVWULDOO\ FDWHULQJZLWKRXWEDUDQGUHVWDXUDQWIDFLOLWLHV$QG
DGYDQFHG DV ZHOO DV GHYHORSLQJ FRXQWULHV :K\ ODVWO\KRVWDFFRPPRGDWLRQZLWKEHGDQGEUHDNIDVW
QRW XVH WKLV JUHDW KXPDQ FDSLWDO IRU ,QGLD
V KRPHVWD\VIDUPVWD\VFDPSVWD\(DFKRIWKHIRXU
HFRQRPLF JURZWK E\ GHYHORSLQJ KHDOWK WRXULVP FDWHJRULHVKDVVKRZQIDFLOLWLHVDQGWKHTXDOLW\RI
LQIUDVWUXFWXUH" WKHVHUYLFHZKLFKFRQWULEXWHWRZDUGVWKHTXDOLW\RI
WKHH[SHULHQFH5XUDOVHOIFDWHULQJXQLWVLHVHOI
(FRWRXULVP LV D VRFLDOO\ UHVSRQVLEOH W\SH RI
DFFRPPRGDWLRQ HJ TXDUWHUV DQG RWKHU W\SHV RI
WRXULVPZKLFKSUHVHUYHVQDWXUDOUHVRXUFHVDVZHOO
XQGHUXWLOL]HG IDUP DFFRPPRGDWLRQ RIWHQ FDQ EH
DVPDLQWDLQLQJWKHZHOOEHLQJDQGVRFLDOYDOXHVRI
XSJUDGHGWRPHHWWRXULVWUHTXLUHPHQWV'HPDQGIRU
WKHORFDOSRSXODWLRQ(FRWRXULVWVDUHLQWHUHVWHGLQ
WKLV W\SH RI DFFRPPRGDWLRQ LV JURZLQJ ,Q VRPH
YLVLWLQJ WKRVH VLWHV LV IDPRXV IRU WKHLU QDWXUDO
SODFHV OLNH *RD GLIIHUHQW SDUWV RI .HUDOD DQG
UHVRXUFHV 0DQJURYH LQ 6XQGDUEDQV RI :HVW
5DMDVWKDQWKLVW\SHRIDFFRPPRGDWLRQLVJLYHQWR
%HQJDO+RWVSULQJLQ5DMJLUKLQ%LKDU*LUIRUHVWLQ
WKH WRXULVW 5XUDO DPELHQFH PD\ EH QDWXUDO RU
*XMDUDW 7KDU 'HVHUW LQ 5DMDVWKDQ /DNHV LQ
FUHDWHG WR SURYLGH D UXUDO OLIHVW\OH WR WRXULVW
8GDLSXULQ 5DMDVWKDQ &KLOND ODNH LQ 2ULVVD WKHVH
0RQLWRULQJPHFKDQLVPWRHQVXUHVDIHW\RIWRXULVWV
DUHVRPHRIWKHIDPRXVVLWHYLVLWHGE\WKHWRXULVW
DVZHOODVKRVWVLVQHHGRIDQKRXU
UHJXODUO\%XWWKHUHDUHPDQ\RWKHUVLWHZKLFKDUH
QHLWKHUZHOOFRQQHFWHGQRUKDYHWKHEDVLFIDFLOLWLHV $JURWRXULVPLQZKLFKWRXULVWVZDWFKRUWDNH
WRDWWUDFWWKHWRXULVW0DQ\WRXULVWVOLNHWRYLVLWSODFH SDUW LQ WUDGLWLRQDO DJULFXOWXUDO SUDFWLFHV ZLWKRXW
RIQDWXUDOEHDXW\OLNHQDWLYHEXVKFDYHVIRVVLOV GLVWXUELQJWKHHFRV\VWHPRUWKHSURGXFWLYLW\RIKRVW
ELUG VDQFWXDU\ ZDWHUZD\V QDWXUDO IRUHVW QDWXUDO DUHDV6RPHDUHLQWHUHVWHGIRUDJURWRXULVP$JUR
SDUN GHVHUW ZLOGOLIH PDULQH OLIH VQRZIDOO HWF WRXULVP UHIHU WR YLVLWLQJ D ZRUNLQJ IDUP RU DQ\
7RXULVWVH[SHFWWROHDUQVRPHWKLQJIURPWKLVW\SHRI DJULFXOWXUDOKRUWLFXOWXUDORUDJULEXVLQHVVRSHUDWLRQ
WULSV 7KH\ H[SHFW D VNLOO LQWHUSUHWDWLRQ ZLWK IRUWKHSXUSRVHRIHQMR\PHQWHGXFDWLRQRUDFWLYH
QHFHVVDU\NQRZOHGJHWRJXLGHWKHPDQGDQVZHUWR LQYROYHPHQW LQ WKH DFWLYLWLHV RI WKH IDUP RU
DOO WKHLU FXULRVLWLHV %RXFKHU DQG ERRNV FRXOG EH RSHUDWLRQ ,W FRXOG EH DQ RYHUQLJKW VWD\ IRU WKH
PDGHDYDLODEOHWRWKHWRXULVWVIRUEHWWHUXQGHUVWDQG SXUSRVH RI SDUWLFLSDWLQJ LQ RU HQMR\LQJ IDUP
WKH VLWH 9LGHR ILOPV RI WKRVH VLWHV ZLWK SURSHU DFWLYLWLHV DQGRU RWKHU DWWUDFWLRQ RIIHUHG 7KH
H[SODQDWLRQVFRXOGDFWDVDJXLGHZKHUHH[SHULHQFH WRXULVW FDQ PRYH DURXQG WKH IDUPV RU RUFKDUGV
JXLGHLVQRWDYDLODEOH ZKHUH WKH\ FDQ WKHPVHOYHVFROOHFWRU KDUYHVW WKH
IUXLWV RU SURGXFWV 7KH SULFHV WKH\ SD\ IRU WKH
9LOODJHEDVHGWRXULVPLQZKLFKWRXULVWVVKDUH
YROXPHKDUYHVWHGZLOOEHXVXDOO\KLJKHUWKDQZKDW
LQYLOODJHOLIHDQGUXUDOYLOODJHVJDLQHFRQRPLFDQG
WKHJURZHUZRXOGJHWIURPDEURNHU7KHDFWLYLW\RI
RWKHU EHQHILWV IURP WRXULVW DFWLYLWLHV SHRSOH DUH
YLVLWLQJ D IDUP IRU VKRUW SHULRGV RI WLPH IRU WKH
LQWHUHVWHGIRUYLOODJHEDVHGWRXULVP0RVWRIWKHP
SXUSRVH RI SDUWLFLSDWLQJ LQ RU HQMR\LQJ IDUP
DUH QRW LQWHUHVWHG EHFDXVH DFFRUGLQJ WR WKHP
DFWLYLWLHVDQGRURWKHUDWWUDFWLRQRIIHUHG)DUPVWD\
EDVLF IDFLOLWLHV ZLOO QRW EH DYDLODEOH WKHUH
LVWKHPRVWZHOONQRZQRIWKHVHDQGFRQVLVWVRIEHG
$FFRPPRGDWLRQ FRXOG EH D SUREOHP 3XEOLF
DQGEUHDNIDVWDQGLQVRPHFDVHVDQHYHQLQJPHDO
DGPLQLVWUDWLRQLVZHDNLQYLOODJHVWKH\DUHQRWVDIH
DORQJZLWKDFWLYLWLHVRUDWWUDFWLRQVFHQWHUHGPDLQO\
DQG VHFXUH 7RXU RSHUDWRUV FDQ PDNH WKH YLOODJH
RQ WKH WUDGLWLRQDO SDVWRUDO IDUP RU IDUPKRXVH
EDVHWRXULVPDWWUDFWLYHE\DUUDQJLQJGLIIHUHQWW\SHV
3URSHUWLHV ZKLFK XVH WKH ODQG LQ RWKHU ZD\V HJ
RI DFFRPPRGDWLRQ WR PDNH WKH YLOODJH VWD\
KRUWLFXOWXUH RU IRUHVWU\ DUH DOVR LQFOXGHG LGHQWLILFDWLRQ RI VXLWDEOH SULYDWH SDUWQHUV IRU
6XFFHVVIXO IDUP VWD\V WR D 5XUDO 7RXULVP ,W
V DQ SURMHFWV LQ WKH VWDWH LV D PXVW 6WUXFWXUHV DQG
$OFRYHWKDW,QGLDFDQRIIHUYHU\ODUJHH[WHQWGHSHQG PHFKDQLVPVQHHGWREHFUHDWHGWRSURYLGHDGYLFH
RQWKHZHOOGHYHORSHGKRVSLWDOLW\VNLOOVRIWKHKRVW RQ SURMHFW PDUNHWLQJ DQG GHDO VWUXFWXULQJ
DQGWKHLUFDSDFLW\WRPDNHYLVLWRUVIHHODVWKRXJK 7UDQVDFWLRQ$GYLVRU\6HUYLFHVIRUWKHSXEOLFVHFWRU
WKH\DUHSDUWRIWKHIDPLO\ WR HQJDJH SULYDWH LQYHVWRUV ELG PDQDJHPHQW
&RQFOXVLRQ VHUYLFHV IRU ,QYHVWRUV LGHQWLI\ RSWLPDO FDSLWDO
