You are on page 1of 149

7HFKQLFDO5HSRUW'RFXPHQWDWLRQ3DJH

5HSRUW1R *RYHUQPHQW$FFHVVLRQ1R 5HFLSLHQW¶V&DWDORJ1R




7LWOHDQG6XEWLWOH 5HSRUW'DWH

'20(67,&$1',17(51$7,21$/%(6735$&7,&(&$6( )HEUXDU\
678',(6

$XWKRU V  3HUIRUPLQJ2UJDQL]DWLRQ&RGH
 
+DQL60DKPDVVDQL.HLVKD6ODXJKWHU+XVVHLQ&KHEOLDQG
0LFKDHO0F1HUQH\ 3HUIRUPLQJ2UJDQL]DWLRQ5HSRUW1R

3HUIRUPLQJ2UJDQL]DWLRQ1DPHDQG$GGUHVV :RUN8QLW1R 75$,6 

&HQWHUIRU7UDQVSRUWDWLRQ5HVHDUFK
7KH8QLYHUVLW\RI7H[DVDW$XVWLQ &RQWUDFWRU*UDQW1R
5HG5LYHU6XLWH 
$XVWLQ7; 

6SRQVRULQJ$JHQF\1DPHDQG$GGUHVV 7\SHRI5HSRUWDQG3HULRG&RYHUHG
7H[DV'HSDUWPHQWRI7UDQVSRUWDWLRQ 5HVHDUFK5HSRUW± 
5HVHDUFKDQG7HFKQRORJ\7UDQVIHU6HFWLRQ&RQVWUXFWLRQ'LYLVLRQ
32%R[ 6SRQVRULQJ$JHQF\&RGH
$XVWLQ7; 

6XSSOHPHQWDU\1RWHV
3URMHFWFRQGXFWHGLQFRRSHUDWLRQZLWKWKH86'HSDUWPHQWRI7UDQVSRUWDWLRQ)HGHUDO+LJKZD\$GPLQLVWUDWLRQDQGWKH7H[DV
'HSDUWPHQWRI7UDQVSRUWDWLRQ
$EVWUDFW 
$LUWUDQVSRUWDWLRQSOD\VDYLWDOUROHLQWKH7H[DVHFRQRP\$LUSDVVHQJHUFDUJRWUDIILFLVSURMHFWHGWRFRQWLQXHWRLQFUHDVH
FRQVLGHUDEO\DWPDQ\RIWKHVWDWH¶VODUJHDLUSRUWV*URXQGDFFHVVWRDLUSRUWVLVDQLPSRUWDQWIXQFWLRQWKDWPXVWEHSURYLGHGIRU
DWWKHUHJLRQDOOHYHODVZHOODVLQWKHLPPHGLDWHYLFLQLW\RIWKHIDFLOLW\LWVHOI&RQJHVWLRQSUREOHPVDIIHFWLQJDLUSRUWDFFHVVDUH
LQVRPHLQVWDQFHVUHDFKLQJXQDFFHSWDEOHSURSRUWLRQVWKHUHDUHDOVRFRQFHUQVUHJDUGLQJWKHQHJDWLYHLPSDFWVVXFKFRQJHVWLRQLV
KDYLQJRQDLUTXDOLW\DQGRWKHUHQYLURQPHQWDOFRQVLGHUDWLRQV$FFRUGLQJO\WKHVHLVVXHVUHTXLUHFRQFHUWHGDFWLRQWRPHHW
SURMHFWQHHGV

7R DGGUHVV WKH DERYH FKDOOHQJHV DQG FXUUHQW JDSV WKLV SURMHFW ZLOO WDNH D FRPSUHKHQVLYH ORRNDWWKHODQGVLGHDFFHVVLVVXHV
DVVRFLDWHGZLWKPDMRUDLUSRUWVLQWKHVWDWH,WZLOOVHHNWRLPSURYHRQH[LVWLQJSODQQLQJSURFHGXUHVDQGSURFHVVHVWRPHHWWKH
XQLTXH QHHGV RI DLUSRUW WUDIILF GHPDQG IRU ERWK SHRSOH DQG JRRGV 7R EH HIIHFWLYH SODQQLQJ IRU DLUSRUW DFFHVV PXVW EH
PXOWLPRGDO DQG LQWHUPRGDO FRQVLGHU RSHUDWLRQDO UHJXODWRU\ DQG FDSLWDOLQWHQVLYH LQIUDVWUXFWXUH SURYLVLRQ LVVXHV FRQVLGHU
PXOWLSOHOHYHOVRIVFDOHUHVROXWLRQDQGUHFRJQL]HWKHXQLTXHG\QDPLFDVSHFWVRIDLUWUDIILFGHPDQGLHLWVWHPSRUDOSDWWHUQV

7KLV UHSRUW GRFXPHQWV GRPHVWLF DQG LQWHUQDWLRQDO EHVW SUDFWLFH FDVH VWXGLHV 7KH RYHUDOO LPSDFW RI WKH HQWLUH DLUSRUW
WUDQVSRUWDWLRQQHWZRUNPXVWEHFRQVLGHUHGLQRUGHUWRDGGUHVVJURXQGDFFHVVLVVXHV7KLVVWXG\FRQILUPVWKHREMHFWLYHVDQG
WDVNVODLGRXWLQWKHUHVHDUFKSURSRVDO

.H\:RUGV 'LVWULEXWLRQ6WDWHPHQW
$LUSRUWDFFHVVULGHUVKLSLQWHUPRGDOWUDQVSRUWDWLRQ 1R UHVWULFWLRQV  7KLV GRFXPHQW LV DYDLODEOH WR WKH SXEOLF WKURXJK WKH
UDLODQGRIIDLUSRUWIDFLOLWLHV 1DWLRQDO7HFKQLFDO,QIRUPDWLRQ6HUYLFH6SULQJILHOG9LUJLQLD
6HFXULW\&ODVVLI RIUHSRUW  6HFXULW\&ODVVLI RIWKLVSDJH  1RRISDJHV 3ULFH
8QFODVVLILHG 8QFODVVLILHG 

)RUP'27)  5HSURGXFWLRQRIFRPSOHWHGSDJHDXWKRUL]HG


  

 


'20(67,&$1',17(51$7,21$/

%(6735$&7,&(&$6(678',(6


E\
+DQL60DKPDVVDQL
.HLVKD6ODXJKWHU
+XVVHLQ&KHEOL
0LFKDHO0F1HUQH\


5HVHDUFK5HSRUW1XPEHU




5HVHDUFK3URMHFW
$LUSRUW$FFHVV,QWHUPRGDO6WUDWHJLHVWR$GGUHVV&RQJHVWLRQDW
$LUSRUW+LJKZD\,QWHUIDFHV

&RQGXFWHGIRUWKH

7(;$6'(3$570(172)75$163257$7,21

LQFRRSHUDWLRQZLWKWKH

86'(3$570(172)75$163257$7,21
)('(5$/+,*+:$<$'0,1,675$7,21


E\WKH

&(17(5)2575$163257$7,215(6($5&+
%XUHDXRI(QJLQHHULQJ5HVHDUFK
7+(81,9(56,7<2)7(;$6$7$867,1


)(%58$5<


  

 LY


',6&/$,0(56

7KH FRQWHQWV RI WKLV UHSRUW UHIOHFW WKH YLHZV RI WKH DXWKRUV ZKR DUH UHVSRQVLEOH IRU WKH
IDFWVDQGWKHDFFXUDF\RIWKHGDWDSUHVHQWHGKHUHLQ7KHFRQWHQWVGRQRWQHFHVVDULO\UHIOHFW
WKHRIILFLDOYLHZVRUSROLFLHVRIWKH)HGHUDO+LJKZD\$GPLQLVWUDWLRQ )+:$ DQGWKH7H[DV
'HSDUWPHQW RI 7UDQVSRUWDWLRQ 7['27   7KLV UHSRUW GRHV QRW FRQVWLWXWH D VWDQGDUG
VSHFLILFDWLRQRUUHJXODWLRQ

7KHUHZDVQRLQYHQWLRQRUGLVFRYHU\FRQFHLYHGRUILUVWDFWXDOO\UHGXFHGWRSUDFWLFHLQWKH
FRXUVH RI RU XQGHU WKLV FRQWUDFW LQFOXGLQJ DQ\ DUW PHWKRG SURFHVV PDFKLQH PDQXIDFWXUH
GHVLJQRUFRPSRVLWLRQRIPDWWHURUDQ\QHZDQGXVHIXOLPSURYHPHQWWKHUHRIRUDQ\YDULHW\
RISODQWZKLFKLVRUPD\EHSDWHQWDEOHXQGHUWKHSDWHQWODZVRIWKH8QLWHG6WDWHVRI$PHULFD
RUDQ\IRUHLJQFRXQWU\




5HVHDUFKSHUIRUPHGLQFRRSHUDWLRQZLWKWKH7H[DV'HSDUWPHQWRI7UDQVSRUWDWLRQDQGWKH
86'HSDUWPHQWRI7UDQVSRUWDWLRQ)+:$


127,17(1'(')25&216758&7,21
%,'',1*253(50,7385326(6

+DQL60DKPDVVDQL3( 7H[DV1R 
5HVHDUFK6XSHUYLVRU




$&.12:/('*0(176

7KHDXWKRUVDFNQRZOHGJHWKHVXSSRUWSURYLGHGE\/LQGD+RZDUG $91 7['27SURMHFW
GLUHFWRU$OVRDSSUHFLDWHGLVWKHDVVLVWDQFHSURYLGHGE\-D\1HOVRQ '$/ 


Y
  

 YL


7$%/(2)&217(176

&+$37(5,1752'8&7,21  

86$,532576  


12186$,532576  

&+$37(5'20(67,&%(6735$&7,&(&$6(678',(6 

,1752'8&7,21  
&+,&$*22
+$5(,17(51$7,21$/ $,53257 
6WDWLVWLFV  
,QWHUPRGDOLW\  
3DUNLQJ  
5DLO6HUYLFH  
)XWXUH3URMHFWV 

'(19(5,17(51$7,21$/$,53257  
6WDWLVWLFV  
,QWHUPRGDOLW\  
5DLO6HUYLFH  
*URXQG$FFHVV6ROXWLRQV  
)XWXUH3URMHFWV 

:$6+,1*721 5($*$1 1$7,21$/ $,53257  
6WDWLVWLFV  
,QWHUPRGDOLW\  
5DLO6HUYLFH  
)XWXUH3URMHFWV 

&+$37(5,17(51$7,21$/%(6735$&7,&(&$6(678',(6  

,1752'8&7,21  

YLL
  

)5$1.)8570$,1,17(51$7,21$/$,53257 
*HQHUDO&KDUDFWHULVWLFV  
,QWHUPRGDOLW\  
$,5DLO7HUPLQDO  

+21*.21*
6,17(51$7,21$/$,53257$7&+(./$3.2.  
)DFLOLWLHV  
6XUIDFH$FFHVV  
5DLO$FFHVV  
5RDG$FFHVV  
3XEOLF8VH$FFHVV  
)HUU\$FFHVV  
*URXQG7UDQVSRUWDWLRQ&HQWHU  
)UDQFKLVH%XV6WDWLRQ 
7RXU&RDFK6WDWLRQ  
7UDYHO,QGXVWU\9HKLFOH3LFNXS$UHDV 
7D[L6WDWLRQ  

=85,&+ ,17(51$7,21$/$,53257  
  0RGDO6SOLWV  
7UDIILF6XUYH\5HVXOWV 

&21&/86,216  

&+$37(5'$//$6)257:257+,17(51$7,21$/$,53257  

,1752'8&7,21  
*URXQG$FFHVV3UREOHP 
7HPSRUDO3DWWHUQV  
  9HKLFXODU&DWHJRULHVDQG'HILQLWLRQV  
'DWD6HWV 

 YLLL


&21&/86,216  



&+$37(56800$5<$1'&21&/86,216  

$,532575$,/  
:KHQDQG:K\5DLO:RUNV  
:KDWWKH&DVH6WXG\$LUSRUWVDUHDRLQJ  

2))$,532577(50,1$/6 
,VVXHVWREH&RQVLGHUHGLQ'HYHORSLQJ2II$LUSRUW7HUPLQDOV  
,PSOLFDWLRQVIRU7H[DV$LUSRUWV  
)XWXUH5HVHDUFK  

5()(5(1&(6  

$33(1',;  
























L[
  















 [


/,672)7$%/(6

7DEOH*HWWLQJWR2
+DUH$LUSRUWIURPWKH&KLFDJR0HWUR5HJLRQ
7DEOH&KLFDJR2
+DUH$LU7UDYHOHUV
7ULS3XUSRVHV  
7DEOH&RPSDULVRQRIWKH'HQYHU$LUSRUW5DLO(VWLPDWHVDQG)RXU2WKHU&LWLHV  
7DEOH)UDQNIXUW$LUSRUW7UDIILF5HSRUW VW+DOIRI  
7DEOH7UDYHO7LPHIRU6FKHGXOHG'HVWLQDWLRQV  
7DEOH6HOHFWHG2SHUDWLQJ&KDUDFWHULVWLFV=XULFK,QWHUQDWLRQDO$LUSRUW  
7DEOH6XPPDU\RI)LUVW'DWD6HW  
7DEOH$LUSRUW5DLO/LQN3HUIRUPDQFH 
7DEOH&KDUDFWHULVWLFVRI$LUSRUW5DLO6WDWLRQV 


/,672)),*85(6

)LJXUH0RGDO6SOLWVIRU2
+DUH$LUSRUW  
)LJXUH'LVWDQFHRI9DULRXV$LUSRUWVWR&%'  
)LJXUH'RPHVWLF0DUNHW6KDUH$XJXVW  
)LJXUH0RGH6SOLWIRU:DVKLQJWRQ5HDJDQ1DWLRQDO$LUSRUW  
)LJXUH0RGDO6SOLWGXULQJWKH3DVW)LYH<HDUVDW)UDQNIXUW$LUSRUW 
)LJXUH0RGDO6SOLWIURP-XO\WR-XO\DW)UDQNIXUW$LUSRUW 
)LJXUH2YHUDOO0RGDO6SOLWDW+RQJ.RQJ
V$LUSRUW  
)LJXUH3DVVHQJHU0RGDO6SOLW 
)LJXUH(PSOR\HH0RGDO6SOLW  
)LJXUH6SOLWDPRQJ$LUSRUW9LVLWRUV 
)LJXUH&RPSDULVRQRI3XEOLF7UDQVSRUWDW9DULRXV$LUSRUWV  
)LJXUH'):$LUSRUW/D\RXW3ODQ 
)LJXUH3DVV7KURXJK7UDQVDFWLRQVDW'):$LUSRUW  
)LJXUH9HKLFOH7\SHDQG3XUSRVH6SOLWDW'):$LUSRUW  

[L
  

 [LL


(;(&87,9(6800$5<

7KLV UHSRUW GRFXPHQWV WKH JURXQG DFFHVV SUDFWLFHV DW VHOHFWHG QDWLRQDO DQG
LQWHUQDWLRQDO DLUSRUWV  7KH LQWHQW LV WR SURYLGH FDVH VWXG\ H[DPSOHV RI VXFFHVVIXO SUDFWLFHV
DQG H[SHULHQFHV WKDW UHSUHVHQW GLIIHUHQW DSSURDFKHV WR WKH JURXQG DFFHVV FKDOOHQJHV
HQFRXQWHUHGDWPRVWPDMRUDLUSRUWV:KLOHWKHV\PSWRPVPD\EHVLPLODUWKHDSSURDFKHVWR
VROYLQJWKHXQGHUO\LQJSUREOHPVRIWHQUHIOHFWSDUWLFXODUFRQGLWLRQVSUHYDLOLQJDWWKHDLUSRUWLQ
TXHVWLRQDQGLQVRPHFDVHVGHQRWHFXOWXUDOGLIIHUHQFHVSHUWDLQLQJWRDXWRGHSHQGHQFHYHUVXV
WUDQVLWRULHQWDWLRQ1RQHWKHOHVVVXFFHVVIXODLUSRUWVKDYHDFKLHYHGWKHLUVXFFHVVEHFDXVHWKH\
KDYHH[FHOOHGDWDQGRULQQRYDWHGLQWKHLUDSSURDFKHVWRJURXQGDFFHVV
7KH GRPHVWLF DLUSRUWV UHYLHZHG LQ WKH UHSRUW LQFOXGH :DVKLQJWRQ 5HDJDQ 1DWLRQDO
'HQYHU DQG &KLFDJR 2¶+DUH DLUSRUWV LQ DGGLWLRQ WR WKH 'DOODV)RUW :RUWK $LUSRUW  7KH
LQWHUQDWLRQDODLUSRUWVFRQVLGHUHGLQFOXGH)UDQNIXUW+RQJ.RQJDQG=XULFK1RWDEOHDPRQJ
WKH LQWHUQDWLRQDO DLUSRUWV LV WKH VWURQJ GHJUHH RI PXOWLPRGDO LQWHJUDWLRQ LQ WKH DSSURDFK WR
JURXQG DFFHVV  $LUSRUWV WKXV EHFRPH PDMRU QRGHV LQ D PXOWLPRGDO QHWZRUN DOORZLQJ
FRQYHQLHQW WUDQVIHU IURP YLUWXDOO\ DQ\ PRGH WR WKH DLU SRUWLRQ RI WKH WULS  :KLOH KLJKZD\
DFFHVV LV D NH\ FRQVLGHUDWLRQ LQ DOO DLUSRUWV UDLO DFFHVV LV LQWHJUDO WR WKH JURXQG DFFHVV
SLFWXUH ZLWK WKH DLUSRUW VHUYLQJ DV D PDMRU UDLO VWDWLRQ SURYLGLQJ DFFHVV QRW RQO\ IURP WKH
H[WHQGHGXUEDQDUHDEXWDOVRWRRWKHUFLWLHVDQGFRXQWULHVUHDFKDEOHYLDLQWHUFLW\UDLO=XULFK
DOVR SURYLGHV D JRRG LOOXVWUDWLRQ RI VXFFHVVIXO UHOLDQFH RQ UHPRWH VDWHOOLWH WHUPLQDOV ZKHUH
DLU WUDYHOHUV FDQ FKHFN LQ FKHFN WKHLU OXJJDJH DQG WKHQ SURFHHG RQ WR WKHLU JDWHV DW WKH
DLUSRUW WHUPLQDO  7KH QRWDEOH FKDUDFWHULVWLF RI WKHVH VXFFHVVIXO H[DPSOHV RI PXOWLPRGDO
LQWHJUDWLRQDWDLUSRUWWHUPLQDOVLVWKHH[LVWHQFHRIVWURQJUDLOQHWZRUNVWKDWDUHLQGHSHQGHQWRI
WKHDLUSRUW
 7KH GRPHVWLF DLUSRUWV UHYHDO OHVV UHOLDQFH RQ UDLO WUDQVLW HYHQ ZKHUH LW LV DYDLODEOH
WKRXJKFRQVLGHUDEOHYDULDELOLW\H[LVWVLQWKLVUHJDUGDFURVVWKHDLUSRUWVFRQVLGHUHG1RQHRI
WKH GRPHVWLF DLUSRUWV RIIHU WKH VDPH GHJUHH RI FRQYHQLHQFH LQ UDLO DFFHVV DV GR WKH
LQWHUQDWLRQDO DLUSRUWV FRQVLGHUHG 5DLO DFFHVV DW WKHVH DLUSRUWV LV DOVR SULPDULO\ IURP RWKHU
SDUWV RI WKH XUEDQ DUHD UDWKHU WKDQ IURP QHLJKERULQJ FLWLHV RU VWDWHV 7KHSULQFLSDOFXUUHQW

[LLL
  

FKDOOHQJH OLHV LQ DFFRPPRGDWLQJ SDUDWUDQVLW VHUYLFHV DV ZHOO DV FRQYHQWLRQDO EXV WUDQVLW
VHUYLFH
 'DOODV)RUW :RUWK $LUSRUW LV DQDO\]HG LQ GHWDLO LQ WHUPV RI WKH WHPSRUDO
FKDUDFWHULVWLFV DQG FRPSRVLWLRQ RI WKH LQFRPLQJ WUDIILF GHPDQG  5HSHDWDEOH SDWWHUQV DUH
H[WUDFWHG ZLWKLQ DQG EHWZHHQ GD\V DQG GLIIHUHQFHV EHWZHHQ ZHHNGD\V DQG ZHHNHQGV DUH
TXLWHHYLGHQW8QGHUVWDQGLQJDFWXDODUULYDOSDWWHUQVLVHVVHQWLDOWRWKHSODQQLQJDQGGHVLJQRI
ERWK VWUDWHJLF DQG RSHUDWLRQDO VROXWLRQV WR JURXQG DFFHVV SUREOHPV  ,Q DGGLWLRQ WKHVH
SDWWHUQVIRUPWKHEDVLVRILQSXWWRDGYDQFHGQHWZRUNOHYHOPRGHOLQJWRROV
7KHFRQFOXVLRQRIWKLVUHYLHZFRQGXFWHGDVWKHVHFRQGDQGWKLUGWDVNVRIDWZR\HDU
SURMHFWLVWRFRQILUPWKHREMHFWLYHVDQGWDVNVODLGRXWLQWKHRULJLQDOUHVHDUFKSURSRVDO

















 [LY
&+$37(5
,1752'8&7,21

 $LUWUDQVSRUWDWLRQSOD\VDYLWDOUROHLQWKH7H[DVHFRQRP\$LUSDVVHQJHUDQGFDUJR
WUDIILFLVSURMHFWHGWRFRQWLQXHWRLQFUHDVHFRQVLGHUDEO\DWPDQ\RIWKHVWDWH¶VODUJHDLUSRUWV
*URXQGDFFHVVWRDLUSRUWVLVDQLPSRUWDQWIXQFWLRQWKDWPXVWEHSURYLGHGDWWKHUHJLRQDOOHYHO
DVZHOODVLQWKHLPPHGLDWHYLFLQLW\RIWKHIDFLOLW\LWVHOI&RQJHVWLRQSUREOHPVDIIHFWLQJ
DLUSRUWDFFHVVDUHLQVRPHLQVWDQFHVDSSURDFKLQJXQDFFHSWDEOHSURSRUWLRQVLQFOXGLQJ
QHJDWLYHLPSDFWVRQDLUTXDOLW\DQGRWKHUHQYLURQPHQWDOFRQVLGHUDWLRQV
 7RPHHWORQJHUWHUPDFFHVVLELOLW\JRDOVDQGWRDGGUHVVJURZLQJFRQJHVWLRQDQGDLU
TXDOLW\FRQFHUQVLQWKHLUUHVSHFWLYHPHWURDUHDVVHYHUDOODUJHDLUSRUWVLQWKH86DUH
VHULRXVO\H[DPLQLQJDFFHVVXVLQJDOWHUQDWHWUDQVSRUWPRGHV7KHLQWHUQDWLRQDOH[SHULHQFH
HVSHFLDOO\LQ(XURSHKDVSODFHGJUHDWHUUHOLDQFHRQUDLOIRUDLUSRUWDFFHVV
 7KLVUHSRUWGRFXPHQWVVHOHFWHGGRPHVWLFDQGLQWHUQDWLRQDOEHVWSUDFWLFHFDVHVWXGLHV
,WFRUUHVSRQGVWRDQLQWHULPVWHSLQDEURDGHUVWXG\RILQWHUPRGDOVWUDWHJLHVWRDGGUHVV
FRQJHVWLRQDWDLUSRUWKLJKZD\LQWHUIDFHV7KHVHVWUDWHJLHVVHHNWRLPSURYHRQH[LVWLQJ
SODQQLQJSURFHGXUHVDQGSURFHVVHVWRPHHWWKHXQLTXHQHHGVRIDLUSRUWWUDIILFGHPDQGIRU
ERWKSHRSOHDQGJRRGV$VSDUWRIWKLVVWXG\LWLVQHFHVVDU\WRXQGHUVWDQGWKRVHVXFFHVVIXO
SUDFWLFHVWKDWDUHLQRSHUDWLRQDWVHYHUDODLUSRUWVLQWKH86DQGWKURXJKRXWWKHZRUOG7KXV
SUDFWLFHVDWVHYHUDODLUSRUWVDUHHYDOXDWHGSURYLGLQJDVWDUWLQJSRLQWIURPZKLFKWRH[DPLQH
WKHLUUHOHYDQFHWRDLUSRUWVLQ7H[DVDQGKRZWKH\PLJKWEHDGDSWHGWRWKH7H[DVFRQWH[W
 3HUKDSVWKHELJJHVWREVWDFOHIDFHGE\WKHSURMHFWWHDPLQWKHFRXUVHRIGRFXPHQWLQJ
WKHVHSUDFWLFHVZDVWKHDELOLW\WRREWDLQWKHGDWD$FRPELQDWLRQRISKRQHFDOOVHPDLOVDQG
VLWHYLVLWVSURYLGHGWKHLQIRUPDWLRQLQFOXGHGLQWKLVUHSRUW+RZHYHUWKLVSURFHVVUHYHDOHG
ZLGHVSUHDGYDULDWLRQLQWKHH[WHQWWRZKLFKHYHQPDMRUDLUSRUWVPDLQWDLQFRPSOHWHDQG
UHOLDEOHLQIRUPDWLRQRQDFFHVVSDWWHUQVIRUWKHDLUSRUW$LUSRUWZHEVLWHVZHUHXVXDOO\WKH
VWDUWLQJSRLQWLQWKLVSURFHVVKRZHYHUFRQVLGHUDEOHYDULDELOLW\H[LVWVLQWKHH[WHQWWRZKLFK
UHOHYDQWLQIRUPDWLRQPLJKWEHDYDLODEOHDWWKHVHVLWHV0RUHRYHUODQJXDJHZDVDQDGGLWLRQDO
FRPSOLFDWLQJIDFWRULQWKLVSURFHVVIRUWKHQRQ86DLUSRUWV)RUH[DPSOHWKHVWXG\WHDPKDG
WRWUDQVODWH*HUPDQGRFXPHQWVIURP=XULFKDQG)UDQNIXUWDLUSRUWV

 

 7RGHWHUPLQHWKHDLUSRUWVLQFOXGHGLQWKLVGRFXPHQWDWLRQRIEHVWSUDFWLFHVWKHVWXG\
WHDPVFUHHQHGDODUJHQXPEHURIDLUSRUWVDQGQDUURZHGLWGRZQWRVHYHQIRXU86DQGWKUHH
LQWHUQDWLRQDODLUSRUWV7KHPDLQFRQVLGHUDWLRQLQWKHVHOHFWLRQSURFHVVZDVWRLQFOXGHFDVHV
ZKHUHDQDSSUHFLDEOHOHYHORISXEOLFWUDQVSRUWXVDJHLVDYDLODEOH
 7KHIROORZLQJSDUDJUDSKVSUHVHQWDQRYHUYLHZRIHDFKDLUSRUWDQGWKHPRWLYDWLRQ
EHKLQGLWVVHOHFWLRQ)LUVWWKH86DLUSRUWVDUHSUHVHQWHGIROORZHGE\WKHLQWHUQDWLRQDORQHV

86$,532576

 'LIIHUHQWFRPPXQLWLHVLQWKH86KDYHDGRSWHGGLIIHUHQWDSSURDFKHVWRSULYLOHJLQJ
DFFHVVWRYLWDODLUSRUWVE\SURYLGLQJGHGLFDWHGOLQNVWRWKHVHDLUSRUWV7KHVHOLQNVDOVRVHUYH
RWKHUWUDIILFXQGHUUHVWULFWHGFRQGLWLRQVWKDWHQVXUHSULRULW\VHUYLFHOHYHOVWRDLUSRUWERXQG
XVHUVDQH[DPSOHLV+LJKZD\WR:DVKLQJWRQ'XOOHV$LUSRUWDVSHFLDOIUHHZD\WKDW
DOORZVRQO\+LJK2FFXSDQF\9HKLFOH +29 WUDIILFEHVLGHVDLUSRUWERXQGYHKLFOHV6HYHUDO
DLUSRUWVLQPRVWO\FRQJHVWHGFLWLHVQRZSURYLGHKHDY\RUOLJKWUDLODFFHVVWRWKHDLUSRUWZLWK
WHUPLQDOSRLQWVWKDWDUHPRUHRUOHVVFRQYHQLHQWO\ORFDWHGUHODWLYHWRWKHWHUPLQDO
 ,QWKLVUHSRUWDGRFXPHQWDWLRQRIWKHUDQJHRIDFFHVVPRGHVLQWURGXFHGDWIRXU
DLUSRUWVDURXQGWKHFRXQWU\ZLOOEHSUHVHQWHG$LUSRUWVZKRVHFKDUDFWHULVWLFVZLOOEH
SUHVHQWHGDUH&KLFDJR2¶+DUH'HQYHU5RQDOG5HDJDQ:DVKLQJWRQ1DWLRQDODQG'DOODV
)RUW:RUWK,QWHUQDWLRQDO7KHVHOHFWLRQRIWKHVHDLUSRUWVLVEDVHGRQWKHUHODWLYHLPSRUWDQFH
RIHDFKDQGWKHLUUHOHYDQFHWRWKHSURMHFWWRSLF
&KLFDJR 2¶+DUH ,QWHUQDWLRQDO $LUSRUW LV RQH RI WKH ODUJHVW DLUSRUWV LQ WKH ZRUOG
UDQNLQJ VHFRQG GXULQJ  ZLWK  SDVVHQJHUV 7ZR RI WKH DLUSRUW
V PRVW QRWDEOH
IHDWXUHVDUH7HUPLQDOWKHLQWHUQDWLRQDOWHUPLQDODQGWKH$LUSRUW7UDQVLW6\VWHP $76 DQ
HOHYDWHG DXWRPDWHG SHRSOH PRYHU V\VWHP WKDW WUDQVSRUWV SDVVHQJHUV IURP WKH WHUPLQDOV WR
ORQJWHUPSDUNLQJIDFLOLWLHVLQDPDWWHURIPLQXWHV7KHSXEOLFWUDQVSRUWDWLRQPDUNHWVKDUHDW
&KLFDJR2¶+DUHLVRIZKLFKUDLOVHUYLFHLVXVHGE\OHVVWKDQ
'HQYHU ,QWHUQDWLRQDO $LUSRUW ZDV FRQVLGHUHG EHFDXVH LW LV D QHZ DLUSRUW WKDW PLJKW
KDYH WKH SRWHQWLDO WR DFKLHYH KLJK OHYHOV RI SXEOLF WUDQVSRUW XVDJH ,Q  LWV SXEOLF

 

WUDQVSRUWDWLRQ PDUNHW VKDUH ZDV  ZLWK  RI WKRVH XVLQJ EXVHV DQG WKH UHPDLQGHU
VKDUHGULGHYDQV
5RQDOG 5HDJDQ :DVKLQJWRQ 1DWLRQDO $LUSRUW '&$  LV FRQYHQLHQW WR WKH HQWLUH
0HWURSROLWDQ :DVKLQJWRQ 5HJLRQ :LWK LWV RZQ VWRS RQ :DVKLQJWRQ
V VXEZD\ 0HWURUDLO
'&$ LV D VKRUW ULGH IURP DQ\ VWDWLRQ RQ WKH 0HWURUDLO V\VWHP 7KLV DLUSRUW KDV WKH ODUJHVW
VKDUHRIUDLOULGHUVKLSRIDQ\RWKHUDLUSRUWLQWKH86ZLWKRIDOOSDVVHQJHUVXVLQJUDLO
,Q DGGLWLRQ LWV SXEOLF WUDQVSRUWDWLRQ PDUNHW VKDUH LV    '&$ UDQNHG WK
ZRUOGZLGHLQZLWKSDVVHQJHUV
'DOODV)RUW:RUWK$LUSRUW '): ZDVVHOHFWHGEHFDXVHLWIRUPVWKHEXLOGLQJEORFNRI
WKLV SURMHFW ZKLFK IRFXVHV LQ WKH ODQGVLGH DFFHVVLVVXHVDWWKHPDMRU7H[DVDLUSRUWV'):
$LUSRUWZLWKDUULYLQJGHSDUWLQJDQGFRQQHFWLQJSDVVHQJHUVLQUDQNHGILIWK
LQ WKH ZRUOG LQ DGGLWLRQ WR UDQNLQJ WZHQW\WKLUG ZRUOGZLGH IRU WRWDO ORDGHG DQG XQORDGHG
IUHLJKW DQG PDLO 5HI   0RUHRYHU '): $LUSRUW HPSOR\HHV DQG SDVVHQJHUV QRZ KDYH D
QHZ WUDYHO RSWLRQ IRU JHWWLQJ WR ZRUN RU FDWFKLQJ D IOLJKW WKH 7ULQLW\ 5DLO ([SUHVV 7KH
7ULQLW\5DLO([SUHVV 75( KDVH[WHQGHGLWVURXWHIDUWKHUZHVWIURPGRZQWRZQ'DOODV 'DOODV
8QLRQ 6WDWLRQ  WR 5LFKODQG +LOOV DQG QRZ VHUYHV '): $LUSRUW DW WKH &HQWUH3RUW'):
$LUSRUW6WDWLRQ)URP0RQGD\WKURXJK6DWXUGD\'):HPSOR\HHVDQGWUDYHOHUVFDQULGHWKH
75(WUDLQIURPDQ\75(UDLOVWDWLRQLQWRWKH&HQWUH3RUWVWDWLRQDQGULGHDIUHHVKXWWOHVHUYLFH
IURP&HQWUH3RUWLQWRWKH$LUSRUW 5HI 1HYHUWKHOHVVLWVKRXOGEHQRWHGWKDW'):$LUSRUW
ZDVDOVRVHOHFWHGEHFDXVHRIWKHKHDY\UHOLDQFHRILWVSDVVHQJHUVRQWKHXVHRISULYDWHDXWR
7KLV ZRXOG SURYLGH DQ RSSRUWXQLW\ WR DGGUHVV WKH LVVXH RI DXWRRULHQWHG UDWKHU WKDQ WUDQVLW
RULHQWHGSDVVHQJHUVDQGDWWHPSWDVFKHPHE\ZKLFKZHFRXOGVKLIWWKHPRGHFKRLFHWRZDUGV
SXEOLFWUDQVLW7RGD\OHVVWKDQIRXUSHUFHQWRIDUULYLQJDQGRUGHSDUWLQJSDVVHQJHUVWUDYHOE\
SXEOLFPHDQVRIWUDQVSRUWDWLRQ

12186$,532576

$LUSRUW DFFHVV SODQQLQJ KROGV FRQVLGHUDEOH LPSRUWDQFH LQ PDQ\ FLWLHV RI WKH ZRUOG
HVSHFLDOO\ EHFDXVH QRUPDO FRQJHVWLRQ OHYHOV LQ WKHVH FLWLHV SUHFOXGH UHOLDEOH DUULYDO DW WKH
DLUSRUW XVLQJ WKH UHJXODU WUDQVSRUWDWLRQ QHWZRUN DQG EHFDXVH KLJK XUEDQ GHQVLWLHV UHTXLUH
ORFDWLQJ DLUSRUWV YHU\ IDU IURP WKH FLW\ FRUH $ EURDGHU DUUD\ RI PRGDO DOWHUQDWLYHV LV

 

