You are on page 1of 6

&DPHUD$XVWULD

$XVVWHOOXQJ([KLELWLRQ

(U|IIQXQJ2SHQLQJ




.QVWOHU,QQHQIKUXQJ*XLGHGWRXU
ZLWKSDUWLFLSDWLQJDUWLVWV


5RXQG7DEOH

LQ.RRSHUDWLRQPLWLQFRRSHUD
WLRQZLWK$NDGHPLH*UD]$IUR
$VLDWLVFKHV,QVWLWXW*UD]



&DPHUD$XVWULD

WKH8UEDQ&XOWXUHVRI*OREDO3UD\HUV

&DPHUD$XVWULD



WKH8UEDQ&XOWXUHVRI*OREDO3UD\HUV


/HQGNDL
*UD]$XVWULD
H[KLELWLRQV#FDPHUDDXVWULDDW
ZZZFDPHUDDXVWULDDW

WKH8UEDQ&XOWXUHV
RI*OREDO3UD\HUV
*LOOHV$XEU\ &+ 6DELQH%LWWHU
+HOPXW:HEHU $7&$ /tD'DQVNHU
$5 $U\R'DQXVLUL ,' .DWMD(\GHO
'( )ULGD+DUW] 0; 0DJGDOHQD
.DOOHQEHUJHU'RURWKHD1ROG '( 
9HUyQLFD0DVWURVLPRQH $5 

5LND&ROOHFWLYH .( 6DQGUD6FKlIHU
'( 6XUDEKL6KDUPD ,1 6HYJL
2UWDo 75 -HQV:HQNHO/DJRV)LOP
:RUNVKRS 1* 3DROD<DFRXE /%

$OVPHGLDOHV3KlQRPHQXQG*HJHQVWDQGSRSXOLVWLVFKHU'HEDWWHQ
WDXFKWHQUHOLJL|VH0RWLYHLQGHQOHW]WHQ-DKUHQLQGHQXQWHUVFKLHG
OLFKVWHQ=XVDPPHQKlQJHQDXI'DEHLEOLHEHQGLHVH'HEDWWHQXP
GHQULFKWLJHQ*ODXEHQLQ(XURSDXQGGHQ86$]XPHLVWDXIGHQ,V
ODPEH]RJHQXQGZXUGHQSROLWLVFKDOV.DPSIGHU.XOWXUHQ]ZL
VFKHQIXQGDPHQWDOUHOLJL|VHUXQGVlNXODUHU*HVHOOVFKDIW]XJHVSLW]W
%HLQlKHUHU%HWUDFKWXQJXPIDVVWGDV3KlQRPHQQHXHUUHOLJL|VHU
%HZHJXQJHQ MHGRFK ZHLWDXV PHKU .RQWH[WH 6R YHU]HLFKQHQ VHLW
GHQHU-DKUHQFKULVWOLFKHQHRFKDULVPDWLVFKH%HZHJXQJHQLQ
/DWHLQDPHULND :HVWDIULND XQG QHXHUGLQJV DXFK &KLQD HLQ HQRU
PHV:DFKVWXP$XFKLQGHQ86$ZRGLHSQJVWNLUFKOLFKH%HZH
JXQJPLWHLQHP(UZHFNXQJVHUOHEQLVLQ/RV$QJHOHVLP-DKU
LKUH :XU]HOQ KDW VLQG GLH 0LWJOLHGHU]DKOHQ ZDFKVHQG ,P LQGL
VFKHQ0XPEDLJHK|UWGLHKLQGXQDWLRQDOLVWLVFKH%HZHJXQJ6KLY
6HQDVHLW-DKUHQ]XGHQHLQXVVUHLFKVWHQSROLWLVFKHQ.UlIWHQXQG
VWHOOWH]XOHW]WGLH%UJHUPHLVWHULQGHU6WDGW,Q-DNDUWDLQ,QGRQH
VLHQKDEHQQDFKGHP6WXU]YRQ3UlVLGHQW6XKDUWR6X*UXS
SHQYRUZLHJHQGMXQJH0lQQHUDXVGHU0LWWHONODVVHZ|FKHQWOLFKH
0XOWLPHGLD6KRZV]XU)HLHUYRQ0RKDPPHGV*HEXUWVWDJLQVWDO
OLHUW,Q7HLOHQ0H[LNRVJLEWHVZDFKVHQGHV,QWHUHVVHIUHLQHQJH
KHLPQLVYROOHQ.XOWXPGLH6DQWD0XHUWHHLQHU+HLOLJHQLQ*H
VWDOWHLQHVEHNOHLGHWHQ6NHOHWWVGHULQ]ZLVFKHQDXFKLQGHQ86$
)XJHIDVVWKDWXQGLQGHU)HUQVHKVHULH%UHDNLQJ%DGHLQHZLFK
WLJH5ROOHVSLHOW
$OOHUGLQJV LVW GLHVH QHXH 5HOLJLRVLWlW OlQJVW QLFKW PHKU DXV
VFKOLHOLFK HLQ 3KlQRPHQ GHU $UPXWVPHWURSROHQ GHV *OREDOHQ
6GHQV'LH%HZHJXQJHQVLQGEHUWUDQVQDWLRQDOHNXOWXUHOOH9HU
HFKWXQJHQXQG0LJUDWLRQVVWU|PHOlQJVWDXFKLQGHQZHVWOLFKHQ
0HWURSROHQDQJHNRPPHQ6LHYHUlQGHUQGLHXUEDQH7RSRJUDHVLH
WUHWHQDOVZLUWVFKDIWOLFKHZLHDXFKDOVSROLWLVFKH$NWHXU,QQHQDXI
XQGHUVHW]HQGDEHLQLFKWVHOWHQGLH5ROOHGHV6WDDWHVTXHUGXUFK
DOOH:HOWUHJLRQHQXQG5HOLJLRQHQ
9RU GLHVHP GLVNXUVLYHQ +LQWHUJUXQG EHVFKlIWLJW VLFK GDV )RU
VFKXQJVXQG$XVVWHOOXQJVSURMHNWJOREDOSUD\HUV(UO|VXQJXQG
%HIUHLXQJLQGHU6WDGWLQLWLLHUWYRQGHU%HUOLQHU*UXSSHPHWUR=R
QHVVHLW$QIDQJPLWQHXHQ*ODXEHQVJHVHOOVFKDIWHQLQXQWHU

&ROODJH.DWMD5HLFKDUG0HWUR]RQHV

$VDPHGLDSKHQRPHQRQDQGWKHVXEMHFWRISRSXOLVWGHEDWHVUHOL
JLRXVWKHPHVKDYHVXUIDFHGLQUHFHQW\HDUVLQPDQ\GLIIHUHQWFRQ
WH[WV7KHGHEDWHVKDYHODUJHO\UHYROYHGDURXQGWKHTXHVWLRQRIWKH
 WUXHIDLWKLQ(XURSHDQGWKH86XVXDOO\LQUHIHUHQFHWR,VODPDQG
XQGHUVWRRGLQSROLWLFDOWHUPVDVDFODVKRIFLYLOL]DWLRQVEHWZHHQ
IXQGDPHQWDOUHOLJLRXVDQGVHFXODUVRFLHWLHV
8SRQFORVHULQVSHFWLRQKRZHYHUWKHSKHQRPHQRQRIQHZUHOL
JLRXVPRYHPHQWVLQIDFWLQFOXGHVPDQ\PRUHFRQWH[WV6LQFHWKH
V &KULVWLDQ 1HRFKDULVPDWLF PRYHPHQWV KDYH EHHQ RQ WKH
ULVHLQ/DWLQ$PHULFD:HVW$IULFDDQGPRUHUHFHQWO\LQ&KLQD
7KHVDPHWUHQGFDQDOVREHVHHQLQWKH86ZKHUHWKH3HQWHFRV
WDOPRYHPHQWUVWWRRNVKDSHLQLQ/RV$QJHOHVDQGZKHUH
WKHPHPEHUVKLSQXPEHUVFRQWLQXHWRJURZ,Q0XPEDL,QGLDWKH
+LQGXQDWLRQDOLVWPRYHPHQW6KLY6HQDKDVFRPHWREHRQHRI
WKHPRVWLQXHQWLDOSROLWLFDOIRUFHVDQGUHFHQWO\ZDVEHKLQGWKH
HOHFWLRQRIWKHFLW\PD\RU,Q-DNDUWD,QGRQHVLDDIWHUWKHIDOORI
3UHVLGHQW6XKDUWRLQ6XJURXSVPDLQO\\RXQJPHQIURPD
PLGGOHFODVVEDFNJURXQGFUHDWHGZHHNO\PXOWLPHGLDVKRZVIRU
WKHFHOHEUDWLRQRI0XKDPPDGVELUWKGD\,QVRPHSDUWVRI0H[LFR
WKHUHLVDJURZLQJLQWHUHVWLQWKHP\VWHULRXVFXOWRI6DQWD0XHUWH
DVDLQWLQWKHIRUPRIDFORWKHGVNHOHWRQWKDWKDVDOVRDOUHDG\JDLQHG
DIRRWKROGLQWKH86DQGFDQEHVHHQIRUH[DPSOHLQWKHSRSXODU
WHOHYLVLRQVHULHV%UHDNLQJ%DG
7KLVQHZUHOLJLRXVFRQVFLRXVQHVVLVQRORQJHUH[FOXVLYHO\DSKH
QRPHQRQRIWKHSRYHUW\VWULFNHQFLWLHVRIWKH*OREDO6RXWK7KH
PRYHPHQWVKDYHDOUHDG\DUULYHGLQZHVWHUQPHWURSROLVHVWKURXJK
WUDQVQDWLRQDOFXOWXUDOOLQNVDQGPLJUDWLRQ7KH\FKDQJHXUEDQWR
SRJUDSK\EHFRPLQJLPSRUWDQWHFRQRPLFDQGSROLWLFDOIRUFHVIUH
TXHQWO\WDNLQJRYHUWKHUROHRIWKHVWDWHDSKHQRPHQRQWKDWLVQRW
OLPLWHGWRDQ\UHJLRQRIWKHZRUOGRUDQ\VSHFLFUHOLJLRQ
7KLVLVWKHGLVFXUVLYHVHWWLQJIRUWKHUHVHDUFKSURMHFWDQGH[KL
ELWLRQJOREDOSUD\HUVUHGHPSWLRQDQGOLEHUDWLRQLQWKHFLW\LQL
WLDWHGE\PHWUR=RQHV%HUOLQWKDWVLQFHKDVVWXGLHGQHZUH
OLJLRXV FRPPXQLWLHV LQ ZLGHO\ YDU\LQJ XUEDQ FRQWH[WV 7KH FLW\
DQGWKHLQWHUDFWLRQRIWKHQHZUHOLJLRXVSUDFWLFHVZLWKORFDOXUEDQ
FXOWXUH DQG JOREDO WUHQGV LQ VRFLHW\ UHSUHVHQW WKH FHQWUDO SRLQWV

VFKLHGOLFKVWHQVWlGWLVFKHQ.RQWH[WHQ'LH]HQWUDOH3HUVSHNWLYHGHV
3URMHNWHVELOGHWGDEHLGLH6WDGWXQGGLH:HFKVHOZLUNXQJGHUQHXHQ
UHOLJL|VHQ 3UDNWLNHQ PLW ORNDOHQ XUEDQHQ /HEHQVXPVWlQGHQ XQG
JOREDOHQ JHVHOOVFKDIWOLFKHQ 7HQGHQ]HQ :HOFKHQ (LQXVV KDEHQ
*ODXEHQVULWXDOHDXIGLHUlXPOLFKH2UJDQLVDWLRQGHUJURHQK|FKVW
G\QDPLVFKHQ 0HWURSROHQ ZLH /DJRV 0XPEDL -DNDUWD ,VWDQEXO
5LRGH-DQHLURDEHUDXFK%HUOLQ"8QGZLHHLJQHQVLFKXQWHUVFKLHG
OLFKHUHOLJL|VH%HZHJXQJHQGLH6WlGWHDOV%KQHDQZHOFKH%HGHX
WXQJVYHUVFKLHEXQJHQ HU]HXJHQ VLH ZHQQ VWlGWLVFKH .XOWXUHQ YRQ
QHXHQUHOLJL|VHQ3UDNWLNHQGXUFKGUXQJHQZHUGHQ"
-HQVHLWVLGHRORJLVFKHU'HEDWWHQXPGDV:LHGHUHUVWDUNHQGHV5H
OLJL|VHQZLUGLQGHQ$UEHLWHQYRQ.QVWOHU,QQHQDXV]Z|OI/lQ
GHUQGHXWOLFKGDVVJURH6WlGWHLPPHUDXFK2UWHUHOLJL|VHU,QQRYD
WLRQVLQGJOREDOSUD\HUVLVWGDEHLDOVLQWHUGLV]LSOLQlUH5HFKHUFKH
DQJHOHJWLQHQJHU=XVDPPHQDUEHLW]ZLVFKHQNQVWOHULVFKXQGZLV
VHQVFKDIWOLFK)RUVFKHQGHQORWHWGDV3URMHNWDXVZLHGLHQHXHQ3ROL
WLNHQgNRQRPLHQXQG.XOWXUHQGHV*ODXEHQVLPVWlGWLVFKHQ5DXP
IXQNWLRQLHUHQZHOFKH%LOGHUXQG.OlQJH5lXPHXQG3UDNWLNHQGDV
5HOLJL|VH LP =HLFKHQ GHU *OREDOLVLHUXQJ KHUYRUEULQJW (UNXQGHW
ZHUGHQ7KHPHQZLHGDV9HUKlOWQLV]ZLVFKHQQHXHQXUEDQHQ5HOLJL
RQVJHPHLQVFKDIWHQ 6WDGWSODQXQJ XQG 6WDDWOLFKNHLW 6HOEVWRUJDQL
VDWLRQ0HGLDOLWlW$OOWDJVNXOWXUXQGGLH/RNDOLVLHUXQJWUDQVQDWLR
QDODJLHUHQGHU$NWHXUH'HU*ODXEHLVWDOOHUGLQJVDXFKHLQ0HGLXP
EHUGDVVLFK*HPHLQVFKDIWOLFKNHLWRUJDQLVLHUWLQGHPJHPHLQVDPH
:HUWH5LWXDOHXQG=LHOHHWDEOLHUWZHUGHQGLHVLFKLQGHQ$OOWDJHLQ
VFKUHLEHQXQG7UDQVIRUPDWLRQVPRPHQWHLQ%H]XJDXI)UDJHQGHU
VR]LDOHQXQGSROLWLVFKHQ,GHQWLWlWHU]HXJHQ
'LH$XVVWHOOXQJWKH8UEDQ&XOWXUHVRI*OREDO3UD\HUVVFKOLHW
GDPLWDQ)UDJHVWHOOXQJHQDQGLH&DPHUD$XVWULDLP-DKUEH
UHLWVLQ$XVVWHOOXQJVSURMHNWHQXQGLQGHU=HLWVFKULIWYHUKDQGHOWKDW
DQGDV]ZHLWHLOLJH3URMHNW&RPPXQLWDV]X)UDJHQYRQ*HPHLQ
VFKDIWYRQ(LQXQG$XVVFKOLHXQJHQDNWXHOOHQ,GHQWLWlWVSROLWLNHQ
E]ZDQGLH)UDJHGHUSROLWLVFKHQ,QVWUXPHQWDOLVLHUXQJYRQNXOWX
UHOOHU,GHQWLWlWDEHUDXFKDQ)UDJHQ]XP'RNXPHQWDULVFKHQDOV
SROLWLVFKH3UD[LVZLHLQ&DPHUD$XVWULD,QWHUQDWLRQDO'LH
6HYJL2UWDoYLGHRVWLOOIURP7KH0LVVLQJ3ODFH
0DJGDOHQD.DOOHQEHUJHU'RURWKHD1ROGYLGHRVWLOOIURP5DXPWDXVFK


RI UHIHUHQFH IRU WKH SURMHFW :KDW LQXHQFH GR UHOLJLRXV ULWXDOV
KDYHRQWKHVSDWLDORUJDQLVDWLRQRIODUJHH[WUHPHO\G\QDPLFPH
WURSROLVHVOLNH/DJRV0XPEDL-DNDUWD,VWDQEXO5LRGH-DQHLUR
EXWDOVR%HUOLQ"$QGKRZGRWKHGLIIHUHQWUHOLJLRXVPRYHPHQWVDS
SURSULDWHFLWLHVDVWKHLUVWDJH":KDWVKLIWVLQPHDQLQJDUHEURXJKW
DERXWZKHQXUEDQFXOWXUHVEHFRPHSHUPHDWHGZLWKQHZUHOLJLRXV
SUDFWLFHV"
%H\RQGLGHRORJLFDOGHEDWHVDERXWWKHUHVXUJHQFHRIUHOLJLRQ
WKHZRUNVE\WKHVHDUWLVWVIURPWZHOYHFRXQWULHVVKRZKRZELJFLW
LHVKDYHDOZD\VEHHQSODFHVRIUHOLJLRXVLQQRYDWLRQJOREDOSUD\HUV
KDVEHHQFRQFHLYHGDVDQLQWHUGLVFLSOLQDU\SURMHFWZLWKFORVHFRO
ODERUDWLRQ EHWZHHQ DUWLVWLF DQG VFLHQWLF UHVHDUFKHUV ORRNLQJ WR
XQGHUVWDQGKRZQHZSROLWLFDOFRQVWHOODWLRQVHFRQRPLHVDQGFXO
WXUHV RI IDLWK IXQFWLRQ LQ XUEDQ DUHDV ZKDW LPDJHV DQG VRXQGV
VSDFHV DQG SUDFWLFHV KDYH EHHQ HQJHQGHUHG E\ UHOLJLRQ DJDLQVW
WKHEDFNGURSRIJOREDOL]DWLRQ"7RSLFVWKDWDUHH[SORUHGZLWKLQWKH
SURMHFWLQFOXGHWKHUHODWLRQVKLSEHWZHHQQHZXUEDQUHOLJLRXVFRP
PXQLWLHV FLW\ SODQQLQJ DQG VWDWHKRRG VHOIRUJDQLVDWLRQ PHGLD
SUHVHQFH FXOWXUH DQG WKH ORFDOLVDWLRQ RI WUDQVQDWLRQDOO\ RSHUDW
LQJSURWDJRQLVWV%HOLHILVDOVRDPHGLXPDURXQGZKLFKDVHQVHRI
FRPPXQLW\FDQEHRUJDQLVHGZKHUHFRPPRQYDOXHVULWXDOVDQG
REMHFWLYHVDUHHVWDEOLVKHGWKDWDUHLQVFULEHGLQHYHU\GD\OLIHDQG
JHQHUDWHPRPHQWVRIWUDQVIRUPDWLRQLQUHODWLRQWRLVVXHVRIVRFLDO
DQGSROLWLFDOLGHQWLW\
7KHH[KLELWLRQSURMHFWWKH8UEDQ&XOWXUHVRI*OREDO3UD\HUV
WKXV IROORZV VLPLODU LVVXHV WKDW ZHUH DOUHDG\ UDLVHG E\ &DPHUD
$XVWULDRYHUWKHODVW\HDULQRWKHUH[KLELWLRQVDQGWKHPDJD]LQHLQ
FOXGLQJWKHWZRSDUWSURMHFW&RPPXQLWDVDGUHVVLQJTXHVWLRQV
ZLWKUHVSHFWWRQRWLRQVRIFRPPXQLW\LQFOXVLRQDQGH[FOXVLRQDQG
FXUUHQWSROLWLFDOLGHQWLWLHVDQGZLWKWKLVWKHTXHVWLRQRIWKHSROLWL
FDOLQVWUXPHQWDOLVDWLRQRIFXOWXUDOLGHQWLW\ZKLOHDOVRFRQVLGHULQJ
7KH'RFXPHQWDU\DV3ROLWLFDO3UDFWLFHDWRSLFWKDWZDVIRXQGLQ
&DPHUD$XVWULD,QWHUQDWLRQDO7KHRYHUZKHOPLQJSUHVHQFHRI
FHUWDLQLPDJHVSURGXFHVDFHUWDLQZD\RINQRZLQJDNLQGRIYLVXDO
SURJUDPPLQJRISROLWLFDOVSDFH:KDWUROHPLJKWDUWLVWLFSUDFWLFHV

6DELQH%LWWHU+HOPXW:HEHUIURPWKHVHULHV$OO:LOO%H:HOO
5HOLJLRQ,QGXVWULHV/DJRV5LR

EHUZlOWLJHQGH $QZHVHQKHLW EHVWLPPWHU %LOGHU HU]HXJW DXFK


HLQHEHVWLPPWH:HLVH]XZLVVHQHLQH$UWYLVXHOOH3URJUDPPLH
UXQJGHVSROLWLVFKHQ5DXPHV:HOFKH5ROOHN|QQHQNQVWOHULVFKH
3UDNWLNHQPLWXQGEHU)RWRJUDHVSLHOHQXPGLHVH3URJUDPPLH
UXQJ]XGXUFKEUHFKHQ":LHDOVRYHUKDOWHQVLFKQHXHUHOLJL|VH%H
ZHJXQJHQ]X)UDJHQHLQHU,GHRORJLVLHUXQJYRQ5HOLJLRQGLHPLW
HLQHU,GHRORJLVLHUXQJYRQ PHGLDOHQ %LOGHUQNRUUHVSRQGLHUW"'D
EHLNDQQHVQLFKWGDUXPJHKHQGLH:LGHUVSUFKH]ZLVFKHQGHQ
%OLFNUHJLPHVHLQHVYHUPHLQWOLFKHQ,QQHQJHJHQHLQYHUPHLQWOL
FKHV$XHQDXV]XVSLHOHQQRFKGLHVH%OLFNXQG%LOGUHJLPHLQHL
QDQGHUDXI]XO|VHQ(VJHKWLP*HJHQWHLOGDUXPGLHVHVLFKWEDU]X
PDFKHQXQGDOV7HLOGHV3URMHNWHV]XYHUKDQGHOQ'LH$XVVWHOOXQJ
WKH8UEDQ&XOWXUHVRI*OREDO3UD\HUVHU]HXJWPLWKLQHLQHQHPL
QHQWYLVXHOOHQ5DXPGHU'HEDWWHEHUGDV5HOLJL|VHGHQ6WDGWUDXP
XQG5HSUlVHQWDWLRQVSROLWLNHQ
0DJGDOHQD .DOOHQEHUJHU XQG 'RURWKHD 1ROG KDEHQ YHUVFKLH
GHQH2UWHLQ%HUOLQDXIJHVXFKWXQGGLH9RUEHUHLWXQJHQGRNXPHQ
WLHUWXP5lXPHIU*RWWHVGLHQVWHXP]XJHVWDOWHQ5lXPHGLHDQ
VRQVWHQPLWHLQHUY|OOLJDQGHUHQ)XQNWLRQLQGHUORNDOHQ*HRJUDH
HWDEOLHUWVLQGZLHXQWHUDQGHUHPGDV.LQR%DE\ORQLQ%HUOLQ
0LWWH 'DV HLJHQWOLFKH (UHLJQLV EOHLEW DXVJHVSDUW GDGXUFK ZHU
GHQDOOHUGLQJVVRHWZDVZLH3DVVDJHQGHU7UDQVIRUPDWLRQXQG,Q
V]HQLHUXQJVLFKWEDUGLHGHP5HOLJL|VHQHLQHQ2UWLP6lNXODUHQ
EHUKDXSW HUVW HUP|JOLFKHQ 6DELQH %LWWHU XQG +HOPXW :HEHU
]HLJHQ7DEOHDXVYRQJHUDGH]XRUQDPHQWDODQJHRUGQHWHQ)RWRJUD
HQGLHLQ5LRGH-DQHLURXQG/DJRVHQWVWDQGHQVLQGHKHPDOLJH
,QGXVWULHJHElXGH XQG .LQRV GLHQHQ KHXWH YHUVFKLHGHQHQ UHOLJL|
VHQ*UXSSHQDOV5lXPHIULKUH*RWWHVGLHQVWH'LHVH$QHLJQXQJ
YHUZHLVW]XJOHLFKDXIGLH]XQHKPHQGH%HGHXWXQJYRQ5HOLJLRQIU
GLHNXOWXUHOOHXQG|NRQRPLVFKH(QWZLFNOXQJYRQ6WlGWHQ5HOLJLRQ
ZLUGDOVQHXHSRVWIRUGLVWLVFKH:LUWVFKDIWVIRUPXQGDOVQHXH.XO
WXULQGXVWULHPDUNLHUW6HYJL2UWDoXQWHUVXFKWGHQ,VODPLQ,VWDQ
EXO DOV V\PEROLVFKHV 5HJLPH GDV KLVWRULVFKH (UHLJQLVVH XQG UH
OLJL|VH 7UDGLWLRQ PLW VWlGWHEDXOLFKHQ ,QWHUYHQWLRQHQ YHUVFKPLO]W
GLHGLHSROLWLVFKH*HRJUDHGHU6WDGWXPVFKUHLEHQXQGGDV5HOL
6DELQH%LWWHU+HOPXW:HEHUIURPWKHVHULHV$OO:LOO%H:HOO
5HOLJLRQ,QGXVWULHV/DJRV5LR

