)UHVKIRRGUHWDLOFKDLQVLQ,QGLD0DJD]LQHV5HWDLO,QVLJKW5HWDLOLQJ5HWDLOLQJ
6XQ$XJ_,QGLDWLPHV_0\0DLO_0DNH5HWDLOLQJ\RXU+RPH3DJH_566

%UDQG'HVLUHVXUYH\VKRZFDVHV,QGLDQSV\FKH'XQNLQ'RQXWVXSEHDWDERXW,QGLDQPDUNHW
+20(

1(:6

0$*$=,1(

<28$5(+(5( +RPH

)($785(6

 0DJD]LQHV

63(&,$/&217(17

87,/,7,(6

75$'(/($'6
$GYHUWLVHPHQW

5(7$,/,16,*+76725<

7KXUVGD\-XQH30

025(

)UHVKIRRGUHWDLOFKDLQVLQ,QGLD

3DJHRI

5HWDLO,QVLJKW

3URIHVVRU6XNKSDO6LQJKJLYHVDEULHIRIWKHIRRGUHWDLOVFHQDULRLQ,QGLDZKLOH
SURYLGLQJDFRPSDUDWLYHYLHZRIWKHWUDGLWLRQDODQGPRGHUQIRRGUHWDLOIRUPDWV

,QWKH(\HVRIWKH%HKROGHU
7XHVGD\0D\

    
,QGLDVUHWDLOLQJLQGXVWU\WKHIRXUWKODUJHVWLQWKHZRUOGE\VDOHVDFFRXQWVIRU
SHUFHQWRIWKHFRXQWU\V*'3DQGHPSOR\VPLOOLRQSHRSOHWKDWLVSHUFHQWRIWKH
WRWDOHPSOR\PHQWLQ,QGLD7UDGLWLRQDOORFDOPDUNHWVDQGVPDOOVFDOHUHWDLOLQJVWRUHV
FRQWLQXHWRGRPLQDWH,QGLDVIRRGUHWDLOVHFWRU7KHUHDUHDSSUR[LPDWHO\PLOOLRQ
UHWDLORXWOHWVRIZKLFKDOPRVWPLOOLRQVHOOIRRGDQGJURFHU\SURGXFWV7KHYDVW
PDMRULW\RIWKHVHDUHVPDOONLRVNVSHUFHQWJHQHUDOSURYLVLRQVWRUHV
SHUFHQWDQGWUDGLWLRQDOJURFHU\UHWDLOVWRUHVFDOOHGNLUDQDVKRSVZKLFKPDLQO\
FRPSULVHUHWDLOVDOHDVRSSRVHGWRZKROHVDOHSHUFHQWRIDOOUXUDOUHWDLORXWOHWVUXQ
E\DVLQJOHWUDGHUDQGKLVIDPLO\

(WDLOLQJ([SDQGLQJ+RUL]RQV
7XHVGD\0D\

,QWKHWRZQVDQGFLWLHVPRVWFRQVXPHUVEX\IRRGDQGJURFHULHVIURPWKHORFDO
QHLJKERXUKRRGLQGHSHQGHQWUHWDLOHUVNLRVNVDQGVWUHHWKDZNHUV7KHWDVNRIIRRG
VKRSSLQJLVXVXDOO\GHOHJDWHGWRVHUYDQWVRIKLJKDQGPLGGOHLQFRPHKRXVHKROGV