VWUXFWXUHV DQG ILQDQFLQJ VWUDWHJLHV IRU 333
)RU SURYLGLQJ VWDWH RI WKH DUW WRXULVP SURMHFWV DVVLVW FOLHQWV LQ SDFNDJLQJ SURMHFWV LQ
LQIUDVWUXFWXUH WKH VWDWH QHHGV WR DWWUDFW SULYDWH RUGHUWRUDLVHFDSLWDOWKURXJKYDULRXVGHEWRUHTXLW\
VHFWRUSDUWLFLSDWLRQIRULQIUDVWUXFWXUHGHYHORSPHQW VWUXFWXUHVDQGLQVWUXPHQWVFUHDWHEXVLQHVVSODQV
SURMHFWV DQG DFFHVV WKH RSHUDWLRQDO H[SHUWLVH RI VHFXUHILQDQFLQJIRULQIUDVWUXFWXUHSURMHFWVDVSHU
S U L Y D W H F R P S D Q L H V X Q G H U S X E O L F S U L Y D W H WKH VDIHW\ VWDQGDUGV YDOXDWLRQ DQG EXVLQHVV
SDUWQHUVKLSV 333V PRGHO IRU LPSOHPHQWLQJ PRGHOLQJ GLYHVWLWXUHV DQG FDUYHRXWV DQG
LQIUDVWUXFWXUH SURMHFWV HIILFLHQWO\ )RU WKLV )HDVLELOLW\6WXGLHV
&DOOIRU5HVHDUFK3DSHUV
7KH5HJLRQDO&HQWUHIRU8UEDQ (QYLURQPHQWDO6WXGLHVLVSOHDVHGWRLQYLWHFRQWULEXWLRQV
IRU8UEDQ:RUOGLQWKHIRUPRIDUWLFOHVDQGUHVHDUFKSDSHUVIURPUHVHDUFKHUVDXWKRUVSXEOLVKHUV
DFDGHPLFLDQV DGPLQLVWUDWLYH DQG H[HFXWLYH RIILFHUV UHDGHUV DQG ZHOOZLVKHUV RQ DQ\ RQH WKH
IROORZLQJWRSLFV
Ɣ 6PDUW&LWLHV&KDQJLQJIDFHVRI,QGLD
V8UEDQ6SHFWUXP
Ɣ $FFHVVWR6DIH:DWHU 6DQLWDWLRQ
Ɣ 6XVWDLQDEOH+RXVLQJ
Ɣ ,QQRYDWLRQVLQ6ROLG:DVWH0DQDJHPHQW
Ɣ 7UDQVIRUPLQJ8UEDQ7UDQVSRUWLQ,QGLD
$UWLFOHVFRXOGEHEHWZHHQWRZRUGV7KH\PD\FRQWDLQFRPSDWLEOHWDEOHVFKDUWV
JUDSKVHWF:HUHVHUYHWKHULJKWWRHGLWIRUVHQVHVW\OHDQGVSDFH
&RQWULEXWLRQVPD\EHHPDLOHGLQGLJLWDOIRUPDVD:RUGILOHWRWKH'LUHFWRU5&8(60XPEDL
5HJLRQDO&HQWUHIRU8UEDQDQG(QYLURQPHQWDO6WXGLHV5&8(6
$OO,QGLD,QVWLWXWHRI/RFDO6HOI*RYHUQPHQW$,,/6*
015R\+XPDQ'HYHORSPHQW&DPSXV
3ORW1R7365RDG1R
)
%ORFN
2SS*RYHUQPHQW&RORQ\%OGJ1R%DQGUD(DVW0XPEDL
7HO
)D[
(PDLOUFXHVGLUHFWRU#JPDLOFRPXWNDUVKDNDYDGL#\DKRRFRP
48$57(5/<38%/,&$7,212)7+(5&8(62)$,,/6*080%$,92/12
0LJUDWLRQDQG+HDOWK&DUH
'U6XMDWD&KDYDQ
$VVLVWDQW3URIHVVRU$GYDQFHG&HQWUHIRU:RPHQ
V6WXGLHV
7DWD,QVWLWXWHRI6RFLDO6FLHQFH7,660XPEDL
.H\ZRUGV 'URXJKWQDWXUDOGLVDVWHUDWQDWLYHSODFH
0LJUDQWV,QWHUVWDWHDQG,QWUDVWDWH0LJUDWLRQ %HWWHUVHUYLFHSURYLVLRQVRSWLRQVDWFLW\SODFH
+HDOWKFDUH (PSOR\PHQWSRWHQWLDOVDWFLW\SODFH
$WWUDFWLRQRIFLW\OLIH
,%DFNJURXQG
)RUKHDOWKFDUH
0LJUDWLRQLVYHU\LPSRUWDQWSKHQRPHQRQIURP
HFRQRPLFSROLWLFDODQGSXEOLFKHDOWKSRLQWRIYLHZ )RUVXUYLYDO
,QWHUVWDWH DQG LQWUDVWDWH PLJUDWLRQ LV FRPPRQ LQ /DQGOHVVQHVVDGYDQFHGGHEWVDWUXUDOSODFH
,QGLD,QGLYLGXDOVHLWKHUDORQHRUZLWKWKHLUIDPLOLHV
/DFNRIHGXFDWLRQDOIDFLOLWLHVDWUXUDOSODFH
VKLIWWRXUEDQRUVHPLXUEDQDUHDIRUWKHSXUSRVHRI
MRERFFXSDWLRQRUIRUIDPLO\SHUVRQDOPDMRUHYHQWV 0DMRU OLIH HYHQW VXFK DV PDUULDJH VKLIW
DUHFRQVLGHUHGDVPLJUDQWV&HQVXVVKRZVWKDW WUDQVIHURIIDPLO\PHPEHUSDUHQWVHDUQLQJ
LQ,QGLDZHUHFODVVLILHGDVPLJUDQWV7KHUHLV PHPEHURIIDPLO\)RUZRPHQ6RFLRFXOWXUDO
DQG SV\FKRORJLFDO UHDVRQV VXFK DV PDUULDJH
LQFUHDVH LQ PLJUDWLRQ DPRQJ ZRPHQ ERWK ZLWK
GLYRUFH ZLGRZKRRG GLVVHUWDWLRQ GRPHVWLF
WKHLU IDPLOLHV DQG LQGHSHQGHQWO\ DQG WKLV PDNHV
YLROHQFH RU PLJUDWLRQ RI IDPLO\
V HDUQHU
VLJQLILFDQWULVHLQSRSXODWLRQRIPLJUDQWV,QWHUVWDWH
SDUHQWV
SRSXODWLRQ LV DQG DFURVV VWDWHV ,QGLD
V
HFRQRPLFRXWSXWLVDOPRVWҀUGIURPXUEDQDUHDV 'LVSODFHPHQWE\GHYHORSPHQWSURMHFWV
0LJUDWLRQLVFRPPRQIURPUXUDOWRXUEDQDUHDV 0 D M R U R F F X S D W L R Q V R I P L J U D Q W V D U H
0LJUDWLRQ UHSUHVHQWV DQ LPSRUWDQW OLYHOLKRRG FRQVWUXFWLRQ ZRUN ILVK SURFHVVLQJ WUDQVSRUW
GLYHUVLILFDWLRQ VWUDWHJ\ IRU PDQ\ SHRSOH ,QWHUQDO VHUYLFHV KRWHO ZRUN WRXULVP LQGXVWU\ JDUPHQW
PLJUDWLRQLVRIFRQVLGHUDEOHLPSRUWDQFHLQ,QGLD IDFWRU\ ULFNVKDZ GULYHUV KDZNHUV GRPHVWLF
VHUYDQWVVH[ZRUN
0LJUDQWV DUH RI WZR W\SHV RQH ZKR PLJUDWH
0LJUDWLRQVKRZVLPSDFWRQ,QGLDQVRFLHW\FXOWXUH
ZLWK IDPLO\ DQG IDPLO\ OLYH WRJHWKHU DQG DQRWKHU
SROLWLFV DQG HQYLURQPHQW DQG RQ KHDOWK RI
ZKHUH IDPLO\ LV DW UXUDO SODFH DQG DQ LQGLYLGXDO
LQGLYLGXDOVDQGRIWKHFRPPXQLW\
DORQHVWD\VLQFLW\
,PSOLFDWLRQVRIPLJUDWLRQ
:K\GRSHRSOHPLJUDWH"
0LJUDQWV FDQ QRW FRSH XS ZLWK XUEDQ OLIH
3RYHUW\
VW\OHFRQGLWLRQVDQGEHFRPHYXOQHUDEOHLQQHZ
8QHPSOR\PHQWDWUXUDOSODFH DWPRVSKHUH7KH\KDYHWRDGDSWWRFLW\FXOWXUH
:RPHQ DUH DW GRXEOH GLVDGYDQWDJH DQG WR 0LJUDQWV DUH YXOQHUDEOH DV WKH\ ZRUN LQ
YLROHQFHDQGDEXVH7KH\GRQRWNQRZRUKDYH LQIRUPDO VWUXFWXUH KD]DUGRXV ZRUN FRQGLWLRQV QR
DQDFFHVVWRUHGUHVVDOV\VWHP MRE VHFXULW\ ORQJ ZRUNLQJ KRXUV H[SORLWDWLRQ E\
0LJUDQWV GR QRW KDYH SURSHU KHDOWK FDUH RYHUZRUNDQGXQGHUSD\PHQWE\HPSOR\HU:RPHQ