SOD\ERWKE\PHDQVRIDQGEH\RQGSKRWRJUDSK\WREUHDNWKURXJK
WKLV SURJUDPPLQJ" +RZ GR UHOLJLRXV PRYHPHQWV UHODWH WR TXHV
WLRQVFRQFHUQLQJWKHLGHRORJLVDWLRQRIUHOLJLRQWKDWFRUUHVSRQGWR
DQLGHRORJLVDWLRQRI PHGLDO LPDJHV"%XWKHUHLWFDQQRWEHDPDW
WHURISOD\LQJRXWWKHFRQWUDGLFWLRQVZLWKLQDUHJLPHRISHUFHSWLRQ
GUDZQDORQJWKHOLQHVRIDQRVWHQVLEOHLQVLGHYVDQRVWHQVLEOH
RXWVLGHQRUFDQLWEHDTXHVWLRQRIPHUJLQJWKHUHJLPHVRISHU
FHSWLRQDQGLPDJHLQWRRQH,WLVUDWKHUDPDWWHURIPDNLQJWKHVH
DVSHFWVYLVLEOHDQGRIZRUNLQJZLWKWKHPDVSDUWRIWKHSURMHFWLW
VHOI7KHH[KLELWLRQWKH8UEDQ&XOWXUHVRI*OREDO3UD\HUVWKXV
SURGXFHVDQHPLQHQWO\YLVXDOVSDFHZLWKLQWKHGHEDWHRYHUUHOLJLRQ
XUEDQVSDFHDQGWKHSROLWLFVRIUHSUHVHQWDWLRQ
0DJGDOHQD .DOOHQEHUJHU DQG 'RURWKHD 1ROG YLVLWHG YDULRXV
SODFHVLQ%HUOLQGRFXPHQWLQJWKHSUHSDUDWLRQVEHLQJPDGHLQRU
GHUWRWUDQVIRUPVSDFHVZLWKDFRPSOHWHO\GLIIHUHQWIXQFWLRQLQWR
SODFHV RI ZRUVKLS LQFOXGLQJ DPRQJ RWKHUV WKH FLQHPD %DE\
ORQLQ%HUOLQ0LWWH7KHDFWXDOHYHQWKRZHYHULVOHIWRXWZKLFK
KDVWKHUHVXOWRIPDNLQJYLVLEOHWKHSDVVDJHVRIWUDQVIRUPDWLRQDQG
WKHWKHDWULFDOLW\RIWKHSUHVHQWDWLRQWKDWPDNHLWSRVVLEOHWRH[SH
ULHQFHWKHUHOLJLRXVLQDVHFXODUVSDFH6DELQH%LWWHUDQG+HOPXW
:HEHUSUHVHQWSKRWRJUDSKLFWDEOHDX[DUUDQJHGZLWKDQRUQDPHQ
WDOTXDOLW\WKDWZHUHPDGHLQ5LRGH-DQHLURDQG/DJRVRIIRUPHU
LQGXVWULDOEXLOGLQJVDQGPRYLHWKHDWHUVWKDWQRZVHUYHYDULRXVUH
OLJLRXVJURXSVIRUWKHLUVHUYLFHV7KLVDSSURSULDWLRQDOVRLQGLFDWHV
WKHLQFUHDVLQJLPSRUWDQFHRIUHOLJLRQIRUWKHFXOWXUDODQGHFRQRPLF
GHYHORSPHQW RI FLWLHV ZLWK UHOLJLRQ PDUNHG DV D QHZ SRVW)RUG
LVWIRUPRIHFRQRP\DQGDVDQHZFXOWXUHLQGXVWU\6HYJL2UWDo
ORRNVDW,VODPLQ,VWDQEXODVDV\PEROLFUHJLPHWKDWIXVHVKLVWRUL
FDOHYHQWVDQGUHOLJLRXVWUDGLWLRQZLWKXUEDQLQWHUYHQWLRQVWKDWGH
VFULEHWKHSROLWLFDOJHRJUDSK\RIWKHFLW\DQGLQWHUWZLQHUHOLJLRQ
ZLWKQHROLEHUDOFRQFHSWVRIVRFLHW\ZKHUHDQLPDJLQDU\2WWRPDQ
KHULWDJHDV,VODPLFYHUVLRQRIWKHFRQWHPSRUDU\FLW\LVFUHDWHG,Q
KHUWKUHHSDUWYLGHRZRUN6XUDEKL6KDUPDLQWHUWZLQHVLPDJHV
RIUHOLJLRXVIHVWLYLWLHVRIQRUWKHUQ,QGLDQPLJUDQWVLQ0XPEDL,Q
IHVWLYLWLHVWKDWODVWIRUVHYHUDOGD\VWKHSXEOLFVSDFHRIWKHFLW\LV

.DWMD(\GHOGHWDLOIURPWKHLQVWDOODWLRQ+DELWXV

&DPHUD$XVWULD

$XVVWHOOXQJ([KLELWLRQ

(U|IIQXQJ2SHQLQJ




.QVWOHU,QQHQIKUXQJ*XLGHGWRXU
ZLWKSDUWLFLSDWLQJDUWLVWV


5RXQG7DEOH

LQ.RRSHUDWLRQPLWLQFRRSHUD
WLRQZLWK$NDGHPLH*UD]$IUR
$VLDWLVFKHV,QVWLWXW*UD]



&DPHUD$XVWULD

WKH8UEDQ&XOWXUHVRI*OREDO3UD\HUV

&DPHUD$XVWULD



WKH8UEDQ&XOWXUHVRI*OREDO3UD\HUV


/HQGNDL
*UD]$XVWULD
H[KLELWLRQV#FDPHUDDXVWULDDW
ZZZFDPHUDDXVWULDDW

WKH8UEDQ&XOWXUHV
RI*OREDO3UD\HUV
*LOOHV$XEU\ &+ 6DELQH%LWWHU
+HOPXW:HEHU $7&$ /tD'DQVNHU
$5 $U\R'DQXVLUL ,' .DWMD(\GHO
'( )ULGD+DUW] 0; 0DJGDOHQD
.DOOHQEHUJHU'RURWKHD1ROG '( 
9HUyQLFD0DVWURVLPRQH $5 

5LND&ROOHFWLYH .( 6DQGUD6FKlIHU
'( 6XUDEKL6KDUPD ,1 6HYJL
2UWDo 75 -HQV:HQNHO/DJRV)LOP
:RUNVKRS 1* 3DROD<DFRXE /%

$OVPHGLDOHV3KlQRPHQXQG*HJHQVWDQGSRSXOLVWLVFKHU'HEDWWHQ
WDXFKWHQUHOLJL|VH0RWLYHLQGHQOHW]WHQ-DKUHQLQGHQXQWHUVFKLHG
OLFKVWHQ=XVDPPHQKlQJHQDXI'DEHLEOLHEHQGLHVH'HEDWWHQXP
GHQULFKWLJHQ*ODXEHQLQ(XURSDXQGGHQ86$]XPHLVWDXIGHQ,V
ODPEH]RJHQXQGZXUGHQSROLWLVFKDOV.DPSIGHU.XOWXUHQ]ZL
VFKHQIXQGDPHQWDOUHOLJL|VHUXQGVlNXODUHU*HVHOOVFKDIW]XJHVSLW]W
%HLQlKHUHU%HWUDFKWXQJXPIDVVWGDV3KlQRPHQQHXHUUHOLJL|VHU
%HZHJXQJHQ MHGRFK ZHLWDXV PHKU .RQWH[WH 6R YHU]HLFKQHQ VHLW
GHQHU-DKUHQFKULVWOLFKHQHRFKDULVPDWLVFKH%HZHJXQJHQLQ
/DWHLQDPHULND :HVWDIULND XQG QHXHUGLQJV DXFK &KLQD HLQ HQRU
PHV:DFKVWXP$XFKLQGHQ86$ZRGLHSQJVWNLUFKOLFKH%HZH
JXQJPLWHLQHP(UZHFNXQJVHUOHEQLVLQ/RV$QJHOHVLP-DKU
LKUH :XU]HOQ KDW VLQG GLH 0LWJOLHGHU]DKOHQ ZDFKVHQG ,P LQGL
VFKHQ0XPEDLJHK|UWGLHKLQGXQDWLRQDOLVWLVFKH%HZHJXQJ6KLY
6HQDVHLW-DKUHQ]XGHQHLQXVVUHLFKVWHQSROLWLVFKHQ.UlIWHQXQG
VWHOOWH]XOHW]WGLH%UJHUPHLVWHULQGHU6WDGW,Q-DNDUWDLQ,QGRQH
VLHQKDEHQQDFKGHP6WXU]YRQ3UlVLGHQW6XKDUWR6X*UXS
SHQYRUZLHJHQGMXQJH0lQQHUDXVGHU0LWWHONODVVHZ|FKHQWOLFKH
0XOWLPHGLD6KRZV]XU)HLHUYRQ0RKDPPHGV*HEXUWVWDJLQVWDO
OLHUW,Q7HLOHQ0H[LNRVJLEWHVZDFKVHQGHV,QWHUHVVHIUHLQHQJH
KHLPQLVYROOHQ.XOWXPGLH6DQWD0XHUWHHLQHU+HLOLJHQLQ*H
VWDOWHLQHVEHNOHLGHWHQ6NHOHWWVGHULQ]ZLVFKHQDXFKLQGHQ86$
)XJHIDVVWKDWXQGLQGHU)HUQVHKVHULH%UHDNLQJ%DGHLQHZLFK
WLJH5ROOHVSLHOW
$OOHUGLQJV LVW GLHVH QHXH 5HOLJLRVLWlW OlQJVW QLFKW PHKU DXV
VFKOLHOLFK HLQ 3KlQRPHQ GHU $UPXWVPHWURSROHQ GHV *OREDOHQ
6GHQV'LH%HZHJXQJHQVLQGEHUWUDQVQDWLRQDOHNXOWXUHOOH9HU
HFKWXQJHQXQG0LJUDWLRQVVWU|PHOlQJVWDXFKLQGHQZHVWOLFKHQ
0HWURSROHQDQJHNRPPHQ6LHYHUlQGHUQGLHXUEDQH7RSRJUDHVLH
WUHWHQDOVZLUWVFKDIWOLFKHZLHDXFKDOVSROLWLVFKH$NWHXU,QQHQDXI
XQGHUVHW]HQGDEHLQLFKWVHOWHQGLH5ROOHGHV6WDDWHVTXHUGXUFK
DOOH:HOWUHJLRQHQXQG5HOLJLRQHQ
9RU GLHVHP GLVNXUVLYHQ +LQWHUJUXQG EHVFKlIWLJW VLFK GDV )RU
VFKXQJVXQG$XVVWHOOXQJVSURMHNWJOREDOSUD\HUV(UO|VXQJXQG
%HIUHLXQJLQGHU6WDGWLQLWLLHUWYRQGHU%HUOLQHU*UXSSHPHWUR=R
QHVVHLW$QIDQJPLWQHXHQ*ODXEHQVJHVHOOVFKDIWHQLQXQWHU

&ROODJH.DWMD5HLFKDUG0HWUR]RQHV

$VDPHGLDSKHQRPHQRQDQGWKHVXEMHFWRISRSXOLVWGHEDWHVUHOL
JLRXVWKHPHVKDYHVXUIDFHGLQUHFHQW\HDUVLQPDQ\GLIIHUHQWFRQ
WH[WV7KHGHEDWHVKDYHODUJHO\UHYROYHGDURXQGWKHTXHVWLRQRIWKH
 WUXHIDLWKLQ(XURSHDQGWKH86XVXDOO\LQUHIHUHQFHWR,VODPDQG
XQGHUVWRRGLQSROLWLFDOWHUPVDVDFODVKRIFLYLOL]DWLRQVEHWZHHQ
IXQGDPHQWDOUHOLJLRXVDQGVHFXODUVRFLHWLHV
8SRQFORVHULQVSHFWLRQKRZHYHUWKHSKHQRPHQRQRIQHZUHOL
JLRXVPRYHPHQWVLQIDFWLQFOXGHVPDQ\PRUHFRQWH[WV6LQFHWKH
V &KULVWLDQ 1HRFKDULVPDWLF PRYHPHQWV KDYH EHHQ RQ WKH
ULVHLQ/DWLQ$PHULFD:HVW$IULFDDQGPRUHUHFHQWO\LQ&KLQD
7KHVDPHWUHQGFDQDOVREHVHHQLQWKH86ZKHUHWKH3HQWHFRV
WDOPRYHPHQWUVWWRRNVKDSHLQLQ/RV$QJHOHVDQGZKHUH
WKHPHPEHUVKLSQXPEHUVFRQWLQXHWRJURZ,Q0XPEDL,QGLDWKH
+LQGXQDWLRQDOLVWPRYHPHQW6KLY6HQDKDVFRPHWREHRQHRI
WKHPRVWLQXHQWLDOSROLWLFDOIRUFHVDQGUHFHQWO\ZDVEHKLQGWKH
HOHFWLRQRIWKHFLW\PD\RU,Q-DNDUWD,QGRQHVLDDIWHUWKHIDOORI
3UHVLGHQW6XKDUWRLQ6XJURXSVPDLQO\\RXQJPHQIURPD
PLGGOHFODVVEDFNJURXQGFUHDWHGZHHNO\PXOWLPHGLDVKRZVIRU
WKHFHOHEUDWLRQRI0XKDPPDGVELUWKGD\,QVRPHSDUWVRI0H[LFR
WKHUHLVDJURZLQJLQWHUHVWLQWKHP\VWHULRXVFXOWRI6DQWD0XHUWH
DVDLQWLQWKHIRUPRIDFORWKHGVNHOHWRQWKDWKDVDOVRDOUHDG\JDLQHG
DIRRWKROGLQWKH86DQGFDQEHVHHQIRUH[DPSOHLQWKHSRSXODU
WHOHYLVLRQVHULHV%UHDNLQJ%DG
7KLVQHZUHOLJLRXVFRQVFLRXVQHVVLVQRORQJHUH[FOXVLYHO\DSKH
QRPHQRQRIWKHSRYHUW\VWULFNHQFLWLHVRIWKH*OREDO6RXWK7KH
PRYHPHQWVKDYHDOUHDG\DUULYHGLQZHVWHUQPHWURSROLVHVWKURXJK
WUDQVQDWLRQDOFXOWXUDOOLQNVDQGPLJUDWLRQ7KH\FKDQJHXUEDQWR
SRJUDSK\EHFRPLQJLPSRUWDQWHFRQRPLFDQGSROLWLFDOIRUFHVIUH
TXHQWO\WDNLQJRYHUWKHUROHRIWKHVWDWHDSKHQRPHQRQWKDWLVQRW
OLPLWHGWRDQ\UHJLRQRIWKHZRUOGRUDQ\VSHFLFUHOLJLRQ
7KLVLVWKHGLVFXUVLYHVHWWLQJIRUWKHUHVHDUFKSURMHFWDQGH[KL
ELWLRQJOREDOSUD\HUVUHGHPSWLRQDQGOLEHUDWLRQLQWKHFLW\LQL
WLDWHGE\PHWUR=RQHV%HUOLQWKDWVLQFHKDVVWXGLHGQHZUH
OLJLRXV FRPPXQLWLHV LQ ZLGHO\ YDU\LQJ XUEDQ FRQWH[WV 7KH FLW\
DQGWKHLQWHUDFWLRQRIWKHQHZUHOLJLRXVSUDFWLFHVZLWKORFDOXUEDQ
FXOWXUH DQG JOREDO WUHQGV LQ VRFLHW\ UHSUHVHQW WKH FHQWUDO SRLQWV

VFKLHGOLFKVWHQVWlGWLVFKHQ.RQWH[WHQ'LH]HQWUDOH3HUVSHNWLYHGHV
3URMHNWHVELOGHWGDEHLGLH6WDGWXQGGLH:HFKVHOZLUNXQJGHUQHXHQ
UHOLJL|VHQ 3UDNWLNHQ PLW ORNDOHQ XUEDQHQ /HEHQVXPVWlQGHQ XQG
JOREDOHQ JHVHOOVFKDIWOLFKHQ 7HQGHQ]HQ :HOFKHQ (LQXVV KDEHQ
*ODXEHQVULWXDOHDXIGLHUlXPOLFKH2UJDQLVDWLRQGHUJURHQK|FKVW
G\QDPLVFKHQ 0HWURSROHQ ZLH /DJRV 0XPEDL -DNDUWD ,VWDQEXO
5LRGH-DQHLURDEHUDXFK%HUOLQ"8QGZLHHLJQHQVLFKXQWHUVFKLHG
OLFKHUHOLJL|VH%HZHJXQJHQGLH6WlGWHDOV%KQHDQZHOFKH%HGHX
WXQJVYHUVFKLHEXQJHQ HU]HXJHQ VLH ZHQQ VWlGWLVFKH .XOWXUHQ YRQ
QHXHQUHOLJL|VHQ3UDNWLNHQGXUFKGUXQJHQZHUGHQ"
-HQVHLWVLGHRORJLVFKHU'HEDWWHQXPGDV:LHGHUHUVWDUNHQGHV5H
OLJL|VHQZLUGLQGHQ$UEHLWHQYRQ.QVWOHU,QQHQDXV]Z|OI/lQ
GHUQGHXWOLFKGDVVJURH6WlGWHLPPHUDXFK2UWHUHOLJL|VHU,QQRYD
WLRQVLQGJOREDOSUD\HUVLVWGDEHLDOVLQWHUGLV]LSOLQlUH5HFKHUFKH
DQJHOHJWLQHQJHU=XVDPPHQDUEHLW]ZLVFKHQNQVWOHULVFKXQGZLV
VHQVFKDIWOLFK)RUVFKHQGHQORWHWGDV3URMHNWDXVZLHGLHQHXHQ3ROL
WLNHQgNRQRPLHQXQG.XOWXUHQGHV*ODXEHQVLPVWlGWLVFKHQ5DXP
IXQNWLRQLHUHQZHOFKH%LOGHUXQG.OlQJH5lXPHXQG3UDNWLNHQGDV
5HOLJL|VH LP =HLFKHQ GHU *OREDOLVLHUXQJ KHUYRUEULQJW (UNXQGHW
ZHUGHQ7KHPHQZLHGDV9HUKlOWQLV]ZLVFKHQQHXHQXUEDQHQ5HOLJL
RQVJHPHLQVFKDIWHQ 6WDGWSODQXQJ XQG 6WDDWOLFKNHLW 6HOEVWRUJDQL
VDWLRQ0HGLDOLWlW$OOWDJVNXOWXUXQGGLH/RNDOLVLHUXQJWUDQVQDWLR
QDODJLHUHQGHU$NWHXUH'HU*ODXEHLVWDOOHUGLQJVDXFKHLQ0HGLXP
EHUGDVVLFK*HPHLQVFKDIWOLFKNHLWRUJDQLVLHUWLQGHPJHPHLQVDPH
:HUWH5LWXDOHXQG=LHOHHWDEOLHUWZHUGHQGLHVLFKLQGHQ$OOWDJHLQ
VFKUHLEHQXQG7UDQVIRUPDWLRQVPRPHQWHLQ%H]XJDXI)UDJHQGHU
VR]LDOHQXQGSROLWLVFKHQ,GHQWLWlWHU]HXJHQ
'LH$XVVWHOOXQJWKH8UEDQ&XOWXUHVRI*OREDO3UD\HUVVFKOLHW
GDPLWDQ)UDJHVWHOOXQJHQDQGLH&DPHUD$XVWULDLP-DKUEH
UHLWVLQ$XVVWHOOXQJVSURMHNWHQXQGLQGHU=HLWVFKULIWYHUKDQGHOWKDW
DQGDV]ZHLWHLOLJH3URMHNW&RPPXQLWDV]X)UDJHQYRQ*HPHLQ
VFKDIWYRQ(LQXQG$XVVFKOLHXQJHQDNWXHOOHQ,GHQWLWlWVSROLWLNHQ
E]ZDQGLH)UDJHGHUSROLWLVFKHQ,QVWUXPHQWDOLVLHUXQJYRQNXOWX
UHOOHU,GHQWLWlWDEHUDXFKDQ)UDJHQ]XP'RNXPHQWDULVFKHQDOV
SROLWLVFKH3UD[LVZLHLQ&DPHUD$XVWULD,QWHUQDWLRQDO'LH
6HYJL2UWDoYLGHRVWLOOIURP7KH0LVVLQJ3ODFH
0DJGDOHQD.DOOHQEHUJHU'RURWKHD1ROGYLGHRVWLOOIURP5DXPWDXVFK