QRUPDOO\DYDLODEOHRYHUVHDVIRUDLUSRUWDFFHVVZLWKKHDYLHUUHOLDQFHRQUDLOWKDQLQWKH86
5HFHQW LQWHUQDWLRQDO H[SHULHQFHV DQG LQQRYDWLRQV LQ WKLV UHJDUG DUH UHYLHZHG LQ WKLV UHSRUW
$LUSRUWV LQFOXGHG LQ WKH GLVFXVVLRQ DUH )UDQNIXUW0DLQ $LUSRUW +RQJ .RQJ ,QWHUQDWLRQDO
$LUSRUWDW&KHN/DS.RNDQG=XULFK,QWHUQDWLRQDO$LUSRUW
7KHVH DLUSRUWV ZHUH VHOHFWHG DIWHU DQ H[WHQVLYH UHYLHZ RI PRUH WKDQ  DLUSRUWV
ZRUOGZLGH DQG WKHLU FKRLFH ZDV EDVHG RQ WKH IDFW WKDW HDFK RIIHUV DQ H[DPSOH RI D
SDUWLFXODUO\VXFFHVVIXODSSURDFKWRWKHDFFHVVSUREOHP)RUH[DPSOH+RQJ.RQJ¶V$LUSRUWLV
RQHRIWKHPRVWUHFHQWDLUSRUWVSODFHGLQRSHUDWLRQZRUOGZLGHDQG=XULFK$LUSRUWSURYLGHVD
JRRGLOOXVWUDWLRQRISDVVHQJHUFKHFNLQDWRIIDLUSRUWVWDWLRQV 5HI 
 2QSHDNGD\VRYHUWUDYHOHUVSDVVWKURXJK)UDQNIXUW$LUSRUW )5$ RQWKHLU
ZD\WRGHVWLQDWLRQVWKURXJKRXW*HUPDQ\(DVWHUQDQG:HVWHUQ(XURSHDQGWKHUHVWRIWKH
ZRUOG)UDQNIXUW$LUSRUWUHFHLYHGQHDUO\PLOOLRQSDVVHQJHUV  LQPDNLQJ
LW*HUPDQ\¶VOHDGLQJDLUSRUW)UDQNIXUW$LUSRUWKDVLQGHHGHYROYHGLQWRDIXOOVHUYLFH
³LQWHUPRGDOWUDYHOSRUW´ZKHUHDLUUDLODQGURDGQHWZRUNVDUHOLQNHGLQDGHOLEHUDWHO\
SODQQHGPDQQHU)UDQNIXUW$LUSRUWFODLPVWRKDYH³SLRQHHUHG´WKHLQWHJUDWLRQRIDLUDQGUDLO
WUDQVSRUWDWLRQV\VWHPVDQGWKHRSHQLQJRIWKHQHZ$,5DLO7HUPLQDODGGVDIXUWKHUGLPHQVLRQ
LQWKDWUHVSHFWPDNLQJLWRQHDLUSRUWZLWKWZRWUDLQVWDWLRQV
+RQJ .RQJ¶V ,QWHUQDWLRQDO $LUSRUW DW &KHN /DS .RN ZDV WKH ODUJHVW HQJLQHHULQJ
SURMHFW HYHU XQGHUWDNHQ LQ WKH KLVWRU\ RI +RQJ .RQJ 7KH SODQ WR EXLOG WKH DLUSRUW ZDV
ODXQFKHG LQ  8SRQ GHFLGLQJ D ORFDWLRQ IRU WKH DLUSRUW WKH *RYHUQPHQW DQG WKH
3URYLVLRQDO $XWKRULW\ VWLSXODWHG WKDW WKH QHZ DLUSRUW EH HDVLO\ DFFHVVLEOH WR DOO XVHUV
SDVVHQJHUVDQGVKLSSHUVDOLNH7KHDLUSRUWZDVOLQNHGWRWKHKHDUWRI+RQJ.RQJE\DOPRVW
NLORPHWHUVRIQHZURDGVDGHGLFDWHGKLJKVSHHGUDLOZD\DQGODQGPDUNEULGJHVDQGDQHZ
WRZQ7KHUDLOZD\LVFODLPHGWREHWKHZRUOG¶VILUVWUDLOZD\EXLOWVSHFLILFDOO\IRUWKHSXUSRVH
RI VHUYLQJ DQ DLUSRUW 5HI   'XULQJ  PRUH WKDQ  RI WKRVH DUULYLQJ DW WKH DLUSRUW
XVHGDSXEOLFPHDQVRIWUDQVSRUWIRUWKHLUDFFHVVWULS
 =XULFK$LUSRUWLVDPDMRUKXELQ6ZLW]HUODQGZLWKDUDLOZD\VWDWLRQRSHUDWHGE\
=XULFK7UDQVSRUW)HGHUDWLRQ =99 DQGLVLQWHJUDWHGLQWRWKHUHJLRQDOEXVWUDLQDQG
VWUHHWFDUQHWZRUN&RPELQHGWLFNHWVDUHDYDLODEOHIRUDOOPRGHVRIWUDQVSRUWDWLRQ3DVVHQJHUV

 

HQMR\WKHRSSRUWXQLW\RIFKHFNLQJLQDWDQ\RIUDLOVWDWLRQVLQ6ZLW]HUODQG0RVWDLUOLQHV
DOORZSDVVHQJHUVWRPDNHUHVHUYDWLRQVIRUWKHLUSUHIHUUHGVHDWRQWKHSODQHDWWKHEDJJDJH
FRXQWHUWRKDQGLQWKHLUOXJJDJHDQGWRSLFNXSWKHLUERDUGLQJSDVV7KXVSDVVHQJHUVDUH
DEOHWRWUDYHOZLWKRXWZRUU\DERXWWKHLUOXJJDJHRUORVLQJWLPHDWWKHFKHFNLQFRXQWHU7KLV
FKHFNLQLVUHTXLUHGKRXUVLQDGYDQFHRIWKHWDNHRII+RZHYHUWKRVHSDVVHQJHUVZKRGR
QRWZLVKWRGHSDUWIURPRQHRIWKHVHFKHFNLQUDLOVWDWLRQVFDQPDNHXVHRIDQRWKHUW\SHRI
VHUYLFHDOVRSURYLGHGE\WKH=997KLVVHUYLFHLVWKH)O\5DLO%DJJDJH6HUYLFHZKLFK
DOORZVSDVVHQJHUVWRFKHFNWKHLUOXJJDJHDWRQHRIDGGLWLRQDO6ZLVVVWDWLRQV7KXVWKLV
OXJJDJHFDQWUDYHOYLDWKHDLUSRUWVRI=XULFK*HQHYDDQG%DVHOWRDQ\ILQDOGHVWLQDWLRQ
ZRUOGZLGH0RUHRYHUIURPDQ\DLUSRUWLQWKHZRUOGDQGZLWKDQ\DLUOLQHSDVVHQJHUV
WUDYHOLQJYLDRQHRIWKHDLUSRUWVRIWKHSUHYLRXVO\VWDWHGFLWLHVFDQFKRRVHWRFROOHFWWKHLU
OXJJDJHDWDQ\UDLOVWDWLRQLQ6ZLW]HUODQG 5HI 
7KLVUHSRUWSUHVHQWVDQRYHUYLHZRIWKHFDVHVWXGLHVUHYLHZHGXQGHUWKHVHFRQGWDVN
RIWKHSURMHFWDQGWKHSURMHFWWHDP¶VUHFRPPHQGDWLRQVUHJDUGLQJWKHQHHGIRUDQGWKHIRFXV
RIVXEVHTXHQWWDVNVRIWKHFXUUHQWUHVHDUFK&KDSWHUGRFXPHQWVWKH86EHVWSUDFWLFHFDVH
VWXGLHVFKDSWHULVDGRFXPHQWDWLRQRIWKHLQWHUQDWLRQDOFDVHV&KDSWHUGRFXPHQWVDLUSRUW
DFFHVV DQG WKH WHPSRUDO SDWWHUQ RI DLUSRUW XVDJH IRU 'DOODV)RUW :RUWK $LUSRUW &KDSWHU 
SURYLGHVDVXPPDU\DQGFRQFOXVLRQVEDVHGRQWKHILQGLQJVRIWKHFDVHVWXGLHV

 














































 

&+$37(5
'20(67,&%(6735$&7,&(&$6(678',(6

,1752'8&7,21

 7KLVFKDSWHUSUHVHQWVDQRYHUYLHZRIWKUHHGRPHVWLFDLUSRUWVVHOHFWHGIRUWKHLU
VLJQLILFDQFHDQGIRUWKHLUDSSURDFKWRWKHSURYLVLRQRIDFFHVVVHUYLFHV7KHWKUHHDLUSRUWVDUH
&KLFDJR2¶+DUH'HQYHUDQG:DVKLQJWRQ5HDJDQ$IRXUWKGRPHVWLFDLUSRUWLVDOVR
H[DPLQHGQDPHO\'DOODV)RUW:RUWK+RZHYHUEHFDXVHRILWVGLUHFWVLJQLILFDQFHWRWKH
VFRSHRIWKLVSURMHFWLWLVGLVFXVVHGLQDVHSDUDWHFKDSWHUDORQJZLWKH[WHQVLYHDQDO\VLVRI
DFFHVVSDWWHUQGDWDSURYLGHGE\WKHDLUSRUWDXWKRULW\

&+,&$*22
+$5(,17(51$7,21$/$,53257

 &KLFDJR2
+DUH,QWHUQDWLRQDO$LUSRUW 25' LVFRQVLGHUHGRQHRIWKHFRPPHUFLDO
DYLDWLRQFDSLWDOVRIWKHZRUOG,WKDVKHOGWKDWSRVLWLRQIRUWKHSDVW\HDUV,QDGGLWLRQLWLV
WKHKXERIQDWLRQDODLUWUDQVSRUWDWLRQLQWKH8QLWHG6WDWHVDQGWKHUHJLRQ
VQXPEHURQH
HFRQRPLFHQJLQH%XWHYHQWRGD\QRWHYHU\RQHUHDOL]HVWKHVL]HDQGVFRSHRIWKLVPDPPRWK
IDFLOLW\2
+DUHSOD\VDYLWDOUROHLQQRWRQO\WKHFRXQWU\
VWUDQVSRUWDWLRQVFKHPHEXWDOVRLQ
WKHORFDODQGUHJLRQDOHFRQRP\

6WDWLVWLFV
 2
+DUH$LUSRUWKDQGOHVPRUHSDVVHQJHUVDQGDLUFUDIWRSHUDWLRQVWKDQDQ\DLUSRUWLQ
WKHZRUOG$SSUR[LPDWHO\WUDYHOHUVSDVVWKURXJK2
+DUHHDFKGD\2
+DUHVHUYHG
RYHUPLOOLRQSDVVHQJHUVLQ7KHWRWDODLUSRUWFRPSOH[FRYHUVQHDUO\DFUHVZLWK
DLUFUDIWJDWHVKRXVHGLQIRXUWHUPLQDOEXLOGLQJVDQGKDVFRPPHUFLDOFRPPXWHUDQG
FDUJRDLUOLQHVRIIHULQJIUHTXHQWVHUYLFH&KLFDJR
VDLUSRUWVJHQHUDWHMREVIRUWKH
UHJLRQUHSUHVHQWLQJSHUVRQDOLQFRPHRIELOOLRQD\HDU


 

,QWHUPRGDOLW\
 7KHUHDUHVHYHUDOH[SUHVVZD\VWKDWOHDGWR&KLFDJR2
+DUH,QWHUQDWLRQDO$LUSRUW
GHSHQGLQJRQRQH¶VRULJLQRUGHVWLQDWLRQ7DEOHGHVFULEHVIUHHZD\DFFHVVIRU2
+DUH
$LUSRUWIURPWKH&KLFDJR0HWURUHJLRQDQGQHLJKERULQJVWDWHV

7DEOH*HWWLQJWR2
+DUH$LUSRUW
IURPWKH&KLFDJR0HWUR5HJLRQ

'HVWLQDWLRQ ([SUHVVZD\
&KLFDJR'RZQWRZQ (DVW
1RUWK6XEXUEV 1RUWK
6RXWK6XEXUEV 6RXWK
:HVW6XEXUEV 6RXWKWR:HVW
5RFNIRUG :HVW
:LVFRQVLQ 1RUWK
,QGLDQD 6RXWK

3DUNLQJ
&KLFDJR2
+DUHRIIHUVVHYHUDOSDUNLQJRSWLRQVRQRUQHDUWKHDLUSRUWIDFLOLWLHV7KHVH
RSWLRQVLQFOXGHYDOHWSDUNLQJDQKRXUO\SDUNLQJJDUDJHGDLO\SDUNLQJLQWHUQDWLRQDOSDUNLQJ
DQGHFRQRP\SDUNLQJ
9DOHW3DUNLQJLVORFDWHGLQWKHSDUNLQJJDUDJHRQOHYHO$7KHFRVWRIYDOHWSDUNLQJ
LVGD\ ILUVWKRXU 9DOHWSDUNLQJLVWKHSDUNLQJSUHIHUHQFHRIPDQ\SURIHVVLRQDOV
9DOHWSDUNLQJLVDVKRUWZDONWRWKHWHUPLQDODQGKDVWKHFRPIRUWRIDFRYHUHGGURSRIIDQG
SLFNXSDUHD3OXVEHFDXVHLWSURYLGHVDGHGLFDWHGH[LWODQHDQGHOLPLQDWHVWKHQHHGWRVHDUFK
IRUSDUNLQJYDOHWSDUNLQJVDYHVYDOXDEOHWLPHLQWRDQGRXWRIWKHDLUSRUWFRPSOH[
+RXUO\3DUNLQJLVDOVRORFDWHGLQWKHSDUNLQJJDUDJHRQOHYHO$7KHFRVWRIKRXUO\
SDUNLQJLVGD\ ILUVWKRXUDQGKRXUV ,WLVLQWHQGHGSULPDULO\IRUPHHWLQJ
RUGURSSLQJRIIDWUDYHOLQJJXHVWDQGRIIHUVWKHFRQYHQLHQFHRIDGHGLFDWHGH[LWODQH
'DLO\3DUNLQJLVORFDWHGRQWKHPDLQSDUNLQJJDUDJHRQOHYHOVDQG2XWVLGH/RWV%
 & 7KH FRVW LV GD\ ILUVW KRXU   /RWV % DQG & DUH RXWGRRU ORWV ORFDWHG
LPPHGLDWHO\LQIURQWRIWKHJDUDJHZLWKDFFHVVWR7HUPLQDOVDQG

 

,QWHUQDWLRQDO7HUPLQDO3DUNLQJLVORFDWHGLQ/RW'7KHFRVWLVGD\ ILUVWKRXU
  /RW ' LV LQWHQGHG IRU VKRUWWHUP SDUNLQJ LH PHHWHUV DQG JUHHWHUV RQO\ ,W LV QRW
LQWHQGHGIRUSDUNLQJPRUHWKDQDIHZKRXUV
 (FRQRP\3DUNLQJ/RW(LVGD\ ILUVWKRXU /RW(LVLQWHQGHGIRUORQJWHUP
SDUNLQJ3DVVHQJHUVXVHWKH$76 SHRSOHPRYHU WRUHDFKWKHWHUPLQDOV(FRQRP\3DUNLQJ
/RW)LVGD\ ILUVWKRXU /RW)LVLQWHQGHGIRUORQJWHUPSDUNLQJ3DVVHQJHUVWDNH
WKHVKXWWOHEXVWR/RW(DQGXVHWKH$76WRUHDFKWKHWHUPLQDOV

5DLO6HUYLFH
7KH &KLFDJR 7UDQVLW $XWKRULW\ &7$  %OXH /LQH WUDLQ SURYLGHV KRXU VHUYLFH
EHWZHHQ GRZQWRZQ &KLFDJR DQG 2
+DUH ,QWHUQDWLRQDO $LUSRUW /RZHUOHYHO SHGHVWULDQ
SDVVDJHZD\V LQVLGH WKH DLUSRUW WHUPLQDOV OHDG GLUHFWO\ WR WKH &7$ VWDWLRQ 7KH VWDWLRQ LV
HTXLSSHG ZLWK DQ HOHYDWRU WR WDNH SDVVHQJHUV ZLWK PRELOLW\ LPSDLUPHQWV WR DQG IURP WKH
SODWIRUP
%OXH /LQH WUDLQ RSHUDWHG E\ WKH &7$ FRQQHFWV WKH GRZQWRZQ DUHD IURP WKH
'HDUERUQ 6WUHHW VXEZD\ WR 2
+DUH ,QWHUQDWLRQDO $LUSRUW ZKLFK LV ORFDWHG  PLOHV WR WKH
QRUWKZHVWRIWKHFLW\7ULSVWDNHDERXWWRPLQXWHVIURPGRZQWRZQWRWKHDLUSRUW7KHUH
DUHVWDWLRQVDORQJWKHOLQHILYHGRZQWRZQVXEZD\VWDWLRQVDQGWKURXJKURXWLQJRQRQHRI
WZRZHVWVLGHDOLJQPHQWV
7KHUDLOWHUPLQDOVWDWLRQLQWKHDLUSRUWRSHQHGLQ6HSWHPEHU 5HI 7KDWVWDWLRQ
VHUYHVDLUSRUWGHVWLQHGWUDIILFDOPRVWH[FOXVLYHO\DVWKHVWDWLRQLVORFDWHGEHORZWKHSDUNLQJ
GHFNLQWKHPLGGOHRIWKHODUJHDLUSRUWSURSHUW\:DONLQJGLVWDQFHVLQWKLVVSUDZOLQJDLUSRUW
DUH ORQJ HQRXJK WR ZDUUDQW PDQ\ PRYLQJ VLGHZDONV DQG DQ DXWRPDWHG JXLGHZD\ WUDQVLW
FLUFXODWRUOLQNVWKHIRXUWHUPLQDOVWRUHPRWHSDUNLQJ6RPHDLUSDVVHQJHUVFDQUHDFKWKHWUDLQ
VWDWLRQTXLFNO\EXWWKHZDONIURP8QLWHG$LUOLQHV7HUPLQDOLVOHQJWK\DQGUHTXLUHVDWWHQWLYH
URXWLQJ  )LJXUH  VXPPDUL]HV WKH JURXQG DFFHVV PRGHV XVHG E\ DLU WUDYHOHUV DW 2
+DUH
,QWHUQDWLRQDO$LUSRUW 5HI 
7KHSXUSRVHRISDVVHQJHUDLUWUDYHOZDVDOVRVXUYH\HGDW2
+DUH$LUSRUW,QJHQHUDO
2
+DUHLVXVHGH[WHQVLYHO\IRUEXVLQHVVWUDYHOSXUSRVHV9DFDWLRQWUDYHOUHSUHVHQWVRI
WUDYHODW2
+DUHDLUSRUW7DEOHVXPPDUL]HV&KLFDJR2
+DUHDLUWUDYHOHUV¶WULSSXUSRVHV

 

Rental Car/Other
12%
CTA Bus or Train
6%
Hotel/Airport Bus or Van
6%
Auto
51%
Taxi/Limousine
25%


)LJXUH0RGDO6SOLWVIRU2¶+DUH,QWHUQDWLRQDO$LUSRUW

7DEOH&KLFDJR2
+DUH$LU7UDYHOHUV¶7ULS3XUSRVHV

7ULS3XUSRVH 3HUFHQWDJH
%XVLQHVV&RQYHQWLRQ 
9DFDWLRQ 
3HUVRQDO)DPLO\0DWWHUV 

 5DLOWUDQVLWKDVEHFRPHDVLJQLILFDQWJURXQGDFFHVVPRGHIRU&KLFDJR2
+DUH$LUSRUW
7KHSRWHQWLDOH[LVWVWRLQFUHDVHWKLVW\SHRIWUDQVLWWUDYHOLQUHODWLRQWRWKHWUHQGRILQFUHDVHG
DLUWUDYHODQGLQUHODWLRQWRLPSURYLQJWKHVHUYLFHEHQHILWVRIIHUHGE\UDLOWUDQVLWLQ
FRPSDULVRQZLWKWKHDOWHUQDWLYHV

)XWXUH3URMHFWV
 7KHSDUNLQJJDUDJHDW&KLFDJR2
+DUH,QWHUQDWLRQDO$LUSRUWLVXQGHUJRLQJD
PLOOLRQIDFHOLIW6LQFHWKH)$$KDVDXWKRUL]HGELOOLRQLQSDVVHQJHUIDFLOLW\FKDUJH
VSHQGLQJRQDLUSRUWLPSURYHPHQWVDW2
+DUH$LUSRUW,QDELOOLRQIDFHOLIWSURMHFW
UHKDELOLWDWHGWKHJDUDJHVRLWORRNVVLPLODUWR+HOPXW-DKQ
VXOWUDPRGHUQGHVLJQIRU8QLWHG
$LUOLQHV
UHPRWHPLGILHOGFRQFRXUVH

 

'(19(5,17(51$7,21$/$,53257

 'HQYHU,QWHUQDWLRQDO$LUSRUW ',$ LQ&RORUDGRRQHRIYHU\IHZPDMRUDLUSRUWVWR


RSHQLQWKH86LQWKHSDVWGHFDGHLVFRQVLGHUHGRQHRIWKHODUJHVWDQGPRVWWHFKQRORJLFDOO\
DGYDQFHGDLUSRUWVZLWKVWDWHRIWKHDUWQDYLJDWLRQDOZHDWKHUSHRSOHPRYLQJEDJJDJH
KDQGOLQJDLUILHOGFRPPXQLFDWLRQVDQGVHFXULW\IDFLOLWLHV7HUPLQDODQGUXQZD\
FRQILJXUDWLRQVDOORZH[SHGLWLRXVKXEURWDWLRQVZKLOHHQKDQFLQJDLUOLQHODERUDQGDLUFUDIW
XWLOL]DWLRQDQGSURGXFWLYLW\KDQGOLQJODQGLQJVSHUKRXU'HOD\VDYHUDJHGMXVWRI
IOLJKWVLQWKHILUVW\HDURIRSHUDWLRQDQGLWVDUULYDODQGGHSDUWXUHRQWLPHSHUIRUPDQFH
FRQWLQXHVWREHH[HPSODU\ 5HI 

6WDWLVWLFV
 'HQYHU,QWHUQDWLRQDO$LUSRUWFRPSULVHVVTXDUHPLOHVRIUHDOHVWDWHGHGLFDWHGWR
FRPPHUFLDODYLDWLRQZLWKWKHDELOLW\WRH[SDQGIURPLWVLQLWLDOILYHUXQZD\VDQGJDWHVWR
UXQZD\VDQGPRUHWKDQJDWHVDQGWRDFFRPPRGDWHXSWRPLOOLRQSDVVHQJHUVSHU
\HDU
'HQYHU,QWHUQDWLRQDO
VORFDWLRQLVPLOHVQRUWKHDVWRIWKH'HQYHU&HQWUDO%XVLQHVV
'LVWULFW &%'  ZKLFK UDQNV LW RQH RI WKH PRUH UHPRWH DLUSRUWV LQ RSHUDWLRQ  ,W LV QRW DV
UHPRWH DV :DVKLQJWRQ 'XOOHV 0RQWUHDO 0LUDEHO 7RN\R 1DULWD RU WKH QHZ 6HRXO
,QWHUQDWLRQDODLUSRUWVDVVKRZQLQ)LJXUHEXWLWUHSUHVHQWVDVLJQLILFDQWLQFUHDVHIURPWKH
SUHYLRXV DLUSRUW
V 6WDSOHWRQ  FRQYHQLHQW PLOH GLVWDQFH IURP WKH 'HQYHU &%'
)XUWKHUPRUH ZLWK 6WDSOHWRQ
V FORVLQJ ',$ LV WKH RQO\ FRPPHUFLDO DLUSRUW RSHUDWLQJ LQ
'HQYHU XQOLNH :DVKLQJWRQ 0RQWUHDO 7RN\R RU 6HRXO ZKHUH OHVV UHPRWHDLUSRUWVDUHVWLOO
RSHUDWLQJ

 

30

25

20
Miles

15

10

0
NY JFK Kansas City DFW Int’l Houston Int’l DIA Washington
Dulles
Airport 
)LJXUH'LVWDQFHRI9DULRXV$LUSRUWVWR&%'

'HQYHU ,QWHUQDWLRQDO $LUSRUW RSHQHG LQ  ZLWK ILYH IRRW UXQZD\V WKUHH
FRQFRXUVHV ZLWK   DQG  JDWHV RQ &RQFRXUVHV $ % DQG & UHVSHFWLYHO\  DQG D
WHUPLQDOEXLOGLQJZLWKWKUHHPRGXOHV7KHUHSHWLWLYHPRGXODUGHVLJQRIERWKWKHODQGVLGHDQG
DLUVLGH WHUPLQDOV DQG UXQZD\V DOORZV IXWXUH H[SDQVLRQ DW UHDVRQDEOH FRVW ZKLOH SUHVHUYLQJ
WKHLU IXQFWLRQDO DQG DUFKLWHFWXUDO LQWHJULW\ 7KH NH\ ',$ IHDWXUH LV LWV PRGXODU GHVLJQ
PHDQLQJ WKDW WKH DLUILHOG LV ODLG RXW LQ VXFK D ZD\ WKDW UXQZD\V FRQFRXUVHV DQG WHUPLQDO
VSDFHFDQEHDGGHGLQSLHFHVLQWKHIXWXUHZKHQWUDIILFJURZWKLQFUHDVHV 5HI 
7KH GHVLJQ SURFHVV ZDV GHYHORSHG ZLWK D YLHZ WR PD[LPL]H H[SDQGDELOLW\ DQG
IOH[LELOLW\ RI WKH DLUSRUW RYHU WLPH 9LUWXDOO\ HYHU\ZKHUH DPSOH VSDFH ZDV OHIW IRU IXWXUH
H[SDQVLRQ7KHPLGILHOGORFDWLRQRIWKHWHUPLQDOVDOWKRXJKDGGLQJGLVWDQFHIURPWKHFLW\
V
FHQWHUDOORZVUHGXFHGDLUFUDIWWD[LWLPHDQGHQKDQFHGRSHUDWLRQDOHIILFLHQF\
:KHQ FRPSOHWHG VRPHWLPH DIWHU   ',$
V FDSDFLW\ ZLOO EH  PLOOLRQ
SDVVHQJHUV D \HDU FRPSDUHG ZLWK DERXW  PLOOLRQ DFWXDO SDVVHQJHUV LQ   DQG 
PLOOLRQWDNHRIIVDQGODQGLQJV
 )LJXUHLVDFKDUWWKDWGHVFULEHVWKHGRPHVWLFPDUNHWVKDUHIRUHDFKDLUSRUWWKDWLV
VHUYLFHGE\'HQYHU,QWHUQDWLRQDO$LUSRUW 5HI 

 

AMERICAN
5%
NORTHWEST
3% AMERICAN WEST
UNITED EXPRESS 1%
8%
CONTINENTAL
OTHER 3%
1%
VANGUARD DELTA
1% 6%
US AIRWAYS
2%
FRONTIER
9%

TWA
2%

UNITED
59%


)LJXUH'RPHVWLF0DUNHW6KDUH$XJXVW


,QWHUPRGDOLW\
7KH SULQFLSDO DFFHVV URXWH WR 'HQYHU ,QWHUQDWLRQDO $LUSRUW LV WKH PLOH 3HQD
%RXOHYDUG D OLPLWHGDFFHVV IRXUODQH KLJKZD\ WKDW FRQQHFWV WKH DLUSRUW ZLWK ,QWHUVWDWH 
OHDGLQJ WR GRZQWRZQ 'HQYHU  PLOHV DZD\  DQG WKH UHVW RI WKH PHWURSROLWDQ DUHD 7KH
RYHUZKHOPLQJPDMRULW\RIJURXQGWUDYHOWRWKHQHZDLUSRUWZLOOEHYLDWKHSULYDWHDXWRPRELOH
0RUH WKDQ  SDUNLQJ VSDFHV DUH DYDLODEOH DW WKH VLWH DQG PRUH DUH EHLQJ EXLOW GXH WR
LQFUHDVHGSDUNLQJGHPDQG 5HI 
$FFRUGLQJWRDSDVVHQJHUVXUYH\FRQGXFWHGLQ$XJXVW WKHSHDNDFWLYLW\PRQWK 
DW ',$  RI SDVVHQJHU WUDYHO RULJLQDWHV IURP WKH FRXQW\ PHWURSROLWDQ DUHD 0RVW RI

 

WKHVH WULSV XWLOL]H ,QWHUVWDWHV  RU  RU D FRPELQDWLRQ RI ,QWHUVWDWH  DQG DUWHULDO
URDGZD\V WR DFFHVV 3HQD %RXOHYDUG ,QWHUVWDWH KLJKZD\V IHHGLQJ LQWR 3HQD %RXOHYDUG DUH
FRQVLGHUHGFRQJHVWHGGXULQJSHDNFRPPXWLQJSHULRGVSDUWLFXODUO\WKH,QWHUVWDWHFRUULGRU
ZKLFK RSHUDWHV DW RU QHDU FDSDFLW\ GXULQJ WKH PRUQLQJ DQG HYHQLQJ FRPPXWH WLPHV 7KLV
FRQJHVWLRQUHQGHUV/HYHORI6HUYLFH(RU)FRQGLWLRQVZKLFKLPSOLHVVORZWUDIILFDQGJUHDWO\
UHGXFHGGULYHUFRPIRUWDQGFRQYHQLHQFH 5HI 
7KH 5HJLRQDO 7UDQVSRUWDWLRQ 'LVWULFW 57'  RSHUDWHV SXEOLF EXVHV DORQJ IRXU
GLIIHUHQW URXWHV LQFOXGLQJ VHUYLFH WR GRZQWRZQ 'HQYHU %RXOGHU DQG WKH 'HQYHU 7HFK
&HQWHU 7KHRQHZD\IDUHLVWRGRZQWRZQ'HQYHUDQGWRVXEXUEDQORFDWLRQV&KDUWHU
EXVHV FRPPXWHU VKXWWOHV DQG PRXQWDLQ FDUULHUV WR VNL DUHDV  RSHUDWH VHUYLFHVWRDQGIURP
WKH DLUSRUW ZKLOH KRWHO PRWHO DQG RIIDLUSRUW SDUNLQJ FRPSDQLHV SURYLGH FRXUWHV\ VKXWWOH
VHUYLFH 7KH VXEXUEDQ URXWHV RSHUDWH \HDUURXQG RQ DQ KRXUO\ EDVLV WKH 6WDSOHWRQ DQG
'RZQWRZQURXWHVUXQHYHU\KDOIKRXU7KHVHUYLFHVXVHRYHUWKHURDGPRWRUFRDFKHVLQVWHDG
RI VWDQGDUG SXEOLF WUDQVSRUWDWLRQ EXVHV SURYLGLQJ D KLJKHU OHYHO RI FXVWRPHU FRPIRUW DQG
FRQYHQLHQFHIRUULGLQJSDVVHQJHUV
5HQWDOFDUVDUHDYDLODEOHIURPUHPRWHORWVDFFHVVLEOHE\FRPSDQ\VKXWWOHV3UHVHQWO\
 UHQWDO FDU FRPSDQLHV PDLQWDLQ RSHUDWLRQV DW RU QHDU WKH DLUSRUW DQG SURYLGH FRXUWHV\
VKXWWOHVDWWKH/HYHOFXUE
/LPRXVLQHV DQG WD[LFDEV DUH DOVR DYDLODEOH RQ GHPDQG $ RQHZD\ WD[L ULGH WR
GRZQWRZQ 'HQYHU LV DSSUR[LPDWHO\  $Q HVWLPDWHG WZRWKLUGV RI GDLO\ WD[L WULSV RFFXU
DIWHU  SP 7D[LV JHQHUDOO\ TXHXH LQ WKH &RPPHUFLDO 9HKLFOH 6WDJLQJ $UHD RQ 6KDG\
*URYH 6WUHHW MXVW VRXWKHDVW RI WKH WHUPLQDO FRPSOH[  ZDLWLQJ WR EH FDOOHG WR WKH /HYHO 
FXUEVZKHUHVWDUWHUVDVVLJQSDVVHQJHUV

5DLO6HUYLFH
7KHUH LV QR UDLO VHUYLFH FXUUHQWO\ DYDLODEOH DW ',$ KRZHYHU DQ $LUSRUW 5DLO
)HDVLELOLW\ 6WXG\ KDV EHHQ FRQGXFWHG E\ ',$ WR DQDO\]H YDULRXV LVVXHV DVVRFLDWHG ZLWK WKH
SURSRVHG $LU 7UDLQ SURMHFW 7KH PDLQ IRFXV RI WKLV $LUSRUW 5DLO )HDVLELOLW\ 6WXG\ ZDV WR
UHYLHZ WKH $LU 7UDLQ DQG (DVW &RUULGRU 0,6 VWXGLHV DQG VSHFLILFDOO\ FRQVLGHU WKH SRWHQWLDO

 

LPSDFWRIDLUSRUWUDLOVHUYLFHIURPWKHDLUSRUW
VSHUVSHFWLYH$UHDVWREHUHYLHZHGLQFOXGHG  
ULGHUVKLS  UDLODOLJQPHQWRQDLUSRUWSURSHUW\  UDLOVWDWLRQLQWHUIDFHZLWK',$WHUPLQDO
 RWKHUDLUSRUWV¶UDLOH[SHULHQFHVDQG  FDSLWDODQGRSHUDWLQJFRVWRISDVVHQJHUUDLODVLW
UHODWHVGLUHFWO\WRWKHDLUSRUW
7KH ULGHUVKLS IRUHFDVWV ZHUH FRPSDUHG WR RWKHU FLWLHV KDYLQJ UDLO DFFHVV WR DLUSRUWV
7KHIRUHFDVWRIIRU',$UDLOXVHE\DLUSDVVHQJHUVZDVVLPLODUWRRWKHUFLWLHV7DEOH
VKRZVDFRPSDULVRQRIDLUSRUWUDLOULGHUVKLSLQ',$DQGIRXURWKHUFLWLHV 5HI 

7DEOH&RPSDULVRQRI7KH'HQYHU$LUSRUW5DLO(VWLPDWHVDQG)RXU2WKHU&LWLHV

 'HQYHU &OHYHODQG 3KLODGHOSKLD :DVKLQJWRQ $WODQWD
 
3HUFHQW5DLORI$LU3DVV     
5DLO+HDGZD\     

2YHUDOO WKH DLUSRUW UDLO OLQH FRQVLVWV RI DQ DOLJQPHQW OHQJWK RI  PLOHV
$SSUR[LPDWHO\PLOHVRIWKLVLVZHVWRI',$SURSHUW\7KHWRWDORQDLUSRUWVHJPHQWRIWKH
DLUSRUW UDLO DOLJQPHQW LV  PLOHV DQG LV H[FOXVLYHO\ LQ DLUSRUW ULJKWRIZD\ 7KH ',$
SRUWLRQ RI WKLV UDLO DOLJQPHQW DV LW OHDYHV WKH -HSSHVHQ 7HUPLQDO ZDV DQDO\]HG XVLQJ IRXU
DOLJQPHQWDOWHUQDWLYHV

*URXQG$FFHVV6ROXWLRQV
7KH 'HQYHU 5HJLRQDO &RXQFLO RI *RYHUQPHQWV '5&2*  UHOHDVHG D VWXG\ LQ
6HSWHPEHU  DQDO\]LQJWKHSUREOHPVRIDFFHVVDQGPRELOLW\DWWKHQHZDLUSRUW%HFDXVH
RIWKHODFNRIWUDQVSRUWDWLRQFDSDFLW\LQWKHQHZDLUSRUWUHJLRQ'5&2*SUHGLFWHGLQFUHDVHG
WUDIILFFRQJHVWLRQDORQJURDGVOHDGLQJWR3HQD%RXOHYDUGVXFKDV,,DQGVHJPHQWV
RI7RZHU5RDGDQGWK$YHQXH7KHUHVXOWVRIWKHVWXG\UHFRPPHQGHGVHYHUDOVKRUWWHUP
VWUDWHJLHV WR UHGXFH FRQJHVWLRQ LQFOXGLQJ QHZ WUDIILF PDQDJHPHQW PHDVXUHV LPSURYHG
WUDIILF VLJQDO V\QFKURQL]DWLRQ LQWHUVHFWLRQ FDSDFLW\ LPSURYHPHQWV HWF  DQG SURYLVLRQ RI
UHOLDEOH EXV VHUYLFH DV ZHOO DV LPSOHPHQWDWLRQ RI WKH VWUDWHJLHV FRQWDLQHG LQ LWV  ORQJ

 