FRYHUDJH 8QDYDLODELOLW\ LQDGHTXDF\ RI DUH DGGLWLRQDOO\ YXOQHUDEOH WR VH[XDO DEXVH DQG
JRYHUQPHQWDOKHDOWKIDFLOLWLHV/DFNRISULPDU\ YLROHQFHE\HPSOR\HUWKH\DUHSDLGOHVVWKDQPHQ
KHDOWKFDUHFHQWUHV WKRXJK GR WKH VDPH MRE XQKHDOWK\ ZRUN
HQYLURQPHQWDQGFRQGLWLRQV
1RSURSHUKRXVLQJDQGVDQLWDWLRQIDFLOLWLHV
,,5HVHDUFKPHWKRGRORJ\DQGPDMRUILQGLQJV
,QVHFXULW\LQMREVPDMRULW\ZRUNLQLQIRUPDO
XQRUJDQLVHGVHFWRUGRXQVNLOOHGZRUN7KH\DUH 7KH SUHVHQW UHVHDUFK VWXG\ ZDV FRQGXFWHG DW
RIWHQH[SORLWHGE\RYHUZRUNRUXQGHUSD\PHQW 1DODVRSDUD'LVWULFW7KDQHLQ0DKDUDVKWUD6WDWH
:RUN DWPRVSKHUH IRU IHPDOH ZRUNHUV LV QRW 0LJUDQWV ZHUH LQWHUYLHZHG ZLWK WKH KHOS RI
SURSHUDV GRQRW SURYLGHIDFLOLWLHV RIWRLOHW VHPLVWUXFWXUHGLQWHUYLHZVFKHGXOH
FUHFKHHWFDQGWKH\DUHYXOQHUDEOHWRVH[XDO 7KLVLVDTXDOLWDWLYHUHVHDUFKVWXG\'DWDZDV
DEXVHE\FRQWUDFWRUVHPSOR\HUVRUFRZRUNHUV FROOHFWHGGXULQJ'HFHPEHUWR0D\
0LJUDQWVODFNLGHQWLW\DWFLW\DVGRQRWKDYHDQ\ 7KH SUHVHQW UHVHDUFKHU ZDV UHVLGHQW RI
GRFXPHQWVSURRIRIEHORQJLQJWRFLW\SODFH 1DODVRSDUDGXULQJWR$QGKDYHREVHUYHG
/DFNRIUDWLRQFDUGRULGHQWLW\FDUGYRWHUFDUG
FKDQJHVLQSRSXODWLRQDWWKHVDLGORFDWLRQRYHUWKH
,OOLWHUDF\ DQG XQDZDUHQHVV DERXW RZQ OHJDO ODVW WZR GHFDGHV 7KH QXPEHU RI PLJUDQWV KDYH
ULJKWV LQFUHDVHGQRWLFHDEO\DQGKHQFHWKHVDLGJHRJUDSKLFDO
3RRUQXWULWLRQ ORFDWLRQZDVVHOHFWHGWRFRQGXFWWKLVVWXG\
9XOQHUDEOHWRLQIHFWLRQVRFFXSDWLRQDOKD]DUGV 1DODVRSDUD LV ZHVWHUQ VXEXUEDQ DUHD FORVH WR
0XPEDLFLW\ZLWKJUHDWHUDFFHVVLELOLW\E\UDLOZD\
5LVN WR VH[XDO DQG UHSURGXFWLYH KHDOWK RI ORFDO WUDLQV DQG E\ ORFDO EXVHV 7KHUH DUH FHUWDLQ
ZRPHQ 3URORQJHG VWDQGLQJ DW ZRUN SODFH
FRQFHQWUDWHGSRFNHWVRIPLJUDQWV6RPHRIWKHPGR
RYHUZRUNH[SRVXUHWRFKHPLFDOVPD\OHDGWR
VWD\LQVFDWWHUHGSODFHVDORQJZLWKKRVWIDPLOLHVLQ
SUHPDWXUH GHOLYHU\ IHWDO PDOIRUPDWLRQ
WKLVDUHDHVSHFLDOO\WKRVHZKRKDGPLJUDWHGPRUH
DEQRUPDOSRVWQDWDOGHYHORSPHQW
WKDQ\HDUVDJR
5LVNWRPHQWDOKHDOWK6WUHVVIXOZRUNDQGOLYLQJ
3XUSRVLYH VDPSOLQJ PHWKRG ZDV XVHG WR
FRQGLWLRQVLQVHFXULW\LQMRESRYHUW\SUHVVXUH
RIHDUQLQJIRUOLYHOLKRRGXQK\JLHQLFKRXVLQJ VHOHFWUHVSRQGHQWV0LJUDQWVZKRKDGPLJUDWHG
ODFN RI UHFUHDWLRQDO DFWLYLWLHV IHHOLQJ RI WR\HDUVDJRZHUHVHOHFWHG0DMRULW\RIWKHPKDG
XQDFFHSWDQFH E\ FLW\ SHRSOH DQG IHHOLQJ RI WKHLUZLYHVDQGFKLOGUHQVWD\LQJZLWKWKHP&URVV
LVRODWLRQPD\OHDGWRPHQWDOVWUHVVUHODWLRQVKLS VHFWLRQDOVWXG\RIPLJUDQWVZDVGRQH
SUREOHPVDOFRKROLVPDQGVXEVWDQFHDEXVH 7KH GDWD ZDV FROOHFWHG DERXW WKHLU RULJLQ
/RVVRIIULHQGVUHODWLYHVVRFLDOFRQWDFWVDWUXUDO UHDVRQ IRU PLJUDWLRQ IDPLO\ PHPEHUV DQG
SODFH PD\ OHDG WR ORVV RI VXSSRUW DQG RZQ PDULWDO VWDWXV HGXFDWLRQ RFFXSDWLRQ IDPLO\
FXOWXUH LQFRPHSHUPRQWKQDWXUHRIUHVLGHQFHFRQGLWLRQV
DW UHVLGHQFH DQG ZRUNSODFH KHDOWK VWDWXV
/DFN RI DFFHVV WR EDVLF ULJKWV RI ULJKW WR DYDLODELOLW\DFFHVVLELOLW\DIIRUGDELOLW\XVHRI
HGXFDWLRQULJKWWRIRRGVHFXULW\DQGOLYHOLKRRG NLQG RI KHDOWK VHUYLFHV WKHLU H[SHULHQFH DIWHU
DQGULJKWWRKHDOWKULJKWWRVKHOWHU PLJUDWLRQ
48$57(5/<38%/,&$7,212)7+(5&8(62)$,,/6*080%$,92/12
0LJUDWLRQKDVLPSDFWRQPHQWDODQGSK\VLFDO $IHZKDGNLWFKHQSODWIRUPEXWPDMRULW\ZHUH
DQGVRFLDOKHDOWKRIPLJUDWHGLQGLYLGXDODQGWKHLU FRRNLQJRQVWRYHRQWKHIORRU
IDPLO\DQGFRPPXQLW\
7KH\KDGYHU\IHZYHVVHOVPDLQO\RIDOXPLQLXP
7KH FRUUHODWLRQ RI RFFXSDWLRQ LQFRPH PHWDORURISODVWLF
HGXFDWLRQVWDWXVZLWKWKHLUKHDOWKFRQGLWLRQVZDV
$OPRVWDOOKDGDWDQNWRVWRUHZDWHU
REVHUYHGLQWKLVVWXG\7KHVWURQJFRUUHODWLRQRI
HGXFDWLRQZLWKKHDOWKVWDWXVZDVVHHQ+LJKHUWKH 7KHUH ZDV QR ZDWHU FRQQHFWLRQ DQG WKHVH
HGXFDWLRQKLJKHULVIDPLO\LQFRPHDQGEHWWHULV SHRSOH ZHUH EULQJLQJ ZDWHU IURP WDS RI QHDUE\
KHDOWKFRQGLWLRQ UHVLGHQWLDOVRFLHWLHV
7KH VWXG\ DOVR JLYHV GDWD RQ ZRUNLQJ DQG 7KH\ WDNH EDWK RQFH LQ ? GD\V DQG ZDVK
OLYLQJ FRQGLWLRQV GLIILFXOWLHV IDFHG E\ WKHP FORWKHVRQFHLQDZHHN
UHDVRQV RI PLJUDWLRQ .LQGV RI KHDOWK SUREOHPV
0DMRULW\ZHUHZRUNLQJLQJDUPHQWRUFKHPLFDO
DQGDLGVRUVHUYLFHVDYDLODEOHWRWKHPZHUHDOVR
LQIRUPDOFRPSDQLHVDQGZHUHJHWWLQJGDLO\ZDJHV
VWXGLHG 7KH GLIIHUHQW DQG VSHFLILF LVVXHV RI
PLJUDQWZRPHQZHUHDOVRVWXGLHG 6RPH ZRPHQ ZHUH ZRUNLQJ LQ FRQVWUXFWLRQ
ZRUNVH[ZRUNVRPHZHUHKRXVHZLYHV
)LQGLQJV
0DQ\ RI WKHP H[SUHVVHG WKDW RQFH WKH\
0LJUDWLRQLVDFRSLQJVWUDWHJ\
FRQWLQXH WR OLYH KHUH DIWHU \HDUV WKH\ FDQ
0RVW RI PLJUDQWV ZRUN LQ LQIRUPDO VHFWRU DV PDQDJHWRDUUDQJHIRUSURSHUUHVLGHQWLDOSODFHDV