RI UHIHUHQFH IRU WKH SURMHFW :KDW LQXHQFH GR UHOLJLRXV ULWXDOV
KDYHRQWKHVSDWLDORUJDQLVDWLRQRIODUJHH[WUHPHO\G\QDPLFPH
WURSROLVHVOLNH/DJRV0XPEDL-DNDUWD,VWDQEXO5LRGH-DQHLUR
EXWDOVR%HUOLQ"$QGKRZGRWKHGLIIHUHQWUHOLJLRXVPRYHPHQWVDS
SURSULDWHFLWLHVDVWKHLUVWDJH":KDWVKLIWVLQPHDQLQJDUHEURXJKW
DERXWZKHQXUEDQFXOWXUHVEHFRPHSHUPHDWHGZLWKQHZUHOLJLRXV
SUDFWLFHV"
%H\RQGLGHRORJLFDOGHEDWHVDERXWWKHUHVXUJHQFHRIUHOLJLRQ
WKHZRUNVE\WKHVHDUWLVWVIURPWZHOYHFRXQWULHVVKRZKRZELJFLW
LHVKDYHDOZD\VEHHQSODFHVRIUHOLJLRXVLQQRYDWLRQJOREDOSUD\HUV
KDVEHHQFRQFHLYHGDVDQLQWHUGLVFLSOLQDU\SURMHFWZLWKFORVHFRO
ODERUDWLRQ EHWZHHQ DUWLVWLF DQG VFLHQWLF UHVHDUFKHUV ORRNLQJ WR
XQGHUVWDQGKRZQHZSROLWLFDOFRQVWHOODWLRQVHFRQRPLHVDQGFXO
WXUHV RI IDLWK IXQFWLRQ LQ XUEDQ DUHDV ZKDW LPDJHV DQG VRXQGV
VSDFHV DQG SUDFWLFHV KDYH EHHQ HQJHQGHUHG E\ UHOLJLRQ DJDLQVW
WKHEDFNGURSRIJOREDOL]DWLRQ"7RSLFVWKDWDUHH[SORUHGZLWKLQWKH
SURMHFWLQFOXGHWKHUHODWLRQVKLSEHWZHHQQHZXUEDQUHOLJLRXVFRP
PXQLWLHV FLW\ SODQQLQJ DQG VWDWHKRRG VHOIRUJDQLVDWLRQ PHGLD
SUHVHQFH FXOWXUH DQG WKH ORFDOLVDWLRQ RI WUDQVQDWLRQDOO\ RSHUDW
LQJSURWDJRQLVWV%HOLHILVDOVRDPHGLXPDURXQGZKLFKDVHQVHRI
FRPPXQLW\FDQEHRUJDQLVHGZKHUHFRPPRQYDOXHVULWXDOVDQG
REMHFWLYHVDUHHVWDEOLVKHGWKDWDUHLQVFULEHGLQHYHU\GD\OLIHDQG
JHQHUDWHPRPHQWVRIWUDQVIRUPDWLRQLQUHODWLRQWRLVVXHVRIVRFLDO
DQGSROLWLFDOLGHQWLW\
7KHH[KLELWLRQSURMHFWWKH8UEDQ&XOWXUHVRI*OREDO3UD\HUV
WKXV IROORZV VLPLODU LVVXHV WKDW ZHUH DOUHDG\ UDLVHG E\ &DPHUD
$XVWULDRYHUWKHODVW\HDULQRWKHUH[KLELWLRQVDQGWKHPDJD]LQHLQ
FOXGLQJWKHWZRSDUWSURMHFW&RPPXQLWDVDGUHVVLQJTXHVWLRQV
ZLWKUHVSHFWWRQRWLRQVRIFRPPXQLW\LQFOXVLRQDQGH[FOXVLRQDQG
FXUUHQWSROLWLFDOLGHQWLWLHVDQGZLWKWKLVWKHTXHVWLRQRIWKHSROLWL
FDOLQVWUXPHQWDOLVDWLRQRIFXOWXUDOLGHQWLW\ZKLOHDOVRFRQVLGHULQJ
7KH'RFXPHQWDU\DV3ROLWLFDO3UDFWLFHDWRSLFWKDWZDVIRXQGLQ
&DPHUD$XVWULD,QWHUQDWLRQDO7KHRYHUZKHOPLQJSUHVHQFHRI
FHUWDLQLPDJHVSURGXFHVDFHUWDLQZD\RINQRZLQJDNLQGRIYLVXDO
SURJUDPPLQJRISROLWLFDOVSDFH:KDWUROHPLJKWDUWLVWLFSUDFWLFHV

6DELQH%LWWHU+HOPXW:HEHUIURPWKHVHULHV$OO:LOO%H:HOO
5HOLJLRQ,QGXVWULHV/DJRV5LR

EHUZlOWLJHQGH $QZHVHQKHLW EHVWLPPWHU %LOGHU HU]HXJW DXFK


HLQHEHVWLPPWH:HLVH]XZLVVHQHLQH$UWYLVXHOOH3URJUDPPLH
UXQJGHVSROLWLVFKHQ5DXPHV:HOFKH5ROOHN|QQHQNQVWOHULVFKH
3UDNWLNHQPLWXQGEHU)RWRJUDHVSLHOHQXPGLHVH3URJUDPPLH
UXQJ]XGXUFKEUHFKHQ":LHDOVRYHUKDOWHQVLFKQHXHUHOLJL|VH%H
ZHJXQJHQ]X)UDJHQHLQHU,GHRORJLVLHUXQJYRQ5HOLJLRQGLHPLW
HLQHU,GHRORJLVLHUXQJYRQ PHGLDOHQ %LOGHUQNRUUHVSRQGLHUW"'D
EHLNDQQHVQLFKWGDUXPJHKHQGLH:LGHUVSUFKH]ZLVFKHQGHQ
%OLFNUHJLPHVHLQHVYHUPHLQWOLFKHQ,QQHQJHJHQHLQYHUPHLQWOL
FKHV$XHQDXV]XVSLHOHQQRFKGLHVH%OLFNXQG%LOGUHJLPHLQHL
QDQGHUDXI]XO|VHQ(VJHKWLP*HJHQWHLOGDUXPGLHVHVLFKWEDU]X
PDFKHQXQGDOV7HLOGHV3URMHNWHV]XYHUKDQGHOQ'LH$XVVWHOOXQJ
WKH8UEDQ&XOWXUHVRI*OREDO3UD\HUVHU]HXJWPLWKLQHLQHQHPL
QHQWYLVXHOOHQ5DXPGHU'HEDWWHEHUGDV5HOLJL|VHGHQ6WDGWUDXP
XQG5HSUlVHQWDWLRQVSROLWLNHQ
0DJGDOHQD .DOOHQEHUJHU XQG 'RURWKHD 1ROG KDEHQ YHUVFKLH
GHQH2UWHLQ%HUOLQDXIJHVXFKWXQGGLH9RUEHUHLWXQJHQGRNXPHQ
WLHUWXP5lXPHIU*RWWHVGLHQVWHXP]XJHVWDOWHQ5lXPHGLHDQ
VRQVWHQPLWHLQHUY|OOLJDQGHUHQ)XQNWLRQLQGHUORNDOHQ*HRJUDH
HWDEOLHUWVLQGZLHXQWHUDQGHUHPGDV.LQR%DE\ORQLQ%HUOLQ
0LWWH 'DV HLJHQWOLFKH (UHLJQLV EOHLEW DXVJHVSDUW GDGXUFK ZHU
GHQDOOHUGLQJVVRHWZDVZLH3DVVDJHQGHU7UDQVIRUPDWLRQXQG,Q
V]HQLHUXQJVLFKWEDUGLHGHP5HOLJL|VHQHLQHQ2UWLP6lNXODUHQ
EHUKDXSW HUVW HUP|JOLFKHQ 6DELQH %LWWHU XQG +HOPXW :HEHU
]HLJHQ7DEOHDXVYRQJHUDGH]XRUQDPHQWDODQJHRUGQHWHQ)RWRJUD
HQGLHLQ5LRGH-DQHLURXQG/DJRVHQWVWDQGHQVLQGHKHPDOLJH
,QGXVWULHJHElXGH XQG .LQRV GLHQHQ KHXWH YHUVFKLHGHQHQ UHOLJL|
VHQ*UXSSHQDOV5lXPHIULKUH*RWWHVGLHQVWH'LHVH$QHLJQXQJ
YHUZHLVW]XJOHLFKDXIGLH]XQHKPHQGH%HGHXWXQJYRQ5HOLJLRQIU
GLHNXOWXUHOOHXQG|NRQRPLVFKH(QWZLFNOXQJYRQ6WlGWHQ5HOLJLRQ
ZLUGDOVQHXHSRVWIRUGLVWLVFKH:LUWVFKDIWVIRUPXQGDOVQHXH.XO
WXULQGXVWULHPDUNLHUW6HYJL2UWDoXQWHUVXFKWGHQ,VODPLQ,VWDQ
EXO DOV V\PEROLVFKHV 5HJLPH GDV KLVWRULVFKH (UHLJQLVVH XQG UH
OLJL|VH 7UDGLWLRQ PLW VWlGWHEDXOLFKHQ ,QWHUYHQWLRQHQ YHUVFKPLO]W
GLHGLHSROLWLVFKH*HRJUDHGHU6WDGWXPVFKUHLEHQXQGGDV5HOL
6DELQH%LWWHU+HOPXW:HEHUIURPWKHVHULHV$OO:LOO%H:HOO
5HOLJLRQ,QGXVWULHV/DJRV5LR

SOD\ERWKE\PHDQVRIDQGEH\RQGSKRWRJUDSK\WREUHDNWKURXJK
WKLV SURJUDPPLQJ" +RZ GR UHOLJLRXV PRYHPHQWV UHODWH WR TXHV
WLRQVFRQFHUQLQJWKHLGHRORJLVDWLRQRIUHOLJLRQWKDWFRUUHVSRQGWR
DQLGHRORJLVDWLRQRI PHGLDO LPDJHV"%XWKHUHLWFDQQRWEHDPDW
WHURISOD\LQJRXWWKHFRQWUDGLFWLRQVZLWKLQDUHJLPHRISHUFHSWLRQ
GUDZQDORQJWKHOLQHVRIDQRVWHQVLEOHLQVLGHYVDQRVWHQVLEOH
RXWVLGHQRUFDQLWEHDTXHVWLRQRIPHUJLQJWKHUHJLPHVRISHU
FHSWLRQDQGLPDJHLQWRRQH,WLVUDWKHUDPDWWHURIPDNLQJWKHVH
DVSHFWVYLVLEOHDQGRIZRUNLQJZLWKWKHPDVSDUWRIWKHSURMHFWLW
VHOI7KHH[KLELWLRQWKH8UEDQ&XOWXUHVRI*OREDO3UD\HUVWKXV
SURGXFHVDQHPLQHQWO\YLVXDOVSDFHZLWKLQWKHGHEDWHRYHUUHOLJLRQ
XUEDQVSDFHDQGWKHSROLWLFVRIUHSUHVHQWDWLRQ
0DJGDOHQD .DOOHQEHUJHU DQG 'RURWKHD 1ROG YLVLWHG YDULRXV
SODFHVLQ%HUOLQGRFXPHQWLQJWKHSUHSDUDWLRQVEHLQJPDGHLQRU
GHUWRWUDQVIRUPVSDFHVZLWKDFRPSOHWHO\GLIIHUHQWIXQFWLRQLQWR
SODFHV RI ZRUVKLS LQFOXGLQJ DPRQJ RWKHUV WKH FLQHPD %DE\
ORQLQ%HUOLQ0LWWH7KHDFWXDOHYHQWKRZHYHULVOHIWRXWZKLFK
KDVWKHUHVXOWRIPDNLQJYLVLEOHWKHSDVVDJHVRIWUDQVIRUPDWLRQDQG
WKHWKHDWULFDOLW\RIWKHSUHVHQWDWLRQWKDWPDNHLWSRVVLEOHWRH[SH
ULHQFHWKHUHOLJLRXVLQDVHFXODUVSDFH6DELQH%LWWHUDQG+HOPXW
:HEHUSUHVHQWSKRWRJUDSKLFWDEOHDX[DUUDQJHGZLWKDQRUQDPHQ
WDOTXDOLW\WKDWZHUHPDGHLQ5LRGH-DQHLURDQG/DJRVRIIRUPHU
LQGXVWULDOEXLOGLQJVDQGPRYLHWKHDWHUVWKDWQRZVHUYHYDULRXVUH
OLJLRXVJURXSVIRUWKHLUVHUYLFHV7KLVDSSURSULDWLRQDOVRLQGLFDWHV
WKHLQFUHDVLQJLPSRUWDQFHRIUHOLJLRQIRUWKHFXOWXUDODQGHFRQRPLF
GHYHORSPHQW RI FLWLHV ZLWK UHOLJLRQ PDUNHG DV D QHZ SRVW)RUG
LVWIRUPRIHFRQRP\DQGDVDQHZFXOWXUHLQGXVWU\6HYJL2UWDo
ORRNVDW,VODPLQ,VWDQEXODVDV\PEROLFUHJLPHWKDWIXVHVKLVWRUL
FDOHYHQWVDQGUHOLJLRXVWUDGLWLRQZLWKXUEDQLQWHUYHQWLRQVWKDWGH
VFULEHWKHSROLWLFDOJHRJUDSK\RIWKHFLW\DQGLQWHUWZLQHUHOLJLRQ
ZLWKQHROLEHUDOFRQFHSWVRIVRFLHW\ZKHUHDQLPDJLQDU\2WWRPDQ
KHULWDJHDV,VODPLFYHUVLRQRIWKHFRQWHPSRUDU\FLW\LVFUHDWHG,Q
KHUWKUHHSDUWYLGHRZRUN6XUDEKL6KDUPDLQWHUWZLQHVLPDJHV
RIUHOLJLRXVIHVWLYLWLHVRIQRUWKHUQ,QGLDQPLJUDQWVLQ0XPEDL,Q
IHVWLYLWLHVWKDWODVWIRUVHYHUDOGD\VWKHSXEOLFVSDFHRIWKHFLW\LV

.DWMD(\GHOGHWDLOIURPWKHLQVWDOODWLRQ+DELWXV

&DPHUD$XVWULD

$XVVWHOOXQJ([KLELWLRQ

(U|IIQXQJ2SHQLQJ




.QVWOHU,QQHQIKUXQJ*XLGHGWRXU
ZLWKSDUWLFLSDWLQJDUWLVWV


5RXQG7DEOH

LQ.RRSHUDWLRQPLWLQFRRSHUD
WLRQZLWK$NDGHPLH*UD]$IUR
$VLDWLVFKHV,QVWLWXW*UD]



&DPHUD$XVWULD

WKH8UEDQ&XOWXUHVRI*OREDO3UD\HUV

&DPHUD$XVWULD



WKH8UEDQ&XOWXUHVRI*OREDO3UD\HUV


/HQGNDL
*UD]$XVWULD
H[KLELWLRQV#FDPHUDDXVWULDDW
ZZZFDPHUDDXVWULDDW

WKH8UEDQ&XOWXUHV
RI*OREDO3UD\HUV
*LOOHV$XEU\ &+ 6DELQH%LWWHU
+HOPXW:HEHU $7&$ /tD'DQVNHU
$5 $U\R'DQXVLUL ,' .DWMD(\GHO
'( )ULGD+DUW] 0; 0DJGDOHQD
.DOOHQEHUJHU'RURWKHD1ROG '( 
9HUyQLFD0DVWURVLPRQH $5 

5LND&ROOHFWLYH .( 6DQGUD6FKlIHU
'( 6XUDEKL6KDUPD ,1 6HYJL
2UWDo 75 -HQV:HQNHO/DJRV)LOP
:RUNVKRS 1* 3DROD<DFRXE /%

$OVPHGLDOHV3KlQRPHQXQG*HJHQVWDQGSRSXOLVWLVFKHU'HEDWWHQ
WDXFKWHQUHOLJL|VH0RWLYHLQGHQOHW]WHQ-DKUHQLQGHQXQWHUVFKLHG
OLFKVWHQ=XVDPPHQKlQJHQDXI'DEHLEOLHEHQGLHVH'HEDWWHQXP
GHQULFKWLJHQ*ODXEHQLQ(XURSDXQGGHQ86$]XPHLVWDXIGHQ,V
ODPEH]RJHQXQGZXUGHQSROLWLVFKDOV.DPSIGHU.XOWXUHQ]ZL
VFKHQIXQGDPHQWDOUHOLJL|VHUXQGVlNXODUHU*HVHOOVFKDIW]XJHVSLW]W
%HLQlKHUHU%HWUDFKWXQJXPIDVVWGDV3KlQRPHQQHXHUUHOLJL|VHU
%HZHJXQJHQ MHGRFK ZHLWDXV PHKU .RQWH[WH 6R YHU]HLFKQHQ VHLW
GHQHU-DKUHQFKULVWOLFKHQHRFKDULVPDWLVFKH%HZHJXQJHQLQ
/DWHLQDPHULND :HVWDIULND XQG QHXHUGLQJV DXFK &KLQD HLQ HQRU
PHV:DFKVWXP$XFKLQGHQ86$ZRGLHSQJVWNLUFKOLFKH%HZH
JXQJPLWHLQHP(UZHFNXQJVHUOHEQLVLQ/RV$QJHOHVLP-DKU
LKUH :XU]HOQ KDW VLQG GLH 0LWJOLHGHU]DKOHQ ZDFKVHQG ,P LQGL
VFKHQ0XPEDLJHK|UWGLHKLQGXQDWLRQDOLVWLVFKH%HZHJXQJ6KLY
6HQDVHLW-DKUHQ]XGHQHLQXVVUHLFKVWHQSROLWLVFKHQ.UlIWHQXQG
VWHOOWH]XOHW]WGLH%UJHUPHLVWHULQGHU6WDGW,Q-DNDUWDLQ,QGRQH
VLHQKDEHQQDFKGHP6WXU]YRQ3UlVLGHQW6XKDUWR6X*UXS
SHQYRUZLHJHQGMXQJH0lQQHUDXVGHU0LWWHONODVVHZ|FKHQWOLFKH
0XOWLPHGLD6KRZV]XU)HLHUYRQ0RKDPPHGV*HEXUWVWDJLQVWDO
OLHUW,Q7HLOHQ0H[LNRVJLEWHVZDFKVHQGHV,QWHUHVVHIUHLQHQJH
KHLPQLVYROOHQ.XOWXPGLH6DQWD0XHUWHHLQHU+HLOLJHQLQ*H
VWDOWHLQHVEHNOHLGHWHQ6NHOHWWVGHULQ]ZLVFKHQDXFKLQGHQ86$
)XJHIDVVWKDWXQGLQGHU)HUQVHKVHULH%UHDNLQJ%DGHLQHZLFK
WLJH5ROOHVSLHOW
$OOHUGLQJV LVW GLHVH QHXH 5HOLJLRVLWlW OlQJVW QLFKW PHKU DXV
VFKOLHOLFK HLQ 3KlQRPHQ GHU $UPXWVPHWURSROHQ GHV *OREDOHQ
6GHQV'LH%HZHJXQJHQVLQGEHUWUDQVQDWLRQDOHNXOWXUHOOH9HU
HFKWXQJHQXQG0LJUDWLRQVVWU|PHOlQJVWDXFKLQGHQZHVWOLFKHQ
0HWURSROHQDQJHNRPPHQ6LHYHUlQGHUQGLHXUEDQH7RSRJUDHVLH
WUHWHQDOVZLUWVFKDIWOLFKHZLHDXFKDOVSROLWLVFKH$NWHXU,QQHQDXI
XQGHUVHW]HQGDEHLQLFKWVHOWHQGLH5ROOHGHV6WDDWHVTXHUGXUFK
DOOH:HOWUHJLRQHQXQG5HOLJLRQHQ
9RU GLHVHP GLVNXUVLYHQ +LQWHUJUXQG EHVFKlIWLJW VLFK GDV )RU
VFKXQJVXQG$XVVWHOOXQJVSURMHNWJOREDOSUD\HUV(UO|VXQJXQG
%HIUHLXQJLQGHU6WDGWLQLWLLHUWYRQGHU%HUOLQHU*UXSSHPHWUR=R
QHVVHLW$QIDQJPLWQHXHQ*ODXEHQVJHVHOOVFKDIWHQLQXQWHU

&ROODJH.DWMD5HLFKDUG0HWUR]RQHV

$VDPHGLDSKHQRPHQRQDQGWKHVXEMHFWRISRSXOLVWGHEDWHVUHOL
JLRXVWKHPHVKDYHVXUIDFHGLQUHFHQW\HDUVLQPDQ\GLIIHUHQWFRQ
WH[WV7KHGHEDWHVKDYHODUJHO\UHYROYHGDURXQGWKHTXHVWLRQRIWKH
 WUXHIDLWKLQ(XURSHDQGWKH86XVXDOO\LQUHIHUHQFHWR,VODPDQG
XQGHUVWRRGLQSROLWLFDOWHUPVDVDFODVKRIFLYLOL]DWLRQVEHWZHHQ
IXQGDPHQWDOUHOLJLRXVDQGVHFXODUVRFLHWLHV
8SRQFORVHULQVSHFWLRQKRZHYHUWKHSKHQRPHQRQRIQHZUHOL
JLRXVPRYHPHQWVLQIDFWLQFOXGHVPDQ\PRUHFRQWH[WV6LQFHWKH
V &KULVWLDQ 1HRFKDULVPDWLF PRYHPHQWV KDYH EHHQ RQ WKH
ULVHLQ/DWLQ$PHULFD:HVW$IULFDDQGPRUHUHFHQWO\LQ&KLQD
7KHVDPHWUHQGFDQDOVREHVHHQLQWKH86ZKHUHWKH3HQWHFRV
WDOPRYHPHQWUVWWRRNVKDSHLQLQ/RV$QJHOHVDQGZKHUH
WKHPHPEHUVKLSQXPEHUVFRQWLQXHWRJURZ,Q0XPEDL,QGLDWKH
+LQGXQDWLRQDOLVWPRYHPHQW6KLY6HQDKDVFRPHWREHRQHRI
WKHPRVWLQXHQWLDOSROLWLFDOIRUFHVDQGUHFHQWO\ZDVEHKLQGWKH
HOHFWLRQRIWKHFLW\PD\RU,Q-DNDUWD,QGRQHVLDDIWHUWKHIDOORI
3UHVLGHQW6XKDUWRLQ6XJURXSVPDLQO\\RXQJPHQIURPD
PLGGOHFODVVEDFNJURXQGFUHDWHGZHHNO\PXOWLPHGLDVKRZVIRU
WKHFHOHEUDWLRQRI0XKDPPDGVELUWKGD\,QVRPHSDUWVRI0H[LFR
WKHUHLVDJURZLQJLQWHUHVWLQWKHP\VWHULRXVFXOWRI6DQWD0XHUWH
DVDLQWLQWKHIRUPRIDFORWKHGVNHOHWRQWKDWKDVDOVRDOUHDG\JDLQHG
DIRRWKROGLQWKH86DQGFDQEHVHHQIRUH[DPSOHLQWKHSRSXODU
WHOHYLVLRQVHULHV%UHDNLQJ%DG
7KLVQHZUHOLJLRXVFRQVFLRXVQHVVLVQRORQJHUH[FOXVLYHO\DSKH
QRPHQRQRIWKHSRYHUW\VWULFNHQFLWLHVRIWKH*OREDO6RXWK7KH
PRYHPHQWVKDYHDOUHDG\DUULYHGLQZHVWHUQPHWURSROLVHVWKURXJK
WUDQVQDWLRQDOFXOWXUDOOLQNVDQGPLJUDWLRQ7KH\FKDQJHXUEDQWR
SRJUDSK\EHFRPLQJLPSRUWDQWHFRQRPLFDQGSROLWLFDOIRUFHVIUH
TXHQWO\WDNLQJRYHUWKHUROHRIWKHVWDWHDSKHQRPHQRQWKDWLVQRW
OLPLWHGWRDQ\UHJLRQRIWKHZRUOGRUDQ\VSHFLFUHOLJLRQ
7KLVLVWKHGLVFXUVLYHVHWWLQJIRUWKHUHVHDUFKSURMHFWDQGH[KL
ELWLRQJOREDOSUD\HUVUHGHPSWLRQDQGOLEHUDWLRQLQWKHFLW\LQL
WLDWHGE\PHWUR=RQHV%HUOLQWKDWVLQFHKDVVWXGLHGQHZUH
OLJLRXV FRPPXQLWLHV LQ ZLGHO\ YDU\LQJ XUEDQ FRQWH[WV 7KH FLW\
DQGWKHLQWHUDFWLRQRIWKHQHZUHOLJLRXVSUDFWLFHVZLWKORFDOXUEDQ
FXOWXUH DQG JOREDO WUHQGV LQ VRFLHW\ UHSUHVHQW WKH FHQWUDO SRLQWV