UDQJH SODQ VXFK DV FRQVWUXFWLRQ RI EHOWZD\ VHJPHQWV ( DURXQG WKH HDVWHUQ KDOIRIWKH
PHWURDUHD DQG: LQWKHQRUWKZHVWTXDGUDQWRIWKHPHWURDUHD DQGLQFUHDVHGSURYLVLRQ
RI WUDQVLW VHUYLFH LQFOXGLQJ SRVVLEO\ VRPH IRUP RI UDLO WUDQVLW  ,Q DGGLWLRQ '5&2* DOVR
QRWHG WKDW WKHVH SODQV PLJKW EH FRQVWUDLQHG E\ WKH DELOLW\ WR REWDLQ WKH QHFHVVDU\ ILQDQFLDO
UHVRXUFHVVXEMHFWWRWKHVDPHLPSHGLPHQWVSUHYLRXVO\PHQWLRQHG
7RJHQHUDWHWKHQHFHVVDU\IXQGVDQDFFHVVIHHZDVLPSRVHGRQYHKLFOHVDFFHVVLQJWKH
DLUSRUW  (DFK YHKLFOH WKDW HQWHUV ',$ PXVW SDVV WKURXJK D WROO SOD]D ORFDWHG VHYHUDO PLOHV
IURP WKH WHUPLQDO WR SLFN XS D WLFNHW LQGLFDWLQJ WLPH RI JURXQG DUULYDO :KHWKHU SDUNLQJ RU
QRWHYHU\YHKLFOHLVFKDUJHGSHUKRXUIRUDFFHVVWRWKHDLUSRUWDIWHUWKHILUVWPLQXWHV
7KLV PHDQV WKDW FDUV RQO\ GURSSLQJ RII RU SLFNLQJ XS SDVVHQJHUV DUH QRW VXEMHFW WR SD\LQJ
IHHVXQOHVVWKHYHKLFOHVGRQRWOHDYHWKHWROOSOD]DZLWKLQPLQXWHVRIRULJLQDODUULYDO7KLV
DUUDQJHPHQWUHSUHVHQWVDUHOD[DWLRQRIWKHRULJLQDOUDWHVWUXFWXUHZKLFKFDOOHGIRUIHHVDIWHU
RQO\DPLQXWHJUDFHSHULRG*LYHQWKHGLVWDQFHVLWZRXOGEHTXLWHFKDOOHQJLQJIRUFDUVWR
HQWHU SLFN XS RU GURS RII SDVVHQJHUVDQGH[LWLQOHVVWKDQPLQXWHV7KLVZDVHVSHFLDOO\
VLJQLILFDQW ZKHQ TXHXHV DW WKH WROO SOD]D ZHUH H[FHHGLQJO\ ORQJ GXULQJ WKH ILUVW \HDU RI
RSHUDWLRQZKLFKUHVXOWHGLQPDQ\LUDWHWUDYHOHUVEHLQJIRUFHGWRZDLWLQOLQHWRSD\WKHDFFHVV
IHHV
5HFHQW FKDQJHV LQ SDUNLQJ DQG DFFHVV UDWHV KDYH ORZHUHG FRVWV WR WKH WUDYHOHU EXW
',$ LV VWLOO JHQHUDWLQJ KHDOWK\ WRWDO UHYHQXHV IURP LWV SDUNLQJ DQG DFFHVV RSHUDWLRQV ,Q D
-XQHERQGSURVSHFWXVWKHFLW\HVWLPDWHGDPLOOLRQQHWSURILWIRUWKHDLUSRUWLQ
GXH ODUJHO\ WR SDUNLQJ DQG FRQFHVVLRQ UHYHQXHV ,W LV QRWVXUSULVLQJWKDWWKH&LW\RI'HQYHU
DQG ',$ RIILFLDOV DUH QRW WRR FRQFHUQHG DERXW LQWHUPRGDOLVP RU JURXQG WUDQVSRUWDWLRQ
DOWHUQDWLYHVWRWKHQHZDLUSRUW

)XWXUH3URMHFWV
3URMHFWVWRDOOHYLDWHWKHFRQJHVWLRQLQWKLVFRUULGRUWKDWKDYHUHFHQWO\EHHQFRPSOHWHG
RUDUHSODQQHGIRUFRPSOHWLRQLQWKHQH[W\HDUVLQFOXGH
x 5HFRQVWUXFWLRQRIWKHLQWHUFKDQJHVDW,QWHUVWDWH,QWHUVWDWHDQG,QWHUVWDWH
WK$YHQXH

 

x 5HKDELOLWDWLRQRI,QWHUVWDWHIURP3HQD%RXOHYDUGWR7RZHU5RDG
x 5HEXLOGLQJRIWK$YHQXHIURP4XHEHF6WUHHWWR86

:$6+,1*7215($*$11$7,21$/$,53257

 5RQDOG5HDJDQ:DVKLQJWRQ1DWLRQDO$LUSRUW '&$ LVFRQYHQLHQWO\ORFDWHGWRWKH


:DVKLQJWRQ'&0HWURSROLWDQ5HJLRQ:LWKLWVRZQVWRSRQ:DVKLQJWRQ
VVXEZD\
0HWURUDLO'&$LVDVKRUWULGHIURPDQ\VWDWLRQRQWKH0HWURUDLOV\VWHP:DVKLQJWRQ'&LV
DVKRUWWD[LULGHDZD\DVZHOO

6WDWLVWLFV
 2SHQHGRQ-XQH:DVKLQJWRQ1DWLRQDO$LUSRUWZDVEXLOWE\WKHIHGHUDO
JRYHUQPHQWDQGGHGLFDWHGE\3UHVLGHQW)UDQNOLQ'5RRVHYHOW
 7KHDLUSRUWHQFRPSDVVHVDFUHVRQODQGDQGRQZDWHU
 7KHDLUSRUW¶VQDPHZDVRIILFLDOO\FKDQJHGWR³5RQDOG5HDJDQ:DVKLQJWRQ1DWLRQDO
$LUSRUW´LQ)HEUXDU\E\WKH8QLWHG6WDWHV&RQJUHVV
 7HUPLQDO%&RSHQHGRQ-XO\7KHQHZWHUPLQDOKDVPLOOLRQVTXDUHIHHWRI
IORRUVSDFHVSUHDGRYHUWKUHHOHYHOVJDWHVDQGGLUHFWFRQQHFWLRQVWRWKH0HWURUDLOSXEOLF
WUDQVSRUWDWLRQV\VWHPDQGWKHSDUNLQJJDUDJHVYLDWZRHQFORVHGSHGHVWULDQEULGJHV7KH
WHUPLQDOV¶WZROHYHOURDGZD\V\VWHPLPSURYHVWUDIILFIORZWKURXJKWKHDLUSRUWE\VRUWLQJ
LQFRPLQJDQGRXWJRLQJWUDIILF'&$¶VKLVWRULF³7HUPLQDO$´ZLOOXQGHUJRUHKDELOLWDWLRQDQG
FRQWLQXHVLWVDYLDWLRQVHUYLFHZLWKDLUFUDIWJDWHV
 ,Q'&$SDVVHGDPLOHVWRQHRIPLOOLRQDQQXDOSDVVHQJHUVLQ
DSSUR[LPDWHO\PLOOLRQSDVVHQJHUVXVHGWKHDLUSRUWZLWKDSSUR[LPDWHO\SDVVHQJHUV
DGD\IO\LQJRQFRPPHUFLDOJHQHUDODYLDWLRQDQGFRPPXWHUIOLJKWV
 $LUFUDIWQRLVHUHJXODWLRQVZHUHLQVWLWXWHGSULRUWRFRPPHUFLDOMHWRSHUDWLRQVDW'&$
$LUFUDIWIOLJKWSDWWHUQVIROORZWKH3RWRPDF5LYHUDQGSLORWVSUDFWLFHSRZHUWKUXVWUHGXFWLRQ
RQWDNHRIIWRUHGXFHQRLVHLPSDFWV7KHUHDUHDOVRDLUFUDIWQRLVHOLPLWVRQIOLJKWVDVVRFLDWHG
ZLWKQLJKWWLPHQRLVHUHTXLUHPHQWVLQHIIHFWIURPSPWRDP

 

 6HUYLQJDVD³VKRUWKDXO´DLUSRUW'&$RIIHUVQRQVWRSVHUYLFHWRGHVWLQDWLRQVQR
IDUWKHUWKDQPLOHVIURP:DVKLQJWRQ'&
 $SSUR[LPDWHO\YHKLFOHVDGD\WUDYHORQWKHDLUSRUWURDGZD\V

,QWHUPRGDOLW\
7D[LFDEV VHUYLQJ WKH DLUSRUW TXHXH LQ D WZROHYHO  VT IW VWUXFWXUH WKDW
DFFRPPRGDWHVYHKLFOHV(DFKGD\VRPHWD[LFDEVDUHGLVSDWFKHGDWWKHDLUSRUW7KH
$LUSRUWV $XWKRULW\ RSHUDWHV WKH :DVKLQJWRQ )O\HU ([SUHVV %XV SURYLGLQJ WUDQVSRUWDWLRQ WR
GRZQWRZQ :DVKLQJWRQ '& DQG WR 'XOOHV $LUSRUW DQG WKH 6XSHU6KXWWOH LV D VKDUHGULGH
YDQ VHUYLFH WKDW ZLOO SLFN XS SDVVHQJHUV DW WKHLU KRPH EXVLQHVV RU KRWHO ZLWKLQ WKH
:DVKLQJWRQPHWURDUHDDQGWUDQVSRUWWKHPWRWKHDLUSRUW
3XEOLF SDUNLQJ LV DYDLODEOH IRU DSSUR[LPDWHO\  YHKLFOHV SURYLGLQJ +RXUO\
'DLO\DQG(FRQRP\/RWFKRLFHV$Q+RXUO\6XUIDFH/RWDQGERWK'DLO\6XUIDFHDQGJDUDJH
SDUNLQJ VHUYH 7HUPLQDO $ 7HUPLQDOV % DQG & DUH VHUYHG E\ +RXUO\ DQG 'DLO\ SDUNLQJ
JDUDJHV7KH(FRQRP\/RWLVVHUYLFHGE\&RXUWHV\6KXWWOH%XVHVWRDQGIURPDOOWHUPLQDOV
 6KXWWOHEXVHVUXQEHWZHHQ0HWURDQG7HUPLQDO$ZKHUH7UDQV:RUOG$LUOLQHV
0LGZD\$LU/LQHVDQG1RUWKZHVW$LUOLQHVFRQWLQXHWRRSHUDWH)URPWKH0HWURVWRS
SDVVHQJHUVIROORZVLJQVWR³6KXWWOHWR7HUPLQDO$´EXVVWRSVRQ/HYHO* *URXQG RI
*DUDJHV%DQG&

5DLO6HUYLFH
 0HWURUDLOWKHUHJLRQ
VUDSLGWUDQVLWV\VWHPVWRSVDGMDFHQWWR7HUPLQDOV%DQG&
0HWURUDLOIDUHFDUGVPD\EHSXUFKDVHGIURPPDFKLQHVDWHLWKHURIWZR)DUHFDUGSOD]DV
ORFDWHGRQ/HYHOQHDUSHGHVWULDQEULGJHVWKDWOHDGLQWRDQGRXWRI7HUPLQDOV%DQG&
$WKLUG)DUHFDUGSOD]DIRUGLVDEOHGDQGRWKHUSDVVHQJHUVXVLQJHOHYDWRUVLVXQGHUWKH0HWUR
SODWIRUPPLGZD\EHWZHHQWKHQRUWKDQGVRXWKPH]]DQLQHV
 8SRQH[LWLQJ0HWUR¶V'&$VWRSSDVVHQJHUVYLHZWKHSHGHVWULDQZDONZD\WKDWWDNHV
WKHPLQWRWKHDLUSRUWWHUPLQDO
VFRQFRXUVHRUPLGGOHOHYHOZKHUHWKHMHWJDWHVDUHORFDWHG
0RYLQJZDONZD\VDFFHOHUDWHWKHZDONDFURVVWKHSHGHVWULDQEULGJHOLQNLQJ0HWURWR

 

7HUPLQDOV%DQG&2QHVLJQLILFDQWVKRUWFRPLQJRI0HWURUDLOLVWKHGLVWDQFHIURPYDULRXV
DUHDVRIWKHDLUWHUPLQDOWRWKHUDLOWHUPLQDOWKDWPLJKWEHFRQVLGHUHGH[FHVVLYHZKLOHFDUU\LQJ
EDJJDJH
 7KHPRGHVSOLWIRU5RQDOG5HDJDQ:DVKLQJWRQ1DWLRQDO$LUSRUWLVVXPPDUL]HGLQ
)LJXUH

Taxi Auto
36% 37%

Rental Car Rail


11% 16% 

)LJXUH0RGH6SOLWIRU5RQDOG5HDJDQ:DVKLQJWRQ1DWLRQDO$LUSRUW

)XWXUH3URMHFWV
7KH 0HWURSROLWDQ :DVKLQJWRQ $LUSRUWV $XWKRULW\ LV VSHQGLQJ  ELOOLRQ RQ
FRQVWUXFWLRQ RI QHZ DQG H[SDQGHG WHUPLQDOV DW :DVKLQJWRQ¶V 5RQDOG 5HDJDQ 1DWLRQDO
$LUSRUW,PSURYHPHQWVZLOOLQFOXGHDQHZ1RUWKWHUPLQDOZLWKJDWHVDQGDQH[SDQVLRQRI
WKHPDLQWHUPLQDOZLWKDQDGGLWLRQDOQLQHJDWHV









 


























 

&+$37(5
,17(51$7,21$/%(6735$&7,&(&$6(678',(6

,1752'8&7,21

 7KLVFKDSWHUSUHVHQWVDQRYHUYLHZRIWKUHHLQWHUQDWLRQDOEHVWSUDFWLFHFDVHVWXGLHV
$LUSRUWVZKRVHFKDUDFWHULVWLFVDUHSUHVHQWHGDUH)UDQNIXUW0DLQ$LUSRUW+RQJ.RQJ
,QWHUQDWLRQDO$LUSRUWDW&KHN/DS.RNDQG=XULFK,QWHUQDWLRQDO$LUSRUW(DFKDLUSRUWLV
VHOHFWHGEHFDXVHRILWVGLVWLQFWLYHDFFHVVFKDUDFWHULVWLFV7KLVFKDSWHULVVWUXFWXUHGLQWRWKUHH
SULQFLSDOVHFWLRQVHDFKFRUUHVSRQGLQJWRRQHDLUSRUW7KHILUVWDLUSRUWSUHVHQWHGLV)UDQNIXUW
WKHQ+RQJ.RQJDQGILQDOO\=XULFK$ILQDOFRQFOXGLQJVHFWLRQLVLQFOXGHG

)5$1.)8570$,1,17(51$7,21$/$,53257

 )UDQNIXUW0DLQ,QWHUQDWLRQDO$LUSRUW )5$ LVDPDMRUYHQXHIRULQWHUQDWLRQDOWUDGH


DQGDOHDGLQJ&HQWUDO(XURSHDQKXEIRUJOREDODLUWUDQVSRUWDWLRQ)5$NHHSVSHRSOHDQG
JRRGVPRYLQJ)5$LVWKHODUJHVWSDVVHQJHUDQGFDUJRJDWHZD\LQ(XURSHQXPEHUVHYHQ
ZRUOGZLGH7KHUHJLRQRIIHUVDGYDQFHGLQWHUPRGDOLQIUDVWUXFWXUHVWKDWLQWHJUDWHQHWZRUNVRI
DXWREDKQVUDLOZD\VLQODQGKDUERUVDQGDLUOLQNVWRPRUHLQWHUQDWLRQDOGHVWLQDWLRQVWKDQDQ\
RWKHU(XURSHDQDLUSRUW 5HI 

*HQHUDO&KDUDFWHULVWLFV
 2QSHDNGD\VRYHUWUDYHOHUVSDVVWKURXJK)UDQNIXUW0DLQ,QWHUQDWLRQDO
$LUSRUWRQWKHLUZD\WRGHVWLQDWLRQVWKURXJKRXW*HUPDQ\(DVWHUQDQG:HVWHUQ(XURSHDQG
DEURDG,Q)5$UHFHLYHGQHDUO\PLOOLRQSDVVHQJHUV  PDNLQJLW
*HUPDQ\¶VEXVLHVWDLUSRUWWKDWKDVHYROYHGLQWRDIXOOVHUYLFH³LQWHUPRGDOWUDYHOSRUW´ZKHUH
DLUUDLODQGURDGQHWZRUNVDUHFODLPHGWREH³RSWLPDOO\´OLQNHG 5HI 
 6WDWLVWLFVIURPWKH)$*0DUNHW5HVHDUFKJURXSLQGLFDWHWKDWRIWKHPLOOLRQ
SDVVHQJHUVWKDWSDVVHGWKURXJK)UDQNIXUW$LUSRUWLQZHUHEXVLQHVVWUDYHOHUVZLWK
WUDQVIHUVDFFRXQWLQJIRU2IGHSDUWLQJSDVVHQJHUVWUDYHOHGWRGRPHVWLF
GHVWLQDWLRQV ZLWKLQ*HUPDQ\ ZKLOHWUDYHOHGWRLQWHUQDWLRQDOGHVWLQDWLRQV7KHVKDUH

 

RIWKH(XURSHDQ8QLRQ (8 RIWRWDOSDVVHQJHUWUDIILFDW)5$LQZDV
$GGLWLRQDOO\WKHQXPEHURIDLUFUDIWPRYHPHQWVLQZDVGHSDUWXUHVDQGDUULYDOV
ZLWKDGDLO\SHDNRIGHSDUWXUHVDQGDUULYDOVUHJLVWHUHGRQ6HSWHPEHU7DEOH
VXPPDUL]HVWKHWUDIILFVWDWLVWLFVDW)5$GXULQJWKHILUVWKDOIRIWKH\HDUDQGIRUWKH
\HDU 5HI 

7DEOH)UDQNIXUW0DLQ,QWHUQDWLRQDO$LUSRUW7UDIILF5HSRUW
-DQXDU\±-XQH &XPXODWLYH  
 
3DVVHQJHUV 
7RWDO 
,QWHUQDWLRQDO 
'RPHVWLF 
$LUIUHLJKW LQ0HWULF7RQV  
7RWDO 
,QWHUQDWLRQDO 
'RPHVWLF 
$LUPDLO LQ0HWULF7RQV  
7RWDO 
,QWHUQDWLRQDO 
'RPHVWLF 
$LUFUDIW0RYHPHQWV 
7RWDO 
,QWHUQDWLRQDO 
'RPHVWLF 
 
)UDQNIXUW$LUSRUW7UDIILF5HSRUW 
 
3DVVHQJHUV 
7RWDO 
3HDNPRQWK $XJXVW  
3HDNGD\ 2FWREHU  
$LUIUHLJKW LQ0HWULF7RQV  
3HDNPRQWK 2FWREHU  
3HDNZHHN 'HFHPEHU  
3HDNGD\ 1RYHPEHU  
$LUFUDIW0RYHPHQWV 
7RWDO 
'DLO\DYHUDJH 
3HDNGD\ 6HSWHPEHU  

 

,QWHUPRGDOLW\
 )UDQNIXUW0DLQ,QWHUQDWLRQDO$LUSRUWKDVEHFRPHDQLPSRUWDQW(XURSHDQKXEIRU
SDVVHQJHUVDQGFDUJRVHUYLFHVIRUDYDULHW\RIUHDVRQV*HRJUDSK\SOD\VDUROHDV)UDQNIXUW
LVVWUDWHJLFDOO\ORFDWHGLQWKHPLGGOHRIRQHRIWKHZRUOG¶VODUJHVWHFRQRPLFPDUNHWVZKHUH
WKHYDULRXVPRGHVRIWUDQVSRUWDWLRQDUHVWURQJO\FRQFHQWUDWHGDQGLQWHUOLQNHG,WLV
DQHFGRWDOO\VWDWHGLQSURPRWLRQDOPDWHULDOWKDW³DOOURXWHVDLUURDGZD\VDQGZDWHUZD\VLQ
*HUPDQ\OHDGWR)UDQNIXUWDQG)5$´ 5HI 
 )UDQNIXUW¶VORFDWLRQQHDUWKHMXQFWLRQRIWKH5KLQHDQG0DLQULYHUVHVWDEOLVKHGWKH
FLW\DORQJRQHRIWKHZRUOG¶VPRVWLPSRUWDQWLQODQGZDWHUZD\VIRUSDVVHQJHUDQGIUHLJKW
WUDIILF$WWKHQRUWKHDVWHUQFRUQHURIWKHDLUSRUWDQGQRWIDUIURPSDVVHQJHUWHUPLQDOVLV
(XURSH¶VILUVWDQGFXUUHQWO\EXVLHVWH[SUHVVZD\FORYHUOHDIWKH)UDQNIXUWHU.UHX]7KLVLV
WKHVLWHRIWKHLQWHUVHFWLRQRIWKH$DQGWKH$DXWREDKQV WKHPRVWLPSRUWDQWPRWRUZD\VLQ
*HUPDQ\ 7KLVDOORZVTXLFNDFFHVVWR*HUPDQ\¶VUHQRZQHGDXWREDKQQHWZRUNDQGRWKHU
H[SUHVVZD\VWKURXJKRXW(XURSH$GGLWLRQDOO\EHJLQQLQJZLWKWKHJROGHQDJHRIWUDLQV
)UDQNIXUWKDVEHHQDQLPSRUWDQWUDLOFHQWHU)UDQNIXUW¶VFHQWUDOUDLOZD\VWDWLRQ
+DXSWEDKQKRILVRQHRI(XURSH¶VEXVLHVWVWDWLRQV 5HI 
 ,QWHUPRGDOLW\LVDERXWWKHLQWHJUDWLRQRIGLIIHUHQWWUDQVSRUWDWLRQV\VWHPV²IRU
LQVWDQFH5DLO$LU²DQGDOODVVRFLDWHGVHUYLFHVDORQJWKHHQWLUHWUDYHOFKDLQ)UDQNIXUW0DLQ
,QWHUQDWLRQDO$LUSRUWKDVDJJUHVVLYHO\SXUVXHGVXFKFORVHLQWHJUDWLRQDVUHIOHFWHGLQWKH
RSHQLQJRIWKH$,5DLO7HUPLQDO,QWKLVVHQVH)5$KDVGHYHORSHGLQWRDQ³LQWHUPRGDOWUDYHO
SRUW´PDNLQJLWRQHDLUSRUWZLWKWZRWUDLQVWDWLRQV)LJXUHVDQGGHSLFWPRGDOVSOLWVDW
)5$WKHILUVWLVDSORWRIWKHYDULDWLRQRIPRGDOVSOLWIRUYDULRXVPRGHVRYHUILYH\HDUV
 ZKLOHWKHVHFRQGLVDPRUHIRFXVHGSORWRIWKHPRGDOVSOLWVGXULQJWKHRQH\HDU
SHULRGIURP-XO\WR-XO\ 5HI 






 

Modal Split at Frankfurt Airport
50
1996
1997
40 1998
1999
2000-present
30
Percent

20

10

0
Passenger Rented Taxi Bus S-Bahn Main Line ICE Other
Car Car Mode of Transport Train


)LJXUH0RGDO6SOLWGXULQJWKH3DVW)LYH<HDUVDW)UDQNIXUW$LUSRUW


Share in Percent (July 1999 - July 2000)
60

50
1998 -1999
1999 - 2000
40
Percent

30

20

10

0
Long-distance train/ S-Bahn/ Bus Car/Rented Car Taxi Other
ICE Mode 

)LJXUH0RGDO6SOLW)URP-XO\WR-XO\DW)UDQNIRUW$LUSRUW



 

$,5DLO7HUPLQDO
 )UDQNIXUW0DLQ,QWHUQDWLRQDO$LUSRUWLVVWULYLQJWREHFRPHDNH\KXEIRUWKHWUDQV
(XURSHDQKLJKVSHHGUDLOQHWZRUN7KHXOWLPDWH DQGHOXVLYH JRDOLVWRDFKLHYHLQWHJUDWLRQ
EHWZHHQDLUDQGUDLOV\VWHPVUHVXOWLQJLQDVLQJOHHDV\WRXVHVHUYLFHFRQYHQLHQWIRUDOO
WUDYHOHUV7KHFRUQHUVWRQHRI)5$¶VVHFRQGSDVVHQJHUVWDWLRQWKHVRFDOOHG$,5DLO7HUPLQDO
ZDVODLGLQSODFHRQ2FWREHUPDUNLQJWKHEHJLQQLQJRIDQHZPLOOHQQLXPDQGDQHZ
HUDLQ³VHDPOHVVWUDYHO´IRU³UDLODQGIO\´VHUYLFHV)5$LVWU\LQJWRHQKDQFHLWVUROHE\
DGGLQJWKLVVWDWHRIWKHDUWUDLOZD\VWDWLRQGHVLJQHGH[FOXVLYHO\IRUORQJGLVWDQFHVHUYLFHV
SDUWLFXODUO\KLJKVSHHGWUDLQV*HUPDQ5DLOLVIRUHFDVWLQJWKDWWRSDVVHQJHUV
SHUGD\RUDSSUR[LPDWHO\PLOOLRQDQQXDOSDVVHQJHUVE\ZLOOEHXVLQJWKLVKLJKVSHHG
UDLOZD\QHWZRUNHVSHFLDOO\DIWHUWKHQHZKLJKVSHHGWUDFNEHWZHHQ)5$DQGGRZQWRZQ
&RORJQH DQG&RORJQH$LUSRUW LVFRPSOHWHGE\7KHVKLIWRIPDQ\VKRUWKDXOIOLJKWV
SDUWLFXODUO\WKRVHZLWKLQDWRNLORPHWHUUDGLXV WRPLOHV IURPWKHDLUSRUW
WRWKHKLJKVSHHGUDLOQHWZRUNLVEHLQJHQFRXUDJHGDW)5$$SSUR[LPDWHO\PLOOLRQSHRSOH
OLYHZLWKLQDNLORPHWHUUDGLXV PLOHV RI)5$ZKLFKLVPRUHWKDQWKHSRSXODWLRQ
VXUURXQGLQJ$PVWHUGDP3DULVRU/RQGRQ7KLVVKLIWZLOOSRVLWLYHO\LPSDFWWKHHQYLURQPHQW
LQWZRZD\VURDGWUDIILFWRWKHDLUSRUWZLOOEHUHGXFHGDQGWKHIUHHGXSIOLJKWFDSDFLW\ VKRUW
KDXOIOLJKWV FDQEHXWLOL]HGIRUH[SDQGLQJLQWHUFRQWLQHQWDODLUVHUYLFHV 5HI 
 :LWKWKHHPHUJHQFHRIWKHWUDQV(XURSHDQKLJKVSHHGUDLOQHWZRUNWKHVWUDWHJLF
YLVLRQIRU)5$LVWREHFRPHDNH\KXEIRUKLJKVSHHGWUDLQVWUDYHOLQJIURPDVIDUZHVWDV
%ULWDLQYLDWKH&KDQQHO7XQQHODVIDUVRXWKDV,WDO\YLDWKH$OSVDVIDUQRUWKDV6FDQGLQDYLD
DQGSHUKDSVDVIDUHDVWDV:DUVDZDQG0RVFRZ 5HI 
 )5$LVWKHRQO\DLUSRUWLQ*HUPDQ\ WKRXJKVLPLODUWR3DULV¶&KDUOHVGH*DXOOH
$LUSRUW WREHGLUHFWO\VHUYHGE\KLJKVSHHGWUDLQV%HJLQQLQJ0D\KLJKVSHHGUDLO
VHUYLFHVWRPDMRUFLWLHVWKURXJKRXW*HUPDQ\KDYHEHHQRIIHUHGIURPWKHQHZ$,5DLO
7HUPLQDO ORFDWHGQHDUWKH6KHUDWRQ+RWHODQG7HUPLQDO 7KLVVWDWLRQLVVHUYHGE\DWRWDO
RIIRXUQDWLRQDOOLQHVWZRUHJXODUVSHHG,QWHU&LW\ ,& OLQHVDQGWZRKLJKVSHHG,QWHU&LW\
([SUHVV ,&( OLQHV3UHYLRXVO\SDVVHQJHUVZHUHUHTXLUHGWRWDNHDFRPPXWHUWUDLQWR
GRZQWRZQ)UDQNIXUW¶VFHQWUDOVWDWLRQDQGWUDQVIHUWKHUH 5HI 

 

 2QWKHRWKHUKDQGWKHDLUSRUWUDLOZD\VWDWLRQEHQHDWK7HUPLQDOWKDWKDVEHHQLQ
RSHUDWLRQVLQFH QRZFDOOHGWKH5HJLRQDO7UDLQ6WDWLRQ KDQGOHVRQO\UHJLRQDOVHUYLFHV
VXFKDV6%DKQWUDLQVDVZHOODV5HJLRQDO([SUHVV 5( WUDLQVDQG6WDGW([SUHVV 6( WUDLQVWR
DQGIURPFLWLHVLQWKHJUHDWHU)UDQNIXUWUHJLRQ+RZHYHUIURPDPWRDPWKH
5HJLRQDO7UDLQ6WDWLRQDOVRKDQGOHVORQJGLVWDQFHWUDLQVEHFDXVHWKH/RQJGLVWDQFH7UDLQ
6WDWLRQLVFORVHGGXULQJWKHVHKRXUV1HDUO\WUDLQVSHUGD\XVHWKH/RQJGLVWDQFH7UDLQ
6WDWLRQZKLFKLVVHUYHGE\IRXUOLQHV 5HI 
 3DVVHQJHUVDUULYLQJDW)5$¶V/RQJGLVWDQFH7UDLQ6WDWLRQ $,5DLO7HUPLQDO E\
,QWHU&LW\ ,& RUKLJKVSHHG,QWHU&LW\([SUHVV ,&( WUDLQVIURPGHVWLQDWLRQVDFURVV
*HUPDQ\KDYHWKHRSWLRQRIFKHFNLQJLQIRUWKHLUIOLJKWVDWWKHQHZ³&KHFNLQ7´DUHD
ORFDWHGLQWKHFRQQHFWRUEXLOGLQJWKDWOLQNVWKH/RQJGLVWDQFH7UDLQ6WDWLRQZLWK7HUPLQDO
DVKRUWZDONIURPWKHUDLOSODWIRUPV$W³&KHFNLQ7´SDVVHQJHUVDUHDEOHWRFKHFNLQWKHLU
EDJJDJHDQGUHFHLYHDERDUGLQJFDUGXSWRPLQXWHVEHIRUHWKHLUIOLJKWGHSDUWXUH 5HI 
 7KH$,5DLO7HUPLQDOKDVEHHQOLQNHGWRWKH(XURSHDQKLJKVSHHGQHWZRUNE\ZD\RI
WKH,QWHUFLW\([SUHVV,&(/RQJGLVWDQFH7UDLQ6WDWLRQEHJLQQLQJLQ0D\7KH
IROORZLQJLVDGHVFULSWLRQRIWKHVWDWLRQ 5HI 
x 3DVVHQJHUWKURXJKSXW
SDSSUR[LPDWHO\SDVVHQJHUVGDLO\
S SURMHFWHG DSSUR[LPDWHO\SDVVHQJHUVGDLO\
S7RWDOFDSDFLW\DSSUR[LPDWHO\PLOOLRQSDVVHQJHUVSHU\HDU
x 7ZRSODWIRUPVZLWKWUDFNVQXPEHUHG±
x 7KH /RQJGLVWDQFH 7UDLQ 6WDWLRQ LV FORVHG IURP  DP± DP WKXV ORQJ
GLVWDQFHWUDLQVRSHUDWHIURPWKH5HJLRQDO7UDLQ6WDWLRQGXULQJWKLVSHULRG
x $W SUHVHQW  VHUYLFHV DUH RIIHUHG GDLO\ ZLWK DGGLWLRQDO GLUHFW FRQQHFWLRQV
SODQQHGIRUWKHIXWXUH

5HJLRQDO7UDLQ6WDWLRQ
 7KLVXQGHUJURXQGVWDWLRQRSHQHGLQDQGSURYLGHVUHJLRQDODQGORFDOWUDLQ
VHUYLFHV 5HI 

 

x $SSUR[LPDWHO\WUDLQVGDLO\
x 7UDYHOWLPHWR)UDQNIXUW&HQWUDO6WDWLRQPLQXWHV ³6%DKQ´OLQHV6DQG6
6WDGW([SUHVVDQG5HJLRQDO([SUHVVDW±PLQXWHLQWHUYDOV 
x )UHTXHQWUHJLRQDOWUDLQVHUYLFHVWR.REOHQ]6DDUEUXFNHQ%DPEHUJ+RI
x &DSDFLW\FXUUHQWO\DSSUR[LPDWHO\SDVVHQJHUVGDLO\ SOXVDLUSRUWHPSOR\HHV
DQGYLVLWRUVHWF 
x 7ZRSODWIRUPVWUDFNVQXPEHUHG±

2QH$LUSRUW±7ZR3DVVHQJHU7UDLQ6WDWLRQV
 7KHSURPRWLRQDOSXEOLFUHODWLRQVOLWHUDWXUHRI)5$ERDVWVWKDWWKHVRFDOOHGRSWLPDO
LQWHJUDWLRQRIDLUDQGUDLOLVDQLQQRYDWLYHDQGHQYLURQPHQWDOO\IULHQGO\PRELOLW\FRQFHSWLQ
WKDWLWRIIHUVDWUDQVIHURIXQSURILWDEOHDQGHQYLURQPHQWDOO\XQIULHQGO\VKRUWKDXOIOLJKWVWR
KLJKVSHHGUDLO0RUHRYHULWRIIHUVH[SDQVLRQRIWKHGRPHVWLFDQGLQWHUQDWLRQDOFDWFKPHQW
DUHDVE\PHDQVRIDGGLWLRQDO,&(WUDLQVDGGLWLRQDOWUDFNVLQIXWXUH\HDUVDQGDQLQFUHDVHG
FXVWRPHUDWWUDFWLRQE\SURYLGLQJLPSURYHGFRQQHFWLRQVZLWKLQWKHUHJLRQ,QDGGLWLRQWKLV
FRQFHSW RQHDLUSRUW±WZRSDVVHQJHUWUDLQVWDWLRQV LVFODLPHGWREHDGYDQWDJHRXVWR
SDVVHQJHUVIRUWKHIROORZLQJUHDVRQV 5HI 
x 'LUHFWFRQQHFWLRQVWRDQGIURPWKHDLUSRUWE\,&(DQG(XUR,QWHU&LW\WUDLQVWR
GHVWLQDWLRQVZLWKLQ*HUPDQ\DQGQHLJKERULQJFRXQWULHV 1HWKHUODQGV
6ZLW]HUODQG,WDO\$XVWULD&]HFK5HSXEOLFDQG+XQJDU\ 
x &RRUGLQDWLRQEHWZHHQUDLODQGDLUWLPHWDEOHV
x ,QFUHDVHGIUHTXHQFLHV KRXUO\ UHVXOWLQJLQUHGXFHGZDLWLQJWLPHVDQGVKRUWHU
SRLQWWRSRLQWMRXUQH\V
x 2YHUDOOWLPHVDYLQJVDUHH[SHFWHGZLWKWKHFRPSOHWLRQRIWKHQHZ,&(KLJKVSHHG
WUDFN&RORJQH5KLQH0DLQLQ)RUH[DPSOHWKHWULSIURP)5$WR&RORJQH
7UDLQ6WDWLRQZRXOGEHFRPSOHWHGLQOHVVWKDQRQHKRXU


 