XQVNLOOHG ZRUNHUV DQG OLYH RQ PHDJUH ZDJHV DQG VRPHRIWKHLUNQRZQSHUVRQVDUHVWD\LQJLQUHQWDO
XQDEOHWRDIIRUGDSURSHUKRXVLQJDQGDUHH[SRVHGWR IODWV
KD]DUGRXV OLYLQJ FRQGLWLRQV ZKLFK DIIHFWV WKHLU
SK\VLFDOPHQWDODQGVRFLDOKHDOWK $VIDUDVSK\VLFDOKHDOWKLVFRQFHUQHGPDMRULW\
RI WKHP JHQHUDOO\ QHJOHFW WKH LOOQHVV XQOHVV LW LV
0DMRULW\RIPDOHPLJUDQWVFDPHIRUHPSOR\PHQW
VHYHUH 6LPSOH KHDOWK LVVXHV UHPDLQ XQDWWHQGHG
0DMRULW\KDG VRPHRQHLQFLW\ZKRKHOSHGKLPLQ
6RPHXVHWUDGLWLRQDOKRPHUHPHGLDOPHDVXUHV
LQLWLDOSHULRGWRVHDUFKDMREDQGILQGSODFHWRVWD\
ODWHURQWKH\JRWWKHLUIDPLO\ZLYHVDQGFKLOGUHQ ,QFDVHWKHFRQGLWLRQLVVHULRXVPDMRULW\RIWKHP
$YHUDJHDJHRIWKHVHPLJUDQWVZDVEHWZHHQ SUHIHU WR JR WR SULYDWH GRFWRU WKRXJK KH FKDUJHV
DQG\HDUV DERXWUXSHHVSHUYLVLW7KLVLVEHFDXVHWKHJRYW
KRVSLWDOLVIDUDW9LUDUDQGLVFURZGHGVRWKH\ZLOO
$YHUDJH PRQWKO\ LQFRPH RI IDPLO\ UDQJHG KDYHWRVSHQGPRUHWLPHZKLFKZLOOUHVXOWLQORVVRI
EHWZHHQDQGUXSHHV
GDOLO\ZDJHV0DQ\RIWKHPXVHVHOIPHGLFDWLRQE\
0DMRULW\ KDG VWXGLHG XSWR 66& IHZ ZHUH EULQJLQJ PHGLFLQH IURP FKHPLVW E\ WHOOLQJ WKHLU
LOOLWHUDWH)HZKDGFRPSOHWHGWKHLUJUDGXDWLRQ SUREOHP 3UHJQDQW ZRPHQ JR IRU GHOLYHU\ DW
7KH\XQGHUVWDQGDQGVSHDNKLQGLODQJXDJHIRU JRYHUQPHQWDOKRVSLWDODVWKHLUKRXVLQJFRQGLWLWLRQV
FRPPXQLFDWLRQ 0DMRULW\ KDG EHQJDOL DV WKHLU DUHEDGDQGKRVSLWDOLVEHWWHUSODFHDIWHUGHOLYHU\
PRWKHUWRQJXH6RPHRIWKHPKDGKLQGLDVPRWKHU 0DQ\ SUHIHU WR JR EDFN WR WKHLU QDWLYH SODFH IRU
WRQJXH9HU\IHZFRXOGUHDGDQGZULWHDQGVSHDN GHOLYHU\DVKDYHVXSSRUWV\VWHPRYHUWKHUH
HQJOLVKODQJXDJH +HDOWK SUREOHPV VXFK DV LQIHFWLRXV GLVHDVHV
0DMRULW\ZHUHPDUULHGDQGKDGWZRNLGV PDOHULD WXEHUFXORVLV W\SKRLG UHVSLUDWRU\
7KHLUOLYLQJSODFHZDVOLNHKXWNDFFKDKRXVH GLVRUGHUV +,9 FKURQLF IDWLJXH FROG JDVWUR
KDYLQJRQHURRPZLWKQRZDWHUDQGWRLOHWIDFLOLW\ LQWHVWLQDO GLVRUGHUV K\SHUWHQVLRQ VNLQ GLVRUGHUV
ORZ ELUWK ZHLJKW DQHPLD YLWDPLQ GHILFLHQFLHV 0RELOHSKRQHVNHHSWKHPFRQQHFWHGZLWKHDFK
SUHPDWXUHGHOLYHU\ULVNRIDERUWLRQDOFRKROLVPDQG RWKHUDQGZLWKPHPEHUVDWUXUDOSODFH
GUXJDGGLFWLRQVWUHVVOHDGLQJWRPHQWDOGLVRUGHUV 1HZFLW\DWPRVSKHUHVKDSHWKHLUVHOILGHQWLW\
:RPHQ GLG PHQWLRQ DERXW VH[XDO DEXVH E\ LQWHUDFWZLWKGLYHUVHFXOWXUHGHYHORSHQHZIULHQGV
HPSOR\HURWKHUPHQ%XWWKH\SUHIHUWRNHHSTXLHW DQGVRFLDOQHWZRUN
DVWKH\VDLGWKHUHLVQRUHGUHVVDOV\VWHP ,,,&RQFOXVLRQV
6RPHPHQZHUHDOFRKROLFDQGGRQRWVHHLWDV 0LJUDQWVDUHDWGLVDGYDQWDJHFRPSDUHGWRWKH
PHGLFDOLOOQHVV QDWLYHSRSXODWLRQUHJDUGLQJKHDOWKFDUHDQGRWKHU
&KLOGUHQZHUHVWXG\LQJLQPXQLFLSDOVFKRRODQG VHUYLFHV
DOVRGRKRXVHKROGZRUNZKHQWKHLUSDUHQWVDUHRXW :H KDYH ODZ IRU 3URWHFWLRQ DJDLQVW 6H[XDO
IRUZRUN +DUDVVPHQW RI :RPHQ DW :RUNSODFH EXW PDQ\
0DMRULW\ZHUHVWD\LQJZLWKIDPLO\ ZRPHQDUHQRWDZDUHDERXWLWWKHLUOHJDOULJKWVDQG
SROLFHV7KHUHIRUHDZDUHQHVVSURJUDPPHVVKRXOG
0DMRULW\KDGPLJUDWHGIRUEHWWHUHPSOR\PHQW EHDUUDQJHG
RSSRUWXQLWLHV
:H QHHG WR KDYH XUEDQ SODQQLQJ PLJUDQW
0DMRULW\ VHQG VRPH DPRXQW SHU PRQWK WR WR IULHQGO\ DQG LQFOXVLYH 3URSHU DVVLVWDQFH WR
WKHLUSDUHQWVDWUXUDOSODFH PLJUDQWV VXSSRUW V\VWHP KHOS OLQH DQG QHWZRUN
6RPH ZRPHQ FDPH KHUH DIWHU WKHLU PDUULDJH VRFLDO VHFXULW\ WHPSRUDU\ UDWLRQ FDUG VKRUW WHUP
ZLWKWKHLUKXVEDQGVDQGDUHKRXVHZLYHV VKHOWHUKRPHV
6RPHZRPHQEURXJKWWKHLUFKLOGUHQFDPHKHUH 0DMRULW\ RI WLPHV PLJUDWLRQ LV YLHZHG
IRU MRE DV IDFHG GRPHVWLF YLROHQFH DW WKHLU UXUDO QHJDWLYHO\DVFDUULHURIGLVHDVHVDQGDVDXQZDQWHG
SODFH PDVV DQG EXUGHQ RQ KRVW FRPPXQLW\ $FWXDOO\
PLJUDWLRQFDQEHVHHQSRVLWLYHO\DVGLIIHUHQWSHRSOH
/RFDOSHRSOHKDWHWKHPDQGFDOODVRXWVLGHUVDQG
RIGLYHUVHFXOWXUHFRPLQJWRJHWKHUFDQHQMR\DQG
WKHUHDVRQWRPDNHWKHLUFLW\GLUW\
OLYHKHDOWK\OLIH+RZHYHULQUHDOLW\WKHPLJUDQW
V
7KRXJKPLJUDQWVKDYHWRIDFHPDQ\GLIILFXOWLHV KHDOWK FRQFHUQV IDOO RXW IRU KRVW FRPPXQLW\
LQFLW\WKH\VKDUHGVRPHSRVLWLYHDVSHFWVVXFKDV 0LJUDQWVFRPHZLWKWKHLURZQKHDOWKVWDWXVFXOWXUH
:RPHQVKDUHGWKDWWKH\IHHOIUHHDQGIOH[LELOLW\ DQG OLIHVW\OH RI WKHLU RULJLQ 2QH QHHGV WR DFFHSW
DVIDUDVFXOWXUDOULJLGQRUPVDWWKHLUUXUDOSODFHDUH PLJUDQWVDQGSODQIRUSURSHUPDQDJHPHQWVRDVWR
FRQFHUQHG HQKDQFHLWVSRVLWLYHVDQGUHGXFHQHJDWLYHVLQRUGHU
WR DFKLHYH KHDOWK\ SURGXFWLYH DQG KDSS\
+HUH ZRPHQ KDYH IUHHGRP WR GHFLGH DERXW SRSXODWLRQ
FRRNLQJGUHVVLQJVRFLDOFRQWDFWVOLNHRQHZRPDQ
VDLGVKHZDVGDXJKWHULQODZDWUXUDOSODFHDQGZDV 5HIHUHQFHV
XQGHUFRQWURORIPRWKHULQODZDWUXUDOSODFHEXWKHUH %DNHU - %DVX 5 &URSSHU 0 /DOO 6