VFKLHGOLFKVWHQVWlGWLVFKHQ.RQWH[WHQ'LH]HQWUDOH3HUVSHNWLYHGHV
3URMHNWHVELOGHWGDEHLGLH6WDGWXQGGLH:HFKVHOZLUNXQJGHUQHXHQ
UHOLJL|VHQ 3UDNWLNHQ PLW ORNDOHQ XUEDQHQ /HEHQVXPVWlQGHQ XQG
JOREDOHQ JHVHOOVFKDIWOLFKHQ 7HQGHQ]HQ :HOFKHQ (LQXVV KDEHQ
*ODXEHQVULWXDOHDXIGLHUlXPOLFKH2UJDQLVDWLRQGHUJURHQK|FKVW
G\QDPLVFKHQ 0HWURSROHQ ZLH /DJRV 0XPEDL -DNDUWD ,VWDQEXO
5LRGH-DQHLURDEHUDXFK%HUOLQ"8QGZLHHLJQHQVLFKXQWHUVFKLHG
OLFKHUHOLJL|VH%HZHJXQJHQGLH6WlGWHDOV%KQHDQZHOFKH%HGHX
WXQJVYHUVFKLHEXQJHQ HU]HXJHQ VLH ZHQQ VWlGWLVFKH .XOWXUHQ YRQ
QHXHQUHOLJL|VHQ3UDNWLNHQGXUFKGUXQJHQZHUGHQ"
-HQVHLWVLGHRORJLVFKHU'HEDWWHQXPGDV:LHGHUHUVWDUNHQGHV5H
OLJL|VHQZLUGLQGHQ$UEHLWHQYRQ.QVWOHU,QQHQDXV]Z|OI/lQ
GHUQGHXWOLFKGDVVJURH6WlGWHLPPHUDXFK2UWHUHOLJL|VHU,QQRYD
WLRQVLQGJOREDOSUD\HUVLVWGDEHLDOVLQWHUGLV]LSOLQlUH5HFKHUFKH
DQJHOHJWLQHQJHU=XVDPPHQDUEHLW]ZLVFKHQNQVWOHULVFKXQGZLV
VHQVFKDIWOLFK)RUVFKHQGHQORWHWGDV3URMHNWDXVZLHGLHQHXHQ3ROL
WLNHQgNRQRPLHQXQG.XOWXUHQGHV*ODXEHQVLPVWlGWLVFKHQ5DXP
IXQNWLRQLHUHQZHOFKH%LOGHUXQG.OlQJH5lXPHXQG3UDNWLNHQGDV
5HOLJL|VH LP =HLFKHQ GHU *OREDOLVLHUXQJ KHUYRUEULQJW (UNXQGHW
ZHUGHQ7KHPHQZLHGDV9HUKlOWQLV]ZLVFKHQQHXHQXUEDQHQ5HOLJL
RQVJHPHLQVFKDIWHQ 6WDGWSODQXQJ XQG 6WDDWOLFKNHLW 6HOEVWRUJDQL
VDWLRQ0HGLDOLWlW$OOWDJVNXOWXUXQGGLH/RNDOLVLHUXQJWUDQVQDWLR
QDODJLHUHQGHU$NWHXUH'HU*ODXEHLVWDOOHUGLQJVDXFKHLQ0HGLXP
EHUGDVVLFK*HPHLQVFKDIWOLFKNHLWRUJDQLVLHUWLQGHPJHPHLQVDPH
:HUWH5LWXDOHXQG=LHOHHWDEOLHUWZHUGHQGLHVLFKLQGHQ$OOWDJHLQ
VFKUHLEHQXQG7UDQVIRUPDWLRQVPRPHQWHLQ%H]XJDXI)UDJHQGHU
VR]LDOHQXQGSROLWLVFKHQ,GHQWLWlWHU]HXJHQ
'LH$XVVWHOOXQJWKH8UEDQ&XOWXUHVRI*OREDO3UD\HUVVFKOLHW
GDPLWDQ)UDJHVWHOOXQJHQDQGLH&DPHUD$XVWULDLP-DKUEH
UHLWVLQ$XVVWHOOXQJVSURMHNWHQXQGLQGHU=HLWVFKULIWYHUKDQGHOWKDW
DQGDV]ZHLWHLOLJH3URMHNW&RPPXQLWDV]X)UDJHQYRQ*HPHLQ
VFKDIWYRQ(LQXQG$XVVFKOLHXQJHQDNWXHOOHQ,GHQWLWlWVSROLWLNHQ
E]ZDQGLH)UDJHGHUSROLWLVFKHQ,QVWUXPHQWDOLVLHUXQJYRQNXOWX
UHOOHU,GHQWLWlWDEHUDXFKDQ)UDJHQ]XP'RNXPHQWDULVFKHQDOV
SROLWLVFKH3UD[LVZLHLQ&DPHUD$XVWULD,QWHUQDWLRQDO'LH
6HYJL2UWDoYLGHRVWLOOIURP7KH0LVVLQJ3ODFH
0DJGDOHQD.DOOHQEHUJHU'RURWKHD1ROGYLGHRVWLOOIURP5DXPWDXVFK


RI UHIHUHQFH IRU WKH SURMHFW :KDW LQXHQFH GR UHOLJLRXV ULWXDOV
KDYHRQWKHVSDWLDORUJDQLVDWLRQRIODUJHH[WUHPHO\G\QDPLFPH
WURSROLVHVOLNH/DJRV0XPEDL-DNDUWD,VWDQEXO5LRGH-DQHLUR
EXWDOVR%HUOLQ"$QGKRZGRWKHGLIIHUHQWUHOLJLRXVPRYHPHQWVDS
SURSULDWHFLWLHVDVWKHLUVWDJH":KDWVKLIWVLQPHDQLQJDUHEURXJKW
DERXWZKHQXUEDQFXOWXUHVEHFRPHSHUPHDWHGZLWKQHZUHOLJLRXV
SUDFWLFHV"
%H\RQGLGHRORJLFDOGHEDWHVDERXWWKHUHVXUJHQFHRIUHOLJLRQ
WKHZRUNVE\WKHVHDUWLVWVIURPWZHOYHFRXQWULHVVKRZKRZELJFLW
LHVKDYHDOZD\VEHHQSODFHVRIUHOLJLRXVLQQRYDWLRQJOREDOSUD\HUV
KDVEHHQFRQFHLYHGDVDQLQWHUGLVFLSOLQDU\SURMHFWZLWKFORVHFRO
ODERUDWLRQ EHWZHHQ DUWLVWLF DQG VFLHQWLF UHVHDUFKHUV ORRNLQJ WR
XQGHUVWDQGKRZQHZSROLWLFDOFRQVWHOODWLRQVHFRQRPLHVDQGFXO
WXUHV RI IDLWK IXQFWLRQ LQ XUEDQ DUHDV ZKDW LPDJHV DQG VRXQGV
VSDFHV DQG SUDFWLFHV KDYH EHHQ HQJHQGHUHG E\ UHOLJLRQ DJDLQVW
WKHEDFNGURSRIJOREDOL]DWLRQ"7RSLFVWKDWDUHH[SORUHGZLWKLQWKH
SURMHFWLQFOXGHWKHUHODWLRQVKLSEHWZHHQQHZXUEDQUHOLJLRXVFRP
PXQLWLHV FLW\ SODQQLQJ DQG VWDWHKRRG VHOIRUJDQLVDWLRQ PHGLD
SUHVHQFH FXOWXUH DQG WKH ORFDOLVDWLRQ RI WUDQVQDWLRQDOO\ RSHUDW
LQJSURWDJRQLVWV%HOLHILVDOVRDPHGLXPDURXQGZKLFKDVHQVHRI
FRPPXQLW\FDQEHRUJDQLVHGZKHUHFRPPRQYDOXHVULWXDOVDQG
REMHFWLYHVDUHHVWDEOLVKHGWKDWDUHLQVFULEHGLQHYHU\GD\OLIHDQG
JHQHUDWHPRPHQWVRIWUDQVIRUPDWLRQLQUHODWLRQWRLVVXHVRIVRFLDO
DQGSROLWLFDOLGHQWLW\
7KHH[KLELWLRQSURMHFWWKH8UEDQ&XOWXUHVRI*OREDO3UD\HUV
WKXV IROORZV VLPLODU LVVXHV WKDW ZHUH DOUHDG\ UDLVHG E\ &DPHUD
$XVWULDRYHUWKHODVW\HDULQRWKHUH[KLELWLRQVDQGWKHPDJD]LQHLQ
FOXGLQJWKHWZRSDUWSURMHFW&RPPXQLWDVDGUHVVLQJTXHVWLRQV
ZLWKUHVSHFWWRQRWLRQVRIFRPPXQLW\LQFOXVLRQDQGH[FOXVLRQDQG
FXUUHQWSROLWLFDOLGHQWLWLHVDQGZLWKWKLVWKHTXHVWLRQRIWKHSROLWL
FDOLQVWUXPHQWDOLVDWLRQRIFXOWXUDOLGHQWLW\ZKLOHDOVRFRQVLGHULQJ
7KH'RFXPHQWDU\DV3ROLWLFDO3UDFWLFHDWRSLFWKDWZDVIRXQGLQ
&DPHUD$XVWULD,QWHUQDWLRQDO7KHRYHUZKHOPLQJSUHVHQFHRI
FHUWDLQLPDJHVSURGXFHVDFHUWDLQZD\RINQRZLQJDNLQGRIYLVXDO
SURJUDPPLQJRISROLWLFDOVSDFH:KDWUROHPLJKWDUWLVWLFSUDFWLFHV

6DELQH%LWWHU+HOPXW:HEHUIURPWKHVHULHV$OO:LOO%H:HOO
5HOLJLRQ,QGXVWULHV/DJRV5LR

EHUZlOWLJHQGH $QZHVHQKHLW EHVWLPPWHU %LOGHU HU]HXJW DXFK


HLQHEHVWLPPWH:HLVH]XZLVVHQHLQH$UWYLVXHOOH3URJUDPPLH
UXQJGHVSROLWLVFKHQ5DXPHV:HOFKH5ROOHN|QQHQNQVWOHULVFKH
3UDNWLNHQPLWXQGEHU)RWRJUDHVSLHOHQXPGLHVH3URJUDPPLH
UXQJ]XGXUFKEUHFKHQ":LHDOVRYHUKDOWHQVLFKQHXHUHOLJL|VH%H
ZHJXQJHQ]X)UDJHQHLQHU,GHRORJLVLHUXQJYRQ5HOLJLRQGLHPLW
HLQHU,GHRORJLVLHUXQJYRQ PHGLDOHQ %LOGHUQNRUUHVSRQGLHUW"'D
EHLNDQQHVQLFKWGDUXPJHKHQGLH:LGHUVSUFKH]ZLVFKHQGHQ
%OLFNUHJLPHVHLQHVYHUPHLQWOLFKHQ,QQHQJHJHQHLQYHUPHLQWOL
FKHV$XHQDXV]XVSLHOHQQRFKGLHVH%OLFNXQG%LOGUHJLPHLQHL
QDQGHUDXI]XO|VHQ(VJHKWLP*HJHQWHLOGDUXPGLHVHVLFKWEDU]X
PDFKHQXQGDOV7HLOGHV3URMHNWHV]XYHUKDQGHOQ'LH$XVVWHOOXQJ
WKH8UEDQ&XOWXUHVRI*OREDO3UD\HUVHU]HXJWPLWKLQHLQHQHPL
QHQWYLVXHOOHQ5DXPGHU'HEDWWHEHUGDV5HOLJL|VHGHQ6WDGWUDXP
XQG5HSUlVHQWDWLRQVSROLWLNHQ
0DJGDOHQD .DOOHQEHUJHU XQG 'RURWKHD 1ROG KDEHQ YHUVFKLH
GHQH2UWHLQ%HUOLQDXIJHVXFKWXQGGLH9RUEHUHLWXQJHQGRNXPHQ
WLHUWXP5lXPHIU*RWWHVGLHQVWHXP]XJHVWDOWHQ5lXPHGLHDQ
VRQVWHQPLWHLQHUY|OOLJDQGHUHQ)XQNWLRQLQGHUORNDOHQ*HRJUDH
HWDEOLHUWVLQGZLHXQWHUDQGHUHPGDV.LQR%DE\ORQLQ%HUOLQ
0LWWH 'DV HLJHQWOLFKH (UHLJQLV EOHLEW DXVJHVSDUW GDGXUFK ZHU
GHQDOOHUGLQJVVRHWZDVZLH3DVVDJHQGHU7UDQVIRUPDWLRQXQG,Q
V]HQLHUXQJVLFKWEDUGLHGHP5HOLJL|VHQHLQHQ2UWLP6lNXODUHQ
EHUKDXSW HUVW HUP|JOLFKHQ 6DELQH %LWWHU XQG +HOPXW :HEHU
]HLJHQ7DEOHDXVYRQJHUDGH]XRUQDPHQWDODQJHRUGQHWHQ)RWRJUD
HQGLHLQ5LRGH-DQHLURXQG/DJRVHQWVWDQGHQVLQGHKHPDOLJH
,QGXVWULHJHElXGH XQG .LQRV GLHQHQ KHXWH YHUVFKLHGHQHQ UHOLJL|
VHQ*UXSSHQDOV5lXPHIULKUH*RWWHVGLHQVWH'LHVH$QHLJQXQJ
YHUZHLVW]XJOHLFKDXIGLH]XQHKPHQGH%HGHXWXQJYRQ5HOLJLRQIU
GLHNXOWXUHOOHXQG|NRQRPLVFKH(QWZLFNOXQJYRQ6WlGWHQ5HOLJLRQ
ZLUGDOVQHXHSRVWIRUGLVWLVFKH:LUWVFKDIWVIRUPXQGDOVQHXH.XO
WXULQGXVWULHPDUNLHUW6HYJL2UWDoXQWHUVXFKWGHQ,VODPLQ,VWDQ
EXO DOV V\PEROLVFKHV 5HJLPH GDV KLVWRULVFKH (UHLJQLVVH XQG UH
OLJL|VH 7UDGLWLRQ PLW VWlGWHEDXOLFKHQ ,QWHUYHQWLRQHQ YHUVFKPLO]W
GLHGLHSROLWLVFKH*HRJUDHGHU6WDGWXPVFKUHLEHQXQGGDV5HOL
6DELQH%LWWHU+HOPXW:HEHUIURPWKHVHULHV$OO:LOO%H:HOO
5HOLJLRQ,QGXVWULHV/DJRV5LR

SOD\ERWKE\PHDQVRIDQGEH\RQGSKRWRJUDSK\WREUHDNWKURXJK
WKLV SURJUDPPLQJ" +RZ GR UHOLJLRXV PRYHPHQWV UHODWH WR TXHV
WLRQVFRQFHUQLQJWKHLGHRORJLVDWLRQRIUHOLJLRQWKDWFRUUHVSRQGWR
DQLGHRORJLVDWLRQRI PHGLDO LPDJHV"%XWKHUHLWFDQQRWEHDPDW
WHURISOD\LQJRXWWKHFRQWUDGLFWLRQVZLWKLQDUHJLPHRISHUFHSWLRQ
GUDZQDORQJWKHOLQHVRIDQRVWHQVLEOHLQVLGHYVDQRVWHQVLEOH
RXWVLGHQRUFDQLWEHDTXHVWLRQRIPHUJLQJWKHUHJLPHVRISHU
FHSWLRQDQGLPDJHLQWRRQH,WLVUDWKHUDPDWWHURIPDNLQJWKHVH
DVSHFWVYLVLEOHDQGRIZRUNLQJZLWKWKHPDVSDUWRIWKHSURMHFWLW
VHOI7KHH[KLELWLRQWKH8UEDQ&XOWXUHVRI*OREDO3UD\HUVWKXV
SURGXFHVDQHPLQHQWO\YLVXDOVSDFHZLWKLQWKHGHEDWHRYHUUHOLJLRQ
XUEDQVSDFHDQGWKHSROLWLFVRIUHSUHVHQWDWLRQ
0DJGDOHQD .DOOHQEHUJHU DQG 'RURWKHD 1ROG YLVLWHG YDULRXV
SODFHVLQ%HUOLQGRFXPHQWLQJWKHSUHSDUDWLRQVEHLQJPDGHLQRU
GHUWRWUDQVIRUPVSDFHVZLWKDFRPSOHWHO\GLIIHUHQWIXQFWLRQLQWR
SODFHV RI ZRUVKLS LQFOXGLQJ DPRQJ RWKHUV WKH FLQHPD %DE\
ORQLQ%HUOLQ0LWWH7KHDFWXDOHYHQWKRZHYHULVOHIWRXWZKLFK
KDVWKHUHVXOWRIPDNLQJYLVLEOHWKHSDVVDJHVRIWUDQVIRUPDWLRQDQG
WKHWKHDWULFDOLW\RIWKHSUHVHQWDWLRQWKDWPDNHLWSRVVLEOHWRH[SH
ULHQFHWKHUHOLJLRXVLQDVHFXODUVSDFH6DELQH%LWWHUDQG+HOPXW
:HEHUSUHVHQWSKRWRJUDSKLFWDEOHDX[DUUDQJHGZLWKDQRUQDPHQ
WDOTXDOLW\WKDWZHUHPDGHLQ5LRGH-DQHLURDQG/DJRVRIIRUPHU
LQGXVWULDOEXLOGLQJVDQGPRYLHWKHDWHUVWKDWQRZVHUYHYDULRXVUH
OLJLRXVJURXSVIRUWKHLUVHUYLFHV7KLVDSSURSULDWLRQDOVRLQGLFDWHV
WKHLQFUHDVLQJLPSRUWDQFHRIUHOLJLRQIRUWKHFXOWXUDODQGHFRQRPLF
GHYHORSPHQW RI FLWLHV ZLWK UHOLJLRQ PDUNHG DV D QHZ SRVW)RUG
LVWIRUPRIHFRQRP\DQGDVDQHZFXOWXUHLQGXVWU\6HYJL2UWDo
ORRNVDW,VODPLQ,VWDQEXODVDV\PEROLFUHJLPHWKDWIXVHVKLVWRUL
FDOHYHQWVDQGUHOLJLRXVWUDGLWLRQZLWKXUEDQLQWHUYHQWLRQVWKDWGH
VFULEHWKHSROLWLFDOJHRJUDSK\RIWKHFLW\DQGLQWHUWZLQHUHOLJLRQ
ZLWKQHROLEHUDOFRQFHSWVRIVRFLHW\ZKHUHDQLPDJLQDU\2WWRPDQ
KHULWDJHDV,VODPLFYHUVLRQRIWKHFRQWHPSRUDU\FLW\LVFUHDWHG,Q
KHUWKUHHSDUWYLGHRZRUN6XUDEKL6KDUPDLQWHUWZLQHVLPDJHV
RIUHOLJLRXVIHVWLYLWLHVRIQRUWKHUQ,QGLDQPLJUDQWVLQ0XPEDL,Q
IHVWLYLWLHVWKDWODVWIRUVHYHUDOGD\VWKHSXEOLFVSDFHRIWKHFLW\LV

.DWMD(\GHOGHWDLOIURPWKHLQVWDOODWLRQ+DELWXV

&DPHUD$XVWULD

WKH8UEDQ&XOWXUHVRI*OREDO3UD\HUV

&DPHUD$XVWULD



WKH8UEDQ&XOWXUHVRI*OREDO3UD\HUV

0DUJKHULWD6SLOXWWLQL



(U|IIQXQJ2SHQLQJ


&DPHUD$XVWULD,QWHUQDWLRQDO

0DUJKHULWD6SLOXWWLQLV$UFKLWHNWXUIRWRJUDHLVWYRQHLQHPVSH]L
VFKHQ%OLFNJHOHLWHW,QLKUHPXPIDVVHQGHQXYUHOlVVWVLFKHLQ
YLVXHOOHV'HQNHQDXIQGHQGDV$UFKLWHNWXUHQ5lXPH/DQGVFKDIW
XQG6HKHQLQEHVRQGHUHU:HLVHPLWGHPIRWRJUDVFKHQ%LOGYHU
NQSIW'LH$XVVWHOOXQJZUGLJWGLHVHQ%HLWUDJ]XU)UDJHGHV,Q
GHQ%OLFN1HKPHQV YRQ $UFKLWHNWXU XQG /DQGVFKDIW G K YRQ
5DXPSURGXNWLRQHQ XQG LKUHU hEHUVHW]XQJ LQV %LOG )U &DPHUD
$XVWULDZLUG0DUJKHULWD6SLOXWWLQLHLQHQVSH]LVFKHQ%HLWUDJHQW
ZLFNHOQGHUDXFKDXIGLHNRQNUHWH*HVFKLFKWHGHU$UFKLWHNWXUGHV
(LVHUQHQ +DXVHV XQG GHUHQ 1HXGHQLWLRQ DOV $XVVWHOOXQJVUDXP
UHDJLHUW

%HWWLQD6WHLQEUJJH0DU\DP-DIUL.DWULQ0XQGW6YHQ
$XJXVWLMQHQ-RFKHQ%HFNHU$[HO-RKQ:LHGHU*OREDO
3UD\HUV$QQHWW%XVFK0LFKDHO0UDNLWVFK

JHQGJHIlQJQLVVHQLQ0H[LNR6WDGWVLQGUHOLJL|VH%LOGHUYHUERWHQ
'HQQRFKQGHQVLFK0RWLYHGHU+RO\'HDWKDXI.LVVHQ'HFNHQ
76KLUWVRGHUGHQ.|USHUQGHQ%OLFNHQGHU$XIVHKHUHQW]RJHQ8Q
WHU%HGLQJXQJHQGHUVWlQGLJHQhEHUZDFKXQJVLQGGLHVH=HLFKHQ
DXFK 9HKLNHO ]XU $XIUHFKWHUKDOWXQJ HLQHU VSH]LVFKHQ ,GHQWLWlW
6FKOLHOLFK]HLJW$U\R'DQXVLULLQHLQHUHLQ]LJHQODQJHQ(LQVWHO
OXQJGLHXQWHUVFKLHGOLFKH9HUZHQGXQJHLQHV5DXPHVIU=HLWYHU
WUHLERGHUGDV*HEHW'LH*UHQ]HQ]ZLVFKHQGLHVHQJUXQGVlW]OLFK
XQYHUHLQEDUHQ$NWLYLWlWHQVLQGLHHQGXQGYRUDOOHPQLFKWDOOHLQ
UlXPOLFKVRQGHUQ]HLWOLFKGHQLHUWKDQGOXQJVRULHQWLHUWXQGGDPLW
VR]LDOEHVWLPPW