)URP7KHRU\WR$SSOLFDWLRQ
)ULGD\)HEUXDU\

0RUHWKDQSHUFHQWRIIRRGDQGJURFHU\) *UHWDLOLQJLQ,QGLDLVLQWKHKDQGVRI
WKHXQRUJDQLVHGVHFWRU7KHSHQHWUDWLRQRIRUJDQLVHGUHWDLOLQWKH) *VHJPHQWLV
RQO\SHUFHQW$ERXWKDOIRIWKHWRWDO) *UHWDLOUHYHQXHFRPHVIURPIRRGJUDLQV
DQGXQSURFHVVHGIUXLWVDQGYHJHWDEOHV&5,6,/5HVHDUFKHVWLPDWHVWKDWWKHUHWDLO
YDOXHRIWKHVHXQSURFHVVHGLWHPVLVDSSUR[LPDWHO\5VWULOOLRQ
)UHVKIRRGVUDSLGO\JURZLQJSUHVHQFH
7KHQXPEHURIUHWDLORXWOHWVJUHZDWWKHUDWHRISHUFHQWGXULQJ,Q
IRRGDFFRXQWHGIRUSHUFHQWRIWKH,QGLDQUHWDLOPDUNHWDQGWKHRUJDQLVHG
VHFWRUDFFRXQWHGIRURQO\SHUFHQWRIWKLVPDUNHW7KLVRUJDQLVHGVHFWRUZDV
JURZLQJDWWKHUDWHRISHUFHQWSHUDQQXPFRPSDUHGWRWKHSHUFHQWJURZWK
LQWKHWRWDO) *UHWDLOPDUNHW,QGLD5HWDLO5HSRUW) *DFFRXQWVIRUDERXW
SHUFHQWRIWKHWRWDORUJDQLVHGVHFWRUVDOHVDIWHUFORWKLQJDQGWH[WLOHVSHUFHQW
DQGZDWFKHVDQGMHZHOOHU\SHUFHQW
7KHPDMRUIRRGUHWDLOHUVLQ,QGLDLQFOXGH53*V6SHQFHUV)RRG:RUOG1LOJLULV,7&V
&KRXSDO)UHVK1DPGKDUL+HULWDJHV)UHVK5HOLDQFHV5HOLDQFH)UHVK%LUODV0RUH
$ULHV$JURV6L[7HQDQG(DV\'D\RI%KDUWL:DOPDUW7KHUHDUHRWKHUVOLNH%LJ
%D]DDUDQG6WDU,QGLD%D]DDUZKRDOVRVHOOIRRGEHVLGHVWH[WLOHVDQGFORWKLQJ
SURGXFWVUHDG\PDGHJDUPHQWVDQGGXUDEOHV0RVWRIWKHIUXLWDQGYHJHWDEOHFKDLQV
SURFXUHDVPDOOSDUWRIWKHLUUHTXLUHPHQWVGLUHFWO\IURPIDUPHUV)LUPVVXFKDV
5DGKNULVKQD)RRGODQG$GDQLV$JUL)UHVK/LPLWHGDQG7ULND\D$JULFXOWXUHSURYLGH
GHGLFDWHGVXSSO\FKDLQVXSSRUWWRWKHUHWDLOFKDLQVDQGIDVWIRRGRXWOHWVWKDWLVWKH\
VXSSO\WKHPZLWKWKHUHTXLUHGUDZPDWHULDOVRQDORQJWHUPFRQWUDFWXDOEDVLV

,WV*RRGWR%HD&KHPLVW
7XHVGD\0D\

$GYHUWLVHPHQW

6($5&+
.H\ZRUGV

6HFWLRQV
$OO6HFWLRQV
6HDUFK

0$*$=,1(,668(6

3ULYDWH/DEHOV7KH5LVLQJ6WDURI5HWDLO
7XHVGD\0D\
(PSRZHULQJ6XSSO\&KDLQ9LVLELOLW\
7XHVGD\0D\

*RLQJ'LJLWDO
)ULGD\)HEUXDU\
7KH'LJLWDO6LJQDJH
)ULGD\)HEUXDU\
/HDUQLQJ,W5LJKW
0RQGD\1RYHPEHU
6RXUFH&RGH
0RQGD\1RYHPEHU
6KRSSLQJRQWKH)O\
6DWXUGD\2FWREHU
7LPHO\0DQDJHPHQW
6DWXUGD\2FWREHU

(9(176
&ROOHFWLRQV)DVW)DVKLRQ/LOOH
+*+,QGLD
&RVPRSURI$VLD
1DWLRQDO)UDQFKLVHDQG5HWDLO6KRZ
$KPHGDEDG
5H7HFK&RQ
0RUH

$0DWWHURI3RSXODU2SLQLRQ
6DWXUGD\2FWREHU
7KH7RUFK%HDUHU
6DWXUGD\2FWREHU
7KH%LJ)DW)RRG%L]
)ULGD\6HSWHPEHU
7KH5XUDO5HWDLO6WRU\
)ULGD\6HSWHPEHU
%HDXW\ZLWK%HQHILWV
)ULGD\6HSWHPEHU
6WULNLQJ*ROG
)ULGD\6HSWHPEHU
7UDLQLQJWKH5HWDLOHURI7RPRUURZ
)ULGD\6HSWHPEHU
%XLOGLQJD6WUDWHJLF%UDQG
)ULGD\6HSWHPEHU
1H[W! 3DJHRI