VKHIHHOVIUHH 7DNHXFKL$8UEDQ3RYHUW\DQG7UDQVSRUW
1HZZD\RIOLIHDWFLW\QHZZD\VRIGUHVVLQJ 7KH &DVH RI 0XPEDL :RUOG %DQN 3ROLF\
IRRG KDELWV HQWHUWDLQPHQW PHDQV QHZ RXWORRN 5HVHDUFK:RUNLQJ3DSHU
WRZDUGV OLIH DW FLW\ LV HQMR\HG DQG PLJUDQWV JHW %KDJDW 5% $VVHVVLQJ WKH PHDVXUHPHQW RI
DGDSWHGWRWKLV7KH\PD\QRWUHPDLQULJLGWRZDUGV LQWHUQDO PLJUDWLRQ LQ ,QGLD $VLDQ DQG
WKHLUULWXDOVFHUHPRQLHVFHOHEUDWLRQV 3DFLILF0LJUDWLRQ-RXUQDO
48$57(5/<38%/,&$7,212)7+(5&8(62)$,,/6*080%$,92/12
%R\OH 3 3RSXODWLRQ JHRJUDSK\ PLJUDWLRQ RQ KWWSZZZFGFJRYQFLGRGHLGYRO
DQGLQHTXDOLWLHVLQPRUWDOLW\DQGPRUELGLW\ QRBVXSSFDUEDOORKWP
3URJ+XP*HRJU 4X\QK /r 7KDR /r
&XOWXUDO DWWLWXGHV RI
&KDWWHUMHH &% ,GHQWLWLHV LQ PRWLRQ 9LHWQDPHVH PLJUDQWV RQ KHDOWK LVVXHV
3DSHU
PLJUDWLRQDQGKHDOWKLQ,QGLD&HKDW SXEOLVKHG E\ WKH $XVWUDOLDQ $VVRFLDWLRQ IRU
0XPEDL,QGLD-RQHV:*6RPHSROLF\ 5HVHDUFK LQ (GXFDWLRQ $YDLODEOH IURP
LVVXHV RQ 0LJUDQW +HDOWK ,Q -DWUDQD 6 KWWSZZZDDUHHGXDXSDSOHSGI
(G0LJUDWLRQDQG+HDOWKLQ$VLD 6DP ' / DQG %HUU\ - :
5RXWOHGJH2[RQ $FFXOWXUDWLRQ:KHQ,QGLYLGXDOVDQGJURXSVRI
'HVDL1HHUD 7KDNNDU8VKD:RPHQ 'LIIHUHQW &XOWXUDO %DFNJURXQGV 0HHW
LQ ,QGLDQ 6RFLHW\ 1HZ 'HOKL 1DWLRQDO %RRN SHUVSHFWLYHVRQSV\KRORJLFDO6FLHQFH
7UXVW 81$,'6 ,20 VWDWHPHQW RQ +,9 $,'6
*XSWD , 'DVJXSWD 3 +HDOWK 6HHNLQJ UHODWHGWUDYHOUHVWULFWLRQV-XQH$YDLODEOH
%HKDYLRXU LQ 8UEDQ 'HOKL $Q ([SORUDWRU\ IURP KWWSZZZLRPLQWMDKLDZHEGDYVLWH
6WXG\:RUOG+HDOWKDQG3RSXODWLRQ P\MDKLDVLWHVKDUHGVKDUHGPDLQVLWHDFWLYLWLHV
-DJRUL
5LJKWVDQGYXOQHUDELOLWLHV$UHVHDUFK KHDOWK81$,'6B,20BVWDWHPHQWBWUDYHOBUHVWUL
VWXG\RIPLJUDQWZRPHQZRUNHUVLQWKHLQIRUPDO FWLRQVSGI
VHFWRU LQ 'HOKL
1HZ 'HOKL -DJRUL ,QIR&KDQJH1HZV )HDWXUHV-XQH
$Y D L O D E O H I UR P Z Z Z M D J R U L R UJ Z S 9LNUDPDQ 3LOODL &LWL]HQ /RJ 6XUDW 'LDU\
FRQWHQWXSORDGVPLJUDWLRQILQDO 0 D U F K $ Y D L O D E O H I U R P
UHSRUWSGI KWWSZZZPHULQHZVFRPFORJDUWLFOHMVS"DU WL
.HUDOD6WDWH$,'6&RQWURO6RFLHW\0LJUDQWV
FOH,' FDWHJRU\ ,QGLD FDW,'
6H[XDO +HDOWK ,QWHUYHQWLRQ 3URMHFW ± .HUDOD :RUOG +HDOWK 2UJDQLVDWLRQ +HDOWK RI
$Y D L O D E O H I UR P K W W S Z Z Z N V D F V L Q PLJUDQWV5HSRUWE\WKHVHFUHWDULDW(%
PLJUDQWVSKS ' H F H P E H U $Y D L O D E O H I UR P
0 &DUEDOOR$ 1HUXNDU
0LJUDWLRQ UHIXJHHV KWWSZZZZKRLQWKDFWHFKJXLGDQFHKHDOWKBR
DQG KHDOWK ULVNV
LQ (PHUJLQJ ,QIHFWLRXV IBPLJUDQWV%BHQS
'LVHDVHV-XQH$YDLODEOH
$LU3ROOXWLRQRQDFFRXQWRI9HKLFXODU(PLVVLRQV
DQG%KDUDW6WDJH%61RUPV
(IIRUWVIRU,QGLDWREUHDWKHDV\
)D]DODKPHG%.KDQ
$GYLVRU8UEDQ /HJDO6HUYLFHV
$OO,QGLD,QVWLWXWHRI/RFDO6HOI*RYHUQPHQW
48$57(5/<38%/,&$7,212)7+(5&8(62)$,,/6*080%$,92/12
9HKLFXODUHPLVVLRQVDUHWKHQHFHVVDU\RXWSXWRI DOOYHKLFOHVLQ,QGLDKDYHWRPHHW(XUR,RU,QGLD
WKH PHFKDQLVP RI LQWHUQDO FRPEXVWLRQ DQG QRUPVE\-XQHDQG(XUR,,ZLOOEH
SURGXFWLRQRIHQHUJ\WRSURSHOWKHYHKLFOH ,QWKH PDQGDWRU\LQWKH1DWLRQDO&DSLWDO5HJLRQE\$SULO
HQJLQHV PDGH IRU YHKLFOHV UXQQLQJ RQ SHWURO WKH 7KH 1DWLRQDO $XWR )XHO SROLF\ ZDV
HPLVVLRQVFRPSULVHPL[WXUHVRIFDUERQPRQR[LGH DQQRXQFHG LQ ZKLFK LQWHU DOLD ODLG WKH
&2 R[LGHV RI QLWURJHQ 12[ DQG XQEXUQW URDGPDS IRU LPSOHPHQWDWLRQ RI WKH %KDUDW 6WDJH
K\GURFDUERQV+&,QFDVHRIGLHVHOHQJLQHVWKH QRUPVWLOO(DFKVWDJHVSHFLILHVDFHUWDLQOLPLW
FRQFHQWUDWLRQRIFDUERQPRQR[LGHDQGXQEXUQWLV RQ WKH SROOXWDQWV UHOHDVHG ZKLFK UHTXLUHV RLO
FRPSDUDWLYHO\ORZEXWWKHUHLVKLJKFRQFHQWUDWLRQ UHILQHULHVWRSURGXFHWKHVSHFLILHGW\SHRIRLODQG
RIR[LGHVRIQLWURJHQ UHTXLUHV WKH DXWRPRELOH LQGXVWU\ WR PRGLI\ DQG
0DFKLQHVZRUNRQDSUHFLVHPHFKDQLVP7KH XSJUDGH WKH HQJLQHV WR IXUWKHU EULQJ GRZQ
VHFRQG HTXDOO\ LPSRUWDQW SDUW RI WKH LVVXH LV WKH HPLVVLRQVRIWKHSROOXWDQWVIURPYHKLFOHV
TXDOLW\RIWKHIXHOWKDWLVIHGWRWKHPDFKLQH4XDOLW\ 7KH SROLF\ DOVR FUHDWHG JXLGHOLQHV IRU DXWR
GHSHQGVXSRQWKHGHJUHHRIUHILQHPHQWRIWKHFUXGH IXHOV UHGXFWLRQ RI SROOXWLRQ IURP ROGHU YHKLFOHV
7DNLQJ LQWR DFFRXQW WKHVH IDFWV WKH WKUXVW RI WKH DQG5 'IRUDLUTXDOLW\GDWDFUHDWLRQDQGKHDOWK
SROOXWLRQFRQWUROVWUDWHJ\KDVEHHQRQUHGXFLQJDQG DGPLQLVWUDWLRQ7KHYHKLFXODUHPLVVLRQQRUPVDUH
JUDGXDOO\ PLQLPL]LQJ WKHVH SDUWLFXODU HPLVVLRQV UHODWHG WR (XURSHDQ 1RUPV$IWHU WKHLU DGRSWLRQ
ZKLFKDFFRXQWIRUODUJHUVKDUHRISROOXWLRQFDXVHG WKH\DUHQRWLILHGDV%KDUDW6WDJH1RUPV7KH\KDYH
E\YHKLFXODUHPLVVLRQV EHHQ UHYLVHG SKDVHG ZLVH RQ WKH EDVLV RI WKH