EXW DOVR WHPSRUDOO\ GHQHGJHDUHG WRZDUG DFWLRQ DQGWKHUHIRUH


VRFLDOO\GHWHUPLQHG

'HU6FKZHUSXQNWYRQ&DPHUD$XVWULD,QWHUQDWLRQDO1UOLHJW
HLQHUVHLWVLQGHU$XVHLQDQGHUVHW]XQJPLWGHU.RQVWUXNWLRQYRQ NR
ORQLDOHU *HVFKLFKWHGLHGXUFK(ULQQHUQXQG(U]lKOHQE]ZGXUFK
IRWRJUDVFKH %LOGHU EHUPLWWHOW ZLUG DQGHUHUVHLWV LQ GHQ NXOWX
UHOOHQXQGPHGLDOHQ$XVGUXFNVIRUPHQQHXHUJOREDOHUUHOLJL|VHU%H
ZHJXQJHQDXVNQVWOHULVFKHU3HUVSHNWLYH'LHXQDXVJHVHW]WH%HIUD
JXQJGHU9RUDXVVHW]XQJHQYRQ%LOGSURGXNWLRQHQELOGHWHLQHQJH
PHLQVDPHQ+RUL]RQWGHU'HEDWWHXP IRWRJUDVFKH %LOGHUDOVQDFK
0DUJKHULWD 6SLOXWWLQLV DUFKLWHFWXUDO SKRWRJUDSK\ GHULYHV IURP D ZLHYRUXPVWULWWHQHVYLVXHOOHV7HUUDLQDOV'RNXPHQWDOLWlWZLH
VSHFLFZD\RIVHHLQJ,QKHUFRPSUHKHQVLYHRHXYUHRQHQGVD HV+LWR6WH\HUOEH]HLFKQHWKDW(LQ%HJULIIGHU%LOGHUDXFKDOVHLQH
PHWKRGRIWKLQNLQJDQGVHHLQJWKDWOLQNVDUFKLWHFWXUHVSDFHVODQG )RUPYRQ3ROLWLNXQG7HFKQRORJLHYRQ:DKUKHLWDGUHVVLHUW
VFDSHDQGYLVLRQWRWKHSKRWRJUDSKLFLPDJH7KHH[KLELWLRQSD\V
WULEXWHWRKHUFRQWULEXWLRQWRWKHUHSUHVHQWDWLRQRIDUFKLWHFWXUHDQG 7KHWKHPDWLFIRFXVRI&DPHUD$XVWULD,QWHUQDWLRQDO1ROLHV
WKH ODQGVFDSH DV WKH SURGXFWLRQ RI VSDFH DQG LWV WUDQVODWLRQ LQWR IRURQHLQDQH[SORUDWLRQRIFRQVWUXFWVZLWKLQ FRORQLDO KLVWRU\DV
SKRWRJUDSKLFLPDJHU\0DUJKHULWD6SLOXWWLQLZLOOGHYHORSDVSHFLF LPSDUWHGE\QDUUDWLYHVDQGWKHDFWRIUHPHPEHULQJRUE\SKRWR
FRQWULEXWLRQIRU&DPHUD$XVWULDZKLFKDOVRUHDFWVWRWKHVSHFLF JUDSKLF LPDJHV ZKLOH LW DOVR FRQFHUQV WKH FXOWXUDO DQG PHGLDWLF
KLVWRU\RIWKHDUFKLWHFWXUHRIWKH(LVHUQHV+DXVDQGLWVQHZGHQL IRUPVRIH[SUHVVLRQIRXQGRQDJOREDOVFDOHLQQHZUHOLJLRXVPRYH
WLRQDVDQH[KLELWLRQVSDFH
PHQWVDVFRPPXQLFDWHGWKURXJKDQDUWLVWLFSHUVSHFWLYH7KHLQFHV
VDQWVXUYH\LQJRISUHFRQGLWLRQVIRULPDJHSURGXFWLRQIRUPVDFRP
PRQGLVFXUVLYHKRUL]RQIRVWHULQJGLVFRXUVHRQ SKRWRJUDSKLF LP
DJHU\DVDVWLOOFRQWHVWHGYLVXDOWHUUDLQDVGRFXPHQWDOLW\DV+LWR
6WH\HUOKDVFDOOHGLW$FRQFHSWWKDWDOVRDGGUHVVHVSKRWRJUDSKVDVD
IRUPRISROLWLFVDQGWHFKQRORJ\
JL|VHPLWQHROLEHUDOHQ*HVHOOVFKDIWVNRQ]HSWHQYHUZHEHQ(VHQW
VWHKW HLQ LPDJLQLHUWHV RVPDQLVFKHV (UEH DOV LVODPLVFKH 9HUVLRQ
GHU ]HLWJHQ|VVLVFKHQ 6WDGW 6XUDEKL 6KDUPD YHUVFKUlQNW LQ LK
UHUGUHLWHLOLJHQ9LGHRDUEHLW%LOGHUUHOLJL|VHU)HVWOLFKNHLWHQQRUGLQ
GLVFKHU,PPLJUDQW,QQHQLQ0XPEDLPLWHLQDQGHU,QPHKUWlJLJHQ
)HLHUOLFKNHLWHQZLUGGHU|IIHQWOLFKH5DXPGHU6WDGW]XHLQHPUH
OLJL|VHQ6FKDXSODW]'LHDEVFKOLHHQGHNROOHNWLYH)HLHUDQHLQHP
GHUEHNDQQWHVWHQ6WUlQGHLQ0XPEDLZLUGGDEHLMHGRFKDXFKDOV
SROLWLVFKH'HPRQVWUDWLRQOHVEDU*LOOHV$XEU\V$XGLR9LGHR,QV
WDOODWLRQUHVXOWLHUWDXVHLQHU)HOGVWXGLHLQ.LQVKDVD6LHUHHNWLHUW
GLH3UD[LVGHU6WLPPDXI]HLFKQXQJ]XHWKQRORJLVFKHQ=ZHFNHQELV
KLQ]XU1XW]XQJYRQ$XGLRWHFKQLNLQNRQJROHVLVFKHQ.LUFKHQEHL
0DVVHQJRWWHVGLHQVWHQXQGWKHPDWLVLHUWGLH3UlVHQ]UHOLJL|VHU*H
PHLQVFKDIWHQXQGHLQ]HOQHU*OlXELJHULQ.LQVKDVDV|IIHQWOLFKHP
5DXP.DWMD(\GHOYHUZHQGHWJHIXQGHQHV%LOGPDWHULDOYRQNRP
PHU]LHOOHQ:HEVLWHVGLH.OHLGXQJVVWFNHXQG]HUHPRQLHOOH*HJHQ
VWlQGHGHUNDWKROLVFKHQ.LUFKHYHUWUHLEHQ=ZLVFKHQ*ODXEHQXQG
:DUH RV]LOOLHUHQG ]HLJW (\GHO HLQ ELOGOLFKHV =HLFKHQV\VWHP GDV
5FNVFKOVVH DXI )UDJHQ ]X %HUXIXQJ 5ROOHQVWUXNWXU bPWHUEH
JULII +LHUDUFKLHQ :HUWH XQG ,GHRORJLHQ ]XOlVVW XQG HLQH JUXQG
VlW]OLFKH(QWLQGLYLGXDOLVLHUXQJUHOLJL|VHU6XEMHNWHVLFKWEDUPDFKW
-HQV:HQNHO$U]WXQG'RNXPHQWDUOPHUKDW]XVDPPHQPLW7HLO
QHKPHU,QQHQ GHV /DJRV )LOP :RUNVKRS XPIDQJUHLFKHV )LOP
PDWHULDODXVGHP5HGHPSWLRQ&DPSGHU5HGHHPHG&KULVWLDQ
&KXUFK RI *RG LQ /DJRV HUVWHOOW 'LH $UEHLW QlKHUW VLFK SKlQR
PHQRORJLVFK HLQHU ,QV]HQLHUXQJ UHOLJL|VHQ 5DXPHV YRQ GHU $Q
NXQIWLP&DPSELVKLQ]XP*RWWHVGLHQVWXQGHLQHP,QWHUYLHZPLW
GHP.LUFKHQJUQGHU'LHPHKUWHLOLJH9LGHRLQVWDOODWLRQHUP|JOLFKW
%OLFNYHUKlOWQLVVH DOV (LQEOLFNH LQ GLH .RQVWUXNWLRQ HLQHV UHOLJL|
VHQ7HUULWRULXPVGDVGHQ.LUFKHQUDXPVHOEVWEHUVFKUHLWHW'DV
5LND.ROOHNWLYXQWHUQDKPGHQ9HUVXFKVLFKGHP3KlQRPHQGHU
HNOHNWL]LVWLVFKHQ0XQJLNLLQ.HQLD]XQlKHUQGHUHQ6WDWXVDOV
5HOLJLRQXPVWULWWHQLVWXQGGLHRI]LHOODOVNULPLQHOOH9HUHLQLJXQJ
YHUIROJWZHUGHQ0LW%H]XJDXIGHQDQWLNRORQLDOHQ0DX0DX$XI
VWDQGGHUHU-DKUHDXFKDOVVR]LDOH%HZHJXQJHQWVWDQGHQVLQG
6XUDEKL6KDUPDYLGHRVWLOOVIURP7KH(QDFWPHQWRI([LOHLQ0LJUDQW
0XPEDL
*LOOHV$XEU\GHWDLOIURP7KH/DPDQ(QFRXQWHU

WUDQVIRUPHGLQWRDUHOLJLRXVVFHQH7KHQDOFROOHFWLYHFHOHEUDWLRQ
DW RQH RI WKH PRVW IDPRXV EHDFKHV LQ 0XPEDL FDQ DOVR EH UHDG
DVDSROLWLFDOGHPRQVWUDWLRQ*LOOHV$XEU\VDXGLRYLGHRLQVWDOOD
WLRQUHVXOWVIURPDHOGVWXG\LQ.LQVKDVD,WUHHFWVWKHSUDFWLFH
RIYRLFHUHFRUGLQJUDQJLQJIURPWKHHWKQRORJLFDOWRWKHXVHRIDX
GLRWHFKQRORJ\LQ&RQJROHVHFKXUFKHVGXULQJPDVVVHUYLFHVDQG
IRFXVHVRQWKHSUHVHQFHRIUHOLJLRXVFRPPXQLWLHVDQGLQGLYLGXDO
EHOLHYHUVLQ.LQVKDVDVSXEOLFVSDFH.DWMD(\GHOXVHVIRXQGIRRW
DJHIURPFRPPHUFLDOZHEVLWHVWKDWVHOOWKHYHVWPHQWVDQGFHUHPR
QLDOREMHFWVRIWKH&DWKROLF&KXUFK2VFLOODWLQJEHWZHHQIDLWKDQG
PHUFKDQGLVH(\GHOUHYHDOVDYLVXDOVHPLRWLFV\VWHPWKDWVXJJHVWV
DQVZHUVWRTXHVWLRQVRIYRFDWLRQUROHVWUXFWXUHWKHFRQFHSWRIWKH
PLQLVWU\KLHUDUFKLHVYDOXHVDQGLGHRORJLHVPDNLQJDQXQGHUO\LQJ
GHLQGLYLGXDOLVDWLRQLQUHOLJLRXVVXEMHFWLYLW\YLVLEOH-HQV:HQNHO
PHGLFDOGRFWRUDQGGRFXPHQWDU\OPPDNHUKDVFUHDWHGWRJHWKHU
ZLWKSDUWLFLSDQWVRIWKH/DJRV)LOP:RUNVKRSH[WHQVLYHIRRWDJH
IURP5HGHPSWLRQ&DPSRIWKH5HGHHPHG&KULVWLDQ&KXUFKRI
*RGLQ/DJRV7KHZRUNWDNHVDSKHQRPHQRORJLFDODSSURDFKWR
WKHVWDJLQJRIUHOLJLRXVVSDFHSDVVLQJIURPWKHDUULYDODWWKHFDPS
WRDUHOLJLRXVVHUYLFHDQGDQLQWHUYLHZZLWKWKHFKXUFKVIRXQGHU
7KH PXOWLSDUW YLGHR LQVWDOODWLRQ VKRZV WKH UHODWLRQVKLS RI YDUL
RXVSHUVSHFWLYHVWRSURYLGHXVZLWKLQVLJKWLQWRWKHFRQVWUXFWLRQRI
DUHOLJLRXVWHUULWRU\WKDWJRHVEH\RQGWKHFKXUFKLWVHOI7KH5LND
&ROOHFWLYHDWWHPSWHGWRDSSURDFKWKHSKHQRPHQRQRIWKHHFOHFWLF
0XQJLNLLQ.HQ\DZKRVHVWDWXVDVDUHOLJLRQLVFRQWURYHUVLDODQG
ZKRKDYHEHHQSHUVHFXWHGDQGRIFLDOO\SXUVXHGDVDFULPLQDORU
JDQLVDWLRQ:LWKPDQ\VLPLODULWLHVWRWKHDQWLFRORQLDO0DX0DX
XSULVLQJGXULQJWKHVLWVWDUWHGDVDVRFLDOPRYHPHQWDVZHOO
7KHUHOLJLRXVSUDFWLFHVDUHVHFUHWLYHDQGWKHPHPEHUVDQRQ\PRXV
EXWDWWKHVDPHWLPH0XQJLNLFRQVWLWXWHVSDUWRIHYHU\GD\OLIHLQ
WKHVOXPVRI1DLURELDQGRWKHUPDMRUFLWLHV
3DROD <DFRXEV VHULHV RI SKRWRJUDSKV VKRZV WKH &HPHWHU\
RI6DLQW'LPLWULLQ%HLUXW(DFKRIWKHUHOLJLRXVFRPPXQLWLHV
KDV LWV RZQ EXULDO JURXQG 2Q WKH HGJH RI WKH FHPHWHULHV D VXU
UHDOVHHPLQJERUGHULVFUHDWHGE\WKHFRQVWUXFWLRQRIQHZEXLOG

JHUDGHGLHUHOLJL|VHQ3UDNWLNHQJHKHLPQLVYROOGLH0LWJOLHGHUDQR
Q\PJOHLFK]HLWLJLVW0XQJLNL7HLOGHU/HEHQVZHOWLQGHQ6OXPV
YRQ1DLURELXQGDQGHUHUJURHU6WlGWH3DROD<DFRXEV6HULHYRQ
)RWRJUDHQ ]HLJW GHQ 6DLQW 'LPLWUL)ULHGKRI LQ %HLUXW -HGH GHU
UHOLJL|VHQ*HPHLQVFKDIWHQKDWLKUHLJHQHV*UlEHUIHOG$QGHQ
5lQGHUQGHU)ULHGK|IHHQWVWHKHQGXUFK%DXWlWLJNHLWHQIDVWVXUUH
DOH*UHQ]HQ]ZLVFKHQ6WDGWUDXPXQG5XKHVWlWWHQLQHLQHPZ|UWOL
FKHQ6LQQHLQGHP1HXEDXWHQELVLQGHQ5DXPEHUGHP)ULHGKRI
NUDJHQ*OHLFK]HLWLJEHUKUWGLH$UEHLWGLHJHJHQZlUWLJHQ+HUDXV
IRUGHUXQJHQEHLGHU6XFKHQDFK9HUPLVVWHQLQ%HLUXWZLUGGRFK
LPPHUZLHGHUGDYRQDXVJHJDQJHQGDVVVLFK0DVVHQJUlEHUXQWHU
GHQ )ULHGK|IHQ EHQGHQ 9HUyQLFD 0DVWURVLPRQHV )RWRJUDHQ
VLQGLQ9LOODXQG,VOD0DFLHO]ZHL$UPHQYLHUWHOQLQ%XHQRV
$LUHVDXIJHQRPPHQ6LHULFKWHQVLFKDXIGLH$UEHLWGHU.LUFKHQLP
$OOWDJGHU%DUULRVGHUYRQ(OHQGXQG*HZDOWJHNHQQ]HLFKQHWLVW
DXIGLH6SXUHQUHOLJL|VHU3UDNWLNHQE]ZGLHHQJH9HUVFKUlQNXQJ
YRQ5HOLJLRQXQGDOOWlJOLFKHQVR]LDOH3UDNWLNHQLQVJHVDPWZLHVLH
GXUFKGLH%HIUHLXQJVWKHRORJLHVHLWGHQHU-DKUHQDXFK]XUSROL
WLVFKHQ$JHQGDZXUGH6DQGUD6FKlIHUV]ZHLWHLOLJH9LGHRSURMHN
WLRQLVWHLQHDQDO\WLVFKH5HNRQVWUXNWLRQGHULVODPLVFKHQ5HYROXWLRQ
LP,UDQLQGHQ-DKUHQXQG9RQXQWHUVFKLHGOLFKVWHQSR
OLWLVFKHQ*UXSSLHUXQJHQPLWJHWUDJHQZLUGGLHVH5HYROXWLRQQLFKW
DOV QDWLRQDOHV (UHLJQLV EHWUDFKWHW VRQGHUQ GHU %OLFN DXI 9HUELQ
GXQJHQ3HUVSHNWLYHQXQG5H]HSWLRQHQLQGHQ1DFKEDUOlQGHUQLP
PLWWOHUHQ2VWHQXQGLP:HVWHQJHULFKWHW,QGHU9HUELQGXQJYRQ
,QWHUYLHZVKLVWRULVFKHQ)HUQVHKEHLWUlJHQXQGIRWRJUDVFKHP0D
WHULDO HQWVWHKW HLQ NRPSOH[HV 5H5HDGLQJ GHU (UHLJQLVVH )ULGD
+DUW]IRWRJUDVFKH6HULHULFKWHWVLFKDXIGHQ.XOWGHU6DQWD0X
HUWHLQ0H[LNR6WDGWGHUVHLQHUVHLWVDOVUHOLJL|VHU6\QNUHWLVPXV
SUlNROXPELDQLVFKH (OHPHQWH PLW .DWKROL]LVPXV XQG =JHQ GHU
6DQWDULD+H[HUHLYHUELQGHW$OV*RWWKHLWGHU$XVJHVFKORVVHQHQ
GHU*HVHOOVFKDIWUHSUlVHQWLHUW6DQWD0XHUWHJOHLFK]HLWLJGLHVR
]LDOHQXQGSROLWLVFKHQ9HUZHUIXQJHQXQG%UXFKOLQLHQGHUPH[LND
QLVFKHQ*HVHOOVFKDIW$XFK/tD'DQVNHUZLGPHWVLFKHLQHUVSH]L
VFKHQUHOLJL|VHQ*UXSSHXQWHUEHVRQGHUHQ8PVWlQGHQLQGHQ-X

-HQV:HQNHOYLGHRVWLOOIURP0RYLQJ7RZDUGV5HGHPSWLRQ
3DROD<DFRXEIURPWKHVHULHV6DLQW'LPLWUL &LYLO:DU 

/tD'DQVNHUYLGHRVWLOOIURP4XLHURFUHHU
6DQGUD6FKlIHU%XUQLQJ$UFKLYHV9LGHRVWLOOIURPRQWKHVHWRI
II

LQJVEHWZHHQWKHFLW\DQGWKHODVWUHVWLQJSODFHLQWKHOLWHUDOVHQVH
ZLWKWKHEXLOGLQJVH[WHQGLQJLQWRWKHVSDFHDERYHWKHFHPHWHU\$W
WKHVDPHWLPHWKHZRUNWRXFKHVRQWKHSUHVHQWWDVNRIORRNLQJIRU
PLVVLQJSHUVRQVLQ%HLUXWZKHUHLWLVDVVXPHGWKDWPDVVJUDYHVDUH
KLGGHQ ZLWKLQ WKH FHPHWHULHV 9HUyQLFD 0DVWURVLPRQHV SKRWR
JUDSKVZHUHPDGHLQ9LOODDQG,VOD0DFLHOWZRSRRUQHLJK
ERUKRRGVLQ%XHQRV$LUHV7KH\IRFXVRQWKHHYHU\GD\ZRUNRIWKH
FKXUFKHVLQWKHEDUULRVWKDWDUHPDUNHGE\PLVHU\DQGYLROHQFH
IROORZLQJWKHWUDFHVRIUHOLJLRXVSUDFWLFHVDQGWKHFORVHLQWHUWZLQ
LQJ RI UHOLJLRQ DQG HYHU\GD\ VRFLDO SUDFWLFHV DV D ZKROH DV WKH\
KDYHEHFRPHSDUWRIWKHSROLWLFDODJHQGDVLQFHWKHULVHRIOLEHUD
WLRQWKHRORJ\GXULQJWKHV6DQGUD6FKlIHUVWZRSDUWYLGHR
SURMHFWLRQLVDQDQDO\WLFDOUHFRQVWUXFWLRQRIWKH,VODPLF5HYROXWLRQ
LQ,UDQGXULQJDQG&DUULHGWKURXJKE\YDULRXVSROLWL
FDOIUDFWLRQVWKHUHYROXWLRQLVQRWFRQVLGHUHGDVDPHUHO\QDWLRQDO
HYHQWEXWUDWKHULVORRNHGDWFRQVLGHULQJFRQQHFWLRQVSHUVSHFWLYHV
DQGUHVSRQVHVLQWKHQHLJKERULQJFRXQWULHVLQWKH0LGGOH(DVWDV
DZKROHDQGWKH:HVW7KURXJKWKHFRPELQDWLRQRILQWHUYLHZVKLV
WRULFDOWHOHYLVLRQUHSRUWVDQGSKRWRJUDSKLFPDWHULDODFRPSOH[UH
UHDGLQJRIWKHHYHQWVWDNHVVKDSH)ULGD+DUW]VSKRWRJUDSKLFVH
ULHVIRFXVHVRQWKHFXOWRI6DQWD0XHUWHLQ0H[LFR&LW\ZKLFK
LQLWVUHOLJLRXVV\QFUHWLVPFRQQHFWV&DWKROLFLVPZLWKSUH&ROXP
ELDQWUDGLWLRQVDQGDVSHFWVRI6DQWHULDZLWFKFUDIW$VDGHLW\RI
WKHRXWFDVWVRIVRFLHW\6DQWD0XHUWHDWWKHVDPHWLPHUHSUHVHQWV
WKHVRFLDODQGSROLWLFDOXSKHDYDOVDQGIUDFWXUHVRI0H[LFDQVRFLHW\
/tD'DQVNHUDOVRGHYRWHVKHUZRUNWRDVSHFLFUHOLJLRXVJURXS
XQGHU VSHFLDO FLUFXPVWDQFHV LQ WKH MXYHQLOH GHWHQWLRQ FHQWHUV LQ
0H[LFR&LW\ZKHUHUHOLJLRXVLPDJHVDUHSURKLELWHG,QVSLWHRIWKLV
WKHPRWLIVRI+RO\'HDWKFDQEHIRXQGLQYDULRXVSODFHVRQSLO
ORZV EODQNHWV 7VKLUWV RU ERGLHV KLGGHQ IURP WKH JXDUGV YLHZ
8QGHUFRQGLWLRQVRIFRQVWDQWVXUYHLOODQFHWKHVHVLJQVEHFRPHD
PHDQVIRUPDLQWDLQLQJDXQLTXHLGHQWLW\)LQDOO\$U\R'DQXVLUL
VKRZVLQDVLQJOHORQJWDNHWKHGLIIHUHQWXVHVRIDURRPERWKIRU
SUD\HUDQGSXUVXLQJRQHVSDVWLPHV7KHERXQGDULHVEHWZHHQWKHVH
LQFRPSDWLEOHDFWLYLWLHVDUHXLGDQGDERYHDOOQRWRQO\VSDWLDOO\

