Professional Documents
Culture Documents
,2619RO'LFLHPEUH ,66
,661
$57
$57Ë&8/26'(5(9,6,Ï1
(DUO\3UHKLVWR
HKLVWRULF0DL]HIURPWKH&DVPD9DOOH\3HU
3HU~
7KRP
KRPDV3R]RUVNLDQG6KHOLD3R]RUVNL
'HSD
HSDUWPHQWRI3V\FKRORJ\DQG$QWKURSRORJ\
8QLYHUVLW\RI7H[DV3DQ$PHULFDQ
$EVWUDFW
:H UHSRUW WKH GLVFRYHU\
YHU\ RRI FREV RI PDL]H FXW RK WKH QRUWKH
QRUWKHDVW FRUQHU RI
6DQ 'LHJR VLWH UHFRYHUH
RYHUHG LQ WKH ILHOG VHDVRQ 7KH UDGLRF
UDGLRFDUERQ GDWHV
DVVRFLDWHG ZLWK PDL]HL]H UH
UHPDLQV KDYH D UDQJH RI WR \HDUV %&
0HDVXUHPHQWVRIWKHOHQJ
HOHQJWKRIWKHVHFREVKDYHUDQJHVIURPWR WRPPDQG
DPHGLDQOHQJWKRIPPPP7KHQXPEHURIURZVRINHUQHOVYDULHVI DULHVIURPWR
URZV ZLWK PHGLDQ RII URZV DQG WKH NHUQHOV RI WKHVH FREVEV KD
KDYH UDQJHV LQ
OHQJWK IURP WR PPP ZLWK DQ PHGLDQ OHQJWK RI PP PP ([FDYDWLRQV
FDUULHGRXWE\RXUSURMHFW
URMHFWIRXQGQRWUDFHVRIPDL]HIRUWKH,QLWLDO3QLWLDO3HULRG
%&DQG/DWH3UHFHU UHFHUDPLFSHULRG%&
.H\V:RUGPDL]HFREV(DUO\
(DUO\+RUL]RQ6DQ'LHJR
5HVXPHQ
6H UHSRUWD HO KDOOD]JR
]JR G GH PD]RUFDV GH PDt] GHO FRUWHH G GH OD HVTXLQD
QRUHVWHGHOVLWLR6DQ'LHJ
'LHJRUHFXSHUDGDVHQODWHPSRUDGD/ /RVIHFKDGRV
UDGLRFDUERQLFRVGHORVUHV
RVUHVWRVDVRFLDGRVDOPDt]WLHQHQXQUDQJRG QJRGHD
DxRVD& /DVPHGLFLRQH
LFLRQHVGH OD ORQJLWXG GH HVWDVPD]RUFDV V WLHQ
WLHQHQ LQWHUYDORV
HQWUHDPP\ \ XQS
XQSURPHGLRGHPP(OQ~PHURGHKLOHU KLOHUDVGHJUDQRV
YDULD HQWUH D
KLOH
KLOHUDV FRQ XQ SURPHGLR GH ORV JUDQ
JUDQRV GH HVWDV
PD]RUFDV WLHQHQ UDQJRV
QJRV GH ORQJLWXG GH D PP FRQ XQD ORQJLWXG
SURPHGLR GH PP
P /D
/DV H[FDYDFLRQHV GH QXHVWUR SUR\HFWRFWR LQG
LQGLFDQ TXH QR
KD\ YHVWLJLRV GH PDt]
t] SD
SDUD HO SHUtRGR LQLFLDO D&
\ S
SHUtRGR WDUGtR
SUHFHUiPLFRDD&
3DODEUDV&ODYHPDt]PD]RUFD
]RUFDV+RUL]RQWH7HPSUDQR6DQ'LHJR
$548(2%,26 KWWSZZZDUTXHR
DUTXHRELRVRUJ
5HYLVWD$5&+$(2%,261
,2619RO'LFLHPEUH ,66
,661
7KLV LV D EULHI UHSRUW
W RQ WWKH HDUOLHVW PDL]H WKDW KDV EHHQ HQFRXQ
QFRXQWHUHG GXULQJ
H[FDYDWLRQV FRQGXFWHG WHG E\E\ WKH 3UR\HFWR &DVPD 7HPSUDQR IURP WKURXJK
9DULRXV VWUDWLJUD
DWLJUDSKLF H[FDYDWLRQV DQG DUFKLWHFWXUDO UDO FOH
FOHDULQJV ZHUH
FRQGXFWHGDWVHYHUDOVLWHV
OVLWHVLQWKH&DVPD9DOOH\DUHDWKDWUDQJHLQ JHLQGDWHIURPWKH
0LGGOH 3UHFHUDPLF %& WKURXJK WKH (DUO\ +RUL]R +RUL]RQ
%& 7KHVH VLWHV LQFOXGH
LQFOX WKH FRDVWDO VLWHV RI +XD\QXQi 7RU
7RUWXJDV %DKtD
6HFD6DQ'LHJR$OPHMDV OPHMDVDQG/DV+DOGDVDVZHOODVWKHPRUHLQ RUHLQODQGVLWHVRI
7DXNDFKL.RQNiQ6HFKtQ HFKtQ$OWR3DPSD5RVDULR3DPSDGHODV/OD DV/ODPDV0R[HNH
DQG +XHUHTXHTXH 7KH HDUOLHVW PDL]H LV SUHVHQW LQ WKH KH ( (DUO\ +RUL]RQ
FRPSRQHQWV IRXQG DW 7RU 7RUWXJDV %DKtD 6HFD 6DQ 'LHJR /DV DV +D
+DOGDV 6HFKtQ