0HDVXUHV WDNHQ IRU &RQWURO RI $LU 3ROOXWLRQ DYDLODEOHWHFKQRORJ\DWDQ\SRLQWRIWLPHDQGDOVR
IURP9HKLFOHV EHFDXVH RI WKH WLPH QHHGHG E\ WKH DXWRPRELOH
LQGXVWU\WRPDNHFKDQJHVLQWKHPDNHRIWKHYHKLFOH
7KH HPLVVLRQ QRUPV IRU YHKLFOHV DW WKH HQJLQH6LPLODUO\WKLVDOVRUHTXLUHVXSJUDGDWLRQLQ
PDQXIDFWXULQJVWDJHDVZHOODVIRULQXVHYHKLFOHV WKHUHILQLQJVWDQGDUGV7KXVWKHUHDUHWZREURDG
ZHUHQRWLILHGIRUWKHILUVWWLPHLQ,QGLDLQIRU DVSHFWV RI HPLVVLRQ FRQWURO LH WKURXJK HQJLQH
SHWURO DQG LQ IRU GLHVHO YHKLFOHV XQGHU WKH PDNH DQG IXHO TXDOLW\ 7KH SHULRG RI WKHLU
(QYLURQPHQW 3URWHFWLRQ $FW DQG WKH $LU LPSOHPHQWDWLRQDQGWKHQRUPVODLGGRZQE\WKHP
3UHYHQWLRQDQG&RQWURORI3ROOXWLRQ$FW,Q DUHVKRZQLQWKHIROORZLQJWDEOH
$SULOWKH6XSUHPH&RXUWRI,QGLDUXOHGWKDW
(PLVVLRQ1RUPVIRU3DVVHQJHU9HKLFOHV(QJLQHPDNH
1RUPV &RUUHVSRQGLQJ <HDURI,QWURGXFWLRQ &2JNP +&12[JNP
(XURSHDQ1RUPV
KDUDW6WDJH,,,
% (XUR 1&5FLWLHV FRPELQHG
1DWLRQZLGH
%KDUDW6WDJH,9 (XUR 3KDVHZLVHVHOHFWHG
FLWLHVIURP$SULOWR
$SULOQDWLRQZLGH
%KDUDW6WDJH9 (XUR 7KLVVWDJHLVVNLSSHG
%KDUDW6WDJH9, (XUR $SULO1DWLRQZLGH 7REHQRWLILHG 7REHQRWLILHG
SURSRVHG
6RXUFH&RPSHQGLXPRI(QYLURQPHQW6WDWLVWLFV0LQLVWU\RI6WDWLVWLFV 3URJUDPPH
,PSOHPHQWDWLRQ*RYHUQPHQWRI,QGLD
3HWURO(PLVVLRQ1RUPV(QJLQHPDNH
*UDPSHUNP
1RUP &DUERQ +\GURFDUERQV 2[LGHVRI +&12[ 3DUWLFXODWH
PRQR[LGH&2 +& QLWURJHQ1R[ 0DWWHU
%6,,,
%6,9
%69,
48$57(5/<38%/,&$7,212)7+(5&8(62)$,,/6*080%$,92/12
'LHVHO(PLVVLRQ1RUPV
*UDPSHUNP
1RUP &DUERQ +\GURFDUERQV 2[LGHVRI +&12[ 3DUWLFXODWH
PRQR[LGH&2 +& QLWURJHQ1R[ 0DWWHU
%6,,,
%6,9
%69,
6RXUFH7KH$XWRPRWLYH5HVHDUFK$VVRFLDWLRQRI,QGLD
KWWSVZZZDUDLLQGLDFRPSGI,QGLDQB(PLVVLRQB5HJXODWLRQB%RRNOHWSGI
&RQWUROOLQJHPLVVLRQVIURPIXHOTXDOLW\ SSPIURPDOHYHORISSPLQ%6,,ZKLFKZLOO
5HGXFWLRQRIHPLVVLRQRIVXOSKXUGLR[LGH UHGXFHDFRQWLQXLQJKHDOWKKD]DUG
/LNH RWKHU YHKLFXODU HPLVVLRQV HPLVVLRQ RI KWWSVHQHUJ\HFRQRPLFWLPHVLQGLDWLPHVFRPQHZ
VXOSKXUGLR[LGHZKRVHKHDOWKKD]DUGLVDWWHPSWHG VRLODQGJDVLQGLDQUHILQHULHVRQIDVW
WR EH UHGXFHG WKURXJK IXHO TXDOLW\ 7KH VXOSKXU WUDFNWRPHHWEVYLHPLVVLRQQRUPV
OHYHOLQGLHVHOLVSURSRVHGWREHEURXJKWGRZQWR
6WDWXVRI/DQGDQG,PSOLFDWLRQV$IWHU&RQYHUVLRQ
RI/DQGWR1RQ$JULFXOWXUH
5DM-RVKL
5HVHDUFK$VVRFLDWH5HJLRQDO&HQWUHIRU8UEDQDQG(QYLURQPHQWDO6WXGLHV
$OO,QGLD,QVWLWXWHRI/RFDO6HOI*RYHUQPHQW0XPEDL
48$57(5/<38%/,&$7,212)7+(5&8(62)$,,/6*080%$,92/12
DJULFXOWXUDOUHWXUQVDQGWKHODFNRILQFHQWLYHVIRU RIDJULFXOWXUDOODQG6FRSHRIWKHUHVHDUFKLVOLPLWHG
IDPHUV SHUVLVWV LW ZLOO HYHQWXDOO\ ZLGHQ WKH JDS WR WKH QRQHQYLURQPHQWDO DVSHFWV RI ORVV LQ
EHWZHHQGHPDQGDQGVXSSO\RIDJULFXOWXUDOODQG DJULFXOWXUDO ODQG RI YLOODJHV RI .DUMDQ WDOXND
ZKLFKZLOOSXWHYHQJUHDWHUSUHVVXUHRQWKHVXSSO\ 9DGRGDUD $QDO\WLFDO IUDPHZRUN LV SURYLGHG WR
VLGHLHIHUWLOHODQG DVVHVV WKH YDFDQF\ RI DJULFXOWXUDO ODQG DIWHU WKH
7KHFXUUHQWHQYLURQPHQWRIPDNLQJDJULFXOWXUDO FRQYHUVLRQRIODQGWRQRQDJULFXOWXUHSXUSRVHVE\
ODQG FRQYHUVLRQV HDV\ RXWVLGH FLW\ OLPLWV DOVR KDV FRQGXFWLQJODQGXVHVXUYH\DQGGDWDSUHVHQWDWLRQ
QR[LRXV FRQVHTXHQFH RI YDFDQF\ LH ]HUR 7KH PDSSLQJ RI WKH YLOODJHV ZDV FDUULHG RXW DQG
GHYHORSPHQW LQ FRQYHUWHG DJULFXOWXUDO ODQG DV VLPSOH *RRJOH HDUWK DQDO\VLV ZDV FDUULHG RXW IRU
LQYHVWRUV EX\ SORWV VROHO\ IRU WKH SXUSRVH RI LGHQWLILFDWLRQ RI YDFDQW ODQG LH LGHQWLI\LQJ WKH
LQYHVWPHQW7KLVLQHIIHFWLYHQHVVRIODQGFRQYHUVLRQV YDFDQWQRQDJULFXOWXUDOODQGIURPODQGSDUFHOVZLWK
KDVVHULRXVQHJDWLYHLPSOLFDWLRQVRQIRRGVHFXULW\ QRQEXLOWXS)XUWKHUWKHUHVHDUFKWULHVWRORRNLQWR
IDUPODQGVDQGVRFLRHFRQRPLFVRIWKHDJULFXOWXUH ILQGLQJ SROLFLHV JDSV DQG UHFRPPHQGLQJ
PLWLJDWLRQPHDVXUHV
5HVHDUFK$UHD
0DMRU)LQGLQJV
7KHSUHVHQWUHVHDUFKVWXG\ZDVFRQGXFWHGDW
YLOODJHV RI .DUMDQ WDOXND RI 9DGRGDUD GLVWULFW LQ ,QWKHSHULRGIURPWRQHDUO\
*XMDUDW6WDWH1RQDJULFXOWXUDOODQGSDUFHOVZHUH KHFWDUHRIODQGKDVEHHQFRQYHUWHGWRQRQDJULFXOWXUDO
LGHQWLILHG DQG PDSSHG DQG IDPHUV ZHUH XVHDVLQGXVWULHVEHJDQDFTXLULQJDJULFXOWXUDOODQGLQ
LQWHUYLHZHG WR NQRZ WKH UHDVRQV RI FRQYHUVLRQ SHULXUEDQDUHDVRI9DGRGDUD7KLVOHGWRLQFUHDVHLQ
3ROLFLHVZHUHDQDO\]HGUHODWLQJWRQRQDJULFXOWXUDO ODQG SULFHV DV D UHVXOW RI ODQG VSHFXODWLRQ ZKLFK
FRQYHUVLRQV IXUWKHULQFUHDVHGWKHRSSRUWXQLW\FRVW
FRPSDUDWLYHO\EHORZYDFDQWDJULFXOWXUDOODQG &RQFOXVLRQ
LQ9DODQLVGXHWRLWVSUR[LPLW\WRXUEDQFHQWUH7KH 7KHUH LV VLJQLILFDQW SHUFHQWDJH RI 1RQ