7UDGLWLRQDOYHUVXVPRGHUQIRRGUHWDLO
7KHGLVWULEXWLRQRIIRRGLWHPVLQWKHWUDGLWLRQDOPDUNHWFKDQQHOLQYROYHVPXOWLSOH
LQWHUPHGLDULHVDQGKLJKF\FOHWLPHV2IWHQZDVWDJHRFFXUVGXULQJWUDQVSRUWDWLRQDQG
VWRUDJHZKLFKUDQJHVIURPSHUFHQWLQWKHFDVHRISRWDWRHVDQGFDXOLIORZHUWR
SHUFHQWLQWKHFDVHRIWRPDWRHV
,WLVDUJXHGWKDWRUJDQLVHGGLVWULEXWLRQIRUPDWRIDPRGHUQUHWDLOFKDLQUHGXFHVWKH
F\FOHWLPHIURPIRXUGD\VLQWKHWUDGLWLRQDOV\VWHPLQ,QGLDWRGD\V,GHDOO\
DFFRUGLQJWRJOREDOEHVWSUDFWLFHVWKHF\FOHWLPHVKRXOGEHRQO\WZRGD\V7KHPDMRU
VDYLQJVLQWLPHWDNHVSODFHLQFRPPXQLFDWLQJWKHUHTXLUHPHQWVRIWKHUHWDLOHUWRWKH
IDUPHUDQGSLFNLQJXSDQGWUDQVSRUWLQJWKHSURGXFH$ODUJHFKXQNRIIUHVKIUXLWV
DQGYHJHWDEOHVLVORVWEHFDXVHRILQDGHTXDWHSRVWKDUYHVWKDQGOLQJDQGODFNRIFROG
VWRUDJHSURFHVVLQJIDFLOLWLHVDQGFRQYHQLHQWPDUNHWLQJFKDQQHOV
)LJXUH  $ JHQHUDOLVHG YLHZ RI WKH YDOXH FKDLQ RI D IUXLW DQG
YHJHWDEOHUHWDLOFKDLQLQ,QGLD