%ULGJHV%HWZHHQ$LUDQG5DLO
 7KHLQWHUFKDQJHEHWZHHQGLIIHUHQWPRGHVRIWUDQVSRUWDWLRQLVLQWHQGHGWREHVLPSOH
DQGFRQYHQLHQW7KH/RQJGLVWDQFH7UDLQ6WDWLRQLVFRQQHFWHGWRWKHDLUSRUWWHUPLQDOVLQWKH
IROORZLQJPDQQHU 5HI 
 7HUPLQDO
x 9LDWKHSHGHVWULDQEULGJHOHDGLQJIURPWKH)UDQNIXUW$LUSRUW&HQWHU )$& WR
'HSDUWXUH$UULYDO+DOOV$DQG%
x 9LDWKH6KHUDWRQ+RWHODQGSHGHVWULDQEULGJHOHDGLQJWR'HSDUWXUH$UULYDO+DOO&
x 'LUHFWOLQNWR'HSDUWXUH$UULYDO+DOO%LVVFKHGXOHGIRUFRPSOHWLRQLQ
x :DONLQJGLVWDQFHWRWKH³0HHWLQJ3RLQW´LQ7HUPLQDOLVDERXWPLQXWHV

 7HUPLQDO
x 6KXWWOHEXVHVGHSDUWHYHU\PLQXWHVZLWKWKHEXVVWRSVLWXDWHGDWWKHVWDWLRQLQ
IURQWRI7HUPLQDO
x 3DVVHQJHUVFDQZDONYLD7HUPLQDODQGULGHWKH6N\/LQHVKXWWOHWUDLQ
x &RQQHFWLRQVWRWKH5HJLRQDO7UDLQ6WDWLRQDQG%XV6WDWLRQDUHDYDLODEOHYLDWKH
VWDLUFDVHVDQGOLIWV












 

$FFHVVLELOLW\,PSURYHPHQWV
x 'LUHFWFRQQHFWLRQVIURP)UDQNIXUW$LUSRUW/RQJGLVWDQFH7UDLQ6WDWLRQDUH
DYDLODEOHHYHU\WZRKRXUV
x ,&(±/LQH +DPEXUJ±+DQRYHU±.DVVHO±)UDQNIXUWPDLQVWDWLRQ±)UDQNIXUW
$LUSRUW±0DQQKHLP±6WXWWJDUW 
x ,&(±/LQH %HUOLQ±+DQRYHU±'RUWPXQG±&RORJQH±)UDQNIXUW$LUSRUW±
)UDQNIXUWPDLQVWDWLRQ±1XUHPEHUJ 
x ,&(±/LQH 'UHVGHQ±+DQRYHU±'RUWPXQG±&RORJQH±)UDQNIXUW$LUSRUW±
)UDQNIXUWPDLQVWDWLRQ±1XUHPEHUJ 
 $QGHYHU\KRXU
x ,&±/LQH +DPEXUJ±%UHPHQ±0XQVWHU±'RUWPXQG±&RORJQH±)UDQNIXUW
$LUSRUW±0DQQKHLP±%DOH 

 $YRLGLQJWKHQHFHVVLW\RIFKDQJLQJWUDLQVDW)UDQNIXUW&HQWUDO6WDWLRQKDVUHVXOWHGLQ
WLPHVDYLQJVWRWKHIROORZLQJFLWLHVVWDUWLQJLQ-XQH 5HI 

%DOHo$,5DLO7HUPLQDO PLQXWHV
+DPEXUJo$,5DLO7HUPLQDO PLQXWHV
6WXWWJDUWo$,5DLO7HUPLQDO PLQXWHV

 )XUWKHUGHYHORSPHQWVLQWHQGHGE\LQFOXGH 5HI 
x ,&(QHZKLJKVSHHGOLQN&RORJQH±5KLQH0DLQMRLQVWKHQHWZRUN
x ,QWURGXFWLRQ RI WKH QHZ JHQHUDWLRQ ,&(WUDLQV ZLWK VSHHGV XS WR  NPK
 PLOHVK  WKXV WKH MRXUQH\ IURP &RORJQH &HQWUDO 6WDWLRQ WR )UDQNIXUW
$LUSRUWZLOOEHFRPSOHWHGLQOHVVWKDQRQHKRXU
x 7KH QHZ WUDFN ZLOO IRUP WKH KXE RI D UDSLGO\ JURZLQJ FHQWUDO (XURSHDQ KLJK
VSHHGQHWZRUN
 7DEOHVKRZVLOOXVWUDWLRQWUDYHOWLPHVIURPVHOHFWHG(XURSHDQGHVWLQDWLRQVWR)5$
XQGHUFXUUHQWFRQGLWLRQVDVZHOODVXQGHUWKHGHVLUHGVFHQDULRIRU

 


7DEOH7UDYHO7LPHIRU6FKHGXOHG'HVWLQDWLRQV

 7UDYHO7LPH KUV 
7R)UDQNIXUW$LUSRUW)URP 7RGD\ 
$PVWHUGDP  
%DVHO  
%RQQ6LHEXUJ  
%UXVVHOV  
+DQRYHU)DLU  
/RQGRQ  
0XQLFK  
6WXWWJDUW  

 ,QDGGLWLRQLQWHOOLJHQWFRQFHSWVWKDWSURYLGHTXDOLW\VHUYLFHVIRULQWHUPRGDOWUDYHODUH
NH\LVVXHLQWKHGHYHORSPHQWRIWKHQHZ$,5DLO7HUPLQDODW)5$)RUH[DPSOH/XIWKDQVD
SDVVHQJHUVPD\FKHFNEDJJDJHWKURXJKWRWKHLUILQDOGHVWLQDWLRQDQGSLFNXSERDUGLQJSDVVHV
RQWKHHYHQLQJEHIRUHWKHLUGHSDUWXUHDWWKHPDLQVWDWLRQVLQ'XVVHOGRUI&RORJQH%RQQ
:XU]EXUJDQG1XUHPEHUJ7KHVHVDPHSDVVHQJHUVPD\HOHFWWRFKHFNLQDWWKH*HUPDQ5DLO
7UDYHO&HQWHUDWWKH6DDUEUXFNHQPDLQVWDWLRQXSWRRQHKDOIKRXUSULRUWRWKHGHSDUWXUHRI
WKHWUDLQWRWKHLUDLUSRUWGHVWLQDWLRQ$GGLQJWRWKHFRQYHQLHQFHRIVXFKDV\VWHPSDVVHQJHUV
ZLWKWKHDLUUDLOWLFNHWPD\WDNHDGYDQWDJHRIUHDVRQDEO\SULFHGWUDYHOIURPHYHU\WUDLQVWDWLRQ
LQ*HUPDQ\WRHYHU\DLUSRUWLQ*HUPDQ\²IRUDLUWUDYHOZLWKRYHUSDUWQHUDLUOLQHV
5HI 

$,5DLO([SUHVV3LORW3URMHFWRQ5DLO/LQNLQJ)UDQNIXUW$LUSRUWZLWK6WXWWJDUW5DLO6WDWLRQ
 7KLVSURMHFWZLOOEHJLQRQ0DUFKFUHDWLQJDFRQQHFWLRQEHWZHHQ)5$
$,5DLO7HUPLQDO DQG=:6 6WXWWJDUW&HQWUDO55VWDWLRQ ZLWKDWUDYHOWLPHRIKRXUDQG
PLQXWHV+LJKVSHHG,&(WUDLQVZLOOGHSDUWIURP)5$EHWZHHQDPDQGSP
DQGZLOOGHSDUWIURP=:6EHWZHHQDPDQGSPZLWKDIUHTXHQF\RIVHYHQWUDLQV

 

LQHDFKGLUHFWLRQEHJLQQLQJ-XO\7KHWUDLQVZLOOKDYHVHDWVIRUSDVVHQJHUVDQGVL[
FRQWDLQHUV 5HI 
 %DJJDJHZLOOEHIRUZDUGHGVLPXOWDQHRXVO\WRWKHSDVVHQJHUVDQGORDGHGLQ
VSHFLILFDOO\GHVLJQHGFRQWDLQHUVZKLFKDUHSODFHGLQGHGLFDWHGVHFWLRQVRIWKHWUDLQ$OO
VHFXULW\VFUHHQLQJZLOOEHSHUIRUPHGDW)5$ 5HI 
 7KHODWHVWFKHFNLQWLPHZRXOGPRVWOLNHO\EHWRPLQXWHVIRUEXVLQHVVSULYDWH
SDVVHQJHUVSULRUWRWUDLQGHSDUWXUH 5HI 
 $QHZFROOHFWLRQGLVWULEXWLRQVWDWLRQZLOOEHHVWDEOLVKHGLQWKH$,5DLO7HUPLQDODQG
ZLOOEHOLQNHGWRWKHFRPSXWHUL]HGFHQWUDOEDJJDJHFRQYH\LQJDQGVRUWLQJV\VWHP,Q
DGGLWLRQVSHFLILFIDFLOLWLHVIRUFKHFNLQFKHFNRXWFXVWRPVDQGORJLVWLFVZLOOEHIRXQGDW
=:6 5HI 
 ,QWKHVSULQJRIWKH$,5DLO3DUWQHUVZLOOODXQFKDQLQWHUPRGDOSLORWSURMHFW5DLO
WUDYHOHUVGHVWLQHGIRU)5$IRUWUDYHORQ/XIWKDQVDZLOOEHDEOHWRFKHFNLQEDJJDJHXSWR
PLQXWHVEHIRUHWKHWUDLQGHSDUWVIURP6WXWWJDUW&HQWUDO7UDLQ6WDWLRQ7KXVWKH\ZLOOQRWKDYH
WRFODLPWKHLUEDJJDJHXQWLODUULYLQJDWWKHLUILQDOGHVWLQDWLRQDLUSRUW,QLWLDOO\GDLO\WUDLQ
FRQQHFWLRQVZLOOEHDYDLODEOHIRUWKLVSLORWURXWH 5HI 

+21*.21*¶6,17(51$7,21$/$,53257$7&+(./$3.2.

 +RQJ.RQJ¶V,QWHUQDWLRQDO$LUSRUWDW&KHN/DS.RN +.,$ LVWKHODUJHVW


HQJLQHHULQJSURMHFWHYHUXQGHUWDNHQLQWKHKLVWRU\RI+RQJ.RQJ7KHSODQWREXLOGWKH
DLUSRUWZDVODXQFKHGLQ7KHDXWKRULWLHVVWLSXODWHGWKDWWKHQHZDLUSRUWVKRXOGEHHDVLO\
DFFHVVLEOHWRDOOXVHUVERWKSDVVHQJHUVDQGIUHLJKWVKLSSHUVDOLNHDQGVKRXOGPHHWWKH
³KLJKHVWVWDQGDUGV´RIRSHUDWLRQDOHIILFLHQF\ 5HI 
 7KHGHVLJQWHDPGHILQHGWKHVKDSHDQGVL]HRIWKHSURMHFWHGDLUSRUWODQGWREH
KHFWDUHV DFUHV ZKLFKLVDSSUR[LPDWHO\IRXUWLPHVWKHVL]HRI.DL7DNWKHSUHYLRXV
DLUSRUWLQ+RQJ.RQJ)RUFRPSDULVRQWKLVLVRQO\RQHWHQWKWKHVL]HRIWKHQHZ'HQYHU
,QWHUQDWLRQDO$LUSRUWLQWKH8QLWHG6WDWHV$SSUR[LPDWHO\RIWKHWRWDODLUSRUWDUHDOLHVRQ
WKHH[LVWLQJLVODQGVRI&KHN/DS.RNDQG/DQWDXWKHUHPDLQGHUFRQVLVWLQJRIQHZODQG
UHFODLPHGIURPWKHVHD 5HI 

 

 7KHSODQQLQJDQGGHVLJQRIWKHDLUSRUWZDVVLPLODUWRSODQQLQJDQHZWRZQ³/LNHDQ\
WRZQWKHDLUSRUWUHTXLUHVLWVRZQQHWZRUNRIURDGLQIUDVWUXFWXUHDQGXWLOLW\VHUYLFHVWRHQVXUH
WKHHIILFLHQWPRYHPHQWRISHRSOHLQWKHDLUSRUW¶VFDVHERWKLWVSDVVHQJHUVDQGWKH
SHRSOHZKRZRUNWKHUH´8VLQJWKRVHJXLGHOLQHVWKHDLUSRUWZDVOLQNHGWRWKHKHDUWRI+RQJ
.RQJE\DOPRVWNLORPHWHUV PLOHV RIQHZURDGVDGHGLFDWHGKLJKVSHHGUDLOZD\DQG
ODQGPDUNEULGJHVDQGDQHZWRZQ 5HI 

)DFLOLWLHV
 7KHDLUSRUWUDLOZD\ZDVWKHILUVWUDLOZD\EXLOWVSHFLILFDOO\IRUWKHSXUSRVHRIVHUYLQJ
DQDLUSRUWZLWKLWVLQWHJUDWHGGHVLJQIRUVWDWLRQVDQGHTXLSPHQW7KLVUDLOZD\KDVWZRW\SHVRI
VHUYLFHVDQ$LUSRUW([SUHVVDQGDORFDOVHUYLFHWKH7XQJ&KXQJ/LQHZLWKWUDLQVRSHUDWLQJ
DWPD[LPXPVSHHGVRINLORPHWHUV PLOHV SHUKRXU7KH$LUSRUW([SUHVVZDVGHVLJQHG
DVDQDOOVHDWHGEXVLQHVVFODVVW\SHVHUYLFHFDUU\LQJSDVVHQJHUVEHWZHHQWKHDLUSRUWDQGWKH
+RQJ.RQJ&HQWUDO%XVLQHVV'LVWULFWZLWKWZRVFKHGXOHGVWRSVDW.RZORRQDQG7VLQJ<L
,QLWLDOO\WKHVHUYLFHEHJDQRSHUDWLQJZLWKVHYHQFDUVHDFKKDYLQJVHDWVZLWKVSDFH
DYDLODEOHIRUEDJJDJH2IIDLUSRUWFKHFNLQIDFLOLWLHVIRUSDVVHQJHUVDUHSURYLGHGDW+RQJ
.RQJDQG.RZORRQVWDWLRQVDQGFKHFNHGLQEDJJDJHLVFDUULHGLQDVHSDUDWHFDU 5HI 
 7KHORFDOVHUYLFHLVDPDVVWUDQVLWFRPPXWHUVHUYLFHRSHUDWLQJEHWZHHQ+RQJ.RQJ
,VODQGDQG7XQJ&KXQJ1HZ7RZQ,WXVHVWKHVDPHWUDFNVDVWKH$LUSRUW([SUHVVEXW
VHSDUDWHSODWIRUPV7KLVVHUYLFHLQLWLDOO\EHJDQRSHUDWLQJZLWKVHYHQFDUVZKLFKDUHFDSDEOH
RIFDUU\LQJSDVVHQJHUVWKXVEULQJLQJPXFKQHHGHGUHOLHIWRWKHEXV\1DWKDQ5RDG
VHFWLRQRIWKH0DVV7UDQVLW5DLOZD\ 5HI 
 7KH/DQWDX/LQNRIILFLDOO\LQDXJXUDWHGRQ$SULORSHQHGWRWUDIILFRQ0D\
7KLVOLQNLVWKHYLWDOFRQQHFWLRQLQWKHWUDQVSRUWQHWZRUNVHUYLQJWKHQHZDLUSRUW,W
FRPSULVHVWKH7VLQJ0D%ULGJHWKH.DS6KXL0XQ%ULGJHDQGWKH0D:DQ9LDGXFW7KH
NLORPHWHU PLOHV ORQJGRXEOHGHFNFURVVLQJSURYLGHVWKHILUVWURDGOLQNEHWZHHQ
/DQWDX,VODQGDQGWKHUHVWRI+RQJ.RQJ7KHRSHQXSSHUGHFNRIWKHWZREULGJHVDQGWKH
YLDGXFWKDVVL[ODQHVIRUURDGWUDIILFZKLOHWKHVKHOWHUHGORZHUGHFNKDVDWZRUDLOZD\WUDFNV
DQGWZRURDGODQHVIRUHPHUJHQF\XVH 5HI 

 

 7KH7VLQJ0D%ULGJHLVNLORPHWHUV PLOHV ORQJPDNLQJLWWKHZRUOG¶VORQJHVW
VSDQVXVSHQVLRQEULGJHFDUU\LQJERWKURDGDQGUDLOWUDIILFZKLOHWKH.DS6KXL0XQ%ULGJHDW
PHWHUV \DUGV ORQJLVWKHZRUOG¶VORQJHVWVSDQQLQJFDEOHVWD\HGEULGJHDOVR
FDUU\LQJURDGDQGUDLOWUDIILF)LQDOO\WKH0D:DQYLDGXFWLVPHWHUVORQJ \DUGV 
5HI 
$WWKHDLUSRUWDWUDQVSRUWDWLRQFHQWHULVORFDWHGGLUHFWO\LQIURQWRIWKHWHUPLQDO
EXLOGLQJ7KLVEXLOGLQJFRQWDLQVDUULYDODQGGHSDUWXUHSODWIRUPVIRUWKHKLJKVSHHGUDLOWRWKH
FLW\¶VXUEDQEXVLQHVVGLVWULFWV0RUHRYHUVHUYLFHLVDOVRSURYLGHGIRUEXVWD[LDQGUHQWDO
FDUV$IHUU\WHUPLQDOLVDOVRDYDLODEOHSURYLGLQJVHDDFFHVVWR+RQJ.RQJ0DFDXDQG
SRLQWVDORQJWKHFRDVWRI6RXWKHUQ&KLQDDQGWKH3HDUO5LYHUHVWXDU\ 5HI 
 2QFHSDVVHQJHUVUHDFKWKHVWDWLRQV FRPLQJIURPWKHDLUSRUW WKH\DUHSURYLGHGIUHH
VKXWWOHEXVULGHVWRWKHDUHD¶VKRWHOVDQGFRQQHFWLRQVDUHDYDLODEOHWRWKH0DVV7UDQVLW
075 VXEZD\QHWZRUN2IIDLUSRUWSDVVHQJHUSURFHVVLQJLVDYDLODEOHDWWKHVHVWDWLRQV
ZKHUHSDVVHQJHUVDUHDOORZHGWRFKHFNEDJJDJHZKLFKLVWKHQWUDQVSRUWHGWRWKHDLUFUDIW 5HI
 
 7UDLQVGHSDUWHYHU\HLJKWPLQXWHVIURP+RQJ.RQJ6WDWLRQDW9LFWRULDWRWKHDLUSRUW
7KHWULSWDNHVDERXWPLQXWHVDQGFRVWVDERXW$GGLWLRQDOO\EXVHVGHSDUWHYHU\WR
PLQXWHVWDNLQJWRPLQXWHVWRUHDFKWKHDLUSRUWDWDERXWKDOIWKHIDUHRIWKHWUDLQWULS
5HI 
 7KHDLUSRUWUDLOVWDWLRQLVRQWZROHYHOV7UDLQVDUULYHIURP+RQJ.RQJDWWKHDLUSRUW¶V
GHSDUWXUHOHYHOWKHQFRQWLQXHWRDEDFNVLGLQJZKHUHWKH\UHYHUVHDQGUXQDWDORZHUOHYHOWR
ORDGDWWKHDUULYDOVVWDWLRQEHIRUHFRQWLQXLQJWRWKHFLW\FHQWHU&LW\VWDWLRQVDUHGHVLJQHGVR
WKDWSDVVHQJHUVDUHQRWUHTXLUHGWRFKDQJHOHYHOVRQFHWKH\DUULYHE\FDURUGHSDUWE\WD[L
5HI 
 ,WZDVHVWLPDWHGWKDWQHDUO\RIDLUSRUWSDVVHQJHUVZRXOGEHXVLQJWKLV
WUDQVSRUWDWLRQFHQWHUGXULQJWKHDLUSRUW¶VILUVWPRQWKVRIRSHUDWLRQ+RZHYHUE\
RIDOODLUSDVVHQJHUVWKHLUIULHQGVDQGIDPLOLHVDQGDLUSRUWHPSOR\HHVDUHH[SHFWHGWR
DUULYHDWDQGGHSDUWIURPWKHDLUSRUWE\WKH$LUSRUW([SUHVV)LJXUHVKRZVWKHRYHUDOO

 

PRGDOVSOLWDWWKHDLUSRUWFROOHFWHGIURPWKH0RGDO6SOLW6XUYH\FDUULHGRXWLQ0DUFK
E\WKH$LUSRUW$XWKRULW\LQ+RQJ.RQJ 5HI 

Airport Express Line,
Taxi Ferry Mass Transit Railway
4% 2% 21%

Hotel Vehicle
2%

Private Car
13%

Tour Coach
3%
Public Bus Tung Chung Line, Employee Bus
45% Mass Transit Railway 2%
8% 

)LJXUH2YHUDOO0RGDO6SOLWDW+RQJ.RQJ¶V$LUSRUW

 ,WVKRXOGEHQRWHGWKDWRQHRIWKHPRVWLPSRUWDQWGHVLJQFRQVLGHUDWLRQVIRUWKLVDLUSRUW
ZDVWRSURYLGHWUDYHOHUVZLWKYHU\KLJKOHYHOVRIHIILFLHQF\ZLWKDVHDPOHVVWUDQVLWLRQIURP
WKHLUDLUFUDIWWRWKHLUFKRLFHRIVXUIDFHWUDQVSRUWZKHQWKH\DUULYHDWWKHDLUSRUW7KLVLVDQ
LVVXHRISDUWLFXODUFRQFHUQLQ+RQJ.RQJZKLFKLVWKHILQDOGHVWLQDWLRQIRURILWV
DUULYLQJSDVVHQJHUVFRPSDUHGWRDWDLUSRUWVVXFKDV+HDWKURZDQG*DWZLFNRUDW
'DOODV)RUW:RUWK,QWHUQDWLRQDO$LUSRUW 5HI 


6XUIDFH$FFHVV
 7KHSURYLVLRQRIJRRGVXUIDFHDFFHVVWR&KHN/DS.RNLVHVVHQWLDOWRHQVXULQJWKH
HIILFLHQWDQGXQFRQVWUDLQHGRSHUDWLRQRIWKHDLUSRUW6XUIDFHDFFHVVLQFOXGHVUDLOURDGDQG
IHUU\WUDQVSRUWPRGHV7KHREMHFWLYHVLQSODQQLQJDFFHVVDUUDQJHPHQWVIRU&KHN/DS.RN
$LUSRUWZHUHWZRIROGWRHQKDQFHDFFHVVLELOLW\WRWKHDLUSRUWIURPWKHXUEDQDUHDVDQGWR
RSWLPL]HLQWHUQDOFLUFXODWLRQZLWKLQWKHDLUSRUWVLWH7KLVFRYHUVQRWRQO\DLUSDVVHQJHUVDQG

 

HVFRUWWULSVEXWDOVRHPSOR\HHVGHOLYHU\YHKLFOHVDQGRWKHUWULSVDVVRFLDWHGZLWKWKH
WHUPLQDOFRPSOH[WKHVXSSRUWDQGDQFLOODU\IDFLOLWLHVDQGWKHDLUSRUWUHODWHGHQWHUSULVHV 5HI
 
 2IIDLUSRUWVXUIDFHDFFHVVUHTXLUHPHQWVZHUHFRPSUHKHQVLYHO\HYDOXDWHGGXULQJWKH
3RUWDQG$XWKRULW\'HYHORSPHQW6WUDWHJ\ 3$'6 6WXG\7KHRQDLUSRUWWUDQVSRUWV\VWHP
ZDVFUHDWHGGXULQJWKHGHYHORSPHQWRIWKH1HZ$LUSRUW0DVWHU3ODQ7KHSXEOLFDQG
UHVWULFWHGXVHWUDQVSRUWDWLRQUHTXLUHPHQWVRIHDFKDLUSRUWIXQFWLRQDODUHDZHUHLGHQWLILHGDQG
WKHQLQWHJUDWHGLQWRDQRYHUDOOUDLOURDGDQGIHUU\DFFHVVQHWZRUN 5HI 
 $FRPSUHKHQVLYHDQGFRQYHQLHQWLQWHJUDWLRQRIUDLOURDGDQGIHUU\DFFHVVHQDEOHVDLU
WUDYHOHUVZHOOZLVKHUVJUHHWHUVDQGDLUSRUWHPSOR\HHVWRFKRRVHWKHLUPRVWFRQYHQLHQW
PRGHRIWUDQVSRUWDWLRQ 5HI 
 7KHPDMRUFRQVLGHUDWLRQVLQWKHSODQQLQJRIVXUIDFHDFFHVVWR&KHN/DS.RNZHUHWKH
WDUJHWPRGDOVSOLWRIRIDLUSRUWWULSVE\UDLODQGWKHIRUHFDVWLQWKH$LUSRUW5DLOZD\
)HDVLELOLW\6WXG\ZKLFKLQGLFDWHGDUDQJHRIWRRIDLUSDVVHQJHUVDQGHVFRUWVE\
UDLO 5HI 
 7KHIROORZLQJVHFWLRQLGHQWLILHVWKHPXOWLPRGDOWUDQVSRUWDWLRQQHWZRUNVHUYLQJ&KHN
/DS.RN%RWKSXEOLFDQGUHVWULFWHGXVHURDGVDUHGLVFXVVHGEHFDXVHRIWKHFULWLFDOUROHWKDW
HDFKSOD\VLQWKHRSHUDWLRQRIYLUWXDOO\HYHU\IDFLOLW\DWWKHDLUSRUW 5HI 

5DLO$FFHVV
 $KLJKSULRULW\ZDVSODFHGRQSURYLGLQJDFRQYHQLHQWHIILFLHQWUDLOVHUYLFHWRWKH
DLUSRUW7KHWZRUDLOOLQNVSURYLGHGIRUWKLVSXUSRVHDUHWKH$LUSRUW([SUHVV $(; UDLOOLQN
DQGWKH/DQWDX/LQH /$/  5HI 
 7KH$(;SURYLGHVKLJKVSHHGKLJKIUHTXHQF\VHUYLFHVSHFLILFDOO\GHVLJQHGIRUDLU
SDVVHQJHUV,WRSHUDWHVIURP+RQJ.RQJ,VODQGWR&KHN/DS.RNZLWKDGGLWLRQDOVWDWLRQVDW
.RZORRQDQG7VLQJ<L,VODQG,WLVDOLJQHGDORQJWKHQRUWKHUQVKRUHRI/DQWDX,VODQGFURVVHV
RYHUWKH7XQJ&KXQJ1HZ7RZQVHDFKDQQHOVDQGIROORZVWKHHDVWHUQHGJHRIWKHDLUSRUW
UHFODPDWLRQWRWKHSDVVHQJHUWHUPLQDOV7KH$(;OLHVHDVWRIWKHRQDLUSRUWVHFWLRQRIWKH
1RUWK/DQWDX([SUHVVZD\WKHSULPDU\DFFHVVURDGWRWKHDLUSRUWEXWFURVVHVXQGHUWKHURDG

 

WRWKHZHVWHUQVLGHDVWKHSDVVHQJHUWHUPLQDOLVDSSURDFKHG$IWHUFURVVLQJXQGHUWKHURDG
WKH$(;LVGLYLGHGYHUWLFDOO\DQGVHUYHVERWKDUULYDOVDQGGHSDUWXUHVOHYHOVDORQJWKHHDVWHUQ
VLGHRI7HUPLQDODQG7KHVDPH$(;VHUYHV7HUPLQDOVDQGYLDSHGHVWULDQDFFHVV
EULGJHVDQGPRYLQJZDONZD\V,IQHHGEH$(;ZLOOSURYLGHDGGLWLRQDOFDSDFLW\E\
LQFUHDVLQJWKHQXPEHURIFDUVLQVHUYLFHDQGGHFUHDVLQJWKHKHDGZD\ 5HI 
 7KH/$/IROORZVWKHVDPHDOLJQPHQWDQGVKDUHVWKHVDPHWUDFNVDVWKH$(;EXW
VHSDUDWHSODWIRUPVDUHSURYLGHGDWWKH+RQJ.RQJ.RZORRQDQG7VLQJ<L,VODQGVWDWLRQV
3URYLVLRQVKDYHDOVREHHQPDGHIRUVHYHUDOLQWHUPHGLDWHVWDWLRQVHDFKORFDWHGRQORRSVWR
DOORZ$(;WUDLQVWRSDVVVWDWLRQHG/$/WUDLQV$W7XQJ&KXQJWKH/$/LVVHSDUDWHGIURP
WKH$(;WRVHUYHWKHWZRVWDWLRQVLQWKHQHZWRZQ7KH/$/RSHUDWHVDVDORFDOVHUYLFH
VLPLODUWRRWKHU075FRPPXWHUUDLOOLQHV,WDOVRDFWVDVDFRPPXWHUVHUYLFHIRUDLUSRUW
HPSOR\HHV 5HI 

5RDG$FFHVV
 5RDGDFFHVVFDQEHGLYLGHGLQWRWZRVHSDUDWHRSHUDWLRQDODQGVHFXULW\UHODWHG
FDWHJRULHV3XEOLFXVHDFFHVVURDGVOLQN&KHN/DS.RNWRWKHH[WHUQDOWUDQVSRUWQHWZRUN
7KH\FRPSULVHDOOURDGVDYDLODEOHIRUXVHE\WKHJHQHUDOSXEOLFRQZKLFKQRDLUSRUWDFFHVV
UHVWULFWLRQVDSSO\5HVWULFWHGXVHDFFHVVURDGVOLQNDOODUHDVRIWKHDLUILHOGDQGDLUFUDIWDSURQ
DQGDUHUHVWULFWHGIRUXVHRQO\E\DXWKRUL]HGSHUVRQQHODQGYHKLFOHV 5HI 

3XEOLF8VH$FFHVV
7KHIROORZLQJURDGVSURYLGHDFFHVVWR/DQWDX,VODQGDQG&KHN/DS.RN 5HI 
x 7KH 1RUWK /DQWDX ([SUHVVZD\ 1/(  DQG WKH /DQWDX )L[HG &URVVLQJ ZKLFK
RSHQHGLQFRQQHFWWKHDLUSRUWWRWKH+RQJ.RQJURDGQHWZRUN
x 7KH *UHHQ ,VODQG /LQN D WXQQHO VFKHGXOHG IRU RSHQLQJ LQ DERXW  ZLOO
FRQQHFWWKH3RUW3HQLQVXOD'HYHORSPHQWWRWKHZHVWHUQWLSRI+RQJ.RQJ
x 5RXWHWKH:HVW.RZORRQ([SUHVVZD\DQGWKH:HVWHUQ+DUERU&URVVLQJIRUPD
QHZKLJKFDSDFLW\URDGOLQNEHWZHHQWKH&KLQHVHERUGHUDQG+RQJ.RQJ,VODQG
7KLVOLQNLVVFKHGXOHGIRURSHQLQJLQYDULRXVVWDJHVEHWZHHQDQG

 

 7KH1/(WKH/DQWDX)L[HG&URVVLQJ5RXWHDQGWKH:HVW.RZORRQ([SUHVVZD\
ZLOOSURYLGHDGLUHFWOLQNEHWZHHQWKHQHZDLUSRUWDQG.RZORRQDGLVWDQFHRIDSSUR[LPDWHO\
NP PLOHV 7KH:HVWHUQ+DUERU&URVVLQJZLOOFRPSOHWHWKHOLQNWR+RQJ.RQJ
DSSUR[LPDWHO\NP PLOHV IURP&KHN/DS.RN 5HI 
 7KHIROORZLQJDFFHVVURDGVOLQN/DQWDX,VODQGZLWK&KHN/DS.RN 5HI 
x 7KHSULPDU\DFFHVVURXWHWR&KHN/DS.RNWKH1/(FURVVHVWKHVHDFKDQQHODW
WKH VRXWKHDVWHUQ FRUQHU RI WKH DLUSRUW UHFODPDWLRQ DQG IROORZV WKH $(; FRUULGRU
DORQJ WKH HDVWHUQ HGJH RI WKH VLWH WR DQ DFFHVV ORRS V\VWHP DGMDFHQW WR WKH
SDVVHQJHU WHUPLQDOV $Q LQWHUFKDQJH LPPHGLDWHO\ QRUWK RI WKH VHD FKDQQHO
FURVVLQJOLQNVWKH1/(WRWKHVRXWKHUQDUHDVRIWKHDLUSRUWUHFODPDWLRQ
x $ VHFRQG URDG DFFHVV ORFDWHG DSSUR[LPDWHO\  NP  PLOHV  ZHVW RI WKH
SULPDU\ URDG DFFHVV 7KLV VHFRQG URDG SURYLGHV DFFHVV WR &KHN /DS .RN IURP
7XQJ &KXQJ ZKLFK LV QRW DYDLODEOH YLD WKH 1/( 7KH RSHQLQJ RI WKH DLUSRUW
PDUNHG WKH FRPSOHWLRQ RI WKH SULPDU\ DQG VHFRQGDU\ DFFHVV URDGV 7KH PDLQ
IXQFWLRQV RI WKLV VHFRQG URDG DUH WR SURYLGH GLUHFW DFFHVVWR7XQJ&KXQJDQGWR
VHUYHWKHVRXWKHUQDUHDVRIWKHDLUSRUWUHFODPDWLRQ,WDOVRVHUYHVDVDQLPSRUWDQW
EDFNXSIDFLOLW\LQFDVHWKH1/(FURVVLQJLVEORFNHG
x $ WKLUG DFFHVV URDG FURVVHV WKH VHD FKDQQHO WR WKH DLUSRUW UHFODPDWLRQ IURP WKH
ZHVWHUQPRVWHGJHRI7XQJ&KXQJWRDYRLGSRVVLEOHIXWXUHFDSDFLW\FRQVWUDLQWVRQ
WKHVHFRQGURDGDFFHVV
 $OOURDGVRQWKHDLUSRUWVLWHDUHGHVLJQHGWRDFFRPPRGDWHWUDIILFIORZVIRUHFDVWWR
DOWKRXJKWKLVOHYHORIVHUYLFHZLOOEHLPSOHPHQWHGLQSKDVHVIRUWKHLQWHUPHGLDWH\HDUV
7KHSULPDU\DFFHVVURXWHWR&KHN/DS.RNWKH1/(KDVEHHQGHVLJQHGWRDFFRPPRGDWH
SURMHFWHGWUDIILFIORZVWRWKHWLPHIUDPH$IWHUWKLVWLPHDGGLWLRQDOKLJKZD\
FDSDFLW\ZLOOEHQHHGHGDQGDSRWHQWLDOVROXWLRQZKLFKKDVEHHQLGHQWLILHGLVWKHSURSRVHG
QRUWKHDVWOLQN7KLVDGGLWLRQDOURDGOLQNZLOOFRQQHFWWKHDLUSRUWZLWKWKHQRUWKDVD
VLJQLILFDQWSURSRUWLRQRIWKHLQFUHDVHLQWUDIILFDIWHULVDQWLFLSDWHGWREHJHQHUDWHGLQWKH
QRUWKHUQ1HZ7HUULWRULHV6KHQ]KHQ6SHFLDO(FRQRPLF=RQHDQG*XDQJGRQJ3URYLQFH 5HI
 

 


)HUU\$FFHVV
 7KHOLNHO\JHQHUDWRUVRIGHPDQGIRUIHUU\VHUYLFHVWRWKHDLUSRUWDUH7XHQ0XQDQG
VLPLODUORFDWLRQVZKHUHQRGLUHFWDQGFRQYHQLHQWDFFHVVWR&KHN/DS.RNZDVSURYLGHG
ZKHQWKHDLUSRUWRSHQHG$IHUU\SLHULVORFDWHGDWWKHQRUWKHDVWHUQWLSRIWKHDLUSRUW
UHFODPDWLRQLQSUR[LPLW\WRWKHSDVVHQJHUWHUPLQDOV&XUUHQWO\DVLPSOHEXVV\VWHPFDUULHV
WKHIHUU\SDVVHQJHUVWRWKHWHUPLQDOV$VPRUHIHUU\VHUYLFHVDUHLQWURGXFHGWR&KHN/DS.RN
WKLVDUUDQJHPHQWPD\EHXSJUDGHGWRDFRYHUHGPRYLQJZDONZD\GXHWRWKHGLVWDQFHV
SHGHVWULDQVZRXOGRWKHUZLVHEHUHTXLUHGWRZDON 5HI 