$U\R'DQXVLULYLGHRVWLOOIURP7KH)ROG
)ULGD+DUW]IURPWKHVHULHV&XOWRDOD)ODTXLWD

'HU7H[WYHUZHQGHW$XVVFKQLWWHYRQ$[HO-RQ:LHGHU*OREDO3UD\HUV,PDJLQDWLRQ
HLQHUQHXHQ2UGQXQJGXUFK(UO|VXQJ%LOGHUYRP*ODXEHQ&DPHUD$XVWULD,QWHU
QDWLRQDO
(LQH$XVVWHOOXQJGHU1HXHQ*HVHOOVFKDIWIU%LOGHQGH.XQVW%HUOLQLP5DKPHQ
YRQJOREDOSUD\HUV(UO|VXQJXQG%HIUHLXQJLQGHU6WDGWLQ.RRSHUDWLRQPLW
&DPHUD$XVWULD
*OREDO3UD\HUVLVWHLQ3URMHNWYRQPHWUR=RQHV&HQWHUIRU8UEDQ$IIDLUV+DXV
GHU.XOWXUHQGHU:HOW(XURSD8QLYHUVLWlW9LDGULQDLQ)UDQNIXUW2GHUXQGHLQ)RU
VFKXQJVSURMHNWDP)RUXP7UDQVUHJLRQDOH6WXGLHQNRSURGX]LHUWPLW*RHWKH,QVWL
WXW+HLQULFK%|OO6WLIWXQJ

7KHWH[WXVHVSDUWVRI$[HO-RQ:LHGHU*OREDO3UD\HUV,PDJLQDWLRQVRID1HZ2U
GHU7KURXJK5HGHPSWLRQ,PDJHVRI)DLWK&DPHUD$XVWULD,QWHUQDWLRQDO

ZZZQJENGH
ZZZPHWUR=RQHVLQIR
ZZZJOREDOSUD\HUVLQIR
$QH[KLELWLRQSURMHFWE\1HXH*HVHOOVFKDIWIU%LOGHQGH.XQVW%HUOLQZLWKLQWKH
IUDPHZRUNRIJOREDOSUD\HUVUHGHPSWLRQDQGOLEHUDWLRQLQWKHFLW\LQFRRSHUD
WLRQZLWK&DPHUD$XVWULD
*OREDO3UD\HUVLVDSURMHFWE\PHWUR=RQHV&HQWHUIRU8UEDQ$IIDLUV+DXVGHU
.XOWXUHQGHU:HOW(XURSD8QLYHUVLWlW9LDGULQDLQ)UDQNIXUW2GHULQFOXGLQJDUH
VHDUFKSURMHFWDW)RUXP7UDQVUHJLRQDOH6WXGLHQFRSURGXFHGE\*RHWKH,QVWLWXW
+HLQULFK%|OO6WLIWXQJ
gIIQXQJV]HLWHQ2SHQLQJKRXUV
'LHQVWDJELV6RQQWDJ8KU
7XHVGD\WR6XQGD\DPWRSP
)KUXQJHQXQG$XVVWHOOXQJVJHVSUlFKH*XLGHGWRXUV
$QPHOGXQJHUEHWHQXQWHU3OHDVHUHJLVWHUDW
7  
$OOH3XEOLNDWLRQHQVLQGLP%RRNVKRSGHV.XQVWKDXV*UD]HUKlOWOLFKXQGEHU
%HVWHOOXQJHQEHL&DPHUD$XVWULD$OOSXEOLFDWLRQVDUHDYDLODEOHDWWKH.XQVWKDXV
*UD]ERRNVWRUHRUDW&DPHUD$XVWULDGLVWULEXWLRQ#FDPHUDDXVWULDDW

&05.
$PHU|IIQHQDE]XUMHZHLOVYROOHQ6WXQGHGHU*UD]HU.XQVW
YHUHLQ &DPHUD $XVWULD .XQVWYHUHLQ 0HGLHQWXUP XQG  URWRU ! LKUH $XVVWHO
OXQJHQGLHDQGLHVHP7DJYRQJH|IIQHWVLQG

2Q-DQXDU\EHJLQQLQJDWSPWKH.XQVWYHUHLQ*UD]&DPHUD$XVWULD
.XQVWYHUHLQ0HGLHQWXUPDQGURWRU!ZLOOKRVWH[KLELWLRQRSHQLQJVUHPDLQLQJ
RSHQXQWLOSP

6KXWWOHVHUYLFH:LHQ*UD]:LHQ
=X GLHVHP $XVVWHOOXQJVUXQGJDQJ ZLUG HLQ NRVWHQORVHU 6KXWWOH%XV ]ZLVFKHQ
:LHQXQG*UD]HLQJHULFKWHW
$EIDKUW:LHQ2SHU+DOWHVWHOOH,.($%XV
$EIDKUW*UD]URWRU!9RONVJDUWHQVWUDH

6KXWWOHVHUYLFH9LHQQD*UD]9LHQQD
2QWKHRFFDVLRQRIWKHVHRSHQLQJVDIUHHVKXWWOHEXVEHWZHHQ9LHQQDDQG*UD]
ZLOOEHDYDLODEOH
'HSDUWXUH9LHQQDSP2SHUD,.($EXVVWRS
'HSDUWXUH*UD]SPURWRU!9RONVJDUWHQVWUDH

&DPHUD$XVWULD

WKH8UEDQ&XOWXUHVRI*OREDO3UD\HUV

&DPHUD$XVWULD



WKH8UEDQ&XOWXUHVRI*OREDO3UD\HUV

0DUJKHULWD6SLOXWWLQL



(U|IIQXQJ2SHQLQJ


&DPHUD$XVWULD,QWHUQDWLRQDO

0DUJKHULWD6SLOXWWLQLV$UFKLWHNWXUIRWRJUDHLVWYRQHLQHPVSH]L
VFKHQ%OLFNJHOHLWHW,QLKUHPXPIDVVHQGHQXYUHOlVVWVLFKHLQ
YLVXHOOHV'HQNHQDXIQGHQGDV$UFKLWHNWXUHQ5lXPH/DQGVFKDIW
XQG6HKHQLQEHVRQGHUHU:HLVHPLWGHPIRWRJUDVFKHQ%LOGYHU
NQSIW'LH$XVVWHOOXQJZUGLJWGLHVHQ%HLWUDJ]XU)UDJHGHV,Q
GHQ%OLFN1HKPHQV YRQ $UFKLWHNWXU XQG /DQGVFKDIW G K YRQ
5DXPSURGXNWLRQHQ XQG LKUHU hEHUVHW]XQJ LQV %LOG )U &DPHUD
$XVWULDZLUG0DUJKHULWD6SLOXWWLQLHLQHQVSH]LVFKHQ%HLWUDJHQW
ZLFNHOQGHUDXFKDXIGLHNRQNUHWH*HVFKLFKWHGHU$UFKLWHNWXUGHV
(LVHUQHQ +DXVHV XQG GHUHQ 1HXGHQLWLRQ DOV $XVVWHOOXQJVUDXP
UHDJLHUW

%HWWLQD6WHLQEUJJH0DU\DP-DIUL.DWULQ0XQGW6YHQ
$XJXVWLMQHQ-RFKHQ%HFNHU$[HO-RKQ:LHGHU*OREDO
3UD\HUV$QQHWW%XVFK0LFKDHO0UDNLWVFK

JHQGJHIlQJQLVVHQLQ0H[LNR6WDGWVLQGUHOLJL|VH%LOGHUYHUERWHQ
'HQQRFKQGHQVLFK0RWLYHGHU+RO\'HDWKDXI.LVVHQ'HFNHQ
76KLUWVRGHUGHQ.|USHUQGHQ%OLFNHQGHU$XIVHKHUHQW]RJHQ8Q
WHU%HGLQJXQJHQGHUVWlQGLJHQhEHUZDFKXQJVLQGGLHVH=HLFKHQ
DXFK 9HKLNHO ]XU $XIUHFKWHUKDOWXQJ HLQHU VSH]LVFKHQ ,GHQWLWlW
6FKOLHOLFK]HLJW$U\R'DQXVLULLQHLQHUHLQ]LJHQODQJHQ(LQVWHO
OXQJGLHXQWHUVFKLHGOLFKH9HUZHQGXQJHLQHV5DXPHVIU=HLWYHU
WUHLERGHUGDV*HEHW'LH*UHQ]HQ]ZLVFKHQGLHVHQJUXQGVlW]OLFK
XQYHUHLQEDUHQ$NWLYLWlWHQVLQGLHHQGXQGYRUDOOHPQLFKWDOOHLQ
UlXPOLFKVRQGHUQ]HLWOLFKGHQLHUWKDQGOXQJVRULHQWLHUWXQGGDPLW
VR]LDOEHVWLPPW

EXW DOVR WHPSRUDOO\ GHQHGJHDUHG WRZDUG DFWLRQ DQGWKHUHIRUH


VRFLDOO\GHWHUPLQHG

'HU6FKZHUSXQNWYRQ&DPHUD$XVWULD,QWHUQDWLRQDO1UOLHJW
HLQHUVHLWVLQGHU$XVHLQDQGHUVHW]XQJPLWGHU.RQVWUXNWLRQYRQ NR
ORQLDOHU *HVFKLFKWHGLHGXUFK(ULQQHUQXQG(U]lKOHQE]ZGXUFK
IRWRJUDVFKH %LOGHU EHUPLWWHOW ZLUG DQGHUHUVHLWV LQ GHQ NXOWX
UHOOHQXQGPHGLDOHQ$XVGUXFNVIRUPHQQHXHUJOREDOHUUHOLJL|VHU%H
ZHJXQJHQDXVNQVWOHULVFKHU3HUVSHNWLYH'LHXQDXVJHVHW]WH%HIUD
JXQJGHU9RUDXVVHW]XQJHQYRQ%LOGSURGXNWLRQHQELOGHWHLQHQJH
PHLQVDPHQ+RUL]RQWGHU'HEDWWHXP IRWRJUDVFKH %LOGHUDOVQDFK
0DUJKHULWD 6SLOXWWLQLV DUFKLWHFWXUDO SKRWRJUDSK\ GHULYHV IURP D ZLHYRUXPVWULWWHQHVYLVXHOOHV7HUUDLQDOV'RNXPHQWDOLWlWZLH
VSHFLFZD\RIVHHLQJ,QKHUFRPSUHKHQVLYHRHXYUHRQHQGVD HV+LWR6WH\HUOEH]HLFKQHWKDW(LQ%HJULIIGHU%LOGHUDXFKDOVHLQH
PHWKRGRIWKLQNLQJDQGVHHLQJWKDWOLQNVDUFKLWHFWXUHVSDFHVODQG )RUPYRQ3ROLWLNXQG7HFKQRORJLHYRQ:DKUKHLWDGUHVVLHUW
VFDSHDQGYLVLRQWRWKHSKRWRJUDSKLFLPDJH7KHH[KLELWLRQSD\V
WULEXWHWRKHUFRQWULEXWLRQWRWKHUHSUHVHQWDWLRQRIDUFKLWHFWXUHDQG 7KHWKHPDWLFIRFXVRI&DPHUD$XVWULD,QWHUQDWLRQDO1ROLHV
WKH ODQGVFDSH DV WKH SURGXFWLRQ RI VSDFH DQG LWV WUDQVODWLRQ LQWR IRURQHLQDQH[SORUDWLRQRIFRQVWUXFWVZLWKLQ FRORQLDO KLVWRU\DV
SKRWRJUDSKLFLPDJHU\0DUJKHULWD6SLOXWWLQLZLOOGHYHORSDVSHFLF LPSDUWHGE\QDUUDWLYHVDQGWKHDFWRIUHPHPEHULQJRUE\SKRWR
FRQWULEXWLRQIRU&DPHUD$XVWULDZKLFKDOVRUHDFWVWRWKHVSHFLF JUDSKLF LPDJHV ZKLOH LW DOVR FRQFHUQV WKH FXOWXUDO DQG PHGLDWLF
KLVWRU\RIWKHDUFKLWHFWXUHRIWKH(LVHUQHV+DXVDQGLWVQHZGHQL IRUPVRIH[SUHVVLRQIRXQGRQDJOREDOVFDOHLQQHZUHOLJLRXVPRYH
WLRQDVDQH[KLELWLRQVSDFH
PHQWVDVFRPPXQLFDWHGWKURXJKDQDUWLVWLFSHUVSHFWLYH7KHLQFHV
VDQWVXUYH\LQJRISUHFRQGLWLRQVIRULPDJHSURGXFWLRQIRUPVDFRP
PRQGLVFXUVLYHKRUL]RQIRVWHULQJGLVFRXUVHRQ SKRWRJUDSKLF LP
DJHU\DVDVWLOOFRQWHVWHGYLVXDOWHUUDLQDVGRFXPHQWDOLW\DV+LWR
6WH\HUOKDVFDOOHGLW$FRQFHSWWKDWDOVRDGGUHVVHVSKRWRJUDSKVDVD
IRUPRISROLWLFVDQGWHFKQRORJ\
JL|VHPLWQHROLEHUDOHQ*HVHOOVFKDIWVNRQ]HSWHQYHUZHEHQ(VHQW
VWHKW HLQ LPDJLQLHUWHV RVPDQLVFKHV (UEH DOV LVODPLVFKH 9HUVLRQ
GHU ]HLWJHQ|VVLVFKHQ 6WDGW 6XUDEKL 6KDUPD YHUVFKUlQNW LQ LK
UHUGUHLWHLOLJHQ9LGHRDUEHLW%LOGHUUHOLJL|VHU)HVWOLFKNHLWHQQRUGLQ
GLVFKHU,PPLJUDQW,QQHQLQ0XPEDLPLWHLQDQGHU,QPHKUWlJLJHQ
)HLHUOLFKNHLWHQZLUGGHU|IIHQWOLFKH5DXPGHU6WDGW]XHLQHPUH
OLJL|VHQ6FKDXSODW]'LHDEVFKOLHHQGHNROOHNWLYH)HLHUDQHLQHP
GHUEHNDQQWHVWHQ6WUlQGHLQ0XPEDLZLUGGDEHLMHGRFKDXFKDOV
SROLWLVFKH'HPRQVWUDWLRQOHVEDU*LOOHV$XEU\V$XGLR9LGHR,QV
WDOODWLRQUHVXOWLHUWDXVHLQHU)HOGVWXGLHLQ.LQVKDVD6LHUHHNWLHUW
GLH3UD[LVGHU6WLPPDXI]HLFKQXQJ]XHWKQRORJLVFKHQ=ZHFNHQELV
KLQ]XU1XW]XQJYRQ$XGLRWHFKQLNLQNRQJROHVLVFKHQ.LUFKHQEHL
0DVVHQJRWWHVGLHQVWHQXQGWKHPDWLVLHUWGLH3UlVHQ]UHOLJL|VHU*H
PHLQVFKDIWHQXQGHLQ]HOQHU*OlXELJHULQ.LQVKDVDV|IIHQWOLFKHP
5DXP.DWMD(\GHOYHUZHQGHWJHIXQGHQHV%LOGPDWHULDOYRQNRP
PHU]LHOOHQ:HEVLWHVGLH.OHLGXQJVVWFNHXQG]HUHPRQLHOOH*HJHQ
VWlQGHGHUNDWKROLVFKHQ.LUFKHYHUWUHLEHQ=ZLVFKHQ*ODXEHQXQG
:DUH RV]LOOLHUHQG ]HLJW (\GHO HLQ ELOGOLFKHV =HLFKHQV\VWHP GDV
5FNVFKOVVH DXI )UDJHQ ]X %HUXIXQJ 5ROOHQVWUXNWXU bPWHUEH
JULII +LHUDUFKLHQ :HUWH XQG ,GHRORJLHQ ]XOlVVW XQG HLQH JUXQG
VlW]OLFKH(QWLQGLYLGXDOLVLHUXQJUHOLJL|VHU6XEMHNWHVLFKWEDUPDFKW
-HQV:HQNHO$U]WXQG'RNXPHQWDUOPHUKDW]XVDPPHQPLW7HLO
QHKPHU,QQHQ GHV /DJRV )LOP :RUNVKRS XPIDQJUHLFKHV )LOP
PDWHULDODXVGHP5HGHPSWLRQ&DPSGHU5HGHHPHG&KULVWLDQ
&KXUFK RI *RG LQ /DJRV HUVWHOOW 'LH $UEHLW QlKHUW VLFK SKlQR
PHQRORJLVFK HLQHU ,QV]HQLHUXQJ UHOLJL|VHQ 5DXPHV YRQ GHU $Q
NXQIWLP&DPSELVKLQ]XP*RWWHVGLHQVWXQGHLQHP,QWHUYLHZPLW
GHP.LUFKHQJUQGHU'LHPHKUWHLOLJH9LGHRLQVWDOODWLRQHUP|JOLFKW
%OLFNYHUKlOWQLVVH DOV (LQEOLFNH LQ GLH .RQVWUXNWLRQ HLQHV UHOLJL|
VHQ7HUULWRULXPVGDVGHQ.LUFKHQUDXPVHOEVWEHUVFKUHLWHW'DV
5LND.ROOHNWLYXQWHUQDKPGHQ9HUVXFKVLFKGHP3KlQRPHQGHU
HNOHNWL]LVWLVFKHQ0XQJLNLLQ.HQLD]XQlKHUQGHUHQ6WDWXVDOV
5HOLJLRQXPVWULWWHQLVWXQGGLHRI]LHOODOVNULPLQHOOH9HUHLQLJXQJ
YHUIROJWZHUGHQ0LW%H]XJDXIGHQDQWLNRORQLDOHQ0DX0DX$XI
VWDQGGHUHU-DKUHDXFKDOVVR]LDOH%HZHJXQJHQWVWDQGHQVLQG
6XUDEKL6KDUPDYLGHRVWLOOVIURP7KH(QDFWPHQWRI([LOHLQ0LJUDQW
0XPEDL
*LOOHV$XEU\GHWDLOIURP7KH/DPDQ(QFRXQWHU

WUDQVIRUPHGLQWRDUHOLJLRXVVFHQH7KHQDOFROOHFWLYHFHOHEUDWLRQ
DW RQH RI WKH PRVW IDPRXV EHDFKHV LQ 0XPEDL FDQ DOVR EH UHDG
DVDSROLWLFDOGHPRQVWUDWLRQ*LOOHV$XEU\VDXGLRYLGHRLQVWDOOD
WLRQUHVXOWVIURPDHOGVWXG\LQ.LQVKDVD,WUHHFWVWKHSUDFWLFH
RIYRLFHUHFRUGLQJUDQJLQJIURPWKHHWKQRORJLFDOWRWKHXVHRIDX
GLRWHFKQRORJ\LQ&RQJROHVHFKXUFKHVGXULQJPDVVVHUYLFHVDQG
IRFXVHVRQWKHSUHVHQFHRIUHOLJLRXVFRPPXQLWLHVDQGLQGLYLGXDO
EHOLHYHUVLQ.LQVKDVDVSXEOLFVSDFH.DWMD(\GHOXVHVIRXQGIRRW
DJHIURPFRPPHUFLDOZHEVLWHVWKDWVHOOWKHYHVWPHQWVDQGFHUHPR
QLDOREMHFWVRIWKH&DWKROLF&KXUFK2VFLOODWLQJEHWZHHQIDLWKDQG
PHUFKDQGLVH(\GHOUHYHDOVDYLVXDOVHPLRWLFV\VWHPWKDWVXJJHVWV
DQVZHUVWRTXHVWLRQVRIYRFDWLRQUROHVWUXFWXUHWKHFRQFHSWRIWKH
PLQLVWU\KLHUDUFKLHVYDOXHVDQGLGHRORJLHVPDNLQJDQXQGHUO\LQJ
GHLQGLYLGXDOLVDWLRQLQUHOLJLRXVVXEMHFWLYLW\YLVLEOH-HQV:HQNHO
PHGLFDOGRFWRUDQGGRFXPHQWDU\OPPDNHUKDVFUHDWHGWRJHWKHU
ZLWKSDUWLFLSDQWVRIWKH/DJRV)LOP:RUNVKRSH[WHQVLYHIRRWDJH
IURP5HGHPSWLRQ&DPSRIWKH5HGHHPHG&KULVWLDQ&KXUFKRI
*RGLQ/DJRV7KHZRUNWDNHVDSKHQRPHQRORJLFDODSSURDFKWR
WKHVWDJLQJRIUHOLJLRXVVSDFHSDVVLQJIURPWKHDUULYDODWWKHFDPS
WRDUHOLJLRXVVHUYLFHDQGDQLQWHUYLHZZLWKWKHFKXUFKVIRXQGHU
7KH PXOWLSDUW YLGHR LQVWDOODWLRQ VKRZV WKH UHODWLRQVKLS RI YDUL
RXVSHUVSHFWLYHVWRSURYLGHXVZLWKLQVLJKWLQWRWKHFRQVWUXFWLRQRI
DUHOLJLRXVWHUULWRU\WKDWJRHVEH\RQGWKHFKXUFKLWVHOI7KH5LND
&ROOHFWLYHDWWHPSWHGWRDSSURDFKWKHSKHQRPHQRQRIWKHHFOHFWLF
0XQJLNLLQ.HQ\DZKRVHVWDWXVDVDUHOLJLRQLVFRQWURYHUVLDODQG
ZKRKDYHEHHQSHUVHFXWHGDQGRIFLDOO\SXUVXHGDVDFULPLQDORU
JDQLVDWLRQ:LWKPDQ\VLPLODULWLHVWRWKHDQWLFRORQLDO0DX0DX
XSULVLQJGXULQJWKHVLWVWDUWHGDVDVRFLDOPRYHPHQWDVZHOO
7KHUHOLJLRXVSUDFWLFHVDUHVHFUHWLYHDQGWKHPHPEHUVDQRQ\PRXV
EXWDWWKHVDPHWLPH0XQJLNLFRQVWLWXWHVSDUWRIHYHU\GD\OLIHLQ
WKHVOXPVRI1DLURELDQGRWKHUPDMRUFLWLHV
3DROD <DFRXEV VHULHV RI SKRWRJUDSKV VKRZV WKH &HPHWHU\
RI6DLQW'LPLWULLQ%HLUXW(DFKRIWKHUHOLJLRXVFRPPXQLWLHV
KDV LWV RZQ EXULDO JURXQG 2Q WKH HGJH RI WKH FHPHWHULHV D VXU
UHDOVHHPLQJERUGHULVFUHDWHGE\WKHFRQVWUXFWLRQRIQHZEXLOG