KWWSZZZUHWDLOLQJFRPLQGH[DVS["3DJH DUWLFOH VHFWQDPH 0DJD]LQHV5HWDLO,QVLJKW VHFWLG  FRQWHQWLG F





)UHVKIRRGUHWDLOFKDLQVLQ,QGLD0DJD]LQHV5HWDLO,QVLJKW5HWDLOLQJ5HWDLOLQJ

&KDOOHQJHVZLWKIUHVKIRRGV
([LVWLQJ LQWHUPHGLDULHV FDXVH GHOD\V DQG FRQVXPH D ODUJH SRUWLRQ RI WKH HDUQLQJV
WKDW HVVHQWLDOO\ EHORQJ WR IDUPHUV ZKR DUH PRVWO\ PDUJLQDO RU VPDOO ODQGKROGHUV
IDUPLQJWZRKHFWDUHVRUOHVVRIODQG7KHUHVXOWLVDFKDLQUHSOHWHZLWKLQHIILFLHQFLHV
/DFN RI LQIRUPDWLRQ DERXW WKH HQG FRQVXPHUV UHTXLUHPHQWV DQG SUHVVXUH IURP
FRQVROLGDWRUV IRUFH WKH IDUPHU WR PDNH LQHIILFLHQW GHFLVLRQV RQ FURS VHOHFWLRQ DQG
SULFLQJ7KLVUHVXOWVLQKXJHZDVWDJHDQGSRRUSURGXFHTXDOLW\
7KHIDUPHULVXQDEOHWRUHDOLVHEHWWHUYDOXHDVKLVSURGXFHYDULHVLQVL]HVKDSHDQG
TXDOLW\ 6PDOOHU KDUYHVW ORWV GR QRW DOORZ IRU HFRQRPLHV RI VFDOH LQ WUDQVSRUWDWLRQ
DQGORZHUWKHILQDOUHDOLVDWLRQ
3URWHFWLQJWKHIDUPHU
7KHPDUNHW\DUGUHJXODWHGPDUNHWFUHDWHGXQGHUWKH$30&$FWZKHUHEX\HUVDQG
VHOOHUVRIDJULFXOWXUDOSURGXFHFRXOGWUDQVDFWOHJDOO\KDVQRWEHHQSURILWDEOHIRUWKH
SULPH LQWHQGHG EHQHILFLDU\WKH IDUPHU 7KHUHIRUH WKH DPHQGHG $FW SURYLGHV IRU
SULYDWHPDQGLVDQGFRQWUDFWIDUPLQJZKLFKUHIHUVWRGLUHFWFRQWUDFWXDOSURFXUHPHQW
IURPWKHVXSSO\LQJIDUPHURQSUHDJUHHGWHUPVDQGFRQGLWLRQV
7KHUHZDVPXFKIDQIDUHDVZHOODVIHDUZKHQWKHIRRGUHWDLOVHFWRUVDZWKHHQWU\RI
ODUJHGRPHVWLFFRUSRUDWHHQWLWLHVDFRXSOHRI\HDUVDJR,WZDVIHDUHGWKDWWKHODUJH
IRUPDWVWRUHVZLOOVRXQGWKHGHDWKNQHOOIRUVPDOOIRRGYHQGRUVDQGUHWDLOHUVGXHWR
WKH DWWUDFWLRQ RI WKHLU DLUFRQGLWLRQHG VWRUHV DQG RI FRXUVH H[SHFWHG ORZ SULFHV ,Q
WKHODVWWR\HDUVWKHVHFWRUKDVVHHQWUHPHQGRXVFKDQJHHYHQWKRXJKLWLVVWLOO
QRW FRPSOHWHO\ RSHQ WR )', 7KHUH KDV EHHQ D VSDWH RI PHUJHUV WDNHRYHUV DQG
FORVXUHVRIRXWOHWVDFURVVFLWLHVDQGFKDLQVDVSDUWRIWKHFRQVROLGDWLRQRIRSHUDWLRQV
ZKLFKZHUHWRRWKLQO\VSUHDGLQPDQ\FDVHV
9DOXHFKDLQDQDO\VLV