WDEOH EHORZ VKRZV WKH SHUFHQWDJH RI YDFDQW ODQG $JULFXOWXUDO ODQGV WKDW DUH O\LQJ YDFDQW IRU DQ
DQGRFFXSLHGRUXWLOL]HGODQGWKDWKDVIXOILOOHGWKH DYHUDJHRIPLQLPXPRI\HDUVLQDOOWKHYLOODJHV
LQWHQGHGXVHRXWRIWKHWRWDOQXPEHURIFRQYHUWHG 7KHUHDVRQVIRUWKHFRQYHUVLRQVZHUHJDWKHUHGIURP
QRQDJULFXOWXUDOODQG IRFXVHG JURXS GLVFXVVLRQ DQG IDUPHU
V LQWHUYLHZ
6U1R 9LOODJH 2FFXSLHG 9DFDQW ZHUHUHODWHGWRRSSRUWXQLW\FRVWLQYHVWPHQWVDQG
XUJH WR VKLIW WR XUEDQ FHQWUH 7KHUHIRUH WKH
%DPDQJDP FRQYHUVLRQ UDWH LV KLJKHU LQ YLOODJHV ZLWK JRRG
*DQGKDUD SUR[LPLW\WRXUEDQFHQWUH/DQGVSHFXODWLRQLVRQH
RIWKHUHDVRQVLQZKLFKLQYHVWRUVZKRLQYHVWLQWKH
9DODQ
DJULFXOWXUDOODQGDQGNHHSLWZLWK]HURGHYHORSPHQW
.DUMDQ XQWLOWKH\JHWJRRGUHWXUQVIRUWKHYDFDQWFRQYHUWHG
ODQG)XUWKHUWKHODQGVSHFXODWLRQDQGSUR[LPLW\WR
XUEDQ FHQWUHV DQG WUDQVSRUW FRQQHFWLYLW\ LPSOLHV
KLJKHURSSRUWXQLW\FRVWZKLFKOHDGVWRVHOOLQJRI
WKHIDUPODQGWRLQGXVWULHVRUWKHLQYHVWRUVDOVRGXH
WRODFNRIVXIILFLHQWUHJXODWRU\PHDVXUHVIRUIDUP
ODQG SURWHFWLRQ PDGH WKH SURFHVV RI FRQYHUVLRQ
HDV\ 7KH SROLFLHV SURWHFWLQJ WKH IDUPODQGV DQG
IDUPHUV LQWHUHVW DUH GHWHUUHQW WR UHJXODWH WKH
QHJDWLYH LPSOLFDWLRQV RI HFRQRPLF GHYHORSPHQW
LHKLJKHURSSRUWXQLW\FRVWDQGDKLJKHUYDFDQF\
7KHILJXUHVKRZVWKHDYHUDJH\HDURIYDFDQF\ SHULRGRIFRQYHUWHGDJULFXOWXUDOODQGV'XHWRQRQ
RI FRQYHUWHG DJULFXOWXUDO ODQG 7KH FRQYHUWHG DJULFXOWXUDO ODQGV O\LQJ YDFDQW ZLWKRXW EHLQJ
DJULFXOWXUDO ODQG KDV EHHQ O\LQJ YDFDQW IRU DQ XWLOL]HGIRUDQ\SXUSRVHLPSOLFDWHVDFOHDUORVVRI
DYHUDJHRI\HDUVLQ%DPDQJDPDQG*DQGKDUD UHVRXUFHV LQ WHUPV RI DJULFXOWXUDO SURGXFH DQG
ZKLOHWKHPLQLPXPDYHUDJH\HDUVRIYDFDQF\KDV IHUWLOHODQG7KHODQGSROLFLHVIRUFORVHSUR[LPLWLHV
EHHQIRXQGLQDOOWKHYLOODJHV VKRXOG EH PRUH VWULQJHQW WRZDUGV SURWHFWLRQ RI
+HQFHGXHWRQRQXVHRIFRQYHUWHGDJULFXOWXUDO DJULFXOWXUH ODQG DQG SURPRWH PRUH HIILFLHQW DQG
ODQGWKHTXDQWXPRIORVVRIUHVRXUFHLQWKHIRUPRI VXVWDLQDEOHGHYHORSPHQW
IHUWLOH ODQG DQG IRRG SURGXFWLRQ GXH ORVV RI
DJULFXOWXUHKDVEHHQTXDQWLILHGEDVHGRQLQWHUYLHZV
RI IDUPHUV IRFXVHG JURXS GLVFXVVLRQ ZLWK WKH 5HFRPPHQGDWLRQV
VWDNHKROGHUV,WVKRZVWKDWWKHPDMRUFURSVWKDWDUH 7KHODZVJRYHUQLQJWKHWHQXUHDQGWUDQVIHURI
KDUYHVWHG RYHU WKH \HDUV DUH 7XYHU &RWWRQ ODQGDUHPDLQO\WKUHHRIWKHIROORZLQJ
VXJDUFDQHDQGSDGG\ZHUHNQRZQ$OVRWKH\LHOG 9 7KH%RPED\/DQG5HYHQXH&RGH
SHU9LJDKDKDVEHHQGHWHUPLQHGIURP\HDURI
YDFDQF\ZKLFKLVDOPRVWTXLQWDOVLQ7XYHU 9 %RPED\7HQDQF\ DQG$JULFXOWXUDO ODQGV
DQG&RWWRQDQGTXLQWDOVLQ6XJDUFDQH $FW
DQG 3DGG\ HYHU\ \HDU GXH WR WKH YDFDQF\ RI WKH 9 *XMDUDW ODQG &HLOLQJ DQG $JULFXOWXUDO
FRQYHUWHGODQG7KLVORVVLVWKHUHVXOWRILQHIILFLHQW $FW
SODQQLQJ DQG KDSKD]DUG GHYHORSPHQW DQG ODQG
PDQDJHPHQW
48$57(5/<38%/,&$7,212)7+(5&8(62)$,,/6*080%$,92/12
7KH %RPED\ ODQG UHYHQXH FRGH RI 5HIHUHQFHV
*XMDUDW ZDV SULPDULO\ DPHQGHG WR JRYHUQ WKH 'HSXW\'LUHFWRURI+RUWLFXOWXUH3+
WUDQVIHURIRZQHUVKLSSHUPLVVLEOHXVHVDQGRWKHU ,QFUHDVH LQ 9HJHWDEHO 3URGXFH 5
OHJDOLWLHVRIDJULFXOWXUDOODQG -RVKL,QWHUYLHZHU9DGRGDUD
$FFRUGLQJWR6HFWLRQ$%RI%RPED\ODQG (QYLURQPHQW'R7KHFRQVHUYDWLRQRI
UHYHQXH FRGH DQ\ ODQG WKDW FDQ EH FRQYHUWHG WR ODQGV LQ $VLD DQG WKH 3DFLILF )RRG DQG
FRPPHUFLDO UHVLGHQWLDO LQGXVWULDO RU WR DQ\ QRQ DJULFXOWXUH RUJDQL]DWLRQ RI XQLWHG QDWLRQV
DJULFXOWXUDOXVHUHJDUGOHVVRIZKHWKHULWIDOOVXQGHU GRFXPHQWUHSRVLWRU\
'HYHORSPHQW3ODQRU7RZQ3ODQQLQJVFKHPHDUHDV
XQGHU *XMDUDW 7RZQ 3ODQQLQJ DQG 8UEDQ ,VDOP05&DXVHVDQGFRQVHTXHQFHV
'HYHORSPHQW DFW 7KLV FOHDUO\ UHSUHVHQWV WKH RI$JULFXOWXUDOODQGORVVHVRI5DMVKDKL'LVWULFW
XWLOLWDULDQDSSURDFKWRZDUGVDJULFXOWXUHDVWKHUHLV %DQJODGHVK ,265 -RXUQDO RI (QYLURQPHQWDO
QR UHJXODWRU\ PHDVXUH IRU WKH WLPH OLPLW LQ 6FLHQFH7R[LFRORJ\DQG)RRG7HFKQRORJ\
H[HFXWLRQ RI WKH LQWHQGHG XVH RI FRQYHUWHG IDUP
ODQG+HQFHIRUDVXVWDLQDEOHGHYHORSPHQWWKHUHLV /L-LDQJD;'7KHLPSDFWRIXUEDQ
D QHHG IRU DQ DGGLWLRQDO FODXVH RU UHJXODWRU\ H[SDQVLRQ RQ DJULFXOWXUDO ODQG XVH (OVHYLHU
PHDVXUHLHLIWKHODQGWKDWKDVEHHQFRQYHUWHGWR
UHVLGHQWLDOFRPPHUFLDORULQGXVWULDOSXUSRVHDQG
0DULROD 0 - /RVLQJ JURXQG
WKHXVHRIODQGLVQRWXWLOL]HGXQWLODVSHFLILFSHULRG
) D U P O D Q G S U H V H U Y D W L R Q H F R Q R P L F
VKRXOGEHOLDEOHWRORVHLWVSHUPLVVLRQRIXVLQJWKH
XWLOLWDULDQLVPDQGWKHHURVLRQRIWKHDJUDULDQ
ODQGIRUQRQDJULFXOWXUDOSXUSRVHV