JHUDGHGLHUHOLJL|VHQ3UDNWLNHQJHKHLPQLVYROOGLH0LWJOLHGHUDQR
Q\PJOHLFK]HLWLJLVW0XQJLNL7HLOGHU/HEHQVZHOWLQGHQ6OXPV
YRQ1DLURELXQGDQGHUHUJURHU6WlGWH3DROD<DFRXEV6HULHYRQ
)RWRJUDHQ ]HLJW GHQ 6DLQW 'LPLWUL)ULHGKRI LQ %HLUXW -HGH GHU
UHOLJL|VHQ*HPHLQVFKDIWHQKDWLKUHLJHQHV*UlEHUIHOG$QGHQ
5lQGHUQGHU)ULHGK|IHHQWVWHKHQGXUFK%DXWlWLJNHLWHQIDVWVXUUH
DOH*UHQ]HQ]ZLVFKHQ6WDGWUDXPXQG5XKHVWlWWHQLQHLQHPZ|UWOL
FKHQ6LQQHLQGHP1HXEDXWHQELVLQGHQ5DXPEHUGHP)ULHGKRI
NUDJHQ*OHLFK]HLWLJEHUKUWGLH$UEHLWGLHJHJHQZlUWLJHQ+HUDXV
IRUGHUXQJHQEHLGHU6XFKHQDFK9HUPLVVWHQLQ%HLUXWZLUGGRFK
LPPHUZLHGHUGDYRQDXVJHJDQJHQGDVVVLFK0DVVHQJUlEHUXQWHU
GHQ )ULHGK|IHQ EHQGHQ 9HUyQLFD 0DVWURVLPRQHV )RWRJUDHQ
VLQGLQ9LOODXQG,VOD0DFLHO]ZHL$UPHQYLHUWHOQLQ%XHQRV
$LUHVDXIJHQRPPHQ6LHULFKWHQVLFKDXIGLH$UEHLWGHU.LUFKHQLP
$OOWDJGHU%DUULRVGHUYRQ(OHQGXQG*HZDOWJHNHQQ]HLFKQHWLVW
DXIGLH6SXUHQUHOLJL|VHU3UDNWLNHQE]ZGLHHQJH9HUVFKUlQNXQJ
YRQ5HOLJLRQXQGDOOWlJOLFKHQVR]LDOH3UDNWLNHQLQVJHVDPWZLHVLH
GXUFKGLH%HIUHLXQJVWKHRORJLHVHLWGHQHU-DKUHQDXFK]XUSROL
WLVFKHQ$JHQGDZXUGH6DQGUD6FKlIHUV]ZHLWHLOLJH9LGHRSURMHN
WLRQLVWHLQHDQDO\WLVFKH5HNRQVWUXNWLRQGHULVODPLVFKHQ5HYROXWLRQ
LP,UDQLQGHQ-DKUHQXQG9RQXQWHUVFKLHGOLFKVWHQSR
OLWLVFKHQ*UXSSLHUXQJHQPLWJHWUDJHQZLUGGLHVH5HYROXWLRQQLFKW
DOV QDWLRQDOHV (UHLJQLV EHWUDFKWHW VRQGHUQ GHU %OLFN DXI 9HUELQ
GXQJHQ3HUVSHNWLYHQXQG5H]HSWLRQHQLQGHQ1DFKEDUOlQGHUQLP
PLWWOHUHQ2VWHQXQGLP:HVWHQJHULFKWHW,QGHU9HUELQGXQJYRQ
,QWHUYLHZVKLVWRULVFKHQ)HUQVHKEHLWUlJHQXQGIRWRJUDVFKHP0D
WHULDO HQWVWHKW HLQ NRPSOH[HV 5H5HDGLQJ GHU (UHLJQLVVH )ULGD
+DUW]IRWRJUDVFKH6HULHULFKWHWVLFKDXIGHQ.XOWGHU6DQWD0X
HUWHLQ0H[LNR6WDGWGHUVHLQHUVHLWVDOVUHOLJL|VHU6\QNUHWLVPXV
SUlNROXPELDQLVFKH (OHPHQWH PLW .DWKROL]LVPXV XQG =JHQ GHU
6DQWDULD+H[HUHLYHUELQGHW$OV*RWWKHLWGHU$XVJHVFKORVVHQHQ
GHU*HVHOOVFKDIWUHSUlVHQWLHUW6DQWD0XHUWHJOHLFK]HLWLJGLHVR
]LDOHQXQGSROLWLVFKHQ9HUZHUIXQJHQXQG%UXFKOLQLHQGHUPH[LND
QLVFKHQ*HVHOOVFKDIW$XFK/tD'DQVNHUZLGPHWVLFKHLQHUVSH]L
VFKHQUHOLJL|VHQ*UXSSHXQWHUEHVRQGHUHQ8PVWlQGHQLQGHQ-X

-HQV:HQNHOYLGHRVWLOOIURP0RYLQJ7RZDUGV5HGHPSWLRQ
3DROD<DFRXEIURPWKHVHULHV6DLQW'LPLWUL &LYLO:DU 

/tD'DQVNHUYLGHRVWLOOIURP4XLHURFUHHU
6DQGUD6FKlIHU%XUQLQJ$UFKLYHV9LGHRVWLOOIURPRQWKHVHWRI
II

LQJVEHWZHHQWKHFLW\DQGWKHODVWUHVWLQJSODFHLQWKHOLWHUDOVHQVH
ZLWKWKHEXLOGLQJVH[WHQGLQJLQWRWKHVSDFHDERYHWKHFHPHWHU\$W
WKHVDPHWLPHWKHZRUNWRXFKHVRQWKHSUHVHQWWDVNRIORRNLQJIRU
PLVVLQJSHUVRQVLQ%HLUXWZKHUHLWLVDVVXPHGWKDWPDVVJUDYHVDUH
KLGGHQ ZLWKLQ WKH FHPHWHULHV 9HUyQLFD 0DVWURVLPRQHV SKRWR
JUDSKVZHUHPDGHLQ9LOODDQG,VOD0DFLHOWZRSRRUQHLJK
ERUKRRGVLQ%XHQRV$LUHV7KH\IRFXVRQWKHHYHU\GD\ZRUNRIWKH
FKXUFKHVLQWKHEDUULRVWKDWDUHPDUNHGE\PLVHU\DQGYLROHQFH
IROORZLQJWKHWUDFHVRIUHOLJLRXVSUDFWLFHVDQGWKHFORVHLQWHUWZLQ
LQJ RI UHOLJLRQ DQG HYHU\GD\ VRFLDO SUDFWLFHV DV D ZKROH DV WKH\
KDYHEHFRPHSDUWRIWKHSROLWLFDODJHQGDVLQFHWKHULVHRIOLEHUD
WLRQWKHRORJ\GXULQJWKHV6DQGUD6FKlIHUVWZRSDUWYLGHR
SURMHFWLRQLVDQDQDO\WLFDOUHFRQVWUXFWLRQRIWKH,VODPLF5HYROXWLRQ
LQ,UDQGXULQJDQG&DUULHGWKURXJKE\YDULRXVSROLWL
FDOIUDFWLRQVWKHUHYROXWLRQLVQRWFRQVLGHUHGDVDPHUHO\QDWLRQDO
HYHQWEXWUDWKHULVORRNHGDWFRQVLGHULQJFRQQHFWLRQVSHUVSHFWLYHV
DQGUHVSRQVHVLQWKHQHLJKERULQJFRXQWULHVLQWKH0LGGOH(DVWDV
DZKROHDQGWKH:HVW7KURXJKWKHFRPELQDWLRQRILQWHUYLHZVKLV
WRULFDOWHOHYLVLRQUHSRUWVDQGSKRWRJUDSKLFPDWHULDODFRPSOH[UH
UHDGLQJRIWKHHYHQWVWDNHVVKDSH)ULGD+DUW]VSKRWRJUDSKLFVH
ULHVIRFXVHVRQWKHFXOWRI6DQWD0XHUWHLQ0H[LFR&LW\ZKLFK
LQLWVUHOLJLRXVV\QFUHWLVPFRQQHFWV&DWKROLFLVPZLWKSUH&ROXP
ELDQWUDGLWLRQVDQGDVSHFWVRI6DQWHULDZLWFKFUDIW$VDGHLW\RI
WKHRXWFDVWVRIVRFLHW\6DQWD0XHUWHDWWKHVDPHWLPHUHSUHVHQWV
WKHVRFLDODQGSROLWLFDOXSKHDYDOVDQGIUDFWXUHVRI0H[LFDQVRFLHW\
/tD'DQVNHUDOVRGHYRWHVKHUZRUNWRDVSHFLFUHOLJLRXVJURXS
XQGHU VSHFLDO FLUFXPVWDQFHV LQ WKH MXYHQLOH GHWHQWLRQ FHQWHUV LQ
0H[LFR&LW\ZKHUHUHOLJLRXVLPDJHVDUHSURKLELWHG,QVSLWHRIWKLV
WKHPRWLIVRI+RO\'HDWKFDQEHIRXQGLQYDULRXVSODFHVRQSLO
ORZV EODQNHWV 7VKLUWV RU ERGLHV KLGGHQ IURP WKH JXDUGV YLHZ
8QGHUFRQGLWLRQVRIFRQVWDQWVXUYHLOODQFHWKHVHVLJQVEHFRPHD
PHDQVIRUPDLQWDLQLQJDXQLTXHLGHQWLW\)LQDOO\$U\R'DQXVLUL
VKRZVLQDVLQJOHORQJWDNHWKHGLIIHUHQWXVHVRIDURRPERWKIRU
SUD\HUDQGSXUVXLQJRQHVSDVWLPHV7KHERXQGDULHVEHWZHHQWKHVH
LQFRPSDWLEOHDFWLYLWLHVDUHXLGDQGDERYHDOOQRWRQO\VSDWLDOO\

$U\R'DQXVLULYLGHRVWLOOIURP7KH)ROG
)ULGD+DUW]IURPWKHVHULHV&XOWRDOD)ODTXLWD

'HU7H[WYHUZHQGHW$XVVFKQLWWHYRQ$[HO-RQ:LHGHU*OREDO3UD\HUV,PDJLQDWLRQ
HLQHUQHXHQ2UGQXQJGXUFK(UO|VXQJ%LOGHUYRP*ODXEHQ&DPHUD$XVWULD,QWHU
QDWLRQDO
(LQH$XVVWHOOXQJGHU1HXHQ*HVHOOVFKDIWIU%LOGHQGH.XQVW%HUOLQLP5DKPHQ
YRQJOREDOSUD\HUV(UO|VXQJXQG%HIUHLXQJLQGHU6WDGWLQ.RRSHUDWLRQPLW
&DPHUD$XVWULD
*OREDO3UD\HUVLVWHLQ3URMHNWYRQPHWUR=RQHV&HQWHUIRU8UEDQ$IIDLUV+DXV
GHU.XOWXUHQGHU:HOW(XURSD8QLYHUVLWlW9LDGULQDLQ)UDQNIXUW2GHUXQGHLQ)RU
VFKXQJVSURMHNWDP)RUXP7UDQVUHJLRQDOH6WXGLHQNRSURGX]LHUWPLW*RHWKH,QVWL
WXW+HLQULFK%|OO6WLIWXQJ

7KHWH[WXVHVSDUWVRI$[HO-RQ:LHGHU*OREDO3UD\HUV,PDJLQDWLRQVRID1HZ2U
GHU7KURXJK5HGHPSWLRQ,PDJHVRI)DLWK&DPHUD$XVWULD,QWHUQDWLRQDO

ZZZQJENGH
ZZZPHWUR=RQHVLQIR
ZZZJOREDOSUD\HUVLQIR
$QH[KLELWLRQSURMHFWE\1HXH*HVHOOVFKDIWIU%LOGHQGH.XQVW%HUOLQZLWKLQWKH
IUDPHZRUNRIJOREDOSUD\HUVUHGHPSWLRQDQGOLEHUDWLRQLQWKHFLW\LQFRRSHUD
WLRQZLWK&DPHUD$XVWULD
*OREDO3UD\HUVLVDSURMHFWE\PHWUR=RQHV&HQWHUIRU8UEDQ$IIDLUV+DXVGHU
.XOWXUHQGHU:HOW(XURSD8QLYHUVLWlW9LDGULQDLQ)UDQNIXUW2GHULQFOXGLQJDUH
VHDUFKSURMHFWDW)RUXP7UDQVUHJLRQDOH6WXGLHQFRSURGXFHGE\*RHWKH,QVWLWXW
+HLQULFK%|OO6WLIWXQJ
gIIQXQJV]HLWHQ2SHQLQJKRXUV
'LHQVWDJELV6RQQWDJ8KU
7XHVGD\WR6XQGD\DPWRSP
)KUXQJHQXQG$XVVWHOOXQJVJHVSUlFKH*XLGHGWRXUV
$QPHOGXQJHUEHWHQXQWHU3OHDVHUHJLVWHUDW
7  
$OOH3XEOLNDWLRQHQVLQGLP%RRNVKRSGHV.XQVWKDXV*UD]HUKlOWOLFKXQGEHU
%HVWHOOXQJHQEHL&DPHUD$XVWULD$OOSXEOLFDWLRQVDUHDYDLODEOHDWWKH.XQVWKDXV
*UD]ERRNVWRUHRUDW&DPHUD$XVWULDGLVWULEXWLRQ#FDPHUDDXVWULDDW

&05.
$PHU|IIQHQDE]XUMHZHLOVYROOHQ6WXQGHGHU*UD]HU.XQVW
YHUHLQ &DPHUD $XVWULD .XQVWYHUHLQ 0HGLHQWXUP XQG  URWRU ! LKUH $XVVWHO
OXQJHQGLHDQGLHVHP7DJYRQJH|IIQHWVLQG

2Q-DQXDU\EHJLQQLQJDWSPWKH.XQVWYHUHLQ*UD]&DPHUD$XVWULD
.XQVWYHUHLQ0HGLHQWXUPDQGURWRU!ZLOOKRVWH[KLELWLRQRSHQLQJVUHPDLQLQJ
RSHQXQWLOSP

6KXWWOHVHUYLFH:LHQ*UD]:LHQ
=X GLHVHP $XVVWHOOXQJVUXQGJDQJ ZLUG HLQ NRVWHQORVHU 6KXWWOH%XV ]ZLVFKHQ
:LHQXQG*UD]HLQJHULFKWHW
$EIDKUW:LHQ2SHU+DOWHVWHOOH,.($%XV
$EIDKUW*UD]URWRU!9RONVJDUWHQVWUDH

6KXWWOHVHUYLFH9LHQQD*UD]9LHQQD
2QWKHRFFDVLRQRIWKHVHRSHQLQJVDIUHHVKXWWOHEXVEHWZHHQ9LHQQDDQG*UD]
ZLOOEHDYDLODEOH
'HSDUWXUH9LHQQDSP2SHUD,.($EXVVWRS
'HSDUWXUH*UD]SPURWRU!9RONVJDUWHQVWUDH

&DPHUD$XVWULD

WKH8UEDQ&XOWXUHVRI*OREDO3UD\HUV

&DPHUD$XVWULD



WKH8UEDQ&XOWXUHVRI*OREDO3UD\HUV

0DUJKHULWD6SLOXWWLQL



(U|IIQXQJ2SHQLQJ


&DPHUD$XVWULD,QWHUQDWLRQDO

0DUJKHULWD6SLOXWWLQLV$UFKLWHNWXUIRWRJUDHLVWYRQHLQHPVSH]L
VFKHQ%OLFNJHOHLWHW,QLKUHPXPIDVVHQGHQXYUHOlVVWVLFKHLQ
YLVXHOOHV'HQNHQDXIQGHQGDV$UFKLWHNWXUHQ5lXPH/DQGVFKDIW
XQG6HKHQLQEHVRQGHUHU:HLVHPLWGHPIRWRJUDVFKHQ%LOGYHU
NQSIW'LH$XVVWHOOXQJZUGLJWGLHVHQ%HLWUDJ]XU)UDJHGHV,Q
GHQ%OLFN1HKPHQV YRQ $UFKLWHNWXU XQG /DQGVFKDIW G K YRQ
5DXPSURGXNWLRQHQ XQG LKUHU hEHUVHW]XQJ LQV %LOG )U &DPHUD
$XVWULDZLUG0DUJKHULWD6SLOXWWLQLHLQHQVSH]LVFKHQ%HLWUDJHQW
ZLFNHOQGHUDXFKDXIGLHNRQNUHWH*HVFKLFKWHGHU$UFKLWHNWXUGHV
(LVHUQHQ +DXVHV XQG GHUHQ 1HXGHQLWLRQ DOV $XVVWHOOXQJVUDXP
UHDJLHUW

%HWWLQD6WHLQEUJJH0DU\DP-DIUL.DWULQ0XQGW6YHQ
$XJXVWLMQHQ-RFKHQ%HFNHU$[HO-RKQ:LHGHU*OREDO
3UD\HUV$QQHWW%XVFK0LFKDHO0UDNLWVFK

JHQGJHIlQJQLVVHQLQ0H[LNR6WDGWVLQGUHOLJL|VH%LOGHUYHUERWHQ
'HQQRFKQGHQVLFK0RWLYHGHU+RO\'HDWKDXI.LVVHQ'HFNHQ
76KLUWVRGHUGHQ.|USHUQGHQ%OLFNHQGHU$XIVHKHUHQW]RJHQ8Q
WHU%HGLQJXQJHQGHUVWlQGLJHQhEHUZDFKXQJVLQGGLHVH=HLFKHQ
DXFK 9HKLNHO ]XU $XIUHFKWHUKDOWXQJ HLQHU VSH]LVFKHQ ,GHQWLWlW
6FKOLHOLFK]HLJW$U\R'DQXVLULLQHLQHUHLQ]LJHQODQJHQ(LQVWHO
OXQJGLHXQWHUVFKLHGOLFKH9HUZHQGXQJHLQHV5DXPHVIU=HLWYHU
WUHLERGHUGDV*HEHW'LH*UHQ]HQ]ZLVFKHQGLHVHQJUXQGVlW]OLFK
XQYHUHLQEDUHQ$NWLYLWlWHQVLQGLHHQGXQGYRUDOOHPQLFKWDOOHLQ
UlXPOLFKVRQGHUQ]HLWOLFKGHQLHUWKDQGOXQJVRULHQWLHUWXQGGDPLW
VR]LDOEHVWLPPW

EXW DOVR WHPSRUDOO\ GHQHGJHDUHG WRZDUG DFWLRQ DQGWKHUHIRUH


VRFLDOO\GHWHUPLQHG

'HU6FKZHUSXQNWYRQ&DPHUD$XVWULD,QWHUQDWLRQDO1UOLHJW
HLQHUVHLWVLQGHU$XVHLQDQGHUVHW]XQJPLWGHU.RQVWUXNWLRQYRQ NR
ORQLDOHU *HVFKLFKWHGLHGXUFK(ULQQHUQXQG(U]lKOHQE]ZGXUFK
IRWRJUDVFKH %LOGHU EHUPLWWHOW ZLUG DQGHUHUVHLWV LQ GHQ NXOWX
UHOOHQXQGPHGLDOHQ$XVGUXFNVIRUPHQQHXHUJOREDOHUUHOLJL|VHU%H
ZHJXQJHQDXVNQVWOHULVFKHU3HUVSHNWLYH'LHXQDXVJHVHW]WH%HIUD
JXQJGHU9RUDXVVHW]XQJHQYRQ%LOGSURGXNWLRQHQELOGHWHLQHQJH
PHLQVDPHQ+RUL]RQWGHU'HEDWWHXP IRWRJUDVFKH %LOGHUDOVQDFK
0DUJKHULWD 6SLOXWWLQLV DUFKLWHFWXUDO SKRWRJUDSK\ GHULYHV IURP D ZLHYRUXPVWULWWHQHVYLVXHOOHV7HUUDLQDOV'RNXPHQWDOLWlWZLH
VSHFLFZD\RIVHHLQJ,QKHUFRPSUHKHQVLYHRHXYUHRQHQGVD HV+LWR6WH\HUOEH]HLFKQHWKDW(LQ%HJULIIGHU%LOGHUDXFKDOVHLQH
PHWKRGRIWKLQNLQJDQGVHHLQJWKDWOLQNVDUFKLWHFWXUHVSDFHVODQG )RUPYRQ3ROLWLNXQG7HFKQRORJLHYRQ:DKUKHLWDGUHVVLHUW
VFDSHDQGYLVLRQWRWKHSKRWRJUDSKLFLPDJH7KHH[KLELWLRQSD\V
WULEXWHWRKHUFRQWULEXWLRQWRWKHUHSUHVHQWDWLRQRIDUFKLWHFWXUHDQG 7KHWKHPDWLFIRFXVRI&DPHUD$XVWULD,QWHUQDWLRQDO1ROLHV
WKH ODQGVFDSH DV WKH SURGXFWLRQ RI VSDFH DQG LWV WUDQVODWLRQ LQWR IRURQHLQDQH[SORUDWLRQRIFRQVWUXFWVZLWKLQ FRORQLDO KLVWRU\DV
SKRWRJUDSKLFLPDJHU\0DUJKHULWD6SLOXWWLQLZLOOGHYHORSDVSHFLF LPSDUWHGE\QDUUDWLYHVDQGWKHDFWRIUHPHPEHULQJRUE\SKRWR
FRQWULEXWLRQIRU&DPHUD$XVWULDZKLFKDOVRUHDFWVWRWKHVSHFLF JUDSKLF LPDJHV ZKLOH LW DOVR FRQFHUQV WKH FXOWXUDO DQG PHGLDWLF
KLVWRU\RIWKHDUFKLWHFWXUHRIWKH(LVHUQHV+DXVDQGLWVQHZGHQL IRUPVRIH[SUHVVLRQIRXQGRQDJOREDOVFDOHLQQHZUHOLJLRXVPRYH
WLRQDVDQH[KLELWLRQVSDFH
PHQWVDVFRPPXQLFDWHGWKURXJKDQDUWLVWLFSHUVSHFWLYH7KHLQFHV
VDQWVXUYH\LQJRISUHFRQGLWLRQVIRULPDJHSURGXFWLRQIRUPVDFRP
PRQGLVFXUVLYHKRUL]RQIRVWHULQJGLVFRXUVHRQ SKRWRJUDSKLF LP
DJHU\DVDVWLOOFRQWHVWHGYLVXDOWHUUDLQDVGRFXPHQWDOLW\DV+LWR
6WH\HUOKDVFDOOHGLW$FRQFHSWWKDWDOVRDGGUHVVHVSKRWRJUDSKVDVD
IRUPRISROLWLFVDQGWHFKQRORJ\
JL|VHPLWQHROLEHUDOHQ*HVHOOVFKDIWVNRQ]HSWHQYHUZHEHQ(VHQW
VWHKW HLQ LPDJLQLHUWHV RVPDQLVFKHV (UEH DOV LVODPLVFKH 9HUVLRQ
GHU ]HLWJHQ|VVLVFKHQ 6WDGW 6XUDEKL 6KDUPD YHUVFKUlQNW LQ LK
UHUGUHLWHLOLJHQ9LGHRDUEHLW%LOGHUUHOLJL|VHU)HVWOLFKNHLWHQQRUGLQ
GLVFKHU,PPLJUDQW,QQHQLQ0XPEDLPLWHLQDQGHU,QPHKUWlJLJHQ
)HLHUOLFKNHLWHQZLUGGHU|IIHQWOLFKH5DXPGHU6WDGW]XHLQHPUH
OLJL|VHQ6FKDXSODW]'LHDEVFKOLHHQGHNROOHNWLYH)HLHUDQHLQHP
GHUEHNDQQWHVWHQ6WUlQGHLQ0XPEDLZLUGGDEHLMHGRFKDXFKDOV
SROLWLVFKH'HPRQVWUDWLRQOHVEDU*LOOHV$XEU\V$XGLR9LGHR,QV
WDOODWLRQUHVXOWLHUWDXVHLQHU)HOGVWXGLHLQ.LQVKDVD6LHUHHNWLHUW
GLH3UD[LVGHU6WLPPDXI]HLFKQXQJ]XHWKQRORJLVFKHQ=ZHFNHQELV
KLQ]XU1XW]XQJYRQ$XGLRWHFKQLNLQNRQJROHVLVFKHQ.LUFKHQEHL
0DVVHQJRWWHVGLHQVWHQXQGWKHPDWLVLHUWGLH3UlVHQ]UHOLJL|VHU*H
PHLQVFKDIWHQXQGHLQ]HOQHU*OlXELJHULQ.LQVKDVDV|IIHQWOLFKHP
5DXP.DWMD(\GHOYHUZHQGHWJHIXQGHQHV%LOGPDWHULDOYRQNRP
PHU]LHOOHQ:HEVLWHVGLH.OHLGXQJVVWFNHXQG]HUHPRQLHOOH*HJHQ
VWlQGHGHUNDWKROLVFKHQ.LUFKHYHUWUHLEHQ=ZLVFKHQ*ODXEHQXQG
:DUH RV]LOOLHUHQG ]HLJW (\GHO HLQ ELOGOLFKHV =HLFKHQV\VWHP GDV
5FNVFKOVVH DXI )UDJHQ ]X %HUXIXQJ 5ROOHQVWUXNWXU bPWHUEH
JULII +LHUDUFKLHQ :HUWH XQG ,GHRORJLHQ ]XOlVVW XQG HLQH JUXQG
VlW]OLFKH(QWLQGLYLGXDOLVLHUXQJUHOLJL|VHU6XEMHNWHVLFKWEDUPDFKW
-HQV:HQNHO$U]WXQG'RNXPHQWDUOPHUKDW]XVDPPHQPLW7HLO
QHKPHU,QQHQ GHV /DJRV )LOP :RUNVKRS XPIDQJUHLFKHV )LOP
PDWHULDODXVGHP5HGHPSWLRQ&DPSGHU5HGHHPHG&KULVWLDQ
&KXUFK RI *RG LQ /DJRV HUVWHOOW 'LH $UEHLW QlKHUW VLFK SKlQR
PHQRORJLVFK HLQHU ,QV]HQLHUXQJ UHOLJL|VHQ 5DXPHV YRQ GHU $Q
NXQIWLP&DPSELVKLQ]XP*RWWHVGLHQVWXQGHLQHP,QWHUYLHZPLW
GHP.LUFKHQJUQGHU'LHPHKUWHLOLJH9LGHRLQVWDOODWLRQHUP|JOLFKW
%OLFNYHUKlOWQLVVH DOV (LQEOLFNH LQ GLH .RQVWUXNWLRQ HLQHV UHOLJL|
VHQ7HUULWRULXPVGDVGHQ.LUFKHQUDXPVHOEVWEHUVFKUHLWHW'DV
5LND.ROOHNWLYXQWHUQDKPGHQ9HUVXFKVLFKGHP3KlQRPHQGHU
HNOHNWL]LVWLVFKHQ0XQJLNLLQ.HQLD]XQlKHUQGHUHQ6WDWXVDOV
5HOLJLRQXPVWULWWHQLVWXQGGLHRI]LHOODOVNULPLQHOOH9HUHLQLJXQJ
YHUIROJWZHUGHQ0LW%H]XJDXIGHQDQWLNRORQLDOHQ0DX0DX$XI
VWDQGGHUHU-DKUHDXFKDOVVR]LDOH%HZHJXQJHQWVWDQGHQVLQG
6XUDEKL6KDUPDYLGHRVWLOOVIURP7KH(QDFWPHQWRI([LOHLQ0LJUDQW
0XPEDL
*LOOHV$XEU\GHWDLOIURP7KH/DPDQ(QFRXQWHU