*URXQG7UDQVSRUWDWLRQ&HQWHU
 7KH*URXQG7UDQVSRUWDWLRQ&HQWHU *7& LVWKHIRFDOSRLQWIRUDOOVXUIDFH
WUDQVSRUWDWLRQWRDQGIURPWKHQHZDLUSRUW 5HI 2FFXS\LQJDQDUHDRIVTPLWKH
LQWHJUDWHGFHQWHUKRXVHVWKH$LUSRUW([SUHVVVWDWLRQWD[LUDQNVDQGVWDWLRQVIRUIUDQFKLVHG
EXVHVWRXUFRDFKHVKRWHOFRXUWHV\EXVHVDQGOLPRXVLQHV(DFKPRGHRIWUDQVSRUWKDVD
FRPSOHWHO\VHJUHJDWHGSDVVHQJHUKDQGOLQJIDFLOLW\ZLWKLQGLYLGXDOOLQNVWRWKHSDVVHQJHU
WHUPLQDO'LUHFWO\DGMDFHQWWRWKHSDVVHQJHUWHUPLQDOWKH*7&KDVIRXUOHYHOVWRKDQGOHWKH
KHDY\WUDIILFDW+RQJ.RQJ,QWHUQDWLRQDO$LUSRUW 5HI 
x +LJKHVWOHYHOGHSDUWXUHFXUE &KHRQJ+RQJ5RDG 'XHWRVLPSOHURXWLQJGHVLJQ
EXVHV WD[LV DQG SULYDWH FDUV DUH DEOH WR GULYH XS DQ HOHYDWHG UDPS WR GURS RII
GHSDUWLQJ SDVVHQJHUV DW WKH IURQW GRRU RI WKH SDVVHQJHU WHUPLQDO )URP KHUH
DQ\RQHHQWHULQJWKHSDVVHQJHUWHUPLQDO&KHFNLQ+DOOFURVVHVZDONZD\VRYHUWKH
PDJQLILFHQW DWULXP ZLWKRXW DQ\ OHYHO FKDQJHV 7KHUH DUH DOVR GHVLJQDWHG ED\V
DORQJWKHFXUEIRUWKHGLVDEOHG
x 6HFRQG OHYHO $LUSRUW ([SUHVV GHSDUWXUHV OHYHO SODWIRUP 'HSDUWLQJ SDVVHQJHUV
ZKRWUDYHOE\WKH$LUSRUW([SUHVVIURP&HQWUDO+RQJ.RQJRU.RZORRQFURVVRQH
RIWKHOLQNEULGJHVWKURXJKDQDWULXPWRWKHSDVVHQJHU&KHFNLQ+DOO
x )LUVWOHYHO$LUSRUW([SUHVVDUULYDOVOHYHOSODWIRUP$UULYLQJSDVVHQJHUVWUDYHOLQJ
WR WKH FLW\ RQ WKH $LUSRUW ([SUHVV HQWHU WKH *7& E\RQHRIWKHWZROLQNEULGJHV
IURPWKHSDVVHQJHUWHUPLQDOPHHWHUVDQGJUHHWHUVKDOO

 

x *URXQGOHYHODUULYDOVJURXQGOHYHOWUDQVSRUWIDFLOLWLHVDQGVHUYLFHURDGV7KLVDUHD
KRXVHVURDGWUDQVSRUWWRPRVWSDUWVRI+RQJ.RQJ&OHDUO\PDUNHGVLJQVVKRZWKH
ZD\WRWD[LVEXVHVFRDFKHVDQGKRWHOVKXWWOHVDQGOLPRXVLQHV3ULYDWHFDUSLFN
XSIDFLOLWLHVIRUDUULYLQJSDVVHQJHUVDUHSURYLGHGLQWKHQHDUE\FDUSDUNV

)UDQFKLVH%XV6WDWLRQ
 7KHUHDUHSLFNXSED\VDQGVWDJLQJDUHDVZKLFKFDQDFFRPPRGDWHEXVHVVKDUHG
E\WKUHHIUDQFKLVHEXVFRPSDQLHVRSHUDWLQJDWWKHQHZDLUSRUW 5HI 

7RXU&RDFK6WDWLRQ
 7KHUHDUHSLFNXSED\VDQGVKRUWWHUPVWDJLQJED\V$GGLWLRQDOVWDJLQJVSDFHV
DUHSURYLGHGDW6WDJLQJ$UHD,, 5HI 

7UDYHO,QGXVWU\9HKLFOH3LFNXS$UHDV
 7KHSLFNXSFXUEFDQDFFRPPRGDWH±YHKLFOHV$GGLWLRQDOSDUNLQJVSDFHVDUH
DOVRDYDLODEOHLQ6WDJLQJ$UHD,,IRUOLPRXVLQHVDQGPLQLEXVHV 5HI 

7D[L6WDWLRQ
 7KHUHDUHIRXUSLFNXSODQHV²WKUHHODQHVIRUXUEDQ UHG WD[LVDQGRQHIRUWKH1HZ
7HUULWRULHV JUHHQ  DQG /DQWDX EOXH  WD[LV (DFK SLFNXS ODQH KDV VL[ ED\V 7KH 1HZ
7HUULWRULHV WD[LV RFFXS\ IRXU ED\V DQG /DQWDX WD[LV KDYH WZR ED\V IRU WKHLU GHGLFDWHG XVH
$OVRWKHUHDUHODQHVDOORFDWHGIRUWD[LVLQWKHVWDJLQJDUHDZLWKDFDSDFLW\RIYHKLFOHV
5HI 

=85,&+,17(51$7,21$/$,53257

 =XULFK,QWHUQDWLRQDO$LUSRUW =,$ LVDGYHUWLVHGDVWKHFHQWUDOWUDIILFMXQFWLRQLQ


6ZLW]HUODQG,WKDVLWVRZQUDLOZD\VWDWLRQRSHUDWHGE\WKH=XULFK7UDQVSRUW)HGHUDWLRQ
=99 DQGLVLQWHJUDWHGLQWRWKHUHJLRQDOEXVWUDLQDQGVWUHHWFDUQHWZRUNZLWKFRPELQHG
WLFNHWVDYDLODEOHIRUDOOPRGHVRIWUDQVSRUWDWLRQ6L[WUDLQVRSHUDWHHDFKKRXUEHWZHHQ

 

=XULFK¶VPDLQVWDWLRQDQGWKH=,$¶VUDLOZD\VWDWLRQORFDWHGXQGHUQHDWK7HUPLQDO%DQG
3DUNLQJ% 5HI 
 7KHDLUSRUWLVDFFHVVLEOHE\EXVZLWKWHQEXVOLQHVWKDWFRQQHFWWKH=,$ZLWKWKHPRVW
LPSRUWDQWWRZQVDQGYLOODJHVRIWKHUHJLRQ$WWKHDLUSRUWWKHEXVWHUPLQDOLVGLUHFWO\
RSSRVLWH3DUNLQJ%:KHQWUDLQVDUHQRWRSHUDWLQJ DWQLJKW SDVVHQJHUVPD\XVHWKH1LJKW
%XVZKLFKLVDVSHFLDOVHUYLFHSURYLGLQJWUDQVLWWRYDULRXVUHJLRQVRIWKHFRXQWU\DQGFHUWDLQ
FRPPXQLWLHVEH\RQGQDWLRQDOERUGHUV,QDGGLWLRQSDVVHQJHUVPD\HOHFWWRWUDYHOWRRUIURP
WKHDLUSRUWE\KRWHOEXVWD[LUHQWDOFDURUSULYDWHYHKLFOH 5HI 
 3DVVHQJHUVKDYHWKHRSWLRQRIFKHFNLQJLQDWDQ\RIUDLOVWDWLRQVLQ6ZLW]HUODQG
7KLVVHUYLFHLVRQHRIWKHUHDVRQVIRULQFOXGLQJ=,$LQWKLVFDVHVWXG\DVLWSURYLGHVD
VXFFHVVIXOH[DPSOHRIUHPRWHFKHFNLQLQFRPELQDWLRQZLWKDIL[HGJXLGHZD\PRGDO
DOWHUQDWLYHKHQFHSURYLGLQJUHOLHIIRUWKHOXJJDJHSUREOHPVRWKHUZLVHIRXQGE\SDVVHQJHUV
ZKRXVHWUDQVLWDFFHVV0RVWDLUOLQHVDOORZSDVVHQJHUVWRPDNHUHVHUYDWLRQVIRUWKHLU
SUHIHUUHGVHDWRQWKHSODQHFKHFNLQEDJJDJHDQGSLFNXSERDUGLQJSDVVHVDWWKHUHPRWH
EDJJDJHFRXQWHUVZKLFKUHGXFHVWLPHDWWKHFKHFNLQFRXQWHU7KHPDLQOLPLWDWLRQLVWKDWWKLV
FKHFNLQKDVWREHGRQHKRXUVLQDGYDQFHRIGHSDUWXUHWLPH+RZHYHUSDVVHQJHUVZKRGR
QRWZLVKWRGHSDUWIURPRQHRIWKHVHFKHFNLQUDLOVWDWLRQVFDQXVHDQRWKHUW\SHRIVHUYLFH
DOVRSURYLGHGE\WKH=XULFK7UDQVSRUW)HGHUDWLRQ7KLVVHUYLFHLVWKH)O\5DLO%DJJDJH
6HUYLFHZKLFKDOORZVSDVVHQJHUVWRFKHFNLQEDJJDJHDWRQHRIDGGLWLRQDO6ZLVVVWDWLRQV
7KXVWKLVEDJJDJHFDQWUDYHOYLDWKHDLUSRUWVRI=XULFK*HQHYDDQG%DVHOWRDQ\ILQDO
GHVWLQDWLRQZRUOGZLGH0RUHRYHUIURPDQ\DLUSRUWLQWKHZRUOGDQGZLWKDQ\DLUOLQH
SDVVHQJHUVWUDYHOLQJYLDRQHRIWKHDERYHDLUSRUWVFDQFKRRVHWRFROOHFWWKHLUEDJJDJHDWDQ\
UDLOVWDWLRQLQ6ZLW]HUODQG 5HI 
 7DEOHSURYLGHVVHOHFWHGRSHUDWLQJFKDUDFWHULVWLFVRI=XULFK,QWHUQDWLRQDO$LUSRUW
GXULQJ 5HI 




 

7DEOH6HOHFWHG2SHUDWLQJ&KDUDFWHULVWLFV=XULFK,QWHUQDWLRQDO$LUSRUW
)OLJKW0RYHPHQWV 
'DLO\DYHUDJH 
3DVVHQJHU7RWDO PLOOLRQ
'DLO\DYHUDJH 
3HDNGD\ 
)UHLJKWLQWRQV 
'DLO\DYHUDJH 
7UDLQ3DVVHQJHUV WRWDO  PLOOLRQ
7UDLQVSHUGD\ 
%XVHVSHUGD\ 
3ULYDWHFDUVSHUGD\ 

 ,QDGGLWLRQSXEOLFWUDQVSRUWDWLRQGXULQJH[KLELWHGWKHIROORZLQJFKDUDFWHULVWLFV
5HI 
x )O\EDJJDJH IURPKRPHWRZQWRGHVWLQDWLRQ FOLHQWV\HDU
x 5DLOEDJJDJH IURPGHVWLQDWLRQWRKRPHWRZQ FOLHQWV\HDU
x &KHFNLQDWUDLOZD\VWDWLRQLQKRPHWRZQWUDLQVWDWLRQV
x (OHYHQ EXV URXWHV FRQQHFWLQJ WKH UHJLRQ  GHSDUWXUHVGD\± GHSDUWXUHV DW
SHDNKRXU 
x &DUSDUNSULFHVIRUGD\VUDQNLQJLQXSSHUOHYHORI(XURSHDQPDUNHW
 5DLODFFHVVDW=XULFK,QWHUQDWLRQDO$LUSRUWKDVEHHQDYDLODEOHVLQFHWKHHDUO\¶V
,WKDVJRQHWKURXJKVHYHUDOVWDJHVZKLFKLQFOXGH 5HI 
x WUDFNWUDLQVWDWLRQRSHQHGDWWKHDLUSRUWLQWHUFLW\VWRS *HQHYD±%HUQH±
=XULFK±=XULFK$LUSRUW±6W*DOO 
x  ,PSOHPHQWDWLRQ RI D IXOO\ LQWHJUDWHG UHJLRQDO WUDLQ V\VWHP
]RQHVFKDUJHVWLPHWDEOHV 
x )UHTXHQF\LQFUHDVHGWRWUDLQVKRXU HDFKGLUHFWLRQ WUDLQVSHUGD\WR
=XULFKPDLQVWDWLRQ
 7KHIROORZLQJLVDOLVWRIPHDVXUHVWKDWDUHEHLQJLPSOHPHQWHGDW=XULFK$LUSRUWLQDQ
DWWHPSWWRLPSURYHDFFHVVE\SXEOLFWUDQVSRUWDWLRQDQGWRHQKDQFHLWVXVDJH 5HI 
x 6L[W\FKHFNLQFRXQWHUVDYDLODEOHGLUHFWO\DERYHWKHSODWIRUPV

 

x 1HZGLUHFWVKRUWFXWIURPEDJJDJHUHFODLPKDOOWRWUDLQVWDWLRQ
x 6HSDUDWHEXVODQHVZLWKRXWOLJKWV
x 1HZFHQWUDOEXVVWDWLRQZLWKSODWIRUPV
x 2SWLPL]HGEXVVWRSVLQIURQWRIPDLQEXLOGLQJV
x )XOO\GHYHORSHGELNHFRQFHSW
x /LPLWHGQXPEHURIQHZSDUNLQJVORWV  
x $GGLWLRQDODQGIDVWHUWUDLQVLQWKH6ZLVV(XURSHDQV\VWHP
x 0RUHWUDLQ±SHULSKHUDOFRQQHFWLRQVZLWKRXWVWRSDW=XULFK ZLWKVSHFLDODWWHQWLRQ
WRUHJLRQVZLWKORZSXEOLFWUDQVSRUWUHVXOWV 
x 0RUHORFDOWUDLQOLQHVWKURXJKWKHWUDLQVWDWLRQ
x &KHFNLQ DW  UDLOZD\ VWDWLRQV DOO RYHU 6ZLW]HUODQG LQ  SURPRWLRQV
VSRQVRULQJRIEDJJDJHWUDQVSRUWGXULQJSHDNVHDVRQ 
x )O\EDJJDJHUDLOEDJJDJHLQFOXGHGFKHFNLQWRDQGIURPKRPH
x ,PSURYHPHQWRIWKHWUDLQEXVWLPHWDEOHEHIRUHDP
x ,QFUHDVHGVHDWFDSDFLW\ GRXEOHGHFNWUDLQV 
x 5HGXFWLRQDQGGLVORFDWLRQRIFHQWUDOSDUNLQJSODFHVIRUHPSOR\HHV
x ,PSURYHPHQWRIFDUVKDULQJFDUPRELOLW\HIIRUWV
x 5RDGSULFLQJVSHFLDOWD[RQDUULYDOGHSDUWXUHOHYHOV

0RGDO6SOLWV
 =XULFK,QWHUQDWLRQDO$LUSRUWDWWUDFWVDKLJKOHYHORISXEOLFWUDQVSRUWXVDJH,Q
WKHSDVVHQJHUPRGDOVSOLWZDVSXEOLFWUDQVSRUWZKLOHLWLQFUHDVHGWRLQ
)LJXUHLOOXVWUDWHVWKHPRGDOVSOLWDPRQJSDVVHQJHUVUHDFKLQJWKHDLUSRUWLQ 5HI 
)LJXUHVKRZVWKHHPSOR\HHPRGDOVSOLWIRUZKLOHWKHPRGDOVSOLWDPRQJDLUSRUW
YLVLWRUVGXULQJLVVKRZQLQ)LJXUH)LJXUHFRPSDUHVSXEOLFWUDQVSRUWDPRQJ
GLIIHUHQWDLUSRUWVLQ(XURSH

 


Hotel Bus Taxi Bus Train
5% 9% 2% 41%
Bike - Pedestrian
1%

Car Self-Drivers
13%

Co-Drivers Rental Car


26% 3% 
)LJXUH3DVVHQJHU0RGDO6SOLW


Bike - Pedestrian No Information
Bus 8% 1%
7%
Train
16%

Co-Drivers
3% Car Self-Driver
65% 

)LJXUH(PSOR\HH0RGDO6SOLW 5HI 



 

Airport related Airport not final
business destination
1% 8% Flight Passengers
Deck visitors 41%
2%

Employees
28%

Previous evening check-in Drop off or pick up


4% 16% 

)LJXUH6SOLWDPRQJ$LUSRUW9LVLWRUV 5HI 


 
Comparison of Some Airports Concerning Public Transport
50
Passengers
Employees
40

30
Percent

20

10

0
Orly Amsterdam Frankfurt München CDG Heathrow Geneve Zürich
Airport 
)LJXUH&RPSDULVRQRI3XEOLF7UDQVSRUWDW9DULRXV(XURSHDQ$LUSRUWV 5HI 

7UDIILF6XUYH\5HVXOWV
 7KHILIWKGHYHORSPHQWSKDVHDW=XULFK,QWHUQDWLRQDO$LUSRUWUHVXOWHGLQLQFUHDVLQJWKH
SURSRUWLRQRIWRWDOSXEOLFWUDQVSRUWWUDIILFWRWKHDLUSRUWIURPLQWRLQ

 

$VDUHVXOWWKHZRUNLQJJURXS3URJQRV$* %DVHO (PFK%HUJHU$* =XULFK ZDVKLUHGLQ
WKHVXPPHURIWRFRQGXFWH[WHQVLYHWUDIILFVXUYH\VDWWKHDLUSRUW7KHUHVXOWVRIWKHILUVW
VHFWLRQRIWKLVGDWDFROOHFWLRQWKHPDLQVXUYH\DUHVXPPDUL]HGLQWKLVVHFWLRQ 5HI 
 7KHJRDORIWKLVVXUYH\ZDVWRGHWHUPLQHWKHVWUXFWXUHRIWKHSRSXODWLRQRIODQGVLGH
WUDIILFDUULYLQJDWWKHDLUSRUWVSHFLILFDOO\WKHPHDQVRIWUDQVSRUWVHOHFWHGE\GLIIHUHQWWUDIILF
VHJPHQWV7KHWUDIILFVHJPHQWVFRQVLGHUHGLQWKLVVWXG\DUHORFDOSDVVHQJHUVDQGDLUSRUW
HPSOR\HHV,QDGGLWLRQWKLVVWXG\DWWHPSWHGWRGHWHUPLQHWKHUHDVRQVXQGHUO\LQJSDVVHQJHUV¶
FKRLFHRIWKHLUPHDQVRIWUDQVSRUWWRWKHDLUSRUWDQGDOVRWKHUHDVRQVIRUFKRRVLQJ=XULFK
$LUSRUWLQWKHILUVWSODFH)URPWRDGGLWLRQDOVHJPHQWVRIORFDOSDVVHQJHUVDQG
DLUSRUWHPSOR\HHVZLOOEHVXUYH\HGWRGHULYHLQVLJKWVWKDWZLOODLGLQWKHGHYHORSPHQWRI
HIIHFWLYHPHDVXUHVWRFKDQJHWKHPRGDOVSOLW 5HI 
 7KHLQYHVWLJDWLRQDUHDVIRUWKHDXWXPQVXUYH\VZHUHWKHVRFDOOHGDLUSRUWKHDGV
DQGWKHWHFKQLFDODUHD7KHIROORZLQJWUDIILFVHJPHQWVZHUHFRQVLGHUHGSDVVHQJHUVGHSDUWLQJ
IURP=XULFKFRPSDQLRQVRISDVVHQJHUVSDVVHQJHUVZLWKSUHYLRXVHYHQLQJFKHFNLQDLUSRUW
HPSOR\HHVYLVLWRUVRIZRUNSODFHVLQWKHDLUSRUWRUPHHWLQJVKHOGDWWKHDLUSRUWYLVLWRUVRI
WKHREVHUYDWLRQGHFNYLVLWRUVZKRVHPDLQPRWLYHZDVWRXVHDLUSRUWUHVWDXUDQWVRUWRYLVLW
VWRUHDWWHQGDQWVDQGSHRSOHZKRJRWRIIDWWKHDLUSRUWEXWKDGQRVSHFLILFEXVLQHVVWKHUH
3DVVHQJHUVWKDWZHUHMXVWPDNLQJWUDYHOFRQQHFWLRQVWKURXJK=XULFKZHUHQRWFRQVLGHUHG7KH
VXUYH\VZHUHFRQGXFWHGIRUWZRZHHNVIURP2FWREHUWR DVDKROLGD\ZHHN DQGIURP
2FWREHUWR1RYHPEHU DVD³QRUPDO´ZHHN  5HI 
 %DVHGRQWKHWZRFROOHFWLRQZHHNVDSSUR[LPDWHO\SHUVRQV GDLO\DYHUDJH 
YLVLWHGWKHDLUSRUWLQDXWXPQIOLJKWSDVVHQJHUVFRPSDQLRQVRUSHRSOH
SLFNLQJSDVVHQJHUVXSDQGSDVVHQJHUVZLWKSUHYLRXVHYHQLQJFKHFNLQ(PSOR\HHV
FRQVWLWXWHGRQDYHUDJHRIWKHWUDIILFWRWKHDLUSRUW2WKHUVHJPHQWVZHUHFRQVLGHUDEO\
OHVVVLJQLILFDQW6WRUHDQGUHVWDXUDQWYLVLWRUVGHFNYLVLWRUVDQGYLVLWRUVRI
FRQFHVVLRQVDQGWKRVHZKRKDGEXVLQHVVPHHWLQJVDWWKHDLUSRUWDSSUR[LPDWHO\$QRWKHU
ZHUHSHRSOHZKRJRWRIIDWWKHDLUSRUWEXWKDGQRRWKHUGHVWLQDWLRQV 5HI 
 'XULQJWKHVXUYH\WKHEXVDQGUDLOPRGDOVSOLWDPRXQWHGWR$OWKRXJKWKHWDUJHW
SXEOLFWUDQVSRUW EXVDQGUDLO VKDUHRIZDVQRWDFKLHYHGWKHIDFWWKDWWKLVSHUFHQWDJH

 

KDGLQFUHDVHGE\DERXWILYHSHUFHQWDJHSRLQWVRYHUWKHSUHFHGLQJILYH\HDUVVXJJHVWVVRPH
URRPIRUIXUWKHUSURJUHVV2QWKHRWKHUKDQGSXEOLFWUDQVSRUWDFFRXQWVIRURIORFDO
SDVVHQJHUVVWRUHDQGUHVWDXUDQWYLVLWRUVGHFNYLVLWRUVDQGWKRVHZLWKEXVLQHVVPHHWLQJVDW
WKHDLUSRUW$EHORZDYHUDJHVKDUH  ZDVREVHUYHGIRUDLUSRUWHPSOR\HHVDVZHOODV
IRUWKHUHODWLYHO\VPDOOVHJPHQWRISDVVHQJHUVZLWKSUHYLRXVHYHQLQJFKHFNLQ   5HI
 
 $SSUR[LPDWHO\RIWKHSDVVHQJHUVZKRFDPHWRWKHDLUSRUWYLDSHUVRQDOYHKLFOHV
KDGDQDYDLODEOHSXEOLFWUDQVSRUWDWLRQPRGHFRQQHFWLRQWRWKHDLUSRUW$ERXWRISXEOLF
WUDQVSRUWXVHUVDPRQJWKHSDVVHQJHUVKDGWKHRSWLRQWRXVHDSULYDWHYHKLFOH
$SSUR[LPDWHO\KDOIRIWKHSULYDWHYHKLFOHXVHUVLQGLFDWHGWKDWWKHRSWLRQRIWDNLQJSXEOLF
WUDQVSRUWWRWKHDLUSRUWZRXOGKDYHEHHQDYLDEOHRSWLRQZKLFKLQGLFDWHVVRPHSRWHQWLDOWR
LQIOXHQFHWKHLUPRGHFKRLFH,QDGGLWLRQDSSUR[LPDWHO\KDOIRIWKHHPSOR\HHVVKRZHG
SRWHQWLDOWRFKDQJHWKHPRGHWKH\XVHLQRQHRUWKHRWKHUGLUHFWLRQ5HVSRQGHQWVZKRZHUH
QRWFDSWLYHWRDSDUWLFXODUPRGHLHZKRIUHHO\FKRVHRQHRUWKHRWKHURSWLRQZHUHIXUWKHU
DVNHGDERXWWKHIDFWRUVWKDWLQIOXHQFHGWKHLUGHFLVLRQ 5HI 
x 3DVVHQJHUV7KHSUREDELOLW\RIXVLQJSXEOLFWUDQVSRUWDWLRQGHFUHDVHVFRQVLGHUDEO\
LI WKH WULS ZLWK WKDW PRGH ODVWV  PLQXWHV ORQJHU WKDQ LW GRHV ZLWK D SULYDWH
YHKLFOH RU LI WKH SDVVHQJHUV FRPH ZLWK RWKHUV WR WKH DLUSRUW 3DVVHQJHUV IURP
=XULFKDQGWKH=XULFK&DQWRQXVHSXEOLFWUDQVSRUWWRDOHVVHUH[WHQWFRPSDUHGWR
SDVVHQJHUVIURPRWKHUFDQWRQV 5HI 
x 3XEOLF WUDQVSRUW XVH LV PRUH OLNHO\ ZLWK ORQJHU DLU WULSV LH PRUH WKDQ GD\
MRXUQH\V  ZLWK SHUVRQDO WULSV UDWKHU WKDQ EXVLQHVV WULSV DQG ZKHQ WKH SXEOLF
WUDQVSRUW WULS LV DOUHDG\ FRQWDLQHG LQ WKH IOLJKW WLFNHW 3DVVHQJHUV ZLWK SUHYLRXV
HYHQLQJ FKHFNLQ SUHGRPLQDQWO\ XVH WKHLU SULYDWH YHKLFOHV 2Q WKH RWKHU KDQG
WUDYHOHUV FKHFNLQJ LQ RQ WKH GHSDUWXUH GD\ DUH PRUH OLNHO\ WR XVH SXEOLF
WUDQVSRUWDWLRQ SDUWLFXODUO\ LI WKH WULS LV WDNLQJ SODFH RQ D ZRUN GD\ DQG LI WKH
SDVVHQJHUWUDYHOVGLUHFWO\IURPKRPHWRWKHDLUSRUW 5HI 
x $LUSRUW HPSOR\HHV FKRRVH SXEOLF PHDQV RI WUDQVSRUWDWLRQ OHVV RIWHQ LI WKH WUDYHO
WLPH LV  PLQXWHV ORQJHU E\ EXV RU UDLO WKDQ E\ D SULYDWH YHKLFOH +RZHYHU

 

HPSOR\HHV ZLWK LUUHJXODU ZRUN VKLIWV XVH SXEOLF WUDQVSRUW OHVV WKDQ WKRVH
HPSOR\HHVZLWKVWDQGDUGZRUNLQJWLPHV 5HI 
x 5HVLGHQFH ORFDWLRQ VWURQJO\ LQIOXHQFHV WKH FKRLFH RI PRGH RI WUDQVSRUWDWLRQ
SXEOLF WUDQVSRUW XVDJH LV ORZHVW IRU HPSOR\HHV IURP WKH =XULFK &DQWRQ LW LV
VRPHZKDW KLJKHU IRU HPSOR\HHV IURP =XULFK FLW\ DQG DERYH DYHUDJH IRU
HPSOR\HHV IURP QHLJKERULQJ PXQLFLSDOLWLHV ZKR PD\ DOVR FRPH E\ IRRW RU
PRWRUF\FOH SURSRUWLRQE\IRRWRUPRWRUF\FOHLVDSSUR[LPDWHO\  5HI 
x 7KH ZRUN VWDUW WLPH DIIHFWV WKH PRGH FKRLFH RI HPSOR\HHV RQO\ ZKHQ WKH ZRUN
VKLIW EHJLQV EHIRUH  DP 3XEOLF WUDQVSRUWDWLRQ LV QRW DYDLODEOH SULRU WR WKDW
WLPH$IWHUDPSXEOLFWUDQVSRUWDWLRQXVDJHUHPDLQVUHODWLYHO\FRQVWDQWXQWLO
WKH HYHQLQJ )XOOWLPH HPSOR\HHV XVH SXEOLF PHDQV RI WUDQVSRUW OHVV IUHTXHQWO\
WKDQ SDUWWLPH HPSOR\HHV DQG WHPSRUDU\ HPSOR\HHV 1R VLJQLILFDQW GLIIHUHQFHLQ
WKH EXV DQG UDLO XVDJH H[LVWV EHWZHHQ WKH ZRUN VHFWRUV DW WKH DLUSRUW KHDG DQG
WHFKQLFDODUHD 5HI 
 7KHVXUYH\VKRZVWKDWSUDFWLFDOFRQVLGHUDWLRQVSUHYDLOZKHQORFDOSDVVHQJHUVFKRRVH
=,$0RVWDLUFUDIWSDVVHQJHUV DSSUR[LPDWHO\WZRWKLUGV VHOHFW=,$EHFDXVHLWLVVLWXDWHG
FORVHWRWKHLUUHVLGHQFHRULWLVVLWXDWHGLQWKHFDVHRIDUHWXUQIOLJKWFORVHUWRWKHLU
GHVWLQDWLRQ,QDGGLWLRQDSSUR[LPDWHO\LQGLFDWHGWKDWWKHSUHIHUUHGDLUOLQHFRQQHFWLRQV
DUHDYDLODEOHDW=,$RUWKDWWKHSUHIHUUHGDLUOLQHGHSDUWVIURP=,$ 5HI 
 )URPWKLVDQDO\VLVWKHFRQVXOWDQWVSURSRVHGFHUWDLQPHDVXUHVWRDIIHFWWKH0RGDO
6SOLW7KHVHLQFOXGHLQIUDVWUXFWXUHDQGVXSSO\PHDVXUHVWKDWZLOODOWHUWUDYHOWLPHUDWLRV
EHWZHHQSXEOLFWUDQVSRUWDQGSULYDWHYHKLFOHVLQIDYRURISXEOLFWUDQVSRUWSDUWLFXODUO\LQ
SODFHVWKDWDUHVWLOOLQHIILFLHQWO\FRQQHFWHGWRWKHDLUSRUW HJFRPLQJIURP6FKDIIKDXVHQ
:LQWHUWKXURU%XODFKDVZHOODVVRPHPXQLFLSDOLWLHVLQWKH=XULFK&DQWRQ )RUWUDYHOPRGH
VHOHFWLRQWKHSHUFHSWLRQRIWKHWUDYHOWLPHVLVDOVRPHDQLQJIXOKHQFHDSXEOLF
FRPPXQLFDWLRQFDPSDLJQFRXOGIXUWKHUKLJKOLJKWWKDWSXEOLFWUDQVSRUWDOUHDG\RIIHUVWUDYHO
WLPHVWKDWDUHFRPSHWLWLYHZLWKWKHSULYDWHDXWR)RUWKRVHSDVVHQJHUVZKRDUHXVLQJD
FRPELQHGDLUOLQHDQGSXEOLFWUDQVSRUWWLFNHWVWURQJHUSURPRWLRQRIUDLOVWDWLRQFKHFNLQJDQG
WKHLQWURGXFWLRQRIVSHFLDOWDULIIVIRUWKHMRXUQH\RIVPDOOJURXSVWRWKHDLUSRUWLQDGGLWLRQWR

 

SDUNLQJPHDVXUHVVKRXOGEHFRQVLGHUHG)RUHPSOR\HHVGHPDQGPHDVXUHVIRUWKHXVHRI
SXEOLFWUDQVSRUWVKRXOGWDUJHWWKHJURXSRIVKLIWZRUNHUVDQGHPSOR\HHVKDYLQJYHU\HDUO\
ZRUNVWDUWWLPHV(PSOR\HHVZKRDOUHDG\KDYHDFFHSWDEOHFRQQHFWLRQVZLWKEXVRUUDLOWRWKH
DLUSRUWFRXOGEHWDUJHWHGDQGFRQWDFWHGGLUHFWO\IRUH[DPSOHZLWKLQGLYLGXDOL]HGWLPHWDEOH
LQIRUPDWLRQRUWHVWULGHVIRUSXEOLFWUDQVSRUW 5HI 

&21&/86,21

 7KLVFKDSWHUSUHVHQWHGWKUHHFDVHVWXGLHVSHUWDLQLQJWRWKUHHGLIIHUHQWQRQ86
DLUSRUWVWZRLQ(XURSHDQGRQHLQ$VLD7KHVHDLUSRUWVZHUHVHOHFWHGEHFDXVHRIWKHXQLTXH
DFFHVVFKDUDFWHULVWLFVRIIHUHGDWHDFKDLUSRUW7KLVUHYLHZKDVWDUJHWHGDLUSRUWVWKDWKDYH
VXFFHVVIXOO\DGGUHVVHGWKHJURXQGDFFHVVLVVXHWKURXJKKHDY\UHOLDQFHRQSXEOLFPHDQVRI
WUDQVSRUW$WHDFKRIWKHDLUSRUWVDGGUHVVHGWKLVPRGHKDVEHHQUDLODQGLQVRPHFDVHVD
FRPELQDWLRQRIUDLODQGRIIDLUSRUWFKHFNLQ 6ZLW]HUODQG :KLOHWKHVXFFHVVRIVXFKRSWLRQV
LQDQ\JLYHQVHWWLQJGHSHQGVRQWKHSDUWLFXODUFRQGLWLRQVSUHYDLOLQJLQWKHVHVHWWLQJVWKLV
FKDSWHUKDVKHOSHGLGHQWLI\VHYHUDORSWLRQVWKDWPLJKWEHDGDSWHGWRILWWKHVSHFLILFFRQWH[WRI
LQWHUHVW





 

&+$37(5
'$//$6)257:257+,17(51$7,21$/$,53257

,1752'8&7,21

 7KH'DOODV)RUW:RUWK,QWHUQDWLRQDO$LUSRUW%RDUGDQDJHQF\FUHDWHGE\7H[DV
OHJLVODWLRQZLWKERDUGPHPEHUVIURPWKHWZRPHPEHUFLWLHVDGPLQLVWHUV'DOODV)RUW:RUWK
,QWHUQDWLRQDO$LUSRUW '): 8QOLNHPRVW7H[DVDLUSRUWVZKLFKDUHDGPLQLVWHUHGE\FLW\
GHSDUWPHQWVRIDYLDWLRQDSURIHVVLRQDODLUSRUWVWDIIUHSRUWLQJWRWKHDLUSRUWERDUGUXQV'):
DLUSRUW*LYHQWKHDLUSRUW¶VODUJHVL]HWKLVLVDQHIIHFWLYHZD\WRRUJDQL]HDQGUHVSRQGWRWKH
VSHFLILFQHHGVRIWKHDLUSRUW:LWKPRUHWKDQDFUHV'):LVWKHVHFRQGODUJHVWDLUSRUW
LQWKH86DVPHDVXUHGLQWHUPVRIODQGDUHD:LWKPRUHWKDQDLUFUDIWRSHUDWLRQVD
GD\LWLVHLWKHUWKHVHFRQGRUWKLUGEXVLHVWDLUSRUWLQWKH86GHSHQGLQJRQKRZWKHDFWXDO
PHDVXUHPHQWRIDQQXDODLUFUDIWRSHUDWLRQVLVPDGH7KLVFKDSWHUSUHVHQWVDQRYHUYLHZRI
'):VWUHVVLQJJURXQGDFFHVVDQGWHPSRUDOSDWWHUQVRIWUDIILFHQWHULQJWKHDLUSRUW$Q
H[WHQVLYHVHWRISORWVRIWUDIILFFKDUDFWHULVWLFVDWWKHDLUSRUWIRUGLIIHUHQWYHKLFXODUFDWHJRULHV
KDYHEHHQFRPSLOHGDQGDUHSUHVHQWHGLQWKH$SSHQGL[