LGHDO$JULFXOWXUHDQG+XPDQ9DOXHV
1DUD\DQDQ6)RRG6HFXULW\LQ,QGLD
7KH,PSHUDWLYHDQG,WV&KDOOHQJHV$VLD WKH
3DFLILF3ROLF\6WXGLHV±
5281' $%287
1HZ5XOHVIRU:HWODQGV&RQVHUYDWLRQDQG0DQDJHPHQW1RWLILHG
7KH0LQLVWU\RI(QYLURQPHQW)RUHVWVDQG&OLPDWH&KDQJHQRWLILHGWKH:HWODQGV&RQVHUYDWLRQDQG
0DQDJHPHQW5XOHVRQ6HSWHPEHUE\VXSHUVHGLQJWKHUXOHV7KHGHWDLOHGUHFLWDOVRI
WKHUXOHVLQWHUDOLDVD\
:KHUHDVWKHZHWODQGVYLWDOSDUWVRIWKHK\GURORJLFDOF\FOHDUHKLJKO\SURGXFWLYHHFRV\VWHPVZKLFK
VXSSRUWULFKELRGLYHUVLW\DQGSURYLGHDZLGHUDQJHRIHFRV\VWHPVHUYLFHVVXFKDVZDWHUVWRUDJHZDWHU
SXULILFDWLRQ IORRG PLWLJDWLRQ HURVLRQ FRQWURO DTXLIHU UHFKDUJH PLFURFOLPDWH UHJXODWLRQ DHVWKHWLF
HQKDQFHPHQWRIODQGVFDSHVZKLOHVLPXOWDQHRXVO\VXSSRUWLQJPDQ\VLJQLILFDQWUHFUHDWLRQDOVRFLDODQG
FXOWXUDODFWLYLWLHVEHLQJSDUWRIRXUULFKFXOWXUDOKHULWDJH
$QGZKHUHDVPDQ\ZHWODQGVDUHWKUHDWHQHGE\UHFODPDWLRQDQGGHJUDGDWLRQWKURXJKGUDLQDJHDQG
ODQGILOOSROOXWLRQGLVFKDUJHRIGRPHVWLFDQGLQGXVWULDOHIIOXHQWVGLVSRVDORIVROLGZDVWHVK\GURORJLFDO
DOWHUDWLRQ ZDWHU ZLWKGUDZDO DQG FKDQJHV LQ LQIORZ DQG RXWIORZ RYHUH[SORLWDWLRQ RI WKHLU QDWXUDO
UHVRXUFHVUHVXOWLQJLQORVVRIELRGLYHUVLW\DQGGLVUXSWLRQLQHFRV\VWHPVHUYLFHVSURYLGHGE\ZHWODQGV
7KHVHUXOHVGHFHQWUDOL]HWKHZHWODQGVPDQDJHPHQWE\JLYLQJSRZHUVWR6WDWHVWRLGHQWLI\DQGQRWLI\
ZHWODQGVZLWKLQWKHLUMXULVGLFWLRQDQGWRSURWHFWWKHZHWODQGVIURPSURKLELWHGDFWLYLWLHV7KHSURKLELWHG
DFWLYLWLHVLQFOXGHDOONLQGVRIHQFURDFKPHQWVROLGZDVWHGXPSLQJGLVFKDUJHRIXQWUHDWHGZDVWHVDQG
HIIOXHQWVIURPLQGXVWULHVFLWLHVWRZQVDQGYLOODJHVVHWWLQJXSRUH[SDQVLRQRIDQ\LQGXVWU\SRDFKLQJ
DQ\FRQVWUXFWLRQRIDSHUPDQHQWQDWXUHH[FHSWIRUERDWMHWWLHVZLWKLQPHWHUVIURPWKHPHDQKLJKIORRG
OHYHOREVHUYHGLQWKHSDVW\HDUV7KH6WDWHVDUHQRZUHTXLUHGWRLGHQWLI\DQGQRWLI\DOOWKHZHWODQGV
ZLWKLQD\HDU7KHLUWDVNRILGHQWLI\LQJZHWODQGVKDVEHFRPHHDV\EHFDXVHLQWKH,652PDSSHG
RYHUZHWODQGVDFURVV,QGLD7KH\RFFXS\DURXQGRI,QGLD
VJHRJUDSKLFDODUHD ,QODQG
ZHWODQGVDUHVSUHDGRYHUPLOOLRQKHFWDUHVDQGFRDVWDOZHWODQGVKDYHDQDUHDRIPLOOLRQ
KHFWDUHV
5HYLVHG*XLGHOLQHVWR1RWLI\6LOHQFH=RQHV
,QSXUVXDQFHRIDPHQGPHQWWRWKH1RLVH3ROOXWLRQ5HJXODWLRQDQG&RQWURO5XOHVPDGHE\
WKH &HQWUDO *RYHUQPHQW LQ$XJXVW WKH 0DKDUDVKWUD *RYHUQPHQW (QYLURQPHQW 'HSDUWPHQW
LVVXHGUHYLVHGJXLGHOLQHVRQ1RYHPEHU8QGHUWKHQHZJXLGHOLQHVWKH8UEDQ'HYHORSPHQW
'HSDUWPHQW ZLOO QRWLI\ WKH VLOHQFH ]RQHV IRU XUEDQ DUHDV FRPLQJ XQGHU PXQLFLSDO FRUSRUDWLRQV RU
PXQLFLSDOFRXQFLOV,QUHVSHFWRIUXUDODUHDVVXFKDQDFWLRQZLOOEHWDNHQE\WKH5XUDO'HYHORSPHQW
'HSDUWPHQW 7KH QHZ JXLGHOLQHV GLYLGH VLOHQFH ]RQHV LQWR IRXU FDWHJRULHV LQGXVWULDO FRPPHUFLDO
UHVLGHQWLDODQGVLOHQFH]RQHV'HFLEHOOLPLWVIRUHDFKRIWKHFDWHJRU\DUHSUHVFULEHG7KH&RPSHWHQW
$XWKRULWLHVDUHUHTXLUHGWRVHHNUHSRUWIURPWKHORFDOERGLHVDVWRUHFRPPHQGDWLRQRIDFDWHJRU\IRU
QRWLI\LQJWKH]RQHV,IDQDUHDIDOOVXQGHUWZRRUWKUHHFDWHJRULHVWKHQWKHDXWKRULWLHVFDQGHFODUHLWLQRQH
RIWKHIRXUFDWHJRULHVDFFRUGLQJWRWKHORFDOVLWXDWLRQ
48$57(5/<38%/,&$7,212)7+(5&8(62)$,,/6*080%$,92/12
685$76+2:67+(:$<
$QQXDO&OLPDWH&KDQJH&RQIHUHQFHFRQFOXGHG
7KHUGDQQXDO&RQIHUHQFHRI3DUWLHVZDVKHOGLQ%RQQ*HUPDQ\IURPWR1RYHPEHU
7KH PDLQ DJHQGD EHIRUH WKH 81)&&& FRQWLQXHG IURP WKH SUHYLRXV &23 LV WR IUDPH UXOHV IRU
LPSOHPHQWDWLRQRIWKH3DULV$JUHHPHQWSRVW7KHFRXQWULHVDJUHHGWRGLVFXVVWKHLVVXHRI
PDNLQJULFKQDWLRQVWRKHOSGHYHORSLQJFRXQWULHVDGDSWWRFKDOOHQJHVRIFOLPDWHFKDQJHLQWKHIRUPRI
ILQDQFHWRDFKLHYHWKHJRDORINHHSLQJJOREDODYHUDJHWHPSHUDWXUHULVHZLWKLQGHJUHH&HOVLXVE\WKHHQG
RIWKLVFHQWXU\DQGPDNHHIIRUWVWRNHHSLWEHORZGHJUHH&HOVLXV$WWKHEHJLQQLQJGLIIHUHQFHVDURVH
RYHULPSOHPHQWDWLRQRISUHREOLJDWLRQVXQGHUWKH.\RWR3URWRFROXQGHUZKLFKRQO\ULFKQDWLRQV
ZHUHREOLJHGWRWDNHHPLVVLRQFXWDFWLRQV7KHQDWLRQVKDGDJUHHGLQWRFXWHPLVVLRQVE\DWOHDVW
EHORZOHYHOVPRVWRIWKHPIDLOHGWRGRVR$FFRUGLQJWRWKHDSSURDFKSDSHUDGRSWHGE\DOOWKH
3DUWLHVWKH
7DODQDR'LDORJXH
ZRXOGLQWHUDOLDFRQVLGHUWKHHIIRUWVRIWKH3DUWLHVRQPLWLJDWLRQDFWLRQ
DQG ILQDQFLDO DQG WHFKQLFDO VXSSRUW DV DSSURSULDWH LQ WKH SUH SHULRG
7DODQDR
LV D WUDGLWLRQDO
DSSURDFKXVHGLQ)LMLDQGWKH3DFLILFWRHQJDJHLQDQLQFOXVLYHSDUWLFLSDWRU\DQGWUDQVSDUHQWGLDORJXH
&RXUWHV\7LPHVRI,QGLD0XPEDLGDWHG1RYHPEHU
)D]DODKPHG%.KDQ$GYLVRU$,,/6*
5HJLRQDO&HQWUHIRU8UEDQDQG(QYLURQPHQWDO6WXGLHV0XPEDL
$GYLVRU\&RPPLWWHH
0V0DQLVKD0KDLVNDU,$6 3ULQFLSDO6HFUHWDU\8UEDQ'HYHORSPHQW*RYWRI ([2IILFLR
0DKDUDVKWUD0XPEDL &KDLUSHUVRQ