3URFXUHPHQWSUDFWLFHVRI) *UHWDLOFKDLQV
0RUHRYHUPRVWRIWKHFKDLQVKDYHVWXFNWRSURFXULQJDODUJHSDUWRIWKHLUIUHVKIRRG
VXSSOLHVWKDWLVIUXLWVDQGYHJHWDEOHVIURP$30&PDUNHWV+RZHYHULWZDVLQLWLDOO\
DUJXHG WKDW WKHVH PDUNHWV DUH LQHIILFLHQW DQG WKHUHIRUH WKH\ QHHG WR EH HLWKHU
FRPSOHWHO\UHIRUPHGRUGRQHDZD\ZLWK
7KHVHPDUNHWVGRQRWVHUYHWKHVHOOLQJSULPDU\SURGXFHURUWKHEX\LQJFRUSRUDWHDV
WKH\ ODFN TXDOLW\ FRVW HIIHFWLYHQHVV DQG HIILFLHQW GHOLYHU\ DQG RYHUFKDUJH DQG
H[SORLW WKH VHOOHUV 0RVW RI WKH FKDLQV ZHQW DKHDG DQG VHW XS WKHLU RZQ FROOHFWLRQ
FHQWUHVDQGIDUPHUVKDYHEHHQNHHQWRVHOOWRWKHPDVWKH\RIWHQLQFXUDORZHUFRVW
E\ VHOOLQJ WR WKHVH ORFDOO\ EDVHG FROOHFWLRQ FHQWUHV 7KH IDUPHUV DUH RIIHUHG $30&
PDUNHW SULFHV DQG DUH SDLG LQ FDVK RQ WKH VDPH RU QH[W GD\ LQ PRVW FDVHV 7KH
FKDLQVEX\RQO\JUDGH$UHWDLOJUDGHSURGXFHDQGWKHIDUPHUVWDNHWKHUHVWRIWKH
SURGXFH EDFN RU EULQJ RQO\ JUDGH $ SURGXFH WR WKH FROOHFWLRQ FHQWUH DQG WDNH WKH
UHVWWRWKHPDQGLV,QWKLVZD\WKHFKDLQVJHWTXDOLW\PDWHULDOVGLUHFWO\IURPIDUPHUV
DW WKH PDQGL SULFH DQG GR QRW KDYH WR SD\ D FRPPLVVLRQ OLNH LQ WKH FDVH RI PDQGL
SURFXUHPHQW 7KXV LW LV D ZLQZLQ VLWXDWLRQ IRU ERWK WKH IDUPHUV DQG WKH EX\LQJ
FKDLQV
7KHUHLVVRPHGLVFXVVLRQUHJDUGLQJZK\FKDLQVGRQRWRIIHUDIL[HGSULFHWRIDUPHUV
VLQFH WKH SULFHV DW $30& RU RWKHU YHJHWDEOH PDUNHWV IOXFWXDWH ZLGHO\ DQG GR QRW
UHDOO\ DVVXUH UHPXQHUDWLYH SULFHV IRU IDUPHUV 7KXV EDVLQJ FKDLQ
SURFXUHPHQWIDUPHUSULFHVRQVXFKPDQGLSULFHVLVQRWORJLFDOO\FRUUHFW
7UHQGVLQWKHIUHVKIRRGVHJPHQW
6LQFH ERWK VLGHV WKH IDUPHU DQG WKH FKDLQ DUH KDSS\ QR TXHVWLRQV DUH EHLQJ
DVNHG,WLVDOVRLQWHUHVWLQJWRQRWHWKDWDOPRVWQRFKDLQKDVPDGHDFRPPLWPHQWWR
EX\IURPIDUPHUVHYHQWKRXJKHDFKFKDLQKDVDUHJLVWHUHGVHWRIJURZHUVDORQJZLWK
WKHLU PRELOH QXPEHUV 7KHVH IDUPHUV KDYH EHHQ DSSURDFKHG EDVHG RQ WKH LQWHQW
UHFHLYHG IURP GLVWULEXWLRQ FHQWUHV ZKLFK LQ WXUQ JHW WKH LQGHQW IURP UHWDLO VWRUHV
HYHU\HYHQLQJRUWZLFHDGD\6LPLODUO\IDUPHUVKDYHQRFRPPLWPHQWWRVHOOWRWKH