*5281'$&&(66352%/(0

 'DOODV)RUW:RUWK,QWHUQDWLRQDO$LUSRUWKDVDVRPHZKDWXQXVXDOJURXQGDFFHVV
SUREOHPWKDWGRHVQRWDSSHDUWREHIRXQGDWRWKHUPDMRUDLUSRUWV%HFDXVHRILWVODUJHDFUHDJH
DQGVWUDWHJLFORFDWLRQEHWZHHQWKHKLJKHPSOR\PHQWJURZWKDUHDRIQRUWK'DOODVDQGWKHKLJK
UHVLGHQWLDOJURZWKDUHDRIVRXWK)RUW:RUWK'):KDVHPHUJHGLQWRDPDMRUWUDQVSRUWDWLRQ
DUWHU\EHWZHHQWKHWZRDUHDV)LJXUHSURYLGHVWKHOD\RXWRIWKHDLUSRUWVKRZLQJLWVFHQWUDO
PXOWLODQHGLYLGHGWKRURXJKIDUHRULHQWHGQRUWKVRXWKZKLFKDWWUDFWVDODUJHQXPEHURI
FRPPXWHUYHKLFOHVWKDWGRQRWLQWHQGWRXVHWKHDLUSRUWEXWPHUHO\SDVVWKURXJKDVDPHDQVRI
REWDLQLQJWKHVKRUWHVWWLPHFRPPXWH$QHFGRWDOHYLGHQFHUHSRUWHGE\WKHDLUSRUWVWDIIKDV
LQGLFDWHGWKDWGXULQJUXVKKRXUWKHZDLWLQJTXHXHWRHQWHUWKHDLUSRUWSDUNLQJJDWHFDQH[FHHG
PLQXWHVZLWKDOOODQHVRSHQ$VIXUWKHUHYLGHQFH'):UHSRUWHGLQDQDLUSRUWSDUNLQJ
VXUYH\FRQGXFWHGE\WKH$LUSRUWV&RXQFLO,QWHUQDWLRQDOWKDWPLOOLRQYHKLFOHVH[LWHGWKHLU
SDUNLQJIDFLOLW\WROOERRWKVLQFRPSDUHGWRPLOOLRQRULJLQDQGGHVWLQDWLRQ

 

SDVVHQJHUV7KHVHILJXUHVDUHUHODWLYHO\KLJKFRPSDUHGZLWKWKRVHIRURWKHUDLUSRUWVIRUWKH
VDPH\HDUIRUH[DPSOH&KLFDJR¶V2¶+DUH,QWHUQDWLRQDO$LUSRUWKDGPLOOLRQYHKLFOHV
H[LWLQJSDUNLQJIRUPLOOLRQRULJLQDQGGHVWLQDWLRQSDVVHQJHUV



)LJXUH'):$LUSRUW/D\RXW3ODQ

 ,QDQDWWHPSWWRPLWLJDWHWKLVSUREOHPE\GLYHUWLQJWKLVW\SHRIQRQDLUSRUWWKURXJK
WUDIILFGHPDQGWKHDLUSRUWDXWKRULW\GXULQJWKHVSULQJRILQVWLWXWHGDQHZSDUNLQJUDWH
RIIRUSDUNLQJWLPHVEHWZHHQDQGPLQXWHV7KHWROOUHPDLQV³QRFKDUJH´IRUWLPHV
EHWZHHQDQGPLQXWHV7KHLQWHQGHGSXUSRVHLVQRWWREHFRPHDWROOURDGDXWKRULW\EXW
LQVWHDGWRUHGXFHGHPDQGIRUWKHSULPDU\DFFHVVURDGZD\E\FKDUJLQJDSDVVWKURXJKWROOIRU

 

GULYHUVKDYLQJQRLQWHQWLRQRIVWRSSLQJDWWKHDLUSRUW)LJXUHLVDSORWRIWKHWRWDOPRQWKO\
WUDQVDFWLRQVIRUWKH³SDVVHUWKURXJK´YHKLFXODUFDWHJRU\DW'):DLUSRUWGXULQJWKHSHULRG
IURP-DQXDU\WR0DUFK

Pass Through Transactions during 1999
Total number of passers through per month

350

300

250
(x 1000)

200

150

100
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
1999 2000
Month 
)LJXUH3DVV7KURXJK7UDQVDFWLRQVDW'):,QWHUQDWLRQDO$LUSRUW

 ,WLVHYLGHQWWKDWWKHWROOPHDVXUHVZHUHHIIHFWLYHLQUHGXFLQJWKHQXPEHURIYHKLFOHV
WKDWZHUHXVLQJWKHDFFHVVURDGZD\ZLWKQRLQWHQWLRQRIHQWHULQJWKHDLUSRUW

7(0325$/3$77(516

 7KHVHWRIYDOXHVIRURQHSDUWLFXODUSRSXODWLRQRIYHKLFOHVHQWHULQJWKHDLUSRUW
GHPRQVWUDWHGLQ)LJXUHVKRZVWKHOHYHORIYDULDWLRQWKDWKDVKDSSHQHGRYHUWKHFRXUVHRI
RQH\HDU&RQVHTXHQWO\WKHGHFLVLRQZDVPDGHWRREWDLQDVPXFKGDWDDVSRVVLEOHRQRWKHU
YHKLFXODUFDWHJRULHVHQWHULQJWKHDLUSRUWSUHPLVHV$QDEXQGDQFHRIGDWDIRUGLIIHUHQW
YHKLFXODUFDWHJRULHVZDVREWDLQHGIURPWKHDLUSRUWDXWKRULW\)ROORZLQJLVDGHILQLWLRQRI
WKRVHFDWHJRULHVDQGDVXPPDU\RIWKHGDWDDQDO\VLVSHUIRUPHG


 

9HKLFXODU&DWHJRULHVDQG'HILQLWLRQV
x &RPPXWHU3DVV7KURXJK $ FXVWRPHU ZKR HQWHUV RQH SDUNLQJ SOD]D DQG H[LWV D
GLIIHUHQWSDUNLQJSOD]DLQPLQXWHVRUOHVV7KHDVVXPSWLRQKHUHLVWKDWDSHUVRQ
ZKR HQWHUV IURP RQH SOD]D DQG H[LWV IURP D GLIIHUHQW RQH LQ VXFKDVKRUWSHULRG
 PLQ  PRVW OLNHO\ KDV QR EXVLQHVV DW WKH DLUSRUW DQG WKXV LV FRQVLGHUHG D
³SDVVHUWKURXJK´
x &RXUWHV\9HKLFOH+RWHORUPRWHOYHKLFOH
x 'URS 2II $ FXVWRPHU ZKR HQWHUV D SDUNLQJ SOD]D DQG H[LWV WKH VDPH SDUNLQJ
SOD]DLQPLQXWHVRUOHVV
x 0HHWHU DQG *UHHWHU $ FXVWRPHU ZKR HQWHUV DQG H[LWV WKH SOD]DV ZLWKLQ 
PLQXWHVWRWZRKRXUV
x 1RQ5HYHQXH%DGJH$LUOLQHH[HFXWLYHVFLW\RIILFLDOVHWF
x 2II$LUSRUW5HQWDO5HQWDOFDUV
x 3XEOLF3DUNHU$FXVWRPHUZKRHQWHUVDQGVWD\VPRUHWKDQWZRKRXUV
x 5HJXODWHG%XV&LW\EXV
x 5HJXODWHG/LPR
x 5HJXODWHG 9HKLFOH 0DLQWHQDQFH YHKLFOHV DLUSRUW PDQDJHPHQW YHKLFOHV
HPHUJHQF\YHKLFOHVHWF
x 5HQWDO([LW3DVV7RGD\UHQWDOFDUVGRQRWXVHWKHSOD]DFRQWUROOHGURDGZD\VGXH
WRWKHQHZUHQWDOFDUIDFLOLW\+RZHYHUZKHQWKH\GLGXVHWKHSOD]DVUHQWHUVZHUH
JLYHQUHQWDOH[LWSDVVHVWRDOORZIUHHHQWU\DQGH[LWLQWKHUHQWDOFDU
x 6KDUHG5LGH$VXSHUVKXWWOHSDUNDQGULGH RIIDLUSRUW 
x 65'7DJ(PSOR\HHVXVLQJDPRXQWHGRUKDQGKHOGDFFHVVFDUG
x 7D[L5HJXODUDLUSRUWWD[L

'DWD6HWV
 7DEOHUHSUHVHQWVWKHILUVWVHWRIGDWDWKDWZDVREWDLQHGDVXPPDU\RIWKHSHDNGD\
YHKLFXODUFRXQWVDQGWKHDYHUDJHGDLO\WUDQVDFWLRQVIRUHDFKRIWKHSUHYLRXVFDWHJRULHV7KH
YDOXHVDUHIRUDQGWKHILUVWSDUWRI

 


7DEOH6XPPDU\RI)LUVW'DWD6HW
3HDN'D\ &DWHJRU\ RI9HKLFOHV 3HDN'D\  $YJ'DLO\7UDQVDFWLRQV
 &RPPXWHU3DVV7KURXJK  
 &RXUWHV\9HKLFOH  
 'URS2II  
 0HHWHUVDQG*UHHWHUV  
 1RQ5HYHQXH%DGJH  
 2II$LUSRUW5HQWDO  
 3XEOLF3DUNHU  
 5HJXODWHG%XV  
 5HJXODWHG/LPR  
 5HJXODWHG9HKLFOH  
 5HQWDO([LW3DVV  
 6KDUHG5LGH  
 65'7DJ  
 7D[L  


 7KHVHFRQGGDWDVHWUHFHLYHGIURP'):FRPSULVHVYHKLFXODUFRXQWVWDNHQDWWKH
SOD]DHQWUDQFHGXULQJ0DUFK2QHYDOXHZDVUHSRUWHGHYHU\PLQXWHVGXULQJWKH
GD\PRQWKIRUWKHSUHYLRXVO\GHILQHGYHKLFXODUFDWHJRULHV7KXVDQDYHUDJH [
 YDOXHVZHUHUHSRUWHGSHUFDWHJRU\WKRXJKWKHUHZHUHVRPHH[FHSWLRQVIRUVRPH
FDWHJRULHV LQVRPHFDVHVQRYHKLFOHVRIWKDWFDWHJRU\HQWHUHGWKHDLUSRUW 
 7KHGDWDVHWZDVQRWJLYHQSHUFDWHJRU\EXWUDWKHUSHUGD\DVHDFKGD\WKHYDOXHVIRU
DOOFDWHJRULHVZHUHUHFRUGHG7KXVDQLQLWLDOVWHSZDVWRHVWDEOLVKDUHFRUGSHUFDWHJRU\
IRUWKHZKROHPRQWK
 $VDILUVWVWHSLQWKHDQDO\VLVSURFHVVWKH³PRGH´DQGSXUSRVHVSOLWDW'):ZDV
HVWLPDWHGDVVKRZQLQ)LJXUH7KLVZDVREWDLQHGE\FRPELQLQJWKHGDWDRIWKHGD\V
LQWRRQHVLQJOHILJXUHDQGGLYLGLQJWKDWE\WKHWRWDOQXPEHURIYHKLFOHVWKDWHQWHUHGWKH
DLUSRUWGXULQJWKDWPRQWK$VVHHQLQWKHILJXUHWKHW\SHRIYHKLFOHDQGSXUSRVHDUH
VRPHZKDWFRQIRXQGHGKHUH1RWHDOVRWKDWWKLVLVDGLVWULEXWLRQRIWKHQXPEHURIYHKLFOHV
GHWHFWHGQRWDVSOLWRISDVVHQJHURUWULSPDNHUVE\W\SHRIYHKLFOHV


 

Computer/ Courtesy Vehicle Drop Off
Taxi Pass-Through 3% 26%
SRD Tag 7% 10%
3%
Shared Ride
1%
Regulated Vehicle
4%
Regulated Limo
3%

Off-Airport Non-revenue Meeter and


Public Parker Rental Badge Greeter
19% 1% 1% 22%
Note: Regulated Bus 0% and Rental Pass 0% 

)LJXUH9HKLFOH7\SHDQG3XUSRVH6SOLWDW'):,QWHUQDWLRQDO$LUSRUW

6XEVHTXHQWO\WKHYDOXHVZHUHSORWWHGYHUVXVWLPH IRUHDFKFDWHJRU\VHSDUDWHO\ LQDQ
DWWHPSW WR XQGHUVWDQG YDULDWLRQV DQG GHWHUPLQH ZKHWKHU WKH\ ZHUH UHSHWLWLYH )RU HDFK
YHKLFXODU FDWHJRU\ IRXU SORWV DUH SUHVHQWHG 7KH ILUVW LV D SORW RI WKH YDOXHV WKDW RFFXUUHG
GXULQJWKHZKROHPRQWKRI0DUFK7KHVHFRQGLVDSORWRIWKHWRWDOGDLO\YDOXHVSHUFDWHJRU\
GXULQJWKHPRQWKRI0DUFK7KHWKLUGLVWKHSORWRIDW\SLFDOGD\LQWKDWPRQWK7KHIRXUWK
DQG ILQDO SORW LV HLWKHU WKDW RI WKH SHDN GD\ RU D GD\ GXULQJ ZKLFK ODUJH YDULDWLRQV ZHUH
REVHUYHG$OORIWKHVHSORWVDUHLQFOXGHGLQWKH$SSHQGL[EXWDUHGHVFULEHGLQWKLVFKDSWHU
7KHUHVXOWVRIWKHDQDO\VLVDUHVXPPDUL]HGSHUFDWHJRU\EHORZDQGWKHFRUUHVSRQGLQJ
$SSHQGL[)LJXUHVDUHLQFOXGHGIRUUHIHUHQFH

x &RPPXWHU3DVV7KURXJK )LJXUHV± 
7KH ZKROH PRQWK SORW VKRZV WKDW WKH QXPEHU RI &RPPXWHU3DVV7KURXJK
YHKLFOHVLVHVVHQWLDOO\FRQVWDQWGXULQJWKHZHHNZLWKSHDNVRFFXUULQJHYHU\)ULGD\
0DUFKDQG ,WLVQRWHGWKDWWKHWRWDOGDLO\YDOXHVDUHUHSHWLWLYHRQD
ZHHNO\ EDVLV  $ W\SLFDO GD\ SORW ZDV REWDLQHG IRU :HGQHVGD\ WKH VW RI0DUFK
7KHSORWFOHDUO\UHYHDOVWKDWWZRSHDNVRFFXURQHGXULQJWKHDPSHULRGDQGWKH
RWKHUGXULQJWKHSPSHULRG,QIDFWWKHILUVWSHDNRIYHKLFOHVRFFXUVDW

 

DPDQGWKHVHFRQGSHDNRIDWSP7KHSHDNGD\SORW 0DUFK GRHV
QRWH[KLELWWKHSUHYLRXVEHKDYLRUEXWUDWKHUVKRZVDVWHDG\LQFUHDVHLQWKHQXPEHU
RIYHKLFOHVFRXQWHGWLOOSPZKHQDSHDNYDOXHRIRFFXUV
x &RXUWHV\9HKLFOH )LJXUHV± 
7KLVFDWHJRU\GRHVQRWH[KLELWSURQRXQFHGYDULDWLRQVWKURXJKRXWWKHPRQWKRI
0DUFK DOO GD\V DSSHDU WR EH TXLWH VLPLODU ,W LV QRWHG WKDW WKHUH LV D ZHHNO\
VWUXFWXUH WKDW UHSHDWV LWVHOI GXULQJ WKH PRQWK LQ WKDW HYHU\ 6DWXUGD\ PLQLPXP
YDOXHV DUH REVHUYHG $ W\SLFDO GD\ SORW RQ :HGQHVGD\ WKH VW UHYHDOV WKDW ODUJH
IOXFWXDWLRQV DUH REVHUYHG GXULQJ WKH GD\ EHJLQQLQJ DW  DP ZLWK YDOXHV
UDQJLQJEHWZHHQDQGYHKLFOHV3HDNYDOXHVRFFXURQ6DWXUGD\0DUFK
x 'URS2II )LJXUHV± 
'URS 2II YDOXHV WHQG WR EH VWDEOH GXULQJ WKH ZHHN EXW SHDNV DUH REVHUYHG
GXULQJ WKH ZHHNHQGV PDLQO\ RQ 6XQGD\V DQG RQ 0RQGD\V 7KH WRWDO GDLO\ SORW
GRHVQRWDGGPXFKWRWKHLQIRUPDWLRQREWDLQHGIURPWKHILUVWSORWEHFDXVHQRFOHDU
SDWWHUQLVREVHUYHGRQDZHHNO\EDVLV2Q:HGQHVGD\WKHVWDSHDNYDOXHRI
RFFXUV DW  SP KRZHYHU GXULQJ WKH GD\ QR SURQRXQFHG YDULDWLRQV DUH
REVHUYHG7KHSHDNYDOXHIRUWKLVFDWHJRU\RFFXUVRQ0DUFKZKHQDYDOXHRI
RFFXUVDWSP7KLVVXJJHVWVWKDWWKH'URS2IIFDWHJRU\GRHVQRWH[KLELW
PDMRU YDULDWLRQV EHFDXVH SHDNV IRU WKH W\SLFDO DQG SHDNGD\ RFFXUDWH[DFWO\WKH
VDPHWLPHDQGWKHEHKDYLRURQWKRVHGD\VLVQHDUO\LGHQWLFDO
x 0HHWHUVDQG*UHHWHUV )LJXUHV± 
0HHWHU DQG *UHHWHU YDOXHV WHQG WR LQFUHDVH GXULQJ WKH ZHHN WR UHDFK SHDNV
GXULQJ WKH ZHHNHQG QDPHO\ RQ )ULGD\V 6DWXUGD\V DQG 6XQGD\V 7KLV LV
LOOXVWUDWHGLQWKHWRWDOGDLO\SORWZKHUHDUHSHWLWLYHSDWWHUQLVQRWHGRYHUWKHZKROH
PRQWK RI 0DUFK 7KLV SDWWHUQ FRQVLVWV RI FRQVWDQWO\ ULVLQJ YDOXHV SHDNLQJ RQ
6XQGD\V DQGWKHQGURSSLQJEDFNWRPLQLPXPYDOXHVHYHU\7XHVGD\7KHW\SLFDO
GD\SORWRI:HGQHVGD\WKHVWVKRZVWKDWYDOXHVLQFUHDVHGXULQJWKHGD\WRUHDFK
D SHDN YDOXH RI  DW  SP 7KH VDPH EHKDYLRU LV REVHUYHG RQ 6XQGD\ WKH
WK SHDNGD\ ZKHQDSHDNYDOXHRILVREVHUYHGDWSP

 

N 1RQ5HYHQXH%DGJH )LJXUHV 
)RU DOO SUDFWLFDO SXUSRVHV QRQUHYHQXH EDGJH FRXQWV DSSHDU WR EH FRQVWDQW
GXULQJ WKH ZKROH PRQWK RI 0DUFK 7KH GDLO\ FRXQWV UHYHDO D SDWWHUQ ZKLFK
UHSHDWV LWVHOI RQ D ZHHNO\ EDVLV ZLWK SHDNV RFFXUULQJ HYHU\ )ULGD\ DQG WKH
PLQLPXP RFFXUULQJ RQ 6DWXUGD\ 2Q :HGQHVGD\ WKH VW WZR SHDN YDOXHV DUH
REVHUYHGWKHILUVWDWDPZLWKDYDOXHRIDQGWKHVHFRQGDWSPZLWK
D FRUUHVSRQGLQJ YDOXH RI  ,Q EHWZHHQ WKRVH WZR SHDNV YDULDWLRQV RFFXU EXW
YDOXHV DUH FRQILQHG EHWZHHQ  DQG  'XULQJ WKH SHDN GD\ )ULGD\ WKH UG 
YDULDWLRQV DUH PXFK PRUH SURQRXQFHG KRZHYHU WKH SKHQRPHQRQ RI WZR SHDNV
VWLOOKROGV7KHSHDNYDOXHRIRFFXUVDWDP
N 2II$LUSRUW5HQWDO )LJXUHV± 
)RUWKLVFDWHJRU\YDULDWLRQVDUHPLQLPDOGXULQJWKHODUJHVWSDUWRIWKHPRQWK
+RZHYHUVWDUWLQJRQWKHWKRI0DUFKYDOXHVGURSVKDUSO\WRQHDUO\]HURGXHWR
DSROLF\FKDQJHDW'): UHORFDWLRQRIIDFLOLW\ ZKLFKKDVHIIHFWLYHO\VXFFHHGHG
LQOLPLWLQJWKHWUDIILFLPSDFWFDXVHGE\WKHVHYHKLFOHV
N 3XEOLF3DUNHU )LJXUHV± 
)RUWKLVFDWHJRU\LWLVQRWHGWKDWSHDNYDOXHVRFFXUODWHGXULQJWKHZRUNZHHN
HVSHFLDOO\:HGQHVGD\WKURXJK)ULGD\9DOXHVGURSGXULQJWKHZHHNHQGDQGHDUO\
GXULQJWKHZHHN 0RQGD\DQG7XHVGD\ $ZHHNO\UHSHWLWLYHSDWWHUQRISHDNVRQ
)ULGD\VDQGPLQLPXPYDOXHVRQ6DWXUGD\VFDQEHREVHUYHGIURPWKHVHFRQGSORW
2Q:HGQHVGD\WKHVWLWLVREVHUYHGWKDWWKHFRXQWHGYDOXHVDUHRQWKHULVHWLOOWKH
SHDN YDOXH RI  RFFXUV DW  SP DQG WKHQ WKH YDOXHV VWDUW GURSSLQJ 7KLV
VDPHEHKDYLRULVUHSOLFDWHGRQ7KXUVGD\WKHWK SHDNGD\ ZKHQWKHSHDNYDOXHRI
RFFXUVDWSP
N 5HJXODWHG%XV )LJXUHV± 
1R FOHDU SDWWHUQ LV REVHUYHG GXULQJ WKH PRQWK RI 0DUFK HVSHFLDOO\ EHFDXVH
YDOXHV DUH KLJKO\ YDULDEOH 7KH W\SLFDO GD\ SORW :HG WKH VW  GRHV QRW VXJJHVW
DQ\ EHKDYLRUDO SDWWHUQ EHVLGHV WKH IDFW WKDW D SHDN RI  RFFXUV DW  SP 7KH

 

SHDN IRU WKLV FDWHJRU\ RFFXUV RQ )ULGD\ WKH WK ZLWK D YDOXHRIRFFXUULQJDW
SP
x 5HJXODWHG/LPR )LJXUHV± 
7KH EHKDYLRU KHUH LV VLPLODU WR WKDW REVHUYHG IRU SXEOLF SDUNHUV LQ ZKLFK
YDOXHV GURS VKDUSO\ GXULQJ ZHHNHQGV WKRXJK YDOXHV GXULQJ WKH ZRUNZHHN DUH
QHDUO\ FRQVWDQW 7KH VHFRQG SORW UHYHDOV D KLJKO\ UHSHWLWLYH SDWWHUQ ZKLFK
PDQLIHVWVLWVHOILQ6DWXUGD\PLQLPXPVDQG)ULGD\SHDNVHDFKDQGHYHU\ZHHN2Q
:HGQHVGD\ WKH VW VKDUS UHSHWLWLYH LQFUHDVHV DQG GURSV LQ UHFRUGHG YDOXHV DUH
REVHUYHGVWDUWLQJDWDPZLWKDSHDNRIRFFXUULQJDWSP7KHVDPH
EHKDYLRU LV REVHUYHG RQ 0DUFK WKH WK SHDN GD\  KRZHYHU WKH SHDN LV  DQG
RFFXUVDWSP
x 5HJXODWHG9HKLFOH )LJXUHV± 
7KLV LV RQH RI WKH PRVW VWDEOH FDWHJRULHV DV YLUWXDOO\ QR YDULDWLRQV DUH
REVHUYHG GXULQJ WKH ZKROH PRQWK $ SDWWHUQ VLPLODU WR WKDW REVHUYHG ZLWK WKH
UHJXODWHGOLPRFDWHJRU\RFFXUVKHUHZLWKWKHH[FHSWLRQRI6XQGD\PLQLPXPVDQG
)ULGD\SHDNV2Q:HGQHVGD\WKHVWYDOXHVLQFUHDVHXQWLODSHDNRIRFFXUVDW
 SP WKHQ D GURS ZKLFK LV D PLUURU LPDJH RIWKHULVHRFFXUV$UHSOLFDRI
WKDW FDQ EH REVHUYHG RQ 0RQGD\ WKH WK ZKHQ D SHDN YDOXH RI  RFFXUV DW WKH
VDPHWLPH SP 
x 5HQWDO([LW3DVV )LJXUHV± 
3DWWHUQVDUHQRWHDVLO\GHWHFWHGLQWKLVFDWHJRU\DVEHJLQQLQJ0DUFKUHQWDO
H[LW SDVVHV ZHUH QR ORQJHU LVVXHG EHFDXVH WKHUHQWDOFDUIDFLOLW\ZDVPRYHGWRD
QHZ ORFDWLRQ  7KH VDPH UHORFDWLRQ DOVR DIIHFWHG WKH RIIDLUSRUW UHQWDO FDWHJRU\
GLVFXVVHG HDUOLHU  +RZHYHU EHIRUH WKH WK D ZHHNO\ SDWWHUQ RI 6DWXUGD\
PLQLPXPVFRXOGEHREVHUYHG
x 6KDUHG5LGH )LJXUHV± 
9DULDWLRQV DUH PLQLPDO GXULQJ WKH PRQWK LQ TXHVWLRQ DQG WKXV YHU\ VLPLODU
EHKDYLRU LV REVHUYHG RQ WKH VW RI 0DUFK DQG RQ WKH UG SHDN GD\  2Q ERWK RI
WKHVH GD\V YDOXHV LQFUHDVH WR D SRLQW ZKHUH ODUJH YDULDWLRQV DUH REVHUYHG ZLWK

 

SHDNVRFFXUULQJVWDUWLQJDWSP7KHSHDNYDOXHRIRFFXUULQJDWSP
LVREVHUYHGRQWKHUGRI0DUFK1RFOHDUZHHNO\SDWWHUQFRXOGEHREVHUYHGIURP
WKHWRWDOGDLO\SORW
x 65'7DJ )LJXUHV± 
3ORWWLQJ WKHVH REVHUYDWLRQV GXULQJ WKH PRQWK RI 0DUFK UHYHDOV WKDW WKH\ DUH
QHDUO\ FRQVWDQW GXULQJWKHZRUNZHHNZKLOHVKDUSGURSVDUHREVHUYHGGXULQJWKH
ZHHNHQG7KHWRWDOGDLO\SORWVKRZVDSODWHDXGXULQJWKHZRUNZHHNDQGDGURSLQ
YDOXHV RQ 6DWXUGD\ DQG 6XQGD\ 2Q :HGQHVGD\ WKH VW YDOXHV LQFUHDVH WLOO 
SPZKHQWKHSHDNYDOXHRIRFFXUVDIWHUZKLFKYDOXHVFRPPHQFHDGURSSLQJ
SKDVH7KHVDPHEHKDYLRULVREVHUYHGRQWKHWKRI0DUFKEXWZLWKDSHDNRI
RFFXUULQJDWSP
x 7D[L )LJXUHV± 
$QLQWHUHVWLQJSKHQRPHQRQFDQEHQRWHGZLWKWKLVFDWHJRU\9DOXHVDUHQHDUO\
FRQVWDQW GXULQJ WKH HQWLUH ZHHN H[FHSW RQ 6DWXUGD\V ZKHQ VKDUS GURSV DUH
REVHUYHG 7KLV FRXOG EH DWWULEXWHG WR WKH IDFW WKDW WKH YROXPH RI SDVVHQJHUV
WUDYHOLQJ RQ 6DWXUGD\V LV FRQVLGHUDEO\ ORZHU WKDQ LW ZRXOG EH GXULQJ WKH
UHPDLQGHU RI WKH ZHHN  )XUWKHUPRUH PRUH WUDYHOHUV DUH GURSSHG RII E\ IDPLO\
PHPEHUVDQGRUIULHQGVGXULQJWKHZHHNHQGDVQRWHGHDUOLHU
 7KHGDWDVHWSHUFDWHJRU\ZDVIXUWKHUVSOLWLQWRWZRGLVWLQFWVHWVZHHNGD\FRXQWV
0RQGD\WKURXJK)ULGD\ DQGZHHNHQGFRXQWVDVZHHNHQGVWHQGWRH[KLELWGLIIHUHQW
FKDUDFWHULVWLFVWKDQZHHNGD\V
 )ROORZLQJLVDGLVFXVVLRQRIWKHSORWVRIWKHFXPXODWLYHSHUFHQWDJHFRXQWV LH
FXPXODWLYHUHODWLYHIUHTXHQF\ YHUVXVWLPHIRUDOOWUDIILFFDWHJRULHVFRPELQHG $SSHQGL[
)LJXUHV± 7KHILUVWLVDSORWRIWKHZKROHPRQWKFRPELQHGWKHVHFRQGDZHHNGD\
FXPXODWLYHSORWDQGWKHWKLUGLVDSORWRIWKHZHHNHQGFXPXODWLYHSHUFHQWDJH
 )LJXUHLVDSORWRIWKHSHUFHQWDJHFRXQWVIRUDOOFDWHJRULHVYHUVXVWLPH7KHVH
ZHUHSORWWHGRQWKHVDPHJUDSKLQDQDWWHPSWWRVKRZWKHOHYHORIUHODWLYHYDULDWLRQDPRQJ
WKHP,WLVHYLGHQWWKDWWKHPDMRULW\VKDUHVWKHVDPHJHQHUDOSDWWHUQZLWKWKHH[FHSWLRQRIWKH
SXEOLFSDUNHUFDWHJRU\ZKLFKLVORZHUWKDQWKHUHVWGXULQJPRVWRIWKHGD\7KHUHJXODWHGEXV

 

FDWHJRU\LVDOVRQRWW\SLFDOLQWKDWGXULQJWKHILUVWSDUWRIWKHGD\WKHSHUFHQWDJHYDOXHVDUH
OHVVWKDQWKHUHVWZKHUHDVDIWHUSPWKHVORSHRIWKHFXPXODWLYHSORWIRUWKLVFDWHJRU\
LQFUHDVHVIDVWHUWKDQWKHUHVWRIWKHFDWHJRULHV
 ,QWKHZHHNGD\FXPXODWLYHSHUFHQWDJHFRXQWV )LJXUH RXWRIWKHFDWHJRULHV
H[KLELWDFRPPRQSDWWHUQZKHUHDVIRXUFDWHJRULHVH[KLELWDVRPHZKDWSHFXOLDUSDWWHUQ
7KHVHDUHUHJXODWHGEXVUHJXODWHGYHKLFOHPHHWHUDQGJUHHWHUDQGSXEOLFSDUNHUV'XULQJ
PRVWRIWKHGD\WKHVHFDWHJRULHVKDYHFXPXODWLYHSHUFHQWDJHYDOXHVOHVVWKDQWKRVHRIWKH
UHPDLQLQJFDWHJRULHVDVWKHQXPEHURIYHKLFOHVLQWKHVHFDWHJRULHVHQWHULQJWKHDLUSRUWLVOHVV
WKDQWKHQXPEHUHQWHULQJIURPWKHRWKHUFDWHJRULHV
 )LJXUHZKLFKFRUUHVSRQGVWRWKHZHHNHQGSHUFHQWDJHFRXQWVVKRZVPXFKOHVV
YDULDWLRQWKDQWKHSUHYLRXVWZR,QIDFWRIWKHFDWHJRULHVRQO\RQHVKRZVDQ\VLJQVRI
GLVFUHSDQF\IURPWKHJHQHUDOSDWWHUQ7KLVLVWKHFDVHRIWKHUHJXODWHGEXVFDWHJRU\ZKLFK
KDVDFRPSOHWHO\GLIIHUHQWSDWWHUQDVFRPSDUHGWRWKHRWKHUV$IWHUDPWKHVORSHRIWKH
FXPXODWLYHFRXQWLQFUHDVHVFRQVLGHUDEO\DQGWKLVFRQWLQXHVWLOOSPZKHQLWVWDELOL]HV
DQGGURSVVKDUSO\7KLVLVDWWULEXWHGWRWKHIDFWWKDWWKHSHDNQXPEHURIUHJXODWHGEXVHV
HQWHULQJWKHDLUSRUWRFFXUVGXULQJWKDWSHULRGRQZHHNHQGV
 $VDILQDOVWHSLQWKHDQDO\VLVSURFHVVWKHFRHIILFLHQWRIYDULDWLRQSHUFDWHJRU\ZDV
SORWWHGYHUVXVWLPHDQGWKHPHDQFRXQWIRUWKHZKROHPRQWKZHHNGD\VDQGZHHNHQGV
VHSDUDWHO\7KHFRHIILFLHQWRIYDULDWLRQZKLFKLVWKHVWDQGDUGGHYLDWLRQGLYLGHGE\WKHPHDQ
JLYHVDQLQGLFDWLRQRIWKHOHYHORIYDULDWLRQLQWKHFRXQWV)RUH[DPSOHDORZVWDQGDUG
GHYLDWLRQGRHVQRWWUDQVODWHLQWRVWHDG\FRQGLWLRQVEHFDXVHWKHPHDQPLJKWEHYHU\ORZ
7KXVXVLQJWKLVLQGLFDWRUHQVXUHVWKDWPRUHWUDFWDEOHUHVXOWVZLOOEHREWDLQHG
 3HUFDWHJRU\IRXUSORWVDUHUHSRUWHGWKHILUVWLVDSORWRIWKHFRHIILFLHQWRIYDULDWLRQ
YHUVXV WLPH IRU WKUHH GLIIHUHQW FDVHV DOO PRQWK ZHHNGD\V DQG ZHHNHQGV  DQG WKH RWKHU
WKUHHDUHWKHFRHIILFLHQWRIYDULDWLRQSORWWHGDJDLQVWWKHPHDQIRUWKHZKROHPRQWKZHHNGD\V
DQG ZHHNHQGV $V HVWDEOLVKHG HDUOLHU ZHHNGD\ DLUSRUW DFFHVV WUDIILF VKRXOG EH DQDO\]HG
VHSDUDWHO\ IURP ZHHNHQG WUDIILF EHFDXVH RI GLIIHUHQW FKDUDFWHULVWLFV 7KLV LV LOOXVWUDWHG LQ
$SSHQGL[)LJXUHV±

 

 ,QDOOFDVHVKLJKIOXFWXDWLRQLQWKHFRHIILFLHQWRIYDULDWLRQLVREVHUYHGGXULQJWKHILUVW
SDUWRIWKHGD\ EHWZHHQDPDQGDP ZKLFKLVDWWULEXWDEOHWRWKHYHU\ORZ
WUDIILFYROXPHVLQWKDWSHULRG,QVRPHLQVWDQFHVWKHKLJKGHJUHHRIYDULDWLRQZDVQRWOLPLWHG
WRDFHUWDLQSHULRGLQWLPHEXWVSDQQHGWKHHQWLUHGD\DVZDVWKHFDVHIRUWKHUHJXODWHGEXV
FDWHJRU\7KLVLVH[SHFWHGDVWKLVW\SHRIWUDIILFLVQRWVXVWDLQHG HVSHFLDOO\DWDLUSRUWV 
ZKLFKOHDGVWRKLJKIOXFWXDWLRQV

&21&/86,216
 7KLV FKDSWHU KDV SUHVHQWHG D SUHOLPLQDU\ DQDO\VLV RI WKH WHPSRUDO DFFHVV SDWWHUQV WR
WKH'DOODV)RUW:RUWK,QWHUQDWLRQDODLUSRUW7KHDQDO\VLVUHYHDOVWKDWDFFHVVWUDIILFYROXPHV
DQGFRPSRVLWLRQFDQYDU\JUHDWO\GXULQJWKHFRXUVHRIDGD\DVZHOODVRYHUWKHFRXUVHRID
ZHHN 7R HIIHFWLYHO\ DGGUHVV DLUSRUW JURXQG DFFHVV DW WKH QHWZRUN OHYHO ODUJH TXDQWLWLHV RI
GDWD DUH QHHGHG WR UHSUHVHQW WKHVH WUDIILF SDWWHUQV  7KLV UHYLHZ DQG V\QWKHVLV RI WUDIILF
WHPSRUDOSDWWHUQVDW'DOODV)RUW:RUWK$LUSRUWKDVUHLQIRUFHGWKHQHHGIRUWKLVZRUNDQGKDV
YDOLGDWHGWKHEDVLFSUHPLVHVRIWKHZRUNSODQGHYHORSHGWRDGGUHVVWKHUHVHDUFKREMHFWLYHV