WUDQVIRUPHGLQWRDUHOLJLRXVVFHQH7KHQDOFROOHFWLYHFHOHEUDWLRQ
DW RQH RI WKH PRVW IDPRXV EHDFKHV LQ 0XPEDL FDQ DOVR EH UHDG
DVDSROLWLFDOGHPRQVWUDWLRQ*LOOHV$XEU\VDXGLRYLGHRLQVWDOOD
WLRQUHVXOWVIURPDHOGVWXG\LQ.LQVKDVD,WUHHFWVWKHSUDFWLFH
RIYRLFHUHFRUGLQJUDQJLQJIURPWKHHWKQRORJLFDOWRWKHXVHRIDX
GLRWHFKQRORJ\LQ&RQJROHVHFKXUFKHVGXULQJPDVVVHUYLFHVDQG
IRFXVHVRQWKHSUHVHQFHRIUHOLJLRXVFRPPXQLWLHVDQGLQGLYLGXDO
EHOLHYHUVLQ.LQVKDVDVSXEOLFVSDFH.DWMD(\GHOXVHVIRXQGIRRW
DJHIURPFRPPHUFLDOZHEVLWHVWKDWVHOOWKHYHVWPHQWVDQGFHUHPR
QLDOREMHFWVRIWKH&DWKROLF&KXUFK2VFLOODWLQJEHWZHHQIDLWKDQG
PHUFKDQGLVH(\GHOUHYHDOVDYLVXDOVHPLRWLFV\VWHPWKDWVXJJHVWV
DQVZHUVWRTXHVWLRQVRIYRFDWLRQUROHVWUXFWXUHWKHFRQFHSWRIWKH
PLQLVWU\KLHUDUFKLHVYDOXHVDQGLGHRORJLHVPDNLQJDQXQGHUO\LQJ
GHLQGLYLGXDOLVDWLRQLQUHOLJLRXVVXEMHFWLYLW\YLVLEOH-HQV:HQNHO
PHGLFDOGRFWRUDQGGRFXPHQWDU\OPPDNHUKDVFUHDWHGWRJHWKHU
ZLWKSDUWLFLSDQWVRIWKH/DJRV)LOP:RUNVKRSH[WHQVLYHIRRWDJH
IURP5HGHPSWLRQ&DPSRIWKH5HGHHPHG&KULVWLDQ&KXUFKRI
*RGLQ/DJRV7KHZRUNWDNHVDSKHQRPHQRORJLFDODSSURDFKWR
WKHVWDJLQJRIUHOLJLRXVVSDFHSDVVLQJIURPWKHDUULYDODWWKHFDPS
WRDUHOLJLRXVVHUYLFHDQGDQLQWHUYLHZZLWKWKHFKXUFKVIRXQGHU
7KH PXOWLSDUW YLGHR LQVWDOODWLRQ VKRZV WKH UHODWLRQVKLS RI YDUL
RXVSHUVSHFWLYHVWRSURYLGHXVZLWKLQVLJKWLQWRWKHFRQVWUXFWLRQRI
DUHOLJLRXVWHUULWRU\WKDWJRHVEH\RQGWKHFKXUFKLWVHOI7KH5LND
&ROOHFWLYHDWWHPSWHGWRDSSURDFKWKHSKHQRPHQRQRIWKHHFOHFWLF
0XQJLNLLQ.HQ\DZKRVHVWDWXVDVDUHOLJLRQLVFRQWURYHUVLDODQG
ZKRKDYHEHHQSHUVHFXWHGDQGRIFLDOO\SXUVXHGDVDFULPLQDORU
JDQLVDWLRQ:LWKPDQ\VLPLODULWLHVWRWKHDQWLFRORQLDO0DX0DX
XSULVLQJGXULQJWKHVLWVWDUWHGDVDVRFLDOPRYHPHQWDVZHOO
7KHUHOLJLRXVSUDFWLFHVDUHVHFUHWLYHDQGWKHPHPEHUVDQRQ\PRXV
EXWDWWKHVDPHWLPH0XQJLNLFRQVWLWXWHVSDUWRIHYHU\GD\OLIHLQ
WKHVOXPVRI1DLURELDQGRWKHUPDMRUFLWLHV
3DROD <DFRXEV VHULHV RI SKRWRJUDSKV VKRZV WKH &HPHWHU\
RI6DLQW'LPLWULLQ%HLUXW(DFKRIWKHUHOLJLRXVFRPPXQLWLHV
KDV LWV RZQ EXULDO JURXQG 2Q WKH HGJH RI WKH FHPHWHULHV D VXU
UHDOVHHPLQJERUGHULVFUHDWHGE\WKHFRQVWUXFWLRQRIQHZEXLOG

JHUDGHGLHUHOLJL|VHQ3UDNWLNHQJHKHLPQLVYROOGLH0LWJOLHGHUDQR
Q\PJOHLFK]HLWLJLVW0XQJLNL7HLOGHU/HEHQVZHOWLQGHQ6OXPV
YRQ1DLURELXQGDQGHUHUJURHU6WlGWH3DROD<DFRXEV6HULHYRQ
)RWRJUDHQ ]HLJW GHQ 6DLQW 'LPLWUL)ULHGKRI LQ %HLUXW -HGH GHU
UHOLJL|VHQ*HPHLQVFKDIWHQKDWLKUHLJHQHV*UlEHUIHOG$QGHQ
5lQGHUQGHU)ULHGK|IHHQWVWHKHQGXUFK%DXWlWLJNHLWHQIDVWVXUUH
DOH*UHQ]HQ]ZLVFKHQ6WDGWUDXPXQG5XKHVWlWWHQLQHLQHPZ|UWOL
FKHQ6LQQHLQGHP1HXEDXWHQELVLQGHQ5DXPEHUGHP)ULHGKRI
NUDJHQ*OHLFK]HLWLJEHUKUWGLH$UEHLWGLHJHJHQZlUWLJHQ+HUDXV
IRUGHUXQJHQEHLGHU6XFKHQDFK9HUPLVVWHQLQ%HLUXWZLUGGRFK
LPPHUZLHGHUGDYRQDXVJHJDQJHQGDVVVLFK0DVVHQJUlEHUXQWHU
GHQ )ULHGK|IHQ EHQGHQ 9HUyQLFD 0DVWURVLPRQHV )RWRJUDHQ
VLQGLQ9LOODXQG,VOD0DFLHO]ZHL$UPHQYLHUWHOQLQ%XHQRV
$LUHVDXIJHQRPPHQ6LHULFKWHQVLFKDXIGLH$UEHLWGHU.LUFKHQLP
$OOWDJGHU%DUULRVGHUYRQ(OHQGXQG*HZDOWJHNHQQ]HLFKQHWLVW
DXIGLH6SXUHQUHOLJL|VHU3UDNWLNHQE]ZGLHHQJH9HUVFKUlQNXQJ
YRQ5HOLJLRQXQGDOOWlJOLFKHQVR]LDOH3UDNWLNHQLQVJHVDPWZLHVLH
GXUFKGLH%HIUHLXQJVWKHRORJLHVHLWGHQHU-DKUHQDXFK]XUSROL
WLVFKHQ$JHQGDZXUGH6DQGUD6FKlIHUV]ZHLWHLOLJH9LGHRSURMHN
WLRQLVWHLQHDQDO\WLVFKH5HNRQVWUXNWLRQGHULVODPLVFKHQ5HYROXWLRQ
LP,UDQLQGHQ-DKUHQXQG9RQXQWHUVFKLHGOLFKVWHQSR
OLWLVFKHQ*UXSSLHUXQJHQPLWJHWUDJHQZLUGGLHVH5HYROXWLRQQLFKW
DOV QDWLRQDOHV (UHLJQLV EHWUDFKWHW VRQGHUQ GHU %OLFN DXI 9HUELQ
GXQJHQ3HUVSHNWLYHQXQG5H]HSWLRQHQLQGHQ1DFKEDUOlQGHUQLP
PLWWOHUHQ2VWHQXQGLP:HVWHQJHULFKWHW,QGHU9HUELQGXQJYRQ
,QWHUYLHZVKLVWRULVFKHQ)HUQVHKEHLWUlJHQXQGIRWRJUDVFKHP0D
WHULDO HQWVWHKW HLQ NRPSOH[HV 5H5HDGLQJ GHU (UHLJQLVVH )ULGD
+DUW]IRWRJUDVFKH6HULHULFKWHWVLFKDXIGHQ.XOWGHU6DQWD0X
HUWHLQ0H[LNR6WDGWGHUVHLQHUVHLWVDOVUHOLJL|VHU6\QNUHWLVPXV
SUlNROXPELDQLVFKH (OHPHQWH PLW .DWKROL]LVPXV XQG =JHQ GHU
6DQWDULD+H[HUHLYHUELQGHW$OV*RWWKHLWGHU$XVJHVFKORVVHQHQ
GHU*HVHOOVFKDIWUHSUlVHQWLHUW6DQWD0XHUWHJOHLFK]HLWLJGLHVR
]LDOHQXQGSROLWLVFKHQ9HUZHUIXQJHQXQG%UXFKOLQLHQGHUPH[LND
QLVFKHQ*HVHOOVFKDIW$XFK/tD'DQVNHUZLGPHWVLFKHLQHUVSH]L
VFKHQUHOLJL|VHQ*UXSSHXQWHUEHVRQGHUHQ8PVWlQGHQLQGHQ-X

-HQV:HQNHOYLGHRVWLOOIURP0RYLQJ7RZDUGV5HGHPSWLRQ
3DROD<DFRXEIURPWKHVHULHV6DLQW'LPLWUL &LYLO:DU 

/tD'DQVNHUYLGHRVWLOOIURP4XLHURFUHHU
6DQGUD6FKlIHU%XUQLQJ$UFKLYHV9LGHRVWLOOIURPRQWKHVHWRI
II

LQJVEHWZHHQWKHFLW\DQGWKHODVWUHVWLQJSODFHLQWKHOLWHUDOVHQVH
ZLWKWKHEXLOGLQJVH[WHQGLQJLQWRWKHVSDFHDERYHWKHFHPHWHU\$W
WKHVDPHWLPHWKHZRUNWRXFKHVRQWKHSUHVHQWWDVNRIORRNLQJIRU
PLVVLQJSHUVRQVLQ%HLUXWZKHUHLWLVDVVXPHGWKDWPDVVJUDYHVDUH
KLGGHQ ZLWKLQ WKH FHPHWHULHV 9HUyQLFD 0DVWURVLPRQHV SKRWR
JUDSKVZHUHPDGHLQ9LOODDQG,VOD0DFLHOWZRSRRUQHLJK
ERUKRRGVLQ%XHQRV$LUHV7KH\IRFXVRQWKHHYHU\GD\ZRUNRIWKH
FKXUFKHVLQWKHEDUULRVWKDWDUHPDUNHGE\PLVHU\DQGYLROHQFH
IROORZLQJWKHWUDFHVRIUHOLJLRXVSUDFWLFHVDQGWKHFORVHLQWHUWZLQ
LQJ RI UHOLJLRQ DQG HYHU\GD\ VRFLDO SUDFWLFHV DV D ZKROH DV WKH\
KDYHEHFRPHSDUWRIWKHSROLWLFDODJHQGDVLQFHWKHULVHRIOLEHUD
WLRQWKHRORJ\GXULQJWKHV6DQGUD6FKlIHUVWZRSDUWYLGHR
SURMHFWLRQLVDQDQDO\WLFDOUHFRQVWUXFWLRQRIWKH,VODPLF5HYROXWLRQ
LQ,UDQGXULQJDQG&DUULHGWKURXJKE\YDULRXVSROLWL
FDOIUDFWLRQVWKHUHYROXWLRQLVQRWFRQVLGHUHGDVDPHUHO\QDWLRQDO
HYHQWEXWUDWKHULVORRNHGDWFRQVLGHULQJFRQQHFWLRQVSHUVSHFWLYHV
DQGUHVSRQVHVLQWKHQHLJKERULQJFRXQWULHVLQWKH0LGGOH(DVWDV
DZKROHDQGWKH:HVW7KURXJKWKHFRPELQDWLRQRILQWHUYLHZVKLV
WRULFDOWHOHYLVLRQUHSRUWVDQGSKRWRJUDSKLFPDWHULDODFRPSOH[UH
UHDGLQJRIWKHHYHQWVWDNHVVKDSH)ULGD+DUW]VSKRWRJUDSKLFVH
ULHVIRFXVHVRQWKHFXOWRI6DQWD0XHUWHLQ0H[LFR&LW\ZKLFK
LQLWVUHOLJLRXVV\QFUHWLVPFRQQHFWV&DWKROLFLVPZLWKSUH&ROXP
ELDQWUDGLWLRQVDQGDVSHFWVRI6DQWHULDZLWFKFUDIW$VDGHLW\RI
WKHRXWFDVWVRIVRFLHW\6DQWD0XHUWHDWWKHVDPHWLPHUHSUHVHQWV
WKHVRFLDODQGSROLWLFDOXSKHDYDOVDQGIUDFWXUHVRI0H[LFDQVRFLHW\
/tD'DQVNHUDOVRGHYRWHVKHUZRUNWRDVSHFLFUHOLJLRXVJURXS
XQGHU VSHFLDO FLUFXPVWDQFHV LQ WKH MXYHQLOH GHWHQWLRQ FHQWHUV LQ
0H[LFR&LW\ZKHUHUHOLJLRXVLPDJHVDUHSURKLELWHG,QVSLWHRIWKLV
WKHPRWLIVRI+RO\'HDWKFDQEHIRXQGLQYDULRXVSODFHVRQSLO
ORZV EODQNHWV 7VKLUWV RU ERGLHV KLGGHQ IURP WKH JXDUGV YLHZ
8QGHUFRQGLWLRQVRIFRQVWDQWVXUYHLOODQFHWKHVHVLJQVEHFRPHD
PHDQVIRUPDLQWDLQLQJDXQLTXHLGHQWLW\)LQDOO\$U\R'DQXVLUL
VKRZVLQDVLQJOHORQJWDNHWKHGLIIHUHQWXVHVRIDURRPERWKIRU
SUD\HUDQGSXUVXLQJRQHVSDVWLPHV7KHERXQGDULHVEHWZHHQWKHVH
LQFRPSDWLEOHDFWLYLWLHVDUHXLGDQGDERYHDOOQRWRQO\VSDWLDOO\

$U\R'DQXVLULYLGHRVWLOOIURP7KH)ROG
)ULGD+DUW]IURPWKHVHULHV&XOWRDOD)ODTXLWD

'HU7H[WYHUZHQGHW$XVVFKQLWWHYRQ$[HO-RQ:LHGHU*OREDO3UD\HUV,PDJLQDWLRQ
HLQHUQHXHQ2UGQXQJGXUFK(UO|VXQJ%LOGHUYRP*ODXEHQ&DPHUD$XVWULD,QWHU
QDWLRQDO
(LQH$XVVWHOOXQJGHU1HXHQ*HVHOOVFKDIWIU%LOGHQGH.XQVW%HUOLQLP5DKPHQ
YRQJOREDOSUD\HUV(UO|VXQJXQG%HIUHLXQJLQGHU6WDGWLQ.RRSHUDWLRQPLW
&DPHUD$XVWULD
*OREDO3UD\HUVLVWHLQ3URMHNWYRQPHWUR=RQHV&HQWHUIRU8UEDQ$IIDLUV+DXV
GHU.XOWXUHQGHU:HOW(XURSD8QLYHUVLWlW9LDGULQDLQ)UDQNIXUW2GHUXQGHLQ)RU
VFKXQJVSURMHNWDP)RUXP7UDQVUHJLRQDOH6WXGLHQNRSURGX]LHUWPLW*RHWKH,QVWL
WXW+HLQULFK%|OO6WLIWXQJ

7KHWH[WXVHVSDUWVRI$[HO-RQ:LHGHU*OREDO3UD\HUV,PDJLQDWLRQVRID1HZ2U
GHU7KURXJK5HGHPSWLRQ,PDJHVRI)DLWK&DPHUD$XVWULD,QWHUQDWLRQDO

ZZZQJENGH
ZZZPHWUR=RQHVLQIR
ZZZJOREDOSUD\HUVLQIR
$QH[KLELWLRQSURMHFWE\1HXH*HVHOOVFKDIWIU%LOGHQGH.XQVW%HUOLQZLWKLQWKH
IUDPHZRUNRIJOREDOSUD\HUVUHGHPSWLRQDQGOLEHUDWLRQLQWKHFLW\LQFRRSHUD
WLRQZLWK&DPHUD$XVWULD
*OREDO3UD\HUVLVDSURMHFWE\PHWUR=RQHV&HQWHUIRU8UEDQ$IIDLUV+DXVGHU
.XOWXUHQGHU:HOW(XURSD8QLYHUVLWlW9LDGULQDLQ)UDQNIXUW2GHULQFOXGLQJDUH
VHDUFKSURMHFWDW)RUXP7UDQVUHJLRQDOH6WXGLHQFRSURGXFHGE\*RHWKH,QVWLWXW
+HLQULFK%|OO6WLIWXQJ
gIIQXQJV]HLWHQ2SHQLQJKRXUV
'LHQVWDJELV6RQQWDJ8KU
7XHVGD\WR6XQGD\DPWRSP
)KUXQJHQXQG$XVVWHOOXQJVJHVSUlFKH*XLGHGWRXUV
$QPHOGXQJHUEHWHQXQWHU3OHDVHUHJLVWHUDW
7  
$OOH3XEOLNDWLRQHQVLQGLP%RRNVKRSGHV.XQVWKDXV*UD]HUKlOWOLFKXQGEHU
%HVWHOOXQJHQEHL&DPHUD$XVWULD$OOSXEOLFDWLRQVDUHDYDLODEOHDWWKH.XQVWKDXV
*UD]ERRNVWRUHRUDW&DPHUD$XVWULDGLVWULEXWLRQ#FDPHUDDXVWULDDW

&05.
$PHU|IIQHQDE]XUMHZHLOVYROOHQ6WXQGHGHU*UD]HU.XQVW
YHUHLQ &DPHUD $XVWULD .XQVWYHUHLQ 0HGLHQWXUP XQG  URWRU ! LKUH $XVVWHO
OXQJHQGLHDQGLHVHP7DJYRQJH|IIQHWVLQG

2Q-DQXDU\EHJLQQLQJDWSPWKH.XQVWYHUHLQ*UD]&DPHUD$XVWULD
.XQVWYHUHLQ0HGLHQWXUPDQGURWRU!ZLOOKRVWH[KLELWLRQRSHQLQJVUHPDLQLQJ
RSHQXQWLOSP

6KXWWOHVHUYLFH:LHQ*UD]:LHQ
=X GLHVHP $XVVWHOOXQJVUXQGJDQJ ZLUG HLQ NRVWHQORVHU 6KXWWOH%XV ]ZLVFKHQ
:LHQXQG*UD]HLQJHULFKWHW
$EIDKUW:LHQ2SHU+DOWHVWHOOH,.($%XV
$EIDKUW*UD]URWRU!9RONVJDUWHQVWUDH

6KXWWOHVHUYLFH9LHQQD*UD]9LHQQD
2QWKHRFFDVLRQRIWKHVHRSHQLQJVDIUHHVKXWWOHEXVEHWZHHQ9LHQQDDQG*UD]
ZLOOEHDYDLODEOH
'HSDUWXUH9LHQQDSP2SHUD,.($EXVVWRS
'HSDUWXUH*UD]SPURWRU!9RONVJDUWHQVWUDH

You might also like