KWWSZZZUHWDLOLQJFRPLQGH[DVS["3DJH DUWLFOH VHFWQDPH 0DJD]LQHV5HWDLO,QVLJKW VHFWLG  FRQWHQWLG F





)UHVKIRRGUHWDLOFKDLQVLQ,QGLD0DJD]LQHV5HWDLO,QVLJKW5HWDLOLQJ5HWDLOLQJ

FKDLQV DV WKHUH LV QR FRQWUDFW )LJXUH  VKRZV WKH SURFXUHPHQW V\VWHP RI D W\SLFDO
YHJHWDEOHUHWDLOFKDLQLQ,QGLD
7KHUH LV DQRWKHU GHVLUDEOH WUHQG LQ WKH SHULVKDEOH UHWDLO VHFWRU LQ WKH IRUP RI
ZKROHVDOHFDVKDQGFDUU\SOD\HUVDVZHOODVGHGLFDWHGZKROHVDOHUV5HFHQWHQWUDQWV
VXFK DV 5DGKDNULVKQD )RRGODQG $GDQL $JUL )UHVK DQG 7DWD7RWDO 3URGXFH DUH
RUJDQLVLQJ WKHPVHOYHV WR VXSSO\ WR UHWDLO FKDLQV DV ZHOO DV WR RWKHU ODUJH RU EXON
EX\HUV
7KLV ZLOO KHOS UHWDLO FKDLQV IRFXV RQ WKHLU UHWDLO RSHUDWLRQV DQG RIIHU D UDQJH RI
SURGXFWV WR VDWLVI\ GLYHUVH FXVWRPHU GHPDQGV ,Q IDFW 7DWD7RWDO 3URGXFH LV DOVR
RUJDQLVLQJSULPDU\SURGXFHUVLQWRSURGXFHUFRPSDQLHVWRDFKLHYHEHWWHUHFRQRPLHV
RIVFDOHDQGDORZHUWUDQVDFWLRQFRVWDGYDQWDJH
,QGLDLVRQHRIWKHIDVWHVWJURZLQJ
PDUNHWVRI$VLD
&RQWUDFWIDUPLQJLVJDLQLQJSRSXODULW\
DPRQJSULYDWHDQGWKHFRRSHUDWLYHVHFWRU
SOD\HUVWRRYHUFRPHWKHFKDOOHQJHRI
VPDOOODQGKROGLQJVRI,QGLDQIDUPHUV
/DUJHFRUSRUDWHVDQGLQWHUQDWLRQDO
FRPSDQLHVXVHFRQWUDFWIDUPLQJWR
SURGXFHDFRQVLVWHQWTXDOLW\FURSIRU
SURFHVVLQJ6RPHUHFHQWSURMHFWVKDYH
EHHQLQJURZLQJWRPDWRFRWWRQWREDFFR
JKHUNLQVJUDSHVVXQIORZHUVHHGFKLOOLHV
IORZHUVEDQDQDJLQJHUKHUEVHWF
,QGLDLVRQHRIWKHZRUOGVODUJHVWIRRG
SURGXFHUV
,WLVWKHQGODUJHVWSURGXFHURIIUXLWV
PLOOLRQWRQQHVDIWHU%UD]LO
7KHQGODUJHVWSURGXFHURIYHJHWDEOHV
PLOOLRQWRQQHVQH[WWR&KLQD

'HPDQGYHUVXVVXSSO\
7KH FUX[ RI WKH LVVXH LQ WKH IUXLW DQG
YHJHWDEOH UHWDLOLQJ E\ FKDLQV LQ ,QGLD LV
WKDWWKHFKDLQVKDYHQRWEHHQDEOHWRDGG
YDOXH WR WKH IURQW HQG ZLWK UHJDUG WR
SHULVKDEOHIRRGV7KLVKDVUHVXOWHGLQORZ
YROXPHV ZKLFK GR QRW SHUPLW WKHVH
FKDLQV WR EXLOG DQ\ ORQJWHUP YDOXDEOH
EXVLQHVVOLQNDJHVZLWKWKHIDUPHUV