 

&+$37(5
6800$5<$1'&21&/86,216

 7KHSUHYLRXVFKDSWHUVVKRZHGH[DPSOHVRIKRZDLUSRUWVLQWKH8QLWHG6WDWHVDQG
DURXQGWKHZRUOGKDYHDGGUHVVHGWKHLVVXHRIDLUSRUWDFFHVV,WLVHYLGHQWIURPWKHGLVFXVVLRQ
WKDWVHYHUDORSWLRQVDUHDYDLODEOHDQGLQVRPHFDVHVKDYHEHHQYHU\VXFFHVVIXOLQDFKLHYLQJ
KLJKULGHUVKLSOHYHOVRQSXEOLFPHDQVRIWUDQVSRUWDWLRQ
 $LUSRUWVDURXQGWKHZRUOGSDUWLFXODUO\WKRVHUHSUHVHQWHGLQWKLVUHSRUW
)UDQNIXUW0DLQ,QWHUQDWLRQDO$LUSRUW&KHN/DS.RN,QWHUQDWLRQDO$LUSRUWLQ+RQJ.RQJ
DQG=XULFK,QWHUQDWLRQDO$LUSRUW KDYHSODQQHGIRUDQGDFKLHYHGKLJKSXEOLFWUDQVSRUWPRGDO
VSOLWVXVLQJJURXQGDFFHVVRSWLRQVQRWSUHYDOHQWLQWKHFRQWLQHQWDO867ZRSURPLQHQW
RSWLRQVUDLODQGRIIDLUSRUWFKHFNLQIDFLOLWLHVGHVHUYHIXUWKHUHYDOXDWLRQ
7KLV FKDSWHU HYDOXDWHV WKH FKDUDFWHULVWLFV RI VXFFHVVIXO LPSOHPHQWDWLRQ RI RXU VWXG\
DLUSRUWV IRU JURXQG DFFHVV E\ DLUSRUW UDLO DQG RIIDLUSRUW WHUPLQDO IDFLOLWLHV IRU SDVVHQJHU
FKHFNLQ7KHFRQFOXVLRQVGUDZQIURPWKHVWXG\DLUSRUWVDUHWKHQDSSOLHGWRDLUSRUWVLQ7H[DV

$,532575$,/

 2IWKHSXEOLFWUDQVSRUWPRGHVDYDLODEOHDWYDULRXVDLUSRUWVUDLOVHHPVWRFDSWXUHWKH
KLJKHVWPRGHVKDUHDWQRQ86DLUSRUWV7KLVLVWKHFDVHSDUWO\EHFDXVHWKHDYDLODEOHUDLO
OLQNVDUHPXFKPRUHDLUSDVVHQJHURULHQWHGWKDQWKRVHDYDLODEOHDW86DLUSRUWV7KLV
FRQFOXVLRQLVEDVHGRQDFRPSDULVRQRIWKHSHUIRUPDQFHRIWKHUDLOOLQNVDWWKHVHDLUSRUWVDQG
WKHFKDUDFWHULVWLFVRIWKHDLUSRUWUDLOVWDWLRQV7DEOHVHUYHVDVDVXPPDU\RIDLUSRUWUDLO
OLQNSHUIRUPDQFH






 

7DEOH$LUSRUW5DLO/LQN3HUIRUPDQFH
     
 7LPH 5DLO 0RGH 7UDLQV 
 WR SHDN 6KDUH GD\ 
$LUSRUW &%' KHDGZD\  &RQYHQLHQFH
PLQ  PLQ 
=XULFK     =XULFK $LUSRUW LV LQWHJUDWHG LQWR
WKH UHJLRQDO WUDQVSRUWDWLRQ
QHWZRUN RSHUDWHG E\ =XULFK
7UDQVSRUW )HGHUDWLRQ =99 
ZKLFKRIIHUVFRPELQHGWLFNHWVIRU
UDLO EXV DQG VWUHHWFDU 7KH
$LUSRUWLVFRQQHFWHGZLWKDOOSDUWV
RI 6ZLW]HUODQG DQG PRVW RI WKH
FRXQWU\
V ODUJH FLWLHV DQG WRXULVW
FHQWHUV
)UDQNIXUW  ±   'LUHFW FRQQHFWLRQV WR DQG IURP
/RQJ WKHDLUSRUWE\,&(DQG(XUR,QWHU
GLVWDQFH &LW\ WUDLQV WR GHVWLQDWLRQV ZLWKLQ
WUDLQV *HUPDQ\ DQG QHLJKERULQJ
HYHU\ FRXQWULHV 0RUHRYHU UDLO DQG DLU
± WLPHWDEOHV DUH FRRUGLQDWHG ³5DLO
KRXUV  )O\´RU³)O\ 5DLO´WLFNHWVDUH
DYDLODEOH
+RQJ.RQJ      W\SHV RI UDLO VHUYLFHV DUH
 DYDLODEOH $LUSRUW ([SUHVV DQG
GRPHVWLF 2IIDLUSRUW FKHFNLQ
IDFLOLWLHV DUH DYDLODEOH DW VHYHUDO
VWDWLRQVLQ+RQJ.RQJ
&KLFDJR     KRXU VHUYLFH EHWZHHQ
2¶+DUH GRZQWRZQ&KLFDJRDQG2¶+DUH
5RQDOG     
5HDJDQ
:DVKLQJWRQ
1DWLRQDO

 ,QDGGLWLRQDLUSRUWUDLOVWDWLRQVWKHPVHOYHVKDYHVSHFLDOFKDUDFWHULVWLFVWKDWGHWHUPLQH
ZKHWKHUUDLOZLOOEHVXFFHVVIXOLQDWWUDFWLQJDKLJKPDUNHWVKDUHRUQRW7DEOHLVD
VXPPDU\RIWKHFKDUDFWHULVWLFVRIWKHUDLOVWDWLRQVDWWKHYDULRXVDLUSRUWVWKDWKDYHEHHQ
DGGUHVVHGLQWKLVVWXG\

 

7DEOH&KDUDFWHULVWLFVRI$LUSRUW5DLO6WDWLRQV
$LUSRUW 6WDWLRQ/RFDWLRQ 'LVWDQFHWR &RQYHQLHQFH
7HUPLQDO
P 
=XULFK 8QGHU7HUPLQDO%  %DJJDJH FDQ EH FKHFNHG LQ
DQG3DUNLQJ% GLUHFWO\RUSDVVHQJHUVWDNLQJ
WKHLU RZQ OXJJDJH FDQ XVH
OXJJDJH WUROOH\V ZKLFK
KDYH EHHQ GHVLJQHG IRU XVH
RQHVFDODWRUV

)UDQNIXUW 1HDU7HUPLQDOV  3DVVHQJHUV FDQ FKHFNLQ DW
DQG WKH ³&KHFNLQ 7´ DUHD
ZKLFK LV D VKRUW ZDON IURP
WKHUDLOSODWIRUPV
+RQJ.RQJ 'LUHFWO\FRQQHFWHG  7KH JURXQG WUDQVSRUWDWLRQ
WRWKHSDVVHQJHU FHQWHU DYDLODEOH DW WKH
WHUPLQDO DLUSRUW LV XQLTXH LQ WKDW LW
RIIHUV FRQYHQLHQW DFFHVV WR
DOOIRUPVRIWUDQVSRUWDWLRQ
&KLFDJR2¶+DUH 8QGHUJDUDJH  $ PRYLQJ ZDONZD\ LV
DYDLODEOH IRU SDVVHQJHUV WR
WUDQVIHU EHWZHHQ WKH VWDWLRQ
DQGWKHWHUPLQDO
5RQDOG5HDJDQ $FURVVSDUNLQJORW  3RRU FRQQHFWLRQV H[LVW
:DVKLQJWRQ EHWZHHQ WKH VWDWLRQ DQG WKH
1DWLRQDO WHUPLQDO

:KHQDQG:K\5DLO:RUNV
 7UDQVSRUWLQJSDVVHQJHUVWRDQGIURPDQDLUSRUWZRXOGVHHPWREHDQLGHDOUROHIRU
PDVVWUDQVLW$LUSRUWVDUHDVLJQLILFDQWGHVWLQDWLRQLQPRVWFLWLHVPDNLQJLWSODXVLEOHWRMXVWLI\
UDLOFRQQHFWLRQVWRWKHP +RZHYHULQPRVW86FLWLHVZKHUHDLUSRUWUDLOOLQNVGRH[LVWWKH\
GRQRWWUDQVSRUWDVLJQLILFDQWSHUFHQWDJHRIDLUSRUWSDVVHQJHUVDQGWUDIILFFRQJHVWLRQHQURXWH
WRPRVW86DLUSRUWVFRQWLQXHVWRZRUVHQ (XURSHDQDLUSRUWUDLOOLQNVDWWUDFWDPXFKKLJKHU
SHUFHQWDJHRIDLUSDVVHQJHUV ± WKDQ86DLUSRUWOLQNV ± 7KLVPLJKWEH
GXHWRWKHIDFWWKDW(XURSHDQSDVVHQJHUVDUHPRUHOLNHO\WRXVHUDLOWRUHDFKWKHLUILQDO
GHVWLQDWLRQ IURPWKHDLUSRUWRUDOWHUQDWLYHO\IURPWKHLURULJLQWRWKHDLUSRUW ZKHUHDV
$PHULFDQVDUHPRUHOLNHO\WRUHTXLUHDSHUVRQDOYHKLFOHDWVRPHSRLQWGXULQJWKHLUWULS

 

7RDFKLHYHDKLJKPDUNHWVKDUHIRUSXEOLFWUDQVSRUWDWLRQDWDQDLUSRUWVHYHUDOIHDWXUHV
DUH QHFHVVDU\ )RU H[DPSOH UDLO ULGHUVKLS LV JUHDWHU DW QRQ86 DLUSRUWV LQ SDUW EHFDXVH RI
WKHVLJQLILFDQWUHOLDQFHRQUDLOLQ(XURSHDQDQG$VLDQFLWLHVDVWKHGRPLQDQWIRUPRISXEOLF
WUDQVSRUWDWLRQDQGWKHH[WHQVLYHLQWHUFLW\ RUUHJLRQDO DQGLQWUDXUEDQQHWZRUNV7KHIDFWRUV
WKDW DOORZ UDLO WR DWWUDFW ODUJH PDUNHW VKDUHV DW WKH (XURSHDQ DQG $VLDQ DLUSRUWV DUH QRW
GLUHFWO\WUDQVIHUDEOHWRFRQGLWLRQVLQPRVWFLWLHVLQWKH8QLWHG6WDWHV7KXVRUPRUHRI
DOO DLUOLQH SDVVHQJHUV DUH XVLQJ SULYDWH RU QRQSXEOLF WUDQVSRUWDWLRQ DFFHVV PRGHV DW PRVW
DLUSRUWVLQFOXGLQJWKRVHZLWKUDLOVHUYLFH.H\IDFWRUVWKDWPLJKWDIIHFWWKHXVHRIUDLOVHUYLFH
LQFOXGH
x 3URSRUWLRQRIDLUOLQHSDVVHQJHUVZLWKWULSVHQGLQJGRZQWRZQ
x &KDUDFWHULVWLF RI WKH SDVVHQJHU PDUNHW HJ ZKHWKHU WUDYHOLQJ DORQH RU ZLWK
RWKHUVDPRXQWRIEDJJDJHIDPLOLDULW\ZLWKWKHUHJLRQDOWUDQVLWV\VWHP 
x 5HJLRQDOWUDYHOWLPH
x &RQYHQLHQFHWRZDONEHWZHHQVWDWLRQDQGGHVWLQDWLRQ
x ([WHQVLYHUHJLRQDOFRYHUDJH
x $WDLUSRUW WUDYHO WLPH 3DVVHQJHUV XVLQJ UDLO SUHIHU WR PLQLPL]H WLPH UHTXLUHG WR
WUDYHOIURPVWDWLRQWRIOLJKWJDWH
x )UHTXHQF\RIVHUYLFHDQGDVVRFLDWHGZDLWLQJWLPH
x $YDLODELOLW\RISDUNLQJDWQRQDLUSRUWVWDWLRQV

:KDWWKH&DVH6WXG\$LUSRUWVDUH'RLQJ

x 3URSRUWLRQRIDLUOLQHSDVVHQJHUVZLWKWULSVHQGLQJGRZQWRZQ)RUH[DPSOHDW
5RQDOG 5HDJDQ :DVKLQJWRQ 1DWLRQDO $LUSRUW DERXW  RI DOO SDVVHQJHUV KDYH
WULSVHQGLQJLQWKHGRZQWRZQDUHD&KLFDJR2¶+DUH,QWHUQDWLRQDO$LUSRUWDOVRKDV
ODUJHSURSRUWLRQVRISDVVHQJHUVZKRVHWULSVHQGGRZQWRZQ
x &KDUDFWHULVWLFV RI SDVVHQJHU PDUNHW 3DVVHQJHUV ZLWK IHZ RU QR FKHFNHGEDJV
DUHPRUHOLNHO\WRXVHUDLOVHUYLFH/DUJHIDPLO\JURXSVDUHOHVVOLNHO\WRXVHUDLO

 

:DVKLQJWRQ1DWLRQDOKDVRISDVVHQJHUVPDNLQJEXVLQHVVUHODWHGWULSVZKLOH
)UDQNIXUWKDV
x 5HJLRQDOWUDYHOWLPH7KHDYDLODELOLW\RIGLUHFWVHUYLFHEHWZHHQWKHDLUSRUWDQG
GRZQWRZQDOORZLQJSDVVHQJHUVWRDYRLGWUDQVIHUVRUPXOWLSOHVWRSVLVLPSRUWDQW
3DVVHQJHUV WUDYHOLQJ EHWZHHQ WKH DLUSRUW DQG GRZQWRZQ HQFRXQWHU VL[ WR QLQH
VWDWLRQVWRSVDW:DVKLQJWRQ1DWLRQDO
x &RQYHQLHQFH WR ZDON EHWZHHQ VWDWLRQ DQG GHVWLQDWLRQ 3DVVHQJHUV PD\ ILQG
XVLQJ UDLOVHUYLFHPRUHDWWUDFWLYHLIWKHLUILQDOGHVWLQDWLRQLVZLWKLQHDV\ZDONLQJ
GLVWDQFH RI WKH VWDWLRQ DQG OHVV DWWUDFWLYH DQG OHVV FRQYHQLHQW  LI WKH\ PXVW
WUDQVIHUWRDVHFRQGPRGH HJDEXVRUWD[LFDE WRWUDYHOWRIURPWKHVWDWLRQ
x ([WHQVLYH UHJLRQDO FRYHUDJH $ FRPSUHKHQVLYH UDLO QHWZRUN VHUYLQJ D ODUJHU
FDWFKPHQW DUHD ZLOO VHUYH D ODUJHU SRWHQWLDO PDUNHW 7KHUHIRUH LW ZLOO SURYLGH
SDVVHQJHUV ZLWK PRUH WUDYHO RSSRUWXQLWLHV HJ WKRVH ZKR PD\ ZLVK WR OHDYH
IURP WKHLU SODFH RI ZRUN DQG UHWXUQ WR WKHLU KRPH  WKDQ GRHV D UDLO V\VWHP
FRQVLVWLQJRIDVLQJOHOLQHEHWZHHQGRZQWRZQDQGWKHDLUSRUW
x 2QDLUSRUW WUDYHO WLPH 7KH WLPH GLVWDQFH DQG FRQYHQLHQFH  SDVVHQJHUV DUH
UHTXLUHG WR WUDYHO EHWZHHQ WKH VWDWLRQ DQG WKHLU JDWH LV YHU\ LPSRUWDQW 7KH
DYHUDJH GLVWDQFH EHWZHHQ WKH UDLO VWDWLRQ DW &KLFDJR 2¶+DUH DQG :DVKLQJWRQ
1DWLRQDO LV  PHWHUV DQG  PHWHUV  DQG  \DUGV  UHVSHFWLYHO\ 7KH
DYDLODELOLW\RIEDJJDJHWUROOH\VQXPEHURIYHUWLFDOHOHYDWLRQVFKDQJHV HOHYDWRURU
HVFDODWRU DQGH[SRVXUHWRWKHHOHPHQWVDUHVRPHRIWKHPHDVXUHVRIFRQYHQLHQFH
WKDWSRWHQWLDOXVHUVZHLJKLQWKHLUPRGHFKRLFHVHOHFWLRQ
x )UHTXHQF\RIVHUYLFH$YHUDJHZDLWLQJWLPHVRIPLQXWHVRUOHVVDUHSUHIHUUHG
7KH DYDLODELOLW\ RI ODWHQLJKW DQG ZHHNHQG VHUYLFH LV DOVR LPSRUWDQW 7KH &7$
%OXHOLQHWUDLQSURYLGHVKRXUVHUYLFHEHWZHHQGRZQWRZQ&KLFDJRDQG2¶+DUH
,QWHUQDWLRQDO $LUSRUW 7KH UDLO SHDN KHDGZD\V DW 2¶+DUH DUH VHYHQ PLQXWHV
:DVKLQJWRQ 1DWLRQDO KDV UDLO SHDN KHDGZD\ RI WKUHH PLQXWHV 7KH SHDN UDLO
KHDGZD\VDW)UDQNIXUW=XULFKDQG+RQJ.RQJDUHPLQXWHVPLQXWHVDQG
PLQXWHVUHVSHFWLYHO\

 

x $YDLODELOLW\RISDUNLQJDWQRQDLUSRUWVWDWLRQV0DQ\WUDQVLWDJHQFLHVSURKLELW
RYHUQLJKW SDUNLQJ DW VWDWLRQV GLVFRXUDJLQJ SDVVHQJHUV ZKR PD\ ZLVK WR OHDYH
WKHLUFDUDWWKHUDLOVWDWLRQIRUWKHLUGXUDWLRQRIWKHLUWULS
 7KHFDVHVWXGLHVDGGUHVVHGLQWKLVUHSRUWKDYHVHUYHGDVDVDPSOHRI86DQGQRQ
86DLUSRUWV7KHQRQ86DLUSRUWV )UDQNIXUW+RQJ.RQJDQG=XULFK KDGPRVWRIWKH
VXFFHVVIXOFKDUDFWHULVWLFVDQGWKLVH[SODLQVWKHPDMRUGLIIHUHQFHLQPRGDOVSOLWVEHWZHHQWKHVH
DLUSRUWVDQGWKH86DLUSRUWV
 $LUSRUWVLQWKH86KDYHOLWWOHFRQWURORYHUPDQ\RIWKHVXFFHVVIXOFKDUDFWHULVWLFVRI
(XURSHDQDQG$VLDQUDLODFFHVVIRUDLUSRUWV0RVW86DLUSRUWVGRQRWKDYHFLWLHVDQGUHJLRQV
ZLWKKLJKUHJLRQDOUDLOXVDJHQRUYHU\KLJKFRQVROLGDWHGWULSJHQHUDWLRQV7KHUHIRUHLWLV
XQOLNHO\WKDWLQWKH86WKHSRWHQWLDOPDUNHWIRUUDLOVHUYLFHZLOODFKLHYHWKHKLJKHUPRGDO
VSOLWVVHHQLQWKHVWXG\DLUSRUWV7KXVGHVSLWHWKHVXFFHVVRIUDLOVHUYLFHLQ(XURSHDQG$VLDLW
ZRXOGDSSHDUWKDWDLUSRUWUDLOVHUYLFHSDUWLFXODUO\LQYHVWPHQWVLQQHZUDLOVHUYLFHLVGLIILFXOW
WRMXVWLI\RQDSXUHO\HFRQRPLFEDVLVDVIHZ86FLWLHVFDQJHQHUDWHWKHULGHUVKLSIRU
VXFFHVVIXOVHUYLFH

2))$,532577(50,1$/6

 3UHYLRXVFKDSWHUVKDYHGLVFXVVHGWKHPHWKRGVDLUSRUWVDURXQGWKHZRUOGKDYHXVHGLQ
DGGUHVVLQJWKHJURXQGDFFHVVLVVXHV7KHRSWLRQVYDULHGIURPUDLOWHUPLQDOVGLUHFWO\VHUYLQJ
DLUSRUWVWRJURXQGWUDQVSRUWDWLRQFHQWHUVWKDWKRXVHDOOWUDQVSRUWRSWLRQVDQGILQDOO\LQVRPH
FDVHVWRRIIDLUSRUWFKHFNLQIDFLOLWLHVZKLFKDGGWRWKHFRQYHQLHQFHRIWUDYHOLQJYLDSXEOLF
PRGHVRIWUDQVSRUWDWLRQ
 ,WZDVQRWHGWKDWVRPHRIWKHVHDLUSRUWVZRXOGQRWKDYHEHHQDEOHWRDFKLHYHVXFK
KLJKOHYHOVRISXEOLFWUDQVSRUWPRGDOVSOLWVZLWKRXWUHO\LQJRQDFRPELQDWLRQRIIDFWRUV%\
IDUWKHWZRPRVWSURPLQHQWIHDWXUHVDYDLODEOHDUHWKHLQWHJUDWLRQRIWKHDLUSRUWUDLOVWDWLRQVLQ
WKHQDWLRQDODQGVRPHWLPHVLQWHUQDWLRQDOQHWZRUNVDQGWKHDYDLODELOLW\RIRIIDLUSRUWRU
VDWHOOLWHWHUPLQDOV7KHKLJKOHYHOVRISXEOLFWUDQVSRUWDWLRQXVDJHFDQQRWEHDWWULEXWHGWR
VDWHOOLWHWHUPLQDOVDORQH5DWKHULWLVWKHLQWHJUDWLRQRIUDLODQGRIIDLUSRUWWHUPLQDOVWKDWKDV
PRWLYDWHGWKLVVXFFHVV2IIDLUSRUWWHUPLQDOVSURYLGLQJEDJJDJHFKHFNLQDQGRUFODLP

 

IDFLOLWLHVDUHLQRSHUDWLRQLQVHYHUDOFLWLHVLQFOXGLQJ+RQJ.RQJ/RQGRQDQG=XULFK,Q
1RUWK$PHULFDYDULRXVDLUOLQHVRQFHRSHUDWHGVDWHOOLWHWHUPLQDOVLQVHYHUDOFLWLHVLQFOXGLQJ
1HZ<RUN3KRHQL[DQG6DQ)UDQFLVFR7KHVHVDWHOOLWHWHUPLQDOVKDYHVLQFHEHHQFORVHG1R
VDWHOOLWHWHUPLQDOSURYLGLQJEDJJDJHFKHFNLQIRUPXOWLSOHDLUOLQHVIRUDOOSDVVHQJHUVLVQRZLQ
RSHUDWLRQLQWKH8QLWHG6WDWHV+RZHYHUZLWKWKHUHQHZHGLQWHUHVWLQLQWHUPRGDO
WUDQVSRUWDWLRQGHYHORSPHQWRIVDWHOOLWHWHUPLQDOVLVEHLQJFRQVLGHUHGLQVHYHUDOFLWLHV HJ
%RVWRQ'DOODVDQG6HDWWOH 

,VVXHVWREH&RQVLGHUHGLQ'HYHORSLQJ2II$LUSRUW7HUPLQDOV

 7RGHYHORSDVXFFHVVIXORIIDLUSRUWWHUPLQDODQXPEHURISODQQLQJLVVXHVPXVWEH
FRQVLGHUHG
x 6HFXULW\ UHTXLUHPHQWV ,W LV UHTXLUHG WKDW DOO DLUSRUWV DQG DLUSODQHV DGDSW DQG
LPSOHPHQWWKHDSSURYHG)HGHUDO$YLDWLRQ$GPLQLVWUDWLRQ )$$ VHFXULW\SURJUDP
PDLQO\DGGUHVVLQJSDVVHQJHUDQGEDJJDJHVFUHHQLQJ 7KH86&RQJUHVVDQGWKH
)$$ SODQ PDMRU FKDQJHV LQ WKH QHDU IXWXUH IRU EDJJDJH VHFXULW\ DQG VFUHHQLQJ
ZKLFKLVFXUUHQWO\DQDLUOLQHUHVSRQVLELOLW\7KHVHFKDQJHVDUHH[SHFWHGWRUHTXLUH
WKHVFUHHQLQJRIDOOFKHFNHGEDJJDJHERWKGRPHVWLFDQGLQWHUQDWLRQDO&XUUHQWO\
RQO\ LQWHUQDWLRQDO EDJJDJH UHTXLUHV HOHFWURQLF VFUHHQLQJ LQ WKH 86
,PSOHPHQWDWLRQ RI QHZ SURFHGXUHV ZLOO KDYH WR EH HYDOXDWHG WR GHWHUPLQH LI WKH
HYLGHQFH HQFRXUDJHV RU GLVFRXUDJHV WKH OLNHOLKRRG RI RIIDLUSRUW FKHFNLQ
WHUPLQDOV
x &ORVHRXW WLPHV 7KHUH LV D VSHFLILHG PLQLPXP WLPH SULRU WR IOLJKW GHSDUWXUH E\
ZKLFKSDVVHQJHUVPXVWKDYHWKHLUEDJJDJHFKHFNHGLQDWWKHVDWHOOLWHWHUPLQDO7R
DFKLHYH WKH HFRQRPLHV RI VFDOH WKLV PD\ UHTXLUH FRQVROLGDWLQJ EDJJDJH LQWR
EDWFKHVZKLFKPHDQVWKDWWKHFXWRIIWLPHIRURIIWHUPLQDOEDJJDJHFKHFNLQPD\
EHHDUOLHUWKDQWKHPLQLPXPWUDYHOWLPHDOORZVEHWZHHQWKHVDWHOOLWHWHUPLQDODQG
WKHDLUSRUW7KLVUHGXFHVWKHDWWUDFWLYHQHVVRIVXFKIDFLOLWLHVIRUWKHEXV\EXVLQHVV
WUDYHOHU

 

x 'LIILFXOW\RISURYLGLQJEDJJDJHFODLPVHUYLFHV,IEDJJDJHFODLPLVSURYLGHGDWWKH
VDWHOOLWHWHUPLQDOZRXOGHDFKDLUOLQHKDYHWRSURYLGHORVWEDJJDJHFODLPSHUVRQQHO
RU ZRXOG WKH\ EH FRQVROLGDWHG" ,Q DGGLWLRQ WR FXVWRPHU VHUYLFH LVVXHV WKHUH LV
DOZD\V WKH SUREOHP WKDW FKHFNHG EDJV DQG SDVVHQJHUV ZLOO QRW DOZD\V FRUUHFWO\
PDWFK EDJJDJH FODLP ORFDWLRQV ,QHYLWDEO\ WKURXJK FRQIXVLRQ PLVWDNHV RU
FKDQJHVLQSODQVDIUDFWLRQRIHLWKHUSDVVHQJHUVRUEDJJDJHZLOOHQGXSDUULYLQJDW
WKHZURQJORFDWLRQ
x 7UDYHOWLPHDGYDQWDJHV7KHPRGHRIWUDYHOEHWZHHQWKHWHUPLQDODQGWKHDLUSRUW
PXVWSURYLGHUHOLDEOHDQGUHGXFHGWUDYHOWLPHVDVFRPSDUHGWRSULYDWHYHKLFOHVWR
EHDWWUDFWLYH HJLIEXVFDQPDNHXVHRI+29ODQHVRUEXVSUHHPSWLRQDWWUDIILF
VLJQDOVLWZRXOGEHFRPHKLJKO\FRPSHWLWLYH 
x $YDLODELOLW\RISDUNLQJ,IWKHGHVLUHLVWRDWWUDFWORFDOUHVLGHQWLDOWUDYHOHUVWRWKH
VDWHOOLWHWHUPLQDODGHTXDWHSDUNLQJDWUHGXFHGUDWHVPXVWEHSURYLGHG
x $LUOLQH LQGXVWU\ FRRSHUDWLRQ DQG VXSSRUW &XUUHQWO\ DLUOLQHV DUH UHVSRQVLEOH IRU
WKH VHFXULW\ DQG GHOLYHU\ RI EDJJDJH  %HFDXVH RI WKH FRPSHWLWLRQ EHWZHHQ
DLUOLQHV WKH\ ZRXOG EH OHVV ZLOOLQJ WR KDYH VRPHRQH RWKHU WKDQ WKHLU RZQ
HPSOR\HHV KDQGOLQJ EDJJDJH ZKHQ WKH\ DUH UHVSRQVLEOH  ,I DQ DLUOLQH LQGXVWU\
VXSHUYLVHG FRPSDQ\ KDQGOHV WKH UHPRWH WHUPLQDO WKH DLUOLQHV ORVH D UHODWLYH
DPRXQW RI FRQWURO RYHU OHYHO RI VHUYLFH LVVXHV WKH\ ZRXOG QRUPDOO\ KDYH LI WKH\
ZHUH HPSOR\HHV HJ ODWH EDJJDJH DUULYDO UHVXOWLQJ LQ IOLJKW GHOD\V  :LWKRXW
VXSSRUW IURP WKH DLUOLQHV D VDWHOOLWH WHUPLQDO FRXOG QRW EH VXFFHVVIXOO\
LPSOHPHQWHG

 2QHRIWKHPRUHSURPLQHQWIHDWXUHVWKDWHQVXUHVDVXFFHVVIXORIIDLUSRUWWHUPLQDO
VFKHPHLVWKHLQWHJUDWLRQRIWKHDLUSRUWZLWKWKHFRPSUHKHQVLYHUDLOQHWZRUN,QFLWLHVLQ
(XURSHDQG$VLDZKHUHRIIDLUSRUWWHUPLQDOVKDYHEHHQVXFFHVVIXOUDLOZDVDQLQWHJUDOSDUW
RIWKDWVXFFHVV)RUH[DPSOHLQ6ZLW]HUODQGRIIDLUSRUWIDFLOLWLHVDUHDYDLODEOHDWUDLO
VWDWLRQVWKURXJKRXWWKHFRXQWU\KDGWKH\QRWKDGDFRPSUHKHQVLYHUDLOQHWZRUNWKHUHRII
DLUSRUWFKHFNLQVHUYLFHVZRXOGKDYHEHHQIDUOHVVVXFFHVVIXO7KHVDPHKDVRFFXUUHGLQ

 

)UDQNIXUWZKHUHRIIDLUSRUWFKHFNLQVHUYLFHLVWREHDGGHGVRRQDIWHUPDMRULPSURYHPHQWV
KDYHRFFXUUHGWRWKHUDLOQHWZRUNWKDWOLQNVWKHDLUSRUWWRWKHQDWLRQDODQGLQWHUQDWLRQDO
QHWZRUN
$OWKRXJK 86 DLUSRUWV KDYH IHZ RI WKH FKDUDFWHULVWLFV RI WKH (XURSHDQ DLUSRUWV WKDW
KDYHOHGWRVXFFHVVIXOVDWHOOLWHWHUPLQDOVWKHUHLVVWLOOVRPHSRVVLELOLW\WKDWUHPRWHWHUPLQDOV
PLJKW EH UHVSRQVLYH WR SDVVHQJHU QHHGV DQG KHOS UHGXFH WKH JURXQG DFFHVV FRQJHVWLRQ
SUREOHP

,03/,&$7,216)257(;$6$,532576

 $VLJQLILFDQWSUREOHPIDFLQJWKHODUJHUDLUSRUWVLQ7H[DVLVPLWLJDWLRQRIDLUSROOXWLRQ
SUREOHPV+RXVWRQLVLQVHYHUHQRQDWWDLQPHQW'DOODVFRXOGUHDFKVHYHUHQRQDWWDLQPHQW
OHYHOVLQWKHQHDUIXWXUHDQG$XVWLQDQG6DQ$QWRQLRZLOOEHLQQRQDWWDLQPHQWLQWKHQHDU
IXWXUH7KHVHYHUHQRQDWWDLQPHQWGHVLJQDWLRQE\WKH(QYLURQPHQWDO3URWHFWLRQ$JHQF\
(3$ ZLOOKDYHFRQVLGHUDEOHLQIOXHQFHRQWKHQDWXUHDQGH[WHQWRIWKHJURXQGDFFHVV
SODQQLQJWKDWLVH[SHFWHGWRWDNHSODFHDQGRQWKHW\SHVRIDFFHVVDOWHUQDWLYHVWKDWPXVWEH
FRQVLGHUHG,QWKLVUHVSHFW'):LVLQWKHSURFHVVRIDGGLQJFRPPXWHUUDLODFFHVVWRWKH
DLUSRUWXVLQJWKH'DOODV$UHD5DSLG7UDQVLW '$57 DXWKRULW\V\VWHP7KLVLVH[SHFWHGWR
UHGXFHORZRFFXSDQF\SULYDWHDXWRPRELOHWULSVWRWKHDLUSRUWDQGWKXVKHOSLQWKHUHGXFWLRQRI
DLUSROOXWLRQOHYHOV
$W *HRUJH %XVK ,QWHUFRQWLQHQWDO $LUSRUW W\SLFDO JURXQG WUDYHO WLPHV FRXOG EH
SUREOHPDWLFIURPVRPHSDUWVRIWKHFLW\GXULQJFHUWDLQWLPHVRIWKHGD\,QUHVSRQVHWRWKH
IDFW WKDW +RXVWRQ WUDIILF LV DW WLPHV H[WUHPHO\ FRQJHVWHG FRPPXWHU IOLJKWV DUH EHLQJ IORZQ
IURP +REE\ $LUSRUW DQG (OOLQJWRQ )LHOG WR *HRUJH %XVK ,QWHUFRQWLQHQWDO $LUSRUW WKHUHE\
SURYLGLQJ LQWUDFLW\ DLU VKXWWOH VHUYLFH 7KH &LW\ RI +RXVWRQ DQG &RQWLQHQWDO $LUOLQHV LQ
RUGHU WR KDYH WKH DLUSRUW H[SDQVLRQ SODQV DSSURYHG WKURXJK WKH HQYLURQPHQWDO UHYLHZ
SURFHVVKDYHERWKUHFHQWO\DJUHHGWRUHGXFHWKHR]RQHHPLVVLRQVDWWKHDLUSRUWE\7R
DFKLHYH WKHVH UHGXFWLRQVVLJQLILFDQWLPSURYHPHQWVLQWKHHPLVVLRQVRIJURXQGYHKLFOHVDQG
LPSURYHPHQWVWRJURXQGDFFHVVZLOOKDYHWREHLPSOHPHQWHG

 

