0$55,$*($1'',925&(3
2/<*$0<
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
7KHVXUSOXVLVDUHVXOWRIPHQG\LQJLQZDUVYLROHQWFULPHVDQGZRPHQRXWOLYLQJPHQ
7KHXSVXUJHLQKRPRVH[XDOLW\IXUWKHULQFUHDVHVWKHSUREOHP,IV\VWHPVGRQRWFDWHUWRWKHQHHGRIVXUSOXVZRPHQLWZLOOUHVXOWLQFRUUXSWLRQLQVRFLHW\([DPSOH*HUPDQ\DIWHU:RUOG:DU ,,ZKHQVXJJHVWLRQVWROHJDOL]HSRO\JDP\ZHUHUHMHFWHGE\WKH&KXUFK5HVXOWLQJLQWKHOHJDOL]DWLRQRISURVWLWXWLRQ*HUPDQSURVWLWXWHVDUHFRQVLGHUHGDVZRUNHUVOLNHDQ\RWKHUSURIHVVLRQ7KH\UHFHLYHKHDOWKEHQHILWVDQGSD\WD[HVOLNHDQ\RWKHUFLWL]HQ)XUWKHUPRUHWKHUDWHRIPDUULDJHKDVEHHQVWHDGLO\GHFOLQLQJDVHDFKVXFFHHGLQJJHQHUDWLRQILQGVWKHLQVWLWXWLRQRIPDUULDJHPRUHDQGPRUHLUUHOHYDQW :HVWHUQDQWKURSRORJLVWVDUJXHWKDWSRO\JDP\LVDJHQHWLFWUDLWE\ZKLFKWKHVWURQJHVWJHQHVRIWKHJHQHUDWLRQDUHSDVVHGRQ([DPSOHWKHOLRQNLQJWKHVWURQJHVWRIWKHSDFNPRQRSROL]HVWKHIHPDOHVWKHUHE\LQVXULQJWKDWWKHQH[WJHQHUDWLRQRIOLRQFXEVZLOOEHKLVRIIVSULQJ ,QVWLWXWLRQDOSRO\JDP\SUHYHQWVWKHVSUHDGRIGLVHDVHVOLNH+HUSHVDQG$,'66XFKYHQHUHDOGLVHDVHVVSUHDGLQSURPLVFXRXVVRFLHWLHVZKHUHH[WUDPDULWDODIIDLUVDERXQG 3RO\JDP\SURWHFWVWKHLQWHUHVWVRIZRPHQDQGFKLOGUHQLQVRFLHW\0HQLQ:HVWHUQVRFLHW\PDNHWKHODZV7KH\SUHIHUWRNHHSSRO\JDP\LOOHJDOEHFDXVHLWDEVROYHVWKHPRIUHVSRQVLELOLW\/HJDOL]HGSRO\JDP\ZRXOGUHTXLUHWKHPWRVSHQG
5XVVLDPDOHWRIHPDOH8.PDOHWRIHPDOH86$PDOHWRIHPDOH%UD]LOPDOHWRIHPDOH
7KH1HZ(QF\FORSDHGLD%ULWDQQLFD
YROSS([FHSWLRQVLQ&KLQDDQG,QGLDGXHWRZLGHVSUHDG LQIDQWLFLGHRQDQDWLRQDOVFDOH
$FFRUGLQJWRWKH&HQWHUIRU+HDOWK6WDWLVWLFV$PHULFDQZRPHQWRGD\FDQH[SHFWWROLYHWREH\HDUVROGZKLOHPHQFDQRQO\H[SHFWWROLYHWR