7KH VXSSO\LQJ IDUPHUV DUH WUDGLWLRQDOO\

FRPPHUFLDO YHJHWDEOH DQG IUXLW JURZHUV
DQG WKH\ FXOWLYDWH WKHVH FURSV IRU WKH
PDUNHW 7KHUHIRUH WKHVH IRRG DQG
YHJHWDEOHVXSSO\FKDLQVKDUGO\EX\WR
 SHUFHQW RI HDFK 6.8 RI DQ\ IDUPHU
DQG KHQFH FUHDWH YHU\ OLWWOH YDOXH IRU
WKHP7KHSUREOHPOLHVZLWKWKHIURQWHQG
ZKHUH WKH VDOH RI IUXLWV DQG YHJHWDEOHV
DUH QRW SLFNLQJ XS 7KH HDUOLHU DUJXPHQW
ZDVWKDWIUXLWVDQGYHJHWDEOHVZHUHGHVWLQDWLRQFDWHJRU\SURGXFWVWKDWZHUHXVHGWR
DWWUDFWPRUHIRRWIDOOVLQVWRUHV
(YHQWKHVRFDOOHGSHULVKDEOHRUIUHVKIRRGVWRUHVKDUGO\GHYRWHWRSHUFHQWRI
WKHLU VWRUH VSDFH WR IUXLWV DQG YHJHWDEOHV DQG PDQ\ KDYH LQ IDFW UHGXFHG LW
RYHUWLPH7KHFKDLQVDUHQRWDEOHWRDGGDQ\YDOXHRWKHUWKDQSURYLGHORZHUSULFHV
ZKLFK LV PHUHO\ D PH WRR VWUDWHJ\ 0RUHRYHU WKRVH ZKR YLVLW WKHVH VWRUHV DUH
ORRNLQJ IRU ORZHU SULFHV DV ZHOO DV KLJK RU JRRG TXDOLW\ SURGXFH DQG PRVW RI WKH
FKDLQVWRUHVODFNKLJKTXDOLW\SURGXFH6RPHRIWKHPVLPSO\SURFXUHWKHJRRGVIURP
PDQGLVDVHDUO\DVSRVVLEOHLQWKHPRUQLQJDQGVHOOWKHPZLWKLQDIHZKRXUV
7KHVFHQHLQVXFKVWRUHVLVQRGLIIHUHQWIURPWKDWRIDQ\QHLJKERXUKRRGYHJHWDEOHRU
IUXLWPDUNHW
,QIDFWDIHZFKDLQVDUHDWWHPSWLQJWRHVWDEOLVKDKLJKSULFHKLJKTXDOLW\UHODWLRQVKLS
LQ WKH IUXLWV DQG YHJHWDEOHV VHJPHQW 7KHUH LV QR GRXEW WKDW FRVW DV ZHOO DV TXDOLW\
FRPSHWLWLYHQHVVDUHNH\WRWKHVXFFHVVRIWKLVVHFWRU
6PDOOIDUPHUOLQNDJHV
8QOHVV WKHUH LV DQ LQFUHDVH LQ YROXPH DQG OR\DOW\ LQ WKH VWRUHV WKH VXSSO\ FKDLQ
LPSURYHPHQWV FDQQRW JR IDU 7KH FKDLQV QHHG WR DGG YDULHW\ LQ WHUPV RI QLFKH DQG
XSFRPLQJSURGXFWVOLNHRUJDQLFQDWXUDOFKHPLFDOIUHHRUVDIHYHJHWDEOHVZKLFKFDQ
DWWUDFWDFRPPLWWHGFOLHQWHOHWKDWZLOOEHZLOOLQJWRSD\IRUVXFKSURGXFWV2QO\DIHZ
FKDLQV KDYH DQ RUJDQLF VKHOI LQ WKH JURFHU\ VHFWLRQ ZKLFK LV RIWHQ QRW YHU\
SURPLQHQW
&KDLQV VKRXOG LQYHVW LQ WKH PDUNHW WR FUHDWH D QLFKH DQG YDOXH DGG VHJPHQW DQG
WKLVFDQOHDGWRYLDEOHVHOOLQJRIKLJKO\SHULVKDEOHSURGXFWVOLNHIUXLWVDQGYHJHWDEOHV
6RPHVWRUHVDUHDFKLHYLQJUHWXUQVRQIUXLWVDQGYHJHWDEOHVWKURXJKYROXPHTXDOLW\
GHOLYHU\ FRPPLWPHQW DQG FRQVLVWHQF\ ZKLFK FDQ RQO\ FRPH IURP HIILFLHQWO\
FRRUGLQDWHGDQGZHOOOLQNHGVXSSO\FKDLQV
$JULIRRGVXSSO\FKDLQ

&RUSRUDWHVRFLDOUHVSRQVLELOLW\OHQGVDKHOSLQJKDQG
2Q WKH VXSSO\ VLGH WKH FRQFHSW RI FRUSRUDWH VRFLDO UHVSRQVLELOLW\ &65 LVVXH LV
JDLQLQJ SRSXODULW\ DQG WKLV LV RIWHQ OLQNHG WR WKH W\SH RI JURZHUV IURP ZKLFK WKH
FKDLQEX\VLWVSURGXFH
$W SUHVHQW PRVW RI WKH FKDLQV DUH QRW FRQFHUQHG DERXW WKLV LVVXH DQG EX\ IURP
ZKRHYHU LV DEOH WR VXSSO\ WKH JRRGV DW D ORZ SULFH 7KH\ SUHIHU WR EX\ IURP ODUJH
JURZHUVZKRFDQHDFKVXSSO\WKHZKROHTXDQWLW\RIHDFK6.8QHHGHGE\WKHFKDLQ
7KXVWKHVPDOOYHJHWDEOHJURZHUVDUHOHIWRXWDQGWKH\QHHGKHOSLQPDUNHWLQJWKHLU
SURGXFH 7KXV WKH GHYHORSPHQWDO REMHFWLYH RI VWUHQJWKHQLQJ WKH VPDOO IDUPHUV LV
FRPSURPLVHG
,Q IDFW D FKDLQV OLQNDJH ZLWK VPDOO IDUPHUV FDQ EH XVHG DV D 8QLTXH 6HOOLQJ
3URSRVLWLRQ 863 LQ WKH PDUNHW ZKLFK LV D SDUW RI WKH HWKLFDO IDLU DQG UHVSRQVLEOH
WUDGH DQG PDUNHWLQJ PRYHPHQWV WDNLQJ SODFH DOO RYHU WKH ZRUOG )URP D FRVW