6DQ$QWRQLR,QWHUQDWLRQDO$LUSRUWDQG$XVWLQ%HUJVWURP,QWHUQDWLRQDO$LUSRUWVKDUHD
FRPPRQ SUREOHP LQ WKDW WKH\ DUH ERWK RZQHG E\ FLWLHV WKDW DUH OLNHO\ WR EH GHVLJQDWHG DV
QRQDWWDLQPHQW IRU R]RQH LQ WKH QHDU IXWXUH $FFRUGLQJO\ JURXQG DFFHVV SODQV WKDW KHOS
UHGXFHR]RQHZLOOEHORRNHGDWPRUHFORVHO\DWWKHVHWZRDLUSRUWV$OWKRXJKWKH$XVWLQDQG
6DQ $QWRQLR DLUSRUWV DUH UHODWLYHO\ VLPLODU LQ VL]H DQG LQ QXPEHU RI SDVVHQJHUV WKHUH DUH
VRPHSUREOHPVXQLTXHWRHDFK6DQ$QWRQLRKDVDKLJKHUSHUFHQWDJHRILQWHUQDWLRQDOWUDYHO
DQGSDUWLFXODUO\LQWHUQDWLRQDOFDUJR:LWKWZRIRUHLJQWUDGH]RQHVRQWKHDLUSRUWLQWHUQDWLRQDO
FDUJRLVRIKLJKLPSRUWDQFH
,WLVOLNHO\WKDWSURFHGXUHVDQGJXLGHOLQHVDYDLODEOHDWWKHVHIRXU7H[DVDLUSRUWVDUHRI
D JHQHULF QDWXUH DQG DUH LQVXIILFLHQW WR DGGUHVV WKH VWUDWHJLF DQG WDFWLFDO SODQQLQJ QHHGV RI
PDMRUDLUSRUWV\VWHPVZLWKLQWKHLUHQWLUHPHWURSROLWDQUHJLRQDOFRQWH[W:KHQ7H[DVDLUSRUWV
DUH FRPSDUHG WR WKH GRPHVWLF DQG LQWHUQDWLRQDO FDVH VWXGLHV SUHVHQWHG HDUOLHU LW EHFRPHV
HYLGHQW WKDW WKHVH DLUSRUWVSUHVHQWXQLTXHJURXQGDFFHVVFKDOOHQJHVWKDWUHTXLUHFRRUGLQDWHG
SODQQLQJ 7KH QDWXUH RI WKHVH LVVXHV LV VXFK WKDW WKHLU VFRSH LV QRW VHSDUDEOH IURP WKRVH RI
JHQHUDOWUDQVSRUWDWLRQDFFHVVLELOLW\LVVXHVZLWKLQWKHHQWLUHUHJLRQRIWKHDLUSRUW$LUSRUWVOLNH
'): KDYH EHFRPH PDMRU JURZWK SROHV DQG KXEV RI HFRQRPLF DFWLYLW\ LQ WKHLU UHVSHFWLYH
UHJLRQV 7KLV UROH ZLOO FRQWLQXH WR LQFUHDVH LQ WDQGHP ZLWK WKH JURZLQJ LPSRUWDQFH RI
FRQYHQLHQWDLUWUDYHOIRUERWKSDVVHQJHUVDQGJRRGVLQWKHJOREDOHFRQRP\ZKLFKLVFULWLFDO
WRWKHIXWXUHHFRQRPLFZHOOEHLQJRIWKHVWDWH,QVWLWXWLRQDOIDFWRUVLQYROYLQJFRRSHUDWLRQDQG
FRPPXQLFDWLRQ DPRQJ VHYHUDO JRYHUQPHQW DQG TXDVLJRYHUQPHQWDO HQWLWLHV SOD\ D
FRQVLGHUDEOHUROHLQHQVXULQJDQHIIHFWLYHSODQQLQJSURFHVVWKDWSURYLGHVIRUWKHQHHGVRIDLU
SDVVHQJHUDQGIUHLJKWWUDYHOLQWKHRYHUDOOPRELOLW\RIWKHUHJLRQ

)8785(5(6($5&+

 7KHFRQFOXVLRQRIWKLVUHYLHZFRQGXFWHGDVSDUWRIDWZR\HDUSURMHFWLVWRFRQILUP
WKHREMHFWLYHVDQGWDVNVODLGRXWLQWKHRULJLQDOUHVHDUFKSURSRVDO&KDUDFWHUL]LQJDLUSRUW
ODQGVLGHDFFHVVSUREOHPVDQGGHWHUPLQLQJSHDNLQJFKDUDFWHULVWLFVRIDLUSRUWXVDJHODLGWKH
IRXQGDWLRQVIRUWKHQH[WVWHSV,QWKDWUHVSHFWDQLQWHUPRGDOSHUVSHFWLYHPXVWEHDGRSWHGLQ

 

GHYLVLQJDQHYDOXDWLRQIUDPHZRUNIRUWKHYDULRXVVKRUWPHGLXPDQGORQJWHUPVROXWLRQ
VWUDWHJLHVIRUWKHDFFHVVSUREOHPV
7KHUHYLHZDQGV\QWKHVLVWRGDWHKDYHIXUWKHUUHLQIRUFHGWKHPRWLYDWLRQDQGWKHQHHG
IRUWKLVZRUN,WLVHYLGHQWWKDWDGGUHVVLQJJURXQGDFFHVVFDQQRWEHGRQHVROHO\DWWKHDLUSRUW
OHYHO DQG PXVW WDNH LQWR DFFRXQW WKH LPSDFW DQG UROH RI WKH DLUSRUW ZLWKLQ WKH ZKROH
WUDQVSRUWDWLRQ QHWZRUN $QRWKHU IDFWRU LV WKH LPSDFW RI LQWHJUDWHG JURXQG DFFHVV SODQQLQJ
ZLWK UHVSHFW WR FRQWULEXWLRQV RI DLU TXDOLW\ HPLVVLRQV XSRQ WKH DLUSRUW DQG WKH FRPPXQLW\
$LUSRUWV DGGUHVVHG LQ WKLV UHYLHZ WKDW KDYH EHHQ DEOH WR DFKLHYH KLJK SXEOLF WUDQVSRUW
ULGHUVKLSOHYHOVDUHLQWHJUDWHGLQWRDFRPSUHKHQVLYHWUDQVLWQHWZRUNEHLWUDLORURWKHUIRUPV
RISXEOLFWUDQVSRUW7KXVWKHSURMHFWWHDPIHHOVWKDWLWLVQHFHVVDU\WRFRPHXSZLWKYDULRXV
VFKHPHV IRU LPSURYLQJ DLUSRUW DFFHVV WKDW PLJKW LQFOXGH UDLO RU RIIDLUSRUW WHUPLQDOV DV
SRVVLEOH RSWLRQV DQG WKDW WKHVH RSWLRQV DUH WR EH DGGUHVVHG DW WKH DUHDZLGH QHWZRUN OHYHO
UDWKHUWKDQLQWKHLPPHGLDWHYLFLQLW\RIWKHDLUSRUW,QWKLVSURFHVVWKHUHLVDQHHGWRGHYHORS
PRUHHIIHFWLYHDFFHVVUHODWHGSODQQLQJWRROVDQGPRGHOVZLWKZKLFKWRDGGUHVVWKHDLUSRUW¶V
UROHLQWKHFRQWH[WRILWVPHWURSROLWDQDUHD¶VVWUDWHJLFPRELOLW\QHHGV
















 









































 

5()(5(1&(6

 $LUSRUWV&RXQFLO,QWHUQDWLRQDO±1RUWK$PHULFDKWWSZZZDFLQDRUJ
 'DOODV)RUW:RUWK,QWHUQDWLRQDO$LUSRUWKWWSZZZGIZDLUSRUWFRP
 )UDQNIXUW0DLQ,QWHUQDWLRQDO$LUSRUW3UHVV&HQWHU±3UHVV$UFKLYH
KWWSZZZIUDQNIXUWDLUSRUWGH
 *UHHQ *  9LVLRQ WR 5HDOLW\,Q 7RWDO +DUPRQ\ +RQJ .RQJ $LUSRUW
$XWKRULW\RI+RQJ.RQJ
 =XULFK,QWHUQDWLRQDO$LUSRUWKWWSZZZXQLTXHDLUSRUWFRPHBGHIDXOWKWP
 )RRWH 3 /DEHOOH 6 DQG 6WXDUW '  ³,QFUHDVLQJ 5DLO 7UDQVLW $FFHVV WR
$LUSRUWV LQ &KLFDJR´ ,Q 7UDQVSRUWDWLRQ 5HVHDUFK 5HFRUG  SS  ± 
:DVKLQJWRQ'&1DWLRQDO5HVHDUFK&RXQFLO
 0DQGOH3³5DLO6HUYLFHWR$LUSRUWV´,Q$YLDWLRQ&URVVURDGV&KDOOHQJHV
LQD&KDQJLQJ:RUOG3URFHHGLQJVRIWKHUG$LU7UDQVSRUW&RQIHUHQFHS
$UOLQJWRQ9LUJLQLD-XQH±
 'HPSVH\ 3 *RHW] $ DQG 6]\OLRZLF] -  'HQYHU ,QWHUQDWLRQDO $LUSRUW
/HVVRQV/HDUQHG1HZ<RUN0F*UDZ+LOO
 &LW\ DQG &RXQW\ RI 'HQYHU $LUSRUW 5DLO )HDVLELOLW\ 6WXG\ 'HFHPEHU 
'HQYHU3DUVRQV%ULQFNHUKRII
&LW\ DQG &RXQW\ RI 'HQYHU $LUSRUW )HDVLELOLW\ 6WXG\ 'HFHPEHU  'HQYHU
3DUVRQV%ULQFNHUKRII
&LW\ DQG &RXQW\ RI 'HQYHU ,QYHQWRU\ RI ([LVWLQJ &RQGLWLRQV 'HQYHU
,QWHUQDWLRQDO$LUSRUW0DVWHU3ODQ8SGDWH:RUNLQJ3DSHU2QH-XO\
&LW\ DQG &RXQW\ RI 'HQYHU 'HQYHU ,QWHUQDWLRQDO $LUSRUW 0DVWHU 3ODQ 8SGDWH
-XO\
$,5DLO 7HUPLQDO )UDQNIXUW $LUSRUW ² )DFWV DQG )LJXUHV  '%5HLVH 
7RXULVWLN%HXWVFKH%DKQ*UXSSH)UDQNIXUW0DLQ$*
)OXJKDIHQ 9HUNHKUV XQG 7HUPLQDOPDQDJHPHQW ² /XIWYHUNHKUVWUDWHJLHQ 
7UDIILFDQG7HUPLQDO0DQDJHPHQW²$LU7UDIILF6WUDWHJLHV)UDQNIXUW0DLQ$*
+RQJ.RQJ$LUSRUW&RUH3URJUDPPHKWWSZZZLQIRJRYKNQDSFRDFSKWPO

 

'HPSVH\ 3 6  $LUSRUW 3ODQQLQJ DQG 'HYHORSPHQW +DQGERRN $ *OREDO
6XUYH\1HZ<RUN0F*UDZ+LOO
1HZ $LUSRUW 0DVWHU 3ODQ 3ODQQLQJ6XUIDFH $FFHVV 6HFWLRQ  FRS\  
$LUSRUW$XWKRULW\+RQJ.RQJ
$LUSRUW1HZVOHWWHU,VVXH;9-XQH$LUSRUW$XWKRULW\+RQJ.RQJ
1DSUDYQLN . 7KH 6XFFHVVIXO /DQGVLGH $FFHVV 3ROLFLHV DW =XULFK $LUSRUW
3UHVHQWDWLRQ 6HSWHPEHU  0DUNHWLQJ DQG 3ODQQLQJ /DQGVLGH 7UDIILF =XULFK
,QWHUQDWLRQDO$LUSRUW
9HUNHKUVHUKHEXQJ XQG 0RWLYIRUVFKXQJ (UJHEQLVEHULFKW )OXJKDIHQ =XULFK
3URJQRV $* %DVHO (PFK  %HUJHU $* =XULFK   7UDIILF 6XUYH\ DQG
0RWLYDWLRQ5HVHDUFK5HSRUWRQ)LQGLQJV=XULFK,QWHUQDWLRQDO$LUSRUW=XULFK
















 



















$33(1',;

























 




















 

&RPPXWHU3DVV7KURXJK&RXQWIRU0DUFK










&RXQW












      

'DWH

)LJXUH&RPPXWHU3DVV7KURXJK&RXQWIRU0DUFK

&RPPXWHU3DVV7KURXJK7RWDO'DLO\&RXQWGXULQJ0DUFK









&RXQW











      
'DWH

)LJXUH&RPPXWHU3DVV7KURXJK7RWDO'DLO\&RXQW'XULQJ0DUFK
&RPPXWHU3DVV7KURXJK&RXQWRQ:HG0DUFK






&RXQW








        
7LPH

)LJXUH&RPPXWHU3DVV7KURXJK&RXQWRQ:HG0DUFK

&RPPXWHU3DVV7KURXJK&RXQWRQ)UL0DUFK










&RXQW












        
7LPH

)LJXUH&RPPXWHU3DVV7KURXJK&RXQWRQ)UL0DUFK
&RXUWHV\9HKLFOH&RXQWIRU0DUFK






&RXQW








      
'DWH

)LJXUH&RXUWHV\9HKLFOH&RXQWIRU0DUFK

&RXUWHV\9HKLFOH7RWDO'DLO\&RXQWGXULQJ0DUFK










&RXQW












      
'DWH

)LJXUH&RXUWHV\9HKLFOH7RWDO'DLO\&RXQWGXULQJ0DUFK
&RXUWHV\9HKLFOH&RXQWRQ0RQ0DUFK








&RXQW






        
7LPH

)LJXUH&RXUWHV\9HKLFOH&RXQWRQ0RQ0DUFK

&RXUWHV\9HKLFOH&RXQWRQ6DW0DUFK






&RXQW








        
7LPH

)LJXUH&RXUWHV\9HKLFOH&RXQWRQ6DW0DUFK
'URS2II&RXQWIRU0DUFK










&RXQW










      
'DWH

)LJXUH'URS2II&RXQWIRU0DUFK

'URS2II7RWDO'DLO\&RXQWGXULQJ0DUFK








&RXQW










      
'DWH

)LJXUH'URS2II7RWDO'DLO\&RXQWGXULQJ0DUFK
'URS2II&RXQWRQ:HG0DUFK






&RXQW








        
7LPH

)LJXUH'URS2II&RXQWRQ:HG0DUFK

'URS2II&RXQWRQ6XQ0DUFK










&RXQW










        
7LPH

)LJXUH'URS2II&RXQWRQ6XQ0DUFK
0HHWHUVDQG*UHHWHUV&RXQWIRU0DUFK






&RXQW








      
'DWH

)LJXUH0HHWHUVDQG*UHHWHUV&RXQWIRU0DUFK

0HHWHUVDQG*UHHWHUV7RWDO'DLO\&RXQWGXULQJ0DUFK






&RXQW








      
'DWH

)LJXUH0HHWHUVDQG*UHHWHUV7RWDO'DLO\&RXQW'XULQJ0DUFK
0HHWHUVDQG*UHHWHUV&RXQWRQ:HG0DUFK






&RXQW






        
7LPH

)LJXUH0HHWHUVDQG*UHHWHUV&RXQWRQ:HG0DUFK

0HHWHUVDQG*UHHWHUV&RXQWRQ6XQ0DUFK






&RXQW








        
7LPH

)LJXUH0HHWHUVDQG*UHHWHUV&RXQWRQ6XQ0DUFK
1RQ5HYHQXH%DGJH&RXQWIRU0DUFK










&RXQW




      
'DWH

)LJXUH1RQ5HYHQXH%DGJH&RXQWIRU0DUFK

1RQ5HYHQXH%DGJH7RWDO'DLO\&RXQWGXULQJ0DUFK








&RXQW








      
'DWH

)LJXUH1RQ5HYHQXH%DGJH7RWDO'DLO\&RXQWGXULQJ0DUFK
1RQ5HYHQXH%DGJH&RXQWRQ:HG0DUFK








&RXQW


        
7LPH

)LJXUH1RQ5HYHQXH%DGJH&RXQWRQ:HG0DUFK

1RQ5HYHQXH%DGJH&RXQWRQ)UL0DUFK






&RXQW







        
7LPH

)LJXUH1RQ5HYHQXH%DGJH&RXQWRQ)UL0DUFK
2II$LUSRUW5HQWDO&RXQWIRU0DUFK










&RXQW


      
'DWH

)LJXUH2II$LUSRUW5HQWDO&RXQWIRU0DUFK

2II$LUSRUW5HQWDO7RWDO'DLO\&RXQW'XULQJ0DUFK








&RXQW








      
'DWH

)LJXUH2II$LUSRUW5HQWDO7RWDO'DLO\&RXQW'XULQJ0DUFK
2II$LUSRUW5HQWDO&RXQWRQ:HG0DUFK








&RXQW


        
7LPH

)LJXUH2II$LUSRUW5HQWDO&RXQWRQ:HG0DUFK

2II$LUSRUW5HQWDO&RXQWRQ0RQ0DUFK






&RXQW






        
7LPH

)LJXUH2II$LUSRUW5HQWDO&RXQWRQ0RQ0DUFK
3XEOLF3DUNHU&RXQWIRU0DUFK










&RXQW












      
'DWH

)LJXUH3XEOLF3DUNHU&RXQWIRU0DUFK

3XEOLF3DUNHU7RWDO'DLO\&RXQWGXULQJ0DUFK






&RXQW








      
'DWH

)LJXUH3XEOLF3DUNHU7RWDO'DLO\&RXQWGXULQJ0DUFK
3XEOLF3DUNHU&RXQWRQ:HG0DUFK










&RXQW












        
7LPH

)LJXUH3XEOLF3DUNHU&RXQWRQ:HG0DUFK

3XEOLF3DUNHU&RXQWRQ7KX0DUFK






&RXQW







        
7LPH

)LJXUH3XEOLF3DUNHU&RXQWRQ7KX0DUFK
5HJXODWHG%XV&RXQWIRU0DUFK






&RXQW


      
'DWH

)LJXUH5HJXODWHG%XV&RXQWIRU0DUFK

5HJXODWHG%XV7RWDO'DLO\&RXQWIRU0DUFK








&RXQW








      
'DWH

)LJXUH5HJXODWHG%XV7RWDO'DLO\&RXQWIRU0DUFK
5HJXODWHG%XV&RXQWRQ:HG0DUFK






&RXQW






        
7LPH

)LJXUH5HJXODWHG%XV&RXQWRQ:HG0DUFK

5HJXODWHG%XV&RXQWRQ)UL0DUFK






&RXQW


        
7LPH

)LJXUH5HJXODWHG%XV&RXQWRQ)UL0DUFK
5HJXODWHG/LPR&RXQWIRU0DUFK








4:39








      
,90

)LJXUH5HJXODWHG/LPR&RXQWIRU0DUFK

5HJXODWHG/LPR7RWDO'DLO\&RXQWIRU0DUFK






4:39








      
,90

)LJXUH5HJXODWHG/LPR7RWDO'DLO\&RXQWIRU0DUFK
5HJXODWHG/LPR&RXQWRQ:HG0DUFK










&RXQW










        
7LPH

)LJXUH5HJXODWHG/LPR&RXQWRQ:HG0DUFK

5HJXODWHG/LPR&RXQWRQ7KX0DUFK








&RXQW








        
7LPH

)LJXUH5HJXODWHG/LPR&RXQWRQ7KX0DUFK
5HJXODWHG9HKLFOH&RXQWIRU0DUFK










&RXQW












      
'DWH

)LJXUH5HJXODWHG9HKLFOH&RXQWIRU0DUFK

5HJXODWHG9HKLFOH7RWDO'DLO\&RXQWIRU0DUFK










&RXQW












      
'DWH

)LJXUH5HJXODWHG9HKLFOH7RWDO'DLO\&RXQWIRU0DUFK
5HJXODWHG9HKLFOH&RXQWRQ:HG0DUFK










&RXQW










        
7LPH

)LJXUH5HJXODWHG9HKLFOH&RXQWRQ:HG0DUFK

5HJXODWHG9HKLFOH&RXQWRQ0RQ0DUFK






&RXQW







        
7LPH

)LJXUH5HJXODWHG9HKLFOH&RXQWRQ:HG0DUFK
5HQWDO([LW3DVV&RXQWIRU0DUFK




&RXQW


      
'DWH

)LJXUH5HQWDO([LW3DVV&RXQWIRU0DUFK

5HQWDO([LW3DVV7RWDO'DLO\&RXQWIRU0DUFK








&RXQW








      
'DWH

)LJXUH5HQWDO([LW3DVV7RWDO'DLO\&RXQWIRU0DUFK
5HQWDO([LW3DVV&RXQWRQ:HG0DUFK


&RXQW


        
7LPH

)LJXUH5HQWDO([LW3DVV&RXQWRQ:HG0DUFK

5HQWDO([LW3DVV&RXQWRQ0RQ0DUFK






&RXQW







        
7LPH

)LJXUH5HQWDO([LW3DVV&RXQWRQ0RQ0DUFK
6KDUHG5LGH&RXQWIRU0DUFK










&RXQW




      
'DWH

)LJXUH6KDUHG5LGH&RXQWIRU0DUFK

6KDUHG5LGH7RWDO'DLO\&RXQWIRU0DUFK






&RXQW








      
'DWH

)LJXUH6KDUHG5LGH7RWDO'DLO\&RXQWIRU0DUFK
6KDUHG5LGH&RXQWRQ:HG0DUFK










&RXQW


        
7LPH

)LJXUH6KDUHG5LGH&RXQWRQ:HG0DUFK

6KDUHG5LGH&RXQWRQ)UL0DUFK






&RXQW







        
7LPH

)LJXUH6KDUHG5LGH&RXQWRQ)UL0DUFK
65'7DJ&RXQWIRU0DUFK










&RXQW










      
'DWH

)LJXUH65'7DJ&RXQWIRU0DUFK

65'7DJ7RWDO'DLO\&RXQWIRU0DUFK






&RXQW








      
'DWH

)LJXUH65'7DJ7RWDO'DLO\&RXQWIRU0DUFK
65'7DJ&RXQWRQ:HG0DUFK










&RXQW








        
7LPH

)LJXUH65'7DJ&RXQWRQ:HG0DUFK

65'7DJ&RXQWRQ0RQ0DUFK










&RXQW








        
7LPH

)LJXUH65'7DJ&RXQWRQ0RQ0DUFK
7D[L&RXQWIRU0DUFK








&RXQW








      
'DWH

)LJXUH7D[L&RXQWIRU0DUFK

7D[L7RWDO'DLO\&RXQWIRU0DUFK








&RXQW








      
'DWH

)LJXUH7D[L7RWDO'DLO\&RXQWIRU0DUFK
7D[L&RXQWRQ:HG0DUFK






&RXQW








        
7LPH

)LJXUH7D[L&RXQWRQ:HG0DUFK

7D[L&RXQWRQ6DW0DUFK








&RXQW








        
7LPH

)LJXUH7D[L&RXQWRQ6DW0DUFK
&XPXODWLYH&RXQWV






&3 DOO

&9 DOO
'2 DOO
 0* DOO
15% DOO
2$5 

&RXQW

33 DOO
5% DOO
 5/ DOO
59 DOO
5(3 DOO

65 DOO
65'7$* DOO
 7$;, DOO






        
7LPH

)LJXUH&XPXODWLYH3HUFHQWDJH&RXQWV
&XPXODWLYH&RXQWV :HHNGD\V






 &3 :GD\V
&9 :GD\V
'2 :GD\V
 0* :GD\V
15% :GD\V
 2$5 :GD\V
&RXQW

33 :GD\V
5% :GD\V
 5/ :GD\V
59 :GD\V
 5(3 :GD\V
65 :GD\V
65'7$* :GD\V
 7$;, :GD\V






        
7LPH

)LJXUH&XPXODWLYH3HUFHQWDJH&RXQWV :HHNGD\V
&XPXODWLYH&RXQWV :HHNHQGV






&3 :HQGV
 &9 :HQGV
'2 :HQGV
0* :HQGV

15% :HQGV
2$5 :HQGV
 33 :HQGV
&RXQW

5% :HQGV

 5/ :HQGV
59 :HQGV
5(3 :HQGV
 65 :HQGV
65'7$* :HQGV
 7$;, :HQGV






        
7LPH

)LJXUH&XPXODWLYH3HUFHQWDJH&RXQWV :HHNHQGV
3ORWRI&RHIILFLHQWRI9DULDWLRQIRU&RPPXWHU3DVV7KURXJK




&29 $OO
&29

 &29 :GD\V


&29 :HQGV






        
7LPH

)LJXUH3ORWRI&RHIILFLHQWRI9DULDWLRQIRU&RPPXWHU3DVV7KURXJK

&RPPXWHU3DVV7KURXJK&29YV0HDQ $OO0RQWK




&29








      
0HDQ&RXQW

)LJXUH&RPPXWHU3DVV7KURXJK&29YV0HDQ $OO0RQWK
&RPPXWHU3DVV7KURXJK&29YV0HDQ :HHNGD\V




&29








      
0HDQ&RXQW

)LJXUH&RPPXWHU3DVV7KURXJK&29YV0HDQ :HHNGD\V

&RPPXWHU3DVV7KURXJK&29YV0HDQ :HHNHQGV




&29








      
0HDQ&RXQW

)LJXUH&RPPXWHU3DVV7KURXJK&29YV0HDQ :HHNHQGV
3ORWRI&RHIILFLHQWRI9DULDWLRQIRU&RXUWHV\9HKLFOHV




&29 $OO
&29

&29 :GD\V
&29 :HQGV





        
7LPH

)LJXUH3ORWRI&RHIILFLHQWRI9DULDWLRQIRU&RXUWHV\9HKLFOHV

&RXUWHV\9HKLFOH&29YV0HDQ $OO0RQWK










&29










      
0HDQ&RXQW

)LJXUH&RXUWHV\9HKLFOH&29YV0HDQ $OO0RQWK
&RXUWHV\9HKLFOH&29YV0HDQ :HHNGD\V










&29










      
0HDQ&RXQW

)LJXUH&RXUWHV\9HKLFOH&29YV0HDQ :HHNGD\V

&RXUWHV\9HKLFOH&29YV0HDQ :HHNHQGV







&29







      
0HDQ&RXQW

)LJXUH&RXUWHV\9HKLFOH&29YV0HDQ :HHNHQGV
3ORWRI&RHIILFLHQWRI9DULDWLRQIRU'URS2IIV









 &29 $OO
&29

&29 :GD\V
 &29 :HQGV








        
7LPH

)LJXUH3ORWRI&RHIILFLHQWRI9DULDWLRQIRU'URS2IIV

'URS2II&29YV0HDQ $OO0RQWK










&29










      
0HDQ&RXQW

)LJXUH'URS2II&29YV0HDQ $OO0RQWK
'URS2II&29YV0HDQ :HHNGD\V










&29










      
0HDQ&RXQW

)LJXUH'URS2II&29YV0HDQ :HHNGD\V

'URS2II&29YV0HDQ :HHNHQGV










&29










       
0HDQ&RXQW

)LJXUH'URS2II&29YV0HDQ :HHNHQGV
3ORWRI&RHIILFLHQWRI9DULDWLRQIRU0HHWHUV *UHHWHUV



 &29 $OO


&29

&29 :GD\V
&29 :HQGV





        
7LPH

)LJXUH3ORWRI&RHIILFLHQWRI9DULDWLRQIRU0HHWHUV *UHHWHUV

0HHWHU *UHHWHU&29YV0HDQ $OO0RQWK








&29










       
0HDQ&RXQW

)LJXUH0HHWHU *UHHWHU&29YV0HDQ $OO0RQWK


0HHWHU *UHHWHU&29YV0HDQ :HHNGD\V








&29










       
0HDQ&RXQW

)LJXUH0HHWHU *UHHWHU&29YV0HDQ :HHNGD\V

0HHWHU *UHHWHU&29YV0HDQ :HHNHQGV








&29










       
0HDQ&RXQW

)LJXUH0HHWHU *UHHWHU&29YV0HDQ :HHNHQGV


3ORWRI&RHIILFLHQWRI9DULDWLRQIRU1RQ5HYHQXH%DGJH




&29 $OO
&29

&29 :GD\V
&29 :HQGV





        
7LPH

)LJXUH3ORWRI&RHIILFLHQWRI9DULDWLRQIRU1RQ5HYHQXH%DGJH

1RQ5HYHQXH%DGJH&29YV0HDQ $OO0RQWK







&29







      
0HDQ&RXQW

)LJXUH1RQ5HYHQXH%DGJH&29YV0HDQ $OO0RQWK
1RQ5HYHQXH%DGJH&29YV0HDQ :HHNGD\V










&29










      
0HDQ&RXQW

)LJXUH1RQ5HYHQXH%DGJH&29YV0HDQ :HHNGD\V

1RQ5HYHQXH%DGJH&29YV0HDQ :HHNHQGV










&29










      
0HDQ&RXQW

)LJXUH1RQ5HYHQXH%DGJH&29YV0HDQ :HHNHQGV
3ORWRI&RHIILFLHQWRI9DULDWLRQIRU2II$LUSRUW5HQWDO


&29 $OO
&29

 &29 :GD\V
&29 :HQGV


        
7LPH

)LJXUH3ORWRI&RHIILFLHQWRI9DULDWLRQIRU2II$LUSRUW5HQWDO

2II$LUSRUW5HQWDO&29YV0HDQ $OO0RQWK


&29


      
0HDQ&RXQW

)LJXUH2II$LUSRUW5HQWDO&29YV0HDQ $OO0RQWK
2II$LUSRUW5HQWDO&29YV0HDQ :HHNGD\V


&29


      
0HDQ&RXQW

)LJXUH2II$LUSRUW5HQWDO&29YV0HDQ :HHNGD\V

2II$LUSRUW5HQWDO&29YV0HDQ :HHNHQGV


&29


      
0HDQ&RXQW

)LJXUH2II$LUSRUW5HQWDO&29YV0HDQ :HHNHQGV
3ORWRI&RHIILFLHQWRI9DULDWLRQIRU3XEOLF3DUNHU








&29 $OO

&29

&29 :GD\V
 &29 :HQGV








        
7LPH

)LJXUH3ORWRI&RHIILFLHQWRI9DULDWLRQIRU3XEOLF3DUNHU

3XEOLF3DUNHU&29YV0HDQ $OO0RQWK










&29










       
0HDQ&RXQW

)LJXUH3XEOLF3DUNHU&29YV0HDQ $OO0RQWK
3XEOLF3DUNHU&29YV0HDQ :HHNGD\V










&29










       
0HDQ&RXQW

)LJXUH3XEOLF3DUNHU&29YV0HDQ :HHNGD\V

3XEOLF3DUNHU&29YV0HDQ :HHNHQGV










&29










    
0HDQ&RXQW

)LJXUH3XEOLF3DUNHU&29YV0HDQ :HHNHQGV
3ORWRI&RHIILFLHQWRI9DULDWLRQIRU5HJXODWHG%XV








 &29 $OO
&29

&29 :GD\V
 &29 :HQGV


        
7LPH

)LJXUH3ORWRI&RHIILFLHQWRI9DULDWLRQIRU5HJXODWHG%XV

5HJXODWHG%XV&29YV0HDQ $OO0RQWK








&29


         
0HDQ&RXQW

)LJXUH5HJXODWHG%XV&29YV0HDQ $OO0RQWK
5HJXODWHG%XV&29YV0HDQ :HHNGD\V










&29


      
0HDQ&RXQW

)LJXUH5HJXODWHG%XV&29YV0HDQ :HHNGD\V

5HJXODWHG%XV&29YV0HDQ :HHNHQGV






&29






     
0HDQ&RXQW

)LJXUH5HJXODWHG%XV&29YV0HDQ :HHNHQGV
3ORWRI&RHIILFLHQWRI9DULDWLRQIRU5HJXODWHG/LPR






&29 $OO
&29

&29 :GD\V
&29 :HQGV



        
7LPH

)LJXUH3ORWRI&RHIILFLHQWRI9DULDWLRQIRU5HJXODWHG/LPR

5HJXODWHG/LPR&29YV0HDQ $OO0RQWK






&29




        
0HDQ&RXQW

)LJXUH5HJXODWHG/LPR&29YV0HDQ $OO0RQWK
5HJXODWHG/LPR&29YV0HDQ :HHNGD\V






&29






         
0HDQ&RXQW

)LJXUH5HJXODWHG/LPR&29YV0HDQ :HHNGD\V

5HJXODWHG/LPR&29YV0HDQ :HHNHQGV


&29


      
0HDQ&RXQW

)LJXUH5HJXODWHG/LPR&29YV0HDQ :HHNHQGV
3ORWRI&RHIILFLHQWRI9DULDWLRQIRU5HJXODWHG9HKLFOH




&29 $OO
&29

&29 :GD\V
&29 :HQGV





        
7LPH

)LJXUH3ORWRI&RHIILFLHQWRI9DULDWLRQIRU5HJXODWHG9HKLFOH

5HJXODWHG9HKLFOH&29YV0HDQ $OO0RQWK










&29










       
0HDQ&RXQW

)LJXUH5HJXODWHG9HKLFOH&29YV0HDQ $OO0RQWK
5HJXODWHG9HKLFOH&29YV0HDQ :HHNGD\V








&29










        
0HDQ&RXQW

)LJXUH5HJXODWHG9HKLFOH&29YV0HDQ :HHNGD\V

5HJXODWHG9HKLFOH&29YV0HDQ :HHNHQGV




&29




      
0HDQ&RXQW

)LJXUH5HJXODWHG9HKLFOH&29YV0HDQ :HHNHQGV
3ORWRI&RHIILFLHQWRI9DULDWLRQIRU5HQWDO([LW3DVV

 &29 $OO
&29

&29 :GD\V
 &29 :HQGV


        
7LPH

)LJXUH3ORWRI&RHIILFLHQWRI9DULDWLRQIRU5HQWDO([LW3DVV

5HQWDO([LW3DVV&29YV0HDQ $OO0RQWK


&29


          
0HDQ&RXQW

)LJXUH5HQWDO([LW3DVV&29YV0HDQ $OO0RQWK
5HQWDO([LW3DVV&29YV0HDQ :HHNGD\V


&29


     
0HDQ&RXQW

)LJXUH5HQWDO([LW3DVV&29YV0HDQ :HHNGD\V

5HQWDO([LW3DVV&29YV0HDQ :HHNHQGV








&29










     
0HDQ&RXQW

)LJXUH5HQWDO([LW3DVV&29YV0HDQ :HHNHQGV
3ORWRI&RHIILFLHQWRI9DULDWLRQIRU6KDUHG5LGH




&29 $OO
&29

 &29 :GD\V
&29 :HQGV





        
7LPH

)LJXUH3ORWRI&RHIILFLHQWRI9DULDWLRQIRU6KDUHG5LGH

6KDUHG5LGH&29YV0HDQ $OO0RQWK




&29






          
0HDQ&RXQW

)LJXUH6KDUHG5LGH&29YV0HDQ $OO0RQWK
6KDUHG5LGH&29YV0HDQ :HHNGD\V




&29






          
0HDQ&RXQW

)LJXUH6KDUHG5LGH&29YV0HDQ :HHNGD\V

6KDUHG5LGH&29YV0HDQ :HHNHQGV






&29






      
0HDQ&RXQW

)LJXUH6KDUHG5LGH&29YV0HDQ :HHNHQGV
3ORWRI&RHIILFLHQWRI9DULDWLRQIRU65'7DJ




&29 $OO
&29

 &29 :GD\V


&29 :HQGV






        
7LPH

)LJXUH3ORWRI&RHIILFLHQWRI9DULDWLRQIRU65'7DJ

65'7DJ&29YV0HDQ $OO0RQWK








&29










      
0HDQ&RXQW

)LJXUH65'7DJ&29YV0HDQ $OO0RQWK
65'7DJ&29YV0HDQ :HHNGD\V








&29








       
0HDQ&RXQW

)LJXUH65'7DJ&29YV0HDQ :HHNGD\V

65'7DJ&29YV0HDQ :HHNHQGV




&29








        
0HDQ&RXQW

)LJXUH65'7DJ&29YV0HDQ :HHNHQGV
3ORWRI&RHIILFLHQWRI9DULDWLRQIRU7D[L



&29 $OO
&29

 &29 :GD\V


&29 :HQGV




        
7LPH

)LJXUH3ORWRI&RHIILFLHQWRI9DULDWLRQIRU7D[L

7D[L&29YV0HDQ $OO0RQWK




&29




        
0HDQ&RXQW

)LJXUH7D[L&29YV0HDQ $OO0RQWK
7D[L&29YV0HDQ :HHNGD\V




&29






        
0HDQ&RXQW

)LJXUH7D[L&29YV0HDQ :HHNGD\V

7D[L&29YV0HDQ :HHNHQGV




&29




       
0HDQ&RXQW

)LJXUH7D[L&29YV0HDQ :HHNHQGV

You might also like