$OWRDQG3DPSD5RVDULR VDULR1RPDL]HUHPDLQVGDWLQJWRWKH,QLWLDO3QLWLDO3HULRG
%& /DWH 3UHFHUD
UHFHUDPLF 3HULRG %& RU 0LGGOH 0LGGOH 3UHFHUDPLF
3HULRG KDYH EHHQ IRXQG
RXQG E\ RXU SURMHFW H[FDYDWLRQV 7KH UDGLRFUDGLRFDUERQ GDWHV
DVVRFLDWHG ZLWK WKH PDL]H
PDL]H ILQGV UDQJH IURP WR %& & 3R]RUVNL DQG
3R]RUVNL
)LJXUH &REVRI=HDPD\V³PDt]´IURPFXW6DQ'LHJR
'LHJR
0RVW RI WKH PDL]H
PDL]H UHPDLQV IRXQG KDYH EHHQ LQ WKH IRUP
IRUP RI SDUWLDO RU
ZKROH PDL]H FREV ZLWKRX
ZLWKRXW NHUQHOV SUHVHUYHG 2FFDVLRQDOO\
RWKH
RWKHU SODQW SDUWV
KDYHEHHQIRXQGLQFOXGLQJOXGLQJVWDONVOHDYHVZKROHNHUQHOVDQGFREV
FREVZLWKNHUQHOV
VWLOODWWDFKHG7KHPRVWUH
RVWUHPDUNDEOHILQGRIPDL]HZDVDFDFKHRI
HRIZKROHFREV
ZLWKDWWDFKHGNHUQHOVDGMD
OVDGMDFHQWWRDVWDFNRIZKROHPDL]HVWDONVLQ
DONVLQ FXWLQWKH
QRUWKZHVWFRUQHURIWKHVLW
WKHVLWH6DQ'LHJRLQ)LJXUH3R]RUVNL
RUVNLDQG3R]RUVNL
)LJXUH
$548(2%,26 KWWSZZZDUTXHR
DUTXHRELRVRUJ
5HYLVWD$5&+$(2%,261
,2619RO'LFLHPEUH ,66
,661
)LJXUH &REVRI=HDP
DPD\V³PDL]H´IURPRI6DQ'LHJRZLWKDOHQJWKRI
WKRIDPPDQG
PHDQRIPP
PP
)LJXUD &REVRI=HDP
DPD\V³PDL]H´KDVWKHURZVRINHUQHOVUDQJHGLQQX
LQQXPEHUIURPWR
URZVZLWKD
LWKDPHGLDQURZFRXQWRI
,WDSSHDUVWKDWWKLV
WWKLVFDFKHRIPDL]HOD\QHDUDTXLQFKDKRXVKRXVHDWWKHVLWH
SHUKDSVODLGRQWKHJURXQ
JURXQGWRGU\LQDPDQQHUVLPLODUWRPDL]HUH
L]HUHPDLQVGU\LQJ
QHDU PRGHUQ FDPSHVLQRLQR KRXVHV LQ WKH &DVPD DUHD $W VRPH
RPH S
SRLQW LQ WLPH
$548(2%,26 KWWSZZZDUTXHR
DUTXHRELRVRUJ
5HYLVWD$5&+$(2%,261
,2619RO'LFLHPEUH ,66
,661
)LJXUH&RERI=HDPD\V³PDL]H´KDVPPLQOHQJWK
)LJXUH&RERI=HDPD\V³PDL]H´KDVPPLQOHQJWKNHUQHOVKDYHDGHH
DGHHSSXUSOHFRORU
$ WRWDO RI
ORR
ORRVH NHUQHOV ZHUH DOVR UHFRYHUHG $OO
OO RI WWKHVH NHUQHOV
DUH PXFK VPDOOHU WKDQ
KDQ P PDL]H NHUQHOV REVHUYHG IURP PDL]H H UHP
UHPDLQV DW ODWHU
VLWHVLQWKH&DVPD$OORI
$OORIWKHNHUQHOVREVHUYHGERWKRQFREVDV VDVZHOODVORRVH
NHUQHOVKDYHDGHHSSXUS
SSXUSOHFRORU(DFKRIWKHVHNHUQHOVZHLJKVD LJKVDSSUR[LPDWHO\
JUDPV 0HDVXUHPHQ UHPHQWV RI WKHVH NHUQHOV VKRZV WKDW WKH NNHUQHO OHQJWK
UDQJHVIURPWRPPPPZLWKDPHGLDQOHQJWKRIPPNHUQHO HUQHOZLGWKUDQJHV
IURPWRPPZLWKD LWKDPHGLDQZLGWKRIPPDQGNHUQHOWKLF KLFNQHVVUDQJHV
IURPWRPPZLWKD LWKDPHGLDQWKLFNQHVVRIPP
$548(2%,26 KWWSZZZDUTXHR
DUTXHRELRVRUJ
5HYLVWD$5&+$(2%,261
,2619RO'LFLHPEUH ,66
,661
)LJXUD &RERI=HDPD
PD\V³PDL]H´KDVPPLQOHQJWKWKHURZVW\SLFDOO
SLFDOO\VSLUDODURXQG
WKHOHQJWKRIWKHFRE
5HIHUHQFH&LWHG
3R]RUVNL63R]RUVNL7
L7(DUO\6HWWOHPHQWDQG6XEVLVWHQFHFHLQWKH&DVPD
9DOOH\3HUX8QLYHUVLW
LYHUVLW\RI,RZD3UHVV,RZD&LW\
3R]RUVNL 7 3R]RUVNL
NL 6 $UFKLWHFWXUH DQG &KURQRORJ\
ORJ\ D
DW WKH 6LWH RI
6HFKtQ$OWR&DVPD9D
PD9DOOH\3HUX-RXUQDORI)LHOG$UFKDHRORJ\ J\
$548(2%,26 KWWSZZZDUTXHR
DUTXHRELRVRUJ