KWWSZZZUHWDLOLQJFRPLQGH[DVS["3DJH DUWLFOH VHFWQDPH 0DJD]LQHV5HWDLO,QVLJKW VHFWLG  FRQWHQWLG F





)UHVKIRRGUHWDLOFKDLQVLQ,QGLD0DJD]LQHV5HWDLO,QVLJKW5HWDLOLQJ5HWDLOLQJ

DGYDQWDJH SHUVSHFWLYH VPDOO IDUPHUV KDYH JUHDWHU IOH[LELOLW\ LQ WKHLU ZRUNLQJ
FDSDELOLW\ 7KH\ DOVR KDYH PRUH HIILFLHQW RSHUDWLRQV DV WKH\ DUH ORZ FRVW GXH WR
IDPLO\ODERXUDQGWKHVXSSRUWSURYLGHGE\VWDWHDQGGHYHORSPHQWDJHQFLHV
7KH UHWDLO FKDLQV VWDQG WR JDLQ IURP OLQNV ZLWK VPDOO IDUPHUV 7RGD\ LW LV QRW RQO\
SURILWEXWDOVRWKHSHRSOHDQGSODQHWDVDZKROHWKDWLVJDLQLQJSUHFHGHQFH,QWKLV
VHQVHWKHFRQFHSWRIWKHWULSOHERWWRPOLQHLVEHFRPLQJLQFUHDVLQJO\SRSXODULQWKH
GRPDLQRIFRUSRUDWHVRFLDOUHVSRQVLELOLW\
7KH DXWKRU LV D SDUW RI WKH IDFXOW\ DW WKH &HQWUH IRU 0DQDJHPHQW LQ $JULFXOWXUH
&0$,QGLDQ,QVWLWXWHRI0DQDJHPHQW,,0$KPHGDEDG

5DWHPH

0DLOWKLVDUWLFOH

3ULQWWKLVDUWLFOH

&2175,%87(6+$5(<28523,1,21
1DPH
(PDLODGGUHVV
&RPPHQWV

6HFXULW\4XHVWLRQ
 HTXDOV
6XEPLW
)LHOGVPDUNHG DUHFRPSXOVDU\
7HUPV &RQGLWLRQV

$ERXW8V_ &RQWDFWXV_ $GYHUWLVHZLWKXV_ 7HUPVRIXVH _ 3ULYDF\3ROLF\

2WKHU7LPHV*URXS6LWHV H3DSHU_ 0XPEDL0LUURU_ %DQJDORUH0LUURU_ $KPHGDEDG0LUURU_ 3XQH0LUURU_ 7LPHV:HOOQHVV_ 7LPHV$VFHQW_
(GXFDWLRQ7LPHV_ 03DSHU_ 3ODVWLF%L]_ &RQVWUXFWLRQ%L]_ 0DFKLQLVW_ 6KLSSLQJ%L]_ )RRG3URFHVVLQJ_ 5HWDLOLQJ_
7LPHVRI,QGLD _ (FRQRPLF7LPHV_ %L];FKDQJH
&RS\ULJKW%HQQHWW&ROHPDQ &R/WG$OOULJKWVUHVHUYHG

KWWSZZZUHWDLOLQJFRPLQGH[DVS["3DJH DUWLFOH VHFWQDPH 0DJD]LQHV5HWDLO,QVLJKW VHFWLG  FRQWHQWLG F